Nomura Holdings, Inc. · TSE:8604
Nomura — Q3 FY2012/13 Earnings Presentation
42 slides from Nomura's earnings presentation, Feb 7, 2013
Slide 1: Form 6-K Nomura Holdings, Inc.
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 February 2013 NOMURA HOLDINGS, INC. (Translation of reg
Slide 2: Information furnished on this form
Table of Contents Information furnished on this form: EXHIBIT Exhibit Number 1. Consolidated Results of Operations (US GAAP), third quarter, year ending March 2013
Slide 3: Signatures
Table of Contents 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: February 7, 2013 By: /s/ Eiji Miura Eiji Miura Senior Man
Slide 4: Consolidated Results of Operations (US GAAP), Third quarter
Table of Contents Consolidated Third (US Nomura January © Nomura GAAP) quarter, 2013 Holdings, Results year Inc. ending of Operations March 2013
Slide 5: Presentation Outline
Table of Contents Executive Presentation Outline Overview Business Breakdown Non-interest Progress Robust Funding Exposure Financial Value Consolidated Main Adjustment Income Segment Retail Asset Wholesale 2Number revenue Management at (p. related financial (loss) risk of and of “Others” segment Sup
Slide 6: Executive Summary
Table of Contents Executive Highlights Main Income Write-down Effect Net Significant Three Retail: Favorable Asset Improved contributed Wholesale: All Revenues (1) benefits 3(2) Entities Net international business revenue: income2: factors Management: business on Net income before ornet investment d
Slide 7: Overview of Consolidated Results
Table of Contents Overview (billions Highlights FY2012/13 QoQ 3Q Income Less: attributable Net interests ROE2 Additional Loss Non-interest real Effect (1) (3) 42) Nomura Net Entities 1Q revenue income1 estate of YoY Net on 3.8% –income Y23.2bn before tax of 3Q net income YoY of held background has y
Slide 8: Business Segment Results
Table of Contents Business (billions Asset Revenues Wholesale Segment before (loss) income taxes Other1 Unrealized equity 3Q Net Income (1) (2) 52) Nomura Includes Entities 1Q “Other” Retail revenue Segment Management Asset securities –(67.9) 76.8 Wholesale Retail (loss) of 3Q total segment 95.7 189
Slide 9: Breakdown of Income Before Income Taxes
Table of Contents Breakdown (billions Loss own credit Wholesale 4.6x 71.9 -23.2 write-down mainly variable Management Asset 0.2 15.7 Retail 4.6 11.0 -20.6 2Q segment in income purposes (1) 6VIE; equity Entities business +8.9 items, and related 2) Includes -12.9 spreads 20.3 held before taxes Nomura
Slide 10: Retail Segment Results
Table of Contents (billions QoQ 3Q Stronger Non-interest expenses migration Income income Client Retail Net (trillions 72.0 65.0 Y129.3bn Nomura *Launched Other IPOs FY2011/12 Dec. (1) Total 4Q revenue asset 73.6 68.2 2011 YoY and sales client franchise 1Q taxes before Australian Emerging US of of s
Slide 11: Retail: Sales and Asset Inflows
Table of Contents Retail: Total Stocks: 3,000 Monthly 2,000 Investment 1,000 Strong 0investment Robust Net (billions 647 703 820 360 FY2011/12 -10 185 260 3Q 8(1) FY2011/12 Net 4Q asset 932 685 587 sales Third Enhanced Robust sales 1Q sales asset Significant of sales inflows1 2Q trusts, yen) trusts:
Slide 12: Asset Management Segment Results
