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 2020

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):             

Information furnished on this form:

EXHIBIT

Exhibit Number
1.	Financial Summary – Year ended March 31, 2020.

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: May 8, 2020	By:	/s/ Go Sugiyama
		Go Sugiyama
		Senior Managing Director

Financial Summary For the Year Ended March 31, 2020 (U.S. GAAP)

Date:	May 8, 2020
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
	2019						2020
	(Millions of yen, except per share data)
				% Change from March 31, 2018						% Change from March 31, 2019
Total revenue		1,835,118			(6.9	%)		1,952,482			6.4	%
Net revenue		1,116,770			(25.4	%)		1,287,829			15.3	%
Income (loss) before income taxes		(37,701	)		—	%		248,261			—	%
Net income (loss) attributable to Nomura Holdings, Inc. (“NHI”) shareholders		(100,442	)		—	%		216,998			—	%
Comprehensive income (loss)		(63,655	)		—	%		222,010			—	%
Basic-Net income (loss) attributable to NHI shareholders per share (Yen)		(29.90	)					67.76
Diluted-Net income (loss) attributable to NHI shareholders per share (Yen)		(29.92	)					66.20
Return on shareholders’ equity		(3.7	%)					8.2	%
Income before income taxes to total assets		(0.1	%)					0.6	%
Income before income taxes divided by total revenue		(2.1	%)					12.7	%
Equity in earnings of affiliates		32,014						32,109

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
	2019			2020
	(Millions of yen, except per share data)
Total assets		40,969,439			43,999,815
Total equity		2,680,793			2,731,264
Total NHI shareholders’ equity		2,631,061			2,653,467
Total NHI shareholders’ equity as a percentage of total assets		6.4	%		6.0	%
Total NHI shareholders’ equity per share (Yen)		794.69			873.26

(3) Cash Flows
	For the year ended March 31
	2019			2020
	(Millions of yen)
Net cash used in operating activities		(361,165	)		(15,943	)
Net cash provided by (used in) investing activities		(112,503	)		216,336
Net cash provided by financing activities		761,191			332,062
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year		2,687,132			3,192,310
2. Cash Dividends
	For the year ended March 31
	2019			2020
	(Yen amounts, except total annual dividends)
Dividends per share
Dividends record dates
At June 30		—			—
At September 30		3.00			15.00
At December 31		—			—
At March 31		3.00			5.00
For the year		6.00			20.00
Total annual dividends (Millions of yen)		20,082			63,678
Consolidated payout ratio		(20.1	%)		29.5	%
Consolidated dividends as a percentage of shareholders’ equity per share		0.7	%		2.4	%

3. Earnings Forecasts for the year ending March 31, 2021

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
	2019		2020
Number of shares outstanding (including treasury stock)		3,493,562,601		3,493,562,601
Number of treasury stock		182,761,802		454,975,108
	For the year ended March 31
	2019		2020
Average number of shares outstanding		3,359,564,840		3,202,369,845

*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
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, 2019 (A)			March 31, 2020 (B)
Net revenue		1,116.8			1,287.8			15.3
Non-interest expenses		1,154.5			1,039.6			(10.0	)
Income (loss) before income taxes		(37.7	)		248.3			—
Income tax expense		57.0			28.9			(49.3	)
Net income (loss)		(94.7	)		219.4			—
Less: Net income (loss) attributable to noncontrolling interests		5.7			2.4			(58.7	)
Net income (loss) attributable to NHI shareholders		(100.4	)		217.0			—
Return on shareholders’ equity *		(3.7	%)		8.2	%		—

* 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 1,287.8 billion yen for the fiscal year ended March 31, 2020, an increase of 15.3% from the previous year. Non-interest expenses decreased by 10.0% from the previous year to 1,039.6 billion yen. Income before income taxes was 248.3 billion yen and net income attributable to NHI shareholders was 217.0 billion yen for the fiscal year ended March 31, 2020.

