6-K 1 d616450d6k.htm FORM 6-K Form 6-K
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of November 2013

Commission File Number 001-34919

SUMITOMO MITSUI FINANCIAL GROUP, INC.

(Translation of registrant’s name into English)

1-2, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-0005, Japan

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:    Form 20-F  x    Form 40-F   ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):    ¨   
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):    ¨   
Indicate by check mark whether by furnishing the information contained in this Form, the registrant 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
*If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):    82-                   

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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.

 

Sumitomo Mitsui Financial Group, Inc.
By:  

/s/ Haruyuki Nagata

  Name:   Haruyuki Nagata
  Title:   General Manager, Financial Accounting Dept.

Date:     November 12, 2013

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LOGO   

Sumitomo Mitsui Financial Group, Inc. (SMFG)

Consolidated Financial Results for the Six Months Ended September 30, 2013

<Under Japanese GAAP>

   

November 12, 2013

 

LOGO

Head Office: 1-2, Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan

Stock Exchange Listings: Tokyo Stock Exchange, Nagoya Stock Exchange, New York Stock Exchange

URL: http://www.smfg.co.jp/english/

President and Representative Director: Koichi Miyata

Quarterly Securities Report (Shihanki hokokusho) issuing date: November 29, 2013

Dividend payment date: December 3, 2013

Investors meeting presentation for quarterly financial results: Scheduled

Note: Amounts less than one million yen have been omitted.

1.

Consolidated financial results (for the six months ended September 30, 2013)

 

(1)

Operating results

(Millions of yen, except per share data and percentages)  

 

                Ordinary income     Ordinary profit     Net income  

Six months ended September 30, 2013

      ¥  2,363,065         14.3 %      ¥  835,926         78.5 %      ¥  505,709         52.8 % 

Six months ended September 30, 2012

      2,068,025         1.1        468,180         (14.3 )      331,039         5.5     

Notes:

   1.  

Comprehensive income:

           
   

(a) for the six months ended September 30, 2013: ¥811,584 million [209.6%]

(b) for the six months ended September 30, 2012: ¥262,126 million [78.6%]

  

  

   
  2.  

Percentages shown in ordinary income, ordinary profit, net income and comprehensive income are the increase (decrease) from the previous fiscal year.

 

  

   
                Net income per share     Net income per share
(Diluted)		               

Six months ended September 30, 2013

      ¥  370.46        ¥  370.28        

Six months ended September 30, 2012

           244.50             244.43        

 

(2)    Financial position

       

                (Millions of yen, except percentages)    
                Total assets     Net assets     Net assets ratio  

September 30, 2013

      ¥  149,342,349        ¥  8,976,629        4.7%   

March 31, 2013

          148,696,800            8,443,218        4.3      

Notes:

   1.   

Stockholders’ equity:

    

(a) as of September 30, 2013: ¥7,014,985 million (b) as of March 31, 2013: ¥6,345,197 million

  2.   

Net assets ratio = {(Net assets – stock acquisition rights – minority interests) / total assets} X 100

2. Dividends on common stock per share

     (Yen ) 
     Cash dividends per share
      1st quarter        2nd quarter        3rd quarter        4th quarter        Annual        

Fiscal year ended March 31, 2013

    ¥  –        ¥  50        ¥  –        ¥  70        ¥  120    

Fiscal year ending March 31, 2014

        –            55                   

Fiscal year ending March 31, 2014 (Forecast)

                  –        65    120

Notes:

   1.  

Dividend forecast which was announced in May 2013 is revised.

  2.  

Details of dividends for the 4th quarter of the fiscal year ended March 31, 2013:

   

(a) Ordinary dividends: ¥60 (b) Commemorative dividends: ¥10

3. Earnings forecast (for the fiscal year ending March 31, 2014)

(Millions of yen, except per share data and percentages)

                                                                                                   
          Ordinary profit         Net income         Net income per share  

Fiscal year ending March 31, 2014

    ¥ 1,280,000         19.2 %      750,000         (5.5 )%      548.97   

Notes:

   1.   

Earnings forecast which was announced in May 2013 is revised.

  2.   

Percentages shown in ordinary profit and net income are the increase (decrease) from the previous fiscal year.

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* Notes

 

(1) There were no changes in material consolidated subsidiaries in the period.

(2) Changes in accounting policies, changes in accounting estimates and restatements

(a) Changes in accounting policies due to revision of accounting standards

   

: Yes

(b) Changes in accounting policies due to reasons other than above (a)

   

: No

(c) Changes in accounting estimates

   

: No

(d) Restatements

   

: No

Note: The details are reported in “4.Other” (page3).

   

(3) Number of shares issued (common stock)

   

 

     As of September 30, 2013      As of March 31, 2013  

(a) Number of shares issued (including treasury stocks)

      1,414,055,625 shares                     1,414,055,625 shares               

(b) Number of treasury stocks

      46,750,501 shares                     60,179,376 shares               
       Six months ended September 30, 2013          Six months ended September 30, 2012    

(c) Average number of shares issued in the period

      1,365,087,866 shares                     1,353,946,919 shares               

(Parent company only financial information on a non-consolidated basis)

Non-consolidated financial results (for the six months ended September 30, 2013)

(1) Operating results

    (Millions of yen, except per share data and percentages)
      Operating income     Operating profit     Ordinary profit     Net income    

Net income

per share

  

Six months ended

                                         

September 30, 2013

      ¥75,042         67.6 %      ¥62,020         91.1 %      ¥58,957         104.9 %      ¥58,955         104.9 %      ¥41.81   

September 30, 2012

      44,768         11.4        32,450         17.0        28,773         16.2        28,771         16.2        20.40   

Note:

  

Percentages shown in operating income, operating profit, ordinary profit and net income are the increase from the previous fiscal year.

 

(2) Financial position

    (Millions of yen, except percentages)  
     Total assets   Net assets   Net assets  ratio

September 30, 2013

   ¥6,226,981   ¥4,601,182   73.9%

March 31, 2013

                  6,266,864                             4,641,005                74.0   

Note: Stockholders’ equity:

    (a) as of September 30, 2013: ¥4,599,784 million     (b) as of March 31, 2013: ¥4,639,865 million

Note on interim audit process:

This quarterly (interim) earnings report is out of the scope of the external auditor’s review procedure which is required by “Financial Instruments and Exchange Act.” Therefore, the audit process of interim consolidated financial statements and interim non-consolidated financial statements have not been completed as of the disclosure of this quarterly (interim) earnings report.

