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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
For the month of February 2015
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. | Consolidated Results of Operations (US GAAP), the third quarter, year ending March 2015 |
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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: February 5, 2015 | By: | /s/ Hajime Ikeda | ||
| Hajime Ikeda | ||||
| Managing Director | ||||
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Consolidated Results of Operations
Third quarter, year ending March 2015
(US GAAP)
Nomura Holdings, Inc.
January 2015
© Nomura
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Outline
Presentation
Executive summary (p. 2)
Overview of results (p. 3)
Business segment results (p. 4)
Retail (p. 5-6)
Asset Management (p. 7-8)
Wholesale (p. 9-11)
Non-interest expenses (p. 12)
Robust financial position (p. 13)
Funding and liquidity (p. 14)
Financial Supplement
Consolidated balance sheet (p. 16)
Value at risk (p. 17)
Consolidated financial highlights (p. 18)
Consolidated income (p. 19)
Main revenue items (p. 20)
Consolidated results: Income (loss) before income taxes by
segment and region (p. 21)
Segment “Other” (p. 22)
Retail related data (p. 23-27)
Asset Management related data (p. 28-29)
Wholesale related data (p. 30-31)
Number of employees (p. 32)
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Executive summary
Highlights
FY2014/15 1Q – 3Q
Income before income taxes and net income close to strong results in same period last year
– Net revenue: Y1,169.7bn; Income before income taxes: Y241.8bn; Net income1: Y142.8bn; ROE2:
7.3%; EPS3: Y38.03
Retail client assets (Y104.8trn) and net assets under management (Y37.7trn) at record highs
– Ongoing inflows and market factors drove growth in Retail client assets and Asset Management AuM
FY2014/15 3Q
Net revenue and income before income taxes up both QoQ and YoY at Group level
– Net revenue: Y425bn; Income before income taxes: Y116.1bn; Net income1: Y70bn; ROE2: 10.6%;
EPS3: Y18.72
Three segment income before income taxes: Y60.3bn (-13% QoQ)
– Retail and Asset Management both had a good quarter reporting higher net revenue and income
before income taxes, while Wholesale profitability declined significantly due to slowdown in Fixed
Income in EMEA and Americas
Group earnings lifted by segment “Other” income before income taxes (Y44.8bn) and unrealized
gain on investments in equity securities (Y11bn)
– Yen deprecation and higher share prices led to unrealized gain from shares held; Changes to credit
spread contributed to earnings
– Affiliates and businesses outside three segments made positive contribution
Share buyback program
– Launch of share buyback program to deliver shares upon the exercise of stock options and to raise
capital efficiency and ensure a flexible capital management policy
Total shares: Upper limit of 40 million shares
Of which approximately 5 million shares expected to be used for stock
options exercised in the future
Total value: Upper limit of Y30bn
Period: From February 16, 2015, to March 27, 2015
Update on 40 million share / Y28 billion (upper limit) buyback resolved on October 28, 2014
Acquired 15,198,700 shares (total value of Y10.2bn) from November 13, 2014, to January 16, 2015
Plan to use acquired shares for stock options exercised in the future
Net income attributable to Nomura Holdings shareholders.
Calculated using annualized net income for each period.
Diluted net income attributable to Nomura Holdings shareholders per share.
Income before income taxes
Group(billions of yen)
+57%
113.2 116.1
86.9 88.6
72.9 74.0
51.7
FY2013/14 FY2014/15
1Q 2Q 3Q 4Q 1Q 2Q 3Q
Three business segments Wholesale
113.0 Asset Management
Retail
84.4 -13%
71.4 68.9
62.1 60.3
45.6
FY2013/14 FY2014/15
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2
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Overview of results
Highlights
(billions of yen, except EPS and ROE)
Net revenue
Non-interest expenses
Income before income taxes
Net income1
EPS2
ROE3
FY2014/15
3Q
425.0
308.9
116.1
70.0
Y18.72
10.6%
QoQ
+14%
+3%
+57%
+32%
+32%
YoY
+12%
+6%
+34%
+45%
+48%
FY2014/15
1Q-3Q
1,169.7
927.9
241.8
142.8
Y38.03
7.3%
YoY
+0.2%
+4%
-11%
-6%
-5%
Net income attributable to Nomura Holdings shareholders.
Diluted net income attributable to Nomura Holdings shareholders per share.
Calculated using annualized net income for each period.
3
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Business segment results
Net revenue and income before income taxes
(billions of yen)
Net Retail
revenue
Asset Management
Wholesale
Subtotal
Other
Unrealized gain on investments in equity
securities held for operating purposes
Net revenue
Income Retail
before
income Asset Management
taxes Wholesale
Subtotal
Other
Unrealized gain on investments in equity
securities held for operating purposes
Income before income taxes
FY2014/15
3Q
128.8
23.4
178.9
331.2
82.8
11.0
425.0
50.5
9.3
0.5
60.3
44.8(*)
11.0
116.1
QoQ
+9%
+8%
-6%
+0.3%
+102%
4.3x
+14%
+30%
+20%
-98%
-13%
17.7x
4.3x
+57%
YoY
+1%
+10%
-5%
-2%
+134%
+78%
+12%
+6%
+5%
-98%
-29%
-
+78%
+34%
FY2014/15
1Q-3Q
353.6
68.5
558.4
980.5
172.1
17.1
1,169.7
120.9
25.4
28.4
174.8
49.9
17.1
241.8
YoY
-15%
+14%
-1%
-6%
+59%
-7%
+0.2%
-28%
+17%
-64%
-35%
-
-7%
-11%
*Additional information
Equity in earnings of affiliates (Y18.2bn), including unrealized gain from securities held by affiliates
Gain from changes in own and counterparty credit spreads (Y8.9bn vs. Y6.4bn gain in 2Q)
Unrealized gain from Ashikaga Holdings shares (Y9.9bn vs. Y3.2bn loss in 2Q)
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Retail
Net revenue and income before income taxes
(billions of yen)
Net revenue
Non-interest expenses
Income before income taxes
FY2013/14
3Q
128.0
80.3
47.7
4Q
97.9
74.6
23.3
FY2014/15
1Q
106.9
75.3
31.6
2Q
117.9
79.1
38.9
3Q
128.8
78.3
50.5
QoQ
+9%
-1%
+30%
YoY
+1%
-2%
+6%
Total sales2
(billions of yen)
5,000 4,000 3,000 2,000 1,000 0
Stocks Bonds Investment trusts Discretionary investment, Insurance products
FY2013/14 FY2014/15
3Q 4Q 1Q 2Q 3Q
securities inflows minus outflows, excluding regional financial institutions.
