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 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 – Three months ended June 30, 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: July 29, 2020

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

Financial Summary For the Three Months Ended June 30, 2020 (U.S. GAAP)
Date:
Company name (code number):
Stock exchange listings:
Representative:
For inquiries:

July 29, 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)(Millions of yen, except per share data)
For the three months ended June 30
2019
2020
% Change from
% Change from
June 30, 2019
June 30, 2018

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

511,379
332,001
74,806
55,83324,625
16.83
16.48
8.4%

18.7%
22.1%
448.3%
969.0%(44.4%)

514,049
460,747
181,811
142,516
145,005
46.77
45.65
21.0%

0.5%
38.8%
143.0%
155.3%
488.9%

Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity.
(2) Financial Position(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)At March 31
2020

At June 30
2020

43,999,815
2,731,264
2,653,467
6.0%
873.26

41,545,394
2,830,643
2,779,503
6.7%
909.52

2. Cash Dividends(Yen amounts)
2020

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
2021
2021 (Plan)

—
15.00
—
5.00
20.00

—
—
—
—
—

—
Unconfirmed—
Unconfirmed
Unconfirmed

Note: Fiscal year 2021 Q2 and Q4 dividends are not presented per reasons stated in “3. Earnings forecasts for the year ending March 31, 2021”.
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 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
2020

At June 30
2020

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

3,493,562,601
437,566,092

For the three months ended June 30
2019
2020

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.

3,317,794,746

3,047,302,930

Table of Contents for the Accompanying Materials
1.

2.

Qualitative Information of the Quarterly Consolidated Results

P. 2(1) Consolidated Operating Results(2) Consolidated Financial Position(3) Consolidated Earnings Forecasts(4) Risks related to the COVID-19 pandemic

P. 2
P. 4
P. 4
P. 4

Notes to the Summary Information

P. 5(1) Changes in Accounting Policies

P. 5
P. 5

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

P. 8
P.10
P.11
P.11
P.12
P.13

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

Supplementary Information

P.14(1) Consolidated Statements of Income – Quarterly Comparatives(2) Business Segment Information – Quarterly Comparatives(3) Other

P.14
P.15
P.16
–1–

1.

Qualitative Information of the Quarterly Consolidated Results(1)

Consolidated Operating Results

U.S. GAAP
Billions of yen
For the three months ended
June 30,
June 30,2019 (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-annualized

332.0
257.2
74.8
17.9
56.9
1.1
55.8
8.4%

460.7
278.9
181.8
37.5
144.3
1.8
142.5
21.0%

% Change(B-A)/(A)

38.8
8.5
143.0
109.4
153.6
68.8
155.3
—

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 460.7 billion yen for the three months ended
June 30, 2020, an increase of 38.8% from the same period in the prior year. Non-interest expenses increased by 8.5% from the same period in the prioryear to 278.9 billion yen. Income before income taxes was 181.8 billion yen and net income attributable to NHI shareholders was 142.5 billion yen for
the three months ended June 30, 2020.
Segment Information
Billions of yen
For the three months ended
June 30,
June 30,2019 (A)2020 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

334.9
257.2
77.7

458.4
278.9
179.5

% Change(B-A)/(A)

36.9
8.5
131.0

In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating
purposes, net revenue for the three months ended June 30, 2020 was 458.4 billion yen, an increase of 36.9% from the same period in the prior year.
Non-interest expenses increased by 8.5% from the same period in the prior year to 278.9 billion yen. Income before income taxes was 179.5 billion yen
for the three months ended June 30, 2020. Please refer to page 12 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 three months ended
June 30,
June 30,2019 (A)2020 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

80.6
72.5
8.1

81.1
66.0
15.1

% Change(B-A)/(A)

0.5
(9.0)
85.6

Net revenue increased by 0.5% from the same period in the prior year to 81.1 billion yen, primarily due to an increase in commissions received
from distribution of brokerage and investment trusts. Non-interest expense decreased by 9.0% to 66.0 billion yen. As a result, income before income
taxes increased by 85.6% to 15.1 billion yen.
Operating Results of Asset Management
Billions of yen
For the three months ended
June 30,
June 30,2019 (A)2020 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

