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 2012
NOMURA HOLDINGS, INC.
(Translation of registrants 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):
Information furnished on this form:
Exhibit Number
1. | Consolidated Results of Operations (US GAAP), third quarter, year ended March 2012 |
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 10, 2012 | By: | /s/ Shinji Iwai | ||
Shinji Iwai | ||||
Senior Managing Director |
Consolidated Results of Operations Third quarter, year ending March 2012
(US GAAP)
Nomura Holdings, Inc.
February 2012 © Nomura
Disclaimer
This document is produced by Nomura Holdings, Inc. (Nomura) . Copyright 2012 Nomura Holdings, Inc. All rights reserved.
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.
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.
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.
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. Important 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.
The consolidated financial information in this document is unaudited.
Outline
Presentation Financial Supplement
3Q key points (p. 3) Consolidated balance sheet (p. 23) Executive summary (p. 4) Value at risk (p. 24) Overview of results (p. 5) Consolidated financial highlights (p. 25) Business segment results (p. 6) Consolidated income (p. 26) Retail (p. 7-8) Main revenue items (p. 27)
Asset Management (p. 9-10) Adjustment of consolidated results and segment results: Income (loss) before income taxes (p. 28) Wholesale (p. 11-15) Segment Others (p. 29) Non-interest expenses (p. 16) Retail related data (p. 30-34) Progress of cost reduction program (p. 17) Asset Management related data (p. 35-36) Robust financial position (p. 18) Wholesale related data (p. 37-38) Tier 1 capital and risk-weighted assets (p. 19) Number of employees (p. 39) Funding and liquidity (p. 20) Exposure to European peripheral countries (p. 21)
2
3Q key points
Revenues and income up QoQ; All business divisions profitable at pretax level Retail and Asset Management resilient amid challenging conditions Wholesale revenues increased significantly in all regions and businesses
Realigning to new revenue environment
Implementing $1.2bn cost reduction program to lower break-even point Disciplined risk management
Robust financial position
Highly liquid, clean balance sheet
Capital levels sufficient to meet new capital requirements Abundant liquidity
3
Executive summary
Highlights
3Q net revenue: Y404.9bn (+34% QoQ; +37% YoY), income before income taxes: Y34.5bn, and net income1: Y17.8bn
Retail
Net revenue: Y79.7bn (-5% QoQ); Income before income taxes: Y10.1bn (-6% QoQ)
Consulting-based strategy offset weaker risk appetite among retail investors resulting in only a slight decline in revenues
Asset Management
Net revenue: Y15.3bn (-4% QoQ); Income before income taxes: Y4.2bn (-10% QoQ)
Contained costs to ensure stable profitability despite a decline in assets under management
Wholesale
Net revenue: Y176.2bn (2.2x QoQ); Income before income taxes: Y37.8bn
All regions and business lines reported significantly higher revenues QoQ
Global Markets: Improved trading revenues driven by Fixed Income
Investment Banking: Gross revenue2 increased significantly in Japan and abroad, driven by traditional and solutions business
Fiscal year-to-date net revenue: Y1,036.9bn (+25% YoY), income before income taxes: Y24.2bn (-57% YoY), and net loss1: Y10.5bn
Net Income1 declined by Y13.3bn due to a revision to the tax system in Japan
(1) Net income (loss) attributable to Nomura Holdings shareholders. 4
(2) Gross revenue in Investment Banking excluding Other.
Overview of results
Highlights
(billions of yen)
Net revenue
Non-interest expenses
Income (loss) before income taxes
Net income (loss) 1
ROE 2
FY2011/12 3Q
404.9
370.5
34.5
17.8
3.5%
QoQ (%)
+34%
+7%
YoY (%)
+37% +38% +24% +33%
FY2011/12
1Q 3Q
1,036.9
1,012.7
24.2 (10.5) YoY (%)
+25%
+31%
- 57%
(1) Net income (loss) attributable to Nomura Holdings shareholders.
(2) Calculated using annualized net income for each period
5
Business segment results
Net revenue and income (loss) before income taxes
(billions of yen)
Revenue Retail
Asset Management
Wholesale
Segment total
Other1
Unrealized gain (loss) on
investments in equity securities
held for operating purposes
Net revenue
Income Retail
(loss) before
income taxes Asset Management
Wholesale
Segment total
Other1
Unrealized gain (loss) on
investments in equity securities
held for operating purposes
Income (loss) before income taxes
FY2011/12 3Q
79.7 15.3 176.2 271.2 136.2
(2.5)
404.9
10.1 4.2 37.8 52.2 (15.2)
(2.5)
34.5
QoQ %
- 5%
- 4% 2.2x +51% +9%
-
+34%
- 6%
- 10% - - -
-
-
YoY %
- 18%
- 11% +2%
- 5% 18.9x
-
+37%
- 56%
- 24% 3.5x +33% -
-
+24%
FY2011/12
1Q - 3Q
257.9 50.1 396.7 704.7 338.3
(6.1)
1,036.9
42.8 16.4 (50.1) 9.1 21.2
(6.1)
24.2
YoY %
- 13% +2%
- 11%
- 11% 6.1x
-
+25%
- 49% +19% -
- 88% -
-
- 57%
(1) Other includes entities consolidated as a result of convertingo includes an own-creditNomuraand counterpartyLandcreditandspread valuationBuildingadjustment intoof Y16.2bn.a
(2) Nomura Bank (Luxembourg) S.A. in Asset Management was integratedously reported amountsto haveOtherbeen made toinconformAprilto the current2011.presentation.
6
Retail
Net revenue and income before income taxes
(billions of yen)
FY2010/11 FY2011/12
QoQ YoY
3Q 4Q 1Q 2Q 3Q
Net revenue 97.5 96.2 94.2 84.0 79.7 -5% -18%
Non-interest 74.5 78.6 72.2 73.3 69.6 -5% -7%
expenses
Income before
income taxes 23.0 17.7 22.0 10.7 10.1 -6% -56%
Retail client assets
Key performance indicator
(trillions of yen)
72.3 70.6 70.4
66.1 65.0
FY2010/11 FY2011/12
3Q 4Q 1Q 2Q 3Q
Key points
Net revenue: Y79.7bn (-5% QoQ; -18% YoY)
Income before income taxes: Y10.1bn (-6% QoQ; -56% YoY)
Revenues down marginally amid challenging market conditions
Provided consulting services as retail investor risk appetite
weakened
Income declined only slightly QoQ due to rigorous cost control
Seventh quarter of net asset inflows driven by consulting based approach
Increased sales of domestic and foreign bonds
50,000 new accounts opened
Closer collaboration between branch network and Net & Call
channel; Expanded contact points with clients
Client franchise
Retail client assets Y65trn
Accounts with balance 4.97m
Net asset inflow Y250.2bn
Sales of main investment trusts
Nomura US High Yield Bond Fund Y129.3bn
UBS (JP) Global Defensive Sector Corporate Bond Fund Y117.8bn
Nomura Global High Dividend Stock Premium Fund Y107.8bn
Nomura Global High Yield Bond Fund Y91.4bn
Other sales
IPOs and public offerings Y48.0bn
Bonds (total) Y757.4bn
(of which) foreign bonds Y452.2bn
7
Retail: Client franchise continued to expand despite decline in sales
Total sales
(billions of yen) Stocks Bonds Investment trusts Others
3,000 2,000 1,000 0
FY2010/11 FY2011/12
3Q 4Q 1Q 2Q 3Q
Total sales: -9% QoQ
Investment trusts: Sales down QoQ but resilient compared to market
Enhanced product offering, diversified asset classes, currencies, and investment techniques
Marketing investment trusts matched to client needs
Bonds: Sales up for fourth straight quarter on diverse demand from investors
Robust sales of foreign bonds (diversified across Australian dollar, Turkish lira, Brazilian real, South African rand, etc.)
