27th April 2023

Consolidated Financial Results
for the Fiscal Year Ended 31st March 2023
(Under IFRS)
Company name:
Listing:
Securities code:
URL:
Representative:

Nomura Research Institute, Ltd.
Tokyo Stock Exchange
4307
https://www.nri.com/jp/
Shingo Konomoto, President & CEO, Chairman, Member of the Board, Representative
Director
Inquiries:
Daishi Sakakihara, General Manager, Controllers & Operation Department
Telephone:+81-3-5533-2111
Scheduled date of annual general meeting of shareholders:
23rd June 2023
Scheduled date to commence dividend payments:
2nd June 2023
Scheduled date to file annual securities report:
26th June 2023
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended 31st March 2023
(from 1st April 2022 to 31st March 2023)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Revenue

Operating profit

Fiscal year ended

Millions of yen%

Millions of yen

31st March 2023

692,165

13.2

31st March 2022

611,634

11.1

Profit attributable toowners of parent

Profit before tax%

Millions of yen

111,832

5.3

106,218

31.5

Total comprehensive
incomeProfit%Millions of yen

108,499

3.7

76,496

6.6

104,67147.3

71,792

36.5

Basic earnings
per share%

Diluted earnings
per share

Fiscal year ended

Millions of yen%

Millions of yen

%

Yen

Yen

31st March 2023

76,307

6.8

80,782(3.3)

128.92128.8831st March 2022

71,44535.1

83,5802.1

120.57120.34Return on equity
attributable to owners ofparentRatio of profit before tax
to total assets

Ratio of operating profit
to revenue

%

%

%

Fiscal year ended
31st March 2023

20.7

13.3

16.2

31st March 2022

21.3

14.5

17.4

Reference:

Share of profit of investments accounted for using equity method
For the fiscal year ended 31st March 2023:¥450 million
For the fiscal year ended 31st March 2022:¥204 million

(2) Consolidated financial position
Total assets
As ofTotal equity

Equity attributableto owners of parent

Ratio of equity
attributable toowners of parent tototal assets

Equity attributableto owners of parent
per share%

Yen

Millions of yen

Millions of yen

Millions of yen

31st March 2023

838,224

402,406

399,006

47.6

674.3531st March 2022

789,655

342,486

339,36043.0

575.59(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at end of
periodCash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

31st March 2023

118,899(61,190)(44,921)

129,257

31st March 2022

98,137(130,547)(7,995)

115,610

2. Cash dividends
Annual dividends per share
First
SecondThird
quarter-end quarter-end quarter-end
Yen
Fiscal year ended
31st March 2022
Fiscal year ended
31st March 2023
Fiscal year ending
31st March 2024
(Forecast)

Yen

Fiscalyear-end

Yen

Total cash
dividends(Total)

Total

Yen

Ratio ofdividends toequityPayout ratio
attributable to(Consolidated)owners ofparent(Consolidated)

Yen Millions of yen

%

%

–

19.00

–

21.00

40.00

23,642

33.1

7.1

–

22.00

–

23.00

45.00

26,640

34.9

7.2

–

24.00

–

24.00

48.00

36.4

Note: Total cash dividends include dividends for the trust exclusive for NRI Group Employee Stock Ownership Group (¥78 million
for the fiscal year ended 31st March 2022 and ¥15 million for the fiscal year ended 31st March 2023). The payout ratio is
calculated by dividing total cash dividends by profit attributable to owners of parent.

3. Forecasts of consolidated financial results for the fiscal year ending 31st March 2024
(from 1st April 2023 to 31st March 2024)(Percentages indicate year-on-year changes.)

RevenueSix months ending
30th September 2023
Fiscal year ending
31st March 2024

Operating profit

Profit before tax

Profit attributableto owners of parent

Basic earnings
per share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

350,000

3.2

56,0001.3

55,0002.3

37,0003.2

62.53

720,000

4.0

117,000

4.6

115,000

6.0

78,0002.2

131.83

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies and changes in accounting estimates(i) Changes in accounting policies required by IFRS: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None
(3) Number of issued shares (ordinary shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of 31st March 2023

593,652,242 shares

As of 31st March 2022

610,696,500 shares(ii) Number of treasury shares at the end of the period
As of 31st March 2023

1,959,169 shares

As of 31st March 2022

21,109,262 shares(iii) Average number of shares outstanding during the period
Fiscal year ended 31st March 2023

591,914,240 sharesFiscal year ended 31st March 2022
592,569,442 shares
Notes: 1. The Company’s shares held by the trust exclusive for NRI Group Employee Stock Ownership Group areincluded in treasury shares.
2. The Company canceled 17,700,958 treasury shares on 31st March 2023.

* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters(1) The forward-looking statements including business forecasts stated in this document are based on
information available to the Company at the present time and certain assumptions judged to be rational, andthese statements do not purport to be a promise by the Company to achieve such results. Actual businessresults, etc. may differ significantly from this forecast due to various factors. For assumptions for financial
forecasts and matters that require attention when using business forecasts, please refer to “1. (4) Future
Outlook” on pages 10 to 11 of the attached material.
(2) Supplementary materials on financial results are disclosed on the TDnet at the same time as this summaryof consolidated financial results, and will also be posted promptly on the Company’s website. In addition,
explanatory materials for the results briefing for analysts and institutional investors to be held today will also be
posted on the Company’s website.

Attached Material Index

1.

Overview of Consolidated Operating Results and Others .......................................................................... 2(1) Overview of Consolidated Operating Results for the Current Fiscal Year .......................................... 2(2) Overview of Consolidated Financial Position for the Current Fiscal Year ............................................ 7(3) Overview of Consolidated Cash Flow Position for the Current Fiscal Year.......................................... 8(4) Future Outlook ..................................................................................................................................... 10(5) Basic Policy Regarding Profit Distribution, and Dividend Payments for Current and Next Fiscal Year.............................................................................................................................................................. 12
2. Basic View on Choosing Accounting Standards ...................................................................................... 13
3. Consolidated Financial Statements, Etc. ................................................................................................ 14(1) Consolidated Statement of Financial Position...................................................................................... 14(2) Consolidated Statement of Comprehensive Income............................................................................. 16(3) Consolidated Statement of Changes in Equity ..................................................................................... 17(4) Consolidated Statement of Cash Flows ................................................................................................ 19(5) Notes to Consolidated Financial Statements ........................................................................................ 21(Notes on Premise of Going Concern) ........................................................................................................ 21(Segment Information) ................................................................................................................................ 21(Per Share Information) ............................................................................................................................... 25(Subsequent Events) .................................................................................................................................... 25

－1－

1.