34.5
16.4
18.1

34.0
14.9
19.2

% Change(B-A)/(A)

(1.4)
(9.1)
5.6

Net revenue decreased by 1.4% from the same period in the prior year to 34.0 billion yen. Non-interest expense decreased by 9.1% to 14.9 billion
yen. As a result, income before income taxes increased by 5.6% to 19.2 billion yen. Assets under management were 54.5 trillion yen as of June 30,
2020.
Operating Results of Wholesale
Billions of yen
For the three months ended
June 30,
June 30,2019 (A)2020 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

159.5
139.5
20.0

248.7
160.8
87.9

Net revenue increased by 55.9% from the same period in the prior year to 248.7 billion yen. Non-interest expense increased by 15.3% to160.8 billion yen. As a result, income before income taxes was 87.9 billion yen.
–3–

% Change(B-A)/(A)

55.9
15.3
339.2

Other Operating Results
Billions of yen
For the three months ended
June 30,
June 30,2019 (A)2020 (B)Net revenue
Non-interest expenses
Income (loss) before income taxes

60.3
28.8
31.5

% Change(B-A)/(A)

94.7
37.3
57.4

57.0
29.2
82.5

Net revenue was 94.7 billion yen, mainly due to the recognition of 71.1 billion yen profit resulting from the rights conversion related to the Tokyo
Nihonbashi district redevelopment project. Income before income taxes was 57.4 billion yen.
(2)

Consolidated Financial Position

Total assets as of June 30, 2020 were 41,545.4 billion yen, a decrease of 2,454.4 billion yen compared to March 31, 2020, mainly due to thedecrease in Securities purchased under agreements to resell. Total liabilities as of June 30, 2020 were 38,714.8 billion yen, a decrease of 2,553.8 billion
yen compared to March 31, 2020, mainly due to the decrease in Securities sold under agreements to repurchase. Total equity as of June 30, 2020 was
2,830.6 billion yen, an increase of 99.4 billion yen compared to March 31, 2020.
(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)

Risks related to the COVID-19 pandemic
The COVID-19 pandemic has affected Nomura’s business, and this may continue in the future.

Various risks recognized related to the COVID-19 pandemic is disclosed in Risk Factors in Nomura Holdings, Inc.’s Annual Securities Report(the annual report filed in Japan on June 30, 2020) and Item 3. D. Risk Factors. in Form 20-F (the annual report filed with the U.S. Securities andExchange Commission on June 30, 2020) for the year ended March 31, 2020.
–4–

2.

Notes to the Summary Information(1)

Changes in Accounting Policies

Measurement of Credit Losses on Financial Instruments
On April 1, 2020, Nomura adopted Accounting Standards Update 2016-13 “Measurement of Credit Losses on Financial Instruments” using amodified retrospective transition method. The impact of this adoption was, for financial instruments subject to current expected credit losses,¥1,972 million increase in Allowance for doubtful accounts, ¥638 million increase in Other liabilities, ¥72 million increase of Deferred tax assets andcumulative effect adjustment to decrease Retained earnings, net of tax, of ¥2,538 million as of April 1, 2020.
For financial instruments elected for the fair value option, the impact was ¥9,774 million decrease in Loans receivable, ¥5,888 million increase in
Other liabilities and cumulative effect adjustment to decrease Retained earnings, net of tax, of ¥15,662 million as of April 1, 2020.
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 30,2020) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 30, 2020) for the year ended March 31, 2020.
The following table summarizes critical accounting policies within our quarterly consolidated financial statements, the critical accounting
estimates inherent within application of those policies, the nature of the estimates, the underlying assumptions made by management used to derive
those estimates and how the COVID-19 pandemic, has and is expected to continue to impact these estimates.
–5–

Critical
accounting
policyCritical accounting
estimates

Fair value of
Estimating fair value
financial instruments for financial
instruments

Underlying subjective key
assumptions bymanagement• Election of appropriate valuation
techniques• Principal markets are active orinactive• Significance of level 3 inputs

Allowances for
doubtful accounts

Determination ofwhether loans, otherreceivables and loan
commitments are
impaired andmeasurement of
impairment losses• Ability of borrowers to pay inaccordance with contractual terms of
the financial instruments• Future cash flows for impaired loans
where impairment measurement
using a discounted cash flow method• Fair value of collateral in impaired
collateral dependent loans

