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 July 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):

Information furnished on this form:

EXHIBIT


Exhibit Number

1.		Financial Summary – Three months ended June 30, 2014

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: July 29, 2014	By:	/s/ Hajime Ikeda
		Hajime Ikeda
		Managing Director

Financial Summary For the Three Months Ended June 30, 2014 (U.S. GAAP)


Date:		July 29, 2014
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:		Masahide Hoshino
		Managing Director, Investor Relations Department, 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 three months ended June 30
	2013						2014
	(Millions of yen, except per share data)
				% Change from June 30, 2012						% Change from June 30, 2013
Total revenue		505,270			14.9	%		462,154			(8.5	%)
Net revenue		431,321			16.8	%		370,838			(14.0	%)
Income before income taxes		113,219			475.7	%		51,674			(54.4	%)
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		65,894			—	%		19,860			(69.9	%)
Comprehensive income		97,899			—	%		12,579			(87.2	%)
Basic-Net income attributable to NHI shareholders per share (Yen)		17.78						5.40
Diluted-Net income attributable to NHI shareholders per share (Yen)		17.24						5.26
Return on shareholders’ equity-annualized		11.3	%					3.2	%

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 June 30
	2014			2014
	(Millions of yen, except per share data)
Total assets		43,520,314			43,930,988
Total equity		2,553,213			2,513,674
Total NHI shareholders’ equity		2,513,680			2,467,654
Total NHI shareholders’ equity as a percentage of total assets		5.8	%		5.6	%
Total NHI shareholders’ equity per share (Yen)		676.15			678.69

2. Cash Dividends


	For the year ended March 31
	2014		2015		2015 (Plan)
	(Yen amounts)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		8.00		—		Unconfirmed
At December 31		—		—		—
At March 31		9.00		—		Unconfirmed
For the year		17.00		—		Unconfirmed

Note: Nomura plans to forgo dividend distribution for Q3 of fiscal year 2015. Fiscal year 2015 Q2 and Q4 dividend amount are not presented per reasons stated in “3. Earnings forecasts for the year ending March 31, 2015”.

3. Earnings Forecasts for the year ending March 31, 2015

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 June 30
	2014		2014
Number of shares outstanding (including treasury stock)		3,822,562,601		3,822,562,601
Number of treasury stock		104,932,139		186,672,383

	For the three months ended June 30
	2013		2014
Average number of shares outstanding (year-to-date)		3,705,889,405		3,675,692,820

*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 June 30, 2014, 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 three months ended						(B-A)/(A)
	June 30, 2013 (A)			June 30, 2014 (B)			(B-A)/(A)
Net revenue		431.3			370.8			(14.0	)
Non-interest expenses		318.1			319.2			0.3

Income (loss) before income taxes		113.2			51.7			(54.4	)
Income tax expense		47.0			30.4			(35.3	)

Net income (loss)		66.3			21.3			(67.9	)

Less: Net income (loss) attributable to noncontrolling interests		0.4			1.4			284.0

Net income (loss) attributable to NHI shareholders		65.9			19.9			(69.9	)

Return on shareholders’ equity-annualized		11.3	%		3.2	%		—

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 370.8 billion yen for the three months ended June 30, 2014, a decrease of 14.0% from the same period in the prior year. Non-interest expenses increased by 0.3% from the same period in the prior year to 319.2 billion yen. Income before income taxes was 51.7 billion yen and Net income attributable to NHI shareholders was 19.9 billion yen for the three months ended June 30, 2014.

