Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2022
(Based on Japanese GAAP)May 10, 2022
Company name:

Fuji Corporation Limited

Stock exchange listing: Tokyo
Stock code:
8860
Representative:
Inquiries:

URL

https://www.fuji-jutaku.co.jp/

President and Representative Director
Operating Officer, General Manager of

Investor Relations Office
Scheduled date of ordinary general meeting of shareholders:

Nobutsuna Miyawaki
Noguchi Yasuhisa

TEL072-437-9010

June 22, 2022

Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 23, 2022
June 23, 2022

Preparation of supplementary material on financial results:
Holding of financial results meeting:

Yes
Yes

(for institutional investors and general investors)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(1) Consolidated operating results

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
(2.3)
5,871
47.3
5,627
58.2
3,869
64.0
10.0
3,986
(20.3)
3,558(22.9)
2,358(23.6)Net salesYear ended March 31, 2022
Year ended March 31, 2021

Millions of yen
118,698
121,541

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
–
9.0
3.7
4.9
–
5.8
2.3
3.3

Diluted earnings per
share

Earnings per shareYen
107.6866.00

Year ended March 31, 2022
Year ended March 31, 2021
(2) Consolidated financial position

Total assets
As of March 31, 2022
As of March 31, 2021

Net assets

Equity ratio

Millions of yen
153,512
147,594

Millions of yen
44,34941,492

Cash flows fromoperating activities
Millions of yen
6,324
28,040Cash flows frominvesting activities
Millions of yen(6,333)(5,129)Net assets per share
%
28.9
28.1

Yen
1,232.36
1,162.92(3) Consolidated cash flows

Year ended March 31, 2022
Year ended March 31, 2021

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(518)
19,629(17,311)
20,156

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

14.00
14.00

–
–

13.00
13.00

27.00
27.00

977
977

40.9
25.1

2.4
2.3

–

14.00

–

13.00

27.00

1

28.6

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Millions of yen
Six months ending
September 30, 2022
Full year

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%
Yen

52,700

(6.6)

2,600

(26.4)

2,500(25.5)

1,600(31.4)

44.46

110,600

(6.8)

6,000

2.2

5,700

1.3

3,800

(1.8)

105.604. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2022

36,849,912 shares As of March 31, 2021

36,849,912 shares

Number of treasury shares at the end of the period
As of March 31, 2022

864,369 shares As of March 31, 2021

1,173,069 shares

35,935,305 shares Year ended March 31, 2021

35,740,215 shares

Average number of shares during the period
Year ended March 31, 20222

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2021

As of March 31, 2022

AssetsCurrent assets
Cash and deposits
Notes receivable - trade20,325,741
113,114

19,644,839
52,370664,213289,279

Contract assets
Real estate for sale–
15,657,192

271,722
22,091,473

Real estate for sale in process
Real estate under development

29,229,010
34,023,179

27,027,488
31,838,137

169,594
38,783

4,768
38,662

1,594,712(27,176)

2,260,959(33,016)

101,788,365

103,486,686

Buildings and structures, net
Machinery, equipment and vehicles, net

13,887,919
241,458

15,989,474
193,544

Tools, furniture and fixtures, net
Land308,077
25,788,453

240,654
27,933,748

153,957
486,997

94,65489,27140,866,863

44,541,348

Accounts receivable from completed construction
contracts

Costs on construction contracts in progress
Supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill

230,424

138,180

Other

436,677454,065

Total intangible assets

667,101

592,246

510,81149,516464,144
43,421

1,697,530
2,016,295

2,023,530
2,363,208(2,419)(2,204)

Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

4,271,734

4,892,100

45,805,700

50,025,694

147,594,065

153,512,381

(Thousands of yen)
As of March 31, 2021

As of March 31, 2022

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts

3,956,480

6,599,107

Electronically recorded obligations - operating
Contract liabilities

1,448,232–

1,275,672
991,578

Short-term borrowings
Current portion of bonds payable

27,331,352
850,000

28,416,955
725,000

Lease liabilities
Income taxes payable

44,205
1,206,467

45,325
1,344,306

Advances received
Provision for bonuses

4,616,979
309,800

3,318,465
314,700

25,705–

Provision for share awards
Other

131,820
4,715,980–
5,192,158

Total current liabilities

44,637,025

48,223,269

Provision for share awards for directors (and otherofficers)

