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 April 2015

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 – Year ended March 31, 2015

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: April 30, 2015	By:	/s/ Hajime Ikeda
		Hajime Ikeda
		Senior Managing Director

Financial Summary For the Year Ended March 31, 2015 (U.S. GAAP)


Date:		April 30, 2015
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:		Michio Okazaki
		Executive Director, Head of Management Accounting and Investor Relations, 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 year ended March 31
	2014						2015
	(Millions of yen, except per share data)
				% Change from March 31, 2013						% Change from March 31, 2014
Total revenue		1,831,844			(11.9	%)		1,930,588			5.4	%
Net revenue		1,557,070			(14.1	%)		1,604,176			3.0	%
Income before income taxes		361,614			52.1	%		346,759			(4.1	%)
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		213,591			99.2	%		224,785			5.2	%
Comprehensive income		296,497			49.5	%		358,833			21.0	%
Basic-Net income attributable to NHI shareholders per share (Yen)		57.57						61.66
Diluted-Net income attributable to NHI shareholders per share (Yen)		55.81						60.03
Return on shareholders’ equity		8.9	%					8.6	%
Income before income taxes to total assets		0.9	%					0.8	%
Income before income taxes divided by total revenue		19.7	%					18.0	%
Equity in earnings of affiliates		37,806						43,029

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
	2014			2015
	(Millions of yen, except per share data)
Total assets		43,520,314			41,783,236
Total equity		2,553,213			2,744,946
Total NHI shareholders’ equity		2,513,680			2,707,774
Total NHI shareholders’ equity as a percentage of total assets		5.8	%		6.5	%
Total NHI shareholders’ equity per share (Yen)		676.15			752.40

(3) Cash Flows


	For the year ended March 31
	2014			2015
	(Millions of yen)
Net cash provided by (used in) operating activities		457,426			(77,028	)
Net cash provided by (used in) investing activities		(103,195	)		12,337
Net cash provided by (used in) financing activities		289,385			(178,206	)
Cash and cash equivalents at end of the year		1,489,792			1,315,408

2. Cash Dividends


	For the year ended March 31
	2014			2015
	(Yen amounts, except total annual dividends)
Dividends per share
Dividends record dates
At June 30		—			—
At September 30		8.00			6.00
At December 31		—			—
At March 31		9.00			13.00
For the year		17.00			19.00
Total annual dividends (Millions of yen)		63,131			68,648
Consolidated payout ratio		29.5	%		30.8	%
Consolidated dividends as a percentage of shareholders’ equity per share		2.6	%		2.7	%

3. Earnings Forecasts for the year ending March 31, 2016

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

Notes

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

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

(2) Changes in accounting policies

Changes in accounting policies due to amendments to the accounting standards : Yes

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

(3) Number of shares issued (common stock)


	At March 31
	2014		2015
Number of shares outstanding (including treasury stock)		3,822,562,601		3,822,562,601
Number of treasury stock		104,932,139		223,697,388

	For the year ended March 31
	2014		2015
Average number of shares outstanding		3,709,830,989		3,645,514,878

Parent Company Only Operating Results (Japanese GAAP)

(1) Operating Results


	For the year ended March 31
	2014					2015
	(Millions of yen, except per share data)
			% Change from March 31, 2013					% Change from March 31, 2014
Operating revenue		399,318		43.4	%		461,912		15.7	%
Operating income		185,149		142.9	%		234,838		26.8	%
Ordinary income		185,224		174.1	%		235,519		27.2	%
Net income		107,858		155.5	%		294,816		173.3	%

Net profit per share (Yen)		29.06					80.85
Fully diluted net profit per share (Yen)		28.18					78.72

(2) Financial Position


	At March 31
	2014			2015
	(Millions of yen, except per share data)
Total assets		6,190,114			6,641,723
Total net assets		1,918,276			2,095,108
Total net assets as a percentage of total assets		30.3	%		30.9	%

Total net assets per share (Yen)		504.02			569.56
Shareholders’ equity		1,874,330			2,050,435

*Audit procedure

The audit of the consolidated financial statements for this fiscal year has not been completed by the external auditors at the point of disclosing this financial summary. As a result of such audit, certain of the information set forth herein could be subject to revision, possibly material, in Nomura’s Form 20-F for the year ended March 31, 2015.