Segments Information


	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30, 2013 (A)		June 30, 2014 (B)		(B-A)/(A)
Net revenue		424.2		367.3		(13.4	)
Non-interest expenses		318.1		319.2		0.3

Income (loss) before income taxes		106.1		48.2		(54.6	)

In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, Net revenue for the three months ended June 30, 2014 was 367.3 billion yen, a decrease of 13.4% from the same period in the prior year. Non-interest expenses increased by 0.3% from the same period in the prior year to 319.2 billion yen. Income before income taxes was 48.2 billion yen for the three months ended June 30, 2014. 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 three months ended				(B-A)/(A)
	June 30, 2013 (A)		June 30, 2014 (B)		(B-A)/(A)
Net revenue		166.3		106.9		(35.8	)
Non-interest expenses		85.2		75.3		(11.7	)

Income (loss) before income taxes		81.1		31.6		(61.0	)

Net revenue decreased by 35.8% from the same period in the prior year to 106.9 billion yen, primarily due to decreasing commissions from distribution of investment trusts and brokerage. Non-interest expense decreased by 11.7% to 75.3 billion yen. As a result, income before income taxes decreased by 61.0% to 31.6 billion yen.

Operating Results of Asset Management


	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30, 2013 (A)		June 30, 2014 (B)		(B-A)/(A)
Net revenue		20.2		23.3		15.7
Non-interest expenses		13.5		15.1		11.7

Income (loss) before income taxes		6.7		8.3		23.7

Net revenue increased by 15.7% from the same period in the prior year to 23.3 billion yen. Non-interest expense increased by 11.7% to 15.1 billion yen. As a result, income before income taxes increased by 23.7% to 8.3 billion yen. Assets under management were 33.0 trillion yen as of June 30, 2014.

Operating Results of Wholesale


	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30, 2013 (A)		June 30, 2014 (B)		(B-A)/(A)
Net revenue		194.6		188.9		(2.9	)
Non-interest expenses		169.4		183.1		8.1

Income (loss) before income taxes		25.2		5.7		(77.3	)

Net revenue decreased by 2.9% from the same period in the prior year to 188.9 billion yen, primarily due to decrease in brokerage commissions and fees from investment banking services. Non-interest expense increased by 8.1% to 183.1 billion yen. As a result, income before income taxes decreased by 77.3% from the same period in the prior year to 5.7 billion yen.

Other Operating Results


	Billions of yen					% Change
	For the three months ended					(B-A)/(A)
	June 30, 2013 (A)			June 30, 2014 (B)		(B-A)/(A)
Net revenue		43.0			48.3		12.1
Non-interest expenses		50.0			45.7		(8.6	)

Income (loss) before income taxes		(7.0	)		2.6		—

Net revenue was 48.3 billion yen. Income before income taxes was 2.6 billion yen.

(2)

Consolidated Financial Position

Total assets as of June 30, 2014 were 43.9 trillion yen, an increase of 410.7 billion yen compared to March 31, 2014, mainly due to the increase in Trading assets. Total liabilities as of June 30, 2014 were 41.4 trillion yen, an increase of 450.2 billion yen compared to March 31, 2014, mainly due to the increase in Trading liabilities. Total equity as of June 30, 2014 was 2.5 trillion yen, a decrease of 39.5 billion yen compared to March 31, 2014.

(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 26, 2014) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 26, 2014) for the year ended March 31, 2014.

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, 2014			June 30, 2014			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		1,489,792			1,428,775			(61,017	)
Time deposits		363,682			344,546			(19,136	)
Deposits with stock exchanges and other segregated cash		335,836			340,025			4,189

Total cash and cash deposits		2,189,310			2,113,346			(75,964	)

Loans and receivables:
Loans receivable		1,327,875			1,334,280			6,405
Receivables from customers		64,070			63,956			(114	)
Receivables from other than customers		1,181,742			1,302,431			120,689
Allowance for doubtful accounts		(3,009	)		(2,856	)		153

Total loans and receivables		2,570,678			2,697,811			127,133

Collateralized agreements:
Securities purchased under agreements to resell		9,617,675			8,501,394			(1,116,281	)
Securities borrowed		7,729,326			7,491,030			(238,296	)

Total collateralized agreements		17,347,001			15,992,424			(1,354,577	)

Trading assets and private equity investments:
Trading assets*		18,672,318			20,449,973			1,777,655
Private equity investments		41,996			43,762			1,766

