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 May 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 – Year ended March 31, 2020.

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: May 8, 2020

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

Financial Summary For the Year Ended March 31, 2020 (U.S. GAAP)
Date:
Company name (code number):
Stock exchange listings:
Representative:
For inquiries:

May 8, 2020

Nomura Holdings, Inc. (8604)(In Japan) Tokyo, Nagoya(Overseas) New York, Singapore
Kentaro Okuda
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)
For the year ended March 31
2019
2020
(Millions of yen, except per share data)% Change from
% Change fromMarch 31, 2018
March 31, 2019

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
Income before income taxes to total assets
Income before income taxes divided by total revenue
Equity in earnings of affiliates

1,835,118
1,116,770(37,701)(100,442)(63,655)(29.90)(29.92)(3.7%)(0.1%)(2.1%)
32,014(6.9%) 1,952,482(25.4%) 1,287,829— %248,261— %216,998— %222,010
67.76
66.20
8.2%
0.6%
12.7%
32,109

6.4%
15.3%
— %
— %
— %

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
2019

2020
(Millions of yen, except per
share data)

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%
794.6943,999,815
2,731,264
2,653,467
6.0%
873.26

(3) Cash Flows
For the year ended March 31
2019

2020
(Millions of yen)

Net cash used in operating activities
Net cash provided by (used in) investing activities
Net cash provided by financing activities
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of theyear(361,165)(112,503)
761,191(15,943)
216,336
332,0622,687,132

3,192,310

2. Cash Dividends
For the year ended March 31
2019

2020
(Yen amounts, except
total annual dividends)

Dividends per share
Dividends record dates
At June 30
At September 30
At December 31
At March 31
For the year
Total annual dividends (Millions of yen)
Consolidated payout ratio
Consolidated dividends as a percentage of shareholders’ equity per share

—
3.00
—
3.00
6.00
20,082(20.1%)
0.7%

—
15.00
—
5.00
20.00
63,67829.5%
2.4%

3. Earnings Forecasts for the year ending March 31, 2021
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 policiesa)b)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
2019

Number of shares outstanding (including treasury stock)
Number of treasury stock2020

3,493,562,601
182,761,802

3,493,562,601
454,975,108

For the year ended March 31
2019

Average number of shares outstanding*This financial summary is not subject to certified public accountant’s or audit firm’s audits

3,359,564,840

2020

3,202,369,845

Table of Contents for the Accompanying Materials
1.

2.

Overview of Consolidated Operating Results

P. 2(1) Overview of Consolidated Operating Results(2) Overview of Consolidated Financial Position(3) Overview of Cash Flows

P. 2
P. 4
P. 4

Considerations in the selection of accounting standards

P. 5
P. 5

3. Consolidated Financial Statements
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)

P. 6
P. 8
P. 9
P.10
P.11
P.12
P.12
P.13
P.15

Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Comprehensive Income
Consolidated Statements of Changes in Equity
Consolidated Statements of Cash Flows
Note with respect to the Assumption as a Going Concern
Changes in Accounting Policies
Notes to the Consolidated Financial Statements
Other Financial Information

P.17

4. Other Information
–1–

1.

Overview of Consolidated Operating Results(1)

Overview of Consolidated Operating Results

Operating Results
U.S. GAAP
Billions of yen
For the year ended
March 31,
March 31,2019 (A)2020 (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 *1,116.8
1,154.5(37.7)
57.0(94.7)
5.7(100.4)(3.7%)

1,287.8
1,039.6
248.3
28.9
219.4
2.4
217.0
8.2%

% Change(B-A)/(A)15.3(10.0)—(49.3)—(58.7)——* 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 1,287.8 billion yen for the fiscal year ended March 31,
2020, an increase of 15.3% from the previous year. Non-interest expenses decreased by 10.0% from the previous year to 1,039.6 billion yen. Income
before income taxes was 248.3 billion yen and net income attributable to NHI shareholders was 217.0 billion yen for the fiscal year ended March 31,
2020.
Segment Information
Billions of yen
For the year ended
March 31,
March 31,2019 (A)2020 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

