Edgar Filing: NOMURA HOLDINGS INC

Form 6-K

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

Supplement for the month of May 2009.

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

9-1, 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):

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes No X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .

Information furnished on this form:

EXHIBIT


Exhibit Number

1.		Nomura Announces Correction to Financial Statements

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: May 8, 2009	By:	/s/ Shinichiro Watanabe
		Shinichiro Watanabe
		Senior Corporate Managing Director

LOGO

Nomura Announces Correction to Financial Statements

Tokyo, May 8, 2009 — Nomura Holdings, Inc. today announced it has made corrections to the documents entitled “Financial Highlights — Year ended March 2009”, “Consolidated Results of Operations (US GAAP) Fourth quarter, year ended March 2009” and “Nomura Reports Fourth Quarter, Full Year Financial Results” as underlined below.

1.	Financial Highlights —Year ended March 2009

Sections where amendments have been made:

Financial Summary For the Year Ended March 31, 2009 (US GAAP)

1. Consolidated Operating Results (Page 1)

Parent Company Only Operating Results (Japanese GAAP) (Page 2)

Qualitative Information and Financial Statements

Consolidated Results

(1)

Analysis of Consolidated Results (Page 3)

(2)

Analysis of Financial Position (Page 7)

Consolidated Financial Statements

(1)

Consolidated Balance Sheets (UNAUDITED) (Page 11 & 12)

(2)

Consolidated Statements of Operations (UNAUDITED) (Page 13)

(3)

Consolidated Statements of Changes in Shareholders’ equity (UNAUDITED) (Page 14)

(4)

Consolidated Statements of Cash Flows (UNAUDITED) (Page 15)

(7)

Other Financial Informations (UNAUDITED) (Page 19)

Unconsolidated Financial Statements

(1)

Unconsolidated Balance Sheet (UNAUDITED) (Page 22 & 23)

(2)

Unconsolidated Statements of Operations (UNAUDITED) (Page 24)

(3)

Unconsolidated Statements of Changes in Shareholders’ Equity (UNAUDITED) (Page 25 & 26)

For details please see (Attachment 1)

2.	Consolidated Results of Operations (US GAAP) Fourth quarter, year ended March 2009

Page 4, 7, 10, 11, and 36

For details please see (Attachment 2)

3.	Nomura Reports Fourth Quarter, Full Year Financial Results

Page 1

(Original text)

For the full year period, Nomura booked net revenue of 312.6 billion yen (US$3.18 billion)¹, a pre-tax loss of 779 billion yen (US$7.93 billion), and a net loss of 709.4 billion yen (US$7.22 billion).

(Corrected text)

For the full year period, Nomura booked net revenue of 312.6 billion yen (US$3.18 billion)¹, a pre-tax loss of 779 billion yen (US$7.93 billion), and a net loss of 708.2 billion yen (US$7.21billion).

Page 2

(Original text)

In the fourth quarter, Nomura reported net revenue of 99.2 billion yen, a pre-tax loss of 225.9 billion yen, and a net loss of 217.1 billion yen.

(Corrected text)

In the fourth quarter, Nomura reported net revenue of 99.2 billion yen, a pre-tax loss of 225.9 billion yen, and a net loss of 215.8 billion yen.

US dollar amounts are included solely for the convenience of the reader and have been translated at the rate of 98.23 yen = 1 US dollar, the telegraphic transfer middle rate announced by The Bank of Tokyo-Mitsubishi UFJ, Ltd. on March 31, 2009. This translation should not be construed to imply that the yen amounts actually represent, or have been or could be converted into, equivalent amounts in US dollars.

(Attachment 1)

Financial Summary For the Year Ended March 31, 2009 (US GAAP)

1. Consolidated Operating Results (Page 1)

Original

(1) Operating Results


	For the year ended March 31
	2009				2008
	(Yen amounts in millions, except per share data)
			% Change from March 31, 2008				% Change from March 31, 2007
Total revenue	664,511		(58.3	%)	1,593,722		(22.2	%)
Net revenue	312,627		(60.3	%)	787,257		(27.8	%)
Loss before income taxes	(779,046	)	—		(64,588	)	—
Net loss	(709,436	)	—		(67,847	)	—
Basic net loss per share	(365.33	)			(35.55	)
Diluted net loss per share	(366.80	)			(35.57	)
Return on shareholders’ equity	(39.9	%)			(3.3	%)
Income before income taxes to total assets	(3.1	%)			(0.2	%)
Income before income taxes divided by total revenue	(117.2	%)			(4.1	%)
Equity in earnings of affiliates	(5,534	)			10,416

(2) Financial Position
	At March 31
	2009				2008
	(Yen amounts in millions, except per share data)
Total assets			24,856,574				25,236,054
Shareholders’ equity			1,567,109				1,988,124
Shareholders’ equity as a percentage of total assets			6.3	%			7.9	%
Shareholders’ equity per share			601.63				1,042.60
Note: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.
Corrected
(1) Operating Results	For the year ended March 31
	2009				2008
	(Yen amounts in millions, except per share data)
			% Change from March 31, 2008				% Change from March 31, 2007
Total revenue	664,511		(58.3	%)	1,593,722		(22.2	%)
Net revenue	312,627		(60.3	%)	787,257		(27.8	%)
Loss before income taxes	(779,046	)	—		(64,588	)	—
Net loss	(708,192	)	—		(67,847	)	—
Basic net loss per share	(364.69	)			(35.55	)
Diluted net loss per share	(366.16	)			(35.57	)
Return on shareholders’ equity	(40.2	%)			(3.3	%)
Income before income taxes to total assets	(3.1	%)			(0.2	%)
Income before income taxes divided by total revenue	(117.2	%)			(4.1	%)
Equity in earnings of affiliates	(5,534	)			10,416

(2) Financial Position
	At March 31
	2009				2008
	(Yen amounts in millions, except per share data)
Total assets			24,837,848				25,236,054
Shareholders’ equity			1,539,396				1,988,124
Shareholders’ equity as a percentage of total assets			6.2	%			7.9	%
Shareholders’ equity per share			590.99				1,042.60
Note: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

Parent Company Only Operating Results (Japanese GAAP) (Page 2)

Original

(1) Operating Results


	For the year ended March 31
	2009				2008
	(Yen amounts in millions, except per share data)
			% Change from March 31, 2008			% Change from March 31, 2007
Operating revenue	340,071		(19.0	%)	419,649	23.1
Operating income	135,303		(44.6	%)	244,380	19.0
Ordinary income	127,181		(48.3	%)	246,231	18.8
Net income (loss)	(394,545	)	—		53,985	(65.9	%)
Net profit (loss) per share	(203.05	)			28.27
Fully diluted net profit per share	—				28.07

(2) Financial Position
	At March 31
	2009				2008
	(Yen amounts in millions, except per share data)
Total assets			3,682,796			4,449,810
Total net assets			1,243,249			1,423,661
Total net assets as a percentage of total assets			33.0	%		31.7	%
Total net assets per share			466.67			740.17
Shareholders’ equity			1,216,133			1,412,260

Corrected
(1) Operating Results
	For the year ended March 31
	2009				2008
	(Yen amounts in millions, except per share data)
			% Change from March 31, 2008			% Change from March 31, 2007
Operating revenue	340,071		(19.0	%)	419,649	23.1
Operating income	135,303		(44.6	%)	244,380	19.0
Ordinary income	127,181		(48.3	%)	246,231	18.8
Net income (loss)	(393,712	)	—		53,985	(65.9	%)
Net profit (loss) per share	(202.62	)			28.27
Fully diluted net profit per share	—				28.07

