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 May 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), fourth 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: May 11, 2012 | By: | /s/ Minoru Hatada | ||
Minoru Hatada | ||||
Senior Managing Director |
Consolidated Results of Operations Fourth quarter, year ended March 2012
(US GAAP)
Nomura Holdings, Inc.
April 2012
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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.
Outline
Presentation
Executive summary (p. 3) Overview of results (p. 4) Business segment results (p. 5) Retail (p. 6-7) Asset Management (p. 8-9) Wholesale (p. 10-14) Non-interest expenses (p. 15)
Progress of cost reduction program (p. 16) Robust financial position (p. 17) Funding and liquidity (p. 18)
Exposure to European peripheral countries (p. 19)
Financial Supplement
Consolidated balance sheet (p. 21) Value at risk (p. 22) Consolidated financial highlights (p. 23) Consolidated income (p. 24) Main revenue items (p. 25)
Adjustment of consolidated results and segment results: Income (loss) before income taxes (p. 26) Segment Others (p. 27) Retail related data (p. 28-32) Asset Management related data (p. 33-34) Wholesale related data (p. 35-36) Number of employees (p. 37)
2
Executive summary
Highlights
FY2011/12 4Q
All business segments profitable at pretax level; Firm-wide revenues and pretax income up QoQ and YoY
Net revenue: Y499.0bn (+23% QoQ; +67% YoY)
Income before income taxes: Y60.8bn(+76% QoQ; +62% YoY)
Net income1: Y22.1bn(+24% QoQ; +86% YoY)
Retail: Net revenue of Y92.4bn (+16% QoQ); Income before income taxes of Y20.3bn (+101% QoQ)
Retail investor risk appetite recovered as the market environment improved; Revenues driven primarily by equities and stock investment trusts
Asset Management: Net revenue of Y15.7bn (+3% QoQ); Income before income taxes of Y4.1bn (-3% QoQ)
Higher revenues driven by Y2trn increase in assets under management from December to Y24.6trn
Wholesale: Net revenue of Y159.2bn (-10% QoQ); Income before income taxes of Y12.5bn (-67% QoQ)
Global Markets: Trading revenue increased on improved market environment; Revenue growth in EMEA and the Americas
Investment Banking: Although revenues were down QoQ, we saw an increase in cross-border deals due to closer collaboration across regions
FY2011/12 Full year
Revenues and pretax income improved after bottoming out in 2Q
Net revenue: Y1,535.9bn (+36% YoY)
Income before income taxes: Y85.0bn(-9% YoY)
Net income1: Y11.6bn(-60% YoY)
FY2011/12
Includes results of entities newly consolidated as a result of converting Nomura Land and Building into a subsidiary
Net income1 declined by Y13.3bn due to a revision to the tax system in Japan
Retail continued to drive firm-wide earnings despite a YoY decline in revenues due to the challenging market environment Asset Management reported higher pretax income YoY by capturing new client funds and containing costs
Wholesale performance recovered in 2H after booking pretax losses in 1H due to the market slump driven by the eurozone debt crisis
(1) Net income attributable to Nomura Holdings shareholders.
Income (loss) before income taxes
(billions of yen)
34.4
34.5
60.8
-44.6
FY2011/12
1Q 2Q 3Q 4Q
3
Overview of results
Highlights
(billions of yen)
FY2011/12 QoQ YoY FY2011/12 YoY
4Q(%) (%) Full year (%)
Net revenue 499.0 +23% +67% 1,535.9 +36%
Non-interest expenses 438.2 +18% +67% 1,450.9 +40%
Income before income taxes 60.8 +76% +62% 85.0 -9%
Net income1 22.1 +24% +86% 11.6 -60%
ROE2 4.2% 0.6%
(1) Net income attributable to Nomura Holdings shareholders. (2) Calculated using annualized net income for each period.
4
Business segment results
Net revenue and income (loss) before income taxes
(billions of yen)
FY2011/12 FY201/12
QoQ YoY YoY
4Q Full year
Net revenue Retail 92.4 +16% -4% 350.3 -11%
Asset Management 15.7 +3% -9% 65.8 -1%
Wholesale 159.2 -10% -15% 555.9 -12%
Segment total 267.2 -1% -11% 971.9 -11%
Other1 221.8 +63% 87.2x 560.1 9.6x
Unrealized gain (loss) on
investments in equity securities 9.9 - 3.8 -
held for operating purposes
Net revenue 499.0 +23% +67% 1,535.9 +36%
Income (loss) Retail 20.3 +101% +15% 63.1 -38%
before income
taxes Asset Management 4.1 -3% -34% 20.5 +2%
Wholesale 12.5 -67% -57%(37.6) -
Segment total 36.9 -29% -31% 46.1 -64%
Other1 13.9 - 35.1 -
Unrealized gain (loss) on
investments in equity securities 9.9 - 3.8 -
held for operating purposes
Income (loss) before income
taxes 60.8 +76% +62% 85.0 -9%
(1) Other includes entities consolidated as a result of converting FY2012/12 4Q includes own-creditNomura and counterparty Land credit spread and valuation Building adjustment of -Y9. into 9bn.
