Business Context and Reporting Period
Company: Mizuho Financial Group, Inc.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: April 23, 2010
Subject: Partial corrections to previously disclosed financial statements and capital adequacy announcements for Fiscal 2008 (ended March 31, 2009), the Second Quarter of Fiscal 2009 (ended September 30, 2009), and interim periods ending June 30, 2009, and December 31, 2009.
Key Financial Metrics (Corrected)
The filing provides corrected capital adequacy data under the Basel II BIS Standard. Revenue, profit, and cash flow figures are not included in this specific correction notice.
| Period | Metric | Corrected Value | Previous Value |
|---|---|---|---|
| Fiscal 2008 (Mar 31, 2009) |
Consolidated Capital Adequacy Ratio | 10.53% | 10.55% |
| Total Risk-based Capital | 6,223.6 Billion Yen | 6,226.9 Billion Yen | |
| Q2 Fiscal 2009 (Sep 30, 2009) |
Consolidated Capital Adequacy Ratio | 12.89% | 12.91% |
| Total Risk-based Capital | 7,630.0 Billion Yen | 7,632.6 Billion Yen | |
| Q3 Fiscal 2009 (Jun 30, 2009) |
Consolidated Capital Adequacy Ratio | 11.42% | 11.45% |
| Total Risk-based Capital | 6,865.0 Billion Yen | 6,868.2 Billion Yen | |
| Q4 Fiscal 2009 (Dec 31, 2009) |
Consolidated Capital Adequacy Ratio | 12.91% | 12.92% |
| Total Risk-based Capital | 7,634.7 Billion Yen | 7,635.2 Billion Yen |
Material Changes Versus Prior Periods
The filing details minor downward adjustments to capital ratios and capital amounts across multiple reporting periods. The changes are primarily due to recalculations of Tier 1 Capital, Deductions for Total Risk-based Capital, and Risk-weighted Assets.
- Fiscal 2008: The Consolidated Capital Adequacy Ratio was revised down by 0.02 percentage points (from 10.55% to 10.53%). Tier 1 Capital was reduced by 1.3 billion yen.
- Q2 Fiscal 2009: The Consolidated Capital Adequacy Ratio was revised down by 0.02 percentage points (from 12.91% to 12.89%). Total Risk-based Capital was reduced by 2.6 billion yen.
- Q3 Fiscal 2009: The Consolidated Capital Adequacy Ratio was revised down by 0.03 percentage points (from 11.45% to 11.42%). Risk-weighted Assets were increased by 120.9 billion yen.
- Q4 Fiscal 2009: The Consolidated Capital Adequacy Ratio was revised down by 0.01 percentage points (from 12.92% to 12.91%).
Guidance, Outlook, and Management Commentary
The filing contains no new guidance or outlook. However, it references a previously stated medium-term target found in the Q2 Fiscal 2009 summary: to increase the consolidated Tier 1 capital ratio to the 8% level and maintain prime capital at more than half of Tier 1 capital. As of September 30, 2009, the corrected Tier 1 capital ratio was 8.69% and the prime capital ratio was 5.36%, indicating the company remained above its stated targets.
Investor Verification Checklist
- Capital Adequacy Ratios: Verify that the corrected Capital Adequacy Ratios (10.53% for FY2008, 12.89% for Q2 FY2009) are used in any financial models or compliance checks, as the previous figures were slightly overstated.
- Risk-Weighted Assets: Note the increase in Risk-weighted Assets for the June 30, 2009 period (revised to 60,081.0 billion yen), which impacts the denominator of the capital ratio calculation.
- Subsidiary Data: Confirm that corrections also apply to non-consolidated figures for Mizuho Bank and Mizuho Trust & Banking, which show similar minor downward adjustments in capital ratios.
- Historical Comparisons: Ensure that year-over-year comparisons for Fiscal 2008 utilize the corrected "Change from March 31, 2008" figures (e.g., Capital Adequacy Ratio change revised to -1.17% from -1.15%).