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 March, 2005
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: March 4, 2005
| MITSUBISHI TOKYO FINANCIAL GROUP, INC. | ||
| By: |
/S/ Ryutaro Kusama | |
| Name: |
Ryutaro Kusama | |
| Title: |
Chief Manager, General Affairs | |
| Corporate Administration Division | ||
Interim Consolidated Summary Report
< under US GAAP >
for the Fiscal Year Ending March 31, 2005
| Date: | March 4, 2005 | |
| 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 six months ended September 30, 2004
(1) Operating results
| (in millions of yen, except per share data and percentages) | |||||||
| For the six months ended September 30, |
For the year ended March 31, 2004 | ||||||
| 2004 |
2003 |
||||||
| Total revenue |
1,122,903 | 1,458,172 | 2,729,849 | ||||
| Change from the previous year |
(23.0 | )% | |||||
| Income from continuing operations before income taxes and cumulative effect of a change in accounting principle |
201,811 | 779,312 | 1,181,404 | ||||
| Change from the previous year |
(74.1 | )% | |||||
| Net income |
131,388 | 529,209 | 823,002 | ||||
| Change from the previous year |
(75.2 | )% | |||||
| Basic earnings per common share—net income available to common shareholders (in yen) |
19,700.46 | 83,882.26 | 128,350.88 | ||||
| Diluted earnings per common share—net income available to common shareholders (in yen) |
19,593.10 | 80,567.44 | 125,033.96 | ||||
| Notes: |
||||||||
| 1. Equity in earnings of affiliates: |
||||||||
| For the six months ended September 30, 2004: |
9,055 | million of yen | ||||||
| For the six months ended September 30, 2003: |
1,459 | million of yen | ||||||
| For the year ended March 31, 2004: |
5,213 | million of yen | ||||||
| 2. Average number of shares outstanding: |
||||||||
| For the six months ended September 30, 2004: |
(Common stock) | 6,493 | thousand of shares | |||||
| (Preferred stock—Class 1) | 81 | thousand of shares | ||||||
| (Preferred stock—Class 2) | 8 | thousand of shares | ||||||
| For the six months ended September 30, 2003: |
(Common stock) | 6,259 | thousand of shares | |||||
| (Preferred stock—Class 1) | 81 | thousand of shares | ||||||
| (Preferred stock—Class 2) | 90 | thousand of shares | ||||||
| For the year ended March 31, 2004: |
(Common stock) | 6,350 | thousand of shares | |||||
| (Preferred stock—Class 1) | 81 | thousand of shares | ||||||
| (Preferred stock—Class 2) | 58 | thousand of shares | ||||||
-1-
(2) Financial condition
| (in millions of yen, except per share data and percentages) |
|||||||||
| As of September 30, |
As of March 31, |
||||||||
| 2004 |
2003 |
||||||||
| Total assets |
113,294,262 | 101,851,277 | 103,699,099 | ||||||
| Shareholders’ equity |
3,826,341 | 3,225,976 | 3,844,971 | ||||||
| Shareholders’ equity as a percentage of total assets |
3.4 | % | 3.2 | % | 3.7 | % | |||
| Shareholders’ equity per common share (in yen) |
549,725.57 | 451,484.23 | 551,613.46 | ||||||
| Note: Number of shares outstanding as of: | ||||||
| September 30, 2004: |
(Common stock) | 6,516 | thousands of shares | |||||||||
| (Preferred stock—Class 1) | 81 | thousands of shares | ||||||||||
| September 30, 2003: |
(Common stock) | 6,355 | thousands of shares | |||||||||
| (Preferred stock—Class 1) | 81 | thousands of shares | ||||||||||
| (Preferred stock—Class 2) | 56 | thousands of shares | ||||||||||
| 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 | ||||||||||
(3) Cash flows
| (in millions of yen) |
|||||||||
| For the six months ended September 30, |
For the year ended March 31, 2004 |
||||||||
| 2004 |
2003 |
||||||||
| Net cash provided by (used in) operating activities |
(1,045,085 | ) | (447,825 | ) | 617,671 | ||||
| Net cash used in investing activities |
(4,759,368 | ) | (2,579,726 | ) | (9,123,337 | ) | |||
| Net cash provided by financing activities |
6,214,697 | 4,829,399 | 7,402,424 | ||||||
| Cash and cash equivalents at end of period |
3,591,732 | 6,146,842 | 3,111,967 | ||||||
Reference:
Our application to suspend the consolidated corporate-tax system from the fiscal year ending March 31, 2006, attributable to our system development accompanied by the planned management integration with the UFJ Group, was approved by the Japanese tax authority.