Sales of JGBs and corporate bonds
Stocks: Sales down QoQ
TSE turnover down 21% QoQ, which also affected sales in secondary market
IPO subscriptions up roughly threefold QoQ
Net asset inflows1: Seventh straight quarter of inflows
(billions of yen) 2,500
2,000 1,500 1,000 500 0
2,122
72
847
1,107
250
FY2010/11 FY2011/12
3Q 4Q 1Q 2Q 3Q
(thousands of accounts)
Accounts with balance (lhs) No. of branches (rhs)
4,960 4,920 4,880
172
174
174
176
178
4,930
4,936
4,945
4,954
4,966
FY2010/11 FY2011/12
3Q 4Q 1Q 2Q 3Q
180 170 160
(1) Net asset inflow = Asset inflows asset outflows
8
Asset Management
Net revenue and income before income taxes1
(billions of yen)
FY2010/11 FY2011/12
QoQ YoY
3Q 4Q 1Q 2Q 3Q
Net revenue 17.3 17.3 18.8 16.0 15.3 -4% -11%
Non-interest 11.7 11.0 11.4 11.2 11.1 -2% -6%
expenses
Income before
income taxes 5.6 6.3 7.4 4.7 4.2 -10% -24%
Assets under management
Key performance indicator
(trillions of yen)
24.7 24.1
25.3
22.7 22.6
FY2010/11 FY2011/12
3Q 4Q 1Q 2Q 3Q
Key points
Net revenue: Y15.3bn (-4% QoQ; -11% YoY)
Income before income taxes: Y4.2bn (-10% QoQ; -24% YoY)
Assets under management declined slightly QoQ
Contained costs to ensure stable profitability
Offered public stock investment trusts (excl. ETFs) products matched to client
needs as investors shied away from the market
Newly launched investment trusts: Initial size and amount as of end of Dec
Nomura Global High Dividend Stock Premium Fund
(currency selection type): Launched Nov 18: Y54.6bn?Y105.6bn
Nomura SNS related Stock Fund: Launched Oct 28: Y13.5bn?Y19.1bn
Nomura Asia Collection Fund: Launched Dec 16: Y14.2bn?Y16.5bn
Inflows into ETFs of Y96.8bn (52.3% market share as of end of Dec)2
International investment advisory business reported inflows from pension
funds for various investment strategies in Japanese equities and for Asian
equities
(1) Nomura Bank (Luxembourg) S.A. in Asset Management was integrated to Other business in April 2011. Certain reclassification of previously reported amounts have been made to conform to the current presentation. 9
(2) Source: Nomura, based on data from The Investment Trust Association, Japan. Nomura Asset Management only.
Asset Management: High market share in investment trusts, high level of investment advisory assets
Fund flows in public stock investment trusts1, 2
(billions of yen)
500 Public stock investment trusts (exc. ETF) ETF
400
400 344 311
300 236
200 97
100 33 53
0
-100 -21
-200
-188
-300 -285
-400
FY2010/11 FY2011/12
3Q 4Q 1Q 2Q 3Q
Share of Japan public stock investment trust market1, 2
23% 22% 21% 20% 19% 18%
21.9% 21.9% 22.0% 21.7% 21.8%
Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
Investment advisory assets under management1, 3
(trillions of yen)
Non-Japan Japan
12.0
10.0
8.0 5.7
4.6 5.3 4.5 4.4
6.0
4.0
2.0 4.5 4.4 4.9 4.7 4.7
0.0
Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
Awards
Four funds awarded Fund of the Year 2011 by Morningstar
Best Awarded Fund
Balanced Fund Division
Nomura Global Six Assets Diversified Fund(Stability Type)
Excellent Fund
Domestic Stock Fund Division Strategic Value Open
Balanced Fund Division Global Three Assets Balance Fund
High Dividend Bond Fund Division Emerging Bond Open Course A
Received 2011 Nikkei Superior
Award
East Japan Revival Support Bond Fund 1105
10
Wholesale
Net revenue and income (loss) before income taxes
(billions of yen)
FY2010/11 FY2011/12
QoQ YoY
3Q 4Q 1Q 2Q 3Q
Net revenue 172.2 186.3 141.2 79.3 176.2 2.2x +2%
Non-interest 161.4 156.9 156.1 152.4 138.3 -9% -14%
expenses
Income (loss) before
income taxes 10.8 29.4 -14.9 -73.1 37.8 - 3.5x
Net revenue by region1
(billions of yen)
200.0 150.0 100.0 50.0 0.0
FY2010/11 FY2011/12
3Q 4Q 1Q 2Q 3Q
20.6
40.3
52.5
58.8
18.8
38.9
57.8
70.8
20.4
37.6
42.6
40.7
8.3
15.6
14.1
41.4
21.6 30.5
45.3
78.8
AEJ Americas EMEA Japan
Key points
Net revenue: Y176.2bn (2.2x QoQ; +2% YoY) Income before income taxes: Y37.8bn (3.5x YoY)
Revenues in all regions and business lines increased significantly QoQ Client-driven strategy continued to gain traction through close alignment of services to client needs in each region and business Improved trading revenues in both Fixed Income and Equities
Regional results (3Q revenues; QoQ change)
Japan (Y78.8bn; +90%)
Investment Banking2 revenues grew, driven by M&A and DCM with cross-border collaboration; additional revenues from private equity business
Fixed Income remained steady, supported by flows generated in new products
EMEA (Y45.3bn; 3.2x)
Marked rebound in Fixed Income revenues delivering a strong quarter across all core products
Investment Banking2 reported an increase in revenue driven by transactions with financial institutions and various solutions
Americas (Y30.5bn; +96%)
Despite suppressed market volumes, Equities revenues rebounded in Derivatives and held steady in Cash
Robust quarter for Fixed Income, led by trading gains in FX and recovery of Securitized Products
AEJ (Y21.6bn; 2.6x)
A record quarter for Fixed Income, with solid performance in both Macro and Credit products
(1) Figures have been reclassified to conform with FY2011/12 3Q disclosure standards
(2) Gross revenue in Investment Banking
11
Wholesale: Global Markets
Net revenue and income (loss) before income taxes
(billions of yen)
FY2010/11 FY2011/12
QoQ YoY
3Q 4Q 1Q 2Q 3Q
Fixed Income 71.7 69.4 67.6 45.7 71.2 +56% -1%
Equities 61.5 64.3 56.7 33.4 39.7 +19% -35%
Others 7.8 3.3 5.8 -6.5 7.7 - -0%
Net revenue 141.0 137.0 130.1 72.6 118.7 +63% -16%
Non-interest expenses 127.8 125.5 124.3 121.2 110.3 -9% -14%
Income (loss) before 13.2 11.5 5.7 -48.6 8.4 - -36%
income taxes
Key points
Net revenue: Y118.7bn (+63% QoQ; -16% YoY) Income before income taxes: Y8.4bn (-36% YoY)
Fixed Income
Net revenue: +56% QoQ
Strong performance amidst continued market stress, with most products posting quarterly gains International business contributed larger share of revenues (68% vs.
