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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 2003.
Total number of pages: 37.
The exhibit index is located on page 2.
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):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
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Information furnished on this form:
| Exhibit Number |
Page Number | |
| 1. [Consolidated Results of Operations (US GAAP) First quarter, fiscal year ended March 2004] |
4 |
2
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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. | ||
| By: |
/s/ MASANORI ITATANI | |
| Masanori Itatani Senior Managing Director | ||
Date: August 1, 2003
3
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Consolidated Results of Operations
(US GAAP)
First quarter, fiscal year ended March 2004
Nomura Holdings, Inc.
July 2003
Table of Contents
Outline of the Presentation
| n Financial Summary | n Review of Businesses | |||
| Ø Segment Information | ||||
| Ø Domestic Retail | ||||
| Ø Global Wholesale | ||||
| Ø Asset Management | ||||
| Ø Non-interest Expenses | ||||
| n Appendix | ||||
| 1. | This document is produced by Nomura Holdings, Inc. (“Nomura”). Copyright 2003 Nomura Holdings, Inc. All rights reserved. |
| 2. | 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. |
| 3. | 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. |
| 4. | 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. |
| 5. | 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. Important 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. |
| 6. | The consolidated financial information in this document is unaudited. |
5
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Consolidated Financial Summary
First quarter ended March 31, 2004
| Ø | Net revenue | 200.1 (up 40%*) | ||||
| Ø |
Non-interest expenses | 128.8 (up 4%*) | ||||
| Ø |
Income before income taxes | 71.3 (up 288%*) | ||||
| Results for the First Quarter (Billions of yen) |
Ø |
Income before cumulative effect of accounting change |
39.0 (up 385%*) | |||
| Ø |
Net income | 39.0 (down 67%*) | ||||
| Ø |
Total assets | 24,779.0 (up 3,609.6**) | ||||
| Ø |
Total shareholders’ equity | 1,690.3 (up 47.9**) | ||||
| Ø |
Leverage | 14.7 times (12.9 times) | ||||
| Ø |
ROE | 9.4% (APR***) | ||||
| * | YOY |
| ** | Compared with corresponding items as of March 31, 2003 |
| *** |
Net income x
4
(Shareholders’ equity at the beginning of period + Shareholders’ equity at the end of period) / 2 |
6
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Review of Businesses
n Segment Information (P8)
n Domestic Retail (P9-11)
n Global Wholesale (P12-15)
n Asset Management (P16-17)
n Non-interest Expenses (P18-19)
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Segment Information
8
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Domestic Retail (1)*
Points
n Commissions (25.7 billion yen, down 19%)
ü Stock Brokerage Commissions** (12.1 billion yen, down 28%)
| Ø | Individual Equity Agency Transaction Value*** (monthly average) |
| l | 5.0 trillion, down 3% |
| Ø | Equity Holding Accounts |
| l | 1.308 million (end of June 03) |
| l | 1.246 million (end of June 02) |
ü Commissions for Investment Trusts Distribution and Redemption**** (7.1 billion yen, down 39%)
| Ø | Stock Investment Trusts Commission |
| l | 2.6 billion yen, down 57% |
| Ø | Foreign Investment Trusts Commission |
| l | 2.4 billion yen, up 859% |
| Ø | New Funds |
| l | UBS Australia Bond Income 122.5 billion yen (end of June) |
ü Insurance
| Ø Outstanding | Value of Variable Annuity Insurance Contracts 182.8 billion yen (end of June) |
ü Distribution of JGBs for Individual Investors
3rd Issue 42.0 billion yen
(Issue amount: 280.2 billion yen, Nomura’s share: 15%)
n Sales Credit (40.4 billion yen, up 97%)
n Investment Trusts Administration Fee and Other
(4.8 billion yen, down 61%)
n Fees from Investment Banking (2.9 billion yen, up 68%)
| * | All percentages are year-on-year comparisons unless otherwise stated |
| ** | Domestic Retail |
| *** | Three major exchanges = Tokyo, Osaka, Nagoya |
| **** | Nomura Securities |
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Domestic Retail (2)
Distribution of Foreign Currency Bonds for Retail Investors/
Revenue Breakdown (approx. figs.)