(2) Nomura Bank (Luxembourg) S.A. in Asset Management was integrated ously reported amounts to have Other been made toin conform April to the current 2011. presentation. Certain
5 |
|
Retail
Net revenue and income before income taxes
(billions of yen)
Full year Quarter
FY10
FY10 FY11 FY2011/12
/11 /12 /11 QoQ YoY
4Q 1Q 2Q 3Q 4Q
Net revenue 392.4 350.3 96.2 94.2 84.0 79.7 92.4 +16% -4%
Non-interest expenses 291.2 287.1 78.6 72.2 73.3 69.6 72.1 +4% -8%
Income before income 101.2 63.1 17.7 22.0 10.7 10.1 20.3 +101% +15%
taxes
Retail client assets
Key performance indicator (trillions of yen)
70.6 70.4 72.0
66.1 65.0
FY2010/11 FY2011/12
4Q 1Q 2Q 3Q 4Q
Key points
4Q results
Net revenue: Y92.4bn(+16% QoQ; -4% YoY)
Income before income taxes: Y20.3bn(+101% QoQ; +15% YoY)
Revenues and pretax income up QoQ: Retail investors showed higher risk
appetite as market conditions improved
Expanded product offering to meet the needs of a diverse range of
investors
Revenues driven by equities and stock investment trusts
Client franchise
Retail client assets Y72.0trn
Accounts with balance 4.98m
Net asset inflows Y191.0bn (Eighth quarter of net inflows)
Sales of main investment trusts
Nomura Australian Bond Open Premium Y301.2bn
Nomura US High Yield Bond Fund Y120.7bn
Nomura Asia High Yield Bond Fund Y116.9bn
Nomura Global High Dividend Stock Premium Y72.4bn
Other sales (4Q total)
IPOs and public offerings Y55.3bn
Bonds (total) Y544.5bn
(of which) foreign bonds Y397.5bn
Full year results
Net revenue: Y350.3bn(-11% YoY)
Income before income taxes: Y63.1bn(-38% YoY)
Made significant contribution to firm-wide earnings despite decline in pretax income due to challenging market environment
Net asset inflows of Y2.4trn driven by consulting-based sales approach
6
Retail: Consulting-based sales
Total sales
(billions of yen)
Stocks Bonds Investment trusts Others
3,000 2,000 1,000 0
FY2010/11 FY2011/12
4Q 1Q 2Q 3Q 4Q
Eighth straight quarter of net asset inflows1
(billions of yen)
1,200
800
400
0
1,107
847
250
191 72
FY2010/11 FY2011/12
4Q 1Q 2Q 3Q 4Q
(1) Net asset inflows = Asset inflows asset outflows
Total sales: +19% QoQ
Investment trusts: Sales outstrip market growth
Expanded product offering, diversified asset classes and currencies
Diversified investment strategies to match client needs
Bonds: Foreign currency and domestic bond sales both at high level despite overall decline in sales QoQ
Foreign currency bonds: At same level as 3Q (Australian dollar, Turkish lira, others)
Domestic bonds: Robust sales of JGBs and corporate bonds
Stocks: Sales up 40% QoQ
Inflows through primary issues, expanded secondary business
Booked strongest monthly sales in March
Investment trust sales outstrip pace of market growth
Quarterly investment trust sales
60% 40% 20% 0% -20% -40%
Stock investment sales reported by The Investment Trusts Association, Japan Nomura investment trust sales
FY2010/11 FY2011/12
4Q 1Q 2Q 3Q 4Q
7
Asset Management
Net revenue and income before income taxes1
(billions of yen)
Full year Quarter
FY10
FY10 FY11 FY2011/12
/11 /12 /11 QoQ YoY
4Q 1Q 2Q 3Q 4Q
Net revenue 66.5 65.8 17.3 18.8 16.0 15.3 15.7 +3% -9%
Non-interest expenses 46.5 45.3 11.0 11.4 11.2 11.1 11.6 +5% +5%
Income before income 20.0 20.5 6.3 7.4 4.7 4.2 4.1 -3% -34%
taxes
Assets under management
Key performance indicator (trillions of yen)
25.3
24.7 24.6 22.7 22.6
FY2010/11 FY2011/12
4Q 1Q 2Q 3Q 4Q
Key points
4Q results
Net revenue: Y15.7bn (+3% QoQ; -9% YoY) Income before income taxes: Y4.1bn (-3% QoQ; -34% YoY
Revenues increased QoQ as assets under management grew by Y2trn from the end of December to Y24.6trn at the end of March
Investment trust business
Developed products and diversified investment strategies in line with the changing investment environment
At inception Mar 31
Nomura Asia High Yield Bond Fund : Y61.2bn (Jan 26) Y115.3bn
Nomura Australian Bond Open Premium: Y104.1bn (Feb 17) Y302.2bn Size of fund has increased significantly since inception
Focused on supporting sales of the following fund through the bank channel, resulting in increased fund size and growth in regional financial institution sales network
Emerging Bond Open Course A: Y96.8bn at end of March (2.6x QoQ)
Investment advisory business
International: Continued to see inflows from sovereign wealth funds and pension funds into Japan and Asia equities and global bonds Japan: Won mandate from major pension fund, increased client assets
Full year results
Net revenue: Y65.8bn (-1% YoY)
Income before income taxes: Y20.5bn (+2% YoY)
Navigated the difficult conditions to report higher pretax income YoY by bringing in new client funds and containing costs
(1) Nomura bank (Luxembourg) S.A. in Asset Management was integrated relassification of previously reported amounts into have Other been made to conform in April with the current 2011. presentation. Certain
8
Asset Management: Robust investment trust business, global recognition
Fund flows in public stock investment trusts1, 2
(billions of yen)
Public stock investment trusts (exc. ETF) ETF
400 300 200 100
0 -100 -200 -300
344
311
236
97
33 53
-21 -19 -84 -188
FY2010/11 FY2011/12
4Q 1Q 2Q 3Q 4Q
Share of Japan public investment trust market1, 2
23.0% 22.0% 21.0% 20.0% 19.0% 18.0%
21.9% 22.0% 22.1% 21.8% 21.9%
Mar-11 Jun-11 Sep-11 Dec-11 Mar-12
(1) Nomura Asset Management only.
(2) Source: Nomura, based on data from The Investment Trust Association, Japan. (3) Based on reporting standard for Japan Securities Advisers Association.
Investment advisory assets under management1, 3
(trillions of yen)
12.0 10.0 8.0 6.0 4.0 2.0 0.0
Non-Japan Japan
5.7 5.1
5.3 4.5 4.4
4.4 4.9 4.7 4.7 4.9
Mar-11 Jun-11 Sep-11 Dec-11 Mar-12
Awards
Won Lipper Fund Awards Japan 2012 best fund awards
Three year: Three awards including for Nomura US High Yield Corporate Bond Fund Course A Fund Five year: Five awards including for High Yield Corporate Bond Open Yen Hedged (monthly distribution) Fund Ten year: Two awards including for Balance Select 50 Fund
R&I Fund Award 2012
First Prize Investment Trusts / Global Bond fund Aggregate
First Prize Two funds including for J-REIT Open, Japanese REIT Fund
Second Prize Two funds including for Global REIT Open, Global REIT Fund
Nomura Asset Management Deutschland awarded at Lipper Fund Awards Germany 2012
Nomura Real Return Fonds
Nomura Corporate Research and Asset Management won award at Asian Investor 2011
Investment Performance Awards for the first time
US Fixed Income High Yield
9
Wholesale
Net revenue and income (loss) before income taxes
(billions of yen)
Full year Quarter
FY10
FY10 FY11 FY2011/12
/11 /12 /11 QoQ YoY
4Q 1Q 2Q 3Q 4Q
Net revenue 630.5 555.9 186.3 141.2 79.3 176.2 159.2 -10% -15%
Non-interest expenses 623.8 593.5 156.9 156.1 152.4 138.3 146.6 +6% -7%
Income (loss) before 6.7 -37.6 29.4 -14.9 -73.1 37.8 12.5 -67% -57%
income taxes
Net revenue by region1
(billions of yen)
200.0 150.0 100.0 50.0
0.0
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
20.1
43.4
55.4
40.2
AEJ
Americas
EMEA
Japan
FY2010/11 FY2011/12
4Q 1Q 2Q 3Q 4Q
Figures have been reclassified to conform with disclosure standards from FY2011/12 3Q.
