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 November 2011

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 2011

Nomura Holdings, Inc. (“Nomura”) 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 Nomura 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: November 1, 2011	By:	/s/ SHINJI IWAI
		Shinji Iwai
		Senior Managing Director

Financial Summary For the Six Months Ended September 30, 2011 (U.S. GAAP)


Date:		November 1, 2011
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Osaka, Nagoya
		(Overseas) New York, Singapore
Representative:		Kenichi Watanabe
		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						2010
	(Millions of yen, except per share data)
				% Change from September 30, 2010						% Change from September 30, 2009
Total revenue		804,857			26.9	%		634,434			(11.8	%)
Net revenue		631,954			18.0	%		535,447			(10.5	%)
Income (loss) before income taxes		(10,274	)		—			28,068			(52.2	%)
Net income (loss) attributable to Nomura Holdings, Inc. (“NHI”) shareholders		(28,321	)		—			3,373			(91.4	%)
Comprehensive income (loss)		(65,023	)		—	%		(27,731	)		—	%
Basic-Net income (loss) attributable to NHI shareholders per share		(7.81	)					0.92
Diluted-Net income (loss) attributable to NHI shareholders per share		(7.81	)					0.92
Return on shareholders’ equity (annualized)		(2.7	%)					0.3	%

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 September 30			At March 31
	2011			2011
	(Millions of yen, except per share data)
Total assets		36,935,671			36,692,990
Total equity		2,314,373			2,091,636
Total NHI shareholders’ equity		2,037,558			2,082,754
Total NHI shareholders’ equity as a percentage of total assets		5.5	%		5.7	%
Total NHI shareholders’ equity per share (Yen)		556.52			578.40

2. Cash dividends


	For the year ended March 31
	2011		2012		2012 (Plan)
	(Yen amounts)
Dividends per share
dividends record dates
At June 30		—		—		—
At September 30		4.00		4.00		—
At December 31		—		—		—
At March 31		4.00		—		Unconfirmed
For the year		8.00		—		Unconfirmed

Notes:

1.	Revision of cash dividend forecast during this period : None

2.	Nomura plans to forgo dividend distribution for Q3 of fiscal year 2012. Fiscal year 2012 Q4 dividend amount is not presented per reasons stated in “3. Earnings forecasts for the year ending March 31, 2012”.

3. Earnings forecasts for the year ending March 31, 2012

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.

4. Others For details, please refer to page 5 “2. Others of Summary Information” of the accompanying materials.

(1) Changes in significant subsidiaries during the period: Yes

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

Number of consolidation Inclusion 1 (Nomura Real Estate Holdings, Inc.)

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

Changes due to amendments to the accounting standards : None

Changes due to other than a) : None

(4) Number of shares issued (common stock)


	At September 30		At March 31
	2011		2011
Number of shares outstanding (including treasury stock)		3,822,562,601		3,719,133,241
Number of treasury stock		161,338,406		118,246,309


	For the six months ended September 30
	2011		2010
Average number of shares outstanding (year-to-date)		3,627,116,186		3,651,306,836

* 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, 2011, an English translation of which Nomura 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. Others of Summary Information			P.5

(1) Changes in Significant Subsidiaries During the Period			P.5
(2) Adoption of the Simplified and Particular Accounting Treatments			P.5
(3) Changes in Accounting Policies			P.5

3. Quarterly Consolidated Financial Statements			P.5

(1) Consolidated Balance Sheets			P.6
(2) Consolidated Statements of Operations			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

4. Supplementary Information			P.12

(1) Consolidated Statements of Operations – 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						(A-B)/(B)
	September 30, 2011 (A)			September 30, 2010 (B)			(A-B)/(B)
Net revenue		632.0			535.4			18.0
Non-interest expenses		642.2			507.4			26.6

Income (loss) before income taxes		(10.3	)		28.1			—
Income tax expense		15.9			23.1			(31.0	)

Net income (loss)		(26.2	)		5.0			—

Less: Net income (loss) attributable to noncontrolling interests		2.1			1.6			31.7

Net income (loss) attributable to NHI shareholders		(28.3	)		3.4			—

Return on shareholders’ equity* (annualized)		(2.7	%)		0.3	%		—

*	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 632.0 billion yen for the six months ended September 30, 2011, an increase of 18.0% from the same period in the prior year. Non-interest expenses increased by 26.6% from the same period in the prior year to 642.2 billion yen, Loss before income taxes was 10.3 billion yen and Net loss attributable to NHI shareholders was 28.3 billion yen for the six months ended September 30, 2011.

