Form 6-K
Table of Contents

 

 

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 July 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

 

Exhibit Number
1.    Financial Summary – Three months ended June 30, 2015

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


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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: July 29, 2015   By:  

/s/ Hajime Ikeda

    Hajime Ikeda
    Senior Managing Director


Table of Contents

Financial Summary For the Three Months Ended June 30, 2015 (U.S. GAAP)

 

Date:

   July 29, 2015

Company name (code number):

   Nomura Holdings, Inc. (8604)

Stock exchange listings:

   (In Japan) Tokyo, Nagoya
   (Overseas) New York, Singapore

Representative:

   Koji Nagai
   Group CEO, Nomura Holdings, Inc.

For inquiries:

   Michio Okazaki
   Managing Director, Head of Management Accounting and Investor Relations, 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 three months ended June 30  
     2014     2015  
     (Millions of yen, except per share data)  
           % Change from
June 30, 2013
          % Change from
June 30, 2014
 

Total revenue

     462,154        (8.5 %)      508,448        10.0

Net revenue

     370,838        (14.0 %)      424,032        14.3

Income before income taxes

     51,674        (54.4 %)      106,012        105.2

Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders

     19,860        (69.9 %)      68,742        246.1

Comprehensive income

     12,579        (87.2 %)      89,646        612.7

Basic-Net income attributable to NHI shareholders per share (Yen)

     5.40          19.11     

Diluted-Net income attributable to NHI shareholders per share (Yen)

     5.26          18.65     

Return on shareholders’ equity-annualized

     3.2       10.0  

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

(2) Financial Position

 

     At March 31     At June 30  
     2015     2015  
     (Millions of yen, except per share data)  

Total assets

     41,783,236        43,996,483   

Total equity

     2,744,946        2,816,981   

Total NHI shareholders’ equity

     2,707,774        2,783,301   

Total NHI shareholders’ equity as a percentage of total assets

     6.5     6.3

Total NHI shareholders’ equity per share (Yen)

     752.40        774.39   


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2. Cash Dividends

 

                                                                       
     For the year ended March 31  
     2015      2016      2016 (Plan)  
     (Yen amounts)  

Dividends per share

        

Dividends record dates

        

At June 30

     —           —           —     

At September 30

     6.00         —           Unconfirmed   

At December 31

     —           —           —     

At March 31

     13.00         —           Unconfirmed   

For the year

     19.00         —           Unconfirmed   

Note: Nomura plans to forgo dividend distribution for Q3 of fiscal year 2016. Fiscal year 2016 Q2 and Q4 dividend amount are not presented per reasons stated in “3. Earnings forecasts for the year ending March 31, 2016”.

3. Earnings Forecasts for the year ending March 31, 2016

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.

Notes

(1) Changes in significant subsidiaries during the period: None

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

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

(3) Changes in accounting policies

 

  a) Changes in accounting policies due to amendments to the accounting standards : None
  b) Changes in accounting policies due to other than a) : None

(4) Number of shares issued (common stock)

 

     At March 31      At June 30  
     2015      2015  

Number of shares outstanding (including treasury stock)

     3,822,562,601         3,822,562,601   

Number of treasury stock

     223,697,388         228,370,345   
     For the three months ended June 30  
     2014      2015  

Average number of shares outstanding (year-to-date)

     3,675,692,820         3,596,764,719   

*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 June 30, 2015, an English translation of which the registrant plans to furnish on Form 6-K in due course.


Table of Contents

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.    Quarterly Consolidated Financial Statements      P.5   

(1)     Consolidated Balance Sheets

     P.6   

(2)     Consolidated Statements of Income

     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   

3.    Supplementary Information

     P.12   

(1)     Consolidated Statements of Income – Quarterly Comparatives

     P.12   

(2)     Business Segment Information – Quarterly Comparatives

     P.13   

(3)     Unconsolidated Quarterly Financial Statements [Japanese GAAP]

     P.14   

(4)     Other

     P.14   

 

1


Table of Contents
1. Qualitative Information of the Quarterly Consolidated Results

 