<Reference> Calculation for index

- Forecasted net income per share:

 

 

Forecasted net income

 

Forecasted average number of common stocks during the period

(excluding treasury stock)(*)

*

Sumitomo Mitsui Banking Corporation (“SMBC”), a subsidiary of SMFG, sold a portion of SMFG shares owned by SMBC. Accordingly, the forecasted average number of common stocks (excluding treasury stock) used for the above calculation was assumed to be 1,366,196,495 shares.

 

This document contains “forward-looking statements” (as defined in the U.S. Private Securities Litigation Reform Act of 1995), regarding the intent, belief or current expectations of Sumitomo Mitsui Financial Group, Inc. (“SMFG”) and its management with respect to SMFG’s future financial condition and results of operations. In many cases but not all, these statements contain words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “risk,” “project,” “should,” “seek,” “target,” “will” and similar expressions. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those expressed in or implied by such forward-looking statements contained or deemed to be contained herein. The risks and uncertainties which may affect future performance include: deterioration of Japanese and global economic conditions and financial markets; declines in the value of SMFG’s securities portfolio; SMFG’s ability to successfully implement its business strategy through its subsidiaries, affiliates and alliance partners; exposure to new risks as SMFG expands the scope of its business; and incurrence of significant credit-related costs. Given these and other risks and uncertainties, you should not place undue reliance on forward-looking statements, which speak only as of the date of this document. SMFG undertakes no obligation to update or revise any forward-looking statements. Please refer to SMFG’s most recent disclosure documents such as its annual report or registration statement on Form 20-F and other documents submitted to the U.S. Securities and Exchange Commission, as well as its earnings press releases, for a more detailed description of the risks and uncertainties that may affect its financial conditions, its operating results, and investors’ decisions.

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Sumitomo Mitsui Financial Group, Inc.

 

Table of contents

 

1. 

   

Consolidated operating results

      2   

2. 

   

Consolidated financial position

      3   

3. 

   

Consolidated earnings forecasts

      3   

4. 

   

Other

      3   
  

  Changes in accounting policies due to revisions in accounting standards

      3   

5. 

   

Consolidated financial statements

      4   
  

  (1)   Consolidated balance sheets

      4   
  

  (2)    Consolidated statements of income and consolidated statements of comprehensive income

      5   
  

  (3)   Consolidated statements of changes in net assets

      6   
  

  (4)   Consolidated statements of cash flows

      8   
  

  (5)   Note on the assumption as a going concern

      10   
  

  (6)   Segment information

      10   

6. 

   

Non-consolidated financial statements

      11   
  

  (1)   Non-consolidated balance sheets

      11   
  

  (2)   Non-consolidated statements of income

      12   
  

  (3)   Non-consolidated statements of changes in net assets

      13   

Appendix: Financial Results for the six months ended September 30, 2013 Supplementary Information

 

- 1 -

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Sumitomo Mitsui Financial Group, Inc.

 

Sumitomo Mitsui Financial Group, Inc. (SMFG) reports the financial results for the six months ended September 30, 2013.

1. Consolidated operating results

In the six months ended September 30, 2013, gross profit increased by ¥138.2 billion year-on-year to ¥1,510.0 billion. This was mainly due to an increase in profits of SMBC Nikko Securities, Inc. and SMBC Friend Securities Co., Ltd. led by income from sales of investment trusts and bonds, as well as an increase in gross banking profit of Sumitomo Mitsui Banking Corporation (“SMBC”) by ¥35.1 billion due to profits from equity index-linked investment trusts and an increase in loan-related fees in line with asset growth as well as fees related to loan syndication, despite a decrease in gains on bonds.

General and administrative expenses increased by ¥58.8 billion year-on-year to ¥780.6 billion, due mainly to expenditures aimed at enhancing top-line profit of SMBC Nikko Securities, Inc.

Total credit cost decreased by ¥87.6 billion year-on-year to a net reversal of ¥39.6 billion. This was mainly due to a year-on-year decrease in the total credit cost of SMBC which decreased by ¥53.9 billion year-on-year to a net reversal of ¥78.3 billion, as a result of our individualized efforts to assist certain borrowers to improve their business and financial conditions.

Gains on stocks were ¥60.4 billion, a year-on-year improvement of ¥193.3 billion, mainly due to a decrease in devaluation losses at SMBC reflecting market recovery.

Finally, ordinary profit increased by ¥367.7 billion year-on-year to ¥835.9 billion, and net income increased by ¥174.7 billion year-on-year to ¥505.7 billion.

 

Consolidated

(Billions of yen)

                                 
         

    Six months ended    
September 30,

2013

             Change from  the six        
months ended
September 30, 2012		              Fiscal year ended  
    March  31, 2013
    (reference)		  

Gross profit

       ¥ 1,510.0               ¥  138.2                     ¥ 2,792.9       

General and administrative expenses

     (780.6)              (58.8)                    (1,496.3)      

Total credit cost

     39.6               87.6                     (173.1)      

Gains (losses) on stocks

     60.4               193.3                     (21.0)      

Ordinary profit

     835.9               367.7                     1,073.7       

Net income

     505.7               174.7                     794.1       

SMBC, non-consolidated

              

Gross banking profit

     ¥   821.8               ¥  35.1                     ¥ 1,540.1       
   

Net gains on bonds

     6.3               (111.0)                    113.8       

Expenses (excluding non-recurring losses)

     (368.6)              (10.6)                    (727.7)      

Banking profit *

     453.2               24.5                     812.4       

Total credit cost

     78.3               53.9                     (19.5)      

Gains (losses) on stocks

     76.5               210.1                     (35.7)      

Ordinary profit

     523.5               249.0                     670.9       

Net income

     330.2               90.5                     617.8       

* Before provision for general reserve for possible loan losses

 

- 2 -

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Sumitomo Mitsui Financial Group, Inc.

