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): November 10, 2023
Date to start dividend payments: -
Preparation of supplementary materials for quarterly financial results: Yes
Information meeting for quarterly financial results: Yes (for analysts and institutional investors)
(Rounded dow n to the nearest million yen)
1. Consolidated Financial Results for the Three Months (April 1, 2023 to September 30, 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 - September 30, 2023 1,085,316 7.4 207,598 - 199,507 -
April 1, 2022 - September 30, 2022 1,010,682 31.0 -75,699 - -77,861 -
(Note) Comprehensive income : FY2023 2Q 176,016 million yen ( - %) FY2022 2Q -17,346 million yen ( - %)
(Unit: million yen) (%)
April 1, 2023 - September 30, 2023 149,845 -
April 1, 2022 - September 30, 2022 -47,676 -
shares
(2) Consolidated Financial Position
(Reference) Shareholders' equity : As of September 30, 2023 : 854,672 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
October 31, 2023
The 2nd Quarter of the Fiscal Year Ending March 31, 2024 Financial Results Overview 〔Japan GAAP〕(Consolidated)
Sales Operating profit Ordinary profit
(Unit: yen) (Unit: yen)
313.36 -
-103.07 -
(Note) Fully-diluted EPS for FY2023 2Q is not indicated because there are no delutive potential shares
Fully-diluted EPS for FY2022 2Q is not indicated because EPS for FY2022 w as minus and there are no delutive potential
(Note) Revision of the devidend 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.
(Note) Revision of the consolidated financial results forecast : Yes
For the revision of the Forecast of Financial Results, please refer to "1 Explanation of the Forecasts of Financial Results" on page 2.
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) ― 20.00 20.00
Annual dividends per share
Total assets Net assets Shareholders' equity ratio
(Unit: million yen) (Unit: million yen) (%)
As of September 30, 2023 5,685,624 887,973 15.0
As of March 31, 2023 5,603,678 617,230 10.4EPS(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: yen)
Full-year 2,150,000 -3.2 190,000 - 170,000 - 130,000 - 265.27
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 2Q 474,183,951 shares FY2022 474,183,951 shares
2 Treasury stocks at the end of period
FY2023 2Q 1,301,874 shares FY2022 1,416,422 shares
3 Average number of stocks during the period (Quarter Total)
FY2023 2Q 472,805,042 shares FY2022 2Q 472,736,615 shares
*Quarterly financial results is not the object of quarterly review.
*Notes on the proper use of the forecasts
Looking-forward statements are based on information available at the date of the release of this document. Due to various factors, the actual
result may differ from these statements.
We will post supplementary materials for quarterly financial results on our website.
(Note) The number of our shares regarding "Board Benefit Trust (BBT)" held by the Trust was included in the number of treasury
stocks at the end of period ( 723,000 shares as of FY2023 2Q 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. ( 803,000 shares for FY2023 2Q and 879,000 share for FY2022 2Q)
(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 2Q
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○しろまる Table of Contents of Attached Material
1. Explanation of the Forecasts of Financial 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
(Notes on the premise of going concern) ・・・・・・・・・・・・・・・・・・・・・ 7
(Notes in case of drastic changes in the amount of equity)・・・・・・・・・・・・・・・ 7
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 2Q
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1. Explanation of the Forecasts 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, falling below the previously announced forecast. The
decrease in sales is primarily caused by the following factors: a decrease in the total amount of electricity sales
volume and a decline in the unit price of electricity due to the fuel cost adjustment system.
