Edgar Filing: NOMURA HOLDINGS INC

Form 6-K

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

Supplement for the month of July 2005.

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

9-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes No X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

Information furnished on this form:

EXHIBIT

Exhibit Number

1.	[Financial Highlights – Three months ended June 2005]

2.	[Unconsolidated Financial Information of Major Consolidated Entities]

3.	[Nomura Announces Results of Stock Repurchase Program from Market]

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	NOMURA HOLDINGS, INC.

Date: July 28, 2005	By:	/s/ Tetsu Ozaki
		Tetsu Ozaki
		Senior Managing Director

LOGO

July 28, 2005

Financial Highlights – Three months ended June 2005

We are pleased to report the following consolidated financial highlights based on consolidated financial information under US GAAP for the three months ended June 2005.


For further information, please contact:

		Shinji Iwai
		Managing Director
		Investor Relations Department
		Nomura Group Headquarters
		Nomura Securities Co., Ltd.
		9-1 Nihonbashi 1-chome, Chuo-ku
		Tokyo 103-8011, Japan
		TEL: +813-3211-1811

Financial Summary For the Three Months Ended June 30, 2005


Date:		July 28, 2005

Company name (code number):		Nomura Holdings, Inc. (8604)
Head office:		1-9-1, Nihonbashi, Chuo-ku, Tokyo 103-8011, Japan
Stock exchange listings:		(In Japan) Tokyo, Osaka, Nagoya
		(Overseas) New York, Amsterdam, Singapore
Representative:		Nobuyuki Koga
		President and Chief Executive Officer, Nomura Holdings, Inc.
For inquiries:		Shinji Iwai
		Managing Director, Investor Relations Department, Nomura Group Headquarters, Nomura Securities Co., Ltd.
		Tel: (Country Code 81) 3-3211-1811
		URL(http://www.nomura.com)
(1) Operating Results


	For the three months ended June 30						For the year ended March 31
	2005			2004			2005
	(Yen amounts in millions, except per share data)
Total revenue	¥	421,119		¥	275,295		¥	1,126,237
Change from the three months ended June 30, 2004		53.0	%

Net revenue	¥	286,735		¥	213,928		¥	799,190
Change from the three months ended June 30, 2004		34.0	%

Income before income taxes	¥	30,704		¥	72,466		¥	204,835
Change from the three months ended June 30, 2004		(57.6	%)

Net income	¥	8,321		¥	40,832		¥	94,732
Change from the three months ended June 30, 2004		(79.6	%)

Basic net income per share	¥	4.30		¥	21.03		¥	48.80
Diluted net income per share	¥	4.30		¥	21.03		¥	48.77
Return on shareholders’ equity (ROE)		1.8	%*		9.0	% *		5.2	%

Note: Changes in the fair value of derivatives that are economically used to hedge non-trading assets and liabilities, but that do not meet the criteria in SFAS No. 133 to qualify as an accounting hedge, are reported as either net gain on trading, interest revenue, or interest expenses, depending on the nature of the transaction. Changes in the fair value of both the embedded derivative and related economic hedges are netted. Such amounts for the three months ended June 30, 2004 have been reclassified.

* ROE for the three months ended June 30, 2005 and 2004 are calculated as follows:

Net income x 4

(Shareholders’ equity at the beginning of period + Shareholders’ equity at the end of period) / 2

(2) Financial Position


	At June 30						At March 31
	2005			2004			2005
	(Yen amounts in millions, except per share data)
Total assets	¥	34,163,927		¥	30,013,930		¥	34,488,853
Shareholders’ equity	¥	1,843,316		¥	1,833,405		¥	1,868,429
Shareholders’ equity as a percentage of total assets		5.4	%		6.1	%		5.4	%
Book value per share	¥	961.94		¥	944.35		¥	962.48

(3) Adoption of simple method in recognition method: None

(4) Difference in recognition method with latest fiscal year: None

(5) Scope of consolidation and equity method application

Number of consolidated subsidiaries and variable interest entities: 159

Number of affiliated companies, which were accounted for by the equity method: 17

(6) Movement in the scope of consolidation and equity method application for this period


Number of consolidation	Inclusion 3	Exclusion 4
Number of equity method application	Inclusion 0	Exclusion 0

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist various uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, releases its results on a more frequent quarterly basis, and does not present earnings forecasts.

Results of Operations

Financial Overview

The following table provides selected consolidated income statement information for the three months ended June 30, 2004 and 2005.


	Millions of yen
	For the three months ended
	June 30, 2004			June 30, 2005
Non-interest revenue	¥	193,404		¥	287,704
Net interest revenue		20,524			(969	)

Net revenue		213,928			286,735
Non-interest expenses		141,462			256,031

Income before income taxes		72,466			30,704
Income tax expense		31,634			22,383

Net income	¥	40,832		¥	8,321

Return on equity (ROE)		9.0	%		1.8	%

Nomura Holdings, Inc. and its consolidated entities (“Nomura”) reported net revenue of ¥ 286.7 billion for the three months ended June 30, 2005, an increase of 34% from the same period in the prior year. Non-interest expenses were ¥ 256.0 billion for the three months ended June 30, 2005, an increase of 81% from the same period in the prior year.

Income before income taxes was ¥ 30.7 billion for the three months ended June 30, 2005, a decrease of 58% from the same period in the prior year. Net income was ¥ 8.3 billion for the three months ended June 30, 2005, a decrease of 80% from the same period in the prior year.

Total assets were ¥ 34.2 trillion at June 30, 2005, a decrease of ¥ 0.3 trillion from March 31, 2005 and total shareholders’ equity decreased by ¥ 25.1 billion from March 31, 2005 to ¥ 1,843.3 billion at June 30, 2005. Nomura’s return on equity was 1.8% for the three months ended June 30, 2005.

Business Segments

Nomura operated three business segments until March 31, 2005: Domestic Retail, Global Wholesale and Asset Management. From April 1, 2005, Nomura has reorganized its business segments into five segments from the previous three. Of these, Global Wholesale has been split into Global Markets, Global Investment Banking, and Global Merchant Banking in anticipation of future business growth and to ensure mobility in entering new business.

