Edgar Filing: NOMURA HOLDINGS INC

FORM 6-K

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 October 2015

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

9-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Information furnished on this form:

EXHIBIT


Exhibit Number

1.		Financial Summary – Six months ended September 30, 2015

The registrant hereby incorporates Exhibit 1 to this report on Form 6-K by reference in the prospectus that is part of Registration Statement on Form F-3 (Registration No. 333-191250) of the registrant and Nomura America Finance, LLC, filed with the Securities and Exchange Commission on September 19, 2013.

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: October 28, 2015	By:	/s/ Hajime Ikeda
		Hajime Ikeda
		Senior Managing Director

Financial Summary For the Six Months Ended September 30, 2015 (U.S. GAAP)


Date:		October 28, 2015
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Nagoya
		(Overseas) New York, Singapore
Representative:		Koji Nagai
		Group CEO, Nomura Holdings, Inc.
For inquiries:		Michio Okazaki
		Managing Director, Head of Management Accounting and Investor Relations, Nomura Holdings, Inc.
		Tel: (Country Code 81) 3-5255-1000
		URL: http://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results


	(Rounded to nearest million)

	For the six months ended September 30
	2014						2015
	(Millions of yen, except per share data)
				% Change from September 30, 2013						% Change from September 30, 2014
Total revenue		912,974			(2.2	%)		926,355			1.5	%
Net revenue		744,671			(5.5	%)		760,636			2.1	%
Income before income taxes		125,679			(32.5	%)		125,889			0.2	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		72,732			(30.1	%)		115,301			58.5	%
Comprehensive income		128,009			(4.6	%)		94,296			(26.3	%)
Basic-Net income attributable to NHI shareholders per share (Yen)		19.87						32.06
Diluted-Net income attributable to NHI shareholders per share (Yen)		19.34						31.26
Return on shareholders’ equity-annualized		5.7	%					8.4	%

Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity.


(2) Financial Position
	At March 31			At September 30
	2015			2015
	(Millions of yen, except per share data)
Total assets		41,783,236			43,960,331
Total equity		2,744,946			2,794,936
Total NHI shareholders’ equity		2,707,774			2,761,660
Total NHI shareholders’ equity as a percentage of total assets		6.5	%		6.3	%
Total NHI shareholders’ equity per share (Yen)		752.40			767.73

2. Cash Dividends


	For the year ended March 31
	2015		2016		2016 (Plan)
	(Yen amounts)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		6.00		10.00		—
At December 31		—		—		—
At March 31		13.00		—		Unconfirmed
For the year		19.00		—		Unconfirmed

Note: Nomura plans to forgo dividend distribution for Q3 of fiscal year 2016. Fiscal year 2016 Q4 dividend amount are not presented per reasons stated in “3. Earnings forecasts for the year ending March 31, 2016”.

3. Earnings Forecasts for the year ending March 31, 2016

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts.

Notes

(1) Changes in significant subsidiaries during the period: None

(Changes in Specified Subsidiaries accompanying changes in scope of consolidation.)

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

Changes in accounting policies due to amendments to the accounting standards: None

Changes in accounting policies due to other than a): None

(4) Number of shares issued (common stock)


	At March 31		At September 30
	2015		2015
Number of shares outstanding (including treasury stock)		3,822,562,601		3,822,562,601
Number of treasury stock		223,697,388		225,383,396

	For the six months ended September 30
	2014		2015
Average number of shares outstanding (year-to-date)		3,660,114,608		3,596,599,957

*Quarterly review

The review process of the quarterly consolidated financial statements for this period has not been completed by the external auditors at the point of disclosing this financial summary. As a result of such review, certain of the information set forth herein could be subject to revision, possibly material, in the quarterly securities report for the period ended September 30, 2015, an English translation of which the registrant plans to furnish on Form 6-K in due course.

