July 30, 2014

Outline of Consolidated Financial Statements
For the Three Months from April 1 to June 30, 2014
Name of company listed :Nomura Real Estate Holdings, Inc.

Shares traded :TSE (First section)

Code number :

3231

URL :

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

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:

August 14, 2014

Scheduled starting date for dividend payments :―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 basedon 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.)I.

Consolidated Operating Results for the Three Months from April 1 to June 30, 2014
(1) Consolidated business results(% indicates the rate of changes from previous fiscal year)

Operating revenue
First three months

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

FY2014

113,639(18.7)

13,169(37.1)

10,968(38.9)

6,018(40.8)FY2013

139,720

23.3

20,92823.4

17,95820.0

10,16423.8(Note) Comprehensive income:From April 1 to June 30, 2014 ¥8,491 million (20.0%) From April 1 to June 30, 2013 ¥7,076 million (down 9.9%)

Net income
per share

Net income per share after
adjusting for dilution

First three months

yen

yen

FY2014

31.52

31.43

FY2013

53.31

53.15

(2) Consolidated financial status
Total assets

Net assets

Shareholders' equity ratio

Millions of yen

Millions of yen%

Jun. 30, 2014

1,303,457

424,618

27.7

Mar. 31, 2014

1,313,887

418,697

27.1(Reference) Shareholders’ equity:

At June 30, 2014 ¥361,208 million

At March 31, 2014 ¥355,680 million

1II. Dividends
Dividend per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

yen

yen

yen

yen

yen

FY2013

―

15.00

―

20.00

35.00

FY2014

―
20.00

―

20.00

40.00

FY2014(Forecast)(Note) Revision of dividend forecasts during this quarter: NoneIII. Forecasts of Consolidated Operating Results for the Fiscal Year from April 1, 2014 to March 31, 2015(% indicates the rate of changes from previous fiscal year or term)

Operating revenue

FY2014

Operating income

Ordinary income

Net income pershare

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

yen

560,000

5.3

65,000(12.5)

55,000(14.1)

29,0008.0

151.90(Note) Revision of operating result forecasts during this quarter: None

* Notes(1) Significant changes to subsidiaries during the period (Changes in scope of consolidation of specified subsidiaries): None
(2) Adoption of specific accounting policies for quarterly consolidated financial statements:None(3) Changes in accounting policies, accounting estimates, and restatements
1)

Changes in accounting policies due to revision of accounting standards, etc.

: Yes

2)

Changes in accounting policies other than the above: None3)

Changes in accounting estimates: None4)

Restatements: None(Note) Please refer to the Appendix P.6 “2. Summary Information (Notes), (1) Changes in Accounting Policies, Accounting
Estimates, and Restatements” for more details.
(4) Number of shares issued (common stock)

Number of shares outstanding (including treasury stock)

At June 30

At March 31

2014

2014

190,924,400

190,906,800

1,206

1,206

Treasury shares

Average number of shares during the term

From April 1 to June 30

From April 1 to June 30

2014

2013

190,910,106

2

190,665,839

* Implementation status of quarterly auditing procedure
The financial summary and the accompanying materials including the consolidated financial statements are not subject to the quarterly
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 andestimates based on currently available information. Therefore, the Company has no intention to promise the accomplishment of theforecasts. 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.
(How to obtain fact sheets)
The fact sheets will be disclosed on TDnet on July 30, 2014 and will be uploaded on the Company's website.

3Appendix - Contents
1. Qualitative Information .................................................................................................................................................................................

2(1) Business Results ...............................................................................................................................................................................

2(2) Financial Position .............................................................................................................................................................................

6(3) Consolidated Operating Result Forecasts .....................................................................................................................................

6

2. Summary Information (Notes) ....................................................................................................................................................................

6(1) Changes in Accounting Policies, Accounting Estimates, and Restatements ...........................................................................

6

2. Quarterly Consolidated Financial Statements ............................................................................................................................................

7(1) Quarterly Consolidated Balance Sheets ........................................................................................................................................

7(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income........

