Items Disclosed on the Internet
in relation to the Notice of Convocation of
the 18th Ordinary General Meeting of Shareholders
Business Report
Current status of the Group
Principal businesses
Principal business offices of major subsidiaries
Share acquisition rights, etc.
Status of share acquisition rights
Status of share acquisition rights held by the officers of theCompany
Status of share acquisition rights delivered to employees, etc.,
during the fiscal year under review
Other important matters relating to share acquisition rights, etc.
System to ensure the appropriateness of operations and theoperational status of that system
Consolidated Financial Statements
Consolidated Statement of Changes in Shareholders’ Equity
Notes to Consolidated Financial Statements
Non-Consolidated Financial Statements
Non-Consolidated Statement of Changes in Shareholders’ Equity
Notes to Non-Consolidated Financial Statements

The above information is provided to shareholders by means of disclosure through theInternet (on the website of Nomura Real Estate Holdings, Inc. (the “Company”) at
https://www.nomura-re-hd.co.jp/english/ir/) pursuant to the provisions of laws andregulations and Article 14 of the Company’s Articles of Incorporation.

Nomura Real Estate Holdings, Inc.
Please note that the following is an unofficial English translation of Japanese original text of the Items Disclosed on the Internet inrelation to the Notice of Convocation of the 18th Ordinary General Meeting of Shareholders of Nomura Real Estate Holdings, Inc.
The Company provides this translation for reference and convenience purposes only and without any warranty as to its accuracy orotherwise. In the event of any discrepancy between this translation and the Japanese original, the latter shall prevail.

Business Report
Current status of the Group
Principal businesses (as of March 31, 2022)
A brief description of the businesses of the Nomura Real Estate Group (the “Group”) is as follows:
Unit

Residential
Development
Business Unit
Commercial Real
Estate Business
Unit

Principal businesses
Development and sale of condominiums and detached housing, development andsale of rental condominiums, development and operation of housing for theelderly, internet ad agency business, development and sale of systems related toreal estate, and businesses aimed at providing assistance to customers concerning
their homes arrangements, etc.
Development, lease, sale and entrusted management of office buildings, logistics
facilities and retail facilities, planning, lease and operation of hotels, operation of
fitness clubs, planning and management of construction work, etc.

Investment
Management
Business Unit

Investment management business including REIT, privately placed real estate
funds, and real estate securitization products

Property Brokerage& CRE Business
Unit

Real estate brokerage and consulting, consignment sales for condominiums anddetached housing, and insurance agency businesses

Property & Facility
Management
Business Unit

Operation, management and construction of condominiums and office buildings,
remodeling construction business, operation of local cooling and heat supply
business, entrusted management of cleaning of office buildings, etc.

Overseas/Other

Development and sale of condominiums and development and lease of officebuildings outside Japan, and purchase and sale and lease of land and buildings inJapan that do not belong to the above business units1Principal business offices of major subsidiaries (as of March 31, 2022)
Company name

Name

Location

Nomura Real Estate Development Co., Ltd.

Head office

Shinjuku-ku, Tokyo

Nomura Real Estate Asset Management Co., Ltd.

Head office

Shinjuku-ku, Tokyo

Nomura Real Estate Solutions Co., Ltd.

Head office

Shinjuku-ku, Tokyo

Nomura Real Estate Partners Co., Ltd.

Head office

Shinjuku-ku, Tokyo

Nomura Real Estate Building Co., Ltd.

Head office

Minato-ku, Tokyo

Nomura Real Estate Life & Sports Co., Ltd.

Head officeNomura Real Estate Heating and Cooling Supply
Co., Ltd.

Head officeNomura Real Estate Retail Properties Co., Ltd.

Head officeNakano-ku, Tokyo
Hodogaya-ku,
Yokohama-shi,
Kanagawa
Shinjuku-ku, Tokyo

Nomura Real Estate Wellness Co., Ltd.

Head office

Shinjuku-ku, Tokyo

Nomura Real Estate Hotels Co., Ltd.

Head office

Shinjuku-ku, Tokyo

UHM Co., Ltd.

Head office

Chiyoda-ku, Tokyo

Nomura Real Estate Amenity Service Co., Ltd.

Head office

Shinjuku-ku, Tokyo

PRIME X. Co., Ltd.

Head office

Shinjuku-ku, Tokyo

Musashi Co., Ltd.

Head office

Minato-ku, Tokyo

First Living Assistance Co., Ltd.

Head office

Shinjuku-ku, Tokyo

Lothbury Investment Management Limited

Head office

ZEN PLAZA CO., LTD

Head officeLondon, England
Ho Chi Minh City,
Vietnam2

Share acquisition rights, etc.
Status of share acquisition rights (as of March 31, 2022)
Name of shareacquisition rights
The 1st shareacquisition rights
in FY2015
The 2nd shareacquisition rights
in FY2015
The 3rd shareacquisition rights
in FY2015
The 5th shareacquisition rights
in FY2015
The 1st shareacquisition rights
in FY2016
The 2nd shareacquisition rights
in FY2016
The 3rd shareacquisition rights
in FY2016
The 1st shareacquisition rights
in FY2017
The 2nd shareacquisition rights
in FY2017
The 3rd shareacquisition rights
in FY2017
The 1st shareacquisition rights
in FY2018
The 2nd shareacquisition rights
in FY2018
Notes: 1.
2.

3.
4.

Date ofresolution on
issuance

Number ofshareacquisitionrightsNumber ofcommon sharessubject to shareacquisitionrightsExercise period ofshare acquisition rights

Exercise priceof shareacquisitionrights per share(Yen)

June 26, 2015

87

8,700

From July 23, 2018 to
July 22, 2023

1

June 26, 2015

403

40,300From July 23, 2018 to
July 22, 2023

1

June 26, 2015

2,765

276,500

From July 23, 2018 to
July 22, 2023

2,741

September 17,
2015

172

17,200From October 14, 2018
to October 13, 2023

2,355

June 29, 2016302

30,200From July 22, 2019 toJuly 21, 2024

1

June 29, 2016

864

86,400From July 22, 2019 toJuly 21, 2024

1

June 29, 2016

1,803

180,300

From July 22, 2019 toJuly 21, 2024

1,927

June 29, 2017

337

33,700From July 21, 2020 toJuly 20, 2025

1

June 29, 2017

872

87,200From July 21, 2020 toJuly 20, 2025

1

June 29, 2017

3,089

308,900

From July 21, 2020 toJuly 20, 2025

2,400

June 26, 2018

89

8,900

From July 19, 2021 toJuly 18, 2026

1

June 26, 2018

235

23,500From July 19, 2021 toJuly 18, 2026

1

The number of the shares subject to a share acquisition right is 100.
In principle, a person who has received the allotment of the share acquisition rights must be in a position of Director,
Audit & Supervisory Board Member, Executive Officer, Senior Advisor, Advisor, Special Officer, Special Advisor or
employee of the Company or any of its subsidiaries, or in an equivalent position thereto until the time of exercise of
the share acquisition rights on a continuing basis.
The number of share acquisition rights and the number of common shares subject to share acquisition rights are thenumbers as of March 31, 2022.
The Company abolished the existing stock option with issuance of share acquisition rights using stock option as of
the fiscal year ended March 31, 2018, and no share acquisition rights using stock option have been issued since then.

3

Status of share acquisition rights held by the officers of the Company (as of March 31, 2022)
Name of share acquisition rights

Directors (excluding Audit & Supervisory
Committee Members and External Directors)

Directors (Audit & Supervisory Committee
Members)

Number of shareacquisition rights

Number of holders

Number of shareacquisition rights

Number of holders

The 1st share acquisition rights
in FY2015

38

1

49

1

The 2nd share acquisition rights
in FY2015

42

1

–

–

The 3rd share acquisition rights
in FY2015

124

4

33

1

The 1st share acquisition rights
in FY2016

113

1

76

1

The 2nd share acquisition rights
in FY2016

130

2

–

–

The 3rd share acquisition rights
in FY2016

104

3

–

–

The 1st share acquisition rights
in FY2017

139

2

61

1

The 2nd share acquisition rights
in FY2017

51

1

–

–

The 3rd share acquisition rights
in FY2017

137

4

33

1

The 1st share acquisition rights
in FY2018

43

2

18

1

The 2nd share acquisition rights
in FY2018

30

2

–

–

Note: Share acquisition rights held by Directors (Audit & Supervisory Committee Members) were delivered to them before they
assumed the office of Director (Audit & Supervisory Committee Member).

Status of share acquisition rights delivered to employees, etc., during the fiscal year under review
Not applicable.
Other important matters relating to share acquisition rights, etc.
Not applicable.

4

System to ensure the appropriateness of operations and the operational status of that system<Outline of resolution on system to ensure the appropriateness of operations>
The Company has passed the following resolutions at meetings of the Board of Directors regarding
systems to ensure that Directors’ execution of their duties is in compliance with laws and regulations andthe Articles of Incorporation and other systems to ensure the appropriateness of operations.

