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

For the month of May 2014

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):

Information furnished on this form:

EXHIBIT


Exhibit Number

1.		Nomura Announces Correction to Financial Statements

The registrant hereby incorporates Exhibit 1 to this report on Form 6-K by reference in the prospectus that is part of Registration Statement on Form F-3 (Registration No. 333-191250) of the registrant and Nomura America Finance, LLC, filed with the Securities and Exchange Commission on September 19, 2013.

EXPLANATORY NOTE: The registrant furnished with the Securities and Exchange Commission (the “SEC”) a report on Form 6-K on April 30, 2014 and a report on Form 6-K/A on May 16, 2014, amending the report on Form 6-K furnished on April 30, 2014. The registrant is furnishing this Form 6-K in order to show the amendments to certain data for the year ended March 31, 2014 and certain quarterly comparatives data shown in Exhibit 1 “Financial Summary – Year ended March 31, 2014”, furnished on Form 6-K on April 30, 2014, as reflected in Exhibit 1 to the report on Form 6-K/A furnished on May 16, 2014 and shown in Exhibit 1 to this report.

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: May 16, 2014	By:	/s/ Hajime Ikeda
		Hajime Ikeda
		Managing Director

LOGO

Nomura Announces Correction to Financial Statements

Tokyo, May 16, 2014—Nomura Holdings, Inc. today announced corrections to the document issued on April 30, 2014, titled “Financial Highlights—Year ended March 2014” as underlined below. The impact of the corrections on Nomura’s consolidated financial results is negligible.

The corrections are due to two factors: 1) The number of Nomura Holdings shares held within the group was mistakenly calculated from June 2013; 2) Some figures under the Liabilities section of the balance sheet were calculated incorrectly for the fourth quarter of the year ended March 31, 2014.

As a result of 1), Nomura plans to correct parts of the documents titled “Financial Highlights—Three months ended June 2013”, “Financial Highlights—Six months ended September 2013”, and “Financial Highlights—Nine months ended December 2013”. The correct figures are currently being calculated and will be disclosed once finalized. The impact of the corrections on the consolidated financial results for each quarter will be negligible.

Corrections

1.	Consolidated operating results for the year ended March 31, 2014

3.	Consolidated financial statements

(1)

Consolidated balance sheets (UNAUDITED) (Page 8 and 9)

(4)

Consolidated statement in changes in equity (UNAUDITED) (Page 12)

(5)

Consolidated statements of cash flows (UNAUDITED) (Page 13)

(7)

Notes to the consolidated financial statements (UNAUDITED) Per share data (Page 16)

(8)

Other financial information

Consolidated statements of income—quarterly comparatives (UNAUDITED) (Page 17)

Business segment information—quarterly comparatives (UNAUDITED) (Page 18)

Details of the corrections are underlined in the attachment below.

Attachment

1. Consolidated Operating Results

Original

(2) Financial Position


	At March 31
	2013			2014
	(Millions of yen, except per share data)
Total assets		37,942,439			43,520,317
Total equity		2,318,983			2,553,216
Total NHI shareholders’ equity		2,294,371			2,513,683
Total NHI shareholders’ equity as a percentage of total assets		6.0	%		5.8	%
Total NHI shareholders’ equity per share (Yen)		618.27			676.15

(3) Cash Flows

	For the year ended March 31
	2013			2014
	(Millions of yen)
Net cash provided by operating activities		549,501			457,423
Net cash (used in) investing activities		(160,486	)		(103,195	)
Net cash provided by (used in) financing activities		(701,623	)		289,388
Cash and cash equivalents at end of the year		805,087			1,489,792

Notes

(3) Number of shares issued (common stock)

	At March 31
	2013			2014
Number of shares outstanding (including treasury stock)		3,822,562,601			3,822,562,601
Number of treasury stock		111,602,349			104,927,439

	For the year ended March 31
	2013			2014
Average number of shares outstanding		3,692,795,953			3,709,837,189

Corrected

(2) Financial Position

	At March 31
	2013			2014
	(Millions of yen, except per share data)
Total assets		37,942,439			43,520,314
Total equity		2,318,983			2,553,213
Total NHI shareholders’ equity		2,294,371			2,513,680
Total NHI shareholders’ equity as a percentage of total assets		6.0	%		5.8	%
Total NHI shareholders’ equity per share (Yen)		618.27			676.15

