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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 November 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), Second 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: November 5, 2015 | By: | /s/ Hajime Ikeda | ||
| Hajime Ikeda | ||||
| Senior Managing Director | ||||
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Connecting Markets East & West
Consolidated Results of Operations
Second quarter, year ending March 2016
(US GAAP)
Nomura Holdings, Inc.
October 2015 © Nomura
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Outline
Presentation Financial Supplement
Executive summary (p. 2-3) 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
segment and region (p. 22)
Non-interest expenses (p. 13)
Segment “Other” (p.23)
Robust financial position (p. 14)
Retail related data (p. 24-27)
Funding and liquidity (p. 15)
Asset Management related data (p. 28-29)
Wholesale related data (p. 30-31)
Number of employees (p. 32)
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Executive summary
Highlights: FY2015/16 1H
Income before income taxes: Y125.9bn (+0.2% YoY); Net income1: Y115.3bn (+59% YoY) Second highest 1H net income since reporting under US GAAP started in FY2001/02
Net revenue: Y760.6bn; Income before income taxes: Y125.9bn; Net income1: Y115.3bn; ROE2: 8.4%; EPS3: Y31.26
All business divisions reported higher net revenue and income before income taxes YoY
Retail
Solid progress in transforming business model
2Q annualized recurring revenue of Y78.3bn, up approx. 30% YoY
Asset Management
AuM of Y40trn represents steady increase from September last year (Y34.8trn)
Continued inflows into both investment trust and investment advisory businesses (Oct 2014 – Sep 2015: +Y5.8trn)
Wholesale
Equities and Investment Banking performance offset a slowdown in Fixed Income
Continue to work on improving profitability; Costs declined YoY on a USD basis
Dividend per share: Y10
(1) Net income attributable to Nomura Holdings shareholders. 2 (2) Calculated using annualized net income for each period.
(3) Diluted net income attributable to Nomura Holdings shareholders per share.
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Executive summary
Highlights: FY2015/16 2Q
Net revenue, income before income taxes, and net income declined at Group level as sudden corrections in equity markets and credit spread widening impacted performance of three business segments
Net revenue: Y336.6bn; Income before income taxes: Y19.9bn; Net income1: Y46.6bn; ROE2: 6.7%; EPS3: Y12.63
Three business segment income before income taxes (Y53.8bn), down 35% QoQ
Retail
Investors sitting on sidelines due to sudden market corrections in mid August; Slow quarter for investment trusts and secondary market for stocks
Asset Management
Revenues impacted by non-recurrence of dividend income booked last quarter and a decline in assets under management due to market factors
Wholesale
Equities revenues were down from the strong 1Q, while Fixed Income revenues remained roughly unchanged QoQ
Investment Banking revenues increased on the back of revenue growth in Japan
Extraordinary factors
Banca Monte dei Paschi di Siena SpA settlement (negative impact of approx. Y35bn)
Booked deferred tax assets due to decision to wind up a specified subsidiary based in EMEA
(Nomura Capital Markets Limited) (tax expenses declined) (approx. Y54bn)
(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.
Income before income taxes and net income1
Group-wide (billions of yen) Income before
116.1 income taxes
Net income 105.0 106.0 74.0 70.0 82.0 68.7
51.7 46.6 52.9 19.9 19.9
FY2014/15 FY2015/16
1Q 2Q 3Q 4Q 1Q 2Q
Three segment income before income taxes
Wholesale
Asset Management 101.4 Retail
82.3 68.9 60.3
53.8 45.6
FY2014/15 FY2015/16
1Q 2Q 3Q 4Q 1Q 2Q
3
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Overview of results
Highlights
(billions of yen, except EPS and ROE)
FY2015/16 FY2015/16
QoQ YoY YoY
2Q 1H
Net revenue 336.6 -21% -10% 760.6 +2%
Non-interest expenses 316.7 -0.4% +6% 634.7 +3%
Income before income taxes 19.9 -81% -73% 125.9 +0.2%
Net income1 46.6* -32% -12% 115.3 +59%
EPS2 Y12.63 -32% -11% Y31.26 +62%
ROE3 6.7% 8.4%
*Booked deferred tax assets due to decision to wind up a specified subsidiary based in EMEA (Nomura Capital Markets Limited) (tax expenses declined) (approx. Y54bn)
(1) Net income attributable to Nomura Holdings shareholders.
(2) Diluted net income attributable to Nomura Holdings shareholders per share. 4 (3) Calculated using annualized net income for each period.