Segment Information


	Billions of yen					% Change
	For the six months ended					(A-B)/(B)
	September 30, 2011 (A)			September 30, 2010 (B)		(A-B)/(B)
Net revenue		635.6			551.0		15.4
Non-interest expenses		642.2			507.4		26.6

Income (loss) before income taxes		(6.6	)		43.6		—

In business segment totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2011 was 635.6 billion yen, an increase of 15.4% from the same period in the prior year. Non-interest expenses increased by 26.6% from the same period in the prior year to 642.2 billion yen. Loss before income taxes was 6.6 billion yen for the six months ended September 30, 2011. 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				(A-B)/(B)
	September 30, 2011 (A)		September 30, 2010 (B)		(A-B)/(B)
Net revenue		178.2		198.7		(10.3	)
Non-interest expenses		145.4		138.2		5.2

Income (loss) before income taxes		32.7		60.5		(45.9	)

Net revenue decreased by 10.3% from the same period in the prior year to 178.2 billion yen, due primarily to decreasing commissions for distribution of investment trusts and brokerage commissions. Non-interest expenses increased by 5.2% to 145.4 billion yen. As a result, Income before income taxes decreased by 45.9% to 32.7 billion yen.

Operating Results of Asset Management


	Billions of yen				% Change
	For the six months ended				(A-B)/(B)
	September 30, 2011 (A)		September 30, 2010 (B)		(A-B)/(B)
Net revenue		34.8		32.0		8.9
Non-interest expenses		22.6		23.8		(4.9	)

Income (loss) before income taxes		12.2		8.2		48.9

Note:

Nomura Bank (Luxembourg) S.A. in Asset Management was integrated to Other business in April 2011. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

Net revenue increased by 8.9% from the same period in the prior year to 34.8 billion yen. Non-interest expenses decreased by 4.9% to 22.6 billion yen. As a result, Income before income taxes increased by 48.9% to 12.2 billion yen. Assets under management were 22.7 trillion yen at the end of September 2011.

Operating Results of Wholesale


	Billions of yen						% Change
	For the six months ended						(A-B)/(B)
	September 30, 2011 (A)			September 30, 2010 (B)			(A-B)/(B)
Net revenue		220.6			272.0			(18.9	)
Non-interest expenses		308.5			305.5			1.0

Income (loss) before income taxes		(88.0	)		(33.5	)		—

Net revenue decreased by 18.9% from the same period in the prior year to 220.6 billion yen, due primarily to decreasing net gain on trading. Non-interest expenses increased by 1.0% to 308.5 billion yen. As a result, loss before income taxes was 88.0 billion yen.

Other Operating Results


	Billions of yen				% Change
	For the six months ended				(A-B)/(B)
	September 30, 2011 (A)		September 30, 2010 (B)		(A-B)/(B)
Net revenue		202.1		48.3		318.1
Non-interest expenses		165.7		39.9		315.4

Income (loss) before income taxes		36.4		8.5		330.9

Net revenue was 202.1 billion yen. Income before income taxes was 36.4 billion yen.

(2)

Consolidated Financial Position

Total assets as of September 30, 2011, were 36.9 trillion yen, an increase of 242.7 billion yen compared to March 31, 2011, reflecting primarily the increase in Office buildings, land, equipment and facilities. Total liabilities as of September 30, 2011 were 34.6 trillion yen, an increase of 19.9 billion yen compared to March 31, 2011, mainly due to the increase in Long-term borrowings. Total equity as of September 30, 2011 was 2.3 trillion yen, an increase of 222.7 billion yen compared to March 31, 2011.

