TIDM48FI
RNS Number : 7042R
Tokyo Electric Power Co Inc
08 November 2011
This English translation has been prepared with the intention of
creating an accurate and complete reflection of the original
Japanese version for the convenience of our English-speaking
audience. However, if there are any discrepancies between the
translation and the original, the latter shall prevail.
FY2011 Interim Financial Results
(April 1 through September 30, 2011)
November 4, 2011
The Tokyo Electric Power Co., Inc.
The Tokyo Electric Power Co., Inc. (TEPCO) announced that
operating revenues for the FY2011 interim (from April 1 to
September 30, 2011) decreased 7.7% from the same period of the
previous fiscal year to 2,502.7 billion yen (down 8.3% to 2,389.1
billion yen on a non-consolidated basis). Ordinary loss was 105.7
billion yen (130.4 billion yen on a non-consolidated basis).
Extraordinary gains were 568.1 billion yen (568.0 billion yen on
a non-consolidated basis), due to Grants-in-aid from Nuclear Damage
Compensation Facilitation Corporation totaling 543.6 billion
yen.
Extraordinary losses were 1,075.9 billion yen (1,075.6 billion
yen on a non-consolidated basis), due to costs and losses of 185.0
billion yen (184.6 billion yen on a non-consolidated basis)
resulting from restoration costs, etc. of the properties damaged by
the Tohoku-Chihou-Taiheiyou-Oki Earthquake, and nuclear damage
compensation of 890.9 billion yen which is calculated by
subtracting the governmental indemnity expected to be paid
according to Indemnity Agreement for Nuclear Damage Compensation of
120.0 billion yen from the reasonably estimated nuclear damage
compensation of 1,010.9 billion yen.
Therefore, net losses were 627.2 billion yen (638.4 billion yen
on non-consolidated basis).
Electricity sales decreased 13.6% from the same period of the
previous fiscal year to 130.2 billion kWh as a result of a decrease
of all types of electricity usage compared to the previous year due
to customer cooperation in helping us save electricity, a decline
in production activities and decreased air-conditioner demand due
to relatively low temperatures this summer.
Per demand type, the electricity sales for residential usage
decreased by 12.5% to 44.1 billion kWh, low-voltage users decreased
by 14.2% to 5.7 billion kWh, and those for specified-scale demand
decreased by 14.2% to 80.4 billion kWh, compared with the previous
fiscal year, respectively.
On the revenue side, electricity industry sales revenues
decreased 8.9% from the same period of the previous fiscal year to
2,227.3 billion yen due to such factors as a decrease in
electricity sales. Operating revenues, including electricity sales
to other companies, etc., decreased by 7.7% to 2,502.7 billion yen
(down 8.3% to 2,389.1 billion yen on a non-consolidated basis).
Ordinary revenues decreased by 7.4% to 2,550.0 billion yen (down
8.1% to 2,430.1 billion yen on a non-consolidated basis).
On the expense side, ordinary expenses in the electricity
business increased 4.0% from the previous fiscal year to 2,655.8
billion yen (up 3.9% to 2,560.5 billion yen on a non-consolidated
basis) due to the increase in fuel costs caused by fuel price
hikes.
