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Form 6-K NOMURA HOLDINGS INC For: Oct 28

October 28, 2014 6:58 AM EDT
Table of Contents

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of October 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): ������������


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Information furnished on this form:

EXHIBIT

Exhibit Number
1. �� Financial Summary � Six months ended September�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.


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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: October�28, 2014 By:

/s/ Hajime Ikeda

Hajime Ikeda
Managing Director


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Financial Summary For the Six Months Ended September�30, 2014 (U.S. GAAP)

Date:

�� October�28, 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 six months ended September 30
�� 2013 2014
�� (Millions of yen, except per share data)
�� %�Change�from
September�30,�2012
%�Change�from
September�30,�2013

Total revenue

�� 933,649 �� 3.6 %� 912,974 �� (2.2 %)�

Net revenue

�� 787,711 �� 2.2 %� 744,671 �� (5.5 %)�

Income before income taxes

�� 186,152 �� 237.9 %� 125,679 �� (32.5 %)�

Net income attributable to Nomura Holdings, Inc. (�NHI�) shareholders

�� 104,006 �� ��� %� 72,732 �� (30.1 %)�

Comprehensive income

�� 134,204 �� ��� %� 128,009 �� (4.6 %)�

Basic-Net income attributable to NHI shareholders per share (Yen)

�� 28.07 �� 19.87 ��

Diluted-Net income attributable to NHI shareholders per share (Yen)

�� 27.20 �� 19.34 ��

Return on shareholders� equity-annualized

�� 8.9 %� 5.7 %�

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

(2) Financial Position

�� At March�31 At September�30
�� 2014 2014
�� (Millions of yen, except per share data)

Total assets

�� 43,520,314 �� 43,802,094 ��

Total equity

�� 2,553,213 �� 2,615,218 ��

Total NHI shareholders� equity

�� 2,513,680 �� 2,561,088 ��

Total NHI shareholders� equity as a percentage of total assets

�� 5.8 %� 5.8 %�

Total NHI shareholders� equity per share (Yen)

�� 676.15 �� 703.55 ��

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: Nomura plans to forgo dividend distribution for Q3 of fiscal year 2015. 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.


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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

a) Changes in accounting policies due to amendments to the accounting standards: None
b) Changes in accounting policies due to other than a): None

(4) Number of shares issued (common stock)

�� At March�31 �� At September�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 �� �� 182,325,748 ��
�� For the six months ended September 30
�� 2013 �� 2014

Average number of shares outstanding (year-to-date)

�� 3,705,694,494 �� �� 3,660,114,608 ��

*Quarterly review

The review process of the quarterly consolidated financial statements for this period has not been completed by the external auditors at the point of disclosing this financial summary. As a result of such review, certain of the information set forth herein could be subject to revision, possibly material, in the quarterly securities report for the period ended September�30, 2014, an English translation of which the registrant plans to furnish on Form 6-K in due course.


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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


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1. Qualitative Information of the Quarterly Consolidated Results

(1) Consolidated Operating Results

U.S. GAAP

�� Billions of yen %�Change
�� For the six months ended (B-A)/(A)
�� September�30,
2013�(A)
September�30,
2014 (B)

Net revenue

�� 787.7 �� 744.7 �� (5.5 )�

Non-interest expenses

�� 601.6 �� 619.0 �� 2.9 ��
��

Income (loss) before income taxes

�� 186.2 �� 125.7 �� (32.5 )�

Income tax expense

�� 81.5 �� 51.3 �� (37.1 )�
��

Net income (loss)

�� 104.6 �� 74.4 �� (28.9 )�
��

Less: Net income (loss) attributable to noncontrolling interests

�� 0.6 �� 1.7 �� 158.3 ��
��

Net income (loss) attributable to NHI shareholders

�� 104.0 �� 72.7 �� (30.1 )�
��

Return on shareholders� equity-annualized

�� 8.9 %� 5.7 %� ��� ��
��

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 744.7 billion yen for the six months ended September�30, 2014, a decrease of 5.5% from the same period in the prior year. Non-interest expenses increased by 2.9% from the same period in the prior year to 619.0 billion yen. Income before income taxes was 125.7 billion yen and Net income attributable to NHI shareholders was 72.7 billion yen for the six months ended September�30, 2014.

