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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 August 2018
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), First quarter, year ending March 2019 |
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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: August 2, 2018 | By: | /s/ Hajime Ikeda | ||
| Hajime Ikeda | ||||
| Senior Managing Director | ||||
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Connecting Markets East & West © Nomura (US GAAP) July 2018 Consolidated Results of Operations First quarter, year ending March 2019 Nomura Holdings, Inc.
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Outline Presentation Financial Supplement Executive summary (p. 2) Overview of results (p. 3) Business segment results (p. 4) Retail (p. 5-6) Asset Management (p. 7-8) Wholesale (p. 9-11) Non-interest expenses (p. 12) Robust financial position (p. 13) Funding and liquidity (p. 14) Consolidated balance sheet (p. 16) Value at risk (p. 17) Consolidated financial highlights (p. 18) Consolidated income (p. 19) Main revenue items (p. 20) Consolidated results: Income (loss) before income taxes by segment and region (p. 21) Segment “Other” (p. 22) Retail related data (p. 23-26) Asset Management related data (p. 27-28) Wholesale related data (p. 29) Number of employees (p. 30)
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Executive summary Income before income taxes and net FY2018/19 1Q highlights income1 Retail and Asset Management delivered resilient performance, while a slowdown in Firm-wide (billions of yen) Income before income taxes Wholesale, mainly due to Fixed Income, and a loss booked in Other led to a decline in Group earnings Net income 120.8 —Net revenue: Y272.0bn (-28% QoQ; -25% YoY) 77.4 83.0 88.0 —Income before income taxes: Y13.6bn (-71% QoQ; -82% YoY) —Net income1: Y5.2bn (-77% QoQ; -91% YoY) 56.9 2 46.9 —ROE 0.8% (FY17/18 4Q: 3.2%; FY17/18 1Q: 8.1%) 51.9 —EPS3 Y1.50 (FY17/18 4Q: Y6.56; FY17/18 1Q: Y15.77) 22.7 13.6 5.2 Three segment income before income taxes declined 70% QoQ to Y22.8bn FY2017/18 FY2018/19 Retail 1Q 2Q 3Q 4Q 1Q – Retail clients remained on the sidelines on concerns over US-China trade friction; Marked decline in trading of stocks and softer sales of investment trusts Three segment income (loss) before income taxes – Recurring revenue cost coverage ratio climbed to 31% as client assets in discretionary Wholesale investments increased on net inflows and lower costs Asset Management Asset Management Retail – Solid business performance with continued inflows and market factors helping lift AuM to record 76.9 high of Y50.8trn 63.8 63.0 66.2 – Although the value of ACI stocks increased, related gains were lower QoQ Wholesale 22.8 – Fixed Income revenues declined due to uncertain market conditions and an adjustment in emerging markets, while Equities and Investment Banking reported lower revenues compared to a strong 4Q – Expenses declined QoQ, but not enough to offset drop in revenues resulting in loss before FY2017/18 FY2018/19 income taxes 1Q 2Q 3Q 4Q 1Q 1. Net income attributable to Nomura Holdings shareholders. 2. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period. 2 3. Diluted net income attributable to Nomura Holdings shareholders per share.
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Overview of results Highlights (billions of yen, except EPS and ROE) FY2018/19 FY2017/18 FY2017/18 QoQ YoY 1Q 4Q 1Q Net revenue 272.0 378.0 -28% 360.8 -25% Non-interest expenses 258.4 331.1 -22% 283.4 -9% Income before income taxes 13.6 46.9 -71% 77.4 -82% Net income1 5.2 22.7 -77% 56.9 -91% EPS 2 Y1.50 Y6.56 -77% Y15.77 -90% ROE 3 0.8% 3.2% 8.1% 1. Net income attributable to Nomura Holdings shareholders. 3 2. Diluted net income attributable to Nomura Holdings shareholders per share. 3. Calculated using annualized net income attributable to Nomura Holdings shareholders for each period.
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Business segment results Net revenue and income (loss) before income taxes FY2018/19 FY2017/18 FY2017/18 (billions of yen) QoQ YoY 1Q 4Q 1Q Net revenue Retail 92.8 98.2 -5% 101.7 -9% Asset Management 26.1 27.3 -5% 28.1 -7% Wholesale 137.3 211.4 -35% 179.3 -23% Subtotal 256.2 336.9 -24% 309.1 -17% Other * 13.8 46.2 -70% 51.7 -73% Unrealized gain (loss) on investments in equity securities held for operating purposes 2.0 -5.0—0.0— Net revenue 272.0 378.0 -28% 360.8 -25% Income Retail 19.9 21.4 -7% 24.9 -20% (loss) before Asset Management 10.3 11.3 -9% 13.6 -24% income taxes Wholesale -7.4 44.2—25.4— Subtotal 22.8 76.9 -70% 63.8 -64% Other * -11.2 -25.0—13.6— Unrealized gain (loss) on investments in equity securities held for operating purposes 2.0 -5.0—0.0— Income before income taxes 13.6 46.9 -71% 77.4 -82% *Additional information on Other (1Q) Loss on changes to own and counterparty credit spread relating to Derivatives (Y2.2bn) 4
