RNS Number:4666R
Merrill Lynch & Co Inc
29 October 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): October 28, 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
September 26, 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
September 26, 2003.
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 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: October 28, 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
September 26, 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 Nine Months Ended
September 26, September 27, September 26, September 27,
2003 2002 2003 2002
Pre-tax $ 1,509 $ 1,054 $ 3,997 $ 3,014
earnings
Add: Fixed
charges
(excluding
capitalized
interest and
preferred
security
dividend
requirements of
subsidiaries) 1,839 2,534 5,971 7,499
Pre-tax
earnings before
fixed charges 3,348 3,588 9,968 10,513
Fixed charges:
Interest 1,790 2,484 5,825 7,342
Other (a) 96 98 289 302
Total fixed charges 1,886 2,582 6,114 7,644
Preferred stock
dividend
requirements 14 14 40 41
Total combined
fixed charges and
preferred stock
dividends $ 1,900 $ 2,596 $ 6,154 $ 7,685
Ratio of
earnings to
fixed charges 1.78 1.39 1.63 1.38
Ratio of
earnings to
combined fixed
charges
and preferred
stock dividends 1.76 1.38 1.62 1.37
(a) Other fixed charges consist of the interest factor in rentals,
amortization of debt issuance costs, and preferred security dividend
requirements of subsidiaries.
EXHIBIT 99.1
Merrill Lynch & Co., Inc. and Subsidiaries
Preliminary Unaudited Consolidated Balance Sheet
Sept. 26,
(dollars in millions) 2003
ASSETS
Cash and cash equivalents $ 15,532
Cash and securities segregated for regulatory purposes or
deposited with clearing organizations 6,371
Securities financing transactions
Receivables under resale agreements 79,116
Receivables under securities borrowed transactions 45,556
124,672
Trading assets, at fair value (includes securities pledged as
collateral of $18,081)
Contractual agreements 39,343
Corporate debt and preferred stock 22,169
Equities and convertible debentures 17,938
Non-U.S. governments and agencies 17,407
Mortgages, mortgage-backed, and asset-backed 16,552
U.S. Government and agencies 13,414
Municipals and money markets 4,730
131,553
Investment securities 79,558
Securities received as collateral 5,148
Other receivables
Customers (net of allowance for doubtful accounts of $60) 41,913
Brokers and dealers 3,454
Interest and other 10,195
55,562
Loans, notes, and mortgages (net of allowance of $274) 40,370
Separate accounts assets 15,513
Equipment and facilities (net of accumulated depreciation and
amortization of $4,984) 2,606
Goodwill (net of accumulated amortization of $1,011) 4,596
Other assets 4,286
Total Assets $485,767
6 EXHIBIT 99.1
Merrill Lynch & Co., Inc. and Subsidiaries
Preliminary Unaudited Consolidated Balance Sheet
Sept. 26,
(dollars in millions, except per share amount) 2003
LIABILITIES
Securities financing transactions
Payables under repurchase agreements $ 95,939
Payables under securities loaned transactions 7,391
103,330
Commercial paper and other short-term borrowings 3,015
Deposits 79,312
Trading liabilities, at fair value
Contractual agreements 45,198
U.S. Government and agencies 17,119
Non-U.S. governments and agencies 12,257
Corporate debt, municipals and preferred stock 8,894
Equities and convertible debentures 8,084
91,552
Obligation to return securities received as collateral 5,148
Other payables
Customers 34,525
Brokers and dealers 16,509
Interest and other 24,017
75,051
Liabilities of insurance subsidiaries 3,397
Separate accounts liabilities 15,513
Long-term borrowings 80,706
Total Liabilities 457,024
PREFERRED SECURITIES ISSUED BY SUBSIDIARIES 2,666
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 43
Common stock, par value $1.33 1/3 per share; authorized:
3,000,000,000 shares; issued: 1,056,070,197 shares 1,408
Paid-in capital 6,385
Accumulated other comprehensive loss (net of tax) (511)
Retained earnings 20,344
27,669
Less: Treasury stock, at cost: 117,516,610 shares 1,207
Unamortized employee stock grants 810
Total Common Stockholders' Equity 25,652
Total Stockholders' Equity 26,077
Total Liabilities, Preferred Securities Issued by
Subsidiaries,
and Stockholders' Equity $485,767
7
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