Financial results for FY ended 3/2007 & Financial forecasts for FY ending 3/2008

Transcription

1 (Investors meeting material) Financial results for FY ended 3/2007 & Financial forecasts for FY ending 3/2008 May 7, 2007 The Kansai Electric Power Co., Inc. Financial forecasts are subject to change depending upon the changes of business environments and other conditions.

2 1 Contents Financial results for FY ended 3/2007 and forecasts for FY ending 3/2008 (Page) Financial highlights (consolidated, non-consolidated) Major factors (non-consolidated) Non-consolidated statement of income Non-consolidated balance sheets Consolidated statement of cash flows Financial forecasts (consolidated, non-consoidated) Details of financial forecasts (non-consolidated) Financial results for FY ended 3/2007 and forecasts for FY ending 3/2008 of non-electric business Financial highlights of non-electric business Financial results of K-Opticom Financial forecasts of non-electric business Financial forecasts of K-Opticom Appendix

3 Operating revenue Operating income Net income 2, Financial highlights Consolidated (a) 4/05-3/06 2, (+0.7%) (-17.0%) (-6.4%) (-8.1%) 2, Non-consolidated (b) 4/05-3/06 2, (-0.3%) (-22.6%) (-13.6%) (-18.0%) 2 (a)/(b) 4/05-3/ Consolidated Non-consolidated Mar. 31, 2007 Mar. 31, 2006 Mar. 31, 2007 Mar. 31, 2006 Total asset 6, , (-0.4%) 6, , (-1.3%) Interesting-bearing debt 3, , (-3.5%) 2, , (-4.3%) Equity ratio 27.4% 26.0% +1.4% 26.8% 25.5% +1.3% *1. ( ) : s from the previous term, % *2. means Income before Provision for (reversal of) Reserve for Fluctuation in Water Level, special items and Income taxes

4 Major factors (non-consolidated) 3 4/05-3/06 Electricity sales (TWh) (100.1) (101.5) +0.1 Residential (TWh) Commercial and industrial (TWh) 48.4 ( 99.3) 98.9 (100.5) 48.7 (104.1) 98.4 (100.3) Nuclear capacity factor (%) Water run-off ratio (%) All Japan CIF crude oil price ($/barrel) Exchange rate [TTM] (yen/$) Interest rate [long-term prime rate] (%) * ( ) : s from the previous term, %

5 Non-consolidated statement of income 4/05-3/06 Breakdown 4 Ordinary revenue 2, , Electricity sales 2, , Increase in electricity kwh sales +2.0 Decrease in revenue per kwh mainly due to rate cut Others Incidental business revenues Sold power to other utilities and companies +9.7 Other non-operating revenues +9.4 Ordinary expenses 2, , Personnel Retirement benefit cost Fuel Fossil fuel costs Increase in water flow Increase in nuclear capacity factor -9.0 Decrease in purchased power Rise in oil prices s in component of fuel sources Depreciation of yen Increase in electricity kwh sales +1.0 Nuclear fuel costs +1.0 B Backend expenses of nuclear power Reprocessing cost of irradiated nuclear fuel Reprocessing cost of irradiated nuclear fuel without definite plans Maintenance Fossil-fired power +8.4, Nuclear power +7.9 Taxes other than income taxes Property tax -2.4 Depreciation Fossil-fired power -12.4, Transmission -3.9 Distribution -3.0 Purchased power From other non-utility companies From other utilities Interest expenses Decrease in principal amount -3.5 Decrease in early repayment expenses -2.0 Other Other non-operating expenses -17.5, Incidental business expenses

6 Non-consolidated balance sheets 5 Mar. 31, 2007 Mar. 31, 2006 Breakdown Assets 6, , Capital expenditures Depreciation and amortization Liabilities 4, , Interest-bearing debt (more details are on page 19) Shareholders equity 1, , Retained earnings +57.2

7 Consolidated statements of cash flows 6 4/05-3/06 Breakdown Operating activities Decrease in electricity sales revenues Increase in fossil-fuel costs The difference between payment and reversal for reserve fund for reprocessing of irradiated nuclear fuel Decrease in payment of income taxes Investing activities Increase in capital expenditures (Free cash flows) (234.8) (235.2) (-0.3) Financing activities Decrease in net payments of bonds and borrowings (FY3/06: FY3/07: ) Decrease in purchases of treasury stock Increase in dividend paid -13.3

