6-K 1 d856564d6k.htm FORM 6-K Form 6-K
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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

For the month of June 2024

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, 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):    

 

 

 

Table of Contents

Table of Contents

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: June 25, 2024     By:  

/s/ Yoshifumi Kishida

      Yoshifumi Kishida
      Senior Managing Director

Table of Contents

LOGO

Nomura Completes Amendments of Annual Securities Report, Quarterly Reports,

Financial Highlights and Management’s Report on

Internal Control over Financial Reporting

Tokyo, June 25, 2024—Further to its April 12, 2024, announcement1, Nomura Holdings, Inc. today announced that it has completed amendments of its Annual Securities Report, Quarterly Reports, Financial Highlights and Management’s Report on Internal Control over Financial Reporting for the 115th, 116th, 117th, and 118th fiscal periods as below2.

Nomura also amended its Financial Highlights for the fiscal year ended March 31, 2024 (120th). The amendment corrects certain classification errors within the consolidated statement of cash flows.

There are no amendments to Nomura’s consolidated statements of income, consolidated balance sheets or unconsolidated financial statements, and no impact to Nomura’s income or capital levels.

 

1.

Amended Reports

 

  (1)

Annual Securities Report

For the fiscal year ended March 31, 2019 (115th)

For the fiscal year ended March 31, 2020 (116th)

For the fiscal year ended March 31, 2021 (117th)

For the fiscal year ended March 31, 2022 (118th)

 

  (2)

Quarterly Reports

For the first quarter of the fiscal year ended March 31, 2022 (118th)

For the second quarter of the fiscal year ended March 31, 2022 (118th)

For the third quarter of the fiscal year ended March 31, 2022 (118th)

For the first quarter of the fiscal year ended March 31, 2023 (119th)

For the second quarter of the fiscal year ended March 31, 2023 (119th)

For the third quarter of the fiscal year ended March 31, 2023 (119th)

 

  (3)

Financial Highlights

For the fiscal year ended March 31, 2019 (115th)

For the fiscal year ended March 31, 2020 (116th)

For the fiscal year ended March 31, 2021 (117th)

For the fiscal year ended March 31, 2022 (118th)

For the fiscal year ended March 31, 2024 (120th)

 

  (4)

Management’s Report on Internal Control over Financial Reporting

For the fiscal year ended March 31, 2019 (115th)

For the fiscal year ended March 31, 2020 (116th)

For the fiscal year ended March 31, 2021 (117th)

For the fiscal year ended March 31, 2022 (118th)

 

2.

Outline of Amendments

 

  (1)

Annual Securities Report and Quarterly Reports

 

1 

See https://www.nomuraholdings.com/news/nr/holdings/20240412/20240412.pdf.

2 

Nomura completed amendment to its Financial Highlights for the fiscal year ended March 31, 2023 (119th) on April 12, 2024.

Table of Contents

Nomura restated the consolidated statement of cash flows and related disclosure. For details, please refer to the amended Annual Securities Report and Quarterly Reports filed today.

 

  (2)

Financial Highlights

The amendments are as follows.

Summary Information

 

  •  

1. Consolidated Operating Results

Accompanying Materials

 

  •  

1. Overview of Consolidated Operating Results

(3) Overview of Cash Flows

 

  •  

3. Consolidated Financial Statements

(5) Consolidated Statements of Cash Flows

Details of the amendments are underlined in the attachment below.

 

  (3)

Management’s Report on Internal Control over Financial Reporting

The amendments on Management’s Report on Internal Control over Financial Reporting for each period including remediation plan is similar to the amendments for the fiscal year ended March 31, 2023, announced on April 12, 20241.

 

 

 

   ends   

 

For further information please contact:

 

Name

   

Company

   

Telephone

Kenji Yamashita        

Nomura Holdings, Inc.

Group Corporate Communications Dept.

    81-3-3278-0591

Nomura

Nomura is a global financial services group with an integrated network spanning approximately 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Wealth Management, Investment Management, and Wholesale (Global Markets and Investment Banking). Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

 

- 2 -

Table of Contents

Attachment

Financial Summary – Year ended March 31, 2019

Summary Information

 

1.

Consolidated Operating Results

(3) Cash Flows

(Original)

 

     (Millions of yen)  
     For the year ended March 31  
        2018           2019     

Net cash used in operating activities

      (445,690 )      (361,165 ) 

Net cash used in investing activities

      (56,172 )      (112,503 ) 

Net cash provided by financing activities

      373,168       761,191  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      2,354,868       2,687,132  

(Corrected)

 

     (Millions of yen)  
     For the year ended March 31  
        2018           2019     

Net cash used in operating activities

      (341,305 )      (62,010 ) 

Net cash used in investing activities

      (296,741 )      (420,464 ) 

Net cash provided by financing activities

      509,352       769,997  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      2,354,868       2,687,132  

Accompanying Materials

1. Overview of Consolidated Operating Results

(3) Overview of Cash Flows

(Original)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2019, increased by 332.3 billion yen compared to March 31, 2018. Cash flows from operating activities for the year ended March 31, 2019 were outflows of 361.2 billion yen due mainly to the increase in Securities purchased under agreements to resell, net of securities sold under agreements to repurchase. Cash flows from investing activities for the year ended March 31, 2019 were outflows of 112.5 billion yen due mainly to Payments for purchases of office buildings, land, equipment and facilities. Cash flows from financing activities for the year ended March 31, 2019 were inflows of 761.2 billion yen due primarily to the increase in long-term borrowings.

(Corrected)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2019, increased by 332.3 billion yen compared to March 31, 2018. Cash flows from operating activities for the year ended March 31, 2019 were outflows of 62.0 billion yen due mainly to the increase in Securities purchased under agreements to resell, net of securities sold under agreements to repurchase. Cash flows from investing activities for the year ended March 31, 2019 were outflows of 420.5 billion yen due mainly to Payments for purchases or origination of other non-trading loans. Cash flows from financing activities for the year ended March 31, 2019 were inflows of 770.0 billion yen due primarily to Proceeds from issuances of long-term borrowings.

