Edgar Filing: NOMURA HOLDINGS INC

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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

Supplement for the month of July 2004.

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-

Information furnished on this form:

EXHIBIT

Exhibit Number


1.		[Financial Highlights—Three months ended June 2004]
2.		[Nomura Announces Dividend Policy and Target Dividend Amounts]

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: July 29, 2004	By:	/s/ Hiroshi Tanaka
		Hiroshi Tanaka
		Senior Managing Director

LOGO

July 29, 2004

Financial Highlights – Three months ended June 2004

We are pleased to report the following consolidated financial highlights based on consolidated financial information under US GAAP for the three months ended June 2004.


				For further information, please contact:
				Shinji Iwai
				Managing Director
				Investor Relations Department
				Nomura Group Headquarters
				Nomura Securities Co., Ltd.
				9-1 Nihonbashi 1-chome, Chuo-ku
				Tokyo 103-8011, Japan
				TEL: +813-3211-1811

Financial Summary For the Three Months Ended June 30, 2004


Date:		July 29, 2004
Company name (code number):		Nomura Holdings, Inc. (8604)
Head office:		1-9-1, Nihonbashi, Chuo-ku, Tokyo 103-8011, Japan
Stock exchange listings:		(In Japan) Tokyo, Osaka, Nagoya
		(Overseas) New York, Amsterdam, Singapore
Representative:		Nobuyuki Koga
		President and Chief Executive Officer, Nomura Holdings, Inc.
For inquiries:		Shinji Iwai
		Managing Director, Investor Relations Department, Nomura Group Headquarters, Nomura Securities Co., Ltd.
		Tel: (Country Code 81) 3-3211-1811
		URL(http://www.nomura.com)

(1) Operating Results


	For the three months ended June 30						For the year ended March 31
	2004			2003			2004
	(Yen amounts in millions, except per share data)
Total revenue	¥	292,596		¥	279,790		¥	1,099,546
Change from the three months ended June 30, 2003		4.6	%
Net revenue	¥	213,928		¥	200,087		¥	803,103
Change from the three months ended June 30, 2003		6.9	%
Income before income taxes	¥	72,466		¥	71,300		¥	282,676
Change from the three months ended June 30, 2003		1.6	%
Net income	¥	40,832		¥	39,048		¥	172,329
Change from the three months ended June 30, 2003		4.6	%
Basic net income per share	¥	21.03		¥	20.14		¥	88.82
Diluted net income per share	¥	21.03		¥	20.14		¥	88.82
Return on shareholders’ equity (ROE)		9.0	% *		9.4	% *		10.1	%

*	ROE for the three months ended June 30, 2004 and 2003 are calculated as follows:


Net income x 4
(Shareholders’ equity at the beginning of period + Shareholders’ equity at the end of period) / 2

(2) Financial Position


	At June 30						At March 31
	2004			2003			2004
	(Yen amounts in millions, except per share data)
Total assets	¥	30,013,930		¥	24,779,048		¥	29,752,966
Shareholders’ equity	¥	1,833,405		¥	1,690,273		¥	1,785,688
Shareholders’ equity as a percentage of total assets		6.1	%		6.8	%		6.0	%
Book value per share	¥	944.35		¥	872.53		¥	919.67

(3) Adoption of simple method in recognition method: None

(4) Difference in recognition method with latest fiscal year: None

(5) Scope of consolidation and equity method application

Number of consolidated subsidiaries and variable interest entities: 136

Number of affiliated companies, which were accounted for by the equity method: 13

(6) Movement in the scope of consolidation and equity method application for this period

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist various uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, releases its results on a more frequent quarterly basis, and does not present earnings forecasts.

NOMURA HOLDINGS, INC.

FINANCIAL HIGHLIGHTS

(UNAUDITED)


							% Change		Translation into U.S. dollars
	For the three months ended/ as of										For the year ended/ as of
	June 30, 2003 (A)			June 30, 2004 (B)			(B-A)/(A)		June 30, 2004		March 31, 2004
	(Yen and dollar amounts in millions, except per share data)
*FOR THE PERIOD ENDED*
								%
Total revenue	¥	279,790		¥	292,596		4.6		$	2,674	¥	1,099,546
Net revenue		200,087			213,928		6.9			1,955		803,103
Non-interest expenses		128,787			141,462		9.8			1,293		520,427
Income before income taxes		71,300			72,466		1.6			662		282,676
Net income		39,048			40,832		4.6			373		172,329
Per share data :
Basic-
Net income		20.14			21.03		4.4			0.19		88.82
Diluted-
Net income		20.14			21.03		4.4			0.19		88.82
Cash dividends		—			—		—			—		15.00
Return on equity (ROE):		9.4	%		9.0	%						10.1	%
*AT PERIOD-END*
Total assets	¥	24,779,048		¥	30,013,930				$	274,275	¥	29,752,966
Shareholders’ equity		1,690,273			1,833,405					16,754		1,785,688
Per share data :
Shareholders’ equity		872.53			944.35					8.63		919.67

Results of Operations

Financial Overview

The following table provides selected consolidated income statement information for the three months ended June 30, 2003 and 2004.


	Millions of yen
	For the three months ended
	June 30, 2003			June 30, 2004
Non-interest revenue	¥	165,946		¥	193,404
Net interest revenue		34,141			20,524

Net revenue		200,087			213,928
Non-interest expenses		128,787			141,462

Income before income taxes		71,300			72,466
Income tax expense		32,252			31,634

Net income	¥	39,048		¥	40,832

Return on equity (ROE)		9.4	%		9.0	%

Nomura Holdings, Inc. and its consolidated entities (“Nomura”) reported net revenue of ¥ 213.9 billion for the three months ended June 30, 2004, an increase of 7% from the same period in the prior year. Non-interest expenses were ¥ 141.5 billion for the three months ended June 30, 2004, an increase of 10% from the same period in the prior year.

Income before income taxes was ¥ 72.5 billion for the three months ended June 30, 2004, an increase of 2% from the same period in the prior year. Net income was ¥ 40.8 billion for the three months ended June 30, 2004, an increase of 5% from the same period in the prior year.

