April 28, 2022
The Fiscal Year Ended March 31, 2022 Financial Results Overview 〔Japan GAAP〕(Consolidated)
Kyushu Electric Power Co., Inc.
Stock code: 9508 URL: http://www.kyuden.co.jp/english_index.html Stock listed on: Tokyo SE, Fukuoka SE
Representative: Mr. Kazuhiro Ikebe, President & Chief Executive Officer
Contact: Investor Relations Group, Corporate Strategy Division. Tel: +81-92-726-1575
General Meeting of Stockholders date (plan) : June 28,2022
Commencement of payment of year-end dividend: June 29,2022
Annual security report submission date (plan): June 29,2022
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 FY2021(April 1, 2021 to March 31, 2022)
(1) Consolidated Operational Results
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%)
FY2021 ended March 31, 2022 1,743,310 14.5 48,624 -36.8 32,384 -41.3
FY2020 ended March 31, 2021 1,521,977 − 76,984 − 55,179 −
(Note) Comprehensive income : FY2021 15,405 million yen (-75.3%) FY2020 62,430 million yen (−%)
(Reference) Investment Profit/Loss under Equity Methods : FY2021 7,617 million yen FY2020 9,884 million yen
(Note2) Fully-diluted EPS for FY2021 is not indicated because there are no delutive potential shares
(2) Consolidated Financial Position
(Reference) Shareholders' equity: FY2021 645,497 million yen FY2020 652,307 million yen
(3) Consolidated Cash Flow
2. Dividends
Sales Operating income Ordinary income
(% shows the changes from the previous FY)
(Rounded down to the nearest million yen)
(Note) We have applied the "Accounting Standard for Revenue Recognition" from the beginning of the first quarter starting
April 1st, 2021. As a result, the consolidated financial status for the fiscal year ended March 2021 is shown after the
retrospective application of the said accounting standards.
(Note1) We have applied the "Accounting Standard for Revenue Recognition" from the beginning of the first quarter starting April 1st,
2021. Based on this new standard, the "Electricity Business Accounting Regulations" were revised and we have made changes in our
method of accounting. "Renewable Energy Power Promotion Surcharge" and "Grant based on the Act on Purchase of Renewables",
which are related to the feed-in tariff system for renewable energy, are not being recorded as net sales but are being deducted from
corresponding operating expenses. As a result, the consolidated operating results for the fiscal year ending March 31, 2022 are shown
after retroactive application of the above. The percentage change from the same period of the previous fiscal year is not shown because
it has not been calculated.
(Note) The dividends for FY2022 have not been decided yet.We will provide an update as soon as it is possible to make a
sufficiently reliable forecast of the dividends for FY2022.Dividends mentioned above are regarding common shares. See
'Dividends for Class Shares' regarding dividends for class shares which differ in shareholders' right from common shares.
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)
FY2021 ended March 31, 2022 257,811 -320,879 79,428 241,756
FY2020 ended March 31, 2021 253,459 -330,587 95,549 223,901
(Record date) 1Q Interim 3Q
Year-endTotal
(Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: million yen) (%) (%)
FY2020 ended March 31, 2021 ― 17.50 ― 17.50 35.00 16,587 55.7 3.1
FY2021 ended March 31, 2022 ― 20.00 ― 20.00 40.00 18,956 396.3 3.5
FY2022 ending March 31,
2023(forecast)
― ― ― ― ― ―
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)
FY2021 ended March 31, 2022 5,342,350 676,337 12.1 1,151.73
FY2020 ended March 31, 2021 5,128,563 681,470 12.7 1,165.39
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) (%) (%) (%)
FY2021 ended March 31, 2022 6,873 -78.4 10.09 ― 1.1 0.6 2.8
FY2020 ended March 31, 2021 31,835 ― 62.86 56.39 5.0 1.1 5.1
Profit attributable to
owners of parent
3. Forecast of Financial result for FY2022 (April 1, 2022 to March 31, 2023)
※(注記) Note
(1)Changes in significant subsidiaries (changes in scope of specified 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 : Yes
2 Changes in accounting principles other than 1 : No
3 Changes in accounting estimates : No
4 Restatement : No
(Note) For details, see "(5) Notes on Consolidated Financial Statements : Changes in accounting policies on Page 10.