Overview of Consolidated Operating Results and Others(1) Overview of Consolidated Operating Results for the Current Fiscal Year
Fiscal year ended
31st March 2022
611,634
76,51912.5%
102,881106,218
17.4%
23.9%
104,671

Fiscal year ended
31st March 2023
692,165
123,20717.8%
110,032
111,832
16.2%
22.5%
108,499(Millions of yen)
Year on year
AmountRate
80,531
13.2%
46,687
61.0%
5.3P
–
7,150
7.0%
5,613
5.3%
(1.2)P–(1.4)P
–
3,827
3.7%

Revenue
Overseas revenue
Overseas revenue ratio
Business profit
Operating profit
Operating margin
EBITDA margin
Profit before tax
Profit attributable to owners
71,44576,3074,861
6.8%
of parent
Return on equity
attributable to owners of
21.3%
20.7%
(0.6)P–
parent (ROE)
Notes: 1. Business profit is operating profit excluding temporary factors (such as impairment of goodwill and impairment of
fixed assets), and a profit indicator to measure regular performance of businesses.
2. EBITDA margin: EBITDA (operating profit + depreciation and amortization + loss on retirement of fixed assets ±temporary factors) / revenue

During the current fiscal year ended 31st March 2023, the Japanese economy experienced a modest
pickup in business conditions with progress in normalization of economic activities due to effects ofcountermeasures against COVID-19 and various policies. Information system investment continued tosee strong corporate investment demand centered on digital transformation (DX) which involves
transforming business processes and business models using digital technologies. However, amid thecontinued global monetary tightening, various uncertainties, including financial market turmoil
triggered by the failure of a bank in the United States, rapid exchange-rate fluctuations, and rising prices
and supply chain constraints, in addition to risks of a downswing in overseas business conditions posedto the domestic economy, continue to cloud the outlook. Furthermore, corporate investments may belimited depending on changes in future business performance.
Operating in such an environment, Nomura Research Institute (“the Company”) and its consolidated
subsidiaries (“the NRI Group”) carried out its business activities leveraging the combined strengths of
the NRI Group, allowing it to seamlessly provide services encompassing consulting through to systemdevelopment and operations.
The current fiscal year is the final year of the “NRI Group Medium-term Management Plan (20192022)” (the “Medium-term Management Plan 2022”), formulated to achieve Vision 2022 (from thefiscal year ended 31st March 2016 to the fiscal year ended 31st March 2023), the NRI Group’s longterm management vision. In addition to working to achieve even greater productivity and to expand
existing businesses, the NRI Group promoted efforts to realize the growth strategies set forth in theMedium-term Management Plan 2022: (1) DX strategy, (2) global strategy, and (3) human resources
strategy.
(1) DX strategy: The NRI Group is providing comprehensive support by leveraging technologies
across everything from creating strategies to solutions with respect to transforming the businessprocesses and business models of its clients.
In terms of business platform strategy, the NRI Group is helping its clients create new
businesses and enter new markets by providing them with new business platforms specificallytailored to those who are entering the financial sector from other industries in step withtransformation of industrial structures, while also expanding the NRI Group’s shared online
services with a focus on the financial sector.
Under its cloud strategy, the NRI Group is improving clients’ business agility and optimizing
their IT costs by engaging in legacy system modernization*1 and developing cloud-native*2 apps.
(2) Global strategy: The NRI Group is expanding its business foundations with a focus onachieving external growth through M&As and other such initiatives, including the acquisition ofIPs, mainly in the key geographic regions of Australia and North America.
－2－

In order to generate further synergies with subsidiaries acquired through M&A deals, theCompany is building a new business management system, operational management system andother systems centered on the Global Headquarters to drive forward the business integration
process after acquisition.
(3) Human resources strategy: The NRI Group is improving its recruitment and development ofprofessionals underpinning the digital age in order to better help its clients achieve businesssuccess. The NRI Group is also working to achieve compatible work-style reforms bypromoting various work arrangements while also fostering a business culture that enables
employees to play active roles and take on challenges, and promoting diversity.
In the current fiscal year, the NRI Group’s revenue totaled ¥692,165 million (up 13.2% year on year),amid a scenario where revenue was higher year on year in all the services, particularly those of
consulting services. Cost of sales was ¥452,336 million (up 14.4%), gross profit was ¥239,829 million(up 11.0%), and selling, general and administrative expenses were ¥131,580 million (up 15.9%). In
addition to improvement in revenue amid a favorable order environment and production activities,¥2,238 million of gain on sale of fixed assets was recorded in association with the sale of trust
beneficiary rights for Yokohama Nomura Building. Operating profit was ¥111,832 million (up 5.3%),
operating margin was 16.2% (down 1.2 points), and the EBITDA margin was 22.5% (down 1.4 points).
*1 Legacy system modernization refers to optimizing and updating system infrastructure andapplications with respect to hardware and software of core systems that have become obsolete.
*2 Cloud-native refers to information systems and services designed for use on a cloud-computing
platform.
Secondary offering of shares
Responding to the intentions of two shareholders to sell their holdings of the Company’s shares, theCompany has sought to establish opportunities for a smooth sale of these shares of the Company.
Accordingly, the Company decided on a secondary offering of shares of the Company and a disposal by
way of a third-party allotment of shares of the Company held as treasury shares upon a resolution of theBoard of Directors on 25th November 2022. Through the secondary offering of shares, the Company
expects to expand the demographic of shareholders who understand the Company’s growth strategy
from a long-term perspective and to improve the market liquidity of the Company’s shares. Allprocedures for the secondary offering were completed as of 28th December 2022. During the current
fiscal year, the Company disposed of treasury shares by way of a third-party allotment (5,545,200
shares, ¥16,007 million) associated with the secondary offering of shares. The Company will continue
to be an associate of Nomura Holdings, Inc. after the secondary offering.
Purchase of treasury shares
The Company decided to purchase treasury shares from the perspective of mitigating impact on the
supply-demand balance for its shares associated with the secondary offering and also from theperspective of reducing effects on its existing shareholders, upon resolution of the Board of Directors on
25th November 2022. The Company had purchased a maximum total of 8,000,000 shares (percentage
of total number of shares issued as of 30th September 2022 (excluding treasury shares): 1.35%) for a
maximum total purchase price of ¥20,000 million. The purchase period was from 23rd December 2022
to 31st March 2023, and the purchase method entailed market purchase based on discretionary trading
contract pertaining to purchase of treasury shares (excludes the period during the ten business days fromthe business day following the date of announcement of the Company’s quarterly financial results).
During the current fiscal year, the Company purchased treasury shares (6,501,900 shares, ¥19,999
million).
Cancellation of treasury shares
At the meeting of the Board of Directors held on 10th March 2023, the Board resolved to cancel
17,700,958 shares of common stock of the Company (2.90% of the total number of issued shares before
the cancellation), and the procedure was completed on 31st March 2023.

－3－

Segment information
The business results by segment (revenue includes intersegment revenue) are as follows.

