October 28, 2011

For the Six Months from April 1 to September 30, 2011

Outline of Consolidated Financial Statements
Name of company listed :Code number :Shares traded :URL :Representative :IR contact :Scheduled starting date for dividend payments :Scheduled submitting date of annual securities report :Nomura Real Estate Holdings, Inc.
3231
TSE (First section)
http://www.nomura-re-hd.co.jp/english/index.html
Kamezo Nakai, President
Yoichiro Ishikawa, General Manager of Corporate
Communications & Investor Relations Dept.
info@nomura-re-hd.com
December 2, 2011November 14, 2011

Note: The accompanying consolidated financial statements were not audit since they have been prepared only for reference purpose. All
statements were based on Tanshin report prepared in accordance with the provisions set forth in accounting regulations and principals
generally accepted in Japan.
(Values of less than one million yen rounded off.)1.

Consolidated operating results for the six months from April 1 to September 30, 2011

(1) Consolidated business results(% indicates the rate of changes from previous fiscal year)
O perating revenue%

First six months Millions of y en

O perating income

O rdinary income%Millions of y en

Millions of y en

Net income%Millions of y en%

FY 2011

151,483

2.6

18,20677.1

10,943

313.2

5,034

－FY 2010

147,574(19.3)

10,280(55.4)

2,648(83.4)

37(99.5)(Reference)
Comprehensive Income: ¥4,590 million (-%) ( From April 1 to September 30, 2011); ¥ - 1,300 million (-%) (From April 1 to September 30, 2010)

Net income per share

Net income per shareafter adjusting fordilution

First six monthsyenyen

FY 2011

26.44

26.40

FY 20100.200.18(2) Consolidated financial status
Total assets

Net assets

Total shareholders'equity ratio

Millions of yen

Millions of yen%

Sep.30, 2011

1,431,390

359,678

21.3

Mar. 31, 2011

1,474,331

357,365

20.7(Reference) Equity: At September 30, 2011 ¥ 305,452 million, At March 31, 2011 ¥ 304,536 million

12.

Cash dividends per share
Cash dividends per share
1st quarter end

2nd quarter end

3rd quarter end

Fiscal year end

yen

FY endedMar. 31, 2011

―

12.50

FY endingMar. 31, 2012

―

12.50

FY endingMar. 31, 2012
(Forecast)

***―

yen

yen

12.50

25.00

***

***

12.50

25.00

***
―

***

Annual(Note) Revision of cash dividends forecast during this quarter: None3.

Forecasts of consolidated operating results for the fiscal year from April 1, 2011 to March 31, 2012(% indicates the rate of changes from previous fiscal year or term)
Operating revenue

FY endingMar. 31, 2012

Operating income

Ordinary income

Net income

Net income per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%yen

438,000(8.9)

48,00014.1

32,00022.4

15,000174.178.77(Note) Revision of operating results forecasts during this quarter: Yes

4.

Other important indices / information(1) Significant changes to consolidated subsidiaries during the period: None
Number of consolidations: Inclusion 0 (Company name: － ) Elimination 0 (Company name: － )(2) Simplified accounting and particular accounting in the elaboration of quarterly consolidated financial statement: None
(3) Changes in accounting basis, procedure and presentation for the quarterly consolidated financial statementsa)

Changes in accounting principles: Noneb)

Other changes: Nonec)

Changes in accounting estimates: Noned)

Retrospective restatement: None

(4) Number of shares issued (common stock)
At September 30
2011
Number of shares outstanding(including treasury stock)
T reasury stock

Average number of shares
during the term

At March 31
2011

190,437,400

190,387,000

924924

From April 1 to September 30

From April 1 to September 30

2011

2010
190,397,710

190,339,966

Implementation status of quarterly review procedure
The financial summary and the accompanying materials including the quarterly consolidated financial statements are not subject to thequarterly review procedure by external auditors that are based on Financial Instruments and Exchange Act.
The quarterly review procedure has not yet finished at the point of releasing this financial summary.
Forward-Looking Statements
Certain statements other than historical facts in this document are forward-looking statements that reflect the company’s plans and estimates
based on currently available information. These statements include known and unknown risks, uncertainties, and other factors that may cause
the company’s actual future performance to differ from the forward-looking statements contained herewith.

