Form 6-K

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of April 2021

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Information furnished on this form:

EXHIBIT


Exhibit Number

1.		Financial Summary – Year ended March 31, 2021.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	NOMURA HOLDINGS, INC.

Date: April 27, 2021	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Financial Summary For the Year Ended March 31, 2021 (U.S. GAAP)


Date:		April 27, 2021
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:		Kentaro Okuda President and Group CEO, Nomura Holdings, Inc.
For inquiries:		Junko Tago Executive Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000 URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results


	(Rounded to nearest million)
	For the year ended March 31
	2020						2021
	(Millions of yen, except per share data)
				% Change from March 31, 2019						% Change from March 31, 2020
Total revenue		1,952,482			6.4	%		1,617,235			(17.2	%)
Net revenue		1,287,829			15.3	%		1,401,872			8.9	%
Income before income taxes		248,261			—	%		230,671			(7.1	%)
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		216,998			—	%		153,116			(29.4	%)
Comprehensive income		222,010			—	%		149,302			(32.7	%)
Basic-Net income attributable to NHI shareholders per share (Yen)		67.76						50.11
Diluted-Net income attributable to NHI shareholders per share (Yen)		66.20						48.63
Return on shareholders’ equity		8.2	%					5.7	%
Income before income taxes to total assets		0.6	%					0.5	%
Income before income taxes divided by total revenue		12.7	%					14.3	%
Equity in earnings of affiliates		32,109						(21,274	)

Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity.

(2) Financial Position


	At March 31
	2020			2021
	(Millions of yen, except per share data)
Total assets		43,999,815			42,516,480
Total equity		2,731,264			2,756,451
Total NHI shareholders’ equity		2,653,467			2,694,938
Total NHI shareholders’ equity as a percentage of total assets		6.0	%		6.3	%
Total NHI shareholders’ equity per share (Yen)		873.26			879.79
(3) Cash Flows
	For the year ended March 31
	2020			2021
	(Millions of yen)
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

2. Cash Dividends



	For the year ended March 31
	2020			2021
	(Yen amounts, except total annual dividends)
Dividends per share
Dividends record dates
At June 30		—			—
At September 30		15.00			20.00
At December 31		—			—
At March 31		5.00			15.00
For the year		20.00			35.00
Total annual dividends (Millions of yen)		63,678			107,116
Consolidated payout ratio		29.5	%		69.8	%
Consolidated dividends as a percentage of shareholders’ equity per share		2.4	%		4.0	%

3. Earnings Forecasts for the year ending March 31, 2022

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

Notes

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

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

(2) Changes in accounting policies

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

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

(3) Number of shares issued (common stock)


	At March 31
	2020		2021
Number of shares outstanding (including treasury stock)		3,493,562,601		3,233,562,601
Number of treasury stock		454,975,108		170,407,167

	For the year ended March 31
	2020		2021
Average number of shares outstanding		3,202,369,845		3,055,525,640

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

Table of Contents for the Accompanying Materials


1. Overview of Consolidated Operating Results			P. 2

(1) Overview of Consolidated Operating Results			P. 2
(2) Overview of Consolidated Financial Position			P. 4
(3) Overview of Cash Flows			P. 4
(4) Risks related to the COVID-19 pandemic			P. 4

2. Considerations in the selection of accounting standards			P. 5

3. Consolidated Financial Statements			P. 5

(1) Consolidated Balance Sheets			P. 6
(2) Consolidated Statements of Income			P. 8
(3) Consolidated Statements of Comprehensive Income			P. 9
(4) Consolidated Statements of Changes in Equity			P.10
(5) Consolidated Statements of Cash Flows			P.11
(6) Note with respect to the Assumption as a Going Concern			P.12
(7) Changes in Accounting Policies			P.12
(8) Notes to the Consolidated Financial Statements			P.13
(9) Other Financial Information			P.15

4. Other Information			P.17

– 1 –

1.	Overview of Consolidated Operating Results

(1)

Overview of Consolidated Operating Results

Operating Results

U.S. GAAP


	Billions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2020 (A)			March 31, 2021 (B)			(B-A)/(A)
Net revenue		1,287.8			1,401.9			8.9
Non-interest expenses		1,039.6			1,171.2			12.7

