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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 April 2010.
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):
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Information furnished on this form:
Exhibit Number
1. Overview – Fiscal Year ended March 2010
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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: April 30, 2010 | By: | /s/ Shinji Iwai | ||||
| Shinji Iwai | ||||||
| Senior Managing Director | ||||||
Table of Contents
Overview
Fiscal Year Ended March 2010
Nomura Holdings, Inc. April 2010
Table of Contents
Agenda
Executive Summary
Nomura’s Evolution
Performance & Franchise
Balance Sheet & Liquidity Management
Appendices
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 ¥93.4=U.S.$1, the noon buying rate in New York City for cable transfers in foreign currencies as certified customs purposes by the Federal Reserve Bank of New York on March 31, 2010. 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.
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Disclaimer
This document is produced by Nomura Holdings, Inc. (“Nomura”). Copyright 2009 Nomura Holdings, Inc. All rights reserved.
Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.
No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura.
The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information.
This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.
The consolidated financial information in this document is unaudited.
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Executive Summary
Nomura completed its fiscal year ended March 2010 as a truly global investment bank
After completing the integration of approx. 8,000 ex-Lehman employees, Nomura swiftly gained momentum, and returned to profits in all five business segments, realizing its management target for the year
Nomura continued to maintain its leading position in its home country, which provides a foundation for global growth. The Retail and Asset Management divisions continued to be a steady revenue engine
Nomura diversified revenues across regions and products, to create steady revenue growth, swiftly building out the wholesale franchise into the U.S. to craft a top-tier finance power house of Asia
Nomura shifted away from proprietary trading and complex products towards greater emphasis on client flow activities with the offering of liquid products, and is strongly focused on risk management
To support its expansion plans, Nomura successfully raised equity capital and diversified its funding. Nomura ended its fiscal year with a solid capital position, a preliminary Tier 1 Capital Ratio of 17.3% and a liquidity pool at a record level of USD 55bn, having maintained its financial independence throughout crises
Having achieved revenues comparable to its peaks in 2006 and 2007, Nomura is well on its way to achieving its medium to long term targets
Page 1
Table of Contents
1 Nomura’s Evolution
2 Performance & Franchise
3 Balance Sheet & Liquidity Management
4 Appendices
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A Review of Nomura’s Integration Year
2008 Oct - Dec
2009 Jan - Mar
2009 Apr - Jun
2009 Jul -Sep
2009 Oct - Dec
2010 Jan-Mar
Transition Complete In T+70 days
System Integration
& Client On-boarding
Full Operating Capabilities in Place
Americas Business Started
Global Investment Bank Build Out
Top Tier Global Financial Powerhouse
Change
Smooth on-boarding and integration of 8,000 ex-Lehman employees Defined long-term organizational structure Tier 2: Raised USD 4.4 billion (Dec.)
Speed
New equity execution platform started Global interest rate, credit & currency trading resumes Hundreds of new clients on-boarded Tier 1: Raised USD 3.1 billion (Mar)
Return to Profitability
Significant market share gains across products Returned to profitability with significant expansion in overseas revenue Launched USD 1.1 billion cost reduction project
Significant Market Presence
Best M&A House in China (Euromoney) Rank #1 on LSE (Jul.-Sep.) Rank #1 on TSE (Sep.) Continued market share gains achieved in fixed-income flow products and solutions
World-class Products & Services
Maintained #1 on LSE (Oct – Dec) Established business for four key products in the US FI (rates, securitization, credit, and forex) Tier 1: Raised USD 4.7 billion (Oct.)
