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, 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: August 25, 2005
| MITSUBISHI TOKYO FINANCIAL GROUP, INC. | ||||
| By: | /S/ Ryutaro Kusama | |||
| Name: | Ryutaro Kusama | |||
| Title: | Chief Manager, General Affairs | |||
| Corporate Administration Division | ||||
Consolidated Summary Report
<under US GAAP>
For the Fiscal Year Ended March 31, 2005
| Date: | August 25, 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 fiscal year ended March 31, 2005
(1) Operating results
| (in millions of yen except per share data and percentages) |
||||||
| For the fiscal year ended March 31, |
||||||
| 2005 |
2004 |
|||||
| Total revenue |
2,437,713 | 2,729,849 | ||||
| Change from the previous fiscal year |
(10.7 | )% | 12.7 | % | ||
| Income from continuing operations before income tax expense and cumulative effect of a change in accounting principle |
721,389 | 1,181,404 | ||||
| Change from the previous fiscal year |
(38.9 | )% | 348.4 | % | ||
| Net income |
415,155 | 823,002 | ||||
| Change from the previous fiscal year |
(49.6 | )% | 304.5 | % | ||
| Basic earnings per common share—net income available to common shareholders (in yen) |
62,717.21 | 128,350.88 | ||||
| Diluted earnings per common share—net income available to common shareholders (in yen) |
62,476.76 | 125,033.96 | ||||
| Net income available to common shareholders as a percentage of shareholders’ equity |
10.8 | % | 28.7 | % | ||
| Income from continuing operations before income tax expense and cumulative effect of a change in accounting principle as a percentage of total assets |
0.7 | % | 1.2 | % | ||
| Income from continuing operations before income tax expense and cumulative effect of a change in accounting principle as a percentage of total revenue |
29.6 | % | 43.3 | % | ||
Note:
Average number of shares outstanding for the fiscal year ended:
| March 31, 2005: |
||||
| (common stock) |
6,510 thousands of shares | |||
| (preferred stock—class 1) |
61 thousands of shares | |||
| (preferred stock—class 2) |
4 thousands of shares | |||
| (preferred stock—class 3) |
12 thousands of shares | |||
| 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 |
- 1 -
(2) Financial condition
| (in millions of yen except per share data and percentages) |
||||||
| As of March 31, |
||||||
| 2005 |
2004 |
|||||
| Total assets |
108,422,100 | 103,699,099 | ||||
| Shareholders’ equity |
4,373,097 | 3,844,971 | ||||
| Shareholders’ equity as a percentage of total assets |
4.0 | % | 3.7 | % | ||
| Shareholders’ equity per common share (in yen) |
611,908.82 | 551,613.46 | ||||
Note:
Number of shares outstanding as of:
| March 31, 2005: |
||||
| (common stock) |
6,539 thousands of shares | |||
| (preferred stock—class 1) |
40 thousands of shares | |||
| (preferred stock—class 3) |
100 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 fiscal year ended March 31, |
||||||
| 2005 |
2004 |
|||||
| Net cash provided by operating activities |
207,563 | 617,671 | ||||
| Net cash used in investing activities |
(1,821,848 | ) | (9,123,337 | ) | ||
| Net cash provided by financing activities |
2,729,392 | 7,402,424 | ||||
| Cash and cash equivalents at end of fiscal year |
4,220,437 | 3,111,967 | ||||
Formulas for computing ratios for the fiscal year ended March 31, 2005 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 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 particular, the targets of the combined entity reflect assumptions about the successful implementation of the integration plan. Other forward-looking statements reflect the assumptions and estimations upon which the calculation of deferred tax assets has been based and are themselves subject to the full range of uncertainties, risks and changes in circumstances outlined above.
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, the registration statement on Form F-4 that MTFG filed with the U.S. SEC and other disclosures.