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Retail Net revenue and income before income taxes Key points (billions of yen) Net revenue: Y92.8bn (-5% QoQ; -9% YoY) FY2017/18 FY18/19 Income before income taxes: Y19.9bn (-7% QoQ; -20% YoY) QoQ YoY 1Q 2Q 3Q 4Q 1Q Net revenue and income before income taxes both down QoQ Retail clients remained on the sidelines on concerns over US-China trade friction; Marked decline in trading of stocks and softer sales of investment Net revenue 101.7 101.8 111.3 98.2 92.8 -5% -9% trusts Expenses declined as a result of lower marketing costs and IT system depreciation expenses Non-interest expenses 76.8 76.2 80.0 76.7 72.9 -5% -5% Jun / 1Q Mar / 4Q Client franchise Y118.6trn Y117.7trn —Retail client assets Income before income taxes 24.9 25.5 31.3 21.4 19.9 -7% -20% Accounts with balance 5.32m 5.32m — NISA accounts opened (accumulated)1 1.65m 1.64m —Net inflows of cash and securities2 -Y36.5bn -Y196.1bn Total sales3 (billions of yen) Total sales3 down 19% QoQ Stocks Bonds Investment trusts Discretionary investments, Insurance products 4,000 Stocks: -33% QoQ Trading volume of secondary stocks dropped from strong prior quarter 3,000 Decline in subscriptions for primary stocks4 (Y47.5bn; -34% QoQ) 2,000 Investment trusts: -5% QoQ Sluggish sales of investment trusts, but inflows into US and China stock related products 1,000 Bonds: Y615.8bn; +6% QoQ Stronger sales of JGBs for individual investors (Y312.2bn; +39% QoQ) 0 FY2017/18 FY2018/19 Sales of foreign bonds declined from last quarter which included strong contribution from primary issuances 1Q 2Q 3Q 4Q 1Q Discretionary investment and insurance sales up 8% QoQ 1. Includes Junior NISA. 2. Cash and securities inflows minus outflows, excluding regional financial institutions. 5
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Retail: Steady growth in recurring revenue Recurring revenue (billions of yen) Recurring revenue (annualized, adjusted basis) Recurring revenue cost coverage ratio (rhs) Annualized recurring revenue of Y90.4bn up marginally QoQ 31% – Discretionary investments AuM increased driven by net inflows 100.0 29% 28% 28% – Lower expenses also helped lift recurring revenue cost coverage ratio to 26% 30% 80.0 31% Jun / 1Q Mar / 4Q 20% 60.0 Recurring revenue Y22.5bn Y22.2bn 84.4 89.2 90.0 90.4 80.9 1 Y114.0bn 10% – Investment trust net inflows -Y23.9bn 40.0 – Discretionary investment net inflows1 Y57.8bn Y58.8bn 20.0 0% FY2017/18 FY2018/19 Sales of insurance products2 Y51.7bn Y43.1bn 1Q 2Q 3Q 4Q 1Q Discretionary investment AuM Inflows of cash and securities (Retail channels) (billions of yen) 1 (billions of yen) Quarterly net inflows 2,800 2,716.2 500 459 2,682.2 2,662.8 57.8 404 2,557.9 79.4 58.8 376 365 2,600 400 354 2,509.1 308 321 27.6 282 20.7 300 2,400 200 2,200 100 2,000 0 FY2017/18 FY2018/19 FY2017/18 FY2018/19 1Q / Jun 2Q / Sep 3Q / Dec 4Q / Mar 1Q / Jun 1Q 2Q 3Q 4Q 1Q (monthly (monthly (monthly (monthly (monthly April May Jun average) average) average) average) average) 6 1. Retail channels and Japan Wealth Management Group. 2. Retail channels only.
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Asset Management Net revenue and income before income taxes1 Key points (billions of yen) Net revenue: Y26.1bn (-5% QoQ; -7% YoY) FY2017/18 FY18/19 Income before income taxes: Y10.3bn (-9% QoQ; -24% YoY) QoQ YoY—Solid business performance: Continued inflows combined with market 1Q 2Q 3Q 4Q 1Q factors to lift assets under management to record high Net revenue 28.1 35.4 36.5 27.3 26.1 -5% -7%—Although the value of ACI stocks increased, related gains were lower QoQ Non-interest expenses 14.5 15.0 15.7 16.0 15.8 -1% 9% Investment trust business Income before income taxes 13.6 20.5 20.8 11.3 10.3 -9% -24% Inflows into privately placed funds for regional financial institutions and ETFs Publicly offered funds (excl. ETFs) continued to book inflows into funds delivering steady performance such as the Nomura PIMCO World Income Assets under management (net)2 Strategy Fund, but reported overall outflows (trillions of yen) Investment trust business Investment advisory business Top 2 publicly offered funds (excl. ETFs) by inflows in 1Q 50.7 50.0 50.8 Nomura PIMCO World Income Strategy Fund: Y24.1bn 46.1 48.0 Nomura Fund Wrap Bond Premier: Y13.5bn 16.4 15.9 16.2 15.3 15.9 Investment advisory and international businesses Ongoing inflows from public and private pension funds in Japan 30.8 32.1 34.3 34.1 34.7 3 Internationally, US high-yield products and UCITS funds booked inflows FY2017/18 FY2018/19 Jun Sep Dec Mar Jun 1. Figures from FY2018/19 1Q onwards do not include Nomura Fund Research and Technologies. 2. Net after deducting duplications from assets under management (gross) of Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Wealth Square. Figures for June 2018 do not include Nomura Fund Research and Technologies. 7 3. Undertakings for Collective Investment in Transferable Securities.
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Asset Management: UCITS fund client base expanding and AuM growing Nomura Asset Management public investment trust market Flow of funds1 share2 (billions of yen) Investment trust business Investment advisory business 28.0% 27.4% 1,404 27.3% 1,500 26.9% 248 982 1,000 26.4% 718 26.2% 96 500 230 1,156 372 26.0% 886 773 109 316 263 0 -86 -55 -500 24.0% FY2017/18 FY2018/19 FY2017/18 FY2018/19 1Q 2Q 3Q 4Q 1Q Jun Sep Dec Mar Jun Flow of funds in investment trust business1 Growth in UCITS3 fund AuM (billions of yen) MRF etc. UCITS fund AuM Investment trust business ETFs Steady growth in UCITS fund (excl. ETFs) Other investment trusts (excl. ETFs) Note: Indexed, Jun 2017 = 100 2,000 1,740 assets under management Increasing client base outside Europe Out of Europe 1,500 114 117 110 Europe 100 104 1,000 906 Assets —under management 500 183 193 from Latin America, Middle 147 580 132 116 East, and Asia are increasing 0 -19 -500 -584 Higher AuM driven by broader product offering -1,000 FY2017/18 FY2018/19—Inflows into high-yield bonds, FY2017/18 FY2018 1Q 2Q 3Q 4Q 1Q global bonds, India stocks and /19 other products Jun Sep Dec Mar Jun 1. Based on assets under management (net). 2. Source: The Investment Trusts Association, Japan. 8 3. Undertakings for Collective Investment in Transferable Securities.