8 Financial forecasts Consolidated Non-consolidated 7 4/07-3/08(E) 4/07-3/08(E) Operating revenue 2, , (+1.3%) 2, , (+1.0%) Operating income (-15.3%) (-12.4%) (-18.0%) (-15.5%) Net income (-20.9%) (-17.6%) * ( ) : s from the previous term, % <Major factors> <Sensitivity of major factors> Electricity sales (TWh) Nuclear capacity factor (%) Water run-off ratio (%) All Japan CIF crude oil price ($/barrel) Exchange rate [TTM] (yen/$) 4/07-3/08(E) Approx. 60 Approx Nuclear capacity factor per 1% Water run-off ratio per 1% All Japan CIF crude oil price per $1/barrel Exchange rate [TTM] per 1/$ 4/07-3/08(E) /06-3/ Interest rate [long-term prime rate] (%) Approx Interest rate [long-term prime rate] per 1%

9 Details of financial forecasts (non-consolidated) 8 4/07-3/08(E) Breakdown Increase in electricity sales volume (FY3/06: 147.3TWh FY3/07: 148.2TWh) Operating revenues 2, , Increase in revenue per kwh mainly due to fuel cost adjustment Ordinary income Increase in electricity sales volume +6.0 Increase in revenue per kwh mainly due to fuel cost adjustment Decrease in fossil-fuel costs due to nuclear capacity factor improvement Increase in fossil-fuel costs due to depreciation of yen Increase in fossil-fuel costs due to rise in LNG and coal price and decline in oil price -9.0 Increase in maintenance costs Increase in other costs (ex. Outsourcing cost on electricity related works and others) -30.0

10 Non-electric business

11 Financial highlights of non-electric business 10 4/05-3/06 Breakdown Non-electric business (*1) Sales to external Total energy business (*2) Sales to external Increase in energy sales price Increase in energy sales volume Increase in fuel cost IT/communication business Sales to external Increase in FTTH subscribers Increase in FTTH subscribers Increase in system development orders Life support amenity business Sales to external Increase in the number of house sales Other business Sales to external Increase in order amount Increase in dividend received from overseas projects (Rojana project) *1. Figures in this page are before eliminations. *2. Total energy business includes Gas supply business and Fuel supply business booked as Incidental business in non-consolidated financial statement.

12 Financial results of K-Opticom 11 4/05-3/06 Breakdown Sales to external Increase in FTTH subscribers Number of individual as of fiscal year-end (thousand) Number of FTTH subscribers (thousand) Number of corporate as of fiscal year-end (thousand)

13 Financial forecasts of non-electric business 12 4/07-3/08(E) Breakdown Non-electric business (*1) Sales to external Total energy business (*2) Sales to external Increase in gas sales price Commencement of energy supply to new clients (energy supply facilities construction will be completed in this fiscal year.) IT/communication business Sales to external Increase in FTTH subscribers Life support amenity business Sales to external Decrease in the number of house sales Other business Sales to external Decrease in order amount *1. Figures in this page are before eliminations. *2. Total energy business includes Gas supply business and Fuel supply business booked as Incidental business in non-consolidated financial statement.

14 Financial forecasts of K-Opticom 13 4/07-3/08(E) Breakdown Sales to external Increase in FTTH subscribers Number of individual as of fiscal year-end (thousand) Number of FTTH subscribers (thousand) Number of corporate as of fiscal year-end (thousand)

15 Appendix 14

16 Sales performance and objectives 15 4/05-3/06 Objective Electric Business Increase of all-electrichouse 97 thousand 114 thousand 380 thousand (FY ending 3/2008 ~ FY ending 3/2010) 4/05-3/06 Forecast Total energy Sales volume of gas and heavy oil (equivalent to LNG) 640 thousand 760 thousand Approx. 800 thousand tons (FY ending 3/2008) Mar. 31, 2006 Mar. 31, 2007 Objective Number of individual 507 thousand 623 thousand 750 thousand (as of 3/2008) IT/communication Number of FTTH subscribers 379 thousand 520 thousand 670 thousand (as of 3/2008) Number of corporate 20.3 thousand 21.7 thousand 21 thousand (as of 3/2008)

