TOHOKU ELECTRIC POWER COMPANY, INCORPORATED TOHOKU ELECTRIC POWER CO., INC.
January 28, 2016
Tohoku Electric Power Co., Inc. (the "Company") today submitted a summary of its financial statements for the third quarter (from April 1, 2015 to December 31, 2015) on the Tokyo Stock Exchange.
【Consolidated financial results】
In terms of revenue, while a grant under Act on Purchase of Renewable Energy Sourced Electricity based on "Feed-In-Tariff scheme for renewable energy" increased, a decline in electricity sales caused by a decrease in electric power sold and the effect of fuel cost adjustment charges lowered consolidated operating revenue to ¥1,522.2 billion (a year-on-year decrease of ¥42.1 billion, or a 2.7% decrease), and ordinary revenue to ¥1,530.3 billion (a year-on-year decrease of ¥39.1 billion, or a 2.5% decrease).
As for expenses, a significant drop in fuel costs due to a fall in fuel prices and our thorough streamlining efforts decreased consolidated ordinary expenses to ¥1,412.5 billion (a year-on-year decrease of ¥61.0 billion, or a 4.1% decrease) even with an increase in maintenance expenses which are necessary to maintain a stable power supply.
Consequently, consolidated ordinary income was ¥117.8 billion, an increase of ¥21.9 billion (or a 22.9% increase) year-on-year.
Net income attributable to owners of parent was ¥79.1 billion, an increase of ¥8.4 billion (or a 11.9% increase) year-on-year.
【Electric power sold by Tohoku EPCO】
Our electricity sales were 53.7 TWh, a 1.9% decrease year-on-year, despite the continued post-quake reconstruction demand. This was primarily because of a decrease in heating and cooling demand due to extended periods of warmer or cooler than normal temperatures in early spring, latter half of summer and this winter, and energy saving by our customers. In addition, some of our large-scale customers lowered the utilization of production facilities.
【Financial forecast for fiscal 2015】
Concerning the financial forecast for FY2015, the Company revised the forecast of operating revenue and each income from the previous forecast disclosed on October 28, 2015, taking into consideration the recent outlook of supply and demand.
Operating revenue of consolidated earnings estimate is expected to be approximately ¥2,080.0 billion, a 1.4% decrease compared to the previous forecast because of a decrease in electricity sales and other factors.
Consolidated ordinary income is expected to be approximately ¥140.0 billion, a 21.7% increase compared to the previous forecast mainly because of an increase in time lag effect between fuel cost and fuel cost adjustment charges due to a drop in crude oil CIF price.
Net income attributable to owners of parent is expected to be approximately ¥88.0 billion, a 17.3% increase compared to the previous forecast.
Consolidated (Billions of yen)
Operating revenue | Operating income | Ordinary income | Net income attributable to owners of parent | |
Previous Forecast | 2,110.0 | 148.0 | 115.0 | 75.0 |
Revised Forecast | 2,080.0 | 174.0 | 140.0 | 88.0 |
(Ref.)Actual performance in FY2014 | 2,182.0 | 169.7 | 116.6 | 76.4 |
Non-consolidated (Billions of yen)
Operating revenue | Operating income | Ordinary income | Net income | |
Previous Forecast | 1,900.0 | 126.0 | 90.0 | 63.0 |
Revised Forecast | 1,870.0 | 147.0 | 110.0 | 73.0 |
(Ref.)Actual performance in FY2014 | 1,951.6 | 140.5 | 89.2 | 62.4 |
Items | Revised Forecast |
Electricity sales (TWh) | Approx. 75.5 |
Crude oil CIF price ($/bbl.) | Approx. 51 |
Exchange rate (¥/$) | Approx. 121 |
Nuclear power utilization rate (%) | 0.0 |
【Dividend】
The Company's basic dividend policy is to distribute stable dividends determined by taking into full consideration our business performance of the relevant fiscal year and our medium to long-term financial prospects.
The Company has revised its financial forecast upward, primarily due to the upward revision of expected profit results compared to those of last year by a significant drop in fuel costs due to a fall in fuel prices and thorough streamlining efforts.
Comprehensively deliberating facts such as above mentioned basic dividend policy and the recovery of the Company's financial condition which was badly affected by the Great East Japan Earthquake and subsequent incidents, the Company has decided to pay a 15 yen year-end dividend per share for FY2015.
Additionally, please note that the year-end dividend will be officially determined and implemented, subject to the approval of the 92st General Shareholders' Meeting scheduled to be held in June 2016.
January 28, 2016
Information below is an English translation of the "Unaudited Quarterly Financial Release" for nine months ended December 31, 2015, which has been filed with the Tokyo Stock Exchange, Inc. for public inspection.
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.
-
Business Results for Consolidated Third Quarter Period in FY2015 (Nine months ended December 31, 2015)
Progresses of Financial Results
Operating revenue Operating income Ordinary income Net income attributableto
owners of parent
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
9 months ended Dec. 31, 2015
1,522,237
(2.7)
141,495
7.3
117,834
22.9
79,114
11.9
9 months ended Dec. 31, 2014
1,564,376
9.7
131,843
238.5
95,913
911.7
70,711
439.4
(Note) Comprehensive income (9 months ended Dec. 31, 2015: 75,504 million yen 4.7%, 9 months ended Dec. 31, 2014: 72,130 million yen 365.2%) 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
9 months ended Dec. 31, 2015 158.53 157.44
9 months ended Dec. 31, 2014 141.76 141.54
Changes in Financial Positions
-
Dividends
Cash dividends per share
1Q 2Q 3Q Year-end Annual total
Yen Yen Yen Yen Yen
Year ended Mar. 31, 2015 - 5.00
Year ending Mar. 31, 2016 (forecast)
15.00 25.00
Year ending Mar. 31, 2016 - 10.00
- 10.00 15.00
-
(Note) Forecasts revision of dividends from the latest forecasts: Forecasts have been revised.
- Business Results Forecast for Consolidated FY2015 (Year ending March 31, 2016)
Total assets Net assets Equity-to-asset ratio
Millions of yen Millions of yen %
Dec. 31, 2015 4,099,271 716,100 16.2
Mar. 31, 2015 4,131,217 651,216 14.6
(Reference) Shareholders' Equity (December 31, 2015: 663,014 million yen, March 31, 2015: 601,800 million yen)
Operating revenue Operating income Ordinary income Net incomeattributable
to owners of parent
Net income per share (basic)
Millions of yen | % | Millions of yen | % | Millions of yen % | Millions of yen | % | Yen | |
FY2015 | 2,080,000 | (4.7) | 174,000 | 2.5 | 140,000 20.0 | 88,000 | 15.0 | 176.30 |
(Note) Forecasts revision of consolidated results from the latest forecasts: Forecasts have been revised.
Percentage figures represent changes as compared to the same period of the previous year.
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Tohoku Electric Power Co. Inc. issued this content on 28 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 January 2016 07:29:28 UTC
Original Document: http://www.tohoku-epco.co.jp/english/press/__icsFiles/afieldfile/2016/01/28/press160128.pdf
