TOHOKU ELECTRIC POWER CO., INC.
April 30, 2020
Financial Results for the Fiscal Year ended March 31, 2020 (FY2019) and Financial Forecasts for
the Fiscal Year ending March 31, 2021 (FY2020)
Tohoku Electric Power CO., Inc. released its consolidated FY2019 (April 1,2019 through March 31, 2020) Financial Results today.
【Consolidated Financial Results】
Electricity sales (retail) decreased due to the impact of intensified competition resulting from liberalization of retail electricity market. On the other hand, the amount of electricity (wholesale) sold outside Tohoku and Niigata area increased. As a result, operating revenue rose to ¥2,246.3 billion, a year on year increase of ¥2.0 billion or 0.1%.
Operating revenue includes ¥495.9 billion, total of grant under act on purchase of renewable energy sourced electricity and surcharge for promoting renewable energy sourced electricity based on Feed-in Tariff Scheme for renewable energy and the self-contracted portion due to introduction of the indirect auction. As this is recorded in expenses as well, it does not affect the Company's income.
Ordinary income increased to ¥99.9 billion, an increase of ¥34.2 billion, or 52.1%. This was due to the fuel cost reduction effect by starting operation of Noshiro Thermal Power Plant No.3 and our efforts to further improve productivity and efficiency as our group of companies, as well as the impact of the time lag of the fuel cost adjustment system.
Extraordinary losses of ¥6.1 billion were recorded, including expenses required to restore damaged equipment due to Typhoon No. 19. As a result, net income attributable to owners of the parent rose to ¥63.0 billion, an increase of ¥16.5 billion or 35.7%.
【Electricity Sales Volume】
Our electricity sales volume (retail) was 67.2 TWh, a year-on-year decrease 2.5%, due to a decrease in heating demand due to higher temperatures in winter compared to the previous year, switching of contracts resulting from intensified competition, as well as a decrease in industrial production.
On the other hand, electricity sales (wholesale) increased to 17.7 TWh, a year on year increase of 8.8%, due to an increase in wholesale sales outside Tohoku and Niigata area.
As a result, our total electric power sales rose to 84.8 TWh, a year on year of decrease 0.3%.
【Financial Results】
[Consolidated] | (Billions of yen) | ||||
Operating | Operating | Ordinary | Net income | ||
revenue | income | income | attributable to | ||
owners of parent | |||||
FY2019 | 2,246.3(0.1%) | 116.3(39.1%) | 99.9(52.1%) | 63.0(35.7%) | |
FY2018 | 2,244.3(8.3%) | 83.6(-22.3%) | 65.7(-25.7%) | 46.4(-1.6%) | |
Percentage figures represent changes as compared to the same period of the previous year | |||||
[Non-consolidated] | (Billions of yen) | ||||
Operating | Operating | Ordinary | Net | ||
revenue | income | income | Income | ||
FY2019 | 2,031.9(0.3%) | 94.0(56.0%) | 78.0(66.6%) | 51.6(28.1%) | |
FY2018 | 2,025.5(8.4%) | 60.2(-26.8%) | 46.8(-30.7%) | 40.3(-3.6%) | |
Percentage figures represent changes as compared to the same period of the previous year
(Reference)
Operating revenue includes total of grant under act on purchase of renewable energy sourced electricity and surcharge for promoting renewable energy sourced electricity based on Feed-inTariff Scheme for renewable energy and the self-contractedportion due to introduction of the indirect auction (*). Operating revenue and operating income on operating revenue ratio excluding these factors are as follows.
