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 July 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 – Three months ended June 30, 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: July 29, 2015	By:	/s/ Hajime Ikeda
		Hajime Ikeda
		Senior Managing Director

Financial Summary For the Three Months Ended June 30, 2015 (U.S. GAAP)


Date:		July 29, 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
		Managing 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 three months ended June 30
	2014						2015
	(Millions of yen, except per share data)
				% Change from June 30, 2013						% Change from June 30, 2014
Total revenue		462,154			(8.5	%)		508,448			10.0	%
Net revenue		370,838			(14.0	%)		424,032			14.3	%
Income before income taxes		51,674			(54.4	%)		106,012			105.2	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		19,860			(69.9	%)		68,742			246.1	%
Comprehensive income		12,579			(87.2	%)		89,646			612.7	%
Basic-Net income attributable to NHI shareholders per share (Yen)		5.40						19.11
Diluted-Net income attributable to NHI shareholders per share (Yen)		5.26						18.65
Return on shareholders’ equity-annualized		3.2	%					10.0	%

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 June 30
	2015			2015
	(Millions of yen, except per share data)
Total assets		41,783,236			43,996,483
Total equity		2,744,946			2,816,981
Total NHI shareholders’ equity		2,707,774			2,783,301
Total NHI shareholders’ equity as a percentage of total assets		6.5	%		6.3	%
Total NHI shareholders’ equity per share (Yen)		752.40			774.39

2. Cash Dividends


	For the year ended March 31
	2015		2016		2016 (Plan)
	(Yen amounts)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		6.00		—		Unconfirmed
At December 31		—		—		—
At March 31		13.00		—		Unconfirmed
For the year		19.00		—		Unconfirmed

Note: Nomura plans to forgo dividend distribution for Q3 of fiscal year 2016. Fiscal year 2016 Q2 and Q4 dividend amount are not presented per reasons stated in “3. Earnings forecasts for the year ending March 31, 2016”.

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 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 June 30
	2015		2015
Number of shares outstanding (including treasury stock)		3,822,562,601		3,822,562,601
Number of treasury stock		223,697,388		228,370,345

	For the three months ended June 30
	2014		2015
Average number of shares outstanding (year-to-date)		3,675,692,820		3,596,764,719

*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 June 30, 2015, 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 three months ended						(B-A)/(A)
	June 30, 2014 (A)			June 30, 2015 (B)			(B-A)/(A)
Net revenue		370.8			424.0			14.3
Non-interest expenses		319.2			318.0			(0.4	)

Income (loss) before income taxes		51.7			106.0			105.2
Income tax expense		30.4			36.4			19.6

Net income (loss)		21.3			69.6			227.3

Less: Net income (loss) attributable to noncontrolling interests		1.4			0.9			(36.3	)

Net income (loss) attributable to NHI shareholders		19.9			68.7			246.1

Return on shareholders’ equity-annualized		3.2	%		10.0	%		—

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 424.0 billion yen for the three months ended June 30, 2015, an increase of 14.3% from the same period in the prior year. Non-interest expenses decreased by 0.4% from the same period in the prior year to 318.0 billion yen. Income before income taxes was 106.0 billion yen and net income attributable to NHI shareholders was 68.7 billion yen for the three months ended June 30, 2015.

Segments Information


	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30, 2014 (A)		June 30, 2015 (B)		(B-A)/(A)
Net revenue		367.3		415.0		13.0
Non-interest expenses		319.2		318.0		(0.4	)

Income (loss) before income taxes		48.2		97.0		101.4

In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the three months ended June 30, 2015 was 415.0 billion yen, an increase of 13.0% from the same period in the prior year. Non-interest expenses decreased by 0.4% from the same period in the prior year to 318.0 billion yen. Income before income taxes was 97.0 billion yen for the three months ended June 30, 2015. 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 three months ended				(B-A)/(A)
	June 30, 2014 (A)		June 30, 2015 (B)		(B-A)/(A)
Net revenue		106.9		130.7		22.3
Non-interest expenses		75.3		79.8		6.0

Income (loss) before income taxes		31.6		50.9		61.0

Net revenue increased by 22.3% from the same period in the prior year to 130.7 billion yen, primarily due to increases in commissions from distribution of investment trusts and brokerage. Non-interest expense increased by 6.0% to 79.8 billion yen. As a result, income before income taxes increased by 61.0% to 50.9 billion yen.

