Electric Power Development : Release of Financial Statements for the Six Months Ended September 30, 2015 (PDF:272KB)

Financial Statements Bulletin

This is an English translation of the Quarterly Financial Results (Kessan Tanshin) filed with the Tokyo Stock Exchange on October 30, 2015. Please note that if there is any discrepancy, the original Japanese version will take priority.

(English Translation)

Quarterly Financial Results (Unaudited)

(for the Six Months Ended September 30, 2015)

Electric Power Development Co., Ltd. (J-POWER) Listed exchange: Tokyo Stock Exchange (Code: 9513) Representative: Masayoshi Kitamura, President

Contact: Akira Kurihara, IR Chief Manager

Tel.: +81-3-3546-2211

URL: http://www.jpower.co.jp/english/

October 30, 2015

Scheduled date for filing of a quarterly report: November 5, 2015

Scheduled date of dividend payment commencement: November 27, 2015

Preparation of supplementary explanations material: Yes

Quarterly financial results presentation held: Yes (for institutional investors and securities analysts)

(Note) All monetary values are rounded down to the nearest units as indicated in each table.

1. Consolidated Financial Results (From April 1, 2015 to September 30, 2015)

2. Consolidated Operating Results

   (Note) Comprehensive income:	Six months ended Sep. 30, 2015	31,483 million yen 88.9 %
   Six months ended Sep. 30, 2014	16,663 million yen (65.7) %

   (Percentages (%) represent changes from the same period of the previous year)

   
   

   Operating revenue	Operating income	Ordinary income	Profit attributable to owners of parent
   Six months ended Sep. 30, 2015	million yen %	million yen %	million yen %	million yen %
   	400,001 14.7	58,763 63.4	50,095 54.4	36,792 53.4
   Six months ended Sep. 30, 2014	348,661 0.5	35,959 1.1	32,449 22.5	23,992 27.3

   
   

   Earnings per share	Fully diluted earnings per share
   Six months ended Sep. 30, 2015 Six months ended Sep. 30, 2014	yen 201.00 159.89	yen ─ ─

   
   

3. Consolidated Financial Position

   
   

   Total assets	Net assets	Equity ratio
   Six months ended Sep. 30, 2015	million yen	million yen	%
   	2,621,822	723,175	27.2
   Year ended March 31, 2015	2,659,149	696,298	25.9

   (Reference) Shareholders' equity: Six months ended Sep. 30, 2015 713,410 million yen

   Year ended March 31, 2015 688,731 million yen

   
   

4. Dividends

   
   

   Cash dividends per share
   Record date				Annual
   Jun. 30	Sep. 30	Dec. 31	Mar. 31
   Year ended March 31, 2015 Year ending March 31, 2016	yen ─ ─	yen 35.00 35.00	yen ─	yen 35.00	yen 70.00
   Year ending March 31, 2016 (forecasts)	─	35.00	70.00

   (Note) Revisions to dividends forecasts in the current quarter: None

5. Consolidated Earnings Forecasts for the Year Ending March 31, 2016 (From April 1, 2015 to March 31, 2016)

   (Percentages (%) represent changes from the previous year)

   
   

   Operating revenue	Operating income	Ordinary income	Profit attributable to owners of parent	Earnings per share
   Year ending March 31, 2016	million yen % 792,000 5.5	million yen % 83,000 13.9	million yen % 55,000 (7.3)	million yen % 42,000 (2.8)	yen 229.45

   (Note) Revisions to consolidated earnings forecasts in the current quarter: Yes

   
   

6. Other Information

7. Principal subsidiaries subject to changes: None

8. Application of accounting methods which are exceptional for quarterly consolidated financial statements: None

9. Changes in accounting policy, accounting estimates and restatement of corrections

10. Changes in accounting policy due to revisions of accounting standards etc.: Yes

11. Changes in accounting policy except 1): None

12. Changes in accounting estimates: None

13. Restatement of corrections: None

    Note: For the details, please refer to 'Summary Information (Notes)' on page 5.

14. Number of shares issued (common stock)

15. Number of shares issued at the end of the period (including treasury stock) Six months ended Sep. 30, 2015: 183,051,100

    Year ended March 31, 2015: 183,051,100

16. Treasury stock at the end of the period

    Six months ended Sep. 30, 2015: 1,051

    Year ended March 31, 2015: 651

17. Average number of shares outstanding during the period Six months ended Sep. 30, 2015: 183,050,257 Six months ended Sep. 30, 2014: 150,051,194

    
    

    * Presentation for quarterly review procedures

    • This report does not apply to quarterly review procedures based on the Financial Instruments and Exchange Act. At the time of disclosure of this report, review procedures for financial statements pursuant to the Financial Instruments and Exchange Act had not been completed.

