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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 May 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), Fourth quarter and fiscal year ended 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: May 12, 2015 | By: | /s/ Hajime Ikeda | ||
| Hajime Ikeda | ||||
| Senior Managing Director | ||||
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Consolidated Results of Operations
Fourth quarter, year ended March 2015
(US GAAP)
Nomura Holdings, Inc.
April 2015
© Nomura
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Outline
Presentation
Executive summary (p. 2-3)
Overview of results (p. 4)
Business segment results (p. 5)
Retail (p. 6-7)
Asset Management (p. 8-9)
Wholesale (p. 10-12)
Non-interest expenses (p. 13)
Robust financial position (p. 14)
Funding and liquidity (p. 15)
Financial Supplement
Consolidated balance sheet (p. 17)
Value at risk (p. 18)
Consolidated financial highlights (p. 19)
Consolidated income (p. 20)
Main revenue items (p. 21)
Consolidated results: Income (loss) before income taxes by
segment and region (p. 22)
Segment “Other” (p. 23)
Retail related data (p. 24-28)
Asset Management related data (p. 29-30)
Wholesale related data (p. 31-32)
Number of employees (p. 33)
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Executive summary
Full year highlights
Net income1 up 5% YoY at Y224.8bn, the highest level since FY2005/062 and the second best year since reporting under US GAAP started in FY2001/02
- Although income before income taxes was down YoY, net income increased due to a lower effective tax rate
- EPS3 up 8% YoY on earnings growth and enhanced shareholder returns; Achieved FY2015/16 EPS target (Y50) for second straight year
- Net revenue:
- Income before income taxes:
- Net income1:
- ROE:
- EPS3:
- DPS:
Y1,604.2bn (+3% YoY)
Y346.8bn (-4% YoY)
Y224.8bn (+5% YoY)
8.6% (FY13/14: 8.9%)
Y60.03 (FY13/14: Y55.81)
Y13 (year end) / Y19 (annual) (+Y2 vs. FY13/14)
Income before income taxes from three business segments of Y276.1bn (-17% YoY)
Retail
- Down from strong result last year, but continued to drive firm-wide earnings
- Retail client assets at record high of Y109.5trn
Asset Management
- Income before income taxes strongest in eight years
- Revenue growth driven by expansion of assets under management and contribution from Taiwan subsidiary consolidated in FY2014/15
Wholesale
- Higher revenues YoY as robust performance in AEJ offset a slowdown in EMEA and the Americas and the yen continued to depreciate
- Income before income taxes declined as yen depreciation drove up expenses despite emphasis on pay for performance
Net income attributable to Nomura Holdings shareholders.
FY2005/06 net income attributable to Nomura Holdings shareholders: Y304.3bn.
Diluted net income attributable to Nomura Holdings shareholders per share.
Income before income taxes, net income1 and EPS3
(billions of yen) (yen)
400.0 75
Income before income taxes
Net income 361.6
346.8
EPS (rhs)
55.81 60.03
300.0
50
237.7
224.8
213.6
200.0
28.37
25
107.2
93.3
100.0 85.0
7.86
3.14
11.6
28.7
0.0 0
FY10/11 FY11/12 FY12/13 FY13/14 FY14/15
| 2 |
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Executive summary
4Q highlights
Net income at highest level in past two years driven by improved profitability in international business
– Net revenue: Y434.5bn; Income before income taxes: Y105bn; Net income1: Y82bn; ROE2: 12.1%; EPS3: Y22.08
Income before income taxes from three business segments of Y101.4bn (+68% QoQ): Wholesale up significantly
Retail
- Progress in transforming business model, achieved FY2015/16 recurring revenue target one year early
- Earnings down compared to strong 3Q on softer sales of stocks and bonds and higher costs due to a charge on decommissioning IT systems
Asset Management
- Solid revenues with inflows into investment trusts and investment advisory business driving assets under management to record level
- Booked one-off costs including FX loss on overseas investment and a charge on decommissioning IT systems
Wholesale
- All business lines reported stronger revenues QoQ; Rebound in EMEA and Americas Fixed Income
- Contained cost increases and booked best quarterly income before income taxes in six years
Segment Other loss before income taxes of Y4.0bn, representing a marked decline from 3Q income before income taxes of Y44.8bn
- Booked loss due to credit spread changes; Gain on earnings of affiliates and unrealized gain on securities holdings both declined from 3Q
Income before income taxes and net
income1
Group-wide (billions of yen)
Income before income taxes
113.2 Net income 116.1
105.0
86.9 88.6
72.9 74.0 82.0
51.7
FY2013/14 FY2014/15
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
| (1) |
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Net income attributable to Nomura Holdings shareholders. |
| (2) |
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Calculated using annualized net income for each period. |
| (3) |
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Diluted net income attributable to Nomura Holdings shareholders per share. |
| 3 |
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Overview of results
Highlights
(billions of yen, except EPS and ROE)
FY2014/15 FY2014/15
QoQ YoY YoY
4Q Full year
Net revenue 434.5 +2% +11% 1,604.2 +3%
Non-interest expenses 329.6 +7% +9% 1,257.4 +5%
Income before income taxes 105.0 -10% +19% 346.8 -4%
Net income1 82.0 +17% +34% 224.8 +5%
EPS2 Y22.08 +18% +38% Y60.03 +8%
ROE3 12.1% 8.6%
| (1) |
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Net income attributable to Nomura Holdings shareholders. |
(2) Diluted net income attributable to Nomura Holdings shareholders per share. (3) Calculated using annualized net income for each period.
