January 31, 2014

Outline of Consolidated Financial Statements
For the Nine Months from April 1 to December 31, 2013
Name of company listed :Nomura Real Estate Holdings, Inc.

Code number :3231

Shares traded :TSE (First section)

URL :http://www.nomura-re-hd.co.jp/english/index.html

Representative :Kamezo Nakai, President

IR contact :Daisuke Kitai, General Manager of Corporate Communications &Investor Relations Dept.
info@nomura-re-hd.com

Scheduled submitting date of quarterly securities report:

February 14, 2014

Preparation of explanatory materials for financial results :YesInformation meetings arranged related to financial results :Yes (for institutional investors and analysts, in Japanese)

Note: The accompanying consolidated financial statements were not audited 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 nine months from April 1 to December 31, 2013

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

O perating income

O rdinary income

First nine months

Millions of y en%

Millions of y en%

Millions of y en

FY 2013

391,006

24.4

58,56380.1

FY 2012314,293

20.1

32,5238.0(Reference) Comprehensive Income:Net income%Millions of y en%

50,337107.1

25,137109.3

24,30227.4

12,012(12.1)

From April 1 to December 31, 2013 ¥23,911 million (63.5%),
From April 1 to December 31, 2012 ¥14,621 million ((16.1)%)

Ne t income pershare

Net income per share after
adjusting for dilution

yenyenFY 2013131.78131.33

FY 2012

63.06

62.96

First nine months(2) Consolidated financial status
Total assets

Total shareholders'equity ratio

Net assets

Millions of yen

Millions of yen%Dec. 31, 2013

1,300,620

416,438

27.2

Mar. 31, 2013

1,369,949

398,276

24.5(Reference) Shareholders’ Equity:

At December 31, 2013 ¥353,888 million

1At March 31, 2013 ¥336,218 million

2.

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

2nd quarter end

3rd quarter end

Fiscal year endyen

Annualyenyen

FY endedMar. 31, 2013

―

15.00

―

15.00

30.00

FY endingMar. 31, 2014

―

15.00

―

***

***

FY endingMar. 31, 2014
(Forecast)

***

***

***

15.00

30.00

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

Forecasts of consolidated operating results for the fiscal year from April 1, 2013 to March 31, 2014(% indicates the rate of changes from previous fiscal year or term)
Operating revenue

FY endingMar. 31, 2014

Operating income

Ordinary income

Net income

Net income per share

Millions of yen%Millions of yen%

Millions of yen%

Millions of yen%

yen

523,000

1.0

70,00020.1

60,00031.0

25,00029.1

131.04(Note) Revision of operating results forecasts during this quarter: Yes

Other important indices / information(1) Significant changes to consolidated subsidiaries during the period: None
Number of consolidations: None (Company name: －)Elimination : None (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 consolidated financial statements①

Changes in accounting principles: None②

Other changes: None③

Changes in accounting estimates: None

④Restatements: None

(4) Number of shares issued (common stock)
At December 31
2013
Number of shares outstanding(including treasury stock)
T reasury stock

Average number of shares
during the term

At March 31
2013

190,880,100

190,595,500

1,206

1,125

From April 1 to December 31

From April 1 to December 31

2013

2012
190,759,031

2

190,487,493

Implementation status of auditing 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. Therefore, the Company has no intention to promise the accomplishment of the forecasts. Thesestatements include known and unknown risks, uncertainties, and other factors that may cause the company’s actual future performance todiffer from the forward-looking statements contained herewith.
How to obtain Fact Sheets
The Fact Sheets will be disclosed on TDnet and available on the Company’s website on January 31, 2014.

3

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

資産

Current Assets:

流動資産合計535,103481,842

現金及び預金受取手形及び売掛金

42,49813,25938,11011,357

有価証券

20,000

販売用不動産61,29045,035

仕掛販売用不動産

224,409

231,621

開発用不動産83,60391,898

営業エクイティ投資

29,5787,897

繰延税金資産16,292

8,303

その他

44,37347,797

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, 2013

貸倒引当金

December 31, 2013-(202)(179)

固定資産合計834,845

818,778

有形固定資産合計

737,399

719,964

建物及び構築物(純額)247,524

238,742

土地483,759

474,641

その他(純額)

6,115

6,580

無形固定資産合計

9,406

9,233

投資その他の資産合計

88,03989,580

投資有価証券

46,184

48,334

敷金及び保証金
繰延税金資産その他

17,70921,0303,116

18,883
19,340
3,023

貸倒引当金

(1)