Income (loss) before income taxes		248.3			230.7			(7.1	)
Income tax expense		28.9			70.3			143.2

Net income (loss)		219.4			160.4			(26.9	)

Less: Net income (loss) attributable to noncontrolling interests		2.4			7.3			207.3

Net income (loss) attributable to NHI shareholders		217.0			153.1			(29.4	)

Return on shareholders’ equity *		8.2	%		5.7	%		—

* Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

Nomura Holdings, Inc. and its consolidated entities (“Nomura”) reported net revenue of 1,401.9 billion yen for the fiscal year ended March 31, 2021, an increase of 8.9% from the previous year. Non-interest expenses increased by 12.7% from the previous year to 1,171.2 billion yen. Income before income taxes was 230.7 billion yen and net income attributable to NHI shareholders was 153.1 billion yen for the fiscal year ended March 31, 2021. Nomura recognized loss of 245.7 billion yen arising from transactions with a US client at its subsidiaries.

Segment Information


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2020 (A)		March 31, 2021 (B)		(B-A)/(A)
Net revenue		1,309.2		1,390.3		6.2
Non-interest expenses		1,039.6		1,171.2		12.7

Income (loss) before income taxes		269.6		219.1		(18.7	)

In business segment totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the fiscal year ended March 31, 2021 was 1,390.3 billion yen, an increase of 6.2% from the previous year. Non-interest expenses increased by 12.7% from the previous year to 1,171.2 billion yen. Income before income taxes was 219.1 billion yen for the fiscal year ended March 31, 2021. Please refer to page 14 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

Operating Results of Retail


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2020 (A)		March 31, 2021 (B)		(B-A)/(A)
Net revenue		336.4		368.8		9.6
Non-interest expenses		286.9		276.5		(3.6	)

Income (loss) before income taxes		49.4		92.3		86.8

Net revenue increased by 9.6% from the previous year to 368.8 billion yen, primarily due to increasing commissions from stock brokerage and distribution of investment trusts. Non-interest expenses decreased by 3.6% to 276.5 billion yen. As a result, income before income taxes increased by 86.8% to 92.3 billion yen.

Operating Results of Asset Management


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2020 (A)		March 31, 2021 (B)		(B-A)/(A)
Net revenue		92.6		134.8		45.5
Non-interest expenses		63.8		60.5		(5.2	)

Income (loss) before income taxes		28.8		74.2		158.0

Net revenue increased by 45.5% from the previous year to 134.8 billion yen. Non-interest expenses decreased by 5.2% to 60.5 billion yen. As a result, income before income taxes increased by 158.0% to 74.2 billion yen. Assets under management were 64.7 trillion yen as of March 31, 2021.

Operating Results of Wholesale


	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2020 (A)		March 31, 2021 (B)		(B-A)/(A)
Net revenue		648.6		691.4		6.6
Non-interest expenses		556.4		627.1		12.7

Income (loss) before income taxes		92.2		64.3		(30.3	)

Net revenue increased by 6.6% from the previous year to 691.4 billion yen. Non-interest expenses increased by 12.7% to 627.1 billion yen. As a result, income before income taxes decreased by 30.3% to 64.3 billion yen. Nomura recognized loss arising from transactions with a US client at its subsidiaries.

Other Operating Results


	Billions of yen					% Change
	For the year ended					(B-A)/(A)
	March 31, 2020 (A)		March 31, 2021 (B)			(B-A)/(A)
Net revenue		231.6		195.4			(15.6	)
Non-interest expenses		132.4		207.1			56.4

Income (loss) before income taxes		99.2		(11.8	)		—

Net revenue was 195.4 billion yen including income of 71.1 billion yen profit resulting from the rights conversion related to the Tokyo Nihonbashi district redevelopment project. Loss before income taxes was 11.8 billion yen, as a result of impairment loss of 47.7 billion yen recognized in Nomura’s investment in Nomura Real Estate Holdings, Inc., one of its affiliated companies.

