Хочу предложить обсудить тему: Как происходящие в течение последних лет события (кризисы экономические и политические, катастрофы природные и техногенные) могут повлиять на риски компаний.
В том числе: на структуру рисков и оценку их влияния.
Для начала привожу риск-факторы, которые утверждены в известной наверное уже всем японской корпорации TEPCO (Tokyo Electric Power Company):
The forward-looking statements included below represent estimates as of the date of annoucement of FY2009 Financial Results.
(1) Failure in stable power supply could adversely affect our costs and reputation
The TEPCO Group is fully committed to a stable power supply. However, unforeseen factors such as natural disasters, accidents at facilities, terrorist activities and fuel procurement problems could cause severe power outages in our power network. Occurring significant restoration expenses will adversely affect the TEPCO Group's financial performances. In addition, such failures will severely damage our reputations as a leading utility and make our smooth business operations difficult.
(2) Lower utilization of nuclear power facilities may incur substantial costs
The TEPCO Group works to improve its capacity utilization rates at its nuclear power plants through enhancing nuclear power facilities reliability and plant operations quality. However, factors including natural disasters, problems at facilities and delays in periodic inspections could worse nuclear power plant capacity utilization ratios and then force us to increase thermal power generation. Incurring additional fuel expenses will cause an increase in overall power generation costs. Moreover, increased CO2 emissions could result in additional costs to us. These issues could affect the TEPCO Group's financial position and operating results.
In July 2007, the Niigataken Chuetsu-Oki Earthquake damaged Kashiwazaki-Kariwa Nuclear Power Station, causing multiple reactors to shut down. The status of restoration at these reactors could affect the TEPCO Group's performance.
(3) Nuclear fuel cycle system could require unexpected costs
Nuclear power generation, including nuclear fuel cycle services, is so important to secure stable power supply over the medium-to-long term and to prevent global warming that the TEPCO Group is committed to its safe and stable operations. On the other hand, operating nuclear power generation poses various risks. For example, reprocessing of irradiated nuclear fuel, disposal of radioactive waste and decommission of nuclear power plants and other nuclear-related facilities require substantial capital expenditures and longer periods for their facility constructions and operations.
Although governmental initiatives and supports for nuclear fuel cycle back-end operations have mitigated some of these risks, the TEPCO Group may face issues such as system revisions of the governmental supports, unexpected cost increases, difficult operating conditions at the Rokkasho Reprocessing Plant and other related facilities and unfavorable regulations on decommissioning of the Rokkasho Uranium Enrichment Plant. The TEPCO Group's financial position and operating results could be adversely affected by these possible factors.
(4) Securing Safety, Quality Control, and Preventing Environmental Pollution
The TEPCO Group works to secure safety, control quality and prevent environmental pollution. However, accidents, fatalities or large-scale emissions of pollutants into the environment resulting from incidents including operational errors or failure to comply with laws or internal regulations could damage public trust in the TEPCO Group and affect the smooth execution of Group operations.
(5) Corporate Ethics and Compliance
The TEPCO Group works to ensure compliance with corporate ethics during the execution of operations. However, violation of laws and regulations or other acts contrary to the TEPCO Group's corporate ethics could damage public trust in the TEPCO Group and affect the smooth execution of Group operations.
(6) Information Management
The TEPCO Group maintains information important to its operations, including a large volume of customer information. The Group strictly administers information through means including internal regulations and employee training. However, leaks of information could damage public trust in the TEPCO Group's ability to manage information and affect the smooth execution of Group operations.
(7) The TEPCO Group is subject to numerous industrial and environmental laws and regulations which can not only increase the TEPCO Group's cost of operations but also impact or limit the TEPCO Group's business plans or expose the TEPCO Group to environmental liabilities
Our businesses are subject to regulations under a wide variety of laws, regulations and policies. If industrial and environmental laws or regulations change and more stringent, then resulting changes in the TEPCO Group's business environment could adversely affect the TEPCO Group's financial position and operating results. Particularly, environmental regulations followed by substantial increases in the amount of renewable energy introduced could damage power stability in our power network and then adversely affect the TEPCO Group's business operations.
(8) Competition with Self-Generation and Other Forms of Energy
Competition with self-generation and other forms of energy is increasing in the electric power business. This competition could affect the TEPCO Group's results and financial condition.
(9) Failure in customer service management would hurt our marketing opportunities as well as reputation
The TEPCO Group is working hard to further improve customer service quality. However, if we fail to maintain and enhance our customer service management, resulting customers of dissatisfaction and distrust toward us will materially and adversely affect the TEPCO Group's business, financial position and operating results.
(10) Economic and Other Conditions
The volume of sales in the electric power business directly reflects economic and industrial activities and is subject to the influence of the economic environment. Moreover, demand for air conditioning and heating is subject to the influence of the weather, particularly in the summer and the winter. These issues could affect the TEPCO Group's results and financial condition.
(11) Movements in Financial Markets
The TEPCO Group holds domestic and foreign stocks and bonds in its pension plan assets and other portfolios. Changes in the value of these holdings due to issues including conditions in stock and bond markets could affect the TEPCO Group's results and financial condition. Moreover, issues including future interest rate movements affect the TEPCO Group's interest payments. However, any impact would be limited and short-term in nature because the TEPCO Group primarily procures long-term, fixed-rate funds.
(12) Price of Fuel for Thermal Power Generation
The prices for liquefied natural gas (LNG), crude oil, coal and other fuels for thermal power generation change according to factors including international market conditions and foreign exchange market movements, which could affect the TEPCO Group's results and financial condition. However, changes in fuel prices and foreign exchange markets are reflected in electricity rates through the fuel cost adjustment system, which reduces the impact on performance from fuel price fluctuations within a defined range.
(13) Business Other than Electric Power
The TEPCO Group is promoting new businesses to generate growth for the Group as a whole. Changes in the operating environment including competition with other participants in these businesses could potentially eliminate the benefits projected when the TEPCO Group invested in these businesses. This could affect the TEPCO Group's results and financial condition.
