Nomura Holdings, Inc. · TSE:8604

Nomura — Q1 FY2007 Earnings Presentation

36 slides from Nomura's earnings presentation, July 2006

  1. Slide 1: Financial Results for Q1 FY2007 (US GAAP)

    2007 3 1 (US GAAP) 2006 7 1

  2. Slide 2: 2

    2 2

  3. Slide 3: Contents

    „ 1 (P4) „ ROE (P13) „ 1 (P5) „ (P14) „ (P16) „ (P6) „ (P17) „ (P7) „ (P18) „ (P8) „ (P20) „ (P9) „ (P21) „ (P10) „ / (P22) „ (P11) „ (P23) „ P27 „ (P28) „ 1 (P31) „ (P32) „ (P33) „ P34 „ P35 3 3

  4. Slide 4: Results summary: income and ROE

    1 ‡ 2,059 37 10 334 84 9 201 84 2.4 ROE* 3.9 ‡ 206 * (10 ) 10 ** (10 ) ROE 500 300 140 30% 359.8 36.3 25.4% 400 36.3 120 9.9 25% 209.6 325.7 22.1% 187.1 23.0 200 300 272.6 40.7 2.8 100 2.8 20% 21.6 205.9 187.5 31.3 117.6 82.6 16.8 80 200 386.4 27.1 15% 100 31.3 231.8 13.1% 282.2 5.3 128.6 60 100 219

  5. Slide 5: Income by segment and pre-tax income

    1 ‡ 2,098 26 22 544 46 46 10 10 386.4 231.8 400 250 1.0 6.2 18.1 • P19 80.1 282.2 200 77.6 • 300 18.4 P20 35.3 31.1 209.8 150 101.2 219.8 23.3 5.7 15.4 17.6 200 6.9 12.1 17.0 171.4 20.5 115.2 128.4 18.8 13.4 81.5 60.9 100 14.0 4.7 12.8 77.7 68.9 4.7 66.0 54.4 9.1 5.2 49.8 9.8 100 37.4 31.5 5.6 50 14

  6. Slide 6: Net revenue by segment

    1,056 15 25 425 17 40 3 3.8 76.7 ‡ * 280 ‡ 37 280 * P23 10 (10 500 150 446.5 136.7 123.6 400 105.6 • 101.4 305.8 304.4 100 300 84.8 P23 249.3 • P24 197.2 • P25 200 74.1 • P26 50 51.4 • 100 41.4 42.5 P31 30.3 79.5 81.2 35.7 0 0 2006 3 2007 3 2003 3 2004 3 2005 3 2006 3 1Q 2Q 3Q 4Q 1Q 104.1 155.2 174.

  7. Slide 7: Non-interest expenses

    689 46 38 143 78 151 ‡ 50 308 ‡ 41 340 (10 400 160 371.1 350 128.4 140 284.1 115.2 300 120 236.0 243.1 250 100 77.7 200 66.0 68.9 80 • 60.9 P31 150 49.8 60 157.7 • 100 31.5 40 P33 120.8 14.3 • 50 93.6 20 P34 60.2 -0.7 0 0 -50 -20 2006 3 2007 3 2003 3 2004 3 2005 3 2006 3 1Q 2Q 3Q 4Q 1Q 154.0 174.0 1

  8. Slide 8: Domestic Retail results

    188 40 47 56 67 2.6 ‡ UFJ 2006 * 1 ‡ MPO 3,000 8 3,422 ‡ M&A FA * 10 10 120 40 35.3 99.7 100 31.1 30 • P31 • 80 75.4 23.3 70.9 P32 69.1 20.5 • 60 51.5 18.8 20 P33 17.0 12.8 40 29.2 9.1 ( 10 17.2 5.6 20 12.8 2.2 0 0 2006 3 2007 3 2003 3 2004 3 2005 3 2006 3 1Q 2Q 3Q 4Q 1Q 69.1 70.9 75.4 99.7 12.8 20.