(2) Financial Position
	At March 31
	2009				2008
	(Yen amounts in millions, except per share data)
Total assets			3,681,507			4,449,810
Total net assets			1,244,082			1,423,661
Total net assets as a percentage of total assets			33.1	%		31.7	%
Total net assets per share			466.99			740.17
Shareholders’ equity			1,216,966			1,412,260

Qualitative Information and Financial Statements

1.	Consolidated Results

(1)

Analysis of Consolidated Results (Page 3)

Operating Results

US GAAP

Original


	Billions of yen				% Change
	For the year ended				(A-B)/(B)
	March 31, 2009 (A)		March 31, 2008 (B)		(A-B)/(B)
Net revenue	312.6		787.3		(60.3	)
Non-interest expenses	1,091.7		851.8		28.2

Income (loss) before income taxes	(779.0	)	(64.6	)	—
Income tax expense	(69.6	)	3.3		—

Net income (loss)	(709.4	)	(67.8	)	—

Return on equity	(39.9	%)	(3.3	%)	—

Nomura Holdings, Inc. and its consolidated entities (“Nomura”) reported net revenue of 312.6 billion yen for the fiscal year ended March 31, 2009, a decrease of 60.3% from the previous year. Non-interest expenses increased 28.2% from the previous year to 1,091.7 billion yen. Loss before income taxes was 779.0 billion yen for the fiscal year ended March 31, 2009. Net loss was 709.4 billion yen for the fiscal year ended March 31, 2009.

Corrected


	Billions of yen				% Change
	For the year ended				(A-B)/(B)
	March 31, 2009 (A)		March 31, 2008 (B)		(A-B)/(B)
Net revenue	312.6		787.3		(60.3	)
Non-interest expenses	1,091.7		851.8		28.2

Income (loss) before income taxes	(779.0	)	(64.6	)	—
Income tax expense	(70.9	)	3.3		—

Net income (loss)	(708.2	)	(67.8	)	—

Return on equity	(40.2	%)	(3.3	%)	—

Nomura Holdings, Inc. and its consolidated entities (“Nomura”) reported net revenue of 312.6 billion yen for the fiscal year ended March 31, 2009, a decrease of 60.3% from the previous year. Non-interest expenses increased 28.2% from the previous year to 1,091.7 billion yen. Loss before income taxes was 779.0 billion yen for the fiscal year ended March 31, 2009. Net loss was 708.2 billion yen for the fiscal year ended March 31, 2009.

(2)

Analysis of Financial Position (Page 7)

Original

Total assets as of March 31, 2009, were 24.9 trillion yen, a decrease of 379.5 billion yen compared to March 31, 2008, reflecting primarily a decrease in Collateralized agreements. Total liabilities as of March 31, 2009, were 23.3 trillion yen, a decrease of 41.5 billion yen compared to March 31, 2008, mainly due to a decrease in Collateralized financing, Payables and deposits, and Trading liabilities. Total shareholders’ equity at March 31, 2009, was 1.6 trillion yen, a decrease of 421.0 billion yen compared to March 31, 2008, mainly reflecting a increase in Common stock due to the issuances of stock and a decrease in Retained earnings due to the recording of Net loss.

Cash and cash equivalents as of March 31, 2009, decreased by 106.3 billion yen compared to March 31, 2008. For the year ended March 31, 2009, net cash used in operating activities amounted to 712.6 billion yen due to an increase of trading related assets (net of trading related assets and liabilities). Net cash used in investing activities amounted to 98.9 billion yen due to an increase of system investment cost. Net cash provided by financing activities amounted to 999.8 billion due primarily to proceeds received from issuances of stock and Long-term borrowings.

Corrected

Total assets as of March 31, 2009, were 24.8 trillion yen, a decrease of 398.2 billion yen compared to March 31, 2008, reflecting primarily a decrease in Collateralized agreements. Total liabilities as of March 31, 2009, were 23.3 trillion yen, an increase of 50.5 billion yen compared to March 31, 2008, mainly due to an increase in Securities sold under agreements to repurchase, Other secured borrowings and Trading liabilities, in spite of a decrease in Securities loaned. Total shareholders’ equity at March 31, 2009, was 1.5 trillion yen, a decrease of 448.7 billion yen compared to March 31, 2008, mainly due to a decrease in Retained earnings from Net loss, in spite of an increase in Common stock from issuance of new shares.

Cash and cash equivalents as of March 31, 2009, increased by 106.3 billion yen compared to March 31, 2008. For the year ended March 31, 2009, net cash used in operating activities amounted to 712.6 billion yen due to an increase of trading related assets (net of trading related assets and liabilities). Net cash used in investing activities amounted to 98.9 billion yen due to an increase of system investment cost. Net cash provided by financing activities amounted to 999.8 billion due primarily to proceeds received from issuances of stock and Long-term borrowings.

4.	Consolidated Financial Statements

(1)

Consolidated Balance Sheets (UNAUDITED) (Page 11 & 12)

Original


	Millions of yen
	March 31, 2009		March 31, 2008		Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents	613,566		507,236		106,330
Time deposits	537,084		758,130		(221,046	)
Deposits with stock exchanges and other segregated cash	272,059		168,701		103,358

	1,422,709		1,434,067		(11,358	)

Loans and receivables:
Loans receivable	519,179		784,262		(265,083	)
Receivables from customers	23,619		43,623		(20,004	)
Receivables from other than customers	1,103,974		361,114		742,860
Allowance for doubtful accounts	(3,765	)	(1,399	)	(2,366	)

	1,643,007		1,187,600		455,407

Collateralized agreements:
Securities purchased under agreements to resell	2,657,151		3,233,200		(576,049	)
Securities borrowed	5,755,467		7,158,167		(1,402,700	)

	8,412,618		10,391,367		(1,978,749	)

Trading assets and private equity investments*:
Trading assets	11,348,747		9,947,443		1,401,304
Private equity investments	323,865		330,745		(6,880	)

	11,672,612		10,278,188		1,394,424

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥225,475 million at March 31, 2009 and ¥260,910 million at March 31, 2008)	357,256		389,151		(31,895	)
Non-trading debt securities*	244,027		246,108		(2,081	)
Investments in equity securities*	118,902		139,330		(20,428	)
Investments in and advances to affiliated companies*	243,474		361,334		(117,860	)
Other	741,969		808,909		(66,940	)

	1,705,628		1,944,832		(239,204	)

Total assets	24,856,574		25,236,054		(379,480	)

*	Including securities pledged as collateral

Note: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.


	Millions of yen
	March 31, 2009		March 31, 2008		Increase/ (Decrease)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term borrowings	1,183,374		1,426,266		(242,892	)
Payables and deposits:
Payables to customers	403,797		264,679		139,118
Payables to other than customers	398,187		322,927		75,260
Deposits received at banks	440,334		362,775		77,559

	1,242,318		950,381		291,937

Collateralized financing:
Securities sold under agreements to repurchase	5,000,787		4,298,872		701,915
Securities loaned	2,243,152		3,753,730		(1,510,578	)
Other secured borrowings	2,914,015		2,488,129		425,886

	10,157,954		10,540,731		(382,777	)

Trading liabilities	4,752,054		4,469,942		282,112
Other liabilities	470,737		636,184		(165,447	)
Long-term borrowings	5,483,028		5,224,426		258,602

Total liabilities	23,289,465		23,247,930		41,535


Shareholders’ equity:
Common stock
Authorized - 6,000,000,000 shares
Issued - 2,661,092,760 shares at March 31, 2009 and
1,965,919,860 shares at March 31, 2008
Outstanding - 2,604,779,843 shares at March 31, 2009 and
1,906,885,059 shares at March 31, 2008	321,765		182,800		138,965
Additional paid-in capital	402,902		177,227		225,675
Retained earnings	1,037,313		1,779,783		(742,470	)
Accumulated other comprehensive income	(117,969	)	(71,111	)	(46,858	)