 

2. Consolidated financial position

As of September 30, 2013, SMFG’s total assets were ¥149,342.3 billion, an increase of ¥645.5 billion compared with March 31, 2013. This was mainly due to an increase in balance of cash and due from banks by ¥14,208.1 billion despite a decrease in balance of securities mainly consisted of bonds by ¥14,006.3 billion.

Deposits increased by ¥1,198.9 billion to ¥90,280.8 billion compared with March 31, 2013. Loans and bills discounted increased by ¥64.7 billion to ¥65,696.8 billion; an increase in balance of loans and bills discounted at SMBC by ¥1,068.6 billion was offset by a decrease resulting from consolidation of certain special purpose entities in accordance with revisions in accounting standards.

Problem assets (non-performing loans as defined under the Financial Reconstruction Act) decreased by ¥152.9 billion to ¥1,573.4 billion compared with March 31, 2013. The problem assets ratio was 2.08%, a decrease of 0.19% compared with March 31, 2013.

3. Consolidated earnings forecasts

The consolidated earnings forecast announced on May 15, 2013 has been revised as follows mainly due to an expected decrease in total credit cost of SMBC and an expected increase in profits of other consolidated subsidiaries.

 

Ordinary profit

    ¥ 1,280 billion     

(increase of ¥250 billion from the previous forecast)

Net income

    750 billion     

(increase of ¥170 billion from the previous forecast)

4. Other

Changes in accounting policies due to revisions in accounting standards

The revision of the Accounting Standard for Consolidated Financial Statements and related rules

SMFG has adopted the Accounting Standard for Consolidated Financial Statements (ASBJ Statement No. 22, revised on March 25, 2011, “the Accounting Standard”) applicable to the fiscal year commencing on or after April 1, 2013. Accordingly, 13 companies including Chelsea Capital Corporation were newly included in the scope of consolidation since the beginning of the six months ended September 30, 2013.

In accordance with the transitional treatment stipulated in Article 44-4 (3) of the Accounting Standards, assets, liabilities and minority interests of those newly consolidated subsidiaries are valued by the appropriate book values reported in the consolidated financial statements at the beginning of the fiscal year.

As a result, retained earnings at the beginning of this period decreased by ¥168 million.

 

- 3 -

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Sumitomo Mitsui Financial Group, Inc.

 

5. Consolidated financial statements

(1) Consolidated balance sheets

                                                       
           (Millions of yen)  
  

 

 

  
     March 31, 2013     September 30, 2013  

 

    

 

 

  

Assets:

     

Cash and due from banks

    ¥ 10,799,291      ¥ 25,007,372   

Call loans and bills bought

      1,353,746        1,017,319   

Receivables under resale agreements

      273,217        342,000   

Receivables under securities borrowing transactions

      3,494,398        3,939,146   

Monetary claims bought

      1,540,516        3,236,642   

Trading assets

      7,765,554        6,918,858   

Money held in trust

      22,789        23,799   

Securities

      41,306,731        27,300,480   

Loans and bills discounted

      65,632,091        65,696,779   

Foreign exchanges

      2,226,427        1,548,198   

Lease receivables and investment assets

      1,684,800        1,748,235   

Other assets

      4,367,634        4,159,465   

Tangible fixed assets

      1,983,772        2,093,026   

Intangible fixed assets

      790,860        782,461   

Deferred tax assets

      374,258        228,979   

Customers’ liabilities for acceptances and guarantees

      6,009,575        6,113,493   

Reserve for possible loan losses

      (928,866 )      (813,907 ) 
  

 

 

    

 

 

  

Total assets

    ¥ 148,696,800      ¥ 149,342,349   
  

 

 

    

 

 

  

Liabilities:

     

Deposits

    ¥ 89,081,811      ¥ 90,280,756   

Negotiable certificates of deposit

      11,755,654        11,619,977   

Call money and bills sold

      2,954,051        2,174,334   

Payables under repurchase agreements

      2,076,791        1,664,541   

Payables under securities lending transactions

      4,433,835        3,484,071   

Commercial paper

      1,499,499        2,472,168   

Trading liabilities

      6,119,631        5,468,620   

Borrowed money

      4,979,460        5,753,508   

Foreign exchanges

      337,901        412,054   

Short-term bonds

      1,126,300        994,400   

Bonds

      4,750,806        4,796,328   

Due to trust account

      643,350        681,721   

Other liabilities

      3,989,794        4,012,781   

Reserve for employee bonuses

      59,855        50,625   

Reserve for executive bonuses

      4,037        —   

Reserve for employee retirement benefits

      44,579        44,222   

Reserve for executive retirement benefits

      2,420        1,663   

Reserve for point service program

      19,319        19,047   

Reserve for reimbursement of deposits

      11,195        8,791   

Reserve for losses on interest repayment

      245,423        188,071   

Reserves under the special laws

      481        666   

Deferred tax liabilities

      68,120        85,148   

Deferred tax liabilities for land revaluation

      39,683        38,724   

Acceptances and guarantees

      6,009,575        6,113,493   
  

 

 

    

 

 

  

Total liabilities

      140,253,582        140,365,719   
  

 

 

    

 

 

  

Net assets:

     

Capital stock

      2,337,895        2,337,895   

Capital surplus

      758,630        758,348   

Retained earnings

      2,811,474        3,225,484   

Treasury stock

      (227,373 )      (174,955 ) 
  

 

 

    

 

 

  

Total stockholders’ equity

      5,680,627        6,146,773   
  

 

 

    

 

 

  

Net unrealized gains on other securities

      755,753        927,647   

Net deferred losses on hedges

      (32,863 )      (60,893 ) 

Land revaluation excess

      39,129        35,882   

Foreign currency translation adjustments

      (97,448 )      (34,423 ) 
  

 

 

    

 

 

  

Total accumulated other comprehensive income

      664,570        868,212   
  

 

 

    

 

 

  

Stock acquisition rights

      1,260        1,528   

Minority interests

      2,096,760        1,960,115   
  

 

 

    

 

 

  

Total net assets

      8,443,218        8,976,629   
  

 

 

    

 

 

  

Total liabilities and net assets

    ¥ 148,696,800      ¥ 149,342,349   
  

 

 

    

 

 

  

 

- 4 -

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Sumitomo Mitsui Financial Group, Inc.