(1) Consolidated Operating Results

U.S. GAAP

 

                             
     Billions of yen     % Change  
     For the three months ended     (B-A)/(A)  
     June 30,
2014 (A)
    June 30,
2015 (B)
   

Net revenue

     370.8           424.0           14.3   

Non-interest expenses

     319.2        318.0        (0.4
  

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     51.7        106.0        105.2   

Income tax expense

     30.4        36.4        19.6   
  

 

 

   

 

 

   

 

 

 

Net income (loss)

     21.3        69.6        227.3   
  

 

 

   

 

 

   

 

 

 

Less: Net income (loss) attributable to noncontrolling interests

     1.4        0.9        (36.3
  

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to NHI shareholders

     19.9        68.7        246.1   
  

 

 

   

 

 

   

 

 

 

Return on shareholders’ equity-annualized

     3.2     10.0     —     
  

 

 

   

 

 

   

 

 

 

 

Note: 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 424.0 billion yen for the three months ended June 30, 2015, an increase of 14.3% from the same period in the prior year. Non-interest expenses decreased by 0.4% from the same period in the prior year to 318.0 billion yen. Income before income taxes was 106.0 billion yen and net income attributable to NHI shareholders was 68.7 billion yen for the three months ended June 30, 2015.

Segments Information

 

                             
     Billions of yen     % Change  
     For the three months ended     (B-A)/(A)  
     June 30,
2014 (A)
    June 30,
2015 (B)
   

Net revenue

     367.3           415.0           13.0   

Non-interest expenses

     319.2        318.0        (0.4
  

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     48.2        97.0        101.4   
  

 

 

   

 

 

   

 

 

 

In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the three months ended June 30, 2015 was 415.0 billion yen, an increase of 13.0% from the same period in the prior year. Non-interest expenses decreased by 0.4% from the same period in the prior year to 318.0 billion yen. Income before income taxes was 97.0 billion yen for the three months ended June 30, 2015. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

 

2


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<Business Segment Results>

Operating Results of Retail

 

     Billions of yen      % Change  
     For the three months ended      (B-A)/(A)  
     June 30,
2014 (A)
     June 30,
2015 (B)
    

Net revenue

     106.9         130.7         22.3   

Non-interest expenses

     75.3         79.8         6.0   
  

 

 

    

 

 

    

 

 

 

Income (loss) before income taxes

     31.6         50.9         61.0   
  

 

 

    

 

 

    

 

 

 

Net revenue increased by 22.3% from the same period in the prior year to 130.7 billion yen, primarily due to increases in commissions from distribution of investment trusts and brokerage. Non-interest expense increased by 6.0% to 79.8 billion yen. As a result, income before income taxes increased by 61.0% to 50.9 billion yen.

Operating Results of Asset Management

 

     Billions of yen      % Change  
     For the three months ended      (B-A)/(A)  
     June 30,
2014 (A)
     June 30,
2015 (B)
    

Net revenue

       23.3           26.9         15.3   

Non-interest expenses

     15.1         15.2         0.7   
  

 

 

    

 

 

    

 

 

 

Income (loss) before income taxes

     8.3         11.7         42.0   
  

 

 

    

 

 

    

 

 

 

Net revenue increased by 15.3% from the same period in the prior year to 26.9 billion yen. Non-interest expense increased by 0.7% to 15.2 billion yen. As a result, income before income taxes increased by 42.0% to 11.7 billion yen. Assets under management were 41.4 trillion yen as of June 30, 2015.

 

3


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Operating Results of Wholesale

 

                                         
     Billions of yen      % Change  
     For the three months ended      (B-A)/(A)  
     June 30,
2014 (A)
     June 30,
2015 (B)
    

Net revenue

     188.9         205.2         8.6   

Non-interest expenses

     183.1         185.5         1.3   
  

 

 

    

 

 

    

 

 

 

Income (loss) before income taxes

     5.7         19.7         242.6   
  

 

 

    

 

 

    

 

 

 

Net revenue increased by 8.6% from the same period in the prior year to 205.2 billion yen. Non-interest expense increased by 1.3% to 185.5 billion yen. As a result, income before income taxes increased by 242.6% from the same period in the prior year to 19.7 billion yen.