Total trading assets and private equity investments		18,714,314			20,493,735			1,779,421

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥350,820 million as of March 31, 2014 and ¥358,825 million as of June 30, 2014)		408,917			407,982			(935	)
Non-trading debt securities*		1,023,746			980,245			(43,501	)
Investments in equity securities*		136,740			139,188			2,448
Investments in and advances to affiliated companies*		345,434			342,066			(3,368	)
Other		784,174			764,191			(19,983	)

Total other assets		2,699,011			2,633,672			(65,339	)

Total assets		43,520,314			43,930,988			410,674

*	Including securities pledged as collateral


			Millions of yen
			March 31, 2014			June 30, 2014			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				602,131			515,447			(86,684	)
Payables and deposits:
Payables to customers				492,516			574,635			82,119
Payables to other than customers				1,230,176			1,467,718			237,542
Deposits received at banks				1,114,181			1,118,783			4,602

Total payables and deposits				2,836,873			3,161,136			324,263

Collateralized financing:
Securities sold under agreements to repurchase				13,937,690			13,121,714			(815,976	)
Securities loaned				2,359,809			2,541,220			181,411
Other secured borrowings				814,500			719,690			(94,810	)

Total collateralized financing				17,111,999			16,382,624			(729,375	)

Trading liabilities				11,047,285			12,047,241			999,956
Other liabilities				1,141,750			1,038,519			(103,231	)
Long-term borrowings				8,227,063			8,272,347			45,284

Total liabilities				40,967,101			41,417,314			450,213


Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,822,562,601 shares as of March 31, 2014 and 3,822,562,601 shares as of June 30, 2014
Outstanding	-	3,717,630,462 shares as of March 31, 2014 and 3,635,890,218 shares as of June 30, 2014		594,493			594,493			—
Additional paid-in capital				683,638			681,819			(1,819	)
Retained earnings				1,287,003			1,304,962			17,959
Accumulated other comprehensive income				20,636			11,549			(9,087	)

Total NHI shareholders’ equity before treasury stock				2,585,770			2,592,823			7,053
Common stock held in treasury, at cost -
104,932,139 shares as of March 31, 2014 and
186,672,383 shares as of June 30, 2014				(72,090	)		(125,169	)		(53,079	)

Total NHI shareholders’ equity				2,513,680			2,467,654			(46,026	)

Noncontrolling interests				39,533			46,020			6,487

Total equity				2,553,213			2,513,674			(39,539	)

Total liabilities and equity				43,520,314			43,930,988			410,674

(2)

Consolidated Statements of Income (UNAUDITED)


	Millions of yen					% Change
	For the three months ended
	June 30, 2013 (A)		June 30, 2014 (B)			(B-A)/(A)
Revenue:
Commissions		157,634		96,281			(38.9	)
Fees from investment banking		25,394		19,822			(21.9	)
Asset management and portfolio service fees		42,381		45,444			7.2
Net gain on trading		128,409		158,562			23.5
Gain (loss) on private equity investments		50		(287	)		—
Interest and dividends		115,325		104,917			(9.0	)
Gain on investments in equity securities		7,852		6,350			(19.1	)
Other		28,225		31,065			10.1

Total revenue		505,270		462,154			(8.5	)
Interest expense		73,949		91,316			23.5

Net revenue		431,321		370,838			(14.0	)

Non-interest expenses:
Compensation and benefits		163,205		168,767			3.4
Commissions and floor brokerage		29,046		27,590			(5.0	)
Information processing and communications		48,233		44,896			(6.9	)
Occupancy and related depreciation		19,784		18,553			(6.2	)
Business development expenses		7,859		7,927			0.9
Other		49,975		51,431			2.9

Total non-interest expenses		318,102		319,164			0.3

Income before income taxes		113,219		51,674			(54.4	)
Income tax expense		46,956		30,397			(35.3	)