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Wholesale Net revenue1 and income (loss) before income taxes2 Key points (billions of yen) Net revenue: Y137.3bn (-35% QoQ; -23% YoY) Loss before income taxes: -Y7.4bn FY2017/18 FY18/19 QoQ YoY 1Q 2Q 3Q 4Q 1Q Subdued revenue performance —Fixed Income revenues declined QoQ on the back of uncertain market Global Markets 152.2 133.3 137.6 180.0 112.2 -38% -26% conditions and an adjustment in emerging markets, while Equities revenues Investment Banking 27.1 25.6 28.1 31.4 25.1 -20% -7% were impacted by lower trading volumes —Investment Banking revenues slowed from strong previous quarter Net revenue 179.3 159.0 165.6 211.4 137.3 -35% -23% Expenses declined but not enough to offset revenue slowdown, leading to quarterly loss before income taxes Non-interest expenses 154.0 142.0 151.6 167.2 144.7 -13% -6% Income (loss) before income Net revenue by region (QoQ; YoY) 25.4 17.0 14.0 44.2 -7.4 — taxes Americas: Y49.9bn (-27%; -10%) Net revenue by region—Global Markets revenues declined QoQ on a slowdown in spread products; Equities revenues were resilient but down from a strong prior quarter —Resilient performance in Investment Banking (billions of yen) 250.0 Japan: Y41.5bn (-34%; -27%) —Equities slowed from strong previous quarter and Fixed Income reported 200.0 subdued revenue performance in Rates business 68.1 150.0 55.3 EMEA: Y29.2bn (-39%; -34%) 48.3 53.2 48.1 Americas—Slower quarter for Fixed Income; Equities revenues down from last quarter 49.9 100.0 44.4 30.8 27.6 In Investment EMEA—Banking, revenues from M&A and M&A-related financing 18.5 32.1 29.2 22.9 24.3 declined QoQ 50.0 16.7 AEJ 66.4 63.0 56.7 55.6 41.5 Japan AEJ: Y16.7bn (-48%; -27%) 0.0 FY2017/18 FY2018/19—Fixed Income revenues slowed QoQ due mainly to Emerging Markets and Credit 1Q 2Q 3Q 4Q 1Q 1. FY2017/18 figures for Fixed Income, Equities and Investment Banking have been restated based on a reorganization in April 2018. 2. On April 1, 2018, Nomura adopted Accounting Standards Update 2014-09 Revenue from Contracts with Customers and revenues and expenses related to certain Execution Services transactions are now shown 9 as net value rather than gross value. As a result, revenues and expenses for FY2018/19 1Q both declined by 4.6 billion yen.
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Wholesale: Global Markets Net revenue1,2 FY2018/19 1Q net revenue by region (billions of yen) Equities YoY QoQ Fixed Income 180.0 Global Markets Global 152.2 Markets Fixed 137.6 QoQ Equities 133.3 Income 84.4 -38% Americas 58.5 112.2 57.9 60.9 YoY 54.5 -26% EMEA 93.8 95.7 75.5 76.7 57.7 AEJ FY2017/18 FY2018/19 1Q 2Q 3Q 4Q 1Q Japan Key points Net revenue: Y112.2bn (-38% QoQ; -26% YoY) 0% ~ 5% 5% ~ 15% 15% ~—Global Markets revenues declined QoQ amid uncertain market conditions, an adjustment in emerging markets and a drop in trading volumes Americas: In Fixed Income, revenue remained resilient in Rates but declined Fixed Income in Credit and Securitized Products; Equities reported slower revenues in both Net revenue: Y57.7bn (-40% QoQ; -38% YoY)—Rates and G10 FX slowed down and outflows from emerging markets Derivatives and Cash Equities compared to a strong previous quarter impacted EM business as well EMEA: Revenues declined in Credit, Rates, FX and Emerging Markets—Credit and Securitized Products revenues declined mainly due to AEJ: In Fixed Income, Emerging Markets and Credit reported lower revenues, widening of credit spreads while Equities revenues slowed on the back of lower market volumes Equities Net revenue: Y54.5bn (-35% QoQ; -7% YoY) Japan: Fixed Income revenues increased in Credit but declined in Rates due—Lower market volumes impacted revenues in Cash Equities, while to low client activity, while Equities reported lower revenues in both Derivatives revenues remained resilient albeit declining from a strong Derivatives and Cash Equities compared to a strong previous quarter previous quarter 1. FY2017/18 figures for Fixed Income, Equities and Investment Banking have been restated based on a reorganization in April 2018. 2. On April 1, 2018, Nomura adopted Accounting Standards Update 2014-09 Revenue from Contracts with Customers and revenues and expenses related to certain Execution Services transactions are now shown 10 as net value rather than gross value. As a result, revenues and expenses for FY2018/19 1Q both declined by 4.6 billion yen.
