April 30, 2021
The Fiscal Year Ended March 31, 2021 Financial Results Overview 〔Japan GAAP〕(Consolidated) Kyushu Electric Power Co., Inc.
Stock code: 9508 URL: http://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
General Meeting of Stockholders date (plan) : June 25,2021
Commencement of payment of year-end dividend: June 28,2021
Annual security report submission date (plan): June 28,2021
Preparation of supplementary materials for quarterly financial results: Yes
Information meeting for quarterly financial results: Yes (for analysts and institutional investors)
(Rounded down to the nearest million yen)
1. Consolidated Financial Results for FY2020(April 1, 2020 to March 31, 2021)
(1) Consolidated Operational Results | (% shows the changes from the previous FY) | ||||||||||||||||
Sales | Operating income | Ordinary income | |||||||||||||||
(Unit: million yen) | (%) | (Unit: million yen) | (%) | (Unit: million yen) | (%) | ||||||||||||
FY2020 ended March 31, 2021 | 2,131,799 | 5.9 | 77,397 | 21.3 | 55,683 | 39.0 | |||||||||||
FY2019 ended March 31, 2020 | 2,013,050 | -0.2 | 63,813 | -26.3 | 40,052 | -23.8 | |||||||||||
(Note) Comprehensive income : FY2020 62,763 million yen (-%) | FY2019 2,954 million yen (-%) | ||||||||||||||||
Fully-diluted | Net return | Ratio of | Ratio of | ||||||||||||||
Profit attributable to | Net income | on | current | current | |||||||||||||
net earnings | |||||||||||||||||
owners of parent | per share | shareholders' | income to | income to | |||||||||||||
per share | equity | total capital | sales | ||||||||||||||
(Unit: million yen) | (%) | (Unit: yen) | (Unit: yen) | (%) | (%) | (%) | |||||||||||
FY2020 ended March 31, 2021 | 32,167 | ― | 63.57 | 57.01 | 5.1 | 1.1 | 3.6 | ||||||||||
FY2019 ended March 31, 2020 | -419 | ― | -6.05 | ― | -0.1 | 0.8 | 3.2 |
(Reference) Investment Profit/Loss under Equity Methods : FY2020 9,884 million yen FY2019 9,247 million yen
(Note) Fully-diluted EPS for FY2019 is not indicated in spite of existence of delutive potential shares because EPS is net loss.
(2) Consolidated Financial Position
Total assets | Net assets | Shareholders' | Net assets | |||||||
equity ratio | per share | |||||||||
(Unit: million yen) | (Unit: million yen) | (%) | (Unit: yen) | |||||||
FY2020 ended March 31, 2021 | 5,126,822 | 682,752 | 12.7 | 1,168.09 | ||||||
FY2019 ended March 31, 2020 | 4,948,063 | 637,957 | 12.3 | 1,077.38 | ||||||
(Reference) Shareholders' equity: FY2020 653,585 million yen FY2019 610,641 million yen | ||||||||||
(3) Consolidated Cash Flow | ||||||||||
Cash flow from | Cash flow from | Cash flow from | Cash and cash | |||||||
investment | equivalents balance | |||||||||
operating activities | financing activities | |||||||||
activities | as of term-end | |||||||||
(Unit: million yen) | (Unit: million yen) | (Unit: million yen) | (Unit: million yen) | |||||||
FY2020 ended March 31, 2021 | 253,459 | -330,587 | 95,549 | 223,901 | ||||||
FY2019 ended March 31, 2020 | 226,852 | -424,623 | 157,999 | 205,485 |
2. Dividends
Annual dividends per share | Total dividends | Payout ratio | Dividend rate for net | |||||
(Record date) | 1Q | Interim | 3Q | Year- | Total | (annual) | (consolidated) | assets (consolidated) |
end | ||||||||
(Unit: yen) | (Unit: yen) | (Unit: yen) (Unit: yen) | (Unit: yen) | (Unit: million yen) | (%) | (%) |
FY2019 ended March 31, 2020 | ― | 10.00 | ― | 15.00 | 35.00 | 16,587 | ― | 3.2 | |
FY2020 ended March 31, 2021 | ― | 17.50 | ― | 17.50 | 35.00 | 16,587 | 55.1 | 3.1 | |
FY2021 ending March 31, | ― | 20.00 | ― | 20.00 | 40.00 | ― | |||
2022(forecast) | |||||||||
(Note) Dividends mentioned above are regarding common shares. See 'Dividends for Class Shares' regarding dividends |
for class shares which differ in shareholders' right from common shares.
