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FORM 6-K
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Commission File Number: 1-15270
For the month of May 2014
NOMURA HOLDINGS, INC.
(Translation of registrant’s name into English)
9-1, Nihonbashi 1-chome
Chuo-ku, Tokyo 103-8645
Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
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Information furnished on this form:
Exhibit Number
| 1. | Consolidated Results of Operations (US GAAP), fourth quarter, year ended March 2014 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NOMURA HOLDINGS, INC. | ||||||
| Date: May 8, 2014 | By: | /s/ Hajime Ikeda | ||||
| Hajime Ikeda | ||||||
| Managing Director | ||||||
Table of Contents
Consolidated Results of Operations
Fourth quarter, year ended March 2014
(US GAAP)
Nomura Holdings, Inc.
April 2014
© Nomura
Table of Contents
Outline
Presentation Financial Supplement
Executive summary (p. 2-3) Consolidated balance sheet (p. 17)
Overview of results (p. 4) Value at risk (p. 18)
Business segment results (p. 5) Consolidated financial highlights (p. 19)
Retail (p. 6-7) Consolidated income (p. 20)
Asset Management (p. 8-9) Main revenue items (p. 21)
Wholesale (p. 10-12) Consolidated results: Income (loss) before income taxes by
Non-interest expenses (p. 13) segment and region (p. 22)
Robust financial position (p. 14) Segment “Other” (p. 23)
Funding and liquidity (p. 15) Retail related data (p. 24-28)
Asset Management related data (p. 29-30)
Wholesale related data (p. 31-32)
Number of employees (p. 33)
Table of Contents
Executive summary
Full year highlights
Income before income taxes and net income1 at highest level since FY2005/062 , marking the
second best year since reporting under US GAAP started in FY2001/02
– Net revenue: Y1,557.1bn (-14% YoY)*
*Due mainly to deconsolidation of Nomura Real Estate Holdings from FY2013/14
– Income before income taxes: Y361.6bn (+52% YoY)
– Net income1 : Y213.6bn (+99% YoY)
– ROE : 8.9% (FY2012/13: 4.9%)
– EPS 3 : Y55.81 (FY2012/13: Y28.37)
Income before income taxes from three segments totaled Y330.9bn (+71% YoY); All business
reported significantly higher pretax income
– Retail: Market rally and other factors drove pretax income to highest level since FY2005/06; Retail
remained key driver of group-wide earnings
– Asset Management: AuM growth on the back of net inflows and improved market conditions
– Wholesale: All regions and business lines reported stronger revenues YoY and profitability improved on
effects from successful strategic refinement and cost reduction program
Shareholder returns: Dividend and share buyback program
– Dividend per share: Year-end Y9; Annual Y17 (Dividend payout ratio: 29.5%)
– Set up share buyback program to acquire shares to issue upon the exercise of stock options, raise capital
efficiency, and ensure a flexible capital management policy.
Total number of shares: Maximum of 100m shares (2.6% of outstanding shares)
Of which, approximately 44m shares are to be used for future stock options
Total repurchase value: Maximum of Y70bn
Income before income taxes
(billions of yen)
Unrealized
gain on
investments in
equity
361.6 securities held
for operating
purposes
Group-wide Other
+52%
Wholesale
112
237.7 3 segment
total
27 Asset
Management
330.9
72
+71%
21
192 Retail
193.5
101
FY2012/13 FY2013/14
Full year Full year
(1) Net income attributable to Nomura Holdings shareholders.
(3) Diluted net income per share attributable to Nomura Holdings shareholders.
(2) FY2005/06 pretax income: Y452.0bn; FY2005/06 net income attributable to Nomura Holdings shareholders: Y304.3bn
(4) FY2012/13 figures include Nomura Real Estate Holdings as a consolidated subsidiary.
| 2 |
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Table of Contents
Executive summary
4Q highlights
Group income before income taxes of Y88.6bn; Performance of international operations and
gain from asset sale offset a slowdown in Japan-related businesses
Income before income taxes from international operations totaled Y15.9bn1
– Net revenue: Y389.9bn (+3% QoQ; -40% YoY)
– Income before income taxes: Y88.6bn (+2% QoQ; -48% YoY)
– Net income2: Y61.3bn (+27% QoQ; -26% YoY)
– ROE 3: 9.8% (3Q: 7.9%; FY2012/13 4Q: 14.8%)
– EPS 5 : Y16.02 (3Q: Y12.65; FY2012/13 4Q: Y21.55)
Income before income taxes from three segments totaled: Y62.1bn (-26% QoQ)
– Retail
Slower sales of equities and investment trusts QoQ due to weaker investor risk appetite on market
uncertainty and a drop off in demand following the end of tax breaks in 3Q
– Asset Management
Core business remained solid despite a decline in overall earnings QoQ from the strong 3Q which
included dividend income and due to an asset revaluation
– Wholesale
Revenues and pretax income up QoQ as robust performance in Americas and EMEA more than
offset a slowdown in Japan and AEJ
Global Markets and Investment Banking both reported stronger revenues QoQ, reflecting client
franchise growth and further diversification of revenue streams
Other segment income before income taxes of Y34.2bn
Booked a realized gain of Y17.9bn on sale of stake in Fortress Investment Group LLC
Booked gain of Y2.7bn due to changes to own and counterparty credit spreads
Group-wide 169.7 (billions of yen)
One-off gain of
Y50.1bn on
secondary offering 113.2
of Nomura Real
Estate Holdings 86.9 88.6
shares 72.9
35.4
19.7 13.0
FY2012/13 FY2013/14
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Three business segments
Wholesale
Asset Management 113.0
Retail 96.8
84.4
71.9 71.4
62.1
9.0 15.7
FY2012/13 FY2013/14
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income before income taxes
(1) Geographic information is based on U.S. GAAP (figures are preliminary for the three months ended March 31, 2014). Nomura’s revenues and expenses are allocated based on the country of domicile of the legal entity providing the service. This information is not used for business management purposes. In addition, on April 30, 2014, we announced an impairment charge of Y79.3bn in the unconsolidated results of Nomura Holdings related to investments in subsidiaries. The majority of the charges have been included as the financial results of these subsidiaries in our consolidated financial results through to the third quarter.