Table of Contents for the Accompanying Materials


1. Qualitative Information of the Quarterly Consolidated Results			P.2

(1) Consolidated Operating Results			P.2
(2) Consolidated Financial Position			P.5
(3) Consolidated Earnings Forecasts			P.5

2. Quarterly Consolidated Financial Statements			P.5

(1) Consolidated Balance Sheets			P.6
(2) Consolidated Statements of Income			P.8
(3) Consolidated Statements of Comprehensive Income			P.9
(4) Note with respect to the Assumption as a Going Concern			P.9
(5) Segment Information – Operating Segment			P.10
(6) Significant Changes in Equity			P.11

3. Supplementary Information			P.12

(1) Consolidated Statements of Income – Quarterly Comparatives			P.12
(2) Business Segment Information – Quarterly Comparatives			P.13
(3) Unconsolidated Quarterly Financial Statements [Japanese GAAP]			P.14
(4) Other			P.14

1.	Qualitative Information of the Quarterly Consolidated Results

(1)

Consolidated Operating Results

U.S. GAAP


	Billions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2014 (A)			September 30, 2015 (B)			(B-A)/(A)
Net revenue		744.7			760.6			2.1
Non-interest expenses		619.0			634.7			2.5

Income (loss) before income taxes		125.7			125.9			0.2
Income tax expense		51.3			8.0			(84.4	)

Net income (loss)		74.4			117.9			58.5

Less: Net income (loss) attributable to noncontrolling interests		1.7			2.6			56.8

Net income (loss) attributable to NHI shareholders		72.7			115.3			58.5

Return on shareholders’ equity-annualized		5.7	%		8.4	%		—

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 760.6 billion yen for the six months ended September 30, 2015, an increase of 2.1% from the same period in the prior year. Non-interest expenses increased by 2.5% from the same period in the prior year to 634.7 billion yen. Income before income taxes was 125.9 billion yen and net income attributable to NHI shareholders was 115.3 billion yen for the six months ended September 30, 2015.

Segment Information


	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2014 (A)		September 30, 2015 (B)		(B-A)/(A)
Net revenue		738.6		762.5		3.2
Non-interest expenses		619.0		634.7		2.5

Income (loss) before income taxes		119.6		127.8		6.9

In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2015 was 762.5 billion yen, an increase of 3.2% from the same period in the prior year. Non-interest expenses increased by 2.5% from the same period in the prior year to 634.7 billion yen. Income before income taxes was 127.8 billion yen for the six months ended September 30, 2015. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

<Business Segment Results>

Operating Results of Retail


	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2014 (A)		September 30, 2015 (B)		(B-A)/(A)
Net revenue		224.8		246.3		9.6
Non-interest expenses		154.3		158.7		2.8

Income (loss) before income taxes		70.5		87.6		24.4

Net revenue increased by 9.6% from the same period in the prior year to 246.3 billion yen, primarily due to increases in commissions from brokerage and fees from investment banking. Non-interest expense increased by 2.8% to 158.7 billion yen. As a result, income before income taxes increased by 24.4% to 87.6 billion yen.

Operating Results of Asset Management


	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2014 (A)		September 30, 2015 (B)		(B-A)/(A)
Net revenue		45.0		49.8		10.5
Non-interest expenses		28.9		29.6		2.3

Income (loss) before income taxes		16.1		20.2		25.3

Net revenue increased by 10.5% from the same period in the prior year to 49.8 billion yen. Non-interest expense increased by 2.3% to 29.6 billion yen. As a result, income before income taxes increased by 25.3% to 20.2 billion yen. Assets under management were 40.0 trillion yen as of September 30, 2015.

Operating Results of Wholesale


	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2014 (A)		September 30, 2015 (B)		(B-A)/(A)
Net revenue		379.5		398.1		4.9
Non-interest expenses		351.5		369.8		5.2

Income (loss) before income taxes		27.9		28.3		1.3

Net revenue increased by 4.9% from the same period in the prior year to 398.1 billion yen. Non-interest expense increased by 5.2% to 369.8 billion yen. As a result, income before income taxes increased by 1.3% from the same period in the prior year to 28.3 billion yen.

