April 27, 2018
The Fiscal Year Ended March 31, 2018 Financial Results Overview 〔Japan GAAP〕(Consolidated)
Kyushu Electric Power Co., Inc.
Stock code: 9508 URL: http://www.kyuden.co.jp/en_index.html Stock listed on: Tokyo SE, Fukuoka SE
Representative: Mr. Michiaki Uriu, President
Contact: Investor Relations Group, Corporate Strategy Division. Tel: +81-92-726-1575
General Meeting of Stockholders date (plan) : June 27,2018
Commencement of payment of year-end dividend: June 28,2018
Annual security report submission date (plan): June 28, 2018
Preparation of supplementary materials for quarterly financial results: Yes
Information meeting for quarterly financial results: Yes (for analysts and institutional investors)
1. Consolidated Financial Results for FY2017 (April 1, 2017 to March 31, 2018)
(1) Consolidated Operational Results
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%)
FY2017 ended March 31, 2018 1,960,359 7.3 103,123 -15.9 73,678 -21.8
FY2016 ended March 31, 2017 1,827,524 -0.4 122,640 2.0 94,234 3.6
(Note) Comprehensive income : FY2017 96,591 million yen (17.7%) FY2016 82,037 million yen (65.9%)
(Reference) Investment Profit/Loss under Equity Methods : FY2017 7,257 million yen FY2016 7,211 million yen
(2) Consolidated Financial Position
(Reference) Shareholders' equity: FY2017 629,140 million yen FY2016 550,965 million yen
(3) Consolidated Cash Flow
2. Dividends
(Note) Dividends mentioned above is regarding common shares. See 'Dividends for class shares' regarding dividends for class
shares which differ in shareholders’ rights from common shares.
Sales Operating income Ordinary income
(% shows the changes from the previous FY)
(Rounded down to the nearest million yen)
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)
FY2017 ended March 31, 2018 355,995 -321,751 -90,334 365,875
FY2016 ended March 31, 2017 188,016 -275,047 78,380 419,831
(Record date) 1Q Interim 3Q
Year-endTotal
(Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: million yen) (%) (%)
FY2016 ended March 31, 2017 ― 0.00 ― 15.00 15.00 7,109 9.4 1.7
FY2017 ended March 31, 2018 ― 10.00 ― 10.00 20.00 9,479 11.4 1.9
FY2018 ending March 31, 2019
(forecast) ― 15.00 ― 15.00 30.00 27.6
Annual dividends per share
Total dividends
(annual)
Payout ratio
(consolidated)
Dividend rate for net
assets (consolidated)
Total assets Net assets
Shareholders'
equity ratio
Net assets
per share
(Unit: million yen) (Unit: million yen) (%) (Unit: yen)
FY2017 ended March 31, 2018 4,710,158 653,963 13.4 1,113.43
FY2016 ended March 31, 2017 4,587,541 574,577 12.0 944.69
Net income
per share
Fully-diluted
net earnings
per share
Net returnonshareholders'
equity
Ratio of
current
income to
total capital
Ratio of
current
income to
sales
(Unit: million yen) (%) (Unit: yen) (Unit: yen) (%) (%) (%)
FY2017 ended March 31, 2018 86,657 9.3 175.56 144.03 14.7 1.6 5.3
FY2016 ended March 31, 2017 79,270 7.9 159.97 159.78 15.4 2.0 6.7
Profit attributable
to owners of
parent
3. Forecast for FY2018 (April 1, 2018 to March 31, 2019)
※(注記) Note
(1)Changes in significant subsidiaries (changes in scope of consolidated subsidiaries) : No
Newly added:0 Excluded:0
(2) Changes in accounting principles, changes in accounting estimates, restatement
1 Changes in accounting principles in line with revised accounting standards : No
2 Changes in accounting principles other than 1 : No
3 Changes in accounting estimates : No
4 Restatement : No
(3) Number of common stocks issued and outstanding
1 Total stocks including treasury stocks at the end of period
FY2017 474,183,951 shares FY2016 474,183,951 shares
2 Treasury stocks at the end of period
FY2017 520,059 shares FY2016 522,731 shares
3 Average number of stocks during the period
FY2017 473,662,498 shares FY2016 473,662,147 shares
(Reference) Outline of Non-consolidated Financial Results
1. Non-consolidated Financial Results for FY2017 (April 1, 2017 to March 31, 2018)
(1) Non-Consolidated Operational Results
(% shows the changes from the previous FY)
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%)
FY2017 ended March 31, 2018 1,823,543 7.5 81,203 -18.4 48,203 -30.0
FY2016 ended March 31, 2017 1,696,731 -0.5 99,535 1.7 68,883 -7.3
(Unit: million yen) (%)
FY2017 ended March 31, 2018 69,023 13.0
FY2016 ended March 31, 2017 61,057 -6.5
Operating income
(Note) Regarding the number of shares used as fundamentals in the calculation of the net income
per share (consolidated), please see page 21 of the attachment "Per share data".
