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

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 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. Nomura Completes Amendments of Annual Securities Report, Quarterly Reports, Financial Highlights and Management’s Report on Internal Control over Financial Reporting

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

Nomura Completes Amendments of Annual Securities Report, Quarterly Reports,

Financial Highlights and Management’s Report on

Internal Control over Financial Reporting

Tokyo, June 25, 2024—Further to its April 12, 2024, announcement¹, Nomura Holdings, Inc. today announced that it has completed amendments of its Annual Securities Report, Quarterly Reports, Financial Highlights and Management’s Report on Internal Control over Financial Reporting for the 115th, 116th, 117th, and 118th fiscal periods as below².

Nomura also amended its Financial Highlights for the fiscal year ended March 31, 2024 (120th). The amendment corrects certain classification errors within the consolidated statement of cash flows.

There are no amendments to Nomura’s consolidated statements of income, consolidated balance sheets or unconsolidated financial statements, and no impact to Nomura’s income or capital levels.

1. Amended Reports

(1) Annual Securities Report

For the fiscal year ended March 31, 2019 (115th)

For the fiscal year ended March 31, 2020 (116th)

For the fiscal year ended March 31, 2021 (117th)

For the fiscal year ended March 31, 2022 (118th)

(2) Quarterly Reports

For the first quarter of the fiscal year ended March 31, 2022 (118th)

For the second quarter of the fiscal year ended March 31, 2022 (118th)

For the third quarter of the fiscal year ended March 31, 2022 (118th)

For the first quarter of the fiscal year ended March 31, 2023 (119th)

For the second quarter of the fiscal year ended March 31, 2023 (119th)

For the third quarter of the fiscal year ended March 31, 2023 (119th)

(3) Financial Highlights

For the fiscal year ended March 31, 2019 (115th)

For the fiscal year ended March 31, 2020 (116th)

For the fiscal year ended March 31, 2021 (117th)

For the fiscal year ended March 31, 2022 (118th)

For the fiscal year ended March 31, 2024 (120th)

(4) Management’s Report on Internal Control over Financial Reporting

For the fiscal year ended March 31, 2019 (115th)

For the fiscal year ended March 31, 2020 (116th)

For the fiscal year ended March 31, 2021 (117th)

For the fiscal year ended March 31, 2022 (118th)

2. Outline of Amendments

(1) Annual Securities Report and Quarterly Reports

¹  See https://www.nomuraholdings.com/news/nr/holdings/20240412/20240412.pdf.

²  Nomura completed amendment to its Financial Highlights for the fiscal year ended March 31, 2023 (119th) on April 12, 2024.

Nomura restated the consolidated statement of cash flows and related disclosure. For details, please refer to the amended Annual Securities Report and Quarterly Reports filed today.

(2) Financial Highlights

The amendments are as follows.

Summary Information

• 1. Consolidated Operating Results

Accompanying Materials

• 1. Overview of Consolidated Operating Results

(3) Overview of Cash Flows

• 3. Consolidated Financial Statements

(5) Consolidated Statements of Cash Flows

Details of the amendments are underlined in the attachment below.

(3) Management’s Report on Internal Control over Financial Reporting

The amendments on Management’s Report on Internal Control over Financial Reporting for each period including remediation plan is similar to the amendments for the fiscal year ended March 31, 2023, announced on April 12, 2024¹.

ends

For further information please contact:

Name	Company	Telephone
Kenji Yamashita	Nomura Holdings, Inc. Group Corporate Communications Dept.	81-3-3278-0591

Nomura

Nomura is a global financial services group with an integrated network spanning approximately 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Wealth Management, Investment Management, and Wholesale (Global Markets and Investment Banking). Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

- 2 -

Attachment

Financial Summary – Year ended March 31, 2019

Summary Information

1. Consolidated Operating Results

(3) Cash Flows

(Original)

	(Millions of yen)
	For the year ended March 31
	2018			2019
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

(Corrected)

	(Millions of yen)
	For the year ended March 31
	2018			2019
Net cash used in operating activities		(341,305	)		(62,010	)
Net cash used in investing activities		(296,741	)		(420,464	)
Net cash provided by financing activities		509,352			769,997
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		2,354,868			2,687,132

Accompanying Materials

1. Overview of Consolidated Operating Results

(3) Overview of Cash Flows

(Original)

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 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, 2019 were outflows of 112.5 billion yen due mainly to Payments 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 in long-term borrowings.

