Tokyo Electric Power Company Holdings, Incorporated · TSE:9501

Tokyo Electric Power — FY2024 Earnings Presentation

53 slides from Tokyo Electric Power's earnings presentation, Apr 30, 2025

  1. Slide 1: FY2024 Financial Results

    FY2024 Financial Results (April 1, 2024 – March 31, 2025) Tokyo Electric Power Company Holdings, Inc. ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  2. Slide 2: ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

    ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  3. Slide 3: Overview of FY2024 Financial Results

    1 Overview of FY2024 Financial Results (Released on April 30, 2025) 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 facts but ra

  4. Slide 4: Consolidated Financial Results Summary

    1. Consolidated Financial Results Summary 2 【Main Points of the FY2024 Financial Results】 ➢ Operating revenue decreased mainly due to a decrease in fuel cost adjustments caused by falling fuel prices, etc. ➢ Ordinary income/ loss and net income/ loss decreased mainly due to the negative turn of time

  5. Slide 5: Key Factors Affecting Performance

    (Ref.) Key Factors Affecting Performance 3 Electricity Sales Volume (Unit: Billion kWh) FY2024 FY2023 Comparison (A) (B) (A)-(B) (A)/(B) (%) Total Electricity Sales Volume 228.6 228.7 -0.1 99.9 Retail Electricity Sales Volume *1 187.2 196.2 -9.0 95.4 Wholesale Electricity Sales Volume *2 41.4 32.5 +

  6. Slide 6: Overview of Each Company

    2. Overview of Each Company 4 (Unit: Billion Yen) FY2024 FY2023 Comparison (A) (B) (A)-(B) (A)/(B) (%) Operating Revenue 6,810.3 6,918.3 -107.9 98.4 TEPCO Holdings (HD) 796.2 708.5 +87.6 112.4 TEPCO Fuel & Power (FP) 3.7 3.8 -0.1 97.2 TEPCO Power Grid (PG) 2,345.2 2,205.0 +140.1 106.4 TEPCO Energy P

  7. Slide 7: Points of Each Company

    3. Points of Each Company 5 ➢ HD: Ordinary income increased mainly due to a decrease in special contributions. ➢ FP: Ordinary income decreased mainly due to a negative turn in the impact of time-lag at JERA. ➢ PG: Ordinary income decreased mainly due to an increase in costs related to supply and dem

  8. Slide 8: Consolidated Extraordinary Income/Loss

    4. Consolidated Extraordinary Income/ Loss 6 (Unit: Billion Yen) FY2024 FY2023 Comparison (A) (B) (A)-(B) Extraordinary Income 87.3 138.9 -51.5 Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation 87.3 138.9 -51.5 *1 Extraordinary Loss 143.0 262.0 -119.0 Expens

  9. Slide 9: Consolidated Financial Position

    5. Consolidated Financial Position 7 ➢ Total assets balance increased by 391.5 billion yen mainly due to an increase in Long-term investments in subsidiaries and associates. ➢ Total liabilities balance increased by 143.4 billion yen mainly due to an increase in interest-bearing debt. ➢ Total net ass

  10. Slide 10: Dividends and FY2025 Consolidated Performance Forecast

    6. Dividends and FY2025 Consolidated Performance Forecast 8 【Dividends】 ➢ TEPCO has decided not to pay out fiscal 2024 year-end dividends ➢ No interim and year-end dividends are planned for fiscal 2025 【FY2025 Consolidated Performance Forecast】 ➢ To be determined ©Tokyo Electric Power Company Holdin

  11. Slide 11: Year-on-Year Comparisons for TEPCO Holdings

    (Ref.) Year-on-Year Comparisons for TEPCO Holdings 9 Ordinary Income/ Loss (Unit: Billion Yen) Profit structure Income includes dividend income, decommissioning Increase in profits: subsidy income, management support fees, and 76.4 billion yen nuclear wholesale power sales, etc. FY2024 Costs include