(2) Net income attributable to Nomura Holdings shareholders. (3) Calculated using annualized net income for each period. (4) FY2012/13 figures include Nomura Real Estate Holdings as a consolidated subsidiary. (5) Diluted net income per share attributable to Nomura Holdings shareholders.
| 3 |
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Table of Contents
Overview of results
Highlights
(billions of yen, except EPS and ROE)
FY2013/14 FY2013/14
QoQ YoY 5 YoY 5
4Q Full year
Net revenue 389.9 +3% -40% 1,557.1 -14%
Non-interest expenses 301.4 +3% -38% 1,195.5 -24%
Income before income taxes 88.6 +2% -48% 361.6 +52%
Net income1, 2 61.3 +27% -26% 213.6 +99%
EPS3 Y16.02 +27% -26% Y55.81 +97%
ROE4 9.8% 8.9%
(1) Net income attributable to Nomura Holdings shareholders.
(2) As a result of the abolishment of the Special Reconstruction Corporate Tax on April 1, 2014, net deferred tax assets (net of deferred tax liabilities) decreased by 1.7 billion yen while income taxes-deferred increased by the same amount.
| (3) |
|
Diluted net income per share attributable to Nomura Holdings shareholders. |
| (4) |
|
Calculated using annualized net income for each period. |
| (5) |
|
FY2012/13 figures include Nomura Real Estate Holdings as a consolidated subsidiary. |
| 4 |
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Table of Contents
Business segment results
Net revenue and income (loss) before income taxes
FY2013/14 FY2013/14
QoQ YoY 1 YoY 1
4Q Full year
Net Retail 97.9 -24% -29% 511.9 +29%
revenue Asset Management 20.5 -4% +12% 80.5 +17%
Wholesale 198.5 +5% +1% 765.1 +19%
Segment total 316.8 -6% -10% 1,357.5 +22%
Other 1), 2) 80.8 +128% -71% 188.8 -72%
Unrealized gain (loss) on investments in
equity securities held for operating purposes -7.7 — 10.7 -72%
Net revenue 389.9 +3% -40% 1,557.1 -14%
Income Retail 23.3 -51% -59% 192.0 +91%
(loss)
before Asset Management 5.3 -40% +36% 27.1 +28%
income Wholesale 33.5 +20% -6% 111.8 +56%
taxes
Segment total 62.1 -26% -36% 330.9 +71%
Other 1), 2) 34.2 —32% 20.0 +203%
Unrealized gain (loss) on investments in
equity securities held for operating purposes -7.7 — 10.7 -72%
Income before income taxes 88.6 +2% -48% 361.6 +52%
4Q additional information: 1) Includes a realized gain of Y17.9bn on sale of stake in Fortress Investment Group LLC
2) Includes gain of Y2.7bn related to changes to own and counterparty credit spreads
| (1) |
|
FY2012/13 figures include Nomura Real Estate Holdings as a consolidated subsidiary. |
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Table of Contents
Retail
Net revenue and income before income taxes
(billions of yen)
Full year Quarter
FY12/
FY12/ FY13/ 13 FY2013/14 QoQ YoY
13 14 4Q 1Q 2Q 3Q 4Q
Net revenue 397.9 511.9 138.7 166.3 119.7 128.0 97.9 -24% -29%
Non-interest expenses 297.3 319.9 81.5 85.2 79.8 80.3 74.6 -7% -8%
Income before income 100.6 192.1 57.2 81.1 40.0 47.7 23.3 -51% -59%
taxes
Retail client assets
(trillions of yen)
90.9 96.0 91.7
83.8 87.7
FY2012/13 FY2013/14
Mar Jun Sep Dec Mar
Key points
Full year
Net revenue: Y511.9bn (+29% YoY)
Income before income taxes: Y192.0bn (+91% YoY)
Stock market rally drove both revenues and pretax income higher YoY;
Pretax income at highest level since FY2005/06 (Y197.2), marking best year
since disclosure of segment information commenced in FY2001/02
4Q results
Net revenue: Y97.9bn (-24% QoQ; -29% YoY)
Income before income taxes: Y23.3bn (-51% QoQ; -59% YoY)
Slower quarter QoQ due to weaker investor risk appetite on market
uncertainty and a drop off in demand following the end of tax breaks in 3Q
– Slowdown primarily in sales of stocks and investment trusts
Made progress in transforming business model
– Higher focus on consulting services with long-term perspective to increase
recurring revenue and achieve a revenue mix geared towards sustainable
growth
Client franchise
– Retail client assets Y91.7trn
– Accounts with balance 5.14m
– NISA account applications 1.29m
– Net asset inflows1 -Y503.3bn
Recurring revenue Y13.4bn
Investment trust net inflows2 Y131.6bn
Discretionary account net inflows2 Y57.6bn
Other sales
– IPOs and public offerings3 Y227.0bn
– Retail bonds4 Y660.4bn
– Insurance products4 Y39.3bn
| (1) |
|
Excluding regional financial institutions. |
| (2) |
|
Retail channels and Wealth Management group. |
| (3) |
|
Retail channels, Net & Call, and Hotto Direct. |
| (4) |
|
Retail channels and branch office Corporate Finance desks (excluding regional financial institutions). |
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Table of Contents
Retail: Market downturn led to slower sales of equity-related products
Total sales1
(billions of yen) Stocks Bonds Investment trusts Others
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
Net assets inflows2 and recurring revenue
Recurring revenue
(annualized, on
adjusted basis) (rhs) 55.3 52.4 53.5 54.5 60.0
49.8
(billions of yen) Recurring revenue
1,500 1,225 (plan3) 40.0
750
38 188
0
-38
-750 -503
FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
Total sales1 declined 23% QoQ
Stocks: -23% QoQ
– Down from strong 3Q which was boosted by last-minute demand in the run up to the end of tax break
– Revenues underpinned by primary deals and foreign stocks
Investment trusts: -46% QoQ
– Market downturn coupled with higher focus on consulting for long-term
– Initiatives to expand client assets resulted in net inflows into investment trusts and discretionary accounts
Bonds: Flat QoQ
– Robust sales of JGBs for individuals (Y214.6bn) and foreign bonds
Increasing recurring revenue: Growth in investment trust and
discretionary account net inflows4
(billions of yen)
Discretionary account net inflows
300 278.2 Investment trust net inflows
200 189.2
133.5
100
52.6
9.1
0
FY2012/13 FY2013/14
Quarterly 1Q 2Q 3Q 4Q
average
(1) Retail channels and branch office Corporate Finance desks (excluding regional financial institutions). (2) Excluding regional financial institutions.
