Edgar Filing: NOMURA HOLDINGS INC

Form 6-K

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 January 2009.

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):

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes No X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .

Information furnished on this form:

EXHIBIT


Exhibit Number
1.		Financial Highlights – Nine months ended December 2008

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: January 27, 2009	By:	/s/ Shinichiro Watanabe
		Shinichiro Watanabe
		Senior Corporate Managing Director

Financial Summary For the Nine Months Ended December 31, 2008 (US GAAP)


Date:		January 27, 2009

Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Osaka, Nagoya
		(Overseas) New York, Singapore
Representative:		Kenichi Watanabe
		President and Chief Executive Officer, Nomura Holdings, Inc.
For inquiries:		Toshiki Shinjo
		Managing Director, Investor Relations Department, Nomura Holdings, Inc.
		Tel: (Country Code 81) 3-5255-1000
		URL http://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results


	For the nine months ended December 31
	2008				2007
	(Yen amounts in millions, except per share data)
			% Change from December 31, 2007				% Change from December 31, 2006
Total revenue	518,318		(64.7	%)	1,467,743		0.5	%
Net revenue	213,406		(72.1	%)	765,755		(1.8	%)
(Loss) income before income taxes	(553,147	)	—		133,742		(43.9	%)
Net (loss) income	(492,358	)	—		86,006		(39.7	%)
Basic net (loss) income per share	(257.98	)			45.06
Diluted net (loss) income per share	(258.62	)			44.92
Return on shareholders’ equity (annualized)	(38.5	%)			5.2	%

(2) Financial Position
	At December 31				At March 31
	2008				2008
	(Yen amounts in millions, except per share data)
Total assets			22,454,509				25,236,054
Shareholders’ equity			1,419,003				1,988,124
Shareholders’ equity as a percentage of total assets			6.3	%			7.9	%
Shareholders’ equity per share			743.24				1,042.60

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

2. Cash dividends


	For the year ended/ending March 31
	2008	2009	2009 (Plan)
	(Yen amounts)
Dividends per share
dividends record dates
At June 30	8.50	8.50	—
At September 30	8.50	8.50	—
At December 31	8.50	8.50	—
At March 31	8.50	—	0.00
For the year	34.00		25.50

Note: Revision of cash dividend forecast for during this period : Yes

3. Earnings forecasts for the year ending March 31, 2009

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.

4. Other

(1) Significant changes to consolidated subsidiaries during the period : None

(2) Simplified accounting and particular accounting in the elaboration of quarterly consolidated financial statements : None

(3) Changes in accounting basis, procedure and presentation for the quarterly consolidated financial statements

Changes in accounting principles : Yes

Other changes : None

Note: Please refer to page 6, “Qualitative Information and Financial Statements - 4. Other” for details.

(4) Number of shares issued (common stock)


	At December 31	At March 31
	2008	2008
Number of shares outstanding (including treasury stock)	1,965,919,860	1,965,919,860
Treasury stock	56,697,054	59,034,801

	For the nine months ended December 31
	2008	2007
Average number of shares outstanding	1,908,526,334	1,908,496,728

Qualitative Information and Financial Statements

1.	Qualitative Discussion of Consolidated Results

US GAAP


	Billions of yen				% Change
	For the nine months ended				(A-B)/(B)
	December 31, 2008 (A)		December 31, 2007 (B)		(A-B)/(B)
Net revenue	213.4		765.8		(72.1	)
Non-interest expenses	766.6		632.0		21.3

Income (loss) before income taxes	(553.1	)	133.7		—
Income tax expense	(60.8	)	47.7		—

Net income (loss)	(492.4	)	86.0		—

Return on equity (annualized)	(38.5	%)	5.2	%	—

Nomura Holdings, Inc. and its consolidated entities (“Nomura”) reported net revenue of 213.4 billion yen for the nine months ended December 31, 2008, a decrease of 72.1% from the same period in the prior year. Non-interest expenses increased 21.3% from the same period in the prior year to 766.6 billion yen. Loss before income taxes was 553.1 billion yen for the nine months ended December 31, 2008. Net loss was 492.4 billion yen for the nine months ended December 31, 2008.

Segments Information


	Billions of yen			% Change
	For the nine months ended			(A-B)/(B)
	December 31, 2008 (A)		December 31, 2007 (B)	(A-B)/(B)
Net revenue	232.6		799.0	(70.9	)
Non-interest expenses	766.6		632.0	21.3

Income (loss) before income taxes	(534.0	)	166.9	—

In business segment totals, which exclude unrealized gains (losses) on investments in equity securities held for operating purposes, net revenue for the nine months ended December 31, 2008 was 232.6 billion yen, a decrease of 70.9% from the same period in the prior year. Non-interest expenses increased 21.3% from the same period in the prior year to 766.6 billion yen. Loss before income taxes was 534.0 billion yen for the nine months ended December 31, 2008. Please refer to page 11 for further details of the differences between US GAAP and business segment values.

