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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
Supplement for the month of January 2005.
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 |
||
| 1. [Consolidated Results of Operations (US GAAP) Third quarter, fiscal year ending March 2005] | ||
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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/ HIROSHI TANAKA | |
| Hiroshi Tanaka | ||
| Senior Managing Director | ||
Date: January 26, 2005
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|
| ||
| Consolidated Results of Operations (US GAAP)
Third quarter, fiscal year ending March 2005
Nomura Holdings, Inc.
January 2005 |
||
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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 2005 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. |
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Consolidated Financial Summary (1)
(Millions of yen, per share data in yen)
| Quarterly |
1Q-3Q Cumulative |
|||||||||||||||||||||||
| FY2005.3 3Q |
FY2004.3 3Q |
FY2005.3 2Q |
Y-o-Y |
Q-o-Q |
FY2005.3 |
FY2004.3 |
Y-o-Y |
|||||||||||||||||
| Net revenue |
193,888 | 150,231 | 156,841 | 29 | % | 24 | % | 564,657 | 565,005 | 0 | % | |||||||||||||
| Non-interest expenses |
144,696 | 120,300 | 140,634 | 20 | % | 3 | % | 426,792 | 375,823 | 14 | % | |||||||||||||
| Income before income taxes |
49,192 | 29,931 | 16,207 | 64 | % | 204 | % | 137,865 | 189,182 | -27 | % | |||||||||||||
| Net income |
25,141 | 15,731 | 3,216 | 60 | % | 682 | % | 69,189 | 102,417 | -32 | % | |||||||||||||
| Basic net income per share (yen) |
12.95 | 8.10 | 1.66 | 60 | % | 680 | % | 35.64 | 52.80 | -33 | % | |||||||||||||
| ROE (annualized) |
5.5 | % | 3.7 | % | 0.7 | % | 5.1 | % | 8.1 | % | ||||||||||||||
| (compared to 3/31/04) | ||||||||||||||||||||||||
| Total assets |
34,101,407 | 27,863,899 | 32,566,870 | 4,348,441 | ||||||||||||||||||||
| Total shareholders’ equity |
1,852,001 | 1,725,431 | 1,829,788 | 66,313 | ||||||||||||||||||||
| Shareholders’ equity per share |
954.01 | 888.61 | 942.50 | |||||||||||||||||||||
| Leverage (x) |
18.4 | 16.1 | 17.8 | |||||||||||||||||||||
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Consolidated Financial Summary (2)
(Millions of yen)
| Quarterly |
1Q-3Q Cumulative |
||||||||||||||||||
| FY2005.3 3Q |
FY2004.3 3Q |
FY2005.3 2Q |
Y-o-Y |
Q-o-Q |
FY2005.3 |
FY2004.3 |
Y-o-Y |
||||||||||||
| Revenue |
312,778 | 217,451 | 247,574 | 44 | % | 26 | % | 852,948 | 790,829 | 8 | % | ||||||||
| Commissions |
46,275 | 57,590 | 45,585 | -20 | % | 2 | % | 161,393 | 147,309 | 10 | % | ||||||||
| Fees from investment banking |
18,412 | 24,408 | 32,339 | -25 | % | -43 | % | 66,185 | 58,766 | 13 | % | ||||||||
| Asset management and portfolio service fees |
19,287 | 16,792 | 19,845 | 15 | % | -3 | % | 57,317 | 47,549 | 21 | % | ||||||||
| Net gain on trading |
54,709 | 33,800 | 23,073 | 62 | % | 137 | % | 131,349 | 181,329 | -28 | % | ||||||||
| Gain (loss) on private equity investments |
-2,165 | -2,105 | -2,097 | — | — | -3,764 | 4,493 | — | |||||||||||
| Interest and dividends |
141,052 | 78,333 | 119,848 | 80 | % | 18 | % | 360,092 | 296,213 | 22 | % | ||||||||
| Gain on investments in equity securities |
7,752 | 2,788 | -11,624 | 178 | % | — | 6,399 | 34,557 | -81 | % | |||||||||
| Other |
27,456 | 5,845 | 20,605 | 370 | % | 33 | % | 73,977 | 20,613 | 259 | % | ||||||||
| Interest expense |
118,890 | 67,220 | 90,733 | 77 | % | 31 | % | 288,291 | 225,824 | 28 | % | ||||||||
| Net revenue |
193,888 | 150,231 | 156,841 | 29 | % | 24 | % | 564,657 | 565,005 | 0 | % | ||||||||
| Non-interest expenses |
144,696 | 120,300 | 140,634 | 20 | % | 3 | % | 426,792 | 375,823 | 14 | % | ||||||||
| Income before income taxes |
49,192 | 29,931 | 16,207 | 64 | % | 204 | % | 137,865 | 189,182 | -27 | % | ||||||||
| Net income |
25,141 | 15,731 | 3,216 | 60 | % | 682 | % | 69,189 | 102,417 | -32 | % | ||||||||
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Review of Businesses
| n | Segment Information (P6) |
| n | Domestic Retail (P7-8) |
| n | Global Wholesale (P9-11) |
| n | Asset Management (P12-13) |
| n | Non-interest Expenses (P14) |
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Segment Information
(Billions of yen)
| Quarterly |
1Q-3Q Cumulative |
|||||||||||||||||||||||
| FY2005.3 |
Q-o-Q |
FY2005.3 |
FY2004.3 |
FY2005.3 |
FY2004.3 |
Y-o-Y |
||||||||||||||||||
| 3Q |
2Q |
1Q |
4Q |
3Q |
2Q |
1Q |
||||||||||||||||||
| Domestic Retail |
||||||||||||||||||||||||
| Net revenue |
73.0 | 64.8 | 13 | % | 87.0 | 79.8 | 75.4 | 75.6 | 75.0 | 224.8 | 225.9 | -1 | % | |||||||||||
| Non-interest expenses |
55.0 | 54.9 | 0 | % | 53.3 | 59.8 | 55.3 | 56.9 | 54.2 | 163.2 | 166.4 | -2 | % | |||||||||||
| Income before income taxes |
18.0 | 9.8 | 83 | % | 33.7 | 20.0 | 20.1 | 18.7 | 20.8 | 61.6 | 59.5 | 4 | % | |||||||||||
| Global Wholesale |
||||||||||||||||||||||||
| Net revenue |
73.4 | 65.4 | 12 | % | 87.5 | 99.3 | 57.3 | 115.0 | 94.2 | 226.3 | 266.4 | -15 | % | |||||||||||
| Non-interest expenses |
56.7 | 55.4 | 2 | % | 54.8 | 58.2 | 55.2 | 57.4 | 56.4 | 167.0 | 169.0 | -1 | % | |||||||||||
| Income before income taxes |
16.7 | 10.0 | 67 | % | 32.7 | 41.1 | 2.1 | 57.6 | 37.8 | 59.3 | 97.4 | -39 | % | |||||||||||
| Asset Management |
||||||||||||||||||||||||
| Net revenue |
12.3 | 11.0 | 12 | % | 9.7 | 9.0 | 10.6 | 8.0 | 8.3 | 33.0 | 26.9 | 23 | % | |||||||||||
| Non-interest expenses |
8.9 | 8.8 | 1 | % | 8.9 | 10.2 | 8.1 | 10.5 | 8.2 | 26.6 | 26.8 | -1 | % | |||||||||||
| Income before income taxes |
3.4 | 2.2 | 58 | % | 0.8 | -1.2 | 2.6 | -2.5 | 0.1 | 6.4 | 0.1 | 4257 | % | |||||||||||
| Total income before income taxes of 3 business segments |
38.1 | 22.0 | 73 | % | 67.1 | 59.9 | 24.7 | 73.7 | 58.7 | 127.3 | 157.1 | -19 | % | |||||||||||
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Domestic Retail(1) Revenue
3Q Points
Revenue up 13% from increased retail sales of foreign currency bonds and investment trusts including the Global Attractive Dividend Stock Fund.