(Corrected)

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 62.0 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, 2019 were outflows of 420.5 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, 2019 were inflows of 770.0 billion yen due primarily to Proceeds from issuances of long-term borrowings.

- 3 -

3. Consolidated Financial Statements

(5) Consolidated Statements of Cash Flows

(Original)

	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 in non-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

- 4 -

(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 Update 2016-18 “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.

- 5 -

(Corrected)

	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
Provision for credit losses		49			1,157
Impairment of goodwill		—			81,372
(Gain) loss on investments in equity securities		(2,683	)		6,983
(Gain) loss on investments in subsidiaries and affiliates		(66,982	)		5,719
Loss on disposal of office buildings, land, equipment and facilities		3,747			2,455
Changes in operating assets and liabilities:
Deposits with stock exchanges and other segregated cash (2)		(72,069	)		13,752
Trading assets and private equity investments (1)		(219,400	)		923,595
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
Margin loans and receivables		(920,738	)		474,391
Payables (1)		209,460			(63,683	)
Bonus accrual		(2,957	)		(46,602	)
Other, net		(102,963	)		6,314
Net cash used in operating activities (2)		(341,305	)		(62,010	)
Cash flows from investing activities:
Payments for placements of time deposits		(287,509	)		(214,787	)
Proceeds from redemption or maturity of time deposits		178,671			232,600
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 equity investments		(8,185	)		(5,466	)
Proceeds from sales of equity investments		13,727			3,725
Net cash outflows from loans receivable at banks		(107,214	)		(72,441	)
Payments for purchases or origination of other non-trading loans		(743,333	)		(1,012,570	)
Proceeds from sales or repayments of other non-trading loans		618,784			693,115
Net cash outflows from interbank money market loans		(292	)		(278	)
Payments for purchases of non-trading debt securities		(186,557	)		(140,936	)
Proceeds from sales or maturity of non-trading debt securities		268,613			170,388
Divestures, net of cash disposed of		(13,125	)		—
Payments for purchases of investments in affiliated companies		(1,000	)		(13,093	)
Proceeds from sales of investments in affiliated companies		44,849			4,803
Other, net		(13,229	)		(9,342	)
Net cash used in investing activities		(296,741	)		(420,464	)
Cash flows from financing activities:
Proceeds from issuances of long-term borrowings		2,425,471			2,170,646
Payments for repurchases or maturity of long-term borrowings		(1,958,093	)		(1,701,634	)
Proceeds from issuances of short-term borrowings		965,095			1,501,738
Payments for repurchases or maturity of short-term borrowings		(695,484	)		(1,427,749	)
Net cash outflows from interbank money market borrowings		(53,898	)		(6,982	)
Net cash inflows (outflows) from other secured borrowings		(1,188	)		78,150
Net cash inflows (outflows) from deposits received at banks		(8,445	)		254,260
Proceeds from sales of common stock		764			313
Payments for repurchases of common stock		(109,096	)		(51,714	)
Payments for cash dividends		(70,199	)		(47,475	)
Contributions from noncontrolling interests		23,522			24,416
Distributions to noncontrolling interests		(9,097	)		(23,972	)
Net cash provided by financing activities		509,352			769,997
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

- 6 -

(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 Update 2016-18 “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.

- 7 -

Financial Summary – Year ended March 31, 2020

Summary Information

1. Consolidated Operating Results

(3) Cash Flows

(Original)

	(Millions of yen)
	For the year ended March 31
	2019			2020
Net cash used in operating activities		(361,165	)		(15,943	)
Net cash provided by (used in) investing activities		(112,503	)		216,336
Net cash provided by financing activities		761,191			332,062
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		2,687,132			3,192,310

(Corrected)

	(Millions of yen)
	For the year ended March 31
	2019			2020
Net cash used in operating activities		(62,010	)		(94,709	)
Net cash used in investing activities		(420,464	)		(180,541	)
Net cash provided by financing activities		769,997			807,705
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		2,687,132			3,192,310

Accompanying Materials

1. Overview of Consolidated Operating Results

(3) Overview of Cash Flows

(Original)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2020, increased by 505.2 billion yen compared to March 31, 2019. Cash flows from operating activities for the year ended March 31, 2020 were outflows of 15.9 billion yen due mainly to the increase in Trading assets and private equity and debt investments. Cash flows from investing activities for the year ended March 31, 2020 were inflows of 216.3 billion yen due mainly to Decrease in investments in affiliated companies, net. Cash flows from financing activities for the year ended March 31, 2020 were inflows of 332.1 billion yen due primarily to the increase in Short-term borrowings, net.

