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, 2019
(Based on Japanese GAAP)May 8, 2019
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 19, 2019

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

June 20, 2019
June 20, 2019

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, 2019 (from April 1, 2018 to March 31, 2019)(1) Consolidated operating results
Net salesYear ended March 31, 2019Year ended March 31, 2018

Operating profit

Millions of yen
115,710
103,880

%
11.4
4.5

Earnings per share

Diluted earnings per
share

%
3.1
7.9

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
119.9911.9
4.6
5.7
115.86
12.5
4.9
6.2

Yen
120.40116.08Year ended March 31, 2019Year ended March 31, 2018

Millions of yen
6,636
6,438

Percentages indicate year-on-year changes
Profit attributable toOrdinary profit
owners of parent
Millions of yen% Millions of yen
%
6,445
5.0
4,298
3.1
6,139
7.3
4,168
5.6

(2) Consolidated financial position
Total assets
As of March 31, 2019
As of March 31, 2018

Net assets

Equity ratio

Millions of yen
147,465
135,563

Millions of yen
37,75634,852

Cash flows fromoperating activities
Millions of yen
11,962(10,606)

Cash flows frominvesting activities
Millions of yen(16,749)(7,928)

Net assets per share
%
25.6
25.7

Yen
1,068.69
972.56(3) Consolidated cash flows

Year ended March 31, 2019Year ended March 31, 2018

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
6,341
12,041
16,74910,486

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

Year ended March 31, 2018Year ended March 31, 2019Year ending March 31, 2020
(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

%

%

–
–

14.00
14.00

–
–

13.00
13.00

27.00
27.00

968
961

23.3
22.4

2.9
2.6

–

14.00

–

13.00

27.00

1

28.9

3. Forecast of consolidated financial results for the year ending March 31, 2020 (from April 1, 2019 to March 31, 2020)
Net sales
Millions of yen
Six months ending
September 30, 2019
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

51,000

(4.6)

2,400

(7.7)

2,300

(10.3)

1,500(12.1)

42.51

107,000

(7.5)

5,300

(20.1)

5,000(22.4)

3,300(23.2)

93.51

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2019(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, 201936,849,912 shares As of March 31, 201836,849,912 shares

Number of treasury shares at the end of the period
As of March 31, 2019

1,561,440 shares As of March 31, 2018

1,063,258 shares

35,702,604 shares Year ended March 31, 201835,907,024 shares

Average number of shares during the period
Year ended March 31, 20192

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2018

As of March 31, 2019

AssetsCurrent assets
Cash and deposits
Accounts receivable from completed construction

10,486,571

12,041,380

contracts
Real estate for sale

103,877

191,646

23,998,281

28,226,043

Real estate for sale in process
Real estate under development

18,862,992
55,286,788

10,324,463
54,688,060

112,001
37,277

94,584
37,162

1,374,207(19,195)

2,418,170(22,901)

110,242,802

107,998,610

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

8,283,992
0

10,915,290
19,349Tools, furniture and fixtures, net
Land348,669
13,393,118

247,733
24,004,204

294
416,696–776,581

22,442,770

35,963,159

272,777

359,346594,373
67,807523,031
63,354551,153
1,399,553

905,420
1,657,122(7,253)(4,531)

Costs on uncompleted construction contracts
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
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

32,605,635

3,144,397

25,321,182

39,466,903

135,563,984

147,465,513

(Thousands of yen)
As of March 31, 2018

As of March 31, 2019

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
Electronically recorded obligations - operating
Short-term loans payable
Current portion of bonds
Lease obligations
Income taxes payable
Advances received
Provision for bonuses
Provision for performance-linked directors' compensations

3,963,985

4,642,257

755,832
21,113,763

1,023,275
23,907,292–
317

200,000–

1,345,936
3,854,766

1,398,628
3,572,914

249,800
44,950282,000
131,040

Other

3,386,102

3,742,024

Total current liabilities

34,715,454

38,899,432–
65,745,605

800,000
69,758,663

52,645
26,902

52,64527,142

Non-current liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities for land revaluation
Asset retirement obligations
Other

170,950

170,950

65,996,103

70,809,401

100,711,558

109,708,833

Capital stock
Capital surplus

4,872,064
5,758,446

4,872,064
5,810,940

Retained earnings
Treasury shares

24,762,400(609,136)

28,092,824(1,089,829)

Total shareholders' equity

34,783,775

37,686,000

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities(53,988)(48,494)

Revaluation reserve for land

74,90474,904

Total accumulated other comprehensive income

20,91526,40947,73544,270Share acquisition rights
Total net assets
Total liabilities and net assets

434,852,426

37,756,680

135,563,984

147,465,513

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
March 31, 2018

Fiscal year ended
March 31, 2019

Net sales
Cost of sales

103,880,300
86,049,341

115,710,595
97,145,235

Gross profit

17,830,958

18,565,359

Selling, general and administrative expenses
Sales commission
Advertising expenses
Promotion expenses
Salaries and bonuses
Provision for bonuses
Provision for performance-linked directors' compensations
Provision of allowance for doubtful accounts
Enterprise tax
Consumption Taxes
Depreciation
Rent expenses
Other
Total selling, general and administrative expenses

