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FORM 6-K
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Commission File Number: 1-15270
For the month of February 2014
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), Third quarter, year ending March 2014 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NOMURA HOLDINGS, INC. | ||||
| Date: February 5, 2014 | By: | /s/ Eiji Miura | ||
| Eiji Miura | ||||
| Senior Managing Director | ||||
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Connecting Markets East & West
Consolidated Results of Operations
Third quarter, year ending March 2014
(US GAAP)
Nomura Holdings, Inc.
January 2014 © Nomura
Table of Contents
Outline
Presentation Financial Supplement
Executive summary (p. 3) Consolidated balance sheet (p. 17)
Overview of results (p. 4) Value at risk (p. 18)
Business segment results (p. 5) Consolidated financial highlights (p. 19)
Retail (p. 6-7) Consolidated income (p. 20)
Asset Management (p. 8-9) Main revenue items (p. 21)
Wholesale (p. 10-12) Consolidated results: Income (loss) before income taxes by
Non-interest expenses (p. 13) segment and region (p. 22)
Robust financial position (p. 14) Segment “Other” (p. 23)
Funding and liquidity (p. 15) Retail related data (p. 24-28)
Asset Management related data (p. 29-30)
Wholesale related data (p. 31-32)
Number of employees (p. 33)
2
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(1) Net income attributable to Nomura Holdings shareholders. (2) Diluted net income attributable to Nomura Holdings shareholders per share. 3
(3) Calculated using annualized net income for each period. (4) FY2012/13 figures include Nomura Real Estate Holdings as a consolidated subsidiary.
Executive summary
Highlights
FY2013/14 1Q – 3Q
Significant growth in income before income taxes and net income1 driven by market rally and initiatives to boost profitability; EPS2 of Y39.83 Revenues up compared to same period last year when Nomura Real Estate Holdings was a consolidated subsidiary
– Net revenue: Y1,167.1bn (+1% YoY)
– Income before income taxes: Y273.0bn (4x YoY)
– Net income1: Y152.3bn (6.1x YoY)
– ROE3: 8.5% (FY12/13 1Q – 3Q: 1.5%)
FY2013/14 3Q
All business segments reported higher net revenue and income before income taxes QoQ
– Net revenue: Y379.4bn (+6% QoQ; -2% YoY)
– Income before income taxes: Y86.9bn (+19% QoQ; 6.7x YoY)
– Net income1: Y48.3bn (+27% QoQ; +140% YoY)
– ROE3: 7.9% (FY13/14 2Q: 6.4%; FY12/13 3Q: 3.8%)
Three segment total revenues: Y337.9bn (+5% QoQ); Income before income taxes: Y84.4bn (+18% QoQ) Retail
– Sales of stocks and investment trusts increased on higher stock prices, yen depreciation and robust trading volumes, while sales of JGBs for individual investors remained firm Asset Management
– Strong income before income taxes driven by an increase in assets under management, dividend income and performance fees Wholesale
– Net revenue and income before income taxes up QoQ supported by international Fixed Income business and private equity unrealized gains
Income before income taxes
Firm-wide 169.7 (billions of yen)
1Q-3Q: 273.0
One-off gain on secondary
offering of Nomura Real
Estate Holdings shares 113.2
(50.1)
86.9
1Q-3Q: 68.0 72.9
35.4
19.7
13.0
FY2012/13 FY2013/14
1Q 2Q 3Q 4Q 1Q 2Q 3Q
Three business segments
Wholesale 113.0
Asset Management 96.8
Retail 84.4
71.9 71.4
9.0 15.7
FY2012/13 FY2013/14
1Q 2Q 3Q 4Q 1Q 2Q 3Q
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Overview of results
Highlights
(billions of yen, except EPS and ROE)
FY2013/14 FY2013/14
QoQ YoY 4 YoY 4
3Q 1Q-3Q
Net revenue 379.4 +6% -2% 1,167.1 +1%
Non-interest expenses 292.5 +3% -22% 894.1 -18%
Income before income taxes 86.9 +19% 6.7x 273.0 4.0x
Net income1 48.3 +27% +140% 152.3 6.1x
EPS2 12.65 yen +27% +137% 39.83 yen 6.0x
ROE3 7.9% 8.5%
(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. 4
(4) FY2012/13 figures include Nomura Real Estate Holdings as a consolidated subsidiary.
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Business segment results
Net revenue and income (loss) before income taxes
(billions of yen) FY2013/14 FY2013/14
QoQ YoY 1 YoY 1
3Q 1Q-3Q
Net Retail 128.0 +7% +34% 414.0 +60%
revenue Asset Management 21.2 +14% +13% 60.0 +19%
Wholesale2 1), 3) 188.7 +3% -0.2% 566.6 +26%
Segment total 337.9 +5% +11% 1,040.7 +37%
Other2 2), 4) 35.4 +19% -54% 108.0 -72%
Unrealized gain (loss) on investments in
equity securities held for operating purposes 6.2 +23% -30% 18.4 +23%
Net revenue 379.4 +6% -2% 1,167.1 +1%
Income Retail 47.7 +19% +135% 168.7 3.9x
(loss)
before Asset Management 8.9 +45% +22% 21.8 +26%
income Wholesale2 1), 3) 27.8 +10% -37% 78.3 +118%
taxes
Segment total 84.4 +18% +17% 268.8 +178%
Other2 2), 4) -3.7 - - -14.2 -
Unrealized gain (loss) on investments in
equity securities held for operating purposes 6.2 +23% -30% 18.4 +23%
Income before income taxes 86.9 +19% 6.7x 273.0 4.0x
3Q additional information: 1) Unrealized gain2 of Y11.3bn related to IPO of private equity investee company (Ashikaga Holdings)
2) Unrealized gain2 of Y1.2bn since listing of Ashikaga Holdings
3) Unrealized loss of Y10bn related to change to the valuation methodology for uncollateralized derivatives3
4) Loss from changes to own and counterparty credit spreads (Y5.4bn)
(1) FY2012/13 figures include Nomura Real Estate Holdings as a consolidated subsidiary.
