Tokyo Electric Power Company Holdings, Incorporated · TSE:9501

Tokyo Electric Power — FY2021 Earnings Presentation

51 slides from Tokyo Electric Power's earnings presentation, Apr 28, 2022

  1. Slide 1: FY2021 Financial Results

    FY2021 Financial Results (April 1,2021 – March 31, 2022) 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 FY2021 Financial Results

    Overview of FY2021 Financial Results (Released on April 28, 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 facts but rath

  4. Slide 4: Key Points of FY2021 Financial Results

    Key Points of FY2021 Financial Results 1 < FY2021 Financial Results> Operating revenue decreased due to the application for the new accounting standards and other factors. Ordinary income decreased due mainly to a negative turn in the effects of the time-lag from the fuel cost adjustment system at J

  5. Slide 5: Consolidated Financial Results

    1. Consolidated Financial Results 2 (Unit: Billion Yen) FY2021 FY2020 Comparison (A) (B) (A)-(B) (A)/(B) (%) Operating Revenue 5,309.9 5,866.8 -556.9 90.5 Operating Income/Loss 46.2 143.4 -97.2 32.2 Ordinary Income/Loss 44.9 189.8 -144.9 23.7 Extraordinary Income/Loss -29.8 1.3 -31.2 - Net Income At

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

    (Reference)Key Factors Affecting Performance 3 Area demand (Unit: Billion kWh) Comparison FY2021 (A) FY2020 (B) (A)-(B) (A)/(B) (%) Area demand 268.7 266.3 2.4 100.9 Foreign Exchange Rate/CIF FY2021 (A) FY2020 (B) (A)-(B) Foreign Exchange rate (Interbank,yen/dollar) 112.4 106.1 6.3 Crude oil price (

  7. Slide 7: Overview of Each Company

    2. Overview of Each Company 4 (Unit: Billion Yen) FY2021 FY2020 Comparison (A) (B) (A)-(B) (A)/(B) (%) Operating Revenue 5,309.9 5,866.8 -556.9 90.5 TEPCO Holdings (HD) 620.0 624.2 -4.1 99.3 TEPCO Fuel & Power (FP) 5.1 8.7 -3.5 59.1 TEPCO Power Grid (PG) 1,962.3 2,003.8 -41.5 97.9 TEPCO Energy Partn

  8. Slide 8: Points of Each Companies

    3. Points of Each Companies 5 HD :Ordinary income increased due mainly to an increase in received dividends from core operating companies. FP :Ordinary income decreased due mainly to a negative turn in the effects of the time-lag from the fuel cost adjustment system at JERA . PG：Ordinary income decr

  9. Slide 9: Consolidated Extraordinary Income/Loss

    4. Consolidated Extraordinary Income/Loss 6 (Unit: Billion Yen) FY2021 FY2020 Comparison (A) (B) (A)-(B) Extraordinary Income 116.6 142.1 -25.5 Grants-in-Aid from the Nuclear Damage Compensation and Decommissioning Facilities Corporation ※1 116.6 142.1 -25.5 Extraordinary Loss 146.4 140.7 5.6 Expens

  10. Slide 10: Consolidated Financial Position

    5. Consolidated Financial Position 7 Total assets balance Increased by 760.3 billion yen due mainly to an increase in cash and deposits. Total liabilities balance increased by 680.9 billion yen due mainly to increases in corporate bonds and short-term loans. Total net assets balance increased by 79.

  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) Profit is dividend income, decommissioning charges ・Decrease in repair expense +9.3 profit, management consultation fees, wholesale ・Decrease in property tax* +7.5, etc. power sales o

  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 (Units: Billion Yen) Profit Structure Main profit is profit of entities accounted for using equity method, such as generation business at JERA. Year-on-Year FY2020 Impact from -60.1 69.8 worsening Improvement of Timin

  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 (Units: Billion Yen) Profit Structure Increase in transmission Operating revenue is mainly transmission revenue, and this is revenue ※ fluctuated by area demand. +10.8 -23.5 Expenses is mainly for repairs and depreciat

  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 this is fluctuated by electricity sales volume. Expenses are mainly power purchasing costs and transmission FY2020 fe

  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 Profit is mainly wholesale power sales of hydroelectric and Increase in new energies. Wholesale power sales, etc Others Year-on-Year Expenses is mainly for depreciation and re