(Billions of yen) | ||||
Operating | Operating | Operating | Operating | |
FY2019 | revenue | revenue | income on | income on |
excluding (*) | operating | operating | ||
revenue ratio | revenue ratio | |||
excluding (*) | ||||
Consolidated | 2,246.3 | 1,750.3 | 5.2% | 6.6% |
Non-consolidated | 2,031.9 | 1,535.9 | 4.6% | 6.1% |
[Changing factor of consolidated ordinary income]
2018FY | Loss -18.0 | ||||
2019FY | Profit 22.0 | ||||
Increase | 40.0 | ||||
Increase in | Decrease in fuel | ||||
cost due to | |||||
depreciation | |||||
starting operation | Others | ||||
-11.1 | expenses | ||||
of Noshiro No.3 | 8.3 | ||||
Decrease in the | -10.8 | ||||
7.9 |
Ordinary | volume of retail |
income | electricity sales |
65.7 | I m p a c t e xc l u d i n g t i m e l a g b e t we e n f u e l c o s t |
a n d f u e l c o s t a d j u s t m e n t c h a r g e s | |
: d e c r e a s e o f a b o u t 6 b i l l i o n y e n |
(Billions of yen)
40.0
Ordinary
Time lag | income |
between fuel | 99.9 |
cost and fuel | |
cost adjustment | |
charges |
2018FY | 2019FY | |
< Major factors >
Items | FY2019 | FY2018 |
Crude oil CIF price ($/bbl.) | 67.8 | 72.1 |
Exchange rate (¥/$) | 109 | 111 |
Hydro Power Flow Rate(%) | 100.2 | 90.5 |
Nuclear power utilization rate (%) | - | - |
【Financial Positions】
[Consolidated] | (Billions of yen) | |||
Total assets | Net assets | Equity-to-asset | ||
ratio | ||||
Mar.31,2020 | 4,323.0 | 864.1 | 18.3% | |
Mar.31,2019 | 4,258.6 | 833.7 | 17.9% | |
[Non-consolidated] | (Billions of yen) | |||
Total assets | Net assets | Equity-to-asset | ||
ratio | ||||
Mar.31,2020 | 3,962.7 | 683.7 | 17.2% | |
Mar.31,2019 | 3,923.5 | 654.1 | 16.6% | |
【Electricity Sales】
(GWh) | |||||
Retail | |||||
Lightning | Retail | Wholesale | Total | ||
Power | Electricity | ||||
(Residential) | |||||
Sales | |||||
FY2019 | 21.8(-4.1%) | 45.4(-1.7%) | 67.2(-2.5%) | 17.7(8.8%) | 84.8(-0.3%) |
FY2018 | 22.7(-4.8%) | 46.1(-4.1%) | 68.9(-4.3%) | 16.2(18.8%) | 85.1(-0.6%) |
Percentage figures represent changes as compared to the same period of the previous year
【Dividend for fiscal 2019】
Our basic dividend policy is to distribute stable dividends, taking into consideration the Company's business performance of the relevant fiscal year and the medium- to long-term financial prospects.
Regarding the financial results for this fiscal year, the amount of electricity sold (retail) decreased due to intensifying competition, and typhoon No. 19 incurred costs required to restore damaged equipment. On the other hand, the amount of electricity sold (wholesale) to countries other than Tohoku and Niigata area increased. In addition, fuel costs decreased due to an increase in fuel cost adjustments and the start of operation of Noshiro Thermal Power Station Unit 3. Furthermore, as a group of companies, we have improved productivity and efficiency. As a result, we were able to secure a certain level of profit.
In the "Tohoku Electric Power Group Medium- and Long-Term Vision", we have stated that we aim to realize "a corporate group that contributes to the realization of a smart society in the new era from Tohoku and grows with the sustainable development of society." To achieve this, we will thoroughly strengthen our competitiveness by promoting structural reforms of the "electric power supply business," which is the core business of the Tohoku Electric Power Group. In addition, we have positioned the "smart society building business" as a growth business to solve social issues and realize a society in which people living in the area can live comfortably, safely and securely. We will boldly take on the challenge of changing the business model.
Comprehensively deliberating the facts described above, the Company decided to pay the year-end dividend of 20 yen per share for FY2019.
