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 January 2015

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

9-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

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

Form 20-F X Form 40-F

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

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

Information furnished on this form:

EXHIBIT


Exhibit Number

1.		Financial Summary – Nine months ended December 31, 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: January 29, 2015	By:	/s/ Hajime Ikeda
		Hajime Ikeda
		Managing Director

Financial Summary For the Nine Months Ended December 31, 2014 (U.S. GAAP)


Date:		January 29, 2015
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Nagoya
		(Overseas) New York, Singapore
Representative:		Koji Nagai
		Group CEO, Nomura Holdings, Inc.
For inquiries:		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 nine months ended December 31
	2013						2014
	(Millions of yen, except per share data)
				% Change from December 31, 2012						% Change from December 31, 2013
Total revenue		1,381,070			1.6	%		1,420,583			2.9	%
Net revenue		1,167,132			0.6	%		1,169,667			0.2	%
Income before income taxes		273,046			301.3	%		241,803			(11.4	%)
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		152,335			514.0	%		142,771			(6.3	%)
Comprehensive income		244,770			495.2	%		284,876			16.4	%
Basic-Net income attributable to NHI shareholders per share (Yen)		41.09						39.06
Diluted-Net income attributable to NHI shareholders per share (Yen)		39.83						38.03
Return on shareholders’ equity - annualized		8.5	%					7.3	%

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 December 31
	2014			2014
	(Millions of yen, except per share data)
Total assets		43,520,314			44,103,284
Total equity		2,553,213			2,771,980
Total NHI shareholders’ equity		2,513,680			2,714,447
Total NHI shareholders’ equity as a percentage of total assets		5.8	%		6.2	%
Total NHI shareholders’ equity per share (Yen)		676.15			744.91

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		6.00		—
At December 31		—		—		—
At March 31		9.00		—		Unconfirmed
For the year		17.00		—		Unconfirmed

Note: Fiscal year 2015 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 December 31
	2014		2014
Number of shares outstanding (including treasury stock)		3,822,562,601		3,822,562,601
Number of treasury stock		104,932,139		178,580,805

	For the nine months ended December 31
	2013		2014
Average number of shares outstanding (year-to-date)		3,707,756,280		3,655,507,837

*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 December 31, 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 nine months ended						(B-A)/(A)
	December 31, 2013 (A)			December 31, 2014 (B)			(B-A)/(A)
Net revenue		1,167.1			1,169.7		0.2
Non-interest expenses		894.1			927.9		3.8

Income (loss) before income taxes		273.0			241.8		(11.4)
Income tax expense		119.3			98.1		(17.7)

Net income (loss)		153.8			143.7		(6.6)

Less: Net income (loss) attributable to noncontrolling interests		1.4			0.9		(37.5)

Net income (loss) attributable to NHI shareholders		152.3			142.8		(6.3)

Return on shareholders’ equity - annualized		8.5	%		7.3	%	—

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 1,169.7 billion yen for the nine months ended December 31, 2014, an increase of 0.2% from the same period in the prior year. Non-interest expenses increased by 3.8% from the same period in the prior year to 927.9 billion yen. Income before income taxes was 241.8 billion yen and Net income attributable to NHI shareholders was 142.8 billion yen for the nine months ended December 31, 2014. Segment Information
	Billions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31, 2013 (A)			December 31, 2014 (B)			(B-A)/(A)
Net revenue		1,148.7			1,152.5		0.3
Non-interest expenses		894.1			927.9		3.8

Income (loss) before income taxes		254.6			224.7		(11.8)

In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, Net revenue for the nine months ended December 31, 2014 was 1,152.5 billion yen, an increase of 0.3% from the same period in the prior year. Non-interest expenses increased by 3.8% from the same period in the prior year to 927.9 billion yen. Income before income taxes was 224.7 billion yen for the nine months ended December 31, 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 nine months ended				(B-A)/(A)
	December 31, 2013 (A)		December 31, 2014 (B)		(B-A)/(A)
Net revenue		414.0		353.6	(14.6)
Non-interest expenses		245.3		232.7	(5.2)

