Tokyo Electric Power Company Holdings, Incorporated · TSE:9501
Tokyo Electric Power — H1 FY2003 Earnings Presentation
20 slides from Tokyo Electric Power's earnings presentation, Nov 19, 2003
Slide 1: FY 2003 Interim Results Presentation
FY 2003 Interim Results Presentation (April 1, 2003 – September 30, 2003) November 19, 2003 Katsutoshi Chikudate Executive Vice 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) Interim Results Summary 3 Income Statement and Balance Sheet 4 Cash Flow Statement – Application of Free Cash Flow 5 Segment Information 6 (Non-consolidated) Interim Results Summary 7 Income Statement Explanation (1) 8 Income Statement Explanation (2) 9 Influence fro
Slide 4: (Consolidated) Interim Results Summary
(Consolidated) Interim Results Summary 3 (Unit: Billion yen) 1st half 1st half Comparison FY 2003 FY 2002 (A) (B) A-B A/B Sales 2,400.1 2,450.8 (50.6) 97.9 Operating Profit 220.4 369.1 (148.6) 59.7 Ordinary Profit 137.1 250.1 (113.0) 54.8 Net Interim Income 86.8 155.8 (69.0) 55.7 Free Cash Flow 95.8
Slide 5: (Consolidated) Income Statement and Balance Sheet
(Consolidated) Income Statement and Balance Sheet 4 (Unit: Billion yen) 1st half 1st half (Unit: Billion yen) FY 2003 FY 2002 A-B Investment Loss under the Equity Method -4.7 (+3.4) (A) (B) *Investment loss expressed using negative numbers; Operating Revenues 2,400.1 2,450.8 (50.6) figures inside pa
Slide 6: (Consolidated) Cash Flow Statement – Application of Free Cash Flow
(Consolidated) Cash Flow Statement – Application of Free Cash Flow 5 (Unit: Billion yen) Decline in interim income before 1st half 1st half taxes & other adjustments FY 2003 FY 2002 A-B -119.3 billion yen (A) (B) Cash Flow from Reduction in expenditures from Operating Activities 380.0 675.3 (295.2)
Slide 7: (Consolidated) Segment Information
(Consolidated) Segment Information 6 (Unit: Billion yen) 1st half 1st half Comparison FY 2003 FY 2002 A/B (A) (B) A-B Operating Revenues 2,400.1 2,450.8 (50.6) 97.9 Electric Power 2,339.5 2,397.9 (58.3) 97.6 Information & Telecommunications 35.4 34.6 0.8 102.4 Other Businesses 174.5 173.9 0.6 100.4
Slide 8: (Non-consolidated) Interim Results Summary
(Non-consolidated) Interim Results Summary 7 (Unit: Billion yen) Comparison 1st half 1st half FY 2003 FY 2002 (A) (B) A-B A/B Sales 2,345.1 2,401.3 (56.1) 97.7 Operating Profit 211.6 363.5 (151.8) 58.2 Ordinary Profit 131.8 256.2 (124.3) 51.5 Net Interim Income 84.4 165.3 (80.8) 51.1 Free Cash Flow
Slide 9: (Non-consolidated) Income Statement Explanation (1)
(Non-consolidated) Income Statement Explanation (1) 8 (Unit: Billion yen) 1st half 1st half Comparison FY 2003 FY 2002 A/B (A) (B) A-B (%) Interim ordinary revenues 2,356.9 2,411.0 (54.1) 97.8 Sales 2,345.1 2,401.3 (56.1) 97.7 Electric power operating revenues 2,339.5 2,397.9 (58.3) 97.6 Electricity
Slide 10: (Non-consolidated) Income Statement Explanation (2)
(Non-consolidated) Income Statement Explanation (2) 9 Revision of retirement and pension system à Prior service cost 67.3 billion yen Write-off of 1/2 of current year’s obligation -33.6 billion yen Actuarial computation differential (for prior year) -0.9 billion yen Amount written off Prior period:
Slide 11: (Non-consolidated) Influence from Nuclear Power Plant Shutdowns
(Non-consolidated) Influence from Nuclear Power Plant Shutdowns 10 (Unit: Billion yen) Projection FY 2003 1st half influence (actual) announced at 1st quarter settlement Influence 1,700 170.0 1,700 170.0 Influence on fuel costs, etc. 1,650 165.0 1,600 160.0 Increases in fuel costs and purchased 2,13
