Kyushu Electric Power Co., Inc.
Stock code: 9508 URL: http://www.kyuden.co.jp/en_index.html
Representative: Mr. Kazuhiro Ikebe, President & Chief Executive Officer
Contact: Investor Relations Group, Corporate Strategy Division. Tel: +81-92-726-1575
Quarterly financial report submission date (plan): Feburary 10, 2021
Date to start dividend payments: -
Preparation of supplementary materials for quarterly financial results: Yes
Information meeting for quarterly financial results: No
(Rounded down to the nearest million yen)
1. Consolidated Financial Results for the Nine Months (April 1, 2020 to December 31, 2020)
(1) Consolidated Operational Results (% shows the changes from the same quarter period of the previous FY)
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%)
April 1, 2020 - December 31, 2020 1,546,863 2.9 86,285 183.2 73,885 486.6
April 1, 2019 - December 31, 2019 1,502,904 0.2 30,469 -44.9 12,595 -67.6
(Note) Comprehensive income : FY2019 3Q 7,706 million yen (-74.0%) FY2018 3Q 29,648 million yen (-62.7%)
(Unit: million yen) (%)
April 1, 2020 - December 31, 2020 55,380 ‐
April 1, 2019 - December 31, 2019 1,422 -94.7
(Note) Fully-diluted EPS for FY2019 3Q is not stated because it is negative, although there are dilutive shares.
(2) Consolidated Financial Position
(Reference) Shareholders' equity : As of December 31, 2020 : 650,398 million yen As of March 31, 2020: 610,641 million yen
2. Dividends
(Note) Revision of the dividend forecast : No
Dividends mentioned above refer to common shares. See 'Dividends for class shares' regarding dividends
for class shares which differ in shareholders' right from common shares.
3. Consolidated Financial Results Forecasts for FY2020 (April 1, 2020 to March 31, 2021)-The earnings forecast that was announced on October 30, 2020 has been withdrawn for the time being and is undecided.
For details, please refer to ‘Revision of Financial Results Forecast for FY2020’ announced on January 29,2021.
(Note) Revision of financial results forecasts : Yes
(% shows the changes from the previous fiscal year)
-1.05
113.75
(Unit: yen)
102.03
(Unit: yen)
January 29, 2021
Profit attributable to
owners of parent
EPS Fully-diluted EPS
The 3rd Quarter of the Fiscal Year Ending March 31, 2021 Financial Results Overview 〔Japan GAAP〕(Consolidated)
Stock listed on: Tokyo SE, Fukuoka SE
Sales Operating income Ordinary income
1Q 2Q 3Q Year-end Total
(Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen)
FY2019 ended March 31, 2020 ― 20.00 ― 15.00 35.00
FY2020 ended March 31, 2021 ― 17.50 ―
FY2020 ending March 31, 2021
(forecast)
17.50 35.00
Annual dividends per shareEPS(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: yen)
Full-year ― ― ― ― ― ― ― ― ―
Profit attributable to
owners of parent
Sales Operating income Ordinary income
Total assets Net assets Shareholders' equity ratio
(Unit: million yen) (Unit: million yen) (%)
As of December 31, 2020 5,116,603 678,474 12.7
As of March 31, 2020 4,948,063 637,957 12.3
※(注記) Note
(1)Changes in significant subsidiaries : No
(changes in scope of specified subsidiaries)
Newly added: - Excluded: -
(2) Adoption of methods specific in preparing quarterly consolidated financial statements in accounting practice : No
(3) Changes in accounting principles, changes in accounting estimates, restatement
1 Changes in accounting principles in line with revised accounting standards : No
2 Changes in accounting principles other than 1 : Yes
3 Changes in accounting estimates : Yes
4 Restatement : No
(4) Number of common stocks issued and outstanding
1 Total stocks including treasury stocks at the end of period
FY2020 3Q 474,183,951 shares FY2019 474,183,951 shares
2 Treasury stocks at the end of period
FY2020 3Q 1,155,918 shares FY2019 1,194,235 shares
3 Average number of stocks during the period (Quarter Total)
FY2020 3Q 473,011,342 shares FY2019 3Q 472,984,389 shares
*Quarterly financial results reports are exempt from quarterly review.
*Notes on the proper use of the forecasts
Looking-forward statements are based on information available at the date of the release of this document. Due to various factors, the actual result may differ from these statements.
We will post supplementary materials for quarterly financial results on our website.
(Note) The number of our shares regarding "Board Benefit Trust (BBT)" held by the Trust was included in the number of treasury
stocks at the end of period ( 603,000 shares as of FY2020 3Q and 648,000 shares as of FY2019) . In addition, the number of
our shares held by the Trust was included in the number of treasury stocks, which was to be deducated from the calculation of the
average number of stocks during the period. (623,000 shares for FY2020 3Q and 661,000 shares for FY2019 3Q)
(Note) Applicable to cases when it is difficult to distinguish accounting policy changes from accounting estimate changes.
