Tokyo Electric Power Company Holdings, Incorporated · TSE:9501

Tokyo Electric Power — FY2022 Earnings Presentation

52 slides from Tokyo Electric Power's earnings presentation, Apr 28, 2023

  1. Slide 1: FY2022 Financial Results

    FY2022 Financial Results (April 1,2022 – March 31, 2023) 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 FY2022 Financial Results

    Overview of FY2022 Financial Results (Released on April 28, 2023) 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 rath

  4. Slide 4: Key Points of FY2022 Financial Results

    Key Points of FY2022 Financial Results 1 <FY2022 Financial Results>  Operating revenue increased due to an increase in fuel cost adjustments resulting from a surge in fuel prices, etc.  Ordinary income/loss decreased due mainly to an increase in the electricity procurement expenses resulting from

  5. Slide 5: Consolidated Financial Results

    1. Consolidated Financial Results 2 (Unit: Billion Yen) FY2022 FY2021 Comparison (A) (B) (A)-(B) (A)/(B) (%) Operating Revenue 7,798.6 5,309.9 +2,488.7 146.9 Operating Income/Loss -228.9 46.2 -275.2 - Ordinary Income/Loss ※１ -285.3 42.2 -327.6 - Extraordinary Income/Loss 163.9 -29.8 +193.8 - Net Inc

  6. Slide 6: (Reference) Key Factors Affecting Performance

    (Reference) Key Factors Affecting Performance 3 Area demand (Unit: Billion kWh) Comparison FY2022 (A) FY2021(B) (A)-(B) (A)/(B) (%) Area demand 265.2 268.7 -3.4 98.7 Foreign Exchange Rate/CIF FY2022 (A) FY2021 (B) (A)-(B) Foreign Exchange rate (Interbank, yen/dollar) 135.5 112.4 23.1 Crude oil price

  7. Slide 7: Overview of Each Company

    2. Overview of Each Company 4 (Unit: Billion Yen) FY2022 FY2021 Comparison (A) (B) (A)-(B) (A)/(B) (%) Operating Revenue 7,798.6 5,309.9 +2,488.7 146.9 TEPCO Holdings (HD) 633.7 620.0 +13.6 102.2 TEPCO Fuel & Power (FP) 3.9 5.1 -1.2 75.5 TEPCO Power Grid (PG) 2,513.9 1,962.3 +551.6 128.1 TEPCO Energ

  8. Slide 8: Points of Each Companies

    3. Points of Each Companies 5  HD：Ordinary income decreased due mainly to a decrease in received dividends from core operating companies.  FP：Ordinary income decreased due mainly to a negative turn in the effects of the LNG spot procurement at JERA.  PG：Ordinary income decreased due mainly to an

  9. Slide 9: Consolidated Extraordinary Income/Loss

    4. Consolidated Extraordinary Income/Loss 6 (Unit: Billion Yen) FY2022 FY2021 Comparison Extraordinary Income 693.5 116.6 +576.9 Grants-in-aid from the Nuclear Damage Compensation and Decommissioning Facilitation Corporation ※１ 507.4 116.6 +390.8 Gain on sale of shares of subsidiaries and associates

  10. Slide 10: Consolidated Financial Position

    5. Consolidated Financial Position 7  Total assets balance increased by 724.6 billion yen due mainly to an increase in Grants-in-aid receivable from Nuclear Damage Compensation and Decommissioning Facilitation Corporation.  Total liabilities balance increased by 809.7 billion yen due mainly to an

  11. Slide 11: (Reference) Year-on-Year Comparisons for TEPCO Holdings

    (Reference) Year-on-Year Comparisons for TEPCO Holdings 8 Ordinary income/loss Profit Structure (Units: Billion Yen) Year-on-Year -5.9 Profit is dividend income, decommissioning charges profit, management consultation fees, wholesale power sales of nuclear power, etc. +7.4 Decrease in Others receive

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

    (Reference) Year-on-Year Comparisons for TEPCO Fuel & Power 9 Ordinary income/loss Profit Structure (Units: Billion Yen) Main profit is profit of entities accounted for using Impact from equity method, such as generation business at positive turn JERA. of time-lag +30.0 Impact of Impact from IFRS LN