Summary of FY2011 Interim Financial Results
Consolidated
(Unit: Billions of yen)
-------------------- ------------------ ---------------------------------------------
Interim of Interim of Comparison
FY2011 FY2010
(April 1, (April 1,
2011 - September 2010 - September
30, 2011) 30, 2010)
-------------------- -------------------------
A B A - A /
B B (%)
-------------------- ------------------ ------------------ ----------- ------------
Operating Revenues 2,502.7 2,710.7 -207.9 92.3
Ordinary Revenues 2,550.0 2,754.9 -204.8 92.6
Ordinary Expenses 2,655.8 2,553.5 102.3 104.0
-------------------- ------------------ ------------------ ----------- ------------
Ordinary Income -105.7 201.3 -307.1 -
-------------------- ------------------ ------------------ ----------- ------------
Extraordinary
Income 568.1 - 568.1 -
-------------------- ------------------ ------------------ ----------- ------------
Extraordinary
Loss 1,075.9 57.1 1,018.7 -
-------------------- ------------------ ------------------ ----------- ------------
Net Income -627.2 92.2 -719.5 -
-------------------- ------------------ ------------------ ----------- ------------
(Note) Interim of FY2011 Number of consolidated subsidiaries: 162
Number of affiliated companies (equity method): 76
Interim of FY2010 Number of consolidated subsidiaries: 173
Number of affiliated companies (equity method): 62
FY2010 Number of consolidated subsidiaries: 168
Number of affiliated companies (equity method): 70
Non-Consolidated
(Unit: Billions of yen)
-------------------- ------------------ -----------------------------------------------
Interim of Interim of Comparison
FY2011 FY2010
-------------------- --------------------------
A B A - A /
B B (%)
-------------------- ------------------ ------------------- ------------ ------------
Operating Revenues 2,389.1 2,606.4 -217.3 91.7
Ordinary Revenues 2,430.1 2,644.2 -214.1 91.9
Ordinary Expenses 2,560.5 2,464.8 95.7 103.9
-------------------- ------------------ ------------------- ------------ ------------
Ordinary Income -130.4 179.3 -309.8 -
-------------------- ------------------ ------------------- ------------ ------------
Extraordinary
Income 568.0 - 568.0 -
-------------------- ------------------ ------------------- ------------ ------------
Extraordinary
Loss 1,075.6 56.6 1,018.9 -
-------------------- ------------------ ------------------- ------------ ------------
Net Income -638.4 80.1 -718.6 -
-------------------- ------------------ ------------------- ------------ ------------
Electricity Sales
(Unit: Billions of kWh)
------------------- ------------------- -----------------------------------------------
Interim of Interim of Comparison
FY2011 FY2010
------------------- --------------------------
A B A - A /
B B (%)
------------------- ------------------- ------------------- ------------ ------------
Residential 44.1 50.4 -6.3 87.5
Low-Voltage
Power 5.7 6.6 -0.9 85.8
Specific-Scale
Demand 80.4 93.7 -13.3 85.8
(Re-publication)
Large Industrial
Power (38.6) (42.8) (-4.2) (90.2)
------------------- ------------------- ------------------- ------------ ------------
Total 130.2 150.7 -20.5 86.4
------------------- ------------------- ------------------- ------------ ------------
Dividends
Annual Cash Dividends Total Annual Dividend
per Share of Common Payout
Stock (yen) Ratio
Cash Dividends (Consolidated)
(Millions (%)
of yen)
------------------------ ---------------- ----------------
Interim Fiscal
year-end
------------------------ ------------ ------------- ------------- ---------------- ----------------
Fiscal Year
ended March
31, 2012 (Projection) 0.00 0.00 0.00 - -
Fiscal Year
ended March
31, 2011 30.00 30.00 0.00 40,500 -
------------------------ ------------ ------------- ------------- ---------------- ----------------
Comparison Table of FY2011 Interim Financial Results
Item Interim Interim Comparison
of FY2011 of FY2010
(April (April
1, 2011 1, 2010
- September - September
30, 2011) 30, 2010)
----------------------------------- ------------- ------------- -------------------
(A) (B) (A) - (A) /
(B) (B)
----------- ----------------------
(Billions (Billions (Billions (%)
of yen) of yen) of yen)
----------- ---------------------- ------------- ------------- ---------- -------
Ordinary
Revenues (Operating Revenues) (2,389.1) (2,606.4) (-217.3) (91.7)
-----------
Residential 962.7 1,067.6 -104.9 90.2
Commercial and
Industrial 1,264.6 1,378.5 -113.9 91.7
Subtotal 2,227.3 2,446.2 -218.8 91.1
Others 202.7 198.0 4.7 102.4
Total 2,430.1 2,644.2 -214.1 91.9
---------------------------------- ------------- ------------- ---------- -------
Ordinary
Expenses Personnel 185.8 224.0 -38.2 82.9
-----------
Fuel 978.5 767.6 210.9 127.5
Maintenance 129.1 190.0 -60.8 68.0
Depreciation 318.0 336.9 -18.9 94.4
Electricity
Purchases 387.0 351.5 35.5 110.1
Interest Payments 64.9 63.4 1.4 102.3
Taxes other
than Income
Taxes 160.4 181.4 -21.0 88.4
Nuclear Power
Back-End 50.5 60.8 -10.2 83.2
Others 285.9 288.8 -2.8 99.0
Total 2,560.5 2,464.8 95.7 103.9
---------------------------------- ------------- ------------- ---------- -------
Ordinary Income -130.4 179.3 -309.8 -
----------------------------------- ------------- ------------- ---------- -------
Provision for Reversal
of Reserves for
Water Level Fluctuations 0.1 1.7 -1.6 6.5
Reserve for Depreciation
of Nuclear Plants
Construction 0.3 - 0.3 -
Extraordinary Income 568.0 - 568.0 -
Extraordinary Loss 1,075.6 56.6 1,018.9 -
Income before Income
Taxes -638.4 120.9 -759.4 -
Income Taxes etc. 0 40.7 -40.7 0.0
----------------------------------- ------------- ------------- ---------- -------
Net Income -638.4 80.1 -718.6 -
----------------------------------- ------------- ------------- ---------- -------
Note: Fractions smaller than 0.1 billion yen are rounded off.