| n | Commissions: 37.3 billion yen (up 6%) |
| ü | Retail Stock Brokerage Commissions: 19.3 billion yen (down 3%) |
| Ø | Individual Equity Agency Transaction Value (monthly average)* 9.9 trillion yen (down 1%) |
| Ø | Equity Holding Accounts: 1.659 million (as of 12/31/04, up 213,000 from 09/30/04) |
| ü | Commissions for Investment Trusts Distribution and Redemption:** 12.5 billion yen (up 36%) |
| Ø | Stock Investment Trusts Commissions: 9.1 billion yen (up 83%) |
| Ø | Foreign Investment Trusts Commissions: 2.1 billion yen (down 20%) |
| ü | Insurance: |
| Ø | Outstanding Value of Variable Annuity Insurance Policies: 405.9 billion yen (as of 12/31/04) |
| n | Fees from Investment Banking: 5.8 billion yen (down 30%) |
| ü | Distribution of JGBs for Individual Investors |
9th Issue: 191.4 billion yen
(Issue Amount: 1,765 billion yen, Nomura’s share: 11%)
| n | Sales Credit: 21.5 billion yen (up 62%) |
| n | Investment Trust Administration Fees and Other: 6.5 billion yen (down 0%) |
(Note) All percentage comprisons refer to Q-o-Q comparisons unless otherwise noted
| * | Data from the 3 major exchanges (Tokyo, Osaka, Nagoya) |
| ** | Nomura Securities |
Net Revenue and income before income taxes
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Domestic Retail(2) Client Assets
3Q Points
Enhanced promotion of “special accounts for stocks” which contributed to net asset inflow above 2.5 trillion yen. In addition, 195,000 new accounts were opened.
Retail Client Assets*
| * | Domestic Retail client assets, excluding financial institutions |
| ** | Includes CBs, warrants |
| *** | Includes variable annuity insurance |
Net Asset Inflow
(monthly average)
Net asset inflow: Gap between inflow and outflow of assets
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Global Wholesale (1) Global Markets
3Q Points
Recovery in retail bond sales and other order flow led to a 26% increase in revenue.
| n | Equity Market |
| ü | Equity Agency Transaction Value* (monthly average): 45.3 trillion yen (down 1% Q-o-Q) |
| n | Consolidated Net Gain on Trading & Net Interest Revenue |
| n | Large International Bond Underwritings |
| ü | Federal Farm Credit Bank US$ 2.25 billion (joint lead) |
| ü | EIB: US$ 1 billion (joint lead) |
| n | Foreign Currency Bond Offerings to Retail Investors |
| ü | Dexia Credit Local: AUD 715 million |
| ü | Commonwealth Bank of Australia: AUD 440 million |
| n | Asset Finance |
| ü | Arrangement of Japan’s first development securitization financing in Urawa Station East Exit Area Redevelopment Project |
| ü | First ever use of rated PFI loan in hospital development project in Omihachiman City Hospital Project |
| * | Total transaction value of listed domestic shares by trading participants with over 3 billion yen in capital (Source: Tokyo Stock Exchange) |
Net Revenue and Income before Income Taxes**
| ** | Data through FY04.3 4Q represent Fixed Income and Equity totals. |
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Global Wholesale (2) Investment Banking
3Q Points
A decline in equity financing resulted in a 12% drop in revenue.
| n | Equity and Equity-related Underwriting (IPO, PO, CB) |
| ü Value* |
Total : | US$ 11.29 billion (down 39% Q-o-Q) | ||
| Nomura: | US$ 2.50 billion (down 58% Q-o-Q) | |||
| *Thomson Financial (October - December 2004) | ||||
| ü | Major Deals |
| INPEX Privatization IPO: | 159.8 billion yen | |
| NTT Urban Dev. Global IPO: | 89.1 billion yen | |
| Xinhua Finance Limited** IPO: | 5.0 billion yen | |
| **first foreign company to be listed solely in Japan | ||
| ü | Ranking |
First in 2004 Equity and Equity-related Bookrunner League Table***
***Thomson Financial CY2004 data
| n | Capital Solutions Business |
| ü | Established Capital Solution Department (December 2004) |
| ü | MPO (Multiple Private Offering) |
7 MPOs in 3Q: 52.1 billion yen
| Key MPOs: The Nishi-Nippon City Bank (20 billion yen), Ebara Corp. (15 billion yen), Yoshinoya D&C Corp. (10 billion yen) |
(2004 total including HPOs: 27 deals, 348.8 billion yen)
| n | M&A Advisory Business |
| ü | Key Deals |
-Kirin Brewery’s capital participation in Dalian Daxue Brewery
-Kyorin Pharmaceutical’s acquisition of U.S. bio-tech venture company ActivX Biosciences
| ü | Ranking |
-2004 M&A league table leader in terms of deals completed***
Net Revenue and Income before Income Taxes
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Global Wholesale (3) Merchant Banking
3Q Points
Net loss of 3.5 billion yen primarily due to Terra Firma funding costs.
| n | New Deals |
| ü | 30 billion yen second round purchase of newly issued shares in Millennium Retailing by exercising stock purchase rights (planned for January 2005) |
| ü | NPF Investment in Raicho Fund |
| -Acquisition of injection molding tool business from Mitsubishi Materials Corp. and others |
| n | Merchant Banking Business Exposure |
Net Revenue and Income before Income Taxes
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Asset Management (1) Revenue
3Q Points
12% increase in revenue resulting from growth in assets under management and NCRAM performance fees.
| n | New Funds |
| ü | Global Attractive Dividend Stock Fund Initial sales: 68.1 billion yen (12/31/04 net assets = 123.1 billion yen) |
| n | Fund of Funds |
| ü | Fund of Funds Net Assets |
-12/31/04 Assets under management = 356.9 billion yen (up 29% from 9/30/04)
| n | Increased Assets of Funds for Bank Customers |
| ü | 43.9 billion yen as of 12/31/04 (up 39% from 9/30/04) |
| n | NCRAM Assets Under Management |
| ü | US$ 9.9 billion as of 12/31/04 (up 12% from 9/30/04) |
| ü | US High Yield Bond Income Fund net assets exceed US$ 3 billion as of 12/31/04 |
| n | Asset Management Fee (Consolidated) |
Net Revenue and Income before Income Taxes
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Asset Management (2) Assets Under Management
3Q Points
Continued increase in investment advisory assets, particularly from foreign clients.
