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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 August 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), First quarter, year ending March 2016 |
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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: August 5, 2015 | By: | /s/ Hajime Ikeda | ||
| Hajime Ikeda | ||||
| Senior Managing Director | ||||
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Consolidated Results of Operations
First quarter, year ending March 2016
(US GAAP)
Nomura Holdings, Inc.
July 2015
© Nomura
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Outline
Presentation
Executive summary (p. 2) Overview of results (p. 3) Business segment results (p. 4) Retail (p. 5-6) Asset Management (p. 7-8) Wholesale (p. 9-11) Non-interest expenses (p. 12) Robust financial position (p. 13) Funding and liquidity (p. 14)
Financial Supplement
Consolidated balance sheet (p. 16) Value at risk (p. 17) Consolidated financial highlights (p. 18) Consolidated income (p. 19) Main revenue items (p. 20)
Consolidated results: Income (loss) before income taxes by segment and region (p. 21) Segment “Other” (p. 22) Retail related data (p. 23-26) Asset Management related data (p. 27-28) ? Wholesale related data (p. 29-30) Number of employees (p. 31)
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Executive summary
FY2015/16 1Q highlights
Group income before income taxes at highest level since FY2014/15 3Q; All business divisions reported strong pretax income growth YoY
Highest first quarter net revenue in eight years
Net revenue: Y424.0bn; Income before income taxes: Y106.0bn; Net income1: Y68.7bn; ROE2 : 10.0%; EPS3: Y18.65
Three segment income before income taxes of Y82.3bn (-19% QoQ; +80% YoY)
Retail: Income before income taxes of Y50.9bn (+24% QoQ; +61% YoY)
Robust sales of investment trusts, discretionary investments and insurance products, coupled with decline in expenses as charge for decommissioning of IT systems not repeated
Net inflows into investment trusts and discretionary investments increased, while annualized recurring revenue reached Y78.0bn
Asset Management: Income before income taxes of Y11.7bn (+76% QoQ; +42% YoY)
Inflows primarily into investment trust business; Assets under management (Y41.4trn) reached a record high for the fifth straight quarter
Dividend income and absence of one-off expenses booked last quarter boosted income before income taxes to highest level since FY2007/08 1Q
Wholesale: Income before income taxes of Y19.7bn (-63% QoQ; 3.4x YoY)
Slowdown in Fixed Income as liquidity declined amid challenging market conditions
Equities maintained revenue growth momentum, while Investment Banking reported higher revenues YoY in all international regions
Income before income taxes, net income1
Group-wide (billions of yen)
Income before 116.1
income taxes 105.0 106.0
income 82.0
74.0 70.0 68.7
52.9
51.7
19.9
FY2014/15 FY15/16
1Q 2Q 3Q 4Q 1Q
Three segment income before income taxes
Wholesale
Asset Management
Retail 101.4
82.3
68.9
60.3
45.6
FY2014/15 FY15/16
1Q 2Q 3Q 4Q 1Q
(1) Net income attributable to Nomura Holdings shareholders. (2) Calculated using annualized net income for each period.
(3) Diluted net income attributable to Nomura Holdings shareholders per share.
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Overview of results
Highlights
(billions of yen, except EPS and ROE)
FY2015/16 FY2014/15 FY2014/15
QoQ YoY
1Q 4Q 1Q
Net revenue 424.0 434.5 -2% 370.8 +14%
Non-interest expenses 318.0 329.6 -3% 319.2 -0.4%
Income before income taxes 106.0 105.0 +1% 51.7 +105%
Net income1 68.7 82.0 -16% 19.9 3.5x
EPS2 Y18.65 Y22.08 -16% Y5.26 3.5x
ROE3 10.0% 12.1% 3.2%
(1) 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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Net revenue and income before income taxes
FY2015/16 FY2014/15 FY2014/15
(billions of yen) QoQ YoY
1Q 4Q 1Q
Net Retail 130.7 122.9 +6% 106.9 +22%
revenue Asset Management 26.9 23.9 +13% 23.3 +15%
Wholesale 205.2 231.5 -11% 188.9 +9%
Subtotal 362.8 378.3 -4% 319.1 +14%
Other 52.2 48.7 +7% 48.3 +8%
Unrealized gain on investments in equity 9.0 7.6
securities held for operating purposes +19% 3.5 +157%
Net revenue 424.0 434.5 -2% 370.8 +14%
Income Retail 50.9 40.9 +24% 31.6 +61%
before
income Asset Management 11.7 6.7 +76% 8.3 +42%
taxes Wholesale 19.7 53.8 -63% 5.7 3.4x
Subtotal 82.3 101.4 -19% 45.6 +80%
Other * 14.7 -4.0 — 2.6 5.8x
Unrealized gain on investments in equity 9.0 7.6
securities held for operating purposes +19% 3.5 +157%
Income before income taxes 106.0 105.0 +1% 51.7 +105%
*Additional information on “Other” (1Q)
Gain from changes in own and counterparty credit spreads (Y4.0bn vs. Y1.4bn loss in 4Q)
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Retail
Net revenue and income before income taxes
(billions of yen)
FY2014/15 FY15/16
QoQ YoY
1Q 2Q 3Q 4Q 1Q
Net revenue 106.9 117.9 128.8 122.9 130.7 +6% +22%
Non-interest expenses 75.3 79.1 78.3 82.0 79.8 -3% +6%
Income before income taxes 31.6 38.9 50.5 40.9 50.9 +24% +61%
Key points
Net revenue Y130.7bn (+6% QoQ; +22% YoY)
Income before income taxes: Y50.9bn (+24% QoQ; +61% YoY)
Driver of Group earnings as net revenue and income before income taxes both
increased QoQ
Robust sales of investment trusts, discretionary investments and insurance
products combined with solid performance in stocks
Costs declined as charge for decommissioning of IT systems booked last
quarter no longer present
Client franchise End of Jun / 1Q End of Mar / 4Q
Retail client assets Y113.4trn Y109.5trn
Accounts with balance1 5.32m 5.29m
NISA accounts applications 1.56m 1.52m
Net inflows of cash and securities 2 Y351.7bn -Y137.3bn
Total sales3 up 2% QoQ
Stocks: +1% QoQ
Strong client activity led to increase in domestic stock commissions Primary deals declined (IPO/PO subscriptions4: Y94.6bn, -13% QoQ)
Investment trusts: +9% QoQ
Robust sales of investment trusts focusing on improved corporate value; Investment trust net inflows increased by 60% QoQ
Bond sales of Y380.4bn, -14% QoQ
Decline in contributions from primary deals
Solid sales of foreign bonds (US dollar, Brazil real, Turkish lira, etc.) Insurance sales and discretionary investments up 10% QoQ
(1) Figure for previous quarter has been revised based on new definition used since April 2015. (2) Cash and securities inflows minus outflows, excluding regional financial institutions.