1,124.0
1,154.5(30.5)

1,309.2
1,039.6
269.6% Change(B-A)/(A)

16.5(10.0)—

In business segment totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue forthe fiscal year ended March 31, 2020 was 1,309.2 billion yen, an increase of 16.5% from the previous year. Non-interest expenses decreased by
10.0% from the previous year to 1,039.6 billion yen. Income before income taxes was 269.6 billion yen for the fiscal year ended March 31, 2020.
Please refer to page 13 for further details of the differences between U.S. GAAP and business segment amounts.
–2–

<Business Segment Results>
Operating Results of RetailBillions of yen
For the year ended
March 31,
March 31,2019 (A)2020 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

339.5
290.0
49.5

% Change(B-A)/(A)

336.4
286.9
49.4

(0.9)
(1.1)
(0.1)

Net revenue decreased by 0.9% from the previous year to 336.4 billion yen, primarily due to decreasing commissions from investment banking
services. Non-interest expenses decreased by 1.1% to 286.9 billion yen. As a result, income before income taxes decreased by 0.1% to 49.4 billion
yen.
Operating Results of Asset Management
Billions of yen
For the year ended
March 31,
March 31,2019 (A)2020 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

97.8
63.7
34.2

% Change(B-A)/(A)

92.6
63.8
28.8

(5.4)
0.3
(15.8)Net revenue decreased by 5.4% from the previous year to 92.6 billion yen. Non-interest expenses increased by 0.3% to 63.8 billion yen. As aresult, income before income taxes decreased by 15.8% to 28.8 billion yen. Assets under management were 49.3 trillion yen as of March 31, 2020.
Operating Results of Wholesale
Billions of yen
For the year ended
March 31,
March 31,2019 (A)2020 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

555.4
666.8
(111.4)% Change(B-A)/(A)

648.6
556.4
92.2

16.8
(16.6)—Net revenue increased by 16.8% from the previous year to 648.6 billion yen. Non-interest expenses decreased by 16.6% to 556.4 billion yen. As aresult, income before income taxes was 92.2 billion yen. Income before income taxes for the year ended March 31, 2020 includes approximately 35
billion yen mark down mainly on our loan-related positions due to market dislocation in March.
Other Operating Results
Billions of yen
For the year ended
March 31,
March 31,2019 (A)2020 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

131.3
134.0
(2.8)

% Change(B-A)/(A)

231.6
132.4
99.2

Net revenue was 231.6 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 99.2 billion yen.
–3–

76.4
(1.2)
—

(2) Overview of Consolidated Financial Position
Total assets as of March 31, 2020, were 43,999.8 billion yen, an increase of 3,030.4 billion yen compared to March 31, 2019, mainly due to theincrease in Trading assets. Total liabilities as of March 31, 2020 were 41,268.6 billion yen, an increase of 2,979.9 billion yen compared toMarch 31, 2019, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of March 31, 2020 was
2,731.3 billion yen, an increase of 50.5 billion yen compared to March 31, 2019.
(3) Overview of Cash Flows
Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2020, increased by 505.2 billion yen compared toMarch 31, 2019. Cash flows from operating activities for the year ended March 31, 2020 were outflows of 15.9 billion yen due mainly to theincrease in Trading assets and private equity and debt investments. Cash flows from investing activities for the year ended March 31, 2020 were
inflows of 216.3 billion yen due mainly to Decrease in investments in affiliated companies, net. Cash flows from financing activities for the year
ended March 31, 2020 were inflows of 332.1 billion yen due primarily to the increase in Short-term borrowings, net.
–4–

2.

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.

3.