(3)

Consolidated Earnings Forecasts

2.	Others of Summary Information

(1)

Changes in Significant Subsidiaries During the Period

In May 2011, Nomura increased its stake in Nomura Land and Building Co., Ltd. (“NLB”) by acquiring additional NLB shares and thereby made it a subsidiary. As a result, Nomura Real Estate Holdings, Inc., a subsidiary of NLB, became a Specified Subsidiary of Nomura. Due to this business combination with NLB, income before income taxes for the three months ended June 30, 2011 increased by 24.3 billion yen. In addition, through share exchange in July 2011, NLB became a wholly owned subsidiary of Nomura.

(2)

Adoption of the Simplified and Particular Accounting Treatments

Not applicable.

(3)

Changes in Accounting Policies

Not applicable.

Further, during the three months ended June 30, 2011, an insurance company became a subsidiary of Nomura (“insurance subsidiary”). Nomura measures the non-trading securities that are held by the insurance subsidiary at fair value, with changes in fair value recognized through other comprehensive income (loss) after tax effects are adjusted. These non-trading securities are included in Other assets – Non-trading debt securities and Other assets – Other in the quarterly consolidated balance sheets.

3.	Quarterly Consolidated Financial Statements

The quarterly consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 30, 2011) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 30, 2011) for the year ended March 31, 2011.

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
	September 30, 2011			March 31, 2011			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		551,639			1,620,340			(1,068,701	)
Time deposits		506,817			339,419			167,398
Deposits with stock exchanges and other segregated cash		224,559			190,694			33,865

Total cash and cash deposits		1,283,015			2,150,453			(867,438	)

Loans and receivables:
Loans receivable		1,027,105			1,271,284			(244,179	)
Receivables from customers		51,845			32,772			19,073
Receivables from other than customers		916,903			928,626			(11,723	)
Allowance for doubtful accounts		(4,828	)		(4,860	)		32

Total loans and receivables		1,991,025			2,227,822			(236,797	)

Collateralized agreements:
Securities purchased under agreements to resell		8,885,582			9,558,617			(673,035	)
Securities borrowed		5,565,997			5,597,701			(31,704	)

Total collateralized agreements		14,451,579			15,156,318			(704,739	)

Trading assets and private equity investments:
Trading assets*		15,277,420			14,952,511			324,909
Private equity investments		260,290			289,420			(29,130	)

Total trading assets and private equity investments		15,537,710			15,241,931			295,779

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥338,631 million at September 30, 2011 and ¥300,075 million at March 31, 2011)		1,054,780			392,036			662,744
Non-trading debt securities*		854,698			591,797			262,901
Investments in equity securities*		81,030			91,035			(10,005	)
Investments in and advances to affiliated companies*		202,620			273,105			(70,485	)
Other		1,479,214			568,493			910,721

Total other assets		3,672,342			1,916,466			1,755,876

Total assets		36,935,671			36,692,990			242,681

*	Including securities pledged as collateral


			Millions of yen
			September 30, 2011			March 31, 2011			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,196,630			1,167,077			29,553
Payables and deposits:
Payables to customers				788,930			880,429			(91,499	)
Payables to other than customers				615,225			410,679			204,546
Deposits received at banks				932,220			812,500			119,720

Total payables and deposits				2,336,375			2,103,608			232,767

Collateralized financing:
Securities sold under agreements to repurchase				10,855,067			10,813,797			41,270
Securities loaned				1,767,817			1,710,191			57,626
Other secured borrowings				1,292,954			1,162,450			130,504

Total collateralized financing				13,915,838			13,686,438			229,400

Trading liabilities				7,446,965			8,688,998			(1,242,033	)
Other liabilities				971,301			552,316			418,985
Long-term borrowings				8,754,189			8,402,917			351,272