Ordinary income is expected to be approximately 170円 billion, exceeding the previous forecast, despite the
decrease in the total amount of electricity sales volume. 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 130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)
2,250,000 140,000 120,000 90,000 180.66
Revised forecast (B) 2,150,000 190,000 170,000 130,000 265.27
Difference (B-A) -100,000 50,000 50,000 40,000
Rate of Change (%) -4.4 35.7 41.7 44.4
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)
74.2 74.5 -0.3 76.5
Wholesale electricity quantity
(billion kWh)
16.5 18.7 -2.2 19.4
90.7 93.2 -2.5 96
89 90 -1 103
145 130 15 13531.7(90.7)31.6(90.5)0.1(0.2)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 2Q
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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 September 30, 2023
Assets
Non-current assets 4,741,917 4,765,363
Electric utility plant and equipment 3,034,210 3,004,468
Hydroelectric power production facilities 273,970 271,228
Thermal power production facilities 224,632 213,069
Nuclear power production facilities 769,301 746,118
Internal combustion engine power production facilities 21,708 20,218
Renewable power production facilities 21,406 -
Renewable power production and related facilities - 21,279
Transmission facilities 678,862 676,824
Transformation facilities 239,681 240,233
Distribution facilities 663,456 664,068
General facilities 131,155 141,447
Other electric utility plant and equipment 10,036 9,979
Other non-current assets 418,165 415,934
Construction in progress 399,521 435,817
Construction and retirement in progress 248,184 282,459
Special account related to nuclear power decommissioning 35,041 32,789
Special account related to reprocessing of spent nuclear fuel 116,295 120,568
Nuclear fuel 224,372 227,416
Loaded nuclear fuel 50,122 50,657
Nuclear fuel in processing 174,249 176,758
Investments and other assets 665,647 681,728
Long-term investments 263,961 281,870
Retirement benefit asset 12,537 13,447
Deferred tax assets 172,337 156,271
Other 218,252 230,504
Allowance for doubtful accounts -1,441 -366
Current assets 861,761 920,260
Cash and deposits 295,450 331,350
Notes and accounts receivable - trade, and contract assets 196,439 187,276
Inventories 159,420 160,388
Other 214,031 244,409
Allowance for doubtful accounts -3,581 -3,164
Total assets 5,603,678 5,685,624
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 2Q
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(Unit:million yen)
As of March 31, 2023 As of September 30, 2023
Liabilities
Non-current liabilities 3,845,921 3,760,521
Bonds payable 1,485,000 1,410,000
Long-term borrowings 1,908,852 1,867,310
Retirement benefit liability 80,761 81,299
Asset retirement obligations 297,367 300,708
Deferred tax liabilities 16,437 21,821
Other 57,501 79,380
Current liabilities 1,138,006 1,034,453
Current portion of non-current liabilities 443,506 468,780
Short-term borrowings 124,530 128,410
Commercial papers 40,000 -
Notes and accounts payable - trade 141,658 85,670
Accrued taxes 21,407 50,690
Provision for the levies related to Antimonopoly act 2,762 2,762
Other 364,140 298,139
Reserves under special laws 2,519 2,675
Reserve for water shortage 2,519 2,675
Total liabilities 4,986,448 4,797,650
Net assets
Shareholders' equity 565,393 812,544
Share capital 237,304 237,304
Capital surplus 120,006 195,559
Retained earnings 209,734 381,203
Treasury shares -1,651 -1,523
Accumulated other comprehensive income 16,670 42,128
Valuation difference on available-for-sale securities 5,828 8,106
Deferred gains or losses on hedges 11,150 22,991
Foreign currency translation adjustment 6,455 16,639
Remeasurements of defined benefit plans -6,765 -5,609
Non-controlling interests 35,166 33,301
Total net assets 617,230 887,973
Total liabilities and net assets 5,603,678 5,685,624
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 2Q
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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-
September 30, 2022
April 1,2023-
September 30, 2023
Operating revenue 1,010,682 1,085,316
Electric utility operating revenue 892,139 945,449
Other business operating revenue 118,542 139,867
Operating expenses 1,086,381 877,718
Electric utility operating expenses 974,791 751,582
Other business operating expenses 111,589 126,136
Operating profit (loss) -75,699 207,598
Non-operating income 14,610 13,888
Dividend income 698 573
Interest income 544 1,179
Share of profit of entities accounted for using equity method 3,826 5,753
Other 9,540 6,381
Non-operating expenses 16,772 21,979
Interest expenses 12,734 13,915
Share issuance costs - 4,762
Other 4,037 3,300
Total ordinary revenue 1,025,292 1,099,205
Total ordinary expenses 1,103,154 899,697
Ordinary profit (loss) -77,861 199,507
Provision or reversal of reserve for water shortage -130 155
Provision of reserve for water shortage - 155
Reversal of reserve for water shortage -130 -
Extraordinary income 11,280 -
Gain on sale of securities 11,280 -
Profit (loss) before income taxes -66,451 199,352
Income taxes - current 2,427 32,391
Income taxes - deferred -21,903 16,645
Total income taxes -19,476 49,037
Profit (loss) -46,975 150,314
Profit attributable to non-controlling interests 701 469
Profit (loss) attributable to owners of parent -47,676 149,845
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 2Q
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(Quarterly Consolidated Comprehensive Income Statements)
(Unit:million yen)
April 1,2022-
September 30, 2022
April 1,2023-
September 30, 2023
Profit (loss) -46,975 150,314
Other comprehensive income
Valuation difference on available-for-sale securities 1,294 2,032
Deferred gains or losses on hedges 12,683 7,981
Foreign currency translation adjustment 9,343 7,218
Remeasurements of defined benefit plans, net of tax -487 1,102
Share of other comprehensive income of entities accounted for using equity method 6,794 7,366
Total other comprehensive income 29,628 25,701
Comprehensive income -17,346 176,016
Comprehensive income attributable to
Comprehensive income attributable to owners of parent -18,244 175,303
Comprehensive income attributable to non-controlling interests 897 712
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2023 2Q
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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 second quarter.
As of the end of the second 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 381,203円 million.