TOHOKU ELECTRIC POWER COMPANY, INCORPORATED January 31, 2022
Tohoku Electric Power Co., Inc.
Summary of Quarterly Financial Statements (Unaudited)
(April 1, 2021 - December 31, 2021)
Information below is an English translation of the "Unaudited Quarterly Financial Release" for nine months ended December 31, 2021, 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 : https://www.tohoku-epco.co.jp)
Representative : Kojiro Higuchi, 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 Third Quarter Period in FY2021 (Nine months ended December 31, 2021)
(1) 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 | % | |
9 months ended Dec. 31, 2021 | 1,398,955 | (9.2) | 23,330 | (73.4) | 10,391 | (86.3) | 2,417 | (95.2) |
9 months ended Dec. 31, 2020 | 1,541,467 | (6.2) | 87,841 | (4.5) | 75,723 | (2.9) | 50,617 | 2.4 |
(Note) Comprehensive income (9 months ended December 31, 2021: 5,735million yen -90.0%, 9 months ended December 31, 2020: 57,301million yen 10.0%) Percentage figures represent changes as compared to the same period of the previous year.
Net income per share | Net income per share | |||
(basic) | (diluted) | |||
Yen | Yen | |||
9 months ended Dec. 31, 2021 | 4.84 | - | ||
9 months ended Dec. 31, 2020 | 101.32 | 94.81 | ||
(2) Changes in Financial Positions | ||||
Total assets | Net assets | Equity-to-asset ratio | ||
Millions of yen | Millions of yen | % | ||
Dec. 31, 2021 | 4,622,604 | 886,458 | 17.5 | |
Mar. 31, 2021 | 4,471,081 | 901,534 | 18.5 |
(Reference) Shareholders' Equity (Dec. 31, 2021: 809,175million yen, March 31, 2021: 826,466 million yen)
2. Dividends
Cash dividends per share | |||||
1Q | 2Q | 3Q | Year-end | Annual total | |
Yen | Yen | Yen | Yen | Yen | |
Year ended Mar. 31, 2021 | - | 20.00 | - | 20.00 | 40.00 |
Year ending Mar. 31, 2022 | - | 20.00 | - | ||
Year ending Mar. 31, 2022 | - | - | |||
(forecast) | |||||
(Note) Forecast revision of dividends from the latest forecast: Forcasts have been revised Year-end dividend has been revised from 20 yen to "undecided."
3. Business Results Forecast for Consolidated FY2021 (Year ending March 31, 2022)
Operating revenue | Operating income | Ordinary income | Net income attributable | Net income per share | |||||
to owners of parent | (basic) | ||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
FY2021 | 1,980,000 | - | (28,000) | - | (50,000) | - | (45,000) | - | (90.04) |
(Note) Forecast revision of consolidated results from the latest forecast: Forcasts have been revised Effective from FY2021, we have adopted the "Accounting Standard for Revenue Recognition."
As a result, the rate of change to operating revenue for FY2020, for which this standard has not been applied, is not shown.
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(Reference)
Consolidated Cash Income for the Third Quarter Period in FY2021 (Nine months ended Dec. 31, 2021)
Consolidated Cash Income
Millions of yen | |
9 months ended Dec. 31, 2021 | 233,210 |
(Note) We've set a target for consolidated cash income identified in the Tohoku Electric Power Group Medium-/Long-Term Vision "Working alongside next." (In FY2024, more than 320 billion yen)
Consolidated cash income = Operating income + Depreciation + Amortization of nuclear fuel + Share of profit of entities accounted for using equity method (Operating income doesn't include time lag between fuel cost and fuel cost adjustment charges.)