<Business Segment Results>

Operating Results of Domestic Retail


	Billions of yen		% Change
	For the nine months ended		(A-B)/(B)
	December 31, 2008 (A)	December 31, 2007 (B)	(A-B)/(B)
Net revenue	229.9	323.5	(28.9	)
Non-interest expenses	206.1	212.2	(2.9	)

Income (loss) before income taxes	23.8	111.3	(78.6	)

Net revenue decreased 28.9% from the same period in the prior year to 229.9 billion yen. The overall market slump triggered by turmoil in the global financial markets led to a decline commissions for distribution of investment trusts. Non-interest expenses decreased 2.9% to 206.1 billion yen. As a result, income before income taxes decreased 78.6% to 23.8 billion yen.

Operating Results of Global Markets


	Billions of yen				% Change
	For the nine months ended				(A-B)/(B)
	December 31, 2008 (A)		December 31, 2007 (B)		(A-B)/(B)
Net revenue	(166.7	)	228.9		—
Non-interest expenses	277.2		246.1		12.6

Income (loss) before income taxes	(443.8	)	(17.2	)	—

Net revenue was negative 166.7 billion yen, due primarily to turmoil in the global financial markets. The acquisition of Lehman Brothers led to increase non-interest expenses by 12.6% from the same period in the prior year to 277.2 billion yen. As a result, loss before income taxes was 443.8 billion yen.

Operating Results of Global Investment Banking


	Billions of yen			% Change
	For the nine months ended			(A-B)/(B)
	December 31, 2008 (A)		December 31, 2007 (B)	(A-B)/(B)
Net revenue	56.9		68.3	(16.7	)
Non-interest expenses	73.0		45.8	59.5

Income (loss) before income taxes	(16.1	)	22.5	—

Net revenue decreased 16.7% from the same period in the prior year to 56.9 billion yen, due primarily to the decline in transaction volume in the equity finance reflecting instability across the global stock markets. The acquisition of Lehman Brothers led to increase 59.5% non-interest expenses to 73.0 billion yen. As a result, loss before income taxes was 16.1 billion yen.

Operating Results of Global Merchant Banking


	Billions of yen			% Change
	For the nine months ended			(A-B)/(B)
	December 31, 2008 (A)		December 31, 2007 (B)	(A-B)/(B)
Net revenue	(51.5	)	41.7	—
Non-interest expenses	10.8		8.5	27.7

Income (loss) before income taxes	(62.3	)	33.2	—

Net revenue was negative 51.5 billion yen, due primarily to unrealized losses of certain investee companies. Non-interest expenses increased 27.7% from the same period in the prior year to 10.8 billion yen. As a result, loss before income taxes was 62.3 billion yen.

Operating Results of Asset Management


	Billions of yen		% Change
	For the nine months ended		(A-B)/(B)
	December 31, 2008 (A)	December 31, 2007 (B)	(A-B)/(B)
Net revenue	46.7	71.8	(35.0	)
Non-interest expenses	39.8	41.1	(3.2	)

Income (loss) before income taxes	6.9	30.7	(77.7	)

*	Defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ending March 31, 2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

Net revenue decreased 35.0% from the same period in the prior year to 46.7 billion yen. The decline was mainly attributable to the reduction in assets under management primarily driven by plunge in the stock market and appreciating yen, and the unrealized losses from pilot funds and seed money for new product development. Non-interest expenses decreased 3.2% to 39.8 billion yen. As a result, income before income taxes decreased 77.7% to 6.9 billion yen.

Other Operating Results


	Billions of yen				% Change
	For the nine months ended				(A-B)/(B)
	December 31, 2008 (A)		December 31, 2007 (B)		(A-B)/(B)
Net revenue	117.3		64.7		81.1
Non-interest expenses	159.6		78.3		104.0

Income (loss) before income taxes	(42.4	)	(13.5	)	—

Net revenue in other operating results increased 81.1% from the same period in the prior year to 117.3 billion yen. Loss before income taxes was 42.4 billion yen.

2.	Financial Position

Total assets as of December 31, 2008, were 22.5 trillion yen, a decrease of 2,781.5 billion yen compared to March 31, 2008, reflecting primarily a decrease in Collateralized agreements. Total liabilities as of December 31, 2008, were 21.0 trillion yen, a decrease of 2,212.4 billion yen compared to March 31, 2008, mainly due to a decrease in Collateralized financing. Total shareholders’ equity at December 31, 2008, was 1.4 trillion yen, a decrease of 569.1 billion yen compared to March 31, 2008, mainly reflecting a decrease in Retained earnings due to the recording of Net loss.

3.	Earnings Forecasts

Other

Changes in accounting basis, procedure and presentation for the quarterly consolidated financial statements

Accounting for fair value measurements

Nomura adopted Financial Accounting Standards Board (“FASB”) SFAS No.157, “Fair Value Measurements” on April 1, 2008. In accordance with this standard, the adjusted amount due to the initial adoption was recorded in the retained earnings.

Accounting for fair value option for financial assets and financial liabilities

Nomura adopted FASB SFAS No.159, “The Fair Value Option for Financial Assets and Financial Liabilities including an amendment of FASB Statement No.115” on April 1, 2008. In accordance with this standard, the adjusted amount due to the initial adoption was recorded in the retained earnings.