(3) Number of common stocks issued and outstanding
1 Total stocks including treasury stocks at the end of period
FY2021 474,183,951 shares FY2020 474,183,951 shares
2 Treasury stocks at the end of period
FY2021 1,463,267 shares FY2020 1,158,956 shares
3 Average number of stocks during the period
FY2021 472,851,195 shares FY2020 473,014,996 shares
(Reference) Outline of Non-consolidated Financial Results
Non-consolidated Financial Results for FY2021 (April 1, 2021 to March 31, 2022)
(1) Non-Consolidated Operational Results
(% shows the changes from the previous FY)
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%)
FY2021 ended March 31, 2022 1,455,609 15.5 8,045 -76.7 11,829 -45.7
FY2020 ended March 31, 2021 1,260,117 ― 34,521 0.3 21,780 105.5
(Unit: million yen) (%)
FY2021 ended March 31, 2022 5,081 -52.4
FY2020 ended March 31, 2021 10,671 ―
(Note) Fully-diluted EPS for FY2021 is not indicated because there are no delutive potential shares
16.24―Ordinary income
(Unit: yen)
18.116.3Sales
(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 ( 897,000 shares as of FY2021 and 603,000 shares as of FY2020) . 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. (772,000 shares for FY2021 and 618,000 shares for FY2020)
Net income Net earnings per share
Operating income
Fully-diluted net earnings
per share
(Unit: yen)
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.
(2) Non-Consolidated Financial Position
(Reference) Shareholders' equity: FY2021 430,912 million yen FY2020 451,425 million yen
*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.
(Note) The dividends for FY2022 have not been decided yet.We will provide an update as soon as it is possible to make a
sufficiently reliable forecast of the dividends for FY2022.
Total assets Net assets
Shareholders'
equity ratio
Net assets
per share
(Unit: million yen) (Unit: million yen) (%) (Unit: yen)
FY2021 ended March 31, 2022 4,631,319 430,912 9.3 697.35
FY2020 ended March 31, 2021 4,453,127 451,425 10.1 740.24
1Q 2Q 3Q Year-end Total
(Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen)
FY2020 ended March 31, 2021 ― 1,050,000.00 ― 1,050,000.00 2,100,000.00
FY2021 ended March 31, 2022 ― 1,050,000.00 1,050,000.00 2,100,000.00
FY2022 ending March 31, 2023(forecast) ― ― ― ― ―
Class A
preferred shares
Annual dividends per share
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
- 1 -
○しろまる Table of Contents of Attached Material
1. Consolidated Financial Statements and Main Notes・・・・・・・・・・・・・・・・・・・・ 2
(1) Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・・・・・・ 2
(2) Consolidated Income Statements and Consolidated Comprehensive Income Statements・・・・ 4
(3) Consolidated Statements of Changes in Shareholders’ Equity ・・・・・・・・・・・・・・ 6
(4) Consolidated Statements of Cash Flows ・・・・・・・・・・・・・・・・・・・・・・ 8
(5) Notes on Consolidated Financial Statements ・・・・・・・・・・・・・・・・・・・・ 10
(Note on the premise of going concern)・・・・・・・・・・・・・・・・・・・・・・・ 10
(Changes in accounting policies) ・・・・・・・・・・・・・・・・・・・・・・・・・ 10
(Segment information)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・11
(Significant subsequent event)・・・・・・・・・・・・・・・・・・・・・・・・・・・13
2. Others・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・14
(1) Major effects of the Corona virus・・・・・・・・・・・・・・・・・・・・・・・・・・14
(2) Difference from the forecast for the fiscal year 2021・・・・・・・・・・・・・・・・・・ 14
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.46881010
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
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1. Consolidated Financial Statements and Main Notes
(1) Consolidated Balance Sheets
(Unit:million yen)
As of March 31, 2021 As of March 31, 2022
Assets
Non-current assets 4,497,950 4,610,160
Electric utility plant and equipment 2,701,288 2,692,039
Hydroelectric power production facilities 256,238 260,131
Thermal power production facilities 274,643 250,797
Nuclear power production facilities 547,368 547,791