  9. Slide 9: Asset management and NPF results

    121 98 ‡ ‡ NPF ‡ NPF SPC 10 10 90 80.1 90 68.2 77.6 60 60 • PE 80 / 55.4 P22 • 30 30 P27 10.7 12.1 7.3 6.9 -6.6 -3.3 9.8 0 0 4.7 0.5 -15.5 -3.0 -5.9 -15.3 -30 -21.0 -30 2006 3 2007 3 2003 3 2004 3 2005 3 2006 3 1Q 2Q 3Q 4Q 1Q -6.6 10.7 7.3 68.2 -3.3 6.9 80.1 -15.5 12.1 8.6 10.2 10.4 12.8 2.6 2.2 2.5

  10. Slide 10: Asset Management results

    176 4 26 52 9 32 23 3 1,500 ‡ 3 1,970 6,576 * ‡ 3 897 8,905 * ‡ 6 3 764 1,664 * *6 10 10 80 25 65.8 18.4 20 60 18.1 17.6 15.4 • 49.0 14.0 P28 29 15 40.4 40.3 • 40 P30 10 20.6 6.2 5.7 5.2 20 4.7 4.0 5 10.0 4.0 0.5 0 0 2006 3 2007 3 2003 3 2004 3 2005 3 2006 3 1Q 2Q 3Q 4Q 1Q 40.4 40.3 49.0 65.8 14.0 1

  11. Slide 11: Wholesale results

    1,553 14 16 ‡ 9% 795 ‡ 16% 230 / 10 P17 P22 350 311.3 300 10 264.7 (10 256.9 700 250 250 607.8 160.7 600 200 504.0 521.4 180.9 200 142.4 151.1 500 154.5 155.3 150 134.0 138.3 150 400 100 84.5 87.7 79.5 300 69.1 70.0 100 150.5 41.0 41.5 114.4 113.6 41.7 50 38.6 39.7 200 43.5 46.2 37.7 50 30.6 30.3 10

  12. Slide 12: 12

    12

  13. Slide 13: ROE and net income history

    ROE 10 400 20% 15.5% 300 15% 11.1% 304.3 10.1% 200 10% 7.4% 168.0 172.3 5.2% 100 3.9% 119.9 5% 94.7 20.1 0 0% 2007 3 2002 3 2003 3 2004 3 2005 3 2006 3 1Q 168.0 119.9 172.3 94.7 304.3 20.1 ROE 11.1% 7.4% 10.1% 5.2% 15.5% 3.9% 85.6 61.3 88.8 48.8 159.0 10.5 816.5 846.4 919.7 962.5 1,083.2 1,089.7 13

  14. Slide 14: Net revenue breakdown

    10 2002 3 2003 3 2004 3 2005 3 2006 3 140.0 141.6 210.2 222.0 356.3 61% 75.3 81.8 87.0 92.3 108.8 18% 110.0 79.3 66.2 78.5 102.7 31% 162.2 172.3 229.0 201.7 304.2 51% 232.5 -14.4 13.1 7.7 12.3 59% 500.5 368.7 343.3 401.4 693.8 73% -55.9 -41.3 55.9 15.3 67.7 342% 6.2 17.6 75.1 88.2 18% * 660.8 13.4 2

  15. Slide 15: Quarterly revenue by business

    10 2005 3 2006 3 2007 3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 69.5 45.6 46.3 60.6 55.2 77.5 106.2 117.5 79.6 -32% 44% 15.4 32.3 18.4 26.1 14.7 24.1 28.6 41.5 14.4 -65% -3% 18.2 19.8 19.3 21.1 19.9 24.9 25.6 32.2 29.7 -8% 49% 53.6 23.1 54.7 70.3 70.8 43.8 90.6 99.0 55.8 -44% -21% 0.5 -2.1 -2.2 11.5 -2.5 2.2 7.6

