The 3rd Quarter of the Fiscal Year Ending March 31, 2013 Financial Results Overview 〔Japan GAAP〕(Consolidated)
Kyushu Electric Power Co., Inc.
Stock code: 9508 URL: http://www.kyuden.co.jp/en_index.html
Representative: Mr. Michiaki Uriu, President
Contact: Investor Relations Group, Corporate Planning Division. Tel: +81-92-726-1575
Quarterly financial report submission date (plan): February 12, 2013
Date to start dividend payments: −
Preparation of supplementary materials for quarterly financial results: Yes
Information meeting for quarterly financial results: No
(Rounded dow n to the nearest million yen)
1. Consolidated Financial Results for the Nine Months (April 1, 2012 to December 31, 2012)
(1) Consolidated Operational Results (% show s the changes from the same quarter period of the previous FY)
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%)
April 1, 2012 - December 31, 2012 1,132,670 3.5 -209,628 ― -233,151 ―
April 1, 2011 - December 31, 2011 1,094,666 1.2 -86,236 ― -106,350 ―
(Note) Comprehensive income : FY2012 3Q -232,089 million yen (―%) FY2011 3Q -94,404 million yen (―%)
(Unit: million yen) (%)
April 1, 2012 - December 31, 2012 -234,735 ― -496.33
April 1, 2011 - December 31, 2011 -90,510 ― -191.36
(2) Consolidated Financial Position
(Reference) Shareholders' equity: As of December 31, 2012 : 628,638 million yen As of March 31, 2012: 870,396 million yen
2. Dividends
(Note) Revision of the devidend forecast : No
3. Forecasts for Consolidated Financial Results for FY2012 (April 1, 2012 to March 31, 2013)
(% show s the changes from the same financial period of the previous FY)
(Note) Revision of the financial forecast : No――
Stock listed on: Tokyo SE, Osaka SE, Fukuoka SE
Sales Operating income Ordinary income
Net income EPS Fully-diluted EPS
(Unit: yen)
(Unit: yen)
(Record date) 1Q 2Q 3Q Year-end Total
(Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen)
FY2011 ― 30.00 ― 20.00 50.00
FY2012 ― 0.00 ―
FY2012(forecast) 0.00 0.00
Annual dividends per share
Total assets Net assets Shareholders' equity ratio
(Unit: million yen) (Unit: million yen) (%)
As of December 31, 2012 4,331,978 646,524 14.5
As of March 31, 2012 4,428,093 888,131 19.7EPS(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: yen)
1,550,000 2.8 -335,000 − -370,000 − -365,000 − -771.76
Full-year
Net income
Sales Operating income Ordinary income
※(注記) Note
(1)Changes in significant subsidiaries (changes in scope of consolidated subsidiaries) : No
Newly added: 0 Excluded: 0
(2) Adoption of methods specific in preparing quarterly consolidated financial statements in accounting practice : No
(3) Changes in accounting principles, changes in accounting estimates, restatement
1 Changes in accounting principles in line with revised accounting standards : Yes
2 Changes in accounting principles other than 1 : No
3 Changes in accounting estimates : Yes
4 Restatement : No
(Note) It corresponds when it is difficult to distinguish Changes in accounting principles from Changes in accounting estimates.
estimates, restatement " of Attached Material.
(4) Number of common stocks issued and outstanding
1 Total stocks including treasury stocks FY2012 3Q: 474,183,951 shares FY2011: 474,183,951 shares
2 Treasury stocks FY2012 3Q: 1,244,158 shares FY2011: 1,236,366 shares
3 Average number of shares during the period FY2012 3Q: 472,942,746 shares FY2011 3Q: 472,973,897 shares
*Notes on implementation status of quarterly review procedure
This financial results overview is not the object of quarterly review procedure based on Financial Instruments and Exchange Act,
and at the time of this disclosure, quarterly review procedure of quarterly consolidated financial reports based on Financial Instruments and Exchange Act is under implementation.
*Notes on the proper use of the forecasts
Looking-forward statements are based on information available at the date of the release of this document. Due to various factors, the actual result may differ from these statements.
