Nomura Holdings, Inc. · TSE:8604
Nomura — Q3 FY2005.3 Earnings Presentation
36 slides from Nomura's earnings presentation, May 14, 2005
Slide 1: 2005 3Q Results (US GAAP)
2005 3 3 (US GAAP) 2005 1 1
Slide 2: 2005.3 ¾ ¾ ¾ ¾ ¾
2005.3 3 ¾ ¾ ¾ ¾ ¾ 3 2 3 2
Slide 3: Consolidated results summary
2005 3 3 1 2004.4 2004.12 FY2005.3 FY2004.3 FY2005.3 FY2005.3 FY2004.3 3Q 3Q 2Q 193,888 150,231 156,841 29% 24% 564,657 565,005 0% 144,696 120,300 140,634 20% 3% 426,792 375,823 14% 49,192 29,931 16,207 64% 204% 137,865 189,182 -27% 25,141 15,731 3,216 60% 682% 69,189 102,417 -32% 12.95 8.10 1.66 60
Slide 4: Consolidated income statement
2005 3 3 2 2004.4 2004.12 FY2005.3 FY2004.3 FY2005.3 FY2005.3 FY2004.3 3Q 3Q 2Q 312,778 217,451 247,574 44% 26% 852,948 790,829 8% 46,275 57,590 45,585 -20% 2% 161,393 147,309 10% 18,412 24,408 32,339 -25% -43% 66,185 58,766 13% 19,287 16,792 19,845 15% -3% 57,317 47,549 21% 54,709 33,800 23,073 62%
Slide 5: Contents
P6 P7 ~ 8 P9 ~ 11 P12 ~ 13 P14 5
Slide 6: Segment results
10 1Q-3Q FY2005.3 FY2005.3 FY2004.3 FY2005.3 FY2004.3 3Q 2Q 1Q 4Q 3Q 2Q 1Q 73.0 64.8 13% 87.0 79.8 75.4 75.6 75.0 224.8 225.9 -1% 55.0 54.9 0% 53.3 59.8 55.3 56.9 54.2 163.2 166.4 -2% 18.0 9.8 83% 33.7 20.0 20.1 18.7 20.8 61.6 59.5 4% 73.4 65.4 12% 87.5 99.3 57.3 115.0 94.2 226.3 266.4 -15% 56.7 55.
Slide 7: Domestic retail results
1 13% 373 6% 58 30% 9 193 3% 9 ¾ 9.9 1 9 1,914 17,647 11% ¾ 12 165.9 04 9 21.3 215 62% 9 * 125 36% ¾ 91 83% 65 0% ¾ 21 20% 9 ¾ 12 4,059 * 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 1.2 1.2 1.4 1.1 1.6 1.4 1.9 40.4 21.7 18.0 17.7 18.6 13
Slide 8: Retail client assets
2 3 2 5,000 19 5 * ** *** 0.5 0.4 0.4 0.3 0.3 0.3 0.2 0.2 Mar. 03 Jun. 03 Sep. 03 Dec. 03 Mar. 04 Jun. 04 Sep. 04 Dec. 04 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 * 1Q 2Q 3Q 4Q 1Q 2Q 3Q **CB 8 *** 8
Slide 9: Global markets
1 3Q 26% 9 * 45.3 1% 9 22.5 9 10 * 30 9 7.15 120 9 4.4 100 80 9 60 40 20 9 PFI 0 -20 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q ** (10 ) (10 ) 71.8 45.6 56.6 44.9 41.1 31.6 2.6 FY04.3 1Q FY04.3 2Q FY04.3 3Q FY04.3 4Q FY05.3 1Q FY05.3 2Q FY05.3 3Q 9 **FY04.3 4Q 9
Slide 10: Investment banking
2 3Q 12% * IPO PO CB 9 11,286 39% 9 12 2,504 58% 9 MPO (Multiple Private Offering) 2005 3 3Q 7 521 (200 ) 150 9 100 1,598 2004 1 12 HPO 27 3,488 891 50 M&A 9 9 2004 1 ** ActivX Biosciences 9 2004 M&A 1 ** * ** (10 ) 30 22.9 20.6 20.2 19.4 20 18.0 12.9 12.9 11.4 9.5 10 7.1 4.6 4.7 2.3 0.8 0 FY0
Slide 11: Merchant banking NPF
3 3Q -35 NPF 9 400 364.5 376.6 2 300 1 357.2 350 331.4 327.2 68.1 9 291.0 291.4 66.0 64.3 50.0 37.4 300 14.3 14.3 250 200 150 291.2 300.2 308.5 276.7 277.1 281.4 289.8 100 50 0 FY04.3 1Q FY04.3 2Q FY04.3 3Q FY04.3 4Q FY05.3 1Q FY05.3 2Q FY05.3 3Q (10 ) 10 7.3 7.1 2.8 4.9 4.8 -1.4 0 FY04.3 1Q FY0
