Nomura Holdings, Inc. · TSE:8604
Nomura — Q2 FY2006 Earnings Presentation
36 slides from Nomura's earnings presentation, October 2005
Slide 1: FY2006 Second Quarter Financial Results (US GAAP)
2006 3 2 (US GAAP) 2005 10 2006 3 2 2005 10 27 6 30 CFO 1
Slide 2: 2
2 2
Slide 3: Contents
(P4) ROE (P13) (P6) (P14) (P15) (P7) (P16) (P8) (P17) (P9) (P19) (P10) (P20) (P11) / (P21) (P23) (P24) P28 (P29) 2 (P31) (P32) (P33) P34 P35 3 3
Slide 4: Net income and ROE
(1) 3,822 33 1,176 283 2002 3 2 ROE 13.1 2,198 28 815 118 313 ROE 10 10 (10 ) 400 382.2 120 117.6 70 16% 31.3 350 105 60 14% 31.3 13.1% 300 286.7 131.2 90 12% 50 4.8 250 75 10% 126.3 40 200 60 8% 30 60.9 30.7 150 45 6% 4.3 81.5 219.8 20 100 30 4% 171.4 50 15 37.4 10 2% 1.8% 8.3 0 -11.0 0 0 0% -1
Slide 5: Income before income taxes
(2) 2002 3 2002 3 2 * 2005 1-9 M&A 1 * P19 10 10 250 100 81.5 219.8 4.0 13.8 4.7 200 6.9 80 20.5 9.1 171.4 14.8 150 12.5 60 12.8 77.7 31.5 37.4 49.8 8.2 100 40 3.3 2.2 20 41.4 50 101.4 84.8 30.3 0 -0.7 0 -3.3 -0.5 -5.9 -9.2 2006 3 2006 3 2006 3 2006 3 -20 1Q 2Q -50 1Q 2Q 5 5
Slide 6: Retail segment results
1,014 20 414 37 * 51.7 2007 3 50 66 346 ** 2 2002 3 209 MTN 247 * (P25 ) ** (P24 ) 10 350 305.8 304.4 300 249.3 250 229.1 200 150 101.4 100 84.8 79.5 81.2 50 41.4 35.7 30.3 20.5 0 2006 3 2002 3 2003 3 2004 3 2005 3 1Q 2Q 97.5 104.1 155.2 174.0 45.2 61.0 35% 61.7 48.2 92.1 103.0 20.8 34.6 66% 6
Slide 7: Asset management results
777 56 315 71 365 MPO 46 344 2,100 11 (10 300 284.1 250 236.0 243.1 1 2004 4 215.8 200 150 120.8 2 2004 3 93.6 82.6 2005 3 100 60.2 77.7 49.8 50 31.5 0 -0.7 -50 2006 3 2002 3 2003 3 2004 3 2005 3 1Q 2Q 90.8 154.0 174.0 119.8 21.3 36.5 71% 125.1 82.0 110.2 94.5 23.6 34.4 46% 0.0 0.0 0.0 28.8 4.
Slide 8: Wholesale results
205 60 91 320 JR J-REIT 438 48 2005 (1 -9 ) * 1 MPO GMO 5 777 M&A FA 2005 (1 -9 ) M&A * 1 * (P32) 10 100 88.3 80 75.4 70.9 69.1 2004 4 60 ( 40 30.9 29.2 17.2 20.5 20 12.8 12.8 9.1 2.2 0 2006 3 2002 3 2003 3 2004 3 2005 3 1Q 2Q 88.3 69.1 70.9 75.4 12.8 20.5 60% 57.4 56.4 53.7 46.2 10.6 11.3 7%
Slide 9: Segment results
69 47 10 60 60 140 135.8 140 50 40 40 80 77.7 30 20 20 10.7 7.3 6.9 10 4.7 0.5 -3.3 0 -6.6 0 -3.0 -5.9 -10 -15.3 -20 -20 2006 3 2002 3 2003 3 2004 3 2005 3 1Q 2Q 135.8 -6.6 10.7 7.3 -3.3 6.9 - 58.0 8.6 10.2 10.4 2.6 2.2 -15% 77.7 -15.3 0.5 -3.0 -5.9 4.7 - 9 9
Slide 10: Segment results
138 10 40 20 * 20 9 1,544 670 6 62 2,120 6 *P29 10 60 50 47.2 43.5 40 37.1 36.0 30 20 12.5 13.8 10 10.2 7.4 3.2 3.3 4.0 0 -1.0 -10 2006 3 2002 3 2003 3 2004 3 2005 3 1Q 2Q 47.2 37.1 36.0 43.5 12.5 13.8 10% 37.0 10.2 33.9 3.2 37.0 -1.0 36.1 7.4 9.2 3.3 9.9 4.0 7% 20% 10 10
Slide 11: Segment results