Continue to Build on our Success
Further build out US businesses Scale up revenue and sustain profitability Maintain financial discipline to cope with changing environment
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1 Nomura’s Evolution
2 Performance & Franchise
3 Balance Sheet & Liquidity Management
4 Appendices
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Quarterly and Full Year Consolidated Results
Highlights
Profitable for four straight quarters; all five business segments returned to profits
Full year net revenue of USD 12.3 billion, income before tax of USD 1.1billion, net income of USD 0.7 billion
Full year pre-tax profits included adjustments for credit valuation adjustment of minus USD 791million, USD 182 million of conversion expenses related to convertible bonds issued by Nomura, and USD 101 million unrealized gains on investment securities
Retail segment and Asset Management segment continued to exhibit solid revenue growth, focused on providing consulting services, Retail and Asset Management net revenue up by 33%, and 17%, respectively, compared to previous year
Wholesale segments (Global Markets, Investment Banking and Merchant Banking) have become another revenue engine operating globally and making a significant contribution to overall revenues
Quarterly and YTD Results (USD million (JPY billion))
Q1 Apr-Jun 2009
Q2 Jul-Sep 2009
Q3 Oct-Dec 2009
Q4 Jan-Mar2010
Full Year Apr-Mar 2010
Net revenue1
$3,195mn $3,212mn $2,939mn $2,975mm $12,321mn
(¥298.4bn) (¥300.0bn) (¥274.5bn) (¥277.9bn) (¥1,150.8bn)
Income before income tax
$336mn $ 292mn $193mn $306mn $1,127mn
(¥31.4bn) (¥27.3bn) (¥18.0bn) (¥28.6bn) (¥105.2bn)
Net income2
$122mn $297mn $109mn $197mn $726mn
(¥11.4bn) (¥27.7bn) (¥10.2bn) (¥18.4bn) (¥67.8bn)
1. Net revenue: net of interest expense
2. Net income attributable to Nomura Holdings
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Revenue Profile
Net revenue has been driven by recovery in wholesale segments:
In Global Markets, Fixed Income has steady client associated revenues through flow products in credit and rates. In Equities, Nomura has increased market share on public exchanges and has been successful in major public offerings in Japan.
Investment Banking has expanded revenues in Europe and has increased underwriting mandates outside Japan.
The Retail and Asset Management businesses have demonstrated to be a stable revenue engine. Commissions and asset management & portfolio service fees saw a compound annual growth rate of 13% over the past 7 years.
Net Revenue (net of interest expense) by Segments1,
USD millions
Retail
Investment Banking
Asset Management
Global Markets
Merchant Banking
Other
90
704
730
1,067
3,973
4,781
785
965
696
1,062
3,105
4,712
1,105
950
694
890
1,024
4,304
1,581
640
680
3,125
-1,684
-748
754
131
1,273
7,049
4,156
-1,143
YE2006 YE2007 YE2008 YE2009 YE2010
Net revenue (net of interest expense) by drivers2
USD millions
3,698
2,365
5,639
2,959
5,339
3,217
7,352
4,914
6,505
5,177
2,065
6,364
4,786
-1,439
6,675
5,646
Trading & Others
Commissions & Asset Management Fees
YE2003 YE2004 YE2005 YE2006 YE2007 YE2008 YE2009 YE2010
Note 1 Source: Nomura Financial Report. The “other” category includes unrealised gain (loss) on investments in equity securities held for operating purposes
2. Source: Nomura, Commissions & Asset Management Fees: Commissions and asset management & portfolio service
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Revenue Profile (cont’)
Geographic Diversification
Quarterly Net Revenue (net of interest expense) by Geography
USD million
Japan Non-Japan
114
1,333
1,525
-154
653
-1,185
1,319 -219
1,271 1,924
1,719 1,493
1,479 1,460
1,356 1,620
Q1YE09 Q2YE09 Q3YE09 Q4YE09 Q1YE10 Q2YE10 Q3YE10 Q4YE10*
Preliminary
1. Source : Ministry of Finance Japan
2. Source : Nikkei
3. Source : Thomson Reuters Source
4. Source : London Stock Exchange. Nomura only, excludes Instinet.
5. Source : Institutional Investor
Note: All data as of March 31, 2010, unless otherwise indicated.
