Statements made in this overview of operations regarding our strategies and forecasts and other statements that are
not historical facts are forward-looking statements based on management’s assumptions and beliefs in light of
information currently available, and should not be interpreted as promises or guarantees. Owing to various
uncertainties, actual results may differ materially from these statements. Investors are hereby cautioned against
making investment decisions solely on the basis of forward-looking statements contained herein.
(Note)
The English translation is for reference purposes only for the convenience of our English-speaking investors.
In case a difference arises regarding the meaning herein , the original Japanese version shall prevail.
Financial Results for
The 3rd Quarter of FY2021
(IR material for investors)
January 31, 2022
Table of Contents
1.Financial Results for FY2021 3Q〔Consolidated〕 P1
(Reference)About application of "Accounting Standard for Revenue Recognition", etc. P2
(1) Factors ➀ Electricity Sales Volume〔Consolidated〕 P3
2 Generated and Received Electricity〔Consolidated〕 P4
3 Others〔Consolidated〕 P5
(2) Ordinary Revenues〔Consolidated〕 P6
(3) Ordinary Expenses〔Consolidated〕 P7
(4) Ordinary Income/Net Income Attributable to Owners of the Parent 〔Consolidated〕 P8
(Reference)Factors Affecting Consolidated Ordinary Income P9
(Reference)Estimate of the effect of time lag of fuel cost adjustments 〔Non-consolidated〕 P10
(5) Segment Information〔Consolidated〕 P11
1 Power and Electricity Sales Businesses P12
2 Transmission and Distribution Businesses P13
3 Other Energy Services Businesses P14
4 ICT Services Businesses P15
5 Other Businesses P16
2.Financial Status for FY2021 3Q 〔Consolidated〕 P17
3.Forecasts of Financial Results for FY2021 〔Consolidated〕 P18
(Reference)Factors Affecting Consolidated Ordinary Income (Compared with the October forecast) P20
4.Forecasts of Year-end Dividends for FY2021 P21
■しかく AppendixP22P23P24■しかくFinancial Results for FY2021 3Q
Revenues from Retail sales, Wholesale sales and Others〔Japanese electric power businesses〕
Expenses for Fuel and Purchased power〔Japanese electric power businesses〕
Expenses for Maintenance, Depreciation, and Others〔Japanese electric power businesses〕
(Billion of Yen,%)
Note: Consolidated subsidiaries: 48 companies ( 2 companies have been added)
Equity method companies: 43 companies ( 3 companies have been added)
* Loss on return of electric imbalance charge ( It is return amount of electric imbalance adjustments in January 2021.)1Sales (Increase), Ordinary Income (Decrease)
Consolidated Sales : 1,196.7 billion of yen(Increase by 11.9% Compared with FY2020 3Q)
Consolidated Ordinary Income: 59.3 billion of yen(Decrease by 19.6% Compared with FY2020 3Q)
1 Financial Results for FY 2021 3Q 〔Consolidated〕
Compared with FY2020 3Q, ordinary income decreased although there was an increase in the operation of nuclear power
plants, a decrease in maintenance expenses , and an increase in the total amount of electricity sales volume.
The decrease in ordinary income is due to a negative turn in the effect of the time lag from the fuel cost adjustment system,
which was caused by higher fuel prices. Last year during the same quarter it had a positive impact, whereas this year it
turned to losses.
FY2021 3Q FY2020 3Q DifferenceRateof Change
Ordinary Revenues 1,208.1 1,081.2 126.9 11.7
Sales [Figures are included above]
(1,196.7) (1,069.4) (127.3) (11.9)
Ordinary Expenses 1,148.8 1,007.4 141.3 14.0
(Operating Income) (74.4) (86.1) (-11.6) (-13.6)
Ordinary Income 59.3 73.7 -14.4 -19.6
Extraordinary loss 3.9 - 3.9 -
Net Income attributable to
owners of the parent
35.9 55.3 -19.3 -35.0*2
( Reference ) About application of "Accounting Standard for Revenue Recognition", etc.
Handling of the first year of application (FY2021)
・As a general rule, "Accounting Standard for Revenue Recognition", etc. are to be applied retroactively to all past periods
in the first year of application (the revised Electricity Business Accounting Regulations can also be applied retroactively).