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Business segment results
Net revenue and income before income taxes
FY2015/16 FY2015/16
(billions of yen) QoQ YoY YoY
2Q 1H
Net Retail 115.7 -12% -2% 246.3 +10%
revenue Asset Management 22.9 -15% +5% 49.8 +11%
Wholesale 192.9 -6% +1% 398.1 +5%
Subtotal 331.4 -9% +0.4% 694.2 +7%
Other* 16.1 -69% -61% 68.3 -23%
Unrealized gain (loss) on investments in -10.9
equity securities held for operating purposes —— -1.9 —
Net revenue 336.6 -21% -10% 760.6 +2%
Income Retail 36.7 -28% -5% 87.6 +24%
before
income Asset Management 8.4 -28% +8% 20.2 +25%
taxes Wholesale 8.6 -56% -61% 28.3 +1%
Subtotal 53.8 -35% -22% 136.1 +19%
Other * -23.0 —— -8.3 —
Unrealized gain (loss) on investments in -10.9
equity securities held for operating purposes —— -1.9 —
Income before income taxes 19.9 -81% -73% 125.9 +0.2%
*Other” (2Q) includes: Gain on changes to own and counterparty credit spreads (Y3.5bn vs gain of Y4bn in 1Q)
Banca Monte dei Paschi di Siena SpA settlement
5
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Retail
Net revenue and income before income taxes
(billions of yen)
FY2014/15 FY2015/16
QoQ YoY
2Q 3Q 4Q 1Q 2Q
Net revenue 117.9 128.8 122.9 130.7 115.7 -12% -2%
Non-interest expenses 79.1 78.3 82.0 79.8 78.9 -1% -0.2%
Income before income taxes 38.9 50.5 40.9 50.9 36.7 -28% -5%
Key points
Net revenue: Y115.7bn (-12% QoQ; -2% YoY)
Income before income taxes: Y36.7bn (-28% QoQ; -5% YoY)
Net revenue and income before income taxes both down QoQ; Investors
sitting on sidelines following sudden market corrections in mid August
Investment trusts and secondary market stocks were weak
Continue to transform business model
Providing solutions based on client interviews and following up with existing
clients
Client franchise Sep/2Q Jun/1Q
Retail client assets Y103.0trn Y113.4trn
Accounts with balance 5.37m 5.32m
NISA account applications 1.59m 1.56m
Net inflows of cash and securities1 Y94.7bn Y351.7bn
Total sales2
(billions of yen)
Stocks Bonds Investment trusts Discretionary investment, Insurance products
4,000 3,000 2,000 1,000
0 FY2014/15 FY2015/16
2Q 3Q 4Q 1Q 2Q
(1) Cash and securities inflows minus outflows, excluding regional financial institutions.
(2) Retail channels only. (3) Retail channels, Net & Call, and Hotto Direct.
Total sales2 up 2% QoQ
Stocks: +32% QoQ
Contributions from primary deals (primary stock subscriptions3: Y595.3bn)
Secondary market stock sales declined
Investment trusts: -35% QoQ
Wait-and-see stance of investors intensified, while investment trust sales volumes remained low
Bond sales of Y349.0bn, down 8% QoQ
Softer contribution from primary deals
Foreign bond sales slow given low interest rate environment and concerns over Fed lift-off
Discretionary investments and insurance sales down 17% QoQ
6
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Retail: Progress in business model transformation
Recurring revenue
(billions of yen)
90.0
78.0 78.3
FY2015/16 recurring revenue 72.0 target (Y69.6bn)
70.0
60.4
65.7 Recurring revenue (annualized, adjusted basis)
50.0
FY2014/15 FY2015/16
2Q 3Q 4Q 1Q 2Q
Conducting client interviews to provide asset panning and life planning services
Annualized recurring revenue of Y78.3bn as discretionary investments expanded on steady net inflows but up only slightly QoQ due mainly to market factors
Robust sales of insurance products by meeting clients’ inheritance and cash flow needs
2Q 1Q
Recurring revenue Y19.7bn Y19.4bn
Discretionary investment net inflows1 Y284.2bn Y361.8bn
Investment trust net inflows1 Y14.1bn Y239.8bn Sales of insurance products2 Y115.9bn Y133.9bn
Assets under management of discretionary investments
(billions of yen)
1,927.5
2,000 Quarterly discretionary investment net inflows1
1,694.7
284.2 1,500 1,338.0 361.8
978.3 347.5
1,000
558.6 374.6
500 242.6
0
FY2014/15 FY2015/16
2Q / Sep 3Q / Dec 4Q / Mar 1Q / Jun 2Q / Sep
Insurance sales2
(billions of yen)
150.0 133.9
115.9 101.1 104.0 100.0 84.8
50.0
0.0
FY2014/15 FY2015/16
2Q 3Q 4Q 1Q 2Q
(1) Retail channels and Japan Wealth Management group. 7 (2) Retail channels only.
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Asset Management
Net revenue and income before income taxes
(billions of yen)
FY2014/15 FY2015/16
QoQ YoY
2Q 3Q 4Q 1Q 2Q
Net revenue 21.7 23.4 23.9 26.9 22.9 -15% +5% Non-interest expenses 13.9 14.1 17.2 15.2 14.4 -5% +4% Income before income taxes 7.8 9.3 6.7 11.7 8.4 -28% +8%
Key points
Net revenue: Y22.9bn (-15% QoQ; +5% YoY)
Income before income taxes: Y8.4bn (-28% QoQ; +8% YoY)
Net revenue and income before income taxes both down QoQ; Although expenses were contained due to lower assets under management, dividend income was not booked in 2Q and investment trust assets under management declined due to market factors
Net assets under management of Y40trn on significant inflows into investment advisory business and ETFs
Share of public investment trust market increased on continued inflows into ETFs and discretionary investments despite market downturn
Investment trust business
Inflows into ETFs, Japan stock funds, products for discretionary investments, and privately placed funds for regional financial institutions Listed three ETFs on Tokyo Stock Exchange: JPX-Nikkei 400 Leveraged Index ETF, JPX-Nikkei 400 Inverse Index ETF, JPX-Nikkei 400 Double Inverse Index ETF
2Q net inflows
Nomura Templeton Total Return Y78.6bn
Nomura Japan High Dividend Stock Premium Y33.7bn
Nomura Japan Brand Stock Investment Fund Y28.7bn
Investment advisory and international business
Won a number of mandates for foreign bonds from major Japanese public pension fund Increasing mandates in Latin America where UCITS3 funds can be leveraged
Assets under management
(trillions of yen) Assets under management (net)1 Assets under management (gross)2
49.4
46.0 47.5 46.6 42.7 41.4 39.3 40.0 37.7 34.8
FY2014/15 FY2015/16 Sep Dec Mar Jun Sep
(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. Nomura Asset Management took over Nomura Funds Research and Technologies’ institutional investor advisory related business on July 1, 2015. 8
(2) Assets under management (gross) of above four companies.
