BW20030528002057 20030528T131940Z UTC
( BW)(SUMITOMO-MITSUI-BNKG)(SBK) Final Results - Part 2
Business Editors
UK REGULATORY NEWS
TOKYO--(BUSINESS WIRE)--May 28, 2003--
Part 2 of 2
CONSOLIDATED STATEMENT OF OPERATIONS
Year ended March 31, 2003 (Millions of yen)
------------------------------------------------------------------------------------------
Ordinary income: 3,506,386
Interest income 1,816,908
Interest on loans and discounts 1,262,092
Interest and dividends on securities 268,261
Interest on call loans and bills bought 4,179
Interest on receivables under resale agreements 1,352
Interest on receivables under securities borrowing
transactions 225
Interest on deposits with banks 34,768
Other interest income 246,028
Trust fees 7
Fees and commissions 424,238
Trading profits 206,496
Other operating income 946,957
Lease-related income 392,362
Installment-related income 178,671
Other 375,923
Other income 111,776
Ordinary expenses: 4,022,136
Interest expenses 417,404
Interest on deposits 152,373
Interest on negotiable certificates of deposit 7,576
Interest on call money and bills sold 3,724
Interest on payables under repurchase agreements 18,185
Interest on payables under securities lending
transactions 28,830
Interest on commercial paper 380
Interest on borrowed money 52,380
Interest on bonds 76,202
Amortization of bond discounts 77
Interest on bonds with subscription rights 16
Other interest expenses 77,654
Fees and commissions 71,338
Trading losses 725
Other operating expenses 721,134
Lease-related expenses 344,621
Installment-related expenses 161,889
Other 214,624
General and administrative expenses 889,237
Other expenses 1,922,296
Transfer to reserve for possible loan losses 654,711
Other 1,267,584
--------------------------------
Ordinary loss 515,749
Extraordinary gains 11,906
Gains on disposition of premises and equipment 5,578
Collection of written-off claims 1,833
Transfer from reserve for contingent liabilities from
securities transaction 80
Other extraordinary gains 4,413
Extraordinary losses 87,071
Losses on disposition of premises and equipment 38,880
Other extraordinary losses 48,190
--------------------------------
Loss before income taxes and minority interests 590,914
Income taxes, Current 66,068
Deferred (225,190)
Minority interests in net income 33,567
--------------------------------
Net loss 465,359
================================
Notes to Consolidated Statement of Operations
1. Amounts less than one million yen have been omitted.
2. Net loss per share was 84,324.99 yen.
From this fiscal year, SMFG applies 'Accounting Standard for Earnings
Per Share' (Financial Accounting Standards No.2) and 'Implementation
Guidance for Accounting Standard for Earnings Per Share' (Financial
Accounting Standards Implementation Guidance No.4). This accounting
change has no impact on net loss per share.
3. Profits and losses on trading transactions are recognized on a
trade date basis, and recorded as 'Trading profits' and 'Trading
losses.' Both accounts include interest received or paid during the
fiscal year. The valuation differences of securities and money claims
between the previous fiscal year-end and this fiscal year-end are
recorded in the above-mentioned accounts. As for the derivatives,
assuming that the settlement will be made in cash, valuation
differences between this fiscal year-end and previous fiscal year-end
are recorded in the above-mentioned accounts.
4. Standards for recognizing rental income on lease transactions and
income/expenses on installment sales are as follows:
(1) Recognition of lease-related income on lease transactions
Basically, lease-related income is recognized on a straight-line basis
over the full term of the lease, based on the monthly rent revenue.
(2) Recognition of income and expenses on installment sales
Basically, installment-sales-related income and
installment-sales-related expenses are recognized on a due-date basis
over the full term of the installment sales.
5. 'Other income' includes gains on sales of stocks and other
securities of 54,004 million yen.
6. 'Other' in 'Other expenses' includes write-off of loans of 364,605
million yen and losses on devaluation of stocks of 507,624 million
yen.
7. 'Other extraordinary gains' are gains on return of the entrusted
portion of employee pension fund.
8. 'Other extraordinary losses' include amortized cost of unrecognized
net obligation from initial application of the new accounting standard
for employee retirement benefits of 23,158 million yen and losses on
disposal of software of 15,014 million yen.
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
Year ended March 31, 2003 (Millions of yen)
------------------------------------------------------------------------------
Capital surplus
----------------------------------------------------------
Balance of capital surplus at beginning of year 1,684,373
Balance of capital reserve at beginning of year 1,326,758
Balance of other capital surplus at beginning
of year 357,614
Increase of capital surplus 577,465
Increase due to establishment of SMFG by stock
transfer 326,746
Stock issue due to capital increase 247,650
Increase due to merger 3,069
Decrease of capital surplus 1,405,601
Decrease due to mergers of consolidated
subsidiaries 1,405,507
Losses on disposition of treasury stock 93
Balance of capital surplus at end of year 856,237
-----------------
Retained earnings
----------------------------------------------------------
Retained earnings at beginning of year 117,743
Increase of retained earnings 696,631
Increase due to merger 15,813
Increase due to merger of consolidated
subsidiaries 658,443
Increase due to increase of affiliates accounted
for by the equity method 5,248
Increase due to transfer of land revaluation
excess 17,125
Decrease of retained earnings 502,710
Net loss 465,359
Dividends paid 37,349
Decrease due to decrease of consolidated
subsidiaries 2
Balance of retained earnings at end of year 311,664
-----------------
(Note) Amounts less than one million yen have been omitted.
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended March 31, 2003 (Millions of yen)
-------------------------------------------------------------------------------------------
1. Cash flows from operating activities:
Loss before income taxes and minority interests (590,914)
Depreciation of premises, equipment and others 89,414
Depreciation of lease assets 312,562
Amortization of goodwill 10,171
Equity in earnings of affiliates (5,718)
Net change in reserve for possible loan losses 82,688
Net change in reserve for possible losses on loans sold (65,706)
Net change in reserve for employee bonuses (140)
Net change in reserve for employee retirement benefits (47,563)
Interest income (1,816,908)
Interest expenses 417,404
Net (gains) losses on securities 471,528
Net (income) loss from money held in trust 4,003
Net (gains) losses on foreign exchange 170,155
Net (gains) losses from disposition of premises and equipment 33,301
Net (gains) losses from disposition of lease assets 1,505
Net change in trading assets (1,253,569)
Net change in trading liabilities 569,881
Net change in loans and bills discounted 2,472,161
Net change in deposits (2,024,876)
Net change in negotiable certificates of deposit (1,806,894)
Net change in borrowed money (excluding subordinated debt) (261,965)
Net change in deposits with banks 2,947,705
Net change in call loans, bills bought and receivables under resale
agreements 1,280,173
Net change in receivables under securities borrowing transactions 1,039,276
Net change in call money, bills sold and payables under repurchase
agreements 902,660
Net change in commercial paper (979,700)
Net change in payables under securities lending transactions 1,632,445
Net change in foreign exchanges (Assets) 42,144
Net change in foreign exchanges (Liabilities) 99,013
Issuance and redemption of bonds (excluding subordinated bonds) 457,319
Net change in due to trust account 5,953
Interest received 1,956,975
Interest paid (464,798)
Other, net (100,004)
-----------------
Subtotal 5,579,686
Income taxes paid (136,485)
-----------------
Net cash provided by operating activities 5,443,200
2. Cash flows from investing activities:
Purchases of securities (49,938,065)
Proceeds from sale of securities 37,711,992
Proceeds from maturity of securities 7,907,363
Purchases of money held in trust (14,622)
Proceeds from sale of money held in trust 23,624
Purchases of premises and equipment (69,884)
Proceeds from sale of premises and equipment 73,677
Purchases of lease assets (336,512)
Proceeds from sale of lease assets 33,900
Purchases of stocks of subsidiaries (15,444)
Proceeds from sale of stocks of subsidiaries 53
-----------------
Net cash used in investing activities (4,623,917)
3. Cash flows from financing activities:
Proceeds from issuance of subordinated debt 165,000
Repayment of subordinated debt (286,500)
Proceeds from issuance of subordinated bonds, bonds with subscription
rights for shares and notes 223,950
Repayment of subordinated bonds, bonds with subscription rights for
shares and notes (565,522)
Proceeds from issuance of stocks 495,300
Dividends paid (37,348)
Income from minority stockholders 220
Dividends paid to minority stockholders (39,621)
Purchases of treasury stock (7,875)
Proceeds from sale of treasury stock 8,479
-----------------
Net cash used in financing activities (43,919)
4. Foreign currency translation adjustments on cash and cash equivalents (2,629)
-----------------
5. Net change in cash and cash equivalents 772,734
6. Cash and cash equivalents at beginning of year 2,128,742
7. Change in cash and cash equivalents due to merger of consolidated
subsidiaries 0
8. Change in cash and cash equivalents due to decrease of consolidated
subsidiaries (486)