Fourth Quarter Highlights
Japan
Increase in new individual accounts (Retail) Overall
#1 dealer for JGB 1 (Global Markets)
#1 Monthly share on TSE (Global Markets) in
| #1 |
|
Nikkei analyst survey 2 |
#1 in Japan-related ECM, DCM, and M&A league tables3 (Investment Banking)
Made progress in increasing value of investee companies (Merchant Banking)
EMEA
LSE market share (customer 4
trades) #1 (Global Markets) research ranking5 (Global
#2 Markets) Sole M&A advisor for KKR acquisition of Pets at Home.
Asia-ex Japan
Market share increased on exchanges across region e.g. South Korea, Hong Kong, Malaysia (Global Markets)
Won mandates on high profile deals in DCM (Philippines) and M&A
(National Australia Bank/AXA) (Investment Banking) Strengthened on-shore business platforms (Global Markets)
USA
Significant momentum across all core products in FI, Equities (Global Markets)
Steady progress in on-boarding of derivative clients (Global Markets)
First joint lead manager in IPO for North American company (Seabridge Gold) (Investment Banking)
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In Japan Nomura Dominates Key Segments
Continued Dominance in Japan Retail1
USD trillion
38.8%
4.0 36.9%
3.5 35.2%
3.0 3.4 33.3%
2.5 3.0
2.0 2.7
1.5 27.8% 29.3% 1.9 2.1 2.1 2.0
1.0 30.5%
0.5 0.95 0.87 0.81 0.63 0.72 0.76 0.79
0.0
Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Mar-10
Japan retail non-cash assets Nomura retail non-cash assets
Nomura market share
Leading position in Japan (Mar.2010)
Share of public investment trust market in Japan2,3
Nomura Asset Management 20.3%
Others,2 6.5% #2, 14.4%
#10, 2.4% # 9, 2.7% #8, 2.8% #7, 3.2% #6, 3.1% #5, 6.6% #4, 8.6% #3, 9.7%
ECM Shares Japan4
\ billion 7,000 6,000 5,000 4,000 3,000 2,000 1,000
Industry Total Nomura
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09
Japan ECM Rankings5 (Apr09 – Mar10)
Proceeds
Rank Bank No. of deals
(US$mn)
| 1 |
|
Nomura 28,923 56 |
| 2 |
|
Goldman Sachs 8,222 7 |
| 3 |
|
Daiwa Securities Group6,374 16 |
| 4 |
|
Mizuho Financial Group4,783 14 |
| 5 |
|
Morgan Stanley 3,708 5 |
| 6 |
|
JPMorgan 3,364 4 |
| 7 |
|
Barclays Capital 2,859 3 |
| 8 |
|
Bank of America Merrill Lynch2,365 6 |
| 9 |
|
Mitsubishi UFJ 2,042 13 |
| 10 |
|
Citi 1,806 1 |
All Yen Bonds (excluding self-funding) – Bookrunner Rankings6 (Apr09-Mar10)
Proceed*s
Rank Bookrunner (Yen bn) MktShare
| 1 |
|
Nomura 2,202 26.8% |
| 2 |
|
Mizuho Financial Group 1,932 23.5% |
| 3 |
|
Daiwa Securities 1,545 18.8% |
| 4 |
|
Mitsubishi UFJ Securities1,467 17.8% |
| 5 |
|
Nikko Cordial Securities645 7.9% |
| 6 |
|
Nikko Cit 247 3.0% |
| 7 |
|
Bank of America Merrill Lynch 45 0.6% |
| 8 |
|
Goldman Sachs 43 0.5% |
| 9 |
|
Barclays Capital 36 0.4% |
| 10 |
|
Toyota Financial Services30 0.4% |
Source: 1. Nomura Retail client assets include some corporate client assets. Japan retail non-cash assets is the total of equities, bonds and investment trusts included in personal financial assets in Japan. Calculated by Nomura based on Bank of Japan data. 2. Nomura, based on data from The Investment Trusts Association, Japan. 3. Assets under management for Nomura Asset Management shown on non-consolidated basis . 4. Excluding foreign distributions, FY09 estimated by Nomura. Source: Reproduction of JSDA Data by Nomura 5. Source: Thomson Reuters 6. Source: Bloomberg.