(Corrected)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2020, increased by 505.2 billion yen compared to March 31, 2019. Cash flows from operating activities for the year ended March 31, 2020 were outflows of 94.7 billion yen due mainly to the increase in Trading assets and private equity and debt investments. Cash flows from investing activities for the year ended March 31, 2020 were outflows of 180.5 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, 2020 were inflows of 807.7 billion yen due primarily to Proceeds from issuances of short-term borrowings.

- 8 -

3. Consolidated Financial Statements

(5) Consolidated Statements of Cash Flows

(Original)

	Millions of yen
	For the year ended
	March 31, 2019			March 31, 2020
Cash flows from operating activities:
Net income (loss)		(94,711	)		219,367
Adjustments to reconcile net income (loss) to
Net cash used in operating activities:
Depreciation and amortization		57,924			63,583
Impairment of goodwill		81,372			—
Loss on investments in equity securities		6,983			14,726
(Gain) loss on investments in subsidiaries and affiliates (1)		5,719			(72,841	)
Changes in operating assets and liabilities:
Time deposits		21,832			(33,029	)
Deposits with stock exchanges and other segregated cash		13,752			(97,424	)
Trading assets and private equity and debt investments		925,384			(2,754,743	)
Trading liabilities		(143,141	)		428,997
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		(3,274,866	)		2,224,371
Securities borrowed, net of securities loaned		1,987,331			291,777
Other secured borrowings		1,198			301,019
Loans and receivables, net of allowance for doubtful accounts		157,599			(1,358,242	)
Payables		(63,683	)		788,007
Bonus accrual		(46,602	)		16,202
Other, net (1)		2,744			(47,713	)
Net cash used in operating activities		(361,165	)		(15,943	)
Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities		(319,090	)		(206,745	)
Proceeds from sales of office buildings, land, equipment and facilities		262,908			209,197
Proceeds from sales of investments in equity securities		519			13,323
Decrease (increase) in loans receivable at banks, net		(74,048	)		43,920
Decrease (increase) in non-trading debt securities, net		29,452			(2,359	)
Decrease (increase) in investments in affiliated companies, net (1)		(8,290	)		160,799
Other, net (1)		(3,954	)		(1,799	)
Net cash provided by (used in) investing activities		(112,503	)		216,336
Cash flows from financing activities:
Increase in long-term borrowings		2,142,212			2,364,260
Decrease in long-term borrowings		(1,625,516	)		(2,402,621	)
Increase in short-term borrowings, net		85,900			656,205
Increase (decrease) in deposits received at banks, net		257,471			(93,260	)
Proceeds from sales of common stock held in treasury		313			285
Payments for repurchases of common stock in treasury		(51,714	)		(150,009	)
Payments for cash dividends		(47,475	)		(58,416	)
Contribution from noncontrolling interests		—			15,618
Net cash provided by financing activities		761,191			332,062
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		44,741			(27,277	)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents		332,264			505,178
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year		2,354,868			2,687,132
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		2,687,132			3,192,310

(1) Certain reclassifications of amounts previously reported amounts have been made to conform to the current year presentation.

- 9 -

(Corrected)

