Financial Results for 4/2011

Financial Results for 4/2011-
-3/2012
3/2012
May 11, 2012
May 11, 2012
■しかく
■しかく ■しかく
■しかく ■しかく
■しかく Table of Contents
Table of Contents ■しかく
■しかく ■しかく
■しかく ■しかく
■しかく
Financial Results and Forecasts Summary
FY2011 Financial Results Summary P 1
FY2012 Financial Results Forecasts and Dividend Forecasts P 2
FY2011 Financial Results
Electricity Sales Volume P 3
Generated and Received Electricity P 4
Income Statement Summary (Non-Consolidated) P 5
Explanation of Ordinary Revenue (Non-Consolidated) P 6
Explanation of Ordinary Expenses (Non-Consolidated) Fuel, Power Purchase P 7
Explanation of Ordinary Expenses (Non-Consolidated) Maintenance, Depreciation P 8
Explanation of Ordinary Expenses (Non-Consolidated) Labor, Others P 9
Balance Sheet Summary (Non-Consolidated) P10
Income Statement Summary (Consolidated) P11
Segment Information P12
Cash Flow Summary (Consolidated) P13
■しかく Financial Results and Forecasts Summary
■しかく
■しかく FY2011 Financial Results Summary
FY2011 Financial Results Summary ■しかく
■しかく1Consolidated (billions of yen, %)
FY2011 FY2010 Difference Change
Sales 1,508.0 1,486.0 22.0 101.5
Operating Income(Loss) -184.8 98.9 -283.7 -
Ordinary Income (Loss) -213.5 66.7 -280.2 -
(Extraordinary Losses) (-) (18.4) (-18.4) -
Net Income(Loss) -166.3 28.7 -195.1 -
Comprehensive income -163.2 19.5 -182.8 -
Non-Consolidated (billions of yen, %)
FY2011 FY2010 Difference Change
Sales 1,406.7 1,387.5 19.2 101.4
Operating Income(Loss) -195.7 85.0 -280.7 -
Ordinary Income (Loss) -228.5 54.1 -282.6 -
(Extraordinary Losses) (-) (18.3) (-18.3) -
Net Income(Loss) -174.9 20.4 -195.4 -98.9-184.866.7-213.528.7-166.3
1,508.0
1,486.0
1,150.0
1,250.0
1,350.0
1,450.0
1,550.0
FY2010 FY2011
(Bil.Yen)
-300.0
-150.00.0150.0
300.0
(Bil.Yen)
Operating income (right axis)
Ordinary income (right axis)
Net Income (right axis)
Sales (left axis)
-195.785.0-228.554.1-174.920.41,387.5 1,406.7
1,100.0
1,200.0
1,300.0
1,400.0
1,500.0
FY2010 FY2011
(Bil.Yen)
-300.0
-150.00.0150.0
300.0
(Bil.Yen)
Non-Consolidated
Note: As of the end of FY2011, 69 affiliates were subject to consolidated accounting.
Breakdown:
Consolidated subsidiaries: 39 companies (an increase of 3 companies from the end of FY2010: 4 new companies;
1 companies excluded)
Equity method companies: 30 companies (no change from the end of FY2010)
Summary:
On both a consolidated and non-consolidated basis, the ordinary profit-and-
loss was in the red. In the electricity business:
・Electricity sales increased due to an increase in charge unit prices due to the effect
of fuel cost adjustments and other factors while electricity sales volume decreased.
・Thermal fuel expenses and power purchase expenses increased due to the
influence of the deferred resumption of the operations of reactors of our nuclear
power stations and the rise of fuel prices.
Consolidated
■しかく
■しかく FY2012 Financial Results Forecasts and Dividend Forecasts
FY2012 Financial Results Forecasts and Dividend Forecasts ■しかく
■しかく2 [Results forecasts]
Financial results forecasts for FY2012 are undetermined given the difficulty of assessing
trend in electrical power supply and demand because it is still uncertain regarding the
schedule for the resumption of the operations of reactors of our nuclear power stations.
We will promptly inform you of our forecasts when it is possible for us to make them.
