October 29, 2009

For the Six Months from April 1 to September 30, 2009

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
Masaomi Katayama, General Manager of Corporate
Communications & Investor Relations Dept.
info@nomura-re-hd.com
NoDecember, 2, 2009
November 13, 2009

Adoption of U.S. accounting standards :Scheduled starting date for dividend payments :Scheduled submitting date of the second quarter 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 six months from April 1 to September 30, 2009

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

Operating revenue

Operating income

Ordinary income

Net income

First six months

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

FY 2009

182,926

21.5

23,031

22.9

15,948

10.5

7,644

(14.2)FY 2008

150,501―

18,746―

14,427

―

8,910

―

Net income per share

Net income per share after
adjusting for dilution

yenyenFY 2009

44.31

44.22

FY 2008

59.67

59.63

First six months%(2) Consolidated financial status

Total assets

Net assets

Total shareholders’equity ratio

Net assets per share

Millions of yen

Millions of yen%yen

Sep. 30, 2009

1,361,944

352,64622.5

1,606.98

Mar. 31, 2009

1,385,531

281,375

17.0

1,579.56(Reference) Total shareholders’ equity:

At September 30, 2009 ¥ 305,833 million, At March 31, 2009 ¥ 235,939 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, 2009

―

20.00

―

FY endingMar. 31, 2010

―

20.00

***

FY endingMar. 31, 2010
(Forecast)

***

***

Annualyenyen

20.00

40.00

***

***20.00―40.00(Note) Revision of cash dividends forecasts during this quarter: None3.

Forecasts of consolidated operating results for the fiscal year from April 1,2009 to March 31, 2010(% indicates the rate of changes from previous fiscal year or term)
Operating revenue
Millions of yen

FY endingMar. 31, 2010

440,000

Operating income% Millions of yen(1.9)

38,000Ordinary income% Millions of yen

11.7

23,000Net income% Millions of yen(3.0)

10,000Net income per share%yen(27.4)

55.13(Note) Revision of operating results forecasts during this quarter: Yes4.

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: Yesb)Other changes: None

(4) Number of shares issued (common stock)
At September 30
2009
Number of shares outstanding(including treasury stock)
Treasury stock

At March 31
2009

190,316,300

149,371,100

777

607

From April 1 to September 30

From April 1 to September 30

2009

2008

Average number of shares
during the term

172,545,969

149,324,706

Forward-Looking Statements

1.The forecasts of consolidated operating results announced on May 1, 2009 have been changed in this document for the full year of FY
ending March 31, 2010.
2.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.)

Assets

資産

Current Assets:

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 Process6 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, 2009

September 30, 2009

流動資産740,266

668,665

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

39,47531,38439,000227,504
150,442
102,923
109,076
21,347
19,269(158)

38,432
6,966
20,009200,403204,224
59,461
100,873
20,961
17,472(141)

固定資産645,265

693,278

有形固定資産建物及び構築物(純額)
土地その他(純額)
無形固定資産投資その他の資産投資有価証券
敷金及び保証金
繰延税金資産その他
貸倒引当金

575,761
187,097
380,591
8,071
9,427
60,07615,316
26,796
14,3363,645(17)623,107
198,563
413,679
10,864
9,057
61,113
16,908
26,114
14,1273,980(17)1,385,531

1,361,944

March 31, 2009

September 30, 2009

Total Assets

資産合計

Liabilities

負債

Current Liabilities :

流動負債366,729

221,494

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

支払手形及び買掛金
短期借入金
1年内償還予定の社債
未払法人税等預り金
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
その他

69,523
195,346300
14,791
31,858
707
4,464
238
214
49,28525,263
135,130

固定負債

737,426

787,802

社債
長期借入金
受入敷金保証金繰延税金負債
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
その他

20,000562,426
47,42484,8694,996
14,283
1,811
1,614

20,000611,417
48,311
84,936
4,996
14,8401,629
1,670

1,104,156

1,009,297

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

5,567
15,334
674
4,400
168
186
34,769Total Liabilities

負債合計

Net Assets

純資産

Shareholders' Equity:

株主資本234,245

304,496

資本金資本剰余金
利益剰余金
自己株式

82,71360,04291,490(1)

115,510
92,84096,147(1)

1 Capital Stock
2 Capital Surplus
3 Retained Earnings
4 Treasury Stock
Valuation and Translation Adjustments:

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

評価・換算差額等

1,694

1,337

その他有価証券評価差額金
繰越ヘッジ損益
土地再評価差額金
為替換算調整勘定(3,922)
255
5,999(637)(4,273)
213
5,999(601)

Subscription Rights to Shares:

新株予約権

368

480

Minority Interests:

少数株主持分

45,06846,332Total Net Assets

純資産合計

Total Liabilities and Net Assets

負債・純資産合計

281,375

352,646

1,385,531

1,361,944(Millions of yen)3

Consolidated Statements of Income(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to September 30
2008