Total liabilities				34,621,298			34,601,354			19,944


Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,822,562,601 shares at September 30, 2011 and 3,719,133,241 shares at March 31, 2011
Outstanding	-	3,661,224,195 shares at September 30, 2011 and 3,600,886,932 shares at March 31, 2011		594,493			594,493			—
Additional paid-in capital				684,777			646,315			38,462
Retained earnings				1,026,367			1,069,334			(42,967	)
Accumulated other comprehensive income (loss)				(166,884	)		(129,696	)		(37,188	)

Total NHI shareholders’ equity before treasury stock				2,138,753			2,180,446			(41,693	)
Common stock held in treasury, at cost -
161,338,406 shares at September 30, 2011 and
118,246,309 shares at March 31, 2011				(101,195	)		(97,692	)		(3,503	)

Total NHI shareholders’ equity				2,037,558			2,082,754			(45,196	)

Noncontrolling interests				276,815			8,882			267,933

Total equity				2,314,373			2,091,636			222,737

Total liabilities and equity				36,935,671			36,692,990			242,681

(2)

Consolidated Statements of Operations (UNAUDITED)


	Millions of yen						% Change
	For the six months ended						(A-B)/(B)
	September 30, 2011 (A)			September 30, 2010 (B)			(A-B)/(B)
Revenue:
Commissions		182,706			201,598			(9.4	)
Fees from investment banking		27,589			45,258			(39.0	)
Asset management and portfolio service fees		75,767			68,566			10.5
Net gain on trading		93,484			162,962			(42.6	)
Gain (loss) on private equity investments		(8,265	)		(1,909	)		—
Interest and dividends		240,375			145,717			65.0
Gain (loss) on investments in equity securities		(3,141	)		(16,028	)		—
Other		196,342			28,270			594.5

Total revenue		804,857			634,434			26.9
Interest expense		172,903			98,987			74.7

Net revenue		631,954			535,447			18.0

Non-interest expenses:
Compensation and benefits		278,876			248,781			12.1
Commissions and floor brokerage		46,997			45,038			4.3
Information processing and communications		87,091			90,915			(4.2	)
Occupancy and related depreciation		47,063			45,597			3.2
Business development expenses		21,668			13,939			55.4
Other		160,533			63,109			154.4

Total non-interest expenses		642,228			507,379			26.6

Income (loss) before income taxes		(10,274	)		28,068			—
Income tax expense		15,947			23,100			(31.0	)

Net income (loss)		(26,221	)		4,968			—

Less: Net income attributable to noncontrolling interests		2,100			1,595			31.7

Net income (loss) attributable to NHI shareholders		(28,321	)		3,373			—


	Yen						% Change
Per share of common stock:

Basic-
Net income (loss) attributable to NHI shareholders per share		(7.81	)		0.92			—

Diluted-
Net income (loss) attributable to NHI shareholders per share		(7.81	)		0.92			—

(3)

Consolidated Statements of Comprehensive Income (UNAUDITED)


	Millions of yen						% Change
	For the six months ended						(A-B)/(B)
	September 30, 2011 (A)			September 30, 2010 (B)			(A-B)/(B)
Net income (loss)		(26,221	)		4,968			—
Other comprehensive income (loss):
Change in cumulative translation adjustments, net of tax		(39,995	)		(34,507	)		—
Defined benefit pension plans:
Pension liability adjustment		890			3,069			(71.0	)
Deferred income taxes		(361	)		(1,261	)		—

Total		529			1,808			(70.7	)

Non-trading securities:
Unrealized gain on non-trading securities		1,039			—			—
Deferred income taxes		(375	)		—			—

Total		664			—			—

Total other comprehensive income (loss)		(38,802	)		(32,699	)		—

Comprehensive income (loss)		(65,023	)		(27,731	)		—
Less: Comprehensive income attributable to noncontrolling interest in subsidiary		486			535			(9.2	)

Comprehensive income (loss) attributable to NHI shareholders		(65,509	)		(28,266	)		—

(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 operations.