Table of Contents for the Accompanying Materials


1. Consolidated Operating Results			P.2

(1) Analysis of Consolidated Operating Results			P.2
(2) Analysis of Consolidated Financial Position			P.5

2. Corporate Goals and Principles			P.5

(1) Fundamental Management Policy			P.5
(2) Structure of Business Operations			P.5
(3) Management Challenges and Strategies			P.5

3. Considerations in the selection of accounting standards			P.7

4. Consolidated Financial Statements			P.8

(1) Consolidated Balance Sheets			P.9
(2) Consolidated Statements of Income			P.11
(3) Consolidated Statements of Comprehensive Income			P.12
(4) Consolidated Statements of Changes in Equity			P.13
(5) Consolidated Statements of Cash Flows			P.14
(6) Note with respect to the Assumption as a Going Concern			P.15
(7) Changes in Accounting Policy			P.15
(8) Notes to the Consolidated Financial Statements			P.16
(9) Other Financial Information			P.18

5. Unconsolidated Financial Statements [Japanese GAAP]			P.20

(1) Unconsolidated Balance Sheets			P.20
(2) Unconsolidated Statements of Income			P.20
(3) Note with respect to the Assumption as a Going Concern			P.20

6. Other Information			P.20

1.	Consolidated Operating Results

(1)

Analysis of Consolidated Operating Results

Operating Results

U.S. GAAP


	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2014 (A)			March 31, 2015 (B)			(B-A)/(A)
Net revenue		1,557.1			1,604.2			3.0
Non-interest expenses		1,195.5			1,257.4			5.2

Income (loss) before income taxes		361.6			346.8			(4.1	)
Income tax expense		145.2			120.8			(16.8	)

Net income (loss)		216.4			226.0			4.4

Less: Net income (loss) attributable to noncontrolling interests		2.9			1.2			(58.2	)

Net income (loss) attributable to NHI shareholders		213.6			224.8			5.2

Return on shareholders’ equity*		8.9	%		8.6	%		—

*	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 (“Nomura”) reported net revenue of 1,604.2 billion yen for the fiscal year ended March 31, 2015, an increase of 3.0% from the previous year. Non-interest expenses increased by 5.2% from the previous year to 1,257.4 billion yen. Income before income taxes was 346.8 billion yen and Net income attributable to NHI shareholders was 224.8 billion yen for the fiscal year ended March 31, 2015.

Segment Information


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2014 (A)		March 31, 2015 (B)		(B-A)/(A)
Net revenue		1,546.3		1,579.5		2.1
Non-interest expenses		1,195.5		1,257.4		5.2

Income (loss) before income taxes		350.9		322.1		(8.2	)

In business segment totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the fiscal year ended March 31, 2015 was 1,579.5 billion yen, an increase of 2.1% from the previous year. Non-interest expenses increased by 5.2% from the previous year to 1,257.4 billion yen. Income before income taxes was 322.1 billion yen for the fiscal year ended March 31, 2015. Please refer to page 16 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 year ended				(B-A)/(A)
	March 31, 2014 (A)		March 31, 2015 (B)		(B-A)/(A)
Net revenue		511.9		476.5		(6.9	)
Non-interest expenses		319.9		314.7		(1.6	)

Income (loss) before income taxes		192.0		161.8		(15.7	)

Net revenue decreased by 6.9% from the previous year to 476.5 billion yen, primarily due to decreasing commissions from distribution of investment trusts and brokerage. Non-interest expense decreased by 1.6% to 314.7 billion yen. As a result, income before income taxes decreased by 15.7% to 161.8 billion yen.

Operating Results of Asset Management


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2014 (A)		March 31, 2015 (B)		(B-A)/(A)
Net revenue		80.5		92.4		14.8
Non-interest expenses		53.4		60.3		12.9

Income (loss) before income taxes		27.1		32.1		18.4

Net revenue increased by 14.8% from the previous year to 92.4 billion yen. Non-interest expense increased by 12.9% to 60.3 billion yen. As a result, income before income taxes increased by 18.4% to 32.1 billion yen. Assets under management were 39.3 trillion yen as of March 31, 2015.

Operating Results of Wholesale


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2014 (A)		March 31, 2015 (B)		(B-A)/(A)
Net revenue		765.1		789.9		3.2
Non-interest expenses		653.3		707.7		8.3

Income (loss) before income taxes		111.8		82.2		(26.5	)

Net revenue increased by 3.2% from the previous year to 789.9 billion yen. Non-interest expense increased by 8.3% to 707.7 billion yen. As a result, income before income taxes decreased by 26.5% to 82.2 billion yen.

Other Operating Results


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2014 (A)		March 31, 2015 (B)		(B-A)/(A)
Net revenue		188.8		220.8		16.9
Non-interest expenses		168.9		174.8		3.5

Income (loss) before income taxes		20.0		46.0		130.0

Net revenue was 220.8 billion yen and income before income taxes was 46.0 billion yen.

(2)

Analysis of Consolidated Financial Position

Total assets as of March 31, 2015, were 41.8 trillion yen, a decrease of 1.7 trillion yen compared to March 31, 2014, mainly due to the decrease in Trading assets. Total liabilities as of March 31, 2015 were 39.0 trillion yen, a decrease of 1.9 trillion yen compared to March 31, 2014, mainly due to the decrease in Securities sold under agreements to repurchase. Total equity as of March 31, 2015 was 2.7 trillion yen, an increase of 191.7 billion yen compared to March 31, 2014.

