Tokyo Electric Power Company Holdings, Incorporated · TSE:9501

Tokyo Electric Power — FY2013 Earnings Presentation

49 slides from Tokyo Electric Power's earnings presentation, Apr 30, 2014

  1. Slide 1: FY2013 Earnings Results

    FY2013 Earnings Results (April 1, 2013 – March 31, 2014) Presentation Material Tokyo Electric Power Company April 30, 2014 © 2014 Tokyo Electric Power Company, Inc. All Rights Reserved.

  2. Slide 2: Regarding Forward-Looking Statements

    Regarding Forward-Looking Statements 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 the future, which inherently

  3. Slide 3: I. Overview of FY2013 Earnings Results

    I. Overview of FY2013 Earnings Results © 2014 Tokyo Electric Power Company, Inc. All Rights Reserved.

  4. Slide 4: Key Points of FY2013 Earnings Results

    Key Points of FY2013 Earnings Results 1 Overview - Both consolidated and non-consolidated operating revenues increased due to an increase in the unit electricity sales price resulting from rate revision implemented in 2012 and the fuel cost adjustments, etc. - Ordinary income recorded a profit on ea

  5. Slide 5: Earnings Results Summary (Consolidated and Non-Consolidated)

    FY2013 Earnings Results Summary (Consolidated and Non-Consolidated) 2 (Upper and lower rows show consolidated and non-consolidated figures, respectively.) (Unit: Billion Yen) Comparison FY2013 (A) FY2012 (B) (A)-(B) (A)/(B)(%) Electricity Sales Volume (billion kWh) 266.7 269.0 -2.3 99.1 consolidated

  6. Slide 6: Electricity Sales Volume, Total Power Generated and Purchased

    FY2013 3 Electricity Sales Volume, Total Power Generated and Purchased (Units: Billion kWh, %) FY2013 FY2014 Electricity Sales Volume 1st Half 3rd Quarter 4th Quarter 2nd Half Full year Projection [FY2013 Full-Year Results] 48.84 23.55 32.68 56.24 105.08 103.02 Regulated segment (-1.6) (-4.4) (2.5)

  7. Slide 7: Comparison with the Previous Fiscal Year Results

    FY2013 Comparison with the Previous Fiscal Year Results 4 (Unit: Billion Yen) FY2013 Actual (A) FY2012 Actual (B) Comparison (A)-(B) Consolidated Non-consolidated Consolidated Non-consolidated Consolidated Non-consolidated Operating Revenues 6,631.4 6,449.8 5,976.2 5,769.4 655.1 680.4 Operating Inco

  8. Slide 8: Comparison with the Previous Projections

    FY2013 Comparison with the Previous Projections 5 (Unit: Billion Yen) FY2013 Projection FY2013 Actual (A) (B) Comparison (A)-(B) (As of Jan. 31, 2014) Consolidated Non-consolidated Consolidated Non-consolidated Consolidated Non-consolidated Operating Revenues 6,631.4 6,449.8 6,619.0 6,434.0 approx.

  9. Slide 9: Financial Impact of the Great East Japan Earthquake [Extraordinary Income/Loss]

    FY2013 Financial Impact of the Great East Japan Earthquake [Extraordinary Income/Loss] 6 Grants–in-aid from Nuclear Damage Liability Facilitation Fund [Extraordinary Income] (Unit: billion yen) FY2013 Cumulative Item FY 2010 to FY2011 FY2012 First 9-Month Period Full-year Amount - Grants-in-aid base

  10. Slide 10: FY2014 Business Performance Outlook [Full Year]

    FY2014 Business Performance Outlook [Full Year] - Key Factors Affecting Performance and Financial Impact 7 FY2014 FY2013 Key Factors Affecting Performance Full-year Full-year Projection Projection Actual (As of Jan.31) Electricity Sales Volume (billion kWh) 268.6 266.7 267.9 Crude Oil Prices (All Ja