(% show s the changes from the same financial periods of the previous year)
121.44
(Unit: yen)
Net income Net earnings per share
121.29
113.43
Ordinary income
(Unit: yen)
138.24
Fully-diluted net earnings
per share
Sales
Net earnings per
share
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: yen)
Full-year 2,005,000 2.3 105,000 1.8 80,000 8.6 55,000 -36.5 108.73
Profit attributable to
owners of parent
Sales Operating income Ordinary income
(2) Non-Consolidated Financial Position
(Reference) Shareholders' equity: FY2017 488,774 million yen FY2016 436,464 million yen
2. Non-consolidated Forecast for FY2018 (April 1, 2018 to March 31, 2019)
(% show s the changes from the same financial periods of the previous year)
*Financial results are not subject to audit procedures
*Notes on the proper use of the forecasts
We will post supplementary materials for financial results on our website.
(Reference) Dividends for Class Shares
The breakdown of dividend for class shares which differ in shareholders' rights from common shares is as follows.
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.
Total assets Net assets
Shareholders'
equity ratio
Net assets
per share
(Unit: million yen) (Unit: million yen) (%) (Unit: yen)
FY2017 ended March 31, 2018 4,230,935 488,774 11.6 816.57
FY2016 ended March 31, 2017 4,141,556 436,464 10.5 702.51
Net earnings per
share
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: yen)
Full-year 1,865,000 2.3 85,000 4.7 55,000 14.1 40,000 -42.0 77.01
Sales Operating income Ordinary income Net income
1Q 2Q 3Q Year-end Total
(Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen)
FY2016 ended March 31, 2017 ― 0.00 ― 3,500,000.00 3,500,000.00
FY2017 ended March 31, 2018 ― 1,750,000.00 ― 1,750,000.00 3,500,000.00
FY2018 ending March 31, 2019
(forecast)
― 1,750,000.00 ― 1,750,000.00 3,500,000.00
Class A
preferred shares
Annual dividends per share
- 1 -
○しろまる Table of Contents of Attached Material
1. Overview of Operating Results・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 2
(1) Overview of Operating Results in Current Period・・・・・・・・・・・・・・・・・・・ 2
(2) Overview of Financial Condition in Current Period・・・・・・・・・・・・・・・・・・・ 6
(3) Overview of Cash Flow in Current Period・・・・・・・・・・・・・・・・・・・・・・ 6
(4) Business Forecasts ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 7
2. Basic policy for Selection of Accounting Standards・・・・・・・・・・・・・・・・・・・・ 9
3. Consolidated Financial Statements and Main Notes・・・・・・・・・・・・・・・・・・・・ 10
(1) Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・・・・・ 10
(2) Consolidated Income Statements and Consolidated Comprehensive Income Statements・・・ 12
(3) Consolidated Statements of Changes in Shareholders’ Equity ・・・・・・・・・・・・・ 14
(4) Consolidated Statements of Cash Flows ・・・・・・・・・・・・・・・・・・・・・ 16
(5) Notes on Consolidated Financial Statements ・・・・・・・・・・・・・・・・・・・ 18
(Note on the premise of going concern)・・・・・・・・・・・・・・・・・・・・・・ 18
(Segment information, etc) ・・・・・・・・・・・・・・・・・・・・・・・・・・ 18
(Per share data) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 21
(Significant post-balance sheet event) ・・・・・・・・・・・・・・・・・・・・・・ 21
Please note that this purports to be an accurate and complete translation of the original Japanese version
prepared for the convenience of our English-speaking audience. However, in the case of any
discrepancy between the translation and the Japanese original, the latter shall prevail.
- 2 -
1. Overview of Operating Results
(1) Overview of Operating Results in Current Period
The Japanese economy in FY2017 has been gently recovered mainly due to an increase in productions,
capital investment and a recovery of export. The economy in Kyushu has been expanding gently,
maintaining high level in productions and export as well as an increase in capital investment and individual
consumption.
In order to respond to the full liberalization of electricity and gas retail market and legal separation of
transmission and distribution and other factors arising from the electricity system reform, we have been
working actively to reduce group-wide cost thoroughly on the premise of ensuring safety, compliance and
stable supply and gain profits by entering to gas retail market.
With regard to the financial results in FY2017, the ordinary income decreased by 21.8% compared to
FY2016 due to a decrease of the electricity sales volume caused by the progress of competition and an
increase miscellaneous cost caused by the electricity system reform, in spite of a decrease of fuel cost by
increasing the generation volume by Sendai Nuclear Power Station. On the other hand, based on the
operating conditions of Genkai Nuclear Power Station Unit No.3 and other factors, as a result of assessing
the realizability of deferred tax assets, profit attributable to owners of parent increased by 9.3% compared
to FY2016 due to a decrease in income taxes caused by recording deferred tax assets additionally.
A. Revenue and expenditure
On the revenue side, consolidated sales (operating revenues) increased by 7.3% to 1,960円.3 billion and
ordinary revenue increased by 7.1% to 1,976円.2 billion compared to FY2016, as in the electricity business
lighting and power revenue increased mainly due to an increase in charge unit price with the effect of fuel
cost adjustment system and the grant based on the Act on Purchase of Renewable Energy Sourced
Electricity in spite of a decrease in electricity sales volume.