(3) Undertakings for Collective Investment in Transferable Securities (UCITS) is the main European framework covering collective investment schemes investing in transferable securities.
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Asset Management: ETF growth
Nomura Asset Management public investment trust market Assets under management (net)1 by business share2
(trillions of yen)
Investment trust business Investment advisory business 26.0% 50.0
24.9%
41.4 40.0 24.6% 37.7 39.3
40.0 34.8 24.0% 23.7% 12.8 24.0% 11.9 12.3 13.2 23.1% 30.0 11.3
20.0
28.6 22.0% 10.0 23.5 25.8 27.0 26.8
0.0 FY2014/15 FY2015/16 20.0% FY2014/15 FY2015/16 Sep Dec Mar Jun Sep Sep Dec Mar Jun Sep
Investment trust business flow of funds3 ETF growth
(billions of yen) AuM Domestic share
Investment trust business MRF, MMF, etc. ETF (trillions of yen)
Other investment trust (excl. ETFs) Continued growth of AuM, driven 49% 48% 49% 1,500 (excl. ETFs) 1,294 46% 47%
10 50% by growing investor demand for
1,000 944
789 826 ETFs
8 7.0 40% 500 298 464 477 308 6.2 6.8
90 Mkt. share of nearly 50% in Japan 6 30% 4.5 5.2 0 -398
Ranked #64 in global ETF market
4 20% -500 and focused on growing global -1,000 market share by leveraging 2 10% UCITS5 ETFs listed on London FY2014/15 FY2015/16
2Q 3Q 4Q 1Q 2Q Stock Exchange 0 0% Sep Dec Mar Jun Sep 2014 2015
(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 9 Equity Capital.
(2) Source: The Investment Trusts Association, Japan. (3) Based on net assets under management. (4) Source: State Street Global Advisors “Global ETF Snapshot” (Aug 2015 ). (5) See footnote (3) on previous page.
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Wholesale
Net revenue and income before income taxes
(billions of yen)
FY2014/15 FY2015/16
QoQ YoY
2Q 3Q 4Q 1Q 2Q
Global Markets 168.1 149.7 199.0 176.2 158.7 10% -6%
Investment Banking 22.5 29.2 32.4 29.0 34.2 +18% +52%
Net revenue 190.6 178.9 231.5 205.2 192.9 -6% +1%
Non-interest expenses 168.4 178.5 177.7 185.5 184.3 -1% +9%
Income before income taxes 22.2 0.5 53.8 19.7 8.6 -56% -61%
Net revenue by region
(billions of yen)
250.0
200.0 56.2
59.2 Americas
46.1 32.7 44.8
150.0 26.8 65.6 EMEA 47.7 40.8 55.4 100.0 41.2 33.1 31.6 31.5 AEJ
26.4 50.0
65.1 78.3 76.5 73.7 66.2 Japan
0.0
FY2014/15 FY2015/16
2Q 3Q 4Q 1Q 2Q
Key points
Net revenue: Y192.9bn (-6% QoQ; +1% YoY)
Income before income taxes: Y8.6bn (-56% QoQ; -61% YoY)
Net revenues and income before income taxes both down QoQ
In Global Markets, Equities slowed from a strong 1Q, while Fixed Income revenues were in line with last quarter due to weak performance in Credit and Securitized Products
Investment Banking revenues increased on revenue growth in Japan
Net revenue by region (QoQ; YoY) Japan:Y66.2bn (-10%; +2%)
Fixed Income slowed QoQ due mainly to Rates and Credit
ECM business contributed to revenue growth in Investment Banking
EMEA: Y55.4bn (+36%; +16%)
Fixed Income reported stronger revenues QoQ across all products, while performance in Equities was subdued
Investment Banking saw resilient performance in M&A completed deals and Solutions business
Americas: Y44.8bn (-24%; -3%)
Fixed Income had a soft quarter as credit spreads widened and client activities slowed
Equities saw increased client revenues primarily in the Execution Services business
AEJ: Y26.4bn (-16%; -17%)
- Equities slowed, while Fixed Income rebounded driven by FX business 10
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Wholesale: Global Markets
Net revenue1 FY2015/16 2Q net revenue by region
(billions of yen)
Equities YoY QoQ
199.0 QoQ
Fixed Income
176.2 -10%
168.1 Global Markets 158.7 Global
149.7 YoY
81.7 Markets
63.7 -6% Fixed Income Equities 92.1 75.5 74.7
Americas
117.4 104.4 75.0 84.1 83.2 EMEA
FY2014/15 FY2015/16
2Q 3Q 4Q 1Q 2Q AEJ
Key points
Japan Global Markets Net revenue: Y158.7bn (-10% QoQ; -6% YoY)
0% ~ ±5% ±5% ~ ±15% ±15% ~
Trading impacted by sudden corrections in global equities and widening of credit spreads
Client revenues Americas: Equities booked stronger revenues on an uptick in trading volumes,—remained steady despite decline in market volumes for most products while in Fixed Income resilience in Rates was weighed down by slowdown in Fixed Income Securitized Products and Credit Net revenue: Y83.2bn (-1% QoQ; -20% YoY) due to a slowdown in Derivatives, while EMEA: Equities revenues declined—Slowdown in Securitized Products and Credit was offset by strong Rates Fixed Income reported higher revenues across all products and rebound in Emerging Market FX
Equities AEJ: Fixed Income revenues increased on Emerging Market FX and Net revenue: Y75.5bn (-18% QoQ; +19% YoY) Structured Credit, while Equities slowed from the strong previous quarter—Trading performance declined primarily in Derivatives and revenues were down from the strong prior quarter Japan: Fixed Income suffered amid uncertain market conditions 11
(1) Fixed Income and Equities figures in FY 2014/15 have been reclassified following a reorganization in April 2015.
