Nomura : Financial Summary - Nine months ended December 31, 2015(PDF 846KB)

News Release NOMURA HOLDINGS, INC. Financial Summary - Nine months ended December 31, 2015 (PDF)

News Release

February 2, 2016

NOMURA HOLDINGS, INC.

Financial Summary - Nine months ended December 31, 2015

We are pleased to report the following consolidated financial summary based on the consolidated financial information under U.S. GAAP for the nine months ended December 31, 2015.

Financial Summary For the Nine Months Ended December 31, 2015 (U.S. GAAP)

Date: February 2, 2016

Company name (code number): Nomura Holdings, Inc. (8604)

Stock exchange listings: (In Japan) Tokyo, Nagoya (Overseas) New York, Singapore

Representative: Koji Nagai

Group CEO, Nomura Holdings, Inc.

For inquiries: Michio Okazaki

Managing Director, Head of Management Accounting and Investor Relations, Nomura Holdings, Inc.

Tel: (Country Code 81) 3-5255-1000 URL: http://www.nomura.com

1. Consolidated Operating Results

2. Operating Results

   
   

   (Rounded to nearest million) For the nine months ended December 31

   2014 2015

   (Millions of yen, except per share data)

   % Change from December 31, 2013

   % Change from December 31, 2014

   
   

   Total revenue	1,420,583	2.9%	1,360,881	(4.2%)
   Net revenue	1,169,667	0.2%	1,115,535	(4.6%)
   Income before income taxes	241,803	(11.4%)	177,496	(26.6%)
   Net income attributable to Nomura Holdings, Inc. ("NHI") shareholders	142,771	(6.3%)	150,703	5.6%
   Comprehensive income	284,876	16.4%	132,536	(53.5%)
   Basic-Net income attributable to NHI shareholders per share (Yen)	39.06	41.88
   Diluted-Net income attributable to NHI shareholders per share (Yen)	38.03	40.85
   Return on shareholders' equity - annualized	7.3%	7.3%

   
   

   Note: Return on shareholders' equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders' equity.

   
   

3. Financial Position




At March 31 At December 31

2015 2015

(Millions of yen, except per share data)




Total assets	41,783,236	43,494,765
Total equity	2,744,946	2,837,275
Total NHI shareholders' equity	2,707,774	2,804,661
Total NHI shareholders' equity as a percentage of total assets	6.5%	6.4%
Total NHI shareholders' equity per share (Yen)	752.40	777.74

4. Cash Dividends

   
   

   For the year ended March 31

   
   

   2015 2016 2016 (Plan)

   Dividends per share (Yen amounts)

   Dividends record dates

   
   

   At June 30 At September 30	6.00	10.00
   At December 31 At March 31	13.00		Unconfirmed
   For the year	19.00		Unconfirmed

   Note: Fiscal year 2016 Q4 dividend forecasts are not presented per reasons stated in "3. Earnings forecasts for the year ending March 31, 2016".

   
   

5. Earnings Forecasts for the year ending March 31, 2016




Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts.




Notes

1. Changes in significant subsidiaries during the period: None

   (Changes in Specified Subsidiaries accompanying changes in scope of consolidation.)

   
   

2. Adoption of the simplified and particular accounting treatments: None

   
   

3. Changes in accounting policies

4. Changes in accounting policies due to amendments to the accounting standards : None

5. Changes in accounting policies due to other than a) : None




(4) Number of shares issued (common stock)	At March 31	At December 31
2015	2015
Number of shares outstanding (including treasury stock)	3,822,562,601	3,822,562,601
Number of treasury stock	223,697,388	216,404,535




For the nine months ended December 31 2014 2015

Average number of shares outstanding (year-to-date) 3,655,507,837 3,598,664,288







*Quarterly review




The review process of the quarterly consolidated financial statements for this period has not been completed by the external auditors at the point of disclosing this financial summary.

