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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 May 2024

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 ☒   Form 40-F ☐

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF SUMITOMO MITSUI FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-276219) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED, EXCEPT FOR THE STATEMENTS REGARDING OUR EARNINGS FORECAST UNDER THE CAPTIONS “3. EARNINGS FORECAST ON A CONSOLIDATED BASIS (FOR THE FISCAL YEAR ENDING MARCH 31, 2025)” AND “(2) EARNINGS FORECAST FOR THE FISCAL YEAR ENDING MARCH 31, 2025 (FISCAL 2024).”

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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/ Jun Okahashi

  Name: Jun Okahashi
 

Title:  Executive Officer & General Manager,

       Financial Accounting Dept.

Date:  May 15, 2024

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Sumitomo Mitsui Financial Group, Inc.

 

  May 15, 2024

LOGO

 

   Sumitomo Mitsui Financial Group, Inc.    LOGO
  Consolidated financial results for the fiscal year ended March 31, 2024
  <Under Japanese GAAP>

 

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: https://www.smfg.co.jp/english/
President: Toru Nakashima
Date of ordinary general meeting of shareholders: June 27, 2024 Date of payment of year-end dividends: June 28, 2024
Annual securities report (Yukashoken hokokusho) issuing date: June 21, 2024
Investors meeting presentation for financial results: Scheduled

 

Note: Amounts less than one million yen have been rounded down.

1. Consolidated financial results (for the fiscal year ended March 31, 2024)

 

 

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

 

     Ordinary income     

 

          Ordinary profit             Profit attributable to  
 owners of parent		  
Fiscal year ended March 31, 2024    ¥  9,353,590          52.3 %    ¥     1,466,128          26.3 %    ¥  962,946          19.5 % 

Fiscal year ended March 31, 2023               

      6,142,155          49.4       1,160,930           11.6       805,842           14.0  

 

  Notes:   1.   Comprehensive income:
   

(a) for the fiscal year ended March 31, 2024: ¥2,629,723 million [154.9%]

(b) for the fiscal year ended March 31, 2023: ¥1,031,712 million [83.6%]

  2.   Percentages shown in ordinary income, ordinary profit, profit attributable to owners of parent and comprehensive income are the increase (decrease) from the previous fiscal year.

 

                                                                                                                                                     
     Earnings
per share		     Earnings per
  share  (Diluted)  		   Return on
net assets		   Ordinary profit
on total assets		    Ordinary profit 
on ordinary
income

Fiscal year ended March 31, 2024

   ¥  724.55      ¥ 724.34   7.0%   0.5%   15.7%

Fiscal year ended March 31, 2023               

      590.46          590.26    6.5       0.4      18.9  

  Note:   Equity in gains (losses) of affiliates:

  (a) for the fiscal year ended March 31, 2024: ¥71,986 million   (b) for the fiscal year ended March 31, 2023: ¥55,461 million

 

 (2) Financial position    (Millions of yen, except per share data and percentages) 
       Total assets     Net assets       Net assets ratio       Net assets per share

As of March 31, 2024

    ¥ 295,236,701     ¥  14,799,967      5.0%    ¥   11,157.36

As of March 31, 2023

      270,428,564        12,791,106      4.7           9,430.52

 

  Notes:   1.   Stockholders’ equity:
    (a) as of March 31, 2024: ¥14,660,110 million (b) as of March 31, 2023: ¥12,680,465 million
  2.   Net assets ratio = {(Net assets – Stock acquisition rights – Non-controlling interests) / Total assets} X 100

 

 (3) Cash flows    (Millions of yen) 
     

Cash flows from 

 operating activities  

   

Cash flows from 

investing activities 

   

Cash flows from  

financing activities   

   

Cash and cash 

equivalents at 

year-end 

Fiscal year ended March 31, 2024

    ¥    642,862    ¥   (918,904)    ¥   280,693     ¥  66,380,330

Fiscal year ended March 31, 2023

         (5,895,185)       5,931,059         (357,778)       65,864,248

 

2. Dividends on common stock    (Millions of yen, except per share data and percentages) 
      Cash dividends per share   

Total 

dividends  

(annual) 

    Dividend 
payout 
ratio 		    Ratio of
dividends
to net
assets
   1st 
 quarter 		    2nd 
 quarter 		    3rd 
 quarter 		    4th 
 quarter 		    Annual 

Fiscal year

                                        

ended March 31, 2023

    ¥ —    ¥115    ¥ —    ¥125    ¥240    ¥325,768    40.4%    2.6%

ended March 31, 2024

       —     135       —     135     270     357,481    37.1      2.6  

ending March 31, 2025

forecast/Before considering the stock split

       —     165       —     165     330         40.5       

(forecast/After considering the stock split)

       —     165       —      55     —         40.5       

 

  Notes:   1.   At the Board of Directors held on May 15, 2024, the Company resolved to conduct a three for one split of the Company’s common stock on the record date of September 30, 2024.
  2.   Dividend payout ratio = (Total dividends on common stock / Profit attributable to owners of parent) X 100 At the Board of Directors held on May 15, 2024, the Company resolved to repurchase its own shares, and dividend payout ratio for the fiscal year ending March 31, 2025 (forecast) is taking into account the impact of the repurchase of its own shares.
  3.   Ratio of dividends to net assets = Total dividends on common stock / {(Beginning balance of Stockholders’ equity + Ending balance of Stockholders’ equity) / 2}X 100

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Sumitomo Mitsui Financial Group, Inc.

