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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 2012
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 2013 |
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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, 2012 | By: | /s/ Eiji Miura | ||
| Eiji Miura | ||||
| Senior Managing Director | ||||
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Consolidated Results of Operations
First Quarter, Year ending March 2013
(US GAAP)
NOMURA HOMDINGS, Inc.
July 2012
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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. 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 (http://www.nomura.com) and on the SEC’s website (http://www.sec.gov); Important risk factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.
Forward-looking statements speak only as of the date they are made, and Nomura undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
The consolidated financial information in this document is unaudited.
Table of Contents
Outline
Presentation
Executive summary (p. 3)
Overview of results (p. 4)
Business segment results (p. 5)
Retail (p. 6-7)
Asset Management (p. 8-9)
Wholesale (p. 10-13)
Non-interest expenses (p. 14)
Robust financial position (p. 15)
Funding and liquidity (p. 16)
Exposure to European peripheral countries (p. 17)
Financial Supplement
Consolidated balance sheet (p. 19)
Value at risk (p. 20)
Consolidated financial highlights (p. 21)
Consolidated income (p. 22)
Main revenue items (p. 23)
Adjustment of consolidated results and segment results: Income (loss) before income taxes (p. 24)
Segment “Others” (p. 25)
Retail related data (p. 26-30)
Asset Management related data (p. 31-32)
Wholesale related data (p. 33-34)
Number of employees (p. 35)
2
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Executive summary
Highlights
Profitable for third straight quarter
Net revenue: Y369.3bn (-26% QoQ; +12% YoY)
Income before income taxes: Y19.7bn (-68% QoQ; -43% YoY)
Net income1: Y1.9bn (-91% QoQ; -89% YoY)
Business segment income before income taxes of Y9.0bn; Retail and Asset Management contributed to firm-wide earnings amid challenging market environment.
Retail: Net revenue Y82.7bn (-10% QoQ); Income before income taxes Y12.2bn (-40% QoQ)
Sales of foreign bonds targeting client needs increased while sales of investment trusts and equities were slower primarily due to market factors.
Asset Management: Net revenue Y16.4bn (+5% QoQ); Income before income taxes Y5.4bn (+30% QoQ)
Continued to deliver stable earnings; Investment trusts and the investment advisory business both reported fund inflows
Wholesale: Net revenue Y121.9bn (-23% QoQ); Loss before income taxes Y8.6bn
Wholesale revenues driven by resilient performance in Fixed Income in all regions
Equities and Investment Banking revenues affected by less liquidity in major markets and fewer revenue opportunities
$1.0bn cost reductions completed ahead of schedule
| (1) |
|
Net income attributable to Nomura Holdings shareholders. |
| 3 |
|
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Overview of results
Highlights
(billions of yen)
FY2012/13
1Q FY2011/12
4Q QoQ
(%) FY2011/12
1Q YoY
(%)
Net revenue 369.3 499.0 -26% 330.4 +12%
Non-interest expenses 349.6 438.2 -20% 296.0 +18%
Income before income taxes 19.7 60.8 -68% 34.4 -43%
Net income1 1.9 22.1 -91% 17.8 -89%
ROE2 0.4% 4.2% 3.4%
| (1) |
|
Net income attributable to Nomura Holdings shareholders. |
| (2) |
|
Calculated using annualized net income for each period. |
| 4 |
|
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Business segment results
Net revenue and income (loss) before income taxes
(billions of yen)
FY2012/13
1Q FY2011/12
4Q QoQ FY2011/12
1Q YoY
Revenues Retail 82.7 92.4 -10% 94.2 -12%
Asset Management 16.4 15.7 +5% 18.8 -13%
Wholesale1 121.9 158.4 -23% 140.0 -13%
Segment total 221.0 266.5 -17% 253.0 -13%
Other1,2 154.6 222.6 -31% 78.6 +97%
Unrealized gain (loss) on
investments in equity securities
held for operating purposes (6.3) 9.9 —(1.3) —
Net revenue 369.3 499.0 -26% 330.4 +12%
Income (loss) before income taxes Retail 12.2 20.3 -40% 22.0 -45%
Asset Management 5.4 4.1 +30% 7.4 -28%
Wholesale1 (8.6) 11.9 —(15.9) —
Segment total 9.0 36.3 -75% 13.5 -33%
Other1,2 17.0 14.6 +16% 22.1 -23%
Unrealized gain (loss) on
investments in equity securities
held for operating purposes (6.3) 9.9 —(1.3) —
Income (loss) before income taxes 19.7 60.8 -68% 34.4 -43%
(1) Due to a reorganization in April 2012, reported amounts for Wholesale and Other have been reclassified.
(2) “ Other” includes entities consolidated as a result of converting Nomura Land and Building into a subsidiary. FY2012/13 1Q also includes own-credit and counterparty credit spread valuation adjustment of Y5.7bn.