Internal combustion engine power production facilities 20,874 21,203
Renewable power production facilities 25,124 22,537
Transmission facilities 570,968 568,024
Transformation facilities 218,620 226,268
Distribution facilities 645,239 655,095
General facilities 128,636 130,080
Other electric utility plant and equipment 13,574 10,110
Other non-current assets 383,892 416,994
Construction in progress 621,441 673,257
Construction and retirement in progress 504,045 538,837
Special account related to nuclear power decommissioning 41,926 39,544
Special account related to reprocessing of spent nuclear fuel 75,470 94,874
Nuclear fuel 229,765 222,399
Loaded nuclear fuel 54,930 36,262
Nuclear fuel in processing 174,835 186,136
Investments and other assets 561,562 605,469
Long-term investments 215,981 246,352
Retirement benefit asset 22,493 26,623
Deferred tax assets 144,062 140,727
Other 180,427 193,114
Allowance for doubtful accounts △しろさんかく1,402 △しろさんかく1,348
Current assets 630,612 732,189
Cash and deposits 234,163 261,660
Notes and accounts receivable - trade 148,844 -
Notes and accounts receivable - trade, and contract assets - 177,827
Inventories 70,426 101,699
Other 180,913 195,979
Allowance for doubtful accounts △しろさんかく3,734 △しろさんかく4,977
Total assets 5,128,563 5,342,350
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
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(Unit:million yen)
As of March 31, 2021 As of March 31, 2022
Liabilities
Non-current liabilities 3,390,325 3,582,972
Bonds payable 1,299,898 1,399,999
Long-term borrowings 1,645,064 1,737,265
Retirement benefit liability 88,107 85,946
Asset retirement obligations 278,031 289,103
Deferred tax liabilities 8,280 12,899
Other 70,943 57,758
Current liabilities 1,048,499 1,075,425
Current portion of non-current liabilities 427,272 399,638
Short-term borrowings 123,108 120,810
Commercial papers 40,000 -
Notes and accounts payable - trade 78,125 142,614
Accrued taxes 38,025 19,798
Other 341,966 392,564
Reserves under special laws 8,268 7,613
Reserve for water shortage 8,268 7,613
Total liabilities 4,447,093 4,666,012
Net assets
Shareholders' equity 646,239 632,987
Share capital 237,304 237,304
Capital surplus 120,007 120,006
Retained earnings 290,381 277,382
Treasury shares △しろさんかく1,454 △しろさんかく1,706
Accumulated other comprehensive income 6,068 12,509
Valuation difference on available-for-sale securities 3,704 4,104
Deferred gains or losses on hedges 3,495 4,723
Foreign currency translation adjustment △しろさんかく5,169 △しろさんかく1,383
Remeasurements of defined benefit plans 4,037 5,066
Non-controlling interests 29,162 30,840
Total net assets 681,470 676,337
Total liabilities and net assets 5,128,563 5,342,350
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
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(2) Consolidated Income Statements and Consolidated Comprehensive Income Statements
(Consolidated Income Statements)
(Unit:million yen)
April 1,2020-
March 31, 2021
April 1,2021-
March 31, 2022
Operating revenue 1,521,977 1,743,310
Electric utility operating revenue 1,284,207 1,486,155
Other business operating revenue 237,770 257,154
Operating expenses 1,445,083 1,694,685
Electric utility operating expenses 1,197,247 1,452,544
Other business operating expenses 247,836 242,141
Operating profit 76,894 48,624
Non-operating income 16,633 19,432
Dividend income 1,637 1,481
Interest income 786 829
Share of profit of entities accounted for using equity method 9,884 7,617
Other 4,324 9,504
Non-operating expenses 38,347 35,672
Interest expenses 26,258 25,043
Other 12,089 10,628
Total ordinary revenue 1,538,611 1,762,743
Total ordinary expenses 1,483,431 1,730,358
Ordinary profit 55,179 32,384
Provision or reversal of reserve for water shortage △しろさんかく572 △しろさんかく654
Reversal of reserve for water shortage △しろさんかく572 △しろさんかく654
Extraordinary losses - 7,491
Impairment losses - 3,536
Loss on return of electric imbalance charge - 3,955
Profit before income taxes 55,752 25,546