-----------------
9. Cash and cash equivalents at end of year 2,900,991
=================
Notes to Consolidated Statement of Cash Flows
1. Amounts less than one million yen have been omitted.
2. For the purposes of presenting the consolidated statement of cash
flows, 'Cash and cash equivalents' are cash on hand and non-interest
earning deposits with banks.
3. Reconciliation of 'Cash and due from banks' of the consolidated
balance sheet to 'Cash and cash equivalents' at the fiscal year-end is
as follows: March 31, 2003
(Millions of yen)
Cash and due from banks 3,442,523
Interest-earning deposits (541,532)
------------------------------------------------
Cash and cash equivalents 2,900,991
===================
4. Reconciliation of the opening balance and the expense for
acquisition with respect to acquisition of five companies including
Meiko National Securities Co., Ltd. and MITSUI AUTO LEASING, LTD are
as follows:
Assets [including Lease assets of
191,318 82,346 million yen]
Liabilities [including Borrowed money of
(150,698) (96,817) million yen]
Minority interests (26,881)
Goodwill 5,013
----------------------------------------------------------------
Acquisition costs for the five companies' stocks(a) 18,751
Cash and cash equivalents of the five companies'(b)
stocks (3,306)
----------------------------------------------------------------
(a) - (b) Expense for acquisition of the five
companies 15,444
===========
COMPARATIVE CONSOLIDATED BALANCE SHEETS (CONDENSED)
March 31 (Millions of yen)
--------------------------------------------------------
2003 2002 [SMBC] Difference
(A) (B) (A-B)
-------------------------------------------------------------------------------------------------------
Assets:
Cash and due from banks 3,442,523 5,632,296 (2,189,773)
Call loans and bills bought 187,563 720,154 (532,591)
Receivables under resale agreements 109,710 793,266 (683,556)
Receivables under securities borrowing
transactions 1,981,243 - 1,981,243
Commercial paper and other debt purchased 363,981 461,879 (97,898)
Trading assets 4,495,396 3,278,105 1,217,291
Money held in trust 24,629 33,860 (9,231)
Securities 24,118,520 20,694,632 3,423,888
Loans and bills discounted 61,082,946 63,645,586 (2,562,640)
Foreign exchanges 749,974 795,755 (45,781)
Other assets 3,219,009 6,447,644 (3,228,635)
Premises and equipment 1,007,905 1,207,589 (199,684)
Lease assets 996,344 927,120 69,224
Deferred tax assets 1,956,103 1,882,464 73,639
Deferred tax assets for land revaluation 724 726 (2)
Goodwill 30,031 18,518 11,513
Customers' liabilities for acceptances and
guarantees 3,084,383 3,625,047 (540,664)
Reserve for possible loan losses (2,243,542) (2,159,649) (83,893)
--------------- --------------- ---------------------
Total assets 104,607,449 108,005,001 (3,397,552)
=============== =============== =====================
Liabilities:
Deposits 62,931,007 64,985,976 (2,054,969)
Negotiable certificates of deposit 4,853,017 6,662,097 (1,809,080)
Call money and bills sold 8,953,084 10,775,484 (1,822,400)
Payables under repurchase agreements 4,144,735 1,468,504 2,676,231
Pledged money for securities lending
transactions - 3,174,799 (3,174,799)
Payables under securities lending transactions 4,807,245 - 4,807,245
Commercial paper 187,800 1,167,500 (979,700)
Trading liabilities 2,851,391 2,331,500 519,891
Borrowed money 2,580,135 2,889,907 (309,772)
Foreign exchanges 397,666 299,610 98,056
Bonds 3,583,754 3,505,820 77,934
Convertible bonds - 1,106 (1,106)
Due to trust account 5,953 - 5,953
Other liabilities 2,558,956 2,861,669 (302,713)
Reserve for employee bonuses 22,079 21,606 473
Reserve for employee retirement benefits 101,408 147,972 (46,564)
Reserve for possible losses on loans sold 20,665 86,371 (65,706)
Other reserves 649 336 313
Deferred tax liabilities 43,930 39,206 4,724
Deferred tax liabilities for land revaluation 58,788 64,015 (5,227)
Acceptances and guarantees 3,084,383 3,625,047 (540,664)
--------------- --------------- ---------------------
Total liabilities 101,186,654 104,108,534 (2,921,880)
--------------- --------------- ---------------------
Minority interests 996,720 983,847 12,873
--------------- --------------- ---------------------
Total stockholders' equity 2,424,074 2,912,619 (488,545)
--------------- --------------- ---------------------
Total liabilities, minority interests
and stockholders'
equity 104,607,449 108,005,001 (3,397,552)
=============== =============== =====================
(Notes) 1. Amounts for March 31, 2002 are those of former SMBC.
2. Amounts less than one million yen have been omitted.
COMPARATIVE CONSOLIDATED STATEMENTS OF OPERATIONS (CONDENSED)
Year (Millions of yen)
ended
March
31,
--------------------------------------------------
2002 Difference
2003 [SMBC]
(A) (B) (A-B)
---------------------------------------------------------------------------------------------------
Ordinary income: 3,506,386 3,779,702 (273,316)
Interest income 1,816,908 2,176,685 (359,777)
Interest on loans and discounts 1,262,092 1,420,950 (158,858)
Interest and dividends on securities 268,261 318,508 (50,247)
Trust fees 7 - 7
Fees and commissions 424,238 387,280 36,958
Trading profits 206,496 129,450 77,046
Other operating income 946,957 845,583 101,374
Other income 111,776 240,702 (128,926)
Ordinary expenses: 4,022,136 4,360,330 (338,194)
Interest expenses 417,404 726,901 (309,497)
Interest on deposits 152,373 331,670 (179,297)
Fees and commissions 71,338 67,747 3,591
Trading losses 725 17 708
Other operating expenses 721,134 666,651 54,483
General and administrative expenses 889,237 935,553 (46,316)
Other expenses 1,922,296 1,963,458 (41,162)
------------- ---------- ------------------
Ordinary loss (515,749) (580,628) 64,879
Extraordinary gains 11,906 29,428 (17,522)
Extraordinary losses 87,071 53,138 33,933
------------- ---------- ------------------
Loss before income taxes and minority interests (590,914) (604,338) 13,424
Income taxes, Current 66,068 101,860 (35,792)
Income taxes, Deferred (225,190) (289,305) 64,115
Minority interests in net income 33,567 46,993 (13,426)
------------- ---------- ------------------
Net loss (465,359) (463,887) (1,472)
============= ========== ==================
(Notes) 1. Amounts for March 31, 2002 are those of former SMBC.