Operating Results of Asset Management


	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30, 2014 (A)		June 30, 2015 (B)		(B-A)/(A)
Net revenue		23.3		26.9		15.3
Non-interest expenses		15.1		15.2		0.7

Income (loss) before income taxes		8.3		11.7		42.0

Net revenue increased by 15.3% from the same period in the prior year to 26.9 billion yen. Non-interest expense increased by 0.7% to 15.2 billion yen. As a result, income before income taxes increased by 42.0% to 11.7 billion yen. Assets under management were 41.4 trillion yen as of June 30, 2015.

Operating Results of Wholesale


	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30, 2014 (A)		June 30, 2015 (B)		(B-A)/(A)
Net revenue		188.9		205.2		8.6
Non-interest expenses		183.1		185.5		1.3

Income (loss) before income taxes		5.7		19.7		242.6

Net revenue increased by 8.6% from the same period in the prior year to 205.2 billion yen. Non-interest expense increased by 1.3% to 185.5 billion yen. As a result, income before income taxes increased by 242.6% from the same period in the prior year to 19.7 billion yen.

Other Operating Results


	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30, 2014 (A)		June 30, 2015 (B)		(B-A)/(A)
Net revenue		48.3		52.2		8.3
Non-interest expenses		45.7		37.5		(17.8	)

Income (loss) before income taxes		2.6		14.7		475.5

Net revenue was 52.2 billion yen. Income before income taxes was 14.7 billion yen.

(2)

Consolidated Financial Position

Total assets as of June 30, 2015 were 44.0 trillion yen, an increase of 2,213.2 billion yen compared to March 31, 2015, mainly due to the increase in Trading assets. Total liabilities as of June 30, 2015 were 41.2 trillion yen, an increase of 2,141.2 billion yen compared to March 31, 2015, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of June 30, 2015 was 2.8 trillion yen, an increase of 72.0 billion yen compared to March 31, 2015.

(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 25, 2015) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2015) for the year ended March 31, 2015.

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, 2015			June 30, 2015			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		1,315,408			1,945,623			630,215
Time deposits		328,151			233,352			(94,799	)
Deposits with stock exchanges and other segregated cash		453,037			485,595			32,558

Total cash and cash deposits		2,096,596			2,664,570			567,974

Loans and receivables:
Loans receivable		1,461,075			1,504,620			43,545
Receivables from customers		187,026			217,072			30,046
Receivables from other than customers		1,303,576			968,380			(335,196	)
Allowance for doubtful accounts		(3,253	)		(3,209	)		44

Total loans and receivables		2,948,424			2,686,863			(261,561	)

Collateralized agreements:
Securities purchased under agreements to resell		8,481,474			9,165,585			684,111
Securities borrowed		8,238,046			7,822,633			(415,413	)

Total collateralized agreements		16,719,520			16,988,218			268,698

Trading assets and private equity investments:
Trading assets*		17,260,121			18,877,079			1,616,958
Private equity investments		48,727			51,431			2,704

Total trading assets and private equity investments		17,308,848			18,928,510			1,619,662

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥383,992 million as of March 31, 2015 and ¥403,270 million as of June 30, 2015)		401,069			403,844			2,775
Non-trading debt securities*		948,180			907,749			(40,431	)
Investments in equity securities*		159,755			168,844			9,089
Investments in and advances to affiliated companies*		378,278			388,729			10,451
Other		822,566			859,156			36,590

Total other assets		2,709,848			2,728,322			18,474

Total assets		41,783,236			43,996,483			2,213,247

*	Including securities pledged as collateral


			Millions of yen
			March 31, 2015			June 30, 2015			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				662,256			562,093			(100,163	)
Payables and deposits:
Payables to customers				723,839			831,445			107,606
Payables to other than customers				1,454,361			1,660,661			206,300
Deposits received at banks				1,220,400			1,250,893			30,493

Total payables and deposits				3,398,600			3,742,999			344,399

Collateralized financing:
Securities sold under agreements to repurchase				12,217,144			13,457,057			1,239,913
Securities loaned				2,494,036			3,188,512			694,476
Other secured borrowings				668,623			638,163			(30,460	)

Total collateralized financing				15,379,803			17,283,732			1,903,929

Trading liabilities				10,044,236			10,023,929			(20,307	)
Other liabilities				1,217,099			1,102,599			(114,500	)
Long-term borrowings				8,336,296			8,464,150			127,854