Income taxes - current 13,322 8,842
Income taxes - deferred 8,690 7,935
Total income taxes 22,012 16,778
Profit 33,739 8,768
Profit attributable to non-controlling interests 1,903 1,895
Profit attributable to owners of parent 31,835 6,873
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
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(Consolidated Comprehensive Income Statements)
(Unit:million yen)
April 1,2020-
March 31, 2021
April 1,2021-
March 31, 2022
Profit 33,739 8,768
Other comprehensive income
Valuation difference on available-for-sale securities 1,064 1,145
Deferred gains or losses on hedges 3,470 264
Foreign currency translation adjustment 302 3,109
Remeasurements of defined benefit plans, net of tax 23,889 533
Share of other comprehensive income of entities accounted for using equity method △しろさんかく35 1,584
Total other comprehensive income 28,691 6,637
Comprehensive income 62,430 15,405
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 60,070 13,314
Comprehensive income attributable to non-controlling interests 2,359 2,091
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
- 6 -
(3) Consolidated Statements of Changes in Shareholders’ Equity
Previous consolidated fiscal year (April 1, 2020 to March 31, 2021)
(Unit:million yen)
Capital stock Capital surplus Retained earnings Treasury shares
Total shareholders'
equity
237,304 120,008 276,997 △しろさんかく1,501 632,808
Cumulative effects of changes in
accounting
△しろさんかく945 △しろさんかく945
237,304 120,008 276,051 △しろさんかく1,501 631,862
Dividends of surplus
△しろさんかく17,505 △しろさんかく17,505
Profit attributable to owners of parent
31,835 31,835
Purchase of treasury shares
△しろさんかく9 △しろさんかく9
Disposal of treasury shares
- 56 56
Net changes in items other than
shareholders' equity
- - 14,329 47 14,376
237,304 120,007 290,381 △しろさんかく1,454 646,239
Shareholders' equity
Balance at beginning of
current period
Changes during period
Balance at end of period
Total changes during period
Restated balance
(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
2,115 713 △しろさんかく4,697 △しろさんかく20,298 △しろさんかく22,166 27,316 637,957
Cumulative effects of changes in
accounting
△しろさんかく3 △しろさんかく949
2,115 713 △しろさんかく4,697 △しろさんかく20,298 △しろさんかく22,166 27,312 637,008
Dividends of surplus
△しろさんかく17,505
Profit attributable to owners of parent
31,835
Purchase of treasury shares
△しろさんかく9
Disposal of treasury shares56Net changes in items other than
shareholders' equity
1,588 2,781 △しろさんかく471 24,336 28,235 1,849 30,085
1,588 2,781 △しろさんかく471 24,336 28,235 1,849 44,461
3,704 3,495 △しろさんかく5,169 4,037 6,068 29,162 681,470
Other comprehensive income
Non-controlling
interests
Total net assets
Balance at beginning of
current period
Total changes during period
Balance at end of period
Restated balance
Changes during period
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
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Current consolidated fiscal year (April 1, 2021 to March 31, 2022)
(Unit:million yen)
Capital stock Capital surplus Retained earnings Treasury shares
Total shareholders'
equity
237,304 120,007 290,381 △しろさんかく1,454 646,239
Cumulative effects of changes in
accounting-237,304 120,007 290,381 △しろさんかく1,454 646,239
Dividends of surplus
△しろさんかく19,872 △しろさんかく19,872
Profit attributable to owners of parent
6,873 6,873
Purchase of treasury shares
△しろさんかく299 △しろさんかく299
Disposal of treasury shares
- 47 46
Net changes in items other than
shareholders' equity
- - △しろさんかく12,999 △しろさんかく251 △しろさんかく13,251
237,304 120,006 277,382 △しろさんかく1,706 632,987
Changes during period
Total changes during period
Balance at end of period
Restated balance
Shareholders' equity
Balance at beginning of
current period
(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
3,704 3,495 △しろさんかく5,169 4,037 6,068 29,162 681,470
Cumulative effects of changes in
accounting policies-3,704 3,495 △しろさんかく5,169 4,037 6,068 29,162 681,470
Dividends of surplus
△しろさんかく19,872
Profit attributable to owners of parent