3. Earnings forecast on a consolidated basis (for the fiscal year ending March 31, 2025)

 

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

     Profit attributable to owners of parent   

 

   

     Earnings per share    

 

Fiscal year ending March 31, 2025

    ¥ 1,060,000     10.1%     ¥ 271.34

 

 

  Note:

Forecasted earnings per share is calculated by dividing forecasted profit attributable to owners of parent by the number of issued common stocks (excluding treasury stocks) as of March 31, 2024. The number of issued common stocks (excluding treasury stocks) is taking into account the impacts of the stock split and the repurchase of its own shares resolved by the Company at the Board of Directors held on May 15, 2024.

[Notes]

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

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

(a) Changes in accounting policies due to application of new or revised accounting standards

   :   No     

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

   :   No     

(c) Changes in accounting estimates

   :   No     

(d) Restatements

   :   No     

(3) Number of shares issued (common stocks)

    

As of March 31, 2024

   

As of March 31, 2023

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

    1,337,529,084 shares       1,374,691,194 shares   

(b) Number of treasury stocks

    23,587,866 shares       30,070,650 shares   
    

Fiscal year ended
March 31, 2024

   

Fiscal year ended
March 31, 2023

(c) Average number of shares issued in the year

    1,329,025,818 shares       1,364,770,096 shares   

 

 Note: Number of shares used in calculating “Earnings per share” (on a consolidated basis) is reported on page 14 “(Per share data)”.

[Reference] Summary of financial information on a non-consolidated basis

Non-consolidated financial results (for the fiscal year ended March 31, 2024)

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

Fiscal year

ended March 31, 2024

     ¥936,815     33.5%     ¥ 550,062     27.5%     ¥ 539,377     28.4%     ¥ 545,114     36.1% 
   

ended March 31, 2023

    701,653     13.9       431,307     6.9       419,980     6.9       400,380     1.3   
                         
         

Earnings 

per share 

   

Earnings 

per share (diluted) 

                    
 

Fiscal year

ended March 31, 2024

    ¥410.16    ¥410.04            
 

ended March 31, 2023

      293.37      293.27            
    Note: Percentages shown in operating income, operating profit, ordinary profit and net income are the increase (decrease) from the previous fiscal year.
   (2) Financial position                        (Millions of yen, except per share data and percentages) 
            Total assets       Net assets     Net assets ratio     Net assets per share 
 

As of March 31, 2024

    ¥ 19,745,893    ¥ 6,075,333    30.8%     ¥ 4,623.04 
 

As of March 31, 2023

      17,046,916       6,060,165    35.5        4,506.12  
    Note: Stockholders’ equity
      (a) as of March 31, 2024: ¥6,074,401 million  (b) as of March 31, 2023: ¥6,059,020 million

[Note on audit procedures]

This report is out of the scope of the audit procedures.

 

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. (“the Company”) and its management with respect to the Company’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 the Company’s securities portfolio; incurrence of significant credit-related costs; the Company’s ability to successfully implement its business strategy through its subsidiaries, affiliates and alliance partners; and exposure to new risks as the Company expands the scope of its business. 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. The Company undertakes no obligation to update or revise any forward-looking statements. Please refer to the Company’s most recent disclosure documents such as its annual report 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.

 

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I.

    Operating and financial review      2  

 1.

   

Consolidated operating results for the fiscal year ended March 31, 2024 (fiscal 2023)

      2  

 2.

   

Consolidated financial position as of March 31, 2024

      3  

II.

    Basic approach to the selection of accounting standards      3  

III.

    Consolidated financial statements      4  

 1.

   

Consolidated balance sheets

      4  

 2.

   

Consolidated statements of income and consolidated statements of comprehensive income

      6  

 3.

   

Consolidated statements of changes in net assets

      8  

 4.

   

Consolidated statements of cash flows

      11  

 5.

   

Notes to consolidated financial statements

      13  
  

Note on going concern

      13  
  

Segment information

      13  
  

Per share data

      14  
  

Significant subsequent events

      15  

* Appendix: Financial results for the fiscal year ended March 31, 2024 supplementary information

 

- 1 -

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Sumitomo Mitsui Financial Group, Inc.

 

I. Operating and financial review

1. Consolidated operating results for the fiscal year ended March 31, 2024 (fiscal 2023)

 

  (1)  

Operating results

In fiscal 2023, net business profit increased by ¥283.8 billion year-on-year to ¥1,560.2 billion. The primary reasons were the recovery of the business result at SMBC Nikko Securities Inc., the strong performance of Sumitomo Mitsui Card Company, Limited. and increases in interest income from domestic and overseas loans.

Total credit cost increased by ¥63.9 billion year-on-year to ¥274.0 billion, mainly due to expanding the businesses of retail subsidiaries, recording reserve for domestic and overseas large borrowers, and recording forward-looking provisions corresponding to future business environment changes.

As a result, ordinary profit increased by ¥305.2 billion year-on-year to ¥1,466.1 billion, and profit attributable to owners of parent increased by ¥157.1 billion year-on-year to ¥962.9 billion.

 

Consolidated       (Billions of yen)        
                         
            Fiscal year ended  
March 31, 2024		     Change from the  
  fiscal year  ended  
  March 31, 2023  		        
   

Net business profit

   ¥ 1,560.2     ¥ 283.8                  
   

Gross profit

   3,738.8     568.6      
   

General and administrative expenses

   (2.250.6)    (301.3)     
   

Equity in gains of affiliates

   72.0     16.5      
   

Total credit cost

   (274.0)    (63.9)     
   

Ordinary profit

   1,466.1     305.2      
   

Profit attributable to owners of parent

   962.9     157.1      

SMBC non-consolidated

          
   

Banking profit *

   ¥ 901.3     ¥ 85.4      
   

Gross banking profit

   1,885.2     185.7      
   

Expenses (excluding non-recurring losses)

   (983.9)    (100.3)     
   

Total credit cost

   (96.3)    19.2      
   

Ordinary profit

   1,040.5     174.7      
   

Net income

   762.6     128.5      

* Banking profit (before provision for general reserve for possible loan losses)

 

  (2)

Earnings forecast for the fiscal year ending March 31, 2025 (fiscal 2024)

Earnings forecast for profit attributable to owners of parent is ¥ 1,060.0 billion.

