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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

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Form 6-K

 

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Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

 

For the month of September, 2004

 

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MITSUBISHI TOKYO FINANCIAL GROUP, INC.

(Translation of registrant’s name into English)

 

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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             

 

[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: September 28, 2004

 

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Mitsubishi Tokyo Financial Group, Inc.

Tokyo Stock Exchange Code; 8306

 

Mitsubishi Tokyo Financial Group, Inc.

Revisions of Consolidated Summary Report for the fiscal year ended March 31, 2004

(Under U.S. GAAP)

 

Tokyo, September 28, 2004 — Mitsubishi Tokyo Financial Group, Inc. (MTFG; President: Nobuo Kuroyanagi) today announced that it revised its previously reported consolidated summary report for the fiscal year ended March 31, 2004 (under U.S. GAAP). The revision is due to reflecting subsequent events after the previous report.

 

Summary of revisions

 

 

		(in millions of yen, except per share data and percentages)
		As previously reported			As revised
(1) Operating results:
Total revenue		2,730,202			2,728,593
Income from continuing operations before income tax expense and cumulative effect of a change in accounting principle		1,336,053			1,180,148
Net income		918,445			822,249
Basic earnings per common share—net income available to common shareholders (in yen)		143,379.95			128,231.00
Diluted earnings per common share—net income available to common shareholders (in yen)		139,678.92			124,917.18
Net income available to common shareholders as a percentage of shareholders’ equity		31.5	%		28.7	%
(2) Financial condition:
Total assets		103,751,114			103,701,080
Shareholders’ equity		3,943,148			3,846,952
Shareholders’ equity as a percentage of total assets		3.8	%		3.7	%
Shareholders’ equity per common share (in yen)		566,774.17			551,913.94
(3) Nonaccrual and restructured loans, and accruing loans contractually past due 90 days or more		1,667,126			1,731,083

 

*    *    *

 

Inquiries:		Katsuhiko Ishizuka
		Chief Manager, Financial Policy Division
		Mitsubishi Tokyo Financial Group, Inc.
		Tel. +81-3-3240-8211

 

The foregoing forward-looking statements and other information relating to MTFG (such statements and information are hereafter referred to as the “Forward-Looking Statements”) are not historical facts and include, reflect or are otherwise based upon, among other things, the MTFG’s current projections, views, policies, business strategies, targets, expectations, assumptions and evaluations with respect to general economic conditions, the result of operations, financial condition, its management in general and other future events. Some Forward-Looking Statements represent targets that the MTFG’s management will strive to achieve through the successful implementation of the MTFG’s business strategies. Accordingly, they are inherently susceptible to uncertainties, risks and change in circumstances and are not guarantees of future performance. MTFG may not be successful in implementing its business strategy, and actual results may differ materially, for a wide range of possible reasons. For the important factors that could cause these differences, please see MTFG’s latest annual report or other disclosures publicly available. In light of the many risks, uncertainties and possible changes, you are advised not to put undue reliance on the Forward-Looking Statements. MTFG is under no obligation—and expressly disclaim 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.

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Consolidated Summary Report

<under U.S. GAAP>

For the Fiscal Year Ended March 31, 2004

 

Date:		September 28, 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		2,728,593			2,422,572
Change from the previous fiscal year		12.6	%		2.0	%
Income from continuing operations before income tax expense and cumulative effect of a change in accounting principle		1,180,148			262,924
Change from the previous fiscal year		348.9	%		—
Net income		822,249			203,288
Change from the previous fiscal year		304.5	%		—
Basic earnings per common share—net income available to common shareholders (in yen)		128,231.00			33,963.40
Diluted earnings per common share—net income available to common shareholders (in yen)		124,917.18			31,137.71
Net income available to common shareholders as a percentage of shareholders’ equity		28.7	%		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		1.2	%		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		43.3	%		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		103,701,080			96,531,713
Shareholders’ equity		3,846,952			2,552,937
Shareholders’ equity as a percentage of total assets		3.7	%		2.6	%
Shareholders’ equity per common share (in yen)		551,913.94			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 available to common shareholders 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]
+ [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		8,378,752			8,363,383			15,369
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		(888,127	)		(1,360,136	)		472,009
Net loans		47,637,729			47,105,433			532,296
Premises and equipment—net		580,073			643,794			(63,721	)
Accrued interest		149,066			173,351			(24,285	)
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		1,005,965			1,640,046			(634,081	)
Other assets		2,035,028			1,730,038			304,990
Total		103,701,080			96,531,713			7,169,367
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		2,489,242			2,590,183			(100,941	)
Total liabilities		99,854,128			93,978,776			5,875,352
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		955,291			168,036			787,255
Accumulated other changes in equity from nonowner sources, net of taxes		389,751			(114,790	)		504,541
Total		3,849,321			2,556,139			1,293,182
Less treasury stock, at cost		2,369			3,202			(833	)
Shareholders’ equity—net		3,846,952			2,552,937			1,294,015
Total		103,701,080			96,531,713			7,169,367

 

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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		921,666			1,045,330			(123,664	)
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		1,422,009			1,582,746			(160,737	)
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		995,495			1,043,476			(47,981	)
Provision (credit) for credit losses		(114,109	)		437,972			(552,081	)
Net interest income after provision (credit) for credit losses		1,109,604			605,504			504,100
Non-interest income:
Fees and commissions		572,668			520,767			51,901
Foreign exchange gains—net		413,911			25,558			388,353
Trading account profits—net		103,903			267,610			(163,707	)
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		1,306,584			839,826			466,758
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		341,149			365,719			(24,570	)
Total		1,236,040			1,182,406			53,634
Income from continuing operations before income tax expense and cumulative effect of a change in accounting principle		1,180,148			262,924			917,224
Income tax expense		357,314			69,474			287,840
Income from continuing operations before cumulative effect of a change in accounting principle		822,834			193,450			629,384
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		822,249			203,288			618,961
Income allocable to preferred shareholders		7,981			12,504			(4,523	)
Net income available to common shareholders		814,268			190,784			623,484
(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		128,323.13			32,212.04			96,111.09
Basic earnings per common share—net income available to common shareholders		128,231.00			33,963.40			94,267.60
Diluted earnings per common share—income from continuing operations available to common shareholders before cumulative effect of a change in accounting principle		125,006.95			29,459.67			95,547.28
Diluted earnings per common share—net income available to common shareholders		124,917.18			31,137.71			93,779.47

 

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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		177,257		111,107		66,150
Construction		59,908		149,918		(90,010	)
Real estate		207,047		266,408		(59,361	)
Services		87,154		87,492		(338	)
Wholesale and retail		114,281		224,468		(110,187	)
Banks and other financial institutions		21,388		17,794		3,594
Communication and information services		5,392		14,081		(8,689	)
Other industries		39,783		53,922		(14,139	)
Consumer		66,877		150,989		(84,112	)
Total domestic		779,087		1,076,179		(297,092	)
Foreign:
Governments and official institutions		877		1,747		(870	)
Banks and other financial institutions		87,162		8,387		78,775
Commercial and industrial		153,477		271,090		(117,613	)
Other		62,521		56,156		6,365
Total foreign		304,037		337,380		(33,343	)
Total		1,083,124		1,413,559		(330,435	)
Restructured loans:
Domestic		577,348		1,212,832		(635,484	)
Foreign		55,015		106,236		(51,221	)
Total		632,363		1,319,068		(686,705	)
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		1,731,083		2,753,026		(1,021,943	)

 

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