2. Amounts less than one million yen have been omitted.
COMPARATIVE CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (CONDENSED)
Year ended March 31, (Millions of yen)
------------------------------------------------
2003 2002 [SMBC] Difference
(A) (B) (A-B)
--------------------------------------------------------------------------------------------------
Balance of retained earnings at beginning of year - 319,924 (319,924)
Increase of retained earnings - 741,468 (741,468)
Decrease of retained earnings - 122,148 (122,148)
Net loss - (463,887) 463,887
-------------- ------------- ---------------
Balance of retained earnings at end of year - 475,357 (475,357)
============== ============= ===============
Capital surplus
--------------------------------------------------
Balance of capital surplus at beginning of year 1,684,373 - 1,684,373
Balance of capital reserve at beginning of
year 1,326,758 - 1,326,758
Balance of other capital surplus at beginning
of year 357,614 - 357,614
Increase of capital surplus 577,465 - 577,465
Decrease of capital surplus 1,405,601 - 1,405,601
-------------- ------------- ---------------
Balance of capital surplus at end of year 856,237 - 856,237
============== ============= ===============
Retained earnings
--------------------------------------------------
Retained earnings at beginning of year 117,743 - 117,743
Increase of retained earnings 696,631 - 696,631
Decrease of retained earnings 502,710 - 502,710
-------------- ------------- ---------------
Balance of retained earnings 311,664 - 311,664
============== ============= ===============
(Notes) 1. Amounts for March 31, 2002 are those of former SMBC.
2. Amounts less than one million yen have been omitted.
COMPARATIVE CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended (Millions of yen)
March 31,
------------------------------------------------
2003 2002 [SMBC] Difference
(A) (B) (A-B)
----------------------------------------------------------------------------------------------------------
1. Cash flows from operating activities:
Income (Loss) before income taxes and minority
interests (590,914) (604,338) 13,424
Depreciation of premises, equipment and others 89,414 96,374 (6,960)
Depreciation of lease assets 312,562 306,044 6,518
Amortization of goodwill 10,171 4,806 5,365
Equity in earnings of affiliates (5,718) (2,964) (2,754)
Net change in reserve for possible loan losses 82,688 884,174 (801,486)
Net change in reserve for possible losses on loans
sold (65,706) (58,895) (6,811)
Net change in reserve for employee bonuses (140) 21,606 (21,746)
Net change in reserve for employee retirement benefits (47,563) (42,469) (5,094)
Interest income (1,816,908) (2,176,685) 359,777
Interest expenses 417,404 726,901 (309,497)
Net (gains) losses on securities 471,528 (64,057) 535,585
Net (income) loss from money held in trust 4,003 56 3,947
Net (gains) losses on foreign exchange 170,155 (160,717) 330,872
Net (gains) losses from disposition of premises and
equipment 33,301 23,052 10,249
Net (gains) losses from disposition of lease assets 1,505 995 510
Gain on sale of business operation - (5,000) 5,000
Net change in trading assets (1,253,569) (757,328) (496,241)
Net change in trading liabilities 569,881 1,030,514 (460,633)
Net change in loans and bills discounted 2,472,161 1,794,503 677,658
Net change in deposits (2,024,876) 1,887,932 (3,912,808)
Net change in negotiable certificates of deposit (1,806,894) (4,989,141) 3,182,247
Net change in borrowed money (excluding subordinated
debt) (261,965) (456,519) 194,554
Net change in deposits with banks 2,947,705 2,018,942 928,763
Net change in call loans, bills bought and receivables
under resale agreements 1,280,173 1,904,425 (624,252)
Net change in pledged money for securities borrowing
transactions - (2,196,808) 2,196,808
Net change in receivables under securities borrowing
transactions 1,039,276 - 1,039,276
Net change in call money, bills sold and payables
under repurchase agreements 902,660 (3,020,667) 3,923,327
Net change in commercial paper (979,700) (569,827) (409,873)
Net change in pledged money for securities lending
transactions - (1,715,984) 1,715,984
Net change in payables under securities lending
transactions 1,632,445 - 1,632,445
Net change in foreign exchanges (Assets) 42,144 (56,299) 98,443
Net change in foreign exchanges (Liabilities) 99,013 48,749 50,264
Net change in bonds (excluding subordinated bonds) 457,319 359,901 97,418
Net change in due to trust account 5,953 - 5,953
Interest received 1,956,975 2,342,208 (385,233)
Interest paid (464,798) (829,888) 365,090
Other, net (100,004) (1,070,901) 970,897
------------ ------------ ----------------------
Subtotal 5,579,686 (5,327,304) 10,906,990
Income taxes paid (136,485) (54,205) (82,280)
------------ ------------ ----------------------
Net cash provided by (used in) operating activities 5,443,200 (5,381,510) 10,824,710
2. Cash flows from investing activities:
Purchases of securities (49,938,065) (39,722,661) (10,215,404)
Proceeds from sale of securities 37,711,992 32,828,672 4,883,320
Proceeds from maturity of securities 7,907,363 12,828,207 (4,920,844)
Purchases of money held in trust (14,622) (5,011) (9,611)
Proceeds from sale of money held in trust 23,624 42,663 (19,039)
Purchases of premises and equipment (69,884) (73,354) 3,470
Proceeds from sale of premises and equipment 73,677 134,704 (61,027)
Purchases of lease assets (336,512) (342,964) 6,452
Proceeds from sale of lease assets 33,900 37,736 (3,836)
Purchases of stocks of subsidiaries (15,444) (599) (14,845)
Proceeds from sale of stocks of subsidiaries 53 416 (363)
Proceeds from sale of business operation - 5,000 (5,000)
------------ ------------ ----------------------
Net cash provided by (used in) investing activities (4,623,917) 5,732,808 (10,356,725)
3. Cash flows from financing activities:
Proceeds from issuance of subordinated debt 165,000 128,000 37,000
Repayment of subordinated debt (286,500) (278,000) (8,500)
Proceeds from issuance of subordinated bonds,
convertible bonds and notes - 201,198 (201,198)
Proceeds from issuance of subordinated bonds, bonds
with subscription rights for shares and notes 223,950 - 223,950
Repayment of subordinated bonds, convertible bonds and
notes - (262,361) 262,361
Repayment of subordinated bonds, bonds with
subscription rights for shares and notes (565,522) - (565,522)
Proceeds from issuance of stocks 495,300 - 495,300
Dividends paid (37,348) (11,101) (26,247)
Payment of delivered money due to merger - (17,839) 17,839
Income from minority stockholders 220 9,000 (8,780)
Dividends paid to minority stockholders (39,621) (39,064) (557)
Purchases of treasury stock (7,875) (8,539) 664
Proceeds from sale of treasury stock 8,479 8,286 193
Proceeds from sale of parent bank stocks held by
subsidiaries - 1,607 (1,607)
------------ ------------ ----------------------
Net cash used in financing activities (43,919) (268,813) 224,894
4. Foreign currency translation adjustments on cash and
cash equivalents (2,629) 3,595 (6,224)
------------ ------------ ----------------------
5. Net change in cash and cash equivalents 772,734 86,079 686,655
6. Cash and cash equivalents at beginning of year 2,128,742 868,132 1,260,610
7. Change in cash and cash equivalents due to merger - 1,075,527 (1,075,527)
8. Change in cash and cash equivalents due to merger of
consolidated subsidiaries 0 2,544 (2,544)
9. Change in cash and cash equivalents due to newly
consolidated subsidiaries - 96,459 (96,459)
10. Change in cash and cash equivalents due to decrease of
consolidated subsidiaries (486) - (486)
------------ ------------ ----------------------
11. Cash and cash equivalents at end of year 2,900,991 2,128,742 772,249
============ ============ ======================
(Notes) 1. Amounts for March 31, 2002 are those of former SMBC.