Consulting

Financial IT Solutions

Industrial IT Solutions

IT Platform Services
Adjustments
Total

Revenue
Operating profit
Operatingmargin
Revenue
Operating profit
Operatingmargin
Revenue
Operating profit
Operatingmargin
Revenue
Operating profit
Operatingmargin
Revenue
Operating profit
Revenue
Operating profit
OperatingmarginFiscal year
ended 31st
March 2022
44,414
12,820Fiscal year
ended 31st
March 2023
47,821
12,32928.9%(Millions of yen)
Year on year
Amount

Rate

3,407
(490)

7.7%
(3.8)%

25.8%(3.1)P–

308,376
43,877334,141
49,71025,765
5,832

8.4%
13.3%

14.2%

14.9%

0.6P

–

229,921
25,449276,031
24,42946,110(1,019)20.1%(4.0)%

11.1%

8.9%

(2.2)P–

157,598
20,955

169,840
23,346

12,242
2,391

7.8%
11.4%

13.3%

13.7%

0.4P

–

(128,676)
3,116
611,634
106,218(135,669)
2,015
692,165
111,832(6,993)(1,100)80,531
5,613

–
–
13.2%
5.3%

17.4%

16.2%

(1.2)P–(Consulting)This segment provides policy recommendations and strategy consulting, as well as business consulting
to support operational reform and system consulting for overall IT management.
Amid rapidly changing business environments for its clients following the COVID-19 pandemic,
corporate reforms using digital technology are accelerating. In addition, companies that incorporate
solutions for social issues including decarbonization into their managerial strategy are increasing, andclients have come to expect solutions for social issues using practical solutions-based consulting
services that produce concrete results.
As such, in this segment the NRI Group aimed to strengthen consulting to support its clients’ DX and to
appropriately respond to clients’ needs, and in the global area, the NRI Group strived to expand its
services in advanced countries such as the U.S. and European countries while maintaining andreinforcing the existing client base. In addition, the NRI Group worked to create new consulting
services originating in solutions to social issues including decarbonization.
During the current fiscal year, the Consulting segment posted revenue of ¥47,821 million (up 7.7% year
on year), due to continued strong performance of DX-related consulting and consulting for social issues
projects, following the previous fiscal year. Operating profit was ¥12,329 million (down 3.8% year onyear) due to worsening profitability overseas, despite a boost in DX-related and social issue projects inJapan.
(Financial IT Solutions)
In this segment, the main clients are in the financial sector, including the securities, insurance andbanking sectors. The segment provides system consulting, system development, system management
and operation services, and IT solutions such as shared online services and BPO services.
The environment surrounding the financial sector is undergoing major structural changes such that
include a society whose population accelerates to age, companies from other industries newly entering
the financial sector, an expanding range of digital assets, and diminishing markets in Japan due topersistently low-interest rates and the nation’s declining population. In addition, clients’ needs for
digitalization and transformation of business models are growing rapidly.
This segment accordingly worked to create and expand new financial business platforms, promote new
DX businesses that contribute to the Digital Government Policy such as the Social Security and Tax
Number System, and stably operate global business in financial services and expand the businesses tohelp its clients create new businesses and services in a manner that addresses such changes in thebusiness environment.
－4－

In the current fiscal year, the Financial IT Solutions segment posted revenue of ¥334,141 million (up8.4% year on year), amid increases in system development & system application sales and systemmanagement & operation services for the securities sector and system development & systemapplication sales for the banking industry. Despite worsening profitability overseas, operating profit was¥49,710 million (up 13.3%) due to improvement in profitability amid a favorable order environment
and production activities, etc.
(Industrial IT Solutions)This segment provides IT solutions such as system consulting, system development, systemmanagement and operation services to the distribution, manufacturing, service and public sectors.
As well as upgrading and improving the efficiency of existing business models, clients in the industrial
sector are using DX to create new business models using digital technology since the COVID-19
pandemic.
This segment focused on development of digital intellectual property (IP) that can be utilized acrossclients and industries, and comprehensively assisted the client in everything from creating businessmodels to system construction and advancements in operations in the field of DX businesses.
Furthermore, in the global business, the NRI Group is aiming to further expand the business andsustainably increase value through the enhancement of cooperation and the integration of functions
between merged subsidiaries in Australia and through M&A that contributes to expansion of the areaand strengthening of capabilities in addition to organic growth centering on merged subsidiaries inNorth America.
In the current fiscal year, the Company integrated ASG Group Limited into the NRI Brand and changed
its name to NRI Australia Limited. The newly renamed NRI-AU aims to promote the NRI brand in theAustralian IT market and unite all NRI-AU group companies under the “NRI” brand. Furthermore,
NRI-AU aims to establish the NRI brand locally and realize solid, strong growth of the NRI Group’s
global business, along with the NRI Group global strategy, by facilitating synergy and cooperation
across all NRI-AU companies.
During the current fiscal year, the Industrial IT Solutions segment posted revenue of ¥276,031 million(up 20.1% year on year) due to the contribution of growth in the Australia business and effects ofconsolidation of subsidiaries in North America, which were acquired by the previous fiscal year.
Despite improvement in profitability of the Australia business, operating profit was ¥24,429 million(down 4.0%) due to effects of amortization of intangible assets that were identified in association withthe consolidation of overseas subsidiaries, etc.
(IT Platform Services)
This segment mainly provides services such as the management and administration of data centers andIT platform and network architecture mainly through the Financial IT Solutions and Industrial IT
Solutions segments. It also provides IT platform solutions and information security services to clients ofvarious industries. In addition, the segment conducts explorative initiatives for the development of new
business operations and new products related to IT solutions, and investigation and research primarily
related to leading-edge information technologies.
System development in the DX era calls for use of artificial intelligence (AI), blockchains and othernew digital technologies, in conjunction with new and more rapid development approaches. In the fieldof cloud computing, companies need to comprehensively engage in high-quality operations of diverseand complex system platforms. In addition, as cyberattacks have been diversifying and evolving inrecent years, the importance of cyber security measures is increasing to safely and securely implement
the introduction and utilization of cloud services, which are central to DX of clients.
This segment accordingly took steps that involve expanding its multi-cloud computing services*3 and its
managed services*4, and is also promoting its zero trust*5 business and managed security services*6, in
conjunction with efforts to address such changes in the business environment and develop information
system development approaches and production innovation tools for the DX era.
During the current fiscal year, revenue to external clients increased in the DWP (Digital Work Place)business that contributes to improvement in productivity at office and the security business, andintersegment revenue increased in the DWP business. As a result of the above, the IT Platform Services
segment posted revenue of ¥169,840 million (up 7.8% year on year) and operating profit of ¥23,346
million (up 11.4%).
*3 Multi-cloud computing services refer to centrally managed services provided using multiple cloudcomputing platforms.

－5－*4 Managed services refer to the services that lend comprehensive support to optimizing entire
information systems on behalf of a client’s IT unit.
*5 Zero trust refers to a new concept of security that anything that accesses to information assets andsystems to protect are verified without distinction between inside and outside of the network.
*6 Managed security services (MSS) refer to the services, provided under contract, by an external
security specialist company to provide total operation and administration of the information
security system of a company or organization.

