Table of Contents
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 May 2005.
NOMURA HOLDINGS, INC.
(Translation of registrant’s name into English)
9-1, Nihonbashi 1-chome
Chuo-ku, Tokyo 103-8645
Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
Table of Contents
Information furnished on this form:
| Exhibit Number |
||
| 1. [Consolidated Results of Operations (US GAAP) Fourth Quarter, Fiscal Year ended March 2005] | ||
2
Table of Contents
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. | ||
| By: | /S/ TETSU OZAKI | |
| Tetsu Ozaki | ||
| Senior Managing Director | ||
Date: May 2, 2005
3
Table of Contents
Consolidated Results of Operations
(US GAAP)
Fourth quarter, fiscal year ended March 2005
Nomura Holdings, Inc.
April 2005
Table of Contents
Outline of Presentation
| n | Financial Summary |
| n | Review of Businesses |
| Ø | Segment Information |
| Ø | Domestic Retail |
| Ø | Global Wholesale |
| Ø | Asset Management |
| Ø | Non-interest Expenses |
| n | Appendix |
| 1. | This document is produced by Nomura Holdings, Inc. (“Nomura”). Copyright 2005 Nomura Holdings, Inc. All rights reserved. |
| 2. | Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made. |
| 3. | No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura. |
| 4. | The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information. |
| 5. | This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions. |
| 6. | The consolidated financial information in this document is unaudited. |
2
Table of Contents
Consolidated Financial Summary (1)
(Millions of yen, per share data in yen)
| Quarterly |
Full Year |
|||||||||||||||||||||||
| FY2005.3 4Q |
FY2004.3 4Q |
FY2005.3 3Q |
Y-o-Y |
Q-o-Q |
FY2005.3 |
FY2004.3 |
Y-o-Y |
|||||||||||||||||
| Net revenue |
234,533 | 238,098 | 193,888 | -1 | % | 21 | % | 799,190 | 803,103 | 0 | % | |||||||||||||
| Non-interest expenses |
167,563 | 144,604 | 144,696 | 16 | % | 16 | % | 594,355 | 520,427 | 14 | % | |||||||||||||
| Income before income taxes |
66,970 | 93,494 | 49,192 | -28 | % | 36 | % | 204,835 | 282,676 | -28 | % | |||||||||||||
| Net income |
25,543 | 69,912 | 25,141 | -63 | % | 2 | % | 94,732 | 172,329 | -45 | % | |||||||||||||
| Net income per share (basic) |
13.16 | 36.01 | 12.95 | -63 | % | 2 | % | 48.80 | 88.82 | -45 | % | |||||||||||||
| ROE (annualized) |
5.5 | % | 15.9 | % | 5.5 | % | 5.2 | % | 10.1 | % | ||||||||||||||
| (compared to 3/31/04) | ||||||||||||||||||||||||
| Total assets |
34,488,853 | 29,752,966 | 34,101,407 | 4,735,887 | ||||||||||||||||||||
| Total shareholders’ equity |
1,868,429 | 1,785,688 | 1,852,001 | 82,741 | ||||||||||||||||||||
| Shareholders’ equity per share |
962.48 | 919.67 | 954.01 | |||||||||||||||||||||
| Leverage (x) |
18.5 | 16.7 | 18.4 | |||||||||||||||||||||
3
Table of Contents
Consolidated Financial Summary (2)
(Millions of yen)
| Quarterly |
Full Year |
||||||||||||||||||
| FY2005.3 4Q |
FY2004.3 4Q |
FY2005.3 3Q |
Y-o-Y |
Q-o-Q |
FY2005.3 |
FY2004.3 |
Y-o-Y |
||||||||||||
| Revenue |
328,353 | 293,156 | 293,761 | 12 | % | 12 | % | 1,126,237 | 1,045,936 | 8 | % | ||||||||
| Commissions |
60,570 | 62,907 | 46,275 | -4 | % | 31 | % | 221,963 | 210,216 | 6 | % | ||||||||
| Fees from investment banking |
26,137 | 28,228 | 18,412 | -7 | % | 42 | % | 92,322 | 86,994 | 6 | % | ||||||||
| Asset management and portfolio service fees |
21,135 | 18,644 | 19,287 | 13 | % | 10 | % | 78,452 | 66,193 | 19 | % | ||||||||
| Net gain on trading |
70,337 | 47,713 | 54,709 | 47 | % | 29 | % | 201,686 | 229,042 | -12 | % | ||||||||
| Gain (loss) on private equity investments |
11,508 | 8,645 | -2,165 | 33 | % | — | 7,744 | 13,138 | -41 | % | |||||||||
| Interest and dividends |
96,351 | 85,096 | 122,035 | 13 | % | -21 | % | 401,379 | 343,260 | 17 | % | ||||||||
| Gain on investments in equity securities |
8,915 | 21,331 | 7,752 | -58 | % | 15 | % | 15,314 | 55,888 | -73 | % | ||||||||
| Private equity entities product sales |
21,585 | 11,012 | 20,250 | 96 | % | 7 | % | 75,061 | 17,640 | 326 | % | ||||||||
| Other |
11,815 | 9,580 | 7,206 | 23 | % | 64 | % | 32,316 | 23,565 | 37 | % | ||||||||
| Interest expense |
93,820 | 55,058 | 99,873 | 70 | % | -6 | % | 327,047 | 242,833 | 35 | % | ||||||||
| Net revenue |
234,533 | 238,098 | 193,888 | -1 | % | 21 | % | 799,190 | 803,103 | 0 | % | ||||||||
| Non-interest expenses |
167,563 | 144,604 | 144,696 | 16 | % | 16 | % | 594,355 | 520,427 | 14 | % | ||||||||
| Income before income taxes |
66,970 | 93,494 | 49,192 | -28 | % | 36 | % | 204,835 | 282,676 | -28 | % | ||||||||
| Net income |
25,543 | 69,912 | 25,141 | -63 | % | 2 | % | 94,732 | 172,329 | -45 | % | ||||||||
Changes in the fair value of derivatives that are economically used to hedge non-trading assets and liabilities, but that do not meet the criteria in SFAS No. 133 to qualify as an accounting hedge, are reported in current period earnings as either net gain on trading, interest revenue, or interest expenses, depending on the nature of the transaction. Effective with the year ended March 31, 2005, changes in the fair value of both the embedded derivative and related economic hedges are netted. Such amounts previously reported have been reclassified to conform to the current year presentation.
