Edgar Filing: NOMURA HOLDINGS INC

Form 6-K

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of October 2012

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

9-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form

20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by

Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by

Regulation S-T Rule 101(b)(7):

Information furnished on this form:

EXHIBIT


Exhibit Number

1.		Financial Summary – Six months ended September 2012

The registrant hereby incorporates Exhibit 1 to this report on Form 6-K by reference in the prospectus that is part of Registration Statement on Form F-3 (Registration No. 333-169682) of the registrant and Nomura America Finance, LLC, filed with the Securities and Exchange Commission on September 30, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	NOMURA HOLDINGS, INC.

Date: October 29, 2012	By:	/s/ EIJI MIURA
		Eiji Miura
		Senior Managing Director

Financial Summary For the Six Months Ended September 30, 2012 (U.S. GAAP)


Date:		October 29, 2012
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Osaka, Nagoya
		(Overseas) New York, Singapore
Representative:		Koji Nagai
		Group CEO, Nomura Holdings, Inc.
For inquiries:		Masahide Hoshino
		Managing Director, Investor Relations Department, Nomura Holdings, Inc.
		Tel: (Country Code 81) 3-5255-1000
		URL http://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results


	(Rounded to nearest million)

	For the six months ended September 30
	2011						2012
	(Millions of yen, except per share data)
				% Change from September 30, 2010						% Change from September 30, 2011
Total revenue		804,857			26.9	%		900,819			11.9	%
Net revenue		631,954			18.0	%		770,933			22.0	%
Income (loss) before income taxes		(10,274	)		—	%		55,083			—	%
Net income (loss) attributable to Nomura Holdings, Inc. (“NHI”) shareholders		(28,321	)		—	%		4,700			—	%
Comprehensive income (loss)		(65,023	)		—	%		(8,016	)		—	%
Basic-Net income (loss) attributable to NHI shareholders per share (Yen)		(7.81	)					1.28
Diluted-Net income (loss) attributable to NHI shareholders per share (Yen)		(7.81	)					1.25
Return on shareholders’ equity – annualized		(2.7	%)					0.4	%

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

(2) Financial Position


	At March 31			At September 30
	2012			2012
	(Millions of yen, except per share data)
Total assets		35,697,312			35,394,322
Total equity		2,389,137			2,387,447
Total NHI shareholders’ equity		2,107,241			2,096,607
Total NHI shareholders’ equity as a percentage of total assets		5.9	%		5.9	%
Total NHI shareholders’ equity per share (Yen)		575.20			567.43

2. Cash dividends


	For the year ended March 31
	2012		2013		2013 (Plan)
	(Yen amounts)
Dividends per share
dividends record dates
At June 30		—		—		—
At September 30		4.00		2.00		—
At December 31		—		—		—
At March 31		2.00		—		Unconfirmed
For the year		6.00		—		Unconfirmed


Note:		Nomura plans to forgo dividend distribution for Q3 of fiscal year 2013. Fiscal year 2013 Q4 dividend amount is not presented per reasons stated in “3. Earnings forecasts for the year ending March 31, 2013”.

3. Earnings forecasts for the year ending March 31, 2013

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

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

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

(4) Number of shares issued (common stock)


	At March 31		At September 30
	2012		2012
Number of shares outstanding (including treasury stock)		3,822,562,601		3,822,562,601
Number of treasury stock		159,078,706		127,624,128


	For the six months ended September 30
	2011		2012
Average number of shares outstanding (year-to-date)		3,627,116,186		3,682,504,520

* 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. As a result of such review, certain of the information set forth herein could be subject to revision, possibly material, in the quarterly securities report for the period ended September 30, 2012, an English translation of which the registrant plans to furnish on Form 6-K in due course.

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 six months ended						(B-A)/(A)
	September 30, 2011 (A)			September 30, 2012 (B)			(B-A)/(A)
Net revenue		632.0			770.9			22.0
Non-interest expenses		642.2			715.9			11.5

Income (loss) before income taxes		(10.3	)		55.1			—
Income tax expense		15.9			43.6			173.7

Net income (loss)		(26.2	)		11.4			—

Less: Net income (loss) attributable to noncontrolling interests		2.1			6.7			220.8

Net income (loss) attributable to NHI shareholders		(28.3	)		4.7			—

Return on shareholders’ equity* – annualized		(2.7	%)		0.4	%		—

*	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 770.9 billion yen for the six months ended September 30, 2012, an increase of 22.0% from the same period in the prior year. Non-interest expenses increased by 11.5% from the same period in the prior year to 715.9 billion yen. Income before income taxes was 55.1 billion yen and Net income attributable to NHI shareholders was 4.7 billion yen for the six months ended September 30, 2012.