2. Amounts less than one million yen have been omitted.
V. SEGMENT INFORMATION
-------------------------
(1) Business segment information
Year ended March 31, 2003 (Millions of yen)
-----------------------------------------------------------------------------------------------------------
Banking Leasing Other Total Elimination Consolidated
Business
-----------------------------------------------------------------------------------------------------------
Ordinary income
(1) External
customers 2,530,217 640,529 335,639 3,506,386 - 3,506,386
(2) Intersegment 31,282 5,563 163,790 200,636 (200,636) -
----------------------------------------------------------------------------------
Total 2,561,499 646,093 499,429 3,707,023 (200,636) 3,506,386
Ordinary expenses 3,130,721 622,237 447,163 4,200,122 (177,986) 4,022,136
----------------------------------------------------------------------------------
Ordinary profit (loss) (569,221) 23,855 52,265 (493,099) (22,650) (515,749)
----------------------------------------------------------------------------------
Assets 102,058,264 1,789,697 6,158,720 110,006,682 (5,399,232) 104,607,449
Depreciation 73,505 329,478 18,908 421,892 1 421,894
Capital expenditure 85,829 319,716 30,145 435,690 29 435,720
(Notes)
1. The business segmentation is classified based on SMFG's internal
administrative purpose. Ordinary income and ordinary profit are
presented as counterparts of sales and operating profit of
companies in other industries.
2. Other' includes securities, credit card business, investment
banking, loans, venture capital, system development and data
processing.
3. Amount of assets that are included in 'Elimination' is 3,373,529
million yen, most of which are stocks of SMFG's subsidiaries and
affiliates.
Year ended March 31, 2002 [ Sumitomo Mitsui Banking Corporation ]
(Millions of yen)
-----------------------------------------------------------------------------------
Banking Leasing Other Total Elimination Consolidated
Business
-----------------------------------------------------------------------------------------------------------
Ordinary income
(1) External
customers 2,698,303 585,108 496,291 3,779,702 - 3,779,702
(2) Intersegment 264,276 5,262 205,584 475,123 (475,123) -
----------------------------------------------------------------------------------
Total 2,962,579 590,370 701,875 4,254,825 (475,123) 3,779,702
Ordinary expenses 3,536,635 565,781 504,598 4,607,015 (246,684) 4,360,330
----------------------------------------------------------------------------------
Ordinary profit (loss) (574,055) 24,589 197,277 (352,189) (228,438) (580,628)
----------------------------------------------------------------------------------
Assets 105,898,627 1,723,850 6,766,939 114,389,418 (6,384,416) 108,005,001
Depreciation 79,019 345,405 19,623 444,048 - 444,048
Capital expenditure 101,295 305,198 25,238 431,732 - 431,732
(2) Geographic segment information
Year ended March 31, 2003 (Millions of yen)
--------------------------------------------------------------------------------------------------------------
Japan The Europe Asia and Total Elimination Consolidated
Americas Oceania
--------------------------------------------------------------------------------------------------------------
Ordinary income
(1) External
customers 3,033,860 173,224 174,353 124,948 3,506,386 - 3,506,386
(2) Intersegment 66,249 48,741 32,144 26,912 174,048 (174,048) -
----------------------------------------------------------------------------------
Total 3,100,110 221,966 206,498 151,860 3,680,435 (174,048) 3,506,386
Ordinary expenses 3,804,777 149,894 134,985 82,652 4,172,309 (150,172) 4,022,136
----------------------------------------------------------------------------------
Ordinary profit (loss) (704,666) 72,071 71,512 69,208 (491,873) (23,876) (515,749)
----------------------------------------------------------------------------------
Assets 96,909,941 6,138,645 2,167,625 2,647,964 107,864,176 (3,256,726) 104,607,449
(Notes)
1. Adjusted operating incomeThe geographic segmentation is classified
based on the degrees of following factors:
geographic proximity, similarity of economic activities and
relationship of business activities among regions.
Ordinary income and ordinary profit are presented as counterparts
of sales and operating profit of companies in other industries.
2. Assets The Americas includes the United States, Brazil, Canada and
others; Europe includes the United Kingdom, Germany and France and
others; Asia and Oceania includes Hong Kong, Singapore, Australia
and others except Japan.
3. Amount of assets that are included in 'Elimination' is 3,373,529
million yen, most of which are stocks of SMFG's subsidiaries and
affiliates.
Year ended March 31, 2002 [ Sumitomo Mitsui Banking Corporation ] (Millions of yen)
--------------------------------------------------------------------------------------------------------------
Japan The Europe Asia and Total Elimination Consolidated
Americas Oceania
--------------------------------------------------------------------------------------------------------------
Ordinary income
(1) External
customers 2,934,322 418,104 210,831 216,443 3,779,702 - 3,779,702
(2) Intersegment 276,404 85,450 122,428 76,812 561,096 (561,096) -
----------------------------------------------------------------------------------
Total 3,210,727 503,554 333,260 293,256 4,340,799 (561,096) 3,779,702
Ordinary expenses 3,895,821 290,884 304,545 240,295 4,731,546 (371,215) 4,360,330
----------------------------------------------------------------------------------
Ordinary profit (loss) (685,093) 212,670 28,714 52,961 (390,746) (189,881) (580,628)
----------------------------------------------------------------------------------
Assets 96,551,202 7,122,548 3,210,741 4,057,313 110,941,806 (2,936,804) 108,005,001
(3) Ordinary income from foreign operations
(Millions of yen)
----------------------------------------------------------------------------------------------------
Consolidated Consolidated
Ordinary
Income from Ordinary Income
Foreign Operations (B)
(A) (A) / (B)
----------------------------------------------------------------------------------------------------
Year ended March 31, 2003 472,525 3,506,386 13.5 %
----------------------------------------------------------------------------------------------------
Year ended March 31, 2002
[SMBC] 845,379 3,779,702 22.4 %
(Notes)
1. Consolidated ordinary income from foreign operations are presented
as counterparts of overseas sales of companies in other
industries.
2. The above table shows ordinary income from transactions of
overseas branches of SMBC and transactions of overseas
consolidated subsidiaries, excluding internal income. These
extensive transactions are not categorized by transaction party
and the geographic segment information is not presented because
such information is not available.
VI. Products, Orders and Sales
----------------------------------------
This information is not available because of the specialty of banking
business.
[ Supplemental Information ]
Market Value Information on Securities
--------------------------------------------
[1] Securities
1. As of March 31, 2003
(Notes)
1. In addition to 'Securities' stated in the consolidated balance
sheet, the amounts below include trading securities, negotiable
certificates of deposit bought and commercial paper classified as
'Trading assets,' negotiable certificates of deposit bought
classified as 'Cash and due from banks' and commercial paper and
beneficiary claim on loan trust classified as 'Commercial paper
and other debt purchased.'
2. Stocks of subsidiaries and affiliates that have market value are
presented in notes to nonconsolidated financial statements.
(1) Securities classified as trading purposes
As of and for the year ended March 31, 2003 (Millions of yen)
---------------------------------------------------------------------------------------------
Consolidated balance Valuations gains (losses) included in
sheet amount profit/loss during the year
--------------------------------------------------------------------------------------------------------------
Securities for trading
purposes 1,434,190 (1,096)
(2) Bonds classified as held-to-maturity
As of March 31, 2003 (Millions of yen)
----------------------------------------------------------------------------------------------
Consolidated Market Net unrealized Unrealized Unrealized
balance value gains gains losses
sheet (losses)
amount
---------------------------------------------------------------------------------------------------
Japanese government bonds 311,391 315,414 4,023 4,023 -
Japanese local government
bonds 23,091 23,920 828 828 -
Japanese corporate bonds - - - - -
Other 42,413 43,444 1,030 1,136 105
---------------------------------------------------------------
Total 376,896 382,779 5,882 5,988 105
(Note) Market value is calculated using market prices at the year-end.