4
Table of Contents
Review of Businesses
| n | Segment Information (P6) |
| n | Domestic Retail (P7-8) |
| n | Global Wholesale (P9-11) |
| n | Asset Management (P12-13) |
| n | Non-interest Expenses (P14) |
Table of Contents
Segment Information
(Billions of yen)
| Quarterly |
Full Year |
|||||||||||||||||||||||||
| FY2005.3 |
FY2005.3 |
FY2004.3 |
||||||||||||||||||||||||
| 4Q |
3Q |
Q-o-Q |
2Q |
1Q |
4Q |
3Q |
2Q |
1Q |
FY2005.3 |
FY2004.3 |
Y-o-Y |
|||||||||||||||
| Domestic Retail | ||||||||||||||||||||||||||
| Net revenue |
79.6 | 73.0 | 9 | % | 64.8 | 87.0 | 79.8 | 75.4 | 75.6 | 75.0 | 304.4 | 305.8 | 0 | % | ||||||||||||
| Non-interest expenses |
60.0 | 55.0 | 9 | % | 54.9 | 53.3 | 59.8 | 55.3 | 56.9 | 54.2 | 223.2 | 226.2 | -1 | % | ||||||||||||
| Income before income taxes |
19.6 | 18.0 | 9 | % | 9.8 | 33.7 | 20.0 | 20.1 | 18.7 | 20.8 | 81.2 | 79.5 | 2 | % | ||||||||||||
| Global Wholesale | ||||||||||||||||||||||||||
| Net revenue |
99.6 | 73.4 | 36 | % | 65.4 | 87.5 | 99.3 | 57.3 | 115.0 | 94.2 | 325.9 | 365.7 | -11 | % | ||||||||||||
| Non-interest expenses |
72.5 | 56.7 | 28 | % | 55.4 | 54.8 | 58.2 | 55.2 | 57.4 | 56.4 | 239.5 | 227.2 | 5 | % | ||||||||||||
| Income before income taxes |
27.1 | 16.7 | 62 | % | 10.0 | 32.7 | 41.1 | 2.1 | 57.6 | 37.8 | 86.4 | 138.5 | -38 | % | ||||||||||||
| Asset Management | ||||||||||||||||||||||||||
| Net revenue |
10.5 | 12.3 | -15 | % | 11.0 | 9.7 | 9.0 | 10.6 | 8.0 | 8.3 | 43.5 | 36.0 | 21 | % | ||||||||||||
| Non-interest expenses |
9.5 | 8.9 | 6 | % | 8.8 | 8.9 | 10.2 | 8.1 | 10.5 | 8.2 | 36.1 | 37.0 | -2 | % | ||||||||||||
| Income before income taxes |
1.0 | 3.4 | -71 | % | 2.2 | 0.8 | -1.2 | 2.6 | -2.5 | 0.1 | 7.4 | -1.0 | — | |||||||||||||
| Total income before income taxes of 3 business segments | 47.7 | 38.1 | 25 | % | 22.0 | 67.1 | 59.9 | 24.7 | 73.7 | 58.7 | 175.0 | 217.0 | -19 | % | ||||||||||||
6
Table of Contents
Domestic Retail (1) Revenue
4Q Points
Revenue up 9% due to increased retail stock brokerage commissions and robust distribution of investment trusts offering frequent dividend payments
| n | Commissions: 45.6 billion yen (up 22.2%) |
| ü | Retail Stock Brokerage Commissions: 27.3 billion yen (up 41.5%) |
| Ø | Individual Equity Agency Transaction Value (monthly average)* 14.4 trillion yen (up 44.5%) |
| Ø | Equity Holding Accounts: 1.668 million (as of 03/31/05, up 9,000 from 12/31/04) |
| ü | Commissions for Investment Trusts Distribution and Redemption:** 13.7 billion yen (up 9.7%) |
| Ø | Stock Investment Trusts Commissions: 10 billion yen (up 10.2%) |
| Ø | Foreign Investment Trusts Commissions: 2.6 billion yen (up 19.8%) |
| ü | Insurance: |
| Ø | Outstanding Value of Variable Annuity Insurance Policies: 446.4 billion yen (up 10.0%) (as of 03/31/05) |
| n | Fees From Investment Banking: 5.7 billion yen (down 2%) |
| ü | Distribution of JGBs for Individual Investors |
10th Issue: 397.2 billion yen
(Issue Amount: 2,337 billion yen, Nomura’s share: 17%, ranked No. 1)
| n | Sales Credit: 20.2 billion yen (down 6.1%) |
| n | Investment Trust Administration Fees and Other: 6.8 billion yen (up 5.3%) |
(Note) All percentage comparisons refer to Q-o-Q comparisons unless otherwise noted
| * | Data from the 3 major exchanges (Tokyo, Osaka, Nagoya) |
| ** | Nomura Securities |
Net Revenue and Income before Income Taxes
7
Table of Contents
Domestic Retail (2) Client Assets
4Q Points
Retail client assets grew by 1.3 trillion yen on firm sales of JGBs for individual investors and robust distribution of investment trusts
| * | Domestic Retail client assets, excluding financial institutions |
| ** | Includes CBs, warrants |
| *** | Includes variable annuity insurance |
Net asset inflow: Gap between inflow and outflow of assets
8
Table of Contents
Global Wholesale (1) Global Markets
4Q Points
Revenue up 23% due mainly to revenue generated from securitization deals outside Japan
| n | Equity Market |
| ü | Equity Agency Transaction Value* (monthly average): 57 trillion yen (up 25.8% Q-o-Q) |
| n | Consolidated Net Gain on Trading & Net Interest Revenue |
| n | Large International Bond Underwritings |
| ü | Kingdom of Belgium: EUR 5 billion (joint lead) |
| ü | Italian Republic: USD 4 billion (joint lead) |
| n | Foreign Currency Bond Offerings to Retail Investors |
| ü | KfW (exchangeable bond issue): EUR 1.1 billion |
| ü | IBRD: AUD 461 million |
| n | Asset Finance |
| ü | Financial advisor for private finance initiative project to be carried out by Japan’s House of Representatives to build living quarters |
| * | Total transaction value of listed domestic shares by trading participants with over 3 billion yen in capital (Source: Tokyo Stock Exchange) |
Net Revenue and Income before Income Taxes**
| ** | Data through FY04.3 4Q represent Fixed Income and Equity totals. |
9
Table of Contents
Global Wholesale (2) Investment Banking
4Q Points
Revenue declined 4% due to a drop in equity-related underwriting as bookrunner
| n | Equity and Equity-related Underwriting (IPO, PO, CB) |
| ü Value* |
Total: | US$ 11.99 billion (up 6.2% Q-o-Q) | ||
| Nomura: | US$ 2.40 billion (down 4.2% Q-o-Q) | |||
| *Thomson Financial (January - March 2005) | ||||
| ü | Major Deals |
| IPO: | Crescendo Investment Corp. | 15 billion yen | ||||||
| (J-REIT) | ||||||||
| PO: | Shinsei Bank | 282 billion yen | ||||||
| Sapporo Hokuyo Holdings | 22.4 billion yen | |||||||
| CB: | Kawasaki Kisen Kaisha | 30 billion yen | ||||||
| (euroyen CB) |
| ü | Ranking |
First in FY04 Equity and Equity-related Bookrunner League Table**
**Thomson Financial
| n | Capital Solutions Business |