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Retail
Net revenue and income before income taxes
(billions of yen)
FY2011/12 FY12/13 QoQ YoY
1Q 2Q 3Q 4Q 1Q
Net revenue 94.2 84.0 79.7 92.4 82.7 -10% -12%
Non-interest expenses 72.2 73.3 69.6 72.1 70.5 -2% -2%
Income before income taxes 22.0 10.7 10.1 20.3 12.2 -40% -45%
Retail client assets
Key performance indicator
(trillions of yen)
70.4 66.1 65.0 72.0 68.2
FY2011/12 FY2012/13
Jun 11 Sep 11 Dec 11 Mar 12 Jun 12
Key points
Net revenue: Y82.7bn (-10% QoQ; -12% YoY)
Income before income taxes: Y12.2bn (-40% QoQ; -45% YoY)
Lower revenue and income QoQ due to a sharp market decline following a rebound in the prior quarter and weaker risk appetite among retail investors
Decline in sales of investment trusts and equities primarily due to market factors
Tapped into client demand to expand sales of bonds, especially foreign bonds
Consulting-based sales approach drove ninth straight quarter of net asset inflows
Client franchise
Retail client assets
Accounts with balance
Net asset inflows
Sales of main investment trusts
Nomura Global REIT Premium
Nomura US High Yield Bond Fund
Nomura Global High Yield Bond Fund
Nomura Japan Brand Stock Fund
Other sales
IPOs and public offerings
Bonds (total)
(of which) foreign bonds
Y68.2trn
5m
647.2bn
Y239.8bn
Y124.1bn
Y58.2bn
Y55.8bn
Y27.9bn
Y613.8bn
Y460.8bn
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Retail: Consulting-based sales
Total sales
(billions of yen)
3,000 2,000 1,000
Stocksa
Bonds
Investment trusts
Otheres
FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
Ninth straight quarter of net asset inflows1
(billions of yen)
1,200 800 400 0
847 1,107 260 185 647
FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
Total sales: -10% QoQ
Investment trusts: Sales down QoQ
Recorded net inflows each month despite challenging market environment
Enhanced product lineup, diversified asset classes and currencies
Bonds: Sales up 13% QoQ
Higher sales of foreign bonds (Australian dollar, Turkish lira, South African rand, others)
Sales of JGBs for individual investors and corporate bonds remained firm
Stocks: Sales affected by market slowdown
Sales of stocks fared well given the 27% decline in TSE trading value for retail investors
Focused on domestic listed stocks, but broadened sales efforts to include ETFs and foreign stocks
Foreign bonds: Continued growth
(billions of yen)
Sales of foreign bonds
500 400 300 200 100 0
270 391 426 461
FY2009/10 FY2010/11 FY2011/12 FY2012/13
Average quarterly sales 1Q
(1) Net asset inflows = Asset inflows – asset outflows
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Asset Management
Net revenue and income before income taxes
(billions of yen)
FY2011/12 FY12/13 QoQ YoY
1Q 2Q 3Q 4Q 1Q
Net revenue 18.8 16.0 15.3 15.7 16.4 +5% -13%
Non-interest expenses 11.4 11.2 11.1 11.6 11.0 -5% -3%
Income before income taxes 7.4 4.7 4.2 4.1 5.4 +30% -28%
Assets under management
Key performance indicator
(trillions of yen)
AuM (gross)1
AuM (net)2
33.7 25.3 29.3 22.7 29.2 22.6 31.9 24.6 30.1 23.3
FY2011/12 FY2012/13
Jun 11 Sep 11 Dec 11 Mar 12 Jun 12
Key points
Net revenue: Y121.9bn (-23% QoQ; -13% YoY)
Loss before income taxes: Y8.6bn
Revenues driven by resilient performance in Fixed Income in all regions
Equities and Investment Banking revenues affected by less liquidity in major markets and fewer revenue opportunities
Expenses declined as a result of cost reduction program
Regional overview (Net revenue, QoQ)
Japan (Y30.1bn, -26%)
Trading was sluggish amid weaker market conditions
Investment Banking maintained high market shares in key league tables
EMEA (Y41.0bn, -26%)
Revenues driven by Fixed Income despite slowdown in some products
Large M&A deals and DCM transactions, including solutions, contributed to revenues
Americas (Y35.5bn, -16%)
Fixed Income revenues declined from the strong prior quarter, but increased YoY driven by solid performance in Securitized Products
Equities client flow businesses were resilient
AEJ (Y15.4bn, -23%)
Fixed Income revenues up significantly QoQ on increase in Credit and FX revenues
In Equities, lower liquidity created challenging conditions for both Cash Equities and Derivatives
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, Nomura Private Equity Capital, and Nomura Funds Research and Technologies America.
(2) Net after deducting duplications from assets under management (gross).
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Asset Management: Investment trust and investment advisory inflows
Assets under management (gross)1 by business
(trillions of yen)
Investment trust business
Investment advisory business
30.0 20.0 10.0
0.0
33.7
8.9
24.8
29.3
8.2
21.2
29.2
8.2
21.0
31.9
8.9
23.0
30.1
8.6
21.5
FY2011/12 FY2012/13
Jun 11 Sep 11 Dec 11 Mar 12 Jun 12
Flow of funds in investment trust and investment advisory2
(billions of yen)
Investment trust business (excl. ETF) Investment advisory business
700 500 300 100 -100 -300
602
317 241 236 218
97
33 8 33
-11 -19 -87
-187 -114 -215
FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
Nomura Asset Management share of public investment trust market3
23.0% 22.0% 21.0% 20.0% 19.0% 18.0%
22.0% 22.1% 22.2% 21.9% 21.9%
FY2011/12 FY2012/13
Jun 11 Sep 11 Dec 11 Mar 12 Jun 12
Awards
R&I Fund Award 2012 (defined benefits pension plan category)
– Recognized for investment strategy leveraging strengths in research and management for Japanese stocks
Japanese Core Equity Fund Category / Japan Equity Advanced Alpha Japanese Growth Equity Fund Category / Japanese Equity Growth
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, Nomura Private Equity Capital, and Nomura Funds Research and Technologies America.
(2) Based on assets under management (net).
(3) Source: The Investment Trusts Association, Japan.
