This is an English translation of the Financial Results (Kessan Tanshin) filed with the Tokyo Stock Exchange on July 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 Three Months Ended June 30, 2016)
Electric Power Development Co., Ltd. (J-POWER) Listed exchange: Tokyo Stock Exchange (Code: 9513) Representative: Toshifumi Watanabe, PresidentContact: Akira Kurihara, IR Chief Manager
Tel.: +81-3-3546-2211
URL: http://www.jpower.co.jp/english/
Scheduled date for filing of a quarterly report: August 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.
Consolidated Financial Results (From April 1, 2016 to June 30, 2016)
Consolidated Operating Results
July 29, 2016
(Note) Comprehensive income:
Three months ended June 30, 2016
3,980 million yen (73.3)%
Three months ended June 30, 2015
14,910 million yen 41.4 %
(Percentages (%) represent changes from the same period of the previous year)
Operating revenue
Operating income
Ordinary income
Profit attributable to owners of parent
Three months ended June 30, 2016
million yen %
million yen %
million yen %
million yen %
167,599 (11.6)
35,511 22.6
35,519 28.2
26,892 32.1
Three months ended June 30, 2015
189,500 18.6
28,958 63.9
27,708 63.0
20,365 66.0
Earnings per share
Fully diluted
earnings per share
Three months ended June 30, 2016
Three months ended June 30, 2015
yen
146.92
111.25
yen
─
─
(Note) Accounting policies were partially changed from the three months ended June 30, 2016 and the figures for three months ended June 30, 2015 reflect retroactive application of the change. For the details, please refer to "Inclusion of loan interest in asset acquisition cost" under "Summary Information (Notes)" on page 4.
Consolidated Financial Position
Total assets
Net assets
Equity ratio
Three months ended June 30, 2016
million yen
million yen
%
2,472,755
673,357
26.9
Year ended March 31, 2016
2,540,723
675,433
26.2
(Reference) Shareholders' equity: Three months ended June 30, 2016 665,079 million yen
Year ended March 31, 2016 666,593 million yen
(Note) Accounting policies were partially changed from the three months ended June 30, 2016 and the figures for the year ended March 31, 2016 reflect retroactive application of the change. For the details, please refer to "Inclusion of loan interest in asset acquisition cost" under "Summary Information (Notes)" on page 4.
Dividends
Cash dividends per share
Record date
Annual
Jun. 30
Sep. 30
Dec. 31
Mar. 31
Year ended March 31, 2016
yen
yen
yen
yen
yen
─
35.00
─
35.00
70.00
Year ending March 31, 2017
─
Year ending March 31, 2017 (forecasts)
35.00
─
35.00
70.00
(Note) Revisions to dividends forecasts in the current quarter: None
Consolidated Earnings Forecasts for the Year Ending March 31, 2017 (From April 1, 2016 to March 31, 2017)
(Percentages (%) represent changes from the same period of the previous year)
Operating revenue
Operating income
Ordinary income
Profit attributable to owners of parent
Earnings per share
Year ending March 31, 2017
million yen %
713,000 (8.6)
million yen %
73,000 (17.0)
million yen %
53,000 (9.5)
million yen %
37,000 (7.7)
yen
202.13
(Note) Revisions to consolidated earnings forecasts in the current quarter: None
Other Information
Principal subsidiaries subject to changes: None
Application of accounting methods which are exceptional for quarterly consolidated financial statements: None
Changes in accounting policies, accounting estimates and restatement of corrections
Changes in accounting policies due to revisions of accounting standards etc.: Yes
Changes in accounting policies except 1): Yes
Changes in accounting estimates: Yes
Restatement of corrections: None
Note: For the details, please refer to "Summary Information (Notes)" on page 4.
Number of shares issued (common stock)
Number of shares issued at the end of the period (including treasury stock) Three months ended June 30, 2016: 183,051,100
Year ended March 31, 2016: 183,051,100
Treasury stock at the end of the period
Three months ended June 30, 2016: 1,231
Year ended March 31, 2016: 1,191
Average number of shares outstanding during the period Three months ended June 30, 2016: 183,049,898 Three months ended June 30, 2015: 183,050,381
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.
The supplementary explanation material is available on our website at http://www.jpower.co.jp/english/ under the investor relations section.
Table of Contents
- Qualitative Information on Consolidated Financial Results 2
Qualitative Information on Consolidated Operating Results 2
Qualitative Information on Consolidated Financial Position 3
Qualitative Information on Consolidated Earnings Forecasts 3
- Summary Information (Notes) 4
- Consolidated Financial Statements 6
Consolidated Balance Sheet 6
Consolidated Statement of Income and Comprehensive Income 8
Notes on Premise of Going Concern 10
Notes on Significant Changes in Shareholders' Equity 10
Additional Information 10
Significant Subsequent Event 10
- Appendixes 11
[Appendix 1] 11
[Appendix 2] 12
[Appendix 3] 13
-
Qualitative Information on Consolidated Financial Results
Accounting policies regarding "Inclusion of loan interest in asset acquisition cost" were changed from this fiscal year, and the comparison with the previous fiscal year is based on figures after retroactively applying the change.
- Qualitative Information on Consolidated Operating Results
Electricity Sales Volume
In the electric power business, electricity sales volume from hydroelectric power plants for the three months ended June 30, 2016 showed 22.5% decrease to 2.3 TWh, due mainly to the decrease of water supply rate from 108% in the same period of the previous fiscal year to 87%. In thermal power, a decrease in the load factor of thermal power plants of J-POWER (non-consolidated) from 65% to 56% resulted in 12.5% decrease in electricity sales volume from the same period of the previous fiscal year to 9.8TWh. Mainly due to these factors, total electricity sales volume in the electric power business decreased 14.5% from the same period of the previous fiscal year to 12.3TWh.
Electricity sales volume in the overseas business increased 16.2% from the same period of the previous fiscal year to 3.6 TWh. This was mainly due to the operation of U-Thai IPP project in Thailand, which commenced commercial operation in 2015 (unit No.1 in June 2015, unit No.2 in December 2015), throughout the term.
Overview of Income and Expenditures
Sales (operating revenues) decreased 11.6% from the same period of the previous fiscal year to 167.5 billion yen mainly due to the decline of the fuel price and the decrease of the load factor of thermal power plants in the electric power business. Total ordinary revenue including non-operating income also decreased 10.5% from the same period of the previous fiscal year to 175.7 billion yen.
At the same time, operating expenses decreased 17.7% from the same period of the previous fiscal year to 132.0 billion yen. This was mainly due to the decrease of fuel costs associated with the decline of the fuel price and the decrease of the load factor of thermal power plants, in addition to the decrease of maintenance costs including periodic inspection costs. Furthermore, J-POWER has changed the depreciation and amortization method (from declining-balance method to straight-line method) and applied it from the three months ended June 30, 2016, which decreased operating expenses by decreasing depreciation and amortization costs. Total ordinary expenses including non-operating expenses decreased 16.9% from the same period of the previous fiscal year to 140.2 billion yen.
As a result, ordinary income increased 28.2% from the same period of the previous fiscal year to 35.5 billion yen and profit attributable to owners of parent after corporate income tax increased 32.1% from the same period of the previous fiscal year to 26.8 billion yen.
EPDC - Electric Power Development Co. Ltd. published this content on 29 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 July 2016 07:17:05 UTC.
Original documenthttp://www.jpower.co.jp/english/news_release/pdf/news160729.pdf
Public permalinkhttp://www.publicnow.com/view/DB37FF0D22E25CD622D843F7348E690DC9F44DD3