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| Name | Symbol | Market | Type |
|---|---|---|---|
| VanEck Short Muni ETF | AMEX:SMB | AMEX | Exchange Traded Fund |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.0241 | 0.14% | 17.11 | 17.11 | 17.085 | 17.10 | 20,530 | 22:59:00 |
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Sumitomo Trust & Banking
Amendment of Forecast for Financial Results of the 1st Half FY2003
The Sumitomo Trust & Banking Co., Ltd. (hereinafter, "Sumitomo Trust") hereby
announces that its forecast for the financial results of the 1st half fiscal
year 2003 ending September 30, 2003 (hereinafter "1HFY2003") is amended as
follows:
1. Amendment of Forecast for Financial Results of 1HFY2003
(For the period from Apr. 1, 2003 to Sep. 30, 2003)
Billions of Yen
-------------------------------------------------------------
Consolidated Non-consolidated
-------------------------------------------------------------
Net operating Net income Net operating Net income
Profit profit
----------------------------------------------------------------------------------
Previous forecast
(as of May 2003) (A) 27.0 16.0 25.0 15.0
----------------------------------------------------------------------------------
Amended forecast (B) 67.0 41.0 65.0 40.0
----------------------------------------------------------------------------------
Change (B) - (A) +40.0 +25.0 +40.0 +25.0
----------------------------------------------------------------------------------
Change (%) + 148% + 156% + 160% + 167%
----------------------------------------------------------------------------------
2. Reason for Amendment
The amendment of Net operating profit (non-consolidated) is mainly due to
increase in profit from market operation of Treasury and financial products
department and net gains on stocks as well as decrease in credit costs. In
addition to those factors, because of the refund of Tokyo Metropolitan
Government's tax on large banks, Net income (non-consolidated) is amended to
upward.
The amendment for consolidated Net operating profit and Net income is due to the
same reason.
3. Forecast for Financial Results of the Full Fiscal Year 2003 (consolidated and
non-consolidated)
The announcement of the amendment of the forecast for the financial results of
the full fiscal year 2003 (consolidated and non-consolidated) is possible in
November 2003 at the release of the financial results of 1HFY2003 subject to
updated assumptions of business condition for the 2nd half of fiscal year 2003.
(Appendix - Referential Data)
Referential Data below are preliminary numbers, and are subject to change.
1. Summary of Amended Forecast for Financial Results of 1HFY 2003
(non-consolidated)
Billions of Yen
-------------------------------------------------------
Previous forecast Amended forecast Change
(as of May 2003) (A) (B) (B) - (A)
----------------------------------------------------------------------------------
Net business profit before
credit costs (*) 65.0 75.0 +10.0
----------------------------------------------------------------------------------
Credit costs (**) 30.0 10.0 -20.0
----------------------------------------------------------------------------------
Net capital gains/losses
on stock -5.0 10.0 +15.0
----------------------------------------------------------------------------------
Net operating income 25.0 65.0 +40.0
----------------------------------------------------------------------------------
Extraordinary income - 5.0 +5.0
(Refund of Tokyo
Metropolitan Government's
Tax on large banks) ( - ) (5.0) (+5.0)
----------------------------------------------------------------------------------
Net income 15.0 40.0 +25.0
----------------------------------------------------------------------------------
(*) Net business profit before credit costs = Net business profit + Trust
account credit costs + Net transfer to general reserve
(**) Credit costs = Total amount of Trust account credit costs and Banking
account credit costs
2. Net Unrealized Gains/ Losses of "Available-for-sale Securities"(*) at the end
of September 2003 (non-consolidated)
Billions of Yen
--------------------------------------------------------------------
Unrealized gains and losses (after write-off)
--------------------------------------------------------------------
March 2003 September 2003
-----------------------------------
(Preliminary) Unrealized gains Unrealized losses
-------------------------------------------------------------------------------------
Available-for-
sale securities -19.8 75.0 N.A. N.A.
-------------------------------------------------------------------------------------
(for stocks only) (-63.6) (70.0) (110.0) (-40.0)
-------------------------------------------------------------------------------------
(*) Available-for-sale securities include securities other than those held for
trading purposes, namely held-to-maturity securities and stocks of subsidiaries
and affiliates.