2Consolidated Balance Sheets(Values of less than one million yen rounded off.)(Millions of yen)
Assets

資産

Current Assets:

流動資産636,925

601,081

現金及び預金受取手形及び売掛金

52,067
14,27032,577
10,572

有価証券
販売用不動産30,000210,565

182,087

仕掛販売用不動産

122,780

179,392

開発用不動産99,75986,220

営業エクイティ投資
繰延税金資産その他

60,94821,19725,42358,673
21,03330,601

1 Cash and Deposits
2 Notes and Accounts Receivable-trade
3 Short-term Investment Securities
4 Real Estate for Sale
5 Real Estate for Sale in Process
6 Land Held for Development
7 Equity Investments
8 Deferred Tax Assets
9 Other
Allowance for Doubtful Accounts
Noncurrent Assets:

1 Property, Plant and Equipment(１) Buildings and Structures, Net(２) Land(３) Other, Net
2 Intangible Assets
3 Investments and Other Assets(１) Investment Securities(２) Lease and Guarantee Deposits(３) Deferred Tax Assets(４) Other
Allowance for Doubtful Accounts

March 31, 2011

貸倒引当金

September 30, 2011

-(88)

(76)

固定資産

837,406

830,308

有形固定資産建物及び構築物(純額)732,573
237,812729,311233,247

土地483,928

483,813

その他(純額)10,832

12,250

無形固定資産10,06810,001

投資その他の資産投資有価証券

94,764
43,14090,99538,198

敷金及び保証金

23,791

24,448

繰延税金資産23,601

23,965

その他
貸倒引当金

4,250
(19)

4,404
(22)

1,474,331

1,431,390

Total Assets

資産合計

Liabilities

負債

Current Liabilities :March 31, 2011

September 30, 2011

流動負債

311,109

1 Notes and Accounts Payable-trade
2 Short-term Loans Payable
3 Commercial Papers
4 Income Taxes Payable
5 Deposits Received
6 Provision for Bonuses
7 Provision for Directors' Bonuses
8 Provision for Loss on Business Liquidation
9 Provision for Loss on Disaster

支払手形及び買掛金

43,081

17,056

短期借入金
コマーシャル・ペーパー

160,896
20,000181,211
10,000

未払法人税等

10,099

4,383

預り金
賞与引当金

29,2884,134

18,6524,267

役員賞与引当金

175

106

事業整理損失引当金

113

95

2,607

1,893

10 Otherその他

40,712

46,607

固定負債

805,855

787,437

1 Bonds Payable
2 Long-term Loans Payable
3 Lease and Guarantee Deposits Received
4 Deferred Tax Liabilities
5 Deferred Tax Liabilities for Land Revaluation
6 Provision for Retirement Benefits
7 Provision for Loss on Subleasing Business

社債
長期借入金

33,000603,01333,000586,152

受入敷金保証金繰延税金負債

55,35983,64054,481
83,380

再評価に係る繰延税金負債
退職給付引当金

5,03315,849

5,062
15,783

転貸事業損失引当金

2,002

1,159

8 Otherその他

7,956

8,416

Total Liabilities

負債合計

1,116,965

1,071,712

Net Assets

純資産

S hareholders' Equity:

株主資本299,973

302,703

1 Capital Stock
2 Capital Surplus
3 Retained Earnings

資本金
資本剰余金

115,574
92,903

115,61192,941

利益剰余金

91,497

94,1524 Treasury Stock

自己株式

Noncurrent Liabilities :

災害損失引当金

284,274(2)(2)

その他の包括利益累計額合計

4,562

2,748

1 Valuation Difference on Available-for-sale Securities
2 Deferred Gains or Losses on Hedges
3 Revaluation Reserve for Land