10
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Domestic Retail (3)
Client Assets / Net Asset Accumulation (excluding financials)
| * | Including CBs and warrants |
| ** | Includes variable annuity insurance |
11
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Global Wholesale (1) Fixed Income
Points
n Foreign Currency Bond Distribution to Retail Investors
ü 976.8 billion yen, up 95% YOY
n Foreign Currency Bond Public Offering to Retail Investors
ü KfW: 118.8 billion yen (A$)
ü IBRD: 99.8 billion yen (Can$)
ü Toyota Motor Credit: 42.0 billion yen (US$)
ü SEK: 15.5 billion yen (EU)
n Large-scale Foreign Currency Bonds Underwriting
ü Republic of Italy: US$ 1.25 billion
ü Republic of Austria: EU 5 billion
ü EIB: EU 5 billion
n Domestic Bonds
ü Japan Highway Public Corp: 200 billion yen (joint lead)
ü Hitachi: 80 billion yen (joint lead)
n Securitized Products
ü Wachovia Bank - CMBS US$1.2 billion (joint lead)
12
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Global Wholesale (2) Equity
Points
n Market Environment
ü Equity Agency Transaction Value* (monthly average) 30.6 trillion yen, down 11% YOY
ü Businesses focused on customer order flow
n Net Gain on Equity Trading (Nomura Securities)
| * | Three major exchanges = Tokyo, Osaka, Nagoya |
13
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Global Wholesale (3) Investment Banking
Points
n IPO, PO*
ü IPO Market: 137.5 billion yen, up 318% YOY
Nomura: 7.1 billion yen, down 34% YOY
ü PO Market: 78.8 billion yen, down 79% YOY
Nomura: 49.6 billion yen, down 66% YOY
Major Issue: Daiwa House (38.2 billion yen)
n Advisory Business
ü Tokyu Construction
ü Toyo Construction
n Established Corporate Revival Project Department
(M&A Ranking)**
ü Rank No.7
ü No. of deals 54
ü Value US$ 5.8 billion
ü Market share 11%
| Sources: | * | Nomura Securities, 2004.3 1Q pricing day base | ||
| ** | Thomson Financial, Announced Mergers and Acquisitions: | |||
| Any Japanese involvement. League table based on rank value. (Jan. 2003 - Jun. 2003) |
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Global Wholesale (4) Merchant Banking
Points
n Exit Transactions
ü Daikuma
n Exposure to Merchant Banking Business
15
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Asset Management (1)
Points
n New Funds
ü Attractive Dividends Blue Chip Fund 2
Sales: 25.4 billion yen
n Assets Under Management of NCRAM
ü Jun. 30, 2002 – US$ 3.7 billion
ü Jun. 30, 2003 – US$ 5.3 billion (up 43% YOY)
n Assets Under Management of Main Foreign Currency Bond Funds
| * | Primarily invests in US dollar denominated bonds, (government bonds, ABS, corporate bonds) |
16
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Asset Management (2)
Source: The Investment Trusts Association, Japan
17
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Non-Interest Expenses* (1)
Points
n Compensation and Benefits
65.9 billion yen, up 4%
n Information Processing and Communications
18.9 billion yen, up 4%
n Business and Development Expenses
5 billion yen, down 15%
n Other Expenses (of which special losses)
20.8 billion yen, up 18% (2.1 billion yen)