	Millions of yen						% Change
	For the six months ended						(A-B)/(B)
	September 30, 2011 (A)			September 30, 2010 (B)			(A-B)/(B)
Net revenue

Business segment information:
Retail		178,169			198,712			(10.3	)
Asset Management		34,794			31,959			8.9
Wholesale		220,566			272,014			(18.9	)

Subtotal		433,529			502,685			(13.8	)
Other		202,064			48,327			318.1

Net revenue		635,593			551,012			15.4

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(3,639	)		(15,565	)		—

Net revenue		631,954			535,447			18.0


Non-interest expenses

Business segment information:
Retail		145,426			138,191			5.2
Asset Management		22,635			23,793			(4.9	)
Wholesale		308,517			305,519			1.0

Subtotal		476,578			467,503			1.9
Other		165,650			39,876			315.4

Non-interest expenses		642,228			507,379			26.6

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

Non-interest expenses		642,228			507,379			26.6


Income (loss) before income taxes

Business segment information:
Retail		32,743			60,521			(45.9	)
Asset Management		12,159			8,166			48.9
Wholesale		(87,951	)		(33,505	)		—

Subtotal		(43,049	)		35,182			—
Other*		36,414			8,451			330.9

Income (loss) before income taxes		(6,635	)		43,633			—

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(3,639	)		(15,565	)		—

Income (loss) before income taxes		(10,274	)		28,068			—

*	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					(A-B)/(B)
	September 30, 2011 (A)		September 30, 2010 (B)			(A-B)/(B)
Net gain (loss) related to economic hedging transactions		2,716		(791	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		498		(463	)		—
Equity in earnings of affiliates		5,445		2,356			131.1
Corporate items		4,341		3,026			43.5
Others		23,414		4,323			441.6

Total		36,414		8,451			330.9

Note: Certain reclassifications of previously reported amounts have been made to conform to the current period 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, 2011
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		646,315
Issuance of common stock		30,356
Gain on sales of treasury stock		200
Issuance and exercise of common stock options		7,309
Purchase / sale (disposition) of subsidiary shares		597

Balance at end of period		684,777

Retained earnings
Balance at beginning of year		1,069,334
Net income (loss) attributable to NHI shareholders		(28,321	)
Cash dividends		(14,646	)

Balance at end of period		1,026,367

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		(97,426	)
Net change during the period		(38,218	)

Balance at end of period		(135,644	)

Defined benefit pension plans
Balance at beginning of year		(32,270	)
Pension liability adjustment		529

Balance at end of period		(31,741	)

Non-trading securities
Balance at beginning of year		—
Unrealized gain on non-trading securities		501

Balance at end of period		501



Balance at end of period		(166,884	)

Common stock held in treasury
Balance at beginning of year		(97,692	)
Repurchases of common stock		(8,942	)
Sale of common stock		1
Common stock issued to employees		5,282
Other net change in treasury stock		156

Balance at end of period		(101,195	)

Total NHI shareholders’ equity

Balance at end of period		2,037,558

Noncontrolling interests
Balance at beginning of year		8,882
Net change during the period		267,933

Balance at end of period		276,815

Total equity

Balance at end of period		2,314,373

4.	Supplementary Information

(1)

Consolidated Statements of Operations – Quarterly Comparatives (UNAUDITED)


	Millions of yen																		% Change			Millions of yen
	For the three months ended																		(B-A)/(A)			For the year ended March 31, 2011
	June 30, 2010			September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011 (A)			September 30, 2011 (B)			(B-A)/(A)			For the year ended March 31, 2011
Revenue:
Commissions		118,078			83,520			100,041			103,824			96,780			85,926			(11.2	)		405,463
Fees from investment banking		20,366			24,892			33,974			27,773			13,770			13,819			0.4			107,005
Asset management and portfolio service fees		34,854			33,712			37,119			38,254			39,055			36,712			(6.0	)		143,939
Net gain on trading		59,969			102,993			104,878			68,663			67,500			25,984			(61.5	)		336,503
Gain (loss) on private equity investments		(946	)		(963	)		(2,386	)		23,587			(5,950	)		(2,315	)		—			19,292
Interest and dividends		75,757			69,960			106,880			93,506			133,087			107,288			(19.4	)		346,103
Gain (loss) on investments in equity securities		(10,343	)		(5,685	)		2,106			(2,755	)		(597	)		(2,544	)		—			(16,677	)
Other		16,281			11,989			3,422			12,172			83,365			112,977			35.5			43,864

