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, 2007
MITSUBISHI UFJ FINANCIAL GROUP, INC.
(Translation of registrant’s name into English)
7-1, Marunouchi 2-chome, Chiyoda-ku
Tokyo 100-8330, 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 29, 2007
| Mitsubishi UFJ 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, 2007
| Date: | March 29, 2007 | |
| Company name (code number): | Mitsubishi UFJ Financial Group, Inc. (8306) | |
| (URL http://www.mufg.jp/) | ||
| Stock exchange listings: | Tokyo, Osaka, Nagoya, New York | |
| Headquarters: | Tokyo | |
| Representative: | Nobuo Kuroyanagi, President & CEO | |
| For inquiry: | Takeaki Ishii, General Manager—Financial Planning Division, Financial Accounting Office | |
| (Phone) +81-3-5252-8650 |
Consolidated financial data for the six months ended September 30, 2006
Due to the merger with UFJ Holdings on October 1, 2005, the results for the fiscal year ended March 31, 2006 reflect six months of results for Mitsubishi Tokyo Financial Group, Inc. and its subsidiaries prior to the merger and six months of results for Mitsubishi UFJ Financial Group, Inc. and subsidiaries after the merger.
(1) Operating results
| (in millions of yen, except per share data and percentages) | |||||||
| For the six months ended September 30, | For the fiscal year ended March 31, 2006 | ||||||
| 2006 | 2005 | ||||||
| Total revenue |
2,806,522 | 1,377,387 | 3,598,034 | ||||
| Change from the previous year |
103.8 | % | |||||
| Income from continuing operations before income taxes and cumulative effect of a change in accounting principle |
557,023 | 460,132 | 529,673 | ||||
| Change from the previous year |
21.1 | % | |||||
| Net income |
279,907 | 302,521 | 363,511 | ||||
| Change from the previous year |
(7.5 | )% | |||||
| Basic earnings per common share—net income available to common shareholders (in yen) |
3,982.16 | 45,903.29 | 19,313.78 | ||||
| Diluted earnings per common share—net income available to common shareholders (in yen) |
3,951.09 | 45,803.88 | 18,951.87 | ||||
Note: Average number of shares outstanding
| (thousands of shares) | ||||||
| For the six months ended September 30, | For the fiscal year ended March 31, 2006 | |||||
| 2006 | 2005 | |||||
| Common stock |
9,978 | 6,538 | 8,121 | |||
| Preferred stock (Class 3) |
100 | 100 | 100 | |||
| Preferred stock (Class 8) |
22 | — | 44 | |||
| Preferred stock (Class 9) |
39 | — | 45 | |||
| Preferred stock (Class 10) |
73 | — | 74 | |||
| Preferred stock (Class 11) |
0 | — | 0 | |||
| Preferred stock (Class 12) |
128 | — | 91 | |||
(2) Financial condition
| (in millions of yen, except per share data and percentages) | |||||||||
| As of September 30, | As of March 31, 2006 |
||||||||
| 2006 | 2005 | ||||||||
| Total assets |
183,826,765 | 114,674,405 | 186,219,447 | ||||||
| Total shareholders’ equity |
9,562,316 | 4,964,590 | 9,668,153 | ||||||
| Total shareholders’ equity as a percentage of total assets |
5.2 | % | 4.3 | % | 5.2 | % | |||
| Total shareholders’ equity per common share (in yen) |
904,822.81 | 721,093.60 | 893,352.38 | ||||||
Note: Number of shares outstanding
| (thousands of shares) | ||||||
| As of September 30, | As of March 31, 2006 | |||||
| 2006 | 2005 | |||||
| Common stock |
10,108 | 6,538 | 9,741 | |||
| Preferred stock (Class 3) |
100 | 100 | 100 | |||
| Preferred stock (Class 8) |
18 | — | 27 | |||
| Preferred stock (Class 9) |
— | — | 80 | |||
| Preferred stock (Class 10) |
— | — | 150 | |||
| Preferred stock (Class 11) |
0 | — | 0 | |||
| Preferred stock (Class 12) |
113 | — | 175 | |||
-1-
(3) Cash flows
| (in millions of yen) | |||||||||
| For the six months ended September 30, |
For the fiscal year ended March 31, 2006 |
||||||||
| 2006 | 2005 | ||||||||
| Net cash provided by (used in) operating activities |
457,853 | (285,146 | ) | 354,086 | |||||
| Net cash provided by (used in) investing activities |
(323,430 | ) | (2,134,955 | ) | 8,255,262 | ||||
| Net cash provided by (used in) financing activities |
(3,402,386 | ) | 3,639,957 | (6,600,721 | ) | ||||
| Cash and cash equivalents at end of period |
2,980,592 | 5,451,520 | 6,249,347 | ||||||
Formulas for computing ratios for the six months ended September 30, 2006 are as follows.
