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 January 2020

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 – Nine months ended December 31, 2019.

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 theundersigned, thereunto duly authorized.
NOMURA HOLDINGS, INC.
Date: January 30, 2020

By:/s/ Go Sugiyama
Go Sugiyama
Senior Managing Director

Financial Summary For the Nine Months Ended December 31, 2019 (U.S. GAAP)
Date:
Company name (code number):
Stock exchange listings:
Representative:
For inquiries:

January 30, 2020
Nomura Holdings, Inc. (8604)(In Japan) Tokyo, Nagoya(Overseas) New York, Singapore
Koji Nagai
President and Group CEO, Nomura Holdings, Inc.
Junko Tago
Executive Director, Head of Investor Relations, Nomura Holdings, Inc.
Tel: (Country Code 81) 3-5255-1000
URL: https://www.nomura.com

1. Consolidated Operating Results(1) Operating Results(Rounded to nearest million)(Millions of yen, except per share data)
For the nine months ended December 31
2018
2019
% Change from
% Change from
December 31, 2017
December 31, 2018

Total revenue
Net revenue
Income (loss) before income taxes
Net income (loss) attributable to Nomura Holdings, Inc. (“NHI”) shareholders
Comprehensive income (loss)
Basic-Net income (loss) attributable to NHI shareholders per share (Yen)
Diluted-Net income (loss) attributable to NHI shareholders per share (Yen)
Return on shareholders’ equity-annualized

1,336,766
815,516(62,054)(101,286)(38,635)(30.01)(30.03)(5.0%)(8.5%) 1,582,733(27.1%) 1,050,359— %272,979— %251,473— %227,238
77.36
75.65
12.6%

18.4%
28.8%
— %
— %
— %

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.
(2) Financial Position(Millions of yen, except per share data)
At March 31
2019

Total assets
Total equity
Total NHI shareholders’ equity
Total NHI shareholders’ equity as a percentage of total assets
Total NHI shareholders’ equity per share (Yen)

40,969,439
2,680,793
2,631,061
6.4%
794.69At December 31
201946,242,334
2,789,623
2,701,167
5.8%
873.68

2. Cash Dividends(Yen amounts)
2019

Dividends per share
Dividends record dates
At June 30
At September 30
At December 31
At March 31
For the year

For the year ended March 31
20202020 (Plan)

—
3.00
—
3.00
6.00

—
15.00
—
—
—

—
—
—
Unconfirmed
Unconfirmed

Note: Fiscal year 2020 Q4 dividend forecast is not presented per reasons stated in “3. Earnings Forecasts for the year ending March 31, 2020.”
3. Earnings Forecasts for the year ending March 31, 2020
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 policiesa)b)Changes in accounting policies due to amendments to the accounting standards: Yes
Changes in accounting policies due to other than a): None

(4) Number of shares issued (common stock)

Number of shares outstanding (including treasury stock)
Number of treasury stock

At March 31
2019

At December 31
20193,493,562,601
182,761,802

3,493,562,601
401,863,402

For the nine months ended December 31
2018
2019

Average number of shares outstanding (year-to-date)*This financial summary is not subject to certified public accountant’s or audit firm’s quarterly review.

3,374,581,279

3,250,819,816

Table of Contents for the Accompanying Materials
Qualitative Information of the Quarterly Consolidated Results

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

P. 2
P. 4
P. 4

2. Notes to the Summary Information

P. 5(1) Changes in Accounting Policies

P. 5

1.

P. 5

3. Quarterly Consolidated Financial Statements
(1)
(2)
(3)
(4)
(5)
(6)
4.

Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Comprehensive Income
Note with respect to the Assumption as a Going Concern
Segment Information – Operating Segment
Significant Changes in Equity

P. 6
P. 8
P. 9
P. 9
P.10
P.11

Supplementary Information

P.12(1) Consolidated Statements of Income – Quarterly Comparatives(2) Business Segment Information – Quarterly Comparatives(3) Other

P.12
P.13
P.14
–1–

1.

