Nomura : Senior Managing Director - Form 6-K

Form 6-K Table of Contents

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

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

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of April 2024

NOMURA HOLDINGS, INC.

(Translation of registrant's name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

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

Form 20-F   X    Form 40-F 

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

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

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Information furnished on this form:

EXHIBIT

Exhibit Number
1.		Financial Summary - Year ended March 31, 2024.

The registrant hereby incorporates Exhibit 1 to this report on Form 6-K by reference in the prospectus that is part of Registration Statement on Form F-3(Registration No. 333-273353) of the registrant and Nomura America Finance, LLC, filed with the Securities and Exchange Commission on July 20, 2023.

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SIGNATURES

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

	NOMURA HOLDINGS, INC.
Date: April 26, 2024		By:		/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

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Financial Summary For the Year Ended March 31, 2024 (U.S. GAAP)

Date:		April 26, 2024
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 Managing 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
		2023			2024
		(Millions of yen, except per share data)
					% Change from March 31, 2022						% Change from March 31, 2023
Total revenue			2,486,726				56.0	%			4,157,294				67.2	%
Net revenue			1,335,577				(2.1	%)			1,562,000				17.0	%
Income before income taxes			149,474				(34.0	%)			273,850				83.2	%
Net income attributable to Nomura Holdings, Inc. ("NHI") shareholders			92,786				(35.1	%)			165,863				78.8	%
Comprehensive income			283,215				(10.3	%)			320,792				13.3	%
Basic-Net income attributable to NHI shareholders per share (Yen)			30.86					54.97
Diluted-Net income attributable to NHI shareholders per share (Yen)			29.74					52.69
Return on shareholders' equity			3.1	%				5.1	%
Income before income taxes to total assets			0.3	%				0.5	%
Income before income taxes divided by total revenue			6.0	%				6.6	%
Equity in earnings of affiliates			41,910					45,687

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
		2023			2024
		(Millions of yen, except per share data)
Total assets			47,771,802				55,147,203
Total equity			3,224,142				3,448,513
Total NHI shareholders' equity			3,148,567				3,350,189
Total NHI shareholders' equity as a percentage of total assets			6.6	%			6.1	%
Total NHI shareholders' equity per share (Yen)			1,048.24				1,127.72

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(3) Cash Flows
		For the year ended March 31
		2023			2024
		(Millions of yen)
Net cash provided by (used in) operating activities			(694,820	)			86,626
Net cash used in investing activities			(233,225	)			(890,676	)
Net cash provided by financing activities			1,283,937				1,061,602
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year			3,820,852				4,299,022

2. Cash Dividends

		For the year ended March 31
		2023			2024
		(Yen amounts, except total annual dividends)
Dividends per share
Dividends record dates
At June 30			-				-
At September 30			5.00				8.00
At December 31			-				-
At March 31			12.00				15.00
For the year			17.00				23.00
Total annual dividends (Millions of yen)			51,056				68,682
Consolidated payout ratio			55.1	%			41.8	%
Consolidated dividends as a percentage of shareholders' equity per share			1.7	%			2.1	%

3. Earnings Forecasts for the year ending March 31, 2025

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 : None

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

(3) Number of shares issued (common stock)

		At March 31
		2023			2024
Number of shares outstanding (including treasury stock)			3,233,562,601				3,163,562,601
Number of treasury stock			229,883,277				192,807,441
		For the year ended March 31
		2023			2024
Average number of shares outstanding			3,006,744,201				3,017,128,412

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

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Table of Contents for the Accompanying Materials

1.  Overview of Consolidated Operating Results			2
(1)  Overview of Consolidated Operating Results			2
(2)  Overview of Consolidated Financial Position			4
(3)  Overview of Cash Flows			4
2.  Considerations in the selection of accounting standards			5
3.  Consolidated Financial Statements			5
(1)  Consolidated Balance Sheets			6
(2)  Consolidated Statements of Income			8
(3)  Consolidated Statements of Comprehensive Income			9
(4)  Consolidated Statements of Changes in Equity			10
(5)  Consolidated Statements of Cash Flows			11
(6)  Note with respect to the Assumption as a Going Concern			12
(7)  Notes to the Consolidated Financial Statements			13
(8)  Other Financial Information			15
4.  Other Information			17