Accounting for offsetting of amounts related to certain contracts

Nomura adopted FASB staff position No.39-1, “Amendment of FASB Interpretation No.39” on April 1, 2008. The consolidated balance sheets as of March 31, 2008 have been reclassified in accordance with this standard, as it requires retrospective application.

5.	Quarterly Consolidated Financial Statements

Basis of presentation—

The quarterly consolidated financial information herein has been prepared in accordance with Nomura's accounting policies which are disclosed in the notes of Nomura Holdings, Inc.'s Annual Securities Report (the annual report filed in Japan on June 30, 2008) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 30, 2008) for the year ended March 31, 2008.

Please refer to 4. Other, “Changes in accounting basis, procedure and presentation for the quarterly consolidated financial statements”, for presentations of significant changes in accounting principles.

The review procedures of the quarterly report for this period have not been completed yet.

(1)

Consolidated Balance Sheets (UNAUDITED)


	Millions of yen
	December 31, 2008		March 31, 2008		Increase/(Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents	523,087		507,236		15,851
Time deposits	773,761		758,130		15,631
Deposits with stock exchanges and other segregated cash	184,985		168,701		16,284

	1,481,833		1,434,067		47,766

Loans and receivables:
Loans receivable	625,291		784,262		(158,971	)
Receivables from customers	17,302		43,623		(26,321	)
Receivables from other than customers	987,356		361,114		626,242
Allowance for doubtful accounts	(3,196	)	(1,399	)	(1,797	)

	1,626,753		1,187,600		439,153

Collateralized agreements:
Securities purchased under agreements to resell	1,862,372		3,233,200		(1,370,828	)
Securities borrowed	5,519,988		7,158,167		(1,638,179	)

	7,382,360		10,391,367		(3,009,007	)

Trading assets and private equity investments*:
Trading assets	9,867,344		9,947,443		(80,099	)
Private equity investments	331,827		330,745		1,082

	10,199,171		10,278,188		(79,017	)


Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥266,531 million at December 31, 2008 and ¥260,910 million at March 31, 2008)	388,546		389,151		(605	)
Non-trading debt securities*	271,691		246,108		25,583
Investments in equity securities*	122,080		139,330		(17,250	)
Investments in and advances to affiliated companies*	263,117		361,334		(98,217	)
Other	718,958		808,909		(89,951	)

	1,764,392		1,944,832		(180,440	)

Total assets	22,454,509		25,236,054		(2,781,545	)

*	Including securities pledged as collateral

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


	Millions of yen
	December 31, 2008		March 31, 2008		Increase/(Decrease)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term borrowings	907,864		1,426,266		(518,402	)

Payables and deposits:
Payables to customers	338,886		264,679		74,207
Payables to other than customers	261,705		322,927		(61,222	)
Deposits received at banks	345,354		362,775		(17,421	)

	945,945		950,381		(4,436	)

Collateralized financing:
Securities sold under agreements to repurchase	3,576,710		4,298,872		(722,162	)
Securities loaned	4,166,232		3,753,730		412,502
Other secured borrowings	920,544		2,488,129		(1,567,585	)

	8,663,486		10,540,731		(1,877,245	)

Trading liabilities	4,347,347		4,469,942		(122,595	)
Other liabilities	424,536		636,184		(211,648	)
Long-term borrowings	5,746,328		5,224,426		521,902

Total liabilities	21,035,506		23,247,930		(2,212,424	)


Shareholders’ equity:
Common stock
Authorized - 6,000,000,000 shares
Issued - 1,965,919,860 shares at December 31, 2008 and March 31, 2008
Outstanding - 1,909,222,806 shares at December 31, 2008 and
1,906,885,059 shares at March 31, 2008	182,800		182,800		—
Additional paid-in capital	185,923		177,227		8,696
Retained earnings	1,254,391		1,779,783		(525,392	)
Accumulated other comprehensive income	(126,681	)	(71,111	)	(55,570	)

	1,496,433		2,068,699		(572,266	)
Common stock held in treasury, at cost -
56,697,054 shares at December 31, 2008 and 59,034,801 shares at March 31, 2008	(77,430	)	(80,575	)	3,145

Total shareholders’ equity	1,419,003		1,988,124		(569,121	)

Total liabilities and shareholders’ equity	22,454,509		25,236,054		(2,781,545	)

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

(2)

Consolidated Statements of Operations (UNAUDITED)


	Millions of yen				% Change
	For the nine months ended				(A-B)/(B)
	December 31, 2008 (A)		December 31, 2007 (B)		(A-B)/(B)
Revenue:
Commissions	240,457		323,270		(25.6	)
Fees from investment banking	43,111		66,406		(35.1	)
Asset management and portfolio service fees	114,600		145,857		(21.4	)
Net (loss) gain on trading	(145,018	)	173,526		—
(Loss) gain on private equity investments	(39,278	)	49,946		—
Interest and dividends	290,849		717,975		(59.5	)
(Loss) gain on investments in equity securities	(21,778	)	(31,733	)	—
Other	35,375		22,496		57.3

Total revenue	518,318		1,467,743		(64.7	)
Interest expense	304,912		701,988		(56.6	)

Net revenue	213,406		765,755		(72.1	)

Non-interest expenses :
Compensation and benefits	329,831		288,384		14.4
Commissions and floor brokerage	56,538		65,658		(13.9	)
Information processing and communications	108,829		97,776		11.3
Occupancy and related depreciation	56,293		45,306		24.3
Business development expenses	23,074		28,132		(18.0	)
Other	191,988		106,757		79.8

	766,553		632,013		21.3

(Loss) income before income taxes	(553,147	)	133,742		—
Income tax expense	(60,789	)	47,736		—

Net (loss) income	(492,358	)	86,006		—


	Yen				% Change
Per share of common stock:

Basic-
Net (loss) income	(257.98	)	45.06		—

Diluted-
Net (loss) income	(258.62	)	44.92		—

(3)

Note with respect to the assumption as a going concern

Not applicable.