Other Operating Results

 

                                         
     Billions of yen      % Change  
     For the three months ended      (B-A)/(A)  
     June 30,
2014 (A)
     June 30,
2015 (B)
    

Net revenue

       48.3           52.2         8.3   

Non-interest expenses

     45.7         37.5         (17.8
  

 

 

    

 

 

    

 

 

 

Income (loss) before income taxes

     2.6         14.7         475.5   
  

 

 

    

 

 

    

 

 

 

Net revenue was 52.2 billion yen. Income before income taxes was 14.7 billion yen.

 

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Table of Contents
(2) Consolidated Financial Position

Total assets as of June 30, 2015 were 44.0 trillion yen, an increase of 2,213.2 billion yen compared to March 31, 2015, mainly due to the increase in Trading assets. Total liabilities as of June 30, 2015 were 41.2 trillion yen, an increase of 2,141.2 billion yen compared to March 31, 2015, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of June 30, 2015 was 2.8 trillion yen, an increase of 72.0 billion yen compared to March 31, 2015.

 

(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. 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 25, 2015) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2015) for the year ended March 31, 2015.

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

 

5


Table of Contents
(1) Consolidated Balance Sheets (UNAUDITED)

 

     Millions of yen  
     March 31,
2015
    June 30,
2015
    Increase/
(Decrease)
 
ASSETS       

Cash and cash deposits:

      

Cash and cash equivalents

     1,315,408        1,945,623        630,215   

Time deposits

     328,151        233,352        (94,799

Deposits with stock exchanges and other segregated cash

     453,037        485,595        32,558   
  

 

 

   

 

 

   

 

 

 

Total cash and cash deposits

     2,096,596        2,664,570        567,974   
  

 

 

   

 

 

   

 

 

 

Loans and receivables:

      

Loans receivable

     1,461,075        1,504,620        43,545   

Receivables from customers

     187,026        217,072        30,046   

Receivables from other than customers

     1,303,576        968,380        (335,196

Allowance for doubtful accounts

     (3,253     (3,209     44   
  

 

 

   

 

 

   

 

 

 

Total loans and receivables

     2,948,424        2,686,863        (261,561
  

 

 

   

 

 

   

 

 

 

Collateralized agreements:

      

Securities purchased under agreements to resell

     8,481,474        9,165,585        684,111   

Securities borrowed

     8,238,046        7,822,633        (415,413
  

 

 

   

 

 

   

 

 

 

Total collateralized agreements

     16,719,520        16,988,218        268,698   
  

 

 

   

 

 

   

 

 

 

Trading assets and private equity investments:

      

Trading assets*

     17,260,121        18,877,079        1,616,958   

Private equity investments

     48,727        51,431        2,704   
  

 

 

   

 

 

   

 

 

 

Total trading assets and private equity investments

     17,308,848        18,928,510        1,619,662   
  

 

 

   

 

 

   

 

 

 

Other assets:

      

Office buildings, land, equipment and facilities

(net of accumulated depreciation and amortization of
¥383,992 million as of March 31, 2015 and
¥403,270 million as of June 30, 2015)

     401,069        403,844        2,775   

Non-trading debt securities*

     948,180        907,749        (40,431

Investments in equity securities*

     159,755        168,844        9,089   

Investments in and advances to affiliated companies*

     378,278        388,729        10,451   

Other

     822,566        859,156        36,590   
  

 

 

   

 

 

   

 

 

 

Total other assets

     2,709,848        2,728,322        18,474   
  

 

 

   

 

 

   

 

 

 

Total assets

     41,783,236        43,996,483        2,213,247   
  

 

 

   

 

 

   

 

 

 

 

* Including securities pledged as collateral

 

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Table of Contents
     Millions of yen  
     March 31,
2015
    June 30,
2015
    Increase/
(Decrease)
 
LIABILITIES AND EQUITY       

Short-term borrowings

     662,256        562,093        (100,163

Payables and deposits:

      

