Investors Meeting for FY 2007 Financial ... - energia.co.jp · of shares of Energia ... Other assets increased due to funding the reserve for reprocessing of irradiated nuclear fuel,

Investors Meeting

for FY 2007 Financial Results

The Chugoku Electric Power Co., Inc.May 10，2007

In this presentation, the term “Fiscal Year 2007” describes the period which ended March, 2007.

Contents

Ⅰ．Direction and Efforts of Chugoku Electric Power ・・・・・・ 1

Ⅱ． FY 2007 Financial Results　　　　　　・・・・・・ 71. Summary2. Non-consolidated3. Consolidated

Ⅲ． Performance Outlook for FY 2008 　・・・・・・201. Summary 1. Non-consolidated2. Consolidated

Ⅰ.　Direction and Efforts of Chugoku Electric Power

１

Promotion of corporate restructuring program～Build a solid foundation ～

“Good Company”～We meet every stake holders expectations due

to boost corporate value～

“Good Company”～We meet every stake holders expectations due

to boost corporate value～

Promotion of inter-energy competition

Skyrocketing fossilFuel prices

Global Environ-Mental Concerns

Recovery of Trust

Assignment todeal with

Strengthen the management base and the competitiveness

Promotion of management efficiency

Sales increase

Development of nuclear energy～primary importance ～

２

0

50

100

2006 2007 2008 2009 2010

Efforts to increase sales

（10 thousands of tons ）

Revision of LNG sales

６０

（FY）

（Result）（Plan）

～Practice of CRM※and promote the comprehensive energy supply business～

Expansion of Mizushima Station tanks(FY 2012)Pipeline improvement support of localgas companies

Enhancement of truck shipping equipment

Expansion of Mizushima Station tanks(FY 2012)Pipeline improvement support of localgas companies

Enhancement of truck shipping equipment

Demand Acquisition Target

2.26 2.26 billion kWhbillion kWh

Household-use1.62 billion kWh

Incorporated organizations-use

0.64 billion kWh

52number of

housing

26number of

housingElectrical Housing

(26)number of

heater

(8)number of

heater（Ecocute）

82number of

heater

57number of

heater

Electric Water Heater

FY 2010FY 2007

1.4times

3.3times

2.0timesPromote the comprehensiveenergy supply business

〔Promoting of Electrification〕

〔 Measure to be taken 〕

・・・・・

※　ＣＲＭ（Customer･Relationship･management）

３

（Total）　　　　　　　　　　　　（Total）[Unit: 10 Thousands] [Unit: 10 Thousands]

Over FY 2008～2010 3-year period

Shimane Pre.

Tottori Pre.

Hiroshima Pre.

Okayama Pre.

Yamaguchi Pre.

Nuclear Power Development

0.60kg-CO2/kWh

FY1991　 1unit 　 2unit 3unit

～ Simultaneously solve the “３Ｅ” ※ s due to development of nuclear energy ～

20% reduction

◆

◆

〃

〃

1.373 Million ｋＷ

Output

December2011

December2005

ShimaneNo.3

FY 2018FY 2013KaminosekiNo.2

FY 2015FY 2010KaminosekiNo.1

Start of Business

Start of Construction

Development ScheduleThe Reduction in the Basic Units

of CO2 Emissions due to the Development of Nuclear Energy

４

※　「Improving energy security」，「Solving environmental concerns」，「Ensuring the long-term stability　　 of power sources that are used as the source of continual generation of profit」

50% reduction

Strategies for Corporate Revitalization- Towards the Recovery of Steady Confidence -

Management Restructuring

Restructure compliance promotion system

[Ongoing Consideration]　◆ Effective application of third-party opinions　◆ Reorganize system of responsibilities for business affairs that reach across the whole company　◆ Further strengthening of internal control functions

[Ongoing Consideration]　◆ Effective application of third-party opinions　◆ Reorganize system of responsibilities for business affairs that reach across the whole company　◆ Further strengthening of internal control functions

[Portion implemented June of this year (on day of General Meeting of Shareholders)]　◆ Clarify of supervision and enforcement (Clarify of division of responsibilities between

Chairperson and President )　◆ Functional enhancement of Board of Directors (Reduce number of members/Limit term to one

year)　　◆ Strengthen corporate affairs functions　　　(Introduce Operating Officers system and Executive Vice President position to handle business

affairs that reach across the whole company/)