(2) The majority of gains (losses) from using the fair value option for private equity investee company Ashikaga Holdings was previously included in Wholesale. Since Ashikaga’s listing on December 19, 2013, this has been included 5
in Other.
(3) During FY2013/14 3Q, the valuation methodology for uncollateralized derivatives was refined to incorporate funding costs.
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Retail
Net revenue and income before income taxes Key points
(billions of yen) Net revenue: Y128bn (+7% QoQ; +34% YoY)
FY2012/13 FY2013/14 Income before income taxes: Y47.7bn (+19% QoQ; +135% YoY)
QoQ YoY
3Q 4Q 1Q 2Q 3Q Net revenue and income before income taxes both up QoQ
– Sales of stocks and investment trusts increased on higher stock prices, yen
Net revenue 95.7 138.7 166.3 119.7 128.0 +7% +34% depreciation and robust trading volumes
– Bond sales, although softer than strong 2Q, remained resilient driven by
JGBs for individual investors
Non-interest expenses 75.4 81.5 85.2 79.8 80.3 +1% +6%
Retail client assets reach a record Y96trn supported by favorable market
conditions
Income before income taxes 20.3 57.2 81.1 40.0 47.7 +19% +135%
Client franchise
– Retail client assets Y96.0trn
Retail client assets – Accounts with balance 5.1m
– Net asset inflows1 -Y37.9bn
(trillions of yen)
96.0 Recurring revenue Y13.5bn
83.8 87.7 90.9 Investment trust net inflows2 Y25.1bn
73.6 Sales of main investment trusts
– Nomura DB High Dividend Infrastructure Stock Fund Y303.6bn
– Amundi European High Yield Bond Fund Y179.0bn
– Nomura Currency Selection Japan Stock Fund Y70.1bn
– Nomura THE NIPPON* Y43.2bn
*Launched in 3Q
Other sales
FY2012/13 FY2013/14 – IPOs and public offerings 3 Y116.3bn
Dec Mar Jun Sep Dec – Retail bonds4 Y666.0bn
(1) Excluding regional financial institutions.
(2) Retail channels and Wealth Management group. 6
(3) Retail channels, Net & Call, and Hotto Direct.(4) Retail channels and branch office Corporate Finance desks (excluding regional financial institutions).
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(1)Retail channels and branch office Corporate Finance desks (excluding regional financial institutions).
(2) Excluding regional financial institutions.
(3)Planned progress to meet FY2015/16 recurring revenue target of Y69.6bn. 7
(4)Apr – Dec 2013.
(5)Automatic investment plans.
Retail: Stocks and investment trust sales improved on higher investor risk appetite
Total sales1
(billions of yen) Stocks Bonds Investment trusts Others
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
Net asset inflows2 and recurring revenue
(billions of yen) Recurring revenue
(annualized) (rhs) 55.1 52.9 54.0 60.0
49.1
42.4
Recurring revenue 40.0
1,400 1,225
(plan)3
1,000
600 360
188
200 38
-200 -38
FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
Total sales1 up 3% QoQ
Stocks: Sales up 18% QoQ
– Highest level since robust 1Q; Solid sales of Japanese and foreign stocks
Investment trusts: Sales up 4% QoQ
– Sales across broad mix of asset classes including high dividend stocks, European high yield bonds, Japanese stocks
– Recurring revenue growth driven by net inflows into investment trusts and market rally
Bonds: Sales declined 30% from 2Q which was best quarter since 2008
– Sales of JGBs for individual investors remained strong at Y329.1bn
Nippon Individual Savings Accounts (NISA)
Encouraging shift from savings to investment by promoting and increasing uptake of NISA
Seminars4: Held 2,200 totaling more than 50,000 applicants
– Nomura Equity & NISA Seminar
– Summer Investment Seminar 2013
– Using NISA Seminar, others
Products
– “Nomura Wonderful Series” of 15 funds recommended for use with NISA accounts
– NISA Fund Ruito5 and Triple Campaign launched
Account applications at end of Dec: 1.16m accounts
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Asset Management
Key points
Net revenue: Y21.2bn (+14% QoQ; +13% YoY)
Income before income taxes: Y8.9bn (+45% QoQ; +22% YoY)
Record assets under management driven by fund inflows and investment environment
Strong income before income taxes on contributions from dividend income and performance fees
Investment trust business
Continued inflows into funds mainly for stocks 3Q inflows
Nomura DB High Dividend Infrastructure Stock Fund Y257.9bn
Nomura THE NIPPON Y41.5bn
Nomura Currency Selection Japan Stock Fund Y40.7bn
Conducting NISA awareness surveys and holding seminars to ensure firm-wide approach to promoting uptake of NISA while also supporting
distribution channels
- Nomura Securities channel: # of funds3 (QoQ)
Nomura Wonderful Series: 8 funds (+1 fund)
Fund Ruito4: 223 funds (+103 funds)
- Bank/Japan Post channel: More distributors preparing to launch NISA3
Next Core: 36 distributors(+17)
Funds-i: 38 distributors(+17)
Investment advisory business
Assets under management up Y400bn with strong inflows of Y230bn
Domestic: Won additional mandate to manage bonds for public pension fund
International: Inflows into diverse products such as stocks and bonds
Stocks: Japanese stocks (including long and short positions)
Bonds: US high yield and absolute return products
Net revenue and income before income taxes
(billions of yen)
FY2012/13 FY2013/14
QoQ YoY
3Q 4Q 1Q 2Q 3Q
Net revenue 18.8 18.3 20.2 18.6 21.2 +14% +13% Non-interest expenses 11.5 14.4 13.5 12.5 12.3 -1% +7% Income before income taxes 7.3 3.9 6.7 6.2 8.9 +45% +22%
Assets under management
(trillions of yen) AuM (gross)1 AuM (net)2
40.3
36.1 36.8 37.3
32.7 32.9
29.1 30.0
27.9
25.1
FY2012/13 FY2013/14
Dec Mar Jun Sep Dec
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. 8
(2) Net after deducting duplications from assets under management (gross).
(3) As of Dec 2013 (incl. funds yet to be formally included).(4) Automatic investment plans.