2009

AmountAmountⅠ Operating Revenue

営業収益150,501

182,926

Ⅱ Operating Cost

営業原価

102,046

129,059

営業総利益

48,45453,866

販売費及び一般管理費

29,70730,835

Operating Income

営業利益18,74623,031Ⅳ Non-operating Income

営業外収益155278

受取利息
受取配当金
持分法による投資利益
その他

61256899196153

営業外費用

4,474

7,362

支払利息
持分法による投資損失
その他

4,074
6393

6,396

Ordinary Income

経常利益

14,427

15,948

Ⅵ Extraordinary Income

特別利益

-272

固定資産売却益-272

税金等調整前四半期純利益

14,427

16,221

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

4,978
447
5,425
91

6,402
882
7,284
1,291

四半期純利益

8,910

7,644

Operating Gross Profit

Ⅲ Selling, General and Administrative Expenses

123
4Interest Income
Dividends Income
Equity in Earnings of Affiliates
Other

Ⅴ Non-Operating Expenses
1 Interest Expenses
2 Equity in Losses of Affiliates
3 Other

1 Gain on Sales of Noncurrent Assets
Income before Income Taxes and Minority Interests
Income Taxes-current
Income Taxes-deferred
Total Income Taxes
Minority Interests in IncomeNet Income4965

Consolidated Statements of Cash Flows(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to September 30
2008
2009

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

税金等調整前四半期純利益

14,427

16,221

Depreciation and Amortization

減価償却費

2,498

5,252

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

(55)

(16)

Increase (Decrease) in Provision for Retirement Benefits

退職給付引当金の増減額865557

Increase (Decrease) in Provision for Loss on Business Liquidation

事業整理損失引当金の増減額

(32)

(27)

Increase (Decrease) in Provision for Loss on Subleasing Business

転貸事業損失引当金の増減額

(266)

(181)

Interest and Dividends Income

受取利息及び受取配当金

Interest Expenses

支払利息

Decrease (Increase) in Notes and Accounts Receivable-trade

売上債権の増減額

2,030

24,461

Decrease (Increase) in Inventories

たな卸資産の増減額(67,911)

13,166

Decrease (Increase) in Equity Investments

営業エクイティ投資の増減額(30,692)(7,950)

Increase (Decrease) in Notes and Accounts Payable-trade

仕入債務の増減額(33,559)(44,314)

Increase (Decrease) in Deposits Received

預り金の増減額(37,499)(16,523)

Other, Net

その他(2,785)(6,361)

Subtotal

小計(148,987)(9,447)

Interest and Dividends Income Received

利息及び配当金の受取額Interest Expenses Paid
Income Taxes Paid

(87)

(119)

4,074

6,396

72

112

利息の支払額(3,771)(6,131)

法人税等の支払額(17,520)(14,971)

営業活動によるキャッシュ・フロー

(170,207)(30,438)

Purchase of Investment Securities

投資有価証券の取得による支出(1,483)-

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-379

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(4,060)(18,127)

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

13785

Payments of Loans Receivable

貸付けによる支出(15)

Collection of Loans Receivable

貸付金の回収による収入

1227

Payments for Lease and Guarantee Deposits

敷金及び保証金の差入による支出

(399)

(109)

Proceeds from Collection of Lease and Guarantee Deposits

敷金及び保証金の回収による収入

578

815

Repayments of Lease and Guarantee Deposits Received

受入敷金保証金の返還による支出(1,512)(1,500)

Proceeds from Lease and Guarantee Deposits Received

受入敷金保証金の受入による収入

711

1,237

Other, Net

その他

(113)

(64)

投資活動によるキャッシュ・フロー

(6,269)(16,558)

Net Increase (Decrease) in Short-term Loans Payable

短期借入金の純増減額

54,200(64,400)

Increase (Decrease) in Commercial Papers

コマーシャル・ペーパーの増減額22,000-Repayments of Finance Lease Obligations

ファイナンス・リース債務の返済による支出

Proceeds from Long-term Loans Payable

長期借入れによる収入

117,135

Repayment of Long-term Loans Payable

長期借入金の返済による支出(18,009)

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-65,250

Proceeds from Stock Issuance to Minority 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

(0)

(0)

Cash Divedends Paid

配当金の支払額(2,239)(2,987)

Cash Dividends Paid to Minority Shareholders

少数株主への配当金の支払額

(57)

(32)

Net Cash Provided by (Used in) Financing Activities

財務活動によるキャッシュ・フロー

173,027

23,885

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

現金及び現金同等物の増減額(3,448)(23,111)

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 Scope 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

(4)

3,068

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

28,05858,430Net Cash Provided by (used in) Operating Activities
II. Net Cash Provided by (Used in) Investment Activities

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

5-(40)
58,500(32,104)