[Portion implemented June of this year (on day of General Meeting of Shareholders)]　◆ Clarify of supervision and enforcement (Clarify of division of responsibilities between

Chairperson and President )　◆ Functional enhancement of Board of Directors (Reduce number of members/Limit term to one

year)　　◆ Strengthen corporate affairs functions　　　(Introduce Operating Officers system and Executive Vice President position to handle business

affairs that reach across the whole company/)

５

Although achievement of goals seems difficult, maximum efforts are being made for their realization

No less than 28%（End of FY2009）

No less than 2.5% per Year

No less than 74 Billion Yen per Year

Goals〔 FY2007～2009 Avg. 〕

26.5%

2.1%

60.7Billion Yen

FY 2007Result

26.5%

2.3%

72.0Billion Yen

FY 2008Estimate

Stockholders' Equity Ratio

ROA※

Ordinary Profit

Efficiency

Profitability

Soundness

Items

※ Return on Assets, operating profit after taxes

[Consolidated Management Goals]

６【Consolidated】 Achievement of Management Goals

Ⅱ.　 FY2007 Financial Results

７

FY2007 Results Summary

110.4%80.9%

102.0%

Comparison（A/B）

Difference（A-B）

FY2006（B）

FY2007（A）

▲125655529Ordinary Profit31302334Net Income

1919,7689,960Operating Revenue

【Unit：hundred million yen, round down to the hundred million 】

Increase in RevenueDecrease in Profit

(Consolidated and Non-consolidated)

８

【 Consolidated 】

【 Non-consolidated 】

82.1%

81.9%103.4%

Comparison（A/B）

Difference（A-B）

FY2006（B）

FY2007（A）

▲134741607Ordinary Profit

▲80451370Net Income



９

106.918.7272.6291.3Industrial

105.220.0381.8401.8Subtotal

（108.6）（19.2）（222.8）（242.0）［Details］　　　Large-scale

101.21.3109.2110.5Commercial

Eligiblecustomers

103.0

98.992.6

100.0

Comparison（A/B）

17.6595.0612.6Total

▲2.4213.2210.8Subtotal▲2.431.829.4Low Voltage▲0.0181.4181.4LightingOther than

eligiblecustomers

Difference（A-B）

FY2006（B）

FY2007（A）

Electricity sales experienced 3 consecutive years of increase, 103.0％ year on year.Despite the increase of completely electrical houses and others factors, Lighting demand was relatively unchanged from the previous year due to the record warm temperatures in winter that caused the decrease in heating demand.Commercial demand exceeded the same period last year due to acquiring the demand from self-generation, etc.Large-scale industrial demand exceeded the same period last year due to the high demand from most industries and the acquisition of demand from self-generation, etc.

【Non-Consolidated】 Major Factors　〔1/2〕

【Unit：hundred million kWh, ％】［ Electricity Sales ］

10

【Own Facilities】 Hydropower increased in reaction to water shortage of previous year; Nuclear power decreased due to increase in supplemental amount.

【Purchased Power】 Decreased due to the decrease in electricity received from J-Power.【Interchanged Power】　Decreased due to the decrease in electricity to other companies.

FuelSupply C

apacity

4113117Exchange Rate （Inter Bank, ¥/$）

16.7654.4671.1Hundred Million kWhTotal

7.755.863.5Crude Oil Prices (All Japan CIF, $/b)

▲ 0.0▲ 7.1▲ 7.1Hundred Million kWhPumping Use

22.5▲35.8▲13.3Hundred Million kWhInterchanged Power

▲ 0.763.362.6Foreign Coal Prices (All Japan CIF, $/t)

▲19.2221.7202.5Hundred Million kWhPurchased Power

（▲12.1）▲ 13.6

（82.9）93.0

（70.8）79.4

（％）Hundred Million kWh

(Capacity Factor)　Nuclear

22.0350.4372.4Hundred Million kWh　　Thermal

（13.4）5.0

（87.2）32.2

（100.6）37.2

（％）Hundred Million kWh

(Water Flow Rate)HydroelectricO

wn

Facilities

Difference（A-B）

FY2006（B）

FY2007（A）

【Non-Consolidated】 Major Factors　〔2/2〕

［ Power Generation ］

　Ordinary R

evenue

　

198

7

191

▲91

283

272

11

Difference（A－B）

102.0

108.7

102.0

86.9

103.1

105.1

100.3

Comparison（A／B）

Operating R

evenue

9,85110,050Total

8290Other Revenues

9,7689,960Total

Decrease in inter-company sales▲ 158

Increase in incidental businesssales 　 64

Decrease in sales to other companies ▲ 1

697606Sales to Other Companies etc.

