Edgar Filing: NOMURA HOLDINGS INC

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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

Supplement for the month of October 2009.

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- .

Information furnished on this form:

EXHIBIT

Exhibit Number

1.	Financial Highlights – Six months ended September 2009

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: October 28, 2009	By:	/s/ Shinichiro Watanabe
		Shinichiro Watanabe
		Senior Corporate Managing Director

Financial Summary For the Six Months Ended September 30, 2009 (US GAAP)


Date:		October 28, 2009
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Osaka, Nagoya
		(Overseas) New York, Singapore
Representative:		Kenichi Watanabe
		President and Chief Executive Officer, Nomura Holdings, Inc.
For inquiries:		Toshiki Shinjo
		Managing Director, Investor Relations Department, Nomura Holdings, Inc.
		Tel: (Country Code 81) 3-5255-1000
		URL http://www.nomura.com

1.	Consolidated Operating Results

(1)	Operating Results


	For the six months ended September 30
	2009				2008
	(Yen amounts in millions, except per share data)
	% Change from September 30, 2008				% Change from September 30, 2007
Total revenue	719,065		39.5	%	515,608		(51.7	)%
Net revenue	598,384		127.4	%	263,152		(49.5	)%
Income (loss) before income taxes	58,713		—		(153,734	)	—
Net income (loss) attributable to Nomura Holdings, Inc. (“NHI”)	39,135		—		(149,464	)	—
Basic-Net income (loss) attributable to NHI shareholders per share	14.70				(78.32	)
Diluted-Net income (loss) attributable to NHI shareholders per share	13.38				(78.42	)
Return on shareholders’ equity (annualized)	5.0	%			(15.7	)%


Notes:
1.		Income (loss) before income taxes is calculated in accordance with updated guidance for accounting and reporting of noncontrolling interests in financial statements, included in Financial Accounting Standards Board (FASB) Accounting Standards Codification^™ 810-10, Consolidation – Overall. Previously reported amounts for Income (loss) before income taxes have been reclassified to conform to the current year presentation.
2.		Net income (loss) attributable to NHI was previously reported as Net income (loss).
3.		Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI to Total NHI shareholders’ equity.

(2)	Financial Position


	At September 30		At March 31
	2009		2009
	(Yen amounts in millions, except per share data)
Total assets	27,661,398		24,837,848
Total equity	1,627,040		1,551,546
Total NHI shareholders’ equity	1,615,939		1,539,396
Total NHI shareholders’ equity as a percentage of total assets	5.8	%	6.2	%
Total NHI shareholders’ equity per share	580.96		590.99


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

2.	Cash dividends


	For the year ended March 31
	2009	2010	2010 (Plan)
	(Yen amounts)
Dividends per share dividends record dates
At June 30	8.50	—	—
At September 30	8.50	4.00	—
At December 31	8.50	—	—
At March 31	0.00	—	Unconfirmed
For the year	25.50	—	Unconfirmed


Notes:
1.		Revision of cash dividend forecast during this period : None
2.		Nomura will forgo its dividend distribution for the period ending December 31, 2009. Forecasted dividend amounts for the periods ending March 31 are unconfirmed per reasons stated in “3. Earnings forecasts for the year ending March 31, 2010”.

3.	Earnings forecasts for the year ending March 31, 2010

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 forecasts.

Other

(1)	Significant changes to consolidated subsidiaries during the period: None

(2)	Simplified accounting and particular accounting in the elaboration of quarterly consolidated financial statements: None

(3)	Changes in accounting basis, procedure and presentation for the quarterly consolidated financial statements

The items described in “Significant changes for presenting the consolidated financial statements”.

Changes in accounting principles : Yes

Other changes : None

Note: Please refer to page 7, “Qualitative Information and Financial Statements - 4. Other” for details.

(4)	Number of shares issued (common stock)


	At September 30	At March 31
	2009	2009
Number of shares outstanding (including treasury stock)	2,832,914,058	2,661,092,760
Treasury stock	51,435,861	56,312,917

	For the six months ended September 30
	2009	2008
Average number of shares outstanding	2,662,067,934	1,908,311,939

*Notes on appropriate use of earnings forecast and other special remarks

Forecasted dividend amounts for periods ending March 31, 2010 are not presented per reasons stated in “3. Earnings forecasts for the year ending March 31, 2010”. Also, Nomura will forgo its dividend distribution for the period ending December 31, 2009.

Nomura issued new shares by way of public offering with a total amount to be paid of 416.9 billion yen on the payment date of October 13, 2009. Nomura also issued new shares by way of third-party allotment with a total amount to be paid of 18.5 billion yen on the payment date of October 27, 2009. Please note that this increase of the equity is not reflected in our consolidated financial statements for the six months ended September 30, 2009.

Qualitative Information and Financial Statements

1.	Qualitative Discussion of Consolidated Results

US GAAP


	Billions of yen				% Change
	For the six months ended
	September 30, 2009 (A)		September 30, 2008 (B)		(A-B)/(B)
Net revenue	598.4		263.2		127.4
Non-interest expenses	539.7		416.9		29.5

Income (loss) before income taxes	58.7		(153.7	)	—
Income tax expense	19.6		(4.1	)	—

Net income (loss)	39.1		(149.6	)	—


Less: Net income (loss) attributable to noncontrolling interests	(0.1	)	(0.1	)	—

Net income (loss) attributable to NHI	39.1		(149.5	)	—

Return on shareholders’ equity * (annualized)	5.0	%	(15.7	)%	—

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

Nomura Holdings, Inc. and its consolidated entities (“Nomura”) reported net revenue of 598.4 billion yen for the six months ended September 30, 2009, an increase of 127.4% from the same period in the prior year. Non-interest expenses increased 29.5% from the same period in the prior year to 539.7 billion yen, Income before income taxes was 58.7 billion yen and Net income attributable to NHI was 39.1 billion yen for the six months ended September 30, 2009.

Segments Information


	Billions of yen			% Change
	For the six months ended
	September 30, 2009 (A)	September 30, 2008 (B)		(A-B)/(B)
Net revenue	590.5	270.8		118.1
Non-interest expenses	539.7	416.9		29.5

Income (loss) before income taxes	50.8	(146.1	)	—

In business segment totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2009 was 590.5 billion yen, an increase of 118.1% from the same period in the prior year. Non-interest expenses increased 29.5% from the same period in the prior year to 539.7 billion yen. Income before income taxes was 50.8 billion yen for the six months ended September 30, 2009. Please refer to page 12 for further details of the differences between US GAAP and business segment amounts.