Income (loss) before income taxes		168.7		120.9	(28.3)


Net revenue decreased by 14.6% from the same period in the prior year to 353.6 billion yen, primarily due to decreasing commissions from distribution of investment trusts and brokerage. Non-interest expense decreased by 5.2% to 232.7 billion yen. As a result, income before income taxes decreased by 28.3% to 120.9 billion yen. Operating Results of Asset Management
	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2013 (A)		December 31, 2014 (B)		(B-A)/(A)
Net revenue		60.0		68.5	14.1
Non-interest expenses		38.2		43.0	12.6

Income (loss) before income taxes		21.8		25.4	16.7

Net revenue increased by 14.1% from the same period in the prior year to 68.5 billion yen. Non-interest expense increased by 12.6% to 43.0 billion yen. As a result, income before income taxes increased by 16.7% to 25.4 billion yen. Assets under management were 37.7 trillion yen as of December 31, 2014.

Operating Results of Wholesale


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2013 (A)		December 31, 2014 (B)		(B-A)/(A)
Net revenue		566.6		558.4		(1.5	)
Non-interest expenses		488.3		530.0		8.5

Income (loss) before income taxes		78.3		28.4		(63.7	)

Net revenue decreased by 1.5% from the same period in the prior year to 558.4 billion yen. Non-interest expense increased by 8.5% to 530.0 billion yen. As a result, income before income taxes decreased by 63.7% from the same period in the prior year to 28.4 billion yen.

Other Operating Results


	Billions of yen					% Change
	For the nine months ended					(B-A)/(A)
	December 31, 2013 (A)			December 31, 2014 (B)		(B-A)/(A)
Net revenue		108.0			172.1		59.3
Non-interest expenses		122.2			122.2		(0.1	)

Income (loss) before income taxes		(14.2	)		49.9		—

Net revenue was 172.1 billion yen. Income before income taxes was 49.9 billion yen.

(2)

Consolidated Financial Position

Total assets as of December 31, 2014 were 44.1 trillion yen, an increase of 583.0 billion yen compared to March 31, 2014, mainly due to the increase in Trading assets. Total liabilities as of December 31, 2014 were 41.3 trillion yen, an increase of 364.2 billion yen compared to March 31, 2014, mainly due to the increase in Long-term borrowings. Total equity as of December 31, 2014 was 2.8 trillion yen, an increase of 218.8 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			December 31, 2014			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		1,489,792			1,221,794			(267,998	)
Time deposits		363,682			346,977			(16,705	)
Deposits with stock exchanges and other segregated cash		335,836			379,632			43,796

Total cash and cash deposits		2,189,310			1,948,403			(240,907	)

Loans and receivables:
Loans receivable		1,327,875			1,668,019			340,144
Receivables from customers		64,070			71,888			7,818
Receivables from other than customers		1,181,742			1,044,099			(137,643	)
Allowance for doubtful accounts		(3,009	)		(3,078	)		(69	)

Total loans and receivables		2,570,678			2,780,928			210,250

Collateralized agreements:
Securities purchased under agreements to resell		9,617,675			8,658,376			(959,299	)
Securities borrowed		7,729,326			6,904,193			(825,133	)

Total collateralized agreements		17,347,001			15,562,569			(1,784,432	)

Trading assets and private equity investments:
Trading assets*		18,672,318			21,129,727			2,457,409
Private equity investments		41,996			45,819			3,823

Total trading assets and private equity investments		18,714,314			21,175,546			2,461,232

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥350,820 million as of March 31, 2014 and ¥393,541 million as of December 31, 2014)		408,917			426,740			17,823
Non-trading debt securities*		1,023,746			944,155			(79,591	)
Investments in equity securities*		136,740			152,681			15,941
Investments in and advances to affiliated companies*		345,434			367,015			21,581
Other		784,174			745,247			(38,927	)