Cash and cash equivalents as of March 31, 2015, decreased by 174.4 billion yen compared to March 31, 2014. Cash flows from operating activities for the year ended March 31, 2015 were outflows of 77.0 billion yen due mainly to the decrease in Trading liabilities. Cash flows from investing activities for the year ended March 31, 2015 were inflows of 12.3 billion yen due mainly to the decrease in Non-trading debt securities. Cash flows from financing activities for the year ended March 31, 2015 were outflows of 178.2 billion yen due primarily to the decrease in Borrowings.

2.	Corporate Goals and Principles

(1)

Fundamental Management Policy

Nomura Group’s management vision is to enhance its corporate value by deepening society’s trust in the firm and increasing satisfaction of stakeholders, including that of shareholders and clients.

As “Asia’s global investment bank”, Nomura will provide high value-added solutions to clients globally, and recognizing its wider social responsibility, Nomura will continue to contribute to the economic growth and development of society.

To enhance its corporate value, Nomura places significance on earnings per share (“EPS”) and will seek to maintain sustained improvement of the management target.

(2)

Structure of Business Operations

Nomura Group’s business execution is to focus on business divisions, which are linked globally, rather than individual legal entities, under unified strategy. Nomura Group’s operations are comprised of Retail, Asset Management, and Wholesale. Nomura Group shall delegate its powers to each of these business divisions to an appropriate extent and establish its business execution structure by enhancing the professional skills of each of these business divisions, while strengthening linkages among these business divisions and fully demonstrating Nomura Group’s comprehensive capabilities.

(3)

Management Challenges and Strategies

In order to achieve our management objective, we are placing top priority on ensuring that profits are recorded by all divisions in all regions. We are committed to improving our corporate value further through the enhancement of Retail Division by means of business model transformation as well as through increased profitability of our overseas operations based upon further collaboration between Global Markets and Investment Banking.

As Asia’s global investment bank, we will continue to take appropriate measures toward phased introduction of Basel regulations (global standards on capital requirements and liquidity) as well as forthcoming changes in the operating environment. With regulations related to the market, such as derivatives transactions, slated to come into effect primarily in the U.S. and Europe, we will ensure an appropriate response by staying attentive to the impact of the overall regulatory framework on the financial market and the competitive landscape.

Challenges and strategies in each division are as follows:

[Retail Division]

In Retail Division, with our enhanced consulting-based business, we are aiming to increase client satisfaction by listening to clients plans, understanding and meeting their diversified demands and needs. We continue to focus on delivering top-quality solutions including our broad range of products and services through face-to-face meetings, online and call center channels, so that Nomura Group can sustainably be a trusted partner to our clients.

[Asset Management Division]

In our investment trust business, we will provide clients with a diverse range of investment opportunities to meet investors’ various demands. In our investment advisory business, we will provide value-added investment services to our institutional clients on a global basis. We intend to increase assets under management and expand our client base for these two core businesses. As a distinctive investment manager based in Asia with the ability to provide a broad range of products and services, we aim to gain the strong trust of investors worldwide by making continuous efforts to improve investment performance.

[Wholesale Division]

Our Wholesale Division comprises Global Markets which offers sales and trading of global securities and structuring, and Investment Banking which offers capital raising and advisory services.

Global Markets has been focusing on delivering differentiated products and solutions to our clients by leveraging Nomura Group’s capabilities in trading, research, structuring, and global distribution. Through our integrated Fixed Income and Equities platform, we aim to provide competitive and comprehensive services and solutions to our clients.

In Investment Banking, we continue to enhance our global structure to further provide cross-border M&A and financing services both in domestic and overseas markets as well as to provide solution business services associated with the said M&A and financing, while the globalization of the business activities of our clients develops.

In order to provide quality services to meet the needs of our client, the importance of cooperation across business areas and regions is rapidly increasing. Positioning the Asia Pacific region as our strategic base, we plan to execute a number of business initiatives to broaden our footprint in anticipation of medium to long term global economic growth.

We will further enhance initiatives aimed at cross-divisional and cross-regional cooperation. We aim to enhance our presence as a global financial services group by enhancing regional integration between Japan and the rest of Asia and enhancing the coordination of business between Asia and Europe, Americas and the rest of the world.

In implementing the initiatives outlined above, while also helping to strengthen the global financial and capital markets, we aim to bring together the collective strengths of our domestic and international operations to realize our management objectives and to maximize corporate value by enhancing profitability across our businesses in group.

[Risk Management and Compliance, etc.]