(3) Cash Flows

	For the year ended March 31
	2013			2014
	(Millions of yen)
Net cash provided by operating activities		549,501			457,426
Net cash (used in) investing activities		(160,486	)		(103,195	)
Net cash provided by (used in) financing activities		(701,623	)		289,385
Cash and cash equivalents at end of the year		805,087			1,489,792

Notes

(3) Number of shares issued (common stock)

	At March 31
	2013			2014
Number of shares outstanding (including treasury stock)		3,822,562,601			3,822,562,601
Number of treasury stock		111,602,349			104,932,139

	For the year ended March 31
	2013			2014
Average number of shares outstanding		3,692,795,953			3,709,830,989

3. Consolidated Financial Statements

(1) Consolidated Balance Sheets (UNAUDITED) (Page 8 and 9)

Original


	Millions of yen
	March 31, 2013			March 31, 2014			Increase/(Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		805,087			1,489,792			684,705
Time deposits		577,921			363,682			(214,239	)
Deposits with stock exchanges and other segregated cash		269,744			335,836			66,092

Total cash and cash deposits		1,652,752			2,189,310			536,558

Loans and receivables:
Loans receivable		1,575,494			1,327,875			(247,619	)
Receivables from customers		63,792			64,070			278
Receivables from other than customers		992,847			1,181,742			188,895
Allowance for doubtful accounts		(2,258	)		(3,009	)		(751	)

Total loans and receivables		2,629,875			2,570,678			(59,197	)

Collateralized agreements:
Securities purchased under agreements to resell		8,295,372			9,617,675			1,322,303
Securities borrowed		5,819,885			7,729,326			1,909,441

Total collateralized agreements		14,115,257			17,347,001			3,231,744

Trading assets and private equity investments:
Trading assets*		17,037,191			18,672,321			1,635,130
Private equity investments		87,158			41,996			(45,162	)

Total trading assets and private equity investments		17,124,349			18,714,317			1,589,968

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥355,831 million as of March 31, 2013 and ¥350,820 million as of March 31, 2014)		428,241			408,917			(19,324	)
Non-trading debt securities*		920,611			1,023,746			103,135
Investments in equity securities*		123,490			136,740			13,250
Investments in and advances to affiliated companies*		345,705			345,434			(271	)
Other		602,159			784,174			182,015

Total other assets		2,420,206			2,699,011			278,805

Total assets		37,942,439			43,520,317			5,577,878

*	Including securities pledged as collateral


	Millions of yen
	March 31, 2013			March 31, 2014			Increase/(Decrease)
LIABILITIES AND EQUITY
Short-term borrowings		738,445			602,131			(136,314	)
Payables and deposits:
Payables to customers		476,705			521,156			44,451
Payables to other than customers		864,962			1,201,536			336,574
Deposits received at banks		1,072,134			1,114,181			42,047

Total payables and deposits		2,413,801			2,836,873			423,072

Collateralized financing:
Securities sold under agreements to repurchase		12,444,317			13,937,690			1,493,373
Securities loaned		2,158,559			2,359,809			201,250
Other secured borrowings		806,507			814,500			7,993

Total collateralized financing		15,409,383			17,111,999			1,702,616

Trading liabilities		8,491,296			11,047,285			2,555,989
Other liabilities		978,163			1,141,750			163,587
Long-term borrowings		7,592,368			8,227,063			634,695

Total liabilities		35,623,456			40,967,101			5,343,645

Equity
NHI shareholders’ equity:
Common stock
Authorized—6,000,000,000 shares
Issued—3,822,562,601 shares as of March 31, 2013 and
3,822,562,601 shares as of March 31, 2014
Outstanding—3,710,960,252 shares as of March 31, 2013 and
3,717,635,162 shares as of March 31, 2014		594,493			594,493			—
Additional paid-in capital		691,264			683,638			(7,626	)
Retained earnings		1,136,523			1,287,003			150,480
Accumulated other comprehensive income		(57,395	)		20,636			78,031

Total NHI shareholders’ equity before treasury stock		2,364,885			2,585,770			220,885
Common stock held in treasury, at cost— 111,602,349 shares as of March 31, 2013 and 104,927,439 shares as of March 31, 2014		(70,514	)		(72,087	)		(1,573	)

Total NHI shareholders’ equity		2,294,371			2,513,683			219,312

Noncontrolling interests		24,612			39,533			14,921

Total equity		2,318,983			2,553,216			234,233

Total liabilities and equity		37,942,439			43,520,317			5,577,878

Corrected


	Millions of yen
	March 31, 2013			March 31, 2014			Increase/(Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		805,087			1,489,792			684,705
Time deposits		577,921			363,682			(214,239	)
Deposits with stock exchanges and other segregated cash		269,744			335,836			66,092