Impact of the COVID-19
pandemic• Dislocated financial markets as a result of the
COVID-19 pandemic has increased market volatility
and reduced price transparency for certain financial
instruments.
• Updates to inputs used to determine fair value offinancial instruments.
• Ability of borrowers to pay increasingly subjective as
has required consideration both to pay in the shortterm while governments imposed lockdowns andsimilar restrictions on trading, and in the longer-term
once the restrictions were lifted and economies were
expected to improve.
• Estimating future cash flows increasingly subjective
due to uncertainty in future performance of borrowers.
• Estimating fair value increasingly subjective due todislocated financial and non-financial markets.

Goodwill andintangible assets

Equity method
investees• The COVID -19 pandemic was not considered an
impairment indicator for goodwill and finite-lived
intangible assets during the first quarter ended• Inputs to the fair value of reporting
June 30, 2020. No impairment testing of the relevant
units which include goodwill and fairasset was required.
value of indefinite-life intangibles

Determination ofwhether goodwill andintangible assets are
impaired andmeasurement of any
impairment loss.

• Identifying impairment indicators
which trigger an impairment test

Determination ofwhether equity method
investees are impaired.

• When a decline in the share price oflisted equity method investees below
carrying value is other-thantemporary• Future cash flows for recoverability offinite-lived intangible assets–6–• As a result of significant movements in global equity
markets due to the COVID-19 pandemic, we assessedand concluded no other-than-temporary impairment
losses were required to be recognized for the firstquarter ended June 30, 2020.

Critical
accounting
policyCritical accounting
estimates

Litigation provisions Determination ofwhether a loss isprobable andmeasurement ofprovisions

Underlying subjective key
assumptions bymanagement

Impact of the COVID-19
pandemic• Likelihood of eventual loss and ability • While the COVID-19 pandemic has delayed theto appeal or recover the loss frompotential resolution of certain litigation matters, it hasother parties
not had a direct significant impact on our litigation
provisions as of June 30, 2020.
• Management appetite to settle thematter• Loss amounts when claims aresubstantial, indeterminate or at an
early stage

Income taxes

Realization of deferred
tax assets• Future profitability of Nomura entities • Although estimating future taxable income wasincreasingly subjective due to uncertainty in future• Interpretation of tax rules by courts
profitability of Nomura, it did not result in aand regulatory authorities and tax
significant impact on our determination of realization
examinations by taxing authoritiesof deferred tax assets as of June 30, 2020.
• Weighting of positive and negative
evidence around the likelihood thatsufficient future taxable income will
be generated to realize deferred tax
assets in the relevant tax jurisdiction
–7–

(1)

Consolidated Balance Sheets

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¥397,114 million as of March 31, 2020 and¥387,199 million as of June 30, 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–8–

March 31,
2020

Millions of yen
June 30,2020

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

3,354,793
179,486
555,106
4,089,385

162,904(129,887)
181,420
214,437

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

2,478,897
352,756
1,136,206(12,354)
3,955,505(378,508)(188,528)(595,030)
658(1,161,408)

12,377,315
3,529,797
15,907,112

10,989,037
3,436,806
14,425,843(1,388,278)(92,991)(1,481,269)

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

16,698,157
43,012
16,741,169(155,665)(1,266)(156,931)

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

433,106
431,590111,388
390,054
967,354
2,333,492
41,545,394(7,406)(23,802)(787)
22,413140,332
130,750(2,454,421)

Increase/(Decrease)

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, 2020 and
3,493,562,601 shares as of June 30, 2020
Outstanding - 3,038,587,493 shares as of March 31, 2020 and
3,055,996,509 shares as of June 30, 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 454,975,108 shares as of March 31, 2020 and
437,566,092 shares as of June 30, 2020
Total NHI shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

March 31,
2020

Millions of yen
June 30,2020

1,486,733

1,392,377(94,356)

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

1,267,015
1,205,137
1,105,098
3,577,250(200,419)(448,358)(171,055)(819,832)