| (3) |
|
Planned progress to meet FY2015/16 recurring revenue target of Y69.6bn. |
| (4) |
|
Retail channels and Wealth Management group. |
| 7 |
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Asset Management
Net revenue and income before income taxes
(billions of yen)
Full year Quarter
FY12/
FY12/ FY13/ 13 FY2013/14 QoQ YoY
13 14 4Q 1Q 2Q 3Q 4Q
Net revenue 68.9 80.5 18.3 20.2 18.6 21.2 20.5 -4% +12%
Non-interest expenses 47.8 53.4 14.4 13.5 12.5 12.3 15.1 +23% +5%
Income before income 21.2 27.1 3.9 6.7 6.2 8.9 5.3 -40% +36%
taxes
Assets under management
(trillions of yen) AuM (gross)1 AuM (net)2
40.3
36.1 36.8 37.3 38.2
32.9
27.9 29.1 30.0 30.8
FY12/13 FY2013/14
Mar Jun Sep Dec Mar
Key points
Full year
Net revenue: Y80.5bn (+17% YoY)
Income before income taxes: Y27.1bn (+28% YoY)
- AuM expanded on fund inflows and improved market conditions
- Highest pretax income since FY2007/08
4Q results
Net revenue: Y20.5bn (-4% QoQ; +12% YoY)
Income before income taxes: Y5.3bn (-40% QoQ; +36% YoY)
- Revenues remained strong on contributions from performance fees,
despite declining from 3Q which included dividend income
- Pretax income declined on one-off costs related to asset revaluation
Investment trust business
Inflows into diverse range of asset classes 4Q inflows
– Nomura DB High Dividend Infrastructure Stock Fund Y165.7bn
– Europe High Yield Bond Fund
Y39.5bn
– Nomura Hyper Bull Bear 4
Y36.6bn
Increased sales of privately placed investment trusts matched to client needs
mainly to regional financial institutions
Improved NEXT FUNDS ETF product lineup and expanded AuM
– Total of 42 ETFs with AuM of Y4trn at end March (+5% from Dec; 49%
market share3)
– Newly listed JPX Nikkei 400 ETF and R/N Fundamental Index ETF
Investment advisory business
Fund outflows in Japan, but continued international inflows into Japan equity
related products
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. (2) Net after deducting duplications from assets under management (gross).
| (3) |
|
Source: The Investment Trusts Association, Japan. |
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Table of Contents
Asset Management: Strengthening international operations
Assets under management (gross)1 by business
(trillions of yen)
50 Investment trust business Investment advisory business
40.3
40 36.1 36.8 37.3 38.2
30 9.6 10.4 10.5 10.9 9.8
20
10 26.5 26.4 26.8 29.4 28.4
0
FY2012/13 FY2013/14
Mar Jun Sep Dec Mar
Investment trust business flow of funds3
(billions of yen) Investment trust business (excl. ETFs) ETFs
873
900
600 464 406 501
138 257 153
300 66 89
0
-300
-600
-900 -820
FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
Nomura Asset Management public investment trust market
share2
26.0%
23.6%
22.3% 22.5% 22.7% 22.9%
22.0%
18.0%
14.0%
FY2012/13 FY2013/14
Mar Jun Sep Dec Mar
Competitive products in international markets
Distribution of UCITS4 compliant funds to high-net-worth clients and pension
funds primarily in Europe
AuM jumped 66% from March 2013
Mar 2014 AuM
Japan Strategic Value Fund (Japanese equity) : $1.89bn
US High Yield Bond Fund: $920m
Strengthening Asia Business
Completed acquisition of stake in ING Securities Investment & Trust, the Taiwanese asset management business of ING Group, and converted into a consolidated subsidiary in April 2014
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. (2) Source: The Investment Trusts Association, Japan. (3) Based on assets under management (net).
(4) Undertakings for Collective Investment in Transferable Securities (UCITS) is the main European framework covering collective investment schemes investing in transferable securities.
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Wholesale
Net revenue and income before income taxes
(billions of yen) Full year Quarter
FY12/
FY12/ FY13/ FY2013/14
13 QoQ YoY
13 14 4Q 1Q 2Q 3Q 4Q
Global Markets 560.4 649.7 173.1 165.3 159.6 158.0 166.8 +6% -4%
Investment Banking 84.4 115.4 23.8 29.3 23.8 30.7 31.7 +3% +33%
Net revenue 644.9 765.1 196.9 194.6 183.3 188.7 198.5 +5% +1%
Non-interest expenses 573.2 653.3 161.3 169.4 158.1 160.9 165.0 +3% +2%
Income before income 71.7 111.8 35.7 25.2 25.3 27.8 33.5 +20% -6%
taxes
Net revenue by region
(billions of yen)
200.0
50.5 41.1 45.9 52.2 61.4 Americas
150.0
41.2 44.7
EMEA
100.0 21.8 20.1 54.1 50.8 61.2
24.5 21.9 16.4 AEJ
50.0 83.4 88.7 Japan
58.8 63.7 59.4
0.0
FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
Key points
Full year
Net revenue: Y765.1bn (+19% YoY)
Income before income taxes: Y111.8bn (+56% YoY)
– All regions and business lines reported higher revenues YoY
– Successful strategic refinement and cost reduction initiatives contributed to strongest income before income taxes since FY2009/10
4Q results
Net revenue: Y198.5bn (+5% QoQ; +1% YoY)
Income before income taxes: Y33.5bn (+20% QoQ; -6% YoY)
– Net revenue and income before income taxes both increased QoQ as robust performance in Americas and EMEA offset a slowdown in Japan and AEJ
Regional performance (net revenue; QoQ)
Americas (Y61.4bn; +18%)
– Best revenue quarter since start of US build out1; All business lines reported stronger revenues QoQ, reflecting diversification of revenue streams
EMEA (Y61.2bn; +21%)
– Significant revenue growth QoQ driven by a rebound in Global Markets and Investment Banking due to cross-divisional and cross-regional collaboration
Japan (Y59.4bn; -7%)
– Slower quarter for Global Markets on lower client activity; Investment Banking remained solid, driven by ECM (excluding 3Q one-off factors2)
AEJ (Y16.4bn; -25%)
– Global Markets revenues impacted by depreciation of emerging-market currencies and uncertainty over China’s economy
(1) Since April 2009.