	1,644,011		2,068,699		(424,688	)
Common stock held in treasury, at cost -
56,312,917 shares at March 31, 2009 and 59,034,801 shares at March 31, 2008	(76,902	)	(80,575	)	3,673

Total shareholders’ equity	1,567,109		1,988,124		(421,015	)

Total liabilities and shareholders’ equity	24,856,574		25,236,054		(379,480	)

Note: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

Corrected


	Millions of yen
	March 31, 2009		March 31, 2008		Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents	613,566		507,236		106,330
Time deposits	537,084		758,130		(221,046	)
Deposits with stock exchanges and other segregated cash	272,059		168,701		103,358

	1,422,709		1,434,067		(11,358	)

Loans and receivables:
Loans receivable	519,179		784,262		(265,083	)
Receivables from customers	23,619		43,623		(20,004	)
Receivables from other than customers	1,103,974		361,114		742,860
Allowance for doubtful accounts	(3,765	)	(1,399	)	(2,366	)

	1,643,007		1,187,600		455,407

Collateralized agreements:
Securities purchased under agreements to resell	2,657,151		3,233,200		(576,049	)
Securities borrowed	5,755,467		7,158,167		(1,402,700	)

	8,412,618		10,391,367		(1,978,749	)

Trading assets and private equity investments*:
Trading assets	11,348,747		9,947,443		1,401,304
Private equity investments	323,865		330,745		(6,880	)

	11,672,612		10,278,188		1,394,424

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥225,475 million at March 31, 2009 and ¥260,910 million at March 31, 2008)	357,256		389,151		(31,895	)
Non-trading debt securities*	244,027		246,108		(2,081	)
Investments in equity securities*	118,902		139,330		(20,428	)
Investments in and advances to affiliated companies*	243,474		361,334		(117,860	)
Other	723,243		808,909		(85,666	)

	1,686,902		1,944,832		(257,930	)

Total assets	24,837,848		25,236,054		(398,206	)

*	Including securities pledged as collateral

Note: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.


	Millions of yen
	March 31, 2009		March 31, 2008		Increase/ (Decrease)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term borrowings	1,183,374		1,426,266		(242,892	)
Payables and deposits:
Payables to customers	403,797		264,679		139,118
Payables to other than customers	398,187		322,927		75,260
Deposits received at banks	440,334		362,775		77,559

	1,242,318		950,381		291,937

Collateralized financing:
Securities sold under agreements to repurchase	5,000,787		4,298,872		701,915
Securities loaned	2,243,152		3,753,730		(1,510,578	)
Other secured borrowings	2,914,015		2,488,129		425,886

	10,157,954		10,540,731		(382,777	)

Trading liabilities	4,752,054		4,469,942		282,112
Other liabilities	479,724		636,184		(156,460	)
Long-term borrowings	5,483,028		5,224,426		258,602

Total liabilities	23,298,452		23,247,930		50,522


Shareholders’ equity:
Common stock
Authorized - 6,000,000,000 shares
Issued - 2,661,092,760 shares at March 31, 2009 and
1,965,919,860 shares at March 31, 2008
Outstanding - 2,604,779,843 shares at March 31, 2009 and
1,906,885,059 shares at March 31, 2008	321,765		182,800		138,965
Additional paid-in capital	374,413		177,227		197,186
Retained earnings	1,038,557		1,779,783		(741,226	)
Accumulated other comprehensive income	(118,437	)	(71,111	)	(47,326	)

	1,616,298		2,068,699		(452,401	)
Common stock held in treasury, at cost -
56,312,917 shares at March 31, 2009 and 59,034,801 shares at March 31, 2008	(76,902	)	(80,575	)	3,673

Total shareholders’ equity	1,539,396		1,988,124		(448,728	)

Total liabilities and shareholders’ equity	24,837,848		25,236,054		(398,206	)

(2)

Consolidated Statements of Operations (UNAUDITED) (Page 13)

Original


	Millions of yen				% Change
	For the year ended				(A-B)/(B)
	March 31, 2009 (A)		March 31, 2008 (B)		(A-B)/(B)
Revenue:
Commissions	306,803		404,659		(24.2	)
Fees from investment banking	54,953		85,096		(35.4	)
Asset management and portfolio service fees	140,166		189,712		(26.1	)
Net (loss) gain on trading	(128,339	)	61,720		—
(Loss) gain on private equity investments	(54,791	)	76,505		—
Interest and dividends	331,356		796,540		(58.4	)
Loss on investments in equity securities	(25,500	)	(48,695	)	—
Other	39,863		28,185		41.4

Total revenue	664,511		1,593,722		(58.3	)
Interest expense	351,884		806,465		(56.4	)

Net revenue	312,627		787,257		(60.3	)

Non-interest expenses :
Compensation and benefits	491,555		366,805		34.0
Commissions and floor brokerage	73,681		90,192		(18.3	)
Information processing and communications	154,980		135,004		14.8
Occupancy and related depreciation	78,480		64,841		21.0
Business development expenses	31,638		38,135		(17.0	)
Other	261,339		156,868		66.6

	1,091,673		851,845		28.2

Loss before income taxes	(779,046	)	(64,588	)	—
Income tax expense	(69,610	)	3,259		—

Net loss	(709,436	)	(67,847	)	—


	Yen				% Change
Per share of common stock:

Basic-
Net loss	(365.33	)	(35.55	)	—

Diluted-
Net loss	(366.80	)	(35.57	)	—

Corrected


	Millions of yen				% Change
	For the year ended				(A-B)/(B)
	March 31, 2009 (A)		March 31, 2008 (B)		(A-B)/(B)
Revenue:
Commissions	306,803		404,659		(24.2	)
Fees from investment banking	54,953		85,096		(35.4	)
Asset management and portfolio service fees	140,166		189,712		(26.1	)
Net (loss) gain on trading	(128,339	)	61,720		—
(Loss) gain on private equity investments	(54,791	)	76,505		—
Interest and dividends	331,356		796,540		(58.4	)
Loss on investments in equity securities	(25,500	)	(48,695	)	—
Other	39,863		28,185		41.4

Total revenue	664,511		1,593,722		(58.3	)
Interest expense	351,884		806,465		(56.4	)

Net revenue	312,627		787,257		(60.3	)

Non-interest expenses :
Compensation and benefits	491,555		366,805		34.0
Commissions and floor brokerage	73,681		90,192		(18.3	)
Information processing and communications	154,980		135,004		14.8
Occupancy and related depreciation	78,480		64,841		21.0
Business development expenses	31,638		38,135		(17.0	)
Other	261,339		156,868		66.6

	1,091,673		851,845		28.2

Loss before income taxes	(779,046	)	(64,588	)	—
Income tax expense	(70,854	)	3,259		—

Net loss	(708,192	)	(67,847	)	—


	Yen				% Change
Per share of common stock:

Basic-
Net loss	(364.69	)	(35.55	)	—

Diluted-
Net loss	(366.16	)	(35.57	)	—

(3)

Consolidated Statements of Changes in Shareholders’ equity (UNAUDITED) (Page 14)

Original


	Millions of yen
	For the year ended
	March 31, 2009		March 31, 2008
Common stock
Balance at beginning of year	182,800		182,800
New issue of stock	138,965		—

Balance at end of year	321,765		182,800

Additional paid-in capital
Balance at beginning of year	177,227		165,496
Gain (loss) on sales of treasury stock	2,755		(1,458	)
Issuance and exercise of common stock options	9,954		13,189
Issuance of common stock	143,482		—
Beneficial conversion feature relating to (subordinated) convertible bond	69,484		—