On the expenditure side, ordinary expenses increased by 8.6% to 1,902円.5 billion compared to FY2016
mainly due to in the electricity business an increase of power purchase from renewable energy and an
increase in fuel cost caused by increased fuel price and also an increase in miscellaneous cost, while we
have made efforts for group-wide cost reduction.
As a result, ordinary income decreased by 21.8% to 73円.6 billion compared to FY2016.
Also, profit attributable to owners of parent increased by 9.3% to 86円.6 billion mainly due to a decrease
of extraordinary losses in FY2016, associated with the Kumamoto Earthquake, and a decrease in corporate
taxes caused by recording deferred tax assets additionally and other factors.
- 3 -
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, %)
FY2017 FY2016 Difference Change
(A) (B) (A-B) (A/B)
Electricity
Sales 18,083 16,850 1,232 107.3
Operating
Income(Loss)
814 983 -169 82.8
Energy-related
Sales 1,914 1,852 62 103.4
Operating
Income(Loss)
117 100 16 116.3
IT &
Telecommunication
Sales 1,066 1,014 52 105.2
Operating
Income(Loss)
73 84 -11 86.1
Other
Sales 255 249 6 102.7
Operating
Income(Loss)
48 45 2 106.5
(Note) Electricity includes the company’s business operations except incidental businesses
(a) Electricity Business
Sales increased by 7.3% to 1,808円.3 billion compared to FY2016 as lighting and power
revenues increased due to an increase in unit price with the effect of the fuel costs adjustment
and grant based on the Act on Purchase of Renewable Energy Soured Electricity increased in
spite of a decrease in electricity sales volume. On the other side, operating costs increased by
8.8% to 1,726円.8 billion compared toFY2016 due to an increase in power purchase from
renewable energy and an increase in fuel costs because of increased fuel price as well as an
increase in miscellaneous cost, while we have made efforts for group-wide cost reduction. As a
result, ordinary income in FY2017 decreased by 17.2% to 81円.4 billion.
(b) Energy-related Business
In energy-related business, we have developed some businesses, which contribute to stable
supply of electricity like construction and maintenance of electric facilities and also sales of gas
and LNG, renewable energy and energy service businesses for customers’ various satisfaction
with energy. We’ve also made efforts to strengthen overseas business and expand outside Kyushu
energy business, making use of our group-wide techniques and experiences.
Sales increased by 3.4% to 191円.4 billion compared to FY2016 due to an increase in gas and
LNG sales and commencement of production of the overseas LNG project, though a decrease in
smart-meters sales. And operating income increased by 16.3% to 11円.7 billion due to
commencement of production of the overseas LNG project and an increase in profit of overseas
power generation business in spite of an increase in outsourcing cost associated with the system
building for entering the gas retail market.
- 4 -
(c) IT and Telecommunication Business
In IT and Telecommunication business, we have developed data communications, optical
broadband, works and maintenances of telecommunication, development of information systems
and data center businesses, making use of our experiences and telecommunication infrastructures
like optical fiber networks and data center.
Sales increased by 5.2% to 106円.6 billion compared to FY2016 mainly due to an increase in
entrusted developments of information systems and in sales of electronic communication devices.
Operating income decreased by 13.9% to 7円.3 billion compared to FY2016 mainly due to an
increase in selling costs in smart phone service business.
(d) Other Businesses
In other businesses, we have developed living support businesses mainly including real estate,
housing, fee-based nursing home for the elderly, and environment and recycle.
Sales decreased by 2.7% to 25円.5 billion compared to FY2016 mainly due to an increase in
income of temporary staffing business and fee-based nursing home for the elderly business.
Operating income increased by 6.5% to 4円.8 billion mainly due to a decrease in depreciation of
rental buildings.
- 5 -
B. Sales and Supply overview
Total electricity sales volume came to 76.8 billion kWh, decreased by 2.3% compared to FY2016
due to a decrease of electricity contract.
Electricity Sales Volume
(Unit: million kWh, %)
FY2017 FY2016 Difference Change
(A) (B) (A-B) (A/B)
Lighting 28,603 28,535 68 100.2
Power 48,173 50,084 -1,912 96.2
Total 76,775 78,619 -1,844 97.7
(Note) Total may not agree exactly with each figure due to rounding off.
The electricity supply has been stable resulted from a stable operation of Sendai nuclear power
station unit No.1 and 2 and the comprehensive operation of power plants like thermal and pumping
responding to an increase in new energy.
Generated and Received Electricity
(Note1) The figures of own facilities’ generation are on transmission–end basis.
(Note2) "New Energy" includes Solar, Wind, Biomass, Waste and Geothermal.
(Note3) The figures on "From other companies / Interchange" are the volume we grasped as of the
end of FY2017.