53% in H1), driven by strong performance in EMEA and AEJ
Credit and Rates driven by new products and structured transactions, while increased client flows and trading gains boosted FX
Securitized Products gained momentum and maintained market share for agency products Client revenues: +5% QoQ
Equities
Net revenue: +19% QoQ
Client revenues: Down QoQ due to weaker trading volumes Regional results Higher revenues in the Americas
Cash equities robust; improvement in Derivatives including Convertibles AEJ revenues up, while Japan down slightly QoQ
12
Global Markets: Improved business momentum
Fixed Income and Equities performance by region
EMEA
Fixed Income
Strong performance in Rates and Credit (flow and structured) Uptick in cross-divisional business, including M&A related flows in FX and structured transactions with Investment Banking clients
Equities
Completed notable large corporate transactions
Japan
Fixed Income
Continued momentum in Credit and FX, supported by flows from new products and expanded client base Steady performance in Rates
Equities
Relatively resilient execution services Prime brokerage performing consistently Further collaboration with Retail
AEJ
Fixed Income
Record quarter for Macro franchise (local markets FX and Rates flow products)
Equities
Cash Equities revenues contributed to earnings as Program Trading improved Continued collaboration with Investment Banking
Americas
Fixed Income
Further diversification of business portfolio, with robust turnaround in FX
Securitized Products rebounding from significantly weaker Q2
Equities
Cash Equities remained firm
Enhance research coverage and profile among target clients
13
Wholesale: Investment Banking
Net revenue and income (loss) before income taxes
(billions of yen)
FY2010/11 FY2011/12
QoQ YoY
3Q 4Q 1Q 2Q 3Q
Investment Banking (gross)1 61.9 54.4 32.3 23.8 45.1 +90% -27%
Allocation to other divisions 25.6 25.1 13.4 12.3 21.7 +76% -15%
Investment Banking (net) 36.2 29.3 18.9 11.5 23.4 2.0x -35%
Other -5.1 20.1 -7.7 -4.8 34.0 - -
Net revenue 31.1 49.4 11.2 6.7 57.4 8.6x +84%
Non-interest expenses 33.5 31.5 31.8 31.2 28.0 -10% -17%
Income (loss) before income
taxes -2.4 17.9 -20.6 -24.5 29.4 - -
(1) Gross revenue in Investment Banking excluding
(2) Source: Thomson Reuters (Jan 1, 2011 Dec 31, 2011); M&A includes real-estate related acquisitions.
(3) Source: Thomson DealWatch (Jan 1, 2011 Dec 31, 2011); includes self-funded.
Key points
Gross revenue1: Y45.1bn (+90% QoQ; -27% YoY)
Income before income taxes: Y29.4bn
Significant revenue increase on a quarterly basis
Revenue growth driven by both Japan and the International business
Globally focused on traditional as well as solutions business
Won and completed cross border deals out of the home market
Booked revenues in private equity business
Increased revenues together with significant cost reductions led to
improved productivity and pretax profitability
Japan
Revenues driven by DCM transactions for Japanese and
international issuers and by M&A, including cross-border deals.
League table rankings: #1 ECM (30.3%)2, #1 DCM (25.2%)3, #1
M&A (37.1%)2
EMEA
Joint bookrunner on various ECM/DCM deals for European financial
institutions
Solutions products were strong revenue drivers amid a decline in the
overall market fee pool
AEJ
M&A deals contributed to revenue
Americas
Booked revenues from solutions and financial sponsor-related
businesses
14
Investment Banking: Global revenues increased in difficult environment
Revenue1 growth driven by global expansion in line with client needs
Japan
International
+61% +31% +120%
Japan
International
Supporting international expansion of Japanese corporates
- Continued to build track-record in Japan-related cross-border M&A
Global collaboration backed by relatively stable domestic market
- Samurai and Uridashi issuances
- Nexon: Joint global coordinator on listing TSE First Section (Y98bn)
Won mandates from European financial institutions for financing deals driven by tougher capital rules
- Rabobank: Tier 1 capital securities ($2bn)
- Banca Popolare di Milano: rights issue (€800m)
Delivered products and services tailored to client needs - M&A-related solutions (FX/rates hedging, etc.) - Asset and liability management exercises
- Insurance solutions
(1) Gross revenue in Investment
15
Non-interest expenses
Full year Quarter
Other
Business development expenses
Occupancy and related depreciation
Information processing and communications
Commissions and floor brokerage
Compensation and benefits
(Reference)
Excl. newly consolidated entities
(billions of yen) 1,200
1,000 800 600 400 200
0
400
300
200
200
0
Compensation and benefits 345.9 366.8 491.6 526.2 519.0 143.1 127.1 136.3 142.6 127.8 -10.4%
Commissions and floor brokerage 50.8 90.2 73.7 86.1 92.1 24.0 23.0 24.1 22.9 22.5 -1.8%
Information processing and 110.0 135.0 155.0 175.6 182.9 44.2 47.8 43.5 43.5 46.4 6.6%
communications
Occupancy and related depreciation 61.3 64.8 78.5 87.8 87.8 20.5 21.7 20.7 26.4 26.2 -0.7%
Business development expenses 38.1 38.1 31.6 27.3 30.2 7.4 8.8 9.3 12.3 12.7 3.2%
Other 166.5 157.2 262.6 142.5 125.4 28.8 33.5 62.1 98.5 134.9 37.0%
Total 772.6 852.2 1,092.9 1,045.6 1,037.4 268.1 262.0 296.0 346.2 370.5 7.0%
772.6
852.2
(billions of yen)
FY2011.3 FY2012.3
FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 QoQ
3Q 4Q 1Q 2Q 3Q
1,092.9
1,045.6 1,037.4
268.1
262.0
296.0
346.2
370.5
Key points
Non-interest expenses: Y370.5bn
(+7% QoQ)
Excluding newly consolidated entities, non-interest expenses declined approx. 4% QoQ
Compensation and benefits: -10% QoQ - Diligent cost control
Other expenses: +37% QoQ
- Primarily due to higher SG&A expenses (COGS) at newly consolidated entities
16
Progress of cost reduction program
Timeline of $1.2bn cost reduction program Progress to Dec 31, 2011 On schedule
Total of $1.2bn FY2011/12 3Q FY2011/12 4Q FY2012/13 2H
Retail, Retail,
AM 100% Retail and Asset Management
20% AM
Reduced SG&A costs and business
development expenses
Nov 2011
announcement Wholesale: Personnel expenses
Wholesale: 66% progress
$800m WS WS 63% 82% 100%
80% PE Personnel expenses 63%
Headcount reduction
Wholesale: Non-personnel expenses Postponing replacement of leavers, curbing
72% 79% 100% new hires
PE Business efficiencies (platform integration,
$200m improved productivity)
July 2011 WS
announcement NPE Wholesale: Total Non-personnel expenses NPE 37%
$400m $200m 66% 81% 100% Controlling IT system expenses
Costs down due to headcount reduction
Total cost By division
reduction
17
Robust financial position
Balance sheet related indicators and capital ratios
Total assets Y33.5trn
Shareholders Y2.1trnequity
Gross leverage 16.2x
Net leverage1 10.1x
Level 3 assets (net)2 Y0.7trn
Liquidity Y5.5trn
(billions of yen)
Preliminary Sep 30 Dec 31
(Basel 2) (Basel 2.5)
Tier 1 2,050 2,057
Tier 2 449 323
Tier 3 132 302
Total capital 2,530 2,466
RWA 12,899 15,887
Tier 1 ratio 15.8% 12.9%
Tier 1 common raio3 13.7% 11.1%
Total capital ratio 19.6% 15.5%
(1) Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings
(2) Preliminary.