Total other assets		2,699,011			2,635,838			(63,173	)

Total assets		43,520,314			44,103,284			582,970

*	Including securities pledged as collateral


			Millions of yen
			March 31, 2014			December 31, 2014			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				602,131			577,541			(24,590	)
Payables and deposits:
Payables to customers				492,516			711,482			218,966
Payables to other than customers				1,230,176			1,513,356			283,180
Deposits received at banks				1,114,181			1,177,108			62,927

Total payables and deposits				2,836,873			3,401,946			565,073

Collateralized financing:
Securities sold under agreements to repurchase				13,937,690			13,481,017			(456,673	)
Securities loaned				2,359,809			2,658,835			299,026
Other secured borrowings				814,500			614,383			(200,117	)

Total collateralized financing				17,111,999			16,754,235			(357,764	)

Trading liabilities				11,047,285			10,892,078			(155,207	)
Other liabilities				1,141,750			1,141,479			(271	)
Long-term borrowings				8,227,063			8,564,025			336,962

Total liabilities				40,967,101			41,331,304			364,203


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 December 31, 2014
Outstanding	-	3,717,630,462 shares as of March 31, 2014 and 3,643,981,796 shares as of December 31, 2014		594,493			594,493			—
Additional paid-in capital				683,638			681,926			(1,712	)
Retained earnings				1,287,003			1,403,294			116,291
Accumulated other comprehensive income				20,636			154,699			134,063

Total NHI shareholders’ equity before treasury stock				2,585,770			2,834,412			248,642
Common stock held in treasury, at cost -
104,932,139 shares as of March 31, 2014 and
178,580,805 shares as of December 31, 2014				(72,090	)		(119,965	)		(47,875	)

Total NHI shareholders’ equity				2,513,680			2,714,447			200,767

Noncontrolling interests				39,533			57,533			18,000

Total equity				2,553,213			2,771,980			218,767

Total liabilities and equity				43,520,314			44,103,284			582,970

(2)

Consolidated Statements of Income (UNAUDITED)


	Millions of yen				% Change
	For the nine months ended
	December 31, 2013 (A)		December 31, 2014 (B)		(B-A)/(A)
Revenue:
Commissions		384,681		334,317		(13.1	)
Fees from investment banking		64,147		69,262		8.0
Asset management and portfolio service fees		125,157		144,441		15.4
Net gain on trading		347,133		397,041		14.4
Gain on private equity investments		11,738		30		(99.7	)
Interest and dividends		316,018		329,264		4.2
Gain on investments in equity securities		20,394		21,031		3.1
Other		111,802		125,197		12.0

Total revenue		1,381,070		1,420,583		2.9
Interest expense		213,938		250,916		17.3

Net revenue		1,167,132		1,169,667		0.2

Non-interest expenses:
Compensation and benefits		437,418		452,394		3.4
Commissions and floor brokerage		83,154		95,277		14.6
Information processing and communications		142,228		139,569		(1.9	)
Occupancy and related depreciation		59,613		55,997		(6.1	)
Business development expenses		28,361		26,025		(8.2	)
Other		143,312		158,602		10.7

Total non-interest expenses		894,086		927,864		3.8

Income before income taxes		273,046		241,803		(11.4	)
Income tax expense		119,274		98,134		(17.7	)

Net income		153,772		143,669		(6.6	)

Less: Net income attributable to noncontrolling interests		1,437		898		(37.5	)

Net income attributable to NHI shareholders		152,335		142,771		(6.3	)

Per share of common stock:

	Yen				% Change
Basic-
Net income attributable to NHI shareholders per share		41.09		39.06		(4.9	)

Diluted-
Net income attributable to NHI shareholders per share		39.83		38.03		(4.5	)

(3)