      * Forward-looking statements and other special notes

    • The Company has revised its earnings forecasts for the year ending March 31, 2016 announced on April 30, 2015. Please refer to 'Qualitative Information on Consolidated Earnings Forecasts' on page 3.

    • The earnings forecasts are forward-looking statements made on the basis of available information current at the time forecasts are made and contain uncertain elements. Therefore, actual earnings may differ from forecast figures as a result of changes in business performance and other factors.

    • The supplementary explanation material is available on our website at http://www.jpower.co.jp/english/ under the investor relations section.







[Reference]

Non-consolidated Earnings Forecasts for the Year Ending March 31, 2016 (From April 1, 2015 to March 31, 2016)

(Percentages (%) represent changes from the previous year)




Operating revenue	Operating income	Ordinary income	Net income	Net income per share
Year ending March 31, 2016	million yen % 562,000 0.7	million yen % 40,000 (10.2)	million yen % 38,000 31.3	million yen % 31,000 38.1	yen 169.35

(Note) Revisions to non-consolidated earnings forecasts in the current quarter: Yes

Table of Contents




1. Qualitative Information on Consolidated Financial Results 2

2. Qualitative Information on Consolidated Operating Results 2

3. Qualitative Information on Consolidated Financial Position 3

4. Qualitative Information on Consolidated Earnings Forecasts 3

5. Summary Information (Notes) 5
6. Consolidated Financial Statements 6

7. Consolidated Balance Sheets 6

8. Consolidated Statements of Income and Comprehensive Income 8

9. Consolidated Statements of Cash Flows 10

10. Notes on Premise of Going Concern 12

11. Notes on Significant Changes in Shareholders' Equity 12

12. Appendixes 13

[Appendix 1] 13

[Appendix 2] 14

[Appendix 3] 15

1. Qualitative Information on Consolidated Financial Results

   
   
2. Qualitative Information on Consolidated Operating Results

   
   

3. Electricity Sales Volume

   In the wholesale electric power business, electricity sales volume from hydroelectric power plants for the six months ended September 30, 2015 showed 19.1% increase at 5.9 TWh, due mainly to the increase of the water supply rate from 89% in the same period of the previous fiscal year to 109%. In thermal power, an increase in the load factor of the thermal power plants from 72% to 79% resulted in 10.3% increase in electricity sales volume from the same period of the previous fiscal year to 27.1 TWh. As a result, total electricity sales volume from both hydroelectric and thermal power plants in the wholesale electric power business increased 11.8% from the same period of the previous fiscal year to 33.1 TWh. Electricity sales volume in the other electric power business decreased 16.3% from the same period of the previous fiscal year to 0.8 TWh, due mainly to the exclusion of Ichihara Power, which had been a consolidated subsidiary, from the scope of consolidation as all of its owned shares were sold in March 2015. As a result, electricity sales volume in the electric power business as a whole increased 10.8% to 34.0 TWh.

   Also, electricity sales volume in the overseas business increased 93.1% from the same period of the previous fiscal year to 5.7 TWh. This was mainly due to the operation of Nong Saeng IPP project, which commenced commercial operation in 2014 (unit No.1 in June 2014, unit No.2 in December 2014), throughout the term and the commencement of commercial operation of U-Thai IPP project unit No.1 in June this year in Thailand.

   
   

4. Overview of Income and Expenditures

Sales (operating revenues) increased 14.7% from the same period of the previous fiscal year to 400.0 billion yen mainly due to the increase of the load factor of thermal power plants in the wholesale electric power business, the operation of Nong Saeng IPP project throughout the term and the commencement of commercial operation of U-Thai IPP project unit No.1. Furthermore, total ordinary revenue including non-operating income for the six months also increased 14.5% from the same period of the previous fiscal year to 411.4 billion yen.

At the same time, operating expenses increased 9.1% from the same period of the previous fiscal year to 341.2 billion yen. This was mainly due to the increase of fuel costs with the increase in the load factor of thermal power plants in the wholesale electric power business, the operation of Nong Saeng IPP project throughout the term and the commencement of commercial operation of U-Thai IPP project unit No.1. In addition, total ordinary expenses including non-operating expenses for the six months increased 10.5% from the same period of the previous fiscal year to 361.3 billion yen.

As a result, ordinary income increased 54.4% from the same period of the previous fiscal year to 50.0 billion yen and profit attributable to owners of parent after corporate income tax increased 53.4% from the same period of the previous fiscal year to 36.7 billion yen.