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, 2016
(Based on Japanese GAAP)
April 28, 2016
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 23, 2016

Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:
Holding of financial results meeting:June 24, 2016
June 24, 2016
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, 2016 (from April 1, 2015 to March 31, 2016)(1) Consolidated operating results

Percentages indicate year-on-year changes
Profit attributable toOperating income
Ordinary income
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
14.0
5,441
24.7
5,298
22.6
3,430
24.5
(7.8)
4,361
(24.9)
4,322(23.6)
2,756(15.5)Net salesYear ended March 31, 2016
Year ended March 31, 2015

Millions of yen
90,726
79,594

Profit attributable toOrdinary
owners ofincome/total assets
parent/equity
Yen
%
%
94.97
12.5
5.6
76.42
10.9
4.8

Diluted earnings per
share

Earnings per share
Yen
95.18
76.46

Year ended March 31, 2016
Year ended March 31, 2015

Operatingincome/net sales
%
6.0
5.5

(2) Consolidated financial position
Total assets
As of March 31, 2016
As of March 31, 2015

Net assets

Equity ratio

Millions of yen
96,90093,958Millions of yen
28,493
26,382

Cash flows fromoperating activities
Millions of yen
4,740(4,107)

Cash flows frominvesting activities
Millions of yen(3,320)(2,056)

Net assets per share
%
29.4
28.0

Yen
796.64729.26(3) Consolidated cash flows

Year ended March 31, 2016
Year ended March 31, 2015

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(1,311)
8,721
4,976
8,614

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

Year ended March 31, 2015
Year ended March 31, 2016
Year ending March 31, 2017
(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
13.00

–
–

13.00
13.00

26.00
26.00

938
934

34.0
27.3

3.7
3.4

–

13.00

–

13.00

26.00

1

25.8

3. Forecast of consolidated financial results for the year ending March 31, 2017 (from April 1, 2016 to March 31, 2017)
Net sales
Millions of yen
Six months ending
September 30, 2016
Full year

Percentages 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

46,700

7.1

2,700

10.6

2,600

8.8

1,700

8.2

47.59

96,300

6.1

5,600

2.9

5,400

1.9

3,600

4.9

100.77

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2016(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, 2016

36,849,912 shares As of March 31, 2015

36,849,912 shares

Number of treasury shares at the end of the period
As of March 31, 2016

1,125,858 shares As of March 31, 2015

749,728 shares

Average number of shares during the period
Year ended March 31, 2016

36,047,173 shares Year ended March 31, 2015

2

36,054,694 shares

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2015

As of March 31, 2016

AssetsCurrent assets
Cash and deposits
Accounts receivable from completed construction

8,614,076

8,721,840

contracts
Real estate for sale

58,53386,836

19,270,354

21,893,098

Real estate for sale in process
Real estate under development

15,711,446
37,081,531

14,867,626
36,223,776

66,66335,325

68,106
33,625516,2931,938,188454,693
1,611,654(30,332)(27,500)

83,262,082

83,933,757

3,475,474

4,041,260

0149,607

149
120,7225,670,872
6,138

7,505,551
3,185

12,39434,285

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

9,314,486

11,705,154

Intangible assets

Total property, plant and equipment

69,20585,477

Investments and other assets
Investment securities

649,098472,697

Long-term loans receivable
Deferred tax assets

87,349–80,64527,440Other
Allowance for doubtful accounts

577,907(1,502)599,541(4,413)

Total investments and other assets

1,312,853

1,175,911

10,696,545

12,966,542

93,958,627

96,900,300

Total non-current assets
Total assets3

(Thousands of yen)
As of March 31, 2015

As of March 31, 2016

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts

3,574,261

4,379,174

423,982
16,288,098

372,815
11,600,506

Current portion of bonds
Lease obligations

260,000
3,189

–
2,296

Income taxes payable
Advances received

1,254,569
3,515,582

1,058,295
3,985,563

Provision for bonuses
Other

173,400
2,710,911

196,600
2,657,352

Total current liabilities

28,203,996

24,252,603

Non-current liabilities
Long-term loans payable

Electronically recorded obligations - operating
Short-term loans payable

39,127,360

43,929,304

Lease obligations
Deferred tax liabilities

3,440
14,650

1,144–

Deferred tax liabilities for land revaluation
Other

55,465
170,950

52,645
170,950

39,371,865

44,154,044

67,575,862

68,406,647

Shareholders' equity
Capital stock

4,872,064

4,872,064

Capital surplus
Retained earnings

5,557,016
16,057,953

5,695,146
18,549,709

Total non-current liabilities
Total liabilities
Net assets

Treasury shares(225,409)(567,572)

26,261,625

28,549,347

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

(7,110)72,084(164,915)
74,904

Total accumulated other comprehensive income

64,974(90,011)

Total shareholders' equity
Accumulated other comprehensive income

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

456,16634,316

26,382,765

28,493,652

93,958,627

96,900,300

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
March 31, 2015

Fiscal year ended
March 31, 2016

Net sales

79,594,573

90,726,814

Cost of sales

65,761,666

75,836,692

Gross profit

13,832,907

14,890,121

Sales commission
Advertising expenses

1,309,753
1,872,872

1,465,365
1,591,676

Promotion expenses
Salaries and bonuses

70,4992,612,432

93,272
2,615,433

Provision for bonuses
Provision of allowance for doubtful accounts

93,507
12,554

99,6209,159Enterprise tax
Consumption Taxes

54,500423,624

89,300351,968

Depreciation
Rent expenses

80,853
386,480

85,608391,053

Other

2,553,925

2,656,302

Total selling, general and administrative expenses

9,471,005

9,448,759

4,361,901

5,441,362

Selling, general and administrative expenses

Operating income
Non-operating income
Interest income

2,165

1,983

Dividend income
Commission fee

13,856206,250

16,766
186,111

Penalty income
Other

67,677
93,86837,98557,323

Total non-operating income

383,818

300,171

Non-operating expenses
Interest expenses

373,783

389,327

Commitment fee
Other19,44830,41912,00041,736

Total non-operating expenses

423,650443,064

4,322,068

5,298,468

–

3,298

–

3,298

33,555

5,768

3,825
–

220
88,388

Ordinary income
Extraordinary income
Gain on sales of non-current assets
Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Loss on retirement of non-current assets
Impairment loss