Basic earnings per common share—net income available to common shareholders
| Net income available to common shareholders* |
| Average number of common stock during the period ** |
Diluted earnings per common share—net income available to common shareholders
| Net income available to common shareholders* + Adjustments in net income assuming dilution |
| Average number of common stock during the period ** + Number of dilutive potential common stock |
Total shareholders’ equity per common share
| Total 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 cash dividends paid to preferred shareholders and beneficial conversion feature |
| ** | excluding treasury stock and parent’s common stock owned by subsidiaries and affiliated companies |
This report is an excerpt of certain highlights from our semiannual condensed consolidated financial information under US GAAP that was disclosed on Form 6-K (“Form 6-K”) filed with the U.S. Securities and Exchange Commission. This excerpt report does not contain all of the information that may be important to you. In addition to the items highlighted in this report, the Form 6-K includes material disclosure about Mitsubishi UFJ Financial Group, Inc., including business and other detailed US GAAP financial information. You should read the entire Form 6-K carefully to obtain a comprehensive understanding of our business and US GAAP financial data and related issues.
This report contains forward-looking statements regarding estimation, forecast, target and plan in relation to the results of operations, financial conditions and other general management of the company and/or the group as a whole (the “forward-looking statements”). The forward-looking statements are made based upon, among other things, the company’s current estimations, perceptions and evaluations. In addition, in order for the company to adopt such estimation, forecast, target and plan regarding future events, certain assumptions have been made, which assumptions are inherently subjective and uncertain. The forward-looking statements should not be viewed as guarantees of future performance as actual results may be significantly different. For instance, the estimation and forecast regarding the company is based on the assumption that the company’s business strategies (including the business integration plan with the former UFJ Holdings Group) will be implemented smoothly. Also, the statements regarding collectibility of the deferred tax assets are based on estimation and other assumptions such as our business plan and the premises thereof, and exemplify such situation as above. There exist a number of factors that might lead to uncertainties and risks. For the key factors that may be should be considered, please see the financial highlight, the Annual Securities Report, Disclosure Book, Annual Report, Form 20-F, Form 6-K and other current disclosures that the company has publicly released.
-2-
(US GAAP)
Mitsubishi UFJ Financial Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
| As of September 30, |
(A) — (B) | As of March 31, |
(A) — (C) | ||||||||||||
| (in millions of yen) |
2006(A) | 2005(B) | |||||||||||||
| Assets: |
|||||||||||||||
| Cash and due from banks |
2,976,980 | 5,443,680 | (2,466,700 | ) | 6,235,278 | (3,258,298 | ) | ||||||||
| Interest-earning deposits in other banks |
5,874,328 | 4,634,882 | 1,239,446 | 6,240,654 | (366,326 | ) | |||||||||
| Call loans, funds sold, and receivables under resale agreements |
5,272,542 | 3,712,620 | 1,559,922 | 3,406,278 | 1,866,264 | ||||||||||