  12. Slide 12: Year-on-Year Comparisons for TEPCO Fuel & Power

    (Ref.) Year-on-Year Comparisons for TEPCO Fuel & Power 10 Ordinary Income/ Loss Profit structure (Unit: Billion Yen) Main profit is profit of entities accounted for using equity method, such as supply and demand Excluding balance at JERA. impact of time-lag Impact from Excluding impact of time-lag D

  13. Slide 13: Year-on-Year Comparisons for TEPCO Power Grid

    (Ref.) Year-on-Year Comparisons for TEPCO Power Grid 11 Ordinary Income/ Loss (Unit: Billion Yen) Increase in costs Profit structure Increase in related to supply transmission and demand Operating revenue is mainly transmission revenue *1 adjustment, etc. revenue, and this is fluctuated by area dema

  14. Slide 14: Year-on-Year Comparisons for TEPCO Energy Partner

    (Ref.) Year-on-Year Comparisons for TEPCO Energy Partner 12 Profit structure Revenue is mainly from electricity charges and fluctuates with Ordinary Income/ Loss electricity sales volume. Expenses are mainly costs for purchased power and for third party’s power transmission services. (Unit: Billion

  15. Slide 15: Year-on-Year Comparisons for TEPCO Renewable Power

    (Ref.) Year-on-Year Comparisons for TEPCO Renewable Power 13 Ordinary Income/ Loss (Unit: Billion Yen) Profit structure Increase in Operating revenue is mainly wholesale power sales wholesale Increase in of hydroelectric and new energies. electricity repair Increase in Expenses are mainly for deprec

  16. Slide 16: Image of Time-Lag

    (Ref.) Image of Time-Lag 14 (Unit: Billion Yen) FY2023 FY2024 Ordinary Income/ Loss Ordinary Income/ Loss 425.5 254.4 Excluding impact of time-lag Excluding impact of time-lag 196.5 252.4 Gain +229.0 billion yen Revenue side element Gain Impact from negative turn of time-lag +2.0 -227.0 billion yen

  17. Slide 17: Comparison with FY2024 Consolidated Performance Forecast

    (Ref.) Comparison with FY2024 Consolidated Performance Forecast 15 (Unit: Billion Yen) FY2024 FY2024 Comparison (Actual)(A) (Forecasted)(B) (A)-(B) (A)/(B) (%) Operating Revenue 6,810.3 6,793.0 +17.3 100.3 Operating Income/ Loss 234.4 217.0 +17.4 108.0 Ordinary Income/ Loss 254.4 249.0 +5.4 102.2 Ex

  18. Slide 18: Comparison with FY2024 Forecast (Key Factors)

    (Ref.) Comparison with FY2024 Consolidated Performance Forecast (Key Factors) 16 Area Demand (Unit: Billion kWh) FY2024 FY2024 Comparison (Actual)(A) (Forecasted)(B) (A)-(B) (A)/(B) (%) Area Demand 267.5 266.3 +1.2 100.5 Exchange Rate/ CIF FY2024 FY2024 (A)-(B) (Actual)(A) (Forecasted)(B) Foreign Ex

  19. Slide 19: Comparison with FY2024 Forecast (Overview of Each Company)

    (Ref.) Comparison with FY2024 Consolidated Performance Forecast (Overview of Each Company) 17 (Unit: Billion Yen) FY2024 FY2024 Comparison (Actual)(A) (Forecasted)(B) (A)-(B) (A)/(B) (%) Operating Revenue 6,810.3 6,793.0 +17.3 100.3 TEPCO Holdings (HD) 796.2 791.0 +5.2 100.7 TEPCO Fuel & Power (FP)

  20. Slide 20: Trends in Capital Expenditures & Depreciation and Amortization

    (Ref.) Trends in Capital Expenditures & Depreciation and Amortization 18 (Billion Yen) 900 Capital Expenditures 867.4 Depreciation and Amortization 800 765.1 750.0 700 675.0 647.3 665.7 624.2 639.7 637.7 686.5 602.7 608.8 600 568.6 621.0 566.0 621.9 524.4 575.9 585.9 564.2 561.2 500 541.8 400 422.4