9

Quarterly Consolidated Statements of Income
Three Months from April 1 to June 30, 2014 ..........................................................................................................................

9

Quarterly Consolidated Statements of Comprehensive Income
Three Months from April 1 to June 30, 2014 ..........................................................................................................................

10(3) Quarterly Consolidated Statement of Cash Flows ......................................................................................................................

11(4) Notes to Quarterly Consolidated Financial Statements ..............................................................................................................

13(Notes to Going Concern Assumptions) .......................................................................................................................................

13(Notes to Significant Changes in Shareholders’ Equity) ............................................................................................................

13(Segment Information) ....................................................................................................................................................................

131

1. Qualitative Information(1) Business Results
The Nomura Real Estate Group posted the following consolidated performance for the current first quarter: Operating revenue of
113,639 million yen, which represents a decrease of 26,081 million yen, or 18.7% from the previous first quarter; operating income of
13,169 million yen, a decrease of 7,758 million yen, or 37.1%; ordinary income of 10,968 million yen, a decrease of 6,989 million yen, or
38.9%; and net income of 6,018 million yen, a decrease of 4,146 million yen, or 40.8%.
An overview of segment achievements is given below.
Operating revenue for each segment includes internal sales and transfer amount among segments. Due to the rounding of fractions,
total figures may not match.
<Residential Development Business Segment>
Residential Development Business Segment reported the sale of 1,312 units (a decrease of 373 units from the previous first quarter),including PROUD Omiya (Omiya-ku, Saitama-shi, Saitama), PROUD Tokyo-hatchobori (Chuo-ku, Tokyo), OHANA
Hiratsuka-sodegahama (Hiratsuka-shi, Kanagawa), PROUD Senriyamada Front (Suita-shi, Osaka) for condominiums, and PROUDSEASON Tanashi-hoyacho (Nishitokyo-shi, Tokyo) for detached houses.
Housing sales have remained strong, and the number of contracted unrecorded housing units as of the end of the current first quarter
totaled 6,148 units (an increase of 730 units over the end of the previous first quarter).
As a result, operating revenue in this segment totaled 67,042 million yen, which represents a decrease of 23,982 million yen, or 26.3%
from the previous first quarter, and operating income was 6,468 million yen, a decrease of 4,629 million yen, or 41.7%. This was due
mainly to the fact that the large-scale condominium PROUD TOWER Shinonome Canal Court was recorded in sales in the previous firstquarter.
Number of units, sales, and outstanding contract amount sold for the joint-venture are calculated based on the Group’s allotments.
Breakdown of operating revenue
FY2013 1Q
Sales volume, etc.

Operating revenue

Sales volume, etc.

(Millions of yen)

Housing

Tokyo

sales

metropolitan area

FY2013

FY2014 1Q
Operating revenue

Sales volume, etc.

(Millions of yen)

Operating revenue(Millions of yen)

1,585 units

83,529993 units

51,983

4,723 units

236,853

Kansai area

1 unit60

179 units

7,334

930 units

35,143

Other

98 units

4,386

139 units

5,623

555 units

23,925

1,685 units

87,976

1,312 units

64,9406,209 units

295,923(149 units)(8,565)(162 units)(8,155)(718 units)(37,748)

Subtotal(Of which, numberof detached housing)

Other
Total

3,048

2,101

14,65691,02467,042

310,579

Housing sales Period-end completed housing inventories
As of June 30, 2013
Tokyo metropolitan area

As of June 30, 2014

As of March 31, 2014

44 units

79 units

31 units

Kansai area

-

-

-

Other

-

-

-

Total

44 units

79 units

31 units(Of which, number of detached housing)(3 units)(8 units)(5 units)2

Housing sales Contracted unrecorded housing units
As of June 30, 2013

As of June 30, 2014

Outstanding
Number of units

As of March 31, 2014

Outstanding

contract amount

Number of units

contract amount(Millions of yen)

Outstanding
Number of units(Millions of yen)contract amount(Millions of yen)