| Receivables under securities borrowing transactions |
4,315,880 | 4,529,438 | (213,558 | ) | 5,142,074 | (826,194 | ) | ||||||||
| Trading account assets |
11,549,162 | 8,649,936 | 2,899,226 | 10,728,023 | 821,139 | ||||||||||
| Investment securities: |
|||||||||||||||
| Securities available for sale |
44,991,526 | 28,308,252 | 16,683,274 | 45,485,909 | (494,383 | ) | |||||||||
| Securities being held to maturity |
2,871,132 | 2,177,113 | 694,019 | 2,466,074 | 405,058 | ||||||||||
| Preferred stock investment in UFJ Bank Limited |
— | 700,000 | (700,000 | ) | — | — | |||||||||
| Other investment securities |
818,263 | 341,022 | 477,241 | 862,969 | (44,706 | ) | |||||||||
| Total investment securities |
48,680,921 | 31,526,387 | 17,154,534 | 48,814,952 | (134,031 | ) | |||||||||
| Loans, net of unearned income, unamortized premiums and deferred loan fees |
95,427,561 | 51,822,267 | 43,605,294 | 95,506,835 | (79,274 | ) | |||||||||
| Allowance for credit losses |
(1,103,092 | ) | (617,260 | ) | (485,832 | ) | (1,012,227 | ) | (90,865 | ) | |||||
| Net loans |
94,324,469 | 51,205,007 | 43,119,462 | 94,494,608 | (170,139 | ) | |||||||||
| Premises and equipment—net |
1,148,684 | 586,206 | 562,478 | 1,173,577 | (24,893 | ) | |||||||||
| Accrued interest |
303,432 | 159,534 | 143,898 | 241,331 | 62,101 | ||||||||||
| Customers’ acceptance liability |
73,977 | 35,580 | 38,397 | 94,719 | (20,742 | ) | |||||||||
| Intangible assets—net |
1,306,606 | 253,339 | 1,053,267 | 1,504,495 | (197,889 | ) | |||||||||
| Goodwill |
1,845,743 | 91,887 | 1,753,856 | 1,843,948 | 1,795 | ||||||||||
| Deferred tax assets |
1,065,009 | 352,601 | 712,408 | 1,211,431 | (146,422 | ) | |||||||||
| Accounts receivable |
1,727,597 | 1,333,716 | 393,881 | 1,792,158 | (64,561 | ) | |||||||||
| Other assets |
3,356,348 | 1,943,235 | 1,413,113 | 3,171,408 | 184,940 | ||||||||||
| Assets of discontinued operations to be disposed or sold |
5,087 | 216,357 | (211,270 | ) | 124,513 | (119,426 | ) | ||||||||
| Total assets |
183,826,765 | 114,674,405 | 69,152,360 | 186,219,447 | (2,392,682 | ) | |||||||||
| Liabilities and Shareholders’ Equity: |
|||||||||||||||
| Deposits: |
|||||||||||||||
| Domestic offices: |
|||||||||||||||
| Non-interest-bearing |
15,788,881 | 9,073,175 | 6,715,706 | 20,079,575 | (4,290,694 | ) | |||||||||
| Interest-bearing |
90,450,926 | 49,742,338 | 40,708,588 | 89,985,274 | 465,652 | ||||||||||
| Overseas offices, principally interest-bearing |
16,989,592 | 13,971,118 | 3,018,474 | 16,575,082 | 414,510 | ||||||||||
| Total deposits |
123,229,399 | 72,786,631 | 50,442,768 | 126,639,931 | (3,410,532 | ) | |||||||||
| Call money, funds purchased, and payables under repurchase agreements |
10,162,172 | 6,797,651 | 3,364,521 | 7,563,508 | 2,598,664 | ||||||||||
| Payables under securities lending transactions |
5,122,795 | 3,837,099 | 1,285,696 | 3,821,019 | 1,301,776 | ||||||||||
| Due to trust account and other short-term borrowings |
9,009,471 | 10,873,944 | (1,864,473 | ) | 12,962,310 | (3,952,839 | ) | ||||||||
| Trading account liabilities |
2,860,262 | 2,376,666 | 483,596 | 3,022,151 | (161,889 | ) | |||||||||
| Obligations to return securities received as collateral |
4,391,563 | 2,601,759 | 1,789,804 | 3,946,381 | 445,182 | ||||||||||
| Bank acceptances outstanding |
73,977 | 35,580 | 38,397 | 94,719 | (20,742 | ) | |||||||||
| Accrued interest |
217,751 | 107,055 | 110,696 | 172,129 | 45,622 | ||||||||||
| Long-term debt |
14,488,382 | 6,486,017 | 8,002,365 | 13,889,525 | 598,857 | ||||||||||
| Accounts payable |