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Business segment results
Net revenue and income before income taxes
FY2014/15 FY2014/15
(billions of yen) QoQ YoY YoY
4Q Full year
Net Retail 122.9 -5% +26% 476.5 -7%
revenue Asset Management 23.9 +2% +17% 92.4 +15%
Wholesale 231.5 +29% +17% 789.9 +3%
Subtotal 378.3 +14% +19% 1,358.7 +0.1%
Other 48.7 -41% -40% 220.8 +17%
Unrealized gain on investments in equity
securities held for operating purposes 7.6 -32% — 24.7 +130%
Net revenue 434.5 +2% +11% 1,604.2 +3%
Income Retail 40.9 -19% +76% 161.8 -16%
before
income Asset Management 6.7 -29% +25% 32.1 +18%
taxes Wholesale 53.8 119x +61% 82.2 -26%
Subtotal 101.4 +68% +63% 276.1 -17%
Other * -4.0 —— 46.0 +130%
Unrealized gain on investments in equity
securities held for operating purposes 7.6 -32% — 24.7 +130%
Income (loss) before income taxes 105.0 -10% +19% 346.8 -4%
*Additional information on “Other” (4Q)
Equity in earnings of affiliates of Y12.6bn vs. Y18.2bn in 3Q
Loss from changes in own and counterparty credit spreads (Y1.4bn vs. Y8.9bn gain in 3Q) Unrealized gain from Ashikaga Holdings shares (Y2.2bn vs. Y9.9bn in 3Q)
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Retail
Net revenue and income before income taxes
(billions of yen) Full year Quarter
FY13/
FY13/ FY14/ 14 FY2014/15 QoQ YoY
14 15
4Q 1Q 2Q 3Q 4Q
Net revenue 511.9 476.5 97.9 106.9 117.9 128.8 122.9 -5% +26%
Non-interest expenses 319.9 314.7 74.6 75.3 79.1 78.3 82.0 +5% +10%
Income before income
taxes 192.0 161.8 23.3 31.6 38.9 50.5 40.9 -19% +76%
Key points
Full year results
Net revenue: Y476.5bn (-7% YoY)
Income before income taxes: Y161.8bn (-16% YoY)
—Third best year in fourteen years, but down from strong results last year
Retail client assets at record high (Y109.5trn) supported by market factors
4Q results
Net revenue: Y122.9bn (-5% QoQ; +26% YoY)
Income before income taxes: Y40.9bn (-19% QoQ; +76% YoY)
—Sales of stocks and bonds declined, while investment trust and insurance
product sales remained firm
—Costs increased due to charge on decommissioning of IT systems
Initiatives to transform business model continue to gain traction
Total sales1
(billions of yen)
Stocks Bonds Investment trusts Discretionary investment, Insurance products
4,000
3,000
2,000
1,000
0
FY2013/14 FY2014/15
4Q 1Q 2Q 3Q 4Q
| (1) |
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Retail channels only. |
| (2) |
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Retail channels, Net & Call, and Hotto Direct. |
Total sales1 down 7% QoQ
Stocks: -12% QoQ
– Impacted by decline in market volumes and primary deals
(IPO/PO subscriptions2: Y108.4bn; -50% QoQ)
Investment trusts: +4% QoQ
– Robust sales of products investing in global high-yield stocks and global bonds
as well as Japan Enterprise Value Improvement Fund
– Investment trust net inflows improved from last quarter when investors moved
to lock in profits
Bond sales of Y439.8bn, -8% QoQ
– Sales of foreign bonds declined as investors went into wait-and-see mode due
to yen depreciation and talks of rate hikes in the US
– Contributions from large subordinated bond issuance for retail investors
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Retail: Reached Mar 2016 recurring revenue target early
Recurring revenue
(billions of yen)
72.0
Mar 2016 recurring revenue target (Y69.6bn)
70.0 65.7
60.0
54.5 60.4 Recurring (annualized, revenue
56.0 adjusted basis)
50.0
FY2013/14 FY2014/15
4Q 1Q 2Q 3Q 4Q
Discretionary investment net inflows (Monthly average)
(billions of yen)
150.0
124.9
115.8
100.0 89.0 80.9
50.0 34.3
19.2
8.7
0.0
FY2013/14 FY2014/15
FY13/14 FY14/15
4Q 1Q 2Q 3Q 4Q
Succeeded in increasing Retail client assets, while investment trust net inflows1 and discretionary investment net inflows1 expanded
– Annualized recurring revenue grew to Y72bn supported by market factors
- Reached Mar 2016 target of Y69.6bn one year ahead of schedule
Recurring revenue Y17.8bn (Y16.6bn)
– Discretionary investment net inflows1 Y347.5bn (Y374.6bn)
– Investment trust net inflows1 Y153.1bn (Y37.9bn)
Sales of insurance products2 Y104.0bn (Y101.1bn)
Client franchise
- Retail client assets Y109.5trn (Y104.8trn)
- Net inflows of cash and securities3 -Y137.3bn (Y176.6bn)
- NISA account applications 1.52m (1.47m)
*Figures in brackets are for 3Q or as at end of December 2014.
Sales of insurance products (Monthly average)
(billions of yen)
40.0
32.1 31.7 33.7 34.7
30.0 28.3
20.0
11.6 13.1
10.0
0.0
FY2013/14 FY2014/15
FY13/14 FY14/15
4Q 1Q 2Q 3Q 4Q
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Asset Management
Net income and income before income taxes
(billions of yen) Full year Quarter
FY13/
FY13/ FY14/ 14 FY2014/15 QoQ YoY
14 15
4Q 1Q 2Q 3Q 4Q
Net revenue 80.5 92.4 20.5 23.3 21.7 23.4 23.9 +2% +17%
Non-interest expenses 53.4 60.3 15.1 15.1 13.9 14.1 17.2 +22% +14%
Income before income
taxes 27.1 32.1 5.3 8.3 7.8 9.3 6.7 -29% +25%
Assets under management
(trillions of yen) AuM (gross)1 AuM (net)2
46.0 47.5
40.6 42.7
38.2 37.7 39.3
34.8
30.8 33.0
FY2013/14 FY2014/15
Mar Jun Sep Dec Mar
(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) |
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Source: The Investment Trusts Association, Japan. |
(4) Undertakings for Collective Investment in Transferable Securities (UCITS) is the main European framework covering collective investment schemes investing in transferable securities.