－6－

(2) Overview of Consolidated Financial Position for the Current Fiscal YearAs of
31st March 2022
333,645456,010789,655
298,342
148,826
342,486

As of
31st March 2023
349,102489,122838,224
198,247
237,570
402,406(Millions of yen)
Year on year
AmountRate
15,456
4.6%
33,111
7.3%
48,5686.2%(100,094)(33.6)%
88,743
59.6%
59,91917.5%

Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total equity
Equity attributable to339,360
399,006
59,64517.6%
owners of parent
Ratio of equity attributableto owners of parent to total
43.0%
47.6%
4.6P
–
assetsInterest-bearing liabilities
209,627
205,823(3,803)(1.8)%
Gross D/E ratio (times)
0.62
0.52
(0.10)–Net D/E ratio (times)
0.27
0.19
(0.08)–
Notes: 1. Gross D/E ratio (gross debt-to-equity ratio): Interest-bearing liabilities / equity attributable to owners of parent
2. Net D/E ratio (net debt-to-equity ratio): (Interest-bearing liabilities – cash and cash equivalents, etc.) / equity
attributable to owners of parent
3. Interest-bearing liabilities: Bonds and borrowings + other interest-bearing liabilities (borrowings on margintransactions and borrowings secured by securities)
Borrowings on margin transactions (¥608 million as of 31st March 2022; ¥1,284 million as of 31st March 2023) are
included in trade and other payables on the consolidated statement of financial position, and borrowings secured by
securities (¥802 million as of 31st March 2022; ¥1,578 million as of 31st March 2023) are included in other current
liabilities on the consolidated statement of financial position.
4. Cash and cash equivalents, etc.: Cash and cash equivalents + cash management purpose investment

As for the NRI Group’s financial position at the end of the current fiscal year (31st March 2023),
current assets were ¥349,102 million (up 4.6% from the end of the previous fiscal year), non-current
assets were ¥489,122 million (up 7.3%), current liabilities were ¥198,247 million (down 33.6%), noncurrent liabilities were ¥237,570 million (up 59.6%), total equity was ¥402,406 million (up 17.5%), andtotal assets were ¥838,224 million (up 6.2%). In addition, the gross D/E ratio (gross debt-to-equity
ratio) and net D/E ratio (net debt-to-equity ratio) at the end of the current fiscal year was 0.52 times and0.19 times, respectively.
The main changes from the end of the previous fiscal year are as follows.
Trade and other receivables decreased ¥4,086 million to ¥131,592 million and contract assets increased¥5,314 million to ¥55,980 million.
Goodwill and intangible assets increased ¥26,539 million to ¥237,283 million as a result of theacquisition of intangible assets related to the development of shared online system in Japan and otherfactors.
Bonds and borrowings decreased ¥5,254 million to ¥202,961 million due largely to the redemption of
the 5th series of unsecured bonds despite the issuance of the 9th, 10th, and 11th series of unsecured
bonds.
In addition, cash and cash equivalents increased ¥13,646 million to ¥129,257 million, trade and otherpayables increased ¥1,880 million to ¥55,681 million, and income taxes payable decreased ¥7,554
million to ¥13,093 million.

－7－(3) Overview of Consolidated Cash Flow Position for the Current Fiscal Year

Cash flows from operating
activities
Cash flows from investing
activities
Free cash flows
Cash flows from financing
activities
Net increase (decrease) incash and cash equivalents
Cash and cash equivalents
at end of period(Millions of yen)
Year on year
AmountRate

Fiscal year ended
31st March 2022

Fiscal year ended
31st March 2023

98,137

118,899

20,76121.2%(130,547)(61,190)

69,357(53.1)%(32,410)57,70990,119–(7,995)(44,921)(36,925)

461.8%(37,576)

13,646

51,223–

115,610129,257

13,646

11.8%

Cash and cash equivalents as of the end of the current fiscal year (31st March 2023) stood at ¥129,257
million (up ¥13,646 million from the end of the previous fiscal year).
Net cash provided by operating activities was ¥118,899 million, an increase of ¥20,761 million from theprevious fiscal year, due largely to a decrease in trade and other receivables.
Net cash used in investing activities was ¥61,190 million, a decrease of ¥69,357 million from theprevious fiscal year. In the previous fiscal year, the NRI Group had ¥75,105 million in payments foracquisition of subsidiaries due to acquisition of shares of U.S.-based Convergence Technologies, Inc.,
Australia-based SQA Holdco Pty Ltd and Australian Investment Exchange Limited. In the current fiscal
year, cash was mainly invested in the acquisition of intangible assets related to the development ofshared online system.
Net cash used in financing activities was ¥44,921 million, an increase of ¥36,925 million from theprevious fiscal year. In the previous fiscal year, the NRI Group had ¥53,425 million in net increase(decrease) in short-term borrowings (revenue) since a loan was taken out to conduct M&A and purchaseof treasury shares. In addition, the NRI Group had ¥59,999 million in purchase of treasury shares inaccordance with a resolution of the Board of Directors. During the current fiscal year, the NRI Grouphad ¥65,048 million in net increase (decrease) in short-term borrowings (expenditure) and ¥59,755
million in proceeds from long-term borrowings in part since the NRI Group refinanced loans taken out
in the previous fiscal year to acquire Convergence Technologies, Inc. in the United States throughM&A. The NRI Group had ¥64,807 million in proceeds from the issuance of the 9th, 10th, and 11thseries of unsecured bonds and ¥25,000 million in redemption of the 5th series of unsecured bonds. In
addition, the NRI Group had ¥19,999 million in purchase of treasury shares in accordance with aresolution of the Board of Directors, and ¥22,722 million in proceeds from sale of treasury shares
relating to disposal of treasury shares. Other expenditures mainly consist of payments of cash dividends
in the respective fiscal periods.
Reference: Trends in cash flow-related indicators

Fiscal year
ended 31st
March 2020

Fiscal year
ended 31st
March 2021

Fiscal year
ended 31st
March 2022

Fiscal year
ended 31st
March 2023

Ratio of equity attributable to owners of parent to
44.1
50.3
43.0
47.6
total assets (%)
Ratio of equity attributable to owners of parent to
241.3
314.8
300.1
216.4
total assets on market value basis (%)
Interest-bearing liabilities to operating cash flow ratio
0.9
1.4
2.1
1.7
(years)Interest coverage ratio (times)
140.1
84.2
71.0
24.7
Ratio of equity attributable to owners of parent to total assets: Equity attributable to owners of parent / total assets
Ratio of equity attributable to owners of parent to total assets on market value basis: Market capitalization / total assets
Interest-bearing liabilities to operating cash flow ratio: Interest-bearing liabilities / operating cash flow
Interest coverage ratio: Operating cash flow / paid interest
Notes: 1. All indicators are calculated using financial figures on a consolidated basis. As the transition date to IFRS was 1st
April 2019 and the Company adopted IFRS from the start of the fiscal year ended 31st March 2021, figures for theperiods prior to the fiscal year ended 31st March 2019 are not presented.
2. Market capitalization is calculated based on the number of shares in issue excluding treasury shares.
3. The Company’s shares held by the trust exclusive for NRI Group Employee Stock Ownership Group are included
in treasury shares.

－8－

4. Interest-bearing liabilities, among liabilities recorded on the consolidated statement of financial position, includes
bonds and borrowings and other interest-bearing liabilities (borrowings on margin transactions and borrowings
secured by securities).

