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 February, 2008

 

 

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: February 28, 2008

 

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, 2008

 

Date:    February 28, 2008
Company name (code number):    Mitsubishi UFJ Financial Group, Inc. (8306)
   (URL http://www.mufg.jp/)
Stock exchange listings:    Tokyo, Osaka, Nagoya, New York
Representative:    Nobuo Kuroyanagi, President & CEO
For inquiry:    Takeaki Ishii, General Manager—Financial Planning Division, Financial Accounting Office
   (Phone) +81-3-3240-7200

Consolidated financial data for the six months ended September 30, 2007

(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, 2007 		 
     2007     2006    

Total revenue

    3,124,671     2,806,522     5,863,665  

Change from the previous year

    11.3 %   103.8 %  

Income from continuing operations before income taxes

    529,253     557,023     1,134,931  

Change from the previous year

    (5.0 )%   21.1 %  

Net income

    269,603     279,907     581,288  

Change from the previous year

    (3.7 )%   (7.5 )%  

Basic earnings per common share —net income available to common shareholders (in yen)

    25.71     3.98     29.86  

Diluted earnings per common share —net income available to common shareholders (in yen)

    25.65     3.95     29.68  

 

Note: Average number of shares outstanding

 

       
     (thousands of shares)  
     For the six months ended September 30,     For the fiscal year ended
March 31, 2007		  
     2007     2006    

Common stock

    10,208,601     9,978,006     10,053,408  

Preferred stock (Class 3)

    100,000     100,000     100,000  

Preferred stock (Class 8)

    17,700     22,223     19,968  

Preferred stock (Class 9)

    —       38,761     19,434  

Preferred stock (Class 10)

    —       72,951     36,575  

Preferred stock (Class 11)

    1     1     1  

Preferred stock (Class 12)

    33,700     127,772     119,853  

 

(2) Financial condition

 

       
     (in millions of yen, except per share data and percentages)  
     As of September 30,     As of March 31, 2007  
     2007     2006    

Total assets

   188,028,250     183,826,765     186,202,911  

Total shareholders’ equity

   10,759,209     9,562,316     10,433,312  

Total shareholders’ equity as a percentage of total assets

    5.7 %   5.2 %   5.6 %

Total shareholders’ equity per common share (in yen)

    994.01     904.82     989.01  

 

Note: Number of shares outstanding

 

       
     (thousands of shares)  
     As of September 30,     As of March 31, 2007  
     2007     2006    

Common stock

    10,485,181     10,108,073     10,208,676  

Preferred stock (Class 3)

    100,000     100,000     100,000  

Preferred stock (Class 8)

    17,700     17,700     17,700  

Preferred stock (Class 11)

    1     1     1  

Preferred stock (Class 12)

    33,700     113,200     33,700  

 

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(3) Cash flows

 

     (in millions of yen)  
     For the six months ended
September 30,		     For the fiscal year ended
March 31, 2007		  
     2007     2006    

Net cash provided by (used in) operating activities

    (44,509 )   457,853     1,563,012  

Net cash provided by (used in) investing activities

    1,291,515     (323,430 )   (2,492,073 )

Net cash used in financing activities

    (1,081,391 )   (3,402,386 )   (2,496,081 )

Cash and cash equivalents at end of period

    3,028,395     2,980,592     2,849,663  

Formulas for computing ratios for the six months ended September 30, 2007 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

Note: Effective September 30, 2007, MUFG declared a stock split whereby each common and preferred share was split into 1,000 common and preferred shares. As a result, the number of shares and per share information have been retroactively adjusted.

 

 

This report is an excerpt of certain highlights from our semiannual condensed consolidated financial information under U.S. GAAP that was disclosed on Form 6-K (“Form 6-K”) submitted to 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 risk factors, business and other detailed U.S. GAAP financial information. You should read the entire Form 6-K carefully to obtain a comprehensive understanding of our business and U.S. 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 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, including, but not limited to, the recent instability in global financial markets. For the key factors that 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.