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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,  2023 (A)			March 31,  2024 (B)
Net revenue			1,335.6				1,562.0				17.0
Non-interest expenses			1,186.1				1,288.2				8.6
Income (loss) before income taxes			149.5				273.9				83.2
Income tax expense			57.8				96.6				67.2
Net income (loss)			91.7				177.2				93.3
Less: Net income (loss) attributable to noncontrolling interests			(1.1	)			11.4				-
Net income (loss) attributable to NHI shareholders			92.8				165.9				78.8
Return on shareholders' equity*			3.1	%			5.1	%			-

*	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 1,562.0 billion yen for the fiscal year ended March 31, 2024, an increase of 17.0% from the previous year. Non-interest expenses increased by 8.6% from the previous year to 1,288.2 billion yen. Income before income taxes was 273.9 billion yen and net income attributable to NHI shareholders was 165.9 billion yen for the fiscal year ended March 31, 2024.

 Segment Information

		Billions of yen			% Change
	For the year ended			(B-A)/(A)
	March 31,  2023 (A)			March 31,  2024 (B)
Net revenue			1,365.8				1,572.3				15.1
Non-interest expenses			1,186.1				1,288.2				8.6
Income (loss) before income taxes			179.7				284.2				58.1

In business segment totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the fiscal year ended March 31, 2024 was 1,572.3 billion yen, an increase of 15.1% from the previous year. Non-interest expenses increased by 8.6% from the previous year to 1,288.2 billion yen. Income before income taxes increased by 58.1% to 284.2 billion yen for the fiscal year ended March 31, 2024. Please refer to page 13 for further details of the differences between U.S. GAAP and business segment amounts.

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 Operating Results of Retail

		Billions of yen			% Change
	For the year ended			(B-A)/(A)
	March 31,  2023 (A)			March 31,  2024 (B)
Net revenue			300.2				402.4				34.0
Non-interest expenses			266.7				279.7				4.9
Income (loss) before income taxes			33.5				122.7				266.2

Net revenue increased by 34.0% from the previous year to 402.4 billion yen. Non-interest expenses increased by 4.9% to 279.7 billion yen. As a result, income before income taxes increased by 266.2% to 122.7 billion yen.

 Operating Results of Investment Management

		Billions of yen			% Change
	For the year ended			(B-A)/(A)
	March 31,  2023 (A)			March 31,  2024 (B)
Net revenue			128.6				154.1				19.9
Non-interest expenses			85.1				93.9				10.4
Income (loss) before income taxes			43.5				60.2				38.4

Net revenue increased by 19.9% from the previous year to 154.1 billion yen. Non-interest expenses increased by 10.4% to 93.9 billion yen. As a result, income before income taxes increased by 38.4% to 60.2 billion yen. Assets under management were 89.0 trillion yen as of March 31, 2024.

 Operating Results of Wholesale

		Billions of yen			% Change
	For the year ended			(B-A)/(A)
	March 31,  2023 (A)			March 31,  2024 (B)
Net revenue			772.4				866.1				12.1
Non-interest expenses			743.0				812.2				9.3
Income (loss) before income taxes			29.4				53.9				83.6

Net revenue increased by 12.1% from the previous year to 866.1 billion yen. Non-interest expenses increased by 9.3% to 812.2 billion yen. As a result, income before income taxes increased by 83.6% to 53.9 billion yen.

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 Other Operating Results

		Billions of yen			% Change
	For the year ended			(B-A)/(A)
	March 31,  2023 (A)			March 31,  2024 (B)
Net revenue			164.7				149.7				(9.1	)
Non-interest expenses			91.3				102.3				12.0
Income (loss) before income taxes			73.4				47.4				(35.4	)

Net revenue was 149.7 billion yen. Income before income taxes was 47.4 billion yen.

(2)	Overview of Consolidated Financial Position

Total assets as of March 31, 2024, were 55,147.2 billion yen, an increase of 7,375.4 billion yen compared to March 31, 2023, mainly due to the increase in Trading assets. Total liabilities as of March 31, 2024 were 51,698.7 billion yen, an increase of 7,151.0 billion yen compared to March 31, 2023, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of March 31, 2024 was 3,448.5 billion yen, an increase of 224.4 billion yen compared to March 31, 2023.