Projections for Fiscal Year 2011
The projections for FY2011 have been left as "to be determined,"
since it is difficult to estimate the future supply and demand due
to the effects of the Tohoku-Chihou-Taiheiyou-Oki Earthquake.
However, we decided to show the projections for FY2011 based on
our special business plan which was developed in accordance with
article 45 of the Nuclear Compensation Disaster Law that was
approved by the ministers in charge today.
Electricity sales for FY2011, based on the results from April to
September and our projection of weak demand, may decrease 9.0% from
the same period of the previous fiscal year to 267.1 billion kWh.
Operating revenues is estimated to be 5,315.0 billion yen (5,080.0
billion yen on non-consolidated basis)
As for the expenses in the electricity business, fuel costs are
expected to increase due to the growth in electricity demand.
As a result, ordinary income is expected to be 400 billion yen
(410 billion yen on a non-consolidated basis), and net losses are
expected to be 600 billion yen (575 billion yen on non-consolidated
basis).
Consolidated Basis
Operating revenues: Approx. 5,315.0 billion yen
Ordinary income: Approx. -400.0 billion yen
Net income: Approx. -600.0 billion yen
Non-Consolidated Basis
Operating revenues: Approx. 5,080.0 billion yen
Ordinary income: Approx. -410.0 billion yen
Net income: Approx. -575.0 billion yen
Reference 1
Table of Data on Revenues and Expenses (Non-Consolidated
Basis)
FY2011 Interim of
FY2011
(Projected (Results)
at the end
of
2nd quarter
of FY2011)
-------------------------------------------- -----------------
Electricity Sales 267.1 billion 130.2 billion
(Percentage Change over kWh kWh
the Previous Fiscal Year) (- 9.0 %) (- 13.6 %)
---------------------------- --------------- -----------------
Crude Oil Price (All Japan Approx. $112 $113.93 / barrel
CIF) / barrel
---------------------------- --------------- -----------------
Exchange Rate (Interbank) Approx. 80yen 79.76yen /
/ dollar dollar
---------------------------- --------------- -----------------
Capacity Factor of Nuclear Approx. 18
Power Plants % 25.1 %
---------------------------- --------------- -----------------
Approx. 103
Flow Rate % 104.4 %
---------------------------- --------------- -----------------
Financial Impact
Fuel Cost
CIF price: $1 / barrel Approx. 19.0
billion yen
Exchange rate: 1/ dollar Approx. 28.0
billion yen
Capacity Factor of Nuclear Approx. 15.0
Power Plants: 1% billion yen
Interest Cost
Interest Rate: 1% (Long Approx. 23.0
and Short-Term) billion yen
---------------------------- ---------------
Reference 2
Breakdown of Extraordinary Income (Non-Consolidated Basis)
(Unit: Billion yen)
Breakdown Amount
------------------------------------------------ --------------
Grants-in-aid from Nuclear Damage Compensation
Facilitation Corporation 543.6
------------------------------------------------ --------------
Gain on Sales of Investment Securities 24.4
================================================ ==============
Total 568.0
------------------------------------------------ --------------
Note: Concerning the amount of financial support we requested
for the fund on October 28, 2011, the amount was calculated by
subtracting the governmental indemnity expected to be paid
according to Indemnity Agreement for Nuclear Damage Compensation of
1,010.9 billion yen.