(3) Retail channels only. (4) Retail channels, Net & Call, and Hotto Direct.
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Retail: Progress in business model transformation
Recurring revenue
(billions of yen)
78.0
72.0
70.0 Mar 2016 recurring revenue target (Y69.6bn)
65.7 Recurring revenue
56.0 (annualized,
60.4 adjusted basis)
50.0
FY2014/15 FY2015/16
1Q 2Q 3Q 4Q 1Q
Conducting client interviews to provide asset planning and life planning
services
Investment trust and discretionary investment net inflows both increased;
Annualized recurring revenue reached Y78bn
Sales of insurance products increased by 30% QoQ by responding to
clients’ estate planning and cash flow needs
1Q 4Q
Recurring revenue 19.4bn 17.8bn
Discretionary investment net inflows1 361.8bn 347.5bn
Investment trust net inflows1 239.8bn 153.1bn
Sales of insurance products2 133.9bn 104.0bn
Net inflows: Investment trust1, Discretionary investment1
(billions of yen)
Discretionary investment net inflows
Investment trust net flows 601.6
600.0
500.6
421.3 412.5
400.0
254.0
200.0
0.0
FY2014/15 FY2015/16
1Q 2Q 3Q 4Q 1Q
Sales of insurance products
(billions of yen)
150.0 133.9
95.1 101.1 104.0
100.0 84.8
50.0
0.0
FY2014/15 FY2015/16
1Q 2Q 3Q 4Q 1Q
Retail channels and Japan Wealth Management group.
Retail channels only.
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Net revenue and income before income taxes
(billions of yen)
FY2014/15 FY15/16
QoQ YoY
1Q 2Q 3Q 4Q 1Q
Net revenue 23.3 21.7 23.4 23.9 26.9 +13% +15%
Non-interest expenses 15.1 13.9 14.1 17.2 15.2 -12% +1%
Income before income taxes 8.3 7.8 9.3 6.7 11.7 +76% +42%
Assets under management
(trillions of yen) AuM (net)1 AuM (gross)2
49.4
46.0 47.5
42.7
40.6 39.3 41.4
37.7
33.0 34.8
FY2014/15 FY2015/16
Jun Sep Dec Mar Jun
Key points
Net revenue: Y26.9bn (+13% QoQ; +15% YoY)
Income before income taxes: Y11.7bn (+76% QoQ; +42% YoY)
Inflows into diverse range of investment trusts, particularly newly established
Japan stock funds; Assets under management at record high for fifth straight
quarter
Income before income taxes at highest level since FY2007/08 1Q due to
absence of one-off expenses booked last quarter and lift from dividend
income
Investment trust business
Inflows of Y1.3trn representing highest level since FY2007/08 1Q
Focus on developing new products matched to client needs led to strong
inflows into funds tapping into structural changes in corporate Japan; Ongoing
inflows into funds for discretionary investments and privately placed funds for
regional financial institutions
1Q inflow
Japan Enterprise Value Improvement Fund (Limited Open Type) Y213.5bn
Nomura Japan Enterprise Value Improvement Open Y191.7bn
Nomura Templeton Total Return Y99.6bn
Investment advisory and international business
Continued momentum in winning mandates from Japanese public pension
funds
NCRAM1 won mandate to manage existing mutual funds, signaling entry into
US retail market
Formed alliance with RHB Group in Malaysia and entered local retail market for
first time
Listed JPX-Nikkei 400 ETFs on London Stock Exchange in May, marking
second ETF listing following on from Nikkei 225 ETFs in January which was the
first listing by a Japanese asset manager (Euro hedged / USD hedged)
(1) Net after deducting duplications from assets under management (gross) of Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management (NCRAM), and Nomura Private Equity Capital.
(2) Assets under management (gross) of above four companies.