(4)

Segment Information-Operating Segment (UNAUDITED)

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

Net revenue


	Millions of yen				% Change
	For the nine months ended				(A-B)/(B)
	December 31, 2008 (A)		December 31, 2007 (B)		(A-B)/(B)
Business segment information:
Domestic Retail	229,914		323,508		(28.9	)
Global Markets	(166,652	)	228,900		—
Global Investment Banking	56,891		68,309		(16.7	)
Global Merchant Banking	(51,496	)	41,675		—
Asset Management	46,665		71,813		(35.0	)

Sub Total	115,322		734,205		(84.3	)
Other	117,265		64,745		81.1

Net revenue	232,587		798,950		(70.9	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	(19,181	)	(33,195	)	—

Net revenue	213,406		765,755		(72.1	)


Non-interest expenses
Business segment information:
Domestic Retail	206,138		212,246		(2.9	)
Global Markets	277,177		246,149		12.6
Global Investment Banking	72,982		45,771		59.5
Global Merchant Banking	10,814		8,471		27.7
Asset Management	39,810		41,115		(3.2	)

Sub Total	606,921		553,752		9.6
Other	159,632		78,261		104.0

Non-interest expenses	766,553		632,013		21.3

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	—		—		—

Non-interest expenses	766,553		632,013		21.3


Income (loss) before income taxes
Business segment information:
Domestic Retail	23,777		111,262		(78.6	)
Global Markets	(443,829	)	(17,249	)	—
Global Investment Banking	(16,091	)	22,538		—
Global Merchant Banking	(62,310	)	33,204		—
Asset Management	6,856		30,698		(77.7	)

Sub Total	(491,597	)	180,453		—
Other *	(42,369	)	(13,516	)	—

Income (loss) before income taxes	(533,966	)	166,937		—

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	(19,181	)	(33,195	)	—

Income (loss) before income taxes	(553,147	)	133,742		—

*	Major components

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

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


	Millions of yen				% Change
	For the nine months ended				(A-B)/(B)
	December 31, 2008 (A)		December 31, 2007 (B)		(A-B)/(B)
Net gain (loss) on trading related to economic hedging transactions	61,459		(11,253	)	—
Realized gain on investments in equity securities held for operating purposes	(2,597	)	1,461		—
Equity in earnings of affiliates	5,684		2,437		133.2
Corporate items	(42,922	)	(33,689	)	—
Others	(63,993	)	27,528		—

Total	(42,369	)	(13,516	)	—

Note:

Defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ending March 31, 2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

(5)

Significant Changes in Shareholders’ equity

Not applicable. For further details of the variations, please refer to the “Consolidated Statements of Changes in Shareholders’ Equity (UNAUDITED)” below.


	Millions of yen
	For the nine months ended
	December 31, 2008		December 31, 2007
Common stock
Balance at beginning of year	182,800		182,800

Balance at end of period	182,800		182,800

Additional paid-in capital
Balance at beginning of year	177,227		165,496
Gain (loss) on sales of treasury stock	2,257		(1,458	)
Issuance and exercise of common stock options	6,439		9,790

Balance at end of period	185,923		173,828

Retained earnings
Balance at beginning of year	1,779,783		1,910,978
Net (loss) income	(492,358	)	86,006
Cash dividends	(48,675	)	(48,674	)
Adjustments to initially apply FIN 48	—		1,266
Adjustments to initially apply EITF 06-2	—		(1,119	)
Adjustments to initially apply SOP 07-1	—		2,049
Adjustments to initially apply SFAS 157	10,383		—
Adjustments to initially apply SFAS 159	5,258		—
Loss on sales of treasury stock	—		(586	)

Balance at end of period	1,254,391		1,949,920

Accumulated other comprehensive income
Cumulative translation adjustments
Balance at beginning of year	(28,416	)	36,889
Net change during the year	(56,929	)	(3,541	)

Balance at end of period	(85,345	)	33,348

Defined benefit pension plans
Balance at beginning of year	(42,695	)	(30,276	)
Pension liability adjustment	1,359		659

Balance at end of period	(41,336	)	(29,617	)

Balance at end of period	(126,681	)	3,731

Common stock held in treasury
Balance at beginning of year	(80,575	)	(79,968	)
Repurchases of common stock	(86	)	(135	)
Sale of common stock	60		52
Common stock issued to employees	3,239		2,770
Other net change in treasury stock	(68	)	2