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Wholesale
Net revenue and income (loss) before income taxes1
(billions of yen)
FY2011/12 FY12/13
QoQ YoY
1Q 2Q 3Q 4Q 1Q
Net revenue 140.0 81.6 175.1 158.4 121.9 -23% -13%
Non-interest 155.9 152.2 138.1 146.5 130.4 -11% -16%
expenses
Income (loss) before
income taxes -15.9 -70.7 37.1 11.9 -8.6—-
Net revenue by region1
(billions of yen)
AEJ Americas EMEA Japan
20.4 36.0
42.6
40.8
8.3 17.6 14.1 41.6
21.6 29.3
45.4
78.9
20.1
42.5
55.5
40.4
15.4 35.5
41.0
30.1
FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
Key points
Net revenue: Y121.9bn(-23% QoQ; -13% YoY)
Loss before income taxes: Y8.6bn
– Revenues driven by resilient performance in Fixed Income in all regions
– Equities and Investment Banking revenues affected by less liquidity in major
markets and fewer revenue opportunities
– Expenses declined as a result of cost reduction program
Regional overview(Net revenue, QoQ)
Japan(Y30.1bn, -26%)
– Trading was sluggish amid weaker market conditions
– Investment Banking maintained high market shares in key league tables
EMEA(Y41.0bn, -26%)
– Revenues driven by Fixed Income despite slowdown in some products
– Large M&A deals and DCM transactions, including solutions, contributed
to revenues
Americas(Y35.5bn, -16%)
– Fixed Income revenues declined from the strong prior quarter, but
increased YoY driven by solid performance in Securitized Products
– Equities client flow businesses were resilient
AEJ(Y15.4bn, -23%)
– Fixed Income revenues up significantly QoQ on increase in Credit and FX
revenues
– In Equities, lower liquidity created challenging conditions for both Cash
Equities and Derivatives
(1) Due to a reorganization in April 2012, reported amounts for Wholesale and Other have been reclassified.
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Wholesale: Fixed Income
Net revenue1
(billions of yen)
69.7 41.4 76.4 87.0 71.5 QoQ -18% YoY +2%
FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
Key points
Net revenue: Y71.5bn (-18% QoQ; +2% YoY)
Amid deteriorating trading conditions and falling market volumes, revenues increased 2% YoY, but declined 18% QoQ
Client business remained steady with client revenue declining only 9% QoQ
By product, Rates declined on the back of continued macro headwinds while Credit remained steady and FX and Securitized Products increased.
AEJ posted strong revenue performance, capturing increased flow to and from the region
Revenue by product / region
Revenue breakdown among 4 core products
Securitized
Products
Foreign
Exchange
Rates, Credit
Well diversified product mix
Rates: Modest revenue decline in a deteriorated market through smart risk management
Credit: Remained steady and gained market share, driven by a client-centric business model
FX: Strong client flow in Japan retail business and G10/Emerging currencies internationally
Securitized Products: Increased revenue contribution backed by recovery in client flow
Good balance of flow and structured business across all products
Regional revenue breakdown
AEJ
Japan
Americas
EMEA
Enhanced connectivity with Japan franchise and a reinforced global platform
International contribution continues to rise
EMEA: Steady performance in a challenging environment, supported by product innovation and solid risk discipline
Americas: Reflecting steady progress of the franchise, contribution on the rise mainly led by Securitized Products
AEJ: Revenue uptick from increased product depth, local markets access and client footprint
| (1) |
|
Figures have been reclassified to conform to the current presentation following a reorganization in April 2012. |
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Wholesale: Equities
Net revenue1
(billions of yen)
56.6 33.4 39.6 51.6 37.1 -28% QoQ -34% YoY
FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
Key points
Net revenue: Y37.1bn(-28% QoQ; -34% YoY)
Client revenue
Down 15% QoQ on subdued market volumes, particularly in Japan and AEJ, and a decline in primary deals globally
Trading revenue
Regions and product lines affected by lower liquidity in major markets
Americas performed relatively well
Revenues underpinned by cash equities revenues, which were roughly unchanged QoQ
Product highlights
(billions of yen)
37.1
Cash Equities
Derivatives
Others
Cash Equities
Japan/EMEA: Solid performance in Programs
Took #1 spot in “Global Investor 2012 Transition Management Survey” for third year
AEJ:
Americas:
Instinet: Awarded “Best EMS Provider”2
Derivatives
Winning awards
EMEA:
AEJ:
EMEA:
Japan:
“Volatility house of the Year3”
“Asia Pacific Derivatives House of the Year3”
Solutions for corporates contributing to
revenues
Trading tough amid challenging market
Others
Prime Brokerage: Japan/EMEA delivering stable revenues
| (1) |
|
Figures have been reclassified to conform to the current presentation following a reorganization in April 2012. |
| (2) |
|
Source: 2012 Waters Ranking, EMS: Execution Management System |
| (3) |
|
Source: Derivatives Intelligence |
FY2012/13 1Q revenues by product
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Wholesale: Investment Banking
Net revenue1
Investment Banking (Gross)
(billions of yen)
Investment Banking (Net)
Other
QoQ -33%
YoY -2%
| 32.3 |
|
23.8 45.1 40.5 32.2 |
13.6 6.8 19.0 11.6 59.1 35.5 23.6 19.8 21.2 13.3 15.1
-5.4 -4.8 -1.4 -1.8
FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
Key points
Net revenue: Y13.3bn (-33% QoQ; -2% YoY)
Investment Banking gross revenue flat YoY at Y32.2bn
Fewer revenue opportunities in ECM due to declining global fee pool2
Involved in high-profile M&A deals and saw an increase in sell-side mandates; #10 in Global M&A league table3
Japan:
Maintained high market shares across products (M&A:43.9%, ECM:36.3%, DCM:25.9%)3
International:
Continued success in solutions, sponsor4 related deals, leveraged finance
GDF Suez’s acquisition of remaining stake in International Power contributed to revenues
Joint bookrunner and joint lead manager on Haitong Securities IPO, largest IPO in Hong Kong this year
Success in trading house and sponsor4 related businesses
Growing global presence of trading houses and sponsors4
Sponsor related deals as percentage of fee pool4,5
Japan cross-border M&A involving trading houses/sponsors4,6
Large Japanese trading houses expanding international investment
Approx. 18%
6 out of top 10
Diverse business based on trading house/sponsor4 related deals
Business opportunities across regions, sectors, and products
Marubeni acquisition of CVC sale of StarBev to
Gavilon Molson Coors
Financial advisor to Financial advisor to
M&A Marubeni CVC
Announced Completed
| $5.6bn |
|
May 2012 $3.5bn Jun 2012 |
Consortium incl. Apollo
Leveraged Global Management Two companies under
finance acquisition of EP Energy Charterhouse
(#1 in EMEA Financing Financing
league table)7
| $5.5bn |
|
Apr-May 2012 Total: €4.0bn |
Solutions FX hedging for cross-border M&A
inBlock Internationaltrades Share disposalPower
IPOs IPO for sponsor investee company, etc.
