TOHOKU ELECTRIC POWER COMPANY, INCORPORATED TOHOKU ELECTRIC POWER CO., INC.
October 26, 2017
Financial Results for the Second Quarter of Fiscal 2017Tohoku Electric Power Co., Inc. (the "Company") filed a summary of its financial statements for the second quarter (from April 1, 2017 to September 30, 2017) with the Tokyo Stock Exchange and disclosed the report today.
【Consolidated Financial Results】
With respect to revenue, even though electricity sales declined, our consolidated operating revenue increased to ¥981.2 billion (a year-on-year increase of ¥41.3 billion, or a 4.4% increase) and consolidated ordinary revenue to ¥984.9 billion (a year-on-year increase of ¥43.0 billion, or 4.6% increase), mainly due to an increase in sales of power to other utilities and other companies together with an increase in the grant* under Act on Purchase of Renewable Energy Sourced Electricity based on "feed-in-tariff scheme for renewable energy" reflecting an increase in purchased volume from solar.
As for expenses, depreciation expenses decreased, however, consolidated ordinary expenses increased to ¥931.9 billion (a year-on-year increase of ¥61.3 billion, or a 7.1% increase) due to an increase in purchased power resulting from an increase in solar power received as well as an increase in fuel cost caused by rise in fuel prices.
Consequently, consolidated ordinary income was ¥52.9 billion, a decrease of ¥18.3 billion (or a
25.7 % decrease) year-on-year.
Net income attributable to owners of parent was ¥34.5 billion, a decrease of ¥12.7 billion (or a 26.9 % decrease) year-on-year.
* The grant is based on "Feed-In-Tariff scheme for renewable energy". It is offset by purchase costs of renewable energy; therefore its effect on our income is immaterial.
【Electricity Sales Volume】
There was an increase in heating demand resulting from lower temperature in this early spring compared to the previous year; nevertheless, a decrease in contract demand and a decrease in cooling demand due to lower temperature in late summer than the last year decreased electricity sales to 34.0TWh, down 3.8% year-on-year.
【Financial Forecast for FY2017】
The financial forecast remains unchanged from the previous announcement on April 27, 2017.
【Dividend Forecast for FY2017】
The Company has decided to pay an interim dividend of 20 yen per share for FY2017. The year-end dividend forecast remains unchanged from the previous announcement on April 27, 2017.
Tohoku Electric Power Co., Inc. Summary of Quarterly Financial Statements (Unaudited) (April 1, 2017 - September 30, 2017)October 26, 2017
Information below is an English translation of the "Unaudited Quarterly Financial Release" for six months ended September 30, 2017, which has been filed with the Tokyo Stock Exchange, Inc. for public inspection.
Tohoku Electric Power Co., Inc. (Code : 9506)1-7-1 Honcho, Aoba-ku, Sendai, Miyagi, Japan (URL : http://www.tohoku-epco.co.jp) Representative : Hiroya Harada, President
Tel : +81-22-225-2111
(Note) All monetary values are rounded down to the nearest units as indicated in each table.
1. Business Results for Consolidated Second Quarter Period in FY2017 (Six months ended September 30, 2017)Progresses of Financial Results
Operating revenue Operating income Ordinary income Net income attributable to
owners of parent
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
6 months ended Sep. 30, 2017
981,208
4.4
61,564
(30.5)
52,983
(25.7)
34,595
(26.9)
6 months ended Sep. 30, 2016
939,828
(8.4)
88,624
(19.8)
71,317
(23.2)
47,331
(24.8)
(Note) Comprehensive income (2Q FY2017: 44,864 million yen -15.4%, 2Q FY2016: 53,038 million yen -11.4%) Percentage figures represent changes as compared to the same period of the previous year.
Net income per share (basic)
Net income per share (diluted)
Yen Yen
6 months ended Sep. 30, 2017 69.33 65.71
6 months ended Sep. 30, 2016 94.82 89.97
Changes in Financial Positions
Total assets Net assets Equity-to-asset ratio
Millions of yen Millions of yen %
Sep. 30, 2017 4,114,095 790,004 17.7
Mar. 31, 2017 4,145,928 755,624 16.8
(Reference) Shareholders' Equity (September 30, 2017: 727,681 million yen, March 31, 2017: 694,680 million yen)
2. Dividend | ||||
Cash dividend per share | ||||
1Q | 2Q | 3Q Year-end | Annual total | |
Yen | Yen | Yen Yen | Yen | |
Year ended Mar. 31, 2017 | - | 15.00 | - 20.00 | 35.00 |
Year ending Mar. 31, 2018 | - | 20.00 |
Year ending Mar. 31, 2018 (forecast) | - 20.00 40.00 |
(Note) Forecasts revision of dividend from the latest forecasts: None
3. Business Results Forecast for Consolidated FY2017 (Year ending March 31, 2018)Operating revenue Operating income Ordinary income Net income attributable
to owners of parent
Net income per share (basic)
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
FY2017 | 2,070,000 | 6.2 | 112,000 | (14.1) | 90,000 | (14.0) | 60,000 | (14.2) | 120.22 |
(Note) Forecasts revision of consolidated results from the latest forecasts: None
Percentage figures represent changes as compared to the same period of the previous year.
(Reference) Business Results Forecast for Non-consolidated FY2017 (Year ending March 31, 2018)Operating revenue | Operating income | Ordinary income | Net income | Net income per share | |
FY2017 | Millions of yen % 1,880,000 8.1 | Millions of yen % 89,000 (11.1) | Millions of yen % 70,000 (13.0) | Millions of yen % 50,000 (16.5) | Yen 100.18 |
(Note) Forecasts revision of non-consolidated results from latest forecasts: None
Percentage figures represent changes as compared to the same period of the previous year.
Tohoku Electric Power Co. Inc. published this content on 26 October 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 October 2017 06:23:02 UTC.
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