July 31, 2024
Summary of the Settlement of
Accounts for FY2024 1st Quarter
(April 1 – June 30, 2024)
The Okinawa Electric Power Company, Inc.
The Okinawa Electric Power Company, Inc. 1The Okinawa Electric
Power Company, Inc.
Table of contents
Reference
Trends in Financial Indicators (Non-consolidated) 14
Trends in Financial Indicators (Consolidated) 15
Financial
Results
for FY2024
1Q YTD
Financial Results for FY2024 1Q YTD (Year-on-Year Comparison) 2
Trends in Electricity Sales Volume 3
Non-consolidated – Factors in Revenue and Expenditure Changes 4
Non-consolidated – Trends in Data and Effects of Changes 5
Consolidated – Factors in Revenue and Expenditure Changes 6
Balance Sheet Comparison 7
Financial
Outlook
for FY2024
Annual Outlook Summary 8
Non-consolidated – Revenue and Expenditure Forecasts, Factors in Changes I 9
Non-consolidated – Revenue and Expenditure Forecasts, Factors in Changes II 10
Non-consolidated – Trends in Data and Effects of Changes (Forecasts) 11
Consolidated – Revenue and Expenditure Forecasts, Factors in Changes 12
Outlook of Capex, Cash Flow and Interest-bearing Debt 13 2The Okinawa Electric
Power Company, Inc.
Financial Results for FY2024 1Q YTD
(Year-on-Year Comparison)
Financial Results for FY2024 1Q YTD
(Year-on-Year Comparison)
(Unit: million yen, X)
(A) / (B)
Non-consolidated (B)
Consolidated (A)
FY2024
1Q YTD
(Results)
FY2023
1Q YTD
(Results)
Rate of
Change
Change
FY2024
1Q YTD
(Results)
FY2023
1Q YTD
(Results)
Rate of
Change
Change
FY2024
1Q YTD
(Results)
FY2023
1Q YTD
(Results)1.041.04
-2.1%
-1,102
50,399
51,502
-2.5%
-1,324
52,453
53,778
Sales---3,104
-2,709
-5,813-2,701
-2,703
-5,405
Operating
income---3,148
-2,482
-5,631-2,619
-2,908
-5,528
Ordinary
income---3,155
-2,476
-5,632-2,758
-2,943
-5,701Netincome
* Net income attributable to owners of parent.*【Revenue】
Decrease in Fuel cost adjustment system due to lower fuel prices and decrease in Sold power to other
suppliers in Electric business.
【Expenditure】
Decrease in Fuel costs and Purchased power costs, Repair and maintenance costs in Electric business.
Consolidated and Non-consolidated : Decrease in Sales, Increase in Income for the first time in 4 years* 3
The Okinawa Electric
Power Company, Inc.
Trends in Electricity Sales Volume
Trends in Electricity Sales Volume
Rate of
Change
Change
FY2024
1Q YTD
(Results)
FY2023
1Q YTD
(Results)+5.9+34623589
Lighting+5.3+53
1,034981Power+5.5+87
1,657
1,570
Total
Electricity Sales Volume
(Unit: million kWh, %)
■しかく Power Generated and Received
(Unit: million kWh)
<Power Generated and Received>
• Power generated and received was 1,855 million kWh, up by
5.9%. *
• Electricity generated of OEPC’s Coal-fired thermal power was
down by 1.8%. *
• Electricity generated of OEPC’s Oil-fired thermal power was
down by 13.7%. *
• Electricity generated of OEPC’s LNG-fired thermal power was
up by 13.3%. *
*Comparison with the same period of the previous year.
Rate of
change
Change
FY2024 1Q YTD
FY2023 1Q YTDCom-position
ratio
Electricity
generatedCom-position
ratio
Electricity
generated
-1.8%-1132.9%61235.6%623CoalOEPC-13.7%-3511.9%22014.5%255Oil
+13.3%+5324.4%45222.8%399LNG
+0.5%+769.2%
1,284
72.9%
1,277
Total
+20.2%+9630.8%57127.1%475Other
+5.9%+103100.0%
1,855
100.0%
1,752
Total
<Lighting>
The demand for Lighting increased compared with Year-on-
Year due to the higher temperature compared with previous
year.