Total assets were ¥ 30.0 trillion at June 30, 2004, an increase of ¥ 0.3 trillion from March 31, 2004 and total shareholders’ equity increased by ¥ 47.7 billion from March 31, 2004 to ¥ 1.8 trillion at June 30, 2004. Nomura’s return on equity was 9.0% for the three months ended June 30, 2004.

Business Segments

Operating Results of Domestic Retail


	Millions of yen
	For the three months ended
	June 30, 2003		June 30, 2004
Non-interest revenue	¥	74,573	¥	86,210
Net interest revenue		397		759

Net revenue		74,970		86,969
Non-interest expenses		54,201		53,294

Income before income taxes	¥	20,769	¥	33,675

Domestic Retail has further strengthened its capabilities to provide investment consultation services in order to respond to customers’ investment needs by offering stocks, investment trusts, foreign currency bonds, Japanese government bonds for individuals, and a variety of other financial products. Net revenue increased by 16% from ¥ 74,970 million for the three months ended June 30, 2003 to ¥ 86,969 million for the three months ended June 30, 2004. Non-interest expenses decreased by 2% from ¥ 54,201 million for the three months ended June 30, 2003 to ¥ 53,294 million for the three months ended June 30, 2004. As a result, income before income taxes increased by 62% from ¥ 20,769 million for the three months ended June 30, 2003 to ¥ 33,675 million for the three months ended June 30, 2004.

Operating Results of Global Wholesale


	Millions of yen
	For the three months ended
	June 30, 2003		June 30, 2004
Non-interest revenue	¥	68,977	¥	74,936
Net interest revenue		25,177		12,566

Net revenue		94,154		87,502
Non-interest expenses		56,356		54,847

Income before income taxes	¥	37,798	¥	32,655

Global Wholesale has made an effort to manage its business portfolio based on global customers’ order-flow. Net revenue decreased by 7% from ¥ 94,154 million for the three months ended June 30, 2003 to ¥ 87,502 million for the three months ended June 30, 2004, due primarily to a decrease in net gain on trading relating to bonds. Non-interest expenses decreased by 3% from ¥ 56,356 million for the three months ended June 30, 2003 to ¥ 54,847 million for the three months ended June 30, 2004. As a result, income before income taxes decreased by 14% from ¥ 37,798 million for the three months ended June 30, 2003 to ¥ 32,655 million for the three months ended June 30, 2004. In April 2004, the Global Wholesale segment was reorganized in order to enhance specialty services and strengthen our global structure. It now consists of three business lines: Global Markets, which is composed of Fixed Income and Equity, Investment Banking, and Merchant Banking.

Global Markets

Net revenue decreased by 13% from ¥ 82,642 million for the three months ended June 30, 2003 to ¥ 71,799 million for the three months ended June 30, 2004, due primarily to a decrease in net gain on trading relating to bonds. Non-interest expenses decreased by 1% from ¥ 41,563 million for the three months ended June 30, 2003 to ¥ 41,175 million for the three months ended June 30, 2004. As a result, income before income taxes decreased by 25% from ¥ 41,079 million for the three months ended June 30, 2003 to ¥ 30,624 million for the three months ended June 30, 2004.

Investment Banking

Net revenue increased by 0.3% from ¥ 12,908 million for the three months ended June 30, 2003 to ¥ 12,945 million for the three months ended June 30, 2004, partly due to a revitalization in equity capital markets. Non-interest expenses decreased by 12% from ¥ 12,086 million for the three months ended June 30, 2003 to ¥ 10,668 million for the three months ended June 30, 2004, due primarily to restructuring of business operations. As a result, income before income taxes increased by 177% from ¥ 822 million for the three months ended June 30, 2003 to ¥ 2,277 million for the three months ended June 30, 2004.

Merchant Banking

Net revenue increased from (¥ 1,396) million for the three months ended June 30, 2003 to ¥ 2,758 million for the three months ended June 30, 2004, due to realized gains from private equity investments. Non-interest expenses increased by 11% from ¥ 2,707 million for the three months ended June 30, 2003 to ¥ 3,004 million for the three months ended June 30, 2004. As a result, loss before income taxes was ¥ 4,103 million for the three months ended June 30, 2003 and ¥ 246 million for the three months ended June 30, 2004.

Operating Results of Asset Management


	Millions of yen
	For the three months ended
	June 30, 2003		June 30, 2004
Non-interest revenue	¥	7,598	¥	9,046
Net interest revenue		682		627

Net revenue		8,280		9,673
Non-interest expenses		8,192		8,894

Income before income taxes	¥	88	¥	779

Net revenue increased by 17% from ¥ 8,280 million for the three months ended June 30, 2003 to ¥ 9,673 million for the three months ended June 30, 2004, due primarily to an increase in asset management and portfolio service fees reflecting the rise in the net assets of stock investment trusts. Non-interest expenses increased by 9% from ¥ 8,192 million for the three months ended June 30, 2003 to ¥ 8,894 million for the three months ended June 30, 2004. As a result, income before income taxes increased by 785% from ¥ 88 million for the three months ended June 30, 2003 to ¥ 779 million for the three months ended June 30, 2004.

Other Operating Results

Other operating results include gain (loss) on investment securities, equity in earnings (losses) of affiliates and other financial adjustments. Please refer to Note 7 to the consolidated financial information for a reconciliation of segment results to income statement information. Loss before income taxes was ¥ 3,516 million for the three months ended June 30, 2003 and ¥ 7,591 million for the three months ended June 30, 2004.

NOMURA HOLDINGS, INC.