| (1) |
|
Figures have been reclassified to conform to the current presentation following a reorganization in April 2012. |
(2) Source: Dealogic (Apr 1 – Jun 30) (3) Source: M&A, ECM Thomson Reuters (Jan 1 – Jun 30), DCM Thomson DealWatch (Jan 1 – Jun 30) (4) Financial sponsors
(5) Source: Dealogic (Jan 1, 2011 – Jun 30, 2012) (6) Source: Thomson Reuters (Jan 1, 2011 – Jun 30, 2012) (7) EMEA sponsor-led leveraged loans, Source: Bloomberg (Jan 1 – Jun 30)
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Non-interest expenses
Other
Business development expenses
Occupancy and related depreciation
Information processing and communications
Commissions and floor brokerage
Compensation and benefits
(Reference)
Excluding entities consolidated as a result of converting Nomura Land and Building into a subsidiary
(billions of yen)
Full year
Quarter
(billions of yen)
1,500 1,200 900 600 300 into 0
1,450.9
438.2 1,037.4 370.5
349.6 346.2 296.0
500 400 300 200 100
0
FY2011/12 FY12/13
FY2010/11 FY2011/12 QoQ
1Q 2Q 3Q 4Q 1Q
Compensation and benefits 519.0 534.6 136.3 142.6 127.8 128.0 124.6 -2.7%
Commissions and floor 92.1 93.5 24.1 22.9 22.5 24.0 22.0 -8.4%
brokerage
Information processing and 182.9 177.1 43.5 43.5 46.4 43.7 42.5 -2.6%
communications
Occupancy and related 87.8 100.9 20.7 26.4 26.2 27.6 24.1 -12.8%
depreciation
Business development 30.2 48.5 9.3 12.3 12.7 14.1 11.3 -19.6%
expenses
Other 125.4 496.2 62.1 98.5 134.9 200.8 125.1 -37.7%
Total 1,037.4 1,450.9 296.0 346.2 370.5 438.2 349.6 -20.2%
Key points
Non-interest expenses: Y349.6bn (-20% QoQ)
– Other expenses declined 38% QoQ due to a drop in cost of goods sold at consolidated entities
Non-interest expenses declined 5% QoQ excluding entities consolidated as a result of converting Nomura Land and Building into a subsidiary
– Reducing costs since 2Q last year; Personnel expenses trending down each quarter
– Non-personnel expenses lower QoQ
Progress of $1.2bn cost reduction program
– Retail and Asset Management On schedule
– Wholesale
Completed ahead of initial target (FY2012/13 2H)
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Robust financial position
Balance sheet related indicators and capital ratios
Total assets Y35.3trn
Shareholders Y2.1trnequity
Gross leverage 16.8x
Net leverage1 10.6x
Level 3 assets (net)2 Y0.6trn
Liquidity Y5.4trn
(billions of yen)
Preliminary, Basel 2.5 basis Mar 31 Jun 30
Tier 1 2,090 2,097
Tier 2 320 320
Tier 3 224 210
Total capital 2,427 2,426
RWA 14,681 13,941
Tier 1 ratio 14.2% 15.0%
Tier 1 common ratio3 12.2% 13.0%
Total capital ratio 16.5% 17.4%
Leverage ratio1
| (x) |
|
22.0 |
18.0 14.0 10.0 6.0
Gross leverage ratio Net leverage ratio
16.8
10.6
FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
Level 3 assets2 and net level 3 assets/Tier 1 capital
(billions of yen)
1,500 1,000 500
Level 3 assets Net Level 3 Assets
Net Level 3 Assets / Tier 1 Capital
35% 36% 35%
31% 29%
60% 40% 20% 0%
Fy2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
(1) Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ (2) Preliminary.
| (3) |
|
Tier 1 common ratio is defined as Tier 1 capital minus minority interest divided by risk-weighted assets. |
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Funding and liquidity
Balance sheet structure
Balance sheet (As of Jun 30, 2012)
Highly liquid, healthy balance sheet structure –79% of assets are highly liquid trading and related assets that are marked-to-market and matched to trading and related liabilities through repos etc. (regionally and by currency) –Other assets are funded by equity and long-term debt, ensuring structural stability
Assets
Trading assets and related1
Trading liabilities and related1
Other liabilities Short-term borrowings
Long-term borrowings
Total equity
Liabilities and equity
Cash and cash deposits
Other assets
Liquidity portfolio2
Liquidity portfolio2:
–Y5.4trn, or 15% of total assets –Maintain a high quality liquidity portfolio surplus without the need for additional unsecured funding over a certain period
Unsecured funding2
Approx. 80% of unsecured funding2 is long-term debt
Diversified sources of funding
Short-term debt 21%
Long-term debt due within 1yr, 9%
Loans (incl. subordinated)
Euro MTN/Yen, retail bonds, etc.
Euro MTN/Other, wholesale bonds, etc.
Breakdown of short-term/ and long-term debt
Funding of long-term debt
Bank lending market
Retail market
Wholesale market
(1) Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc.