3. Forecast for FY2021 (April 1, 2021 to March 31, 2022)
Sales | Operating income | Ordinary income | Profit attributable to | Net earnings per | |||||
owners of parent | share | ||||||||
(Unit: million yen) | (% ) | (Unit: million yen) | (% ) | (Unit: million yen) | (% ) | (Unit: million yen) | (% ) | (Unit: yen) | |
Full-year | 1,510,000 | ― | 100,000 | ― | 70,000 | ― | 45,000 | ― | 90.69 |
(Note) Since the "Accounting Standard for Revenue Recognition" is scheduled to be applied from the fiscal year ending March 2022, the percentage change from the actual results for the fiscal year ending March 2021, before the application of the accounting standard, is not stated.
- Note
(1)Changes in significant subsidiaries (changes in scope of specified subsidiaries) : No
Newly added:0 | Excluded:0 |
- 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 : Yes
④ Restatement : No - Number of common stocks issued and outstanding
- Total stocks including treasury stocks at the end of period
FY2020 | 474,183,951 shares | FY2019 474,183,951 shares |
② Treasury stocks at the end of period | ||
FY2020 | 1,158,956 shares | FY2019 1,194,235 shares |
- Average number of stocks during the period
FY2020 473,014,996 shares | FY2019 472,985,935 shares |
(Note) he 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 FY2020 and 648,000 shares as of FY2019) . 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. (618,000 shares for FY2020 and 657,000 shares for FY2019)
(Reference) Outline of Non-consolidated Financial Results
Non-consolidated Financial Results for FY2020 (April 1, 2020 to March 31, 2021)
(1) Non-Consolidated Operational Results
(% shows the changes from the previous FY)
Sales | Operating income | Ordinary income | |||||
(Unit: million yen) | (%) | (Unit: million yen) | (%) | (Unit: million yen) | (%) | ||
FY2020 ended March 31, 2021 | 1,813,363 | -0.3 | 34,521 | 0.3 | 21,780 | 105.5 | |
FY2019 ended March 31, 2020 | 1,818,090 | -2.6 | 34,412 | -43.3 | 10,596 | -67.4 | |
Net income | Net earnings per share | Fully-diluted net earnings | |||||
per share | |||||||
(Unit: million yen) | (%) | (Unit: yen) | (Unit: yen) | ||||
FY2020 ended March 31, 2021 | 10,671 | ― | 18.11 | 16.24 | |||
FY2019 ended March 31, 2020 | -19,319 | ― | -45.98 | ― |
(Note) Fully-diluted EPS for FY2019 is not indicated in spite of existence of delutive potential shares because EPS is net loss.
(2) Non-Consolidated Financial Position
Total assets | Net assets | Shareholders' | Net assets | ||
equity ratio | per share | ||||
(Unit: million yen) | (Unit: million yen) | (%) | (Unit: yen) | ||
FY2020 ended March 31, 2021 | 4,453,127 | 451,425 | 10.1 | 740.24 | |
FY2019 ended March 31, 2020 | 4,433,616 | 455,738 | 10.3 | 749.40 | |
(Reference) Shareholders' equity: FY2020 | 451,425 million yen FY2019 455,738 million yen |
*Financial results are not subject to audit procedures
*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 financial results on our website.
(Reference) Dividends for Class Shares
The breakdown of dividend for class shares which differ in shareholders' rights from common shares is as follows.
Class A | Annual dividends per share | ||||
preferred shares | 1Q | 2Q | 3Q | Year-end | Total |
(Unit: yen) | (Unit: yen) | (Unit: yen) | (Unit: yen) | (Unit: yen) | |
FY2019 ended March 31, 2020 | ― | 546,575.00 | ― | 1,052,877.00 | 1,599,452.00 |
FY2020 ended March 31, 2021 | ― | 1,050,000.00 | 1,050,000.00 | 2,100,000.00 | |
FY2021 ending March 31, 2022(forecast) | ― | 1,050,000.00 | ― | 1,050,000.00 | 2,100,000.00 |
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
○ Table of Contents of Attached Material
1. Consolidated Financial Statements and Main Notes・・・・・・・・・・・・・・・・・・・・ 2
(1) Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・・・・・・ 2
(2) | Consolidated Income Statements and Consolidated Comprehensive Income Statements・・・・ 4 |
(3) | Consolidated Statements of Changes in Shareholders' Equity ・・・・・・・・・・・・・・ 6 |
(4) | Consolidated Statements of Cash Flows ・・・・・・・・・・・・・・・・・・・・・・ 8 |
(5) | Notes on Consolidated Financial Statements ・・・・・・・・・・・・・・・・・・・・ 10 |
(Note on the premise of going concern)・・・・・・・・・・・・・・・・・・・・・・ 10 |
(Changes in accounting policies that are difficult to distinguish from changes
in accounting estimates) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 10
(Segment information)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・11
2. Others・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・13
- Major effects of the Corona virus・・・・・・・・・・・・・・・・・・・・・・・・・・13
- Difference from the forecast for the fiscal year 2021・・・・・・・・・・・・・・・・・・ 13
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.
