EX-12 7 dex12.htm COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Computation of Consolidated Ratio of Earnings to Fixed Charges

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth Nomura’s ratio of earnings to fixed charges, and the amount of fixed charge deficiency, for the five fiscal years ended March 31, 2010, in accordance with U.S. GAAP.

 

     Fiscal year ended March 31,
     2006    2007    2008     2009     2010
     (Millions of yen)

Earnings:

             

Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees

    ¥ 422,422    ¥ 265,135    ¥ (75,327 )    ¥ (774,731 )    ¥ 92,323

Add: Fixed charges

      647,190      958,000      806,465        351,884        205,929

Distributed income of equity investees

      2,900      3,093      10,035        7,307        4,827
                                    

Earnings as defined

    ¥ 1,072,512    ¥ 1,226,228    ¥ 741,173      ¥ (415,540 )    ¥ 303,079
                                    

Fixed charges(1)

    ¥ 647,190    ¥ 958,000    ¥ 806,465      ¥ 351,884      ¥ 205,929

Ratio of earnings to fixed charges(2)

      1.7      1.3      —          —          1.5

 

(1) Fixed charges consist of interest expense. Fixed charges exclude premium and discount amortization as well as interest expense, which are included in Net gain (loss) on trading. Fixed charges also exclude interest within rent expense, which is not significant.
(2) The earnings for the fiscal years ended March 31, 2008 and 2009 were insufficient to cover fixed charges. The coverage deficiencies for fixed charges for the fiscal years ended March 31, 2008 and 2009 were ¥65,292 million ¥767,424 million, respectively.