Net income		66,263		21,277			(67.9	)

Less: Net income attributable to noncontrolling interests		369		1,417			284.0

Net income attributable to NHI shareholders		65,894		19,860			(69.9	)

Per share of common stock:

	Yen					% Change
Basic-
Net income attributable to NHI shareholders per share		17.78		5.40			(69.6	)

Diluted-
Net income attributable to NHI shareholders per share		17.24		5.26			(69.5	)

(3)

Consolidated Statements of Comprehensive Income (UNAUDITED)


	Millions of yen						% Change
	For the three months ended
	June 30, 2013 (A)			June 30, 2014 (B)			(B-A)/(A)
Net income		66,263			21,277			(67.9	)
Other comprehensive income (loss):
Change in cumulative translation adjustments, net of tax		32,973			(11,794	)		—
Defined benefit pension plans:
Pension liability adjustment		1,556			360			(76.9	)
Deferred income taxes		(532	)		(142	)		—

Total		1,024			218			(78.7	)

Non-trading securities:
Net unrealized gain (loss) on non-trading securities		(3,002	)		3,400			—
Deferred income taxes		641			(522	)		—

Total		(2,361	)		2,878			—

Total other comprehensive income (loss)		31,636			(8,698	)		—

Comprehensive income		97,899			12,579			(87.2	)
Less: Comprehensive income attributable to noncontrolling interests		420			1,806			330.0

Comprehensive income attributable to NHI shareholders		97,479			10,773			(88.9	)

(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 three months ended
	June 30, 2013 (A)			June 30, 2014 (B)		(B-A)/(A)
Net revenue

Business segment information:
Retail		166,342			106,865		(35.8	)
Asset Management		20,174			23,338		15.7
Wholesale		194,609			188,886		(2.9	)

Subtotal		381,125			319,089		(16.3	)
Other		43,032			48,252		12.1

Net revenue		424,157			367,341		(13.4	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		7,164			3,497		(51.2	)

Net revenue		431,321			370,838		(14.0	)


Non-interest expenses

Business segment information:
Retail		85,237			75,257		(11.7	)
Asset Management		13,483			15,064		11.7
Wholesale		169,372			183,145		8.1

Subtotal		268,092			273,466		2.0
Other		50,010			45,698		(8.6	)

Non-interest expenses		318,102			319,164		0.3

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

Non-interest expenses		318,102			319,164		0.3


Income (loss) before income taxes

Business segment information:
Retail		81,105			31,608		(61.0	)
Asset Management		6,691			8,274		23.7
Wholesale		25,237			5,741		(77.3	)

Subtotal		113,033			45,623		(59.6	)
Other*		(6,978	)		2,554		—

Income (loss) before income taxes		106,055			48,177		(54.6	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		7,164			3,497		(51.2	)

Income (loss) before income taxes		113,219			51,674		(54.4	)

*	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 three months ended						(B-A)/(A)
	June 30, 2013 (A)			June 30, 2014 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		7,373			6,919			(6.2	)
Realized gain (loss) on investments in equity securities held for operating purposes		688			2,853			314.7
Equity in earnings of affiliates		5,343			3,499			(34.5	)
Corporate items		(12,344	)		(3,093	)		—
Other		(8,038	)		(7,624	)		—

Total		(6,978	)		2,554			—

(6)

Significant Changes in Equity (UNAUDITED)

Not applicable. For further details of the changes, please refer below.