Key points
Net revenue: Y128.8bn (+9% QoQ; +1% YoY)
Income before income taxes: Y50.5bn (+30% QoQ; +6% YoY)
Net revenue and income before income taxes both up QoQ; Income before income taxes at highest level since June 2013
- Sales of stocks remained strong amid buoyant market conditions
- Continued to make proposals tailored to client needs based on client interviews; Growth in sales of discretionary investment and insurance products
- Retail client assets at record high, supported by market gains
Client franchise
– Retail client assets
– Accounts with balance
– NISA account applications
– Net inflows of cash and securities1
Y104.8trn
5.24m
1.46m
Y176.6bn
(Y99.3trn)
(5.21m)
(1.41m)
(Y484.8bn)
*Figures in brackets are for 2Q or as at end of September 2014.
Total sales2 up 13% QoQ
Stocks: +33% QoQ
– Robust secondary business combined with contributions from primary deals (IPO/PO subscriptions3: Y215.9bn; 2.7x QoQ)
Investment trusts: -12% QoQ
– Sales primarily of global high dividend stock and high yield related products
– Continued profit taking as fund net asset values rise; Weak net inflows into investment trusts
Bond sales of Y475.5bn -15% QoQ
– Slowdown in sales of domestic bonds compared to last quarter which included a large retail bond offering; Robust sales of foreign bonds
Cash and securities inflows minus outflows, excluding regional financial institutions.
Retail channels only.
Retail channels, Net & Call, and Hotto Direct.
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Retail: Efforts to expand client assets driving growth in recurring revenue
Recurring revenue growing faster than planned1
(billions of yen)
Recurring revenue (annualized, adjusted basis)
60.0
40.0
FY2013/14 FY2014/15
3Q 4Q 1Q 2Q 3Q
56.0 54.5 53.5
60.4
65.7
Recurring revenue (plan1)
Discretionary investment net inflows2
(billions of yen)
150.0
100.0
50.0
0.0
FY2013/14 FY2014/15
3Q 4Q 1Q 2Q 3Q Oct Nov Dec
(Month av.)(Month av.)(Month av.)(Month av.)(Month av.)
34.3
139.8
116.3 118.5
Provide clients with asset planning and life plan services
Discretionary investment net inflows2 and sales of insurance products3 at highest level since start of business model transformation
Recurring revenue growth: Within reach of FY2015/16 target (Y69.6bn)
Recurring revenue
– Discretionary investment net inflows2
– Investment trust net inflows2
Y16.6bn
Y374.6bn
Y37.9bn
(Y15.2bn) (Y242.6bn) (Y178.7bn)
Sales of insurance products3
Y101.1bn
(Y84.8bn)
*Figures in brackets are for 2Q or as at end of September 2014.
Sales of insurance products3
(billions of yen)
40.0 30.0 20.0 10.0 0.0
FY2013/14 FY2014/15
3Q 4Q 1Q 2Q 3Q Oct Nov Dec
(Month av.)(Month av.)(Month av.)(Month av.)(Month av.)
33.7 34.9 35.6
31.7 30.6
28.3
13.1
10.7
Planned progress to meet FY2015/16 recurring revenue target of Y69.6bn.
Retail channels and Japan Wealth Management group.
(3) Retail channels only.
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Asset Management
Net revenue and income before income taxes
(billions of yen)
FY2013/14 FY2014/15
QoQ YoY
3Q 4Q 1Q 2Q 3Q
Net revenue 21.2 20.5 23.3 21.7 23.4 +8% +10%
Non-interest expenses 12.3 15.1 15.1 13.9 14.1 +2% +15%
Income before income taxes 8.9 5.3 8.3 7.8 9.3 +20% +5%
Assets under management
(trillions of yen) AuM (gross)1 AuM (net)2
46.0
40.3 40.6 42.7
38.2 37.7
32.9 33.0 34.8
30.8
FY2013/14 FY2014/15
Dec Mar Jun Sep Dec
Key points
Net revenue: Y23.4bn (+8% QoQ; +10% YoY)
Income before income taxes: Y9.3bn (+20% QoQ; +5% YoY)
- AuM at record high on continued inflows into investment trusts including products for discretionary investments
- Highest income before income taxes since quarter ended September 2007 as asset management fee growth combined with dividend income and performance fees
Investment trust business
Inflows mainly into funds seeking income gain and funds for discretionary investments
3Q inflows
– Nomura Templeton Total Return: Y159.3bn
– Nomura Global High Dividend Stock Premium: Y125.3bn
– Nomura International Bond Index Y73.2bn
(for Nomura discretionary investment accounts) Sales of privately placed investment trusts remained strong with AuM up 17% QoQ (2.6x YoY) Fund Wrap and SMA fund AuM3 up 78% QoQ (5.6x YoY)
Investment advisory business
UCITS4 fund international business continued to grow
Ongoing inflows into Japanese equities and US high yield bonds; UCITS4 fund AuM up 24% QoQ (+66% YoY) Business expansion in terms of regional coverage and client types evidenced by sales to retail investors in AEJ and new mandates from pension funds in Latin America Continued growth in AuM for smart beta products
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. (2) Net after deducting duplications from assets under management (gross). (3) Nomura Asset Management only. (4) Undertakings for Collective Investment in Transferable Securities (UCITS) is the main European framework covering collective investment schemes investing in transferable securities.