(2) Booked Y10bn unrealized loss in FY2013/14 3Q due to a refinement to the valuation method for uncollateralized derivatives to incorporate funding costs. Also booked a Y11.3bn unrealized gain related to the IPO of a private equity investee company (Ashikaga Holdings).
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Wholesale: Global Markets
Net revenue1
(billions of yen)
Equities
Fixed Income QoQ
173.1 165.3 166.8 +6%
159.6 158.0
YoY
59.9 59.0 -4%
67.8 65.8 58.8
113.2 97.6 93.8 99.2 107.7
FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
FY2013/14 4Q net revenue by region
YoY QoQ
Global Global Markets
Markets Fixed Income Equities
Americas
EMEA
AEJ
Japan
0% ~ ±5% ±5% ~ ±15% ±15% ~
Key points
4Q results
Global Markets
Net revenue: Y166.8bn (+6% QoQ; -4% YoY)
– Maintained high level of revenue amidst tough market conditions
– Continued growth in client franchise with higher client revenues in EMEA and Americas Fixed IncomeNet revenue: Y107.7bn (+9% QoQ; -5% YoY)
– Revenues up QoQ as robust performance in Rates and Securitized Products more than offset a slowdown primarily in emerging market FX business Equities Net revenue: Y59.0bn (+0.4% QoQ; -1% YoY)
– Cash and Derivatives businesses drove stronger revenues in EMEA and Americas, offsetting a slowdown in Japan and AEJ
(1) Fixed Income and Equities figures for FY2012/13 have been reclassified following a reorganization in April 2013.
Americas: Rates and Securitized Products saw an uptick in client revenues, while Equity Derivatives had a robust quarter EMEA: Cash Equities reported revenue growth on higher client activity Japan: Despite a slowdown in Credit and FX, Fixed Income revenues increased from the prior quarter, which was impacted by a change to our derivative valuation method AEJ: Lower client activity mainly from concerns around China slowdown impacted FX and Cash Equities performance
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Wholesale: Investment Banking
Net revenue
Investment Banking (gross) (billions of yen)
44.1 47.2 45.8 35.9 55.4
Investment Banking (net)
Other 30.7 31.7 QoQ
29.3 2.2 +3%
23.8 3.7 23.8
0.4 0.4 11.7 YoY
+55% +33%
25.6 29.5
23.4 23.3 19.0
FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
Key points
4Q results
Net revenue: Y31.7bn (+3% QoQ; +33% YoY)
– Investment Banking (net) revenue increased 55% on strong quarter in Japan and significant growth in all international regions Investment Banking (gross) revenue of Y55.4bn at highest level since quarter ended December 2010
– Japan
ECM remained strong on high-profile public offerings, IPOs, and CB issuances Revenues also driven by new products and solutions business
– International
Revenues roughly doubled both QoQ and YoY driven by productivity improvements in all three regions Collaboration between EMEA and the Americas drove revenue contributions from completed multi-product M&A deals and solutions business
Full year gross revenue up 29% with stronger contribution from international business
Growing presence in international markets
Investment Banking Revenues driven by multi-product M&A and (gross) revenue solutions business
– Grifols’ acquisition of Novartis’ diagnostics (billions of yen) business, acquisition finance and refinance
184.3
(M&A $1.7bn/ ALF $1.5bn / refinance $5.8bn)
+29%
Involved in a number of financial sponsor exits (IPOs) International – Moncler IPO/POWL(€784m) 143.0 ( 343m) +33% – Just
Retirement IPO Bookrunner on many high-profile DCM transactions including benchmark and Samurai issuances
– KfW USD benchmark ($4.0bn)
– BPCE Samurai bonds (Y131.6bn)
Tailoring products to Japanese client needs
Bookrunner on global offerings on the back of stock market rally
– Suntory Beverage & Food IPO (Y388.1bn)
– Mitsubishi Motors global follow-on offering (Y269.9bn)
– Toppan Printing Euro-Yen CB (Y82.2bn)
International
Japan Diversified revenues with client-tailored solutions
– Commitment-type rights issues, deal FY2012/13 FY2013/14 contingent FX linked to cross-border M&A, full year full year rates hedging, etc.
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Non-interest expenses
Full year Quarter
(billions of yen) (billions of yen)
Other 1,575.9
483.9
1,500 500
Business development
expenses 1,195.5
1,200 400
Occupancy and related 318.1
depreciation 283.5 292.5 301.4
900 300
Information processing
and communications
600 200
Commissions and floor
brokerage
Compensation and 300 100
benefits
(Reference) 0 0
Excluding NREH
FY2012 FY2013 FY2012/13 FY2013/14 QoQ
/13 /14
4Q 1Q 2Q 3Q 4Q
Compensation and benefits 547.6 570.1 154.6 163.2 135.4 138.8 132.6 -4.5%
Commissions and floor brokerage 91.4 111.8 24.6 29.0 26.1 28.0 28.7 2.6%
Information processing and 179.9 192.2 49.6 48.2 46.2 47.8 49.9 4.6%
communications
Occupancy and related depreciation 91.5 80.1 23.1 19.8 20.8 19.0 20.5 8.1%
Business development expenses 49.0 38.5 14.5 7.9 9.5 11.0 10.1 -8.2%
Other 616.5 202.8 217.6 50.0 45.4 47.9 59.4 24.0%
Total 1,575.9 1,195.5 483.9 318.1 283.5 292.5 301.4 3.0%
Key points
Full year
Non-interest expenses: Y1,195.5bn (-24% YoY)
– Group-wide expenses declined significantly due to the deconsolidation of Nomura Real Estate Holdings (Other expenses, which included COGS at Nomura Real Estate Holdings, declined by 67%)
– Excluding Nomura Real Estate Holdings, non-interest expenses increased by 12% YoY due mainly to improved performance and yen depreciation
4Q results
Non-interest expenses: Y301.4bn (+3% QoQ)
– Other expenses increased by 24% QoQ due mainly to an asset revaluation, decommissioning of IT systems, and an increase in consultant fees
– Compensation and benefits declined by 4%, primarily as a result of a slowdown in Japan-related businesses
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Table of Contents
Robust financial position
Balance sheet related indicators and capital ratios
(As of March 2014)
Total assets Y43.5trn
Shareholders’ equity Y2.5trn
Gross leverage 17.3x
Net leverage1 10.4x
Level 3 assets (net)2 Y0.4trn
Liquidity portfolio Y6.1trn
(billions of yen) Dec Mar2
(Basel 3 basis) (Basel 3 basis)
Tier 1 2,306 2,316
Tier 2 376 402
Total capital 2,683 2,717
RWA3 19,125 17,385
Tier 1 ratio 12.0% 13.3%
Tier 1 common ratio4 12.0% 13.3%
Total capital ratio 14.0% 15.6%
Risk weighted assets3 and Tier 1 ratio
(trillions of yen) RWA (Basel 3) (lhs) Tier 1 ratio (Basel 3) (rhs)
20.0 20.0%
13.3%
15.0 11.9% 11.9% 12.2% 12.0% 12.2% 15.0%
10.0 10.0%
5.0 5.0%
0.0 Fully loaded 0.0%
FY2012/13 FY2013/14 Basel 3 2019
applied to
balance sheet
Mar Jun Sep Dec Mar at end Mar
(estimate)
Level 3 assets 2 and net level 3 assets/Tier 1 capital
(billions of yen) Level 3 assets
1,000 Net Level 3 Assets 40%
Net Level 3 Assets / Tier 1 Capital
25% 23%
19%
500 17% 16%
0 0%
FY2012/13 FY2013/14
Mar Jun Sep Dec Mar
(1) Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ equity. (2) Preliminary.