n Fixed Cost Coverage Ratio
ü FY04.3 1Q 24%
ü Asset management related fees 14.9 billion yen
ü Fixed-type expenses 63.4 billion yen
Asset management related fees: Asset management fee, custodial services fee, and fee from coupon payments
Fixed-type expenses: Fixed salary, guaranteed bonus, depreciation, real estate related expenses and others
| * | All percentages are year-on-year comparisons unless otherwise stated |
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Non-Interest Expenses* (2)
n Compensation and Benefits
ü Fixed-type expenses: 36.6 billion yen, down 0.2%
ü Variable-type expenses: 29.3 billion yen, up 8.9%
| * | Excludes expenses related to PFG entities (70.4 bil. yen for FY02.3) |
| ** | Figures for FY02.3 exclude a special charge (18.9 bil. yen) for withdrawal from the multi-employer pension plan |
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Appendix
| • | Revenue and Income by Business Segment (P21) |
| • | Global Wholesale (P22) |
| • | Domestic Retail Related Data (P23) |
| • | Major Differences (Segment / Income Statement) (P24) |
| • | Revenue (P25-28) |
| • | Non-interest Expenses (P29) |
| • | Client Assets (P30) |
| • | Number of Accounts (P31) |
| • | Secondary Market Share Data (P32) |
| • | Primary Market Share Data (Value Base) (P33) |
| • | Assets Under Management (NAM / NCRAM) (P34) |
| • | VaR (P35) |
| • | Number of Employees (P36) |
Table of Contents
Revenue and Income by Business Segment (Quarterly Base)
| Units: Millions of yen | ||||||||||||||||||
| Domestic Retail |
FY02.3 |
FY03.3 | FY04.3 | |||||||||||||||
| 1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q | ||||||||||
| Non-interest revenue |
60,953 | 50,806 | 57,224 | 57,172 | 66,436 | 56,136 | 69,366 | 54,999 | 74,573 | |||||||||
| Net-interest revenue |
1,076 | 467 | 870 | 537 | 599 | 605 | 915 | 194 | 397 | |||||||||
| Net revenue |
62,029 | 51,274 | 58,091 | 57,710 | 67,035 | 56,742 | 70,280 | 55,193 | 74,970 | |||||||||
| Non-interest expenses |
51,678 | 55,533 | 50,120 | 51,291 | 53,137 | 55,294 | 51,180 | 53,951 | 54,201 | |||||||||
| Income before income taxes |
10,351 | -4,259 | 7,974 | 6,418 | 13,899 | 1,449 | 19,100 | 1,241 | 20,769 | |||||||||
| Global Wholesale |
FY02.3 | FY03.3 | FY04.3 | |||||||||||||||
| 1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q | ||||||||||
| Non-interest revenue |
62,483 | 65,845 | 57,803 | 199,298 | 73,321 | 24,324 | 40,124 | 58,906 | 68,977 | |||||||||
| Net-interest revenue |
7,816 | 7,734 | 14,725 | 24,230 | 16,541 | 30,970 | 30,571 | 23,712 | 25,177 | |||||||||
| Net revenue |
70,299 | 73,580 | 72,528 | 223,528 | 89,861 | 55,294 | 70,695 | 82,619 | 94,154 | |||||||||
| Non-interest expenses |
48,046 | 48,932 | 49,482 | 102,197 | 53,387 | 46,320 | 48,946 | 58,784 | 56,356 | |||||||||
| Income before income taxes |
22,253 | 24,648 | 23,046 | 121,331 | 36,474 | 8,974 | 21,749 | 23,835 | 37,798 | |||||||||
| Asset Management |
FY02.3 | FY03.3 | FY04.3 | |||||||||||||||
| 1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q | ||||||||||
| Non-interest revenue |