Total cash and cash deposits		1,652,752			2,189,310			536,558

Loans and receivables:
Loans receivable		1,575,494			1,327,875			(247,619	)
Receivables from customers		63,792			64,070			278
Receivables from other than customers		992,847			1,181,742			188,895
Allowance for doubtful accounts		(2,258	)		(3,009	)		(751	)

Total loans and receivables		2,629,875			2,570,678			(59,197	)

Collateralized agreements:
Securities purchased under agreements to resell		8,295,372			9,617,675			1,322,303
Securities borrowed		5,819,885			7,729,326			1,909,441

Total collateralized agreements		14,115,257			17,347,001			3,231,744

Trading assets and private equity investments:
Trading assets*		17,037,191			18,672,318			1,635,127
Private equity investments		87,158			41,996			(45,162	)

Total trading assets and private equity investments		17,124,349			18,714,314			1,589,965

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥355,831 million as of March 31, 2013 and ¥350,820 million as of March 31, 2014)		428,241			408,917			(19,324	)
Non-trading debt securities*		920,611			1,023,746			103,135
Investments in equity securities*		123,490			136,740			13,250
Investments in and advances to affiliated companies*		345,705			345,434			(271	)
Other		602,159			784,174			182,015

Total other assets		2,420,206			2,699,011			278,805

Total assets		37,942,439			43,520,314			5,577,875

*	Including securities pledged as collateral


	Millions of yen
	March 31, 2013			March 31, 2014			Increase/(Decrease)
LIABILITIES AND EQUITY
Short-term borrowings		738,445			602,131			(136,314	)
Payables and deposits:
Payables to customers		476,705			492,516			15,811
Payables to other than customers		864,962			1,230,176			365,214
Deposits received at banks		1,072,134			1,114,181			42,047

Total payables and deposits		2,413,801			2,836,873			423,072

Collateralized financing:
Securities sold under agreements to repurchase		12,444,317			13,937,690			1,493,373
Securities loaned		2,158,559			2,359,809			201,250
Other secured borrowings		806,507			814,500			7,993

Total collateralized financing		15,409,383			17,111,999			1,702,616

Trading liabilities		8,491,296			11,047,285			2,555,989
Other liabilities		978,163			1,141,750			163,587
Long-term borrowings		7,592,368			8,227,063			634,695

Total liabilities		35,623,456			40,967,101			5,343,645

Equity
NHI shareholders’ equity:
Common stock
Authorized—6,000,000,000 shares
Issued—3,822,562,601 shares as of March 31, 2013 and
3,822,562,601 shares as of March 31, 2014
Outstanding—3,710,960,252 shares as of March 31, 2013 and
3,717,630,462 shares as of March 31, 2014		594,493			594,493			—
Additional paid-in capital		691,264			683,638			(7,626	)
Retained earnings		1,136,523			1,287,003			150,480
Accumulated other comprehensive income		(57,395	)		20,636			78,031

Total NHI shareholders’ equity before treasury stock		2,364,885			2,585,770			220,885
Common stock held in treasury, at cost— 111,602,349 shares as of March 31, 2013 and 104,932,139 shares as of March 31, 2014		(70,514	)		(72,090	)		(1,576	)

Total NHI shareholders’ equity		2,294,371			2,513,680			219,309

Noncontrolling interests		24,612			39,533			14,921

Total equity		2,318,983			2,553,213			234,230

Total liabilities and equity		37,942,439			43,520,314			5,577,875

(4) Consolidated Statement of Changes in Equity (UNAUDITED) (Page 12)

Original


	Millions of yen
	For the year ended
	March 31, 2013			March 31, 2014
Common stock
Balance at beginning of year		594,493			594,493

Balance at end of period		594,493			594,493

Additional paid-in capital
Balance at beginning of year		698,771			691,264
Gain on sales of treasury stock		(1,798	)		(7,647	)
Issuance and exercise of common stock options		(5,700	)		(210	)
Purchase / sale of subsidiary shares, net		(9	)		231

Balance at end of period		691,264			683,638

Retained earnings
Balance at beginning of year		1,058,945			1,136,523
Net income attributable to NHI shareholders		107,234			213,591
Cash dividends		(29,656	)		(63,111	)

Balance at end of period		1,136,523			1,287,003

Cumulative translation adjustments
Balance at beginning of year		(110,652	)		(38,875	)
Net change during the period		71,777			66,579