Other Operating Results


	Billions of yen					% Change
	For the six months ended					(B-A)/(A)
	September 30, 2014 (A)		September 30, 2015 (B)			(B-A)/(A)
Net revenue		89.3		68.3			(23.5	)
Non-interest expenses		84.2		76.6			(9.0	)

Income (loss) before income taxes		5.1		(8.3	)		—

Net revenue was 68.3 billion yen. Loss before income taxes was 8.3 billion yen.

(2)

Consolidated Financial Position

Total assets as of September 30, 2015 were 44.0 trillion yen, an increase of 2,177.1 billion yen compared to March 31, 2015, mainly due to the increase in Securities purchased under agreements to resell. Total liabilities as of September 30, 2015 were 41.2 trillion yen, an increase of 2,127.1 billion yen compared to March 31, 2015, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of September 30, 2015 was 2.8 trillion yen, an increase of 50.0 billion yen compared to March 31, 2015.

(3)

Consolidated Earnings Forecasts

2.	Quarterly Consolidated Financial Statements

The quarterly consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 25, 2015) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2015) for the year ended March 31, 2015.

The review process of the quarterly consolidated financial statements for this period has not been completed by the external auditors.

(1)

Consolidated Balance Sheets (UNAUDITED)


	Millions of yen
	March 31, 2015			September 30, 2015			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		1,315,408			2,160,335			844,927
Time deposits		328,151			197,246			(130,905	)
Deposits with stock exchanges and other segregated cash		453,037			490,151			37,114

Total cash and cash deposits		2,096,596			2,847,732			751,136

Loans and receivables:
Loans receivable		1,461,075			1,596,773			135,698
Receivables from customers		187,026			215,571			28,545
Receivables from other than customers		1,303,576			1,490,635			187,059
Allowance for doubtful accounts		(3,253	)		(3,383	)		(130	)

Total loans and receivables		2,948,424			3,299,596			351,172

Collateralized agreements:
Securities purchased under agreements to resell		8,481,474			9,503,325			1,021,851
Securities borrowed		8,238,046			7,634,034			(604,012	)

Total collateralized agreements		16,719,520			17,137,359			417,839

Trading assets and private equity investments:
Trading assets*		17,260,121			17,871,879			611,758
Private equity investments		48,727			47,732			(995	)

Total trading assets and private equity investments		17,308,848			17,919,611			610,763

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥383,992 million as of March 31, 2015 and ¥399,934 million as of September 30, 2015)		401,069			388,620			(12,449	)
Non-trading debt securities*		948,180			889,258			(58,922	)
Investments in equity securities*		159,755			157,104			(2,651	)
Investments in and advances to affiliated companies*		378,278			402,982			24,704
Other		822,566			918,069			95,503

Total other assets		2,709,848			2,756,033			46,185

Total assets		41,783,236			43,960,331			2,177,095

*	Including securities pledged as collateral


			Millions of yen
			March 31, 2015			September 30, 2015			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				662,256			561,078			(101,178	)
Payables and deposits:
Payables to customers				723,839			778,668			54,829
Payables to other than customers				1,454,361			1,547,563			93,202
Deposits received at banks				1,220,400			1,371,379			150,979

Total payables and deposits				3,398,600			3,697,610			299,010

Collateralized financing:
Securities sold under agreements to repurchase				12,217,144			14,763,066			2,545,922
Securities loaned				2,494,036			2,616,849			122,813
Other secured borrowings				668,623			642,694			(25,929	)

Total collateralized financing				15,379,803			18,022,609			2,642,806

Trading liabilities				10,044,236			9,452,366			(591,870	)
Other liabilities				1,217,099			1,138,020			(79,079	)
Long-term borrowings				8,336,296			8,293,712			(42,584	)

Total liabilities				39,038,290			41,165,395			2,127,105


Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,822,562,601 shares as of March 31, 2015 and 3,822,562,601 shares as of September 30, 2015
Outstanding	-	3,598,865,213 shares as of March 31, 2015 and 3,597,179,205 shares as of September 30, 2015		594,493			594,493			—
Additional paid-in capital				683,407			690,149			6,742
Retained earnings				1,437,940			1,512,565			74,625
Accumulated other comprehensive income				143,739			120,674			(23,065	)