Qualitative Information of the Quarterly Consolidated Results(1)

Consolidated Operating Results

U.S. GAAP
Billions of yen
For the nine months ended
December 31,
December 31,
2018 (A)2019 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes
Income tax expense
Net income (loss)
Less: Net income (loss) attributable to noncontrolling interests
Net income (loss) attributable to NHI shareholders
Return on shareholders’ equity – annualized

815.5
877.6
(62.1)
36.3(98.4)
2.9(101.3)(5.0%)

1,050.4
777.4
273.0
16.4
256.6
5.1
251.5
12.6%

% Change(B-A)/(A)

28.8(11.4)—(54.9)—
76.7——

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.
Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 1,050.4 billion yen for the nine months
ended December 31, 2019, an increase of 28.8% from the same period in the prior year. Non-interest expenses decreased by 11.4% from the same
period in the prior year to 777.4 billion yen. Income before income taxes was 273.0 billion yen and net income attributable to NHI shareholders was
251.5 billion yen for the nine months ended December 31, 2019.
Segment Information
Billions of yen
For the nine months ended
December 31,
December 31,
2018 (A)2019 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

824.5
877.6
(53.0)

1,055.1
777.4
277.8

% Change(B-A)/(A)28.0(11.4)—In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net
revenue for the nine months ended December 31, 2019 was 1,055.1 billion yen, an increase of 28.0% from the same period in the prior year.
Non-interest expenses decreased by 11.4% from the same period in the prior year to 777.4 billion yen. Income before income taxes was 277.8 billion
yen for the nine months ended December 31, 2019. Please refer to page 10 for further details of the differences between U.S. GAAP and businesssegment amounts.
–2–

<Business Segment Results>
Operating Results of RetailBillions of yen
For the nine months ended
December 31,
December 31,
2018 (A)2019 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

265.3
219.1
46.2

% Change(B-A)/(A)

247.6
216.5
31.0

(6.7)
(1.2)
(32.8)Net revenue decreased by 6.7% from the same period in the prior year to 247.6 billion yen, primarily due to decreasing commissions frombrokerage and distribution of investment trusts. Non-interest expense decreased by 1.2% to 216.5 billion yen. As a result, income before income taxes
decreased by 32.8% to 31.0 billion yen.
Operating Results of Asset Management
Billions of yen
For the nine months ended
December 31,
December 31,
2018 (A)2019 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

66.9
47.2
19.8

% Change(B-A)/(A)

85.6
48.1
37.5

27.8
1.9
89.8

Net revenue increased by 27.8% from the same period in the prior year to 85.6 billion yen. Non-interest expense increased by 1.9% to 48.1 billion
yen. As a result, income before income taxes increased by 89.8% to 37.5 billion yen. Assets under management were 55.6 trillion yen as ofDecember 31, 2019.
Operating Results of Wholesale
Billions of yen
For the nine months ended
December 31,
December 31,
2018 (A)2019 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

413.1
511.5
(98.4)% Change

502.7
420.6
82.1

Net revenue increased by 21.7% from the same period in the prior year to 502.7 billion yen. Non-interest expense decreased by 17.8% to420.6 billion yen. As a result, income before income taxes was 82.1 billion yen.
–3–(B-A)/(A)

21.7(17.8)—

Other Operating Results
Billions of yen
For the nine months ended
December 31,
December 31,
2018 (A)2019 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

79.1
99.7
(20.6)% Change(B-A)/(A)

219.3
92.2
127.1

177.2
(7.6)
—

Net revenue was 219.3 billion yen including income of 73.3 billion yen recognized in July 2019 from the sale of a part of our shares held in
Nomura Research Institute, Ltd. Income before income taxes was 127.1 billion yen.
(2)

Consolidated Financial Position

Total assets as of December 31, 2019 were 46,242.3 billion yen, an increase of 5,272.9 billion yen compared to March 31, 2019, mainly due to theincrease in Trading assets and Securities purchased under agreements to resell. Total liabilities as of December 31, 2019 were 43,452.7 billion yen, an
increase of 5,164.1 billion yen compared to March 31, 2019, mainly due to the increase in Securities sold under agreements to repurchase. Total equity
as of December 31, 2019 was 2,789.6 billion yen, an increase of 108.8 billion yen compared to March 31, 2019.
(3)

Consolidated Earnings Forecasts

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 dividend forecasts.
–4–

2.

Notes to the Summary Information(1)

Changes in Accounting Policies

LeasesOn April 1, 2019, Nomura adopted Accounting Standards Update 2016-02 “Leases” using a modified retrospective transition method. As a resultof recognizing operating leases on the consolidated balance sheet, Other Asset—Office buildings, land, equipment, and facilities increased by
169,277 million yen and Other liabilities increased by 163,685 million yen on April 1, 2019. Also, Retained earnings increased by 5,592 million yen on
April 1, 2019 mainly due to changes in certain lease classifications.
3.