<Business Segment Results>

Operating Results of Retail


	Billions of yen		% Change
	For the six months ended
	September 30, 2009 (A)	September 30, 2008 (B)	(A-B)/(B)
Net revenue	188.5	160.3	17.6
Non-interest expenses	134.3	138.8	(3.2	)

Income (loss) before income taxes	54.2	21.5	152.2

Net revenue increased 17.6% from the same period in the prior year to 188.5 billion yen, due primarily to increasing brokerage commissions and commissions for distribution of investment trusts. Non-interest expenses decreased 3.2% to 134.3 billion yen. As a result, income before income taxes increased 152.2% to 54.2 billion yen.

Operating Results of Global Markets


	Billions of yen			% Change
	For the six months ended
	September 30, 2009 (A)	September 30, 2008 (B)		(A-B)/(B)
Net revenue	361.6	4.4		—
Non-interest expenses	252.7	152.7		65.5

Income (loss) before income taxes	108.9	(148.3	)	—

Net revenue increased to 361.6 billion yen, due primarily to recovering net gain on trading. The acquisition of certain operations of former Lehman Brothers led to increase non-interest expenses by 65.5% from the same period in the prior year to 252.7 billion yen. As a result, income before income taxes was 108.9 billion yen.

Operating Results of Investment Banking


	Billions of yen			% Change
	For the six months ended
	September 30, 2009 (A)		September 30, 2008 (B)	(A-B)/(B)
Net revenue	46.6		34.2	36.2
Non-interest expenses	61.8		30.4	103.3

Income (loss) before income taxes	(15.1	)	3.9	—

Net revenue increased 36.2% from the same period in the prior year to 46.6 billion yen due primarily to increasing of transaction volume in equity finance of Japanese companies reflecting the rally in stock markets and expanding of the overseas operations. The acquisition of certain operations of former Lehman Brothers led to increase non-interest expenses by 103.3% to 61.8 billion yen. As a result, loss before income taxes was 15.1 billion yen.

Operating Results of Merchant Banking


	Billions of yen				% Change
	For the six months ended
	September 30, 2009 (A)		September 30, 2008 (B)		(A-B)/(B)
Net revenue	2.8		(16.5	)	—
Non-interest expenses	5.1		8.2		(37.8	)

Income (loss) before income taxes	(2.3	)	(24.7	)	—

Net revenue was 2.8 billion yen, due primarily to realized and unrealized gains of equity securities of certain investee companies offset by funding costs. Non-interest expenses was 5.1 billion yen. As a result, loss before income taxes was 2.3 billion yen.

Operating Results of Asset Management


	Billions of yen		% Change
	For the six months ended
	September 30, 2009 (A)	September 30, 2008 (B)	(A-B)/(B)
Net revenue	35.1	35.8	(2.0	)
Non-interest expenses	25.5	26.9	(5.1	)

Income (loss) before income taxes	9.6	8.9	7.3

Net revenue decreased by 2.0% from the same period in the prior year to 35.1 billion yen. Non-interest expenses decreased by 5.1% to 25.5 billion yen. As a result, income before income taxes increased by 7.3% to 9.6 billion yen. Assets under management increased by 2.6 trillion yen from the end of March to 22.9 trillion yen, driven by the market rally and an increase in sales of newly launched funds.

Other Operating Results


	Billions of yen				% Change
	For the six months ended
	September 30, 2009 (A)		September 30, 2008 (B)		(A-B)/(B)
Net revenue	(44.2	)	52.5		—
Non-interest expenses	60.3		59.9		0.6

Income (loss) before income taxes	(104.5	)	(7.4	)	—

Net revenue was negative 44.2 billion yen. Loss before income taxes was 104.5 billion yen.

2.	Financial Position

Total assets as of September 30, 2009, were 27.7 trillion yen, an increase of 2.8 trillion yen compared to March 31, 2009, reflecting primarily the increase in Securities purchased under agreements to resell and in Trading assets. Total liabilities as of September 30, 2009 were 26.0 trillion yen, an increase of 2.7 trillion yen compared to March 31, 2009, mainly due to the increase in Trading liabilities and Securities sold under agreements to repurchase. Total equity at September 30, 2009, was 1.6 trillion yen, an increase of 75.5 billion yen compared to March 31, 2009.

3.	Earnings Forecasts

Other

(1) Significant changes to consolidated subsidiaries during the period

Not applicable.

(2) Simplified accounting and particular accounting in the elaboration of quarterly consolidated financial statements

Not applicable.

(3) Changes in accounting basis, procedure and presentation for the quarterly consolidated financial statements

FASB Accounting Standards Codification -

Effective September 30, 2009, Nomura adopted Financial Accounting Standards Board (FASB) Accounting Standards Codification ^TM (“ASC”) 105, Generally Accepted Accounting Principles. The Codification became the sole source of authoritative generally accepted accounting principles (“GAAP”) for the financial statements issued for the interim and annual periods ending after September 15, 2009. Accordingly, all GAAP references are now updated in accordance with ASC.

Accounting for Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity’s Own Stock-

Effective April 1, 2009, Nomura adopted ASC 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity, that provides guidance how to determine if certain instruments (or embedded features) are considered indexed to an entity’s own stock (“Contracts in entity’s own equity”). ASC 815-40 amends the existing guidance for determining whether a price adjustment mechanism included in an equity-linked financial instrument (or embedded feature) needs to be bifurcated and classified as an asset or liability and be subject to profit or loss recognition based its fair value.

Upon adoption of ASC 815-40, Nomura made certain reclassification adjustments to the beginning balances of Long-term borrowings, Additional paid-in-capital, Retained earnings, and Other assets – Other in order to bifurcate Nomura’s call option attached unsecured convertible bonds (the “bonds”), because the certain clauses contained in the bonds were not deemed as indexed to Nomura’s own stock pursuant to ASC 815-40.

Accounting for Business Combinations-

Nomura adopted ASC 805, Business Combinations, on April 1, 2009. Nomura intends to adopt ASC 805 for business combinations for which the acquisition date is on or after April 1, 2009.

Accounting for Noncontrolling Interests-

Nomura adopted the updated guidance for accounting and reporting of noncontrolling interests in financial statements, included in ASC 810-10, Consolidation – Overall, (“Updated noncontrolling interests guidance” ) on April 1, 2009. In accordance with this standard, it is applied prospectively from the beginning of the fiscal year in which it is initially applied. However, an exception is that it is applied retrospectively for all periods presented for comparison for presentation and disclosure requirements. Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

5.	Quarterly Consolidated Financial Statements

Basis of presentation —

The quarterly 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, 2009) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 30, 2009) for the year ended March 31, 2009.

Please refer to 4. Other, (3) Changes in accounting basis, procedure and presentation for the quarterly consolidated financial statements for presentations of significant changes in accounting principles.