  16. Slide 16: Quarterly revenue detail

    10 2006 3 2007 3 2003 3 2004 3 2005 3 2006 3 1Q 2Q 3Q 4Q 1Q 48.2 92.1 103.0 153.6 20.8 34.6 53.9 44.2 28.0 -37% 34% ( ) 29.3 45.4 40.2 79.5 8.0 14.2 16.7 40.6 13.8 -66% 74% 7.6 12.2 13.0 14.3 2.8 2.2 6.0 3.3 2.7 -18% -2% 30.5 37.3 41.7 85.1 17.5 19.6 22.4 25.6 25.8 1% 48% 26.0 23.2 24.1 23.8 6.1 6.9

  17. Slide 17: Consolidated income statement

    10 2006 3 2007 3 2003 3 2004 3 2005 3 2006 3 1Q 2Q 3Q 4Q 1Q 602.8 729.5 709.0 1,059.8 171.4 219.8 386.4 282.2 209.8 -26% 22% 513.5 504.0 521.4 607.8 134.0 138.3 154.5 180.9 155.3 -14% 16% 89.2 225.5 187.6 452.0 37.4 81.5 231.8 101.2 54.4 -46% 46% -43.0 54.7 8.4 59.3 -11.0 31.3 36.3 2.8 -20.6 -43.0 5

  18. Slide 18: Annual income by segment

    10 2002 2003 2004 2005 2006 3 3 3 3 3 229.1 249.3 305.8 304.4 446.5 47% 208.6 213.6 226.2 223.2 249.3 12% 20.5 35.7 79.5 81.2 197.2 143% 215.8 236.0 284.1 243.1 371.1 53% 133.2 142.4 163.3 182.9 213.4 17% 82.6 93.6 120.8 60.2 157.7 162% 88.3 69.1 70.9 75.4 99.7 32% 57.4 56.4 53.7 46.2 48.1 4% 30.9 1

  19. Slide 19: Quarterly segment income

    10 2005 3 2006 3 2007 3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 87.0 64.8 73.0 79.6 84.8 101.4 136.7 123.6 105.6 -15% 25% 53.3 54.9 55.0 60.0 54.5 60.0 62.6 72.2 63.1 -13% 16% 33.7 9.8 18.0 19.6 30.3 41.4 74.1 51.4 42.5 -17% 40% 71.8 44.9 56.6 69.8 49.8 77.7 115.2 128.4 68.9 -46% 38% 41.2 41.5 43.8 56.4 50.5 46.

  20. Slide 20: Other income items

    10 2006 3 2007 3 2003 3 2004 3 2005 3 2006 3 1Q 2Q 3Q 4Q 1Q -41.6 7.0 10.1 -30.5 7.6 -9.9 -10.3 -17.9 -23.0 -6.2 -12.8 -9.7 -64.8 -2.8 -8.5 -17.6 -36.0 -11.4 1.7 1.2 6.9 8.4 8.2 -0.1 0.0 0.3 0.1 -3.8 8.5 7.3 27.8 2.7 2.9 8.3 13.9 3.3 -9.4 -10.7 4.5 -7.4 0.5 -3.7 -3.6 -0.6 -7.2 * -23.9 20.7 1.0 5.5 -

  21. Slide 21: Consolidated balance sheet

    10 2006 3 2006 6 2006 3 2006 6 1,556 981 692 1,475 1,240 1,537 1,364 1,380 20,263 16,310 6,528 5,719 17,028 14,482 642 471 3,599 3,964 13,697 13,245 32,963 29,476 1,381 1,465 2,063 2,077 35,026 31,553 35,026 31,553 21 21

  22. Slide 22: Retail detail

    / 10 2006 3 2007 3 2004 3 2005 3 2006 3 1Q 2Q 3Q 4Q 1Q 259.3 275.0 325.4 72.6 73.8 87.9 91.2 82.8 144.3 159.6 170.4 41.4 42.1 43.2 43.8 43.8 142.4 151.1 160.7 38.6 39.7 41.0 41.5 41.7 1.9 8.5 9.7 2.8 2.4 2.2 2.3 2.1 115.0 115.4 155.0 31.2 31.7 44.7 47.4 39.0 114.4 113.6 150.5 30.6 30.3 43.5 46.2 37.