(2) Definition differs from financial disclosures reflecting dity portfolio Liquidity excludes funds on Management’s deposit at exchanges and segregated view. client Cash funds. and
(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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Exposure to European peripheral countries
GIIPS country exposure (preliminary, as of Jun 30, 2012)
(US$m)
Net inventory 1 Net counter party 2 Net exposure total Changes from Mar 2012
Total Of which, exposure matures within 6 months Of which, exposure matures after 6 months Total Counter party 2 Of which, reserve / hedges
Greece 34 11 23 38 94 -55 72 -22
Ireland 208 145 62 20 23 -3 227 -192
Italy 1,145 994 151 -58 379 -437 1,088 102
Portugal -101 72 -173 -12 163 -175 -113 89
Spain 749 655 94 186 325 -140 935 657
European peripheral countries – Total 2,035 1,878 157 174 984 -810 2,209 633
Peripheral Europe net country exposure of $2.21bn as of the end of June
Increased by $633m from March total of $1.58bn (+40%)
Inventory is all trading assets marked to market
| (1) |
|
Inventory, both long and short positions |
| (2) |
|
Net counterparty exposure (i.e. repurchase transactions, securities lending and OTC derivatives) less collateral. |
17
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Financial Supplement
Table of Contents
Consolidated balance sheet
(billions of yen)
Mar. 31, 2012 Jun. 30, 2012 Increase (Decrease) Mar. 31, 2012 Jun. 30, 2012 Increase (Decrease)
Assets Liabilities
Total cash and cash deposits 1,954 1,387 -566 Short-term borrowings 1,186 1,244 59
Total payables and deposits 2,437 2,194 -244
Total loans and receivables 2,211 2,103 -109 Collateralized financing 12,519 13,695 1,175
Trading liabilities 7,495 6,381 -1,114
Collateralized agreements 13,743 12,997 -745 Other liabilities 1,166 1,102 -64
Long-term borrowings 8,505 8,250 -255
Total trading assets1 and private equity investments 14,124 15,065 942 Total liabilities 33,308 32,865 -443
Total other assets 3,666 3,702 36 Equity
Total Nomura shareholders’ equity 2,107 2,100 -8
Noncontrolling interest 282 289 7
Total assets 35,697 35,254 -443 Total liabilities and equity 35,697 35,254 -443
1. Including securities pledged as collateral.
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Table of Contents
Value at risk
Definition
99% confidence level
1-day time horizon for outstanding portfolio
Inter-product price fluctuations considered
From April 1, 2012 to June 29, 2012 (billions of yen)
Maximum: 7.2
Minimum: 4.3
Average: 5.5
(billions of yen)
Mar. 31, 2011 Jun. 30, 2011 Sep. 30, 2011 Dec. 31, 2011 Mar 31, 2012 Jun. 30, 2012
Equity 1.8 1.6 1.9 1.5 1.4 1.2
Interest rate 4.1 4.3 4.0 5.0 6.5 5.7
Foreign exchange 4.5 3.8 2.8 3.5 2.5 1.7
Sub-total 10.4 9.7 8.8 10.0 10.4 8.6
Diversification benefit -4.1 -3.7 -3.6 -3.6 -3.2 -3.2
VaR 6.3 6.0 5.2 6.4 7.2 5.4
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Table of Contents
Consolidated financial highlights
Full year
Quarter
(billions of yen)
(billions of yen)
40,30,20,10,0,-10,-20,-30,-40,-50
3.4%,17.8,17.8,22.1,0.6%,1.9,0.4%,-46.1,4%,3%,2%,1%,0%,-1%,-2%,-3%,-4%,-5%
40,30,20,10,0,10%.8%,6%,4%,2%,0%,28.7,1.4%,0.6%,11.6
Net income (loss)
ROE(%)
FY2010/11 FY2011/12 FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
Net revenue 1,130.7 1,535.9 330.4 301.6 404.9 499.0 369.3
Income (loss) before income taxes 93.3 85.0 34.4 -44.6 34.5 60.8 19.7
Net income (loss) attributable to Nomura Holdings, Inc. (“NHI”) shareholders 28.7 11.6 17.8 -46.1 17.8 22.1 1.9
Total Nomura shareholders’ equity 2,082.8 2,107.2 2,101.7 2,037.6 2,061.5 2,107.2 2,099.7
ROE (%)1 1.4% 0.6% 3.4%—- 0.6% 0.4%
Basic-Net income (loss) attributable to NHI shareholders per share(yen) 7.90 3.18 4.93 -12.64 4.87 6.03 0.51
Shareholders’ equity per share (yen) 578.40 575.20 583.27 556.52 562.83 575.20 569.26