Total NHI shareholders’ equity before treasury stock				2,859,579			2,917,881			58,302
Common stock held in treasury, at cost -
223,697,388 shares as of March 31, 2015 and
225,383,396 shares as of September 30, 2015				(151,805	)		(156,221	)		(4,416	)

Total NHI shareholders’ equity				2,707,774			2,761,660			53,886

Noncontrolling interests				37,172			33,276			(3,896	)

Total equity				2,744,946			2,794,936			49,990

Total liabilities and equity				41,783,236			43,960,331			2,177,095

(2)

Consolidated Statements of Income (UNAUDITED)


	Millions of yen					% Change
	For the six months ended
	September 30, 2014 (A)		September 30, 2015 (B)			(B-A)/(A)
Revenue:
Commissions		206,471		241,844			17.1
Fees from investment banking		40,442		69,364			71.5
Asset management and portfolio service fees		95,781		118,117			23.3
Net gain on trading		287,573		187,299			(34.9	)
Gain on private equity investments		202		1,756			769.3
Interest and dividends		213,692		225,189			5.4
Gain (loss) on investments in equity securities		9,234		(1,696	)		—
Other		59,579		84,482			41.8

Total revenue		912,974		926,355			1.5
Interest expense		168,303		165,719			(1.5	)

Net revenue		744,671		760,636			2.1

Non-interest expenses:
Compensation and benefits		309,590		305,619			(1.3	)
Commissions and floor brokerage		61,189		66,864			9.3
Information processing and communications		90,857		96,153			5.8
Occupancy and related depreciation		36,777		37,902			3.1
Business development expenses		16,998		16,784			(1.3	)
Other		103,581		111,425			7.6

Total non-interest expenses		618,992		634,747			2.5

Income before income taxes		125,679		125,889			0.2
Income tax expense		51,291		7,991			(84.4	)

Net income		74,388		117,898			58.5

Less: Net income attributable to noncontrolling interests		1,656		2,597			56.8

Net income attributable to NHI shareholders		72,732		115,301			58.5

Per share of common stock:

	Yen					% Change
Basic-
Net income attributable to NHI shareholders per share		19.87		32.06			61.3

Diluted-
Net income attributable to NHI shareholders per share		19.34		31.26			61.6

(3)

Consolidated Statements of Comprehensive Income (UNAUDITED)


	Millions of yen						% Change
	For the six months ended
	September 30, 2014 (A)			September 30, 2015 (B)			(B-A)/(A)
Net income		74,388			117,898			58.5
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		46,433			(2,621	)		—
Deferred income taxes		(148	)		(17,529	)		—

Total		46,285			(20,150	)		—

Defined benefit pension plans:
Pension liability adjustment		374			(543	)		—
Deferred income taxes		(211	)		342			—

Total		163			(201	)		—

Non-trading securities:
Net unrealized gain (loss) on non-trading securities		9,712			(4,417	)		—
Deferred income taxes		(2,539	)		1,166			—

Total		7,173			(3,251	)		—

Total other comprehensive income (loss)		53,621			(23,602	)		—

Comprehensive income		128,009			94,296			(26.3	)
Less: Comprehensive income attributable to noncontrolling interests		5,380			2,060			(61.7	)

Comprehensive income attributable to NHI shareholders		122,629			92,236			(24.8	)

(4)

Note with respect to the Assumption as a Going Concern (UNAUDITED)

Not applicable.

(5)

Segment Information – Operating Segment (UNAUDITED)

The following table shows business segment information and reconciliation items to the consolidated statements of income.