    Segment Information

	Billions of yen					% Change
	For the year ended					(B-A)/(A)
	March 31, 2019 (A)			March 31, 2020 (B)
Net revenue		1,124.0			1,309.2		16.5
Non-interest expenses		1,154.5			1,039.6		(10.0	)
Income (loss) before income taxes		(30.5	)		269.6		—

In business segment totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the fiscal year ended March 31, 2020 was 1,309.2 billion yen, an increase of 16.5% from the previous year. Non-interest expenses decreased by 10.0% from the previous year to 1,039.6 billion yen. Income before income taxes was 269.6 billion yen for the fiscal year ended March 31, 2020. Please refer to page 13 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, 2019 (A)		March 31, 2020 (B)
Net revenue		339.5		336.4		(0.9	)
Non-interest expenses		290.0		286.9		(1.1	)
Income (loss) before income taxes		49.5		49.4		(0.1	)

Net revenue decreased by 0.9% from the previous year to 336.4 billion yen, primarily due to decreasing commissions from investment banking services. Non-interest expenses decreased by 1.1% to 286.9 billion yen. As a result, income before income taxes decreased by 0.1% to 49.4 billion yen.

    Operating Results of Asset Management

	Billions of yen				% Change
	For the year ended				(B-A)/(A)
	March 31, 2019 (A)		March 31, 2020 (B)
Net revenue		97.8		92.6		(5.4	)
Non-interest expenses		63.7		63.8		0.3
Income (loss) before income taxes		34.2		28.8		(15.8	)

Net revenue decreased by 5.4% from the previous year to 92.6 billion yen. Non-interest expenses increased by 0.3% to 63.8 billion yen. As a result, income before income taxes decreased by 15.8% to 28.8 billion yen. Assets under management were 49.3 trillion yen as of March 31, 2020.

    Operating Results of Wholesale

	Billions of yen					% Change
	For the year ended					(B-A)/(A)
	March 31, 2019 (A)			March 31, 2020 (B)
Net revenue		555.4			648.6		16.8
Non-interest expenses		666.8			556.4		(16.6	)
Income (loss) before income taxes		(111.4	)		92.2		—

Net revenue increased by 16.8% from the previous year to 648.6 billion yen. Non-interest expenses decreased by 16.6% to 556.4 billion yen. As a result, income before income taxes was 92.2 billion yen. Income before income taxes for the year ended March 31, 2020 includes approximately 35 billion yen mark down mainly on our loan-related positions due to market dislocation in March.

    Other Operating Results

	Billions of yen					% Change
	For the year ended					(B-A)/(A)
	March 31, 2019 (A)			March 31, 2020 (B)
Net revenue		131.3			231.6		76.4
Non-interest expenses		134.0			132.4		(1.2	)
Income (loss) before income taxes		(2.8	)		99.2		—

Net revenue was 231.6 billion yen including income of 73.3 billion yen recognized in July 2019 from the sale of a part of our shares held in Nomura Research Institute, Ltd. Income before income taxes was 99.2 billion yen.

– 3 –

(2) Overview of Consolidated Financial Position

Total assets as of March 31, 2020, were 43,999.8 billion yen, an increase of 3,030.4 billion yen compared to March 31, 2019, mainly due to the increase in Trading assets. Total liabilities as of March 31, 2020 were 41,268.6 billion yen, an increase of 2,979.9 billion yen compared to March 31, 2019, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of March 31, 2020 was 2,731.3 billion yen, an increase of 50.5 billion yen compared to March 31, 2019.

(3) Overview of Cash Flows

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

– 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 25, 2019) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2019) for the year ended March 31, 2019.

– 5 –

(1) Consolidated Balance Sheets

	Millions of yen
	March 31, 2019			March 31, 2020			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		2,686,659			3,191,889			505,230
Time deposits		289,753			309,373			19,620
Deposits with stock exchanges and other segregated cash		285,457			373,686			88,229
Total cash and cash deposits		3,261,869			3,874,948			613,079
Loans and receivables:
Loans receivable		2,544,218			2,857,405			313,187
Receivables from customers		449,706			541,284			91,578
Receivables from other than customers		892,283			1,731,236			838,953
Allowance for doubtful accounts		(4,169	)		(13,012	)		(8,843	)
Total loans and receivables		3,882,038			5,116,913			1,234,875
Collateralized agreements:
Securities purchased under agreements to resell		13,194,543			12,377,315			(817,228	)
Securities borrowed		4,112,416			3,529,797			(582,619	)
Total collateralized agreements		17,306,959			15,907,112			(1,399,847	)
Trading assets and private equity and debt investments:
Trading assets*		14,355,712			16,853,822			2,498,110
Private equity and debt investments*		30,077			44,278			14,201
Total trading assets and private equity and debt investments		14,385,789			16,898,100			2,512,311
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥416,052 million as of March 31, 2019 and ¥397,114 million as of March 31, 2020)		349,365			440,512			91,147
Non-trading debt securities*		460,661			455,392			(5,269	)
Investments in equity securities*		138,447			112,175			(26,272	)
Investments in and advances to affiliated companies*		436,220			367,641			(68,579	)
Other		748,091			827,022			78,931
Total other assets		2,132,784			2,202,742			69,958
Total assets		40,969,439			43,999,815			3,030,376

* Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31, 2019			March 31, 2020			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				841,758			1,486,733			644,975
Payables and deposits:
Payables to customers				1,229,083			1,467,434			238,351
Payables to other than customers				1,146,336			1,653,495			507,159
Deposits received at banks				1,392,619			1,276,153			(116,466	)
Total payables and deposits				3,768,038			4,397,082			629,044
Collateralized financing:
Securities sold under agreements to repurchase				15,036,503			16,349,182			1,312,679
Securities loaned				1,229,595			961,446			(268,149	)
Other secured borrowings				418,305			717,711			299,406
Total collateralized financing				16,684,403			18,028,339			1,343,936
Trading liabilities				8,219,811			8,546,284			326,473
Other liabilities				858,867			1,034,448			175,581
Long-term borrowings				7,915,769			7,775,665			(140,104	)
Total liabilities				38,288,646			41,268,551			2,979,905
Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,493,562,601 shares as of March 31, 2019 and
		3,493,562,601 shares as of March 31, 2020
Outstanding	-	3,310,800,799 shares as of March 31, 2019 and
		3,038,587,493 shares as of March 31, 2020		594,493			594,493			—
Additional paid-in capital				687,761			683,232			(4,529	)
Retained earnings				1,486,825			1,645,451			158,626
Accumulated other comprehensive income (loss)				(29,050	)		(26,105	)		2,945
Total NHI shareholders’ equity before treasury stock				2,740,029			2,897,071			157,042
Common stock held in treasury, at cost -
182,761,802 shares as of March 31, 2019 and
454,975,108 shares as of March 31, 2020				(108,968	)		(243,604	)		(134,636	)
Total NHI shareholders’ equity				2,631,061			2,653,467			22,406
Noncontrolling interests				49,732			77,797			28,065
Total equity				2,680,793			2,731,264			50,471
Total liabilities and equity				40,969,439			43,999,815			3,030,376

– 7 –

(2) Consolidated Statements of Income

	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2019(A)			March 31, 2020(B)
Revenue:
Commissions		293,069			308,805			5.4
Fees from investment banking		101,521			103,222			1.7
Asset management and portfolio service fees		245,519			238,202			(3.0	)
Net gain on trading		342,964			356,609			4.0
Gain (loss) on private equity and debt investments		1,007			(93	)		—
Interest and dividends		776,964			794,472			2.3
Loss on investments in equity securities		(6,983	)		(14,726	)		—
Other		81,057			165,991			104.8
Total revenue		1,835,118			1,952,482			6.4
Interest expense		718,348			664,653			(7.5	)
Net revenue		1,116,770			1,287,829			15.3
Non-interest expenses:
Compensation and benefits		497,065			479,420			(3.5	)
Commissions and floor brokerage		82,637			106,123			28.4
Information processing and communications		166,865			170,317			2.1
Occupancy and related depreciation		64,940			72,986			12.4
Business development expenses		36,915			31,885			(13.6	)
Other		306,049			178,837			(41.6	)
Total non-interest expenses		1,154,471			1,039,568			(10.0	)
Income (loss) before income taxes		(37,701	)		248,261			—
Income tax expense		57,010			28,894			(49.3	)
Net income (loss)		(94,711	)		219,367			—
Less: Net income attributable to noncontrolling interests		5,731			2,369			(58.7	)
Net income (loss) attributable to NHI shareholders		(100,442	)		216,998			—
Per share of common stock:
	Yen						% Change
Basic-
Net income (loss) attributable to NHI shareholders per share		(29.90	)		67.76			—
Diluted-
Net income (loss) attributable to NHI shareholders per share		(29.92	)		66.20			—