Total liabilities				39,038,290			41,179,502			2,141,212


Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,822,562,601 shares as of March 31, 2015 and 3,822,562,601 shares as of June 30, 2015
Outstanding	-	3,598,865,213 shares as of March 31, 2015 and 3,594,192,256 shares as of June 30, 2015		594,493			594,493			—
Additional paid-in capital				683,407			681,419			(1,988	)
Retained earnings				1,437,940			1,502,500			64,560
Accumulated other comprehensive income				143,739			163,163			19,424

Total NHI shareholders’ equity before treasury stock				2,859,579			2,941,575			81,996
Common stock held in treasury, at cost -
223,697,388 shares as of March 31, 2015 and
228,370,345 shares as of June 30, 2015				(151,805	)		(158,274	)		(6,469	)

Total NHI shareholders’ equity				2,707,774			2,783,301			75,527

Noncontrolling interests				37,172			33,680			(3,492	)

Total equity				2,744,946			2,816,981			72,035

Total liabilities and equity				41,783,236			43,996,483			2,213,247

(2)

Consolidated Statements of Income (UNAUDITED)


	Millions of yen					% Change
	For the three months ended
	June 30, 2014 (A)			June 30, 2015 (B)		(B-A)/(A)
Revenue:
Commissions		95,633			130,343		36.3
Fees from investment banking		19,822			24,497		23.6
Asset management and portfolio service fees		46,092			59,940		30.0
Net gain on trading		158,562			124,748		(21.3	)
Gain (loss) on private equity investments		(287	)		1,154		—
Interest and dividends		104,917			113,649		8.3
Gain on investments in equity securities		6,350			9,186		44.7
Other		31,065			44,931		44.6

Total revenue		462,154			508,448		10.0
Interest expense		91,316			84,416		(7.6	)

Net revenue		370,838			424,032		14.3

Non-interest expenses:
Compensation and benefits		168,767			155,896		(7.6	)
Commissions and floor brokerage		27,590			34,243		24.1
Information processing and communications		44,896			47,934		6.8
Occupancy and related depreciation		18,553			18,729		0.9
Business development expenses		7,927			8,330		5.1
Other		51,431			52,888		2.8

Total non-interest expenses		319,164			318,020		(0.4	)

Income before income taxes		51,674			106,012		105.2
Income tax expense		30,397			36,368		19.6

Net income		21,277			69,644		227.3

Less: Net income attributable to noncontrolling interests		1,417			902		(36.3	)

Net income attributable to NHI shareholders		19,860			68,742		246.1

Per share of common stock:

	Yen					% Change
Basic-
Net income attributable to NHI shareholders per share		5.40			19.11		253.9

Diluted-
Net income attributable to NHI shareholders per share		5.26			18.65		254.6

(3)

Consolidated Statements of Comprehensive Income (UNAUDITED)


	Millions of yen						% Change
	For the three months ended
	June 30, 2014 (A)			June 30, 2015 (B)			(B-A)/(A)
Net income		21,277			69,644			227.3
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		(11,373	)		20,549			—
Deferred income taxes		(421	)		(240	)		—

Total		(11,794	)		20,309			—

Defined benefit pension plans:
Pension liability adjustment		360			(522	)		—
Deferred income taxes		(142	)		330			—

Total		218			(192	)		—

Non-trading securities:
Net unrealized gain (loss) on non-trading securities		3,400			(35	)		—
Deferred income taxes		(522	)		(80	)		—

Total		2,878			(115	)		—

Total other comprehensive income (loss)		(8,698	)		20,002			—

Comprehensive income		12,579			89,646			612.7
Less: Comprehensive income attributable to noncontrolling interests		1,806			1,480			(18.1	)

Comprehensive income attributable to NHI shareholders		10,773			88,166			718.4

(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 three months ended
	June 30, 2014 (A)		June 30, 2015 (B)		(B-A)/(A)
Net revenue

Business segment information:
Retail		106,865		130,689		22.3
Asset Management		23,338		26,917		15.3
Wholesale		188,886		205,184		8.6

Subtotal		319,089		362,790		13.7
Other		48,252		52,244		8.3

Net revenue		367,341		415,034		13.0

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		3,497		8,998		157.3

Net revenue		370,838		424,032		14.3


Non-interest expenses

Business segment information:
Retail		75,257		79,790		6.0
Asset Management		15,064		15,171		0.7
Wholesale		183,145		185,513		1.3

Subtotal		273,466		280,474		2.6
Other		45,698		37,546		(17.8	)

Non-interest expenses		319,164		318,020		(0.4	)

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

Non-interest expenses		319,164		318,020		(0.4	)


Income (loss) before income taxes

Business segment information:
Retail		31,608		50,899		61.0
Asset Management		8,274		11,746		42.0
Wholesale		5,741		19,671		242.6