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 25,2019) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2019) for the year ended March 31, 2019.
–5–

(1)

Consolidated Balance Sheets
March 31,2019

ASSETSCash and cash deposits:
Cash and cash equivalents
Time deposits
Deposits with stock exchanges and other segregated cash
Total cash and cash deposits
Loans and receivables:
Loans receivable
Receivables from customers
Receivables from other than customers
Allowance for doubtful accounts
Total loans and receivables
Collateralized agreements:
Securities purchased under agreements to resell
Securities borrowed
Total collateralized agreements
Trading assets and private equity investments:
Trading assets*
Private equity investments*
Total trading assets and private equity investments
Other assets:
Office buildings, land, equipment and facilities(net of accumulated depreciation and amortization of¥ 416,052 million as of March 31, 2019 and¥ 417,071 million as of December 31, 2019)
Non-trading debt securities*
Investments in equity securities*
Investments in and advances to affiliated companies*
Other
Total other assets
Total assets* Including securities pledged as collateral–6–

Millions of yen
December 31,
2019

Increase/(Decrease)

2,686,659
289,753
285,457
3,261,869

3,152,017
266,708
316,822
3,735,547

465,358(23,045)
31,365473,678

2,544,218
449,706
892,283(4,169)3,882,038

2,943,499
406,029
513,962(6,069)3,857,421

399,281(43,677)(378,321)(1,900)(24,617)

13,194,543
4,112,416
17,306,959

15,632,816
3,922,106
19,554,922

2,438,273(190,310)
2,247,963

14,355,712
30,077
14,385,789

16,672,458
39,112
16,711,570

2,316,746
9,035
2,325,781

349,365
460,661
138,447
436,220
748,091
2,132,784
40,969,439

460,101
465,999
129,940
362,406
964,428
2,382,874
46,242,334

110,736
5,338(8,507)(73,814)216,337
250,090
5,272,895

March 31,
2019

LIABILITIES AND EQUITY
Short-term borrowings
Payables and deposits:
Payables to customers
Payables to other than customers
Deposits received at banks
Total payables and deposits
Collateralized financing:
Securities sold under agreements to repurchase
Securities loaned
Other secured borrowings
Total collateralized financing
Trading liabilities
Other liabilities
Long-term borrowings
Total liabilities
EquityNHI shareholders’ equity:
Common stock
Authorized - 6,000,000,000 shares
Issued - 3,493,562,601 shares as of March 31, 2019 and
3,493,562,601 shares as of December 31, 2019
Outstanding - 3,310,800,799 shares as of March 31, 2019 and
3,091,699,199 shares as of December 31, 2019
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Total NHI shareholders’ equity before treasury stock
Common stock held in treasury, at cost 182,761,802 shares as of March 31, 2019 and
401,863,402 shares as of December 31, 2019
Total NHI shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity–7–

Millions of yen
December 31,
2019

Increase/(Decrease)841,758

1,067,890

226,132

1,229,083
1,146,336
1,392,619
3,768,038

1,174,953
1,292,192
1,237,028
3,704,173(54,130)
145,856(155,591)(63,865)

15,036,503
1,229,595
418,305
16,684,403
8,219,811
858,867
7,915,769
38,288,646

19,387,218
1,266,228
317,138
20,970,584
8,626,238
1,172,645
7,911,181
43,452,711

4,350,715
36,633(101,167)
4,286,181
406,427
313,778(4,588)5,164,065

594,493687,761
1,486,825(29,050)
2,740,029

594,493683,304
1,695,182(58,404)
2,914,575—(4,457)208,357(29,354)
174,546(108,968)
2,631,061
49,7322,680,793
40,969,439(213,408)
2,701,167
88,4562,789,623
46,242,334(104,440)
70,10638,724
108,830
5,272,895

(2)Consolidated Statements of Income
Millions of yen% Change
For the nine months ended
December 31, December 31,
2018(A)
2019(B)(B-A)/(A)Revenue:Commissions
Fees from investment banking
Asset management and portfolio service fees
Net gain on trading
Gain on private equity investments
Interest and dividends
Gain (loss) on investments in equity securities
Other
Total revenue
Interest expense
Net revenue
Non-interest expenses:
Compensation and benefits
Commissions and floor brokerage
Information processing and communications
Occupancy and related depreciation
Business development expenses
Other
Total non-interest expenses
Income (loss) before income taxes
Income tax expense
Net income (loss)
Less: Net income attributable to noncontrolling interests
Net income (loss) attributable to NHI shareholders
Per share of common stock:

