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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 2012

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

 

Exhibit Number
1.		Financial Summary – Nine months ended December 2011

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. 333-169682) of the registrant and Nomura America Finance, LLC, filed with the Securities and Exchange Commission on September 30, 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: February 1, 2012		By:		/s/ SHINJI IWAI
				Shinji Iwai
				Senior Managing Director

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Financial Summary For the Nine Months Ended December 31, 2011 (U.S. GAAP)

 

Date:		February 1, 2012
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Osaka, Nagoya
		(Overseas) New York, Singapore
Representative:		Kenichi Watanabe
		Group CEO, Nomura Holdings, Inc.
For inquiries:		Masahide Hoshino
		Managing Director, Investor Relations Department, Nomura Holdings, Inc.
		Tel: (Country Code 81) 3-5255-1000
		URL http://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

 

		(Rounded to nearest million)
		For the nine months ended December 31
		2011								2010
		(Millions of yen, except per share data)
						% Change from December 31, 2010								% Change from December  31, 2009
Total revenue			1,286,358				26.1	%			1,020,468				(1.9	%)
Net revenue			1,036,891				24.7	%			831,314				(4.8	%)
Income before income taxes			24,199				(56.7	%)			55,842				(27.2	%)
Net income (loss) attributable to Nomura Holdings, Inc. (“NHI”) shareholders			(10,499	)			—	%			16,762				(66.0	%)
Comprehensive income (loss)			(43,696	)			—	%			(23,710	)			—	%
Basic-Net income (loss) attributable to NHI shareholders per share (Yen)			(2.89	)							4.61
Diluted-Net income (loss) attributable to NHI shareholders per share (Yen)			(2.89	)							4.59
Return on shareholders’ equity – annualized			(0.7	%)							1.1	%

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

(2) Financial Position

 

		At December 31				At March 31
		2011				2011
		(Millions of yen, except per share data)
Total assets			33,494,863				36,692,990
Total equity			2,347,610				2,091,636
Total NHI shareholders’ equity			2,061,475				2,082,754
Total NHI shareholders’ equity as a percentage of total assets			6.2	%			5.7	%
Total NHI shareholders’ equity per share (Yen)			562.83				578.40

2. Cash dividends

 

		For the year ended March 31
		2011				2012				2012 (Plan)
		(Yen amounts)
Dividends per share
dividends record dates
At June 30			—				—				—
At September 30			4.00				4.00				—
At December 31			—				—				—
At March 31			4.00				—				Unconfirmed
For the year			8.00				—				Unconfirmed

Notes:

1.	Revision of cash dividend forecast during this period: None

2.	Fiscal year 2012 Q4 dividend amount is not presented per reasons stated in “3. Earnings forecasts for the year ending March 31, 2012”.

3. Earnings forecasts for the year ending March 31, 2012

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

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4. Others    For details, please refer to page 5 “2. Others of Summary Information” of the accompanying materials.

(1) Changes in significant subsidiaries during the period: Yes

      (Changes in Specified Subsidiaries accompanying changes in scope of consolidation.)

      Number of consolidation       Inclusion    1    (Nomura Real Estate Holdings, Inc.)

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

 

a)

Changes due to amendments to the accounting standards: None

b)

Changes due to other than a): None

(4) Number of shares issued (common stock)

 

		At December 31				At March 31
		2011				2011
Number of shares outstanding (including treasury stock)			3,822,562,601				3,719,133,241
Number of treasury stock			159,858,267				118,246,309
		For the nine months ended December 31
		2011				2010
Average number of shares outstanding (year-to-date)			3,637,598,549				3,635,924,875

*Quarterly review

The review process of the quarterly consolidated financial statements for this period has not been completed by the external auditors at the point of disclosing this financial summary. As a result of such review, certain of the information set forth herein could be subject to revision, possibly material, in the quarterly securities report for the period ended December 31, 2011, an English translation of which Nomura plans to furnish on Form 6-K in due course.