The review procedures of the quarterly report for this period have not been completed yet.

(1)

Consolidated Balance Sheets (UNAUDITED)


	Millions of yen
	September 30, 2009		March 31, 2009		Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents	508,434		613,566		(105,132	)
Time deposits	166,411		537,084		(370,673	)
Deposits with stock exchanges and other segregated cash	179,636		272,059		(92,423	)

	854,481		1,422,709		(568,228	)

Loans and receivables:
Loans receivable	933,751		519,179		414,572
Receivables from customers	34,790		23,619		11,171
Receivables from other than customers	893,179		1,103,974		(210,795	)
Allowance for doubtful accounts	(7,551	)	(3,765	)	(3,786	)

	1,854,169		1,643,007		211,162

Collateralized agreements:
Securities purchased under agreements to resell	4,437,473		2,657,151		1,780,322
Securities borrowed	5,286,822		5,755,467		(468,645	)

	9,724,295		8,412,618		1,311,677

Trading assets and private equity investments:
Trading assets*	13,118,046		11,348,747		1,769,299
Private equity investments	320,600		323,865		(3,265	)

	13,438,646		11,672,612		1,766,034

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥231,042 million at September 30, 2009 and ¥225,475 million at March 31, 2009)	377,929		357,256		20,673
Non-trading debt securities*	253,490		244,027		9,463
Investments in equity securities*	122,378		118,902		3,476
Investments in and advances to affiliated companies*	242,779		243,474		(695	)
Other	793,231		723,243		69,988

	1,789,807		1,686,902		102,905

Total assets	27,661,398		24,837,848		2,823,550

*	Including securities pledged as collateral


	Millions of yen
	September 30, 2009		March 31, 2009		Increase/ (Decrease)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term borrowings	1,243,287		1,183,374		59,913
Payables and deposits:
Payables to customers	363,787		403,797		(40,010	)
Payables to other than customers	380,909		398,187		(17,278	)
Deposits received at banks	500,564		440,334		60,230

	1,245,260		1,242,318		2,942

Collateralized financing:
Securities sold under agreements to repurchase	6,533,554		5,000,787		1,532,767
Securities loaned	1,275,519		2,243,152		(967,633	)
Other secured borrowings	1,241,045		2,914,015		(1,672,970	)

	9,050,118		10,157,954		(1,107,836	)

Trading liabilities	7,810,019		4,752,054		3,057,965
Other liabilities	623,324		467,574		155,750
Long-term borrowings	6,062,350		5,483,028		579,322

Total liabilities	26,034,358		23,286,302		2,748,056


Equity
NHI shareholders’ equity:
Common stock
Authorized - 6,000,000,000 shares Issued - 2,832,914,058 shares at September 30, 2009 and 2,661,092,760 shares at March 31, 2009 Outstanding - 2,781,478,197 shares at September 30, 2009 and 2,604,779,843 shares at March 31, 2009	359,265		321,765		37,500
Additional paid-in capital	384,272		374,413		9,859
Retained earnings	1,060,227		1,038,557		21,670
Accumulated other comprehensive income	(117,520	)	(118,437	)	917

	1,686,244		1,616,298		69,946
Common stock held in treasury, at cost - 51,435,861 shares at September 30, 2009 and 56,312,917 shares at March 31, 2009	(70,305	)	(76,902	)	6,597

Total NHI shareholders’ equity	1,615,939		1,539,396		76,543

Noncontrolling interests	11,101		12,150		(1,049	)

Total equity	1,627,040		1,551,546		75,494

Total liabilities and equity	27,661,398		24,837,848		2,823,550

Note: Noncontrolling interests, which were previously included in Other liabilities, are classified as equity in accordance with “Updated noncontrolling interests guidance”. Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

(2)

Consolidated Statements of Operations (UNAUDITED)


	Millions of yen				% Change
	For the six months ended
	September 30, 2009 (A)		September 30, 2008 (B)		(A-B)/(B)
Revenue:
Commissions	197,462		167,084		18.2
Fees from investment banking	45,309		23,433		93.4
Asset management and portfolio service fees	64,347		85,190		(24.5	)
Net gain (loss) on trading	269,619		(10,500	)	—
Loss on private equity investments	(106	)	(14,496	)	—
Interest and dividends	111,988		244,950		(54.3	)
Gain (loss) on investments in equity securities	7,493		(8,840	)	—
Other	22,953		28,787		(20.3	)

Total revenue	719,065		515,608		39.5
Interest expense	120,681		252,456		(52.2	)

Net revenue	598,384		263,152		127.4

Non-interest expenses :
Compensation and benefits	284,714		168,008		69.5
Commissions and floor brokerage	41,749		38,977		7.1
Information processing and communications	84,084		67,991		23.7
Occupancy and related depreciation	44,590		33,048		34.9
Business development expenses	12,636		14,951		(15.5	)
Other	71,898		93,911		(23.4	)

	539,671		416,886		29.5

Income (loss) before income taxes	58,713		(153,734	)	—
Income tax expense	19,629		(4,141	)	—

Net income (loss)	39,084		(149,593	)	—

Less: Net income (loss) attributable to noncontrolling interests	(51	)	(129	)

Net income (loss) attributable to NHI	39,135		(149,464	)	—


	Yen				% Change
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share	14.70		(78.32	)	—

Diluted-
Net income (loss) attributable to NHI shareholders per share	13.38		(78.42	)	—

Notes:


1.		Net income (loss) is net income (loss) before subtracting Net income (loss) attributable to noncontrolling interest in accordance with “Updated noncontrolling interests guidance”.
2.		Net income (loss) attributable to NHI was previously reported as Net income (loss).
3.		Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

(3)

Note with respect to the assumption as a going concern (UNAUDITED)

Not applicable.