	Millions of yen
	For the year ended
	March 31, 2019			March 31, 2020
Cash flows from operating activities:
Net income (loss)		(94,711	)		219,367
Adjustments to reconcile net income (loss) to Net cash used in operating activities:
Depreciation and amortization		57,924			63,583
Provision for credit losses		1,157			9,091
Impairment of goodwill		81,372			—
Loss on investments in equity securities		6,983			14,726
(Gain) loss on investments in subsidiaries and affiliates		5,719			(72,841	)
(Gain) loss on disposal of office buildings, land, equipment and facilities		2,455			(3,957	)
Changes in operating assets and liabilities:
Deposits with stock exchanges and other segregated cash		13,752			(97,424	)
Trading assets and private equity and debt investments		923,595			(2,743,850	)
Trading liabilities		(143,141	)		428,997
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		(3,274,866	)		2,224,371
Securities borrowed, net of securities loaned		1,987,331			291,777
Margin loans and receivables		474,391			(891,891	)
Payables		(63,683	)		788,007
Bonus accrual		(46,602	)		16,202
Other, net		6,314			(340,867	)
Net cash used in operating activities		(62,010	)		(94,709	)
Cash flows from investing activities:
Payments for placements of time deposits		(214,787	)		(433,899	)
Proceeds from redemption or maturity of time deposits		232,600			394,496
Payments for purchases of office buildings, land, equipment and facilities		(319,090	)		(206,745	)
Proceeds from sales of office buildings, land, equipment and facilities		262,908			209,197
Payments for purchases of equity investments		(5,466	)		(16,919	)
Proceeds from sales of equity investments		3,725			27,093
Net cash inflows (outflows) from loans receivable at banks		(72,441	)		42,792
Payments for purchases or origination of other non-trading loans		(1,012,570	)		(1,363,037	)
Proceeds from sales or repayments of other non-trading loans		693,115			1,011,743
Net cash inflows (outflows) from interbank money market loans		(278	)		797
Payments for purchases of non-trading debt securities		(140,936	)		(129,132	)
Proceeds from sales or maturity of non-trading debt securities		170,388			126,773
Divestures, net of cash disposed of		—			(70	)
Payments for purchases of investments in affiliated companies		(13,093	)		(1,000	)
Proceeds from sales of investments in affiliated companies		4,803			161,799
Other, net		(9,342	)		(4,429	)
Net cash used in investing activities		(420,464	)		(180,541	)
Cash flows from financing activities:
Proceeds from issuances of long-term borrowings		2,170,646			2,337,144
Payments for repurchases or maturity of long-term borrowings		(1,701,634	)		(2,348,848	)
Proceeds from issuances of short-term borrowings		1,501,738			2,092,050
Payments for repurchases or maturity of short-term borrowings		(1,427,749	)		(1,679,453	)
Net cash inflows (outflows) from interbank money market borrowings		(6,982	)		362,634
Net cash inflows from other secured borrowings		78,150			298,680
Net cash inflows (outflows) from deposits received at banks		254,260			(87,399	)
Payments for withholding taxes on stock-based compensation		—			(2,163	)
Proceeds from sales of common stock		313			285
Payments for repurchases of common stock		(51,714	)		(150,009	)
Payments for cash dividends		(47,475	)		(58,416	)
Contributions from noncontrolling interests		24,416			70,112
Distributions to noncontrolling interests		(23,972	)		(26,912	)
Net cash provided by financing activities		769,997			807,705
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		44,741			(27,277	)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents		332,264			505,178
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year		2,354,868			2,687,132
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		2,687,132			3,192,310

- 10 -

Financial Summary – Year ended March 31, 2021

Summary Information

1. Consolidated Operating Results

(3) Cash Flows

(Original)

	(Millions of yen)
	For the year ended March 31
	2020			2021
Net cash provided by (used in) operating activities		(15,943	)		665,770
Net cash provided by (used in) investing activities		216,336			(139,026	)
Net cash provided by (used in) financing activities		332,062			(269,927	)
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,192,310			3,510,011

(Corrected)

	(Millions of yen)
	For the year ended March 31
	2020			2021
Net cash provided by (used in) operating activities		(94,709	)		667,610
Net cash provided by (used in) investing activities		(180,541	)		257,932
Net cash provided by (used in) financing activities		807,705			(668,725	)
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,192,310			3,510,011

Accompanying Materials

1. Overview of Consolidated Operating Results

(3) Overview of Cash Flows

(Original)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2021, increased by 317.7 billion yen compared to March 31, 2020. Cash flows from operating activities for the year ended March 31, 2021 were inflows of 665.8 billion yen due mainly to the decrease in Trading assets and private equity and debt investments. Cash flows from investing activities for the year ended March 31, 2021 were outflows of 139.0 billion yen due mainly to the increase in Increase (decrease) in loans receivable at banks, net. Cash flows from financing activities for the year ended March 31, 2021 were outflows of 269.9 billion yen due primarily to the decrease in Short-term borrowings, net.

(Corrected)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2021, increased by 317.7 billion yen compared to March 31, 2020. Cash flows from operating activities for the year ended March 31, 2021 were inflows of 667.6 billion yen due mainly to the decrease in Trading assets and private equity and debt investments. Cash flows from investing activities for the year ended March 31, 2021 were inflows of 257.9 billion yen due mainly to Proceeds from sales or repayments of other non-trading loans. Cash flows from financing activities for the year ended March 31, 2021 were outflows of 668.7 billion yen due primarily to Net cash outflows from other secured borrowings.