1) System to ensure that theexecution of duties of the
Directors and Executive
Officers complies withlaws and regulations andthe Articles ofIncorporation

2) System for the retention
and management of
information relating to
the execution of duties of
the Directors andExecutive Officers

3) Rules and other systems
for management of riskof loss4) System to ensure theefficient execution ofduties of the Directors
and Executive Officers

a. Aiming to be a trusted corporate group that prospers together with its customers
and society, the Board of Directors has formulated the Nomura Real EstateGroup Code of Action which sets forth the behavior that all officers andemployees should strive to exemplify. Directors and Executive Officers shalllead by example and comply with this Code of Action.
b. The Company has formulated the Board of Directors Regulations and theOrganization and Resolutions Rules, which form the basis for referring matters
to, and reporting to, the Board of Directors. Directors and Executive Officers
shall execute their duties in accordance with these Regulations and Rules.
c. The execution of the duties by Directors and Executive Officers shall be auditedby the Audit & Supervisory Committee.
The Company has formulated the Information Security Provisions, which stipulate
the basic matters concerning the information management system and the handlingof information, to ensure that minutes of General Meetings of Shareholders,
minutes of the Board of Directors meetings, and other documents containing
information related to the execution of duties by Directors (excluding Directors as
Audit & Supervisory Committee Members) and Executive Officers are stored in an
appropriate place and saved for the stipulated period of time, so that they can bequickly accessed upon request by Directors or Executive Officers at any time.
a. The Board of Directors shall exercise overall control of risk management inaccordance with the Risk Management Regulations, develop a system to ensure
effective mutual check functions, assign personnel appropriately, provide
education for the development of human resources, fully disseminate theimportance of risk management to all Officers and employees, and formulate
appropriate measures to prevent accidents.
b. To deliberate business risks, the Company has established a Risk Management
Committee comprising Directors, Executive Officers, etc. of the Company andGroup companies designated by the Board of Directors as a subordinate body to
the Executive Committee, with the Executive Committee set as the core of total
risk management, to periodically monitor, assess, and analyze risks, anddeliberate basic principles for measures to prevent risks that may occur duringcorporate management and business development, to respond when risks arise,
and to prevent recurrence, in accordance with the Risk Management
Regulations and the Meeting Bodies Rules. In addition, the Company has
established a Group Risk Meeting comprising Directors, Executive Officers,etc. of Group companies designated by the chairman of the Risk Management
Committee to share risk information and response policies within the Group.
The Risk Management Committee and Group Risk Meeting shall in principle
meet bimonthly or when necessary, respectively, and shall report the content ofdeliberations to the Board of Directors at least once every three months.
c. When a risk requiring immediate action arises, in accordance with the Risk
Management Regulations, the chairman of the Risk Management Committee
and Executive Officers and general managers of departments and branch offices
in charge of Group risk management, PR, management of affiliated companies,
corporate administration, and finance stipulated by the Risk Management
Regulations shall discuss and determine the basic policy for measures toaddress the risk. The Company and Group companies shall respond inaccordance with this basic policy.
a. To facilitate flexible decision-making concerning the execution of business,certain matters determined by resolution of the Board of Directors among thematters concerning the execution of business at all Group companies shall bedecided through the Executive Committee or through an internal approvalsystem.
b. The Company has introduced an Executive Officer system aiming to strengthenGroup management by separating management oversight and decision-making
function from business execution function, thereby enhancing the executionfunction.
c. The Board of Directors shall, by resolution, appoint Executive Officers incharge of the execution of business, stipulate their business, and delegate the55) System to ensure that theexecution of duties of theemployees complies withlaws and regulations andthe Articles ofIncorporation

6) System to ensure theappropriateness ofoperations in thecorporate groupconsisting of theCompany, its parent
company and subsidiaries

7) System to ensure thereliability of financial
reportingbusiness operations of the Company. Individual Executive Officers shall
execute business based on the administrative authorities delegated inaccordance with internal regulations, etc. and based on Company policies
determined by the Board of Directors, decisions regarding business execution
made by the Executive Committee, and the directions of the Chief Executive
Officer.
d. The Board of Directors shall create annual budgets and mid-term businessplans, and manage progress on a monthly basis. The results of monthly progress
management shall be reflected into the execution of duties.
As a holding company, the Company established the following compliance systemcovering not just the Company itself but the entire corporate group.
a. Aiming to be a trusted corporate group that prospers together with its customers
and society, the Company has established the Nomura Real Estate Group Codeof Action which sets forth the behavior that all Officers and employees should
strive to exemplify, and ensures that all Officers and employees comply with theCode of Action.
b. The Company has established the Risk Management Committee and Group
Legal & Compliance Department, and promotes continual education andenlightenment activities for Officers and employees to increase awareness ofcompliance.
c. The Company has established the Nomura Real Estate Group Help Line as aninternal whistleblowing system for shared use by all Group companies. Reports
and questions can be directed to internal parties (the chairman of the Risk
Management Committee and the Group Legal & Compliance Department) andexternal parties (attorneys at law and contractors). Such reports remain strictly
confidential to prevent informants from receiving adverse treatment based on
having provided information.
The corporate group comprising the Company and its subsidiaries forms the
Nomura Real Estate Group centered on the Company as the holding company. The
Nomura Real Estate Group has established the following systems to ensure
appropriate operations.
a. Aiming to be a trusted corporate group that prospers together with its customers
and society, the Company has established the Nomura Real Estate Group Codeof Action which sets forth the behavior that all Officers and employees should
strive to exemplify, and ensures that all Officers and employees comply with theCode of Action.
b. The Executive Committee has been established in the Company to discuss
important matters related to Group management, overall Group company
business execution, and risks pertaining to Group management, and to
determine certain matters related to overall Group company business execution.
In addition, the Executive Committee ensures the common purpose of Groupmanagement through these activities.
c. The Risk Management Committee has been established in the Company todiscuss matters concerning disaster risks for the entire Group as well as mattersrelated to internal risks, and to promote the sharing of information.
d. The Company has established the Group Organizational Management
Regulations that require Group companies to discuss with or report to theCompany in advance when determining important matters.
e. The Company has established the Group Internal Audit Department, which
reviews internal audits performed by Group companies in accordance with theGroup Internal Audit Regulations, thereby maintaining and improving thequality of audits throughout the entire Group.
f. The Company has established the Sustainability Committee and Sustainability
Management Department, and promotes continual education and enlightenment
activities to increase CSR and ESG awareness throughout the entire Group.
g. The Company has established the Nomura Real Estate Group Help Line as aninternal whistleblowing system for shared use by all Group companies. Reports
and questions can be directed to internal parties (the chairman of the Risk
Management Committee and the Group Legal & Compliance Department) andexternal parties (attorneys at law and contractors). Such reports remain strictly
confidential to prevent informants from receiving adverse treatment based on
having provided information.
The Company has established the Internal Control Regulations for Financial
Reporting for the Group in accordance with the Financial Instruments andExchange Act and other related laws to ensure the reliability of the Nomura Real
Estate Group’s financial reporting. Based on the Regulations, the Company
develops and operates the internal controls related to financial reporting andevaluates their effectiveness.
68) Items related to the
Directors and employees
aiding the duties of the
Audit & Supervisory
Committee, items related
to the independence of
these Directors andemployees from other
Directors (excluding
Directors as Audit &Supervisory Committee
Members), and items
related to ensuring theeffectiveness of the
instructions from the
Audit & Supervisory
Committee to these
Directors and employees
9) System for the Directors,
Executive Officers andemployees to report to
the Audit & Supervisory
Committee, system for
Directors, Audit &Supervisory Board
Members, Executive
Officers, and employeesof subsidiaries, andpersons receiving reports
from them to report to
the Audit & Supervisory
Committee, and system
to ensure that thesepeople conducting thereporting shall not be
subjected to adverse
treatment due to suchreporting10) Items related to thepolicies on proceduresfor the prepayment or
reimbursement ofexpenses arising from theexecution of duties of the
Audit & Supervisory
Committee Members,
and the handling of otherexpenses or obligations
arising from theexecution of these duties11) Other systems to ensure
the audits of the Audit &Supervisory Committee
are implemented
effectively

The Company has established the Audit & Supervisory Committee Department toassist duties of the Audit & Supervisory Committee, and dedicated staffs assigned
to this department perform duties in accordance with the directions and orders
issued by Audit & Supervisory Committee Members. Directors shall obtain theconsent of the Audit & Supervisory Committee Members designated by the Audit &Supervisory Committee with respect to personnel matters concerning dedicatedstaff of the Audit & Supervisory Committee Department.

a. When matters arise that may result in significant damage to the Company orGroup companies or violate laws and regulations or the Articles ofIncorporation, Directors, Executive Officers, and employees of the Company
and Group companies, and Audit & Supervisory Board Members of Group
companies shall immediately report such matters to the Audit & Supervisory
Committee.
b. The Group Internal Audit Department shall report to the Audit & Supervisory
Committee the results of internal audits, the status of improvements, and thestatus of evaluations of internal controls related to financial reporting.
c. Upon a request from Audit & Supervisory Committee Members designated by
the Audit & Supervisory Committee, Directors, Executive Officers, andemployees of the Company and Group companies shall report the status ofbusiness execution at their respective companies.
d. The chairman of the Risk Management Committee shall report the content ofreports submitted to the Nomura Real Estate Group Help Line to the Audit &Supervisory Committee Members designated by the Audit & Supervisory
Committee.
e. Informants in all of the above items shall be protected against receiving adverse
treatment based on having reported information.
The Company shall bear the expenses deemed necessary for the execution of duties
by Audit & Supervisory Committee Members. The Audit & Supervisory Committee
may retain attorneys at law, certified public accountants, consultants, or otherexternal advisors as necessary to perform audits.

a. The Audit & Supervisory Committee shall periodically exchange opinions with
the President.
b. Audit & Supervisory Committee Members shall attend meetings of the
Executive Committee and other important meeting bodies of the Company, togather information and express their opinions on the execution of business.
c. Audit & Supervisory Committee Members designated by the Audit &Supervisory Committee may ask the Company and Group companies for
explanations and reports about the execution of business, and investigate thestate of business and finances when necessary.
d. The Audit & Supervisory Committee shall closely cooperate with the
Accounting Auditor and the Group Internal Audit Department. This cooperation
shall include the periodic exchange of opinions and information concerning
audits.
e. The Group Internal Audit Department shall obtain the consent of the Audit &Supervisory Committee regarding the establishment of internal audit plans. In
addition, the Audit & Supervisory Committee may provide the Group Internal
Audit Department recommendations and instructions on changes in internal
audit plans, additional audits, necessary investigations, etc., when necessary.
7

f.

Note:

Directors shall consult with the Audit & Supervisory Committee in advancewith respect to appointments of responsible personnel in the Group Internal
Audit Department.

Following a resolution at the Board of Directors meeting held on March 17, 2022, effective April 1, 2022, somechanges were made to the details of 3) Rules and other systems for management of risk of loss. The changes are
as follows.