(1) Total write-off of other securities amounted to approximately 3.0 billion
yen (approximately 3.0 billion yen for stocks only).
(2) Among "Available-for-sale securities", fair market values of the stocks
whose market values are obtainable in the markets are determined on the basis of
the 1-month-average of their daily closing prices during September 2003 (the
closing month of 1HFY2003), and such market values are also used in determining
write-off of each stock. The standard for write-off that we have adopted is as
follows:
(i) Stocks with fair market values at 50% or less of their carrying costs are
all subject to write-off.
(ii) Stocks with fair market values at 70% of less of their carrying costs are
subject to write-off, if judged as having little possibility of price recovery.
3. BIS Capital Adequacy Ratio (consolidated; at the end of September 2003)
Billions of Yen
-----------------------------------
March 2003 September 2003
-------------------------------------------------------------------------
Total stockholders' equity 1,213.9 1,380.0
-------------------------------------------------------------------------
Tier I 706.1 760.0
-------------------------------------------------------------------------
Total risk assets 11,580.8 11,500.0
-------------------------------------------------------------------------
BIS capital adequacy ratio 10.48% 12 %
-------------------------------------------------------------------------
Tier I ratio 6.09% Mid 6%
-------------------------------------------------------------------------
Forecast of Stockholders' Equity (non-consolidated) at the end of September 2003
Billions of Yen
-----------------------------------
March 2003 September 2003
-------------------------------------------------------------------------
Total stockholders' equity 638.5 730.0
-------------------------------------------------------------------------
Capital stock 287.0 287.0
----------------------------------------------------------------------
Capital surplus 240.4 240.4
----------------------------------------------------------------------
Legal retained earnings 44.5 45.6
----------------------------------------------------------------------
Retained earnings other than legal
retained earnings 79.4 113.0
----------------------------------------------------------------------
Net unrealized losses on
"Available-for-sale securities"
(Net of Tax) -11.7 44.0
-------------------------------------------------------------------------
Net deferred tax assets 266.8 200.0
-------------------------------------------------------------------------
4. Unwinding of Cross-Shareholdings
(non-consolidated; at the end of September 2003)
Sumitomo Trust has projected 150 billion yen of unwinding of cross-shareholdings
for the full fiscal year 2003, and the amount of unwinding held during 1HFY2003
was more than 100 billion yen (Cost basis). Total amount of stocks held by
Sumitomo Trust at the end of September 2003 was approximately 487 billion yen
(Cost basis), which was around 65% of Tier I (consolidated).
Cross-Shareholdings (non-consolidated) at the end of March 2003
Billions of Yen
------------------------------------------------------------
March 2003 (A) September 2003 (B) (B) - (A)
--------------------------------------------------------------------------------------
B/S value (Market value) 525.1 557.0 +31.9
--------------------------------------------------------------------------------------
Cost basis 588.7 487.0 -101.7
--------------------------------------------------------------------------------------
Unrealized gains/losses -63.6 +70.0 +133.6
--------------------------------------------------------------------------------------
5. Assets Classified under the Financial Reconstruction Law
(non-consolidated; at the end of September 2003)
Billions of Yen
----------------------------------------------------------
March 2003 (A) September 2003 (B) (B) - (A)
------------------------------------------------------------------------------------
Bankrupt and Practically
Bankrupt 29.0 25.0 -4.0
------------------------------------------------------------------------------------
Doubtful 176.7 135.0 -41.7
------------------------------------------------------------------------------------
Substandard 196.5 220.0 +23.5
------------------------------------------------------------------------------------
Total 402.2 380.0 -22.2
====================================================================================
Special Mention excl.
Substandard 716.3 600.0 -116.3
------------------------------------------------------------------------------------
(Note) Figures are those in Banking account and Trust account combined, after
the partial direct write-off.
For inquiries, please contact
Koichi Onaka, Head of IR Office, Financial Management Dept.
Telephone: +81-3-3286-8354 Fax: +81-3-3286-4654
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