The 1st Quarter of the Fiscal Year Ending March 31, 2025 Financial Results Overview 〔Japan GAAP〕(Consolidated)
Kyushu Electric Power Co., Inc.
Stock code: 9508 URL: https://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
Date to start dividend payments: -
Preparation of supplementary materials for financial results: Yes
Information meeting for financial results: No
1. Consolidated Financial Results for the Three Months (April 1, 2024 to June 30, 2024)
(1) Consolidated Operational Results
(Note) Comprehensive income : FY2024 1Q 50,554 million yen (-35.6%) FY2023 1Q 78,461 million yen (-%)
(2) Consolidated Financial Position
(Reference) Shareholders' equity: As of June 30, 2024 924,981 million yen As of March 31, 2024 890,529 million yen
2. Dividends
3. Forecast of Financial result for FY2024 (April 1, 2024 to March 31, 2025)
(Note) Revision of the consolidated financial results forecast : No
(Note) Fully-diluted EPS for FY2024 1Q and FY2023 1Q are not indicated because there are no delutive potential shares
(Note) Revision of the dividend forecast : No
Dividends mentioned the above are regarding common shares. See 'Dividends for Class Shares' regarding dividends for class
shares which differ in shareholders' right from common shares.
July 31, 2024
(Rounded dow n to the nearest million yen)
(% show s the changes from the same quarter period of the previous FY)
Net earnings
per share
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: yen)
Full-year 2,200,000 2.8 130,000 -49.0 110,000 -53.8 80,000 -51.9 156.91
Sales Operating income Ordinary income
Profit attributable to
ow ners of parent
EPS Fully-diluted EPS
(Unit: yen) (Unit: yen)
April 1, 2024 - June 30, 2024 74.42 -
April 1, 2023 - June 30, 2023 150.02 -
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%)
April 1, 2024 - June 30, 2024 501,180 0.9 49,844 -50.3 51,114 -49.2 36,641 -48.7
April 1, 2023 - June 30, 2023 496,524 13.7 100,218 - 100,688 - 71,457 -
Sales Operating income Ordinary income
Profit attributable to
owners of parent
Total assets Net assets Shareholders' equity ratio
(Unit: million yen) (Unit: million yen) (%)
As of June 30, 2024 5,664,586 955,551 16.3
As of March 31, 2024 5,727,240 921,043 15.5
1Q 2Q 3Q Year-end Total
(Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen)
FY2023 ended March 31, 2024 - 0.00 - 25.00 25.00
FY2024 ended March 31, 2025 -
FY2024 ending March 31,
2025(forecast)
25.00 - 25.00 50.00
Annual dividends per share
※(注記) Note
(1)Significant changes in scope of consolidation : No
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 : No
4 Restatement : No
(4) Number of common stocks issued and outstanding
1 Total stocks including treasury stocks at the end of period
FY2024 1Q 474,183,951 shares FY2023 474,183,951 shares
2 Treasury stocks at the end of period
FY2024 1Q 1,310,442 shares FY2023 1,307,901 shares
3 Average number of stocks during the period
FY2024 1Q 472,874,243 shares FY2023 1Q 472,766,566 shares
*Review of the accompanying quarterly consolidated financial statements by a certified public accountant or auditing firm : No
*Notes on the proper use of the forecasts
We will post supplementary materials for financial results on our website.
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 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 ( 723,000 shares as of FY2024 1Q and 723,000 shares as of FY2023) . 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. (723,000 shares for FY2024 1Q and 842,000 shares for FY2023 1Q)
(Reference) Dividends for Class Shares
The breakdown of dividend for class shares which differ in shareholders' rights from common shares is as follows.