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Wholesale: Investment Banking
Revenue diversification as all regions reported higher revenues Net revenue in FY2015/16 1H
(billions of yen)
Investment Banking (gross) Investment Banking (gross)
40.7 52.7 57.3 49.7 63.1 revenue ECM revenues up significantly
Investment Banking (net) Other +18% (billions of yen)
34.2 Japan: Collaborated across to 32.4 QoQ—divisions
29.2 29.0 0.8
2.5 +52% 112.8 provide products tailored to client needs 22.5—Americas: Playing increasingly important role
YoY +34%
0.0 in deals and seeing an increase in mandates
33.4
29.6 29.9 29.1 in areas where coverage strengthened such
22.5 as healthcare
83.9—AEJ: Winning mandates for high-profile IPOs
-0.4 -0.1
FY2014/15 FY2015/16 Growth in M&A, ALF, Solutions revenues
2Q 3Q 4Q 1Q 2Q
Key points—Revenue contributions by large M&A deals and M&A related multi-product transactions
Japan
Net revenue: Y34.2bn (+18% QoQ; +52% YoY)—Expansion of Solutions business
International: Providing currency and
Investment Banking (gross) revenue: Y63.1bn, highest since FY2009/10 3Q
- Japan: Significantly higher revenues QoQ and YoY rates swaps, and insurance solutions Revenues driven by ECM; Won a number of mandates for foreign • Japan: Supporting acquisition of treasury currency denominated bond issuances by Japanese corporates stock, sales of stock holdings and Retained top spot on league tables (Market share: ECM 34.6%; DCM
33.9%)1 origination of variable annuities Revenues from Solutions business in Japan have grown to similar level as international business Inter- European
Supporting bond issuances by national
International: Revenues financial institutions and government
- declined QoQ due partly to seasonal factors, but entities increased YoY despite a decline in overall fee pool Revenues driven by M&A completed transactions and M&A related multi- product transactions FY2014/15 FY2015/16 1
1—#7 in global SSA debt league table Sponsors related business and SSA focused DCM business both 1H 1H remained strong
12
(1) Source: Global SSA (sovereign, supranational, and agency bonds) debt league table: Dealogic; ECM: Thomson Reuters; DCM: Thomson DealWatch Japan All Debt (including self-funded); Jan – Sep 2015.
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Non-interest expenses
Full year Quarter
(billions of yen)(billions of yen)
400
1,500
Other 329.6
| 1,257.4 |
|
308.9 318.0 316.7 |
| 1,195.5 |
|
299.8 |
Business development 1,200 300
expenses
Occupancy and related 900
depreciation 200
Information processing
and communications 600
Commissions and floor 100
brokerage 300
Compensation and
benefits
0 0
FY2014/15 FY2015/16
FY2013/14 FY2014/15 QoQ
2Q 3Q 4Q 1Q 2Q
Compensation and benefits 570.1 596.6 140.8 142.8 144.2 155.9 149.7 -4.0%
Commissions and floor brokerage 111.8 130.0 33.6 34.1 34.7 34.2 32.6 -4.7%
Information processing and communications 192.2 192.3 46.0 48.7 52.7 47.9 48.2 0.6%
Occupancy and related depreciation 80.1 76.1 18.2 19.2 20.1 18.7 19.2 2.4%
Business development expenses 38.5 35.2 9.1 9.0 9.2 8.3 8.5 1.5%
Other 202.8 227.2 52.1 55.0 68.6 52.9 58.5 10.7%
Total 1,195.5 1,257.4 299.8 308.9 329.6 318.0 316.7 -0.4%
Key points
Non-interest expenses: Y316.7bn (-0.4% QoQ)
Compensation and benefits (-4% QoQ) Compensation and benefits declined due to cost reductions and lower bonus provisions in line with performance
Other (+11% QoQ)
Increase in consolidated subsidiary expenses and charge on decommissioning of IT systems
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Robust financial position
Balance sheet related indicators and capital ratios
Mar 2015 Jun 2015 Sep 2015
Total assets Y41.8trn Y44.0trn Y44.0trn
Shareholders’ equity Y2.7trn Y2.8trn Y2.8trn
Gross leverage 15.4x 15.8x 15.9x
Net leverage1 9.3x 9.7x 9.7x
Level 3 assets2 Y0.3trn Y0.4trn Y0.3trn
(net)
Liquidity portfolio Y6.1trn Y6.2trn Y6.2trn
(billions of yen)
Basel 3 basis Mar 2015 Jun 2015 Sep 20152
Tier 1 2,459 2,530 2,502
Tier 2 361 356 348
Total capital 2,820 2,886 2,850
RWA3 18,929 18,698 18,968
Tier 1 ratio 12.9% 13.5% 13.1%
Tier 1 common ratio4 12.9% 13.5% 13.1%
Total capital ratio 14.8% 15.4% 15.0%
Consolidated Leverage ratio5 3.82% 3.91% 3.96%
HQLA6 — Y5.4trn Y5.8trn
LCR6 — 182.3% 166.5%
Risk weighted assets3 and Tier 1 ratio
(trillions of yen) RWA (Basel 3) (lhs) Tier 1 ratio (Basel 3) (rhs)
20.0 20.0% 12.7% 12.9% 13.5% 13.1% 12.6% 15.0 12.5% 15.0%
10.0 10.0%
5.0 5.0%
0.0 0.0%
FY2014/15 FY2015/16 Basel Fully loaded 3 2019 balance applied sheet to Sep Dec Mar Jun Sep at (estimate) end Sep
Level 3 assets2 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%
14% 14% 14% 400 12% 12%
10% 200
0 0%
FY2014/15 FY2015/16 Sep Dec Mar Jun Sep
(1) Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ equity. (2) Preliminary.