Segment Information

�� Billions of yen �� %�Change
�� For the six months ended �� (B-A)/(A)
�� September�30,
��������2013�(A)��� �����
�� September�30,
2014 (B)
��

Net revenue

�� 775.5 �� �� 738.6 �� �� (4.8 )�

Non-interest expenses

�� 601.6 �� �� 619.0 �� �� 2.9 ��
��

��

��

Income (loss) before income taxes

�� 174.0 �� �� 119.6 �� �� (31.3 )�
��

��

��

In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, Net revenue for the six months ended September�30, 2014 was 738.6 billion yen, a decrease of 4.8% from the same period in the prior year. Non-interest expenses increased by 2.9% from the same period in the prior year to 619.0 billion yen. Income before income taxes was 119.6 billion yen for the six months ended September�30, 2014. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

2


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Operating Results of Retail

�� Billions of yen �� %�Change
�� For the six months ended �� (B-A)/(A)
�� September�30,
2013 (A)
�� September�30,
2014 (B)
��

Net revenue

�� 286.1 �� �� 224.8 �� �� (21.4 )�

Non-interest expenses

�� 165.0 �� �� 154.3 �� �� (6.5 )�
��

��

��

Income (loss) before income taxes

�� 121.1 �� �� 70.5 �� �� (41.8 )�
��

��

��

Net revenue decreased by 21.4% from the same period in the prior year to 224.8 billion yen, primarily due to decreasing commissions from distribution of investment trusts and brokerage. Non-interest expense decreased by 6.5% to 154.3 billion yen. As a result, income before income taxes decreased by 41.8% to 70.5 billion yen.

Operating Results of Asset Management

�� Billions of yen �� %�Change
�� For the six months ended �� (B-A)/(A)
�� September�30,
��������2013�(A)��� �����
�� September�30,
2014 (B)
��

Net revenue

�� 38.8 �� �� 45.0 �� �� 16.1 ��

Non-interest expenses

�� 25.9 �� �� 28.9 �� �� 11.6 ��
��

��

��

Income (loss) before income taxes

�� 12.9 �� �� 16.1 �� �� 25.0 ��
��

��

��

Net revenue increased by 16.1% from the same period in the prior year to 45.0 billion yen. Non-interest expense increased by 11.6% to 28.9 billion yen. As a result, income before income taxes increased by 25.0% to 16.1 billion yen. Assets under management were 34.8 trillion yen as of September�30, 2014.

3


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Operating Results of Wholesale

�� Billions of yen �� %�Change
�� For the six months ended �� (B-A)/(A)
�� September�30,
2013 (A)
�� September�30,
2014 (B)
��

Net revenue

�� 378.0 �� �� 379.5 �� �� 0.4 ��

Non-interest expenses

�� 327.4 �� �� 351.5 �� �� 7.4 ��
��

��

��

Income (loss) before income taxes

�� 50.5 �� �� 27.9 �� �� (44.7 )�
��

��

��

Net revenue increased by 0.4% from the same period in the prior year to 379.5 billion yen. Non-interest expense increased by 7.4% to 351.5 billion yen. As a result, income before income taxes decreased by 44.7% from the same period in the prior year to 27.9 billion yen.

Other Operating Results

�� Billions of yen �� %�Change
�� For the six months ended �� (B-A)/(A)
�� September�30,
��������2013�(A)��� �����
September�30,
2014 (B)
��

Net revenue

�� 72.7 �� 89.3 �� �� 22.9 ��

Non-interest expenses

�� 83.2 �� 84.2 �� �� 1.2 ��
��

��

Income (loss) before income taxes

�� (10.5 )� 5.1 �� �� ��� ��
��

��

Net revenue was 89.3 billion yen. Income before income taxes was 5.1 billion yen.

4


Table of Contents
(2) Consolidated Financial Position

Total assets as of�September 30, 2014 were 43.8 trillion yen,�an increase of 281.8 billion yen compared to March�31, 2014, mainly due to the increase in Trading assets. Total liabilities as of�September 30, 2014 were 41.2 trillion yen, an increase of 219.8 billion yen compared to March�31, 2014, mainly due to the�increase in Securities loaned. Total equity as of�September 30, 2014 was 2.6 trillion yen, an increase of 62.0 billion yen compared to March�31, 2014.