Consolidated Statements of Comprehensive Income (UNAUDITED)


	Millions of yen						% Change
	For the nine months ended
	December 31, 2013 (A)			December 31, 2014 (B)			(B-A)/(A)
Net income		153,772			143,669			(6.6	)
Other comprehensive income:
Change in cumulative translation adjustments, net of tax		84,608			124,596			47.3
Defined benefit pension plans:
Pension liability adjustment		2,883			1,187			(58.8	)
Deferred income taxes		(974	)		(430	)		—

Total		1,909			757			(60.3	)

Non-trading securities:
Net unrealized gain on non-trading securities		6,844			22,382			227.0
Deferred income taxes		(2,363	)		(6,528	)		—

Total		4,481			15,854			253.8

Total other comprehensive income		90,998			141,207			55.2

Comprehensive income		244,770			284,876			16.4
Less: Comprehensive income attributable to noncontrolling interests		3,679			8,042			118.6

Comprehensive income attributable to NHI shareholders		241,091			276,834			14.8

(4)

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

Not applicable.

(5)

Segment Information – Operating Segment (UNAUDITED)

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


	Millions of yen					% Change
	For the nine months ended
	December 31, 2013 (A)			December 31, 2014 (B)		(B-A)/(A)
Net revenue

Business segment information:
Retail		414,047			353,591		(14.6	)
Asset Management		60,015			68,468		14.1
Wholesale		566,623			558,399		(1.5	)

Subtotal		1,040,685			980,458		(5.8	)
Other		108,047			172,081		59.3

Net revenue		1,148,732			1,152,539		0.3

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		18,400			17,128		(6.9	)

Net revenue		1,167,132			1,169,667		0.2


Non-interest expenses

Business segment information:
Retail		245,313			232,651		(5.2	)
Asset Management		38,226			43,037		12.6
Wholesale		488,301			530,000		8.5

Subtotal		771,840			805,688		4.4
Other		122,246			122,176		(0.1	)

Non-interest expenses		894,086			927,864		3.8

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

Non-interest expenses		894,086			927,864		3.8


Income (loss) before income taxes

Business segment information:
Retail		168,734			120,940		(28.3	)
Asset Management		21,789			25,431		16.7
Wholesale		78,322			28,399		(63.7	)

Subtotal		268,845			174,770		(35.0	)
Other*		(14,199	)		49,905		—

Income (loss) before income taxes		254,646			224,675		(11.8	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		18,400			17,128		(6.9	)

Income (loss) before income taxes		273,046			241,803		(11.4	)

*	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 nine months ended
	December 31, 2013 (A)			December 31, 2014 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		10,856			15,463			42.4
Realized gain (loss) on investments in equity securities held for operating purposes		1,994			3,903			95.7
Equity in earnings of affiliates		22,398			29,675			32.5
Corporate items		(34,999	)		(14,642	)		—
Other		(14,448	)		15,506			—

Total		(14,199	)		49,905			—

(6)

Significant Changes in Equity (UNAUDITED)

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


	Millions of yen
	For the nine months ended
	December 31, 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		705

Balance at end of period		681,926

Retained earnings
Balance at beginning of year		1,287,003
Net income attributable to NHI shareholders		142,771
Cash dividends		(21,841	)
Gain (loss) on sales of treasury stock		(4,639	)

Balance at end of period		1,403,294

Accumulated other comprehensive income
Cumulative translation adjustments
Balance at beginning of year		27,704
Net change during the period		119,129

Balance at end of period		146,833

Defined benefit pension plans
Balance at beginning of year		(18,809	)
Pension liability adjustment		757

Balance at end of period		(18,052	)

Non-trading securities
Balance at beginning of year		11,741
Net unrealized gain on non-trading securities		14,177

Balance at end of period		25,918

Balance at end of period		154,699

Common stock held in treasury
Balance at beginning of year		(72,090	)
Repurchases of common stock		(69,705	)
Sale of common stock		4
Common stock issued to employees		21,826