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Table of Contents for the Accompanying Materials

 

1.    Qualitative Information of the Quarterly Consolidated Results			P.2
(1)    Consolidated Operating Results			P.2
(2)    Consolidated Financial Position			P.5
(3)    Consolidated Earnings Forecasts			P.5
2.    Others of Summary Information			P.5
(1)    Changes in Significant Subsidiaries During the Period			P.5
(2)    Adoption of the Simplified and Particular Accounting Treatments			P.5
(3)    Changes in Accounting Policies			P.5
3.    Quarterly Consolidated Financial Statements			P.5
(1)    Consolidated Balance Sheets			P.6
(2)    Consolidated Statements of Operations			P.8
(3)    Consolidated Statements of Comprehensive Income			P.9
(4)    Note with respect to the Assumption as a Going Concern			P.9
(5)    Segment Information – Operating Segment			P.10
(6)    Significant Changes in Equity			P.11
4.    Supplementary Information			P.12
(1)    Consolidated Statements of Operations – Quarterly Comparatives			P.12
(2)    Business Segment Information – Quarterly Comparatives			P.13
(3)    Changes in Tax Laws			P.14
(4)    Unconsolidated Quarterly Financial Statements [Japanese GAAP]			P.15
(5)    Other			P.15

 

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1.	Qualitative Information of the Quarterly Consolidated Results

 

(1)	Consolidated Operating Results

U.S. GAAP

 

		Billions of yen								% Change
		For the nine months ended								(A-B)/(B)
		December 31, 2011 (A)				December 31, 2010 (B)
Net revenue			1,036.9				831.3				24.7
Non-interest expenses			1,012.7				775.5				30.6
Income (loss) before income taxes			24.2				55.8				(56.7	)
Income tax expense			25.9				37.6				(31.2	)
Net income (loss)			(1.7	)			18.3				—
Less: Net income (loss) attributable to noncontrolling interests			8.8				1.5				489.7
Net income (loss) attributable to NHI shareholders			(10.5	)			16.8				—
Return on shareholders’ equity * – annualized			(0.7	%)			1.1	%			—

 

*	Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 1,036.9 billion yen for the nine months ended December 31, 2011, an increase of 24.7% from the same period in the prior year. Non-interest expenses increased by 30.6% from the same period in the prior year to 1,012.7 billion yen. Income before income taxes was 24.2 billion yen and Net loss attributable to NHI shareholders was 10.5 billion yen for the nine months ended December 31, 2011.

Segment Information

 

		Billions of yen								% Change
		For the nine months ended								(A-B)/(B)
		December 31, 2011 (A)				December 31, 2010 (B)
Net revenue			1,043.0				845.2				23.4
Non-interest expenses			1,012.7				775.5				30.6
Income (loss) before income taxes			30.3				69.7				(56.5	)

In business segment totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the nine months ended December 31, 2011 was 1,043.0 billion yen, an increase of 23.4% from the same period in the prior year. Non-interest expenses increased by 30.6% from the same period in the prior year to 1,012.7 billion yen. Income before income taxes was 30.3 billion yen for the nine months ended December 31, 2011. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

 

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<Business Segment Results>

Operating Results of Retail

 

		Billions of yen								% Change
		For the nine months ended								(A-B)/(B)
		December 31, 2011 (A)				December 31, 2010 (B)
Net revenue			257.9				296.2				(12.9	)
Non-interest expenses			215.0				212.7				1.1
Income (loss) before income taxes			42.8				83.5				(48.7	)

Net revenue decreased by 12.9% from the same period in the prior year to 257.9 billion yen, due primarily to decreasing commissions for distribution of investment trusts and brokerage commissions. Non-interest expenses increased by 1.1% to 215.0 billion yen. As a result, Income before income taxes decreased by 48.7% to 42.8 billion yen.

Operating Results of Asset Management

 

		Billions of yen								% Change
		For the nine months ended								(A-B)/(B)
		December 31, 2011 (A)				December 31, 2010 (B)
Net revenue			50.1				49.2				1.7
Non-interest expenses			33.7				35.5				(5.1	)
Income (loss) before income taxes			16.4				13.7				19.4

 

Note:

Nomura Bank (Luxembourg) S.A. in Asset Management was integrated to Other business in April 2011.

Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

Net revenue increased by 1.7% from the same period in the prior year to 50.1 billion yen. Non-interest expenses decreased by 5.1% to 33.7 billion yen. As a result, Income before income taxes increased by 19.4% to 16.4 billion yen. Assets under management were 22.6 trillion yen at the end of December 2011.