	Millions of yen					% Change
	For the six months ended					(B-A)/(A)
	September 30, 2014 (A)		September 30, 2015 (B)			(B-A)/(A)
Net revenue

Business segment information:
Retail		224,803		246,347			9.6
Asset Management		45,029		49,771			10.5
Wholesale		379,456		398,095			4.9

Subtotal		649,288		694,213			6.9
Other		89,294		68,324			(23.5	)

Net revenue		738,582		762,537			3.2

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		6,089		(1,901	)		—

Net revenue		744,671		760,636			2.1


Non-interest expenses

Business segment information:
Retail		154,332		158,703			2.8
Asset Management		28,946		29,613			2.3
Wholesale		351,508		369,795			5.2

Subtotal		534,786		558,111			4.4
Other		84,206		76,636			(9.0	)

Non-interest expenses		618,992		634,747			2.5

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—			—

Non-interest expenses		618,992		634,747			2.5


Income (loss) before income taxes

Business segment information:
Retail		70,471		87,644			24.4
Asset Management		16,083		20,158			25.3
Wholesale		27,948		28,300			1.3

Subtotal		114,502		136,102			18.9
Other *		5,088		(8,312	)		—

Income (loss) before income taxes		119,590		127,790			6.9

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		6,089		(1,901	)		—

Income (loss) before income taxes		125,679		125,889			0.2

*	Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other”.

The following table presents the major components of income (loss) before income taxes in “Other”.


	Millions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2014 (A)			September 30, 2015 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		9,088			(1,501	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		3,145			205			(93.5	)
Equity in earnings of affiliates		11,462			22,885			99.7
Corporate items		(11,482	)		(43,925	)		—
Other		(7,125	)		14,024			—

Total		5,088			(8,312	)		—

(6)

Significant Changes in Equity (UNAUDITED)

Not applicable. For further details of the changes, please refer to the following table.


	Millions of yen
	For the six months ended
	September 30, 2015
Common stock
Balance at beginning of year		594,493

Balance at end of period		594,493

Additional paid-in capital
Balance at beginning of year		683,407
Issuance and exercise of common stock options		1,570
Changes in an affiliated company’s interests in its subsidiary		5,172

Balance at end of period		690,149

Retained earnings
Balance at beginning of year		1,437,940
Net income attributable to NHI shareholders		115,301
Cash dividends		(35,972	)
Gain (loss) on sales of treasury stock		(4,704	)

Balance at end of period		1,512,565

Accumulated other comprehensive income
Cumulative translation adjustments
Balance at beginning of year		133,371
Net change during the period		(20,646	)

Balance at end of period		112,725

Defined benefit pension plans
Balance at beginning of year		(15,404	)
Pension liability adjustment		(201	)

Balance at end of period		(15,605	)

Non-trading securities
Balance at beginning of year		25,772
Net unrealized gain (loss) on non-trading securities		(2,218	)

Balance at end of period		23,554

Balance at end of period		120,674

Common stock held in treasury
Balance at beginning of year		(151,805	)
Repurchases of common stock		(19,992	)
Sale of common stock		0
Common stock issued to employees		15,576

Balance at end of period		(156,221	)

Total NHI shareholders’ equity

Balance at end of period		2,761,660

Noncontrolling interests
Balance at beginning of year		37,172
Net change during the period		(3,896	)

Balance at end of period		33,276

Total equity

Balance at end of period		2,794,936

3.	Supplementary Information

(1)

Consolidated Statements of Income – Quarterly Comparatives (UNAUDITED)


	Millions of yen															% Change			Millions of yen
	For the three months ended															(B-A)/(A)			For the year ended March 31, 2015
	June 30, 2014			September 30, 2014		December 31, 2014			March 31, 2015		June 30, 2015 (A)		September 30, 2015 (B)			(B-A)/(A)			For the year ended March 31, 2015
Revenue:
Commissions		95,633			110,838		123,198			123,732		130,343		111,501			(14.5	)		453,401
Fees from investment banking		19,822			20,620		28,820			25,821		24,497		44,867			83.2			95,083
Asset management and portfolio service fees		46,092			49,689		53,308			54,298		59,940		58,177			(2.9	)		203,387
Net gain on trading		158,562			129,011		109,468			134,296		124,748		62,551			(49.9	)		531,337
Gain (loss) on private equity investments		(287	)		489		(172	)		5,472		1,154		602			(47.8	)		5,502
Interest and dividends		104,917			108,775		115,572			107,502		113,649		111,540			(1.9	)		436,766
Gain (loss) on investments in equity securities		6,350			2,884		11,797			8,379		9,186		(10,882	)		—			29,410
Other		31,065			28,514		65,618			50,505		44,931		39,551			(12.0	)		175,702