(Note) Revision of the dividend forecast : No
1Q 2Q 3Q Year-end Total
(Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen)
FY2023 ended March 31, 2024 ― 0.00 ― 1,933,333.00 1,933,333.00
FY2024 ended March 31, 2025 ―
FY2024 ending March 31,
2025(forecast)
1,450,000.00 ― 1,450,000.00 2,900,000.00
Class B
preferred shares
Annual dividends per share
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2024 1Q
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○しろまる Table of Contents of Attached Material
1. Summary of Business Results ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 2
2. Quarterly Consolidated Financial Statements and Notes・・・・・・・・・・・・・・・・・・・・・・・ 3
(1) Quarterly Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 3
(2) Quarterly Consolidated Income Statements
and Quarterly Consolidated Comprehensive Income Statements・・・・・・・・・・・・・・・・・・・ 5
(3) Notes on Quarterly Consolidated Financial Statements ・・・・・・・・・・・・・・・・・・・・・・ 7
(Change in accounting policy)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 7
(Notes to Segment Information)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 7
(Notes in case of drastic changes in the amount of equity)・・・・・・・・・・・・・・・・・・・・・・ 8
(Notes on the premise of going concern)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 8
(Notes to Statements of Cash Flows)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 8
(Additional Information)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 9
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.
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2024 1Q
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1. Summary of Business Results
This information is included in the "Financial Results for FY2024 1Q" disclosed on the Company's website today.
URL:https://www.kyuden.co.jp/english_ir_library_index.html
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2024 1Q
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2. Quarterly Consolidated Financial Statements and Notes
(1) Quarterly Consolidated Balance Sheets
(Unit:million yen)
As of March 31, 2024 As of June 30, 2024
Assets
Non-current assets 4,799,251 4,831,024
Electric utility plant and equipment 3,055,350 3,027,576
Hydroelectric power production facilities 270,935 269,750
Thermal power production facilities 203,932 200,075
Nuclear power production facilities 758,883 730,145
Internal combustion engine power production facilities 25,657 25,481
Renewable power production and related facilities 42,260 42,057
Transmission facilities 682,793 682,522
Transformation facilities 243,593 244,435
Distribution facilities 669,537 669,395
General facilities 147,833 153,815
Other electric utility plant and equipment 9,923 9,896
Other non-current assets 387,658 386,034
Construction in progress 456,893 487,988
Construction and retirement in progress 291,509 313,965
Special account related to nuclear power decommissioning 30,537 31,908
Special account related to reprocessing of spent nuclear fuel 134,846 142,114
Nuclear fuel 233,961 232,074
Loaded nuclear fuel 45,277 47,610
Nuclear fuel in processing 188,683 184,464
Investments and other assets 665,386 697,351
Long-term investments 259,435 273,934
Retirement benefit asset 19,991 20,463
Deferred tax assets 148,191 136,192
Other 238,903 267,955
Allowance for doubtful accounts -1,134 -1,194
Current assets 927,988 833,561
Cash and deposits 392,761 228,938
Notes and accounts receivable - trade, and contract assets 182,421 206,585
Inventories 130,018 125,381
Other 225,339 275,266
Allowance for doubtful accounts -2,552 -2,611
Total assets 5,727,240 5,664,586
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2024 1Q
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(Unit:million yen)
As of March 31, 2024 As of June 30, 2024
Liabilities
Non-current liabilities 3,684,914 3,719,116
Bonds payable 1,405,000 1,465,000
Long-term borrowings 1,819,197 1,819,807
Contribution payable for nuclear reactor decommissioning - 264,742
Retirement benefit liability 60,154 58,408
Asset retirement obligations 300,002 9,177
Deferred tax liabilities 16,675 18,445
Other 83,883 83,534
Current liabilities 1,119,049 987,136
Current portion of non-current liabilities 426,273 399,351
Short-term borrowings 123,410 124,810
Commercial papers - 35,000
Notes and accounts payable - trade 127,846 132,829
Accrued taxes 63,496 16,728
Other 378,021 278,415
Reserves under special laws 2,232 2,781
Reserve for water shortage 2,232 2,781
Total liabilities 4,806,196 4,709,034