Assets under Management
(Nomura Asset Management, “NAM”)
Public Investment Trusts & NAM’s Market Share
Source: The Investment Trusts Association, Japan
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Non-Interest Expenses
| * | All non-interest expense figures shown on this slide exclude the effects of the consolidation/deconsolidation of certain private equity investee companies. See slides 22, 23 for more details. |
3Q Points
Non-interest expenses declined 2% to 123.5 billion yen.
| n | Compensation and Benefits: 64.4 billion yen (up 4%Q-o-Q) |
| n | Information Processing and Communications:20.2 billion yen (up 1% Q-o-Q) |
| n | Business Development Expenses:6.2 billion yen (down 17% Q-o-Q) |
| n | Other Expenses: 16.9 billion yen (down 8% Q-o-Q) |
Fixed Cost Coverage Ratio: FY05.3 3Q: 31%
(Asset management-related fees of 19.8 billion yen divided by fixed-type expenses of 64.0 billion yen)
Asset management-related fees:
Asset management fees, custodial services fees, fees from coupon payments
Fixed-type expenses:
Fixed salaries, guaranteed bonuses, depreciation, real estate-related expenses and others
| * | Total amounts shown at the top of the graph correspond to non-interest expense amounts reported in Nomura Holdings’ consolidated income statements. |
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Appendix
| • | Revenue and Income by Business Segment (P16) |
| • | Global Wholesale (Revenue and Income by Business Line) (P17-18) |
| • | Domestic Retail Related Data (P19) |
| • | Major Differences (Segment / Income Statement) (P20) |
| • | Consolidated Financial Summary (Excluding the Effect of Consolidation/Deconsolidation of Certain Private Equity Investee Companies) (P21) |
| • | Additional Information on Adjustments for Certain Private Equity Investee Companies (1) (P22) |
| • | Additional Information on Adjustments for Certain Private Equity Investee Companies (2) (P23) |
| • | Revenue (P24-27) |
| • | Client Assets (P28) |
| • | Number of Accounts (P29) |
| • | Secondary Market Share Data (P30) |
| • | Primary Market Share Data (P31) |
| • | Lead Manager League Table (P32) |
| • | Assets Under Management (NAM / NCRAM) (P33) |
| • | VaR (P34) |
| • | Number of Employees (P35) |
Table of Contents
Revenue and Income by Business Segment (Quarterly Base)
Unit: millions of yen
| Domestic Retail | ||||||||||||||||||||||
| FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
2Q |
3Q |
4Q |
FY05.3 1Q |
2Q |
3Q | ||||||||||||
| Non-interest revenue |
66,436 | 56,136 | 69,366 | 54,999 | 74,573 | 75,214 | 74,893 | 79,355 | 86,210 | 64,191 | 71,986 | |||||||||||
| Net-interest revenue |
599 | 605 | 915 | 194 | 397 | 378 | 460 | 487 | 759 | 571 | 1,034 | |||||||||||
| Net revenue |
67,035 | 56,742 | 70,280 | 55,193 | 74,970 | 75,592 | 75,353 | 79,842 | 86,969 | 64,762 | 73,020 | |||||||||||
| Non-interest expenses |
53,137 | 55,294 | 51,180 | 53,951 | 54,201 | 56,916 | 55,273 | 59,823 | 53,294 | 54,920 | 54,981 | |||||||||||
| Income before income taxes |
13,899 | 1,449 | 19,100 | 1,241 | 20,769 | 18,676 | 20,080 | 20,019 | 33,675 | 9,842 | 18,039 | |||||||||||
| Unit: millions of yen | ||||||||||||||||||||||
| Global Wholesale | ||||||||||||||||||||||
| FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
2Q |
3Q |
4Q |
FY05.3 1Q |
2Q |
3Q | ||||||||||||
| Non-interest revenue |
73,321 | 24,324 | 40,124 | 58,906 | 68,977 | 94,852 | 51,351 | 75,665 | 74,936 | 33,674 | 31,267 | |||||||||||
| Net-interest revenue |
16,541 | 30,970 | 30,571 | 23,712 | 25,177 | 20,102 | 5,987 | 23,625 | 12,566 | 31,739 | 42,128 | |||||||||||
| Net revenue |
89,861 | 55,294 | 70,695 | 82,619 | 94,154 | 114,954 | 57,338 | 99,290 | 87,502 | 65,413 | 73,395 | |||||||||||
| Non-interest expenses |
53,387 | 46,320 | 48,946 | 58,784 | 56,356 | 57,400 | 55,247 | 58,224 | 54,847 | 55,415 | 56,739 | |||||||||||
| Income before income taxes |
36,474 | 8,974 | 21,749 | 23,835 | 37,798 | 57,554 | 2,091 | 41,066 | 32,655 | 9,998 | 16,656 | |||||||||||
| Unit: millions of yen | ||||||||||||||||||||||
| Asset Management | ||||||||||||||||||||||
| FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
2Q |
3Q |
4Q |
FY05.3 1Q |
2Q |
3Q | ||||||||||||
| Non-interest revenue |
9,850 | 10,288 | 7,290 | 7,400 | 7,598 | 7,633 | 10,459 | 8,610 | 9,046 | 10,482 | 12,034 | |||||||||||
| Net-interest revenue |
-55 | 23 | 1,762 | 502 | 682 | 389 | 154 | 432 | 627 | 152 | 309 | |||||||||||
| Net revenue |
9,795 | 10,311 | 9,052 | 7,902 | 8,280 | 8,022 | 10,613 | 9,042 | 9,673 | 10,994 | 12,343 | |||||||||||
| Non-interest expenses |
8,682 | 8,995 | 8,021 | 8,167 | 8,192 | 10,517 | 8,058 | 10,237 | 8,894 | 8,810 | 8,903 | |||||||||||
| Income before income taxes |
1,113 | 1,316 | 1,031 | -265 | 88 | -2,495 | 2,555 | -1,195 | 779 | 2,184 | 3,440 | |||||||||||
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Global Wholesale
(Revenue and Income by Business Line, Quarterly Base) (1)
Unit: millions of yen
| Global Markets* | ||||||
| FY05.3 1Q |
2Q |
3Q | ||||
| Net revenue |
71,799 | 44,886 | 56,641 | |||
| Fixed Income related |
38,535 | 15,978 | 27,051 | |||
| Equity related |
29,658 | 22,138 | 20,520 | |||
| Non-interest expenses |
41,175 | 41,513 | 43,797 | |||