  23. Slide 23: Retail data (1)

    (1) 2003 2004 2005 2006 2006 3 2007 3 3 3 3 3 1Q 2Q 3Q 4Q 1Q 10 48.2 92.1 103.0 153.6 20.8 34.6 53.9 44.2 28.0 10 34.9 46.9 49.9 95.9 19.5 20.9 26.8 28.6 28.0 16.9 11.1 6.4 3.5 1.1 0.8 0.7 0.8 0.6 11.6 21.5 31.6 74.2 14.8 16.9 19.1 23.4 23.2 6.4 14.2 11.9 18.2 3.7 3.2 7.0 4.4 4.2 11.9 13.7 14.2 20.5

  24. Slide 24: Retail data (2)

    (2) * 100 80.5 *** 76.7 80 61.2 60 54.8 40.6 40 ** 20 0 2003 3 2004 3 2005 3 2006 3 2006 6 17.1 28.9 33.5 49.3 45.6 3.7 4.0 4.0 3.6 3.5 8.5 10.0 11.8 13.1 13.4 * 2.2 3.0 3.3 5.3 5.3 6.5 5.5 4.9 4.5 4.3 **CB 1.1 1.6 1.9 2.3 2.2 *** 1.6 1.7 1.9 2.3 2.5 40.6 54.8 61.2 80.5 76.7 24 24

  25. Slide 25: Retail data (3)

    (3) * ** 10 8,000 6,749 6,000 4,581 4,000 3,391 1,788 2,042 2,000 0 2007 3 2003 3 2004 3 2005 3 2006 3 1Q * 25 25

  26. Slide 26: Retail data (4)

    (4) 2003 3 2004 3 2005 3 2006 3 2006 6 * 3,418 3,460 3,678 3,780 3,815 * 1,311 1,379 1,680 1,745 1,767 * ** 237 297 425 343 86 * 1,141 1,367 1,716 1,969 2,029 IT ** 38% 47% 50% 54% 55% 14% 22% 24% 27% 28% 26 26

  27. Slide 27: Merchant banking and private equity

    10 500 457.6 439.1 400 375.7 369.7 301.6 300 200 132.1 98.7 98.4 84.5 100 35.9 0 2003 3 2004 3 2005 3 2006 3 2006 6 20.1 68.9 108.4 59.9 62.8 15.9 15.6 23.7 38.8 35.6 35.9 84.5 132.1 98.7 98.4 265.7 291.2 325.5 340.4 271.4 301.6 375.7 457.6 439.1 369.7 1 NPF NR&A 2 Private Equity Group PEG Nomura Ph

  28. Slide 28: Asset management data (1)

    (1) 25 23.1 23.0 20 17.6 17.9 15.9 15 10 5 0 2003 3 2004 3 2005 3 2006 3 2006 6 1 2 5 28 28

  29. Slide 29: Asset management data (2)

    (2) 25 2003 2004 2005 2006 2006 3 3 3 3 6 21.0 20.8 10.7 11.3 10.8 14.0 14.1 20 3.2 4.5 4.4 6.9 7.3 7.3 6.3 5.6 5.6 5.3 15.7 16.0 0.2 0.4 0.8 1.5 1.5 15 14.2 3.6 4.4 5.1 7.0 6.7 2.9 3.0 3.2 4.0 3.8 0.7 1.4 2.0 3.0 3.0 10 14.2 15.7 16.0 21.0 20.8 2003 2004 2005 2006 2007 3 3 3 3 3 1Q 5 0.8 0.1 -0.1 1