From the perspective of comparability of financial statements, we apply retroactively as a general rule.
Amount of retroactive application impact (FY2020 3Q)
(Billion of Yen)
After retroactive
application
Before retroactive
application
Difference Explanations
Sales 1,069.4 1,546.8 -477.4
Renewable Energy Power Promotion
Surcharge -142.1
Grant based on the Act on Purchase of
Renewable Energy Sourced Electricity -334.6
Ordinary Income 73.7 73.8 -0.1
Opening retained earnings 276.0 276.9 -0.9
Amount of retroactive application impact before
FY2019
・We have applied the "Accounting Standard for Revenue Recognition" ,etc. from the beginning of the current fiscal year.
・Under this new standard, the "Renewable Energy Power Promotion Surcharge" and "Grant based on the Act on Purchase
of Renewable Energy Sourced Electricity ", which are related to the feed-in tariff system for renewable energy, are not
recorded as net sales but are being deducted from corresponding operating expenses. The "Electricity Business Accounting
Regulations" has been revised based on the new revenue recognition standard that was issued.
Note: Since there is no change in the handling of the meter-reading date standard in this revision, Kyushu Electric Power and Kyushu Electric Power Transmission &
Distribution, which preferentially apply the Electricity Business Accounting Regulations, will continue to record revenues based on the meter-reading date standard.
・Comparisons and analyzes with the same quarter of the previous year (FY 2020 3Q) and the end of the previous fiscal
year (end of FY2020) are based on the figures after retroactive application.
(Billion kWh,%)31 (1) Factors ➀ Electricity Sales Volume 〔Consolidated〕
【Consolidated electricity sales volume】
Note1: Some rounding errors may be observed.
Note2: The figures represent our company and consolidated subsidiaries (Kyushu Electric Power Transmission and Distribution Co., Inc. and Kyuden
Mirai Energy Co.,Inc.) (Internal transactions have been eliminated).
* The impact of COVID-19 is around +1.0 billion kWh. (-0.5 ← -1.5)
Compared with FY2020 3Q, retail electricity sales volume increased by 4.9% to 57.8 billion kWh despite lower
temperatures in August in comparison to the previous year.
The rise in sales volume is caused by the following factors: an increase from group-wide sales activities and a reactionary
increase as the previous year showed a decrease in demand caused by COVID-19.
In addition, wholesale sales volume increased by 73.4% to 13.1billion kWh.
As a result, the total amount of electricity sales volume increased by 13.2% to 70.8 billion kWh.*FY2021 3Q FY2020 3Q DifferenceRateof Change
Retail
(Kyuden Mirai Energy Co.,Inc.
57.8 55.1 2.7 4.9
[Figures are included above]) (4.4) (4.3) (0.1) (2.7)
Lighting 16.8 17.5 -0.7 -3.9
Power 41.0 37.6 3.4 9.0
Wholesale 13.1 7.5 5.6 73.4
Total 70.8 62.6 8.2 13.2
1 (1) Factors 2 Generated and Received Electricity 〔Consolidated〕
【 Consolidated】
(Reference) Ratio of Generated and Received Electricity
* "Renewable Energy’’ represents
a total of Solar, Wind, Biomass,
Waste, Geothermal and Hydro
(excluding "For pumping")
generated by facilities of our own
and other companies.
(Billion kWh,%)(%)Note1: Some rounding errors may be observed.
Note2: Represents our company and consolidated subsidiaries (Kyushu Electric Power Transmission and Distribution Co., Inc. and Kyuden Mirai Energy Co., Inc.).
Note3: The difference between the total amount of power generated and received electricity and the amount of electricity sales volume is the amount of power lost, etc.
Note: Some parts of electricity that do not use non-fossil certificates have no value of renewable energy and CO2 zero emission power.
Those are treated as electricity with the national average CO2 emissions of electricity, including thermal power generations, etc.
In terms of supply to retail and wholesale customers, we were able to deliver electricity in a stable manner through the
comprehensive operation of power generation facilities, including nuclear power, thermal power, water pumping, etc.
As for area supply and demand, we were able to deliver electricity stably through the operation of regulated power
sources and the implementation of renewable energy output control based on the government rules.
