President’s message
To our shareholders and investors,
We extend our heartfelt gratitude for your loyal patronage and continuous support for the Kyuden Group.
For FY2023, we achieved an ordinary income of 238円.1 billion and a net income attributable to owners of the parent of 166円.4 billion. This marks a significant improvement from the previous year, driven by a shift from a loss to a gain in the effect of fuel price adjustment system, and a reduction in fuel costs due to increased nuclear power plant operations.
Looking ahead to FY2024, despite anticipated revenue growth, we project ordinary income to be 110円 billion and net income attributable to owners of the parent to be 80円 billion. These figures are lower than last year’s due to a decrease in gains on the fuel cost adjustment system from lower fuel prices and higher purchased electricity costs driven by increased wholesale market prices. Nevertheless, we plan to raise the dividend per share of common stock to 50 yen, reflecting our medium- and long-term earnings and financial outlook.
The Kyuden Group is accelerating its efforts to realize the Kyuden Group Management Vision 2030 across both the Domestic Electricity Business and Growth Businesses. We remain committed to ensuring a stable power supply, closely monitoring global developments, including those in Ukraine and the Middle East, which may impact fuel supply security.
To achieve "Carbon Negativity", we will intensify our efforts towards both low-carbon and decarbonization of power sources and the promotion of electrification.
Beyond our Domestic Electricity Business, we are broadening the scope of our initiatives and operational locations, demonstrating steady growth. We aim to further accelerate our growth by managing with a keen awareness of capital efficiency, utilizing ROIC (Return on Invested Capital).
To realize the direction set out in the Kyuden Group Management Vision 2030, we will continue to explore a new group structure and formulate a new management vision, considering recent changes in circumstances and the management environment from a long-term perspective. We will seize the changes in the energy industry landscape as an opportunity to enhance our corporate value sustainably.
We kindly ask for your ongoing understanding and cooperation.
July 2024
Kazuhiro Ikebe
President & Chief Executive Officer