  30. Slide 30: Asset management data (3)

    (3) ( ) 2003 3 2004 3 2005 3 2006 3 2006 6 3.2 4.5 4.4 6.9 7.3 7.3 6.3 5.6 5.6 5.3 19% 19% 15% 15% 16% 40% 40% 42% 42% 42% 16.3 23.3 28.9 45.0 46.1 18.1 15.8 13.5 13.5 12.7 ( 10 ) 2005 3 2006 3 2006 6 339 801 891 0 90 166 0 461 658 225 0 384 417 17 307 377 338 424 376 181 330 304 345 319 272 0 225 2

  31. Slide 31: Investment banking transactions

    1 „ ‡ 2006/5/25 6 1,052 ‡ 2006/6/29 6 465 ‡ HFR 2006/4/26 313 ‡ AW 2006/5/26 189 „ ‡ 50 ‡ Atlante Finance Sri 12 „ ‡ 6.1 US ‡ 2.3 „ ‡ 1,200 ‡ PFI 810 ‡ 23 144 „ ‡ IPO 45 ‡ PO UFJ 4,184 322 437 ‡ MPO/HPO 3,000 200 HPO 150 8 3,422 ‡ M&A 459 749 NTN IFA-AT 5 6 21,400 40,156 0 1,224 1,377 54,919 0 19,47

  32. Slide 32: League tables

    - M&A 2006 1 1 2006 6 30 2006 1 1 2006 6 30 1 8,672.9 27.0% 58 1 UBS 24,313.9 30.8% 14 2 6,954.7 21.7% 54 2 23,272.9 29.5% 10 3 4,940.6 15.4% 26 3 23,097.2 29.2% 12 4 4,844.1 15.1% 6 4 21,120.8 26.7% 65 5 2,152.1 6.7% 25 5 18,078.6 22.9% 4 6 1,225.5 3.8% 7 6 17,012.5 21.5% 83 7 UBS 797.6 2.5% 4 7 11

  33. Slide 33: Wholesale data

    2006 3 2007 3 2003 3 2004 3 2005 3 2006 3 1Q 2Q 3Q 4Q 1Q 52.0 105.9 144.7 308.3 38.8 64.3 104.3 100.9 74.2 16% 10% 8% 7% 7% 7% 7% 6% 5% 33.2 31.9 33.2 48.6 8.8 11.4 14.5 14.0 13.9 14.1 19.3 21.1 30.5 4.9 6.6 9.3 9.7 9.6 20% 16% 17% 21% 18% 19% 23% 22% 22% 68.1 74.4 80.1 80.7 19.8 22.2 20.2 18.6 21.1

  34. Slide 34: Value at Risk (VaR)

    „ VaR „ VaR 10 ‡ 99 2.33 ‡ 06.4.3 06.6.30 ‡ 1 ‡ 8.9 ‡ ‡ 5.8 ‡ 6.8 10 2003 3 2004 3 2005 3 2006 3 2006 6 1.5 3.3 3.0 6.0 5.4 2.3 2.0 2.8 3.3 4.1 0.2 0.5 0.7 1.4 1.5 4.0 5.8 6.5 10.7 11.0 -0.9 -1.9 -2.4 -3.7 -3.8 VaR 3.1 3.9 4.1 7.0 7.1 34 34

  35. Slide 35: Fixed assets and securities data

    2003 3 2004 3 2005 3 2006 3 2006 6 FA/SA * 9,258 9,148 9,190 9,354 9,901 FA / SA 1,986 1,915 1,875 1,948 2,177 1,389 1,403 1,535 1,515 1,464 797 866 1,026 1,073 1,049 616 655 718 778 788 14,046 13,987 14,344 14,668 15,379 * 35 35

  36. Slide 36: Nomura Holdings, Inc.

    Nomura Holdings, Inc. www.nomura.com 36 36

Nomura Holdings — Q1 FY2007 Earnings Presentation on 6ix