(3)	Overview of Cash Flows

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2024, increased by 478.2 billion yen compared to March 31, 2023. Cash flows from operating activities for the year ended March 31, 2024 were inflows of 86.6 billion yen due mainly to the increase in Payables. Cash flows from investing activities for the year ended March 31, 2024 were outflows of 890.7 billion yen due mainly to Payments for purchases or origination of other non-trading loans. Cash flows from financing activities for the year ended March 31, 2024 were inflows of 1,061.6 billion yen due primarily to Proceeds from issuances of long-term borrowings.

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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 28, 2023 and amended on April 12, 2024) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 28, 2023 and amended on April 12, 2024) for the year ended March 31, 2023.

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(1) Consolidated Balance Sheets

		Millions of yen
		March 31, 2023			March 31, 2024			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents			3,820,685				4,239,359				418,674
Time deposits			409,082				545,842				136,760
Deposits with stock exchanges and other segregated cash			291,480				369,770				78,290
Total cash and cash deposits			4,521,247				5,154,971				633,724
Loans and receivables:
Loans receivable			4,013,852				5,469,195				1,455,343
Receivables from customers			379,911				453,937				74,026
Receivables from other than customers			819,263				928,632				109,369
Allowance for credit losses			(5,832	)			(18,047	)			(12,215	)
Total loans and receivables			5,207,194				6,833,717				1,626,523
Collateralized agreements:
Securities purchased under agreements to resell			13,834,460				15,621,132				1,786,672
Securities borrowed			4,283,039				5,373,663				1,090,624
Total collateralized agreements			18,117,499				20,994,795				2,877,296
Trading assets and private equity and debt investments:
Trading assets*			17,509,934				19,539,742				2,029,808
Private equity and debt investments*			99,399				117,066				17,667
Total trading assets and private equity and debt investments			17,609,333				19,656,808				2,047,475
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥459,954 million as of March 31, 2023 and ¥529,605 million as of March 31, 2024)			464,316				448,785				(15,531	)
Non-trading debt securities*			337,361				335,401				(1,960	)
Investments in equity securities*			97,660				105,088				7,428
Investments in and advances to affiliated companies*			402,485				462,017				59,532
Other			1,014,707				1,155,621				140,914
Total other assets			2,316,529				2,506,912				190,383
Total assets			47,771,802				55,147,203				7,375,401

*	Including securities pledged as collateral

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						Millions of yen
						March 31, 2023			March 31, 2024			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings			1,008,541				1,054,717				46,176
Payables and deposits:
Payables to customers			1,359,948				1,310,825				(49,123	)
Payables to other than customers			1,799,585				2,823,100				1,023,515
Deposits received at banks			2,137,936				2,356,202				218,266
Total payables and deposits			5,297,469				6,490,127				1,192,658
Collateralized financing:
Securities sold under agreements to repurchase			14,217,966				16,870,303				2,652,337
Securities loaned			1,556,663				2,133,066				576,403
Other secured borrowings			334,319				393,206				58,887
Total collateralized financing			16,108,948				19,396,575				3,287,627
Trading liabilities			10,557,971				10,890,610				332,639
Other liabilities			1,175,521				1,414,546				239,025
Long-term borrowings			10,399,210				12,452,115				2,052,905
Total liabilities			44,547,660				51,698,690				7,151,030
Equity
NHI shareholders' equity:
Common stock
Authorized		-		6,000,000,000 shares
Issued		-		3,233,562,601 shares as of March 31, 2023 and
	3,163,562,601 shares as of March 31, 2024
Outstanding		-		3,003,679,324 shares as of March 31, 2023 and
	2,970,755,160 shares as of March 31, 2024			594,493				594,493				-
Additional paid-in capital			707,189				708,785				1,596
Retained earnings			1,647,005				1,705,725				58,720
Accumulated other comprehensive income (loss)			318,454				459,984				141,530
Total NHI shareholders' equity before treasury stock			3,267,141				3,468,987				201,846
Common stock held in treasury, at cost-
229,883,277 shares as of March 31, 2023 and
192,807,441 shares as of March 31, 2024			(118,574	)			(118,798	)			(224	)
Total NHI shareholders' equity			3,148,567				3,350,189				201,622
Noncontrolling interests			75,575				98,324				22,749
Total equity			3,224,142				3,448,513				224,371
Total liabilities and equity			47,771,802				55,147,203				7,375,401