Balance at end of year	402,902		177,227

Retained earnings
Balance at beginning of year	1,779,783		1,910,978
Net loss	(709,436	)	(67,847	)
Cash dividends	(48,675	)	(64,883	)
Adjustments to initially apply FIN 48	—		1,266
Adjustments to initially apply EITF 06-2	—		(1,119	)
Adjustments to initially apply SOP 07-1	—		2,049
Adjustments to initially apply SFAS 157	10,383		—
Adjustments to initially apply SFAS 159	5,258		—
Loss on sales of treasury stock	—		(661	)

Balance at end of year	1,037,313		1,779,783

Accumulated other comprehensive income
Cumulative translation adjustments
Balance at beginning of year	(28,416	)	36,889
Net change during the year	(44,585	)	(65,305	)

Balance at end of year	(73,001	)	(28,416	)

Defined benefit pension plans
Balance at beginning of year	(42,695	)	(30,276	)
Pension liability adjustment	(2,273	)	(12,419	)

Balance at end of year	(44,968	)	(42,695	)

Balance at end of year	(117,969	)	(71,111	)

Common stock held in treasury
Balance at beginning of year	(80,575	)	(79,968	)
Repurchases of common stock	(91	)	(3,525	)
Sale of common stock	73		85
Common stock issued to employees	3,759		2,862
Other net change in treasury stock	(68	)	(29	)

Balance at end of year	(76,902	)	(80,575	)

Total shareholders’ equity
Balance at end of year	1,567,109		1,988,124

Corrected


	Millions of yen
	For the year ended
	March 31, 2009		March 31, 2008
Common stock
Balance at beginning of year	182,800		182,800
New issue of stock	138,965		—

Balance at end of year	321,765		182,800

Additional paid-in capital
Balance at beginning of year	177,227		165,496
Gain (loss) on sales of treasury stock	2,755		(1,458	)
Issuance and exercise of common stock options	9,954		13,189
Issuance of common stock	143,482		—
Beneficial conversion feature relating to (subordinated) convertible bond	40,995		—

Balance at end of year	374,413		177,227

Retained earnings
Balance at beginning of year	1,779,783		1,910,978
Net loss	(708,192	)	(67,847	)
Cash dividends	(48,675	)	(64,883	)
Adjustments to initially apply FIN 48	—		1,266
Adjustments to initially apply EITF 06-2	—		(1,119	)
Adjustments to initially apply SOP 07-1	—		2,049
Adjustments to initially apply SFAS 157	10,383		—
Adjustments to initially apply SFAS 159	5,258		—
Loss on sales of treasury stock	—		(661	)

Balance at end of year	1,038,557		1,779,783

Accumulated other comprehensive income
Cumulative translation adjustments
Balance at beginning of year	(28,416	)	36,889
Net change during the year	(45,053	)	(65,305	)

Balance at end of year	(73,469	)	(28,416	)

Defined benefit pension plans
Balance at beginning of year	(42,695	)	(30,276	)
Pension liability adjustment	(2,273	)	(12,419	)

Balance at end of year	(44,968	)	(42,695	)

Balance at end of year	(118,437	)	(71,111	)

Common stock held in treasury
Balance at beginning of year	(80,575	)	(79,968	)
Repurchases of common stock	(91	)	(3,525	)
Sale of common stock	73		85
Common stock issued to employees	3,759		2,862
Other net change in treasury stock	(68	)	(29	)

Balance at end of year	(76,902	)	(80,575	)

Total shareholders’ equity
Balance at end of year	1,539,396		1,988,124

(4)

Consolidated Statements of Cash Flows (UNAUDITED) (Page 15)

Original


	Millions of yen
	For the year ended
	March 31, 2009		March 31, 2008
Cash flows from operating activities:
Net loss	(709,436	)	(67,847	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	75,780		63,463
Loss on investments in equity securities	25,500		48,695
Changes in operating assets and liabilities:
Time deposits	72,670		(314,240	)
Deposits with stock exchanges and other segregated cash	(153,059	)	(82,817	)
Trading assets and private equity investments	(3,153,499	)	2,139,627
Trading liabilities	1,323,314		299,611
Securities purchased under agreements to resell, net of securities sold underagreements to repurchase	1,490,423		(2,562,836	)
Securities borrowed, net of securities loaned	(278,318	)	(1,036,076	)
Other secured borrowings	425,886		1,097,679
Loans and receivables, net of allowance	(1,336,288	)	(58,541	)
Payables	994,150		(1,639	)
Other, net	510,248		(172,985	)

Net cash used in operating activities	(712,629	)	(647,906	)

Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities	(95,978	)	(126,285	)
Proceeds from sales of office buildings, land, equipment and facilities	38,799		15,621
Payments for purchases of investments in equity securities	(6,236	)	(615	)
Proceeds from sales of investments in equity securities	2,065		7,887
Decrease in loans receivable at banks, net	28,096		14,042
(Increase) decrease in non-trading debt securities, net	(19,415	)	2,665
Other, net	(46,236	)	(15,334	)

Net cash used in investing activities	(98,905	)	(102,019	)

Cash flows from financing activities:
Increase in long-term borrowings	2,091,553		2,425,393
Decrease in long-term borrowings	(1,262,300	)	(1,722,644	)
(Decrease) increase in short-term borrowings, net	(175,988	)	386,048
Increase (decrease) in deposits received at banks, net	126,520		(57,756	)
Proceeds from issuances of common stock	282,447		—
Proceeds from sales of common stock	65		828
Payments for repurchases of common stock	(91	)	(3,525	)
Payments for cash dividends	(64,924	)	(86,866	)
Proceeds from issuances of stock by a subsidiary	2,478		1,401

Net cash provided by financing activities	999,760		942,879

Effect of initial adoption of SOP 07-1 on cash and cash equivalents	—		(38,427	)
Effect of exchange rate changes on cash and cash equivalents	(81,896	)	(57,319	)

Net increase in cash and cash equivalents	106,330		97,208
Cash and cash equivalents at beginning of the period	507,236		410,028

Cash and cash equivalents at end of the period	613,566		507,236

Note: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

Corrected


	Millions of yen
	For the year ended
	March 31, 2009		March 31, 2008
Cash flows from operating activities:
Net loss	(708,192	)	(67,847	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	75,780		63,463
Loss on investments in equity securities	25,500		48,695
Changes in operating assets and liabilities:
Time deposits	72,670		(314,240	)
Deposits with stock exchanges and other segregated cash	(153,059	)	(82,817	)
Trading assets and private equity investments	(3,153,499	)	2,139,627
Trading liabilities	1,323,314		299,611
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase	1,490,423		(2,562,836	)
Securities borrowed, net of securities loaned	(278,318	)	(1,036,076	)
Other secured borrowings	425,886		1,097,679
Loans and receivables, net of allowance	(1,336,288	)	(58,541	)
Payables	994,150		(1,639	)
Other, net	509,004		(172,985	)

Net cash used in operating activities	(712,629	)	(647,906	)

Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities	(95,978	)	(126,285	)
Proceeds from sales of office buildings, land, equipment and facilities	38,799		15,621
Payments for purchases of investments in equity securities	(6,236	)	(615	)
Proceeds from sales of investments in equity securities	2,065		7,887
Decrease in loans receivable at banks, net	28,096		14,042
(Increase) decrease in non-trading debt securities, net	(19,415	)	2,665
Other, net	(46,236	)	(15,334	)

Net cash used in investing activities	(98,905	)	(102,019	)