(3) Tier 1 common ratio is defined as Tier 1 capital minus minority interest divided by risk-weighted assets.
Leverage ratio1
(x) 22.0
18.0 14.0 10.0 6.0
FY2010/11 FY2011/12
3Q 4Q 1Q 2Q 3Q
Gross leverage ratio Net leverage ratio
16.2
10.1
Level 3 assets2 and net level 3 assets/Tier 1 capital
(billions of yen) 2,000
1,500 1,000 500 0
Level 3 assets Net Level 3 Assets
Net Level 3 Assets / Tier 1 Capital
80%
0%
FY2010/11 FY2011/12
3Q 4Q 1Q 2Q 3Q
43%
37%
35%
35%
36%
18
Tier 1 capital ratio and risk-weighted assets
Sep 2011 vs. Dec 2011
Reference Preliminary
Tier 1 ratio
Tier 1 common ratio
15.8%
13.7%
12.2%
10.5%
12.9%
11.1%
RWA
(billions of yen)
12,899
+3,800
As of Sep 2011 (Basel 2)
Incease of market risk to comply with Basel 2.5
As of Sep 2011 (Basel 2.5)
Credit risk
Market risk
As of Dec 2011 (Basel 2.5)
Approx. 16,700
-450
-350
Main reason for change:
- Sale of private equity investment
- Reduced trading position, etc.
15,887
19
15% 16% 15% 15% 17% Bank lending
Long term Senior loans
10% 10% market
debt due
7% 70 72 70 72 within one Subordinated
Short term loans
year
debt 11% Subordinated
53 21% bonds/Retail Senior/Retail bonds
Euro MTN/Yen Retail market
26 26
21 Long term
debt Euro MTN/Other
68% Sub bonds/Wholesale Wholesale
Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Senior/Institutional bonds market
(1) Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, liabilities, etc.
(2) Definition differs from financial disclosures cash deposits reflecting portion of liquidity portfolioLiquidityexcludes segregatedManagementsclient funds. view. Senior/Wholesale Cash and bonds
(3) Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios.
(4) Mostly funds deposited with the Bank of Japan
Structurally stable balance sheet
Balance sheet Structurally stable balance sheet
(Dec 31, 2011) Assets Liabilities and equity – 75% of assets are highly liquid trading and related assets matched to trading
and related liabilities through repos etc (matched regionally and by currency)
– Other assets are funded by equity and long term debt
Trading liabilities Approx.
Approx. Trading assets and and related1 54% Ample liquidity portfolio
75% related1
– 17% of total assets
Short term borrowing – Managed using reverse repos mainly in Japan/US/German/UK government
Other liabilities bonds and cash and cash equivalents4.
Cash and cash deposits – To respond to changes in the operating environment, we maintain a liquidity
Long term borrowing portfolio surplus without the need for additional unsecured funding for over
Other assets one year
Total equity
Funding and liquidity
20
Exposure to European peripheral countries
GIIPS country exposure (as of Dec 31, 2011)
(US$m)
Total
Net inventory 1 Of which, exposure matures within 6 months
Of which, exposure matures after 6 months
Total
Net counter party Counter party 2
Of which, reserve / hedges
Net exposure total
Change from Sep 2011
Greece -4 -47 43 46 112 -66 42 -5
Ireland 509 378 131 4 7 -3 513 205
Italy 591 1,080 -489 212 545 -333 803 -2,012
Portugal -115 -18 -97 16 161 -144 -99 -19
Spain 41 24 17 218 339 -122 259 -206
European
peripheral 1,022 1,418 -396 496 1,164 -668 1,518 -2,036
countries –Total
Peripheral Europe net country exposure of $1.52bn as of the end of December
Reduced by $2.04bn (57%) from Sep ($3.55bn)
Italy accounts for 53% of net country exposure ($800m)
Reduced by $2.01bn (71%) from Sep ($2.81bn)
Inventory is all trading assets marked to market
Inventory, both long and short positions
Net counterparty exposure (i.e. repurchase transactions, securities lending and OTC derivatives) less collateral.
21
Financial Supplement
Consolidated balance sheet
(billions of yen)
Mar. 31, 2011
Dec. 31, 2011
Increase (Decrease)
Assets Liabilities
Total cash and cash deposits 2,150 1,770 (381) Short-term borrowings 1,167 1,307 140
Total payables and deposits 2,104 1,949 (155)
Total loans and receivables 2,228 2,548 320 Collateralized financing 13,686 11,896 (1,791)
Trading liabilities 8,689 6,223 (2,466)
Collateralized agreements 15,156 12,604 (2,552) Other liabilities 552 1,132 579
Long-term borrowings 8,403 8,641 238
Total trading assets1 and
private equity investments 15,242 12,872 (2,370) Total liabilities 34,601 31,147 (3,454)
Total other assets 1,916 3,701 1,784 Equity
Total Nomura shareholders equity 2,083 2,061 (21)
Noncontrolling interest 9 286 277
Total assets 36,693 33,495 (3,198) Total liabilities and shareholders equity 36,693 33,495 (3,198)
1. Including securities pledged as collateral.
23
Value at risk
Definition
99% confidence level (2.33 standard dev.)