9,0709,353Subtotal

5,3135,586Commercial & Industrial

　　

　 Increase in electricity sales 268

3,7563,767Lighting

Electricity Sales

BreakdownFY2006（B）

FY2007（A）

11【Non-Consolidated】 Income Statement 〔1/3〕

［ Revenue ］【Unit：hundred million yen, round down to the hundred million 】

151.3105205310Nuclear Power Back-end

103.0551,8471,902Other Expenses

Operating Expense

　　

Ordinary Expense

86.5▲96758Other Expenses

102.05278284Interests

323

327

▲80

92

209

▲149

359

▲54


103.5

103.7

94.1

111.5

106.2

90.8

120.1

95.5


Material

9,1969,520Total

8,8509,177Subtotal

1,3651,284Depreciation

807900Maintenance

3,4043,614Subtotal

1,6171,468Purchased Power

1,7862,145Fuel

1,2201,165Personnel


FY2007（A）

【Non-Consolidated】 Income Statement 〔2/3〕 12

Retirement and severance　 ▲49

High CIF price （crude oil / LNG ） 185Increase in electricity sales 161Decrease in capacity factor of

nuclear power plant　133Decrease due to the end of

purchasing contract ▲ 139Increase in water flow rate ▲ 54Increase in coal utilization ▲ 53

　 Decrease in average balance ▲3　 Increase in average interest rate 9

Increase in irradiated nuclear fuel reprocessing expenses 105

Increase in incidental businessexpenses 63

［ Expense ］【Unit：hundred million yen, round down to the hundred million 】

─　50─50Amortization reserves for nuclear power generation construction

Rebound from Loss from appraisalof shares of EnergiaCommunications, Inc 125

─　▲125125─Extraordinary

Loss

110.431302334Net Income

▲ 11

▲ 90

20

（▲135）▲125


188.7

65.2

─　

（85.2）80.9


▲ 12▲ 24Income Taxes–Deferred

258168Income Taxes- Current

▲ 191Reserve for Drought

（918）655

（782）529

（Operating Profit）Ordinary Profit


FY2007（A）

【Non-Consolidated】 Income Statement 〔3/3〕 13

Increase in water flow rate（ water flow rate ：100.6%←87.2%）

［ Profit, etc. ］【Unit：hundred million yen, round down to the hundred million 】

16623,46123,628Subtotal

4411,9342,375Other

Fixed Assets

Total

Current Assets

Nuclear Fuel

Construction in Progress

Non-business Fixed Assets

Incidental Business Fixed Assets

Electric Utility Fixed Assets

25724,53324,790

1171,2201,337

901,0711,161

2601,7101,971

▲ 25452

▲ 32118　　

▲64618,52017,874

BreakdownDifference（A-B）

FY2006（B）

FY2007 （A）

Electric utility fixed assets decreased due to progress in the depreciation, etc.Construction in Progress increased due to fully in progress in construction of Shimane Nuclear Power Station Unit no. 3.Other assets increased due to funding the reserve for reprocessing of irradiated nuclear fuel, etc.

14

68.6 ％　Accumulated Depreciation Ratio

▲ 646　Difference▲ 　 85　Retirement, etc.▲ 1,287　Depreciation

726　Investments

Shimane Nuclear Power Station Unit No. 3 393Shintaishakugawa ▲142 etc

Reserve for reprocessing of irradiated nuclear fuel

　Contribution 582　Recovery ▲ 215

【Non-consolidated】 Balance Sheet 〔1/2〕


50─50Amortization reserves for nuclear power generation construction

▲ 22166143Net Unrealized Holding Gains on Securities

1503,7833,933Retained Earnings

Net A

sset

▲ 3▲ 116▲ 120Treasury Stock

1275,8545,978Total Net Asset

0166167Capital Surplus

Liabilities

Total

Common Stock

Total Liabilities

Reserves for Drought

Current Liabilities

Long-term Liabilities

25724,53324,790

─1,8551,85513218,67818,811

1563993,1173,516

▲31815,55615,237

BreakdownDifference（A-B）

FY2006（B）

FY2007（A）

[Liabilities] Reserve for reprocessing of irradiated nuclear fuel ，Increased due to the Increase in interest-bearing debt, etc.

[Stockholders’ Equity] 　Increased due to appropriate net income.　