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(2) Consolidated Statements of Income

		Millions of yen			% Change
	For the year ended			(B-A)/(A)
	March 31, 2023(A)			March 31, 2024(B)
Revenue:
Commissions			279,857				364,095				30.1
Fees from investment banking			113,208				173,265				53.1
Asset management and portfolio service fees			271,684				310,154				14.2
Net gain on trading			563,269				491,611				(12.7	)
Gain on private equity and debt investments			14,504				11,877				(18.1	)
Interest and dividends			1,114,690				2,620,856				135.1
Gain (loss) on investments in equity securities			(1,426	)			9,612				-
Other			130,940				175,824				34.3
Total revenue			2,486,726				4,157,294				67.2
Interest expense			1,151,149				2,595,294				125.5
Net revenue			1,335,577				1,562,000				17.0
Non-interest expenses:
Compensation and benefits			605,787				673,523				11.2
Commissions and floor brokerage			119,237				137,328				15.2
Information processing and communications			209,537				217,126				3.6
Occupancy and related depreciation			66,857				68,698				2.8
Business development expenses			22,636				24,236				7.1
Other			162,049				167,239				3.2
Total non-interest expenses			1,186,103				1,288,150				8.6
Income before income taxes			149,474				273,850				83.2
Income tax expense			57,798				96,630				67.2
Net income			91,676				177,220				93.3
Less: Net income (loss) attributable to noncontrolling interests			(1,110	)			11,357				-
Net income attributable to NHI shareholders			92,786				165,863				78.8
Per share of common stock:
		Yen			% Change
Basic-
Net income attributable to NHI shareholders per share			30.86				54.97				78.1
Diluted-
Net income attributable to NHI shareholders per share			29.74				52.69				77.2

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(3) Consolidated Statements of Comprehensive Income

		Millions of yen			% Change
	For the year ended			(B-A)/(A)
	March 31, 2023(A)			March 31, 2024(B)
Net income			91,676				177,220				93.3
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments			107,058				204,507				91.0
Deferred income taxes			(145	)			(1,161	)			-
Total			106,913				203,346				90.2
Defined benefit pension plans:
Pension liability adjustments			16,422				18,475				12.5
Deferred income taxes			(4,793	)			(5,813	)			-
Total			11,629				12,662				8.9
Own credit adjustments:
Own credit adjustments			95,047				(91,001	)			-
Deferred income taxes			(22,050	)			18,565				-
Total			72,997				(72,436	)			-
Total other comprehensive income			191,539				143,572				(25.0	)
Comprehensive income			283,215				320,792				13.3
Less: Comprehensive income (loss) attributable to noncontrolling interests			(52	)			13,399				-
Comprehensive income attributable to NHI shareholders			283,267				307,393				8.5

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(4) Consolidated Statements of Changes in Equity

		Millions of yen
		For the year ended
		March 31, 2023			March 31, 2024
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			697,507				707,189
Stock-based compensation awards			9,411				1,609
Changes in ownership interests in subsidiaries			287				-
Changes in an affiliated company's interests			(16	)			(13	)
Balance at end of year			707,189				708,785
Retained earnings
Balance at beginning of year			1,606,987				1,647,005
Net income attributable to NHI shareholders			92,786				165,863
Cash dividends			(51,050	)			(68,674	)
Loss on sales of treasury stock			(1,718	)			(2,364	)
Cancellation of treasury stock			-				(36,105	)
Balance at end of year			1,647,005				1,705,725
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year			136,912				242,767
Net change during the year			105,855				201,304
Balance at end of year			242,767				444,071
Defined benefit pension plans
Balance at beginning of year			(43,803	)			(32,174	)
Pension liability adjustments			11,629				12,662
Balance at end of year			(32,174	)			(19,512	)
Own credit adjustments
Balance at beginning of year			34,864				107,861
Own credit adjustments			72,997				(72,436	)
Balance at end of year			107,861				35,425
Balance at end of year			318,454				459,984
Common stock held in treasury
Balance at beginning of year			(112,355	)			(118,574	)
Repurchases of common stock			(24,728	)			(61,199	)
Sales of common stock			0				0
Common stock issued to employees			18,509				24,870
Cancellation of treasury stock			-				36,105
Balance at end of year			(118,574	)			(118,798	)
Total NHI shareholders' equity
Balance at end of year			3,148,567				3,350,189
Noncontrolling interests
Balance at beginning of year			58,198				75,575
Net change during the year			17,377				22,749
Balance at end of year			75,575				98,324
Total equity
Balance at end of year			3,224,142				3,448,513