 

- 3 -

Table of Contents

3. Consolidated Financial Statements

(5) Consolidated Statements of Cash Flows

(Original)

 

     Millions of yen  
   For the year ended  
    March 31, 2018       March 31, 2019   

Cash flows from operating activities:

     

Net income (loss)

      224,292       (94,711 ) 

Adjustments to reconcile net income (loss) to

     

Net cash used in operating activities :

     

Depreciation and amortization

      71,579       57,924  

Impairment of goodwill

      —        81,372  

(Gain) loss on investments in equity securities

      (2,683 )      6,983  

Changes in operating assets and liabilities:

     

Time deposits

      (100,642 )      21,832  

Deposits with stock exchanges and other segregated cash (2)

      (72,069 )      13,752  

Trading assets and private equity investments (1)

      (239,331 )      925,384  

Trading liabilities (1)

      227,302       (143,141 ) 

Securities purchased under agreements to resell, net of securities sold under agreements to repurchase

      (453,239 )      (3,274,866 ) 

Securities borrowed, net of securities loaned

      763,297       1,987,331  

Other secured borrowings

      79,121       1,198  

Loans and receivables, net of allowance for doubtful accounts (1)

      (1,006,580 )      157,599  

Payables (1)

      209,460       (63,683 ) 

Bonus accrual

      (2,957 )      (46,602 ) 

Other, net

      (143,240 )      8,463  
  

 

 

    

 

 

  

Net cash used in operating activities (2)

      (445,690 )      (361,165 ) 
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payments for purchases of office buildings, land, equipment and facilities

      (285,161 )      (319,090 ) 

Proceeds from sales of office buildings, land, equipment and facilities

      224,220       262,908  

Payments for purchases of investments in equity securities

      (61 )      —   

Proceeds from sales of investments in equity securities

      932       519  

Increase in loans receivable at banks, net

      (105,387 )      (74,048 ) 

Decrease in non-trading debt securities, net

      80,634       29,452  

Other, net

      28,651       (12,244 ) 
  

 

 

    

 

 

  

Net cash used in investing activities

      (56,172 )      (112,503 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Increase in long-term borrowings

      2,314,609       2,142,212  

Decrease in long-term borrowings

      (1,964,657 )      (1,625,516 ) 

Increase in short-term borrowings, net

      215,001       85,900  

Increase (decrease) in deposits received at banks, net

      (13,254 )      257,471  

Proceeds from sales of common stock held in treasury

      764       313  

Payments for repurchases of common stock in treasury

      (109,096 )      (51,714 ) 

Payments for cash dividends

      (70,199 )      (47,475 ) 
  

 

 

    

 

 

  

Net cash provided by financing activities

      373,168       761,191  
  

 

 

    

 

 

  

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (2)

      (53,504 )      44,741  
  

 

 

    

 

 

  

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (2)

      (182,198 )      332,264  

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year (2)

      2,537,066       2,354,868  
  

 

 

    

 

 

  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year (2)

      2,354,868       2,687,132  
  

 

 

    

 

 

  

 

- 4 -

Table of Contents
(1)

Due to changes in accounting policy which Nomura adopted on April 1, 2018, certain reclassifications of amounts previously reported amounts have been made to conform to the current year presentation. See (7) Changes in Accounting Policies for further details.

(2)

In accordance with Accounting Standards Update 2016-18 “Restricted Cash” which Nomura adopted on April 1, 2018, certain reclassification of amounts previously reported as cash, cash equivalents, restricted cash and restricted cash equivalents for the year ended March 31, 2018 have been made to conform to the current year presentation.

 

- 5 -

Table of Contents

(Corrected)

 

     Millions of yen  
     For the year ended  
      March 31, 2018       March 31, 2019   

Cash flows from operating activities:

     

Net income (loss)

      224,292       (94,711 ) 

Adjustments to reconcile net income (loss) to

     

Net cash used in operating activities :

     

Depreciation and amortization

      71,579       57,924  

Provision for credit losses

      49       1,157  

Impairment of goodwill

      —        81,372  

(Gain) loss on investments in equity securities

      (2,683 )      6,983  

(Gain) loss on investments in subsidiaries and affiliates

      (66,982 )      5,719  

Loss on disposal of office buildings, land, equipment and facilities

      3,747       2,455  

Changes in operating assets and liabilities:

     

Deposits with stock exchanges and other segregated cash (2)

      (72,069 )      13,752  

Trading assets and private equity investments (1)

      (219,400 )      923,595  

Trading liabilities (1)

      227,302       (143,141 ) 

Securities purchased under agreements to resell, net of securities sold under agreements to repurchase

      (453,239 )      (3,274,866 ) 

Securities borrowed, net of securities loaned

      763,297       1,987,331  

Margin loans and receivables

      (920,738 )      474,391  

Payables (1)

      209,460       (63,683 ) 

Bonus accrual

      (2,957 )      (46,602 ) 

Other, net

      (102,963 )      6,314  
  

 

 

    

 

 

  

Net cash used in operating activities (2)

      (341,305 )      (62,010 ) 
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payments for placements of time deposits

      (287,509 )      (214,787 ) 

Proceeds from redemption or maturity of time deposits

      178,671       232,600  

Payments for purchases of office buildings, land, equipment and facilities

      (285,161 )      (319,090 ) 

Proceeds from sales of office buildings, land, equipment and facilities

      224,220       262,908  

Payments for purchases of equity investments

      (8,185 )      (5,466 ) 

Proceeds from sales of equity investments

      13,727       3,725  

Net cash outflows from loans receivable at banks

      (107,214 )      (72,441 ) 

Payments for purchases or origination of other non-trading loans

      (743,333 )      (1,012,570 ) 

Proceeds from sales or repayments of other non-trading loans

      618,784       693,115  

Net cash outflows from interbank money market loans

      (292 )      (278 ) 

Payments for purchases of non-trading debt securities

      (186,557 )      (140,936 ) 

Proceeds from sales or maturity of non-trading debt securities

      268,613       170,388  

Divestures, net of cash disposed of

      (13,125 )      —   

Payments for purchases of investments in affiliated companies

      (1,000 )      (13,093 ) 

Proceeds from sales of investments in affiliated companies

      44,849       4,803  

Other, net

      (13,229 )      (9,342 ) 
  

 

 

    

 

 

  

Net cash used in investing activities

      (296,741 )      (420,464 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Proceeds from issuances of long-term borrowings

      2,425,471       2,170,646  

Payments for repurchases or maturity of long-term borrowings

      (1,958,093 )      (1,701,634 ) 

Proceeds from issuances of short-term borrowings

      965,095       1,501,738  

Payments for repurchases or maturity of short-term borrowings

      (695,484 )      (1,427,749 ) 

Net cash outflows from interbank money market borrowings

      (53,898 )      (6,982 ) 

Net cash inflows (outflows) from other secured borrowings

      (1,188 )      78,150  

Net cash inflows (outflows) from deposits received at banks

      (8,445 )      254,260  

Proceeds from sales of common stock

      764       313  

Payments for repurchases of common stock

      (109,096 )      (51,714 ) 

Payments for cash dividends

      (70,199 )      (47,475 ) 

Contributions from noncontrolling interests

      23,522       24,416  

Distributions to noncontrolling interests

      (9,097 )      (23,972 ) 
  

 

 

    

 

 

  

Net cash provided by financing activities

      509,352       769,997  
  

 

 

    

 

 

  

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (2)

      (53,504 )      44,741  
  

 

 

    

 

 

  

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (2)

      (182,198 )      332,264  

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year (2)

      2,537,066       2,354,868  
  

 

 

    

 

 

  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year (2)

      2,354,868       2,687,132  
  

 

 

    

 

 

  

 

- 6 -

Table of Contents
(1)

Due to changes in accounting policy which Nomura adopted on April 1, 2018, certain reclassifications of amounts previously reported amounts have been made to conform to the current year presentation. See (7) Changes in Accounting Policies for further details.