  11. Slide 11: Dividend Policy

    Dividend Policy 8 FY2013 Dividend and FY2014 Dividend Outlook - TEPCO paid out no interim dividend in fiscal 2013 and has decided not to pay out for fiscal 2013 year-end dividends. - Considering the current severe management environments, we regret to plan no interim and year-end dividends for fisca

  12. Slide 12: [Reference] Fuel Consumption and Procurement

    [Reference] Fuel Consumption and Procurement 9 Fuel Consumption Data and Projection FY2013 FY2010 FY2011 FY2012 FY2014 Previous Actual Actual Actual Actual Outlook Outlook LNG(million tons) 19.46 22.88 23.71 23.78 24.06 － Oil (million ｋｌ) 4.75 8.08 10.50 6.82 6.87 － Coal (million tons) 3.02 3.22 2.8

  13. Slide 13: Cost Reduction

    Implementation of the Streamlining Policy 10 <Cost reduction> − In the New Comprehensive Special Business Plan, TEPCO and its subsidiaries & affiliated companies will implement further cost cuts of 1,419.4 billion yen and 108.5 billion yen, respectively from the previous Comprehensive Special Busine

  14. Slide 14: Efforts towards Nuclear Reform - 1

    Efforts towards Nuclear Reform - 1 Report on status of the Nuclear Safety Reform Plan 11 - The “Reassessment of Fukushima Nuclear Accident and Nuclear Safety Reform Plan” (the “Reform Plan”) formulated by TEPCO’s Nuclear Reform Special Task Force was announced through the resolution of the Board of

  15. Slide 15: Efforts towards Nuclear Reform - 2

    Efforts towards Nuclear Reform - 2 [Reference] Framework for Nuclear Reform 12 - On September 11, 2012, TEPCO established the Nuclear Reform Monitoring Committee*1 as advisory body to the Board of Directors, along with the Nuclear Reform Special Task Force*2 to be led by the President for the purpos

  16. Slide 16: Implementation of Bids on Thermal Power Generation Facilities

    Implementation of Bids on Thermal Power Generation Facilities 13 - In an effort to reduce the electricity supply cost, TEPCO has a policy of promoting open and fair procurement of electricity power through bidding and the Japan Electric Power Exchange. - The invitation for bids on 2,600MW capacity f

  17. Slide 17: Efforts for Installation of Smart Meters

    Efforts for Installation of Smart Meters 14 - TEPCO promotes the introduction of smart meters as a part of streamlining specified in the Comprehensive Special Business Plan. TEPCO has moved the smart meter installation program forward three years, with about 27.0 million (total number of houses, bui

  18. Slide 18: II. FY2013 Earnings Results (Detailed Information)

    II. FY2013 Earnings Results (Detailed Information) © 2014 Tokyo Electric Power Company, Inc. All Rights Reserved.

  19. Slide 19: Statements of Income (Consolidated)

    Statements of Income (Consolidated) 15 (Unit: Billion yen) Comparison FY2013 (A) FY2012 (B) (A)-(B) (A)/(B) (%) Operating Revenues 6,631.4 5,976.2 655.1 111.0 Operating Expenses 6,440.0 6,198.2 241.8 103.9 Operating Income 191.3 -221.9 413.3 － - Grants–in-aid from Nuclear Damage Liability Facilitati

  20. Slide 20: Breakdown of Revenue, etc. (Non-Consolidated)

    Breakdown of Revenue, etc. (Non-Consolidated) 16 (Unit: Billion yen) Comparison FY2013 (A) FY2012 (B) (A)-(B) (A)/(B) (%) Ordinary Revenues 6,490.0 5,818.5 671.5 111.5 Operating Revenues 6,449.8 5,769.4 680.4 111.8 Operating Revenues from Electric Power Business 6,315.5 5,660.0 655.4 111.6 Electrici