(3) Other securities which have market value
As of March 31, 2003 (Millions of yen)
----------------------------------------------------------------------------------------------
Acquisition Consolidated Net unrealized Unrealized Unrealized
cost balance gains gains losses
sheet (losses)
amount
---------------------------------------------------------------------------------------------------
Stocks 3,167,955 3,002,513 (165,442) 112,952 278,395
Bonds 14,024,014 14,135,179 111,164 117,093 5,928
Japanese government bonds 12,516,061 12,590,255 74,193 79,479 5,286
Japanese local government
bonds 342,798 352,112 9,314 9,415 101
Japanese corporate bonds 1,165,153 1,192,811 27,657 28,197 540
Other 4,479,136 4,502,770 23,634 42,897 19,263
---------------------------------------------------------------
Total 21,671,106 21,640,463 (30,643) 272,943 303,587
(Notes)
1. Market value is calculated as follows:
Stocks Average market price during one month before the
fiscal year-end
Bonds and Market price at the fiscal year-end
other
2.Other securities with no market value are considered as impaired if
the market value decreases significantly below the acquisition
cost and such decline is not considered as recoverable. The market
value is recognized as the consolidated balance sheet amount and
the amount of write-down is accounted for as valuation loss
(impaired) for the current fiscal year. Valuation loss for this
fiscal year was 494,815 million yen. The rule for determining
'significant decline' is as follows and is based on the
classification of issuing company under self-assessment of assets.
Bankrupt/ Effectively bankrupt/ Potentially bankrupt issuers :
Market value is lower than acquisition cost
Issuers requiring caution :Market value is 30% or more lower
than acquisition cost
Normal issuers : Market value is 50% or more lower than
acquisition cost
Bankrupt issuers: Issuers that are legally bankrupt or
formally declared bankrupt
Effectively bankrupt issuers: Issuers that are not legally
bankrupt but regarded as substantially bankrupt
Potentially bankrupt issuers: Issuers that are perceived to
have a high risk of falling into bankruptcy
Issuers requiring caution: Issuers that are identified for
close monitoring
Normal issuers: Issuers other than the above four categories
of issuers
(4) Bonds sold during the fiscal year that are classified as
held-to-maturity
There are no corresponding transactions.
(5) Other securities sold during the fiscal year
Year ended March 31, 2003 (Millions of yen)
--------------------------------------------------------------------
Sales Gains Losses
amount on sales on sales
--------------------------------------------------------------------
Other securities 37,709,925 231,862 190,364
(6) Securities which do not have market value
As of March 31, 2003 (Millions of yen)
--------------------------------------------------------------------
Consolidated balance
sheet amount
--------------------------------------------------------------------
Bonds classified as held-to-maturity
Unlisted foreign securities 4,105
Other 6,463
Other securities
Unlisted foreign securities 363,282
Unlisted bonds 1,176,885
Unlisted stocks (except OTC trading
stocks) 281,888
Other 137,050
(7) Change in classification of securities
There are no corresponding items.
(8) Redemption schedule of other securities that have maturities and
bonds classified as held-to-maturity
As of March 31, 2003 (Millions of yen)
-----------------------------------------------------------------------------
1 year or 1 to 5 years 5 to 10 over 10
less years years
-----------------------------------------------------------------------------
Bonds 3,482,943 8,134,230 3,769,404 260,826
Japanese government bonds 3,303,635 6,306,161 3,034,984 256,865
Japanese local government
bonds 11,935 138,933 223,723 612
Japanese corporate bonds 167,372 1,689,135 510,695 3,349
Other 355,161 2,886,041 765,581 880,974
------------------------------------------------
Total 3,838,104 11,020,271 4,534,985 1,141,800
[2] Money Held in Trust
1. As of March 31, 2003
(1) Money held in trust classified as trading purposes
As of and for the year ended March 31, 2003 (Millions of yen)
----------------------------------------------------------------------------------------------------------------------
Consolidated balance Valuations gains (losses)
sheet amount included in profit/loss during
the year
----------------------------------------------------------------------------------------------------------------------
Money held in trust for trading purposes 1,629 12
(2) Money held in trust classified as held-to-maturity
There are no corresponding transactions.
(3) Other money held in trust (Money held in trust except for
trading purposes and held-to-maturity)
As of March 31, 2003 (Millions
of yen)
----------------------------------------------------------------------------------------------------------------------
AcquisitionConsolidated Net UnrealizedUnrealized
cost balance unrealized gains losses
sheet gains
amount (losses)
----------------------------------------------------------------------------------------------------------------------
Other money held in trust 23,044 23,000 (44) 510 555
(Note) Market value is calculated by using market prices at the
consolidated fiscal year-end.
[3] Net Unrealized Gains (Losses) on Other Securities
1. As of March 31, 2003
Net unrealized gains (losses) on other securities that is reported
on the consolidated balance sheet is shown as follows:
As of March 31, 2003 (Millions of yen)
-----------------------------------------------------------------------------------------------
Net unrealized gains (30,758)
Other securities (30,713)
Other money held in trust (44)
(+)Deferred tax assets 2,004
----------------------------
Net unrealized gains (losses) on other securities (before following
adjustment) (28,754)
============================
(-)Minority interests (4,557)
(+)Parent company's share in net unrealized gains (losses) on other securities
held by affiliates accounted for by the equity method (1)
----------------------------
Net unrealized gains (losses) on other securities (24,197)
(Note) Net unrealized gains (losses) included foreign currency
translation adjustments on non-marketable securities denominated
in foreign currency.
Market Value Information on Derivative Transactions
-------------------------------------------------------------------
1. As of March 31, 2003
(1) Interest Rate Derivatives
As of March 31, 2003 (Millions of yen)
------------------------------------------------------------------------------------------------------
Market value Valuation
Contract (Over 1 year) gains (losses)
amount
------------------------------------------------------------------------------------------------------
Transactions listed on exchange
Interest rate futures
sold 59,749,099 4,547,691 (103,623) (103,623)
bought 57,633,988 5,676,922 109,474 109,474
Interest rate options
sold 1,230,739 - 76 76
bought 600,964 205,802 (99) (99)
Over-the-counter transactions
Forward rate agreements
sold 13,389,231 590,000 1,076 1,076
bought 3,469,855 455,000 (500) (500)
Interest rate swaps 305,031,482 214,079,553 250,498 250,498
Receivable fixed rate/Payable
floating rate 146,600,794 101,347,568 3,300,127 3,300,127
Receivable floating rate/Payable
fixed rate 139,298,388 98,710,883 (3,040,142) (3,040,142)
Receivable floating rate/Payable
floating rate 18,990,156 13,890,272 850 850
Interest rate swaption
sold 1,720,503 798,669 (35,707) (35,707)
bought 1,523,512 1,106,731 26,355 26,355
Caps
sold 5,352,002 3,331,808 (4,194) (4,194)
bought 3,616,992 2,536,627 6,682 6,682
Floors
sold 317,281 207,279 (7,673) (7,673)
bought 351,199 195,322 9,027 9,027
Other
sold 42,316 36,551 (6,526) (6,526)
bought 250,660 92,669 6,603 6,603
--------------------------------------------------------------
Total 251,467 251,467
(Notes)
1. The above transactions are valuated at market value and the
valuation gains (losses) are accounted for in the consolidated
statement of income.
Derivative transactions to which hedge accounting method is
applied are not included in the amounts above.
Some consolidated overseas subsidiaries account for interest rate
derivatives in accordance with local accounting standards.
Such transactions are not included in the amounts above, of which
their net unrealized gains amount to 818 million yen.
2. Market value of transactions listed on exchange is calculated
mainly using the closing prices on the Tokyo International
Financial Futures Exchange and others.
Market value of OTC transactions is calculated mainly using
discounted present value and option pricing models.
