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, 2018
(Based on Japanese GAAP)
April 27, 2018
Company name:

Fuji Corporation Limited

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

URL

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

President and Representative Director
Director, General Manager of

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

Nobutsuna Miyawaki
Kenichi Ishimoto

TEL

072-437-9010

June 20, 2018

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

June 21, 2018
June 21, 2018

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, 2018 (from April 1, 2017 to March 31, 2018)(1) Consolidated operating results
Net salesYear ended March 31, 2018Year ended March 31, 2017

Operating profit

Millions of yen
103,880
99,359%4.5
9.5

Earnings per share

Diluted earnings per
share

%
7.9
9.7

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
115.8612.5
4.9
6.2
110.04
13.1
5.4
6.0

Yen
116.08110.06

Year ended March 31, 2018Year ended March 31, 2017

Millions of yen
6,438
5,969

Percentages indicate year-on-year changes
Profit attributable toOrdinary profit
owners of parent
Millions of yen% Millions of yen
%
6,139
7.3
4,168
5.6
5,721
8.0
3,945
15.0

(2) Consolidated financial position
Total assets
As of March 31, 2018
As of March 31, 2017

Net assets

Equity ratio

Millions of yen
135,563
114,872

Millions of yen
34,852
31,740Cash flows fromoperating activities
Millions of yen(11,149)(3,123)

Cash flows frominvesting activities
Millions of yen(7,384)(5,977)

Net assets per share
%
25.7
27.6

Yen
972.56883.73(3) Consolidated cash flows

Year ended March 31, 2018Year ended March 31, 2017

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
16,74910,486
12,65012,271

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

Year ended March 31, 2017
Year ended March 31, 2018Year ending March 31, 2019
(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

%

%

–
–

13.00
14.00

–
–

13.00
13.00

26.00
27.00

933
968

23.6
23.3

3.1
2.9

–

14.00

–

13.00

27.00

1

22.2

3. Forecast of consolidated financial results for the year ending March 31, 2019 (from April 1, 2018 to March 31, 2019)
Net sales
Millions of yen
Six months ending
September 30, 2018
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

50,100

2.6

2,700

10.5

2,600

13.7

1,700

10.5

47.50

108,000

4.0

6,700

4.1

6,500

5.9

4,350

4.4

121.55

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2018(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:No
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, 201836,849,912 shares As of March 31, 201736,849,912 shares

Number of treasury shares at the end of the period
As of March 31, 2018

1,063,258 shares As of March 31, 2017954,358 shares

Average number of shares during the period
Year ended March 31, 201835,907,024 shares Year ended March 31, 20172

35,846,016 shares

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2017

As of March 31, 2018

AssetsCurrent assets
Cash and deposits
Accounts receivable from completed construction

12,271,581

10,486,571

contracts
Real estate for sale

109,401

103,877

23,284,681

23,998,281

Real estate for sale in process
Real estate under development

21,026,161
38,473,176

18,862,992
55,286,788

34,00637,413112,001
37,277414,343
1,678,831

437,927
1,374,207(21,649)(19,195)

97,307,948

110,680,729

4,885,269

8,283,992

0249,559

0348,669

10,500,112
1,059

13,393,118
294

130,788416,696

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, net
Tools, furniture and fixtures, net
Land
Leased assets, net
Construction in progress

15,766,789

22,442,770

Intangible assets

Total property, plant and equipment

152,993272,777

Investments and other assets
Investment securities

608,472594,373

Long-term loans receivable
Deferred tax assets

73,557149

67,807113,226

Other
Allowance for doubtful accounts

963,779(1,502)

1,399,553(7,253)