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Asset Management: Growth of discretionary investment products and UCITS funds
Assets under management (gross)1 by business
(trillions of yen) Investment trust business Investment advisory business
50.0 46.0
40.3 40.6 42.7
38.2
40.0 12.1
10.9 11.0 11.4
9.8
30.0
20.0
29.4 28.4 29.6 31.3 33.9
10.0
0.0
FY2013/14 FY2014/15
Dec Mar Jun Sep Dec
Investment trust business flow of funds3
(billions of yen)
Investment trust business (excl. ETFs) ETFs
1,000
500
0
-500
-1,000
873 789 826
501 496
298
89 90
-23
-820
FY2013/14 FY2014/15
3Q 4Q 1Q 2Q 3Q
Nomura Asset Management public investment trust market share2
24.0% 23.6% 23.7%
22.9% 22.8% 23.1%
22.0%
20.0%
18.0%
16.0%
FY2013/14 FY2014/15
23.6% 23.7%
22.9% 22.8% 23.1%
Dec Mar Jun Sep Dec
Growth in discretionary investment products4
AuM in Fund Wrap and SMA funds
Note: Indexed, Sep 2013 = 100
405
232
165
128
100
720
13/09 13/12 14/03 14/06 14/09 14/12
UCITS5 fund growth
UCITS5 fund AuM
Note: Indexed, Sep 2013 = 100
185
150
134
111 119
100
13/09 13/12 14/03 14/06 14/09 14/12
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. (2) Source: The Investment Trusts Association, Japan. (3) Based on assets under management (net). (4) Nomura Asset Management only. (5) Undertakings for Collective Investment in Transferable Securities (UCITS) is the main European framework covering collective investment schemes investing in transferable securities.
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Wholesale
Net revenue and income before income taxes
(billions of yen)
FY2013/14 FY2014/15
QoQ YoY
3Q 4Q 1Q 2Q 3Q
Global Markets 158.0 166.8 166.6 168.1 149.7 -11% -5%
Investment Banking 30.7 31.7 22.3 22.5 29.2 +30% -5%
Net revenue 188.7 198.5 188.9 190.6 178.9 -6% -5%
Non-interest expenses 160.9 165.0 183.1 168.4 178.5 +6% +11%
Income before income taxes 27.8 33.5 5.7 22.2 0.5 -98% -98%
Net revenue by region
(billions of yen)
200.0
52.2 61.4 46.1 32.7
58.2
150.0 Americas
26.8
47.7 EMEA
50.8 61.2
100.0 57.8 41.2
21.9 16.4 31.6 AEJ
50.0 17.7
Japan
65.1 78.3
63.7 59.4 55.2
0.0 FY2013/14 FY2014/15
3Q 4Q 1Q 2Q 3Q
Key points
Net revenue: Y178.9bn (-6% QoQ; -5% YoY)
Income before income taxes: Y0.5bn (-98% QoQ; -98% YoY)
Net revenue and income before income taxes both down QoQ
– Challenging quarter for Fixed Income in EMEA and Americas; Trading environment significantly impacted by sharp decline in yields and jump in volatility
– Equities and Investment Banking performed well amid an increase in market volumes by capitalizing on revenue opportunities in focus areas
– Expenses increased due to yen depreciation and higher trading volumes in Equities
Regional performance (net revenue; QoQ)
Japan (Y78.3bn; +20%)
– All business lines reported stronger revenues QoQ with net revenue at highest level in six quarters
AEJ (Y41.2bn; +30%)
– Highest quarterly revenues since April 2009
– Solid quarter in Global Markets; Growth in Emerging Markets related businesses, particularly FX
Americas (Y32.7bn; -29%)
– Slowdown in Fixed Income partially offset by robust performance in Equities
– Investment Banking won numerous large mandates as it continues strategic build out
EMEA (Y26.8bn; -44%)
– Sharp decline in both Fixed Income and Equities revenues
– Revenues generated from Solutions business and by supporting the financing needs of European financial institutions
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Wholesale: Global Markets
Net revenue
(billions of yen)
Equities
Fixed Income
158.0 166.8 166.6 168.1
149.7
58.8 59.0 62.0 64.0
73.5
99.2 107.7 104.5 104.1 76.3
QoQ -11%
FY2013/14 FY2014/15
3Q 4Q 1Q 2Q 3Q
YoY -5%
Key points
Global Markets
Net revenue: Y149.7bn (-11% QoQ; -5% YoY)
– Challenging market conditions led to a marked decline in Fixed Income revenues in EMEA and the Americas
Fixed Income
Net revenue: Y76.3bn (-27% QoQ; -23% YoY)
– Slower revenues in most products except FX; Strong quarter for Japan Rates and AEJ FX businesses Equities Net revenue: Y73.5bn (+15% QoQ; +25% YoY)
– Cash business performed well on increased turnover across exchanges in all regions
FY2014/15 3Q net revenue by region
Americas
EMEA
AEJ
Japan
YoY
Global Markets
QoQ
Global Markets
Fixed Income Equities
0% ~ ±5% ±5% ~ ±15% ±15% ~
Americas: Lower revenues across all Fixed Income products offsetting strong Equities
EMEA: Sluggish quarter for Rates and subdued Equity Derivatives client activity led to slowdown QoQ, while Emerging Markets Rates and FX remained resilient
AEJ: Best quarter since April 2009, with stronger revenues QoQ across Emerging Markets Rates and FX, and improved trading revenues in Equities
Japan: Robust quarter for Rates and FX business coupled with higher Cash Equities revenues
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Wholesale: Investment Banking
Net revenue
Investment Banking (gross)(billions of yen)