(4)

Segment Information-Operating Segment (UNAUDITED)

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


	Millions of yen				% Change
	For the six months ended
	September 30, 2009 (A)		September 30, 2008 (B)		(A-B)/(B)
Net revenue
Business segment information:
Retail	188,530		160,264		17.6
Global Markets	361,627		4,432		—
Investment Banking	46,618		34,233		36.2
Merchant Banking	2,779		(16,509	)	—
Asset Management	35,117		35,823		(2.0	)

Sub Total	634,671		218,243		190.8
Other	(44,195	)	52,538		—

Net revenue	590,476		270,781		118.1

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	7,908		(7,629	)	—

Net revenue	598,384		263,152		127.4

Non-interest expenses
Business segment information:
Retail	134,317		138,767		(3.2	)
Global Markets	252,707		152,739		65.5
Investment Banking	61,757		30,381		103.3
Merchant Banking	5,104		8,210		(37.8	)
Asset Management	25,515		26,876		(5.1	)

Sub Total	479,400		356,973		34.3
Other	60,271		59,913		0.6

Non-interest expenses	539,671		416,886		29.5

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

Non-interest expenses	539,671		416,886		29.5

Income (loss) before income taxes
Business segment information:
Retail	54,213		21,497		152.2
Global Markets	108,920		(148,307	)	—
Investment Banking	(15,139	)	3,852		—
Merchant Banking	(2,325	)	(24,719	)	—
Asset Management	9,602		8,947		7.3

Sub Total	155,271		(138,730	)	—
Other *	(104,466	)	(7,375	)	—

Income (loss) before income taxes	50,805		(146,105	)	—

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	7,908		(7,629	)	—

Income (loss) before income taxes	58,713		(153,734	)	—

*	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 six months ended
	September 30, 2009 (A)		September 30, 2008 (B)		(A-B)/(B)
Net gain (loss) on trading related to economic hedging transactions	5,184		21,194		(75.5	)
Realized gain (loss) on investments in equity securities held for operating purposes	(415	)	(1,212	)	—
Equity in earnings of affiliates	4,303		6,060		(29.0	)
Corporate items	(44,484	)	(7,969	)	—
Others	(69,054	)	(25,448	)	—

Total	(104,466	)	(7,375	)	—

Note: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

(5)

Significant Changes in Shareholders’ equity

Not applicable. For further details of the changes, please refer to the “Consolidated Statements of Changes in Shareholders’ Equity (UNAUDITED)” below.


	Millions of yen
	For the six months ended
	September 30, 2009
Common stock
Balance at beginning of year	321,765
Conversion of convertible bonds	37,500

Balance at end of period	359,265

Additional paid-in capital
Balance at beginning of year	374,413
Conversion of convertible bonds	37,500
Gain on sales of treasury stock	4,490
Issuance and exercise of common stock options	(5,045	)
Adjustments to initially apply “Contracts in entity’s own equity”	(26,923	)
Other net change in additional paid-in capital	(163	)

Balance at end of period	384,272

Retained earnings
Balance at beginning of year	1,038,557
Net income attributable to NHI	39,135
Cash dividends	(11,126	)
Adjustments to initially apply “Contracts in entity’s own equity”	(6,339	)

Balance at end of period	1,060,227

Accumulated other comprehensive income
Cumulative translation adjustments
Balance at beginning of year	(73,469	)
Net change during the year	982

Balance at end of period	(72,487	)

Defined benefit pension plans
Balance at beginning of year	(44,968	)
Pension liability adjustment	(65	)

Balance at end of period	(45,033	)

Balance at end of period	(117,520	)

Common stock held in treasury
Balance at beginning of year	(76,902	)
Repurchases of common stock	(10	)
Sale of common stock	9
Common stock issued to employees	6,532
Other net change in treasury stock	66

Balance at end of period	(70,305	)

Total NHI shareholders’ equity
Balance at end of period	1,615,939

Noncontrolling interest
Balance at beginning of year	12,150
Net change during the year	(1,049	)

Balance at end of period	11,101

Total equity
Balance at end of period	1,627,040

Note: Noncontrolling interests, which were previously included in Other liabilities, are classified as equity in accordance with “Updated noncontrolling interests guidance”.

<Reference Information> Quarterly Unconsolidated Financial Statements [Japanese GAAP]

Nomura Holdings, Inc.

Unconsolidated Balance Sheet Information

(UNAUDITED)


	(Millions of yen)
	September 30, 2009		March 31, 2009		Increase/ (Decrease)
*ASSETS*
Current Assets	1,799,330		1,852,470		(53,140	)

Cash and time deposits	1,692		1,225		467
Certificate deposits	17,300		20,500		(3,200	)
Money held in trust	56,405		57,077		(672	)
Short-term loans receivable	1,697,175		1,659,355		37,820
Accounts receivable	4,861		68,858		(63,997	)
Deferred tax assets	2,661		25,512		(22,851	)
Other current assets	19,239		24,760		(5,520	)
Allowance for doubtful accounts	(4	)	(4,817	)	4,813
Fixed Assets	1,923,536		1,829,038		94,498

Tangible fixed assets	53,108		55,877		(2,769	)
Intangible assets	106,678		110,217		(3,540	)
Investments and others	1,763,750		1,662,943		100,807
Investment securities	124,858		118,980		5,878
Investments in subsidiaries and affiliates (at cost)	1,232,164		1,158,141		74,023
Other securities of subsidiaries and affiliates	19,368		24,111		(4,743	)
Long-term loans receivable from subsidiaries and affiliates	130,000		135,000		(5,000	)
Long-term guarantee deposits	42,668		42,671		(2	)
Deferred tax assets	184,255		155,297		28,959
Other investments	30,469		28,802		1,667
Allowance for doubtful accounts	(32	)	(57	)	25

TOTAL ASSETS	3,722,866		3,681,507		41,359


	(Millions of yen)
	September 30, 2009		March 31, 2009		Increase/ (Decrease)
*LIABILITIES*
Current liabilities	231,618		612,287		(380,669	)

Short-term borrowings	95,000		470,000		(375,000	)
Bond due within one year	60,000		60,000		—
Collaterals received	51,631		39,663		11,968
Accrued income taxes	700		2		698
Other current liabilities	24,287		42,622		(18,334	)
Long-term liabilities	2,146,605		1,825,139		321,466

Bonds payable	921,651		695,446		226,205
Convertible Bonds	35,000		110,000		(75,000	)
Long-term borrowings	1,188,000		1,018,000		170,000
Other long-term liabilities	1,954		1,693		261

TOTAL LIABILITIES	2,378,223		2,437,425		(59,202	)

*NET ASSETS*
Shareholders’ equity	1,292,032		1,192,353		99,679
Common stock	359,265		321,765		37,500
Additional paid-in capital	293,178		251,469		41,709
Capital reserve	288,969		251,469		37,500
Other capital reserves	4,209		—		4,209
Retained earnings	707,612		693,673		13,939
Retained earnings reserve	81,858		81,858		—
Other retained earnings	625,754		611,815		13,939
Reserve for specified fixed assets	12		13		(1	)
General reserve	994,000		994,000		—
Retained earnings carried forward	(368,258	)	(382,199	)	13,941
Treasury stock	(68,023	)	(74,554	)	6,531
Valuation and translation adjustments	30,259		24,613		5,646
Net unrealized gain on investments	20,414		16,157		4,257
Deferred gains or loss on hedges	9,845		8,456		1,389
Stock acquisition rights	22,352		27,116		(4,764	)

TOTAL NET ASSETS	1,344,643		1,244,082		100,561

TOTAL LIABILITIES AND NET ASSETS	3,722,866		3,681,507		41,359

Nomura Holdings, Inc.