Slide 12: Asset management NCRAM
1 3Q NCRAM 12% 9 681 04 12 1,231 13.6 15 11.8 12.1 12.5 12.4 10.8 9 9.4 04 12 3,569 04 9 29% 10 9 2004 12 439 04 9 39% 5 NCRAM 0 9 2004 12 US$99 (04 9 12% ) FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 9 US 12 30 (10 ) 15 12.3 10.6 11.0 9.0 9.7 10 8.3 8.0 5 3.4 2.6
Slide 13: Balance sheet and assets trends
2 20 ( ) % 50 100 18 45 ( ( 15.7 15.7 41.0 16 15.4 15.2 15.7 39.6 39.5 15.1 40 39.0 80 14.5 0.3 0.4 0.4 0.5 0.8 14.2 37.2 37.4 0.6 0.2 0.3 35.7 14 35 34.4 3.8 4.1 4.4 4.6 3.6 3.7 4.7 4.9 12 30 60 10 25 40 40 41 41 40 41 41 41 8 7.0 20 40 6.6 6.3 6.0 7.0 5.7 5.6 7.3 6 15 19 21 20 19 19 19 4 10 16 16
Slide 14: Non-interest expenses
/ 22 23 3Q 2 1,235 644 4% 50 202 1% 40 36.4 35.9 35.9 34.3 36.4 37.7 37.8 62 17% 30 31.5 29.3 28.0 28.0 26.7 169 8% 20 25.6 24.4 10 * 2004 3 2 28 FY05.3 3Q 31% 198 640 0 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 150 100 50 0 FY04.3 1Q FY04.3 2Q FY04.3 3Q FY04.3 4Q
Slide 15: Appendix contents
• P16 • P17 ~ 18 • P19 • / P20 • 2005 3 3 / P21 • 1 P22 • 2 P23 • P24 ~ 27 • P28 • P29 • P30 • P31 • P32 • P33 • P34 • P35 15
Slide 16: Quarterly consolidated results
FY03.3 FY04.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 66,436 56,136 69,366 54,999 74,573 75,214 74,893 79,355 86,210 64,191 71,986 599 605 915 194 397 378 460 487 759 571 1,034 67,035 56,742 70,280 55,193 74,970 75,592 75,353 79,842 86,969 64,762 73,020 53,137 55,294 51,180 53,951 54,201 56,916 55,2
Slide 17: Quarterly results by segment
1 * FY05.3 1Q 2Q 3Q 71,799 44,886 56,641 38,535 15,978 27,051 29,658 22,138 20,520 41,175 41,513 43,797 30,624 3,373 12,844 FY03.3 FY04.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 43,887 32,476 41,550 36,052 62,261 48,118 26,319 37,296 18,944 16,334 17,605 23,877 25,093 22,274 20,725 23,718 24,943 16,142 23,946 12,17
Slide 18: Quarterly results by segment
2 * FY03.3 FY04.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 16,830 16,453 14,801 21,041 12,908 20,568 18,013 19,380 12,945 22,874 20,242 13,850 13,636 13,081 15,807 12,086 13,458 13,448 14,711 10,668 11,472 10,734 2,980 2,817 1,720 5,234 822 7,110 4,565 4,669 2,277 11,402 9,508 FY03.3 FY04.3 FY05.3 1Q
Slide 19: Quarterly trends
FY03.3 FY04.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 501.5 429.9 756.0 597.3 976.8 405.1 316.3 291.8 228.7 243.0 313.1 12.8 6.7 7.7 7.7 9.6 10.1 12.3 15.0 14.5 9.2 12.5 5.5 4.2 4.0 3.2 2.2 2.6 3.4 2.9 2.3 1.6 1.3 6.0 1.8 1.3 2.6 2.6 4.9 6.6 7.4 7.6 5.0 9.1 1.3 0.8 2.5 1.9 4.8 2.5 2.3 4.7 4.6 2.6 2.