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QUARTERLY CONSOLIDATED BALANCE SHEETS (Unaudited)
Third Quarter FY2021 (as of December 31, 2021) and FY2020 (as of March 31, 2021) | ||
Assets | (Millions of yen) | |
Item | December 31, 2021 | March 31, 2021 |
Non-current assets: | 3,741,892 | 3,731,366 |
Electric utility plant and equipment: | 2,453,598 | 2,492,694 |
Hydroelectric power production facilities | 176,150 | 177,880 |
Thermal power production facilities | 373,780 | 398,062 |
Nuclear power production facilities | 230,750 | 247,275 |
Transmission facilities | 572,128 | 579,633 |
Transformation facilities | 252,298 | 251,793 |
Distribution facilities | 692,623 | 680,945 |
General facilities | 124,122 | 129,929 |
Other electric utility plant and equipment | 31,743 | 27,173 |
Other non-current assets | 221,917 | 223,546 |
Construction in progress: | 491,940 | 449,526 |
Construction and retirement in progress | 442,620 | 399,393 |
Special account related to nuclear power decommissioning | 23,310 | 24,124 |
Special account related to reprocessing of spent nuclear fuel | 26,009 | 26,009 |
Nuclear fuel: | 172,129 | 174,071 |
Loaded nuclear fuel | 30,591 | 30,591 |
Nuclear fuel in processing | 141,537 | 143,479 |
Investments and other assets: | 402,306 | 391,526 |
Long-term investments | 117,602 | 109,699 |
Net defined benefit asset | 6,197 | 6,191 |
Deferred tax assets | 158,453 | 159,536 |
Other | 120,430 | 116,389 |
Allowance for doubtful accounts | (377) | (290) |
Current assets: | 880,712 | 739,715 |
Cash and deposits | 212,206 | 205,290 |
Notes and accounts receivable - trade | 218,959 | 270,266 |
Inventories | 88,376 | 65,255 |
Other | 361,812 | 199,679 |
Allowance for doubtful accounts | (643) | (777) |
Assets | 4,622,604 | 4,471,081 |
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Liabilities and net assets | (Millions of yen) | |
Item | December 31, 2021 | March 31, 2021 |
Non-current liabilities: | 2,697,891 | 2,518,124 |
Bonds payable | 1,155,000 | 1,025,000 |
Long-term loans payable | 1,175,096 | 1,117,549 |
Reserve for restoration costs of natural disaster | 6,614 | 6,614 |
Net defined benefit liability | 150,158 | 160,468 |
Asset retirement obligations | 171,145 | 170,236 |
Deferred tax liabilities for land revaluation | 1,309 | 1,323 |
Other | 38,567 | 36,933 |
Current liabilities: | 1,038,198 | 1,051,422 |
Current portion of non-current liabilities | 264,351 | 269,587 |
Notes and accounts payable - trade | 182,949 | 142,186 |
Accrued taxes | 10,686 | 58,750 |
Other advances | 310,599 | 323,575 |
Reserve for restoration costs of natural disaster | 6,036 | 11,060 |
Other | 263,575 | 246,262 |
Reserves under special laws: | 56 | - |
Reserve for fluctuation in water levels | 56 | - |
Liabilities | 3,736,146 | 3,569,547 |
Shareholders' equity: | 800,885 | 819,051 |
Capital stock | 251,441 | 251,441 |
Capital surplus | 22,290 | 22,369 |
Retained earnings | 531,893 | 550,245 |
Treasury shares | (4,739) | (5,004) |
Accumulated other comprehensive income: | 8,289 | 7,415 |
Valuation difference on available-for-sale securities | 29 | (124) |
Deferred losses on hedges | 478 | 171 |
Revaluation reserve for land | (907) | (902) |
Foreign currency translation adjustments | 722 | 666 |
Remeasurements of defined benefit plans | 7,966 | 7,604 |
Non-controlling interests | 77,283 | 75,067 |
Net assets | 886,458 | 901,534 |
Liabilities and net assets | 4,622,604 | 4,471,081 |
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QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Third Quarter FY2021 (Nine months ended December 31, 2021) and Third Quarter FY2020 (Nine months ended December 31, 2020)
(Millions of yen) | ||
Item | Nine months ended December 31, | |
2021 | 2020 | |
Operating revenue: | 1,398,955 | 1,541,467 |
Electric utility operating revenue | 1,213,120 | 1,391,108 |
Other business operating revenue | 185,834 | 150,358 |
Operating expenses: | 1,375,624 | 1,453,626 |
Electric utility operating expenses | 1,202,153 | 1,309,401 |
Other business operating expenses | 173,471 | 144,225 |
Operating income | 23,330 | 87,841 |
Non-operating income: | 3,581 | 6,097 |
Dividend income | 638 | 819 |
Interest income | 211 | 169 |
Gain on sales of goods | 1,283 | 427 |
Gain on sales of securities | - | 2,468 |
Share of profit of entities accounted for using equity method | - | 972 |
Other | 1,447 | 1,240 |
Non-operating expenses: | 16,519 | 18,215 |
Interest expenses | 10,899 | 11,793 |
Share of loss of entities accounted for using equity method | 1,228 | - |
Other | 4,391 | 6,421 |
Ordinary revenue | 1,402,536 | 1,547,565 |
Ordinary expenses | 1,392,144 | 1,471,841 |
Ordinary income | 10,391 | 75,723 |
Provision or reversal of reserve for fluctuation in water levels: | 56 | - |
Provision of reserve for fluctuation in water levels | 56 | - |
Extraordinary income: | 7,517 | - |
Gain on sales of securities | 7,517 | - |
Extraordinary loss: | 6,080 | - |
Loss on return of imbalance income and expenditure | 6,080 | - |
Income before income taxes | 11,772 | 75,723 |
Income taxes - current | 6,341 | 22,866 |
Income taxes - deferred | 470 | 1,047 |
Income taxes | 6,812 | 23,913 |
Net income | 4,960 | 51,810 |
Net income attributable to non-controlling interests | 2,543 | 1,192 |
Net income attributable to owners of parent | 2,417 | 50,617 |
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Tohoku Electric Power Co. Inc. published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 08:18:04 UTC.