[Dividend forecasts] We determined the dividend of 50 yen per share applicable to FY2011 (30 yen interim
dividend paid and 20 yen year-end dividend) which we seek to shareholders' approval at the
shareholders' meeting as a part of the appropriation of profits.
We will announce dividends for FY2012 as soon as forecasts for financial results become
possible in the future.
■しかく FY2011 Financial Results
■しかく
■しかく Electricity Sales Volume
Electricity Sales Volume ■しかく
■しかく3
General demands decreased by 3.5% compared with the previous year due to an effect of our customers' power
savings and a decrease in the air-conditioning demand as the temperature in August through September was lower than
the previous year's level.
Large-scale industrial demands increased by 0.4% compared with the previous year mainly due to the increase in
production of Steel and Iron, Chemicals in first half in spite of the decrease in production of Electronics Machinery and
the effect of our customers' power savings.
Electricity Sales Volume (million-kWh、%)
Difference Change
29,990 -1,161 96.3
55,362 -961 98.3
85,352 -2,122 97.6
General 61,408 -2,228 96.5
Large-scale
Industrial
23,944 106 100.4
Actual
vs. FY2010
Lighting
Reposted
Power
Electricity Sales Total
[Ref.]Actual Electricity Sales Volumes (by sector)
(million-kWh、%)
Difference Change
29,990 -1,161 96.3
Low voltage 4,663 -240 95.1
Others 812 -33 96.0
35,465 -1,434 96.1
19,582 -682 96.6
30,305 -6 100.0
49,887 -688 98.6
85,352 -2,122 97.6
Total
Demand under
liberalization
Commercial
Industrial
Subtotal
Demand other
than under
liberalization
Lighting
Power
Subtotal
Actual
vs. FY2010
Large-scale industrial Demand by Secter
(million-kWh、%)
Difference Change
6,839 -45 99.3
(Reposted)
Electronics
4,733 -67 98.6
Transportation 1,605 34 102.2
2,365 97 104.2
2,631 50 101.9
1,004 28 102.9
1,861 -17 99.1
457 -8 98.3
2,311 32 101.4
6,476 -31 99.5
23,944 106 100.4
Others
Total
Chemicals
Clay and Stone
Non-ferrous Metals
Actual
vs. FY2010
Machinery
Steel and Iron
Pulps and Papers
Foodstuffs
■しかく
■しかく Generated and Received
Generated and Received Electricity
Electricity ■しかく
■しかく4Generated and Received Electricity (million-kWh、%)
Difference Change
4,760 709 117.5
(105.9) (15.9)
52,425 14,714 139.0
14,481 -22,894 38.7
(31.4) (-49.7)
1,367 -76 94.7
73,033 -7,547 90.6
19,167 3,459 122.0
(1,671) (215) (114.7)
1,326 1,397 -
-1,033 -255 132.7
92,493 -2,946 96.9
Actual
vs FY2010
(Utilization rate)Ownfacilities
Hydro
Thermal
New Energy
Nuclear
(Water flow rate)
Subtotal
From other companies
(New Energy [included above])
Interchange
For pumping
Total
"New Energy'' includes Solar, Wind, Biomass, Waste and Geothermal
Trends in Generated and Received Electricity
39,641 38,968 39,079
36,727
33,475 34,191
16,191
15,405 13,510
14,481
(15.7)
37,375
(39.2)
52,425
(56.7)
37,711
(39.5)
3,550
4,562
4,760
(5.1)
4,051
(4.2)
3,291
14,859
(15.6)
19,460
(21.0)
1,508
1,459
1,443(1.5)
1,367(1.5)020,000
40,000
60,000
80,000
100,000
FY2007 FY2008 FY2009 FY2010 FY2011