| ü | Multiple Private Offerings (MPOs) |
9 MPOs in 4Q: 24.9 billion yen
(Total between Jan ’04 and Mar ‘05 including HPOs: 36 deals; 373.8 billion yen)
| n | M&A Advisory Business |
| ü | Major Deals |
- Management integration of MTFG and UFJ Group
- Joint share transfer between Sankyo and Daiichi Pharmaceutical
| ü | Ranking |
FY04 M&A league table leader in terms of deals announced**
| ü | Formed alliance with Rothschild to pursue opportunities in the field of cross border M&A between Japan and Europe |
Net Revenue and Income before Income Taxes
10
Table of Contents
Global Wholesale (3) Merchant Banking
4Q Points
Revenue moved into the black as a result of an increase in the fair value of Terra Firma investee companies
| n | New Deals |
| ü | Millennium Retailing |
30 billion yen second round purchase of newly-issued shares by exercising stock purchase rights (total investment to date 50 billion yen; 65.54% of voting rights (excluding potential common shares))
| ü | Huis Ten Bosch |
Acquired 1.5 billion yen of newly-issued common stock (total investment to date 9.5 billion yen; 99.99% of voting rights)
| ü | YMC Co., Ltd. |
Acquired shares (55.8% of voting rights (excluding potential common shares))
| ü | Misawa Homes Holdings |
Signed capital alliance agreement together with Toyota Motor Corp. and Aioi Insurance Co. to acquire joint total of 25.8 billion yen of newly-issued shares (Fund set up by Nomura Principal Finance to acquire 11.2 billion yen of new shares)
| n | Exit Transactions |
| ü | Assisted Living Facility Fund |
Bulk transfer of silent partnership equity position
| n | Merchant Banking Business Exposure |
Net Revenue and Income before Income Taxes
11
Table of Contents
Asset Management (1) Revenue
4Q Points
Despite strong subscriptions, previous quarter seasonal factors gave way, pushing revenue down 15%
| n | New Funds |
| ü | Attractive Dividend Blue Chip Fund 3 initial sales: 50.5 billion yen (Unit investment trust) |
| ü | Nomura US Loan Income Fund initial sales: 28 billion yen (57billion yen as of March 31, 2005) |
| n | Fund of Funds |
| ü | Fund of Funds Net Assets |
-03/31/05 Assets under management = 419 billion yen (up 17% from 12/31/04)
| n | Increased Assets of Funds for Bank Customers |
| ü | 89.2 billion yen as of 03/31/05 (up 103% from 12/31/04) |
| n | NCRAM Assets Under Management |
| ü | US$10.7 billion as of 03/31/05 (up 8% from 12/31/04) |
| n | Asset Management Fee (Consolidated) |
Net Revenue and Income before Income Taxes
12
Table of Contents
Asset Management (2) Assets Under Management
4Q Points
Investment advisory assets showing firm growth on increase from foreign clients
Assets under Management
Nomura Asset Management
Public Investment Trusts & Nomura Asset Management Market Share
Source: The Investment Trusts Association, Japan
13
Table of Contents
Non-Interest Expenses
| * | All non-interest expense figures shown on this slide exclude the effects of the consolidation/deconsolidation of certain private equity investee companies. See slides 22, 23 for more details. |
4Q Points
Non-interest expenses increased 19% to 146.8 billion yen
| n | Compensation and Benefits: 73.9 billion yen (up 15%Q-o-Q) |
| n | Information Processing and Communications: 21.4 billion yen (up 6% Q-o-Q) |
| n | Business Development Expenses: 7.5 billion yen (up 22% Q-o-Q) |
| n | Other Expenses: 24.4 billion yen (up 45% Q-o-Q) |
Fixed Cost Coverage Ratio: FY05.3 4Q: 33%
(Asset management-related fees of 22.5 billion yen divided by fixed-type expenses of 67.9 billion yen)
Asset management-related fees:
Asset management fees, custodial services fees, fees from coupon payments
Fixed-type expenses:
Fixed salaries, guaranteed bonuses, depreciation, real estate-related expenses and others
14
Table of Contents
Appendix
| • | Revenue and Income by Business Segment (P16) |
| • | Global Wholesale (Revenue and Income by Business Line) (P17-18) |
| • | Domestic Retail Related Data (P19) |
| • | Major Differences (Segment / Income Statement) (P20) |
| • | Consolidated Financial Summary (Excluding the Effect of Consolidation/Deconsolidation of Certain Private Equity Investee Companies) (P21) |
| • | Additional Information on Adjustments for Certain Private Equity Investee Companies (1) (P22) |
| • | Additional Information on Adjustments for Certain Private Equity Investee Companies (2) (P23) |
| • | Additional Information on Adjustments for Certain Private Equity Investee Companies (3) (P24) |
| • | Revenue (P25-28) |
| • | Client Assets (P29) |
| • | Number of Accounts (P30) |
| • | Secondary Market Share Data (P31) |
| • | Primary Market Share Data (P32) |
| • | Lead Manager League Table (P33) |
| • | Assets Under Management (Nomura Asset Management / NCRAM) (P34) |
| • | VaR (P35) |
| • | Number of Employees (P36) |
Table of Contents
Revenue and Income by Business Segment (Quarterly Base)
Unit: millions of yen
| Domestic Retail | ||||||||||||||||||||
| FY04.3 1Q |
2Q |
3Q |
4Q |
Full Year |
FY05.3 1Q |
2Q |
3Q |
4Q |
Full Year | |||||||||||
| Non-interest revenue |
74,573 | 75,214 | 74,893 | 79,355 | 304,035 | 86,210 | 64,191 | 71,986 | 79,077 | 301,464 | ||||||||||
| Net-interest revenue |
397 | 378 | 460 | 487 | 1,722 | 759 | 571 | 1,034 | 539 | 2,903 | ||||||||||
| Net revenue |
74,970 | 75,592 | 75,353 | 79,842 | 305,757 | 86,969 | 64,762 | 73,020 | 79,616 | 304,367 | ||||||||||
| Non-interest expenses |
54,201 | 56,916 | 55,273 | 59,823 | 226,213 | 53,294 | 54,920 | 54,981 | 60,005 | 223,200 | ||||||||||
| Income before income taxes |