FY2017 FY2016 Difference Change
(A) (A) (A-B) (A/B)Ownfacilities
Hydro 4,653 4,788 -135 97.2
(Water flow rate) (101.2) (115.0) (-13.8)
Thermal 43,260 45,615 -2,355 94.8
Nuclear 14,339 12,455 1,884 115.1
(Utilization rate) (36.7) (31.9) (4.8)
New Energy 1,092 1,133 -41 96.3
Subtotal 63,344 63,991 -647 99.0
From other companies/Interchange
(New Energy [included above])
18,511
(9,994)
19,993
(8,590)
-1,482
(1,404)92.6(116.4)
For pumping -1,627 -1,306 -321 124.7
Total 80,228 82,678 -2,450 97.0
(Unit: million kWh, %)
- 6 -
(2) Overview of Financial Condition in Current Period
Assets increased by 122円.6 billion to 4,710円.1 billion compared to the end of FY2016 due to an
increase in Non-current assets mainly because of an increase in Construction in progress with
countermeasure constructions to improve safety of nuclear power stations and an increase in Nuclear
fuel and also because of additional record of deferred tax assets as a result of assessing the realizability
of deferred tax assets, while current assets like cash and deposits decreased.
Liabilities increased by 43円.2 billion to 4,056円.1 billion compared to the end of FY2016 mainly due
to an increase in Accrued taxes, Notes and accounts payable-trade and Other Current liabilities, though
interest-bearing debt decreased. Interest-bearing debt decreased by 70円.1 billion to 3,243円.8 billion
compared to the end of FY2016.
Net assets increased by 79円.3 billion to 653円.9 billion compared to the end of FY2016 mainly due to
record of Profit attributable to owners of parent in spite of a decrease by payment of the dividend.
Shareholders’ equity ratio went up to 13.4%.
(3) Overview of Cash Flow in Current Period
Cash inflow from operating activities decreased by 167円.9 billion to 355円.9 billion compared to
FY2016 mainly due to a decrease in consumption and income taxes paid, and a decrease in Payments
of accrued contributions for reprocessing of irradiated nuclear fuel, paid in FY2016 in connection with
the enforcement of "the Act for Partial Revision of Law on the Creation and Management of Reserve
Funds for the Reprocessing of Spent Fuel at Nuclear Power Stations".
Cash outflow from investing activities increased by 46円.7 billion to 321円.7 billion compared to
FY2016 mainly due to an increase in capital investment in spite of an increase of proceeds from
investments.
Cash flows from financing activities decreased 168円.7billion compared to FY2016 and turned to
outflow of 90円.3 billion, because in FY2016, interest-bearing debt increased mainly due to the issuance
of convertible bond-type bonds with stock acquisition rights, on the other hand, in FY2017,
interest-bearing debt declined mainly because the redemption amount of bonds exceeded the issue
amount of them.
As a result, the balance of Cash and cash equivalents at the end of FY2017 decreased by 53円.9
billion to 365円.8 billion compared to FY2016.
- 7 -
(4) Business Forecasts
A. Business forecasts for FY2018
We expect that Sales will increase to 2,005円.0 billion mainly due to an increase in electricity
sales for other companies and the grant based on the Act on Purchase of Renewable Energy
Sourced Electricity in spite of a decrease in lighting and power revenues mainly due to reactionary
decline attributable to increased demand from the effects of temperature in FY2017 and a decrease
of electricity contract caused by the progress of competition.
We expect that Ordinary income will increase to 80円 billion. We expect improvement in financial
standing due to restart of Genkai Nuclear Power Unit No.3 and 4, on the other hand fuel cost and
maintenance cost will increase due to the periodic inspections of Sendai Nuclear Power Station
Unit No.1 and 2, and lighting and power revenues will decrease. Considering these situation, we
will make efforts for thorough group-wide cost reduction throughout business activities.
In addition, we expect that Profit attributable to owners of parent will decrease to 55円 billion,
due to an increase in income taxes caused by the effect of recording deferred tax assets additionally
in FY2017.
Financial forecast for FY2018
〔Consolidated〕 (Unit: 100 million yen)
FY2018 FY2017 Difference
(A) (B) (A-B)
Sales
20,050
[102.3%]
19,603
[107.3%]447Operating income
1,050
[101.8%]
1,031
[84.1%]19Ordinary income800[108.6%]736[78.2%]64Profit attributable to
owners of parent550[63.5%]866[109.3%]-316(Note) the percentage figures in [ ] show the comparison with the previous year
〔Non-Consolidated〕 (Unit: 100 million yen)
FY2018 FY2017 Difference
(A) (B) (A-B)
Sales
18,650
[102.3%]
18,235
[107.5%]415Operating income850[104.7%]812[81.6%]38Ordinary income550[114.1%]482[70.0%]68Profit attributable to
owners of parent400[58.0%]690[113.0%]-290(Note) the percentage figures in [ ] show the comparison with the previous year
- 8 -
Key factors
FY2018 FY2017 Difference
(A) (B) (A-B)
Electricity sales
volume
73.0 billion kWh
[95.1%]
76.8 billion kWh
[97.7%]
-3.8 billion kWh
Crude oil (CIF) price 65 $/b 57 $/b 8 $/b
Exchange rate 110 \/$ 111 \/$ -1 \/$
Nuclear Power Station
Utilization rate
73.4 % 36.7 % 36.7 %
(Note) the percentage figures in [ ] show the comparison with the previous year
B. Dividends forecasts for FY2018
We have based our policy regarding the appropriation of profits on expanding shareholders’
interest in medium to long-term perspective while maintaining the consecutive dividends.