Subtotal		45,623		82,316		80.4
Other*		2,554		14,698		475.5

Income (loss) before income taxes		48,177		97,014		101.4

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		3,497		8,998		157.3

Income (loss) before income taxes		51,674		106,012		105.2

*	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						(B-A)/(A)
	June 30, 2014 (A)			June 30, 2015 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		6,919			(2,553	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		2,853			188			(93.4	)
Equity in earnings of affiliates		3,499			13,831			295.3
Corporate items		(3,093	)		(3,940	)		—
Other		(7,624	)		7,172			—

Total		2,554			14,698			475.5

(6)

Significant Changes in Equity (UNAUDITED)

Not applicable. For further details of the changes, please refer below.


	Millions of yen
	For the three months ended
	June 30, 2015
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		683,407
Issuance and exercise of common stock options		(1,988	)

Balance at end of period		681,419

Retained earnings
Balance at beginning of year		1,437,940
Net income attributable to NHI shareholders		68,742
Gain (loss) on sales of treasury stock		(4,182	)

Balance at end of period		1,502,500

Accumulated other comprehensive income
Cumulative translation adjustments
Balance at beginning of year		133,371
Net change during the period		19,712

Balance at end of period		153,083

Defined benefit pension plans
Balance at beginning of year		(15,404	)
Pension liability adjustment		(192	)

Balance at end of period		(15,596	)

Non-trading securities
Balance at beginning of year		25,772
Net unrealized gain on non-trading securities		(96	)

Balance at end of period		25,676

Balance at end of period		163,163

Common stock held in treasury
Balance at beginning of year		(151,805	)
Repurchases of common stock		(19,985	)
Common stock issued to employees		13,516

Balance at end of period		(158,274	)

Total NHI shareholders’ equity
Balance at end of period		2,783,301

Noncontrolling interests
Balance at beginning of year		37,172
Net change during the period		(3,492	)

Balance at end of period		33,680

Total equity
Balance at end of period		2,816,981

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, 2015
	June 30, 2014			September 30, 2014		December 31, 2014			March 31, 2015 (A)		June 30, 2015 (B)		(B-A)/(A)			For the year ended March 31, 2015
Revenue:
Commissions		95,633			110,838		123,198			123,732		130,343		5.3			453,401
Fees from investment banking		19,822			20,620		28,820			25,821		24,497		(5.1	)		95,083
Asset management and portfolio service fees		46,092			49,689		53,308			54,298		59,940		10.4			203,387
Net gain on trading		158,562			129,011		109,468			134,296		124,748		(7.1	)		531,337
Gain (loss) on private equity investments		(287	)		489		(172	)		5,472		1,154		(78.9	)		5,502
Interest and dividends		104,917			108,775		115,572			107,502		113,649		5.7			436,766
Gain (loss) on investments in equity securities		6,350			2,884		11,797			8,379		9,186		9.6			29,410
Other		31,065			28,514		65,618			50,505		44,931		(11.0	)		175,702

Total revenue		462,154			450,820		507,609			510,005		508,448		(0.3	)		1,930,588
Interest expense		91,316			76,987		82,613			75,496		84,416		11.8			326,412

Net revenue		370,838			373,833		424,996			434,509		424,032		(2.4	)		1,604,176

Non-interest expenses:
Compensation and benefits		168,767			140,823		142,804			144,199		155,896		8.1			596,593
Commissions and floor brokerage		27,590			33,599		34,088			34,700		34,243		(1.3	)		129,977
Information processing and communications		44,896			45,961		48,712			52,731		47,934		(9.1	)		192,300
Occupancy and related depreciation		18,553			18,224		19,220			20,115		18,729		(6.9	)		76,112
Business development expenses		7,927			9,071		9,027			9,205		8,330		(9.5	)		35,230
Other		51,431			52,150		55,021			68,603		52,888		(22.9	)		227,205

Total non-interest expenses		319,164			299,828		308,872			329,553		318,020		(3.5	)		1,257,417

Income before income taxes		51,674			74,005		116,124			104,956		106,012		1.0			346,759
Income tax expense		30,397			20,894		46,843			22,646		36,368		60.6			120,780

Net income		21,277			53,111		69,281			82,310		69,644		(15.4	)		225,979

Less: Net income attributable to noncontrolling interests		1,417			239		(758	)		296		902		204.7			1,194

Net income attributable to NHI shareholders		19,860			52,872		70,039			82,014		68,742		(16.2	)		224,785