– 8 –

(3) Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the year ended						(B-A)/(A)
	March 31, 2019(A)			March 31, 2020(B)
Net income (loss)		(94,711	)		219,367			—
Other comprehensive income (loss):
Change in cumulative translation adjustments:
Change in cumulative translation adjustments		36,031			(45,000	)		—
Deferred income taxes		(1,852	)		591			—
Total		34,179			(44,409	)		—
Defined benefit pension plans:
Pension liability adjustments		(23,431	)		7,843			—
Deferred income taxes		161			693			330.4
Total		(23,270	)		8,536			—
Own credit adjustments:
Own credit adjustments		25,135			48,295			92.1
Deferred income taxes		(4,988	)		(9,779	)		—
Total		20,147			38,516			91.2
Total other comprehensive income		31,056			2,643			(91.5	)
Comprehensive income (loss)		(63,655	)		222,010			—
Less: Comprehensive income attributable to noncontrolling interests		6,481			2,067			(68.1	)
Comprehensive income (loss) attributable to NHI shareholders		(70,136	)		219,943			—

– 9 –

(4) Consolidated Statements of Changes in Equity

	Millions of yen
	For the year ended
	March 31, 2019			March 31, 2020
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		675,280			687,761
Stock-based compensation awards		12,481			(4,326	)
Changes in ownership interests in subsidiaries		—			(203	)
Balance at end of year		687,761			683,232
Retained earnings
Balance at beginning of year		1,696,890			1,486,825
Cumulative effect of change in accounting principle (1)		1,564			5,592
Net income (loss) attributable to NHI shareholders		(100,442	)		216,998
Cash dividends		(20,080	)		(63,670	)
Gain (loss) on sales of treasury stock		(1,191	)		(294	)
Cancellation of treasury stock		(89,916	)		—
Balance at end of year		1,486,825			1,645,451
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		(15,596	)		17,833
Net change during the year		33,429			(44,107	)
Balance at end of year		17,833			(26,274	)
Defined benefit pension plans
Balance at beginning of year		(47,837	)		(71,107	)
Pension liability adjustments		(23,270	)		8,536
Balance at end of year		(71,107	)		(62,571	)
Own credit adjustments
Balance at beginning of year		4,077			24,224
Own credit adjustments		20,147			38,516
Balance at end of year		24,224			62,740
Balance at end of year		(29,050	)		(26,105	)
Common stock held in treasury
Balance at beginning of year		(157,987	)		(108,968	)
Repurchases of common stock		(51,714	)		(150,009	)
Sales of common stock		0			0
Common stock issued to employees		10,817			15,373
Cancellation of common stock		89,916			—
Balance at end of year		(108,968	)		(243,604	)
Total NHI shareholders’ equity
Balance at end of year		2,631,061			2,653,467
Noncontrolling interests
Balance at beginning of year		50,504			49,732
Net change during the year		(772	)		28,065
Balance at end of year		49,732			77,797
Total equity
Balance at end of year		2,680,793			2,731,264

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

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

– 11 –

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

Not applicable.

(7) Changes in Accounting Policies

Leases

On April 1, 2019, Nomura adopted Accounting Standards Update 2016-02 “Leases” using a modified retrospective transition method. As a result of recognizing operating leases on the consolidated balance sheet, Other Asset—Office buildings, land, equipment, and facilities increased by 169,277 million yen and Other liabilities increased by 163,685 million yen on April 1, 2019. Also, Retained earnings increased by 5,592 million yen on April 1, 2019 mainly due to changes in certain lease classifications.