20,769 | 18,676 | 20,080 | 20,019 | 79,544 | 33,675 | 9,842 | 18,039 | 19,611 | 81,167 | ||||||||||
| Unit: millions of yen | ||||||||||||||||||||
| Global Wholesale | ||||||||||||||||||||
| FY04.3 1Q |
2Q |
3Q |
4Q |
Full Year |
FY05.3 1Q |
2Q |
3Q |
4Q |
Full Year | |||||||||||
| Non-interest revenue |
68,977 | 94,852 | 51,351 | 75,665 | 290,845 | 74,936 | 33,674 | 31,267 | 124,971 | 264,848 | ||||||||||
| Net-interest revenue |
25,177 | 20,102 | 5,987 | 23,625 | 74,891 | 12,566 | 31,739 | 42,128 | -25,411 | 61,022 | ||||||||||
| Net revenue |
94,154 | 114,954 | 57,338 | 99,290 | 365,736 | 87,502 | 65,413 | 73,395 | 99,560 | 325,870 | ||||||||||
| Non-interest expenses |
56,356 | 57,400 | 55,247 | 58,224 | 227,227 | 54,847 | 55,415 | 56,739 | 72,501 | 239,502 | ||||||||||
| Income before income taxes |
37,798 | 57,554 | 2,091 | 41,066 | 138,509 | 32,655 | 9,998 | 16,656 | 27,059 | 86,368 | ||||||||||
| Unit: millions of yen | ||||||||||||||||||||
| Asset Management | ||||||||||||||||||||
| FY04.3 1Q |
2Q |
3Q |
4Q |
Full Year |
FY05.3 1Q |
2Q |
3Q |
4Q |
Full Year | |||||||||||
| Non-interest revenue |
7,598 | 7,633 | 10,459 | 8,610 | 34,300 | 9,046 | 10,842 | 12,034 | 10,317 | 42,239 | ||||||||||
| Net-interest revenue |
682 | 389 | 154 | 432 | 1,657 | 627 | 152 | 309 | 195 | 1,283 | ||||||||||
| Net revenue |
8,280 | 8,022 | 10,613 | 9,042 | 35,957 | 9,673 | 10,994 | 12,343 | 10,512 | 43,522 | ||||||||||
| Non-interest expenses |
8,192 | 10,517 | 8,058 | 10,237 | 37,004 | 8,894 | 8,810 | 8,903 | 9,479 | 36,086 | ||||||||||
| Income before income taxes |
88 | -2,495 | 2,555 | -1,195 | -1,047 | 779 | 2,184 | 3,440 | 1,033 | 7,436 | ||||||||||
16
Table of Contents
Global Wholesale
(Revenue and Income by Business Line, Quarterly Base) (1)
Unit: millions of yen
| Global Markets* | ||||||||||
| FY05.3 1Q |
2Q |
3Q |
4Q |
Full Year | ||||||
| Net revenue |
71,799 | 44,886 | 56,641 | 69,761 | 243,087 | |||||
| Fixed Income related |
38,535 | 15,978 | 27,051 | 38,262 | 119,826 | |||||
| Equity related |
29,658 | 22,138 | 20,520 | 22,157 | 94,473 | |||||
| Non-interest expenses |
41,175 | 41,513 | 43,797 | 56,416 | 182,901 | |||||
| Income before income taxes |
30,624 | 3,373 | 12,844 | 13,345 | 60,186 | |||||
| Unit: millions of yen | ||||||||||
| Fixed Income | ||||||||||
| FY04.3 1Q |
2Q |
3Q |
4Q |
Full Year | ||||||
| Net revenue |
62,261 | 48,118 | 26,319 | 37,296 | 173,994 | |||||
| Non-interest expenses |
25,093 | 22,274 | 20,725 | 23,718 | 91,810 | |||||
| Income before income taxes |
37,168 | 25,844 | 5,594 | 13,578 | 82,184 | |||||
| Unit: millions of yen | ||||||||||
| Equity | ||||||||||
| FY04.3 1Q |
2Q |
3Q |
4Q |
Full Year | ||||||
| Net revenue |
20,381 | 38,950 | 15,328 | 35,494 | 110,153 | |||||
| Non-interest expenses |
16,470 | 19,202 | 18,312 | 17,510 | 71,494 | |||||
| Income before income taxes |
3,911 | 19,748 | -2,984 | 17,984 | 38,659 | |||||
| * | In April 2004, Fixed Income, Equity and certain functions in Investment Banking were consolidated to create Global Markets. Fixed Income related and Equity related, which make up net revenue, differ in composition to Fixed Income and Equity definitions used in the past. |
17
Table of Contents
Global Wholesale
(Revenue and Income by Business Line, Quarterly Base) (2)
Unit: millions of yen
| Investment Banking | ||||||||||||||||||||
| FY04.3 1Q |
2Q |
3Q |
4Q |
Full Year |
FY05.3 1Q |
2Q |
3Q |
4Q |
Full Year | |||||||||||
| Net revenue |
12,908 | 20,568 | 18,013 | 19,380 | 70,869 | 12,945 | 22,874 | 20,242 | 19,384 | 75,445 | ||||||||||
| Non-interest expenses |
12,086 | 13,458 | 13,448 | 14,711 | 53,703 | 10,668 | 11,472 | 10,734 | 13,357 | 46,231 | ||||||||||
| Income before income taxes |
822 | 7,110 | 4,565 | 4,669 | 17,166 | 2,277 | 11,402 | 9,508 | 6,027 | 29,214 | ||||||||||
| Unit: millions of yen | ||||||||||||||||||||
| Merchant Banking | ||||||||||||||||||||
| FY04.3 1Q |
2Q |
3Q |
4Q |
Full Year |
FY05.3 1Q |
2Q |
3Q |
4Q |
Full Year | |||||||||||
| Net revenue |
-1,396 | 7,318 | -2,322 | 7,120 | 10,720 | 2,758 | -2,347 | -3,488 | 10,415 | 7,338 | ||||||||||
| Non-interest expenses |
2,707 | 2,466 | 2,762 | 2,285 | 10,220 | 3,004 | 2,430 | 2,208 | 2,728 | 10,370 | ||||||||||
| Income before income taxes |
-4,103 | 4,852 | -5,084 | 4,835 | 500 | -246 | -4,777 | -5,696 | 7,687 | -3,032 | ||||||||||
| * | In April 2004, Fixed Income, Equity and certain functions in Investment Banking were consolidated to create Global Markets. Fixed Income related and Equity related, which make up net revenue, differ in composition to Fixed Income and Equity definitions used in the past. |
18
Table of Contents
Domestic Retail Related Data
| FY03.3 |
FY04.3 |
FY05.3 | ||||||||||||||||||||||
| Domestic Retail
|
1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
4Q |
1Q |
2Q |
3Q |
4Q | ||||||||||||
| Retail Foreign Currency Bond Sales (Billions of yen) |
501.5 | 429.9 | 756.0 | 597.3 | 976.8 | 405.1 | 316.3 | 291.8 | 228.7 | 243.0 | 313.1 | 369.6 | ||||||||||||
| Commissions for investment trusts distribution and redemption (Billions of yen)* |
12.8 | 6.7 | 7.7 | 7.7 | 9.6 | 10.1 | 12.3 | 15.0 | 14.5 | 9.2 | 12.5 | 13.7 | ||||||||||||
| Bond investment trusts commission |
5.5 | 4.2 | 4.0 | 3.2 | 2.2 | 2.6 | 3.4 | 2.9 | 2.3 | 1.6 | 1.3 | 1.2 | ||||||||||||
| Stock investment trusts commission |
6.0 | 1.8 | 1.3 | 2.6 | 2.6 | 4.9 | 6.6 | 7.4 | 7.6 | 5.0 | 9.1 | 10.0 | ||||||||||||
| Foreign investment trusts commission** |
1.3 | 0.8 | 2.5 | 1.9 | 4.8 | 2.5 | 2.3 | 4.7 | 4.6 | 2.6 | 2.1 | 2.6 | ||||||||||||
| Domestic distribution volume of investment trusts (Trillions of yen) |