Balance at end of period	(77,430	)	(77,279	)

Total shareholders’ equity

Balance at end of period	1,419,003		2,233,000

6.	Other Information

Consolidated Statements of Operations – Quarterly (UNAUDITED)


	Millions of yen														% Change		Millions of yen
	For the three months ended																For the year ended
	June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008		June 30, 2008		September 30, 2008(A)		December 31, 2008(B)		(B-A)/(A)		March 31, 2008
Revenue:
Commissions	112,953		106,883		103,434		81,389		82,198		84,886		73,373		(13.6	)	404,659
Fees from investment banking	29,890		16,176		20,340		18,690		13,407		10,026		19,678		96.3		85,096
Asset management and portfolio service fees	47,311		50,910		47,636		43,855		42,779		42,411		29,410		(30.7	)	189,712
Net gain (loss) on trading	99,767		8,669		65,090		(111,806	)	10,515		(21,015	)	(134,518	)	—		61,720
Gain (loss) on private equity investments	46,159		6,774		(2,987	)	26,559		(37,663	)	23,167		(24,782	)	—		76,505
Interest and dividends	294,783		245,912		177,280		78,565		117,957		126,993		45,899		(63.9	)	796,540
(Loss) gain on investments in equity securities	(540	)	(24,216	)	(6,977	)	(16,962	)	964		(9,804	)	(12,938	)	—		(48,695	)
Other	16,309		9,631		(3,444	)	5,689		27,719		1,068		6,588		516.9		28,185

Total revenue	646,632		420,739		400,372		125,979		257,876		257,732		2,710		(98.9	)	1,593,722
Interest expense	301,830		244,039		156,119		104,477		122,789		129,667		52,456		(59.5	)	806,465

Net revenue	344,802		176,700		244,253		21,502		135,087		128,065		(49,746	)	—		787,257

Non-interest expenses:
Compensation and benefits	100,653		94,370		93,361		78,421		87,910		80,098		161,823		102.0		366,805
Commissions and floor brokerage	22,684		22,579		20,395		24,534		18,634		20,343		17,561		(13.7	)	90,192
Information processing and communications	29,188		34,719		33,869		37,228		33,359		34,632		40,838		17.9		135,004
Occupancy and related depreciation	15,917		15,131		14,258		19,535		15,868		17,180		23,245		35.3		64,841
Business development expenses	8,811		9,866		9,455		10,003		7,032		7,919		8,123		2.6		38,135
Other	27,609		50,623		28,525		50,111		56,548		37,234		98,206		163.8		156,868

	204,862		227,288		199,863		219,832		219,351		197,406		349,796		77.2		851,845

Income (loss) before income taxes	139,940		(50,588	)	44,390		(198,330	)	(84,264	)	(69,341	)	(399,542	)	—		(64,588	)
Income tax expense	64,002		(38,881	)	22,615		(44,477	)	(7,672	)	3,531		(56,648	)	—		3,259

Net income (loss)	75,938		(11,707	)	21,775		(153,853	)	(76,592	)	(72,872	)	(342,894	)	—		(67,847	)


	Yen														% Change		Yen
Per share of common stock:
Basic-
Net income (loss)	39.80		(6.13	)	11.41		(80.62	)	(40.14	)	(38.18	)	(179.62	)	—		(35.55	)

Diluted-
Net income (loss)	39.67		(6.14	)	11.37		(80.68	)	(40.18	)	(38.23	)	(180.97	)	—		(35.57	)

Note: The review procedures of the quarterly report for this period have not been completed yet.

Business Segment Information - Quarterly Results (UNAUDITED)

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

Net revenue


	Millions of yen														% Change		Millions of yen
	For the three months ended																For the year ended
	June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008		June 30, 2008		September 30, 2008(A)		December 31, 2008(B)		(B-A)/(A)		March 31, 2008
Business segment information:
Domestic Retail	121,840		103,260		98,408		78,510		85,809		74,455		69,650		(6.5	)	402,018
Global Markets	108,909		16,763		103,228		(133,303	)	10,970		(6,538	)	(171,084	)	—		95,597
Global Investment Banking	36,740		10,812		20,757		14,800		28,986		5,247		22,658		331.8		83,109
Global Merchant Banking	43,407		8,458		(10,190	)	23,118		(37,009	)	20,500		(34,987	)	—		64,793
Asset Management	25,832		23,251		22,730		16,928		21,112		14,711		10,842		(26.3	)	88,741

Sub Total	336,728		162,544		234,933		53		109,868		108,375		(102,921	)	—		734,258
Other	10,721		37,591		16,433		38,423		24,546		27,992		64,727		131.2		103,168

Net revenue	347,449		200,135		251,366		38,476		134,414		136,367		(38,194	)	—		837,426

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	(2,647	)	(23,435	)	(7,113	)	(16,974	)	673		(8,302	)	(11,552	)	—		(50,169	)

Net revenue	344,802		176,700		244,253		21,502		135,087		128,065		(49,746	)	—		787,257