 

- 2 -

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Sumitomo Mitsui Financial Group, Inc.

 

2. Consolidated financial position as of March 31, 2024

 

(1)    Assets and liabilities
  

Total assets as of March 31, 2024 were ¥ 295,236.7 billion, an year-on-year increase of ¥ 24,808.1 billion.

As for major account balances, loans and bills discounted increased by ¥ 8,609.8 billion to ¥ 107,013.9 billion year-on-year and deposits increased by ¥ 6,069.1 billion to ¥ 164,839.4 billion year-on-year.

(2)    Net assets
  

Net assets were ¥ 14,800.0 billion, an year-on-year increase of ¥ 2,008.9 billion. Stockholders’ equity within net assets was ¥ 10,630.0 billion, an year-on-year increase of ¥ 321.6 billion after the contribution of profit attributable to owners of parent and the payment of cash dividends.

(3)    Cash flows
  

The Company generated ¥ 642.9 billion in cash flows from operating activities including interest received and paid, net changes in loans and bills discounted and deposits, an year-on-year increase of ¥ 6,538.0 billion, used ¥ 918.9 billion in cash flows from investing activities including purchases and sale of securities and tangible fixed assets, an year-on-year decrease of ¥ 6,850.0 billion, and generated ¥ 280.7 billion in cash flows from financing activities including payment of dividends, an year-on-year increase of ¥ 638.5 billion. Consequently, cash and cash equivalents amounted to ¥ 66,380.3 billion, an year-on-year increase of ¥ 516.1 billion.

II. Basic approach to the selection of accounting standards

The Company selects Japanese GAAP as our accounting standards.

Since American depository receipts (ADRs) of the Company are listed on the New York Stock Exchange, the Company separately prepares consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), and the Company is considering the possibility of application of IFRS in the future.

 

- 3 -

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Sumitomo Mitsui Financial Group, Inc.

 

III. Consolidated financial statements

1. Consolidated balance sheets

 

    Millions of yen  

March 31

   2023     2024  

Assets:

    

Cash and due from banks

    ¥     75,913,960      ¥    78,143,100   

Call loans and bills bought

     5,684,812        5,333,883   

Receivables under resale agreements

     5,785,945        8,525,688   

Receivables under securities borrowing transactions

     5,576,612        6,799,541   

Monetary claims bought

     5,558,287        6,103,091   

Trading assets

     8,751,204        11,540,063   

Money held in trust

     12,957        23,751   

Securities

     33,213,165        37,142,808   

Loans and bills discounted

     98,404,137        107,013,907   

Foreign exchanges

     1,942,764        2,068,885   

Lease receivables and investment assets

     226,302        207,645   

Other assets

     13,243,899        15,313,546   

Tangible fixed assets

     1,494,527        1,006,883   

Assets for rent

     519,308        —   

Buildings

     323,411        323,967   

Land

     412,045        405,761   

Lease assets

     23,317        29,892   

Construction in progress

     30,983        40,894   

Other tangible fixed assets

     185,460        206,368   

Intangible fixed assets

     897,848        976,706   

Software

     521,545        623,266   

Goodwill

     277,311        268,833   

Lease assets

     451        323   

Other intangible fixed assets

     98,539        84,283   

Net defined benefit asset

     704,654        913,791   

Deferred tax assets

     74,084        71,427   

Customers’ liabilities for acceptances and guarantees

     13,693,771        14,869,558   

Reserve for possible loan losses

     (750,369)        (817,578)   
 

 

 

    

 

 

  

Total assets

    ¥    270,428,564      ¥    295,236,701   
 

 

 

    

 

 

  

 

- 4 -

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Sumitomo Mitsui Financial Group, Inc.

 

(continued)

    Millions of yen  

March 31

   2023     2024  

Liabilities:

    

Deposits

    ¥    158,770,253      ¥    164,839,357   

Negotiable certificates of deposit

     13,025,555        14,672,275   

Call money and bills sold

     2,569,055        3,138,049   

Payables under repurchase agreements

     16,772,716        19,625,877   

Payables under securities lending transactions

     1,521,271        1,736,935   

Commercial paper

     2,349,956        2,429,179   

Trading liabilities

     8,066,745        9,689,434   

Borrowed money

     13,674,830        14,705,266   

Foreign exchanges

     1,465,847        2,872,560   

Short-term bonds

     424,000        863,000   

Bonds

     10,365,003        13,120,274   

Due to trust account

     2,413,464        1,246,198   

Other liabilities

     11,923,748        15,573,044   

Reserve for employee bonuses

     96,254        115,488   

Reserve for executive bonuses

     3,307        4,411   

Net defined benefit liability

     35,449        37,263   

Reserve for executive retirement benefits

     1,133        1,179   

Reserve for point service program

     28,659        35,622   

Reserve for reimbursement of deposits

     10,845        9,228   

Reserve for losses on interest repayment

     128,378        121,947   

Reserves under the special laws

     3,902        4,631   

Deferred tax liabilities

     265,354        698,632   

Deferred tax liabilities for land revaluation

     27,952        27,316   

Acceptances and guarantees

     13,693,771        14,869,558   
 

 

 

    

 

 

  

Total liabilities

     257,637,458        280,436,734   
 

 

 

    

 

 

  

Net assets:

    

Capital stock

     2,342,537        2,344,038   

Capital surplus

     694,052        610,143   

Retained earnings

     7,423,600        7,843,470   

Treasury stock

     (151,798)        (167,671)   
 