Slide 20: Segment reconciliation
/ 1Q 2Q 3Q 1Q-3Q 67.1 22.0 38.1 127.3 -13.0 5.3 0.9 -6.8 0.4 5.1 1.7 7.3 2.5 0.4 2.5 5.4 -0.7 -1.1 1.6 -0.3 3.1 -2.1 -0.9 0.1 9.8 -15.4 5.8 0.2 3.1 1.9 -0.4 4.6 5.4 -5.8 11.1 10.6 72.5 16.2 49.2 137.9 20 20
Slide 21: Reconciliation of results
2005 3 3 / 1Q-3Q FY2005.3 FY2004.3 FY2005.3 FY2005.3 FY2004.3 3Q 3Q 2Q 193,888 150,231 156,841 29% 24% 564,657 565,005 0% 144,696 120,300 140,634 20% 3% 426,792 375,823 14% 49,192 29,931 16,207 64% 204% 137,865 189,182 -27% 1Q-3Q FY2005.3 FY2004.3 FY2005.3 FY2005.3 FY2004.3 3Q 3Q 2Q 20,764 2,764 16,
Slide 22: Notes
1 14 1. 2. 3. 2005 3 3 2005 3 3 198 136 31 26 5 22 22
Slide 23: Revenues by segment
2 10 FY04.3 1Q FY04.3 2Q FY04.3 3Q FY04.3 4Q FY05.3 1Q FY05.3 2Q FY05.3 3Q 65.9 67.7 61.8 63.9 65.9 64.2 67.4 65.7 67.4 61.5 62.3 64.4 62.0 64.4 0.2 0.3 0.3 1.6 1.6 2.2 3.0 4.9 4.6 3.5 6.2 6.4 6.5 4.1 4.8 4.6 3.4 6.0 5.9 6.1 3.5 0.1 0.0 0.1 0.1 0.5 0.4 0.5 18.9 19.5 19.2 22.5 19.3 20.1 20.4 18.9 19.
Slide 24: Segment detail
1 69.5 70 62.9 60 57.6 56.0 50 46.1 45.6 46.3 40 34.7 34.3 33.8 30 26.6 20 10 0 FY03.3 FY03.3 FY03.3 FY03.3 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Total 46.1 34.7 34.3 26.6 33.8 56.0 57.6 62.9 69.5 45.6 46.3 5.7 9.8 5.3 5.2 4.5 5.6 6.5 6.6 5.1 6.4 5.9 11.8
Slide 25: Segment detail
2 35 32.3 31.0 30 28.2 24.4 25 19.9 20 18.4 18.3 16.9 15.6 15.4 14.5 15 10 5 0 FY03.3 FY03.3 FY03.3 FY03.3 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Total 15.6 18.3 16.9 31.0 14.5 19.9 24.4 28.2 15.4 32.3 18.4 0.3 1.0 0.6 1.4 0.2 -0.1 0.1 0.0 0.0 0.0 0.0 2.6 4
Slide 26: Segment detail
3 30 25 24.2 21.9 19.8 19.3 20 18.6 18.2 17.5 17.0 16.8 15.7 15 13.7 10 5 0 FY03.3 FY03.3 FY03.3 FY03.3 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Total 24.2 21.9 17.5 15.7 13.7 17.0 16.8 18.6 18.2 19.8 19.3 2.4 2.3 2.3 2.2 2.4 2.6 2.5 2.5 2.7 2.7 2.6 2.0 3.1 2
Slide 27: Segment detail
4 120 113.9 99.5 100 80.3 86.4 81.5 80 66.6 74.7 74.6 60 56.8 50.1 42.8 40 20 0 -20 FY03.3 FY03.3 FY03.3 FY03.3 FY04.3 FY04.3 FY04.3 FY04.3 FY05.3 FY05.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Total 56.8 66.6 81.5 80.3 113.9 99.5 42.8 86.4 74.6 50.1 74.7 16.8 43.3 35.2 32.0 34.1 25.1 11.1 30.0 20.5
Slide 28: Client assets
Jun. 02 Sep. 02 Dec. 02 Mar. 03 Jun. 03 Sep. 03 Dec. 03 Mar. 04 Jun. 04 Sep. 04 Dec. 04 24.9 23.6 22.3 21.6 24.8 28.7 30.3 35.9 37.2 34.9 39.2 14.9 15.4 15.4 16.8 17.9 18.4 17.5 17.3 17.3 18.3 18.2 2.7 2.5 2.4 2.4 2.6 2.8 3.1 3.3 3.5 3.4 3.7 8.2 7.4 6.9 6.5 6.3 6.2 5.8 5.6 5.3 4.9 4.8 1.0 1.0 1.1 1.