FY2021 3Q FY2020 3Q DifferenceRateof Change
Own facilities *1
Hydro 3.8 3.8 - -0.2
(Water flow rate) (93.1) (101.5) (-8.4)
Thermal 16.8 24.8 -8.0 -32.4
Nuclear 25.7 14.9 10.8 72.3
(Utilization rate) (98.0) (57.1) (40.9)
New Energy etc 1.0 0.9 0.1 12.0
Subtotal 47.3 44.5 2.8 6.4
Interchange・Received Electricity from Other
companies
( Hydro [ Figures are included above] )30.4(1.1)24.4(1.2)6.0(-0.1)24.5(-6.2)
( New Energy etc. [ Figures are included above] ) (13.5) (11.7) (1.8) (15.6)
For water pumping, etc. -1.8 -1.7 -0.1 6.4
T o t a l 75.9 67.2 8.7 13.0
FY2021 3Q FY2020 3Q Difference
Nuclear Power 33.9 22.2 11.7
Renewable Energy * 24.0 24.5 -0.5
*1 Own facilities’ generation means transmission–end number.
*2 "Interchange & other companies’’ includes the volume of electricity recognized as of the end of fiscal year.*24
1 (1) Factors 3 Others 〔Consolidated〕
Crude Oil CIF Price and Exchange Rate
FY2021 3Q FY2020 3Q Difference
Crude Oil CIF Price 74$/b 39$/b 35$/b
Exchange Rate 111\/$ 106\/$ 5\/$5FY2021 3Q FY2020 3Q DifferenceRateof Change
Explanations
Operating Revenues (Sales) 1,196.7 1,069.4 127.3 11.9 Japanese electric power businesses 121.3
Other Revenues 11.3 11.7 -0.4 -4.0
(Share of profit of entities accounted
for using the equity method)
[Figures are included above]
(3.7) (6.9) (-3.1) (-45.8)
Ordinary Revenues 1,208.1 1,081.2 126.9 11.7 Japanese electric power businesses 124.8
(Billion of Yen,%)
1 (2) Ordinary Revenues 〔Consolidated〕
(Japanese electric power businesses [Figures are included above])6Note : The figures of Japanese electric power businesses represent our company and a consolidated subsidiary
(Kyushu Electric Power Transmission and Distribution Co.,Inc and Kyuden Mirai Energy Co.,Inc.) (Internal transactions have been eliminated).
In Japanese electric power businesses, revenues from retail sales increased due to an increase in the volume of electricity
sold through group-wide sales activities, as well as an increase in revenues from wholesale sales and profits from LNG trading.
As a result, sales increased by 11.9% to 1,196円.7 billion in comparison with FY2020 3Q, and ordinary revenues increased by
11.7% to 1,208円.1 billion.
Retail 865.0 842.0 22.9
Increase in electricity sales volume 40.5
Unit price difference(Composition difference, etc.) -18.0
Wholesale 122.9 51.9 71.0 Sold power to other suppliers 67.9
Other 96.2 65.4 30.8
Profits from LNG trading 11.5
Consignment revenue 11.0
(Sales) (1,078.5) (957.2) (121.3)
Ordinary Revenues 1,084.2 959.3 124.8
Labor 96.7 104.3 -7.6 Employee retirement benefits -6.1
Fuel 157.6 140.7 16.8
CIF and exchange gains difference 55.0 Increase in retail・wholesale 9.0
Effect of operating nuclear power plants -43.5 *
Purchased power from other
utilities and other suppliers
260.4 151.5 108.8 Purchased power from other suppliers 105.9
Maintenance 91.6 111.3 -19.6 Nuclear -17.2
Depreciation 120.6 110.7 9.9 Nuclear 6.4
Interest 16.5 16.6 -0.1
Nuclear back-end 56.5 36.0 20.5 Effect of operating nuclear power plants 19.0 *
Other 244.4 233.4 10.9 Intra-Area Wheeling Service consignment charge 7.2
Ordinary Expenses 1,044.7 905.0 139.6
FY2021 3Q FY2020 3Q DifferenceRateof Change
Explanations
Operating Expenses 1,122.3 983.2 139.0 14.1 Japanese electric power businesses 137.9
Other Expenses 26.4 24.1 2.2 9.5
Ordinary Expenses 1,148.8 1,007.4 141.3 14.0 Japanese electric power businesses 139.6
(Billion of Yen,%)
1 (3) Ordinary Expenses 〔Consolidated〕
(Japanese electric power businesses [Figures are included above])7* Effect of operating nuclear power plants (fuel costs + nuclear back-end costs) -24.5
Note : The figures of Japanese electric power businesses represent our company and consolidated subsidiaries
(Kyushu Electric Power Transmission and Distribution Co.,Inc and Kyuden Mirai Energy Co.,Inc.) (Internal transactions have been eliminated).