12,779 | 10,401 | 12,037 | 11,623 | 9,850 | 10,288 | 7,290 | 7,400 | 7,598 | |||||||||
| Net-interest revenue |
516 | 87 | 50 | -286 | -55 | 23 | 1,762 | 502 | 682 | |||||||||
| Net revenue |
13,295 | 10,488 | 12,087 | 11,338 | 9,795 | 10,311 | 9,052 | 7,902 | 8,280 | |||||||||
| Non-interest expenses |
8,383 | 8,331 | 9,423 | 10,894 | 8,682 | 8,995 | 8,021 | 8,167 | 8,192 | |||||||||
| Income before income taxes |
4,912 | 2,156 | 2,665 | 442 | 1,113 | 1,316 | 1,031 | -265 | 88 | |||||||||
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Global Wholesale (Revenue and Income by Business Line, Quarterly Base)
| Units: Millions of yen | ||||||||||||||||||
| Fixed Income |
FY02.3 | FY03.3 | FY04.3 | |||||||||||||||
| 1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q | ||||||||||
| Net revenue |
20,727 | 23,175 | 19,549 | 27,302 | 43,887 | 32,476 | 41,550 | 36,052 | 62,261 | |||||||||
| Non-interest expenses |
15,450 | 16,768 | 15,648 | 18,873 | 18,944 | 16,334 | 17,605 | 23,877 | 25,093 | |||||||||
| Income before income taxes |
5,277 | 6,407 | 3,900 | 8,430 | 24,943 | 16,142 | 23,946 | 12,176 | 37,168 | |||||||||
| Equity |
FY02.3 | FY03.3 | FY04.3 | |||||||||||||||
| 1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q | ||||||||||
| Net revenue |
27,976 | 35,882 | 25,595 | 35,623 | 30,416 | 12,353 | 17,872 | 21,384 | 20,381 | |||||||||
| Non-interest expenses |
16,054 | 15,813 | 17,336 | 17,272 | 18,340 | 14,329 | 16,026 | 16,980 | 16,470 | |||||||||
| Income before income taxes |
11,922 | 20,069 | 8,259 | 18,351 | 12,076 | -1,977 | 1,846 | 4,404 | 3,911 | |||||||||
| Investment Banking |
FY02.3 | FY03.3 | FY04.3 | |||||||||||||||
| 1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q | ||||||||||
| Net revenue |
21,597 | 14,522 | 32,272 | 19,958 | 16,830 | 16,453 | 14,801 | 21,041 | 12,908 | |||||||||
| Non-interest expenses |
16,542 | 16,350 | 10,371 | 14,143 | 13,850 | 13,636 | 13,081 | 15,807 | 12,086 | |||||||||
| Income before income taxes |
5,055 | -1,827 | 21,902 | 5,815 | 2,980 | 2,817 | 1,720 | 5,234 | 822 | |||||||||
| Merchant Banking* |
FY02.3 | FY03.3 | FY04.3 | |||||||||||||||
| 1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q | ||||||||||
| Net revenue |
— | — | -4,888 | 140,644 | -1,272 | -5,989 | -3,528 | 4,142 | -1,396 | |||||||||
| Non-interest expenses |
— | — | 6,127 | 51,909 | 2,253 | 2,019 | 2,233 | 2,122 | 2,707 | |||||||||
| Income before income taxes |
— | — | -11,015 | 88,735 | -3,525 | -8,009 | -5,762 | 2,021 | -4,103 | |||||||||
| * | The 3rd quarter figure for FY02.3 is the accumulated total from April through December 2002 |
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Domestic Retail Related Data
| FY02.3 | FY03.3 | FY04.3 | ||||||||||||||||
| Domestic Retail (Billions of yen) | 1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q | |||||||||
| Net interest revenue |
1.1 | 0.5 | 0.9 | 0.6 | 0.6 | 0.8 | 0.7 | 0.2 | 1.2 | |||||||||
| Sales credit |
13.1 | 12.3 | 18.8 | 17.3 | 20.5 | 17.8 | 32.2 | 25.2 | 40.4 | |||||||||
| Investment trust administration fees and other |
14.9 | 13.2 | 12.6 | 12.4 | 12.3 | 7.7 | 6.9 | 5.2 | 4.8 | |||||||||