Non-current liabilities
Bonds payable
Long-term borrowings
Lease liabilities
Asset retirement obligations
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Other
Total non-current liabilities

1,875,000

1,150,000

58,131,494
154,626

58,642,500
109,300

27,6289,194

27,874
9,194

52,645
1,213,721

52,645
947,619

61,464,310

60,939,136

106,101,335

109,162,406

Shareholders' equity
Share capital

4,872,064

4,872,064

Capital surplus
Retained earnings

5,663,006
31,619,397

5,663,006
34,371,828

Total liabilities
Net assets

Treasury shares(712,734)(557,449)

41,441,734

44,349,449

Valuation difference on available-for-sale securities
Revaluation reserve for land

(27,164)
74,904(77,338)
74,904

Total accumulated other comprehensive income

47,739(2,434)

Total shareholders' equity
Accumulated other comprehensive income

Share acquisition rights
Total net assets
Total liabilities and net assets

4

3,256

2,960

41,492,729

44,349,974

147,594,065

153,512,381

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Net sales

121,541,518

118,698,880

Cost of sales

105,687,935

102,014,560

Gross profit

15,853,583

16,684,319

Sales commission
Advertising expenses

1,847,279
1,683,147

1,474,541
1,437,288

Promotion expenses
Salaries and bonuses

44,0992,880,435

49,3372,860,375

Provision for bonuses
Provision for share awards for directors (and other officers)

140,865
25,705

141,684–

Provision for share awards
Provision of allowance for doubtful accounts

81,522
3,802

–
7,747

Enterprise tax
Consumption Taxes

151,400
842,177

155,200
786,553

Depreciation
Amortization of goodwill

372,080
41,517

371,334
38,448Rent expenses
Other393,6113,359,027

321,3133,169,354

Total selling, general and administrative expenses

11,866,670

10,813,179

3,986,912

5,871,140

Interest income
Dividend income

1,235
12,8881,077
14,151

Commission income
Penalty income

189,733
24,161

225,104
40,256

Subsidy income
Surrender value of insurance policies

132,889
24,000228,695–

Other

80,121

52,877

Total non-operating income

465,029

562,161Interest expenses
Bond issuance costs

788,397
21,833770,028–

Commitment fees
Other–
83,707

12,40023,502

Total non-operating expenses

893,938

805,930

3,558,002

5,627,371

Selling, general and administrative expenses

Operating profit
Non-operating income

Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sale of non-current assets

127,749

329,715

Gain on reversal of share acquisition rights

35,668296

Total extraordinary income

163,417330,011

Loss on sale of non-current assets
Loss on retirement of non-current assets

82,291
24,373

10,12066,258Loss on valuation of investment securities
Impairment losses

31,13018,388–53,794

Total extraordinary losses

156,183

130,172

Extraordinary losses

5

(Thousands of yen)
Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

Profit before income taxes

3,565,236

5,827,210

Income taxes - current

1,924,896

2,213,800

Income taxes - deferred(718,473)(255,973)

Total income taxes

1,206,422

1,957,826

Profit2,358,813

3,869,383––

2,358,813

3,869,383

Profit attributable to non-controlling interests
Profit attributable to owners of parent

6

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

2,358,813

3,869,383

78,442(50,174)

78,442(50,174)

Comprehensive income

2,437,256

3,819,209

Comprehensive income attributable toComprehensive income attributable to owners of parent

2,437,256

3,819,209––

Comprehensive income attributable to non-controllinginterests

7

Consolidated statements of changes in equity
Fiscal year ended March 31, 2021
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

4,872,064

Retained earnings

5,821,371

30,227,970

Treasury shares(1,005,438)

Total shareholders'equity39,915,967

Changes during period
Dividends of surplus(967,386)(967,386)

Profit attributable to ownersof parent

2,358,813

2,358,813

Purchase of treasury shares
Disposal of treasury shares(158,364)

(93)

(93)

292,797

134,432

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period–(158,364)

1,391,427

292,704

1,525,767

4,872,064

5,663,006

31,619,397(712,734)

41,441,734

Accumulated other comprehensive income

Balance at beginning of period

Valuation difference
on available-for-salesecurities

Revaluation reserve forland

Total accumulated
other comprehensive
income(105,607)

74,904(30,702)

