Nomura (NMR) 6-K/A Current report (foreign) (amended)

FORM 6-K/A

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 June 2024

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, 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 – Year ended March 31, 2022 (Amended).

EXPLANATORY NOTE: The registrant furnished to the SEC a report on Form 6-K on April 26, 2022. The registrant is furnishing this Form 6-K/A in order to replace Exhibit 1 “Financial Summary –Year ended March 31, 2022” furnished on Form 6-K on April 26, 2022 with Exhibit 1 to this report. The purpose of this Form 6-K/A is as follows:

• To restate the Company’s consolidated financial statements as of March 31, 2021 and 2022 to correct certain material presentation and classification errors identified within the Company’s consolidated statement of cash flows;

• To amend relevant disclosures in the Summary and Overview of Consolidated Operating Results related to the cash flow statement errors.

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: June 25, 2024	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Financial Summary For the Year Ended March 31, 2022 (U.S. GAAP)

Date:	April 26, 2022
Company name (code number):	Nomura Holdings, Inc. (8604)
Stock exchange listings:	(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:	Kentaro Okuda 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
	2021						2022
	(Millions of yen, except per share data)
				% Change from March 31, 2020						% Change from March 31, 2021
Total revenue		1,617,235			(17.2	%)		1,593,999			(1.4	%)
Net revenue		1,401,872			8.9	%		1,363,890			(2.7	%)
Income before income taxes		230,671			(7.1	%)		226,623			(1.8	%)
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		153,116			(29.4	%)		142,996			(6.6	%)
Comprehensive income		149,302			(32.7	%)		315,576			111.4	%
Basic-Net income attributable to NHI shareholders per share (Yen)		50.11						46.68
Diluted-Net income attributable to NHI shareholders per share (Yen)		48.63						45.23
Return on shareholders’ equity		5.7	%					5.1	%
Income before income taxes to total assets		0.5	%					0.5	%
Income before income taxes divided by total revenue		14.3	%					14.2	%
Equity in earnings of affiliates		(21,274	)					32,083

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
	2021			2022
	(Millions of yen, except per share data)
Total assets		42,516,480			43,412,156
Total equity		2,756,451			2,972,803
Total NHI shareholders’ equity		2,694,938			2,914,605
Total NHI shareholders’ equity as a percentage of total assets		6.3	%		6.7	%
Total NHI shareholders’ equity per share (Yen)		879.79			965.80
(3) Cash Flows
	For the year ended March 31
	2021			2022
	(Millions of yen)
Net cash provided by (used in) operating activities		667,610			(862,832	)
Net cash provided by (used in) investing activities		257,932			(593,182	)
Net cash provided by (used in) financing activities		(668,725	)		1,112,718
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,510,011			3,316,408

2. Cash Dividends

	For the year ended March 31
	2021			2022
	(Yen amounts, except total annual dividends)
Dividends per share
Dividends record dates
At June 30		—			—
At September 30		20.00			8.00
At December 31		—			—
At March 31		15.00			14.00
For the year		35.00			22.00
Total annual dividends (Millions of yen)		107,116			67,015
Consolidated payout ratio		69.8	%		47.1	%
Consolidated dividends as a percentage of shareholders’ equity per share		4.0	%		2.4	%

3. Earnings Forecasts for the year ending March 31, 2023

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 : None

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

(3) Number of shares issued (common stock)

	At March 31
	2021			2022
Number of shares outstanding (including treasury stock)		3,233,562,601			3,233,562,601
Number of treasury stock		170,407,167			215,758,589
	For the year ended March 31
	2021			2022
Average number of shares outstanding		3,055,525,640			3,063,524,091

*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
(4)  Risks related to the COVID-19 pandemic	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)  Notes to the Consolidated Financial Statements	P.13
(8)  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,  2021 (A)			March 31,  2022 (B)
Net revenue		1,401.9			1,363.9			(2.7	)
Non-interest expenses		1,171.2			1,137.3			(2.9	)
Income (loss) before income taxes		230.7			226.6			(1.8	)
Income tax expense		70.3			80.1			14.0
Net income (loss)		160.4			146.5			(8.6	)
Less: Net income (loss) attributable to noncontrolling interests		7.3			3.5			(51.4	)
Net income (loss) attributable to NHI shareholders		153.1			143.0			(6.6	)
Return on shareholders’ equity*		5.7	%		5.1	%		—