For details, see "(3) Notes on Quarterly Consolidated Financial Statements :Changes in accounting policies that
are difficult to distinguish from changes in accounting estimates" on Page 6.
(Reference) Dividends for Class Shares
(Note)Revision of the dividend forecast : No
The breakdown of dividend for class shares which differ in shareholders' rights from common shares is as follows.
1Q 2Q 3Q Year-end Total
(Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen)
FY2019 ended March 31, 2020 ― 546,575.00 ― 1,052,877.00 1,599,452.00
FY2020 ended March 31, 2021 ― 1,050,000.00 ―
FY2020 ending March 31, 2021
(forecast)
1,050,000.00 2,100,000.00
Class A
preferred shares
Annual dividends per share
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020 3Q
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○しろまる Table of Contents of Attached Material
1. Quarterly Consolidated Financial Statements and Notes ・・・・・・・・・・・・・・・・・ 2
(1) Quarterly Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・・ 2
(2) Quarterly Consolidated Income Statements
and Quarterly Consolidated Comprehensive Income Statements ・・・・・・・・・・・・ 4
(3) Notes on Quarterly Consolidated Financial Statements ・・・・・・・・・・・・・・・・ 6
(Notes on the premise of going concern) ・・・・・・・・・・・・・・・・・・・・・ 6
(Notes in case of drastic changes in the amount of equity)・・・・・・・・・・・・・・・ 6
(Changes in accounting policies
that are difficult to distinguish from changes in accounting estimates) ・・・・・・・・・・6
2. Others ・・・・・・・・・・・・・・・・・ ・・・・・・・・・・・・・・・・・・・ 6
(Major effects of the Corona virus) ・・・・・・・・・・・・・・・・・・・・・・・ 6
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020 3Q
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1. Quarterly Consolidated Financial Statements and Notes
(1) Quarterly Consolidated Balance Sheets
(Unit:million yen)
As of March 31, 2020 As of December 31, 2020
Assets
Non-current assets 4,368,942 4,446,870
Electric utility plant and equipment 2,476,991 2,712,106
Hydroelectric power production facilities 258,623 256,885
Thermal power production facilities 302,336 281,549
Nuclear power production facilities 329,498 548,539
Internal combustion engine power production facilities 21,409 20,641
Renewable power production facilities 14,351 23,007
Transmission facilities 575,042 579,060
Transformation facilities 211,969 220,610
Distribution facilities 633,541 642,023
General facilities 114,288 126,067
Other electric utility plant and equipment 15,931 13,720
Other non-current assets 364,850 379,423
Construction in progress 740,130 564,804
Construction and retirement in progress 641,816 461,470
Special account related to nuclear power decommissioning 43,535 42,142
Special account related to reprocessing of spent nuclear fuel 54,777 61,192
Nuclear fuel 240,942 233,478
Loaded nuclear fuel 44,517 50,322
Nuclear fuel in processing 196,424 183,156
Investments and other assets 546,027 557,056
Long-term investments 202,483 217,160
Retirement benefit asset 6,210 7,370
Deferred tax assets 164,272 156,749
Other 174,787 177,064
Allowance for doubtful accounts △しろさんかく1,725 △しろさんかく1,287
Current assets 579,121 669,732
Cash and deposits 204,040 248,975
Notes and accounts receivable - trade 235,706 279,192
Inventories 83,059 83,527
Other 57,087 59,087
Allowance for doubtful accounts △しろさんかく773 △しろさんかく1,049
Total assets 4,948,063 5,116,603
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020 3Q
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(Unit:million yen)
As of March 31, 2020 As of December 31, 2020
Liabilities
Non-current liabilities 3,242,680 3,435,581
Bonds payable 1,154,898 1,384,898
Long-term borrowings 1,640,896 1,603,975
Retirement benefit liability 102,265 99,783
Asset retirement obligations 268,332 272,458
Deferred tax liabilities 7,534 7,648
Other 68,753 66,816
Current liabilities 1,058,585 993,978
Current portion of non-current liabilities 415,119 367,471
Short-term borrowings 118,012 127,449
Commercial papers 92,000 49,000
Notes and accounts payable - trade 65,753 66,172
Accrued taxes 19,403 32,261
Other 348,297 351,622
Reserves under special laws 8,840 8,569
Reserve for water shortage 8,840 8,569
Total liabilities 4,310,105 4,438,129
Net assets
Shareholders' equity 632,808 670,733
Share capital 237,304 237,304
Capital surplus 120,008 120,007
Retained earnings 276,997 314,872
Treasury shares △しろさんかく1,501 △しろさんかく1,451
Accumulated other comprehensive income △しろさんかく22,166 △しろさんかく20,334
Valuation difference on available-for-sale securities 2,115 2,799
Deferred gains or losses on hedges 713 △しろさんかく691
Foreign currency translation adjustment △しろさんかく4,697 △しろさんかく6,359
Remeasurements of defined benefit plans △しろさんかく20,298 △しろさんかく16,082
Non-controlling interests 27,316 28,075
Total net assets 637,957 678,474
Total liabilities and net assets 4,948,063 5,116,603
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020 3Q
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(2) Quarterly Consolidated Income Statements and Quarterly Consolidated Comprehensive Income Statements
(Quarterly Consolidated Income Statements)
(Unit:million yen)
April 1,2019-
December 31, 2019
April 1,2020-
December 31, 2020
Operating revenue 1,502,904 1,546,863
Electric utility operating revenue 1,350,913 1,364,273