Payables to customers

     723,839        831,445        107,606   

Payables to other than customers

     1,454,361        1,660,661        206,300   

Deposits received at banks

     1,220,400        1,250,893        30,493   
  

 

 

   

 

 

   

 

 

 

Total payables and deposits

     3,398,600        3,742,999        344,399   
  

 

 

   

 

 

   

 

 

 

Collateralized financing:

      

Securities sold under agreements to repurchase

     12,217,144        13,457,057        1,239,913   

Securities loaned

     2,494,036        3,188,512        694,476   

Other secured borrowings

     668,623        638,163        (30,460
  

 

 

   

 

 

   

 

 

 

Total collateralized financing

     15,379,803        17,283,732        1,903,929   
  

 

 

   

 

 

   

 

 

 

Trading liabilities

     10,044,236        10,023,929        (20,307

Other liabilities

     1,217,099        1,102,599        (114,500

Long-term borrowings

     8,336,296        8,464,150        127,854   
  

 

 

   

 

 

   

 

 

 

Total liabilities

     39,038,290        41,179,502        2,141,212   
  

 

 

   

 

 

   

 

 

 

Equity

      

NHI shareholders’ equity:

      

Common stock

      

                Authorized

 

  -

 

 6,000,000,000 shares

      

Issued

 

  -

 

 3,822,562,601 shares as of March 31, 2015 and

 3,822,562,601 shares as of June 30, 2015

      

Outstanding

 

  -

 

 3,598,865,213 shares as of March 31, 2015 and

 3,594,192,256 shares as of June 30, 2015

     594,493        594,493        —     

Additional paid-in capital

     683,407        681,419        (1,988

Retained earnings

     1,437,940        1,502,500        64,560   

Accumulated other comprehensive income

     143,739        163,163        19,424   
      

 

 

   

 

 

   

 

 

 

Total NHI shareholders’ equity before treasury stock

     2,859,579        2,941,575        81,996   

Common stock held in treasury, at cost -

      

223,697,388 shares as of March 31, 2015 and

      

228,370,345 shares as of June 30, 2015

     (151,805     (158,274     (6,469
      

 

 

   

 

 

   

 

 

 

Total NHI shareholders’ equity

     2,707,774        2,783,301        75,527   
  

 

 

   

 

 

   

 

 

 

Noncontrolling interests

     37,172        33,680        (3,492
  

 

 

   

 

 

   

 

 

 

Total equity

     2,744,946        2,816,981        72,035   
  

 

 

   

 

 

   

 

 

 

Total liabilities and equity

     41,783,236        43,996,483        2,213,247   
  

 

 

   

 

 

   

 

 

 

 

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Table of Contents
(2) Consolidated Statements of Income (UNAUDITED)

 

     Millions of yen      % Change  
     For the three months ended         
     June 30,
2014 (A)
    June 30,
2015 (B)
     (B-A)/(A)  

Revenue:

       

Commissions

     95,633        130,343         36.3   

Fees from investment banking

     19,822        24,497         23.6   

Asset management and portfolio service fees

     46,092        59,940         30.0   

Net gain on trading

     158,562        124,748         (21.3

Gain (loss) on private equity investments

     (287     1,154         —     

Interest and dividends

     104,917        113,649         8.3   

Gain on investments in equity securities

     6,350        9,186         44.7   

Other

     31,065        44,931         44.6   
  

 

 

   

 

 

    

 

 

 

Total revenue

     462,154        508,448         10.0   

Interest expense

     91,316        84,416         (7.6
  

 

 

   

 

 

    

 

 

 

Net revenue

     370,838        424,032         14.3   
  

 

 

   

 

 

    

 

 

 

Non-interest expenses:

       

Compensation and benefits

     168,767        155,896         (7.6

Commissions and floor brokerage

     27,590        34,243         24.1   

Information processing and communications

     44,896        47,934         6.8   

Occupancy and related depreciation

     18,553        18,729         0.9   

Business development expenses

     7,927        8,330         5.1   

Other

     51,431        52,888         2.8   
  

 

 

   

 

 

    

 

 

 

