Electric Power Development : Release of Financial Statements for the Nine Months Ended December 31, 2015 (PDF:106KB)

Financial Statements Bulletin

This is an English translation of the Quarterly Financial Results (Kessan Tanshin) filed with the Tokyo Stock Exchange on January 29, 2016. Please note that if there is any discrepancy, the original Japanese version will take priority.

(English Translation)

Quarterly Financial Results (Unaudited)

(for the Nine Months Ended December 31, 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/

January 29, 2016

Scheduled date for filing of a quarterly report: February 3, 2016

Scheduled date of dividend payment commencement: Not applicable

Preparation of supplementary explanations material: Yes

Quarterly financial results presentation held: No

(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 December 31, 2015)

2. Consolidated Operating Results

   (Note) Comprehensive income:	Nine months ended Dec. 31, 2015	8,534 million yen (80.7) %
   Nine months ended Dec. 31, 2014	44,193 million yen (30.1) %

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

   
   

   Operating revenue	Operating income	Ordinary income	Profit attributable to owners of parent
   Nine months ended Dec. 31, 2015	million yen %	million yen %	million yen %	million yen %
   	578,880 6.4	77,380 30.9	55,271 3.3	39,592 1.3
   Nine months ended Dec. 31, 2014	543,969 4.7	59,109 16.2	53,495 27.6	39,065 29.0

   
   

   Earnings per share	Fully diluted earnings per share
   Nine months ended Dec. 31, 2015 Nine months ended Dec. 31, 2014	yen 216.29 260.35	yen ─ ─

   
   

3. Consolidated Financial Position

   
   

   Total assets	Net assets	Equity ratio
   Nine months ended Dec. 31, 2015	million yen	million yen	%
   	2,552,634	693,708	26.9
   Year ended March 31, 2015	2,659,149	696,298	25.9

   (Reference) Shareholders' equity: Nine months ended Dec. 31, 2015 685,673 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: None

   
   

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 3.

14. Number of shares issued (common stock)

15. Number of shares issued at the end of the period (including treasury stock) Nine months ended Dec. 31, 2015: 183,051,100

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

16. Treasury stock at the end of the period

    Nine months ended Dec. 31, 2015: 1,131

    Year ended March 31, 2015: 651

17. Average number of shares outstanding during the period Nine months ended Dec. 31, 2015: 183,050,176 Nine months ended Dec. 31, 2014: 150,051,097

    
    

    * 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 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.

      
      

      1

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




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) 3
6. Consolidated Financial Statements 4

7. Consolidated Balance Sheets 4

8. Consolidated Statements of Income and Comprehensive Income 6

9. Notes on Premise of Going Concern 8

10. Notes on Significant Changes in Shareholders' Equity 8

11. Appendixes 9

[Appendix 1] 9

[Appendix 2] 10

[Appendix 3] 11

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 nine months ended December 31, 2015 showed 14.4% increase at 7.9 TWh, due mainly to the increase of the water supply rate from 95% 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 74% to 78% resulted in 5.2% increase in electricity sales volume from the same period of the previous fiscal year to 40.5 TWh. As a result, total electricity sales volume from both hydroelectric and thermal power plants in the wholesale electric power business increased 6.6% from the same period of the previous fiscal year to 48.5 TWh. Electricity sales volume in the other electric power business decreased 21.4% from the same period of the previous fiscal year to 1.3 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 5.6% from the same period of the previous fiscal year to 49.9 TWh.

   Also, electricity sales volume in the overseas business increased 70.1% from the same period of the previous fiscal year to 9.6 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 2015 in Thailand.

   
   

4. Overview of Income and Expenditures

Sales (operating revenues) increased 6.4% from the same period of the previous fiscal year to 578.8 billion yen mainly due to 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 nine months also increased 6.0% from the same period of the previous fiscal year to 594.8 billion yen.

At the same time, operating expenses increased 3.4% from the same period of the previous fiscal year to 501.4 billion yen. This was mainly due to the increase of fuel costs with the operation of Nong Saeng IPP project throughout the term and the commencement of commercial operation of U-Thai IPP project unit No.1. Non-operating expenses also increased 65.8% from the same period of the previous fiscal year to 38.0 billion yen due mainly to foreign exchange losses and total ordinary expenses for the nine months increased 6.3% from the same period of the previous fiscal year to 539.5 billion yen.

As a result, ordinary income increased 3.3% from the same period of the previous fiscal year to 55.2 billion yen and profit attributable to owners of parent after corporate income tax increased 1.3% from the same period of the previous fiscal year to 39.5 billion yen.