 

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Operating Results of Wholesale

 

		Billions of yen								% Change
		For the nine months ended								(A-B)/(B)
		December 31, 2011 (A)				December 31, 2010 (B)
Net revenue			396.7				444.2				(10.7	)
Non-interest expenses			446.8				466.9				(4.3	)
Income (loss) before income taxes			(50.1	)			(22.7	)			—

Net revenue decreased by 10.7% from the same period in the prior year to 396.7 billion yen, due primarily to decreasing net gain on trading. Non-interest expenses decreased by 4.3% to 446.8 billion yen. As a result, loss before income taxes was 50.1 billion yen.

Other Operating Results

 

		Billions of yen								% Change
		For the nine months ended								(A-B)/(B)
		December 31, 2011 (A)				December 31, 2010 (B)
Net revenue			338.3				55.5				509.0
Non-interest expenses			317.1				60.4				425.1
Income (loss) before income taxes			21.2				(4.9	)			—

Net revenue was 338.3 billion yen. Income before income taxes was 21.2 billion yen.

 

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(2)	Consolidated Financial Position

Total assets as of December 31, 2011, were 33.5 trillion yen, a decrease of 3.2 trillion yen compared to March 31, 2011, mainly due to the decrease in Trading assets, Securities purchased under agreements to resell and Securities borrowed. Total liabilities as of December 31, 2011 were 31.1 trillion yen, a decrease of 3.5 trillion yen compared to March 31, 2011, mainly due to the decrease in Trading liabilities and Securities sold under agreements to repurchase. Total equity as of December 31, 2011 was 2.3 trillion yen, an increase of 256.0 billion yen compared to March 31, 2011.

 

(3)	Consolidated Earnings Forecasts

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

 

2.	Others of Summary Information

 

(1)	Changes in Significant Subsidiaries During the Period

In May 2011, Nomura increased its stake in Nomura Land and Building Co., Ltd. (“NLB”) by acquiring additional NLB shares and thereby made it a subsidiary. As a result, Nomura Real Estate Holdings, Inc., a subsidiary of NLB, became a Specified Subsidiary of Nomura. Due to this business combination with NLB, income before income taxes for the three months ended June 30, 2011 increased by 24.3 billion yen. In addition, through share exchange in July 2011, NLB became a wholly owned subsidiary of Nomura.

 

(2)	Adoption of the Simplified and Particular Accounting Treatments

Not applicable.

 

(3)	Changes in Accounting Policies

Not applicable.

Further, during the three months ended June 30, 2011, an insurance company became a subsidiary of Nomura (“insurance subsidiary”). Nomura measures the non-trading securities that are held by the insurance subsidiary at fair value, with changes in fair value recognized through other comprehensive income (loss) after tax effects are adjusted. These non-trading securities are included in Other assets – Non-trading debt securities and Other assets – Other in the quarterly consolidated balance sheets.

 

3.	Quarterly Consolidated Financial Statements

The quarterly consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 30, 2011) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 30, 2011) for the year ended March 31, 2011.

The review process of the quarterly consolidated financial statements for this period has not been completed by the external auditors.

 

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(1)	Consolidated Balance Sheets (UNAUDITED)

 

		Millions of yen
		December 31, 2011				March 31, 2011				Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents			1,014,576				1,620,340				(605,764	)
Time deposits			450,566				339,419				111,147
Deposits with stock exchanges and other segregated cash			304,405				190,694				113,711
Total cash and cash deposits			1,769,547				2,150,453				(380,906	)
Loans and receivables:
Loans receivable			1,072,128				1,271,284				(199,156	)
Receivables from customers			58,168				32,772				25,396
Receivables from other than customers			1,422,340				928,626				493,714
Allowance for doubtful accounts			(4,878	)			(4,860	)			(18	)
Total loans and receivables			2,547,758				2,227,822				319,936
Collateralized agreements:
Securities purchased under agreements to resell			8,444,396				9,558,617				(1,114,221	)
Securities borrowed			4,160,002				5,597,701				(1,437,699	)
Total collateralized agreements			12,604,398				15,156,318				(2,551,920	)
Trading assets and private equity investments:
Trading assets*			12,597,327				14,952,511				(2,355,184	)
Private equity investments			275,041				289,420				(14,379	)
Total trading assets and private equity investments			12,872,368				15,241,931				(2,369,563	)
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥352,876 million at December 31, 2011 and ¥300,075 million at March 31, 2011)			1,054,560				392,036				662,524
Non-trading debt securities*			836,243				591,797				244,446
Investments in equity securities*			78,304				91,035				(12,731	)
Investments in and advances to affiliated companies*			194,082				273,105				(79,023	)
Other			1,537,603				568,493				969,110
Total other assets			3,700,792				1,916,466				1,784,326
Total assets			33,494,863				36,692,990				(3,198,127	)