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Noteworthy International Deals of the Year
EMEA 1
Asia ex-Japan2
Defence advisor for Anglo American against Xstrata’s bid
US$42.5billion Jul 2009
Rights Issue
CHF 420million Jun 2009
Joint Bookrunner
1.92% due Nov 2012 2.34% due Nov 2014
¥44.8billion Nov 2009
€Financial Advisor to Brixton
1.1billion Aug 2009
Co-Bookrunner
Rights Issue
€4.8billion Oct 2009
Joint Bookrunner
1.17% due Dec 2014
¥65billion Dec 2009
Advisor to KKR on acquisition of Pets at Home
Undisclosed Jan 2010
Joint Bookrunner
IPO
US$2.2billion Jan 2010
Joint Bookrunner
6.250% due Jun 2020
EUR 5billion Mar 2010
Sole Financial Advisor to CIC
US$939million Sep 2009
Sole Bookrunner FCCB
US$ 300 million Nov 2009
Joint Arranger and Documentation Agent
10-yr Shibosai Bond Guaranteed by JBIC
¥35billion Jul 2009
Financial Advisor Kumho Asiana’s divestment of Daewoo Engineering & Construction
US$2.5billion Pending
Joint Bookrunner
IPO
US$3.3 billion Nov 2009
Joint lead manager 2.51% note due Sep 2011 2.67% note due Sep 2012 2.96% note due Sep 2014
Yen 30billion Sep 2009
Financial Advisor to National Australia Bank Proposed acquisition of AXA Asia Pacific Holdings
US$ 13.3 billion Pending
POWL Bookrunner
& Co-Lead Manager IPO
US$ 1.0 billion Sep 2009
Joint bookrunner and Joint lead manager 11.5% Senior Feb Security 2015 notes due
US$ 350million Feb 2010
1. EMEA = Europe, the Middle East and Africa
2. AEJ = Asia excluding Japan
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Global Markets Americas Business Build Out
Equities
Cash equities (EMEA, Asian and US equities)1
100
140
168
Apr09
Dec09
Mar10
Equity derivatives2
100
185
218
248
Q1FYE10 Q2FYE10 Q3FYE10 Q4FYE10
Fixed Income
Rates1
100
206
215
Sep09
Dec09
Mar10
Securitized products1
100
879
1,065
Sep09
Dec09
Mar10
FX1
100
225
365
Sep09
Dec09
Mar10
Credit1
100
483
751
Sep09
Dec09
Mar10
1. Average daily trade volume, indexed
2. Quarterly revenue, indexed.
Note: Volume uplift compared to pre-integration or go-live month for each business. Excludes Instinet. FX trading index is monthly summary from September to March.
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| 1 |
|
Nomura’s Evolution |
| 2 |
|
Performance & Franchise |
| 3 |
|
Balance Sheet & Liquidity Management |
| 4 |
|
Appendices |
Table of Contents
Capital and Leverage
Nomura’s Tier 1 capital virtually consists of common equity
Capital Ratios1
(USD billion) (preliminary) As of Dec2009 As of Mar2010
Tier 1 21.3 21.4
Tier 2 6.0 6.0
Tier 3 3.2 3.3
Total regulatory capital 29.9 30.1
Risk-weighted assets 119.1 123.4
Tier 1 ratio 17.8% 17.3%
Tier 1 common ratio2 17.7% 17.3%
Total capital ratio 25.0% 24.3%
Balance Sheet Summary (as of Mar31, 2010)
Raised USD 4.7 billion of Tier 1 capital (common shares) through October’s Public Offering, which was 5x oversubscribed globally
Tier 1 capital ratio : 17.3%
Total assets : USD 345billion
Shareholders’ equity : USD 23billion
Net leverage : 9.3 x
Tier 1 Capital / Risk Weighted Assets
17.3% 17.3%
Leverage Ratio Trend
Source: Nomura, based on company financial statements and press releases
1. Competitor data in dotted circle as of March 31, 2010, and others as of December 2009. Nomura data as of March31, 2009.