3) Rules and other systems
for management of riskof lossb. To deliberate business risks, the Company has established a Risk Management
Committee comprising Directors, Executive Officers, etc. of the Company andGroup companies designated by the Board of Directors as a subordinate body to
the Executive Committee, with the Executive Committee set as the core of total
risk management, to periodically monitor, assess, and analyze risks, anddeliberate basic principles for measures to prevent risks that may occur duringcorporate management and business development, to respond when risks arise,
and to prevent recurrence, in accordance with the Risk Management
Regulations and the Meeting Bodies Rules. In addition, the Company has
established a Group Risk Meeting comprising Directors, Executive Officers,etc. of Group companies designated by the chairman of the Risk Management
Committee to share risk information and response policies within the Group.
The Risk Management Committee and Group Risk Meeting shall in principle
meet bimonthly or when necessary, respectively, and shall report the content ofdeliberations to the Board of Directors at least once every six months.

<Outline of the operational status of the system to ensure the appropriateness of operations>
The outline of the operational status of the system to ensure the appropriateness of operations in the fiscal
year under review is as follows.

1) Compliance2) Risk management

The Group regards compliance, including the observance of laws and regulations
and corporate ethics, as one of the most important management issues. As a set of
relevant guidelines, the Company has formulated the Nomura Real Estate Group
Code of Action.
Moreover, the Company has established the Risk Management Committee andGroup Legal & Compliance Department in the Company to promote continual
education and enlightenment activities for the officers and employees of the entire
Group, and to provide support, guidance and monitoring to Group companies.
In the fiscal year under review, online compliance training (via live streaming or
pre-recorded videos) for officers and employees was held 19 times, in addition to
training and enlightenment activities such as e-learning for all officers andemployees and the regular distribution of topics, etc. related to compliance.
The Group regards risk management as a “business management methodology thataims to improve corporate value by managing all risks related to the attainment ofcorporate group organizational and business objectives in an integrated and unified
manner while controlling risk within the Company’s risk tolerance limits.” With
the aim of ensuring the soundness of business management through proper
management and operation of risks, the Group has formulated the Risk
Management Regulations.
Furthermore, to discuss various risks related to group management, the Company
set the Executive Committee as the core of total risk management to periodicallymonitor, evaluate, and analyze the status of major risks, and provide necessary
guidance and advice to each business unit and Group company while periodicallyreporting details to the Board of Directors.
Monitoring of “A: Investment risk” and “B: External risk” within the risk
categories prescribed in the Risk Management Regulations is carried out by the
Executive Committee, which is the core of total risk management. The Risk
Management Committee, which was established as a subordinate body of the
Executive Committee, periodically monitors, evaluates and analyzes “C: Disasterrisk” and “D: Internal risk,” and discusses the basic policy for countermeasureswith regard to prevention before occurrence, response in the event of occurrence,
prevention of recurrence, etc. In addition, the Company has established a Group
Risk Meeting comprising Directors, Executive Officers, etc. of Group companies
designated by the chairman of the Risk Management Committee to share risk
information and response policies within the Group.
During the fiscal year under review, the Risk Management Committee and theGroup Risk Meeting held 13 meetings in total.

83) Internal audits4) Sustainability5) Execution of duties of the
Directors

6) Execution of duties of the
Audit & Supervisory
Committee

The Company has established the Group Internal Audit Department, which works
to oversee, monitor and evaluate the internal audit function of the entire Group, as
well as perform audits of each department within the Company. Also, results ofaudits are reported to the Board of Directors, and a system is in place to reportresults to the Audit & Supervisory Committee, aimed at collaboration with the
Accounting Auditor.
During the fiscal year under review, audit results were reported to the Board of
Directors four times, and reported to the Audit & Supervisory Committee 11 times,
thereby sharing both the problems identified through internal audits as well as
improvement measures. Furthermore, the Company held 11 meetings with theaudit departments of each Group company and carried out joint training sessions
twice in order to improve the quality of audits throughout the entire Group andshare information. The Company also exchanged information with thesedepartments individually.
The Group recognizes that it must fulfill its responsibility to future generations bysolving various social issues for the realization of a sustainable society, andpromotes sustainability initiatives in the environment and society as a member ofsociety.
The Group has established a Sustainability Committee consists of Directors andExecutive Officers of the Company (chaired by the President and Representative
Director of the Company) which carries out discussions regarding sustainabilityrelated policies, action plans, etc.
In the fiscal year under review, the Sustainability Committee meeting was held fivetimes and discussed matters including the formulation of the Sustainability Policy,
which clearly verbalized the Group’s vision for 2050. Furthermore, details of thematters discussed were reported to the Board of Directors three times in total, andthe Board of Directors made a decision on the “Nomura Real Estate Group Human
Rights Policy.”
The Board of Directors, in principle, holds its meeting on a monthly basis, decides
important corporate matters, such as basic management policies, and supervises theexecution of duties by Directors and business operations by Executive Officers.
In order to strengthen the supervisory function of the Board of Directors andrealize highly fair and transparent management, five out of the 12 Directors are
Independent External Directors.
The Company has introduced an Executive Officer system aiming to strengthenGroup management by separating management oversight and decision-making
function from business execution function, both of which have traditionally been
the responsibility of Directors, to enhance the execution function. Individual
Executive Officers appointed by the Board of Directors execute business based on
the administrative authorities delegated in accordance with internal regulations,etc. and based on Company policies determined by the Board of Directors and the
directions of the Chief Executive Officer.
The Company’s Executive Committee comprises the Chief Executive Officer andExecutive Officers nominated by the Board of Directors. The Executive Committee
meets once a week in principle, and determines certain matters regarding overall
Group company business execution.
During the fiscal year under review, the Board of Directors meeting was held 21
times. At these meetings, in addition to deliberating and making decisions about
important matters concerning company management, the Board of Directors
regularly received reports from Directors and Executive Officers, allowing theBoard of Directors to oversee the execution of duties and business. The Executive
Committee meeting was held 50 times, and certain matters related to businessexecution by the Company and Group companies were deliberated and decided
upon.
The Audit & Supervisory Committee receives regular reports from the internal
audit department on the implementation status and results of internal audits. Whennecessary, the Audit & Supervisory Committee may request a report to Directors,
Executive Officers, or business execution departments of the Company or Group
companies. The Audit & Supervisory Committee also audits and supervises theexecution of duties by Directors and business operations by Executive Officers
while cooperating with the Accounting Auditor as needed.
Audit & Supervisory Committee Members attend the Board of Directors meetingsand other important meetings and request reports from business execution
departments as necessary to collect information on the Company’s execution ofbusiness operations.
The Company has established the Audit & Supervisory Committee Department inorder to assist the duties of the Audit & Supervisory Committee and assigns
dedicated staff to implement measures for increasing the effectiveness of audit
9operations.
During the fiscal year under review, the Audit & Supervisory Committee meeting
was held 12 times.

10Consolidated Financial Statements
Consolidated Statement of Changes in Shareholders’ Equity for the year ended March 31, 2022
(Millions of yen)
Shareholders’ Equity
Share Capital

Capital Surplus

118,043

114,433

560

560

Balance at April 1, 2021

Retained
Earnings
369,597

Treasury Shares

Total
Shareholders’Equity(30,125)

571,948

Changes during Period
Issuance of New Shares

1,120

Dividends of Surplus(15,515)

Profit Attributable to Owners of Parent

55,312

Purchase of Treasury Shares(15,515)55,312(8,957)(8,957)

214

214

Disposal of Treasury Shares
Transfer from Retained Earnings to Capital Surplus

27,004

Cancellation of Treasury Shares(27,004)(27,004)–
27,004

Reversal of Revaluation Reserve for Land

–

(7)

(7)

Net Changes in Items Other Than Shareholders’ Equity
Total Changes during Period

560

560

12,785

18,26032,167

Balance at March 31, 2022

118,604

114,993382,382(11,864)

604,115

Accumulated Other Comprehensive Income
Valuation
RemeasureTotal
Share
NonDeferred
Foreign
Difference
Revaluation
ments of Accumulated Acquisition controlling
Currency
Gains oron AvailableReserve forDefinedOther
RightsInterests
Losses on
Translation
for-saleLand
BenefitComprehenHedges
Adjustment
Securities
Plans
sive Income
Balance at April 1, 2021

7,827

(1,342)

7,869

(995)

(1,979)11,379

1,406

1,616

Total Net
Assets586,350

Changes during Period
Issuance of New Shares

1,120

Dividends of Surplus
Profit Attributable to Owners of
Parent(15,515)

Purchase of Treasury Shares(8,957)

Disposal of Treasury Shares

214

55,312

Transfer from Retained Earnings to
Capital Surplus–

Cancellation of Treasury Shares
Reversal of Revaluation Reserve forLand
Net Changes in Items Other Than
Shareholders’ Equity

(7)

–

(489)

1,009

(0)

2,249

498

3,267

(478)

92

2,880

Total Changes during Period

(489)

1,009

(0)

2,249

498

3,267

(478)

92

35,047

Balance at March 31, 2022

7,337

(332)

7,868

1,254

(1,481)

14,646927

1,708

621,398

Note: The figures are denoted by rounding fractions down to the unit indicated.