	Yen												% Change			Yen
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		5.40			14.53		19.22			22.65		19.11		(15.6	)		61.66

Diluted-
Net income attributable to NHI shareholders per share		5.26			14.15		18.72			22.08		18.65		(15.5	)		60.03

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

Net revenue

Business segment information:
Retail		106,865		117,938		128,788		122,914			130,689		6.3			476,505
Asset Management		23,338		21,691		23,439		23,886			26,917		12.7			92,354
Wholesale		188,886		190,570		178,943		231,468			205,184		(11.4	)		789,867

Subtotal		319,089		330,199		331,170		378,268			362,790		(4.1	)		1,358,726
Other		48,252		41,042		82,787		48,684			52,244		7.3			220,765

Net revenue		367,341		371,241		413,957		426,952			415,034		(2.8	)		1,579,491

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		3,497		2,592		11,039		7,557			8,998		19.1			24,685

Net revenue		370,838		373,833		424,996		434,509			424,032		(2.4	)		1,604,176


Non-interest expenses

Business segment information:
Retail		75,257		79,075		78,319		82,024			79,790		(2.7	)		314,675
Asset Management		15,064		13,882		14,091		17,219			15,171		(11.9	)		60,256
Wholesale		183,145		168,363		178,492		177,671			185,513		4.4			707,671

Subtotal		273,466		261,320		270,902		276,914			280,474		1.3			1,082,602
Other		45,698		38,508		37,970		52,639			37,546		(28.7	)		174,815

Non-interest expenses		319,164		299,828		308,872		329,553			318,020		(3.5	)		1,257,417

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

Non-interest expenses		319,164		299,828		308,872		329,553			318,020		(3.5	)		1,257,417


Income (loss) before income taxes

Business segment information:
Retail		31,608		38,863		50,469		40,890			50,899		24.5			161,830
Asset Management		8,274		7,809		9,348		6,667			11,746		76.2			32,098
Wholesale		5,741		22,207		451		53,797			19,671		(63.4	)		82,196

Subtotal		45,623		68,879		60,268		101,354			82,316		(18.8	)		276,124
Other*		2,554		2,534		44,817		(3,955	)		14,698		—			45,950

Income (loss) before income taxes		48,177		71,413		105,085		97,399			97,014		(0.4	)		322,074

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		3,497		2,592		11,039		7,557			8,998		19.1			24,685

Income (loss) before income taxes		51,674		74,005		116,124		104,956			106,012		1.0			346,759

*	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, 2015
	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015 (A)			June 30, 2015 (B)			(B-A)/(A)			For the year ended March 31, 2015
Net gain (loss) related to economic hedging transactions		6,919			2,169			6,375			(343	)		(2,553	)		—			15,120
Realized gain (loss) on investments in equity securities held for operating purposes		2,853			292			758			822			188			(77.1	)		4,725
Equity in earnings of affiliates		3,499			7,963			18,213			12,560			13,831			10.1			42,235
Corporate items		(3,093	)		(8,389	)		(3,160	)		(5,477	)		(3,940	)		—			(20,119	)
Other		(7,624	)		499			22,631			(11,517	)		7,172			—			3,989

Total		2,554			2,534			44,817			(3,955	)		14,698			—			45,950

(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, 2015		June 30, 2015
Assets
Current Assets		3,776,082		4,342,594
Fixed Assets		2,865,640		2,924,860

Total Assets		6,641,723		7,267,453

Liabilities
Current Liabilities		1,159,166		1,444,779
Long-term Liabilities		3,387,449		3,446,649

Total Liabilities		4,546,615		4,891,428

Net Assets
Shareholders’ equity		1,971,421		2,251,952
Valuation and translation adjustments		79,014		81,682
Stock acquisition rights		44,673		42,391

Total Net Assets		2,095,108		2,376,025

Total Liabilities and Net Assets		6,641,723		7,267,453

Nomura Holdings, Inc. Unconsolidated Statements of Income

(UNAUDITED)


	Millions of yen
	For the three months ended
	June 30, 2014			June 30, 2015
Operating revenue		285,892			394,650
Operating expenses		57,809			55,177

Operating income		228,083			339,472

Non-operating income		1,795			2,753
Non-operating expenses		553			1,235

Ordinary income		229,325			340,989

Special profits		38,073			482
Special losses		13			28

Income before income taxes		267,385			341,443

Income taxes - current		(10,943	)		2,941
Income taxes - deferred		27,382			521

Net income		250,946			337,982

(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/2016_1q.pdf