(2)

In accordance with Accounting Standards Update 2016-18 “Restricted Cash” which Nomura adopted on April 1, 2018, certain reclassification of amounts previously reported as cash, cash equivalents, restricted cash and restricted cash equivalents for the year ended March 31, 2018 have been made to conform to the current year presentation.

 

- 7 -

Table of Contents

Financial Summary – Year ended March 31, 2020

Summary Information

 

1.

Consolidated Operating Results

(3) Cash Flows

(Original)

 

     (Millions of yen)  
     For the year ended March 31  
     2019     2020  

Net cash used in operating activities

      (361,165 )      (15,943 ) 

Net cash provided by (used in) investing activities

      (112,503 )      216,336  

Net cash provided by financing activities

      761,191       332,062  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      2,687,132       3,192,310  

(Corrected)

 

     (Millions of yen)  
     For the year ended March 31  
     2019     2020  

Net cash used in operating activities

      (62,010 )      (94,709 ) 

Net cash used in investing activities

      (420,464 )      (180,541 ) 

Net cash provided by financing activities

      769,997       807,705  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      2,687,132       3,192,310  

Accompanying Materials

1. Overview of Consolidated Operating Results

(3) Overview of Cash Flows

(Original)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2020, increased by 505.2 billion yen compared to March 31, 2019. Cash flows from operating activities for the year ended March 31, 2020 were outflows of 15.9 billion yen due mainly to the increase in Trading assets and private equity and debt investments. Cash flows from investing activities for the year ended March 31, 2020 were inflows of 216.3 billion yen due mainly to Decrease in investments in affiliated companies, net. Cash flows from financing activities for the year ended March 31, 2020 were inflows of 332.1 billion yen due primarily to the increase in Short-term borrowings, net.

(Corrected)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2020, increased by 505.2 billion yen compared to March 31, 2019. Cash flows from operating activities for the year ended March 31, 2020 were outflows of 94.7 billion yen due mainly to the increase in Trading assets and private equity and debt investments. Cash flows from investing activities for the year ended March 31, 2020 were outflows of 180.5 billion yen due mainly to Payments for purchases or origination of other non-trading loans. Cash flows from financing activities for the year ended March 31, 2020 were inflows of 807.7 billion yen due primarily to Proceeds from issuances of short-term borrowings.

 

- 8 -

Table of Contents

3. Consolidated Financial Statements

(5) Consolidated Statements of Cash Flows

(Original)

 

     Millions of yen  
     For the year ended  
      March 31, 2019       March 31, 2020   

Cash flows from operating activities:

     

Net income (loss)

      (94,711 )      219,367  

Adjustments to reconcile net income (loss) to

     

Net cash used in operating activities:

     

Depreciation and amortization

      57,924       63,583  

Impairment of goodwill

      81,372       —   

Loss on investments in equity securities

      6,983       14,726  

(Gain) loss on investments in subsidiaries and affiliates (1)

      5,719       (72,841 ) 

Changes in operating assets and liabilities:

     

Time deposits

      21,832       (33,029 ) 

Deposits with stock exchanges and other segregated cash

      13,752       (97,424 ) 

Trading assets and private equity and debt investments

      925,384       (2,754,743 ) 

Trading liabilities

      (143,141 )      428,997  

Securities purchased under agreements to resell, net of securities sold under agreements to repurchase

      (3,274,866 )      2,224,371  

Securities borrowed, net of securities loaned

      1,987,331       291,777  

Other secured borrowings

      1,198       301,019  

Loans and receivables, net of allowance for doubtful accounts

      157,599       (1,358,242 ) 

Payables

      (63,683 )      788,007  

Bonus accrual

      (46,602 )      16,202  

Other, net (1)

      2,744       (47,713 ) 
  

 

 

    

 

 

  

Net cash used in operating activities

      (361,165 )      (15,943 ) 
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payments for purchases of office buildings, land, equipment and facilities

      (319,090 )      (206,745 ) 

Proceeds from sales of office buildings, land, equipment and facilities

      262,908       209,197  

Proceeds from sales of investments in equity securities

      519       13,323  

Decrease (increase) in loans receivable at banks, net

      (74,048 )      43,920  

Decrease (increase) in non-trading debt securities, net

      29,452       (2,359 ) 

Decrease (increase) in investments in affiliated companies, net (1)

      (8,290 )      160,799  

Other, net (1)

      (3,954 )      (1,799 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) investing activities

      (112,503 )      216,336  
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Increase in long-term borrowings

      2,142,212       2,364,260  

Decrease in long-term borrowings

      (1,625,516 )      (2,402,621 ) 

Increase in short-term borrowings, net

      85,900       656,205  

Increase (decrease) in deposits received at banks, net

      257,471       (93,260 ) 

Proceeds from sales of common stock held in treasury

      313       285  

Payments for repurchases of common stock in treasury

      (51,714 )      (150,009 ) 

Payments for cash dividends

      (47,475 )      (58,416 ) 

Contribution from noncontrolling interests

      —        15,618  
  

 

 

    

 

 

  

Net cash provided by financing activities

      761,191       332,062  
  

 

 

    

 

 

  

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

      44,741       (27,277 ) 
  

 

 

    

 

 

  

Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents

      332,264       505,178  

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year

      2,354,868       2,687,132  
  

 

 

    

 

 

  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      2,687,132       3,192,310  
  

 

 

    

 

 

  

 

(1)

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

 

- 9 -

Table of Contents

(Corrected)

 

     Millions of yen  
     For the year ended  
      March 31, 2019       March 31, 2020   

Cash flows from operating activities:

     

Net income (loss)

      (94,711 )      219,367  

Adjustments to reconcile net income (loss) to Net cash used in operating activities:

