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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
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