Table of Contents for the Accompanying Materials




1. Qualitative Information of the Quarterly Consolidated Results...................................................... P.2

(1) Consolidated Operating Results ....................................................................................................... P.2

(2) Consolidated Financial Position ....................................................................................................... P.5

(3) Consolidated Earnings Forecasts ...................................................................................................... P.5




2. Quarterly Consolidated Financial Statements .................................................................................. P.5

(1) Consolidated Balance Sheets ............................................................................................................ P.6

(2) Consolidated Statements of Income ................................................................................................. P.8

(3) Consolidated Statements of Comprehensive Income ....................................................................... P.9

(4) Note with respect to the Assumption as a Going Concern ............................................................... P.9

(5) Segment Information - Operating Segment ..................................................................................... P.10

(6) Significant Changes in Equity .......................................................................................................... P.11




3.Supplementary Information ................................................................................................................ P.12

(1) Consolidated Statements of Income - Quarterly Comparatives ...................................................... P.12

(2) Business Segment Information - Quarterly Comparatives .............................................................. P.13

(3) Unconsolidated Quarterly Financial Statements [Japanese GAAP] ................................................ P.14 (4) Other ................................................................................................................................................. P.14

1. Qualitative Information of the Quarterly Consolidated Results




(1) Consolidated Operating Results




U.S. GAAP




Billions of yen % Change For the nine months ended

December 31,

2014 (A)

December 31,

2015 (B)

(B-A)/(A)




Net revenue	1,169.7	1,115.5	(4.6)
Non-interest expenses	927.9	938.0	1.1
Income (loss) before income taxes	241.8	177.5	(26.6)
Income tax expense	98.1	24.0	(75.5)
Net income (loss)	143.7	153.5	6.8
Less: Net income (loss) attributable to noncontrolling interests	0.9	2.8	206.7
Net income (loss) attributable to NHI shareholders	142.8	150.7	5.6
Return on shareholders' equity - annualized	7.3%	7.3%




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 1,115.5 billion yen for the nine months ended December 31, 2015, a decrease of 4.6% from the same period in the prior year. Non-interest expenses increased by 1.1% from the same period in the prior year to 938.0 billion yen. Income before income taxes was 177.5 billion yen and net income attributable to NHI shareholders was

150.7 billion yen for the nine months ended December 31, 2015.




Segment Information




Billions of yen % Change For the nine months ended

December 31,

2014 (A)

December 31,

2015 (B)

(B-A)/(A)




Net revenue	1,152.5	1,112.7	(3.5)
Non-interest expenses	927.9	938.0	1.1
Income (loss) before income taxes	224.7	174.7	(22.3)




In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the nine months ended December 31, 2015 was 1,112.7 billion yen, a decrease of 3.5% from the same period in the prior year. Non-interest expenses increased by 1.1% from the same period in the prior year to 938.0 billion yen. Income before income taxes was

174.7 billion yen for the nine months ended December 31, 2015. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.




Operating Results of Retail




Billions of yen % Change For the nine months ended

December 31,

2014 (A)

December 31,

2015 (B)

(B-A)/(A)

Net revenue 353.6 350.6 (0.8)

Non-interest expenses 232.7 235.2 1.1

Income (loss) before income taxes 120.9 115.5 (4.5)




Net revenue decreased by 0.8% from the same period in the prior year to 350.6 billion yen, primarily due to decreasing commissions from distribution of investment trusts. Non-interest expense increased by 1.1% to

235.2 billion yen. As a result, income before income taxes decreased by 4.5% to 115.5 billion yen.




Operating Results of Asset Management




Billions of yen % Change For the nine months ended

December 31,

2014 (A)

December 31,

2015 (B)

(B-A)/(A)




Net revenue	68.5	75.1	9.7
Non-interest expenses	43.0	44.2	2.7
Income (loss) before income taxes	25.4	30.9	21.5




Net revenue increased by 9.7% from the same period in the prior year to 75.1 billion yen. Non-interest expense increased by 2.7% to 44.2 billion yen. As a result, income before income taxes increased by 21.5% to

30.9 billion yen. Assets under management were 42.2 trillion yen as of December 31, 2015.

Operating Results of Wholesale




Billions of yen % Change For the nine months ended

December 31,

2014 (A)

December 31,

2015 (B)

(B-A)/(A)

Net revenue 558.4 584.1 4.6

Non-interest expenses 530.0 545.8 3.0

Income (loss) before income taxes 28.4 38.2 34.6

Net revenue increased by 4.6% from the same period in the prior year to 584.1 billion yen. Non-interest expense increased by 3.0% to 545.8 billion yen. As a result, income before income taxes increased by 34.6% from the same period in the prior year to 38.2 billion yen.

Other Operating Result

Billions of yen % Change For the nine months ended

December 31,

2014 (A)

December 31,

2015 (B)

(B-A)/(A)




Net revenue	172.1	102.9	(40.2)
Non-interest expenses	122.2	112.8	(7.6)
Income (loss) before income taxes	49.9	(9.9)




Net revenue was 102.9 billion yen. Loss before income taxes was 9.9 billion yen.

