Nomura (NMR) 6-K Current report (foreign)

FORM6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule13a-16 or15d-16 of

the Securities Exchange Act of 1934

Commission File Number:1-15270

For the month of April 2019

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

9-1, Nihonbashi1-chome

Chuo-ku, Tokyo103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form20-F or Form40-F.

Form20-F       X             Form40-F              

Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(1):            

Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(7):            

Information furnished on this form:

EXHIBIT

Exhibit Number
1.	Financial Summary – Year ended March 31, 2019

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: April 25, 2019	By:	/s/ Go Sugiyama
		Go Sugiyama
		Senior Managing Director

Financial Summary For the Year Ended March 31, 2019 (U.S. GAAP)

Date:	April 25, 2019
Company name (code number):	Nomura Holdings, Inc. (8604)
Stock exchange listings:	(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:	Koji Nagai President and Group CEO, Nomura Holdings, Inc.
For inquiries:	Junko Tago Executive Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81)3-5255-1000 URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

	(Rounded to nearest million)
	For the year ended March 31
	2018						2019
	(Millions of yen, except per share data)
				% Change from March 31, 2017						% Change from March 31, 2018
Total revenue		1,972,158			15.0	%		1,835,118			(6.9	%)
Net revenue		1,496,969			6.7	%		1,116,770			(25.4	%)
Income (loss) before income taxes		328,158			1.7	%		(37,701	)		—	%
Net income (loss) attributable to Nomura Holdings, Inc. (“NHI”) shareholders		219,343			(8.5	%)		(100,442	)		—	%
Comprehensive income (loss)		125,686			(40.1	%)		(63,655	)		—	%
Basic-Net income (loss) attributable to NHI shareholders per share (Yen)		63.13						(29.90	)
Diluted-Net income (loss) attributable to NHI shareholders per share (Yen)		61.88						(29.92	)
Return on shareholders’ equity		7.9	%					(3.7	%)
Income before income taxes to total assets		0.8	%					(0.1	%)
Income before income taxes divided by total revenue		16.6	%					(2.1	%)
Equity in earnings of affiliates		34,516						32,014

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
	2018			2019
	(Millions of yen, except per share data)
Total assets		40,343,947			40,969,439
Total equity		2,799,824			2,680,793
Total NHI shareholders’ equity		2,749,320			2,631,061
Total NHI shareholders’ equity as a percentage of total assets		6.8	%		6.4	%
Total NHI shareholders’ equity per share (Yen)		810.31			794.69

(3) Cash Flows

	For the year ended March 31
	2018			2019
	(Millions of yen)
Net cash used in operating activities		(445,690	)		(361,165	)
Net cash used in investing activities		(56,172	)		(112,503	)
Net cash provided by financing activities		373,168			761,191
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		2,354,868			2,687,132

2. Cash Dividends

	For the year ended March 31
	2018			2019
	(Yen amounts, except total annual dividends)
Dividends per share
Dividends record dates
At June 30		—			—
At September 30		9.00			3.00
At December 31		—			—
At March 31		11.00			3.00
For the year		20.00			6.00
Total annual dividends (Millions of yen)		68,704			20,082
Consolidated payout ratio		31.7	%		(20.1	%)
Consolidated dividends as a percentage of shareholders’ equity per share		2.5	%		0.7	%

3. Earnings Forecasts for the year ending March 31, 2020

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

Notes

(1) Changes in significant subsidiaries during the period: None

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

(2) Changes in accounting policies

      a)     Changes in accounting policies due to amendments to the accounting standards : Yes

      b)     Changes in accounting policies due to other than a) : Yes

(3) Number of shares issued (common stock)

	At March 31
	2018		2019
Number of shares outstanding (including treasury stock)		3,643,562,601		3,493,562,601
Number of treasury stock		250,625,115		182,761,802
	For the year ended March 31
	2018		2019
Average number of shares outstanding		3,474,593,441		3,359,564,840

*This financial summary is not subject to certified public accountant’s or audit firm’s audits