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

14,790,152
1,058,702
363,224
16,212,078
8,679,798
1,019,940
7,833,308
38,714,751(1,559,030)
97,256(354,487)(1,816,261)
133,514(14,508)
57,643(2,553,800)

594,493683,232
1,645,451(26,105)
2,897,071

594,493
676,040
1,769,225(25,973)
3,013,785—(7,192)
123,774132
116,714

Increase/(Decrease)(243,604)(234,282)
9,322
2,653,467
2,779,503
126,036
77,79751,140(26,657)
2,731,264
2,830,643
99,37943,999,815 41,545,394 (2,454,421)
–9–

(2)

Consolidated Statements of Income
Millions of yen
For the three months ended
June 30,
June 30,2019(A)
2020(B)

Revenue:Commissions
Fees from investment banking
Asset management and portfolio service fees
Net gain on trading
Gain 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 and communications
Occupancy and related depreciation
Business development expenses
Other
Total non-interest expenses
Income before income taxes
Income tax expense
Net income
Less: Net income attributable to noncontrolling interests
Net income attributable to NHI shareholders
Per share of common stock:– 10 –(B-A)/(A)68,20027,311
59,963112,825791
199,473(2,838)45,654
511,379
179,378
332,001

85,512
10,82853,656
139,089
1,070
106,543
3,473
113,878
514,049
53,302
460,74725.4(60.4)(10.5)
23.3
35.3(46.6)—
149.4
0.5(70.3)
38.8

125,102
24,551
41,757
19,1207,828
38,837257,195
74,806
17,91756,8891,056
55,833

138,297
28,511
43,23817,0582,832
49,000278,936
181,81137,513
144,298
1,782
142,516

10.5
16.1
3.5
(10.8)(63.8)
26.2
8.5
143.0
109.4
153.6
68.8
155.3

Yen

BasicNet income attributable to NHI shareholders per share
DilutedNet income attributable to NHI shareholders per share% Change% Change

16.83

46.77

177.9

16.48

45.65

177.0

(3)

Consolidated Statements of Comprehensive Income
Millions of yen
For the three months ended
June 30,
June 30,2019(A)
2020(B)Net income
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
Less: Comprehensive income attributable to noncontrolling interests
Comprehensive income attributable to NHI shareholders(4)

Note with respect to the Assumption as a Going Concern
Not applicable.
– 11 –% Change(B-A)/(A)56,889144,298

153.6(32,846)311(32,535)

(95)
(14)
(109)

—
—
—

649
1,598
2,247

2,807
(499)
2,308

332.5
—
2.7

(1,726)(250)(1,976)(32,264)
24,625
197
24,428603(2,095)(1,492)707
145,005
2,357
142,648

—
—
—
—
488.9
—
484.0

(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 three months ended
June 30,
June 30,2019 (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

80,64034,500159,486
274,626
60,289334,915

81,07834,024
248,669
363,771
94,673
458,444

0.5
(1.4)
55.9
32.5
57.0
36.9

(2,914)
332,001

2,303
460,747—
38.8

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

66,00914,870160,800
241,679
37,257
278,936

(9.0)
(9.1)
15.3
5.8
29.2
8.5

—
257,195—
278,936

—
8.5

8,118
18,14220,007
46,26731,45377,72015,06919,15487,869122,092
57,416
179,508

85.6
5.6
339.2
163.9
82.5
131.0

(2,914)74,806

2,303
181,811—143.0

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 three months ended
June 30,
June 30,2019 (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
– 12 –

12,794
76
8,265
1,391
8,927
31,453

5,577
685
6,609
45,090(545)
57,416% Change(B-A)/(A)(56.4)
801.3(20.0)
—
—
82.5

(6)

Significant Changes in Equity
Not applicable. For further details of the changes, please refer below.
Millions of yen
For the three months ended
June 30, 2020

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
Changes in an affiliated company’s interests in its subsidiary
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
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)594,493594,493683,232(8,314)
1,122
676,040
1,645,451(18,200)
142,516(542)
1,769,225(26,274)(684)(26,958)(62,571)
2,308(60,263)
62,740(1,492)
61,248(25,973)(243,604)
(1)
0
9,323
(234,282)
2,779,503
77,797(26,657)
51,1402,830,643

Represents the adjustment to initially apply Accounting Standards Update 2016-13 “Measurement of Credit Losses on Financial Instruments”,
please refer to section “2. Notes to the Summary Information (1) Changes in Accounting Policies.”– 13 –

4.