－9－(4) Future Outlook(I) Consolidated performance
In order to realize the goals of NRI Group Vision 2030, the NRI Group’s long-term management plan,
the Company has formulated “NRI Group Medium-term Management Plan (2023-2025)” (the“Medium-term Management Plan 2025”) in April 2023.
The main quantitative financial targets (consolidated) of the Medium-term Management Plan 2025 are
as follows.
Medium-term Management Plan 2025 (fiscal year ending 31st March 2026)(from 1st April 2025 to 31st March 2026)

692,165
123,207
111,832
16.2%(Millions of yen)
Fiscal year ending 31st March 2026
(Targets)
810,000
150,000
145,000
17.9%

20.7%

20% or more

Current fiscal year (Actual result)
Revenue
Overseas revenue
Operating profit
Operating margin
Return on equity
attributable to owners ofparent (ROE)* Quantitative financial targets for the fiscal year ending 31st March 2026 do not include new M&A.
For the fiscal year ending 31st March 2024, the Company forecasts revenue of ¥720,000 million,
operating profit of ¥117,000 million, profit before tax of ¥115,000 million, and profit attributable toowners of parent of ¥78,000 million.
Consolidated financial forecasts for the fiscal year ending 31st March 2024
(from 1st April 2023 to 31st March 2024)

692,165
111,832
108,499

Fiscal year ending
31st March 2024
(Forecasts)
720,000
117,000
115,000

76,30778,000Current fiscal year
(Actual result)
Revenue
Operating profit
Profit before tax
Profit attributable to ownersof parent－10－(Millions of yen)
ChangeAmountRate

27,834
5,167
6,500

4.0%
4.6%
6.0%

1,692

2.2%

(II) Other forecastsa.

Consolidated revenue by segment for the fiscal year ending 31st March 2024
(from 1st April 2023 to 31st March 2024)
Current fiscal year
(Actual result)Fiscal year ending 31st
March 2024 (Forecasts)(Millions of yen)
ChangeAmountRate

Consulting
46,10048,000
1,899
4.1%
Financial IT Solutions
328,576
334,000
5,423
1.7%
Securities sector
141,541
142,000
458
0.3%
Insurance sector
77,03978,000960
1.2%Banking sector
55,06957,000
1,930
3.5%
Other financial
54,92657,0002,073
3.8%
sectors, etc.
Industrial IT Solutions
266,723
285,000
18,276
6.9%
Distribution sector
70,62873,0002,371
3.4%
Manufacturing and
196,095
212,000
15,904
8.1%
service sectors
IT Platform Services
48,15350,000
1,846
3.8%
Others
2,612
3,000
387
14.9%
Total
692,165
720,000
27,8344.0%
Notes: 1. The breakdowns of the segments are comprised of revenue by customer sector.
2. Figures for the previous fiscal year (fiscal year ended 31st March 2023) have been reclassified into new segments
due to changes in segments in April 2023.

b.

Consolidated capital investment, depreciation and research and development expenses for the fiscal
year ending 31st March 2024 (from 1st April 2023 to 31st March 2024)
Current fiscal year
(Actual result)
Capital investment
Depreciation
Research anddevelopment expenses

Fiscal year ending 31st
March 2024 (Forecasts)(Millions of yen)
ChangeAmountRate

58,56545,09256,00052,000(2,566)
6,908(4.4)%
15.3%

4,908

5,000

91

1.9%

(Caution concerning forward-looking statements)
The forward-looking statements including business forecasts stated in this document are based on
information available to the Company at the present time and certain assumptions (suppositions) judged
to be rational, and these statements do not purport to be a promise by the Company to achieve such
results. Actual business results, etc. may differ significantly from these forecasts due to various factors.
Material factors that could possibly affect the actual business results, etc. include, but are not limited to,the domestic and overseas economic situation, demand in the IT services market, competition withcompetitors, and changes in taxation and other systems. Note that the Company will not always revise
business forecasts, etc. upon every occurrence of new information or event.

－11－

(5) Basic Policy Regarding Profit Distribution, and Dividend Payments for Current and Next
Fiscal Yeara.

Policy for distribution of profits
The Company considers the ongoing growth of its corporate value to be the most important return to its
shareholders. The Company’s basic policy on the payment of dividends from surplus is to continue toprovide stable dividends while securing sufficient retained earnings for its medium and long-termbusiness development. In line with this policy, the Company has targeted a consolidated dividend
payout ratio* of 35%, taking into account factors such as operating revenue and the cash flow situation.
In addition, aiming for further shareholder returns through improved capital efficiency, the Company
plans to gradually increase the dividend payout ratio, targeting a consolidated dividend payout ratio of
40% for the fiscal year ending 31st March 2026.
Retained earnings will be utilized as a source of funds for business expansion, including capital
investment and R&D investment to enhance existing businesses and cultivate new businesses,
investment in human resource development, and strategic investment such as M&A. Retained earnings
may also be utilized to purchase treasury shares, as part of the Company’s flexible capital management
aimed at improving capital efficiency and responding to changes in the business environment.
In accordance with Article 459 of the Companies Act, the Company stipulates in its Articles ofIncorporation that it may pay dividends from surplus by a resolution of the Board of Directors based onrecord dates of 30th September and 31st March.
* Consolidated dividend payout ratio = Total annual cash dividends (including dividends for the trust
exclusive for NRI Group Employee Stock Ownership Group) / Profit attributable to owners of parentb.

Payment of dividends from surplus
Based on the policy above and business results for the current fiscal year, the Company plans to pay
cash dividends of ¥23 per share with the record date of the end of the current fiscal year (31st March
2023), an increase of ¥1 from the dividend paid in November 2022 (with a record date of 30th
September 2022). Consequently, combined with the dividend paid in November 2022, the annual
dividend payment will be ¥45 per share, resulting in a consolidated dividend payout ratio of 34.9%.
The payments of dividends from surplus with record dates falling in the current fiscal year are listed
below.

Total cash dividends
Cash dividends per share
Record date(Millions of yen)
(Yen)
27th October 2022
13,03122
30th September 2022
18th May 2023 (planned)
13,60823
31st March 2023
Note: The total cash dividends include dividends for the trust exclusive for NRI Group Employee Stock Ownership Group(portion decided by resolution in October 2022 was ¥15 million). There is not any portion decided by resolution in
May 2023.
Date of Board resolution

Regarding dividends for the following fiscal year (ending 31st March 2024), the Company plans to pay
an annual dividend of ¥48 per share, comprising a second quarter dividend of ¥24 and a year-end
dividend of ¥24.

－12－

2.

Basic View on Choosing Accounting Standards
The NRI Group has voluntarily adopted IFRS from the Securities Report for the fiscal year ended 31st
March 2021, aiming to improve the international comparability of financial information in the capital
market.