In Japanese electric power businesses, ordinary expenses increased by 14.0% to 1,148円.8 billion. The increase is caused by
the following factors: an increase in purchased power costs, and nuclear power back-end costs, as well as higher fuel costs,
despite there was an increase in the operation of nuclear power plants, although there was a decrease in maintenance
expenses.
FY2021 3Q FY2020 3Q DifferenceRateof Change
Ordinary Income 59.3 73.7 -14.4 -19.6
Provision for Reserve for Fluctuation
in Water Levels
-0.2 -0.2 - -16.1
Extraordinary loss 3.9 - 3.9 -
Income Before Income Taxes 55.5 74.0 -18.4 -25.0
Income Taxes 18.5 17.5 0.9 5.6
Net Income Attributable to Non-controlling
Interests
1.1 1.2 - -7.2
Net Income Attributable to Owners of the
Parent
35.9 55.3 -19.3 -35.0
(Billion of Yen,%)
1 (4) Ordinary Income/Net Income Attributable to Owners of the Parent〔Consolidated〕
As a result, both ordinary income and net income attributable to owners of the parent decreased compared with FY2020 3Q.
The decrease in the net income attributable to owners of the parent is caused by the impact of the loss on return of electric
imbalance charge which is recorded as an extraordinary loss.
Ordinary income amounted to 59円.3 billion, and net income attributable to owners of the parent amounted to 35円.9 billion.
*1 The impact of COVID-19 is around +12.5 billion yen (-3.5 ← -16.0)
*2 Loss on return of electric imbalance charge
Imbalance revenues from general electricity transmission and distribution businesses increased significantly due to the price hikes in the wholesale
electricity market, due to the tight supply and demand situation in January 2021, and the plan that a part of the revenues was
deducted from the future consignment charge depending on the amount of share of retail electricity utility was decided at the 43rd Electricity and Gas
standard policy subcommittee, Electricity and Gas Industry Committee, Advisory Committee for Natural Resources and Energy, Agency for Natural
Resources and Energy (held on December 27, 2021). We recognized this adjustment as a debt and recorded it as an extraordinary loss.*1*28Consolidated
Ordinary Income
(FY2020 3Q)
( Reference ) Factors Affecting Consolidated Ordinary Income73.759.3
(-14.4)
Effect of
operating
nuclear
power plants
+19.6
+24.5
-67.0
+14.5
Increase in
total amount of
electricity sales
volume
(Taking into
account effect of
the fuel costs,
etc.)
Decrease in
maintenance+0.3-24.0
+11.5+7.6-1.4
Profits from
LNG trading
Effect of an
increase in the
power prices
on the
wholesale
electricity
market
(Billion of Yen)
Consolidated
Ordinary Income
(FY2021 3Q)
Consolidated ordinary income
excluding effect of time lag
around 53.7
Consolidated ordinary income
excluding effect of time lag
around 106.3
Japanese electric power businesses (-14.7)
Decrease in
labor
Effect of time
lag of fuelcostadjustments
(20.0→-47.0)
Others Others9(Reference) Estimate of the effect of time lag of fuel cost adjustments 〔Non-consolidated〕
·a part of the difference between the standard fuel price and the fuel price in the second half of FY2020, is reflected in the decrease of
retail sales revenues in the 3Q of FY2021 [around -27.0 billion yen]
·a part of the difference between the standard fuel price and the fuel price in the 3Q of FY2021, will not be reflected in the increase of
retail sales in the 3Q of FY2021, but will be carried over to the 4Q and beyond of FY2021 [around 20.0 billion yen]