Balance at end of period		(38,875	)		27,704

Defined benefit pension plans
Balance at beginning of year		(35,132	)		(28,518	)
Pension liability adjustment		6,614			9,709

Balance at end of period		(28,518	)		(18,809	)

Non-trading securities
Balance at beginning of year		635			9,998
Net unrealized gain on non-trading securities		9,363			1,743

Balance at end of period		9,998			11,741

Balance at end of period		(57,395	)		20,636

Common stock held in treasury
Balance at beginning of year		(99,819	)		(70,514	)
Repurchases of common stock		(7	)		(32,500	)
Sale of common stock		1			1
Common stock issued to employees		29,507			30,127
Other net change in treasury stock		(196	)		799

Balance at end of period		(70,514	)		(72,087	)

Total NHI shareholders’ equity

Balance at end of period		2,294,371			2,513,683

Noncontrolling interests
Balance at beginning of year		281,896			24,612
Net change during the period		(257,284	)		14,921

Balance at end of period		24,612			39,533

Total equity

Balance at end of period		2,318,983			2,553,216

Corrected


	Millions of yen
	For the year ended
	March 31, 2013			March 31, 2014
Common stock
Balance at beginning of year		594,493			594,493

Balance at end of period		594,493			594,493

Additional paid-in capital
Balance at beginning of year		698,771			691,264
Gain on sales of treasury stock		(1,798	)		(7,647	)
Issuance and exercise of common stock options		(5,700	)		(210	)
Purchase / sale of subsidiary shares, net		(9	)		231

Balance at end of period		691,264			683,638

Retained earnings
Balance at beginning of year		1,058,945			1,136,523
Net income attributable to NHI shareholders		107,234			213,591
Cash dividends		(29,656	)		(63,111	)

Balance at end of period		1,136,523			1,287,003

Cumulative translation adjustments
Balance at beginning of year		(110,652	)		(38,875	)
Net change during the period		71,777			66,579

Balance at end of period		(38,875	)		27,704

Defined benefit pension plans
Balance at beginning of year		(35,132	)		(28,518	)
Pension liability adjustment		6,614			9,709

Balance at end of period		(28,518	)		(18,809	)

Non-trading securities
Balance at beginning of year		635			9,998
Net unrealized gain on non-trading securities		9,363			1,743

Balance at end of period		9,998			11,741

Balance at end of period		(57,395	)		20,636

Common stock held in treasury
Balance at beginning of year		(99,819	)		(70,514	)
Repurchases of common stock		(7	)		(32,511	)
Sale of common stock		1			9
Common stock issued to employees		29,507			30,127
Other net change in treasury stock		(196	)		799

Balance at end of period		(70,514	)		(72,090	)

Total NHI shareholders’ equity

Balance at end of period		2,294,371			2,513,680

Noncontrolling interests
Balance at beginning of year		281,896			24,612
Net change during the period		(257,284	)		14,921

Balance at end of period		24,612			39,533

Total equity

Balance at end of period		2,318,983			2,553,213

(5) Consolidated Statements of Cash Flows (UNAUDITED) (Page 13)

Original


	Millions of yen
	For the year ended
	March 31, 2013			March 31, 2014
Cash flows from operating activities:
Net income		105,691			216,449
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		91,493			79,468
Gain on investments in equity securities		(38,686	)		(15,156	)
Changes in operating assets and liabilities:
Time deposits		137,526			274,593
Deposits with stock exchanges and other segregated cash		(9,461	)		(42,403	)
Trading assets and private equity investments		(1,448,489	)		(485,676	)
Trading liabilities		248,019			2,007,807
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		1,375,929			(183,884	)
Securities borrowed, net of securities loaned		863,511			(1,604,469	)
Other secured borrowings		(84,444	)		7,992
Loans and receivables, net of allowance for doubtful accounts		(238,318	)		217,397
Payables		(305,672	)		278,325
Bonus accrual		31,415			16,356
Other, net		(179,013	)		(309,376	)

Net cash provided by operating activities		549,501			457,423

Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities		(271,975	)		(214,336	)
Proceeds from sales of office buildings, land, equipment and facilities		147,653			176,680
Payments for purchases of investments in equity securities		(319	)		(4,799	)
Proceeds from sales of investments in equity securities		3,741			6,945
Decrease (increase) in loans receivable at banks, net		22,189			(10,972	)
Increase in non-trading debt securities, net		(54,237	)		(103,187	)
Other, net		(7,538	)		46,474

Net cash used in investing activities		(160,486	)		(103,195	)

