Nomura Research Institute, Ltd. (NRI) announced that it has revised the full-year forecasts of consolidated financial results for the fiscal year ending March 31, 2012, which it had previously disclosed on October 28, 2011.

1. Revision to forecasts of consolidated financial results for the fiscal year ending March 31, 2012 (April 1, 2011 to March 31, 2012)
Sales Operating
profit 		Ordinary
profit 		Net income Net income
per share
Previous forecasts (A) Million yen
331,500 		Million yen
42,000 		Million yen
43,500 		Million yen
32,000 		Yen
163.99
Current forecasts (B) 331,500 43,000 44,500 31,500 161.29
Decrease/Increase (B-A) - +1,000 +1,000 (500) -
Change (%) - +2.4 +2.3 (1.6) -
Reference: Results for the fiscal year ended March 31, 2011 326,328 38,426 40,073 23,188 119.11
2. Reasons for revisions The NRI Group has expanded its client and business base and has worked to reinforce its project management and cut costs in the first three quarters of this fiscal year. The Group expects to improve its profit margin on sales by continuing to reinforce its project management in the fourth quarter, and anticipates that operating profit will exceed the previous forecast.
In addition, the Act for Partial Revision of the Income Tax Act, etc. for the Purpose of Creating a Taxation System That Responds to Changes in Economic and Social Structures and the Act on Special Measures for Securing the Financial Resources Necessary to Implement Measures for Reconstruction following the Great East Japan Earthquake promulgated in Japan on December 2, 2011, resulting in a decrease in the corporate tax rate and the imposition of a special reconstruction corporate tax. NRI now expects a decrease in net income since the effective corporate income tax rate will decline from this next fiscal year, requiring the Group to reverse the deferred tax assets in the current fiscal year that it does not expect to realize in the future.
Given the above, NRI has revised its full-year earnings forecasts for the current fiscal year as shown above. Note: Sales and profit figures forecast in this release are based on information available to management at the present time. As such, this forecast contains risk and uncertainty. Readers should be aware that actual sales and profits may differ from this forecast. 3. Other The following will not affect consolidated earnings, but NRI plans to receive extra dividends from consolidated subsidiaries in March 2012 in order to improve the capital efficiency of the Group as a whole. This is expected to increase non-consolidated profit for the fiscal year, and the impact will increase non-consolidated net income by 10 billion yen.
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