1. Quarterly ROE is calculated using annualized year-to-date net income.
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Table of Contents
Consolidated income
Full year
Quarter
(billions of yen)
FY2010/11 FY2011/12 FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
Revenue
Commissions 405.5 347.1 96.8 85.9 74.0 90.4 77.4
Fees from investment banking 107.0 59.6 13.8 13.8 17.2 14.8 10.4
Asset management and portfolio service fees 143.9 144.3 39.1 36.7 33.4 35.1 33.8
Net gain on trading 336.5 272.6 67.5 26.0 80.1 98.9 84.4
Gain (loss) on private equity investments 19.3 25.1 -6.0 -2.3 34.6 -1.2 -5.4
Interest and dividends 346.1 435.9 133.1 107.3 103.1 92.4 103.5
Gain (loss) on investments in equity securities -16.7 4.0 -0.6 -2.5 -2.8 9.9 -7.1
Other 43.9 563.2 83.4 113.0 141.9 225.0 142.6
Total revenue 1,385.5 1,851.8 427.0 377.8 481.5 565.4 439.6
Interest expense 254.8 315.9 96.6 76.3 76.6 66.4 70.3
Net revenue 1,130.7 1,535.9 330.4 301.6 404.9 499.0 369.3
Non-interest expenses 1,037.4 1,450.9 296.0 346.2 370.5 438.2 349.6
Income (loss) before income taxes 93.3 85.0 34.4 -44.6 34.5 60.8 19.7
Net income (loss) 28.7 11.6 17.8 -46.1 17.8 22.1 1.9
22
Table of Contents
Main revenue items
Full year
Quarter
(billions of yen)
Commissions
Fees from Investment Banking
Asset Management and portfolio service fees
FY2010/11 FY2011/12 FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
Stock brokerage commissions (retail) 51.4 36.0 8.7 9.2 7.0 11.1 7.4
Stock brokerage commissions (other) 144.6 132.7 34.2 34.4 32.3 31.8 28.4
Other brokerage commissions 11.5 9.4 2.5 3.2 2.0 1.8 2.3
Commissions for distribution of investment trusts 166.4 136.6 43.1 31.0 24.9 37.6 31.6
Other 31.6 32.4 8.2 8.2 7.8 8.2 7.6
Total 405.5 347.1 96.8 85.9 74.0 90.4 77.4
Equity underwriting and distribution 49.8 14.3 2.7 2.1 4.2 5.4 1.6
Bond underwriting and distribution 26.3 14.6 3.4 5.0 4.5 1.7 1.1
M&A / financial advisory fees 27.1 27.0 7.3 6.4 7.5 5.8 6.2
Other 3.9 3.7 0.3 0.4 1.1 1.9 1.5
Total 107.0 59.6 13.8 13.8 17.2 14.8 10.4
Asset management fees 106.7 108.2 29.5 27.8 24.9 25.9 24.9
Administration fees 21.0 18.4 4.8 4.5 4.3 4.8 4.6
Custodial fees 16.3 17.7 4.7 4.4 4.2 4.4 4.3
Total 143.9 144.3 39.1 36.7 33.4 35.1 33.8
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Table of Contents
Adjustment of consolidated results and segment results: Income (loss) before income taxes
Full year
Quarter
(billions of yen)
FY2010/11 FY2011/12 FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
Retail 101.2 63.1 22.0 10.7 10.1 20.3 12.2
Asset Management2 20.0 20.5 7.4 4.7 4.2 4.1 5.4
Wholesale1 4.1 -37.7 -15.9 -70.7 37.1 11.9 -8.6
Three Business segments total 125.3 46.0 13.5 -55.2 51.4 36.3 9.0
Other1,2 -15.2 35.2 22.1 12.9 -14.5 14.6 17.0
Segments total 110.2 81.2 35.6 -42.3 36.9 50.9 26.0
Unrealized gain (loss) on investments in equity securities held for operating purposes -16.9 3.8 -1.3 -2.4 -2.5 9.9 -6.3
Total 93.3 85.0 34.4 -44.6 34.5 60.8 19.7
(1) Due to a reorganization in April 2012, reported amounts for Wholesale and Other have been reclassified.
(2) Due to a reorganization in April 2011, reported amounts for Asset Management and Other have been reclassified.
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Table of Contents
Segment “Other”
Income (loss) before income taxes
Full year
Quarter
(billions of yen)
(billions of yen)
22.1,12.9,14.6,17.0,-14.5,40,30,20,10,0,-10,-20
40,30,20,10,0,-10,-20,-15.2,35.2
FY2010/11 FY2011/12 FY2012.3 FY2012/13
1Q 2Q 3Q 4Q 1Q
Net gain (loss) related to economic hedging transactions 2.3 8.4 -1.5 4.2 7.7 -2.1 -1.2
Realized gain (loss) on investments in equity securities held for operating purposes 0.2 0.2 0.7 -0.2 -0.3 0.0 -0.7
Equity in earnings of affiliates 9.0 10.6 3.5 2.0 1.3 3.9 1.3
Corporate items1 -34.5 -32.1 12.6 -8.6 -29.0 -7.1 6.6
Others1,2 7.8 48.1 6.8 15.5 5.8 19.9 11.1
Income (Loss) before income taxes -15.2 35.2 22.1 12.9 -14.5 14.6 17.0
(1) Due to a reorganization in April 2012, reported amounts for Wholesale and Other have been reclassified.
(2) Due to a reorganization in April 2011, reported amounts for Asset Management and Other have been reclassified.
25
Table of Contents
Retail related data (1)
Full year
Quarter
(billions of yen)
FY2010/11 FY2011/12 FY2011/12 FY2012/13 QoQ YoY
1Q 2Q 3Q 4Q 1Q
Commissions 244.8 201.5 58.7 48.2 38.7 55.8 44.1 -20.9% -24.9%
Sales credit 52.8 59.0 15.2 13.0 15.2 15.6 15.1 -3.2% -0.4%
Fees from investment banking and other 42.3 38.2 6.2 9.5 13.7 8.7 10.3 17.9% 66.0%
Investment trust administration fees and other 48.5 47.4 12.9 12.3 10.9 11.4 11.9 4.4% -7.2%
Net interest revenue 4.1 4.2 1.2 1.0 1.2 0.8 1.2 52.3% 1.9%
Net revenue 392.4 350.3 94.2 84.0 79.7 92.4 82.7 -10.5% -12.2%
Non-interest expenses 291.2 287.1 72.2 73.3 69.6 72.1 70.5 -2.2% -2.3%
Income before income taxes 101.2 63.1 22.0 10.7 10.1 20.3 12.2 -39.9% -44.6%
Domestic distribution volume of investment trusts1 9,473.5 8,933.9 2,642.7 2,081.8 1,827.5 2,381.8 1,952.0 -18.0% -26.1%
Bond investment trusts 2,641.8 2,869.4 787.6 647.3 691.3 743.2 733.9 -1.3% -6.8%
Stock investment trusts 5,606.9 5,217.8 1,577.9 1,203.1 956.9 1,479.9 1,055.7 -28.7% -33.1%
Foreign investment trusts 1,224.8 846.6 277.3 231.4 179.3 158.7 162.4 2.3% -41.4%
Other
Accumulated value of annuity insurance policies 1,697.3 1,800.8 1,722.7 1,756.4 1,780.4 1,800.8 1,828.3 1.5% 6.1%
Sales of JGBs for individual investors (transaction base) 32.8 281.2 36.7 102.9 78.9 62.8 62.3 -0.8% 69.9%
Retail foreign currency bond sales 1,565.6 1,703.4 414.0 439.7 452.2 397.5 460.8 15.9% 11.3%
| (1) |
|
Nomura Securities. |
26
Table of Contents
Retail related data (2)
Stock brokerage commissions and commissions for distribution of investment trusts
Full year
Quarter
(billions of yen)
(billions of yen)
70,60,50,40,30,20,10,0
180,150,120,90,60,30,0
Stock brokerage commissions
Commissions for distribution of investment trusts
FY2010/11 FY2011/12 FY2011/12 FY12/13 QoQ YoY
1Q 2Q 3Q 4Q 1Q
Stock brokerage commissions 51.4 36.0 8.7 9.2 7.0 11.1 7.4 -32.8% -14.8%
Commissions for distribution of investment trusts1 170.1 139.9 44.1 32.0 25.6 38.2 32.4 -15.0% -26.4%
(1) Nomura Securities.
