Financial ResultsTheThe 1st Quarter of FY 2015
1st Quarter of FY 2015
July 31
July 31, 20
, 201515Statements made in this overview of operations regarding Kyushu Electric Power’s 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.
FY2015 Financial Results Forecasts Summary
FY2015 2nd Quarter Financial Results Forecasts Summary
Electricity Sales Volume
Financial Results and Forecasts Summary
FY2015 1st Quarter Financial Results Summary
FY2015 1st Quarter Financial Results
Generated and Received Electricity
[Explanations] Ordinary Revenues
〃 Fuel, Power purchase
Balance Sheet Summary (Non-Consolidated)P1P4P5P6P7P9
Table of Contents
Table of ContentsP2P3
Income Statement Summary, Balance Sheet Summary (Consolidated)P10P11P8Income Statement Summary (Non-Consolidated)
(Reference) Factors in surplus of FY2015 1st Quarter Financial Results (Non-Consolidated)
Financial Results and Forecasts Summary
Financial Results and Forecasts Summary
28.0
-28.1
-36.521.1-40.618.8444.6
453.5100200300400500FY2014 1Q FY2015 1Q
(Billions of Yen)-60-3003060(Billions of Yen)
Operating Income (Loss) (Right) Ordinary Income (Loss) (Right)
Net Income (Loss) (Right) Sales (Left)
FY2014
FY2014 1st Quarter
1st Quarter Financial Results Summary
Financial Results Summary1【Summary】
We have faced an ongoing situation of the severe revenue and expenditure and our
financial condition in electricity business under the long-term shutdown of our nuclear
power station which resulted in rising fuel costs. So we have implemented the expenditure
restraints, which are short term limited, such as deferring repair work to another period
within this fiscal year. Under these conditions, the ordinary income of the 1Q of FY2015
was in the black due to the time lag of reflection of decreasing fuel prices in lighting and
power prices, based on fuel costs adjustment system, while fuel costs has decreased along
with the significant decline of fuel prices from the latter half of the previous fiscal year.(-)(2.3)
(0.5)
(2.9)
(Extraordinary gain)-60.1
-45.015.0Comprehensive Income (Loss)-59.4
-40.618.8Net Income (Loss) attributable
to owners of parent-57.7
-36.521.1Ordinary Income (Loss)-56.1
-28.128.0Operating Income (Loss)
102.08.9444.6
453.5
Sales
Change
Difference
FY2014 1Q
FY2015 1Q
【Consolidated】(-)(1.0)
(1.4)
(2.4)
(Extraordinary gain)-65.3
-40.524.8Net Income (Loss)-64.4
-38.825.5Ordinary Income (Loss)-54.2
-31.422.7Operating Income (Loss)
101.04.2419.0
423.3
Sales
Change
Difference
FY2014 1Q
FY2015 1Q
【Non-Consolidated】
Consolidated
Non-Consolidated
(Billions of Yen,%)
Note: As of the end of FY2015 1Q, 69 affiliates were subject to consolidated accounting.
Breakdown:
Consolidated subsidiaries: 41 companies ( increase of 1 company from the end of FY2014:
1 company included)
Equity method companies: 28 companies ( decrease of 1 company from the end of FY2014:
1 company excluded)22.7-31.425.5-38.824.8-40.5
423.3
419.0100200300400500FY2014 1Q FY2015 1Q
(Billions of Yen)-60-3003060(Billions of Yen)
(Billions of Yen,%) 2----Net Income attributable to
owners of parent----
Ordinary Income----
Operating Income
101.110.0930.0
940.0
Sales
Change
Difference
Apr.2015
Forecast
Jul.2015
Forecast
3 yen/$
120 yen/$
123 yen/$
Exchange rate
-3 $/b
65 $/b
62 $/b
Crude oil CIF price
-0.2 Billion kWh
40.4 Billion kWh
40.2 Billion kWh
Electricity Sales Volume
Difference
Apr.2015
Forecast
Jul.2015
Forecast
FY201
FY2015
5 2nd Quarter
2nd Quarter Financial Results
Financial Results Forecasts Summary
Forecasts Summary
(Billions of Yen,%) (Billions of Yen,%)
【Reference: Key Fundamentals】
【Consolidated】 【Non-Consolidated】----
Net Income----
Ordinary Income----
Operating Income
101.110.0870.0
880.0
Sales
Change
Difference
Apr.2015
Forecast
Jul.2015
Forecast
We expect our sales to increase compared with previous forecast, Apr.FY2015, in the electricity business, because of
increase in grant based on the Act on Purchase of Renewable Energy Sourced Electricity, while decrease in electricity sales
volume.