Net assets
Shareholders' equity 827,098 848,021
Share capital 237,304 237,304
Capital surplus 193,520 193,520
Retained earnings 397,802 418,729
Treasury shares -1,529 -1,533
Accumulated other comprehensive income 63,431 76,960
Valuation difference on available-for-sale securities 10,052 10,931
Deferred gains or losses on hedges 24,781 31,849
Foreign currency translation adjustment 13,325 19,602
Remeasurements of defined benefit plans 15,271 14,577
Non-controlling interests 30,513 30,569
Total net assets 921,043 955,551
Total liabilities and net assets 5,727,240 5,664,586
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2024 1Q
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(2) Quarterly Consolidated Income Statements and Quarterly Consolidated Comprehensive Income Statements
(Quarterly Consolidated Income Statements)
(Unit:million yen)
April 1,2023-
June 30, 2023
April 1,2024-
June 30, 2024
Operating revenue 496,524 501,180
Electric utility operating revenue 442,525 444,316
Other business operating revenue 53,998 56,863
Operating expenses 396,305 451,335
Electric utility operating expenses 346,607 399,004
Other business operating expenses 49,698 52,330
Operating profit 100,218 49,844
Non-operating income 8,557 10,566
Dividend income 249 266
Interest income 557 844
Foreign exchange gains 2,265 3,140
Share of profit of entities accounted for using equity method 3,719 4,263
Other 1,766 2,050
Non-operating expenses 8,087 9,296
Interest expenses 6,881 7,119
Other 1,205 2,177
Total ordinary revenue 505,082 511,746
Total ordinary expenses 404,393 460,632
Ordinary profit 100,688 51,114
Provision or reversal of reserve for water shortage 211 548
Provision of reserve for water shortage 211 548
Profit before income taxes 100,477 50,565
Income taxes - current 11,884 1,330
Income taxes - deferred 16,915 12,333
Total income taxes 28,799 13,664
Profit 71,678 36,900
Profit attributable to non-controlling interests 220 259
Profit attributable to owners of parent 71,457 36,641
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2024 1Q
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(Quarterly Consolidated Comprehensive Income Statements)
(Unit:million yen)
April 1,2023-
June 30, 2023
April 1,2024-
June 30, 2024
Profit 71,678 36,900
Other comprehensive income
Valuation difference on available-for-sale securities 1,241 957
Deferred gains or losses on hedges 3,603 4,034
Foreign currency translation adjustment 412 5,307
Remeasurements of defined benefit plans, net of tax 550 -689
Share of other comprehensive income of entities accounted for using equity method 975 4,043
Total other comprehensive income 6,783 13,653
Comprehensive income 78,461 50,554
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 78,195 50,170
Comprehensive income attributable to non-controlling interests 266 383
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2024 1Q
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(3) Notes on Quarterly Consolidated Financial Statements
(Change in accounting policy)
Due to the transfer of our geothermal business to our consolidated subsidiary, Kyuden Mirai Energy Co., Ltd., on
April 1, 2024, Kyuden Mirai Energy Co., Ltd. has adopted the "Electric Utility Accounting Regulations" from the start
of the current consolidated first quarter. Regarding the accounting treatment of lighting and power charges, the method
of recording the charges calculated based on the usage measured by monthly meter readings as sales (operating
revenue) for the month (hereinafter referred to as the "meter reading date basis") has been adopted, and the account
titles are displayed in accordance with the "Electric Utility Accounting Regulations".
To reflect this change in accounting policy, the 23,860円 million that was included in "Other non-current assets"
under "Non-current assets" in the consolidated balance sheet of the previous consolidated fiscal year has been
reclassified as "Electric utility plant and equipment." Additionally, in the consolidated statement of income for the first
quarter of the previous consolidated fiscal year, the 14,409円 million that was included in "Other business operating
revenue" under "Operating revenue" has been reclassified as "Electric utility operating revenue" and the 10,803円
million that was included in "Other business operating expenses" under "Operating expenses" has been reclassified as
"Electric utility operating expenses". The impact of the change to the meter reading date basis is minimal.