35.9 55.4 43.2 40.7 52.7
Investment banking (net) Other
QoQ
30.7 31.7 29.2 +30%
2.2 YoY
22.3 22.5
11.7 -5%
0.0
29.5 29.6
19.0 22.8 22.5
-0.4 -0.4
FY2013/14 FY2014/15
3Q 4Q 1Q 2Q 3Q
Key points
Net revenue increased 30% QoQ to Y29.2bn, up for the second straight quarter
Investment Banking (gross) revenue of Y52.7bn
– Japan and international revenues both up QoQ and YoY
– Strong quarter in ECM combined with rebound in global M&A revenues
– Japan: Won mandates for large IPOs and convertible bonds
Maintained dominant position in Japan IPO market; Remained #1 in ECM/DCM league tables1 (Market share: ECM 35.3%; DCM 21.0%) Supported client needs for financing and ROE improvement through recap CB2 transactions
– International: Revenues driven by EMEA and Americas
Solid quarter Financial Sponsor and Solutions businesses for
Won jumbo DCM mandates by meeting the needs of European financial institutions to comply with regulations
Won high-profile mandates by collaborating closely across regions and products
M&A and multi-product transactions
Won numerous mandates including cross-border M&A deal of over Y1trn
- Building track record of cross-border deals unrelated to Japan, particularly in Americas where we are building out our platform Financial Sponsor business contributing to revenues #1 in Japan/AEJ M&A league table (Market share: 30.8%)1
Repsol / Talisman Energy
(M&A $12.8bn)
Creation of new company by
Clearlake Capital Group/ Platform Specialty Products /
SABMiller, Coca-Cola, and
Sage Automotive Interiors Arysta LifeScience (Permira)
Coca-Cola Sabco
(M&A undisclosed, ALF $220m)(M&A €2.8bn, FO $424m)
(M&A undisclosed)
Baring Private Equity ChemChina group company
Mitsui & Co. / Vale assets Asia / Bushu Pharmaceuticals Bluestar Elkem / REC Solar
(M&A $981m)(M&A Y77.3bn)(M&A NOK5.6bn)
Jumbo ECM/DCM transactions
Recruit Holdings Terumo Republic of Ireland Dalian Wanda
Global IPO Euro Yen CB Benchmark Bond Hong Kong IPO
(Y213.8bn)(Y102.8bn)(€3.8bn)(HKD31.3bn)
Financing by European financial institutions
Banco Santander Cattolica Assicurazioni Rabobank
Covered Bond Rights Issue Tier 2 Samurai bond
(€3bn)(€499m)(Y50.8bn)
Source: ECM/M&A: Thomson Reuters; DCM: Thomson DealWatch, Japan All Debt (including self-funded), Jan – Dec 2014.
Financing aimed at improving capital efficiency including ROE by using the funds raised from issuing convertible bonds to buy back shares.
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Non-interest expenses
Other
Business
development
expenses
Occupancy and
related depreciation
Information
processing and
communications
Commissions and
floor brokerage
Compensation and
benefits
(Reference)
Excluding Nomura
Real Estate Holdings
Full year Quarter
(billions of yen)(billions of yen)
400
1,575.9
1,500 301.4 319.2 299.8 308.9
292.5 300
1,200 1,195.5
900 200
600
100
300
0 0
FY2012/13 FY2013/14
Compensation and benefits 547.6 570.1
Commissions and floor brokerage 91.4 111.8
Information processing and communications 179.9 192.2
Occupancy and related depreciation 91.5 80.1
Business development expenses 49.0 38.5
Other 616.5 202.8
Total 1,575.9 1,195.5
FY2013/14 FY2014/15 QoQ
3Q 4Q 1Q 2Q 3Q
138.8 132.6 168.8 140.8 142.8 1.4%
28.0 28.7 27.6 33.6 34.1 1.5%
47.8 49.9 44.9 46.0 48.7 6.0%
19.0 20.5 18.6 18.2 19.2 5.5%
11.0 10.1 7.9 9.1 9.0 -0.5%
47.9 59.4 51.4 52.1 55.0 5.5%
292.5 301.4 319.2 299.8 308.9 3.0%
Key points
Non-interest expenses: Y308.9bn (+3% QoQ)
– Increase mainly due to yen depreciation
Excluding FX impact, group-wide expenses declined slightly
- Mainly due to reduction in compensation and benefits as bonus provisions in Wholesale declined due to performance
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Robust financial position
Balance sheet related indicators and capital ratios
Mar Sep Dec
Total assets Y43.5trn Y43.8trn Y44.1trn
Shareholders’ equity Y2.5trn Y2.6trn Y2.7trn
Gross leverage 17.3x 17.1x 16.2x
Net leverage1 10.4x 10.7x 10.5x
Level 3 assets2 Y0.4trn Y0.3trn Y0.3trn
(net)
Liquidity portfolio Y6.1trn Y5.8trn Y6.4trn
(billions of yen) Sep Dec2
(Basel 3 basis)(Basel 3 basis)
Tier 1 2,352 2,484
Tier 2 372 368
Total capital 2,723 2,852
RWA3 18,434 19,826
Tier 1 ratio 12.7% 12.5%
Tier 1 common ratio4 12.7% 12.5%
Total capital ratio 14.7% 14.3%
Risk weighted assets3 and Tier 1 ratio
(trillions of yen) RWA (Basel 3) (lhs) Tier 1 ratio (Basel 3) (rhs)
20.0 20.0%
15.0 12.0% 13.2% 13.1% 12.7% 12.5% 11.7% 15.0%
10.0 10.0%
5.0 5.0%
0.0 0.0%
FY2013/14 FY2014/15 Basel Fully loaded 3 2019
applied to
balance sheet
Dec Mar Jun Sep Dec at end Dec
(estimate)
Level 3 assets 2 and net level 3 assets/Tier 1 capital
(billions of yen) Level 3 assets
Net Level 3 Assets
800 30%
Net Level 3 Assets / Tier 1 Capital
600
17% 16% 16% 20%
400 12% 12%
10%
200
0 0%
FY2013/14 FY2014/15
Dec Mar Jun Sep Dec
Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ equity.