 

*	Including securities pledged as collateral

 

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		Millions of yen
		December 31, 2011				March 31, 2011				Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings			1,306,820				1,167,077				139,743
Payables and deposits:
Payables to customers			730,871				880,429				(149,558	)
Payables to other than customers			386,581				410,679				(24,098	)
Deposits received at banks			831,295				812,500				18,795
Total payables and deposits			1,948,747				2,103,608				(154,861	)
Collateralized financing:
Securities sold under agreements to repurchase			9,718,341				10,813,797				(1,095,456	)
Securities loaned			1,183,274				1,710,191				(526,917	)
Other secured borrowings			994,214				1,162,450				(168,236	)
Total collateralized financing			11,895,829				13,686,438				(1,790,609	)
Trading liabilities			6,223,277				8,688,998				(2,465,721	)
Other liabilities			1,131,515				552,316				579,199
Long-term borrowings			8,641,065				8,402,917				238,148
Total liabilities			31,147,253				34,601,354				(3,454,101	)
Equity
NHI shareholders’ equity:
Common stock
Authorized    -    6,000,000,000 shares
Issued    -    3,822,562,601 shares at December 31, 2011 and                3,719,133,241 shares at March 31, 2011
Outstanding    -    3,662,704,334 shares at December 31, 2011 and                         3,600,886,932 shares at March 31, 2011			594,493				594,493				—
Additional paid-in capital			693,202				646,315				46,887
Retained earnings			1,044,190				1,069,334				(25,144	)
Accumulated other comprehensive income (loss)			(170,138	)			(129,696	)			(40,442	)
Total NHI shareholders’ equity before treasury stock			2,161,747				2,180,446				(18,699	)
Common stock held in treasury, at cost  -
159,858,267 shares at December 31, 2011 and
118,246,309 shares at March 31, 2011			(100,272	)			(97,692	)			(2,580	)
Total NHI shareholders’ equity			2,061,475				2,082,754				(21,279	)
Noncontrolling interests			286,135				8,882				277,253
Total equity			2,347,610				2,091,636				255,974
Total liabilities and equity			33,494,863				36,692,990				(3,198,127	)

 

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(2)	Consolidated Statements of Operations (UNAUDITED)

 

		Millions of yen								% Change
		For the nine months ended
		December 31,     2011 (A)				December 31,     2010 (B)				(A-B)/(B)
Revenue:
Commissions			256,689				301,639				(14.9	)
Fees from investment banking			44,835				79,232				(43.4	)
Asset management and portfolio service fees			109,165				105,685				3.3
Net gain on trading			173,631				267,840				(35.2	)
Gain (loss) on private equity investments			26,286				(4,295	)			—
Interest and dividends			343,442				252,597				36.0
Gain (loss) on investments in equity securities			(5,919	)			(13,922	)			—
Other			338,229				31,692				967.2
Total revenue			1,286,358				1,020,468				26.1
Interest expense			249,467				189,154				31.9
Net revenue			1,036,891				831,314				24.7
Non-interest expenses:
Compensation and benefits			406,659				391,912				3.8
Commissions and floor brokerage			69,518				69,051				0.7
Information processing and communications			133,488				135,124				(1.2	)
Occupancy and related depreciation			73,247				66,104				10.8
Business development expenses			34,391				21,368				60.9
Other			295,389				91,913				221.4
Total non-interest expenses			1,012,692				775,472				30.6
Income before income taxes			24,199				55,842				(56.7	)
Income tax expense			25,870				37,583				(31.2	)
Net income (loss)			(1,671	)			18,259				—
Less: Net income attributable to noncontrolling interests			8,828				1,497				489.7
Net income (loss) attributable to NHI shareholders			(10,499	)			16,762				—
		Yen								% Change
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share			(2.89	)			4.61				—
Diluted-
Net income (loss) attributable to NHI shareholders per share			(2.89	)			4.59				—