Gross revenue in Investment Banking excluding
4Q results
Net revenue: Y159.2bn (-10% QoQ; -15% YoY)
Income before income taxes: Y12.5bn (-67% QoQ; -57% YoY)
EMEA revenues of Y55.4bn at highest level in four quarters
Americas reported strongest quarterly revenues (Y43.4bn) since April 2009
Full year results
Net revenue: Y555.9bn (-12% YoY)
Loss before income taxes: Y37.6bn
Global Markets ??Fixed Income
Revenues increased 4% YoY, with all regions showing robust performance Growth in flow business driven by consistent client flows Structured business increased on strong deal flow and product innovation
Equities
Lower volumes in major markets led to 20% YoY decline in revenues Derivatives revenues improving with key senior leadership in place US robust despite market conditions
Investment Banking
Gross revenue2 down 23% YoY as overall decline in global fee pool Japan: Although ECM deals were slower, we saw strong demand from domestic and international issuers in DCM and an increase in cross-border M&A.
International: Revenues up slightly YoY on further diversification of revenue sources
10
Wholesale: Global Markets
Net revenue and income (loss) before income taxes
(billions of yen)
Full year Quarter
FY10
/11 FY2011/12
FY10 FY11 QoQ YoY
/11 /12
4Q 1Q 2Q 3Q 4Q
Fixed Income 259.8 271.2 69.4 67.6 45.7 71.2 86.6 +22% +25%
Equities 227.3 181.5 64.3 56.7 33.4 39.7 51.7 +30% -20%
Others 31.6 8.1 3.3 5.8 -6.5 7.7 1.0 -87% -69%
Net revenue 518.8 460.7 137.0 130.1 72.6 118.7 139.3 +17% +2%
Non-interest
expenses 499.3 475.0 125.5 124.3 121.2 110.3 119.1 +8% -5%
Income (loss) before 19.5 -14.3 11.5 5.7 -48.6 8.4 20.2 +140% +75%
income taxes
Key points
4Q results
Net revenue: Y139.3bn (+17% QoQ; +2% YoY)
Income before income taxes: Y20.2bn (+140% QoQ; +75% YoY)
Trading revenue increased on improved market environment
Income before income taxes at highest level in six quarters
Fixed Income
Net revenue: +22% QoQ
Delivered strongest quarter in FY11/12, on the back of consistent client flows and smart risk management across a diversified set of businesses
Strong growth in global Rates; rebound in Securitized Products
EMEA and US posted solid QoQ growth
Equities
Net revenue: +30% QoQ
Rebound in client revenues
Robust trading as major markets around the world recovered Revenues driven by Japan and AEJ
Japan: Primary deals (Mazda, etc.) increased as a result of improved stock market performance
AEJ: Derivatives business in collaboration with Investment Banking contributed to higher revenues
11
Global Markets: FY2011/12 revenues by region
Equities fixed income
Japan EMEA Americas AEJ
-7%
+43%
+37%
+34%
1H 2H 1H 2H 1H 2H 1H 2H
Fixed Income Fixed Income Fixed Income Fixed Income
Robust production driven by uptick in both retail and institutional client flows
1H slightly stronger from higher demand for Non-Yen products
Equities
Cash Equities revenues remained firm for the full year
4Q revenues increased more than the rise in TSE turnover (+30% QoQ)
Rebound in run-rate in 2H from smart position management and solid deal flows in structuring
Outperformance in Credit despite market-wide slowdown
Equities
Heavily impacted by subdued market resulting from eurozone debt crisis
4Q revenues improved driven by trading
Uptick in in Securitized Products, and run-rate pick-up in Rates, main drivers of stronger 2H
Overall, franchise strengthened across all products in FY11/12
Equities
US business launched in October 2010 operating steadily and contributing to revenues
Although market turnover1 declined YoY (-12%), revenues were robust on full year basis driven by Cash Equities
Continued progress in local market expansion
Significant growth in Macro and Credit with upside from new areas of focus in Corporates
Equities
Collaboration with Investment Banking throughout the year led to expansion of derivatives business
4Q revenues in line with other regions
12
(1) NYSE and NASDAQ.
12
Wholesale: Investment Banking
Net revenue and income (loss) before income taxes
(billions of yen)
Full year Quarter
FY10
/11 FY11/12
FY10 FY11 QoQ YoY
/11 /12
4Q 1Q 2Q 3Q 4Q
Investment Banking
(gross) 1 185.0 141.7 54.4 32.3 23.8 45.1 40.5 -10% -26%
Allocation to other 82.6 67.1 25.1 13.4 12.3 21.7 19.8 -9% -21%
divisions
Investment Banking
(net) 102.4 74.6 29.3 18.9 11.5 23.4 20.7 -12% -29%
Other 9.4 20.6 20.1 -7.7 -4.8 34.0 -0.9 -
Net revenue 111.7 95.1 49.4 11.2 6.7 57.4 19.9 -65% -60%
Non-interest expenses 124.5 118.4 31.5 31.8 31.2 28.0 27.5 -2% -13%
Income (loss) before -12.8 -23.3 17.9 -20.6 -24.5 29.4 -7.6 -
income taxes
Key points
4Q results
Gross revenue1: Y40.5bn (-10% QoQ; -26% YoY)
Loss before income taxes: Y7.6bn
Japan and international businesses both maintained momentum despite a decline in revenues
Revenues from ECM deals increased in each region
Closer cross-regional collaboration has led to an increase in cross- border deals
Solutions business continues to contribute to revenues in all regions
Japan
Higher revenues from ECM deals on the back of recovery in stock market performance
EMEA
Revenues driven by diverse solutions businesses such as M&A related risk hedging transactions
Executed several ECM and DCM deals for Italian and Spanish financial institutions
Advising on the top two M&A deals announced globally in 2012
AEJ
Executed Tesco Lotus real estate fund IPO ($600m) and other high- profile ECM deals
Americas
Solutions transactions for financial sponsors and financial institutions continue to be key businesses
Leveraged Finance and penetration into Brazil (e.g. bookran Schahin bond) also contributed to the highest quarterly revenues in FY11/12
(1)Gross revenue in Investment Banking excluding Other.
13
Investment Banking: Global business leveraging our strengths
Regional differences/ business focus
EMEA
Financial institutions and corporate clients require diverse solutions to respond to changing environment
Multi-product deals including solutions business Continue to make progress on strength in FIG sector
Japan
Relatively stable market
Solid client franchise and business platform in home market Maintain #1 ranking in main league tables1
AEJ
High economic growth Robust investment/funding needs
Increase linkage with Japan and other regions
Americas
World s largest
Financial sponsor related global business Win mandates in key sectors
Leverage regional strengths in global business
Financial institutions business
Demand capital regulations to enhance (fundraising, capital to meet asset stricter sales, Robust etc.) financial position, global platform, access to leading global investors
Natural Resources & Power sector business
One of the biggest global fee pools by sector Won several landmark mandates through our key client relationships and global collaboration
Sponsors related business
Businesses related to M&A (sale and acquisition of portfolio assets), loans, solutions, etc.