226,954
76,207
186,312244,586
1,335
572,835(8,864)37,401
1,336,766
521,250
815,516

212,743
76,379180,909327,700
3,275
618,404
1,488
161,835
1,582,733
532,374
1,050,359

(6.3)
0.2
(2.9)
34.0
145.3
8.0
—
332.7
18.4
2.1
28.8

372,428
64,335
123,232
48,692
27,354
241,529
877,570(62,054)
36,331(98,385)
2,901(101,286)

374,51474,565
126,939
53,75624,243
123,363
777,380
272,979
16,379256,600
5,127
251,473

0.6
15.9
3.0
10.4
(11.4)(48.9)(11.4)—(54.9)
—
76.7
—

Yen

BasicNet income (loss) attributable to NHI shareholders per share
DilutedNet income (loss) attributable to NHI shareholders per share–8–% Change(30.01)77.36—(30.03)

75.65

—

(3)

Consolidated Statements of Comprehensive Income
Millions of yen
For the nine months ended
December 31, December 31,
2018(A)
2019(B)Net income (loss)
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments
Deferred income taxes
Total
Defined benefit pension plans:
Pension liability adjustment
Deferred income taxes
Total
Own Credit Adjustments:
Own Credit Adjustments
Deferred income taxes
Total
Total other comprehensive income (loss)
Comprehensive income (loss)
Less: Comprehensive income attributable to noncontrolling interests
Comprehensive income (loss) attributable to NHI shareholders(4)

Note with respect to the Assumption as a Going Concern
Not applicable.
–9–% Change(B-A)/(A)(98,385)

256,600—

35,040(1,702)33,338(16,837)
67(16,770)

—
—
—

2,039
(995)
1,044

4,167
625
4,792

104.4
—
359.0

31,350(5,982)25,36859,750(38,635)
3,645(42,280)(19,640)
2,256(17,384)(29,362)
227,238
5,119
222,119

—
—
—
—
—
40.4
—

(5)

Segment Information – Operating Segment
The following table shows business segment information and reconciliation items to the consolidated statements of income.
Millions of yen
For the nine months ended
December 31, December 31,
2018 (A)2019 (B)% Change(B-A)/(A)Net revenue
Business segment information:
RetailAsset Management
Wholesale
Subtotal
Other
Net revenue
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes
Net revenue

265,325
66,948413,148
745,421
79,117
824,538

247,565
85,581
502,711835,857
219,279
1,055,136

(6.7)
27.8
21.7
12.1
177.2
28.0

(9,022)815,516(4,777)1,050,359—
28.8

219,136
47,191
511,532
777,859
99,711
877,570

216,546
48,073
420,580
685,199
92,181
777,380(1.2)
1.9(17.8)(11.9)(7.6)(11.4)—
877,570—
777,380—(11.4)

46,18919,757(98,384)(32,438)(20,594)(53,032)

31,01937,50882,131150,658
127,098
277,756(32.8)
89.8
—
—
—
—

(9,022)(62,054)(4,777)
272,979——

Non-interest expenses
Business segment information:
RetailAsset Management
Wholesale
Subtotal
Other
Non-interest expenses
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes
Non-interest expenses
Income (loss) before income taxes
Business segment information:
RetailAsset Management
Wholesale
Subtotal
Other*
Income (loss) before income taxes
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes
Income (loss) before income taxes* 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
For the nine months ended
December 31, December 31,
2018 (A)2019 (B)Net gain (loss) related to economic hedging transactions
Realized gain (loss) on investments in equity securities held for operating purposes
Equity in earnings of affiliates
Corporate items
Other
Total
– 10 –(4,754)
158
16,599(25,570)(7,027)(20,594)

22,1706,265
21,072(12,339)
89,930127,098% Change(B-A)/(A)

—
—
26.9
—
—
—

(6)

Significant Changes in Equity
Not applicable. For further details of the changes, please refer below.
Millions of yen
For the nine months ended
December 31, 2019