1. Consolidated Financial Position

   
   

   Total assets as of December 31, 2015 were 43.5 trillion yen, an increase of 1,711.5 billion yen compared to March 31, 2015, mainly due to the increase in Trading assets. Total liabilities as of December 31, 2015 were

   40.7 trillion yen, an increase of 1,619.2 billion yen compared to March 31, 2015, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of December 31, 2015 was 2.8 trillion yen, an increase of 92.3 billion yen compared to March 31, 2015.

   
   

2. 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.




2. Quarterly Consolidated Financial Statements




The quarterly consolidated financial information herein has been prepared in accordance with Nomura's accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.'s Annual Securities Report (the annual report filed in Japan on June 25, 2015) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2015) for the year ended March 31, 2015.




The review process of the quarterly consolidated financial statements for this period has not been completed by the external auditors.

1. Consolidated Balance Sheets (UNAUDITED)

   
   

   
   

   ASSETS

   
   

   March 31,

   2015

   Millions of yen December 31,

   2015Increase/(Decrease)

   
   

   Cash and cash deposits:

   
   

   Cash and cash equivalents	1,315,408	1,870,964	555,556
   Time deposits	328,151	226,988	(101,163)
   Deposits with stock exchanges and other segregated cash	453,037	456,242	3,205
   Total cash and cash deposits	2,096,596	2,554,194	457,598

   
   

   Loans and receivables:

   
   

   Loans receivable	1,461,075	1,603,847	142,772
   Receivables from customers	187,026	208,099	21,073
   Receivables from other than customers	1,303,576	973,794	(329,782)
   Allowance for doubtful accounts	(3,253)	(3,516)	(263)
   Total loans and receivables	2,948,424	2,782,224	(166,200)

   
   

   Collateralized agreements:

   
   

   Securities purchased under agreements to resell	8,481,474	9,349,662	868,188
   Securities borrowed	8,238,046	6,862,230	(1,375,816)
   Total collateralized agreements	16,719,520	16,211,892	(507,628)

   
   

   Trading assets and private equity investments:

   
   

   Trading assets*	17,260,121	19,153,073	1,892,952
   Private equity investments	48,727	33,909	(14,818)
   Total trading assets and private equity investments	17,308,848	19,186,982	1,878,134

   
   

   Other assets:

   Office buildings, land, equipment and facilities

   (net of accumulated depreciation and amortization of

   
   

   ¥383,992 million as of March 31, 2015 and ¥415,466 million as of December 31, 2015)	401,069	370,259	(30,810)
   Non-trading debt securities*	948,180	890,703	(57,477)
   Investments in equity securities*	159,755	161,741	1,986
   Investments in and advances to affiliated companies*	378,278	407,719	29,441
   Other	822,566	929,051	106,485
   Total other assets	2,709,848	2,759,473	49,625

   
   

   Total assets 41,783,236 43,494,765 1,711,529

   
   

   *Including securities pledged as collateral

   
   

   LIABILITIES AND EQUITY

   
   

   March 31,

   2015

   Millions of yen December 31,

   2015Increase/(Decrease)

   
   

   Short-term borrowings 662,256 503,578 (158,678) Payables and deposits:

   Payables to customers 723,839 804,302 80,463

   Payables to other than customers 1,454,361 1,823,229 368,868

   Deposits received at banks 1,220,400 1,309,744 89,344

   Total payables and deposits 3,398,600 3,937,275 538,675

   
   

   Collateralized financing:

   Securities sold under agreements to repurchase 12,217,144 15,036,781 2,819,637

   Securities loaned 2,494,036 2,180,288 (313,748)

   Other secured borrowings 668,623 547,776 (120,847)

   Total collateralized financing 15,379,803 17,764,845 2,385,042

   
   

   Trading liabilities 10,044,236 8,935,375 (1,108,861)

   Other liabilities 1,217,099 1,222,100 5,001

   Long-term borrowings 8,336,296 8,294,317 (41,979)

   Total liabilities 39,038,290 40,657,490 1,619,200 Equity

   NHI shareholders' equity:

   Common stock

   Authorized - 6,000,000,000 shares

   
   