Cash flows from financing activities:
Increase in long-term borrowings	2,091,553		2,425,393
Decrease in long-term borrowings	(1,262,300	)	(1,722,644	)
(Decrease) increase in short-term borrowings, net	(175,988	)	386,048
Increase (decrease) in deposits received at banks, net	126,520		(57,756	)
Proceeds from issuances of common stock	282,447		—
Proceeds from sales of common stock	65		828
Payments for repurchases of common stock	(91	)	(3,525	)
Payments for cash dividends	(64,924	)	(86,866	)
Proceeds from issuances of stock by a subsidiary	2,478		1,401

Net cash provided by financing activities	999,760		942,879

Effect of initial adoption of SOP 07-1 on cash and cash equivalents	—		(38,427	)
Effect of exchange rate changes on cash and cash equivalents	(81,896	)	(57,319	)

Net increase in cash and cash equivalents	106,330		97,208
Cash and cash equivalents at beginning of the period	507,236		410,028

Cash and cash equivalents at end of the period	613,566		507,236

Note: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

(7)

Other Financial Informations (UNAUDITED) (Page 19)

Consolidated Statements of Operations – Quarterly

Original


	Millions of yen																% Change
	For the three months ended
	June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008		June 30, 2008		September 30, 2008		December 31, 2008(A)		March 31, 2009(B)		(B-A)/(A)
Revenue:
Commissions	112,953		106,883		103,434		81,389		82,198		84,886		73,373		66,346		(9.6	)
Fees from investment banking	29,890		16,176		20,340		18,690		13,407		10,026		19,678		11,842		(39.8	)
Asset management and portfolio service fees	47,311		50,910		47,636		43,855		42,779		42,411		29,410		25,566		(13.1	)
Net gain (loss) on trading	99,767		8,669		65,090		(111,806	)	10,515		(21,015	)	(134,518	)	16,679		—
Gain (loss) on private equity investments	46,159		6,774		(2,987	)	26,559		(37,663	)	23,167		(24,782	)	(15,513	)	—
Interest and dividends	294,783		245,912		177,280		78,565		117,957		126,993		45,899		40,507		(11.7	)
(Loss) gain on investments in equity securities	(540	)	(24,216	)	(6,977	)	(16,962	)	964		(9,804	)	(12,938	)	(3,722	)	—
Other	16,309		9,631		(3,444	)	5,689		27,719		1,068		6,588		4,488		(31.9	)

Total revenue	646,632		420,739		400,372		125,979		257,876		257,732		2,710		146,193		—
Interest expense	301,830		244,039		156,119		104,477		122,789		129,667		52,456		46,972		(10.5	)

Net revenue	344,802		176,700		244,253		21,502		135,087		128,065		(49,746	)	99,221		—

Non-interest expenses:
Compensation and benefits	100,653		94,370		93,361		78,421		87,910		80,098		161,823		161,724		(0.1	)
Commissions and floor brokerage	22,684		22,579		20,395		24,534		18,634		20,343		17,561		17,143		(2.4	)
Information processing and communications	29,188		34,719		33,869		37,228		33,359		34,632		40,838		46,151		13.0
Occupancy and related depreciation	15,917		15,131		14,258		19,535		15,868		17,180		23,245		22,187		(4.6	)
Business development expenses	8,811		9,866		9,455		10,003		7,032		7,919		8,123		8,564		5.4
Other	27,609		50,623		28,525		50,111		56,548		37,234		98,206		69,351		(29.4	)

	204,862		227,288		199,863		219,832		219,351		197,406		349,796		325,120		(7.1	)

Income (loss) before income taxes	139,940		(50,588	)	44,390		(198,330	)	(84,264	)	(69,341	)	(399,542	)	(225,899	)	—
Income tax expense	64,002		(38,881	)	22,615		(44,477	)	(7,672	)	3,531		(56,648	)	(8,821	)	—

Net income (loss)	75,938		(11,707	)	21,775		(153,853	)	(76,592	)	(72,872	)	(342,894	)	(217,078	)	—


	Yen																% Change
Per share of common stock:
Basic-
Net income (loss)	39.80		(6.13	)	11.41		(80.62	)	(40.14	)	(38.18	)	(179.62	)	(107.61	)	—

Diluted-
Net income (loss)	39.67		(6.14	)	11.37		(80.68	)	(40.18	)	(38.23	)	(180.97	)	(109.33	)	—

Corrected


	Millions of yen																% Change
	For the three months ended
	June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008		June 30, 2008		September 30, 2008		December 31, 2008(A)		March 31, 2009(B)		(B-A)/(A)
Revenue:
Commissions	112,953		106,883		103,434		81,389		82,198		84,886		73,373		66,346		(9.6	)
Fees from investment banking	29,890		16,176		20,340		18,690		13,407		10,026		19,678		11,842		(39.8	)
Asset management and portfolio service fees	47,311		50,910		47,636		43,855		42,779		42,411		29,410		25,566		(13.1	)
Net gain (loss) on trading	99,767		8,669		65,090		(111,806	)	10,515		(21,015	)	(134,518	)	16,679		—
Gain (loss) on private equity investments	46,159		6,774		(2,987	)	26,559		(37,663	)	23,167		(24,782	)	(15,513	)	—
Interest and dividends	294,783		245,912		177,280		78,565		117,957		126,993		45,899		40,507		(11.7	)
(Loss) gain on investments in equity securities	(540	)	(24,216	)	(6,977	)	(16,962	)	964		(9,804	)	(12,938	)	(3,722	)	—
Other	16,309		9,631		(3,444	)	5,689		27,719		1,068		6,588		4,488		(31.9	)

Total revenue	646,632		420,739		400,372		125,979		257,876		257,732		2,710		146,193		—
Interest expense	301,830		244,039		156,119		104,477		122,789		129,667		52,456		46,972		(10.5	)

Net revenue	344,802		176,700		244,253		21,502		135,087		128,065		(49,746	)	99,221		—

Non-interest expenses:
Compensation and benefits	100,653		94,370		93,361		78,421		87,910		80,098		161,823		161,724		(0.1	)
Commissions and floor brokerage	22,684		22,579		20,395		24,534		18,634		20,343		17,561		17,143		(2.4	)
Information processing and communications	29,188		34,719		33,869		37,228		33,359		34,632		40,838		46,151		13.0
Occupancy and related depreciation	15,917		15,131		14,258		19,535		15,868		17,180		23,245		22,187		(4.6	)
Business development expenses	8,811		9,866		9,455		10,003		7,032		7,919		8,123		8,564		5.4
Other	27,609		50,623		28,525		50,111		56,548		37,234		98,206		69,351		(29.4	)

	204,862		227,288		199,863		219,832		219,351		197,406		349,796		325,120		(7.1	)

Income (loss) before income taxes	139,940		(50,588	)	44,390		(198,330	)	(84,264	)	(69,341	)	(399,542	)	(225,899	)	—
Income tax expense	64,002		(38,881	)	22,615		(44,477	)	(7,672	)	3,531		(56,648	)	(10,065	)	—

Net income (loss)	75,938		(11,707	)	21,775		(153,853	)	(76,592	)	(72,872	)	(342,894	)	(215,834	)	—


	Yen																% Change
Per share of common stock:
Basic-
Net income (loss)	39.80		(6.13	)	11.41		(80.62	)	(40.14	)	(38.18	)	(179.62	)	(107.00	)	—

Diluted-
Net income (loss)	39.67		(6.14	)	11.37		(80.68	)	(40.18	)	(38.23	)	(180.97	)	(108.71	)	—

5.	Unconsolidated Financial Statements

(1)

Unconsolidated Balance Sheet (UNAUDITED) (Page 22 & 23)