| Fees from investment banking |
2.9 | 5.3 | 2.7 | 3.1 | 1.8 | 4.8 | 3.7 | 4.8 | 2.9 | |||||||||
| Commissions |
30.1 | 20.0 | 23.1 | 24.3 | 31.9 | 25.7 | 26.8 | 19.8 | 25.7 | |||||||||
| Stock brokerage commissions (Domestic Retail) |
20.5 | 12.9 | 14.4 | 13.9 | 16.8 | 10.2 | 13.5 | 7.7 | 12.1 | |||||||||
| (Billions of yen) |
||||||||||||||||||
| Commissions for investment trusts distribution and redemption* |
7.7 | 4.6 | 6.5 | 7.7 | 11.8 | 6.1 | 6.3 | 6.1 | 7.1 | |||||||||
| Bond investment trusts commission* |
1.5 | 2.0 | 3.0 | 4.2 | 5.5 | 4.2 | 4.0 | 3.2 | 2.2 | |||||||||
| Stock investment trusts commission* |
6.1 | 2.6 | 3.3 | 3.4 | 6.0 | 1.8 | 1.3 | 2.6 | 2.6 | |||||||||
| Foreign investment trusts commission* |
0.1 | 0.0 | 0.2 | 0.0 | 0.2 | 0.2 | 1.1 | 0.3 | 2.4 | |||||||||
| (Trillions of yen) |
||||||||||||||||||
| Domestic distribution volume of investment trusts |
6.2 | 7.0 | 5.4 | 3.8 | 3.3 | 2.5 | 3.5 | 2.6 | 3.2 | |||||||||
| Bond investment trusts |
5.4 | 6.4 | 4.8 | 3.6 | 2.4 | 1.8 | 2.7 | 1.7 | 2.0 | |||||||||
| Stock investment trusts |
0.5 | 0.3 | 0.3 | 0.3 | 0.5 | 0.3 | 0.2 | 0.3 | 0.3 | |||||||||
| Foreign investment trusts |
0.3 | 0.3 | 0.3 | 0.0 | 0.5 | 0.4 | 0.6 | 0.5 | 0.8 | |||||||||
| (Billions of yen) | 2001.6 |
2001.9 |
2001.12 |
2002.3 |
2002.6 |
2002.9 |
2002.12 |
2003.3 |
2003.6 | |||||||||
| Outstanding value of bond investment trusts* |
5,854 | 6,215 | 6,225 | 6,092 | 5,291 | 4,785 | 4,282 | 3,883 | 3,612 | |||||||||
| (Billions of yen) | 2001.6 |
2001.9 |
2001.12 |
2002.3 |
2002.6 |
2002.9 |
2002.12 |
2003.3 |
2003.6 | |||||||||
| Outstanding value of variable annuity |
— | — | 1.8 | 7.7 | 28.1 | 105.3 | 149.3 | 166.6 | 182.8 | |||||||||
| * | Nomura Securities |
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Major Differences (Segment / Income Statement) (FY04.3 three months)
24
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Revenue (1)
(Commissions)
25
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Revenue (2)
(Fees from Investment Banking)
26
Table of Contents
Revenue (3)
(Asset Management and Portfolio Service Fees)
27
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Revenue (4)
(Net Gain on Trading / Net Interest Revenue*)
| * | Excluding net interest revenue from PFG entities |
| ** | Net gain on private equity investment (232.5 bil. yen) is excluded from FY ended March 31, 2002 due to a change in structure of PFG business. However, this figure includes the gain on sales of PFG assets (116.3 bil. yen). |
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Non-interest Expenses*
| * | Excludes expense related to PFG entities (484.4 bil. yen for FY02.3) |
Items: Compensation and benefits, information processing and communications, occupancy and related depreciation, PFG entities’ cost of goods sold, expenses associated with rental income, other.
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Client Assets (trillions of yen)
| Nomura Securities |
||||||||||||||||||
| Jun. 01 |
Sep. 01 |
Dec. 01 |
Mar. 02 |
Jun. 02 |
Sep. 02 |
Dec. 02 |
Mar. 03 |