- 11 -

3. Consolidated Financial Statements

(5) Consolidated Statements of Cash Flows

(Original)

	Millions of yen
	For the year ended
	March 31, 2020			March 31, 2021
Cash flows from operating activities:
Net income		219,367			160,397
Adjustments to reconcile net income to Net cash provided by (used in) operating activities:
Depreciation and amortization		63,583			63,846
(Gain) loss on investments in equity securities		14,726			(14,053	)
(Gain) loss on investments in subsidiaries and affiliates		(72,841	)		45,086
Gain on disposal of office buildings, land, equipment and facilities (1)		(3,957	)		(64,730	)
Changes in operating assets and liabilities:
Time deposits		(33,029	)		43,560
Deposits with stock exchanges and other segregated cash		(97,424	)		13,878
Trading assets and private equity and debt investments		(2,754,743	)		1,468,357
Trading liabilities		428,997			777,741
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		2,224,371			(1,453,871	)
Securities borrowed, net of securities loaned		291,777			(1,242,489	)
Other secured borrowings		301,019			(326,450	)
Loans and receivables, net of allowance for doubtful accounts		(1,358,242	)		1,145,429
Payables		788,007			(33,994	)
Bonus accrual		16,202			15,840
Other, net (1)		(43,756	)		67,223
Net cash provided by (used in) operating activities		(15,943	)		665,770
Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities		(206,745	)		(119,875	)
Proceeds from sales of office buildings, land, equipment and facilities		209,197			49,642
Proceeds from sales of investments in equity securities		13,323			6,502
Decrease (increase) in loans receivable at banks, net		43,920			(83,412	)
Decrease (increase) in non-trading debt securities, net		(2,359	)		38,409
Business acquisition (1)		(2,484	)		(11,152	)
Decrease (increase) in investments in affiliated companies, net		160,799			(9,182	)
Other, net (1)		685			(9,958	)
Net cash provided by (used in) investing activities		216,336			(139,026	)
Cash flows from financing activities:
Increase in long-term borrowings		2,364,260			2,067,725
Decrease in long-term borrowings		(2,402,621	)		(2,068,695	)
Increase (decrease) in short-term borrowings, net		656,205			(325,237	)
Increase (decrease) in deposits received at banks, net		(93,260	)		126,177
Proceeds from sales of common stock held in treasury		285			215
Payments for repurchases of common stock in treasury		(150,009	)		(11	)
Payments for cash dividends		(58,416	)		(76,358	)
Contribution from noncontrolling interests		15,618			6,257
Net cash provided by (used in) financing activities		332,062			(269,927	)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		(27,277	)		60,884
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents		505,178			317,701
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year		2,687,132			3,192,310
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,192,310			3,510,011

(1) Certain reclassifications of amounts previously reported amounts have been made to conform to the current year presentation.

- 12 -

(Corrected)

	Millions of yen
	For the year ended
	March 31, 2020			March 31, 2021
Cash flows from operating activities:
Net income		219,367			160,397
Adjustments to reconcile net income to Net cash provided by (used in) operating activities:
Depreciation and amortization		63,583			63,846
Provision for credit losses		9,091			38,303
(Gain) loss on investments in equity securities		14,726			(14,053	)
(Gain) loss on investments in subsidiaries and affiliates		(72,841	)		45,086
Gain on disposal of office buildings, land, equipment and facilities		(3,957	)		(64,730	)
Changes in operating assets and liabilities:
Deposits with stock exchanges and other segregated cash		(97,424	)		13,878
Trading assets and private equity and debt investments		(2,743,850	)		1,441,539
Trading liabilities		428,997			777,741
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		2,224,371			(1,453,871	)
Securities borrowed, net of securities loaned		291,777			(1,242,489	)
Margin loans and receivables		(891,891	)		936,346
Payables		788,007			(33,994	)
Bonus accrual		16,202			15,840
Other, net		(340,867	)		(16,229	)
Net cash provided by (used in) operating activities		(94,709	)		667,610
Cash flows from investing activities:
Payments for placements of time deposits		(433,899	)		(239,980	)
Proceeds from redemption or maturity of time deposits		394,496			283,650
Payments for purchases of office buildings, land, equipment and facilities		(206,745	)		(119,875	)
Proceeds from sales of office buildings, land, equipment and facilities		209,197			49,642
Payments for purchases of equity investments		(16,919	)		(20,115	)
Proceeds from sales of equity investments		27,093			20,258
Net cash inflows (outflows) from loans receivable at banks		42,792			(83,122	)
Payments for purchases or origination of other non-trading loans		(1,363,037	)		(3,362,619	)
Proceeds from sales or repayments of other non-trading loans		1,011,743			3,713,333
Net cash inflows (outflows) from interbank money market loans		797			(355	)
Payments for purchases of non-trading debt securities		(129,132	)		(124,614	)
Proceeds from sales or maturity of non-trading debt securities		126,773			163,023
Acquisitions, net of cash acquired		—			(11,152	)
Divestures, net of cash disposed of		(70	)		—
Payments for purchases of investments in affiliated companies		(1,000	)		(12,098	)
Proceeds from sales of investments in affiliated companies		161,799			1,221
Other, net		(4,429	)		735
Net cash provided by (used in) investing activities		(180,541	)		257,932
Cash flows from financing activities:
Proceeds from issuances of long-term borrowings		2,337,144			2,063,263
Payments for repurchases or maturity of long-term borrowings		(2,348,848	)		(2,095,069	)
Proceeds from issuances of short-term borrowings		2,092,050			2,929,762
Payments for repurchases or maturity of short-term borrowings		(1,679,453	)		(2,865,700	)
Net cash inflows (outflows) from interbank money market borrowings		362,634			(311,471	)
Net cash inflows (outflows) from other secured borrowings		298,680			(335,372	)
Net cash inflows (outflows) from deposits received at banks		(87,399	)		36,223
Payments for withholding taxes on stock-based compensation		(2,163	)		(3,856	)
Proceeds from sales of common stock		285			215
Payments for repurchases of common stock		(150,009	)		(11	)
Payments for cash dividends		(58,416	)		(76,358	)
Contributions from noncontrolling interests		70,112			24,794
Distributions to noncontrolling interests		(26,912	)		(35,145	)
Net cash provided by (used in) financing activities		807,705			(668,725	)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		(27,277	)		60,884
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents		505,178			317,701
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year		2,687,132			3,192,310
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,192,310			3,510,011