<Power >
The demand for Power increased compared with Year-on-
Year due to the higher temperature compared with previous
year and due to increase in demand from the water industry. 4The Okinawa Electric
Power Company, Inc.
Non-consolidated
– Factors in Revenue and Expenditure Changes
Non-consolidated
– Factors in Revenue and Expenditure Changes
(Unit: million yen)
Main factors in changes
Change
FY2024
1Q YTD
(Results)
FY2023
1Q YTD
(Results)
+1,888
40,238
38,349
Electricity sales
Ordinary
revenues
-2,872
10,903
13,775
Other income
(-1,102)
(50,399)
(51,502)
(Sales)-98351,141
52,125
Total+1084,225
4,116
Personnel costs
Ordinary
expenses
Quantity -728
Unit price -2,220 (Exchange rate +1,489 CIF -989 Initial inventories -2,720 )
-2,916
20,251
23,167
Fuel costs
Thermal -663 Internal combustion -418-8674,757
5,624
Repair and maintenance costs
Internal combustion +281 Thermal +94+4415,324
4,883
Depreciation costs
Thermal -3,358 Adjustment capability +650
Grant under Act on Purchase of Renewable Energy Sourced Electricity deduction +949
-1,964
10,315
12,280
Purchased power costs+31431399Interest expenses+661,836
1,770
Tax and other public charges
Non-current assets retirement costs +486 Business consignment expenses +167+9686,481
5,513
Other expenses
(-4,207)
(53,108)
(57,316)
(Operating expenses)
-4,132
53,624
57,756
Total
(+3,104)
(-2,709)
(-5,813)
(Operating income)
+3,148
-2,482
-5,631
Ordinary income
+3,148
-2,482
-5,631
Income before income taxes-6-50Income taxes
+3,155
-2,476
-5,632
Net income
Electricity sales volume +2,114 Increased unit price +14,298
Impact of lower fuel prices(Decrease in fuel cost adjustment)-16,684
Sold power to other suppliers -1,123 5The Okinawa Electric
Power Company, Inc.
(Unit:100 million yen)
■しかく Main Data
■しかく Effects of Changes
Change
FY2024 1Q YTD
(Results)
FY2023 1Q YTD
(Results)
+4.1%87.484.0
$/bbl
Crude oil CIF price
-18.5%
167.1
205.0$/tCoal CIF price *1
+13.4%
155.9
137.5
Yen/$
Exchange rate
FY2024 1Q YTD
(Results)
FY2023 1Q YTD
(Results)1.51.6
1$/bbl
Crude oil CIF price *2,30.40.51$/tCoal CIF price *21.31.7
1Yen/$
Exchange rate *20.70.61%Electric energy demand0.10.11%Interest rate
Non-consolidated
– Trends in Data and Effects of Changes
Non-consolidated
– Trends in Data and Effects of Changes
*2 Figures for effects of changes do not include data of Purchased power costs.
*3 Includes the effect of LNG.
*1 Our purchased prices. 6The Okinawa Electric
Power Company, Inc.
Other
Construction
Business
Electric
business
7,712
5,327
50,399
Sales
(-1,068)
(+849)
(-1,102)
(YoY change)
2,81071248,930
Sales to outside
customers out of total(-0)(-151)
(-1,172)
(YoY change)44-175
-2,709
Operating income
(-412)
(-92)
(+3,104)
(YoY change)
Rate of
Change
Change
FY2024
1Q YTD
(Results)
FY2023
1Q YTD
(Results)
-2.5%
-1,324
52,453
53,778
Sales-+2,701
-2,703
-5,405
Operating
income-+2,619
-2,908
-5,528
Ordinary
income-+2,758
-2,943
-5,701Netincome*
Consolidated
– Factors in Revenue and Expenditure Changes
Consolidated
– Factors in Revenue and Expenditure Changes
(Unit: million yen)
(Unit: million yen)
■しかく By Segment (before eliminating internal transactions)
By segment
■しかく In "Construction Business" segment, Sales increased
due to increase in internal construction work, despite
decrease in construction orders from private sector.