CONSOLIDATED INCOME STATEMENT INFORMATION

(UNAUDITED)


	Millions of yen					% Change		Translation into millions of U.S. dollars		Millions of yen
	For the three months ended									For the year ended
	June 30, 2003 (A)			June 30, 2004 (B)		(B-A)/(A)		June 30, 2004		March 31, 2004
Revenue:
Commissions	¥	33,752		¥	69,533	106.0	%	$	635	¥	210,216
Fees from investment banking		14,498			15,434	6.5			141		86,994
Asset management and portfolio service fees		13,735			18,185	32.4			166		66,193
Net gain on trading		80,432			53,567	(33.4	)		490		229,042
(Loss) gain on private equity investments		(669	)		498	—			5		13,138
Interest and dividends		113,844			99,192	(12.9	)		906		396,870
Gain on investments in equity securities		16,168			10,271	(36.5	)		94		55,888
Other		8,030			25,916	222.7			237		41,205

Total revenue		279,790			292,596	4.6			2,674		1,099,546
Interest expense		79,703			78,668	(1.3	)		719		296,443

Net revenue		200,087			213,928	6.9			1,955		803,103

Non-interest expenses:
Compensation and benefits		65,903			65,943	0.1			603		259,336
Commissions and floor brokerage		4,904			6,409	30.7			59		19,169
Information processing and communications		18,890			19,281	2.1			176		80,031
Occupancy and related depreciation		13,319			13,274	(0.3	)		121		54,221
Business development expenses		4,983			5,429	9.0			50		23,100
Other		20,788			31,126	49.7			284		84,570

		128,787			141,462	9.8			1,293		520,427

Income before income taxes		71,300			72,466	1.6			662		282,676

Income tax expense:
Current		27,093			26,001	(4.0	)		238		108,434
Deferred		5,159			5,633	9.2			51		1,913

		32,252			31,634	(1.9	)		289		110,347

Net income	¥	39,048		¥	40,832	4.6		$	373	¥	172,329


	Yen					% Change		Translation into U.S. dollars		Yen
Per share of common stock:
Basic-
Net income	¥	20.14		¥	21.03	4.4		$	0.19	¥	88.82

Diluted-
Net income	¥	20.14		¥	21.03	4.4		$	0.19	¥	88.82

NOMURA HOLDINGS, INC.

CONSOLIDATED BALANCE SHEET INFORMATION

(UNAUDITED)


	Millions of yen									Translation into millions of U.S. dollars
	June 30, 2003			March 31, 2004			June 30, 2004			June 30, 2004
ASSETS
Cash and cash deposits:
Cash and cash equivalents	¥	681,628		¥	637,372		¥	615,533		$	5,624
Time deposits		291,133			248,737			310,433			2,837
Deposits with stock exchanges and other segregated cash		66,962			44,528			38,140			349

		1,039,723			930,637			964,106			8,810

Loans and receivables:
Loans receivable		414,370			543,894			515,810			4,714
Receivables from customers		11,630			10,744			10,589			97
Receivables from other than customers		584,959			464,776			604,423			5,523
Receivables under resale agreements and securities borrowed transactions		9,388,771			12,881,752			12,821,723			117,168
Securities pledged as collateral		5,268,547			5,232,640			5,605,642			51,226
Allowance for doubtful accounts		(14,468	)		(5,778	)		(4,015	)		(37	)

		15,653,809			19,128,028			19,554,172			178,691

Trading assets and private equity investments:
Securities inventory		6,138,174			7,837,663			7,525,797			68,773
Derivative contracts		520,031			479,659			499,360			4,563
Private equity investments		278,448			291,774			290,560			2,655

		6,936,653			8,609,096			8,315,717			75,991

Other assets:
Office buildings, land, equipment and facilities
(net of accumulated depreciation and amortization of ¥178,454 million at June 30, 2003, ¥182,449 million at March 31, 2004 and ¥180,097 million ($1,646 million) at June 30, 2004, respectively)		181,520			200,700			196,089			1,792
Lease deposits		67,034			64,764			62,246			569
Non-trading debt securities		231,271			202,896			213,147			1,948
Investments in equity securities		152,314			169,459			179,083			1,637
Investments in and advances to affiliated companies		228,739			207,668			269,751			2,465
Deferred tax assets		120,152			105,901			100,582			919
Other assets		167,833			133,817			159,037			1,453

		1,148,863			1,085,205			1,179,935			10,783

Total assets	¥	24,779,048		¥	29,752,966		¥	30,013,930		$	274,275

NOMURA HOLDINGS, INC.

CONSOLIDATED BALANCE SHEET INFORMATION

(UNAUDITED)


	Millions of yen									Translation into millions of U.S. dollars
	June 30, 2003			March 31, 2004			June 30, 2004			June 30, 2004
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term borrowings (see Note 3)	¥	1,051,523		¥	3,024,341		¥	2,251,376		$	20,574
Payables and deposits:
Payables to customers		581,881			772,964			756,197			6,910
Payables to other than customers		486,531			355,429			356,334			3,256
Payables under repurchase agreements and securities loaned transactions		13,541,593			14,780,541			15,533,403			141,948
Time and other deposits received		407,187			255,703			330,785			3,023

		15,017,192			16,164,637			16,976,719			155,137

Trading liabilities:
Securities sold but not yet purchased		3,751,753			5,559,598			5,677,421			51,882
Derivative contracts		537,553			417,368			375,915			3,435

		4,289,306			5,976,966			6,053,336			55,317

Other liabilities:
Accrued income taxes		35,321			93,538			19,300			176
Accrued pension and severance costs		87,253			86,439			86,518			791
Other		277,467			235,888			264,271			2,415

		400,041			415,865			370,089			3,382

Long-term borrowings		2,330,713			2,385,469			2,529,005			23,111

Total liabilities		23,088,775			27,967,278			28,180,525			257,521

Commitments and contingencies (See Note 4)
Shareholders’ equity:
Common stock
Authorized - 6,000,000,000 shares Issued - 1,965,919,860 shares at June 30, 2003, March 31, 2004, and June 30, 2004		182,800			182,800			182,800			1,670

Additional paid-in capital		151,459			154,063			154,443			1,411

Retained earnings		1,446,077			1,550,231			1,591,063			14,540

Accumulated other comprehensive (loss) income
Minimum pension liability adjustment		(40,858	)		(34,221	)		(33,557	)		(307	)
Cumulative translation adjustments		(10,591	)		(34,380	)		(27,895	)		(254	)

		(51,449	)		(68,601	)		(61,452	)		(561	)

		1,728,887			1,818,493			1,866,854			17,060
Less-Common stock held in treasury, at cost - 28,716,559 shares, 24,263,831 shares, and 24,472,249 shares at June 30, 2003, March 31, 2004 and June 30, 2004, respectively		(38,614	)		(32,805	)		(33,449	)		(306	)

Total shareholders’ equity		1,690,273			1,785,688			1,833,405			16,754

Total liabilities and shareholders’ equity	¥	24,779,048		¥	29,752,966		¥	30,013,930		$	274,275

NOMURA HOLDINGS, INC.