- 13 -

Financial Summary – Year ended March 31, 2022

Summary Information

1. Consolidated Operating Results

(3) Cash Flows

(Original)

	(Millions of yen)
	For the year ended March 31
	2021			2022
Net cash provided by (used in) operating activities		665,770			(1,368,710	)
Net cash used in investing activities		(139,026	)		(45,301	)
Net cash provided by (used in) financing activities		(269,927	)		1,070,715
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,510,011			3,316,408

(Corrected)

	(Millions of yen)
	For the year ended March 31
	2021			2022
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

Accompanying Materials

1. Overview of Consolidated Operating Results

(3) Overview of Cash Flows

(Original)

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 1,368.7 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 45.3 billion yen due mainly to Increase in loans receivable at banks, net. Cash flows from financing activities for the year ended March 31, 2022 were inflows of 1,070.7 billion yen due primarily to Increase in long-term borrowings.

(Corrected)

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.

- 14 -

3. Consolidated Financial Statements

(5) Consolidated Statements of Cash Flows

(Original)

	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
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:
Time deposits		43,560			(23,064	)
Deposits with stock exchanges and other segregated cash		13,878			(18,408	)
Trading assets and private equity and debt investments		1,468,357			1,254,261
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
Other secured borrowings		(326,450	)		2,120
Loans and receivables, net of allowance for doubtful accounts		1,145,429			(412,429	)
Payables		(33,994	)		(247,980	)
Bonus accrual		15,840			(1,865	)
Other, net		67,223			(128,946	)
Net cash provided by (used in) operating activities		665,770			(1,368,710	)
Cash flows from investing activities:
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
Proceeds from sales of investments in equity securities		6,502			2,502
Increase in loans receivable at banks, net		(83,412	)		(112,782	)
Decrease (increase) in non-trading debt securities, net		38,409			(51,065	)
Business acquisition		(11,152	)		—
Decrease (increase) in investments in affiliated companies, net		(9,182	)		103,437
Other, net		(9,958	)		28,953
Net cash used in investing activities		(139,026	)		(45,301	)
Cash flows from financing activities:
Increase in long-term borrowings		2,067,725			3,895,059
Decrease in long-term borrowings		(2,068,695	)		(2,670,106	)
Decrease in short-term borrowings, net		(325,237	)		(475,509	)
Increase in deposits received at banks, net		126,177			448,099
Proceeds from sales of common stock held in treasury		215			11
Payments for repurchases of common stock in treasury		(11	)		(39,650	)
Payments for cash dividends		(76,358	)		(70,714	)
Transactions with noncontrolling interests, net		6,257			(16,475	)
Net cash provided by (used in) financing activities		(269,927	)		1,070,715
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