– 3 –

(2)

Overview of Consolidated Financial Position

Total assets as of March 31, 2021, were 42,516.5 billion yen, a decrease of 1,483.3 billion yen compared to March 31, 2020, mainly due to the decrease in Securities purchased under agreements to resell and Trading assets. Total liabilities as of March 31, 2021 were 39,760.0 billion yen, a decrease of 1,508.5 billion yen compared to March 31, 2020, mainly due to the decrease in Securities sold under agreements to repurchase. Total equity as of March 31, 2021 was 2,756.5 billion yen, an increase of 25.2 billion yen compared to March 31, 2020.

(3)

Overview of Cash Flows

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.

(4)

Risks related to the COVID-19 pandemic

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

Various risks recognized related to the COVID-19 pandemic is disclosed in Risk Factors in Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 30, 2020) and Item 3. D. Risk Factors. in Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 30, 2020) for the year ended March 31, 2020.

– 4 –

2.	Considerations in the selection of accounting standards

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

3.	Consolidated Financial Statements

The consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 30, 2020) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 30, 2020) for the year ended March 31, 2020.

– 5 –

(1) Consolidated Balance Sheets


	Millions of yen
	March 31, 2020			March 31, 2021			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		3,191,889			3,509,754			317,865
Time deposits		309,373			281,422			(27,951	)
Deposits with stock exchanges and other segregated cash		373,686			373,559			(127	)

Total cash and cash deposits		3,874,948			4,164,735			289,787

Loans and receivables:
Loans receivable		2,857,405			2,943,472			86,067
Receivables from customers		541,284			459,090			(82,194	)
Receivables from other than customers		1,731,236			793,669			(937,567	)
Allowance for doubtful accounts		(13,012	)		(53,784	)		(40,772	)

Total loans and receivables		5,116,913			4,142,447			(974,466	)

Collateralized agreements:
Securities purchased under agreements to resell		12,377,315			10,775,078			(1,602,237	)
Securities borrowed		3,529,797			5,264,360			1,734,563

Total collateralized agreements		15,907,112			16,039,438			132,326

Trading assets and private equity and debt investments:
Trading assets*		16,853,822			15,674,354			(1,179,468	)
Private equity and debt investments*		44,278			63,825			19,547

Total trading assets and private equity and debt investments		16,898,100			15,738,179			(1,159,921	)

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥397,114 million as of March 31, 2020 and ¥395,429 million as of March 31, 2021)		440,512			464,449			23,937
Non-trading debt securities*		455,392			426,758			(28,634	)
Investments in equity securities*		112,175			126,649			14,474
Investments in and advances to affiliated companies*		367,641			364,393			(3,248	)
Other		827,022			1,049,432			222,410

Total other assets		2,202,742			2,431,681			228,939

Total assets		43,999,815			42,516,480			(1,483,335	)

*	Including securities pledged as collateral

– 6 –


			Millions of yen
			March 31, 2020			March 31, 2021			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,486,733			1,368,098			(118,635	)
Payables and deposits:
Payables to customers				1,467,434			1,454,755			(12,679	)
Payables to other than customers				1,653,495			1,773,699			120,204
Deposits received at banks				1,276,153			1,342,464			66,311

Total payables and deposits				4,397,082			4,570,918			173,836

Collateralized financing:
Securities sold under agreements to repurchase				16,349,182			13,360,429			(2,988,753	)
Securities loaned				961,446			1,380,629			419,183
Other secured borrowings				717,711			392,515			(325,196	)

Total collateralized financing				18,028,339			15,133,573			(2,894,766	)

Trading liabilities				8,546,284			9,473,261			926,977
Other liabilities				1,034,448			1,239,167			204,719
Long-term borrowings				7,775,665			7,975,012			199,347

Total liabilities				41,268,551			39,760,029			(1,508,522	)

Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,493,562,601 shares as of March 31, 2020 and
		3,233,562,601 shares as of March 31, 2021
Outstanding	-	3,038,587,493 shares as of March 31, 2020 and
		3,063,155,434 shares as of March 31, 2021		594,493			594,493			—
Additional paid-in capital				683,232			696,122			12,890
Retained earnings				1,645,451			1,533,713			(111,738	)
Accumulated other comprehensive income (loss)				(26,105	)		(38,144	)		(12,039	)