Global sector deals (Examples)
Rabobank Group
Joint-Lead Manager & Joint Bookrunner
Tier 1 capital securities $2bn Nov 2011
Xstrata / Glencore International Merger
Joint Financial Advisor to Xstrata
Announced $48.9bn Feb 2012
GDF Suez acquisition of remaining International Power shares
Joint Independent Advisor to International Power
Announced $12.9bn Mar 2012
Asahi Group Holdings acquisition of Independent Liquor
Financial Advisor to Asahi Group Holdings
Completed NZ$1.5bn Sep 2011
Apollo Global Management acquisition of Great Wolf Resort
Financial Advisor to Apollo
Announced $737m Mar 2012
Solutions business
FX hedging related to M&A deals and interest rate hedging related to fundraising Risk management transactions related to assets and liabilities
FX hedge related to acquisition by Japanese company of Asian company
Interest rate hedge for
company in Americas raising
funds
(1) Source: M&A, ECM Thomson Reuters (Jan Dec 2011); DCM Thomson DealWatch (Apr 2011 Mar 2012)
14
Non-interest expenses
Full year Quarter
(billions of yen)
(billions of yen)
Other
Business development expenses Occupancy and related depreciation
Information processing and communications Commissions and floor brokerage
Compensation and benefits
(Reference) Excl. newly consolidated entities
1,500
1,200
900
600
300
0
1,450.9
1,092.9
1,045.6 1,037.4
852.2
438.2
370.5 346.2
296.0 262.0
500 400 300 200 100
0
FY07/08 FY08/09 FY09/10 FY10/11 FY11/12
Compensation and benefits 366.8 491.6 526.2 519.0 534.6
Commissions and floor 90.2 73.7 86.1 92.1 93.5
brokerage
Information processing and
communications 135.0 155.0 175.6 182.9 177.1
Occupancy and related 64.8 78.5 87.8 87.8 100.9
depreciation
Business development
expenses 38.1 31.6 27.3 30.2 48.5
Other 157.2 262.6 142.5 125.4 496.2
Total 852.2 1,092.9 1,045.6 1,037.4 1,450.9
FY10/11 FY11/12
4Q 1Q 2Q 3Q 4Q QoQ
127.1 136.3 142.6 127.8 128.0 0.2%
23.0 24.1 22.9 22.5 24.0 6.5%
47.8 43.5 43.5 46.4 43.7 -5.9%
21.7 20.7 26.4 26.2 27.6 5.6%
8.8 9.3 12.3 12.7 14.1 10.8%
33.5 62.1 98.5 134.9 200.8 48.9%
262.0 296.0 346.2 370.5 438.2 18.3%
Key points
4Q results
??Non-interest expenses: Y438.2bn (+18% QoQ)
Other expenses increased 49% QoQ due to a rise in cost of goods sold at newly consolidated entities
Excluding newly consolidated entities, non-interest expenses declined by 0.2% QoQ
Full year results
??Non-interest expenses: Y1.45trn (+40% YoY)
Overall increase due mainly to an increase in other expenses as a result of converting Nomura Land and Building into a subsidiary in 1Q FY2011/12
Excluding newly consolidated entities, non-interest expenses declined by approx. 5%
15
Progress of cost reduction program
Timeline of $1.2bn cost reduction program
Total of $1.2bn
Nov 2011 announcement
$800m
July 2011 announcement
$400m
Retail, Retail,
AM AM
20%
WS WS
80% PE
63%
PE
$200m
WS
NPE
NPE 37%
$200m
Total cost By division
reduction
FY2011/12 3Q FY2011/12 4Q FY2012/13 2H
100%
Wholesale: Personnel expenses
? 63% ? 82% 100%
Wholesale: Non-personnel expenses
? 72% ? 79% 100%
Wholesale: Total
? 66% ? 81% 100%
Progress to Mar 31, 2012
? On schedule
? Retail and Asset Management
Reduced SG&A costs and business development expenses
? Wholesale
Personnel expenses
Headcount reduction
Postponing replacement of leavers, curbing new hires
Business efficiencies (platform integration, improved productivity)
Non-personnel expenses
Controlling IT system expenses
Costs down due to headcount reduction
16
Robust financial position
Balance sheet related indicators and capital ratios
Total assets Y35.7trn
Shareholders Y2.1trn equity
Gross leverage 16.9x Net leverage1 10.4x Level 3 assets (net)2 Y0.6trn Liquidity Y5.4trn
(billions of yen)
Preliminary, Basel 2.5 basis Dec 31 Mar 31
Tier 1 2,057 2,089
Tier 2 321 320
Tier 3 304 224
Total capital 2,467 2,425
RWA 15,881 14,718
Tier 1 ratio 12.9% 14.1%
Tier 1 common ratio3 11.1% 12.2%
Total capital ratio 15.5% 16.4%
Leverage ratio1
(x) Gross leverage ratio
22.0 Net leverage ratio
18.0
16.9
14.0
10.0 10.4
6.0
FY2010/11 FY2011/12
4Q 1Q 2Q 3Q 4Q
Level 3 assets2 and net level 3 assets/Tier 1 capital
(billions of yen) Level 3 assets
Net Level 3 Assets
Net Level 3 Assets / Tier 1 Capital
1,500
1,000
500
0
37% 35% 35% 36%
30%
60% 40% 20% 0%
FY2010/11 FY2011/12
4Q 1Q 2Q 3Q 4Q
(1) Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders equity.
(2) Preliminary.
(3) Tier 1 common ratio is defined as Tier 1 capital minus minority interest divided by risk-weighted assets
17
Funding and liquidity
Structurally stable balance sheet
Balance sheet
(Mar 31, 2012) Assets Liabilities and equity
Trading liabilities Approx. Approx. Trading assets and and related1 56% related1 78%
Short term borrowing Other liabilities
Cash and cash deposits
Long term borrowing Other assets Total equity
Ample liquidity for changing environment
Liquidity portfolio 2 (US$bn) % of total assets
15% 16% 15%
10% 10% 70 66
53
26 26
Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012
??Structurally stable balance sheet
78% of assets are highly liquid trading and related assets that are marked to market and matched to trading and related liabilities through repos etc (matched regionally and by currency)
Other assets are funded by equity and long-term debt
??Ample liquidity portfolio
15% of total assets
Managed using reverse repos mainly in Japan/US/German/UK government bonds and cash and cash equivalents4.
To respond to changes in the operating environment, we maintain a liquidity portfolio surplus without the need for additional unsecured funding for over one year
Unsecured funding2: 80% long-term debt; diversified funding sources
Short-term debt 20%
Long-term debt due within one year 11%
Subordinated loans Subordinated bonds/Retail
Long-term debt 69%, Average maturity of over 6 years3
Senior loans
Senior/Retail bonds Euro MTN/Yen Euro MTN/Other
Sub bonds/Wholesale Senior/Institutional bonds Senior/Wholesale bonds
(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 dity portfolio Liquidity excludes segregated Managements client funds.