– 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, 2019 (A)			March 31, 2020 (B)			(B-A)/(A)
Net revenue
Business segment information:
Retail		339,480			336,359			(0.9	)
Asset Management		97,845			92,605			(5.4	)
Wholesale		555,388			648,619			16.8
Subtotal		992,713			1,077,583			8.5
Other		131,261			231,573			76.4
Net revenue		1,123,974			1,309,156			16.5
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(7,204	)		(21,327	)		—
Net revenue		1,116,770			1,287,829			15.3
Non-interest expenses
Business segment information:
Retail		289,990			286,926			(1.1	)
Asset Management		63,660			63,833			0.3
Wholesale		666,787			556,399			(16.6	)
Subtotal		1,020,437			907,158			(11.1	)
Other		134,034			132,410			(1.2	)
Non-interest expenses		1,154,471			1,039,568			(10.0	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—
Non-interest expenses		1,154,471			1,039,568			(10.0	)
Income (loss) before income taxes
Business segment information:
Retail		49,490			49,433			(0.1	)
Asset Management		34,185			28,772			(15.8	)
Wholesale		(111,399	)		92,220			—
Subtotal		(27,724	)		170,425			—
Other*		(2,773	)		99,163			—
Income (loss) before income taxes		(30,497	)		269,588			—
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(7,204	)		(21,327	)		—
Income (loss) before income taxes		(37,701	)		248,261			—
*  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, 2019 (A)			March 31, 2020 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		1,800			17,548			874.9
Realized gain (loss) on investments in equity securities held for operating purposes		221			6,601			—
Equity in earnings of affiliates		32,532			34,990			7.6
Corporate items		(35,996	)		(22,240	)		—
Other		(1,330	)		62,264			—
Total		(2,773	)		99,163			—

– 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, 2020 3,038,587,493

   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, 2020 3,202,369,845

Subsequent Events

On April 1, 2020, Nomura acquired 100% of Greentech Capital, LLC (“Greentech”), a leading M&A advisory boutique in sustainable technology and infrastructure in the United States.

The acquisition price was JPY 12,389 million and has been partially paid in cash on April 1, 2020.

The operating results and cash flows of Greentech will be reflected to Nomura’s consolidated financial statements from April 1, 2020. The assets acquired and liabilities assumed as of the acquisition date were not material to Nomura’s consolidated balance sheet.

– 14 –

(9) Other Financial Information

Consolidated Statements of Income – Quarterly Comparatives

	Millions of yen																						% Change
	For the three months ended																						(B-A)/(A)
	June 30, 2018		September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019(A)		March 31, 2020(B)
Revenue:
Commissions		79,456		74,783			72,715			66,115			68,200			65,254			79,289		96,062			21.2
Fees from investment banking		23,959		19,119			33,129			25,314			27,311			22,265			26,803		26,843			0.1
Asset management and portfolio service fees		62,981		62,740			60,591			59,207			59,963			59,926			61,020		57,293			(6.1	)
Net gain on trading		71,887		75,752			96,947			98,378			112,825			105,609			109,266		28,909			(73.5	)
Gain (loss) on private equity and debt investments		553		321			461			(328	)		791			981			1,503		(3,368	)		—
Interest and dividends		169,590		188,703			214,542			204,129			199,473			215,881			203,050		176,068			(13.3	)
Gain (loss) on investments in equity securities		2,092		(1,104	)		(9,852	)		1,881			(2,838	)		2,083			2,243		(16,214	)		—
Other		20,467		28,067			(11,133	)		43,656			45,654			101,905			14,276		4,156			(70.9	)
Total revenue		430,985		448,381			457,400			498,352			511,379			573,904			497,450		369,749			(25.7	)
Interest expense		158,988		165,459			196,803			197,098			179,378			190,524			162,472		132,279			(18.6	)
Net revenue		271,997		282,922			260,597			301,254			332,001			383,380			334,978		237,470			(29.1	)
Non-interest expenses:
Compensation and benefits		127,700		125,800			118,928			124,637			125,102			120,425			128,987		104,906			(18.7	)
Commissions and floor brokerage		20,935		19,579			23,821			18,302			24,551			25,446			24,568		31,558			28.5
Information processing and communications		40,961		40,515			41,756			43,633			41,757			42,361			42,821		43,378			1.3
Occupancy and related depreciation		16,376		16,464			15,852			16,248			19,120			18,360			16,276		19,230			18.1
Business development expenses		8,896		9,337			9,121			9,561			7,828			7,906			8,509		7,642			(10.2	)
Other		43,486		70,760			127,283			64,520			38,837			40,396			44,130		55,474			25.7
Total non-interest expenses		258,354		282,455			336,761			276,901			257,195			254,894			265,291		262,188			(1.2	)
Income (loss) before income taxes		13,643		467			(76,164	)		24,353			74,806			128,486			69,687		(24,718	)		—
Income tax expense		6,930		9,703			19,698			20,679			17,917			(11,875	)		10,337		12,515			21.1
Net income (loss)		6,713		(9,236	)		(95,862	)		3,674			56,889			140,361			59,350		(37,233	)		—
Less: Net income (loss) attributable to noncontrolling interests		1,490		1,997			(586	)		2,830			1,056			1,787			2,284		(2,758	)		—
Net income (loss) attributable to NHI shareholders		5,223		(11,233	)		(95,276	)		844			55,833			138,574			57,066		(34,475	)		—
	Yen																						% Change
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share		1.54		(3.31	)		(28.52	)		0.25			16.83			42.11			18.07		(11.29	)		—
Diluted-
Net income (loss) attributable to NHI shareholders per share		1.50		(3.32	)		(28.52	)		0.23			16.48			41.23			17.63		(11.31	)		—