Operating Results of Domestic Retail


	Millions of yen
	For the three months ended
	June 30, 2004		June 30, 2005
Non-interest revenue	¥	86,210	¥	84,012
Net interest revenue		759		800

Net revenue		86,969		84,812
Non-interest expenses		53,294		54,507

Income before income taxes	¥	33,675	¥	30,305

Domestic Retail has further strengthened its capabilities to provide investment consultation services in order to respond to customers’ investment needs by offering stocks, investment trusts, domestic bonds, foreign currency bonds and a variety of other financial products. Net revenue decreased by 2% from ¥ 86,969 million for the three months ended June 30, 2004 to ¥ 84,812 million for the three months ended June 30, 2005. Non-interest expenses increased by 2% from ¥ 53,294 million for the three months ended June 30, 2004 to ¥ 54,507 million for the three months ended June 30, 2005. As a result, income before income taxes decreased by 10% from ¥ 33,675 million for the three months ended June 30, 2004 to ¥ 30,305 million for the three months ended June 30, 2005.

Operating Results of Global Markets


	Millions of yen
	For the three months ended
	June 30, 2004		June 30, 2005
Non-interest revenue	¥	57,156	¥	50,267
Net interest revenue		14,643		(508	)

Net revenue		71,799		49,759
Non-interest expenses		41,175		50,486

Income (loss) before income taxes	¥	30,624	¥	(727	)

Net revenue decreased by 31% from ¥ 71,799 million for the three months ended June 30, 2004 to ¥ 49,759 million for the three months ended June 30, 2005, due primarily to a decrease in revenue reflecting the deteriorating market environmental factors, as well as lower customers’ order flow. Non-interest expenses increased by 23% from ¥ 41,175 million for the three months ended June 30, 2004 to ¥ 50,486 million for the three months ended June 30, 2005. As a result, income before income taxes was ¥ 30,624 million for the three months ended June 30, 2004 and loss before income taxes was ¥ 727 million for the three months ended June 30, 2005.

Operating Results of Global Investment Banking


	Millions of yen
	For the three months ended
	June 30, 2004		June 30, 2005
Non-interest revenue	¥	12,241	¥	12,020
Net interest revenue		704		765

Net revenue		12,945		12,785
Non-interest expenses		10,668		10,616

Income before income taxes	¥	2,277	¥	2,169

Net revenue decreased by 1% from ¥ 12,945 million for the three months ended June 30, 2004 to ¥ 12,785 million for the three months ended June 30, 2005, although net revenue benefited from business using our own capital to provide solutions and also from growth in M&A advisory services. Non-interest expenses decreased by 0.5% from ¥ 10,668 million for the three months ended June 30, 2004 to ¥ 10,616 million for the three months ended June 30, 2005. As a result, income before income taxes decreased by 5% from ¥ 2,277 million for the three months ended June 30, 2004 to ¥ 2,169 million for the three months ended June 30, 2005.

Operating Results of Global Merchant Banking


	Millions of yen
	For the three months ended
	June 30, 2004			June 30, 2005
Non-interest revenue	¥	5,539		¥	333
Net interest revenue		(2,781	)		(3,600	)

Net revenue		2,758			(3,267	)
Non-interest expenses		3,004			2,588

Loss before income taxes	¥	(246	)	¥	(5,855	)

Net revenue decreased from ¥ 2,758 million for the three months ended June 30, 2004 to (¥3,267) million for the three months ended June 30, 2005, primarily due to funding costs for its assets in Europe. Non-interest expenses decreased by 14% from ¥ 3,004 million for the three months ended June 30, 2004 to ¥ 2,588 million for the three months ended June 30, 2005. As a result, loss before income taxes was ¥ 246 million for the three months ended June 30, 2004 and ¥ 5,855 million for the three months ended June 30, 2005.

Operating Results of Asset Management


	Millions of yen
	For the three months ended
	June 30, 2004		June 30, 2005
Non-interest revenue	¥	9,046	¥	11,551
Net interest revenue		627		994

Net revenue		9,673		12,545
Non-interest expenses		8,894		9,241

Income before income taxes	¥	779	¥	3,304

Net revenue increased by 30% from ¥ 9,673 million for the three months ended June 30, 2004 to ¥ 12,545 million for the three months ended June 30, 2005, due primarily to an increase in asset management and portfolio service fees reflecting the rise in the net assets of investment trusts offering frequent distributions. Non-interest expenses increased by 4% from ¥ 8,894 million for the three months ended June 30, 2004 to ¥ 9,241 million for the three months ended June 30, 2005. As a result, income before income taxes increased by 324% from ¥ 779 million for the three months ended June 30, 2004 to ¥ 3,304 million for the three months ended June 30, 2005.

Other Operating Results

Other operating results include gain (loss) on investment securities, our share of equity in earnings (losses) of affiliates, corporate items and other financial adjustments. Please refer to Note 5 to the consolidated financial information for a reconciliation of segment results to income statement information. Loss before income taxes was ¥ 7,591 million for the three months ended June 30, 2004 and income before income taxes was ¥ 8,220 million for the three months ended June 30, 2005.

NOMURA HOLDINGS, INC.