Slide 12: Ordinary Profit Comparison (versus Projections)
(Non-consolidated) Ordinary Profit Comparison (versus Projections) 11 Outlook for the 1st half of FY 2003 (announced at 1st quarter settlement) Ordinary Profit ¥110.0 billion <Main factors reducing profit> ¢Decrease in electricity sales Decrease in electricity sales volume 138.2 billion kWh 137.7 bi
Slide 13: (Non-consolidated) Balance Sheet
(Non-consolidated) Balance Sheet 12 (Unit: Billion yen) 1st half FY 2002 (B) A-B FY 2003 (A) Efficient facilities formation; Fixed Assets 13,075.1 13,254.7 (179.6) slimming down of facilities Current Assets 606.0 557.7 48.3 Total Assets 13,681.1 13,812.5 (131.3) Interest-bearing Debt Outstanding Lon
Slide 14: (Non-consolidated) Cash Flow Statement – Application of Free Cash Flow
(Non-consolidated) Cash Flow Statement – Application of Free Cash Flow 13 (Unit: Billion yen) 1st half FY 2003 1st half FY 2002 A-B (A) (B) Cash Flow from Operating Activities 356.7 666.3 (309.6) Cash Flow from Investing Activities (312.9) (502.5) 189.6 Cash Flow from Financing Activities (55.9) (17
Slide 15: Projections for FY 2003 (Consolidated and Non-consolidated)
Projections for FY 2003 (Consolidated and Non-consolidated) 14 (Unit: Billion yen) FY 2003 (Outlook) FY 2002 Current Initial Differential (Actual) Projection Projection Consolidated 4,870.0 4,930.0 (60.0) 4,919.1 Sales Non-consolidated 4,760.0 4,820.0 (60.0) 4,808.4 Operating Consolidated 450.0 490.
Slide 16: Progress of Nuclear Power Plant Inspections and Repairs
Progress of Nuclear Power Plant Inspections and Repairs15 17 units; total generating power of 17,308 megawatts (MW) As of Nov. 19, 2003 Nuclear Reactor 1 Recycling Pipes (PLR Pipes)* Containment Comments Plant Unit Output Vessel Leak Test Shroud Upper: No. of additional Name No. (MW) inspection loca
Slide 17: Projected Influence from Nuclear Power Plant Shutdowns
Projected Influence from Nuclear Power Plant Shutdowns 16 <Assumptions> Nuclear power plant capacity utilization ratios are projected based on the present inspection and maintenance schedule FY 2003 2nd half: Approx. 55% FY 2003 full year: Approx. 35% (Unit: Billion yen) Projection (Unit: Yen 100 mi
Slide 18: (Non-consolidated) Revenue and Expenditure Projection for FY 2003
(Non-consolidated) Revenue and Expenditure Projection for FY 2003 17 Sales FY 2003 electricity sales volume is projected to decline by 1.6% from the prior year to 277.5 billion kWh. This is because of the weak cooling demand during the 1st half (resulting from the exceptionally cool summer) and beca
Slide 19: Electricity Sales Outlook for FY 2003
Electricity Sales Outlook for FY 2003 18 (Unit: Billion kWh) <reference> 1st half 2nd half FY 2003 total FY 2002 (actual) (projection) (projection) (actual) 409 469 878 894 customers’ use Other than eligible Electric lighting 40.9 46.9 87.8 89.4 Commercial use 30530.5 294 29.4 599 59.9 598 59.8 High
Slide 20: Key Factors and Financial Influence
Key Factors and Financial Influence 19 Key Factors Affecting Performance (Units: persons; billion yen; %) <reference> 1st half FY 2003 1st half FY 2002 Comparison FY 2003 FY 2002 (A) (B) A-B (projection) (actual) Foreign exchange rate (interbank; ¥/$) 118.07 123.07 (5.00) Approx. 115 121.98 118.07 1
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