(3) Excludes long-term debt due within one year. Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios
(4) Mostly funds deposited with the Bank of Japan
18
Exposure to European peripheral countries
GIIPS country exposure (as of Mar 31, 2012) (Preliminary)
(US$m)
Net Changes
Net inventory 1 Net counter party 2 exposure from Dec
total 2011
Of which, Of which,
Of which,
exposure exposure
Counter reserve /
Total matures matures Total 2
party hedges
within 6 after 6
months months
Greece 38 -11 50 57 106 -49 95 53
Ireland 408 276 133 11 14 -3 420 -94
Italy 983 1,724 -742 -47 431 -478 936 133
Portugal -185 -21 -164 -17 162 -179 -202 -103
Spain 84 -75 159 194 334 -140 278 19
European
peripheral
1,328 1,894 -565 198 1,047 -849 1,526 8
countries Total
Peripheral Europe net country exposure of $1.53bn as of the end of March
Roughly flat compared to the end of December ($1.52bn)
Inventory is all trading assets marked to market
(1) Inventory, both long and short positions 19
(2) Net counterparty exposure (i.e. repurchase transactions, securities lending and OTC derivatives) less collateral.
Financial Supplement
Consolidated balance sheet
(billions of yen)
Mar. 31, Mar. 31, Increase Mar. 31, Mar 31, Increase
2011 2012 (Decrease) 2011 2012 (Decrease)
Assets Liabilities
Total cash and cash deposits 2,150 1,954 (197) Short-term borrowings 1,167 1,186 19
Total payables and deposits 2,104 2,437 334
Total loans and receivables 2,228 2,211 (16) Collateralized financing 13,686 12,519 (1,167)
Trading liabilities 8,689 7,495 (1,194)
Collateralized agreements 15,156 13,743 (1,414) Other liabilities 552 1,166 614
Long-term borrowings 8,403 8,505 102
Total trading assets1 and
private equity investments 15,242 14,124 (1,118) Total liabilities 34,601 33,308 (1,293)
Total other assets 1,916 3,666 1,750 Equity
Total Nomura shareholders equity 2,083 2,107 24
Noncontrolling interest 9 282 273
Total assets 36,693 35,697 (996) Total liabilities and equity 36,693 35,697 (996)
1. Including securities pledged as collateral.
21
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, 2011 to March 31, 2012 (billions of yen)
??Maximum: 9.7
??Minimum: 4.9
??Average: 6.5
(billions of yen) Mar. 31, Mar. 31, Mar. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar 31,
2008 2009 2010 2011 2011 2011 2011 2012
Equity 4.2 3.8 2.6 1.8 1.6 1.9 1.5 1.4
Interest rate 4.7 6.7 4.4 4.1 4.3 4.0 5.0 6.5
Foreign exchange 8.0 8.7 10.5 4.5 3.8 2.8 3.5 2.5
Sub-total 16.9 19.2 17.5 10.4 9.7 8.8 10.0 10.4
Diversification benefit -6.8 -7.5 -5.0 -4.1 -3.7 -3.6 -3.6 -3.2
VaR 10.1 11.7 12.6 6.3 6.0 5.2 6.4 7.2
22
Consolidated financial highlights
Net income
(loss)
ROE (%)
Full year
(billions of yen)
200 3.7% 10%
67.8 1.4% 0.6%
28.7 11.6
0 0%
-67.8
-200 -10%
-400 -20%
-600 -30%
-708.2
-800 -40%
Quarter
(billions of yen)
40 3.4% 4%
30 3%
22.1
20 1.4% 17.8 17.8 2%
11.9
10 0.61%
0 0%
-10 -1%
-20 -2%
-30 -3%
-40 -4%
-50 -46.1 -5%
FY2007/08 FY2008/09 FY2009/10 FY2010/11 FY2011/12
Net revenue 787.3 312.6 1,150.8 1,130.7 1,535.9
Income (loss) before income taxes -64.9 -780.3 105.2 93.3 85.0
Net income (loss) attributable to Nomura
Holdings, Inc. (NHI) shareholders1 -67.8 -780.2 67.8 28.7 11.6
Total Nomura shareholders equity 1,988.1 1,539.4 2,126.9 2,082.8 2,107.2
ROE (%)2 3.7% 1.4% 0.6%
Basic-Net income (loss) attributable to -35.55 -364.69 21.68 7.90 3.18
NHI shareholders per share(yen)
Shareholders equity per share (yen) 1,042.60 590.99 579.70 578.40 575.20
FY2010/11 FY2011/12
4Q 1Q 2Q 3Q 4Q
299.4 330.4 301.6 404.9 499.0
37.4 34.4 -44.6 34.5 60.8
11.9 17.8 -46.1 17.8 22.1
2,082.8 2,101.7 2,037.6 2,061.5 2,107.2
1.4% 3.4% 0.6%
3.30 4.93 -12.64 4.87 6.03
578.40 583.27 556.52 562.83 575.20
1. Net income (loss) attributable to Nomura Holdings was previously reported as Net income (loss).
2. Quarterly ROE is calculated using annualized year-to-date net income.
3. Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.
23
Consolidated income
Full year
Quarter
(billions of yen) FY2007 FY2008 FY2009 FY2010 FY2011 FY2010/11 FY2011/12
/08 /09 /10 /11 /12 4Q 1Q 2Q 3Q 4Q
Revenue
Commissions 404.7 306.8 395.1 405.5 347.1 103.8 96.8 85.9 74.0 90.4
Fees from investment banking 85.1 55.0 121.3 107.0 59.6 27.8 13.8 13.8 17.2 14.8
Asset management and portfolio service fees 189.7 140.2 132.2 143.9 144.3 38.3 39.1 36.7 33.4 35.1
Net gain on trading 61.7 -128.3 417.4 336.5 272.6 68.7 67.5 26.0 80.1 98.9
Gain (loss) on private equity investments 76.5 -54.8 11.9 19.3 25.1 23.6 -6.0 -2.3 34.6 -1.2
Interest and dividends 796.5 331.4 235.3 346.1 435.9 93.5 133.1 107.3 103.1 92.4
Gain (loss) on investments in equity securities -48.7 -25.5 6.0 -16.7 4.0 -2.8 -0.6 -2.5 -2.8 9.9
Other 28.2 39.9 37.5 43.9 563.2 12.2 83.4 113.0 141.9 225.0
Total revenue 1,593.7 664.5 1,356.8 1,385.5 1,851.8 365.0 427.0 377.8 481.5 565.4
Interest expense 806.5 351.9 205.9 254.8 315.9 65.6 96.6 76.3 76.6 66.4
Net revenue 787.3 312.6 1,150.8 1,130.7 1,535.9 299.4 330.4 301.6 404.9 499.0
Non-interest expenses 852.2 1,092.9 1,045.6 1,037.4 1,450.9 262.0 296.0 346.2 370.5 438.2
Income (loss) before income taxes -64.9 -780.3 105.2 93.3 85.0 37.4 34.4 -44.6 34.5 60.8
Net income (loss) -67.8 -708.2 67.8 28.7 11.6 11.9 17.8 -46.1 17.8 22.1
1. Net income (loss) attributable to Nomura Holdings was previously reported as Net income (loss).
2. Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.
