April 30, 2010

For the Fiscal Year Ended March 31, 2010

Outline of Consolidated Financial Statements
Name of company listed :Code number :Shares traded :URL :Representative :IR contact :Nomura Real Estate Holdings, Inc.
3231
TSE (First section)
http://www.nomura-re-hd.co.jp/english/index.html
Hirohisa Suzuki, President
Yoichiro Ishikawa, General Manager of Corporate
Communications & Investor Relations Dept.
info@nomura-re-hd.com
June 29, 2010
June 30, 2010
June 30, 2010

Date of general meeting of shareholders :Scheduled starting date for dividend payments :Scheduled submitting date of annual securities report :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 fiscal year from April 1, 2009 to March 31, 2010

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

Operating income%Millions of yen

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

FY 2009434,226(3.2)

39,274

15.5

23,9671.1

4,660(66.2)

FY 2008

448,655

9.0

34,012(51.3)

23,702(60.7)

13,770(60.9)

yen

Net income pershare after
adjusting fordilutionyen

FY 2009

25.69

FY 2008

92.21

Net income
per share(Reference) Investment income/loss due to equity method:

Return on equity

Ordinary income
Operating income
margin on total
marginassets%%%

25.63

1.7

1.7

9.0

92.10

5.92.1

7.6

FY ended March 31, 2010 ¥ 6 million
FY ended March 31, 2009 ¥ ( 6 ) million(2) Consolidated financial status
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

yenMar. 31, 2010

1,405,424

349,437

21.4

1,583.63

Mar. 31, 2009

1,385,531

281,375

17.0

1,579.56(Reference) Equity : At March 31, 2010 ¥ 301,413 million, At March 31, 2009 ¥ 235,939 million1(3) Consolidated cash flows
Cash flows fromoperating activities

2.

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents

Millions of yen

Millions of yen

Millions of yen

Millions of yen

FY 200919,266(24,571)

13,09889,334

FY 2008(108,030)(141,788)

295,50778,473

Cash dividends per share
Cash dividends per share
1st quarter 2nd quarter 3rd quarter
end
end
end

Fiscal year
end

yen

FY endedMar. 31, 2009
FY endedMar. 31, 2010
FY endingMar. 31, 2011
(Forecast)Total
dividends paid(annual)Dividend
payout rate

Dividends ratio
on shareholders'equityyen Millions of yen%%

Annualyen―20.00

―

20.00

40.00

5,973

43.4

2.5

―

20.00

―

5.00

25.00

4,757

97.3

1.6

―

12.50

―

12.50

25.00

―

68.0

―

Forecasts of consolidated operating results for the fiscal year from April 1, 2010 to March 31, 20113.

(% indicates the rate of changes from previous fiscal year or term)

Operating revenue

Operating income% Millions of yen

Millions of yen

Ordinary income% Millions of yen

Net income% Millions of yen

Net income per share%yen

Six months ending
Sept. 30,2010

155,000(15.3)

9,500(58.8)

1,000(93.7)(1,000)―(5.25)FY endingMar. 31, 2011

450,000

3.6

35,000(10.9)

18,000(24.9)

7,000

50.2

36.78

4.

Other important indices / information(1) Significant changes to consolidated subsidiaries during the period: None
(2) Changes in accounting basis, procedure and presentation for the consolidated financial statements
This information should be described in “Significant changes for presenting the consolidated financial statements”.
a)Changes in accounting principles: Yesb)

Other changes: None

(3) Number of shares issued (common stock)
At March 312010
Number of shares outstanding(including treasury stock)
Treasury stock2009

190,331,000

149,371,100

8536072

(Reference) Outline of Nonconsolidated Financial Statements
1. Nonconsolidated operating results for the fiscal year from April 1, 2009 to March 31, 2010
(1) Nonconsolidated business results(% indicates the rate of changes from previous fiscal year)

Operating revenue

Operating income

Ordinary income%

Millions of yen%

Millions of yen

FY 2009

31,7372.9

17,527(10.9)

17,387(11.9)

15,171(20.3)

FY 2008

30,84428.5

19,68026.6

19,74626.8

19,04329.6

Ne t income pe r share%

Net income

Millions of yen%

Millions of yen

Ne t income pe r shareafte r adjusting fordilutionyenyen

FY 2009

83.63

83.58

FY 2008

127.52

127.43(2) Nonconsolidated financial status
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%yen

Mar. 31, 2010

989,738

271,32727.4

1,422.90

Mar. 31, 2009

949,025

197,17020.7

1,317.62(Reference) Equity : At March 31, 2010 ¥ 270,820 million, At March 31, 2009 ¥ 196,813 million

2.