Consolidated Financial Statements
The consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in thenotes 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

Millions of yen
March 31,
2020

Increase/(Decrease)

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

3,191,889
309,373373,686
3,874,948

505,230
19,62088,229613,0792,544,218
449,706
892,283(4,169)3,882,038

2,857,405
541,284
1,731,236(13,012)
5,116,913

313,187
91,578
838,953(8,843)
1,234,875

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

12,377,315
3,529,797
15,907,112(817,228)(582,619)(1,399,847)

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

16,853,822
44,27816,898,100

2,498,110
14,2012,512,311

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

440,512455,392
112,175
367,641
827,0222,202,742
43,999,815

91,147(5,269)(26,272)(68,579)
78,931
69,9583,030,376

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 and debt investments:
Trading assets*
Private equity and debt investments*
Total trading assets and private equity and debt 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¥397,114 million as of March 31, 2020)
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
March 31,
2020

Increase/(Decrease)841,758

1,486,733

644,975

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

1,467,434
1,653,495
1,276,153
4,397,082

238,351
507,159(116,466)
629,044

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

16,349,182
961,446
717,71118,028,339
8,546,284
1,034,448
7,775,665
41,268,551

1,312,679(268,149)
299,406
1,343,936
326,473
175,581(140,104)
2,979,905

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

594,493683,232
1,645,451(26,105)
2,897,071—(4,529)158,626
2,945
157,042(108,968)
2,631,061
49,7322,680,793
40,969,439(243,604)
2,653,467
77,7972,731,264
43,999,815(134,636)
22,40628,06550,4713,030,376

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 March 31, 2020
Outstanding - 3,310,800,799 shares as of March 31, 2019 and
3,038,587,493 shares as of March 31, 2020
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 and454,975,108 shares as of March 31, 2020
Total NHI shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity–7–(2) Consolidated Statements of Income
Millions of yen
For the year ended
March 31,
March 31,2019(A)
2020(B)

Revenue:Commissions
Fees from investment banking
Asset management and portfolio service fees
Net gain on trading
Gain (loss) on private equity and debt investments
Interest and dividends
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:–8–(B-A)/(A)293,069
101,521245,519
342,964
1,007
776,964(6,983)81,057
1,835,118
718,348
1,116,770

308,805
103,222238,202356,609(93)
794,472(14,726)
165,991
1,952,482
664,653
1,287,829

5.4
1.7
(3.0)
4.0
—
2.3
—
104.8
6.4
(7.5)
15.3

497,065
82,637
166,865
64,94036,915306,049
1,154,471(37,701)
57,010(94,711)
5,731(100,442)

479,420
106,123
170,317
72,98631,885
178,837
1,039,568
248,261
28,894
219,367
2,369
216,998

(3.5)
28.4
2.1
12.4
(13.6)(41.6)(10.0)—(49.3)—(58.7)—

Yen

BasicNet income (loss) attributable to NHI shareholders per share
DilutedNet income (loss) attributable to NHI shareholders per share% Change% Change(29.90)67.76—(29.92)

66.20—

(3) Consolidated Statements of Comprehensive Income
Millions of yen
For the year ended
March 31,
March 31,2019(A)
2020(B)Net income (loss)
Other comprehensive income (loss):
Change in cumulative translation adjustments:
Change in cumulative translation adjustments
Deferred income taxes
Total
Defined benefit pension plans:
Pension liability adjustments
Deferred income taxes
Total
Own credit adjustments:
Own credit adjustments
Deferred income taxes
Total
Total other comprehensive income
Comprehensive income (loss)
Less: Comprehensive income attributable to noncontrolling interests
Comprehensive income (loss) attributable to NHI shareholders–9–% Change(B-A)/(A)(94,711)219,367—

36,031(1,852)
34,179(45,000)
591(44,409)———(23,431)161(23,270)

7,843
693
8,536

—
330.4
—

25,135(4,988)20,14731,056(63,655)
6,481(70,136)

48,295(9,779)38,516
2,643
222,010
2,067
219,943

92.1
—
91.2
(91.5)—(68.1)—

(4) Consolidated Statements of Changes in Equity
Millions of yen
For the year ended
March 31, 2019
March 31, 2020