15

15,202320644

6,0888,150

FY2006

2115,224Total▲150170CP▲ 　1643Short-term Debt▲ 776,010Lon-term Debt

2508,400Corporate BondDifferenceFY2007

23.9％24.1％

FY2006FY2007Stockholders’ Equity Ratio

Dividend paid in June FY2006 　▲ 91Interim dividend paid in December FY2006 ▲ 91Net income FY2007 334　

【Non-consolidated】 Balance Sheet 〔2/2〕

　 Reserve for reprocessing of irradiated nuclear fuel 116


【Breakdown of interest-bearing debt】

【Consolidated】 FY2007 Results Summary[Operating Revenue]

Increased 35.2 billion due to the increase in sales of other business such as LNG sales, in addition to the increase in Chugoku Electric Power’s operating revenue, also increase.

[Ordinary Profit]Operating expenses increased 46.9 billion due to the increase in material cost

　　　 resulting from the rise in fuel prices ,the increase in Nuclear Power Back-end.As a result, Ordinary profit decreased by 13.4 billion .

[Net Income]Net income of 37 billion yen for the current period after deductions for amortization reserves for nuclear power generation construction, corporate taxes and similar expenses, resulting in 8 billion yen decrease compared to the previous year.

16

88.3▲1161,000884Operating Profit

82.181.9

103.4

Comparison（A/B）

Difference（A-B）

FY2006（B）

FY2007（A）

▲134741607Ordinary Profit▲ 80451370Net Income



（▲20）（15,750）（15,729）（interest–bearing debt ）

　　0.3 ％　　 26.2 ％　　26.5 ％Stockholders’ Equity Ratio

1587,0017,159　Net Assets

（Construction in Progress ）（257）（1,691）（1,949）

25326,55426,807　 Assets

　Liabilities 9419,55319,648

（116）（1,066）（1,182）（reserve for reprocessing of irradiated nuclear fuel ）

　　　（stockholders’ equity ）（154）（6,954）（7,108）

Difference（A-B）

FY2006 （B）FY2007 （A）

【Consolidated】 Balance Sheet 17

[Assets ] Increased 25.3 billion due to Construction in Progress increased associated with fully in progress in construction of Shimane Nuclear Power Station Unit no.3.

[Liabilities] Increased 94 billion due to the increase in funding the reserve forreprocessing of irradiated nuclear fuel,etc., In spite of the decrease in interest-

　　　 bearing debt.[Net Assets] Increased 715.9 billion due to the record of net income.　 This resulted in 0.3％ increase of stockholders’ equity ratio to 26.5％.　


【Consolidated】 Application of Free Cash Flow 18

－▲ 6338Cash and Cash Equivalents

344▲ 551▲ 207Cash Flow from Financing Activities

▲244487243Free Cash Flow

▲237▲1,093▲1,330Cash Flow from Investing Activities

▲ 61,5801,574Cash Flow form Operating Activities

Difference（A-B）

FY2006（B）

FY2007（A）

CF (revenue) from operating activities maintained at relatively same level as previous year.

CF(expenditure) from investing activities increased 23.7 billion as investment for Shimane Nuclear Power Station Unit No. 3 increased.

As a result, Free Cash Flow decreased by 24.4 billion.

3.8 billion in cash is deducted from the Free Cash Flow, and the remaining 20.7 billion is used to pay dividends and loan payments.


Segment Information 19

3（ 153.3 ％）

26

83156239

87158246

Comprehensive Energy Supply

Information & TelecommunicationElectricity

▲ 11263Difference3438,769FY20063319,033FY2007

Operating Expense

▲ 13127Difference3679,688FY20063549,816FY2007

Operating Revenue

（ ▲5.2％）（ ▲14.8％）(Comparison)

▲ 1▲ 136Difference

24918FY200623782FY2007

Operating Profit

（▲Loss）


Ⅲ.　Performance Outlook for FY2008

20

FY2008 Performance Outlook Summary

FY2007Result （B）

92.8％

132.1％

100.4％

Comparison（A/B）

Difference（A-B）

FY2008Estimate （A）

171529700Ordinary Profit▲24334310Net Income



86.3％

118.6％

100.4％

Comparison（A/B）

Difference（A-B）

FY2008Estimate （A）

113607720Ordinary Profit▲50370320Net Income


21

Increase in RevenueIncrease in Profit

(Consolidated and Non-consolidated)