Towards the goals of ensuring financial health and increasing corporate value, our risk management system requires further enhancement as we expand business on a global scale. We will continue to develop a system where senior management directly engage in a proactive risk management approach for precise decision making.

As our business becomes increasingly international and diverse, we recognize the growing importance of compliance. We will continue to focus on improving the management structure to comply with local laws and regulations in the countries that we operate. In addition, we will continuously review and improve our existing overall compliance system and rules with initiatives towards promoting an environment of high ethical standards among all of our executive management and employees. In this way, we will meet the expectations of society and clients toward the Nomura Group and contribute to the further development of the financial and capital markets.

The improvement measures announced in June 29, 2012, regarding the recommendations of administrative penalties imposed on our subsidiary, Nomura Securities Co. Ltd. in 2012 in connection with public stock offerings, have been fully implemented. By thoroughly implementing the improvement measures and making them function effectively, we aim to prevent recurrence and to regain trust; we will further enhance and reinforce our internal control system, with each and every one of our executive officers and employees having ethics as a professional engaged in the capital market, while keeping the memory of the incident from fading.

3.	Considerations in the selection of accounting standards

Nomura currently adopts U.S. generally accepted accounting principles. Depending on factors such as trends by other companies and the impact of International Financial Reporting Standards (“IFRS”) on Nomura’s businesses, Nomura may consider in adopting IFRS in the future.

4.	Consolidated Financial Statements

The 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.

(1)

Consolidated Balance Sheets (UNAUDITED)


	Millions of yen
	March 31, 2014			March 31, 2015			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		1,489,792			1,315,408			(174,384	)
Time deposits		363,682			328,151			(35,531	)
Deposits with stock exchanges and other segregated cash		335,836			453,037			117,201

Total cash and cash deposits		2,189,310			2,096,596			(92,714	)

Loans and receivables:
Loans receivable		1,327,875			1,461,075			133,200
Receivables from customers		64,070			187,026			122,956
Receivables from other than customers		1,181,742			1,303,576			121,834
Allowance for doubtful accounts		(3,009	)		(3,253	)		(244	)

Total loans and receivables		2,570,678			2,948,424			377,746

Collateralized agreements:
Securities purchased under agreements to resell		9,617,675			8,481,474			(1,136,201	)
Securities borrowed		7,729,326			8,238,046			508,720

Total collateralized agreements		17,347,001			16,719,520			(627,481	)

Trading assets and private equity investments:
Trading assets*		18,672,318			17,260,121			(1,412,197	)
Private equity investments		41,996			48,727			6,731

Total trading assets and private equity investments		18,714,314			17,308,848			(1,405,466	)

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥350,820 million as of March 31, 2014 and ¥383,992 million as of March 31, 2015)		408,917			401,069			(7,848	)
Non-trading debt securities*		1,023,746			948,180			(75,566	)
Investments in equity securities*		136,740			159,755			23,015
Investments in and advances to affiliated companies*		345,434			378,278			32,844
Other		784,174			822,566			38,392

Total other assets		2,699,011			2,709,848			10,837

Total assets		43,520,314			41,783,236			(1,737,078	)

*	Including securities pledged as collateral


	Millions of yen
	March 31, 2014			March 31, 2015			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings		602,131			662,256			60,125
Payables and deposits:
Payables to customers		492,516			723,839			231,323
Payables to other than customers		1,230,176			1,454,361			224,185
Deposits received at banks		1,114,181			1,220,400			106,219

Total payables and deposits		2,836,873			3,398,600			561,727

Collateralized financing:
Securities sold under agreements to repurchase		13,937,690			12,217,144			(1,720,546	)
Securities loaned		2,359,809			2,494,036			134,227
Other secured borrowings		814,500			668,623			(145,877	)

Total collateralized financing		17,111,999			15,379,803			(1,732,196	)

Trading liabilities		11,047,285			10,044,236			(1,003,049	)
Other liabilities		1,141,750			1,217,099			75,349
Long-term borrowings		8,227,063			8,336,296			109,233

Total liabilities		40,967,101			39,038,290			(1,928,811	)


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 March 31, 2015
Outstanding - 3,717,630,462 shares as of March 31, 2014 and 3,598,865,213 shares as of March 31, 2015		594,493			594,493			—
Additional paid-in capital		683,638			683,407			(231	)
Retained earnings		1,287,003			1,437,940			150,937
Accumulated other comprehensive income		20,636			143,739			123,103

Total NHI shareholders’ equity before treasury stock		2,585,770			2,859,579			273,809
Common stock held in treasury, at cost -
104,932,139 shares as of March 31, 2014 and
223,697,388 shares as of March 31, 2015		(72,090	)		(151,805	)		(79,715	)

Total NHI shareholders’ equity		2,513,680			2,707,774			194,094

Noncontrolling interests		39,533			37,172			(2,361	)