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Asset Management: Investment trust and investment advisory businesses both reported inflows
Assets under management (gross)1 by business
(trillions of yen)
Investment trust business Investment advisory business
50.0
40.3
40.0 36.1 36.8 37.3
32.7 10.9
30.0 8.7 9.6 10.4 10.5
20.0
10.0 24.0 26.5 26.4 26.8 29.4
0.0
FY2012/13 FY2013/14
Dec Mar Jun Sep Dec
Nomura Asset Management share of public investment trust
market2
24.0% 23.6%
23.0% 22.4% 22.5% 22.7%
22.3%
22.0%
21.0%
20.0%
19.0%
FY2012/13 FY2013/14
Dec Mar Jun Sep Dec
Investment trust business flow of funds3
(billions of yen) Investment trust business (excl. ETFs) ETFs
873
900
600 464
406
307
300 257
138 153
48 66 89
0
FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
Strengthening Asian business
Announced acquisition of ING Group asset management firm in Taiwan
(ING Securities Investment & Trust)4
- AuM: €5.2bn (Y750bn 5)
- Aim to be first Japanese investment manager to enter local business in
Taiwan, one of the leading mutual fund markets in Asia
- Leverage the firm’s strong marketing team and investment management
platform to raise presence in local market and build out business
Awards
Morningstar Award: Fund of the Year 2013 6
- Best awarded fund: J-REIT Open (4 times Per Year Settlement Type)
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. 9
(2) Source: The Investment Trusts Association, Japan. (3) Based on assets under management (net). (4) Subject to approval by local regulators
(5) December exchange rate applied to AuM as of Oct 2013(6) See disclaimer for cautionary note on Morningstar Award Fund of the Year 2013.
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Wholesale
Key points
Net revenue: Y188.7bn (+3% QoQ; -0.2% YoY)
Income before income taxes: Y27.8bn (+10% QoQ; -37% YoY)
Net revenue and income before income taxes up QoQ; Higher revenues from
Japan and Americas led to improved revenue mix across regions
Global Markets driven by strong revenues in Fixed Income
Securitized Products rebounded and revenues were well balanced across main businesses
Investment Banking revenues increased on unrealized gain from IPO of private equity investee company (Ashikaga Holdings)
Regional performance (net revenue; QoQ)
Japan (Y63.7bn; +8%)
Robust Credit and Cash Equities businesses combined with revenue contribution from private equity unrealized gain
Fixed Income revenues include a markdown of Y10bn due to revision of derivative valuation method1
Americas (Y52.2bn; +14%)
Revenues driven by Fixed Income; Securitized Products reported significantly higher revenues
EMEA (Y50.8bn; -6%)
Rates and Credit businesses were strong, while Equity Derivatives reported a slower quarter
Investment Banking won IPO and other high-profile mandates
AEJ (Y21.9bn; -11%)
FX slowed compared to strong 2Q, while Credit and Cash Equities remained resilient
(1) During FY2013/14 3Q, the valuation methodology for uncollateralized derivatives was refined to incorporate funding costs.
10
Net revenue and income before income taxes
(billions of yen)
FY2012/13 FY2013/14
QoQ YoY
3Q 4Q 1Q 2Q 3Q
Global Markets 158.0 173.1 165.3 159.6 158.0 -1% -0%
Investment Banking 30.9 23.8 29.3 23.8 30.7 +29% -1%
Net revenue 189.0 196.9 194.6 183.3 188.7 +3% -0.2%
Non-interest expenses 144.6 161.3 169.4 158.1 160.9 +2% +11%
Income before income taxes 44.4 35.7 25.2 25.3 27.8 +10% -37%
Net revenue by region
(billions of yen)
200.0
58.9 50.5 41.1 45.9 52.2 Americas
150.0
41.2 44.7 EMEA
54.1 50.8
100.0 72.5 21.8 20.1
24.5 21.9 AEJ
50.0 26.0 83.4 88.7
58.8 63.7 Japan
31.5
0.0
FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
Table of Contents
Global Markets
Net revenue: Y158.0bn (-1% QoQ; -0% YoY)
Net revenue roughly flat QoQ driven by stronger revenues in EMEA and Americas Fixed Income Fixed Income
Net revenue: Y99.2bn (+6% QoQ; -15% YoY)
Credit and Securitized Products revenues increased on improved market environment
Booked Y10bn markdown due to a revision of derivative valuation method2
Equities
Net revenue: Y58.8bn (-11% QoQ; +40% YoY)
Lower revenues QoQ on slowdown in Derivatives
Stronger flows from primary transactions contributed to robust Cash Equities
Americas: Securitized Products reported a solid increase in revenues driven by market recovery and higher client flows
EMEA: Revenues driven by Rates and Credit on higher client flows and effective position management
Japan: Excluding impact of change to derivative valuation method2, revenues increased approx. 10% QoQ driven by Credit and Cash Equities
AEJ: FX and Equity Derivatives slowed from strong 2Q
(1) Fixed Income and Equities figures for FY2012/13 have been reclassified following a reorganization in April 2013. 11
(2) During FY2013/14 3Q, the valuation methodology for uncollateralized derivatives was refined to incorporate funding costs.