Preliminary.
Credit risk assets are calculated using the internal model method.
Tier 1 common ratio is defined as Tier 1 capital minus minority interest divided by risk-weighted assets.
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Funding and liquidity
Balance sheet structure
Highly liquid, healthy balance sheet structure
– 83% of assets are highly liquid trading and related assets that are marked-to-market and matched to trading and related liabilities through repos etc. (regionally and by currency)
– Other assets are funded by equity and long-term debt, ensuring structural stability
Balance sheet
(As of Dec 2014)
Assets Liabilities and equity
Trading liabilities
and related1
Trading assets
and related1
Other liabilities
Short-term borrowings
Cash and cash deposits Long-term
borrowings
Other assets
Total equity
Unsecured funding2
More than 80% of unsecured funding is long-term debt Diversified sources of funding
Short-term
debt
17%
Long-term debt due
within 1yr, 11% International Loans
24%(incl. Bank
subordinated) lending
market
Long-term Euro
debt, 72% MTN/Yen,
Average retail bonds, Retail
maturity Japan etc. market
4.9 years3 76%
Euro
MTN/Other,
wholesale Wholesale
bonds, etc. market
Breakdown of Long-term Funding of
short-term/long- debt by long-term
term debt region debt
Liquidity portfolio2
Liquidity portfolio:
– Y6.4trn, or 15% of total assets
– Maintain a high quality liquidity portfolio surplus without the need for additional unsecured funding over a certain period
Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc.
Definition differs from financial disclosures reflecting Liquidity Management’s view. Cash and cash deposits portion of liquidity portfolio excludes funds on deposit at exchanges and segregated client funds.
Excludes long-term debt due within one year. Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios.
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Financial Supplement
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Consolidated balance sheet
(billions of yen) Mar 31, Dec 31, Increase Mar 31, Dec 31, Increase
2014 2014 (Decrease) 2014 2014 (Decrease)
Assets Liabilities
Total cash and cash deposits 2,189 1,948 -241 Short-term borrowings 602 578 -25
Total payables and deposits 2,837 3,402 565
Total loans and receivables 2,571 2,781 210 Total collateralized financing 17,112 16,754 -358
Trading liabilities 11,047 10,892 -155
Total collateralized agreements 17,347 15,563 -1,784 Other liabilities 1,142 1,141 0
Long-term borrowings 8,227 8,564 337
Total trading assets1 and private 18,714 21,176 2,461 Total liabilities 40,967 41,331 364
equity investments
Total other assets 2,699 2,636 -63 Equity
Total NHI shareholders’ equity 2,514 2,714 201
Noncontrolling interest 40 58 18
Total assets 43,520 44,103 583 Total liabilities and equity 43,520 44,103 583
(1) Including securities pledged as collateral.
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Value at risk
Definition From April 1, 2014 to December 31, 2014 (billions of yen)
- 99% confidence level — Maximum: 9.8
- 1-day time horizon for outstanding portfolio — Minimum: 3.1
- Inter-product price fluctuations considered — Average: 6.5
(billions of yen) FY2012/13 FY2013/14 FY2013/14 FY2014/15
Mar Mar Dec Mar Jun Sep Dec
Equity 1.3 1.3 3.6 1.3 2.8 1.5 3.3
Interest rate 5.0 3.9 6.6 3.9 5.2 4.2 4.5
Foreign exchange 1.9 2.8 2.6 2.8 2.0 2.7 3.1
Sub-total 8.1 8.0 12.9 8.0 10.0 8.5 10.9
Diversification benefit -3.0 -2.9 -4.3 -2.9 -0.7 -1.6 -1.2
VaR 5.1 5.2 8.6 5.2 9.3 6.8 9.7
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Consolidated financial highlights
Full year Quarter
(billions of yen) 8.9% (billions of yen) 8.9%
250 9% 8.5% 9%
213.6 90 7.3%
200 70.0
Net income 61.3 5.7%
attributable to NHI 4.9% 6% 6%
shareholders 150 60 48.3 52.9
107.2 3.2%
100
ROE(%) 3% 3%
30 19.9
50
0 0% 0 0%
FY2013/14 FY2014/15
FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
Net revenue 1,813.6 1,557.1 379.4 389.9 370.8 373.8 425.0
Income before income taxes 237.7 361.6 86.9 88.6 51.7 74.0 116.1
Net income attributable to Nomura Holdings, Inc.
(“NHI”) shareholders 107.2 213.6 48.3 61.3 19.9 52.9 70.0
Total NHI shareholders’ equity 2,294.4 2,513.7 2,492.5 2,513.7 2,467.7 2,561.1 2,714.4
ROE (%)1 4.9% 8.9% 8.5% 8.9% 3.2% 5.7% 7.3%
Basic-Net income attributable to NHI 29.04 57.57 13.02 16.48 5.40 14.53 19.22
shareholders per share (yen)
Diluted-Net income attributable to NHI 28.37 55.81 12.65 16.02 5.26 14.15 18.72
shareholders per share (yen)
Total NHI shareholders’ equity per share (yen) 618.27 676.15 670.88 676.15 678.69 703.55 744.91
(1) Quarterly ROE is calculated using annualized year-to-date net income.