- 2 -
(US GAAP)
Mitsubishi Tokyo Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
| As of March 31, |
Increase/ (Decrease) |
||||||||
| (in millions of yen) | 2005 (A) |
2004 (B) |
(A) - (B) |
||||||
| Assets: |
|||||||||
| Cash and due from banks |
4,220,437 | 3,111,967 | 1,108,470 | ||||||
| Interest-earning deposits in other banks |
4,542,615 | 3,509,044 | 1,033,571 | ||||||
| Call loans and funds sold |
1,147,786 | 877,277 | 270,509 | ||||||
| Receivables under resale agreements |
976,281 | 2,237,666 | (1,261,385 | ) | |||||
| Receivables under securities borrowing transactions |
5,230,242 | 4,751,909 | 478,333 | ||||||
| Trading account assets |
7,706,016 | 8,378,752 | (672,736 | ) | |||||
| Investment securities: |
|||||||||
| Securities available for sale |
26,558,538 | 27,630,316 | (1,071,778 | ) | |||||
| Securities being held to maturity |
2,191,316 | 1,250,759 | 940,557 | ||||||
| Preferred stock investment in UFJ Bank Limited |
700,000 | — | 700,000 | ||||||
| Other investment securities |
341,744 | 200,557 | 141,187 | ||||||
| Total investment securities |
29,791,598 | 29,081,632 | 709,966 | ||||||
| Loans, net of unearned income and deferred loan fees |
51,071,538 | 48,525,856 | 2,545,682 | ||||||
| Allowance for credit losses |
(740,706 | ) | (888,127 | ) | 147,421 | ||||
| Net loans |
50,330,832 | 47,637,729 | 2,693,103 | ||||||
| Premises and equipment—net |
569,212 | 580,073 | (10,861 | ) | |||||
| Accrued interest |
144,994 | 149,066 | (4,072 | ) | |||||
| Customers’ acceptance liability |
43,313 | 30,149 | 13,164 | ||||||
| Intangible assets |
253,840 | 234,139 | 19,701 | ||||||
| Goodwill |
85,834 | 56,690 | 29,144 | ||||||
| Deferred tax assets |
773,827 | 1,007,276 | (233,449 | ) | |||||
| Other assets |
2,605,273 | 2,055,730 | 549,543 | ||||||
| Total |
108,422,100 | 103,699,099 | 4,723,001 | ||||||
| Liabilities and Shareholders’ Equity: |
|||||||||
| Deposits: |
|||||||||
| Domestic offices: |
|||||||||
| Non-interest-bearing |
7,025,570 | 5,082,701 | 1,942,869 | ||||||
| Interest-bearing |
51,007,526 | 52,452,342 | (1,444,816 | ) | |||||
| Overseas offices: |
|||||||||
| Non-interest-bearing |
2,826,567 | 2,413,053 | 413,514 | ||||||
| Interest-bearing |
10,435,200 | 10,076,156 | 359,044 | ||||||
| Total deposits |
71,294,863 | 70,024,252 | 1,270,611 | ||||||
| Debentures |
— | 265,957 | (265,957 | ) | |||||
| Call money and funds purchased |
1,521,057 | 2,871,851 | (1,350,794 | ) | |||||
| Payables under repurchase agreements |
3,612,094 | 5,068,369 | (1,456,275 | ) | |||||
| Payables under securities lending transactions |
1,924,375 | 1,457,118 | 467,257 | ||||||
| Due to trust account |
1,231,050 | 1,380,269 | (149,219 | ) | |||||
| Other short-term borrowings |
10,724,775 | 5,663,067 | 5,061,708 | ||||||
| Trading account liabilities |
2,094,056 | 2,510,966 | (416,910 | ) | |||||
| Obligations to return securities received as collateral |
2,890,788 | 2,329,600 | 561,188 | ||||||
| Bank acceptances outstanding |
43,313 | 30,149 | 13,164 | ||||||
| Accrued interest |
109,999 | 103,411 | 6,588 | ||||||
| Long-term debt |
5,981,747 | 5,659,877 | 321,870 | ||||||
| Other liabilities |
2,620,886 | 2,489,242 | 131,644 | ||||||
| Total liabilities |
104,049,003 | 99,854,128 | 4,194,875 | ||||||
| Shareholders’ equity: |
|||||||||
| Capital stock: |
|||||||||