* 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 1,363.9 billion yen for the fiscal year ended March 31, 2022, a decrease of 2.7% from the previous year. Non-interest expenses decreased by 2.9% from the previous year to 1,137.3 billion yen. Income before income taxes was 226.6 billion yen and net income attributable to NHI shareholders was 143.0 billion yen for the fiscal year ended March 31, 2022. Nomura recognized loss of 65.4 billion yen arising from transactions with a US client at its subsidiaries during the first quarter, part of which is estimated to be recoverable resulting in recognition of profit of 14.7 billion yen in the third and fourth quarters. Nomura also recognized income of approximately 79.0 billion yen from the sale of a part of its shares held in Nomura Research Institute, Ltd. and loss of approximately 62.0 billion yen related to legacy transactions.

 Segment Information

	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31,  2021 (A)			March 31,  2022 (B)
Net revenue		1,390.3			1,358.3			(2.3	)
Non-interest expenses		1,171.2			1,137.3			(2.9	)
Income (loss) before income taxes		219.1			221.0			0.9

In business segment totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the fiscal year ended March 31, 2022 was 1,358.3 billion yen, a decrease of 2.3% from the previous year. Non-interest expenses decreased by 2.9% from the previous year to 1,137.3 billion yen. Income before income taxes was 221.0 billion yen for the fiscal year ended March 31, 2022. Please refer to page 13 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

On April 1, 2021, the Investment Management Division was newly established by replacing the Asset Management Division and the Merchant Banking Division. As a result, the prior period amounts have been reclassified to conform to the current year presentation.

 Operating Results of Retail

	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31,  2021 (A)			March 31,  2022 (B)
Net revenue		368.8			328.0			(11.1	)
Non-interest expenses		276.5			268.7			(2.8	)
Income (loss) before income taxes		92.3			59.2			(35.8	)

Net revenue decreased by 11.1% from the previous year to 328.0 billion yen. Non-interest expenses decreased by 2.8% to 268.7 billion yen. As a result, income before income taxes decreased by 35.8% to 59.2 billion yen.

 Operating Results of Investment Management

	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31,  2021 (A)			March 31,  2022 (B)
Net revenue		163.2			148.0			(9.3	)
Non-interest expenses		72.1			76.5			6.0
Income (loss) before income taxes		91.0			71.5			(21.4	)

Net revenue decreased by 9.3% from the previous year to 148.0 billion yen. Non-interest expenses increased by 6.0% to 76.5 billion yen. As a result, income before income taxes decreased by 21.4% to 71.5 billion yen. Assets under management were 67.9 trillion yen as of March 31, 2022.

 Operating Results of Wholesale

	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31,  2021 (A)			March 31,  2022 (B)
Net revenue		691.4			703.1			1.7
Non-interest expenses		627.1			628.6			0.2
Income (loss) before income taxes		64.3			74.5			15.8

Net revenue increased by 1.7% from the previous year to 703.1 billion yen. Non-interest expenses increased by 0.2% to 628.6 billion yen. As a result, income before income taxes increased by 15.8% to 74.5 billion yen. Nomura recognized profit and loss arising from transactions with a US client at its subsidiaries.

 Other Operating Results

	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31,  2021 (A)			March 31,  2022 (B)
Net revenue		167.0			179.2			7.3
Non-interest expenses		195.5			163.5			(16.4	)
Income (loss) before income taxes		(28.5	)		15.8			—

Net revenue was 179.2 billion yen including income from the sale of a part of our shares held in Nomura Research Institute, Ltd. Income before income taxes was 15.8 billion yen, as a result of recognizing expenses related to legacy transactions.

– 3 –

(2) Overview of Consolidated Financial Position

Total assets as of March 31, 2022, were 43,412.2 billion yen, an increase of 895.7 billion yen compared to March 31, 2021, mainly due to the increase in Securities purchased under agreements to resell. Total liabilities as of March 31, 2022 were 40,439.4 billion yen, an increase of 679.3 billion yen compared to March 31, 2021, mainly due to the increase in Long-term borrowings. Total equity as of March 31, 2022 was 2,972.8 billion yen, an increase of 216.4 billion yen compared to March 31, 2021.