 

 

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(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)

    2007 (A)     2006 (B)       2007 (C)    

Assets:

          

Cash and due from banks

    3,028,395     2,976,980     51,415     2,847,469     180,926  

Interest-earning deposits in other banks

    8,044,752     5,874,328     2,170,424     6,056,598     1,988,154  

Call loans, funds sold, and receivables under resale agreements

    7,251,511     5,272,542     1,978,969     6,546,659     704,852  

Receivables under securities borrowing transactions

    5,713,752     4,315,880     1,397,872     6,320,179     (606,427 )

Trading account assets

    12,773,481     11,549,162     1,224,319     10,446,080     2,327,401  

Investment securities:

           

Securities available for sale

    41,154,183     44,991,526     (3,837,343 )   45,679,782     (4,525,599 )

Securities being held to maturity

    3,053,518     2,871,132     182,386     3,033,099     20,419  

Other investment securities

    529,132     818,263     (289,131 )   670,959     (141,827 )
                              

Total investment securities

    44,736,833     48,680,921     (3,944,088 )   49,383,840     (4,647,007 )
                              

Loans, net of unearned income, unamortized premiums and deferred loan fees

    96,656,703     95,427,561     1,229,142     95,322,844     1,333,859  

Allowance for credit losses

    (1,183,347 )   (1,103,092 )   (80,255 )   (1,112,453 )   (70,894 )
                              

Net loans

    95,473,356     94,324,469     1,148,887     94,210,391     1,262,965  
                              

Premises and equipment—net

    1,133,352     1,148,684     (15,332 )   1,147,511     (14,159 )

Accrued interest

    382,656     303,432     79,224     371,523     11,133  

Customers’ acceptance liability

    98,120     73,977     24,143     68,754     29,366  

Intangible assets—net

    1,356,131     1,306,606     49,525     1,265,080     91,051  

Goodwill

    1,946,332     1,845,743     100,589     1,844,809     101,523  

Deferred tax assets

    499,094     1,065,009     (565,915 )   556,158     (57,064 )

Accounts receivable

    1,785,605     1,727,597     58,008     1,467,519     318,086  

Other assets

    3,804,880     3,356,348     448,532     3,667,906     136,974  

Assets of discontinued operations to be disposed or sold

    —       5,087     (5,087 )   2,435     (2,435 )
                              

Total assets

    188,028,250     183,826,765     4,201,485     186,202,911     1,825,339  
                              

Liabilities and Shareholders’ Equity:

           

Deposits:

           

Domestic offices:

           

Non-interest-bearing

    14,542,745     15,788,881     (1,246,136 )   17,037,891     (2,495,146 )

Interest-bearing

    91,830,940     90,450,926     1,380,014     91,677,030     153,910  

Overseas offices, principally interest-bearing

    18,679,273     16,989,592     1,689,681     17,872,088     807,185  
                              

Total deposits

    125,052,958     123,229,399     1,823,559     126,587,009     (1,534,051 )
                              

Call money, funds purchased, and payables under repurchase agreements

    11,148,985     10,162,172     986,813     10,755,847     393,138  

Payables under securities lending transactions

    6,382,055     5,122,795     1,259,260     5,137,508     1,244,547  

Due to trust account and other short-term borrowings

    6,777,955     9,009,471     (2,231,516 )   7,274,446     (496,491 )

Trading account liabilities

    2,450,021     2,860,262     (410,241 )   2,625,761     (175,740 )

Obligations to return securities received as collateral

    5,083,668     4,391,563     692,105     3,652,864     1,430,804  

Bank acceptances outstanding

    98,120     73,977     24,143     68,754     29,366  

Accrued interest

    289,820     217,751     72,069     257,411     32,409  

Long-term debt

    14,216,861     14,488,382     (271,521 )   14,389,930     (173,069 )

Accounts payable

    2,741,427     1,923,526     817,901     2,029,962     711,465  

Other liabilities

    3,027,171     2,783,740     243,431     2,989,561     37,610  

Liabilities of discontinued operations to be extinguished or assumed

    —       1,411     (1,411 )   546     (546 )
                              

Total liabilities

    177,269,041     174,264,449     3,004,592     175,769,599     1,499,442  
                              

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

    5,783,798     5,795,624     (11,826 )   5,834,529     (50,731 )

Retained earnings:

           

Appropriated for legal reserve

    239,571     239,571     —       239,571     —    

Unappropriated

    1,828,182     1,426,841     401,341     1,636,803     191,379  

Accumulated other changes in equity from nonowner sources, net of taxes

    2,152,608     1,768,958     383,650     2,392,136     (239,528 )

Treasury stock, at cost

    (576,758 )   (1,000,486 )   423,728     (1,001,535 )   424,777  
                              

Total shareholders’ equity

    10,759,209     9,562,316     1,196,893     10,433,312     325,897  
                              

Total liabilities and shareholders’ equity

    188,028,250     183,826,765     4,201,485     186,202,911     1,825,339  
                              

 

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(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, 2007		  

(in millions of yen)

    2007 (A)     2006 (B)      

Interest income:

         

Loans, including fees

    1,368,955     1,301,182     67,773     2,647,503  

Deposits in other banks

    135,962     123,188     12,774     251,034  

Investment securities

    460,214     346,239     113,975     754,801  

Trading account assets

    54,080     67,026     (12,946 )   99,918  

Call loans, funds sold, and receivables under resale agreements and securities borrowing transactions