CONSOLIDATED INCOME STATEMENT INFORMATION

(UNAUDITED)


	Millions of yen					% Change		Translation into millions of U.S. dollars			Millions of yen
	For the three months ended										For the year ended
	June 30, 2004 (A)		June 30, 2005 (B)			(B-A)/(A)		June 30, 2005			March 31, 2005
Revenue:
Commissions	¥	69,533	¥	55,152		(20.7	)%	$	497		¥	221,963
Fees from investment banking		15,434		14,719		(4.6	)		133			92,322
Asset management and portfolio service fees		18,185		19,942		9.7			180			78,452
Net gain on trading		53,567		70,802		32.2			638			201,686
Gain (loss) on private equity investments		498		(2,490	)	—			(22	)		7,744
Interest and dividends		81,891		133,415		62.9			1,203			401,379
Gain (loss) on investments in equity securities		10,271		(2,825	)	—			(25	)		15,314
Private equity entities product sales		17,368		125,373		621.9			1,130			75,061
Other		8,548		7,031		(17.7	)		63			32,316

Total revenue		275,295		421,119		53.0			3,797			1,126,237
Interest expense		61,367		134,384		119.0			1,212			327,047

Net revenue		213,928		286,735		34.0			2,585			799,190

Non-interest expenses :
Compensation and benefits		65,943		87,148		32.2			786			274,988
Commissions and floor brokerage		6,409		8,278		29.2			75			23,910
Information processing and communications		19,281		22,348		15.9			201			81,408
Occupancy and related depreciation		13,274		35,392		166.6			319			53,534
Business development expenses		5,429		13,050		140.4			118			28,214
Private equity entities cost of goods sold		11,171		54,823		390.8			494			44,681
Other		19,955		34,992		75.4			315			87,620

		141,462		256,031		81.0			2,308			594,355

Income before income taxes		72,466		30,704		(57.6	)		277			204,835

Income tax expense:
Current		26,001		21,592		(17.0	)		195			104,393
Deferred		5,633		791		(86.0	)		7			5,710

		31,634		22,383		(29.2	)		202			110,103

Net income	¥	40,832	¥	8,321		(79.6	)	$	75		¥	94,732


	Yen					% Change		Translation into U.S. dollars			Yen
Per share of common stock:
Basic-
Net income	¥	21.03	¥	4.30		(79.6	)	$	0.04		¥	48.80

Diluted-
Net income	¥	21.03	¥	4.30		(79.6	)	$	0.04		¥	48.77

Note: Reclassifications -

Certain reclassifications of amounts on private equity entities accounted for as consolidated subsidiaries have been made.

Changes in the fair value of derivatives that are economically used to hedge non-trading assets and liabilities, but that do not meet the criteria in SFAS No. 133 to qualify as an accounting hedge, are reported as either net gain on trading, interest revenue, or interest expenses, depending on the nature of the transaction. Changes in the fair value of both the embedded derivative and related economic hedges are netted.

NOMURA HOLDINGS, INC.

CONSOLIDATED BALANCE SHEET INFORMATION

(UNAUDITED)


	Millions of yen									Translation into millions of U.S. dollars
	June 30, 2004			March 31, 2005			June 30, 2005			June 30, 2005
ASSETS
Cash and cash deposits:
Cash and cash equivalents	¥	615,533		¥	724,637		¥	791,242		$	7,134
Time deposits		310,433			419,606			419,955			3,786
Deposits with stock exchanges and other segregated cash		38,140			42,513			60,082			542

		964,106			1,186,756			1,271,279			11,462

Loans and receivables:
Loans receivable		515,810			516,295			417,104			3,761
Receivables from customers		10,589			12,037			11,980			108
Receivables from other than customers		604,423			718,997			512,957			4,625
Allowance for doubtful accounts		(4,015	)		(2,801	)		(3,007	)		(27	)

		1,126,807			1,244,528			939,034			8,467

Collateralized agreements:
Securities purchased under agreements to resell		6,069,143			7,201,791			8,613,140			77,659
Securities borrowed		6,752,580			7,187,254			6,677,168			60,203

		12,821,723			14,389,045			15,290,308			137,862

Trading assets and private equity investments (including securities pledged as collateral):
Securities inventory		13,131,439			14,757,597			13,794,381			124,374
Derivative contracts		499,360			515,946			470,420			4,242
Private equity investments		290,560			326,978			330,705			2,982

		13,921,359			15,600,521			14,595,506			131,598

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥179,811 million at June 30, 2004, ¥196,827 million at March 31, 2005 and ¥192,185 million ($1,733 million) at June 30, 2005, respectively)		175,070			261,358			256,756			2,315
Private equity entities land, buildings, equipment and furniture and fixtures (net of accumulated depreciation and amortization of ¥286 million at June 30, 2004, ¥3,036 million at March 31, 2005 and ¥13,882 million ($125 million) at June 30, 2005 respectively)		21,019			444,726			440,094			3,968
Lease deposits		62,246			100,993			102,070			920
Non-trading debt securities (including securities pledged as collateral)		213,147			277,330			277,131			2,499
Investments in equity securities		179,083			172,067			159,625			1,439
Investments in and advances to affiliated companies		269,751			228,975			235,684			2,125
Deferred tax assets		100,582			114,010			119,493			1,078
Other		159,037			468,544			476,947			4,300

		1,179,935			2,068,003			2,067,800			18,644

Total assets	¥	30,013,930		¥	34,488,853		¥	34,163,927		$	308,033

Note: Reclassifications -

Certain reclassifications of amounts on private equity entities accounted for as consolidated subsidiaries have been made.

NOMURA HOLDINGS, INC.

CONSOLIDATED BALANCE SHEET INFORMATION

(UNAUDITED)


	Millions of yen									Translation into millions of U.S. dollars
	June 30, 2004			March 31, 2005			June 30, 2005			June 30, 2005
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term borrowings	¥	426,709		¥	517,065		¥	490,574		$	4,423
Private equity entities short-term borrowings		7,188			116,054			117,533			1,060

Payables and deposits:
Payables to customers		251,431			248,089			239,393			2,158
Payables to other than customers		861,100			464,178			873,496			7,876
Time and other deposits received		330,785			330,216			335,784			3,028

		1,443,316			1,042,483			1,448,673			13,062

Collateralized financing:
Securities sold under agreements to repurchase		10,360,456			12,603,211			13,006,286			117,269
Securities loaned		5,172,947			5,643,782			4,268,462			38,485
Other secured borrowings		1,817,479			3,419,192			3,582,264			32,299

		17,350,882			21,666,185			20,857,012			188,053

Trading liabilities:
Securities sold but not yet purchased		5,677,421			4,895,054			4,831,655			43,564
Derivative contracts		375,915			437,119			527,649			4,757