Total non-interest expenses

     319,164        318,020         (0.4
  

 

 

   

 

 

    

 

 

 

Income before income taxes

     51,674        106,012         105.2   

Income tax expense

     30,397        36,368         19.6   
  

 

 

   

 

 

    

 

 

 

Net income

     21,277        69,644         227.3   
  

 

 

   

 

 

    

 

 

 

Less: Net income attributable to noncontrolling interests

     1,417        902         (36.3
  

 

 

   

 

 

    

 

 

 

Net income attributable to NHI shareholders

     19,860        68,742         246.1   
  

 

 

   

 

 

    

 

 

 

Per share of common stock:

       
     Yen      % Change  

Basic-

       

Net income attributable to NHI shareholders per share

     5.40        19.11         253.9   
  

 

 

   

 

 

    

 

 

 

Diluted-

       

Net income attributable to NHI shareholders per share

     5.26        18.65         254.6   
  

 

 

   

 

 

    

 

 

 

 

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Table of Contents
(3) Consolidated Statements of Comprehensive Income (UNAUDITED)

 

     Millions of yen     % Change  
     For the three months ended        
     June 30,
2014 (A)
    June 30,
2015 (B)
    (B-A)/(A)  

Net income

     21,277        69,644        227.3   

Other comprehensive income (loss):

      

Cumulative translation adjustments:

      

Cumulative translation adjustments

     (11,373     20,549        —     

Deferred income taxes

     (421     (240     —     
  

 

 

   

 

 

   

 

 

 

Total

     (11,794     20,309        —     
  

 

 

   

 

 

   

 

 

 

Defined benefit pension plans:

      

Pension liability adjustment

     360        (522     —     

Deferred income taxes

     (142     330        —     
  

 

 

   

 

 

   

 

 

 

Total

     218        (192     —     
  

 

 

   

 

 

   

 

 

 

Non-trading securities:

      

Net unrealized gain (loss) on non-trading securities

     3,400        (35     —     

Deferred income taxes

     (522     (80     —     
  

 

 

   

 

 

   

 

 

 

Total

     2,878        (115     —     
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (8,698     20,002        —     
  

 

 

   

 

 

   

 

 

 

Comprehensive income

     12,579        89,646        612.7   

Less: Comprehensive income attributable to noncontrolling interests

     1,806        1,480        (18.1
  

 

 

   

 

 

   

 

 

 

Comprehensive income attributable to NHI shareholders

     10,773        88,166        718.4   
  

 

 

   

 

 

   

 

 

 

 

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

Not applicable.

 

9


Table of Contents
(5) Segment Information – Operating Segment (UNAUDITED)

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

 

     Millions of yen      % Change  
     For the three months ended         
     June 30,
2014 (A)
     June 30,
2015 (B)
     (B-A)/(A)  

Net revenue

        

Business segment information:

        

Retail

     106,865         130,689         22.3   

Asset Management

     23,338         26,917         15.3   

Wholesale

     188,886         205,184         8.6   
  

 

 

    

 

 

    

 

 

 

Subtotal

     319,089         362,790         13.7   

Other

     48,252         52,244         8.3   
  

 

 

    

 

 

    

 

 

 

Net revenue

     367,341         415,034         13.0   
  

 

 

    

 

 

    

 

 

 

Reconciliation items:

        

Unrealized gain (loss) on investments in equity securities held for operating purposes

     3,497         8,998         157.3   
  

 

 

    

 

 

    

 

 

 

Net revenue

     370,838         424,032         14.3   
  

 

 

    

 

 

    

 

 

 

Non-interest expenses

        

Business segment information:

        

Retail

     75,257         79,790         6.0   

Asset Management

     15,064         15,171         0.7   

Wholesale

     183,145         185,513         1.3   
  

 

 

    

 

 

    

 

 

 

Subtotal

     273,466         280,474         2.6   

Other

     45,698         37,546         (17.8
  

 

 

    

 

 

    

 

 

 

Non-interest expenses

     319,164         318,020         (0.4
  

 

 

    

 

 

    

 

 

 

Reconciliation items:

        

Unrealized gain (loss) on investments in equity securities held for operating purposes

     —           —           —     
  

 

 

    

 

 

    

 

 

 

Non-interest expenses

     319,164         318,020         (0.4
  

 

 

    

 

 

    

 

 

 

Income (loss) before income taxes

        

Business segment information:

        

Retail

     31,608         50,899         61.0   

Asset Management

     8,274         11,746         42.0   

Wholesale

     5,741         19,671         242.6   
  

 

 

    

 

 

    

 

 

 

Subtotal

     45,623         82,316         80.4   

Other*

     2,554         14,698         475.5   
  

 

 

    

 

 

    

 

 

 

Income (loss) before income taxes

     48,177         97,014         101.4   
  

 

 

    

 

 

    

 

 

 

Reconciliation items:

        

Unrealized gain (loss) on investments in equity securities held for operating purposes

     3,497         8,998         157.3   
  

 

 

    

 

 

    

 

 

 

Income (loss) before income taxes

     51,674         106,012         105.2   
  

 

 

    

 

 

    

 

 

 

 

* Major components

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

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

 

     Millions of yen     % Change  
     For the three months ended     (B-A)/(A)  
     June 30,
2014 (A)
    June 30,
2015 (B)
   

Net gain (loss) related to economic hedging transactions

     6,919        (2,553     —     

Realized gain (loss) on investments in equity securities held for operating purposes

     2,853        188        (93.4

Equity in earnings of affiliates

     3,499        13,831        295.3   

Corporate items

     (3,093     (3,940     —     

Other

     (7,624     7,172        —     
  

 

 

   

 

 

   

 

 

 

Total

     2,554        14,698        475.5   
  

 

 

   

 

 

   

 

 

 

 

10


Table of Contents
(6) Significant Changes in Equity (UNAUDITED)

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

 

     Millions of yen  
     For the three months ended  
     June 30, 2015  

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

     683,407   

Issuance and exercise of common stock options

     (1,988
  

 

 

 

Balance at end of period

     681,419   
  

 

 

 

Retained earnings

  

Balance at beginning of year

     1,437,940   

Net income attributable to NHI shareholders

     68,742   

Gain (loss) on sales of treasury stock

     (4,182
  

 

 

 

Balance at end of period

     1,502,500   
  

 

 

 

Accumulated other comprehensive income

  

Cumulative translation adjustments

  

Balance at beginning of year

     133,371   

Net change during the period

     19,712   
  

 

 

 

Balance at end of period

     153,083   
  

 

 

 

Defined benefit pension plans

  

Balance at beginning of year

     (15,404

Pension liability adjustment

     (192
  

 

 

 

Balance at end of period

     (15,596
  

 

 

 

Non-trading securities

  

Balance at beginning of year

     25,772   

Net unrealized gain on non-trading securities

     (96
  

 

 

 

Balance at end of period

     25,676   
  

 

 

 

Balance at end of period

     163,163   
  

 

 

 

Common stock held in treasury

  

Balance at beginning of year

     (151,805

Repurchases of common stock

     (19,985

Common stock issued to employees

     13,516   
  

 

 

 

Balance at end of period

     (158,274
  

 

 

 

Total NHI shareholders’ equity

  

Balance at end of period

     2,783,301   
  

 

 

 

Noncontrolling interests

  

Balance at beginning of year

     37,172   

Net change during the period

     (3,492
  

 

 

 

Balance at end of period

     33,680   
  

 

 

 

Total equity

  

Balance at end of period

     2,816,981   
  

 

 

 

 

11


Table of Contents
3. Supplementary Information

 

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

 

    Millions of yen     % Change     Millions of yen  
    For the three months ended     (B-A)/(A)     For the year ended
March 31,
2015
 
    June 30,
2014
    September 30,
2014
    December 31,
2014
    March 31,
2015 (A)
    June 30,
2015 (B)
     

Revenue:

             

Commissions

    95,633        110,838        123,198        123,732        130,343        5.3        453,401   

Fees from investment banking

    19,822        20,620        28,820        25,821        24,497        (5.1     95,083   