Cash flows from financing activities:
Increase in long-term borrowings		1,930,357			2,140,351
Decrease in long-term borrowings		(2,330,509	)		(1,594,148	)
Decrease in short-term borrowings, net		(416,174	)		(149,437	)
Increase (decrease) in deposits received at banks, net		129,384			(23,605	)
Proceeds from sales of common stock held in treasury		56			674
Payments for repurchases of common stock in treasury		(7	)		(32,500	)
Payments for cash dividends		(14,730	)		(51,947	)

Net cash provided by (used in) financing activities		(701,623	)		289,388

Effect of exchange rate changes on cash and cash equivalents		47,175			41,089

Net increase (decrease) in cash and cash equivalents		(265,433	)		684,705
Cash and cash equivalents at beginning of the year		1,070,520			805,087

Cash and cash equivalents at end of the year		805,087			1,489,792

Corrected


	Millions of yen
	For the year ended
	March 31, 2013			March 31, 2014
Cash flows from operating activities:
Net income		105,691			216,449
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		91,493			79,468
Gain on investments in equity securities		(38,686	)		(15,156	)
Changes in operating assets and liabilities:
Time deposits		137,526			274,593
Deposits with stock exchanges and other segregated cash		(9,461	)		(42,403	)
Trading assets and private equity investments		(1,448,489	)		(485,673	)
Trading liabilities		248,019			2,007,807
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		1,375,929			(183,884	)
Securities borrowed, net of securities loaned		863,511			(1,604,469	)
Other secured borrowings		(84,444	)		7,992
Loans and receivables, net of allowance for doubtful accounts		(238,318	)		217,397
Payables		(305,672	)		278,325
Bonus accrual		31,415			16,356
Other, net		(179,013	)		(309,376	)

Net cash provided by operating activities		549,501			457,426

Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities		(271,975	)		(214,336	)
Proceeds from sales of office buildings, land, equipment and facilities		147,653			176,680
Payments for purchases of investments in equity securities		(319	)		(4,799	)
Proceeds from sales of investments in equity securities		3,741			6,945
Decrease (increase) in loans receivable at banks, net		22,189			(10,972	)
Increase in non-trading debt securities, net		(54,237	)		(103,187	)
Other, net		(7,538	)		46,474

Net cash used in investing activities		(160,486	)		(103,195	)

Cash flows from financing activities:
Increase in long-term borrowings		1,930,357			2,140,351
Decrease in long-term borrowings		(2,330,509	)		(1,594,148	)
Decrease in short-term borrowings, net		(416,174	)		(149,437	)
Increase (decrease) in deposits received at banks, net		129,384			(23,605	)
Proceeds from sales of common stock held in treasury		56			682
Payments for repurchases of common stock in treasury		(7	)		(32,511	)
Payments for cash dividends		(14,730	)		(51,947	)

Net cash provided by (used in) financing activities		(701,623	)		289,385

Effect of exchange rate changes on cash and cash equivalents		47,175			41,089

Net increase (decrease) in cash and cash equivalents		(265,433	)		684,705
Cash and cash equivalents at beginning of the year		1,070,520			805,087

Cash and cash equivalents at end of the year		805,087			1,489,792

(7) Notes to the Consolidated Financial Statements (UNAUDITED)

Per share data (Page 16)

Original

3. Consolidated Financial Statements

(7) Notes to the Consolidated Financial Statements (UNAUDITED)

Per share data

Net income attributable to NHI shareholders per share calculated based on the following number of shares


Average number of shares outstanding for the year ended March 31, 2014			3,709,837,189

Corrected

3. Consolidated Financial Statements

(7) Notes to the Consolidated Financial Statements (UNAUDITED)

Per share data

Net income attributable to NHI shareholders per share calculated based on the following number of shares


Average number of shares outstanding for the year ended March 31, 2014			3,709,830,989

(8) Other Financial Information

Consolidated Statements of Income—Quarterly Comparatives (UNAUDITED)

Original


	Millions of yen																			% Change
	For the three months ended
	June 30, 2012			September 30, 2012		December 31, 2012			March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013(A)		March 31, 2014(B)			(B-A)/(A)
Revenue:
Commissions		77,367			72,279		83,681			125,742		157,634		105,613		121,434		89,876			(26.0	)
Fees from investment banking		10,383			17,131		13,027			21,812		25,394		22,984		15,769		27,154			72.2
Asset management and portfolio service fees		33,813			33,411		35,017			38,788		42,381		40,702		42,074		42,090			0.0
Net gain on trading		84,399			88,929		88,188			106,463		128,409		110,181		108,544		129,222			19.1
Gain (loss) on private equity investments		(5,387	)		299		11,631			1,510		50		703		10,985		(346	)		—
Interest and dividends		103,469			92,834		99,745			97,959		115,325		98,091		102,602		100,332			(2.2	)
Gain (loss) on investments in equity securities		(7,061	)		12,970		8,858			23,919		7,852		5,037		7,505		(5,238	)		—
Other		142,610			143,373		118,834			303,950		28,225		45,069		38,508		67,683			75.8