		6,053,336			5,332,173			5,359,304			48,321

Other liabilities:
Accrued income taxes		19,300			31,937			21,838			197
Accrued pension and severance costs		86,518			99,565			99,649			898
Other		264,271			571,787			546,621			4,929

		370,089			703,289			668,108			6,024

Long-term borrowings		2,511,547			2,798,560			2,943,093			26,536
Private equity entities long-term borrowings		17,458			444,615			436,314			3,934

Total liabilities		28,180,525			32,620,424			32,320,611			291,413

Commitments and contingencies (See Note 3)
Shareholders’ equity:
Common stock
Authorized - 6,000,000,000 shares Issued - 1,965,919,860 shares at June 30, 2004, March 31, 2005, and June 30, 2005		182,800			182,800			182,800			1,648

Additional paid-in capital		154,443			155,947			156,759			1,413

Retained earnings		1,591,063			1,606,136			1,614,457			14,556

Accumulated other comprehensive (loss) income
Minimum pension liability adjustment		(33,557	)		(24,645	)		(24,092	)		(217	)
Cumulative translation adjustments		(27,895	)		(18,083	)		(19,038	)		(171	)

		(61,452	)		(42,728	)		(43,130	)		(388	)

		1,866,854			1,902,155			1,910,886			17,229
Less - Common stock held in treasury, at cost - 24,472,249 shares, 24,657,971 shares, and 49,669,784 shares at June 30, 2004, March 31, 2005, and June 30, 2005 respectively		(33,449	)		(33,726	)		(67,570	)		(609	)

Total shareholders’ equity		1,833,405			1,868,429			1,843,316			16,620

Total liabilities and shareholders’ equity	¥	30,013,930		¥	34,488,853		¥	34,163,927		$	308,033

Note: Reclassifications -

Certain reclassifications of amounts on private equity entities accounted for as consolidated subsidiaries have been made.

NOMURA HOLDINGS, INC.

CONSOLIDATED INFORMATION OF CASH FLOWS

(UNAUDITED)


	Millions of yen						Translation into millions of U.S. dollars			Millions of yen
	For the three months ended									For the year ended
	June 30, 2004			June 30, 2005			June 30, 2005			March 31, 2005
Cash flows from operating activities:
Net income	¥	40,832		¥	8,321		$	75		¥	94,732
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		8,737			20,783			187			38,163
(Gain) loss on investments in equity securities		(10,271	)		2,825			25			(15,314	)
Deferred income tax expense		5,633			791			7			5,710
Changes in operating assets and liabilities:
Time deposits		(58,706	)		(3,477	)		(31	)		(157,971	)
Deposits with stock exchanges and other segregated cash		7,554			(17,086	)		(154	)		3,036
Trading assets and private equity investments		30,218			1,067,030			9,620			(1,552,822	)
Trading liabilities		34,333			20,757			187			(738,575	)
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		307,041			(1,059,640	)		(9,554	)		1,402,270
Securities borrowed, net of securities loaned		455,138			(866,866	)		(7,816	)		483,804
Other secured borrowings		(769,738	)		163,073			1,470			831,974
Loans and receivables, net of allowance		(94,211	)		303,316			2,735			(158,640	)
Payables and deposits received		35,503			409,279			3,690			(478,796	)
Accrued income taxes, net		(95,015	)		(18,675	)		(168	)		(69,418	)
Other, net		21,537			(10,362	)		(93	)		32,918

Net cash (used in) provided by operating activities		(81,415	)		20,069			180			(278,929	)

Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities		(6,245	)		(16,678	)		(151	)		(59,348	)
Proceeds from sales of office buildings, land, equipment and facilities		115			3,763			34			2,645
Payments for purchases of investments in equity securities		(0	)		—			—			(79	)
Proceeds from sales of investments in equity securities		642			9,629			87			12,985
(Increase) Decrease in non-trading debt securities, net		(6,779	)		1,499			14			(71,604	)
Other, net		(58,504	)		(5,394	)		(49	)		82,837

Net cash used in investing activities		(70,771	)		(7,181	)		(65	)		(32,564	)

Cash flows from financing activities:
Increase in long-term borrowings		200,104			406,070			3,661			844,659
Decrease in long-term borrowings		(57,281	)		(275,379	)		(2,483	)		(495,455	)
Decrease in short-term borrowings, net		(3,884	)		(23,657	)		(213	)		70,181
Proceeds from sales of common stock		23			6			0			143
Payments for repurchases of common stock		(88	)		(33,849	)		(305	)		(475	)
Payments for cash dividends		(14,568	)		(19,422	)		(175	)		(33,992	)

Net cash provided by financing activities		124,306			53,769			485			385,061

Effect of exchange rate changes on cash and cash equivalents		6,041			(52	)		0			13,697

Net (decrease) increase in cash and cash equivalents		(21,839	)		66,605			600			87,265
Cash and cash equivalents at beginning of the period		637,372			724,637			6,534			637,372

Cash and cash equivalents at end of the period	¥	615,533		¥	791,242		$	7,134		¥	724,637

Note: Reclassifications -.

Changes in Other secured borrowings are included in Cash flows from operating activities.

NOMURA HOLDINGS, INC.

NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION

(UNAUDITED)

1.	Accounting policies:

The consolidated financial information herein has basically been prepared in accordance with Nomura’s accounting policies which are disclosed in the footnotes of Nomura Holdings, Inc.’s Annual Securities Report (the Annual Report filed with the Director of the Kanto Local Finance Bureau of the Ministry of Finance in Japan) and Form 20-F (the Annual Report filed with the U.S. Securities and Exchange Commission) for the year ended March 31, 2005.

2.	U.S. dollar amounts:

The U.S. dollar amounts are included solely for the convenience of the reader and have been translated at the rate of ¥110.91 = US$1, the noon buying rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York on June 30, 2005. This translation should not be construed to imply that the yen amounts actually represent, or have been or could be converted into, equivalent amounts in U.S. dollars.