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Wholesale: Investment Banking Cross-border deals Net revenue1 Cross-border mandates (billions of yen) 31.4 Closer cross-regional collaboration has resulted in multiple high-28.1 profile mandates including largest-ever cross-border acquisition 27.1 25.6 25.1 by a Japanese company (Takeda acquisition of Shire) QoQ -20% Takeda Pharmaceutical s YoY acquisition of Shire (Ireland) -7% (62bn) PSP Investment Sale of partial stake in Investment by investor M&A (Canada) and EQT Guangdong Techpool Bio- group including Softbank Partners (Sweden) s Pharma held by Takeda Vision Fund in Full Truck etc. acquisition of Azelis Pharmaceutical to Alliance (China) owned (Belgium) held by Apax Shanghai Pharma HD by Man Bang Group Partners (UK) (China) and SFund (China) (China) FY2017/18 FY2018/19 (Undisclosed) (CNY1.8bn) (CNY12bn) 1Q 2Q 3Q 4Q 1Q Tokio Marine & Nichido Mitsui Sumitomo Fire Insurance Key points Insurance Company s Refinancing of Hub Company s acquisition of acquisition of partial stake International (US) owned in BoComm Life Safety Insurance by Hellman and Net revenue: Y25.1bn (-20% QoQ; -7% YoY) Insurance Company (Thailand) and PT Asuransi Friedman (US) —Revenues declined from last quarter, the strongest in nine quarters (China) Parolamas (Indonesia) ($5.2bn) (CNY4.3bn) held by IAG (Australia) —A solid performance in Solutions business partially offset weaker (A$525mn) performance in M&A and M&A-related financing Continuing to support our clients global financing needs —Japan Solutions business revenues declined from a strong prior quarter Lloyds Banking Group IndoStar Capital Solid M&A business momentum driven by high-profile cross-border deal MTG (UK) Finance (India) DCM had another firm quarter as the environment for issuers remained IPO Samurai Bond IPO ECM / (Y46.0bn) favorable (Y169.0bn) (INR19bn) —International DCM Revenues from M&A-related financing and refinancing transactions Fast Retailing IADB Softbank slowed QoQ Wholesale Bond Global Benchmark Bond Retail and Wholesale Solid revenues from Solutions business driven by closer collaboration (Y250.0bn) ($4.0bn) Bond (Y450.0bn) with Global Markets 11 1. FY2017/18 figures for Fixed Income, Equities and Investment Banking have been restated based on a reorganization in April 2018.
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Non-interest expenses Full year Quarter Key points (billions of yen) (billions of yen) Non-interest expenses: Y258.4bn (-22% QoQ) 1,500 400 1,168.8 331.1 Other 1,080.4 Group expenses declined mainly in Other 283.4 285.9 300 268.5 258.4 as a result of the deconsolidation of Asahi Business development 1,000 Fire & Marine Insurance expenses Occupancy and related 200 depreciation Other key factors include: Information processing and communications 500 100 Compensation and benefits (-9% QoQ) Commissions and floor Bonus provisions declined line with brokerage in Compensation and pay for performance benefits 0 0 FY2018/19 Commissions and floor brokerage FY2017/18 FY2016/17 FY2017/18 QoQ (-18% QoQ) 1Q 2Q 3Q 4Q 1Q Due to change of accounting policy Compensation and benefits 496.4 530.6 136.2 122.0 131.4 141.0 127.7 -9.4% Business development expenses 1 Commissions and floor brokerage 94.5 99.9 23.8 25.2 25.3 25.6 20.9 -18.2% (-17% QoQ) Inf ormation processing and communications 175.3 184.8 44.6 47.3 49.0 43.9 41.0 -6.7% Lower marketing costs Occupancy and related depreciation 69.8 67.9 17.1 17.2 16.8 16.8 16.4 -2.7% Business development expenses 35.1 36.8 8.4 7.8 9.8 10.7 8.9 -17.1% Other (-53% QoQ) Other 209.3 248.9 53.3 48.9 53.6 93.1 43.5 -53.3% Absence of provisions for legacy Total 1,080.4 1,168.8 283.4 268.5 285.9 331.1 258.4 -22.0% transactions booked in 4Q 1. On April 1, 2018, Nomura adopted Accounting Standards Update 2014-09 Revenue from Contracts with Customers and revenues and expenses related to certain Execution Services transactions are now shown 12 as net value rather than gross value. As a result, revenues and expenses for FY2018/19 1Q both declined by 4.6 billion yen.
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Robust financial position Balance sheet related indicators1 and capital ratios RWA and CET 1 capital ratio4 (trillions of yen) Mar 2018 Jun 2018 RWA (Basel 3) (lhs) CET1 capital ratio (Basel 3) (rhs) 20.0 18.1% 17.4% 20.0% 17.3% Total assets Y40.3trn Y42.8trn 16.5% 16.0% Shareholders equity Y2.7trn Y2.8trn 15.0 15.0% Gross leverage 14.7x 15.3x 10.0 10.0% Net leverage2 8.8x 9.1x 5.0 5.0% Level 3 assets3 Y0.5trn Y0.5trn (net) 0.0 0.0% Liquidity portfolio Y4.6trn Y5.1trn FY2017/18 FY2018/19 Jun Sep Dec Mar Jun (billions of yen) Mar Jun 3 Basel 3 basis 2018 20183 Level 3 assets and Net Level 3 assets/Tier 1 capital Tier 1 capital 2,666 2,708 Tier 2 capital 66 61 (billions of yen) Level 3 Assets Net Level 3 Assets Net Level 3 Assets / Tier 1 Capital 800 30% Total capital 2,733 2,769 RWA 15,122 15,831 600 18% Tier 1 capital ratio 17.6% 17.1% 18% 18% 20% 16% 16% CET 1 capital ratio4 16.5% 16.0% 400 Consolidated capital adequacy ratio 18.0% 17.4% 10% 200 Consolidated leverage ratio5 4.77% 4.59% HQLA6 Y4.0trn Y4.1trn 0 0% FY2017/18 FY2018/19 LCR6 153.6% 184.8% Jun Sep Dec Mar Jun 1. Balance sheet as of Mar 2018 was revised. Please refer to page 16 for further details. 2. Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders equity. 3. June 2018 is preliminary. 4. CET 1 capital ratio is defined as Tier 1 capital minus Additional Tier 1 capital divided by risk-weighted assets. 13 5. Tier1 capital divided by exposure (sum of on-balance sheet exposures and off-balance sheet items). 6. Daily average for each quarter.