Unconsolidated Income Statement Information

(UNAUDITED)


	(Millions of yen except percentages)
	For the six months ended		For the six months ended		% Change
	September 30, 2009(A)		September 30, 2008(B)		(A-B)/(B)
Operating revenue	122,189		236,715		(48.4	)%

Property and equipment fee revenue	50,953		52,555		(3.0	)
Rent revenue	19,792		18,866		4.9
Royalty on trademark	9,937		7,341		35.4
Dividend from subsidiaries and affiliates	27,539		143,474		(80.8	)
Others	13,969		14,478		(3.5	)
Operating expenses	91,604		92,918		(1.4	)

Compensation and benefits	10,158		10,605		(4.2	)
Rental and maintenance	21,718		20,574		5.6
Data processing and office supplies	20,432		16,979		20.3
Depreciation and amortization	21,356		25,332		(15.7	)
Others	3,759		4,022		(6.5	)
Interest expenses	14,181		15,406		(7.9	)

Operating income	30,585		143,796		(78.7	)

Non-operating income	1,645		2,605		(36.9	)
Non-operating expenses	3,492		1,048		233.1

Ordinary income	28,738		145,353		(80.2	)

Special profits	5,125		1,190		330.5
Reversal of allowance for doubtful accounts	4,812		—		—
Gain on sales of investment securities	313		1,190		(73.7	)
Special losses	18,977		50,508		(62.4	)
Loss on sales of investment securities	1		198		(99.5	)
Loss on devaluation of investment securities	703		1,912		(63.2	)
Loss on liquidation of subsidiaries and affiliates	1,724		—		—
Loss on devaluation of investments in subsidiaries and affiliates	12,884		46,382		(72.2	)
Loss on retirement of fixed assets	3,664		2,016		81.7

Income before income taxes	14,886		96,035		(84.5	)

Income taxes - current	10,978		3,997		174.7

Income taxes - deferred	(10,031	)	(8,397	)	—

Total income taxes	947		(4,400	)	—

Net income	13,939		100,435		(86.1	)

6.	Other Information

Supplemental Consolidated Financial Information

•

Quarterly Results - Consolidated Statements of Operations

•

Quarterly Results - Business Segment

•

Commissions/fees received and Net gain on trading

Supplemental Unconsolidated Financial Information [Japanese GAAP]

•

Nomura Securities Co., Ltd. - Unconsolidated Balance Sheet Information

•

Nomura Securities Co., Ltd. - Unconsolidated Income Statement Information

•

Nomura Securities Co., Ltd. - Quarterly Income Statement Information

•

Nomura Securities Co., Ltd. - Supplementary Information

Consolidated Statements of Operations - Quarterly (UNAUDITED)


	Millions of yen												% Change		Millions of yen
	For the three months ended												(B-A)/(A)		For the year ended
	June 30, 2008		September 30, 2008		December 31, 2008		March 31, 2009		June 30, 2009(A)		September 30, 2009(B)		(B-A)/(A)		March 31, 2009
Revenue:
Commissions	82,198		84,886		73,373		66,346		102,024		95,438		(6.5	)	306,803
Fees from investment banking	13,407		10,026		19,678		11,842		29,729		15,580		(47.6	)	54,953
Asset management and portfolio service fees	42,779		42,411		29,410		25,566		30,331		34,016		12.1		140,166
Net gain on trading	10,515		(21,015	)	(134,518	)	16,679		121,132		148,487		22.6		(128,339	)
Gain (loss) on private equity investments	(37,663	)	23,167		(24,782	)	(15,513	)	(2,139	)	2,033		—		(54,791	)
Interest and dividends	117,957		126,993		45,899		40,507		58,427		53,561		(8.3	)	331,356
Gain (loss) on investments in equity securities	964		(9,804	)	(12,938	)	(3,722	)	9,801		(2,308	)	—		(25,500	)
Other	27,719		1,068		6,588		4,488		14,290		8,663		(39.4	)	39,863

Total revenue	257,876		257,732		2,710		146,193		363,595		355,470		(2.2	)	664,511
Interest expense	122,789		129,667		52,456		46,972		65,236		55,445		(15.0	)	351,884

Net revenue	135,087		128,065		(49,746	)	99,221		298,359		300,025		0.6		312,627

Non-interest expenses:
Compensation and benefits	87,910		80,098		161,823		161,724		138,081		146,633		6.2		491,555
Commissions and floor brokerage	18,634		20,343		17,561		17,143		20,043		21,706		8.3		73,681
Information processing and communications	33,359		34,632		40,838		46,151		40,160		43,924		9.4		154,980
Occupancy and related depreciation	15,868		17,180		23,245		22,187		21,992		22,598		2.8		78,480
Business development expenses	7,032		7,919		8,123		8,564		6,256		6,380		2.0		31,638
Other	56,627		37,284		98,274		70,373		40,406		31,492		(22.1	)	262,558

	219,430		197,456		349,864		326,142		266,938		272,733		2.2		1,092,892

Income (loss) before income taxes	(84,343	)	(69,391	)	(399,610	)	(226,921	)	31,421		27,292		(13.1	)	(780,265	)
Income tax expense	(7,672	)	3,531		(56,648	)	(10,065	)	20,678		(1,049	)	—		(70,854	)

Net income (loss)	(76,671	)	(72,922	)	(342,962	)	(216,856	)	10,743		28,341		163.8		(709,411	)


Less: Net income (loss) attributable to noncontrolling interests	(79	)	(50	)	(68	)	(1,022	)	(677	)	626		—		(1,219	)

Net income (loss) attributable to NHI	(76,592	)	(72,872	)	(342,894	)	(215,834	)	11,420		27,715		142.7		(708,192	)


	Yen												% Change		Yen
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share	(40.14	)	(38.18	)	(179.62	)	(107.00	)	4.37		10.22		133.9		(364.69	)

Diluted-
Net income (loss) attributable to NHI shareholders per share	(40.18	)	(38.23	)	(180.97	)	(108.71	)	1.81		8.87		390.1		(366.16	)

Business Segment Information - Quarterly Results (UNAUDITED)