Total revenue		314,016			320,418			386,034			365,024			427,010			377,847			(11.5	)		1,385,492
Interest expense		54,192			44,795			90,167			65,640			96,645			76,258			(21.1	)		254,794

Net revenue		259,824			275,623			295,867			299,384			330,365			301,589			(8.7	)		1,130,698

Non-interest expenses:
Compensation and benefits		122,087			126,694			143,131			127,081			136,307			142,569			4.6			518,993
Commissions and floor brokerage		23,681			21,357			24,013			23,037			24,058			22,939			(4.7	)		92,088
Information processing and communications		44,253			46,662			44,209			47,794			43,547			43,544			(0.0	)		182,918
Occupancy and related depreciation		22,511			23,086			20,507			21,739			20,692			26,371			27.4			87,843
Business development expenses		7,159			6,780			7,429			8,785			9,335			12,333			32.1			30,153
Other		33,663			29,446			28,804			33,535			62,068			98,465			58.6			125,448

Total non-interest expenses		253,354			254,025			268,093			261,971			296,007			346,221			17.0			1,037,443

Income (loss) before income taxes		6,470			21,598			27,774			37,413			34,358			(44,632	)		—			93,255
Income tax expense (benefit)		3,440			19,660			14,483			23,747			16,320			(373	)		—			61,330

Net income (loss)		3,030			1,938			13,291			13,666			18,038			(44,259	)		—			31,925

Less: Net income (loss) attributable to noncontrolling interests		708			887			(98	)		1,767			267			1,833			586.5			3,264

Net income (loss) attributable to NHI shareholders		2,322			1,051			13,389			11,899			17,771			(46,092	)		—			28,661


	Yen																		% Change			Yen
Per share of common stock:

Basic-
Net income (loss) attributable to NHI shareholders per share		0.63			0.29			3.72			3.30			4.93			(12.64	)		—			7.90

Diluted-
Net income (loss) attributable to NHI shareholders per share		0.63			0.29			3.70			3.28			4.90			(12.65	)		—			7.86

(2)

Business Segment Information – Quarterly Comparatives (UNAUDITED)

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


	Millions of yen																		% Change			Millions of yen
	For the three months ended																		(B-A)/(A)			For the year ended March 31, 2011
	June 30, 2010			September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011 (A)			September 30, 2011 (B)			(B-A)/(A)			For the year ended March 31, 2011
Net revenue

Business segment information:
Retail		110,959			87,753			97,482			96,239			94,189			83,980			(10.8	)		392,433
Asset Management		15,768			16,191			17,278			17,298			18,843			15,951			(15.3	)		66,535
Wholesale		108,609			163,405			172,174			186,348			141,246			79,320			(43.8	)		630,536

Subtotal		235,336			267,349			286,934			299,885			254,278			179,251			(29.5	)		1,089,504
Other		35,081			13,246			7,218			2,545			77,365			124,699			61.2			58,090

Net revenue		270,417			280,595			294,152			302,430			331,643			303,950			(8.4	)		1,147,594

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(10,593	)		(4,972	)		1,715			(3,046	)		(1,278	)		(2,361	)		—			(16,896	)

Net revenue		259,824			275,623			295,867			299,384			330,365			301,589			(8.7	)		1,130,698


Non-interest expenses

Business segment information:
Retail		73,216			64,975			74,482			78,572			72,176			73,250			1.5			291,245
Asset Management		11,771			12,022			11,702			11,018			11,397			11,238			(1.4	)		46,513
Wholesale		149,755			155,764			161,389			156,911			156,102			152,415			(2.4	)		623,819