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Consolidated income
Full year Quarter
(billions of yen) FY2013/14 FY2014/15
FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
Revenue
Commissions 359.1 474.6 121.4 89.9 96.3 112.1 125.9
Fees from investment banking 62.4 91.3 15.8 27.2 19.8 20.6 28.8
Asset management and portfolio service fees 141.0 167.2 42.1 42.1 45.4 48.4 50.6
Net gain on trading 368.0 476.4 108.5 129.2 158.6 129.0 109.5
Gain (loss) on private equity investments 8.1 11.4 11.0 -0.3 -0.3 0.5 -0.2
Interest and dividends 394.0 416.3 102.6 100.3 104.9 108.8 115.6
Gain (loss) on investments in equity securities 38.7 15.2 7.5 -5.2 6.3 2.9 11.8
Other 708.8 179.5 38.5 67.7 31.1 28.5 65.6
Total revenue 2,079.9 1,831.8 447.4 450.8 462.2 450.8 507.6
Interest expense 266.3 274.8 68.0 60.8 91.3 77.0 82.6
Net revenue 1,813.6 1,557.1 379.4 389.9 370.8 373.8 425.0
Non-interest expenses 1,575.9 1,195.5 292.5 301.4 319.2 299.8 308.9
Income before income taxes 237.7 361.6 86.9 88.6 51.7 74.0 116.1
Net income attributable to NHI shareholders 107.2 213.6 48.3 61.3 19.9 52.9 70.0
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Main revenue items
Full year Quarter
FY2013/14 FY2014/15
(billions of yen) FY2012/13 FY2013/14 3Q 4Q 1Q 2Q 3Q
Stock brokerage commissions (retail) 51.8 126.7 36.3 22.6 15.8 21.9 27.0
Stock brokerage commissions (other) 112.9 139.8 34.9 35.6 34.3 36.9 46.0
Other brokerage commissions 11.7 18.1 4.4 4.3 3.8 4.0 6.1
Commissions Commissions for distribution of investment trusts 150.1 157.8 37.7 19.3 30.5 37.5 32.6
Other 32.6 32.1 8.3 8.2 11.9 11.8 14.1
Total 359.1 474.6 121.4 89.9 96.3 112.1 125.9
Equity underwriting and distribution 21.1 41.4 6.1 14.0 8.5 10.7 14.5
Bond underwriting and distribution 7.8 13.0 2.8 2.9 3.5 3.8 1.9
Fees from M&A / financial advisory fees 25.6 25.0 4.4 7.6 5.7 5.2 9.3
investment banking
Other 7.7 12.0 2.4 2.6 2.1 0.9 3.1
Total 62.4 91.3 15.8 27.2 19.8 20.6 28.8
Asset management fees 105.3 126.7 31.8 31.9 35.0 37.5 39.4
Asset management Administration fees 18.6 22.5 5.7 5.7 5.9 6.3 6.4
and portfolio service
fees Custodial fees 17.1 18.1 4.5 4.5 4.6 4.7 4.8
Total 141.0 167.2 42.1 42.1 45.4 48.4 50.6
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Consolidated results: Income (loss) before income taxes by segment and region
Adjustment of consolidated results and segment results: Income (loss) before income taxes
Full year Quarter
FY2013/14 FY2014/15
(billions of yen) FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
Retail 100.6 192.0 47.7 23.3 31.6 38.9 50.5
Asset Management 21.2 27.1 8.9 5.3 8.3 7.8 9.3
Wholesale 71.7 111.8 27.8 33.5 5.7 22.2 0.5
Three Business segments total 193.5 330.9 84.4 62.1 45.6 68.9 60.3
Other 6.6 20.0 -3.7 34.2 2.6 2.5 44.8
Segments total 200.0 350.9 80.7 96.2 48.2 71.4 105.1
Unrealized gain (loss) on investments in equity
securities held for operating purposes 37.7 10.7 6.2 -7.7 3.5 2.6 11.0
Income before income taxes 237.7 361.6 86.9 88.6 51.7 74.0 116.1
Geographic information1
Full year Quarter
(billions of yen) FY2012/13 FY2013/14 FY2013/14 FY2014/15
3Q 4Q 1Q 2Q 3Q
Americas 25.7 29.5 8.0 31.2 6.1 -6.8 -12.7
Europe -93.1 -48.9 -14.8 -10.1 -22.9 2.0 -10.4
Asia and Oceania -12.1 -5.2 -1.5 -5.2 -0.3 8.5 16.2
Subtotal -79.4 -24.7 -8.2 15.9 -17.1 3.7 -7.0
Japan 317.2 386.3 95.1 72.6 68.8 70.3 123.1
Income before income taxes 237.7 361.6 86.9 88.6 51.7 74.0 116.1
(1) Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended December 31, 2014.) Nomura’s revenues and expenses are allocated based on the country of domicile of the legal entity providing the service. This information is not used for business management purposes.
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Segment “Other”
Income (loss) before income taxes
Full year Quarter
(billions of yen)
50.0 44.8
40.0 34.2
30.0
20.0
20.0
10.0 6.6
2.6 2.5
0.0
-10.0 -3.7
1 2 1 2 3 4 5
FY2013/14 FY2014/15
FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
Net gain related to economic 1.0 17.4 5.2 6.5 6.9 2.2 6.4
hedging transactions
Realized gain on investments in equity 1.0 4.4 1.3 2.4 2.9 0.3 0.8
securities held for operating purposes
Equity in earnings of affiliates 14.4 28.6 8.2 6.2 3.5 8.0 18.2
Corporate items 17.7 -38.8 -14.0 -3.8 -3.1 -8.4 -3.2
Others -27.5 8.4 -4.4 22.8 -7.6 0.5 22.6
Income (loss) before income taxes 6.6 20.0 -3.7 34.2 2.6 2.5 44.8
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Retail related data (1)
Full year Quarter
(billions of yen) FY2012/13 FY2013/14 FY2013/14 FY2014/15 QoQ YoY
3Q 4Q 1Q 2Q 3Q
Commissions 225.9 301.7 78.3 46.5 56.1 68.8 72.2 4.9% -7.9%
Sales credit 80.9 106.1 25.7 26.4 25.0 25.9 30.0 15.6% 16.6%
Fees from investment banking and other 36.8 40.3 8.0 9.1 9.1 6.7 8.7 29.1% 7.9%
Investment trust administration fees and other 49.7 56.1 14.1 13.9 14.4 15.2 16.5 8.8% 17.0%
Net interest revenue 4.6 7.7 1.8 1.9 2.3 1.3 1.5 12.0% -17.7%
Net revenue 397.9 511.9 128.0 97.9 106.9 117.9 128.8 9.2% 0.6%
Non-interest expenses 297.3 319.9 80.3 74.6 75.3 79.1 78.3 -1.0% -2.5%
Income before income taxes 100.6 192.0 47.7 23.3 31.6 38.9 50.5 29.9% 5.9%
Domestic distribution volume of investment trusts 1 9,027.6 10,146.4 2,552.5 1,794.1 2,245.2 2,380.2 2,516.7 5.7% -1.4%
Bond investment trusts 2,719.2 3,146.3 810.2 768.2 795.3 743.9 831.3 11.8% 2.6%
Stock investment trusts 5,457.0 6,201.4 1,571.8 836.8 1,264.4 1,402.8 1,405.4 0.2% -10.6%
Foreign investment trusts 851.4 798.7 170.5 189.1 185.5 233.6 280.0 19.9% 64.2%
Other
Accumulated value of annuity insurance policies 1,909.5 2,033.1 2,000.0 2,033.1 2,123.6 2,206.2 2,305.2 4.5% 15.3%
Sales of JGBs for individual investors (transaction
base) 189.1 1,037.0 329.1 214.6 153.5 95.4 84.0 -12.0% -74.5%
Retail foreign currency bond sales 1,485.8 1,595.6 318.6 386.6 363.9 276.3 361.1 30.7% 13.3%
(1) Excluding Net & Call and Hotto Direct.