(3) Overview of Cash Flows

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2022, decreased by 193.6 billion yen compared to March 31, 2021. Cash flows from operating activities for the year ended March 31, 2022 were outflows of 862.8 billion yen due mainly to the increase in Securities purchased under agreements to resell, net of securities sold under agreements to repurchase. Cash flows from investing activities for the year ended March 31, 2022 were outflows of 593.2 billion yen due mainly to Payments for purchases or origination of other non-trading loans. Cash flows from financing activities for the year ended March 31, 2022 were inflows of 1,112.7 billion yen due primarily to Proceeds from issuances of long-term borrowings.

(4) Risks related to the COVID-19 pandemic

The COVID-19 pandemic has affected Nomura’s business, and this may continue in the future.

Various risks recognized related to the COVID-19 pandemic is disclosed in Risk Factors in Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 25, 2021) and Item 3. D. Risk Factors. in Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2021) for the year ended March 31, 2021.

– 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, 2021) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2021) for the year ended March 31, 2021.

– 5 –

(1) Consolidated Balance Sheets

	Millions of yen
	March 31, 2021			March 31, 2022			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		3,509,754			3,316,238			(193,516	)
Time deposits		281,422			320,754			39,332
Deposits with stock exchanges and other segregated cash		373,559			426,519			52,960
Total cash and cash deposits		4,164,735			4,063,511			(101,224	)
Loans and receivables:
Loans receivable		2,943,472			3,579,727			636,255
Receivables from customers		459,090			417,661			(41,429	)
Receivables from other than customers		793,669			1,069,660			275,991
Allowance for credit losses		(53,784	)		(66,346	)		(12,562	)
Total loans and receivables		4,142,447			5,000,702			858,255
Collateralized agreements:
Securities purchased under agreements to resell		10,775,078			11,879,312			1,104,234
Securities borrowed		5,264,360			4,997,129			(267,231	)
Total collateralized agreements		16,039,438			16,876,441			837,003
Trading assets and private equity and debt investments:
Trading assets*		15,674,354			15,230,817			(443,537	)
Private equity and debt investments*		63,825			65,193			1,368
Total trading assets and private equity and debt investments		15,738,179			15,296,010			(442,169	)
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥395,429 million as of March 31, 2021 and ¥426,081 million as of March 31, 2022)		464,449			419,047			(45,402	)
Non-trading debt securities*		426,758			484,681			57,923
Investments in equity securities*		126,649			133,897			7,248
Investments in and advances to affiliated companies*		364,393			364,281			(112	)
Other		1,049,432			773,586			(275,846	)
Total other assets		2,431,681			2,175,492			(256,189	)
Total assets		42,516,480			43,412,156			895,676

^*  Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31, 2021			March 31, 2022			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,368,098			1,050,141			(317,957	)
Payables and deposits:
Payables to customers				1,454,755			1,522,961			68,206
Payables to other than customers				1,773,699			1,636,725			(136,974	)
Deposits received at banks				1,342,464			1,760,679			418,215
Total payables and deposits				4,570,918			4,920,365			349,447
Collateralized financing:
Securities sold under agreements to repurchase				13,360,429			12,574,556			(785,873	)
Securities loaned				1,380,629			1,567,351			186,722
Other secured borrowings				392,515			396,291			3,776
Total collateralized financing				15,133,573			14,538,198			(595,375	)
Trading liabilities				9,473,261			9,652,118			178,857
Other liabilities				1,239,167			1,020,225			(218,942	)
Long-term borrowings				7,975,012			9,258,306			1,283,294
Total liabilities				39,760,029			40,439,353			679,324
Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000shares
Issued	-	3,233,562,601shares as of March 31, 2021 and
		3,233,562,601shares as of March 31, 2022
Outstanding	-	3,063,155,434shares as of March 31, 2021 and
		3,017,804,012shares as of March 31, 2022		594,493			594,493			—
Additional paid-in capital				696,122			697,507			1,385
Retained earnings				1,533,713			1,606,987			73,274
Accumulated other comprehensive income (loss)				(38,144	)		127,973			166,117
Total NHI shareholders’ equity before treasury stock				2,786,184			3,026,960			240,776
Common stock held in treasury, at cost -
170,407,167shares as of March 31, 2021 and
215,758,589shares as of March 31, 2022				(91,246	)		(112,355	)		(21,109	)
Total NHI shareholders’ equity				2,694,938			2,914,605			219,667
Noncontrolling interests				61,513			58,198			(3,315	)
Total equity				2,756,451			2,972,803			216,352
Total liabilities and equity				42,516,480			43,412,156			895,676