Table of Contents Asset (billions QoQ Non-interest expenses Assets (trillions 31.9 29.2 24.6 22.6 FY2011/12 Dec. Key Net Income Improved Performance management income Continued client 3Q Y230.9bn Y129.3bn Bank Nomura Y169.1bn Won Increased Investment Inflows Captured (Japanese (1) 9(2) Total Net 4Q
Slide 13: Asset Management: Assets and Awards
Table of Contents Asset Assets (trillions 31.9 40 29.2 30 8.2 20 F 22.4% 23.0% market3 19.0% 20.0% 21.0% 22.0% Dec. (billions Awards Investment 300 307 400 97 200 0-100 -200 FY2011/12 -187 3Q Morningstar Excellent High Asia Nomura Listed Nikkei (1) and (2) (3) 10 100 Y2011/12 8.9 21.0 70 Total Based
Slide 14: Wholesale Segment Results
Table of Contents Wholesale QoQ Non-interest expenses income (billions 150.0 21.6 26.0 200.0 29.3 42.5 100.0 55.5 35.5 50.0 40.4 78.9 FY2011/12 0.0 3Q Key Net Revenues before driven Made Established Income Regional EMEA Booked Americas Delivered performance Investment Japan Equities Japanese Fixed t
Slide 15: Global Markets: Fixed Income
Table of Contents Global Americas (billions 87.0 110.7 76.4 FY2011/12 +45% YoY +25% 3Q Net Best Steady Highlights Revenue Rates opportunities Credit structured EMEA Increased monetization momentum Securitized AEJ Revenues QoQ Growth and Key Robust institutional (1) (2) (3) 12 The Figures Since 4Q re
Slide 16: Global Markets: Equities
Table of Contents Global (billions 39.6 47.3 51.6 FY2011/12 +19% YoY +47% QoQ 32.1 Key Net Client Down Trading higher Strong Reorganization Rebound Equities 2Q FY2012/13 Americas EMEA AEJ 2.9x 3Q Japan Cash Third Research Recovery Derivatives Primary (1) 13 Figures 4Q 3Q revenues revenue1 revenue: p
Slide 17: Wholesale: Investment Banking
Table of Contents Wholesale: (billions Investment 45.1 59.1 Other 35.5 30.9 19.8 23.6 0.6 -1.4 FY2011/12 3Q Key Net “Other” Gross (Annington) Japan: business International: quarter Contributions Continued (1) (2) (3) Diversified Selected ECM Euro-yen deals Retained related M&A STX League Executed RW
Slide 18: Non-interest Expenses
Table of Contents Non-interest Full (billions 1,500 438.2 500 expenses 1,037.4 900 depreciation and on brokerage 200 benefits 300 Excluding (Reference) as aNomura FY2012.3 FY2010/11 3Q Compensation Commissions Information communications Occupancy Business Other Total (1) VIE; subsidiary athe Entitie
Slide 19: Cost Reduction Progress
Table of Contents Timeline Announced 2Q 18% Japan PE AEJ 21% Americas 15% 20% 46% EMEA 57% NPE 27% Region Additional Progress Sep Significant even Focused Equities, Aim Personnel Booked to Postponing Business hires improved Non-personnel Controlling business Costs Aiming (1) 16 headcount Regional 35
Slide 20: Robust Balance Sheet
Table of Contents Robust Balance Shareholders Gross Liquidity Preliminary, RWA (Preliminary, Tier Total Leverage (x) 22.0 18.0 6.0 10.0 11.6 14.0 (billions Level 1,500 Net 1,000 36% 500 25% 029% FY2011/12 2Q (1) (2) (3) 170%Gross Net Preliminary. On 3Q leverage1 Level 20% 217.8 3 1Net assets capital
Slide 21: Funding and Liquidity
Table of Contents Funding Balance Highly 80% structure marked-to-market trading through Short-term by within and structural (incl. Other market term Average Cash Liquidity Y5.5trn, Maintain portfolio for over long-term (1) (2) (3) 18 currency) Trading additional Definition Excludes long-term adebt o