17 Segment information 16 Electric power IT/communica tions Other Total Eliminations/ corporate Consolidated Operating revenue 2,349.7 (-19.1) (+7.9) (+48.5) 2,899.1 (+37.3) (-20.0) 2,596.3 (+17.3) Sales to external 2,338.1 (-20.5) 84.3 (+10.0) (+27.8) 2,596.3 (+17.3) - 2,596.3 (+17.3) Operating income (-69.7) 8.9 (+4.2) 32.6 (+11.6) (-53.8) - (-1.6) (-55.5) Asset 6,179.5 (-92.1) (+18.3) (+33.8) 7,047.7 (-41.7) (+10.7) 6,827.2 (-29.2) Depreciation (-27.9) 41.5 (+1.3) 31.6 (+1.8) (-24.7) -5.7 (+0.1) (-24.6) Capital expenditures (+42.0) 50.5 (-9.2) 34.3 (-3.8) (+29.0) -6.3 (-0.2) (+28.8) *( ) : s from the previous term, billion yen

18 Financial forecasts by segment 17 Operating revenues Operating income 4/07-3/08(E) 4/07-3/08(E) Electric power 2, , IT/communications Other Total 2, , Eliminations/ corporate Consolidated 2, ,

19 Financial forecasts for the half-year ending Sep Consolidated Non-consolidated 18 4/07-9/07(E) 4/06-9/06 4/07-9/07(E) 4/06-9/06 Operating revenue 1, , (+0.1%) 1, , (-1.0%) Operating income (-24.4%) (-23.3%) (-24.9%) (-22.9%) Net income (-25.0%) (-22.1%) * ( ) : s from the previous term, % <Major factors> <Sensitivity of major factors> Electricity sales (TWh) Nuclear capacity factor (%) Water run-off ratio (%) All Japan CIF crude oil price ($/barrel) Exchange rate [TTM] (yen/$) Interest rate [long-term prime rate] (%) 4/07-9/07(E) Approx. 60 Approx. 120 Approx /06-9/ Nuclear capacity factor per 1% Water run-off ratio per 1% All Japan CIF crude oil price per $1/barrel Exchange rate [TTM] per 1/$ Interest rate [long-term prime rate] per 1% 4/07-9/07(E) /06-9/

20 Reduction of interest-bearing debt (non-consolidated) 19 Mar. 31, 2007 Mar. 31, 2006 (*) Buyback and early payment Original amount Increase of expenses Bond 1, , (+184.5, ) Buyback (casualty loss) Borrowings 1, , Early payment (interest expenses) Long-term 1, , (+74.5, ) Short-term (+193.5, ) Commercial paper - - ±0 (+390.0, ) Interest-bearing debt 2, , Total Total 3.5 Interest rate (%) (*) +(plus) in the bracket means financing, -(minus) in the bracket means repayment.

21 Financial/corporate data (1) 20 <Consolidated> 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08(E) Statement of income Operating revenue billion yen 2, , , , , , , , ,630.0 Operating income billion yen billion yen Extraordinary profit billion yen Extraordinary loss billion yen Net income billion yen Balance sheets Total asset billion yen 7, , , , , , , , Shareholders' equity billion yen 1, , , , , , , , Interest-bearing debt billion yen 4, , , , , , , , Capital expenditures Capital expenditures billion yen * Figures for 3/07(E) are before eliminations. Financial data Net income per share (EPS) yen Free cash flow billion yen ROA (after tax business interest base) % Shaholders' equity ratio % Employees Employees 33,018 32,589 37,911 35,554 33,935 33,276 30,674 29,805 -

22 Financial/corporate data (2) <Non-consolidated> 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08(E) Statement of income Operating revenue billion yen 2, , , , , , , , ,420.0 Operating income billion yen billion yen Extraordinary profit billion yen Extraordinary loss billion yen Net income billion yen Balance sheets Total asset billion yen 7, , , , , , , , Shaholders' equity billion yen 1, , , , , , , , Interest-bearing debt billion yen 4, , , , , , , , Interest rate as of fiscal year-end % Interest rate during fiscal year % Major factors All japan CIF crude oil price $/b Approx. 60 Exchange rate [TTM] yen/$ Approx. 120 Nuclear capacity factor % Water run-off ratio % Interest rate [long-term prime rate] % Approx. 2.5 Sensitivity of Major factors All japan CIF crude oil price ($1/b) billion yen Exchange rate [TTM] (1yen/$) billion yen Nuclear capacity factor (1%) billion yen Water run-off ratio (1%) billion yen Interest rate [long-term prime rate] (1%) billion yen Financial data Net income per share (EPS) yen Free cash flow billion yen ROA (after tax business interest base) % PCA (Profit after Cost of Asset) billion yen Shaholders' equity ratio % Employees Employees 24,903 24,539 23,971 21,920 21,031 20,640 20,408 20,292-21

