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, 2020
(Based on Japanese GAAP)May 8, 2020
Company name:

Fuji Corporation Limited

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

URL

https://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 24, 2020

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

June 25, 2020
June 25, 2020

Preparation of supplementary material on financial results:
Holding of financial results meeting:Yes
No(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2020 (from April 1, 2019 to March 31, 2020)(1) Consolidated operating results

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
(4.6)
5,002
(24.6)
4,611(28.4)
3,088(28.1)
11.4
6,636
3.1
6,445
5.0
4,298
3.1

Net salesYear ended March 31, 2020
Year ended March 31, 2019

Millions of yen
110,444
115,710

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
87.31
8.0
3.0
4.5
119.99
11.9
4.6
5.7

Diluted earnings per
share

Earnings per share
Yen
87.40
120.40Year ended March 31, 2020
Year ended March 31, 2019(2) Consolidated financial position

Total assets
As of March 31, 2020
As of March 31, 2019

Net assets

Equity ratio

Millions of yen
162,435
147,465

Millions of yen
39,92737,756

Cash flows fromoperating activities
Millions of yen(1,650)11,962

Cash flows frominvesting activities
Millions of yen(6,021)(16,749)

Net assets per share
%
24.6
25.6

Yen
1,126.40
1,068.69(3) Consolidated cash flows

Year ended March 31, 2020
Year ended March 31, 2019

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
10,187
14,557
6,341
12,041

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

Year ended March 31, 2019Year ended March 31, 2020
Year ending March 31, 2021
(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

961
955

22.4
30.9

2.6
2.5

–

–

–

–

–

1

–

3. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2020(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:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(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, 2020

36,849,912 shares As of March 31, 201936,849,912 shares

Number of treasury shares at the end of the period
As of March 31, 2020

1,440,530 shares As of March 31, 2019

1,561,440 shares

35,342,682 shares Year ended March 31, 201935,702,604 shares

Average number of shares during the period
Year ended March 31, 20202

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2019

As of March 31, 2020

AssetsCurrent assets
Cash and deposits
Notes receivable - trade

12,041,380–

14,757,833
117,491

191,646

865,465

Real estate for sale
Real estate for sale in process

28,226,043
10,324,463

24,828,999
15,253,483

Real estate under development
Costs on construction contracts in progress

54,688,060
94,58461,709,668
230,706

Supplies
Other

37,162
2,418,170

41,565
1,984,685(22,901)(26,361)

107,998,610

119,763,538

10,915,290

12,013,797

19,349247,733

21,924
220,352

Land
Construction in progress

24,004,204
776,581

25,338,726
1,123,035

Total property, plant and equipment

35,963,159

38,717,836–

290,329

Other

359,346

425,898

Total intangible assets

359,346

716,228

523,031
63,354

459,596
58,856905,420
1,657,122982,960
1,740,562

Accounts receivable from completed construction
contracts

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

Intangible assets
Goodwill

Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts(4,531)(4,478)

Total investments and other assets

3,144,397

3,237,497

Total non-current assets
Total assets

3

39,466,903

42,671,562

147,465,513

162,435,100

(Thousands of yen)
As of March 31, 2019

As of March 31, 2020

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts

4,642,257

4,199,204

Electronically recorded obligations - operating
Short-term borrowings

1,023,275
23,907,292

2,123,569
33,367,735

Current portion of bonds payable
Income taxes payable

200,000
1,398,628

425,000
1,278,744

Advances received
Provision for bonuses

3,572,914
282,000

4,837,324
303,262

131,040––

18,761

Provision for performance-linked directors' compensations
Provision for share-based remuneration for directors (andother officers)
Provision for share-based remuneration–

119,864

Other

3,742,024

3,550,042

Total current liabilities

38,899,432

50,223,509

800,000
69,758,663

1,325,000
70,699,028

Asset retirement obligations
Deferred tax liabilities

27,142–

27,384
9,194

Deferred tax liabilities for land revaluation
Other

52,645
170,950

52,645
170,950

70,809,401

72,284,202

109,708,833

122,507,712

Shareholders' equity
Share capital

4,872,064

4,872,064

Capital surplus
Retained earnings

5,810,940
28,092,824

5,821,371
30,227,970

Treasury shares(1,089,829)(1,005,438)

Total shareholders' equity

37,686,000

39,915,967

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

(48,494)
74,904(105,607)
74,904

Total accumulated other comprehensive income

26,409(30,702)44,27042,124Non-current liabilities
Bonds payable
Long-term borrowings

Total non-current liabilities
Total liabilities
Net assets

Accumulated other comprehensive income

Share acquisition rights
Total net assets
Total liabilities and net assets

437,756,680

39,927,388

147,465,513

162,435,100

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
March 31, 2019

Fiscal year ended
March 31, 2020

Net sales

115,710,595

110,444,324

Cost of sales

97,145,235

93,846,520

Gross profit

18,565,359

16,597,803

Sales commission
Advertising expenses

1,860,626
1,918,836

1,884,543
1,512,171

Promotion expenses
Salaries and bonuses

73,854
2,842,473

62,3562,876,624

Provision for bonuses
Provision for performance-linked directors' compensations

138,381
131,040

141,485–

Provision for share-based remuneration for directors (andother officers)–

18,761–
5,818

77,459
9,139

Enterprise tax
Consumption Taxes

170,500
727,910143,000
874,707

Depreciation
Rent expenses

234,943425,602259,876
433,491

Other

3,398,580

3,302,089

Total selling, general and administrative expenses

11,928,568

11,595,707

6,636,791

5,002,096

Non-operating income
Interest income

1,369

1,258

Dividend income
Commission income

15,270187,975

14,881
173,063

Settlement received
Penalty income

63,00027,848–21,515

Subsidy income
Other

181,242
48,908

154,650
109,625

Total non-operating income

525,615474,995

Non-operating expenses
Interest expenses

588,764

738,623

Bond issuance costs
Commitment fee

12,06860,00010,37974,650Other56,062

41,467

Selling, general and administrative expenses

Provision for share-based remuneration
Provision of allowance for doubtful accounts