3.	Credit and investment commitments and guarantees:

Commitments—

In connection with its banking/financing activities, Nomura has provided to counterparties through subsidiaries, commitments to extend credit, which generally have a fixed expiration date. In connection with its investment banking activities, Nomura has entered into agreements with customers under which Nomura has committed to underwrite notes that may be issued by the customers. The outstanding commitments under these agreements are included in commitments to extend credit.

Nomura has commitments to invest in various partnerships, primarily in connection with its merchant banking activities and also have commitments to provide financing for investments related to these partnerships. The outstanding commitments under these agreements are included in commitments to invest in partnerships.

Contractual amounts of these commitments were as follows:


	Millions of yen		Translation into millions of U.S. dollars		Millions of yen
	June 30, 2005		June 30, 2005		March 31, 2005
Commitments to extend credit and to invest in partnerships	¥	181,381	$	1,635	¥	192,590

Guarantees—

Nomura enters into, in the normal course of its subsidiaries’ banking/financing activities, various guarantee arrangements with counterparties in the form of standby letters of credit and other guarantees, which generally have a fixed expiration date. In addition, Nomura enters into certain derivative contracts that meet the accounting definition of a guarantee under FIN No. 45. Contractual amounts of these guarantees, other than derivative contract, for which the fair values are recorded on the consolidated balance sheets at fair value, were as follows:


	Millions of yen		Translation into millions of U.S. dollars		Millions of yen
	June 30, 2005		June 30, 2005		March 31, 2005
Standby letters of credit and other guarantees	¥	6,494	$	59	¥	7,919

4.	Comprehensive income:


	Millions of yen					Translation into millions of U.S. dollars			Millions of yen
	For the three months ended								For the year ended
	June 30, 2004		June 30, 2005			June 30, 2005			March 31, 2005
Net income	¥	40,832	¥	8,321		$	75		¥	94,732

Other comprehensive (loss) income, net of tax:
Change in cumulative translation adjustments		6,485		(955	)		(9	)		16,297
Minimum pension liability adjustment during the period		664		553			5			9,576

Total other comprehensive (loss) income, net of tax		7,149		(402	)		(4	)		25,873

Comprehensive income	¥	47,981	¥	7,919		$	71		¥	120,605

5. Segment Information-Operating segment:

Business segments’ results are shown in the following table.


	Millions of yen
	Domestic Retail			Global Markets			Global Investment Banking			Global Merchant Banking			Asset Management		Other (Inc. elimination)			Total
Three months ended June 30, 2004
Non-interest revenue	¥	86,210		¥	57,156		¥	12,241		¥	5,539		¥	9,046	¥	(6,478	)	¥	163,714
Net interest revenue		759			14,643			704			(2,781	)		627		6,572			20,524

Net revenue		86,969			71,799			12,945			2,758			9,673		94			184,238
Non-interest expenses		53,294			41,175			10,668			3,004			8,894		7,685			124,720

Income (loss) before income taxes	¥	33,675		¥	30,624		¥	2,277		¥	(246	)	¥	779	¥	(7,591	)	¥	59,518


Three months ended June 30, 2005
Non-interest revenue	¥	84,012		¥	50,267		¥	12,020		¥	333		¥	11,551	¥	12,481		¥	170,664
Net interest revenue		800			(508	)		765			(3,600	)		994		2,324			775

Net revenue		84,812			49,759			12,785			(3,267	)		12,545		14,805			171,439
Non-interest expenses		54,507			50,486			10,616			2,588			9,241		6,585			134,023

Income (loss) before income taxes	¥	30,305		¥	(727	)	¥	2,169		¥	(5,855	)	¥	3,304	¥	8,220		¥	37,416


	Change (%)
Income (loss) before income taxes Three months ended June 30, 2005 vs. 2004		(10.0	)		—			(4.7	)		—			324.1		—			(37.1	)


	Translation into millions of U.S. dollars
Three months ended June 30, 2005
Non-interest revenue	$	758		$	453		$	108		$	3		$	104	$	113		$	1,539
Net interest revenue		7			(5	)		7			(32	)		9		21			7

Net revenue		765			448			115			(29	)		113		134			1,546
Non-interest expenses		492			455			96			23			83		60			1,209

Income (loss) before income taxes	$	273		$	(7	)	$	19		$	(52	)	$	30	$	74		$	337


	Millions of yen
Year ended March 31, 2005
Non-interest revenue	¥	301,464		¥	170,667		¥	73,271		¥	20,910		¥	42,239	¥	26,064		¥	634,615
Net interest revenue		2,903			72,420			2,174			(13,572	)		1,283		9,159			74,367

Net revenue		304,367			243,087			75,445			7,338			43,522		35,223			708,982
Non-interest expenses		223,200			182,901			46,231			10,370			36,086		22,612			521,400

Income (loss) before income taxes	¥	81,167		¥	60,186		¥	29,214		¥	(3,032	)	¥	7,436	¥	12,611		¥	187,582

Transactions between operating segments are recorded within segment results on commercial terms and conditions and are eliminated in the “Other” column.

The following table presents the major components of income/ (loss) before income taxes in “Other”


	Millions of yen						Translation into millions of U.S. dollars			Millions of yen
	For the three months ended									For the year ended
	June 30, 2004			June 30, 2005			June 30, 2005			March 31, 2005
Loss on undesignated hedging instruments included in Net gain on trading	¥	(12,950	)	¥	(2,788	)	$	(25	)	¥	(8,650	)
Gain on investment securities		447			8,051			72			7,777
Equity in earnings of affiliates		2,498			2,749			25			7,271
Corporate items		(718	)		503			5			4,519
Others		3,132			(295	)		(3	)		1,694

Total	¥	(7,591	)	¥	8,220		$	74		¥	12,611


The table below presents a reconciliation of the combined segment information included in the table on the previous page to reported net revenue and income before income taxes in the consolidated income statement information.