■しかく In "Other" segment, Sales decreased due to decrease in
internal construction work.
■しかく Sales : 52,453 (-1,324)
【 Factors for decrease】
• Decrease in Sales in Electric business.
■しかく Operating income : -2,703 (+2,701)
【 Factors for increase 】
• Decrease in Fuel costs in Electric business.
• Decrease in Purchased power costs in Electric business.
■しかく Ordinary income : -2,908 (+2,619)
■しかく Net income* : -2,943 (+2,758)
* Net income attributable to owners of parent. 7The Okinawa Electric
Power Company, Inc.
Change
FY2024
1QTerm end
FY2023
Term end
+25,848
321,729
295,880*1Interest-bearing debt (million yen)
+25,733
310,426
284,693*2-1.3 [ -1.3 ]
22.1 [ 25.1 ]
23.4 [ 26.4 ]*1Capital adequacy ratio (%)
[ After adjustments*4 ] -1.0 [ -1.1 ]
19.4 [ 22.6 ]
20.4 [ 23.7 ]*2Major factors for change
Change
FY2024
1QTerm end
FY2023
Term end
Capex +7,593 , Depreciation -5,853 ,
Loss on retirement of non-current assets -97
+15,216
513,887
498,671*1Assets
+11,255
469,586
458,330*2+2,231
420,892
418,660*1Non-current
assets +1,535
398,690
397,155*2+12,984
92,995
80,010*1Current assets
+9,720
70,895
61,175*2Interest-bearing debt +25,848
Bonds payable +5,000
Long-term loans payable +13,020
[ Borrowing +15,758 , Repayment -2,737 ]
CP +5,000
Short-term loans payable +2,828
+18,209
398,049
379,840*1Liabilities
+13,643
378,435
364,792*2+3,100
297,933
294,832*1Non-current
liabilities +2,960
283,389
280,429*2+15,108
100,116
85,007*1Current liabilities
+10,683
95,046
84,363*2Net income*3 -2,943 Dividend -272
-2,992
115,838
118,830*1Net assets
-2,388
91,150
93,538*2Reference: Interest-bearing debt and Capital adequacy ratio
(Unit: million yen)
*1 Consolidated.
*2 Non-consolidated.
*3 Net income attributable to owners of parent.
*4 Calculated with 50% of the 30,000 million yen of issued hybrid
corporate bonds as equity.
Balance Sheet Comparison
Balance Sheet Comparison 8The Okinawa Electric
Power Company, Inc.
Annual Outlook Summary
Annual Outlook Summary
(Unit: million yen, X)** Net income attributable to owners of parent.
(A) / (B)
Non-consolidated(B)
Consolidated(A)
FY2024
(Forecasts)
FY2023
(Results)
Change
(II) - (I)
FY2024 (Forecasts)
FY2023
(Results)
Change
(II) - (I)
FY2024 (Forecasts)
FY2023
(Results)
Announced
in Jul. 2024(II)Announced
in Apr. 2024(I)Announced
in Jul 2024(II)Announced
in Apr. 2024(I)1.061.05+4,700
218,100
213,400
225,609
+4,700
232,200
227,500
236,394
Sales1.313.39-6,200
6,200
1,027-8,100
8,100
3,481
Operating
income1.366.63-5,000
5,000387-
6,800
6,800
2,568
Ordinary
income1.251.99-4,000
4,000
1,200-5,000
5,000
2,391
Net income *
【Revenue】
Increase in sales due to increase in Electricity sales volume in Electric business.
【Expenditure】
Increase in expenses due to the impact of yen depreciation on Fuel costs and Purchased power costs in
Electric business.
[Comparison with previous forecasts (Apr.2024) ]
Consolidated and Non-consolidated : Decrease in Sales, Increase in Income for the first time in 4 years 9The Okinawa Electric
Power Company, Inc.