Slide 22: Exposure to European Peripheral Countries
Table of Contents Exposure GIIPS (US$m) Net total Of Total party Greece Ireland Italy Portugal Spain European countries Sovereign Non-sovereign Peripheral as Declined September Sovereigns net exposure inventory Inventory (1) market (2) 19 of which, Inventory, Net country exposure inventory 2012 1,48
Slide 23: Financial Supplement
Table of Contents Financial Supplement
Slide 24: Consolidated Balance Sheets
Table of Contents Consolidated (billions NOMURA Mar. 2012 Assets Trading Long-term equity Noncontrolling Total 1. 20 Including 31, 2012 cash payables loans collateralized trading other NHI assets investments Liabilities liabilities of Dec. and shareholders’ (Decrease) borrowings assets and yen) 35,6
Slide 25: Value at Risk
Table of Contents Value6.3 99% Definition NOMURA 1-day Inter-product From Maximum: Minimum: Average: (billions 2011 Equity Interest Foreign Sub-total Diversification VaR 21 confidence 2011 April time at1.8 rate exchange 6.0 risk of 6.2 10.4 1.6 2011 4.3 horizon yen) 8.7 1, 5.2 4.1 price 2012 9.7 1.9
Slide 26: Consolidated Financial Highlights
Table of Contents Consolidated Full NOMURA FY2010/11 0% 2% 6% 8% 10% 11.6 1.4% 28.7 Income Net Holdings, ROE Basic-Net shareholders Total (billions Quarter (yen) 40 0.6% 22.1 0.4% 20.1 4% FY2011/12 3Q 404.9 34.5 17.8 -2,061.5 4.87 562.83 (1) 220.6% 30 Quarterly 4Q 3% revenue income year 1.5% 60.8 22
Slide 27: Consolidated Results: Revenue and Income
Table of Contents Consolidated Full NOMURA (billions FY2010/11 3Q Commissions Revenue Fees Asset Gain Other Total Interest Non-interest Income Net 23 4Q gain revenue income year from (loss) revenue management 43.9 1Q and expense (loss) of on Quarter investment 2Q 563.2 on yen) FY2011/12 (loss) tradi
Slide 28: Main Items of Revenue
Table of Contents Main Fees NOMURA Full (billions FY2010/11 3Q Stock Commissions investment Equity Bond M&A Other Asset Administration Custodial Total 24 4Qyear from 405.5 107.0 143.9 revenue underwriting management brokerage 31.6 3.9 / underwriting 1Q financial of Quarter 3.7 fees investment 2Q 32.
Slide 29: Segment Information: Income Before Income Taxes
Table of Contents Adjustment Full NOMURA (billions FY2010/11 3Q Retail Asset Wholesale2 Three Other1,2 Segment Unrealized securities Income (1) (2) 25 Due 4Qyear Management1 business 101.2 1Q (loss) to of total -15.2 Quarter held a2Q gain yen) FY2011/12 of 4.1 reorganization 63.1 before 110.2 3Q for
Slide 30: Segment Information: Other
Table of Contents Segment NOMURA Full (billions Quarter 35.2 0-15.2 20 40 14.6 -14.5 -80 FY2011/12 -67.9 7.3 FY2010/11 3Q Net hedging Realized securities Equity Corporate Others1,2 Income (1) (2) 26-20 20 Due 4Q gain year 17.0 -40 0in 1Q (loss) (Loss) -20 to transactions of (loss) gain(loss) “Other”
Slide 31: Retail Segment Data
Table of Contents FullNomura NOMURA (billions FY2010/11FY2011/12 3Q Commissions Fees Investment Net Non-interest Income Domestic Bond Stock Foreign Accumulated Other Sales (transaction Retail (1) 27 4Q interest revenue year from credit of investment investment related foreign 1Q before investment JG
Slide 32: Retail: Commissions