   Issued - 3,822,562,601 shares as of March 31, 2015 and 3,822,562,601 shares as of December 31, 2015
   Outstanding - 3,598,865,213 shares as of March 31, 2015 and
   3,606,158,066 shares as of December 31, 2015			594,493	594,493
   Additional paid-in capital	683,407	689,646	6,239
   Retained earnings	1,437,940	1,546,817	108,877
   Accumulated other comprehensive income	143,739	123,752	(19,987)
   Total NHI shareholders' equity before treasury stock	2,859,579	2,954,708	95,129

   
   

   Common stock held in treasury, at cost -

   
   

   223,697,388 shares as of March 31, 2015 and 216,404,535 shares as of December 31, 2015	(151,805)	(150,047)	1,758
   Total NHI shareholders' equity	2,707,774	2,804,661	96,887
   Noncontrolling interests	37,172	32,614	(4,558)
   Total equity	2,744,946	2,837,275	92,329
   Total liabilities and equity	41,783,236	43,494,765	1,711,529

2. Consolidated Statements of Income (UNAUDITED)




Millions of yen % Change For the nine months ended

December 31, 2014(A)

December 31, 2015(B)

(B-A)/(A)




Revenue: Commissions	329,669	344,167	4.4
Fees from investment banking	69,262	89,380	29.0
Asset management and portfolio service fees	149,089	175,925	18.0
Net gain on trading	397,041	292,490	(26.3)
Gain on private equity investments	30	10,447
Interest and dividends	329,264	333,121	1.2
Gain on investments in equity securities	21,031	2,994	(85.8)
Other	125,197	112,357	(10.3)
Total revenue	1,420,583	1,360,881	(4.2)
Interest expense	250,916	245,346	(2.2)
Net revenue	1,169,667	1,115,535	(4.6)
Non-interest expenses:
Compensation and benefits	452,394		447,426	(1.1)
Commissions and floor brokerage	95,277		97,990	2.8
Information processing and communications	139,569		142,984	2.4
Occupancy and related depreciation	55,997		57,498	2.7
Business development expenses	26,025		26,114	0.3
Other	158,602		166,027	4.7
Total non-interest expenses	927,864		938,039	1.1
Income before income taxes	241,803		177,496	(26.6)
Income tax expense	98,134		24,039	(75.5)
Net income	143,669		153,457	6.8
Less: Net income attributable to noncontrolling interests	898		2,754	206.7
Net income attributable to NHI shareholders	142,771		150,703	5.6
Per share of common stock:
Yen		% Change
Basic-
Net income attributable to NHI shareholders per share	39.06		41.88	7.2
Diluted-
Net income attributable to NHI shareholders per share	38.03		40.85	7.4

1. Consolidated Statements of Comprehensive Income (UNAUDITED)

   
   

   Millions of yen % Change For the nine months ended

   December 31, 2014(A)

   December 31, 2015(B)

   (B-A)/(A)

   
   

   Net income Other comprehensive income (loss):	143,669	153,457	6.8
   Cumulative translation adjustments:
   Cumulative translation adjustments	123,844	(1,998)
   Deferred income taxes	752	(18,051)
   Total	124,596	(20,049)
   Defined benefit pension plans:
   Pension liability adjustment	1,187	(297)
   Deferred income taxes	(430)	225
   Total	757	(72)
   Non-trading securities:
   Net unrealized gain (loss) on non-trading securities	22,382	(992)
   Deferred income taxes	(6,528)	192
   Total	15,854	(800)
   Total other comprehensive income (loss)	141,207	(20,921)
   Comprehensive income	284,876	132,536	(53.5)
   Less: Comprehensive income attributable to noncontrolling interests	8,042	1,820	(77.4)
   Comprehensive income attributable to NHI shareholders	276,834	130,716	(52.8)

   
   

   
   

2. Note with respect to the Assumption as a Going Concern (UNAUDITED)

   
   

   Not applicable.

3. Segment Information - Operating Segment (UNAUDITED)

   
   

   The following table shows business segment information and reconciliation items to the consolidated statements of income.