| (3) |
|
Credit risk assets are calculated using the internal model method. |
| (4) |
|
Tier 1 common ratio is defined as Tier 1 capital minus minority interest divided by risk-weighted assets. |
14
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Funding and liquidity
Balance sheet structure
Highly liquid, healthy balance sheet structure
–83% of assets are highly liquid trading and related assets that are marked-to-market and matched to trading and related liabilities through repos etc. (regionally and by currency)
–Other assets are funded by equity and long-term debt, ensuring structural stability
Liquidity portfolio2
Liquidity portfolio:
–Y6.1trn, or 14% of total assets
–Maintain a high quality liquidity portfolio surplus without the need for additional unsecured funding over a certain period
Balance sheet
(As of Mar 2014)
Assets Liabilities and equity Unsecured funding2
More than 80% of unsecured funding is
long-term debt
Diversified sources of funding
Trading liabilities Short-term
and related1 debt
Trading assets 17%
and related1 Long-term debt
due within 1yr, International Loans
14% 24% (incl. Bank
subordinated) lending
market
Long-term Euro
debt, 69% MTN/Yen,
Other liabilities retail bonds,
Average Retail
Short-term borrowings maturity Japan etc. market
76%
Cash and cash deposits Long-term 4.7 years3 Euro
borrowings MTN/Other,
Other assets Wholesale
Total equity wholesale market
bonds, etc.
Breakdown of Long-term Funding of
short-term/long- debt by long-term
term debt region debt
(1) Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc.
(2) Definition differs from financial disclosures reflecting Liquidity Management’s view. Cash and cash deposits portion of liquidity portfolio excludes funds on deposit at exchanges and segregated client funds. (3) Excludes long-term debt due within one year. Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios.
15
Table of Contents
Financial Supplement
Table of Contents
Consolidated balance sheet
(billions of yen)
Mar 31, Mar 31, Increase Mar 31, Mar 31, Increase
2013 2014 (Decrease) 2013 2014 (Decrease)
Assets Liabilities
Total cash and cash deposits 1,653 2,189 537 Short-term borrowings 738 602 -136
Total payables and deposits 2,414 2,837 423
Total loans and receivables 2,630 2,571 -59 Total collateralized financing 15,409 17,112 1,703
Trading liabilities 8,491 11,047 2,556
Total collateralized agreements 14,115 17,347 3,232 Other liabilities 978 1,142 164
Long-term borrowings 7,592 8,227 635
Total trading assets1 and
private equity investments 17,124 18,714 1,590 Total liabilities 35,623 40,967 5,344
Total other assets 2,420 2,699 279 Equity
Total NHI shareholders’ equity 2,294 2,514 219
Noncontrolling interest 25 40 15
Total assets 37,942 43,520 5,578 Total liabilities and equity 37,942 43,520 5,578
1. Including securities pledged as collateral.
17
Table of Contents
Value at risk
Definition From April 1, 2013 to March 31, 2014 (billions of yen)
99% confidence level Maximum: 9.9
1-day time horizon for outstanding portfolio Minimum: 4.4
Inter-product price fluctuations considered Average: 6.7
(billions of yen) FY2012/13 FY2013/14 FY2012/13 FY2013/14
Mar Mar Mar Jun Sep Dec Mar
Equity 1.3 1.3 1.3 2.6 1.9 3.6 1.3
Interest rate 5.0 3.9 5.0 5.4 5.1 6.6 3.9
Foreign exchange 1.9 2.8 1.9 1.9 1.8 2.6 2.8
Sub-total 8.1 8.0 8.1 9.9 8.7 12.9 8.0
Diversification benefit -3.0 -2.9 -3.0 -3.2 -3.2 -4.3 -2.9
VaR 5.1 5.2 5.1 6.6 5.5 8.6 5.2
18
Table of Contents
Consolidated financial highlights
Full year Quarter
(billions of yen) (billions of yen)
250 12% 120 11.3% 12%
213.6
Net income 200 8.9% 9% 90 82.4 8.9% 8.5% 8.9% 9%
150 65.9
4.9% 61.3
ROE (%) 107.2 6% 60 6%
48.3
100 38.1
4.9%
50 3% 30 3%
0 0% 0 0%
FY2012/13 FY2013/14
FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
Net revenue 1,813.6 1,557.1 653.6 431.3 356.4 379.4 389.9
Income before income taxes 237.7 361.6 169.7 113.2 72.9 86.9 88.6
Net income attributable to Nomura Holdings,
Inc. (“NHI”) shareholders 107.2 213.6 82.4 65.9 38.1 48.3 61.3
Total NHI shareholders’ equity 2,294.4 2,513.7 2,294.4 2,369.0 2,379.2 2,492.5 2,513.7
ROE (%)1 4.9% 8.9% 4.9% 11.3% 8.9% 8.5% 8.9%
Basic-Net income attributable to NHI 29.04 57.57 22.23 17.78 10.29 13.02 16.48
shareholders per share(yen)
Diluted-Net income attributable to NHI 28.37 55.81 21.55 17.24 9.99 12.65 16.02
shareholders per share(yen)
Total NHI shareholders’ equity per share 618.27 676.15 618.27 639.99 641.90 670.88 676.15
(yen)
(1) Quarterly ROE is calculated using annualized year-to-date net income.