     

Depreciation and amortization

      57,924       63,583  

Provision for credit losses

      1,157       9,091  

Impairment of goodwill

      81,372       —   

Loss on investments in equity securities

      6,983       14,726  

(Gain) loss on investments in subsidiaries and affiliates

      5,719       (72,841 ) 

(Gain) loss on disposal of office buildings, land, equipment and facilities

      2,455       (3,957 ) 

Changes in operating assets and liabilities:

     

Deposits with stock exchanges and other segregated cash

      13,752       (97,424 ) 

Trading assets and private equity and debt investments

      923,595       (2,743,850 ) 

Trading liabilities

      (143,141 )      428,997  

Securities purchased under agreements to resell, net of securities sold under agreements to repurchase

      (3,274,866 )      2,224,371  

Securities borrowed, net of securities loaned

      1,987,331       291,777  

Margin loans and receivables

      474,391       (891,891 ) 

Payables

      (63,683 )      788,007  

Bonus accrual

      (46,602 )      16,202  

Other, net

      6,314       (340,867 ) 
  

 

 

    

 

 

  

Net cash used in operating activities

      (62,010 )      (94,709 ) 
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payments for placements of time deposits

      (214,787 )      (433,899 ) 

Proceeds from redemption or maturity of time deposits

      232,600       394,496  

Payments for purchases of office buildings, land, equipment and facilities

      (319,090 )      (206,745 ) 

Proceeds from sales of office buildings, land, equipment and facilities

      262,908       209,197  

Payments for purchases of equity investments

      (5,466 )      (16,919 ) 

Proceeds from sales of equity investments

      3,725       27,093  

Net cash inflows (outflows) from loans receivable at banks

      (72,441 )      42,792  

Payments for purchases or origination of other non-trading loans

      (1,012,570 )      (1,363,037 ) 

Proceeds from sales or repayments of other non-trading loans

      693,115       1,011,743  

Net cash inflows (outflows) from interbank money market loans

      (278 )      797  

Payments for purchases of non-trading debt securities

      (140,936 )      (129,132 ) 

Proceeds from sales or maturity of non-trading debt securities

      170,388       126,773  

Divestures, net of cash disposed of

      —        (70 ) 

Payments for purchases of investments in affiliated companies

      (13,093 )      (1,000 ) 

Proceeds from sales of investments in affiliated companies

      4,803       161,799  

Other, net

      (9,342 )      (4,429 ) 
  

 

 

    

 

 

  

Net cash used in investing activities

      (420,464 )      (180,541 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Proceeds from issuances of long-term borrowings

      2,170,646       2,337,144  

Payments for repurchases or maturity of long-term borrowings

      (1,701,634 )      (2,348,848 ) 

Proceeds from issuances of short-term borrowings

      1,501,738       2,092,050  

Payments for repurchases or maturity of short-term borrowings

      (1,427,749 )      (1,679,453 ) 

Net cash inflows (outflows) from interbank money market borrowings

      (6,982 )      362,634  

Net cash inflows from other secured borrowings

      78,150       298,680  

Net cash inflows (outflows) from deposits received at banks

      254,260       (87,399 ) 

Payments for withholding taxes on stock-based compensation

      —        (2,163 ) 

Proceeds from sales of common stock

      313       285  

Payments for repurchases of common stock

      (51,714 )      (150,009 ) 

Payments for cash dividends

      (47,475 )      (58,416 ) 

Contributions from noncontrolling interests

      24,416       70,112  

Distributions to noncontrolling interests

      (23,972 )      (26,912 ) 
  

 

 

    

 

 

  

Net cash provided by financing activities

      769,997       807,705  
  

 

 

    

 

 

  

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

      44,741       (27,277 ) 
  

 

 

    

 

 

  

Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents

      332,264       505,178  

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year

      2,354,868       2,687,132  
  

 

 

    

 

 

  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      2,687,132       3,192,310  
  

 

 

    

 

 

  

 

- 10 -

Table of Contents

Financial Summary – Year ended March 31, 2021

Summary Information

 

1.

Consolidated Operating Results

(3) Cash Flows

(Original)

 

     (Millions of yen)  
     For the year ended March 31  
     2020     2021  

Net cash provided by (used in) operating activities

      (15,943 )      665,770  

Net cash provided by (used in) investing activities

      216,336       (139,026 ) 

Net cash provided by (used in) financing activities

      332,062       (269,927 ) 

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      3,192,310       3,510,011  

(Corrected)

 

     (Millions of yen)  
     For the year ended
March 31		  
     2020     2021  

Net cash provided by (used in) operating activities

      (94,709 )      667,610  

Net cash provided by (used in) investing activities

      (180,541 )      257,932  

Net cash provided by (used in) financing activities

      807,705       (668,725 ) 

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      3,192,310       3,510,011  

Accompanying Materials

1. Overview of Consolidated Operating Results

(3) Overview of Cash Flows

(Original)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2021, increased by 317.7 billion yen compared to March 31, 2020. Cash flows from operating activities for the year ended March 31, 2021 were inflows of 665.8 billion yen due mainly to the decrease in Trading assets and private equity and debt investments. Cash flows from investing activities for the year ended March 31, 2021 were outflows of 139.0 billion yen due mainly to the increase in Increase (decrease) in loans receivable at banks, net. Cash flows from financing activities for the year ended March 31, 2021 were outflows of 269.9 billion yen due primarily to the decrease in Short-term borrowings, net.

(Corrected)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2021, increased by 317.7 billion yen compared to March 31, 2020. Cash flows from operating activities for the year ended March 31, 2021 were inflows of 667.6 billion yen due mainly to the decrease in Trading assets and private equity and debt investments. Cash flows from investing activities for the year ended March 31, 2021 were inflows of 257.9 billion yen due mainly to Proceeds from sales or repayments of other non-trading loans. Cash flows from financing activities for the year ended March 31, 2021 were outflows of 668.7 billion yen due primarily to Net cash outflows from other secured borrowings.

