Tokyo Electric Power Company Holdings, Incorporated · TSE:9501
Tokyo Electric Power — FY2003 Earnings Presentation
18 slides from Tokyo Electric Power's earnings presentation, May 19, 2004
Slide 1: Financial Results for FY 2003 (April 1, 2003 – March 31, 2004)
Financial Results for FY 2003 (April 1, 2003 – March 31, 2004) Presentation May 19, 2004 Tsunehisa Katsumata President Tokyo Electric Power Company
Slide 2: Regarding Forward Looking Statements (Performance Projections)
Regarding Forward Looking Statements (Performance Projections) Certain statements in the following presentation regarding Tokyo Electric Power Company’s business operations may constitute “forward looking statements.” As such, these statements are not historical facts but rather predictions about th
Slide 3: Table of Contents
Table of Contents (Consolidated) FY 2003 Results Summary 3 Income Statement and Balance Sheet 4 Cash Flow Statement – Application of Free Cash Flow 5 Segment Information 6 (Non-consolidated) FY 2003 Results Summary 7 Income Statement Explanation 1 8 Income Statement Explanation 2 9 Early Adoption of
Slide 4: (Consolidated) FY 2003 Results Summary
(Consolidated) FY 2003 Results Summary 3 (in billion yen) FY 2003 FY 2002 Comparison (A) (B) (A) – (B) (A) / (B) (%) Operating Revenues 4,853.8 4,919.1 (65.2) 98.7 Operating Profit 489.0 521.4 (32.4) 93.8 Ordinary Profit 307.7 271.1 36.6 113.5 Net Income 149.5 165.2 (15.7) 90.5 Free Cash Flow 557.8
Slide 5: (Consolidated) Income Statement and Balance Sheet
(Consolidated) Income Statement and Balance Sheet 4 (in billion yen) (in billion yen) FY2003 (A) FY2002 (B) (A) – (B) Investment Loss under the Equity Method -16.5 (-3.1) Operating Revenues 4,853.8 4,919.1 (65.2) *Investment loss expressed using negative numbers Operating Expenses 4,364.8 4,397.7 (3
Slide 6: (Consolidated) Cash Flow Statement – Application of Free Cash Flow
(Consolidated) Cash Flow Statement – Application of Free Cash Flow 5 (in billion yen) FY2003 (A) FY2002 (B) (A) – (B) Cash Flow from Operating Activities 1,147.5 1,406.3 (258.7) Cash Flow from Investing Activities (693.8) (863.7) 169.9 Cash Flow from Financing Activities (451.3) (573.7) 122.3 Curren
Slide 7: (Consolidated) Segment Information
(Consolidated) Segment Information 6 (in billion yen) Comparison FY2003 (A) FY2002 (B) (A) – (B) (A) / (B) (%) Operating Revenues 4,853.8 4,919.1 (65.2) 98.7 Electric Power 4,722.1 4,801.3 (79.2) 98.3 Information & Telecommunications 87.3 86.1 1.1 101.4 Other Businesses 373.5 366.9 6.5 101.8 Elimina
Slide 8: (Non-consolidated) FY 2003 Results Summary
(Non-consolidated) FY 2003 Results Summary 7 (in billion yen) Comparison FY2003 (A) FY2002 (B) (A) – (B) (A) / (B) (%) Operating Revenues 4,734.5 4,808.4 (73.8) 98.5 Operating Profit 472.2 512.2 (40.0) 92.2 Ordinary Profit 304.4 280.8 23.6 108.4 Net Income 151.8 153.0 (1.2) 99.2 Free Cash Flow 543.5
Slide 9: (Non-consolidated) Income Statement Explanation 1
(Non-consolidated) Income Statement Explanation 1 8 (in billion yen) Comparison FY2003 (A) FY2002 (B) (A) – (B) (A) / (B) (%) Ordinary Revenues 4,760.4 4,826.9 (66.5) 98.6 Operating Revenues 4,734.5 4,808.4 (73.8) 98.5 Electric power operating revenues 4,722.1 4,801.3 (79.2) 98.3 Electricity sales r