| Preferred stock—class 1 |
122,100 | 122,100 | — | ||||||
| Preferred stock—class 2 |
— | 15,000 | (15,000 | ) | |||||
| Preferred stock—class 3 |
125,000 | — | 125,000 | ||||||
| Common stock |
1,084,708 | 1,069,708 | 15,000 | ||||||
| Capital surplus |
1,080,463 | 1,057,900 | 22,563 | ||||||
| Retained earnings: |
|||||||||
| Appropriated for legal reserve |
239,571 | 239,571 | — | ||||||
| Unappropriated |
1,327,894 | 958,416 | 369,478 | ||||||
| Accumulated other changes in equity from nonowner sources, net of taxes |
396,582 | 384,719 | 11,863 | ||||||
| Total |
4,376,318 | 3,847,414 | 528,904 | ||||||
| Less treasury stock, at cost |
3,221 | 2,443 | 778 | ||||||
| Shareholders’ equity—net |
4,373,097 | 3,844,971 | 528,126 | ||||||
| Total |
108,422,100 | 103,699,099 | 4,723,001 | ||||||
- 3 -
(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) | 2005 (A) |
2004 (B) |
(A) - (B) |
||||||
| Interest income: |
|||||||||
| Loans, including fees |
922,551 | 921,666 | 885 | ||||||
| Deposits in other banks |
66,698 | 48,093 | 18,605 | ||||||
| Investment securities: |
|||||||||
| Interest |
330,387 | 341,062 | (10,675 | ) | |||||
| Dividends |
40,180 | 41,207 | (1,027 | ) | |||||
| Trading account assets |
30,829 | 28,451 | 2,378 | ||||||
| Call loans and funds sold |
6,398 | 5,384 | 1,014 | ||||||
| Receivables under resale agreements and securities borrowing transactions |
45,580 | 35,891 | 9,689 | ||||||
| Total |
1,442,623 | 1,421,754 | 20,869 | ||||||
| Interest expense: |
|||||||||
| Deposits |
221,280 | 178,549 | 42,731 | ||||||
| Debentures |
351 | 4,035 | (3,684 | ) | |||||
| Call money and funds purchased |
7,199 | 9,910 | (2,711 | ) | |||||
| Payables under repurchase agreements and securities lending transactions |
74,081 | 74,043 | 38 | ||||||
| Due to trust account |
3,887 | 4,950 | (1,063 | ) | |||||
| Other short-term borrowings and trading account liabilities |
54,041 | 34,262 | 19,779 | ||||||
| Long-term debt |
110,392 | 120,765 | (10,373 | ) | |||||
| Total |
471,231 | 426,514 | 44,717 | ||||||
| Net interest income |
971,392 | 995,240 | (23,848 | ) | |||||
| Provision (credit) for credit losses |
109,502 | (114,109 | ) | 223,611 | |||||
| Net interest income after provision (credit) for credit losses |
861,890 | 1,109,349 | (247,459 | ) | |||||
| Non-interest income: |
|||||||||
| Fees and commissions |
649,210 | 572,668 | 76,542 | ||||||
| Foreign exchange gains (losses)—net |
(47,000 | ) | 413,911 | (460,911 | ) | ||||
| Trading account profits—net |
62,048 | 103,903 | (41,855 | ) | |||||
| Investment securities gains—net |
198,006 | 118,648 | 79,358 | ||||||
| Equity in earnings of equity method investees |
26,272 | 5,213 | 21,059 | ||||||
| Refund of the local taxes by the Tokyo Metropolitan Government |
— | 41,989 | (41,989 | ) | |||||
| Other non-interest income |
106,554 | 51,763 | 54,791 | ||||||
| Total |
995,090 | 1,308,095 | (313,005 | ) | |||||
| Non-interest expense: |
|||||||||
| Salaries and employee benefits |
476,258 | 506,710 | (30,452 | ) | |||||
| Occupancy expenses—net |
116,850 | 120,507 | (3,657 | ) | |||||
| Fees and commission expenses |
87,190 | 80,252 | 6,938 | ||||||
| Amortization of intangible assets |
69,531 | 63,582 | 5,949 | ||||||
| Insurance premiums, including deposit insurance |
56,962 | 54,392 | 2,570 | ||||||