As a result of the time lag of fuel cost adjustments, revenues and expenditure deteriorated (around -47.0 billion yen)
(Compared with the 3Q of FY2020: around -67.0 billion yen)1001020304050607010,000
15,000
20,000
25,000
30,000
35,000
40,000
2019.10 2020.1 2020.4 2020.7 2020.10 2021.1 2021.4 2021.7 2021.10 2022.1
(yen/kl)
FY2021 3Q
0 〜〜FY2020 3Q
Around -17.0 Billion yen
Standard fuel
price
27,400 yen/kl
Around -27.0 Billion yen
Around 20.0 Billion yen
Time lag: Around -47.0 Billion yen
Time lag: Around 20.0 Billion yen
Average fuel
price
Around -37.0 Billion yen
Compared with FY2020 3Q: Around -67.0 Billion yen
FY2021 3Q FY2020 3Q Difference
Energy
services
businesses
Japanese
electric
power
businesses
Power and Electricity
Sales
Sales 1,044.1 940.1 103.9
Ordinary Income/Loss 21.4 38.3 -16.8
Transmission and
Distribution
businesses
Sales 416.0 367.0 48.9
Ordinary Income/Loss 17.6 16.0 1.6
Inter-segment
transactions eliminated
Sales -381.6 -349.9 -31.6
Ordinary Income/Loss 0.4 - 0.4
Subtotal
Sales 1,078.5 957.2 121.3
Ordinary Income/Loss 39.5 54.3 -14.7
Other energy services businesses
Sales 130.3 120.7 9.6
Ordinary Income/Loss
( Overseas businesses )
[Figures are included above]
12.8 12.1 0.7
ICT services businesses
Sales 75.9 78.1 -2.1
Ordinary Income/Loss 4.0 4.2 -0.2
Other businesses
Sales 21.7 21.0 0.6
Ordinary Income/Loss 3.8 3.6 0.2
Inter-segment transactions eliminated
Sales -109.8 -107.7 -2.0
Ordinary Income/Loss -1.0 -0.5 -0.4
Total
Sales 1,196.7 1,069.4 127.3
Ordinary Income/Loss 59.3 73.7 -14.4
Note1: The above amounts represent figures prior to elimination of transactions among segments.
Note2: Figures in ( ) represent sales excluding transactions among group companies.
(Billion of Yen)
1 (5) Segment Information 〔Consolidated〕
(1,078.2) (954.4) (123.8)
(51.2) (49.0) (2.2)
(57.3) (56.5) (0.8)
(9.8) (9.3) (0.4)
(957.3)
(120.9)
(6.4) (4.1) (2.3)
(873.2)
(81.2)
(84.1)
(39.7)111 (5) ➀ Power and Electricity Sales Businesses
FY2021 3Q FY2020 3Q DifferenceRateof Change
Sales 1,044.1 940.1 103.9 11.1
Ordinary Expenses 1,033.9 911.8 122.1 13.4
Ordinary Income 21.4 38.3 -16.8 -43.9
Sales : 1,044.1 billion of yen(Increase by 11.1% Compared with FY2020 3Q)
Ordinary Income : 21.4 billion of yen(Decrease by 43.9% Compared with FY2020 3Q)
(Billion of Yen, %)
Power generation and retail business in Japan, etc
[Power and Electricity Sales Businesses ]
Sales increased by 11.1% to 1,044円.1 billion compared with FY2020 3Q.The increase is caused by the following factors:
an increase in the revenues from retail sales through group-wide sales activities, revenues from wholesale sales, and
profits from LNG trading.
Ordinary income decreased by 43.9% to 21円.4 billion compared with FY2020 3Q, due to the effect of time lag of fuel cost
adjustments last year during the same quarter it had a positive impact, whereas this year it turned to losses, although
there was a decrease in fuel costs as the operation of nuclear power plants increased, an increase in the total amount of
electricity sales volume, and a decrease in maintenance expenses.121 (5) 2 Transmission and Distribution Businesses
FY2021 3Q FY2020 3Q DifferenceRateof Change
Sales 416.0 367.0 48.9 13.3
Ordinary Expenses 400.5 351.4 49.0 13.9
Ordinary Income 17.6 16.0 1.6 10.1
Sales : 416.0 billion of yen ( Increase by 13.3% Compared with FY2020 3Q)
Ordinary Income : 17.6 billion of yen ( Increase by 10.1% Compared with FY2020 3Q)
(Billion of Yen, %)
Transmission and Distribution business in Kyushu, etc.