   
   

   Millions of yen % Change For the nine months ended

   
   

   Net revenue

   Business segment information:

   December 31,

   2014 (A)

   December 31,

   2015 (B)

   (B-A)/(A)

   
   

   Retail	353,591	350,627	(0.8)
   Asset Management	68,468	75,098	9.7
   Wholesale	558,399	584,072	4.6
   Subtotal	980,458	1,009,797	3.0
   Other	172,081	102,913	(40.2)
   Net revenue	1,152,539	1,112,710	(3.5)

   Reconciliation items:

   
   

   Unrealized gain (loss) on investments in equity securities held for operating purposes	17,128	2,825	(83.5)
   Net revenue	1,169,667	1,115,535	(4.6)

   Non-interest expenses

   Business segment information:

   
   

   Retail	232,651	235,153	1.1
   Asset Management	43,037	44,210	2.7
   Wholesale	530,000	545,833	3.0
   Subtotal	805,688	825,196	2.4
   Other	122,176	112,843	(7.6)
   Non-interest expenses	927,864	938,039	1.1

   Reconciliation items:

   Unrealized gain (loss) on investments in equity securities held for operating purposes

   Non-interest expenses 927,864 938,039 1.1

   Income (loss) before income taxes

   Business segment information:

   
   

   Retail	120,940	115,474	(4.5)
   Asset Management	25,431	30,888	21.5
   Wholesale	28,399	38,239	34.6
   Subtotal	174,770	184,601	5.6
   Other *	49,905	(9,930)
   Income (loss) before income taxes	224,675	174,671	(22.3)

   Reconciliation items:

   
   

   Unrealized gain (loss) on investments in equity securities held for operating purposes	17,128	2,825	(83.5)
   Income (loss) before income taxes	241,803	177,496	(26.6)

   
   

   *Major components

   Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in "Other". The following table presents the major components of income (loss) before income taxes in "Other".

   Millions of yen % Change For the nine months ended

   December 31,

   2014 (A)

   December 31,

   2015 (B)

   (B-A)/(A)

   
   

   Net gain (loss) related to economic hedging transactions	15,463	(2,128)
   Realized gain (loss) on investments in equity securities held for operating purposes	3,903	169	(95.7)
   Equity in earnings of affiliates	29,675	27,669	(6.8)
   Corporate items	(14,642)	(47,096)
   Other	15,506	11,456	(26.1)
   Total	49,905	(9,930)

4. Significant Changes in Equity (UNAUDITED)




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




Millions of yen

For the nine months ended December 31, 2015




Common stock Balance at beginning of year	594,493
Balance at end of period	594,493
Additional paid-in capital Balance at beginning of year	683,407
Issuance and exercise of common stock options	1,067
Changes in an affiliated company's interests in its subsidiary	5,172
Balance at end of period	689,646
Retained earnings
Balance at beginning of year	1,437,940
Net income attributable to NHI shareholders	150,703
Cash dividends	(35,972)
Gain (loss) on sales of treasury stock	(5,854)
Balance at end of period	1,546,817

Balance at beginning of year	133,371
Net change during the period	(19,559)
Balance at end of period	113,812
Defined benefit pension plans Balance at beginning of year	(15,404)
Pension liability adjustment	(72)
Balance at end of period	(15,476)
Non-trading securities
Balance at beginning of year	25,772
Net unrealized gain (loss) on non-trading securities	(356)
Balance at end of period	25,416
Balance at end of period	123,752
Common stock held in treasury Balance at beginning of year	(151,805)
Repurchases of common stock	(19,998)
Sale of common stock	1
Common stock issued to employees	21,755
Balance at end of period	(150,047)

Accumulated other comprehensive income Cumulative translation adjustments










Total NHI shareholders' equity

Balance at end of period 2,804,661




Noncontrolling interests




Balance at beginning of year	37,172
Net change during the period	(4,558)
Balance at end of period	32,614

Total equity

Balance at end of period 2,837,275

3. Supplementary Information




1. Consolidated Statements of Income - Quarterly Comparatives (UNAUDITED)

   
   