Total investments and other assets

1,644,455

2,167,707

Total non-current assets
Total assets

3

17,564,238

24,883,255

114,872,186

135,563,984

(Thousands of yen)
As of March 31, 2017

As of March 31, 2018

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts

3,650,026

3,963,985

619,068
15,781,689

755,832
21,113,763

Lease obligations
Income taxes payable

826
976,712317
1,345,936

Advances received
Provision for bonuses

4,926,425
216,300

3,854,766
249,800

Provision for performance-linked directors' compensations
Other

36,3503,477,355

44,9503,386,102

Total current liabilities

29,684,754

34,715,454

Non-current liabilities
Long-term loans payable

53,222,681

65,745,605

317
–

–
26,902

52,645
170,950

52,645
170,950

Electronically recorded obligations - operating
Short-term loans payable

Lease obligations
Asset retirement obligations
Deferred tax liabilities for land revaluation
Other
Total non-current liabilities

53,446,595

65,996,103

83,131,349

100,711,558

Shareholders' equity
Capital stock

4,872,064

4,872,064

Capital surplus
Retained earnings

5,747,639
21,564,043

5,758,446
24,762,400

Total liabilities
Net assets

Treasury shares(497,081)(609,136)

31,686,665

34,783,775

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

(39,433)
74,904(53,988)
74,904

Total accumulated other comprehensive income

35,47020,915

Total shareholders' equity
Accumulated other comprehensive income

Share acquisition rights
Total net assets
Total liabilities and net assets

4

18,70047,73531,740,836

34,852,426

114,872,186

135,563,984

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
March 31, 2017

Fiscal year ended
March 31, 2018

Net sales

99,359,979

103,880,300

Cost of sales

82,629,166

86,049,341

Gross profit

16,730,813

17,830,958

Sales commission
Advertising expenses

1,649,971
2,091,898

1,630,389
2,325,513

Promotion expenses
Salaries and bonuses

91,5792,676,376

72,6352,767,741

Provision for bonuses
Provision for performance-linked directors' compensations

102,829
36,350

121,461
45,400

Provision of allowance for doubtful accounts
Enterprise tax

11,161150,200

6,306
167,800

Consumption Taxes
Depreciation

515,355
81,700540,584
119,022

Rent expenses
Other

402,504
2,951,402

446,980
3,148,921

Total selling, general and administrative expenses

10,761,330

11,392,758

5,969,483

6,438,200

Interest income
Dividend income

1,590
15,103

1,461
15,192

Commission fee
Penalty income

161,438
33,980178,406
21,926Other

103,682

89,057

Total non-operating income

315,795

306,046

Interest expenses
Commitment fee

351,782
177,217477,429
50,228

Other

34,77476,967

Selling, general and administrative expenses

Operating profit
Non-operating income

Non-operating expenses

Total non-operating expenses

563,775

604,625

5,721,503

6,139,621

Gain on sales of non-current assets

1,416

–

Total extraordinary income

1,416

–

1,409
3,174

9,065
1,235

Ordinary profit
Extraordinary income

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

4,583

10,300

Profit before income taxes

Total extraordinary losses

5,718,337

6,129,321

Income taxes - current

1,715,600

2,098,200

Income taxes - deferred

57,348(137,116)

Total income taxes

1,772,948

1,961,083

Profit3,945,389

4,168,237

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

5

–

–

3,945,389

4,168,237

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2017

March 31, 2018

3,945,389

4,168,237

Valuation difference on available-for-sale securities

125,481(14,555)

Total other comprehensive income

125,481(14,555)

Comprehensive income

4,070,871

4,153,682

Comprehensive income attributable toComprehensive income attributable to owners of parent

4,070,871

4,153,682––

Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2017
(Thousands of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,872,064

Retained earnings

5,695,146

18,549,709

Treasury shares(567,572)

Total shareholders'equity28,549,347

Changes of items during period
Dividends of surplus(931,054)(931,054)

Profit attributable to ownersof parent

3,945,389

3,945,389

Purchase of treasury shares
Disposal of treasury shares

52,492(87,688)(87,688)

158,179

210,672

Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of current period–

52,492

3,014,334

70,4903,137,317

4,872,064

5,747,639

21,564,043(497,081)