(3) Consolidated Earnings Forecasts

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 and dividend 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.

5


Table of Contents
(1) Consolidated Balance Sheets (UNAUDITED)

�� Millions of yen
�� March 31,
2014
September�30,
2014
Increase/
(Decrease)
ASSETS ��

Cash and cash deposits:

��

Cash and cash equivalents

�� 1,489,792 �� 1,439,786 �� (50,006 )�

Time deposits

�� 363,682 �� 224,992 �� (138,690 )�

Deposits with stock exchanges and other segregated cash

�� 335,836 �� 405,134 �� 69,298 ��
��

Total cash and cash deposits

�� 2,189,310 �� 2,069,912 �� (119,398 )�
��

Loans and receivables:

��

Loans receivable

�� 1,327,875 �� 1,357,346 �� 29,471 ��

Receivables from customers

�� 64,070 �� 67,002 �� 2,932 ��

Receivables from other than customers

�� 1,181,742 �� 1,266,421 �� 84,679 ��

Allowance for doubtful accounts

�� (3,009 )� (2,754 )� 255 ��
��

Total loans and receivables

�� 2,570,678 �� 2,688,015 �� 117,337 ��
��

Collateralized agreements:

��

Securities purchased under agreements to resell

�� 9,617,675 �� 8,299,801 �� (1,317,874 )�

Securities borrowed

�� 7,729,326 �� 8,080,883 �� 351,557 ��
��

Total collateralized agreements

�� 17,347,001 �� 16,380,684 �� (966,317 )�
��

Trading assets and private equity investments:

��

Trading assets*

�� 18,672,318 �� 20,009,976 �� 1,337,658 ��

Private equity investments

�� 41,996 �� 44,723 �� 2,727 ��
��

Total trading assets and private equity investments

�� 18,714,314 �� 20,054,699 �� 1,340,385 ��
��

Other assets:

��

Office buildings, land, equipment and facilities

(net of accumulated depreciation and amortization of
�350,820�million as of March�31, 2014 and
�369,320�million as of September�30, 2014)

�� 408,917 �� 413,385 �� 4,468 ��

Non-trading debt securities*

�� 1,023,746 �� 967,293 �� (56,453 )�

Investments in equity securities*

�� 136,740 �� 141,508 �� 4,768 ��

Investments in and advances to affiliated companies*

�� 345,434 �� 349,528 �� 4,094 ��

Other

�� 784,174 �� 737,070 �� (47,104 )�
��

Total other assets

�� 2,699,011 �� 2,608,784 �� (90,227 )�
��

Total assets

�� 43,520,314 �� 43,802,094 �� 281,780 ��
��

* Including securities pledged as collateral

6


Table of Contents
�� Millions of yen
�� March 31,
2014
September�30,
2014
Increase/
(Decrease)
LIABILITIES AND EQUITY ��

Short-term borrowings

�� 602,131 �� 609,481 �� 7,350 ��

Payables and deposits:

��

Payables to customers

�� 492,516 �� 651,914 �� 159,398 ��

Payables to other than customers

�� 1,230,176 �� 1,246,609 �� 16,433 ��

Deposits received at banks

�� 1,114,181 �� 1,056,216 �� (57,965 )�
��

Total payables and deposits

�� 2,836,873 �� 2,954,739 �� 117,866 ��
��

Collateralized financing:

��

Securities sold under agreements to repurchase

�� 13,937,690 �� 13,878,397 �� (59,293 )�

Securities loaned

�� 2,359,809 �� 2,629,628 �� 269,819 ��

Other secured borrowings

�� 814,500 �� 739,014 �� (75,486 )�
��

Total collateralized financing

�� 17,111,999 �� 17,247,039 �� 135,040 ��
��

Trading liabilities

�� 11,047,285 �� 10,882,727 �� (164,558 )�

Other liabilities

�� 1,141,750 �� 1,080,878 �� (60,872 )�

Long-term borrowings

�� 8,227,063 �� 8,412,012 �� 184,949 ��
��

Total liabilities

�� 40,967,101 �� 41,186,876 �� 219,775 ��
��

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 September�30, 2014

��

Outstanding

��-

�3,717,630,462 shares as of March�31, 2014 and

�3,640,236,853 shares as of September�30, 2014

�� 594,493 �� 594,493 �� ��� ��

Additional paid-in capital

�� 683,638 �� 683,112 �� (526 )�

Retained earnings

�� 1,287,003 �� 1,335,236 �� 48,233 ��

Accumulated other comprehensive income

�� 20,636 �� 70,533 �� 49,897 ��
��

Total NHI shareholders� equity before treasury stock

�� 2,585,770 �� 2,683,374 �� 97,604 ��

Common stock held in treasury, at cost-

��

104,932,139 shares as of March�31, 2014 and

��

182,325,748 shares as of September�30, 2014

�� (72,090 )� (122,286 )� (50,196 )�
��

Total NHI shareholders� equity

�� 2,513,680 �� 2,561,088 �� 47,408 ��
��

Noncontrolling interests

�� 39,533 �� 54,130 �� 14,597 ��
��

Total equity

�� 2,553,213 �� 2,615,218 �� 62,005 ��
��

Total liabilities and equity

�� 43,520,314 �� 43,802,094 �� 281,780 ��
��

7


Table of Contents
(2) Consolidated Statements of Income (UNAUDITED)

�� Millions of yen �� % Change
�� For the six months ended ��
�� September�30,
2013 (A)
�� September�30,
2014 (B)
�� (B-A)/(A)

Revenue:

�� �� ��

Commissions

�� 263,247 �� �� 208,413 �� �� (20.8 )�

Fees from investment banking

�� 48,378 �� �� 40,442 �� �� (16.4 )�

Asset management and portfolio service fees

�� 83,083 �� �� 93,839 �� �� 12.9 ��

Net gain on trading

�� 238,589 �� �� 287,573 �� �� 20.5 ��

Gain on private equity investments

�� 753 �� �� 202 �� �� (73.2 )�

Interest and dividends

�� 213,416 �� �� 213,692 �� �� 0.1 ��

Gain on investments in equity securities

�� 12,889 �� �� 9,234 �� �� (28.4 )�

Other

�� 73,294 �� �� 59,579 �� �� (18.7 )�
��

��

��

Total revenue

�� 933,649 �� �� 912,974 �� �� (2.2 )�

Interest expense

�� 145,938 �� �� 168,303 �� �� 15.3 ��
��

��

��

Net revenue

�� 787,711 �� �� 744,671 �� �� (5.5 )�
��

��

��

Non-interest expenses:

�� �� ��

Compensation and benefits

�� 298,596 �� �� 309,590 �� �� 3.7 ��

Commissions and floor brokerage

�� 55,180 �� �� 61,189 �� �� 10.9 ��

Information processing and communications

�� 94,473 �� �� 90,857 �� �� (3.8 )�

Occupancy and related depreciation

�� 40,614 �� �� 36,777 �� �� (9.4 )�

Business development expenses

�� 17,332 �� �� 16,998 �� �� (1.9 )�

Other

�� 95,364 �� �� 103,581 �� �� 8.6 ��
��

��

��

Total non-interest expenses

�� 601,559 �� �� 618,992 �� �� 2.9 ��
��

��

��

Income before income taxes

�� 186,152 �� �� 125,679 �� �� (32.5 )�

Income tax expense

�� 81,505 �� �� 51,291 �� �� (37.1 )�
��

��

��

Net income

�� 104,647 �� �� 74,388 �� �� (28.9 )�
��

��

��

Less: Net income attributable to noncontrolling interests

�� 641 �� �� 1,656 �� �� 158.3 ��
��

��

��

Net income attributable to NHI shareholders

�� 104,006 �� �� 72,732 �� �� (30.1 )�
��

��

��

Per share of common stock:

�� �� ��
�� Yen �� %�Change

Basic-

�� �� ��

Net income attributable to NHI shareholders per share

�� 28.07 �� �� 19.87 �� �� (29.2 )�
��

��

��

Diluted-

�� �� ��

Net income attributable to NHI shareholders per share

�� 27.20 �� �� 19.34 �� �� (28.9 )�
��

��

��

8


Table of Contents
(3) Consolidated Statements of Comprehensive Income (UNAUDITED)

�� Millions of yen %�Change
�� For the six months ended
�� September�30,
2013 (A)
September�30,
2014 (B)
(B-A)/(A)