[Transmission and Distribution Businesses]
Sales increased by 13.3% to 416円.0 billion compared with FY2020 3Q, mainly due to an increase in wholesale
electricity volume, as more electricity was sold to others, along with an increase in renewable energy
purchases, and an increase in consignment revenues.
Ordinary income increased by 10.1% to 17円.6 billion mainly due to an increase in sales and a decrease in
costs for natural disaster recovery, despite higher purchased power costs, due to the purchase amount from
renewable energy sources and higher procurement costs from the supply-demand adjustment market.131 (5) 3 Other Energy Services Businesses
FY2021 3Q FY2020 3Q DifferenceRateof Change
Sales 130.3 120.7 9.6 8.0
Ordinary Expenses 123.9 118.9 5.0 4.2
Ordinary Income 12.8 12.1 0.7 6.3
(Share of profit of entities accounted
for using the equity method)
[Figures are included above]
(4.0) (7.2) (-3.1) (-44.1)
Sales : 130.3 billion of yen (Increase by 8.0% Compared with FY2020 3Q)
Ordinary Income : 12.8 billion of yen(Increase by 6.3% Compared with FY2020 3Q)
(Billion of Yen, %)
Stable energy supply business as construction and maintenance of electrical equipment, Sales of gas and LNG business,
Renewable energy business, Overseas business, etc.
[Other Energy Services Businesses]
Sales increased by 8.0% to 130円.3 billion compared to FY2020 3Q, due to a rise in LNG sales in the overseas LNG
projects.
Ordinary income increased by 6.3% to \ 12.8 billion compared with FY2020 3Q.141 (5) 4 ICT Services Businesses
FY2021 3Q FY2020 3Q DifferenceRateof Change
Sales 75.9 78.1 -2.1 -2.8
Ordinary Expenses 72.2 74.0 -1.7 -2.3
Ordinary Income 4.0 4.2 -0.2 -5.3
(Share of profit/loss of entities
accounted for using the equity method)
[Figures are included above]
(-0.1) (-0.1) (-) (-)
Sales : 75.9 billion of yen (Decrease by 2.8% Compared with FY2020 3Q)
Ordinary Income : 4.0 billion of yen (Decrease by 5.3% Compared with FY2020 3Q)
(Billion of Yen, %)
Data communications business, Optical broadband service business, Telecommunications construction/ maintenance
business, Developments for information system business, Data centers business, etc.
[ICT Services Businesses]
Sales decreased by 2.8% to 75円.9 billion compared with FY2020 3Q due to a decrease in the information system
development contracts.
Ordinary Income decreased by 5.3% to 4円.0 billion.151 (5) 5 Other Businesses
FY2021 3Q FY2020 3Q DifferenceRateof Change
Sales 21.7 21.0 0.6 3.0
Ordinary Expenses 18.0 17.9 0.1 0.7
Ordinary Income 3.8 3.6 0.2 6.7
(Share of profit/loss of entities
accounted for using the equity method)
[Figures are included above]
(0.03) (-0.06) (0.1) (-)
Sales : 21.7 billion of yen ( Increase by 3.0% Compared with FY2020 3Q)
Ordinary Income : 3.8 billion of yen ( Increase by 6.7% Compared with FY2020 3Q)
(Billion of Yen, %)
Real estate business, Paid nursing home business, Office work outsourcing business, Personnel dispatch business, etc.
[Other Businesses]
Sales increased by 3.0% to 21円.7 billion compared with FY2020 3Q, due to an increase in the revenues from real estate
rentals.
Ordinary income increased by 6.7% to 3円.8 billion compared with FY2020 3Q, due to a decrease in the costs related to the
location-based monitoring service business.16Dec.31,2022 Mar.31,2021 Difference
Assets 5,284.7 5,128.5 156.1
Liabilities 4,581.8 4,447.0 134.7
(Interest-bearing Debt)
[ Figures are included above ]
(3,688.2) (3,522.6) (165.6)
Equity 702.9 681.4 21.4
Equity Ratio (%) 12.7 12.7 -
(Billion of Yen)
2 Financial Status for FY2021 3Q 〔Consolidated〕
Total assets increased by 156円.1 billion to 5,284円.7 billion compared with the end of FY2020, due to an increase in
current assets, such as inventory assets, as well as an increase in fixed assets associated with the Countermeasure
construction to improve the safety of nuclear power plants.