1-day time horizon for outstanding portfolio
Inter-product price fluctuations considered
From April 1 to December 31, 2011 (billions of yen)
Maximum: 9.7
Minimum: 4.9
Average: 6.5
(billions of yen) (billions of yen) Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Mar. 31, 2010 Mar. 31, 2011 Jun. 30, 2011 Sep. 30, 2011 Dec. 31, 2011
Equity 4.7 4.2 3.8 2.6 1.8 1.6 1.9 1.5
Interest rate 3.7 4.7 6.7 4.4 4.1 4.3 4.0 5.0
Foreign exchange 1.4 8.0 8.7 10.5 4.5 3.8 2.8 3.5
Sub-total 9.8 16.9 19.2 17.5 10.4 9.7 8.8 10.0
Diversification benefit -3.6 -6.8 -7.5 -5.0 -4.1 -3.7 -3.6 -3.6
VaR 6.2 10.1 11.7 12.6 6.3 6.0 5.2 6.4
24
Consolidated financial highlights
Net income loss)
ROE (%)
Full year (billions of yen)
400 20% 8.3% 200 10% 175.8 67.8 28.7 0 0% 3.7% .4% -67.8 -200 -10%-400 -20% -600 -30% -800 -708.2 -40%
Quarter (billions of yen) 40 4% 3.4%
30 3% 17.8 17.8 20 13.4 11.9 2% 10 1.4% 1%
1.1%
0 0%
-10 -1%
-20 -2%
-30 -3%
-40 -4%
-50 -46.1 -5%
FY2010/11 FY2011/12
FY06/07 FY07/08 FY08/09 FY09/10 FY10/11
3Q 4Q 1Q 2Q 3Q
Net revenue 1,091.1 787.3 312.6 1,150.8 1,130.7 295.9 299.4 330.4 301.6 404.9
Income (loss) before income taxes 318.5 -64.9 -780.3 105.2 93.3 27.8 37.4 34.4 -44.6 34.5
Net income (loss) attributable to Nomura 175.8 -67.8 -708.2 67.8 28.7 13.4 11.9 17.8 -46.1 17.8
Holdings, Inc. (NHI) shareholders
Total Nomura shareholders equity 2,185.9 1,988.1 1,539.4 2,126.9 2,082.8 2,061.5 2,082.8 2,101.7 2,037.6 2,061.5
ROE (%)1 8.3% - - 3.7% 1.4% 1.1% 1.4% 3.4% - -
Basic-Net income (loss) attributable to 92.25 -35.55 -364.69 21.68 7.90 3.72 3.30 4.93 -12.64 4.87
NHI shareholders per share(yen)
Shareholders equity per share (yen) 1,146.23 1,042.60 590.99 579.70 578.40 572.57 578.40 583.27 556.52 562.83
*1 Quarterly ROE is calculated using annualized year-to-date net income.
Note: Net income (loss) attributable to Nomura Holdings was previously reported as Net income (loss).
25
Consolidated income
Full year Quarter
(billions of yen) FY2010/11 FY2011/12
FY06/07 FY07/08 FY08/09 FY09/10 FY10/11
3Q 4Q 1Q 2Q 3Q
Revenue
Commissions 337.5 404.7 306.8 395.1 405.5 100.0 103.8 96.8 85.9 74.0
Fees from investment banking 99.3 85.1 55.0 121.3 107.0 34.0 27.8 13.8 13.8 17.2
Asset management and portfolio service fees 146.0 189.7 140.2 132.2 143.9 37.1 38.3 39.1 36.7 33.4
Net gain on trading 290.0 61.7 -128.3 417.4 336.5 104.9 68.7 67.5 26.0 80.1
Gain (loss) on private equity investments 47.6 76.5 -54.8 11.9 19.3 -2.4 23.6 -6.0 -2.3 34.6
Interest and dividends 981.3 796.5 331.4 235.3 346.1 106.9 93.5 133.1 107.3 103.1
Gain (loss) on investments in equity securities -20.1 -48.7 -25.5 6.0 -16.7 2.1 -2.8 -0.6 -2.5 -2.8
Private equity entities product sales 100.1 - - - - - - - - -
Other 67.4 28.2 39.9 37.5 43.9 3.4 12.2 83.4 113.0 141.9
Total revenue 2,049.1 1,593.7 664.5 1,356.8 1,385.5 386.0 365.0 427.0 377.8 481.5
Interest expense 958.0 806.5 351.9 205.9 254.8 90.2 65.6 96.6 76.3 76.6
Net revenue 1,091.1 787.3 312.6 1,150.8 1,130.7 295.9 299.4 330.4 301.6 404.9
Non-interest expenses 772.6 852.2 1,092.9 1,045.6 1,037.4 268.1 262.0 296.0 346.2 370.5
Income (loss) before income taxes 318.5 -64.9 -780.3 105.2 93.3 27.8 37.4 34.4 -44.6 34.5
Net income (loss) 175.8 -67.8 -708.2 67.8 28.7 13.4 11.9 17.8 -46.1 17.8
Note: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.
26
Main revenue items
Commissions
Fees from Investment Banking
Asset Management and portfolio service fees
Full year Quarter
FY2010/11 FY2011/12
(billions of yen) FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 3Q 4Q 1Q 2Q 3Q
Stock brokerage commissions 98.3 75.1 50.8 55.3 51.4 12.7 16.3 8.7 9.2 7.0
(retail)
Stock brokerage commissions 73.2 166.6 144.7 140.3 144.6 35.9 37.7 34.2 34.4 32.3
(other)
Other brokerage commissions 6.8 9.3 7.9 8.0 11.5 2.3 5.3 2.5 3.2 2.0
Commissions for distribution of 120.5 121.2 75.9 165.9 166.4 39.8 34.8 43.1 31.0 24.9
investment trusts
Other 38.6 32.4 27.5 25.5 31.6 9.5 9.7 8.2 8.2 7.8
Total 337.5 404.7 306.8 395.1 405.5 100.0 103.8 96.8 85.9 74.0
Equity underwriting and distribution 56.6 32.1 13.2 74.9 49.8 21.8 9.8 2.7 2.1 4.2
Bond underwriting and distribution 15.3 13.4 11.9 16.6 26.3 4.8 6.8 3.4 5.0 4.5
M&A / financial advisory fees 26.7 37.8 26.7 29.2 27.1 6.8 8.4 7.3 6.4 7.5
Other 0.7 1.8 3.1 0.5 3.9 0.6 2.8 0.3 0.4 1.1
Total 99.3 85.1 55.0 121.3 107.0 34.0 27.8 13.8 13.8 17.2
Asset management fees 106.3 150.3 104.1 97.6 106.7 27.8 28.7 29.5 27.8 24.9
Administration fees 24.0 21.7 21.3 19.4 21.0 5.0 4.9 4.8 4.5 4.3
Custodial fees 15.7 17.7 14.7 15.3 16.3 4.3 4.7 4.7 4.4 4.2
Total 146.0 189.7 140.2 132.2 143.9 37.1 38.3 39.1 36.7 33.4
27
Adjustment of consolidated results and segment results: Income (loss) before income taxes
(billions of yen)
Retail Asset Management Wholesale Three Business segments total Other Segments total
Unrealized gain (loss) on investments in equity securities held for operating purposes
Effect of consolidation/deconsolidation of certain private equity investee companies
Total
Full year Quarter
FY2010/11 FY2011/12
FY06/07 FY07/08 FY08/09 FY09/10 FY10/11
3Q 4Q 1Q 2Q 3Q
160.9 122.3 18.2 113.4 101.2 23.0 17.7 22.0 10.7 10.1
36.3 31.1 4.1 15.2 20.0 5.6 6.3 7.4 4.7 4.2
156.0 -150.1 -717.3 175.2 6.7 10.8 29.4 -14.9 -73.1 37.8
353.2 3.3 -695.0 303.8 127.9 39.4 53.4 14.6 -57.7 52.2
24.0 -18.1 -62.1 -207.9 -17.8 -13.3 -12.9 21.0 15.4 -15.2
377.3 -14.7 -757.1 95.8 110.2 26.1 40.5 35.6 -42.3 36.9
-38.2 -50.2 -23.1 9.4 -16.9 1.7 -3.0 -1.3 -2.4 -2.5
-21.5 - - - - - - - - -
318.5 -64.9 -780.3 105.2 93.3 27.8 37.4 34.4 -44.6 34.5
Gain (loss) on investments in equity securities, our share of equity in the earnings (losses) of affiliates, impairment losses on long-lived assets, corporate items and other financial adjustments are included as
Other operating results outside business segments in our segment information.
The defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ended March 31, 2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.
Nomura Bank (Luxembourg) S.A. in Asset Management was integrated to Other business in April 2011. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.
28
Segment
Income (loss) before income taxes
Full year Quarter
(billions of yen) (billions of yen)
40 24.0 40
21.0 15.4
0 0
-40 -18.1 -17.8 -13.3 -12.9 -15.2 -40
-80 -62.1 -80
-120 -120
-160 -160
-200 -200
-207.9
-240 -240
FY2010/11 FY2011/12
FY06/07 FY07/08 FY08/09 FY09/10 FY10/11
3Q 4Q 1Q 2Q 3Q
Net gain (loss) related to economic -30.0 11.4 28.0 3.3 2.3 5.2 -2.1 -1.5 4.2 7.7
hedging transactions
Realized gain on investments in equity 18.1 1.5 -2.4 -3.4 0.2 0.4 0.3 0.7 -0.2 -0.3
securities held for operating purposes
Equity in earnings of affiliates 53.2 4.7 -0.7 7.8 9.0 1.4 5.3 3.5 2.0 1.3
Corporate items -11.1 -13.4 -70.5 -83.3 -33.3 -15.7 -20.7 12.8 -8.4 -28.9
Others* -6.2 -22.3 -16.5 -132.3 4.0 -4.6 4.3 5.6 17.8 4.9
Income (Loss) before income taxes 24.0 -18.1 -62.1 -207.9 -17.8 -13.3 -12.9 21.0 15.4 -15.2
* Businesses not included in the three business divisions (Nomura Trust & Banking, etc.) are included in others.
1: The defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ended March 31, 2009. Certain reclassifications of previously reported
amounts have been made to conform to the current presentation.
2: Net gain (loss) on trading related to economic hedging transactionsing transactionswas reclassifiedfrom the fourthas Netquartergain of
net gain (loss) related to economic hedging transactions not included in net gain (loss) on trading. In addition, net gain (loss) on trading from the change in own credit of certain structured notes issued, which was
previously classified as Net gain (loss) on trading related. The reclassificationsto economicof previously reportedhedgingamounts have transactions,been made to conform to the has
current year presentation.
3: Nomura Bank (Luxembourg) S.A. in Asset Management was integrated to Other business in April 2011. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.
29
Retail related data (1)
Full year Quarter
(billions of yen) FY2010/11 FY2011/12
FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 QoQ YoY
3Q 4Q 1Q 2Q 3Q
Commissions 251.4 225.9 151.0 238.9 244.8 60.2 58.8 58.7 48.2 38.7 -19.7% -35.7%
Sales credit 96.8 94.2 71.4 63.8 52.8 13.0 13.2 15.2 13.0 15.2 16.3% 16.7%
Fees from investment banking 24.0 14.9 13.4 33.6 42.3 11.0 10.7 6.2 9.5 13.7 44.5% 24.7%
Investment trust administration fees and other 47.5 59.7 50.9 47.3 48.5 12.2 12.4 12.9 12.3 10.9 -11.1% -10.6%
Net interest revenue 20.4 7.3 5.2 4.7 4.1 1.1 1.2 1.2 1.0 1.2 26.6% 11.5%
Net revenue 440.1 402.0 291.9 388.3 392.4 97.5 96.2 94.2 84.0 79.7 -5.1% -18.2%
Non-interest expenses 279.3 279.7 273.6 274.9 291.2 74.5 78.6 72.2 73.3 69.6 -5.0% -6.5%
Income before income taxes 160.9 122.3 18.2 113.4 101.2 23.0 17.7 22.0 10.7 10.1 -5.9% -56.1%
Domestic distribution volume of investment trusts1 9,846.9 6,825.1 9,713.2 9,473.5 2,258.8 2,312.9 2,642.7 2,081.8 1,827.5 -12.2% -19.1%
Bond investment trusts 3,681.8 2,731.6 2,380.1 2,641.8 650.1 718.9 787.6 647.3 691.3 6.8% 6.3%
Stock investment trusts 4,816.1 2,969.3 6,165.7 5,606.9 1,327.4 1,342.9 1,577.9 1,203.1 956.9 -20.5% -27.9%
Foreign investment trusts 1,349.0 1,124.2 1,167.4 1,224.8 281.3 251.0 277.3 231.4 179.3 -22.5% -36.3%
Other
Accumulated value of annuity insurance policies 990.4 1,205.3 1,413.3 1,609.2 1,697.3 1,675.2 1,697.3 1,722.7 1,756.4 1,780.4 1.4% 6.3%
Sales of JGBs for individual investors
(transaction base) 615.2 292.3 109.6 22.2 32.8 10.7 15.8 36.7 102.9 78.9 -23.3% 7.4x
Retail foreign currency bond sales 677.1 954.0 867.4 1,080.3 1,565.6 328.7 388.2 414.0 439.7 452.2 2.9% 37.6%
1. |
|
Nomura Securities. |
30
Retail related data (2)
Stock brokerage commissions and commissions for distribution of investment trusts1
Stock brokerage commissions
Commissions for distribution of investment trusts
Stock brokerage commissions
Full year Quarter
(billions of yen) (billions of yen)