11Notes to Consolidated Financial Statements
1. Notes to Significant Matters for the Basis for the Preparation of Consolidated Financial Statements(1) Scope of Consolidation
1) Consolidated subsidiaries
 Number of consolidated subsidiaries:42
 Names of principal consolidated subsidiaries:
The names of principal consolidated subsidiaries arelisted in “1. Current status of the Group (3) Status ofparent company and major subsidiaries 2) Major
subsidiaries” of the Business Report.
Nomura Real Estate Consulting (Shanghai) is included in the scope of consolidation because it was
newly established in the fiscal year under review, and Musashi Co., Ltd. is included in the scope of
consolidation because the Company newly acquired its shares in the fiscal year under review.
Nomura Real Estate Consulting (Beijing) Co., Ltd. is excluded from the scope of consolidation due
to the completion of liquidation in the fiscal year under review.
Nomura Real Estate Urban Net Co., Ltd. changed its corporate name to Nomura Real Estate
Solutions Co., Ltd.
2) Unconsolidated subsidiaries
 Name of principal unconsolidated subsidiary:
Minami Azabu Kaihatsu Co., Ltd.
 Reason for the exclusion from the scope of consolidation:
Unconsolidated subsidiaries are excluded from the scopeof consolidation because they are all small companies andthe Company’s interests in their respective total assets,
operating revenue and profit and loss (the amountequivalent to equity shareholdings) as well as retained
earnings (the amount equivalent to equity shareholdings)
do not significantly affect the consolidated financial
statements of the Nomura Real Estate Group (the“Group”).
(2) Application of Equity Method
1) Unconsolidated subsidiaries accounted for using the equity method
 Number of unconsolidated subsidiaries accounted for using the equity method: 2
 Name of principal unconsolidated subsidiary:
Minami Azabu Kaihatsu Co., Ltd.
2) Affiliated companies accounted for using the equity method
 Number of affiliated companies accounted for using the equity method: 35
 Name of principal affiliated company:
Ginza Parking Center Co., Ltd.
TOKYO GAS Nomura Real Estate Energy Co., Ltd. is included under affiliated companies
accounted for using the equity method because it was newly established in the fiscal year under review.
ORIGIN SUKHUMVIT SAILUAT COMPANY LIMITED, ORIGIN RAMINTRA COMPANY
LIMITED, PARK RATCHADA COMPANY LIMITED, ORIGIN RAMKHAMHAENGINTERCHANGE COMPANY LIMITED, KNIGHTSBRIDGE KASET INTERCHANGE COMPANY
LIMITED, SO ORIGIN PHAHOL 69 STATION COMPANY LIMITED and ORIGIN PLUG&PLAY
SAMUTPRAKAN COMPANY LIMITED are included under affiliated companies accounted for using
the equity method because the Company newly acquired equity interests in these companies in thefiscal year under review.
In addition, ORIGIN SPHERE COMPANY LIMITED and ORIGIN RAMKHAMHAENGCOMPANY LIMITED are excluded from the scope of affiliated companies accounted for using theequity method because the Company sold its equity interests in these companies in the fiscal year underreview. MCNR SY III Limited is excluded from the scope of affiliated companies accounted for using
the equity method due to the completion of liquidation in the fiscal year under review.

12(3) Fiscal Year, Etc. of the Consolidated Subsidiaries
Among consolidated subsidiaries, the account closing date of UNJ Properties, LLC is December 31.
The company’s financial statements as of the consolidated account closing date, prepared on a basis
similar to that for the year-end closing, are used in the preparation of consolidated financial statements.
Among consolidated subsidiaries, the account closing date of NOMURA REAL ESTATE ASIA
PTE. LTD., NOMURA REAL ESTATE HONG KONG LIMITED, HCMC office investment Limited,
LIM HOLDINGS LTD, Lothbury Investment Management Group Limited and other 12 companies,
Zen Plaza Investment Limited, ZEN PLAZA CO., LTD, NOMURA REAL ESTATE VIETNAM CO.,LTD, NOMURA REAL ESTATE (THAILAND) CO., LTD, NOMURA REAL ESTATE UK LIMITED,
127 Charing Cross Road Limited and Nomura Real Estate Consulting (Shanghai) is December 31. The
account closing date of Midosuji Mirai Development, LLC is February 28.
Financial statements for these companies as of that date are used in the preparation of consolidated
financial statements. In the case of significant transactions that took place between the account closing
date of the consolidated subsidiaries and the consolidated account closing date, necessary adjustments
are made for consolidation purposes.
(4) Accounting Standards and Methods
1) Valuation standards and methods for principal assets
A. Securities Held-to-maturity debt securities:
Held-to-maturity debt securities are stated at amortized cost(by the straight-line method).
 Available-for-sale securities:
Securities, other than shares, etc. without a market price
Securities, other than shares, etc. without a market price,
are stated at fair market value. (Unrealized gains and losses
are reported, net of the applicable taxes, as a separate
component of net assets. Cost of securities sold isdetermined by the moving-average method.)
Shares, etc. without a market price
Shares, etc. without a market price are stated at cost by themoving-average method.
B. Derivatives

Derivatives are stated using the market value method.

C. Inventories

Inventories are mainly stated at cost, determined by the
specific identification cost method (the amounts ofinventories in the Balance Sheet are determined by thewrite-down method reflecting decreased profitability).

2) Depreciation and amortization method for significant depreciable assets
A. Property, plant and equipment (except for leased assets)
Property, plant and equipment are depreciated mainly by thestraight-line method. Useful lives are generally as follows:
Buildings and structures
2 to 65 years
B. Intangible assets (except for leased assets)
Intangible assets are amortized by the straight-line method.
Costs of software for internal use are amortized based on theuseable period within the Company (5 years).
C. Leased assets
Leased assets are depreciated using the straight-line method,
assuming the lease period to be the useful life and theresidual value to be zero.
Of finance lease transactions not involving transfer ofownership, lease transactions which started on or before
March 31, 2008 are accounted for in accordance with themethod applicable to ordinary lease transactions.

133) Standards for the provision of significant allowances
A. Allowance for doubtful accounts
In order to prepare for possible bad debt losses on notes andaccounts receivable - trade, loans and others, allowance for
doubtful accounts is provided at an amount calculated on
the basis of a historical bad debt ratio for normal claims, andat an estimated uncollectible amount determined on thebasis of individual assessments of collectability for specificclaims with potential losses.
B. Provision for bonuses

To prepare for the payment of employee bonuses, anestimated amount corresponding to the portion of the bonus
payments in the fiscal year under review is reserved.

C. Provision for bonuses for directors (and other officers)
To prepare for the payment of bonuses for directors (andother officers), an estimated amount corresponding to the
portion of the bonus payments in the fiscal year underreview is reserved.
D. Provision for loss on business liquidation
An estimated amount of losses arising in connection withthe withdrawal from businesses is reserved.
E. Provision for share awards

To prepare for the delivery of the Company’s shares to
officers and employees pursuant to the share delivery
regulation, an estimated cost as of the end of the fiscal year
under review is reserved.

4) Other significant matters for the preparation of consolidated financial statements
A. Standards for the recording of retirement benefit liability
 Method for attributing estimated retirement benefits to periods:
To calculate retirement benefit liabilities, the estimatedamount of retirement benefits is attributed to the period up
to the end of the fiscal year under review based on a benefit
formula basis.
 Method for amortization of actuarial gains and losses and prior service costs:
Prior service costs are amortized by the straight-line
method over a certain number of years (10 years) within
the average number of remaining service years of theeligible employees at the time of accrual.
Actuarial gains and losses are amortized by the straightline method over a certain number of years (mostly 10
years) within the average number of remaining service
years of the eligible employees at the time of accrual ineach fiscal year, and allocated proportionately from thefiscal year following the respective fiscal year of accrual.
B. Standards for the provision of significant revenues and expenses
 Accounting standard for revenue recognition
Details of the main performance obligations in theprincipal businesses related to the Group’s revenues fromcontracts with customers and the usual time at which theperformance obligations are satisfied (the usual time atwhich revenues are recognized) are as follows. In addition,
the amount of consideration does not include any
significant financial component.
i Residential Development Business
The residential development business is mainly engaged in
the development and sale of condominiums and detachedhousing (housing sales business) and the development andsale of rental condominiums (sales of property
development). For the housing sales business and sales of14

property development, the Company is obligated to handover the subject property based on the real estate sales
contract with the customer, and recognizes revenue at thetime the customer obtains control of the property upon
handover. In the housing sales business, the Company
generally receives a deposit when the contract is concluded
and receives payment of the balance at the time ofhandover, and in the sales of property development, theCompany generally receives payment of the purchase priceat the time of handover.
ii Commercial Real Estate Business
The commercial real estate business is mainly engaged in
the development, lease and sale of office buildings, retailfacilities, logistics facilities and other properties (sales ofproperty development). For the sales of property
development, the Company is obligated to hand over the
subject property based on the real estate sales contract withthe customer, recognizes revenue at the time the customer
obtains control of the property upon handover andgenerally receives payment of the purchase price at thetime of handover. Real estate lease revenue is accounted
for in accordance with Accounting Standard for Lease
Transactions (ASBJ Statement No. 13), and revenue isrecognized over the lease term.
iii Investment Management Business
The investment management business is mainly engaged inproviding investment management services including
REITs, privately placed real estate funds and real estate
securitization. For this business, the Company is obligatedto carry out fund management, etc. based on the asset
management agreement, etc. with the customer, andrevenue is recognized over a certain period of time because
control is conveyed to the customer as the service isprovided. The revenue is calculated by multiplying thetotal assets, etc. of the managed fund by the commission
rate stipulated in the agreement, and payment is received
within approximately three months from the time when theperformance obligations are satisfied.
iv Property Brokerage & CRE Business
The property brokerage & CRE business is mainly engaged
in the real estate brokerage business. For this business, theCompany is obligated to carry out a series of operations
based on the brokerage agreement with the customer, suchas the performance procedures from the work forconcluding the real estate sales contract to the handover ofthe subject property, and recognizes revenue at the time ofhandover of the property in the real estate sales contractconcluded through brokerage. The Company generally
receives payment of half of the remuneration amount at theconclusion of the real estate sales contract concluded
through brokerage, and receives payment of the balance at
the handover of the subject property.
v Property & Facility Management Business
The property & facility management business is mainly
engaged in the operation and management ofcondominiums and office buildings, as well as contracting
15

