TOHOKU ELECTRIC POWER CO., INC.
January 30, 2014
Financial Results for the Third Quarter of Fiscal 2013
Tohoku Electric Power Co., Inc. (the "Company") today submitted a summary of its financial statements for the third quarter (from April 1, 2013 to December 31, 2013) on Tokyo Stock Exchange.
【Consolidated financial results】
Despite the decrease in electricity sales, revenue from electricity sales increased due to the effect of rate revision and fuel cost adjustment charges, and revenue from inter-company power sales increased. As a result, operating revenues were ¥1,425.8 billion (a year-on-year increase of ¥151.3 billion, or a
11.9% increase), and ordinary revenues were ¥1,433.0 billion (a year-on-year increase of ¥151.0 billion, or a 11.8% increase).
With respect to expenses, because of the increase in fuel cost and depreciation cost, ordinary expenses were ¥1,423.5 billion (a year-on-year increase of ¥85.7 billion, or a 6.4% increase).
Consequently, ordinary income was ¥9.4 billion, an increase of ¥65.2 billion over the same period of the previous fiscal year.
Since the Company booked an extraordinary gain of ¥16.2 billion in accordance with the revision of retirement benefit plan, net income was ¥13.1 billion, an increase of ¥69.2 billion over the same period of the previous fiscal year.
【Electric power sold by Tohoku EPCO】
While reconstruction demand increased, air conditioning demand decreased because of this summer's lower temperature than the previous year, so our electricity sales were 55.2 TWh, a 1.1% decrease from the year-earlier levels.
Tohoku Electric Power Co., Inc. Summary of Quarterly Financial Statements (Unaudited) (April 1, 2013 - December 31, 2013)January 30, 2014
Information below is an English translation of the "Unaudited Quarterly Financial Release" for nine months ended December 31, 2013, which has been filed with the Tokyo Stock Exchange, Inc. for public inspection.
Tohoku Electric Power Co., Inc. (Code : 9506)1-7-1 Honcho, Aoba-ku, Sendai, Miyagi, Japan (URL : http://www.tohoku-epco.co.jp) Representative : Makoto Kaiwa, President
Tel : +81-22-225-2111
(Note) All monetary values are rounded down to the nearest units as indicated in each table.
1. Business Results for Consolidated Third Quarter Period in FY 2013 (Nine months ended December 31, 2013)(1) Progresses of Financial Results
Operating revenues Operating income Ordinary income Net income
Millions of yen % Millions of yen % Millions of yen % Millions of yen %
9 months ended Dec. 31, 2013 1,425,863 11.9 38,945 - 9,480
- 13,108 -
9 months ended Dec. 31, 2012 1,274,557 9.7 (25,248) - (55,789) -
Net income per share Diluted net income per share
Yen Yen
9 months ended Dec. 31, 2013 26.29 26.25
9 months ended Dec. 31, 2012 (112.69) -
(Note) Percentage figures represent changes as compared to the same period of the previous year.
(56,188) -
(2) Changes in Financial Positions
Total assets Net assets Equity ratio to total assets
Millions of yen Millions of yen %
Dec. 31, 2013 4,154,003 537,783 12.1
Mar. 31, 2013 4,284,371 522,714 11.3
2. DividendsCash dividends per share
1Q 2Q 3Q Year-end Annual total
Yen Yen Yen Yen Yen
Year ended Mar. 31, 2013 - 0.00 - 0.00 0.00
Year ending Mar. 31, 2014 - 0.00 - | ||
Year ending Mar. 31, 2014 (forecast) | - - |
(Note) Dividend forecasts for the year ending March 31, 2014 have yet to be determined at this time.
3. Business Results Forecast for Consolidated FY 2013 (Year ending March 31, 2014)Operating revenues Operating income Ordinary income Net income Net income per share
Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen
FY2013 2,010,000 12.1 58,000 - 16,000 - 15,000 -
(Note) Percentage figures represent changes as compared to the same period of the previous year.
30.08
1
(Reference) Business Results Forecast for Non-Consolidated FY 2013 (Year ending March 31, 2014)
Operaling revenues Operaling income Ordinary income Nelincome Nelincome per share
Mlll1ons ofyen % Mlll1ons ofyen % Mlll1ons ofyen % Mlll1ons ofyen %
FY 2013 1,830,000 15.0 65,000 25,000 26,000 52.13
(Note) Percentage figures represent changes as compared to the same period ofthe previous year.