23 Financial/corporate data (3) <Non-consolidated CAPEX > 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08(E) 3/09(E) Power generating facilities Transmission Transformation Distribution Others Sub total Nuclear fuel Total Other business Grand Total <Electiricity sales (TWh)> 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08(E) Lightning Lightning A Others Total Power Commercial Commercial * Low voltage High voltage A High voltage B Large-scale * Others Total Lightning+Power Liberalized segment Total *1 These figures include liberalized segment demand (commercial use). *2 These figures include high voltage B and liberalized segment demand (industrial use) *3 Some rounding errors may be observed. *4 Scope of liberalized segment 3/01~:receiving over 20 kv and contract demand over 2,000 kw 3/05~:receiving over 6 kv and contract demand over 500 kw 3/06~:receiving over 6 kv and contract demand over 50 kw

24 Financial/corporate data (4) 23 <Total power generation by energy sources (TWh)> ( ): composition ratio, % 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 Hydro 15.8( 12) 16.2( 12) 15.2( 11) 17.1( 12) 20.6( 14) 19.6( 13) 15.6( 10) 16.9( 11) Fossil-fired Oil/others 14.6( 11) 10.1( 7) 6.1( 4) 5.9( 4) 2.9( 2) 8.8( 6) 9.4( 6) 10.7( 7) LNG 34.4( 24) 33.9( 24) 32.7( 23) 24.2( 17) 21.4( 15) 26.9( 18) 25.2( 17) 27.4( 18) Coal 3.2( 2) 9.3( 6) 11.8( 8) 14.9( 10) 18.8( 13) 28.0( 19) 30.8( 20) 27.9( 18) Total 52.3( 37) 53.3( 37) 50.6( 35) 45.1( 31) 43.1( 30) 63.6( 43) 65.5( 43) 66.0( 43) Nuclear 72.7( 51) 73.6( 51) 76.8( 54) 82.2( 57) 80.7( 56) 64.1( 43) 69.1( 46) 69.4( 45) New energy sources 0.4( 0) 0.4( 0) 0.6( 0) 0.6( 0) 0.8( 1) 0.9( 1) 1.0( 1) 1.1( 1) Total 141.1(100) 143.5(100) 143.2(100) 145.0(100) 145.3(100) 148.2(100) 151.2(100) 153.4(100) *1 Purchased electricity from other companies is included in the above table. *2 Some rounding errors may be observed. *3 Figures for 3/06 are subject to change because they are quick estimations. <Power source combination (10MW)> ( ): composition ratio, % 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 Hydro 885( 22) 888( 21) 888( 22) 888( 22) 890( 22) 891( 21) 891( 21) 891( 22) Fossil-fired Oil/others 1,233( 30) 1,197( 29) 1,015( 26) 999( 25) 941( 24) 954( 23) 954( 23) 864( 21) LNG 848( 21) 848( 20) 842( 21) 857( 21) 841( 21) 841( 20) 841( 20) 841( 21) Coal 65( 2) 205( 5) 205( 5) 272( 7) 272( 7) 428( 10) 456( 11) 427( 11) Total 2,146( 53) 2,250( 54) 2,062( 52) 2,128( 53) 2,054( 52) 2,224( 54) 2,251( 54) 2,133( 53) Nuclear 1,033( 25) 1,033( 25) 1,033( 26) 1,033( 26) 1,033( 26) 1,033( 25) 1,033( 25) 1,033( 25) Total 4,064(100) 4,171(100) 3,983(100) 4,049(100) 3,977(100) 4,148(100) 4,175(100) 4,057(100) *1 Purchased electricity from other companies is included in the above table. *2 Some rounding errors may be observed.

25 24 For further information Planning Group (Investor Relations) Office of Financing and Accounting The Kansai Electric Power Co., Inc. Telephone : (operator) Facsimile : Website: