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): Feburary 10, 2022
Date to start dividend payments: −
Preparation of supplementary materials for quarterly financial results: Yes
Information meeting for quarterly financial results: No
(Rounded down to the nearest million yen)
1. Consolidated Financial Results for the Nine Months (April 1, 2021 to December 31, 2021)
(1) Consolidated Operational Results
(% shows the changes from the same quarter period of the previous FY)
(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%)
April 1, 2021 - December 31, 2021 1,196,797 11.9 74,482 -13.6 59,319 -19.6
April 1, 2020 - December 31, 2020 1,069,431 - 86,181 - 73,781 -
(Note) Comprehensive income : FY2021 3Q 41,979 million yen (-28.1%) FY2020 3Q 58,408 million yen ( -%)
(Unit: million yen) (%)
April 1, 2021 - December 31, 2021 35,927 -35.0
April 1, 2020 - December 31, 2020 55,306 -
(2) Consolidated Financial Position
(Reference) Shareholders' equity : As of December 31, 2021 : 673,060 million yen As of March 31, 2021: 652,307 million yen
2. Dividends
(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.
101.89
113.59
72.64
(Unit: yen)
64.18
(Unit: yen)
(Note) We have applied the "Accounting Standard for Revenue Recognition" from the beginning of the first quarter starting April
1st, 2021 (FY2021 1Q). 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 third quarter
of the fiscal year ending March 31, 2021 are shown after retroactive application of the above. The percentage change from the
same period of the previous fiscal year for the third quarter starting October 1st, 2020 is not shown because it has not been
calculated.
(Note) We have applied the "Accounting Standard for Revenue Recognition" from the beginning of the first quarter starting April
1st, 2021 (FY2021 1Q). 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.
January 31, 2022
Profit attributable to
owners of parent
EPS Fully-diluted EPS
The 3rd Quarter of the Fiscal Year Ending March 31, 2022 Financial Results Overview 〔Japan GAAP〕(Consolidated)
Sales Operating profit Ordinary profit
1Q 2Q 3Q Year-end Total
(Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen) (Unit: yen)
FY2020 ended March 31, 2021 ― 17.50 ― 17.50 35.00
FY2021 ended March 31, 2022 ― 20.00
FY2021 ending March 31, 2022
(forecast)
― 20.00 40.00
Annual dividends per share
Total assets Net assets Shareholders' equity ratio
(Unit: million yen) (Unit: million yen) (%)
As of December 31, 2021 5,284,758 702,914 12.7
As of March 31, 2021 5,128,563 681,470 12.7
3. Consolidated Financial Results Forecasts for FY2021 (April 1, 2021 to March 31, 2022)
※(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 : Yes
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
FY2021 3Q 474,183,951 shares FY2020 474,183,951 shares
2 Treasury stocks at the end of period
FY2021 3Q 1,460,262 shares FY2020 1,158,956 shares
3 Average number of stocks during the period (Quarter Total)
FY2021 3Q 472,894,359 shares FY2020 3Q 473,011,342 shares
*Quarterly financial results is not the object of quarterly review.
*Notes on the proper use of the forecasts
For the revision of the Forecast of Financial Results, please refer to ‘Revision of Financial Results Forecast for FY2021’
announced on January 31,2022
We have applied the "Accounting Standard for Revenue Recognition" from the beginning of the first quarter starting April 1st, 2021
(FY2021 1Q). 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.Therefore, the percentage change from the previous fiscal year is the
percentage change from the actual results for the fiscal year ended March 31, 2021, after applying these changes retroactively.
(Note) Revision of financial results forecasts : Yes
(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 3Q 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. ( 730,000 shares for FY2021 3Q and 623,000 share for FY2020 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.
(Note) For details, see "(3) Notes on Quarterly Consolidated Financial Statements :Changes in accounting policies on Page 6.EPS(Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: million yen) (%) (Unit: yen)
Full-year 1,700,000 11.7 70,000 -9.0 50,000 -9.4 25,000 -21.5 48.41
Profit attributable to
owners of parent
Sales Operating profit Ordinary profit
(Reference) Dividends for Class Shares
(Note) Revision of the dividend forecast : No
The breakdown of dividend for class shares which differ in shareholders' rights from common shares is as follows.
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
FY2021 ending March 31, 2022
(forecast)
― 1,050,000.00 2,100,000.00
Annual dividends per share
Class A
preferred shares
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 3Q
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○しろまる Table of Contents of Attached Material
1. Quarterly Consolidated Financial Statements and Notes ・・・・・・・・・・・・・・・・・・ 2
(1) Quarterly Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・・ 2
(2) Quarterly Consolidated Income Statements
and Quarterly Consolidated Comprehensive Income Statements ・・・・・・・・・・・・ 4
(3) Notes on Quarterly Consolidated Financial Statements ・・・・・・・・・・・・・・・・ 6
(Notes on the premise of going concern) ・・・・・・・・・・・・・・・・・・・・・ 6
(Notes in case of drastic changes in the amount of equity)・・・・・・・・・・・・・・・ 6
(Changes in accounting policies) ・・・・・・・・・・・・・・・・・・・・・・・・・6
2. Others ・・・・・・・・・・・・・・・・・ ・・・・・・・・・・・・・・・・・・・・ 7
(Major effects of the Corona virus) ・・・・・・・・・・・・・・・・・・・・・・・ 7
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 3Q
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1. Quarterly Consolidated Financial Statements and Notes
(1) Quarterly Consolidated Balance Sheets
(Unit:million yen)
As of March 31, 2021 As of December 31, 2021
Assets
Non-current assets 4,497,950 4,542,159
Electric utility plant and equipment 2,701,288 2,694,167
Hydroelectric power production facilities 256,238 254,080
Thermal power production facilities 274,643 257,625
Nuclear power production facilities 547,368 553,699
Internal combustion engine power production facilities 20,874 20,553
Renewable power production facilities 25,124 23,736
Transmission facilities 570,968 568,206
Transformation facilities 218,620 222,583
Distribution facilities 645,239 652,468
General facilities 128,636 127,903
Other electric utility plant and equipment 13,574 13,309
Other non-current assets 383,892 384,533
Construction in progress 621,441 651,216
Construction and retirement in progress 504,045 529,949
Special account related to nuclear power decommissioning 41,926 40,670
Special account related to reprocessing of spent nuclear fuel 75,470 80,596
Nuclear fuel 229,765 220,153
Loaded nuclear fuel 54,930 41,018
Nuclear fuel in processing 174,835 179,134
Investments and other assets 561,562 592,089
Long-term investments 215,981 240,960
Retirement benefit asset 22,493 24,528
Deferred tax assets 144,062 138,122
Other 180,427 189,622
Allowance for doubtful accounts △しろさんかく1,402 △しろさんかく1,143
Current assets 630,612 742,598
Cash and deposits 234,163 259,905
Notes and accounts receivable - trade 148,844 -
Notes and accounts receivable - trade, and contract assets - 167,528
Inventories 70,426 111,412
Other 180,913 206,229
Allowance for doubtful accounts △しろさんかく3,734 △しろさんかく2,478
Total assets 5,128,563 5,284,758
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 3Q
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(Unit:million yen)
As of March 31, 2021 As of December 31, 2021
Liabilities
Non-current liabilities 3,390,325 3,534,381
Bonds payable 1,299,898 1,369,999
Long-term borrowings 1,645,064 1,727,814
Retirement benefit liability 88,107 86,211
Asset retirement obligations 278,031 281,409
Deferred tax liabilities 8,280 11,656
Other 70,943 57,290
Current liabilities 1,048,499 1,039,421
Current portion of non-current liabilities 427,272 458,244
Short-term borrowings 123,108 125,230
Commercial papers 40,000 30,000
Notes and accounts payable - trade 78,125 85,860
Accrued taxes 38,025 17,454
Other 341,966 322,631
Reserves under special laws 8,268 8,041
Reserve for water shortage 8,268 8,041
Total liabilities 4,447,093 4,581,844
Net assets
Shareholders' equity 646,239 662,044
Share capital 237,304 237,304
Capital surplus 120,007 120,007
Retained earnings 290,381 306,436
Treasury shares △しろさんかく1,454 △しろさんかく1,704