Nulear Thermal Hydro Power purchase, etc New Energy
(million‐kWh)81.199.776.131.484.884.685.890.0 105.981.120.040.060.080.0100.0
FY2007 FY2008 FY2009 FY2010 FY2011(%)Nuclear power
utilization rate
Water flow rate
※(注記) ( ) : Percentage of the year total
96,109 93,918 91,530 95,439 92,493
■しかく
■しかく Income Statement Summary (Non
Income Statement Summary (Non-
-Consolidated)
Consolidated) ■しかく
■しかく5( billions of yen, %)
FY2011 FY2010 Difference Change Explanations
Lighting 587.2 591.4 -4.2 99.3
Power 755.4 734.5 20.8 102.8
Other 71.7 70.9 0.7 101.1
(Sales) (1,406.7) (1,387.5) (19.2) (101.4)
Total 1,414.4 1,397.0 17.3 101.2
Labor 167.9 162.6 5.3 103.3
Fuel 520.2 284.8 235.4 182.6 Influence of deferred resumption of operations at nuclear power stations, 216.0
Power purchase 206.0 137.0 68.9 150.3 Influence of deferred resumption of operations at nuclear power stations, 51.0
Maintenance 176.0 175.9 - 100.0
Depreciation 202.1 197.9 4.1 102.1
Interest 32.2 32.1 0.1 100.4
Tax & public dues 84.8 89.3 -4.5 94.9 Nuclear fuel tax, -3.3
Nuclear Back-End* 30.7 47.2 -16.4 65.1
Reprocessing costs of irradiated nuclear fuel, -7.5;
Decommissioning costs of nuclear power plants, -4.4
Other 222.7 215.6 7.0 103.3 General contribution to Nuclear Damage Liability Faciliation Fund, 8.4
Total 1,642.9 1,342.9 300.0 122.3
(-195.7) (85.0) (-280.7) (-)
-228.5 54.1 -282.6 -
1.2 - 1.2 -
- 18.3 -18.3 - (FY2010 Effect due to appropriation for asset retirement obligations, 18.3)
-54.7 15.3 -70.1 -
-174.9 20.4 -195.4 -
(Operating Income(Loss))
Ordinary Income (Loss)
Reserve For Fluctuations
In Water Level
Extraordinary Losses
Net Income (Loss)
* : Nuclear back-end expenses consist of the following: Reprocessing costs of irradiated nuclear fuel, Reprocessing preparation costs of irradiated nuclear fuel, Decommissioning costs of nuclear power
plants, and Disposal costs of high-level radioactive waste.
Income taxes
Decrease in electricity sales volume, -33.0;
Rise in charge unit prices due to fuel cost adjustments and other factors, 44.0
Ordinary
Revenues
Ordinary
Expenses
(Key Fundamentals)
Exchange Rate 79 yen/$ 86 yen/$ -7 yen/$
Crude Oil CIF Prices 114 $/b 84 $/b 30 $/b
Water Flow Rate 105.9 % 90.0 % 15.9 %
Nuclear Power Generation
Capacity Utilization Rate 31.4 % 81.1 % -49.7 %
FY2011 FY2010 Difference
■しかく
■しかく Explanation of Ordinary Revenue (Non
Explanation of Ordinary Revenue (Non-
-Consolidated)
Consolidated) ■しかく
■しかく6<Explanations> Difference Difference
1. Decrease in electricity sales volume due to
decreased demand 3. Solar power production promotion subsidiaries
2. Rise in charge unit prices due to fuel cost
adjustments and other factors 44.0
Effect of fuel cost adjustments 51.3
-33.0 5.6
(billions of yen, %)
FY2011 FY2010 Difference Change
Lighting & Power 1,342.6 1,326.0 16.6 101.3
Lighting&Power
1,339.5
1,378.2
1,293.1
1,326.0 1,342.6
1,100.0
1,200.0
1,300.0
1,400.0
1,500.0
FY2007 FY2008 FY2009 FY2010 FY2011
(Bil.Yen)
[Ref.]Factors behind change in electricity sales volume (pro forma figures)