Reference 3
Breakdown of Extraordinary Loss (Non-Consolidated Basis)
(Unit: Billion yen)
Breakdown Amount
-------------------------------- --------------
Extraordinary Loss on Disaster 184.6
-------------------------------- --------------
Nuclear Damage Compensation 890.9
================================ ==============
Total ,756.0
-------------------------------- --------------
Extraordinary Loss on Disaster (Unit: Billion yen)
Breakdown Interim FY2010 References
of FY2011
(additional (previously (accumulated
amount issued) amount)
to the
current
fiscal
year)
--------------------------- ------------- ------------- --------------
Damage due to the Unit
1 through 4 of Fukushima
Daiichi Nuclear Power
Station 166.0 633.3 799.3
--------------------------- ------------- ------------- --------------
Others 18.6 384.2 402.9
=========================== ============= ============= ==============
Total 184.6 1,017.5 1,202.2
--------------------------- ------------- ------------- --------------
Note: Figures in this table are reasonably estimated amount at
present.
Compensation for Nuclear Damage (Unit: Billion yen)
Breakdown Interim Reference: Reference:
of FY2011 1st Quarter Difference
of FY2011 from 1st
(recorded Quarter
from April of FY2011
to Jun (recorded
2011) from July
to Sep.
2011)
----------------------------- ----------- ------------- ------------
Individuals 431.5 229.6 201.8
----------------------------- ----------- ------------- ------------
Companies and Organizations 566.2 168.0 398.2
----------------------------- ----------- ------------- ------------
Others 13.1 - 13.1
----------------------------- ----------- ------------- ------------
Expected proceeds based
on Act on Contract for
Indemnification of Nuclear
Damage Compensation -120.0 - -120.0
============================= =========== ============= ============
Total 890.9 397.7 493.1
----------------------------- ----------- ------------- ------------
Note: Figures in this table are reasonably estimated amount at
present. Compensation for Nuclear Damage has been posted since the
1st Quarter of FY2011.
November 4, 2011
Notice concerning Extraordinary Income and Loss Posted in FY
2011 Second Quarter Earnings Results, Major Subsequent Events,
Variance between First Half Earnings Results of FY2010 and FY2011,
and Revision of the Earnings Forecasts
As to the earnings results for the second quarter of FY2011, or
the fiscal year ending March 31, 2012, released today, The Tokyo
Electric Power Company Incorporated (TEPCO, TSE: 9501) hereby makes
a notice concerning extraordinary income and loss posted, the
company's major subsequent events, variance between first half
earnings results of FY2010 and FY2011, and revision of the earnings
forecasts. The details are as follows.
1. Extraordinary income
(1) Grants-in-aid from Nuclear Damage Compensation Facilitation
Corporation
As TEPCO requested financial assistance grounded on an article
of Law concerning Formation of a Nuclear Damage Compensation
Facilitation Corporation (Law No.94 approved on August 10, 2011),
the company recognized Grants-in-aid from Nuclear Damage
Compensation Facilitation Corporation of 543.6 billion yen as an
extraordinary income in this quarter.
(2) Gain on sales of securities
TEPCO recognized gain on sales of securities of 24.5 billion yen
(24.4 billion yen on a non-consolidated basis) in this quarter.
2. Extraordinary loss
(1) Extraordinary loss on natural disaster
TEPCO recognized expenses and losses for restoring damaged
facilities by the Tohoku-Chihou-Taiheiyou-Oki Earthquake in the
quarter of 185.0 billion yen (184.6 billion yen on a
non-consolidated basis.) For your reference, the amount of an
extraordinary loss on natural disaster the company recorded in the
previous quarter was 105.5 billion yen (105.3 billion yen on a
non-consolidated basis.)
(2) Expenses for nuclear damage compensation
Based on the "Interim Guidelines for Judgment on the Scope of
Nuclear Damage" resolved by Government's Nuclear Damages
Indemnification Adjustment Committee, TEPCO estimated foreseeable
portions of its nuclear damage compensation caused by a series of
accidents at our Fukushima Daiichi Nuclear Power Station at 1,010.9
billion yen. TEPCO recognized the expenses for nuclear damage
compensation of 890.9 billion yen, deducting the amount of the
Governmental indemnity expected to be paid to the company according
to Law concerning Indemnity Agreement for Nuclear Damage
Compensation (Law No.148 approved on June 17, 1961) of 120 billion
yen from the estimate.
3. Major subsequent events
As stated in Section 1 (1) on this document, TEPCO asked Nuclear
Damage Compensation Facilitation Corporation for its financial
assistance. After that, TEPCO officially applied for the
grants-in-aid from the Corporation (the amount after deduction of
the Governmental indemnity expected to be paid to the company
according to Law concerning Indemnity Agreement for Nuclear Damage
Compensation,) and today, November 4, the Corporation officially
made a decision to pay out the amount TEPCO applied as funds for
payments of the nuclear damage compensation. Therefore,
grants-in-aid from Nuclear Damage Compensation Facilitation
Corporation are to increase by 347.2 billion yen by the end of this
fiscal year.