Table of Contents for the Accompanying Materials

1.    Overview of Consolidated Operating Results	P.2
(1)    Overview of Consolidated Operating Results	P.2
(2)    Overview of Consolidated Financial Position	P.4
(3)    Overview of Cash Flows	P.4
2.     Considerations in the selection of accounting standards	P.5
3.    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)    Consolidated Statements of Changes in Equity	P.10
(5)    Consolidated Statements of Cash Flows	P.11
(6)    Note with respect to the Assumption as a Going Concern	P.12
(7)    Changes in Accounting Policies	P.12
(8)    Notes to the Consolidated Financial Statements	P.13
(9)    Other Financial Information	P.15
4.    Other Information	P.17

– 1 –

1. Overview of Consolidated Operating Results

(1) Overview of Consolidated Operating Results

Operating Results

    U.S. GAAP

	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2018 (A)			March 31, 2019 (B)
Net revenue		1,497.0			1,116.8			(25.4	)
Non-interest expenses		1,168.8			1,154.5			(1.2	)
Income (loss) before income taxes		328.2			(37.7	)		—
Income tax expense		103.9			57.0			(45.1	)
Net income (loss)		224.3			(94.7	)		—
Less: Net income (loss) attributable to noncontrolling interests		4.9			5.7			15.8
Net income (loss) attributable to NHI shareholders		219.3			(100.4	)		—
Return on shareholders’ equity *		7.9	%		(3.7	%)		—

* 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 (“Nomura”) reported net revenue of 1,116.8 billion yen for the fiscal year ended March 31, 2019, a decrease of 25.4% from the previous year.Non-interest expenses decreased by 1.2% from the previous year to 1,154.5 billion yen. Loss before income taxes was 37.7 billion yen and Net loss attributable to NHI shareholders was 100.4 billion yen for the fiscal year ended March 31, 2019.Non-interest expenses for the fiscal year ended March 31, 2019 included a loss of 81.4 billion yen from the goodwill impairment attributable to Wholesale.

    Segment Information

	Billions of yen					% Change
	For the year ended					(B-A)/(A)
	March 31, 2018 (A)		March 31, 2019 (B)
Net revenue		1,495.1		1,124.0			(24.8	)
Non-interest expenses		1,168.8		1,154.5			(1.2	)
Income (loss) before income taxes		326.3		(30.5	)		—

In business segment totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the fiscal year ended March 31, 2019 was 1,124.0 billion yen, a decrease of 24.8% from the previous year.Non-interest expenses decreased by 1.2% from the previous year to 1,154.5 billion yen. Loss before income taxes was 30.5 billion yen for the fiscal year ended March 31, 2019. Please refer to page 13 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

    Operating Results of Retail

	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2018 (A)		March 31, 2019 (B)
Net revenue		412.9		339.5		(17.8	)
Non-interest expenses		309.8		290.0		(6.4	)
Income (loss) before income taxes		103.1		49.5		(52.0	)

Net revenue decreased by 17.8% from the previous year to 339.5 billion yen, primarily due to decreasing commissions from distribution of investment trusts and brokerage.Non-interest expenses decreased by 6.4% to 290.0 billion yen. As a result, income before income taxes decreased by 52.0% to 49.5 billion yen.

    Operating Results of Asset Management

	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2018 (A)		March 31, 2019 (B)
Net revenue		127.3		97.8		(23.2	)
Non-interest expenses		61.2		63.7		4.1
Income (loss) before income taxes		66.2		34.2		(48.3	)

Net revenue decreased by 23.2% from the previous year to 97.8 billion yen.Non-interest expenses increased by 4.1% to 63.7 billion yen. As a result, income before income taxes decreased by 48.3% to 34.2 billion yen. Assets under management were 51.4 trillion yen as of March 31, 2019.

    Operating Results of Wholesale

	Billions of yen					% Change
	For the year ended					(B-A)/(A)
	March 31, 2018 (A)		March 31, 2019 (B)
Net revenue		715.3		555.4			(22.4	)
Non-interest expenses		614.7		666.8			8.5
Income (loss) before income taxes		100.6		(111.4	)		—

Net revenue decreased by 22.4% from the previous year to 555.4 billion yen.Non-interest expenses increased by 8.5% to 666.8 billion yen due to a loss of 81.0 billion yen from the goodwill impairment attributable to Wholesale. As a result, loss before income taxes was 111.4 billion yen.