for repair and tenant works associated with management.
For this business, the Company is obligated to carry out
facility management and cleaning, building maintenanceand repairs, etc. based on the real estate property
management agreement, construction contract, etc. with thecustomer, and revenue is recognized over a certain periodof time because control is conveyed to the customer as theservice is provided.
However, for construction contracts for which the period
from the commencement date of the transaction in thecontract to the date the performance obligation is expected
to be fully satisfied is very short, revenue is not recognizedover a certain period of time. Instead, the Company judgesthat its performance obligation is satisfied at the time ofhandover and recognizes revenue at that time. For
operation and management, payment is generally received
within approximately one month from the time when theperformance obligations are satisfied, and for contracting,payment is generally received within approximately threemonths from the time of handover.
 Basis for the recording of advertising expenses
In the housing sales business, in order to appropriatelyreflect revenues and any related expenses, advertisingexpenses as selling expenses, incurred before the handoverof property to customers are recognized as prepaid
expenses and collectively expensed upon handover.
C. Standards for the translation of important foreign currency-based assets or liabilities into Japanese yen
All foreign currency-based monetary receivables andpayables are translated into Japanese yen at the spot
exchange rates in effect at the consolidated account closing
date. Differences arising from such translation arerecognized as gain or loss. The asset and liability accountsof the overseas subsidiaries and others are translated into
Japanese yen at the spot exchange rates prevailing at therespective account closing dates of the subsidiaries andothers and the revenue and expense accounts are translated
into Japanese yen at the average rates of exchange for theyear. Differences arising from such translation arepresented as “Foreign currency translation adjustment” in
Net Assets.
D. Significant hedge accounting method
 Hedge accounting method:
Hedging transactions are accounted for using deferral hedge
accounting, which requires the unrealized gains or losses tobe deferred as assets or liabilities until the losses or gains on
the underlying hedged items are recognized. For interest
rate swaps that meet certain hedging criteria, the Groupapplies exceptional treatment and for currency swaps thatmeet certain hedging criteria, the transactions are accounted
for by the furiate (allocation) method.
 Hedging instruments and hedged items:<Hedging instruments><Hedged items>
Interest rate swap contracts
Borrowings
Currency swaps and foreign
Securities denominated in
exchange forward contracts
foreign currencies
 Hedge policy:
In accordance with internal rules, interest rate fluctuationand foreign exchange fluctuation risks are hedged.
16 Method for assessing the effectiveness of hedges:
The Group evaluates hedge effectiveness based on the ratioof changes determined by comparing the cumulativechanges in cash flows or cumulative market fluctuations of
the hedged items to the cumulative changes in cash flows
or cumulative market fluctuations of the hedging
instrument. However, the Group omits the assessment ofhedge effectiveness in the case of interest rate swaps forwhich the Group applies the exceptional treatment.
E. Amortization method and period of goodwill
Goodwill is amortized using the straight-line method over a
period of 5 to 20 years.
F. Accounting for non-deductible consumption taxes
Non-deductible consumption taxes on assets are included in
the acquisition costs, and other non-deductible consumption
taxes are expensed as incurred.
2. Notes on Changes in Accounting Policies(1) Application of the Accounting Standard for Revenue Recognition
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement
No. 29, March 31, 2020), from the beginning of the fiscal year under review. It recognizes revenues forgoods or services based on the amount estimated to be received in exchange for such goods or services
at the point when control of the promised goods or services is conveyed to the customer.
The Company has applied the Accounting Standard for Revenue Recognition transitionally, in
accordance with the proviso in paragraph 84 of the standard. The cumulative effect amount, applying
with the new accounting policy retrospectively prior to the beginning of the fiscal year under review,
was adjusted to retained earnings at the beginning of the fiscal year under review, and the Company has
applied the new policy to the balance at the beginning of the fiscal year.
As a result, the impact of application of the Accounting Standard for Revenue Recognition on
consolidated financial statements for the fiscal year under review is immaterial.
Due to the application of Accounting Standard for Revenue Recognition, “Notes and accounts
receivable - trade” which were included in “Current assets” in the consolidated balance sheets for theprevious fiscal year, are included in “Notes and accounts receivable - trade, and contract assets” fromthe fiscal year under review.
(2) Application of the Accounting Standard for Fair Value Measurement
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ
Statement No. 30, July 4, 2019), from the beginning of the fiscal year under review. It has
prospectively applied new accounting policies based on the Accounting Standard for Fair Value
Measurement, in accordance with the transitional measurement in paragraph 19 of AccountingStandard for Fair Value Measurement and paragraph 44-2 of “Accounting Standard for Financial
Instruments,” (ASBJ Statement No. 10, July 4, 2019). The impact of application of the AccountingStandard for Revenue Recognition on consolidated financial statements for the fiscal year under review
is immaterial.

173. Notes on Accounting Estimates(1) Valuation of Inventories
Inventories held by the Group mainly consist of property held for housing sale and rental housing
held for sale.
1) Amount recorded in the consolidated financial statements for the fiscal year under review
Loss on valuation of inventories: ¥3,022 million
2) Information that contributes to understanding the content of accounting estimates
A. Property held for housing salei

Calculation method
For property held for housing sale, the net selling value is compared to the book value tocalculate a loss on valuation. The net selling value is based on the selling price set in each businessplan that is developed at the time of land acquisition, construction order placement, and the start ofsales, as well as the cost, and other variables. In addition to the above timings, the net selling value
may be changed depending on the business progress or the selling situation.

ii Main assumptions
The main assumptions used to determine the net selling value are the selling price and the cost.
The Company estimates them on the basis of the location, scale, and salability of a property,
surrounding cases, market outlook, amount expected from past experience, and other information.
The Company assumes that the novel coronavirus disease (“COVID-19”) will pass and not last fora long time and that the effects of the spread of the COVID-19 on housing market conditions will
be limited.
iii Effects on consolidated financial statements for the next fiscal year
Estimation of selling prices and costs, which are the main assumptions, involves uncertainty.
The estimates of selling prices may differ from the future results for reasons including any change
in housing market conditions, and estimates of costs may differ from the future results for reasons
including any change in construction market conditions, additional construction work, or delays inconstruction.
B. Rental housing held for salei

Calculation method
For rental housing held for sale, the net selling value is compared to the book value to calculatea loss on valuation. The net selling value is based on the expected selling price set at the time ofland acquisition, construction order placement, the start of leasing (recruiting of tenants), anddecision of selling, as well as the cost, and other variables. For rental housing held for sale forwhich there is concern about declining profitability given the progress of tenant leasing, theappraisal value by a real estate appraiser is used as the expected selling price.

ii Main assumptions
The main assumptions used to determine the net selling value are the expected selling price andthe cost. The Company estimates them on the basis of the location, scale, and salability of aproperty, surrounding cases, market outlook, and rents, occupancy rates, and capitalization rates
from past experience, and other information. The Company assumes that the COVID-19 will passand not last for a long time and that the effects of the spread of the COVID-19 on real estateleasing market conditions and real estate investment market conditions will be limited.
iii Effects on consolidated financial statements for the next fiscal year
Estimation of expected selling prices and costs, which are the main assumptions, involves
uncertainty. The estimates of expected selling prices may differ from the future results for reasons
including any change in the market conditions of real estate leasing or investment, and estimates ofcosts may differ from the future results for reasons including any change in construction market
conditions, additional construction work, or delays in construction.

18

(2) Impairment of Non-Current Assets
Non-current assets held by the Group mainly consist of office buildings, retail facilities, logistics
facilities, hotels and other real estate (“leasable real estate, etc.”) in Japan.
1) Amount recorded in the consolidated financial statements for the fiscal year under review
Impairment losses: ¥568 million
2) Information that contributes to understanding the content of accounting estimatesiCalculation method
If there is an indication that the book value of leasable real estate, etc. may not be recoverable,
a determination is made regarding whether or not the property is impaired, and if it is, impairment
losses are calculated.
(Indication of impairment)
The Group considers the following events as indications of an impairment of leasable realestate, etc.


Property that reports or is expected to report an operating loss for a second consecutive termProperty in which any change that decreases its recoverable amount materially has occurred or
is expected to occurProperty whose business environment has deteriorated or is expected to deterioratesignificantly

Property whose market price has significantly declined (around 50% or more)(Recognition and measurement of impairment losses)
If the Group determines that there is an indication that a property may be impaired, the Group
compares its book value to the total amount of undiscounted future cash flows and deems it
necessary to recognize impairment losses if the book value is larger. The Group measures
impairment losses for such property as the difference between the book value and the recoverable
amount.
The recoverable amount of a property is its net selling value or its value in use. Appraisal value
by a real estate appraiser or other value is used as the net selling value, and the value in use iscalculated by discounting future cash flows.
ii Main assumptions
The main assumptions used to determine undiscounted future cash flows and the value in use
are lease revenue, cost of lease revenue, etc. and discount rates. The Group estimates them on thebasis of the location and scale of a property, surrounding leasing cases and market outlook; rents,
guest room rates, occupancy rates and capitalization rates from past results; and other information.
The Group assumes that the COVID-19 will pass and not last for a long time and that effects of the
spread of the COVID-19 on leasable real estate, etc. will be limited.
iii Effects on consolidated financial statements for the next fiscal year
Estimation of lease revenue, cost of lease revenue, etc. which are the main assumptions,involves uncertainty, and the estimates may differ from the future results for reasons including any
change in the market conditions related to leasable real estate, etc.
4. Notes to Consolidated Balance Sheet(1) Pledged Assets and Secured Liabilities
Investment securities in the amount of ¥220 million are pledged as collateral for a portion of liabilities
of investee companies.
(2) Accumulated Depreciation of Property, Plant and Equipment¥188,192 million(3) Contingent Liabilities
1) Guaranteed Obligations
The following are customers for which bank loans, etc. have been guaranteed.
The Company and its business partners are under an obligation to guarantee debts of two companies,
Origin One Sukhumvit 24 Company Limited and Origin One Phrom Phong Company Limited,
according to their capital contribution ratio, and the figures in parentheses below represent the amounts
guaranteed by the Company according to its capital contribution ratio.
19

