Nomura Holdings, Inc. · TSE:8604
Nomura — FY2005.3 Earnings Presentation
37 slides from Nomura's earnings presentation, 2005
Slide 1: FY2005.3 Financial Results (US GAAP)
2005 3 (US GAAP) 2005 4 1
Slide 2: 2005.3 ¾ ¾ ¾ ¾ ¾
2005.3 ¾ ¾ ¾ ¾ ¾ 2 2
Slide 3: Consolidated results summary (1)
2005 3 (1) 2004.4 2005.3 FY2005.3 FY2004.3 FY2005.3 FY2005.3 FY2004.3 4Q 4Q 3Q 234,533 238,098 193,888 -1% 21% 799,190 803,103 0% 167,563 144,604 144,696 16% 16% 594,355 520,427 14% 66,970 93,494 49,192 -28% 36% 204,835 282,676 -28% 25,543 69,912 25,141 -63% 2% 94,732 172,329 -45% 13.16 36.01 12.95
Slide 4: Consolidated results summary (2)
2005 3 (2) 2004.4 2005.3 FY2005.3 FY2004.3 FY2005.3 FY2005.3 FY2004.3 4Q 4Q 3Q 328,353 293,156 293,761 12% 12% 1,126,237 1,045,936 8% 60,570 62,907 46,275 -4% 31% 221,963 210,216 6% 26,137 28,228 18,412 -7% 42% 92,322 86,994 6% 21,135 18,644 19,287 13% 10% 78,452 66,193 19% 70,337 47,713 54,709 47%
Slide 5: P6 P7 ~ P9 ~ P12 ~ P14
P6 P7 ~ 8 P9 ~ 11 P12 ~ 13 P14 5
Slide 6: Results by segment
10 FY2005.3 FY2005.3 FY2004.3 FY2005.3 FY2004.3 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 79.6 73.0 9% 64.8 87.0 79.8 75.4 75.6 75.0 304.4 305.8 0% 60.0 55.0 9% 54.9 53.3 59.8 55.3 56.9 54.2 223.2 226.2 -1% 19.6 18.0 9% 9.8 33.7 20.0 20.1 18.7 20.8 81.2 79.5 2% 99.6 73.4 36% 65.4 87.5 99.3 57.3 115.0 94.2 325.9 365.7
Slide 7: Domestic retail (1)
(1) 9% 456 22.2% 57 2% 9 273 41.5 % 9 ¾ 14.4 44.5 10 3,972 ¾ 3 166.8 0.9 23,374 17% 1 9 * 137 9.7% 202 6.1% ¾ 100 10.2% ¾ 26 19.8% 68 5.3 9 ¾ 3 4,464 10.0 * 90 80 70 60 50 40 30 20 10 0 FY04.3 1Q FY04.3 2Q FY04.3 3Q FY04.3 4Q FY05.3 1Q FY05.3 2Q FY05.3 3Q FY05.3 4Q 1.2 1.2 1.4 1.1 1.6 1.4 1.
Slide 8: Domestic retail (2)
(2) 1.3 * ** 45 *** 900 39.8 844.3 38.5 40 0.5 36.2 0.5 1.8 800 35.2 35.6 1.7 0.4 0.4 35 0.3 1.5 1.7 4.3 32.5 1.4 4.2 700 31.3 0.3 4.7 0.3 1.3 5.0 4.4 2.9 30 29.3 2.8 0.2 1.2 600 27.1 1.1 5.2 2.7 2.6 0.2 5.6 2.7 1.0 25 5.7 2.5 5.9 2.4 500 2.2 19.1 20 18.5 2.0 16.9 15.9 400 16.0 13.7 318.1 15 11.1 12
Slide 9: Global markets (1)
(1) 4Q 23% 9 * 57.0 25.8% 9 50 9 40 * 30 9 11 9 4.61 120 100 80 60 40 9 20 0 -20 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ** (10 ) (10 ) 100 100 82.6 87.1 90 90 80 72.8 80 71.8 69.8 70 70 60 45.6 60 56.6 41.6 50 41.1 50 44.9 40 31.6 40 30.6 30 30 13.3
Slide 10: Investment banking (2)
(2) 4Q 4% * IPO PO CB 9 11,986 6.2% 9 MPO (Multiple Private Offering) 2,399 4.2% 2005 3 4Q 9 249 2004 1 2005 3 HPO 36 3,738 9 IPO JREIT 150 M&A PO 2,820 9 224 CB CB 300 UFJ 9 9 2004 1 ** 2004 M&A 1 ** 9 M&A * (10 ) 30 22.9 20.6 20.2 19.4 19.4 20 18.0 12.9 12.9 11.4 9.5 10 7.1 6.0 4.6 4.7 2.3 0.