4. Variance between First Half Earnings Results of FY2010 and
FY2011, and Revision of the Earnings Forecasts
(1) Variance between First Half Earnings Results of FY2010 and
FY2011
<Consolidated basis>
(Unit: million yen, unless otherwise noted)
Operating Operating Ordinary Net Income Net Income
Revenues Income Income per Share
(yen)
--------------- ---------- ---------- ---------- ----------- -----------
FY2010 1(st)
Half Results
(A) 2,710,744 235,808 201,381 92,288 68.44
--------------- ---------- ---------- ---------- ----------- -----------
FY2011 1(st)
Half Results
(B) 2,502,752 (60,600) (105,748) (627,299) (391.45)
--------------- ---------- ---------- ---------- ----------- -----------
Variance
(B - A) (207,991) (296,408) (307,129) (719,588)
--------------- ---------- ---------- ---------- ----------- -----------
Changes
(%) (7.7)
--------------- ---------- ---------- ---------- ----------- -----------
<Non-consolidated basis>
(Unit: million yen, unless otherwise noted)
Operating Operating Ordinary Net Income Net Income
Revenues Income Income per Share
(yen)
--------------- ---------- ---------- ---------- ----------- -----------
FY2010 1(st)
Half Results
(A) 2,606,468 216,693 179,388 80,170 59.38
--------------- ---------- ---------- ---------- ----------- -----------
FY2011 1(st)
Half Results
(B) 2,389,166 (82,777) (130,471) (638,463) (398.02)
--------------- ---------- ---------- ---------- ----------- -----------
Variance
(B - A) (217,302) (299,471) (309,860) (718,634)
--------------- ---------- ---------- ---------- ----------- -----------
Changes
(%) (8.3)
--------------- ---------- ---------- ---------- ----------- -----------
(2) Revision of the Earnings Forecasts
<Consolidated basis>
(Unit: million yen, unless otherwise noted)
Operating Operating Ordinary Net Income Net Income
Revenues Income Income per Share
(yen)
---------------- ---------- ---------- ---------- ------------ -----------
The Previous
Forecast
(A)
---------------- ---------- ---------- ---------- ------------ -----------
The Revised
Forecast
(B) 5,315,000 (305,000) (400,000) (600,000) (374.41)
---------------- ---------- ---------- ---------- ------------ -----------
Variance
(B - A)
---------------- ---------- ---------- ---------- ------------ -----------
Changes
(%)
---------------- ---------- ---------- ---------- ------------ -----------
(Reference)
FY2010 Actual
Results 5,368,536 399,624 317,696 (1,247,348) (846.64)
---------------- ---------- ---------- ---------- ------------ -----------
<Non-consolidated basis>
(Unit: million yen, unless otherwise noted)
Operating Operating Ordinary Net Income Net Income
Revenues Income Income per Share
(yen)
---------------- ---------- ---------- ---------- ------------ -----------
The Previous
Forecast
(A)
---------------- ---------- ---------- ---------- ------------ -----------
The Revised
Forecast
(B) 5,080,000 (335,000) (410,000) (575,000) (358.46)
---------------- ---------- ---------- ---------- ------------ -----------
Variance
(B - A)
---------------- ---------- ---------- ---------- ------------ -----------
Changes
(%)
---------------- ---------- ---------- ---------- ------------ -----------
(Reference)
FY2010 Actual
Results 5,146,318 356,658 271,066 (1,258,552) (853.33)
---------------- ---------- ---------- ---------- ------------ -----------
(3) The Reasons for the Revision
We have not disclosed consolidated or non-consolidated earnings
forecasts for FY2011 as it was extremely difficult for us to
certainly estimate the full-year power demand and supply balance
due to the impacts of the Tohoku-Chihou-Taiheiyou-Oki Earthquake.
Today, however, we have disclosed our FY2011 full-year business
performance outlook appeared on the special business plan prepared
based on Article 45 of Law concerning Nuclear Damage Compensation
Facilitation Corporation after an authorization by the minister in
charge. TEPCO hereby announces the numbers as our full-year
earnings forecasts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFFVLLLTIIL
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