Tokyo metropolitan area

3,858 units

197,706

5,022 units

264,092

4,995 units

270,318

Kansai area

1,033 units

39,036700 units

24,719697 units

25,429Other

527 units

21,572425 units

18,506495 units

20,896

Total

5,418 units

258,315

6,148 units

307,318

6,189 units

316,643(Of which, number of detached housing)(128 units)(6,291)(146 units)(8,351)(185 units)(9,431)<Leasing Business Segment >We enhanced business activities and operations to meet tenant needs and maximize satisfaction in the leasing business sector. We also
promoted business in the property development sector with an emphasis on the sale of properties in the office building, retail and logistics
business sectors.
As a result, operating revenue in this segment totaled 21,949 million yen, which represents a decrease of 423 million yen, or 1.9% fromthe previous first quarter, and operating income totaled 5,928 million yen, a decrease of 1,306 million yen, or 18.1%. This was due mainly
to the vacancy caused by a partial moving of a tenant from the Hamamatsucho Building (Mianto-ku, Tokyo) to the LAZONA Kawasaki
Toshiba Building (Saiwai-ku, Kawasaki-shi, Kanagawa), which started operation in the third quarter of the previous fiscal year.
Breakdown of operating revenue
FY2013 1Q

FY2014 1Q

FY2013(Millions of yen)

(Millions of yen)

(Millions of yen)

Leasing (offices)

11,541

11,311

48,131

Leasing (retail facilities)

2,561

2,649

10,544

Leasing (other)

1,278

1,395

5,151

Property development

1,463

555

22,654

Other

5,528

6,038

10,42922,373

21,94996,912

Total
Rentable floor area

As of June 30, 2013
Offices
Retail facilities
Total

As of June 30, 2014

As of March 31, 2014

739,900 ㎡

756,270 ㎡

748,596 ㎡

106,877 ㎡

106,601 ㎡

106,601 ㎡

846,778 ㎡

862,871 ㎡

855,197 ㎡

Vacancy rate (offices and retail facilities)
As of June 30, 2013

As of June 30, 2014
2.9%

As of March 31, 2014
4.4%

3

2.9%

<Investment Management Business Segment>
In the Investment Management Business, we focused on stable management of each of funds operated by the Nomura Real EstateGroup.
As a result, operating revenue in this segment totaled 2,281 million yen, which represents a decrease of 891 million yen, or 28.1% fromthe previous first quarter, and operating income totaled 1,187 million yen, a decrease of 804 million yen, or 40.4%. This was due mainly
to the recording of asset acquisition fee paid by Nomura Real Estate Master Fund, Inc. in the previous first quarter.
FY2013 1Q

FY2014 1Q

FY2013(Millions of yen)

(Millions of yen)

(Millions of yen)

Operating revenue

3,173

2,281

18,326

Asset under management
As of June 30, 2013

As of June 30, 2014

As of March 31, 2014

(Millions of yen)

(Millions of yen)

(Millions of yen)

REITs

802,429

949,175

941,385

Private funds, etc.

226,463

164,935

190,861

1,028,893

1,114,110

1,132,246

Total<Property Brokerage & CRE Business Segment>

In wholesale operations, we focused on providing appropriate solutions designed to meet the needs of effective utilization of corporate
real estate owned by companies, and on implementing business activities to ensure a prompt response to changes in customer needs.
In retail operations, we worked on enhancing the Internet portal site “nomu.com.” and expanding our service brand “Nomura no
Chukai+ (Plus).” We opened a new branch store, Kitasenju Center (Adachi-ku, Tokyo) in April 2014.
As a result, operating revenue in this segment totaled 6,021 million yen, which represents a decrease of 306 million yen, or 4.9% fromthe previous first quarter, operating income totaled 1,041 million yen, a decrease of 558 million yen, or 34.9%. This was due mainly to adecrease in the number of transactions.
Breakdown of operating revenue
FY2013 1Q

FY2014 1Q

FY2013(Millions of yen)

(Millions of yen)

(Millions of yen)

Property brokerage

5,186

4,992

24,520

Other

1,141

1,029

4,647

6,328

6,021

29,168

Total

Number of transactions and total transaction value of property brokerage
FY2013 1Q
Number of transactions
Total transaction value (Millions of yen)