Wholesale: Global Markets
Net revenue1
(billions of yen) Equities
QoQ
Fixed Income 173.1
165.3 -1% 158.0 159.6 158.0
59.9 YoY
41.9 67.8
65.8 58.8 -0%
116.2 113.2
97.6 93.8 99.2
FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
Key points
FY2013/14 3Q net revenue by region
YoY QoQ
Global Global Markets
Markets Fixed Income Equities
Americas
EMEA
AEJ
Japan
0% ~ ±5% ±5% ~ ±15% ±15% ~
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Net revenue
Investment Banking (gross)(billions of yen)
33.4 44.1 47.2 45.8 35.9
Investment Banking (net)
Other QoQ
30.9 30.7 +29%
29.3
23.8 23.8 YoY
13.2 0.4 3.7 0.4 11.7 -1%
23.4 25.6 23.3
17.7 19.0
FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
Key points
Net revenue: Y30.7bn (+29% QoQ; -1% YoY)
Other revenue includes unrealized gain of Y11.3bn from IPO of private equity investee company (Ashikaga Holdings)
Investment Banking (gross) revenue: Y35.9bn
Japan
Revenues declined QoQ due to reduction in overall fee pool and large ticket ECM transactions
Solutions business and new products aligned to client needs contributed to revenues along with traditional businesses
International
IPOs drove growth in ECM related revenues as stock markets rallied
Increase in multi-product M&A deals; closure expected in future quarters
Progress in diversifying revenues
High-profile mandates
ECM/DCM
Sponsor1 exits and global finance transactions for domestic and international issuers
League tables2
#1 in Japan-related ECM/DCM and Samurai bonds
#10 in global ECM
MONCLER Just Retirement Ashikaga HD
IPO / POWL IPO IPO
(€784m)(Ł 343m)(Y26.6bn)
Stock Spirits Huishang Bank Sharp
IPO IPO(Hong Kong) PO
(Ł259m)(HK$10.6bn)(Y125.6bn)
Toppan Printing BPCE, CBA, European Stability
BFCM Mechanism
Euro-Yen CB Samurai bond SB
(Y82.2bn)(Total:Y349.7bn)(€3bn)
M&A
Winning cross-border mandates and domestic mandates in overseas markets
Provide acquisition finance related to M&A
Grifols/ Novartis Hellman & Friedman/
Transfusion Diagnostics unit Scout24
(M&A $1.7bn/ALF $1.5bn)(M&A €1.5bn/ALF €745m)
Yue Xiu Enterprises/ NTT Data/
Chong Hing Bank Everis Participaciones
(M&A HK$11.6bn /ALF $1.05bn)(M&A undisclosed)
Revenue diversification
First commitment-type rights offering by TSE
1st section listed
company – Nichi-Iko
Pharmaceutical:
Y12.8bn
Expanding solutions business in Japan – Hedging for stock-
based compensation
Multi-product M&A – Deal contingent FX
– Rates hedging, etc.
Enhanced coverage in US delivering results – Hilton Worldwide
($2.7bn) and other IPOs
– Penn National
Gaming ALF+HY: $1.6bn
(1) Financial sponsors 12
(2) Source: ECM and Samurai bonds Thomson Reuters; DCM(corporate bonds including self-funded) Thomson DealWatch, excludes municipality and government agency bonds. Jan – Dec 2013.
Wholesale: Investment Banking
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Key points
Non-interest expenses: Y292.5bn (+3% QoQ)
Compensation and benefits: +3% QoQ
Bonus provisions increased in line with performance
Occupancy and related depreciation: -9% QoQ
Lower expenses as a result of reducing office space and renegotiating rents
Business development expenses: +16% QoQ
Booked expenses related to NISA account opening campaign
13
Non-interest expenses
Other
Business development
expenses
Occupancy and related
depreciation
Information processing
and communications
Commissions and floor
brokerage
Compensation and
benefits
(Reference)
Excluding NREH
Full year Quarter
(billions of yen)(billions of yen)
1,575.9 483.9 500
1,500 1,450.9
376.1 400
1,200
318.1
292.5
900 283.5 300
600 200
300 100
0 0
FY2012/13 FY2013/14
FY2011/12 FY2012/13 QoQ
3Q 4Q 1Q 2Q 3Q
Compensation and benefits 534.6 547.6 134.7 154.6 163.2 135.4 138.8 2.5%
Commissions and floor 93.5 91.4 22.9 24.6 29.0 26.1 28.0 7.0%
brokerage
Information processing and 177.1 179.9 42.7 49.6 48.2 46.2 47.8 3.3%
communications
Occupancy and related 100.9 91.5 22.2 23.1 19.8 20.8 19.0 -8.8%
depreciation
Business development expenses 48.5 49.0 12.1 14.5 7.9 9.5 11.0 16.4%
Other 496.2 616.5 141.6 217.6 50.0 45.4 47.9 5.6%
Total 1,450.9 1,575.9 376.1 483.9 318.1 283.5 292.5 3.2%
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Robust financial position
Balance sheet related indicators and capital ratios
(As of December 2013)
Total assets Y43.6trn
Shareholders’ equity Y2.5trn
Gross leverage 17.5x
Net leverage1 10.9x
Level 3 assets (net)2 Y0.4trn
Liquidity portfolio Y6.3trn
(billions of yen) Sep Dec2
(Basel 3 basis)(Basel 3 basis)
Tier 1 2,187 2,307
Tier 2 380 377
Total capital 2,567 2,685
RWA3 17,854 19,073
Tier 1 ratio 12.2% 12.0%
Tier 1 common ratio4 12.2% 12.0%
Total capital ratio 14.3% 14.0%
Risk weighted assets3 and Tier 1 ratio
(trillions of yen) RWA (Basel 2.5) (lhs) RWA (Basel 3) (lhs)
Tier 1 ratio (Basel 2.5) (rhs) Tier 1 ratio (Basel 3) (rhs)
20.0 16.9% 20.0%
15.0 11.9% 11.9% 12.2% 12.0% 15.0%
10.4%
10.0 10.0%
5.0 5.0%
0.0 Fully loaded 0.0%
FY2012/13 FY2013/14 Basel 3 2019
applied to
balance sheet
Dec Mar Jun Sep Dec at end Dec
(estimate)
Level 3 assets 2 and net level 3 assets/Tier 1 capital
(billions of yen) Level 3 assets
Net Level 3 Assets
1,000 Net Level 3 Assets / Tier 1 Capital 40%
25% 25% 23%
19%
500 17%
0 0%
FY2012/13 FY2013/14
Dec Mar Jun Sep Dec
(1) Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ equity.
(2) Preliminary.
(3) Credit risk assets are calculated using the internal model method. 14
(4) Tier 1 common ratio is defined as Tier 1 capital minus minority interest divided by risk-weighted assets.
Table of Contents
(1) Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc.
(2) Definition differs from financial disclosures reflecting Liquidity Management’s view. Cash and cash deposits portion of liquidity portfolio excludes funds on deposit at exchanges and segregated client funds. 15
(3) Excludes long-term debt due within one year. Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios.