19
Table of Contents
Consolidated income
Full year Quarter
(billions of yen) FY2012/13 FY2013/14
FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
Revenue
Commissions 359.1 474.6 125.7 157.6 105.6 121.4 89.9
Fees from investment banking 62.4 91.3 21.8 25.4 23.0 15.8 27.2
Asset management and portfolio service fees 141.0 167.2 38.8 42.4 40.7 42.1 42.1
Net gain on trading 368.0 476.4 106.5 128.4 110.2 108.5 129.2
Gain on private equity investments 8.1 11.4 1.5 0.1 0.7 11.0 -0.3
Interest and dividends 394.0 416.3 98.0 115.3 98.1 102.6 100.3
Gain on investments in equity securities 38.7 15.2 23.9 7.9 5.0 7.5 -5.2
Other 708.8 179.5 304.0 28.2 45.1 38.5 67.7
Total revenue 2,079.9 1,831.8 720.1 505.3 428.4 447.4 450.8
Interest expense 266.3 274.8 66.5 73.9 72.0 68.0 60.8
Net revenue 1,813.6 1,557.1 653.6 431.3 356.4 379.4 389.9
Non-interest expenses 1,575.9 1,195.5 483.9 318.1 283.5 292.5 301.4
Income before income taxes 237.7 361.6 94.2 113.2 72.9 86.9 88.6
Net income attributable to NHI shareholders 107.2 213.6 82.4 65.9 38.1 48.3 61.3
20
Table of Contents
Main revenue items
Full year Quarter
(billions of yen) FY2012/13 FY2013/14 FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
Stock brokerage commissions (retail) 51.8 126.7 26.6 42.5 25.4 36.3 22.6
Stock brokerage commissions (other) 112.9 139.8 32.0 37.7 31.6 34.9 35.6
Other brokerage commissions 11.7 18.1 3.8 5.3 4.2 4.4 4.3
Commissions Commissions for distribution of 150.1 157.8 54.4 63.9 37.0 37.7 19.3
investment trusts
Other 32.6 32.1 9.0 8.2 7.5 8.3 8.2
Total 359.1 474.6 125.7 157.6 105.6 121.4 89.9
Equity underwriting and distribution 21.1 41.4 6.4 10.3 11.0 6.1 14.0
Bond underwriting and distribution 7.8 13.0 4.2 3.8 3.5 2.8 2.9
Fees from M&A / financial advisory fees 25.6 25.0 8.2 6.4 6.5 4.4 7.6
investment banking
Other 7.7 12.0 3.0 4.9 2.1 2.4 2.6
Total 62.4 91.3 21.8 25.4 23.0 15.8 27.2
Asset management fees 105.3 126.7 29.3 32.1 30.8 31.8 31.9
Asset management Administration fees 18.6 22.5 5.1 5.6 5.5 5.7 5.7
and portfolio service
fees Custodial fees 17.1 18.1 4.4 4.6 4.4 4.5 4.5
Total 141.0 167.2 38.8 42.4 40.7 42.1 42.1
21
Table of Contents
Consolidated results: Income (loss) before income taxes by segment and region
Adjustment of consolidated results and segment results: Income (loss) before income taxes
(billions of yen) FY2012/13 FY2013/14 FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
Retail 100.6 192.0 57.2 81.1 40.0 47.7 23.3
Asset Management 21.2 27.1 3.9 6.7 6.2 8.9 5.3
Wholesale 71.7 111.8 35.7 25.2 25.3 27.8 33.5
Three Business segments total 193.5 330.9 96.8 113.0 71.4 84.4 62.1
Other 6.6 20.0 50.1 -7.0 -3.5 -3.7 34.2
Segments total 200.0 350.9 146.9 106.1 67.9 80.7 96.2
Unrealized gain (loss) on investments in equity
securities held for operating purposes 37.7 10.7 22.8 7.2 5.0 6.2 -7.7
Income before income taxes 237.7 361.6 169.7 113.2 72.9 86.9 88.6
Income (loss) before income taxes by region1
(billions of yen) FY2012/13 FY2013/14
FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
Americas 25.7 29.5 2.3 -8.5 -1.3 8.0 31.2
Europe -93.1 -48.9 -36.5 -4.4 -19.6 -14.8 -10.1
Asia and Oceania -12.1 -5.2 -7.9 -0.8 2.3 -1.5 -5.2
Subtotal -79.4 -24.7 -42.0 -13.7 -18.7 -8.2 15.9
Japan 317.2 386.3 211.7 126.9 91.6 95.1 72.6
Income (loss) before income taxes 237.7 361.6 169.7 113.2 72.9 86.9 88.6
(1) Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended March 31, 2014.) Nomura’s revenues and expenses are allocated based on the country of domicile of the legal entity providing the service. This information is not used for business management purposes.