Non-consolidated – Revenue and Expenditure Forecasts,
Factors in Changes I 〔Comparison with previous forecasts (Apr.2024)〕
Non-consolidated – Revenue and Expenditure Forecasts,
Factors in Changes I 〔Comparison with previous forecasts (Apr.2024)〕
(Unit: million yen)
(Unit: million yen)
(Unit: million kWh)
■しかく Electricity Sales Volume
-0.5%
-1,000
184,000
185,000
Electricity sales
Ordinary
revenues
+20.2%
+5,900
35,100
29,200
Other income
(+2.2%)
(+4,700)
(218,100)
(213,400)
(Sales)
+2.3%
+4,900
219,100
214,200
Total
+1.2%+20017,000
16,800
Personnel costs
Ordinary
expenses
+2.6%
+2,100
81,700
79,600
Fuel costs--
21,000
21,000
Repair and maintenance costs
-0.9%-20021,500
21,700
Depreciation costs
+7.5%
+2,500
35,800
33,300
Purchased power costs
+5.6%+1001,900
1,800
Interest expenses--
7,800
7,800
Tax and other public charges
+0.7%+20027,400
27,200
Other expenses
(+2.3%)
(+4,700)
(211,900)
(207,200)
(Operating expenses)
+2.3%
+4,900
214,100
209,200
Total(-)(-)
(6,200)
(6,200)
(Operating income)--
5,000
5,000
Ordinary income--
1,000
1,000
Income taxes--
4,000
4,000
Net income
■しかく Revenue and Expenditure
Rate of
Change
Change
FY2024 (Forecasts)
July.2024
Apr.2024
+1.1%+302,769
2,739
Lighting
+1.1%+484,286
4,238
Power
+1.1%+787,055
6,977
Total
Sales : 218,100 (+4,700)
• Decrease in Electricity sales
Increase in income due to increase in electricity sales,
etc.(+3,200)
Discounts associated with electricity rate support measures
(Aug-Oct). (-4,200)
Ordinary income : 5,000 (No change)
Net income : 4,000 (No change)
Operating income : 6,200 (No change)
【Factors for increase】
・Increase in Sales
【Factors for decrease】
・Increase in expenses due to the impact of yen
depreciation on Fuel costs and Purchased power
costs.
• Increase in Other income
Increase in subsidies for electricity rate support
measures. (+4,200)
Increase in sold power to other suppliers and transmission
revenue. (+1,700) 10The Okinawa Electric
Power Company, Inc.
Non-consolidated – Revenue and Expenditure Forecasts,
Factors in Changes II 〔Comparison with FY2023 results〕
Non-consolidated – Revenue and Expenditure Forecasts,
Factors in Changes II 〔Comparison with FY2023 results〕
Rate of
Change
Change
FY2024
(Forecasts)
FY2023
(Results)
+2.0%+552,769
2,714
Lighting
+0.8%+354,286
4,251
Power
+1.3%+907,055
6,965
Total
(Unit: million yen)
(Unit: million kWh)
■しかく Electricity Sales Volume
+8.4%
+14,201
184,000
169,798
Electricity sales
Ordinary
revenues
-38.3%
-21,822
35,100
56,922
Other income
(-3.3%)
(-7,509)
(218,100)
(225,609)
(Sales)
-3.4%
-7,621
219,100
226,721
Total
-0.1%-1917,000
17,019
Personnel costs
Ordinary
expenses
-13.5%
-12,726
81,700
94,426
Fuel costs
+4.5%+89921,000
20,100
Repair and maintenance costs
+7.5%
+1,504
21,500
19,995
Depreciation costs
-11.1%
-4,469
35,800
40,269
Purchased power costs
+18.9%+3021,900
1,597
Interest expenses
+3.2%+2457,800
7,554
Tax and other public charges
+8.0%
+2,031
27,400
25,368
Other expenses
(-5.6%)
(-12,681)
(211,900)
(224,581)
(Operating expenses)
-5.4%
-12,234
214,100
226,334
Total
(+503.3%)
(+5,172)
(6,200)
(1,027)
(Operating income)-+4,612
5,000387Ordinary income-+1,813
1,000-813Income taxes
+233.2%
+2,799
4,000
1,200
Net income
■しかく Revenue and Expenditure
(Unit: million yen)
Sales : 218,100 (-7,509)
• Increase in Electricity sales
Increase due to incremental Electricity sales volume
and price revision(June 2023).