- 15 -

(Corrected)

	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

- 16 -

Financial Summary – Year ended March 31, 2024

Summary Information

1. Consolidated Operating Results

(3) Cash Flows

(Original)

	(Millions of yen)
	For the year ended March 31
	2023			2024
Net cash provided by (used in) operating activities		(694,820	)		86,626
Net cash used in investing activities		(233,225	)		(890,676	)
Net cash provided by financing activities		1,283,937			1,061,602
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,820,852			4,299,022

(Corrected)

	(Millions of yen)
	For the year ended March 31
	2023			2024
Net cash provided by (used in) operating activities		(694,820	)		132,640
Net cash used in investing activities		(233,225	)		(887,938	)
Net cash provided by financing activities		1,283,937			1,012,850
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,820,852			4,299,022

Accompanying Materials

1. Overview of Consolidated Operating Results

(3) Overview of Cash Flows

(Original)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2024, increased by 478.2 billion yen compared to March 31, 2023. Cash flows from operating activities for the year ended March 31, 2024 were inflows of 86.6 billion yen due mainly to the increase in Payables. Cash flows from investing activities for the year ended March 31, 2024 were outflows of 890.7 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, 2024 were inflows of 1,061.6 billion yen due primarily to Proceeds from issuances of long-term borrowings.

(Corrected)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2024, increased by 478.2 billion yen compared to March 31, 2023. Cash flows from operating activities for the year ended March 31, 2024 were inflows of 132.6 billion yen due mainly to the increase in Payables. Cash flows from investing activities for the year ended March 31, 2024 were outflows of 887.9 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, 2024 were inflows of 1,012.9 billion yen due primarily to Proceeds from issuances of long-term borrowings.

- 17 -

3. Consolidated Financial Statements

(5) Consolidated Statements of Cash Flows

(Original)

	Millions of yen
	For the year ended
	March 31, 2023			March 31, 2024
Cash flows from operating activities:
Net income		91,676			177,220
Adjustments to reconcile net income to Net cash provided by (used in) operating activities:
Depreciation and amortization		61,424			61,340
Provision for credit losses		(4,047	)		13,910
(Gain) loss on investments in equity securities		1,426			(9,612	)
Gain on investments in subsidiaries and affiliates		(23,889	)		(968	)
Loss on disposal of office buildings, land, equipment and facilities		344			2,670
Changes in operating assets and liabilities:
Deposits with stock exchanges and other segregated cash		170,632			16,465
Trading assets and private equity and debt investments		(1,623,037	)		(386,474	)
Trading liabilities		467,257			(411,843	)
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		(590,424	)		290,843
Securities borrowed, net of securities loaned		834,438			(324,095	)
Margin loans and receivables		472,811			(276,058	)
Payables		(139,417	)		709,839
Bonus accrual		(3,319	)		26,480
Other, net		(410,695	)		196,909
Net cash provided by (used in) operating activities		(694,820	)		86,626
Cash flows from investing activities:
Payments for placements of time deposits		(344,117	)		(636,813	)
Proceeds from redemption or maturity of time deposits		284,705			551,669
Payments for purchases of office buildings, land, equipment and facilities		(171,165	)		(145,784	)
Proceeds from sales of office buildings, land, equipment and facilities		63,648			109,443
Payments for purchases of equity investments		(4,471	)		(12,762	)
Proceeds from sales of equity investments		52,299			40,497
Net cash outflows from loans receivable at banks		(84,362	)		(112,224	)
Payments for purchases or origination of other non-trading loans		(4,702,061	)		(4,302,524	)
Proceeds from sales or repayments of other non-trading loans		4,486,651			3,622,991
Net cash outflows from interbank money market loans		(62	)		—
Payments for purchases of non-trading debt securities		(45,910	)		(112,438	)
Proceeds from sales or maturity of non-trading debt securities		205,468			135,690
Acquisitions, net of cash acquired		—			(457	)
Divestures, net of cash disposed of		16,950			—
Payments for purchases of investments in affiliated companies		(25,119	)		(29,778	)
Proceeds from sales of investments in affiliated companies		43,299			900
Other, net		(8,978	)		914
Net cash used in investing activities		(233,225	)		(890,676	)
Cash flows from financing activities:
Proceeds from issuances of long-term borrowings		2,208,422			3,202,737
Payments for repurchases or maturity of long-term borrowings		(1,115,171	)		(2,170,655	)
Proceeds from issuances of short-term borrowings		2,630,083			1,894,565
Payments for repurchases or maturity of short-term borrowings		(2,694,588	)		(1,866,998	)
Net cash inflows (outflows) from interbank money market borrowings		48,197			(88,288	)
Net cash inflows (outflows) from other secured borrowings		(52,915	)		107,311
Net cash inflows from deposits received at banks		328,867			107,532
Payments for withholding taxes on stock-based compensation		(9,060	)		(12,669	)
Proceeds from sales of common stock		4			953
Payments for repurchases of common stock		(24,728	)		(61,029	)
Payments for cash dividends		(57,262	)		(60,164	)
Contributions from noncontrolling interests		59,718			69,231
Distributions to noncontrolling interests		(37,630	)		(60,924	)
Net cash provided by financing activities		1,283,937			1,061,602
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		148,552			220,618
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents		504,444			478,170
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year		3,316,408			3,820,852
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,820,852			4,299,022

