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 Six Months Ended September 30, 2016
(Based on Japanese GAAP)
October 31, 2016
Company name:
Fuji Corporation Limited
Stock exchange listing: Tokyo
Stock code:
Representative:

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

Inquiries:

Director, General Manager ofInvestor Relations Office

Kenichi Ishimoto

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:TEL

072-437-9010

November 9, 2016
November 22, 2016
Yes
Yes

(for institutional investors and general investors)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended September 30, 2016 (from April 1, 2016 to September 30, 2016)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Six months ended September 30, 2016
47,875
9.8
3,286
34.7
3,203
34.1
2,186
39.2
Six months ended September 30, 2015
43,612
24.1
2,440
62.8
2,388
61.5
1,570
61.3
Earnings per share

Diluted earnings per share

Yen
61.06
43.48

Six months ended September 30, 2016
Six months ended September 30, 2015

Yen
61.03
43.41(2) Consolidated financial position
Total assets

Net assets

Millions of yen
107,089
96,900

As of September 30, 2016
As of March 31, 2016

Equity ratio

Millions of yen
30,381
28,493%28.4
29.4

2. Cash dividends
Annual dividends per share

Year ended March 31, 2016
Year ending March 31, 2017

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
13.00
13.00

Yen–

Yen
13.00

Yen
26.00

–

13.00

26.00

Year ending March 31, 2017 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2017 (from April 1, 2016 to March 31, 2017)
Net sales
Full year

Millions of yen
96,300Percentages indicate year-on-year changes
Profit attributable toOperating income
Ordinary income
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen
%
Yen
6.1
5,600
2.9
5,400
1.9
3,600
4.9
100.291

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2016(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:

Yes
No

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 September 30, 2016

36,849,912 shares As of March 31, 2016

36,849,912 shares

Number of treasury shares at the end of the period
As of September 30, 2016

954,358 shares As of March 31, 2016

1,125,858 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2016

35,803,554 shares Six months ended September 30, 2015

236,120,542 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2016

As of September 30, 2016

AssetsCurrent assets
Cash and depositsAccounts receivable from completed construction

8,721,840

11,801,054

contracts
Real estate for sale

86,836

221,025

21,893,098

22,150,730

Real estate for sale in process
Real estate under development

14,867,626
36,223,776

20,196,671
36,050,939

68,106
33,62540,32036,239454,693
1,611,654

380,041
1,497,193(27,500)(23,612)83,933,757

92,350,603

4,041,260

4,402,921

149
120,72274
154,482

7,505,551
3,185

8,713,435
2,090

34,28540,461

Costs on uncompleted construction contracts
Supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, netTools, furniture and fixtures, net
Land
Leased assets, net
Construction in progress

11,705,154

13,313,467

Intangible assets

Total property, plant and equipment

85,477

117,338

Investments and other assets
Investment securities

472,697546,865

Long-term loans receivable
Deferred tax assets

80,64527,44078,425
5,518

OtherAllowance for doubtful accounts

599,541(4,413)

681,525(4,413)

Total investments and other assets

1,175,911

1,307,920

Total non-current assets
Total assets

3

12,966,542

14,738,726

96,900,300

107,089,329

(Thousands of yen)
As of March 31, 2016

As of September 30, 2016

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts

4,379,174

4,337,002

Electronically recorded obligations - operating
Short-term loans payable

372,815
11,600,506

434,096
15,881,989

Lease obligations
Income taxes payable

2,296
1,058,295

1,558
1,014,856

Advances received
Provision for bonuses

3,985,563
196,600

4,808,865
189,990Other

2,657,352

2,794,061

Total current liabilities

24,252,603

29,462,422

43,929,304
1,144

47,020,694
698

52,645
170,950

52,645
170,950

44,154,044

47,244,989

68,406,647

76,707,411

Shareholders' equity
Capital stock

4,872,064

4,872,064

Capital surplus
Retained earnings

5,695,146
18,549,709

5,747,639
20,271,492

Treasury shares(567,572)(497,081)

28,549,347

30,394,114

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

(164,915)
74,904(92,095)
74,904

Total accumulated other comprehensive income(90,011)(17,190)