Asset management and portfolio service fees

    46,092        49,689        53,308        54,298        59,940        10.4        203,387   

Net gain on trading

    158,562        129,011        109,468        134,296        124,748        (7.1     531,337   

Gain (loss) on private equity investments

    (287     489        (172     5,472        1,154        (78.9     5,502   

Interest and dividends

    104,917        108,775        115,572        107,502        113,649        5.7        436,766   

Gain (loss) on investments in equity securities

    6,350        2,884        11,797        8,379        9,186        9.6        29,410   

Other

    31,065        28,514        65,618        50,505        44,931        (11.0     175,702   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

    462,154        450,820        507,609        510,005        508,448        (0.3     1,930,588   

Interest expense

    91,316        76,987        82,613        75,496        84,416        11.8        326,412   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net revenue

    370,838        373,833        424,996        434,509        424,032        (2.4     1,604,176   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-interest expenses:

             

Compensation and benefits

    168,767        140,823        142,804        144,199        155,896        8.1        596,593   

Commissions and floor brokerage

    27,590        33,599        34,088        34,700        34,243        (1.3     129,977   

Information processing and communications

    44,896        45,961        48,712        52,731        47,934        (9.1     192,300   

Occupancy and related depreciation

    18,553        18,224        19,220        20,115        18,729        (6.9     76,112   

Business development expenses

    7,927        9,071        9,027        9,205        8,330        (9.5     35,230   

Other

    51,431        52,150        55,021        68,603        52,888        (22.9     227,205   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest expenses

    319,164        299,828        308,872        329,553        318,020        (3.5     1,257,417   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    51,674        74,005        116,124        104,956        106,012        1.0        346,759   

Income tax expense

    30,397        20,894        46,843        22,646        36,368        60.6        120,780   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

    21,277        53,111        69,281        82,310        69,644        (15.4     225,979   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: Net income attributable to noncontrolling interests

    1,417        239        (758     296        902        204.7        1,194   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to NHI shareholders

    19,860        52,872        70,039        82,014        68,742        (16.2     224,785   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    Yen     % Change     Yen  

Per share of common stock:

 

Basic-

             

Net income attributable to NHI shareholders per share

    5.40        14.53        19.22        22.65        19.11        (15.6     61.66   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted-

             

Net income attributable to NHI shareholders per share

    5.26        14.15        18.72        22.08        18.65        (15.5     60.03   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

12


Table of Contents
(2) Business Segment Information – Quarterly Comparatives (UNAUDITED)

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

 

                                                                                                                             
    Millions of yen     % Change     Millions of yen  
    For the three months ended     (B-A)/(A)     For the year ended
March 31,

2015
 
    June 30,
2014
    September 30,
2014
    December 31,
2014
    March 31,
2015 (A)
    June 30,
2015 (B)
     

Net revenue

             

Business segment information:

             

Retail

    106,865        117,938        128,788        122,914        130,689        6.3        476,505   

Asset Management

    23,338        21,691        23,439        23,886        26,917        12.7        92,354   

Wholesale

    188,886        190,570        178,943        231,468        205,184        (11.4     789,867   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

    319,089        330,199        331,170        378,268        362,790        (4.1     1,358,726   

Other

    48,252        41,042        82,787        48,684        52,244        7.3        220,765   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net revenue

    367,341        371,241        413,957        426,952        415,034        (2.8     1,579,491   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation items:

             

Unrealized gain (loss) on investments in equity securities held for operating purposes

    3,497        2,592        11,039        7,557        8,998        19.1        24,685   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net revenue

    370,838        373,833        424,996        434,509        424,032        (2.4     1,604,176   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-interest expenses

             

Business segment information:

             

Retail

    75,257        79,075        78,319        82,024        79,790        (2.7     314,675   

Asset Management

    15,064        13,882        14,091        17,219        15,171        (11.9     60,256   

Wholesale

    183,145        168,363        178,492        177,671        185,513        4.4        707,671   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

    273,466        261,320        270,902        276,914        280,474        1.3        1,082,602   