– 7 –

(2) Consolidated Statements of Income

	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2021(A)			March 31, 2022(B)
Revenue:
Commissions		376,897			332,344			(11.8	)
Fees from investment banking		108,681			149,603			37.7
Asset management and portfolio service fees		230,047			269,985			17.4
Net gain on trading		310,040			368,799			19.0
Gain on private equity and debt investments		12,734			30,768			141.6
Interest and dividends		356,466			284,222			(20.3	)
Gain on investments in equity securities		14,053			5,446			(61.2	)
Other		208,317			152,832			(26.6	)
Total revenue		1,617,235			1,593,999			(1.4	)
Interest expense		215,363			230,109			6.8
Net revenue		1,401,872			1,363,890			(2.7	)
Non-interest expenses:
Compensation and benefits		507,906			529,506			4.3
Commissions and floor brokerage		111,550			105,204			(5.7	)
Information processing and communications		178,835			184,319			3.1
Occupancy and related depreciation		72,367			69,742			(3.6	)
Business development expenses		13,520			15,641			15.7
Other		287,023			232,855			(18.9	)
Total non-interest expenses		1,171,201			1,137,267			(2.9	)
Income before income taxes		230,671			226,623			(1.8	)
Income tax expense		70,274			80,090			14.0
Net income		160,397			146,533			(8.6	)
Less: Net income attributable to noncontrolling interests		7,281			3,537			(51.4	)
Net income attributable to NHI shareholders		153,116			142,996			(6.6	)
Per share of common stock:
	Yen						% Change
Basic-
Net income attributable to NHI shareholders per share		50.11			46.68			(6.8	)
Diluted-
Net income attributable to NHI shareholders per share		48.63			45.23			(7.0	)

– 8 –

(3) Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2021(A)			March 31, 2022(B)
Net income		160,397			146,533			(8.6	)
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		46,821			122,468			161.6
Deferred income taxes		(1,287	)		(946	)		—
Total		45,534			121,522			166.9
Defined benefit pension plans:
Pension liability adjustments		20,720			(404	)		—
Deferred income taxes		(1,626	)		78			—
Total		19,094			(326	)		—
Own credit adjustments:
Own credit adjustments		(91,666	)		60,777			—
Deferred income taxes		15,943			(12,930	)		—
Total		(75,723	)		47,847			—
Total other comprehensive income (loss)		(11,095	)		169,043			—
Comprehensive income		149,302			315,576			111.4
Less: Comprehensive income attributable to noncontrolling interests		8,225			6,463			(21.4	)
Comprehensive income attributable to NHI shareholders		141,077			309,113			119.1

– 9 –

(4) Consolidated Statements of Changes in Equity

	Millions of yen
	For the year ended
	March 31, 2021			March 31, 2022
Common stock
Balance at beginning of year		594,493			594,493
Balance at end of year		594,493			594,493
Additional paid-in capital
Balance at beginning of year		683,232			696,122
Stock-based compensation awards		11,775			1,421
Changes in an affiliated company’s interests in its subsidiary		1,115			—
Changes in an affiliated company’s interests		—			(36	)
Balance at end of year		696,122			697,507
Retained earnings
Balance at beginning of year		1,645,451			1,533,713
Cumulative effect of change in accounting principle		(18,200	)		—
Net income attributable to NHI shareholders		153,116			142,996
Cash dividends		(107,104	)		(67,007	)
Loss on sales of treasury stock		(346	)		(2,715	)
Cancellation of treasury stock		(139,204	)		—
Balance at end of year		1,533,713			1,606,987
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		(26,274	)		18,316
Net change during the year		44,590			118,596
Balance at end of year		18,316			136,912
Defined benefit pension plans
Balance at beginning of year		(62,571	)		(43,477	)
Pension liability adjustments		19,094			(326	)
Balance at end of year		(43,477	)		(43,803	)
Own credit adjustments
Balance at beginning of year		62,740			(12,983	)
Own credit adjustments		(75,723	)		47,847
Balance at end of year		(12,983	)		34,864
Balance at end of year		(38,144	)		127,973
Common stock held in treasury
Balance at beginning of year		(243,604	)		(91,246	)
Repurchases of common stock		(11	)		(39,650	)
Sales of common stock		0			0
Common stock issued to employees		13,165			18,541
Cancellation of common stock		139,204			—
Balance at end of year		(91,246	)		(112,355	)
Total NHI shareholders’ equity
Balance at end of year		2,694,938			2,914,605
Noncontrolling interests
Balance at beginning of year		77,797			61,513
Net change during the year		(16,284	)		(3,315	)
Balance at end of year		61,513			58,198
Total equity
Balance at end of year		2,756,451			2,972,803