Non-interest expenses

Business segment information:
Domestic Retail	71,285		71,054		69,907		67,456		69,630		69,137		67,371		(2.6	)	279,702
Global Markets	82,866		84,453		78,830		75,645		72,589		80,150		124,438		55.3		321,794
Global Investment Banking	16,003		14,733		15,035		14,565		16,411		13,970		42,601		204.9		60,336
Global Merchant Banking	3,306		3,031		2,134		3,002		2,357		5,853		2,604		(55.5	)	11,473
Asset Management	12,840		14,879		13,396		13,675		12,960		13,916		12,934		(7.1	)	54,790

Sub Total	186,300		188,150		179,302		174,343		173,947		183,026		249,948		36.6		728,095
Other	18,562		39,138		20,561		45,489		45,404		14,380		99,848		594.4		123,750

Non-interest expenses	204,862		227,288		199,863		219,832		219,351		197,406		349,796		77.2		851,845

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	—		—		—		—		—		—		—		—		—

Non-interest expenses	204,862		227,288		199,863		219,832		219,351		197,406		349,796		77.2		851,845


Income (loss) before income taxes

Business segment information:
Domestic Retail	50,555		32,206		28,501		11,054		16,179		5,318		2,280		(57.1	)	122,316
Global Markets	26,043		(67,690	)	24,398		(208,948	)	(61,619	)	(86,688	)	(295,522	)	—		(226,197	)
Global Investment Banking	20,737		(3,921	)	5,722		235		12,575		(8,723	)	(19,943	)	—		22,773
Global Merchant Banking	40,101		5,427		(12,324	)	20,116		(39,366	)	14,647		(37,591	)	—		53,320
Asset Management	12,992		8,372		9,334		3,253		8,152		795		(2,091	)	—		33,951

Sub Total	150,428		(25,606	)	55,631		(174,290	)	(64,079	)	(74,651	)	(352,867	)	—		6,163
Other *	(7,841	)	(1,547	)	(4,128	)	(7,066	)	(20,858	)	13,612		(35,123	)	—		(20,582	)

Income (loss) before income taxes	142,587		(27,153	)	51,503		(181,356	)	(84,937	)	(61,039	)	(387,990	)	—		(14,419	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	(2,647	)	(23,435	)	(7,113	)	(16,974	)	673		(8,302	)	(11,552	)	—		(50,169	)

Income (loss) before income taxes	139,940		(50,588	)	44,390		(198,330	)	(84,264	)	(69,341	)	(399,542	)	—		(64,588	)

*	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															For the year ended
	June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008		June 30, 2008		September 30, 2008(A)		December 31, 2008(B)		(B-A)/(A)	March 31, 2008
Net gain (loss) on trading related to economic hedging transactions	(14,425	)	2,808		364		1,513		1,006		20,188		40,265		99.5	(9,740	)
Realized gain (loss) on investments in equity securities held for operating purposes	2,107		(781	)	135		13		291		(1,503	)	(1,385	)	—	1,474
Equity in earnings of affiliates	5,105		2,579		(5,247	)	2,306		2,061		3,999		(376	)	—	4,743
Corporate items	(9,687	)	(12,252	)	(11,750	)	20,265		(5,620	)	(2,349	)	(34,953	)	—	(13,424	)
Others	9,059		6,099		12,370		(31,163	)	(18,596	)	(6,723	)	(38,674	)	—	(3,635	)

Total	(7,841	)	(1,547	)	(4,128	)	(7,066	)	(20,858	)	13,612		(35,123	)	—	(20,582	)


Note: 1.		Defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ending March 31, 2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.
2.		The review procedures of the quarterly report for this period have not been completed yet.

“Commissions/fees received” and “Net gain on trading” consists of the following (UNAUDITED)


	Millions of yen													% Change		Millions of yen				% Change
	For the three months ended															For the nine months ended
	June 30, 2007	September 30, 2007		December 31, 2007		March 31, 2008		June 30, 2008		September 30, 2008(A)		December 31, 2008(B)		(B-A)/(A)		December 31, 2007(C)		December 31, 2008(D)		(D-C)/(C)
Commissions/fees received
Commissions	112,953	106,883		103,434		81,389		82,198		84,886		73,373		(13.6	)	323,270		240,457		(25.6	)

Brokerage Commissions	64,169	64,655		65,471		56,730		49,287		53,840		60,208		11.8		194,295		163,335		(15.9	)
Commissions for Distribution of Investment Trust	39,172	34,223		30,600		17,247		25,811		24,173		6,897		(71.5	)	103,995		56,881		(45.3	)

Fees from Investment Banking	29,890	16,176		20,340		18,690		13,407		10,026		19,678		96.3		66,406		43,111		(35.1	)

Underwriting and Distribution	10,469	10,434		14,219		10,524		6,815		3,385		9,424		178.4		35,122		19,624		(44.1	)
M&A / Financial Advisory Fees	18,187	5,691		5,747		8,192		4,568		6,218		10,119		62.7		29,625		20,905		(29.4	)

Asset Management and Portfolio Service Fees	47,311	50,910		47,636		43,855		42,779		42,411		29,410		(30.7	)	145,857		114,600		(21.4	)

Asset Management Fees	42,904	46,150		43,358		39,552		38,485		38,358		26,027		(32.1	)	132,412		102,870		(22.3	)
Total	190,154	173,969		171,410		143,934		138,384		137,323		122,461		(10.8	)	535,533		398,168		(25.7	)