Total revenue		462,154			450,820		507,609			510,005		508,448		417,907			(17.8	)		1,930,588
Interest expense		91,316			76,987		82,613			75,496		84,416		81,303			(3.7	)		326,412

Net revenue		370,838			373,833		424,996			434,509		424,032		336,604			(20.6	)		1,604,176

Non-interest expenses:
Compensation and benefits		168,767			140,823		142,804			144,199		155,896		149,723			(4.0	)		596,593
Commissions and floor brokerage		27,590			33,599		34,088			34,700		34,243		32,621			(4.7	)		129,977
Information processing and communications		44,896			45,961		48,712			52,731		47,934		48,219			0.6			192,300
Occupancy and related depreciation		18,553			18,224		19,220			20,115		18,729		19,173			2.4			76,112
Business development expenses		7,927			9,071		9,027			9,205		8,330		8,454			1.5			35,230
Other		51,431			52,150		55,021			68,603		52,888		58,537			10.7			227,205

Total non-interest expenses		319,164			299,828		308,872			329,553		318,020		316,727			(0.4	)		1,257,417

Income before income taxes		51,674			74,005		116,124			104,956		106,012		19,877			(81.3	)		346,759
Income tax expense (benefit)		30,397			20,894		46,843			22,646		36,368		(28,377	)		—			120,780

Net income		21,277			53,111		69,281			82,310		69,644		48,254			(30.7	)		225,979

Less: Net income (loss) attributable to noncontrolling interests		1,417			239		(758	)		296		902		1,695			87.9			1,194

Net income attributable to NHI shareholders		19,860			52,872		70,039			82,014		68,742		46,559			(32.3	)		224,785


	Yen															% Change			Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		5.40			14.53		19.22			22.65		19.11		12.95			(32.2	)		61.66

Diluted-
Net income attributable to NHI shareholders per share		5.26			14.15		18.72			22.08		18.65		12.63			(32.3	)		60.03

(2)

Business Segment Information – Quarterly Comparatives (UNAUDITED)

The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.


	Millions of yen														% Change			Millions of yen
	For the three months ended														(B-A)/(A)			For the year ended March 31, 2015
	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015			June 30, 2015 (A)		September 30, 2015 (B)			(B-A)/(A)			For the year ended March 31, 2015

Net revenue

Business segment information:
Retail		106,865		117,938		128,788		122,914			130,689		115,658			(11.5	)		476,505
Asset Management		23,338		21,691		23,439		23,886			26,917		22,854			(15.1	)		92,354
Wholesale		188,886		190,570		178,943		231,468			205,184		192,911			(6.0	)		789,867

Subtotal		319,089		330,199		331,170		378,268			362,790		331,423			(8.6	)		1,358,726
Other		48,252		41,042		82,787		48,684			52,244		16,080			(69.2	)		220,765

Net revenue		367,341		371,241		413,957		426,952			415,034		347,503			(16.3	)		1,579,491

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		3,497		2,592		11,039		7,557			8,998		(10,899	)		—			24,685

Net revenue		370,838		373,833		424,996		434,509			424,032		336,604			(20.6	)		1,604,176


Non-interest expenses

Business segment information:
Retail		75,257		79,075		78,319		82,024			79,790		78,913			(1.1	)		314,675
Asset Management		15,064		13,882		14,091		17,219			15,171		14,442			(4.8	)		60,256
Wholesale		183,145		168,363		178,492		177,671			185,513		184,282			(0.7	)		707,671