 

 

    

 

 

  

Total stockholders’ equity

     10,308,391        10,629,980   
 

 

 

    

 

 

  

Net unrealized gains (losses) on other securities

     1,373,521        2,406,883   

Net deferred gains (losses) on hedges

     (13,293)        (65,073)   

Land revaluation excess

     35,005        34,936   

Foreign currency translation adjustments

     843,614        1,362,647   

Accumulated remeasurements of defined benefit plans

     133,226        290,735   
 

 

 

    

 

 

  

Total accumulated other comprehensive income

     2,372,074        4,030,129   
 

 

 

    

 

 

  

Stock acquisition rights

     1,145        931   

Non-controlling interests

     109,495        138,925   
 

 

 

    

 

 

  

Total net assets

     12,791,106        14,799,967   
 

 

 

    

 

 

  

Total liabilities and net assets

    ¥    270,428,564      ¥    295,236,701   
 

 

 

    

 

 

  

 

- 5 -

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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  

Year ended March 31

   2023     2024  

Ordinary income

    ¥      6,142,155       ¥     9,353,590   

Interest income

     3,779,715        6,213,520   

Interest on loans and discounts

     2,465,859        3,636,796   

Interest and dividends on securities

     437,385        704,565   

Interest on call loans and bills bought

     76,714        207,201   

Interest on receivables under resale agreements

     20,232        119,755   

Interest on receivables under securities borrowing transactions

     34,078        87,502   

Interest on deposits with banks

     304,299        580,295   

Interest on lease transactions

     8,676        12,483   

Interest on deferred payment

     22,409        21,969   

Other interest income

     410,058        842,949   

Trust fees

     6,752        8,195   

Fees and commissions

     1,441,313        1,716,335   

Trading income

     120,727        371,135   

Other operating income

     477,892        609,082   

Lease-related income

     39,721        37,436   

Other

     438,170        571,645   

Other income

     315,754        435,320   

Recoveries of written-off claims

     16,923        16,934   

Other

     298,830        418,386   

Ordinary expenses

     4,981,224        7,887,462   

Interest expenses

     2,061,922        4,332,866   

Interest on deposits

     796,781        1,670,570   

Interest on negotiable certificates of deposit

     259,422        518,385   

Interest on call money and bills sold

     18,057        43,855   

Interest on payables under repurchase agreements

     275,765        749,371   

Interest on payables under securities lending transactions

     3,165        15,792   

Interest on commercial paper

     45,081        116,199   

Interest on borrowed money

     86,175        154,318   

Interest on short-term bonds

     30        210   

Interest on bonds

     256,862        352,806   

Other interest expenses

     320,579        711,354   

Fees and commissions payments

     222,321        234,305   

Trading losses

     —        263,379   

Other operating expenses

     371,925        348,899   

Lease-related expenses

     31,314        30,915   

Other

     340,610        317,984   

General and administrative expenses

     1,949,245        2,250,593   

Other expenses

     375,809        457,417   

Provision for reserve for possible loan losses

     88,272        118,388   

Other

     287,537        339,028   
 

 

 

    

 

 

  

Ordinary profit

     1,160,930        1,466,128   
 

 

 

    

 

 

  

 

- 6 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(continued)

 

                                                             
    Millions of yen  

Year ended March 31

   2023     2024  

Extraordinary gains

    ¥          3,110       ¥ 8,181   

Gains on disposal of fixed assets

     3,110        1,101   

Reversal of reserve for eventual future operating losses from financial instruments transactions

     0        —   

Other extraordinary gains

     —        7,080   

Extraordinary losses

     65,569        131,959   

Losses on disposal of fixed assets

     6,523        9,341   

Losses on impairment of fixed assets

     59,045        13,696   

Provision for reserve for eventual future operating losses from financial instruments transactions

     —        729   

Other extraordinary losses

     —        108,191   
 

 

 

    

 

 

  

Income before income taxes

     1,098,472        1,342,349   
 

 

 

    

 

 

  

Income taxes-current

     222,522        442,736   

Income taxes-deferred

     59,625        (69,073)  
 

 

 

    

 

 

  

Income taxes

     282,148        373,662   
 

 

 

    

 

 

  

Profit

     816,324        968,687   
 

 

 

    

 

 

  

Profit attributable to non-controlling interests

     10,481        5,740   
 

 

 

    

 

 

  

Profit attributable to owners of parent

    ¥ 805,842       ¥       962,946   
 

 

 

    

 

 

  

(Consolidated statements of comprehensive income)

 

                                                             
    Millions of yen  

Year ended March 31

   2023     2024  

Profit

    ¥       816,324       ¥       968,687   

Other comprehensive income (losses)

     215,388        1,661,035   

Net unrealized gains (losses) on other securities

     (252,078)       1,024,910   

Net deferred gains (losses) on hedges

     54,055        (49,928)  

Foreign currency translation adjustments

     327,919        502,786   

Remeasurements of defined benefit plans

     12,078        156,856   

Share of other comprehensive income of affiliates

     73,412        26,410   
 

 

 

    

 

 

  

Total comprehensive income

     1,031,712        2,629,723   
 

 

 

    

 

 

  

Comprehensive income attributable to owners of parent

     1,019,625        2,621,070   

Comprehensive income attributable to non-controlling interests

     12,087        8,653   

 

- 7 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

3. Consolidated statements of changes in net assets

 

     Millions of yen         
     Stockholders’ equity         

Year ended March 31, 2023

    Capital
stock		      Capital
surplus		      Retained
earnings		      Treasury
stock		      Total         

Balance at the beginning of the fiscal year

     ¥ 2,341,878        ¥ 693,664        ¥ 6,916,468        ¥ (13,402)       ¥ 9,938,608      