Slide 29: Retail data
Jun.02 Sep.02 Dec.02 Mar.03 Jun.03 Sep.03 Dec.03 Mar.04 Jun.04 Sep.04 Dec.04 1,005 1,079 1,114 1,141 1,168 1,215 1,290 1,367 1,452 1,533 1,651 FY03.3 FY04.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 39% 38% 33% 42% 45% 46% 46% 49% 49% 51% 50% 17% 14% 9% 17% 21% 21% 21% 23% 23% 25% 23% Jun.02 Sep.02 De
Slide 30: Segment margins
FY03.3 FY04.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 5.2 3.9 5.2 3.1 5.0 9.1 9.8 11.4 13.9 10.0 9.9 ( ) 20% 16% 17% 8% 8% 10% 9% 10% 10% 7% 8% FY03.3 FY04.3 FY05.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4.1 4.1 2.7 3.2 3.5 4.9 4.3 6.6 5.7 4.2 4.7 9.6 8.7 8.7 6.3 8.1 9.1 6.8 7.9 9.3 7.5 7.2 ( 24% 18% 21%
Slide 31: Market share data
FY03.3 FY04.3 FY05.3 02.4 6 02.4 9 02.4 12 02.4 03.3 03.4 6 03.4 9 03.4 12 03.4 04.3 04.4 6 04.4 9 04.4 04.12 9% 8% 9% 11% 5% 10% 26% 27% 45% 42% 36% FY03.3 FY04.3 FY05.3 02.4 6 02.4 9 02.4 12 02.4 03.3 03.4 6 03.4 9 03.4 12 03.4 04.3 04.4 6 04.4 9 04.4 04.12 40% 41% 44% 50% 37% 58% 39% 33% 17% 26%
Slide 32: 32
32 32
Slide 33: NCRAM
NCRAM Jun. 02 Sep. 02 Dec. 02 Mar. 03 Jun. 03 Sep. 03 Dec. 03 Mar. 04 Jun. 04 Sep. 04 Dec. 04 3.6 3.3 3.3 3.2 3.5 4.3 4.3 4.5 4.6 4.1 4.4 9.2 8.3 7.8 7.3 7.0 7.0 6.6 6.3 6.0 5.7 5.6 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.4 0.5 0.6 0.8 3.3 3.1 3.0 2.9 2.9 2.9 2.9 3.0 3.1 3.0 3.1 0.8 0.8 0.7 0.7 0.8 0.9 1.1 1.
Slide 34: VaR
¾ VaR 10 ¾ ¾ ( 10 ) Jun.02 Sep.02 Dec.02 Mar.03 Jun.03 Sep.03 Dec.03 Mar.04 Jun.04 Sep.04 Dec.04 1.8 1.3 1.3 1.5 2.1 2.3 2.9 3.3 3.0 5.6 2.9 1.7 1.8 1.9 2.3 2.5 2.4 2.5 2.0 2.8 2.6 3.1 0.4 0.4 0.3 0.2 0.3 0.3 0.3 0.5 0.4 0.3 0.6 3.8 3.5 3.5 4.0 4.9 4.9 5.7 5.8 6.3 8.5 6.5 (1.2) (1.2) (1.1) (0.9) (
Slide 35: Balance sheet data
Sep. 02 Dec. 02 Mar. 03 Jun. 03 Sep. 03 Dec. 03 Mar. 04 Jun. 04 Sep. 04 Dec. 04 462 461 616 622 646 652 655 668 684 704 753 752 797 821 843 852 866 914 935 968 1,352 1,343 1,389 1,439 1,372 1,439 1,403 1,407 1,458 1,499 2,072 2,033 1,986 1,960 1,901 1,909 1,915 1,985 1,922 1,940 9,969 9,868 9,258 9,
Slide 36: Nomura Holdings, Inc.
Nomura Holdings, Inc. www.nomura.com 36 36