TOKYO (Reuters) - Tokyo Electric Power Co. reported a net loss of 15 billion dollars Friday to take account of the nuclear disaster, Fukushima, marking the biggest loss at the Japan by a non-financial and this company that has prompted the company to warn that its future is uncertain.
Many criticized the President, Masataka Shimizu, 66, has resigned to take responsibility for the worst nuclear crisis since Chernobyl in 1986, en route to an insider, Management Director Toshio Nishizawa, 60.
Engineers are struggling to plug leaks of radiation and make the plant northeast of Tokyo under control more than two months after an earthquake of magnitude 9.0 and deadly tsunami that devastated the coast of the Japan and tipped the economy into recession.
The disaster resulted in a decline of more than 80% in shares of Tokyo Electric and forced the company to seek aid as he struck compensation liabilities that some analysts say could top 100 billion.
Before speaking, Shimizu bowed to a press conference packed at the headquarters of the company in the capital. Nishizawa, who worked in the utility since 1975, was to his left.
"We believe, sorry for the victims of the earthquake of Earth and the tsunami". In "the same time we want to sincerely sorry for our nuclear reactors at Fukushima causing so much anxiety, worry, and disorder in society, the outgoing President said."
For the fiscal year ended March 31, the company, known as Tepco, posted a net loss of 1.25 billion yen (15 billion dollars) after taking into account for 1 billion yen of reactors at the complex Fukushima scrap and write off the coast of the tax asset.
Income figures were released after the close of the Tokyo Stock Exchange and represent an important milestone in the history of 60 years of the company.
Japan first Minister Naoto Kan and other lawmakers castigated Tepco for his handling of the disaster. At one point, Kan would have required company executives to tell him: "What the hell is password?"
Shimizu made public appearances in the two weeks that followed the disaster March 11, evoking criticism that TEPCO was missing as he fought to control the plant.
Shortly after, he was hospitalized with dizziness as the action of the Tepco prices plummeted and the company is diving near collapse.
THE UNCERTAINTY AND RISK
Nishizawa resumed at a time when even the company admits there is significant uncertainty whether she can continue as a permanent concern.
In addition to compensation claims and damage of tsunami quake, TEPCO expects other costs to include the 700 billion yen this year of the company to buy more gas and coal to replace the lost nuclear capacity.
Since the crisis, Tepco has been supported by banks who provides emergency loans. The Government has promised to help Tepco handle offset claims by thousands of homes and businesses forced to evacuate autour Fukushima plant due to radiation risks, although the issue is settled far.
"I feel a great weight of the responsibility to assume the post when we are in an unprecedented crisis, has never known in the history of the company," said Nishizawa.
"But I decided to take because I believe that it is my mission to challenge head-on this difficult situation."
Five years of the TEPCO credit default swaps has reached a record of 762 later basis points Thursday, either the equivalent of $762,000 to ensure $ 10 million of debt against default.
Gaps have tripled since the Chief Yukio Edano Government spokesman last week has suggested banks waive part of the Tepco debt, raising concerns, that the Government cannot support the society. Economy Minister Kaoru Yosano said banks should not be held responsible.
"There are conflicting comments from the Government today," said Takashi Hiroki, Chief Strategist at Monex Inc..
TEPCO, however, is the sole provider of power in Tokyo and some surrounding areas which represent 40% of the economy of the Japan, if the Government will be under pressure to keep the head of the company, analysts say.
Disaster Daiichi Fukushima represents less than 5 000 megawatts (MW) of overall production of the Tepco of 65,000 MW capacity.
"You can recapitalise as well the thing that is for the moment," said Ben Wedmore, MF Global FXA Securities Equity Research Director. "I think that at the end of June, the debt ratio would that there must be a plan to recapitalize". Otherwise the debt would be junk level, and banks would be unable to lend. ?
Parliament, discussed the plan to help the utility handle compensation. Kan is struggling with low support ratings and a feisty opposition which has the power to block legislation.
The compensation scheme would be funded with the money of taxpayers and the contributions of other operators of nuclear power, but it imposes no limit on the obligations of the Tepco of compensation, a factor likely to impede its finances for years and weigh on its credit rating.
"Even if a review of their organizational structure is important, that the more pressure is how the Government will structure their compensation plan", said Hiroki Shibata, an analyst at Standard & Poor ratings. "I see no immediate impact of the change of Presidents."
COMPENSATION
1.25 Billion yen loss revealed Friday than the deficit of 812 billion yen booked by utility greatest phone of Japan, Nippon Telegraph and Telephone, in the year to March 31, 2002 and the loss of 795 billion yen by the industrial conglomerate Hitachi Ltd.two years ago.
Only banks have had the biggest losses, with Mizuho Financial Group holds the record with a deficit of 2.4 billion yen eight years.
Face of so much uncertainty, Tepco did not offer orientation of revenues for the current year to March 2012.
TEPCO does not an estimate of the probable cost of compensation for all victims. Analysts forecast ranged from about 25 billion dollars up to $ 130 billion, if the crisis in the nuclear complex drags.
On Tuesday, TEPCO said it aims to complete the initial steps to limit the release of more radiation from the plant and to shut down its three reactors unstable in January 2012.
To raise funds, TEPCO said that it planned to sell the assets of 600 billion yen.
The largest gem in its asset portfolio is a set of 7.9% of KDDI, a telecommunications company which owns mobile telephone network for the No. 2 of the Japan. The issue is a value of 201 billion yen based on the Thursday closing price.
Other holdings stocks in companies not directly involved in its production company equivalent to a little more. TEPCO values of all the stocks in its books to 310 billion yen.
However most of its investments is locked in its infrastructure of production and transmission, with 60 per cent of 13 billion yen active on its balance sheet, explained by the Central nuclear and other capital assets.
Shares of Tepco closed up to 2.5 percent Yen 376, compared to a 0.1% fall in the Nikkei 225 benchmark index.
(Other reports by James Topham, written by Tim Kelly;) (Editing by Chris Gallagher and Neil Fullick)
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