| Minority interest in income of consolidated subsidiaries |
37,642 | 42,404 | (4,762 | ) | |||||
| Communications |
27,940 | 27,623 | 317 | ||||||
| Other non-interest expenses |
263,218 | 340,570 | (77,352 | ) | |||||
| Total |
1,135,591 | 1,236,040 | (100,449 | ) | |||||
| Income from continuing operations before income tax expense and cumulative effect of a change in accounting principle |
721,389 | 1,181,404 | (460,015 | ) | |||||
| Income tax expense |
305,257 | 357,817 | (52,560 | ) | |||||
| Income from continuing operations before cumulative effect of a change in accounting principle |
416,132 | 823,587 | (407,455 | ) | |||||
| Loss from discontinued operations—net |
— | (585 | ) | 585 | |||||
| Cumulative effect of a change in accounting principle, net of tax |
(977 | ) | — | (977 | ) | ||||
| Net income |
415,155 | 823,002 | (407,847 | ) | |||||
| Income allocable to preferred shareholders |
6,837 | 7,981 | (1,144 | ) | |||||
| Net income available to common shareholders |
408,318 | 815,021 | (406,703 | ) | |||||
| (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 |
62,867.28 | 128,443.00 | (65,575.72 | ) | |||||
| Basic earnings per common share—net income available to common shareholders |
62,717.21 | 128,350.88 | (65,633.67 | ) | |||||
| Diluted earnings per common share—income from continuing operations available to common shareholders before cumulative effect of a change in accounting principle |
62,626.69 | 125,123.73 | (62,497.04 | ) | |||||
| Diluted earnings per common share—net income available to common shareholders |
62,476.76 | 125,033.96 | (62,557.20 | ) | |||||
- 4 -
(US GAAP)
Mitsubishi Tokyo Financial Group, Inc. and Subsidiaries
Nonaccrual loans, restructured loans and accruing loans contractually past due 90 days or more (unaudited)
| As of March 31, |
Increase/(Decrease) |
||||||
| (in millions of yen) | 2005 (A) |
2004 (B) |
(A) - (B) |
||||
| Nonaccrual loans: |
|||||||
| Domestic: |
|||||||
| Manufacturing |
113,884 | 175,691 | (61,807 | ) | |||
| Construction |
47,764 | 59,031 | (11,267 | ) | |||
| Real estate |
121,962 | 154,776 | (32,814 | ) | |||
| Services |
169,602 | 72,951 | 96,651 | ||||
| Wholesale and retail |
85,659 | 108,516 | (22,857 | ) | |||
| Banks and other financial institutions |
4,346 | 21,367 | (17,021 | ) | |||
| Communication and information services |
11,829 | 5,128 | 6,701 | ||||
| Other industries |
22,324 | 39,783 | (17,459 | ) | |||
| Consumer |
119,229 | 141,844 | (22,615 | ) | |||
| Total domestic |
696,599 | 779,087 | (82,488 | ) | |||
| Foreign: |
|||||||
| Governments and official institutions |
466 | 877 | (411 | ) | |||
| Banks and other financial institutions |
45,091 | 87,162 | (42,071 | ) | |||
| Commercial and industrial |
56,379 | 153,477 | (97,098 | ) | |||
| Other |
23,835 | 62,521 | (38,686 | ) | |||
| Total foreign |
125,771 | 304,037 | (178,266 | ) | |||
| Total |
822,370 | 1,083,124 | (260,754 | ) | |||
| Restructured loans: |
|||||||
| Domestic |
431,036 | 577,348 | (146,312 | ) | |||
| Foreign |
23,153 | 55,015 | (31,862 | ) | |||
| Total |
454,189 | 632,363 | (178,174 | ) | |||
| Accruing loans contractually past due 90 days or more: |
|||||||
| Domestic |
9,232 | 14,696 | (5,464 | ) | |||
| Foreign |
879 | 900 | (21 | ) | |||
| Total |
10,111 | 15,596 | (5,485 | ) | |||
| Total |
1,286,670 | 1,731,083 | (444,413 | ) | |||
- 5 -