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Retail related data (2)
Stock brokerage commissions and commissions for distribution of investment trusts
Stock brokerage commissions
Commissions for distribution of investment trusts
Full year Quarter
(billions of yen) (billions of yen)
180 40
150
30
120
90 20
60
10
30
0 0
FY2013/14 FY2014/15
FY2012/13 FY2013/14 QoQ YoY
3Q 4Q 1Q 2Q 3Q
Stock brokerage commissions 51.8 126.7 36.3 22.6 15.8 21.9 27.0 23.2% -25.5%
Commissions for distribution of investment trusts 1 161.5 161.4 38.5 20.1 31.9 38.9 34.0 -12.5% -11.8%
(1) Nomura Securities.
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Retail related data (3)
Retail client assets
(trillions of yen)
120
104.8
Other 96.0 95.3 99.3
100 91.7 91.7
Overseas mutual funds 83.8
80
Bond investment trusts
Stock investment trusts 60
Domestic bonds 40
Foreign currency bonds
20
Equities
0
FY2012/13 FY2013/14 FY2013/14 FY2014/15
Mar Mar Dec Mar Jun Sep Dec
Equities 46.7 53.2 56.5 53.2 55.6 58.1 62.2
Foreign currency bonds 6.6 6.3 6.4 6.3 6.4 6.5 6.7
Domestic bonds1 12.4 12.8 12.7 12.8 12.8 13.0 12.3
Stock investment trusts 8.9 9.1 9.2 9.1 9.6 9.9 10.5
Bond investment trusts 4.9 5.9 6.6 5.9 6.2 6.5 7.1
Overseas mutual funds 1.7 1.7 1.7 1.7 1.7 1.8 1.8
Other2 2.7 2.7 2.9 2.7 3.0 3.5 4.2
Total 83.8 91.7 96.0 91.7 95.3 99.3 104.8
Including CBs and warrants.
Including annuity insurance.
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Retail related data (4)
Net inflows of cash and securities1
Full year Quarter
(billions of yen) (billions of yen)
1,500 1,000
1,076
1,000 500 473 485
145 177
500 0
385
-366
0 -500
FY2013/14 FY2014/15
FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
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Retail related data (5)
Number of accounts
FY2012/13 FY2013/14 FY2013/14 FY2014/15
(Thousands) Mar Mar Dec Mar Jun Sep Dec
Accounts with balance 5,025 5,144 5,104 5,144 5,186 5,211 5,238
Equity holding accounts 2,717 2,718 2,674 2,718 2,721 2,720 2,723
Nomura Home Trade /
Net & Call accounts 3,747 4,012 3,939 4,012 4,053 4,103 4,154
New Individual accounts / IT share1
Full year Quarter
FY2013/14 FY2014/15
(Thousands) FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
New individual accounts 266 364 91 90 67 81 77
IT share1
No. of orders 55% 58% 54% 60% 60% 60% 58%
Transaction value 31% 33% 27% 37% 36% 37% 37%
(1) Percentage of cash stock transactions conducted via Nomura Home Trade.
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Asset Management related data (1)
Full year Quarter
FY2013/14 FY2014/15
(billions of yen) FY2012/13 FY2013/14 QoQ YoY
3Q 4Q 1Q 2Q 3Q
Net revenue 68.9 80.5 21.2 20.5 23.3 21.7 23.4 8.1% 10.5%
Non-interest expenses 47.8 53.4 12.3 15.1 15.1 13.9 14.1 1.5% 14.7%
Income before income taxes 21.2 27.1 8.9 5.3 8.3 7.8 9.3 19.7% 4.7%
Total assets under management
AuM
1
(gross)
AuM
2
(net)
(trillions of yen)
50.0 46.0
40.3 40.6 42.7
40.0 36.1 38.2 38.2 37.7
32.9 33.0 34.8
30.8 30.8
30.0 27.9
20.0
10.0
0.0
FY2012/13 FY2013/14 FY2013/14 FY2014/15
Mar Mar Dec Mar Jun Sep Dec
Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital.
Net after deducting duplications from assets under management (gross).
