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 Three Months Ended June 30, 2024
(Based on Japanese GAAP)
July 31, 2024
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:

Managing Operating Officer, General
Manager of Investor Relations Office

Noguchi Yasuhisa

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:–Yes

Holding of financial results meeting:

NoTEL

072-437-9010(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)
Net sales
Three months ended June 30, 2024
Three months ended June 30, 2023

Millions of yen30,702
27,115Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
13.2
2,247
60.0
2,081
68.7
1,414
71.4
(2.1)
1,404
14.3
1,234
10.7
824
12.2

Earnings per share

Diluted earnings per share

Yen
39.11
23.03

Three months ended June 30, 2024
Three months ended June 30, 2023

Yen––(2) Consolidated financial position
Total assets
As of June 30, 2024
As of March 31, 2024

Net assets

Millions of yen
169,208
168,212Equity ratioMillions of yen
52,05251,004

%
30.8
30.3

2. Cash dividends
Annual dividends per share

Year ended March 31, 2024
Year ending March 31, 2025

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
14.00

Yen–

Yen
16.00

Yen
30.00

14.00

–

13.00

27.00

Year ending March 31, 2025 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profitOrdinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
60,800
15.5
3,600
37.5
3,200
38.6
2,200
43.2
60.43
September 30, 2024
Full year
123,000
2.2
7,400
1.9
6,700
0.9
4,500
(1.3)
123.61

14. Notes(1) Significant changes in the scope of consolidation during the three months ended June 30, 2024:

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
No
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

36,849,912 shares As of March 31, 2024

36,849,912 shares

Number of treasury shares at the end of the period
As of June 30, 2024

444,289 shares As of March 31, 2024

776,889 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024

36,156,173 shares Three months ended June 30, 2023

235,821,406 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits
Notes receivable - trade

23,767,903
40,06521,089,348
38,817201,919

23,234Contract assets
Real estate for sale

365,450
23,315,179

369,730
25,804,965

Real estate for sale in process
Real estate under development

29,644,852
32,528,685

27,069,091
34,773,582

3,707
35,795

9,235
40,0003,308,591(46,325)

2,568,571(45,165)

113,165,824

111,741,411

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

17,909,582
124,950

18,527,185
118,840

Tools, furniture and fixtures, net
Land241,732
31,091,038

240,792
33,123,291

28,966412,296

21,799274,90349,808,567

52,306,813

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

82,83175,912

Other528,606

534,855

Total intangible assets

611,437

610,768

701,097
32,007

731,960
31,0001,401,030
2,494,734

1,170,988
2,617,607(1,843)(1,843)

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

3

4,627,026

4,549,714

55,047,030

57,467,295

168,212,855

169,208,706

(Thousands of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts

6,703,090

4,792,716

Electronically recorded obligations - operating
Contract liabilities

971,877
1,986,703

1,645,640
1,692,395

Short-term borrowings
Current portion of bonds payable

23,029,121
700,000

26,560,445
700,000

Lease liabilities
Income taxes payable

51,247
1,336,704

50,912492,490

Advances received
Provision for bonuses

3,625,075
337,300

3,261,490
128,100

28,079–Provision for share awards
Other

179,448
5,797,264–
6,216,332

Total current liabilities

44,745,911

45,540,522

Provision for share awards for directors (and otherofficers)

Non-current liabilities
Bonds payable

1,225,000

1,025,000

70,844,717
15,16470,272,901
3,721

Asset retirement obligations
Deferred tax liabilities

28,3749,194

28,437
9,194Deferred tax liabilities for land revaluation
Other

52,645286,889

52,645
223,578

Long-term borrowings
Lease liabilities

Total non-current liabilities

72,461,986

71,615,479

117,207,898

117,156,002

Shareholders' equity
Share capital

4,872,064

4,872,064

Capital surplus
Retained earnings

5,642,979
40,770,337

5,642,979
41,596,118

Total liabilities
Net assets

Treasury shares(486,700)(280,189)

50,798,680

51,830,972

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

131,371
74,904

146,827
74,904

Total accumulated other comprehensive income

206,276

221,731

Total shareholders' equity
Accumulated other comprehensive income

Total net assets
Total liabilities and net assets

451,004,956

52,052,704

168,212,855

169,208,706

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

Three months ended

June 30, 2023

June 30, 2024

Net sales
Cost of sales

27,115,493
22,942,656

30,702,412
25,487,609

Gross profit

4,172,837

5,214,803

350,526

361,944

Advertising expenses
Promotion expenses

301,370
17,260354,392
15,277

Salaries and bonuses
Provision for bonuses

691,594
54,486751,135
57,282

Provision of allowance for doubtful accounts
Enterprise tax

1,023
32,700–41,600Consumption Taxes
Depreciation

262,211
86,179271,780
88,536

Amortization of goodwill
Rent expenses

6,918
85,124

6,918
76,990

Other878,585

941,064

2,767,980

2,966,923

1,404,856

2,247,879

Non-operating income
Interest income

198

176

Dividend income
Commission income

8,779
10,312

10,19918,217

Penalty income
Subsidy income

4,500–

26,84036,513

Other

13,381

10,128

Total non-operating income

37,171102,075

200,032
7,937

261,845
6,786

Selling, general and administrative expenses
Sales commission

Total selling, general and administrative expenses
Operating profit

Non-operating expenses
Interest expenses
Other
Total non-operating expenses

207,969

268,6311,234,058

2,081,323

Extraordinary income
Gain on sale of non-current assets

12,007

99

Total extraordinary income

12,007

99

445

04450

Ordinary profitExtraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes

1,245,619

2,081,423

Income taxes - current

241,800

452,600

Income taxes - deferred

178,924

214,634

Total income taxes

420,724

667,234

Profit824,895

1,414,189––

824,895

1,414,189

Profit attributable to non-controlling interests
Profit attributable to owners of parent5

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

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

Three months ended

Three months ended

June 30, 2023

June 30, 2024
824,895

1,414,189

6,749

15,455

6,749

15,455Comprehensive income

831,644

1,429,644

Comprehensive income attributable toComprehensive income attributable to owners of parent

831,644

1,429,644––

Comprehensive income attributable to non-controllinginterests

6