  21. Slide 21: Trends in Free Cash Flow

    (Ref.) Trends in Free Cash Flow 19 (Billion Yen) 1,000 800 600 1,077.5 638.1 872.9 400 783.0 752.1 456.6 673.0 348.9 503.7 200 304.5 406.4 361.2 260.8 344.9 323.4 239.8 231.5 0 -2.8 -75.6 -335.1 -293.2 -67.1 -200 -523.9 -478.4 -520.5 -388.8 -25.7 -620.9 -184.7 -570.8 -153.2 -400 -337.3 -337.9 -375.8

  22. Slide 22: Trends in Interest-bearing Debt Balance

    (Ref.) Trends in Interest-bearing Debt Balance 20 (Billion Yen) 9,000 8,277.3 8,000 7,892.0 7,600.0 6,996.4 7,000 6,599.3 6,509.7 6,300.5 6,004.9 6,022.9 5,890.7 6,000 5,756.4 5,440.2 4,914.9 4,889.0 5,000 4,000 3,000 2,000 1,000 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 202

  23. Slide 23: Supplemental Material

    21 Supplemental Material ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  24. Slide 24: Table of Contents

    Table of Contents 22 Financial Results Detailed Information The Current Status of Fukushima Daiichi NPS and Future Initiatives Consolidated Statements of Income 24 Current Situation and Status of Units 1 through 4 39 The status of Grants–in-aid from Nuclear Damage Compensation and 25 The Trial Retri

  25. Slide 25: FY2024 Financial Results Detailed Information

    23 FY2024 Financial Results Detailed Information ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  26. Slide 26: Consolidated Statements of Income

    Consolidated Statements of Income 24 (Unit: Billion Yen) Comparison FY2024(A) FY2023(B) (A)-(B) (A)/(B) (%) Operating Revenue 6,810.3 6,918.3 -107.9 98.4 Operating Expenses 6,575.9 6,639.5 -63.5 99.0 Operating Income/ Loss 234.4 278.8 -44.4 84.1 Non-operating Revenue 132.2 231.1 -98.9 57.2 Investmen

  27. 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 25 Facilitation Corporation and Expenses for Nuclear Damage Compensation (Unit: Billion Yen) Cumulative Item FY2010 to FY2023 FY2024 Amount ◇Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitatio

  28. Slide 28: Consolidated Balance Sheets

    Consolidated Balance Sheets 26 (Unit: Billion Yen) <Interest-bearing debt balance> (Unit: Billion Yen) Mar. 31 Mar. 31 Comparison Mar. 31 Mar. 31 (A)-(B) 2025 (A) 2024 (B) 2025 (A) 2024 (B) (A)-(B) (A)/(B) (%) Bonds 3,535.0 3,549.6 -14.6 Total Assets 14,986.9 14,595.4 391.5 102.7 Long-term Debt 81.8

  29. Slide 29: Consolidated Statements of Cash Flows

    Consolidated Statements of Cash Flows 27 (Unit: Billion Yen) Comparison FY2024 (A) FY2023 (B) (A)-(B) Cash flows from operating activities 361.2 673.0 -311.7 Income/ loss before income taxes 198.7 302.3 -103.6 Depreciation and amortization 367.5 358.2 9.3 Increase (decrease) in decommissioning reser

  30. Slide 30: Overview of Consolidated Cash Flows

    Overview of Consolidated Cash Flows - Year on Year Comparison 28 ✓ Cash and cash equivalents as of March 31, 2025 decreased by 308.6 billion yen to 926.4 billion yen - Cash flows from operating activities increased 361.2 billion yen mainly due to income before income taxes - Cash flows from investin

  31. Slide 31: Key Factors Affecting Performance

    Key Factors Affecting Performance 29 *1 Total of EP consolidated (EP/ TCS/ PinT) and PG (last resort supply/ islands) Key Factors Affecting Performance（Results） *2 Total (excluding indirect auctions) of EP, PG (including inter-regional), and RP consolidated (RP/ Tokyo Electric Generation) *3 The cru

