Edgar Filing: MITSUBISHI TOKYO FINANCIAL GROUP INC

Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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 August, 2004

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)

[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 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

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: August 26, 2004


MITSUBISHI TOKYO FINANCIAL GROUP, INC.

By:		/S/ Ryutaro Kusama
Name:		Ryutaro Kusama
Title:		Chief Manager, General Affairs
		Corporate Administration Division

Consolidated Summary Report

‹ under U.S. GAAP ›

For the Fiscal Year Ended March 31, 2004


Date:		August 26, 2004
Company name (code number):		Mitsubishi Tokyo Financial Group, Inc. (8306)
		(URL http://www.mtfg.co.jp)
Stock exchange listings:		Tokyo, Osaka, New York, London
Headquarters:		Tokyo
Representative:		Nobuo Kuroyanagi, President & CEO
For inquiry:		Katsuhiko Ishizuka, Chief Manager—Financial Policy Division
		(Phone) +81-3-3240-8211

Consolidated financial data for the fiscal year ended March 31, 2004

(1) Operating results


	(in millions of yen except per share data and percentages)
	For the fiscal year ended March 31,
	2004		2003
Total revenue	2,730,202		2,422,572
Change from the previous fiscal year	12.7	%	2.0	%
Income from continuing operations before income tax expense and cumulative effect of a change in accounting principle	1,336,053		262,924
Change from the previous fiscal year	408.2	%	—
Net income	918,445		203,288
Change from the previous fiscal year	351.8	%	—
Basic earnings per common share—net income available to common shareholders (in yen)	143,379.95		33,963.40
Diluted earnings per common share—net income available to common shareholders (in yen)	139,678.92		31,137.71
Net income as a percentage of shareholders’ equity	31.5	%	8.9	%
Income from continuing operations before income tax expense and cumulative effect of a change in accounting principle as a percentage of total assets	1.3	%	0.3	%
Income from continuing operations before income tax expense and cumulative effect of a change in accounting principle as a percentage of total revenue	48.9	%	10.9	%

Notes:

1.	Equity in earnings (loss) of affiliates for the fiscal year ended:


March 31, 2004:		3,702 million of yen
March 31, 2003:		(11,627) million of yen

2.	Average number of shares outstanding for the fiscal year ended:


March 31, 2004:
(common stock)		6,350 thousands of shares
(preferred stock—class 1)		81 thousands of shares
(preferred stock—class 2)		58 thousands of shares
March 31, 2003:
(common stock)		5,617 thousands of shares
(preferred stock—class 1)		81 thousands of shares
(preferred stock—class 2)		100 thousands of shares

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(2) Financial condition


	(in millions of yen except per share data and percentages)
	As of March 31,
	2004		2003
Total assets	103,751,114		96,531,713
Shareholders’ equity	3,943,148		2,552,937
Shareholders’ equity as a percentage of total assets	3.8	%	2.6	%
Shareholders’ equity per common share (in yen)	566,774.17		338,538.88

Note:

Number of shares outstanding as of:


March 31, 2004:
(common stock)		6,473 thousands of shares
(preferred stock—class 1)		81 thousands of shares
(preferred stock—class 2)		15 thousands of shares
March 31, 2003:
(common stock)		6,229 thousands of shares
(preferred stock—class 1)		81 thousands of shares
(preferred stock—class 2)		100 thousands of shares

(3) Cash flows


	(in millions of yen)
	For the fiscal year ended March 31,
	2004		2003
Net cash provided by operating activities	617,926		780,982
Net cash used in investing activities	(9,123,592	)	(399,773	)
Net cash provided by financing activities	7,402,424		2,124,608
Cash and cash equivalents at end of fiscal year	3,111,967		4,288,581

Formulas for computing ratios for the fiscal year ended March 31, 2004 are as follows.

Basic earnings per common share—net income available to common shareholders

Net income – Total dividends for the fiscal year on preferred stock

Average number of common stock for the fiscal year *

Diluted earnings per common share—net income available to common shareholders

Net income – Total dividends for the fiscal year on preferred stock + Adjustments in net income assuming dilution

Average number of common stock for the fiscal year * + Number of dilutive potential common stock

Net income as a percentage of shareholders’ equity


Net income – Total dividends for the fiscal year on preferred stock	×	100
{ [Shareholders’ equity at beginning of the fiscal year – Number of preferred stock at beginning of the fiscal year × Issue price]	×	100
+ [Shareholders’ equity at fiscal year end – Number of preferred stock at fiscal year end × Issue price] } / 2

Shareholders’ equity per common share

Shareholders’ equity at fiscal year end – Number of preferred stock at fiscal year end × Issue price

Number of common stock at fiscal year end *

* excluding treasury stock and parent’s common stock owned by subsidiaries

This information contains forward-looking statements and other forward-looking information relating to the company and/or the group as a whole (the “forward-looking statements”). The forward-looking statements are not historical facts and include, reflect or are otherwise based upon, among other things, the company’s current estimations, projections, views, policies, business strategies, targets, expectations, assumptions and evaluations with respect to general economic conditions, its results of operations, its financial condition, its management in general and other future events. Accordingly, they are inherently susceptible to uncertainties, risks and changes in circumstances and are not guarantees of future performance.

