Net revenue increased from the year ended March 31, 2022 to the year
ended March 31, 2023. In our Fixed Income businesses, Net revenue increased from ¥326,918 million for the year ended March 31, 2022 to ¥402,435 million for the year ended March 31, 2023 primarily due to a
strong performance in macro products compared to the previous fiscal year. In our Equities business, Net revenue increased from ¥229,499 million for the year ended March 31, 2022 to ¥253,863 million for the year ended
March 31, 2023, primarily due to disappearance of the losses related to the U.S. Prime Brokerage Event compared to the previous fiscal year.
Net revenue decreased from the year ended March 31, 2021 to the year ended March 31, 2022. In our Fixed Income
businesses, Net revenue decreased from ¥441,893 million for the year ended March 31, 2021 to ¥326,918 million for the year ended March 31, 2022 primarily due to a slowdown from last years strong performance
in macro products. In our Equities business, Net revenue increased from ¥133,640 million for the year ended March 31, 2021 to ¥229,499 million for the year ended March 31, 2022, primarily due to losses related to
the U.S. Prime Brokerage Event subsiding compared to the year ended March 31, 2021.
Investment Banking
We provide a broad range of investment banking services, such as underwriting and advisory activities. We underwrite offerings of debt, equity
and other financial instruments in major financial markets, such as Asia, Europe and the U.S. We have been enhancing our M&A and financial advisory expertise to secure more high-profile deals both across and within regions. We develop and forge
solid relationships with clients on a long-term basis by providing extensive resources in a seamless fashion to facilitate bespoke solutions.
Net revenue decreased from the year ended March 31, 2022 to the year ended March 31, 2023, primarily due to decreases in
underwriting and sales commission during the year.
Net revenue increased from the year ended March 31, 2021 to the year ended
March 31, 2022, primarily due to increases in advisory business during the year.
Other Operating Results
Other operating results include net gain (loss) related to economic hedging transactions, a part of realized gain(loss) on investments in
equity securities held for operating purposes, equity in earnings of affiliates, corporate items, and other financial adjustments. See Note 20 Segment and geographic information in our consolidated financial statements included
within this annual report.
Income (loss) before income taxes in Other operating results were ¥(28,516) million for the year
ended March 31, 2021, ¥15,753 million for the year ended March 31, 2022 and ¥73,385 million for the year ended March 31, 2023, primarily due to recognizing income of approximately ¥28.0 billion from the sale
of a part of its shares held in Nomura Research Institute, Ltd. and disappearance of loss of approximately ¥62.0 billion related to legacy transactions in the U.S. from before the global financial crisis (2007 2008) that was
recognized including legal expenses as well as certain transactions intended to mitigate future losses in previous year.
Other operating
results for the year ended March 31, 2023 include the negative impact of our own creditworthiness on derivative liabilities which resulted in losses of ¥5,385 million and gains from changes in counterparty credit spreads of
¥4,671 million.
Other operating results for the year ended March 31, 2022 include the positive impact of our own
creditworthiness on derivative liabilities which resulted in gains of ¥6,731 million and losses from changes in counterparty credit spreads of ¥1,249 million.
Other operating results for the year ended March 31, 2021 include the negative impact of our own creditworthiness on derivative
liabilities which resulted in losses of ¥12,052 million and gains from changes in counterparty credit spreads of ¥11,988 million.
Summary of Regional Contribution
For a
summary of our net revenue, income (loss) before income taxes and long-lived assets by geographic region, see Note 20 Segment and geographic information in our consolidated financial statements included in this annual
report.
Cash flows
Please refer to
Item 2 4. Operating, Financial and Cash Flow Analyses by Management (5) Liquidity and Capital Resources.
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