1,923,526 | 2,102,959 | (179,433 | ) | 1,518,009 | 405,517 | |||||||||
| Other liabilities |
2,783,740 | 1,533,766 | 1,249,974 | 2,802,850 | (19,110 | ) | |||||||||
| Liabilities of discontinued operations to be extinguished or assumed |
1,411 | 170,688 | (169,277 | ) | 118,762 | (117,351 | ) | ||||||||
| Total liabilities |
174,264,449 | 109,709,815 | 64,554,634 | 176,551,294 | (2,286,845 | ) | |||||||||
| Shareholders’ equity: |
|||||||||||||||
| Capital stock: |
|||||||||||||||
| Preferred stock |
247,100 | 247,100 | — | 247,100 | — | ||||||||||
| Common stock |
1,084,708 | 1,084,708 | — | 1,084,708 | — | ||||||||||
| Capital surplus |
5,795,624 | 958,366 | 4,837,258 | 5,566,894 | 228,730 | ||||||||||
| Retained earnings: |
|||||||||||||||
| Appropriated for legal reserve |
239,571 | 239,571 | — | 239,571 | — | ||||||||||
| Unappropriated |
1,426,841 | 1,588,792 | (161,951 | ) | 1,424,634 | 2,207 | |||||||||
| Accumulated other changes in equity from nonowner sources, net of taxes |
1,768,958 | 849,750 | 919,208 | 1,880,215 | (111,257 | ) | |||||||||
| Treasury stock, at cost |
(1,000,486 | ) | (3,697 | ) | (996,789 | ) | (774,969 | ) | (225,517 | ) | |||||
| Total shareholders’ equity |
9,562,316 | 4,964,590 | 4,597,726 | 9,668,153 | (105,837 | ) | |||||||||
| Total liabilities and shareholders’ equity |
183,826,765 | 114,674,405 | 69,152,360 | 186,219,447 | (2,392,682 | ) | |||||||||
-3-
(US GAAP)
Mitsubishi UFJ Financial Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
| For the six months ended September 30, |
(A) — (B) | For the fiscal year ended March 31, 2006 |
||||||||||
| (in millions of yen) |
2006(A) | 2005(B) | ||||||||||
| Interest income: |
||||||||||||
| Loans, including fees |
1,301,182 | 496,861 | 804,321 | 1,728,047 | ||||||||
| Deposits in other banks |
123,188 | 55,221 | 67,967 | 146,572 | ||||||||
| Investment securities |
346,239 | 205,326 | 140,913 | 515,070 | ||||||||
| Trading account assets |
67,026 | 23,547 | 43,479 | 57,404 | ||||||||
| Call loans, funds sold, and receivables under resale agreements and securities borrowing transactions |
58,931 | 29,670 | 29,261 | 83,589 | ||||||||
| Total |
1,896,566 | 810,625 | 1,085,941 | 2,530,682 | ||||||||
| Interest expense: |
||||||||||||
| Deposits |
369,982 | 173,418 | 196,564 | 449,398 | ||||||||
| Call money, funds purchased, and payables under repurchase agreements and securities lending transactions |
104,498 | 57,571 | 46,927 | 168,963 | ||||||||
| Due to trust account, other short-term borrowings, and trading account liabilities |
102,940 | 43,445 | 59,495 | 109,045 | ||||||||
| Long-term debt |
133,029 | 50,268 | 82,761 | 154,663 | ||||||||
| Total |
710,449 | 324,702 | 385,747 | 882,069 | ||||||||
| Net interest income |
1,186,117 | 485,923 | 700,194 | 1,648,613 | ||||||||
| Provision (credit) for credit losses |
189,523 | (83,636 | ) | 273,159 | 110,167 | |||||||
| Net interest income after provision (credit) for credit losses |
996,594 | 569,559 | 427,035 | 1,538,446 | ||||||||
| Non-interest income: |
||||||||||||
| Fees and commissions |
659,689 | 319,970 | 339,719 | 1,033,275 | ||||||||
| Foreign exchange losses—net |
(102,609 | ) | (163,819 | ) | 61,210 | (322,355 | ) | |||||
| Trading account profits—net |
273,340 | 90,009 | 183,331 | 16,423 | ||||||||
| Investment securities gains—net |
54,561 | 165,888 | (111,327 | ) | 89,861 | |||||||
| Equity in earnings (losses) of equity method investees |
(37,540 | ) | 11,585 | (49,125 | ) | 22,258 | ||||||
| Government grant for transfer of substitutional portion of Employees’ Pension Fund Plans |
