UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 September, 2003
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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)
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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__
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 30, 2003
MITSUBISHI TOKYO FINANCIAL GROUP, INC.
By: /s/ Atsushi Inamura
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Name: Atsushi Inamura
Title: Chief Manager, General Affairs
Corporate Administration Division
Mitsubishi Tokyo Financial Group, Inc.
Tokyo Stock Exchange Code; 8306
Mitsubishi Tokyo Financial Group, Inc.
Revisions of earning projections for the fiscal year ending March 31, 2004
(Under Japanese GAAP)
Tokyo, September 30, 2003 --- Mitsubishi Tokyo Financial Group, Inc. (MTFG;
President: Shigemitsu Miki) today announced that it revised its consolidated
earning projections for the six months ending September 30, 2003 and the fiscal
year ending March 31, 2004. These revisions were primarily due to the decrease
in credit related costs.
Consolidated earning projections for the six months ending September 30, 2003
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under Japanese GAAP
-------------------
(in billions of Japanese yen, except percentages)
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As previously As revised Increase/(Decrease)
announced*
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Ordinary income 1,395.0 1,395.0 0.0 0.0%
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Ordinary profit 150.0 250.0 100.0 66.6%
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Net income 70.0 270.0 200.0 285.7%
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*Announced on May 26, 2003
Consolidated earning projections for the fiscal year ending March 31, 2004 under
--------------------------------------------------------------------------------
Japanese GAAP
-------------
(in billions of Japanese yen, except percentages)
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As previously As revised Increase/(Decrease)
announced*
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Ordinary income 2,880.0 2,880.0 0.0 0.0%
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Ordinary profit 370.0 490.0 120.0 32.4%
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Net income 190.0 380.0 190.0 100.0%
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*Announced on May 26, 2003
For further information, please see Appendix to this release.
* * *
Inquiries: Katsuhiko Ishizuka
Chief Manager, Financial Policy Division
Mitsubishi Tokyo Financial Group, Inc.
Tel. +81-3-3240-8211
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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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Appendix
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In this Appendix, "MTFG" represents Mitsubishi Tokyo Financial Group, Inc.,
"BTM" represents the Bank of Tokyo-Mitsubishi, Ltd. and "MTBC" represents the
Mitsubishi Trust and Banking Corporation.
Revised earning projections for the six months ending September 30, 2003 under
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Japanese GAAP
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(in billions of Japanese yen, except percentages)
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MTFG BTM MTBC
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Net business profits:
For the six months ending September 30, 2003 - 225.0 100.0
For the six months ended September 30, 2002 (Actual) - 246.4 73.0
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Net gains (losses) on equity securities:
For the six months ending September 30, 2003 (19.0) 4.0 (1.0)
For the six months ended September 30, 2002 (Actual) (242.9) (156.6) (70.4)
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Consolidated ordinary profit (loss):
For the six months ending September 30, 2003 250.0 185.0 70.0
For the six months ended September 30, 2002 (Actual) (193.3) (152.4) (42.6)
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Net special gains (losses):
For the six months ending September 30, 2003 - 227.0 (4.0)
For the six months ended September 30, 2002 (Actual) - 7.6 9.2
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Consolidated net income (loss):
For the six months ending September 30, 2003 270.0 215.0 55.0
For the six months ended September 30, 2002 (Actual) (188.0) (157.3) (32.5)
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Consolidated risk-adjusted capital ratio: Approx. Approx. Approx.
For the six months ending September 30, 2003 12% 11.5% 13.5%
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Notes: The amounts for MTFG are on a consolidated basis. Net business profits,
net gains (losses) on equity securities and net special gains (losses)
for BTM and MTBC are on a non-consolidated basis, and the other amounts
for BTM and MTBC are on a consolidated basis. Net business profits
represent the amount before deducting credit costs for trust accounts
and provision for formula allowance for loan losses.
The sum of net business profits in BTM and MTBC for the six months ending
September 30, 2003 is expected to be approximately 325.0 billion of Japanese
yen, which is substantially unchanged from the six months ended September 30,
2002. Credit related costs for the six months ending September 30, 2003 are
expected to be significantly lower than net business profits for the same
period.
During the six months ending September 30, 2003, BTM and MTBC disposed of their
equity securities holdings of approximately 265.0 billion of Japanese yen and
approximately 230.0 billion of Japanese yen, respectively, for a sum of
approximately 495.0 billion of Japanese yen. Net losses on equity securities for
the six months ending September 30, 2003 are expected to be 19.0 billion of
Japanese yen reflecting the recovery of stock prices.
Net special gains of BTM for the six months ending September 30, 2003 are
expected to be 227.0 billion of Japanese yen. These gains primarily include
recoveries of allowance for credit losses that are primarily attributable to the
decrease in new problem loans and BTM's active efforts through several
strategies such as the preventive business model in the revitalizing of
borrowers with financial difficulties, gains in connection with the transfer to
the Japanese Government of a substitutional portion of employee pension fund
liabilities, and a tax refund of local bank tax imposed by the Tokyo
Metropolitan Government due to the condition of the settlement.
Revised earning projections for the fiscal year ending March 31, 2004 under
---------------------------------------------------------------------------
Japanese GAAP
-------------
(in billions of Japanese yen, except percentages)
-----------------------------------------------------------------------------------------------------------------
MTFG BTM MTBC
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Consolidated ordinary profit (loss):
For the fiscal year ending March 31, 2004 490.0 370.0 110.0
For the fiscal year ended March 31, 2003 (Actual) (360.2) (272.6) (200.5)
------------------------------------------------------------------- --------------- -------------- --------------
Consolidated net income (loss):
For the fiscal year ending March 31, 2004 380.0 305.0 75.0
For the fiscal year ended March 31, 2003 (Actual) (161.4) (138.1) (97.3)
------------------------------------------------------------------- --------------- -------------- --------------
The revised projections of consolidated ordinary profit and consolidated net
income for the fiscal year ending March 31, 2004 is primarily reflecting the
upward revision of earning projections for the six months ending September 30,
2003.
* * *
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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, 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 MTFG's management will
strive to achieve through the successful implementation of 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. 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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