- 1 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
1. Consolidated Financial Statements and Main Notes
(1) Consolidated Balance Sheets
( | Unit | : | ) | ||
million yen | |||||
As of March 31, 2020 | As of March 31, 2021 | ||||
Assets | |||||
Non-current assets | 4,368,942 | 4,497,789 | |||
Electric utility plant and equipment | 2,476,991 | 2,701,288 | |||
Hydroelectric power production facilities | 258,623 | 256,238 | |||
Thermal power production facilities | 302,336 | 274,643 | |||
Nuclear power production facilities | 329,498 | 547,368 | |||
Internal combustion engine power production facilities | 21,409 | 20,874 | |||
Renewable power production facilities | 14,351 | 25,124 | |||
Transmission facilities | 575,042 | 570,968 | |||
Transformation facilities | 211,969 | 218,620 | |||
Distribution facilities | 633,541 | 645,239 | |||
General facilities | 114,288 | 128,636 | |||
Other electric utility plant and equipment | 15,931 | 13,574 | |||
Other non-current assets | 364,850 | 383,892 | |||
Construction in progress | 740,130 | 621,441 | |||
Construction and retirement in progress | 641,816 | 504,045 | |||
Special account related to nuclear power decommissioning | 43,535 | 41,926 | |||
Special account related to reprocessing of spent nuclear fuel | 54,777 | 75,470 | |||
Nuclear fuel | 240,942 | 229,765 | |||
Loaded nuclear fuel | 44,517 | 54,930 | |||
Nuclear fuel in processing | 196,424 | 174,835 | |||
Investments and other assets | 546,027 | 561,401 | |||
Long-term investments | 202,483 | 215,981 | |||
Retirement benefit asset | 6,210 | 22,493 | |||
Deferred tax assets | 164,272 | 143,901 | |||
Other | 174,787 | 180,427 | |||
Allowance for doubtful accounts | △1,725 | △1,402 | |||
Current assets | 579,121 | 629,032 | |||
Cash and deposits | 204,040 | 234,163 | |||
Notes and accounts receivable - trade | 235,706 | 258,788 | |||
Inventories | 83,059 | 70,533 | |||
Other | 57,087 | 69,281 | |||
Allowance for doubtful accounts | △773 | △3,734 | |||
Total assets | 4,948,063 | 5,126,822 |
- 2 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
( | Unit | : | ) | ||
million yen | |||||
As of March 31, 2020 | As of March 31, 2021 | ||||
Liabilities | |||||
Non-current liabilities | 3,242,680 | 3,389,093 | |||
Bonds payable | 1,154,898 | 1,299,898 | |||
Long-term borrowings | 1,640,896 | 1,645,064 | |||
Retirement benefit liability | 102,265 | 88,107 | |||
Asset retirement obligations | 268,332 | 278,031 | |||
Deferred tax liabilities | 7,534 | 8,280 | |||
Other | 68,753 | 69,711 | |||
Current liabilities | 1,058,585 | 1,046,708 | |||
Current portion of non-current liabilities | 415,119 | 427,272 | |||
Short-term borrowings | 118,012 | 123,108 | |||
Commercial papers | 92,000 | 40,000 | |||
Notes and accounts payable - trade | 65,753 | 78,125 | |||
Accrued taxes | 19,403 | 38,025 | |||
Other | 348,297 | 340,175 | |||
Reserves under special laws | 8,840 | 8,268 | |||
Reserve for water shortage | 8,840 | 8,268 | |||
Total liabilities | 4,310,105 | 4,444,069 | |||
Net assets | |||||
Shareholders' equity | 632,808 | 647,516 | |||
Share capital | 237,304 | 237,304 | |||
Capital surplus | 120,008 | 120,007 | |||
Retained earnings | 276,997 | 291,659 | |||
Treasury shares | △1,501 | △1,454 | |||
Accumulated other comprehensive income | △22,166 | 6,068 | |||
Valuation difference on available-for-sale securities | 2,115 | 3,704 | |||
Deferred gains or losses on hedges | 713 | 3,495 | |||
Foreign currency translation adjustment | △4,697 | △5,169 | |||
Remeasurements of defined benefit plans | △20,298 | 4,037 | |||
Non-controlling interests | 27,316 | 29,166 | |||
Total net assets | 637,957 | 682,752 | |||
Total liabilities and net assets | 4,948,063 | 5,126,822 |
- 3 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
(2) Consolidated Income Statements and Consolidated Comprehensive Income Statements Consolidated Income Statements
( | Unit | : | ) | ||
million yen | |||||