Common stock
Balance at beginning of year
Balance at end of year
Additional paid-in capital
Balance at beginning of year
Stock-based compensation awards
Changes in ownership interests in subsidiaries
Balance at end of year
Retained earnings
Balance at beginning of year
Cumulative effect of change in accounting principle (1)Net income (loss) attributable to NHI shareholders
Cash dividends
Gain (loss) on sales of treasury stock
Cancellation of treasury stock
Balance at end of year
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year
Net change during the year
Balance at end of year
Defined benefit pension plans
Balance at beginning of year
Pension liability adjustments
Balance at end of year
Own credit adjustments
Balance at beginning of year
Own credit adjustments
Balance at end of year
Balance at end of year
Common stock held in treasury
Balance at beginning of year
Repurchases of common stock
Sales of common stock
Common stock issued to employees
Cancellation of common stock
Balance at end of year
Total NHI shareholders’ equity
Balance at end of year
Noncontrolling interests
Balance at beginning of year
Net change during the year
Balance at end of year
Total equity
Balance at end of year

594,493594,493594,493594,493675,280
12,481—
687,761

687,761(4,326)(203)
683,232

1,696,890
1,564(100,442)(20,080)(1,191)(89,916)
1,486,825

1,486,825
5,592
216,998(63,670)(294)—
1,645,451(15,596)
33,42917,833

17,833(44,107)(26,274)(47,837)(23,270)(71,107)(71,107)
8,536(62,571)

4,077
20,147
24,224(29,050)

24,22438,51662,740(26,105)(157,987)(51,714)0
10,817
89,916(108,968)(108,968)(150,009)
0
15,373—(243,604)

2,631,061

2,653,467

50,504(772)
49,732

49,732
28,06577,7972,680,793

2,731,264(1) In relation to Cumulative effect of change in accounting principle, please refer to section “ (7) Changes in Accounting Policies.”– 10 –

(5) Consolidated Statements of Cash Flows
Millions of yen
For the year ended
March 31, 2019
March 31, 2020

Cash flows from operating activities:
Net income (loss)
Adjustments to reconcile net income (loss) to
Net cash used in operating activities:
Depreciation and amortization
Impairment of goodwill
Loss on investments in equity securities(Gain) loss on investments in subsidiaries and affiliates (1)Changes in operating assets and liabilities:
Time deposits
Deposits with stock exchanges and other segregated cash
Trading assets and private equity and debt investments
Trading liabilities
Securities purchased under agreements to resell, net of securities
sold under agreements to repurchase
Securities borrowed, net of securities loaned
Other secured borrowings
Loans and receivables, net of allowance for doubtful accounts
PayablesBonus accrual
Other, net (1)Net cash used in operating activities
Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities
Proceeds from sales of office buildings, land, equipment and facilities
Proceeds from sales of investments in equity securities
Decrease (increase) in loans receivable at banks, net
Decrease (increase) in non-trading debt securities, net
Decrease (increase) in investments in affiliated companies, net (1)Other, net (1)Net cash provided by (used in) investing activities
Cash flows from financing activities:
Increase in long-term borrowings
Decrease in long-term borrowings
Increase in short-term borrowings, net
Increase (decrease) in deposits received at banks, net
Proceeds from sales of common stock held in treasury
Payments for repurchases of common stock in treasury
Payments for cash dividends
Contribution from noncontrolling interests
Net cash provided by financing activities
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

(94,711)219,367

57,924
81,372
6,983
5,719

63,583—
14,726(72,841)

21,832
13,752925,384(143,141)(33,029)(97,424)(2,754,743)
428,997(3,274,866)
1,987,331
1,198
157,599(63,683)(46,602)2,744(361,165)

