Statements made in this overview of operations regarding our strategies and forecasts and other statements that are
not historical facts are forward-looking statements based on management’s assumptions and beliefs in light of
information currently available, and should not be interpreted as promises or guarantees. Owing to various
uncertainties, actual results may differ materially from these statements. Investors are hereby cautioned against
making investment decisions solely on the basis of forward-looking statements contained herein.
(Note)
The English translation is for reference purposes only for the convenience of our English-speaking investors.
In case a difference arises regarding the meaning herein , the original Japanese version shall prevail.
Financial Results for FY2021
(IR material for investors)
April 28, 2022
Table of Contents
1.Financial Results for FY2021〔Consolidated〕 P1
(Reference) About application of "Accounting Standard for Revenue Recognition", etc. P3
(1) Factors ➀ Electricity Sales Volume 〔Consolidated〕 P4
2 Generated and Received Electricity 〔Consolidated〕 P5
3 Others 〔Consolidated〕 P6
(2) Ordinary Revenues 〔Consolidated〕 P7
(3) Ordinary Expenses 〔Consolidated〕 P8
(4) Ordinary Income/Net Income Attributable to Owners of the Parent 〔Consolidated〕 P9
(Reference) Factors Affecting Consolidated Ordinary Income (Compared with FY2020) P10
(Reference) Estimate of the effect of time lag of fuel cost adjustments 〔Non-consolidated〕 P11
(Reference) Factors Affecting Consolidated Ordinary Income (Compared with the January forecast) P12
(5) Segment Information 〔Consolidated〕 P13
1 Power and Electricity Sales Businesses P14
2 Transmission and Distribution Businesses P15
3 Other Energy Services Businesses P16
4 ICT Services Businesses P17
5 Other Businesses P18
2.Financial Status for FY2021〔Consolidated〕 P19
3.Year-end Dividends for FY2021 P20
4.Forecasts of Financial Results for FY2022 P21
5.Forecasts of Dividends for FY2022 P22
■しかく AppendixP23P24P25(Reference)Free Cash Flows〔Consolidated〕 P26
■しかくFinancial Results for FY2021
Revenues from Retail sales, Wholesale sales and Others〔Japanese electric power businesses〕
Expenses for Fuel and Purchased power〔Japanese electric power businesses〕
Expenses for Maintenance, Depreciation, and Others〔Japanese electric power businesses〕1Sales (Increase), Ordinary Income (Decrease)
Consolidated Sales : 1,743.3 billion of yen(Increase by 14.5% Compared with FY2020)
Consolidated Ordinary Income: 32.3 billion of yen(Decrease by 41.3% Compared with FY2020)
1 Financial Results for FY 2021〔Consolidated〕
In order to achieve the Financial Objective for FY2025, which is the financial interim target for "Kyuden Group Management
Vision 2030", we strive to increase earnings in the domestic electric power business by creating demand through the
promotion of electrification and by enhancing rate plans and energy services that meet the diverse needs of customer. In the
growth businesses we have worked to increase earnings by examining projects that take advantage of the Kyuden Group's
strengths and expertise in various fields, along with group-wide efforts to thoroughly improve efficiency in all our business
activities.
Compared with FY2020, ordinary income decreased although there was an increase in total amount of electricity sales
volume and the operation of nuclear power plants. The decrease in ordinary income is due to a negative turn in the effect of
the time lag from the fuel cost adjustment system, which was caused by higher fuel prices. Last year it had a positive impact,
whereas this year it turned to losses.
1 Financial Results for FY 2021 〔Consolidated〕 2
FY2021 FY2020 DifferenceRateof Change
Ordinary Revenues 1,762.7 1,538.6 224.1 14.6
Sales [Figures are included above] (1,743.3) (1,521.9) (221.3) (14.5)
Ordinary Expenses 1,730.3 1,483.4 246.9 16.6
(Operating Income) (48.6) (76.8) (-28.2) (-36.8)
Ordinary Income 32.3 55.1 -22.7 -41.3
Extraordinary loss 7.4 - 7.4 -
Net Income attributable to
owners of the parent
6.8 31.8 -24.9 -78.4*Note: Consolidated subsidiaries: 48 companies (2 companies have been added)
Equity method companies: 45 companies (5 companies have been added)
*Loss on return of electric imbalance charge 3.9 (It is return amount of electric imbalance adjustments in January 2021.)
Impairment losses 3.5 (The decline in the amount of book value due to the decommissioning of unit No.1 and No.2 of Sendai
Thermal power plants, etc.)
(Billion of Yen,%)3( Reference ) About application of "Accounting Standard for Revenue Recognition", etc.
Handling of the first year of application (FY2021)
・As a general rule, "Accounting Standard for Revenue Recognition", etc. are to be applied retroactively to all past periods
in the first year of application (the revised Electricity Business Accounting Regulations can also be applied retroactively).
From the perspective of comparability of financial statements, we apply retroactively as a general rule.
Amount of retroactive application impact (FY2020)
(Billion of Yen)
After retroactive
application
Before retroactive
application
Difference Explanations
Sales 1,521.9 2,131.7 -609.8
Renewable Energy Power Promotion
Surcharge -194.5
Grant based on the Act on Purchase of
Renewable Energy Sourced Electricity -414.3
Ordinary Income 55.1 55.6 -0.5
Opening retained earnings 276.0 276.9 -0.9
Amount of retroactive application impact before
FY2019
・We have applied the "Accounting Standard for Revenue Recognition" ,etc. from the beginning of the current fiscal year.
・Under this new standard, the "Renewable Energy Power Promotion Surcharge" and "Grant based on the Act on Purchase
of Renewable Energy Sourced Electricity ", which are related to the feed-in tariff system for renewable energy, are not
recorded as net sales but are being deducted from corresponding operating expenses. The "Electricity Business Accounting
Regulations" has been revised based on the new revenue recognition standard that was issued.
Note: Since there is no change in the handling of the meter-reading date standard in this revision, Kyushu Electric Power and Kyushu Electric Power Transmission &
Distribution, which preferentially apply the Electricity Business Accounting Regulations, will continue to record revenues based on the meter-reading date standard.
・Comparisons and analyzes with the previous fiscal year (FY2020) and the end of the previous fiscal year (end of FY2020)
are based on the figures after retroactive application.
(Billion kWh,%)41 (1) Factors ➀ Electricity Sales Volume 〔Consolidated〕
【Consolidated electricity sales volume】
Note1: Some rounding errors may be observed.
Note2: The figures represent our company and consolidated subsidiaries (Kyushu Electric Power Transmission and Distribution Co., Inc.
and Kyuden Mirai Energy Co.,Inc.) (Internal transactions have been eliminated).
* The impact of COVID-19 is around +1.5 billion kWh. (-0.5 ← -2.0)
Compared with FY2020, retail electricity sales volume increased by 5.7% to 79.4 billion kWh.
The rise in sales volume is caused by the following factors: an increase from group-wide sales activities and a reactionary
increase as the previous year showed a decrease in demand caused by COVID-19.
Wholesale sales volume increased by 67.4% to 17.8 billion kWh due to the promoting sales expansion of bilateral
wholesale electricity trading and an increase in renewable energy purchases in Transmission and Distribution businesses.
As a result, the total amount of electricity sales volume increased by 13.3% to 97.3 billion kWh.*FY2021 FY2020 DifferenceRateof Change
Retail
(Kyuden Mirai Energy Co.,Inc.
79.4 75.2 4.2 5.7
[Figures are included above]) (4.9) (5.8) (-0.9) (-15.0)
Lighting 25.0 25.3 -0.3 -1.3
Power 54.4 49.8 4.6 9.2
Wholesale 17.8 10.7 7.1 67.4
Total 97.3 85.8 11.5 13.3
1 (1) Factors 2 Generated and Received Electricity 〔Consolidated〕
【 Consolidated】
(Reference) Ratio of Generated and Received Electricity
* "Renewable Energy’’ represents
a total of Solar, Wind, Biomass,
Waste, Geothermal and Hydro
(excluding "For pumping")
generated by facilities of our own
and other companies.
(Billion kWh,%)(%)Note1: Some rounding errors may be observed.
Note2: Represents our company and consolidated subsidiaries (Kyushu Electric Power Transmission and Distribution Co., Inc. and Kyuden Mirai Energy Co., Inc.).
Note3: The difference between the total amount of power generated and received electricity and the amount of electricity sales volume is the amount of power lost, etc.
Note: Some parts of electricity that do not use non-fossil certificates have no value of renewable energy and CO2 zero emission power.
Those are treated as electricity with the national average CO2 emissions of electricity, including thermal power generations, etc.
In terms of supply to retail and wholesale customers, we were able to deliver electricity in a stable manner through the
comprehensive operation of power generation facilities, including nuclear power, thermal power, water pumping, etc.
As for area supply and demand, we were able to deliver electricity stably through the operation of regulated power
sources and the implementation of renewable energy output control based on the government rules.
FY2021 FY2020 DifferenceRateof Change
Own facilities *1
Hydro 4.5 4.7 -0.2 -4.0
(Water flow rate) (87.8) (95.8) (-8.0)
Thermal 25.9 32.6 -6.7 -20.4
Nuclear 31.9 21.7 10.2 46.9
(Utilization rate) (91.4) (62.4) (29.0)
New Energy etc 1.3 1.2 0.1 11.3
Subtotal 63.7 60.2 3.5 5.7
Interchange・Received Electricity from Other
companies *2
( Hydro [ Figures are included above] )41.5(1.3)33.1(1.4)8.4(-0.1)25.1(-5.3)
( New Energy etc. [ Figures are included above] ) (17.8) (15.1) (2.7) (18.0)
For water pumping, etc. -2.3 -2.4 0.1 -3.2
T o t a l 102.8 91.0 11.8 13.0
FY2021 FY2020 Difference
Nuclear Power 31.0 23.8 7.2
Renewable Energy * 22.8 22.9 -0.1
*1 Own facilities’ generation means transmission–end number.
*2 "Interchange & other companies’’ includes the volume of electricity recognized as of the end of fiscal year.51 (1) Factors 3 Others 〔Consolidated〕
Crude Oil CIF Price and Exchange Rate
FY2021 FY2020 Difference
Crude Oil CIF Price 77$/b 43$/b 34$/b
Exchange Rate 112\/$ 106\/$ 6\/$6FY2021 FY2020 DifferenceRateof Change
Explanations
Operating Revenues (Sales) 1,743.3 1,521.9 221.3 14.5 Japanese electric power businesses 202.9
Other Revenues 19.4 16.6 2.7 16.8
(Share of profit of entities accounted
for using the equity method)
[Figures are included above]
(7.6) (9.8) (-2.2) (-22.9)
Ordinary Revenues 1,762.7 1,538.6 224.1 14.6 Japanese electric power businesses 205.8
(Billion of Yen,%)
1 (2) Ordinary Revenues 〔Consolidated〕
(Japanese electric power businesses [Figures are included above])7Note : The figures of Japanese electric power businesses represent our company and a consolidated subsidiary
(Kyushu Electric Power Transmission and Distribution Co.,Inc and Kyuden Mirai Energy Co.,Inc.) (Internal transactions have been eliminated).
In Japanese electric power businesses, revenues from retail sales increased due to an increase in the volume of electricity
sold through group-wide sales activities and the effect of the fuel cost adjustment system, which was caused by higher fuel
prices, as well as an increase in revenues from wholesale sales and profits from LNG trading.
As a result, sales increased by 14.5% to 1,743円.3 billion in comparison with FY2020, and ordinary revenues increased by
14.6% to 1,762円.7 billion.
Retail 1,228.1 1,138.6 89.4
Increase in electricity sales volume 64.5
Unit price difference (Effect of fuel cost adjustments, etc.) 24.0
Wholesale 191.1 107.2 83.9 Sold power to other suppliers 81.8.
Other 154.6 122.2 32.4 Profits from LNG trading 27.2
(Sales) (1,567.5) (1,364.6) (202.9)
Ordinary Revenues 1,573.9 1,368.0 205.8
Labor 127.4 137.5 -10.0 Employee retirement benefits -8.2
Fuel 261.2 198.0 63.2
CIF and exchange gains difference 100.0 Increase in retail・wholesale 15.0
Effect of operating nuclear power plants -44.5 *
Purchased power from other
utilities and other suppliers
417.6 275.5 142.1 Purchased power from other suppliers 140.7
Maintenance 147.3 162.3 -15.0 Nuclear -23.2 Thermal 9.3
Depreciation 161.0 150.1 -10.9 Nuclear 6.4 Administration 2.2
Interest 21.8 22.2 -0.3
Nuclear back-end 73.5 54.1 19.3 Effect of operating nuclear power plants 18.0 *
Other 362.5 339.6 22.9
Intra-Area Wheeling Service consignment charge 12.6
Costs on retirement of non-current assets 4.9
Ordinary Expenses 1,572.6 1,339.5 233.1
FY2021 FY2020 DifferenceRateof Change
Explanations
Operating Expenses 1,694.6 1,445.0 249.6 17.3 Japanese electric power businesses 236.8
Other Expenses 35.6 38.3 -2.6 -7.0
Ordinary Expenses 1,730.3 1,483.4 246.9 16.6 Japanese electric power businesses 233.1
(Billion of Yen,%)
1 (3) Ordinary Expenses 〔Consolidated〕
(Japanese electric power businesses [Figures are included above])8Note : The figures of Japanese electric power businesses represent our company and consolidated subsidiaries
(Kyushu Electric Power Transmission and Distribution Co.,Inc and Kyuden Mirai Energy Co.,Inc.) (Internal transactions have been eliminated).
* Effect of operating nuclear power plants (fuel costs + nuclear back-end costs) -26.5
In Japanese electric power businesses, ordinary expenses increased by 16.6% to 1,730円.3 billion.
The increase is caused by the following factors: despite there was an increase in the operation of nuclear power plants,
fuel costs increased which were caused by higher fuel prices, and there was also an increase in purchased power costs and
nuclear power back-end costs, although there was a decrease in maintenance expenses.
FY2021 FY2020 DifferenceRateof Change
Ordinary Income 32.3 55.1 *-22.7 -41.3
Provision for Reserve for Fluctuation
in Water Levels
-0.6 -0.5 - 14.4
Extraordinary loss 7.4 - 7.4 -
Income Before Income Taxes 25.5 55.7 -30.2 -54.2
Income Taxes 16.7 22.0 -5.2 -23.8
Net Income Attributable to Non-controlling
Interests
1.8 1.9 - -0.4
Net Income Attributable to Owners of the
Parent
6.8 31.8 -24.9 -78.4
(Billion of Yen,%)
1 (4) Ordinary Income/Net Income Attributable to Owners of the Parent〔Consolidated〕
As a result, both ordinary income and net income attributable to owners of the parent decreased compared with FY2020.
The decrease in the net income attributable to owners of the parent is caused by the impact of the loss on return of electric
imbalance charge and Impairment losses which are recorded as an extraordinary loss.
Ordinary income amounted to 32円.3 billion, and net income attributable to owners of the parent amounted to 6円.8 billion.
* The impact of COVID-19 is around +17.5 billion yen. (-3.5 ← -21.0)91055.132.3
(-22.7)
Effect of the time
lag of fuel
cost adjustments
(9.0→-65.0)
Profits from
LNG trading
Others
+26.5
+20.5
-74.0
+27.2
Japanese electric power businesses (-27.3)
Increase in total
amount of
electricity sales
volume
(Taking into
account effect of
the fuel costs,
etc.)
Effect of
operating
nuclear power
plants+4.6-28.0+0.5Others
Consolidated
Ordinary Income
(FY2020)
Consolidated ordinary income
excluding the effect of time lag
around 46.1
( Reference ) Factors Affecting Consolidated Ordinary Income (Compared with FY2020)
Consolidated
Ordinary Income
(FY2021)
Consolidated ordinary income
excluding the effect of time lag
around 97.3
(Billion of Yen)
Effect of the
hike in JEPX
prices
(Reference) Estimate of the effect of time lag of fuel cost adjustments 〔Non-consolidated〕
·A part of the difference between the standard fuel price and the fuel price in the second half of FY2020, is reflected in the decrease of
retail sales revenues in FY2021 [around -27.0 billion yen]
·A part of the difference between the standard fuel price and the fuel price in the second half of FY2021, will not be reflected in the
increase of retail sales in FY2021, but will be carried over to the beyond of FY2022 [around 38.0 billion yen]
As a result of the time lag of fuel cost adjustments, revenues deteriorated [around -65.0 billion yen]
(Compared with FY2020: around -74.0 billion yen)1110,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
2019.10 2020.1 2020.4 2020.7 2020.10 2021.1 2021.4 2021.7 2021.10 2022.1 2022.4
0 〜〜Standard fuel
price
27,400 yen/kl
Around 38.0 Billion yen
Time lag: Around -65.0 Billion yen
Time lag: Around 9.0 Billion yen
Average fuel
price
Around -27.0 Billion yen
Around -18.0 Billion yen
FY2020 FY2021
Compared with FY2020 : Around -74.0 Billion yen
(yen/kl)
+2.51250.032.3(-17.7)
-13.0
-18.5
Japanese electric power businesses (-19.8)+9.2+2.1
Increase in the
Profits from
Consolidated
subsidiaries, etc.
Effect of the
hike in JEPX
prices
( Reference ) Factors Affecting Consolidated Ordinary Income (Compared with the January forecast)
(Billion of Yen)
Consolidated ordinary income
excluding the effect of time lag
around 102.0
Consolidated Ordinary Income
(Announced on January,2022)
Consolidated ordinary income
excluding the effect of time lag
around 97.3
Consolidated Ordinary Income
(FY2021 Review)
Effect of the time lag of
fuel cost adjustments
(-52.0→-65.0)
Increase in
electricity sales
volume of Retail・
Wholesale
(Taking into
account effect
of the fuel costs
,etc.)
Others
FY2021 FY2020 Difference
Energy
services
businesses
Japanese
electric
power
businesses
Power and Electricity
Sales
Sales (1,383.6) 1,515.8 (1,208.6) 1,322.1 (174.9) 193.6
Ordinary Income/ Loss -5.9 -0.5 -5.3
Transmission and
Distribution businesses
Sales (179.3) 598.3 (152.1) 559.2 (27.2) 39.0
Ordinary Income 7.1 29.1 -21.9
Inter-segment
transactions eliminated
Sales -546.5 -516.7 -29.8
Ordinary Income - - -
Subtotal
Sales (1,563.0) 1,567.5 (1,360.7) 1,364.6 (202.2) 202.9
Ordinary Income 1.2 28.5 -27.3
Other energy services businesses
Sales (81.5) 198.6 (67.5) 180.4 (13.9) 18.1
Ordinary Income
( Overseas businesses )
[Figures are included above]
22.4 17.6 4.8
(8.1) (3.8) (4.2)
ICT services businesses
Sales (81.1) 112.4 (79.7) 112.9 (1.3) -0.5
Ordinary Income 6.1 6.3 -0.2
Other businesses
Sales (17.6) 33.3 (13.9) 29.5 (3.6) 3.8
Ordinary Income 6.1 4.2 1.8
Inter-segment transactions eliminated
Sales -715.2 -682.3 -32.8
Ordinary Income -3.5 -1.6 -1.8
Total
Sales 1,743.3 1,521.9 221.3
Ordinary Income 32.3 55.1 -22.7
Note1: The above amounts represent figures prior to elimination of transactions among segments.
Note2: Figures in ( ) represent sales excluding transactions among group companies.
(Billion of Yen)
1 (5) Segment Information 〔Consolidated〕 13
1 (5) ➀ Power and Electricity Sales Businesses
FY2021 FY2020 DifferenceRateof Change
Sales 1,515.8 1,322.1 193.6 14.6
Ordinary Expenses 1,536.3 1,336.2 200.0 15.0
Ordinary Income -5.9 -0.5 -5.3 -
Sales : 1,515.8 billion of yen(Increase by 14.6% Compared with FY2020)
Ordinary Income : -5.9 billion of yen
(Billion of Yen, %)
Power generation and retail business in Japan, etc
[Power and Electricity Sales Businesses ]
Sales increased by 14.6% to 1,515円.8 billion compared with FY2020.
The increase is caused by the following factors: an increase in the revenues from retail sales through group-wide sales
activities, the effect of the fuel cost adjustment system, which was caused by higher fuel prices, higher revenues from
wholesale sales, and an increase in profits from LNG trading.
In terms of ordinary income, loss widened by 5円.3 billion to 5円.9 billion, although there was an increase in total amount of
electricity sales volume, higher revenues from the supply-demand adjustment market which was established in FY2021
and an increase in the operation of nuclear power plants. The loss of ordinary income is due to a negative turn in the effect
of the time lag from the fuel cost adjustment system, which was caused by higher fuel prices. Last year it had a positive
impact, whereas this year it turned to losses.141 (5) 2 Transmission and Distribution Businesses
FY2021 FY2020 DifferenceRateof Change
Sales 598.3 559.2 39.0 7.0
Ordinary Expenses 592.5 530.7 61.7 11.6
Ordinary Income 7.1 29.1 -21.9 -75.3
Sales : 598.3 billion of yen ( Increase by 7.0% Compared with FY2020)
Ordinary Income : 7.1 billion of yen(Decrease by 75.3% Compared with FY2020)
(Billion of Yen, %)
Transmission and Distribution business in Kyushu, etc.
[Transmission and Distribution Businesses]
Sales increased by 7.0% to 598円.3 billion compared with FY2020, mainly due to higher revenues from
wholesale sales as there was an increase in wholesale sales volume along with an increase in renewable
energy purchases.
Ordinary income decreased by 75.3% to 7円.1 billion, although there was an increase in sales.
The decrease was mainly due to an increase purchased power costs because of purchase amount from
renewable energy and the supply-demand adjustment market which was established in FY2021.151 (5) 3 Other Energy Services Businesses
FY2021 FY2020 DifferenceRateof Change
Sales 198.6 180.4 18.1 10.1
Ordinary Expenses 188.2 176.8 11.4 6.5
Ordinary Income 22.4 17.6 4.8 27.2
(Share of profit of entities accounted
for using the equity method)
[Figures are included above]
(7.8) (10.2) (-2.3) (-23.2)
Sales : 198.6 billion of yen (Increase by 10.1% Compared with FY2020)
Ordinary Income : 22.4 billion of yen(Increase by 27.2% Compared with FY2020)
(Billion of Yen, %)
Stable energy supply business as construction and maintenance of electrical equipment, Sales of natural gas and LNG
business, Renewable energy business, Overseas business, etc.
[Other Energy Services Businesses]
Sales increased by 10.1% to 198円.6 billion compared with FY2020, due to higher natural gas and LNG sales prices.
Ordinary income increased by 27.2% to \ 22.4 billion compared with FY2020.161 (5) 4 ICT Services Businesses
FY2021 FY2020 DifferenceRateof Change
Sales 112.4 112.9 -0.5 -0.4
Ordinary Expenses 107.8 107.0 0.7 0.7
Ordinary Income 6.1 6.3 -0.2 -3.8
(Share of profit/loss of entities
accounted for using the equity method)
[Figures are included above]
(0.03) (0.07) (-0.03) (-49.3)
Sales : 112.4 billion of yen (Decrease by 0.4% Compared with FY2020)
Ordinary Income : 6.1 billion of yen (Decrease by 3.8% Compared with FY2020)
(Billion of Yen, %)
Data communications business, Optical broadband service business, Telecommunications construction/ maintenance
business, Developments for information system business, Data centers business, etc.
[ICT Services Businesses]
Sales decreased by 0.4% to 112円.4 billion compared with FY2020 due to a decrease in contracted information system
development.
Ordinary Income decreased by 3.8% to 6円.1 billion compared with FY2020 due to an increase in depreciation related to the
equipment of optical broadband service business.171 (5) 5 Other Businesses
FY2021 FY2020 DifferenceRateof Change
Sales 33.3 29.5 3.8 12.9
Ordinary Expenses 28.2 25.6 2.6 10.1
Ordinary Income 6.1 4.2 1.8 42.2
(Share of profit/loss of entities
accounted for using the equity method)
[Figures are included above]
(0.02) (-0.23) (0.25) (-)
Sales : 33.3 billion of yen ( Increase by 12.9% Compared with FY2020)
Ordinary Income : 6.1 billion of yen ( Increase by 42.2% Compared with FY2020)
(Billion of Yen, %)
Real estate business, Paid nursing home business, Office work outsourcing business, Personnel dispatch business, etc.
[Other Businesses]
Sales increased by 12.9% to 33円.3 billion compared with FY2020 due to an increase in real estate revenues, mainly
caused by the sale of all-electric condominiums.
Ordinary income increased by 42.2% to 6円.1 billion compared with FY2020.18Mar.31,2022 Mar.31,2021 Difference
Assets 5,342.3 5,128.5 213.7
Liabilities 4,666.0 4,447.0 218.9
(Interest-bearing Debt)
[ Figures are included above ]
(3,638.0) (3,522.6) (115.4)
Equity 676.3 681.4 -5.1
Equity Ratio (%) 12.1 12.7 -0.6
(Billion of Yen)
2 Financial Status for FY2021 〔Consolidated〕
Total assets increased by 213円.7 billion to 5,342円.3 billion compared with the end of FY2020, due to an increase in other
current assets, such as inventory assets, as well as an increase in fixed assets associated with the Countermeasure
construction to improve the safety of nuclear power plants.
Liabilities increased by 218円.9 billion to 4,666円.0 billion compared with the end of FY2020, due to an increase in interest-
bearing debt and accounts payable.
Equity decreased by 5円.1 billion to 676円.3 billion compared with the end of FY2020, despite an increase in net income
attributable to owners of the parent. The decrease is caused by the payment of dividends.
As a result, equity ratio decreased by 0.6 points to 12.1% compared with the end of FY2020.193 Year-end Dividends for FY2021
(Yen)
[Changes in a dividend per share(Common Stock)]
Note: Year-end dividends for the FY2021 will be officially determined by the approval at the 98th Regular General Meeting of
Stockholders to be held on June 28, 2022.
In terms of the year-end dividends for FY2021, based on a comprehensive analysis of operating forecasts and medium to
long-term balance situation, financial and other factors, we plan to pay a dividend of 20円 per common share.
As for the Class A preferred share, we plan to pay a dividend of a total amount of 1円.05 billion (1,050,000円 per share).
(Fiscal Year)2030
0 0 01015
20 17.5 20200 0 051510151517.5202011 2012 2013 2014 2015 2016 2017 2018 2019 2020 202150515203035 3540■しかく Year-end
■しかく Interim
Total Dividend for FY2021:40yen
( Increase by 5.0 yen compared with FY2020 )
4 Forecasts of Financial Results for FY2022〔Consolidated〕
In terms of the Forecast of Consolidated Financial Results for FY2022, both Sales and Ordinary Income have not been
decided yet because it is difficult to reasonably calculate the forecast values due to the extremely uncertain situation in
Russia and Ukraine, which impacts fuel prices and other factors.
We will provide an update as soon as it is possible to make a sufficiently reliable forecast of Financial Results for
FY2022.215 Forecasts of Dividends for FY2022 22
In terms of the dividends for FY2022, both common shares and class A preferred shares have not been decided yet
because there is the extremely uncertain situation in Russia and Ukraine, which impacts fuel prices and other factors.
We will continue to make efforts to maintain a certain level of dividends.
We will provide an update as soon as it is possible to make a sufficiently reliable forecast of the dividends for FY2022.
Appendix
FY2021 FY2020 DifferenceRateof Change
Retail sales 1,228.1 1,138.6 89.4 7.9
Revenues from Retail sales, Wholesale sales and Others 〔Japanese electric power businesses〕
Retail sales
(Billion of Yen,%)
Difference
FY2021 FY2020 DifferenceRateof Change
Wholesale sales 191.1 107.2 83.9 78.3
1. Sold power to other suppliers 81.8
(Billion of Yen,%)
Difference
FY2021 FY2020 DifferenceRateof Change
Others 154.6 122.2 32.4 26.5
(Billion of Yen,%)
Difference
Wholesale sales
Others
1. Increase in electricity sales volume 64.5
2. Unit price difference
(Effect of fuel cost adjustments, etc.) 24.0
1. Profits from LNG trading 27.223FY2021 FY2020 DifferenceRateof Change
Fuel 261.2 198.0 63.2 31.9
1. Purchased power from other suppliers 140.7
Expenses for Fuel and Purchased power 〔Japanese electric power businesses〕
(Billion of Yen,%) (Billion of Yen,%)
Difference Difference
【Reference1】 All Japan CIF prices
【Reference2】 Fuel Consumption
FY2021 FY2020 Difference
Coal ($/t) 154 79 75
LNG ($/t) 608 390 218
Crude oil ($/b) 77 43 34
Fuel Purchased power
FY2021 FY2020 Difference
Water Flow Rate (%) 87.8 95.8 -8.0
Nuclear Power Utilization Rate (%) 91.4 62.4 29.0
【Reference3】 Water Flow Rate, Nuclear Power Utilization Rate
FY2021 FY2020 DifferenceRateof Change
Purchased power 417.6 275.5 142.1 51.6
FY2021 FY2020 Difference
Coal (ten thousand ton) 533 687 -154
LNG (ten thousand ton) 160 198 -38241. CIF and exchange gains difference 100.0
3. Effect of operating nuclear power plants -44.5
2. Increase in revenues from retail sales and wholesale 15.0
FY2021 FY2020 DifferenceRateof Change
Maintenance 147.3 162.3 -15.0 -9.3
FY2021 FY2020 DifferenceRateof Change
Depreciation 161.0 150.1 10.9 7.3
Expenses for Maintenance , Depreciation and Others 〔Japanese electric power businesses〕
Maintenance
(Billion of Yen,%)
(Billion of Yen,%)
FY2021 FY2020 DifferenceRateof Change
Others 585.3 553.4 31.8 5.8
(Billion of Yen,%)
Difference FY2021 FY2020
4. Labor -10.0 ( 127.4 ← 137.5 )
Others
Depreciation
1. Nuclear 6.4
Difference
1. Nuclear back-end 19.3 ( 73.5 ← 54.1 )
2. Thermal 9.3
Difference
2. Intra-Area Wheeling Service
consignment charge 12.6
1. Nuclear -23.2
3. Costs on retirement of non-current assets 4.9252. Administration 2.2
(Reference) Free Cash Flows 〔Consolidated〕 26
(Billion of yen)
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021
Cash flows from operating activities 329.4 188.0 355.9 283.0 226.8 253.4 257.8
Cash flows from investing activities -288.3 -275.0 -321.7 -364.3 -424.6 -330.5 -320.8
Free cash flows 41.1 -87.0 34.2 -81.3 -197.7 -77.1 -63.041.1-87.034.2-81.3
-197.7
-77.1 -63.0
-400.0
-300.0
-200.0
-100.00.0100.0
200.0
300.0
400.0
500.0
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021
(Billion of yen)
Cash flows from operating activities
Cash flows from investing activities
Free cash flows
FY2021
For more information, please contact:
Investor Relations Group
Corporate Strategy Division
KYUSHU ELECTRIC POWER CO.,INC.
TEL : +81 92 726 1575
URL :https://www.kyuden.co.jp/english_ir_index.html