For details, please refer to Page4 "2. Summary Information(Note), Changes in accounting Principles, changes in accounting
(Reference) Non-consolidated Financial Forecast for FY2012 (April 1, 2012 to March 31, 2013)
(% show s the changes from the same financial period of the previous FY)
(Note) Revision of the financial forecast : NoEPS(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: yen)
1,450,000 3.1 -335,000 − -370,000 − -365,000 − -771.27
Sales Operating income Ordinary income
Full-year
Net income
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2012 3Q
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○しろまる Table of Contents of Attached Material
1. Qualitative Information regarding Quarterly Financial Results ・・・・・・・・・・・・・ 2
(1) Qualitative information regarding consolidated business performance ・・・・・・・・・ 2
(2) Qualitative information regarding forecasts for the consolidated operating performance ・・ 4
2. Summary Information ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 4
Changes in accounting principles, changes in accounting estimates, restatements・・・・・・ 4
3. Quarterly Consolidated Financial Statements ・・・・・・・・・・・・・・・・・・・・ 5
(1) Quarterly Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・ 5
(2) Quarterly Consolidated Income Statements and Quarterly Consolidated Comprehensive Income
Statements・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 7
(3) Notes on the premise of going concern ・・・・・・・・・・・・・・・・・・・・・ 9
(4) Notes in case of drastic changes in the amount of equity ・・・・・・・・・・・・・・ 9
4. Supplementary Information ・・・・・・・・・・・・・・・・・・・・・・・・・・・ 10
(1) Income and Expenditure (Non-consolidated) ・・・・・・・・・・・・・・・・・・・ 10
(2) Information regarding consolidated financial condition ・・・・・・・・・・・・・・・ 11
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2012 3Q
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1. Qualitative Information regarding Quarterly Financial Results
(1) Qualitative information regarding consolidated business performance
The Japanese economic in this period (April-December, 2012) appears to be slow recovery recently due to slowdown
of global economy in spite of having gradually recovered as demand related to reconstruction efforts. In the economy in
Kyushu, the recovery has been leveling-off as a whole because of continuing the underlying strength of individual
consumption in spite of the decrease in export and production.
The Kyushu Electric Power Group is making maximum efforts to secure alternative power sources such as thermal
power and asking for the cooperation of its customers by reducing their electricity consumption because power supplies
forecast is tight due to the ongoing shutdown of operation at all nuclear power stations.
1 Revenue and Expenditure
Under these economic conditions, on the revenue side, consolidated sales (operating revenues) increased by 3.5% to
1,132円.6 billion compared with the 3Q of FY2011 and the ordinary revenues increased by 3.3% to 1,141円.1 billion
affected by the business performances in electricity business as charge unit price increased mainly due to the effect of
fuel cost adjustment system while electricity sales volume decreased.
On the expenditure side, ordinary expenses increased by 13.4% to 1,374円.3 billion affected by the business
performances in electricity business as thermal fuel costs and costs for power purchases drastically increased due to the
influence of the shutdown of operations at our nuclear power stations while we are making maximum efforts to advance
management rationalization and improve revenue and expenditure.
As a result, the ordinary loss for the 3Q of FY2012 was 233円.1 billion and the net loss was 234円.7 billion.
2 Sales and Supply Overview
The demand for electric light, power for commercial operations and other general demands decreased by 1.4%
compared with the 3Q of the previous year mainly due to an effect of our customers’ power savings and a decrease in
the air-conditioning demand as the temperature in June through July was lower than the previous year’s level. The
power demand from large industrial customers decreased by 1.0% compared with the 3Q of the previous year mainly
due to the decrease in production of Electric Machinery and the effect of power saving in spite of the increase in
production of Steel and Iron.
Consequently, the total electricity sales for the 3Q of FY2012 decreased by 1.3% to 61.83 billion kWh.
Electricity Sales Volume
(Unit: million kWh, %)
FY2012 3Q FY2011 3Q Difference Change
(A) (B) (A-B) (A/B)
Lighting 20,636 20,757 -121 99.4
Power 41,196 41,903 -707 98.3
Electricity Sales Total 61,832 62,660 -828 98.7
Customers other than
large-scale industrial
43,750 44,391 -641 98.6
(Figures are
included
above)
Large-scale industrial
customers
18,082 18,269 -187 99.0
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2012 3Q
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On the supply side, under the influence of the shutdown of the operations of our nuclear power stations, we have
provided supply of electricity to our customers by increasing own thermal generation and electricity received from other
companies.
Generated and Received Electricity
(Unit: million kWh, %)
(Note) "New Energy" includes Solar, Wind, Biomass, Waste and Geothermal.
FY2012 3Q FY2011 3Q Difference Change
(A) (B) (A-B) (A/B)
Hydro 3,900 3,860 40 101.0
(Water flow rate) (112.2) (103.1) (9.1)
Thermal 45,012 35,814 9,198 125.7
Nuclear − 14,481 -14,481 −
(Utilization rate) (−) (41.7) (-41.7)
New Energy 1,030 1,012 18 101.8Ownfacilities
Subtotal 49,942 55,167 -5,225 90.5
From other companies
(New Energy [included above])
15,878
(1,463)
13,396
(1,250)
2,482
(213)
118.5
(117.0)
Interchange 2,087 739 1,348 282.6
For pumping -589 -906 317 65.0
Total 67,318 68,396 -1,078 98.4
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2012 3Q
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(2) Qualitative information regarding forecasts for the consolidated operating performance
There is no change about financial forecasts for FY2012 from the numbers announced in November 2012.