– 10 –

(5) Consolidated Statements of Cash Flows

	Millions of yen
	For the year ended
	March 31, 2021			March 31, 2022
Cash flows from operating activities:
Net income		160,397			146,533
Adjustments to reconcile net income to Net cash provided by (used in) operating activities:
Depreciation and amortization		63,846			59,524
Provision for credit losses		38,303			8,749
Gain on investments in equity securities		(14,053	)		(5,446	)
(Gain) loss on investments in subsidiaries and affiliates		45,086			(79,396	)
Gain on disposal of office buildings, land, equipment and facilities		(64,730	)		(3,490	)
Changes in operating assets and liabilities:
Deposits with stock exchanges and other segregated cash		13,878			(18,408	)
Trading assets and private equity and debt investments		1,441,539			1,229,557
Trading liabilities		777,741			(284,747	)
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		(1,453,871	)		(2,220,493	)
Securities borrowed, net of securities loaned		(1,242,489	)		595,116
Margin loans and receivables		936,346			111,468
Payables		(33,994	)		(247,980	)
Bonus accrual		15,840			(1,865	)
Other, net		(16,229	)		(151,954	)
Net cash provided by (used in) operating activities		667,610			(862,832	)
Cash flows from investing activities:
Payments for placements of time deposits		(239,980	)		(227,644	)
Proceeds from redemption or maturity of time deposits		283,650			199,475
Payments for purchases of office buildings, land, equipment and facilities		(119,875	)		(111,331	)
Proceeds from sales of office buildings, land, equipment and facilities		49,642			94,985
Payments for purchases of equity investments		(20,115	)		(3,142	)
Proceeds from sales of equity investments		20,258			41,089
Net cash outflows from loans receivable at banks		(83,122	)		(110,811	)
Payments for purchases or origination of other non-trading loans		(3,362,619	)		(5,695,122	)
Proceeds from sales or repayments of other non-trading loans		3,713,333			5,172,221
Net cash outflows from interbank money market loans		(355	)		(808	)
Payments for purchases of non-trading debt securities		(124,614	)		(106,390	)
Proceeds from sales or maturity of non-trading debt securities		163,023			55,325
Acquisitions, net of cash acquired		(11,152	)		—
Payments for purchases of investments in affiliated companies		(12,098	)		(5,674	)
Proceeds from sales of investments in affiliated companies		1,221			109,111
Other, net		735			(4,466	)
Net cash provided by (used in) investing activities		257,932			(593,182	)
Cash flows from financing activities:
Proceeds from issuances of long-term borrowings		2,063,263			3,894,613
Payments for repurchases or maturity of long-term borrowings		(2,095,069	)		(2,656,233	)
Proceeds from issuances of short-term borrowings		2,929,762			1,743,817
Payments for repurchases or maturity of short-term borrowings		(2,865,700	)		(2,164,098	)
Net cash inflows (outflows) from interbank money market borrowings		(311,471	)		12,925
Net cash inflows (outflows) from other secured borrowings		(335,372	)		30,753
Net cash inflows from deposits received at banks		36,223			372,575
Payments for withholding taxes on stock-based compensation		(3,856	)		(10,816	)
Proceeds from sales of common stock		215			11
Payments for repurchases of common stock		(11	)		(39,650	)
Payments for cash dividends		(76,358	)		(70,714	)
Contributions from noncontrolling interests		24,794			42,881
Distributions to noncontrolling interests		(35,145	)		(43,346	)
Net cash provided by (used in) financing activities		(668,725	)		1,112,718
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		60,884			149,693
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents		317,701			(193,603	)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year		3,192,310			3,510,011
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,510,011			3,316,408

– 11 –

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

Not applicable.