Some forward-looking statements represent targets that the company’s management will strive to achieve through the successful implementation of the company’s business strategies. The company may not be successful in implementing its business strategy, and actual results may differ materially, for a wide range of possible reasons.

In light of the many risks, uncertainties and possible changes, you are advised not to put undue reliance on the forward-looking statements. The company is under no obligation — and expressly disclaims any obligation — to update or alter the forward-looking statements, except as may be required by any applicable laws and regulations or stock exchange rules.

For detailed information relating to uncertainties, risks and changes regarding the forward-looking statements, please see the company’s latest annual report and other disclosure documents.

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(US GAAP)

Mitsubishi Tokyo Financial Group, Inc. and Subsidiaries

Consolidated Balance Sheets


	As of March 31,				Increase/ (Decrease)
(in millions of yen)	2004 (A)		2003 (B)		(A) – (B)
Assets:
Cash and due from banks	3,111,967		4,288,581		(1,176,614	)
Interest-earning deposits in other banks	3,509,044		4,009,986		(500,942	)
Call loans and funds sold	877,277		595,567		281,710
Receivables under resale agreements	2,237,666		1,169,479		1,068,187
Receivables under securities borrowing transactions	4,751,909		1,848,124		2,903,785
Trading account assets	8,380,642		8,363,383		17,259
Investment securities:
Securities available for sale	27,654,310		24,364,066		3,290,244
Securities being held to maturity	1,250,759		191,132		1,059,627
Other investment securities	200,557		145,431		55,126

Total investment securities	29,105,626		24,700,629		4,404,997

Loans, net of unearned income and deferred loan fees	48,525,856		48,465,569		60,287
Allowance for credit losses	(780,638	)	(1,360,136	)	579,498

Net loans	47,745,218		47,105,433		639,785

Premises and equipment—net	580,073		643,794		(63,721	)
Accrued interest	149,423		173,351		(23,928	)
Customers’ acceptance liability	30,149		28,261		1,888
Intangible assets	234,139		186,898		47,241
Goodwill	56,690		48,143		8,547
Deferred tax assets	946,256		1,640,046		(693,790	)
Other assets	2,035,035		1,730,038		304,997

Total	103,751,114		96,531,713		7,219,401

Liabilities and Shareholders’ Equity:
Deposits:
Domestic offices:
Non-interest-bearing	5,082,701		3,987,854		1,094,847
Interest-bearing	52,452,342		52,257,085		195,257
Overseas offices:
Non-interest-bearing	2,413,053		2,434,297		(21,244	)
Interest-bearing	10,076,156		8,624,442		1,451,714

Total deposits	70,024,252		67,303,678		2,720,574

Debentures	265,957		636,060		(370,103	)
Call money and funds purchased	2,871,851		2,689,892		181,959
Payables under repurchase agreements	5,068,369		4,424,035		644,334
Payables under securities lending transactions	1,457,118		2,205,943		(748,825	)
Due to trust account	1,380,269		1,401,618		(21,349	)
Other short-term borrowings	5,663,067		2,854,028		2,809,039
Trading account liabilities	2,510,966		3,603,153		(1,092,187	)
Obligations to return securities received as collateral	2,329,600		950,138		1,379,462
Bank acceptances outstanding	30,149		28,261		1,888
Accrued interest	103,411		132,655		(29,244	)
Long-term debt	5,659,877		5,159,132		500,745
Other liabilities	2,443,080		2,590,183		(147,103	)

Total liabilities	99,807,966		93,978,776		5,829,190

Shareholders’ equity:
Capital stock:
Preferred stock—class 1	122,100		122,100		—
Preferred stock—class 2	15,000		100,000		(85,000	)
Common stock	1,069,708		984,708		85,000
Capital surplus	1,057,900		1,058,611		(711	)
Retained earnings:
Appropriated for legal reserve	239,571		237,474		2,097
Unappropriated	1,051,487		168,036		883,451
Accumulated other changes in equity from nonowner sources, net of taxes	389,751		(114,790	)	504,541

Total	3,945,517		2,556,139		1,389,378
Less treasury stock, at cost	2,369		3,202		(833	)

Shareholders’ equity—net	3,943,148		2,552,937		1,390,211

Total	103,751,114		96,531,713		7,219,401

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(US GAAP)

Mitsubishi Tokyo Financial Group, Inc. and Subsidiaries

Consolidated Statements of Income


	For the fiscal year ended March 31,				Increase/ (Decrease)
(in millions of yen)	2004 (A)		2003 (B)		(A) – (B)
Interest income:
Loans, including fees	922,098		1,045,330		(123,232	)
Deposits in other banks	48,093		72,610		(24,517	)
Investment securities:
Interest	341,062		344,422		(3,360	)
Dividends	41,462		46,969		(5,507	)
Trading account assets	28,451		12,040		16,411
Call loans and funds sold	5,384		7,320		(1,936	)
Receivables under resale agreements and securities borrowing transactions	35,891		54,055		(18,164	)

