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): August 11, 2021
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 Three Months (April 1, 2021 to June 30, 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 - June 30, 2021 349,994 4.7 30,457 -2.3 24,067 -9.9
April 1, 2020 - June 30, 2020 334,131 - 31,177 - 26,723 -
(Note) Comprehensive income : FY2021 1Q 21,514 million yen ( 44.7%) FY2020 1Q 14,867 million yen ( -%)
(Unit: million yen) (%)
April 1, 2021 - June 30, 2021 15,813 -13.7
April 1, 2020 - June 30, 2020 18,320 -
(2) Consolidated Financial Position
(Reference) Shareholders' equity : As of June 30, 2021 : 664,156 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.
33.78
37.62
32.32
(Unit: yen)
28.93
(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 first 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 first quarter starting April 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.
July 30, 2021
Profit attributable to
owners of parent
EPS Fully-diluted EPS
The 1st 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 ―
FY2021 ending March 31, 2022
(forecast)
20.00 ― 20.00 40.00
Annual dividends per share
Total assets Net assets Shareholders' equity ratio
(Unit: million yen) (Unit: million yen) (%)
As of June 30, 2021 5,143,567 693,498 12.9
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 1Q 474,183,951 shares FY2020 474,183,951 shares
2 Treasury stocks at the end of period
FY2021 1Q 1,161,399 shares FY2020 1,158,956 shares
3 Average number of stocks during the period (Quarter Total)
FY2021 1Q 473,023,193 shares FY2020 1Q 472,988,569 shares
*Quarterly financial results is not the object of quarterly review.
*Notes on the proper use of the forecasts
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 : No
(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 ( 603,000 shares as of FY2021 1Q 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. ( 603,000 shares for FY2021 1Q and 648,000 share for FY2020 1Q)
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 1,510,000 -0.8 100,000 30.0 70,000 26.9 45,000 41.4 90.69
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 ―
FY2021 ending March 31, 2022
(forecast)
― 1,050,000.00 ― 1,050,000.00 2,100,000.00
Class A
preferred shares
Annual dividends per share
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1Q
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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
(Significant subsequent event) ・・・・・・・・・・・・・・・・・・・・・・・・・・7
2. Others ・・・・・・・・・・・・・・・・・ ・・・・・・・・・・・・・・・・・・・・ 7
(Major effects of the Corona virus) ・・・・・・・・・・・・・・・・・・・・・・・ 7
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1Q
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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 June 30, 2021
Assets
Non-current assets 4,497,950 4,513,894
Electric utility plant and equipment 2,701,288 2,696,962
Hydroelectric power production facilities 256,238 256,784
Thermal power production facilities 274,643 270,344
Nuclear power production facilities 547,368 540,517
Internal combustion engine power production facilities 20,874 21,133
Renewable power production facilities 25,124 24,890
Transmission facilities 570,968 572,008
Transformation facilities 218,620 219,839
Distribution facilities 645,239 648,239
General facilities 128,636 129,773
Other electric utility plant and equipment 13,574 13,432
Other non-current assets 383,892 383,131
Construction in progress 621,441 638,916
Construction and retirement in progress 504,045 516,610
Special account related to nuclear power decommissioning 41,926 41,709
Special account related to reprocessing of spent nuclear fuel 75,470 80,596
Nuclear fuel 229,765 222,495
Loaded nuclear fuel 54,930 47,601
Nuclear fuel in processing 174,835 174,894
Investments and other assets 561,562 572,387
Long-term investments 215,981 231,126
Retirement benefit asset 22,493 23,475
Deferred tax assets 144,062 138,812
Other 180,427 180,361
Allowance for doubtful accounts △しろさんかく1,402 △しろさんかく1,388
Current assets 630,612 629,672
Cash and deposits 234,163 174,338
Notes and accounts receivable - trade 148,844 -
Notes and accounts receivable - trade, and contract assets - 151,472
Inventories 70,426 82,458
Other 180,913 224,678
Allowance for doubtful accounts △しろさんかく3,734 △しろさんかく3,274
Total assets 5,128,563 5,143,567
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1Q
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(Unit:million yen)
As of March 31, 2021 As of June 30, 2021
Liabilities
Non-current liabilities 3,390,325 3,468,185
Bonds payable 1,299,898 1,384,898
Long-term borrowings 1,645,064 1,643,007
Retirement benefit liability 88,107 87,424
Asset retirement obligations 278,031 279,351
Deferred tax liabilities 8,280 10,527
Other 70,943 62,975
Current liabilities 1,048,499 973,646
Current portion of non-current liabilities 427,272 453,540
Short-term borrowings 123,108 122,149
Commercial papers 40,000 40,000
Notes and accounts payable - trade 78,125 68,494