(Notes to Segment Information)
I Previous quarterly consolidated fiscal year (April 1, 2023 to June 30, 2023)
Information regarding sales and profits by Reportable segment
(Unit: millions of Yen)
Power and
Retail
businesses
Transmissio
n and
Distribution
businesses
Sales
Revenue from contracts with
customers
340,829 39,629 229 28,194 19,959 1,057 429,899 1,015 430,914 - 430,914
Other revenue*4 53,567 8,496 848 352 299 2,045 65,609 - 65,609 - 65,609
Sales to outside customers 394,396 48,125 1,077 28,547 20,258 3,102 495,509 1,015 496,524 - 496,524
Inter-segment sales 33,777 104,394 - 32,750 7,742 2,452 181,116 1,184 182,301 -182,301 -
Total 428,174 152,519 1,077 61,297 28,000 5,555 676,626 2,200 678,826 -182,301 496,524
Segment income 78,184 12,866 2,612 5,272 445 1,332 100,713 115 100,829 -140 100,688
Quarterly
consolidated
financial
statements*3Energy services
ICT services
businesses
Urban
Developmen
t Businesses
Total
Japanese electric power
Overseas
Businesses
Other
energy
services
businesses
Reportable segment
Other*1 Total Reconciliation*2
*1 The "Other" segment is a business segment that is not included in the reportable segments and includes the
fee-based nursing home business, outsourcing office work business and temporary staffing business.
*2 Reconciliation of Segment income (\-140 million) is intersegment transaction eliminations.
*3 Segment income is adjusted to reflect ordinary income in the quarterly consolidated statements of incomes.
*4 In the ‘Other Revenues’ of the ‘Power and Retail businesses’, ‘Transmission and Distribution businesses’, ‘Other
energy services businesses’, and ‘ICT services businesses’, subsidies received from ‘the national government
based on their measures to mitigate sharp fluctuations in electricity and gas rates’, a measure based on the ‘the
Comprehensive Economic Measures for Overcoming Price Increases and Revitalizing the Economy’, are
included, amounting to 53,409円 million, 1,500円 million, 329円 million, and 29円 million respectively.
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2024 1Q
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II Current quarterly consolidated fiscal year (April 1, 2024 to June 30, 2024)
Information regarding sales and profits by Reportable segment
(Unit: millions of Yen)
Power and
Retail
businesses
Transmissio
n and
Distribution
businesses
Sales
Revenue from contracts with
customers
372,328 43,746 223 30,116 21,532 1,068 469,016 1,008 470,024 - 470,024
Other revenue*4 23,410 4,821 658 180 240 1,843 31,155 - 31,155 - 31,155
Sales to outside customers 395,739 48,568 882 30,296 21,772 2,912 500,171 1,008 501,180 - 501,180
Inter-segment sales 36,223 107,091 - 33,944 6,441 2,764 186,465 1,377 187,843 -187,843 -
Total 431,963 155,660 882 64,241 28,214 5,676 686,637 2,385 689,023 -187,843 501,180
Segment income 34,852 6,026 1,880 6,819 734 900 51,214 111 51,326 -211 51,114
Quarterly
consolidated
financial
statements*3Energy services
ICT services
businesses
Urban
Developmen
t Businesses
Total
Japanese electric power
Overseas
Businesses
Other
energy
services
businesses
Reportable segment
Other*1 Total Reconciliation*2
*1 The "Other" segment is a business segment that is not included in the reportable segments and includes the
fee-based nursing home business, outsourcing office work business and temporary staffing business
*2 Reconciliation of Segment income (\-211 million) is intersegment transaction eliminations.
*3 Segment income is adjusted to reflect ordinary income in the quarterly consolidated statements of incomes.
*4 In the ‘Other Revenues’ of the ‘Power and Retail businesses’, ‘Transmission and Distribution businesses’,
‘Other energy services businesses’, and ‘ICT services businesses’, subsidies received from ‘the national
government based on their measures to mitigate sharp fluctuations in electricity and gas rates’, a measure based
on the ‘Comprehensive Economic Measures to End Deflation Completely’ are included, amounting to 23,319円
million, 459円 million, 129円 million, and 13円 million respectively.