Balance at end of period		(119,965	)

Total NHI shareholders’ equity
Balance at end of period		2,714,447

Noncontrolling interests
Balance at beginning of year		39,533
Net change during the period		18,000

Balance at end of period		57,533

Total equity
Balance at end of period		2,771,980

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			June 30, 2014			September 30, 2014 (A)		December 31, 2014 (B)			(B-A)/(A)			For the year ended March 31, 2014
Revenue:
Commissions		157,634		105,613		121,434		89,876			96,281			112,132		125,904			12.3			474,557
Fees from investment banking		25,394		22,984		15,769		27,154			19,822			20,620		28,820			39.8			91,301
Asset management and portfolio service fees		42,381		40,702		42,074		42,090			45,444			48,395		50,602			4.6			167,247
Net gain on trading		128,409		110,180		108,544		129,223			158,562			129,011		109,468			(15.1	)		476,356
Gain (loss) on private equity investments		50		703		10,985		(346	)		(287	)		489		(172	)		—			11,392
Interest and dividends		115,325		98,091		102,602		100,332			104,917			108,775		115,572			6.2			416,350
Gain (loss) on investments in equity securities		7,852		5,037		7,505		(5,238	)		6,350			2,884		11,797			309.0			15,156
Other		28,225		45,069		38,508		67,683			31,065			28,514		65,618			130.1			179,485

Total revenue		505,270		428,379		447,421		450,774			462,154			450,820		507,609			12.6			1,831,844
Interest expense		73,949		71,989		68,000		60,836			91,316			76,987		82,613			7.3			274,774

Net revenue		431,321		356,390		379,421		389,938			370,838			373,833		424,996			13.7			1,557,070

Non-interest expenses:
Compensation and benefits		163,205		135,391		138,822		132,640			168,767			140,823		142,804			1.4			570,058
Commissions and floor brokerage		29,046		26,134		27,974		28,695			27,590			33,599		34,088			1.5			111,849
Information processing and communications		48,233		46,240		47,755		49,940			44,896			45,961		48,712			6.0			192,168
Occupancy and related depreciation		19,784		20,830		18,999		20,529			18,553			18,224		19,220			5.5			80,142
Business development expenses		7,859		9,473		11,029		10,124			7,927			9,071		9,027			(0.5	)		38,485
Other		49,975		45,389		47,948		59,442			51,431			52,150		55,021			5.5			202,754

Total non-interest expenses		318,102		283,457		292,527		301,370			319,164			299,828		308,872			3.0			1,195,456

Income before income taxes		113,219		72,933		86,894		88,568			51,674			74,005		116,124			56.9			361,614
Income tax expense		46,956		34,549		37,769		25,891			30,397			20,894		46,843			124.2			145,165

Net income		66,263		38,384		49,125		62,677			21,277			53,111		69,281			30.4			216,449

Less: Net income (loss) attributable to noncontrolling interests		369		272		796		1,421			1,417			239		(758	)		—			2,858

Net income attributable to NHI shareholders		65,894		38,112		48,329		61,256			19,860			52,872		70,039			32.5			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			14.53		19.22			32.3			57.57

Diluted-
Net income attributable to NHI shareholders per share		17.24		9.99		12.65		16.02			5.26			14.15		18.72			32.3			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		September 30, 2014 (A)		December 31, 2014 (B)		(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		117,938		128,788		9.2			511,916
Asset Management		20,174			18,626			21,215			20,465			23,338		21,691		23,439		8.1			80,480
Wholesale		194,609			183,348			188,666			198,474			188,886		190,570		178,943		(6.1	)		765,097

Subtotal		381,125			321,704			337,856			316,808			319,089		330,199		331,170		0.3			1,357,493
Other		43,032			29,649			35,366			80,802			48,252		41,042		82,787		101.7			188,849