  32. Slide 32: Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated

    Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated 30 Retail Electricity Sales Volume（EP Consolidated） (Unit: Billion kWh) FY2024 Apr-Sep Oct-Dec Jan Feb Mar Jan-Mar Full year Lighting 28.13 13.09 6.71 6.50 5.66 18.86 60.08 Power 66.52 29.91 10.03 10.05 9.80 29.89 126.32

  33. Slide 33: Gas Supply Business

    Gas Supply Business 31 Sales Volume Revenue (Million Ton) (Billion Yen) (FY) * Before FY2015: former TEPCO (Non-consolidated), After FY2016: TEPCO Energy Partner * After April 2017: Full liberalization of gas market <FY2024 Actual Performance> Revenue: Recorded 310.4 billion yen, a decrease of 4.8 b

  34. Slide 34: Schedules for Public Bond Redemption

    Schedules for Public Bond Redemption 32 Amount at Maturity (As of Mar. 31, 2025) (Billion Yen) TEPCO Public Bond TEPCO Power Grid Public Bond TEPCO Renewable Power Public Bond Note: The amount redeemed for FY2024 totaled 230.0 billion yen (FY) ©Tokyo Electric Power Company Holdings, Inc. All Rights

  35. Slide 35: Status of Kashiwazaki-Kariwa Nuclear Power Station

    33 25 Status of Kashiwazaki-Kariwa Nuclear Power Station ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  36. Slide 36: Progress in Safety Measures Work at Kashiwazaki-Kariwa

    Progress in Safety Measures Work at Kashiwazaki-Kariwa Nuclear Power Station 34 <Unit 7> ✓ On April 26, 2024, TEPCO completed fuel loading and confirmed that major equipment required for reactor activation would function as soundness confirmation after fuel loading by June 12, 2024. ✓ Going forward,

  37. Slide 37: Progress in Major Safety Measures Work at Unit 6

    Progress in Major Safety Measures Work at Unit 6 35 ✓ The progress of safety measures work is approximately 90% completed, being calculated based on the number of projects. ✓ Penetration measures, the installation of filter vent facilities, and the rebuilding of truck bay building are yet to be comp

  38. Slide 38: Communication with the Local Community

    Communication with the Local Community 36 ✓The state of plant initiatives is disseminated through PR magazines and social media, and two-way communication is also being conducted through communication booths, and station tours. ✓ TEPCO will continue to increase the number of opportunities for each e

  39. Slide 39: Construction Process of Specialized Safety Facility

    Construction Process of Specialized Safety Facility, etc 37 ✓ The construction completion date of the Specialized safety facility for Unit 7 was revised to “August 2029” as the review process progressed and the specification was almost being fixed. ✓ The construction completion date of the Specializ

  40. Slide 40: The Current Status of Fukushima Daiichi Nuclear Power Station and Future Initiatives

    38 The Current Status of Fukushima Daiichi Nuclear Power Station and Future Initiatives ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  41. Slide 41: Current Situation and Status of Units 1 through 4

    Current Situation and Status of Units 1 through 4 39 ✓ Spent fuel removal from Units 3 & 4 was completed. Currently, preparation for Units 1 & 2 spent fuel removal is being conducted. ✓ Trial retrieval of fuel debris (2nd time) from Unit 2 was completed. Currently, preparation for Units 1 & 3 fuel d

  42. Slide 42: The Trial Retrieval of Fuel Debris from Unit 2

    The Trial Retrieval of Fuel Debris from Unit 2 40 ✓ The 1st trial retrieval of fuel debris from Unit 2 was started on September 2024, and was completed on November 2024. ✓ The 2nd trial retrieval using the telescopic device started on April 15, 2025, and was completed on April 23. The fuel debris wa