Key points
Full year results
Net revenue: Y92.4bn (+15% YoY)
Income before income taxes: Y32.1bn (+18% YoY)
- AuM continued to grow driven by improved market conditions and inflows
- Revenue at record high with contributions from Nomura Asset Management
Taiwan which became a consolidated entity from FY2014/15
- Public investment trust market share3 at highest level since March 2004
4Q results
Net revenue: Y23.9bn (+2% QoQ; +17% YoY)
Income before income taxes: Y6.7bn (-29% QoQ; +25% YoY)
- Inflows into investment trusts and investment advisory business
- Booked one-off costs including FX loss on overseas investment and a
charge on decommissioning IT systems
Investment trust business
Continued inflows mainly into funds seeking income gains and funds for
discretionary investments 4Q inflows
– Nomura Global High Dividend Stock Premium Y132.8bn
– Nomura Templeton Total Return Y123.9bn
– Nomura Fund Wrap International Bond Y87.8bn
Sales of privately placed investment trusts to regional financial institutions, etc.
remained strong (AuM 2.3x vs. Mar 2014)
Investment advisory and international businesses
Won mandate from Japanese public pension fund for actively managed Japan
stock fund
International business continues to expand through UCITS4 funds
- Newly launched global bond fund off to good start
- AuM in UCITS funds of Y856.9bn at end Mar, double the level a year ago
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Asset Management: Highly recognized investment management expertise
Assets under management (gross)1 by business
(trillions of yen) Investment trust business Investment advisory business
50.0 46.0 47.5
40.6 42.7
38.2
40.0 12.1 12.6
11.4
9.8 11.0
30.0
20.0
28.4 29.6 31.3 33.9 34.9
10.0
0.0
FY2013/14 FY2014/15
Mar Jun Sep Dec Mar
Investment trust business flow of funds3
(billions of yen)
Investment trust business (excl. ETFs) ETFs
1,000 789 826
501 496 464 477
500 298
90
0
-23
-500
-1,000 -820
FY2013/14 FY2014/15
4Q 1Q 2Q 3Q 4Q
Nomura Asset Management public investment trust market
share2
23.7% 24.0%
24.0% 23.1%
22.9% 22.8%
22.0%
20.0%
18.0%
16.0%
FY2013/14 FY2014/15
Mar Jun Sep Dec Mar
Awards
Morningstar Award “Fund of the Year 20144”
–Best Fund: High Dividend Bond Fund
Division
Nomura Indian Bond Fund (Monthly Profit
Distribution Type)
–Excellent Fund: Domestic Stock Fund Division
Strategic Value Open
Thomson Reuters “Lipper Fund Awards Japan 20155”
–Defined Contribution Pension Category: Won Group award for Overall and
Equity
–Won a total of 20 best funds: 11 awards in Investment Trusts Category and 9
in Defined Contribution Pension Category
(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 net assets under management. (4) See disclaimer for Morningstar Award “Fund of the Year 2014”. (5) See disclaimer for “Lipper Fund Awards Japan 2015”.
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Wholesale
Net revenue and income before income taxes
(billions of yen) Full year Quarter
FY13/ FY2014/15
FY13/ FY14/ 14 QoQ YoY
14 15 4Q 1Q 2Q 3Q 4Q
Global Markets 649.7 683.4 166.8 166.6 168.1 149.7 199.0 +33% +19%
Investment Banking 115.4 106.5 31.7 22.3 22.5 29.2 32.4 +11% +2%
Net revenue 765.1 789.9 198.5 188.9 190.6 178.9 231.5 +29% +17%
Non-interest expenses 653.3 707.7 165.0 183.1 168.4 178.5 177.7 -0.5% +8%
Income before income 111.8 82.2 33.5 5.7 22.2 0.5 53.8 119x +61%
taxes
Net revenue by region
(billions of yen)
250.0
200.0 56.2 Americas
61.4 58.2 46.1 32.7
150.0 65.6 EMEA
47.7 26.8
100.0 61.2 57.8 41.2 33.1 AEJ
31.6
16.4 17.7
50.0 Japan
59.4 55.2 65.1 78.3 76.5
0.0
FY2013/14 FY2014/15
4Q 1Q 2Q 3Q 4Q
Key points
Full year results
Net revenue: Y789.9bn (+3% YoY)
Income before income taxes: Y82.2bn (-26% YoY)
—Higher revenues YoY as robust performance in AEJ offset a slowdown in
EMEA and the Americas and the yen continued to depreciate
—Income before income taxes declined as yen depreciation drove up
expenses despite emphasis on pay for performance
4Q results
Net revenue: Y231.5bn (+29% QoQ; +17% YoY)
Income before income taxes: Y53.8bn (119x QoQ; +61% YoY)
All business lines reported stronger revenues
—Rebound in EMEA and Americas Fixed Income trading revenues
Contained costs: Strongest income before income taxes in six years
Regional performance (net revenue; QoQ)
Japan (Y76.5bn; -2%)
– Continued to drive Wholesale earnings, despite marginal decline in revenues
EMEA (Y65.6bn; +145%)
– Revenues rebounded driven by significant improvement in Rates and Credit
Americas (Y56.2bn; +72%)
– Equities remained strong, while Fixed Income rebounded driven by Credit
– Investment Banking reported best revenue quarter since start of business
build out
AEJ (Y33.1bn; -20%)
– Slowdown from strong 3Q, but second best quarter for revenues in six years
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Wholesale: Global Markets
Net revenue
(billions of yen)
Equities
Fixed Income 199.0 QoQ
+33%
166.8 166.6 168.1
149.7 76.8 YoY
59.0 62.0 64.0 +19%
73.5
107.7 104.5 104.1 122.3
76.3
FY2013/14 FY2014/15
4Q 1Q 2Q 3Q 4Q
Key points
4Q results
Global Markets
Net revenue: Y199.0bn (+33% QoQ; +19% YoY)
– Capitalized on market opportunities while managing risk stringently to book
strong revenues as EMEA and Americas Fixed Income revenues rebounded
amid a slowdown in AEJ from strong 3Q
Fixed Income
Net revenue: Y122.3bn (+60% QoQ; +13% YoY)
– Rebound in EMEA and Americas Rates and Credit, continued strong
performance in FX globally
Equities
Net revenue: Y76.8bn (+4% QoQ; +30% YoY)
– Driven by market rally, cash business delivered strong revenues in