 

(2) Consolidated statements of income and consolidated statements of comprehensive income

    (Consolidated statements of income)

 

                   (Millions of yen)  

Six months ended September 30,

    2012          2013  

Ordinary income

    ¥             2,068,025         ¥ 2,363,065   

Interest income

      831,411           936,209   

Interest on loans and discounts

      619,881           617,370   

Interest and dividends on securities

      127,938           220,251   

Trust fees

      1,023           1,082   

Fees and commissions

      468,323           562,854   

Trading income

      122,423           120,182   

Other operating income

      598,592           571,952   

Other income

      46,251           170,785   

Ordinary expenses

      1,599,845           1,527,138   

Interest expenses

      151,629           155,930   

Interest on deposits

      45,548           50,391   

Fees and commissions payments

      67,353           72,735   

Other operating expenses

      430,980           453,639   

General and administrative expenses

      721,839           780,639   

Other expenses

      228,042           64,193   
  

 

 

       

 

 

  

Ordinary profit

      468,180           835,926   
  

 

 

       

 

 

  

Extraordinary gains

      464           1,344   

Extraordinary losses

      3,612           3,136   
  

 

 

       

 

 

  

Income before income taxes and minority interests

      465,032           834,134   
  

 

 

       

 

 

  

Income taxes-current

      109,059           185,385   

Income taxes-deferred

      (36,919 )         74,654   
  

 

 

       

 

 

  

Income taxes

      72,140           260,039   
  

 

 

       

 

 

  

Income before minority interests

      392,892           574,095   
  

 

 

       

 

 

  

Minority interests in net income

      61,853           68,385   
  

 

 

       

 

 

  

Net income

    ¥ 331,039         ¥ 505,709   
  

 

 

       

 

 

  

    (Consolidated statements of comprehensive income)

        
                   (Millions of yen)  

Six months ended September 30,

    2012          2013  

Income before minority interests

    ¥ 392,892         ¥ 574,095   

Other comprehensive income

      (130,766 )         237,489   

Net unrealized gains (losses) on other securities

      (132,728 )         175,203   

Net deferred gains (losses) on hedges

      13,934           (27,368 ) 

Foreign currency translation adjustments

      (5,482 )         100,023   

Share of other comprehensive income of affiliates

      (6,488 )         (10,369 ) 
  

 

 

       

 

 

  

Total comprehensive income

      262,126           811,584   
  

 

 

       

 

 

  

Comprehensive income attributable to shareholders of the parent

      219,603           712,598   

Comprehensive income attributable to minority interests

      42,522           98,985   

 

- 5 -

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Sumitomo Mitsui Financial Group, Inc.

 

(3) Consolidated statements of changes in net assets

 

                   (Millions of yen)  

Six months ended September 30,

    2012          2013  

Stockholders’ equity:

        

Capital stock

        

Balance at the beginning of the period

    ¥             2,337,895         ¥ 2,337,895   

Changes in the period

        

Net changes in the period

      —           —   
  

 

 

       

 

 

  

Balance at the end of the period

      2,337,895           2,337,895   
  

 

 

       

 

 

  

Capital surplus

        

Balance at the beginning of the period

      759,800           758,630   

Changes in the period

        

Disposal of treasury stock

      (1,167 )         (281 ) 
  

 

 

       

 

 

  

Net changes in the period

      (1,167 )         (281 ) 
  

 

 

       

 

 

  

Balance at the end of the period

      758,633           758,348   
  

 

 

       

 

 

  

Retained earnings

        

Balance at the beginning of the period

      2,152,654           2,811,474   

Decrease in retained earnings at the beginning of the period due to changes
in accounting policies as a result of revisions to accounting standards

      —           (168 ) 

Changes in the period

        

Cash dividends

      (67,555 )         (94,771 ) 

Net income

      331,039           505,709   

Increase due to increase in subsidiaries

      6           —   

Increase due to decrease in subsidiaries

      0           0   

Decrease due to increase in subsidiaries

      (4 )         (1 ) 

Decrease due to decrease in subsidiaries

      (5 )         (5 ) 

Reversal of land revaluation excess

      (156 )         3,246   
  

 

 

       

 

 

  

Net changes in the period

      263,324           414,178   
  

 

 

       

 

 

  

Balance at the end of the period

      2,415,978           3,225,484   
  

 

 

       

 

 

  

Treasury stock

        

Balance at the beginning of the period

      (236,037 )         (227,373 ) 

Changes in the period

        

Purchase of treasury stock

      (40 )         (332 ) 

Disposal of treasury stock

      8,905           52,750   
  

 

 

       

 

 

  

Net changes in the period

      8,864           52,417   
  

 

 

       

 

 

  

Balance at the end of the period

      (227,172 )         (174,955 ) 
  

 

 

       

 

 

  

Total stockholders’ equity

        

Balance at the beginning of the period

      5,014,313           5,680,627   

Decrease in retained earnings at the beginning of the period due to changes
in accounting policies as a result of revisions to accounting standards

      —           (168 ) 

Changes in the period

        

Cash dividends

      (67,555 )         (94,771 ) 

Net income

      331,039           505,709   

Purchase of treasury stock

      (40 )         (332 ) 

Disposal of treasury stock

      7,738           52,468   

Increase due to increase in subsidiaries

      6           —   

Increase due to decrease in subsidiaries

      0           0   

Decrease due to increase in subsidiaries

      (4 )         (1 ) 

Decrease due to decrease in subsidiaries

      (5 )         (5 ) 

Reversal of land revaluation excess

      (156 )         3,246   
  

 

 

       

 

 

  

Net changes in the period

      271,021           466,313   
  

 

 

       

 

 

  

Balance at the end of the period

      5,285,335           6,146,773   
  

 

 

       

 

 

  

 

- 6 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(continued)

 

                   (Millions of yen)  

Six months ended September 30,

    2012          2013  

Accumulated other comprehensive income:

        

Net unrealized gains on other securities

        