Net gain (loss) on trading

Merchant Banking	255	2,010		(5,149	)	(2,085	)	(69	)	(457	)	(584	)	—		(2,884	)	(1,110	)	—
Equity Trading	51,696	28,189		25,574		31,496		33,267		1,717		(13,973	)	—		105,459		21,011		(80.1	)
Fixed Income and Other Trading	47,816	(21,530	)	44,665		(141,217	)	(22,683	)	(22,275	)	(119,961	)	—		70,951		(164,919	)	—

Total	99,767	8,669		65,090		(111,806	)	10,515		(21,015	)	(134,518	)	—		173,526		(145,018	)	—

Note: The review procedures of the quarterly report for this period have not been completed yet.

Reference Information

Unconsolidated Financial Information of Major Consolidated Entities

(UNAUDITED)

The unconsolidated financial information, prepared under Japanese GAAP, is presented for the following entities;

-Nomura Holdings, Inc. Financial Information (Parent Company Only)

-Nomura Securities Co., Ltd. Financial Information

*	The amounts are rounded to the nearest million.

NOMURA HOLDINGS, INC.

UNCONSOLIDATED INCOME STATEMENT INFORMATION


	Millions of yen
	For the nine months ended				Comparison (A-B)/(B)(%)
	December 31, 2008 (A)		December 31, 2007 (B)		Comparison (A-B)/(B)(%)
Operating revenue	287,073		366,191		(21.6	)
Operating expenses	144,868		125,179		15.7

Operating income	142,205		241,012		(41.0	)

Non-operating income	3,287		3,328		(1.2	)
Non-operating expenses	2,882		1,280		125.1

Ordinary income	142,610		243,060		(41.3	)

Special profits	1,395		5,384		(74.1	)
Special losses	270,389		160,013		69.0

Income (loss) before income taxes	(126,384	)	88,430		—

Income taxes - current	3,244		8,643		(62.5	)
Income taxes - deferred	(36,643	)	(59,218	)	(38.1	)

Net income (loss)	(92,985	)	139,006		—

NOMURA HOLDINGS, INC.

UNCONSOLIDATED BALANCE SHEET INFORMATION


	Millions of yen
	December 31, 2008	March 31, 2008	Increase/(Decrease)
Assets
Current Assets	2,025,024	2,272,127	(247,103	)
Fixed Assets	2,097,912	2,177,683	(79,771	)

Total Assets	4,122,936	4,449,810	(326,874	)

Liabilities
Current Liabilities	1,010,892	1,601,961	(591,069	)
Long-term Liabilities	1,830,456	1,424,188	406,269

Total Liabilities	2,841,348	3,026,149	(184,801	)

Net Assets
Shareholders’ equity	1,231,183	1,372,324	(141,141	)
Valuation and translation adjustments	27,623	39,936	(12,313	)
Subscription rights to shares	22,782	11,401	11,381

Total Net Assets	1,281,588	1,423,661	(142,073	)

Total Liabilities and Net Assets	4,122,936	4,449,810	(326,874	)

NOMURA SECURITIES CO., LTD.

UNCONSOLIDATED INCOME STATEMENT INFORMATION


	Millions of yen
	For the nine months ended				Comparison (A-B)/(B)(%)
	December 31, 2008 (A)		December 31, 2007 (B)		Comparison (A-B)/(B)(%)
Operating revenue	332,602		606,666		(45.2	)

Commissions	216,720		322,487		(32.8	)
Net gain on trading	8,713		160,274		(94.6	)
Net gain on other inventories	9		10		(11.2	)
Interest and dividend income	107,160		123,895		(13.5	)

Interest expenses	98,661		86,179		14.5

Net operating revenue	233,942		520,487		(55.1	)

Selling, general and administrative expenses	322,786		326,866		(1.2	)

Operating income (loss)	(88,844	)	193,621		—

Non-operating income	1,986		1,116		77.9
Non-operating expenses	1,398		1,329		5.2

Ordinary income (loss)	(88,257	)	193,408		—

Special profits	1,413		1,196		18.2
Special losses	6,860		963		612.3

Income (loss) before income taxes	(93,704	)	193,641		—

Income taxes - current	(14,982	)	82,457		—
Income taxes - deferred	(28,281	)	(5,807	)	387.0

Net income (loss)	(50,440	)	116,991		—

NOMURA SECURITIES CO., LTD.