(billion-kWh)
FY2011 FY2010 Difference
General 61.5 63.7 -2.2
・effect of our customers' power savings
and etc
・Temperature effect
・effect of nunber of customers
・effect of leap year-1.7-0.80.20.1
Large-
scale
Industrial
23.9 23.8 0.1
・effect of our customers' power savings
and etc
・Increase in production of Steel andIron・effect of leap year-0.30.30.1Factors
■しかく
■しかく Explanation of Ordinary Expenses (Non
Explanation of Ordinary Expenses (Non-
-Consolidated)
Consolidated) ■しかく
■しかく
Fuel, Power
Fuel, Power Purchase
Purchase7<Explanations> Difference <Explanations> Difference
216.0 51.0
◆だいやまーく Thermal 237.0 27.024.02. Increase in solar power purchases 4.9
◆だいやまーく Nuclear
2. Rise in fuel prices 66.0
◆だいやまーく Effect of rise in fuel prices 81.0
◆だいやまーく Effect of exchange rate (high-yen)
3. Decrease in electricity sales volume -31.0
-15.0
-21.0
1. Influence of deferred resumption of operations
at nuclear power stations
1. Influence of deferred resumption of operations
at nuclear power stations
◆だいやまーく Increase in purchases of thermal power from
other companies
◆だいやまーく Accommodations from other power company
(billions of yen/%)
FY2011 FY2010 Difference Change
Fuel 520.2 284.8 235.4 182.6
Purchased power
123.2
149.9
113.6
137.0
206.050.0100.0
150.0
200.0
250.0
FY2007 FY2008 FY2009 FY2010 FY2011
(Bil.Yen)Fuel279.9 305.6
213.0
284.8
520.2
100.0
250.0
400.0
550.0
700.0
FY2007 FY2008 FY2009 FY2010 FY2011
(Bil.Yen)
(billions of yen/%)
FY2011 FY2010 Difference Change
Power
Purchase 206.0 137.0 68.9 150.3
Fuel costs and costs for power purchase increased due
to the influence of defferred resumption of operations at
nuclear power stations 267.0 Billions of Yen
[Ref.] Fuel consumption
FY2011 FY2010 Difference
LNG (thou. ton) 4,043 2,762 1,281
Crude oil (thou. kiloliter) 1,016 382 634
Heavy oil (thou. kiloliter) 873 317 556
Coal (thou. ton) 6,111 5,623 488
[Ref.] All Japan CIF prices
FY2011 FY2010 Difference
LNG ($/t) 820 587 233
Crude oil ($/b) 114 84 30
Coal ($/t) 143 114 29
[Ref.]Actual Purchases (billion-kWh、billions of yen)
FY2011 FY2010 Difference
Power Qty 0.40 0.28 0.12
Purchase Cost 17.7 12.8 4.9
■しかく
■しかく Explanation of Ordinary Expenses (Non
Explanation of Ordinary Expenses (Non-
-Consolidated)
Consolidated) ■しかく
■しかく
Maintenance, Depreciation
Maintenance, Depreciation8<Explanations> Difference FY2011 FY2010 <Explanations> Difference FY2011 FY2010
1.Thermal 2.6 ( 30.7 ← 28.0 ) 1.Transmission 2.8 ( 43.3 ← 40.4 )
2.Nuclear -1.1 ( 61.6 ← 62.8 ) 2.General 2.2 ( 15.5 ← 13.3 )
3.Transmission -1.0 ( 9.7 ← 10.7 )
(billions of yen/%)
FY2011 FY2010 Difference Change
Depreciation 202.1 197.9 4.1 102.1
Depreciation
197.3 195.2 196.7 197.9 202.150.0100.0
150.0
200.0
250.0
FY2007 FY2008 FY2009 FY2010 FY2011
(Bil.Yen)
(billions of yen/%)
FY2011 FY2010 Difference Change
Maintenance 176.0 175.9 - 100.0
Maintenance
197.8 195.1
175.9 176.0
184.950.0100.0
150.0
200.0
250.0
FY2007 FY2008 FY2009 FY2010 FY2011
(Bil.Yen)
■しかく