	Millions of yen						Translation into millions of U.S. dollars			Millions of yen
	For the three months ended									For the year ended
	June 30, 2004			June 30, 2005			June 30, 2005			March 31, 2005
Net revenue	¥	184,238		¥	171,439		$	1,546		¥	708,982
Unrealized gain (loss) on investments in equity securities held for relationship purposes		9,800			(10,993	)		(99	)		8,364
Effect of consolidation/deconsolidation of certain private equity investee companies		19,890			126,289			1,138			81,844

Consolidated net revenue	¥	213,928		¥	286,735		$	2,585		¥	799,190

Non-interest expenses	¥	124,720		¥	134,023		$	1,209		¥	521,400
Unrealized gain on investments in equity securities held for relationship purposes		—			—			—			—
Effect of consolidation/deconsolidation of certain private equity investee companies		16,742			122,008			1,099			72,955

Consolidated non-interest expenses	¥	141,462		¥	256,031		$	2,308		¥	594,355

Income before income taxes	¥	59,518		¥	37,416		$	337		¥	187,582
Unrealized gain (loss) on investments in equity securities held for relationship purposes		9,800			(10,993	)		(99	)		8,364
Effect of consolidation/deconsolidation of certain private equity investee companies		3,148			4,281			39			8,889

Consolidated income before income taxes	¥	72,466		¥	30,704		$	277		¥	204,835

NOMURA HOLDINGS, INC.

SUPPLEMENTARY INFORMATION

“Commissions/fees received” and “Net gain on trading” consist of the following:

Commissions/fees received


	Millions of yen				% Change		Translation into millions of U.S. dollars		Millions of yen
	For the three months ended								For the year ended
	June 30, 2004 (A)		June 30, 2005 (B)		(B-A)/(A)		June 30, 2005		March 31, 2005
Commissions	¥	69,533	¥	55,152	(20.7	)	$	497	¥	221,963

Brokerage Commissions		52,287		31,581	(39.6	)		285		156,198
Commissions for Distribution of Investment Trust		12,120		17,465	44.1			157		41,660

Fees from Investment Banking		15,434		14,719	(4.6	)		133		92,322

Underwriting and Distribution		10,610		8,548	(19.4	)		77		69,553
M&A / Financial Advisory Fees		4,816		6,154	27.8			55		22,639

Asset Management and Portfolio Service Fees		18,185		19,942	9.7			180		78,452

Asset Management Fees		15,449		16,885	9.3			152		67,183

Total	¥	103,152	¥	89,813	(12.9	)	$	810	¥	392,737


Net gain on trading
	Millions of yen				% Change		Translation into millions of U.S. dollars		Millions of yen
	For the three months ended								For the year ended
	June 30, 2004 (A)		June 30, 2005 (B)		(B-A)/(A)		June 30, 2005		March 31, 2005
Merchant Banking	¥	2,922	¥	189	(93.5	)	$	2	¥	4,013
Equity Trading		29,984		38,901	29.7			350		76,815
Fixed Income and Other Trading		20,661		31,712	53.5			286		120,858

Total	¥	53,567	¥	70,802	32.2		$	638	¥	201,686

NOMURA HOLDINGS, INC.

CONSOLIDATED INCOME STATEMENT INFORMATION

(UNAUDITED)


	Millions of yen
	For the three months ended
	June 30, 2004		September 30, 2004			December 31, 2004			March 31, 2005			June 30, 2005
Revenue:
Commissions	¥	69,533	¥	45,585		¥	46,275		¥	60,570		¥	55,152
Fees from investment banking		15,434		32,339			18,412			26,137			14,719
Asset management and portfolio service fees		18,185		19,845			19,287			21,135			19,942
Net gain on trading		53,567		23,073			54,709			70,337			70,802
Gain (loss) on private equity investments		498		(2,097	)		(2,165	)		11,508			(2,490	)
Interest and dividends		81,891		101,102			122,035			96,351			133,415
Gain (loss) on investments in equity securities		10,271		(11,624	)		7,752			8,915			(2,825	)
Private equity entities product sales		17,368		15,858			20,250			21,585			125,373
Other		8,548		4,747			7,206			11,815			7,031

Total revenue		275,295		228,828			293,761			328,353			421,119
Interest expense		61,367		71,987			99,873			93,820			134,384

Net revenue		213,928		156,841			193,888			234,533			286,735

Non-interest expenses:
Compensation and benefits		65,943		64,206			67,441			77,398			87,148
Commissions and floor brokerage		6,409		6,502			4,068			6,931			8,278
Information processing and communications		19,281		20,136			20,404			21,587			22,348
Occupancy and related depreciation		13,274		12,986			13,152			14,122			35,392
Business development expenses		5,429		7,767			6,824			8,194			13,050
Private equity entities cost of goods sold		11,171		9,921			11,501			12,088			54,823
Other		19,955		19,116			21,306			27,243			34,992

		141,462		140,634			144,696			167,563			256,031

Income before income taxes		72,466		16,207			49,192			66,970			30,704

Income tax expense (benefit):
Current		26,001		22,291			10,939			45,162			21,592
Deferred		5,633		(9,300	)		13,112			(3,735	)		791

		31,634		12,991			24,051			41,427			22,383

Net income	¥	40,832	¥	3,216		¥	25,141		¥	25,543		¥	8,321


	Yen
Per share of common stock:
Basic-
Net income	¥	21.03	¥	1.66		¥	12.95		¥	13.16		¥	4.30

Diluted-
Net income	¥	21.03	¥	1.66		¥	12.94		¥	13.15		¥	4.30

Note: Reclassifications -.

Certain reclassifications of amounts on private equity entities accounted for as consolidated subsidiaries have been made.

Unconsolidated Financial Information of Major Consolidated Entities

(UNAUDITED)

The unconsolidated financial information, prepared under Japanese GAAP, is presented for the following entities;

-Nomura Holdings, Inc. Financial Information (Parent Company Only)

-Nomura Securities Co., Ltd. Financial Information

* The amounts are rounded to the nearest million.

