July 28, 2011

For the Three Months from April 1 to June 30, 2011

Outline of Consolidated Financial Statements
Name of company listed :Code number :Shares traded :URL :Representative :IR contact :Scheduled submitting date of annual securities report :Nomura Real Estate Holdings, Inc.
3231
T SE (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
August 12, 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 three months from April 1 to June 30, 2011

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

O perating revenue
First three months%

Millions of y en

O perating income%

Millions of y en

O rdinary income
Millions of y en

Net income%Millions of y en%

FY 201173,351

25.4

10,004

122.3

6,240

752.4

3,041

―FY 2010

58,482(43.5)

4,500(73.8)

732(94.6)(593)―(Reference) Comprehensive Income ; From April 1 to June 30, 2011 ¥3,371 million (-%), From April 1 to June 30, 2010 ¥(2,235) million (-%)

Ne t income per share

Net income per share after
adjusting for dilution

First three months

yenyenFY 2011

15.97

15.95

FY 2010(3.12)―(2) Consolidated financial status
Total assets

Net assets

Total shareholders'equity ratioMillions of yen

Millions of yen%Jun. 30, 2011

1,418,154

358,353

21.5

Mar. 31, 2011

1,474,331

357,365

20.7(Reference) Equity : At June 30, 2011 ¥ 304,828 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 endyen

FY endedMar. 31, 2011

―

12.50

FY endingMar. 31, 2012―***

FY endingMar. 31, 2012
(Forecast)

***

12.50

―

***

―

Annualyenyen

12.50

25.00

***

***

12.50

25.00

(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

Operating income

Ordinary income

Net income

Net income per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%yen

Six months ending
Sept. 30, 2011

150,000

1.6

15,000

45.9

6,500

145.4

2,000－10.50

FY endingMar. 31, 2012

390,000(18.9)

44,000

4.6

28,000

7.1

13,000

137.6

68.28

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

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 statements
This information should be described in “Significant changes for presenting the quarterly consolidated financial statements”.
a)Changes in accounting principles: Noneb)

Other changes: Nonec)

Changes in accounting estimates: Noned)

Retrospective restatement: None

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

Average number of shares
during the term

At March 31
2011

190,387,900

190,387,000

924

924

From April 1 to June 30

From April 1 to June 30

2011

2010
190,386,441

190,330,360

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 causethe 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

583,614

現金及び預金受取手形及び売掛金

52,067
14,27030,8659,138

有価証券
販売用不動産30,000210,565

194,386

仕掛販売用不動産
開発用不動産営業エクイティ投資

122,780
99,75960,948145,178
96,26860,963

繰延税金資産その他

21,19725,42318,89828,001

1 Cash and Deposits
2 Notes and Accounts Receivable-trade
3 Short-term Investment Securities
4 Real Estate for Sale5 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

貸倒引当金

March 31, 2011

June 30, 2011

-(88)

(87)

固定資産

837,406

834,539有形固定資産建物及び構築物(純額)
土地732,573
237,812483,928

729,940235,143
483,930

その他(純額)
無形固定資産10,832
10,068

10,8669,980

投資その他の資産投資有価証券

94,764
43,14094,61841,440

敷金及び保証金
繰延税金資産その他

23,791
23,601
4,250

24,542
24,503
4,153

貸倒引当金

(19)

(21)

1,474,331

1,418,154

Total Assets

資産合計

Liabilities

負債

Current Liabilities :流動負債

311,109259,867

支払手形及び買掛金
短期借入金

43,081
160,896

18,567
154,588

コマーシャル・ペーパー
未払法人税等
預り金

20,00010,09929,28820,000
1,838
16,673

繰延税金負債
賞与引当金

－
4,134

8
2,161

175
113

53
104

災害損失引当金
その他

2,607
40,712

2,195
43,676

固定負債

805,855799,933

社債
長期借入金

33,000603,01333,000598,523

受入敷金保証金繰延税金負債

55,35983,64054,67083,416

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

5,033
15,8492,002

5,048
15,774
1,563

1 Notes and Accounts Payable-trade
2 Short-term Loans Payable
3 Commercial Papers
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 OtherNoncurrent 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

役員賞与引当金
事業整理損失引当金

その他

7,956

7,936
1,059,800

株主資本299,973

300,636

資本金

115,574

115,575

資本剰余金
利益剰余金

92,90391,497

92,904
92,158

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

June 30, 2011

1,116,965

Total Liabilities

Other Comprehensive Income:March 31, 2011

自己株式

(2)

(2)

その他の包括利益累計額

4,562

4,191

その他有価証券評価差額金(1,076)(1,438)

繰越ヘッジ損益
土地再評価差額金

354
5,961

359
5,947
(677)

為替換算調整勘定(677)

S ubscription Rights to S hares:

新株予約権

646

665

Minority Interests:

少数株主持分

52,18352,859Total Net Assets

純資産合計

Total Liabilities and Net Assets

負債・純資産合計

3357,365

358,353

1,474,331

1,418,154

Consolidated Statements of Income(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to June 30
2010