Slide 10: (Non-consolidated) Income Statement Explanation 2
(Non-consolidated) Income Statement Explanation 2 9 Revision of retirement and pension system Prior service cost (write-off of current year’s obligation) -¥67.3 billion (in billion yen) Actuarial computational differential -¥26.0 billion Comparison Amounts written off FY2003 (A) FY2002 (B) FY 2003 ¥
Slide 11: (Non-consolidated) Early Adoption of Asset Impairment Accounting
(Non-consolidated) Early Adoption of Asset Impairment Accounting 10 | Purposes for the early adoption of the “Fixed Asset Impairment Accounting Standards” → Rapidly secure the transparency of financial statements and proactively slim down assets to gain a sounder financial constitution in preparatio
Slide 12: (Non-consolidated) Influence from Nuclear Power Plant Shutdowns
(Non-consolidated) Influence from Nuclear Power Plant Shutdowns 11 Nuclear Power Plant Capacity Utilization Ratio Projection announced FY 2003 3rd quarter: approx. 30% FY 2003 actual performance: 26.3 % (in billion yen) Projection FY2003 (actual) announced at FY2003 3rd quarter Influence 310.0 310.0
Slide 13: Ordinary Profit Comparison (versus Projections)
(Non-consolidated) Ordinary Profit Comparison (versus Projections) 12 | Reasons for variance between ordinary profit performance and projections Ordinary Profit Projection (announced at FY 2003 3rd quarter): ¥270.0 billion <Main Factors Reducing Profit> -¥15.0 billion <Main Factors Increasing Profit
Slide 14: (Non-consolidated) Balance Sheet
(Non-consolidated) Balance Sheet 13 (in billion yen) FY2003 (A) FY2002 (B) (A) – (B) Curbing capital expenditures ¥576.1 billion Fixed Assets 12,889.0 13,254.7 (-¥95.9 billion from FY 2002) (365.7) Depreciation costs ¥845.0 billion (12.7) Early adoption of asset impairment Current Assets 544.9 557.7
Slide 15: (Non-consolidated) Cash Flow Statement – Application of Free Cash Flow
(Non-consolidated) Cash Flow Statement – Application of Free Cash Flow 14 (in billion yen) FY2003 (A) FY2002 (B) (A) – (B) Cash Flow from Operating Activities 1,107.6 1,394.0 (286.4) Cash Flow from Investing Activities (645.6) (875.1) 229.5 Cash Flow from Financing Activities (469.4) (533.2) 63.7 Ne
Slide 16: Performance Outlook for FY 2004
Performance Outlook for FY 2004 15 | Performance Outlook (in billion yen) Operating Operating Ordinary Revenues Profit Profit Net Income FY2004 Consolidated 5,030.0 585.0 410.0 265.0 Projection Non-consolidated 4,890.0 570.0 400.0 260.0 FY2003 Consolidated 4,853.8 489.0 307.7 149.5 Actual Non-consol
Slide 17: Electricity Sales Outlook for FY 2004
Electricity Sales Outlook for FY 2004 16 (in billion kWh) <reference> 1st half 2nd half FY2004 total FY2003 (projections) (projections) (projections) (actual) eligible customers’ use Lighting 43.1 47.8 90.9 86.9 Other than Commercial use 22.8 21.2 44.0 42.3 Others 1.4 1.3 2.7 2.9 Lighting and power
Slide 18: Key Factors and Financial Influence
Key Factors and Financial Influence 17 Key Factors Affecting Performance (Units: persons; billion yen; %) <reference> FY2004 FY2003 *FY2003 FY2002 (projections) (actual) (projections) (actual) Foreign exchange rate (interbank; ¥/$) approx. 115 113.18 approx. 115 121.98 Crude oil prices (All Japan CI
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