Total NHI shareholders’ equity before treasury stock				2,897,071			2,786,184			(110,887	)
Common stock held in treasury, at cost-
454,975,108 shares as of March 31, 2020 and
170,407,167 shares as of March 31, 2021				(243,604	)		(91,246	)		152,358

Total NHI shareholders’ equity				2,653,467			2,694,938			41,471

Noncontrolling interests				77,797			61,513			(16,284	)

Total equity				2,731,264			2,756,451			25,187

Total liabilities and equity				43,999,815			42,516,480			(1,483,335	)

– 7 –

(2) Consolidated Statements of Income


	Millions of yen					% Change
	For the year ended					(B-A)/(A)
	March 31, 2020(A)			March 31, 2021(B)		(B-A)/(A)
Revenue:
Commissions		308,805			376,897		22.1
Fees from investment banking		103,222			108,681		5.3
Asset management and portfolio service fees		238,202			230,047		(3.4	)
Net gain on trading		356,609			310,040		(13.1	)
Gain (loss) on private equity and debt investments		(93	)		12,734		—
Interest and dividends		794,472			356,466		(55.1	)
Gain (loss) on investments in equity securities		(14,726	)		14,053		—
Other		165,991			208,317		25.5

Total revenue		1,952,482			1,617,235		(17.2	)
Interest expense		664,653			215,363		(67.6	)

Net revenue		1,287,829			1,401,872		8.9

Non-interest expenses:
Compensation and benefits		479,420			507,906		5.9
Commissions and floor brokerage		106,123			111,550		5.1
Information processing and communications		170,317			178,835		5.0
Occupancy and related depreciation		72,986			72,367		(0.8	)
Business development expenses		31,885			13,520		(57.6	)
Other		178,837			287,023		60.5

Total non-interest expenses		1,039,568			1,171,201		12.7

Income before income taxes		248,261			230,671		(7.1	)
Income tax expense		28,894			70,274		143.2

Net income		219,367			160,397		(26.9	)

Less: Net income attributable to noncontrolling interests		2,369			7,281		207.3

Net income attributable to NHI shareholders		216,998			153,116		(29.4	)

Per share of common stock:

	Yen					% Change
Basic-
Net income attributable to NHI shareholders per share		67.76			50.11		(26.0	)

Diluted-
Net income attributable to NHI shareholders per share		66.20			48.63		(26.5	)

– 8 –

(3) Consolidated Statements of Comprehensive Income


	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2020(A)			March 31, 2021(B)			(B-A)/(A)
Net income		219,367			160,397			(26.9	)
Other comprehensive income (loss):
Change in cumulative translation adjustments:
Change in cumulative translation adjustments		(45,000	)		46,821			—
Deferred income taxes		591			(1,287	)		—

Total		(44,409	)		45,534			—

Defined benefit pension plans:
Pension liability adjustments		7,843			20,720			164.2
Deferred income taxes		693			(1,626	)		—

Total		8,536			19,094			123.7

Own credit adjustments:
Own credit adjustments		48,295			(91,666	)		—
Deferred income taxes		(9,779	)		15,943			—

Total		38,516			(75,723	)		—

Total other comprehensive income (loss)		2,643			(11,095	)		—

Comprehensive income		222,010			149,302			(32.7	)
Less: Comprehensive income attributable to noncontrolling interests		2,067			8,225			297.9

Comprehensive income attributable to NHI shareholders		219,943			141,077			(35.9	)

– 9 –

(4) Consolidated Statements of Changes in Equity


	Millions of yen
	For the year ended
	March 31, 2020			March 31, 2021
Common stock
Balance at beginning of year		594,493			594,493

Balance at end of year		594,493			594,493

Additional paid-in capital
Balance at beginning of year		687,761			683,232
Stock-based compensation awards		(4,326	)		11,775
Changes in ownership interests in subsidiaries		(203	)		—
Changes in an affiliated company’s interests in its subsidiary		—			1,115