April 1,2019- | April 1,2020- | ||||
March 31, 2020) | March 31, 2021) | ||||
Operating revenue | 2,013,050 | 2,131,799 | |||
Electric utility operating revenue | 1,800,189 | 1,876,648 | |||
Other business operating revenue | 212,860 | 255,150 | |||
Operating expenses | 1,949,236 | 2,054,401 | |||
Electric utility operating expenses | 1,751,766 | 1,789,688 | |||
Other business operating expenses | 197,469 | 264,713 | |||
Operating profit | 63,813 | 77,397 | |||
Non-operating income | 16,954 | 16,633 | |||
Dividend income | 1,511 | 1,637 | |||
Interest income | 837 | 786 | |||
Share of profit of entities accounted for using equity method | 9,247 | 9,884 | |||
Other | 5,357 | 4,324 | |||
Non-operating expenses | 40,716 | 38,347 | |||
Interest expenses | 28,990 | 26,258 | |||
Other | 11,725 | 12,089 | |||
Total ordinary revenue | 2,030,004 | 2,148,432 | |||
Total ordinary expenses | 1,989,952 | 2,092,749 | |||
Ordinary profit | 40,052 | 55,683 | |||
Provision or reversal of reserve for water shortage | △118 | △572 | |||
Reversal of reserve for water shortage | △118 | △572 | |||
Profit before income taxes | 40,170 | 56,255 | |||
Income taxes - current | 6,953 | 13,322 | |||
Income taxes - deferred | 31,640 | 8,861 | |||
Total income taxes | 38,594 | 22,183 | |||
Profit | 1,576 | 34,071 | |||
Profit attributable to non-controlling interests | 1,995 | 1,904 | |||
Profit (loss) attributable to owners of parent | △419 | 32,167 |
- 4 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
Consolidated Comprehensive Income Statements
Unit | million yen | ||||
( | : | ) | |||
April 1,2019- | April 1,2020- | ||||
March 31, 2020) | March 31, 2021) | ||||
Profit | 1,576 | 34,071 | |||
Other comprehensive income | |||||
Valuation difference on available-for-sale securities | △1,776 | 1,064 | |||
Deferred gains or losses on hedges | 5,121 | 3,470 | |||
Foreign currency translation adjustment | △923 | 302 | |||
Remeasurements of defined benefit plans, net of tax | △6,362 | 23,889 | |||
Share of other comprehensive income of entities accounted for using equity method | △588 | △35 | |||
Total other comprehensive income | △4,530 | 28,691 | |||
Comprehensive income | △2,954 | 62,763 | |||
Comprehensive income attributable to | |||||
Comprehensive income attributable to owners of parent | △4,861 | 60,403 | |||
Comprehensive income attributable to non-controlling interests | 1,906 | 2,360 |
- 5 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
- Consolidated Statements of Changes in Shareholders' Equity Previous consolidated fiscal year (April 1, 2019 to March 31, 2020)
- 6 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
Current consolidated fiscal year (April 1, 2020 to March 31, 2021)
- 7 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
(4) Consolidated Statements of Cash Flows
(Unit:million yen) | ||
FY2019 | FY2020 | |
(April 1,2019- | (April 1,2020- | |
March 31, 2020) | March 31, 2021) | |
Cash flows from operating activities | ||
Profit before income taxes | 40,170 | 56,255 |
Depreciation | 237,264 | 186,393 |
Decommissioning costs of nuclear power units | 9,450 | 10,737 |
Amortization of special account related to nuclear power decommissioning | 2,056 | 1,609 |
Amortization of nuclear fuel | 24,105 | 19,355 |
Loss on retirement of non-current assets | 4,874 | 6,106 |
Increase (decrease) in retirement benefit liability | 793 | 650 |
Increase (decrease) in reserve for fluctuation in water levels | △118 | △572 |
Interest and dividend income | △2,349 | △2,424 |
Interest expenses | 28,990 | 26,258 |
Gain on sales of noncurrent assets | △9,247 | △9,884 |
Share of loss (profit) of entities accounted for using equity method | △7,074 | △22,565 |
Decrease (increase) in notes and accounts receivable - trade | 8,766 | 12,519 |
Decrease (increase) in inventories | △5,083 | 12,889 |
Increase (decrease) in notes and accounts payable - trade | 273 | △9,569 |