We will promptly inform you of the 2Q of FY2015 forecasts for the profit based on operation after the resumption of Sendai
nuclear power station unit No.1 which is going ahead with preparations for the resumption.
FY2015 Financial Results Forecasts Summary
FY2015 Financial Results Forecasts Summary3----Net Income attributable to
owners of parent----
Ordinary Income----
Operating Income
100.815.01,880.0
1,895.0
Sales
Change
Difference
Apr.2015
Forecast
Jul.2015
Forecast
4 yen/$
120 yen/$
124 yen/$
Exchange rate
-1 $/b
65 $/b
64 $/b
Crude oil CIF price
-0.2 Billion kWh
81.9 Billion kWh
81.7 Billion kWh
Electricity Sales Volume
Difference
Apr.2015
Forecast
Jul.2015
Forecast
(Billions of Yen,%) (Billions of Yen,%)
【Reference: Key Fundamentals】
【Consolidated】 【Non-Consolidated】----
Net Income----
Ordinary income----
Operating income
100.915.01,750.0
1,765.0
Sales
Change
Difference
Apr.2015
Forecast
Jul.2015
Forecast
We expect our sales to increase compared with previous forecast, Apr.FY2015, in the electricity business, as well as FY2015
2Q, because of increase in grant based on the Act on Purchase of Renewable Energy Sourced Electricity, while decrease in
electricity sales volume.
Fiscal 2015 full-year forecasts for the profit is currently not able to be estimated due to the difficult situations that we can not
calculate fuel costs rationally under uncertain prospects for the resumption of Sendai and Genkai nuclear power stations. We
will promptly inform you of our forecasts when it is possible for us to make them.
業績概要
FY201
FY20155 11st
st Quarter
Quarter Financial Results
Financial Results
Electricity Sales Volume
Electricity Sales Volume4○しろまる Customers other than large-scale industrial
Decreased by 0.6% compared with the 1Q of the previous year mainly due to a decrease in power for commercial operation.
○しろまる Large-scale industrial customers
Decreased by 2.3% compared with the 1Q of the previous year mainly due to a decrease in the production of Steel, Iron and Chemicals.
【Electricity Sales Volume】97.7-138
5,800
Large-scale industrial
customers99.4-77
13,002
Customers other than
large-scale industrial
(Figures are
included above)98.9-215
18,802
Total98.2-224
12,472
Power
100.196,330
Lighting
Change
Difference
vs.FY2014 1Q
FY2015 1Q
(Million-kWh,%)
【Reference: Electricity Sales Volume (by sector)】
(Million-kWh,%)98.9-215
18,802
Total98.1-221
11,416
Subtotal98.3-124
7,309
Industrial97.7-97
4,107
Commercial
Demand
under
liberalization
100.167,386
Subtotal88.0-23162Others
102.320894
Low voltage
Power
100.196,330
Lighting
Demand
other than
under
liberalization
Change
Difference
vs.FY2014 1Q
FY2015 1Q
【Large-scale industrial customers by sector】97.7-138
5,800
Total98.6-22
1,519
Others98.6-8582Foodstuffs79.1-2384Pulps and Papers
107.936488
Non-ferrous Metals95.8-10239Clay and Stone92.2-54643Chemicals87.0-97645Steel and Iron
107.328408
Transportation
101.1111,068
Electronics
(Figures are
included above)
102.5401,600
Machinery Total
Change
Difference
vs.FY2014 1Q
FY2015 1Q
(Million-kWh,%) (%)Generated and Received Electricity
Generated and Received Electricity5【Generated and Received Electricity】 (Million-kWh,%)
※(注記)Note: "New Energy'' includes Solar, Wind, Biomass, Waste and Geothermal
【Trends in Generated and Received Electricity】
(Million-kWh)
【Nuclear power utilization rate and Water flow rate】
139.958205
Interchange
278.7-65-101
For pumping98.9-226
19,941
Total
107.64246,009
Subtotal
148.16171,902
New Energy※(注記)93.1-262
3,540
Thermal
113.769567
HydroFromother
companies95.6-643
13,828
Subtotal
103.09323
New Energy※(注記)(-)(-)---Nuclear
(Utilization rate)93.4-863
12,232
Thermal
(23.1)
(112.0)
119.92111,273
Hydro
(Water flow rate)Ownfacilities
Change
Difference
vs.FY2014 1Q
FY2015 1Q 21,348 20,753 20,690 20,167 19,94182.797.7 68.5
112.088.959.10.00.00.00.0050100150