(3) Credit risk assets are calculated using the internal model method. (4) Tier 1 common ratio is defined as Tier 1 capital minus minority interest divided by risk-weighted assets. 14 (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
Balance sheet structure (As of Sep 2015)
Assets Liabilities and equity
Highly liquid, healthy balance sheet 2
Unsecured funding
structure
– 80% of assets are highly liquid More than 80% of unsecured funding is trading and related assets1 that are long-term debt marked-to-market and matched to Diversified sources of funding trading and related liabilities1
Short-term through repos etc. (regionally and Trading liabilities debt by currency) 1 17% and related Trading assets Long-term debt due
– Other assets are funded by equity 1 within 1yr, 9% International Loans and related and long-term debt, ensuring 30% (incl. Bank subordinated) lending structural stability market Long-term Euro debt, 74% MTN/Yen,
Liquidity portfolio2 Other liabilities
Average retail bonds, Retail Japan
Short-term borrowings maturity etc. market
70% 5.2 years3
Liquidity Cash and cash deposits Long-term
portfolio: borrowings Euro
– Y6.2trn, or 14% of total assets MTN/Other,
Other assets Wholesale Total equity wholesale
– Maintain a high quality liquidity market bonds, etc. portfolio surplus without the need for additional unsecured funding Breakdown of Long-term Funding of short-term/long- debt by long-term over a certain period term debt region debt
(1) Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc.
(2) Definition differs from financial disclosures reflecting Liquidity Management’s view. Cash and cash deposits portion of liquidity portfolio excludes funds on deposit at exchanges and segregated client funds. 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.
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Financial Supplement
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Consolidated balance sheet
(billions of yen) Mar 31, Sep 30, Increase Mar 31, Sep 30, Increase
2015 2015 (Decrease) 2015 2015 (Decrease)
Assets Liabilities
Total cash and cash deposits 2,097 2,848 751 Short-term borrowings 662 561 -101
Total payables and deposits 3,399 3,698 299
Total loans and receivables 2,948 3,300 351 Total collateralized financing 15,380 18,023 2,643
Trading liabilities 10,044 9,452 -592
Total collateralized agreements 16,720 17,137 418 Other liabilities 1,217 1,138 -79
Long-term borrowings 8,336 8,294 -43
Total trading assets1 and private 17,309 17,920 611 Total liabilities 39,038 41,165 2,127
equity investments
Total other assets 2,710 2,756 46 Equity
Total NHI shareholders’ equity 2,708 2,762 54
Noncontrolling interest 37 33 -4
Total assets 41,783 43,960 2,177 Total liabilities and equity 41,783 43,960 2,177
17
(1) Including securities pledged as collateral.
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Value at risk
Definition From April 1, 2015 to September 30, 2015 (billions of yen)—99% confidence level—Maximum: 9.1—1-day time horizon for outstanding portfolio—Minimum: 3.5—Inter-product price fluctuations considered—Average: 5.2
(billions of yen) FY2013/14 FY2014/15 FY2014/15 FY2015/16
Mar Mar Sep Dec Mar Jun Sep
Equity 1.3 1.0 1.5 3.3 1.0 1.3 1.5
Interest rate 3.9 4.2 4.2 4.5 4.2 3.9 5.2
Foreign exchange 2.8 1.1 2.7 3.1 1.1 1.1 1.4
Sub-total 8.0 6.2 8.5 10.9 6.2 6.2 8.2
Diversification benefit -2.9 -1.6 -1.6 -1.2 -1.6 -2.4 -2.8
VaR 5.2 4.6 6.8 9.7 4.6 3.8 5.4
18
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Consolidated financial highlights
Full year
(billions of yen)
300 8.9% 8.6% 9%
213.6 224.8
Net income attributable 200 6%
to NHI shareholders
ROE(%) 100 3%
0 0%
FY2013/14 FY2014/15
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
Quarter