	Millions of yen
	For the three months ended
	June 30, 2014
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		683,638
Gain (loss) on sales of treasury stock		(2,417	)
Issuance and exercise of common stock options		598

Balance at end of period		681,819

Retained earnings
Balance at beginning of year		1,287,003
Net income attributable to NHI shareholders		19,860
Gain (loss) on sales of treasury stock		(1,901	)

Balance at end of period		1,304,962

Accumulated other comprehensive income
Cumulative translation adjustments
Balance at beginning of year		27,704
Net change during the period		(11,454	)

Balance at end of period		16,250

Defined benefit pension plans
Balance at beginning of year		(18,809	)
Pension liability adjustment		218

Balance at end of period		(18,591	)

Non-trading securities
Balance at beginning of year		11,741
Net unrealized gain on non-trading securities		2,149

Balance at end of period		13,890

Balance at end of period		11,549

Common stock held in treasury
Balance at beginning of year		(72,090	)
Repurchases of common stock		(65,193	)
Sale of common stock		4
Common stock issued to employees		12,110

Balance at end of period		(125,169	)

Total NHI shareholders’ equity
Balance at end of period		2,467,654

Noncontrolling interests
Balance at beginning of year		39,533
Net change during the period		6,487

Balance at end of period		46,020

Total equity
Balance at end of period		2,513,674

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, 2014
	June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014 (A)			June 30, 2014 (B)			(B-A)/(A)			For the year ended March 31, 2014
Revenue:
Commissions		157,634		105,613		121,434		89,876			96,281			7.1			474,557
Fees from investment banking		25,394		22,984		15,769		27,154			19,822			(27.0	)		91,301
Asset management and portfolio service fees		42,381		40,702		42,074		42,090			45,444			8.0			167,247
Net gain on trading		128,409		110,180		108,544		129,223			158,562			22.7			476,356
Gain (loss) on private equity investments		50		703		10,985		(346	)		(287	)		—			11,392
Interest and dividends		115,325		98,091		102,602		100,332			104,917			4.6			416,350
Gain (loss) on investments in equity securities		7,852		5,037		7,505		(5,238	)		6,350			—			15,156
Other		28,225		45,069		38,508		67,683			31,065			(54.1	)		179,485

Total revenue		505,270		428,379		447,421		450,774			462,154			2.5			1,831,844
Interest expense		73,949		71,989		68,000		60,836			91,316			50.1			274,774

Net revenue		431,321		356,390		379,421		389,938			370,838			(4.9	)		1,557,070

Non-interest expenses:
Compensation and benefits		163,205		135,391		138,822		132,640			168,767			27.2			570,058
Commissions and floor brokerage		29,046		26,134		27,974		28,695			27,590			(3.9	)		111,849
Information processing and communications		48,233		46,240		47,755		49,940			44,896			(10.1	)		192,168
Occupancy and related depreciation		19,784		20,830		18,999		20,529			18,553			(9.6	)		80,142
Business development expenses		7,859		9,473		11,029		10,124			7,927			(21.7	)		38,485
Other		49,975		45,389		47,948		59,442			51,431			(13.5	)		202,754

Total non-interest expenses		318,102		283,457		292,527		301,370			319,164			5.9			1,195,456

Income before income taxes		113,219		72,933		86,894		88,568			51,674			(41.7	)		361,614
Income tax expense		46,956		34,549		37,769		25,891			30,397			17.4			145,165

Net income		66,263		38,384		49,125		62,677			21,277			(66.1	)		216,449

Less: Net income attributable to noncontrolling interests		369		272		796		1,421			1,417			(0.3	)		2,858

Net income attributable to NHI shareholders		65,894		38,112		48,329		61,256			19,860			(67.6	)		213,591


	Yen												% Change			Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		17.78		10.29		13.02		16.48			5.40			(67.2	)		57.57

Diluted-
Net income attributable to NHI shareholders per share		17.24		9.99		12.65		16.02			5.26			(67.2	)		55.81

(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, 2014
	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014		(B-A)/(A)			For the year ended March 31, 2014

Net revenue

Business segment information:
Retail		166,342			119,730			127,975			97,869			106,865		9.2			511,916
Asset Management		20,174			18,626			21,215			20,465			23,338		14.0			80,480
Wholesale		194,609			183,348			188,666			198,474			188,886		(4.8	)		765,097

Subtotal		381,125			321,704			337,856			316,808			319,089		0.7			1,357,493
Other		43,032			29,649			35,366			80,802			48,252		(40.3	)		188,849

