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
Quarterly financial report submission date (plan):February 9, 2024
Date to start dividend payments: -
Preparation of supplementary materials for quarterly financial results: Yes
Information meeting for quarterly financial results: No
(Rounded dow n to the nearest million yen)
1. Consolidated Financial Results for the Three Months (April 1, 2023 to December 31, 2023)
(1) Consolidated Operational Results
(% show s the changes from the same quarter period of the previous FY)
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%)
April 1, 2023 - December 31, 2023 1,583,391 1.0 260,042 - 250,556 -
April 1, 2022 - December 31, 2022 1,567,510 31.0 -120,588 - -130,554 -
(Note) Comprehensive income : FY2023 3Q 218,801 million yen ( - %) FY2022 3Q -59,684 million yen ( - %)
(Unit: million yen) (%)
April 1, 2023 - December 31, 2023 187,037 -
April 1, 2022 - December 31, 2022 -89,431 -
shares
(2) Consolidated Financial Position
As of December 31, 2023
As of March 31, 2023
(Reference) Shareholders' equity : As of December 31, 2023 : 897,098 million yen As of March 31, 2023: 582,064 million yen
2. Dividends
3. Consolidated Financial Results Forecasts for FY2023 (April 1, 2023 to March 31, 2024)
Profit attributable to
owners of parent
EPS Fully-diluted EPS
January 31, 2024
The 3rd Quarter of the Fiscal Year Ending March 31, 2024 Financial Results Overview 〔Japan GAAP〕(Consolidated)
Sales Operating profit Ordinary profit
(Unit: yen) (Unit: yen)
388.92 -
-192.51 -
(Note) Fully-diluted EPS for FY2023 3Q is not indicated because there are no delutive potential shares
Fully-diluted EPS for FY2022 3Q is not indicated because EPS for FY2022 w as minus and there are no delutive potential
(Note) Revision of the dividend forecast : Yes
For the revision of the Forecast of Dividends, please refer to "(2) Forecasts of Dividends" on page 3.
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.
(Note) Revision of the consolidated financial results forecast : Yes
Total assets Net assets Shareholders' equity ratio
(Unit: million yen)
(Unit: million yen)
5,711,947
5,603,678
For the revision of the Forecast of Financial Results, please refer to "(1) Forecasts of Financial Results" on page 2.(%)930,756 15.7
617,230 10.4
1Q 2Q 3Q Year-end Total
(Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen)
FY2022 ended March 31, 2023 ― 0.00 ― 0.00 0.00
FY2023 ended March 31, 2024 ― 0.00 ―
FY2023 ending March 31, 2024 (forecast) 25.00 25.00
Annual dividends per shareEPS(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: yen)
Full-year 2,150,000 -3.2 220,000 - 200,000 - 150,000 - 307.57
Profit attributable to
owners of parent
Sales Operating profit Ordinary profit
※(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 : No
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
FY2023 3Q 474,183,951 shares FY2022 474,183,951 shares
2 Treasury stocks at the end of period
FY2023 3Q 1,304,811 shares FY2022 1,416,422 shares
3 Average number of stocks during the period (Quarter Total)
FY2023 3Q 472,830,106 shares FY2022 3Q 472,747,670 shares
*Quarterly financial results is not the object of quarterly review.
*Notes on the proper use of the forecasts
(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 FY2023 3Q and 842,000 shares as of FY2022) . 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. ( 776,000 shares for FY2023 3Q and 867,000 share for FY2022 3Q)
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.
(Reference) Dividends for Class Shares
(Note2) The Company issued Class B preferred shares by way of third-party allotment on August 1,2023. Additionally, on the same day,
the Company acquired and cancelled the Class A preferred shares.
The breakdown of dividend for class shares which differ in shareholders' rights from common shares is as follows.
(Note1) 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 ―
FY2023 ending March 31, 2024(forecast) 1,933,333.00 1,933,333.00
Class B
preferred shares
Annual dividends per share
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 3Q
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○しろまる Table of Contents of Attached Material
1. Explanation of the Forecasts of Financial Results and Dividends・・・・・・・・・・・・・・ 2
(1) Forecast of Financial Results ・・・・・・・・・・・・・・・・・・・・・・・・・・ 2
(2) Forecast of Dividends ・・・・・・・・・・・・・・・・・・・・・・・・・・ 3
2. Quarterly Consolidated Financial Statements and Notes ・・・・・・・・・・・・・・・・・ 4
(1) Quarterly Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・・ 4
(2) Quarterly Consolidated Income Statements
and Quarterly Consolidated Comprehensive Income Statements ・・・・・・・・・・・・ 6
(3) Notes on Quarterly Consolidated Financial Statements ・・・・・・・・・・・・・・・・ 8
(Notes on the premise of going concern) ・・・・・・・・・・・・・・・・・・・・・ 8
(Notes in case of drastic changes in the amount of equity)・・・・・・・・・・・・・・・ 8
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 3Q
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1. Explanation of the Forecasts of Financial Results and Dividends
(1) Forecast of Financial Results
In terms of the Forecasts of Financial Results for FY2023, there is a change to the previous forecasts in light of
the latest supply-demand trends.