| Income before income taxes |
30,624 | 3,373 | 12,844 | |||
Unit: millions of yen
| Fixed Income | ||||||||||||||||
| FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
2Q |
3Q |
4Q | |||||||||
| Net revenue |
43,887 | 32,476 | 41,550 | 36,052 | 62,261 | 48,118 | 26,319 | 37,296 | ||||||||
| Non-interest expenses |
18,944 | 16,334 | 17,605 | 23,877 | 25,093 | 22,274 | 20,725 | 23,718 | ||||||||
| Income before income taxes |
24,943 | 16,142 | 23,946 | 12,176 | 37,168 | 25,844 | 5,594 | 13,578 | ||||||||
Unit: millions of yen
| Equity | ||||||||||||||||
| FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
2Q |
3Q |
4Q | |||||||||
| Net revenue |
30,416 | 12,353 | 17,872 | 21,384 | 20,381 | 38,950 | 15,328 | 35,494 | ||||||||
| Non-interest expenses |
18,340 | 14,329 | 16,026 | 16,980 | 16,470 | 19,202 | 18,312 | 17,510 | ||||||||
| Income before income taxes |
12,076 | -1,977 | 1,846 | 4,404 | 3,911 | 19,748 | -2,984 | 17,984 | ||||||||
| * | In April 2004, Fixed Income, Equity and certain functions in Investment Banking were consolidated to create Global Markets. Fixed Income related and Equity related, which make up Net revenue, differ in composition to Fixed Income and Equity definitions used in the past. |
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Table of Contents
Global Wholesale
(Revenue and Income by Business Line, Quarterly Base) (2)
Unit: millions of yen
| Investment Banking* | ||||||||||||||||||||||
| FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
2Q |
3Q |
4Q |
FY05.3 1Q |
2Q |
3Q | ||||||||||||
| Net revenue |
16,830 | 16,453 | 14,801 | 21,041 | 12,908 | 20,568 | 18,013 | 19,380 | 12,945 | 22,874 | 20,242 | |||||||||||
| Non-interest expenses |
13,850 | 13,636 | 13,081 | 15,807 | 12,086 | 13,458 | 13,448 | 14,711 | 10,668 | 11,472 | 10,734 | |||||||||||
| Income before income taxes |
2,980 | 2,817 | 1,720 | 5,234 | 822 | 7,110 | 4,565 | 4,669 | 2,277 | 11,402 | 9,508 | |||||||||||
| Unit: millions of yen | ||||||||||||||||||||||
| Merchant Banking | ||||||||||||||||||||||
| FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
2Q |
3Q |
4Q |
FY05.3 1Q |
2Q |
3Q | ||||||||||||
| Net revenue |
-1,272 | -5,989 | -3,528 | 4,142 | -1,396 | 7,318 | -2,322 | 7,120 | 2,758 | -2,347 | -3,488 | |||||||||||
| Non-interest expenses |
2,253 | 2,019 | 2,233 | 2,122 | 2,707 | 2,466 | 2,762 | 2,285 | 3,004 | 2,430 | 2,208 | |||||||||||
| Income before income taxes |
-3,525 | -8,009 | -5,762 | 2,021 | -4,103 | 4,852 | -5,084 | 4,835 | -246 | -4,777 | -5,696 | |||||||||||
| * | In April 2004, Fixed Income, Equity and certain functions in Investment Banking were consolidated to create Global Markets. Figures for Investment Banking before FY2004 correspond to the figures for Investment Banking prior to the organizational change. |
18
Table of Contents
Domestic Retail Related Data
| FY03.3 |
FY04.3 |
FY05.3 | ||||||||||||||||||||
| Domestic Retail | 1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q | |||||||||||
| Retail Foreign Currency Bond Sales (Billions of yen) |
501.5 | 429.9 | 756.0 | 597.3 | 976.8 | 405.1 | 316.3 | 291.8 | 228.7 | 243.0 | 313.1 | |||||||||||
| Commissions for investment trusts distribution and redemption (Billions of yen)* | 12.8 | 6.7 | 7.7 | 7.7 | 9.6 | 10.1 | 12.3 | 15.0 | 14.5 | 9.2 | 12.5 | |||||||||||
| Bond investment trusts commission |
5.5 | 4.2 | 4.0 | 3.2 | 2.2 | 2.6 | 3.4 | 2.9 | 2.3 | 1.6 | 1.3 | |||||||||||
| Stock investment trusts commission |
6.0 | 1.8 | 1.3 | 2.6 | 2.6 | 4.9 | 6.6 | 7.4 | 7.6 | 5.0 | 9.1 | |||||||||||
| Foreign investment trusts commission** |
1.3 | 0.8 | 2.5 | 1.9 | 4.8 | 2.5 | 2.3 | 4.7 | 4.6 | 2.6 | 2.1 | |||||||||||
| Domestic distribution volume of investment trusts (Trillions of yen) | 3.3 | 2.5 | 3.5 | 2.6 | 3.2 | 3.5 | 3.4 | 3.7 | 3.9 | 3.2 | 3.4 | |||||||||||
| Bond investment trusts |
2.4 | 1.8 | 2.7 | 1.7 | 2.0 | 2.6 | 2.6 | 2.8 | 3.0 | 2.3 | 2.4 | |||||||||||
| Stock investment trusts |
0.5 | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.7 | |||||||||||
| Foreign investment trusts |
0.5 | 0.4 | 0.6 | 0.5 | 0.8 | 0.5 | 0.3 | 0.4 | 0.4 | 0.3 | 0.3 | |||||||||||
| 2002.6 |
2002.9 |
2002.12 |
2003.3 |
2003.6 |
2003.9 |
2003.12 |
2004.3 |
2004.6 |
2004.9 |
2004.12 | ||||||||||||
| Other (Billions of yen) |
||||||||||||||||||||||
| Outstanding value of Long-Term Bond Investment Trust* |
5,291 | 4,785 | 4,282 | 3,883 | 3,612 | 3,302 | 2,910 | 2,558 | 2,293 | 2,106 | 1,966 | |||||||||||
| Outstanding value of variable annuity insurance policies |
28.1 | 105.4 | 149.6 | 166.6 | 182.8 | 216.8 | 242.2 | 261.6 | 304.9 | 358.6 | 405.9 | |||||||||||
| * | Nomura Securities |
| ** | Commission during the initial and subsequent offering periods |
19
Table of Contents
Major Differences (Segment Data / Income Statement)
| (billions of yen) | 1Q |
2Q |
3Q |
1Q-3Q | ||||
| Total Income before Income Taxes for 3 Business Segments |
67.1 | 22.0 | 38.1 | 127.3 | ||||
| Loss/gain on undesignated hedging instruments included in Net Gain on Trading |
-13.0 | 5.3 | 0.9 | -6.8 | ||||
| Loss/gain on investment securities |
0.4 | 5.1 | 1.7 | 7.3 | ||||
| Equity in losses/earnings |
2.5 | 0.4 | 2.5 | 5.4 | ||||
| Corporate Items |
-0.7 | -1.1 | 1.6 | -0.3 | ||||
