Tokyo Electric Power Company Holdings, Incorporated · TSE:9501
Tokyo Electric Power — Q3 FY2021 Earnings Presentation
48 slides from Tokyo Electric Power's earnings presentation, Jan 31, 2022
Slide 1: FY2021 3rd Quarter Financial Results
FY2021 3rd Quarter Financial Results (April 1 – December 31, 2021) Tokyo Electric Power Company Holdings, Inc. ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.
Slide 2: ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.
Slide 3: Overview of FY2021 3rd Quarter Financial Results
Overview of FY2021 3rd Quarter Financial Results (Released on January 31, 2022) Regarding Forward-Looking Statements Certain statements in the following presentation regarding TEPCO Group’s business operations may constitute “forward-looking statements.” As such, these statements are not historical
Slide 4: Key Points of FY2021 3rd Quarter Financial Results
Key Points of FY2021 3rd Quarter Financial Results 1 < FY2021 3rd Quarter Financial Results> Operating revenue decreased due to the application for the new accounting standards and other factors. Ordinary income and quarterly net income decreased due to a negative turn in the effects of the time-lag
Slide 5: Consolidated Financial Results
1. Consolidated Financial Results 2 (Unit: Billion kWh) FY2021 FY2020 Comparison Apr-Dec (A) Apr-Dec (B) (A)-(B) (A)/(B) (%) Total Electricity Sales Volume 168.4 167.2 1.2 100.7 Retail Electricity Sales Volume ※1 134.6 150.3 -15.7 89.5 Wholesale Electricity Sales Volume ※2 33.7 16.8 16.9 200.3 (Unit
Slide 6: Key Factors Affecting Performance
(Reference)Key Factors Affecting Performance 3 Area demand (Unit: Billion kWh) FY2021 FY2020 Comparison Apr-Dec(A) Apr-Dec(B) (A)-(B) (A)/(B) (%) Area demand 192.7 193.6 -0.9 99.6 Foreign Exchange Rate/CIF FY2021 FY2020 (A)-(B) Apr-Dec(A) Apr-Dec(B) Foreign Exchange rate (Interbank,yen/dollar) 111.1
Slide 7: Points of Each Companies
2. Points of Each Companies 4 <TEPCO Holdings> Ordinary income increased due to an increase in received dividends from core operating companies, etc. <TEPCO Fuel & Power> Ordinary income decreased due to a negative turn in the effects of the time-lag from the fuel cost adjustment system at JERA . <T
Slide 8: Overview of Each Company
3. Overview of Each Company 5 (Unit: Billion Yen) FY2021 FY2020 Comparison Apr-Dec (A) Apr-Dec (B) (A)-(B) (A)/(B) (%) Operating Revenue 3,503.5 4,103.9 -600.3 85.4 TEPCO Holdings 365.4 364.7 0.6 100.2 TEPCO Fuel & Power 3.8 5.8 -1.9 66.8 TEPCO Power Grid 1,336.1 1,292.4 43.7 103.4 TEPCO Energy Part
Slide 9: Consolidated Extraordinary Income/Loss
4. Consolidated Extraordinary Income/Loss 6 (Unit: Billion Yen) FY2021 FY2020 Comparison Apr-Dec (A) Apr-Dec (B) (A)-(B) Extraordinary Income 29.8 - 29.8 Grants-in-Aid from the Nuclear Damage Compensation and Decommissioning Facilities Corporation ※1 29.8 - 29.8 Extraordinary Loss 82.6 95.4 -12.7 Ex
Slide 10: Consolidated Financial Position
5. Consolidated Financial Position 7 Total assets balance Increased by 464.5 billion yen due mainly to an increase in cash and deposits. Total liabilities balance increased by 401.3 billion yen due mainly to an increase in corporate bonds. Total net assets balance increased by 63.2 billion yen due m
Slide 11: FY2021 Consolidated Performance Forecast
6. FY2021 Consolidated Performance Forecast 8 Performance forecast has been revised as shown below due to the recording of loss on return of imbalance income and expenditure as extraordinary loss and other factors. (Unit: Billion yen) FY2021 Projection FY2021 Projectin FY2020 (released on Jan. 31, 2
Slide 12: FY2021 Forecast Key Factors Affecting Performance
(Reference) FY2021 Consolidated Performance Forecast (Key Factors Affecting Performance) 9 (Unit: Billion yen) FY2021 Projection FY2021 Projectin FY2020 Results (released on Jan. 31, 2022) (released on Oct. 27,2021) Total Electricity sales volume 227.5 222.0 231.5 Retail Electricity sales volume 183