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Asset Management: Highly recognized investment management expertise
Assets under management (net)1 by business
(trillions of yen)
50.0 Investment trust business Investment Advisory business
41.4
40.0 34.8 37.7 39.3
33.0
11.9 12.3 12.8
30.0 10.9 11.3
20.0
10.0 22.1 23.5 25.8 27.0 28.6
0.0
FY2014/15 FY2015/16
Jun Sep Dec Mar Jun
Nomura Asset Management public investment trust market
share2
26.0%
24.6%
24.0%
23.7%
24.0% 23.1%
22.8%
22.0%
20.0%
FY2014/15 FY2015/16
Jun Sep Dec Mar Jun
Investment trust business flow of funds3
(billions of yen)
Investment trust business (excl. ETFs) ETFs 944
1,000 789 826
496 477
500 464
298 308
90
0
-23
-500
FY2014/15 FY2015/16
1Q 2Q 3Q 4Q 1Q
Highly rated investment management
R&I: R&I Fund Award 20154
Won the most awards out of the 42 companies that received awards, winning 2
awards in Investment Trusts/Aggregate Category, 7 funds in Investment Trusts
Category, 3 funds in NISA Category and 1 fund in Defined Benefit Pension Category
Investment Trusts/Aggregate Category
Global Equity Fund Aggregate: The Second Prize
Mixed Asset Fund Aggregate: The Second Prize
Investment Trusts Category
High Yield Bond Fund, The First Prize: Nomura US High Yield Corporate Bond
Fund Course D
Global REIT Fund, The First Prize: Nomura Japan -US REIT Fund (Monthly
Profit Distribution Type)
North American Bond Fund, The First Prize: U.S. Preferred Securities Open
Japanese REIT Fund, The Second Prize: J-REIT Open (4 times Per Year
Settlement Type), won for eighth straight year making it longest winning fund
out of all categories
(1) Net after deducting duplications from assets under management (gross) of 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 R&I Fund Award.
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Wholesale
Net revenue and income before income taxes
(billions of yen)
FY2014/15 FY15/16
QoQ YoY
1Q 2Q 3Q 4Q 1Q
Global Markets 166.6 168.1 149.7 199.0 176.2 -11% +6%
Investment Banking 22.3 22.5 29.2 32.4 29.0 -11% +30%
Net revenue 188.9 190.6 178.9 231.5 205.2 -11% +9%
Non-interest expenses 183.1 168.4 178.5 177.7 185.5 +4% +1%
Income before income taxes 5.7 22.2 0.5 53.8 19.7 -63% 3.4x
Net revenue by region
(billions of yen)
250.0
200.0 56.2
46.1 59.2 Americas
58.2 32.7
150.0 65.6
47.7 26.8 40.8 EMEA
100.0 57.8 31.6 41.2 33.1 31.5 AEJ
17.7
50.0 78.3 Japan
55.2 65.1 76.5 73.7
0.0
FY2014/15 FY2015/16
1Q 2Q 3Q 4Q 1Q
Key points
Net revenue: Y205.2bn (-11% QoQ; +9% YoY)
Income before income taxes: Y19.7bn (-63% QoQ; 3.4x YoY)
Revenues and pretax income down from strong previous quarter
Challenging quarter for Fixed Income in EMEA and AEJ; Equities revenue growth continued on uptick in client activity
Investment Banking had a solid quarter internationally; a fee pool decline in Japan
Yen depreciation and FCR-related expenses1 not present last quarter led to QoQ cost increase
Net revenue by region (QoQ; YoY) ? Japan: Y73.7bn (-4%; +33%)
Slowdown in FX and Equity Derivatives, while Execution Services and Rates products had a good quarter
Investment Banking revenues declined on the back of lower fee pools
Americas: Y59.2bn (+5%; +2%)
Rates products improved significantly; Solid performance in Equities
Investment Banking reported stronger momentum in ECM
EMEA: Y40.8bn (-38%; -29%)
Fixed Income products slowed due to challenging trading conditions
Robust quarter in Equities; Growth in Investment Banking revenues
AEJ: Y31.5bn (-5%; +78%)
Equity-related businesses had a strong quarter driven by market rally
Challenged quarter in Fixed Income for Credit and Emerging Markets Rates
All new deferred awards granted in May 2013, 2014 and 2015 include “Full Career Retirement” provisions which permit the recipients of the awards to continue to vest in the awards upon voluntar y termination if certain criteria based on corporate title and length of service within Nomura are met .
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Net revenue1
(billions of yen)
Equities
Fixed Income 199.0 QoQ
176.2 -11%
166.6 168.1
149.7 81.7 YoY
66.4 63.7 92.1 +6%
74.7
100.2 104.4 117.4
75.0 84.1
FY2014/15 FY2015/16
Key points
Global Markets
Net revenue: Y176.2bn (-11% QoQ; +6% YoY)
Solid revenues, although softer than particularly strong last quarter
Equities maintained revenue growth momentum underpinned by strong
client flows and robust trading, while Fixed Income revenues slowed QoQ
Fixed Income
Net revenue: Y84.1bn (-28% QoQ; -16% YoY)
EMEA and AEJ reported a sharp slowdown due to a drop in liquidity
amid challenging market conditions
Equities
Net revenue: Y92.1bn (+13% QoQ; +39% YoY)
Revenues increased significantly driven by rally in China and Hong Kong
markets and improved trading in EMEA
FY2015/16 1Q net revenue by region
0% ~ ±5% ±5% ~ ±15% ±15% ~
Americas: Rates products improved significantly, while Equities revenues remained solid but declined due to subdued client flows
EMEA: Stronger Equities revenues on solid client business in Derivatives; Fixed Income revenues declined significantly in Rates, Credit, and FX
AEJ: Equities reported revenue growth in both Cash and Derivatives, while Fixed Income revenues slowed on sluggish performance in Credit and Emerging Markets Rates Japan: Equities saw solid client flows, while Fixed Income reported a slowdown in FX
(1) Fixed Income and Equities figures from FY 2014/15 have been reclassified following a reorganization in April 2015.