Decrease due to the Fuel cost adjustment system.
(Fall in fuel prices -26,000.
Decrease in discounts associated with electricity rate
support measures. +21,200)
• Decrease in Other income
Decrease in subsidies for electricity rate support
measures. (-21,200)
Operating income : 6,200 (+5,172)
【Factors for increase】
• Decrease in Fuel costs and Purchased power costs due
to lower fuel prices.
【Factors for decrease】
• Decrease in Depreciation costs and Other expenses
(Outsourcing costs, Waste disposal costs)
Ordinary income : 5,000 (+4,612)
Net income : 4,000 (+2,799) 11The Okinawa Electric
Power Company, Inc.
Non-consolidated
– Trends in Data and Effects of Changes (Forecasts)
Non-consolidated
– Trends in Data and Effects of Changes (Forecasts)
(Unit:100 million yen)
■しかく Main Data
■しかく Effects of Changes
*2 Figures for effects of changes do not include data of Purchased power costs.
*3 Includes the effect of LNG.
*1 Our Purchased prices.
FY2024(Forecasts)
FY2023
(Results) Jul.2024
Apr.20245.35.66.91$/bbl
Crude oil CIF price *2,32.21.91.81$/t
Coal CIF price *25.15.36.41Yen/$
Exchange rate *24.84.84.41%
Electric energy demand0.50.50.31%
Interest rate
FY2024(Forecasts)
FY2023
(Results) Jul.2024
Apr.202486.085.086.0$/bbl
Crude oil CIF price
154.0
160.0
192.5$/tCoal CIF price *1
156.0
146.0
144.6
Yen/$
Exchange rate 12The Okinawa Electric
Power Company, Inc.
■しかく Sales : 232,200 (+4,700)
• Decrease in Electricity sales in Electric business.
• Increase in Other income in Electric business.
■しかく Ordinary income : 6,800 (No change)
Change
FY2024 (Forecasts)
FY2023
(Results)(A)(C)-(B)
(C)-(A)
Jul.2024(C)Apr.2024(B)+4,700
-4,194
232,200
227,500
236,394
Sales-+4,618
8,100
8,100
3,481
Operating
income-+4,231
6,800
6,800
2,568
Ordinary
income-+2,608
5,000
5,000
2,391Netincome*
■しかく By Segment (before eliminating internal transactions)
■しかく Sales : (-4,194)
• Increase in Electricity sales in Electric business.
• Decrease in Other income in Electric business.
■しかく Ordinary income : (+4,231)
• Decrease in Fuel costs in Electric business.
• Decrease in Purchased power costs in Electric business.
(Unit: million yen)
Comparison with FY2023 results
Comparison with FY2023 results
* Net income attributable to owners of parent.
(Unit: million yen)
(Unit: million yen)
Other
Construction
business
Electric
Business
36,200
27,800
218,100
Sales
(+1,322)
(+3,182)
(-7,509)
(YoY change)
13,700
7,000
211,500
Sales to outside
customers out of total
(+1,790)
(+2,374)
(-8,359)
(YoY change)
2,400
2,500
6,200
Operating income
(+188)
(+1,491)
(+5,172)
(YoY change)
Comparison with previous forecasts(Apr.2024)
■しかく In "Construction business" segment, Operating income is
expected to increase due to increase in internal sales and
sales to outside customer.
■しかく In "Other" segment, Operating income is expected to
increase due to increase in Sales to outside customer,
despite decrease in internal sales.
Consolidated
– Factors in Revenue and Expenditure Changes
Consolidated
– Factors in Revenue and Expenditure Changes 13The Okinawa Electric
Power Company, Inc.
Outlook of Capex, Cash Flow and Interest-bearing Debt
Outlook of Capex, Cash Flow and Interest-bearing Debt
(Unit : million yen)
【Operating activities】 +5,072 million yen
【Investing activities】 -5,000 million yen
Increase in Purchase of non-current assets.
Accordingly, free cash-flow is expected to increase Year-on-Year.
Increase in income before income taxes.