Slide 13: Consolidated Year-on-Year performance comparison (chart)
(Reference) Consolidated Year-on-Year performance comparison ① ~Increases/Decreases chart~ 10 Power supply and demand, Ordinary income/loss and transmission revenue -83.5 Others -79.7 (Units: Billion Yen) Related to sales(After deduct renewable energy ) Related to area demand Increase in electricity
Slide 14: Consolidated Year-on-Year performance comparison (figures)
(Reference) Consolidated Year-on-Year performance comparison ② ~Figures~ 11 （Units: Billion yen) FY2021 FY2020 (A)-(B) Apr-Dec (A) Apr-Dec (B) Ordinary Income 72.2 235.5 -163.3 Power supply and demand, and 1,272.8 1,356.4 -83.5 transmission revenue Retail power sales ※1 1,559.1 1,692.8 -133.7 Wholes
Slide 15: Year-on-Year Comparisons for TEPCO Holdings
(Reference) Year-on-Year Comparisons for TEPCO Holdings 12 Ordinary income/loss Profit Structure (Units: Billion Yen) Profit is dividend income, decommissioning charges profit, management consultation fees, wholesale power sales of nuclear power, etc. Decrease in wholesale Others Year-on-Year power
Slide 16: Year-on-Year Comparisons for TEPCO Fuel & Power
(Reference) Year-on-Year Comparisons for TEPCO Fuel & Power 13 Ordinary income/loss Profit Structure (Units: Billion Yen) Main profit is profit of entities accounted for using Improvement of equity method, such as generation business at other income Impact JERA. and expenditure from Positive turn of
Slide 17: Year-on-Year Comparisons for TEPCO Power Grid
(Reference) Year-on-Year Comparisons for TEPCO Power Grid 14 Ordinary income/loss (Units: Billion Yen) Profit Structure Decrease in Operating revenue is mainly transmission revenue, and this is transmission fluctuated by area demand. revenue ※ Expenses is mainly for repairs and depreciation costs of
Slide 18: Year-on-Year Comparisons for TEPCO Energy Partner
(Reference) Year-on-Year Comparisons for TEPCO Energy Partner 15 Ordinary income/loss Profit Structure (Units: Billion Yen) Operating revenue is mainly electricity sales revenue, and this is Fuel cost adjustment fluctuated by electricity sales volume. amount +91.1 billion yen Expenses are mainly pow
Slide 19: Year-on-Year Comparisons for TEPCO Renewable Power
(Reference) Year-on-Year Comparisons for TEPCO Renewable Power 16 Ordinary income/loss (Units: Billion Yen) Profit Structure Profit is mainly wholesale power sales of hydroelectric and Increase in new energies. Wholesale power sales, etc Increase in Expenses is mainly for depreciation and repairs. p
Slide 20: Application of new accounting standards
(Reference)Application of new accounting standards 17 “Accounting standards for revenue recognition” went into effect in FY2021 and some transactions that were posted as revenue (sales) must now be listed in a different category (changes were also made to what can be posted as expenses so there was
Slide 21: Factors for fluctuating consolidated revenue
(Reference) Factors for fluctuating consolidated revenue 18 ～The impact of application for new accounting standards～ Operating revenue decreased by 756.9 billion yen as a result of the application for new accounting standards (no impact on revenue and expenditures since expenses decreased) Operating
Slide 22: FY2021 Forecast Overview of Each Company
(Reference) FY2021 Consolidated Performance Forecast (Overview of Each Company ) 19 (Units: Billion Yen) FY2021 Projection FY2021 Projectin (released on Jan. 31, 2022) (released on Oct. 27, 2021) (A)-(B) FY2020 Results (A) (B) O p e r a t i n g R e v e n u e 5,051.0 4,850.0 201.0 5,866.8 TEPCO Holdi
Slide 23: Supplemental Material
Supplemental Material ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.