Slide 11: Merchant banking (3)
(3) 4Q 9 2 300 500 NPF 65.54 429.5 450 9 400 364.5 376.6 15 95 357.2 104.0 99.99 350 327.2 68.1 66.0 64.3 37.4 9 300 55.8 250 9 200 258 150 291.2 289.8 300.2 308.5 325.5 112 NPF 100 50 0 9 2004.3 2004.6 2004.9 2004.12 2005.3 (10 ) 12 10.4 7.3 7.1 6 7.7 2.8 4.9 4.8 -1.4 0 FY04.3 1Q FY04.3 2Q FY
Slide 12: Asset management (1)
(1) 4Q 15% 9 3 505 9 US 280 05 3 570 15 13.6 12.1 12.5 12.4 12.6 11.8 9.4 10.8 10 9 05 3 4,190 04 12 17.4% 5 9 2005 3 892 04 12 103.2% 0 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 FY05.3 NCRAM 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 9 2005 3 US$107 (04 12 8.1% ) (10 ) 15 12.3 10.6 11.0 9.7 10.5 9.0
Slide 13: Asset management (2)
(2) ( ) % 20 50 100 ( ( 18 45 42.4 15.7 15.7 15.7 16.0 41.0 16 15.4 15.2 39.0 39.6 39.5 0.5 15.1 0.8 40 80 14.2 14.5 0.3 0.4 0.4 0.8 37.4 0.6 37.2 0.2 0.3 35.7 14 35 34.4 3.8 4.1 4.4 4.6 3.6 3.7 4.9 5.1 12 4.7 30 60 10 25 40 40 41 41 40 41 42 41 41 8 7.0 20 40 6.6 6.3 6.0 7.0 5.7 5.6 5.6 7.3 6 15 19
Slide 14: Segment results
/ 22 23 4Q 19 1,468 50 40 36.4 35.9 35.9 34.3 36.4 37.7 37.8 39.2 30 31.5 34.6 29.3 28.0 28.0 26.7 20 25.6 24.4 10 * 2004 3 2 FY05.3 4Q 33% 28 225 679 0 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 200 150 100 50 0 FY04.3 1Q FY04.3 2Q FY04.3 3Q FY04.3 4Q FY
Slide 15: • P16 • P17 ~ • P19 • / P20 • 2005 / P21
• P16 • P17 ~ 18 • P19 • / P20 • 2005 3 / P21 • (1) P22 • (2) P23 • (3) P24 • P25 ~ 28 • P29 • P30 • P31 • P32 • P33 • P34 • P35 • P36 15
Slide 16: Quarterly results
FY04.3 Full FY05.3 Full 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year 74,573 75,214 74,893 79,355 304,035 86,210 64,191 71,986 79,077 301,464 397 378 460 487 1,722 759 571 1,034 539 2,903 74,970 75,592 75,353 79,842 305,757 86,969 64,762 73,020 79,616 304,367 54,201 56,916 55,273 59,823 226,213 53,294 54,920 54
Slide 17: Quarterly results by segment (1)
( )(1) * FY05.3 Full 1Q 2Q 3Q 4Q Year 71,799 44,886 56,641 69,761 243,087 38,535 15,978 27,051 38,262 119,826 29,658 22,138 20,520 22,157 94,473 41,175 41,513 43,797 56,416 182,901 30,624 3,373 12,844 13,345 60,186 FY04.3 Full 1Q 2Q 3Q 4Q Year 62,261 48,118 26,319 37,296 173,994 25,093 22,274 20,725
Slide 18: Quarterly results by segment (2)
( )(2) FY04.3 Full FY05.3 Full 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year 12,908 20,568 18,013 19,380 70,869 12,945 22,874 20,242 19,384 75,445 12,086 13,458 13,448 14,711 53,703 10,668 11,472 10,734 13,357 46,231 822 7,110 4,565 4,669 17,166 2,277 11,402 9,508 6,027 29,214 FY04.3 Full FY05.3 Full 1Q 2Q 3Q 4