    Other Operating Results

	Billions of yen					% Change
	For the year ended					(B-A)/(A)
	March 31, 2018 (A)		March 31, 2019 (B)
Net revenue		239.5		131.3			(45.2	)
Non-interest expenses		183.1		134.0			(26.8	)
Income (loss) before income taxes		56.4		(2.8	)		—

Net revenue was 131.3 billion yen and loss before income taxes was 2.8 billion yen.

– 3 –

(2) Overview of Consolidated Financial Position

Total assets as of March 31, 2019, were 40,969.4 billion yen, an increase of 625.5 billion yen compared to March 31, 2018, mainly due to the increase inSecurities purchased under agreements to resell. Total liabilities as of March 31, 2019 were 38,288.6 billion yen, an increase of 744.5 billion yen compared to March 31, 2018, mainly due to the increase inLong-term borrowings. Total equity as of March 31, 2019 was 2,680.8 billion yen, a decrease of 119.0 billion yen compared to March 31, 2018. During the year ended March 31, 2019, Nomura cancelled 150,000,000 shares of its own shares.

(3) Overview of Cash Flows

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2019, increased by 332.3 billion yen compared to March 31, 2018. Cash flows from operating activities for the year ended March 31, 2019 were outflows of 361.2 billion yen due mainly to the increase inSecurities purchased under agreements to resell, net of securities sold under agreements to repurchase. Cash flows from investing activities for the year ended March 31, 2019 were outflows of 112.5 billion yen due mainly toPayments for purchases of office buildings, land, equipment and facilities. Cash flows from financing activities for the year ended March 31, 2019 were inflows of 761.2 billion yen due primarily to the increase inlong-term borrowings.

– 4 –

2. Considerations in the selection of accounting standards

Nomura currently adopts U.S. generally accepted accounting principles. Depending on factors such as trends by other companies and the impact of International Financial Reporting Standards (“IFRS”) on Nomura’s businesses, Nomura may consider in adopting IFRS in the future.

3. Consolidated Financial Statements

The 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, 2018) and Form20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2018) for the year ended March 31, 2018.

– 5 –

(1) Consolidated Balance Sheets

	Millions of yen
	March 31, 2018			March 31, 2019			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		2,354,639			2,686,659			332,020
Time deposits		315,445			289,753			(25,692	)
Deposits with stock exchanges and other segregated cash		288,962			285,457			(3,505	)
Total cash and cash deposits		2,959,046			3,261,869			302,823
Loans and receivables:
Loans receivable		2,462,503			2,544,218			81,715
Receivables from customers		442,343			449,706			7,363
Receivables from other than customers		973,867			892,283			(81,584	)
Allowance for doubtful accounts		(3,514	)		(4,169	)		(655	)
Total loans and receivables		3,875,199			3,882,038			6,839
Collateralized agreements:
Securities purchased under agreements to resell		9,853,898			13,194,543			3,340,645
Securities borrowed		6,383,845			4,112,416			(2,271,429	)
Total collateralized agreements		16,237,743			17,306,959			1,069,216
Trading assets and private equity investments:
Trading assets*		14,962,690			14,355,712			(606,978	)
Private equity investments*		17,466			30,077			12,611
Total trading assets and private equity investments		14,980,156			14,385,789			(594,367	)
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥397,834 million as of March 31, 2018 and ¥416,052 million as of March 31, 2019)		338,984			349,365			10,381
Non-trading debt securities*		485,891			460,661			(25,230	)
Investments in equity securities*		150,760			138,447			(12,313	)
Investments in and advances to affiliated companies*		408,034			436,220			28,186
Other		908,134			748,091			(160,043	)
Total other assets		2,291,803			2,132,784			(159,019	)
Total assets		40,343,947			40,969,439			625,492

* Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31, 2018			March 31, 2019			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				743,497			841,758			98,261
Payables and deposits:
Payables to customers				1,176,773			1,229,083			52,310
Payables to other than customers				1,239,540			1,146,336			(93,204	)
Deposits received at banks				1,151,342			1,392,619			241,277
Total payables and deposits				3,567,655			3,768,038			200,383
Collateralized financing:
Securities sold under agreements to repurchase				14,759,010			15,036,503			277,493
Securities loaned				1,524,363			1,229,595			(294,768	)
Other secured borrowings				413,621			418,305			4,684
Total collateralized financing				16,696,994			16,684,403			(12,591	)
Trading liabilities				8,202,936			8,219,811			16,875
Other liabilities				950,534			858,867			(91,667	)
Long-term borrowings				7,382,507			7,915,769			533,262
Total liabilities				37,544,123			38,288,646			744,523
Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,643,562,601 shares as of March 31, 2018 and
		3,493,562,601 shares as of March 31, 2019
Outstanding	-	3,392,937,486 shares as of March 31, 2018 and
		3,310,800,799 shares as of March 31, 2019		594,493			594,493			—
Additionalpaid-in capital				675,280			687,761			12,481
Retained earnings				1,696,890			1,486,825			(210,065	)
Accumulated other comprehensive income (loss)				(59,356	)		(29,050	)		30,306
Total NHI shareholders’ equity before treasury stock				2,907,307			2,740,029			(167,278	)
Common stock held in treasury, at cost -
250,625,115 shares as of March 31, 2018 and
182,761,802 shares as of March 31, 2019				(157,987	)		(108,968	)		49,019
Total NHI shareholders’ equity				2,749,320			2,631,061			(118,259	)
Noncontrolling interests				50,504			49,732			(772	)
Total equity				2,799,824			2,680,793			(119,031	)
Total liabilities and equity				40,343,947			40,969,439			625,492

– 7 –

(2) Consolidated Statements of Income

	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2018(A)			March 31, 2019(B)
Revenue:
Commissions		373,313			293,069			(21.5	)
Fees from investment banking		101,663			101,521			(0.1	)
Asset management and portfolio service fees		245,616			245,519			0.0
Net gain on trading		442,885			342,964			(22.6	)
Gain (loss) on private equity investments		(869	)		1,007			—
Interest and dividends		585,675			776,964			32.7
Gain (loss) on investments in equity securities		2,683			(6,983	)		—
Other		221,192			81,057			(63.4	)
Total revenue		1,972,158			1,835,118			(6.9	)
Interest expense		475,189			718,348			51.2
Net revenue		1,496,969			1,116,770			(25.4	)
Non-interest expenses:
Compensation and benefits		530,641			497,065			(6.3	)
Commissions and floor brokerage		99,868			82,637			(17.3	)
Information processing and communications		184,781			166,865			(9.7	)
Occupancy and related depreciation		67,895			64,940			(4.4	)
Business development expenses		36,762			36,915			0.4
Other		248,864			306,049			23.0
Totalnon-interest expenses		1,168,811			1,154,471			(1.2	)
Income (loss) before income taxes		328,158			(37,701	)		—
Income tax expense		103,866			57,010			(45.1	)
Net income (loss)		224,292			(94,711	)		—
Less: Net income attributable to noncontrolling interests		4,949			5,731			15.8
Net income (loss) attributable to NHI shareholders		219,343			(100,442	)		—
Per share of common stock:
	Yen						% Change
Basic-
Net income (loss) attributable to NHI shareholders per share		63.13			(29.90	)		—
Diluted-
Net income (loss) attributable to NHI shareholders per share		61.88			(29.92	)		—

– 8 –

(3) Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2018(A)			March 31, 2019(B)
Net income (loss)		224,292			(94,711	)		—
Other comprehensive income (loss):
Change in cumulative translation adjustments:
Change in cumulative translation adjustments		(77,067	)		36,031			—
Deferred income taxes		14,263			(1,852	)		—
Total		(62,804	)		34,179			—
Defined benefit pension plans:
Pension liability adjustments		(10,124	)		(23,431	)		—
Deferred income taxes		3,307			161			(95.1	)
Total		(6,817	)		(23,270	)		—
Non-trading securities:
Net unrealized gain (loss) onnon-trading securities		(38,717	)		—			—
Deferred income taxes		12,216			—			(100.0	)
Total		(26,501	)		—			—
Own credit adjustments:
Own credit adjustments		(2,867	)		25,135			—
Deferred income taxes		383			(4,988	)		—
Total		(2,484	)		20,147			—
Total other comprehensive income (loss)		(98,606	)		31,056			—
Comprehensive income (loss)		125,686			(63,655	)		—
Less: Comprehensive income (loss) attributable to noncontrolling interests		(649	)		6,481			—
Comprehensive income (loss) attributable to NHI shareholders		126,335			(70,136	)		—