37,381

94,377

Profit before income taxes

Total extraordinary losses

4,284,687

5,207,390

Income taxes - current

1,536,600

1,738,300

Income taxes - deferred(8,810)38,105

Total income taxes

1,527,789

1,776,405

Profit

2,756,897

3,430,984

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

5

–

–

2,756,897

3,430,984

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Total other comprehensive income
Comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2015

March 31, 2016

2,756,897

3,430,984

121,470
5,742(157,805)
2,819

127,213(154,985)

2,884,110

3,275,999

2,884,110

3,275,999––

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2015
(Thousands of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,872,064

Retained earnings

5,528,377

14,237,084

Treasury shares(280,991)

Total shareholders'equity24,356,534

Changes of items during period
Dividends of surplus(936,028)(936,028)

Profit attributable to ownersof parent

2,756,897

2,756,897

Purchase of treasury shares
Disposal of treasury shares

28,639

(169)

(169)

55,751

84,391

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

28,6391,820,868

55,581

1,905,090

4,872,064

5,557,016

16,057,953(225,409)

26,261,625

Total accumulated
other comprehensive
incomeSubscription rights toshares(62,238)

14,650

Accumulated other comprehensive income
Valuation difference on
Revaluation reserve foravailable-for-salelandsecurities
Balance at beginning of current
period(128,581)

66,342

Total net assets

24,308,945

Changes of items during period
Dividends of surplus(936,028)

Profit attributable to ownersof parent

2,756,897

Purchase of treasury shares(169)

Disposal of treasury shares

84,391

Net changes of items otherthan shareholders' equity

121,470

5,742

127,213

41,516

168,729

Total changes of items during
period121,470

5,742

127,213

41,516

2,073,819

Balance at end of current period(7,110)72,08464,97456,166

26,382,765

7

Fiscal year ended March 31, 2016
(Thousands of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,872,064

Retained earnings

5,557,016

16,057,953

Treasury shares(225,409)

Total shareholders'equity26,261,625

Changes of items during period
Dividends of surplus(939,228)(939,228)

Profit attributable to ownersof parent

3,430,984

3,430,984

Purchase of treasury shares
Disposal of treasury shares

138,129(508,260)(508,260)

166,097304,227

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

138,129

2,491,755(342,162)

2,287,722

4,872,064

5,695,146

18,549,709(567,572)

28,549,347

Total accumulated
other comprehensive
incomeSubscription rights toshares64,97456,166

Accumulated other comprehensive income
Valuation difference on
Revaluation reserve foravailable-for-salelandsecurities
Balance at beginning of current
period(7,110)72,084

Total net assets

26,382,765

Changes of items during period
Dividends of surplus(939,228)

Profit attributable to ownersof parent

3,430,984

Purchase of treasury shares(508,260)

Disposal of treasury shares

304,227

Net changes of items otherthan shareholders' equity(157,805)

2,819(154,985)(21,850)(176,835)

Total changes of items during
period(157,805)

2,819(154,985)(21,850)

2,110,887

Balance at end of current period(164,915)

74,904(90,011)34,31628,493,652

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, 2015

March 31, 2016

4,284,687

5,207,390

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

317,538
33,555347,203
2,470

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

3,825
1,861

220
79

Increase (decrease) in provision for bonuses
Impairment loss

16,470–23,20088,388Interest and dividend income
Interest expenses(16,021)373,783(18,750)
389,327

Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories

40,462(6,495,011)(28,303)(448,600)

Decrease (increase) in other current assets
Increase (decrease) in notes and accounts payable - trade(1,066,193)
1,230,553

325,291
753,745(560,273)
127,481421,625745(1,707,281)

7,064,031

16,021(378,703)

18,750(388,568)

Income taxes paid

(2,037,764)(1,954,150)

Net cash provided by (used in) operating activities(4,107,726)

4,740,063(1,997,225)
6,678(3,421,099)
85,050Purchase of intangible assets
Collection of loans receivable(28,598)
8,328(24,074)
6,704

Other, net(45,785)

32,820(2,056,602)(3,320,598)

Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable(3,599,650)
26,089,571(970,090)
18,583,300

Repayments of long-term loans payable
Repayments of lease obligations(16,127,037)(5,515)(17,498,856)(2,598)

Redemption of bonds
Proceeds from sales of treasury shares(520,000)
75,168(260,000)
284,033

Purchase of treasury shares
Cash dividends paid

(169)
(936,028)(508,260)(939,228)

Net cash provided by (used in) financing activities

4,976,337(1,311,700)

Increase or decrease in other liabilities
Other, net
SubtotalInterest and dividend income received
Interest expenses paid

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(1,187,990)

107,764

Cash and cash equivalents at beginning of period

9,802,067

8,614,076

Cash and cash equivalents at end of period

8,614,076

8,721,840

9