EMEA, while Derivatives improved in Japan and Americas
FY2014/15 full year and 4Q net revenue by region
Full year
Quarter
+5%
YoY
YoY
QoQ
FI
EQ
Americas
EMEA
AEJ
Japan
FY13/14 FY14/15
0% ~ ±5%
±5% ~ ±15%
±15% ~
Full year results
Japan and AEJ drove Global Markets revenues higher YoY
4Q results
Americas: Rebound in Rates and Credit, robust performance in Equities
EMEA: FX remained strong, marked improvement in Rates and Credit, pick-up
in Equities
AEJ: Robust G10 FX and Credit, slowdown from strong 3Q in Emerging
Markets Rates and Equities
Japan: FX remained strong, Equities Cash and Derivatives both resilient
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Wholesale: Investment Banking
Net revenue
Investment Banking (gross) (billions of yen)
55.4 43.2 40.7 52.7 57.3
Investment Banking (net) Other
QoQ
31.7 29.2 32.4 +11%
2.2 2.5 YoY
22.3 22.5 +2%
0.0
29.5 29.6 29.9
22.8 22.5
-0.4 -0.4
FY2013/14 FY2014/15
4Q 1Q 2Q 3Q 4Q
Key points
4Q results
Net revenue: Y32.4bn (+11% QoQ; +2% YoY)
Investment Banking (gross) revenue of Y57.3bn
– Best revenue quarter since December 2010; Americas drove international
revenue expansion
– Japan revenues roughly unchanged from 3Q
9 Won many high-profile mandates including CB offerings by LIXIL and
Chugoku Electric Power Co. and retail bond issuance by SoftBank
9 Grew Solutions revenues by developing new products aligned to client
needs
– International revenues up QoQ driven by EMEA and Americas
9 Americas reported best revenue quarter since start of business build out in
2010
9 M&A multi-product deals, Solutions business, Financial Sponsors and
Financial Institutions businesses all contributed to earnings
Full year international revenues now account for over 40% of total due to business build out
Investment Banking (gross)
revenue
(billions of yen)
193.8
184.3
Japan
Approx.
+20%
International
FY2013/14 FY2014/15
Full year
Full year
Full year
Strongest international revenues in six
years
9 Americas gaining traction through
selective build out
Market share growth in Japan, revenues
roughly flat YoY
9 Won several high-profile mandates such
as Mitsui Fudosan (PO) and Recruit
(IPO)
9 #1 on Japan-related league tables1
Market share (YoY)
—ECM: 32.1% 37.8%
—DCM: 26.2% 34.1%
—M&A: 17.2% 24.6%
Won many large M&A mandates
including deals over Y1trn and multi-
product deals
9 Repsol / Talisman Energy (M&A)
9 BC Partners / PetSmart (M&A, ALF)
9 Itochu / CP Group / CITIC(M&A)
— Several deals are yet to close, expect
revenue contributions going forward
Solutions for Japanese corporates
9 DCFX2 related to cross-border M&A and
IPOs
9 Sale of cross-shareholdings
9 Insurance solutions
(1) Source: ECM: Thomson Reuters; DCM: Thomson DealWatch, Japan All Debt (including self-funded); Japan related M&A: Thomson Reuters, Apr 2014 – Mar 2015. (2) Deal contingent FX.
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Non-interest expenses
Full year Quarter
(billions of yen) (billions of yen)
400
1,500
Other
1,257.4 319.2 329.6
1,200 1,195.5 301.4 299.8 308.9 300
Business development
expenses
Occupancy and related 900
depreciation 200
Information processing
and communications 600
Commissions and floor 100
brokerage 300
Compensation and
benefits
0 0
FY2013/14 FY2014/15
FY2013/14 FY2014/15 QoQ
4Q 1Q 2Q 3Q 4Q
Compensation and benefits 570.1 596.6 132.6 168.8 140.8 142.8 144.2 1.0%
Commissions and floor brokerage 111.8 130.0 28.7 27.6 33.6 34.1 34.7 1.8%
Information processing and communications 192.2 192.3 49.9 44.9 46.0 48.7 52.7 8.3%
Occupancy and related depreciation 80.1 76.1 20.5 18.6 18.2 19.2 20.1 4.7%
Business development expenses 38.5 35.2 10.1 7.9 9.1 9.0 9.2 2.0%
Other 202.8 227.2 59.4 51.4 52.1 55.0 68.6 24.7%
Total 1,195.5 1,257.4 301.4 319.2 299.8 308.9 329.6 6.7%
Key points
Full year
Non-interest expenses: Y1,257.4bn
(+5% YoY)
– Increase mainly due to yen depreciation
– Other factors include an increase in
variable costs (commissions and floor
brokerage) due to higher trading volumes
and the addition of consolidated
subsidiaries
4Q result
Non-interest expenses: Y329.6bn
(+7% QoQ)
– Increase due to yen depreciation, one-off
charge in Other for decommissioning of
IT systems and FX losses on overseas
investments
– Excluding the impact from FX,
compensation and benefits was down
QoQ
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Robust financial position
Balance sheet related indicators and capital ratios
Mar 2014 Dec 2014 Mar 2015
Total assets Y43.5trn Y44.1trn Y41.8trn
Shareholders’ equity Y2.5trn Y2.7trn Y2.7trn
Gross leverage 17.3x 16.2x 15.4x
Net leverage1 10.4x 10.5x 9.3x
Level 3 assets2 Y0.4trn Y0.3trn Y0.3trn
(net)
Liquidity portfolio Y6.1trn Y6.4trn Y6.1trn
Basel 3 basis Dec 2014 Mar 2015 2
(billions of yen)
Tier 1 2,484 2,459
Tier 2 367 361
Total capital 2,851 2,820
RWA3 19,810 18,933
Tier 1 ratio 12.5% 12.9%
Tier 1 common ratio4 12.5% 12.9%
Total capital ratio 14.3% 14.8%
Leverage ratio5 — 3.81%
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 13.2% 13.1% 12.7% 12.5% 12.9% 12.4% 15.0%
10.0 10.0%
5.0 5.0%
0.0 Fully loaded 0.0%
FY2013/14 FY2014/15 Basel 3 2019
applied to
balance sheet
Mar Jun Sep Dec Mar at end Mar
(estimate)
Level 3 assets 2 and net level 3 assets/Tier 1 capital
(billions of yen) Level 3 assets
800 Net Level 3 Assets 30%
Net Level 3 Assets / Tier 1 Capital
600
16% 16% 20%
400 12% 12% 14%
10%
200
0 0%
FY2013/14 FY2014/15
Mar Jun Sep Dec Mar
(1) Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ equity. (2) Preliminary.