Balance at the beginning of the period

                      330,433           755,753   

Changes in the period

        

Net changes in items other than stockholders’ equity in the period

      (141,053 )         171,893   
  

 

 

       

 

 

  

Net changes in the period

      (141,053 )         171,893   
  

 

 

       

 

 

  

Balance at the end of the period

      189,379           927,647   
  

 

 

       

 

 

  

Net deferred losses on hedges

        

Balance at the beginning of the period

      (32,122 )         (32,863 ) 

Changes in the period

        

Net changes in items other than stockholders’ equity in the period

      14,346           (28,029 ) 
  

 

 

       

 

 

  

Net changes in the period

      14,346           (28,029 ) 
  

 

 

       

 

 

  

Balance at the end of the period

      (17,775 )         (60,893 ) 
  

 

 

       

 

 

  

Land revaluation excess

        

Balance at the beginning of the period

      39,158           39,129   

Changes in the period

        

Net changes in items other than stockholders’ equity in the period

      156           (3,246 ) 
  

 

 

       

 

 

  

Net changes in the period

      156           (3,246 ) 
  

 

 

       

 

 

  

Balance at the end of the period

      39,314           35,882   
  

 

 

       

 

 

  

Foreign currency translation adjustments

        

Balance at the beginning of the period

      (141,382 )         (97,448 ) 

Changes in the period

        

Net changes in items other than stockholders’ equity in the period

      15,271           63,024   
  

 

 

       

 

 

  

Net changes in the period

      15,271           63,024   
  

 

 

       

 

 

  

Balance at the end of the period

      (126,111 )         (34,423 ) 
  

 

 

       

 

 

  

Total accumulated other comprehensive income

        

Balance at the beginning of the period

      196,087           664,570   

Changes in the period

        

Net changes in items other than stockholders’ equity in the period

      (111,279 )         203,642   
  

 

 

       

 

 

  

Net changes in the period

      (111,279 )         203,642   
  

 

 

       

 

 

  

Balance at the end of the period

      84,807           868,212   
  

 

 

       

 

 

  

Stock acquisition rights:

        

Balance at the beginning of the period

      692           1,260   

Changes in the period

        

Net changes in items other than stockholders’ equity in the period

      269           268   
  

 

 

       

 

 

  

Net changes in the period

      269           268   
  

 

 

       

 

 

  

Balance at the end of the period

      962           1,528   
  

 

 

       

 

 

  

Minority interests:

        

Balance at the beginning of the period

      2,043,883           2,096,760   

Increase in retained earnings at the beginning of the period due to changes in
accounting policies as a result of revisions to accounting standards

      —           802   

Changes in the period

        

Net changes in items other than stockholders’ equity in the period

      (41,465 )         (137,447 ) 
  

 

 

       

 

 

  

Net changes in the period

      (41,465 )         (137,447 ) 
  

 

 

       

 

 

  

Balance at the end of the period

      2,002,417           1,960,115   
  

 

 

       

 

 

  

Total net assets:

        

Balance at the beginning of the period

      7,254,976           8,443,218   

Increase in retained earnings at the beginning of the period due to changes in
accounting policies as a result of revisions to accounting standards

      —           634   

Changes in the period

        

Cash dividends

      (67,555 )         (94,771 ) 

Net income

      331,039           505,709   

Purchase of treasury stock

      (40 )         (332 ) 

Disposal of treasury stock

      7,738           52,468   

Increase due to increase in subsidiaries

      6           —   

Increase due to decrease in subsidiaries

      0           0   

Decrease due to increase in subsidiaries

      (4 )         (1 ) 

Decrease due to decrease in subsidiaries

      (5 )         (5 ) 

Reversal of land revaluation excess

      (156 )         3,246   

Net changes in items other than stockholders’ equity in the period

      (152,475 )         66,463   
  

 

 

       

 

 

  

Net changes in the period

      118,546           532,776   
  

 

 

       

 

 

  

Balance at the end of the period

    ¥ 7,373,522         ¥ 8,976,629   
  

 

 

       

 

 

  

 

- 7 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(4) Consolidated statements of cash flows

 

                   (Millions of yen)  

Six months ended September 30,

    2012          2013  

Cash flows from operating activities:

        

Income before income taxes and minority interests

    ¥               465,032         ¥ 834,134   

Depreciation

      88,099           99,176   

Losses on impairment of fixed assets

      2,258           1,465   

Amortization of goodwill

      12,507           12,512   

Gains on step acquisitions

      (140 )         —   

Equity in gains of affiliates

      (5,670 )         (8,105 ) 

Net change in reserve for possible loan losses

      (51,296 )         (117,268 ) 

Net change in reserve for employee bonuses

      (10,416 )         (9,521 ) 

Net change in reserve for executive bonuses

      (2,875 )         (4,037 ) 

Net change in reserve for employee retirement benefits

      (1,492 )         (399 ) 

Net change in reserve for executive retirement benefits

      (435 )         (757 ) 

Net change in reserve for point service program

      (622 )         (272 ) 

Net change in reserve for reimbursement of deposits

      (2,915 )         (2,404 ) 

Net change in reserve for losses on interest repayment

      (94,171 )         (57,352 ) 

Interest income

      (831,411 )         (936,209 ) 

Interest expenses

      151,629           155,930   

Net (gains) losses on securities

      19,911           (65,699 ) 

Net losses from money held in trust

      1,696           1   

Net exchange (gains) losses

      229,672           (196,204 ) 

Net losses from disposal of fixed assets

      1,172           141   

Net change in trading assets

      (705,327 )         945,827   

Net change in trading liabilities

      147,431           (751,528 ) 

Net change in loans and bills discounted

      723,728           (1,275,595 ) 

Net change in deposits

      (251,252 )         1,010,960   

Net change in negotiable certificates of deposit

      1,938,192           (143,919 ) 

Net change in borrowed money (excluding subordinated borrowings)

      (3,192,019 )         714,807   

Net change in deposits with banks

      (1,090,834 )         (583,939 ) 

Net change in call loans and bills bought and others

      257,028           516,160   

Net change in receivables under securities borrowing transactions

      894,050           (261,962 ) 