– 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, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019		December 31, 2019(A)			March 31, 2020(B)			(B-A)/(A)
Net revenue
Business segment information:
Retail		92,833			85,710			86,782			74,155			80,640			76,882		90,043			88,794			(1.4	)
Asset Management		26,089			24,681			16,178			30,897			34,500			25,676		25,405			7,024			(72.4	)
Wholesale		137,290			147,660			128,198			142,240			159,486			156,698		186,527			145,908			(21.8	)
Subtotal		256,212			258,051			231,158			247,292			274,626			259,256		301,975			241,726			(20.0	)
Other		13,738			25,982			39,397			52,144			60,289			123,295		35,695			12,294			(65.6	)
Net revenue		269,950			284,033			270,555			299,436			334,915			382,551		337,670			254,020			(24.8	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		2,047			(1,111	)		(9,958	)		1,818			(2,914	)		829		(2,692	)		(16,550	)		—
Net revenue		271,997			282,922			260,597			301,254			332,001			383,380		334,978			237,470			(29.1	)
Non-interest expenses
Business segment information:
Retail		72,909			73,494			72,733			70,854			72,522			71,621		72,403			70,380			(2.8	)
Asset Management		15,806			15,768			15,617			16,469			16,358			15,630		16,085			15,760			(2.0	)
Wholesale		144,714			142,745			224,073			155,255			139,479			137,777		143,324			135,819			(5.2	)
Subtotal		233,429			232,007			312,423			242,578			228,359			225,028		231,812			221,959			(4.3	)
Other		24,925			50,448			24,338			34,323			28,836			29,866		33,479			40,229			20.2
Non-interest expenses		258,354			282,455			336,761			276,901			257,195			254,894		265,291			262,188			(1.2	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—			—			—			—		—			—			—
Non-interest expenses		258,354			282,455			336,761			276,901			257,195			254,894		265,291			262,188			(1.2	)
Income (loss) before income taxes
Business segment information:
Retail		19,924			12,216			14,049			3,301			8,118			5,261		17,640			18,414			4.4
Asset Management		10,283			8,913			561			14,428			18,142			10,046		9,320			(8,736	)		—
Wholesale		(7,424	)		4,915			(95,875	)		(13,015	)		20,007			18,921		43,203			10,089			(76.6	)
Subtotal		22,783			26,044			(81,265	)		4,714			46,267			34,228		70,163			19,767			(71.8	)
Other*		(11,187	)		(24,466	)		15,059			17,821			31,453			93,429		2,216			(27,935	)		—
Income (loss) before income taxes		11,596			1,578			(66,206	)		22,535			77,720			127,657		72,379			(8,168	)		—
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		2,047			(1,111	)		(9,958	)		1,818			(2,914	)		829		(2,692	)		(16,550	)		—
Income (loss) before income taxes		13,643			467			(76,164	)		24,353			74,806			128,486		69,687			(24,718	)		—

* 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, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019		September 30, 2019			December 31, 2019(A)			March 31, 2020(B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(13,807	)		(16,018	)		25,071			6,554			12,794		7,043			2,333			(4,622	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		45			7			106			63			76		1,254			4,935			336			(93.2	)
Equity in earnings of affiliates		6,619			8,536			1,444			15,933			8,265		8,009			4,798			13,918			190.1
Corporate items		(2,482	)		(23,719	)		631			(10,426	)		1,391		(4,635	)		(9,095	)		(9,901	)		—
Other		(1,562	)		6,728			(12,193	)		5,697			8,927		81,758			(755	)		(27,666	)		—
Total		(11,187	)		(24,466	)		15,059			17,821			31,453		93,429			2,216			(27,935	)		—

– 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/2020_4q.pdf

– 17 –