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Wholesale: Investment Banking
Investment Banking (gross) (billions of yen)
43.2 40.7 52.7 57.3 49.7
Investment Banking (net) Other
22.3 22.5 29.2 32.4 29.0
0.0 2.5
22.8 22.5 29.6 29.9 29.1
-0.4 -0.4 -0.1
FY2014/15 FY2015/16
1Q 2Q 3Q 4Q 1Q
Net revenue: Y29.0bn (-11% QoQ; +30% YoY)
Investment Banking (gross) revenue of Y49.7bn with international revenues outstripping Japan
Japan: Revenues down YoY due to fewer large-sized financing transactions Maintained top spot on league tables1 (Share: ECM 27.4%; DCM 42.4%) Revenue contributions from completed M&A deals and solutions business
International: Strong revenues in line with last quarter; All regions reported revenue growth YoY
Revenue contributions from completed M&A deals and Financial Sponsors related transactions EMEA: Won multiple DCM mandates for financial institutions, government and government-related issuers Americas: Improved momentum in ECM
AEJ: Strongest quarterly revenues in past five years driven by high-profile ECM transactions
Internationally, revenue growth in areas of competitive strength
Financial Sponsors related business
Leonard Green & Partners / Life Time Fitness (M&A, ALF)
Businesses for financial institutions, government and government-related issuers
Austria benchmark
Banco Santander covered bond
ECM business growing in AEJ and Americas
Huatai Securities HK IPO
China Galaxy Securities PO
Cowen Group CB
FireEye CB
Products matched to client needs
Recap CBs aimed at improving ROE; funding to meet Basel III requirements
T&D Holdings Euroyen CB
Edion Euroyen CB
Credit Agricole Tier 2 Samurai bond, senior bond
Societe Generale Tier 2 Samurai bond
Solutions business continuing to expand in Japan
Originating foreign currency variable annuities, sales of cross-shareholdings
Japan ECM gaining momentum in July
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Non-interest expenses
Other
Business development expenses Occupancy and related depreciation
Information processing and communications Commissions and floor brokerage
Compensation and benefits
Full year Quarter
(billions of yen) (billions of yen)
400
1,500
1,257.4 319.2 329.6 318.0
1,195.5 299.8 308.9
1,200 300
900
200
600
100
300
0 0
FY2014/15 FY2015/16
FY2013/14 FY2014/15 QoQ
1Q 2Q 3Q 4Q 1Q
Compensation and benefits 570.1 596.6 168.8 140.8 142.8 144.2 155.9 8.1%
Commissions and floor brokerage 111.8 130.0 27.6 33.6 34.1 34.7 34.2 -1.3%
Information processing and communications 192.2 192.3 44.9 46.0 48.7 52.7 47.9 -9.1%
Occupancy and related depreciation 80.1 76.1 18.6 18.2 19.2 20.1 18.7 -6.9%
Business development expenses 38.5 35.2 7.9 9.1 9.0 9.2 8.3 -9.5%
Other 202.8 227.2 51.4 52.1 55.0 68.6 52.9 -22.9%
Total 1,195.5 1,257.4 319.2 299.8 308.9 329.6 318.0 -3.5%
Key points
Non-interest expenses: Y318.0bn (-3% QoQ)
Non-PE declined QoQ
Decline mostly in “Other” expenses
One-off expenses booked last quarter no longer present (charge on decommissioning of IT systems and FX losses on overseas investments)
Compensation and benefits increased by
8% QoQ
Higher bonus provisions in line with performance
Compensation and benefits increased from prior quarter when FCR-related expenses1 were not present (Until last fiscal year, majority of FCR-related expenses were booked in 1Q, but from this year they will be roughly standardized throughout the year)
All new deferred awards granted in May 2013, 2014 and 2015 include “Full Career Retirement” provisions which permit the recipients of the awards to continue to vest in the awards upon voluntar y termination if certain criteria based on corporate title and length of service within Nomura are met .
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Robust financial position
Balance sheet related indicators and capital ratios
Mar 2015 Jun 2015
Total assets Y41.8trn Y44.0trn
Shareholders’ equity Y2.7trn Y2.8trn
Gross leverage 15.4x 15.8x
Net leverage1 9.3x 9.7x
Level 3 assets2
(net) Y0.3trn Y0.4trn
Liquidity portfolio Y6.1trn Y6.2trn
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 13.1% 12.7% 12.5% 12.9% 13.5% 13.0% 15.0%
10.0 10.0%
5.0 5.0%
0.0 0.0%
Fully loaded Basel
FY2014/15 FY2015/16 3 2019 applied to
balance sheet at
Jun Sep Dec Mar Jun end Jun (estimate)
Basel 3 basis Mar 2015 June 20152
(billions of yen)
Tier 1 2,459 2,530
Tier 2 361 356
Total capital 2,820 2,887
RWA3 18,929 18,654
Tier 1 ratio 12.9% 13.5%
Tier 1 common ratio 4 12.9% 13.5%
Total capital ratio 14.8% 15.4%
Consolidated Leverage ratio 5 3.82% 3.91%
HQLA6 — Y5.4trn
LCR6 — 182.3%
Level 3 assets 2 and net level 3 assets/Tier 1 capital
(billions of yen)
Level 3 Assets
Net Level 3 Assets
800 30%
Net Level 3 Assets / Tier 1 Capital
600
20%
16%
400 12% 12% 14% 14%
10%
200
0 0%
FY2014/15 FY2015/16
Jun Sep Dec Mar Jun
(1) Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura H oldings 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). (6) Monthly average for each quarter.