    139,826     58,931     80,895     162,473  
                        

Total

    2,159,037     1,896,566     262,471     3,915,729  
                        

Interest expense:

         

Deposits

    549,150     369,982     179,168     835,899  

Call money, funds purchased, and payables under repurchase agreements and securities lending transactions

    206,989     104,498     102,491     284,152  

Due to trust account, other short-term borrowings, and trading account liabilities

    110,176     102,940     7,236     181,108  

Long-term debt

    166,041     133,029     33,012     284,804  
                        

Total

    1,032,356     710,449     321,907     1,585,963  
                        

Net interest income

    1,126,681     1,186,117     (59,436 )   2,329,766  

Provision for credit losses

    241,954     189,523     52,431     358,603  
                        

Net interest income after provision for credit losses

    884,727     996,594     (111,867 )   1,971,163  
                        

Non-interest income:

         

Fees and commissions

    669,935     659,689     10,246     1,407,193  

Foreign exchange gains (losses)—net

    156,880     (102,609 )   259,489     (162,005 )

Trading account profits—net

    104,443     273,340     (168,897 )   404,813  

Investment securities gains (losses)—net

    (6,854 )   54,561     (61,415 )   238,277  

Equity in losses of equity method investees

    (42,051 )   (37,540 )   (4,511 )   (56,879 )

Other non-interest income

    83,281     62,515     20,766     116,537  
                        

Total

    965,634     909,956     55,678     1,947,936  
                        

Non-interest expense:

         

Salaries and employee benefits

    445,046     424,982     20,064     862,401  

Occupancy expenses—net

    84,457     88,545     (4,088 )   179,342  

Fees and commission expenses

    112,675     122,195     (9,520 )   237,979  

Outsourcing expenses, including data processing

    118,510     107,413     11,097     267,921  

Depreciation of premises and equipment

    85,777     51,999     33,778     118,940  

Amortization of intangible assets

    124,031     132,688     (8,657 )   264,930  

Impairment of intangible assets

    600     151,511     (150,911 )   184,760  

Insurance premiums, including deposit insurance

    56,792     55,674     1,118     112,773  

Minority interest in income (loss) of consolidated subsidiaries

    14,638     (817 )   15,455     16,915  

Communications

    30,661     31,143     (482 )   62,209  

Taxes and public charges

    42,997     39,363     3,634     79,683  

Other non-interest expenses

    204,924     144,831     60,093     396,315  
                        

Total

    1,321,108     1,349,527     (28,419 )   2,784,168  
                        

Income from continuing operations before income taxes

    529,253     557,023     (27,770 )   1,134,931  

Income taxes

    257,839     276,503     (18,664 )   552,826  
                        

Income from continuing operations

    271,414     280,520     (9,106 )   582,105  

Loss from discontinued operations–net

    (1,811 )   (613 )   (1,198 )   (817 )
                        

Net income

    269,603     279,907     (10,304 )   581,288  
                        

Income allocable to preferred shareholders:

         

Cash dividends paid

    3,335     9,837     (6,502 )   13,629  

Beneficial conversion feature

    3,816     230,336     (226,520 )   267,432  
                        

Net income available to common shareholders

    262,452     39,734     222,718     300,227  
                        

(in yen)

                         

Earnings per share:

         

Basic earnings per common share—income from continuing operations available to common shareholders

    25.89     4.04     21.85     29.94  

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

    25.71     3.98     21.73     29.86  

Diluted earnings per common share—income from continuing operations available to common shareholders

    25.83     4.01     21.82     29.76  

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

    25.65     3.95     21.70     29.68  

 

-4-

(US GAAP)

Mitsubishi UFJ Financial Group, Inc. and Subsidiaries

Credit Quality Data (Unaudited)

 

     As of September 30,     (A) — (B)     As of
March 31,
2007 (C)		     (A) — (C)  

(in millions of yen)

    2007 (A)     2006 (B)        

Nonaccrual loans

    1,095,722     1,001,470     94,252     1,086,344     9,378  

Restructured loans

    434,882     861,227     (426,345 )   590,686     (155,804 )

Accruing loans contractually past due 90 days or more

    21,320     19,523     1,797     22,470     (1,150 )
                              

Total

    1,551,924     1,882,220     (330,296 )   1,699,500     (147,576 )
                              

Loans

    96,656,703     95,427,561     1,229,142     95,322,844     1,333,859  

Allowance for credit losses

    (1,183,347 )   (1,103,092 )   (80,255 )   (1,112,453 )   (70,894 )

 

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