Changes in the fiscal year

                  

Issuance of new stock

      658         658               1,317      

Cash dividends

            (301,626)           (301,626)     

Profit attributable to owners of parent

            805,842            805,842      

Purchase of treasury stock

               (138,839)        (138,839)     

Disposal of treasury stock

         (111)           443         332      

Changes in shareholders’ interest due to transaction with non-controlling interests

         (270)              (270)     

Increase due to decrease in affiliates accounted for by the equity method

            1,712            1,712      

Reversal of land revaluation excess

            1,314            1,314      

Transfer from retained earnings to capital surplus

         111         (111)           —      

Net changes in items other than stockholders’ equity in the fiscal year

                  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

Net changes in the fiscal year

      658         388         507,131         (138,396)        369,782      
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

Balance at the end of the fiscal year

     ¥ 2,342,537        ¥ 694,052        ¥ 7,423,600        ¥ (151,798)       ¥ 10,308,391      
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     
     Millions of yen  
     Accumulated other comprehensive income  

Year ended March 31, 2023

    Net unrealized
gains (losses)
on other
securities		      Net deferred
gains
(losses)
on hedges		      Land
 revaluation 
excess		      Foreign
currency
translation
adjustments 		      Accumulated
remeasurements
of defined
benefit plans		      Total  

Balance at the beginning of the fiscal year

     ¥ 1,632,080        ¥ (80,061)       ¥ 36,320        ¥ 450,143        ¥ 121,123        ¥ 2,159,606   

Changes in the fiscal year

                  

Issuance of new stock

                  

Cash dividends

                  

Profit attributable to owners of parent

                  

Purchase of treasury stock

                  

Disposal of treasury stock

                  

Changes in shareholders’ interest due to transaction with non-controlling interests

                  

Increase due to decrease in affiliates accounted for by the equity method

                  

Reversal of land revaluation excess

                  

Transfer from retained earnings to capital surplus

                  

Net changes in items other than stockholders’ equity in the fiscal year

      (258,559)        66,768         (1,314)        393,471         12,102         212,467   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net changes in the fiscal year

      (258,559)        66,768         (1,314)        393,471         12,102         212,467   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Balance at the end of the fiscal year

     ¥     1,373,521        ¥     (13,293)       ¥     35,005        ¥     843,614        ¥     133,226        ¥     2,372,074   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

- 8 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(Continued)

 

Year ended March 31, 2023

    Millions of yen                       
   Stock
acquisition
rights		      Non-
controlling
interests		      Total
net assets		                       

Balance at the beginning of the fiscal year

     ¥ 1,475        ¥ 97,641        ¥ 12,197,331            

Changes in the fiscal year

                  

Issuance of new stock

            1,317                                 

Cash dividends

            (301,626)            

Profit attributable to owners of parent

            805,842            

Purchase of treasury stock

            (138,839)            

Disposal of treasury stock

            332            

Changes in shareholders’ interest due to transaction with non-controlling interests

            (270)            

Increase due to decrease in affiliates accounted for by the equity method

            1,712            

Reversal of land revaluation excess

            1,314            

Transfer from retained earnings to capital surplus

            —            

Net changes in items other than stockholders’ equity in the fiscal year

      (329)         11,854         223,991            
  

 

 

     

 

 

     

 

 

           

Net changes in the fiscal year

      (329)         11,854         593,774            
  

 

 

     

 

 

     

 

 

           

Balance at the end of the fiscal year

     ¥         1,145       ¥       109,495       ¥    12,791,106            
  

 

 

     

 

 

     

 

 

           

Year ended March 31, 2024

    Millions of yen         
   Stockholders’ equity         
   Capital
stock		      Capital
surplus		      Retained
earnings		      Treasury
stock		      Total         

Balance at the beginning of the fiscal year

     ¥ 2,342,537        ¥ 694,052        ¥ 7,423,600        ¥ (151,798)        ¥ 10,308,391      

Changes in the fiscal year

                  

Issuance of new stock

      1,501         1,500               3,001      

Cash dividends

            (348,177)            (348,177)      

Profit attributable to owners of parent

            962,946            962,946      

Purchase of treasury stock

               (211,434)         (211,434)      

Disposal of treasury stock

         (185)            401         216      

Cancellation of treasury stock

         (195,160)            195,160         —      

Changes in shareholders’ interest due to transaction with non-controlling interests

         (85,409)               (85,409)      

Increase due to decrease in affiliates accounted for by the equity method

            377            377      

Reversal of land revaluation excess

            68            68      

Transfer from retained earnings to capital surplus

         195,345         (195,345)            —      

Net changes in items other than stockholders’ equity in the fiscal year

                  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

Net changes in the fiscal year

      1,501         (83,909)         419,870         (15,872)         321,589      
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

Balance at the end of the fiscal year

     ¥   2,344,038        ¥   610,143        ¥   7,843,470        ¥       (167,671)        ¥    10,629,980      
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

- 9 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(Continued)

 

     Millions of yen  
     Accumulated other comprehensive income  

Year ended March 31, 2024

     Net unrealized 
gains (losses)
on other
securities		      Net deferred
 gains (losses) 
on hedges		      Land
revaluation 
excess		      Foreign
currency
translation
 adjustments 		      Accumulated
remeasurements
of defined
benefit plans		      Total  

Balance at the beginning of the fiscal year

      ¥ 1,373,521        ¥ (13,293)        ¥        35,005        ¥ 843,614        ¥ 133,226        ¥ 2,372,074   

Changes in the fiscal year

                  

Issuance of new stock

                  

Cash dividends

                  

Profit attributable to owners of parent

                  

Purchase of treasury stock

                  

Disposal of treasury stock

                  

Cancellation of treasury stock

                  

Changes in shareholders’ interest due to transaction with non-controlling interests