UNCONSOLIDATED BALANCE SHEET INFORMATION


	Millions of yen
	December 31, 2008	March 31, 2008	Increase/(Decrease)
Assets
Current Assets:	12,704,173	13,094,317	(390,144	)

Trading assets	6,307,170	6,012,280	294,890
Loans with securities as collateral	5,199,300	6,235,494	(1,036,195	)
Other	1,197,703	846,543	351,160

Fixed Assets	95,950	77,385	18,565

Total Assets	12,800,123	13,171,702	(371,579	)

Liabilities and Shareholder’s Equity
Liabilities
Current Liabilities:	11,066,209	11,605,224	(539,015	)

Trading liabilities	2,706,540	2,887,090	(180,551	)
Borrowings with securities as collateral	4,927,828	3,977,051	950,778
Other	3,431,841	4,741,083	(1,309,242	)

Long-term Liabilities	1,019,809	701,840	317,969

Statutory Reserves	5,506	5,626	(120	)

Total Liabilities	12,091,524	12,312,691	(221,166	)

Shareholder’s equity	706,390	857,535	(151,145	)
Valuation and translation adjustments	2,209	1,476	733

Total Net Assets	708,599	859,012	(150,413	)

Total Liabilities and Net Assets	12,800,123	13,171,702	(371,579	)

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

1. Commission Revenues

(1) Breakdown by Category


	(Millions of yen except percentages)
	Nine Months Ended		Comparison (A-B)/(B)(%)
	December 31, 2008 (A)	December 31, 2007 (B)	Comparison (A-B)/(B)(%)
Brokerage commissions	67,518	94,039	(28.2	)%

(Stocks)	63,012	88,882	(29.1	)
Underwriting commissions	11,674	22,767	(48.7	)

(Stocks)	7,200	19,637	(63.3	)
(Bonds)	4,475	3,129	43.0
Distribution commissions	57,308	105,581	(45.7	)

(Investment trust certificates)	56,780	103,924	(45.4	)
Other commissions	80,220	100,100	(19.9	)

(Investment trust certificates)	41,241	48,291	(14.6	)

Total	216,720	322,487	(32.8	)

(2) Breakdown by Product


	(Millions of yen except percentages)
	Nine Months Ended		Comparison (A-B)/(B)(%)
	December 31, 2008 (A)	December 31, 2007 (B)	Comparison (A-B)/(B)(%)
Stocks	72,723	112,557	(35.4	)%
Bonds	7,030	7,387	(4.8	)
Investment trust certificates	102,058	155,481	(34.4	)
Others	34,909	47,061	(25.8	)

Total	216,720	322,487	(32.8	)

2. Net Gain on Trading


	(Millions of yen except percentages)
	Nine Months Ended		Comparison (A-B)/(B)(%)
	December 31, 2008 (A)	December 31, 2007 (B)	Comparison (A-B)/(B)(%)
Stocks	7,124	49,992	(85.8	)%
Bonds and forex	1,589	110,282	(98.6	)

Total	8,713	160,274	(94.6	)

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

3. Stock Trading (excluding futures transactions)


	(Millions of shares or yen except per share data and percentages)
	Nine Months Ended								Comparison (A-B)/(B)(%)
	December 31, 2008 (A)				December 31, 2007 (B)				Comparison (A-B)/(B)(%)
	Number of shares		Amount		Number of shares		Amount		Number of shares		Amount
Total	55,833		60,343,134		55,758		83,260,080		0.1	%	(27.5	)%

(Brokerage)	34,575		36,786,188		34,443		50,179,916		0.4		(26.7	)
(Proprietary Trading)	21,258		23,556,946		21,315		33,080,163		(0.3	)	(28.8	)

Brokerage / Total	61.9	%	61.0	%	61.8	%	60.3	%

TSE Share	6.2	%	6.6	%	6.1	%	6.7	%

Brokerage Commission per share (yen)	1.79				2.56

4. Underwriting, Subscription, and Distribution


	(Millions of shares or yen except percentages)
	Nine Months Ended		Comparison (A-B)/(B)
	December 31, 2008 (A)	December 31, 2007 (B)	Comparison (A-B)/(B)
Underwriting
Stocks (number of shares)	129	128	1.3	%
(yen amount)	316,052	504,883	(37.4	)
Bonds (face value)	4,451,150	5,383,861	(17.3	)
Investment trust certificates (yen amount)	—	—	—
Beneficial interest (face value)	—	11,800	—
Subscripition and Distribution*
Stocks (number of shares)	127	280	(54.8	)
(yen amount)	238,564	622,156	(61.7	)
Bonds (face value)	2,562,140	2,734,670	(6.3	)
Investment trust certificates (yen amount)	11,267,167	16,683,885	(32.5	)
Beneficial interest (face value)	—	3,000	—

*	Includes secondary offering and private placement.

5. Capital Adequacy Ratio


				(Rounded down to millions of yen except percentages)
				December 31, 2008		March 31, 2008		Increase/(Decrease)
Tier I		(A	)	706,390		756,830		(50,440	)


Tier II	Valuation and translation adjustments			2,209		1,476		733
	Statutory reserves			5,506		5,626		(120	)
	Allowance for doubtful accounts			11		32		(21	)
	Subordinated debt			606,086		516,085		90,001

	Total	(B	)	613,813		523,220		90,593

Illiquid Asset		(C	)	136,693		145,932		(9,239	)

Net Capital (A) + (B) - (C) =		(D	)	1,183,510		1,134,117		49,393

Risk	Market risk			121,963		108,263		13,700
	Counterparty risk			225,470		259,810		(34,340	)
	Basic risk			130,509		132,823		(2,314	)

	Total	(E	)	477,943		500,896		(22,953	)

Capital Adequacy Ratio (D)/(E)				247.6	%	226.4	%	21.2	%

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