Total revenue		439,593			461,226		458,981			720,143		505,270		428,380		447,421		450,773			0.7
Interest expense		70,339			59,547		69,895			66,531		73,949		71,989		68,000		60,836			(10.5	)

Net revenue		369,254			401,679		389,086			653,612		431,321		356,391		379,421		389,937			2.8

Non-interest expenses:
Compensation and benefits		124,573			133,696		134,698			154,624		163,205		135,391		138,822		132,640			(4.5	)
Commissions and floor brokerage		21,978			21,904		22,918			24,588		29,046		26,134		27,974		28,695			2.6
Information processing and communications		42,524			45,145		42,672			49,563		48,233		46,240		47,755		49,940			4.6
Occupancy and related depreciation		24,110			22,140		22,179			23,116		19,784		20,830		18,999		20,529			8.1
Business development expenses		11,329			11,173		12,051			14,457		7,859		9,473		11,029		10,124			(8.2	)
Other		125,074			132,204		141,603			217,582		49,975		45,389		47,948		59,442			24.0

Total non-interest expenses		349,588			366,262		376,121			483,930		318,102		283,457		292,527		301,370			3.0

Income before income taxes		19,666			35,417		12,965			169,682		113,219		72,934		86,894		88,567			1.9
Income tax expense		13,590			30,056		12,874			75,519		46,956		34,549		37,769		25,891			(31.4	)

Net income		6,076			5,361		91			94,163		66,263		38,385		49,125		62,676			27.6

Less: Net income (loss) attributable to noncontrolling interests		4,185			2,552		(20,021	)		11,741		369		272		796		1,421			78.5

Net income attributable to NHI shareholders		1,891			2,809		20,112			82,422		65,894		38,113		48,329		61,255			26.7

(8) Other Financial Information

Consolidated Statements of Income—Quarterly Comparatives (UNAUDITED)

Corrected


	Millions of yen																			% Change
	For the three months ended
	June 30, 2012			September 30, 2012		December 31, 2012			March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013(A)		March 31, 2014(B)			(B-A)/(A)
Revenue:
Commissions		77,367			72,279		83,681			125,742		157,634		105,613		121,434		89,876			(26.0	)
Fees from investment banking		10,383			17,131		13,027			21,812		25,394		22,984		15,769		27,154			72.2
Asset management and portfolio service fees		33,813			33,411		35,017			38,788		42,381		40,702		42,074		42,090			0.0
Net gain on trading		84,399			88,929		88,188			106,463		128,409		110,180		108,544		129,223			19.1
Gain (loss) on private equity investments		(5,387	)		299		11,631			1,510		50		703		10,985		(346	)		—
Interest and dividends		103,469			92,834		99,745			97,959		115,325		98,091		102,602		100,332			(2.2	)
Gain (loss) on investments in equity securities		(7,061	)		12,970		8,858			23,919		7,852		5,037		7,505		(5,238	)		—
Other		142,610			143,373		118,834			303,950		28,225		45,069		38,508		67,683			75.8

Total revenue		439,593			461,226		458,981			720,143		505,270		428,379		447,421		450,774			0.7
Interest expense		70,339			59,547		69,895			66,531		73,949		71,989		68,000		60,836			(10.5	)

Net revenue		369,254			401,679		389,086			653,612		431,321		356,390		379,421		389,938			2.8

Non-interest expenses:
Compensation and benefits		124,573			133,696		134,698			154,624		163,205		135,391		138,822		132,640			(4.5	)
Commissions and floor brokerage		21,978			21,904		22,918			24,588		29,046		26,134		27,974		28,695			2.6
Information processing and communications		42,524			45,145		42,672			49,563		48,233		46,240		47,755		49,940			4.6
Occupancy and related depreciation		24,110			22,140		22,179			23,116		19,784		20,830		18,999		20,529			8.1
Business development expenses		11,329			11,173		12,051			14,457		7,859		9,473		11,029		10,124			(8.2	)
Other		125,074			132,204		141,603			217,582		49,975		45,389		47,948		59,442			24.0