その他有価証券評価差額金
繰延ヘッジ損益(1,076)354(3,012)504

土地再評価差額金

5,961

5,933

4 Foreign Currency Translation Adjustment

為替換算調整勘定(677)(677)

S ubscription Rights to S hares:

新株予約権

646

701

Minority Interests:

少数株主持分

52,18353,524

Total Net Assets

純資産合計

Total Liabilities and Net Assets

負債・純資産合計

Other Comprehensive Income:

3357,365

359,678

1,474,331

1,431,390

Consolidated Statements of Income(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to September 302010

2011

AmountAmount

Ⅰ Operating Revenue

営業収益147,574151,483

Ⅱ Operating Cost

営業原価

109,011

104,411

営業総利益

38,56347,072

販売費及び一般管理費

28,283

28,865

Operating Income

営業利益10,28018,206

Ⅳ Non-operating Income

営業外収益

239443

受取利息
受取配当金
持分法による投資利益
その他

3518
16168

32245
5159

営業外費用

7,871

7,706

支払利息
その他

7,180
690

7,142
563

Ordinary Income

経常利益

2,648

10,943

Ⅵ Extraordinary Income

特別利益

18175

固定資産売却益

18175

特別損失

683

-

資産除去債務会計基準の適用に伴う 影響額683-

税金等調整前四半期純利益

2,146

11,018

法人税,住民税及び事業税
法人税等調整額
法人税等合計少数株主利益4,413(3,265)
1,148
997
960

4,586
294,6156,403
1,368

四半期純利益375,034

Operating Gross Profit

Ⅲ S elling, General and Administrative Expenses

1234

Interest IncomeDividends Income
Equity in Earnings of Affiliates
OtherⅤ Non-Operating Expenses
121Interest Expenses
Other

Gain on Sales of Noncurrent Assets

Ⅶ Extraordinary Losses
1

Loss on adjustment for changes of accounting standard for asset retirement obligations

Income before Income Taxes and Minority Interests
Income Taxes-current
Income Taxes-deferred
Total Income Taxes
Income before M inority Interests
M inority Interests in Income

少数株主損益調整前四半期純利益

Net Income4Consolidated Statements of Comprehensive Income(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to September 30

Income before Minority Interests

少数株主損益調整前四半期純利益

Other Comprehensive Income2010

2011

AmountAmount997

6,403

その他の包括利益(2,298)(1,813)

その他有価証券評価差額金
繰延ヘッジ損益
土地再評価差額金(2,403)114(9)(1,935)150(28)

Comprehensive Income

四半期包括利益(1,300)4,590(break down)(内訳）(2,258)
958

3,220
1,369

123

Valuation Difference on Available-for-sale Securities
Deferred Gains or Losses on HedgesRevaluation Reserve for Land

Comprehensive Income Attributable to Owners of the Parent
Comprehensive Income Attributable to M inority Interests

親会社株主に係る四半期包括利益
少数株主に係る四半期包括利益5

Consolidated Statements of Cash Flows(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to September 30

Cash Flows

2010

2011

I. Net Cash Provided by (Used in) Operating Activities
Income Before Income Taxes and M inority Interests

税金等調整前四半期純利益

2,146

11,018Depreciation and Amortization

減価償却費

6,021

6,789

Equity in (Earnings) Losses of Affiliates

持分法による投資損益(16)(5)

Increase (Decrease) in Allowance for Doubtful Accounts

貸倒引当金の増減額

(64)

(9)

Increase (Decrease) in Provision for Retirement Benefits

退職給付引当金の増減額

570

(65)

Increase (Decrease) in Provision for Loss on Business Liquidation

事業整理損失引当金の増減額

(22)

(18)

Increase (Decrease) in Provision for Loss on Subleasing Business

転貸事業損失引当金の増減額

(325)

(842)

Increase (Decrease) in Provision for Loss on Disaster

災害損失引当金の増減額-(714)

Interest and Dividends Income

受取利息及び受取配当金

(53)

(278)