Formulas for computing ratios for the six months ended September 30, 2004 are as follows.
Basic earnings per common share - net income available to common shareholders
| Net income - Total dividends on preferred stock |
| Average number of common stock during the period * |
Diluted earnings per common share - net income available to common shareholders
| Net income - Total dividends on preferred stock + Adjustments in net income assuming dilution |
| Average number of common stock during the period * + Number of dilutive potential common stock |
Shareholders’ equity per common share
| Shareholders’ equity at end of period - Number of preferred stock at end of period × Issue price |
| Number of common stock at end of period * |
| * | excluding treasury stock and parent’s common stock owned by subsidiaries and affiliated companies |
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.
-2-
(US GAAP)
Condensed Consolidated Balance Sheets (Unaudited)
Mitsubishi Tokyo Financial Group, Inc., and Subsidiaries
| As of September 30, |
(A) — (B) |
As of March 31, |
(A) — (C) |
||||||||||||
| (in millions of yen) | 2004(A) |
2003(B) |
2004 (C) |
||||||||||||
| Assets: |
|||||||||||||||
| Cash and due from banks |
3,591,732 | 6,146,842 | (2,555,110 | ) | 3,111,967 | 479,765 | |||||||||
| Interest-earning deposits in other banks |
4,116,045 | 3,632,526 | 483,519 | 3,509,044 | 607,001 | ||||||||||
| Call loans, funds sold, and receivables under resale agreements |
2,246,091 | 2,548,561 | (302,470 | ) | 3,114,943 | (868,852 | ) | ||||||||
| Receivables under securities borrowing transactions |
3,958,769 | 4,767,886 | (809,117 | ) | 4,751,909 | (793,140 | ) | ||||||||
| Trading account assets |
7,910,977 | 9,711,675 | (1,800,698 | ) | 8,378,752 | (467,775 | ) | ||||||||
| Investment securities: |
|||||||||||||||
| Securities available for sale |
31,633,734 | 22,597,527 | 9,036,207 | 27,630,316 | 4,003,418 | ||||||||||
| Securities being held to maturity |
1,876,692 | 275,587 | 1,601,105 | 1,250,759 | 625,933 | ||||||||||
| Preferred stock investment in UFJ Bank Limited |
700,000 | — | 700,000 | — | 700,000 | ||||||||||
| Other investment securities |
282,321 | 186,149 | 96,172 | 200,557 | 81,764 | ||||||||||
| Total investment securities |
34,492,747 | 23,059,263 | 11,433,484 | 29,081,632 | 5,411,115 | ||||||||||
| Loans, net of unearned income and deferred loan fees |
51,784,748 | 47,969,643 | 3,815,105 | 48,525,856 | 3,258,892 | ||||||||||
| Allowance for credit losses |
(938,208 | ) | (1,069,044 | ) | 130,836 | (888,127 | ) | (50,081 | ) | ||||||
| Net loans |
50,846,540 | 46,900,599 | 3,945,941 | 47,637,729 | 3,208,811 | ||||||||||
| Premises and equipment—net |
569,285 | 612,963 | (43,678 | ) | 580,073 | (10,788 | ) | ||||||||
| Accrued interest |
142,374 | 155,991 | (13,617 | ) | 149,066 | (6,692 | ) | ||||||||
| Customers’ acceptance liability |
23,705 | 20,555 | 3,150 | 30,149 | (6,444 | ) | |||||||||
| Intangible assets |
251,991 | 231,448 | 20,543 | 234,139 | 17,852 | ||||||||||
| Goodwill |
69,468 | 51,488 | 17,980 | 56,690 | 12,778 | ||||||||||
| Deferred tax assets |
1,051,544 | 1,327,941 | (276,397 | ) | 1,007,276 | 44,268 | |||||||||
| Accounts receivable |
2,077,517 | 1,081,028 | 996,489 | 523,143 | 1,554,374 | ||||||||||
| Other assets |
1,945,477 | 1,602,511 | 342,966 | 1,532,587 | 412,890 | ||||||||||
| Total |