2
CONSOLIDATED BALANCE SHEETS (Unaudited)
Third Quarter FY 2013 (As of December 31, 2013) and FY 2012 (As of March 31, 2013)
Item
December 31, 2013
March 31, 2013
Fixed assets (property, plant and equipment): 3,552,671 3,645,163
Electric utility fixed assets: 2,507,775 2,570,288
Hydro power plant 173,738 165,797
Thermal power plant 311,626 298,296
Nuclear power plant 304,896 347,208
Internal combustion power plant 73,067 81,597
Transmission plant 666,916 688,165
Transformation plant 241,314 244,150
Distribution plant 618,622 621,604
General plant 95,293 101,447
Other 22,298 22,019
Other fixed assets 213,477 221,233
Construction work in progress 185,549 189,377
Construction and retirement in progress 185,549 189,377
Nuclear fuel: 154,161 147,412
Loaded nuclear fuel 34,729 34,729
Nuclear fuel under processing 119,431 112,682
Investments in and advances to: 491,707 516,852
Long-term investments 99,762 100,204
Fund for reprocessing costs of irradiated nuclear fuel 85,926 92,334
Deferred tax assets 200,336 209,096
Other 106,225 115,980
Allowance for doubtful accounts (544) (763)
Current assets: 601,332 639,207
Cash and deposits 124,658 144,186
Trade notes receivable and accounts recervable 172,185 160,733
Inventories 90,705 77,461
Deferred tax assets 58,761 62,346
Other 155,787 195,264
Allowance for doubtful accounts (765) (784)
Total assets 4,154,003 4,284,371
3
Liabilities and net assets (Millions of yen)Item
December 31, 2013
March 31, 2013
Fixed liabilities: 2,868,454 2,918,413
Bonds | 1,107,456 | 1,083,736 |
Long-term debt | 1,274,148 | 1,273,185 |
Accrued retirement benefits | 188,280 | 223,582 |
Reserve for reprocessing costs of irradiated nuclear fuel | 90,853 | 96,283 |
Pre-reserve for reprocessing costs of irradiated nuclear fuel | 13,931 | 13,525 |
Reserve for loss on disaster | 7,879 | 22,915 |
Asset retirement obligations | 114,596 | 133,031 |
Deferred tax liabilities on revaluation adjustments for land | 1,699 | 1,710 |
Other | 69,608 | 70,442 |
Cur
Total liabilities 3,616,220 3,761,656
Shareholders' equity: 497,103 483,913
Common stock | 251,441 | 251,441 |
Capital surplus | 26,678 | 26,678 |
Retained earnings | 226,927 | 213,922 |
Treasury stock, at cost | (7,944) | (8,129) |
Accumulated other comprehensive income: | 3,509 | (246) |
Net unrealized holding gain on securities | 4,455 | 2,931 |
Deferred loss on hedges | (1,050) | (1,999) |
Revaluation adjustments for land | (1,255) | (1,246) |
Foreign currency translation adjustments | 1,360 | 68 |
Subscription rights to shares 670 488
Minority interests in consolidated subsidiaries 36,500 38,558
Total net assets 537,783 522,714
Total liabilities and net assets 4,154,003 4,284,371
4
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)Third Quarter FY 2013 (Nine months ended December 31, 2013) and Third Quarter FY 2012 (Nine months ended December 31, 2012)
Item
(Millions of yen) Nine months ended December 31,
2013 2012
Operating revenues: 1,425,863 1,274,557
Electric power 1,281,241 1,130,602
Other 144,621 143,955
Operating expenses: 1,386,918 1,299,805
Electric power 1,241,936 1,149,879
Other 144,981 149,925
Operating income (loss) 38,945 (25,248) Other revenues: 7,144 7,410
Dividends income 828 763
Interest income 1,657 1,401
Gain from sales of fixed assets 153 329
Equity in earnings of affiliates 1,821 - Other 2,683 4,916
Other expenses: 36,608 37,951
Interest expense 32,464 30,649
Other 4,144 7,302
Total amount of revenues 1,433,007 1,281,968
Total amount of expenses 1,423,527 1,337,757
Ordinary income (loss)
9,480 (55,789)
Extraordinary gain: 16,220 - Gain on revision of retirement benefit plan 16,220 -
Extraordinary loss: - 13,586
Loss on disaster - 13,586
Income (loss) before income taxes and minority interests 25,701 (69,376) Current income taxes 2,796 2,019
Deferred income taxes 11,197 (11,550) Total amount of income taxes 13,993 (9,531) Income (loss) before minority interests 11,707 (59,845) Minority interests in loss of consolidated subsidiaries (1,401) (3,657)
Net income (loss) 13,108 (56,188)
5
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)Third Quarter FY 2013 (Nine months ended December 31, 2013) and Third Quarter FY 2012 (Nine months ended December 31, 2012)
Item
(Millions of yen) Nine months ended December 31,
2013 2012
Income (loss) before minority interests 11,707 (59,845)
Other comprehensive income:
Net unrealised holding gain on securities 1,553 846
Deferred gain (loss) on hedges 949 (1,280) Foreign currency translation adjustments 1,292 343
Share of other comprehensive income of affiliates accounted for using
equity method 1 1
Total other comprehensive income 3,796 (90) Comprehensive income 15,504 (59,935)
Total comprehensive income attributable to:
Shareholders 16,874 (56,273) Minority interests (1,370) (3,662)
6
(Note)This report solely constitutes reference material for the purpose of providing the readers with relevant information to evaluate our company.
The information contains forward-looking statements based on assumptions and projections about the future with regard to our company. As such, the readers are kindly asked to refrain from making judgment by depending solely on this information.
The forward-looking statements inherently involve a degree of risks and uncertainties. Consequently, these risks and uncertainties could cause the actual results and performance to differ from the assumed or projected status of the company.
Tohoku Electric Power Co., Inc. hereby disclaim any responsibility or liability in relation to consequences resulting from decisions made by investors.
7
distributed by |