As for forecasts of dividends for the FY2018, based on a comprehensive analysis of operating
results and medium to long-term balance situation and financial condition and other factors, we
plan to pay a dividend of 30円 per common share (interim of 15円 and year-end of 15円) and to pay a
dividend of 3,500,000円 per class A preferred share (interim of 1,750,000円 and year-end of
1,750,000円).
- 9 -
2. Basic policy for Selection of Accounting Standards
Since our group’s business consists mainly of the electricity business, our consolidated financial
statements are based on the Ordinance on Terminology, Forms and Preparation Methods of
Consolidated Financial Statements (Ordinance of the Ministry of Finance No. 28, October 30, 1976)
and are prepared in accordance with the Ordinance on Accounting at Electricity Utilities (Ordinance
of the Ministry of International Trade and Industry No. 57, June 15, 1965). We have not decided yet
whether we will apply the International Financial Reporting Standards (IFRS) to our financial
statements in the future.
- 10 -
3. Consolidated Financial Statements
(1) Consolidated Balance Sheets
(Unit:million yen)
As of March 31, 2017 As of March 31, 2018
Assets
Non-current assets 3,817,910 3,982,608
Electric utility plant and equipment 2,337,449 2,286,481
Hydroelectric power production facilities 270,206 266,103
Thermal power production facilities 206,881 202,670
Nuclear power production facilities 239,979 221,677
Internal combustion engine power production facilities 16,839 16,021
Renewable power production facilities 13,562 15,334
Transmission facilities 629,154 607,864
Transformation facilities 219,907 213,082
Distribution facilities 620,995 625,502
General facilities 114,099 112,405
Other electric utility plant and equipment 5,823 5,819
Other non-current assets 330,060 381,712
Construction in progress 487,450 595,820
Construction and retirement in progress 467,401 561,296
Special account related to nuclear power decommissioning 20,048 19,226
Manufacturing process in progress related to reprocessing of
irradiated nuclear fuel - 15,297
Nuclear fuel 252,138 271,742
Loaded nuclear fuel 73,956 64,732
Nuclear fuel in processing 178,182 207,009
Investments and other assets 410,811 446,852
Long-term investments 149,743 153,839
Net defined benefit asset 11,041 15,760
Deferred tax assets 129,562 151,970
Other 121,822 126,551
Allowance for doubtful accounts -1,357 -1,268
Current assets 769,630 727,549
Cash and deposits 414,476 345,701
Notes and accounts receivable - trade 191,348 216,117
Inventories 64,344 70,039
Deferred tax assets 39,437 43,828
Other 60,983 52,715
Allowance for doubtful accounts -959 -853
Total assets 4,587,541 4,710,158
- 11 -
(Unit:million yen)
As of March 31, 2017 As of March 31, 2018
Liabilities
Non-current liabilities 3,165,756 3,078,222
Bonds payable 1,104,296 1,074,496
Long-term loans payable 1,684,741 1,624,600
Reserve for restoration costs of natural disaster 188 58
Net defined benefit liability 99,526 95,605
Asset retirement obligations 217,278 221,372
Deferred tax liabilities 354 1,682
Other 59,370 60,405
Current liabilities 838,636 969,282
Current portion of non-current liabilities 414,545 437,675
Short-term loans payable 117,272 117,371
Notes and accounts payable - trade 59,412 81,987
Accrued taxes 17,059 45,875
Reserve for restoration costs of natural disaster 1,238 572
Other 229,108 285,799
Reserves under special laws 8,570 8,690
Reserve for fluctuation in water levels 8,570 8,690
Total liabilities 4,012,964 4,056,195
Net assets
Shareholders' equity 570,410 639,966
Capital stock 237,304 237,304
Capital surplus 120,844 120,825
Retained earnings 212,945 282,504
Treasury shares -685 -668
Accumulated other comprehensive income -19,444 -10,825
Valuation difference on available-for-sale securities 3,597 4,369
Deferred gains or losses on hedges -1,389 -1,412
Foreign currency translation adjustment -3,590 -1,905
Remeasurements of defined benefit plans -18,062 -11,876
Non-controlling interests 23,611 24,822
Total net assets 574,577 653,963
Total liabilities and net assets 4,587,541 4,710,158
- 12 -
(2) Consolidated Income Statements and Consolidated Comprehensive Income Statements
Consolidated Income Statements
(Unit:million yen)
FY2016
(April 1, 2016-
March 31, 2017)
FY2017
(April 1, 2017-
March 31, 2018)
Operating revenue 1,827,524 1,960,359
Electric utility operating revenue 1,681,066 1,804,418
Other business operating revenue 146,458 155,940
Operating expenses 1,704,883 1,857,235
Electric utility operating expenses 1,574,890 1,713,322
Other business operating expenses 129,993 143,913
Operating profit 122,640 103,123
Non-operating income 18,122 15,848
Dividend income 3,311 4,072
Interest income 2,351 314
Share of profit of entities accounted for using equity method 7,211 7,257
Other 5,248 4,203
Non-operating expenses 46,528 45,293
Interest expenses 36,008 33,416
Other 10,519 11,877
Total ordinary revenue 1,845,646 1,976,208
Total ordinary expenses 1,751,412 1,902,529
Ordinary profit 94,234 73,678
Provision or reversal of reserve for fluctuation in water levels 943 119
Provision of reserve for fluctuation in water levels 943 119
Extraordinary losses 10,450 -
Contingent loss 297 -
Extraordinary loss on natural disaster 10,153 -
Profit before income taxes 82,840 73,558
Income taxes - current 5,745 15,170
Income taxes - deferred -3,515 -29,640
Total income taxes 2,230 -14,470
Profit 80,610 88,028
Profit attributable to non-controlling interests 1,339 1,371
Profit attributable to owners of parent 79,270 86,657
- 13 -
Consolidated Comprehensive Income Statements
(Unit:million yen)
FY2016
(April 1, 2016-
March 31, 2017)
FY2017
(April 1, 2017-
March 31, 2018)
Profit 80,610 88,028
Other comprehensive income
Valuation difference on available-for-sale securities 585 462
Deferred gains or losses on hedges -158 -178
Foreign currency translation adjustment -731 1,448
Remeasurements of defined benefit plans, net of tax 1,807 6,598
Share of other comprehensive income of entities accounted for using equity method -75 231
Total other comprehensive income 1,427 8,562
Comprehensive income 82,037 96,591
(Breakdown)
Comprehensive income attributable to owners of parent 80,560 95,276
Comprehensive income attributable to non-controlling interests 1,477 1,314
- 14 -
(3) Consolidated Statements of Changes in Shareholders’ Equity
Previous consolidated fiscal year (April 1, 2016 to March 31, 2017)
(Unit:million yen)
Capital stock Capital surplus Retained earnings Treasury shares
Total shareholders'
equity
Balance at beginning of
current period
237,304 130,368 133,675 -684 500,663
Changes of items during
period
Changes in equity of parent
from transaction of non
controlling interest - -
Dividends of surplus
-9,523 -9,523
Profit attributable to
owners of parent
79,270 79,270
Purchase of treasury shares
-3 -3
Disposal of treasury shares
- 2 2
Changes due to share
exchange-Net changes of items other
than shareholders' equity
Total changes of items
during period
- -9,524 79,270 - 69,746
Balance at end of current
period
237,304 120,844 212,945 -685 570,410
Shareholders' equity
(Unit:million yen)
Balance at beginning of
current period
2,839 -1,255 -2,280 -20,037 -20,734 19,973 499,903
Changes of items during
period
Changes in equity of parent
from transaction of non
controlling interest -
Dividends of surplus
-9,523
Profit attributable to
owners of parent
79,270
Purchase of treasury shares-3Disposal of treasury shares2Changes due to share
exchange-Net changes of items other
than shareholders' equity
757 -133 -1,309 1,974 1,289 3,638 4,927
Total changes of items
during period
757 -133 -1,309 1,974 1,289 3,638 74,673
Balance at end of current
period
3,597 -1,389 -3,590 -18,062 -19,444 23,611 574,577
Other comprehensive income
Non-controlling
interests
Total net assets
Valuation difference
on available-for-sale
securities
Deferred gains or
losses on hedges
Foreign currency
translation
adjustment
Remeasurements of
defined benefit plans
Total accumulated
other comprehensive
income
- 15 -
Current consolidated fiscal year (April 1, 2017 to March 31, 2018)
(Unit:million yen)
Balance at beginning of
current period
237,304 120,844 212,945 -685 570,410
Changes of items during
period
Changes in equity of parent
from transaction of non
controlling interest - -
Dividends of surplus
-17,099 -17,099
Profit attributable to
owners of parent
86,657 86,657
Purchase of treasury shares
-19 -19
Disposal of treasury shares
-21 36 15
Changes due to share
exchange
2 - 2
Net changes of items other
than shareholders' equity
Total changes of items
during period
- -19 69,558 16 69,556
Balance at end of current
period
237,304 120,825 282,504 -668 639,966
Shareholders' equity
Capital stock Capital surplus Retained earnings Treasury shares
Total shareholders'
equity
(Unit:million yen)
Valuation difference
on available-for-sale
securities
Deferred gains or
losses on hedges
Foreign currency
translation
adjustment
Remeasurements of
defined benefit plans
Total accumulated
other comprehensive
income
Balance at beginning of
current period
3,597 -1,389 -3,590 -18,062 -19,444 23,611 574,577
Changes of items during
period
Changes in equity of parent
from transaction of non
controlling interest -
Dividends of surplus
-17,099
Profit attributable to
owners of parent
86,657
Purchase of treasury shares-19Disposal of treasury shares15Changes due to share
exchange2Net changes of items other
than shareholders' equity
772 -23 1,684 6,185 8,619 1,210 9,829
Total changes of items
during period
772 -23 1,684 6,185 8,619 1,210 79,386
Balance at end of current
period
4,369 -1,412 -1,905 -11,876 -10,825 24,822 653,963
Other comprehensive income
Non-controlling
interests
Total net assets
- 16 -
(4) Consolidated Statements of Cash Flows
(Unit:million yen)
FY2016
(April 1, 2016-
March 31, 2017)
FY2017
(April 1, 2017-
March 31, 2018)
Cash flows from operating activities
Profit before income taxes 82,840 73,558
Depreciation 206,745 200,489
Decommissioning costs of nuclear power units 4,589 4,603
Amortization of special account related to nuclear power decommissioning 821 821
Amortization of nuclear fuel 8,596 9,965
Loss on retirement of non-current assets 7,261 7,999
Increase (decrease) in provision for reprocessing of irradiated nuclear fuel -6,388 -
Increase (decrease) in provision for other reprocessing of irradiated nuclear fuel 1,117 -