CONSOLIDATED INFORMATION OF CASH FLOWS

(UNAUDITED)


	Millions of yen						Translation into millions of U.S. dollars			Millions of yen
	For the three months ended June 30, 2003			For the three months ended June 30, 2004			For the three months ended June 30, 2004			For the Year ended March 31, 2004
Cash flows from operating activities:
Net income	¥	39,048		¥	40,832		$	373		¥	172,329
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		8,287			8,737			80			33,706
Gain on investments in equity securities		(16,168	)		(10,271	)		(94	)		(55,888	)
Deferred income tax expense		5,159			5,633			51			1,913
Changes in operating assets and liabilities :
Time deposits		144,901			(58,706	)		(536	)		174,331
Deposits with stock exchanges and other segregated cash		(24,799	)		7,554			69			(7,485	)
Trading assets and private equity investments		(931,447	)		342,404			3,129			(2,836,906	)
Trading liabilities		340,739			34,333			314			2,152,243
Receivables under resale agreements and securities borrowed transactions		(677,193	)		259,941			2,375			(4,812,090	)
Payables under repurchase agreements and securities loaned transactions		2,454,886			502,238			4,590			4,533,150
Loans, receivables and securities pledged as collateral, net of allowance		(1,684,328	)		(403,058	)		(3,683	)		(1,838,725	)
Time and other deposits received and other payables		616,264			35,503			324			592,779
Accrued income taxes, net		6,524			(95,015	)		(868	)		80,273
Other, net		(20,911	)		18,198			166			(15,524	)

Net cash provided by (used in) operating activities		260,962			688,323			6,290			(1,825,894	)

Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities		(4,300	)		(6,245	)		(57	)		(39,303	)
Proceeds from sales of office buildings, land, equipment and facilities		924			115			1			1,341
Payments for purchases of investments in equity securities		(14	)		(0	)		(0	)		(61	)
Proceeds from sales of investments in equity securities		1,724			642			6			24,309
Decrease (increase) in non-trading debt securities, net		40,551			(6,779	)		(62	)		61,705
Increase in other investments and other assets, net		(5,267	)		(58,504	)		(535	)		(2,520	)

Net cash provided by (used in) investing activities		33,618			(70,771	)		(647	)		45,471

Cash flows from financing activities:
Increase in long-term borrowings		149,589			200,104			1,829			712,675
Decrease in long-term borrowings		(77,838	)		(57,281	)		(523	)		(551,897	)
(Decrease) increase in short-term borrowings, net		(150,153	)		(773,622	)		(7,070	)		1,824,501
Proceeds from sales of common stock		—			23			0			8,027
Payments for repurchases of common stock		(3,673	)		(88	)		(1	)		(4,084	)
Payments for cash dividends		(29,117	)		(14,568	)		(133	)		(43,686	)

Net cash (used in) provided by financing activities		(111,192	)		(645,432	)		(5,898	)		1,945,536

Effect of exchange rate changes on cash and cash equivalents		7,003			6,041			56			(18,978	)

Net increase (decrease) in cash and cash equivalents		190,391			(21,839	)		(199	)		146,135
Cash and cash equivalents at beginning of the period		491,237			637,372			5,824			491,237

Cash and cash equivalents at end of the period	¥	681,628		¥	615,533		$	5,625		¥	637,372

NOMURA HOLDINGS, INC.

NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION

(UNAUDITED)

1.	Accounting policies:

The consolidated financial information herein has basically been prepared in accordance with Nomura’s accounting policies which are disclosed in the footnotes of Nomura Holdings, Inc.’s Annual Securities Report (the Annual Report filed with the Director of the Kanto Local Finance Bureau of the Ministry of Finance in Japan) and Form 20-F (the Annual Report filed with the U.S. Securities and Exchange Commission) for the year ended March 31, 2004.

2.	U.S. dollar amounts:

The U.S. dollar amounts are included solely for the convenience of the reader and have been translated at the rate of ¥109.43 = US$1, the noon buying rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York on June 30, 2004. This translation should not be construed to imply that the yen amounts actually represent, or have been or could be converted into, equivalent amounts in U.S. dollars.

3.	Short-term borrowings:

Short-term borrowings include the following secured borrowings:


	Billions of yen						Translation into billions of U.S. dollars
	June 30, 2003		March 31, 2004		June 30, 2004		June 30, 2004
	June 30, 2003		March 31, 2004		June 30, 2004		June 30, 2004
Secured loans from Bank of Japan	¥	745	¥	2,230	¥	1,464	$	13
Interbank secured Call Loans		3		350		350		3

4.	Credit and investment commitments and guarantees:

Commitments —

In connection with its banking/financing activities, Nomura has provided to counterparties through subsidiaries, commitments to extend credit, which generally have a fixed expiration date. In connection with its investment banking activities, Nomura has entered into agreements with customers under which Nomura has committed to underwrite notes that may be issued by the customers. The outstanding commitments under these agreements are included in commitments to extend credit.

Nomura has commitments to invest in various partnerships, primarily in connection with its merchant banking activities and also have commitments to provide financing for investments related to these partnerships. The outstanding commitments under these agreements are included in commitments to invest in partnerships.