Jun. 03 | ||||||||||
| Equities |
28.9 | 24.9 | 24.8 | 25.1 | 24.9 | 23.6 | 22.3 | 21.6 | 24.8 | |||||||||
| Bonds |
12.3 | 12.8 | 13.3 | 13.7 | 14.9 | 15.4 | 15.4 | 16.8 | 17.9 | |||||||||
| Stock investment trusts |
3.2 | 2.6 | 2.7 | 2.7 | 2.7 | 2.5 | 2.4 | 2.4 | 2.6 | |||||||||
| Bond investment trusts |
12.1 | 11.1 | 9.7 | 9.3 | 8.2 | 7.4 | 6.9 | 6.5 | 6.3 | |||||||||
| Overseas mutual funds |
0.9 | 0.8 | 0.9 | 0.9 | 1.0 | 1.0 | 1.1 | 1.2 | 1.3 | |||||||||
| Other |
0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | |||||||||
| Total |
57.5 | 52.3 | 51.4 | 51.8 | 51.8 | 50.0 | 48.2 | 48.5 | 53.0 | |||||||||
| Client Assets (Domestic Retail, excluding financials) |
||||||||||||||||||
| Jun. 01 |
Sep. 01 |
Dec. 01 |
Mar. 02 |
Jun. 02 |
Sep. 02 |
Dec. 02 |
Mar. 03 |
Jun. 03 | ||||||||||
| Equities |
13.5 | 10.9 | 11.2 | 11.1 | 11.4 | 10.6 | 9.9 | 9.5 | 11.1 | |||||||||
| Foreign Bonds |
1.6 | 1.8 | 2.2 | 2.5 | 2.6 | 2.8 | 3.2 | 3.4 | 3.9 | |||||||||
| Domestic bonds |
3.9 | 4.1 | 4.1 | 4.2 | 4.7 | 4.9 | 5.0 | 5.0 | 5.1 | |||||||||
| Stock investment trusts |
2.7 | 2.1 | 2.2 | 2.4 | 2.4 | 2.2 | 2.1 | 2.0 | 2.2 | |||||||||
| Bond investment trusts |
10.0 | 9.3 | 8.8 | 8.4 | 7.9 | 6.7 | 6.3 | 5.9 | 5.7 | |||||||||
| Overseas mutual funds |
0.7 | 0.7 | 0.7 | 0.8 | 0.8 | 0.9 | 0.9 | 1.0 | 1.1 | |||||||||
| Other |
0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||
| Total |
32.2 | 28.4 | 29.0 | 28.9 | 29.3 | 28.2 | 27.6 | 27.1 | 29.3 | |||||||||
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Number of Accounts
Nomura Home Trade (online trading accounts)
| (Thousands of accounts) | ||||||||||||||||||
| Jun.01 |
Sep.01 |
Dec.01 |
Mar.02 |
Jun.02 |
Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 | ||||||||||
| 686 | 778 | 860 | 936 | 1,005 | 1,079 | 1,114 | 1,141 | 1,168 | ||||||||||
IT Share
| FY02.3 1Q |
2Q |
3Q |
4Q |
FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
|||||||||||||||||||
| No. of order |
38 | % | 36 | % | 37 | % | 39 | % | 39 | % | 38 | % | 33 | % | 42 | % | 45 | % | |||||||||
| Transaction value |
18 | % | 17 | % | 13 | % | 17 | % | 17 | % | 14 | % | 9 | % | 17 | % | 21 | % |
Nomura Cash Management Service
| (Thousands of accounts) | ||||||||||||||||||
| Jun.01 |
Sep.01 |
Dec.01 |
Mar.02 |
Jun.02 |
Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 | ||||||||||
| 2,539 | 2,686 | 2,805 | 2,899 | 2,965 | 3,029 | 3,079 | 3,112 | 3,145 | ||||||||||
Equity Holding Accounts
| (Thousands of accounts) | ||||||||||||||||||
| Jun.01 |
Sep.01 |
Dec.01 |
Mar.02 |
Jun.02 |
Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 | ||||||||||
| Jun.01 | Sep.01 | Dec.01 | Mar.02 | Jun.02 | Sep.02 | Dec.02 | Mar.03 | Jun.03 | ||||||||||
| 1,135 | 1,163 | 1,187 | 1,204 | 1,246 | 1,274 | 1,285 | 1,302 | 1,308 | ||||||||||
New Accounts (individual, monthly average)
| (Thousands of accounts) | ||||||||||||||||||
| FY02.3 1Q |
2Q |
3Q |
4Q |
FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q | ||||||||||
| 22 | 25 | 21 | 21 | 20 | 22 | 20 | 16 | 16 | ||||||||||
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Table of Contents