Total equity		2,553,213			2,744,946			191,733

Total liabilities and equity		43,520,314			41,783,236			(1,737,078	)

(2)

Consolidated Statements of Income (UNAUDITED)


	Millions of yen				% Change
	For the year ended
	March 31, 2014 (A)		March 31, 2015 (B)		(B-A)/(A)
Revenue:
Commissions		473,121		453,401		(4.2	)
Fees from investment banking		91,301		95,083		4.1
Asset management and portfolio service fees		168,683		203,387		20.6
Net gain on trading		476,356		531,337		11.5
Gain on private equity investments		11,392		5,502		(51.7	)
Interest and dividends		416,350		436,766		4.9
Gain on investments in equity securities		15,156		29,410		94.0
Other		179,485		175,702		(2.1	)

Total revenue		1,831,844		1,930,588		5.4
Interest expense		274,774		326,412		18.8

Net revenue		1,557,070		1,604,176		3.0

Non-interest expenses:
Compensation and benefits		570,058		596,593		4.7
Commissions and floor brokerage		111,849		129,977		16.2
Information processing and communications		192,168		192,300		0.1
Occupancy and related depreciation		80,142		76,112		(5.0	)
Business development expenses		38,485		35,230		(8.5	)
Other		202,754		227,205		12.1

Total non-interest expenses		1,195,456		1,257,417		5.2

Income before income taxes		361,614		346,759		(4.1	)
Income tax expense		145,165		120,780		(16.8	)

Net income		216,449		225,979		4.4

Less: Net income attributable to noncontrolling interests		2,858		1,194		(58.2	)

Net income attributable to NHI shareholders		213,591		224,785		5.2

Per share of common stock:

	Yen				% Change
Basic-
Net income attributable to NHI shareholders per share		57.57		61.66		7.1

Diluted-
Net income attributable to NHI shareholders per share		55.81		60.03		7.6

(3)

Consolidated Statements of Comprehensive Income (UNAUDITED)


	Millions of yen						% Change
	For the year ended
	March 31, 2014 (A)			March 31, 2015 (B)			(B-A)/(A)
Net income		216,449			225,979			4.4
Other comprehensive income:
Change in cumulative translation adjustments, net of tax		68,090			110,487			62.3
Defined benefit pension plans:
Pension liability adjustment		15,093			5,259			(65.2	)
Deferred income taxes		(5,384	)		(1,854	)		—

Total		9,709			3,405			(64.9	)

Non-trading securities:
Net unrealized gain on non-trading securities		3,358			27,643			723.2
Deferred income taxes		(1,109	)		(8,681	)		—

Total		2,249			18,962			743.1

Total other comprehensive income		80,048			132,854			66.0

Comprehensive income		296,497			358,833			21.0
Less: Comprehensive income attributable to noncontrolling interests		4,875			10,945			124.5

Comprehensive income attributable to NHI shareholders		291,622			347,888			19.3

(4)

Consolidated Statements of Changes in Equity (UNAUDITED)


	Millions of yen
	For the year ended
	March 31, 2014			March 31, 2015
Common stock
Balance at beginning of year		594,493			594,493

Balance at end of year		594,493			594,493

Additional paid-in capital
Balance at beginning of year		691,264			683,638
Gain (loss) on sales of treasury stock		(7,647	)		(2,417	)
Issuance and exercise of common stock options		(210	)		2,186
Purchase / sale of subsidiary shares, net		231			—

Balance at end of year		683,638			683,407

Retained earnings
Balance at beginning of year		1,136,523			1,287,003
Net income attributable to NHI shareholders		213,591			224,785
Cash dividends		(63,111	)		(68,627	)
Gain (loss) on sales of treasury stock		—			(5,221	)

Balance at end of year		1,287,003			1,437,940

Accumulated other comprehensive income
Cumulative translation adjustments
Balance at beginning of year		(38,875	)		27,704
Net change during the year		66,579			105,667

Balance at end of year		27,704			133,371

Defined benefit pension plans
Balance at beginning of year		(28,518	)		(18,809	)
Pension liability adjustment		9,709			3,405

Balance at end of year		(18,809	)		(15,404	)

Non-trading securities
Balance at beginning of year		9,998			11,741
Net unrealized gain on non-trading securities		1,743			14,031

Balance at end of year		11,741			25,772

Balance at end of year		20,636			143,739

Common stock held in treasury
Balance at beginning of year		(70,514	)		(72,090	)
Repurchases of common stock		(32,511	)		(104,047	)
Sale of common stock		9			3
Common stock issued to employees		30,127			24,226
Other net change in treasury stock		799			103

Balance at end of year		(72,090	)		(151,805	)

Total NHI shareholders’ equity

Balance at end of year		2,513,680			2,707,774

Noncontrolling interests
Balance at beginning of year		24,612			39,533
Net change during the year		14,921			(2,361	)