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(5) Consolidated Statements of Cash Flows

		Millions of yen
	For the year ended
		March 31, 2023			March 31, 2024
Cash flows from operating activities:
Net income			91,676				177,220
Adjustments to reconcile net income to Net cash provided by (used in) operating activities:
Depreciation and amortization			61,424				61,340
Provision for credit losses			(4,047	)			13,910
(Gain) loss on investments in equity securities			1,426				(9,612	)
Gain on investments in subsidiaries and affiliates			(23,889	)			(968	)
Loss on disposal of office buildings, land, equipment and facilities			344				2,670
Changes in operating assets and liabilities:
Deposits with stock exchanges and other segregated cash			170,632				16,465
Trading assets and private equity and debt investments			(1,623,037	)			(386,474	)
Trading liabilities			467,257				(411,843	)
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase			(590,424	)			290,843
Securities borrowed, net of securities loaned			834,438				(324,095	)
Margin loans and receivables			472,811				(276,058	)
Payables			(139,417	)			709,839
Bonus accrual			(3,319	)			26,480
Other, net			(410,695	)			196,909
Net cash provided by (used in) operating activities			(694,820	)			86,626
Cash flows from investing activities:
Payments for placements of time deposits			(344,117	)			(636,813	)
Proceeds from redemption or maturity of time deposits			284,705				551,669
Payments for purchases of office buildings, land, equipment and facilities			(171,165	)			(145,784	)
Proceeds from sales of office buildings, land, equipment and facilities			63,648				109,443
Payments for purchases of equity investments			(4,471	)			(12,762	)
Proceeds from sales of equity investments			52,299				40,497
Net cash outflows from loans receivable at banks			(84,362	)			(112,224	)
Payments for purchases or origination of other non-trading loans			(4,702,061	)			(4,302,524	)
Proceeds from sales or repayments of other non-trading loans			4,486,651				3,622,991
Net cash outflows from interbank money market loans			(62	)			-
Payments for purchases of non-trading debt securities			(45,910	)			(112,438	)
Proceeds from sales or maturity of non-trading debt securities			205,468				135,690
Acquisitions, net of cash acquired			-				(457	)
Divestures, net of cash disposed of			16,950				-
Payments for purchases of investments in affiliated companies			(25,119	)			(29,778	)
Proceeds from sales of investments in affiliated companies			43,299				900
Other, net			(8,978	)			914
Net cash used in investing activities			(233,225	)			(890,676	)
Cash flows from financing activities:
Proceeds from issuances of long-term borrowings			2,208,422				3,202,737
Payments for repurchases or maturity of long-term borrowings			(1,115,171	)			(2,170,655	)
Proceeds from issuances of short-term borrowings			2,630,083				1,894,565
Payments for repurchases or maturity of short-term borrowings			(2,694,588	)			(1,866,998	)
Net cash inflows (outflows) from interbank money market borrowings			48,197				(88,288	)
Net cash inflows (outflows) from other secured borrowings			(52,915	)			107,311
Net cash inflows from deposits received at banks			328,867				107,532
Payments for withholding taxes on stock-based compensation			(9,060	)			(12,669	)
Proceeds from sales of common stock			4				953
Payments for repurchases of common stock			(24,728	)			(61,029	)
Payments for cash dividends			(57,262	)			(60,164	)
Contributions from noncontrolling interests			59,718				69,231
Distributions to noncontrolling interests			(37,630	)			(60,924	)
Net cash provided by financing activities			1,283,937				1,061,602
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents			148,552				220,618
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents			504,444				478,170
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year			3,316,408				3,820,852
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year			3,820,852				4,299,022

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

Not applicable.