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Funding and liquidity Balance sheet Balance sheet structure (As of June 2018) Assets Liabilities and equity Highly liquid, healthy balance sheet 2 Unsecured funding structure – 79% of assets are highly liquid unsecured funding is Approx. 80% of trading and related assets that are long-term debt marked-to-market and matched to Diversified sources of funding trading and related liabilities through Short-term debt repos etc. (regionally and by Trading liabilities 18% Long-term debt due currency) and related1 Trading assets within 1yr, 5% – Other assets are funded by equity 1 and related International and long-term debt, ensuring structural stability 26% Loans (incl. Bank subordinated) lending Long-term market Liquidity portfolio2 Other liabilities debt, 77% Euro MTN/Yen, Retail Average retail bonds, etc. Short-term borrowings market maturity Japan 5.7 years3 portfolio: Cash and cash deposits Long-term Liquidity borrowings 74% Euro – Y5.1trn, or 12% of total assets Other assets MTN/Other, Wholesale Total equity wholesale market – Maintain a high quality liquidity bonds, etc. portfolio surplus without the need for additional unsecured funding Breakdown of Long-term Funding of short-term/long- debt by long-term over a certain period term debt region debt 1. Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc. 2. Definition differs from financial disclosures reflecting Liquidity Management’s view. Cash and cash deposits portion of liquidity portfolio excludes funds on deposit at exchanges and segregated client funds. 14 3. Excludes long-term debt due within one year. Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios.
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Financial Supplement
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Consolidated balance sheet Consolidated balance sheet1 (billions of yen) Mar 31, June 30, Increase Mar 31, June 30, Increase 2018 2018 (Decrease) 2018 2018 (Decrease) Assets Liabilities Total cash and cash deposits 2,959 3,060 101 Short-term borrowings 743 1,029 286 Total payables and deposits 3,568 4,139 571 Total loans and receivables 3,875 3,479 -397 Total collateralized financing 16,697 18,460 1,763 Trading liabilities 8,203 8,246 43 Total collateralized agreements 16,238 17,398 1,160 Other liabilities 951 780 -171 Long-term borrowings 7,383 7,329 -53 Total trading assets2 and private 14,980 16,596 1,616 Total liabilities 37,544 39,983 2,439 equity investments Total other assets 2,292 2,296 4 Equity Total NHI shareholders’ equity 2,749 2,797 48 Noncontrolling interest 51 48 -3 Total assets 40,344 42,828 2,485 Total liabilities and equity 40,344 42,828 2,485 1. Cash margin collected from clients and remitted to central clearing houses was reflected on Nomura’s consolidated balance sheets. However, with effect from April 1, 2018, revisiting nature of the transactions, Nomura has revised its accounting policy for when such balances are recognized on Nomura’s consolidated group balance sheet and as a result, certain cash margin amounts held on behalf of clients as well as an equivalent amount reflecting the obligation to return such amounts to clients are no longer recognized on the balance sheet if certain criteria are met. Nomura has restated previously reported amounts of Receivables from other than customers decreased by 237.0 billion yen and Payables to other than customers decreased by 237.0 billion yen, respectively, to conform to the current presentation. Also, daily variation margin for certain derivative transactions traded in Japan was reflected on Nomura’s consolidated balance sheets. However, from April 1, 2018, Nomura changed its accounting policy as a result of amendment of the rules of a specific central clearing house and daily variation margin is now off-balanced. Nomura has restated previously report amounts of Trading assets decreased by 4.9 billion yen, Receivables from other than customers decreased by 5.5 billion yen and Trading liabilities decreased by 10.4 billion yen respectively to 16 conform to the current presentation. 2. Including securities pledged as collateral.
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Value at risk Definition From April 1, 2018, to June 30, 2018 (billions of yen)—99% confidence level—Maximum: 6.1—1-day time horizon for outstanding portfolio—Minimum: 3.6—Inter-product price fluctuations considered—Average: 4.7 (billions of yen) FY2016/17 FY2017/18 FY2017/18 FY2018/19 Mar Mar Jun Sep Dec Mar Jun Equity 0.7 1.2 0.9 0.8 1.2 1.2 2.2 Interest rate 2.7 3.1 2.5 3.0 2.7 3.1 2.9 Foreign exchange 1.7 3.2 1.8 2.1 2.6 3.2 2.3 Sub-total 5.0 7.5 5.2 5.9 6.5 7.5 7.4 Diversification benefit -1.7 -1.1 -1.7 -1.7 -1.3 -1.1 -2.9 VaR 3.3 6.4 3.5 4.3 5.2 6.4 4.5 17
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Consolidated financial highlights Full year Quarter (billions of yen) (billions of yen) 100 9.3% 10% 300 10% 8.7% 7.9% 8.1% 7.7% 7.9% Net income 8% 80 8% attributable to Nomura Holdings, 200 Inc. (‘‘NHI’’) 6% 60 88.0 6% 239.6 shareholders 4% 40 4% ROE(%) 100 219.3 56.9 2% 20 51.9 0.8% 2% 22.7 5.2 0 0% 0 0% FY2017/18 FY2018/19 FY2016/17 FY2017/18 1Q 2Q 3Q 4Q 1Q Net revenue 1,403.2 1,497.0 360.8 351.5 406.6 378.0 272.0 Income before income taxes 322.8 328.2 77.4 83.0 120.8 46.9 13.6 Net income attributable to Nomura Holdings, Inc. 239.6 219.3 56.9 51.9 88.0 22.7 5.2 (“NHI”) shareholders Total NHI shareholders’ equity 2,789.9 2,749.3 2,847.0 2,836.2 2,841.7 2,749.3 2,797.2 ROE (%)1 8.7% 7.9% 8.1% 7.7% 9.3% 7.9% 0.8% Basic-Net income attributable to NHI 67.29 63.13 16.07 14.70 25.55 6.68 1.54 shareholders per share (yen) Diluted-Net income attributable to NHI 65.65 61.88 15.77 14.45 25.12 6.56 1.50 shareholders per share (yen) Total NHI shareholders’ equity per share (yen) 790.70 810.31 802.63 813.57 835.72 810.31 822.88 18 1. Quarterly ROE is calculated using annualized year-to-date net income.