Net change in call money and bills sold and others

      40,842           (1,233,604 ) 

Net change in commercial paper

      213,017           423,689   

Net change in payables under securities lending transactions

      (2,041,228 )         (949,764 ) 

Net change in foreign exchanges (assets)

      (277,538 )         714,351   

Net change in foreign exchanges (liabilities)

      78,420           58,188   

Net change in lease receivables and investment assets

      (4,860 )         (47,106 ) 

Net change in short-term bonds (liabilities)

      109,400           (131,900 ) 

Issuance and redemption of bonds (excluding subordinated bonds)

      126,600           234,124   

Net change in due to trust account

      69,859           38,370   

Interest received

      849,258           964,532   

Interest paid

      (154,054 )         (153,396 ) 

Other, net

      51,404           367,585   
  

 

 

       

 

 

  

Subtotal

      (2,247,352 )         161,011   
  

 

 

       

 

 

  

Income taxes paid

      (29,656 )         (255,228 ) 
  

 

 

       

 

 

  

Net cash used in operating activities

      (2,277,009 )         (94,216 ) 
  

 

 

       

 

 

  

 

- 8 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(continued)

 

           (Millions of yen)  
  

 

 

  

Six months ended September 30,

    2012     2013  

 

    

 

 

  

Cash flows from investing activities:

     

Purchases of securities

      (31,478,414 )      (10,775,470 ) 

Proceeds from sale of securities

      30,724,883        20,204,665   

Proceeds from maturity of securities

      2,511,405        4,873,754   

Purchases of money held in trust

      (840 )      (982 ) 

Proceeds from sale of money held in trust

      0        0   

Purchases of tangible fixed assets

      (92,820 )      (179,143 ) 

Proceeds from sale of tangible fixed assets

      25,021        48,605   

Purchases of intangible fixed assets

      (45,172 )      (55,389 ) 

Proceeds from sale of intangible fixed assets

      0        1   

Purchases of stocks of subsidiaries

      —        (42 ) 

Purchases of stocks of subsidiaries resulting in changes in scope of consolidation

      (94,745 )      (152 ) 

Proceeds from sale of stocks of subsidiaries resulting in changes in scope of
consolidation

                      34,916        —   
  

 

 

    

 

 

  

Net cash provided by investing activities

      1,584,233        14,115,846   
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Proceeds from subordinated borrowings

      25,000        —   

Repayment of subordinated borrowings

      (23,000 )      (15,000 ) 

Proceeds from issuance of subordinated bonds and bonds with stock acquisition rights

      14,801        2,284   

Redemption of subordinated bonds and bonds with stock acquisition rights

      (187,260 )      (209,802 ) 

Dividends paid

      (67,518 )      (94,733 ) 

Proceeds from contributions paid by minority stockholders

      —        1   

Repayment to minority stockholders

      (12,500 )      (181,968 ) 

Dividends paid to minority stockholders

      (51,763 )      (54,444 ) 

Purchases of treasury stock

      (40 )      (332 ) 

Proceeds from disposal of treasury stock

      4        60,657   

Purchases of treasury stock by subsidiaries

      (1 )      (3 ) 

Proceeds from sale of treasury stock of subsidiaries

      107        106   
  

 

 

    

 

 

  

Net cash used in financing activities

      (302,172 )      (493,234 ) 
  

 

 

    

 

 

  

Effect of exchange rate changes on cash and cash equivalents

      (2,553 )      4,956   
  

 

 

    

 

 

  

Net change in cash and cash equivalents

      (997,502 )      13,533,351   
  

 

 

    

 

 

  

Cash and cash equivalents at the beginning of the period

      4,588,858        5,202,119   

Change in cash and cash equivalents due to newly consolidated subsidiaries

      0        —   
  

 

 

    

 

 

  

Cash and cash equivalents at the end of the period

    ¥ 3,591,357      ¥ 18,735,471   
  

 

 

    

 

 

  

 

 

- 9 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(5) Note on the Assumption as a Going Concern

    Not applicable.

(6) Segment Information

      (a) Information on profit and loss amount by reportable segment

 

Six months ended September 30, 2013

                                  (Millions of yen)
      Commercial Banking  
      SMBC                    
      
 
 		 Consumer
Banking
Unit		   
  
  		    
 
 		 Middle
Market
Banking Unit		   
  
  		    
 
 		 Corporate
Banking
Unit		   
  
  		    
 
 		 International
Banking
Unit		   
  
  		    
 		 Treasury
Unit		   
  		    
 		 Head Office
Account		   
  		     Sub-Total        Others        Total   

Gross profit

    ¥ 163,722      ¥ 195,889      ¥ 111,869      ¥ 140,159      ¥ 232,340      ¥ (22,125 )    ¥ 821,853      ¥ 112,290      ¥ 934,143   

Interest income

      140,710        111,670        69,912        82,750        153,594        12,313        570,949        82,854        653,804   

Non-interest income

      23,012        84,219        41,957        57,409        78,746        (34,439 )      250,903        29,436        280,339   

Expenses

      (140,704 )      (107,722 )      (20,052 )      (45,188 )      (11,601 )      (43,347 )      (368,614 )      (76,164 )      (444,778 ) 

Other profit or loss

      —        —        —        —        —        —        —        1,283        1,283   

Consolidated net business profit

    ¥ 23,018      ¥ 88,167      ¥ 91,817      ¥ 94,971      ¥ 220,739      ¥ (65,472 )    ¥ 453,239      ¥ 37,410      ¥ 490,649   

    

                   
      Leasing     Securities              
      Sumitomo Mitsui
Finance and Leasing
Company, Limited		     Others     Total     SMBC Nikko
Securities Inc.		     SMBC Friend
Securities Co.,
Ltd.		     Others     Total              

Gross profit

    ¥ 66,759      ¥     4,486      ¥ 71,245      ¥ 176,735      ¥ 33,326      ¥ 8,206      ¥ 218,268       

Interest income

      15,759        2,922        18,682        623        346        286        1,256       

Non-interest income

      51,000        1,563        52,563        176,111        32,980        7,920        217,012       

Expenses

      (26,450 )      157        (26,293 )      (114,112 )      (22,331 )      (5,522 )      (141,966 )     