Funding and liquidity
Balance sheet structure
Highly liquid, healthy balance sheet structure
– 83% 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:
– Y6.3trn, 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 Dec 2013)
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%
Long-term debt due
within 1yr, 12% International Loans
23%(incl. Bank
subordinated) lending
market
Long-term Euro
debt, 72% MTN/Yen,
Average retail bonds, Retail
maturity Japan etc. market
4.7 years3 77%
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
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Financial Supplement
Table of Contents
Consolidated balance sheet
(billions of yen)
Mar. 31, Dec 31, Increase Mar. 31, Dec. 31, Increase
2013 2013(Decrease) 2013 2013(Decrease)
Assets Liabilities
Total cash and cash deposits 1,653 2,058 405 Short-term borrowings 738 560 -179
Total payables and deposits 2,414 3,003 590
Total loans and receivables 2,630 2,656 26 Total collateralized financing 15,409 17,934 2,525
Trading liabilities 8,491 10,350 1,859
Total collateralized agreements 14,115 16,481 2,366 Other liabilities 978 1,261 283
Long-term borrowings 7,592 7,997 404
Total trading assets1 and
private equity investments 17,124 19,630 2,506 Total liabilities 35,623 41,106 5,482
Total other assets1 2,420 2,808 388 Equity
Total NHI shareholders’ equity 2,294 2,492 198
Noncontrolling interest 25 36 11
Total assets 37,942 43,634 5,692 Total liabilities and equity 37,942 43,634 5,692
1. Including securities pledged as collateral.
17
Table of Contents
Value at risk
Definition From April 1, 2013 to December 31, 2013 (billions of yen)
99% confidence level Maximum: 9.9
1-day time horizon for outstanding portfolio Minimum: 4.4
Inter-product price fluctuations considered Average: 6.8
(billions of yen) FY2011/12 FY2012/13 FY2012/13 FY2013/14
Mar Mar Dec Mar Jun Sep Dec
Equity 1.4 1.3 2.4 1.3 2.6 1.9 3.6
Interest rate 6.5 5.0 6.4 5.0 5.4 5.1 6.6
Foreign exchange 2.5 1.9 2.1 1.9 1.9 1.8 2.6
Sub-total 10.4 8.1 11.0 8.1 9.9 8.7 12.9
Diversification benefit -3.2 -3.0 -3.8 -3.0 -3.2 -3.2 -4.3
VaR 7.2 5.1 7.2 5.1 6.6 5.5 8.6
18
Table of Contents
(1) Quarterly ROE is calculated using annualized year-to-date net income.
Consolidated financial highlights
Full year
(billions of yen)
120 8%
107.2
100
Net income 6%
80 4.9%
ROE (%) 60 4%
40
11.6 2%
20 0.6%
0 0%
FY2011/12 FY2012/13
Net revenue 1,535.9 1,813.6
Income before income taxes 85.0 237.7
Net income attributable to Nomura 11.6 107.2
Holdings, Inc. (“NHI”) shareholders
Total NHI shareholders’ equity 2,107.2 2,294.4
ROE (%)1 0.6% 4.9%
Basic-Net income attributable to NHI 3.18 29.04
shareholders per share(yen)
Diluted-Net income attributable to NHI 3.14 28.37
shareholders per share(yen)
Total NHI shareholders’ equity per share 575.20 618.27
(yen)
Quarter
(billions of yen)
100 11.3% 12%
82.4
80 8.9% 8.5% 10%
65.9
8%
60
48.3
6%
40 4.9% 38.1
4%
20.1
20 2%
1.5%
0 0%
FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
389.1 653.6 431.3 356.4 379.4
13.0 169.7 113.2 72.9 86.9
20.1 82.4 65.9 38.1 48.3
2,167.9 2,294.4 2,369.0 2,379.2 2,492.5
1.5% 4.9% 11.3% 8.9% 8.5%
5.44 22.23 17.78 10.29 13.02
5.33 21.55 17.24 9.99 12.65
585.27 618.27 639.99 641.90 670.88
19
Table of Contents
Consolidated income
Full year Quarter
(billions of yen) FY2012/13 FY2013/14
FY2011/12 FY2012/13
3Q 4Q 1Q 2Q 3Q
Revenue
Commissions 347.1 359.1 83.7 125.7 157.6 105.6 121.4
Fees from investment banking 59.6 62.4 13.0 21.8 25.4 23.0 15.8
Asset management and portfolio service fees 144.3 141.0 35.0 38.8 42.4 40.7 42.1
Net gain on trading 272.6 368.0 88.2 106.5 128.4 110.2 108.5
Gain on private equity investments 25.1 8.1 11.6 1.5 0.1 0.7 11.0
Interest and dividends 435.9 394.0 99.7 98.0 115.3 98.1 102.6
Gain on investments in equity securities 4.0 38.7 8.9 23.9 7.9 5.0 7.5
Other 563.2 708.8 118.8 304.0 28.2 45.1 38.5
Total revenue 1,851.8 2,079.9 459.0 720.1 505.3 428.4 447.4
Interest expense 315.9 266.3 69.9 66.5 73.9 72.0 68.0
Net revenue 1,535.9 1,813.6 389.1 653.6 431.3 356.4 379.4
Non-interest expenses 1,450.9 1,575.9 376.1 483.9 318.1 283.5 292.5
Income before income taxes 85.0 237.7 13.0 169.7 113.2 72.9 86.9
Net income attributable to NHI shareholders 11.6 107.2 20.1 82.4 65.9 38.1 48.3
20
Table of Contents
Main revenue items
Full year Quarter
FY2012/13 FY2013/14
(billions of yen) FY2011/12 FY2012/13 3Q 4Q 1Q 2Q 3Q
Stock brokerage commissions (retail) 36.0 51.8 10.7 26.6 42.5 25.4 36.3
Stock brokerage commissions (other) 132.7 112.9 27.2 32.0 37.7 31.6 34.9
Other brokerage commissions 9.4 11.7 3.0 3.8 5.3 4.2 4.4