－13－

3. Consolidated Financial Statements, Etc.
Consolidated Financial Statements(1)

Consolidated Statement of Financial Position

AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Contract assets
Other financial assets
Other current assets
Subtotal
Assets held for sale
Total current assets
Non-current assets
Property, plant and equipment
Right-of-use assets
Goodwill and intangible assets
Investments accounted for using equity method
Retirement benefit asset
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets(Millions of yen)
31st March
31st March
2022
2023

¥

¥

－14－

115,610
135,678
50,666
14,015
13,246329,217
4,428
333,645
37,48238,969210,7446,427
85,383
69,2195,426
2,356
456,010789,655¥¥

129,257
131,592
55,98014,201
18,070349,102－349,10242,11431,877237,283
9,527
89,71070,8385,671
2,098
489,122838,224

(Millions of yen)
31st March
31st March
2022
2023
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
Contract liabilities
Bonds and borrowings
Lease liabilities
Other financial liabilities
Income taxes payable
Provisions
Other current liabilities
Total current liabilities
Non-current liabilities
Bonds and borrowings
Lease liabilities
Other financial liabilities
Retirement benefit liability
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
EquityShare capital
Capital surplus
Retained earnings
Treasury shares
Other components of equity
Total equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity

¥

¥
¥

¥

－15－

53,80017,083116,941
12,25027,675
20,6482,646
47,294
298,342
91,27529,952
3,313
7,561
3,576
10,222
2,925
148,826
447,168
22,41428,277
328,830(68,809)28,647339,360
3,126
342,486
789,655¥¥¥¥

55,681
17,122
20,2359,364
27,742
13,093
1,027
53,979198,247
182,725
25,420
1,615
7,086
4,932
14,0501,739
237,570
435,817
23,64429,447
321,676(6,277)30,514
399,006
3,399
402,406
838,224

(2)Consolidated Statement of Comprehensive Income

Revenue
Cost of sales
Gross profit(Millions of yen)
Year ended 31st Year ended 31st
March 2022
March 2023¥

611,634
395,562
216,071¥

692,165
452,336
239,829

Selling, general and administrative expenses
Share of profit of investments accounted for using equity method
Other income
Other expenses
Operating profit

113,536
204
3,754
275
106,218

131,580
450
3,779
647
111,832

Finance income
Finance costs
Profit before tax

1,971
3,518
104,671

2,218
5,551
108,499

Income tax expenses
Profit32,87871,79232,002
76,496

Other comprehensive income
Items that will not be reclassified to profit or loss
Equity instruments measured at fair value through othercomprehensive income
Remeasurements of defined benefit plans
Total of items that will not be reclassified to profit or loss

1,588

805

2,146
3,734

2,221
3,027

(0)

(0)

8,537
(582)

812
437

97

9

¥

8,053
11,787
83,580

¥

1,259
4,286
80,782¥

71,445347
71,792¥76,307
189
76,496¥

83,165415
83,580¥80,508273
80,782Items that may be reclassified to profit or loss
Debt instruments measured at fair value through other comprehensive
incomeExchange differences on translation of foreign operations
Cash flow hedges
Share of other comprehensive income of investments accounted forusing equity method
Total of items that may be reclassified to profit or loss
Total other comprehensive income, net of tax
Comprehensive income
Profit attributable to:
Owners of parent
Non-controlling interests
ProfitComprehensive income attributable to:
Owners of parent
Non-controlling interests
Comprehensive income
Earnings per share
Basic earnings per share (Yen)
Diluted earnings per share (Yen)

¥

－16－

120.57120.34¥128.92128.88(3)Consolidated Statement of Changes in Equity

Year ended 31st March 2022

(Millions of yen)
Equity attributable to owners of parent

Share capital Capital surplus
Balance at 1st April
2021¥

21,175¥Retainedearnings

26,696¥ 278,675¥

TreasurysharesOther
components ofequity(15,027)¥

18,975

Noncontrollinginterests

Total¥

330,495

¥

2,711

Total
¥

333,206

Profit

－－71,445－－71,445347

71,792Other comprehensive
income－－－－11,72011,72067

11,787

Total comprehensive
income－－71,445－

11,72083,165415

83,580

Dividends－－(22,649)－－(22,649)－(22,649)

－

(132)

－

(60,003)－(60,136)－(60,136)

－

623

－

6,220

－

6,844

－

6,844

－

－

－

－

－

－

－

－

1,239

495

－

－

－

1,735

－

1,735

－

594

(594)

－

－

－

－

－

－

－

1,954

－

(1,954)

－

－

－

－

－

－

－

(94)

(94)

(0)

(94)

1,239

1,580

(21,289)(53,782)(2,048)(74,300)(0)(74,300)

28,277¥ 328,830

Purchase of treasury
shares
Disposal of treasury
sharesCancellation oftreasury shares
Share-based paymenttransactions
Transfer from retained
earnings to capitalsurplusTransfer from othercomponents of equity
to retained earnings
Other
Total transactions
with owners, etc.
Balance at 31st March
2022¥

22,414¥¥－17－(68,809)¥28,647¥339,360

¥

3,126

¥

342,486

Year ended 31st March 2023

(Millions of yen)
Equity attributable to owners of parent

Share capital Capital surplus
Balance at 1st April
2022¥

22,414¥Retainedearnings

28,277¥ 328,830¥

TreasurysharesOther
components ofequity(68,809)¥28,647

Noncontrollinginterests

Total¥

339,360

¥

3,126

Total
¥

342,486

Profit

－－76,307－－76,307

189

76,496

Other comprehensive
income

－

－

－

－

4,201

4,201

84

4,286

Total comprehensive
income－－76,307－4,201

80,508273

80,782

Dividends－－(25,396)－－(25,396)－(25,396)

－

(155)

－

(20,000)－(20,156)－(20,156)－(2,960)－25,819－22,858－22,858－(56,713)－56,713

－

－

－

－

1,229

838

－

－

－

2,068

－

2,068

－

60,162(60,162)

－

－

－

－

－

－

－

2,192

－

(2,192)

－

－

－

－

－

(95)

－

(142)

(237)

－

(237)

1,229

1,170

(83,461)

62,532(2,334)(20,863)－(20,863)

29,447¥ 321,676

Purchase of treasury
shares
Disposal of treasury
sharesCancellation oftreasury shares
Share-based paymenttransactions
Transfer from retained
earnings to capitalsurplusTransfer from othercomponents of equity
to retained earnings
Other
Total transactions
with owners, etc.
Balance at 31st March
2023¥

23,644¥¥－18－(6,277)¥30,514¥

399,006

¥

3,399

¥

402,406

(4)Consolidated Statement of Cash Flows(Millions of yen)
Year ended 31st Year ended 31st
March 2022
March 2023

Cash flows from operating activities
Profit before tax
Depreciation and amortization
Loss (gain) on sale and retirement of fixed assets
Finance income
Finance costs
Share of loss (profit) of investments accounted for using equity
methodDecrease (increase) in trade and other receivables
Decrease (increase) in contract assets
Decrease (increase) in inventories
Decrease (increase) in prepaid expenses
Increase (decrease) in trade and other payables
Increase (decrease) in contract liabilities
Increase (decrease) in liabilities relating to trust-type employee
stock ownership incentive plan
Increase (decrease) in provision for loss on orders received
Increase (decrease) in accounts payable bonuses
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by operating activities