(1)

1,369,949

1,300,620

Total Assets

資産合計

Liabilities

負債

Current Liabilities :流動負債合計314,855

262,540

支払手形及び買掛金
短期借入金

49,347
167,58537,794
141,439

1年内償還予定の社債
未払法人税等6,448

預り金

21,251

1 Notes and Accounts Payable-trade
2 Short-term Loans Payable
3 Current Portion of Bonds
4 Income Taxes Payable
5 Deposits Received
6 Deferred Tax Liabilities
7 Provision for Bonuses
8 Provision for Directors' Bonuses
9 Provision for Loss on Business Liquidation
10 Provision for Loss on Disaster11 Other
Noncurrent Liabilities :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
8 OtherMarch 31, 2013

December 31, 2013-

繰延税金負債
賞与引当金10,0003,825
11,877

-

152

4,951

2,889

434
149

342
122

災害損失引当金
その他

303
64,38354,096

固定負債合計656,817621,641

社債
長期借入金

33,000468,683

23,000444,879

受入敷金保証金繰延税金負債55,18970,61755,98367,941

再評価に係る繰延税金負債
退職給付引当金
転貸事業損失引当金

4,537
15,291
1,114

4,537
16,064783

役員賞与引当金
事業整理損失引当金

-

その他

8,384

8,451

Total Liabilities

負債合計

971,673

884,182

Net Assets

純資産

S hareholders' Equity:

株主資本合計326,632

346,594

資本金

115,728

116,001

資本剰余金
利益剰余金

93,057
117,848

93,330137,265

1 Capital Stock
2 Capital Surplus
3 Retained Earnings
4 Treasury Stock
Other Comprehensive Income:1 Valuation Difference on Available-for-sale Securities
2 Deferred Gains or Losses on Hedges
3 Revaluation Reserve for Land
4 Foreign Currency Translation Adjustment

自己株式(2)(2)

その他の包括利益累計額合計

9,586

7,294

その他有価証券評価差額金

2,115

30

繰延ヘッジ損益
土地再評価差額金

237
7,224

31
7,224

為替換算調整勘定

88951

1,253

S ubscription Rights to S hares:

新株予約権

Minority Interests:

少数株主持分

61,106

61,295

Total Net Assets

純資産合計398,276

416,438

Total Liabilities and Net Assets

負債・純資産合計

1,369,949

1,300,620

4

Consolidated Statements of Income(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to December 312012

2013

AmountAmountⅠ Operating Revenue

営業収益314,293

391,006

Ⅱ Operating Cost

営業原価230,345

271,117

営業総利益

83,948

119,888

販売費及び一般管理費

51,424

61,324

営業利益

32,52358,563

営業外収益合計

3,478

1,090

受取利息
受取配当金
持分法による投資利益
その他

643,106
230459651
9369

営業外費用合計

11,699

9,317

支払利息
その他

9,589
2,109

7,683
1,634

経常利益

24,30250,337

特別利益合計421

847

固定資産売却益
災害損失引当金戻入額
資産除去債務戻入益

165256552295-

特別損失合計355

7,373

Operating Gross Profit

Ⅲ S elling, General and Administrative Expenses
Operating Income

Ⅳ Non-operating Income
1234Interest Income
Dividends Income
Equity in Earnings of Affiliates
Other

Ⅴ Non-Operating Expenses
12Interest Expenses
OtherOrdinary Income

Ⅵ Extraordinary Income
123

Gain on Sales of Noncurrent Assets
Reversal of Provision for Loss on Disaster
Gain on Reversal of Asset Retirement Obligations

Ⅶ Extraordinary Losses1減損損失

Impairment Loss

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
Net Income

5355

7,373

税金等調整前四半期純利益

24,36843,811

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損益調整前四半期純利益
少数株主利益

7,126
2,704
9,831
14,537
2,524

9,164
8,440
17,605
26,2061,068

四半期純利益12,012

25,137

Consolidated Statements of Comprehensive Income(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to December 31Net income before Minority Interests

少数株主損益調整前四半期純利益

Other Comprehensive Income

123

Valuation Difference on Available-for-sale Securities
Deferred Gains or Losses on Hedges
Revaluation Difference for Land

2012

2013

AmountAmount

14,537

26,206

その他の包括利益合計

84(2,294)