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


	Millions of yen												% Change		Millions of yen
	For the three months ended												(B-A)/(A)		For the year ended
	June 30, 2008		September 30, 2008		December 31, 2008		March 31, 2009		June 30, 2009(A)		September 30, 2009(B)		(B-A)/(A)		March 31, 2009
Net revenue
Business segment information:
Retail	85,809		74,455		69,650		61,943		95,380		93,150		(2.3	)	291,857
Global Markets	10,970		(6,538	)	(171,084	)	9,398		187,128		174,499		(6.7	)	(157,254	)
Investment Banking	28,986		5,247		22,658		6,608		25,673		20,945		(18.4	)	63,499
Merchant Banking	(37,009	)	20,500		(34,987	)	(18,379	)	(1,081	)	3,860		—		(69,875	)
Asset Management	21,112		14,711		10,842		13,124		18,650		16,467		(11.7	)	59,789

Sub Total	109,868		108,375		(102,921	)	72,694		325,750		308,921		(5.2	)	188,016
Other	24,546		27,992		64,727		30,483		(37,139	)	(7,056	)	—		147,748

Net revenue	134,414		136,367		(38,194	)	103,177		288,611		301,865		4.6		335,764

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	673		(8,302	)	(11,552	)	(3,956	)	9,748		(1,840	)	—		(23,137	)

Net revenue	135,087		128,065		(49,746	)	99,221		298,359		300,025		0.6		312,627

Non-interest expenses
Business segment information:
Retail	69,630		69,137		67,370		67,483		67,521		66,796		(1.1	)	273,620
Global Markets	72,589		80,150		124,438		140,210		124,862		127,845		2.4		417,387
Investment Banking	16,411		13,970		42,601		47,928		31,098		30,659		(1.4	)	120,910
Merchant Banking	2,357		5,853		2,604		4,584		2,498		2,606		4.3		15,398
Asset Management	12,960		13,916		12,933		12,600		13,521		11,994		(11.3	)	52,409

Sub Total	173,947		183,026		249,946		272,805		239,500		239,900		0.2		879,724
Other	45,483		14,430		99,918		53,337		27,438		32,833		19.7		213,168

Non-interest expenses	219,430		197,456		349,864		326,142		266,938		272,733		2.2		1,092,892

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

Non-interest expenses	219,430		197,456		349,864		326,142		266,938		272,733		2.2		1,092,892

Income (loss) before income taxes
Business segment information:
Retail	16,179		5,318		2,280		(5,540	)	27,859		26,354		(5.4	)	18,237
Global Markets	(61,619	)	(86,688	)	(295,522	)	(130,812	)	62,266		46,654		(25.1	)	(574,641	)
Investment Banking	12,575		(8,723	)	(19,943	)	(41,320	)	(5,425	)	(9,714	)	—		(57,411	)
Merchant Banking	(39,366	)	14,647		(37,591	)	(22,963	)	(3,579	)	1,254		—		(85,273	)
Asset Management	8,152		795		(2,091	)	524		5,129		4,473		(12.8	)	7,380

Sub Total	(64,079	)	(74,651	)	(352,867	)	(200,111	)	86,250		69,021		(20.0	)	(691,708	)
Other *	(20,937	)	13,562		(35,191	)	(22,854	)	(64,577	)	(39,889	)	—		(65,420	)

Income (loss) before income taxes	(85,016	)	(61,089	)	(388,058	)	(222,965	)	21,673		29,132		34.4		(757,128	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	673		(8,302	)	(11,552	)	(3,956	)	9,748		(1,840	)	—		(23,137	)

Income (loss) before income taxes	(84,343	)	(69,391	)	(399,610	)	(226,921	)	31,421		27,292		(13.1	)	(780,265	)

*	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		Millions of yen
	For the three months ended												(B-A)/(A)		For the year ended
	June 30, 2008		September 30, 2008		December 31, 2008		March 31, 2009		June 30, 2009(A)		September 30, 2009(B)		(B-A)/(A)		March 31, 2009
Net gain (loss) on trading related to economic hedging transactions	1,006		20,188		40,265		2,693		3,255		1,929		(40.7	)	64,152
Realized gain (loss) on investments in equity securities held for operating purposes	291		(1,503	)	(1,385	)	234		53		(468	)	—		(2,363	)
Equity in earnings of affiliates	2,061		3,999		(376	)	(6,402	)	3,701		602		(83.7	)	(718	)
Corporate items	(5,620	)	(2,349	)	(34,953	)	(27,611	)	(24,896	)	(19,588	)	—		(70,533	)
Others	(18,675	)	(6,773	)	(38,742	)	8,232		(46,690	)	(22,364	)	—		(55,958	)

Total	(20,937	)	13,562		(35,191	)	(22,854	)	(64,577	)	(39,889	)	—		(65,420	)


Notes:
1.		The review procedures of the quarterly report for this period have not been completed yet.
2.		Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

“Commissions/fees received” and “Net gain on trading” consists of the following (UNAUDITED)


	Millions of yen										% Change		Millions of yen			% Change
	For the three months ended												For the six months ended
	June 30, 2008		September 30, 2008		December 31, 2008		March 31, 2009		June 30, 2009(A)	September 30, 2009(B)	(B-A)/(A)		September 30, 2008(C)		September 30, 2009(D)	(D-C)/(C)
Commissions/fees received

Commissions	82,198		84,886		73,373		66,346		102,024	95,438	(6.5	)	167,084		197,462	18.2

Brokerage Commissions	49,287		53,840		60,208		40,028		57,863	49,091	(15.2	)	103,127		106,954	3.7
Commissions for Distribution of Investment Trust	25,811		24,173		6,897		19,056		39,505	41,325	4.6		49,984		80,830	61.7

Fees from Investment Banking	13,407		10,026		19,678		11,842		29,729	15,580	(47.6	)	23,433		45,309	93.4

Underwriting and Distribution	6,815		3,385		9,424		5,491		20,900	10,603	(49.3	)	10,200		31,503	208.9
M&A / Financial Advisory Fees	4,568		6,218		10,119		5,824		8,573	4,902	(42.8	)	10,786		13,475	24.9

Asset Management and Portfolio Service Fees	42,779		42,411		29,410		25,566		30,331	34,016	12.1		85,190		64,347	(24.5	)

Asset Management Fees	38,485		38,358		26,027		22,574		26,523	30,634	15.5		76,843		57,157	(25.6	)

Total	138,384		137,323		122,461		103,754		162,084	145,034	(10.5	)	275,707		307,118	11.4


Net gain (loss) on trading

Merchant Banking	(69	)	(457	)	(584	)	(1,550	)	278	1,116	301.4		(526	)	1,394	—
Equity Trading	33,267		1,717		(13,973	)	(59,671	)	64,823	53,614	(17.3	)	34,984		118,437	238.5
Fixed Income and Other Trading	(22,683	)	(22,275	)	(119,961	)	77,900		56,031	93,757	67.3		(44,958	)	149,788	—

Total	10,515		(21,015	)	(134,518	)	16,679		121,132	148,487	22.6		(10,500	)	269,619	—

Note: The review procedures of the quarterly report for this period have not been completed yet.