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Consolidated income Full year Quarter (billions of yen) FY2017/18 FY2018/19 FY2016/17 FY2017/18 1Q 2Q 3Q 4Q 1Q Revenue Commissions1 327.1 373.3 91.0 85.3 101.7 95.4 79.5 Fees from investment banking 92.6 101.7 22.7 27.1 29.3 22.6 24.0 Asset management and portfolio service fees 216.5 245.6 58.3 61.2 63.8 62.3 63.0 Net gain on trading 475.6 442.9 120.5 88.4 87.7 146.3 71.9 Gain (loss) on private equity investments 1.4 -0.9 0.4 -0.3 -2.4 1.5 0.6 Interest and dividends 441.0 585.7 134.4 141.6 161.4 148.2 169.6 Gain (loss) on investments in equity securities 7.7 2.7 0.1 3.1 4.5 -5.0 2.1 Other 153.6 221.2 40.6 56.0 84.6 39.9 20.5 Total revenue 1,715.5 1,972.2 467.9 462.4 530.6 511.2 431.0 Interest expense 312.3 475.2 107.1 110.9 124.0 133.2 159.0 Net revenue 1,403.2 1,497.0 360.8 351.5 406.6 378.0 272.0 Non-interest expenses1 1,080.4 1,168.8 283.4 268.5 285.9 331.1 258.4 Income before income taxes 322.8 328.2 77.4 83.0 120.8 46.9 13.6 Net income attributable to NHI shareholders 239.6 219.3 56.9 51.9 88.0 22.7 5.2 1. On April 1, 2018, Nomura adopted Accounting Standards Update 2014-09 Revenue from Contracts with Customers and revenues and expenses related to certain Execution Services transactions are now shown 19 as net value rather than gross value. As a result, revenues and expenses for FY2018/19 1Q both declined by 4.6 billion yen.
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Main revenue items Full year Quarter FY2017/18 FY2018/19 (billions of yen) FY2016/17 FY2017/18 1Q 2Q 3Q 4Q 1Q Stock brokerage commissions1 210.0 243.8 57.0 54.6 68.4 63.8 50.2 Other brokerage commissions 15.1 17.0 3.4 3.2 4.3 6.0 4.1 Commissions Commissions for distribution of investment trusts 75.1 85.7 23.2 20.9 22.1 19.5 17.8 Other 26.9 26.9 7.3 6.6 6.9 6.2 7.3 Total 327.1 373.3 91.0 85.3 101.7 95.4 79.5 Equity underwriting and distribution 22.4 23.2 3.5 10.5 5.2 4.1 5.8 Bond underwriting and distribution 16.9 16.3 3.6 4.4 4.9 3.4 6.2 Fees from M&A / Financial advisory fees 34.4 39.3 8.3 8.2 13.7 9.1 7.3 investment banking Other 18.9 22.9 7.3 4.0 5.5 6.0 4.7 Total 92.6 101.7 22.7 27.1 29.3 22.6 24.0 Asset management Asset management fees 148.7 170.4 39.9 42.5 43.9 44.1 43.6 Administration fees 50.2 57.9 14.0 14.3 15.5 14.1 15.2 and portfolio service Custodial fees 17.6 17.3 4.4 4.4 4.3 4.2 4.1 fees Total 216.5 245.6 58.3 61.2 63.8 62.3 63.0 1. On April 1, 2018, Nomura adopted Accounting Standards Update 2014-09 Revenue from Contracts with Customers and revenues and expenses related to certain Execution Services transactions are now shown 20 as net value rather than gross value. As a result, revenues and expenses for FY2018/19 1Q both declined by 4.6 billion yen.
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Consolidated results: Income (loss) before income taxes by segment and region Adjustment of consolidated results and segment results: Income (loss) before income taxes Full year Quarter FY2017/18 FY2018/19 (billions of yen) FY2016/17 FY2017/18 1Q 2Q 3Q 4Q 1Q Retail 74.8 103.1 24.9 25.5 31.3 21.4 19.9 Asset Management1 42.3 66.2 13.6 20.5 20.8 11.3 10.3 Wholesale 161.4 100.6 25.4 17.0 14.0 44.2 -7.4 Three business segments total 278.6 269.9 63.8 63.0 66.2 76.9 22.8 Other1 37.6 56.4 13.6 17.3 50.4 -25.0 -11.2 Segments total 316.2 326.3 77.4 80.3 116.6 51.9 11.6 Unrealized gain (loss) on investments in equity 6.6 1.9 0.0 2.7 4.2 -5.0 2.0 securities held for operating purposes Income (loss) before income taxes 322.8 328.2 77.4 83.0 120.8 46.9 13.6 Geographic information: Income (loss) before income taxes2 Full year Quarter FY2017/18 FY2018/19 (billions of yen) FY2016/17 FY2017/18 1Q 2Q 3Q 4Q 1Q Americas 50.0 -8.8 7.9 -1.5 10.8 -26.0 -1.7 Europe 14.4 -14.7 2.2 -1.4 -16.5 0.9 -5.2 Asia and Oceania 23.7 22.8 5.3 3.7 7.4 6.4 -0.8 Subtotal 88.1 -0.7 15.5 0.9 1.7 -18.7 -7.7 Japan 234.7 328.8 62.0 82.2 119.1 65.6 21.3 Income (loss) before income taxes 322.8 328.2 77.4 83.0 120.8 46.9 13.6 1. From FY2018/19 1Q, Nomura Funds Research and Technologies has been moved from Asset Management to segment Other. 21 2. Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended June 30, 2018). 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.
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Segment Other Income (loss) before income taxes Full year Quarter (billions of yen) 80.0 56.4 50.4 60.0 37.6 40.0 13.6 17.3 20.0 0.0 -20.0 -11.2 -40.0 -25.0 1 2 1 2 3 4 5 FY2017/18 FY2018/19 FY2016/17 FY2017/18 1Q 2Q 3Q 4Q 1Q Net gain (loss) related to economic -7.3 -6.5 -0.7 0.6 -8.0 1.7 -13.8 hedging transactions Realized gain (loss) on investments in equity 1.1 0.8 0.0 0.3 0.4 0.0 0.0 securities held for operating purposes Equity in earnings of affiliates 32.3 34.2 7.0 8.4 7.8 11.0 6.6 Corporate items -6.4 -41.9 0.2 1.6 -3.4 -40.2 -2.5 Others 17.9 69.7 7.0 6.4 53.7 2.6 -1.6 Income (loss) before income taxes 37.6 56.4 13.6 17.3 50.4 -25.0 -11.2 22
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Retail related data (1) Full year Quarter (billions of yen) FY2017/18 FY2018/19 FY2016/17 FY2017/18 1Q 2Q 3Q 4Q 1Q QoQ YoY Commissions 171.8 192.7 47.3 43.8 54.1 47.5 40.8 -14.2% -13.7% Of which, stock brokerage commission 62.8 82.2 18.0 17.2 25.4 21.7 16.8 -22.3% -6.2% Of which, commissions for distribution of investment trusts 82.3 87.1 23.7 21.3 22.6 19.5 18.5 -5.0% -21.9% Sales credit 85.3 91.5 24.5 25.7 23.8 17.5 18.9 8.3% -22.6% Fees from investment banking and other 27.3 26.0 5.8 7.5 6.6 6.1 6.0 -2.5% 2.9% Investment trust administration fees and other 81.8 93.6 22.3 23.0 24.2 24.0 24.4 1.6% 9.2% Net interest revenue 8.3 9.2 1.8 1.8 2.6 3.0 2.8 -8.8% 54.3% Net revenue 374.4 412.9 101.7 101.8 111.3 98.2 92.8 -5.4% -8.7% Non-interest expenses 299.6 309.8 76.8 76.2 80.0 76.7 72.9 -5.0% -5.1% Income before income taxes 74.8 103.1 24.9 25.5 31.3 21.4 19.9 -6.9% -20.0% Domestic distribution volume of investment trusts1 3,376.3 3,610.5 944.0 886.0 905.3 875.3 747.6 -14.6% -20.8% Bond investment trusts 0.2 0.0 0.0 0.0 0.0 0.0 0.0 —Stock investment trusts 2,955.3 3,198.6 860.5 790.8 820.6 726.8 669.1 -7.9% -22.2% Foreign investment trusts 420.8 411.9 83.5 95.2 84.7 148.5 78.5 -47.1% -6.0% Other Accumulated value of annuity insurance policies 2,941.5 3,094.5 2,975.3 3,006.2 3,057.6 3,094.5 3,139.0 1.4% 5.5% Sales of JGBs for individual investors (transaction base) 1,129.9 628.1 89.1 120.2 194.6 224.1 312.2 39.3% 3.5x Retail foreign currency bond sales 1,131.2 1,249.9 328.0 349.9 253.7 318.4 234.6 -26.3% -28.5% 23 1. Excluding former Net & Call. Former Net & Call included from FY2017/18 4Q.
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Retail related data (2) Retail client assets (trillions of yen) 140 122.8 118.6 117.7 115.2 Other 111.9 117.7 120 Foreign investment trusts 107.7 100 Bond investment trusts 80 Stock investment trusts 60 Domestic bonds 40 Foreign currency bonds 20 Equities 0 FY2016/17 FY2017/18 FY2017/18 FY2018/19 Mar Mar Jun Sep Dec Mar Jun Equities 66.3 75.7 69.9 72.4 79.2 75.7 76.4 Foreign currency bonds 6.0 6.1 6.1 6.4 6.2 6.1 6.1 Domestic bonds1 11.7 11.9 11.5 11.6 11.8 11.9 11.9 Stock investment trusts 8.8 9.1 9.1 9.3 9.5 9.1 9.1 Bond investment trusts 7.3 7.1 7.6 7.5 7.9 7.1 7.2 Foreign investment trusts 1.3 1.2 1.3 1.3 1.3 1.2 1.2 Other2 6.4 6.7 6.4 6.7 6.9 6.7 6.7 Total 107.7 117.7 111.9 115.2 122.8 117.7 118.6 24 1. Including CBs and warrants. 2. Including annuity insurance.
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Retail related data (3) Net inflows of cash and securities1 Full year Quarter (billions of yen) (billions of yen) 1,000 1,000 500 500 0 0 -14 -37 -196 -115 -78 -306 -403 -500 -500 FY2017/18 FY2018/19 FY2016/17 FY2017/18 1Q 2Q 3Q 4Q 1Q 1. Cash and securities inflows minus outflows, excluding regional financial institutions. 25
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Retail related data (4) Number of accounts (thousands) FY2017/18 FY2017/18 FY2016/17 FY2018/19 Mar Mar Jun Sep Dec Mar Jun Accounts with balance 5,363 5,318 5,342 5,328 5,326 5,318 5,318 Equity holding accounts 2,836 2,822 2,821 2,832 2,800 2,822 2,823 Online service accounts1, 2 4,456 4,387 4,361 4,301 4,342 4,387 4,427 New Individual accounts / IT share2 Full year Quarter (thousands) FY2017/18 FY2018/19 FY2016/17 FY2017/18 1Q 2Q 3Q 4Q 1Q New individual accounts 231 231 52 53 60 66 58 IT share3 No. of orders 57% 67% 58% 60% 60% 78% 78% Transaction value 34% 43% 35% 38% 38% 56% 53% 1. Number of accounts for previous years have been reclassified in line with definition introduced in FY2017/18 1Q. 2. Net & Call and Home Trade were merged in January 2018 to form Online Services which started providing new services. 26 3. Ratio of cash stocks traded via former Home trade. From FY2017/18 4Q, ratio of cash stocks traded via Online Services.