Liabilities increased by 134円.7 billion to 4,581円.8 billion compared with the end of FY2020 due to an increase in interest-
bearing debt.
Equity increased by 21円.4 billion to 702円.9 billion compared with the end of FY2020 due to net income attributable to
owners of the parent, despite a payment of dividends.
As a result, equity ratio became 12.7%, which is the same as the end of the previous fiscal year.173 Forecasts of Financial Results for FY2021〔Consolidated〕
Compared with the previous forecasts (October)
Sales (Increase), Ordinary Income (Decrease)
Consolidated Sales :1,700.0 billion of yen ( Increased by 60.0 billion )
Consolidated Ordinary Income: 50.0 billion of yen ( Decreased by 20.0 billion )
In terms of the Forecasts of Financial Results for FY2021, there is a change to the previous forecasts (announced on
October 29, 2021 ) in light of the latest supply-demand trends.
Sales are expected to be approximately 1,700円 billion, exceeding the previously announced forecast. The increase in
sales is caused by the following factors: an increase in the total amount of electricity sales volume and a rise in the unit
price of electricity due to the fuel cost adjustment system, in Japanese electric power businesses.
Ordinary income is expected to be approximately 50円 billion, falling below the previous forecast, despite the increase in
the total amount of electricity sales volume. The decrease in ordinary income is caused by the following factors: the
increase in purchased power costs due to the rise power prices on the wholesale electricity market, as well as the
expansion of the loss on the time lag of fuel cost adjustments, in Japanese electric power businesses.
Net income attributable to owners of the parent is expected to be approximately 25円 billion, falling below the previous
forecast. The decrease in net income attributable to owners of the parent is caused by the above effects and the impact
of the loss on return of electric imbalance charge which is recorded as an extraordinary loss.18FY2021
Previous Forecasts
(October)
DifferenceRateof Change
Sales 1,700.0 1,640.0 60.0 3.7
Operating Income 70.0 100.0 -30.0 -30.0
Ordinary Income 50.0 70.0 -20.0 -28.6
Net Income attributable to
owners of the parent
25.0 45.0 -20.0 -44.4
(Billion of Yen, %)
3 Forecasts of Financial Results for FY2021〔Consolidated〕
FY2021
Previous Forecasts
(October)
Difference
Retail 78.9 billion kWh 78.8 billion kWh 0.1 billion kWh
Wholesale 17.1 billion kWh 16.1 billion kWh 1.0 billion kWh
Total 96.0 billion kWh 94.9 billion kWh 1.1 billion kWh
Crude Oil CIF Price 74$/b 71$/b 3$/b
Exchange Rate 112\/$ 110\/$ 2\/$
Nuclear [ transmission-end number ]
( Utilization rate )
31.8 billion kWh
(91.3%)
31.8 billion kWh
(91.2%)-(0.1%)
(Reference) Key Factors
Note: Electricity sales volume represents our company and consolidated subsidiaries (Kyushu Electric Power Transmission and Distribution Co., Inc. and
Kyuden Mirai Energy Co.,Inc.) (internal transactions have been eliminated).
* The impact of COVID-19 is around +4.5 billion yen. (-3.5 ← -8.0)
Financial impacts*2
(1$/b) around 0.05 billion of yen
(1\/$) around 0.6 billion of yen
(1%) around 0.6 billion of yen
*1 The impact of COVID-19 is around +0.5 billion kWh. (-0.5← -1.0)
*2 These figures represent financial impact for fuel costs, etc. in case Key Factors fluctuate after January.**11970.050.0(-20.0)+2.0-14.0
Effect of time lag of
fuel cost adjustments
(-38.0→-52.0)
+11.0+5.0-24.0
( Reference ) Factors Affecting Consolidated Ordinary Income (Compared with the October forecast)
(Billion of Yen)
Consolidated ordinary income
excluding effect of time lag
around 108.0
Consolidated Ordinary Income
(Announced on October,2021)
Consolidated ordinary income
excluding effect of time lag
around 102.0
Consolidated Ordinary Income
(FY2021 Review)
Japanese electric power businesses (-25.0)
Increase in
electricity sales
volume of Retail・
Wholesale
(Taking into
account effect
of the fuel costs
,etc.)