1,630,389
2,325,513
72,6352,767,741
121,461
44,9506,306
167,800
540,584
119,022446,980
3,149,371
11,392,758

1,860,626
1,918,836
73,854
2,842,473
138,381
131,040
5,818
170,500
727,910
234,943425,6023,398,580
11,928,568

Operating profit

6,438,200

6,636,791

1,461
15,192
178,406–
21,92658,27130,786

1,369
15,270179,055
63,00027,848181,242
57,827

306,046

525,615

477,429–
50,22876,967588,764
12,06860,00056,062Non-operating income
Interest income
Dividend income
Commission income
Settlement received
Penalty income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Bond issuance cost
Commitment fee
OtherTotal non-operating expenses
Ordinary profit
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
Loss on valuation of investment securities
Total extraordinary losses

604,625

716,895

6,139,621

6,445,511

–

3,337

–

3,337

9,065
1,235
–

12,071
69,20971,683

10,300152,964

Profit before income taxes
Income taxes - current
Income taxes - deferred

6,129,321
2,098,200(137,116)

6,295,883
2,346,300(349,114)

Total income taxes

1,961,083

1,997,185

Profit4,168,237

4,298,698

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

5

–

–

4,168,237

4,298,698

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2018

March 31, 2019

4,168,237

4,298,698

Valuation difference on available-for-sale securities(14,555)

5,494

Total other comprehensive income(14,555)

5,494

Comprehensive income

4,153,682

4,304,192

Comprehensive income attributable toComprehensive income attributable to owners of parent

4,153,682

4,304,192––

Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
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

7

Fiscal year ended March 31, 2019
(Thousands of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,872,064

Retained earnings

5,758,446

24,762,400

Treasury shares(609,136)

Total shareholders'equity34,783,775

Changes of items during period
Dividends of surplus(968,274)(968,274)

Profit attributable to ownersof parent

4,298,698

4,298,698

Purchase of treasury shares
Disposal of treasury shares

52,493(598,956)(598,956)

118,264

170,758

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

52,493

3,330,423(480,692)

2,902,225

4,872,064

5,810,940

28,092,824(1,089,829)

37,686,000

Accumulated other comprehensive income
Valuation difference on
Revaluation reserve foravailable-for-salelandsecurities
Balance at beginning of current
period(53,988)

74,904

Total accumulated
other comprehensive
income20,915

Share acquisition rights

47,735

Total net assets

34,852,426

Changes of items during period
Dividends of surplus(968,274)

Profit attributable to ownersof parent

4,298,698

Purchase of treasury shares(598,956)

Disposal of treasury shares

170,758

Net changes of items otherthan shareholders' equity

5,494

–

5,494

(3,465)

2,028

Total changes of items during
period

5,494

–

5,494

(3,465)2,904,253

Balance at end of current period(48,494)

74,904

26,40944,27037,756,680

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, 2018

March 31, 2019

6,129,321

6,295,883

587,098–

786,894
12,068Loss (gain) on sales of property, plant and equipment
Loss on retirement of property, plant and equipment

9,065
1,235

8,734
69,209Loss (gain) on valuation of investment securities
Increase (decrease) in allowance for doubtful accounts

–
3,296

71,683
983

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

33,50032,2008,600

86,090Depreciation
Bond issuance costdirectors' compensations
Interest and dividend income(16,654)(16,640)

Interest expenses
Decrease (increase) in notes and accounts receivable - trade477,4295,524

588,764(87,768)

Decrease (increase) in inventories
Decrease (increase) in other current assets(14,288,207)
297,604

4,574,799(1,039,739)

Increase (decrease) in notes and accounts payable - trade
Increase or decrease in other liabilities(263,266)(1,217,774)

1,659,704
70,283

Other, net(233,966)

1,710,247

Subtotal(8,467,193)

14,823,399

Interest and dividend income received

16,654

16,640Interest expenses paid
Income taxes paid

(469,329)(1,686,200)(590,700)(2,286,356)

Net cash provided by (used in) operating activities(10,606,068)

11,962,982

Cash flows from investing activities
Purchase of property, plant and equipment(7,663,282)(16,594,024)

Proceeds from sales of property, plant and equipment
Purchase of intangible assets

32,362(170,647)

77,246(172,870)

Collection of loans receivable
Other, net

5,750(132,567)

4,453(64,549)(7,928,384)(16,749,745)

Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable

2,719,050(793,900)

45,061,700(29,925,752)

37,021,320(29,420,834)

(826)
–

(317)
987,931

Proceeds from sales of treasury shares
Purchase of treasury shares

50(138,097)

111,010(595,364)

Proceeds from issuance of share acquisition rights
Cash dividends paid

3,200
(969,879)–(968,274)

Net cash provided by (used in) financing activities

Proceeds from long-term loans payable
Repayments of long-term loans payable
Repayments of lease obligations
Proceeds from issuance of bonds

16,749,443

6,341,571

Net increase (decrease) in cash and cash equivalents(1,785,010)

1,554,809

Cash and cash equivalents at beginning of period

12,271,581

10,486,571

Cash and cash equivalents at end of period

10,486,571

12,041,380

9