Decrease/increase in consumption taxes receivable/payable | △35,473 | 7,641 |
Other, net | △43,713 | △17,062 |
Subtotal | 253,686 | 278,338 |
Interest and dividend income received | 8,337 | 8,422 |
Interest expenses paid | △29,208 | △25,986 |
Income taxes paid | △5,963 | △7,315 |
Net cash provided by (used in) operating activities | 226,852 | 253,459 |
Cash flows from investing activities | ||
Purchase of non-current assets | △425,054 | △351,764 |
Proceeds from contribution received for construction | 38,444 | 31,638 |
Payments of investment and loans receivable | △58,525 | △27,461 |
Collection of investment and loans receivable | 14,020 | 15,391 |
Other, net | 6,492 | 1,608 |
Net cash provided by (used in) investing activities | △424,623 | △330,587 |
- 8 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
(Unit:million yen) | ||
FY2019 | FY2020 | |
(April 1,2019- | (April 1,2020- | |
March 31, 2020) | March 31, 2021) | |
Cash flows from financing activities | ||
Proceeds from issuance of bonds | 259,154 | 288,619 |
Redemption of bonds | △194,600 | △195,000 |
Proceeds from long-term borrowings | 271,470 | 277,009 |
Repayments of long-term borrowings | △248,443 | △205,384 |
Net increase (decrease) in short-term borrowings | 2,948 | 5,096 |
Net increase (decrease) in commercial papers | 92,000 | △52,000 |
Dividends paid | △18,820 | △17,450 |
Other, net | △5,709 | △5,340 |
Net cash provided by (used in) financing activities | 157,999 | 95,549 |
Effect of exchange rate change on cash and cash equivalents | △16 | △72 |
Net increase (decrease) in cash and cash equivalents | △39,787 | 18,350 |
Cash and cash equivalents at beginning of period | 245,273 | 205,485 |
Increase (decrease) in cash and cash equivalents resulting from merger of consolidated subsidiaries | - | 65 |
Cash and cash equivalents at end of period | 205,485 | 223,901 |
- 9 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
(5) Notes on Consolidated Financial Statements
(Note on the premise of going concern) N/A
(Changes in accounting policies that are difficult to distinguish from changes in accounting estimates) Change in depreciation method for property, plant and equipment
The Company and its consolidated subsidiaries traditionally used the declining-balance method for calculating depreciation of property, plant and equipment. From the fiscal year 2020, however, the company has resolved to adopt the straight-line method of depreciation as a general rule.
For the Kyushu region, which is the main supply area of the Kyuden Group, it is expected that electricity demand in the future will not increase dramatically, due to population decline and improving energy conservation and electricity efficiency.
As a result of ongoing liberalization as part of the Electricity System Reform, achieving efficient and stable operations becomes essential for our power generation and retail electricity business, as it faces an increasing competitive environment. Similarly, our transmission and distribution company, which was created after the legal separation in 2020, will steadily work on efficient and stable operations to provide stable electricity supply, while ensuring neutrality.
When looking at the power generation business, Matsuura Power Station Unit 2 started commercial operation in December 2019, which was the realization of a major power source development milestone. In addition, the installation work for Specific Safety Facilities at Sendai Nuclear Power Station has been completed. Unit 1 started operation in November 2020 and Unit 2 in December 2020. Therefore when looking forward, it is expected that the majority of future investments will consist of maintenance and management of existing power sources to ensure stable operation. Regarding the power transmission and distribution business, in which the stable operation of the equipment is expected in consideration of demand trends, supply reliability, safety and operation of the equipment, and cost.