Subtotal		234,742			232,761			247,573			246,501			239,675			236,903			(1.2	)		961,577
Other		18,612			21,264			20,520			15,470			56,332			109,318			94.1			75,866

Non-interest expenses		253,354			254,025			268,093			261,971			296,007			346,221			17.0			1,037,443

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

Non-interest expenses		253,354			254,025			268,093			261,971			296,007			346,221			17.0			1,037,443


Income (loss) before income taxes

Business segment information:
Retail		37,743			22,778			23,000			17,667			22,013			10,730			(51.3	)		101,188
Asset Management		3,997			4,169			5,576			6,280			7,446			4,713			(36.7	)		20,022
Wholesale		(41,146	)		7,641			10,785			29,437			(14,856	)		(73,095	)		—			6,717

Subtotal		594			34,588			39,361			53,384			14,603			(57,652	)		—			127,927
Other*		16,469			(8,018	)		(13,302	)		(12,925	)		21,033			15,381			(26.9	)		(17,776	)

Income (loss) before income taxes		17,063			26,570			26,059			40,459			35,636			(42,271	)		—			110,151

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(10,593	)		(4,972	)		1,715			(3,046	)		(1,278	)		(2,361	)		—			(16,896	)

Income (loss) before income taxes		6,470			21,598			27,774			37,413			34,358			(44,632	)		—			93,255

*	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, 2011
	June 30, 2010			September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011 (A)			September 30, 2011 (B)			(B-A)/(A)			For the year ended March 31, 2011
Net gain (loss) related to economic hedging transactions		5,228			(6,019	)		5,168			(2,087	)		(1,505	)		4,221			—			2,290
Realized gain (loss) on investments in equity securities held for operating purposes		250			(713	)		391			291			681			(183	)		—			219
Equity in earnings of affiliates		363			1,993			1,380			5,260			3,475			1,970			(43.3	)		8,996
Corporate items		(2,486	)		5,512			(15,668	)		(20,685	)		12,783			(8,442	)		—			(33,327	)
Others		13,114			(8,791	)		(4,573	)		4,296			5,599			17,815			218.2			4,046

Total		16,469			(8,018	)		(13,302	)		(12,925	)		21,033			15,381			(26.9	)		(17,776	)

Note: Certain reclassifications of previously reported amounts have been made to conform to the current period 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
	September 30, 2011		March 31, 2011		Increase/ (Decrease)
Assets
Current Assets		2,890,194		2,891,397		(1,203	)
Fixed Assets		2,560,410		2,387,184		173,225

Total Assets		5,450,603		5,278,581		172,022

Liabilities
Current Liabilities		981,210		831,833		149,377
Long-term Liabilities		2,660,095		2,681,854		(21,759	)

Total Liabilities		3,641,305		3,513,687		127,618

Net Assets
Shareholders’ equity		1,687,810		1,681,019		6,791
Valuation and translation adjustments		82,472		52,339		30,133
Subscription rights to shares		39,016		31,536		7,480

Total Net Assets		1,809,298		1,764,894		44,404

Total Liabilities and Net Assets		5,450,603		5,278,581		172,022

Nomura Holdings, Inc.

Unconsolidated Statements of Operations

(UNAUDITED)


	Millions of yen
	For the six months ended						% Change
	September 30, 2011 (A)			September 30, 2010 (B)			(A-B)/(B)
Operating revenue		115,335			107,550			7.2
Operating expenses		106,386			104,223			2.1

Operating income		8,949			3,327			169.0

Non-operating income		1,920			6,067			(68.4	)
Non-operating expenses		2,294			1,003			128.7

Ordinary income		8,575			8,391			2.2

Special profits		7,760			491			—
Special losses		24,892			2,261			—

Income (loss) before income taxes		(8,557	)		6,620			—

Income taxes - current		2,194			480			356.7
Income taxes - deferred		486			(2,052	)		—

Net income (loss)		(11,237	)		8,192			—

(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/2012_2q.pdf