Subtotal		273,466		261,320		270,902		276,914			280,474		277,637			(1.0	)		1,082,602
Other		45,698		38,508		37,970		52,639			37,546		39,090			4.1			174,815

Non-interest expenses		319,164		299,828		308,872		329,553			318,020		316,727			(0.4	)		1,257,417

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—		—		—			—		—			—			—

Non-interest expenses		319,164		299,828		308,872		329,553			318,020		316,727			(0.4	)		1,257,417


Income (loss) before income taxes

Business segment information:
Retail		31,608		38,863		50,469		40,890			50,899		36,745			(27.8	)		161,830
Asset Management		8,274		7,809		9,348		6,667			11,746		8,412			(28.4	)		32,098
Wholesale		5,741		22,207		451		53,797			19,671		8,629			(56.1	)		82,196

Subtotal		45,623		68,879		60,268		101,354			82,316		53,786			(34.7	)		276,124
Other*		2,554		2,534		44,817		(3,955	)		14,698		(23,010	)		—			45,950

Income (loss) before income taxes		48,177		71,413		105,085		97,399			97,014		30,776			(68.3	)		322,074

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		3,497		2,592		11,039		7,557			8,998		(10,899	)		—			24,685

Income (loss) before income taxes		51,674		74,005		116,124		104,956			106,012		19,877			(81.3	)		346,759

*	Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other”.

The following table presents the major components of income (loss) before income taxes in “Other”.


	Millions of yen																		% Change			Millions of yen
	For the three months ended																		(B-A)/(A)			For the year ended March 31, 2015
	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015 (A)			September 30, 2015 (B)			(B-A)/(A)			For the year ended March 31, 2015
Net gain (loss) related to economic hedging transactions		6,919			2,169			6,375			(343	)		(2,553	)		1,052			—			15,120
Realized gain (loss) on investments in equity securities held for operating purposes		2,853			292			758			822			188			17			(91.0	)		4,725
Equity in earnings of affiliates		3,499			7,963			18,213			12,560			13,831			9,054			(34.5	)		42,235
Corporate items		(3,093	)		(8,389	)		(3,160	)		(5,477	)		(3,940	)		(39,985	)		—			(20,119	)
Other		(7,624	)		499			22,631			(11,517	)		7,172			6,852			(4.5	)		3,989

Total		2,554			2,534			44,817			(3,955	)		14,698			(23,010	)		—			45,950

(3)

Unconsolidated Quarterly Financial Statements [Japanese GAAP]

Unconsolidated quarterly financial statements have been voluntarily disclosed and prepared based on regulatory rules.

Nomura Holdings, Inc. Unconsolidated Balance Sheets

(UNAUDITED)


	Millions of yen
	March 31, 2015			September 30, 2015
Assets
Current Assets		3,776,082			3,975,303
Fixed Assets		2,865,640			2,999,110

Total Assets		6,641,723			6,974,412

Liabilities
Current Liabilities		1,159,166			1,141,182
Long-term Liabilities		3,387,449			3,387,440

Total Liabilities		4,546,615			4,528,622

Net Assets
Shareholders’ equity		1,971,421			2,323,275
Valuation and translation adjustments		79,014			76,682
Stock acquisition rights		44,673			45,834

Total Net Assets		2,095,108			2,445,790

Total Liabilities and Net Assets		6,641,723			6,974,412


Nomura Holdings, Inc. Unconsolidated Statements of Income (UNAUDITED)
	Millions of yen
	For the six months ended
	September 30, 2014			September 30, 2015
Operating revenue		340,946			471,369
Operating expenses		111,337			113,480

Operating income		229,609			357,890

Non-operating income		2,014			3,263
Non-operating expenses		1,255			3,497

Ordinary income		230,369			357,655

Special profits		43,608			501
Special losses		1,152			377

Income before income taxes		272,825			357,780

Income taxes - current		(24,072	)		4,876
Income taxes - deferred		42,510			(54,871	)

Net income		254,387			407,775

(4)

Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found on the following URL.

http://www.nomuraholdings.com/company/group/nsc/pdf/2016_2q.pdf