-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KAtGuM4U0aachLwQv+iyI+4Kxg7icRh9IFbcHeQBkTBMKyTSANW9tDajdUcmSSb0 wNEinQj2W8EF74S2R+ZWTA== 0000950123-96-001040.txt : 19960308 0000950123-96-001040.hdr.sgml : 19960308 ACCESSION NUMBER: 0000950123-96-001040 CONFORMED SUBMISSION TYPE: 10-K405/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951130 FILED AS OF DATE: 19960307 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY GROUP INC /DE/ CENTRAL INDEX KEY: 0000789625 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 132838811 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-K405/A SEC ACT: SEC FILE NUMBER: 001-09085 FILM NUMBER: 96532330 BUSINESS ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2127034000 10-K405/A 1 MORGAN STANLEY GROUP INC. 1 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K/A ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED NOVEMBER 30, 1995 COMMISSION FILE NUMBER 1-9085 MORGAN STANLEY GROUP INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) 1585 BROADWAY NEW YORK, N.Y. (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) 13-2838811 (I.R.S. EMPLOYER IDENTIFICATION NO.) 10036 (ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212) 761-4000 SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
NAME OF EACH EXCHANGE TITLE OF EACH CLASS ON WHICH REGISTERED ------------------------------- Common Stock, $1 par value New York Stock Exchange Boston Stock Exchange Chicago Stock Exchange Pacific Stock Exchange 9.36% Cumulative Preferred Stock, $25 stated value New York Stock Exchange Depositary Shares, each representing 1/8 of a share of 8.88% New York Stock Exchange Cumulative Preferred Stock, $200 stated value Depositary Shares, each representing 1/8 of a share of 8 3/4% New York Stock Exchange Cumulative Preferred Stock, $200 stated value Depositary Shares, each representing 1/8 of a share of 7 3/8% New York Stock Exchange Cumulative Preferred Stock, $200 stated value 7.82% Capital Units; 7.80% Capital Units; 9.00% Capital Units; New York Stock Exchange 8.40% Capital Units; 8.20% Capital Units* AMEX Hong Kong 30 IndexSM Call Warrants Expiring November 4, 1996; American Stock Exchange AMEX Hong Kong 30 IndexSM Call Warrants Expiring October 3, 1997+ Japan IndexSM Call Warrants Expiring May 28, 1996+ American Stock Exchange Nikkei 225 Index Call Warrants Expiring August 15, 1997 American Stock Exchange 6 1/2% PERQSSM Due July 1, 1997; 6% PERQSSM Due October 1, 1997; American Stock Exchange 7% PERQSSM Due November 15, 1997; 6% PERQSSM Due February 16, 1999++ Exchangeable Notes Due September 30, 2000; Exchangeable New York Stock Exchange Notes Due December 31, 2001+++
- --------------- * Each Capital Unit consists of (a) a $25 principal amount Subordinated Debenture (of the same rate) of Morgan Stanley Finance plc guaranteed by the Registrant and (b) a related purchase contract of the Registrant requiring the holder to purchase one Depositary Share representing 1/8 of a share of the Registrant's Cumulative Preferred Stock (of the same rate), $200 stated value. The Capital Units and the Depositary Shares are registered on the New York Stock Exchange. + The "AMEX Hong Kong 30 Index" and the "Japan Index" are service marks of the American Stock Exchange. ++ "PERQS" and "Performance Equity-linked Redemption Quarterly-pay Securities" are service marks of the Registrant. The issue price and amount payable at maturity with respect to the PERQS are based on the share price of certain non-affiliated companies. +++ Notes which are exchangeable on a defined date for equity securities of certain non-affiliated companies. SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: NONE Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. YES /X/. NO / / Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. /X/ Aggregate market value of the voting stock held by non-affiliates of the Registrant at February 7, 1996 was approximately $5,409,071,114. For purposes of this information, the outstanding shares of common stock owned by certain Managing Directors and Principals of certain wholly-owned subsidiaries of the Registrant, and subject to certain restrictions on voting and disposition, were deemed to be shares of common stock held by affiliates. Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date: As of February 7, 1996, there were 154,087,313 shares of Common Stock, $1 par value, outstanding. DOCUMENTS INCORPORATED BY REFERENCE (1) Morgan Stanley Group Inc. 1995 Annual Report to Stockholders -- Incorporated in part in Form 10-K, Parts I, II and IV. (2) Morgan Stanley Group Inc. Proxy Statement for its 1996 Annual Meeting of Stockholders -- Incorporated in part in Form 10-K, Parts I and III. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2 NOTE: On February 26, 1996, Morgan Stanley Group Inc. (the "Company") filed an Annual Report on Form 10-K for the fiscal year ended November 30, 1995 (the "Form 10-K") electronically pursuant to the Commission's Electronic Data Gathering, Analysis, and Retrieval System ("EDGAR"). The Form 10-K included as an exhibit the Selected Financial Data of the Company ("Exhibit 13.2"). Such Selected Financial Data (other than the information contained in the column entitled "Fiscal Period Ended November 30, 1995 Annualized (Unaudited)") was incorporated by reference in the Form 10-K. This amendment has been filed in accordance with Rule 103 of Regulation S-T under the Securities Act of 1933 solely to make minor technical revisions to the electronic version of the Form 10-K filed pursuant to EDGAR. By this amendment footnote references have been inserted in the first column of Exhibit 13.2 after the following items: "Earnings applicable to common shares"; "Total capital"; "Long-term borrowings"; and "Average common and equivalent shares". These footnote references were not included in the electronic version of the Form 10-K filed with the Commission but were included in the paper copies of the Company's Annual Report to Stockholders for fiscal 1995 submitted to the Commission pursuant to Rule 14a-3(c) under the Securities Exchange Act of 1934. 3 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized, on March 7, 1996. MORGAN STANLEY GROUP INC. By: /s/ Patricia A. Kurtz --------------------- Patricia A. Kurtz Assistant Secretary 4 EXHIBIT INDEX Exhibit No. Description - ---------- ----------- EX-13.2 Selected Financial Data EX-13.2 2 SELECTED FINANCIAL DATA 1 Exhibit 13.2 Selected Financial Data
FISCAL PERIOD ENDED NOVEMBER 30, FISCAL Fiscal Fiscal Fiscal 1995 PERIOD ENDED Year Ended Year Ended Year Ended Year Ended ANNUALIZED NOVEMBER 30, January 31, January 31, January 31, December 31, (Dollars in Millions, (UNAUDITED) 1995 1995 1994 1993 1991 Except Share and Employee Data) ------------------------------------------------------------------------------------------- INCOME STATEMENT: (12 MONTHS) (10 MONTHS) Revenues: Investment banking $ 1,453 $ 1,211 $ 919 $ 1,238 $ 965 $ 823 Principal transactions: Trading 1,346 1,122 1,104 1,459 953 1,320 Investments 122 102 139 158 128 19 Commissions 525 437 449 393 312 271 Interest and dividends 7,127 5,939 6,406 5,660 4,814 4,181 Asset management and administration 372 310 350 258 200 160 Other 4 3 9 10 10 11 ------------------------------------------------------------------------------------------- Total revenues 10,949 9,124 9,376 9,176 7,382 6,785 Interest expense 6,601 5,501 5,875 5,020 4,362 3,924 ------------------------------------------------------------------------------------------- Net revenues 4,348 3,623 3,501 4,156 3,020 2,861 ------------------------------------------------------------------------------------------- Expenses excluding interest Compensation and benefits 2,154 1,795 1,733 2,049 1,457 1,396 Other 1,134 945 1,115 907 770 693 Relocation charge -- -- 59 -- -- -- ------------------------------------------------------------------------------------------- Total expenses excluding interest 3,288 2,740 2,907 2,956 2,227 2,089 ------------------------------------------------------------------------------------------- Income before income taxes 1,060 883 594 1,200 793 772 Provision for income taxes 340 283 199 414 283 297 ------------------------------------------------------------------------------------------- Net income $ 720 $ 600 $ 395 $ 786 $ 510 $ 475 ------------------------------------------------------------------------------------------- Earnings applicable to common shares(1) $ 655 $ 546 $ 330 $ 731 $ 461 $ 447 ------------------------------------------------------------------------------------------- BALANCE SHEET: Total assets $143,753 $143,753 $116,694 $ 97,242 $ 80,353 $ 63,709 Total capital(2) $ 14,345 $ 14,345 $ 12,057 $ 9,813 $ 6,570 $ 5,422 Stockholders' equity $ 5,174 $ 5,174 $ 4,555 $ 4,469 $ 3,434 $ 2,994 Long-term borrowings(2) $ 9,171 $ 9,171 $ 7,502 $ 5,344 $ 3,136 $ 2,428 Average common and equivalent shares(1)(3) 156,912,678 156,912,678 157,793,216 152,416,576 156,247,600 150,794,762 PER COMMON SHARE:(3) Primary earnings $ 4.18 $ 3.48 $ 2.09 $ 4.80 $ 2.95 $ 2.97 Fully diluted earnings $ 4.00 $ 3.33 $ 2.02 $ 4.58 $ 2.86 $ 2.81 Cash dividends $ 0.64(4) $ 0.48 $ 0.60 $ 0.54 $ 0.478 $ 0.398 Book value $ 28.18 $ 28.18 $ 24.89 $ 23.07 $ 18.36 $ 15.39 OTHER DATA: Return on average common equity 16.2% $ 16.2%(5) $ 8.8% 23.7% 17.6% 21.4% Income tax rate 32.0% 32.0% 33.5% 34.5% 35.7% 38.5% Pre-tax margin 24.4% 24.4% 17.0% 28.9% 26.3% 27.0% Number of employees 9,238 9,238 9,685 8,273 7,421 7,053 CHANGE FROM PRIOR YEAR: Net revenues 24.2% 3.5% (15.8%) 37.6% 5.6% 32.5% Net income 82.3% 51.9% (49.7%) 54.1% 7.4% 75.7% Common stockholders' equity 15.9% 15.9% 2.1% 28.3% 22.3% 25.3%
(1) Amounts shown are used to calculate primary earnings per share. (2) Amounts exclude current portion of long-term borrowings. (3) All share and per share amounts have been retroactively adjusted to give effect for a two-for-one common stock split, effected in the form of a 100% stock dividend which became effective on January 26, 1996. (4) Quarterly dividend annualized. (5) Return on average common equity for fiscal period ended November 30, 1995 has been annualized. - -------------------------------------------------------------------------------- FISCAL 1995 WAS A TEN-MONTH PERIOD RESULTING FROM THE CHANGE IN MORGAN STANLEY'S FISCAL YEAR-END FROM JANUARY 31 TO NOVEMBER 30. THE INFORMATION PRESENTED FOR "FISCAL PERIOD ENDED NOVEMBER 30, 1995 ANNUALIZED" IS INTENDED TO FACILITATE MORE MEANINGFUL COMPARISONS WITH THE FULL YEAR OPERATING RESULTS OF PRIOR YEARS. - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----