Other profit or loss

      5,521        2,133        7,655        (306 )      (2 )      392        83       

Consolidated net business profit

    ¥ 45,830      ¥ 6,777      ¥ 52,607      ¥ 62,316      ¥ 10,992      ¥ 3,076      ¥ 76,385       

    

                   
      Consumer finance                            
      Sumitomo
Mitsui Card
Company, Limited		     Cedyna
Financial
Corporation		     SMBC
Consumer
Finance Co., Ltd.		     Others     Total     Other
Business		     Grand
Total		              

Gross profit

    ¥ 92,880      ¥ 77,411      ¥ 87,083      ¥ 13,091      ¥ 270,466      ¥ 22,048      ¥ 1,516,172       

Interest income

      7,129        14,070        60,774        576        82,550        28,658        784,952       

Non-interest income

      85,751        63,341        26,308        12,514        187,915        (6,610 )      731,220       

Expenses

      (67,673 )      (57,154 )      (34,649 )      (7,777 )      (167,253 )      27,876        (752,415 )     

Other profit or loss

      (2,974 )      (7,412 )      (19,914 )      1,072        (29,229 )      (35,474 )      (55,681 )     

Consolidated net business profit

    ¥ 22,232      ¥ 12,844      ¥ 32,519      ¥ 6,386      ¥ 73,982      ¥ 14,450      ¥ 708,075       

 

Notes:

 

1.

Consolidated net business profit = SMBC’s non-consolidated banking profit + SMFG’s non-consolidated ordinary profit + Other subsidiaries’ ordinary profit (excluding non-recurring factors) + Equity method affiliates’ ordinary profit X Ownership ratio – Internal transactions (dividends, etc.)

 

2.

Other profit or loss = Non-operating profit or loss of consolidated subsidiaries except SMBC + Equity method affiliates’ ordinary profit X Ownership ratio, etc.

 

3.

Consolidated net business profit = Ordinary profit of each company for SMBC Nikko Securities Inc., SMBC Friend Securities Co., Ltd., Sumitomo Mitsui Card Company, Limited, and Cedyna Financial Corporation, and Consolidated net business profit = Consolidated ordinary profit of each company for Sumitomo Mitsui Finance and Leasing Company, Limited and SMBC Consumer Finance Co., Ltd.

 

4.

“Other business” includes profits/losses to be offset as internal transactions between segments.

 

      (b)

Difference between total amount of consolidated net business profit by reportable segment and ordinary profit on consolidated statements of income (adjustment of difference)

 

Six months ended September 30, 2013

      (Millions of yen ) 

Consolidated net business profit

      ¥     708,075   

Total credit cost of SMBC

        78,342   

Gains on stocks of SMBC

        76,484   

Amortization of unrecognized retirement benefit obligation of SMBC

        (16,581 ) 

Ordinary profit of consolidated subsidiaries other than reportable segment

        44,085   

Amortization of goodwill other than reportable segment

        (8,843 ) 

Adjustment of profit or loss of equity method affiliates

        (2,680 ) 

Others

        (42,955 ) 

Ordinary profit on consolidated statements of income

      ¥ 835,926   

Notes:

1.   Total credit cost = Write-off of loans + Losses on sales of delinquent loans – Gains on reversal of reserve for possible loan losses – Recoveries of written-off claims

2.   Gains on stocks = Gains on sale of stocks – Losses on sale of stocks – Losses on devaluation of stocks

3.   Adjustment of profit or loss of equity method affiliates = Equity method affiliates’ net income X Ownership ratio – Equity method affiliates’ ordinary profit X Ownership ratio

 

- 10 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

6. Non-consolidated financial statements

    (1) Non-consolidated balance sheets

 

     (Millions of yen)  
      March 31, 2013         September 30, 2013  

Assets:

       

Current assets

       

Cash and due from banks

    ¥                     76,692        ¥     55,863   

Other current assets

      34,598          15,548   
  

 

 

      

 

 

  

Total current assets

      111,290          71,412   
  

 

 

      

 

 

  

Fixed assets

       

Tangible fixed assets

      2          2   

Intangible fixed assets

      83          79   

Investments and other assets

      6,155,487          6,155,487   

Investments in subsidiaries and affiliates

      6,155,487          6,155,487   
  

 

 

      

 

 

  

Total fixed assets

      6,155,573          6,155,569   
  

 

 

      

 

 

  

Total assets

    ¥ 6,266,864        ¥ 6,226,981   
  

 

 

      

 

 

  

Liabilities:

       

Current liabilities

       

Short-term borrowings

    ¥ 1,228,030        ¥ 1,228,030   

Income taxes payable

      15          12   

Reserve for employee bonuses

      133          149   

Reserve for executive bonuses

      97          —   

Other current liabilities

      4,683          4,707   
  

 

 

      

 

 

  

Total current liabilities

      1,232,959          1,232,899   
  

 

 

      

 

 

  

Fixed liabilities

       

Bonds

      392,900          392,900   
  

 

 

      

 

 

  

Total fixed liabilities

      392,900          392,900   
  

 

 

      

 

 

  

Total liabilities

      1,625,859          1,625,799   
  

 

 

      

 

 

  

Net assets:

       

Stockholders’ equity

       

Capital stock

      2,337,895          2,337,895   

Capital surplus

       

Capital reserve

      1,559,374          1,559,374   

Other capital surplus

      24,343          24,347   
  

 

 

      

 

 

  

Total capital surplus

      1,583,717          1,583,721   
  

 

 

      

 

 

  

Retained earnings

       

Other retained earnings

       

Voluntary reserve

      30,420          30,420   

Retained earnings brought forward

      699,913          660,155   
  

 

 

      

 

 

  

Total retained earnings

      730,333          690,575   
  

 

 

      

 

 

  

Treasury stock

      (12,082 )        (12,407 ) 
  

 

 

      

 

 

  

Total stockholders’ equity

      4,639,865          4,599,784   
  

 

 

      

 

 

  

Stock acquisition rights

      1,140          1,397   
  

 

 

      

 

 

  

Total net assets

      4,641,005          4,601,182   
  

 