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Asset Management related data (1) Full year Quarter FY2017/18 FY2018/19 FY2016/17 FY2017/18 QoQ YoY (billions of yen) 1Q 2Q 3Q 4Q 1Q Net revenue1 99.4 127.3 28.1 35.4 36.5 27.3 26.1 -4.5% -7.1% Non-interest expenses1 57.1 61.2 14.5 15.0 15.7 16.0 15.8 -1.3% 8.8% Income before income taxes1 42.3 66.2 13.6 20.5 20.8 11.3 10.3 -9.0% -24.2% Assets under management by company (trillions of yen) FY2016/17 FY2017/18 FY2017/18 FY2018/19 Mar Mar Jun Sep Dec Mar Jun Nomura Asset Management 47.4 52.4 48.9 50.7 53.3 52.4 53.1 Nomura Funds Research and Technologies 2.8 2.8 2.9 2.9 2.9 2.8 -Nomura Corporate Research and Asset Management 2.4 2.7 2.6 2.8 2.8 2.7 2.8 Assets under management (gross) 2 52.6 57.8 54.4 56.4 59.1 57.8 55.9 Group company overlap 8.3 7.8 8.4 8.4 8.3 7.8 5.1 Assets under management (net) 3 44.4 50.0 46.1 48.0 50.7 50.0 50.8 1. Figures from FY2018/19 1Q onwards do not include Nomura Fund Research and Technologies. 2. Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Wealth Square. Figures for June 2018 do not include Nomura Fund Research and Technologies. 27 3. Net after deducting duplications from assets under management (gross).
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Asset Management related data (2) Asset inflows/outflows by business1 Full year Quarter FY2017/18 FY2018/19 (billions of yen) FY2016/17 FY2017/18 1Q 2Q 3Q 4Q 1Q Investment trusts business 1,590 3,131 316 886 773 1,156 263 of which ETFs 1,934 3,022 183 906 193 1,740 147 Investment advisory business 584 203 -86 96 -55 248 109 Total net asset inflow 2,174 3,334 230 982 718 1,404 372 Domestic public investment trust market and Nomura Asset Management market share2 (trillions of yen) FY2016/17 FY2017/18 FY2017/18 FY2018/19 Mar Mar Jun Sep Dec Mar Jun Domestic public stock investment trusts Market 85.9 96.9 88.0 92.1 97.4 96.9 99.1 Nomura Asset Management share (%) 23% 25% 24% 24% 25% 25% 25% Domestic public bond investment trusts Market 12.8 12.3 13.4 13.1 13.8 12.3 12.6 Nomura Asset Management share (%) 44% 44% 43% 42% 44% 44% 44% ETF Market 23.3 32.5 24.8 27.5 30.8 32.5 34.2 Nomura Asset Management share (%) 45% 46% 45% 45% 45% 46% 45% 28 1. Based on assets under management (net). 2. Source Investment Trusts Association, Japan.
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Wholesale related data Full year Quarter (billions of yen) FY2017/18 FY2018/19 FY2016/17 FY2017/18 QoQ YoY 1Q 2Q 3Q 4Q 1Q Net revenue 739.3 715.3 179.3 159.0 165.6 211.4 137.3 -35.1% -23.4% Non-interest expenses 577.8 614.7 154.0 142.0 151.6 167.2 144.7 -13.4% -6.0% Income before income taxes 161.4 100.6 25.4 17.0 14.0 44.2 -7.4 — Breakdown of Wholesale revenues1 Full year Quarter (billions of yen) FY2017/18 FY2018/19 FY2016/17 FY2017/18 QoQ YoY 1Q 2Q 3Q 4Q 1Q Fixed Income 401.7 341.6 93.8 75.5 76.7 95.7 57.7 -39.7% -38.5% Equities 232.3 261.6 58.5 57.9 60.9 84.4 54.5 -35.4% -6.8% Global Markets 634.1 603.2 152.2 133.3 137.6 180.0 112.2 -37.7% -26.3% Investment Banking 105.2 112.1 27.1 25.6 28.1 31.4 25.1 -20.0% -7.3% Net revenue 739.3 715.3 179.3 159.0 165.6 211.4 137.3 -35.1% -23.4% 29 1. FY2016/17 and FY2017/18 figures for Fixed Income, Equities and Investment Banking have been restated based on a reorganization in April 2018.
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Number of employees FY2016/17 FY2017/18 FY2017/18 FY2018/19 Mar Mar Jun Sep Dec Mar Jun Japan 16,227 15,819 16,903 16,706 16,583 15,819 16,474 Europe 3,026 3,057 3,013 3,047 3,054 3,057 3,030 Americas 2,314 2,362 2,325 2,348 2,349 2,362 2,364 Asia and Oceania1 6,619 6,810 6,673 6,756 6,786 6,810 6,873 Total 28,186 28,048 28,914 28,857 28,772 28,048 28,741 30 1. Includes Powai office in India.
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Disclaimer This document is produced by Nomura Holdings, Inc. ( Nomura ). Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made. The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information. All rights regarding this document are reserved by Nomura unless otherwise indicated. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura. This document contains statements that may constitute, and from time to time our management may make forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risk factors, as well as those more fully discussed under Nomura s most recent Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange Commission ( SEC ) that are available on Nomura s website (https://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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