6,873
Purchase of treasury shares
△しろさんかく299
Disposal of treasury shares46Net changes in items other than
shareholders' equity
400 1,227 3,785 1,028 6,441 1,677 8,119
400 1,227 3,785 1,028 6,441 1,677 △しろさんかく5,132
4,104 4,723 △しろさんかく1,383 5,066 12,509 30,840 676,337
Total net assets
Balance at beginning of
current period
Restated balance
Changes during period
Total changes during period
Other comprehensive income
Non-controlling
interests
Balance at end of period
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
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(4) Consolidated Statements of Cash Flows
(Unit:million yen)
April 1,2020-
March 31, 2021
April 1,2021-
March 31, 2022
Cash flows from operating activities
Profit before income taxes 55,752 25,546
Depreciation 186,393 199,643
Impairment losses - 3,536
Decommissioning costs of nuclear power units 10,737 11,431
Amortization of special account related to nuclear power decommissioning 1,609 2,381
Amortization of nuclear fuel 19,355 25,650
Loss on retirement of non-current assets 6,106 7,188
Increase (decrease) in retirement benefit liability 650 △しろさんかく3,002
Increase (decrease) in reserve for water shortage △しろさんかく572 △しろさんかく654
Interest and dividend income △しろさんかく2,424 △しろさんかく2,310
Interest expenses 26,258 25,043
Share of loss (profit) of entities accounted for using equity method △しろさんかく9,884 △しろさんかく7,617
Loss on return of electric imbalance charge - 3,955
Decrease (increase) in trade receivables △しろさんかく9,938 △しろさんかく30,070
Decrease (increase) in inventories 12,626 △しろさんかく31,252
Increase (decrease) in trade payables 12,889 66,058
Decrease (increase) in accounts receivable - other △しろさんかく3,804 △しろさんかく20,080
Increase/decrease in consumption taxes payable/consumption taxes refund receivable △しろさんかく9,569 △しろさんかく703
Increase (decrease) in accrued expenses 6,561 14,695
Other, net △しろさんかく24,409 △しろさんかく3,901
Subtotal 278,338 285,539
Interest and dividends received 8,422 12,210
Interest paid △しろさんかく25,986 △しろさんかく24,806
Income taxes paid △しろさんかく7,315 △しろさんかく15,131
Net cash provided by (used in) operating activities 253,459 257,811
Cash flows from investing activities
Purchase of non-current assets △しろさんかく351,764 △しろさんかく318,067
Proceeds from contribution received for construction 31,638 28,128
Investments and loan advances △しろさんかく27,461 △しろさんかく26,816
Proceeds from divestments and collection of loans receivable 15,391 5,258
Other, net 1,608 △しろさんかく9,382
Net cash provided by (used in) investing activities △しろさんかく330,587 △しろさんかく320,879
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
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April 1,2020-
March 31, 2021
April 1,2021-
March 31, 2022
Cash flows from financing activities
Proceeds from issuance of bonds 288,619 259,162
Redemption of bonds △しろさんかく195,000 △しろさんかく145,000
Proceeds from long-term borrowings 277,009 280,196
Repayments of long-term borrowings △しろさんかく205,384 △しろさんかく246,547
Net increase (decrease) in short-term borrowings 5,096 △しろさんかく2,298
Net increase (decrease) in commercial papers △しろさんかく52,000 △しろさんかく40,000
Dividends paid △しろさんかく17,450 △しろさんかく19,821
Other, net △しろさんかく5,340 △しろさんかく6,263
Net cash provided by (used in) financing activities 95,549 79,428
Effect of exchange rate change on cash and cash equivalents △しろさんかく72 1,430
Net increase (decrease) in cash and cash equivalents 18,350 17,790
Cash and cash equivalents at beginning of period 205,485 223,901
Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation - 63
Increase (decrease) in cash and cash equivalents resulting from merger of consolidated subsidiaries 65 -
Cash and cash equivalents at end of period 223,901 241,756
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
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(5) Notes on Consolidated Financial Statements
(Note on the premise of going concern)N/A(Changes in accounting policies)
(Application of "Accounting Standard for Revenue Recognition" etc.)
