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 Nine Months Ended December 31, 2020
(Based on Japanese GAAP)
February 3, 2021
Company name:
Fuji Corporation Limited
Stock exchange listing: Tokyo
Stock code:
Representative:

8860
URL https://www.fuji-jutaku.co.jp/
President and Representative Director
Nobutsuna Miyawaki

Inquiries:

Director, General Manager of Investor
Relations Office

Kenichi Ishimoto

TEL

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

February 15, 2021–

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

Yes
Yes

072-437-9010(for general investors)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the nine months ended December 31, 2020 (from April 1, 2020 to December 31, 2020)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Nine months ended December 31, 2020
88,210
14.1
4,007
24.3
3,745
25.4
2,448
23.6
Nine months ended December 31, 2019
77,320(3.2)
3,224 (17.4)
2,987 (20.4)
1,980 (19.3)
Earnings per share

Diluted earnings per share

Yen
68.48
56.08

Nine months ended December 31, 2020
Nine months ended December 31, 2019

Yen–56.00(2) Consolidated financial position
Total assets

Net assets

Millions of yen
155,741
162,435

As of December 31, 2020
As of March 31, 2020

Equity ratio

Millions of yen
41,52039,927

%
26.7
24.6

2. Cash dividends
Annual dividends per share

Year ended March 31, 2020
Year ending March 31, 2021

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
14.00
14.00

Yen––

Yen
13.00

Yen
27.00

13.00

27.00

Year ending March 31, 2021 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)
Net sales
Full year

Millions of yen
119,000

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
7.7
2,500 (50.0)
2,000 (56.6)
1,300 (57.9)
36.44

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2020(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) 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:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2020

36,849,912 shares As of March 31, 2020

36,849,912 shares

Number of treasury shares at the end of the period
As of December 31, 2020

1,172,979 shares As of March 31, 2020

1,440,530 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2020

35,759,218 shares Nine months ended December 31, 20192

35,325,272 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2020

As of December 31, 2020

AssetsCurrent assets
Cash and depositsNotes receivable - trade

14,757,833
117,491

20,062,490
69,447865,465

530,899

Real estate for sale
Real estate for sale in process

24,828,999
15,253,483

15,661,760
32,304,065

Real estate under development
Costs on construction contracts in progress

61,709,668
230,706

40,764,450
284,612Supplies
Other

41,565
1,984,685

42,9501,637,943(26,361)(27,025)

119,763,538

111,331,594

12,013,797

13,210,940

21,924
220,352

261,023
318,146

Land
Leased assets, net

25,338,726–

25,577,696
173,846

Construction in progress

1,123,035768,684

Total property, plant and equipment

38,717,836

40,310,338

Goodwill
Other

290,329425,898

259,191
419,405

Total intangible assets

716,228

678,597

Investments and other assets
Investment securities

459,596444,472

58,856
982,960

50,543
979,165

1,740,562(4,478)

1,948,998(2,436)

Accounts receivable from completed construction
contracts

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netMachinery, equipment and vehicles, net
Tools, furniture and fixtures, net

Intangible assets

Long-term loans receivable
Deferred tax assets
OtherAllowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

3,237,497

3,420,743

42,671,562

44,409,679

162,435,100

155,741,274

(Thousands of yen)
As of March 31, 2020

As of December 31, 2020

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
Electronically recorded obligations - operating
Short-term borrowings
Current portion of bonds payable
Lease obligations
Income taxes payable
Advances receivedProvision for bonuses
Provision for share-based remuneration for directors (andother officers)
Provision for share-based remuneration

4,199,204

4,397,993

2,123,569
33,367,735

657,675
28,733,038

425,000–

750,000
43,9301,278,744
4,837,324

453,148
5,130,844

303,262

111,500

18,761–

119,864

448

Other

3,550,042

4,072,775

Total current liabilities

50,223,509

44,351,355

1,325,000
70,699,028

1,750,000
66,556,831

Lease obligations
Asset retirement obligations–
27,384

169,063
27,567

Deferred tax liabilities
Deferred tax liabilities for land revaluation

9,194
52,645

9,194
52,645

Other

170,950

1,304,129

Non-current liabilities
Bonds payable
Long-term borrowings

Total non-current liabilities

72,284,202

69,869,431

122,507,712

114,220,786

Share capital
Capital surplus

4,872,064
5,821,371

4,872,064
5,663,006

Retained earnings
Treasury shares

30,227,970(1,005,438)

31,709,550(712,673)

Total shareholders' equity

39,915,967

41,531,947(105,607)(89,619)

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land

74,90474,904

Total accumulated other comprehensive income(30,702)(14,715)

Share acquisition rights
Total net assets
Total liabilities and net assets

442,124

3,256

39,927,388

41,520,487

162,435,100

155,741,274

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)
Nine months ended

Nine months ended

December 31, 2019

December 31, 2020

Net sales
Cost of sales

77,320,519
65,456,516

88,210,151
75,454,474

Gross profit

11,864,003

12,755,676

Selling, general and administrative expenses
Sales commission

1,329,083

1,402,567

Advertising expenses
Promotion expenses

1,215,320
49,0381,157,540
35,552

Salaries and bonuses
Provision of allowance for doubtful accounts

2,223,168
4,687

2,214,361
2,785

Provision for bonuses
Enterprise tax

51,17997,50051,441
108,500

Consumption Taxes
Depreciation

616,685
197,563652,210
263,041

Amortization of goodwill
Rent expenses–327,177

31,137300,872

Other

2,528,531

2,528,458

Total selling, general and administrative expenses

8,639,936

8,748,470

3,224,066

4,007,206

Operating profit
Non-operating income
Interest income

942

948

Dividend income
Commission income

14,881
129,586

12,888142,328

Penalty income
Subsidy income

12,806
129,683

21,513111,135

Surrender value of insurance policies
Other–
65,31924,00064,180Total non-operating income

353,218

376,994

Non-operating expenses
Interest expenses

541,757

593,288

Bond issuance costs
Other

10,37937,671

14,16831,066

Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on reversal of share acquisition rights
Total extraordinary income

589,809638,523

2,987,476

3,745,677

80,962

23,687–35,66880,96259,355816
18,63682,291
24,373Extraordinary losses
Loss on sales of non-current assets
Loss on retirement of non-current assets
Loss on valuation of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current

5–31,13019,452

137,795

3,048,986

3,667,237

939,500

1,214,496

(Thousands of yen)

Income taxes - deferred

Nine months ended

Nine months ended

December 31, 2019

December 31, 2020

128,489

3,774

Total income taxes

1,067,989

1,218,270

Profit1,980,997

2,448,966

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

6––

1,980,997

2,448,966

Consolidated statements of comprehensive income (cumulative)(Thousands of yen)

ProfitOther comprehensive income

Nine months ended

Nine months ended

December 31, 2019

December 31, 2020

1,980,997

2,448,966

Valuation difference on available-for-sale securities

4,050

15,987

Total other comprehensive income

4,050

15,987

Comprehensive income

1,985,048

2,464,954

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,985,048

2,464,954––

Comprehensive income attributable to non-controllinginterests

7