113,294,262 | 101,851,277 | 11,442,985 | 103,699,099 | 9,595,163 | ||||||||||
| Liabilities and Shareholders’ Equity: |
|||||||||||||||
| Deposits: |
|||||||||||||||
| Domestic offices: |
|||||||||||||||
| Non-interest-bearing |
4,812,258 | 4,923,055 | (110,797 | ) | 5,082,701 | (270,443 | ) | ||||||||
| Interest-bearing |
53,869,927 | 53,311,678 | 558,249 | 52,452,342 | 1,417,585 | ||||||||||
| Overseas offices, principally interest-bearing |
13,382,116 | 11,621,863 | 1,760,253 | 12,489,209 | 892,907 | ||||||||||
| Total deposits |
72,064,301 | 69,856,596 | 2,207,705 | 70,024,252 | 2,040,049 | ||||||||||
| Debentures |
30,752 | 517,499 | (486,747 | ) | 265,957 | (235,205 | ) | ||||||||
| Call money, funds purchased, and payables under repurchase agreements |
8,846,928 | 7,528,704 | 1,318,224 | 7,940,220 | 906,708 | ||||||||||
| Payables under securities lending transactions |
2,916,200 | 2,080,340 | 835,860 | 1,457,118 | 1,459,082 | ||||||||||
| Due to trust account and other short-term borrowings |
10,948,012 | 5,520,915 | 5,427,097 | 7,043,336 | 3,904,676 | ||||||||||
| Trading account liabilities |
2,068,544 | 3,466,253 | (1,397,709 | ) | 2,510,966 | (442,422 | ) | ||||||||
| Obligations to return securities received as collateral |
2,640,781 | 1,746,315 | 894,466 | 2,329,600 | 311,181 | ||||||||||
| Bank acceptances outstanding |
23,705 | 20,555 | 3,150 | 30,149 | (6,444 | ) | |||||||||
| Accrued interest |
103,787 | 112,296 | (8,509 | ) | 103,411 | 376 | |||||||||
| Long-term debt |
5,477,822 | 5,407,370 | 70,452 | 5,659,877 | (182,055 | ) | |||||||||
| Accounts payable |
2,836,121 | 913,674 | 1,922,447 | 1,144,091 | 1,692,030 | ||||||||||
| Other liabilities |
1,510,968 | 1,454,784 | 56,184 | 1,345,151 | 165,817 | ||||||||||
| Total liabilities |
109,467,921 | 98,625,301 | 10,842,620 | 99,854,128 | 9,613,793 | ||||||||||
| Shareholders’ equity: |
|||||||||||||||
| Capital stock: |
|||||||||||||||
| Preferred stock—Class 1 |
122,100 | 122,100 | — | 122,100 | — | ||||||||||
| Preferred stock—Class 2 |
— | 56,200 | (56,200 | ) | 15,000 | (15,000 | ) | ||||||||
| Common stock |
1,084,708 | 1,028,508 | 56,200 | 1,069,708 | 15,000 | ||||||||||
| Capital surplus |
1,057,624 | 1,057,916 | (292 | ) | 1,057,900 | (276 | ) | ||||||||
| Retained earnings: |
|||||||||||||||
| Appropriated for legal reserve |
239,571 | 239,454 | 117 | 239,571 | — | ||||||||||
| Unappropriated |
1,047,485 | 668,553 | 378,932 | 958,416 | 89,069 | ||||||||||
| Accumulated other changes in equity from nonowner sources, net of taxes |
277,358 | 55,392 | 221,966 | 384,719 | (107,361 | ) | |||||||||
| Total |
3,828,846 | 3,228,123 | 600,723 | 3,847,414 | (18,568 | ) | |||||||||
| Less treasury stock, at cost |
2,505 | 2,147 | 358 | 2,443 | 62 | ||||||||||
| Shareholders’ equity—net |
3,826,341 | 3,225,976 | 600,365 | 3,844,971 | (18,630 | ) | |||||||||
| Total |
113,294,262 | 101,851,277 | 11,442,985 | 103,699,099 | 9,595,163 | ||||||||||
-3-
(US GAAP)
Condensed Consolidated Statements of Income (Unaudited)
Mitsubishi Tokyo Financial Group, Inc., and Subsidiaries
| For the six months ended September 30, |
For the year ended March 31, 2004 |
|||||||||||
| (in millions of yen) | 2004 (A) |
2003 (B) |
(A) — (B) |
|||||||||
| Interest income: |
||||||||||||
| Loans, including fees |
450,682 | 473,013 | (22,331 | ) | 921,666 | |||||||
| Deposits in other banks |
25,311 | 25,533 | (222 | ) | 48,093 | |||||||