Increase (decrease) in net defined benefit liability 2,943 3,559
Increase (decrease) in reserve for fluctuation in water levels 943 119
Interest and dividend income -5,662 -4,387
Interest expenses 36,008 33,416
Share of loss (profit) of entities accounted for using equity method -7,211 -7,257
Contingent loss 297 -
Extraordinary loss on natural disaster 10,153 -
Decrease (increase) in reserve fund for reprocessing of irradiated nuclear fuel 15,409 -
Decrease (increase) in notes and accounts receivable - trade -20,521 -25,108
Decrease (increase) in inventories -4,366 -5,693
Increase (decrease) in notes and accounts payable - trade -27,701 22,983
Decrease/increase in consumption taxes receivable/payable -31,645 38,378
Payments of accrued contributions for reprocessing of irradiated nuclear fuel -36,123 -
Other, net -3,634 35,169
Subtotal 234,472 388,617
Interest and dividend income received 8,711 7,298
Interest expenses paid -36,667 -33,987
Payments for extraordinary loss on natural disaster -8,820 -
Income taxes paid -9,679 -5,932
Net cash provided by (used in) operating activities 188,016 355,995
Cash flows from investing activities
Purchase of non-current assets -304,688 -352,763
Proceeds from contribution received for construction 27,006 24,905
Payments of investment and loans receivable -5,542 -6,518
Collection of investment and loans receivable 5,645 12,340
Other, net 2,531 284
Net cash provided by (used in) investing activities -275,047 -321,751
- 17 -
(Unit:million yen)
FY2016
(April 1, 2016-
March 31, 2017)
FY2017
(April 1, 2017-
March 31, 2018)
Cash flows from financing activities
Proceeds from issuance of bonds 299,365 189,396
Redemption of bonds -130,000 -190,000
Proceeds from long-term loans payable 161,130 150,414
Repayments of long-term loans payable -241,235 -217,915
Net increase (decrease) in short-term loans payable 210 -1,200
Cash dividends paid -9,583 -17,065
Other, net -1,507 -3,962
Net cash provided by (used in) financing activities 78,380 -90,334
Effect of exchange rate change on cash and cash equivalents -1,276 2,134
Net increase (decrease) in cash and cash equivalents -9,926 -53,955
Cash and cash equivalents at beginning of period 429,757 419,831
Cash and cash equivalents at end of period 419,831 365,875
- 18 -
(5) Notes on Consolidated Financial Statements
(Note on the premise of going concern)N/A(Segment information)
1. Segment information
(1) Overview of reportable segments
Our reportable segments are based on the units that compose our company for which separate
financial information is available. The segments are subject to regular review by the Board of
Directors to evaluate performance.
We are composed of four reportable segments, "Electricity", "Energy-related",
"IT/Telecommunication" and "Other businesses", classified in consideration of the types of
products and business activities.
The main products and business activities belonging to each Reportable segment are described below.
Reportable segment Main products and business activities
Electricity Supply of electricity
Energy-related
Receipt, storage, vaporization, delivery and sales of LNG, renewable energy
business, manufacturing and sales of electric machinery, construction,
maintenance and repair of electric power facilities, maintenance and repair of
power generation facilities, manufacturing and sales of concrete poles,
environmental preservation activities around power generation facilities,
consultation and planning of civil engineering and constructionIT/Telecommunication
Fiber-optic cable and broadband service, manufacturing, sales, installation and
maintenance of telecommunication devices, development, operation and
maintenance of information system
Other
Acquiring and owning of securities, loan to group companies, leasing and
management of real estate, contracted sitting work
(2) Calculation method of amount of sales, income or loss, asset and other items by Reportable segment
Accounting method of Reportable segment is the same to the Preparation of consolidated financial
statements. Reportable segment income is on operating income basis. Inter-segment sales are based on
a market price.
(3) Information regarding amount of sales, income or loss, asset and other items by Reportable segment
Previous consolidated fiscal year (April 1, 2016 to March 31, 2017)
(Unit: million yen)
Electricity
Energy-
related
IT/Telecomm
unication
Other Total
Sales
Sales to outside customers 1,681,066 64,559 70,181 11,716 1,827,524 - 1,827,524
Inter-segment sales 4,016 120,660 31,259 13,200 169,136 -169,136 -
Total 1,685,082 185,220 101,440 24,917 1,996,661 -169,136 1,827,524
Segment income (loss) 98,365 10,088 8,499 4,528 121,481 1,159 122,640
Segment asset 3,972,388 453,092 183,795 142,460 4,751,737 -164,196 4,587,541
Other items
Depreciation (including
amortization of nuclear fuel)
184,993 8,405 20,848 4,112 218,359 -3,017 215,342
Increase in tangible fixed assets
and intangible fixed assets
271,967 18,039 23,312 1,147 314,466 -4,369 310,096
Reportable segment
Adjusted
amount*1
Consolidated
financial
statements*2
- 19 -
*1 Adjusted amount of Segment income(loss) of 1,159円 million and adjusted amount of Segment asset of
\-164,196 million are inter-segment elimination.