 

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(3)	Consolidated Statements of Comprehensive Income (UNAUDITED)

 

		Millions of yen								% Change
		For the nine months ended
		December 31, 2011 (A)				December 31, 2010 (B)				(A-B)/(B)
Net income (loss)			(1,671	)			18,259				—
Other comprehensive income (loss):
Change in cumulative translation adjustments, net of tax			(41,426	)			(44,046	)			—
Defined benefit pension plans:
Pension liability adjustment			1,263				3,525				(64.2	)
Deferred income taxes			(643	)			(1,448	)			—
Total			620				2,077				(70.1	)
Non-trading securities:
Unrealized gain (loss) on non-trading securities			(1,219	)			—				—
Deferred income taxes			—				—				—
Total			(1,219	)			—				—
Total other comprehensive income (loss)			(42,025	)			(41,969	)			—
Comprehensive income (loss)			(43,696	)			(23,710	)			—
Less: Comprehensive income (loss) attributable to noncontrolling interest in subsidiary			7,245				(391	)			—
Comprehensive income (loss) attributable to NHI shareholders			(50,941	)			(23,319	)			—

 

(4)	Note with respect to the Assumption as a Going Concern (UNAUDITED)

Not applicable.

 

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(5)	Segment Information – Operating Segment (UNAUDITED)

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

 

		Millions of yen								% Change
		For the nine months ended
		December 31, 2011 (A)				December 31, 2010 (B)				(A-B)/(B)
Net revenue
Business segment information:
Retail			257,882				296,194				(12.9	)
Asset Management			50,095				49,237				1.7
Wholesale			396,727				444,188				(10.7	)
Subtotal			704,704				789,619				(10.8	)
Other			338,288				55,545				509.0
Net revenue			1,042,992				845,164				23.4
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(6,101	)			(13,850	)			—
Net revenue			1,036,891				831,314				24.7
Non-interest expenses
Business segment information:
Retail			215,040				212,673				1.1
Asset Management			33,693				35,495				(5.1	)
Wholesale			446,839				466,908				(4.3	)
Subtotal			695,572				715,076				(2.7	)
Other			317,120				60,396				425.1
Non-interest expenses			1,012,692				775,472				30.6
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			—				—				—
Non-interest expenses			1,012,692				775,472				30.6
Income (loss) before income taxes
Business segment information:
Retail			42,842				83,521				(48.7	)
Asset Management			16,402				13,742				19.4
Wholesale			(50,112	)			(22,720	)			—
Subtotal			9,132				74,543				(87.7	)
Other*			21,168				(4,851	)			—
Income (loss) before income taxes			30,300				69,692				(56.5	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(6,101	)			(13,850	)			—
Income (loss) before income taxes			24,199				55,842				(56.7	)

 

*	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 nine months ended								(A-B)/(B)
		December 31, 2011 (A)				December 31, 2010 (B)
Net gain (loss) related to economic hedging transactions			10,453				4,377				138.8
Realized gain (loss) on investments in equity securities held for operating purposes			182				(72	)			—
Equity in earnings of affiliates			6,746				3,736				80.6
Corporate items			(24,511	)			(12,642	)			—
Others			28,298				(250	)			—
Total			21,168				(4,851	)			—

Note:

Certain reclassifications of previously reported amounts have been made to conform to the current period presentation.

 

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(6)	Significant Changes in Equity (UNAUDITED)

Not applicable. For further details of the changes, please refer below.