 

- 11 -

Table of Contents

3. Consolidated Financial Statements

(5) Consolidated Statements of Cash Flows

(Original)

 

     Millions of yen  
   For the year ended  
    March 31, 2020       March 31, 2021   

Cash flows from operating activities:

     

Net income

      219,367       160,397  

Adjustments to reconcile net income to Net cash provided by (used in) operating activities:

     

Depreciation and amortization

      63,583       63,846  

(Gain) loss on investments in equity securities

      14,726       (14,053 ) 

(Gain) loss on investments in subsidiaries and affiliates

      (72,841 )      45,086  

Gain on disposal of office buildings, land, equipment and facilities (1)

      (3,957 )      (64,730 ) 

Changes in operating assets and liabilities:

     

Time deposits

      (33,029 )      43,560  

Deposits with stock exchanges and other segregated cash

      (97,424 )      13,878  

Trading assets and private equity and debt investments

      (2,754,743 )      1,468,357  

Trading liabilities

      428,997       777,741  

Securities purchased under agreements to resell, net of securities sold under agreements to repurchase

      2,224,371       (1,453,871 ) 

Securities borrowed, net of securities loaned

      291,777       (1,242,489 ) 

Other secured borrowings

      301,019       (326,450 ) 

Loans and receivables, net of allowance for doubtful accounts

      (1,358,242 )      1,145,429  

Payables

      788,007       (33,994 ) 

Bonus accrual

      16,202       15,840  

Other, net (1)

      (43,756 )      67,223  
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      (15,943 )      665,770  
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payments for purchases of office buildings, land, equipment and facilities

      (206,745 )      (119,875 ) 

Proceeds from sales of office buildings, land, equipment and facilities

      209,197       49,642  

Proceeds from sales of investments in equity securities

      13,323       6,502  

Decrease (increase) in loans receivable at banks, net

      43,920       (83,412 ) 

Decrease (increase) in non-trading debt securities, net

      (2,359 )      38,409  

Business acquisition (1)

      (2,484 )      (11,152 ) 

Decrease (increase) in investments in affiliated companies, net

      160,799       (9,182 ) 

Other, net (1)

      685       (9,958 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) investing activities

      216,336       (139,026 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Increase in long-term borrowings

      2,364,260       2,067,725  

Decrease in long-term borrowings

      (2,402,621 )      (2,068,695 ) 

Increase (decrease) in short-term borrowings, net

      656,205       (325,237 ) 

Increase (decrease) in deposits received at banks, net

      (93,260 )      126,177  

Proceeds from sales of common stock held in treasury

      285       215  

Payments for repurchases of common stock in treasury

      (150,009 )      (11 ) 

Payments for cash dividends

      (58,416 )      (76,358 ) 

Contribution from noncontrolling interests

      15,618       6,257  
  

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      332,062       (269,927 ) 
  

 

 

    

 

 

  

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

      (27,277 )      60,884  
  

 

 

    

 

 

  

Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents

      505,178       317,701  

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year

      2,687,132       3,192,310  
  

 

 

    

 

 

  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      3,192,310       3,510,011  
  

 

 

    

 

 

  
(1)

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

 

- 12 -

Table of Contents

(Corrected)

 

     Millions of yen  
   For the year ended  
    March 31, 2020       March 31, 2021   

Cash flows from operating activities:

     

Net income

      219,367       160,397  

Adjustments to reconcile net income to Net cash provided by (used in) operating activities:

     

Depreciation and amortization

      63,583       63,846  

Provision for credit losses

      9,091       38,303  

(Gain) loss on investments in equity securities

      14,726       (14,053 ) 

(Gain) loss on investments in subsidiaries and affiliates

      (72,841 )      45,086  

Gain on disposal of office buildings, land, equipment and facilities

      (3,957 )      (64,730 ) 

Changes in operating assets and liabilities:

     

Deposits with stock exchanges and other segregated cash

      (97,424 )      13,878  

Trading assets and private equity and debt investments

      (2,743,850 )      1,441,539  

Trading liabilities

      428,997       777,741  

Securities purchased under agreements to resell, net of securities sold under agreements to repurchase

      2,224,371       (1,453,871 ) 

Securities borrowed, net of securities loaned

      291,777       (1,242,489 ) 

Margin loans and receivables

      (891,891 )      936,346  

Payables

      788,007       (33,994 ) 

Bonus accrual

      16,202       15,840  

Other, net

      (340,867 )      (16,229 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      (94,709 )      667,610  
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payments for placements of time deposits

      (433,899 )      (239,980 ) 

Proceeds from redemption or maturity of time deposits

      394,496       283,650  

Payments for purchases of office buildings, land, equipment and facilities

      (206,745 )      (119,875 ) 

Proceeds from sales of office buildings, land, equipment and facilities

      209,197       49,642  

Payments for purchases of equity investments

      (16,919 )      (20,115 ) 

Proceeds from sales of equity investments

      27,093       20,258  

Net cash inflows (outflows) from loans receivable at banks

      42,792       (83,122 ) 

Payments for purchases or origination of other non-trading loans

      (1,363,037 )      (3,362,619 ) 

Proceeds from sales or repayments of other non-trading loans

      1,011,743       3,713,333  

Net cash inflows (outflows) from interbank money market loans

      797       (355 ) 

Payments for purchases of non-trading debt securities

      (129,132 )      (124,614 ) 

Proceeds from sales or maturity of non-trading debt securities

      126,773       163,023  

Acquisitions, net of cash acquired

      —        (11,152 ) 

Divestures, net of cash disposed of

      (70 )      —   

Payments for purchases of investments in affiliated companies

      (1,000 )      (12,098 ) 

Proceeds from sales of investments in affiliated companies

      161,799       1,221  

Other, net

      (4,429 )      735  
  

 

 

    

 

 

  

Net cash provided by (used in) investing activities

      (180,541 )      257,932  
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Proceeds from issuances of long-term borrowings

      2,337,144       2,063,263  

Payments for repurchases or maturity of long-term borrowings

      (2,348,848 )      (2,095,069 ) 

Proceeds from issuances of short-term borrowings

      2,092,050       2,929,762  

Payments for repurchases or maturity of short-term borrowings

      (1,679,453 )      (2,865,700 ) 

Net cash inflows (outflows) from interbank money market borrowings

      362,634       (311,471 ) 

Net cash inflows (outflows) from other secured borrowings

      298,680       (335,372 ) 

Net cash inflows (outflows) from deposits received at banks

      (87,399 )      36,223  

Payments for withholding taxes on stock-based compensation

      (2,163 )      (3,856 ) 

Proceeds from sales of common stock

      285       215  

Payments for repurchases of common stock

      (150,009 )      (11 ) 

Payments for cash dividends

      (58,416 )      (76,358 ) 

Contributions from noncontrolling interests

      70,112       24,794  

Distributions to noncontrolling interests

      (26,912 )      (35,145 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      807,705       (668,725 ) 
  

 

 

    

 

 

  

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

      (27,277 )      60,884  
  

 

 

    

 

 

  

Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents

      505,178       317,701  

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year

      2,687,132       3,192,310  
  

 

 

    

 

 

  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      3,192,310       3,510,011  
  

 

 

    

 

 

  

 

- 13 -

Table of Contents

Financial Summary – Year ended March 31, 2022

Summary Information

 

1.

