Chugoku Electric Power : Notice Regarding Revisions to Forecasts of Financial Results and Dividends
October 31, 2023 at 02:25 am EDT
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The information shown below is an English translation of the "Gyosekiyoso oyobi Haitoyoso no Shusei ni tsuite", notice regarding the revisions to forecasts of financial results and dividends for the year ending March 31, 2024.
The "Gyosekiyoso oyobi Haitoyoso no Shusei ni tsuite" in Japanese is the official document. This English translation is prepared for convenience.
October 31, 2023
Name of Listed Company : THE CHUGOKU ELECTRIC POWER CO., INC.
Code
: 9504（Prime of Tokyo Stock Exchange）
Representative : Nakagawa Kengo, Representative Director President & Chief Executive Officer
Notice Regarding Revisions to Forecasts of Financial Results and Dividends
We have revised our forecasts of financial results and dividends for the year ending March 31, 2024 previously announced on July 28, 2023.
● Revisions to forecasts of financial results for the year ending March 31, 2024.
Consolidated financial results (April 1, 2023 ～ March 31, 2024)
Operating revenues
Operating income
Ordinary income
Profit attributable to
Earnings per share
owners of the parent
million yen
million yen
million yen
million yen
yen
Previously announced forecasts (A)
1,759,000
107,000
100,000
70,000
194.30
Revised forecasts (B)
1,646,000
154,000
150,000
109,000
302.60
Difference (B-A)
-113,000
47,000
50,000
39,000
Rate of change (%)
-6.4
43.9
50.0
55.7
(Reference)
Actual results for the year ended
1,694,602
-68,892
-106,780
-155,378
-431.30
March 31, 2023
Non-consolidated financial results
(April 1, 2023 ～ March 31, 2024)
Operating revenues
Operating income
Ordinary income
Net income
Earnings per share
million yen
million yen
million yen
million yen
yen
Previously announced forecasts (A)
1,555,000
56,000
70,000
55,000
152.60
Revised forecasts (B)
1,475,000
99,000
115,000
88,000
244.10
Difference (B-A)
-80,000
43,000
45,000
33,000
Rate of change (%)
-5.1
76.8
64.3
60.0
(Reference)
Actual results for the year ended
1,502,494
-96,853
-98,413
-153,523
-425.84
March 31, 2023
Reasons for revisions
Compared to the previously announced forecasts, we expect a decrease in net sales (operating revenues) due to a decrease in total electricity sales and a decrease in the amount of fuel cost adjustment as a result of lower fuel prices, etc.
Despite the decrease in operating revenues, profit is expected to increase because of the profit from the time lag of the fuel cost adjustment system and the impact of fuel price and electricity market price.
※Major factors〔For the year ending March 31, 2024〕(Non-consolidated)
Previously announced
(Reference)
Revised forecasts
Actual results for the year
forecasts
ended March 31, 2023
Total electricity sales
54.0 billion kWh
54.7 billion kWh
54.6 billion kWh
Exchange rate
145 /$
143 /$
135 /$
Crude oil price
89 $/b
84 $/b
102.7 $/b
(All Japan CIF)
Nuclear capacity utilization factor
-
-
-
(%)
Forecast of consolidated ordinary income for the fiscal year ending March 31, 2024 (vs. previously announced forecasts)
● Revisions to forecasts of dividends for the year ending March 31, 2024.
Dividends
Dividends per Share
2nd period
End of Year
Total
yen
yen
yen
Previously announced forecasts
5.00
5.00
10.00
Revised forecasts
25.00
30.00
Actual results
5.00
(Reference)Actual results for the
0.00
0.00
0.00
year ended March 31, 2023
Reasons for revisions
In May 2023, we announced that we revised our basic policy of paying out stable dividends and set the dividend payout ratio of 10% until the consolidated equity ratio is recovered to 15% in performance putting recover and strengthen our financial base as our top priority.
In line with the revision of forecasts of financial results, the dividend forecasts for FY 2024 have been changed to 30 yen per share.
The interim dividends of FY2024, we have decided to pay out 5 yen per share as announced in July 2023 at the Board of Directors Meeting held on October 31, 2023. And then, the year-end dividends are changed to 25 yen per share.
*Descriptions above regarding the future such as forecasts of financial results have been formulated on the basis of information available at the time of the release of this document.
Actual results may vary from the forecasts above due to various factors.
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The Chugoku Electric Power Co. Inc. published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 06:24:10 UTC.
Chugoku Electric Power Co Inc is a Japan-based company mainly engaged in the electric power business, comprehensive energy supply business and information and communication business. The Company operates through three business segments. The Electric Power Business segment supplies electricity based on the Chugoku region as the basis for business development. The Comprehensive Energy Supply Business segment is engaged in the sale of liquefied natural gas (LNG) and provision of energy utilization services such as electricity and heat sales. The Information and Communications Business segment provides telecommunications services and information processing services that utilize information and communication technology (ICT). The Company also provides environmental harmony creation, business and life support, and electric power business support.
THE CHUGOKU ELECTRIC POWER CO., INC. 