  21. Slide 21: Breakdown of Expenses, etc (Non-Consolidated)

    Breakdown of Expenses, etc (Non-Consolidated) 17 (Unit: Billion yen) Comparison FY2013 (A) FY2012 (B) (A)-(B) (A)/(B) (%) Ordinary Expenses 6,446.8 6,196.1 250.6 104.0 Operating Expenses 6,297.9 6,034.9 262.9 104.4 Operating Expenses for Electric Power Business 6,168.8 5,929.7 239.1 104.0 Personnel

  22. Slide 22: Year-on-Year Comparison of Ordinary Expenses, etc (Non-Consolidated) - 1

    Year-on-Year Comparison of Ordinary Expenses, etc (Non-Consolidated) - 1 18 Personnel expenses (¥345.8 billion to ¥355.9 billion) +¥10.0 billion Salary and benefits (¥247.1 billion to ¥244.2 billion) -¥2.9 billion Retirement benefits (¥26.8 billion to ¥43.1 billion) +¥16.2 billion Amortization of ac

  23. Slide 23: Year-on-Year Comparison of Ordinary Expenses, etc (Non-Consolidated) - 2

    Year-on-Year Comparison of Ordinary Expenses, etc (Non-Consolidated) - 2 19 Maintenance expenses (349.0 billion to ¥263.8 billion) -¥85.1 billion Generation facilities (¥130.6 billion to ¥102.2 billion) -¥28.3 billion Hydroelectric power (¥12.4 billion to ¥9.1billion) -¥3.2 billion Thermal power (¥8

  24. Slide 24: Year-on-Year Comparison of Ordinary Expenses, etc (Non-Consolidated) - 3

    Year-on-Year Comparison of Ordinary Expenses, etc (Non-Consolidated) - 3 20 Power purchasing costs (¥865.3billion to ¥945.4 billion) +¥80.0 billion Power purchased from other utilities (¥168.7 billion to ¥223.5 billion) Main Factors for Increase/Decrease +¥54.8 billion Power purchased from other uti

  25. Slide 25: Balance Sheets (Consolidated and Non-Consolidated)

    Balance Sheets (Consolidated and Non-Consolidated) 21 (Upper and lower rows show consolidated and non-consolidated figures, respectively) (Unit: Billion yen) Mar. 31 Mar. 31, Comparison 2014 (A) 2013 (B) (A)-(B) (A)/(B) (%) (Consolidated) 14,801.1 14,989.1 -188.0 98.7 Total Assets (Non-consolidated)

  26. Slide 26: Consolidated Statements of Cash Flows

    Consolidated Statements of Cash Flows 22 (Unit: Billion yen) Comparison FY2013 (A) FY2012 (B) (A)-(B) Cash flow from operating activities 638.1 260.8 377.2 Income / loss before income taxes and minority interests 462.5 -653.0 1,115.5 Depreciation and amortization 647.3 621.0 26.3 Interest expenses 1

  27. Slide 27: [Reference] Schedules for Corporate Bond Redemption (Non-consolidated)

    [Reference] Schedules for Corporate Bond Redemption (Non-consolidated) 23 (Billions yen) Amount at Maturity (As of March 31, 2014) 1,400 1,299.8 Foreign currency-denominated bond 1,200 Domestic (Private bond) Domestic (Public bond) 1,000 *2 *1 Foreign currency-denominated bond (Breakdown) 673.9 *2 P

  28. Slide 28: Capital Expenditures (Consolidated and Non-Consolidated)

    Capital Expenditures (Consolidated and Non-Consolidated) 24 (Unit: Billion Yen) FY2013 Actual FY2012 Actual Comparison (A) (B) (A)-(B) Hydroelectric/Renewable energy generation (Non-consolidated) 16.1 17.0 -0.9 Thermal power generation (Non-consolidated) 210.1 260.3 -50.2 Nuclear power generation (N

  29. Slide 29: Segment Information

    Segment Information 25 (Unit: Billion yen) (Unit: Billion yen) FY2013 FY2013 Assets 14,801.1 Operating Revenues 6,631.4 Fuel & Power Company 1,603.2 Non-consolidated 3,332.0 Fuel & Power Company Power Grid Company 5,847.9 30.3 Customer Service Company 476.5 1,663.3 Corporate 6,428.2 Non-consolidated

  30. Slide 30: [Reference] Gas Supply Business

    [Reference] Gas Supply Business 26 Operating Performance Sales Volume (Billion yen) Revenues Operating Income 120.7 (million ton) 1.31 94.1 1.20 -0.9 0.3 FY2012 FY2013 FY2012 FY2013 Actual Actual Actual Actual <FY2013 Actual Performance> Operating revenues: Increased 26.6 billion yen to 120.7 billio

  31. Slide 31: [Reference] Oversea Business

    [Reference] Oversea Business 27 TEPCO (Investment Main Company or Project Name1 Location Output Start of commercial operation, etc. Investment2 ratio) Chang Bin & Fong Der Project T aiwan ¥6.2 billion ( 19.5% ) 490MW, 980MW Commenced operations in Mar. 2004 Starbuck Project T aiwan ¥2.5 billion ( 22

  32. Slide 32: [Reference] Seasonal Breakdown of Electricity Sales

    [Reference] Seasonal Breakdown of Electricity Sales - Sales Volume, Total Power 28 Generated and Purchased (Units: Billion kWh, %) FY2012 FY2013 Electricity Sales Volume 1st Half 2nd Half Full year 1st Half 3rd Quarter Jan. Feb. Mar. 4th Quarter 2nd Half Full year 49.66 56.50 106.17 48.84 23.55 11.6

  33. Slide 33: [Reference] Recent Demand Trend of Large-Scale Industries

    [Reference] Recent Demand Trend of Large-Scale Industries 29 Electricity sales volume to large-scale industrial customers in fiscal 2013 increased 0.7% due to increase year-on-year sales growth in industries such as Chemicals, Ferrous metals and Paper & pulp. [Year-on-year Electricity Sales Growth i

  34. Slide 34: [Reference] Historical Prices of CIF Crude Oil, Fuel Coal and LNG

    [Reference] Historical Prices of CIF Crude Oil, Fuel Coal and LNG 30 (＄/b･t) (＄/t) 160 1,000 900 140 800 120 700 100 600 80 500 400 60 Crude Oil 300 40 Fuel Coal LNG (Right-hand Scale) 200 20 100 0 0 Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan 2009 2010 2011 2012

  35. Slide 35: [Reference] The Current Status of Fukushima Daiichi Nuclear Power Stations and Future Initiatives

    [Reference] The Current Status of Fukushima Daiichi Nuclear Power Stations and Future Initiatives © 2014 Tokyo Electric Power Company, Inc. All Rights Reserved.

  36. Slide 36: Current Situation and Status of Fukushima Daiichi Nuclear Power Station

    Current Situation and Status of Fukushima Daiichi Nuclear Power Station 31 - At Units 1, 2 and 3, we continue circulatory water-cooling operations for their reactors by processing and reusing the accumulated water, and the temperatures of the reactors have been kept around 15 to 30 degrees centigrad

  37. Slide 37: Mid-to-long Term Roadmap towards the Decommissioning (1)

    Mid-to-long Term Roadmap towards the Decommissioning of Fukushima Daiichi Nuclear Power Station Units 1 through 4 (1) 32 - On December 21, 2011, TEPCO released "Mid-to-long Term Roadmap" for Fukushima Daiichi Nuclear Power Station, following an accomplishment of STEP 2 shown on the "Roadmap towards

  38. Slide 38: Mid-to-long Term Roadmap towards the Decommissioning (2)

    Mid-to-long Term Roadmap towards the Decommissioning of Fukushima Daiichi Nuclear Power Station Units 1 through 4 (2) 33 2. Main Points of the Roadmap (1) Review schedules based on the condition of each unit ・Prepare multiple plans for the removal of the fuel and fuel debris in order to make it poss