－19－

¥

¥

104,671
41,941(2,242)(1,971)
3,518¥

108,499
45,092(1,939)(2,218)
5,551

(204)

(450)

(9,200)(5,382)
213(1,279)
1,351
2,075

4,359
(5,263)(276)(2,623)
1,541(72)(12,275)

504

115
2,026
(2,141)491(2,037)
119,670
1,382(993)(21,922)
98,137378
3,152(1,765)
63
7,684
162,217
1,608(3,991)(40,935)
118,899¥

(Millions of yen)
Year ended 31st Year ended 31st
March 2022
March 2023
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investments
Proceeds from sale and redemption of investments
Payments for acquisition of subsidiaries
Payments for loans receivable
Purchase of investments in associates or joint ventures
Other
Net cash used in investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Net increase (decrease) in commercial paper
Proceeds from issuance of bonds
Redemption of bonds
Repayments of lease liabilities
Proceeds from sale of treasury shares
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

－20－

¥

¥

(1,802)
1,727(6,824)
10,380(36,153)(5,861)
374(75,105)(16,366)
(599)
(316)
(130,547)
53,425
12,860(16,286)
15,00016,499－(13,461)
6,750(60,136)(22,647)(0)(7,995)
2,829(37,576)
153,187
115,610¥¥(5,425)
4,918(12,061)
6,907(42,640)(1,002)468(8,780)－(2,991)(583)(61,190)(65,048)
59,755(19,737)(20,000)
64,807(29,446)(12,445)
22,722(20,156)(25,372)－(44,921)859
13,646
115,610129,257

(5) Notes to Consolidated Financial Statements(Notes on Premise of Going Concern)
Not applicable.
(Segment Information)(1) Outline of reportable segments
The NRI Group’s operating segments, for which separate financial information is available, are evaluatedperiodically by management in deciding the allocation of management resources and in assessing businessperformances. The NRI Group has classified its segments, comprehensively considering services,
customers and markets totally, and four segments have been determined as reportable segments.
Meanwhile, the operating segments are not aggregated.
Accounting treatment of the reported operating segments is generally same with that of consolidated
financial statements for the year ended 31st March 2022. Profit figures for the reportable segments arepresented on the basis of operating profit. Intersegment revenue or transfers are based on prevailing market
prices.
(Consulting)This segment provides policy recommendations and strategy consulting, as well as business consulting tosupport operational reform and system consulting for overall IT management.
(Financial IT Solutions)
In this segment, the main clients are in the financial sector, including the securities, insurance and banking
sectors. The segment provides system consulting, system development, system management and operation
services, and IT solutions such as shared online services and BPO services.
(Industrial IT Solutions)This segment provides IT solutions such as system consulting, system development, and systemmanagement and operation services to the distribution, manufacturing, service and public sectors.
(IT Platform Services)
This segment mainly provides services such as the management and administration of data centers and IT
platform and network architecture mainly through the Financial IT Solutions and Industrial IT Solutions
segments. It also provides IT platform solutions and information security services to clients of various
industries. In addition, the segment conducts explorative initiatives for the development of new business
operations and new products related to IT solutions, and investigation and research primarily related toleading-edge information technologies.
As main service types of each segment in“(3) Information by services”, the segment of Consulting isconsulting services, the segments of Financial IT Solutions and Industrial IT Solutions are consulting
services, system development & system application sales, system management & operation services andproduct sales and the segment of IT Platform Services is system development & system application sales,
system management & operation services and product sales.

－21－

(2) Revenue and profit or loss by reportable segment
Year ended 31st March 2022

Consulting
Revenue
Revenue from externalcustomers
Intersegment revenue ortransfers
Total
Operating profit
Finance income
Finance costs

Reportable segment
Financial IT Industrial IT IT Platform
Solutions
Solutions
Services(Millions of yen)
Total

Adjustments
Consolidated(Notes)42,807

303,635

222,583

42,607

611,634－

611,634

1,606

4,741

7,337

114,990

128,676(128,676)－

44,414
12,820308,376
43,877229,921
25,449157,598
20,955740,310103,102(128,676)
3,116

611,634
106,218
1,971
3,518

Profit before tax(Other items)
Depreciation andamortization
Share of profit ofinvestments accounted
for using equity method
Investments in entities
accounted for using
equity method
Investments in noncurrent assets
Notes:

104,671231

15,892

9,126

7,234

32,484

9,456

41,941

(5)

(198)

385

(5)

177

27

204

95

706

5,191

194

6,188

238

6,427

346

29,902

6,467

7,534

44,2502,729

46,9801.

Individual items in adjustment to operating profit of ¥3,116 million include gain on sale of fixed assets in the amount of¥3,337 million recorded in “other income”.
2. The adjustment to depreciation and amortization comprises the corporate expenses that is not attributable to any
reportable segment.
3. The adjustment to share of profit of investments accounted for using equity method comprises the corporate profit that is
not attributable to any reportable segment.
4. The adjustment to investments in entities accounted for using equity method comprises the corporate assets that are not
attributable to any reportable segment.
5. The adjustment to investments in non-current assets comprises the increase in the corporate assets that is not attributable
to any reportable segment.

－22－

Year ended 31st March 2023

Consulting
Revenue
Revenue from externalcustomers
Intersegment revenue ortransfers
Total
Operating profit
Finance income
Finance costs

Reportable segment
Financial IT Industrial IT IT Platform
Solutions
Solutions
Services(Millions of yen)
Adjustments
Consolidated(Notes)Total

46,100328,576

267,190

50,298692,165－

692,165

1,720

5,565

8,840

119,542

135,669(135,669)－

47,821
12,329334,141
49,710276,031
24,429169,840
23,346

827,835
109,816(135,669)
2,015

692,165
111,832
2,218
5,551

Profit before tax

108,499(Other items)
Depreciation andamortization
Share of profit ofinvestments accounted
for using equity method
Investments in entities
accounted for using
equity method
Investments in noncurrent assets
Notes:

309

17,304

12,073

6,383

36,0709,021

45,092

(36)

(135)

607

(71)

363

87

450

59

570

5,366

123

6,119

3,407

9,527

936

30,091

12,165

12,07355,266

3,299

58,565

1.

Individual items in adjustment to operating profit of ¥2,015 million include gain on sale of fixed assets in the amount of¥2,238 million recorded in “other income”.
2. The adjustment to depreciation and amortization comprises the corporate expenses that is not attributable to any
reportable segment.
3. The adjustment to share of profit of investments accounted for using equity method comprises the corporate profit that is
not attributable to any reportable segment.
4. The adjustment to investments in entities accounted for using equity method comprises the corporate assets that are not
attributable to any reportable segment.
5. The adjustment to investments in non-current assets comprises the increase in the corporate assets that is not attributable
to any reportable segment.