Share acquisition rights

42,124

Total net assets

39,927,388

Changes during period
Dividends of surplus(967,386)

Profit attributable to ownersof parent

2,358,813

Purchase of treasury shares(93)

Disposal of treasury shares

134,432

Net changes in items otherthan shareholders' equity

78,442–78,442(38,868)

39,574

Total changes during period

78,442–78,442(38,868)

1,565,341

Balance at end of period(27,164)

74,90447,7393,256

41,492,729

8

Fiscal year ended March 31, 2022
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

4,872,064

Retained earnings

5,663,006

31,619,397

Cumulative effects ofchanges in accounting
policies
Restated balance

Treasury shares(712,734)(139,046)
4,872,064

5,663,006

31,480,350

Total shareholders'equity41,441,734(139,046)(712,734)

41,302,687

Changes during period
Dividends of surplus(977,906)(977,906)

Profit attributable to ownersof parent

3,869,383

3,869,383

Purchase of treasury shares–

Disposal of treasury shares

155,284

155,284

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––

2,891,477

155,284

3,046,762

4,872,064

5,663,006

34,371,828(557,449)

44,349,449

Accumulated other comprehensive income

Balance at beginning of period

Valuation difference
on available-for-salesecurities

Revaluation reserve forland

Total accumulated
other comprehensive
income(27,164)

74,90447,739

Share acquisition rights

3,256

Cumulative effects ofchanges in accounting
policies
Restated balance

Total net assets

41,492,729(139,046)(27,164)

74,90447,7393,256

41,353,682

Changes during period
Dividends of surplus(977,906)

Profit attributable to ownersof parent

3,869,383

Purchase of treasury shares–

Disposal of treasury shares

155,284

Net changes in items otherthan shareholders' equity(50,174)–(50,174)(296)(50,470)

Total changes during period(50,174)–(50,174)(296)

2,996,292

Balance at end of period(77,338)

74,904(2,434)2,960

44,349,974

9Consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

3,565,236

5,827,210

1,072,902
41,517

1,106,093
38,448Bond issuance costs
Loss (gain) on sale of property, plant and equipment

21,833(45,457)–(319,594)

Loss on retirement of property, plant and equipment
Loss (gain) on valuation of investment securities

24,37331,130

16,549–Impairment losses
Increase (decrease) in allowance for doubtful accounts

18,388(1,244)53,794
5,625

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for share awards for

6,537

4,900

Depreciation
Amortization of goodwill

directors (and other officers)
Increase (decrease) in provision for share awards

6,944(25,705)

11,955(131,820)Interest and dividend income
Interest expenses(14,123)
788,397(15,228)770,028

Gain on reversal of share acquisition rights
Decrease (increase) in trade receivables(35,668)
205,628(296)(23,638)–
24,451,769

187,594
64,227

Decrease (increase) in other current assets
Increase (decrease) in trade payables

384,922(918,061)(336,599)
2,470,067

Increase (decrease) in contract liabilities
Increase or decrease in other liabilities–
693,901(253,339)(170,824)

Decrease (increase) in contract assets
Decrease (increase) in inventories

Other, net

491,983(116,734)

Subtotal

30,802,867

9,150,758

Interest and dividends received

14,123

15,228Interest paid
Income taxes paid

(783,023)(1,993,477)(764,507)(2,076,821)

Net cash provided by (used in) operating activities

28,040,490

6,324,658

Cash flows from investing activities
Net decrease (increase) in time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities

10

31,059

153,837(5,503,374)
520,093(7,745,741)
1,289,872(133,666)
9,340(67,146)
6,095(53,012)29,754(5,129,560)(6,333,328)

(Thousands of yen)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

(4,009,770)(1,322,030)

32,951,394(47,545,540)

41,533,853(38,615,214)

1,478,166(525,000)–(850,000)(93)
189,896––

Repayments of lease liabilities
An income by the sale and buy on the installment plan back

(31,295)
1,366,358(44,205)
85,000

Repayments of installment payables
Dividends paid

(218,691)(967,386)(327,891)(977,906)(17,311,962)(518,394)

Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury shares
Proceeds from sale and leaseback transactions

Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents

5,598,967(527,063)

Cash and cash equivalents at beginning of period

14,557,408

20,156,375

Cash and cash equivalents at end of period

20,156,375

19,629,311

11