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Funding and liquidity
Balance sheet structure
Highly liquid, healthy balance sheet structure
82% 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:
Y6.2trn, or 14% 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 June 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
16%
Lon g -term debt due
within 1yr, 8% International Loans
30% (incl. Bank
subordinated) lending
market
Long -term Euro
debt, 76% MTN/Yen ,
Average retail bonds, Retail
Japan
maturity etc. market
70%
5.1 years3
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
Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc.
Definition differs from financial disclosures reflecting Liquidity Management’s view. Cash and cash deposits portion of liqui dity portfolio excludes funds on deposit at exchanges and segregated client funds.
Excludes long-term debt due within one year. Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios.
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Financial Supplement
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Consolidated balance sheet
(billions of yen) Mar 31, Jun 30, Increase Mar 31, Jun 30, Increase 2015 2015 (Decrease) 2015 2015 (Decrease)
Assets Liabilities
Total cash and cash deposits 2,097 2,665 568 Short-term borrowings 662 562 -100 Total payables and deposits 3,399 3,743 344 Total loans and receivables 2,948 2,687 -262 Total collateralized financing 15,380 17,284 1,904 Trading liabilities 10,044 10,024 -20 Total collateralized agreements 16,720 16,988 269 Other liabilities 1,217 1,103 -115 Long-term borrowings 8,336 8,464 128
Total trading assets1 and private
17,309 18,929 1,620 Total liabilities 39,038 41,180 2,141 equity investments
Total other assets 2,710 2,728 18 Equity
Total NHI shareholders’ equity 2,708 2,783 76
Noncontrolling interest 37 34 -3
Total assets 41,783 43,996 2,213 Total liabilities and equity 41,783 43,996 2,213
(1) Including securities pledged as collateral.
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Value at risk
Definition From April 1, 2015 to June 30, 2015 (billions of yen)—99% confidence level—Maximum: 6.6—1-day time horizon for outstanding portfolio—Minimum: 3.8—Inter-product price fluctuations considered—Average: 5.2
(billions of yen) FY2013/14 FY2014/15 FY2014/15 FY2015/16
Mar Mar Jun Sep Dec Mar Jun
Equity 1.3 1.0 2.8 1.5 3.3 1.0 1.3
Interest rate 3.9 4.2 5.2 4.2 4.5 4.2 3.9
Foreign exchange 2.8 1.1 2.0 2.7 3.1 1.1 1.1
Sub-total 8.0 6.2 10.0 8.5 10.9 6.2 6.2
Diversification benefit -2.9 -1.6 -0.7 -1.6 -1.2 -1.6 -2.4
VaR 5.2 4.6 9.3 6.8 9.7 4.6 3.8
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Full year
(billions of yen)
300 8.9% 8.6% 9%
213.6 224.8
Net income attributable 200 6%
to NHI shareholders
ROE(%) 100 3%
0 0%
FY2013/14 FY2014/15
Quarter
(billions of yen)
12%
90
10.0%
9%
8.6%
60 7.3%
5.7% 6%
82.0
30 70.0 68.7
3.2% 52.9 3%
19.9
0 0%
FY2014/15 FY2015/16
1Q 2Q 3Q 4Q 1Q
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
370.8 373.8 425.0 434.5 424.0
51.7 74.0 116.1 105.0 106.0
19.9 52.9 70.0 82.0 68.7
2,467.7 2,561.1 2,714.4 2,707.8 2,783.3
3.2% 5.7% 7.3% 8.6% 10.0%
5.40 14.53 19.22 22.65 19.11
5.26 14.15 18.72 22.08 18.65
678.69 703.55 744.91 752.40 774.39
(1) Quarterly ROE is calculated using annualized year-to-date net income.