Consolidated Operating Results

(3) Cash Flows

(Original)

 

     (Millions of yen)  
     For the year ended March 31  
     2021     2022  

Net cash provided by (used in) operating activities

      665,770       (1,368,710 ) 

Net cash used in investing activities

      (139,026 )      (45,301 ) 

Net cash provided by (used in) financing activities

      (269,927 )      1,070,715  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      3,510,011       3,316,408  

(Corrected)

 

     (Millions of yen)  
     For the year ended
March 31		  
     2021     2022  

Net cash provided by (used in) operating activities

      667,610       (862,832 ) 

Net cash provided by (used in) investing activities

      257,932       (593,182 ) 

Net cash provided by (used in) financing activities

      (668,725 )      1,112,718  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      3,510,011       3,316,408  

Accompanying Materials

1. Overview of Consolidated Operating Results

(3) Overview of Cash Flows

(Original)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2022, decreased by 193.6 billion yen compared to March 31, 2021. Cash flows from operating activities for the year ended March 31, 2022 were outflows of 1,368.7 billion yen due mainly to the increase in Securities purchased under agreements to resell, net of securities sold under agreements to repurchase. Cash flows from investing activities for the year ended March 31, 2022 were outflows of 45.3 billion yen due mainly to Increase in loans receivable at banks, net. Cash flows from financing activities for the year ended March 31, 2022 were inflows of 1,070.7 billion yen due primarily to Increase in long-term borrowings.

(Corrected)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2022, decreased by 193.6 billion yen compared to March 31, 2021. Cash flows from operating activities for the year ended March 31, 2022 were outflows of 862.8 billion yen due mainly to the increase in Securities purchased under agreements to resell, net of securities sold under agreements to repurchase. Cash flows from investing activities for the year ended March 31, 2022 were outflows of 593.2 billion yen due mainly to Payments for purchases or origination of other non-trading loans. Cash flows from financing activities for the year ended March 31, 2022 were inflows of 1,112.7 billion yen due primarily to Proceeds from issuances of long-term borrowings.

 

- 14 -

Table of Contents

3. Consolidated Financial Statements

(5) Consolidated Statements of Cash Flows

(Original)

 

     Millions of yen  
     For the year ended  
      March 31, 2021       March 31, 2022   

Cash flows from operating activities:

     

Net income

      160,397       146,533  

Adjustments to reconcile net income to Net cash provided by (used in) operating activities:

     

Depreciation and amortization

      63,846       59,524  

Gain on investments in equity securities

      (14,053 )      (5,446 ) 

(Gain) loss on investments in subsidiaries and affiliates

      45,086       (79,396 ) 

Gain on disposal of office buildings, land, equipment and facilities

      (64,730 )      (3,490 ) 

Changes in operating assets and liabilities:

     

Time deposits

      43,560       (23,064 ) 

Deposits with stock exchanges and other segregated cash

      13,878       (18,408 ) 

Trading assets and private equity and debt investments

      1,468,357       1,254,261  

Trading liabilities

      777,741       (284,747 ) 

Securities purchased under agreements to resell, net of securities sold under agreements to repurchase

      (1,453,871 )      (2,220,493 ) 

Securities borrowed, net of securities loaned

      (1,242,489 )      595,116  

Other secured borrowings

      (326,450 )      2,120  

Loans and receivables, net of allowance for doubtful accounts

      1,145,429       (412,429 ) 

Payables

      (33,994 )      (247,980 ) 

Bonus accrual

      15,840       (1,865 ) 

Other, net

      67,223       (128,946 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      665,770       (1,368,710 ) 
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payments for purchases of office buildings, land, equipment and facilities

      (119,875 )      (111,331 ) 

Proceeds from sales of office buildings, land, equipment and facilities

      49,642       94,985  

Proceeds from sales of investments in equity securities

      6,502       2,502  

Increase in loans receivable at banks, net

      (83,412 )      (112,782 ) 

Decrease (increase) in non-trading debt securities, net

      38,409       (51,065 ) 

Business acquisition

      (11,152 )      —   

Decrease (increase) in investments in affiliated companies, net

      (9,182 )      103,437  

Other, net

      (9,958 )      28,953  
  

 

 

    

 

 

  

Net cash used in investing activities

      (139,026 )      (45,301 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Increase in long-term borrowings

      2,067,725       3,895,059  

Decrease in long-term borrowings

      (2,068,695 )      (2,670,106 ) 

Decrease in short-term borrowings, net

      (325,237 )      (475,509 ) 

Increase in deposits received at banks, net

      126,177       448,099  

Proceeds from sales of common stock held in treasury

      215       11  

Payments for repurchases of common stock in treasury

      (11 )      (39,650 ) 

Payments for cash dividends

      (76,358 )      (70,714 ) 

Transactions with noncontrolling interests, net

      6,257       (16,475 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      (269,927 )      1,070,715  
  

 

 

    

 

 

  

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

      60,884       149,693  
  

 

 

    

 

 

  

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents

      317,701       (193,603 ) 

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year

      3,192,310       3,510,011  
  

 

 

    

 

 

  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      3,510,011       3,316,408  
  

 

 

    

 

 

  

 

- 15 -

Table of Contents

(Corrected)

 

     Millions of yen  
     For the year ended  
      March 31, 2021       March 31, 2022   

Cash flows from operating activities:

     

Net income

      160,397       146,533  

Adjustments to reconcile net income to Net cash provided by (used in) operating activities:

     

Depreciation and amortization

      63,846       59,524  

Provision for credit losses

      38,303       8,749  

Gain on investments in equity securities

      (14,053 )      (5,446 ) 

(Gain) loss on investments in subsidiaries and affiliates

      45,086       (79,396 ) 

Gain on disposal of office buildings, land, equipment and facilities

      (64,730 )      (3,490 ) 

Changes in operating assets and liabilities:

     

Deposits with stock exchanges and other segregated cash

      13,878       (18,408 ) 

Trading assets and private equity and debt investments

      1,441,539       1,229,557  

Trading liabilities

      777,741       (284,747 ) 

Securities purchased under agreements to resell, net of securities sold under agreements to repurchase

      (1,453,871 )      (2,220,493 ) 

Securities borrowed, net of securities loaned

      (1,242,489 )      595,116  

Margin loans and receivables

      936,346       111,468  

Payables

      (33,994 )      (247,980 ) 