Balance at end of year		39,533			37,172

Total equity

Balance at end of year		2,553,213			2,744,946

(5)

Consolidated Statements of Cash Flows (UNAUDITED)


	Millions of yen
	For the year ended
	March 31, 2014			March 31, 2015
Cash flows from operating activities:
Net income		216,449			225,979
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		79,468			78,882
Gain on investments in equity securities		(15,156	)		(29,410	)
Changes in operating assets and liabilities:
Time deposits		274,593			38,341
Deposits with stock exchanges and other segregated cash		(42,403	)		(66,122	)
Trading assets and private equity investments		(485,673	)		2,917,895
Trading liabilities		2,007,807			(1,731,133	)
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		(183,884	)		(1,251,323	)
Securities borrowed, net of securities loaned		(1,604,469	)		(221,295	)
Other secured borrowings		7,992			(145,877	)
Loans and receivables, net of allowance for doubtful accounts		217,397			(92,713	)
Payables		278,325			236,029
Bonus accrual		16,356			(3,659	)
Other, net		(309,376	)		(32,622	)

Net cash provided by (used in) operating activities		457,426			(77,028	)


Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities		(214,336	)		(209,468	)
Proceeds from sales of office buildings, land, equipment and facilities		176,680			159,480
Payments for purchases of investments in equity securities		(4,799	)		(354	)
Proceeds from sales of investments in equity securities		6,945			6,977
Increase in loans receivable at banks, net		(10,972	)		(49,192	)
Decrease (increase) in non-trading debt securities, net		(103,187	)		109,761
Other, net		46,474			(4,867	)

Net cash provided by (used in) investing activities		(103,195	)		12,337


Cash flows from financing activities:
Increase in long-term borrowings		2,140,351			2,974,115
Decrease in long-term borrowings		(1,594,148	)		(3,167,956	)
Increase (decrease) in short-term borrowings, net		(149,437	)		34,041
Increase (decrease) in deposits received at banks, net		(23,605	)		140,571
Proceeds from sales of common stock held in treasury		682			387
Payments for repurchases of common stock in treasury		(32,511	)		(104,047	)
Payments for cash dividends		(51,947	)		(55,317	)

Net cash provided by (used in) financing activities		289,385			(178,206	)

Effect of exchange rate changes on cash and cash equivalents		41,089			68,513

Net increase (decrease) in cash and cash equivalents		684,705			(174,384	)
Cash and cash equivalents at beginning of the year		805,087			1,489,792

Cash and cash equivalents at end of the year		1,489,792			1,315,408

(6)

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

Not applicable.

(7)

Changes in Accounting Policy (UNAUDITED)

Nomura adopted Accounting Standards Update No.2014-11“Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures” from January 1, 2015. All repurchase-to-maturity transactions are now accounted for as secured borrowing transactions and all repurchase financings are now accounted for as secured lending transactions. These accounting changes have not had a material impact on Nomura’s consolidated financial statements.

(8)

Notes to the Consolidated Financial Statements (UNAUDITED)

Segment Information – Operating Segment

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


	Millions of yen				% Change
	For the year ended
	March 31, 2014 (A)		March 31, 2015 (B)		(B-A)/(A)
Net revenue

Business segment information:
Retail		511,916		476,505		(6.9	)
Asset Management		80,480		92,354		14.8
Wholesale		765,097		789,867		3.2

Subtotal		1,357,493		1,358,726		0.1
Other		188,849		220,765		16.9

Net revenue		1,546,342		1,579,491		2.1

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		10,728		24,685		130.1

Net revenue		1,557,070		1,604,176		3.0


Non-interest expenses

Business segment information:
Retail		319,915		314,675		(1.6	)
Asset Management		53,373		60,256		12.9
Wholesale		653,299		707,671		8.3

Subtotal		1,026,587		1,082,602		5.5
Other		168,869		174,815		3.5

Non-interest expenses		1,195,456		1,257,417		5.2

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—		—

Non-interest expenses		1,195,456		1,257,417		5.2


Income (loss) before income taxes

Business segment information:
Retail		192,001		161,830		(15.7	)
Asset Management		27,107		32,098		18.4
Wholesale		111,798		82,196		(26.5	)

Subtotal		330,906		276,124		(16.6	)
Other*		19,980		45,950		130.0

Income (loss) before income taxes		350,886		322,074		(8.2	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		10,728		24,685		130.1

Income (loss) before income taxes		361,614		346,759		(4.1	)

*	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 year ended						(B-A)/(A)
	March 31, 2014 (A)			March 31, 2015 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		17,403			15,120			(13.1	)
Realized gain (loss) on investments in equity securities held for operating purposes		4,428			4,725			6.7
Equity in earnings of affiliates		28,571			42,235			47.8
Corporate items		(38,772	)		(20,119	)		—
Other		8,350			3,989			(52.2	)

Total		19,980			45,950			130.0

Per share data

Shareholders’ equity per share is calculated based on the following number of shares.