Total non-interest expenses		349,588			366,262		376,121			483,930		318,102		283,457		292,527		301,370			3.0

Income before income taxes		19,666			35,417		12,965			169,682		113,219		72,933		86,894		88,568			1.9
Income tax expense		13,590			30,056		12,874			75,519		46,956		34,549		37,769		25,891			(31.4	)

Net income		6,076			5,361		91			94,163		66,263		38,384		49,125		62,677			27.6

Less: Net income (loss) attributable to noncontrolling interests		4,185			2,552		(20,021	)		11,741		369		272		796		1,421			78.5

Net income attributable to NHI shareholders		1,891			2,809		20,112			82,422		65,894		38,112		48,329		61,256			26.7

Business Segment Information—Quarterly Comparatives (UNAUDITED)

The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.

Original


	Millions of yen																						% Change
	For the three months ended
	June 30, 2012			September 30, 2012		December 31, 2012			March 31, 2013		June 30, 2013			September 30, 2013			December 31, 2013(A)			March 31, 2014(B)			(B-A)/(A)
Net revenue
Business segment information:
Retail		82,711			80,786		95,679			138,749		166,342			119,730			127,975			97,869			(23.5	)
Asset Management		16,418			15,439		18,786			18,294		20,174			18,626			21,215			20,465			(3.5	)
Wholesale		121,883			137,094		188,968			196,911		194,609			183,349			188,666			198,473			5.2

Subtotal		221,012			233,319		303,433			353,954		381,125			321,705			337,856			316,807			(6.2	)
Other		154,567			156,003		76,753			276,905		43,032			29,649			35,366			80,802			128.5

Net revenue		375,579			389,322		380,186			630,859		424,157			351,354			373,222			397,609			6.5

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(6,325	)		12,357		8,900			22,753		7,164			5,037			6,199			(7,672	)		—

Net revenue		369,254			401,679		389,086			653,612		431,321			356,391			379,421			389,937			2.8

Non-interest expenses
Business segment information:
Retail		70,523			69,824		75,419			81,531		85,237			79,774			80,302			74,602			(7.1	)
Asset Management		11,048			10,879		11,468			14,373		13,483			12,454			12,289			15,147			23.3
Wholesale		130,434			136,901		144,611			161,253		169,372			158,063			160,866			164,998			2.6

Subtotal		212,005			217,604		231,498			257,157		268,092			250,291			253,457			254,747			0.5
Other		137,583			148,658		144,623			226,773		50,010			33,166			39,070			46,623			19.3

Non-interest expenses		349,588			366,262		376,121			483,930		318,102			283,457			292,527			301,370			3.0

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—		—			—		—			—			—			—			—

Non-interest expenses		349,588			366,262		376,121			483,930		318,102			283,457			292,527			301,370			3.0

Income (loss) before income taxes
Business segment information:
Retail		12,188			10,962		20,260			57,218		81,105			39,956			47,673			23,267			(51.2	)
Asset Management		5,370			4,560		7,318			3,921		6,691			6,172			8,926			5,318			(40.4	)
Wholesale		(8,551	)		193		44,357			35,658		25,237			25,286			27,800			33,475			20.4

Subtotal		9,007			15,715		71,935			96,797		113,033			71,414			84,399			62,060			(26.5	)
Other*		16,984			7,345		(67,870	)		50,132		(6,978	)		(3,517	)		(3,704	)		34,179			—

Income (loss) before income taxes		25,991			23,060		4,065			146,929		106,055			67,897			80,695			96,239			19.3

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(6,325	)		12,357		8,900			22,753		7,164			5,037			6,199			(7,672	)		—

Income (loss) before income taxes		19,666			35,417		12,965			169,682		113,219			72,934			86,894			88,567			1.9

*	Major components

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

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


	Millions of yen																							% Change
	For the three months ended
	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013		June 30, 2013			September 30, 2013			December 31, 2013(A)			March 31, 2014(B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(1,231	)		964			415			841		7,373			(1,667	)		5,150			6,547			27.1
Realized gain (loss) on investments in equity securities held for operating purposes		(736	)		613			(42	)		1,166		688			0			1,306			2,434			86.4
Equity in earnings of affiliates		1,273			3,346			4,549			5,233		5,343			8,884			8,171			6,173			(24.5	)
Corporate items		6,624			(7,044	)		(14,800	)		32,872		(12,344	)		(8,701	)		(13,954	)		(3,773	)		—
Other		11,054			9,466			(57,992	)		10,020		(8,038	)		(2,033	)		(4,377	)		22,798			—

Total		16,984			7,345			(67,870	)		50,132		(6,978	)		(3,517	)		(3,704	)		34,179			—

Business Segment Information—Quarterly Comparatives (UNAUDITED)

The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.