Customers using housing loans
Joint operators of EBS buildings
Haneda Mirai Special Purpose Company
Origin One Sukhumvit 24 Company Limited
Origin One Phrom Phong Company Limited
Total¥90,456 million¥166 million¥65 million¥866 million(¥424 million)¥570 million(¥279 million)¥92,124 million(¥91,391 million)2) Additional Capital Contribution Obligations, etc.
The Company has additional capital contribution obligations, etc. to the following subsidiaries andassociates according to the capital contribution ratio with business partners in relation to loans received
from financial institutions by the companies.
The outstanding loans payable by the subsidiaries and associates are as follows, and the figures inparentheses indicate the amount based on the Company’s capital contribution ratio to the companies.
ORIGIN PARK T1 COMPANY LIMITED¥12,740 million(¥6,242 million)
Origin One Thonglor Co., Ltd.
¥2,127 million(¥1,042 million)
PARK ORIGIN RATCHATHEWI COMPANY¥2,110 million
LIMITED(¥1,034 million)
PARK ORIGIN PRARAM 4 COMPANY LIMITED¥3,693 million(¥1,809 million)
ORIGIN SUKHUMVIT SAILUAT COMPANY¥553 million
LIMITED(¥271 million)
ORIGIN RAMINTRA COMPANY LIMITED¥722 million(¥354 million)
PARK RATCHADA COMPANY LIMITED¥1,207 million(¥591 million)
ORIGIN RAMKHAMHAENG INTERCHANGE¥514 million
COMPANY LIMITED(¥252 million)
Total¥23,669 million(¥11,598 million)(4) Revaluation of Land
Under the “Act on Revaluation of Land” (Act No. 34 of March 31, 1998), the Company revalued its
land held for business use. The tax amount for the valuation difference is accounted for as “Deferred
tax liabilities for land revaluation” in Liabilities and the difference net of such tax amount is recorded
as “Revaluation reserve for land” in Net Assets.
∙ Method of revaluation:
The value of land is determined based on a reasonable adjustment to the assessed value of fixed assets
as stipulated in Item 3, Article 2 of the “Order for Enforcement of the Act on Revaluation of Land”(Cabinet order No. 119 of March 31, 1998).
∙ Date of revaluation: March 31, 2002
(5) As a result of reviewing the purpose of holding assets, ¥20,055 million was transferred from non-current
assets to real estate for sale, etc.
5. Notes to Consolidated Statement of Changes in Shareholders’ Equity(1) Total Number of Shares Issued
Number of shares
Number of shares
Increase
Decrease
as of April 1, 2021
as of March 31, 2022
(Thousand shares)(Thousand shares)(Thousand shares)(Thousand shares)
Common stock
193,099
485
10,980182,604
Notes: 1. The increase in the number of issued shares among common stock of 485 thousand shares consistsof an increase due to the exercise of stock options.
2. The decrease in the number of issued shares among common stock of 10,980 thousand shares isdue to the cancellation of treasury shares (cancellation date: May 31, 2021).
Type of shares

20

(2) Dividends from Surplus
1) Dividends paid
(Resolution)

Type of shares

Total amount ofdividends(Millions of yen)

Dividends
per share(Yen)

Effective
date

Record date

April 27, 2021
March 31,
Meeting of theCommon stock
7,759
42.50
June 4, 2021
2021
Board of Directors
October 28, 2021
September
December 1,
Meeting of theCommon stock
7,756
42.50
30, 2021
2021
Board of Directors
Notes: 1. The total amount of dividends resolved in the meeting of the Board of Directors held on April 27,
2021 includes ¥83 million in dividends for the Company’s shares held in the executive
compensation BIP trust and ESOP trust for granting stock for employees.
2. The total amount of dividends resolved in the meeting of the Board of Directors held on October28, 2021 includes ¥107 million in dividends for the Company’s shares held in the executive
compensation BIP trust and ESOP trust for granting stock for employees.

2) Dividends whose record date is in the fiscal year under review but whose effective date is thereafter(Resolution)

Type ofsharesTotal amount ofdividends(Millions of yen)

Dividend
resource

Dividends
per share(Yen)

Record date

Effective
date

April 26, 2022
CommonRetained
March 31,
June 6,
Meeting of the
9,923
55.00
stock
Earnings
2022
2022
Board of Directors
Note:
The total amount of dividends resolved in the meeting of the Board of Directors held on April 26,
2022 includes ¥138 million in dividends for the Company’s shares held in the executive
compensation BIP trust and ESOP trust for granting stock for employees.

(3) Share Acquisition Rights
The number of shares subject to the share acquisition rights (those for which the exercise period has
arrived) as of March 31, 2022:
Nomura Real Estate Holdings, Inc.
The 1st share acquisition rights in FY2015
The 2nd share acquisition rights in FY2015
The 3rd share acquisition rights in FY2015
The 5th share acquisition rights in FY2015
The 1st share acquisition rights in FY2016
The 2nd share acquisition rights in FY2016
The 3rd share acquisition rights in FY2016
The 1st share acquisition rights in FY2017
The 2nd share acquisition rights in FY2017
The 3rd share acquisition rights in FY2017
The 1st share acquisition rights in FY2018
The 2nd share acquisition rights in FY2018

Common stock
Common stock
Common stock
Common stock
Common stock
Common stock
Common stock
Common stock
Common stock
Common stock
Common stock
Common stock

8,700 shares
40,300 shares
276,500 shares
17,200 shares
30,200 shares
86,400 shares
180,300 shares
33,700 shares
87,200 shares
308,900 shares
8,900 shares
23,500 shares

6. Notes to Financial Instruments(1) Status of Financial Instruments
1) Policy on financial instruments
The Group restricts fund management to deposits and others with safe and high market liquidity,
and fund procurement is mainly treated by bank loans and bond issuance. In accordance with internal
rules, derivatives are not used for speculative purposes, but for managing exposure to financial risks as
described in detail below.
2) Details of financial instruments and associated risks
Equity investments and investment securities are principally stocks, investment units, etc., and theseare held for the promotion of businesses. These investments and securities are exposed to the risk ofmarket price fluctuations and credit risks of the issuers. Although securities denominated in foreign
currencies are exposed to foreign exchange fluctuation risks, a portion of those risks is hedged throughderivative transactions (currency swaps and foreign exchange forward contracts).
Floating-rate borrowings are exposed to interest rate fluctuation risks, but derivative transactions
21

(interest rate swaps) are utilized as hedging instruments for floating-rate long-term borrowings.
Derivative transactions include interest rate swaps for the purpose of hedging interest rate
fluctuation risks associated with borrowings, and currency swaps and foreign exchange forward
contracts for the purpose of hedging foreign exchange rate fluctuation risks associated with securities
denominated in foreign currencies. With respect to hedging instruments and hedged items, hedging
policy and method of assessing hedge effectiveness, please refer to “1. Notes to Significant Matters for
the Basis for the Preparation of Consolidated Financial Statements, (4) Accounting Standards andMethods, 4) Other significant matters for the preparation of consolidated financial statements, D.
Significant hedge accounting method” previously described.
3) Risk management system for financial instruments
The Company regularly checks the fair value of equity investments and investment securities andthe financial position, etc. of the issuers.
For derivative transactions, the Company has a system in place whereby, after the officer in chargeof the Finance Department determines and approves the risk management policy and operational planin accordance with internal rules, the Finance Department executes the transactions, conducts risk
management and regularly reports the status of the transactions to the officer in charge. Consolidated
subsidiaries also execute the transactions and conduct the management using the prescribed proceduresin accordance with internal rules. The Company considers there is limited credit risk associated withthese transactions because it conducts the transactions only with highly creditworthy financial
institutions.
Based on the reports from consolidated subsidiaries and all departments within the Group, theFinance Department of the Company creates and updates cash flow plans in a timely manner, managing
liquidity risk through such methods as ensuring that a specific amount of on-hand liquidity is always
available.
4) Supplementary explanation on fair values of financial instruments
As various factors are incorporated into the fair value measurement of financial instruments, theresulting values may vary if different assumptions, etc. are used.
(2) Fair Values of Financial Instruments
Book values in the consolidated balance sheet, fair values, and the differences between these values
as of March 31, 2022 are as follows.
(Millions of yen)

(1) Investment securities *3
Total assets

Book value in the
consolidated balance
sheet
39,745

Fair value

Difference

39,752

7

39,74539,752

7(1) Bonds payable *4

160,000

161,380

1,380(2) Long-term borrowings *5823,235

833,133

9,897

983,235

994,514

11,278(1,114)(1,114)–

Total liabilities
Derivative transactions *6*1. The figures for “Cash and deposits” and “Short-term borrowings” are omitted as the fair values approximate
their book values because they are cash and settled in a short period of time.
*2. The book values in the consolidated balance sheet for shares, etc. without a market price and investments inpartnerships are as follows, and are not included in “(1) Investment securities.” Shares, etc. without a market
price are unlisted stocks, etc. and are not subject to disclosure of their fair values based on paragraph 5 of
Implementation Guidance on Disclosures about Fair Value of Financial Instruments (ASBJ Guidance No. 19,
July 4, 2019). Investments in partnerships are investments for business entities that are recorded in the
consolidated balance sheet as the net amount equivalent to equity, and are not subject to disclosure of their fairvalues based on paragraph 27 of Implementation Guidance on Accounting Standard for Fair Value
Measurement (ASBJ Guidance No. 31, July 4, 2019).
(Millions of yen)Book value in the consolidated
Categorybalance sheet
Shares, etc. without a market price

61,790Investments in partnerships

34,55122

*3. The stated amount includes Japanese government bonds that have been recorded in “Leasehold and guarantee
deposits” and preferred equity securities that have been recorded in “Equity investments.”*4. Current portion of bonds are included in “(1) Bonds payable.”*5. Current portion of long-term borrowings are included in “(2) Long-term borrowings.”*6. The value of assets and liabilities arising from derivatives is shown at net value. The figures in parenthesis
indicate net liabilities.

(3) Breakdown by Level of Fair Values of Financial Instruments
The fair values of financial instruments are classified into the following three levels depending on theobservability and significance of inputs used in the fair value measurement.
Level 1 fair value:

Of the observable inputs in the fair value measurement, the fair value is measured
based on quoted prices in an active market for the subject asset or liability.

Level 2 fair value:

Of the observable inputs in the fair value measurement, the fair value is measured
using inputs other than those used for Level 1.

Level 3 fair value:

The fair value is measured using inputs that cannot be observed.

When multiple inputs that have a significant effect on the fair value measurement are used and the inputs
are within different levels of the fair value hierarchy, the fair value is classified as the lowest level of those
inputs in the fair value hierarchy.