Effect of an increase
in the power prices
on the wholesale
electricity market
Others
Increase in the
profit of group
companies204 Forecasts of Year-end Dividends for FY2021
(Yen)
[Changes in a dividend per share(Common Stock)]
■しかく Year-end
■しかく Interim
Total Dividend for FY2021:40yen
( Increase by 5.0 yen compared with FY2020 )
Note: The figures with () for the FY2021 is a forecast. There is no change to the previous forecast. (announced on Oct. 29, 2021)
In terms of the year-end dividends for FY2021, there is no change to the previous forecast.
Based on a comprehensive analysis of operating forecasts and medium to long-term balance situation, financial and
other factors, we plan to pay a dividend of 20円 per common share (annual: 40円 per common share).
As for the Class A preferred share, we plan to pay a dividend of a total amount of 1円.05 billion (annual: 2円.1 billion).300 0 01015
20 17.5 20200 0 051510151517.5(20)2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 202150515203035 35(40)(Fiscal Year)21Appendix
FY2021 3Q FY2020 3Q DifferenceRateof Change
Retail sales 865.0 842.0 22.9 2.7
Revenues from Retail sales, Wholesale sales and Others 〔Japanese electric power businesses〕
Retail sales
(Billion of Yen,%)
Difference
FY2021 3Q FY2020 3Q DifferenceRateof Change
Wholesale sales 122.9 51.9 71.0 137.0
1. Sold power to other suppliers 67.9
(Billion of Yen,%)
Difference
FY2021 3Q FY2020 3Q DifferenceRateof Change
Others 96.2 65.4 30.8 47.1
(Billion of Yen,%)
Difference
Wholesale sales
Others
1. Increase in electricity sales volume 40.5
2. Unit price difference (Composition difference, etc.) -18.0
1. Profits from LNG trading 11.5
2. Consignment revenue 11.022FY2021 3Q FY2020 3Q DifferenceRateof Change
Fuel 157.6 140.7 16.8 12.0
1. Purchased power from other suppliers 105.9
Expenses for Fuel and Purchased power 〔Japanese electric power businesses〕
(Billion of Yen,%) (Billion of Yen,%)
Difference Difference
【Reference1】 All Japan CIF prices
【Reference2】 Fuel Consumption
FY2021 3Q FY2020 3Q Difference
Coal ($/t) 138 76 62
LNG ($/t) 533 368 165
Crude oil ($/b) 74 39 35
Fuel Purchased power
FY2021 3Q FY2020 3Q Difference
Water Flow Rate (%) 93.1 101.5 -8.4
Nuclear Power Utilization Rate (%) 98.0 57.1 40.9
【Reference3】 Water Flow Rate, Nuclear Power Utilization Rate
FY2021 3Q FY2020 3Q DifferenceRateof Change
Purchased power 260.4 151.5 108.8 71.8
FY2021 3Q FY2020 3Q Difference
Coal (ten thousand ton) 332 514 -182
LNG (ten thousand ton) 109 156 -47231. CIF and exchange gains difference 55.0
3. Effect of operating nuclear power plants -43.5
2. Increase in revenues from retail sales and wholesale 9.0
FY2021 3Q FY2020 3Q DifferenceRateof Change
Maintenance 91.6 111.3 -19.6 -17.7
FY2021 3Q FY2020 3Q DifferenceRateof Change
Depreciation 120.6 110.7 9.9 8.9
Expenses for Maintenance , Depreciation and Others 〔Japanese electric power businesses〕
Maintenance
(Billion of Yen,%)
(Billion of Yen,%)
FY2021 3Q FY2020 3Q DifferenceRateof Change
Others 414.2 390.5 23.6 6.1
(Billion of Yen,%)
Difference FY2021 3Q FY2020 3Q
3. Labor -7.6 ( 96.7 ← 104.3 )
Others
Depreciation
1. Nuclear 6.4
Difference
1. Nuclear back-end 20.5 ( 56.5 ← 36.0 )
Difference
2. Intra-Area Wheeling Service
consignment charge 7.2
1. Nuclear -17.224For more information, please contact:
Investor Relations Group
Corporate Strategy Division
KYUSHU ELECTRIC POWER CO.,INC.
TEL : +81 92 726 1575
URL :https://www.kyuden.co.jp/english_ir_index.html