Slide 19: Quarterly trends
FY03.3 FY04.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 501.5 429.9 756.0 597.3 976.8 405.1 316.3 291.8 228.7 243.0 313.1 369.6 12.8 6.7 7.7 7.7 9.6 10.1 12.3 15.0 14.5 9.2 12.5 13.7 5.5 4.2 4.0 3.2 2.2 2.6 3.4 2.9 2.3 1.6 1.3 1.2 6.0 1.8 1.3 2.6 2.6 4.9 6.6 7.4 7.6 5.0 9.1 10.0 1.3 0.8 2.5 1.9 4.8
Slide 20: Income before taxes breakdown
/ 1Q 2Q 3Q 4Q 67.1 22.0 38.1 47.7 175.0 -13.0 5.3 0.9 -1.8 -8.7 0.4 5.1 1.7 0.5 7.8 2.5 0.4 2.5 1.8 7.2 -0.7 -1.1 1.6 4.8 4.5 3.1 -2.1 -0.9 1.6 1.7 9.8 -15.4 5.8 8.2 8.4 3.1 1.9 -0.4 4.2 8.9 5.4 -5.8 11.1 19.3 29.8 72.5 16.2 49.2 67.0 204.8 20 20
Slide 21: FY2005.3 results
2005 3 / FY2005.3 FY2004.3 FY2005.3 FY2005.3 FY2004.3 4 4 3 234,533 238,098 193,888 -1% 21% 799,190 803,103 0% 167,563 144,604 144,696 16% 16% 594,355 520,427 14% 66,970 93,494 49,192 -28% 36% 204,835 282,676 -28% FY2005.3 FY2004.3 FY2005.3 FY2005.3 FY2004.3 4 4 3 25,032 11,838 20,764 111% 21% 81,84
Slide 22: Notes
(1) 14 1. 2. 3. 2005 3 4 2005 3 4 225 126 54 32 13 22 22
Slide 23: Revenue breakdown (2)
(2) 10 FY04.3 1Q FY04.3 2Q FY04.3 3Q FY04.3 4Q FY05.3 1Q FY05.3 2Q FY05.3 3Q FY05.3 4Q 65.9 67.7 61.8 63.9 65.9 64.2 67.4 77.4 65.7 67.4 61.5 62.3 64.4 62.0 64.4 73.9 0.2 0.3 0.3 1.6 1.6 2.2 3.0 3.5 4.9 4.6 3.5 6.2 6.4 6.5 4.1 6.9 4.8 4.6 3.4 6.0 5.9 6.1 3.5 6.5 0.1 0.0 0.1 0.1 0.5 0.4 0.5 0.4 18.9
Slide 24: Customer figures (3)
(3) 2005 3 10 34,489 33,484 1,005 445 2005 3 10 32,620 31,671 949 10 116 322 521 445 24 24
Slide 25: Revenue by product (1)
(1) 230 222.0 220 210.2 210 200 190 180 170 160 150 140 130 120 110 100 90 80 69.5 70 62.9 60.6 56.0 57.6 60 50 45.6 46.3 40 33.8 30 20 10 0 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 FY05.3 FY04.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Total 33.8 56.0 57.6 62.9 69.5 45.6 46.3 60.6 210.2 222.0 4.5 5.6
Slide 26: Revenue by product (2)
(2) 100 95 92.3 90 87.0 85 80 75 70 65 60 55 50 45 40 35 32.3 30 28.2 24.4 26.1 25 19.9 20 18.4 14.5 15.4 15 10 5 0 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 FY05.3 FY04.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Total 14.5 19.9 24.4 28.2 15.4 32.3 18.4 26.1 87.0 92.3 0.2 -0.1 0.1 0.0 0.0 0.0 0.0 0.1 0
Slide 27: Revenue by product (3)
(3) 80 78.5 75 70 66.2 65 60 55 50 45 40 35 30 25 19.8 21.1 18.2 19.3 20 18.6 17.0 16.8 15 13.7 10 5 0 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 FY05.3 FY04.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Total 13.7 17.0 16.8 18.6 18.2 19.8 19.3 21.1 66.2 78.5 2.4 2.6 2.5 2.5 2.7 2.7 2.6 3.2 9.9 11.3 1.9 3.