【Consolidated】【Unit：hundred million yen, round down to the hundred million 】

【Unit：hundred million yen, round down to the hundred million 】【Non-consolidated】

70.8

100.6

62.6

63.5

117

FY 2007 Result （Ｂ）

8.1

▲0.6

5.4

▲0.5

3

Difference（Ａ－Ｂ）

68$／ｔForeign Coal Prices

（All Japan CIF）

％

％

$／b

¥／$

78.9Nuclear Capacity Factor

100Water Flow Ratio

63Crude Oil Prices（All Japan CIF)

120Exchange Rate

FY 2008 Estimate （Ａ）

（103.0）612.6

FY 2007 Result （Ｂ）

0.7

Difference（Ａ－Ｂ）

（％）

Hundred Million kWh（100.1）

613.3（Over the Previous Year）

Total Electricity Sales

FY 2008 Estimate （Ａ）

【Non-consolidated】 Major Factors 22

[Electricity Sales]

[Major Factors]

【Non-consolidated】 Performance Outlook for FY2008 23

[Operating Revenue]Although revenue from electricity sales level out, operating revenue increase due to increase in LNG sales and other factors.

[Ordinary Profit]Although the review of the depreciation system is an influential factor, ordinary profit increase due to decrease in nuclear power backend, maintenance and other costs.

[Net Income]Net income decrease due to the effects of the increase in amortization reserves for nuclear power generation construction and other factors.

124.0％188782970Operating Profit

92.8％

132.1％

100.4％

Comparison（A/B）

Difference（A-B）


FY2008 Estimate （A）

171529700Ordinary Profit




24

[Operating Revenue]Operating revenue increase due to the increase in Comprehensive energy supply businesses in addition to the increase in Chugoku Electric Power business.

[Ordinary Profit]

Although the decrease in profit of group business, ordinary profit increase due to the increase in profit of Chugoku Electric Power.

[Net Income]

Net income decrease due to the decrease of Chugoku Electric Power caused by factors such as the increase in amortization reserves for nuclear power generation construction.

110.9％96884980Operating Profit

86.3％

118.6％

100.4％

Comparison（A/B）

Difference（A-B）


FY2008 Estimate （A）

113607720Ordinary Profit



【Consolidated】 Performance Outlook for FY2008


Segment Information 25

▲13（－）

6

▲7

51239291

38246284

Comprehensive Energy Supply

Information & TelecommunicationElectricity

▲3▲173Difference

3319,033FY2007 Result

3288,860FY2008 EstimateOperating Expense

▲1814Difference

3549,816FY2007 Result

3359,830FY2008 EstimateOperating Revenue

（ ▲66.7 ％）（ 24.0 ％）(Comparison)

▲15188Difference

23782FY2007 Result

7970FY2008 EstimateOperating

Profit（▲Loss）


Appendix

26

1. Electricity Sales 　　　　　　　　　　　　　【Unit：hundred million kWh】　（　）：Over the previous year

*Power consumption by liberalized sector: Demand for special high-tension or high-tension power reception with contracted power that is, in general, 50 kW or more.

〔 ▲１.７〕

２８６

〔６.９〕２９１.３Industrial

〔 ▲０.６〕

３９９

〔５.２〕４０１.８Subtotal

〔 ▲２.２〕　（２３６）

〔８.６〕（２４２.０）

［Details］Large-scale

〔２.２〕

１１３

〔１.２〕１１０.５Commercial

Eligible Customers’Use

〔０.１〕

６１３

〔３.０〕６１２.６Total

〔１.５〕

２１４

〔 ▲１.１〕２１０.８Subtotal

〔 ▲２.２〕

２９

〔 ▲７.４〕２９.４Low Voltage

〔２.１〕

１８５

〔 ▲０.０〕１８１.４Lighting

Other than Eligible Customers’ Use

FY 2008Estimate

FY2007Result

27

１３６３，７５０３，６１４Material Cost

▲１３０７７０９００Maintenance

▲１６０１５０３１０Nuclear Power Back-end

９７０

７００

９，４００

２，０３０

１，６００

１，１００

１０，１００

１００

６４０

９，３６０

１０，０００

FY2008Estimate（B）

７８２

５２９

９，５２０

１，９６１

１，５６９

１，１６５

１０，０５０

９０

６０６

９，３５３

９，９６０

FY2007Result（A）

▲６５Personnel

１０Other Revenues

５０Total Revenue

３１Capital Expense

Operating Profit

Ordinary Profit

Total Expenses

Other Expenses

(Details) Sales to Other Companies, etc

(Details) Electricity Sales

Sales Amount（Electric Utility Operating Revenue）

１８８

１７１

▲１２０

６９

３４

７

４０

Difference（B-A）

28

【Unit： hundred million yen 】2. Revenue and Expense (Non-consolidated)

