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, 2019
(Based on Japanese GAAP)
July 29, 2019
Company name:
Fuji Corporation Limited
Stock exchange listing: Tokyo
Stock code:8860
URL http://www.fuji-jutaku.co.jp/
Representative:
President and Representative Director
Nobutsuna Miyawaki
Director, General Manager ofInquiries:
Kenichi Ishimoto
Investor Relations Office
Scheduled date to file Quarterly Securities Report:
August 9, 2019
Scheduled date to commence dividend payments:–Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly 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, 2019 (from April 1, 2019 to June 30, 2019)(1) Consolidated operating results (cumulative)

Three months ended June 30, 2019
Three months ended June 30, 2018

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%
23,906 (10.8)
988 (28.0)
947 (33.7)
627 (34.2)
26,799(1.5)
1,373 (24.5)
1,429 (17.2)
953 (18.8)
Earnings per share

Diluted earnings per share

Yen
17.78
26.62

Three months ended June 30, 2019
Three months ended June 30, 2018

Yen
17.76
26.49(2) Consolidated financial position
Total assets
As of June 30, 2019
As of March 31, 2019

Net assets

Millions of yen
152,437
147,465

Equity ratio

Millions of yen
37,86337,756

%
24.8
25.6

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
14.00

Yen–

Yen
13.00

Yen
27.00

14.00

–

13.00

27.00

Year ending March 31, 2020 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2020 (from April 1, 2019 to March 31, 2020)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
51,000(4.6)
2,400(7.7)
2,300 (10.3)
1,500 (12.1)
42.51
September 30, 2019
Full year
107,000(7.5)
5,300 (20.1)
5,000 (22.4)
3,300 (23.2)
93.51

14. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2019(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(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:No
Changes in accounting estimates:
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, 201936,849,912 shares As of March 31, 201936,849,912 shares

Number of treasury shares at the end of the period
As of June 30, 2019

1,560,440 shares As of March 31, 2019

1,561,440 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 201935,288,722 shares Three months ended June 30, 2018

235,808,654 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2019
AssetsCurrent assetsCash and deposits
Accounts receivable from completed construction
contracts
Real estate for sale
Real estate for sale in process
Real estate under development
Costs on construction contracts in progress
Supplies
Other
Allowance for doubtful accounts

As of June 30, 201912,041,380

8,486,644

191,646

251,438

28,226,043
10,324,463
54,688,060
94,584
37,162
2,418,170(22,901)

29,913,315
11,066,061
60,632,590
100,971
40,2472,314,556(26,642)

107,998,610

112,779,183

Buildings and structures, net
Machinery, equipment and vehicles, net
Tools, furniture and fixtures, netLand
Construction in progress

10,915,290
19,349247,733
24,004,204
776,581

11,472,154
18,756233,278
24,180,494
426,714

Total property, plant and equipment

35,963,159

36,331,397

Total current assets
Non-current assets
Property, plant and equipment

Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
OtherAllowance for doubtful accounts

359,346

351,099

523,031
63,354905,420
1,657,122(4,531)

458,564
62,271
782,902
1,676,182(4,495)

Total investments and other assets

3,144,397

2,975,424

Total non-current assets
Total assets

3

39,466,903

39,657,922

147,465,513

152,437,106

(Thousands of yen)
As of March 31, 2019
Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
Electronically recorded obligations - operating
Short-term borrowings
Current portion of bonds
Income taxes payable
Advances received
Provision for bonuses
Provision for performance-linked directors' compensations
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities for land revaluation
Asset retirement obligations
Other
Total non-current liabilities

As of June 30, 2019

4,642,257
1,023,275
23,907,292
200,000
1,398,628
3,572,914
282,000
131,040
3,742,024

3,369,9781,474,965
25,570,046
200,000
220,555
3,671,820
103,900
131,040
3,462,379

38,899,432

38,204,685

800,000
69,758,663
52,645800,000
75,317,681
52,64527,142
170,950

27,202
170,950

70,809,401

76,368,479

Total liabilities

109,708,833

114,573,165

Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

4,872,064
5,810,940
28,092,824(1,089,829)

4,872,064
5,811,046
28,261,469(1,089,131)

37,686,000

37,855,448

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land

(48,494)
74,904(109,572)
74,904

Total accumulated other comprehensive income

26,409(34,667)

Total shareholders' equity

Share acquisition rights
Total net assets
Total liabilities and net assets

444,270

43,16037,756,680

37,863,940

147,465,513

152,437,106

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Three months ended
June 30, 2018

Three months ended
June 30, 2019

Net sales
Cost of sales

26,799,036
22,380,395

23,906,465
20,072,320

Gross profit

4,418,640

3,834,144

439,643578,897
18,632
697,50245,565643
36,300163,62256,550420,885
401,649
15,207703,379
51,6094,207
29,700185,386
54,872110,990
896,330

109,797
868,523

3,044,679

2,845,216

1,373,960

988,928336
12,91952,165
7,754
128,798
4,610

307
13,277
41,255
4,501
61,651
19,475

206,584

140,468

141,025
9,895

162,510
19,491

Selling, general and administrative expenses
Sales commission
Advertising expenses
Promotion expenses
Salaries and bonuses
Provision for bonuses
Provision of allowance for doubtful accounts
Enterprise tax
Consumption Taxes
Depreciation
Rent expenses
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Commission income
Penalty income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses

150,921

182,0021,429,624

947,394

11,673992

11,673

992

Profit before income taxes

1,417,950

946,402

Income taxes - current
Income taxes - deferred

377,000
87,872

193,100
125,908

Total income taxes

464,872

319,008

Profit953,078

627,394

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

953,078

627,394

Consolidated statements of comprehensive income (cumulative)(Thousands of yen)Three months ended
June 30, 2018
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Three months ended
June 30, 2019

953,078

627,394

20,330(61,077)

20,330(61,077)

973,409566,316

973,409566,316––