Other business operating revenue 151,991 182,590
Operating expenses 1,472,435 1,460,578
Electric utility operating expenses 1,332,643 1,290,056
Other business operating expenses 139,792 170,521
Operating profit 30,469 86,285
Non-operating income 13,202 11,788
Dividend income 1,376 1,432
Interest income 611 618
Share of profit of entities accounted for using equity method 7,081 6,947
Other 4,132 2,790
Non-operating expenses 31,076 24,189
Interest expenses 21,596 19,303
Other 9,480 4,885
Total ordinary revenue 1,516,107 1,558,652
Total ordinary expenses 1,503,512 1,484,767
Ordinary profit 12,595 73,885
Provision or reversal of reserve for water shortage △しろさんかく252 △しろさんかく270
Reversal of reserve for water shortage △しろさんかく252 △しろさんかく270
Profit before income taxes 12,848 74,155
Income taxes - current 3,756 12,010
Income taxes - deferred 6,163 5,538
Total income taxes 9,920 17,549
Profit 2,928 56,606
Profit attributable to non-controlling interests 1,505 1,225
Profit attributable to owners of parent 1,422 55,380
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020 3Q
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(Quarterly Consolidated Comprehensive Income Statements)
(Unit:million yen)
April 1,2019-
December 31, 2019
April 1,2020-
December 31, 2020
Profit 2,928 56,606
Other comprehensive income
Valuation difference on available-for-sale securities 95 138
Deferred gains or losses on hedges 2,463 △しろさんかく536
Foreign currency translation adjustment △しろさんかく2,075 △しろさんかく925
Remeasurements of defined benefit plans, net of tax 4,563 4,134
Share of other comprehensive income of entities accounted for using equity method △しろさんかく268 △しろさんかく935
Total other comprehensive income 4,778 1,876
Comprehensive income 7,706 58,482
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 6,198 57,213
Comprehensive income attributable to non-controlling interests 1,508 1,269
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020 3Q
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(3) Notes on Quarterly Consolidated Financial Statements
(Notes on the premise of going concern)N/A(Notes in case of drastic changes in the amount of equity)N/A(Changes in accounting policies that are difficult to distinguish from changes in accounting estimates)
Change in depreciation method for property, plant and equipment
The Company and its consolidated subsidiaries traditionally used the declining-balance method for calculating
depreciation of property, plant and equipment. From the first quarter of the fiscal year 2020, however, the company has
resolved to adopt the straight-line method of depreciation as a general rule.
For the Kyushu region, which is the main supply area of the Kyuden Group, it is expected that electricity demand in
the future will not increase dramatically, due to population decline and improving energy conservation and electricity
efficiency.
As a result of ongoing liberalization as part of the Electricity System Reform, achieving efficient and stable
operations becomes essential for our power generation and retail electricity business, as it faces an increasing
competitive environment. Similarly, our transmission and distribution company, which was created after the legal
separation in 2020, will steadily work on efficient and stable operations to provide stable electricity supply, while
ensuring neutrality.
When looking at the power generation business, Matsuura Power Station Unit 2 started commercial operation in
December 2019, which was the realization of a major power source development milestone. In addition, the
installation work for Specific Safety Facilities at Sendai Nuclear Power Station has been completed. Unit 1 started
operation in November 2020 and Unit 2 in December 2020. Therefore when looking forward, it is expected that the
majority of future investments will consist of maintenance and management of existing power sources to ensure stable
operation. Regarding the power transmission and distribution business, in which the stable operation of the equipment
is expected in consideration of demand trends, supply reliability, safety and operation of the equipment, and cost.
In light of these changes, within the company and its surrounding environment, the Group’s medium-term
management plan, beginning from fiscal 2020, positions efficient and stable operation of its facilities as one of its
key-priority initiatives.
Building on this foundation, it is expected that the stable use of facilities will take a prominent part in the electric
power business in the future, so changing the depreciation method for property, plant and equipment to the straight-line
method will better reflect the consumption pattern of future economic benefits.
As a result of this change, Ordinary profit and Profit before income taxes for FY2020 3Q increased by 41,793円
million, respectively, compared to what they otherwise would have been had the previous method been applied.
2. Others
(Major effects of the Corona virus)
Retail Ordinary profit
Consolidated Financial Results for
the Nine Months (April 1, 2020 to
December 31, 2020)
-1.5 billion kWh -16.0 billion yen
Consolidated Financial Results
Forecasts for FY2020*
-2.0 billion kWh -21.0 billion yen
*No change to the previous forecast