Corrected


	Millions of yen																							% Change
	For the three months ended
	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013		June 30, 2013			September 30, 2013			December 31, 2013(A)			March 31, 2014(B)			(B-A)/(A)
Net revenue
Business segment information:
Retail		82,711			80,786			95,679			138,749		166,342			119,730			127,975			97,869			(23.5	)
Asset Management		16,418			15,439			18,786			18,294		20,174			18,626			21,215			20,465			(3.5	)
Wholesale		121,883			137,094			188,968			196,911		194,609			183,348			188,666			198,474			5.2

Subtotal		221,012			233,319			303,433			353,954		381,125			321,704			337,856			316,808			(6.2	)
Other		154,567			156,003			76,753			276,905		43,032			29,649			35,366			80,802			128.5

Net revenue		375,579			389,322			380,186			630,859		424,157			351,353			373,222			397,610			6.5

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(6,325	)		12,357			8,900			22,753		7,164			5,037			6,199			(7,672	)		—

Net revenue		369,254			401,679			389,086			653,612		431,321			356,390			379,421			389,938			2.8

Non-interest expenses
Business segment information:
Retail		70,523			69,824			75,419			81,531		85,237			79,774			80,302			74,602			(7.1	)
Asset Management		11,048			10,879			11,468			14,373		13,483			12,454			12,289			15,147			23.3
Wholesale		130,434			136,901			144,611			161,253		169,372			158,063			160,866			164,998			2.6

Subtotal		212,005			217,604			231,498			257,157		268,092			250,291			253,457			254,747			0.5
Other		137,583			148,658			144,623			226,773		50,010			33,166			39,070			46,623			19.3

Non-interest expenses		349,588			366,262			376,121			483,930		318,102			283,457			292,527			301,370			3.0

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—			—		—			—			—			—			—

Non-interest expenses		349,588			366,262			376,121			483,930		318,102			283,457			292,527			301,370			3.0

Income (loss) before income taxes
Business segment information:
Retail		12,188			10,962			20,260			57,218		81,105			39,956			47,673			23,267			(51.2	)
Asset Management		5,370			4,560			7,318			3,921		6,691			6,172			8,926			5,318			(40.4	)
Wholesale		(8,551	)		193			44,357			35,658		25,237			25,285			27,800			33,476			20.4

Subtotal		9,007			15,715			71,935			96,797		113,033			71,413			84,399			62,061			(26.5	)
Other*		16,984			7,345			(67,870	)		50,132		(6,978	)		(3,517	)		(3,704	)		34,179			—

Income (loss) before income taxes		25,991			23,060			4,065			146,929		106,055			67,896			80,695			96,240			19.3

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(6,325	)		12,357			8,900			22,753		7,164			5,037			6,199			(7,672	)		—

Income (loss) before income taxes		19,666			35,417			12,965			169,682		113,219			72,933			86,894			88,568			1.9

* Major components Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other”. The following table presents the major components of income (loss) before income taxes in “Other”.
	Millions of yen																							% Change
	For the three months ended
	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013		June 30, 2013			September 30, 2013			December 31, 2013(A)			March 31, 2014(B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(1,231	)		964			415			841		7,373			(1,667	)		5,150			6,547			27.1
Realized gain (loss) on investments in equity securities held for operating purposes		(736	)		613			(42	)		1,166		688			0			1,306			2,434			86.4
Equity in earnings of affiliates		1,273			3,346			4,549			5,233		5,343			8,884			8,171			6,173			(24.5	)
Corporate items		6,624			(7,044	)		(14,800	)		32,872		(12,344	)		(8,701	)		(13,954	)		(3,773	)		—
Other		11,054			9,466			(57,992	)		10,020		(8,038	)		(2,033	)		(4,377	)		22,798			—

Total		16,984			7,345			(67,870	)		50,132		(6,978	)		(3,517	)		(3,704	)		34,179			—


		ends
		ends

For further information please contact:


Name	Company	Telephone
Joey Wu	Nomura Holdings, Inc.	81-3-3278-0591
Keiko Sugai	Group Corporate Communications Dept.

Nomura

Nomura is an Asia-based financial services group with an integrated global network spanning over 30 countries. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Retail, Asset Management, and Wholesale (Global Markets and Investment Banking). Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

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