Segment Information


	Billions of yen					% Change
	For the six months ended					(B-A)/(A)
	September 30, 2011 (A)			September 30, 2012 (B)		(B-A)/(A)
Net revenue		635.6			764.9		20.3
Non-interest expenses		642.2			715.9		11.5

Income (loss) before income taxes		(6.6	)		49.1		—

In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, Net revenue for the six months ended September 30, 2012 was 764.9 billion yen, an increase of 20.3% from the same period in the prior year. Non-interest expenses increased by 11.5% from the same period in the prior year to 715.9 billion yen. Income before income taxes was 49.1 billion yen for the six months ended September 30, 2012. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

<Business Segment Results>

Operating Results of Retail


	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2011 (A)		September 30, 2012 (B)		(B-A)/(A)
Net revenue		178.2		163.5		(8.2	)
Non-interest expenses		145.4		140.3		(3.5	)

Income (loss) before income taxes		32.7		23.2		(29.3	)

Net revenue decreased by 8.2% from the same period in the prior year to 163.5 billion yen, due primarily to decreasing commissions for distribution of investment trusts and brokerage commissions. Non-interest expenses decreased by 3.5% to 140.3 billion yen. As a result, Income before income taxes decreased by 29.3% to 23.2 billion yen.

Operating Results of Asset Management


	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2011 (A)		September 30, 2012 (B)		(B-A)/(A)
Net revenue		34.8		31.9		(8.4	)
Non-interest expenses		22.6		21.9		(3.1	)

Income (loss) before income taxes		12.2		9.9		(18.3	)

Net revenue decreased by 8.4% from the same period in the prior year to 31.9 billion yen. Non-interest expenses decreased by 3.1% to 21.9 billion yen. As a result, Income before income taxes decreased by 18.3% to 9.9 billion yen. Assets under management were 22.7 trillion yen at the end of September 2012.

Operating Results of Wholesale


	Billions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2011 (A)			September 30, 2012 (B)			(B-A)/(A)
Net revenue		221.5			259.0			16.9
Non-interest expenses		308.1			267.3			(13.2	)

Income (loss) before income taxes		(86.6	)		(8.4	)		—

Note: Certain prior period amounts have been reclassified, in accordance with the realignment in April 2012.

Net revenue increased by 16.9% from the same period in the prior year to 259.0 billion yen, due primarily to increasing net gain on trading. Non-interest expenses decreased by 13.2% to 267.3 billion yen. As a result, Loss before income taxes was 8.4 billion yen.

Other Operating Results


	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2011 (A)		September 30, 2012 (B)		(B-A)/(A)
Net revenue		201.1		310.6		54.4
Non-interest expenses		166.1		286.2		72.4

Income (loss) before income taxes		35.0		24.3		(30.6	)

Note: Certain prior period amounts have been reclassified, in accordance with the realignment in April 2012.

Net revenue was 310.6 billion yen. Income before income taxes was 24.3 billion yen.

(2)

Consolidated Financial Position

Total assets as of September 30, 2012, were 35.4 trillion yen, a decrease of 303.0 billion yen compared to March 31, 2012, mainly due to the decrease in Securities borrowed. Total liabilities as of September 30, 2012 were 33.0 trillion yen, a decrease of 301.3 billion yen compared to March 31, 2012, mainly due to the decrease in Trading liabilities. Total equity as of September 30, 2012 was 2.4 trillion yen, a decrease of 1.7 billion yen compared to March 31, 2012.

(3)

Consolidated Earnings 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 27, 2012) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 27, 2012) for the year ended March 31, 2012.