(billions of yen)
12%
90 10.0%
9%
8.6%
60 7.3% 8.4%
5.7% 6%
82.0
30 70.0 68.7
52.9 46.6 3%
0 0%
FY2014/15 FY2015/16
2Q 3Q 4Q 1Q 2Q
373.8 425.0 434.5 424.0 336.6
74.0 116.1 105.0 106.0 19.9
52.9 70.0 82.0 68.7 46.6
2,561.1 2,714.4 2,707.8 2,783.3 2,761.7
5.7% 7.3% 8.6% 10.0% 8.4%
14.53 19.22 22.65 19.11 12.95
14.15 18.72 22.08 18.65 12.63
703.55 744.91 752.40 774.39 767.73
19
(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
2Q 3Q 4Q 1Q 2Q
Revenue
Commissions 473.1 453.4 110.8 123.2 123.7 130.3 111.5
Fees from investment banking 91.3 95.1 20.6 28.8 25.8 24.5 44.9
Asset management and portfolio service fees 168.7 203.4 49.7 53.3 54.3 59.9 58.2
Net gain on trading 476.4 531.3 129.0 109.5 134.3 124.7 62.6
Gain (loss) on private equity investments 11.4 5.5 0.5 -0.2 5.5 1.2 0.6
Interest and dividends 416.3 436.8 108.8 115.6 107.5 113.6 111.5
Gain (loss) on investments in equity securities 15.2 29.4 2.9 11.8 8.4 9.2 -10.9
Other 179.5 175.7 28.5 65.6 50.5 44.9 39.6
Total revenue 1,831.8 1,930.6 450.8 507.6 510.0 508.4 417.9
Interest expense 274.8 326.4 77.0 82.6 75.5 84.4 81.3
Net revenue 1,557.1 1,604.2 373.8 425.0 434.5 424.0 336.6
Non-interest expenses 1,195.5 1,257.4 299.8 308.9 329.6 318.0 316.7
Income before income taxes 361.6 346.8 74.0 116.1 105.0 106.0 19.9
Net income attributable to NHI shareholders 213.6 224.8 52.9 70.0 82.0 68.7 46.6
20
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Main revenue items
Full year Quarter
FY2014/15 FY2015/16
(billions of yen) FY2013/14 FY2014/15 2Q 3Q 4Q 1Q 2Q
Stock brokerage commissions 266.6 252.8 58.8 73.1 70.7 78.7 71.3
Other brokerage commissions 18.1 19.6 4.0 6.1 5.8 5.2 6.8
Commissions Commissions for distribution of investment trusts 157.8 134.3 37.5 32.6 33.6 34.3 22.0
Other 30.6 46.8 10.5 11.4 13.5 12.2 11.3
Total 473.1 453.4 110.8 123.2 123.7 130.3 111.5
Equity underwriting and distribution 34.8 28.8 5.9 10.2 6.9 7.4 30.8
Bond underwriting and distribution 15.2 20.4 5.8 3.8 6.1 4.6 3.3
Fees from M&A / financial advisory fees 23.7 24.6 4.7 8.8 5.6 7.7 7.5
investment banking Other 17.5 21.2 4.2 6.1 7.2 4.8 3.3
Total 91.3 95.1 20.6 28.8 25.8 24.5 44.9
Asset management fees 126.7 151.8 37.5 39.4 39.9 44.2 42.0
Asset management
and portfolio service Administration fees 23.9 32.6 7.6 9.1 9.4 10.7 11.3
fees Custodial fees 18.1 19.0 4.7 4.8 5.0 5.0 4.8
Total 168.7 203.4 49.7 53.3 54.3 59.9 58.2
21
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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
FY2014/15 FY2015/16
(billions of yen) FY2013/14 FY2014/15
2Q 3Q 4Q 1Q 2Q
Retail 192.0 161.8 38.9 50.5 40.9 50.9 36.7
Asset Management 27.1 32.1 7.8 9.3 6.7 11.7 8.4
Wholesale 111.8 82.2 22.2 0.5 53.8 19.7 8.6
Three Business segments total 330.9 276.1 68.9 60.3 101.4 82.3 53.8
Other 20.0 46.0 2.5 44.8 -4.0 14.7 -23.0
Segments total 350.9 322.1 71.4 105.1 97.4 97.0 30.8
Unrealized gain on investments in equity
securities held for operating purposes 10.7 24.7 2.6 11.0 7.6 9.0 -10.9
Income before income taxes 361.6 346.8 74.0 116.1 105.0 106.0 19.9
Geographic information: Income (loss) before income taxes1
Full year Quarter
(billions of yen) FY2013/14 FY2014/15 FY2014/15 FY2015/16
2Q 3Q 4Q 1Q 2Q
Americas 29.5 -27.6 -6.8 -12.7 -14.2 -2.4 -19.8
Europe -48.9 -23.5 2.0 -10.4 7.8 -9.7 -35.2
Asia and Oceania -5.2 34.6 8.5 16.2 10.3 14.8 9.2
Subtotal -24.7 -16.4 3.7 -7.0 3.9 2.7 -45.8
Japan 386.3 363.2 70.3 123.1 101.0 103.3 65.6
Income before income taxes 361.6 346.8 74.0 116.1 105.0 106.0 19.9
(1) Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended September 30, 2015). Nomura’s revenues and expenses are allocated based on the country of domicile of 22
the legal entity providing the service. This information is not used for business management purposes.