Nomura Holdings, Inc. (Parent Company Only)

Income Statement Information

(Unaudited)


	Millions of yen
	For the three months ended		For the year ended
	June 30, 2005	June 30, 2004	March 31, 2005
Operating revenue	123,689	188,849	269,600
Operating expenses	22,765	22,674	91,702

Operating income	100,923	166,174	177,898

Non-operating income	1,561	1,360	3,632
Non-operating expenses	82	392	2,122

Ordinary income	102,403	167,143	179,408

Special profits	8,174	441	10,218
Special losses	—	1	49,661

Income before income taxes	110,577	167,583	139,965

Income taxes - current	4,223	1,920	3,455
Income taxes - deferred	1,975	627	(11,603	)

Net income	104,379	165,037	148,113

Unappropriated retained earnings brought forward	48,121	8,849	8,849

Interim dividend	—	—	19,423

Unappropriated retained earnings	152,499	173,886	137,538

Nomura Holdings, Inc. (Parent Company Only)

Balance Sheet Information

(Unaudited)


	Millions of yen
	June 30, 2005	June 30, 2004	March 31, 2005
Assets:
Current Assets	1,494,745	1,139,835	1,185,775
Fixed Assets	1,835,608	1,722,373	1,825,017

Total Assets	3,330,353	2,862,208	3,010,792

Liabilities and Shareholders’ Equity
Liabilities:
Current Liabilities	1,181,458	704,900	906,931
Long-term Liabilities	618,445	634,453	618,323

Total Liabilities	1,799,903	1,339,352	1,525,254

Total Shareholders’ Equity	1,530,451	1,522,856	1,485,538

Total Liabilities and Shareholders’ Equity	3,330,353	2,862,208	3,010,792

Nomura Securities Co., Ltd.

Income Statement Information

(Unaudited)


	Millions of yen
	For the three months ended		Comparison (A-B)/(B)(%)		For the year ended		Comparison *(A4-C)/(C)(%)**
	June 30, 2005 (A)	June 30, 2004 (B)	Comparison (A-B)/(B)(%)		March 31, 2005 (C)		Comparison *(A4-C)/(C)(%)**
Operating revenue	151,412	162,977	(7.1	)	571,830		5.9

Commissions	70,069	82,401	(15.0	)	297,608		(5.8	)
Net gain on trading	57,546	62,286	(7.6	)	204,773		12.4
Net gain on other inventories	3	1	206.0		6		77.6
Interest and dividend income	23,794	18,289	30.1		69,442		37.1

Interest expenses	20,997	21,057	(0.3	)	62,095		35.3

Net operating revenue	130,415	141,920	(8.1	)	509,735		2.3

Selling, general and administrative expenses	84,071	80,723	4.1		334,650		0.5

Operating income	46,343	61,198	(24.3	)	175,085		5.9

Non-operating income	475	1,647	(71.1	)	3,344		(43.1	)
Non-operating expenses	382	256	49.2		1,127		35.6

Ordinary income	46,437	62,588	(25.8	)	177,302		4.8

Special profits	12	130	(90.7	)	287		(83.0	)
Special losses	255	—	—		1,630		(37.4	)

Income before income taxes	46,194	62,719	(26.3	)	175,959		5.0

Income taxes - current	18,386	20,143	(8.7	)	93,624		(21.4	)
Income taxes - deferred	219	7,537	(97.1	)	(21,174	)	—

Net income	27,589	35,039	(21.3	)	103,509		6.6

Unappropriated retained earnings brought forward	64,095	56,256			56,256

Unappropriated retained earnings	91,683	91,295			159,764

Nomura Securities Co., Ltd.

Balance Sheet Information

(Unaudited)


	Millions of yen
	June 30, 2005	June 30, 2004	March 31, 2005
Assets
Current Assets:	13,386,445	13,743,496	15,039,850

Trading Assets	7,608,498	7,497,766	8,173,289
Loans with securities as collateral	4,978,491	5,572,997	5,817,682
Other	799,457	672,732	1,048,880

Fixed Assets	76,940	59,974	77,366

Total Assets	13,463,385	13,803,470	15,117,216

Liabilities and Shareholder’s Equity
Liabilities
Current Liabilities:	12,212,187	12,624,154	13,837,984

Trading liabilities	2,792,704	3,397,952	3,380,434
Borrowings with securities as collateral	3,980,762	5,687,169	5,657,098
Other	5,438,721	3,539,033	4,800,452

Long-term Liabilities	554,680	484,191	514,888

Statutory Reserves	2,256	1,251	2,001

Total Liabilities	12,769,123	13,109,596	14,354,873

Total Shareholder’s Equity	694,262	693,874	762,343

Total Liabilities and Shareholder’s Equity	13,463,385	13,803,470	15,117,216

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

(UNAUDITED)

1. Commission Revenues

(1) Breakdown by Category

(Millions of yen except percentages)

Three Months Ended

Comparison
(A-B)/(B)(%)

Year Ended
March 31, 2005 (C)

June 30, 2005 (A)

June 30, 2004 (B)

Brokerage commissions

27,774

45,726

(39.3

133,076

[Stocks]

[25,467

]

[42,801

]

[(40.5

)]

[123,339

]

Underwriting commissions

4,643

6,212

(25.3

)

40,399

[Stocks]

[3,499

]

[5,004

]

[(30.1

)]

[35,973

]

[Bonds]

[1,144

]

[1,208

]

[(5.3

)]

[4,425

]

Distribution commissions

18,783

14,150

32.7

49,131

[Investment trust certificates]

[17,424

]

[12,061

]

[44.5

]

[41,453

]

Other commissions

18,869

16,313

15.7

75,001

[Investment trust certificates]

[7,026

]

[6,409

]

[9.6

]

[29,821

]

Total

70,069

82,401

(15.0

)

297,608

(2) Breakdown by Product

(Millions of yen except percentages)


	Three Months Ended		Comparison (A-B)/(B)(%)		Year Ended March 31, 2005 (C)
	June 30, 2005 (A)	June 30, 2004 (B)	Comparison (A-B)/(B)(%)		Year Ended March 31, 2005 (C)
Stocks	29,561	48,807	(39.4	)%	162,954
Bonds	3,787	4,585	(17.4	)	18,679
Investment trust certificates	26,654	21,106	26.3		80,191
Others	10,067	7,905	27.4		35,784

