Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
January 29, 2008
The 3rd Quarter of the Fiscal Year Ending March 31, 2008 Financial Results Overview
Kyushu Electric Power Co., Inc.
Stock code: 9508 Stock listed on: Tokyo Stock Exchange,
Representative: Mr. Toshio Manabe, President Osaka Securities Exchange,
Contact: Investor Relations Group, Corporate Planning Office Fukuoka Stock Exchange
Tel: +81-92-726-1575 URL: http://www1.kyuden.co.jp/en_index
(Rounded down to the nearest million yen)
1. Consolidated Financial Results for the Nine Months (April 1, 2007 to December 31, 2007)
(1) Consolidated Operational Results (% shows the changes from the previous FY)
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%)
April 1, 2007 - December 31, 2007 1,085,026 4.0 118,598 -26.9 96,094 -28.2
April 1, 2006 - December 31, 2006 1,043,231 2.3 162,199 17.7 133,859 25.7
FY2006 ended March 31, 2007 1,408,327 155,172 118,580
(Unit: million yen) (%)
April 1, 2007 - December 31, 2007 58,971 -28.1 124.64
April 1, 2006 - December 31, 2006 81,976 28.4 173.18
FY2006 ended March 31, 2007 65,967 139.37
(2) Consolidated Financial Position
(3) Consolidated Cash Flow
2. Dividends
3. Forecast for FY2007 ending March 2008 (April 1, 2007 to March 31, 2008)
(% shows the changes from the same financial periods of the previous year)
(Unit: yen)―Fully-diluted net earnings
(Unit: yen)
Sales Operating income Ordinary income
Net income Net earnings――
Cash flow from
operating activities
Cash flow from
investment
activities
Cash flow from
financing activities
Cash and cash
equivalents balance
as of term-end
(Unit: million yen) (Unit: million yen) (Unit: million yen) (Unit: million yen)
April 1, 2007 - December 31, 2007 199,440 -172,662 -21,583 56,472
April 1, 2006 - December 31, 2006 218,594 -152,703 -67,006 50,638
FY2006 ended March 31, 2007 304,514 -202,811 -102,790 50,671
(Record date) 1Q Interim 3Q Year-end Total
(Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen)
FY2006 ― 30.00 ― 30.00 60.00
FY2007 ― 30.00 ―
FY2007 (projected) 30.00 60.00
Annual dividends per share
Total assets
Shareholders'
equity
Shareholders'
equity ratio
Shareholders'
equity per share
(Unit: million yen) (Unit: million yen) (%) (Unit: yen)
April 1, 2007 - Decemner 31, 2007 4,034,416 1,112,286 27.1 2,314.79
April 1, 2006 - December 31, 2006 4,038,215 1,109,456 27.2 2,321.72
FY2006 ended March 31, 2007 4,038,838 1,092,600 26.8 2,285.86
Net income per share
(Unit: billion yen) (%) (Unit: billion yen) (%) (Unit: billion yen) (%) (Unit: billion yen) (%) (Unit: yen)
Year-end 1,475 4.7 103 -33.6 71 -40.1 43 -34.8 90.87
Net income
Sales Operating income Ordinaly income
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Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
4. Other
(1)Changes in significant subsidiaries (changes in scope of consolidated subsidiaries) : No
*Notes on the scope of consolidation and the application of the equity method
Consolidated subsidiaries: 34
Non-consolidated subsidiaries accounted for under the equity method: 17
Affiliated companies accounted for under the equity method: 12
Changes in the scope of consolidation and the application of the equity method from March 31, 2007
Consolidated subsidiaries Newly added: 5 Excluded: None
Under the equity method Newly added: 6 Excluded: 3
(2) Adoption of simplified method in accounting practice : No
(3) Changes in the accounting practices from FY2006 : Yes
* For the details, see page 8 [Qualitative Information and Financial Statements] 4. Other.
(Reference) Outline of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Nine Months (April 1, 2007 to December 31, 2007)
(1) Non-Consolidated Operational Results
(% shows the changes from the previous FY)
(Unit: million yen) (%)
April 1, 2007 - December 31, 2007 1,025,496 3.5 111,433 -27.1 87,357 -30.6
April 1, 2006 - December 31, 2006 990,867 1.8 152,827 15.3 125,951 23.2
FY2006 ended March 31, 2007 1,333,037 143,799 105,778
(Unit: million yen) (%)
April 1, 2007 - December 31, 2007 53,991 -30.6 114.03
April 1, 2006 - December 31, 2006 77,816 27.5 164.28
FY2006 ended March 31, 2007 59,236 125.07
(2) Non-Consolidated Financial Position
(Reference) Shareholders' equity: FY2006 1,018,803 million yen FY2005 -- million yen
2. Non-consolidated Forecast for FY2007 ending March 2008 (April 1, 2007 to March 31, 2008)
(% shows the changes from the same financial periods of the previous year)
*Notes on the proper use of the forecasts
The above forecasts 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 forecasts. Forecast for FY2007 has been revised from the forecast we announced
in October 2007. For the assumptions applied to the above forecasts, see page 7.
Net income
Sales Operating income
Net earnings per share
(Unit: million yen) (%)
(Unit: yen)―(Unit: million yen) (%)
(Unit: yen)――
Ordinary income
Fully-diluted net earnings
per share
Total assets Shareholders' equity Equity ratio
Shareholders' equity
per share
(Unit: million yen) (Unit: million yen) (%) (Unit: yen)
April 1, 2007 - December 31, 2007 3,758,224 1,028,320 27.4 2,171.96
April 1, 2006 - December 31, 2006 3,789,317 1,038,480 27.4 2,192.90
FY2006 ended March 31, 2007 3,790,112 1,018,803 26.9 2,151.63
Net income per share
(Unit: billion yen) (%) (Unit: billion yen) (%) (Unit: billion yen) (%) (Unit: billion yen) (%) (Unit: yen)
Year-end 1,388 4.1 94 -34.6 60 -43.3 36 -39.2 76.03
Sales Operating income Ordinaly income Net income
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Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
[Qualitative Information and Financial Statements]
1. Qualitative information regarding business performance
(1) Consolidated Financial Overview
Consolidated sales (operating revenues) increased by 4.0% to 1,085円 billion compared with the 3Q of FY2006,
the ordinary revenues increased by 4.3% to 1,093円.6 billion, the ordinary expenses increased by 9.0% to 997円.5
billion, the ordinary income for the 3Q of FY2007 decreased by 28.2% to 96円.0 billion and the net income
decreased by 28.1% to 58円.9 billion mainly affected by the business performance in electricity business.
Operating results for each of our business segments (before eliminating internal transactions) are as follows:
Operating Results (before eliminating internal transactions)
(Unit: 100 million yen, %)
FY2007 1-3Q FY2006 1-3Q Difference Change
(A) (B) (A-B) (A/B)
Sales 10,084 9,751 333 103.4
Electricity
Operating Income 1,117 1,533 -415 72.9
Sales 928 854 74 108.7
Energy-related
Operating Income 44 36 8 123.7
Sales 599 529 70 113.2
IT &
Telecommunication Operating Income -12 8 -21 −
Sales 180 196 -16 91.8
Other
Operating Income 25 34 -8 75.8
(Note) Electricity includes the company’s business operations except incidental businesses
1 Electricity Business
The revenue from electricity business increased by 3.4% to 1,008円.4 billion compared with the 3rd
quarter
of the previous year mainly due to the increased electricity sales. Operating income decreased by 27.1% to
111円.7 billion due to the increase in fuel costs and maintenance costs.
2 Energy-related Business
The sales revenues from energy-related business increased by 8.7% to 92円.8 billion compared with the 3rd
quarter of the previous year mainly due to three newly added consolidated subsidies. Operating income
increased by 23.7% to 4円.4 billion compared with the 3rd
quarter of the previous year mainly due to an
increase in the completion of maintenance and repair work on power plants.
3 IT & Telecommunication Business
The sales revenues from IT and telecommunication business increased by 13.2% to 59円.9 billion from the3rdquarter of the previous year mainly due to a newly added consolidated subsidiary. Operating income
decreased by 2円.1 billion from the 3rd
quarter of the previous year mainly because of the increase in the capital
expenditure and other related expenses associated with the expansion of the broadband services. Consequently
we recorded operating loss of 1円.2 billion for this 3rd
quarter of FY2007.
4 Other Businesses
The sales revenues decreased by 8.2% to 18円.0 billion and operating income decreased by 24.2% to 2円.5
billion from the 3rd
quarter of the previous year mainly due to a decrease in revenues from property sales.
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Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
(2) Non-consolidated Financial Overview
1 Sales and Supply Overview
In the 3rd
quarter of FY2007, the demand for electric light, power for commercial operations and other
general demands increased by 2.4% compared with the same period of the previous year. This increase in the
sales volume was mainly due to an increase in air-conditioning system demand resulting from the lingering
heat in late summer and the growth of the commercial demand for light and power supported by the opening of
new commercial complexes.
The power demand from large industrial customers increased by 6.9% from the 3rd
quarter of the previous
year, supported by the steady production growth in the transportation machinery, the steel and the chemical
industry. Another factor which contributed to this increase was the rise in the crude oil price. Because of this
rise, some factories that have procured electric power from their own in-house power generation systems
switched to buying electric power from Kyushu Electric Power.
Consequently, the total electricity sales for the 3rd
quarter of FY2007 increased by 3.7% to 65.32 billion
kWh compared with the 3rd
quarter of the previous year.
Electricity Sales Volume
(Unit: million kWh, %)
FY2007 1-3Q FY2006 1-3Q Difference Change
(A) (B) (A-B) (A/B)
Lightning 20,881 20,326 555 102.7
Power 44,443 42,685 1,758 104.1
Electricity Sales Total 65,324 63,011 2,313 103.7
Customers other than
large-scale industrial
46,233 45,160 1,073 102.4
(Figures are
included
above)
Large-scale industrial
customers
19,091 17,851 1,240 106.9
On the supply side, mainly owing to the smooth operation of nuclear power plants, we have provided stable
supply of electricity to our customers.
Generated and Received Electricity
(Unit: million kWh, %)
FY2007 1-3Q FY2006 1-3Q Difference Change
(A) (B) (A-B) (A/B)
Hydro 2,971 3,398 -427 87.4
(Water flow rate) (80.8) (107.4) (-26.6)
Thermal 26,071 25,127 944 103.8
Nuclear 30,938 29,672 1,266 104.3
(Utilization rate) (89.1) (85.5) (3.6)Ownfacilities
Subtotal 59,980 58,197 1,783 103.1
From other companies 12,727 11,392 1,335 111.7
Interchange -357 -154 -203 231.3
For pumping -616 -233 -383 264.6
Total 71,734 69,202 2,532 103.7
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Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
2 Income and Expenditure Overview
On the revenue side, the sales revenue (operating revenues) increased by 3.5% to 1,025円.4 billion compared
with the same period of FY2006 and the ordinary revenues increased by 3.7% to 1,032円.3 billion, mainly due
to the increased electricity sales volume.
On the expenditure side, the ordinary expenses increased by 8.7% to 944円.9 billion, mainly due to the
increase in the fuel cost resulting from rising fuel prices, increasing electricity sales volume, and the impact of
drought. Another factor which contributed to this increase was the rise in the increase in the maintenance costs
as the costs for the maintenance and repair of the steam power plants increased.
As a result, the ordinary income for the 3rd
quarter of FY2007 decreased by 30.6% to 87円.3 billion and the
net income decreased by 30.6% to 53円.9 billion from the same period of the previous year.
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Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
Income and Expenditure (Non-consolidated)
(Unit: 100 million yen, %)
FY2007 1-3Q FY2006 1-3Q Difference Change Composition Ratio
(A) (B) (A-B) (A/B) FY2007 1-3Q FY2006 1-3Q
Lightning 4,099 3,996 102 102.6 39.7 40.1
Power 5,777 5,570 206 103.7 56.0 56.0
(Subtotal) (9,876) (9,567) (309) (103.2) (95.7) (96.1)
Other 446 389 57 114.7 4.3 3.9
[Sales] [10,254] [9,908] [346] [103.5] [99.3] [99.5]
Ordinary
Revenues
Total 10,323 9,956 366 103.7 100.0 100.0
Labor 1,034 1,083 -48 95.5 11.0 12.4
Fuel 1,907 1,482 424 128.7 20.2 17.0
Maintenance 1,313 1,181 132 111.2 13.9 13.6
Depreciation 1,474 1,396 77 105.5 15.6 16.1
Power purchase 910 838 71 108.5 9.6 9.6
Interest 250 260 -10 95.8 2.6 3.0
Tax & public dues 694 702 -8 98.8 7.4 8.1
Nuclear back-end 372 327 44 113.5 3.9 3.8
Other 1,493 1,422 70 105.0 15.8 16.4
Ordinary
Expenses
Total 9,449 8,697 752 108.7 100.0 100.0
[Operating Income] [1,114] [1,528] [-413] [72.9]
Ordinary Income 873 1,259 -385 69.4
Drought Reserve − 8 -9 −
Income before income taxes 874 1,250 -376 69.9
Income taxes 334 472 -138 70.8
Net Income 539 778 -238 69.4
(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
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Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
2. Qualitative information regarding financial condition
(1) Consolidated assets, debt, and shareholders’ equity overview
Consolidated assets decreased by 4円.4 billion compared with the end of previous fiscal year to 4,034円.4
billion mainly because the fixed assets in electricity business decreased due to the progress of depreciation.
Consolidated debt decreased by 24円.1 billion to 2,922円.1 billion due to a decrease in accrued retirement
benefits while interest-bearing debt increased. The interest-bearing debt increased by 13円.2 billion to 2,045円.0
billion mainly due to an increase in commercial paper issued for electricity business.
Consolidated shareholders’ equity increased by 19円.6 billion to 1,112円.2 billion as the net income for the 3rd
quarter has recorded, despite a decrease resulting from dividends payment. Consequently the shareholders’
equity ratio slightly declined to 27.1%.
(2) Consolidated cash flow overview
Cash inflow from operating activities decreased by 8.8% to 199円.4 billion compared with the same period of
the previous year mainly due to an increase in fuel costs and maintenance costs in electricity business.
Cash outflow from investing activities increased by 13.1% to 172円.6 billion from the same period of the
previous year mainly due to an increase in capital investments.
Cash outflow from financing activities decreased by 67.8% to 21円.5 billion.
As a result, the balance of cash and cash equivalent at the end of the 3rd
quarter of FY2007 including 500円
million inflow from newly consolidated subsidiaries increased by 5円.8 billion to 56円.4 billion compared with
the end of the 3rd
quarter of the previous fiscal year.
3. Qualitative information regarding forecasts for FY2007
[Forecast for the consolidated operating performance in FY2007]
The company revised its forecasts of sales revenues, operating income, ordinary income and net
income announced in October 2007 as the sales volume of electricity is projected to increase in
FY2007 due to an impact of lingering heat and booming production activities of the customers in
industrial sectors. Other reasons of the revision include an increase in fuel cost due to rising fuel
prices and an increase in maintenance cost due to additional work to enhance electric supply
reliability.
Forecasts of operational performance in FY2007
(Unit: billion yen)
Consolidated Non-consolidated
Sales revenue
1,475
[104.7%]
1,388
[104.1%]
Operating income103[66.4%]94[65.4%]
Ordinary income71[59.9%]60[56.7%]
Net income43[65.2%]36[60.8%]
(Note) the percentage figures in [ ] show the comparison from the previous year
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Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
Sensitivity factors (non-consolidated)
FY2007 FY2006
Electricity sales volume
88.0 Billion kWh
[104.2%]
84.4 Billion kWh
[101.7%]
Crude oil (CIF) price 77ドル/b 63ドル/b
Exchange rate 116円/$ 117円/$
Nuclear power generation
capacity utilization rate
85.6% 82.1%
Water release rate 83.9% 103.5%
(Note) the percentage figures in [ ] show the comparison from the previous year
(Reference) FY2007 the impact of sensitivity factors on non-consolidated financial performance
Crude oil (CIF) price 1ドル/b
Exchange rate 1円/$
Nuclear power generation capacity utilization rate 1%
2円.9 billion
2円.2 billion
2円.9 billion
1. Other(1) Changes in significant subsidiaries (changes in scope of consolidated subsidiaries)N/A(2)
Adoption of simplified methods in accounting practicesN/A(3)
Any changes in accounting practices from the previous fiscal year
In line with the FY2007 Tax Reform, the company has recorded depreciation on tangible fixed assets
acquired on or after April 1, 2007 based on the revised corporation tax system since this 3rd
quarter of FY2007.
This change brought 600円 million increase in depreciation costs compared with the previous method, resulting
in the decrease in ordinary income and net income before income taxes for this quarter by the same amount.
Also starting in this financial period, the company depreciates those tangible fixed assets acquired before
April 1, 2007 depreciating to the final depreciable limit (currently 95% of their acquisition costs) in five years
using the straight line method. This additional depreciation brought 11円.2 billion increase in depreciation costs
compared with the previous method, resulting in the decrease in ordinary income and net income before
income taxes for this quarter by the same amount.
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Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
(Unit: million yen)
Change
3,749,674 3,789,816 -40,141 2,421,302 2,388,945 32,357
2,600,333 2,529,815 70,517 1,066,456 1,026,850 39,606
Hydro power production facilities 330,634 183,935 146,698 668,899 662,256 6,642
Thermal power production facilities 300,220 322,949 -22,728 158,760 177,182 -18,421
Nuclear power production facilities 241,508 257,252 -15,743 350,418 364,837 -14,418
Internal combustion power production facilities 23,731 25,370 -1,639 10,064 6,976 3,087
Transmission facilities 695,352 713,552 -18,199 131,313 126,172 5,140
Transformation facilities 261,518 271,507 -9,988 40 49 -9
Distribution facilities 613,734 615,019 -1,285 35,350 24,620 10,729
General facilities 123,447 129,513 -6,065
Other utility property, plant and equipment 10,186 10,714 -527 500,826 557,201 -56,374
296,972 294,581 2,391 144,476 203,815 -59,339
211,368 315,860 -104,492 140,337 136,050 4,287
Construction and retirement in progress 211,368 315,860 -104,492 46,763 46,109 653
250,408 240,662 9,745 23,573 34,420 -10,846
Loaded nuclear fuel 35,573 43,837 -8,264 145,673 136,804 8,868
Nuclear fuel in processing 214,835 196,825 18,010
390,591 408,895 -18,304
Long-term investments 145,655 168,158 -22,502 - 90 -90
Reserve for reprocessing of irradiated nuclear fuel 79,268 70,082 9,185 - 90 -90
Deferred tax assets 105,467 104,895 572
Other assets 61,468 67,010 -5,541 2,922,129 2,946,237 -24,108
Allowance for doubtful accounts -1,268 -1,250 -17
284,741 249,022 35,718 1,053,179 1,022,959 30,220
Cash and cash equivalent 56,346 50,691 5,655 237,304 237,304 -
Trade notes and accounts receivable 109,112 103,660 5,452 31,129 31,093 35
Inventories, principally fuel, at average cost 71,397 49,918 21,479 786,786 756,405 30,380
Deferred tax assets 13,441 15,813 -2,371 -2,040 -1,844 -196
Other current assets 35,665 30,107 5,557
Allowance for doubtful accounts -1,222 -1,168 -53 42,049 58,673 -16,643
37,860 54,992 -17,131
4,433 3,865 568
-264 -183 -81
17,076 10,967 6,109
1,112,286 1,092,600 19,686
4,034,416 4,038,838 -4,422 4,034,416 4,038,838 -4,422
Total Total
December
31, 2007
March 31,2006Loss on deferred hedge
Foreign currency translation adjustments
Minority Interests
Total Shareholders' Equity
Valuation and translation adjustments
Unrealized gain on other securities
March 31,2006Reserve for preparation of reprocessing of irradiated nuclear fuel
Current Assets
Other current liabilities
Total Liabilities
Other property, plant and equipment
Notes and accounts payable
Reserve for reprocessing of irradiated nuclear fuel
Reserve for decommissioning of nuclear power plant
Deferred tax liabilities
Retained earnings
Treasury stock
Nuclear fuel
Reserve
Drought reserve
Investments and other assets
Income taxes payable
Shareholders' Equity
Common stock
Additional paid-in capital
Other fixed liabilities
Construction in progress
Current Liabilities
Current portion of long-term debt
Short-term borrowings
Utility property, plant and equipment Bonds
Long-term loans
Accrued retirement benefits
Property, Plant and Equipment Long-term Liabilities
Change
Consolidated Balance Sheets
(As of December 31, 2007)
Accounts Accounts
Assets Liabilities and Shareholders' Equity
December
31, 2007
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Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
966,427 881,032 85,395 1,253,154 1,085,026 1,043,231 41,794 1,408,327
Electricity 890,576 815,034 75,542 1,155,413 1,006,762 973,315 33,447 1,307,737
Other 75,851 65,997 9,853 97,741 78,263 69,916 8,347 100,590
Operating Income ( 118,598 ) ( 162,199 ) ( -43,600 ) ( 155,172 )
31,172 34,098 -2,925 45,343 8,667 5,758 2,909 8,751
Interest expenses 26,908 27,993 -1,085 38,354 1,643 2,070 -427 2,356
Loss on affiliates - 189 -189 - 1,546 800 746 1,207
Other 4,264 5,914 -1,650 6,989 - 720 -720 998
1,834 - 1,834 -
901 - 901 842
2,741 2,165 575 3,347
997,599 915,130 82,469 1,298,498 1,093,693 1,048,989 44,704 1,417,079
96,094 133,859 -37,765 118,580
-90 872 -963 90
Provision for drought reserve - 872 -872 90
Reversal of drought reserve -90 - -90 -
- - - 5,602
Impairment loss - - - 5,602
96,184 132,986 -36,801 112,887
24,163 38,664 -14,500 38,266
12,286 11,702 583 7,808
764 644 120 844
58,971 81,976 -23,004 65,967
Minority Interests
Net Income
Provision for (reversal of) drought reserve
Extraordinary Losses
Income before income taxes
Income Taxes
Income Taxes-Deferred
Other
Total Ordinary Expenses Total Ordinary Revenues
Ordinary Income
Proceed from interests
Equity in net earnings of affiliate
Electricity
Other
Other Revenues
Gain on sale of property and equipment
Gain on sale of marketable securities
Operating Expenses Operating Revenues
Proceed from dividends
FY2006 3Q
(Reference)
FY2006
Accounts
Other Expenses
Accounts
Change
(From April 1, 2007 to Decermber 31, 2007)
Consolidated Statements of Income
FY2006 3Q
Revenues
Expenses
FY2007 3Q
(Unit: million yen)
FY2007 3Q
(Reference)
FY2006
Change
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Kyushu Electric Power Co., Inc. (9058)
Financial Results Overview for FY2007 3Q
(Unit: million yen)
Common
stock
Additional
paid-in
capital
Retained
earnings
Treasury
stock
Total
Unrealized
gain on
other
securities
Gain on
deferred
hedge
Foreign
currency
translation
adjustment
Total
237,304 31,093 756,405 -1,844 1,022,959 54,992 3,865 -183 58,673 10,967 1,092,600
-28,406 -28,406 -28,406
58,971 58,971 58,971
-335 -335 -335
35 139 174 174
105 105 105
90 90 90
-380 -380 -380
-17,131 568 -81 -16,643 6,109 -10,534
- 35 30,380 -196 30,220 -17,131 568 -81 -16,643 6,109 19,686
237,304 31,129 786,786 -2,040 1,053,179 37,860 4,433 -264 42,029 17,076 1,112,286
Shareholders'
Equity Total
Total changes
Balances at December 31, 2007
Net Income
Purchase of treasury stock
Decrease due to the increase in affiliates
under the Equity Methods
Net changes during this nine months
other than Shareholders' Equity
Increase due to the merger of
consolidated subsidiaries
Disposal of treasury stock
Increase due to an increase in affiliates
under the Equity Methods
Consolidated Statements of Changes in Shareholders' Equity
(From April 1, 2007 to December 31, 2007)
Dividends declared
Balances at March 31, 2007
Changes during this nine months
Shareholders' Equity Valuation and translation adjustments
Minority
Interests
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Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
96,184 132,986 112,887
171,861 162,103 219,131
- - 5,602
17,528 16,729 21,127
4,510 4,733 9,450
-20,157 -18,892 -27,107
-14,418 -1,884 11,448
3,087 - 6,976
5,140 4,995 6,545
-90 872 90
-3,190 -2,871 -3,563
26,908 27,993 38,354
-901 189 -842
- -720 -998
-1,834 - -
-9,185 13,814 -9,947
-88 -4,195 -8,167
-19,475 -11,501 -1,171
-1,752 -11,461 613
Other 3,924 -15,391 9,260
258,049 297,501 389,690
3,436 2,831 3,656
-31,753 -31,829 -38,440
- -2,919 -3,101
-30,292 -46,989 -47,290
199,440 218,594 304,514
-181,197 -151,053 -202,913
-6,557 -7,691 -8,685
7,223 1,004 1,369
3,211 - -
Other 4,656 5,037 7,417
-172,662 -152,703 -202,811
119,526 78,611 108,489
-127,710 -45,000 -74,513
49,467 41,330 65,990
-57,712 -106,789 -131,930
2,890 -20,244 -48,721
21,000 14,000 7,000
-28,415 -28,428 -28,412
Other -630 -485 -692
-21,583 -67,006 -102,790
- -45 -41
5,193 -1,161 -1,128
50,671 51,675 51,675
536 124 124
69 - -
56,472 50,638 50,671
(Reference)
FY2006
Net cash used in investing activities
Net cash used in financing activities
Gain on sale of property and equipment
Interest expense
Repayment of long-term loans
Net increase (decrease) in short-term borrowings
Net changes in commercial paper
Cash dividends paid
Consolidated Statements of Cash Flow
(From April 1, 2007 to December 31, 2007)
Business restructuring of affiliates
Income tax paid
Depreciation and amortization
Amortization of nuclear fuel
Loss on disposal of property, plant and equipment
Increase(decrease) in liability for retirement benefits
FY2006 3Q
(Unit: million yen)
Purchases of property, plant and equipment
Increase in accounts receivable
Gain on sale of marketable securities
Provision for reserve for decommissioning of nuclear power plants
Provision of (reversal of ) drought reserve
Equity in net earnings under the equity method
Increase in cash and cash equivalent due to newly consolidated companies
Cash and cash equivalents at end the of the year
Increase in cash and cash equivalent due to the merger of consolidated subsidiaries
Cash Flows from Financing Activities
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from long-term loans
Changes in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Effect of exchange rate changes on cash and cash equivalents
Decrease in inventories, principally fuel, at average cost
Increase in accounts payable
Receipt of interest and cash dividends
Proceeds from stock acquisition of newly consolidated subsidiary
Proceeds for recoveries from investments and other
Cash Flows from Investing Activities
Interest paid
Sub Total
Net cash provided by operating activities
Payment for investments and other
Increase in fund for reprocessing of irradiated nuclear fuel
Provision for preparation for reprocessing of irradiated nuclear fuel
Accounts FY2007 3Q
Operating Activities
Income before income taxes and minority interests
Provision for reserve for reprocessing of irradiated nuclear fuel
Loss on impairment of fixed assets
Interest revenue and dividends received
- 12 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
Non-consolidated Balance Sheets
(As of December 31, 2007)
(Unit: million yen)
Assets Liabilities and Shareholders' Equity
December
31, 2007
March 31,2007Change
December
31, 2007
March 31,2007Change
3,549,459 3,600,395 -50,935 2,296,646 2,264,072 32,574
2,635,220 2,566,220 68,999 1,067,556 1,027,599 39,956
331,643 184,934 146,709 577,518 567,829 9,689
304,180 327,318 -23,137 13,007 3,244 9,763
243,525 259,407 -15,882 91 30 61
24,362 26,043 -1,680 142,125 161,531 -19,405
702,379 720,818 -18,439 350,418 364,837 -14,418
265,570 275,634 -10,064 10,064 6,976 3,087
628,069 629,785 -1,715 131,313 126,172 5,140
125,302 131,564 -6,262 4,549 5,849 -1,299
4,404 4,932 -527
5,782 5,782 - 433,258 507,145 -73,887
123,373 183,070 -59,696
45,259 42,635 2,624 130,500 131,000 -500
28,000 7,000 21,000
8,150 8,187 -37 37,031 33,231 3,799
13,489 18,758 -5,268
193,026 309,278 -116,252 44,351 60,390 -16,038
190,683 307,707 -117,024 20,719 30,752 -10,032
2,342 1,570 771 5,028 1,761 3,266
19,222 32,817 -13,595
250,408 240,662 9,745 6,697 6,376 321
35,573 43,837 -8,264 4,843 1,986 2,857
214,835 196,825 18,010
- 90 -90
417,395 433,410 -16,015 - 90 -90
127,196 152,567 -25,370
115,963 115,895 67 2,729,904 2,771,308 -41,404
79,268 70,082 9,185
7,277 6,864 413 986,731 961,312 25,419
88,312 88,616 -303 237,304 237,304 -
-623 -615 -8
31,123 31,087 35
208,765 189,717 19,047 31,087 31,087 -
39,588 33,972 5,616 35 - 35
91,396 88,618 2,778
6,399 10,042 -3,643 720,072 694,490 25,582
41,957 31,620 10,336 59,326 59,326 -
- 1 -1 660,746 635,164 25,582
6,127 967 5,160 100,300 100,300 -
1,941 1,691 250 449,000 419,000 30,000
9,803 12,922 -3,118 111,446 115,864 -4,417
12,522 10,893 1,659
-1,002 -1,012 10 -1,769 -1,571 -198
41,588 57,491 -15,902
37,054 53,547 -16,493
4,534 3,944 590
1,028,320 1,018,803 9,516
3,758,224 3,790,112 -31,887 3,758,224 3,790,112 -31,887
Reserve for reprocessing of irradiated nuclear fuel
Additional paid-in capital
Other current assets
Allowance for doubtful accounts
Prepaid expenses Cost behavior adjustment reserves
Contingent reserves
Nonoperating property and equipment
Plant and equipment suspense account
Receivables from subsidiaries and affiliated companies
Deferred tax assets
Inventories
Advances
Total Total
Valuation and translation adjustments
Unrealized gain on other securities
Deferred gain on derivatives under hedge accounting
Total Shareholders' Equity
Treasury stock
Deferred retained earnings
Retained earnings
Shareholders' Equity
Common stock
Capital surplus
Legal reserve
Retained earnings - carryforward
Other capital surplus
Receivables
Current Assets
Cash and cash equivalents
Accounts receivable
Deferred tax assets
Allowance for doubtful accounts
Long-term prepaid expenses
Long-tern investments
Investments in subsidiaries and affiliated companies Total Liabilities
Fund for reprocessing of irradiated nuclear fuel
Short-term liabilities to subsidiaries and affiliated companies
Other advances
Nuclear Fuel
Drought reserve
Other current liabilities
Nuclear fuel in processing
Reserve
Investments and other assets
Loaded nuclear fuel
Accrued expenses
Accrued income tax
Construction in progress
Deposit
Retirement in progress
Commercial paper
Accounts payable-trade
Accounts payable
Current Liabilities
Facilities on loan
Current portion of long-term debt
Short-term borrowings
Reserve for preparation of reprocessing of irradiated nuclear fuel
Transformation facilities
Reserve for decommissioning of nuclear power plant
Distribution facilities
Other long-term liabilities
Account
Property, Plant and Equipment
Thermal power production facilities
Transmission facilities
Utility property, plant and equipment
Hydro power production facilities
Nuclear power production facilities
Internal combustion power production facilities
Account
General facilities
Suspended facilities
Incidental businesses property and equipment
Long-term Liabilities
Bonds
Long-term loans
Long-term accrued liabilities
Long-term liabilities to affiliates
Liability for employees' retirement benefits
- 13 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3Q
914,063 838,039 76,023 1,189,237 1,025,496 990,867 34,629 1,333,037
896,679 821,752 74,926 1,165,874 1,008,451 975,120 33,330 1,310,169
Hydro power 28,478 23,221 5,257 33,667 Lighting 409,930 399,648 10,281 551,047
Thermal power 246,526 198,767 47,758 287,900 Power 577,730 557,090 20,639 735,425
Nuclear power 150,503 133,183 17,320 205,373 5,536 2,508 3,028 2,813