Net revenue		424,157			351,353			373,222			397,610			367,341		(7.6	)		1,546,342

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		7,164			5,037			6,199			(7,672	)		3,497		—			10,728

Net revenue		431,321			356,390			379,421			389,938			370,838		(4.9	)		1,557,070


Non-interest expenses

Business segment information:
Retail		85,237			79,774			80,302			74,602			75,257		0.9			319,915
Asset Management		13,483			12,454			12,289			15,147			15,064		(0.5	)		53,373
Wholesale		169,372			158,063			160,866			164,998			183,145		11.0			653,299

Subtotal		268,092			250,291			253,457			254,747			273,466		7.3			1,026,587
Other		50,010			33,166			39,070			46,623			45,698		(2.0	)		168,869

Non-interest expenses		318,102			283,457			292,527			301,370			319,164		5.9			1,195,456

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

Non-interest expenses		318,102			283,457			292,527			301,370			319,164		5.9			1,195,456


Income (loss) before income taxes

Business segment information:
Retail		81,105			39,956			47,673			23,267			31,608		35.8			192,001
Asset Management		6,691			6,172			8,926			5,318			8,274		55.6			27,107
Wholesale		25,237			25,285			27,800			33,476			5,741		(82.9	)		111,798

Subtotal		113,033			71,413			84,399			62,061			45,623		(26.5	)		330,906
Other*		(6,978	)		(3,517	)		(3,704	)		34,179			2,554		(92.5	)		19,980

Income (loss) before income taxes		106,055			67,896			80,695			96,240			48,177		(49.9	)		350,886

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		7,164			5,037			6,199			(7,672	)		3,497		—			10,728

Income (loss) before income taxes		113,219			72,933			86,894			88,568			51,674		(41.7	)		361,614

*	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, 2014
	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			(B-A)/(A)			For the year ended March 31, 2014
Net gain (loss) related to economic hedging transactions		7,373			(1,667	)		5,150			6,547			6,919			5.7			17,403
Realized gain (loss) on investments in equity securities held for operating purposes		688			0			1,306			2,434			2,853			17.2			4,428
Equity in earnings of affiliates		5,343			8,884			8,171			6,173			3,499			(43.3	)		28,571
Corporate items		(12,344	)		(8,701	)		(13,954	)		(3,773	)		(3,093	)		—			(38,772	)
Other		(8,038	)		(2,033	)		(4,377	)		22,798			(7,624	)		—			8,350

Total		(6,978	)		(3,517	)		(3,704	)		34,179			2,554			(92.5	)		19,980

(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, 2014		June 30, 2014
Assets
Current Assets		3,296,666		3,560,359
Fixed Assets		2,893,448		2,817,515

Total Assets		6,190,114		6,377,874

Liabilities
Current Liabilities		1,133,679		1,337,636
Long-term Liabilities		3,138,160		2,956,329

Total Liabilities		4,271,838		4,293,965

Net Assets
Shareholders’ equity		1,819,381		1,979,457
Valuation and translation adjustments		54,949		60,415
Stock acquisition rights		43,946		44,037

Total Net Assets		1,918,276		2,083,909

Total Liabilities and Net Assets		6,190,114		6,377,874

Nomura Holdings, Inc. Unconsolidated Statements of Income

(UNAUDITED)


	Millions of yen
	For the three months ended
	June 30, 2013			June 30, 2014
Operating revenue		236,558			285,892
Operating expenses		56,399			57,809

Operating income		180,159			228,083

Non-operating income		1,874			1,795
Non-operating expenses		1,387			553

Ordinary income		180,646			229,325

Special profits		1,045			38,073
Special losses		1,563			13

Income before income taxes		180,129			267,385

Income taxes - current		1,969			(10,943	)
Income taxes - deferred		(697	)		27,382

Net income		178,856			250,946

(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/2015_1q.pdf