PASSION FOR THE BEST
Summary of Business Results
Financial Overview
Financial Summary Operating Reveunes by Business Sector


Highlights of 3Q FY2011 Earnings Results

  • 3Q net operating revenues were Y 70.3bil, down 16% q/q.
  • 3Q SG&A was Y 86.3bil, down 8% q/q.
  • 3Q ordinary income was a loss of Y 14.7bil and net income was a loss of Y 21.5bil.


Financial Summary (Consolidated)
(millions of yen)
FY2010 FY2011
1Q
(4-6)		 2Q
(7-9)		 3Q
(10-12)		 4Q
(1-3)		 1Q
(4-6)		 2Q
(7-9)		 3Q
(10-12)		 4Q
(1-3)
Operating revenues 94,151 107,236 118,214 83,438 113,625 102,480 92,919  
Commissions
 56,106 49,142 54,618 58,763 55,060 56,171 52,535  
Net gain/loss on trading
 10,724 34,160 31,605 15,985 26,244 14,895 8,572  
Net gain/loss on private equity and other securities
 -1,924 -3,316 8,136 -20,154 1,251 1,892 1,470  
Interest and dividend income
 17,516 17,862 17,511 19,026 20,076 19,865 20,910  
Other revenues
 11,729 9,387 6,343 9,818 10,992 9,656 9,429  
Interest expenses
 13,993 12,905 16,298 14,864 15,217 12,937 16,329  
Cost of sales
 8,544 5,896 5,398 6,576 7,325 5,922 6,245  
Net operating revenues 71,613 88,434 96,517 61,998 91,083 83,621 70,344  
SG&A 87,859 88,980 92,381 94,697 94,021 93,729 86,352  
Operating income -16,245 -546 4,136 -32,699 -2,938 -10,108 -16,008  
Ordinary income -8,187 -839 7,017 -30,591 -803 -6,366 -14,713  
Net income -1,191 -4,192 1,182 -33,129 -9,434 -19,353 -21,567  


Trends in Net Operating
Revenues and SG&A

Trends in Net Operating Revenues and SG&A
Trends in Ordinary Income and Net Income

Trends in Ordinary Income and Net Income
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Segment Information

(millions of yen)
Segment Net operating revenues
FY2010 FY2011
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Retail
 46,059 41,695 45,416 45,798 45,593 42,716 37,808  
Asset Management
 9,049 8,945 9,177 9,151 9,648 9,778 8,871  
Global Markets
 7,059 24,371 20,529 9,535 16,718 12,296 3,074  
Global Investment Banking
 7,225 7,207 7,637 8,564 5,552 5,851 8,299  
Investment
 -687 -2,977 8,331 -19,945 1,262 1,249 1,527  
Others/Adjustments
 2,906 9,191 5,874 7,874 12,308 11,727 10,761  
Consolidated total
 71,613 88,434 96,517 61,998 91,083 83,621 70,344  
(millions of yen)
Segment Ordinary income
FY2010 FY2011
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Retail
 11,536 7,367 10,010 12,951 12,442 8,186 5,467  
Asset Management
 3,738 3,853 4,453 3,903 4,071 4,137 3,206  
Global Markets
 -19,295 -2,474 -8,847 -21,555 -12,835 -15,827 -22,475  
Global Investment Banking
 -3,545 -3,689 -3,465 -4,032 -5,820 -4,436 -2,735  
Investment
 -2,658 -4,716 6,754 -20,856 402 377 579  
Others/Adjustments
 2,036 -1,179 -1,888 -1,002 936 1,194 1,239  
Consolidated total
 -8,187 -839 7,017 -30,591 -803 -6,366 -14,713  


Operating Revenues by Business Sector (Consolidated)

(millions of yen)
FY2010 FY2011
1Q
(4-6)		 2Q
(7-9)		 3Q
(10-12)		 4Q
(1-3)		 1Q
(4-6)		 2Q
(7-9)		 3Q
(10-12)		 4Q
(1-3)
Total commission 56,106 49,142 54,618 58,763 55,060 56,171 52,535  
Equity
 13,487 9,593 12,280 14,893 10,273 9,952 8,177  
Fixed income
 186 162 179 299 150 581 199  
Investment trust
 30,272 28,238 29,564 28,660 35,666 34,654 30,834  
Investment banking
 8,794 8,109 9,960 11,840 6,183 8,010 10,650  
Others (life insurance sales commission etc)
 3,366 3,038 2,634 3,069 2,786 2,971 2,674  
Total gain/loss on trading 10,724 34,160 31,605 15,985 26,244 14,895 8,572  
Gain/loss on trading (Equity)
 -15,315 -11,337 6,154 11,700 -8,479 -11,820 1,259  
Gain/loss on trading (Bond and forex)
 26,039 45,498 25,451 4,285 34,724 26,715 7,312  
Net gain/loss on private equity and other securities -1,924 -3,316 8,136 -20,154 1,251 1,892 1,470  

<<Reference>>
Equity & Bond Division Revenues (Trading gain/loss + net financial income)*
(billions of yen)
FY2010 FY2011
1Q
(4-6)		 2Q
(7-9)		 3Q
(10-12)		 4Q
(1-3)		 1Q
(4-6)		 2Q
(7-9)		 3Q
(10-12)		 4Q
(1-3)
Total revenues in equity & bond division 20.5 39.5 32.0 17.0 28.0 21.0 9.0  
Equity
 5.0 6.0 7.0 9.5 3.0 6.0 2.0  
Bond
 15.5 33.5 25.0 7.5 25.0 15.0 7.0  
* Managerial accounting basis

Trends in Operating Revenues
by Business Sector

Trends in Operating Revenues by Business Sector
Trends in Gain/loss on Trading

Trends in Gain/loss on Trading
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