Nomura Securities Co., Ltd.

Unconsolidated Balance Sheet Information

(UNAUDITED)


	(Millions of yen)
	September 30, 2009		March 31, 2009		Increase/ (Decrease)
ASSETS
Current Assets	9,358,630		12,682,853		(3,324,223	)

Cash and time deposits	272,369		246,865		25,504
Deposits with exchanges and other segregated cash	692		692		—
Trading assets:	4,734,112		6,377,645		(1,643,533	)
Trading securities	3,600,815		4,976,307		(1,375,492	)
Derivative contracts	1,133,297		1,401,338		(268,041	)
Net receivables arising from pre-settlement date trades	124,492		590,008		(465,517	)
Margin account assets:	123,311		62,478		60,832
Loans to customers in margin transactions	106,097		45,976		60,121
Cash collateral to securities finance companies	17,214		16,503		711
Loans with securities as collateral:	3,683,419		4,920,428		(1,237,009	)
Cash collateral for securities borrowed	3,318,654		4,246,174		(927,521	)
Loans in gensaki transactions	364,765		674,253		(309,488	)
Receivables from customers and others	3,276		4,385		(1,108	)
Short-term guarantee deposits	280,617		296,310		(15,693	)
Short-term loans receivable	2,030		3,761		(1,732	)
Deferred tax assets	86,390		107,470		(21,079	)
Other current assets	47,942		72,823		(24,881	)
Allowance for doubtful accounts	(18	)	(11	)	(7	)
Fixed Assets	85,979		113,611		(27,632	)

Tangible fixed assets	115		114		0
Intangible assets	7,583		7,177		407
Investments and others	78,281		106,320		(28,039	)
Investment securities	195		195		—
Deferred tax assets	44,544		57,737		(13,193	)
Other investments	34,091		48,937		(14,846	)
Allowance for doubtful accounts	(549	)	(549	)	0

TOTAL ASSETS	9,444,609		12,796,464		(3,351,855	)


	(Millions of yen)
	September 30, 2009	March 31, 2009	Increase/ (Decrease)
LIABILITIES
Current Liabilities	7,723,448	11,059,662	(3,336,213	)

Trading liabilities:	2,191,453	2,129,948	61,505
Trading securities	1,662,122	1,706,193	(44,070	)
Derivative contracts	529,330	423,755	105,575
Margin account liabilities:	61,888	38,194	23,694
Borrowings from securities finance companies	4,827	1,203	3,624
Customer margin sale proceeds	57,061	36,991	20,070
Borrowings with securities as collateral:	1,537,447	3,345,360	(1,807,913	)
Cash collateral for securities loaned	383,985	1,404,061	(1,020,075	)
Borrowings in gensaki transactions	1,153,461	1,941,299	(787,838	)
Payables to customers and others	147,020	113,075	33,945
Guarantee deposits received	698,866	792,365	(93,499	)
Short-term borrowings	2,563,802	4,254,146	(1,690,344	)
Short-term bonds payable	377,700	315,900	61,800
Bond due within one year	64,000	—	64,000
Accrued income taxes	1,090	179	910
Accounts payable	4,016	6,416	(2,400	)
Accrued bonuses for employees	34,436	22,692	11,744
Other current liabilities	41,731	41,388	344
Long-term Liabilities	949,905	1,009,831	(59,926	)

Bonds payable	160,287	224,287	(63,999	)
Long-term borrowings	699,400	692,700	6,700
Reserve for retirement benefits	62,369	55,704	6,666
Other long-term liabilities	27,848	37,140	(9,293	)
Statutory Reserves	5,519	5,519	0

Reserve for financial instruments transactions	5,519	5,519	0

TOTAL LIABILITIES	8,678,872	12,075,012	(3,396,140	)

NET ASSETS
Shareholder’s equity	763,753	719,322	44,432
Common stock	10,000	10,000	—
Capital reserves	529,579	529,579	—
Additional paid-in capital	529,579	529,579	—
Earned surplus	224,175	179,743	44,432
Other Earned surplus	224,175	179,743	44,432
General reserve	63,000	63,000	—
Earned surplus carried forward	161,175	116,743	44,432
Valuation and translation adjustments	1,984	2,131	(147	)
Deferred gains or loss on hedges	1,984	2,131	(147	)

TOTAL NET ASSETS	765,737	721,453	44,285

TOTAL LIABILITIES AND NET ASSETS	9,444,609	12,796,464	(3,351,855	)

Nomura Securities Co., Ltd.

Unconsolidated Income Statement Information

(UNAUDITED)


	(Millions of yen except percentages)
	For the six months ended		For the six months ended		% Change
	September 30, 2009(A)		September 30, 2008(B)		(A-B)/(B)
Operating revenue	350,559		272,581		28.6	%

Commissions	198,738		146,821		35.4
Net gain on trading	114,087		56,491		102.0
Net gain on other inventories	3		6		(53.1	)
Interest and dividend income	37,732		69,263		(45.5	)
Interest expenses	35,711		62,031		(42.4	)

Net operating revenue	314,848		210,550		49.5

Selling, general and administrative expenses	243,146		207,120		17.4

Transaction-related expenses	34,997		34,398		1.7
Compensation and benefits	108,310		79,844		35.7
Rental and maintenance	26,505		24,224		9.4
Data processing and office supplies	66,451		62,984		5.5
Others	6,885		5,670		21.4

Operating income	71,702		3,430		—

Non-operating income	354		1,802		(80.4	)
Non-operating expenses	689		805		(14.4	)

Ordinary income	71,367		4,428		—

Special profits	660		976		(32.4	)
Gains due to the exemption from payments of share-based compensation	657		868		(24.2	)
Reversal of allowance for doubtful accounts	2		1		298.0
Reversal of reserve for financial instruments transactions	0		107		(99.6	)

Income before income taxes	72,027		5,404		—

Income taxes - current	(6,780	)	8,608		—

Income taxes - deferred	34,374		(8,720	)	—

Total income taxes	27,595		(112	)	—

Net income	44,432		5,516		705.5

Nomura Securities Co., Ltd.