Total	1,422,441		1,582,746		(160,305	)

Interest expense:
Deposits	178,549		243,755		(65,206	)
Debentures	4,035		8,508		(4,473	)
Call money and funds purchased	9,910		12,708		(2,798	)
Payables under repurchase agreements and securities lending transactions	74,043		94,247		(20,204	)
Due to trust account	4,950		8,673		(3,723	)
Other short-term borrowings and trading account liabilities	34,262		31,140		3,122
Long-term debt	120,765		140,239		(19,474	)

Total	426,514		539,270		(112,756	)

Net interest income	995,927		1,043,476		(47,549	)
Provision (credit) for credit losses	(221,530	)	437,972		(659,502	)

Net interest income after provision (credit) for credit losses	1,217,457		605,504		611,953

Non-interest income:
Fees and commissions	572,668		520,767		51,901
Foreign exchange gains—net	414,587		25,558		389,029
Trading account profits—net	104,404		267,610		(163,206	)
Investment securities gains (losses)—net	118,648		(21,574	)	140,222
Refund of the local taxes by the Tokyo Metropolitan Government	41,989		—		41,989
Other non-interest income	55,465		47,465		8,000

Total	1,307,761		839,826		467,935

Non-interest expense:
Salaries and employee benefits	506,710		498,467		8,243
Occupancy expenses—net	120,507		120,979		(472	)
Losses (gains) on other real estate owned	(579	)	305		(884	)
Fees and commission expenses	80,252		77,243		3,009
Amortization of intangible assets	63,582		46,505		17,077
Insurance premiums, including deposit insurance	54,392		48,259		6,133
Minority interest in income of consolidated subsidiaries	42,404		2,891		39,513
Communications	27,623		22,038		5,585
Other non-interest expenses	294,274		365,719		(71,445	)

Total	1,189,165		1,182,406		6,759

Income from continuing operations before income tax expense and cumulative effect of a change in accounting principle	1,336,053		262,924		1,073,129
Income tax expense	417,023		69,474		347,549

Income from continuing operations before cumulative effect of a change in accounting principle	919,030		193,450		725,580
Income (loss) from discontinued operations—net	(585	)	10,370		(10,955	)
Cumulative effect of a change in accounting principle, net of tax	—		(532	)	532

Net income	918,445		203,288		715,157

Income allocable to preferred shareholders	7,981		12,504		(4,523	)

Net income available to common shareholders	910,464		190,784		719,680


(in yen)
Amounts per share:
Basic earnings per common share—income from continuing operations available to common shareholders before cumulative effect of a change in accounting principle	143,472.08		32,212.04		111,260.04
Basic earnings per common shares—net income available to common shareholders	143,379.95		33,963.40		109,416.55
Diluted earnings per common shares—income from continuing operations available to common shareholders before cumulative effect of a change in accounting principle	139,768.69		29,459.67		110,309.02
Diluted earnings per common share—net income available to common shareholders	139,678.92		31,137.71		108,541.21

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(US GAAP)

Mitsubishi Tokyo Financial Group, Inc. and Subsidiaries

Nonaccrual and restructured loans, and accruing loans contractually past due 90 days or more (unaudited)


	As of March 31,		Increase/(Decrease)
(in millions of yen)	2004(A)	2003 (B)	(A) – (B)
Nonaccrual loans:
Domestic:
Manufacturing	86,440	111,107	(24,667	)
Construction	58,958	149,918	(90,960	)
Real estate	200,218	266,408	(66,190	)
Services	85,151	87,492	(2,341	)
Wholesale and retail	102,314	224,468	(122,154	)
Banks and other financial institutions	16,810	17,794	(984	)
Communication and information services	5,139	14,081	(8,942	)
Other industries	39,339	53,922	(14,583	)
Consumer	66,865	150,989	(84,124	)

Total domestic	661,234	1,076,179	(414,945	)

Foreign:
Governments and official institutions	877	1,747	(870	)
Banks and other financial institutions	7,894	8,387	(493	)
Commercial and industrial	85,797	271,090	(185,293	)
Other	39,269	56,156	(16,887	)

Total foreign	133,837	337,380	(203,543	)

Total	795,071	1,413,559	(618,488	)

Restructured loans:
Domestic	648,300	1,212,832	(564,532	)
Foreign	208,159	106,236	101,923

Total	856,459	1,319,068	(462,609	)

Accruing loans contractually past due 90 days or more:
Domestic	14,696	17,533	(2,837	)
Foreign	900	2,866	(1,966	)

Total	15,596	20,399	(4,803	)

Total	1,667,126	2,753,026	(1,085,900	)

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