27
Table of Contents
Retail related data (3)
Retail client assets
Full year
Quarter
(trillions of yen)
70.4,66.1,65.0,72.0,68.2
100,80,60,40,20,0,70.6,72.0
Other
Overseas mutual funds
Bond investment trusts
Stock investment trusts
Domestic bonds
Foreign currency bonds
Equities
FY2010/11 FY2011/12 FY2011/12 FY2012/13
Mar 11 Mar 12 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12
Equities 35.8 37.2 35.4 32.6 31.8 37.2 34.4
Foreign currency bonds 5.9 6.2 5.9 5.7 5.9 6.2 6.2
Domestic bonds 12.8 12.7 12.8 13.1 12.7 12.7 12.9
Stock investment trusts 8.3 7.7 8.5 7.0 6.9 7.7 6.9
Bond investment trusts 4.1 4.4 4.2 4.2 4.2 4.4 4.2
Overseas mutual funds 1.5 1.4 1.5 1.4 1.4 1.4 1.3
Other 2.3 2.3 2.2 2.1 2.1 2.3 2.2
Total 70.6 72.0 70.4 66.1 65.0 72.0 68.2
(1) Includes CBs and warrants.
(2) IIncludes annuity insurance
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Table of Contents
Retail related data (4)
Retail client assets: Net asset inflow1
Full year
Quarter
(billions of yen)
(billions of yen)
847,1,107,260,185,647,4,000,3,000,2,000,1,000,0
6,000,4,000,2,000,0,3,942,2,400
FY2010/11 FY2011/12 FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
(1) Net asset inflow = asset inflow – asset outflow. Retail client assets exclude portion from regional financial institutions.
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Table of Contents
Retail related data (5)
Number of accounts
(Thousands)
(Thousands)
FY2010/11 FY2011/12 FY2011/12 FY2012/13
Mar 11 Mar 12 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12
Accounts with balance 4,936 4,985 4,945 4,954 4,966 4,985 4,997
Equity holding accounts 2,695 2,706 2,696 2,703 2,707 2,706 2,714
Nomura Home Trade / Net & Call accounts1 3,328 3,773 3,348 3,369 3,745 3,773 3,796
New Individual accounts / IT share2
Full year
Quarter
FY2010/11 FY2011/12 FY2011/12 FY2012/13
1Q 2Q 3Q 4Q 1Q
New individual accounts 326 235 69 53 50 64 52
IT share2
No. of orders 53% 57% 58% 59% 56% 56% 55%
Transaction value 27% 30% 32% 32% 29% 29% 29%
(1) From December 2011, number of accounts refers to total of Nomura Home Trade and Net & Call accounts.
(2) IT share is the percentage of trades via Nomura Home Trade and our Telephone Answer service comprising the total of cash stock transactions and kabushiki-mini-toshi (odd lot stock investment).
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Table of Contents
Asset Management related data (1)
(billions of yen)
FY2010/11 FY2011/12 FY2011/12 FY2012/13 QoQ YoY
1Q 2Q 3Q 4Q 1Q
Net revenue 66.5 65.8 18.8 16.0 15.3 15.7 16.4 4.5% -12.9%
Non-interest expenses 46.5 45.3 11.4 11.2 11.1 11.6 11.0 -4.7% -3.1%
Income before income taxes 20.0 20.5 7.4 4.7 4.2 4.1 5.4 30.4% -27.9%
Due to a reorganization in April 2011, reported amounts for Asset Management and Other have been reclassified.