Number of shares outstanding as of March 31, 2015			3,598,865,213

Net income attributable to NHI shareholders per share calculated based on the following number of shares.


Average number of shares outstanding for the year ended March 31, 2015			3,645,514,878

Changes in Tax Laws

On March 31, 2015, the “Act to partially revise the Income Tax Act and Others” (Act No. 9 of 2015) (“Act 9”) and “Act to partially revise the Local Tax Act and Others” (Act No. 2 of 2015) (“Act 2”) were promulgated. Under Act 2 and Act 9, effective from the fiscal year beginning on or after April 1, 2015, corporate tax rate has been reduced from 36% to 33% for the temporary differences expected to be reversed in the fiscal year beginning on April 1, 2015 and 32% for those expected to be reversed in the fiscal years beginning on or after April 1, 2016. Use of operating loss carryforwards for the tax purposes will be limited to 65% of the current year taxable income before deducting operating loss carryforwards for tax purpose after the fiscal years beginning on or after April 1, 2015 and 50% after the fiscal years beginning on or after April 1, 2017.

Due to these revisions, net deferred tax liabilities decreased by 4,674 million yen and income tax expenses decreased by the same amount.

Significant Subsequent Events

Not applicable.

(9)

Other Financial Information

Consolidated Statements of Income – Quarterly Comparatives (UNAUDITED)


	Millions of yen																			% Change
	For the three months ended
	June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014			June 30, 2014			September 30, 2014		December 31, 2014 (A)			March 31, 2015 (B)		(B-A)/(A)
Revenue:
Commissions		157,357		105,292		120,997		89,475			95,633			110,838		123,198			123,732		0.4
Fees from investment banking		25,394		22,984		15,769		27,154			19,822			20,620		28,820			25,821		(10.4	)
Asset management and portfolio service fees		42,658		41,023		42,511		42,491			46,092			49,689		53,308			54,298		1.9
Net gain on trading		128,409		110,180		108,544		129,223			158,562			129,011		109,468			134,296		22.7
Gain (loss) on private equity investments		50		703		10,985		(346	)		(287	)		489		(172	)		5,472		—
Interest and dividends		115,325		98,091		102,602		100,332			104,917			108,775		115,572			107,502		(7.0	)
Gain (loss) on investments in equity securities		7,852		5,037		7,505		(5,238	)		6,350			2,884		11,797			8,379		(29.0	)
Other		28,225		45,069		38,508		67,683			31,065			28,514		65,618			50,505		(23.0	)

Total revenue		505,270		428,379		447,421		450,774			462,154			450,820		507,609			510,005		0.5
Interest expense		73,949		71,989		68,000		60,836			91,316			76,987		82,613			75,496		(8.6	)

Net revenue		431,321		356,390		379,421		389,938			370,838			373,833		424,996			434,509		2.2

Non-interest expenses:
Compensation and benefits		163,205		135,391		138,822		132,640			168,767			140,823		142,804			144,199		1.0
Commissions and floor brokerage		29,046		26,134		27,974		28,695			27,590			33,599		34,088			34,700		1.8
Information processing and communications		48,233		46,240		47,755		49,940			44,896			45,961		48,712			52,731		8.3
Occupancy and related depreciation		19,784		20,830		18,999		20,529			18,553			18,224		19,220			20,115		4.7
Business development expenses		7,859		9,473		11,029		10,124			7,927			9,071		9,027			9,205		2.0
Other		49,975		45,389		47,948		59,442			51,431			52,150		55,021			68,603		24.7

Total non-interest expenses		318,102		283,457		292,527		301,370			319,164			299,828		308,872			329,553		6.7

Income before income taxes		113,219		72,933		86,894		88,568			51,674			74,005		116,124			104,956		(9.6	)
Income tax expense		46,956		34,549		37,769		25,891			30,397			20,894		46,843			22,646		(51.7	)

Net income		66,263		38,384		49,125		62,677			21,277			53,111		69,281			82,310		18.8

Less: Net income (loss) attributable to noncontrolling interests		369		272		796		1,421			1,417			239		(758	)		296		—

Net income attributable to NHI shareholders		65,894		38,112		48,329		61,256			19,860			52,872		70,039			82,014		17.1


	Yen																			% Change
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		19.22			22.65		17.8

Diluted-
Net income attributable to NHI shareholders per share		17.24		9.99		12.65		16.02			5.26			14.15		18.72			22.08		17.9

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
	For the three months ended
	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014		September 30, 2014		December 31, 2014 (A)		March 31, 2015 (B)			(B-A)/(A)