Accrued taxes 38,025 11,363
Other 341,966 278,099
Reserves under special laws 8,268 8,237
Reserve for water shortage 8,268 8,237
Total liabilities 4,447,093 4,450,069
Net assets
Shareholders' equity 646,239 652,706
Share capital 237,304 237,304
Capital surplus 120,007 120,007
Retained earnings 290,381 296,851
Treasury shares △しろさんかく1,454 △しろさんかく1,457
Accumulated other comprehensive income 6,068 11,450
Valuation difference on available-for-sale securities 3,704 3,497
Deferred gains or losses on hedges 3,495 4,991
Foreign currency translation adjustment △しろさんかく5,169 △しろさんかく1,094
Remeasurements of defined benefit plans 4,037 4,055
Non-controlling interests 29,162 29,341
Total net assets 681,470 693,498
Total liabilities and net assets 5,128,563 5,143,567
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1Q
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(2) Quarterly Consolidated Income Statements and Quarterly Consolidated Comprehensive Income Statements
(Quarterly Consolidated Income Statements)
(Unit:million yen)
April 1,2020-
June 30, 2020
April 1,2021-
June 30, 2021
Operating revenue 334,131 349,994
Electric utility operating revenue 279,005 288,543
Other business operating revenue 55,126 61,451
Operating expenses 302,954 319,536
Electric utility operating expenses 253,714 261,896
Other business operating expenses 49,239 57,640
Operating profit 31,177 30,457
Non-operating income 3,387 2,707
Dividend income 726 145
Interest income 218 227
Share of profit of entities accounted for using equity method 1,485 644
Other 957 1,690
Non-operating expenses 7,841 9,098
Interest expenses 6,684 6,169
Other 1,157 2,929
Total ordinary revenue 337,519 352,702
Total ordinary expenses 310,795 328,634
Ordinary profit 26,723 24,067
Provision or reversal of reserve for water shortage △しろさんかく185 △しろさんかく31
Reversal of reserve for water shortage △しろさんかく185 △しろさんかく31
Profit before income taxes 26,909 24,098
Income taxes - current 1,003 1,036
Income taxes - deferred 7,039 6,798
Total income taxes 8,043 7,835
Profit 18,866 16,262
Profit attributable to non-controlling interests 545 449
Profit attributable to owners of parent 18,320 15,813
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1Q
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(Quarterly Consolidated Comprehensive Income Statements)
(Unit:million yen)
April 1,2020-
June 30, 2020
April 1,2021-
June 30, 2021
Profit 18,866 16,262
Other comprehensive income
Valuation difference on available-for-sale securities 44 140
Deferred gains or losses on hedges 191 1,015
Foreign currency translation adjustment △しろさんかく3,571 2,725
Remeasurements of defined benefit plans, net of tax 1,423 △しろさんかく26
Share of other comprehensive income of entities accounted for using equity method △しろさんかく2,087 1,395
Total other comprehensive income △しろさんかく3,998 5,251
Comprehensive income 14,867 21,514
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 14,260 21,195
Comprehensive income attributable to non-controlling interests 606 319
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1Q
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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 1Q) 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 1Q)
(Billion of Yen)
After
retroactive
application
Before retroactive
application
Difference Explanations
Sales 334.1 496.1 -162.0
Renewable Energy Power
Promotion Surcharge -43.7
Grant based on the Act on
Purchase of Renewable
Energy Sourced Electricity
-117.8
Ordinary profit 26.7 26.7 -
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 1Q
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(Significant subsequent event)
On July 13, 2021, Kyushu Electric Power Co., Inc. and its consolidated subsidiary, Kyuden Mirai Energy Co.,
Inc., were investigated by the Japan Fair Trade Commission under Article 47 of the Antimonopoly Act. The
allegation is that the "former general electricity utilities are being suspected of jointly limiting the acquisition of
customers in Chubu, Kansai, Chugoku and Kyushu areas, specifically regarding services of supplying
extra-high voltage power and high voltage power."
We are taking this very seriously and will fully cooperate with the investigation by the Japan Fair Trade
Commission.
The Japan Fair Trade Commission's investigation is still ongoing, and at this point of time it is difficult to
predict whether there will be any impact on the business results, financial situation, etc. of our group.
2. Others
(Major effects of the Corona virus)
Retail Ordinary profit
Consolidated Financial Results for
the Three Months (April 1, 2021 to
June 30, 2021)
-0.5 billion kWh -4.0 billion yen
(Reference)
Consolidated Financial Results for
the Three Months (April 1, 2020 to
June 30, 2020)
-1.0 billion kWh -10.0 billion yen
Consolidated Financial Results
Forecasts for FY2021*
-1.0 billion kWh -10.0 billion yen
(Reference)
Consolidated Financial Results for
FY2020
-2.0 billion kWh -21.0 billion yen
*No change to the previous forecast