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)


	Millions of yen
	March 31, 2012			September 30, 2012			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		1,070,520			716,712			(353,808	)
Time deposits		653,462			403,955			(249,507	)
Deposits with stock exchanges and other segregated cash		229,695			189,739			(39,956	)

Total cash and cash deposits		1,953,677			1,310,406			(643,271	)

Loans and receivables:
Loans receivable		1,293,372			1,227,849			(65,523	)
Receivables from customers		58,310			101,868			43,558
Receivables from other than customers		864,629			1,476,183			611,554
Allowance for doubtful accounts		(4,888	)		(4,134	)		754

Total loans and receivables		2,211,423			2,801,766			590,343

Collateralized agreements:
Securities purchased under agreements to resell		7,662,748			7,865,429			202,681
Securities borrowed		6,079,898			5,203,968			(875,930	)

Total collateralized agreements		13,742,646			13,069,397			(673,249	)

Trading assets and private equity investments:
Trading assets*		13,921,639			14,334,345			412,706
Private equity investments		201,955			187,980			(13,975	)

Total trading assets and private equity investments		14,123,594			14,522,325			398,731

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥355,804 million as of March 31, 2012 and ¥369,255 million as of September 30, 2012)		1,045,950			1,067,634			21,684
Non-trading debt securities*		862,758			820,033			(42,725	)
Investments in equity securities*		88,187			93,062			4,875
Investments in and advances to affiliated companies*		193,954			198,073			4,119
Other		1,475,123			1,511,626			36,503

Total other assets		3,665,972			3,690,428			24,456

Total assets		35,697,312			35,394,322			(302,990	)

*	Including securities pledged as collateral


			Millions of yen
			March 31, 2012			September 30, 2012			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,185,613			866,417			(319,196	)
Payables and deposits:
Payables to customers				764,857			829,305			64,448
Payables to other than customers				767,860			312,111			(455,749	)
Deposits received at banks				904,653			920,734			16,081

Total payables and deposits				2,437,370			2,062,150			(375,220	)

Collateralized financing:
Securities sold under agreements to repurchase				9,928,293			10,998,258			1,069,965
Securities loaned				1,700,029			2,129,328			429,299
Other secured borrowings				890,952			811,050			(79,902	)

Total collateralized financing				12,519,274			13,938,636			1,419,362

Trading liabilities				7,495,177			6,804,079			(691,098	)
Other liabilities				1,165,901			1,249,083			83,182
Long-term borrowings				8,504,840			8,086,510			(418,330	)

Total liabilities				33,308,175			33,006,875			(301,300	)


Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,822,562,601 shares as of March 31, 2012 and
		3,822,562,601 shares as of September 30, 2012
Outstanding	-	3,663,483,895 shares as of March 31, 2012 and 3,694,938,473 shares as of September 30, 2012		594,493			594,493			—
Additional paid-in capital				698,771			690,135			(8,636	)
Retained earnings				1,058,945			1,056,255			(2,690	)
Accumulated other comprehensive income (loss)				(145,149	)		(163,862	)		(18,713	)

Total NHI shareholders’ equity before treasury stock				2,207,060			2,177,021			(30,039	)
Common stock held in treasury, at cost -
159,078,706 shares as of March 31, 2012 and 127,624,128 shares as of September 30, 2012				(99,819	)		(80,414	)		19,405

Total NHI shareholders’ equity				2,107,241			2,096,607			(10,634	)

Noncontrolling interests				281,896			290,840			8,944

Total equity				2,389,137			2,387,447			(1,690	)

Total liabilities and equity				35,697,312			35,394,322			(302,990	)

(2)

Consolidated Statements of Income (UNAUDITED)


	Millions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2011 (A)			September 30, 2012 (B)			(B-A)/(A)
Revenue:
Commissions		182,706			149,646			(18.1	)
Fees from investment banking		27,589			27,514			(0.3	)
Asset management and portfolio service fees		75,767			67,224			(11.3	)
Net gain on trading		93,484			173,328			85.4
Gain (loss) on private equity investments		(8,265	)		(5,088	)		—
Interest and dividends		240,375			196,303			(18.3	)
Gain (loss) on investments in equity securities		(3,141	)		5,909			—
Other		196,342			285,983			45.7

Total revenue		804,857			900,819			11.9
Interest expense		172,903			129,886			(24.9	)

Net revenue		631,954			770,933			22.0

Non-interest expenses:
Compensation and benefits		278,876			258,269			(7.4	)
Commissions and floor brokerage		46,997			43,882			(6.6	)
Information processing and communications		87,091			87,669			0.7
Occupancy and related depreciation		47,063			46,250			(1.7	)
Business development expenses		21,668			22,502			3.8
Other		160,533			257,278			60.3

Total non-interest expenses		642,228			715,850			11.5

Income (loss) before income taxes		(10,274	)		55,083			—
Income tax expense		15,947			43,646			173.7