34,316

4,994

Non-current liabilities
Long-term loans payable
Lease obligations
Deferred tax liabilities for land revaluation
Other
Total non-current liabilities
Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income

Subscription rights to shares
Total net assets
Total liabilities and net assets

428,493,652

30,381,917

96,900,300

107,089,329

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

Six months ended

September 30, 2015

September 30, 2016

Net sales
Cost of sales

43,612,003
36,414,365

47,875,346
39,475,145

Gross profit

7,197,637

8,400,200

641,561

809,341

802,81755,110865,81745,386

1,287,222
4,120

1,303,295
5,037

Provision for bonuses
Enterprise tax

89,535
43,10092,35779,700Consumption Taxes
Depreciation

217,387
42,678248,941
36,312Rent expenses
Other

195,239
1,378,726

185,3641,442,013

Total selling, general and administrative expenses

4,757,500

5,113,567

2,440,137

3,286,633

Interest income
Dividend income

1,037
14,538806
12,819Commission fee
Penalty income

103,328
24,162

76,94924,267

Selling, general and administrative expenses
Sales commission
Advertising expenses
Promotion expenses
Salaries and bonuses
Provision of allowance for doubtful accounts

Operating income
Non-operating income

Other

30,57160,436

Total non-operating income

173,638

175,278

Interest expenses
Commitment fee

198,226
12,000174,628
70,000Other

14,67114,147

Non-operating expenses

Total non-operating expenses

224,898

258,776

2,388,877

3,203,135

Gain on sales of non-current assets

–

1,416

Total extraordinary income

–

1,416

–
186

1,409
219

Ordinary income
Extraordinary income

Extraordinary losses
Loss on sales of non-current assets
Loss on retirement of non-current assets
Total extraordinary losses

186

1,628

2,388,691

3,202,923

Income taxes - current

782,476

921,500

Income taxes - deferred

35,66895,227818,144

1,016,727

1,570,546

2,186,195

Profit before income taxes

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

5––

1,570,546

2,186,195

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

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2015

September 30, 2016

1,570,546

2,186,195

Valuation difference on available-for-sale securities

18,83572,820Total other comprehensive income

18,83572,820Comprehensive income

1,589,382

2,259,016

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,589,382

2,259,016––

Comprehensive income attributable to non-controllinginterests

6Consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Profit before income taxes

Six months ended

Six months ended

September 30, 2015

September 30, 2016

2,388,691

3,202,923

Depreciation
Loss (gain) on sales of property, plant and equipment

168,482–

170,538(7)

Loss on retirement of property, plant and equipment
Increase (decrease) in allowance for doubtful accounts

186(2,263)

219(3,888)

Increase (decrease) in provision for bonuses
Interest and dividend income

10,410(15,576)(6,610)(13,625)

Interest expenses
Decrease (increase) in notes and accounts receivable - trade198,226(3,287)

174,628(134,188)

Decrease (increase) in inventories
Decrease (increase) in other current assets(938,199)
101,821(4,839,683)
119,468

Increase (decrease) in notes and accounts payable - trade
Increase or decrease in other liabilities

459,615
394,542

19,109957,559

Other, net(5,681)

10,126

Subtotal

2,756,969(343,428)

15,576

13,625Interest expenses paid
Income taxes paid

(202,491)(1,222,667)(179,668)(989,329)

Net cash provided by (used in) operating activities

1,347,386(1,498,801)(1,337,131)(2,498,415)–(13,930)

145,208(30,745)

2,352
7,860

2,219
(56,529)

Net cash provided by (used in) investing activities(1,340,848)(2,438,261)

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

3,353,960(447,320)

Proceeds from long-term loans payable
Repayments of long-term loans payable10,116,700(8,841,031)

17,984,628(10,164,435)

Redemption of bonds
Proceeds from sales of treasury shares(160,000)
31,056–
196,688–(1,943)(87,688)(1,182)

Cash dividends paid

(469,302)(464,412)

Net cash provided by (used in) financing activities

4,029,438

7,016,277

4,035,976

3,079,214

Interest and dividend income received

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Collection of loans receivableOther, net

Purchase of treasury shares
Repayments of lease obligations

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period

8,614,076

8,721,840

Cash and cash equivalents at end of period

12,650,052

11,801,054

7