   Millions of yen	% Change	Millions of yen
   For	the three months ended	For the year ended
   June 30,	September 30,	December 31,	March 31,	June 30,	September 30,	December 31,	(B-A)/(A)	March 31,
   2014	2014	2014	2015	2015	2015(A)	2015(B)	2015
   Revenue:
   Commissions	95,633	110,838	123,198	123,732	130,343	111,501	102,323	(8.2)	453,401
   Fees from investment banking	19,822	20,620	28,820	25,821	24,497	44,867	20,016	(55.4)	95,083
   Asset management and portfolio service fees	46,092	49,689	53,308	54,298	59,940	58,177	57,808	(0.6)	203,387
   Net gain on trading	158,562	129,011	109,468	134,296	124,748	62,551	105,191	68.2	531,337
   Gain (loss) on private equity investments	(287)	489	(172)	5,472	1,154	602	8,691		5,502
   Interest and dividends	104,917	108,775	115,572	107,502	113,649	111,540	107,932	(3.2)	436,766
   Gain (loss) on investments in equity securities	6,350	2,884	11,797	8,379	9,186	(10,882)	4,690		29,410
   Other	31,065	28,514	65,618	50,505	44,931	39,551	27,875	(29.5)	175,702
   Total revenue	462,154	450,820	507,609	510,005	508,448	417,907	434,526	4.0	1,930,588
   Interest expense	91,316	76,987	82,613	75,496	84,416	81,303	79,627	(2.1)	326,412
   Net revenue	370,838	373,833	424,996	434,509	424,032	336,604	354,899	5.4	1,604,176
   Non-interest expenses:
   Compensation and benefits	168,767	140,823	142,804	144,199	155,896	149,723	141,807	(5.3)	596,593
   Commissions and floor brokerage	27,590	33,599	34,088	34,700	34,243	32,621	31,126	(4.6)	129,977
   Information processing and communications	44,896	45,961	48,712	52,731	47,934	48,219	46,831	(2.9)	192,300
   Occupancy and related depreciation	18,553	18,224	19,220	20,115	18,729	19,173	19,596	2.2	76,112
   Business development expenses	7,927	9,071	9,027	9,205	8,330	8,454	9,330	10.4	35,230
   Other	51,431	52,150	55,021	68,603	52,888	58,537	54,602	(6.7)	227,205
   Total non-interest expenses	319,164	299,828	308,872	329,553	318,020	316,727	303,292	(4.2)	1,257,417
   Income before income taxes	51,674	74,005	116,124	104,956	106,012	19,877	51,607	159.6	346,759
   Income tax expense (benefit)	30,397	20,894	46,843	22,646	36,368	(28,377)	16,048		120,780
   Net income	21,277	53,111	69,281	82,310	69,644	48,254	35,559	(26.3)	225,979

   
   

   Less: Net income (loss) attributable to noncontrolling

   interests 1,417 239 (758) 296 902 1,695 157 (90.7) 1,194

   Net income attributable to NHI shareholders 19,860 52,872 70,039 82,014 68,742 46,559 35,402 (24.0) 224,785

   Per share of common stock:	Yen	% Change	Yen
   Basic- Net income attributable to NHI shareholders per share	5.40	14.53	19.22	22.65	19.11	12.95	9.83	(24.1)	61.66
   Diluted-
   Net income attributable to NHI shareholders per share	5.26	14.15	18.72	22.08	18.65	12.63	9.61	(23.9)	60.03

2. Business Segment Information - Quarterly Comparatives (UNAUDITED)




The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.




Millions of yen	% Change	Millions of yen
For the three months ended	For the year ended
June 30,	September 30,	December 31, March 31,	June 30,	September 30,	December 31,	(B-A)/(A)	March 31,
2014	2014	2014 2015	2015	2015(A)	2015(B)	2015

Net revenue

Business segment information:




Retail	106,865	117,938	128,788	122,914	130,689	115,658	104,280	(9.8)	476,505
Asset Management	23,338	21,691	23,439	23,886	26,917	22,854	25,327	10.8	92,354
Wholesale	188,886	190,570	178,943	231,468	205,184	192,911	185,977	(3.6)	789,867
Subtotal	319,089	330,199	331,170	378,268	362,790	331,423	315,584	(4.8)	1,358,726
Other	48,252	41,042	82,787	48,684	52,244	16,080	34,589	115.1	220,765
Net revenue	367,341	371,241	413,957	426,952	415,034	347,503	350,173	0.8	1,579,491
Unrealized gain (loss) on investments in equity securities held for operating purposes	3,497	2,592	11,039	7,557	8,998	(10,899)	4,726		24,685
Net revenue	370,838	373,833	424,996	434,509	424,032	336,604	354,899	5.4	1,604,176

Reconciliation items:










Non-interest expenses

Business segment information:

Retail	75,257	79,075	78,319	82,024	79,790	78,913	76,450	(3.1)	314,675
Asset Management	15,064	13,882	14,091	17,219	15,171	14,442	14,597	1.1	60,256
Wholesale	183,145	168,363	178,492	177,671	185,513	184,282	176,038	(4.5)	707,671
Subtotal	273,466	261,320	270,902	276,914	280,474	277,637	267,085	(3.8)	1,082,602
Other	45,698	38,508	37,970	52,639	37,546	39,090	36,207	(7.4)	174,815
Non-interest expenses	319,164	299,828	308,872	329,553	318,020	316,727	303,292	(4.2)	1,257,417