 

      

 

 

  

Total liabilities and net assets

    ¥ 6,266,864        ¥ 6,226,981   
  

 

 

      

 

 

  

 

 

- 11 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(2) Non-consolidated statements of income

      (Millions of yen)  

Six months ended September 30,

    2012           2013  

Operating income

         

Dividends on investments in subsidiaries and affiliates

    ¥         37,624          ¥         68,072   

Fees and commissions received from subsidiaries

      7,144            6,970   
  

 

 

        

 

 

  

Total operating income

      44,768            75,042   
  

 

 

        

 

 

  

Operating expenses

         

General and administrative expenses

      4,084            4,788   

Interest on bonds

      8,234            8,234   
  

 

 

        

 

 

  

Total operating expenses

      12,318            13,022   
  

 

 

        

 

 

  

Operating profit

      32,450            62,020   
  

 

 

        

 

 

  

Non-operating income

      80            78   

Non-operating expenses

      3,757            3,141   
  

 

 

        

 

 

  

Ordinary profit

      28,773            58,957   
  

 

 

        

 

 

  

Income before income taxes

      28,773            58,957   
  

 

 

        

 

 

  

Income taxes-current

      2            1   
  

 

 

        

 

 

  

Income taxes

      2            1   
  

 

 

        

 

 

  

Net income

    ¥ 28,771          ¥ 58,955   
  

 

 

        

 

 

  

 

- 12 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(3) Non-consolidated statements of changes in net assets

 

                  (Millions of yen)  

Six months ended September 30,

    2012         2013  

Stockholders’ equity:

       

Capital stock

       

Balance at the beginning of the period

    ¥ 2,337,895        ¥ 2,337,895   

Changes in the period

       

Net changes in the period

      —          —   
  

 

 

      

 

 

  

Balance at the end of the period

                  2,337,895          2,337,895   
  

 

 

      

 

 

  

Capital surplus

       

Capital reserve

       

Balance at the beginning of the period

      1,559,374          1,559,374   

Changes in the period

       

Net changes in the period

      —          —   
  

 

 

      

 

 

  

Balance at the end of the period

      1,559,374          1,559,374   
  

 

 

      

 

 

  

Other capital surplus

       

Balance at the beginning of the period

      63,592          24,343   

Changes in the period

       

Disposal of treasury stock

      (39,245 )        3   
  

 

 

      

 

 

  

Net changes in the period

      (39,245 )        3   
  

 

 

      

 

 

  

Balance at the end of the period

      24,346          24,347   
  

 

 

      

 

 

  

Total capital surplus

       

Balance at the beginning of the period

      1,622,966          1,583,717   

Changes in the period

       

Disposal of treasury stock

      (39,245 )        3   
  

 

 

      

 

 

  

Net changes in the period

      (39,245 )        3   
  

 

 

      

 

 

  

Balance at the end of the period

      1,583,720          1,583,721   
  

 

 

      

 

 

  

Retained earnings

       

Other retained earnings

       

Voluntary reserve

       

Balance at the beginning of the period

      30,420          30,420   

Changes in the period

       

Net changes in the period

      —          —   
  

 

 

      

 

 

  

Balance at the end of the period

      30,420          30,420   
  

 

 

      

 

 

  

Retained earnings brought forward

       

Balance at the beginning of the period

      690,676          699,913   

Changes in the period

       

Cash dividends

      (68,230 )        (98,713 ) 

Net income

      28,771          58,955   
  

 

 

      

 

 

  

Net changes in the period

      (39,459 )        (39,758 ) 
  

 

 

      

 

 

  

Balance at the end of the period

      651,216          660,155   
  

 

 

      

 

 

  

Total retained earnings

       

Balance at the beginning of the period

      721,096          730,333   

Changes in the period

       

Cash dividends

      (68,230 )        (98,713 ) 

Net income

      28,771          58,955   
  

 

 

      

 

 

  

Net changes in the period

      (39,459 )        (39,758 ) 
  

 

 

      

 

 

  

Balance at the end of the period

      681,636          690,575   
  

 

 

      

 

 

  

 

- 13 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(continued)

                   (Millions of yen)  

Six months ended September 30,

    2012          2013  

Treasury stock

        

Balance at the beginning of the period

      (154,926 )         (12,082 ) 

Changes in the period

        

Purchase of treasury stock

      (40 )         (332 ) 

Disposal of treasury stock

      143,085           7   
  

 

 

       

 

 

  

Net changes in the period

      143,045           (325 ) 
  

 

 

       

 

 

  

Balance at the end of the period

      (11,881 )         (12,407 ) 
  

 

 

       

 

 

  

Total stockholders’ equity

        

Balance at the beginning of the period

      4,527,031           4,639,865   

Changes in the period

        

Cash dividends

      (68,230 )         (98,713 ) 

Net income

      28,771           58,955   

Purchase of treasury stock

      (40 )         (332 ) 

Disposal of treasury stock

      103,839           10   
  

 

 

       

 

 

  

Net changes in the period

      64,339           (40,080 ) 
  

 

 

       

 

 

  

Balance at the end of the period

      4,591,371           4,599,784   
  

 

 

       

 

 

  

Stock acquisition rights:

        

Balance at the beginning of the period

      598           1,140   

Changes in the period

        

Net changes in the items other than stockholders’ equity in the period

      262           257   
  

 

 

       

 

 

  

Net changes in the period

      262           257   
  

 

 

       

 

 

  

Balance at the end of the period

      860           1,397   
  

 

 

       

 

 

  

Total net assets:

        

Balance at the beginning of the period

      4,527,629           4,641,005   

Changes in the period

        

Cash dividends

      (68,230 )         (98,713 ) 

Net income

      28,771           58,955   

Purchase of treasury stock

      (40 )         (332 ) 

Disposal of treasury stock

      103,839           10   

Net changes in the items other than stockholders’ equity in the period

      262           257   
  

 

 

       

 

 

  

Net changes in the period

      64,601           (39,822 ) 
  

 

 

       

 

 

  

Balance at the end of the period

    ¥             4,592,231         ¥ 4,601,182   
  

 

 

       

 

 

  

 

- 14 -