We have applied the "Accounting Standard for Revenue Recognition" ,etc. from the beginning of the first quarter
starting April 1st
, 2021.
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 end of the previous fiscal year (end of FY2020) are based on the figures after
retroactive application.
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, Kyushu Electric Power applies
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 profit 55.1 55.6 -0.5
Opening retained
earnings
276.0 276.9 -0.9
Amount of retroactive
application impact before
FY2019
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
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(Segment information)
(1) Overview of reportable segments
The Group’s reportable segments are those for which financial information is available separately and regular
evaluation by the Board of Directors is being performed in order to evaluate performance.
The Group comprises five reportable segments, "Power and Retail businesses", "Transmission and Distribution
businesses", "Other energy services businesses", "ICT services businesses" 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
Power and Retail
businesses
Power generation and retail business in Japan
Transmission and
Distribution
businesses
Power transmission and distribution business in Kyushu
Other energy
services businesses
Businesses that contribute to stable power supply, such as construction and
maintenance of electrical equipment, Gas / LNG sales business, renewable energy
business, overseas business
ICT services
businesses
Data communication business, optical broadband business, telecommunications
construction and maintenance business, information system development business,
data center business
Other businesses Real estate business, paid nursing home business
(2) Calculation method of sales, profits, assets and other items by Reportable segment
The accounting method of Reportable segment is similar to the Preparation of consolidated financial statements.
Reportable segment is based on operating income basis, and Inter-segment sales are based on market price.
(Application of "Accounting Standard for Revenue Recognition" etc.)
As described in "Changes in accounting policies", We have applied the "Accounting Standard for Revenue
Recognition" ,etc. from the beginning of the first quarter starting April 1st
, 2021. 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. In accordance with these changes, the calculation
methods for net sales, profit or loss, assets, and other items in reportable segments have been changed in the same
manner, and segment information for the previous fiscal year has been retroactively applied to the figures.
As a result of this change, segment sales for the previous consolidated fiscal year decreased by 568,683 million yen
in the "Power and Retail businesses", 40,014 million yen in the "Transmission and Distribution businesses", 4,853
million yen in the "Other energy service business", 2,038 million yen in "ICT services businesses", and increased by
27 million yen in the "Other energy services businesses", 5740 million yen in "Reconciliation". In addition, segment
income for the previous consolidated fiscal year decreased by 544 million in the "ICT services businesses", and
increased by 12 million yen in the "Other energy services businesses", 27 million yen in "Other businesses".
Furthermore, segment asset for the previous consolidated fiscal year increased by 22 million yen in the "Other energy
services businesses", 1627 million yen in "ICT services businesses", 91 million yen in "Other businesses".
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
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(3) Information regarding sales, profits, assets and other items by Reportable segment
Previous consolidated fiscal year (April 1, 2020 to March 31, 2021)
(Unit: millions of Yen)
Power and
Retail
businesses
TransmissionandDistribution
businesses
Sales
Sales to outside customers 1,208,657 152,121 67,537 79,715 13,946 1,521,977 - 1,521,977
Inter-segment sales 113,474 407,154 112,937 33,262 15,567 682,397 -682,397 -
Total 1,322,131 559,275 180,475 112,977 29,514 2,204,374 -682,397 1,521,977
Segment income(loss) -564 29,101 17,645 6,347 4,291 56,821 -1,641 55,179
Segment asset 4,090,421 1,879,200 553,709 198,305 138,223 6,859,860 -1,731,296 5,128,563
Other items
Depreciation (including amortization
of nuclear fuel)
101,502 68,002 11,563 23,189 3,620 207,878 -2,128 205,749
Interest income 10,499 24 645 2 59 11,231 -10,444 786
Interest expenses 22,156 10,055 4,094 187 209 36,702 -10,444 26,258
Share of profit (loss) of entities
accounted for using equity method
- - 10,277 78 -230 10,125 -241 9,884
Increase in tangible fixed assets and
intangible fixed assets 208,932 108,026 16,063 21,171 4,843 359,037 -3,143 355,894
Reportable segment
Reconciliation*1
Consolidated
financial
statements*2
Energy services
ICT services
businesses
Other
businesses
Total
Japanese electric power
Other energy
services
businesses
*1 Reconciliations of Segment income (\-1,641 million) and Segment assets(\-1,731,296 million) are intersegment
transaction eliminations.