Operating profit

Total non-operating expenses

716,895

865,120

6,445,511

4,611,971

Gain on sales of non-current assets

3,337

148,241

Total extraordinary income

3,337

148,241

12,071
69,2099,750
66,028

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on sales of non-current assets
Loss on retirement of non-current assets
Loss on valuation of investment securities

71,683–

Total extraordinary losses

152,964

75,7785

(Thousands of yen)
Fiscal year ended

Fiscal year ended

March 31, 2019

March 31, 2020

Profit before income taxes

6,295,883

4,684,434

Income taxes - current

2,346,300

1,650,900

Income taxes - deferred(349,114)(55,365)

Total income taxes

1,997,185

1,595,534

Profit4,298,698

3,088,899––

4,298,698

3,088,899

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

6

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2019

March 31, 2020

4,298,698

3,088,899

Valuation difference on available-for-sale securities

5,494(57,112)

Total other comprehensive income

5,494(57,112)Comprehensive income

4,304,192

3,031,787

Comprehensive income attributable toComprehensive income attributable to owners of parent

4,304,192

3,031,787––

Comprehensive income attributable to non-controllinginterests

7

Consolidated statements of changes in equity
Fiscal year ended March 31, 2019
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

4,872,064

Retained earnings

5,758,446

24,762,400

Treasury shares(609,136)

Total shareholders'equity34,783,775

Changes 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 in items otherthan shareholders' equity
Total changes during period
Balance at end of 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 period(53,988)

74,904

Total accumulated
other comprehensive
income20,915

Share acquisition rights

47,735

Total net assets

34,852,426

Changes 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 in items otherthan shareholders' equity

5,494

–

5,494

(3,465)

2,028

Total changes during period

5,494

–

5,494

(3,465)2,904,253

Balance at end of period(48,494)

74,904

26,40944,27037,756,680

8

Fiscal year ended March 31, 2020
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

4,872,064

Retained earnings

5,810,940

28,092,824

Treasury shares(1,089,829)

Total shareholders'equity37,686,000

Changes during period
Dividends of surplus(953,754)(953,754)

Profit attributable to ownersof parent

3,088,899

3,088,899

Purchase of treasury shares
Disposal of treasury shares

10,430(62)(62)

84,453

94,884

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period–

10,4302,135,145

84,3902,229,966

4,872,064

5,821,371

30,227,970(1,005,438)

39,915,967

Accumulated other comprehensive income
Valuation difference on
Revaluation reserve foravailable-for-salelandsecurities
Balance at beginning of period(48,494)

74,904

Total accumulated
other comprehensive
income26,409

Share acquisition rights

44,270Total net assets

37,756,680

Changes during period
Dividends of surplus(953,754)

Profit attributable to ownersof parent

3,088,899

Purchase of treasury shares(62)

Disposal of treasury shares

94,884

Net changes in items otherthan shareholders' equity(57,112)–(57,112)(2,146)(59,258)

Total changes during period(57,112)–(57,112)(2,146)2,170,708

Balance at end of period(105,607)

74,904(30,702)42,12439,927,388

9Consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
Bond issuance costs
Loss (gain) on sales of property, plant and equipment
Loss on retirement of property, plant and equipment
Loss (gain) on valuation of investment securities
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for performance-linked
directors' compensations
Increase (decrease) in provision for share-based
remuneration for directors (and other officers)
Increase (decrease) in provision for share-based
remuneration
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in trade payables
Increase or decrease in other liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease obligations
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from sales of treasury shares
Purchase of treasury shares
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

10

Fiscal year ended

Fiscal year ended

March 31, 2019

March 31, 2020

6,295,883
786,894
12,068
8,734
69,20971,683983
32,2004,684,434
859,632
10,379(138,491)
66,028–3,407
12,50086,090(131,040)–

18,761–

119,864(16,640)
588,764(87,768)
4,574,799(1,039,739)
1,659,704
70,283
1,710,247
14,823,399
16,640(590,700)(2,286,356)
11,962,982(16,139)
738,623(208,942)(5,974,541)
459,106
34,437
946,680(507,201)
977,500
16,139(749,656)(1,894,148)(1,650,165)(16,594,024)
77,246(172,870)(6,148,018)
807,684(107,699)–(552,409)

4,453(64,549)(16,749,745)

4,497(25,322)(6,021,268)(793,900)
37,021,320(29,420,834)(317)
987,931–111,010(595,364)(968,274)
6,341,571
1,554,809

4,664,270
36,801,570(31,065,031)–
989,620(250,000)
850(62)(953,754)
10,187,461
2,516,027

10,486,571
12,041,380

12,041,380
14,557,408