2011

AmountAmountⅠ Operating Revenue

営業収益58,48273,351Ⅱ Operating Cost

営業原価40,79049,528

営業総利益

17,691

23,823

販売費及び一般管理費

13,19013,819Operating Income

営業利益

4,500

10,004

Ⅳ Non-operating Income

営業外収益

139

115

受取利息
受取配当金
持分法による投資利益
その他

17171687

1822568

営業外費用

3,908

3,879

支払利息
その他

3,569
338

3,558
320

Ordinary Income

経常利益

732

6,240

Ⅵ Extraordinary Income

特別利益

65‐

固定資産売却益

65‐

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‐

Operating Gross Profit

Ⅲ S elling, General and Administrative Expenses

123
4Interest IncomeDividends Income
Equity in Earnings of Affiliates
OtherⅤ Non-Operating Expenses
121Interest Expenses
Other

Gain on Sales of Noncurrent Assets

Ⅶ Extraordinary Losses
1Loss on adjustment for changes of accounting standard for asset retirement obligations

税金等調整前四半期純利益

114

6,240

Income Taxes-current
Income Taxes-deferred
Total Income Taxes

法人税,住民税及び事業税
法人税等調整額
法人税等合計

1,358(1,046)
311

1,808
689
2,498

Income (loss) before M inority Interests

少数株主損益調整前四半期純利益又は少数株主損益調整前四半期純損失(197)3,742

M inority Interests in Income

少数株主利益396

700

四半期純利益又は四半期純損失

(593)

3,041

Income before Income Taxes and Minority Interests

Net Income (loss)

4

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

Income (Loss) before Minority Interests

少数株主損益調整前四半期純利益又は少数株主損益調整前四半期純損失

Other Comprehensive Income

2010

2011

AmountAmount

(197)

3,742

その他の包括利益(2,037)(370)

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(2,218)181‐(361)
5(14)Comprehensive Income

四半期包括利益(2,235)

3,371(break down)(内訳）(2,630)
395

2,670
701

123

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

Depreciation and Amortization

減価償却費

Equity in (Earnings) Losses of Affiliates

114

6,240

2,908

3,394

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(13)0Increase (Decrease) in Provision for Retirement Benefits

退職給付引当金の増減額

(15)

(74)

Increase (Decrease) in Provision for Loss on Business Liquidation

事業整理損失引当金の増減額

(11)

(9)

Increase (Decrease) in Provision for Loss on Subleasing Business

転貸事業損失引当金の増減額

(162)

(438)

Increase (Decrease) in Provision for Loss on Disaster

災害損失引当金の増減額‐(411)

Interest and Dividends Income

受取利息及び受取配当金

(35)

(40)

Interest Expenses

支払利息

3,569

3,558

Decrease (Increase) in Notes and Accounts Receivable-trade

売上債権の増減額

7,401

5,132

Decrease (Increase) in Inventories

たな卸資産の増減額(38,611)(3,150)Decrease (Increase) in Equity Investments

営業エクイティ投資の増減額(1,106)(15)

Increase (Decrease) in Notes and Accounts Payable-trade

仕入債務の増減額(19,856)(24,513)

Increase (Decrease) in Deposits Received

預り金の増減額(36,198)(12,614)

Other, Net

その他

3,697

466

S ubtotal小計(78,336)(22,482)

Interest 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

法人税等の支払額(8,070)(9,600)

営業活動によ る キ ャ ッシュ ・ フロ ー(89,785)(35,244)(10)

Net Cash Provided by (used in) Operating Activities

43294(3,421)(3,456)

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(65)

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

65

56

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(8,413)(1,726)

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155‐

Collection of Loans Receivable

貸付金の回収による収入

7

6

Payments for Lease and Guarantee Deposits

敷金及び保証金の差入による支出

(223)

(117)

Proceeds from Collection of Lease and Guarantee Deposits

敷金及び保証金の回収による収入

372

341

Repayments of Lease and Guarantee Deposits Received

受入敷金保証金の返還による支出(862)(1,896)

Proceeds from Lease and Guarantee Deposits Received

受入敷金保証金の受入による収入

1,495

308

Other, Net

その他

(103)

315

投資活動によ る キ ャ ッシュ ・ フロ ー(7,573)(2,721)Net Increase (Decrease) in Short-term Loans Payable

短期借入金の純増減額

25,000(16,000)

Increase (Decrease) in Commercial Papers

コマーシャル・ペーパーの増減額

13,000‐

Repayments of Finance Lease Obligations

ファイナンス・リース債務の返済による支出

(24)

(32)

Proceeds from Long-term Loans Payable

長期借入れによる収入

20,25016,000

Repayment of Long-term Loans Payable

長期借入金の返済による支出(18,769)(10,798)

Redemption of Bonds

社債の償還による支出

(90)

‐

Proceeds from Issuance of Common Stock

株式の発行による収入00

Purchase of Treasury Stock

自己株式の取得による支出

Cash Dividends 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
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

38,389(13,236)

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

現金及び現金同等物の増減額(58,969)(51,202)

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

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

30,36530,8636