2. Tier 1 common ratio defined as Tier 1 Capital minus Hybrid Capital and Minority Interest divided by Risk-weighted assets.
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Liability Management
Balance Sheet Composition
Assets
53%
36%
12%
Liability & capital
80%
14%
6%
YE2007
43%
45%
13%
71%
22%
7%
YE2010
Cash & equiv/Collateralized Agreements
Other Liabilities
Long-term Borrowings
Shareholders Equity Minority Interest
Unsecured Funding Sources1 (Mar.2010)
Trading Assets
Other assets
Total USD 86billion
78%
18%
4%
Short-term debt
Current portion of the Long-term debt
Long-term debt
Smooth Refinancing Profile2
USD billion
Long-term Debt Maturity Profile as of March 2010
28
14
12
10
8
6
4
2
0
Q1
Q2
Q3
Q4
Q5
Q6
Q7
Q8
Q9
Q10
Q11
Q12
Q13
Q14
Q15
Q16
Q17
Q18
Q19
Q20
Over.
Comments
Nomura principally does not rely on short-term unsecured debts to finance its businesses
The vast proportion of debts are issued long-term with the average exceeding 5 years
Nomura carefully manages its refinancing profile, ensuring smooth maturity patterns with low refinancing concentration
Most funding comes from Japan, which remains a stable and reliable source of funding
Our long term plan is to continue diversifying our issuance into international markets and currencies, building a liquid curve in all major currencies
1. Definition differs from financial disclosures reflecting Liquidity Management’s view. Based on original maturity.
2. Redemption schedule is individually estimated by considering the probability of redemption. Due to structure bias, we use the probability is adjusted by a certain stress.
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Liquidity Profile
Liquidity Pool Balance(Mar.2010)
USD bn
50 40 30 20 10 0
20.7 9.2 26.2 14.2 26.2 11.9 31.7 11.4 38.3 13.8 47.1 13.3 55.1 13.9
FYE07 YE08 YE09 Q1YE10 Q2YE10 Q3YE10 YE10
ST debts ( accounting balance) Liquidity Pool Balance
Currencies (Mar.2010)
Other 1% EUR 37% JPY 40% USD 22%
Instruments (Mar.2010)
Securities 1% Deposit 13% Reverse Repo 86%
Comments
Nomura maintains a liquidity pool, invested in government securities and cash instruments, ready to be deployed at all times ( as of Mar. 2010, USD 55bn) . The Pool accounts for approximately 16% of total assets.
The liquidity pool is available to meet:
Upcoming maturities of unsecured debt (less than 1 year)
Potential buybacks of outstanding debt
Loss of secured funding lines particularly for less liquid assets, over and above Nomura’s cash capital estimates
Normal business volatility
Cash and collateral outflows in the event of a stress event
Nomura ensures that it has enough long term sources of funding to meet these requirements. As of Mar. 31, 2010 total long-term sources were USD 77 billion, raised through a well diversified mix of instruments1
Nomura also has access to operations at central banks such as the Bank of Japan and European Central Bank, which provide financing against various types of securities
These operations are accessed in the normal course of business and are important tools in mitigating contingent risk from market disruptions