Balance at end of year		683,232			696,122

Retained earnings
Balance at beginning of year		1,486,825			1,645,451
Cumulative effect of change in accounting principle (1)		5,592			(18,200	)
Net income attributable to NHI shareholders		216,998			153,116
Cash dividends		(63,670	)		(107,104	)
Loss on sales of treasury stock		(294	)		(346	)
Cancellation of treasury stock		—			(139,204	)

Balance at end of year		1,645,451			1,533,713

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		17,833			(26,274	)
Net change during the year		(44,107	)		44,590

Balance at end of year		(26,274	)		18,316

Defined benefit pension plans
Balance at beginning of year		(71,107	)		(62,571	)
Pension liability adjustments		8,536			19,094

Balance at end of year		(62,571	)		(43,477	)

Own credit adjustments
Balance at beginning of year		24,224			62,740
Own credit adjustments		38,516			(75,723	)

Balance at end of year		62,740			(12,983	)

Balance at end of year		(26,105	)		(38,144	)

Common stock held in treasury
Balance at beginning of year		(108,968	)		(243,604	)
Repurchases of common stock		(150,009	)		(11	)
Sales of common stock		0			0
Common stock issued to employees		15,373			13,165
Cancellation of common stock		—			139,204

Balance at end of year		(243,604	)		(91,246	)

Total NHI shareholders’ equity

Balance at end of year		2,653,467			2,694,938

Noncontrolling interests
Balance at beginning of year		49,732			77,797
Net change during the year		28,065			(16,284	)

Balance at end of year		77,797			61,513

Total equity

Balance at end of year		2,731,264			2,756,451

(1) In relation to Cumulative effect of change in accounting principle for the year ended March 31, 2021, please refer to section “ (7) Changes in Accounting Policies.”

– 10 –

(5) Consolidated Statements of Cash Flows


	Millions of yen
	For the year ended
	March 31, 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.

– 11 –

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

Not applicable.

(7) Changes in Accounting Policies

Measurement of Credit Losses on Financial Instruments

On April 1, 2020, Nomura adopted Accounting Standards Update 2016-13 “Measurement of Credit Losses on Financial Instruments” using a modified retrospective transition method. The impact of this adoption was, for financial instruments subject to current expected credit losses, ¥1,972 million increase in Allowance for doubtful accounts, ¥638 million increase in Other liabilities, ¥72 million increase of Deferred tax assets and cumulative effect adjustment to decrease Retained earnings, net of tax, of ¥2,538 million as of April 1, 2020.

For financial instruments elected for the fair value option, the impact was ¥9,774 million decrease in Loans receivable, ¥5,888 million increase in Other liabilities and cumulative effect adjustment to decrease Retained earnings, net of tax, of ¥15,662 million as of April 1, 2020.

– 12 –

(8) Notes to the Consolidated Financial Statements

Segment Information – Operating Segment

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


	Millions of yen						% Change
	For the year ended
	March 31, 2020 (A)			March 31, 2021 (B)			(B-A)/(A)
Net revenue

Business segment information:
Retail		336,359			368,809			9.6
Asset Management		92,605			134,774			45.5
Wholesale		648,619			691,356			6.6

Subtotal		1,077,583			1,194,939			10.9
Other		231,573			195,388			(15.6	)

Net revenue		1,309,156			1,390,327			6.2

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(21,327	)		11,545			—

Net revenue		1,287,829			1,401,872			8.9


Non-interest expenses

Business segment information:
Retail		286,926			276,480			(3.6	)
Asset Management		63,833			60,529			(5.2	)
Wholesale		556,399			627,051			12.7

Subtotal		907,158			964,060			6.3
Other		132,410			207,141			56.4

Non-interest expenses		1,039,568			1,171,201			12.7

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

Non-interest expenses		1,039,568			1,171,201			12.7


Income (loss) before income taxes

Business segment information:
Retail		49,433			92,329			86.8
Asset Management		28,772			74,245			158.0
Wholesale		92,220			64,305			(30.3	)

Subtotal		170,425			230,879			35.5
Other*		99,163			(11,753	)		—

Income (loss) before income taxes		269,588			219,126			(18.7	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(21,327	)		11,545			—

Income (loss) before income taxes		248,261			230,671			(7.1	)