Forecasts of nonconsolidated operating results for the fiscal year from April 1, 2010 to March 31, 2011(% indicates the rate of changes from previous fiscal year or term)

Operating revenue
Millions of yen

Operating income% Millions of yen

Ordinary income% Millions of yen

Net income% Millions of yen

Net income per share%yen

Six months ending
Sept. 30,2010

12,000(48.7)

3,500(78.6)

3,500(78.4)

3,500(77.7)

18.39

FY endingMar. 31, 2011

21,000(33.8)

5,000(71.5)

5,000(71.2)

4,500(70.3)

23.64

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.

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709,618

740,266

現金及び預金受取手形及び売掛金

39,336
15,764

39,47531,384

有価証券
販売用不動産
仕掛販売用不動産

50,010247,927
139,01139,000227,504
150,442

開発用不動産営業エクイティ投資

71,796
94,889102,923
109,076

繰延税金資産その他

22,82928,19821,347
19,2691 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
Accumulated Depreciation
Buildings and Structures, Net(２) Land(３) Other
Accumulated Depreciation
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

貸倒引当金

March 31, 2010

March 31, 2009

(144)

(158)

固定資産

695,805645,265

有形固定資産626,268

575,761

建物及び構築物
減価償却累計額

274,353(74,534)

251,632(64,534)

建物及び構築物(純額)
土地199,819
412,477

187,097
380,591

その他
減価償却累計額
その他(純額)18,475(4,504)
13,97012,177(4,105)8,071

無形固定資産投資その他の資産

8,273
61,263

9,427
60,076

投資有価証券
敷金及び保証金
繰延税金資産17,043
26,036
14,32015,31626,796
14,336

その他
貸倒引当金

3,881
(17)

3,645
(17)

1,405,424

1,385,531

Total Assets

資産合計

Liabilities

負債

Current Liabilities :流動負債247,332

366,729

支払手形及び買掛金
短期借入金

37,692
108,586

69,523
195,346

1年内償還予定の社債
未払法人税等7,597

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 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 Other

預り金繰延税金負債
賞与引当金
役員賞与引当金
事業整理損失引当金

54,841300
14,791

4,320

31,858
707
4,464

97
158

238
214

-34,039

49,285

固定負債

808,654

737,426

社債
長期借入金
受入敷金保証金

20,180630,870
49,98220,000562,426
47,424

繰延税金負債
再評価に係る繰延税金負債

83,111
4,996

84,8694,996

退職給付引当金
転貸事業損失引当金

15,444
1,937

14,283
1,811

その他

2,130

1,614

1,055,987

1,104,156

株主資本297,740

234,245

資本金
資本剰余金

115,527
92,85782,71360,042

利益剰余金
自己株式

89,356(1)

91,490(1)

負債合計

Net Assets

純資産

S hareholders' Equity:

1 Capital Stock
2 Capital Surplus
3 Retained Earnings
4 Treasury Stock
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

March 31, 2009

その他

Total Liabilities

Valuation and Translation Adjustments:

March 31, 2010

評価・換算差額等

3,672

1,694

その他有価証券評価差額金(2,181)(3,922)

繰越ヘッジ損益

279255

土地再評価差額金
為替換算調整勘定

5,999(424)5,999(637)

S ubscription Rights to S hares:

新株予約権

520368

Minority Interests:

少数株主持分

47,50345,068

Total Net Assets

純資産合計

Total Liabilities and Net Assets

負債・純資産合計

4349,437

281,375

1,405,424

1,385,531

Consolidated Statements of Income(Values of less than one million yen rounded off.)(Millions of yen)
Fiscal year ended March 312009

2010

AmountAmountⅠ Operating Revenue

営業収益

448,655434,226

Ⅱ Operating Cost

営業原価

347,891

328,649

営業総利益

100,763

105,576

販売費及び一般管理費

66,751

66,301

Operating Income

営業利益34,012

39,274

Ⅳ Non-operating Income

営業外収益

552

494

受取利息
受取配当金
持分法による投資利益
過年度固定資産税還付金
その他

1534666
285152276307

Operating Gross Profit

Ⅲ S elling, General and Administrative Expenses

123
4
5

Interest Income
Dividends Income
Equity in Earnings of Affiliates
Refunds of Fixed Asset Tax for Prior Periods
Other