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Consolidated income
Full year Quarter
(billions of yen) FY2014/15 FY2015/16
FY2013/14 FY2014/15
1Q 2Q 3Q 4Q 1Q
Revenue
Commissions 473.1 453.4 95.6 110.8 123.2 123.7 130.3
Fees from investment banking 91.3 95.1 19.8 20.6 28.8 25.8 24.5
Asset management and portfolio service fees 168.7 203.4 46.1 49.7 53.3 54.3 59.9
Net gain on trading 476.4 531.3 158.6 129.0 109.5 134.3 124.7
Gain (loss) on private equity investments 11.4 5.5 -0.3 0.5 -0.2 5.5 1.2
Interest and dividends 416.3 436.8 104.9 108.8 115.6 107.5 113.6
Gain on investments in equity securities 15.2 29.4 6.3 2.9 11.8 8.4 9.2
Other 179.5 175.7 31.1 28.5 65.6 50.5 44.9
Total revenue 1,831.8 1,930.6 462.2 450.8 507.6 510.0 508.4
Interest expense 274.8 326.4 91.3 77.0 82.6 75.5 84.4
Net revenue 1,557.1 1,604.2 370.8 373.8 425.0 434.5 424.0
Non-interest expenses 1,195.5 1,257.4 319.2 299.8 308.9 329.6 318.0
Income before income taxes 361.6 346.8 51.7 74.0 116.1 105.0 106.0
Net income attributable to NHI shareholders 213.6 224.8 19.9 52.9 70.0 82.0 68.7
19
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Main revenue items
Commissions
Fees from investment banking
Asset management and portfolio service fees
Full year Quarter
FY2014/15 FY2015/16
(billions of yen) FY2013/14 FY2014/15 1Q 2Q 3Q 4Q 1Q
Stock brokerage commissions 266.6 252.8 50.1 58.8 73.1 70.7 78.7
Other brokerage commissions 18.1 19.6 3.8 4.0 6.1 5.8 5.2
Commissions for distribution of investment trusts 157.8 134.3 30.5 37.5 32.6 33.6 34.3
Other 30.6 46.8 11.3 10.5 11.4 13.5 12.2
Total 473.1 453.4 95.6 110.8 123.2 123.7 130.3
Equity underwriting and distribution1 34.8 28.8 5.8 5.9 10.2 6.9 7.4
Bond underwriting and distribution1 15.2 20.4 4.7 5.8 3.8 6.1 4.6
M&A / financial advisory fees 1 23.7 24.6 5.6 4.7 8.8 5.6 7.7
Other1 17.5 21.2 3.7 4.2 6.1 7.2 4.8
Total 91.3 95.1 19.8 20.6 28.8 25.8 24.5
Asset management fees 126.7 151.8 35.0 37.5 39.4 39.9 44.2
Administration fees 23.9 32.6 6.6 7.6 9.1 9.4 10.7
Custodial fees 18.1 19.0 4.6 4.7 4.8 5.0 5.0
Total 168.7 203.4 46.1 49.7 53.3 54.3 59.9
(1) Figures have been reclassified in FY2014/15 4Q 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 FY2014/15 FY2015/16
1Q 2Q 3Q 4Q 1Q
Retail 192.0 161.8 31.6 38.9 50.5 40.9 50.9
Asset Management 27.1 32.1 8.3 7.8 9.3 6.7 11.7
Wholesale 111.8 82.2 5.7 22.2 0.5 53.8 19.7
Three Business segments total 330.9 276.1 45.6 68.9 60.3 101.4 82.3
Other 20.0 46.0 2.6 2.5 44.8 -4.0 14.7
Segments total 350.9 322.1 48.2 71.4 105.1 97.4 97.0
Unrealized gain on investments in equity
securities held for operating purposes 10.7 24.7 3.5 2.6 11.0 7.6 9.0
Income before income taxes 361.6 346.8 51.7 74.0 116.1 105.0 106.0
Geographic information: Income (loss) before income taxes1
Full year Quarter
(billions of yen) FY2013/14 FY2014/15 FY2014/15 FY2015/16
1Q 2Q 3Q 4Q 1Q
Americas 29.5 -27.6 6.1 -6.8 -12.7 -14.2 -2.4
Europe -48.9 -23.5 -22.9 2.0 -10.4 7.8 -9.7
Asia and Oceania -5.2 34.6 -0.3 8.5 16.2 10.3 14.8
Subtotal -24.7 -16.4 -17.1 3.7 -7.0 3.9 2.7
Japan 386.3 363.2 68.8 70.3 123.1 101.0 103.3
Income before income taxes 361.6 346.8 51.7 74.0 116.1 105.0 106.0
(1) Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended June 30, 2015). Nomura’s revenues and expenses are allocated based on the country of domicile of the legal 21
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
30.0
20.0
20.0 14.7
10.0
2.6 2.5
0.0
-10.0 -4.0
FY2014/15 FY2015/16
FY2013/14 FY2014/15
1Q 2Q 3Q 4Q 1Q
Net gain related to economic 17.4 15.1 6.9 2.2 6.4 -0.3 -2.6
hedging transactions
Realized gain on investments in equity 4.4 4.7 2.9 0.3 0.8 0.8 0.2
securities held for operating purposes
Equity in earnings of affiliates 28.6 42.2 3.5 8.0 18.2 12.6 13.8
Corporate items -38.8 -20.1 -3.1 -8.4 -3.2 -5.5 -3.9
Others 8.4 4.0 -7.6 0.5 22.6 -11.5 7.2
Income (loss) before income taxes 20.0 46.0 2.6 2.5 44.8 -4.0 14.7
22
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Retail related data (1)
Full year Quarter
(billions of yen) FY2014/15 FY2015/16
FY2013/14 FY2014/15 QoQ YoY
1Q 2Q 3Q 4Q 1Q
Commissions1 297.2 258.9 54.6 66.7 69.8 67.7 73.8 9.0% 35.1%
Of which, brokerage commission 115.4 81.8 14.3 19.8 25.1 22.6 26.4 16.8% 84.4%
Of which, commissions for distribution of investment trusts 155.4 134.9 30.8 37.6 32.8 33.7 34.9 3.6% 13.2%
Sales credit 106.1 106.4 25.0 25.9 30.0 25.4 26.0 2.5% 4.0%
Fees from investment banking and other 40.3 32.5 9.1 6.7 8.7 8.0 6.2 -22.3% -31.3%
Investment trust administration fees and other1 60.6 71.9 15.8 17.3 18.8 20.0 21.9 9.5% 38.0%
Net interest revenue 7.7 6.9 2.3 1.3 1.5 1.8 2.8 53.1% 21.2%
Net revenue 511.9 476.5 106.9 117.9 128.8 122.9 130.7 6.3% 22.3%
Non-interest expenses 319.9 314.7 75.3 79.1 78.3 82.0 79.8 -2.7% 6.0%
Income before income taxes 192.0 161.8 31.6 38.9 50.5 40.9 50.9 24.5% 61.0%
Domestic distribution volume of investment trusts 2 10,146.4 9,478.5 2,245.2 2,380.2 2,516.7 2,336.3 1,975.3 -15.5% -12.0%
Bond investment trusts 3,146.3 3,110.2 795.3 743.9 831.3 739.8 382.2 -48.3% -51.9%
Stock investment trusts 6,201.4 5,445.1 1,264.4 1,402.8 1,405.4 1,372.4 1,378.9 0.5% 9.1%
Foreign investment trusts 798.7 923.1 185.5 233.6 280.0 224.1 214.2 -4.4% 15.5%
Other
Accumulated value of annuity insurance policies 2,033.1 2,401.7 2,123.6 2,206.2 2,305.2 2,401.7 2,531.4 5.4% 19.2%
Sales of JGBs for individual investors (transaction base) 1,037.0 380.6 153.5 95.4 84.0 47.8 53.7 12.5% -65.0%
Retail foreign currency bond sales 1,595.6 1,255.7 363.9 276.3 361.1 254.4 257.9 1.4% -29.1%
(2) Excluding Net & Call and Hotto Direct.