*2 Segment income is adjusted to reflect ordinary income in the consolidated statements of incomes.
Current consolidated fiscal year (April 1, 2021 to March 31, 2022)
(Unit: millions of Yen)
Power and
Retail
businesses
TransmissionandDistribution
businesses
Sales
Revenue from contracts with
customers
1,382,809 171,728 78,380 80,539 12,061 1,725,519 - 1,725,519
Other revenue 847 7,652 3,156 565 5,569 17,790 - 17,790
Sales to outside customers 1,383,657 179,380 81,536 81,105 17,631 1,743,310 − 1,743,310
Inter-segment sales 132,148 418,963 117,077 31,364 15,690 715,244 -715,244 −
Total 1,515,805 598,343 198,614 112,470 33,321 2,458,555 -715,244 1,743,310
Segment income(loss) -5,935 7,183 22,452 6,105 6,103 35,910 -3,525 32,384
Segment asset 4,258,087 1,924,633 611,774 206,428 150,399 7,151,323 -1,808,973 5,342,350
Other items
Depreciation (including amortization
of nuclear fuel)
115,008 71,798 12,302 24,079 3,395 226,583 -1,289 225,293
Interest income 9,725 22 685 3 26 10,463 -9,634 829
Interest expenses 21,834 9,209 3,273 169 190 34,677 -9,634 25,043
Share of profit (loss) of entities
accounted for using equity method
- - 7,895 39 22 7,957 -340 7,617
Increase in tangible fixed assets and
intangible fixed assets 155,422 117,934 11,462 27,262 5,814 317,901 -5,763 312,138
Reportable segment
Reconciliation*1
Consolidated
financial
statements*2
Energy services
ICT services
businesses
Other
businesses
Total
Japanese electric power
Other energy
services
businesses
*1 Reconciliations of Segment income (\-3,525 million) and Segment assets (\-1,808,973 million) are intersegment
transaction eliminations.
*2 Segment income is adjusted to reflect ordinary income in the consolidated statements of incomes.
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
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(Significant subsequent event)
Reduction of Legal Retained Earnings
https://www.kyuden.co.jp/english_company_news_2022_h220428c-1.html
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021
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2. Others
(1) Major effects of the Corona virus
Retail Ordinary profit
Consolidated Financial Results for
FY2021
-0.5 billion kWh -3.5 billion yen
(Reference)
Consolidated Financial Results for
FY2020
-2.0 billion kWh -21.0 billion yen
(2) Difference from the forecast for the fiscal year 2021
This is to inform you that there is a difference between the consolidated financial results for the fiscal year ending
March 2022 and the financial results forecast announced on January 31, 2022.
1 Difference from the forecast for the fiscal year 2021(April 1, 2021 to March 31, 2022)
2 Reasons for difference
In terms of the Financial Results for FY2021, the actual results differed from the previously announced forecast due
to an increase in purchased power costs resulting from higher wholesale electricity market prices and the negative
impact of the time lag from the fuel cost adjustment system, although there was an increase in the total amount of
electricity sales volume.
Sales Operating
income
Ordinary
income
Profit attributable
to owners of
parentEPS(Unit: million yen) (Unit: million yen) (Unit: million yen) (Unit: million yen) (Unit: yen)
Forecast
previously
announced
(A) 1,700,000 70,000 50,000 25,000 48.41
Results (B) 1,743,310 48,624 32,384 6,873 10.09
Difference (B-A) 43,310 -21,375 -17,615 -18,126 -
Ratio (%) 2.5 -30.5 -35.2 -72.5 -
(Reference)
Results for FY2020
1,521,977 76,894 55,179 31,835 62.86