Reconciliation items:

Unrealized gain (loss) on investments in equity securities held for operating purposes

Non-interest expenses 319,164 299,828 308,872 329,553 318,020 316,727 303,292 (4.2) 1,257,417




Income (loss) before income taxes

Business segment information:

Retail	31,608	38,863	50,469	40,890	50,899	36,745	27,830	(24.3)	161,830
Asset Management	8,274	7,809	9,348	6,667	11,746	8,412	10,730	27.6	32,098
Wholesale	5,741	22,207	451	53,797	19,671	8,629	9,939	15.2	82,196
Subtotal	45,623	68,879	60,268	101,354	82,316	53,786	48,499	(9.8)	276,124
Other *	2,554	2,534	44,817	(3,955)	14,698	(23,010)	(1,618)		45,950
Income (loss) before income taxes	48,177	71,413	105,085	97,399	97,014	30,776	46,881	52.3	322,074

Reconciliation items:

Unrealized gain (loss) on investments in equity

securities held for operating purposes 3,497 2,592 11,039 7,557 8,998 (10,899) 4,726 24,685

Income (loss) before income taxes 51,674 74,005 116,124 104,956 106,012 19,877 51,607 159.6 346.759

* Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in "Other". The following table presents the major components of income (loss) before income taxes in "Other".




Millions of yen					% Change	Millions of yen
For the three months ended					For the year ended
June 30, September 30, December 31, March 31, 2014 2014 2014 2015					June 30, 2015	September 30, 2015(A)	December 31, 2015(B)	(B-A)/(A)	March 31, 2015
Net gain (loss) related to economic hedging transactions	6,919	2,169	6,375	(343)	(2,553)	1,052	(627)		15,120
Realized gain (loss) on investments in equity securities held for operating purposes	2,853	292	758	822	188	17	(36)		4,725
Equity in earnings of affiliates	3,499	7,963	18,213	12,560	13,831	9,054	4,784	(47.2)	42,235
Corporate items	(3,093)	(8,389)	(3,160)	(5,477)	(3,940)	(39,985)	(3,171)		(20,119)
Other	(7,624)	499	22,631	(11,517)	7,172	6,852	(2,568)		3,989
Total	2,554	2,534	44,817	(3,955)	14,698	(23,010)	(1,618)		45,950

1. Unconsolidated Quarterly Financial Statements [Japanese GAAP]

   
   

   Unconsolidated quarterly financial statements have been voluntarily disclosed and prepared based on regulatory rules.

   
   

   Nomura Holdings, Inc. Unconsolidated Balance Sheets (UNAUDITED)

   Millions of yen

   
   

   March 31, 2015	December 31, 2015
   Assets Current Assets	3,776,082	3,892,001
   Fixed Assets	2,865,640	3,187,121
   Total Assets	6,641,723	7,079,122
   Liabilitie Current Liabilities	1,159,166	1,380,423
   Long-term Liabilities	3,387,449	3,287,000
   Total Liabilities	4,546,615	4,667,423
   Net Assets
   Shareholders' equity	1,971,421	2,289,860
   Valuation and translation adjustments	79,014	76,990
   Stock acquisition rights	44,673	44,849
   Total Net Assets	2,095,108	2,411,698
   Total Liabilities and Net Assets	6,641,723	7,079,122

   
   

   Nomura Holdings, Inc. Unconsolidated Statements of Income (UNAUDITED)

   Millions of yen

   For the nine months ended December 31, 2014 December 31, 2015

   Operating revenue	398,701	528,610
   Operating expenses	168,771	171,135
   Operating income	229,931	357,475
   Non-operating income	3,068	4,651
   Non-operating expenses	2,574	5,843
   Ordinary income	230,424	356,283
   Special profits	66,970	1,406
   Special losses	1,264	1,674
   Income before income taxes	296,130	356,015
   Income taxes - current	(27,756)	5,787
   Income taxes - deferred	43,598	(55,091)
   Net income	280,289	405,319

   
   

2. Other




Quarterly financial information for Nomura Securities Co., Ltd. can be found on the following URL. http://www.nomuraholdings.com/company/group/nsc/pdf/2016_3q.pdf