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

    (Reference) Year-on-Year Comparisons for TEPCO Power Grid 10 Ordinary income/loss Profit Structure (Units: Billion Yen) Operating revenue is mainly transmission revenue, ・Electricity procurement expenses and this is fluctuated by area demand. corresponding to an increase in Expenses is mainly for re

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

    (Reference) Year-on-Year Comparisons for TEPCO Energy Partner 11 Ordinary income/loss Profit Structure (Units: Billion Yen) Operating revenue is mainly electricity sales revenue, and Impact of this is fluctuated by electricity sales volume. market price Expenses are mainly power purchasing costs and

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

    (Reference) Year-on-Year Comparisons for TEPCO Renewable Power 12 Ordinary income/loss (Units: Billion Yen) Profit Structure Year-on-Year Profit is mainly wholesale power sales of +1.4 +6.0 hydroelectric and new energies. Others Expenses is mainly for depreciation and repairs. +4.6 Increase in （Unit

  16. Slide 16: FY2022 Performance Forecast Comparison

    6. FY2022 Performance Forecast Comparison 13 （Unit: Billion yen) FY2022 FY2022 Comparison Results(A) Projections(B) (A)-(B) (A)/(B)（％） Operating revenue 7,798.6 7,931.0 - 132.4 98.3 Operating income/loss - 228.9 - 488.0 + 259.1 － Ordinary income/loss - 285.3 - 502.0 + 216.7 － Extr ao r din ar y inco

  17. Slide 17: (Reference) FY2022 Performance Forecast Comparison (Key Factors)

    (Reference) FY2022 Performance Forecast Comparison 14 (Key Factors Affecting Performance) （Unit: Billion kWh) Comparison FY2022 FY2022 Results(A) Projections(B) (A)-(B) (A)/(B)（％） A r e a d e m a n d 265.2 269.0 - 3.7 98.6 FY2022 FY2022 (A)-(B) Results(A) Projections(B) Foreign Exchange rate 135.5 A

  18. Slide 18: (Reference) FY2022 Forecast Comparison (Overview of Each Company)

    (Reference) FY2022 Performance Forecast Comparison 15 (Overview of Each Company) (Units: Billion Yen) FY2022 FY2022 (A)-(B) Results(A) Projections(B) Operating R evenu e 7,798.6 7,931.0 - 132.4 TEPCO Holdings 633.7 667.0 - 33.3 TEPCO Fuel & Power 3.9 4.0 - TEPCO Power Grid 2,513.9 2,528.0 - 14.1 TEP

  19. Slide 19: (Reference) Performance Forecast Comparison of Each Company

    (Reference) Performance Forecast Comparison of Each Company 16 (Overview of Each Company)  HD: Ordinary income increased due mainly to a decrease in special contributions to the Nuclear Damage Compensation and Decommissioning Facilitation Corporation.  FP: Ordinary income decreased due to a worsen

  20. Slide 20: Supplemental Material

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

  21. Slide 21: Table of Contents

    Table of Contents Status of response to address the series of incidents including a nuclear Financial Results Detailed Information material protection incident Status of response to address the series of incidents including a nuclear material Consolidated Statements of Income 17 protection incident

  22. Slide 22: FY2022 Financial Results Detailed Information

    FY2022 Financial Results Detailed Information ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  23. Slide 23: Consolidated Statements of Income

    Consolidated Statements of Income 17 (Unit: Billion Yen) Comparison FY2022(A) FY2021(B) (A)-(B) (A)/(B) (%) Operating Revenue 7,798.6 5,309.9 2,488.7 146.9 Operating Expenses 8,027.6 5,263.6 2,763.9 152.5 Operating Income / Loss -228.9 46.2 -275.2 － Non-operating Revenue 10.7 61.7 -51.0 17.4 Investm

  24. Slide 24: Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation

    The status of Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitation 18 Corporation and Expenses for Nuclear Damage Compensation (Unit: Billion Yen) Cumulative Item FY2010 to FY2021 FY2022 Amount ◇Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitatio

  25. Slide 25: Consolidated Balance Sheets

    Consolidated Balance Sheets 19 (Unit: Billion Yen) <Interest-bearing debt outstanding> (Unit: Billion Yen) Mar. 31 Mar. 31 Comparison Mar. 31 Mar. 31 (A)-(B) 2023 (B) 2022 (B) 2023 (A) 2022 (B) (A)-(B) (A)/(B) (%) Bonds 3,400.4 3,100.4 300.0 Total Assets ※ 13,563.0 12,838.3 724.6 105.6 Long-term Deb

  26. Slide 26: Consolidated Statements of Cash Flows

    Consolidated Statements of Cash Flows 20 (Unit: Billion Yen) Comparison FY2022 (A) FY2021 (B) (A)-(B) Cash flows from operating activities -75.6 406.4 -482.1 Income / loss before income taxes*** -111.9 11.3 -123.2 Depreciation and amortization 341.1 419.2 -78.0 Increase (decrease) in decommissioning

  27. Slide 27: Overview of Consolidated Cash Flows

    Overview of Consolidated Cash Flows - Year on Year Comparison 21 Cash and cash equivalents as of March 31, 2023 decreased 144.4 billion yen to 717.3 billion yen. - Cash flows from operating activities decreased 75.6 billion yen mainly due to loss before income taxes and minarity interests - Cash flo

  28. Slide 28: Key Factors Affecting Performance

    Key Factors Affecting Performance 22 ※１ Total of EP consolidated (EP/TCS/PinT) and PG (last resort service and 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/Tok

  29. Slide 29: Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated

    Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated 23 Retail Electricity Sales Volume（EP consolidated） Unit: Billion kWh FY2022 Apr-Sep Oct-Dec Jan Feb Mar Jan-Mar Full year Lighting 27.45 13.05 6.67 6.59 5.14 18.40 58.90 Power 62.12 28.10 9.83 9.99 9.33 29.15 119.37 Tot

  30. Slide 30: Gas Supply Business

    Gas Supply Business 24 Sales Volume Revenues (Million ton) (Billion yen) (FY) * April 2017~ Full liberalization of gas market <FY2022 Actual Performance> Revenues: Recorded 405.7 billion yen, up 169.4 billion yen YoY due mainly to higher sales volume of commercial-use gas in some business sectors an

  31. Slide 31: Schedules for Public Bond Redemption

    Schedules for Public Bond Redemption 25 Amount at Maturity (As of Mar. 31, 2023) (Billion Yen) TEPCO Public Bond TEPCO Power Grid Public Bond TEPCO Renewable Power Public Bond 160.0 (FY) Note: The amount redeemed for FY2022 totaled 220.0 billion yen. ©Tokyo Electric Power Company Holdings, Inc. All

  32. Slide 32: Initiatives of TEPCO Energy Partner

    Initiatives of TEPCO Enegy Partner ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  33. Slide 33: Recalculations in the application to raise the regulated rates

    Recalculations in the application to raise the regulated rates 26  On January 23 of this year, TEPCO Enegy Partner applied for approval of changes to the Specified Retail Supply General Provisions for Retail Supply (regulated rates). On March 22, EP received a request from the METI Minister to upda

  34. Slide 34: Measures to reduce energy use

    2023 TEPCO Energy Savings Program 27  To instill energy saving practices among the public and realize a carbon neutral society, TEPCO Enegy Partner launched the 2023 TEPCO Energy Savings Program.  By assisting customers in introducing solar power generation systems and high-efficiency air conditio

  35. Slide 35: Services in the 2023 TEPCO Energy Savings Program

    Services in the 2023 TEPCO Energy Savings Program 28 Households Corporations ①Assist in introducing energy saving/energy creating equipment ①Assist in introducing energy saving/energy creating equipment • Part of the procurement and installation cost of solar power generation systems, storage batter

  36. Slide 36: Status of response to address the series of incidents including a nuclear material protection incident

    Status of response to address the series of incidents including a nuclear material protection incident ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  37. Slide 37: 3 Verification Policies Approved by the NRA and TEPCO's Response Policy

    Status of response to address the series of incidents including a nuclear material protection incident 29 Nuclear reform measures  Based on the Improvement Report for the Inappropriate Use of ID Cards and the Partial Loss of Function of the Physical Protection Facilities at the Kashiwazaki Kariwa N