Slide 24: Table of Contents
Table of Contents Financial Results Detailed Information Series of efforts including physical protection Consolidated Statements of Income 20 Improvement action plan for the nuclear material protection incidents The status of Grants–in-aid from Nuclear Damage Compensation and 21 Overview of causal a
Slide 25: FY2021 3rd Quarter Financial Results Detailed Information
FY2021 3rd Quarter Financial Results Detailed Information ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.
Slide 26: Consolidated Statements of Income
20 Consolidated Statements of Income (Unit: Billion Yen) FY2021 FY2020 Comparison Apr-Dec(A) Apr-Dec(B) (A)-(B) (A)/(B) (%) Operating Revenue 3,503.5 4,103.9 -600.3 85.4 Operating Expenses 3,415.4 3,951.1 -535.6 86.4 Operating Income / Loss 88.0 152.7 -64.6 57.7 Non-operating Revenue 25.3 120.9 -95.
Slide 27: Grants-in-aid from NDF and Expenses for Nuclear Damage Compensation
The status of Grants–in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation and Expenses for Nuclear Damage Compensation 21 (Unit: Billion Yen) FY2021 Cumulative Item FY2010 to FY2020 Apr-Dec Amount ◇Grants–in-aid from Nuclear Damage Compensation and Decommissioning Fac
Slide 28: Consolidated Balance Sheets
Consolidated Balance Sheets 22 (Unit: Billion Yen) <Interest-bearing debt outstanding> (Unit: Billion Yen) Comparison Dec. 31 Mar. 31 Dec. 31 Mar. 31 (A)-(B) 2021 (A) 2021 (B) 2021 (A) 2021 (B) (A)-(B) (A)/(B) (%) Bonds 3,140.4 2,705.4 435.0 Total Assets 12,557.7 12,093.1 464.5 103.8 Long-term Debt
Slide 29: Key Factors Affecting Performance
Key Factors Affecting Performance 23 ※１ Total of EP consolidated (EP/TCS/PinT) and PG (islands, etc.) Key Factors Affecting Performance（Results） ※２ Total (excluding indirect auctions) of EP consolidated (EP/TCS/PinT), PG (including inter-regional), and RP consolidated (RP/Tokyo Electric Generation)
Slide 30: Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated
Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated 24 Retail Electricity Sales Volume（EP consolidated） Unit: Billion kWh FY2021 Apr-Sep Oct Nov Dec Oct-Dec Apr-Dec Lighting 27.78 4.05 4.45 5.26 13.76 41.54 Power 63.27 10.01 9.60 10.05 29.67 92.94 Total 91.05 14.06 14.05
Slide 31: Schedules for Public Bond Redemption
Schedules for Public Bond Redemption 25 (Billion Yen) Amount at Maturity (As of Dec. 31, 2021) TEPCO Public Bond TEPCO Power Grid Public Bond TEPCO Renewable Power Public Bond (FY) Note: The amount redeemed for Apr. - Dec. of fiscal 2021 totaled 45.0 billion yen. ©Tokyo Electric Power Company Holdin
Slide 32: Series of efforts including physical protection
Series of efforts including physical protection ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.
Slide 33: Overview of causal analysis and improvement measures
Improvement action plan for the nuclear material protection incidents Overview of causal analysis and improvement measures 26 On September 22, 2021, TEPCO submitted a report summarizing the results of the causal analysis and improvement measures for the unauthorized ID card use and the partial loss
Slide 34: Improvement action plan: Major initiatives so far (1)
Improvement action plan for the nuclear material protection incidents Major initiatives so far (1) 27 Measure to address Establishment of an Expert Nuclear Security Assessment Committee the three root causes ＜Overview of the Expert Nuclear Security Assessment Committee＞ 1st meeting To ensure improve
Slide 35: Improvement action plan: Major initiatives so far (2)
Improvement action plan for the nuclear material protection incidents Major initiatives so far (2) 28 Measures to foster Dialogue between the field and management a strong culture President Kobayakawa talking to station Site Superintendent Inagaki talking to station Management will continually engag
Slide 36: Status of NRA additional nuclear material protection inspections
Status of NRA additional nuclear material protection inspections 29 The NRA started the Additional Inspection (Phase II) for nuclear material protection on October 20, 2021. In the inspection, the NRA confirms the details of the causal analysis of both incidents and how measures are being implemente
Slide 37: Status of general inspections of incomplete safety renovations
Status of general inspections implemented after discovering partially incomplete safety measure renovations 30 The reform team established in light of the partially incomplete safety measures renovations is conducting general inspections for not only the incomplete renovations but for the following
Slide 38: Current Status of Fukushima Daiichi NPS and Future Initiatives
The Current Status of Fukushima Daiichi Nuclear Power Station and Future Initiatives ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.