営業外費用

10,86315,802

Interest Expenses

支払利息

Equity in Losses of Affiliates
Provision of Allowance for Doubtful Accounts

持分法による投資損失
貸倒引当金繰入額
その他

9,602
613
1,240

13,5292,272

Ordinary Income

経常利益

23,702

23,967

Ⅵ Extraordinary Income

特別利益

544

484

固定資産売却益
訴訟精算金
転貸事業損失引当金戻入益

544

364
119
-

特別損失

716

10,981

Loss on Valuation of Equity Investments
Impairment Loss
Loss on Valuation of Investment Securities

営業エクイティ投資評価損
減損損失
投資有価証券評価損

716

10,485495-

Income before Income Taxes and Minority Interests

税金等調整前当期純利益

23,53013,469

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20,012(11,025)
8,987
772

11,624(5,278)
6,346
2,463

当期純利益

13,7704,660

Ⅴ Non-Operating Expenses
123
4

123Other

Gain on Sales of Noncurrent Assets
Litigation Adjustment
Gain on Reversal of Provision for Loss on Subleasing Business

Ⅶ Extraordinary Losses
123

Income Taxes-current
Income Taxes-deferred
Total Income Taxes
M inority Interests in Income
Net Income

5Consolidated Statements of Changes in Net Assets
Fiscal Year from April 1, 2008 to March 31,2009
S hareholders' equity

Commonstock

Balance at March 31, 2008
Issuance of Common Stock
Cash Dividends PaidNet Income
Purchases of Treasury Stock
Reversal of Land Revaluation Reserve
Other Changes, Net
Total Changes During the Fiscal Year
Balance at March 31, 2009

Additional
Retainedpaid-inearnings
capitalValuation, translation adjustments and others

Net
ForeignTotal
unrealized Deferred
Land
Treasurycurrency
S harehold holding gains/losses revaluation
stock
translationers' Equity gains on
on hedges
reserveadjustments
securities

Total

S tockacquisitionrightsMinority
interests

Totalnet
assets82,64659,97689,272(0) 231,894

1,215

(0)

(326)

8

896

217

2,543

235,551

66
－－－－－
66

66
－
－－－－
66

－
(5,226)
13,770－(6,326)
－
2,217

－
－－
(0)
－
－(0)

133
(5,226)
13,770(0)(6,326)
－
2,351

－
－－－
－
(5,137)(5,137)

－－－
－
－
255
255

－
－
－
－
－
6,326
6,326

－
－
－－
－
(646)
(646)

－－－
－
－
797
797

－
－
－
－
－
150
150

－
－
－
－
－
42,52442,524133(5,226)
13,770(0)(6,326)43,47345,82482,71360,04291,490(1) 234,245(3,922)

255

5,999

(637)

1,694

368

45,068281,375

S tockacquisitionrightsMinority
interests

Fiscal Year from April 1, 2009 to March 31,2010
S hareholders' equityCommonstock

Additional
Retainedpaid-inearnings
capitalValuation, translation adjustments and others

Net
ForeignTotal
unrealized Deferred
Land
Treasurycurrency
S harehold holding gains/losses revaluation
stock
translationers' Equity gains on
on hedges
reserveadjustments
securities

Total

Total
net
assetsBalance at March 31, 2009

82,71360,04291,490(1) 234,245(3,922)

255

5,999(637)

1,694

368

45,068281,375

Issuance of Common Stock
Cash Dividends PaidNet Income
Purchases of Treasury Stock
Reversal of Land Revaluation Reserve
Other Changes, NetTotal Changes During the Fiscal Year32,814－－－－－32,81432,814－－－－－32,814－(6,793)4,660－－－(2,133)

－
－
－
(0)
－
－
(0)

65,629(6,793)
4,660
(0)
－
－
63,495

－
－
－
－
－
1,741
1,741

－
－
－
－
－
24
24

－
－
－
－
－
212
212

－
－
－
－
－
1,978
1,978

－
－
－
－
－
151
151

－
－
－
－
－
2,435
2,435

65,629(6,793)
4,660
(0)
－
4,566
68,061

Balance at March 31, 2010

115,527

92,85789,356(1) 297,740(2,181)

279

－
－
－－－－－
5,999(424)

3,672

520

47,503

349,4376

Consolidated Statements of Cash Flows(Values of less than one million yen rounded off.)(Millions of yen)
Fiscal year ended March 31