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Segment “Other”
Income (loss) before income taxes
Full year Quarter
(billions of yen)
50.0 46.0 44.8
40.0
30.0
20.0
20.0 14.7
10.0
2.5
0.0
-10.0 -4.0
-20.0
-30.0 -23.0
1 2 1 2 3 4 5
FY2014/15 FY2015/16
FY2013/14 FY2014/15 2Q 3Q 4Q 1Q 2Q
2Q 3Q 4Q 1Q 2Q
Net gain related to economic 17.4 15.1 2.2 6.4 -0.3 -2.6 1.1
hedging transactions
Realized gain on investments in equity 4.4 4.7 0.3 0.8 0.8 0.2 0.0
securities held for operating purposes
Equity in earnings of affiliates 28.6 42.2 8.0 18.2 12.6 13.8 9.1
Corporate items -38.8 -20.1 -8.4 -3.2 -5.5 -3.9 -40.0
Others 8.4 4.0 0.5 22.6 -11.5 7.2 6.9
Income (loss) before income taxes 20.0 46.0 2.5 44.8 -4.0 14.7 -23.0
23
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Retail related data (1)
Full year Quarter
(billions of yen) FY2014/15 FY2015/16
FY2013/14 FY2014/15 QoQ YoY
2Q 3Q 4Q 1Q 2Q
Commissions 297.2 258.9 66.7 69.8 67.7 73.8 55.8 -24.3% -16.3%
Of which, brokerage commission 115.4 81.8 19.8 25.1 22.6 26.4 20.0 -24.1% 1.5%
Of which, commissions for distribution of investment trusts 155.4 134.9 37.6 32.8 33.7 34.9 22.5 -35.5% -40.3%
Sales credit 106.1 106.4 25.9 30.0 25.4 26.0 19.7 -24.5% -24.2%
Fees from investment banking and other 40.3 32.5 6.7 8.7 8.0 6.2 16.6 166.8% 148.0%
Investment trust administration fees and other 60.6 71.9 17.3 18.8 20.0 21.9 22.0 0.8% 27.8%
Net interest revenue 7.7 6.9 1.3 1.5 1.8 2.8 1.5 -45.7% 13.3%
Net revenue 511.9 476.5 117.9 128.8 122.9 130.7 115.7 -11.5% -1.9%
Non-interest expenses 319.9 314.7 79.1 78.3 82.0 79.8 78.9 -1.1% -0.2%
Income before income taxes 192.0 161.8 38.9 50.5 40.9 50.9 36.7 -27.8% -5.4%
Domestic distribution volume of investment trusts 1 10,146.4 9,478.5 2,380.2 2,516.7 2,336.3 1,975.3 1,407.3 -28.8% -40.9%
Bond investment trusts 3,146.3 3,110.2 743.9 831.3 739.8 382.2 298.7 -21.8% -59.8%
Stock investment trusts 6,201.4 5,445.1 1,402.8 1,405.4 1,372.4 1,378.9 922.2 -33.1% -34.3%
Foreign investment trusts 798.7 923.1 233.6 280.0 224.1 214.2 186.4 -13.0% -20.2%
Other
Accumulated value of annuity insurance policies 2,033.1 2,401.7 2,206.2 2,305.2 2,401.7 2,531.4 2,640.5 4.3% 19.7%
Sales of JGBs for individual investors (transaction base) 1,037.0 380.6 95.4 84.0 47.8 53.7 60.5 12.6% -36.6%
Retail foreign currency bond sales 1,595.6 1,255.7 276.3 361.1 254.4 257.9 253.2 -1.8% -8.3%
24
(1) 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
109.5 104.8 103.0
Other 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 Sep Dec Mar Jun Sep
Equities 53.2 67.2 58.1 62.2 67.2 70.2 62.3
Foreign currency bonds 6.3 6.3 6.5 6.7 6.3 6.1 5.6
Domestic bonds1 12.8 12.3 13.0 12.3 12.3 12.1 11.8
Stock investment trusts 9.1 10.3 9.9 10.5 10.3 10.4 8.8
Bond investment trusts 5.9 7.3 6.5 7.1 7.3 7.7 7.3
Overseas mutual funds 1.7 1.8 1.8 1.8 1.8 1.7 1.6
Other2 2.7 4.5 3.5 4.2 4.5 5.1 5.7
Total 91.7 109.5 99.3 104.8 109.5 113.4 103.0
(1) Including CBs and warrants. 25
(2) Including annuity insurance.
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Retail related data (3)
Net inflows of cash and securities1
Full year Quarter
(billions of yen) (billions of yen)
1,500 1,000
1,076
997 485
1,000 500
352
177
95
500 0
-137
0 -500
FY2014/15 FY2015/16 FY2013/14 FY2014/15
2Q 3Q 4Q 1Q 2Q
(1) Cash and securities inflows minus outflows, excluding regional financial institutions. 26
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Retail related data (4)
Number of accounts
(Thousands) FY2013/14 FY2014/15 FY2014/15 FY2015/16 Mar Mar Sep Dec Mar Jun Sep
Accounts with balance 5,182 5,294 5,250 5,276 5,294 5,316 5,366
Equity holding accounts 2,718 2,719 2,720 2,723 2,719 2,700 2,725
Nomura Home Trade /
4,012 4,216 4,103 4,154 4,216 4,270 4,337 Net & Call accounts
New Individual accounts / IT share1
Full year Quarter
(Thousands) FY2013/14 FY2014/15 FY2014/15 FT2015/16
2Q 3Q 4Q 1Q 2Q
New individual accounts 364 320 81 77 95 90 103
IT share1
No. of orders 58% 59% 60% 58% 60% 59% 60% Transaction value 33% 37% 37% 37% 39% 37% 40%
27
(1) Percentage of cash stock transactions conducted via Nomura Home Trade.