Quarterly Income Statement Information

(UNAUDITED)


	(Millions of yen)
	For the Quarter from April 1, 2008 to June 30, 2008		For the Quarter from July 1, 2008 to September 30, 2008		For the Quarter from October 1, 2008 to December 31, 2008		For the Quarter from January 1, 2009 to March 31, 2009		For the Quarter from April 1, 2009 to June 30, 2009		For the Quarter from July 1, 2009 to September 30, 2009
Operating revenue	158,921		113,660		60,021		169,599		195,430		155,130

Commissions	74,152		72,669		69,899		65,048		100,914		97,824
Net gain (loss) on trading	41,554		14,938		(47,779	)	87,929		72,051		42,036
Net gain on other inventories	2		4		3		3		2		1
Interest and dividend income	43,214		26,049		37,897		16,618		22,463		15,269
Interest expenses	37,236		24,795		36,629		17,838		22,310		13,401

Net operating revenue	121,685		88,865		23,392		151,760		173,120		141,728

Selling, general and administrative expenses	102,737		104,383		115,666		123,208		124,137		119,009

Transaction-related expenses	16,177		18,221		17,181		18,946		17,980		17,017
Compensation and benefits	40,780		39,063		46,836		47,232		57,575		50,735
Rental and maintenance	12,047		12,177		14,393		14,321		12,902		13,603
Data processing and office supplies	30,734		32,250		34,497		39,678		32,111		34,340
Other	2,998		2,672		2,759		3,030		3,571		3,314

Operating income (loss)	18,948		(15,518	)	(92,274	)	28,552		48,983		22,719

Non-operating income	212		1,590		184		418		211		142
Non-operating expenses	289		516		594		789		427		262

Ordinary income (loss)	18,871		(14,444	)	(92,685	)	28,182		48,767		22,599

Special profits	532		444		437		434		398		262
Gains due to the exemption from payments of share-based compensation	462		406		425		446		397		260
Reversal of allowance for doubtful accounts	1		—		(1	)	—		—		2
Reversal of reserve for financial instruments transactions	70		38		13		(12	)	0		—
Special losses	—		—		6,860		(2,851	)	—		—
Loss on revision of retirement benefit plan	—		—		6,860		(2,851	)	—		—

Income (loss) before income taxes	19,404		(14,000	)	(99,107	)	31,466		49,165		22,862

Income taxes - current	(3,996	)	12,603		(23,590	)	8,586		(6,564	)	(216	)

Income taxes - deferred	9,835		(18,555	)	(19,562	)	9,948		25,844		8,531

Total income taxes	5,840		(5,952	)	(43,151	)	18,534		19,280		8,315

Net income (loss)	13,564		(8,048	)	(55,956	)	12,932		29,885		14,547

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

(UNAUDITED)

1. Commission Revenues

(1) Breakdown by Category


	(Millions of yen except percentages)
	Six Months Ended		% Change
	September 30, 2009 (A)	September 30, 2008 (B)	(A-B)/(B)
Brokerage commissions	41,275	36,928	11.8	%

(Stocks)	39,728	34,427	15.4
Commissions for underwriting, secondary distribution and solicitation for selling and others for Professional Investors	25,867	3,430	654.1

(Stocks)	23,327	1,445	—
(Bonds)	2,540	1,985	27.9
Fees for offering, secondary distribution and solicitation for selling and others for Professional Investors	80,834	50,423	60.3

(Investment trust certificates)	80,759	49,958	61.7
Other commissions	50,762	56,040	(9.4	)

(Investment trust certificates)	21,933	30,691	(28.5	)

Total	198,738	146,821	35.4


(2) Breakdown by Product

	(Millions of yen except percentages)
	Six Months Ended		% Change
	September 30, 2009 (A)	September 30, 2008 (B)	(A-B)/(B)
Stocks	66,388	37,546	76.8	%
Bonds	4,541	3,942	15.2
Investment trust certificates	103,820	82,861	25.3
Others	23,989	22,472	6.8

Total	198,738	146,821	35.4


2. Net Gain on Trading

	(Millions of yen except percentages)
	Six Months Ended		% Change
	September 30, 2009 (A)	September 30, 2008 (B)	(A-B)/(B)
Stocks	10,354	9,361	10.6	%
Bonds and forex	103,732	47,131	120.1

Total	114,087	56,491	102.0

3. Stock Trading (excluding futures transactions)


	(Millions of shares or yen except per share data and percentages)
	Six Months Ended								% Change
	September 30, 2009 (A)				September 30, 2008 (B)				(A-B)/(B)
	Number of shares		Amount		Number of shares		Amount		Number of shares		Amount
Total	46,551		34,625,657		34,207		41,782,490		36.1	%	(17.1	)%

(Brokerage)	34,118		24,803,143		21,372		25,563,171		59.6		(3.0	)
(Proprietary Trading)	12,433		9,822,514		12,836		16,219,319		(3.1	)	(39.4	)

Brokerage / Total	73.3	%	71.6	%	62.5	%	61.2	%

TSE Share	7.1	%	8.0	%	5.9	%	6.4	%

Brokerage Commission per share (yen)	1.14				1.58

4. Underwriting, Subscription, and Distribution


	(Millions of shares or yen except percentages)
	Six Months Ended		% Change
	September 30, 2009 (A)	September 30, 2008 (B)	(A-B)/(B)
Underwriting
Stocks (number of shares)	1,293	3	—	%
(yen amount)	647,870	62,522	936.2
Bonds (face value)	2,880,373	2,948,280	(2.3	)
Investment trust certificates (yen amount)	—	—	—
Beneficial interest (face value)	—	—	—

Subscription and Distribution*
Stocks (number of shares)	1,648	3	—
(yen amount)	703,881	41,635	—
Bonds (face value)	791,643	1,887,551	(58.1	)
Investment trust certificates (yen amount)	9,704,533	7,656,235	26.8
Beneficial interest (face value)	—	—	—

*	Includes secondary offering, private placement and solicitation for selling and others for Professional Investors.

5. Capital Adequacy Ratio


			(Rounded down to millions of yen except percentages)
			September 30, 2009		March 31, 2009		Increase/(Decrease)
Tier I		(A)	763,753		719,321		44,432
Tier II	Valuation and translation adjustments		1,983		2,130		(147	)
	Statutory reserves		5,518		5,518		0
	Allowance for doubtful accounts		18		11		7
	Subordinated debt		606,086		606,085		1

	Total	(B)	613,608		613,747		(139	)

Illiquid Asset		(C)	112,271		136,123		(23,852	)

Net Capital	(A) + (B) - (C) =	(D)	1,265,090		1,196,946		68,144

Risk	Market risk		104,621		99,113		5,508
	Counterparty risk		185,432		210,482		(25,050	)
	Basic risk		139,101		135,675		3,426

	Total	(E)	429,155		445,271		(16,116	)

Capital Adequacy Ratio		(D)/(E)×100	294.7	%	268.8	%	25.9	%

The review procedures of the quarterly report for this period have not been completed yet.

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