3.3 | 2.5 | 3.5 | 2.6 | 3.2 | 3.5 | 3.4 | 3.7 | 3.9 | 3.2 | 3.4 | 3.7 | ||||||||||||
| Bond investment trusts |
2.4 | 1.8 | 2.7 | 1.7 | 2.0 | 2.6 | 2.6 | 2.8 | 3.0 | 2.3 | 2.4 | 2.7 | ||||||||||||
| Stock investment trusts |
0.5 | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.7 | 0.7 | ||||||||||||
| Foreign investment trusts |
0.5 | 0.4 | 0.6 | 0.5 | 0.8 | 0.5 | 0.3 | 0.4 | 0.4 | 0.3 | 0.3 | 0.4 | ||||||||||||
| 2002.6 |
2002.9 |
2002.12 |
2003.3 |
2003.6 |
2003.9 |
2003.12 |
2004.3 |
2004.6 |
2004.9 |
2004.12 |
2005.3 | |||||||||||||
| Other (Billions of yen) |
||||||||||||||||||||||||
| Outstanding value of Long-Term Bond Investment Trust* |
5,291 | 4,785 | 4,282 | 3,883 | 3,612 | 3,302 | 2,910 | 2,558 | 2,293 | 2,106 | 1,966 | 1,836 | ||||||||||||
| Outstanding value of variable annuity insurance policies |
28.1 | 105.4 | 149.6 | 166.6 | 182.8 | 216.8 | 242.2 | 261.6 | 304.9 | 358.6 | 405.9 | 446.4 | ||||||||||||
| * | Nomura Securities |
| ** | Commission during the initial and subsequent offering periods |
19
Table of Contents
Major Differences (Segment Data / Income Statement)
| (Billions of yen) | 1Q |
2Q |
3Q |
4Q |
Full Year | |||||
| Total Income before Income Taxes for 3 Business Segments |
67.1 | 22.0 | 38.1 | 47.7 | 175.0 | |||||
| Loss/gain on undesignated hedging instruments included in Net Gain on Trading |
-13.0 | 5.3 | 0.9 | -1.8 | -8.7 | |||||
| Loss/gain on investment securities |
0.4 | 5.1 | 1.7 | 0.5 | 7.8 | |||||
| Equity in losses/earnings |
2.5 | 0.4 | 2.5 | 1.8 | 7.2 | |||||
| Corporate Items |
-0.7 | -1.1 | 1.6 | 4.8 | 4.5 | |||||
| Other |
3.1 | -2.1 | -0.9 | 1.6 | 1.7 | |||||
| Unrealized loss/gain on investments in equity securities held for relationship purposes |
9.8 | -15.4 | 5.8 | 8.2 | 8.4 | |||||
| Effect of consolidation/deconsolidation of private equity investee companies |
3.1 | 1.9 | -0.4 | 4.2 | 8.9 | |||||
| Difference between Segments Total and Income Statement |
5.4 | -5.8 | 11.1 | 19.3 | 29.8 | |||||
| Income before Income Taxes |
72.5 | 16.2 | 49.2 | 67.0 | 204.8 |
20
Table of Contents
Consolidated Financial Summary (Excluding the Effect of Consolidation and Deconsolidation of Certain Private Equity Investee Companies)
(Millions of yen)
U.S. GAAP Figures
| Quarterly |
Full Year |
||||||||||||||||||
| FY2005.3 4Q |
FY2004.3 4Q |
FY2005.3 3Q |
Y-o-Y |
Q-o-Q |
FY2005.3 |
FY2004.3 |
Y-o-Y |
||||||||||||
| Net revenue |
234,533 | 238,098 | 193,888 | -1 | % | 21 | % | 799,190 | 803,103 | 0 | % | ||||||||
| Non-interest expenses |
167,563 | 144,604 | 144,696 | 16 | % | 16 | % | 594,355 | 520,427 | 14 | % | ||||||||
| Income before income taxes |
66,970 | 93,494 | 49,192 | -28 | % | 36 | % | 204,835 | 282,676 | -28 | % | ||||||||
| Effect of Consolidation/Deconsolidation of Certain Private Equity Investee Companies* | |||||||||||||||||||
| Quarterly |
Full Year |
||||||||||||||||||
| FY2005.3 4Q |
FY2004.3 4Q |
FY2005.3 3Q |
Y-o-Y |
Q-o-Q |
FY2005.3 |
FY2004.3 |
Y-o-Y |
||||||||||||
| Net revenue |
25,032 | 11,838 | 20,764 | 111 | % | 21 | % | 81,844 | 18,851 | 334 | % | ||||||||
| Non-interest expenses |
20,784 | 9,856 | 21,197 | 111 | % | -2 | % | 72,955 | 16,409 | 345 | % | ||||||||
| Income before income taxes |
4,247 | 1,982 | -432 | 114 | % | — | 8,889 | 2,442 | 264 | % | |||||||||
| Adjusted Figures | |||||||||||||||||||
| Quarterly |
Full Year |
||||||||||||||||||
| FY2005.3 4Q |
FY2004.3 4Q |
FY2005.3 3Q |
Y-o-Y |
Q-o-Q |
FY2005.3 |
FY2004.3 |
Y-o-Y |
||||||||||||
| Net revenue |
209,501 | 226,260 | 173,124 | -7 | % | 21 | % | 717,346 | 784,252 | -9 | % | ||||||||
| Non-interest expenses |
146,779 | 134,784 | 123,499 | 9 | % | 19 | % | 521,400 | 504,018 | 3 | % | ||||||||
| Income before income taxes |
62,723 | 91,512 | 49,624 | -31 | % | 26 | % | 195,946 | 280,234 | -30 | % | ||||||||
| (*) | Derived from reconciliation information to “Segment Information-Operating segment” section of Nomura Holdings’ unaudited consolidated “Financial Highlights—Nine months ended December 2004,” and “Financial Highlights—Year ended March 2005.” |
21
Table of Contents
Additional Information on Adjustments for Certain Private Equity Investee Companies (1)
| n | The following 2 pages include reconciliations of amounts shown in Slide 14 to relevant U.S. GAAP amounts reported in Nomura Holdings’ consolidated income statements. |
1. Fixed- and variable-type expenses
| FY05.3 4Q | ||
| (Billions of yen) | ||
| Fixed-type expenses |
72.7 | |
| excluding private equity investee companies |
67.9 | |
| private equity investee companies |
4.7 | |
| Variable-type expenses |
94.9 | |
| excluding private equity investee companies |
78.9 | |
| private equity investee companies |
16.0 | |
| Total non-interest expenses |
167.6 | |
2. Fixed-and variable-type compensation and benefits
| FY05.3 4Q | ||
| (Billions of yen) | ||
| Fixed-type compensation and benefits |
42.5 | |
| excluding private equity investee companies |
39.2 | |
| private equity investee companies |
3.2 | |
| Variable-type compensation and benefits |
34.9 | |
| excluding private equity investee companies |
34.6 | |
| private equity investee companies |
0.3 | |
| Total compensation and benefits |
77.4 | |
3. Asset management related Revenue for FY2005.3 4Q
No asset management-related revenue relates to private equity investee companies.
Asset management-related revenue for FY2005.3 4Q total 22.5 billion yen. This is comprised of 12.6 billion yen of asset management fees, 5.4 billion yen of administration fees, 3.2 billion yen of custodial fees, and 1.3 billion yen of bond principal/interest payment agency fees.