【Financial Forecast for fiscal 2020】
Financial forecasts for the year ending March 31, 2020 have yet to be determined at this time, because the impact on the power demand resulting from the spread of COVID-19 is unclear and it is difficult to reasonably assess the estimates. These forecasts will be promptly disclosed as soon as certain conditions are met and we can reasonably assess the estimates of income.
【Dividend Forecast for fiscal 2020】
The dividends for both interim and year-end FY2020 have yet to be determined at this time.
April 30, 2020
Tohoku Electric Power Co., Inc.
Summary of Financial Statements (Unaudited)
(April 1, 2019 - March 31, 2020)
Information below is an English translation of the "Unaudited Financial Release" for the year ended March 31, 2020, 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 : 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 FY2019 (Year ended March 31, 2020)
(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 | % | |
Year ended Mar. 31, 2020 | 2,246,369 | 0.1 | 116,350 | 39.1 | 99,966 | 52.1 | 63,074 | 35.7 |
Year ended Mar. 31, 2019 | 2,244,314 | 8.3 | 83,633 | (22.3) | 65,743 | (25.7) | 46,483 | (1.6) |
(Note) Comprehensive income (FY2019: 50,924 million yen -8.7%, FY2018: 55,763 million yen -14.3%) Percentage figures represent changes as compared to the same period of the previous year.
Net income per share | Net income per share | Net income / Equity | Ordinary income / | Operating income / | |||||||||
(basic) | (diluted) | Total assets | Operating revenue | ||||||||||
Yen | Yen | % | % | % | |||||||||
Year ended Mar. 31, 2020 | 126.32 | 117.38 | 8.1 | 2.3 | 5.2 | ||||||||
Year ended Mar. 31, 2019 | 93.12 | 87.61 | 6.2 | 1.6 | 3.7 | ||||||||
(Reference) | Share of profit of entities accounted for using equity method (FY2019: 534 million yen, FY2018: 141 milion yen) | ||||||||||||
(Note) Percentage figures represent changes as compared to the same period of the previous year. | |||||||||||||
(2) Changes in Financial Positions | |||||||||||||
Total assets | Net assets | Equity-to-asset ratio | Net assets per share | ||||||||||
Millions of yen | Millions of yen | % | Yen | ||||||||||
Mar. 31, 2020 | 4,323,099 | 864,177 | 18.3 | 1,584.30 | |||||||||
Mar. 31, 2019 | 4,258,633 | 833,711 | 17.9 | 1,526.66 | |||||||||
(Reference) | Shareholders' Equity (March 31, 2020: 791,121 million yen, March 31, 2019: 762,167 million yen) | ||||||||||||
(3) Situations of Cash Flows | |||||||||||||
Cash flows from | Cash flows from | Cash flows from | Cash and cash equivalents | ||||||||||
operating activities | investing activities | financing activities | at end of the year | ||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||||||||
Year ended Mar. 31, 2020 | 371,525 | (310,627) | 6,719 | 252,322 | |||||||||
Year ended Mar. 31, 2019 | 262,804 | (250,570) | (69,307) | 184,942 | |||||||||
2. Dividends | |||||||||||||
Cash dividends per share | Dividends paid | Dividends | Dividends / | ||||||||||
1Q | 2Q | 3Q | Year-end | Annual total | for the year | payout ratio | Net assets | ||||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | ||||||
Year ended Mar. 31, 2019 | - | 20.00 | - | 20.00 | 40.00 | 19,969 | 43.0 | 2.7 | |||||
Year ended Mar. 31, 2020 | - | 20.00 | - | 20.00 | 40.00 | 19,974 | 31.7 | 2.6 | |||||
Year ending Mar. 31, 2021 | - | - | - | - | - | - | |||||||
(forecast) | |||||||||||||
(Note) Dividend forecasts for the year ending March 31, 2021 have yet to be determined at this time.