Contractual amounts of these commitments were as follows:


	Millions of yen		Translation into millions of U.S. dollars		Millions of yen
	June 30, 2004		June 30, 2004		March 31, 2004
Commitments to extend credit and commitments to invest in partnerships	¥	170,695	$	1,560	¥	160,089

Guarantees —

Nomura enters into, in the normal course of its subsidiaries’ banking/financing activities, various guarantee arrangements with counterparties in the form of standby letters of credit and other guarantees, which generally have a fixed expiration date. In addition, Nomura enters into certain derivative contracts that meet the accounting definition of a guarantee under FIN No. 45. Contractual amounts of these guarantees, other than derivative contract, for which the fair values are recorded on the consolidated balance sheets at fair value, were as follows:


	Millions of yen		Translation into millions of U.S. dollars		Millions of yen
	June 30, 2004		June 30, 2004		March 31, 2004
Standby letters of credit and other guarantees	¥	25,114	$	229	¥	29,424

5.	Private equity investments:

Nomura operates private equity business through a wholly owned subsidiary, Nomura Principal Finance Co., Ltd. (“NPF”). As of June 30, 2004, the significant private equity investee by which NPF entered into agreements to acquire new shares to be issued is Millennium Retailing, Inc. (“MR”). NPF has acquired ¥20 billion of new shares issued by MR in July 2004, and will acquire additional ¥30 billion around the end of January 2005, giving NPF a majority stake.

Under the Huis Ten Bosch Reorganization Plan approved June 30, 2004, NPF has acquired ¥8 billion of new shares issued by Reorganizing Company Huis Ten Bosch in July 2004, giving NPF a majority stake. NPF will acquire additional ¥1.5 billion of new shares by the end of March 2005, and ¥1.5 billion yen of new shares by the end of March 2007.

6.	Comprehensive income:


	Millions of yen				Translation into millions of U.S. dollars		Millions of yen
	For the three months ended						For the year ended
	June 30, 2003		June 30, 2004		June 30, 2004		March 31, 2004
Net income	¥	39,048	¥	40,832	$	373	¥	172,329

Other comprehensive income (loss), net of tax:
Change in cumulative translation adjustments		11,738		6,485		59		(12,051	)
Minimum pension liability adjustment during the period		700		664		6		7,337

Total other comprehensive income (loss), net of tax		12,438		7,149		65		(4,714	)

Comprehensive income	¥	51,486	¥	47,981	$	438	¥	167,615

7.	Segment Information-Operating segment:

Business segments’ results are shown in the following table.


	Millions of yen
	Domestic Retail		Global Wholesale			Asset Management			Other (Inc. elimination)			Total
Three months ended June 30, 2003
Non-interest revenue	¥	74,573	¥	68,977		¥	7,598			(¥4,663	)	¥	146,485
Net interest revenue		397		25,177			682			7,884			34,140

Net revenue		74,970		94,154			8,280			3,221			180,625
Non-interest expenses		54,201		56,356			8,192			6,737			125,486

Income (loss) before income taxes	¥	20,769	¥	37,798		¥	88			(¥3,516	)	¥	55,139

Three months ended June 30, 2004
Non-interest revenue	¥	86,210	¥	74,936		¥	9,046			(¥6,478)		¥	163,714
Net interest revenue		759		12,566			627			6,572			20,524

Net revenue		86,969		87,502			9,673			94			184,238
Non-interest expenses		53,294		54,847			8,894			7,685			124,720

Income (loss) before income taxes	¥	33,675	¥	32,655		¥	779			(¥7,591	)	¥	59,518


	Change (%)
Income (loss) before income taxes
Three months ended June 30, 2004 vs. 2003		62.1		(13.6	)		785.2			—			7.9


	Translation into millions of U.S. dollars
Three months ended June 30, 2004
Non-interest revenue	$	788	$	685		$	82			($59	)	$	1,496
Net interest revenue		7		115			6			60			188

Net revenue		795		800			88			1			1,684
Non-interest expenses		487		502			81			70			1,140

Income (loss) before income taxes	$	308	$	298		$	7			($69	)	$	544


	Millions of yen
Year ended March 31, 2004
Non-interest revenue	¥	304,035	¥	290,845		¥	34,300			(¥83	)	¥	629,097
Net interest revenue		1,722		74,891			1,657			22,156			100,426

Net revenue		305,757		365,736			35,957			22,073			729,523
Non-interest expenses		226,213		227,227			37,004			13,574			504,018

Income (loss) before income taxes	¥	79,544	¥	138,509			(¥1,047	)	¥	8,499		¥	225,505

Transactions between operating segments are recorded within segment results on commercial terms and conditions and are eliminated in the “Other” column.

The following table presents the major components of income/ (loss) before income taxes in “Other”


	Millions of yen				Translation into millions of U.S. dollars		Millions of yen
	For the three months ended						For the year ended
	June 30, 2003		June 30, 2004		June 30, 2004		March 31, 2004
Loss on undesignated hedging instruments included in Net gain on trading	(¥6,610	)	(¥12,950	)	($118	)		(¥12,544	)
Gain on investment securities	1,137		447		4			1,590
Equity in income of affiliates	535		2,498		23			8,514
Corporate items	(5,604	)	(718	)	(7	)		(10,666	)
Others	7,026		3,132		29			21,605

Total	(¥3,516	)	(¥7,591	)	($69	)	¥	8,499

The table below presents a reconciliation of the combined segment information included in the table on the previous page to reported net revenue and income before income taxes in the consolidated income statement information.


	Millions of yen					Translation into millions of U.S. dollars		Millions of yen
	For the three months ended							For the year ended
	June 30, 2003			June 30, 2004		June 30, 2004		March 31, 2004
Net revenue	¥	180,625		¥	184,238	$	1,684	¥	729,523
Unrealized gain on investments in equity securities held for relationship purposes		16,682			9,800		89		54,729
Effect of consolidation/deconsolidation of the private equity investee companies		2,780			19,890		182		18,851

Consolidated net revenue	¥	200,087		¥	213,928	$	1,955	¥	803,103

Income before income taxes	¥	55,139		¥	59,518	$	544	¥	225,505
Unrealized gain on investments in equity securities held for relationship purposes		16,682			9,800		89		54,729
Effect of consolidation/deconsolidation of the private equity investee companies		(521	)		3,148		29		2,442

Consolidated income before income taxes	¥	71,300		¥	72,466	$	662	¥	282,676

NOMURA HOLDINGS, INC.