1. Definition differs from financial disclosures reflecting liquidity management’s view.
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Long-term Funding Profile
Although Nomura’s funding sources are already well diversified in Japan, the Firm aims to diversify its funding sources by currency, region and instrument to ensure reliable, cost effective and flexible access to funding
In December 2009, after an absence from the European debt markets, Nomura completed a € 1bn transaction which was nearly 3x oversubscribed. Following strong performance in secondary markets, Nomura upsized the issue by €250 mm in January 2010
In February 2010, Nomura successfully debuted in US debt market with the issuance of a benchmark transaction. The transaction was oversubscribed 4x and was comprised of USD 1.5bn with a 5 year maturity and USD 1.5bn with a 10 year maturity
Following the US transaction, Nomura complete issuance in all major currencies by issuing a GBP 500mn bond in March 2010
Long Term Funding (Mar. 2010)
Currency Composition
Regional Composition
Instrument Composition
Others JPY USD EUR
2% 78% 10% 10%
6% 47% 23% 23%
Outstanding (as of Mar 2010) YTD
Japan Non Japan
78% 22% 48% 52%
Outstanding (as of Mar 2010) YTD
Senior Boand - Wholesale EMTN - Yen
Senior Loan Subordinated Loan Subordinated Bond Senior Bond - Retail
EMTN - Non Yen Senior Bond - International
10% 26% 25% 7% 6% 3% 11% 11%
14% 5% 25% 0% 0% 5% 27% 25%
Outstanding (as of Mar 2010) YTD
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Global Risk Management Framework
Risk Management Summary
Global Chief Risk Officer based in firm-wide risk and directly reports for CEO & COO
Nomura has a clear Global Risk Management Committees structure
The Global Integrated Risk Management Committee has a defined risk appetite expressed in terms of quantitative measures and qualitative factors for each material risk class
The expansion of the global markets business has not resulted in a proportionally increased in London centrally manager level of risk
VaR (99%/ 1-Day)
USD million
200 150 100 50 0 2.0% 1.5% 1.0% 0.5% 0.0%
FYE08 FYE09 1QFYE10 2QFYE10 3QFYE10 4QFYE10
o/w FX VaR Total VaR Total VaR to Equity (RHS)
Total VaR after taking diversification benefits into account
Global Portfolio Risk Report Regional Risk Reports
Market Credit Operational
US Asia EMEA JP
Risk Management Structure
Control Structure
Executive Management Board
Group Integrated Risk Management Committee
Global Risk Management Committee
Consistent Risk Appetite in Wholesale
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Less Liquid Positions
Level III to Tier 1 capital (%)
Gross Level III Assets Level III derivatives Liabilities
Net Level III Assets (Net of Derivatives Liabilities)
155% 129% 82% 72% 98% 85% 55% 44%
Jun09 Sep09 Dec09 Mar10
-58% -44% -27% -28%
Level 3 assets declined by USD 18billion on full year basis to USD 15.5billion, declined by USD 2.1billion QoQ .
USD9.7billion after netting off derivative assets and liabilities.
Declined to 44% of Tier 1 capital on net basis.
Prudently managing and aiming to exit private equity investments, which account for component of Level 3 assets.
Continue to closely manage Level 3 and other illiquid assets.
Composition of Level 3 Assets1,2
As of March 2010 FYE 2010
11% 22% 11% 38% 8% 10%
Private Equity Equities Derivative contracts (assets)
Mortgage and other mortgage backed securities
Bank and corporate debt securities and loans for trading purpose
Others
Merchant Banking Assets 3
USD million 6,000 4,000 2,000 0
Japan & Asia Europe ex TF Terra Firma (TF)
1,161 254 3,485 641 415 3,645 2,093 382 3,343 1,815 443 1,825 2,087 642 1,193 2,042 647 1,276,
YE05 YE06 YE07 YE08 YE09 FYE10
1. Preliminary (before review)
2. Gross basis
3. Amount of exposure in Japan and Asia includes total of Nomura Principal Finance, Nomura Financial Partners , Nomura Research’ & Advisory and others. Amount of Europe (ex. TF) includes total of the Private Equity Group, Nomura Phase 4 Ventures and others.