FY2014 1Q

FY2013

1,852

1,606

7,437

125,962

124,607672,7744

<Property & Facility Management Business Segment>
In the property & facility management sector, we expanded our stock of properties under management and improved our service
offerings to further enhance customer satisfaction. In the construction ordered sector, we worked on increasing orders for construction at
the properties under management through provision of the proposals that lead to maintenance and enhancement in the value of those
properties.
As a result, operating revenue in this segment totaled 15,137 million yen, which represents an increase of 624 million yen, or 4.3%
from the previous first quarter, and operating income totaled 610 million yen, a decrease of 55 million yen, or 8.4%.
Due to the merger of Nomura Building Management Co., Ltd. and Nomura Living Support Co., Ltd. on April 1, 2014, the breakdownof operating revenue for the Property & Facility Management Business segment has been changed from "Building management" and"Housing management" to "Property & facility management" and "Construction ordered" since the current first quarter. In line with thischange, the figures for the first quarter and full-year results of the previous fiscal year are classified under the new classification.
Breakdown of operating revenue
FY2013 1Q

FY2014 1Q

FY2013(Millions of yen)

(Millions of yen)

(Millions of yen)

Property & facility management

12,311

12,39350,976

Construction ordered

2,201

2,743

21,173

Total

14,512

15,137

72,150

As of June 30, 2013

As of June 30, 2014

Number of properties under management
Buildings under management
Condominiums under management (unit)

As of March 31, 2014

724

715

703

139,325

149,082

147,516<Other Business Segment>
In the fitness club business operations, we implemented various campaigns and events to recruit new members and improve customer
satisfaction. In addition, we newly opened Dayos24 Unoki-ekimae (Ota-ku, Tokyo) in June 2014.
As a result, operating revenue in this segment totaled 3,787 million yen, which represents a decrease of 798 million yen, or 17.4% fromthe previous first quarter, and operating loss totaled 145 million yen (the previous first quarter was operating income of 157 million yen).
This was due mainly to a decrease in the sale of assets owned by a sector other than the fitness club business.

Operating revenue

FY2013 1Q

FY2014 1Q

FY2013(Millions of yen)

(Millions of yen)

(Millions of yen)

4,586

5

3,787

18,640(2) Financial Position
As of March 31, 2014

As of June 30, 2014

Changes

Changes(Millions of yen)

(Millions of yen)

(Millions of yen)(%)

Total assets

1,313,887

1,303,457(10,429)(0.8)

Total liabilities

895,190878,839(16,351)(1.8)

Net assets

418,697424,618

5,921

1.4

Shareholders' equity ratio

27.1%

27.7%

-

-

Total assets totaled 1,303,457 million yen, a decrease of 10,429 yen from the end of the previous fiscal year. This was mostly due to adecrease in short-term investment securities (a decrease of 22,500 million yen).
Total liabilities totaled 878,839 million yen, a decrease of 16,351 million yen from the end of the previous fiscal year. This was due
mainly to a decrease in notes and accounts payable-trade (a decrease of 6,617 million yen) and income taxes payable (a decrease of 5,967
million yen).
Net assets totaled 424,618 million yen, an increase of 5,921 million yen from the end of the previous fiscal year. This was due mainly
to an increase in retained earnings of 3,771 million yen.
The shareholders' equity ratio was 27.7%, an increase of 0.6 percentage points from the end of the previous fiscal year.
(Cash Flows)
Cash and cash equivalents as of the end of the current first quarter totaled 36,317 million yen, decreased by 31,665 million yen fromthe previous fiscal year.
Net cash provided by (used in) operating activities in the current first quarter amounted to 30,675 million yen, a decrease of 41,935
million yen from the previous first quarter. This was due mainly to an increase in inventories.
Net cash provided by (used in) investment activities in the current first quarter amounted to 6,693 million yen, an increase of 15,777
million yen from the previous first quarter. This mainly reflected the purchase of property, plant and equipment and intangible assets.
Net cash provided by (used in) financing activities in the current first quarter amounted to 5,703 million yen, an increase of 20,082
million yen from the previous first quarter. This was mainly due to an increase in short-term loans payable.