Net income (loss)		(26,221	)		11,437			—

Less: Net income attributable to noncontrolling interests		2,100			6,737			220.8

Net income (loss) attributable to NHI shareholders		(28,321	)		4,700			—


	Yen						% Change
Per share of common stock:

Basic-
Net income (loss) attributable to NHI shareholders per share		(7.81	)		1.28			—

Diluted-
Net income (loss) attributable to NHI shareholders per share		(7.81	)		1.25			—

(3)

Consolidated Statements of Comprehensive Income (UNAUDITED)


	Millions of yen						% Change
	For the six months ended						(B-A)/(A)
	September 30, 2011 (A)			September 30, 2012 (B)			(B-A)/(A)
Net income (loss)		(26,221	)		11,437			—
Other comprehensive income (loss):
Change in cumulative translation adjustments, net of tax		(39,995	)		(21,343	)		—
Defined benefit pension plans:
Pension liability adjustment		890			4,062			356.4
Deferred income taxes		(361	)		(1,123	)		—

Total		529			2,939			455.6

Non-trading securities:
Net unrealized gain (loss) on non-trading securities		1,039			(1,032	)		—
Deferred income taxes		(375	)		(17	)		—

Total		664			(1,049	)		—

Total other comprehensive income (loss)		(38,802	)		(19,453	)		—

Comprehensive income (loss)		(65,023	)		(8,016	)		—
Less: Comprehensive income attributable to noncontrolling interests		486			5,997			—

Comprehensive income (loss) attributable to NHI shareholders		(65,509	)		(14,013	)		—

(4)

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

Not applicable.

(5)

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 six months ended						(B-A)/(A)
	September 30, 2011 (A)			September 30, 2012 (B)			(B-A)/(A)
Net revenue

Business segment information:
Retail		178,169			163,497			(8.2	)
Asset Management		34,794			31,857			(8.4	)
Wholesale		221,532			258,977			16.9

Subtotal		434,495			454,331			4.6
Other		201,098			310,570			54.4

Net revenue		635,593			764,901			20.3

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(3,639	)		6,032			—

Net revenue		631,954			770,933			22.0


Non-interest expenses

Business segment information:
Retail		145,426			140,347			(3.5	)
Asset Management		22,635			21,927			(3.1	)
Wholesale		308,103			267,335			(13.2	)

Subtotal		476,164			429,609			(9.8	)
Other		166,064			286,241			72.4

Non-interest expenses		642,228			715,850			11.5

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—

Non-interest expenses		642,228			715,850			11.5


Income (loss) before income taxes

Business segment information:
Retail		32,743			23,150			(29.3	)
Asset Management		12,159			9,930			(18.3	)
Wholesale		(86,571	)		(8,358	)		—

Subtotal		(41,669	)		24,722			—
Other *		35,034			24,329			(30.6	)

Income (loss) before income taxes		(6,635	)		49,051			—

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(3,639	)		6,032			—

Income (loss) before income taxes		(10,274	)		55,083			—

*	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 six months ended					(B-A)/(A)
	September 30, 2011 (A)		September 30, 2012 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		2,716		(267	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		498		(123	)		—
Equity in earnings of affiliates		5,445		4,619			(15.2	)
Corporate items		4,002		(420	)		—
Other		22,373		20,520			(8.3	)

Total		35,034		24,329			(30.6	)

Note: Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

(6)

Significant Changes in Equity (UNAUDITED)

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


	Millions of yen
	For the six months ended September 30, 2012
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		698,771
Gain (loss) on sales of treasury stock		(838	)
Issuance and exercise of common stock options		(7,798	)

Balance at end of period		690,135

Retained earnings
Balance at beginning of year		1,058,945
Net income attributable to NHI shareholders		4,700
Cash dividends		(7,390	)

Balance at end of period		1,056,255

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		(110,652	)
Net change during the period		(20,983	)

Balance at end of period		(131,635	)

Defined benefit pension plans
Balance at beginning of year		(35,132	)
Pension liability adjustment		3,062

Balance at end of period		(32,070	)

Non-trading securities
Balance at beginning of year		635
Net unrealized gain (loss) on non-trading securities		(792	)

Balance at end of period		(157	)



Balance at end of period		(163,862	)