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Retail related data (2)
Retail client assets
(trillions of yen)
120 109.5 113.4
109.5 104.8
Other 95.3 99.3
100 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 FY2014/15 FY2015/16
Mar Mar Jun Sep Dec Mar Jun
Equities 53.2 67.2 55.6 58.1 62.2 67.2 70.2
Foreign currency bonds 6.3 6.3 6.4 6.5 6.7 6.3 6.1
Domestic bonds1 12.8 12.3 12.8 13.0 12.3 12.3 12.1
Stock investment trusts 9.1 10.3 9.6 9.9 10.5 10.3 10.4
Bond investment trusts 5.9 7.3 6.2 6.5 7.1 7.3 7.7
Overseas mutual funds 1.7 1.8 1.7 1.8 1.8 1.8 1.7
Other2 2.7 4.5 3.0 3.5 4.2 4.5 5.1
Total 91.7 109.5 95.3 99.3 104.8 109.5 113.4
(1) Including CBs and warrants.
(2) Including annuity insurance.
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Retail related data (3)
Net inflows of cash and securities 1
Full year Quarter
(billions of yen) (billions of yen)
1,500 1,000
1,076
1,000 997 500 473 485
352
177
500 0
-137
0 -500
FY2014/15 FY2015/16
FY2013/14 FY2014/15
1Q 2Q 3Q 4Q 1Q
(1) Cash and securities inflows minus outflows, excluding regional financial institutions. 25
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Retail related data (4)
Number of accounts
FY2013/14 FY2014/15 FY2014/15 FY2015/16
(Thousands)
Mar Mar Jun Sep Dec Mar Jun
Accounts with balance1 5,182 5,294 5,224 5,250 5,276 5,294 5,316
Equity holding accounts 2,718 2,719 2,721 2,720 2,723 2,719 2,700
Nomura Home Trade /
Net & Call accounts 4,012 4,216 4,053 4,103 4,154 4,216 4,270
New Individual accounts / IT share2
Full year Quarter
(Thousands) FY2014/15 FT2015/16
FY2013/14 FY2014/15
1Q 2Q 3Q 4Q 1Q
New individual accounts 364 320 67 81 77 95 90
IT share2
No. of orders 58% 59% 60% 60% 58% 60% 59%
Transaction value 33% 37% 36% 37% 37% 39% 37%
(1) Figures for previous quarters have been revised based on new definition used since April 2015. 26
(2) Percentage of cash stock transactions conducted via Nomura Home Trade.
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Asset Management related data (1)
Full year Quarter
(billions of yen) FY2014/15 FY2015/16
FY2013/14 FY2014/15 QoQ YoY
1Q 2Q 3Q 4Q 1Q
Net revenue 80.5 92.4 23.3 21.7 23.4 23.9 26.9 12.7% 15.3%
Non-interest expenses 53.4 60.3 15.1 13.9 14.1 17.2 15.2 -11.9% 0.7%
Income before income taxes 27.1 32.1 8.3 7.8 9.3 6.7 11.7 76.2% 42.0%
Assets under management by company
(trillions of yen) FY2013/14 FY2014/15 FY2014/15 FY2015/16
Mar Mar Jun Sep Dec Mar Jun
Nomura Asset Management 33.8 42.6 36.2 38.3 41.2 42.6 44.4
Nomura Funds Research and Technologies 2.6 3.0 2.5 2.6 2.9 3.0 3.1
Nomura Corporate Research and Asset Management 1.6 1.7 1.7 1.6 1.6 1.7 1.7
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 40.6 42.7 46.0 47.5 49.4
Group company overlap 7.4 8.2 7.6 7.9 8.3 8.2 8.0
Assets under management (net)2 30.8 39.3 33.0 34.8 37.7 39.3 41.4
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and As set Management, and Nomura Private Equity Capital. 27
(2) Net after deducting duplications from assets under management (gross).