Supplementary Information(1)

Consolidated Statements of Income – Quarterly Comparatives

June 30,
2019

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 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 (loss) attributable to noncontrolling interests
Net income (loss) attributable to NHI shareholders

Millions of yen
For the three months ended
September 30, December 31, March 31,
2019
2019
2020(A)% Change
June 30,
2020(B)(B-A)/(A)Millions of yen
For the year ended
March 31,2020

68,20027,311
59,963112,825791
199,473(2,838)45,654
511,379
179,378
332,001

65,254
22,26559,926105,609981
215,881
2,083
101,905
573,904
190,524
383,380

79,28926,80361,020109,266
1,503
203,050
2,243
14,276497,450
162,472
334,978

96,062
26,84357,29328,909(3,368)176,068(16,214)4,156
369,749
132,279
237,470

85,512
10,82853,656
139,089
1,070
106,543
3,473
113,878
514,049
53,302
460,747(11.0)(59.7)
(6.3)
381.1
—
(39.5)——
39.0(59.7)
94.0

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

125,102
24,551
41,757
19,1207,828
38,837257,195
74,806
17,91756,8891,056
55,833

120,425
25,44642,361
18,3607,906
40,396
254,894
128,486(11,875)
140,361
1,787
138,574

128,987 104,906
24,568 31,558
42,821 43,378
16,276 19,230
8,509
7,642
44,130 55,474
265,291 262,188
69,687 (24,718)
10,337 12,515
59,350 (37,233)
2,284(2,758)57,066 (34,475)

138,297
28,511
43,23817,0582,832
49,000278,936
181,81137,513
144,298
1,782
142,516

31.8
(9.7)
(0.3)
(11.3)(62.9)(11.7)
6.4
—
199.7
—
—
—

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

Yen

Per share of common stock:
BasicNet income (loss) attributable to NHI shareholders per share
DilutedNet income (loss) attributable to NHI shareholders per share% Change

Yen

16.83

42.11

18.07

(11.29)

46.77

—

67.76

16.48

41.23

17.63

(11.31)

45.65

—

66.20

– 14 –

(2)Business Segment Information – Quarterly Comparatives
The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.

June 30,
2019

Millions of yen
For the three months ended
September 30, December 31, March 31,
2019
2019
2020(A)% Change
June 30,
2020(B)(B-A)/(A)Millions of yen
For the year ended
March 31,2020

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

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

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

88,794
7,024
145,908
241,726
12,294254,020

81,07834,024
248,669
363,771
94,673
458,444

(8.7)
384.4
70.4
50.5
670.1
80.5

336,359
92,605648,619
1,077,583
231,573
1,309,156(2,914)
332,001

829
383,380(2,692) (16,550)
2,303
334,978 237,470 460,747—
94.0'21,327
1,287,829

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

66,00914,870160,800
241,679
37,257
278,936

(6.2)
(5.6)
18.4
8.9
(7.4)
6.4

286,926
63,833556,399
907,158
132,410
1,039,568—
257,195—
254,894—
265,291—
262,188—278,936—
6.4—
1,039,568

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
72,37918,414
15,069(8,736) 19,154
10,08987,86919,767 122,092(27,935) 57,416(8,168) 179,508(18.2)
—
770.9
517.7
—
—

49,433
28,772
92,220170,425
99,163
269,588

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(2,914)74,806

829
128,486(2,692)
69,687(16,550)
2,303(24,718) 181,811——'21,327
248,261* 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.”(B-A)/(A)Millions of yen
For the year ended
March 31,2020

12,794

7,043

2,333

(4,622)

5,577—

17,548

76
8,265
1,391
8,927
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)

685
6,609
45,090(545)
57,416103.9(52.5)———

6,601
34,990'22,240
62,264
99,163June 30,
2019

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

– 15 –

Millions of yen
For the three months ended
September 30, December 31, March 31,
2019
2019
2020(A)% Change
June 30,
2020(B)

(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/2021_1q.pdf– 16 –