180
70
150 60
120 50
40
90
30
60
20
30
10
0 0
FY2010/11 FY2011/12
FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 QoQ YoY
3Q 4Q 1Q 2Q 3Q
98.3 75.1 50.8 55.3 51.4 12.7 16.3 8.7 9.2 7.0 -23.9% -45.0%
Commissions for distribution of investment trusts1
124.7 124.5 79.8 168.8 170.1 40.7 35.7 44.1 32.0 25.6 -20.0% -37.1%
1. Nomura Securities.
31
Retail related data (3)
Retail client assets
Full year Quarter
(trillions of yen)
Other
Overseas mutual funds Bond investment trusts Stock investment trusts Domestic bonds Foreign currency bonds Equities
100
85.2
80 72.2 73.5
70.6 70.4
66.1 65.0 59.3
60
40
20
0
Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Mar. 31, 2010 Mar. 31, 2011 Jun. 30, 2011 Sep. 30, 2011 Dec. 31, 2011
Equities 48.5 37.2 28.6 39.2 35.8 35.4 32.6 31.8
1
Foreign currency bonds 3.3 2.7 5.5 5.6 5.9 5.9 5.7 5.9
2
Domestic bonds 16.4 16.5 13.0 13.4 12.8 12.8 13.1 12.7
Stock investment trusts 7.4 7.3 5.0 7.3 8.3 8.5 7.0 6.9
Bond investment trusts 4.7 4.4 4.0 4.0 4.1 4.2 4.2 4.2
Overseas mutual funds 2.0 1.7 1.4 1.6 1.5 1.5 1.4 1.4
Other 3 2.9 2.5 1.9 2.2 2.3 2.2 2.1 2.1
Total 85.2 72.2 59.3 73.5 70.6 70.4 66.1 65.0
1. Euroyen bonds have been moved from domestic bonds to foreign currency bonds from the third quarter of the fiscal year ended March 31, 2009.
2. Includes CBs and warrants.
3. Includes annuity insurance.
32
Retail related data (4)
Retail client assets: Net asset inflow1
Full year Quarter
(billions of yen) (billions of yen)
8,000 6,000
5,000
5,975
6,000
5,279
4,868 4,928 4,000
3,942
4,000 3,000
2,122
2,000
2,000
847 1,107
1,000
250
72
0 0
FY2010/11 FY2011/12
FY2006/07 FY2007/08 FY2008/09 FY2009/10 FY2010/11
3Q 4Q 1Q 2Q 3Q
1. Retail client assets exclude portion from regional financial institutions.
Note: Net asset inflow = asset inflow asset outflow.
33
Retail related data (5)
From December 2011, number of accounts refers to total of Nomura Home Trade and Net & Call accounts.
IT share is the percentage of trades via Nomura Home Trade and our Telephone Answer service comprising the total of cash stock transactions and kabushiki-mini-toshi (odd lot stock investment).
34
Number of accounts
(Thousands)
(Thousands)
New Individual accounts / IT share2 Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Mar. 31, 2010 Mar. 31, 2011 Jun. 30, 2011 Sep. 30, 2011 Dec. 31, 2011
Accounts with balance Accounts with balance 3,953 4,165 4,467 4,883 4,936 4,945 4,954 4,966
Equity holding accounts Equity holding accounts 1,853 2,027 2,347 2,572 2,695 2,696 2,703 2,707
Nomura Home Trade / Net & Call accounts1 Nomura Home Trade / Net & Call accounts1 2,243 2,765 3,095 3,189 3,328 3,348 3,369 3,745
FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 FY2010/11 FY2010/11 FY2011/12 FY2011/12 FY2011/12
FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 3Q 4Q 1Q 2Q 3Q
New individual accounts (thousands) New individual accounts (thousands) 417 580 608 336 326 81 69 69 53 50
IT share2 IT share2
No. of orders 55% 57% 59% 58% 53% 43% 58% 58% 59% 56%
Transaction value 27% 29% 29% 29% 27% 19% 31% 32% 32% 29%
Asset Management related data (1)
FY2010/11 FY2011/12
(billions of yen) FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 QoQ YoY
3Q 4Q 1Q 2Q 3Q
Net revenue 80.7 81.1 51.9 62.1 66.5 17.3 17.3 18.8 16.0 15.3 -4.1% -11.4%
Non-interest expenses 44.4 50.0 47.8 46.8 46.5 11.7 11.0 11.4 11.2 11.1 -1.6% -5.5%
Income before income taxes 36.3 31.1 4.1 15.2 20.0 5.6 6.3 7.4 4.7 4.2 -10.0% -23.9%
1. The defined contribution pension plan business in Asset Management was integrated to other business in the second quarter of the fiscal year ended March 31, 2009. Certain reclassifications of previously reported amounts
have been made to conform to the current presentation.
2. Nomura Bank (Luxembourg) S.A. in Asset Management was integrated to Other business in April 2011. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.
Total assets under management1
Full year Quarter
(trillions of yen)
35
30
27.0 25.8
23.4 24.7 25.3
25 22.7 22.6
20.2
20
15
10
5
0
Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Mar. 31, 2010 Mar. 31, 2011 Jun. 30, 2011 Sep. 30, 2011 Dec. 31, 2011
Total assets under management of Nomura Asset Management, Nomura Corporate Research and Asset Management, Nomura Funds Research and Technologies, Nomura Asset Management Deutschland KAG , and Nomura Funds Research and Technologies America, Nomura Private Equity Capital. Adjusted for asset overlap amongst group companies. Nomura Funds Research and Technologies America data as of end of November 2011.
35
Asset Management related data (2)
Based on reporting standards for The Investment Trusts Association, Japan and the Japan Securities Investment Advisers Association.
