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CONSOLIDATED STATEMENTS OF CASH FLOWS - JPY (¥)
¥ in Millions
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:      
Net income (loss) ¥ 219,367 ¥ (94,711) ¥ 224,292
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 63,583 57,924 71,579
Impairment of goodwill 0 81,372 [1] 0
Stock-based compensation 12,694 21,814 9,650
(Gain) loss on investments in equity securities 14,726 6,983 (2,683)
(Gain) loss on investments in subsidiaries and affiliates (72,841) 5,719 (66,982)
Equity in earnings of affiliates, net of dividends received (20,342) (19,043) (21,226)
Loss on disposal of office buildings, land, equipment and facilities (3,957) 2,455 3,747
Deferred income taxes (23,911) 21,565 60,259
Changes in operating assets and liabilities:      
Time deposits (33,029) 21,832 (100,642)
Deposits with stock exchanges and other segregated cash [2] (97,424) 13,752 (72,069)
Trading assets and private equity and debt investments [3] (2,754,743) 925,384 (239,331)
Trading liabilities [3] 428,997 (143,141) 227,302
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase 2,224,371 (3,274,866) (453,239)
Securities borrowed, net of securities loaned 291,777 1,987,331 763,297
Other secured borrowings 301,019 1,198 79,121
Loans and receivables, net of allowance for doubtful accounts [3] (1,358,242) 157,599 (1,006,580)
Payables [3] 788,007 (63,683) 209,460
Bonus accrual 16,202 (46,602) (2,957)
Accrued income taxes, net (2,787) 8,241 (5,842)
Other, net (9,410) (32,288) (122,846)
Net cash used in operating activities [2] (15,943) (361,165) (445,690)
Cash flows from investing activities:      
Payments for purchases of office buildings, land, equipment and facilities (206,745) (319,090) (285,161)
Proceeds from sales of office buildings, land, equipment and facilities 209,197 262,908 224,220
Payments for purchases of investments in equity securities 0 0 (61)
Proceeds from sales of investments in equity securities 13,323 519 932
Decrease (increase) in loans receivable at banks, net 43,920 (74,048) (105,387)
Decrease (increase) in non-trading debt securities, net (2,359) 29,452 80,634
Business combinations or disposals, net (2,484) 0 (13,125)
Decrease (increase) in investments in affiliated companies, net 160,799 (8,290) 43,849
Other, net 685 (3,954) (2,073)
Net cash provided by (used in) investing activities 216,336 (112,503) (56,172)
Cash flows from financing activities:      
Increase in long-term borrowings 2,364,260 2,142,212 2,314,609
Decrease in long-term borrowings (2,402,621) (1,625,516) (1,964,657)
Increase in short-term borrowings, net 656,205 85,900 215,001
Increase (decrease) in deposits received at banks, net (93,260) 257,471 (13,254)
Proceeds from sales of common stock held in treasury 285 313 764
Payments for repurchases of common stock held in treasury (150,009) (51,714) (109,096)
Payments for cash dividends (58,416) (47,475) (70,199)
Contribution from noncontrolling interests 15,618 0 0
Net cash provided by financing activities 332,062 761,191 373,168
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents [2] (27,277) 44,741 (53,504)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents [2] 505,178 332,264 (182,198)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year [2] 2,687,132 2,354,868 2,537,066
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year [2] 3,192,310 2,687,132 2,354,868
Cash paid during the year for-      
Interest 677,160 700,855 473,758
Income tax payments, net ¥ 55,592 ¥ 27,204 ¥ 49,449
[1] For the year ended March 31, 2019, Nomura recognized impairment losses on goodwill of ¥81,372 million within the Wholesale segment. Nomura performed an impairment test based on Wholesale performance and changes in the operating environment, and impaired goodwill within the Wholesale segment. As a result, the balance of goodwill within the Wholesale segment as of March 31, 2019 was ¥nil. These impairment losses were recorded within Non-interest expense—Other in the consolidated statements of income. The fair values were determined based on a DCF method.
[2] In accordance with ASU 2016-18 “Restricted Cash” which Nomura adopted on April 1, 2018, certain reclassification of amounts previously reported as cash, cash equivalents, restricted cash and restricted cash equivalents for the years ended March 31, 2018 have been made to conform to the current year presentation.
[3] Due to changes in accounting policy which Nomura adopted on April 1, 2018, certain reclassifications of amounts previously reported have been made to conform to the current year presentation. See Note 1 “Summary of accounting policies: New accounting pronouncements adopted during the current year” in our consolidated financial statements included in this annual report.