Total assets under management
Full year
Quarter
FY2010/11 FY2011/12 FY2011/12 FY2012/13
Mar 11 Mar 12 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12
30.0,20.0,10.0,0.0,32.7,24.7,31.9,24.6
AuM (gross)
AuM (net)
33.7,25.3,29.3,22.7,29.2,22.6,31.9,24.6,30.1,23.3
| (1) |
|
Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, Nomura Private Equity Capital, and Nomura Funds Research and Technologies America. |
| (2) |
|
Net after deducting duplications from assets under management (gross). |
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Asset Management related data (2)
Assets under management (gross) by business¹
Asset inflows/outflows by business3
FY10/11 FY11/12 FY11/12 FY12/13
Mar 11 Mar 12 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12
(trillions of yen)
Investment trust
business 24.3 23.0 24.8 21.2 21.0 23.0 21.5
Investment advisory business 8.4 8.9 8.9 8.2 8.2 8.9 8.6
Assets under management (gross)1 32.7 31.9 33.7 29.3 29.2 31.9 30.1
Full year
Quarter
(billions of yen)
FY10
/11 FY11
/12 FY11/12 FY12/13
1Q 2Q 3Q 4Q 1Q
Investment trust business 1,778 295 351 21 -90 13 128
ETFs -11 347 33 236 97 -19 241
Investment advisory business 145 513 602 -11 8 -87 218
Net asset inflow 1,922 808 953 10 -82 -73 346
Assets under management by company
Domestic public investment trust market and Nomura Asset Management market share4
(trillions of yen)
FY10/11 FY11/12 FY11/12 FY12/13
Mar 11 Mar 12 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12
Nomura Asset Management 27.3 27.0 28.3 24.9 24.7 27.0 25.5
Nomura Funds Research and Technologies 2.8 2.6 2.8 2.3 2.3 2.6 2.4
Nomura Corporate Research and Asset Management 1.8 1.5 1.7 1.2 1.3 1.5 1.5
Nomura Private Equity Capital 0.5 0.6 0.5 0.5 0.5 0.6 0.6
Nomura Funds Research and Technologies America 0.2 0.3 0.3 0.3 0.3 0.3 0.2
Assets under management (gross)1 32.7 31.9 33.7 29.3 29.2 31.9 30.1
Group company overlap 8.0 7.3 8.3 6.6 6.5 7.3 6.8
Assets under management (net)2 24.7 24.6 25.3 22.7 22.6 24.6 23.3
(trillions of yen)
FY10/11 FY11/12 FY11/12 FY12/13
Mar 11 Mar 12 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12
Domestic public stock investment trusts
Market 54.2 51.2 54.6 47.3 46.8 51.2 47.9
Nomura’s share (%) 17% 17% 17% 17% 17% 17% 17%
Domestic public bond investment trusts
Market 11.1 11.0 11.1 10.5 10.6 11.0 10.5
Nomura’s share (%) 43% 44% 43% 43% 43% 44% 44%
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, Nomura Private Equity Capital, and Nomura Funds Research and Technologies America.
(2) Net after deducting duplications from assets under management (gross). 3 Based on assets under management (net).
(4) Source: Investment Trusts Association, Japan
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Table of Contents
Wholesale related data (1)
Wholesale
(billions of yen)
FY2010/11 FY2011/12 FY2011/12 FY2012/13 QoQ YoY
1Q 2Q 3Q 4Q 1Q
Net revenue 626.1 555.0 140.0 81.6 175.1 158.4 121.9 -23.1% -12.9%
Non-interest expenses 622.0 592.7 155.9 152.2 138.1 146.5 130.4 -11.0% -16.3%
Income (Loss) before income taxes 4.1 -37.7 -15.9 -70.7 37.1 11.9 -8.6 —-
Breakdown of Wholesale revenues
FY2010/11 FY2011/12 FY2011/12 FY2012/13 QoQ YoY
1Q 2Q 3Q 4Q 1Q
Fixed Income 281.3 274.5 69.7 41.4 76.4 87.0 71.5 -17.8% 2.5%
Equities 226.8 181.2 56.6 33.4 39.6 51.6 37.1 -28.0% -34.4%
Investment Banking(Net) 102.9 75.4 19.0 11.6 23.6 21.2 15.1 -28.7% -20.5%
Other 15.2 23.9 -5.4 -4.8 35.5 -1.4 -1.8 —-
Investment Banking 118.1 99.3 13.6 6.8 59.1 19.8 13.3 -33.0% -2.3%
Net revenue 626.1 555.0 140.0 81.6 175.1 158.4 121.9 -23.1% -12.9%
Non-interest expenses 622.0 592.7 155.9 152.2 138.1 146.5 130.4 -11.0% -16.3%
Income (Loss) before income taxes 4.1 -37.7 -15.9 -70.7 37.1 11.9 -8.6 —-
Investment Banking(Gross) 185.0 141.7 32.3 23.8 45.1 40.5 32.2 -20.5% -0.4%
(1) Due to a reorganization in April 2012, reported amounts for Wholesale and Other have been reclassified.
33
Table of Contents
Wholesale related data (2)
Private equity related investments
Full year
(billions of yen)
Quarter
331.7,286.4,208.9,221.3,206.0
500,400,300,200,100,0,327.7,221.3
Terra Firma
Asia
Europe (excluding Terra Firma)
Japan
Mar. 31, 2011 Mar. 31, 2012 Jun. 30, 2011 Sep. 30, 2011 Dec. 31, 2011 Mar. 31, 2012 Jun. 30, 2012
Japan 165.9 65.5 159.7 146.0 71.2 65.5 59.6
Europe (excluding Terra Firma) 33.5 26.8 29.2 26.8 24.7 26.8 24.1
Asia 3.3 1.9 3.2 2.3 2.1 1.9 1.6
Sub Total 202.7 94.1 192.0 175.1 98.0 94.1 85.3
Terra Firma 125.0 127.2 121.7 111.3 110.9 127.2 120.7
Total 327.7 221.3 313.7 286.4 208.9 221.3 206.0
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Number of employees
Mar. 31,2011 Jun. 30,2011 Sep. 30,2011 Dec. 31,2011 Mar. 31,2012 Jun. 30,2012
Japan (excluding FA)1 12,829 20,263 20,105 19,882 19,598 20,197
Japan (FA) 2,089 2,096 2,078 2,048 2,011 2,014
Europe 4,353 4,436 4,492 4,143 4,014 3,975
Americas 2,348 2,383 2,537 2,466 2,420 2,423
Asia-Pacific2 5,252 6,452 6,485 6,394 6,352 6,454
Total 26,871 35,630 35,697 34,933 34,395 35,063
Excludes employees of private equity investee companies
(2) Includes Powai office in India.
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Nomura Holdings, Inc.
www.nomura.com