Interest Expenses

支払利息7,180

7,142

Decrease (Increase) in Notes and Accounts Receivable-trade

売上債権の増減額

6,723

3,698

Decrease (Increase) in Inventories

たな卸資産の増減額(29,274)(14,672)

Decrease (Increase) in Equity Investments

営業エクイティ投資の増減額(3,278)2,274

Increase (Decrease) in Notes and Accounts Payable-trade

仕入債務の増減額(24,198)(26,024)

Increase (Decrease) in Deposits Received

預り金の増減額(33,718)(10,635)

Other, Net

その他

6,395

1,376

S ubtotal

小計(61,914)(20,965)Interest and Dividends Income Received

利息及び配当金の受取額60530

Interest Expenses Paid

利息の支払額(7,044)(7,006)

Income Taxes Paid

法人税等の支払額(5,089)(9,859)

営業活動による キ ャッシュ ・フロー

(73,988)(37,301)

Net Cash Provided by (used in) Operating Activities
II. Net Cash Provided by (Used in) Investment Activities
Purchase of Investment Securities

投資有価証券の取得による支出

Proceeds from Sales and Liquidation of Investment Securities

投資有価証券の売却及び清算による収入

Payments for investments in subsidiaries resulting in change in scope of consolidation

連結の範囲の変更を伴う子会社株式及び出資金の取得による支出(13,664)－Purchase of Property, Plant and Equipment and Intangible Assets

有形及び無形固定資産の取得による支出(19,000)(3,541)

Proceeds from Sales of Property, Plant and Equipment and Intangible Assets

有形及び無形固定資産の売却による収入

674

189

Payments of Loans Receivable

貸付けによる支出－(3)

Collection of Loans Receivable

貸付金の回収による収入

13

12

Payments for Lease and Guarantee Deposits

敷金及び保証金の差入による支出

(332)

(425)

Proceeds from Collection of Lease and Guarantee Deposits

敷金及び保証金の回収による収入

919

757

Repayments of Lease and Guarantee Deposits Received

受入敷金保証金の返還による支出(1,790)(2,627)

Proceeds from Lease and Guarantee Deposits Received

受入敷金保証金の受入による収入

4,413

717

Other, Netその他

(212)

1,040

投資活動による キ ャッシュ ・フロー(29,221)(3,167)Net Increase (Decrease) in Short-term Loans Payable

短期借入金の純増減額

36,500(1,200)

Increase (Decrease) in Commercial Papers

コマーシャル・ペーパーの増減額10,000(10,000)

Repayments of Finance Lease Obligations

ファイナンス・リース債務の返済による支出

(53)

(70)

Proceeds from Long-term Loans Payable

長期借入れによる収入

38,25031,800

Repayment of Long-term Loans Payable

長期借入金の返済による支出(36,118)(27,145)

Proceeds from Issuance of Corporate Bonds

社債の発行による収入

9,937

－

Redemption of Bonds

社債の償還による支出

(180)

－

Proceeds from Issuance of Common Stock

株式の発行による収入00

Proceeds from Stock Issuance to M inority Shareholders

少数株主からの払込みによる収入

0－

Purchase of Treasury Stock

自己株式の取得による支出

Cash Divedends Paid

配当金の支払額

Cash Dividends Paid to M inority Shareholders

少数株主への配当金の支払額

Net Cash Provided by (Used in) Investment Activities

(311)

(22)

70735

III. Net Cash Provided by (Used in) Financing Activities(0)－(951)(2,379)

(24)

(25)

Net Cash Provided by (Used in) Financing Activities

財務活動による キ ャッシュ ・フロー

57,358(9,021)

Ⅳ. Net Increase (Decrease) in Cash and Cash Equivalents

現金及び現金同等物の増減額(45,851)(49,490)

Ⅴ. Cash and Cash Equivalents at Beginning of Period

現金及び現金同等物の期首残高

89,33482,065

Ⅶ. Cash and Cash Equivalents at End of Period

現金及び現金同等物の四半期末残高

43,48332,5756