2,224,371
291,777
301,019(1,358,242)
788,007
16,202(47,713)(15,943)(319,090)
262,908
519(74,048)
29,452(8,290)(3,954)(112,503)(206,745)
209,197
13,32343,920(2,359)160,799(1,799)216,336

2,142,212(1,625,516)
85,900257,471313(51,714)(47,475)—
761,191
44,741
332,264
2,354,868
2,687,132

2,364,260(2,402,621)
656,205(93,260)
285(150,009)(58,416)
15,618332,062(27,277)
505,178
2,687,132
3,192,310(1) Certain reclassifications of amounts previously reported amounts have been made to conform to the current year presentation.
– 11 –

(6) Note with respect to the Assumption as a Going Concern
Not applicable.
(7) 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.
– 12 –

(8) Notes to the Consolidated Financial Statements
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 year ended
March 31,
March 31,2019 (A)2020 (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

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

336,359
92,605648,619
1,077,583
231,573
1,309,156

(0.9)
(5.4)
16.8
8.5
76.4
16.5

(7,204)(21,327)
1,116,770 1,287,829—
15.3

289,990
63,660666,787
1,020,437
134,034
1,154,471

286,926
63,833556,399
907,158
132,410
1,039,568

(1.1)
0.3
(16.6)(11.1)(1.2)(10.0)—
1,154,471—
1,039,568—(10.0)

49,49034,185(111,399)(27,724)(2,773)(30,497)

49,433
28,772
92,220170,425
99,163
269,588(0.1)(15.8)————(7,204)(37,701)(21,327)
248,261——

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 year ended
March 31,
March 31,2019 (A)2020 (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
– 13 –

1,800
221
32,532(35,996)(1,330)(2,773)

17,5486,601
34,990(22,240)
62,264
99,163% Change(B-A)/(A)

874.9
—
7.6
—
—
—

Per share data
Shareholders’ equity per share is calculated based on the following number of shares.
Number of shares outstanding as of March 31, 2020

3,038,587,493

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, 2020

3,202,369,845

Subsequent Events
On April 1, 2020, Nomura acquired 100% of Greentech Capital, LLC (“Greentech”), a leading M&A advisory boutique in sustainable technology
and infrastructure in the United States.
The acquisition price was JPY 12,389 million and has been partially paid in cash on April 1, 2020.
The operating results and cash flows of Greentech will be reflected to Nomura’s consolidated financial statements from April 1, 2020. The assets
acquired and liabilities assumed as of the acquisition date were not material to Nomura’s consolidated balance sheet.
– 14 –

(9) Other Financial Information
Consolidated Statements of Income – Quarterly Comparatives

June 30, September 30,
2018
2018

Revenue:Commissions
Fees from investment banking
Asset management and portfolio service
fees
Net gain on trading
Gain (loss) on private equity and debt
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 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, September 30,
2018
2019
2019
2019

% Change
December 31, March 31,
2019(A)
2020(B)

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

68,20027,311

65,254
22,26579,28926,80396,062
26,84321.2
0.1

62,981
71,88762,74075,75260,591
96,94759,207
98,37859,963112,825

59,926105,609

61,020109,266

57,29328,909(6.1)(73.5)

553
169,590321
188,703461
214,542(328)
791
204,129 199,473

981
215,881

1,503
203,050(3,368)176,068—(13.3)

2,092
20,467
430,985
158,988271,997(1,104)28,067448,381
165,459
282,922(9,852)(11,133)
457,400
196,803
260,597

1,881
43,656498,352
197,098
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(16,214)4,156
369,749
132,279
237,470—(70.9)(25.7)(18.6)(29.1)

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
24,568104,906
31,558(18.7)
28.5

40,961
16,376
8,896
43,486258,354
13,643
6,930
6,713

40,515
16,464
9,337
70,760282,455
467
9,703(9,236)

41,75615,852
9,121
127,283
336,761(76,164)
19,698(95,862)