  43. Slide 43: ALPS Treated Water Discharge History & Plan

    ALPS Treated Water Discharge History & Plan 41 ✓ 7 rounds of water discharge in FY2024 were conducted. Annual water discharge volume was around 54,999m3 and annual tritium discharge volume was around 12.7 trillion Bq in FY2024. We confirmed ALPS treated water was diluted as planned and satisfied wit

  44. Slide 44: Milestones and Progress in the 5th Revision of Mid-and-Long-Term Roadmap

    Milestones and Progress in the 5th Revision of Mid-and-Long-Term Roadmap(December 2019) 42 Maintain Overall Framework of Decommissioning Schedule Dec. 2011 Nov. 2013 Dec. 2021 End of 2031 30 - 40 years after cold shutdown Phase 1 Phase 2 Phase 3-(1) Phase 3 Period until start of spent fuel Period un

  45. Slide 45: Amount of Compensation for Nuclear Damages Paid and to Be Paid

    Amount of Compensation for Nuclear Damages Paid and Amount of Compensation to Be Paid 43 ✓ The amount of compensation paid as of the end of March 2025 was 11,544.2 billion yen. ✓ In addition to compensation so far, additional compensation based on the 5th Supplement to the Interim Guideline and comp

  46. Slide 46: Overview of Necessary Funds to Fulfill Our Responsibilities to Fukushima

    (Ref.) Overview of Necessary Funds to Fulfill Our Responsibilities to Fukushima 44 ✓ On December 2023, the Japanese government’s Nuclear Emergency Response Headquarters decided on a strategy to raise the maximum limit on issuance of national bonds for delivery to TEPCO (15.4 trillion yen for compens

  47. Slide 47: Status of Funding Secured for Responsibilities to Fukushima

    (Ref.) Status of Funding Secured for the Fulfillment of Our Responsibilities to Fukushima 45 Status of raising 500.0 billion yen per year (Billion Yen) FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 ①Decommissioning Reserve Fund 391.3 361.1 280.4 260.0 260.1 270.0 260.1 262.0 ②Special Contr

  48. Slide 48: Efforts to Increase Corporate Value

    46 Efforts to Increase Corporate Value ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  49. Slide 49: Future Electricity Demand Projections in the TEPCO PG Area

    Future Electricity Demand Projections in the TEPCO PG Area 47 ✓ There has been increased interest in construction and expansion on data centers and semiconductor plants in FY2024. This is projected to have a large impact on the increase electricity demand. ✓ As data centers are expanded and built, p

  50. Slide 50: Main Efforts to Increase Corporate Value -1

    Main Efforts to Increase Corporate Value -1 48 <TEPCO Holdings> January 15, 2025 TN Cross Corporation, a joint venture with NIPPON TELEGRAPH AND TELEPHONE CORPORATION., was selected by Yokohama City, Kanagawa Prefecture as an operator of renewable energy deployment to schools, and signed an agreemen

  51. Slide 51: Main Efforts to Increase Corporate Value -2

    Main Efforts to Increase Corporate Value -2 49 <TEPCO Power Grid> January 15, 2025 TEPCO Power Grid signed a memorandum of understanding to cooperate in initiatives to accelerate the energy transformation and address climate change to provide even more value to customers with Endeavour Energy. Janua

  52. Slide 52: Main Efforts to Increase Corporate Value -3

    Main Efforts to Increase Corporate Value -3 50 <TEPCO Energy Partner> March 31, 2025 TEPCO Energy Partner in collaboration with Sumitomo Realty & Development Co., Ltd., launched sales for two initiatives under the "Decarbonization Lead Project Agreement. The first is "Shin Sumifu × ENEKARI" which in

  53. Slide 53: Action to Implement Management Conscious of Cost of Capital and Stock Price

    Action to Implement Management That Is Conscious of Cost of Capital and Stock Price 51 ✓ To restore public confidence and thoroughly fulfill our responsibility to Fukushima, TEPCO will make the best use of business resources and maximize our corporate value while being conscious of the market’s pers

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