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(7) 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			(B-A)/(A)
	March 31, 2023 (A)			March 31, 2024 (B)
Net revenue
Business segment information:
Retail			300,191				402,361				34.0
Investment Management			128,559				154,143				19.9
Wholesale			772,380				866,147				12.1
Subtotal			1,201,130				1,422,651				18.4
Other			164,718				149,690				(9.1	)
Net revenue			1,365,848				1,572,341				15.1
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(30,271	)			(10,341	)			-
Net revenue			1,335,577				1,562,000				17.0
Non-interest expenses
Business segment information:
Retail			266,695				279,682				4.9
Investment Management			85,064				93,945				10.4
Wholesale			743,011				812,236				9.3
Subtotal			1,094,770				1,185,863				8.3
Other			91,333				102,287				12.0
Non-interest expenses			1,186,103				1,288,150				8.6
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			-				-				-
Non-interest expenses			1,186,103				1,288,150				8.6
Income (loss) before income taxes
Business segment information:
Retail			33,496				122,679				266.2
Investment Management			43,495				60,198				38.4
Wholesale			29,369				53,911				83.6
Subtotal			106,360				236,788				122.6
Other*			73,385				47,403				(35.4	)
Income (loss) before income taxes			179,745				284,191				58.1
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(30,271	)			(10,341	)			-
Income (loss) before income taxes			149,474				273,850				83.2

*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			(B-A)/(A)
	March 31, 2023 (A)			March 31, 2024 (B)
Net gain (loss) related to economic hedging transactions			(4,846	)			2,021				-
Realized gain (loss) on investments in equity securities held for operating purposes			28,385				21,027				(25.9	)
Equity in earnings of affiliates			47,744				46,420				(2.8	)
Corporate items			(12,590	)			(11,997	)			-
Other			14,692				(10,068	)			-
Total			73,385				47,403				(35.4	)

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Per share data

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

Number of shares outstanding as of March 31, 2024			2,970,755,160

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, 2024			3,017,128,412

Significant Subsequent Events

Not applicable.

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(8) Other Financial Information

Consolidated Statements of Income - Quarterly Comparatives

		Millions of yen			% Change
		For the three months ended			(B-A)/(A)
		June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023(A)			March 31, 2024(B)
Revenue:
Commissions			70,431				68,152				77,502				63,772				82,770				88,922				85,718				106,685				24.5
Fees from investment banking			27,285				24,189				33,783				27,951				31,146				38,604				55,229				48,286				(12.6	)
Asset management and portfolio service fees			68,250				69,038				67,035				67,361				71,807				76,666				77,496				84,185				8.6
Net gain on trading			141,918				160,905				142,132				118,314				115,563				116,613				125,069				134,366				7.4
Gain (loss) on private equity and debt investments			(4,535	)			5,738				8,050				5,251				6,887				1,123				1,882				1,985				5.5
Interest and dividends			109,049				196,893				373,283				435,465				549,651				658,458				686,300				726,447				5.8
Gain (loss) on investments in equity securities			(1,742	)			(1,523	)			644				1,195				4,777				2,792				(3,350	)			5,393				-
Other			(688	)			10,460				69,812				51,356				30,752				29,522				52,143				63,407				21.6
Total revenue			409,968				533,852				772,241				770,665				893,353				1,012,700				1,080,487				1,170,754				8.4
Interest expense			110,940				215,894				378,583				445,732				544,440				644,940				680,262				725,652				6.7
Net revenue			299,028				317,958				393,658				324,933				348,913				367,760				400,225				445,102				11.2
Non-interest expenses:
Compensation and benefits			143,061				150,894				156,275				155,557				158,673				167,138				170,629				177,083				3.8
Commissions and floor brokerage			28,488				28,183				32,275				30,291				31,365				34,336				34,315				37,312				8.7
Information processing and communications			49,732				52,127				54,004				53,674				52,836				53,616				54,342				56,332				3.7
Occupancy and related depreciation			16,359				16,643				17,180				16,675				16,601				17,477				16,806				17,814				6.0
Business development expenses			4,699				5,353				6,311				6,273				6,144				5,396				6,157				6,539				6.2
Other			44,956				33,274				44,047				39,772				36,984				33,062				39,265				57,928				47.5
Total non-interest expenses			287,295				286,474				310,092				302,242				302,603				311,025				321,514				353,008				9.8
Income before income taxes			11,733				31,484				83,566				22,691				46,310				56,735				78,711				92,094				17.0
Income tax expense			11,340				14,741				17,629				14,088				20,428				21,150				26,573				28,479				7.2
Net income			393				16,743				65,937				8,603				25,882				35,585				52,138				63,615				22.0
Less: Net income (loss) attributable to noncontrolling interests			(1,303	)			(28	)			(1,007	)			1,228				2,551				353				1,588				6,865				332.3
Net income attributable to NHI shareholders			1,696				16,771				66,944				7,375				23,331				35,232				50,550				56,750				12.3
		Yen			% Change
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share			0.56				5.59				22.30				2.46				7.71				11.61				16.77				18.92				12.8
Diluted-
Net income attributable to NHI shareholders per share			0.52				5.41				21.51				2.34				7.40				11.21				16.10				18.02				11.9