| (3) |
|
Credit risk assets are calculated using the internal model method. |
(4) Tier 1 common ratio is defined as Tier 1 capital minus minority interest divided by risk-weighted assets. (5) Tier 1 capital divided by exposure (sum of on-balance sheet exposures and off-balance sheet items).
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Funding and liquidity
Balance sheet structure
Highly liquid, healthy balance sheet
structure
– 81% 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
Liquidity portfolio2
Liquidity portfolio:
– Y6.1trn, or 15% of total assets
– Maintain a high quality liquidity
portfolio surplus without the need
for additional unsecured funding
over a certain period
Balance sheet
(As of Mar 2015)
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, 9% International Loans
27% (incl. Bank
subordinated) lending
market
Long-term Euro
debt, 74% MTN/Yen,
Average retail bonds, Retail
Japan
maturity etc. market
5.3 years3 73%
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
(1) Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc.
(2) 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. (3) 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
Table of Contents
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Consolidated balance sheet
(billions of yen) Mar 31, Mar 31, Increase Mar 31, Mar 31, Increase
2014 2015 (Decrease) 2014 2015 (Decrease)
Assets Liabilities
Total cash and cash deposits 2,189 2,097 -93 Short-term borrowings 602 662 60
Total payables and deposits 2,837 3,399 562
Total loans and receivables 2,571 2,948 378 Total collateralized financing 17,112 15,380 -1,732
Trading liabilities 11,047 10,044 -1,003
Total collateralized agreements 17,347 16,720 -627 Other liabilities 1,142 1,217 75
Long-term borrowings 8,227 8,336 109
Total trading assets1 and private 18,714 17,309 -1,405 Total liabilities 40,967 39,038 -1,929
equity investments
Total other assets 2,699 2,710 11 Equity
Total NHI shareholders’ equity 2,514 2,708 194
Noncontrolling interest 40 37 -2
Total assets 43,520 41,783 -1,737 Total liabilities and equity 43,520 41,783 -1,737
| (1) |
|
Including securities pledged as collateral. |
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Value at risk
Definition
- 99% confidence level
- 1-day time horizon for outstanding portfolio
- Inter-product price fluctuations considered
From April 1, 2014 to March 31, 2015 (billions of yen)
- Maximum: 9.8
- Minimum: 3.1
- Average: 6.4
(billions of yen) FY2013/14 FY2014/15 FY2013/14 FY2014/15
Mar Mar Mar Jun Sep Dec Mar
Equity 1.3 1.0 1.3 2.8 1.5 3.3 1.0
Interest rate 3.9 4.2 3.9 5.2 4.2 4.5 4.2
Foreign exchange 2.8 1.1 2.8 2.0 2.7 3.1 1.1
Sub-total 8.0 6.2 8.0 10.0 8.5 10.9 6.2
Diversification benefit -2.9 -1.6 -2.9 -0.7 -1.6 -1.2 -1.6
VaR 5.2 4.6 5.2 9.3 6.8 9.7 4.6
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Consolidated financial highlights
Full year
(billions of yen)
300 8.9% 8.6% 9%
213.6 224.8
Net income
attributable to NHI 200 6%
shareholders
ROE(%) 100 3%
0 0%
FY2013/14 FY2014/15
Quarter
(billions of yen)
8.6% 9%
8.9%
90 7.3% 82.0
5.7% 70.0
61.3 6%
60 52.9
3.2%
30 3%
19.9
0 0%
FY2013/14 FY2014/15
4Q 1Q 2Q 3Q 4Q
Net revenue 1,557.1 1,604.2
Income before income taxes 361.6 346.8
Net income attributable to Nomura Holdings, Inc.