| Other |
3.1 | -2.1 | -0.9 | 0.1 | ||||
| Unrealized loss/gain on investments in equity securities held for relationship purposes |
9.8 | -15.4 | 5.8 | 0.2 | ||||
| Effect of consolidation/deconsolidation of private equity investee companies |
3.1 | 1.9 | -0.4 | 4.6 | ||||
| Difference between Segments Total and Income Statement |
5.4 | -5.8 | 11.1 | 10.6 | ||||
| Income before Income Taxes |
72.5 | 16.2 | 49.2 | 137.9 |
20
Table of Contents
Consolidated Financial Summary (Excluding the Effect of Consolidation and Deconsolidation of Certain Private Equity Investee Companies)
(Millions of yen)
U.S. GAAP Figures
| Quarterly |
1Q-3Q Total |
||||||||||||||||||
| FY2005.3 3Q |
FY2004.3 3Q |
FY2005.3 2Q |
Y-o-Y |
Q-o-Q |
FY2005.3 |
FY2004.3 |
Y-o-Y |
||||||||||||
| Net revenue |
193,888 | 150,231 | 156,841 | 29 | % | 24 | % | 564,657 | 565,005 | 0 | % | ||||||||
| Non-interest expenses |
144,696 | 120,300 | 140,634 | 20 | % | 3 | % | 426,792 | 375,823 | 14 | % | ||||||||
| Income before income taxes |
49,192 | 29,931 | 16,207 | 64 | % | 204 | % | 137,865 | 189,182 | -27 | % | ||||||||
| Effect of Consolidation/Deconsolidation of Certain Private Equity Investee Companies* | |||||||||||||||||||
| Quarterly |
1Q-3Q Total |
||||||||||||||||||
| FY2005.3 3Q |
FY2004.3 3Q |
FY2005.3 2Q |
Y-o-Y |
Q-o-Q |
FY2005.3 |
FY2004.3 |
Y-o-Y |
||||||||||||
| Net revenue |
20,764 | 2,764 | 16,158 | 651 | % | 29 | % | 56,812 | 7,013 | 710 | % | ||||||||
| Non-interest expenses |
21,197 | 1,987 | 14,232 | 967 | % | 49 | % | 52,171 | 6,553 | 696 | % | ||||||||
| Income before income taxes |
-433 | 777 | 1,926 | -156 | % | -122 | % | 4,641 | 460 | 909 | % | ||||||||
| Adjusted Figures | |||||||||||||||||||
| Quarterly |
1Q-3Q Total |
||||||||||||||||||
| FY2005.3 3Q |
FY2004.3 3Q |
FY2005.3 2Q |
Y-o-Y |
Q-o-Q |
FY2005.3 |
FY2004.3 |
Y-o-Y |
||||||||||||
| Net revenue |
173,124 | 147,467 | 140,683 | 17 | % | 23 | % | 507,845 | 557,992 | -9 | % | ||||||||
| Non-interest expenses |
123,499 | 118,313 | 126,402 | 4 | % | -2 | % | 374,621 | 369,270 | 1 | % | ||||||||
| Income before income taxes |
49,625 | 29,154 | 14,281 | 70 | % | 247 | % | 133,224 | 188,722 | -29 | % | ||||||||
| (*) | Derived from reconciliation information to “Segment Information-Operating segment” section of Nomura Holdings’ unaudited consolidated “Financial Highlights—Nine months ended December 2004,” “Financial Highlights—6 months ended September 2004,” and “Financial Highlights—Three months ended June 2004.” |
21
Table of Contents
Additional Information on Adjustments for Certain Private Equity Investee Companies (1)
| n | The following 2 pages include reconciliations of amounts shown in Slide 14 to relevant U.S. GAAP amounts reported in Nomura Holdings’ consolidated income statements. |
1. Fixed- and variable-type expenses
| FY05.3 3Q | ||
| (billions of yen) | ||
| Fixed-type expenses |
68.1 | |
| excluding private equity investee companies |
64.0 | |
| private equity investee companies |
4.1 | |
| Variable-type expenses |
76.6 | |
| excluding private equity investee companies |
59.5 | |
| private equity investee companies |
17.1 | |
| Total non-interest expenses |
144.7 | |
2. Fixed-and variable-type compensation expenses and benefits
| FY05.3 3Q | ||
| (billions of yen) | ||
| Fixed-type compensation and benefits |
40.3 | |
| excluding private equity investee companies |
37.8 | |
| private equity investee companies |
2.6 | |
| Variable-type compensation and benefits |
27.1 | |
| excluding private equity investee companies |
26.7 | |
| private equity investee companies |
0.4 | |
| Total compensation and benefits |
67.4 | |
3. Asset management related Revenue for FY2005.3 3Q
No asset management-related revenue relates to private equity investee companies.
Asset management-related revenue for FY2005.3 3Q total 19.8 billion yen. This is comprised of 13.6 billion yen of asset management fees, 3.1 billion yen of administration fees, 2.6 billion yen of custodial fees, and 0.5 billion yen of bond principal/interest payment agency fees.
22
Table of Contents
Additional Information on Adjustments for Certain Private Equity Investee Companies (2)
(Billions of yen)
| FY04.31Q |
FY04.32Q |
FY04.33Q |
FY04.34Q |
FY05.31Q |
FY05.32Q |
FY05.33Q | ||||||||
| Compensation and benefIts |
65.9 | 67.7 | 61.8 | 63.9 | 65.9 | 64.2 | 67.4 | |||||||
| Excluding private equity investee companies |
65.7 | 67.4 | 61.5 | 62.3 | 64.4 | 62.0 | 64.4 | |||||||
| Private equity investee companies |
0.2 | 0.3 | 0.3 | 1.6 | 1.6 | 2.2 | 3.0 | |||||||
| Commissions and floor brokerage |
4.9 | 4.6 | 3.5 | 6.2 | 6.4 | 6.5 | 4.1 | |||||||
| Excluding private equity investee companies |
4.8 | 4.6 | 3.4 | 6.0 | 5.9 | 6.1 | 3.5 | |||||||
| Private equity investee companies |
0.1 | 0.0 | 0.1 | 0.1 | 0.5 | 0.4 | 0.5 | |||||||
| Information processing and communications |
18.9 | 19.5 | 19.2 | 22.5 | 19.3 | 20.1 | 20.4 | |||||||
| Excluding private equity investee companies |
18.9 | 19.5 | 19.1 | 22.4 | 19.2 | 20.1 | 20.2 | |||||||
| Private equity investee companies |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 | |||||||
| Occupancy and related depreciation |
13.3 | 13.5 | 12.9 | 14.5 | 13.3 | 13.0 | 13.2 | |||||||