■しかく Explanation of Ordinary Expenses (Non
Explanation of Ordinary Expenses (Non-
-Consolidated)
Consolidated) ■しかく
■しかく
Labor
Labor, Others
, Others9<Explanations> FY2011 FY2010 <Explanations> FY2011 FY2010
Employee retirement benefits 4.8 ( 24.8 ← 19.9 ) 1. Nuclear back-end -16.4 ( 30.7 ← 47.2 )
◆だいやまーく Amortization cost of
actuarial differences
5.1 ( 8.2 ← 3.1 )
◆だいやまーくReprocessing costs of irradiated
nuclear fuel
-7.5 ( 19.3 ← 26.8 )
◆だいやまーく Decommissioning costs of
nuclear power plants
-4.4 ( 3.1 ← 7.5 )
2. Taxes & public dues -4.5 ( 84.8 ← 89.3 )
◆だいやまーく Nuclear fuel tax -3.3 ( − ← 3.3 )
3. General contribution to Nuclear
Damage Liability Faciliation Fund8.4Note: Others consists of interest, taxes & public dues, nuclear
back-end, and other
Difference Difference
(billions of yen/%)
FY2011 FY2010 Difference Change
Labor 167.9 162.6 5.3 103.3
Others
417.6 413.1 405.6
384.4
370.5
300.0
350.0
400.0
450.0
500.0
FY2007 FY2008 FY2009 FY2010 FY2011
(Bil.Yen)
Labor
138.3 136.7
172.7
162.6 167.950.0100.0
150.0
200.0
250.0
FY2007 FY2008 FY2009 FY2010 FY2011
(Bil.Yen)
(billions of yen/%)
FY2011 FY2010 Difference Change
Others 370.5 384.4 -13.8 96.4
[Ref.]Actuarial Differences (billions of yen)
Amount Amortized Difference
FY2011(A) FY2010(B) (A-B)
FY2005 -29.5 - -5.9 5.9
FY2006 -7.0 -1.4 -1.4 -
FY2007 33.2 6.6 6.6 -
FY2008 57.0 11.4 11.4 -
FY2009 -38.1 -7.6 -7.6 -
FY2010 -3.6 -0.7 - -0.7
Total 8.2 3.1 5.1
AmountYear■しかく
■しかく Balance Sheet Summary (Non
Balance Sheet Summary (Non-
-Consolidated)
Consolidated) ■しかく
■しかく10【Assets】 (billions of yen)
Mar. 31,2012Mar. 31,2011Difference Explanations
Utility Property, Plant,
and Equipment
2,528.9 2,520.8 8.0
Construction completed, 221.1;
Depreciation, -202.2
Investments
& Other Assets
650.9 581.1 69.8
Deferred tax assets, 43.5;
Reserve fund for reprocessing of irradiated nuclear fuel, 23.0
Others 931.1 788.8 142.2
Cash & cash equivalents・Short term investment, 146.8
(Mar.31,2012 231.9 ← Mar.31,2011 85.1)
Total 4,110.9 3,890.8 220.0
【Liabilities & Equity】 (billions of yen)
Mar. 31,2012Mar. 31,2011Difference Explanations
Interest-bearing Debt 2,360.1 1,968.1 391.9
Other Liabilities 984.1 955.2 28.9
Accounts payable, 42.7;
Reserve for reprocessing of irradiated nuclear fuel, -12.5
Equity 766.7 967.5 -200.8
FY2011 net income, -174.9; Dividends, -28.3
[Equity Ratio]Mar. 31,2012 18.7% ← Mar. 31,2011 24.9%
Total 4,110.9 3,890.8 220.0
Mar. 31,2012Mar. 31,2011Bonds 1,192.6 1,342.6 -150.0
Loans 1,167.5 595.5 571.9
CP(Net increase) - 30.0 -30.0
Total 2,360.1 1,968.1 391.9
Difference
Balance
■しかく
■しかく Income Statement Summary (Consolidated)
Income Statement Summary (Consolidated) ■しかく
■しかく11(billions of yen/%)
FY2011 FY2010 Difference Change
Electric 1,367.6 1,354.2 13.4 101.0
Other 140.4 131.8 8.5 106.5
1,508.0 1,486.0 22.0 101.5 ( 1.07 )
13.9 12.2 1.6 113.8
1,521.9 1,498.2 23.6 101.6
Electric 1,562.0 1,261.4 300.6 123.8
Other 130.8 125.7 5.1 104.1
1,692.9 1,387.1 305.7 122.0
42.5 44.3 -1.7 96.0
1,735.5 1,431.5 303.9 121.2