Internal combustion power 19,444 18,203 1,240 24,097 3,866 4,712 -845 5,334
Purchase from other electric companies 103 96 6 125 1,167 1,162 5 1,485
Purchase from other companies 90,927 83,770 7,156 112,477 2,659 2,092 567 2,992
Transmission 59,102 55,994 3,108 78,391 Miscellaneous revenues from electricity 7,214 7,505 -291 10,538
Transformation 33,415 33,403 11 45,829 344 399 -54 532
Distribution 110,141 108,947 1,194 145,930
Sales 43,015 43,234 -218 60,313
Suspended facilities 1,209 712 496 1,010
Facilities on loan 33 34 - 46
General 76,979 84,957 -7,977 120,870
24,696 25,489 -792 34,086
Enterprise tax 12,187 11,848 338 15,889
-86 -112 25 -137
Incidental Businesses Operating Expenses 17,384 16,287 1,096 23,363 Incidental Business Operating Revenues 17,045 15,746 1,298 22,867
Air-conditioning 2,441 2,039 402 2,791 Air-conditioning 2,436 2,149 287 2,866
6,900 5,754 1,146 8,126 5,693 4,437 1,255 6,184
Gas supply 7,715 8,183 -468 12,011 Gas supply 8,208 8,655 -447 13,083
Other 326 309 17 433 Other 707 503 203 732
( 111,433 ) ( 152,827 ) ( -41,394 ) ( 143,799 )
30,902 31,689 -787 44,550 6,826 4,813 2,012 6,529
25,387 26,493 -1,106 36,297 3,134 2,503 630 2,974
Interest expenses 25,003 26,099 -1,096 35,799 Proceed from dividends 1,973 1,842 131 1,996
Stock issuance costs 2 - 2 - Proceed from interests 1,160 661 499 977
Bond issuance costs 380 393 -12 497
5,514 5,196 318 8,253 3,691 2,309 1,381 3,554
Loss on sales of tangible fixed assets 164 62 101 103 412 634 -222 863
Other losses 5,350 5,133 216 8,149 Gain on foreign exchange 284 - 284 -
Gain on marketable securities 1,834 - 1,834 -
Other 1,160 1,675 -514 2,691
944,965 869,729 75,236 1,233,788 1,032,323 995,680 36,642 1,339,566
87,357 125,951 -38,594 105,778
-90 872 -963 90
Provision for drought reserve - 872 -872 90
Reversal of drought reserve -90 - -90 -
- - - 5,602
- - - 5,602
87,448 125,078 -37,630 100,084
21,050 35,900 -14,849 34,101
12,406 11,361 1,044 6,746
53,991 77,816 -23,825 59,236
Change
Change
(Reference)
FY2006
Gain from adjustment among electric compan
Electricity
(Reference)
FY2006
Extraordinary Losses
Income before income taxes
(Unit: million yen)
Electricity account transfer (Credit)
Fiber-optic cable leasing service
Gain on sale of property and equipment
Provision for drought reserve
Fiber-optic cable leasing service
Impairment loss
Financial expenses
Deferred income tax
Net income
Current income Taxes
Sales to other electric companies
Sales to other companies
Revenues from wheeling service charges
Revenues from loaned equipment
Total Ordinary Expenses Total Ordinary Revenues
Ordinary Income
Financial revenues
Non-operating expenses Non-operating revenues
Accounts
Operating income
Other Expenses Other Revenues
Operating Expenses Operating Revenues
Electricity
Promotion of power resources development tax
FY2007 3Q FY2006 3Q
Non-consolidated Statements of Income
Expenses Revenues
FY2007 3Q FY2006 3Q
(From April 1, 2007 to December 31, 2007)
Accounts
- 14 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2007 3QCostbehavior
adjustment
reserves
Contingent
reserves
Carry
forward
237,304 31,087 - 31,087 59,326 100,300 419,000 115,864 694,490 -1,571 961,312 53,547 3,944 57,491 1,018,803
Reserve for contingency 30,000 -30,000 - - -
Dividends declared -28,408 -28,408 -28,408 -28,408
Net Income 53,991 53,991 53,991 53,991
Purchase of treasury stock -337 -337 -337
Disposal of treasury stock 35 35 139 174 174
Net changes during this nine months
other than Shareholders' Equity
-16,493 590 -15,902 -15,902
Total Changes - - 35 35 - - 30,000 -4,417 25,582 -198 25,419 -16,493 590 -15,902 9,516
237,304 31,087 35 31,123 59,326 100,300 449,000 111,446 720,072 -1,769 986,731 37,054 4,534 41,588 1,028,320
(Unit: million yen)
Balances at December 31, 2007
Balances at March 31, 2007
Changes during this nine months
Other
capital
surplus
Total capital
surplus
Gain on
deferred
hedge
accounting
Total
Capital surplus
Additional
paid-in
capital
Non-Consolidated Statements of Changes in Shareholders' Equity
(From April 1, 2007 to December 31, 2007)
Valuation and Translation Adjustments
Shareholders'
Equity Total
Total
Unrealizedgainon other
securities
Retained earnings
Shareholders' Equity
Common
stock
Treasury
stock
Retained
earnings
total
Legal
reserve
Other
- 15 -