— | 108,468 | (108,468 | ) | 103,001 | |||||||
| Other non-interest income |
62,515 | 34,661 | 27,854 | 124,889 | ||||||||
| Total |
909,956 | 566,762 | 343,194 | 1,067,352 | ||||||||
| Non-interest expense: |
||||||||||||
| Salaries and employee benefits |
424,982 | 316,807 | 108,175 | 746,372 | ||||||||
| Occupancy expenses—net |
88,545 | 44,936 | 43,609 | 187,324 | ||||||||
| Fees and commission expenses |
122,195 | 45,253 | 76,942 | 218,428 | ||||||||
| Depreciation of premises and equipment |
51,999 | 23,318 | 28,681 | 81,282 | ||||||||
| Amortization of intangible assets |
132,688 | 39,598 | 93,090 | 179,543 | ||||||||
| Impairment of intangible assets |
151,511 | — | 151,511 | — | ||||||||
| Insurance premiums, including deposit insurance |
55,674 | 26,423 | 29,251 | 89,697 | ||||||||
| Minority interest in income (loss) of consolidated subsidiaries |
(817 | ) | 32,042 | (32,859 | ) | 157,222 | ||||||
| Communications |
31,143 | 14,407 | 16,736 | 44,420 | ||||||||
| Other non-interest expenses |
291,607 | 133,405 | 158,202 | 371,837 | ||||||||
| Total |
1,349,527 | 676,189 | 673,338 | 2,076,125 | ||||||||
| Income from continuing operations before income taxes and cumulative effect of a change in accounting principle |
557,023 | 460,132 | 96,891 | 529,673 | ||||||||
| Income taxes |
276,503 | 157,736 | 118,767 | 165,473 | ||||||||
| Income from continuing operations before cumulative effect of a change in accounting principle |
280,520 | 302,396 | (21,876 | ) | 364,200 | |||||||
| Income (loss) from discontinued operations—net |
(613 | ) | 125 | (738 | ) | 8,973 | ||||||
| Cumulative effect of a change in accounting principle, net of tax |
— | — | — | (9,662 | ) | |||||||
| Net income |
279,907 | 302,521 | (22,614 | ) | 363,511 | |||||||
| Income allocable to preferred shareholders: |
||||||||||||
| Cash dividends paid |
9,837 | 2,386 | 7,451 | 5,386 | ||||||||
| Beneficial conversion feature |
230,336 | — | 230,336 | 201,283 | ||||||||
| Net income available to common shareholders |
39,734 | 300,135 | (260,401 | ) | 156,842 | |||||||
| (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 |
4,043.59 | 45,884.17 | (41,840.58 | ) | 19,398.62 | |||||||
| Basic earnings per common share—net income available to common shareholders |
3,982.16 | 45,903.29 | (41,921.13 | ) | 19,313.78 | |||||||
| Diluted earnings per common share—income from continuing operations available to common shareholders before cumulative effect of a change in accounting principle |
4,012.52 | 45,784.76 | (41,772.24 | ) | 19,036.71 | |||||||
| Diluted earnings per common share—net income available to common shareholders |
3,951.09 | 45,803.88 | (41,852.79 | ) | 18,951.87 | |||||||
-4-
(US GAAP)
Mitsubishi UFJ Financial Group, Inc. and Subsidiaries
Credit Quality Data
| As of September 30, | (A) — (B) | As of March 31, 2006(C) |
(A) — (C) | ||||||||||||
| 2006(A) | 2005(B) | ||||||||||||||
| (in millions of yen) |
(Unaudited) | (Unaudited) | |||||||||||||
| Nonaccrual loans |
1,001,470 | 676,186 | 325,284 | 1,009,834 | (8,364 | ) | |||||||||
| Restructured loans |
861,227 | 419,735 | 441,492 | 1,011,836 | (150,609 | ) | |||||||||
| Accruing loans contractually past due 90 days or more |
19,523 | 13,103 | 6,420 | 23,008 | (3,485 | ) | |||||||||
| Total |
1,882,220 | 1,109,024 | 773,196 | 2,044,678 | (162,458 | ) | |||||||||
| Loans |
95,427,561 | 51,822,267 | 43,605,294 | 95,506,835 | (79,274 | ) | |||||||||
| Allowance for credit losses |
(1,103,092 | ) | (617,260 | ) | (485,832 | ) | (1,012,227 | ) | (90,865 | ) | |||||
-5-