Commissions Commissions for distribution of 136.6 150.1 35.2 54.4 63.9 37.0 37.7
investment trusts
Other 32.4 32.6 7.5 9.0 8.2 7.5 8.3
Total 347.1 359.1 83.7 125.7 157.6 105.6 121.4
Equity underwriting and distribution 14.3 21.1 3.4 6.4 10.3 11.0 6.1
Bond underwriting and distribution 14.6 7.8 1.5 4.2 3.8 3.5 2.8
Fees from M&A / financial advisory fees 27.0 25.6 6.3 8.2 6.4 6.5 4.4
investment banking Other 3.7 7.7 1.8 3.0 4.9 2.1 2.4
Total 59.6 62.4 13.0 21.8 25.4 23.0 15.8
Asset management fees 108.2 105.3 26.3 29.3 32.1 30.8 31.8
Asset management Administration fees 18.4 18.6 4.5 5.1 5.6 5.5 5.7
and portfolio service
fees Custodial fees 17.7 17.1 4.2 4.4 4.6 4.4 4.5
Total 144.3 141.0 35.0 38.8 42.4 40.7 42.1
21
Table of Contents
Consolidated results: Income (loss) before income taxes
by segment and region
Adjustment of consolidated results and segment results: Income (loss) before income taxes
FY2012/13 FY2013/14
(billions of yen) FY2011/12 FY2012/13 3Q 4Q 1Q 2Q 3Q
Retail 63.1 100.6 20.3 57.2 81.1 40.0 47.7
Asset Management 20.5 21.2 7.3 3.9 6.7 6.2 8.9
Wholesale1 -37.7 71.7 44.4 35.7 25.2 25.3 27.8
Three Business segments total 46.0 193.5 71.9 96.8 113.0 71.4 84.4
Other1 35.2 6.6 -67.9 50.1 -7.0 -3.5 -3.7
Segments total 81.2 200.0 4.1 146.9 106.1 67.9 80.7
Unrealized gain on investments in equity
securities held for operating purposes 3.8 37.7 8.9 22.8 7.2 5.0 6.2
Income (loss) before income taxes 85.0 237.7 13.0 169.7 113.2 72.9 86.9
Income (loss) before income taxes by region2
(billions of yen) FY2012/13 FY2013/14
FY2011/12 FY2012/13
3Q 4Q 1Q 2Q 3Q
Americas -24.6 25.7 1.6 2.3 -8.5 -1.3 8.0
Europe -91.5 -93.1 0.0 -36.5 -4.4 -19.6 -14.8
Asia and Oceania -12.9 -12.1 2.6 -7.9 -0.8 2.3 -1.5
Subtotal -129.1 -79.4 4.3 -42.0 -13.7 -18.7 -8.2
Japan 214.1 317.2 8.7 211.7 126.9 91.6 95.1
Income (loss) before income taxes 85.0 237.7 13.0 169.7 113.2 72.9 86.9
(1) Due to a reorganization in April 2012, FY2011/12 reported amounts for Wholesale and Segment ‘Other’ have been reclassified.
(2) Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended December 31, 2013.) Nomura’s revenues and expenses are allocated based on the country of domicile of the 22
legal entity providing the service. This information is not used for business management purposes.
Table of Contents
(1) Due to a reorganization in April 2012, FY2011/12 reported amounts for Wholesale and Segment ‘Other’ have been reclassified.
Segment “Other”
Income (loss) before income taxes
Full year Quarter
(billions of yen)(billions of yen)
60 50.1 60
35.2
40 40
20 6.6 20
0 0
-20 -7.0 -3.5 -3.7 -20
-40 -40
-60 -60
-80 -67.9 -80
FY2012/13 FY2013/14 FY2011/12 FY2012/13
3Q 4Q 1Q 2Q 3Q
Net gain (loss) related to economic
8.4 1.0 0.4 0.8 7.4 -1.7 5.2 hedging transactions
Realized gain(loss) on investments in equity
0.2 1.0 -0.0 1.2 0.7 0.0 1.3 securities held for operating purposes Equity in earnings of affiliates 10.6 14.4 4.5 5.2 5.3 8.9 8.2 Corporate items1 -32.1 17.7 -14.8 32.9 -12.3 -8.7 -14.0 Others1 48.1 -27.5 -58.0 10.0 -8.0 -2.0 -4.4 Income (Loss) before income taxes1 35.2 6.6 -67.9 50.1 -7.0 -3.5 -3.7
23
Table of Contents
Retail related data(1)
Full year Quarter
FY2012/13 FY2013/14
(billions of yen) FY2011/12 FY2012/13 QoQ YoY
3Q 4Q 1Q 2Q 3Q
Commissions 201.5 225.9 55.7 84.4 110.3 66.5 78.3 17.8% 40.6%
Sales credit 59.0 80.9 20.3 28.6 29.7 24.3 25.7 6.0% 26.5%
Fees from investment banking and other 38.2 36.8 6.6 10.4 9.8 13.4 8.0 -40.0% 21.3%
Investment trust administration fees and other 47.4 49.7 12.1 13.7 14.4 13.7 14.1 2.6% 16.2%
Net interest revenue 4.2 4.6 0.9 1.7 2.2 1.9 1.8 -2.5% 105.3%
Net revenue 350.3 397.9 95.7 138.7 166.3 119.7 128.0 6.9% 33.8%
Non-interest expenses 287.1 297.3 75.4 81.5 85.2 79.8 80.3 0.7% 6.5%
Income before income taxes 63.1 100.6 20.3 57.2 81.1 40.0 47.7 19.3% 135.3%
Domestic distribution volume of investment
trusts1 8,933.9 9,027.6 2,198.4 3,072.4 3,427.5 2,372.2 2,552.5 7.6% 16.1%
Bond investment trusts 2,869.4 2,719.2 612.1 824.0 753.7 814.2 810.2 -0.5% 32.4%
Stock investment trusts 5,217.8 5,457.0 1,386.2 1,967.5 2,386.2 1,406.6 1,571.8 11.7% 13.4%
Foreign investment trusts 846.6 851.4 200.1 281.0 287.6 151.4 170.5 12.6% -14.8%
Other
Accumulated value of annuity insurance 1,800.8 1,909.5 1,883.2 1,909.5 1,942.0 1,970.4 2,000.0 1.5% 6.2%
policies
Sales of JGBs for individual investors 281.2 189.1 47.1 42.8 42.5 450.9 329.1 -27.0% 7.0x
(transaction base)
Retail foreign currency bond sales 1,703.4 1,485.8 346.9 327.9 383.2 507.1 318.6 -37.2% -8.2%
24
(1) Excluding Net & Call and Hotto Direct.