SUPPLEMENTARY INFORMATION

(UNAUDITED)

“Commissions/fees received” and “Net gain on trading” consist of the following:

Commissions/fees received


	Millions of yen				% Change		Translation into millions of U.S. dollars		Millions of yen
	For the three months ended								For the year ended
	June 30, 2003 (A)		June 30, 2004 (B)		(B-A)/(A)		June 30, 2004		March 31, 2004
Commissions	¥	33,752	¥	69,533	106.0		$	635	¥	210,216

Brokerage Commissions		22,078		52,287	136.8			478		149,667
Commissions for Distribution of Investment Trust		7,170		12,120	69.0			111		37,345
Fees from Investment Banking		14,498		15,434	6.5			141		86,994

Underwriting and Distribution		11,834		10,610	(10.3	)		97		71,091
M&A / Financial Advisory Fees		2,608		4,816	84.7			44		15,772
Asset Management and Portfolio Service Fees		13,735		18,185	32.4			166		66,193

Asset Management Fees		11,322		15,449	36.5			141		56,268
Total	¥	61,985	¥	103,152	66.4		$	942	¥	363,403

Net gain on trading


	Millions of yen				% Change		Translation into millions of U.S. dollars		Millions of yen
	For the three months ended								For the year ended
	June 30, 2003 (A)		June 30, 2004 (B)		(B-A)/(A)		June 30, 2004		March 31, 2004
Merchant Banking	¥	91	¥	2,922	3,111.0		$	27	¥	1,548
Equity Trading		20,060		29,984	49.5			274		75,232
Fixed Income and Other Trading		60,281		20,661	(65.7	)		189		152,262

Total	¥	80,432	¥	53,567	(33.4	)	$	490	¥	229,042

NOMURA HOLDINGS, INC.

CONSOLIDATED INCOME STATEMENT INFORMATION

(UNAUDITED)


	Millions of yen
	For the three months ended
	June 30, 2003			September 30, 2003		December 31, 2003			March 31, 2004			June 30, 2004
Revenue:
Commissions	¥	33,752		¥	55,967	¥	57,590		¥	62,907		¥	69,533
Fees from investment banking		14,498			19,860		24,408			28,228			15,434
Asset management and portfolio service fees		13,735			17,022		16,792			18,644			18,185
Net gain on trading		80,432			67,097		33,800			47,713			53,567
(Loss) gain on private equity investments		(669	)		7,267		(2,105	)		8,645			498
Interest and dividends		113,844			104,036		78,333			100,657			99,192
Gain on investments in equity securities		16,168			15,601		2,788			21,331			10,271
Other		8,030			6,738		5,845			20,592			25,916

Total revenue		279,790			293,588		217,451			308,717			292,596
Interest expense		79,703			78,901		67,220			70,619			78,668

Net revenue		200,087			214,687		150,231			238,098			213,928

Non-interest expenses:
Compensation and benefits		65,903			67,686		61,823			63,924			65,943
Commissions and floor brokerage		4,904			4,625		3,482			6,158			6,409
Information processing and communications		18,890			19,520		19,155			22,466			19,281
Occupancy and related depreciation		13,319			13,506		12,929			14,467			13,274
Business development expenses		4,983			5,428		5,495			7,194			5,429
Other		20,788			15,971		17,416			30,395			31,126

		128,787			126,736		120,300			144,604			141,462

Income before income taxes		71,300			87,951		29,931			93,494			72,466

Income tax expense (benefit):
Current		27,093			38,418		15,265			27,658			26,001
Deferred		5,159			1,895		(1,065	)		(4,076	)		5,633

		32,252			40,313		14,200			23,582			31,634

Net income	¥	39,048		¥	47,638	¥	15,731		¥	69,912		¥	40,832


	Yen
Per share of common stock:
Basic-
Net income	¥	20.14		¥	24.58	¥	8.10		¥	36.01		¥	21.03

Diluted-
Net income	¥	20.14		¥	24.58	¥	8.10		¥	36.01		¥	21.03

Unconsolidated Financial Information of Major Consolidated Entities

(UNAUDITED)

The unconsolidated financial information, prepared under Japanese GAAP, is presented for the following entities;

- Nomura Holdings, Inc. Financial Information (Parent Company Only)

- Nomura Securities Co., Ltd. Financial Information

NOMURA HOLDINGS, INC. (PARENT COMPANY ONLY)

INCOME STATEMENT INFORMATION

(UNAUDITED)


	Millions of yen
	For the three months ended			For the year ended March 31, 2004
	June 30, 2004	June 30, 2003		For the year ended March 31, 2004
Operating revenue	188,849	41,044		135,341
Operating expenses	22,674	23,036		95,895

Operating income	166,174	18,008		39,446

Non-operating income	1,360	590		2,644
Non-operating expenses	392	142		2,642

Ordinary income	167,143	18,455		39,448

Special profits	441	22		5,773
Special losses	1	250		5,067

Income before income taxes	167,583	18,228		40,155

Income taxes - current	1,920	(1,135	)	1,859
Income taxes - deferred	627	1,666		4,920

Net income	165,037	17,698		33,374

Unappropriated retained earnings brought forward	8,849	4,606		4,606

Interim dividend	—	—		14,569

Unappropriated retained earnings	173,886	22,304		23,412

NOMURA HOLDINGS, INC. (PARENT COMPANY ONLY)

BALANCE SHEET INFORMATION

(UNAUDITED)


	Millions of yen
	June 30, 2004	June 30, 2003	March 31, 2004
Assets:
Current Assets	1,139,835	836,750	792,874
Fixed Assets	1,722,373	1,469,428	1,676,844

Total Assets	2,862,208	2,306,179	2,469,719

Liabilities and Shareholders’ Equity
Liabilities:
Current Liabilities	704,900	446,706	469,835
Long-term Liabilities	634,453	523,193	632,878

Total Liabilities	1,339,352	969,900	1,102,713

Total Shareholders’ Equity	1,522,856	1,336,278	1,367,005

Total Liabilities and Shareholders’ Equity	2,862,208	2,306,179	2,469,719

NOMURA SECURITIES CO., LTD.