Accumulated other comprehensive income 6,068 11,016
Valuation difference on available-for-sale securities 3,704 3,706
Deferred gains or losses on hedges 3,495 5,765
Foreign currency translation adjustment △しろさんかく5,169 △しろさんかく2,217
Remeasurements of defined benefit plans 4,037 3,761
Non-controlling interests 29,162 29,853
Total net assets 681,470 702,914
Total liabilities and net assets 5,128,563 5,284,758
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 3Q
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(2) Quarterly Consolidated Income Statements and Quarterly Consolidated Comprehensive Income Statements
(Quarterly Consolidated Income Statements)
(Unit:million yen)
April 1,2020-
December 31, 2020
April 1,2021-
December 31, 2021
Operating revenue 1,069,431 1,196,797
Electric utility operating revenue 899,587 1,015,564
Other business operating revenue 169,844 181,232
Operating expenses 983,249 1,122,314
Electric utility operating expenses 825,370 948,959
Other business operating expenses 157,878 173,354
Operating profit 86,181 74,482
Non-operating income 11,788 11,323
Dividend income 1,432 585
Interest income 618 620
Share of profit of entities accounted for using equity method 6,947 3,764
Other 2,790 6,352
Non-operating expenses 24,189 26,486
Interest expenses 19,303 18,496
Other 4,885 7,989
Total ordinary revenue 1,081,220 1,208,120
Total ordinary expenses 1,007,439 1,148,801
Ordinary profit 73,781 59,319
Provision or reversal of reserve for water shortage △しろさんかく270 △しろさんかく226
Reversal of reserve for water shortage △しろさんかく270 △しろさんかく226
Extraordinary losses - 3,979
Loss on return of electric imbalance charge - 3,979
Profit before income taxes 74,051 55,567
Income taxes - current 12,010 9,596
Income taxes - deferred 5,509 8,905
Total income taxes 17,519 18,502
Profit 56,532 37,064
Profit attributable to non-controlling interests 1,225 1,137
Profit attributable to owners of parent 55,306 35,927
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 3Q
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(Quarterly Consolidated Comprehensive Income Statements)
(Unit:million yen)
April 1,2020-
December 31, 2020
April 1,2021-
December 31, 2021
Profit 56,532 37,064
Other comprehensive income
Valuation difference on available-for-sale securities 138 486
Deferred gains or losses on hedges △しろさんかく536 1,956
Foreign currency translation adjustment △しろさんかく925 1,465
Remeasurements of defined benefit plans, net of tax 4,134 △しろさんかく410
Share of other comprehensive income of entities accounted for using equity method △しろさんかく935 1,416
Total other comprehensive income 1,876 4,914
Comprehensive income 58,408 41,979
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 57,139 40,875
Comprehensive income attributable to non-controlling interests 1,268 1,104
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 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)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 (FY2021 1Q).
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.
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 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 profit 73.7 73.8 -0.1
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 3Q
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2. Others
(Major effects of the Corona virus)
Retail Ordinary profit
Consolidated Financial Results for
the Nine Months (April 1, 2021 to
December 31, 2021)
-0.5 billion kWh -3.5 billion yen
(Reference)
Consolidated Financial Results for
the Nine Months (April 1, 2020 to
December 31, 2020)
-1.5 billion kWh -16.0 billion yen
Consolidated Financial Results
Forecasts for FY2021
-0.5 billion kWh -3.5 billion yen
Previously forecast (Consolidated
Financial Results Forecasts for
FY2021)
-1.0 billion kWh -8.0 billion yen
(Reference)
Consolidated Financial Results for
FY2020
-2.0 billion kWh -21.0 billion yen