In light of these changes, within the company and its surrounding environment, the Group's medium-term management plan, beginning from fiscal year 2020, positions efficient and stable operation of its facilities as one of its key-priority initiatives.
Building on this foundation, it is expected that the stable use of facilities will take a prominent part in the electric power business in the future, so changing the depreciation method for property, plant and equipment to the straight-line method will better reflect the consumption pattern of future economic benefits.
As a result of this change, Ordinary profit and Profit before income taxes for FY2020 increased by 58,730 million yen, respectively, compared to what they otherwise would have been had the previous method been applied.
- 10 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
(Segment information)
(1) Overview of reportable segments
The Group's reportable segments are those for which financial information is available separately and regular evaluation by the Board of Directors is being performed in order to evaluate performance.
The Group comprises five reportable segments, "Power and Retail businesses", "Transmission and Distribution businesses", "Other energy services businesses", "ICT services businesses" and "Other businesses", classified in consideration of the types of products and business activities.
The main products and business activities belonging to each Reportable segment are described below.
Reportable segment | Main products and business activities |
Power and Retail | Power generation and retail business in Japan |
businesses | |
Transmission and | Power transmission and distribution business in Kyushu |
Distribution | |
businesses | |
Other energy | Businesses that contribute to stable power supply, such as construction and |
maintenance of electrical equipment, Gas / LNG sales business, renewable energy | |
services businesses | |
business, overseas business | |
ICT services | Data communication business, optical broadband business, telecommunications |
construction and maintenance business, information system development business, | |
businesses | |
data center business | |
Other businesses | Real estate business, paid nursing home business |
(2) Calculation method of sales, profits, assets and other items by Reportable segment
The accounting method of Reportable segment is similar to the Preparation of consolidated financial statements. Reportable segment is based on operating income basis, and Inter-segment sales are based on market price.
(Change in depreciation method for property, plant and equipment)
As described in "Changes in accounting policy that are difficult to distinguish from accounting estimates," the Company and its consolidated subsidiaries have changed the depreciation method for property, plant and equipment from the declining-balance method to the straight-line method. Subsequently, the depreciation method for the reportable segments has been changed as well. As a result of this change, segment profit for the current consolidated fiscal year increased by 36,374 million yen in the "Power and Retail businesses", 22,992 million yen in the "Transmission and Distribution businesses", 151 million yen in the "Other energy service business", 1 million yen in "Other businesses", and decreased by 789 million yen in "Reconciliation".
- 11 -
Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
- Information regarding sales, profits, assets and other items by Reportable segment Previous consolidated fiscal year (April 1, 2019 to March 31, 2020)
(Unit: millions of Yen)
Reportable segment | ||||||||
Consolidated | ||||||||
Energy services | ||||||||
ICT services | Other | Total | Reconciliation*1 | financial | ||||
Japanese | Other energy | |||||||
statements*2 | ||||||||
electric power | services | |||||||
Sales | ||||||||
Sales to outside customers | 1,844,326 | 74,158 | 81,005 | 13,559 | 2,013,050 | - | 2,013,050 | |
Inter-segment sales | 4,069 | 119,811 | 31,690 | 15,292 | 170,863 | -170,863 | - | |
Total | 1,848,395 | 193,970 | 112,696 | 28,851 | 2,183,913 | -170,863 | 2,013,050 | |
Segment income | 16,584 | 17,073 | 3,995 | 4,611 | 42,264 | -2,212 | 40,052 | |
Segment asset | 4,230,126 | 535,988 | 190,967 | 181,174 | 5,138,256 | -190,193 | 4,948,063 | |
Other items | ||||||||
Depreciation (including | 227,214 | 10,624 | 22,692 | 3,648 | 264,179 | -2,810 | 261,369 | |
amortization of nuclear fuel) | ||||||||
Interest income | 330 | 726 | 1 | 92 | 1,150 | -312 | 837 | |
Interest expenses | 23,720 | 5,155 | 207 | 220 | 29,303 | -312 | 28,990 | |
Share of profit (loss) of entities | ||||||||
accounted for using equity | - | 9,523 | -86 | -42 | 9,395 | -147 | 9,247 | |
method | ||||||||
Increase in tangible fixed assets | 383,047 | 13,049 | 25,691 | 5,341 | 427,130 | -5,398 | 421,731 | |
and intangible fixed assets | ||||||||
*1 Reconciliations of Segment income (¥-2,212 million) and Segment assets(¥-190,193 million) are intersegment transaction eliminations.