| Excluding private equity investee companies |
13.3 | 13.4 | 12.8 | 14.2 | 13.0 | 12.5 | 12.3 | |||||||
| Private equity investee companies |
0.0 | 0.1 | 0.1 | 0.3 | 0.3 | 0.5 | 0.9 | |||||||
| Business development expenses |
5.0 | 5.4 | 5.5 | 7.2 | 5.4 | 7.8 | 6.8 | |||||||
| Excluding private equity investee companies |
4.9 | 5.4 | 5.5 | 7.0 | 5.1 | 7.4 | 6.2 | |||||||
| Private equity investee companies |
0.0 | 0.0 | 0.0 | 0.2 | 0.3 | 0.3 | 0.7 | |||||||
| Other |
20.8 | 16.0 | 17.4 | 30.4 | 31.1 | 29.0 | 32.8 | |||||||
| Excluding private equity investee companies |
17.9 | 15.2 | 16.0 | 22.8 | 17.1 | 18.3 | 16.9 | |||||||
| Private equity investee companies |
2.9 | 0.8 | 1.4 | 7.6 | 14.1 | 10.8 | 15.9 | |||||||
| Total non-interest expenses |
128.8 | 126.7 | 120.3 | 144.6 | 141.5 | 140.6 | 144.7 | |||||||
| Excluding private equity investee companies |
125.5 | 125.5 | 118.3 | 134.7 | 124.7 | 126.4 | 123.5 | |||||||
| Private equity investee companies |
3.3 | 1.3 | 2.0 | 9.9 | 16.7 | 14.2 | 21.2 | |||||||
23
Table of Contents
Revenue (1)
(Commissions)
24
Table of Contents
Revenue (2)
(Fees from Investment Banking)
25
Table of Contents
Revenue (3)
(Asset Management and Portfolio Service Fees)
26
Table of Contents
Revenue (4)
(Net Gain on Trading / Net Interest Revenue)
27
Table of Contents
Client Assets (Trillions of yen)
Nomura Securities
| Jun.02 |
Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 | ||||||||||||
| Equities |
24.9 | 23.6 | 22.3 | 21.6 | 24.8 | 28.7 | 30.3 | 35.9 | 37.2 | 34.9 | 39.2 | |||||||||||
| Bonds |
14.9 | 15.4 | 15.4 | 16.8 | 17.9 | 18.4 | 17.5 | 17.3 | 17.3 | 18.3 | 18.2 | |||||||||||
| Stock investment trusts |
2.7 | 2.5 | 2.4 | 2.4 | 2.6 | 2.8 | 3.1 | 3.3 | 3.5 | 3.4 | 3.7 | |||||||||||
| Bond investment trusts |
8.2 | 7.4 | 6.9 | 6.5 | 6.3 | 6.2 | 5.8 | 5.6 | 5.3 | 4.9 | 4.8 | |||||||||||
| Overseas mutual funds |
1.0 | 1.0 | 1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6 | 1.7 | 1.9 | 1.9 | |||||||||||
| Other |
0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
| Total |
51.8 | 50.0 | 48.2 | 48.5 | 52.9 | 57.6 | 58.2 | 63.8 | 65.0 | 63.5 | 67.9 |
Client Assets (Domestic Retail, excluding financials)
| Jun.02 |
Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 | ||||||||||||
| Equities |
11.4 | 10.6 | 9.9 | 9.5 | 11.1 | 12.8 | 13.7 | 16.0 | 16.9 | 15.9 | 18.5 | |||||||||||
| Foreign Bonds |
2.6 | 2.8 | 3.2 | 3.4 | 3.9 | 3.7 | 3.8 | 3.7 | 3.6 | 3.8 | 3.6 | |||||||||||
| Domestic Bonds |
4.7 | 4.9 | 5.0 | 5.0 | 5.1 | 5.3 | 5.7 | 6.1 | 6.5 | 7.0 | 7.2 | |||||||||||
| Stock investment trusts |
2.4 | 2.2 | 2.1 | 2.0 | 2.2 | 2.4 | 2.5 | 2.7 | 2.7 | 2.6 | 2.8 | |||||||||||
| Bond investment trusts |
7.9 | 6.7 | 6.3 | 5.9 | 5.7 | 5.6 | 5.2 | 5.0 | 4.7 | 4.4 | 4.2 | |||||||||||
| Overseas Mutual Funds |
0.8 | 0.9 | 0.9 | 1.0 | 1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.7 | 1.7 | |||||||||||
| Other |
0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | |||||||||||
| Total |
29.3 | 28.2 | 27.6 | 27.1 | 29.3 | 31.3 | 32.5 | 35.2 | 36.2 | 35.6 | 38.5 |
| • | As of the end of December 2004, client assets (Domestic Retail, including financials) totaled 44.1 trillion yen (41.3 trillion yen at end of September 2004) |
28
Table of Contents
Number of Accounts
Nomura Home Trade (online trading accounts) (Thousands of accounts)
| Jun.02 |
Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 |
|||||||||||||||||||||||
| 1,005 | 1,079 | 1,114 | 1,141 | 1,168 | 1,215 | 1,290 | 1,367 | 1,452 | 1,533 | 1,651 | |||||||||||||||||||||||
|
IT Share
|
| ||||||||||||||||||||||||||||||||
| FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
2Q |
3Q |
4Q |
FY05.3 1Q |
2Q |
3Q |
|||||||||||||||||||||||
| No. of orders |
39 | % | 38 | % | 33 | % | 42 | % | 45 | % | 46 | % | 46 | % | 49 | % | 49 | % | 51 | % | 50 | % | |||||||||||
| Transaction value |
17 | % | 14 | % | 9 | % | 17 | % | 21 | % | 21 | % | 21 | % | 23 | % | 23 | % | 25 | % | 23 | % | |||||||||||
| Nomura Cash Management Service (Thousands of accounts)
|
| ||||||||||||||||||||||||||||||||
| Jun.02 |
Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 |
|||||||||||||||||||||||
| 2,965 | 3,029 | 3,079 | 3,112 | 3,145 | 3,195 | 3,285 | 3,347 | 3,413 | 3,479 | 3,666 | |||||||||||||||||||||||
|
Equity Holding Accounts (Thousands of accounts)
|
| ||||||||||||||||||||||||||||||||
| Jun.02 |
Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 |
|||||||||||||||||||||||
| 1,246 | 1,274 | 1,285 | 1,302 | 1,308 | 1,323 | 1,349 | 1,369 | 1,394 | 1,446 | 1,659 | |||||||||||||||||||||||
|
New Accounts (individual, monthly average) (Thousands of accounts)
|
| ||||||||||||||||||||||||||||||||
| FY03.3 1Q |
2Q |
3Q |
4Q |
FY04.3 1Q |
2Q |
3Q |
4Q |
FY05.3 1Q |
2Q |
3Q |
|||||||||||||||||||||||
| 20 | 22 | 20 | 16 | 16 | 21 | 24 | 26 | 27 | 28 | 65 | |||||||||||||||||||||||
29
Table of Contents
Secondary Market Share Data
(Market unit : Trillions of yen)
Individual Equity Agency Transactions Share (monthly average)
| FY03.3 1Q |
2Q |
3Q |
FY04.3 4Q |
1Q |
2Q |
3Q |
FY05.3 4Q |
1Q |
2Q |
3Q |
|||||||||||||||||||||||
| Market |
5.2 | 3.9 | 5.2 | 3.1 | 5.0 | 9.1 | 9.8 | 11.4 | 13.9 | 10.0 | 9.9 | ||||||||||||||||||||||
| Nomura’s share |