FY2011 1Q FY2012 1Q FY2013 1Q FY2014 1Q FY2015 1Q
Water flow rate
Nuclear power utilization rate
6,782
9,487
14,339 14,190
13,095
12,2329531,1708183,777
4,904 5,349
5,696
1,273
1,062
6,1133233143333403490
5,000
10,000
15,000
20,000
25,000
FY2011 1Q FY2012 1Q FY2013 1Q FY2014 1Q FY2015 1Q
(430)
(492)
(1,902)
(1,285)
(652)
Income Statement Summary (Non
Income Statement Summary (Non-
-Consolidated)
Consolidated)6(Billions of Yen,%)-65.3
-40.524.8Net Income (Loss)72.1-0.83.12.2
Income taxes
Gain on sale of securities 2.4 Gain on sale of fixed assets -1.4-1.01.42.4
Extraordinary gain-0.9-0.9
Reserve for fluctuation
In water levels-64.4
- 38.825.5Ordinary Income (Loss)(-)(54.2)
(- 31.4)
(22.7)
(Operating Income (Loss))89.1-50.3
460.9
410.6
Total
Levy based on the Act on Purchase of Renewable Energy Sourced Electricity 10.8
Overhead expenses*3
0.6 Incidental Business Operating Expenses -7.2
107.24.157.261.4Other78.1-1.15.13.9
Nuclear back-end *299.1-0.120.420.2
Tax and public dues *198.8-0.19.69.5
Interest95.8-1.741.539.8
Depreciation
107.21.825.227.1Maintenance
Purchase from other companies 10.2 [Figures are included above:Purchase of Renewable Energy Sourced
Electricity 22.4 Thermal from other companies -12.1]
Purchase from other electric companies -0.4
109.99.798.7
108.4
Power purchase
Drop in CIF and Exchange losses -41.8 Stock Impact -8.5 Difference of the composition of thermal electric
power generation -6.8 Increase in Power purchase -5.4 Increase in Water flow -3.162.3-65.8
174.5
108.6Fuel110.52.928.231.2Labor
Ordinary
Expenses
103.314.1422.1
436.2
Total
(101.0)
(4.2)
(419.0)
(423.3)
(Sales)
Grant based on the Act on Purchase of Renewable Energy Sourced Electricity 18.1
Proceed from dividends 9.4 Incidental Business Operating Revenues -8.8
132.820.261.782.0Other97.1-6.3
216.9
210.5
Power
Decrease in electricity sales volume -3.7 Effect of fuel cost adjustment -9.7
Solar Power Promotion Surcharge -1.0 Renewable Energy Power Promotion Surcharge 10.8
100.10.1143.4
143.6
Lighting
Ordinary
Revenues
Explanations
Change
Difference
FY2014 1Q
FY2015 1Q
Note 1 : Tax and public dues consist of the following: Charge for right of water, Property Tax, Miscellaneous Taxes, Power Development Promotion Tax、Business Tax
Note 2 : 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 units, and Disposal
costs of high-level radioactive waste.
Note 3 : Overhead expenses refer to the aggregate sum of waste disposal expenses, consumables expenses, compensation expenses, leasing fees, subcontract fees, expansion and development expenses, training expenses,
research expenses and others.
【Reference 1 :Key Fundamentals】
23.1%
88.9 %
112.0 %
Water flow rate- %- %- %Nuclear power utilization rate
19 yen/$
102 yen/$
121 yen/$
Exchange rate
-51 $/b
110 $/b
59 $/b
Crude oil CIF price
Difference
FY2014 1Q
FY2015 1Q
【Reference 2 :Structure of Feed-in Tariff power purchase and sale system of renewable energy 】
※(注記) Note:Figures for FY2015 1st Quarter and FY2014 1st Quarter in parenthesis.
Renewable
Electricity at term and
price decided by METI
Cost-sharing
CoordinationBodyOur
company
Renewable
Electricity
Suppliers
Consumers
Renewable Energy
Power Promotion
Surcharge
Renewable Energy
Power Promotion
Surcharge
Renewable
Electricity at term and
price decided by METI
53.6 Bin of Yen※(注記)
(35.5 Bln of Yen)
20.9 Bin of Yen※(注記)
(10.1 Bln of Yen)
67.2 Bin of Yen※(注記)
(44.7 Bln of Yen)
20.9 Bin of Yen※(注記)
(10.1 Bln of Yen)
(Reference)
(Reference) Factors in surplus of FY 2015 1st Quarter Financial Results (
Factors in surplus of FY 2015 1st Quarter Financial Results (NonNon--Consolidated
Consolidated))7
The ordinary income of the 1Q of FY2015 was in the black due to thorough cost reductions, the decrease of fuel costs
with the significant decline of fuel prices from the latter half of the previous fiscal year and the following two points.