22
Table of Contents
Segment “Other”
Income (loss) before income taxes
Full year Quarter
(billions of yen) (billions of yen)
60 60
50.1
40 34.2 40
20.0
20 20
6.6
0 0
-3.5 -3.7
-7.0
-20 -20
FY2012/13 FY2013/14 FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
Net gain (loss) related to economic 1.0 17.4 0.8 7.4 -1.7 5.2 6.5
hedging transactions
Realized gain(loss) on investments in equity 1.0 4.4 1.2 0.7 0.0 1.3 2.4
securities held for operating purposes
Equity in earnings of affiliates 14.4 28.6 5.2 5.3 8.9 8.2 6.2
Corporate items 17.7 -38.8 32.9 -12.3 -8.7 -14.0 -3.8
Others -27.5 8.4 10.0 -8.0 -2.0 -4.4 22.8
Income (Loss) before income taxes 6.6 20.0 50.1 -7.0 -3.5 -3.7 34.2
23
Table of Contents
Retail related data (1)
Full year Quarter
(billions of yen) FY2012/13FY2013/14 FY2012/13 FY2013/14 QoQ YoY
4Q 1Q 2Q 3Q 4Q
Commissions 225.9 301.7 84.4 110.3 66.5 78.3 46.5 -40.6% -44.8%
Sales credit 80.9 106.1 28.6 29.7 24.3 25.7 26.4 2.8% -7.6%
Fees from investment banking and other 36.8 40.3 10.4 9.8 13.4 8.0 9.1 13.9% -12.5%
Investment trust administration fees and other 49.7 56.1 13.7 14.4 13.7 14.1 13.9 -1.5% 1.5%
Net interest revenue 4.6 7.7 1.7 2.2 1.9 1.8 1.9 4.4% 13.7%
Net revenue 397.9 511.9 138.7 166.3 119.7 128.0 97.9 -23.5% -29.5%
Non-interest expenses 297.3 319.9 81.5 85.2 79.8 80.3 74.6 -7.1% -8.5%
Income before income taxes 100.6 192.0 57.2 81.1 40.0 47.7 23.3 -51.2% -59.3%
Domestic distribution volume of investment trusts1 9,027.6 10,146.4 3,072.4 3,427.5 2,372.2 2,552.5 1,794.1 -29.7% -41.6%
Bond investment trusts 2,719.2 3,146.3 824.0 753.7 814.2 810.2 768.2 -5.2% -6.8%
Stock investment trusts 5,457.0 6,201.4 1,967.5 2,386.2 1,406.6 1,571.8 836.8 -46.8% -57.5%
Foreign investment trusts 851.4 798.7 281.0 287.6 151.4 170.5 189.1 10.9% -32.7%
Other
Accumulated value of annuity insurance policies 1,909.5 2,033.1 1,909.5 1,942.0 1,970.4 2,000.0 2,033.1 1.7% 6.5%
Sales of JGBs for individual investors 189.1 1,037.0 42.8 42.5 450.9 329.1 214.6 -34.8% 5.0x
(transaction base)
Retail foreign currency bond sales 1,485.8 1,595.6 327.9 383.2 507.1 318.6 386.6 21.3% 17.9%
| (1) |
|
Excluding Net & Call and Hotto Direct. |
24
Table of Contents
Retail related data (2)
Stock brokerage commissions and commissions for distribution of investment trusts
Full year Quarter
(billions of yen) (billions of yen)
180 70
150 60
50
120
40
90
30
60
20
30 10
0 0
FY2012/13 FY2013/14
FY2012/13 FY2013/14 QoQ YoY
4Q 1Q 2Q 3Q 4Q
Stock brokerage commissions
Commissions for distribution of investment trusts
Stock brokerage commissions 51.8 126.7 26.6 42.5 25.4 36.3 22.6 -37.8% -15.2%
Commissions for distribution of investment
trusts1 161.5 161.4 55.7 65.3 37.5 38.5 20.1 -47.8% -63.9%
| (1) |
|
Nomura Securities. |
25
Table of Contents
Retail related data (3)
Retail client assets
Other
Overseas mutual funds Bond investment trusts Stock investment trusts Domestic bonds Foreign currency bonds Equities
(trillions of yen)
100 91.7 90.9 96.0 91.7
83.8 83.8 87.7
80
60
40
20
0
FY2012/13 FY2013/14 FY2012/13 FY2013/14
Mar Mar Mar Jun Sep Dec Mar
Equities 46.7 53.2 46.7 50.5 53.4 56.5 53.2
Foreign currency bonds 6.6 6.3 6.6 6.2 6.1 6.4 6.3
Domestic bonds 1 12.4 12.8 12.4 12.4 12.9 12.7 12.8
Stock investment trusts 8.9 9.1 8.9 8.6 8.8 9.2 9.1
Bond investment trusts 4.9 5.9 4.9 5.3 5.6 6.6 5.9
Overseas mutual funds 1.7 1.7 1.7 1.7 1.7 1.7 1.7
Other2 2.7 2.7 2.7 3.0 2.4 2.9 2.7
Total 83.8 91.7 83.8 87.7 90.9 96.0 91.7
| (1) |
|
Including CBs and warrants. (2) Including annuity insurance |
26
Table of Contents
Retail related data (4)
Retail client assets: Net asset inflow1
Full year Quarter
(billions of yen) (billions of yen)
2,000
1,225
1,200
900
600
1,035
1,000
872 188 300
38
0
-38
-300
0 -503 -600
FY2012/13 FY2013/14
FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
| (1) |
|
Excluding regional financial institutions. |
27
Table of Contents
Retail related data (5)
Number of accounts
(Thousands) FY2012/13 FY2013/14 FY2012/13 FY2013/14
Mar Mar Mar Jun Sep Dec Mar
Accounts with balance 5,025 5,144 5,025 5,069 5,090 5,104 5,144
Equity holding accounts 2,717 2,718 2,717 2,727 2,722 2,674 2,718
Nomura Home Trade /
Net & Call accounts 3,747 4,012 3,747 3,822 3,881 3,939 4,012
New Individual accounts / IT share1
Full year Quarter
(Thousands) FY2012/13 FY2013/14 FY2012/13 FY2013/14
4Q 1Q 2Q 3Q 4Q
New individual accounts 266 364 82 101 82 91 90
IT share1
No. of orders 55% 58% 57% 59% 58% 54% 60%
Transaction value 31% 33% 34% 36% 33% 27% 37%
| (1) |
|
Percentage of cash stock transactions conducted via Nomura Home Trade. |
28
Table of Contents
Asset Management related data (1)
FY2012/13 FY2013/14
FY2012/13 FY2013/14 QoQ YoY
(billions of yen) 4Q 1Q 2Q 3Q 4Q
Net revenue 68.9 80.5 18.3 20.2 18.6 21.2 20.5 -3.5% 11.9%
Non-interest expenses 47.8 53.4 14.4 13.5 12.5 12.3 15.1 23.3% 5.4%
Income before income taxes 21.2 27.1 3.9 6.7 6.2 8.9 5.3 -40.4% 35.6%
Total assets under management
(trillions of yen)
40.3
40.0 36.1 38.2 36.1 36.8 37.3 38.2
32.9
30.8 29.1 30.0 30.8
30.0 27.9 27.9
20.0
10.0
0.0
FY2012/13 FY2013/14 FY2012/13 FY2013/14
Mar Mar Mar Jun Sep Dec Mar
AuM (gross) 1
AuM (net)2
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital.
(2) Net after deducting duplications from assets under management (gross).