Net revenue

Business segment information:
Retail		166,342			119,730			127,975			97,869			106,865		117,938		128,788		122,914			(4.6	)
Asset Management		20,174			18,626			21,215			20,465			23,338		21,691		23,439		23,886			1.9
Wholesale		194,609			183,348			188,666			198,474			188,886		190,570		178,943		231,468			29.4

Subtotal		381,125			321,704			337,856			316,808			319,089		330,199		331,170		378,268			14.2
Other		43,032			29,649			35,366			80,802			48,252		41,042		82,787		48,684			(41.2	)

Net revenue		424,157			351,353			373,222			397,610			367,341		371,241		413,957		426,952			3.1

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		11,039		7,557			(31.5	)

Net revenue		431,321			356,390			379,421			389,938			370,838		373,833		424,996		434,509			2.2


Non-interest expenses

Business segment information:
Retail		85,237			79,774			80,302			74,602			75,257		79,075		78,319		82,024			4.7
Asset Management		13,483			12,454			12,289			15,147			15,064		13,882		14,091		17,219			22.2
Wholesale		169,372			158,063			160,866			164,998			183,145		168,363		178,492		177,671			(0.5	)

Subtotal		268,092			250,291			253,457			254,747			273,466		261,320		270,902		276,914			2.2
Other		50,010			33,166			39,070			46,623			45,698		38,508		37,970		52,639			38.6

Non-interest expenses		318,102			283,457			292,527			301,370			319,164		299,828		308,872		329,553			6.7

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		308,872		329,553			6.7


Income (loss) before income taxes

Business segment information:
Retail		81,105			39,956			47,673			23,267			31,608		38,863		50,469		40,890			(19.0	)
Asset Management		6,691			6,172			8,926			5,318			8,274		7,809		9,348		6,667			(28.7	)
Wholesale		25,237			25,285			27,800			33,476			5,741		22,207		451		53,797			—

Subtotal		113,033			71,413			84,399			62,061			45,623		68,879		60,268		101,354			68.2
Other*		(6,978	)		(3,517	)		(3,704	)		34,179			2,554		2,534		44,817		(3,955	)		—

Income (loss) before income taxes		106,055			67,896			80,695			96,240			48,177		71,413		105,085		97,399			(7.3	)

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		11,039		7,557			(31.5	)

Income (loss) before income taxes		113,219			72,933			86,894			88,568			51,674		74,005		116,124		104,956			(9.6	)

*	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 three months ended
	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014 (A)			March 31, 2015 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		7,373			(1,667	)		5,150			6,547			6,919			2,169			6,375			(343	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		688			0			1,306			2,434			2,853			292			758			822			8.4
Equity in earnings of affiliates		5,343			8,884			8,171			6,173			3,499			7,963			18,213			12,560			(31.0	)
Corporate items		(12,344	)		(8,701	)		(13,954	)		(3,773	)		(3,093	)		(8,389	)		(3,160	)		(5,477	)		—
Other		(8,038	)		(2,033	)		(4,377	)		22,798			(7,624	)		499			22,631			(11,517	)		—

Total		(6,978	)		(3,517	)		(3,704	)		34,179			2,554			2,534			44,817			(3,955	)		—

5.	Unconsolidated Financial Statements [Japanese GAAP]

(1)

Unconsolidated Balance Sheets (UNAUDITED)


	Millions of yen
	March 31, 2014		March 31, 2015
Assets
Current Assets		3,296,666		3,776,082
Fixed Assets		2,893,448		2,865,640

Total Assets		6,190,114		6,641,723

Liabilities
Current Liabilities		1,133,679		1,159,166
Long-term Liabilities		3,138,160		3,387,449

Total Liabilities		4,271,838		4,546,615

Net Assets
Shareholders’ equity		1,819,381		1,971,421
Valuation and translation adjustments		54,949		79,014
Stock acquisition rights		43,946		44,673

Total Net Assets		1,918,276		2,095,108

Total Liabilities and Net Assets		6,190,114		6,641,723

(2)

Unconsolidated Statements of Income (UNAUDITED)


	Millions of yen
	For the year ended
	March 31, 2014			March 31, 2015
Operating revenue		399,318			461,912
Operating expenses		214,169			227,074

Operating income		185,149			234,838

Non-operating income		4,113			4,394
Non-operating expenses		4,038			3,713

Ordinary income		185,224			235,519

Special profits		14,179			88,755
Special losses		84,739			5,979

Income before income taxes		114,664			318,295

Income taxes - current		(54,136	)		(26,699	)
Income taxes - deferred		60,942			50,178

Net income		107,858			294,816

(3)

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

Not applicable.

6.	Other Information

Financial information for Nomura Securities Co., Ltd. can be found on the following URL.

http://www.nomuraholdings.com/company/group/nsc/pdf/2015_4q.pdf