tokyu land corporation

Financial Highlights
FY2011 Second Quarter (First Six Months) Ended Sep-30, 2011





FY2011 Q2 (First Six Months) Operating Results

FY2011 Q2 (First Six Months) Segment performance

Summary of balance sheets

FY2011 Forecast (Operating Results)

FY2011 Forecast (Segment performance)

Leasing of Real Estate

Real Estate Sales

Facility Operations

Other Segments FY2011 Q2 (First Six Months)

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FY2011 Q2 (First Six Months) Operating Results

I would like to begin by providing an overview of the financial results for the first six months of the fiscal year ending March 2012.

Operating revenue declined ¥26.6 billion year on year, to ¥241.0 billion, while operating income decreased ¥22.9 billion, to ¥16.6 billion. Ordinary income stood at ¥8.7 billion, dropping ¥27.2 billion.

Operating revenue declined, primarily reflecting the elimination of ¥24.4 billion of distributions from the sale of buildings by SPCs which we recorded in the first half of the previous fiscal year and a fall in the recorded number of condominium units sold. Operating income also decreased, principally attributable to a fall in distributions from sales of buildings.

Net income was ¥24.8 billion, a significant increase of ¥22.7 billion year on year, as we posted extraordinary income of ¥48.3 billion and extraordinary losses of ¥26.4 billion, the result of the consolidation of SPCs in the first quarter.