Cash Flows2009

2010

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

税金等調整前当期純利益

23,53013,469Depreciation and Amortization

減価償却費

7,148

10,758

Impairment Loss

減損損失

-495

Loss (gain) on sales of property, plant and equipment

固定資産売却損益-(364)

Equity in (Earnings) Losses of Affiliates

持分法による投資損益6(6)Increase (Decrease) in Allowance for Doubtful Accounts

貸倒引当金の増減額

(22)

(13)

Increase (Decrease) in Provision for Retirement Benefits

退職給付引当金の増減額

1,381

1,161

Increase (Decrease) in Provision for Loss on Business Liquidation

事業整理損失引当金の増減額

(65)

(55)

Increase (Decrease) in Provision for Loss on Subleasing Business

転貸事業損失引当金の増減額(1,078)126

Interest and Dividends Income

受取利息及び受取配当金

(200)

(180)

Interest Expenses

支払利息

9,602

13,529Decrease (Increase) in Notes and Accounts Receivable-trade

売上債権の増減額(21,332)

15,663

Decrease (Increase) in Inventories

たな卸資産の増減額(36,661)

19,780Decrease (Increase) in Equity Investments

営業エクイティ投資の増減額(16,203)(1,204)

Increase (Decrease) in Notes and Accounts Payable-trade

仕入債務の増減額

4,739(31,885)

Increase (Decrease) in Deposits Received

預り金の増減額(38,794)

22,983

Other, Net

その他(9,843)(12,756)

S ubtotal

小計(77,793)

51,498Interest and Dividends Income Received

利息及び配当金の受取額Interest Expenses Paid

利息の支払額Income Taxes Paid
Net Cash Provided by (used in) Operating Activities

173

162

(8,762)(13,155)

法人税等の支払額(21,649)(19,240)

営業活動によ る キ ャ ッシュ ・ フロ ー(108,030)

19,266(1,483)(1,771)-394

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

Purchase of Subsidiaries' Shares Resulting in Changes in Scope of Consolidation

連結の範囲の変更を伴う子会社株式の取得による支出(81,588)-

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(56,662)(26,796)

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

20

1,010

Payments of Loans Receivable

貸付けによる支出

(20)

(3)

Collection of Loans Receivable

貸付金の回収による収入

2945

Payments for Lease and Guarantee Deposits

敷金及び保証金の差入による支出(1,004)(652)

Proceeds from Collection of Lease and Guarantee Deposits

敷金及び保証金の回収による収入

1,986

1,726

Repayments of Lease and Guarantee Deposits Received

受入敷金保証金の返還による支出(2,726)(3,100)

Proceeds from Lease and Guarantee Deposits Received

受入敷金保証金の受入による収入

3,944

4,527

Other, Net

その他(4,284)49

投資活動によ る キ ャ ッシュ ・ フロ ー(141,788)(24,571)

Net Increase (Decrease) in Short-term Loans Payable

短期借入金の純増減額

103,700(109,200)

Repayments of Finance Lease Obligations

ファイナンス・リース債務の返済による支出

Proceeds from Long-term Loans Payable

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

(21)

(86)

長期借入れによる収入

296,503147,300

Repayment of Long-term Loans Payable

長期借入金の返済による支出(97,042)(83,196)

Proceeds from Issuance of Corporate Bonds

社債の発行による収入-174

Redemption of Bonds

社債の償還による支出-(300)

Proceeds from Issuance of Common Stock

株式の発行による収入

065,250Proceeds from Stock Issuance to M inority Shareholders

少数株主からの払込みによる収入

00

Purchase of Treasury Stock

自己株式の取得による支出

(0)

(0)

Cash Divedends Paid

配当金の支払額(5,226)(6,793)

Cash Dividends Paid to M inority Shareholders

少数株主への配当金の支払額(2,404)(50)

Net Cash Provided by (Used in) Financing Activities

財務活動によ る キ ャ ッシュ ・ フロ ー

295,507

13,098

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

現金及び現金同等物の増減額

45,687

7,793

Ⅴ. Cash and Cash Equivalents at Beginning of Period

現金及び現金同等物の期首残高

31,51078,473

Ⅵ. Increase (decrease) in Cash and Cash Equivalents Resulting from Changeof S cope of Consolidation

連結の範囲の変更に伴う 現金およ び現金同等物の増減額

1,2753,068

Ⅶ. Cash and Cash Equivalents at End of Period

現金及び現金同等物の期末残高

78,47389,3347