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

135
(50)
(0)

(2,088)(206)(0)

Comprehensive Income

四半期包括利益

14,621

23,911(break down)（内訳）
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

12,095
2,526

22,845
1,066

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

6Consolidated Statements of Cash Flows(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to December 31

Cash Flows

2012

2013

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

24,36843,811

Depreciation and Amortization

減価償却費

10,040

10,586Equity in (Earnings) Losses of Affiliates

持分法による投資損益

(2)

(9)

Increase (Decrease) in Allowance for Doubtful Accounts

貸倒引当金の増減額

(17)

(22)

Increase (Decrease) in Provision for Retirement Benefits

退職給付引当金の増減額

(412)

773

Increase (Decrease) in Provision for Loss on Business Liquidation

事業整理損失引当金の増減額

(23)

(27)

Increase (Decrease) in Provision for Loss on Subleasing Business

転貸事業損失引当金の増減額

(443)

(331)

Increase (Decrease) in Provision for Loss on Disaster

災害損失引当金の増減額

(91)

(303)

Interest and Dividends Income

受取利息及び受取配当金(3,171)(711)

Interest Expenses

支払利息

9,589

7,683

Decrease (Increase) in Notes and Accounts Receivable-trade

売上債権の増減額

3,667

1,901

Decrease (Increase) in Inventories

たな卸資産の増減額

3,077321

Decrease (Increase) in Equity Investments

営業エクイティ投資の増減額

7,063

21,681

Increase (Decrease) in Notes and Accounts Payable-trade

仕入債務の増減額(16,951)(11,553)

Increase (Decrease) in Deposits Received

預り金の増減額(8,553)(9,374)

Other, Net

その他

1,587

6,471

S ubtotal

小計

29,72770,896

Interest and Dividends Income Received

利息及び配当金の受取額

1,829

1,603

Interest Expenses Paid

利息の支払額(9,827)(8,069)

Income Taxes Paid

法人税等の支払額(11,271)(11,730)

営業活動によ る キ ャ ッシュ ・ フロ ー

10,45752,700(140)(8,814)

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

61

1,297

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(15,603)(20,215)

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

547

6,595

Payments of Loans Receivable

貸付けによる支出(4)-Collection of Loans Receivable

貸付金の回収による収入

18

14

Payments for Lease and Guarantee Deposits

敷金及び保証金の差入による支出(613)(372)

Proceeds from Collection of Lease and Guarantee Deposits

敷金及び保証金の回収による収入

1,107

1,063

Repayments of Lease and Guarantee Deposits Received

受入敷金保証金の返還による支出(3,702)(1,962)

Proceeds from Lease and Guarantee Deposits Received

受入敷金保証金の受入による収入

2,887

1,081

Other, Net

その他

1,171

355

投資活動によ る キ ャ ッシュ ・ フロ ー(14,268)(20,956)

Net Increase (Decrease) in Short-term Loans Payable

短期借入金の純増減額

27,000(3,000)

Increase (Decrease) in Commercial Papers

コマーシャル・ペーパーの増減額

9,000-Repayments of Finance Lease Obligations

ファイナンス・リース債務の返済による支出(144)(144)

Proceeds from Long-term Loans Payable

長期借入れによる収入

10,50058,500

Repayment of Long-term Loans Payable

長期借入金の返済による支出(74,173)(105,449)

Proceeds from Issuance of Common Stock

株式の発行による収入

26396

Proceeds from Stock Issuance to M inority Shareholders

少数株主からの払込みによる収入

513

Purchase of Treasury Stock

自己株式の取得による支出

(0)

(0)

Cash Dividends Paid

配当金の支払額(5,238)(5,721)

Cash Dividends Paid to M inority Shareholders

少数株主への配当金の支払額

(29)

(727)

Net Cash Provided by (Used in) Investment Activities
III. Net Cash Provided by (Used in) Financing Activities

Net Cash Provided by (Used in) Financing Activities

財務活動によ る キ ャ ッシュ ・ フロ ー(33,054)(56,132)

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

現金及び現金同等物の増減額(36,865)(24,388)

Ⅴ. Cash and Cash Equivalents at Beginning of Period

現金及び現金同等物の期首残高

70,45662,496

Ⅵ. Cash and Cash Equivalents at End of Period

現金及び現金同等物の四半期末残高

33,591

38,1087