Net revenue		424,157			351,353			373,222			397,610			367,341		371,241		413,957		11.5			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		2,592		11,039		325.9			10,728

Net revenue		431,321			356,390			379,421			389,938			370,838		373,833		424,996		13.7			1,557,070


Non-interest expenses

Business segment information:
Retail		85,237			79,774			80,302			74,602			75,257		79,075		78,319		(1.0	)		319,915
Asset Management		13,483			12,454			12,289			15,147			15,064		13,882		14,091		1.5			53,373
Wholesale		169,372			158,063			160,866			164,998			183,145		168,363		178,492		6.0			653,299

Subtotal		268,092			250,291			253,457			254,747			273,466		261,320		270,902		3.7			1,026,587
Other		50,010			33,166			39,070			46,623			45,698		38,508		37,970		(1.4	)		168,869

Non-interest expenses		318,102			283,457			292,527			301,370			319,164		299,828		308,872		3.0			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		299,828		308,872		3.0			1,195,456


Income (loss) before income taxes

Business segment information:
Retail		81,105			39,956			47,673			23,267			31,608		38,863		50,469		29.9			192,001
Asset Management		6,691			6,172			8,926			5,318			8,274		7,809		9,348		19.7			27,107
Wholesale		25,237			25,285			27,800			33,476			5,741		22,207		451		(98.0	)		111,798

Subtotal		113,033			71,413			84,399			62,061			45,623		68,879		60,268		(12.5	)		330,906
Other*		(6,978	)		(3,517	)		(3,704	)		34,179			2,554		2,534		44,817		—			19,980

Income (loss) before income taxes		106,055			67,896			80,695			96,240			48,177		71,413		105,085		47.2			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		2,592		11,039		325.9			10,728

Income (loss) before income taxes		113,219			72,933			86,894			88,568			51,674		74,005		116,124		56.9			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			September 30, 2014 (A)			December 31, 2014 (B)			(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			2,169			6,375			193.9		17,403
Realized gain (loss) on investments in equity securities held for operating purposes		688			0			1,306			2,434			2,853			292			758			159.6		4,428
Equity in earnings of affiliates		5,343			8,884			8,171			6,173			3,499			7,963			18,213			128.7		28,571
Corporate items		(12,344	)		(8,701	)		(13,954	)		(3,773	)		(3,093	)		(8,389	)		(3,160	)		—		(38,772	)
Other		(8,038	)		(2,033	)		(4,377	)		22,798			(7,624	)		499			22,631			—		8,350

Total		(6,978	)		(3,517	)		(3,704	)		34,179			2,554			2,534			44,817			—		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			December 31, 2014
Assets
Current Assets		3,296,666			3,633,523
Fixed Assets		2,893,448			2,968,490

Total Assets		6,190,114			6,602,013

Liabilities
Current Liabilities		1,133,679			1,183,865
Long-term Liabilities		3,138,160			3,315,503

Total Liabilities		4,271,838			4,499,368

Net Assets
Shareholders’ equity		1,819,381			1,989,419
Valuation and translation adjustments		54,949			70,032
Stock acquisition rights		43,946			43,194

Total Net Assets		1,918,276			2,102,645

Total Liabilities and Net Assets		6,190,114			6,602,013

Nomura Holdings, Inc. Unconsolidated Statements of Income (UNAUDITED)
	Millions of yen
	For the nine months ended
	December 31, 2013			December 31, 2014
Operating revenue		343,277			398,701
Operating expenses		158,664			168,771

Operating income		184,613			229,931

Non-operating income		3,329			3,068
Non-operating expenses		2,686			2,574

Ordinary income		185,256			230,424

Special profits		3,485			66,970
Special losses		2,305			1,264

Income before income taxes		186,436			296,130

Income taxes - current		(54,417	)		(27,756	)
Income taxes - deferred		57,448			43,598

Net income		183,406			280,289

(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_3q.pdf