INCOME STATEMENT INFORMATION

(UNAUDITED)


	Millions of yen
	For the three months ended				For the year ended
	June 30, 2004 (A)	June 30, 2003 (B)	(A-B)/(B)(%)		March 31, 2004 (C)		*(A4-C)/(C)(%)**
Operating revenue	162,977	151,204	7.8		598,772		8.9

Commissions	82,401	42,204	95.2		279,936		17.7
Net gain on trading	62,286	91,926	(32.2	)	263,274		(5.4	)
Net gain on other inventories	1	3	(77.9	)	11		(70.1	)
Interest and dividend income	18,289	17,070	7.1		55,550		31.7

Interest expenses	21,057	14,467	45.5		51,007		65.1

Net operating revenue	141,920	136,736	3.8		547,765		3.6

Selling, general and administrative expenses	80,723	78,026	3.5		328,203		(1.6	)

Operating income	61,198	58,709	4.2		219,561		11.5

Non-operating income	1,647	482	241.6		1,470		348.1
Non-operating expenses	256	506	(49.5	)	1,621		(36.8	)

Ordinary income	62,588	58,685	6.7		219,410		14.1

Special profits	130	97	33.3		—		—
Special losses	—	153	—		407		—

Income before income taxes	62,719	58,629	7.0		219,003		14.6

Income taxes - current	20,143	23,009	(12.5	)	103,241		(22.0	)
Income taxes - deferred	7,537	2,477	204.2		(6,301	)	—

Net income	35,039	33,142	5.7		122,063		14.8

Unappropriated retained earnings brought forward	56,256	29,862			29,862

Unappropriated retained earnings	91,295	63,005			151,925

NOMURA SECURITIES CO., LTD.

BALANCE SHEET INFORMATION

(UNAUDITED)


	Millions of yen
	June 30, 2004	June 30, 2003	March 31, 2004
Assets
Current Assets:	13,743,496	11,316,808	15,559,847

Trading Assets	7,497,766	7,084,789	8,777,900
Loans with securities as collateral	5,572,997	3,607,477	5,785,461
Other	672,732	624,541	996,485

Fixed Assets	59,974	67,613	68,323

Total Assets	13,803,470	11,384,421	15,628,170

Liabilities and Shareholder’s Equity
Liabilities
Current Liabilities:	12,624,154	10,278,298	14,389,341

Trading liabilities	3,397,952	3,009,734	4,462,680
Borrowings with securities as collateral	5,687,169	5,087,882	5,322,006
Other	3,539,033	2,180,681	4,604,654

Long-term Liabilities	484,191	439,633	483,066

Statutory Reserves	1,251	1,005	1,258

Total Liabilities	13,109,596	10,718,937	14,873,666

Total Shareholder’s Equity	693,874	665,484	754,504

Total Liabilities and Shareholder’s Equity	13,803,470	11,384,421	15,628,170

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

(UNAUDITED)

1. Commission Revenues

(1) Breakdown by Category


	(Millions of yen except percentages)
	Three Months Ended				Comparison (A-B)/(B)(%)		Year Ended March 31, 2004 (C)		Comparison *(A4-C)/(C)(%)**
	June 30, 2004 (A)		June 30, 2003 (B)		Comparison (A-B)/(B)(%)		Year Ended March 31, 2004 (C)		Comparison *(A4-C)/(C)(%)**
Brokerage commissions	45,726		18,461		147.7	%	129,377		41.4	%

(Stocks)	(42,801	)	(15,587	)	(174.6	)	(118,033	)	(45.0	)
Underwriting commissions	6,212		3,569		74.1		41,300		-39.8

(Stocks)	(5,004	)	(2,179	)	(129.6	)	(36,752	)	( -45.5	)
(Bonds)	(1,208	)	(1,389	)	(-13.0	)	(4,547	)	(6.3	)
Distribution commissions	14,150		7,348		92.6		43,668		29.6

(Investment trust certificates)	(12,061	)	(7,134	)	(69.1	)	(37,169	)	(29.8	)
Other commissions	16,313		12,825		27.2		65,589		-0.5

(Investment trust certificates)	(6,409	)	(4,619	)	(38.7	)	(24,202	)	(5.9	)

Total	82,401		42,204		95.2		279,936		17.7


(2) Breakdown by Product
	(Millions of yen except percentages)
	Three Months Ended				Comparison (A-B)/(B)(%)		Year Ended March 31, 2004 (C)		Comparison *(A4-C)/(C)(%)**
	June 30, 2004 (A)		June 30, 2003 (B)		Comparison (A-B)/(B)(%)		Year Ended March 31, 2004 (C)		Comparison *(A4-C)/(C)(%)**
Stocks	48,807		18,004		171.1	%	158,206		23.4	%
Bonds	4,585		4,485		2.2		21,401		-14.3
Investment trust certificates	21,106		14,264		48.0		71,636		17.8
Others	7,905		5,449		45.0		28,691		10.2

Total	82,401		42,204		95.2		279,936		17.7


2. Net Gain/Loss on Trading
	(Millions of yen except percentages)
	Three Months Ended				Comparison (A-B)/(B)(%)		Year Ended March 31, 2004 (C)		Comparison *(A4-C)/(C)(%)**
	June 30, 2004 (A)		June 30, 2003 (B)		Comparison (A-B)/(B)(%)		Year Ended March 31, 2004 (C)		Comparison *(A4-C)/(C)(%)**
Stocks	23,397		19,063		22.7	%	80,757		15.9	%
Bonds and forex	38,889		72,862		-46.6		182,517		-14.8

Total	62,286		91,926		-32.2		263,274		-5.4

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

(UNAUDITED)

3. Stock Trading (excluding futures transactions)


	(Millions of shares or yen except per share data and percentages)
	Three Months Ended								Comparison (A-B)/(B)(%)				Year Ended March 31, 2004 (C)				Comparison *(A4-C)/(C)(%)**
	June 30, 2004 (A)				June 30, 2003 (B)				Comparison (A-B)/(B)(%)				Year Ended March 31, 2004 (C)				Comparison *(A4-C)/(C)(%)**
	Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount
Total	17,975		17,684,623		13,799		9,418,335		30.3	%	87.8	%	62,667		52,236,699		14.7	%	35.4	%