 

		Millions of yen
		For the nine months ended December 31, 2011
Common stock
Balance at beginning of year			594,493
Balance at end of period			594,493
Additional paid-in capital
Balance at beginning of year			646,315
Issuance of common stock			30,356
Gain on sales of treasury stock			273
Issuance and exercise of common stock options			14,343
Purchase / sale (disposition) of subsidiary shares			1,915
Balance at end of period			693,202
Retained earnings
Balance at beginning of year			1,069,334
Net income (loss) attributable to NHI shareholders			(10,499	)
Cash dividends			(14,645	)
Balance at end of period			1,044,190
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year			(97,426	)
Net change during the period			(40,142	)
Balance at end of period			(137,568	)
Defined benefit pension plans
Balance at beginning of year			(32,270	)
Pension liability adjustment			620
Balance at end of period			(31,650	)
Non-trading securities
Balance at beginning of year			—
Unrealized gain (loss) on non-trading securities			(920	)
Balance at end of period			(920	)
Balance at end of period			(170,138	)
Common stock held in treasury
Balance at beginning of year			(97,692	)
Repurchases of common stock			(8,943	)
Sale of common stock			1
Common stock issued to employees			6,206
Other net change in treasury stock			156
Balance at end of period			(100,272	)
Total NHI shareholders’ equity
Balance at end of period			2,061,475
Noncontrolling interests
Balance at beginning of year			8,882
Net change during the period			277,253
Balance at end of period			286,135
Total equity
Balance at end of period			2,347,610

 

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4.	Supplementary Information

 

(1)	Consolidated Statements of Operations – Quarterly Comparatives (UNAUDITED)

 

		Millions of yen																												% Change				Millions of yen
		For the three months ended
		June 30, 2010				September 30, 2010				December 31, 2010				March 31, 2011				June 30, 2011				September 30, 2011 (A)				December 31, 2011 (B)				(B-A)/(A)				For the year ended March 31, 2011
Revenue:
Commissions			118,078				83,520				100,041				103,824				96,780				85,926				73,983				(13.9	)			405,463
Fees from investment banking			20,366				24,892				33,974				27,773				13,770				13,819				17,246				24.8				107,005
Asset management and portfolio service fees			34,854				33,712				37,119				38,254				39,055				36,712				33,398				(9.0	)			143,939
Net gain on trading			59,969				102,993				104,878				68,663				67,500				25,984				80,147				208.4				336,503
Gain (loss) on private equity investments			(946	)			(963	)			(2,386	)			23,587				(5,950	)			(2,315	)			34,551				—				19,292
Interest and dividends			75,757				69,960				106,880				93,506				133,087				107,288				103,067				(3.9	)			346,103
Gain (loss) on investments in equity securities			(10,343	)			(5,685	)			2,106				(2,755	)			(597	)			(2,544	)			(2,778	)			—				(16,677	)
Other			16,281				11,989				3,422				12,172				83,365				112,977				141,887				25.6				43,864
Total revenue			314,016				320,418				386,034				365,024				427,010				377,847				481,501				27.4				1,385,492
Interest expense			54,192				44,795				90,167				65,640				96,645				76,258				76,564				0.4				254,794
Net revenue			259,824				275,623				295,867				299,384				330,365				301,589				404,937				34.3				1,130,698
Non-interest expenses:
Compensation and benefits			122,087				126,694				143,131				127,081				136,307				142,569				127,783				(10.4	)			518,993
Commissions and floor brokerage			23,681				21,357				24,013				23,037				24,058				22,939				22,521				(1.8	)			92,088
Information processing and communications			44,253				46,662				44,209				47,794				43,547				43,544				46,397				6.6				182,918
Occupancy and related depreciation			22,511				23,086				20,507				21,739				20,692				26,371				26,184				(0.7	)			87,843
Business development expenses			7,159				6,780				7,429				8,785				9,335				12,333				12,723				3.2				30,153
Other			33,663				29,446				28,804				33,535				62,068				98,465				134,856				37.0				125,448
Total non-interest expenses			253,354				254,025				268,093				261,971				296,007				346,221				370,464				7.0				1,037,443
Income (loss) before income taxes			6,470				21,598				27,774				37,413				34,358				(44,632	)			34,473				—				93,255
Income tax expense (benefit)			3,440				19,660				14,483				23,747				16,320				(373	)			9,923				—				61,330
Net income (loss)			3,030				1,938				13,291				13,666				18,038				(44,259	)			24,550				—				31,925
Less: Net income (loss) attributable to noncontrolling interests			708				887				(98	)			1,767				267				1,833				6,728				267.0				3,264
Net income (loss) attributable to NHI shareholders			2,322				1,051				13,389				11,899				17,771				(46,092	)			17,822				—				28,661
		Yen																												% Change				Yen
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share			0.63				0.29				3.72				3.30				4.93				(12.64	)			4.87				—				7.90
Diluted-
Net income (loss) attributable to NHI shareholders per share			0.63				0.29				3.70				3.28				4.90				(12.65	)			4.84				—				7.86