  39. Slide 39: Mid-to-long Term Roadmap towards the Decommissioning (3)

    Mid-to-long Term Roadmap towards the Decommissioning of Fukushima Daiichi Nuclear Power Station Units 1 through 4 (3) 34 3. Major Judgment Points on the Roadmap ・ In this review, the acceleration of the schedule was examined based on the analysis of difference of each unit. We have formulated multip

  40. Slide 40: Countermeasures for contaminated water problem at Fukushima Daiichi

    Countermeasures for contaminated water problem at Fukushima Daiichi Nuclear Power Station 35 - Facing with flow of contaminated water into the port and contaminated water leakage from the tanks, TEPCO has established the “Contaminated Water and Tank Countermeasures Headquarters*” headed directly by

  41. Slide 41: Our Commitment to Nuclear Damage Compensation

    Our Commitment to Nuclear Damage Compensation 36 - To facilitate prompt and fair compensation for nuclear damages, TEPCO continues to set and announce its own detailed compensation guidelines and procedures to individuals and business entities based on Government’s Interim Guideline released in Augu

  42. Slide 42: Decontamination Works in the Surrounding Areas

    Decontamination Works in the Surrounding Areas 37 - Act on Special Measures for Coping with Radioactive Pollution was approved in August of 2011 and fully came into force on January 1, 2012. The government budgets several hundred billion yen every year for funding decontamination works. - Based on t

  43. Slide 43: Compensation Support by Nuclear Damage Liability Facilitation Fund

    Compensation Support by Nuclear Damage Liability Facilitation Fund 38 - After the enactment of the Nuclear Damage Liability Facilitation Fund Act, the Fund was officially established in September, 2011. - To receive a financial assistance of the Fund, the nuclear operator is required to prepare/modi

  44. Slide 44: Nuclear Damage Liability Facilitation Fund Act

    Nuclear Damage Liability Facilitation Fund Act 39 - The Act was enacted in August 2011. [Key Points of the Act] < Responsibility of the State; Article 2 > - In view of the social responsibility that comes along with its having promoted a nuclear energy policy, the State shall take all necessary meas

  45. Slide 45: The Current Status of Kashiwazaki-Kariwa Nuclear Power Station and Future Initiatives

    [Reference] The Current Status of Kashiwazaki-Kariwa Nuclear Power Station and Future Initiatives © 2014 Tokyo Electric Power Company, Inc. All Rights Reserved.

  46. Slide 46: Main Measures to Secure Safety - 1 [Outline]

    Efforts after the Tohoku-Chihou-Taiheiyo-Oki Earthquake Main Measures to Secure Safety - 1 [Outline] 40  We promote the following measures to secure further safety after the Tohoku-Chihou-Taiheiyo-Oki Earthquake. I. Installation of flooding embankment III. Further enhancement of heat removal and II

  47. Slide 47: Main Measures to Secure Safety - 2 [Implementation Status]

    Efforts after the Tohoku-Chihou-Taiheiyo-Oki Earthquake Main Measures to Secure Safety - 2 [Implementation Status] 41 As of April 23, 2014 Item Unit 1 Unit 2 Unit 3 Unit 4 Unit 5 Unit 6 Unit 7 I. Installation of flooding embankment [banks] Completed Completed II. Countermeasures against inundation i

  48. Slide 48: Compliance examination under the New Regulatory Requirements

    Efforts after the Tohoku-Chihou-Taiheiyo-Oki Earthquake Compliance examination under the New Regulatory Requirements 42 - On September 27, 2013, TEPCO submitted to the Nuclear Regulation Authority (NRA) the application for permission for changes in reactor installation, approval for construction pla

  49. Slide 49: Geological Survey of Faults in the Kashiwazaki-Kariwa NPS site

    Efforts after the Tohoku-Chihou-Taiheiyo-Oki Earthquake Geological Survey of Faults in the Kashiwazaki-Kariwa NPS site 43 - In response to requests at the public hearing held by the Nuclear and Industrial Safety Agency of the Ministry of Economy, Trade and Industry (at the time) in August 2012, TEPC

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