(“NHI”) shareholders 213.6 224.8
Total NHI shareholders’ equity 2,513.7 2,707.8
ROE (%)1 8.9% 8.6%
Basic-Net income attributable to NHI 57.57 61.66
shareholders per share (yen)
Diluted-Net income attributable to NHI 55.81 60.03
shareholders per share (yen)
Total NHI shareholders’ equity per share (yen) 676.15 752.40
389.9 370.8 373.8 425.0 434.5
88.6 51.7 74.0 116.1 105.0
61.3 19.9 52.9 70.0 82.0
2,513.7 2,467.7 2,561.1 2,714.4 2,707.8
8.9% 3.2% 5.7% 7.3% 8.6%
16.48 5.40 14.53 19.22 22.65
16.02 5.26 14.15 18.72 22.08
676.15 678.69 703.55 744.91 752.40
| (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
FY2013/14 FY2014/15
4Q 1Q 2Q 3Q 4Q
Revenue
Commissions 473.1 453.4 89.5 95.6 110.8 123.2 123.7
Fees from investment banking 91.3 95.1 27.2 19.8 20.6 28.8 25.8
Asset management and portfolio service fees 168.7 203.4 42.5 46.1 49.7 53.3 54.3
Net gain on trading 476.4 531.3 129.2 158.6 129.0 109.5 134.3
Gain (loss) on private equity investments 11.4 5.5 -0.3 -0.3 0.5 -0.2 5.5
Interest and dividends 416.3 436.8 100.3 104.9 108.8 115.6 107.5
Gain (loss) on investments in equity securities 15.2 29.4 -5.2 6.3 2.9 11.8 8.4
Other 179.5 175.7 67.7 31.1 28.5 65.6 50.5
Total revenue 1,831.8 1,930.6 450.8 462.2 450.8 507.6 510.0
Interest expense 274.8 326.4 60.8 91.3 77.0 82.6 75.5
Net revenue 1,557.1 1,604.2 389.9 370.8 373.8 425.0 434.5
Non-interest expenses 1,195.5 1,257.4 301.4 319.2 299.8 308.9 329.6
Income before income taxes 361.6 346.8 88.6 51.7 74.0 116.1 105.0
Net income attributable to NHI shareholders 213.6 224.8 61.3 19.9 52.9 70.0 82.0
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Main revenue items
Full year Quarter
FY2013/14 FY2014/15
(billions of yen) FY2013/14 FY2014/15 4Q 1Q 2Q 3Q 4Q
Stock brokerage commissions (retail) 126.7 92.0 22.6 15.8 21.9 27.0 27.3
Stock brokerage commissions (other) 139.8 160.7 35.6 34.3 36.9 46.0 43.5
Other brokerage commissions 18.1 19.6 4.3 3.8 4.0 6.1 5.8
Commissions Commissions for distribution of investment trusts 157.8 134.3 19.3 30.5 37.5 32.6 33.6
Other 30.6 46.8 7.8 11.3 10.5 11.4 13.5
Total 473.1 453.4 89.5 95.6 110.8 123.2 123.7
Equity underwriting and distribution1 34.8 28.8 11.5 5.8 5.9 10.2 6.9
Bond underwriting and distribution1 15.2 20.4 3.7 4.7 5.8 3.8 6.1
Fees from M&A / financial advisory fees1 23.7 24.6 7.0 5.6 4.7 8.8 5.6
investment banking Other1 17.5 21.2 5.0 3.7 4.2 6.1 7.2
Total 91.3 95.1 27.2 19.8 20.6 28.8 25.8
Asset management fees 126.7 151.8 31.9 35.0 37.5 39.4 39.9
Asset management Administration fees 23.9 32.6 6.1 6.6 7.6 9.1 9.4
and portfolio service Custodial fees 18.1 19.0 4.5 4.6 4.7 4.8 5.0
fees
Total 168.7 203.4 42.5 46.1 49.7 53.3 54.3
| (1) |
|
Figures have been reclassified following a review of products handled and the type of revenues generated. |
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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
(billions of yen) FY2013/14 FY2014/15 FY2013/14 FY2014/15
4Q 1Q 2Q 3Q 4Q
Retail 192.0 161.8 23.3 31.6 38.9 50.5 40.9
Asset Management 27.1 32.1 5.3 8.3 7.8 9.3 6.7
Wholesale 111.8 82.2 33.5 5.7 22.2 0.5 53.8
Three Business segments total 330.9 276.1 62.1 45.6 68.9 60.3 101.4
Other 20.0 46.0 34.2 2.6 2.5 44.8 -4.0
Segments total 350.9 322.1 96.2 48.2 71.4 105.1 97.4
Unrealized gain (loss) on investments in equity
securities held for operating purposes 10.7 24.7 -7.7 3.5 2.6 11.0 7.6
Income before income taxes 361.6 346.8 88.6 51.7 74.0 116.1 105.0
Geographic information: Income (loss) before income taxes1
Full year Quarter
(billions of yen) FY2013/14 FY2014/15 FY2013/14 FY2014/15
4Q 1Q 2Q 3Q 4Q
Americas 29.5 -27.6 31.2 6.1 -6.8 -12.7 -14.2
Europe -48.9 -23.5 -10.1 -22.9 2.0 -10.4 7.8
Asia and Oceania -5.2 34.6 -5.2 -0.3 8.5 16.2 10.3
Subtotal -24.7 -16.4 15.9 -17.1 3.7 -7.0 3.9
Japan 386.3 363.2 72.6 68.8 70.3 123.1 101.0
Income before income taxes 361.6 346.8 88.6 51.7 74.0 116.1 105.0
(1) Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended March 31, 2015). 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 46.0 44.8
40.0 34.2
30.0
20.0
20.0
10.0
2.6 2.5
0.0
-10.0 -4.0
FY2013/14 FY2014/15
FY2013/14 FY2014/15
4Q 1Q 2Q 3Q 4Q
Net gain related to economic 17.4 15.1 6.5 6.9 2.2 6.4 -0.3
hedging transactions
Realized gain on investments in equity 4.4 4.7 2.4 2.9 0.3 0.8 0.8
securities held for operating purposes
Equity in earnings of affiliates 28.6 42.2 6.2 3.5 8.0 18.2 12.6
Corporate items -38.8 -20.1 -3.8 -3.1 -8.4 -3.2 -5.5
Others 8.4 4.0 22.8 -7.6 0.5 22.6 -11.5