22
Table of Contents
Additional Information on Adjustments for Certain Private Equity Investee Companies (2)
(Billions of yen)
| FY04.3 1Q |
FY04.3 2Q |
FY04.3 3Q |
FY04.3 4Q |
FY05.3 1Q |
FY05.3 2Q |
FY05.3 3Q |
FY05.3 4Q | |||||||||
| Compensation and benefits |
65.9 | 67.7 | 61.8 | 63.9 | 65.9 | 64.2 | 67.4 | 77.4 | ||||||||
| Excluding private equity investee companies |
65.7 | 67.4 | 61.5 | 62.3 | 64.4 | 62.0 | 64.4 | 73.9 | ||||||||
| Private equity investee companies |
0.2 | 0.3 | 0.3 | 1.6 | 1.6 | 2.2 | 3.0 | 3.5 | ||||||||
| Commissions and floor brokerage |
4.9 | 4.6 | 3.5 | 6.2 | 6.4 | 6.5 | 4.1 | 6.9 | ||||||||
| Excluding private equity investee companies |
4.8 | 4.6 | 3.4 | 6.0 | 5.9 | 6.1 | 3.5 | 6.5 | ||||||||
| Private equity investee companies |
0.1 | 0.0 | 0.1 | 0.1 | 0.5 | 0.4 | 0.5 | 0.4 | ||||||||
| Information processing and communications | 18.9 | 19.5 | 19.2 | 22.5 | 19.3 | 20.1 | 20.4 | 21.6 | ||||||||
| Excluding private equity investee companies |
18.9 | 19.5 | 19.1 | 22.4 | 19.2 | 20.1 | 20.2 | 21.4 | ||||||||
| Private equity investee companies |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 | 0.2 | ||||||||
| Occupancy and related depreciation |
13.3 | 13.5 | 12.9 | 14.5 | 13.3 | 13.0 | 13.2 | 14.1 | ||||||||
| Excluding private equity investee companies |
13.3 | 13.4 | 12.8 | 14.2 | 13.0 | 12.5 | 12.3 | 13.1 | ||||||||
| Private equity investee companies |
0.0 | 0.1 | 0.1 | 0.3 | 0.3 | 0.5 | 0.9 | 1.1 | ||||||||
| Business development expenses |
5.0 | 5.4 | 5.5 | 7.2 | 5.4 | 7.8 | 6.8 | 8.2 | ||||||||
| Excluding private equity investee companies |
4.9 | 5.4 | 5.5 | 7.0 | 5.1 | 7.4 | 6.2 | 7.5 | ||||||||
| Private equity investee companies |
0.0 | 0.0 | 0.0 | 0.2 | 0.3 | 0.3 | 0.7 | 0.7 | ||||||||
| Other |
18.7 | 14.8 | 15.5 | 23.7 | 20.0 | 19.1 | 21.3 | 27.2 | ||||||||
| Excluding private equity investee companies |
17.9 | 15.2 | 16.0 | 22.8 | 17.1 | 18.3 | 16.9 | 24.4 | ||||||||
| Private equity investee companies |
0.9 | -0.3 | -0.5 | 0.9 | 2.9 | 0.8 | 4.4 | 2.8 | ||||||||
| Private equity entities cost of goods sold | 2.1 | 1.1 | 1.9 | 6.7 | 11.2 | 9.9 | 11.5 | 12.1 | ||||||||
| Total non-interest expenses |
128.8 | 126.7 | 120.3 | 144.6 | 141.5 | 140.6 | 144.7 | 167.6 | ||||||||
| Excluding private equity investee companies |
125.5 | 125.5 | 118.3 | 134.7 | 124.7 | 126.4 | 123.5 | 146.8 | ||||||||
| Private equity investee companies |
3.3 | 1.3 | 2.0 | 9.9 | 16.7 | 14.2 | 21.2 | 20.8 | ||||||||
23
Table of Contents
Additional Information on Adjustments for Certain Private Equity Investee Companies (3)
| n | This page shows the impact of private equity investee companies on consolidated balance sheet |
| Assets
|
As of March 31, 2005 (Billions of yen) | |
| Total Assets |
34,489 | |
| Excluding private equity investee companies |
33,484 | |
| Private equity investee companies |
1,005 | |
| (NB) Private equity investee companies’ major assets (Billions of yen) |
||
| Buildings, land, equipment and facilities |
445 | |
| Liabilities
|
As of March 31, 2005 (Billions of yen) | |
| Total Liabilities |
32,620 | |
| Excluding private equity investee companies |
31,671 | |
| Private equity investee companies |
949 | |
| (NB) Private equity investee companies’ major liabilities (Billions of yen) |
||
| Short-term borrowings |
116 | |
| Long-term borrowings |
445 | |
24
Table of Contents
Revenue (1)
(Commissions)
25
Table of Contents
Revenue (2)
(Fees from Investment Banking)
26
Table of Contents
Revenue (3)
(Asset Management and Portfolio Service Fees)
27
Table of Contents
Revenue (4)
(Net Gain on Trading / Net Interest Revenue)
28
Table of Contents
Client Assets (Trillions of yen)
Nomura Securities
| Jun. 03 |
Sep. 03 |
Dec. 03 |
Mar. 04 |
Jun. 04 |
Sep. 04 |
Dec. 04 |
Mar. 05 | |||||||||
| Equities |
24.8 | 28.7 | 30.3 | 35.9 | 37.2 | 34.9 | 39.2 | 40.0 | ||||||||
| Bonds |
17.9 | 18.4 | 17.5 | 17.3 | 17.3 | 18.3 | 18.2 | 19.2 | ||||||||
| Stock investment trusts |
2.6 | 2.8 | 3.1 | 3.3 | 3.5 | 3.4 | 3.7 | 3.9 | ||||||||
| Bond investment trusts |
6.3 | 6.2 | 5.8 | 5.6 | 5.3 | 4.9 | 4.8 | 4.9 | ||||||||
| Overseas mutual funds |
1.3 | 1.4 | 1.5 | 1.6 | 1.7 | 1.9 | 1.9 | 2.0 | ||||||||
| Other |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||
| Total |
52.9 | 57.6 | 58.2 | 63.8 | 65.0 | 63.5 | 67.9 | 70.0 |
Client Assets(Domestic Retail, excluding financials)
| Jun. 03 |
Sep. 03 |
Dec. 03 |
Mar. 04 |
Jun.04 |
Sep.04 |
Dec.04 |
Mar.05 | |||||||||
| Equities |
11.1 | 12.8 | 13.7 | 16.0 | 16.9 | 15.9 | 18.5 | 19.1 | ||||||||
| Foreign Bonds |
3.9 | 3.7 | 3.8 | 3.7 | 3.6 | 3.8 | 3.6 | 3.7 | ||||||||
| Domestic Bonds |
5.1 | 5.3 | 5.7 | 6.1 | 6.5 | 7.0 | 7.2 | 7.5 | ||||||||
| Stock investment trusts |
2.2 | 2.4 | 2.5 | 2.7 | 2.7 | 2.6 | 2.8 | 2.9 | ||||||||
| Bond investment trusts |
5.7 | 5.6 | 5.2 | 5.0 | 4.7 | 4.4 | 4.2 | 4.3 | ||||||||
| Overseas Mutual Funds |
1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.7 | 1.7 | 1.8 | ||||||||
| Other |
0.2 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.5 | ||||||||
| Total |
29.3 | 31.3 | 32.5 | 35.2 | 36.2 | 35.6 | 38.5 | 39.8 |