(-184.8) (98.9) (-283.7) (-) ( − )
-213.5 66.7 -280.2 - ( − )
1.2 - 1.2 -
- 18.4 -18.4 -
-166.3 28.7 -195.1 - ( − )
-163.2 19.5 -182.8 -
Extraordinary Loss
(Operating Income (Loss))
Ordinary Income (Loss)
Total
Total
Ordinary
Expenses
Ordinary
Revenues
Operating Revenues (Sales)
Other Revenues
Operating Expenses
Comprehensive Income (Loss)
Net Income (Loss)
Reserve For Fluctuations In Water Level
Other Expenses
FY2011
Consolidated
Ratio
■しかく
■しかく Segment Information
Segment Information ■しかく
■しかく12(billions of yen)
1,369.5 164.5 96.9 27.3 1,658.3 -150.2 1,508.0
(13.2) (6.5) (0.7) (1.2) (21.7) (0.2) (22.0)
1,367.6 67.0 61.1 12.2 1,508.0 - 1,508.0
(13.4) (7.2) (0.2) (1.0) (22.0) (-) (22.0)
-199.9 4.7 6.6 3.1 -185.4 0.5 -184.8
(-286.5) (1.7) (0.1) (-0.2) (-284.9) (1.1) (-283.7)
3,962.3 312.3 146.2 155.2 4,576.2 -148.1 4,428.0
(221.3) (11.3) (-1.6) (0.3) (231.3) (11.2) (242.6)
193.8 20.2 21.4 11.6 247.1 -3.2 243.9
(-34.9) (13.7) (-2.2) (4.0) (-19.3) (1.4) (-17.8)
Note: Figures in parentheses denote change from fiscal 2010
Operating Income
Sales to
Customers
Capital Expenditures
Segment Assets
Consolidated
Sales
IT and
Telecommunications
Other Subtotal
Eliminations/
corporate
Electric Power
Energy-related
business
Summary of Financial Results:
[Energy-related business:]
Sales increased due to increase in the selling price of gas, sales and operating income increased due to
decreased depreciation.
[IT and Telecommunications:]
Sales and operating income increased due to increase in sales of data transmission services for mobile
phone operators.
[Others:]
Sales increased due to an effect of newly consolidated subsidiaries.
Operating income decreased due to increase in repair costs of rental buildings.
■しかく
■しかく Cash Flow Summary (Consolidated)
Cash Flow Summary (Consolidated) ■しかく
■しかく13(billions of yen)
FY2011 FY2010 Difference Explanations
16.9 301.3 -284.4
Decrease due to increase in payments for
fuel costs, -265.5
-228.2 -296.0 67.7
Payment and collection for investments and
other, 53.3 (Reposting of capital expenditures
including nuclear fuel)
(-229.3) (-243.7) (14.3)
363.3 52.9 310.3
Increase in fund-raising due to decrease in
operating cash flows, etc.(Change in
interest-bearing debt:), 309.1
(FY2011 393.8 ← FY2010 84.6)
151.9 57.8 94.1
-212.4 57.5 -270.0
*Free cash flows = Cash flows from operating activities - Capital expenditures including nuclear fuel
Free cash flows
Cash flows from financing activities
Cash flows from operating activities
Cash flows from investing activities
Change in cash & cash equivalents
※(注記)
For more information, please contact:
For more information, please contact:
Investor Relations Group
Investor Relations Group
Corporate Planning Division
Corporate Planning Division
KYUSHU ELECTRIC POWER CO.,INC.
KYUSHU ELECTRIC POWER CO.,INC.
Telephone : +81 92 726 1575
Telephone : +81 92 726 1575
Facsimile : +81 92 733 1435
Facsimile : +81 92 733 1435
URL : http://
URL : http://www.kyuden.co.jp/en_ir_index
www.kyuden.co.jp/en_ir_index