Source: Investment Trusts Association, Japan
36
Nomura Asset Management assets under management1
Domestic public investment trust market and
Nomura Asset Management market share2
Nomura Asset Management investment advisory assets1
Nomura Asset Management net asset inflow1
(trillions of yen)
(trillions of yen)
(trillions of yen)
(trillions of yen)
Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Mar. 31, 2010 Mar. 31, 2011 Jun. 30, 2011 Sep. 30, 2011 Dec. 31, 2011
Public stock investment trusts 10.8 9.8 6.5 8.1 9.4 9.5 8.1 8.0
Public bond investment trusts 5.8 5.3 4.8 4.8 4.8 4.8 4.6 4.6
Privately placed investment trusts 2.2 2.0 1.6 1.7 1.7 1.7 1.5 1.5
Investment trusts Investment trusts 18.8 17.2 13.0 14.7 15.9 16.0 14.2 14.1
Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Mar. 31, 2010 Mar. 31, 2011 Jun. 30, 2011 Sep. 30, 2011 Dec. 31, 2011
Domestic investment advisory 3.7 4.6 4.3 4.7 4.4 4.9 4.7 4.7
Overseas investment advisory 3.4 2.4 1.7 2.6 5.3 5.7 4.5 4.4
Investment advisory Investment advisory 7.1 7.1 6.0 7.3 9.7 10.6 9.2 9.1
Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Mar. 31, 2010 Mar. 31, 2011 Jun. 30, 2011 Sep. 30, 2011 Dec. 31, 2011
Domestic public stock investment trusts Domestic public stock investment trusts Domestic public stock investment trusts Domestic public stock investment trusts
Market 59.4 57.7 40.4 52.6 54.2 54.6 47.3 46.8
Nomuras share (%) 18% 17% 16% 15% 17% 17% 17% 17%
Domestic public bond investment trusts Domestic public bond investment trusts Domestic public bond investment trusts Domestic public bond investment trusts
Market 13.2 12.0 11.1 11.1 11.1 11.1 10.5 10.6
Nomuras share (%) 44% 44% 43% 43% 43% 43% 43% 43%
FY 06/07 FY 07/08 FY 08/09 FY 09/10 FY 10/11 FY2010/11 FY2010/11 FY2011/12 FY2011/12 FY2011/12
FY 06/07 FY 07/08 FY 08/09 FY 09/10 FY 10/11 3Q 4Q 1Q 2Q 3Q
Public stock investment trusts Public stock investment trusts 3.8 2.0 0.0 -0.2 1.7 0.1 0.3 0.3 0.3 -0.1
Excluding ETFs 3.7 1.8 -0.4 0.0 1.7 0.4 0.3 0.3 0.1 -0.2
Public bond investment trusts Public bond investment trusts 0.2 -0.5 -0.5 -0.0 0.0 0.3 -0.1 0.0 -0.3 0.0
Privately placed investment trusts Privately placed investment trusts 0.7 0.2 0.1 -0.2 0.0 0.1 -0.0 -0.0 -0.0 -0.0
Net asset inflow Net asset inflow 4.6 1.7 -0.4 -0.4 1.7 0.5 0.3 0.4 -0.0 -0.1
Wholesale related data (1)
37
Wholesale
Global Markets
Investment Banking
(billions of yen)
(billions of yen)
(billions of yen)
FY08/09 FY09/10 FY10/11 FY2010/11 FY2010/11 FY2011/12 FY2011/12 FY2011/12 QoQ YoY
FY08/09 FY09/10 FY10/11 3Q 4Q 1Q 2Q 3Q QoQ YoY
Global Markets -157.3 658.4 518.8 141.0 137.0 130.1 72.6 118.7 63.4% -15.8%
Investment Banking -6.4 131.1 111.7 31.1 49.4 11.2 6.7 57.4 8.6x 84.5%
Net revenue -163.6 789.5 630.5 172.2 186.3 141.2 79.3 176.2 2.2x 2.3%
Non-interest expenses 553.7 614.3 623.8 161.4 156.9 156.1 152.4 138.3 -9.2% -14.3%
Income (Loss) before income taxes -717.3 175.2 6.7 10.8 29.4 -14.9 -73.1 37.8 3.5x
FY08/09 FY09/10 FY10/11 FY2010/11 FY2010/11 FY2011/12 FY2011/12 FY2011/12 QoQ YoY
FY08/09 FY09/10 FY10/11 3Q 4Q 1Q 2Q 3Q QoQ YoY
Fixed Income -217.2 308.0 259.8 71.7 69.4 67.6 45.7 71.2 55.8% -0.7%
Equities 98.9 352.8 227.3 61.5 64.3 56.7 33.4 39.7 18.9% -35.4%
Other -38.9 -2.4 31.6 7.8 3.3 5.8 -6.5 7.7 -0.4%
Net revenue -157.3 658.4 518.8 141.0 137.0 130.1 72.6 118.7 63.4% -15.8%
Non-interest expenses 417.4 486.4 499.3 127.8 125.5 124.3 121.2 110.3 -9.0% -13.7%
Income (Loss) before income taxes -574.6 172.0 19.5 13.2 11.5 5.7 -48.6 8.4 -36.2%
FY08/09 FY09/10 FY10/11 FY2010/11 FY2010/11 FY2011/12 FY2011/12 FY2011/12 QoQ YoY
FY08/09 FY09/10 FY10/11 3Q 4Q 1Q 2Q 3Q QoQ YoY
Investment Banking (Gross) 87.6 196.1 185.0 61.9 54.4 32.3 23.8 45.1 89.8% -27.1%
Allocation to other divisions 24.1 77.2 82.6 25.6 25.1 13.4 12.3 21.7 76.4% -15.5%
Investment Banking (Net) 63.5 118.9 102.4 36.2 29.3 18.9 11.5 23.4 2.0x -35.3%
Other -69.9 12.2 9.4 -5.1 20.1 -7.7 -4.8 34.0 -
Net revenue -6.4 131.1 111.7 31.1 49.4 11.2 6.7 57.4 8.6x 84.5%
Non-interest expenses 136.3 127.9 124.5 33.5 31.5 31.8 31.2 28.0 -10.2% -16.5%
Income (Loss) before income taxes -142.7 3.2 -12.8 -2.4 17.9 -20.6 -24.5 29.4 -
Wholesale related data (2)
Private equity related investments
38
Full year
Quarter
(billions of yen)
543.4
Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Mar. 31, 2010 Mar. 31, 2011 Jun. 30, 2011 Sep. 30, 2011 Dec. 31, 2011
Japan 195.5 169.5 191.7 186.9 165.9 159.7 146.0 71.2
Europe (excluding Terra Firma) 35.7 41.4 60.0 60.4 33.5 29.2 26.8 24.7
Asia 3.2 3.6 3.3 3.2 2.3 2.1
Sub Total 231.2 210.9 254.9 250.9 202.7 192.0 175.1 98.0
Terra Firma 312.2 170.5 111.4 119.2 125.0 121.7 111.3 110.9
Total 543.4 381.4 366.3 370.0 327.7 313.7 286.4 208.9
600
543.4
500
400 381.4
366.3 370.0
327.7 313.7
300 286.4
208.9 200
100
0
Number of employees
Excludes employees of private equity investee companies.
Figures up to March 2008 include savings advisors.
Includes Powai office in India.
Note: Headcount figures have been reclassified to include certain contract employees since September 2007. Certain reclassifications of previously reported amounts have been made to
conform to the current presentation.
39
Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Mar.31,2010 Mar. 31,2011 Jun. 30,2011 Sep. 30,2011 Dec. 31,2011
Japan (excluding FA)1 10,667 11,561 12,929 12,857 12,829 20,263 20,105 19,882
Japan (FA)2 2,174 2,377 2,391 2,196 2,089 2,096 2,078 2,048
Europe 1,791 1,956 4,294 4,369 4,353 4,436 4,492 4,143
Americas 1,322 1,063 1,079 1,781 2,348 2,383 2,537 2,466
Asia-Pacific3 900 1,070 4,933 5,171 5,252 6,452 6,485 6,394
Total 16,854 18,026 25,626 26,374 26,871 35,630 35,697 34,933
Nomura Holdings, Inc.
www.nomura.com