Bonus accrual

      15,840       (1,865 ) 

Other, net

      (16,229 )      (151,954 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      667,610       (862,832 ) 
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payments for placements of time deposits

      (239,980 )      (227,644 ) 

Proceeds from redemption or maturity of time deposits

      283,650       199,475  

Payments for purchases of office buildings, land, equipment and facilities

      (119,875 )      (111,331 ) 

Proceeds from sales of office buildings, land, equipment and facilities

      49,642       94,985  

Payments for purchases of equity investments

      (20,115 )      (3,142 ) 

Proceeds from sales of equity investments

      20,258       41,089  

Net cash outflows from loans receivable at banks

      (83,122 )      (110,811 ) 

Payments for purchases or origination of other non-trading loans

      (3,362,619 )      (5,695,122 ) 

Proceeds from sales or repayments of other non-trading loans

      3,713,333       5,172,221  

Net cash outflows from interbank money market loans

      (355 )      (808 ) 

Payments for purchases of non-trading debt securities

      (124,614 )      (106,390 ) 

Proceeds from sales or maturity of non-trading debt securities

      163,023       55,325  

Acquisitions, net of cash acquired

      (11,152 )      —   

Payments for purchases of investments in affiliated companies

      (12,098 )      (5,674 ) 

Proceeds from sales of investments in affiliated companies

      1,221       109,111  

Other, net

      735       (4,466 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) investing activities

      257,932       (593,182 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Proceeds from issuances of long-term borrowings

      2,063,263       3,894,613  

Payments for repurchases or maturity of long-term borrowings

      (2,095,069 )      (2,656,233 ) 

Proceeds from issuances of short-term borrowings

      2,929,762       1,743,817  

Payments for repurchases or maturity of short-term borrowings

      (2,865,700 )      (2,164,098 ) 

Net cash inflows (outflows) from interbank money market borrowings

      (311,471 )      12,925  

Net cash inflows (outflows) from other secured borrowings

      (335,372 )      30,753  

Net cash inflows from deposits received at banks

      36,223       372,575  

Payments for withholding taxes on stock-based compensation

      (3,856 )      (10,816 ) 

Proceeds from sales of common stock

      215       11  

Payments for repurchases of common stock

      (11 )      (39,650 ) 

Payments for cash dividends

      (76,358 )      (70,714 ) 

Contributions from noncontrolling interests

      24,794       42,881  

Distributions to noncontrolling interests

      (35,145 )      (43,346 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      (668,725 )      1,112,718  
  

 

 

    

 

 

  

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

      60,884       149,693  
  

 

 

    

 

 

  

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents

      317,701       (193,603 ) 

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year

      3,192,310       3,510,011  
  

 

 

    

 

 

  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      3,510,011       3,316,408  
  

 

 

    

 

 

  

 

- 16 -

Table of Contents

Financial Summary – Year ended March 31, 2024

Summary Information

 

1.

Consolidated Operating Results

(3) Cash Flows

(Original)

 

     (Millions of yen)  
     For the year ended March 31  
     2023     2024  

Net cash provided by (used in) operating activities

      (694,820 )      86,626  

Net cash used in investing activities

      (233,225 )      (890,676 ) 

Net cash provided by financing activities

      1,283,937       1,061,602  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      3,820,852       4,299,022  

(Corrected)

 

     (Millions of yen)  
     For the year ended
March 31		  
     2023     2024  

Net cash provided by (used in) operating activities

      (694,820 )      132,640  

Net cash used in investing activities

      (233,225 )      (887,938 ) 

Net cash provided by financing activities

      1,283,937       1,012,850  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      3,820,852       4,299,022  

Accompanying Materials

1. Overview of Consolidated Operating Results

(3) Overview of Cash Flows

(Original)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2024, increased by 478.2 billion yen compared to March 31, 2023. Cash flows from operating activities for the year ended March 31, 2024 were inflows of 86.6 billion yen due mainly to the increase in Payables. Cash flows from investing activities for the year ended March 31, 2024 were outflows of 890.7 billion yen due mainly to Payments for purchases or origination of other non-trading loans. Cash flows from financing activities for the year ended March 31, 2024 were inflows of 1,061.6 billion yen due primarily to Proceeds from issuances of long-term borrowings.

(Corrected)

Cash, cash equivalents, restricted cash and restricted cash equivalents as of March 31, 2024, increased by 478.2 billion yen compared to March 31, 2023. Cash flows from operating activities for the year ended March 31, 2024 were inflows of 132.6 billion yen due mainly to the increase in Payables. Cash flows from investing activities for the year ended March 31, 2024 were outflows of 887.9 billion yen due mainly to Payments for purchases or origination of other non-trading loans. Cash flows from financing activities for the year ended March 31, 2024 were inflows of 1,012.9 billion yen due primarily to Proceeds from issuances of long-term borrowings.

 

- 17 -

Table of Contents

3. Consolidated Financial Statements

(5) Consolidated Statements of Cash Flows

(Original)

 

     Millions of yen  
     For the year ended  
      March 31, 2023       March 31, 2024   

Cash flows from operating activities:

     

Net income

      91,676       177,220  

Adjustments to reconcile net income to Net cash provided by (used in) operating activities:

     

Depreciation and amortization

      61,424       61,340  

Provision for credit losses

      (4,047 )      13,910  

(Gain) loss on investments in equity securities

      1,426       (9,612 ) 

Gain on investments in subsidiaries and affiliates

      (23,889 )      (968 ) 

Loss on disposal of office buildings, land, equipment and facilities

      344       2,670  

Changes in operating assets and liabilities:

     

Deposits with stock exchanges and other segregated cash

      170,632       16,465  

Trading assets and private equity and debt investments

      (1,623,037 )      (386,474 ) 

Trading liabilities

      467,257       (411,843 ) 

Securities purchased under agreements to resell, net of securities sold under agreements to repurchase

      (590,424 )      290,843  

Securities borrowed, net of securities loaned

      834,438       (324,095 ) 

Margin loans and receivables

      472,811       (276,058 ) 

Payables

      (139,417 )      709,839  

Bonus accrual

      (3,319 )      26,480  

Other, net

      (410,695 )      196,909  
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      (694,820 )      86,626  
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payments for placements of time deposits

      (344,117 )      (636,813 ) 

Proceeds from redemption or maturity of time deposits

      284,705       551,669  

Payments for purchases of office buildings, land, equipment and facilities

      (171,165 )      (145,784 ) 

Proceeds from sales of office buildings, land, equipment and facilities

      63,648       109,443  

Payments for purchases of equity investments

      (4,471 )      (12,762 ) 