* Major components Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other”. The following table presents the major components of income (loss) before income taxes in “Other”.
	Millions of yen						% Change
	For the year ended
	March 31, 2020 (A)			March 31, 2021 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		17,548			(11,450	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		6,601			1,731			(73.8	)
Equity in earnings of affiliates		34,990			(16,410	)		—
Corporate items		(22,240	)		4,956			—
Other		62,264			9,420			(84.9	)

Total		99,163			(11,753	)		—

– 13 –

Per share data

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


Number of shares outstanding as of March 31, 2021			3,063,155,434

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


Average number of shares outstanding for the year ended March 31, 2021			3,055,525,640

Subsequent Events

The loss arising from transactions with a US client at our subsidiaries on and after April 1, 2021 is approximately 62 billion yen (approximately 570 million US dollar) as of April 23, 2021.

– 14 –

(9) Other Financial Information

Consolidated Statements of Income – Quarterly Comparatives


	Millions of yen																				% Change
	For the three months ended
	June 30, 2019			September 30, 2019			December 31, 2019		March 31, 2020			June 30, 2020		September 30, 2020		December 31, 2020(A)		March 31, 2021(B)			(B-A)/(A)
Revenue:
Commissions		68,200			65,254			79,289		96,062			85,512		92,253		96,687		102,445			6.0
Fees from investment banking		27,311			22,265			26,803		26,843			10,828		27,031		36,138		34,684			(4.0	)
Asset management and portfolio service fees		59,963			59,926			61,020		57,293			53,656		57,417		58,639		60,335			2.9
Net gain on trading		112,825			105,609			109,266		28,909			139,089		131,463		136,402		(96,914	)		—
Gain (loss) on private equity and debt investments		791			981			1,503		(3,368	)		1,070		1,805		1,362		8,497			523.9
Interest and dividends		199,473			215,881			203,050		176,068			106,543		82,494		89,602		77,827			(13.1	)
Gain (loss) on investments in equity securities		(2,838	)		2,083			2,243		(16,214	)		3,473		1,940		3,523		5,117			45.2
Other		45,654			101,905			14,276		4,156			113,878		24,939		33,519		35,981			7.3

Total revenue		511,379			573,904			497,450		369,749			514,049		419,342		455,872		227,972			(50.0	)
Interest expense		179,378			190,524			162,472		132,279			53,302		50,344		53,780		57,937			7.7

Net revenue		332,001			383,380			334,978		237,470			460,747		368,998		402,092		170,035			(57.7	)

Non-interest expenses:
Compensation and benefits		125,102			120,425			128,987		104,906			138,297		137,006		136,816		95,787			(30.0	)
Commissions and floor brokerage		24,551			25,446			24,568		31,558			28,511		27,675		26,326		29,038			10.3
Information processing and communications		41,757			42,361			42,821		43,378			43,238		42,584		43,484		49,529			13.9
Occupancy and related depreciation		19,120			18,360			16,276		19,230			17,058		19,056		18,109		18,144			0.2
Business development expenses		7,828			7,906			8,509		7,642			2,832		3,632		3,388		3,668			8.3
Other		38,837			40,396			44,130		55,474			49,000		55,418		42,636		139,969			228.3

Total non-interest expenses		257,195			254,894			265,291		262,188			278,936		285,371		270,759		336,135			24.1

Income (loss) before income taxes		74,806			128,486			69,687		(24,718	)		181,811		83,627		131,333		(166,100	)		—
Income tax expense		17,917			(11,875	)		10,337		12,515			37,513		14,704		30,910		(12,853	)		—

Net income (loss)		56,889			140,361			59,350		(37,233	)		144,298		68,923		100,423		(153,247	)		—

Less: Net income (loss) attributable to noncontrolling interests		1,056			1,787			2,284		(2,758	)		1,782		1,281		2,057		2,161			5.1

Net income (loss) attributable to NHI shareholders		55,833			138,574			57,066		(34,475	)		142,516		67,642		98,366		(155,408	)		—


	Yen																				% Change
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share		16.83			42.11			18.07		(11.29	)		46.77		22.13		32.16		(50.77	)		—