                  

Increase due to decrease in affiliates accounted for by the equity method

                  

Reversal of land revaluation excess

                  

Transfer from retained earnings to capital surplus

                  

Net changes in items other than stockholders’ equity in the fiscal year

      1,033,362         (51,780)         (68)         519,032         157,508         1,658,054   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net changes in the fiscal year

      1,033,362         (51,780)         (68)         519,032         157,508         1,658,054   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Balance at the end of the fiscal year

     ¥ 2,406,883        ¥ (65,073)        ¥ 34,936        ¥ 1,362,647        ¥ 290,735        ¥ 4,030,129   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     Millions of yen                       

Year ended March 31, 2024

    Stock
acquisition
rights		      Non-
controlling
interests		      Total
net assets		                       

Balance at the beginning of the fiscal year

     ¥ 1,145        ¥       109,495        ¥    12,791,106            

Changes in the fiscal year

                  

Issuance of new stock

            3,001            

Cash dividends

            (348,177)            

Profit attributable to owners of parent

            962,946            

Purchase of treasury stock

            (211,434)            

Disposal of treasury stock

            216            

Cancellation of treasury stock

            —            

Changes in shareholders’ interest due to transaction with non-controlling interests

            (85,409)            

Increase due to decrease in affiliates accounted for by the equity method

            377            

Reversal of land revaluation excess

            68            

Transfer from retained earnings to capital surplus

            —            

Net changes in items other than stockholders’ equity in the fiscal year

      (213)         29,430         1,687,271            
  

 

 

     

 

 

     

 

 

           

Net changes in the fiscal year

      (213)         29,430         2,008,861            
  

 

 

     

 

 

     

 

 

           

Balance at the end of the fiscal year

     ¥ 931        ¥ 138,925        ¥ 14,799,967            
  

 

 

     

 

 

     

 

 

           

 

- 10 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

4. Consolidated statements of cash flows

 

                                                       
     Millions of yen

Year ended March 31

    2023   2024

Cash flows from operating activities:

                                  

Income before income taxes

     ¥ 1,098,472         ¥ 1,342,349  

Depreciation

      238,696       253,827  

Losses on impairment of fixed assets

      59,045       13,696  

Amortization of goodwill

      29,232        39,242   

Losses related to sale of freight car leasing business

      —       108,191  

Net (gains) losses on step acquisitions

      —       (7,080 ) 

Equity in (gains) losses of affiliates

      (55,461 )      (71,986 ) 

Net change in reserve for possible loan losses

      (74,781 )      56,236  

Net change in reserve for employee bonuses

      3,442       15,231  

Net change in reserve for executive bonuses

      (770 )      1,095  

Net change in net defined benefit asset and liability

      (86,536 )      (206,752 ) 

Net change in reserve for executive retirement benefits

      45       46  

Net change in reserve for point service program

      3,659       6,962  

Net change in reserve for reimbursement of deposits

      5,077       (1,616 ) 

Net change in reserve for losses on interest repayment

      (6,706 )      (6,431 ) 

Interest income

      (3,779,715 )      (6,213,520 ) 

Interest expenses

      2,061,922       4,332,866  

Net (gains) losses on securities

      (51,242 )      (157,931 ) 

Net (gains) losses from money held in trust

      454       (199 ) 

Net exchange (gains) losses

      (681,131 )      (1,023,303 ) 

Net (gains) losses from disposal of fixed assets

      3,412       8,240  

Net change in trading assets

      (761,361 )      (3,105,997 ) 

Net change in trading liabilities

      1,492,404       2,176,068  

Net change in loans and bills discounted

      (7,108,627 )      (7,816,963 ) 

Net change in deposits

      9,477,514       4,874,227  

Net change in negotiable certificates of deposit

      (57,027 )      1,614,779  

Net change in borrowed money
(excluding subordinated borrowings)

      (5,368,773 )      824,962  

Net change in deposits with banks

      (377,102 )      (418,953 ) 

Net change in call loans and bills bought and others

      (3,243,078 )      (2,223,456 ) 

Net change in receivables under securities borrowing transactions

      73,019       (1,222,928 ) 

Net change in call money and bills sold and others

      (1,410,327 )      3,141,184  

Net change in commercial paper

      403,531       (56,179 ) 

Net change in payables under securities lending transactions

      (59,308 )      215,664  

Net change in foreign exchanges (assets)

      888,295       (107,623 ) 

Net change in foreign exchanges (liabilities)

      244,713       1,402,696  

Net change in lease receivables and investment assets

      20,819       48,280  

Net change in short-term bonds (liabilities)

      (18,000 )      439,000  

Issuance and redemption of bonds
(excluding subordinated bonds)

      (157,319 )      151,155  

Net change in due to trust account

      (30,408 )      (525,794 ) 

Interest received

      3,530,912       6,109,785  

Interest paid

      (1,915,569 )      (4,176,630 ) 

Other, net

      97,800       1,013,486  
  

 

 

 

  

 

 

 

Subtotal

      (5,510,776 )      845,931  
  

 

 

 

  

 

 

 

Income taxes paid

      (384,408 )      (203,069 ) 
  

 

 

 

  

 

 

 

Net cash provided by (used in) operating activities

      (5,895,185 )      642,862  
  

 

 

 

  

 

 

 

 

- 11 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(continued)

 

     Millions of yen

Year ended March 31

    2023   2024

Cash flows from investing activities:

                                  

Purchases of securities

    ¥ (32,355,919 )      ¥ (36,598,269 )   

Proceeds from sale of securities

      17,887,615       14,138,643  

Proceeds from redemption of securities

      20,702,736       21,888,554  

Purchases of money held in trust

      (13,102 )      (10,595 ) 