(3) Information by services
Revenue from external customers classified by products and services is as follows:
Name of services
Consulting services

Year ended 31st
March 2022
125,460(Millions of yen)
Year ended 31st
March 2023
156,582

System development & system application sales

196,000

211,512System management & operation services
Product sales
Total

272,903
17,269611,634

292,874
31,195692,165－23－

(4) Information by geographical area
The breakdown of revenue and non-current assets by geographical area is as follows:
RevenueJapan
Oceania
North America
Asia and others
Total

Year ended 31st
March 2022
535,11457,221
12,283
7,015
611,634(Millions of yen)
Year ended 31st
March 2023
568,958
75,31438,4369,456
692,165

31st March 2022
237,079(Millions of yen)
31st March 2023
261,283

Non-current assets

Japan
Oceania

23,22424,183

North America

26,82025,1992,428
289,553

2,707
313,373

Asia and others
Total
Note:

Non-current assets are classified based on the location of assets and do not include financial instruments, deferred tax assets
or retirement benefit asset.

(5) Information about major customers
Of revenue from external customers, the customers who account for 10% or more of revenue in the
consolidated statement of comprehensive income are as follows:(Millions of yen)Primary related reportablesegments
Nomura Holdings, Inc.
Note:

Year ended 31st March2022

Financial IT Solutions

63,025

Year ended 31st March
2023
72,921

Revenue per external customers includes revenue attributable to subsidiaries of major customers and major customers
through leasing companies.

－24－

(Per Share Information)
Basic earnings per share and diluted earnings per share are calculated based on the following data.

Profit attributable to owners of parent
Adjustments of profit
Adjustments for potential shares issued by subsidiaries
Profit used for calculation of diluted earnings per share
Weighted-average number of shares of common stock outstanding
Increase in common stock
Increase from stock options
Diluted weighted-average number of shares of common stock
Basic earnings per share
Diluted earnings per share

Year ended 31st
March 2022
(Millions of yen)

Year ended 31st
March 2023
(Millions of yen)

71,44576,307－－71,44576,307(Shares)(Shares)592,569,442

591,914,240

1,140,578

162,316

593,710,020

592,076,556

(Yen)

(Yen)

120.57128.92120.34128.88

Note: For the purpose of calculating basic earnings per share and diluted earnings per share, the Company’s shares owned by thetrust exclusive for ESOP Group are included in treasury shares to be deducted in the calculation of the weighted-average
number of shares (2,305,466 shares and 670,715 shares for the year ended 31st March 2022 and 2023, respectively).

(Subsequent Events)
Purchase of treasury shares
The Company’s Board of Directors passed a resolution at the meeting held on 27th April 2023 on the purchaseof shares of common stock held as treasury shares in accordance with the provisions of Article 459, paragraph
1 of Japan’s Companies Act and the Company’s Articles of Incorporation and the specific method of purchase.
The details are outlined below. In addition, it passed a resolution on the same day to implement a market
purchase of up to ¥18 billion in order to reintroduce the E-Ship® Trust-type Employee Stock Ownership
Incentive Plan. In consideration of the impact on the stock price, the purchases will be staggered over theacquisition period.
1. Reasons for purchase of treasury shares
The Company intends to purchase treasury shares, as part of the Company’s flexible capital management
aimed at improving capital efficiency and responding to changes in the business environment.
2. Details on the acquisition(1) Type of shares to be acquired:(2) Total number of shares to be acquired:

Common stock of the Company
Up to 20,000,000 shares(Percentage to the total number of issued shares(excluding treasury shares): 3.38%)(3) Total amount of shares to be acquired: Up to ¥50,000 million(4) Acquisition period:
17th May 2023 – 30th November 2023
(5) Acquisition method:
Market purchase on the Tokyo Stock Exchange(Market purchase based on discretionary trading
agreement pertaining to acquisition of treasury shares(excludes the period between 29th May 2023 and 27th
July 2023 and the period during the ten business days
from the business day following the date ofannouncement of NRI’s quarterly financial results))
Note: Treasury shares do not include the Company’s shares held by the NRI Group Employees’ Stock
Ownership Plan Trust (the same applies hereinafter).

－25－

Treasury shares as of 31st March 2023
Total number of issued shares (excluding treasury shares)
Number of treasury shares591,693,073 shares
1,959,169 shares

Nomura Research Institute to Reintroduce the E-Ship® Trust-type Employee Stock Ownership Incentive Plan
The Company has decided to reintroduce the E-Ship® Trust-type Employee Stock Ownership Incentive Plan(the Plan) at its Board of Directors meeting held on 27th April 2023.
1. Purpose of reintroducing the Plan
The purpose of the Plan is to promote company-wide efforts to realize the long-term management vision“NRI Group Vision 2030” by providing employees with incentives to enhance corporate value over the
medium to long term, to promote the Company’s sustainable growth, and to enhance the welfare of
employees.
2. Overview of the Plan
The Plan is an incentive plan for all of the employees of the Company (including employees of its
consolidated subsidiaries) participating in NRI Group Employee Stock Ownership Group (the ESOP
Group). For the Plan, the Company has set up the Vision 2030 Trust exclusive for NRI Group Employee
Stock Ownership Group (the ESOP Trust) with a trust bank. The ESOP Trust will take out loans topurchase in advance the amount of the Company’s stock that is expected to be purchased by the ESOP
Group over the following two years and ten months. After that, the ESOP Trust will continuously sell the
Company’s stock to the ESOP Group. If the Company’s outstanding stock remains in the ESOP Trust at
the time it is terminated, this Company stock will be distributed to qualified beneficiaries as residual
assets. Furthermore, the Company will guarantee the loans obtained by the ESOP Trust to purchase theCompany’s stock. Accordingly, the Company will repay any remaining liabilities in the event that the
ESOP Trust has outstanding loans at the time it is terminated, or has accumulated substantial losses fromthe sale of the Company’s stock as a result of declining stock prices.
3. Overview of the ESOP Trust(1) Name:
(2)
(3)
(4)

Trustor:Trustee:
Beneficiaries:

(5)
(6)
(7)

Trust contract date:
Trust period:
Purpose of the trust:(8)

Eligibility requirements
to be beneficiaries:

Vision 2030 Trust exclusive for NRI Group Employee Stock
Ownership GroupThe Company
The Nomura Trust and Banking Co., Ltd.
Individuals who meet the eligibility requirements to be beneficiaries(certain prescribed procedures must be completed after occurrenceof the events determining the beneficial interests)
29th May 2023
29th May 2023 to 12th March 2026
To provide a steady and continuous supply of the Company’s stock
to the ESOP Group and distribute trust assets to beneficiaries
To be qualified, a beneficiary must, on the date when procedures fordetermining beneficiaries begin (the date when borrowings are fully
repaid, etc.) be alive and be a member of the ESOP Group(including those who had to withdraw from the ESOP Groupbecause of loss of membership eligibility due to being appointed as
an officer, being transferred, or reaching mandatory retirement age
on or after the trust contract signing date and up to the date whenprocedures for determining beneficiaries begin).

4. The outline of acquisition of the Company’s shares by the trust(1) Type of shares to be
Common stock of the Company
acquired:(2) Total amount of shares to Up to ¥18,000 million
be acquired:(3) Acquisition period:
1st June 2023 to 27th July 2023
(4) Acquisition method:
Market purchase on the Tokyo Stock Exchange－26－