(2) Currency Derivatives
As of March 31, 2003 (Millions of yen)
------------------------------------------------------------------------------------------------------
Contract Market Valuation
amount value gains (losses)
(Over 1 year)
------------------------------------------------------------------------------------------------------
Over-the-counter transactions
Currency swaps 16,433,656 8,831,238 (39,389) (39,389)
Currency swaptions
sold 330,238 330,238 (3,173) (3,173)
bought 865,005 865,005 13,724 13,724
Forward foreign exchange 2,935,846 547,699 1,518 1,518
Currency options
sold 56,586 13,166 (1,375) (1,375)
bought 60,441 21,575 1,585 1,585
Other
sold 15,310 2,855 153 153
bought - - - -
--------------------------------------------------------------
Total (26,956) (26,956)
(Notes)
1. The above transactions are valuated at market value and the
valuation gains (losses) are accounted for in the consolidated
statement of income.
The derivative transactions to which hedge accounting method is
applied and the transactions shown in Notes 3 are not included in
the amounts above.
Some consolidated overseas subsidiaries account for currency
derivatives in accordance with local accounting standards.
Such transactions are not included in the amounts above, of which
their net unrealized losses amount to 371 million yen.
2. Market value is calculated mainly using discounted present value.
3. Forward foreign exchange and currency options which are of the
following types are not included in the figures above:
1) Those that are revaluated at year-end and the revaluation gain
(loss) is accounted for in the consolidated statement of
income.
2) Those that were allotted to financial assets/liabilities by
foreign currency and whose market values are already reflected
in the amount of the financial assets/liabilities on the
consolidated balance sheet.
3) Those that were allotted to financial assets/liabilities by
foreign currency and the financial assets/liabilities are
eliminated in the process of consolidation.
The contract amount of currency derivatives which are revaluated
at the consolidated balance sheet date are as follows:
As of March 31, 2003 (Millions of yen)
-------------------------------------------------------------------
Contract
amount
-------------------------------------------------------------------
Transactions listed on exchange
Currency futures
sold -
bought -
Currency options
sold -
bought -
Over-the-counter transactions
Forward foreign exchange 37,271,679
Currency options
sold 3,001,518
bought 3,195,840
(3) Equity Derivatives
As of March 31, 2003 (Millions of yen)
-------------------------------------------------------------------------------------------------
Contract Market Valuation gains
amount value (losses)
(Over 1 year)
-------------------------------------------------------------------------------------------------
Transactions listed on exchange
Equity price index futures
sold - - - -
bought - - - -
Equity price index options
sold - - - -
bought - - - -
Over-the-counter transactions
Equity options
sold 0 - 0 0
bought 0 - (0) (0)
Equity price index swaps
Receivable equity index/Payable
floating rate - - - -
Receivable floating rate/Payable
equity index - - - -
Other
sold 477 - 0 0
bought 477 - 0 0
--------------------------------------------------------
Total 0 0
(Notes)
1. The above transactions are valuated at market value and the
valuation gains (losses) are accounted for in the consolidated
statement of income.
Derivative transactions to which hedge accounting method is
applied are not included in the amounts above.
2. Market value of transactions listed on exchange is calculated
mainly using the closing prices on the Tokyo Stock Exchange.
Market value of OTC transactions is calculated mainly using
discounted present value and option pricing models.
(4) Bond Derivatives
As of March 31, 2003 (Millions of yen)
----------------------------------------------------------------------------------------------------
Contract Market Valuation
amount value gains (losses)
(Over 1 year)
----------------------------------------------------------------------------------------------------
Transactions listed on exchange
Bond futures
sold 119,032 - (388) (388)
bought 129,712 - (67) (67)
Bond futures options
sold 4,000 - (8) (8)
bought - - - -
Over-the-counter transactions
Bond options
sold 16,010 15,617 0 0
bought 4,719 3,125 0 0
----------------------------------------------------------
Total (463) (463)
(Notes)
1. The above transactions are valuated at market value and the
valuation gains (losses) are accounted for in the consolidated
statement of income.
Derivative transactions to which hedge accounting method is
applied are not included in the amounts above.
2. Market value of transactions listed on exchange is calculated
mainly using the closing prices on the Tokyo Stock Exchange.
Market value of OTC transactions is calculated mainly using
discounted present value and option pricing models.
(5) Commodity Derivatives
As of March 31, 2003 (Millions of yen)
----------------------------------------------------------------------------------------------------
Contract Market Valuation
amount value gains (losses)
(Over 1 year)
----------------------------------------------------------------------------------------------------
Over-the-counter transactions
Commodity swaps
Receivable fixed price / Payable
floating price 31,049 27,358 (1,607) (1,607)
Receivable floating price / Payable
fixed price 31,049 27,358 2,376 2,376
Commodity options
sold 6,369 4,063 (1,493) (1,493)
bought 6,369 4,063 1,521 1,521
----------------------------------------------------------
Total 797 797
(Notes)
1. The above transactions are valuated at market value and the
valuation gains (losses) are accounted for in the consolidated
statement of income.
Derivative transactions to which hedge accounting method is
applied are not included in the amounts above.
2. Market value is calculated based on factors such as price of the
relevant commodity and contract term.
3. Commodity derivatives are transactions on oil and metal.
(6) Credit Derivative Transactions
As of March 31, 2003 (Millions of yen)
----------------------------------------------------------------------------------------------------
Contract Market Valuation
amount value gains (losses)
(Over 1 year)
----------------------------------------------------------------------------------------------------
Over-the-counter transactions
Credit default options
sold 39,823 22,790 (1,767) (1,767)
bought 35,625 18,592 3,153 3,153
Other
sold 5,722 1,099 4,915 4,915
bought 86,567 79,546 276 276
----------------------------------------------------------
Total 6,578 6,578
(Notes)
1. The above transactions are valuated at market value and the
valuation gains (losses) are accounted for in the consolidated
statement of income.
Derivative transactions to which hedge accounting method is
applied are not included in the amounts above.
2. Market value is calculated based on factors such as price of the
relevant commodity and contract term.
3. 'Sold' are transactions in which SMFG accepts the credit risk,
'Bought are transactions in which SMFG transfers the credit risk.
Related Party Transactions
--------------------------
There are no material transactions with related parties to be reported
for the fiscal year ended March 31, 2003.
There are no material transactions with related parties to be reported
for the fiscal year ended March 31, 2002.
Sumitomo Mitsui Financial Group, Inc (SMFG)
Nonconsolidated Financial Results for the Fiscal Year ended March 31, 2003
Head Office: 1-2, Yurakucho 1-chome, Chiyoda-ku, Tokyo, Japan
Date of Approval by the Board of Directors: May 26, 2003
Date of General Meeting of Shareholders: June 27, 2003
Stock Exchange Listings: Tokyo, Osaka and Nagoya
URL: http://www.smfg.co.jp
President: Yoshifumi Nishikawa
1. Financial Results (Fiscal Year ended March 31, 2003)
(1) Operating Results
Amounts less than one million yen have been omitted.
Operating Income Operating Profit Ordinary Profit Net Income
------------------------------------------------------------------------------------------------
Fiscal Year (Yen) (Yen) (Yen) (Yen)
million % million % million % million %
ended March 31,
2003 131,519 - 130,547 - 119,634 - 124,738 -
ended March 31,
2002 - - - - - - - -
------------------------------------------------------------------------------------------------
Net Income Net Income Return on Common Ordinary Ordinary Profit
per Share per Share Stockholders' Profit on on Operating
(diluted) Equity Total Assets Income
-----------------------------------------------------------------------------------------------
Fiscal Year (Yen) (Yen) % % %
ended March 31,
2003 18,918.33 15,691.82 8.5 4.0 91.0
ended March 31,
2002 - - - - -
-----------------------------------------------------------------------------------------------
Notes: 1. Average number of common stock outstanding for the fiscal
year ended March 31, 2003: 5,751,902 shares
2. There is no change in accounting methods.
3. Percentage shown in Operating Income, Operating Profit,
Ordinary profit and Net Income are the increase (decrease)
from the previous year.