Proceeds from sale of money held in trust

      0        0   

Purchases of tangible fixed assets

      (100,015 )      (141,688 ) 

Proceeds from sale of tangible fixed assets

      8,858       2,387  

Purchases of intangible fixed assets

      (199,114 )      (250,193 ) 

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

      —       (19,782 ) 

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

      —       72,040  
  

 

 

 

  

 

 

 

Net cash provided by (used in) investing activities

      5,931,059       (918,904 ) 
  

 

 

 

  

 

 

 

Cash flows from financing activities:

     

Proceeds from subordinated borrowings

      10,000       10,000  

Repayment of subordinated borrowings

      (48,000 )      (30,000 ) 

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

      207,000       971,660  

Redemption of subordinated bonds and bonds with
stock acquisition rights

      (85,000 )      —  

Dividends paid

      (301,600 )      (348,010 ) 

Dividends paid to non-controlling stockholders

      (2,626 )      (9,004 ) 

Purchases of treasury stock

      (138,839 )      (211,434 ) 

Proceeds from disposal of treasury stock

      332       216  

Proceeds from sale of stocks of subsidiaries

      —       4  

Purchase of stocks of subsidiaries not resulting in change in scope of consolidation

      —       (102,737 ) 

Proceeds from sale of stocks of subsidiaries not resulting in change in scope of consolidation

      956       —  
  

 

 

 

  

 

 

 

Net cash provided by (used in) financing activities

      (357,778 )      280,693  
  

 

 

 

  

 

 

 

Effect of exchange rate changes on cash and cash equivalents

      354,081       511,430  
  

 

 

 

  

 

 

 

Net change in cash and cash equivalents

      32,176       516,081  
  

 

 

 

  

 

 

 

Cash and cash equivalents at the beginning of the fiscal year

      65,832,072       65,864,248  
  

 

 

 

  

 

 

 

Cash and cash equivalents at the end of the fiscal year

     ¥ 65,864,248      ¥ 66,380,330  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

- 12 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

5. Notes to consolidated financial statements

(Note on going concern)

 Not applicable.

(Segment information)

 

  1.   Information on profit and loss amount by reportable segment

 

     Millions of yen

Fiscal year ended March 31, 2024

    Wholesale
Business
Unit		   Retail
Business
Unit		   Global
Business
Unit		   Global
Markets
Business
Unit		   Head office
account and
others		   Total

Consolidated gross profit

     ¥ 835,200         ¥ 1,290,000         ¥ 1,375,900         ¥ 526,200         ¥ (288,482 )       ¥ 3,738,818     

General and administrative expenses

      (311,000 )      (1,079,900 )      (809,300 )      (165,300 )      114,907       (2,250,593 ) 

Others

      107,900       5,600       78,300       29,000       (148,814 )      71,986  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Consolidated net business profit

     ¥ 632,100      ¥ 215,700      ¥ 644,900      ¥ 389,900      ¥ (322,389 )     ¥ 1,560,211  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

Notes:

  1.

Figures shown in the parenthesis represent the loss.

  2.

“Others” includes equity in profit and loss of affiliates and cooperated profit and loss based on internal managerial accounting.

  3.

“Head office account and others” includes profit or loss to be eliminated as inter-segment transactions.

 

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

 

Fiscal year ended March 31, 2024

   

 Millions of yen 

     

Consolidated net business profit

    ¥1,560,211     

Other ordinary income (excluding equity in gains of affiliates)   

    363,334     

Other ordinary expenses

    (457,417)    
  

 

   

Ordinary profit on consolidated statements of income

    ¥1,466,128     
  

 

   

 

Note: Figures shown in the parenthesis represent the loss.

 

- 13 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(Per share data)

 

As of and year ended March 31, 2024        Yen

Net assets per share

      ¥11,157.36 

Earnings per share

      724.55 

Earnings per share (diluted)

      724.34 

(Notes)

1. Earnings per share and earnings per share (diluted) are calculated based on the followings:

 

Year ended March 31, 2024        Millions of yen, except number of shares 

Earnings per share

     

Profit attributable to owners of parents

      ¥962,946 

Amount not attributable to common stockholders

      — 

Profit attributable to owners of parents attributable to common stock

      962,946 

Average number of common stock during the fiscal year (in thousands)

      1,329,025 

Earnings per share (diluted)

     

Adjustment for profit attributable to owners of parents

      — 

Adjustment of dilutive shares issued by consolidated subsidiaries and equity method affiliates

      — 

Increase in number of common stock (in thousands)

      386 

Stock acquisition rights (in thousands)

      386 

Outline of dilutive shares which were not included in the calculation of “Earnings per share (diluted)” because they do not have dilutive effect:

      — 

2. Net assets per share is calculated based on the followings:

 

March 31, 2024        Millions of yen, except number of shares 

Net assets

      ¥14,799,967 

Amount excluded from net assets

      139,857 

Stock acquisition rights

      931 

Non-controlling interests

      138,925 

Net assets attributable to common stock at the fiscal year-end

      14,660,110 

Number of common stock at the fiscal year-end used for the calculation of net assets per share (in thousands)

      1,313,941 

 

- 14 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(Significant subsequent events)

1. Cancellation of Own Shares

On April 15, 2024, the Company has conducted the cancellation of its own shares that was resolved by the Board of Directors held on November 14, 2023 and March 27, 2024.

(1) Reason for cancellation of Own Shares

The Company will proceed with a cancellation of its own shares in order to enhance shareholder returns, improve capital efficiency and facilitate a flexible capital policy.