(Brokerage)	12,694		11,858,569		9,302		5,874,135		36.5		101.9		44,469		33,801,841		14.2		40.3
(Proprietary Trading)	5,281		5,826,054		4,496		3,544,199		17.5		64.4		18,198		18,434,857		16.1		26.4

Brokerage / Total	70.6	%	67.1	%	67.4	%	62.4	%					71.0	%	64.7	%

TSE Share	7.0	%	7.4	%	6.7	%	7.4	%					6.7	%	7.1	%

Brokerage Commission per share (yen)	3.35				1.64								2.62

4. Underwriting, Subscription, and Distribution


	(Millions of shares or yen except percentages)
	Three Months Ended		Comparison (A-B)/(B)(%)		Year Ended March 31, 2004 (C)	Comparison (A*4-C)/(C)(%)
	June 30, 2004 (A)	June 30, 2003 (B)	Comparison (A-B)/(B)(%)		Year Ended March 31, 2004 (C)	Comparison (A*4-C)/(C)(%)
Underwriting
Stocks (number of shares)	31	44	-29.6	%	652	-80.9	%
(yen amount)	111,260	46,446	139.5		775,448	-42.6
Bonds (face value)	1,865,502	1,544,231	20.8		7,388,910	1.0
Investment trust certificates (yen amount)	—	—	—		—	—
Commercial paper and others (face value)	107,500	134,700	-20.2		504,200	-14.7

Subscripition and Distribution*
Stocks (number of shares)	373	50	643.9		1,014	47.0
(yen amount)	138,909	49,404	181.2		865,546	-35.8
Bonds (face value)	205,565	501,409	-59.0		1,756,227	-53.2
Investment trust certificates (yen amount)	3,911,254	3,133,883	24.8		13,661,810	14.5
Commercial paper and others (face value)	107,500	134,700	-20.2		504,200	-14.7

*	Includes secondary offerings and private placements.

5. Capital Adequacy Ratio


			(Millions of yen except percentages)
			June 30, 2004		June 30, 2003		March 31, 2003
Tier I	(A	)	693,874		665,484		658,834

Tier II
Statutory reserves			1,251		1,005		1,258
Allowance for doubtful accounts			202		123		354
Subordinated debt			220,000		189,900		219,400

Total	(B	)	221,453		191,029		221,013

Illiquid Asset	(C	)	72,467		77,853		82,343

Net Capital (A) + (B) - (C) =	(D	)	842,860		778,659		797,504

Risk
Market risk			139,473		118,295		136,981
Counterparty risk			118,805		118,920		114,652
Basic risk			92,315		86,260		94,702

Total	(E	)	350,594		323,475		346,336

Capital Adequacy Ratio	(D)/(E)		240.4	%	240.7	%	230.2	%

LOGO

Tokyo, July 29, 2004

Nomura Announces Dividend Policy and Target Dividend Amounts

Nomura Holdings, Inc. (“The Company”) announces its dividend policy and target dividend amounts. The Company’s Board of Directors shall determine the payment and the amount of the dividends to be paid.

1. Dividend Policy

New Dividend Policy

When determining the amount of any cash dividend, the Company will first consider the maintenance of capital sufficient to capture business opportunities as they may develop. The Company will then decide the target dividend amounts, taking into account the firm’s dividend-on-equity ratio (DOE). Lastly, when the Company achieves a sufficient level of profit, it will decide the amount of the cash dividend taking into consideration the pay-out ratio. As for retained profits, the Company intends to invest in business areas where high profitability and growth may reasonably be expected, including development and expansion of infrastructure, to maximize value for shareholders.

Former Dividend Policy

The Company will determine the amount of any cash dividend, broadly considering such factors as the firm’s dividend-on-equity ratio (DOE), the firm’s level of profits and its maintenance of capital sufficient to capture business opportunities as they may develop. As for retained profits, the Company intends to invest in business areas where high profitability and growth may reasonably be expected, including development and expansion of infrastructure, to maximize value for shareholders.

2. Target Dividend Amounts


		Fiscal Year 2005 (April 1, 2004 - March 31, 2005)
Interim Dividend		Japanese Yen (JPY) 10 per share
Year-end Dividend		Japanese Yen (JPY) 10 per share
Total		Japanese Yen (JPY) 20 per share

Notes:-

⁽¹⁾	All dividends are ordinary dividends.

⁽²⁾	The Company’s Board of Directors will determine the payment and the amount of the interim dividend to be paid at the Meeting of the Board of Directors expected to be held in October and the year-end dividend at the Meeting of the Board of Directors expected to be held in May.

(Reference information) Dividends for the last fiscal year


Fiscal Year 2004	Interim Dividend	Year-end Dividend	Annual Dividend
Fiscal Year 2004	JPY7.50	JPY7.50	JPY15.00

Notes:-

⁽¹⁾	All dividends are ordinary dividends.


		Ends

For further information please contact:


Name	Company	Telephone
Masafumi Yoshino	Corporate Communications Dept., Nomura Group Headquarters	+81-3-3278-0591
Tsukasa Noda	Corporate Communications Dept., Nomura Group Headquarters	+81-3-3278-0591
James Pobjoy	Corporate Communications Dept., Nomura Group Headquarters	+81-3-3278-0591

Notes to editors:

The Nomura Group

Nomura Group, with its core businesses of the securities and related businesses, is dedicated to providing a broad range of financial services for individual, institutional, corporate and government customers. We offer a diverse line of competitive products and value-added financial and advisory services through the 129 domestic branch offices of Nomura Securities Co., Ltd. and our overseas network that combines offices in 28 countries. Our business activities include investment consultation services for domestic retail investors, securities brokerage services, securities underwriting for domestic and foreign governments and corporations, mergers and acquisition and financial advisory services, merchant banking, and asset management for investment trusts and pension funds.

Number of consolidation

Inclusion 8

Exclusion 5

Number of equity method application