Proceeds from sales of equity investments

      52,299       40,497  

Net cash outflows from loans receivable at banks

      (84,362 )      (112,224 ) 

Payments for purchases or origination of other non-trading loans

      (4,702,061 )      (4,302,524 ) 

Proceeds from sales or repayments of other non-trading loans

      4,486,651       3,622,991  

Net cash outflows from interbank money market loans

      (62 )      —   

Payments for purchases of non-trading debt securities

      (45,910 )      (112,438 ) 

Proceeds from sales or maturity of non-trading debt securities

      205,468       135,690  

Acquisitions, net of cash acquired

      —        (457 ) 

Divestures, net of cash disposed of

      16,950       —   

Payments for purchases of investments in affiliated companies

      (25,119 )      (29,778 ) 

Proceeds from sales of investments in affiliated companies

      43,299       900  

Other, net

      (8,978 )      914  
  

 

 

    

 

 

  

Net cash used in investing activities

      (233,225 )      (890,676 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Proceeds from issuances of long-term borrowings

      2,208,422       3,202,737  

Payments for repurchases or maturity of long-term borrowings

      (1,115,171 )      (2,170,655 ) 

Proceeds from issuances of short-term borrowings

      2,630,083       1,894,565  

Payments for repurchases or maturity of short-term borrowings

      (2,694,588 )      (1,866,998 ) 

Net cash inflows (outflows) from interbank money market borrowings

      48,197       (88,288 ) 

Net cash inflows (outflows) from other secured borrowings

      (52,915 )      107,311  

Net cash inflows from deposits received at banks

      328,867       107,532  

Payments for withholding taxes on stock-based compensation

      (9,060 )      (12,669 ) 

Proceeds from sales of common stock

      4       953  

Payments for repurchases of common stock

      (24,728 )      (61,029 ) 

Payments for cash dividends

      (57,262 )      (60,164 ) 

Contributions from noncontrolling interests

      59,718       69,231  

Distributions to noncontrolling interests

      (37,630 )      (60,924 ) 
  

 

 

    

 

 

  

Net cash provided by financing activities

      1,283,937       1,061,602  
  

 

 

    

 

 

  

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

      148,552       220,618  
  

 

 

    

 

 

  

Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents

      504,444       478,170  

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year

      3,316,408       3,820,852  
  

 

 

    

 

 

  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      3,820,852       4,299,022  
  

 

 

    

 

 

  

 

- 18 -

Table of Contents

(Corrected)

 

     Millions of yen  
     For the year ended  
      March 31, 2023       March 31, 2024   

Cash flows from operating activities:

     

Net income

      91,676       177,220  

Adjustments to reconcile net income to Net cash provided by (used in) operating activities:

     

Depreciation and amortization

      61,424       61,340  

Provision for credit losses

      (4,047 )      13,910  

(Gain) loss on investments in equity securities

      1,426       (9,612 ) 

Gain on investments in subsidiaries and affiliates

      (23,889 )      (968 ) 

Loss on disposal of office buildings, land, equipment and facilities

      344       2,670  

Changes in operating assets and liabilities:

     

Deposits with stock exchanges and other segregated cash

      170,632       16,465  

Trading assets and private equity and debt investments

      (1,623,037 )      (386,474 ) 

Trading liabilities

      467,257       (411,843 ) 

Securities purchased under agreements to resell, net of securities sold under agreements to repurchase

      (590,424 )      290,843  

Securities borrowed, net of securities loaned

      834,438       (324,095 ) 

Margin loans and receivables

      472,811       (276,058 ) 

Payables

      (139,417 )      709,839  

Bonus accrual

      (3,319 )      26,480  

Other, net

      (410,695 )      242,923  
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      (694,820 )      132,640  
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payments for placements of time deposits

      (344,117 )      (650,562 ) 

Proceeds from redemption or maturity of time deposits

      284,705       567,599  

Payments for purchases of office buildings, land, equipment and facilities

      (171,165 )      (145,784 ) 

Proceeds from sales of office buildings, land, equipment and facilities

      63,648       111,954  

Payments for purchases of equity investments

      (4,471 )      (14,716 ) 

Proceeds from sales of equity investments

      52,299       40,497  

Net cash outflows from loans receivable at banks

      (84,362 )      (112,224 ) 

Payments for purchases or origination of other non-trading loans

      (4,702,061 )      (4,286,507 ) 

Proceeds from sales or repayments of other non-trading loans

      4,486,651       3,606,974  

Net cash outflows from interbank money market loans

      (62 )      —   

Payments for purchases of non-trading debt securities

      (45,910 )      (112,438 ) 

Proceeds from sales or maturity of non-trading debt securities

      205,468       135,690  

Acquisitions, net of cash acquired

      —        (457 ) 

Divestures, net of cash disposed of

      16,950       —   

Payments for purchases of investments in affiliated companies

      (25,119 )      (29,778 ) 

Proceeds from sales of investments in affiliated companies

      43,299       900  

Other, net

      (8,978 )      914  
  

 

 

    

 

 

  

Net cash used in investing activities

      (233,225 )      (887,938 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Proceeds from issuances of long-term borrowings

      2,208,422       3,064,698  

Payments for repurchases or maturity of long-term borrowings

      (1,115,171 )      (2,101,758 ) 

Proceeds from issuances of short-term borrowings

      2,630,083       1,964,955  

Payments for repurchases or maturity of short-term borrowings

      (2,694,588 )      (1,866,998 ) 

Net cash inflows (outflows) from interbank money market borrowings

      48,197       (88,288 ) 

Net cash inflows (outflows) from other secured borrowings

      (52,915 )      57,311  

Net cash inflows from deposits received at banks

      328,867       107,532  

Payments for withholding taxes on stock-based compensation

      (9,060 )      (12,669 ) 

Proceeds from sales of common stock

      4       953  

Payments for repurchases of common stock

      (24,728 )      (61,029 ) 

Payments for cash dividends

      (57,262 )      (60,164 ) 

Contributions from noncontrolling interests

      59,718       69,231  

Distributions to noncontrolling interests

      (37,630 )      (60,924 ) 
  

 

 

    

 

 

  

Net cash provided by financing activities

      1,283,937       1,012,850  
  

 

 

    

 

 

  

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

      148,552       220,618  
  

 

 

    

 

 

  

Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents

      504,444       478,170  

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year

      3,316,408       3,820,852  
  

 

 

    

 

 

  

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year

      3,820,852       4,299,022  
  

 

 

    

 

 

  

 

- 19 -