Table of Contents
Retail related data(2)
Stock brokerage commissions and commissions for distribution of investment trusts
Full year
(billions of yen)
180
150
Stock brokerage
commissions
120
Commissions for 90
distribution of investment
trusts
60
30
0
FY2011/12 FY2012/13
Stock brokerage commissions 36.0 51.8
Quarter
(billions of yen)
70
60
50
40
30
20
10
0
FY2012/13 FY2013/14
QoQ YoY
3Q 4Q 1Q 2Q 3Q
10.7 26.6 42.5 25.4 36.3 43.0% 3.4x
Commissions for distribution of investment
trusts1 139.9 161.5 43.2 55.7 65.3 37.5 38.5 2.9% -10.8%
25
(1) Nomura Securities.
Table of Contents
Retail related data (3)
Retail client assets
(trillions of yen)
Other 100 90.9 96.0
83.8 83.8 87.7
Overseas mutual funds 80 72.0 73.6
Bond investment trusts
60
Stock investment trusts
Domestic bonds 40
Foreign currency bonds 20
Equities 0
FY2011/12 FY2012/13 FY2012/13 FY2013/14
Mar Mar Dec Mar Jun Sep Dec
Equities 37.2 46.7 38.0 46.7 50.5 53.4 56.5
Foreign currency bonds 6.2 6.6 6.7 6.6 6.2 6.1 6.4
Domestic bonds 1 12.7 12.4 12.6 12.4 12.4 12.9 12.7
Stock investment trusts 7.7 8.9 7.8 8.9 8.6 8.8 9.2
Bond investment trusts 4.4 4.9 4.4 4.9 5.3 5.6 6.6
Overseas mutual funds 1.4 1.7 1.5 1.7 1.7 1.7 1.7
Other2 2.3 2.7 2.5 2.7 3.0 2.4 2.9
Total 72.0 83.8 73.6 83.8 87.7 90.9 96.0
(1) Including CBs and warrants.
(2) Including annuity insurance
26
Table of Contents
(1) Excluding regional financial institutions.
27
Retail related data (4)
Retail client assets: Net asset inflow1
Full year Quarter
(billions of yen)(billions of yen)
4,000
1,225 1,300
1,100
2,400 900
700
2,000
500
360
1,035 300
188
38 100
0 -38 -100
FY2012/13 FY2013/14
FY2011/12 FY2012/13
3Q 4Q 1Q 2Q 3Q
Table of Contents
Retail related data(5)
Number of accounts
(Thousands) FY2011/12 FY2012/13
Mar Mar
Accounts with balance 4,985 5,025
Equity holding accounts 2,706 2,717
Nomura Home Trade / 3,773 3,747
Net & Call accounts
FY2012/13 FY2013/14
Dec Mar Jun Sep Dec
5,006 5,025 5,069 5,090 5,104
2,710 2,717 2,727 2,722 2,674
3,846 3,747 3,822 3,881 3,939
New Individual accounts / IT share1
Full year
Quarter
(Thousands) FY2011/12 FY2012/13
New individual accounts 235 266
IT share1
No. of orders 57% 55%
Transaction value 30% 31%
FY2012/13 FY2013/14
3Q 4Q 1Q 2Q 3Q
63 82 101 82 91
53% 57% 59% 58% 54%
29% 34% 36% 33% 27%
(1) Percentage of cash stock transactions conducted via Nomura Home Trade.
28
Table of Contents
Asset Management related data(1)
(billions of yen) FY2012/13 FY2013/14
FY2011/12 FY2012/13 QoQ YoY
3Q 4Q 1Q 2Q 3Q
Net revenue 65.8 68.9 18.8 18.3 20.2 18.6 21.2 13.9% 12.9%
Non-interest expenses 45.3 47.8 11.5 14.4 13.5 12.5 12.3 -1.3% 7.2%
Income before income taxes 20.5 21.2 7.3 3.9 6.7 6.2 8.9 44.6% 22.0%
Total assets under management
(trillions of yen)
40.3
40.0 36.1 36.1 36.8 37.3
31.9 32.7 32.9
AuM 30.0 27.9 27.9 29.1 30.0
(gross) 1 24.6 25.1
20.0
AuM 2
(net)
10.0
0.0
FY11/12 FY12/13 FY2012/13 FY2013/14
Mar Mar Dec Mar Jun Sep Dec
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. 29
(2) Net after deducting duplications from assets under management (gross).