Diluted-
Net income (loss) attributable to NHI shareholders per share		16.48			41.23			17.63		(11.31	)		45.65		21.52		31.16		(50.78	)		—

– 15 –

Business Segment Information – Quarterly Comparatives

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


	Millions of yen																					% Change
	For the three months ended
	June 30, 2019			September 30, 2019		December 31, 2019			March 31, 2020			June 30, 2020		September 30, 2020			December 31, 2020(A)		March 31, 2021(B)			(B-A)/(A)

Net revenue

Business segment information:
Retail		80,640			76,882		90,043			88,794			81,078		92,795			98,155		96,781			(1.4	)
Asset Management		34,500			25,676		25,405			7,024			34,024		26,842			37,315		36,593			(1.9	)
Wholesale		159,486			156,698		186,527			145,908			248,669		220,305			223,139		(757	)		—

Subtotal		274,626			259,256		301,975			241,726			363,771		339,942			358,609		132,617			(63.0	)
Other		60,289			123,295		35,695			12,294			94,673		27,102			40,839		32,774			(19.7	)

Net revenue		334,915			382,551		337,670			254,020			458,444		367,044			399,448		165,391			(58.6	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(2,914	)		829		(2,692	)		(16,550	)		2,303		1,954			2,644		4,644			75.6

Net revenue		332,001			383,380		334,978			237,470			460,747		368,998			402,092		170,035			(57.7	)


Non-interest expenses

Business segment information:
Retail		72,522			71,621		72,403			70,380			66,009		69,970			69,840		70,661			1.2
Asset Management		16,358			15,630		16,085			15,760			14,870		15,442			14,988		15,229			1.6
Wholesale		139,479			137,777		143,324			135,819			160,800		154,828			146,268		165,155			12.9

Subtotal		228,359			225,028		231,812			221,959			241,679		240,240			231,096		251,045			8.6
Other		28,836			29,866		33,479			40,229			37,257		45,131			39,663		85,090			114.5

Non-interest expenses		257,195			254,894		265,291			262,188			278,936		285,371			270,759		336,135			24.1

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

Non-interest expenses		257,195			254,894		265,291			262,188			278,936		285,371			270,759		336,135			24.1


Income (loss) before income taxes

Business segment information:
Retail		8,118			5,261		17,640			18,414			15,069		22,825			28,315		26,120			(7.8	)
Asset Management		18,142			10,046		9,320			(8,736	)		19,154		11,400			22,327		21,364			(4.3	)
Wholesale		20,007			18,921		43,203			10,089			87,869		65,477			76,871		(165,912	)		—

Subtotal		46,267			34,228		70,163			19,767			122,092		99,702			127,513		(118,428	)		—
Other*		31,453			93,429		2,216			(27,935	)		57,416		(18,029	)		1,176		(52,316	)		—

Income (loss) before income taxes		77,720			127,657		72,379			(8,168	)		179,508		81,673			128,689		(170,744	)		—

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(2,914	)		829		(2,692	)		(16,550	)		2,303		1,954			2,644		4,644			75.6

Income (loss) before income taxes		74,806			128,486		69,687			(24,718	)		181,811		83,627			131,333		(166,100	)		—

*	Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other”.

The following table presents the major components of income (loss) before income taxes in “Other”.



	Millions of yen																							% Change
	For the three months ended
	June 30, 2019		September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020(A)			March 31, 2021(B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		12,794		7,043			2,333			(4,622	)		5,577			(4,965	)		1,402			(13,464	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		76		1,254			4,935			336			685			124			744			178			(76.1	)
Equity in earnings of affiliates		8,265		8,009			4,798			13,918			6,609			5,251			10,398			(38,668	)		—
Corporate items		1,391		(4,635	)		(9,095	)		(9,901	)		45,090			(16,005	)		(15,050	)		(9,079	)		—
Other		8,927		81,758			(755	)		(27,666	)		(545	)		(2,434	)		3,682			8,717			136.7

Total		31,453		93,429			2,216			(27,935	)		57,416			(18,029	)		1,176			(52,316	)		—

– 16 –

4.	Other Information

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

https://www.nomuraholdings.com/company/group/nsc/pdf/2021_4q.pdf

– 17 –