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Asset Management related data (2)
Asset inflows/outflows by business1
Full year Quarter
(billions of yen) FY FY FY2014/15 FY2015/16
2013/14 2014/15 1Q 2Q 3Q 4Q 1Q
Investment trusts business 1,598 3,418 473 879 1,124 942 1,252
of which ETFs 882 843 -23 90 298 477 308
Investment advisory business -520 50 27 -44 -46 113 38
Net asset inflow 1,078 3,469 500 835 1,078 1,055 1,290
Domestic public investment trust market and Nomura Asset Management marked share 2
(trillions of yen) FY2013/14 FY2014/15 FY2014/15 FY2015/16
Mar Mar Jun Sep Dec Mar Jun
Domestic public stock investment trusts
Market 65.7 80.3 68.8 71.7 77.1 80.3 83.1
Nomura’s share (%) 19% 20% 18% 19% 19% 20% 21%
Domestic public bond investment trusts
Market 14.5 16.7 14.8 15.4 16.4 16.7 17.7
Nomura’s share (%) 42% 43% 43% 43% 43% 43% 42%
ETF
Market 8.1 12.9 9.1 9.7 10.6 12.9 14.5
Nomura’s share (%) 49% 48% 46% 46% 49% 48% 47%
28
(1) Based on assets under management (net). (2) Source：Investment Trusts Association, Japan.
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Wholesale related data (1)
Wholesale
Full year Quarter
(billions of yen) FY2014/15 FY2015/16
FY2013/14 FY2014/15 QoQ YoY
1Q 2Q 3Q 4Q 1Q
Net revenue 765.1 789.9 188.9 190.6 178.9 231.5 205.2 -11.4% 8.6%
Non-interest expenses 653.3 707.7 183.1 168.4 178.5 177.7 185.5 4.4% 1.3%
Income before income taxes 111.8 82.2 5.7 22.2 0.5 53.8 19.7 -63.4% 3.4x
Breakdown of Wholesale revenues
Full year Quarter
(billions of yen) FY2013/14 FY2014/15 FY2014/15 FY2015/16 QoQ YoY
1Q 2Q 3Q 4Q 1Q
Fixed Income1 385.4 396.9 100.2 104.4 75.0 117.4 84.1 -28.4% -16.1%
Equities1 264.3 286.5 66.4 63.7 74.7 81.7 92.1 12.8% 38.7%
Global Markets 649.7 683.4 166.6 168.1 149.7 199.0 176.2 -11.5% 5.8%
Investment Banking (Net) 97.4 104.7 22.8 22.5 29.6 29.9 29.1 -2.6% 27.9%
Other 18.0 1.8 -0.4 0.0 -0.4 2.5 -0.1 —
Investment Banking 115.4 106.5 22.3 22.5 29.2 32.4 29.0 -10.6% 30.0%
Net revenue 765.1 789.9 188.9 190.6 178.9 231.5 205.2 -11.4% 8.6%
Investment Banking (Gross) 184.3 193.8 43.2 40.7 52.7 57.3 49.7 -13.3% 15.1%
29
(1) Fixed Income and Equities figures from FY 2013/14 have been reclassified following a reorganization in April 2015.
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Wholesale related data (2)
Private equity related investments
(billions of yen)
70
60 57.2 56.4 58.8 58.6 58.7 56.4
Terra Firma
50 45.6
Asia
40
Europe (excluding Terra
Firma) 30
Japan 20
10
0
FY2013/14 FY2014/15 FY2014/15 FY2015/16
Mar Mar Jun Sep Dec Mar Jun
Japan 8.1 10.6 10.8 13.2 10.8 10.6 9.5
Europe (excluding Terra Firma) 22.6 19.9 21.8 19.3 20.7 19.9 8.7
Asia 1.9 2.1 1.8 1.9 2.1 2.1 2.1
Sub Total 32.6 32.6 34.5 34.4 33.5 32.6 20.3
Terra Firma 24.6 23.8 24.2 24.2 25.2 23.8 25.3
Total 57.2 56.4 58.8 58.6 58.7 56.4 45.6
30
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Number of employees
FY2013/14 FY2014/15 FY2014/15 FY2015/16
Mar Mar Jun Sep Dec Mar Jun
Japan (excluding FA) 14,149 14,144 14,559 14,391 14,290 14,144 14,722
Japan (FA) 1,888 1,829 1,889 1,853 1,853 1,829 1,848
Europe 3,461 3,485 3,481 3,530 3,539 3,485 3,492
Americas 2,281 2,449 2,335 2,421 2,445 2,449 2,439
Asia-Pacific1 5,891 6,765 6,656 6,744 6,762 6,765 6,788
Total 27,670 28,672 28,920 28,939 28,889 28,672 29,289
31
(1) Includes Powai office in India.
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Disclaimer
This document is produced by Nomura Holdings, Inc. (“Nomura”).
Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.
The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information.
All rights regarding this document are reserved by Nomura unless otherwise indicated. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura.
This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risk factors, as well as those more fully discussed under Nomura’s most recent Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange Commission (“SEC”) that are available on Nomura’s website (http://www.nomura.com) and on the SEC‘s website (http://www.sec.gov); Important risk factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.
Forward-looking statements speak only as of the date they are made, and Nomura undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
The consolidated financial information in this document is unaudited.
Cautionary note on R&I Fund Award
The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for the “Investment Trusts/Aggregate” category is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.
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