*2 Segment income is adjusted to reflect ordinary income in the consolidated statements of incomes.
Current consolidated fiscal year (April 1, 2020 to March 31, 2021)
(Unit: millions of Yen)
Reportable segment | |||||||||
Energy services | |||||||||
Consolidated | |||||||||
Japanese electric power | |||||||||
Reconciliation*1 | financial | ||||||||
Power and | Transmission | Other energy | ICT services | Other | Total | ||||
statements*2 | |||||||||
Retail | and | services | |||||||
Distribution | |||||||||
businesses | |||||||||
businesses | |||||||||
Sales | |||||||||
Sales to outside customers | 1,777,340 | 191,316 | 67,470 | 81,753 | 13,918 | 2,131,799 | - | 2,131,799 | |
Inter-segment sales | 113,474 | 407,974 | 117,858 | 33,262 | 15,567 | 688,137 | -688,137 | - | |
Total | 1,890,815 | 599,290 | 185,328 | 115,016 | 29,486 | 2,819,936 | -688,137 | 2,131,799 | |
Segment income | -564 | 29,101 | 17,632 | 6,891 | 4,263 | 57,324 | -1,641 | 55,683 | |
Segment asset | 4,090,421 | 1,879,200 | 553,686 | 196,678 | 138,132 | 6,858,119 | -1,731,296 | 5,126,822 | |
Other items | |||||||||
Depreciation (including | 101,502 | 68,002 | 11,563 | 23,189 | 3,620 | 207,878 | -2,128 | 205,749 | |
amortization of nuclear fuel) | |||||||||
Interest income | 10,499 | 24 | 645 | 2 | 59 | 11,231 | -10,444 | 786 | |
Interest expenses | 22,156 | 10,055 | 4,094 | 187 | 209 | 36,702 | -10,444 | 26,258 | |
Share of profit (loss) of entities | |||||||||
accounted for using equity | - | - | 10,277 | 78 | -230 | 10,125 | -241 | 9,884 | |
method | |||||||||
Increase in tangible fixed assets | 208,932 | 108,026 | 16,063 | 21,171 | 4,843 | 359,037 | -3,143 | 355,894 | |
and intangible fixed assets | |||||||||
*1 Reconciliations of Segment income (¥-1,641 million) and Segment assets (¥-1,731,296million) are intersegment transaction eliminations.
*2 Segment income is adjusted to reflect ordinary income in the consolidated statements of incomes.
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Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2020
2. Others
- Major effects of the Corona virus
Retail | Ordinary profit | |||||
Consolidated Financial Results for | -2.0 | billion kWh | -21.0 billion yen | |||
FY2020 | ||||||
Consolidated Financial Results | -1.0 billion kWh | -10.0 | billion yen | |||
Forecasts for FY2021 | ||||||
(2) Difference from the forecast for the fiscal year 2020
This is to inform you that there is a difference between the consolidated financial results for the fiscal year ending March 2021 and the financial results forecast announced on March 2, 2021.
- Difference from the forecast for the fiscal year 2020(April 1, 2020 to March 31, 2021)
Sales | Operating | Ordinary | Profit attributable | EPS | ||
to owners of | ||||||
income | income | |||||
parent | ||||||
(Unit: million yen) | (Unit: million yen) | (Unit: million yen) | (Unit: million yen) | (Unit: yen) | ||
Forecast | ||||||
previously | (A) | 2,130,000 | 60,000 | 35,000 | 22,000 | 42.07 |
announced | ||||||
Results | (B) | 2,131,799 | 77,397 | 55,683 | 32,167 | 63.57 |
Difference | (B-A) | 1,799 | 17,397 | 20,683 | 10,167 | - |
Ratio | (%) | 0.1 | 29.0 | 59.1 | 46.2 | - |
(Reference) | 2,013,050 | 63,813 | 40,052 | - 419 | -6.05 | |
Results for FY2019 | ||||||
- Reasons for difference
The actual results for the fiscal year ending March 31, 2021 are higher from the previously announced forecast due to group-wide efforts to reduce costs and improve income in response to the financial impact of the tight supply and demand situation this winter and price hikes in the wholesale electricity trading market.
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Kyushu Electric Power Co. Inc. published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2021 18:34:06 UTC.