Total	70,069	82,401	(15.0	)	297,608

2. Net Gain/Loss on Trading

(Millions of yen except percentages)


	Three Months Ended		Comparison (A-B)/(B)(%)		Year Ended March 31, 2005 (C)
	June 30, 2005 (A)	June 30, 2004 (B)	Comparison (A-B)/(B)(%)		Year Ended March 31, 2005 (C)
Stocks	20,136	23,397	(13.9	)%	70,337
Bonds and forex	37,410	38,889	(3.8	)	134,436

Total	57,546	62,286	(7.6	)	204,773

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

(UNAUDITED)

3. Stock Trading (excluding futures transactions)

(Millions of shares or yen except per share data and percentages)


	Three Months Ended								Comparison (A-B)/(B)(%)				Year Ended March 31, 2005 (C)
	June 30, 2005 (A)				June 30, 2004 (B)				Comparison (A-B)/(B)(%)				Year Ended March 31, 2005 (C)
	Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount
Total	14,128		14,759,577		17,975		17,684,623		(21.4	)%	(16.5	)%	61,049		57,892,981

[Brokerage]	9,158		9,063,031		12,694		11,858,569		(27.9	)	(23.6	)	42,571		37,600,648
[Proprietary Trading]	4,970		5,696,545		5,281		5,86,054		(5.9	)	(2.2	)	18,478		20,292,333

Brokerage / Total	64.8	%	61.4	%	70.6	%	67.1	%					69.7	%	64.9	%

TSE Share	5.8	%	7.0	%	7.0	%	7.4	%					6.1	%	6.8	%

Brokerage Commission per share (yen)	2.76				3.35								2.88

4. Underwriting, Subscription, and Distribution

(Millions of shares or yen except percentages)


	Three Months Ended		Comparison (A-B)/ (B)(%)		Year Ended March 31, 2005 (C)
	June 30, 2005 (A)	June 30, 2004 (B)	Comparison (A-B)/ (B)(%)		Year Ended March 31, 2005 (C)
Underwriting
Stocks (number of shares)	19	31	(40.1	)%	374
(yen amount)	73,622	111,260	(33.8	)	915,220
Bonds (face value)	2,309,733	1,865,502	23.8		9,249,792
Investment trust certificates (yen amount)	—	—	—		—
Commercial paper and others (face value)	30,400	107,500	(71.7	)	469,800
Subscripition and Distribution*
Stocks (number of shares)	274	373	(26.5	)	868
(yen amount)	105,059	138,909	(24.4	)	1,032,890
Bonds (face value)	877,453	653,116	34.3		2,415,724
Investment trust certificates (yen amount)	3,886,138	3,911,254	(0.6	)	14,155,124
Commercial paper and others (face value)	5,400	107,500	(95.0	)	466,600

*	Includes secondary offerings and private placements.

5. Capital Adequacy Ratio

(Millions of yen except percentages)


			June 30, 2005		June 30, 2004		March 31, 2005
Tier I		(A)	694,262		693,874		666,673

Tier II	Statutory reserves		2,256		1,251		2,000
	Allowance for doubtful accounts		18		202		30
	Subordinated debt		319,500		220,000		319,500

	Total	(B)	321,774		221,453		321,531

Illiquid Asset		(C)	236,784		72,467		156,371

Net Capital (A) + (B) - (C) =		(D)	779,253		842,860		831,833

Risk	Market risk*		57,843		139,473		125,301
	Counterparty risk		143,721		118,805		133,042
	Basic risk		93,312		92,315		93,334

	Total	(E)	294,877		350,594		351,678

Capital Adequacy Ratio		(D)/(E)(%)	264.2	%	240.4	%	236.5	%

*	Market risk calculation method has been changed to internal risk model from standard method defined in Article 5 of the Cabinet Office Regulation Regarding Capital Adequacy Ratio since April 2005.

LOGO

Tokyo, July 28, 2005

Nomura Announces Results of Stock Repurchase Program from Market

Nomura Holdings, Inc. today announced results of an ongoing stock repurchase program from the market. The stock repurchase program, originally announced on June 28, 2005, has been authorized for the period between July 1 and September 16, 2005, and is in accordance with Article 211-3-1-2 of Japan’s Commercial Code.

Details of stock repurchase activity in July 2005 are as follows:



1.	Type of shares:	NHI common stock
2.	Purchase period:	July 1, 2005 through July 28, 2005
3.	Number of shares repurchased:	4,627,800 shares
4.	Aggregate purchase amount:	JPY 6,156,987,600
5.	Method of repurchase:	Purchase via Tokyo Stock Exchange

As of June 30, 2005, the total number of common stock issued was 1,965,919,860 shares, while common stock held in treasury totalled 48,742,807 shares.

Details of the stock repurchase program for the second quarter of the current fiscal year ending March 31, 2006, authorized at the Board of Directors meeting held on June 28, 2005, are as follows:



1.	Type of shares:	NHI common stock
2.	Total shares authorized for repurchase:	Up to 25,000,000 shares
3.	Total value of shares authorized for repurchase:	Up to 37.5 billion yen
4.	Period:	July 1, 2005, to September 16, 2005


		Ends

For further information please contact:


Name	Company	Telephone
Koichiro Ide	Nomura Securities Co., Ltd	81-3-3278-0591
Shuji Sato	Corporate Communications Dept.,
Mitch Hayes	Nomura Group Headquarters
Larry Heiman

Notes to editors:

The Nomura Group

Nomura is a global financial services group dedicated to providing a broad range of financial services for individual, institutional, corporate and government clients. The Group offers a diverse line of competitive products and value-added financial and advisory solutions through its global headquarters in Tokyo, 133 branches in Japan, and an international network in 28 countries; with regional headquarters in Hong Kong, London, and New York. The Group’s business activities include investment consultation and brokerage services for retail investors in Japan, and, on a global basis, brokerage services, securities underwriting, investment banking advisory services, merchant banking, and asset management. For further information about Nomura please visit our website at www.nomura.com.

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