| • | As of the end of March 2005, client assets (Domestic Retail, including financials) totaled 45.6 trillion yen (44.1 trillion yen at end of December 2004) |
29
Table of Contents
Number of Accounts
Nomura Home Trade (online trading accounts) (Thousands of accounts)
| Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 |
Mar.05 |
|||||||||||||||||
| 1,168 | 1,215 | 1,290 | 1,367 | 1,452 | 1,533 | 1,651 | 1,716 | |||||||||||||||||
| IT Share | ||||||||||||||||||||||||
| FY04.3 1Q |
2Q |
3Q |
4Q |
FY05.3 1Q |
2Q |
3Q |
4Q |
|||||||||||||||||
| No. of orders |
45 | % | 46 | % | 46 | % | 49 | % | 49 | % | 51 | % | 50 | % | 51 | % | ||||||||
| Transaction value |
21 | % | 21 | % | 21 | % | 23 | % | 23 | % | 25 | % | 23 | % | 24 | % | ||||||||
| Nomura Cash Management Service (Thousands of accounts) | ||||||||||||||||||||||||
| Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 |
Mar.05 |
|||||||||||||||||
| 3,145 | 3,195 | 3,285 | 3,347 | 3,413 | 3,479 | 3,666 | 3,708 | |||||||||||||||||
| Equity Holding Accounts (Thousands of accounts) | ||||||||||||||||||||||||
| Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep. 04 |
Dec.04 |
Mar.05 |
|||||||||||||||||
| 1,308 | 1,323 | 1,349 | 1,369 | 1,394 | 1,446 | 1,659 | 1,668 | |||||||||||||||||
| New Accounts (individual, monthly average) (Thousands of accounts) | ||||||||||||||||||||||||
| FY04.3 1Q |
2Q |
3Q |
4Q |
FY05.3 1Q |
2Q |
3Q |
4Q |
|||||||||||||||||
| 16 | 21 | 24 | 26 | 27 | 28 | 65 | 22 | |||||||||||||||||
30
Table of Contents
Secondary Market Share Data
(Market unit : Trillions of yen)
Individual Equity Agency Transactions Share (monthly average)
| FY04.3 1Q |
2Q |
3Q |
4Q |
Full Year |
FY05.3 1Q |
2Q |
3Q |
4Q |
Full Year |
|||||||||||||||||||||
| Market |
5.0 | 9.1 | 9.8 | 11.4 | 8.8 | 13.9 | 10.0 | 9.9 | 14.4 | 12.1 | ||||||||||||||||||||
| Nomura’s share |
8 | % | 10 | % | 9 | % | 10 | % | 10 | % | 10 | % | 7 | % | 8 | % | 8 | % | 8 | % | ||||||||||
| Off-floor/Off-exchange Equity Trading Share |
|
|||||||||||||||||||||||||||||
| FY04.3 1Q |
2Q |
3Q |
4Q |
Full Year |
FY05.3 1Q |
2Q |
3Q |
4Q |
Full Year |
|||||||||||||||||||||
| Off-floor market |
3.5 | 4.9 | 4.3 | 6.6 | 19.3 | 5.7 | 4.2 | 4.7 | 6.5 | 21.1 | ||||||||||||||||||||
| Off-exchange |
8.1 | 9.1 | 6.8 | 7.9 | 31.9 | 9.3 | 7.5 | 7.2 | 9.3 | 33.2 | ||||||||||||||||||||
| Nomura’s share |
15 | % | 16 | % | 17 | % | 15 | % | 16 | % | 18 | % | 16 | % | 16 | % | 17 | % | 17 | % | ||||||||||
| JGB Auction Share | ||||||||||||||||||||||||||||||
| FY04.3 1Q |
2Q |
3Q |
4Q |
Full Year |
FY05.3 1Q |
2Q |
3Q |
4Q |
Full Year |
|||||||||||||||||||||
| Market |
18.4 | 18.7 | 18.1 | 19.2 | 74.4 | 19.4 | 20.3 | 19.9 | 20.7 | 80.1 | ||||||||||||||||||||
| Nomura’s share |
14 | % | 17 | % | 12 | % | 19 | % | 16 | % | 16 | % | 15 | % | 25 | % | 17 | % | 18 | % | ||||||||||
| Secondary Bond Trading | ||||||||||||||||||||||||||||||
| FY04.3 1Q |
2Q |
3Q |
4Q |
Full Year |
FY05.3 1Q |
2Q |
3Q |
4Q |
Full Year |
|||||||||||||||||||||
| Market |
321 | 326 | 281 | 308 | 1,235 | 368 | 350 | 324 | 318 | 1,361 | ||||||||||||||||||||
| Nomura’s share |
18 | % | 16 | % | 16 | % | 15 | % | 16 | % | 14 | % | 17 | % | 15 | % | 13 | % | 15 | % | ||||||||||
31
Table of Contents
Primary Market Share Data (Value Base)
| Japanese IPO | ||||||||||||||||||||||||
| FY04.3 03.4-6 |
03.4-9 |
03.4-12 |
03.4-04.3 |
FY05.3 04.4-6 |
04.4-9 |
04.4-12 |
04.4-05.3 |
|||||||||||||||||
| Nomura’s share |
5 | % | 10 | % | 26 | % | 27 | % | 45 | % | 42 | % | 36 | % | 32 | % | ||||||||
| Japanese PO | ||||||||||||||||||||||||
| FY04.3 03.4-6 |
03.4-9 |
03.4-12 |
03.4-04.3 |
FY05.3 04.4-6 |
04.4-9 |
04.4-12 |
04.4-05.3 |
|||||||||||||||||
| Nomura’s share |
37 | % | 58 | % | 39 | % | 33 | % | 17 | % | 26 | % | 26 | % | 25 | % | ||||||||
| Convertible Bonds | ||||||||||||||||||||||||
| FY04.3 03.4-6 |
03.4-9 |
03.4-12 |
03.4-04.3 |
FY05.3 04.4-6 |
04.4-9 |
04.4-12 |
04.4-05.3 |
|||||||||||||||||
| Nomura’s share |
9 | % | 14 | % | 26 | % | 28 | % | 21 | % | 20 | % | 18 | % | 19 | % | ||||||||
| Global and Euro Yen Bonds | ||||||||||||||||||||||||
| FY04.3 03.4-6 |
03.4-9 |
03.4-12 |
03.4-04.3 |
FY05.3 04.4-6 |
04.4-9 |
04.4-12 |
04.4-05.3 |
|||||||||||||||||
| Nomura’s share |
37 | % | 40 | % | 35 | % | 31 | % | 24 | % | 23 | % | 29 | % | 23 | % | ||||||||
| Straight Bonds, Lead Manager (excl. self-funding) | ||||||||||||||||||||||||
| FY04.3 03.4-6 |
03.4-9 |
03.4-12 |
03.4-04.3 |
FY05.3 04.4-6 |
04.4-9 |
04.4-12 |
04.4-05.3 |
|||||||||||||||||
| Nomura’s share |
22 | % | 22 | % | 20 | % | 19 | % | 17 | % | 18 | % | 18 | % | 17 | % | ||||||||
Source: Thomson Financial
32
Table of Contents
League Tables
Global Equity & Equity-related (Japan)
| April 1, 2004 - March 31, 2005 | |||||||||
| Rank |
Bookrunner |
Proceeds (US$ mil.) |
Mkt. Share |
No of Issues | |||||
| 1 | Nomura | 13,570.8 | 24.9 | % | 135 | ||||
| 2 | Daiwa Securities SMBC | 10,402.6 | 19.1 | % | 121 | ||||
| 3 | Citigroup | 9,291.3 | 17.1 | % | 70 | ||||
| 4 | Mizuho Financial Group | 4,290.8 | 7.9 | % | 50 | ||||
| 5 | Morgan Stanley | 2,660.9 | 4.9 | % | 5 | ||||
| 6 | UBS | 2,451.5 | 4.5 | % | 7 | ||||
| 7 | Glodman Sachs Group | 2,196.2 | 4.0 | % | 8 | ||||
