FY2019 Financial Results
May 15, 2020
Tokyo Electric Power Company Holdings, Inc.
Today, Tokyo Electric Power Company Holdings, Inc. (TEPCO HD) released its consolidated financial results for FY2019 (April 1, 2019~March 31, 2020).
Consolidated ordinary income decreased year-on-year (YoY) by 4.5% to 264.0 billion yen due to a 3.5% decrease in electricity sales volume to 222.3 billion kWh for the TEPCO Group, which was caused by increased competition and a decrease in cooling-heating demand brought upon by moderate temperatures, despite the entire Group’s continual efforts to cut costs.
Furthermore, although the Group posted 414.9 billion yen in special profit, which includes 101.6 billion yen of grants-in-aid from the Nuclear Damage Compensation and Decommissioning Facilitation Corporation (NDF), extraordinary loss was 609.3 billion yen. This extraordinary loss includes 394.9 billion yen of disaster special loss, which includes work expenses as part of fuel debris removal expenditure, 107.9 billion yen for nuclear damage compensation and 10.5 billion yen of impairment loss. As a result, net income attributable to owners of the parent was 50.7 billion yen.
[Ordinary income/loss for TEPCO HD and core companies]
Ordinary income/loss for FY2019 for each company is as follows.
-TEPCO HD ordinary income decreased by 79.7 billion yen YoY to 152.9 billion yen primarily due to a decrease in wholesale power sales to TEPCO Energy Partner, Inc.
- Ordinary income for TEPCO Fuel & Power, Inc. increased by 61.2 billion yen YoY to 64.7 billion yen due to an income gain by JERA, which has succeeded our thermal power generation business, etc., generated by the now advantageous impact of the fuel cost adjustment system time lag.
-Ordinary income for TEPCO Power Grid Inc. increased by 2.7 billion yen YoY to 116.6 billion yen primarily due to decreases in maintenance expenses and depreciation costs.
-Ordinary income for TEPCO Energy Partner, Inc. decreased by 12.7 billion yen YoY to 60 billion yen primarily due to increased competition and the impact of moderate temperatures.