Non-consolidated
Consolidated
Change
FY2024
(Forecasts)
FY2023
(Results)
Change
FY2024
(Forecasts)
FY2023
(Results)
+5,405
41,100
35,694
+6,720
43,400
36,679
Capital expenditure
+5,463
28,100
22,637
+5,072
30,700
25,628
Operating activitiesCF
-4,749
-34,000
-29,251
-5,000
-37,000
-32,000
Investing activities
(+714)
(-5,900)
(-6,614)
(+72)
(-6,300)
(-6,372)
(FCF)
-3,934
4,100
8,034
-5,343
4,200
9,543
Financing activities
+21,606
306,300
284,693
+21,819
317,700
295,880
Interest-bearing debt
outstanding 14The Okinawa Electric
Power Company, Inc.
[Reference]
Trends in Financial Indicators (Non-consolidated)20232022202120202019225,609
213,383
168,078
180,638
194,471
Million yen
Sales
1,027
-50,58246510,097
8,236
Million yen
Operating income
21,023
-32,088
23,211
31,583
29,929
Million yen
EBITDA387-50,2455008,939
7,321
Million yen
Ordinary income
1,200
-45,9346946,953
5,651
Million yen
Net income0.2-11.90.12.62.2%
ROA (Operating income/Assets)0.3-10.80.21.81.5%
ROA (Net income/Assets)20.4[23.7]20.8[24.2]34.136.336.8%
Capital adequacy [ After adjustments* ]
284,693
274,711
197,297
180,549
173,836
Million yen
Interest-bearing debt outstanding
458,330
441,260
407,311
391,496
373,941
Million yen
Total assets0.500.500.420.470.52X
Total assets turnover
93,538
91,786
138,984
142,180
137,558
Million yen
Shareholders' equity1.3-39.80.55.04.1%ROE0.5
-23.70.35.64.2%
Return on sales (Operating income/Sales)0.5-21.50.43.82.9%
Return on sales (Net income/Sales)3.042.991.421.271.26X
D/E ratio
* Calculated with 50% of the 30,000 million yen of issued hybrid corporate bonds as equity. 15The Okinawa Electric
Power Company, Inc.
[Reference]
Trends in Financial Indicators (Consolidated)
*1 Net income attributable to owners of parent.
*2 Calculated with 50% of the 30,000 million yen of issued hybrid corporate bonds as equity.
*3 Shareholders’ equity : Subtract ‘Non-controlling interests’ from ‘Net assets’20232022202120202019236,394
223,517
176,232
190,520
204,296
Million yen
Sales
3,481
-48,406
2,810
12,619
10,326
Million yen
Operating income
25,051
-28,468
26,384
34,966
32,711
Million yen
EBITDA
2,568
-48,799
2,717
11,335
9,311
Million yen
Ordinary income
2,391
-45,457
1,959
8,341
6,705
Million yen
Net income *10.7-10.40.63.02.6%
ROA (Operating income/Assets)0.5-9.80.42.01.7%
ROA (Net income/Assets)23.4[26.4]23.4[26.6]35.737.837.7%
Capital adequacy [ After adjustments*2 ]
295,880
284,227
205,423
187,335
180,838
Million yen
Interest-bearing debt outstanding
498,671
480,546
446,519
427,031
408,789
Million yen
Total assets0.480.480.400.460.51X
Total assets turnover
116,797
112,610
159,484
161,432
154,226
Million yen
Shareholders' equity *32.1-33.41.25.34.4%ROE1.5
-21.71.66.65.1%
Return on sales (Operating income/Sales)1.0-20.31.14.43.3%
Return on sales (Net income/Sales)2.532.521.291.161.17X
D/E ratio 16The Okinawa Electric
Power Company, Inc.
【Enquiries regarding this document】
Budget & Finance Group, Accounting & Finance Department
The Okinawa Electric Power Company, Inc.
TEL : +81-98-877-2341 FAX : +81-98-879-1317
Email : ir@okiden.co.jp
Statements regarding future performance included in this
document is based on calculations and predictions, and contain
potential risks and uncertainties.
Please be aware that future results may change in accordance
with changes in assumptions related to the management
environment and the like.