– 12 –

(7) 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						(B-A)/(A)
	March 31, 2021 (A)			March 31, 2022 (B)
Net revenue
Business segment information:
Retail		368,809			327,985			(11.1	)
Investment Management		163,150			147,993			(9.3	)
Wholesale		691,356			703,055			1.7
Subtotal		1,223,315			1,179,033			(3.6	)
Other		167,012			179,234			7.3
Net revenue		1,390,327			1,358,267			(2.3	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		11,545			5,623			(51.3	)
Net revenue		1,401,872			1,363,890			(2.7	)
Non-interest expenses
Business segment information:
Retail		276,480			268,745			(2.8	)
Investment Management		72,142			76,478			6.0
Wholesale		627,051			628,563			0.2
Subtotal		975,673			973,786			(0.2	)
Other		195,528			163,481			(16.4	)
Non-interest expenses		1,171,201			1,137,267			(2.9	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—
Non-interest expenses		1,171,201			1,137,267			(2.9	)
Income (loss) before income taxes
Business segment information:
Retail		92,329			59,240			(35.8	)
Investment Management		91,008			71,515			(21.4	)
Wholesale		64,305			74,492			15.8
Subtotal		247,642			205,247			(17.1	)
Other*		(28,516	)		15,753			—
Income (loss) before income taxes		219,126			221,000			0.9
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		11,545			5,623			(51.3	)
Income (loss) before income taxes		230,671			226,623			(1.8	)

*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						(B-A)/(A)
	March 31, 2021 (A)			March 31, 2022 (B)
Net gain (loss) related to economic hedging transactions		(11,450	)		(9,937	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		1,731			1,355			(21.7	)
Equity in earnings of affiliates		(16,410	)		36,790			—
Corporate items		4,956			(91,073	)		—
Other		(7,343	)		78,618			—
Total		(28,516	)		15,753			—

Note: Prior period amounts have been reclassified to conform to the current year presentation.

– 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, 2022 3,017,804,012

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, 2022 3,063,524,091

– 14 –

(8) Other Financial Information

Consolidated Statements of Income – Quarterly Comparatives

	Millions of yen																							% Change
	For the three months ended																							(B-A)/(A)
	June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021			June 30, 2021		September 30, 2021			December 31, 2021(A)			March 31, 2022(B)
Revenue:
Commissions		85,512			92,253			96,687			102,445			82,886		91,636			82,573			75,249			(8.9	)
Fees from investment banking		10,828			27,031			36,138			34,684			35,703		33,901			46,020			33,979			(26.2	)
Asset management and portfolio service fees		53,656			57,417			58,639			60,335			64,044		67,193			69,891			68,857			(1.5	)
Net gain (loss) on trading		139,089			131,463			136,402			(96,914	)		51,994		91,142			106,806			118,857			11.3
Gain (loss) on private equity and debt investments		1,070			1,805			1,362			8,497			25,988		475			4,619			(314	)		—
Interest and dividends		106,543			82,494			89,602			77,827			64,536		69,925			82,636			67,125			(18.8	)
Gain (loss) on investments in equity securities		3,473			1,940			3,523			5,117			3,468		2,082			(2,586	)		2,482			—
Other		113,878			24,939			33,519			35,981			76,553		22,855			13,793			39,631			187.3
Total revenue		514,049			419,342			455,872			227,972			405,172		379,209			403,752			405,866			0.5
Interest expense		53,302			50,344			53,780			57,937			51,897		60,343			52,787			65,082			23.3
Net revenue		460,747			368,998			402,092			170,035			353,275		318,866			350,965			340,784			(2.9	)
Non-interest expenses:
Compensation and benefits		138,297			137,006			136,816			95,787			135,603		129,245			139,035			125,623			(9.6	)
Commissions and floor brokerage		28,511			27,675			26,326			29,038			26,816		27,397			24,130			26,861			11.3
Information processing and communications		43,238			42,584			43,484			49,529			44,099		45,136			46,596			48,488			4.1
Occupancy and related depreciation		17,058			19,056			18,109			18,144			16,716		17,846			17,507			17,673			0.9
Business development expenses		2,832			3,632			3,388			3,668			3,294		3,902			4,400			4,045			(8.1	)
Other		49,000			55,418			42,636			139,969			48,214		76,873			39,197			68,571			74.9
Total non-interest expenses		278,936			285,371			270,759			336,135			274,742		300,399			270,865			291,261			7.5
Income (loss) before income taxes		181,811			83,627			131,333			(166,100	)		78,533		18,467			80,100			49,523			(38.2	)
Income tax expense		37,513			14,704			30,910			(12,853	)		28,540		12,984			18,482			20,084			8.7
Net income (loss)		144,298			68,923			100,423			(153,247	)		49,993		5,483			61,618			29,439			(52.2	)
Less: Net income (loss) attributable to noncontrolling interests		1,782			1,281			2,057			2,161			1,506		2,270			1,285			(1,524	)		—
Net income (loss) attributable to NHI shareholders		142,516			67,642			98,366			(155,408	)		48,487		3,213			60,333			30,963			(48.7	)
	Yen																							% Change
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share		46.77			22.13			32.16			(50.77	)		16.12		1.04			19.66			10.26			(47.8	)
Diluted-
Net income (loss) attributable to NHI shareholders per share		45.65			21.52			31.16			(50.78	)		15.59		1.01			19.07			9.89			(48.1	)