20 | % | 16 | % | 17 | % | 8 | % | 8 | % | 10 | % | 9 | % | 10 | % | 10 | % | 7 | % | 8 | % | |||||||||||
| Off-floor/O ff-exchange Equity Tradin g Share
|
| ||||||||||||||||||||||||||||||||
| FY03.3 1Q |
2Q |
3Q |
FY04.3 4Q |
1Q |
2Q |
3Q |
FY05.3 4Q |
1Q |
2Q |
3Q |
|||||||||||||||||||||||
| Off-floor market |
4.1 | 4.1 | 2.7 | 3.2 | 3.5 | 4.9 | 4.3 | 6.6 | 5.7 | 4.2 | 4.7 | ||||||||||||||||||||||
| Off-exchange |
9.6 | 8.7 | 8.7 | 6.3 | 8.1 | 9.1 | 6.8 | 7.9 | 9.3 | 7.5 | 7.2 | ||||||||||||||||||||||
| Nomura’s share |
24 | % | 18 | % | 21 | % | 15 | % | 15 | % | 16 | % | 17 | % | 15 | % | 18 | % | 16 | % | 16 | % | |||||||||||
| JGB Auction Share
|
| ||||||||||||||||||||||||||||||||
| FY03.3 1Q |
2Q |
3Q |
FY04.3 4Q |
1Q |
2Q |
3Q |
FY05.3 4Q |
1Q |
2Q |
3Q |
|||||||||||||||||||||||
| Market |
16.8 | 18.2 | 15.7 | 17.3 | 18.4 | 18.7 | 18.1 | 19.2 | 19.4 | 20.3 | 19.9 | ||||||||||||||||||||||
| Nomura’s share |
20 | % | 18 | % | 10 | % | 12 | % | 14 | % | 17 | % | 12 | % | 19 | % | 16 | % | 15 | % | 25 | % | |||||||||||
| Secondary Bond Trading
|
| ||||||||||||||||||||||||||||||||
| FY03.3 1Q |
2Q |
3Q |
FY04.3 4Q |
1Q |
2Q |
3Q |
FY05.3 4Q |
1Q |
2Q |
3Q |
|||||||||||||||||||||||
| Market |
296 | 299 | 261 | 273 | 321 | 326 | 281 | 308 | 368 | 350 | 324 | ||||||||||||||||||||||
| Nomura’s share |
13 | % | 16 | % | 13 | % | 14 | % | 18 | % | 16 | % | 16 | % | 15 | % | 14 | % | 17 | % | 15 | % | |||||||||||
30
Table of Contents
Primary Market Share Data (Value Base)
| Japanese IPO | |||||||||||||||||||||||||||||||||
| FY03.3 02.4-6 |
02.4-9 |
02.4-12 |
02.4-03.3 |
FY04.3 03.4-6 |
03.4-9 |
03.4-12 |
03.4-04.3 |
FY05.3 04.4-6 |
04.4-9 |
04.4-12 |
|||||||||||||||||||||||
| Nomura’s share |
9 | % | 8 | % | 9 | % | 11 | % | 5 | % | 10 | % | 26 | % | 27 | % | 45 | % | 42 | % | 36 | % | |||||||||||
| Japanese PO | |||||||||||||||||||||||||||||||||
| FY03.3 02.4-6 |
02.4-9 |
02.4-12 |
02.4-03.3 |
FY04.3 03.4-6 |
03.4-9 |
03.4-12 |
03.4-04.3 |
FY05.3 04.4-6 |
04.4-9 |
04.4-12 |
|||||||||||||||||||||||
| Nomura’s share |
40 | % | 41 | % | 44 | % | 50 | % | 37 | % | 58 | % | 39 | % | 33 | % | 17 | % | 26 | % | 26 | % | |||||||||||
| Convertible Bonds | |||||||||||||||||||||||||||||||||
| FY03.3 02.4-6 |
02.4-9 |
02.4-12 |
02.4-03.3 |
FY04.3 03.4-6 |
03.4-9 |
03.4-12 |
03.4-04.3 |
FY05.3 04.4-6 |
04.4-9 |
04.4-12 |
|||||||||||||||||||||||
| Nomura’s share |
1 | % | 10 | % | 15 | % | 13 | % | 9 | % | 14 | % | 26 | % | 28 | % | 21 | % | 20 | % | 18 | % | |||||||||||
| Global and Euro Yen Bonds | |||||||||||||||||||||||||||||||||
| FY03.3 02.4-6 |
02.4-9 |
02.4-12 |
02.4-03.3 |
FY04.3 03.4-6 |
03.4-9 |
03.4-12 |
03.4-04.3 |
FY05.3 04.4-6 |
04.4-9 |
04.4-12 |
|||||||||||||||||||||||
| Nomura’s share |
35 | % | 24 | % | 20 | % | 21 | % | 37 | % | 40 | % | 35 | % | 31 | % | 24 | % | 23 | % | 29 | % | |||||||||||
| Straight Bonds, Lead Manager (excl. self-funding) | |||||||||||||||||||||||||||||||||
| FY03.3 02.4-6 |
02.4-9 |
02.4-12 |
02.4-03.3 |
FY04.3 03.4-6 |
03.4-9 |
03.4-12 |
03.4-04.3 |
FY05.3 04.4-6 |
04.4-9 |
04.4-12 |
|||||||||||||||||||||||
| Nomura’s share |
24 | % | 25 | % | 26 | % | 26 | % | 22 | % | 22 | % | 20 | % | 19 | % | 17 | % | 18 | % | 18 | % | |||||||||||
| Source: | Thomson Financial |
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Table of Contents
League Tables (for 9-month period ended December 31, 2004)
| Global Equity & Equity-related (Japan) | |||||||||
| 1/1/2004 - 12/31/2004 | |||||||||
| Rank |
Book Runner |
Proceeds (US$ mil) |
Mkt. Share |
Number of Issues | |||||
| 1 | Nomura |
16,026.6 | 26.5 | % | 161 | ||||
| 2 | Daiwa Securities SMBC |
11,642.2 | 19.2 | % | 119 | ||||
| 3 | Nikko Citigroup Ltd |
8,996.3 | 14.9 | % | 73 | ||||
| 4 | UBS |
4,849.2 | 8.0 | % | 10 | ||||
| 5 | Mizuho Financial Group |
3,275.0 | 5.4 | % | 47 | ||||
| 6 | Morgan Stanley |
2,935.4 | 4.9 | % | 7 | ||||
| 7 | Mitsubishi Tokyo Fin’l Group |
2,651.2 | 4.4 | % | 37 | ||||
| 8 | Merrill Lynch & Co Inc |
2,419.8 | 4.0 | % | 6 | ||||
| 9 | Goldman Sachs & Co |
1,692.9 | 2.8 | % | 7 | ||||
| 10 | Deutsche Bank AG |
1,395.4 | 2.3 | % | 10 | ||||
| Global and Euro Yen Bonds | |||||||||
| 1/1/2004 - 12/31/2004 | |||||||||
| Rank |
Book Runner |
Proceeds Amount + Overallotment Sold (US$ mil) |
Mkt. Share |
Number of Issues | |||||
| 1 | Nomura |
600,236.4 | 26.3 | % | 28 | ||||
| 2 | Citigroup |
270,836.9 | 11.9 | % | 25 | ||||
| 3 | Daiwa Securities SMBC |
266,056.9 | 11.7 | % | 25 | ||||
| 4 | Merrill Lynch & Co Inc |
208,664.7 | 9.2 | % | 5 | ||||
| 5 | Deutsche Bank AG |
187,222.4 | 8.2 | % | 18 | ||||
| 6 | Barclays Capital |
130,620.0 | 5.7 | % | 10 | ||||
| 7 | Morgan Stanley |
105,914.3 | 4.7 | % | 7 | ||||
| 8 | UBS |
104,292.4 | 4.6 | % | 4 | ||||
| 9 | Lehman Brothers |
96,792.6 | 4.3 | % | 4 | ||||
| 10 | Mizuho Financial Group |
87,724.5 | 3.9 | % | 5 | ||||
| Straight Bonds Book Runner (excluding self-funding) | |||||||||
| 4/1/2004 - 12/31/2004 | |||||||||
| Rank |
Book Runner |
Proceeds Amount + Overallotment Sold (Mil. yen) |
Mkt. Share |
Number of Issues | |||||
| 1 | Daiwa Securities SMBC |
1,655,615.0 | 24.9 | % | 80 | ||||
| 2 | Nomura |
1,342,047.0 | 20.2 | % | 83 | ||||
| 3 | Mizuho Securities |
1,014,020.0 | 15.2 | % | 65 | ||||