  16. Slide 16: (Reference) Application of new accounting standards

    (Reference)Application of new accounting standards 13 “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

  17. Slide 17: Factors for fluctuating consolidated revenue

    (Reference) Factors for fluctuating consolidated revenue 14 ～The impact of application for new accounting standards～ Operating revenue decreased by 1,013.2 billion yen as a result of the application for new accounting standards (no impact on revenue and expenditures since expenses decreased) Operati

  18. Slide 18: Supplemental Material

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

  19. Slide 19: Table of Contents

    Table of Contents Financial Results Detailed Information TEPCO Energy Partner’s Sales Strategy Consolidated Statements of Income 15 Initiatives to provide new value 24 The status of Grants–in-aid from Nuclear Damage Compensation and 16 Initiatives in the household sector 25 Decommissioning Facilitat

  20. Slide 20: FY2021 Financial Results Detailed Information

    FY2021 Financial Results Detailed Information ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  21. Slide 21: Consolidated Statements of Income

    15 Consolidated Statements of Income (Unit: Billion Yen) Comparison FY2021(A) FY2020(B) (A)-(B) (A)/(B) (%) Operating Revenue 5,309.9 5,866.8 -556.9 90.5 Operating Expenses 5,263.6 5,723.3 -459.6 92.0 Operating Income / Loss 46.2 143.4 -97.2 32.2 Non-operating Revenue 64.5 108.2 -43.6 59.6 Investmen

  22. Slide 22: Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation

    The status of Grants–in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation and Expenses for Nuclear Damage Compensation 16 (Unit: Billion Yen) Cumulative Item FY2010 to FY2020 FY2021 Amount ◇Grants–in-aid from Nuclear Damage Compensation and Decommissioning Facilitatio

  23. Slide 23: Consolidated Balance Sheets

    Consolidated Balance Sheets 17 (Unit: Billion Yen) <Interest-bearing debt outstanding> (Unit: Billion Yen) Mar. 31 Mar. 31 Comparison Mar. 31 Mar. 31 (A)-(B) 2022 (A) 2021 (B) 2022 (A) 2021 (B) (A)-(B) (A)/(B) (%) Bonds 3,100.4 2,705.4 395.0 Total Assets 12,853.5 12,093.1 760.3 106.3 Long-term Debt

  24. Slide 24: Consolidated Statements of Cash Flows

    Consolidated Statements of Cash Flows 18 (Unit: Billion Yen) Comparison FY2021 (A) FY2020 (B) (A)-(B) Cash flow from operating activities 406.4 239.8 166.6 Income / loss before income taxes 14.0 190.3 -176.3 Depreciation and amortization 419.2 412.0 7.1 Increase (decrease) in decommissioning reserve

  25. Slide 25: Overview of Consolidated Cash Flows

    19 Overview of Consolidated Cash Flows - Year on Year Comparison Cash and cash equivalents as of March 31, 2022 increased 407.5 billion yen to 861.8 billion yen. - Cash flow from operating activities increased 406.4 billion yen mainly due to income before income taxes and minority interests - Cash f

  26. Slide 26: Key Factors Affecting Performance

    Key Factors Affecting Performance 20 ※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)

  27. Slide 27: Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated

    Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated 21 Retail Electricity Sales Volume（EP consolidated） Unit: Billion kWh FY2021 Apr-Sep Oct-Dec Jan Feb Mar Jan-Mar Full year Lighting 27.78 13.76 7.40 7.52 5.96 20.88 62.42 Power 63.27 29.67 10.49 10.51 9.92 30.92 123.86 T

  28. Slide 28: Gas Supply Business

    Gas Supply Business 22 Sales Volume Revenues (Million ton) (Billion yen) (FY) * April 2017~ Full liberalization of gas market <FY2021 Actual Performance> Revenues: Recorded 236.3 billion yen, up 93.7 billion yen YoY due mainly to higher sales volume of commercial-use gas in some business sectors and

  29. Slide 29: Schedules for Public Bond Redemption

    Schedules for Public Bond Redemption 23 (Billion Yen) Amount at Maturity (As of Mar. 31, 2022) TEPCO Public Bond TEPCO Power Grid Public Bond TEPCO Renewable Power Public Bond (FY) Note: The amount redeemed for FY2021 totaled 95.0 billion yen. ©Tokyo Electric Power Company Holdings, Inc. All Rights