Table of Contents
Asset Management related data (2)
Assets under management (gross) by business¹
FY11/12 FY12/13 FY12/13 FY13/14
(trillions of yen)
Mar Mar Dec Mar Jun Sep Dec
Investment trust 23.0 26.5 24.0 26.5 26.4 26.8 29.4
business
Investment advisory 8.9 9.6 8.7 9.6 10.4 10.5 10.9
business
Assets under management
(gross)1 31.9 36.1 32.7 36.1 36.8 37.3 40.3
Asset inflows/outflows by business4
Full year Quarter
FY12/13 FY13/14
(billions of yen) FY11/12 FY12/13
3Q 4Q 1Q 2Q 3Q
Investment trusts business 295 1,099 354 530 544 410 962
ETFs 347 424 48 66 138 153 89
Investment advisory
business 513 -529 58 -15 349 -157 226
Net asset inflow 808 570 412 515 893 253 1,189
Assets under management by company
(trillions of yen) FY11/12 FY12/13 FY2012/13 FY13/14
Mar Mar Dec Mar Jun Sep Dec
Nomura Asset Management 27.0 30.7 27.6 30.7 32.3 33.1 36.0
Nomura Funds Research
and Technologies2 2.8 2.9 2.8 2.9 2.6 2.5 2.6
Nomura Corporate
Research and Asset 1.5 1.8 1.7 1.8 1.7 1.6 1.6
Management
Nomura Private Equity 0.6 0.7 0.6 0.7 0.2 0.2 0.2
Capital
Assets under management
(gross)1 31.9 36.1 32.7 36.1 36.8 37.3 40.3
Group company 7.3 8.2 7.6 8.2 7.6 7.3 7.5
overlap
Assets under management
(net)3 24.6 27.9 25.1 27.9 29.1 30.0 32.9
Domestic public investment trust market and
Nomura Asset Management market share5
(trillions of yen) FY11/12 FY12/13 FY12/13 FY13/14
Mar Mar Dec. Mar Jun Sep Dec
Domestic public stock
investment trusts
Market 51.2 60.0 52.9 60.0 60.5 62.4 65.0
Nomura’s share (%) 17% 18% 18% 18% 18% 18% 19%
Domestic public bond
investment trusts
Market 11.0 12.6 11.1 12.6 13.6 14.4 16.5
Nomura’s share (%) 44% 43% 43% 43% 42% 42% 43%
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital.
(2) Assets under management have been reclassified to conform to the current presentation following the conversion of Nomura Funds Research and Technologies America, Inc. into a subsidiary of Nomura Funds Research 30
and Technologies Co., Ltd. in January 2013.
(3) Net after deducting duplications from assets under management (gross).(4) Based on assets under management (net). (5) Source: Investment Trusts Association, Japan
Table of Contents
Wholesale related data (1)
Wholesale
(billions of yen)
FY2012/13 FY2013/14
FY2011/12 FY2012/13 QoQ YoY
3Q 4Q 1Q 2Q 3Q
Net revenue 555.0 644.9 189.0 196.9 194.6 183.3 188.7 2.9% -0.2%
Non-interest expenses 592.7 573.2 144.6 161.3 169.4 158.1 160.9 1.8% 11.2%
Income (Loss) before income taxes -37.7 71.7 44.4 35.7 25.2 25.3 27.8 9.9% -37.3%
Breakdown of Wholesale revenues
(billions of yen) FY2012/13 FY2013/14
FY2011/12 FY2012/13 QoQ YoY
3Q 4Q 1Q 2Q 3Q
Fixed Income 274.5 387.7 116.2 113.2 97.6 93.8 99.2 5.8% -14.6%
Equities 181.2 172.8 41.9 59.9 67.8 65.8 58.8 -10.7% 40.5%
Global Markets 455.8 560.4 158.0 173.1 165.3 159.6 158.0 -1.0% -0.0%
Investment Banking(Net) 75.4 72.0 17.7 23.4 25.6 23.3 19.0 -18.5% 7.2%
Other 23.9 12.4 13.2 0.4 3.7 0.4 11.7 26.9x -11.7%
Investment Banking 99.3 84.4 30.9 23.8 29.3 23.8 30.7 29.1% -0.9%
Net revenue 555.0 644.9 189.0 196.9 194.6 183.3 188.7 2.9% -0.2%
Investment Banking(Gross) 141.7 143.0 33.4 44.1 47.2 45.8 35.9 -21.6% 7.5%
(1) Due to a reorganization in April 2012, FY2011/12 reported amounts for Wholesale and Segment ‘Other’ have been reclassified. 31
(2) Fixed Income and Equities figures for FY 2012/13 have been reclassified following a reorganization in April 2013.
Table of Contents
Wholesale related data(2)
Private equity related investments
(billions of yen)
300
Terra Firma 221.3
Asia 200
Europe (excluding Terra
Firma) 104.6
Japan 100
0
FY2011/12 FY2012/13
Mar Mar
Japan 65.5 52.7
Europe (excluding Terra Firma) 26.8 21.8
Asia 1.9 2.0
Sub Total 94.1 76.5
Terra Firma 127.2 28.1
Total 221.3 104.6
103.1 104.6
107.0 102.1
61.2
FY2012/13 FY2013/14
Dec Mar Jun Sep Dec
53.2 52.7 52.5 51.7 10.5
21.1 21.8 22.9 22.9 23.9
1.8 2.0 1.9 1.8 1.9
76.2 76.5 77.4 76.4 36.3
26.9 28.1 29.6 25.8 24.9
103.1 104.6 107.0 102.1 61.2
32
Table of Contents
Number of employees
FY2011/12 FY2012/13 FY2012/13 FY2013/14
Mar Mar Dec Mar Jun Sep Dec
Japan (excluding FA) 19,598 14,123 19,877 14,123 14,654 14,454 14,308
Japan (FA) 2,011 1,907 1,951 1,907 1,911 1,923 1,918
Europe 4,014 3,618 3,747 3,618 3,485 3,459 3,456
Americas 2,420 2,271 2,316 2,271 2,240 2,243 2,248
Asia-Pacific1 6,352 6,037 6,207 6,037 5,961 5,945 5,902
Total 34,395 27,956 34,098 27,956 28,251 28,024 27,832
33
(1) Includes Powai office in India.
Table of Contents
Disclaimer
This document is produced by Nomura Holdings, Inc. (“Nomura”).
Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.
The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information.
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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 Morningstar Award Fund of the Year 2013
References to any specific securities do not constitute an offer to buy or sell securities. Those awarded funds based upon the past performance cannot guarantee their future performance. Data or statements are obtained from sources Morningstar Japan K.K believed to be reliable but are not guaranteed as to accuracy or completeness.
All information is the property of Morningstar Japan K.K. or Morningstar, Inc. and protected by copyright and intellectual property laws. All rights reserved.
Taking every factor into consideration, Morningstar Japan K.K. has selected funds for Morningstar Award “Fund of the Year 2013” in each divisions from open-end mutual fund based upon its unique quantitative and qualitative analysis. Awarded funds in the Alternative & Balanced Fund Division have been selected from 1,049 funds at the end of December 2013.
Table of Contents
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