UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of April, 2003
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MITSUBISHI TOKYO FINANCIAL GROUP, INC.
(Translation of registrant's name into English)
4 -1, Marunouchi 2-chome, Chiyoda-ku
Tokyo 100-6326, Japan
(Address of principal executive offices)
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[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
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[Indicate by check mark whether the registrant by furnishing the information
contained in this Form 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
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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.
Date: April 2, 2003
MITSUBISHI TOKYO FINANCIAL GROUP, INC.
By: /S/ Atsushi Inamura
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Name: Atsushi Inamura
Title: Chief Manager, General Affairs
Corporate Administration Division
Mitsubishi Tokyo Financial Group, Inc.
Revision of Earnings Projections for the Fiscal Year 2002,
and Amount of Investment Securities Write-down
(under Japanese GAAP)
TOKYO, April 2, 2003 --- Mitsubishi Tokyo Financial Group, Inc. (MTFG;
President: Shigemitsu Miki) today announced a downward revision of its Japanese
GAAP consolidated earnings projections for the fiscal year 2002, and of the
write-down amounts relating to investment securities held by its 100% owned
subsidiaries, The Bank of Tokyo-Mitsubishi, Ltd. (BTM) and The Mitsubishi Trust
and Banking Corporation (MTBC) as of March 31, 2003. The revision in Japanese
GAAP previously projected ordinary profit is primarily due to the write-down of
investment securities resulting from the weak domestic equity market.
1. Revised consolidated earnings projections for the fiscal year 2002
(unit: billions of Japanese yen, except percentages)
Previous*1 Revised Change %
------------- ---------- ---------- ---------
Ordinary income 2,900.0 2,900.0 0.0 0.0%
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Ordinary profit (loss) (165.0) (405.0) (240.0) (145.4%)
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Net income (loss) (185.0) (185.0) *2 0.0 0.0%
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*1: Announced November 25, 2002.
*2: Income tax expense is to be decreased due to change in effective income
tax rate caused to registration of taxation of corporation by the size
of business (local tax) and introduction of consolidated corporate-tax
system.
2. Write-down amounts relating to domestic marketable equity securities
Under Japanese GAAP, as of March 31, 2003, the write-down amounts relating to
domestic marketable equity securities in the fiscal year 2002 is expected to be
approximately 238.0 billion yen for BTM, and 84.0 billion yen for MTBC,
respectively.
* * *
Inquiries: Mr. Katsuhiko Ishizuka
Chief Manager, Financial Policy Division
Mitsubishi Tokyo Financial Group, Inc.
Tel. +81-3-3240-8211
The foregoing forward-looking statements may be materially affected by
regulatory developments or changes in governmental policies, laws, regulations,
voluntary code of practice and interpretations, including those anticipated to
be announced or implemented soon in Japan, changes in the level of Japanese
stock prices, the occurrence of material new corporate bankruptcies, further
developments in the Japanese or world economic environment, and other factors
outside MTFG's control. These forward-looking statements are not guaranties of
future performance, and actual results may differ materially. Please see our
latest annual report for additional information regarding the risks in our
business.
Figures for Reference
Mitsubishi Tokyo Financial Group, Inc.
Outline of Earnings Projections for the Fiscal Year 2002
(under Japanese GAAP)
1. Profit and Loss
(unit: billions of Japanese yen)
Mitsubishi Tokyo Financial Group, Inc. (MTFG)
BTM*1 MTBC*1
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Adjusted net business profit *2 680.0 505.0 175.0
FY2001 619.5 463.3 156.2
Net gains (losses) on equity securities *3 (485.0) (370.0) (221.0)
FY2001 (224.8) (287.1) (19.6)
Write-downs of marketable equity securities *4 (322.0) (238.0) (84.0)
Consolidated ordinary profit (loss) (405.0) (310.0) (205.0)
FY2001 (289.3) (185.8) (56.4)
Consolidated net income (loss) (185.0) (175.0) (95.0)
FY2001 (152.3) 43.9 (87.6)
*1: BTM and MTBC stand for The Bank of Tokyo-Mitsubishi, Ltd. and The
Mitsubishi Trust and Banking Corporation, respectively.
*2: Net business profit before provisions for formula allowance for loan
losses and credit costs for trust accounts. Figure for MTFG is sum of
those for BTM and MTBC.
*3: Figure for MTFG is on a consolidated basis, and those for BTM and MTBC
are on a non-consolidated basis.
*4: Write-downs of domestic marketable equity securities in the FY 2002.
Figure for MTFG is sum of those for BTM and MTBC, and those for BTM and
MTBC are on a non-consolidated basis.
The foregoing forward-looking statements may be materially affected by
regulatory developments or changes in governmental policies, laws, regulations,
voluntary code of practice and interpretations, including those anticipated to
be announced or implemented soon in Japan, changes in the level of Japanese
stock prices, the occurrence of material new corporate bankruptcies, further
developments in the Japanese or world economic environment, and other factors
outside MTFG's control. These forward-looking statements are not guaranties of
future performance, and actual results may differ materially. Please see our
latest annual report for additional information regarding the risks in our
business.
Adjusted net business profit (sum of BTM and MTBC, under Japanese GAAP)
Adjusted net business profit for the FY 2002 is expected to be 680.0 billion
yen, and is also expected to exceed the previously projected level that was
announced in November 2002.
Credit related costs for the FY 2002 are expected to be lower than the adjusted
net business profit.
Net losses on equity securities (consolidated, under Japanese GAAP)
Net losses on equity securities are expected to be 485.0 billion yen primarily
due to the write-down of domestic marketable equity securities of 322.0 billion
yen by BTM and MTBC resulting from the weak domestic equity market. Net losses
on equity securities of BTM and MTBC include an aggregate amount of 116.0
billion yen of losses relating to the sale of equity securities of MTFG. On a
MTFG consolidated basis, the sale of MTFG shares will be treated as a capital
transaction, and the losses will be eliminated from the consolidated net losses
on equity securities.
Reduction of equity portfolio (sum of BTM and MTBC, under Japanese GAAP)
BTM and MTBC had plans to reduce their equity portfolios in an aggregate amount
of approximately 1.05 trillion yen in the FY 2002. BTM and MTBC disposed of
equity securities and received proceeds of approximately 700.0 billion yen and
570.0 billion yen, respectively, in the FY 2002, resulting in an aggregate
amount of approximately 1.27 trillion yen.
2. BIS risk adjusted ratio
Mitsubishi Tokyo Financial Group, Inc. (MTFG)
BTM MTBC
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BIS risk adjusted ratio Around 10.5% 10.0%-10.5% Around 12.0%
BIS risk adjusted ratio for MTFG and its subsidiaries are expected to exceed
10%.
* * *
Inquiries: Mr. Katsuhiko Ishizuka
Chief Manager, Financial Policy Division
Mitsubishi Tokyo Financial Group, Inc.
Tel. +81-3-3240-8211