| Investment securities |
176,931 | 205,460 | (28,529 | ) | 382,269 | |||||||
| Trading account assets |
23,181 | 15,279 | 7,902 | 28,451 | ||||||||
| Call loans, funds sold, and receivables under resale agreements and securities borrowing transactions |
19,437 | 25,609 | (6,172 | ) | 41,275 | |||||||
| Total |
695,542 | 744,894 | (49,352 | ) | 1,421,754 | |||||||
| Interest expense: |
||||||||||||
| Deposits |
94,088 | 91,012 | 3,076 | 178,549 | ||||||||
| Debentures |
348 | 2,313 | (1,965 | ) | 4,035 | |||||||
| Call money, funds purchased, and payables under repurchase agreements and securities lending transactions |
30,452 | 51,826 | (21,374 | ) | 83,953 | |||||||
| Due to trust account, other short-term borrowings, and trading account liabilities |
34,983 | 22,628 | 12,355 | 39,212 | ||||||||
| Long-term debt |
55,745 | 58,703 | (2,958 | ) | 120,765 | |||||||
| Total |
215,616 | 226,482 | (10,866 | ) | 426,514 | |||||||
| Net interest income |
479,926 | 518,412 | (38,486 | ) | 995,240 | |||||||
| Provision (credit) for credit losses |
167,059 | (129,602 | ) | 296,661 | (114,109 | ) | ||||||
| Net interest income after provision (credit) for credit losses |
312,867 | 648,014 | (335,147 | ) | 1,109,349 | |||||||
| Non-interest income: |
||||||||||||
| Fees and commissions |
312,471 | 267,493 | 44,978 | 572,668 | ||||||||
| Foreign exchange gains (losses) —net |
(164,247 | ) | 259,704 | (423,951 | ) | 413,911 | ||||||
| Trading account profits—net |
12,323 | 17,783 | (5,460 | ) | 103,903 | |||||||
| Investment securities gains —net |
196,686 | 148,916 | 47,770 | 118,648 | ||||||||
| Other non-interest income |
70,128 | 19,382 | 50,746 | 98,965 | ||||||||
| Total |
427,361 | 713,278 | (285,917 | ) | 1,308,095 | |||||||
| Non-interest expense: |
||||||||||||
| Salaries and employee benefits |
238,935 | 252,556 | (13,621 | ) | 506,710 | |||||||
| Occupancy expenses—net |
60,424 | 59,529 | 895 | 120,507 | ||||||||
| Fees and commission expenses |
42,079 | 43,827 | (1,748 | ) | 80,252 | |||||||
| Amortization of intangible assets |
33,740 | 29,785 | 3,955 | 63,582 | ||||||||
| Insurance premiums, including deposit insurance |
26,276 | 22,571 | 3,705 | 54,392 | ||||||||
| Minority interest in income of consolidated subsidiaries |
15,752 | 14,227 | 1,525 | 42,404 | ||||||||
| Communications |
14,195 | 13,112 | 1,083 | 27,623 | ||||||||
| Other non-interest expenses |
107,016 | 146,373 | (39,357 | ) | 340,570 | |||||||
| Total |
538,417 | 581,980 | (43,563 | ) | 1,236,040 | |||||||
| Income from continuing operations before income taxes and cumulative effect of a change in accounting principle |
201,811 | 779,312 | (577,501 | ) | 1,181,404 | |||||||
| Income taxes |
69,446 | 255,379 | (185,933 | ) | 357,817 | |||||||
| Income from continuing operations before cumulative effect of a change in accounting principle |
132,365 | 523,933 | (391,568 | ) | 823,587 | |||||||
| Income (loss) from discontinued operations—net |
— | 5,276 | (5,276 | ) | (585 | ) | ||||||
| Cumulative effect of a change in accounting principle, net of tax |
(977 | ) | — | (977 | ) | — | ||||||
| Net income |
131,388 | 529,209 | (397,821 | ) | 823,002 | |||||||
| Income allocable to preferred shareholders |
3,479 | 4,168 | (689 | ) | 7,981 | |||||||
| Net income available to common shareholders |
127,909 | 525,041 | (397,132 | ) | 815,021 | |||||||