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Asset Management related data (1)
Full year Quarter
FY2014/15 FY2015/16
(billions of yen) FY2013/14 FY2014/15 2Q 3Q 4Q 1Q 2Q QoQ YoY Net revenue 80.5 92.4 21.7 23.4 23.9 26.9 22.9 -15.1% 5.4% Non-interest expenses 53.4 60.3 13.9 14.1 17.2 15.2 14.4 -4.8% 4.0% Income before income taxes 27.1 32.1 7.8 9.3 6.7 11.7 8.4 -28.4% 7.7%
Assets under management by company
FY2013/14 FY2014/15 FY2014/15 FY2015/16
(trillions of yen)
Mar Mar Sep Dec Mar Jun Sep
Nomura Asset Management1 33.8 42.6 38.3 41.2 42.6 44.4 42.8 Nomura Funds Research and Technologies1 2.6 3.0 2.6 2.9 3.0 3.1 2.1
Nomura Corporate Research and Asset Management 1.6 1.7 1.6 1.6 1.7 1.7 1.5
Nomura Private Equity Capital 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Assets under management (gross)1,2 38.2 47.5 42.7 46.0 47.5 49.4 46.6 Group company overlap 1 7.4 8.2 7.9 8.3 8.2 8.0 6.6 Assets under management (net)3 30.8 39.3 34.8 37.7 39.3 41.4 40.0
(1) Nomura Asset Management took over Nomura Funds Research and Technologies’ institutional investor advisory related business on July 1, 2015.
(2) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. 28 (3) 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 2Q 3Q 4Q 1Q 2Q
Investment trusts business 1,598 3,418 879 1,124 942 1,252 896 of which ETFs 882 843 90 298 477 308 1,294 Investment advisory business -520 50 -44 -46 113 38 1,446 Net asset inflow 1,078 3,469 835 1,078 1,055 1,290 2,342
Domestic public investment trust market and Nomura Asset Management marked share2
(trillions of yen) FY2013/14 FY2014/15 FY2014/15 FY2015/16 Mar Mar Sep Dec Mar Jun Sep
Domestic public stock investment trusts
Market 65.7 80.3 71.7 77.1 80.3 83.1 77.1 Nomura’s share (%) 19% 20% 19% 19% 20% 21% 21% Domestic public bond investment trusts Market 14.5 16.7 15.4 16.4 16.7 17.7 16.0 Nomura’s share (%) 42% 43% 43% 43% 43% 42% 43% ETF
Market 8.1 12.9 9.7 10.6 12.9 14.5 14.5
Nomura’s share (%) 49% 48% 46% 49% 48% 47% 49% 29
(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
2Q 3Q 4Q 1Q 2Q
Net revenue 765.1 789.9 190.6 178.9 231.5 205.2 192.9 -6.0% 1.2% Non-interest expenses 653.3 707.7 168.4 178.5 177.7 185.5 184.3 -0.7% 9.5% Income before income taxes 111.8 82.2 22.2 0.5 53.8 19.7 8.6 -56.1% -61.1%
Breakdown of Wholesale revenues
Full year Quarter
(billions of yen) FY2013/14 FY2014/15 FY2014/15 FY2015/16 QoQ YoY
2Q 3Q 4Q 1Q 2Q
Fixed Income1 385.4 396.9 104.4 75.0 117.4 84.1 83.2 -1.1% -20.3% Equities1 264.3 286.5 63.7 74.7 81.7 92.1 75.5 -18.1% 18.5% Global Markets 649.7 683.4 168.1 149.7 199.0 176.2 158.7 -9.9% -5.6% Investment Banking (Net) 97.4 104.7 22.5 29.6 29.9 29.1 33.4 14.7% 48.6% Other 18.0 1.8 0.0 -0.4 2.5 -0.1 0.8—23.3 x Investment Banking 115.4 106.5 22.5 29.2 32.4 29.0 34.2 18.1% 52.1% Net revenue 765.1 789.9 190.6 178.9 231.5 205.2 192.9 -6.0% 1.2%
Investment Banking (Gross) 184.3 193.8 40.7 52.7 57.3 49.7 63.1 26.9% 54.8%
30
(1) Fixed Income and Equities figures from FY2013/14 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 58.6 58.7
56.4
Terra Firma
50
45.6 44.6
Asia
40
Europe (excluding Terra 30 Firma)
Japan
20
10
0
FY2013/14 FY2014/15 FY2014/15 FY2015/16
Mar Mar Sep Dec Mar Jun Sep Japan 8.1 10.6 13.2 10.8 10.6 9.5 11.1
Europe (excluding Terra Firma) 22.6 19.9 19.3 20.7 19.9 8.7 6.8
Asia 1.9 2.1 1.9 2.1 2.1 2.1 2.0 Sub Total 32.6 32.6 34.4 33.5 32.6 20.3 19.9
Terra Firma 24.6 23.8 24.2 25.2 23.8 25.3 24.7 Total 57.2 56.4 58.6 58.7 56.4 45.6 44.6
31
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Number of employees
FY2013/14 FY2014/15 FY2014/15 FY2015/16 Mar Mar Sep Dec Mar Jun Sep Japan (excluding FA) 14,149 14,144 14,391 14,290 14,144 14,722 14,575
Japan (FA) 1,888 1,829 1,853 1,853 1,829 1,848 1,806
Europe 3,461 3,485 3,530 3,539 3,485 3,492 3,494
Americas 2,281 2,449 2,421 2,445 2,449 2,439 2,514 Asia-Pacific1 5,891 6,765 6,744 6,762 6,765 6,788 6,862 Total 27,670 28,672 28,939 28,889 28,672 29,289 29,251
32
(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.
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Nomura Holdings, Inc.
www.nomura.com