  38. Slide 38: 36 countermeasures included in the improvement measure plan

    Status of response to address the series of incidents including a nuclear material protection incident 30 36 countermeasures included in the improvement measure plan  Improvement measures are all at the implementation stage of the assessment stage. Effectiveness assessments are being conducted on t

  39. Slide 39: Concrete measures (Verification Policy 1 and 2)

    Status of response to address the series of incidents including a nuclear material protection incident 31 Concrete measures ( Verification Policy 1 and 2 ) Verification Policy 1 Response to 【Realize robust physical protection】 The application to amend the physical  Permanent equipment measures that

  40. Slide 40: Concrete measures (Verification Policy 3 / Reference)

    Status of response to address the series of incidents including a nuclear material protection incident 32 Concrete measures ( Verification Policy 3 / Reference ) Verification Policy 3 Response to 【Build a mechanism to make sure improvements are not temporary】  Management will identify deteriorating

  41. Slide 41: General inspections after discovering partially incomplete safety measure renovations

    General inspections implemented after discovering partially incomplete safety measure renovations 33 Progress in the safety measures work at Kashiwazaki Kariwa Nuclear Power Station  The initial comprehensive inspection in response to the incomplete safety measures work at Kashiwazaki-Kariwa NPS wa

  42. Slide 42: The Current Status of Fukushima Daiichi Nuclear Power Station and Future Initiatives

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

  43. Slide 43: Current Situation and Status of Units

    Current Situation and Status of Units 1 through 4 34  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 informa

  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) 35 *To accommodate the effects of COVID-19 and to ensure the safety and reliability of the work, Maintain Overall Framework of Decommissioning Schedule the trial removal was rescheduled to start in the second hal

  45. Slide 45: Fuel Debris Retrieval Schedule and Process

    Fuel Debris Retrieval Schedule and Process Based upon the Mid-to-Long Term Decommissioning Implementation Plan 2023 36  The Decommissioning Long-term Implementation Plan 2023 was published on March 30, 2023 with the progress made in decommissioning work and new challenges identified in FY2022.  Re

  46. Slide 46: Contaminated Water Measures

    Contaminated Water Measures 37  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 policies (1) Remove the contamination sou

  47. Slide 47: TEPCO Holdings' Approach to the Discharge of ALPS Treated Water

    TEPCO Holdings’ Response Regarding the Handling of ALPS Treated Water – 1 TEPCO Holdings’ Approach to the Discharge of ALPS Treated Water 38  The “Basic Policy on handling of ALPS treated water at the Tokyo Electric Power Company Holdings’ Fukushima Daiichi Nuclear Power Station” (hereinafter gover

  48. Slide 48: Status of Review Regarding Design and Operation of Necessary Facilities and Plan

    TEPCO Holdings’ Response Regarding the Handling of ALPS Treated Water – 2 Status of Review Regarding Design and Operation of Necessary Facilities and Plan 39  In August 2021, the state of discussions on the handling of ALPS treated water was announced. In December 2021, the details of the discussio

  49. Slide 49: Efforts to compensate for nuclear damages

    Efforts to compensate for nuclear damages 40  In December 2022, a basic policy for compensating for potential reputational damages from the discharge of ALPS treated water was formulated. Specifics will be determined through thorough discussions based on opinions from relevant parties. It will also

  50. Slide 50: Other Initiatives

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

  51. Slide 51: Main Efforts to Increase Corporate Value -1

    Main Efforts to Increase Corporate Value -1 41 <TEPCO Holdings> January 23,2023 e-Mobility Power together with FamilyMart Co., Ltd. announced it will replace the rapid chargers for EVs installed in 700 FamilyMart stores to high-output models. (aiming to replace all units by FY2025) January 24,2023 T

  52. Slide 52: Main Efforts to Increase Corporate Value -2

    Main Efforts to Increase Corporate Value -2 42 <TEPCO Energy Partner> January 31,2023 TEPCO EP has been working with Tokyo Metropolitan Government on a social demonstration project to reduce energy use by smoothing the electrical load using heat storage tanks installed in buildings. On this day, Jan

Tokyo Electric Power Company Holdings — FY2022 Earnings Presentation on 6ix