Sales are expected to be approximately 2,150円 billion, with no changes from the previous forecasts.
Ordinary income is expected to be approximately 200円 billion, exceeding the previous forecast. The increase in
ordinary income is caused by the following factors: the decrease in purchased power costs caused by lower
power prices on the wholesale electricity market, as well as the expansion of the profit on the time lag of fuel
cost adjustments.
Net income attributable to owners of the parent is expected to be approximately 150円 billion, exceeding the
previous forecast.
The Forecasts of Financial Results for FY2023
Forecasts of Financial Results
Sales
Operating
profit
Ordinary
profit
Profit attributable to
owners of parentEPS(Unit: million yen) (Unit: million yen) (Unit: million yen) (Unit: million yen) (Unit: yen)
2,150,000 190,000 170,000 130,000 265.27
Revised forecast (B) 2,150,000 220,000 200,000 150,000 307.57
Difference (B-A) ― 30,000 30,000 20,000
Rate of Change (%) ― 15.8 17.6 15.4
Results for FY2022 (reference) 2,221,300 -72,998 -86,634 -56,429 -123.81
Forecast previously announced (A)
Main specifications table
Forecast announced
Forecast previously
announced
Difference
Results for FY2022
(reference)
Retail electricity sales
(billion kWh)
73.9 74.2 -0.3 76.5
Wholesale electricity quantity
(billion kWh)
17.3 16.5 0.8 19.4
91.2 90.7 0.5 96
86 89 -3 103
144 145 -1 13531.7(90.7)31.7(90.7)ー(ー)20.1(57.7)
Total (billion kWh)
Crude Oil CIF Price ($/b)
Exchange Rate (\/$)
Nuclear Power Utilization Rate (billion kWh)
(Transmission-end(%))
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).
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 3Q
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(2) Forecast of Dividends
We have based our policy regarding the appropriation of profits on expanding shareholders’ interest in
medium to long-term perspective while maintaining stable dividends.
Regarding forecasts of dividends for FY2023, based on a comprehensive analysis of financial forecasts for
FY2023 and medium to long-term balance situation and financial and other factors, we plan to pay the dividend
from 25円 per common share, an increase of 5円 from previous forecast.
・Dividends
Annual dividends per share
Interim Year-end Total
Previously forecast 0円.00 20円.00 20円.00
Revised forecast ― 25円.00 25円.00
Results for FY2023 0円.00 ― ―
Results for FY2022 0円.00 0円.00 0円.00
・As for Class B preferred shares
As for Class B preferred shares, there is no change from the previous forecast, and we plan to pay dividend of
1,933,333 yen per share.
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 3Q
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2. Quarterly Consolidated Financial Statements and Notes
(1) Quarterly Consolidated Balance Sheets
(Unit:million yen)
As of March 31, 2023 As of December 31, 2023
Assets
Non-current assets 4,741,917 4,762,859
Electric utility plant and equipment 3,034,210 3,016,973
Hydroelectric power production facilities 273,970 269,572
Thermal power production facilities 224,632 206,752
Nuclear power production facilities 769,301 751,522
Internal combustion engine power production facilities 21,708 25,182
Renewable power production facilities 21,406 -
Renewable power production and related facilities - 21,402
Transmission facilities 678,862 684,075
Transformation facilities 239,681 242,292
Distribution facilities 663,456 665,535
General facilities 131,155 140,685
Other electric utility plant and equipment 10,036 9,951
Other non-current assets 418,165 414,585
Construction in progress 399,521 422,847
Construction and retirement in progress 248,184 270,614
Special account related to nuclear power decommissioning 35,041 31,663
Special account related to reprocessing of spent nuclear fuel 116,295 120,568
Nuclear fuel 224,372 224,986
Loaded nuclear fuel 50,122 44,035
Nuclear fuel in processing 174,249 180,951
Investments and other assets 665,647 683,467
Long-term investments 263,961 280,184
Retirement benefit asset 12,537 13,882
Deferred tax assets 172,337 149,257
Other 218,252 240,925
Allowance for doubtful accounts -1,441 -783
Current assets 861,761 949,088
Cash and deposits 295,450 374,054
Notes and accounts receivable - trade, and contract assets 196,439 177,994
Inventories 159,420 151,744
Other 214,031 248,100
Allowance for doubtful accounts -3,581 -2,805
Total assets 5,603,678 5,711,947
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 3Q
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(Unit:million yen)
As of March 31, 2023 As of December 31, 2023
Liabilities
Non-current liabilities 3,845,921 3,771,804
Bonds payable 1,485,000 1,415,000
Long-term borrowings 1,908,852 1,876,190
Retirement benefit liability 80,761 82,250