Table of Contents Retail NOMURA Full 180 (billions Quarter 70 FY2011/12 FY2010/11 3Q Stock Commissions investment (1) 28 60 Nomura 4Q 150 year 50 brokerage related 1Q 120 of 402Q trusts1 yen) FY2012/13 FY2011/12 Securities. 30 90 data for 3Q 20 60 commissions distribution 10 (2) 170.1 3000 QoQ 139.9
Slide 33: Retail: Client Assets
Table of Contents Retail NOMURA Full (trillions 80 100 65.0 0F 20 40 60 Mar. Equities Foreign Domestic Stock Bond Overseas Other Total (1) (2) 29 Y2010/11 70.6 Includes IIncludes year 68.2 11 70.6 investment 2investment related client 72.0 2.3 Mar. currency 35.8 of Quarter mutual 67.3 bonds 72.0 FY2
Slide 34: Retail: Net Asset Inflow
Table of Contents Retail NOMURA Full (billions 4,000 3,942 900 6,000 360 2,400 0-2,000 185 FY2011/12 FY2010/11 3Q (1) 30 10 Net 4Q -100 400 year 647 260 related client 1Q asset of Quarter 2Q yen) FY2012/13 FY2011/12 assets: inflow data 3Q(billions (4) Net = asset asset of inflow yen) inflow1 – asset
Slide 35: Retail: Accounts and Equity Trading Share
Table of Contents Retail Number NOMURA Mar. Accounts Equity Nomura Net Full (Thousands) 3Q New IT No. Transaction (1) (2) 31 share2 From IT 4Q & of year 11 Individual individual share related Call orders holding 1Q Mar. of Home Quarter December with 2Q accounts accounts1 value isFY2010/11 12 53% dat
Slide 36: Asset Management Segment Data
Table of Contents Asset (billions NOMURA FY2011/12 3Q Net Non-interest Income Total AuM 2A Full (trillions 32.7 29.2 24.7 30.0 22.6 FY2010/11 0.0 10.0 20.0 Mar. (1) (2) 32uM Total Due Net 4Q revenue year 31.9 30.1 24.6 23.3 11 assets (gross)1 (net) Management 1Q after before Mar. to of assets of Qua
Slide 37: Asset Management: Assets Under Management
Table of Contents NOMURA management FY Mar and Nomura Technologies (gross)1 Group Assets (net)2 Asset Full FY11/12 (billions 3Q ETFs Investment Net business (trillions 10/11 Mar. Domestic investment Market Nomura’s (1) Research (2) 33 Total Net 4Q FY Asset asset year 12 12 11 -11 Management inflows/
Slide 38: Wholesale Breakdown
Table of Contents Wholesale NOMURA FY2010/11 3Q Breakdown FY2011/12 (billions Fixed Equities Global Other Net Non-interest Income Investment (1) 34 Due 4Q revenue 15.2 Income 1Q Markets (Loss) to 226.8 ofa2Q related 23.9 yen) Banking(Net) Banking Banking(Gross) FY2012/13 FY2011/12 of reorganization
Slide 39: Wholesale: Private Equity Investments
Table of Contents Wholesale Private NOMURA Full (billions 221.3 300 327.7 400 208.9 0F 100 103.1 200 Mar. Japan Europe Asia Sub Terra Total 35 Y2010/11 Total year 3.3 11 327.7 Firma 221.3 206.0 165.9 equity (excluding Mar. 1.9 of Quarter 202.7 related yen) FY2011/12 221.3 125.0 206.4 65.5 2.1 12 rel
Slide 40: Number of Employees
Table of Contents Number Mar. NOMURA Japan Europe Americas Asia-Pacific2 Total (1) (2) 36 Excludes Includes 31,2011 26,871 (excluding (FA) 4,353 of2,348 employees 2,089 Powai 35,630 employees Jun. 4,436 5,252 2,383 FA)1 2,096 30,2011 office 4,492 6,452 35,697 2,537 12,829 2,078 ofin 4,143 6,485 Sep.
Slide 41: Disclaimer
Table of Contents Disclaimer Nothing securities or accepted All permission This be nature, consider website events Forward-looking Thesales read rights information consolidated document and are in may (http://www.nomura.com) in all by issued regarding the inherently investor this of of Nomura becont
Slide 42: Nomura Holdings, Inc.
Table of Contents Nomura Holdings, Inc. NOMURA www.nomura.com