(2) Type of shares cancelled: Common stock

(3) Number of shares cancelled: 20,132,000 shares (Equivalent to 1.5% of the number of shares issued before cancellation)

(4) Cancellation date: April 15, 2024

2. Stock split and partial amendments to the Articles of Incorporation to conduct the stock split

At the Board of Directors held on May 15, 2024, the Company resolved to implement a stock split, and accordingly, propose partial amendments to the Articles of Incorporation to conduct the stock split at the 22nd Ordinary General Meeting of Shareholders scheduled for June 27, 2024.

(1) Purpose of the stock split

By reducing the stock price per investment unit, the Company seeks to develop a more investor-friendly environment and expand the investor base.

(2) Method of the stock split

Each share of common stock owned by shareholders listed or recorded in the closing register of shareholders on the record date of September 30, 2024, will be split into three shares per share.

(3) Increase in the number of shares due to the stock split

1) Total number of issued shares before the stock split: 1,317,397,084 shares

2) Number of shares to be increased by the stock split: 2,634,794,168 shares

3) Total number of issued shares following the stock split: 3,952,191,252 shares

4) Total number of authorized shares following the stock split: 9,000,564,000 shares

* The numbers of shares in 1), 2) and 3) above are subject to change prior to the record date.

(4) Schedule for the stock split

1) Public notice of record date (tentative): September 13, 2024

2) Record date: September 30, 2024

3) Effective date: October 1, 2024

(5) Partial amendments to the Articles of Incorporation to conduct the stock split

The Company proposes partial amendments to the Articles of Incorporation, effective on October 1, 2024, since it is necessary to increase the total number of issued shares and the total number of authorized shares for common stocks in accordance with the above split ratio of the common stocks.

 

Existing Articles of Incorporation    Proposed Amendments

(Total Number of Authorized Shares)

Article 6. The total number of shares the Corporation is authorized to issue shall be three billion five hundred sixty four thousand (3,000,564,000) shares.

 

(Total Number of Authorized Shares of Each Particular Class of Shares)

Article 7. The total number of shares the Corporation is authorized to issue shall consist of three billion (3,000,000,000) common stocks, one hundred sixty seven thousand (167,000) type 5 preferred stocks, one hundred sixty seven thousand (167,000) type 7 preferred stocks, one hundred fifteen thousand (115,000) type 8 preferred stocks and one hundred fifteen thousand (115,000) type 9 preferred stocks.

   

(Total Number of Authorized Shares)

Article 6. The total number of shares the Corporation is authorized to issue shall be nine billion five hundred sixty four thousand (9,000,564,000) shares.

 

(Total Number of Authorized Shares of Each Particular Class of Shares)

Article 7. The total number of shares the Corporation is authorized to issue shall consist of nine billion (9,000,000,000) common stocks, one hundred sixty seven thousand (167,000) type 5 preferred stocks, one hundred sixty seven thousand (167,000) type 7 preferred stocks, one hundred fifteen thousand (115,000) type 8 preferred stocks and one hundred fifteen thousand (115,000) type 9 preferred stocks.

 

- 15 -

Table of Contents

Sumitomo Mitsui Financial Group, Inc.

 

(6) Effect on per share data

Assuming that the Company conducts the stock split at the beginning of the fiscal year ended March 31, 2024, per share data are as follows:

 

          Yen

Net assets per share

      ¥3,719.12

Earnings per share

      241.52

Earnings per share (diluted)

      241.45

3. Repurchase and cancellation of Own Shares

At the Board of Directors held on May 15, 2024, the Company resolved to repurchase its own shares under Article 8 of the Articles of Incorporation pursuant to Paragraph 1 of Articles 459 of the Companies Act and cancel the repurchased shares pursuant to Article 178 of the Companies Act.

(1) Reason for the repurchase of Own Shares

The Company will proceed with a flexible repurchase of its own shares in order to enhance shareholder returns and improve capital efficiency.

(2) Outline of the repurchase

1) Type of shares to be repurchased: Common stock

2) Aggregate number of shares to be repurchased: Up to 15,000,000 shares (Equivalent to 1.1% of the number of shares issued (excluding treasury stock))

3) Aggregate amount to be repurchased: Up to JPY 100,000,000,000

4) Repurchase period: From May 16, 2024 to July 31, 2024

5) Repurchase method: Market purchase based on a discretionary dealing contract regarding repurchase of its own shares

(3) Outline of the cancellation

1) Type of shares to be cancelled: Common stock

2) Number of shares to be cancelled: All of the shares repurchased as stated in (2) above

3) Scheduled cancellation date: August 20, 2024

4. Acquisition of the Company’s shares for Share-Based Compensation Plan for Employees

At the Board of Directors held on May 15, 2024, the Company resolved the details of the acquisition of its shares by the Trustee of the Employee Stock Ownership Plan (the “ESOP”) related to the Share-Based Compensation Plan (the “Plan”) for the employees of SMBC, a consolidated subsidiary of the Company.

(1) Outline of the ESOP

1) Name: Stock grant trust for employees

2) Trustor: The Company

3) Trustee: Sumitomo Mitsui Trust Bank, Limited

4) Beneficiary: Employees who meet requirements as beneficiaries

5) Trust administrator: A third party that is independent of the Company and its officers will be appointed

6) Voting rights: The trustee shall exercise the voting rights during the trust period based on the trust administrator’s instructions

7) Trust type: Money trust other than a specified cash trust for separate investment

8) Date of trust contract: May 23, 2024

9) Date to entrust cash: May 23, 2024

10) Date to end trust: The end of May 2026 (tentative)

(2) Acquisition of the Company’s shares by the Trustee of the ESOP

1) Type of share to be acquired: Common stock

2) Cash entrusted for the acquisition of the shares: JPY 1,490,000,000

3) Number of shares: 149,000 (Maximum)

4) Method of the share acquisition: Acquisition from the stock market

5) Period of the share acquisition: From May 23, 2024 to May 31, 2024

 

- 16 -

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