Common stock held in treasury
Balance at beginning of year		(99,819	)
Repurchases of common stock		(2	)
Sale of common stock		0
Common stock issued to employees		19,612
Other net change in treasury stock		(205	)

Balance at end of period		(80,414	)

Total NHI shareholders’ equity

Balance at end of period		2,096,607

Noncontrolling interests
Balance at beginning of year		281,896
Net change during the period		8,944

Balance at end of period		290,840

Total equity

Balance at end of period		2,387,447

3.	Supplementary Information

(1)

Consolidated Statements of Income – Quarterly Comparatives (UNAUDITED)


	Millions of yen																	% Change			Millions of yen
	For the three months ended																	(B-A)/(A)			For the year ended March 31, 2012
	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012 (A)			September 30, 2012 (B)		(B-A)/(A)			For the year ended March 31, 2012
Revenue:
Commissions		96,780			85,926			73,983			90,446			77,367			72,279		(6.6	)		347,135
Fees from investment banking		13,770			13,819			17,246			14,803			10,383			17,131		65.0			59,638
Asset management and portfolio service fees		39,055			36,712			33,398			35,086			33,813			33,411		(1.2	)		144,251
Net gain on trading		67,500			25,984			80,147			98,926			84,399			88,929		5.4			272,557
Gain (loss) on private equity investments		(5,950	)		(2,315	)		34,551			(1,188	)		(5,387	)		299		—			25,098
Interest and dividends		133,087			107,288			103,067			92,448			103,469			92,834		(10.3	)		435,890
Gain (loss) on investments in equity securities		(597	)		(2,544	)		(2,778	)		9,924			(7,061	)		12,970		—			4,005
Other		83,365			112,977			141,887			224,957			142,610			143,373		0.5			563,186

Total revenue		427,010			377,847			481,501			565,402			439,593			461,226		4.9			1,851,760
Interest expense		96,645			76,258			76,564			66,434			70,339			59,547		(15.3	)		315,901

Net revenue		330,365			301,589			404,937			498,968			369,254			401,679		8.8			1,535,859

Non-interest expenses:
Compensation and benefits		136,307			142,569			127,783			127,989			124,573			133,696		7.3			534,648
Commissions and floor brokerage		24,058			22,939			22,521			23,982			21,978			21,904		(0.3	)		93,500
Information processing and communications		43,547			43,544			46,397			43,660			42,524			45,145		6.2			177,148
Occupancy and related depreciation		20,692			26,371			26,184			27,644			24,110			22,140		(8.2	)		100,891
Business development expenses		9,335			12,333			12,723			14,097			11,329			11,173		(1.4	)		48,488
Other		62,068			98,465			134,856			200,838			125,074			132,204		5.7			496,227

Total non-interest expenses		296,007			346,221			370,464			438,210			349,588			366,262		4.8			1,450,902

Income (loss) before income taxes		34,358			(44,632	)		34,473			60,758			19,666			35,417		80.1			84,957
Income tax expense (benefit)		16,320			(373	)		9,923			33,033			13,590			30,056		121.2			58,903

Net income (loss)		18,038			(44,259	)		24,550			27,725			6,076			5,361		(11.8	)		26,054

Less: Net income attributable to noncontrolling interests		267			1,833			6,728			5,643			4,185			2,552		(39.0	)		14,471

Net income (loss) attributable to NHI shareholders		17,771			(46,092	)		17,822			22,082			1,891			2,809		48.5			11,583


	Yen																	% Change			Yen
Per share of common stock:

Basic-
Net income (loss) attributable to NHI shareholders per share		4.93			(12.64	)		4.87			6.03			0.51			0.76		49.0			3.18

Diluted-
Net income (loss) attributable to NHI shareholders per share		4.90			(12.65	)		4.84			5.92			0.50			0.74		48.0			3.14

(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																(B-A)/(A)			For the year ended March 31, 2012
	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012		June 30, 2012 (A)			September 30, 2012 (B)		(B-A)/(A)			For the year ended March 31, 2012
Net revenue

Business segment information:
Retail		94,189			83,980			79,713			92,376		82,711			80,786		(2.3	)		350,258
Asset Management		18,843			15,951			15,301			15,705		16,418			15,439		(6.0	)		65,800
Wholesale		139,962			81,570			175,118			158,399		121,883			137,094		12.5			555,049

Subtotal		252,994			181,501			270,132			266,480		221,012			233,319		5.6			971,107
Other		78,649			122,449			137,267			222,580		154,567			156,003		0.9			560,945