(3) Consolidated Operating Result Forecasts
There is no change in the consolidated operating result forecasts announced on April 30, 2014.

2. Summary Information (Notes)(1) Changes in Accounting Policies, Accounting Estimates, and Restatements
Changes in Accounting Policies(Adoption of Accounting Standards for Retirement Benefits)
The Group has applied the “Accounting Standards for Retirement Benefits” (Accounting Standards Board of Japan (ASBJ) Statement
No.26 issued May, 17 2012; hereinafter “Retirement Benefits Accounting Standards”) and “Guidance on Accounting Standards for
Retirement Benefits” (ASBJ Guidance No.25 issued May, 17 2012; hereinafter “Guidance”) from the first quarter of the consolidated
accounting period under review. In accordance with the provisions stipulated in the main clause of Article 35 of the Retirement Benefits
Accounting Standards and in the main clause of Article 67 of the Guidance, the Group reviewed the method of calculation for retirement
benefit liabilities and service costs, and changed the method of attributing expected amount of retirement benefits to accounting periods
from a straight-line attribution standard to a benefit formula, and changed the method of calculating discount rate from the use of the
expected average remaining service years for employees to use of a single weighted average discount rate .
Adoption of the accounting standards for retirement benefits and Guidance is subject to the transitional treatment stipulated by Article
37 of the Retirement Benefits Accounting Standards, and the amount of financial impact at the beginning of the first quarter of theconsolidated accounting period under review as a result of the adoption of the new calculation method for retirement benefit liabilities andservice costs is added to/ removed from retained earnings.
As a result, retirement benefit liabilities at the beginning of the current first quarter decreased by 2,445 million yen and retained
earnings increased by 1,571 million yen. Consequently, operating income, ordinary income, and net income in the cumulative first quarter
ending June 30, 2014 each increased by 32 million yen.

6

3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
FY2013

FY2014 1Q(As of March 31, 2014)(As of June 30, 2014)

流動資産合計496,978

488,979

現金及び預金受取手形及び売掛金
有価証券
販売用不動産
仕掛販売用不動産
開発用不動産営業エクイティ投資
繰延税金資産その他
貸倒引当金

45,484
14,77022,50045,047
217,838
85,974
7,128
7,384
51,025(177)

36,31910,26050,106
212,419
117,188
6,522
5,674
50,541(53)

固定資産合計816,909814,478

有形固定資産合計

716,093712,625

建物及び構築物(純額)
土地
その他(純額)242,176
467,6106,306

239,015467,312
6,297

Assets

資産の部

Current Assets:
Cash and Deposits
Notes and Accounts Receivable-trade
Short-term Investment Securities
Real Estate for Sale
Real Estate for Sale in Process
Land Held for Development
Equity Investments
Deferred Tax Assets
Other
Allowance for Doubtful Accounts
Noncurrent Assets:
Property, Plant and Equipment
Buildings and Structures, Net

Land
Other, Net
Intangible Assets

無形固定資産合計

9,382

9,448

Investments and Other Assets

投資その他の資産合計

91,43392,405

投資有価証券
敷金及び保証金
繰延税金資産その他
貸倒引当金

47,63019,223
21,8602,720(1)50,731
19,077
19,7592,838(1)1,313,887

1,303,457

Investment Securities
Lease and Guarantee Deposits
Deferred Tax Assets
Other
Allowance for Doubtful Accounts
Total Assets