Other

    45,698        38,508        37,970        52,639        37,546        (28.7     174,815   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-interest expenses

    319,164        299,828        308,872        329,553        318,020        (3.5     1,257,417   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation items:

             

Unrealized gain (loss) on investments in equity securities held for operating purposes

    —          —          —       

 

—  

  

    —       

 

—  

  

    —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-interest expenses

    319,164        299,828        308,872        329,553        318,020        (3.5     1,257,417   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

             

Business segment information:

             

Retail

    31,608        38,863        50,469        40,890        50,899        24.5        161,830   

Asset Management

    8,274        7,809        9,348        6,667        11,746        76.2        32,098   

Wholesale

    5,741        22,207        451        53,797        19,671        (63.4     82,196   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

    45,623        68,879        60,268        101,354        82,316        (18.8     276,124   

Other*

    2,554        2,534        44,817        (3,955     14,698        —          45,950   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    48,177        71,413        105,085        97,399        97,014        (0.4     322,074   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation items:

             

Unrealized gain (loss) on investments in equity securities held for operating purposes

    3,497        2,592        11,039        7,557        8,998        19.1        24,685   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    51,674        74,005        116,124        104,956        106,012        1.0        346,759   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

* 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,

2015
 
    June 30,
2014
    September 30,
2014
    December 31,
2014
    March 31,
2015 (A)
    June 30,
2015 (B)
     

Net gain (loss) related to economic hedging transactions

    6,919        2,169        6,375        (343     (2,553     —          15,120   

Realized gain (loss) on investments in equity securities held for operating purposes

    2,853        292        758        822        188        (77.1     4,725   

Equity in earnings of affiliates

    3,499        7,963        18,213        12,560        13,831        10.1        42,235   

Corporate items

    (3,093     (8,389     (3,160     (5,477     (3,940     —          (20,119

Other

    (7,624     499        22,631        (11,517     7,172        —          3,989   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

      2,554          2,534          44,817        (3,955     14,698        —          45,950   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

13


Table of Contents
(3) 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  
     March 31, 2015     June 30, 2015  

Assets

    

Current Assets

     3,776,082        4,342,594   

Fixed Assets

     2,865,640        2,924,860   
  

 

 

   

 

 

 

Total Assets

     6,641,723        7,267,453   
  

 

 

   

 

 

 

Liabilities

    

Current Liabilities

     1,159,166        1,444,779   

Long-term Liabilities

     3,387,449        3,446,649   
  

 

 

   

 

 

 

Total Liabilities

     4,546,615        4,891,428   
  

 

 

   

 

 

 

Net Assets

    

Shareholders’ equity

     1,971,421        2,251,952   

Valuation and translation adjustments

     79,014        81,682   

Stock acquisition rights

     44,673        42,391   
  

 

 

   

 

 

 

Total Net Assets

     2,095,108        2,376,025   
  

 

 

   

 

 

 

Total Liabilities and Net Assets

     6,641,723        7,267,453   
  

 

 

   

 

 

 

Nomura Holdings, Inc. Unconsolidated Statements of Income

(UNAUDITED)

 

                                           
     Millions of yen  
     For the three months ended  
     June 30, 2014     June 30, 2015  

Operating revenue

     285,892        394,650   

Operating expenses

     57,809        55,177   
  

 

 

   

 

 

 

Operating income

     228,083        339,472   
  

 

 

   

 

 

 

Non-operating income

     1,795        2,753   

Non-operating expenses

     553        1,235   
  

 

 

   

 

 

 

Ordinary income

     229,325        340,989   
  

 

 

   

 

 

 

Special profits

     38,073        482   

Special losses

     13        28   
  

 

 

   

 

 

 

Income before income taxes

     267,385        341,443   
  

 

 

   

 

 

 

Income taxes - current

     (10,943     2,941   

Income taxes - deferred

     27,382        521   
  

 

 

   

 

 

 

Net income

        250,946           337,982   
  

 

 

   

 

 

 

 

(4) Other

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

http://www.nomuraholdings.com/company/group/nsc/pdf/2016_1q.pdf

 

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