Net revenue		331,643			303,950			407,399			489,060		375,579			389,322		3.7			1,532,052

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(1,278	)		(2,361	)		(2,462	)		9,908		(6,325	)		12,357		—			3,807

Net revenue		330,365			301,589			404,937			498,968		369,254			401,679		8.8			1,535,859


Non-interest expenses

Business segment information:
Retail		72,176			73,250			69,614			72,088		70,523			69,824		(1.0	)		287,128
Asset Management		11,397			11,238			11,058			11,588		11,048			10,879		(1.5	)		45,281
Wholesale		155,880			152,223			138,055			146,543		130,434			136,901		5.0			592,701

Subtotal		239,453			236,711			218,727			230,219		212,005			217,604		2.6			925,110
Other		56,554			109,510			151,737			207,991		137,583			148,658		8.0			525,792

Non-interest expenses		296,007			346,221			370,464			438,210		349,588			366,262		4.8			1,450,902

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—			—		—			—		—			—

Non-interest expenses		296,007			346,221			370,464			438,210		349,588			366,262		4.8			1,450,902


Income (loss) before income taxes

Business segment information:
Retail		22,013			10,730			10,099			20,288		12,188			10,962		(10.1	)		63,130
Asset Management		7,446			4,713			4,243			4,117		5,370			4,560		(15.1	)		20,519
Wholesale		(15,918	)		(70,653	)		37,063			11,856		(8,551	)		193		—			(37,652	)

Subtotal		13,541			(55,210	)		51,405			36,261		9,007			15,715		74.5			45,997
Other*		22,095			12,939			(14,470	)		14,589		16,984			7,345		(56.8	)		35,153

Income (loss) before income taxes		35,636			(42,271	)		36,935			50,850		25,991			23,060		(11.3	)		81,150

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(1,278	)		(2,361	)		(2,462	)		9,908		(6,325	)		12,357		—			3,807

Income (loss) before income taxes		34,358			(44,632	)		34,473			60,758		19,666			35,417		80.1			84,957

*	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																		(B-A)/(A)			For the year ended March 31, 2012
	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012 (A)			September 30, 2012 (B)			(B-A)/(A)			For the year ended March 31, 2012
Net gain (loss) related to economic hedging transactions		(1,505	)		4,221			7,737			(2,081	)		(1,231	)		964			—			8,372
Realized gain (loss) on investments in equity securities held for operating purposes		681			(183	)		(316	)		16			(736	)		613			—			198
Equity in earnings of affiliates		3,475			1,970			1,301			3,867			1,273			3,346			162.8			10,613
Corporate items		12,618			(8,616	)		(29,037	)		(7,094	)		6,624			(7,044	)		—			(32,129	)
Other		6,826			15,547			5,845			19,881			11,054			9,466			(14.4	)		48,099

Total		22,095			12,939			(14,470	)		14,589			16,984			7,345			(56.8	)		35,153

Note: Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

(3)

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, 2012		September 30, 2012
Assets
Current Assets		2,782,409		3,136,477
Fixed Assets		2,655,775		2,403,497

Total Assets		5,438,184		5,539,974

Liabilities
Current Liabilities		1,069,394		882,921
Long-term Liabilities		2,527,391		2,761,515

Total Liabilities		3,596,785		3,644,436

Net Assets
Shareholders’ equity		1,719,153		1,771,804
Valuation and translation adjustments		71,654		80,805
Stock acquisition rights		50,592		42,929

Total Net Assets		1,841,400		1,895,538

Total Liabilities and Net Assets		5,438,184		5,539,974

Nomura Holdings, Inc.

Unconsolidated Statements of Income

(UNAUDITED)


	Millions of yen
	For the six months ended
	September 30, 2011			September 30, 2012
Operating revenue		115,335			149,145
Operating expenses		106,386			97,149

Operating income		8,949			51,996

Non-operating income		1,920			1,297
Non-operating expenses		2,294			4,566

Ordinary income		8,575			48,727

Special profits		7,760			7,075
Special losses		24,892			4,095

Income (loss) before income taxes		(8,557	)		51,707

Income taxes - current		2,194			89
Income taxes - deferred		486			10,193

Net income (loss)		(11,237	)		41,425

(4)

Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found on the following URL.

http://www.nomuraholdings.com/company/group/nsc/pdf/2013_2q.pdf