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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			(B-A)/(A)
		June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023(A)			March 31, 2024(B)
Net revenue
Business segment information:
Retail			71,386				72,480				81,019				75,306				92,050				98,932				102,625				108,754				6.0
Investment Management			7,579				26,171				56,965				37,844				26,525				45,111				38,946				43,561				11.8
Wholesale			198,987				205,499				189,057				178,837				190,850				204,087				216,996				254,214				17.2
Subtotal			277,952				304,150				327,041				291,987				309,425				348,130				358,567				406,529				13.4
Other			23,925				15,623				87,310				37,860				43,755				16,953				54,620				34,362				(37.1	)
Net revenue			301,877				319,773				414,351				329,847				353,180				365,083				413,187				440,891				6.7
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(2,849	)			(1,815	)			(20,693	)			(4,914	)			(4,267	)			2,677				(12,962	)			4,211				-
Net revenue			299,028				317,958				393,658				324,933				348,913				367,760				400,225				445,102				11.2
Non-interest expenses
Business segment information:
Retail			66,470				66,995				67,756				65,474				69,103				69,887				70,698				69,994				(1.0	)
Investment Management			19,293				20,618				23,663				21,490				22,898				21,896				23,350				25,801				10.5
Wholesale			173,715				185,310				190,911				193,075				188,749				195,823				194,026				233,638				20.4
Subtotal			259,478				272,923				282,330				280,039				280,750				287,606				288,074				329,433				14.4
Other			27,817				13,551				27,762				22,203				21,853				23,419				33,440				23,575				(29.5	)
Non-interest expenses			287,295				286,474				310,092				302,242				302,603				311,025				321,514				353,008				9.8
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			-				-				-				-				-				-				-				-				-
Non-interest expenses			287,295				286,474				310,092				302,242				302,603				311,025				321,514				353,008				9.8
Income (loss) before income taxes
Business segment information:
Retail			4,916				5,485				13,263				9,832				22,947				29,045				31,927				38,760				21.4
Investment Management			(11,714	)			5,553				33,302				16,354				3,627				23,215				15,596				17,760				13.9
Wholesale			25,272				20,189				(1,854	)			(14,238	)			2,101				8,264				22,970				20,576				(10.4	)
Subtotal			18,474				31,227				44,711				11,948				28,675				60,524				70,493				77,096				9.4
Other*			(3,892	)			2,072				59,548				15,657				21,902				(6,466	)			21,180				10,787				(49.1	)
Income (loss) before income taxes			14,582				33,299				104,259				27,605				50,577				54,058				91,673				87,883				(4.1	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(2,849	)			(1,815	)			(20,693	)			(4,914	)			(4,267	)			2,677				(12,962	)			4,211				-
Income (loss) before income taxes			11,733				31,484				83,566				22,691				46,310				56,735				78,711				92,094				17.0

*	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			(B-A)/(A)
		June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023(A)			September 30, 2023(B)			December 31, 2023(A)			March 31, 2024(B)
Net gain (loss) related to economic hedging transactions			(9,807	)			98				(1,455	)			6,318				3,394				(8,905	)			7,575				(43	)			-
Realized gain (loss) on investments in equity securities held for operating purposes			240				55				21,895				6,195				8,191				26				11,762				1,048				(91.1	)
Equity in earnings of affiliates			16,993				9,114				8,893				12,744				13,718				9,013				8,830				14,859				68.3
Corporate items			(5,988	)			4,513				(3,323	)			(7,792	)			1,942				1,380				(6,459	)			(8,860	)			-
Other			(5,330	)			(11,708	)			33,538				(1,808	)			(5,343	)			(7,980	)			(528	)			3,783				-
Total			(3,892	)			2,072				59,548				15,657				21,902				(6,466	)			21,180				10,787				(49.1	)

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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/2024_4q.pdf

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