1,383 3 56 86 23 77 / 16 21 22 10 10 600 350 521.4 309.2 504.0 300 500 256.9 264.7 244.1 250 146.2 400 200 142.4 151.1 141.2 150 300 100 73.9 69.1 163.0 64.4 70.0 200 50 102.9 114.4 113.7 37.8 39.2 38.6 39.7 134.0 138.3 26.7 34.6 30.6 30.3 0 100 2005 3 2006 3 2002 3 2003 3 2004 3 2005 3 3Q 4Q 1Q
Slide 12: 12
12 12
Slide 13: ROE and net income
ROE 10 200 15.0% 180 160 11.1% 10.1% 140 10.0% 120 7.4% 100 7.4% 168.0 80 172.3 5.2% 5.0% 60 119.9 94.7 40 69.2 20 0 0.0% 2006 3 2002 3 2003 3 2004 3 2005 3 1Q-2Q 168.0 119.9 172.3 94.7 69.2 ROE 11.1% 7.4% 10.1% 5.2% 7.4% * 85.6 61.3 88.8 48.8 36.0 816.5 846.4 919.7 962.5 981.5 * 13 13
Slide 14: Income statement by segment
10 2005 3 2006 3 2006 3 2002 3 2003 3 2004 3 2005 3 1H 1H 1Q 2Q 140.0 141.6 210.2 222.0 115.1 132.7 15% 55.2 77.5 41% 75.3 81.8 87.0 92.3 47.8 38.8 -19% 14.7 24.1 64% 110.0 79.3 66.2 78.5 38.0 44.9 18% 19.9 24.9 25% 162.2 172.3 229.0 201.7 76.6 114.6 50% 70.8 43.8 -38% 232.5 -14.4 13.1 7.7 -1.6 -0.2
Slide 15: Segment detail
10 2005 3 2006 3 2006 3 2002 3 2003 3 2004 3 2005 3 1Q 2Q 61.7 48.2 92.1 103.0 56.4 55.4 20.8 34.6 66% ( ) 31.5 29.3 45.4 40.2 21.8 22.2 8.0 14.2 78% 4.3 7.6 12.2 13.0 6.0 5.0 2.8 2.2 -22% 26.7 30.5 37.3 41.7 19.5 37.1 17.5 19.6 12% 15.8 26.0 23.2 24.1 11.5 13.0 6.1 6.9 13% 140.0 141.6 210.2 222.0 1
Slide 16: Income summary
* 10 2005 3 2006 3 2006 3 2002 3 2003 3 2004 3 2005 3 1H 1H 1Q 2Q 1,321.4 566.3 803.1 799.2 370.8 669.0 80% 286.7 382.2 33% 1,148.4 518.9 520.4 594.4 282.1 520.7 85% 256.0 264.6 3% 173.0 47.4 282.7 204.8 88.7 148.3 67% 30.7 117.6 283% -60.2 -43.0 54.7 8.4 -5.6 20.3 - -11.0 31.3 - - - - - - - - - - -
Slide 17: Annual and half-year results
2002 2003 2004 2005 2005 3 2006 3 3 3 3 3 1H 1H 229.1 249.3 305.8 304.4 151.7 186.2 23% 208.6 213.6 226.2 223.2 108.2 114.5 6% 20.5 35.7 79.5 81.2 43.5 71.7 65% 215.8 236.0 284.1 243.1 116.7 127.5 9% 133.2 142.4 163.3 182.9 82.7 96.7 17% 82.6 93.6 120.8 60.2 34.0 30.8 -9% 88.3 69.1 70.9 75.4 35.8 33
Slide 18: Quarterly results
2004 3 2005 3 2006 3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 75.0 75.6 75.4 79.8 87.0 64.8 73.0 79.6 84.8 101.4 57% 20% 54.2 56.9 55.3 59.8 53.3 54.9 55.0 60.0 54.5 60.0 9% 10% 20.8 18.7 20.1 20.0 33.7 9.8 18.0 19.6 30.3 41.4 321% 37% 82.6 87.1 41.6 72.8 71.8 44.9 56.6 69.8 49.8 77.7 73% 56% 41.6 41.5 39.0 41
Slide 19: Other income items
10 2005 3 2006 3 2006 3 2002 3 2003 3 2004 3 2005 3 1H 1H 1Q 2Q -143.4 -40.7 8.5 12.6 0.0 -1.0 8.2 -9.2 31.4 -6.2 -12.8 -9.7 -8.5 -11.3 -2.8 -8.5 4.3 1.7 1.2 7.0 4.2 8.1 8.2 -0.1 -9.6 -3.8 8.5 7.3 2.9 5.7 2.7 2.9 -41.7 -9.4 -10.7 4.5 -1.9 -3.2 0.5 -3.7 -92.4 -21.2 ― ― ― ― ― ― -35.4 -1.9 22.3 3.6 3.2