29
Table of Contents
Asset Management related data (2)
Assets under management (gross) by business¹
FY12 FY13 FY12/13 FY13/14
(trillions of yen) /13 /14
Mar Mar Mar Jun Sep Dec Mar
Investment trust 26.5 28.4 26.5 26.4 26.8 29.4 28.4
business
Investment advisory business 9.6 9.8 9.6 10.4 10.5 10.9 9.8
Assets under management
(gross)1 36.1 38.2 36.1 36.8 37.3 40.3 38.2
Asset inflows/outflows by business3
Full year Quarter
FY12/13 FY13/14
(billions of yen) FY12/13 FY13/14
4Q 1Q 2Q 3Q 4Q
Investment trusts 1,099 1,598 530 544 410 962 -319
business
of which, ETFs 424 882 66 138 153 89 501
Investment advisory -529 -520 -15 349 -157 226 -938
business
Net asset inflow 570 1,078 515 893 253 1,189 -1,257
Assets under management by company
(trillions of yen) FY12 FY13
/13 /14 FY12/13 FY13/14
Mar Mar Mar Jun Sep Dec Mar
Nomura Asset Management 30.7 33.8 30.7 32.3 33.1 36.0 33.8
Nomura Funds Research and 2.9 2.6 2.9 2.6 2.5 2.6 2.6
Technologies
Nomura Corporate Research and 1.8 1.6 1.8 1.7 1.6 1.6 1.6
Asset Management
Nomura Private Equity Capital 0.7 0.2 0.7 0.2 0.2 0.2 0.2
Assets under management
(gross)1 36.1 38.2 36.1 36.8 37.3 40.3 38.2
Group company overlap 8.2 7.4 8.2 7.6 7.3 7.5 7.4
Assets under management (net)2 27.9 30.8 27.9 29.1 30.0 32.9 30.8
Domestic public investment trust market and
Nomura Asset Management market share4
(trillions of yen) FY12/13 FY13/14 FY12/13 FY13/14
Mar Mar Mar Jun Sep Dec Mar
Domestic public stock
investment trusts
Market 60.0 65.7 60.0 60.5 62.4 65.0 65.7
Nomura’s share 18% 19% 18% 18% 18% 19% 19%
(%)
Domestic public bond
investment trusts
Market 12.6 14.5 12.6 13.6 14.4 16.5 14.5
Nomura’s share 43% 42% 43% 42% 42% 43% 42%
(%)
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. (2) Net after deducting duplications from assets under management (gross). (3) Based on assets under management (net). (4) Source: Investment Trusts Association, Japan
| 30 |
|
Table of Contents
Wholesale related data (1)
Wholesale
(billions of yen)
FY2012/13 FY2013/14
FY2012/13 FY2013/14 QoQ YoY
4Q 1Q 2Q 3Q 4Q
Net revenue 644.9 765.1 196.9 194.6 183.3 188.7 198.5 5.2% 0.8%
Non-interest expenses 573.2 653.3 161.3 169.4 158.1 160.9 165.0 2.6% 2.3%
Income before income taxes 71.7 111.8 35.7 25.2 25.3 27.8 33.5 20.4% -6.1%
Breakdown of Wholesale revenues
(billions of yen) FY2012/13 FY2013/14
FY2012/13 FY2013/14 QoQ YoY
4Q 1Q 2Q 3Q 4Q
Fixed Income 387.7 398.2 113.2 97.6 93.8 99.2 107.7 8.6% -4.8%
Equities 172.8 251.5 59.9 67.8 65.8 58.8 59.0 0.4% -1.4%
Global Markets 560.4 649.7 173.1 165.3 159.6 158.0 166.8 5.6% -3.7%
Investment Banking(Net) 72.0 97.4 23.4 25.6 23.3 19.0 29.5 55.1% 26.2%
Other 12.4 18.0 0.4 3.7 0.4 11.7 2.2 -81.2% 5.1x
Investment Banking 84.4 115.4 23.8 29.3 23.8 30.7 31.7 3.3% 33.1%
Net revenue 644.9 765.1 196.9 194.6 183.3 188.7 198.5 5.2% 0.8%
Investment Banking(Gross) 143.0 184.3 44.1 47.2 45.8 35.9 55.4 54.2% 25.7%
| (1) |
|
Fixed Income and Equities figures for FY 2012/13 have been reclassified following a reorganization in April 2013. |
31
Table of Contents
Wholesale related data (2)
Private equity related investments
Terra Firma
Asia
Europe (excluding Terra Firma) Japan
(billions of yen)
150
104.6 104.6 107.0 102.1
100
57.2 61.2 57.2
50
0
FY2012/13 FY2013/14 FY2012/13 FY2013/14
Mar Mar Mar Jun Sep Dec Mar
Japan 52.7 8.1 52.7 52.5 51.7 10.5 8.1
Europe (excluding Terra Firma) 21.8 22.6 21.8 22.9 22.9 23.9 22.6
Asia 2.0 1.9 2.0 1.9 1.8 1.9 1.9
Sub Total 76.5 32.6 76.5 77.4 76.4 36.3 32.6
Terra Firma 28.1 24.6 28.1 29.6 25.8 24.9 24.6
Total 104.6 57.2 104.6 107.0 102.1 61.2 57.2
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Table of Contents
Number of employees
FY2012/13 FY2013/14 FY2012/13 FY2013/14
Mar Mar Mar Jun Sep Dec Mar
Japan (excluding FA) 14,123 14,149 14,123 14,654 14,454 14,308 14,149
Japan (FA) 1,907 1,888 1,907 1,911 1,923 1,918 1,888
Europe 3,618 3,461 3,618 3,485 3,459 3,456 3,461
Americas 2,271 2,281 2,271 2,240 2,243 2,248 2,281
Asia-Pacific1 6,037 5,891 6,037 5,961 5,945 5,902 5,891
Total 27,956 27,670 27,956 28,251 28,024 27,832 27,670
| (1) |
|
Includes Powai office in India. |
33
Table of Contents
Disclaimer
This document is produced by Nomura Holdings, Inc. (“Nomura”).
Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.
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This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risk factors, as well as those more fully discussed under Nomura’s most recent Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange Commission (“SEC”) that are available on Nomura’s website (http://www.nomura.com) and on the SEC‘s website (http://www.sec.gov); Important risk factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.
Forward-looking statements speak only as of the date they are made, and Nomura undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
The consolidated financial information in this document is unaudited.
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