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 Nine Months Ended December 31, 2021
(Based on Japanese GAAP)
February 8, 2022
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:

Operating Officer, General Manager ofInvestor Relations Office

Noguchi Yasuhisa

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

February 14, 2022–

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

Yes
Yes

TEL

072-437-9010(for general investors)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the nine months ended December 31, 2021 (from April 1, 2021 to December 31, 2021)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Nine months ended December 31, 2021
81,800
(7.3)
4,579
14.3
4,379
16.9
3,038
24.1
Nine months ended December 31, 2020
88,210
14.1
4,007
24.3
3,745
25.4
2,448
23.6
Earnings per share

Diluted earnings per share

Yen
84.59
68.48

Nine months ended December 31, 2021
Nine months ended December 31, 2020

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
157,431
147,594

As of December 31, 2021
As of March 31, 2021

Equity ratio

Millions of yen
43,51541,492

%
27.6
28.1

2. Cash dividends
Annual dividends per share

Year ended March 31, 2021
Year ending March 31, 2022

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen
––

Yen
14.00
14.00

Yen––

Yen
13.00

Yen
27.00

13.00

27.00

Year ending March 31, 2022 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Net sales
Full year

Millions of yen
119,000

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
(2.1)
5,400
35.4
5,000
40.5
3,400
44.1
94.48

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2021
(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 December 31, 202136,849,912 shares As of March 31, 2021

36,849,912 shares

Number of treasury shares at the end of the period
As of December 31, 2021

864,369 shares As of March 31, 2021

1,173,069 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2021

35,920,233 shares Nine months ended December 31, 2020

235,759,218 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2021

As of December 31, 2021

AssetsCurrent assetsCash and deposits
Notes receivable - trade20,325,741
113,114

21,242,038
89,219664,213–

Contract assets
Real estate for sale–
15,657,192

276,165
19,151,120

Real estate for sale in process
Real estate under development

29,229,010
34,023,179

33,546,241
32,797,391

169,594
38,783

10,59739,857

1,594,712(27,176)

2,094,162(32,822)

101,788,365

109,213,971

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

13,887,919
241,458

14,293,990
205,401

Tools, furniture and fixtures, net
Land308,077
25,788,453

252,928
27,111,550

153,957
486,997

109,479
1,575,526

40,866,863

43,548,877

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

230,424

201,587

Other

436,677

412,140

Total intangible assets

667,101

613,728

510,81149,516455,448
44,488

1,697,530
2,016,295

1,474,702
2,082,115(2,419)(2,258)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

3

4,271,734

4,054,496

45,805,700

48,217,102

147,594,065

157,431,073

(Thousands of yen)
As of March 31, 2021

As of December 31, 2021

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts

3,956,480

4,596,323

Electronically recorded obligations - operating
Contract liabilities

1,448,232–575,498734,140

Short-term borrowings
Current portion of bonds payable

27,331,352
850,000

35,526,859
850,000

Lease obligations
Income taxes payable

44,205
1,206,467

45,042
318,206

Advances received
Provision for bonuses

4,616,979
309,800

4,219,686
129,200

25,705–

Provision for share awards
Other

131,820
4,715,980–
4,621,245

Total current liabilities

44,637,025

51,616,203

Provision for share awards for directors (and otherofficers)

Non-current liabilities
Bonds payable
Long-term borrowings
Lease obligations
Asset retirement obligations
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Other
Total non-current liabilities

1,875,000

1,350,000

58,131,494
154,626

59,694,291
124,11127,6289,194

27,8139,194

52,645
1,213,721

52,645
1,041,625

61,464,310

62,299,682

106,101,335

113,915,886

Shareholders' equity
Share capital

4,872,064

4,872,064

Capital surplus
Retained earnings

5,663,006
31,619,397

5,663,006
33,541,065

Total liabilities
Net assets

Treasury shares(712,734)(557,449)

41,441,734

43,518,686

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

(27,164)
74,904(81,364)
74,904

Total accumulated other comprehensive income

47,739(6,459)Total shareholders' equity
Accumulated other comprehensive income

Share acquisition rights
Total net assets
Total liabilities and net assets

4

3,256

2,960

41,492,729

43,515,187

147,594,065

157,431,073

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

Nine months ended

December 31, 2020

December 31, 2021

Net sales
Cost of sales

88,210,151
75,454,474

81,800,589
69,170,876

Gross profit

12,755,676

12,629,713

Selling, general and administrative expenses
Sales commission

1,402,567

1,087,701

Advertising expenses
Promotion expenses

1,157,540
35,552

1,063,073
36,267

Salaries and bonuses
Provision of allowance for doubtful accounts

2,214,361
2,785

2,223,240
7,358

Provision for bonuses
Enterprise tax

51,441
108,500

59,326
105,400

Consumption Taxes
Depreciation

652,210
263,041

567,165
278,369

Amortization of goodwill
Rent expenses

31,137300,872

28,836244,172

Other

2,528,458

2,349,402

Total selling, general and administrative expenses

8,748,470

8,050,312

4,007,206

4,579,400

Non-operating income
Interest income

948

826

Dividend income
Commission income

12,888142,328

14,151
152,316

Penalty income
Subsidy income

21,513111,135

28,921
148,837

Surrender value of insurance policies
Other

24,00064,180–47,573

Total non-operating income

376,994

392,625

Non-operating expenses
Interest expenses

593,288574,767

Bond issuance costs
Other

14,16831,066–
18,210Total non-operating expenses

638,523592,977

3,745,677

4,379,047

Operating profit

Ordinary profit
Extraordinary income
Gain on sale of non-current assets

23,687

254,426

Gain on reversal of share acquisition rights

35,668296

Total extraordinary income

59,355

254,722

82,291
24,373

2,413
57,710Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Loss on valuation of investment securities

31,130–Total extraordinary losses

137,795

60,1245

(Thousands of yen)
Nine months ended

Nine months ended

December 31, 2020

December 31, 2021

Profit before income taxes

3,667,237

4,573,645

Income taxes - current

1,214,496

1,237,500

Income taxes - deferred

3,774

297,524

Total income taxes

1,218,270

1,535,024

Profit2,448,966

3,038,621––

2,448,966

3,038,621

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

6

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

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

Nine months ended

Nine months ended

December 31, 2020

December 31, 2021

2,448,966

3,038,621

15,987(54,199)

15,987(54,199)

Comprehensive income

2,464,954

2,984,421

Comprehensive income attributable toComprehensive income attributable to owners of parent

2,464,954

2,984,421––

Comprehensive income attributable to non-controllinginterests

7