Slide 20: Balance sheet
10 2005 3 2005 9 2005 3 2005 9 1,187 1,467 517 861 116 118 1,245 2,170 1,042 1,089 21,666 21,966 14,389 16,749 5,332 5,893 703 735 15,601 13,620 2,799 3,115 445 423 2,068 2,064 32,620 34,201 1,868 1,869 34,489 36,070 34,489 36,070 20 20
Slide 21: Balance sheet
/ (1) 2005 9 10 36,070 35,034 1,036 10 433 2005 9 10 34,201 33,264 937 10 118 423 21 21
Slide 22: Segment results detail
/ (2) 10 2005 3 2006 3 2006 3 2004 3 2005 3 1H 1H 1Q 2Q 259.3 275.0 130.1 176.3 87.1 89.1 144.3 159.6 76.7 106.9 54.2 52.7 142.4 151.1 74.1 78.2 38.6 39.7 1.9 8.5 2.7 28.6 15.6 13.0 115.0 115.4 53.4 69.4 32.9 36.5 114.4 113.6 52.3 60.9 30.6 30.3 0.6 1.8 1.1 8.5 2.4 6.2 19.2 23.9 12.9 25.5 8.3 17.2 1
Slide 23: Retail client assets
90 81.0 80 72.5 70.0 70 63.8 60 51.8 48.5 50 40 30 20 10 0 2002 3 2003 3 2004 3 2005 3 2005 6 2005 9 25.1 21.6 35.9 40.0 41.9 48.9 13.7 16.8 17.3 19.2 19.7 20.3 2.7 2.4 3.3 3.9 4.3 4.9 9.3 6.5 5.6 4.9 4.6 4.7 0.9 1.2 1.6 2.0 2.1 2.2 0.0 0.0 0.0 0.0 0.0 0.0 51.8 48.5 63.8 70.0 72.5 81.0 23 23
Slide 24: Retail data
(1) 2006 3 2002 3 2003 3 2004 3 2005 3 1Q 2Q 1,354.0 2,284.7 1,990.0 1,154.4 304.8 340.7 28.2 34.9 46.9 49.9 19.5 20.9 10.7 16.9 11.1 6.4 1.1 0.8 15.4 11.6 21.5 31.6 14.8 16.9 2.1 6.4 14.2 11.9 3.7 3.2 22.3 11.9 13.7 14.2 3.9 4.7 20.2 8.6 10.1 10.4 2.6 3.4 1.3 1.3 1.6 2.3 0.9 1.0 0.9 2.1 2.1 1.4 0.4
Slide 25: Retail data
(2) * *2005 9 1.2 ** ** 80 80 *** 69.4 60.2 61.5 60 60 53.7 45.5 44.4 39.9 39.8 40.7 40 40 35.2 29.1 27.1 ** 20 20 0 0 2002 3 2003 3 2004 3 2005 3 2005 6 2005 9 2002 3 2003 3 2004 3 2005 3 2005 6 2005 9 33.6 31.5 40.8 45.6 46.5 51.7 11.1 9.5 16.0 19.1 19.5 23.3 10.9 8.4 12.9 14.6 15.0 17.7 2.5 3.4 3
Slide 26: Retail data
(3) * 10 5,000 4,752.6 4,500 4,000 3,500 3,000 2,500 2,086.8 2,000 1,780.2 1,500 1,445.0 1,000 684.0 426.8 500 0 2006 3 2002 3 2003 3 2004 3 2005 3 1Q 2Q 26 26
Slide 27: Retail data
(4) 2002 3 2003 3 2004 3 2005 3 2005 6 2005 9 936 1,141 1,367 1,716 1,774 1,828 IT * 35% 36% 45% 48% 52% 53% 16% 14% 22% 24% 25% 26% 2,899 3,112 3,347 3,708 3,753 3,802 1,215 1,302 1,369 1,668 1,679 1,674 268 238 260 426 81 80 27 27
Slide 28: Asset management data
10 500 429.5 427.8 433.1 400 357.2 104.0 109.7 110.8 66.0 300 281.8 284.9 16.1 19.2 200 325.5 318.1 322.3 291.2 265.7 265.7 100 0 2002 3 2003 3 2004 3 2005 3 2005 6 2005 9 28 28
Slide 29: Asset management data
(1) ** 25 20 18.2 17.8 18 16.8 19.7 20.0 16.0 20 15.7 18.8 16 17.6 17.9 14.2 15.9 14 15 12 10 10 8 6 5 4 2 0 0 2002 3 2003 3 2004 3 2005 3 2005 6 2005 9 2002 3 2003 3 2004 3 2005 3 2005 6 2005 9 1 3.2 3.2 4.5 4.4 5.0 5.0 10.4 7.3 6.3 5.6 5.4 5.8 0.2 0.2 0.4 0.8 0.9 1.1 4.5 3.6 4.4 5.1 5.4 6.0 2 8 3.
