tokyu land corporation

Financial Highlights
FY2012 Second Quarter (First Six Months) Ended Sep-30, 2012





FY2012 Q2 (First Six Months) Operating Results

FY2012 Q2 (First Six Months) Segment performance

Sales of real estate to Activia Properties Inc.

Summary of balance sheets

FY2012 Forecast (Operating Results)

FY2012 Forecast (Segment performance)

Leasing of Real Estate

Real Estate Sales

Facility Operations

Other Segments

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FY2012 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 2013.

Operating revenue increased ¥45.5 billion year on year, to ¥286.5 billion, while operating income rose ¥6.4 billion, to ¥23.0 billion. Ordinary income stood at ¥16.5 billion, climbing ¥7.8 billion.

Activia Properties Inc. was listed on the Tokyo Stock Exchange on June 13, 2012.

As the Company transferred commercial facilities and office buildings owned by the Company and its consolidated subsidiaries to a REIT associated with the listing, revenues increased in the Real Estate Sales segment. In this segment, income also increased, mainly because of an improvement in the profit margin on condominiums and a reduction in the loss on valuation of inventories. In the Leasing of Real Estate segment, both revenues and income increased, primarily due to the commencement of operations of new facilities.

Although the Company also recorded a gain on sales of noncurrent assets of ¥8.4 billion as extraordinary income associated with the transfer of assets to a REIT, it also recorded extraordinary income in the same period of the previous fiscal year because of the consolidation of SPCs, among other factors. As a result, net income came to ¥14.2 billion, a fall of ¥10.6 billion year on year.