資産合計

7

(Millions of yen)
Liabilities

負債の部

Current Liabilities :FY2013

FY2014 1Q(As of March 31, 2014)(As of June 30, 2014)
294,883

流動負債合計288,094

Notes and Accounts Payable-trade
Short-term Loans Payable

支払手形及び買掛金

37,62931,011

短期借入金

152,683

177,616

Commercial Papers

コマーシャル・ペーパー

Current Portion of Bonds

1年内償還予定の社債

10,0005,000
10,000

Income Taxes Payable
Deposits Received

未払法人税等
預り金

8,091
9,175

2,123
13,768Deferred Tax Liabilities

繰延税金負債148

362

Provision for Bonuses

賞与引当金

6,087

3,127

Provision for Directors' Bonuses

役員賞与引当金

586

148

Provision for Loss on Business Liquidation

事業整理損失引当金

112

105

Other

その他

63,58051,619583,956

固定負債合計607,095

Bonds Payable

社債

23,00023,000Long-term Loans Payable

長期借入金

431,900

411,900

Lease and Guarantee Deposits Received
Deferred Tax Liabilities

受入敷金保証金繰延税金負債

57,12467,421

56,58967,494

Deferred Tax Liabilities for Land Revaluation

再評価に係る繰延税金負債

4,537

4,537

Provision for Loss on Subleasing Business
Net Defined Benefit Liability

転貸事業損失引当金
退職給付に係る負債

473
14,901454
12,265

Other

Noncurrent Liabilities :

その他

7,737

7,714

Total Liabilities

負債合計

895,190878,839Net Assets

純資産の部

S hareholders' Equity:

株主資本合計348,347

352,149

Capital Stock

資本金116,024

116,039

Capital Surplus
Retained Earnings

資本剰余金
利益剰余金

93,353
138,971

93,369142,743

Treasury Shares

自己株式

(2)

(2)

その他の包括利益累計額合計

7,333

9,059

Valuation Difference on Available-for-sale Securities

その他有価証券評価差額金

(689)

925

Deferred Gains or Losses on Hedges

繰延ヘッジ損益25

49

Revaluation Reserve for Land

土地再評価差額金

7,224

7,224

Foreign Currency Translation Adjustment
Remeasurements of Defined Benefit Plans

為替換算調整勘定
退職給付に係る調整累計額

32
742

32
827

Other Comprehensive Income:S ubscription Rights to S hares:

新株予約権

1,273

1,295

Minority Interests:

少数株主持分

61,742

62,114

Total Net Assets

純資産合計

Total Liabilities and Net Assets

負債・純資産合計

8

418,697424,618

1,313,887

1,303,457

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income)(Three Months from April 1 to June 30, 2014)(Millions of yen)
FY2013 1Q

FY2014 1Q(From April 1 toJune 30, 2013)(From April 1 toJune 30, 2014)

Operating Revenue

営業収益139,720

113,639

Operating Cost

営業原価

98,10079,729Operating Gross Profit

営業総利益41,62033,909S elling, General and Administrative Expenses

販売費及び一般管理費

20,691

20,739Operating Income

営業利益20,928

13,169Non-operating Income

営業外収益合計

280

248

受取利息
受取配当金
持分法による投資利益
その他

21
123
9
126

18
35
17
176

営業外費用合計

3,250

2,449

支払利息
その他

2,691
559

2,341
107

Ordinary Income

経常利益17,958

10,968Extraordinary Income

特別利益合計494

206

固定資産売却益494

206

特別損失合計

244

-

減損損失

244

Interest Income
Dividends Income
Equity in Earnings of Affiliates
Other
Non-Operating Expenses

Interest Expenses
Other

Gain on Sales of Noncurrent Assets
Extraordinary Losses

Impairment Loss-

Income before Income Taxes and Minority Interests

税金等調整前四半期純利益

18,208

11,174

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

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

5,708
1,329
7,037
11,170
1,006

2,152
2,255
4,408
6,766
748

Net Income

四半期純利益10,1646,018

9

(Quarterly Consolidated Statements of Comprehensive Income)(Three Months from April 1 to June 30, 2014)(Millions of yen)
FY2013 1Q

FY2014 1Q(From April 1 toJune 30, 2013)(From April 1 toJune 30, 2014)

Net income before Minority Interests

少数株主損益調整前司半期純利益

11,170

6,766

Other Comprehensive Income

その他の包括利益合計(4,093)1,725

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
退職給付に係る調整額(4,027)
(66)
(0)
-

