Release of Financial Statements for the Year Ended March 31, 2017 (PDF:224KB)

This is an English translation of the Financial Results (Kessan Tanshin) filed with the Tokyo Stock Exchange on April 28, 2017. Please note that if there is any discrepancy, the original Japanese version will take priority.

(English Translation)

(for the Year Ended March 31, 2017)

Contact: Akira Kurihara, IR Chief Manager

Tel.: +81-3-3546-2211

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

April 28, 2017

Scheduled date of the Ordinary General Meeting of Shareholders: June 28, 2017 Scheduled date of dividend payment commencement: June 29, 2017

Scheduled date for filing of annual securities report: June 29, 2017 Preparation of supplementary explanations of financial results: Yes

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, 2016 to March 31, 2017)

2. Consolidated Operating Results

   (Note) Comprehensive income:	Year ended March 31, 2017	62,004 million yen	- %
   Year ended March 31, 2016	(3,748) million yen	- %

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

   Operating revenue	Operating income	Ordinary income	Profit attributable to owners of parent
   Year ended March 31, 2017	million yen %	million yen %	million yen %	million yen %
   	744,402 (4.6)	81,726 (7.0)	67,150 14.7	41,429 3.4
   Year ended March 31, 2016	780,072 3.9	87,915 19.6	58,538 (1.3)	40,081 (7.1)

   Earnings per share	Fully diluted earnings per share
   Year ended March 31, 2017 Year ended March 31, 2016	yen 226.33 218.97	yen ─ ─

   Ratio of earnings to shareholders' equity	Ratio of ordinary income to total assets	Ratio of operating income to operating revenues
   Year ended March 31, 2017	%	%	%
   	6.0	2.6	11.0
   Year ended March 31, 2016	5.9	2.3	11.3

   (Reference) Share of profit of entities accounted for using equity method:

   Year ended March 31, 2017 13,258 million yen

   Year ended March 31, 2016 10,889 million yen

   (Note) Accounting policies were partially changed from the year ended March 31, 2017 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 "Changes in Accounting Policies, Changes in Accounting Quotation and Representation of Corrections" on page 23.

3. Consolidated Financial Position

   Total assets	Net assets	Equity ratio	Net assets per share
   Year ended March 31, 2017	million yen	million yen	%	yen
   	2,606,285	764,019	27.8	3,954.22
   Year ended March 31, 2016	2,540,723	675,433	26.2	3,641.59

   (Reference) Shareholders' equity:	As of March 31, 2017	723,819 million yen
   As of March 31, 2016	666,593 million yen

   (Note) Accounting policies were partially changed from the year ended March 31, 2017 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 "Changes in Accounting Policies, Changes in Accounting Quotation and Representation of Corrections" on page 23.

4. Consolidated Statement of Cash Flows

   Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at the end of the period
   Year ended March 31, 2017	million yen	million yen	million yen	million yen
   	115,440	(137,663)	30,461	168,454
   Year ended March 31, 2016	146,130	(131,541)	(88,632)	159,949

   (Note) Accounting policies were partially changed from the year ended March 31, 2017 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 "Changes in Accounting Policies, Changes in Accounting Quotation and Representation of Corrections" on page 23.

5. Dividends

   Cash dividends per share					Total amount of dividends	Dividend pay-out ratio	Ratio of dividends to net assets
   Record date				Annual
   Jun. 30	Sep. 30	Dec. 31	Mar. 31
   Year ended March 31, 2016	yen	yen	yen	yen	yen	million yen	%	%
   	─	35.00	─	35.00	70.00	12,813	32.0	1.9
   Year ended March 31, 2017	─	35.00	─	35.00	70.00	12,813	30.9	1.8
   Year ending March 31, 2018 (forecasts)	─	35.00	─	35.00	70.00	27.9

6. Consolidated Earnings Forecasts for the Year Ending March 31, 2018 (From April 1, 2017 to March 31, 2018)

   (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, 2018	million yen % 798,000 7.2	million yen % 82,000 0.3	million yen % 66,000 (1.7)	million yen % 46,000 11.0	yen 251.30

7. Other Information

8. Principal subsidiaries subject to changes: None

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

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

11. Changes in accounting policies except 1): Yes

12. Changes in accounting estimates: Yes

13. Restatement of corrections: None

    Note: For the details, please refer to "Changes in Accounting Policies, Changes in Accounting Quotation and Representation of Corrections" on page 23.

14. Number of shares issued (common stock)

15. Number of shares issued at the end of the period (including treasury stock) Year ended March 31, 2017: 183,051,100

    Year ended March 31, 2016: 183,051,100

16. Treasury stock at the end of the period

    Year ended March 31, 2017: 1,331

    Year ended March 31, 2016: 1,191

17. Average number of shares outstanding during the period Year ended March 31, 2017: 183,049,856

18. Year ended March 31, 2016: 183,050,113

    [Reference]
19. Non-consolidated Financial Results (From April 1, 2016 to March 31, 2017)

20. Non-consolidated Operating Results

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

    Operating revenue	Operating income	Ordinary income	Profit
    Year ended March 31, 2017	million yen %	million yen %	million yen %	million yen %
    	522,460 (5.4)	27,630 (33.5)	56,470 40.6	51,552 67.3
    Year ended March 31, 2016	552,341 (1.0)	41,570 (8.0)	40,174 39.1	30,820 37.6

    Profit per share	Fully diluted profit per share
    Year ended March 31, 2017 Year ended March 31, 2016	yen 281.63 168.37	yen ─ ─

    (Note) Accounting policies were partially changed from the year ended March 31, 2017 and the figures for the year ended March 31, 2016 reflect retroactive application of the change.

21. Non-consolidated Financial Position

    Total assets	Net assets	Equity ratio	Net assets per share
    Year ended March 31, 2017	million yen	million yen	%	yen
    	2,060,881	562,192	27.3	3,071.25
    Year ended March 31, 2016	1,985,248	517,867	26.1	2,829.10

    (Reference) Shareholders' equity: Year ended March 31, 2017 562,192 million yen

    Year ended March 31, 2016 517,867 million yen

    (Note) Accounting policies were partially changed from the year ended March 31, 2017 and the figures for the year ended March 31, 2016 reflect retroactive application of the change.

22. Non-consolidated Earnings Forecasts for the Year Ending March 31, 2018 (From April 1, 2017 to March 31, 2018)

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

    Operating revenue	Operating income	Ordinary income	Profit	Profit per share
    Year ending March 31, 2018	million yen % 591,000 13.1	million yen % 30,000 8.6	million yen % 41,000 (27.4)	million yen % 37,000 (28.2)	yen 202.13

    • This financial results is out of the scope of review procedures pursuant to the Financial Instruments and Exchange Act

    • 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. For the details of earnings forecasts for the year ending March 2018, please refer to page 4.

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