2. Summary Information (Notes)
Changes in accounting principles, changes in accounting estimates, restatements
(Changes in accounting principles that are difficult to distinguish from changes in accounting estimates)
The Kyushu Electric Power Group posted depreciation by applying the depreciation method based on the revised
Corporation Tax Act to tangible fixed assets newly acquired on or after April 1, 2012 beginning with the first quarter of
the current fiscal year, following the revision of the Corporation Tax Act.
The effect of this application was a decrease of 633円 million in depreciation and a decrease of the same amount in
both ordinary loss and Loss before Income Taxes and Minority Interests in income in comparison to the previous
method.
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2012 3Q
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3. Quarterly Consolidated Financial Statements
(1) Quarterly Consolidated Balance Sheets
As of December 31, 2012
Assets
Fixed Assets 3,894,665 3,843,141
Utility property, plant and equipment 2,494,171 2,419,404
Hydro 332,652 322,495
Thermal 199,503 187,734
Nuclear 242,824 227,872
Internal combustion 19,358 18,586
New energy power production facilities 15,202 13,887
Transmission 690,539 672,104
Transformation 237,025 229,605
Distribution 617,804 613,687
General 132,516 126,749
Other 6,743 6,679
Other fixed assets 318,204 305,607
Construction in progress 184,857 203,930
Construction and retirement in progress 184,857 203,930
Nuclear fuel 267,124 279,779
Loaded nuclear fuel 84,008 84,103
Nuclear fuel in processing 183,115 195,675
Investments and other assets 630,309 634,419
Long-term investments 127,915 128,603
Reserve for reprocessing of irradiated nuclear fuel 220,293 223,207
Deferred tax assets 178,753 178,490
Other assets 104,330 105,086
Allowance for doubtful accounts -984 -968
Current Assets 533,427 488,837
Cash and cash equivalent 168,283 222,164
Trade notes and accounts receivable 115,213 121,393
Inventories at average cost 77,908 69,540
Deferred tax assets 28,202 30,816
Other current assets 144,647 45,780
Allowance for doubtful accounts -827 -857
Assets Total 4,428,093 4,331,978
(Unit: million yen)
As of March 31, 2012
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2012 3Q
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As of December 31, 2012
Liabilities
Long-term Liabilities 2,957,548 3,099,611
Bonds 1,072,256 1,008,390
Long-term loans 1,109,344 1,316,717
Accrued retirement benefits 153,850 161,803
Reserve for reprocessing of irradiated nuclear fuel 334,000 323,894
Reserve for preparation of reprocessing of irradiated nuclear fuel 24,651 25,390
Asset retirement obligations 211,989 215,423
Deferred tax liabilities 10 6
Other fixed liabilities 51,444 47,984
Current Liabilities 581,197 582,397
Current portion of long-term debt 192,379 252,753
Short-term borrowings 118,000 115,222
Notes and accounts payable 93,337 89,971
Income tax payable 17,602 13,069
Deferred tax liabilities 100 110
Other current liabilities 159,776 111,270
Reserves under the special law 1,216 3,444
Reserve for fluctuation in water levels 1,216 3,444
Liabilities Total 3,539,962 3,685,453
Net Assets
Shareholders’ Equity 860,151 615,944
Common stock 237,304 237,304
Additional paid-in capital 31,133 31,130
Retained earnings 594,080 349,879
Treasury stock -2,366 -2,370
Accumulated other comprehensive income 10,245 12,694
Unrealized gain on other securities 12,331 13,163
Gain on deferred hedge -179 1,417
Foreign currency translation adjustments -1,907 -1,886
Minority Interests 17,735 17,885
Net Assets Total 888,131 646,524
Liabilities and Net Assets Total 4,428,093 4,331,978
As of March 31, 2012
(Unit: million yen)
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2012 3Q
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(2) Quarterly Consolidated Income Statements and Quarterly Consolidated Comprehensive Income Statements
(Quarterly Consolidated Income Statements) April 1, 2011-
December 31, 2011
April 1, 2012-
December 31, 2012
Operating Revenues 1,094,666 1,132,670