Common stock
Balance at beginning of year
Balance at end of period
Additional paid-in capital
Balance at beginning of year
Stock-based compensation awards
Balance at end of period
Retained earnings
Balance at beginning of year
Cumulative effect of change in accounting principle (1)Net income attributable to NHI shareholders
Cash dividends
Gain (loss) on sales of treasury stock
Balance at end of period
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year
Net change during the period
Balance at end of period
Defined benefit pension plans
Balance at beginning of year
Pension liability adjustment
Balance at end of period
Own credit adjustments
Balance at beginning of year
Own credit adjustments
Balance at end of period
Balance at end of period
Common stock held in treasury
Balance at beginning of year
Repurchases of common stock
Sale of common stock
Common stock issued to employees
Balance at end of period
Total NHI shareholders’ equity
Balance at end of period
Noncontrolling interests
Balance at beginning of year
Net change during the period
Balance at end of period
Total equity
Balance at end of period(1)594,493594,493687,761(4,457)683,304
1,486,825
5,592
251,473(48,477)(231)
1,695,182

17,833(16,762)
1,071(71,107)
4,792(66,315)
24,224(17,384)6,840(58,404)(108,968)(117,720)
013,280(213,408)
2,701,167
49,732
38,72488,4562,789,623

Represents the adjustment to initially apply Accounting Standards Update 2016-02 “Leases”, please refer to section “2. Notes to the Summary
Information (1) Changes in Accounting Policies.”– 11 –

4.

Supplementary Information(1)

Consolidated Statements of Income – Quarterly Comparatives

Revenue:Commissions
Fees from investment banking
Asset management and portfolio
service fees
Net gain on trading
Gain (loss) on private equity
investments
Interest and dividends
Gain (loss) on investments inequity securities
Other
Total revenue
Interest expense
Net revenue
Non-interest expenses:
Compensation and benefits
Commissions and floor brokerage
Information processing andcommunications
Occupancy and related
depreciation
Business development expenses
Other
Total non-interest expenses
Income (loss) before income taxes
Income tax expense
Net income (loss)
Less: Net income (loss) attributable tononcontrolling interests
Net income (loss) attributable to NHI
shareholders

Millions of yen
For the three months ended
December 31, March 31,
June 30,
2018
2019
2019

% Change
September 30,
2019(A)

December 31,
2019(B)(B-A)/(A)June 30,2018

September 30,
2018

79,45623,95974,783
19,11972,71533,12966,11525,314

68,20027,311

65,254
22,26579,28926,80321.5
20.4

293,069
101,52162,981
71,88762,74075,75260,591
96,94759,207
98,37859,963112,825

59,926105,609

61,020109,266

1.8
3.5

245,519
342,964553
169,590321
188,703461
214,542(328)
791
204,129 199,473

981
215,881

1,503
203,050

53.2
(5.9)

1,007
776,964

2,092
20,467
430,985
158,988271,997(1,104)28,067448,381
165,459
282,922(9,852)
1,881(11,133) 43,656
457,400 498,352
196,803 197,098
260,597 301,254(2,838)45,654
511,379
179,378
332,001

2,083
101,905
573,904
190,524
383,380

2,243
14,276497,450
162,472
334,978

7.7(86.0)(13.3)(14.7)(12.6)(6,983)81,057
1,835,118
718,348
1,116,770

127,700
20,935

125,800
19,579118,928
23,821

124,637
18,302

125,102
24,551

120,425
25,446

128,987
24,5687.1(3.5)

497,065
82,63740,961

40,51541,756

43,63341,75742,36142,821

1.1

166,865

16,376
8,896
43,486258,354
13,643
6,930
6,713

16,464
9,337
70,760282,455
467
9,703(9,236)15,852
16,2489,121
9,561
127,283
64,520336,761 276,901(76,164) 24,353
19,69820,679(95,862)
3,674

19,1207,828
38,837257,195
74,806
17,91756,88918,3607,906
40,396
254,894
128,486(11,875)
140,361

16,276
8,509
44,130265,291
69,687
10,33759,350(11.4)
7.6
9.2
4.1(45.8)—(57.7)

64,94036,915306,049
1,154,471(37,701)
57,010(94,711)

1,490

1,997

(586)

2,830

1,056

1,787

2,284

27.8

5,731

5,223

(11,233)(95,276)844

55,833

138,574

57,066(58.8)(100,442)

Yen

Per share of common stock:
BasicNet income (loss) attributable to NHI
shareholders per share
Diluted-Millions of yen
For the year ended
March 31,
2019

1.54

(3.31)(28.52)0.25% Change

16.83

42.11

18.07

(57.1)