Slide 30: Asset management data
(2) ( ) 2002 3 2003 3 2004 3 2005 3 2005 6 2005 9 3.2 3.2 4.5 4.4 5.0 5.0 10.4 7.3 6.3 5.6 5.4 5.8 21% 19% 19% 15% 16% 15% 40% 40% 40% 42% 42% 41% 15.3 16.3 23.3 28.9 32.0 34.8 26.0 18.1 15.8 13.5 13.0 14.0 ( ) (10 ) 2004 3 2004 6 2004 9 2004 12 2005 3 2005 6 2005 9 175 224 275 315 344 400 414 0 0 7
Slide 31: Wholesale transactions
2 2005/8/17 8 9 1,777 15 10 10 14.3 NZ 9 2,100 1Q 740 1,165 11 312million ) IPO (REIT) 458 PO JR 4,770 398 (REIT) 577 (REIT) 344 CB 85 MPO 400 GMO 310 M&A 449 TDK 260 NTT 2,800 31 31
Slide 32: League tables
- 2005 1 1 -2005 9 30 2005 1 1 -2005 9 30 1 8,111.4 28.3% 75 1 77,670.5 51.9% 94 2 6,365.3 22.2% 49 2 52,469.3 35.1% 68 3 SMBC 3,780.1 13.2% 52 3 50,087.7 33.5% 18 4 UBS 3,064.3 10.7% 7 4 45,950.3 30.7% 15 5 2,126.3 7.4% 25 5 JP 42,598.7 28.5% 6 6 1,243.3 4.3% 3 6 41,631.0 27.8% 4 7 819.2 2.9% 16 7
Slide 33: Wholesale data
2006 3 2002 3 2003 3 2004 3 2005 3 1Q 2Q 48.5 52.0 105.9 144.7 38.8 64.3 15% 16% 10% 8% 7% 7% 32.4 33.2 31.9 33.2 8.8 11.4 19.3 14.1 19.3 21.1 4.9 6.6 19% 20% 16% 17% 18% 19% 56.1 68.1 74.4 80.1 19.8 22.2 15% 15% 16% 18% 11% 10% 966 1,129 1,235 1,361 365 326 15% 14% 16% 15% 13% 13% 2006 3 2002 3 200
Slide 34: VaR
VaR VaR 10 2.33 99 05.4.1 05.9.30 1 7.1 3.8 5.4 10 2002 3 2003 3 2004 3 2005 3 2005 6 2005 9 2.0 1.5 3.3 3.0 4.2 3.9 2.3 2.3 2.0 2.8 3.3 3.1 0.2 0.2 0.5 0.7 1.0 1.0 4.5 4.0 5.8 6.5 8.5 8.0 -1.2 -0.9 -1.9 -2.4 -2.9 -2.7 VaR 3.3 3.1 3.9 4.1 5.5 5.3 34 34
Slide 35: Employee and branch data
2002 3 2003 3 2004 3 2005 3 2005 6 2005 9 9,697 9,258 9,148 9,190 9,623 9,508 2,177 1,986 1,915 1,875 1,984 1,930 1,381 1,389 1,403 1,535 1,524 1,535 827 797 866 1,026 1,069 1,038 468 616 655 718 746 757 14,550 14,046 13,987 14,344 14,946 14,768 * 35 35
Slide 36: Nomura Holdings, Inc.
Nomura Holdings, Inc. www.nomura.com 36 36