 

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(2)	Business Segment Information – Quarterly Comparatives (UNAUDITED)

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

 

		Millions of yen																												% Change				Millions of yen
		For the three months ended																												(B-A)/(A)				For the year ended March 31, 2011
		June 30, 2010				September 30, 2010				December 31, 2010				March 31, 2011				June 30, 2011				September 30, 2011 (A)				December 31, 2011 (B)
Net revenue
Business segment information:
Retail			110,959				87,753				97,482				96,239				94,189				83,980				79,713				(5.1	)			392,433
Asset Management			15,768				16,191				17,278				17,298				18,843				15,951				15,301				(4.1	)			66,535
Wholesale			108,609				163,405				172,174				186,348				141,246				79,320				176,161				122.1				630,536
Subtotal			235,336				267,349				286,934				299,885				254,278				179,251				271,175				51.3				1,089,504
Other			35,081				13,246				7,218				2,545				77,365				124,699				136,224				9.2				58,090
Net revenue			270,417				280,595				294,152				302,430				331,643				303,950				407,399				34.0				1,147,594
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(10,593	)			(4,972	)			1,715				(3,046	)			(1,278	)			(2,361	)			(2,462	)			—				(16,896	)
Net revenue			259,824				275,623				295,867				299,384				330,365				301,589				404,937				34.3				1,130,698
Non-interest expenses
Business segment information:
Retail			73,216				64,975				74,482				78,572				72,176				73,250				69,614				(5.0	)			291,245
Asset Management			11,771				12,022				11,702				11,018				11,397				11,238				11,058				(1.6	)			46,513
Wholesale			149,755				155,764				161,389				156,911				156,102				152,415				138,322				(9.2	)			623,819
Subtotal			234,742				232,761				247,573				246,501				239,675				236,903				218,994				(7.6	)			961,577
Other			18,612				21,264				20,520				15,470				56,332				109,318				151,470				38.6				75,866
Non-interest expenses			253,354				254,025				268,093				261,971				296,007				346,221				370,464				7.0				1,037,443
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			—				—				—				—				—				—				—				—				—
Non-interest expenses			253,354				254,025				268,093				261,971				296,007				346,221				370,464				7.0				1,037,443
Income (loss) before income taxes
Business segment information:
Retail			37,743				22,778				23,000				17,667				22,013				10,730				10,099				(5.9	)			101,188
Asset Management			3,997				4,169				5,576				6,280				7,446				4,713				4,243				(10.0	)			20,022
Wholesale			(41,146	)			7,641				10,785				29,437				(14,856	)			(73,095	)			37,839				—				6,717
Subtotal			594				34,588				39,361				53,384				14,603				(57,652	)			52,181				—				127,927
Other*			16,469				(8,018	)			(13,302	)			(12,925	)			21,033				15,381				(15,246	)			—				(17,776	)
Income (loss) before income taxes			17,063				26,570				26,059				40,459				35,636				(42,271	)			36,935				—				110,151
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(10,593	)			(4,972	)			1,715				(3,046	)			(1,278	)			(2,361	)			(2,462	)			—				(16,896	)
Income (loss) before income taxes			6,470				21,598				27,774				37,413				34,358				(44,632	)			34,473				—				93,255

 

 