1,615
24
(0)
85

Comprehensive Income

四半期包括利益

7,076

8,491

(Breakdown)（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

6,072
1,004

7,744
747

Valuation Difference on Available-for-sale Securities
Deferred Gains or Losses on Hedges
Revaluation Reserve for Land
Remeasurements of defined benefit plans, net of tax

Comprehensive Income Attributable to Owners of the Parent
Comprehensive Income Attributable to M inority Interests10(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)
FY2013 1Q

FY2014 1Q(From April 1 toJune 30, 2013)(From April 1 toJune 30, 2014)

Cash Flows from Operating Activities
Income before Income Taxes and M inority Interests

税金等調整前四半期純利益

18,208

11,174

Depreciation and Amortization

減価償却費

3,483

3,757

Equity in (Earnings) Losses of Affiliates

持分法による投資損益

(9)

(17)

Increase (Decrease) in Allowance for Doubtful Accounts

貸倒引当金の増減額

1

(123)

Increase (Decrease) in Provision for Retirement Benefits

退職給付引当金の増減額

159-

Increase (Decrease) in Provision for Loss on Business Liquidation

事業整理損失引当金の増減額

(9)

(7)

Increase (Decrease) in Provision for Loss on Subleasing Business

転貸事業損失引当金の増減額

(110)

(18)

Increase (Decrease) in Net Defined Benefit Liability

退職給付に係る負債の増減額

-

(57)

Interest and Dividends Income

受取利息及び受取配当金

(144)

(53)

Interest Expenses

支払利息

2,691

2,341

Decrease (Increase) in Notes and Accounts Receivable-trade

売上債権の増減額

2,887

4,510

Decrease (Increase) in Inventories

たな卸資産の増減額

14,888(30,938)

Decrease (Increase) in Equity Investments

営業エクイティ投資の増減額

(103)

606

Increase (Decrease) in Notes and Accounts Payable-trade

仕入債務の増減額(11,048)(6,617)

Increase (Decrease) in Deposits Received

預り金の増減額(5,988)

4,592

Other, Net

その他(4,944)(9,900)S ubtotal

小計

19,962(20,752)

Interest and Dividends Income Received

利息及び配当金の受取額

1,253

528

Interest Expenses Paid

利息の支払額(2,828)(2,339)

Income Taxes Paid

法人税等の支払額(7,127)(8,113)

Net Cash Provided by (used in) Operating Activities

営業活動によ る キ ャ ッシュ ・ フロ ー

11,259(30,675)

Purchase of Investment Securities

投資有価証券の取得による支出(8,758)(573)

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

101

549

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(15,040)(7,118)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

1,305

904

Collection of Loans Receivable

貸付金の回収による収入

Payments for Lease and Guarantee Deposits

敷金及び保証金の差入による支出

Proceeds from Collection of Lease and Guarantee Deposits

敷金及び保証金の回収による収入

419

341

Repayments of Lease and Guarantee Deposits Received

受入敷金保証金の返還による支出(1,014)(1,318)Proceeds from Lease and Guarantee Deposits Received

受入敷金保証金の受入による収入

280

769

Other, Net

その他

339

(73)

Net Cash Provided by (Used in) Investment Activities

投資活動によ る キ ャ ッシュ ・ フロ ー

(22,470)(6,693)

Cash Flows from Investing Activities

11

4

-

(107)

(174)

(Millions of yen)
FY2013 1Q

FY2014 1Q(From April 1 toJune 30, 2013)(From April 1 toJune 30, 2014)

Cash Flows from Financing Activities
Net Increase (Decrease) in Short-term Loans Payable

短期借入金の純増減額

Increase (Decrease) in Commercial Papers

コマーシャル・ペーパーの増減額

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

長期借入れによる収入

Repayment of Long-term Loans Payable

長期借入金の返済による支出

Proceeds from Issuance of Common Stock
Proceeds from Stock Issuance to M inority Shareholders
Cash Dividends Paid

配当金の支払額

21,85023,500

-

5,000

(49)

(40)

8,000

8,000

(41,463)(26,567)