(2) Dividends (common stock)
Dividends per Share (Annual) Ratio of
-------------------------------- Dividends Dividend Dividends to
Interim Year-End (Annual) Payout Ratio Stockholders'
Equity
----------------------------------------------------------------------------------------------
Fiscal Year (Yen) (Yen) (Yen) (Yen)
million % %
ended March 31, 2003 3,000 - 3,000 17,385 16.0 1.3
ended March 31,
2002 - - - - - -
----------------------------------------------------------------------------------------------
(3) Financial Position
Stockholders' Stockholders' Stockholders'
Total Assets Equity Equity to Total Equity per
Assets Share
-----------------------------------------------------------------------------
(Yen) million(Yen) million % (Yen)
March 31, 2003 3,413,529 3,156,086 92.5 231,899.30
March 31, 2002 - - - -
-----------------------------------------------------------------------------
Notes: 1. Number of common stock outstanding as of March 31, 2003:
5,795,037 shares
2. Number of treasury stock as of March 31, 2003: 963 shares
2. Earnings Forecast (Fiscal Year ending March 31, 2004)
Operating Ordinary Net Income Dividends per Share (Annual)
Income Profit Interim Year End
-----------------------------------------------------------------------------------------------
(Yen) (Yen) (Yen) (Yen) (Yen) (Yen)
million million million
Six months ending September 30,
2003 7,000 5,000 5,000 0 - -
-----------------------------------------------------------------------------------------------
Fiscal year ending March 31,
2004 55,000 50,000 50,000 - 3,000 3,000
-----------------------------------------------------------------------------------------------
Reference: Forecasted net income per share for the fiscal year ending
March 31, 2004 is 3,616.97 yen.
This document contains certain forward-looking statements. Such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and actual results may materially
differ from those contained in the forward-looking statements as a
result of various factors.
The following items are among the factors that could cause actual
results to differ materially from the forward looking statements in
this material: business conditions in the banking industry, the
regulatory environment, new legislation, competition with other
financial services companies, changing technology and evolving banking
industry standards and similar matters.
Average number of shares outstanding during the year
For the Fiscal Year
ended March, 31,
2003
----------------------------------------------------------------------
Common stock 5,751,902
----------------------------------------------------------------------
Preferred stock (type 1) 67,000
----------------------------------------------------------------------
Preferred stock (type 2) 100,000
----------------------------------------------------------------------
Preferred stock (type 3) 800,000
----------------------------------------------------------------------
Preferred stock (1st to 12th series type 4) 21,710
----------------------------------------------------------------------
Preferred stock (13th series type 4) 19,166
----------------------------------------------------------------------
Number of shares as of year-end
As of March, 31, 2003
--------------------------------------------------------------------
Common stock 5,795,037
--------------------------------------------------------------------
Preferred stock (type 1) 67,000
--------------------------------------------------------------------
Preferred stock (type 2) 100,000
--------------------------------------------------------------------
Preferred stock (type 3) 800,000
--------------------------------------------------------------------
Preferred stock (1st to 12th series type 4) 50,100
--------------------------------------------------------------------
Preferred stock (13th series type 4) 115,000
--------------------------------------------------------------------
Note: Number of shares outstanding changed during the fiscal year
ended March 31, 2003 as follows:
Number of shares Issue price Capitalized
issued amount
-----------------------------------------------------------------------------------------------
Increase due to merger
with The Japan Common stock 86,576 shares (Yen) 460,314 (Yen) 0
Research Institute per share
Holdings, Ltd.
-----------------------------------------------------------------------------------------------
Preferred stock (Yen) 3,000,000 (Yen) 1,500,000
(1st to 12th series 50,100 shares per share per share
Increase due to type 4)
issuance of stock ------------------------------------------------------------------------
Preferred stock 115,000 shares (Yen) 3,000,000 (Yen) 1,500,000
(13th series type 4) per share per share
-----------------------------------------------------------------------------------------------
Dividends per share and Total Dividends (For the fiscal year ended
March 31, 2003)
Dividends per Share (Annual) Total Dividends
Sumitomo Mitsui Banking Corporation ----------------------------------------- (Annual)
Interim Year-end
--------------------------------------------------------------------------------------------
(Yen) (Yen) (Yen) (Yen) million
--------------------------------------------------------------------------------------------
Common stock 3,000 - 3,000 17,385
--------------------------------------------------------------------------------------------
Preferred stock (type 1) 10,500 - 10,500 703
--------------------------------------------------------------------------------------------
Preferred stock (type 2) 28,500 - 28,500 2,850
--------------------------------------------------------------------------------------------
Preferred stock (type 3) 13,700 - 13,700 10,960
--------------------------------------------------------------------------------------------
Preferred stock (1st to 12th series
type 4) 19,500 - 19,500 976
--------------------------------------------------------------------------------------------
Preferred stock (13th series type 4) 3,750 - 3,750 431
--------------------------------------------------------------------------------------------
Forecasted annual dividends per share for the year ending March 31,
2004
(Yen)
Dividends per Share (Annual)
-----------------------------------------
Interim Year-end
-----------------------------------------------------------------------------
Common stock 3,000 0 3,000
-----------------------------------------------------------------------------
Preferred stock (type 1) 10,500 0 10,500
-----------------------------------------------------------------------------
Preferred stock (type 2) 28,500 0 28,500
-----------------------------------------------------------------------------
Preferred stock (type 3) 13,700 0 13,700
-----------------------------------------------------------------------------
Preferred stock (1st through 12th
series type 4) 135,000 0 135,000
-----------------------------------------------------------------------------
Preferred stock (13th series type 4) 67,500 0 67,500
-----------------------------------------------------------------------------
Calculation for Indicies
(1) Financial Results for the Fiscal Year ended March 31, 2003
- Net Income per Share:
Net income - Preferred stock dividends
-------------------------------------------------------------------
Average number of common stocks outstanding during the year
- Dividend Payout Ratio:
Common stock dividends
----------------------------------------- X 100
Net income - Preferred stock dividends
- Ratio of Dividends to Stockholders' Equity:
Common stock dividends
------------------------------------------------------------------------------------ X 100
Stockholders' equity at year end - Number of preferred stocks outstanding at year-
end X Issue price
(2) Forecasted Financial Results for the Fiscal Year ending March 31,
2004
- Forecasted Net Income per Share:
Forecasted net income - Forecasted preferred stock dividends
----------------------------------------------------------------
Number of common stocks outstanding at year-end (excluding
treasury stock)
NONCONSOLIDATED BALANCE SHEET
March 31, 2003 (Millions of yen) (%)
------------------------------------------------------------------------------------
Assets
Current assets
Cash and due from banks 64,725
Deferred tax assets 35
Accrued income 315
Accrued income tax refunds 40,976
Other current assets 55
----------
Total current assets 106,108 3.1
Fixed assets
Premises and equipment
Buildings 0
----------
Total premises and equipment 0
Intangible assets
Software 26
----------
Total intangible assets 26
Investments and other assets
Investments in subsidiaries and
affiliates 3,260,957
Long-term loans to subsidiaries and
affiliates 40,000
Deferred tax assets 5,227
Other investments 0
----------
Total investments and other assets 3,306,185
Total fixed assets 3,306,213 96.9
Deferred charges
Organization cost 1,207
----------
Total deferred charges 1,207 0.0
-----------
Total assets 3,413,529 100.0
===========
Liabilities
Current liabilities
Short-term borrowings 256,501
Accrued expenses 651
Income taxes payable 1
Business office taxes payable 1
Consumption taxes payable 106
Reserve for employees bonuses 83
Other current liabilities 96
----------
Total current liabilities 257,442 7.5
-----------
Total liabilities 257,442 7.5
===========
Stockholders' equity
Capital stock 1,247,650 36.6
Capital surplus
Capital reserve 1,747,266
----------
Total capital surplus 1,747,266 51.2
Retained earnings
Earned surplus reserve 496
Voluntary reserve 30,420
Special voluntary earned reserves 30,420
Unappropriated retained earnings 130,605
----------
Total retained earnings 161,521 4.7
Treasury stock (351) (0.0)
Total stockholders' equity 3,156,086 92.5
-----------
Total liabilities and stockholders' equity 3,413,529 100.0
===========
NONCONSOLIDATED STATEMENT OF INCOME
Year ended March 31, 2003 (Millions of yen) (%)
---------------------------------------------------------------------------------------------
Operating income
Dividends on investments in subsidiaries and
subsidiaries 128,265
Fees and commissions received from subsidiaries 3,124
Interest income on loans to subsidiaries and
affiliates 128 131,519 100.0
Operating expenses
General and administrative expenses 971
Other operating expenses 0 971 0.7
---------- ---------------
Operating
profit 130,547 99.3
Non-operating income
Interest income on deposits 9
Fees and commissions income 4 13 0.0
----------
Non-operating expenses
Interest on borrowings 176
Amortization of organization costs 301
Stock issuance costs 9,994
Fees and commissions expenses 73
Other non-operating expenses 380 10,926 8.3
---------- ---------------
Ordinary
profit 119,634 91.0
Income before income taxes 119,634 91.0
Income taxes, current 156
deferred (5,259) (5,103) (3.9)
---------- ---------------
Net income 124,738 94.8
Unappropriated retained earnings inherited due to merger 5,867 4.5
---------------
Unappropriated retained earnings at end of year 130,605 99.3
===============
Significant Accounting Policies
1. Valuation of securities
Investments in subsidiaries and affiliates are carried at cost
using the moving-average method.