24
Main revenue items
Full year
Quarter
Commissions
Fees from
Investment Banking
Asset Management and portfolio service fees
FY2010
(billions of yen) FY2007 FY2008 FY2009 FY2010 FY2011 FY2011/12
/11
/08 /09 /10 /11 /12 4Q 1Q 2Q 3Q 4Q
Stock brokerage commissions (retail) 75.1 50.8 55.3 51.4 36.0 16.3 8.7 9.2 7.0 11.1
Stock brokerage commissions (other) 166.6 144.7 140.3 144.6 132.7 37.7 34.2 34.4 32.3 31.8
Other brokerage commissions 9.3 7.9 8.0 11.5 9.4 5.3 2.5 3.2 2.0 1.8
Commissions for distribution of 121.2 75.9 165.9 166.4 136.6 34.8 43.1 31.0 24.9 37.6
investment trusts
Other 32.4 27.5 25.5 31.6 32.4 9.7 8.2 8.2 7.8 8.2
Total 404.7 306.8 395.1 405.5 347.1 103.8 96.8 85.9 74.0 90.4
Equity underwriting and distribution 32.1 13.2 74.9 49.8 14.3 9.8 2.7 2.1 4.2 5.4
Bond underwriting and distribution 13.4 11.9 16.6 26.3 14.6 6.8 3.4 5.0 4.5 1.7
M&A / financial advisory fees 37.8 26.7 29.2 27.1 27.0 8.4 7.3 6.4 7.5 5.8
Other 1.8 3.1 0.5 3.9 3.7 2.8 0.3 0.4 1.1 1.9
Total 85.1 55.0 121.3 107.0 59.6 27.8 13.8 13.8 17.2 14.8
Asset management fees 150.3 104.1 97.6 106.7 108.2 28.7 29.5 27.8 24.9 25.9
Administration fees 21.7 21.3 19.4 21.0 18.4 4.9 4.8 4.5 4.3 4.8
Custodial fees 17.7 14.7 15.3 16.3 17.7 4.7 4.7 4.4 4.2 4.4
Total 189.7 140.2 132.2 143.9 144.3 38.3 39.1 36.7 33.4 35.1
25
Adjustment of consolidated results and segment results: Income (loss) before income taxes
Full year
Quarter
(billions of yen) FY2010/11 FY2011/12
FY2007/08 FY2008/09 FY2009/10 FY2010/11 FY2011/12
4Q 1Q 2Q 3Q 4Q
Retail 122.3 18.2 113.4 101.2 63.1 17.7 22.0 10.7 10.1 20.3
Asset Management 31.1 4.1 15.2 20.0 20.5 6.3 7.4 4.7 4.2 4.1
Wholesale -150.1 -717.3 175.2 6.7 -37.6 29.4 -14.9 -73.1 37.8 12.5
Three Business segments total 3.3 -695.0 303.8 127.9 46.1 53.4 14.6 -57.7 52.2 36.9
Other -18.1 -62.1 -207.9 -17.8 35.1 -12.9 21.0 15.4 -15.2 13.9
Segments total -14.7 -757.1 95.8 110.2 81.2 40.5 35.6 -42.3 36.9 50.9
Unrealized gain (loss) on investments in equity
securities held for operating purposes -50.2 -23.1 9.4 -16.9 3.8 -3.0 -1.3 -2.4 -2.5 9.9
Total -64.9 -780.3 105.2 93.3 85.0 37.4 34.4 -44.6 34.5 60.8
1. 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 operatingresults outside business segments in our segment information. Unrealized gain (loss) on investments in equity securities held for operating purposes is not included in segment information.
2. 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.
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.
26
Segment Other
Income (loss) before income taxes
(billions of yen) (billions of yen)
40 35.1 21.0 40
15.4 13.9
0 0
-40 -18.1 -17.8 -12.9 -15.2 -40
-80 -62.1 -80
-120 -120
-160 -160
-200 -200
-207.9
-240 -240
FY2007 FY2008 FY2009 FY2010 FY2011 FY2010/11 FY2012.3
/08 /09 /10 /11 /12 4Q 1Q 2Q 3Q 4Q
Net gain (loss) related to economic 11.4 28.0 3.3 2.3 8.4 -2.1 -1.5 4.2 7.7 -2.1
hedging transactions
Realized gain (loss) on investments in 1.5 -2.4 -3.4 0.2 0.2 0.3 0.7 -0.2 -0.3 0.0
equity securities held for operating purposes
Equity in earnings of affiliates 4.7 -0.7 7.8 9.0 10.6 5.3 3.5 2.0 1.3 3.9
Corporate items -13.4 -70.5 -83.3 -33.3 -31.4 -20.7 12.8 -8.4 -28.9 -6.9
Others -22.3 -16.5 -132.3 4.0 47.3 4.3 5.6 17.8 4.9 19.0
Income (Loss) before income taxes -18.1 -62.1 -207.9 -17.8 35.1 -12.9 21.0 15.4 -15.2 13.9
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. Net gain (loss) on trading related to economic hedging transactions ing transactions was reclassified from the fourth as Net quarter gain 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 reclassifications to economic of previously reported hedging amounts have transactions, been made to conform to the 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.
27
Retail related data (1)
Full year Quarter
(billions of yen) FY2010
FY2007 FY2008 FY2009 FY2010 FY2011 FY2011/12
/08 /09 /10 /11 /12 /11 QoQ YoY
4Q 1Q 2Q 3Q 4Q
Commissions 225.9 151.0 238.9 244.8 201.5 58.8 58.7 48.2 38.7 55.8 44.1% -5.2%
Sales credit 94.2 71.4 63.8 52.8 59.0 13.2 15.2 13.0 15.2 15.6 3.0% 18.3%
Fees from investment banking 14.9 13.4 33.6 42.3 38.2 10.7 6.2 9.5 13.7 8.7 -36.4% -18.2%
Investment trust administration fees and other 59.7 50.9 47.3 48.5 47.4 12.4 12.9 12.3 10.9 11.4 5.0% -7.5%
Net interest revenue 7.3 5.2 4.7 4.1 4.2 1.2 1.2 1.0 1.2 0.8 -32.7% -30.9%
Net revenue 402.0 291.9 388.3 392.4 350.3 96.2 94.2 84.0 79.7 92.4 15.9% -4.0%
Non-interest expenses 279.7 273.6 274.9 291.2 287.1 78.6 72.2 73.3 69.6 72.1 3.6% -8.3%
Income before income taxes 122.3 18.2 113.4 101.2 63.1 17.7 22.0 10.7 10.1 20.3 100.9% 14.8%
Domestic distribution volume of investment trusts1 9,846.9 6,825.1 9,713.2 9,473.5 8,933.9 2,312.9 2,642.7 2,081.8 1,827.5 2,381.8 30.3% 3.0%
Bond investment trusts 3,681.8 2,731.6 2,380.1 2,641.8 2,869.4 718.9 787.6 647.3 691.3 743.2 7.5% 3.4%
Stock investment trusts 4,816.1 2,969.3 6,165.7 5,606.9 5,217.8 1,342.9 1,577.9 1,203.1 956.9 1,479.9 54.7% 10.2%
Foreign investment trusts 1,349.0 1,124.2 1,167.4 1,224.8 846.6 251.0 277.3 231.4 179.3 158.7 -11.5% -36.8%
Other
Accumulated value of annuity insurance policies 1,205.3 1,413.3 1,609.2 1,697.3 1,800.8 1,697.3 1,722.7 1,756.4 1,780.4 1,800.8 1.1% 6.1%
Sales of JGBs for individual investors 292.3 109.6 22.2 32.8 281.2 15.8 36.7 102.9 78.9 62.8 -20.4% 4.0x
(transaction base)
Retail foreign currency bond sales 954.0 867.4 1,080.3 1,565.6 1,703.4 388.2 414.0 439.7 452.2 397.5 -12.1% 2.4%
