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 February 2016

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 – Nine months ended December 31, 2015

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. 333-191250) of the registrant and Nomura America Finance, LLC, filed with the Securities and Exchange Commission on September 19, 2013.

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: February 2, 2016	By:	/s/ Hajime Ikeda
		Hajime Ikeda
		Senior Managing Director

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

(1) 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.

(2) 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

2. Cash Dividends


	For the year ended March 31
	2015		2016		2016 (Plan)
	(Yen amounts)
Dividends per share
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”.

3. 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

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

b) 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. 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 December 31, 2015, 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 nine months ended						(B-A)/(A)
	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				(B-A)/(A)
	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.

<Business Segment Results>

Operating Results of Retail


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	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				(B-A)/(A)
	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				(B-A)/(A)
	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					(B-A)/(A)
	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.

(2) 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.

(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 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)


	Millions of yen
	March 31, 2015			December 31, 2015			Increase/ (Decrease)
ASSETS
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


			Millions of yen
			March 31, 2015			December 31, 2015			Increase/ (Decrease)
LIABILITIES AND EQUITY
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				(B-A)/(A)
	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

(3) 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		143,669			153,457			6.8
Other comprehensive income (loss):
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	)

(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 nine months ended
	December 31, 2014 (A)		December 31, 2015 (B)			(B-A)/(A)
Net revenue

Business segment information:
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	)		—

(6) 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

Accumulated other comprehensive income
Cumulative translation adjustments
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	)

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																	(B-A)/(A)			For the year ended March 31, 2015
	June 30, 2014			September 30, 2014		December 31, 2014			March 31, 2015		June 30, 2015		September 30, 2015(A)			December 31, 2015(B)		(B-A)/(A)			For the year ended March 31, 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


	Yen																	% Change			Yen
Per share of common stock:
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																	(B-A)/(A)			For the year ended March 31, 2015
	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015			June 30, 2015		September 30, 2015(A)			December 31, 2015(B)			(B-A)/(A)			For the year ended March 31, 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

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

Net revenue		370,838		373,833		424,996		434,509			424,032		336,604			354,899			5.4			1,604,176


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																					(B-A)/(A)			For the year ended March 31, 2015
	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015(A)			December 31, 2015(B)			(B-A)/(A)			For the year ended 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

(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, 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

(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/2016_3q.pdf