| 4 | Nikko Citigroup Ltd |
889,883.0 | 13.4 | % | 55 | ||||
| 5 | Mitsubishi Securities |
784,612.0 | 11.8 | % | 38 | ||||
| 6 | Goldman Sachs & Co |
279,921.0 | 4.2 | % | 18 | ||||
| 7 | Morgan Stanley |
228,927.0 | 3.4 | % | 17 | ||||
| 8 | UFJ Tsubasa |
179,987.0 | 2.7 | % | 15 | ||||
| 9 | Merrill Lynch & Co Inc |
64,991.0 | 1.0 | % | 5 | ||||
| 10 | Shinko Securities |
62,993.0 | 1.0 | % | 6 | ||||
|
Any Japanese Involvement Financial Advisors | |||||||||
| announced deals, value base | |||||||||
| 1/1/2004 - 12/31/2004 | |||||||||
| Rank |
Advisor |
Rank Value ($US mil) |
Mkt. Share |
Number of Deals | |||||
| 1 | Daiwa Securities SMBC |
45,411.6 | 38.7 | % | 96 | ||||
| 2 | Goldman Sachs & Co |
41,925.9 | 35.8 | % | 22 | ||||
| 3 | Merrill Lynch & Co Inc |
37,818.0 | 32.3 | % | 34 | ||||
| 4 | JP Morgan |
36,448.5 | 31.1 | % | 21 | ||||
| 5 | Nomura |
19,746.4 | 16.9 | % | 130 | ||||
| 6 | Citigroup |
10,720.1 | 9.2 | % | 27 | ||||
| 7 | Morgan Stanley |
10,052.7 | 8.6 | % | 14 | ||||
| 8 | Lehman Brothers |
9,725.0 | 8.3 | % | 7 | ||||
| 9 | Mizuho Financial Group |
8,575.6 | 7.3 | % | 108 | ||||
| 10 | UBS |
6,995.0 | 6.0 | % | 12 | ||||
| completed deals, value base | |||||||||
| 1/1/2004 - 12/31/2004 | |||||||||
| Rank |
Advisor |
Rank Value ($US mil) |
Mkt. Share |
Number of Deals | |||||
| 1 | Nomura |
26,150.5 | 33.5 | % | 110 | ||||
| 2 | Daiwa Securities SMBC |
18,082.8 | 23.1 | % | 81 | ||||
| 3 | Goldman Sachs & Co |
12,451.3 | 15.9 | % | 14 | ||||
| 4 | JP Morgan |
9,890.0 | 12.7 | % | 19 | ||||
| 5 | Citigroup |
9,221.4 | 11.8 | % | 20 | ||||
| 6 | Mizuho Financial Group |
9,171.3 | 11.7 | % | 112 | ||||
| 7 | Merrill Lynch & Co Inc |
8,561.9 | 11.0 | % | 29 | ||||
| 8 | Mitsubishi Tokyo Fin’l Group |
7,078.7 | 9.1 | % | 70 | ||||
| 9 | UBS |
6,886.4 | 8.8 | % | 11 | ||||
| 10 | Deutsche Bank AG |
4,239.1 | 5.4 | % | 7 | ||||
| * | Based on deals announced, league table on rank value |
Source: Thomson Financial
32
Table of Contents
Assets Under Management (NAM / NCRAM)
NAM (Trillions of yen)
| Jun.02 |
Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 | ||||||||||||
| Stock investment trusts |
3.6 | 3.3 | 3.3 | 3.2 | 3.5 | 4.3 | 4.3 | 4.5 | 4.6 | 4.1 | 4.4 | |||||||||||
| Bond investment trusts |
9.2 | 8.3 | 7.8 | 7.3 | 7.0 | 7.0 | 6.6 | 6.3 | 6.0 | 5.7 | 5.6 | |||||||||||
| Non-public investment trusts |
0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.6 | 0.8 | |||||||||||
| Investment advisory (domestic) |
3.3 | 3.1 | 3.0 | 2.9 | 2.9 | 2.9 | 2.9 | 3.0 | 3.1 | 3.0 | 3.1 | |||||||||||
| Investment advisory (overseas) |
0.8 | 0.8 | 0.7 | 0.7 | 0.8 | 0.9 | 1.1 | 1.4 | 1.5 | 1.6 | 1.8 | |||||||||||
| Total |
17.1 | 15.6 | 15.1 | 14.2 | 14.5 | 15.4 | 15.2 | 15.7 | 15.7 | 15.1 | 15.7 | |||||||||||
|
NCRAM (US$ Billions)
| ||||||||||||||||||||||
| Jun.02 |
Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 | ||||||||||||
| Total |
3.7 | 3.8 | 4.4 | 4.7 | 5.3 | 5.8 | 6.5 | 7.7 | 8.0 | 8.9 | 9.9 | |||||||||||
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Table of Contents
Value at Risk (Consolidated)
| n Definition |
From Apr. 1, 2004 to Dec. 31, 2004 | |||||
| Ø 99% confidence level |
Maximum: | 10.7 billion yen | ||||
| Ø 1-day time horizon for out trading portfolio |
Minimum: | 3.5 billion yen | ||||
| Ø Inter-product price fluctuations considered |
Average: | 5.1 billion yen | ||||
| (Billions of yen) | |||||||||||||||||||||||||||||||||
| End of quarter |
Jun.02 |
Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 |
||||||||||||||||||||||
| Equity |
1.8 | 1.3 | 1.3 | 1.5 | 2.1 | 2.3 | 2.9 | 3.3 | 3.0 | 5.6 | 2.9 | ||||||||||||||||||||||
| Interest Rate |
1.7 | 1.8 | 1.9 | 2.3 | 2.5 | 2.4 | 2.5 | 2.0 | 2.8 | 2.6 | 3.1 | ||||||||||||||||||||||
| Foreign Exchange |
0.4 | 0.4 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.5 | 0.4 | 0.3 | 0.6 | ||||||||||||||||||||||
| Sub-total |
3.8 | 3.5 | 3.5 | 4.0 | 4.9 | 4.9 | 5.7 | 5.8 | 6.3 | 8.5 | 6.5 | ||||||||||||||||||||||
| Diversification Benefit |
(1.2 | ) | (1.2 | ) | (1.1 | ) | (0.9 | ) | (1.5 | ) | (1.3 | ) | (1.8 | ) | (1.9 | ) | (2.2 | ) | (2.3 | ) | (2.2 | ) | |||||||||||
| VaR |
2.6 | 2.3 | 2.4 | 3.1 | 3.4 | 3.6 | 3.8 | 3.9 | 4.0 | 6.1 | 4.3 | ||||||||||||||||||||||
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Table of Contents
Number of Employees
| Sep.02 |
Dec.02 |
Mar.03 |
Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 | |||||||||||
| Asia/Oceania |
462 | 461 | 616 | 622 | 646 | 652 | 655 | 668 | 684 | 704 | ||||||||||
| Americas |
753 | 752 | 797 | 821 | 843 | 852 | 866 | 914 | 935 | 968 | ||||||||||
| Europe |
1,352 | 1,343 | 1,389 | 1,439 | 1,372 | 1,439 | 1,403 | 1,407 | 1,458 | 1,499 | ||||||||||
| Japan (FA, SA) |
2,072 | 2,033 | 1,986 | 1,960 | 1,901 | 1,909 | 1,915 | 1,985 | 1,922 | 1,940 | ||||||||||
| Japan (excluding FA, SA)* |
9,969 | 9,868 | 9,258 | 9,561 | 9,435 | 9,316 | 9,148 | 9,430 | 9,424 | 9,326 | ||||||||||
| Total |
14,608 | 14,457 | 14,046 | 14,403 | 14,197 | 14,168 | 13,987 | 14,404 | 14,423 | 14,437 | ||||||||||
| * | Excludes the effects of the consolidation/deconsolidation of certain private equity investee companies. |
35
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