Electricity 997,892 1,036,094
Other 96,773 96,576
Operating Expenses 1,180,903 1,342,299
Electricity 1,092,608 1,252,598
Other 88,294 89,701
Operating Income(Loss) -86,236 -209,628
Other Revenues 10,595 8,526
Proceed from dividends 2,855 2,376
Proceed from interests 2,554 2,784
Equity in earnings of affiliates 48 427
Gains incurred from negative goodwill 2,591 ‐
Other 2,545 2,937
Other Expenses 30,709 32,049
Interest expenses 25,142 27,681
Other 5,566 4,367
Total Ordinary Revenues 1,105,262 1,141,197
Total Ordinary Expenses 1,211,612 1,374,348
Ordinary Income(Loss) -106,350 -233,151
44 2,228
Provision of reserve fluctuation in water levels 44 2,228
-106,395 -235,380
Income Taxes 2,722 2,644
Income Taxes-Deferred -18,909 -3,490
Income Taxes Total -16,186 -846
Income(Loss) before Minority Interests -90,208 -234,533
Minority Interests 301 201
Net Income(Loss) -90,510 -234,735
(Unit: million yen)
Provision or reversal of reserve fluctuation in water levels
Income(Loss) before Income Taxes and Minority
Interests in income
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2012 3Q
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(Quarterly Consolidated Comprehensive Income Statements) April 1, 2011-
December 31, 2011
April 1, 2012-
December 31, 2012
Net Income(Loss) before Minority Interests -90,208 -234,533
Other comprehensive income
Unrealized gain on other securities -2,185 810
Gain on deferred hedge -1,599 1,600
Foreign currency translation adjustments 892 -221
Equity in equity method companies -1,303 254
Total other comprehensive income -4,196 2,444
Comprehensive income -94,404 -232,089
Comprehensive income related to
Comprehensive income related to parent company
shareholders -94,698 -232,286
Comprehensive income related to minority
interests 293 197
(Unit: million yen)
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2012 3Q
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(3) Notes on the premise of going concernN/A(4) Notes in case of drastic changes in the amount of equityN/A Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2012 3Q
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4. Supplementary Information
(1) Income and Expenditure (Non-consolidated)
(Unit: 100 million yen, %)
FY2012 3Q FY2011 3Q Difference Change Composition Ratio
(A) (B) (A-B) (A/B) FY2012 3Q FY2011 3Q
Lighting 4,196 4,089 107 102.6 39.2 39.7
Power 5,856 5,701 154 102.7 54.6 55.3
(Subtotal) (10,052) (9,790) (261) (102.7) (93.8) (95.0)
Other 667 520 147 128.3 6.2 5.0
[Sales] [10,661] [10,249] [411] [104.0] [99.5] [99.4]
Ordinary
Revenues
Total 10,720 10,311 409 104.0 100.0 100.0
Labor 1,200 1,259 -59 95.3 9.2 11.0
Fuel 4,953 3,441 1,512 143.9 37.9 30.0
Power purchase 2,055 1,391 663 147.7 15.7 12.1
Maintenance 1,041 1,319 -278 78.9 8.0 11.5
Depreciation 1,362 1,513 -150 90.1 10.4 13.2
Interest 265 238 26 111.3 2.0 2.1
Tax & public dues 646 655 -9 98.6 4.9 5.7
Nuclear back-end 149 259 -109 57.8 1.1 2.2
Other 1,413 1,400 13 101.0 10.8 12.2
Ordinary
Expenses
Total 13,088 11,479 1,609 114.0 100.0 100.0
[Operating Income(Loss)] [-2,122] [-938] [-1,183] [−]
Ordinary Income(Loss) -2,368 -1,167 -1,200 −
Reserve for fluctuation in water levels 22 − 21 −
Income(Loss) before
income taxes
-2,390 -1,167 -1,222 −
Income taxes -18 -205 187 −
Net Income(Loss) -2,371 -961 -1,409 −
(Note) Nuclear back-end expenses include the costs below:
-Costs for reprocessing of irradiated nuclear fuel
-Costs for preparation of reprocessing of irradiated nuclear fuel
-Costs for disposal of transuranic waste
-Costs for decommissioning nuclear power plants
(Reference)
FY2012 3Q FY2011 3Q Difference
[A] [B] [A-B]
Crude oil (CIF) price 114 $/b 113 $/b 1 $/b
Exchange rate 80 \/$ 79 \/$ 1 \/$
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2012 3Q
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(2) Information regarding consolidated financial condition
(Unit: 100 million yen)
FY2012 3Q FY2011 Difference
[A] [B] [A-B]
Interest-bearing Debt 26,840 24,832 2,008
(Unit: 100 million yen)
FY2012 3Q FY2011 3Q
Depreciation 1,605 1,763
Loss on nuclear fuel − 89