2. Depreciation of fixed assets
(1) Premises and equipment SMFG computes depreciation for
buildings using the straight-line method.
(2) Intangible assets SMFG computes depreciation for capitalized
software for internal use using the straight-line method over
its estimated useful life (five years).
3. Deferred charges
Stock issuance cost is expensed as they are incurred. Organization
cost is recognized as assets and depreciated using the
straight-line method over five years pursuant to the Commercial
Code.
4. Reserve
Reserve for employee bonuses is provided, in provision for payment
of bonuses to employees, by the amount of estimated bonuses
attributable to this fiscal year.
5. Consumption taxes
National and local consumption taxes are accounted for using the
tax-excluded method.
Notes to Nonconsolidated Balance Sheet
1. Amounts less than one million yen have been omitted.
2. Accumulated depreciation of premises and equipment was 0 million
yen.
3. Long-term loans to subsidiaries and affiliates are subordinated
loans.
4. Assets and liabilities related to transactions with subsidiaries
and affiliates are as follows: Deposits 64,646 million yen
Short-term borrowings 256,501 million yen
5. Number of stocks authorized
Common stock: 15,000,000
Preferred stock: 1,767,000
Number of stocks issued and outstanding
Common stock: 5,796,000.92
Preferred stock: 1,132,100
6. Number of treasury stock (common stock) as of year-end is 963.57.
7. Under the Articles of Incorporation of SMFG, followings are the
maximum amounts of annual cash dividends to preferred
shareholders:
Preferred stock (type 1): 10,500 yen per share
Preferred stock (type 2): 28,500 yen per share
Preferred stock (type 3): 13,700 yen per share
Preferred stock (type 4): Amount to be resolved at meeting of
the Board of Directors (Max. 200,000 yen per share)
Preferred stock (type 5): Amount to be resolved at meeting of
the Board of Directors (Max. 200,000 yen per share)
Preferred stock (type 6): Amount to be resolved at meeting of
the Board of Directors (Max. 300,000 yen per share)
Notes to Nonconsolidated Statement of Income
1. Amounts less than one million yen have been omitted.
2. Non-operating income includes interest income on deposits with
subsidiaries of 9 million yen.
3. General and administrative expenses include salaries and related
expenses of 396 million yen, rent and lease expenses of 112
million yen, publicity and advertising expenses of 241 million yen
and outsourcing expenses of 91 million yen, respectively.
Securities
SMFG has no marketable securities.
Tax Effect Accounting
1. Major components of deferred tax assets as of March 31, 2003 were
as follows:
(Millions of yen)
Deferred tax assets
Stock of subsidiaries 1,186,226
Net operation loss carry
forward 5,947
Other 35
-----------
Subtotal 1,192,210
Valuation allowance (1,186,947)
-----------
Deferred tax assets 5,263
-----------
Net deferred tax assets 5,263
===========
2. Reconciliation of the effective income tax rate reflected in the
accompanying statement of income to the statutory tax rate for the
year ended March 31, 2003 was as follows:
Statutory tax rate 42.05%
[Adjustments]
Dividends excluded from
income (65.47%)
Valuation allowance 18.23%
Other 0.92%
---------
Effective income tax rate (4.27%)
=========
Per Share Data
Stockholders' equity per share was 231,899.30 yen.
Net income per share was 18,918.33 yen.
Net income per share after fully diluted was 15,691.82 yen.
NONCONSOLIDATED STATEMENT OF APPROPRIATION OF
RETAINED EARNINGS FOR THE YEAR ENDED MARCH 31, 2003 (PROPOSAL)
(Yen)
------------------------------------------------------------------------------------------------------
Unappropriated retained earnings at end of year 130,605,339,692
Retained earnings to be appropriated 33,306,812,050
Dividends on preferred stock (type 1) (10,500 yen per share) 703,500,000
Dividends on preferred stock (type 2) (28,500 yen per share) 2,850,000,000
Dividends on preferred stock (type 3) (13,700 yen per share) 10,960,000,000
Dividends on preferred stock (first series type 4) (19,500 yen per share) 81,412,500
Dividends on preferred stock (second series type 4) (19,500 yen per share) 81,412,500
Dividends on preferred stock (third series type 4) (19,500 yen per share) 81,412,500
Dividends on preferred stock (fourth series type 4) (19,500 yen per share) 81,412,500
Dividends on preferred stock (fifth series type 4) (19,500 yen per share) 81,412,500
Dividends on preferred stock (sixth series type 4) (19,500 yen per share) 81,412,500
Dividends on preferred stock (seventh series type 4) (19,500 yen per share) 81,412,500
Dividends on preferred stock (eighth series type 4) (19,500 yen per share) 81,412,500
Dividends on preferred stock (ninth series type 4) (19,500 yen per share) 81,412,500
Dividends on preferred stock (tenth series type 4) (19,500 yen per share) 81,412,500
Dividends on preferred stock (eleventh series type 4) (19,500 yen per share) 81,412,500
Dividends on preferred stock (twelfth series type 4) (19,500 yen per share) 81,412,500
Dividends on preferred stock (thirteenth series type 4) (3,750 yen per share) 431,250,000
Dividends on common stock (3,000 yen per share) 17,385,112,050
Retained earnings carried forward to next year 97,298,527,642
Short Name: Sumitomo Mitsui Bnkg
Category Code: FR
Sequence Number: 00005204
Time of Receipt (offset from UTC): 20030527T142640+0100
--30--KO/uk* JK/ny
CONTACT: Sumitomo Mitsui Bnkg
KEYWORD: UNITED KINGDOM JAPAN INTERNATIONAL EUROPE ASIA PACIFIC
INDUSTRY KEYWORD: BANKING
SOURCE: Sumitomo Mitsui Bnkg
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: http://www.businesswire.com