3. Variables

１５,７２９

１５,２２４

FY2007 Result FY2008 Estimate

１６,０７０Consolidated

１５,５７０Non-consolidated

FY2007 Result

％

％

１．８８％End of FY

１．８１％Average

３３

１１

４

２４

２２

FY2007 Result（A）

３６

１２

４

２４

２２

FY2008 Estimate（B）

¥/$Exchange Rate$/bCrude Oil Prices

(All Japan CIF)％Water Flow Rate

％

％

Interest Rate

Nuclear Capacity Factor

29

【Unit： hundred million yen 】

4. Interest-bearing Debt 【Unit： hundred million yen 】

5. Interest Rate (Non-consolidated)

FY2007

　　７４６

　　１９７

　　５４９

　　５２６

　　　１４

　　　　９

Plan

１，２４０

　　　　４

１，２３６

　　２１２

　　４２６

　　５９８

　　１６３

　　４３５

　　４１１

　　　１５

　　　　９

Result

１，９７５

　　　　１

１，９７４

　　　６９

　　３８１

１，５２４

　　２３１

１，２９３

　　　１，２２４　　　

　　　６９

　　　　０

FY2008Plan

Subtotal

　　２１１Nuclear Fuel

Thermal

Nuclear

Subtotal

Expansion

１，４３１

　　　　２

１，４２９

　　４７２

Network and Others

Hydroelectric

Total

Incidental Businesses

Subtotal

Improvements

Power Source

30

6. Capital Expenditure (Non-consolidated) ［Unit：hundred million yen］

62.060.859.558.757.152.7％Single-family

Houses

816.8723.0640.7570.4513.8469.7Thousands of accounts

Electric Water Heater Contract Accounts (Total)

ApartmentHouses

The ratio of newly constructed Electrical Housing 35.132.730.428.426.525.5％

17.514.311.28.46.46.2％

18.7

34.4

64.0

37

18

55

2007Result

21.0

48.0

79.5

54

18

72

2008Plan

23.7

60.1

91.5

66

19

85

2009Plan

15.5

10.6

41.4

17

15

33

2005Result

16.8

21.1

53.0

28

16

44

2006Result

Ecocute 71.7〃

103.0Number of

Heater(thousand)

　Electric Water Heater

％

〃

〃

Number of Housing

(thousand)

単位

78Remodeled

The diffusion rate of Electric Water Heater

Newly constructed 20

98Completely Electrical

Housing

2010Plan

26.8

31

(Note) Total amounts may not agree due to rounding offRemodeled contains Completely Electrical Housing due only to replacement Water Heaters or Kitchen instruments.

Diffusion rate of Completely Electrical Housing and Electric Water Heater

・　None of the information on this document is intended to solicit of induce purchase or selling of the Company’s stocks. Moreover Chugoku Electric makes no guarantees whatever regarding the contents of this website.

・　Persons considering investment in the Company should without fail read in advance the stock and bond reports and other financial literature issued by the Company, and make decisions on their own judgment. Though great care is exercised in the preparation of such literature, Chugoku Electric and the other information providers shall not be liable in any manner for any loss whatever incurred as a result of erroneous information contained therein or in this document.

・　Items in Chugoku Electric’s current plans and strategies, etc., published on this document which are not yet historical fact are projections concerning future performance and as such involve factors of risk and uncertainty which means that actual performance in the future may differ to a large extent from projections published here. Therefore Chugoku Electric does not guarantee the reliability of such projections.

For Questions or Comments, Please Contact the Investor Relations Section at the Address Below：

　　　　　　　　　730-8701　　　　　　　　　　Hiroshima-Shi, Naka-ku, Komachi 4-33　　　　　　　　　　The Chugoku Electric Power Co., Inc.　　　　　　　　　　　 Corporate Planning Division　　　　　　　　　

　F A X ：　+81 82 523 6090　　　　　　　　　　　 E-mail：　[email protected]

Documents

Investors Meeting for FY 2007 Financial ... - energia.co.jp · of shares of Energia ... Other assets increased due to funding the reserve for reprocessing of irradiated nuclear fuel,