・Impact of the time lag of Fuel Cost Adjustment. ※(注記)1 [approx. 25 billion yen]
・Increase in the dividends from affiliated companies.※(注記)2 [9.4 billion yen]
※(注記)1Average of 3-month fuel price is reflected in the Unit Price after Fuel Cost Adjustment two months later.
For example, a Unit Price after Fuel Cost Adjustment calculated on the basis of (actual recorded) average fuel prices from November to January, shall be
applied to electricity fees for April.
※(注記)2 This proceed shall be eliminated from consolidated accounts.05,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
H26.4 H26.7 H26.10 H27.1 H27.4 H27.7
approx. 25 billion yen
(yen/kl) Average fuel price
[income]
All Japan CIF
[cost]
Standard fuel price
The Unit Price after Fuel Cost
Adjustment in the 2nd Quarter of
FY2015 is reflected.
The Unit Price after Fuel Cost Adjustment in the 1st Quarter of FY2015 is reflected.
Impact of the time lag of Fuel Cost Adjustment. [approx. 25 billion yen]
・Income from the reflection of the Upward adjustment in the 1st Quarter of FY2015, based on the fuel
price in latter half of FY 2014. [approx 13 billion yen]
・Income from decrease in average fuel cost in 1st Quarter of FY 2015, which shall be reflected to Unit
Price after Fuel Cost Adjustment in 2nd Quarter.[approx. 12 billion yen]
※(注記)Downward Adjustment shall be applied to fees in the 2Q of FY 2015.
(Downwards Adjustment shall be appplied if average fuel price is below the standard fuel price. )
approx. 1 billion yen
2014.4 2014.7 2014.10 2015.1 2015.4 2015.7
○しろまるEffect of the decline in the fuel price (The time lag of Fuel Cost Adjustment )
(Reference)
2014.4 2014.5 2014.6 2014.7 2014.8 2014.9 2014.10 2014.11 2014.12 2015.1 2015.2 2015.3 2015.4 2015.5 2015.6
All Japan
CIF($/b)
109 109 110 112 111 106 101 91 79 63 50 55 56 59 64 [[Explanations
Explanations] Ordinary Revenues
] Ordinary Revenues
(Billions of Yen,%)98.3-6.1
360.3
354.2
Lighting and Power
Change
Difference
FY2014 1Q
FY2015 1Q
1. Decrease in electricity sales volume -3.7
Difference FY2014 1Q
FY2015 1Q82. Effect of fuel cost adjustment -9.7 ( 12.8 ← 22.5 )
3. Solar Power Promotion Surcharge -1.0 ( - ← 1.0 )
2. Proceed from dividends 9.4 ( 10.6 ← 1.2 )
132.820.261.782.0Others
Change
Difference
FY2014 1Q
FY2015 1Q
1. Grant based on the Act on Purchase of
Renewable Energy Sourced Electricity 18.1 ( 53.6 ← 35.5 )
Difference FY2014 1Q
FY2015 1Q
4. Renewable Energy Power Promotion Surcharge 10.8 ( 20.9 ← 10.1 )
3. Incidental Business Operating Revenues -8.8 ( 3.5 ← 12.4 )
【Lighting and Power】
305.4
354.2
327.8
360.3
313.7250300350400
FY2011 1Q FY2012 1Q FY2013 1Q FY2014 1Q FY2015 1Q
(Billions of Yen) 【Others】
18.2 19.348.361.782.0104070100FY2011 1Q FY2012 1Q FY2013 1Q FY2014 1Q FY2015 1Q
(Billions of Yen)
(Billions of Yen,%) 9[Explanations]
[Explanations] Fuel, Power purchase
Fuel, Power purchase
(Billions of Yen,%)62.3-65.8
174.5
108.6FuelChange
Difference
FY2014 1Q
FY2015 1Q-5111059Crude oil($/b)-358855497LNG($/t)-1610084Coal($/t)
Difference
FY2014 1Q
FY2015 1Q
[ Reference1 ] All Japan CIF prices-1761,136960LNG (thousand. ton)38155193Crude oil (thousand. kiloliter)-48492444Heavy oil (thousand. kiloliter)136967
1,103
Coal (thousand. ton)
Difference