*2 Segment income is adjusted with operating loss within consolidated income statements.
Current consolidated fiscal year (April 1, 2017 to March 31, 2018)
(Unit: million yen)
*1 Adjusted amount of Segment income (loss) of \-2,177 million and adjusted amount of Segment asset of
\-151,029 million are inter-segment elimination.
*2 Segment income is adjusted with operating income within consolidated income statements.
2. Related information
Previous consolidated fiscal year (April 1, 2016 to March 31, 2017) and Current consolidated fiscal
year (April 1, 2017 to March 31, 2018)
(1) Information by product and service
Because similar information is disclosed in segment information, this information is omitted.
(2) Information by region
1Sales
Because domestic sales to external customers account for over 90% of the sales stated in the
Consolidated Income Statements, this information is omitted.
2Property, plant and equipment
Because property, plant and equipment located in Japan accounts for over 90% of the property,
plant and equipment stated in the Consolidated Balance Sheets, this information is not stated
(3) Information by main customers
Because there are no customers that account for over 10% of sales stated in the Consolidated
Income Statements for sales to external customers, this information is omitted.
3. Information relating to impairment loss of fixed assets by reportable segment
Previous consolidated fiscal year (April 1, 2016 to March 31, 2017) and Current consolidated fiscal
year (April 1, 2017 to March 31, 2018)
Because this information lacks materiality, it is omitted.
Electricity
Energy-
related
IT/Telecomm
unication
Other Total
Sales
Sales to outside customers 1,804,418 73,134 70,512 12,293 1,960,359 - 1,960,359
Inter-segment sales 3,892 118,335 36,175 13,288 171,691 -171,691 -
Total 1,808,311 191,470 106,687 25,581 2,132,051 -171,691 1,960,359
Segment income (loss) 81,422 11,732 7,321 4,824 105,301 -2,177 103,123
Segment asset 4,038,218 487,956 185,515 149,497 4,861,188 -151,029 4,710,158
Other items
Depreciation (including
amortization of nuclear fuel)
180,179 8,044 21,408 3,795 213,428 -2,972 210,455
Increase in tangible fixed assets
and intangible fixed assets
318,488 20,094 22,837 2,417 363,838 -4,885 358,953
Reportable segment
Adjusted
amount*1
Consolidated
financial
statements*2
- 20 -
4.Information relating to goodwill amortization and unamortized balance by reportable segment
Previous consolidated fiscal year (April 1, 2016 to March 31, 2017)
Because this information lacks materiality, it is omitted.
Current consolidated fiscal year (April 1, 2017 to March 31, 2018)N/A5. Information relating to gains incurred from negative goodwill by reportable segment
Previous consolidated fiscal year (April 1, 2016 to March 31, 2017) and Current consolidated fiscal
year (April 1, 2017 to March 31, 2018)N/A- 21 -
(Per share data)
FY2016
(April 1, 2016-
March 31, 2017)
FY2017
(April 1, 2017-
March 31, 2018)
Shareholders’ equity per share (BPS) 944円.69 1,113円.43
Net profit (loss) per share (EPS) 159円.97 175円.56
Net profit and fully diluted net profit per share 159円.78 144円.03
(Note) 1. Basic data for calculation of them is as below.
(1) Shareholders’ equity per share
FY2016
(As of March 31, 2017)
FY2017
(As of March 31, 2018)
Shareholders’ equity total 574,577円 million 653,963円 million
Deductible from shareholders’ equity 127,111円 million 126,572円 million
(Paid in amount of the preferred shares) (100,000円 million) (100,000円 million)
(cumulative dividends payable for
Preferred shares)
(3,500円 million) (1,750円 million)
(Minority interest) (23,611円 million) (24,822円 million)
Shareholders’ equity allocated to common
stock outstanding
447,465円 million 527,390円 million
Number of common stock outstanding at the
end of each fiscal year
473,661 thousand 473,664 thousand
(2) Net profit per share
FY2016
(April 1, 2016-
March 31, 2017)
FY2017
(April 1, 2017-
March 31, 2018)
Net profit per share
Profit (Loss) attributable to owners of parent 79,270円 million 86,657円 million
Amount not allocated to shareholders 3,500円 million 3,500円 million
(Preferred dividends) (3,500円 million) (3,500円 million)
Profit (Loss) attributable to owners of parent
allocated to common stock outstanding
75,770円 million 83,157円 million
Weighted average number of common stock
outstanding during each fiscal year
473,662円 thousand 473,662円 thousand
Fully diluted net profit per share
Adjustment of profit attributable to owners of
parent- -Increase in the number of common stocks 566 thousand 103,705 thousand
(Convertible bond-type bonds with subscription) (566 thousand) (103,705 thousand)
Outline of potentially dilutive shares not
included in calculation of fully diluted net
profit per share because they don’t have
dilutive effects-(Significant post-balance sheet event)N/A