Slide 28: Revenue by product (4)
(4) 360 342.6 340 320 300 283.8 280 260 240 220 200 180 160 140 120 113.9 99.5 100 86.4 84.4 74.6 74.7 80 60 50.1 42.8 40 20 0 -20 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 FY05.3 FY04.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Total 113.9 99.5 42.8 86.4 74.6 50.1 74.7 84.4 342.6 283.8 34.1 25.1 11.1 3
Slide 29: Assets under management
Jun. 03 Sep. 03 Dec. 03 Mar. 04 Jun. 04 Sep. 04 Dec. 04 Mar. 05 24.8 28.7 30.3 35.9 37.2 34.9 39.2 40.0 17.9 18.4 17.5 17.3 17.3 18.3 18.2 19.2 2.6 2.8 3.1 3.3 3.5 3.4 3.7 3.9 6.3 6.2 5.8 5.6 5.3 4.9 4.8 4.9 1.3 1.4 1.5 1.6 1.7 1.9 1.9 2.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52.9 57.6 58.2 63.8 65.0 63.
Slide 30: Retail client data
Jun.03 Sep.03 Dec.03 Mar.04 Jun.04 Sep.04 Dec.04 Mar.05 1,168 1,215 1,290 1,367 1,452 1,533 1,651 1,716 FY04.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 45% 46% 46% 49% 49% 51% 50% 51% 21% 21% 21% 23% 23% 25% 23% 24% Jun.03 Sep.03 Dec.03 Mar.04 Jun.04 Sep.04 Dec.04 Mar.05 3,145 3,195 3,285 3,347 3,413 3,479 3,
Slide 31: Margins
FY04.3 Full FY05.3 Full 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year 5.0 9.1 9.8 11.4 8.8 13.9 10.0 9.9 14.4 12.1 ( ) 8% 10% 9% 10% 10% 10% 7% 8% 8% 8% FY04.3 Full FY05.3 Full 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year 3.5 4.9 4.3 6.6 19.3 5.7 4.2 4.7 6.5 21.1 8.1 9.1 6.8 7.9 31.9 9.3 7.5 7.2 9.3 33.2 ( 15% 16% 17% 15%
Slide 32: Ratios
FY04.3 FY05.3 03.4 6 03.4 9 03.4 12 03.4 04.3 04.4 6 04.4 9 04.4 04.12 04.4 05.3 5% 10% 26% 27% 45% 42% 36% 32% FY04.3 FY05.3 03.4 6 03.4 9 03.4 12 03.4 04.3 04.4 6 04.4 9 04.4 04.12 04.4 05.3 37% 58% 39% 33% 17% 26% 26% 25% FY04.3 FY05.3 03.4 6 03.4 9 03.4 12 03.4 04.3 04.4 6 04.4 9 04.4 04.12 04.4
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Slide 34: NCRAM
NCRAM Jun. 03 Sep. 03 Dec. 03 Mar. 04 Jun. 04 Sep. 04 Dec. 04 Mar. 05 3.5 4.3 4.3 4.5 4.6 4.1 4.4 4.4 7.0 7.0 6.6 6.3 6.0 5.7 5.6 5.6 0.3 0.3 0.4 0.4 0.5 0.6 0.8 0.8 2.9 2.9 2.9 3.0 3.1 3.0 3.1 3.2 0.8 0.9 1.1 1.4 1.5 1.6 1.8 2.0 14.5 15.4 15.2 15.7 15.7 15.1 15.7 16.0 10 Jun. 03 Sep. 03 Dec. 03 Mar
Slide 35: VaR
VaR 10 ¾ ¾ ¾ ( 10 ) Jun.03 Sep.03 Dec.03 Mar.04 Jun.04 Sep.04 Dec.04 Mar.05 2.1 2.3 2.9 3.3 3.0 5.6 2.9 3.0 2.5 2.4 2.5 2.0 2.8 2.6 3.1 2.8 0.3 0.3 0.3 0.5 0.4 0.3 0.6 0.7 4.9 4.9 5.7 5.8 6.3 8.5 6.5 6.5 (1.5) (1.3) (1.8) (1.9) (2.2) (2.3) (2.2) (2.4) VaR 3.4 3.6 3.8 3.9 4.0 6.1 4.3 4.1 35 35
Slide 36: Quarterly data
Jun. 03 Sep. 03 Dec. 03 Mar. 04 Jun. 04 Sep. 04 Dec. 04 Mar. 05 622 646 652 655 668 684 704 718 821 843 852 866 914 935 968 1,026 1,439 1,372 1,439 1,403 1,407 1,458 1,499 1,535 1,960 1,901 1,909 1,915 1,985 1,922 1,940 1,875 9,561 9,435 9,316 9,148 9,430 9,424 9,326 9,190 14,403 14,197 14,168 13,98
Slide 37: Nomura Holdings, Inc.
Nomura Holdings, Inc. www.nomura.com 37 37