FY2014 1Q
FY2015 1Q
[ Reference2 ] Fuel consumption
109.99.798.7
108.4
Power purchase
Change
Difference
FY2014 1Q
FY2015 1Q
(Billions of Yen,%)
1. Purchase from other companies 10.2 ( 104.6 ← 94.4 )
Difference FY2014 1Q
FY2015 1Q
2. Purchase from other electric companies - 0.4 ( 3.7 ← 4.2 )
Difference
1. Drop in CIF and Exchange losses -41.8
2. Stock Impact -8.5
3. Difference of the composition of thermal electric power generation -6.8
4. Increase in Power purchase -5.4
5. Increase in Water flow -3.1
◆だいやまーく Purchase of
Renewable Energy Sourced Electricity 22.4
◆だいやまーく Received thermal
from other companies -12.1
【Power purchse】
108.476.939.263.098.7050100150
FY2011 1Q FY2012 1Q FY2013 1Q FY2014 1Q FY2015 1Q
(Billions of Yen)
【Fuel】
169.6
178.085.5174.5
108.650100150200
FY2011 1Q FY2012 1Q FY2013 1Q FY2014 1Q FY2015 1Q
(Billions of Yen)
Balance Sheet Summary (Non
Balance Sheet Summary (Non-
-Consolidated)
Consolidated)10Assets
-142.8
4,390.9
4,248.0
Total
Cash and cash equivalents -147.1
(Jun.30, 2015 319.0 ← Mar.31, 2015 466.1)
-142.0
1,425.1
1,283.1
Others-7.7684.4
676.6
Investments and Other Assets
Construction completed 50.2 Depreciation -39.86.92,281.2
2,288.1
Utility Property, Plant and
Equipment
Explanations
Difference
Mar. 31, 2015
Jun 30, 2015
(Billions of Yen)
Liabilities and Equity
-142.8
4,390.9
4,248.0
Total
FY2015 1Q net loss 24.8
[Equity Ratio] Jun. 30, 2015 8.1% ← Mar. 31, 2015 7.3%23.6322.2
345.9
Equity
Interest-bearing Debt -101.0 Accrued expenses -21.9
Short-term liabilities of affiliated companies -19.8
Other accounts payable -10.9
-166.5
4,068.6
3,902.0
Liabilities
Explanations
Difference
Mar. 31, 2015
Jun. 30, 2015
-101.0
3,168.2
3,067.2
Total
-31.6
1,884.4
1,852.8
Loans
-69.3
1,283.7
1,214.4
Bonds
Difference
Mar. 31, 2015
Jun. 30, 2015
(Billions of Yen)
(Billions of Yen)
【Reference: Interest-bearing Debt】
Income Statement Summary
Income Statement Summary ,
, Balance Sheet Summary (Consolidated)
Balance Sheet Summary (Consolidated)11-59.4-40.618.8Net Income (Loss) attributable to owners of parent-2.30.52.9
Extraordinary gain-0.9-0.9
Reserve for Fluctuation In Water Levels-57.7
-36.521.1Ordinary Income (Loss)
( - )
( 56.1)
( -28.1)
( 28.0)
(Operating Income (Loss))90.2-47.4
483.7
436.2
Total97.7-0.210.910.7
Other Expenses87.1-4.434.229.7
Other90.2-42.7
438.5
395.7
Electric90.0-47.1
472.7
425.5
Operating Expenses
Ordinary
Expenses
102.310.2447.2
457.4
Total
151.11.32.53.9Other Revenues90.0-3.838.534.6
Other
103.112.7406.1
418.8
Electric
102.08.9444.6
453.5
Operating Revenues (Sales)
Ordinary
Revenues
Change
Difference
FY2014 1Q
FY2015 1Q
Income Statement Summary-60.1
-45.015.0Comprehensive Income (Loss)
FY2015 1Q
Consolidated Ratio
(1.07)
Balance Sheet Summary14.5450.9
465.5
Equity
-95.2
3,337.9
3,242.7
Interest-bearing Debt
-153.9
4.333.7
4,179.8
Liabilities
-139.3
4,784.7
4,645.4
Total Assets
Difference
Mar. 31, 2015
Jun. 30, 20150.69.09.6【Reference 】Equity Ratio
(Billions of Yen,%)
(Billions of Yen,%)
( 1.23 )
( 0.83 )
( 0.76 )
For more information, please contact:
Investor Relations Group
Corporate Planning Division
KYUSHU ELECTRIC POWER CO.,INC.
TEL : +81 92 726 1575
FAX : +81 92 733 1435
URL : http://www.kyuden.co.jp/en_ir_index