Income (loss) before income taxes 20.0 46.0 34.2 2.6 2.5 44.8 -4.0
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|
Retail related data (1)
Full year Quarter
FY2013/14 FY2014/15
(billions of yen) FY2013/14 FY2014/15 QoQ
4Q 1Q 2Q 3Q 4Q
Commissions 300.2 258.9 46.1 55.4 67.5 70.6 65.3 -7.4%
Sales credit 106.1 106.4 26.4 25.0 25.9 30.0 25.4 -15.3%
Fees from investment banking and other 40.3 32.5 9.1 9.1 6.7 8.7 8.0 -7.3%
Investment trust administration fees and other 57.5 71.9 14.3 15.0 16.4 18.1 22.3 23.6%
Net interest revenue 7.7 6.9 1.9 2.3 1.3 1.5 1.8 21.7%
Net revenue 511.9 476.5 97.9 106.9 117.9 128.8 122.9 -4.6%
Non-interest expenses 319.9 314.7 74.6 75.3 79.1 78.3 82.0 4.7%
Income before income taxes 192.0 161.8 23.3 31.6 38.9 50.5 40.9 -19.0%
Domestic distribution volume of investment trusts1 10,146.4 9,478.5 1,794.1 2,245.2 2,380.2 2,516.7 2,336.3 -7.2%
Bond investment trusts 3,146.3 3,110.2 768.2 795.3 743.9 831.3 739.8 -11.0%
Stock investment trusts 6,201.4 5,445.1 836.8 1,264.4 1,402.8 1,405.4 1,372.4 -2.3%
Foreign investment trusts 798.7 923.1 189.1 185.5 233.6 280.0 224.1 -20.0%
Other
Accumulated value of annuity insurance policies 2,033.1 2,401.7 2,033.1 2,123.6 2,206.2 2,305.2 2,401.7 4.2%
Sales of JGBs for individual investors (transaction
base) 1,037.0 380.6 214.6 153.5 95.4 84.0 47.8 -43.1%
Retail foreign currency bond sales 1,595.6 1,255.7 386.6 363.9 276.3 361.1 254.4 -29.5%
| (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
(billions of yen)
180
150
120
90
60
30
0
FY2013/14 FY2014/15
Quarter
(billions of yen)
40
30
20
10
0
FY2013/14 FY2014/15
QoQ YoY
4Q 1Q 2Q 3Q 4Q
Stock brokerage commissions 126.7 92.0 22.6 15.8 21.9 27.0 27.3 1.0% 20.9%
Commissions for distribution of investment trusts1 161.4 139.4 20.1 31.9 38.9 34.0 34.6 1.9% 72.0%
| (1) |
|
Nomura Securities. |
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|
|
Retail related data (3)
Retail client assets
(trillions of yen)
120 109.5 104.8 109.5
Other 95.3 99.3
100 91.7 91.7
Overseas mutual funds
80
Bond investment trusts
Stock investment trusts 60
Domestic bonds 40
Foreign currency bonds
20
Equities
0
FY2013/14 FY2014/15 FY2013/14 FY2014/15
Mar Mar Mar Jun Sep Dec Mar
Equities 53.2 67.2 53.2 55.6 58.1 62.2 67.2
Foreign currency bonds 6.3 6.3 6.3 6.4 6.5 6.7 6.3
Domestic bonds1 12.8 12.3 12.8 12.8 13.0 12.3 12.3
Stock investment trusts 9.1 10.3 9.1 9.6 9.9 10.5 10.3
Bond investment trusts 5.9 7.3 5.9 6.2 6.5 7.1 7.3
Overseas mutual funds 1.7 1.8 1.7 1.7 1.8 1.8 1.8
Other2 2.7 4.5 2.7 3.0 3.5 4.2 4.5
Total 91.7 109.5 91.7 95.3 99.3 104.8 109.5
| (1) |
|
Including CBs and warrants. (2) Including annuity insurance. |
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|
|
Retail related data (4)
Net inflows of cash and securities1
Full year
(billions of yen)
1,500
1,076
1,000 997
500
0
FY2013/14 FY2014/15
Quarter
(billions of yen)
1,000
500 473 485
177
0
-137
-366
-500
FY2013/14 FY2014/15
4Q 1Q 2Q 3Q 4Q
| (1) |
|
Cash and securities inflows minus outflows, excluding regional financial institutions. |
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|
|
Retail related data (5)
Number of accounts
(Thousands) FY2013/14 FY2014/15 FY2013/14 FY2014/15
Mar Mar Mar Jun Sep Dec Mar
Accounts with balance 5,144 5,256 5,144 5,186 5,211 5,238 5,256
Equity holding accounts 2,718 2,719 2,718 2,721 2,720 2,723 2,719
Nomura Home Trade /
Net & Call accounts 4,012 4,216 4,012 4,053 4,103 4,154 4,216
New Individual accounts / IT share1
Full year Quarter
FY2013/14 FY2014/15
FY2013/14 FY2014/15
(Thousands) 4Q 1Q 2Q 3Q 4Q
New individual accounts 364 320 90 67 81 77 95
IT share1
No. of orders 58% 59% 60% 60% 60% 58% 60%
Transaction value 33% 37% 37% 36% 37% 37% 39%
| (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) FY2013/14 FY2014/15 4Q 1Q 2Q 3Q 4Q QoQ YoY
Net revenue 80.5 92.4 20.5 23.3 21.7 23.4 23.9 1.9% 16.7%
Non-interest expenses 53.4 60.3 15.1 15.1 13.9 14.1 17.2 22.2% 13.7%
Income before income taxes 27.1 32.1 5.3 8.3 7.8 9.3 6.7 -28.7% 25.4%
Total assets under management
(trillions of yen)
50.0 47.5 46.0 47.5
40.6 42.7
40.0 38.2 39.3 38.2 37.7 39.3
34.8
AuM 1 30.8 30.8 33.0
(gross) 30.0
AuM 20.0
(net) 2
10.0
0.0
FY2013/14 FY2014/15 FY2013/14 FY2014/15
Mar Mar Mar Jun Sep Dec Mar
(1) (2) Total Net after assets deducting under management duplications from for Nomura assets Asset under Management, management (gross) Nomura . Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital.