Secondary Market Share Data
| Market units: trillions of yen |
|||||||||||||||||||||||||||
| Individual Equity Agency Transactions Share (monthly average) | |||||||||||||||||||||||||||
| FY02.3 1Q |
2Q |
3Q |
4Q |
FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
|||||||||||||||||||
| Market |
4.9 | 3.3 | 3.9 | 4.0 | 5.2 | 3.9 | 5.2 | 3.1 | 5.0 | ||||||||||||||||||
| Nomura’s share |
16 | % | 16 | % | 16 | % | 13 | % | 20 | % | 16 | % | 17 | % | 8 | % | 8 | % | |||||||||
| Off-floor/Off-exchange Equity Trading Share | |||||||||||||||||||||||||||
| FY02.3 1Q |
2Q |
3Q |
4Q |
FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
|||||||||||||||||||
| Off-floor market |
5.3 | 4.5 | 4.4 | 5.1 | 4.1 | 4.1 | 2.7 | 3.2 | 3.5 | ||||||||||||||||||
| Off-exchange |
8.2 | 8.2 | 8.3 | 7.7 | 9.6 | 8.7 | 8.7 | 6.3 | 8.1 | ||||||||||||||||||
| Nomura’s share |
19 | % | 19 | % | 18 | % | 19 | % | 24 | % | 18 | % | 21 | % | 15 | % | 15 | % | |||||||||
| JGB Auction Share |
|||||||||||||||||||||||||||
| FY02.3 1Q |
2Q |
3Q |
4Q |
FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
|||||||||||||||||||
| Market |
13.8 | 13.4 | 14.6 | 14.3 | 16.8 | 18.2 | 15.7 | 17.3 | 18.4 | ||||||||||||||||||
| Nomura’s share |
12 | % | 20 | % | 13 | % | 14 | % | 20 | % | 18 | % | 10 | % | 12 | % | 14 | % | |||||||||
| Secondary Bond Trading |
|||||||||||||||||||||||||||
| FY02.3 1Q |
2Q |
3Q |
4Q |
FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
|||||||||||||||||||
| Market |
271 | 221 | 227 | 247 | 296 | 299 | 261 | 273 | 216 | ||||||||||||||||||
| Nomura’s share |
15 | % | 17 | % | 14 | % | 14 | % | 13 | % | 16 | % | 13 | % | 14 | % | 16 | % | |||||||||
32
Table of Contents
Primary Market Share Data (Value Base)
| Straight Bonds * | ||||||||||||||||||||||||||||
| FY02.3 01.4-6 |
01.4-9 |
01.4-12 |
01.4-02.3 |
FY03.3 02.4-6 |
02.4-9 |
02.4-12 |
02.4-03.3 |
03.4-03.6 |
||||||||||||||||||||
| Nomura's share |
19 | % | 19 | % | 19 | % | 21 | % | 20 | % | 22 | % | 22 | % | 23 | % | 22 | % | ||||||||||
| Euro-Yen Bonds ** | ||||||||||||||||||||||||||||
| FY02.3 01.4-6 |
01.4-9 |
01.4-12 |
01.4-02.3 |
FY03.3 02.4-6 |
02.4-9 |
02.4-12 |
02.4-03.3 |
03.4-03.6 |
||||||||||||||||||||
| Nomura' share |
27 | % | 23 | % | 22 | % | 28 | % | 35 | % | 24 | % | 20 | % | 21 | % | 37 | % | ||||||||||
| Samurai Bonds ** | ||||||||||||||||||||||||||||
| FY02.3 01.4-6 |
01.4-9 |
01.4-12 |
01.4-02.3 |
FY03.3 02.4-6 |
02.4-9 |
02.4-12 |
02.4-03.3 |
03.4-03.6 |
||||||||||||||||||||
| Nomura's share |
30 | % | 39 | % | 36 | % | 38 | % | 4 | % | 4 | % | 10 | % | 14 | % | 19 | % | ||||||||||
| Japanese IPO*** | ||||||||||||||||||||||||||||
| FY02.3 01.4-6 |
01.4-9 |
01.4-12 |
01.4-02.3 |
FY03.3 02.4-6 |
02.4-9 |
02.4-12 |
02.4-03.3 |
03.4-03.6 |
||||||||||||||||||||
| Nomura's share |
7 | % | 17 | % | 37 | % | 36 | % | 89 | % | 70 | % | 50 | % | 49 | % | 1 | % | ||||||||||
| Japanese PO*** | ||||||||||||||||||||||||||||
| FY02.3 01.4-6 |
01.4-9 |
01.4-12 |
01.4-02.3 |
FY03.3 02.4-6 |
02.4-9 |
02.4-12 |
02.4-03.3 |
03.4-03.6 |
||||||||||||||||||||
| Nomura's share |