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Asset Management related data (2)
Assets under management (gross) by business¹
Asset inflows/outflows by business3
(trillions of yen) FY12/13 FY13/14 FY13/14 FY14/15
Mar Mar Dec Mar Jun Sep Dec
Investment trust 26.5 28.4 29.4 28.4 29.6 31.3 33.9
business
Investment advisory
business 9.6 9.8 10.9 9.8 11.0 11.4 12.1
Assets under management
(gross)1 36.1 38.2 40.3 38.2 40.6 42.7 46.0
Full year Quarter
(billions of yen) FY FY FY2013/14 FY2014/15
12/13 13/14 3Q 4Q 1Q 2Q 3Q
Investment trusts
1,099 1,598 962 -319 473 879 1,124
business
of which ETFs 424 882 89 501 -23 90 298
Investment advisory
-529 -520 226 -938 27 -44 -46
business
Net asset inflow 570 1,078 1,189 -1,257 500 835 1,078
Assets under management by company
(trillions of yen) FY12/13 FY13/14 FY13/14 FY14/15
Mar Mar Dec Mar Jun Sep Dec
Nomura Asset Management 30.7 33.8 36.0 33.8 36.2 38.3 41.2
Nomura Funds Research and
Technologies 2.9 2.6 2.6 2.6 2.5 2.6 2.9
Nomura Corporate Research and Asset 1.8 1.6 1.6 1.6 1.7 1.6 1.6
Management
Nomura Private Equity Capital 0.7 0.2 0.2 0.2 0.2 0.2 0.2
Assets under management (gross)1 36.1 38.2 40.3 38.2 40.6 42.7 46.0
Group company overlap 8.2 7.4 7.5 7.4 7.6 7.9 8.3
Assets under management (net)2 27.9 30.8 32.9 30.8 33.0 34.8 37.7
Domestic public investment trust market and Nomura Asset Management market share4
(trillions of yen) FY12/13 FY13/14 FY13/14 FY14/15
Mar Mar Dec Mar Jun Sep Dec
Domestic public stock investment trusts
Market 60.0 65.7 65.0 65.7 68.8 71.7 77.1
Nomura’s share (%) 18% 19% 19% 19% 18% 19% 19%
Domestic public bond investment trusts
Market 12.6 14.5 16.5 14.5 14.8 15.4 16.4
Nomura’s share (%) 43% 42% 43% 42% 43% 43% 43%
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. (2) Net after deducting duplications from assets under management (gross). (3) Based on assets under management (net). (4) Source: Investment Trusts Association, Japan.
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Wholesale related data (1)
Wholesale
Full year Quarter
(billions of yen) FY2013/14 FY2014/15
FY2012/13 FY2013/14 QoQ YoY
3Q 4Q 1Q 2Q 3Q
Net revenue 644.9 765.1 188.7 198.5 188.9 190.6 178.9 -6.1% -5.2%
Non-interest expenses 573.2 653.3 160.9 165.0 183.1 168.4 178.5 6.0% 11.0%
Income before income taxes 71.7 111.8 27.8 33.5 5.7 22.2 0.5 -98.0% -98.4%
Breakdown of Wholesale revenues
Full year Quarter
FY2013/14 FY2014/15
(billions of yen) FY2012/13 FY2013/14 QoQ YoY
3Q 4Q 1Q 2Q 3Q
Fixed Income1 387.7 398.2 99.2 107.7 104.5 104.1 76.3 -26.7% -23.1%
Equities1 172.8 251.5 58.8 59.0 62.0 64.0 73.5 14.8% 24.9%
Global Markets 560.4 649.7 158.0 166.8 166.6 168.1 149.7 -10.9% -5.2%
Investment Banking (Net) 72.0 97.4 19.0 29.5 22.8 22.5 29.6 31.6% 55.6%
Other 12.4 18.0 11.7 2.2 -0.4 0.0 -0.4 — -
Investment Banking 84.4 115.4 30.7 31.7 22.3 22.5 29.2 29.8% -4.7%
Net revenue 644.9 765.1 188.7 198.5 188.9 190.6 178.9 -6.1% -5.2%
Investment Banking (Gross) 143.0 184.3 35.9 55.4 43.2 40.7 52.7 29.3% 46.6%
(1) Fixed Income and Equities figures for FY 2012/13 have been reclassified following a reorganization in April 2013.
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Wholesale related data (2)
Private equity related investments
Terra Firma
Asia
Europe (excluding Terra Firma)
Japan
(billions of yen)
150
104.6
100
Terra 61.2
57.2 57.2 58.8 58.6 58.7
50
0
FY2012/13 FY2013/14 FY2013/14 FY2014/15
Mar Mar Dec Mar Jun Sep Dec
Japan 52.7 8.1 10.5 8.1 10.8 13.2 10.8
Europe (excluding Terra Firma) 21.8 22.6 23.9 22.6 21.8 19.3 20.7
Asia 2.0 1.9 1.9 1.9 1.8 1.9 2.1
Sub Total 76.5 32.6 36.3 32.6 34.5 34.4 33.5
Terra Firma 28.1 24.6 24.9 24.6 24.2 24.2 25.2
Total 104.6 57.2 61.2 57.2 58.8 58.6 58.7
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Number of employees
FY2012/13 FY2013/14 FY2013/14 FY2014/15
Mar Mar Dec Mar Jun Sep Dec
Japan (excluding FA) 14,123 14,149 14,308 14,149 14,559 14,391 14,290
Japan (FA) 1,907 1,888 1,918 1,888 1,889 1,853 1,853
Europe 3,618 3,461 3,456 3,461 3,481 3,530 3,539
Americas 2,271 2,281 2,248 2,281 2,335 2,421 2,445
Asia-Pacific1 6,037 5,891 5,902 5,891 6,656 6,744 6,762
Total 27,956 27,670 27,832 27,670 28,920 28,939 28,889
(1) Includes Powai office in India.
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Disclaimer
This document is produced by Nomura Holdings, Inc. (“Nomura”).
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.
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.
All rights regarding this document are reserved by Nomura unless otherwise indicated. 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.
This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. 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. Actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risk factors, as well as those more fully discussed under Nomura’s most recent Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange Commission (“SEC”) that are available on Nomura’s website (http://www.nomura.com) and on the SEC‘s website (http://www.sec.gov); Important risk 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.
Forward-looking statements speak only as of the date they are made, and Nomura undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
The consolidated financial information in this document is unaudited.
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Nomura Holdings, Inc.
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