Slide 39: Current Situation and Status of Units 1 through 4
Current Situation and Status of Units 1 through 4 31 Spent fuel removal from Units 3 & 4 is complete. Currently, preparation for Units 1 & 2 spent fuel removal and Units 1-3 fuel debris retrieval is being conducted. Main decommissioning work and steps Please visit our website for latest information
Slide 40: Milestones and progress in the Mid-and-Long-Term Roadmap
Milestones and progress in the 5th revision of Mid-and-Long-Term Roadmap(December 2019) 32 To be delayed by around a year Maintain Overall Framework of Decommissioning Schedule due to the effects of COVID-19 30 ～ 40 years after cold Dec. 2011 Nov. 2013 Dec. 2021 End of 2031 shutdown Phase 1 Phase 2
Slide 41: Fuel Debris Retrieval Schedule and Process
Fuel Debris Retrieval Schedule and Process Based upon the Mid-to-Long Term Decommissioning Implementation Plan 2021 33 On March 25, 2021, the Mid-and-Long Term Decommissioning Action Plan 2021 was published, an updated version of the Mid-and- Long Term Decommissioning Action Plan 2020 given the resu
Slide 42: Contaminated water measures
Contaminated water measures 34 Progress is being made on the three contaminated water initiatives detailed in the 5th revision of the Mid-and-long-term Roadmap (December 2019). (1) Initiative to promote contaminated water measures following the three basic （１）３つの基本方針に従った汚染水対策の推進に関する取り組み policies ①汚染
Slide 43: Response Regarding the Handling of ALPS Treated Water - 1
TEPCO Holdings’ Response Regarding the Handling of ALPS Treated Water – 1 TEPCO Holdings’ Approach to the Discharge of ALPS Treated Water 35 The “Basic Policy on handling of ALPS treated water at the Tokyo Electric Power Company Holdings’ Fukushima Daiichi Nuclear Power Station” (hereinafter governm
Slide 44: Response on ALPS Treated Water - 2
TEPCO’s Response on the Handling of ALPS Treated Water 36 – 2 Status of Review Regarding Design and Operation of Necessary Facilities and plan going foward In August 2021, TEPCO released status of review regarding the handling of ALPS treated water at the Fukushima Daiichi NPS. In December of the sa
Slide 45: Other Initiatives
Other Initiatives ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.
Slide 46: New services to realize a carbon neutral society
New services to realize a carbon neutral society (Initiative of demand side) 37 A new service “Ene-Kari Plus” and a new rates plan “Living Smart Plan” that propose a new way of living by introducing solar panels, storage batteries, and Ohisama Eco Cute to homes in order to realize a carbon neutral s
Slide 47: Main Efforts to Increase Corporate Value-1
Main Efforts to Increase Corporate Value-1 38 <TEPCO Holdings> October 29, 2021 Mitsubishi Motors announced its participation in the demonstration test to be conducted at the Oyama Post Office and Numazu Post Office by TEPCO Holdings together with Japan Post Holdings and Japan Post Service to contri
Slide 48: Main Efforts to Increase Corporate Value-2
Main Efforts to Increase Corporate Value-2 39 <TEPCO Energy Partner> October 29, 2021 Launched "Hamakko Electricity," an electricity rate plan for businesses in Yokohama City that uses environmental value derived from biomass power generation at incineration plants owned by Yokohama City and environ
Tokyo Electric Power Company Holdings — Q3 FY2021 Earnings Presentation on 6ix