Net income

�� 104,647 �� 74,388 �� (28.9 )�

Other comprehensive income:

��

Change in cumulative translation adjustments, net of tax

�� 27,431 �� 46,285 �� 68.7 ��

Defined benefit pension plans:

��

Pension liability adjustment

�� 2,005 �� 374 �� (81.3 )�

Deferred income taxes

�� (703 )� (211 )� ��� ��
��

Total

�� 1,302 �� 163 �� (87.5 )�
��

Non-trading securities:

��

Net unrealized gain on non-trading securities

�� 1,469 �� 9,712 �� 561.1 ��

Deferred income taxes

�� (645 )� (2,539 )� ��� ��
��

Total

�� 824 �� 7,173 �� 770.5 ��
��

Total other comprehensive income

�� 29,557 �� 53,621 �� 81.4 ��
��

Comprehensive income

�� 134,204 �� 128,009 �� (4.6 )�

Less: Comprehensive income attributable to noncontrolling interests

�� 1,382 �� 5,380 �� 289.3 ��
��

Comprehensive income attributable to NHI shareholders

�� 132,822 �� 122,629 �� (7.7 )�
��

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

Not applicable.

9


Table of Contents
(5) Segment Information � Operating Segment (UNAUDITED)

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

�� Millions of yen �� %�Change
�� For the six months ended ��
�� September�30,
2013 (A)
September�30,
2014 (B)
�� (B-A)/(A)

Net revenue

�� ��

Business segment information:

�� ��

Retail

�� 286,072 �� 224,803 �� �� (21.4 )�

Asset Management

�� 38,800 �� 45,029 �� �� 16.1 ��

Wholesale

�� 377,957 �� 379,456 �� �� 0.4 ��
��

��

Subtotal

�� 702,829 �� 649,288 �� �� (7.6 )�

Other

�� 72,681 �� 89,294 �� �� 22.9 ��
��

��

Net revenue

�� 775,510 �� 738,582 �� �� (4.8 )�
��

��

Reconciliation items:

�� ��

Unrealized gain (loss) on investments in equity securities held for operating purposes

�� 12,201 �� 6,089 �� �� (50.1 )�
��

��

Net revenue

�� 787,711 �� 744,671 �� �� (5.5 )�
��

��

Non-interest expenses

�� ��

Business segment information:

�� ��

Retail

�� 165,011 �� 154,332 �� �� (6.5 )�

Asset Management

�� 25,937 �� 28,946 �� �� 11.6 ��

Wholesale

�� 327,435 �� 351,508 �� �� 7.4 ��
��

��

Subtotal

�� 518,383 �� 534,786 �� �� 3.2 ��

Other

�� 83,176 �� 84,206 �� �� 1.2 ��
��

��

Non-interest expenses

�� 601,559 �� 618,992 �� �� 2.9 ��
��

��

Reconciliation items:

�� ��

Unrealized gain (loss) on investments in equity securities held for operating purposes

�� ��� �� ��� �� �� ��� ��
��

��

Non-interest expenses

�� 601,559 �� 618,992 �� �� 2.9 ��
��

��

Income (loss) before income taxes

�� ��

Business segment information:

�� ��

Retail

�� 121,061 �� 70,471 �� �� (41.8 )�

Asset Management

�� 12,863 �� 16,083 �� �� 25.0 ��

Wholesale

�� 50,522 �� 27,948 �� �� (44.7 )�
��

��

Subtotal

�� 184,446 �� 114,502 �� �� (37.9 )�

Other*

�� (10,495 )� 5,088 �� �� ��� ��
��

��

Income (loss) before income taxes

�� 173,951 �� 119,590 �� �� (31.3 )�
��

��

Reconciliation items:

�� ��

Unrealized gain (loss) on investments in equity securities held for operating purposes

�� 12,201 �� 6,089 �� �� (50.1 )�
��

��

Income (loss) before income taxes

�� 186,152 �� 125,679 �� �� (32.5 )�
��

��

* Major components

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

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

�� Millions of yen ��%�Change��
�� For the six months ended (B-A)/(A)
�� September�30,
2013 (A)
September�30,
2014 (B)