1. Nomura Securities.
28
Retail related data (2)
Stock brokerage commissions and commissions for distribution of investment trusts1
Full year
Quarter
(billions of yen)
(billions of yen)
Stock brokerage commissions
Commissions for distribution of investment trusts
180 150 120
90
60
30
0
60
50
40
30
20
10
0
FY2007 FY2008 FY2009 FY2010 FY2011 /08 /09 /10 /11 /12
FY10/11 FY2011/12
QoQ YoY
4Q 1Q 2Q 3Q 4Q
Stock brokerage commissions 75.1 50.8 55.3 51.4 36.0 16.3 8.7 9.2 7.0 11.1 58.3% -31.9%
Commissions for distribution of
investment trusts1 124.5 79.8 168.8 170.1 139.9 35.7 44.1 32.0 25.6 38.2 49.0% 6.8%
29
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 80 60 40 20 0
72.2
59.3
73.5
70.6
70.4
66.1
65.0
72.0
Mar. 31, 2008
Mar. 31, 2009
Mar. 31, 2010
Mar. 31, 2011
Jun. 30, 2011
Sep. 30, 2011
Dec. 31, 2011
Mar. 31, 2012
Equities 37.2 28.6 39.2 35.8 35.4 32.6 31.8 37.2
Foreign currency bonds 1 2.7 5.5 5.6 5.9 5.9 5.7 5.9 6.2
Domestic bonds 2 16.5 13.0 13.4 12.8 12.8 13.1 12.7 12.7
Stock investment trusts 7.3 5.0 7.3 8.3 8.5 7.0 6.9 7.7
Bond investment trusts 4.4 4.0 4.0 4.1 4.2 4.2 4.2 4.4
Overseas mutual funds 1.7 1.4 1.6 1.5 1.5 1.4 1.4 1.4
Other 3 2.5 1.9 2.2 2.3 2.2 2.1 2.1 2.3
Total 72.2 59.3 73.5 70.6 70.4 66.1 65.0 72.0
Euroyen bonds have been moved from domestic bonds to foreign currency bonds from the third quarter of the fiscal year ended March 31, 2009.
Includes CBs and warrants.
Includes annuity insurance.
30
Retail related data (4)
Retail client assets: Net asset inflow1
Full year
Quarter
(billions of yen)
(billions of yen)
6,000 5,000 4,000 3,000 2,000 1,000 0
4,868
4,928
5,279
3,942
2,395
72
847
1,107
250
191
4,000 3,000 2,000 1,000 0
FY2007/08 FY2008/09 FY2009/10 FY2010/11 FY2011/12
FY2010/11 FY2011/12
4Q 1Q 2Q 3Q 4Q
1. Net asset inflow = asset inflow asset outflow. Retail client assets exclude portion from regional financial institutions.
31
Retail related data (5)
Number of accounts
Mar. 31, Mar. 31, Mar. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31,
(Thousands) 2008 2009 2010 2011 2011 2011 2011 2012
Accounts with balance 4,165 4,467 4,883 4,936 4,945 4,954 4,966 4,985
Equity holding accounts 2,027 2,347 2,572 2,695 2,696 2,703 2,707 2,706
Nomura Home Trade / 2,765 3,095 3,189 3,328 3,348 3,369 3,745 3,773
Net & Call accounts
New Individual accounts / IT share2
Full year Quarter
(Thousands) FY2007 FY2008 FY2009 FY2010 FY2011 FY2010/11 FY2011/12
/08 /09 /10 /11 /12 4Q 1Q 2Q 3Q 4Q
New individual accounts (thousands) 580 608 336 326 235 69 69 53 50 64
IT share1
No. of orders 57% 59% 58% 53% 57% 58% 58% 59% 56% 56%
Transaction value 29% 29% 29% 27% 30% 31% 32% 32% 29% 29%
1.From December 2011, number of accounts refers to total of Nomura Home Trade and Net & Call accounts.
2. 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).
32
Asset Management related data (1)
FY2010
FY2007 FY2008 FY2009 FY2010 FY2011 FY2011/12
/08 /09 /10 /11 /12 /11 QoQ YoY
(billions of yen) 4Q 1Q 2Q 3Q 4Q
Net revenue 81.1 51.9 62.1 66.5 65.8 17.3 18.8 16.0 15.3 15.7 2.6% -9.2%
Non-interest expenses 50.0 47.8 46.8 46.5 45.3 11.0 11.4 11.2 11.1 11.6 4.8% 5.2%
Income before income taxes 31.1 4.1 15.2 20.0 20.5 6.3 7.4 4.7 4.2 4.1 -3.0% -34.4%
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.
Total assets under management1
Full year Quarter
(trillions of yen)
35 30 25 20 15 10 5 0
25.8
20.2
23.4
24.7
25.3
22.7
22.6
24.6
Mar. 31, 2008 Mar. 31, 2009 Mar. 31, 2010 Mar. 31, 2011
Jun. 30, 2011 Sep. 30, 2011 Dec. 31, 2011 Mar. 31, 2012
1. 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 the end of February 2012.
33
Asset Management related data (2)
Nomura Asset Management investment trust net assets under management1
(trillions of yen) Mar. 31, Mar. 31, Mar. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31,
2008 2009 2010 2011 2011 2011 2011 2012
Public stock investment 9.8 6.5 8.1 9.4 9.5 8.1 8.0 9.0
trusts
Public bond investment 5.3 4.8 4.8 4.8 4.8 4.6 4.6 4.8
trusts
Privately placed investment 2.0 1.6 1.7 1.7 1.7 1.5 1.5 1.5
trusts
Investment trusts 17.2 13.0 14.7 15.9 16.0 14.2 14.1 15.3
Nomura Asset Management investment advisory assets1
(trillions of yen) Mar. 31, Mar. 31, Mar. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31,
2008 2009 2010 2011 2011 2011 2011 2012
Domestic investment 4.6 4.3 4.7 4.4 4.9 4.7 4.7 4.9
advisory
Overseas investment 2.4 1.7 2.6 5.3 5.7 4.5 4.4 5.1
advisory
Investment advisory 7.1 6.0 7.3 9.7 10.6 9.2 9.1 10.0
Domestic public investment trust market and Nomura Asset Management market share2
(trillions of yen) Mar.