– 9 –

(4) Consolidated Statements of Changes in Equity

	Millions of yen
	For the year ended
	March 31, 2018			March 31, 2019
Common stock
Balance at beginning of year		594,493			594,493
Balance at end of year		594,493			594,493
Additionalpaid-in capital
Balance at beginning of year		681,329			675,280
Issuance and exercise of common stock options		(5,465	)		12,481
Changes in ownership interests in subsidiaries		(584	)		—
Balance at end of year		675,280			687,761
Retained earnings
Balance at beginning of year		1,663,234			1,696,890
Cumulative effect of change in accounting principle (1)		—			1,564
Net income (loss) attributable to NHI shareholders		219,343			(100,442	)
Cash dividends		(68,703	)		(20,080	)
Gain (loss) on sales of treasury stock		(5,043	)		(1,191	)
Cancellation of treasury stock		(111,941	)		(89,916	)
Balance at end of year		1,696,890			1,486,825
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		47,767			(15,596	)
Net change during the year		(63,363	)		33,429
Balance at end of year		(15,596	)		17,833
Defined benefit pension plans
Balance at beginning of year		(41,020	)		(47,837	)
Pension liability adjustments		(6,817	)		(23,270	)
Balance at end of year		(47,837	)		(71,107	)
Non-trading securities
Balance at beginning of year		20,344			—
Net unrealized gain (loss) onnon-trading securities		(20,344	)		—
Balance at end of year		—			—
Own credit adjustments
Balance at beginning of year		6,561			4,077
Own credit adjustments		(2,484	)		20,147
Balance at end of year		4,077			24,224
Balance at end of year		(59,356	)		(29,050	)
Common stock held in treasury
Balance at beginning of year		(182,792	)		(157,987	)
Repurchases of common stock		(109,096	)		(51,714	)
Sales of common stock		0			0
Common stock issued to employees		21,398			10,817
Cancellation of common stock		111,941			89,916
Other net change in treasury stock		562			—
Balance at end of year		(157,987	)		(108,968	)
Total NHI shareholders’ equity
Balance at end of year		2,749,320			2,631,061
Noncontrolling interests
Balance at beginning of year		53,875			50,504
Net change during the year		(3,371	)		(772	)
Balance at end of year		50,504			49,732
Total equity
Balance at end of year		2,799,824			2,680,793

(1) In relation to Cumulative effect of change in accounting principle, please refer to section “(7) Changes in Accounting Policies.”

– 10 –

(5) Consolidated Statements of Cash Flows

	Millions of yen
	For the year ended
	March 31, 2018			March 31, 2019
Cash flows from operating activities:
Net income (loss)		224,292			(94,711	)
Adjustments to reconcile net income (loss) to Net cash used in operating activities :
Depreciation and amortization		71,579			57,924
Impairment of goodwill		—			81,372
(Gain) loss on investments in equity securities		(2,683	)		6,983
Changes in operating assets and liabilities:
Time deposits		(100,642	)		21,832
Deposits with stock exchanges and other segregated cash (2)		(72,069	)		13,752
Trading assets and private equity investments (1)		(239,331	)		925,384
Trading liabilities (1)		227,302			(143,141	)
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		(453,239	)		(3,274,866	)
Securities borrowed, net of securities loaned		763,297			1,987,331
Other secured borrowings		79,121			1,198
Loans and receivables, net of allowance for doubtful accounts (1)		(1,006,580	)		157,599
Payables (1)		209,460			(63,683	)
Bonus accrual		(2,957	)		(46,602	)
Other, net		(143,240	)		8,463
Net cash used in operating activities (2)		(445,690	)		(361,165	)
Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities		(285,161	)		(319,090	)
Proceeds from sales of office buildings, land, equipment and facilities		224,220			262,908
Payments for purchases of investments in equity securities		(61	)		—
Proceeds from sales of investments in equity securities		932			519
Increase in loans receivable at banks, net		(105,387	)		(74,048	)
Decrease innon-trading debt securities, net		80,634			29,452
Other, net		28,651			(12,244	)
Net cash used in investing activities		(56,172	)		(112,503	)
Cash flows from financing activities:
Increase in long-term borrowings		2,314,609			2,142,212
Decrease in long-term borrowings		(1,964,657	)		(1,625,516	)
Increase in short-term borrowings, net		215,001			85,900
Increase (decrease) in deposits received at banks, net		(13,254	)		257,471
Proceeds from sales of common stock held in treasury		764			313
Payments for repurchases of common stock in treasury		(109,096	)		(51,714	)
Payments for cash dividends		(70,199	)		(47,475	)
Net cash provided by financing activities		373,168			761,191
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (2)		(53,504	)		44,741
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (2)		(182,198	)		332,264
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year (2)		2,537,066			2,354,868
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year (2)		2,354,868			2,687,132

