RNS Number:1618O
Merrill Lynch & Co Inc
30 July 2003
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 29, 2003
________________________________________________________________________________
Merrill Lynch & Co., Inc.
________________________________________________________________________________
(Exact Name of Registrant as Specified in its Charter)
Delaware 1-7182 13-2740599
________________________________________________________________________________
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
4 World Financial Center, New York, New York 10080
________________________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 449-1000
________________________________________________________________________________
________________________________________________________________________________
(Former Name or Former Address, if Changed Since Last Report.)
Item 5. Other Events and Required FD Disclosure
Filed herewith is the Preliminary Unaudited Consolidated Balance Sheet as of
June 27, 2003 for Merrill Lynch & Co., Inc. and subsidiaries ("Merrill Lynch").
Also filed herewith is a statement setting forth the computation of certain
financial ratios for the periods presented.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
12 Computation of Ratios of Earnings to Fixed Charges and Combined Fixed
Charges and Preferred Stock Dividends.
99.1 Preliminary Unaudited Consolidated Balance Sheet of Merrill Lynch as
of June 27, 2003.
SIGNATURE
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, hereunto duly authorized.
MERRILL LYNCH & CO., INC.
_________________________
(Registrant)
By: /s/ Ahmass L. Fakahany
__________________________
Ahmass L. Fakahany
Executive Vice President and
Chief Financial Officer
By: /s/ John J. Fosina
__________________________
John J. Fosina
Controller
Principal Accounting Officer
Date: July 29, 2003
Exhibit Index
Exhibit No. Description Page
12 Computation of Ratios of Earnings to Fixed Charges
and Combined Fixed 5
Charges and Preferred Stock Dividends.
99.1 Preliminary Unaudited Consolidated Balance Sheet of
Merrill Lynch as of 6-7
June 27, 2003.
EXHIBIT 12
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in millions)
For the Three Months Ended For the Six Months Ended
-------------------------- ------------------------
June 27, June 28, June 27, June 28,
2003 2002 2003 2002
-------- -------- -------- --------
Pre-tax earnings $ 1,466 $ 948 $ 2,488 $ 1,960
Add: Fixed charges
(excluding capitalized
interest and preferred
security dividend
requirements of
subsidiaries) 2,021 2,441 4,132 4,965
-------- -------- -------- --------
Pre-tax earnings
before fixed
charges 3,487 3,389 6,620 6,925
======== ======== ======== ========
Fixed charges:
Interest 1,973 2,389 4,035 4,858
Other (a) 96 100 193 204
-------- -------- -------- --------
Total fixed
charges 2,069 2,489 4,228 5,062
======== ======== ======== ========
Preferred stock
dividend
requirements 13 13 26 27
-------- -------- -------- --------
Total combined
fixed charges and
preferred stock
dividends $ 2,082 $ 2,502 $ 4,254 $ 5,089
======== ======== ======== ========
Ratio of earnings
to fixed charges 1.69 1.36 1.57 1.37
Ratio of earnings
to combined fixed
charges
and preferred stock 1.67 1.35 1.56 1.36
dividends
(a) Other fixed charges consist of the interest factor in rentals, amortization
of debt issuance costs, preferred security dividend requirements of
subsidiaries, and capitalized interest.
Merrill Lynch & Co., Inc. and Subsidiaries
Preliminary Unaudited Consolidated Balance Sheet
Jun. 27,
(dollars in millions) 2003
--------------------- --------
ASSETS
Cash and cash equivalents 14,046
--------
Cash and securities segregated for regulatory purposes or
deposited with clearing organizations 7,212
--------
Securities financing transactions
Receivables under resale agreements 75,482
Receivables under securities borrowed transactions 50,917
--------
126,399
--------
Trading assets, at fair value (includes securities pledged as
collateral of $18,050)
Contractual agreements 40,601
Corporate debt and preferred stock 23,892
Mortgages, mortgage-backed, and asset-backed 20,306
Equities and convertible debentures 14,646
Non-U.S. governments and agencies 13,708
U.S. Government and agencies 10,540
Municipals and money markets 4,936
--------
128,629
--------
Investment securities 77,124
--------
Securities received as collateral 2,794
--------
Other receivables
Customers (net of allowance for doubtful accounts of $62) 41,185
Brokers and dealers 9,126
Interest and other 9,248
--------
59,559
--------
Loans, notes, and mortgages (net of allowance for loan losses of 38,485
$297)
Separate accounts assets 14,572
Equipment and facilities (net of accumulated depreciation and
amortization of $4,921) 2,650
Goodwill (net of accumulated amortization of $1,005) 4,570
Other assets 5,035
--------
Total Assets $481,075
========
Merrill Lynch & Co., Inc. and Subsidiaries
Preliminary Unaudited Consolidated Balance Sheet
Jun. 27,
(dollars in millions, except per share amount) 2003
---------------------------------------------- --------
LIABILITIES
Securities financing transactions
Payables under repurchase agreements 92,967
Payables under securities loaned transactions 9,726
--------
102,693
--------
Commercial paper and other short-term borrowings 5,517
--------
Deposits 80,468
--------
Trading liabilities, at fair value
Contractual agreements 44,593
U.S. Government and agencies 18,101
Non-U.S. governments and agencies 12,099
Corporate debt, municipals and preferred stock 10,032
Equities and convertible debentures 8,536
--------
93,361
Obligation to return securities received as collateral 2,794
--------
Other payables
Customers 34,519
Brokers and dealers 17,439
Interest and other 19,750
--------
71,708
Liabilities of insurance subsidiaries 3,459
--------
Separate accounts liabilities 14,572
--------
Long-term borrowings 79,062
--------
Total Liabilities 453,634
--------
PREFERRED SECURITIES ISSUED BY SUBSIDIARIE 2,660
--------
STOCKHOLDERS' EQUITY
Preferred Stockholders' Equity (42,500 shares issued and outstanding,
liquidation preference $10,000 per share) 425
--------
Common Stockholders' Equity
Shares exchangeable into common stock 46
Common stock, par value $1.33 1/3 per share;
authorized: 3,000,000,000 shares;
issued: 1,047,824,694 shares 1,397
Paid-in capital 6,093
Accumulated other comprehensive loss (net of tax) -505
Retained earnings 19,464
--------
26,495
Less: Treasury stock, at cost: 116,923,484 shares 1,191
Unamortized employee stock grants 948
--------
Total Common Stockholders' Equity 24,356
Total Stockholders' Equity 24,781
--------
Total Liabilities, Preferred Securities Issued by Subsidiaries,
and Stockholders' Equity $481,075
========
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