Original


	(Millions of yen)
	March 31, 2009		March 31, 2008		Increase/ (Decrease)
*ASSETS*
Current Assets	1,852,470		2,272,127		(419,657	)

Cash and time deposits	1,225		1,416		(191	)
Certificate deposits	20,500		18,800		1,700
Money held in trust	57,077		78,533		(21,456	)
Short-term loans receivable	1,659,355		2,068,347		(408,992	)
Accounts receivable	68,858		76,783		(7,925	)
Deferred tax assets	25,512		1,370		24,142
Other current assets	24,760		26,883		(2,124	)
Allowance for doubtful accounts	(4,817	)	(6	)	(4,811	)
Fixed Assets	1,830,326		2,177,683		(347,357	)

Tangible fixed assets	55,877		52,216		3,661
Buildings	20,446		16,688		3,758
Furniture & fixtures	26,591		26,688		(97	)
Land	8,839		8,839		—
Intangible assets	110,217		142,339		(32,122	)
Software	110,217		142,339		(32,122	)
Investments and others	1,664,232		1,983,128		(318,896	)
Investment securities	118,980		156,267		(37,287	)
Investments in subsidiaries and affiliates (at cost)	1,159,429		1,286,638		(127,209	)
Other securities of subsidiaries and affiliates	24,111		26,021		(1,910	)
Long-term loans receivable from subsidiaries and affiliates	135,000		309,000		(174,000	)
Long-term guarantee deposits	42,671		49,548		(6,877	)
Deferred tax assets	155,297		131,793		23,504
Other investments	28,802		23,893		4,909
Allowance for doubtful accounts	(57	)	(32	)	(25	)

TOTAL ASSETS	3,682,796		4,449,810		(767,014	)


	(Millions of yen)
	March 31, 2009		March 31, 2008		Increase/ (Decrease)
*LIABILITIES*
Current liabilities	614,408		1,601,961		(987,553	)

Short-term borrowings	470,000		1,446,500		(976,500	)
Bond due within one year	60,000		50,000		10,000
Collaterals received	39,663		57,035		(17,372	)
Accrued income taxes	2		11,296		(11,294	)
Other current liabilities	44,744		37,131		7,612
Long-term liabilities	1,825,139		1,424,188		400,951

Bonds payable	695,446		354,930		340,515
Convertible Bonds	110,000		—		110,000
Long-term borrowings	1,018,000		1,067,000		(49,000	)
Other long-term liabilities	1,693		2,257		(564	)

TOTAL LIABILITIES	2,439,547		3,026,149		(586,602	)

*NET ASSETS*
Shareholders’ equity	1,191,520		1,372,324		(180,804	)
Common stock	321,765		182,800		138,965
Additional paid-in capital	251,469		112,504		138,965
Capital reserve	251,469		112,504		138,965
Retained earnings	692,839		1,155,315		(462,476	)
Retained earnings reserve	81,858		81,858		—
Other retained earnings	610,981		1,073,457		(462,476	)
Reserve for specified fixed assets	13		16		(3	)
General reserve	994,000		994,000		—
Retained earnings carried forward	(383,032	)	79,442		(462,473	)
Treasury stock	(74,554	)	(78,296	)	3,742
Valuation and translation adjustments	24,613		39,936		(15,323	)
Net unrealized gain on investments	16,157		34,914		(18,756	)
Deferred gains or loss on hedges	8,456		5,023		3,433
Stock acquisition rights	27,116		11,401		15,715

TOTAL NET ASSETS	1,243,249		1,423,661		(180,412	)

TOTAL LIABILITIES AND NET ASSETS	3,682,796		4,449,810		(767,014	)

Corrected


	(Millions of yen)
	March 31, 2009		March 31, 2008		Increase/ (Decrease)
*ASSETS*
Current Assets	1,852,470		2,272,127		(419,657	)

Cash and time deposits	1,225		1,416		(191	)
Certificate deposits	20,500		18,800		1,700
Money held in trust	57,077		78,533		(21,456	)
Short-term loans receivable	1,659,355		2,068,347		(408,992	)
Accounts receivable	68,858		76,783		(7,925	)
Deferred tax assets	25,512		1,370		24,142
Other current assets	24,760		26,883		(2,124	)
Allowance for doubtful accounts	(4,817	)	(6	)	(4,811	)
Fixed Assets	1,829,038		2,177,683		(348,645	)

Tangible fixed assets	55,877		52,216		3,661
Buildings	20,446		16,688		3,758
Furniture & fixtures	26,591		26,688		(97	)
Land	8,839		8,839		—
Intangible assets	110,217		142,339		(32,122	)
Software	110,217		142,339		(32,122	)
Investments and others	1,662,943		1,983,128		(320,185	)
Investment securities	118,980		156,267		(37,287	)
Investments in subsidiaries and affiliates (at cost)	1,158,141		1,286,638		(128,498	)
Other securities of subsidiaries and affiliates	24,111		26,021		(1,910	)
Long-term loans receivable from subsidiaries and affiliates	135,000		309,000		(174,000	)
Long-term guarantee deposits	42,671		49,548		(6,877	)
Deferred tax assets	155,297		131,793		23,504
Other investments	28,802		23,893		4,909
Allowance for doubtful accounts	(57	)	(32	)	(25	)

TOTAL ASSETS	3,681,507		4,449,810		(768,303	)


	(Millions of yen)
	March 31, 2009		March 31, 2008		Increase/ (Decrease)
*LIABILITIES*
Current liabilities	612,287		1,601,961		(989,675	)

Short-term borrowings	470,000		1,446,500		(976,500	)
Bond due within one year	60,000		50,000		10,000
Collaterals received	39,663		57,035		(17,372	)
Accrued income taxes	2		11,296		(11,294	)
Other current liabilities	42,622		37,131		5,491
Long-term liabilities	1,825,139		1,424,188		400,951

Bonds payable	695,446		354,930		340,515
Convertible Bonds	110,000		—		110,000
Long-term borrowings	1,018,000		1,067,000		(49,000	)
Other long-term liabilities	1,693		2,257		(564	)

TOTAL LIABILITIES	2,437,425		3,026,149		(588,724	)

*NET ASSETS*
Shareholders’ equity	1,192,353		1,372,324		(179,971	)
Common stock	321,765		182,800		138,965
Additional paid-in capital	251,469		112,504		138,965
Capital reserve	251,469		112,504		138,965
Retained earnings	693,673		1,155,315		(461,643	)
Retained earnings reserve	81,858		81,858		—
Other retained earnings	611,815		1,073,457		(461,643	)
Reserve for specified fixed assets	13		16		(3	)
General reserve	994,000		994,000		—
Retained earnings carried forward	(382,199	)	79,442		(461,640	)
Treasury stock	(74,554	)	(78,296	)	3,742
Valuation and translation adjustments	24,613		39,936		(15,323	)
Net unrealized gain on investments	16,157		34,914		(18,756	)
Deferred gains or loss on hedges	8,456		5,023		3,433
Stock acquisition rights	27,116		11,401		15,715

TOTAL NET ASSETS	1,244,082		1,423,661		(179,579	)

TOTAL LIABILITIES AND NET ASSETS	3,681,507		4,449,810		(768,303	)

(2)

Unconsolidated Statements of Operations (UNAUDITED) (Page 24)

Original


	(Millions of yen)
	For the year ended March 31, 2009(A)		For the year ended March 31, 2008(B)		% Change (A-B)/(B)
Operating revenue	340,071		419,649		(19.0	)%

Property and equipment fee revenue	116,478		103,971		12.0
Rent revenue	38,450		37,890		1.5
Royalty on trademark	14,088		19,870		(29.1	)
Dividend from subsidiaries and affiliates	143,552		228,462		(37.2	)
Others	27,502		29,457		(6.6	)
Operating expenses	204,768		175,269		16.8