(1) Due to changes in accounting policy which Nomura adopted on April 1, 2018, certain reclassifications of amounts previously reported amounts have been made to conform to the current year presentation. See (7) Changes in Accounting Policies for further details.

(2) In accordance with Accounting Standards Update2016-18 “Restricted Cash” which Nomura adopted on April 1, 2018, certain reclassification of amounts previously reported as cash, cash equivalents, restricted cash and restricted cash equivalents for the year ended March 31, 2018 have been made to conform to the current year presentation.

– 11 –

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

Not applicable.

(7) Changes in Accounting Policies

Revenue recognition

On April 1, 2018, Nomura adopted Accounting Standards Update2014-09 “Revenue from Contracts with Customers” and replaced existing revenue recognition guidance with a new prescriptive model. As a result of this adoption based on the modified retrospective application, the beginning balance ofRetained earnings has been adjusted.

Changes of offsetting of derivatives

Nomura collects and remits cash margin between its clients and central clearing houses in its execution and clearing services of exchange-traded derivative transactions. Cash margin collected from clients and remitted to central clearing houses was reflected on Nomura’s consolidated balance sheets. However, with effect from April 1, 2018, revisiting nature of the transactions, Nomura has revised its accounting policy for when such balances are recognized on Nomura’s consolidated group balance sheet and as a result, certain cash margin amounts held on behalf of clients as well as an equivalent amount reflecting the obligation to return such amounts to clients are no longer recognized on the balance sheet if certain criteria are met. Nomura has restated previously reported amounts ofReceivables from other than customers decreased by 237.0 billion yen andPayables to other than customers decreased by 237.0 billion yen, respectively, to conform to the current presentation.

Daily variation margin for certain derivative transactions traded in Japan was reflected on Nomura’s consolidated balance sheets. However, from April 1, 2018, Nomura changed its accounting policy as a result of amendment of the rules of a specific central clearing house and daily variation margin is nowoff-balanced. Nomura has restated previously report amounts ofTrading assets decreased by 4.9 billion yen,Receivables from other than customers decreased by 5.5 billion yen andTrading liabilities decreased by 10.4 billion yen respectively to conform to the current presentation.

Restricted Cash

On April 1, 2018, Nomura adopted Accounting Standards Update2016-18 “Restricted Cash” As a result, restricted cash and restricted cash equivalents are now presented together with cash and cash equivalents in the consolidated statements of cash flows. Certain previously reported amounts in the statements of cash flows are reclassified in conformity with this change.

– 12 –

(8) Notes to the Consolidated Financial Statements

Segment Information – Operating Segment

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

	Millions of yen					% Change
	For the year ended
	March 31, 2018 (A)		March 31, 2019 (B)			(B-A)/(A)
Net revenue
Business segment information:
Retail		412,908		339,480			(17.8	)
Asset Management		127,337		97,845			(23.2	)
Wholesale		715,333		555,388			(22.4	)
Subtotal		1,255,578		992,713			(20.9	)
Other		239,493		131,261			(45.2	)
Net revenue		1,495,071		1,123,974			(24.8	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		1,898		(7,204	)		—
Net revenue		1,496,969		1,116,770			(25.4	)
Non-interest expenses
Business segment information:
Retail		309,771		289,990			(6.4	)
Asset Management		61,167		63,660			4.1
Wholesale		614,745		666,787			8.5
Subtotal		985,683		1,020,437			3.5
Other		183,128		134,034			(26.8	)
Non-interest expenses		1,168,811		1,154,471			(1.2	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—			—
Non-interest expenses		1,168,811		1,154,471			(1.2	)
Income (loss) before income taxes
Business segment information:
Retail		103,137		49,490			(52.0	)
Asset Management		66,170		34,185			(48.3	)
Wholesale		100,588		(111,399	)		—
Subtotal		269,895		(27,724	)		—
Other*		56,365		(2,773	)		—
Income (loss) before income taxes		326,260		(30,497	)		—
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		1,898		(7,204	)		—
Income (loss) before income taxes		328,158		(37,701	)		—