- 18 -

(Corrected)

	Millions of yen
	For the year ended
	March 31, 2023			March 31, 2024
Cash flows from operating activities:
Net income		91,676			177,220
Adjustments to reconcile net income to Net cash provided by (used in) operating activities:
Depreciation and amortization		61,424			61,340
Provision for credit losses		(4,047	)		13,910
(Gain) loss on investments in equity securities		1,426			(9,612	)
Gain on investments in subsidiaries and affiliates		(23,889	)		(968	)
Loss on disposal of office buildings, land, equipment and facilities		344			2,670
Changes in operating assets and liabilities:
Deposits with stock exchanges and other segregated cash		170,632			16,465
Trading assets and private equity and debt investments		(1,623,037	)		(386,474	)
Trading liabilities		467,257			(411,843	)
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		(590,424	)		290,843
Securities borrowed, net of securities loaned		834,438			(324,095	)
Margin loans and receivables		472,811			(276,058	)
Payables		(139,417	)		709,839
Bonus accrual		(3,319	)		26,480
Other, net		(410,695	)		242,923
Net cash provided by (used in) operating activities		(694,820	)		132,640
Cash flows from investing activities:
Payments for placements of time deposits		(344,117	)		(650,562	)
Proceeds from redemption or maturity of time deposits		284,705			567,599
Payments for purchases of office buildings, land, equipment and facilities		(171,165	)		(145,784	)
Proceeds from sales of office buildings, land, equipment and facilities		63,648			111,954
Payments for purchases of equity investments		(4,471	)		(14,716	)
Proceeds from sales of equity investments		52,299			40,497
Net cash outflows from loans receivable at banks		(84,362	)		(112,224	)
Payments for purchases or origination of other non-trading loans		(4,702,061	)		(4,286,507	)
Proceeds from sales or repayments of other non-trading loans		4,486,651			3,606,974
Net cash outflows from interbank money market loans		(62	)		—
Payments for purchases of non-trading debt securities		(45,910	)		(112,438	)
Proceeds from sales or maturity of non-trading debt securities		205,468			135,690
Acquisitions, net of cash acquired		—			(457	)
Divestures, net of cash disposed of		16,950			—
Payments for purchases of investments in affiliated companies		(25,119	)		(29,778	)
Proceeds from sales of investments in affiliated companies		43,299			900
Other, net		(8,978	)		914
Net cash used in investing activities		(233,225	)		(887,938	)
Cash flows from financing activities:
Proceeds from issuances of long-term borrowings		2,208,422			3,064,698
Payments for repurchases or maturity of long-term borrowings		(1,115,171	)		(2,101,758	)
Proceeds from issuances of short-term borrowings		2,630,083			1,964,955
Payments for repurchases or maturity of short-term borrowings		(2,694,588	)		(1,866,998	)
Net cash inflows (outflows) from interbank money market borrowings		48,197			(88,288	)
Net cash inflows (outflows) from other secured borrowings		(52,915	)		57,311
Net cash inflows from deposits received at banks		328,867			107,532
Payments for withholding taxes on stock-based compensation		(9,060	)		(12,669	)
Proceeds from sales of common stock		4			953
Payments for repurchases of common stock		(24,728	)		(61,029	)
Payments for cash dividends		(57,262	)		(60,164	)
Contributions from noncontrolling interests		59,718			69,231
Distributions to noncontrolling interests		(37,630	)		(60,924	)
Net cash provided by financing activities		1,283,937			1,012,850
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		148,552			220,618
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents		504,444			478,170
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year		3,316,408			3,820,852
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		3,820,852			4,299,022

- 19 -