(Notes in case of drastic changes in the amount of equity)N/A(Note on the premise of going concern)N/A(Notes to Statements of Cash Flows)
The consolidated cash flow statement for the first quarter of the fiscal year has not been prepared. Depreciation
(including amortization related to intangible assets excluding goodwill) and Amortization of nuclear fuel impairment for
the first quarter are as follows.
Previous quarterly consolidated fiscal year Current quarterly consolidated fiscal year
(April 1, 2023 to June 30, 2023) (April 1, 2024 to June 30, 2024)
Depreciation 54,922円 million 54,764円 million
Amortization of nuclear fuel 6,315円 million 5,898円 million
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2024 1Q
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(Additional Information)
(The revision of the Electric Utility Accounting Regulations due to the enforcement of "Act for Partial Revision of the
Electricity Business Act and Other Acts for Establishing Electricity Supply Systems for Realizing a Decarbonized
Society"
On April 1, 2024, the "Act for Partial Revision of the Electricity Business Act and Other Acts for Establishing
Electricity Supply Systems for Realizing a Decarbonized Society" (Act No. 44 of 2023, hereinafter referred to as the
"Revised Act") and the "Ordinance for the Arrangement of Related Ministerial Ordinances, etc. due to the
Enforcement of the Act for Partial Revision of the Electricity Business Act and Other Acts for Establishing Electricity
Supply Systems for Realizing a Decarbonized Society" (Ordinance No. 21 of the Ministry of Economy, Trade and
Industry of 2024, hereinafter referred to as the "Revised Ordinance") were enforced. As a result, the "Ordinance on the
Reserve Fund for the Reserve for Decommissioning of Nuclear Power Generation Facilities" (Ordinance No. 30 of the
Ministry of International Trade and Industry of 1989, hereinafter referred to as the "Decommissioning Ordinance")
was abolished, and the Electric Utility Accounting Regulations were revised.
The costs necessary for the decommissioning of commercial nuclear power reactors were traditionally recorded as
Asset Retirement Obligations. For assets corresponding to these obligations, the "Guidance on Accounting Standard
for Asset Retirement Obligations" (Implementation Guidance No. 21, March 25, 2011) Section 8 was applied. Based
on Decommissioning Ordinance, the total estimated cost of decommissioning nuclear power generation facilities was
calculated annually using the formula specified in the Guidelines for Handling Reserve Funds for the
Decommissioning of Nuclear Power Generation Facilities (a method for estimating costs based on the types and
quantities of waste generated by decommissioning). This amount was then recorded using the straight-line method
over the expected operational period of the power generation facilities. However, from the enforcement date of the
Revised Ordinance, the decommissioning contributions stipulated in Article 11, Paragraph 2 of the "Act on the
Implementation of Reprocessing of Spent Fuel and Promotion of Decommissioning in Nuclear Power Generation" as
amended by Article 3 of the Revised Act will be recorded as electricity business operating expenses.
Nuclear operators have traditionally been responsible for securing funds for the decommissioning of their own
commercial power reactors. Under the Revised Act, they will fulfill their cost burden responsibility by paying
decommissioning contributions to the Nuclear Reprocessing Organization of Japan (hereinafter referred to as the
"Organization") annually. The Organization will then bear the economic responsibility for securing, managing, and
disbursing the funds necessary for decommissioning.
As a result, during the first quarter of the current consolidated accounting period, Asset retirement obligation-related
assets of 18,995円 million and Asset retirement obligations of 291,011円 million have been reversed. In accordance with
Article 10, Paragraph 1 of the Supplementary Provisions of the Revised Act, the amount of 274,782円 million that must
be paid to the Organization for the costs of decommissioning promotion operations has been recorded as Contribution
payable for nuclear reactor decommissioning in accordance with Article 7 of the Supplementary Provisions of the
Revised Ordinance. This has no impact on profit and loss. Of this amount, 10,039円 million has been reclassified as
Current portion of non-current liabilities. Additionally, 2,765円 million has been recorded in Special account related to
nuclear power decommissioning account in accordance with Article 8 of the Supplementary Provisions of the Revised
Ordinance.