* 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 year ended
	March 31, 2018 (A)			March 31, 2019 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(6,461	)		1,800			—
Realized gain (loss) on investments in equity securities held for operating purposes		785			221			(71.8	)
Equity in earnings of affiliates		34,248			32,532			(5.0	)
Corporate items		(41,884	)		(35,996	)		—
Other		69,677			(1,330	)		—
Total		56,365			(2,773	)		—

– 13 –

Per share data

   Shareholders’ equity per share is calculated based on the following number of shares.

Number of shares outstanding as of March 31, 2019 3,310,800,799

   Net income attributable to NHI shareholders per share calculated based on the following number of shares.

Average number of shares outstanding for the year ended March 31, 2019 3,359,564,840

Significant Subsequent Events

Not applicable.

– 14 –

(9) Other Financial Information

Consolidated Statements of Income – Quarterly Comparatives

	Millions of yen																						% Change
	For the three months ended																						(B-A)/(A)
	June 30, 2017		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018		September 30, 2018			December 31, 2018(A)			March 31, 2019(B)
Revenue:
Commissions		90,968		85,324			101,655			95,366			79,456		74,783			72,715			66,115			(9.1	)
Fees from investment banking		22,707		27,083			29,289			22,584			23,959		19,119			33,129			25,314			(23.6	)
Asset management and portfolio service fees		58,343		61,212			63,767			62,294			62,981		62,740			60,591			59,207			(2.3	)
Net gain on trading		120,467		88,391			87,725			146,302			71,887		75,752			96,947			98,378			1.5
Gain (loss) on private equity investments		359		(330	)		(2,381	)		1,483			553		321			461			(328	)		—
Interest and dividends		134,392		141,612			161,445			148,226			169,590		188,703			214,542			204,129			(4.9	)
Gain (loss) on investments in equity securities		62		3,060			4,532			(4,971	)		2,092		(1,104	)		(9,852	)		1,881			—
Other		40,628		56,037			84,597			39,930			20,467		28,067			(11,133	)		43,656			—
Total revenue		467,926		462,389			530,629			511,214			430,985		448,381			457,400			498,352			9.0
Interest expense		107,103		110,896			124,013			133,177			158,988		165,459			196,803			197,098			0.1
Net revenue		360,823		351,493			406,616			378,037			271,997		282,922			260,597			301,254			15.6
Non-interest expenses:
Compensation and benefits		136,249		122,035			131,372			140,985			127,700		125,800			118,928			124,637			4.8
Commissions and floor brokerage		23,775		25,242			25,252			25,599			20,935		19,579			23,821			18,302			(23.2	)
Information processing and communications		44,569		47,263			49,049			43,900			40,961		40,515			41,756			43,633			4.5
Occupancy and related depreciation		17,056		17,209			16,805			16,825			16,376		16,464			15,852			16,248			2.5
Business development expenses		8,409		7,823			9,801			10,729			8,896		9,337			9,121			9,561			4.8
Other		53,322		48,882			53,584			93,076			43,486		70,760			127,283			64,520			(49.3	)
Totalnon-interest expenses		283,380		268,454			285,863			331,114			258,354		282,455			336,761			276,901			(17.8	)
Income (loss) before income taxes		77,443		83,039			120,753			46,923			13,643		467			(76,164	)		24,353			—
Income tax expense		19,405		29,423			30,960			24,078			6,930		9,703			19,698			20,679			5.0
Net income (loss)		58,038		53,616			89,793			22,845			6,713		(9,236	)		(95,862	)		3,674			—
Less: Net income (loss) attributable to noncontrolling interests		1,182		1,766			1,831			170			1,490		1,997			(586	)		2,830			—
Net income (loss) attributable to NHI shareholders		56,856		51,850			87,962			22,675			5,223		(11,233	)		(95,276	)		844			—
	Yen																						% Change
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share		16.07		14.70			25.55			6.68			1.54		(3.31	)		(28.52	)		0.25			—
Diluted-
Net income (loss) attributable to NHI shareholders per share		15.77		14.45			25.12			6.56			1.50		(3.32	)		(28.52	)		0.23			—