| (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 |
19,850.94 | 83,039.35 | (63,188.41 | ) | 128,443.00 | |||||||
| Basic earnings per common share—net income available to common shareholders |
19,700.46 | 83,882.26 | (64,181.80 | ) | 128,350.88 | |||||||
| Diluted earnings per common share—income from continuing operations available to common shareholders before cumulative effect of a change in accounting principle |
19,743.30 | 79,757.80 | (60,014.50 | ) | 125,123.73 | |||||||
| Diluted earnings per common share—net income available to common shareholders |
19,593.10 | 80,567.44 | (60,974.34 | ) | 125,033.96 | |||||||
-4-
(US GAAP)
Credit Quality Data
Mitsubishi Tokyo Financial Group, Inc., and Subsidiaries
| As of September 30, |
As of March 31, 2004 (C) |
|||||||||||
| 2004 (A) |
2003 (B) |
(A) — (B) |
(A) — (C) |
|||||||||
| (in millions of yen) | (Unaudited) | (Unaudited) | ||||||||||
| Nonaccrual loans |
1,366,304 | 1,049,397 | 316,907 | 1,083,124 | 283,180 | |||||||
| Restructured loans |
413,926 | 1,167,186 | (753,260 | ) | 632,363 | (218,437 | ) | |||||
| Accruing loans contractually past due 90 days or more |
11,509 | 17,682 | (6,173 | ) | 15,596 | (4,087 | ) | |||||
| Total |
1,791,739 | 2,234,265 | (442,526 | ) | 1,731,083 | 60,656 | ||||||
| Loans |
51,784,748 | 47,969,643 | 3,815,105 | 48,525,856 | 3,258,892 | |||||||
| Allowance for credit losses |
938,208 | 1,069,044 | (130,836 | ) | 888,127 | 50,081 | ||||||
-5-
(Reference)
Reverse reconciliation from US GAAP to Japanese GAAP (Unaudited)
Mitsubishi Tokyo Financial Group, Inc., and Subsidiaries
| (in millions of yen) | As of September 30, 2004 |
||
| Shareholders’ equity in accordance with US GAAP |
3,826,341 | ||
| Differences arising from different accounting for: |
|||
| Investment securities |
33,561 | ||
| Loans |
26,157 | ||
| Allowance for credit losses |
266,913 | ||
| Premises and equipment |
3,495 | ||
| Real estate sale and leaseback |
96,265 | ||
| Land revaluation |
285,284 | ||
| Pension liability |
186,965 | ||
| Non-interest-earning deposits made under government-led restructuring program |
33,140 | ||
| Derivative financial instruments and hedging activities |
47,084 | ||
| Trust fees |
(11,025 | ) | |
| Consolidation |
(45,525 | ) | |
| Business combination |
(30,685 | ) | |
| Other |
13,245 | ||
| Deferred income tax effects of the above adjustments, when applicable |
(473,054 | ) | |
| Minority interest |
48,271 | ||
| Shareholders’ Equity in accordance with Japanese GAAP |
4,306,432 | ||
| (in millions of yen) | For the six months ended September 30, 2004 |
||
| Net income in accordance with US GAAP |
131,388 | ||
| Differences arising from different accounting for: |
|||
| Investment securities |
29,029 | ||
| Loans |
3,593 | ||
| Allowance for credit losses |
84,952 | ||
| Premises and equipment |
(625 | ) | |
| Real estate sale and leaseback |
268 | ||
| Land revaluation |
(11,831 | ) | |
| Pension liability |
(4,476 | ) | |
| Non-interest-earning deposits made under government-led restructuring program |
(2,121 | ) | |
| Derivative financial instruments and hedging activities |
27,154 | ||
| Trust fees |
(7,012 | ) | |
| Consolidation |
(5,093 | ) | |
| Other |
(2,551 | ) | |
| Deferred income tax effects of the above adjustments, when applicable |
(65,847 | ) | |
| Minority interest |
(5,150 | ) | |
| Net income in accordance with Japanese GAAP |
171,678 | ||
-6-