Compensation and benefits	21,884		15,039		45.5
Rental and maintenance	42,954		44,742		(4.0	)
Data processing and office supplies	37,802		33,850		11.7
Depreciation and amortization	54,056		44,002		22.8
Others	13,545		8,453		60.2
Interest expenses	34,529		29,183		18.3

Operating income	135,303		244,380		(44.6	)

Non-operating income	2,776		3,369		(17.6	)
Non-operating expenses	10,898		1,518		618.1

Ordinary income	127,181		246,231		(48.3	)

Special profits	2,739		7,300		(62.5	)
Gain on sales of investment securities	2,577		7,300		(64.7	)
Gain on sales of fixed assets	162		—		—
Special losses	568,410		231,048		146.0
Loss on sales of investment securities	636		1,106		(42.5	)
Loss on devaluation of investment securities	8,451		2,155		292.1
Loss on devaluation of investments in subsidiaries and affiliates	556,759		224,565		147.9
Loss on retirement of fixed assets	2,564		3,221		(20.4	)

Income before income taxes	(438,491	)	22,483		—

Income taxes - current	(6,949	)	13,445		—

Income taxes - deferred	(36,997	)	(44,946	)	—

Net income (loss)	(394,545	)	53,985		—

Corrected


	(Millions of yen)
	For the year ended March 31, 2009(A)		For the year ended March 31, 2008(B)		% Change (A-B)/(B)
Operating revenue	340,071		419,649		(19.0	)%

Property and equipment fee revenue	116,478		103,971		12.0
Rent revenue	38,450		37,890		1.5
Royalty on trademark	14,088		19,870		(29.1	)
Dividend from subsidiaries and affiliates	143,552		228,462		(37.2	)
Others	27,502		29,457		(6.6	)
Operating expenses	204,768		175,269		16.8

Compensation and benefits	21,884		15,039		45.5
Rental and maintenance	42,954		44,742		(4.0	)
Data processing and office supplies	37,802		33,850		11.7
Depreciation and amortization	54,056		44,002		22.8
Others	13,545		8,453		60.2
Interest expenses	34,529		29,183		18.3

Operating income	135,303		244,380		(44.6	)

Non-operating income	2,776		3,369		(17.6	)
Non-operating expenses	10,898		1,518		618.1

Ordinary income	127,181		246,231		(48.3	)

Special profits	2,739		7,300		(62.5	)
Gain on sales of investment securities	2,577		7,300		(64.7	)
Gain on sales of fixed assets	162		—		—
Special losses	567,577		231,048		145.7
Loss on sales of investment securities	636		1,106		(42.5	)
Loss on devaluation of investment securities	8,451		2,155		292.1
Loss on devaluation of investments in subsidiaries and affiliates	555,926		224,565		147.6
Loss on retirement of fixed assets	2,564		3,221		(20.4	)

Income before income taxes	(437,658	)	22,483		—

Income taxes - current	(6,949	)	13,445		—

Income taxes - deferred	(36,997	)	(44,946	)	—

Net income (loss)	(393,712	)	53,985		—

(3)

Unconsolidated Statements of Changes in Shareholders’ Equity (UNAUDITED) (Page 25 & 26)

Original


	(Millions of yen)
	Year ended March 31
	2009		2008
Shareholder’s Equity
Common stock
Balance at beginning of the year	182,800		182,800
Change in the year
Issuance of new shares	138,965		—

Total change in the year	138,965		—

Balance at end of the year	321,765		182,800

Additional paid-in capital
Capital reserve
Balance at beginning of the year	112,504		112,504
Change in the year
Issuance of new shares	138,965		—

Total change in the year	138,965		—

Balance at end of the year	251,469		112,504

Other capital reserve
Balance at beginning of the year	—		1,458
Change in the year
Disposal of treasury stock	—		(1,458	)

Total change in the year	—		(1,458	)

Balance at end of the year	—		—

Total capital reserve
Balance at beginning of the year	112,504		113,962
Change in the year
Issuance of new shares	138,965		—
Disposal of treasury stock	—		(1,458	)

Total change in the year	138,965		(1,458	)

Balance at end of the year	251,469		112,504

Retained earnings
Retained earnings reserve
Balance at beginning of the year	81,858		81,858

Balance at end of the year	81,858		81,858

Other retained earnings
Reserve for specified fixed assets
Balance at beginning of the year	16		19
Change in the year
Reversal of reserve for specified fixed assets	(3	)	(3	)

Total change in the year	(3	)	(3	)

Balance at end of the year	13		16

General reserve
Balance at beginning of the year	994,000		994,000

Balance at end of the year	994,000		994,000

Retained earnings carried forward
Balance at beginning of the year	79,442		112,981
Change in the year
Cash dividends	(64,924	)	(86,866	)
Reversal of reserve for specified fixed assets	3		3
Net income (loss)	(394,545	)	53,985
Disposal of treasury stock	(3,007	)	(661	)

Total change in the year	(462,473	)	(33,540	)

Balance at end of the year	(383,032	)	79,442

Total retained earnings
Balance at beginning of the year	1,155,315		1,188,858
Change in the year
Cash dividends	(64,924	)	(86,866	)
Net income (loss)	(394,545	)	53,985
Disposal of treasury stock	(3,007	)	(661	)

Total change in the year	(462,476	)	(33,543	)

Balance at end of the year	692,839		1,155,315


	(Millions of yen)
	Year ended March 31
	2009		2008
Treasury stock
Balance at beginning of the year	(78,296	)	(77,717	)
Change in the year
Purchases of treasury stock	(91	)	(3,525	)
Disposal of treasury stock	3,832		2,947

Total change in the year	3,742		(579	)

Balance at end of the year	(74,554	)	(78,296	)

Total shareholders’ equity
Balance at beginning of the year	1,372,324		1,407,903
Change in the year
Issuance of new shares	277,930		—
Cash dividends	(64,924	)	(86,866	)
Net income (loss)	(394,545	)	53,985
Purchases of treasury stock	(91	)	(3,525	)
Disposal of treasury stock	826		828

Total change in the year	(180,804	)	(35,579	)

Balance at end of the year	1,191,520		1,372,324

Valuation and translation adjustments
Net unrealized gain on investments
Balance at beginning of the year	34,914		67,013
Change in the year
Other-net	(18,756	)	(32,099	)

Total change in the year	(18,756	)	(32,099	)

Balance at end of the year	16,157		34,914

Deferred gains or loss on hedges
Balance at beginning of the year	5,023		(812	)
Change in the year
Other-net	3,433		5,835

Total change in the year	3,433		5,835

Balance at end of the year	8,456		5,023

Total valuation and translation adjustments
Balance at beginning of the year	39,936		66,201
Change in the year
Other-net	(15,323	)	(26,265	)

Total change in the year	(15,323	)	(26,265	)

Balance at end of the year	24,613		39,936

Stock acquisition rights
Balance at beginning of the year	11,401		1,224
Change in the year
Other-net	15,715		10,177

Total change in the year	15,715		10,177

Balance at end of the year	27,116		11,401

Total net assets
Balance at beginning of the year	1,423,661		1,475,328
Change in the year
Issuance of new shares	277,930		—
Cash dividends	(64,924	)	(86,866	)
Net income (loss)	(394,545	)	53,985
Purchases of treasury stock	(91	)	(3,525	)
Disposal of treasury stock	826		828
Other-net	392		(16,088	)

Total change in the year	(180,412	)	(51,667	)