43,633
16,248
9,561
64,520276,901
24,353
20,6793,674

41,757
19,1207,828
38,837257,195
74,806
17,91756,88942,361
18,3607,906
40,396
254,894
128,486(11,875)
140,361

42,821
16,276
8,509
44,130265,291
69,687
10,33759,35043,37819,2307,642
55,474
262,188(24,718)
12,515(37,233)

1.3
18.1(10.2)
25.7
(1.2)
—
21.1
—

1,490

1,997

(586)

2,830

1,056

1,787

2,284

(2,758)—5,223(11,233)(95,276)844

55,833

138,574

57,066(34,475)—

Yen
Per share of common stock:
BasicNet income (loss) attributable to NHI
shareholders per share
DilutedNet income (loss) attributable to NHI
shareholders per share(B-A)/(A)% Change

1.54(3.31)(28.52)

0.25

16.83

42.11

18.07

(11.29)—1.50(3.32)(28.52)

0.23

16.48

41.23

17.63

(11.31)—– 15 –

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,
September 30, December 31,
2018
2019
2019
2019
2019(A)

June 30,2018

September 30,
201892,83326,089137,290
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)260,597

1,818
301,254(2,914)
332,001

72,90915,806
144,714233,429
24,925258,354

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—
258,354—
282,455—
336,761

19,924
10,283(7,424)22,783(11,187)

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

14,049561(95,875)(81,265)
15,059% Change
March 31,2020(B)(B-A)/(A)90,04325,405186,527
301,975
35,695
337,670

88,794
7,024
145,908
241,726
12,294254,020(1.4)(72.4)(21.8)(20.0)(65.6)(24.8)

829
383,380(2,692)334,978(16,550)
237,470—(29.1)

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

70,38015,760135,819
221,959
40,229262,188

(2.8)
(2.0)
(5.2)
(4.3)
20.2
(1.2)

—
276,901—
257,195—
254,894—
265,291—
262,188

—
(1.2)

3,301
14,428(13,015)
4,714
17,821

8,118
18,14220,007
46,26731,453

5,261
10,04618,921
34,22893,42917,6409,320
43,20370,163
2,216

18,414(8,736)
10,08919,767(27,935)

4.4—(76.6)(71.8)—Net revenue
Business segment information:
RetailAsset Management
Wholesale
Subtotal
Other
Net revenue
Reconciliation items:
Unrealized gain (loss) on investmentsin equity securities held for
operating purposes
Net revenue
Non-interest expenses
Business segment information:
RetailAsset Management
Wholesale
Subtotal
Other
Non-interest expenses
Reconciliation items:
Unrealized gain (loss) on investmentsin 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 investmentsin equity securities held for
operating purposes
Income (loss) before income taxes

11,596

1,578(66,206)

22,53577,720127,657

72,379(8,168)—2,047
13,643(1,111)
467(9,958)(76,164)

1,818
24,353(2,914)74,806

829
128,486(2,692)
69,687(16,550)(24,718)——* 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
June 30,
2018

Net gain (loss) related to economic hedging
transactions(13,807)
Realized gain (loss) on investments in equity
securities held for operating purposes
45
Equity in earnings of affiliates
6,619
Corporate items(2,482)
Other(1,562)
Total(11,187)

September 30,
2018% Change

For the three months ended
December 31, March 31, June 30, September 30,
2018
2019
2019
2019

(16,018)

25,071

7
8,536(23,719)
6,728(24,466)

106
1,444
631
(12,193)
15,059– 16 –

6,554

December 31,
2019(A)

March 31,2020(B)(B-A)/(A)12,794

7,043

2,333

(4,622)—63
76
15,933
8,265(10,426) 1,391
5,697
8,927
17,821 31,453

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

336
13,918(9,901)(27,666)(27,935)(93.2)
190.1
—
—
—

4.

Other Information
Financial information for Nomura Securities Co., Ltd. can be found on the following URL.
https://www.nomuraholdings.com/company/group/nsc/pdf/2020_4q.pdf– 17 –