Mar. 31, Mar. 31, Mar. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31, 31,
2008 2009 2010 2011 2011 2011 2011 2012
Domestic public stock investment trusts
Market 57.7 40.4 52.6 54.2 54.6 47.3 46.8 51.2
Nomuras share (%) 17% 16% 15% 17% 17% 17% 17% 17%
Domestic public bond investment trusts
Market 12.0 11.1 11.1 11.1 11.1 10.5 10.6 11.0
Nomuras share (%) 44% 43% 43% 43% 43% 43% 43% 44%
Nomura Asset Management net asset inflow1
Full year Quarter
(trillions of yen) FY07/ FY08/ FY09/ FY10/ FY11/ FY10/11 FY11/12
08 09 10 11 12 4Q 1Q 2Q 3Q 4Q
Public stock investment 2.0 0.0 -0.2 1.7 0.4 0.3 0.3 0.3 -0.1 -0.1
trusts
Exclude ETF 1.8 -0.4 0.0 1.7 0.1 0.3 0.3 0.1 -0.2 -0.1
Public bond investment -0.5 -0.5 -0.0 0.0 0.0 -0.1 0.0 -0.3 0.0 0.2
trusts
Privately placed 0.2 0.1 -0.2 0.0 -0.2 -0.0 -0.0 -0.0 -0.0 -0.1
investment trusts
Net asset inflow 1.7 -0.4 -0.4 1.7 0.2 0.3 0.4 -0.0 -0.1 0.0
1. Based on reporting standards for The Investment Trusts Association, Japan and the Japan Securities Investment Advisers Association.
2. Source: Investment Trusts Association, Japan
34
Wholesale related data (1)
Wholesale
(billions of yen) FY2008 FY2009 FY2010 FY2011 FY2010/11 FY2011/12 QoQ YoY
/09 /10 /11 /12 4Q 1Q 2Q 3Q 4Q
Global Markets -157.3 658.4 518.8 460.7 137.0 130.1 72.6 118.7 139.3 17.3% 1.7%
Investment Banking -6.4 131.1 111.7 95.1 49.4 11.2 6.7 57.4 19.9 -65.4% -59.8%
Net revenue -163.6 789.5 630.5 555.9 186.3 141.2 79.3 176.2 159.2 -9.7% -14.6%
Non-interest expenses 553.7 614.3 623.8 593.5 156.9 156.1 152.4 138.3 146.6 6.0% -6.6%
Income (Loss) before income taxes -717.3 175.2 6.7 -37.6 29.4 -14.9 -73.1 37.8 12.5 -66.9% -57.4%
Global Markets
FY2008 FY2009 FY2010 FY2011 FY2010/11 FY2011/12
(billions of yen) /09 /10 /11 /12 4Q 1Q 2Q 3Q 4Q QoQ YoY
Fixed Income -217.2 308.0 259.8 271.2 69.4 67.6 45.7 71.2 86.6 21.6% 24.9%
Equities 98.9 352.8 227.3 181.5 64.3 56.7 33.4 39.7 51.7 30.0% -19.7%
Other -38.9 -2.4 31.6 8.1 3.3 5.8 -6.5 7.7 1.0 -87.0% -69.3%
Net revenue -157.3 658.4 518.8 460.7 137.0 130.1 72.6 118.7 139.3 17.3% 1.7%
Non-interest expenses 417.4 486.4 499.3 475.0 125.5 124.3 121.2 110.3 119.1 8.0% -5.0%
Income (Loss) before income taxes -574.6 172.0 19.5 -14.3 11.5 5.7 -48.6 8.4 20.2 139.7% 75.2%
Investment Banking
(billions of yen) FY2008 FY2009 FY2010 FY2011 FY2010/11 FY2011/12
/09 /10 /11 /12 4Q 1Q 2Q 3Q 4Q QoQ YoY
Investment Banking(Gross) 87.6 196.1 185.0 141.7 54.4 32.3 23.8 45.1 40.5 -10.3% -25.5%
Allocation to other divisions 24.1 77.2 82.6 67.1 25.1 13.4 12.3 21.7 19.8 -8.8% -21.3%
Investment Banking(Net) 63.5 118.9 102.4 74.6 29.3 18.9 11.5 23.4 20.7 -11.6% -29.2%
Other -69.9 12.2 9.4 20.6 20.1 -7.7 -4.8 34.0 -0.9-
Net revenue -6.4 131.1 111.7 95.1 49.4 11.2 6.7 57.4 19.9 -65.4% -59.8%
Non-interest expenses 136.3 127.9 124.5 118.4 31.5 31.8 31.2 28.0 27.5 -1.8% -12.6%
Income (Loss) before income taxes -142.7 3.2 -12.8 -23.3 17.9 -20.6 -24.5 29.4 -7.6-
35
Wholesale related data (2)
Private equity related investments
Terra Firma
Asia
Europe (excluding Terra Firma) Japan
Full year Quarter
(billions of yen) 600
500
400 381.4
366.3 370.0
327.7
313.7
300 286.4
221.3 208.9 200
100
0
Mar. 31, 2008 Mar. 31, 2009 Mar. 31, 2010 Mar. 31, 2011 Jun. 30, 2011 Sep. 30, 2011 Dec. 31, 2011 Mar. 31, 2012
Japan 169.5 191.7 186.9 165.9 159.7 146.0 71.2 65.5
Europe (excluding Terra Firma) 41.4 60.0 60.4 33.5 29.2 26.8 24.7 26.8
Asia3.2 3.6 3.3 3.2 2.3 2.1 1.9
Sub Total 210.9 254.9 250.9 202.7 192.0 175.1 98.0 94.1
Terra Firma 170.5 111.4 119.2 125.0 121.7 111.3 110.9 127.2
Total 381.4 366.3 370.0 327.7 313.7 286.4 208.9 221.3
36
Number of employees
Mar. 31, 2008 Mar. 31, 2009 Mar.31,2010 Mar. 31,2011 Jun. 30,2011 Sep. 30,2011 Dec. 31,2011 Mar. 31,2012
Japan (excluding FA)1 11,561 12,929 12,857 12,829 20,263 20,105 19,882 19,598
Japan (FA)2 2,377 2,391 2,196 2,089 2,096 2,078 2,048 2,011
Europe 1,956 4,294 4,369 4,353 4,436 4,492 4,143 4,014
Americas 1,063 1,079 1,781 2,348 2,383 2,537 2,466 2,420
Asia-Pacific3 1,070 4,933 5,171 5,252 6,452 6,485 6,394 6,352
Total 18,026 25,626 26,374 26,871 35,630 35,697 34,933 34,395
1. Excludes employees of private equity investee companies.
2. Figures up to March 2008 include savings advisors.
3. Includes Powai office in India.
37
Nomura Holdings, Inc.
www.nomura.com