Balance at end of the year	1,243,249		1,423,661

Corrected


	(Millions of yen)
	Year ended March 31
	2009		2008
Shareholder’s Equity
Common stock
Balance at beginning of the year	182,800		182,800
Change in the year
Issuance of new shares	138,965		—

Total change in the year	138,965		—

Balance at end of the year	321,765		182,800

Additional paid-in capital
Capital reserve
Balance at beginning of the year	112,504		112,504
Change in the year
Issuance of new shares	138,965		—

Total change in the year	138,965		—

Balance at end of the year	251,469		112,504

Other capital reserve
Balance at beginning of the year	—		1,458
Change in the year
Disposal of treasury stock	—		(1,458	)

Total change in the year	—		(1,458	)

Balance at end of the year	—		—

Total capital reserve
Balance at beginning of the year	112,504		113,962
Change in the year
Issuance of new shares	138,965		—
Disposal of treasury stock	—		(1,458	)

Total change in the year	138,965		(1,458	)

Balance at end of the year	251,469		112,504

Retained earnings
Retained earnings reserve
Balance at beginning of the year	81,858		81,858

Balance at end of the year	81,858		81,858

Other retained earnings
Reserve for specified fixed assets
Balance at beginning of the year	16		19
Change in the year
Reversal of reserve for specified fixed assets	(3	)	(3	)

Total change in the year	(3	)	(3	)

Balance at end of the year	13		16

General reserve
Balance at beginning of the year	994,000		994,000

Balance at end of the year	994,000		994,000

Retained earnings carried forward
Balance at beginning of the year	79,442		112,981
Change in the year
Cash dividends	(64,924	)	(86,866	)
Reversal of reserve for specified fixed assets	3		3
Net income (loss)	(393,712	)	53,985
Disposal of treasury stock	(3,007	)	(661	)

Total change in the year	(461,640	)	(33,540	)

Balance at end of the year	(382,199	)	79,442

Total retained earnings
Balance at beginning of the year	1,155,315		1,188,858
Change in the year
Cash dividends	(64,924	)	(86,866	)
Net income (loss)	(393,712	)	53,985
Disposal of treasury stock	(3,007	)	(661	)

Total change in the year	(461,643	)	(33,543	)

Balance at end of the year	693,673		1,155,315


	(Millions of yen)
	Year ended March 31
	2009		2008
Treasury stock
Balance at beginning of the year	(78,296	)	(77,717	)
Change in the year
Purchases of treasury stock	(91	)	(3,525	)
Disposal of treasury stock	3,832		2,947

Total change in the year	3,742		(579	)

Balance at end of the year	(74,554	)	(78,296	)

Total shareholders’ equity
Balance at beginning of the year	1,372,324		1,407,903
Change in the year
Issuance of new shares	277,930		—
Cash dividends	(64,924	)	(86,866	)
Net income (loss)	(393,712	)	53,985
Purchases of treasury stock	(91	)	(3,525	)
Disposal of treasury stock	826		828

Total change in the year	(179,971	)	(35,579	)

Balance at end of the year	1,192,353		1,372,324

Valuation and translation adjustments
Net unrealized gain on investments
Balance at beginning of the year	34,914		67,013
Change in the year
Other-net	(18,756	)	(32,099	)

Total change in the year	(18,756	)	(32,099	)

Balance at end of the year	16,157		34,914

Deferred gains or loss on hedges
Balance at beginning of the year	5,023		(812	)
Change in the year
Other-net	3,433		5,835

Total change in the year	3,433		5,835

Balance at end of the year	8,456		5,023

Total valuation and translation adjustments
Balance at beginning of the year	39,936		66,201
Change in the year
Other-net	(15,323	)	(26,265	)

Total change in the year	(15,323	)	(26,265	)

Balance at end of the year	24,613		39,936

Stock acquisition rights
Balance at beginning of the year	11,401		1,224
Change in the year
Other-net	15,715		10,177

Total change in the year	15,715		10,177

Balance at end of the year	27,116		11,401

Total net assets
Balance at beginning of the year	1,423,661		1,475,328
Change in the year
Issuance of new shares	277,930		—
Cash dividends	(64,924	)	(86,866	)
Net income (loss)	(393,712	)	53,985
Purchases of treasury stock	(91	)	(3,525	)
Disposal of treasury stock	826		828
Other-net	392		(16,088	)

Total change in the year	(179,579	)	(51,667	)

Balance at end of the year	1,244,082		1,423,661

(Attachment 2)

•

Consolidated Results of Operations (US GAAP) Fourth quarter, year ended March 2009

P.4

(Original)

¨	Full year results

—

Net revenue 312.6 billion yen, pre-tax loss 779 billion yen, net loss 709.4 billion yen.

—

Loss booked due to trading losses and asset write-downs stemming from global financial market turmoil, and one-off items.

—

Increased costs related to Lehman acquisitions.

¨	Fourth quarter results

—

Net revenue 99.2 billion yen, pre-tax loss 225.9 billion yen, net loss 217.1 billion yen.

—

Trading improved during fourth quarter, but write-downs were made on real estate and other illiquid assets.


— Non-interest expenses were 325.1 billion yen:		- Additional expenses related to Lehman acquisitions of 53.1 billion yen (down 7.2 billion yen from prior quarter).
		- JAFCO impairment charge of 13.6 billion yen.
		- Costs related to optimizing headcount of 7.2 billion yen and other one-off expenses.

¨	Started applying Basel II framework for capital adequacy

—

Capital ratio (under Basel II): 18.1%

—

Tier 1 ratio: 11.3%

(Corrected)

¨	Full year results

—

Net revenue 312.6 billion yen, pre-tax loss 779 billion yen, net loss 708.2 billion yen.

—

Loss booked due to trading losses and asset write-downs stemming from global financial market turmoil, and one-off items.

—

Increased costs related to Lehman acquisitions.

¨	Fourth quarter results

—

Net revenue 99.2 billion yen, pre-tax loss 225.9 billion yen, net loss 215.8 billion yen.

—

Trading improved during fourth quarter, but write-downs were made on real estate and other illiquid assets.


— Non-interest expenses were 325.1 billion yen:		- Additional expenses related to Lehman acquisitions of 53.1 billion yen (down 7.2 billion yen from prior quarter).
		- JAFCO impairment charge of 13.6 billion yen.
		- Costs related to optimizing headcount of 7.2 billion yen and other one-off expenses.

¨	Started applying Basel II framework for capital adequacy

—

Capital ratio (under Basel II): 18.1%

—

Tier 1 ratio: 11.3%

•

Capital Ratio (Capital and Assets)

P.7

(Original)

LOGO

(Corrected)

LOGO

•

Consolidated Financial Highlights

P.10

(Original)

LOGO

(Corrected)

LOGO

•

Consolidated Balance Sheet

P.11

(Original)

LOGO

(Corrected)

LOGO

•

Consolidated Income

P.36

(Original)

LOGO

(Corrected)

LOGO


				Ends

For further information please contact:


Name	Company	Telephone
Toru Namikawa	Nomura Holdings, Inc. Group Corporate Communications Dept.	81-3-3278-0591
Kathy Lindsay	Nomura Holdings, Inc. Group Corporate Communications Dept.

Nomura

Nomura is a leading financial services group and the preeminent Asian-based investment bank with worldwide reach. Nomura provides a broad range of innovative solutions tailored to the specific requirements of individual, institutional, corporate and government clients through an international network in over 30 countries. Based in Tokyo and with regional headquarters in Hong Kong, London, and New York, Nomura employs about 26,000 staff worldwide. Nomura’s unique understanding of Asia enables the company to make a difference for clients through five business divisions: retail, global markets, investment banking, merchant banking, and asset management. For further information about Nomura, please visit www.nomura.com.

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