Edgar Filing: NOMURA HOLDINGS INC

FORM 6-K

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

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

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of 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):

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.

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

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.

Notes

(1) Changes in significant subsidiaries during the period: None

(Changes in Specified Subsidiaries accompanying changes in scope of consolidation.)

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

Changes in accounting policies due to amendments to the accounting standards: None

Changes in accounting policies due to other than a): None

(4) Number of shares issued (common stock)


	At March 31		At 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.

Table of Contents for the Accompanying Materials


1. Qualitative Information of the Quarterly Consolidated Results			P.2

(1) Consolidated Operating Results			P.2
(2) Consolidated Financial Position			P.5
(3) Consolidated Earnings Forecasts			P.5

2. Quarterly Consolidated Financial Statements			P.5

(1) Consolidated Balance Sheets			P.6
(2) Consolidated Statements of Income			P.8
(3) Consolidated Statements of Comprehensive Income			P.9
(4) Note with respect to the Assumption as a Going Concern			P.9
(5) Segment Information – Operating Segment			P.10
(6) Significant Changes in Equity			P.11

3. Supplementary Information			P.12

(1) Consolidated Statements of Income – Quarterly Comparatives			P.12
(2) Business Segment Information – Quarterly Comparatives			P.13
(3) Unconsolidated Quarterly Financial Statements [Japanese GAAP]			P.14
(4) Other			P.14

1.	Qualitative Information of the Quarterly Consolidated Results

(1)

Consolidated Operating Results

U.S. GAAP


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

<Business Segment Results>

Operating Results of Retail


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

Operating Results of Wholesale


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

(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

2.	Quarterly Consolidated Financial Statements

The quarterly consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 26, 2014) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 26, 2014) for the year ended March 31, 2014.

The review process of the quarterly consolidated financial statements for this period has not been completed by the external auditors.

(1)

Consolidated Balance Sheets (UNAUDITED)


	Millions of yen
	March 31, 2014			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


			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

(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	)

(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.

(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)			(B-A)/(A)
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			—

(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

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)		(B-A)/(A)			For the year ended March 31, 2014
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

(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)		(B-A)/(A)			For the year ended March 31, 2014

Net revenue

Business segment information:
Retail		166,342			119,730			127,975			97,869			106,865		117,938		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)			(B-A)/(A)			For the year ended March 31, 2014
Net gain (loss) related to economic hedging transactions		7,373			(1,667	)		5,150			6,547			6,919			2,169			(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

(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