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Asset Management related data (2)
Assets under management (gross) by business¹
FY13/14 FY14/15 FY13/14 FY14/15
(trillions of yen)
Mar Mar Mar Jun Sep Dec Mar
Investment trust 28.4 34.9 28.4 29.6 31.3 33.9 34.9
business
Investment advisory
business 9.8 12.6 9.8 11.0 11.4 12.1 12.6
Assets under management
(gross)1 38.2 47.5 38.2 40.6 42.7 46.0 47.5
Assets under management by company
(trillions of yen) FY13/14 FY14/15 FY13/14 FY14/15
MarMar MarJun Sep Dec Mar
Nomura Asset Management 33.8 42.6 33.8 36.2 38.3 41.2 42.6
Nomura Funds Research and
Technologies 2.6 3.0 2.6 2.5 2.6 2.9 3.0
Nomura Corporate Research and Asset 1.6 1.7 1.6 1.7 1.6 1.6 1.7
Management
Nomura Private Equity Capital 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Assets under management (gross)1 38.2 47.5 38.2 40.6 42.7 46.0 47.5
Group company overlap 7.4 8.2 7.4 7.6 7.9 8.3 8.2
Assets under management (net)2 30.8 39.3 30.8 33.0 34.8 37.7 39.3
Domestic public investment trust market and
Nomura Asset Management market share4
(trillions of yen) FY13/14 FY14/15 FY13/14 FY14/15
Mar Mar Mar Jun Sep Dec Mar
Domestic public stock investment trusts
Market 65.7 80.3 65.7 68.8 71.7 77.1 80.3
Nomura’s share (%) 19% 20% 19% 18% 19% 19% 20%
Domestic public bond investment trusts
Market 14.5 16.7 14.5 14.8 15.4 16.4 16.7
Nomura’s share (%) 42% 43% 42% 43% 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
FY2013/14 FY2014/15 QoQ YoY
4Q 1Q 2Q 3Q 4Q
Net revenue 765.1 789.9 198.5 188.9 190.6 178.9 231.5 29.4% 16.6%
Non-interest expenses 653.3 707.7 165.0 183.1 168.4 178.5 177.7 -0.5% 7.7%
Income before income taxes 111.8 82.2 33.5 5.7 22.2 0.5 53.8 119x 60.7%
Breakdown of Wholesale revenues
Full year Quarter
FY2013/14 FY2014/15
(billions of yen) FY2013/14 FY2014/15 QoQ YoY
4Q 1Q 2Q 3Q 4Q
Fixed Income 398.2 407.2 107.7 104.5 104.1 76.3 122.3 60.4% 13.5%
Equities 251.5 276.2 59.0 62.0 64.0 73.5 76.8 4.5% 30.0%
Global Markets 649.7 683.4 166.8 166.6 168.1 149.7 199.0 32.9% 19.3%
Investment Banking (Net) 97.4 104.7 29.5 22.8 22.5 29.6 29.9 1.0% 1.3%
Other 18.0 1.8 2.2 -0.4 0.0 -0.4 2.5 — 15.7%
Investment Banking 115.4 106.5 31.7 22.3 22.5 29.2 32.4 11.0% 2.3%
Net revenue 765.1 789.9 198.5 188.9 190.6 178.9 231.5 29.4% 16.6%
Investment Banking (Gross) 184.3 193.8 55.4 43.2 40.7 52.7 57.3 8.8% 3.4%
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Wholesale related data (2)
Private equity related investments
(billions of yen)
70
60 57.2 56.4 57.2 58.8 58.6 58.7
56.4
Terra Firma
50
Asia
40
Europe (excluding Terra
Firma) 30
Japan 20
10
0
FY2013/14 FY2014/15 FY2013/14 FY2014/15
Mar Mar Mar Jun Sep Dec Mar
Japan 8.1 10.6 8.1 10.8 13.2 10.8 10.6
Europe (excluding Terra Firma) 22.6 19.9 22.6 21.8 19.3 20.7 19.9
Asia 1.9 2.1 1.9 1.8 1.9 2.1 2.1
Sub Total 32.6 32.6 32.6 34.5 34.4 33.5 32.6
Terra Firma 24.6 23.8 24.6 24.2 24.2 25.2 23.8
Total 57.2 56.4 57.2 58.8 58.6 58.7 56.4
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Number of employees
FY2013/14 FY2014/15 FY2013/14 FY2014/15
Mar Mar Mar Jun Sep Dec Mar
Japan (excluding FA) 14,149 14,144 14,149 14,559 14,391 14,290 14,144
Japan (FA) 1,888 1,829 1,888 1,889 1,853 1,853 1,829
Europe 3,461 3,485 3,461 3,481 3,530 3,539 3,485
Americas 2,281 2,449 2,281 2,335 2,421 2,445 2,449
Asia-Pacific1 5,891 6,765 5,891 6,656 6,744 6,762 6,765
Total 27,670 28,672 27,670 28,920 28,939 28,889 28,672
| (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.
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<Disclaimer for Morningstar Award “Fund of the Year 2014”>
References to any specific securities do not constitute an offer to buy or sell securities. Those awarded funds based upon the past performance cannot guarantee their future performance. Data or statements are obtained from sources Morningstar Japan K.K. believed to be reliable but are not guaranteed as to accuracy or completeness. All information is the property of Morningstar Japan K.K. or Morningstar, Inc. and protected by copyright and intellectual property laws. All rights reserved. Taking every factor into consideration, Morningstar Japan K.K. has selected funds for Morningstar Award “Fund ofthe Year 2014” in each divisions from open-end mutual fund based upon its unique quantitative and qualitative analysis.
<Disclaimer for “Lipper Fund Awards Japan 2015” >
Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee, or representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the user’s own risk. This is not an offer to buy or sell securities.
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