– 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																								(B-A)/(A)
	June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021(A)			March 31, 2022(B)
Net revenue
Business segment information:
Retail		81,078			92,795			98,155			96,781			84,986			85,191			87,351			70,457			(19.3	)
Investment Management		39,674			30,068			39,380			54,028			63,482			34,329			40,108			10,074			(74.9	)
Wholesale		248,669			220,305			223,139			(757	)		132,777			172,669			202,709			194,900			(3.9	)
Subtotal		369,421			343,168			360,674			150,052			281,245			292,189			330,168			275,431			(16.6	)
Other		89,023			23,876			38,774			15,339			68,659			24,809			21,568			64,198			197.7
Net revenue		458,444			367,044			399,448			165,391			349,904			316,998			351,736			339,629			(3.4	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		2,303			1,954			2,644			4,644			3,371			1,868			(771	)		1,155			—
Net revenue		460,747			368,998			402,092			170,035			353,275			318,866			350,965			340,784			(2.9	)
Non-interest expenses
Business segment information:
Retail		66,009			69,970			69,840			70,661			65,964			68,207			69,316			65,258			(5.9	)
Investment Management		17,503			18,018			17,836			18,785			18,569			19,300			19,757			18,852			(4.6	)
Wholesale		160,800			154,828			146,268			165,155			161,134			147,700			161,875			157,854			(2.5	)
Subtotal		244,312			242,816			233,944			254,601			245,667			235,207			250,948			241,964			(3.6	)
Other		34,624			42,555			36,815			81,534			29,075			65,192			19,917			49,297			147.5
Non-interest expenses		278,936			285,371			270,759			336,135			274,742			300,399			270,865			291,261			7.5
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—			—			—			—			—			—			—
Non-interest expenses		278,936			285,371			270,759			336,135			274,742			300,399			270,865			291,261			7.5
Income (loss) before income taxes
Business segment information:
Retail		15,069			22,825			28,315			26,120			19,022			16,984			18,035			5,199			(71.2	)
Investment Management		22,171			12,050			21,544			35,243			44,913			15,029			20,351			(8,778	)		—
Wholesale		87,869			65,477			76,871			(165,912	)		(28,357	)		24,969			40,834			37,046			(9.3	)
Subtotal		125,109			100,352			126,730			(104,549	)		35,578			56,982			79,220			33,467			(57.8	)
Other*		54,399			(18,679	)		1,959			(66,195	)		39,584			(40,383	)		1,651			14,901			802.5
Income (loss) before income taxes		179,508			81,673			128,689			(170,744	)		75,162			16,599			80,871			48,368			(40.2	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		2,303			1,954			2,644			4,644			3,371			1,868			(771	)		1,155			—
Income (loss) before income taxes		181,811			83,627			131,333			(166,100	)		78,533			18,467			80,100			49,523			(38.2	)

* 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																								(B-A)/(A)
	June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021(A)			March 31, 2022(B)
Net gain (loss) related to economic hedging transactions		5,577			(4,965	)		1,402			(13,464	)		3,444			(3,825	)		(1,128	)		(8,428	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		685			124			744			178			173			23			19			1,140			—
Equity in earnings of affiliates		6,609			5,251			10,398			(38,668	)		9,617			5,571			5,366			16,236			202.6
Corporate items		45,090			(16,005	)		(15,050	)		(9,079	)		(9,272	)		(45,566	)		(1,807	)		(34,428	)		—
Other		(3,562	)		(3,084	)		4,465			(5,162	)		35,622			3,414			(799	)		40,381			—
Total		54,399			(18,679	)		1,959			(66,195	)		39,584			(40,383	)		1,651			14,901			802.5

Note: Prior period amounts have been reclassified to conform to the current year presentation.

– 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/2022_4q.pdf

– 17 –