– 15 –

Business Segment Information – Quarterly Comparatives

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

	Millions of yen																					% Change
	For the three months ended
	June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018(A)			March 31, 2019(B)			(B-A)/(A)
Net revenue
Business segment information:
Retail		101,684		101,786		111,284		98,154			92,833			85,710			86,782			74,155			(14.6	)
Asset Management		28,097		35,418		36,503		27,319			26,089			24,681			16,178			30,897			91.0
Wholesale		179,316		158,963		165,648		211,406			137,290			147,660			128,198			142,240			11.0
Subtotal		309,097		296,167		313,435		336,879			256,212			258,051			231,158			247,292			7.0
Other		51,707		52,610		89,023		46,153			13,738			25,982			39,397			52,144			32.4
Net revenue		360,804		348,777		402,458		383,032			269,950			284,033			270,555			299,436			10.7
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		19		2,716		4,158		(4,995	)		2,047			(1,111	)		(9,958	)		1,818			—
Net revenue		360,823		351,493		406,616		378,037			271,997			282,922			260,597			301,254			15.6
Non-interest expenses
Business segment information:
Retail		76,792		76,239		79,997		76,743			72,909			73,494			72,733			70,854			(2.6	)
Asset Management		14,527		14,950		15,671		16,019			15,806			15,768			15,617			16,469			5.5
Wholesale		153,963		141,980		151,602		167,200			144,714			142,745			224,073			155,255			(30.7	)
Subtotal		245,282		233,169		247,270		259,962			233,429			232,007			312,423			242,578			(22.4	)
Other		38,098		35,285		38,593		71,152			24,925			50,448			24,338			34,323			41.0
Non-interest expenses		283,380		268,454		285,863		331,114			258,354			282,455			336,761			276,901			(17.8	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—		—		—			—			—			—			—			—
Non-interest expenses		283,380		268,454		285,863		331,114			258,354			282,455			336,761			276,901			(17.8	)
Income (loss) before income taxes
Business segment information:
Retail		24,892		25,547		31,287		21,411			19,924			12,216			14,049			3,301			(76.5	)
Asset Management		13,570		20,468		20,832		11,300			10,283			8,913			561			14,428			—
Wholesale		25,353		16,983		14,046		44,206			(7,424	)		4,915			(95,875	)		(13,015	)		—
Subtotal		63,815		62,998		66,165		76,917			22,783			26,044			(81,265	)		4,714			—
Other*		13,609		17,325		50,430		(24,999	)		(11,187	)		(24,466	)		15,059			17,821			18.3
Income (loss) before income taxes		77,424		80,323		116,595		51,918			11,596			1,578			(66,206	)		22,535			—
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		19		2,716		4,158		(4,995	)		2,047			(1,111	)		(9,958	)		1,818			—
Income (loss) before income taxes		77,443		83,039		120,753		46,923			13,643			467			(76,164	)		24,353			—

*  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 three months ended
	June 30, 2017			September 30, 2017		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018(A)			March 31, 2019(B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(654	)		558		(8,019	)		1,654			(13,807	)		(16,018	)		25,071			6,554			(73.9	)
Realized gain (loss) on investments in equity securities held for operating purposes		43			344		374			24			45			7			106			63			(40.6	)
Equity in earnings of affiliates		7,022			8,408		7,801			11,017			6,619			8,536			1,444			15,933			—
Corporate items		154			1,597		(3,386	)		(40,249	)		(2,482	)		(23,719	)		631			(10,426	)		—
Other		7,044			6,418		53,660			2,555			(1,562	)		6,728			(12,193	)		5,697			—
Total		13,609			17,325		50,430			(24,999	)		(11,187	)		(24,466	)		15,059			17,821			18.3

– 16 –

4. Other Information

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

https://www.nomuraholdings.com/company/group/nsc/pdf/2019_4q.pdf

– 17 –