3. Business Results Forecast for Consolidated FY2020 (Year ending March 31, 2021)
Financial forecasts for the year ending March 31, 2020 have yet to be determined at this time, because the impact on the power demand resulting from the spread of COVID-19 is unclear and it is difficult to reasonably assess the estimates of income.
These forecasts will be promptly disclosed as soon as certain conditions are met and we can reasonably assess the estimates.
1
(Reference) Summary of Non-consolidated Financial Statements
1. Business Results for Non-consolidated FY2019 (Year ended March 31, 2020)
(1) Progresses of Financial Results
Operating revenue | Operating income | Ordinary income | Net income | ||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||
Year ended Mar. 31, 2020 | 2,031,978 | 0.3 | 94,026 | 56.0 | 78,013 | 66.6 | 51,659 | 28.1 | |
Year ended Mar. 31, 2019 | 2,025,559 | 8.4 | 60,284 | (26.8) | 46,821 | (30.7) | 40,320 | (3.6) | |
Net income per share | Net income per share | ||||||||
(basic) | (diluted) | ||||||||
Yen | Yen | ||||||||
Year ended Mar. 31, 2020 | 103.46 | 96.12 | |||||||
Year ended Mar. 31, 2019 | 80.77 | 75.97 | |||||||
(Note) Percentage figures represent changes as compared to the same period of the previous year. | |||||||||
(2) Changes in Financial Positions | |||||||||
Total assets | Net assets | Equity-to-asset ratio | Net assets per share | ||||||
Millions of yen | Millions of yen | % | Yen | ||||||
Mar. 31, 2020 | 3,962,777 | 683,710 | 17.2 | 1,366.96 | |||||
Mar. 31, 2019 | 3,923,541 | 654,178 | 16.6 | 1,308.32 |
(Reference) Shareholders' Equity (March 31, 2020: 682,590 million yen, March 31, 2019: 653,164 million yen)
2
CONSOLIDATED BALANCE SHEETS (Unaudited)
FY2019 (As of March 31, 2020) and FY2018 (As of March 31, 2019) | ||
Assets | (Millions of yen) | |
Item | March 31, 2020 | March 31, 2019 |
Non-current assets: | 3,679,082 | 3,620,997 |
Electric utility plant and equipment: | 2,504,659 | 2,468,035 |
Hydroelectric power production facilities | 187,035 | 181,091 |
Thermal power production facilities | 402,870 | 340,205 |
Nuclear power production facilities | 254,447 | 271,914 |
Transmission facilities | 589,116 | 604,313 |
Transformation facilities | 255,044 | 256,905 |
Distribution facilities | 670,135 | 662,292 |
General facilities | 118,187 | 122,667 |
Other electric utility plant and equipment | 27,821 | 28,645 |
Other non-current assets | 226,872 | 214,278 |
Construction in progress: | 403,472 | 398,140 |
Construction and retirement in progress | 357,778 | 359,324 |
Special account related to nuclear power decommissioning | 24,451 | 24,514 |
Special account related to reprocessing of spent nuclear fuel | 21,243 | 14,300 |
Nuclear fuel: | 174,331 | 165,081 |
Loaded nuclear fuel | 30,591 | 30,591 |
Nuclear fuel in processing | 143,740 | 134,490 |
Investments and other assets: | 369,745 | 375,461 |
Long-term investments | 99,462 | 102,888 |
Net defined benefit asset | 3,844 | 4,303 |
Deferred tax assets | 159,568 | 162,696 |
Other | 107,199 | 105,933 |
Allowance for doubtful accounts | (328) | (360) |
Current assets: | 644,017 | 637,635 |
Cash and deposits | 244,010 | 178,729 |
Notes and accounts receivable - trade | 224,649 | 232,303 |
Inventories | 67,374 | 78,789 |
Other | 108,450 | 148,275 |