Yen(29.90)Net income (loss) attributable to NHI
shareholders per share

1.50(3.32)(28.52)– 12 –

0.23

16.48

41.23

17.63

(57.2)(29.92)(2)Business Segment Information – Quarterly Comparatives
The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.
Millions of yen
For the three months ended
December 31, March 31,
June 30,
2018
2019
2019

% Change(B-A)/(A)Millions of yen
For the year ended
March 31,2019

90,04325,405186,527
301,975
35,695
337,670

17.1
(1.1)
19.0
16.5
(71.0)(11.7)

339,480
97,845555,388992,713131,261
1,123,974

829
383,380(2,692)334,978—(12.6)(7,204)
1,116,770

72,522
16,358
139,479
228,359
28,836257,195

71,621
15,630137,777
225,028
29,866
254,894

72,40316,085
143,324
231,81233,479265,291

1.1
2.9
4.0
3.0
12.1
4.1

289,990
63,660666,787
1,020,437
134,034
1,154,471—
257,195—
254,894—
265,291—
4.1—
1,154,471

June 30,2018

September 30,
2018

September 30, December 31,
2019(A)
2019(B)

92,83326,089137,290
256,212
13,738269,950

85,71024,681
147,660
258,051
25,982
284,033

86,782
16,178128,198
231,158
39,397
270,555

74,15530,897142,240
247,292
52,144299,436

80,64034,500159,486
274,626
60,289334,91576,882
25,676
156,698259,256
123,295
382,551

2,047
271,997(1,111)
282,922(9,958)
1,818
260,597 301,254(2,914)
332,001

73,494
15,768142,745
232,00750,448282,455

72,733
15,617224,073
312,423
24,338336,761

70,854
16,469155,255
242,578
34,323276,901—
282,455—
336,761—
276,901

Net revenue
Business segment information:
RetailAsset Management
Wholesale
Subtotal
Other
Net revenue
Reconciliation items:
Unrealized gain (loss)
on investments in equity
securities held for operating
purposes
Net revenue
Non-interest expenses
Business segment information:
Retail
72,909Asset Management
15,806Wholesale144,714
Subtotal
233,429
Other
24,925
Non-interest expenses
258,354
Reconciliation items:
Unrealized gain (loss) on
investments in equity securities
held for operating purposes—
Non-interest expenses
258,354

Income (loss) before income taxes
Business segment information:
Retail19,924
Asset Management
10,283Wholesale(7,424)
Subtotal
22,783
Other*(11,187)
Income (loss) before income taxes 11,596
Reconciliation items:
Unrealized gain (loss) on
investments in equity securities
held for operating purposes
2,047
Income (loss) before income taxes 13,643

12,216
8,913
4,915
26,044(24,466)
1,578

14,0493,301
561
14,428(95,875) (13,015)(81,265)
4,714
15,05917,821(66,206) 22,535

8,118
18,14220,007
46,26731,45377,7205,261
10,04618,921
34,22893,429127,657

17,6409,320
43,20370,163
2,216
72,379

235.3
(7.2)
128.3
105.0
(97.6)(43.3)

49,49034,185(111,399)(27,724)(2,773)(30,497)(1,111)
467(9,958)(76,164)(2,914)74,806

829
128,486(2,692)
69,687—(45.8)(7,204)(37,701)

1,818
24,353* 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.”

June 30,
2018

Net gain (loss) related to economic
hedging transactions
Realized gain (loss) on investments inequity securities held for operating
purposes
Equity in earnings of affiliates
Corporate items
Other
Total

September 30,
2018

Millions of yen
For the three months ended
December 31, March 31, June 30, September 30,
2018
2019
2019
2019(A)

December 31,
2019(B)(B-A)/(A)Millions of yen
For the year ended
March 31,2019

(13,807)(16,018)

25,071

12,794

7,043

2,333

(66.9)

1,800

45
6,619
(2,482)(1,562)(11,187)

7
8,536(23,719)
6,728(24,466)106
63
76
1,444 15,933
8,265
631 (10,426) 1,391(12,193)
5,697
8,927
15,059 17,821 31,453

1,254
8,009
(4,635)81,75893,4294,935
4,798(9,095)
(755)
2,216

293.5
(40.1)——(97.6)

221
32,532(35,996)(1,330)(2,773)– 13 –

6,554% Change

(3)

Other
Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL.
https://www.nomuraholdings.com/company/group/nsc/pdf/2020_3q.pdf– 14 –