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Contacts
New York John Stacconi
International Treasurer
London Taro Yoshikawa
Head of European Investor Relations
Tokyo
Masahiko Watanabe
Treasury Relations
Tel: +1 212 667 9321 e-mail: John.Stacconi@nomura.com
Tel: +44 (0) 207 102 5919 e-mail: taro.yoshikawa@nomura.com
Tel: +81(3) 3275-9263 e-mail: masahiko.watanabe@nomura.com
Table of Contents
1.Nomura’s Evolution
2.Performance & Franchise
3.Balance Sheet & Liquidity Management
4.Appendices
Table of Contents
Adjustment of consolidated results and segment results: Income (loss) before income taxes
(billions of yen) FY2009.3 FY2010.3
FY2006.3 FY2007.3 FY2008.3 FY2009.3 FY2010.3
4Q 1Q 2Q 3Q 4Q
Retail 197.2 160.9 122.3 18.2 113.4 -5.5 27.9 26.4 35.2 24.0
Global Markets 157.7 58.8 -226.2 -574.6 172.0 -130.8 62.3 46.7 33.1 30.0
Investment Banking 51.5 44.4 22.8 -57.4 1.7 -41.3 -5.4 -9.7 16.3 0.6
Merchant Banking 55.4 52.8 53.3 -85.3 1.4 -23.0 -3.6 1.3 -0.9 4.6
Wholesale 264.7 156.0 -150.1 -717.3 175.2 -195.1 53.3 38.2 48.5 35.2
Asset Managem ent 23.8 39.4 34.0 7.4 18.6 0.5 5.1 4.5 4.1 4.9
5 Business segm ent total 485.7 377.3 6.2 -691.7 307.1 -200.1 86.3 69.0 87.8 64.1
Other -33.1 -38.2 -20.9 -65.4 -211.3 -22.9 -64.6 -39.9 -65.9 -40.9
Segment total 452.6 378.3 -14.7 -757.1 95.8 -223.0 21.7 29.1 21.8 23.2
Unrealized gain (loss) on investments in 59.3 -38.2 -50.2 -23.1 9.4 -4.0 9.7 -1.8 -3.9 5.4
equity securities held for operating
Unrealized gain (loss) on investments in -59.9 -21.5 ——————— -
equity securities held for operating
452.0 318.5 -64.9 -780.3 105.2 -226.9 31.4 27.3 18.0 28.6
US GAAP 99.4 ———————— -
551.4 318.5 -64.9 -780.3 105.2 -226.9 31.4 27.3 18.0 28.6
Note:
1. Gain (loss) on investments in equity securities, our share of equity in the earnings (losses) of affiliates, impairment losses on long-lived assets, corporate items and other financial adjustments are included as “Other” operating results outside business segments in our segment information.
2. Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.
3. In January 2006, certain functions of Other business were integrated into Asset Management. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.
4. The defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ended March 31, 2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.
23
Table of Contents
Consolidated balance sheet
Consolidated balance sheet
Mar. 31, Mar. 31, Increase
2009 2010 (Decrease)
Assets
Cash and cash deposits 1,423 1,352 (70)
Loans and receivables 1,643 2,072 429
Collateralized agreements 8,413 12,467 4,055
Trading assets and
private equity investments1 11,673 14,700 3,028
Other assets 1,687 1,639 (48)
Total assets 24,838 32,230 7,393
(billions of yen)
Mar. 31, Mar. 31, Increase
2009 2010 (Decrease)
Liabilities
Short-term borrowings 1,183 1,302 118
Payables and deposits 1,242 1,528 286
Collateralized financing 10,158 11,216 1,059
Trading liabilities 4,752 8,357 3,605
Other liabilities 468 495 27
Long-term borrowings 5,483 7,199 1,716
Total liabilities 23,286 30,097 6,811
Equity
Total Nomura shareholders’ equity 1,539 2,127 588
Noncontrolling interest 12 6 (6)
Total liabilities and shareholders’ equity 24,838 32,230 7,393
1. Including securities pledged as collateral.
Note: Non-controlling interest, which was previously included in Liabilities, is classified as equity in accordance with SFAS 160. Previously reported amounts have been made to conform to the current year presentation.