| 8 | Mitsubishi Tokyo Financial Group | 1,924.8 | 3.5 | % | 28 | ||||
| 9 | Merrill Lynch & Co., Inc. | 1,859.2 | 3.4 | % | 5 | ||||
| 10 | JP Morgan | 1,441.1 | 2.7 | % | 3 | ||||
Global & Euro Yen Bonds
| April 1, 2004 - March 31, 2005 | |||||||||
| Rank |
Bookrunner |
Proceeds (US$ mil.) |
Mkt. Share |
No of Issues | |||||
| 1 | Nomura | 604,499.0 | 23.1 | % | 27 | ||||
| 2 | Citigroup | 458,526.4 | 17.5 | % | 41 | ||||
| 3 | Merrill Lynch & Co., Inc. | 344,444.7 | 13.2 | % | 7 | ||||
| 4 | Deutsche Bank AG | 252,675.0 | 9.7 | % | 22 | ||||
| 5 | Daiwa Securities SMBC | 219,377.3 | 8.4 | % | 19 | ||||
| 6 | Lehman Brothers | 117,587.9 | 4.5 | % | 5 | ||||
| 7 | Morgan Stanley | 112,622.8 | 4.3 | % | 9 | ||||
| 8 | Barclays Capital | 110,620.0 | 4.2 | % | 7 | ||||
| 9 | UBS | 98,625.8 | 3.8 | % | 4 | ||||
| 10 | Mizuho Financial Group | 80,790.8 | 3.1 | % | 6 | ||||
Any Japanese Involvement Financial Advisors
| Announced deals, value base |
|||||||||
| April 1, 2004 -March 31, 2005 | |||||||||
| Rank |
Advisor |
Rank Value (US$ mil.) |
Mkt. Share |
No of Deals | |||||
| 1 | Nomura | 65,347.3 | 45.3 | % | 132 | ||||
| 2 | Mitsubishi Tokyo Financial Group | 54,574.2 | 37.8 | % | 80 | ||||
| 3 | Merrill Lynch & Co., Inc. | 52,947.2 | 36.7 | % | 41 | ||||
| 4 | JP Morgan | 47,402.3 | 32.9 | % | 15 | ||||
| 5 | Morgan Stanley | 46,315.8 | 32.1 | % | 17 | ||||
| 6 | Lazard | 41,645.4 | 28.9 | % | 11 | ||||
| 7 | Daiwa Securities SMBC | 14,467.7 | 10.0 | % | 105 | ||||
| 8 | Credit Suisse First Boston LLC | 13,119.3 | 9.1 | % | 7 | ||||
| 9 | Mizuho Financial Group | 12,809.3 | 8.9 | % | 112 | ||||
| 10 | Goldman Sachs Group | 12,035.1 | 8.3 | % | 17 | ||||
Straight Bonds Bookrunner (excluding self-funding)
| April 1, 2004 - March 31, 2005 | |||||||||
| Rank |
Bookrunner |
Proceeds (Mil. yen) |
Mkt. Share |
No of Issues | |||||
| 1 | Daiwa Securities SMBC | 2,014,752 | 24.0 | % | 113 | ||||
| 2 | Nomura | 1,421,375 | 16.9 | % | 113 | ||||
| 3 | Mizuho Securities | 1,257,637 | 15.0 | % | 95 | ||||
| 4 | Nikko Citigroup Ltd. | 1,061,203 | 12.6 | % | 79 | ||||
| 5 | Mitsubishi Securities | 1,020,407 | 12.1 | % | 54 | ||||
| 6 | Goldman Sachs Group | 433,360 | 5.2 | % | 30 | ||||
| 7 | Morgan Stanley | 260,586 | 3.1 | % | 19 | ||||
| 8 | UFJ Tsubasa Securities | 244,980 | 2.9 | % | 22 | ||||
| 9 | Merrill Lynch & Co., Inc. | 168,137 | 2.0 | % | 15 | ||||
| 10 | Shinko Securities | 110,490 | 1.3 | % | 11 | ||||
Source: Thomson Financial
33
Table of Contents
Assets Under Management (Nomura Asset Management / NCRAM)
Nomura Asset Management (Trillions of yen)
| Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 |
Mar.05 | |||||||||
| Stock investment trusts |
3.5 | 4.3 | 4.3 | 4.5 | 4.6 | 4.1 | 4.4 | 4.4 | ||||||||
| Bond investment trusts |
7.0 | 7.0 | 6.6 | 6.3 | 6.0 | 5.7 | 5.6 | 5.6 | ||||||||
| Non-public investment trusts |
0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.6 | 0.8 | 0.8 | ||||||||
| Investment advisory (domestic) |
2.9 | 2.9 | 2.9 | 3.0 | 3.1 | 3.0 | 3.1 | 3.2 | ||||||||
| Investment advisory (overseas) |
0.8 | 0.9 | 1.1 | 1.4 | 1.5 | 1.6 | 1.8 | 2.0 | ||||||||
| Total |
14.5 | 15.4 | 15.2 | 15.7 | 15.7 | 15.1 | 15.7 | 16.0 | ||||||||
|
NCRAM (US$ Billions)
|
||||||||||||||||
| Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 |
Mar.05 | |||||||||
| Total |
5.3 | 5.8 | 6.5 | 7.7 | 8.0 | 8.9 | 9.9 | 10.7 |
34
Table of Contents
Value at Risk (Consolidated)
| n Definition |
From Apr. 1, 2004 to Mar. 31, 2005 | |||||
| Ø 99% confidence level |
Maximum: | 10.7 billion yen | ||||
| Ø 1-day time horizon for out trading portfolio |
Minimum: | 3.5 billion yen | ||||
| Ø Inter-product price fluctuations considered |
Average: | 4.8 billion yen | ||||
| (Billions of yen) | ||||||||||||||||||||||||
| End of quarter |
Jun.03 |
Sep.03 |
Dec.03 |
Mar.04 |
Jun.04 |
Sep.04 |
Dec.04 |
Mar.05 |
||||||||||||||||
| Equity |
2.1 | 2.3 | 2.9 | 3.3 | 3.0 | 5.6 | 2.9 | 3.0 | ||||||||||||||||
| Interest Rate |
2.5 | 2.4 | 2.5 | 2.0 | 2.8 | 2.6 | 3.1 | 2.8 | ||||||||||||||||
| Foreign Exchange |
0.3 | 0.3 | 0.3 | 0.5 | 0.4 | 0.3 | 0.6 | 0.7 | ||||||||||||||||
| Sub-total |
4.9 | 4.9 | 5.7 | 5.8 | 6.3 | 8.5 | 6.5 | 6.5 | ||||||||||||||||
| Diversification Benefit |
(1.5 | ) | (1.3 | ) | (1.8 | ) | (1.9 | ) | (2.2 | ) | (2.3 | ) | (2.2 | ) | (2.4 | ) | ||||||||
| VaR |
3.4 | 3.6 | 3.8 | 3.9 | 4.0 | 6.1 | 4.3 | 4.1 | ||||||||||||||||
35
Table of Contents
Number of Employees
| Jun. 03 |
Sep. 03 |
Dec. 03 |
Mar. 04 |
Jun. 04 |
Sep. 04 |
Dec. 04 |
Mar. 05 | |||||||||
| Asia/Oceania |
622 | 646 | 652 | 655 | 668 | 684 | 704 | 718 | ||||||||
| Americas |
821 | 843 | 852 | 866 | 914 | 935 | 968 | 1,026 | ||||||||
| Europe |
1,439 | 1,372 | 1,439 | 1,403 | 1,407 | 1,458 | 1,499 | 1,535 | ||||||||
| Japan (FA, SA) |
1,960 | 1,901 | 1,909 | 1,915 | 1,985 | 1,922 | 1,940 | 1,875 | ||||||||
| Japan (excluding FA, SA)* |
9,561 | 9,435 | 9,316 | 9,148 | 9,430 | 9,424 | 9,326 | 9,190 | ||||||||
| Total |
14,403 | 14,197 | 14,168 | 13,987 | 14,404 | 14,423 | 14,437 | 14,344 | ||||||||
| * | Excludes the effects of the consolidation/deconsolidation of certain private equity investee companies. |
36
Table of Contents