  30. Slide 30: TEPCO Energy Partner's Sales Strategy

    29 TEPCO Energy Partner’s Sales Strategy ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  31. Slide 31: Initiatives to provide new value

    Initiatives to provide new value 24 Electricity supply services are turning into a commodity and customers are increasingly feeling the need to achieve carbon neutrality (CN) and prepare for disasters. To meet these customer demands, we will be providing not only retail energy services but services

  32. Slide 32: Initiatives in the household sector

    Initiatives in the household sector 25 We are proposing a new lifestyle where customers generates, stores, and uses electricity through PV facilities, storage batteries and Ohisama EcoCute to meet customers needs to reduce heating and lighting costs and shelter in place during natural disasters, and

  33. Slide 33: Initiatives in the corporate sector

    Initiatives in the corporate sector 26 Customers have a variety of needs such as support for achieving carbon neutrality and wanting to focus their resources on their core business. We will identify these needs and address them by helping them use energy more efficiently to increase energy efficienc

  34. Slide 34: Initiatives to create further value

    Initiatives to create further value 27 We will continue to deploy distributed power sources such as private power generation and storage batteries as a development of our asset-based energy services. In the future, we will fully utilize demand response (DR) by adjusting the demand and supply balance

  35. Slide 35: 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.

  36. Slide 36: Nuclear reform measures

    Status of response to address the series of incidents including a nuclear material protection incident Nuclear reform measures 28 Recurrence prevention measures are being implemented according to the Improvement Measures Report for the unauthorized use of an ID card and the partial loss to function

  37. Slide 37: Concrete measures (Reform 1, 2)

    Status of response to address the series of incidents including a nuclear material protection incident Concrete measures (Reform ①, ②) 29 Reform 1 Unify management of Headquarters and power station ＜Overview of the transfer of head office functions＞ Work/living environments Relocate Headquarter func

  38. Slide 38: Concrete measures (Reform 3)

    Status of response to address the series of incidents including a nuclear material protection incident Concrete measures (Reform ③) 30 Reform 3 Drastic strengthening of physical protection / enlargement of resources and improvements in quality 36 countermeasures included in an improvement measure pl

  39. Slide 39: 36 improvements to address physical protection incidents

    Status of response to address the series of incidents including a nuclear material protection incident Concrete measures (Reform ③ Reference) 31 36 improvements to address physical protection incidents All to be put in place by September 2022 with the exception of two long-term countermeasures (㉚, ㉛

  40. Slide 40: Concrete measures (Reform 4, 5)

    Status of response to address the series of incidents including a nuclear material protection incident Concrete measures (Reform ④,⑤) 32 Reform 4 Personnel deployment / rotation revisions and leveraging of external experts ＜Newly appointed Nuclear Power & Plant Siting Division General＞ 2022.4～ To fu

  41. Slide 41: Status of general inspections

    Status of general inspections implemented after discovering partially incomplete safety measure renovations 33 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

  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 1 through 4

    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 information

  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 Maintain Overall Framework of Decommissioning Schedule *To be delayed by around a year due to the effects of COVID-19 Dec. 2011 Nov. 2013 Dec. 2021* End of 2031 30 ～ 40 years after cold shutdown Phase 1 Phase

  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 2022 36 The Decommissioning Long-term Implementation Plan 2022 was published on March 31, 2022 with the progress made in decommissioning work and new challenges identified in FY2021. Regard

  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 sourc

  47. Slide 47: 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 governm

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

    TEPCO’s Response on the Handling of ALPS Treated Water 39 – 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

  49. Slide 49: Other Initiatives

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

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

    Main Efforts to Increase Corporate Value-1 40 <TEPCO Holdings> February 28, 2022 Established the Yamanashi Hydrogen Company, the first Power to Gas (P2G) company in Japan jointly with Yamashina Prefecture and Toray Industries to further develop P2G system technologies and jointly realize carbon neut

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

    Main Efforts to Increase Corporate Value-2 41 <TEPCO Energy Partner> February 4, 2022 Received the Cogeneration Grand Prize 2021 for the industrial sector together with Japan Facility Solutions, Hino Motors and Takasago Thermal Engineering. March 2, 2022 Started a business to decarbonize industrial

Tokyo Electric Power Company Holdings — FY2021 Earnings Presentation on 6ix