Net gain (loss) related to economic hedging transactions

�� 5,706 �� 9,088 �� 59.3 ��

Realized gain (loss) on investments in equity securities held for operating purposes

�� 688 �� 3,145 �� 357.1 ��

Equity in earnings of affiliates

�� 14,227 �� 11,462 �� (19.4 )�

Corporate items

�� (21,045 )� (11,482 )� ��� ��

Other

�� (10,071 )� (7,125 )� ��� ��
��

Total

�� (10,495 )� 5,088 �� ��� ��
��

10


Table of Contents
(6) Significant Changes in Equity (UNAUDITED)

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

�� Millions of yen
�� For�the�six�months�ended
�� September 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

�� 1,891 ��
��

Balance at end of period

�� 683,112 ��
��

Retained earnings

��

Balance at beginning of year

�� 1,287,003 ��

Net income attributable to NHI shareholders

�� 72,732 ��

Cash dividends

�� (21,841 )�

Gain (loss) on sales of treasury stock

�� (2,658 )�
��

Balance at end of period

�� 1,335,236 ��
��

Accumulated other comprehensive income

��

Cumulative translation adjustments

��

Balance at beginning of year

�� 27,704 ��

Net change during the period

�� 44,378 ��
��

Balance at end of period

�� 72,082 ��
��

Defined benefit pension plans

��

Balance at beginning of year

�� (18,809 )�

Pension liability adjustment

�� 163 ��
��

Balance at end of period

�� (18,646 )�
��

Non-trading securities

��

Balance at beginning of year

�� 11,741 ��

Net unrealized gain on non-trading securities

�� 5,356 ��
��

Balance at end of period

�� 17,097 ��
��

Balance at end of period

�� 70,533 ��
��

Common stock held in treasury

��

Balance at beginning of year

�� (72,090 )�

Repurchases of common stock

�� (65,199 )�

Sale of common stock

�� 4 ��

Common stock issued to employees

�� 14,999 ��
��

Balance at end of period

�� (122,286 )�
��

Total NHI shareholders� equity

��

Balance at end of period

�� 2,561,088 ��
��

Noncontrolling interests

��

Balance at beginning of year

�� 39,533 ��

Net change during the period

�� 14,597 ��
��

Balance at end of period

�� 54,130 ��
��

Total equity

��

Balance at end of period

�� 2,615,218 ��
��

11


Table of Contents
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 (A)
September�30,
2014 (B)

Revenue:

Commissions

157,634 �� 105,613 �� 121,434 �� 89,876 �� 96,281 �� 112,132 �� 16.5 �� 474,557 ��

Fees from investment banking

25,394 �� 22,984 �� 15,769 �� 27,154 �� 19,822 �� 20,620 �� 4.0 �� 91,301 ��

Asset management and portfolio service fees

42,381 �� 40,702 �� 42,074 �� 42,090 �� 45,444 �� 48,395 �� 6.5 �� 167,247 ��

Net gain on trading

128,409 �� 110,180 �� 108,544 �� 129,223 �� 158,562 �� 129,011 �� (18.6 )� 476,356 ��

Gain (loss) on private equity investments

50 �� 703 �� 10,985 �� (346 )� (287 )� 489 �� ��� �� 11,392 ��

Interest and dividends

115,325 �� 98,091 �� 102,602 �� 100,332 �� 104,917 �� 108,775 �� 3.7 �� 416,350 ��

Gain (loss) on investments in equity securities

7,852 �� 5,037 �� 7,505 �� (5,238 )� 6,350 �� 2,884 �� (54.6 )� 15,156 ��

Other

28,225 �� 45,069 �� 38,508 �� 67,683 �� 31,065 �� 28,514 �� (8.2 )� 179,485 ��

Total revenue

505,270 �� 428,379 �� 447,421 �� 450,774 �� 462,154 �� 450,820 �� (2.5 )� 1,831,844 ��

Interest expense

73,949 �� 71,989 �� 68,000 �� 60,836 �� 91,316 �� 76,987 �� (15.7 )� 274,774 ��

Net revenue

431,321 �� 356,390 �� 379,421 �� 389,938 �� 370,838 �� 373,833 �� 0.8 �� 1,557,070 ��

Non-interest expenses:

Compensation and benefits

163,205 �� 135,391 �� 138,822 �� 132,640 �� 168,767 �� 140,823 �� (16.6 )� 570,058 ��

Commissions and floor brokerage

29,046 �� 26,134 �� 27,974 �� 28,695 �� 27,590 �� 33,599 �� 21.8 �� 111,849 ��

Information processing and communications

48,233 �� 46,240 �� 47,755 �� 49,940 �� 44,896 �� 45,961 �� 2.4 �� 192,168 ��

Occupancy and related depreciation

19,784 �� 20,830 �� 18,999 �� 20,529 �� 18,553 �� 18,224 �� (1.8 )� 80,142 ��

Business development expenses

7,859 �� 9,473 �� 11,029 �� 10,124 �� 7,927 �� 9,071 �� 14.4 �� 38,485 ��

Other

49,975 �� 45,389 �� 47,948 �� 59,442 �� 51,431 �� 52,150 �� 1.4 �� 202,754 ��

Total non-interest expenses

318,102 �� 283,457 �� 292,527 �� 301,370 �� 319,164 �� 299,828 �� (6.1 )� 1,195,456 ��

Income before income taxes

113,219 �� 72,933 �� 86,894 �� 88,568 �� 51,674 �� 74,005 �� 43.2 �� 361,614 ��

Income tax expense

46,956 �� 34,549 �� 37,769 �� 25,891 �� 30,397 �� 20,894 �� (31.3 )� 145,165 ��

Net income

66,263 �� 38,384 �� 49,125 �� 62,677 �� 21,277 �� 53,111 �� 149.6 �� 216,449 ��

Less: Net income attributable to noncontrolling interests

369 �� 272 �� 796 �� 1,421 �� 1,417 �� 239 �� (83.1 )� 2,858 ��

Net income attributable to NHI shareholders

65,894 �� 38,112 �� 48,329 �� 61,256 �� 19,860 �� 52,872 �� 166.2 �� 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 �� 169.1 �� 57.57 ��

Diluted-

Net income attributable to NHI shareholders per share

17.24 �� 9.99 �� 12.65 �� 16.02 �� 5.26 �� 14.15 �� 169.0 �� 55.81 ��

12


Table of Contents
(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 (A)
September�30,
2014 (B)

Net revenue

Business segment information:

Retail

166,342 �� 119,730 �� 127,975 �� 97,869 �� 106,865 �� 117,938 �� 10.4 �� 511,916 ��

Asset Management

20,174 �� 18,626 �� 21,215 �� 20,465 �� 23,338 �� 21,691 �� (7.1 )� 80,480 ��

Wholesale

194,609 �� 183,348 �� 188,666 �� 198,474 �� 188,886 �� 190,570 �� 0.9 �� 765,097 ��

Subtotal

381,125 �� 321,704 �� 337,856 �� 316,808 �� 319,089 �� 330,199 �� 3.5 �� 1,357,493 ��

Other

43,032 �� 29,649 �� 35,366 �� 80,802 �� 48,252 �� 41,042 �� (14.9 )� 188,849 ��

Net revenue

424,157 �� 351,353 �� 373,222 �� 397,610 �� 367,341 �� 371,241 �� 1.1 �� 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 (25.9 )� 10,728 ��

Net revenue

431,321 �� 356,390 �� 379,421 �� 389,938 �� 370,838 �� 373,833 �� 0.8 �� 1,557,070 ��

Non-interest expenses

Business segment information:

Retail

85,237 �� 79,774 �� 80,302 �� 74,602 �� 75,257 �� 79,075 �� 5.1 �� 319,915 ��

Asset Management

13,483 �� 12,454 �� 12,289 �� 15,147 �� 15,064 �� 13,882 �� (7.8 )� 53,373 ��

Wholesale

169,372 �� 158,063 �� 160,866 �� 164,998 �� 183,145 �� 168,363 �� (8.1 )� 653,299 ��

Subtotal

268,092 �� 250,291 �� 253,457 �� 254,747 �� 273,466 �� 261,320 �� (4.4 )� 1,026,587 ��

Other

50,010 �� 33,166 �� 39,070 �� 46,623 �� 45,698 �� 38,508 �� (15.7 )� 168,869 ��

Non-interest expenses

318,102 �� 283,457 �� 292,527 �� 301,370 �� 319,164 �� 299,828 �� (6.1 )� 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 �� (6.1 )� 1,195,456 ��

Income (loss) before income taxes

Business segment information:

Retail

81,105 �� 39,956 �� 47,673 �� 23,267 �� 31,608 �� 38,863 �� 23.0 �� 192,001 ��

Asset Management

6,691 �� 6,172 �� 8,926 �� 5,318 �� 8,274 �� 7,809 �� (5.6 )� 27,107 ��

Wholesale

25,237 �� 25,285 �� 27,800 �� 33,476 �� 5,741 �� 22,207 �� 286.8 �� 111,798 ��

Subtotal

113,033 �� 71,413 �� 84,399 �� 62,061 �� 45,623 �� 68,879 �� 51.0 �� 330,906 ��

Other*

(6,978 )� (3,517 )� (3,704 )� 34,179 �� 2,554 �� 2,534 �� (0.8 )� 19,980 ��

Income (loss) before income taxes

106,055 �� 67,896 �� 80,695 �� 96,240 �� 48,177 �� 71,413 �� 48.2 �� 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 �� (25.9 )� 10,728 ��

Income (loss) before income taxes

113,219 �� 72,933 �� 86,894 �� 88,568 �� 51,674 �� 74,005 �� 43.2 �� 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�(A)
September�30,
2014 (B)

Net gain (loss) related to economic hedging transactions

7,373 �� (1,667 )� 5,150 �� 6,547 �� 6,919 �� 2,169 �� (68.7 )� 17,403 ��

Realized gain (loss) on investments in equity securities held for operating purposes

688 �� 0 �� 1,306 �� 2,434 �� 2,853 �� 292 �� (89.8 )� 4,428 ��

Equity in earnings of affiliates

5,343 �� 8,884 �� 8,171 �� 6,173 �� 3,499 �� 7,963 �� 127.6 �� 28,571 ��

Corporate items

(12,344 )� (8,701 )� (13,954 )� (3,773 )� (3,093 )� (8,389 )� ��� �� (38,772 )�

Other

(8,038 )� (2,033 )� (4,377 )� 22,798 �� (7,624 )� 499 �� ��� �� 8,350 ��

Total

(6,978 )� (3,517 )� (3,704 )� 34,179 �� 2,554 �� 2,534 �� (0.8 )� 19,980 ��

13


Table of Contents
(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 September�30,�2014

Assets

��

Current Assets

�� 3,296,666 �� 3,367,290 ��

Fixed Assets

�� 2,893,448 �� 2,909,339 ��
��

Total Assets

�� 6,190,114 �� 6,276,628 ��
��

Liabilities

��

Current Liabilities

�� 1,133,679 �� 1,097,614 ��

Long-term Liabilities

�� 3,138,160 �� 3,088,743 ��
��

Total Liabilities

�� 4,271,838 �� 4,186,357 ��
��

Net Assets

��

Shareholders� equity

�� 1,819,381 �� 1,985,025 ��

Valuation and translation adjustments

�� 54,949 �� 60,866 ��

Stock acquisition rights

�� 43,946 �� 44,381 ��
��

Total Net Assets

�� 1,918,276 �� 2,090,271 ��
��

Total Liabilities and Net Assets

�� 6,190,114 �� 6,276,628 ��
��

Nomura Holdings, Inc. Unconsolidated Statements of Income

(UNAUDITED)

��

��

�� Millions of yen
�� For the six months ended
�� September�30,�2013 September�30,�2014

Operating revenue

�� 289,257 �� 340,946 ��

Operating expenses

�� 107,474 �� 111,337 ��
��

Operating income

�� 181,783 �� 229,609 ��
��

Non-operating income

�� 2,484 �� 2,014 ��

Non-operating expenses

�� 1,830 �� 1,255 ��
��

Ordinary income

�� 182,437 �� 230,369 ��
��

Special profits

�� 1,138 �� 43,608 ��

Special losses

�� 2,271 �� 1,152 ��
��

Income before income taxes

�� 181,304 �� 272,825 ��
��

Income taxes - current

�� 3,447 �� (24,072 )�

Income taxes - deferred

�� (2,038 )� 42,510 ��
��

Net income

�� 179,896 �� 254,387 ��
��

(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_2q.pdf

14



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