1) Financial instruments with fair values whose book values are recorded on the consolidated balance
sheet(Millions of yen)Classification

Fair value
Level 1

Level 2

Level 3

Total

Investment securities

35,336

1,066

335

36,739Total assets

35,336

1,066

335

36,739Derivative transactions

–

1,114

–

1,114

Total liabilities

–

1,114

–

1,114

2) Financial instruments with fair values whose book values are not recorded on the consolidated balance
sheet(Millions of yen)Classification

Fair value
Level 1

Level 2

Level 3

Total

Bonds payable–

161,380–

161,380

Long-term borrowings–

833,133–

833,133

Total liabilities–

994,514–994,514

Investment trusts for which the transitional measures stipulated in paragraph 26 of Implementation
Guidance on Accounting Standard for Fair Value Measurement (ASBJ Guidance No. 31, July 4, 2019) wereapplied are not included in the above table. The amount of the investment trusts in the consolidated balance
sheet is ¥3,013 million.
Notes: 1. Explanation of the valuation techniques and inputs used in the fair value measurement
Investment securities
The fair values of stocks and investment units are mainly based on the prices on exchanges. If
transactions are conducted in an active market, the fair value is classified as Level 1 fair value, andif transactions are not conducted in an active market, the fair value is classified as Level 2 fairvalue.
The fair value of preferred equity securities is classified as Level 3 fair value because the fairvalue measurement uses some inputs that cannot be observed.
23

Bonds payable
These items are issued mainly by the Company and the fair values are calculated based on themarket prices. However, because bonds issued by the Company are not traded on an active market,
the fair value is classified as Level 2 fair value.
Long-term borrowings
For long-term borrowings, the fair value is calculated by discounting the total amount of principal
and interest at an interest rate that would be charged for similar new loans, and the fair value isclassified as Level 2 fair value.
For floating-rate long-term borrowings that are subject to exceptional treatment of interest rate
swaps, the fair value is calculated by discounting the total amount of principal and interest thatwere treated as a part of the interest rate swaps at an interest rate that would be charged for similarloans, and the fair value is classified as Level 2 fair value.
Derivative transactions
Because the fair value is determined based on the prices obtained from counterparty financial
institutions, etc., the fair value is classified as Level 2 fair value.
2. Information on Level 3 fair value financial assets and financial liabilities with fair values whose bookvalues are recorded on the consolidated balance sheet
Information on Level 3 fair value financial instruments is omitted because they are immaterial.
7. Notes to Real Estate for Rent
(1) Status of Real Estate for Rent
Some of the Company’s consolidated subsidiaries own rental office buildings and rental retailfacilities (including land) in Tokyo and other regions.
(2) Fair Values of Real Estate for Rent
(Millions of yen)Book value in the consolidatedbalance sheet

Fair value as of March 31, 2022

Real estate for rent
639,024
853,867
Properties including the
portion used as real estate for
25,75857,920rent
Notes: 1. Book values in the consolidated balance sheet are the amounts determined by deducting
accumulated depreciation from the acquisition cost.
2. Fair values as of March 31, 2022 are determined based primarily on values according to Real
Estate Appraisal Standards (including adjustments based on certain indexes). However, if nosignificant fluctuations in certain appraisal values or indexes considered to appropriatelyreflecting market values have occurred since the time of acquisition from third party or the timeof the most recent appraisal, the Group bases the fair value on an amount that has been adjusted
using the aforesaid values or indexes.
3. Some rental office buildings are regarded as properties including the portion used as real estate
for rent since they are used by the Company and certain consolidated subsidiaries.

248. Notes to Revenue Recognition(1) Information on Disaggregation of Revenue from Contracts with Customers(Millions of yen)
Operating revenue from external customers
Revenue from Revenue fromcontracts with other sources(Note 1)
customers
Residential
Development

Internal sales
and transfer
amount among
segments

Subtotal

Total

302,373

5,840

308,2141,011

309,225

284,015–

284,015–

284,015

Propertydevelopment (sales)

2,550

1,570

4,120

–

4,120

Other

15,808

4,270

20,0781,011

21,09072,943

122,581

195,524

6,935

202,460

49,38952,934102,323

4,128

106,451

23,554

69,647

93,201

2,807

96,008

Housing sales

Reportable segments

Commercial Real
EstatePropertydevelopment (sales)
Other
Investment
Management
Property Brokerage &CREProperty & Facility
Management

11,475

1,249

12,72479

12,80440,564–40,564

3,198

43,76285,29341

85,334

13,89599,230Subtotal

512,649

129,712642,361

25,120667,482

158

2,529

2,687

67

2,755

Total

512,808

132,241645,049

25,188670,237

Adjustments

–

–

–

(25,188)(25,188)

Other (Note 2)

Amount recorded inconsolidated financial
512,808
132,241645,049–
645,049
statements
Notes: 1. “Revenue from other sources” includes revenue from sales of property development based on Practical
Guidelines on Accounting by Transferors for Derecognition of Real Estate Securitized by means ofSpecial-Purpose Companies (JICPA Accounting Practice Committee Statement No. 15, November 4,2014) and lease revenue based on Accounting Standard for Lease Transactions (ASBJ Statement No. 13,
March 30, 2007).
2. The “Other” category represents operating segments that are not included in reportable segments.

(2) Information That Provides the Basis for Understanding Revenue from Contracts with Customers
Information that provides the basis for understanding revenue is stated in “1. Notes to Significant
Matters for the Basis for the Preparation of Consolidated Financial Statements, (4) AccountingStandards and Methods, 4) Other significant matters for the preparation of consolidated financial
statements, B. Standards for the provision of significant revenues and expenses.”25

(3) Information for understanding the amounts of revenue in the fiscal year under review and the following
fiscal year
1) Balances, etc. of contract assets and contract liabilities(Millions of yen)
Fiscal year under review
Receivables arising from contracts with customers(Balance as of April 1, 2021)
Receivables arising from contracts with customers(Balance as of March 31, 2022)
Contract assets (Balance as of April 1, 2021)
Contract assets (Balance as of March 31, 2022)
Contract liabilities (Balance as of April 1, 2021)
Contract liabilities (Balance as of March 31, 2022)

13,171
15,4182,416
2,157
26,66534,483

Note: Contract liabilities are mainly advances received as deposits for contracts related to the housing sales
business, and the performance obligation is satisfied and revenue is recognized at the time ofhandover of the residence to the customer. The contract liability balance related to the housing sales
business was ¥23,513 million as of the beginning of the fiscal year under review, and of this amount,¥16,596 million was recognized as revenue during the fiscal year under review. Regarding thecontract liability balance as of the beginning of the fiscal year under review for contracts other thanthose for housing sales, the amount that was not recognized as revenue during the fiscal year underreview was immaterial.
2) Transaction price allocated to the remaining performance obligations
The total amount at the end of the fiscal year under review of the transaction price allocated toperformance obligations that were not satisfied as of the end of the fiscal year was ¥157,145 million,
mainly in the housing sales business of the Residential Development business segment and in thesales of property development of the Residential Development business segment and Commercial
Real Estate business segment, and the Company plans to recognize the revenue withinapproximately two years. In addition, in the consideration from contracts with customers, there areno significant amounts that were not included in the transaction price. For these notes, the Company
has applied paragraph 80-22 of the Accounting Standard for Revenue Recognition.
9. Notes to Per Share Information(1) Net Assets Per Share¥3,478.14(2) Basic Earnings Per Share¥307.81Note: The Company’s shares held in the executive compensation BIP trust and ESOP trust for granting
stock for employees are included in the number of treasury shares deducted from the total number ofshares issued at the end of the fiscal year when calculating net assets per share. Furthermore, these
are included in the treasury shares deducted in the calculation of the average number of shares
during the period used in the calculation of basic earnings per share. For the fiscal year under review,the number of these treasury shares deducted in the calculation of net assets per share was 2,522
thousand shares at the end of the period, and the average number of treasury shares during the period
deducted in the calculation of basic earnings per share was 2,300 thousand shares.
10. Notes to Significant Subsequent Events
Not applicable.
11. Other Notes
Not applicable.

26

Non-Consolidated Financial Statements
Non-Consolidated Statement of Changes in Shareholders’ Equity for the year ended March 31, 2022
(Millions of yen)
Shareholders’ Equity
Capital Surplus

Retained Earnings
Other Retained Earnings
Reserve forPurchase ofSpecific
SharesRetained
Earnings
Brought
Forward

Total
Retained
Earnings

Treasury
Shares

Total
Shareholders’Equity33

82,91482,948(30,125)

289,273

Dividends of Surplus(15,515)(15,515)

Profit235,002

235,002

Share
CapitalBalance at April 1, 2021

Legal Capital Other Capital Total Capital
Surplus
Surplus
Surplus118,043

118,407

560

560

–

118,407

Changes during Period
Issuance of New Shares

560

1,120
(15,515)
235,002

Purchase of Treasury Shares(8,957)(8,957)

Disposal of Treasury Shares

214

214

27,004–

Cancellation of Treasury
SharesTransfer from Retained
Earnings to Capital Surplus
Net Changes in Items Other
Than Shareholders’ Equity(27,004)(27,004)

27,00427,004(27,004)(27,004)–

Total Changes during Period

560

560

–

560

–

192,482

192,482

18,260211,864

Balance at March 31, 2022

118,604

118,967–

118,96733

275,397

275,430(11,864)

501,137

Valuation and Translation Adjustments

Balance at April 1, 2021

Valuation
Difference on
Available-forsale Securities

Deferred Gains
or Losses on
Hedges(5)(14)

Total Valuation Share Acquisition
Total Net Assets
Rightsand Translation
Adjustments
(19)

1,406

290,659

Changes during Period
Issuance of New Shares

1,120

Dividends of Surplus(15,515)

Profit235,002

Purchase of Treasury Shares(8,957)

Disposal of Treasury Shares

214

Cancellation of Treasury
SharesTransfer from Retained
Earnings to Capital Surplus
Net Changes in Items Other
Than Shareholders’ Equity

12

Total Changes during Period
Balance at March 31, 2022

–
–
–

12

(478)

12

–

12

(478)

211,398

7

(14)

(7)

927

502,057

Note: The figures are denoted by rounding fractions down to the unit indicated.