48 | % | 40 | % | 37 | % | 34 | % | 40 | % | 42 | % | 47 | % | 44 | % | 68 | % | ||||||||||
| Sources: | * Thomson DealWatch, lead manager base |
** Thomson Financial Securities Data, bookrunner base
*** Nomura Securities
33
Table of Contents
Assets Under Management (NAM / NCRAM)
| NAM | (Trillions of yen) | |||||||||||||||||
| Jun. 01 |
Sep. 01 |
Dec. 01 |
Mar. 02 |
Jun. 02 |
Sep. 02 |
Dec. 02 |
Mar. 03 |
Jun. 03 | ||||||||||
| Stock investment trusts |
2.7 | 2.4 | 2.9 | 3.2 | 3.6 | 3.3 | 3.3 | 3.2 | 3.5 | |||||||||
| Bond investment trusts |
14.5 | 12.9 | 10.9 | 10.4 | 9.2 | 8.3 | 7.8 | 7.3 | 7.0 | |||||||||
| Non-public investment trusts |
0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | |||||||||
| Investment advisory (domestic) |
3.5 | 3.6 | 3.7 | 3.6 | 3.3 | 3.1 | 3.0 | 2.9 | 2.9 | |||||||||
| Investment advisory (overseas) |
1.0 | 0.8 | 0.9 | 0.9 | 0.8 | 0.8 | 0.7 | 0.7 | 0.8 | |||||||||
| Total |
21.9 | 19.8 | 18.6 | 18.2 | 17.1 | 15.6 | 15.1 | 14.2 | 14.5 | |||||||||
| NCRAM | (Billions of US$) | |||||||||||||||||
| Jun. 01 |
Sep. 01 |
Dec. 01 |
Mar. 02 |
Jun. 02 |
Sep. 02 |
Dec. 02 |
Mar. 03 |
Jun. 03 | ||||||||||
| Total |
2.6 | 2.5 | 2.6 | 3.1 | 3.7 | 3.8 | 4.4 | 4.7 | 5.3 | |||||||||
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Table of Contents
Value at Risk (Consolidated)
| n Definition |
n From Apr. 2002 to Jun. 2003 | |
| Ø 99% confidence level |
Ø Maximum: 4.0 billion yen | |
| Ø 1-day time horizon for out trading portfolio |
Ø Minimum: 1.7 billion yen | |
| Ø Inter-product price fluctuations considered |
Ø Average: 2.65 billion yen |
| (Billions of yen) | |||||||||||||||||||||||||||
| End of Month |
Jun.01 |
Sep.01 |
Dec.01 |
Mar.02 |
Jun.02 |
Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 |
||||||||||||||||||
| Equity |
2.5 | 2.0 | 2.8 | 2.0 | 1.8 | 1.3 | 1.3 | 1.5 | 2.1 | ||||||||||||||||||
| Interest Rate |
2.2 | 1.7 | 2.9 | 2.3 | 1.7 | 1.8 | 1.9 | 2.3 | 2.5 | ||||||||||||||||||
| Foreign Exchange |
0.2 | 0.3 | 0.2 | 0.2 | 0.4 | 0.4 | 0.3 | 0.2 | 0.3 | ||||||||||||||||||
| Sub-total |
4.9 | 4.0 | 6.0 | 4.5 | 3.8 | 3.5 | 3.5 | 4.0 | 4.9 | ||||||||||||||||||
| Diversification Benefit |
(1.7 | ) | (1.2 | ) | (1.9 | ) | (1.2 | ) | (1.2 | ) | (1.2 | ) | (1.1 | ) | (0.9 | ) | (1.5 | ) | |||||||||
| VaR |
3.2 | 2.8 | 4.1 | 3.3 | 2.6 | 2.3 | 2.4 | 3.1 | 3.4 | ||||||||||||||||||
35
Table of Contents
Number of Employees
| Jun. 01 |
Sep. 01 |
Dec. 01 |
Mar. 02 |
Jun. 02 |
Sep. 02 |
Dec. 02 |
Mar. 03 |
Jun. 03 | ||||||||||
| Asia/Oceania |
473 | 476 | 464 | 468 | 469 | 462 | 461 | 616 | 622 | |||||||||
| Americas |
874 | 893 | 881 | 827 | 769 | 753 | 752 | 797 | 821 | |||||||||
| Europe |
1,380 | 1,449 | 1,430 | 1,381 | 1,346 | 1,352 | 1,343 | 1,389 | 1,439 | |||||||||
| Japan (FA, SA) |
2,260 | 2,192 | 2,130 | 2,177 | 2,110 | 2,072 | 2,033 | 1,986 | 1,960 | |||||||||
| Japan (excluding FA, SA)* |
10,011 | 9,846 | 9,735 | 9,697 | 10,069 | 9,969 | 9,868 | 9,258 | 9,561 | |||||||||
| Total |
14,998 | 14,856 | 14,640 | 14,550 | 14,763 | 14,608 | 14,457 | 14,046 | 14,403 | |||||||||
| * | Excluding NPF’s consolidated subsidiaries. |
36
Table of Contents