31,686,665

Accumulated other comprehensive income
Valuation difference on
Revaluation reserve foravailable-for-salelandsecurities
Balance at beginning of current
period(164,915)

74,904

Total accumulated
other comprehensive
income(90,011)

Share acquisition rights

34,316

Total net assets

28,493,652

Changes of items during period
Dividends of surplus(931,054)

Profit attributable to ownersof parent

3,945,389

Purchase of treasury shares(87,688)

Disposal of treasury shares

210,672

Net changes of items otherthan shareholders' equity

125,481–

125,481(15,615)

109,866

Total changes of items during
period125,481–

125,481(15,615)

3,247,183

Balance at end of current period(39,433)

74,90435,47018,70031,740,836

7

Fiscal year ended March 31, 2018
(Thousands of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,872,064

Retained earnings

5,747,639

21,564,043

Treasury shares(497,081)

Total shareholders'equity31,686,665

Changes of items during period
Dividends of surplus(969,879)(969,879)

Profit attributable to ownersof parent

4,168,237

4,168,237

Purchase of treasury shares
Disposal of treasury shares

10,807(138,097)(138,097)

26,04236,850Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of current period–

10,807

3,198,357(112,055)

3,097,110

4,872,064

5,758,446

24,762,400(609,136)

34,783,775

Accumulated other comprehensive income
Valuation difference on
Revaluation reserve foravailable-for-salelandsecurities
Balance at beginning of current
period(39,433)

74,904

Total accumulated
other comprehensive
income35,470Share acquisition rights

18,700Total net assets

31,740,836

Changes of items during period
Dividends of surplus(969,879)

Profit attributable to ownersof parent

4,168,237

Purchase of treasury shares(138,097)

Disposal of treasury shares

36,850Net changes of items otherthan shareholders' equity(14,555)–(14,555)

29,034

14,479Total changes of items during
period(14,555)–(14,555)

29,034

3,111,589

Balance at end of current period(53,988)

74,904

20,91547,73534,852,426

8

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, 2017

March 31, 2018

5,718,337

6,129,321

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

397,568(7)

587,098
9,065

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

3,174(8,762)

1,235
3,296

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for performance-linked

19,70033,50036,3508,600–

25,834(16,693)351,782(16,654)477,429

Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories(22,565)(8,658,243)

5,524(14,315,109)

Decrease (increase) in other current assets
Increase (decrease) in notes and accounts payable - trade(64,290)(482,895)

297,604
450,723

Increase or decrease in other liabilities
Other, net

1,785,204
3,693(2,448,597)(259,800)

Subtotal(937,648)(9,010,928)

Interest and dividend income received
Interest expenses paid

16,693(354,473)

16,654(469,329)

Income taxes paid

(1,848,017)(1,686,200)

Net cash provided by (used in) operating activities(3,123,445)(11,149,803)(5,744,340)
152,651(7,119,548)
32,362

Purchase of intangible assets
Collection of loans receivable(96,879)
7,087(170,647)
5,750

Other, net(295,542)(132,567)(5,977,022)(7,384,649)

Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable(993,200)
41,294,225

2,719,050
45,061,700

Repayments of long-term loans payable
Repayments of lease obligations(26,826,464)(2,296)(29,925,752)(826)

Proceeds from sales of treasury shares
Purchase of treasury shares

196,688(87,688)50(138,097)

Proceeds from issuance of share acquisition rights
Cash dividends paid–
(931,054)

3,200(969,879)

Net cash provided by (used in) financing activities

12,650,208

16,749,443

3,549,741(1,785,010)

Cash and cash equivalents at beginning of period

8,721,840

12,271,581

Cash and cash equivalents at end of period

12,271,581

10,486,571

directors' compensations
Share-based compensation expenses
Interest and dividend income
Interest expenses

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment

Net cash provided by (used in) investing activities
Cash flows from financing activities

Net increase (decrease) in cash and cash equivalents

9