*	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				Millions of yen
		For the three months ended																												(B-A)/(A)				For the year ended March 31, 2011
		June 30, 2010				September 30, 2010				December 31, 2010				March 31, 2011				June 30, 2011				September 30, 2011 (A)				December 31, 2011 (B)
Net gain (loss) related to economic hedging transactions			5,228				(6,019	)			5,168				(2,087	)			(1,505	)			4,221				7,737				83.3				2,290
Realized gain (loss) on investments in equity securities held for operating purposes			250				(713	)			391				291				681				(183	)			(316	)			—				219
Equity in earnings of affiliates			363				1,993				1,380				5,260				3,475				1,970				1,301				(34.0	)			8,996
Corporate items			(2,486	)			5,512				(15,668	)			(20,685	)			12,783				(8,442	)			(28,852	)			—				(33,327	)
Others			13,114				(8,791	)			(4,573	)			4,296				5,599				17,815				4,884				(72.6	)			4,046
Total			16,469				(8,018	)			(13,302	)			(12,925	)			21,033				15,381				(15,246	)			—				(17,776	)

Note:

Certain reclassifications of previously reported amounts have been made to conform to the current period presentation.

 

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(3)	Changes in Tax Laws (UNAUDITED)

On December 2, 2011, the “Act to partially revise the Income Tax Act and others in order to construct a tax system corresponding to changes in the structure of economic system” (Act No. 114 of 2011) (the “Act 114”) was promulgated. Under the Act 114, effective from the fiscal year beginning on or after April 1, 2012, the corporate income tax rate will be reduced from 30% to 25.5% and the use of operating loss carryforwards for tax purposes will be limited to 80% of the current year taxable income before deducting operating loss carryforwards for tax purposes. Also, on December 2, 2011, the “Special measures act to secure the financial resources required to implement policy on restoration after the Great East Japan Earthquake” (Act No. 117 of 2011) (the “Act 117”) was promulgated. Under the Act 117, effective for three fiscal years from April 1, 2012 to March 31, 2015, the Special Reconstruction Corporate Tax will be imposed on the companies, which will be calculated by multiplying the base corporate income tax by 10%. As a result, the domestic statutory tax rates to calculate deferred tax assets and liabilities will be 38% for the next three years and 36% thereafter.

Due to these revisions, income tax expenses increased by 5.5 billion yen and net income attributable to NHI shareholders decreased by 13.3 billion yen for the three months ended December 31, 2011.

 

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(4)	Unconsolidated Quarterly Financial Statements [Japanese GAAP]

Unconsolidated quarterly financial statements have been voluntarily disclosed and prepared based on regulatory rules.

Nomura Holdings, Inc.

Unconsolidated Balance Sheets

(UNAUDITED)

 

		Millions of yen
		December 31, 2011				March 31, 2011				Increase/(Decrease)
Assets
Current Assets			2,604,267				2,891,397				(287,130	)
Fixed Assets			2,629,243				2,387,184				242,058
Total Assets			5,233,509				5,278,581				(45,072	)
Liabilities
Current Liabilities			942,509				831,833				110,676
Long-term Liabilities			2,458,693				2,681,854				(223,161	)
Total Liabilities			3,401,202				3,513,687				(112,485	)
Net Assets
Shareholders’ equity			1,707,013				1,681,019				25,994
Valuation and translation adjustments			79,244				52,339				26,905
Subscription rights to shares			46,050				31,536				14,514
Total Net Assets			1,832,307				1,764,894				67,413
Total Liabilities and Net Assets			5,233,509				5,278,581				(45,072	)

Nomura Holdings, Inc.

Unconsolidated Statements of Operations

(UNAUDITED)

 

		Millions of yen
		For the nine months ended								%  Change (A-B)/(B)
		December 31, 2011 (A)				December 31, 2010 (B)
Operating revenue			205,301				157,176				30.6
Operating expenses			165,606				155,608				6.4
Operating income			39,695				1,568				—
Non-operating income			2,582				4,923				(47.6	)
Non-operating expenses			3,126				1,936				61.4
Ordinary income			39,151				4,555				759.5
Special profits			13,252				982				—
Special losses			25,276				2,767				813.6
Income before income taxes			27,127				2,770				879.2
Income taxes - current			6,514				902				622.4
Income taxes - deferred			(1,015	)			(3,261	)			—
Net income			21,628				5,130				321.6

 

(5)

Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found on the following URL.

http://www.nomuraholdings.com/company/group/nsc/pdf/2012_3q.pdf

 

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