株式の発行による収入151

6

少数株主からの払込みによる収入

11-(2,858)(3,818)Cash Dividends Paid to M inority Shareholders

少数株主への配当金の支払額

(19)

(376)

Net Cash Provided by (Used in) Financing Activities

財務活動によ る キ ャ ッシュ ・ フロ ー

(14,378)

5,703

Net Increase (Decrease) in Cash and Cash Equivalents

現金及び現金同等物の増減額(25,589)(31,665)

Cash and Cash Equivalents at Beginning of Period

現金及び現金同等物の期首残高

62,496

67,982

Cash and Cash Equivalents at End of Period

現金及び現金同等物の四半期末残高

36,90736,31712

(4) Notes to Quarterly Consolidated Financial Statements(Notes to Going Concern Assumptions)Not applicable.
(Notes to Significant Changes in Shareholders’ Equity)
Not applicable.
(Segment Information)
Segment information
I FY2013 1Q (Three months from April 1 to June 30, 2013)
1. Information regarding revenue, and income or loss by reportable segments(Millions of yen)AmountReportable segments

recorded in
Property
Residential

Other

Property &Leasing
Development

Quarterly

Adjustments
Total

Investment
Brokerage &Facility

CRE

Management(Note) 1

Subtotal

Consolidated(Note) 2

Statements ofManagement

Income(Note) 3

Operating revenue
External customers

90,876

21,930

3,172

5,790

13,364135,134

4,585

139,720-

139,720

Inter-segment

147

442

0

537

1,147

2,276

0

2,277

(2,277)-

Subtotal

91,024

22,373

3,173

6,328

14,512

137,411

4,586

141,998(2,277)

139,720

Segment income

11,098

7,234

1,991

1,600

666

22,590157

22,748(1,820)20,928(Notes) 1. The “Other” category, which represents operating segments that are not included in reportable segments, includes fitness cluband other businesses.
2. The deduction of 1,820 million yen shown in the adjustments column for segment income includes an addition of 201 million
yen for the elimination of inter-segment transactions and a deduction of 2,021 million yen for corporate expenses not allocated toreportable segments. These corporate expenses mainly consist of general and administrative expenses not attributable toreportable segments.
3. The segment income is reconciled to the operating income stated in the Quarterly Consolidated Statements of Income.
2. Impairment loss on noncurrent assets or goodwill by reportable segments(Significant impairment loss on noncurrent assets)(Millions of yen)
Residential

Investment
Leasing

Development

Impairment loss-

Management

244

-

13

Property

Property &Brokerage &Facility

CRE

Management

-

Total

-

244

II FY2014 1Q (Three months from April 1 to June 30, 2014)
1. Information regarding revenue, and income or loss by reportable segments(Millions of yen)AmountReportable segments

recorded in
Property
Residential

Other

Property &Adjustments
Total

Investment
Leasing

Development

Brokerage &Facility

CRE

Management

Subtotal(Note) 1

Quarterly
Consolidated(Note) 2

Statements ofManagement

Income(Note) 3

Operating revenue
External customers

66,84021,427

2,281

5,383

13,920109,852

3,786

113,639-

113,639

Inter-segment

201

521

0

637

1,217

2,578

1

2,580

(2,580)-Subtotal

67,042

21,949

2,281

6,021

15,137

112,4313,787

116,219(2,580)113,639

6,468

5,928

1,187

1,041

610

15,235(145)

15,090(1,920)13,169Segment income orloss(Notes) 1. The “Other” category, which represents operating segments that are not included in reportable segments, includes fitness cluband other businesses.
2. The deduction of 1,920 million yen shown in the adjustments column for segment income includes an addition of 13 million yen
for the elimination of inter-segment transactions and a deduction of 1,934 million yen for corporate expenses not allocated toreportable segments. These corporate expenses mainly consist of general and administrative expenses not attributable toreportable segments.
3. The segment income or loss is reconciled to the operating income stated in the Quarterly Consolidated Statements of Income.
2. Impairment loss on noncurrent assets or goodwill by reportable segments
Not applicable.

14