27

(466)

Notes to Non-Consolidated Financial Statements
1. Notes to Matters for the Significant Accounting Policies(1) Valuation Standards and Methods for Assets
1) Valuation standards and methods for securities
Shares of subsidiaries and affiliated companies
Shares of subsidiaries and affiliated companies are stated atcost by the moving-average method.
Available-for-sale securities
Shares, etc. without a market price
Shares, etc. without a market price are stated at cost by themoving-average method.
2) Valuation standards and methods for derivatives, etc.
Derivatives
Derivatives are stated using the market value method.
(2) Depreciation and Amortization Method for Non-current Assets
1) Property, plant and equipment (except for leased assets)
Property, plant and equipment are depreciated by thestraight-line method.
2) Intangible assets (except for leased assets)
Intangible assets are amortized by the straight-line method.
Costs of software for internal use are amortized based on theuseable period within the Company (5 years).
3) Leased assets
Leased assets are depreciated using the straight-line
method, assuming the lease period to be the useful life andthe residual value to be zero.
(3) Standards for the Provision of Allowances
1) Allowance for doubtful accounts
In order to prepare for possible bad debt losses on notes
and accounts receivable - trade, loans and others,
allowance for doubtful accounts is provided at an amountcalculated on the basis of a historical bad debt ratio fornormal claims, and at an estimated uncollectible amountdetermined on the basis of individual assessments ofcollectability for specific claims with potential losses.
2) Provision for bonuses
To prepare for the payment of employee bonuses, anestimated amount corresponding to the portion of the bonus
payments in the fiscal year under review is reserved.
3) Provision for bonuses for directors (and other officers)
To prepare for the payment of bonuses for directors (andother officers), an estimated amount corresponding to the
portion of the bonus payments in the fiscal year underreview is reserved.
4) Provision for share awards
To prepare for the delivery of the Company’s shares to
officers and employees pursuant to the share delivery
regulation, an estimated cost as of the end of the fiscal year
under review is reserved.
(4) Standards for the Provision of Revenues and Expenses
The Company provides management guidance, IT infrastructure, etc. to subsidiaries, and thesubsidiaries are mainly the customers of the Company. Regarding contracts related to the provision ofmanagement guidance, IT infrastructure, etc., the Company identifies the provision of guidance formanagement, planning, etc., IT infrastructure, etc. to subsidiaries of the Company as performanceobligations. For these performance obligations, revenue is recognized over the contract period because
the performance obligations are satisfied over time. Payment of the transaction consideration is received
in installments mostly within the contact period, and the amount of consideration does not include any
significant financial component.

28

(5) Other Basic Matters for the Preparation of Non-Consolidated Financial Statements
1) Accounting for deferred assets
The costs are fully charged to income when disbursed.
2) Significant hedge accounting method
 Hedge accounting method:
Hedging transactions are accounted for using deferral hedge
accounting, which requires the unrealized gains or losses tobe deferred as assets or liabilities until the losses or gains on
the underlying hedged items are recognized. For interest
rate swaps that meet certain hedging criteria, the Company
applies exceptional treatment.
 Hedging instruments and hedged items:<Hedging instruments><Hedged items>
Interest rate swap contracts
Borrowings
 Hedge policy:

In accordance with internal rules, interest rate fluctuation
risks are hedged.

 Method for assessing the effectiveness of hedges:
The Company evaluates hedge effectiveness based on theratio of changes determined by comparing the cumulativechanges in cash flows of the hedged items to the
cumulative changes in cash flows of the hedging
instrument. However, the Company omits the assessmentof hedge effectiveness in the case of interest rate swaps forwhich the Company applies the exceptional treatment.
2. Notes on Changes in Accounting Policies(Application of the Accounting Standard for Revenue Recognition)
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29,
March 31, 2020), from the beginning of the fiscal year under review. It recognizes revenues for goods or services
based on the amount estimated to be received in exchange for such goods or services at the point when control ofthe promised goods or services is conveyed to the customer.
The Company has applied the Accounting Standard for Revenue Recognition transitionally, in accordance withthe proviso in paragraph 84 of the standard. The cumulative effect amount, applying with the new accounting
policy retrospectively prior to the beginning of the fiscal year under review, was adjusted to retained earnings at
the beginning of the fiscal year under review, and the Company has applied the new policy to the balance at the
beginning of the fiscal year.
As a result, the impact of application of the Accounting Standard for Revenue Recognition on non-consolidated
financial statements for the fiscal year ended March 31, 2022 is immaterial.

3. Notes to Non-Consolidated Balance Sheet(1) Accumulated Depreciation of Property, Plant and Equipment¥189 million(2) Monetary Receivables from and Payables to Subsidiaries and Associates
1) Short-term monetary receivables¥327,025 million
2) Short-term monetary payables¥54,721 million(3) Contingent Liabilities
Guaranteed obligations
The following are the subsidiaries and associates for which bank loans, etc. have been guaranteed.
NOMURA REAL ESTATE (THAILAND) CO., LTD¥3,194 million
Total¥3,194 million
4. Notes to Non-Consolidated Statement of Income
Amount of business with subsidiaries and associates
Amount of operating transactions
Operating revenue
Operating expenses

29¥255,240 million¥275 million

5. Notes to Non-Consolidated Statement of Changes in Shareholders’ Equity
The number of treasury shares
Number of shares
Number of shares
Increase
Decrease
as of April 1, 2021
as of March 31, 2022
(Thousand shares) (Thousand shares)(Thousand shares)(Thousand shares)
Common stock
12,4903,311
11,097
4,704
Notes: 1. The above treasury shares include the treasury shares held in the trust account of the executive
compensation BIP trust and ESOP trust for granting stock for employees.
2. The increase in the number of treasury shares among common stock of 3,311 thousand shares isdue to the purchase of 2,633 thousand shares of treasury shares by resolution of the Board of
Directors, the purchase of 678 thousand shares of treasury shares for the executive
compensation BIP trust and the employee ESOP trust, and the purchase of 0 thousand shares
related to the purchase of shares of less than one share unit.
3. The decrease in the number of treasury shares among common stock of 11,097 thousand sharesis due to the cancellation of 10,980 thousand shares of treasury shares (cancellation date: May
31, 2021) and delivery and sale of 117 thousand shares of treasury shares for the executive
compensation BIP trust and the employee ESOP trust.
Type of shares

6. Notes to Tax Effect Accounting
Breakdown of deferred tax assets and deferred tax liabilities by major cause
Deferred tax assets
Loss on valuation of shares of subsidiaries and associates
Allowance for doubtful accounts
Share-based payment expenses
Accrued enterprise tax
Provision for bonuses
OthersSubtotal deferred tax assets
Valuation allowance
Total deferred tax assets
Deferred tax liabilities
Valuation difference on available-for-sale securities
Total deferred tax liabilities
Net deferred tax assets(Millions of yen)
1,623
849
243
110
93
68
2,988
(2,468)
520
(3)
(3)
517

7. Notes to Related Party Transactions(1) Subsidiaries, Affiliated Companies and Others
Type

Name

Subsidiary

Nomura Real
EstateDevelopment
Co., Ltd.

Voting rights
holding orheld (%)

Relationship with theCompany

Transaction
details

Amount oftransaction(Millions of yen)

Items

Fiscal year-end
balance(Millions of yen)

679,750

Short-term loans
receivable

288,314–Long-term loans
receivable fromsubsidiaries andassociates

910,000

Management
guidance, borrowing
and lending of funds

Lending offunds

Nomura RealDirectly
Subsidiary Estate Solutions
Management guidance
holding 100.0
Co., Ltd.

Deposit offunds

111,961

Deposits received

26,781

Nomura RealDirectly
Estate Partners
Management guidance
holding 100.0
Co., Ltd.

Deposit offunds

115,660

Deposits received

17,02439,431

Short-term loans
receivable

28,90780,000Long-term loans
receivable fromsubsidiaries andassociates

65,000Subsidiary

Subsidiary

Directly
holding 100.0

Nomura RealDirectly
Estate Building
holding 100.0
Co., Ltd.

Management
guidance, borrowing
and lending of funds

Lending offunds

Notes: 1. The interest rates for lending and deposit of funds are determined in a rational manner by considering
market interest rates.
30

2. Nomura Real Estate Building Co., Ltd. was absorbed and merged into Nomura Real Estate Development
Co., Ltd. on April 1, 2022.

(2) Officers, Major Individual Shareholders and Others
Relationship with theCompany

Transaction
details

Amount oftransaction(Millions of yen)
(Note 1)

Title

Name

Voting rights
holding orheld (%)

Officer

Toshiaki Seki

Held 0.0

Director of theCompany

Exercise ofstock options(Note 2)

19––

Officer

Akihiro Fukuda

Held 0.0

Executive Officer of
the Company

Exercise ofstock options(Note 2)

16––

Officer

Hiroyuki
KimuraHeld 0.0

Director of theCompany

Exercise ofstock options(Note 2)

14––

Officer

Kenichi Maeda

Held 0.0

Executive Officer of
the Company

Exercise ofstock options(Note 2)

13––

Officer

Daisaku
MatsuoHeld 0.0

Director of theCompany

Exercise ofstock options(Note 2)

11––

Officer

Toshihide
Tsukasaki

Held 0.0

Executive Officer of
the Company

Exercise ofstock options(Note 2)

11––

OfficerAtsushi
Yoshikawa

Held 0.0

Director of theCompany

Exercise ofstock options(Note 2)

11––

Officer

Shigeyuki
Yamamoto

Held 0.0

Executive Officer of
the Company

Exercise ofstock options(Note 2)

10

–

–

Items

Fiscal year-end
balance(Millions of yen)

Notes: 1. Amount of transaction does not include consumption taxes.
2. Stock options granted by the Company pursuant to the Companies Act.

8. Notes to Per Share Information(1) Net Assets Per Share¥2,816.92(2) Basic Earnings Per Share¥1,307.78
Note: The Company’s shares held in the executive compensation BIP trust and ESOP trust for granting
stock for employees are included in the number of treasury shares deducted from the total number ofshares issued at the end of the fiscal year when calculating net assets per share. Furthermore, these
are included in the treasury shares deducted in the calculation of the average number of shares
during the period used in the calculation of basic earnings per share. For the fiscal year under review,the number of these treasury shares deducted in the calculation of net assets per share was 2,522
thousand shares at the end of the period, and the average number of treasury shares during the period
deducted in the calculation of basic earnings per share was 2,300 thousand shares.
9. Notes to Significant Subsequent Events
Not applicable.
10. Other Notes
Not applicable.

31