Asset retirement obligations 297,367 295,823
Deferred tax liabilities 16,437 21,097
Other 57,501 81,443
Current liabilities 1,138,006 1,007,185
Current portion of non-current liabilities 443,506 430,422
Short-term borrowings 124,530 133,010
Commercial papers 40,000 -
Notes and accounts payable - trade 141,658 95,190
Accrued taxes 21,407 51,607
Provision for the levies related to Antimonopoly act 2,762 -
Other 364,140 296,953
Reserves under special laws 2,519 2,201
Reserve for water shortage 2,519 2,201
Total liabilities 4,986,448 4,781,190
Net assets
Shareholders' equity 565,393 849,734
Share capital 237,304 237,304
Capital surplus 120,006 195,559
Retained earnings 209,734 418,395
Treasury shares -1,651 -1,525
Accumulated other comprehensive income 16,670 47,364
Valuation difference on available-for-sale securities 5,828 7,892
Deferred gains or losses on hedges 11,150 26,345
Foreign currency translation adjustment 6,455 18,156
Remeasurements of defined benefit plans -6,765 -5,030
Non-controlling interests 35,166 33,658
Total net assets 617,230 930,756
Total liabilities and net assets 5,603,678 5,711,947
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 3Q
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(2) Quarterly Consolidated Income Statements and Quarterly Consolidated Comprehensive Income Statements
(Quarterly Consolidated Income Statements)
(Unit:million yen)
April 1,2022-
December 31, 2022
April 1,2023-
December 31, 2023
Operating revenue 1,567,510 1,583,391
Electric utility operating revenue 1,380,398 1,374,633
Other business operating revenue 187,112 208,758
Operating expenses 1,688,099 1,323,349
Electric utility operating expenses 1,516,199 1,133,360
Other business operating expenses 171,900 189,989
Operating profit (loss) -120,588 260,042
Non-operating income 16,654 21,521
Dividend income 1,250 651
Interest income 869 1,820
Share of profit of entities accounted for using equity method 6,995 11,652
Other 7,539 7,396
Non-operating expenses 26,620 31,007
Interest expenses 19,406 21,035
Other 7,213 9,972
Total ordinary revenue 1,584,165 1,604,913
Total ordinary expenses 1,714,719 1,354,357
Ordinary profit (loss) -130,554 250,556
Provision or reversal of reserve for water shortage -387 -318
Reversal of reserve for water shortage -387 -318
Extraordinary income 11,280 -
Gain on sale of securities 11,280 -
Extraordinary losses 2,762 -
Provision of allowance loss related to the Antitrust law 2,762 -
Profit (loss) before income taxes -121,648 250,875
Income taxes - current 3,215 41,114
Income taxes - deferred -36,467 21,830
Total income taxes -33,251 62,945
Profit (loss) -88,397 187,929
Profit attributable to non-controlling interests 1,034 891
Profit (loss) attributable to owners of parent -89,431 187,037
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 3Q
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(Quarterly Consolidated Comprehensive Income Statements)
(Unit:million yen)
April 1,2022-
December 31, 2022
April 1,2023-
December 31, 2023
Profit (loss) -88,397 187,929
Other comprehensive income
Valuation difference on available-for-sale securities 845 1,747
Deferred gains or losses on hedges 7,080 10,617
Foreign currency translation adjustment 12,204 9,472
Remeasurements of defined benefit plans, net of tax -720 1,653
Share of other comprehensive income of entities accounted for using equity method 9,302 7,381
Total other comprehensive income 28,712 30,872
Comprehensive income -59,684 218,801
Comprehensive income attributable to
Comprehensive income attributable to owners of parent -61,042 217,732
Comprehensive income attributable to non-controlling interests 1,357 1,069
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 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)
On August 1, 2023, the Company conducted a third-party allotment of Class B preferred shares (allocated to
Mizuho Bank, Ltd., Development Bank of Japan Inc., and MUFG Bank, Ltd. ). As a result, the Capital Stock and
Capital Reserve increased by 100,000円 million each. On the day of the issuance of the Class B preferred shares,
the Company reduced the Capital Stock and Capital Reserve by the same amount as the issuance price and
transferred it to Other Capital Surplus.
In addition, on that same day, the Company acquired and cancelled 1,000 shares of Class A preferred shares.
This resulted in a decrease of Other Capital Surplus by 102,822円 million.
As a result of the above, Capital Surplus increased by 97,177円 million during the consolidated cumulative
period of the third quarter.
As of the end of the third quarter of the consolidated fiscal year, the Share Capital is 237,304円 million, Capital
Surplus is 195,559円 million, and Retained Earnings is 418,395円 million.