Allowance for doubtful accounts | (466) | (462) |
Assets | 4,323,099 | 4,258,633 |
3
Liabilities and net assets | (Millions of yen) | |
Item | March 31, 2020 | March 31, 2019 |
Non-current liabilities: | 2,457,197 | 2,431,227 |
Bonds payable | 865,000 | 815,120 |
Long-term loans payable | 1,190,302 | 1,216,986 |
Reserve for restoration costs of natural disaster | 5,061 | 4,873 |
Net defined benefit liability | 189,968 | 178,561 |
Asset retirement obligations | 165,848 | 161,929 |
Deferred tax liabilities for land revaluation | 1,330 | 1,373 |
Other | 39,685 | 52,383 |
Current liabilities: | 1,001,724 | 993,693 |
Current portion of non-current liabilities | 372,388 | 321,875 |
Notes and accounts payable - trade | 144,616 | 141,197 |
Accrued taxes | 33,253 | 22,941 |
Other advances | 205,984 | 252,430 |
Reserve for restoration costs of natural disaster | 2,613 | 198 |
Other | 242,869 | 255,049 |
Liabilities | 3,458,921 | 3,424,921 |
Shareholders' equity: | 809,454 | 766,343 |
Capital stock | 251,441 | 251,441 |
Capital surplus | 22,390 | 22,558 |
Retained earnings | 542,187 | 499,132 |
Treasury shares | (6,564) | (6,788) |
Accumulated other comprehensive income: | (18,332) | (4,176) |
Valuation difference on available-for-sale securities | 197 | 3,072 |
Deferred losses on hedges | (618) | (908) |
Revaluation reserve for land | (895) | (854) |
Foreign currency translation adjustments | (288) | 179 |
Remeasurements of defined benefit plans | (16,727) | (5,666) |
Subscription rights to shares | 1,120 | 1,013 |
Non-controlling interests | 71,935 | 70,530 |
Net assets | 864,177 | 833,711 |
Liabilities and net assets | 4,323,099 | 4,258,633 |
4
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
FY2019 (Year ended March 31, 2020) and FY2018 (Year ended March 31, 2019)
(Millions of yen) | ||
Item | Year ended March 31, | |
2020 | 2019 | |
Operating revenue: | 2,246,369 | 2,244,314 |
Electric utility operating revenue | 2,022,251 | 2,012,701 |
Other business operating revenue | 224,117 | 231,613 |
Operating expenses: | 2,130,018 | 2,160,681 |
Electric utility operating expenses | 1,916,492 | 1,943,004 |
Other business operating expenses | 213,525 | 217,676 |
Operating income | 116,350 | 83,633 |
Non-operating income: | 8,724 | 6,840 |
Dividend income | 943 | 941 |
Interest income | 224 | 223 |
Gain on sales of securities | 3,249 | 0 |
Share of profit of entities accounted for using equity method | 534 | 141 |
Other | 3,773 | 5,533 |
Non-operating expenses: | 25,108 | 24,730 |
Interest expenses | 17,331 | 18,762 |
Other | 7,777 | 5,968 |
Ordinary revenue | 2,255,093 | 2,251,155 |
Ordinary expenses | 2,155,127 | 2,185,412 |
Ordinary income | 99,966 | 65,743 |
Provision or reversal of reserve for fluctuation in water levels: | - | (1,100) |
Reversal of reserve for fluctuation in water levels | - | (1,100) |
Extraordinary gain: | - | 7,900 |
Compensation income for damage | - | 7,900 |
Extraordinary loss: | 6,198 | 2,145 |
Contingent loss | 550 | - |
Loss on disaster | 5,648 | - |
Loss on decommissioning of Onagawa Nuclear Power Station Unit 1 | - | 2,145 |
Income before income taxes | 93,768 | 72,598 |
Income taxes - current | 20,414 | 13,861 |
Income taxes - deferred | 8,287 | 7,873 |
Income taxes | 28,702 | 21,735 |
Net income | 65,065 | 50,863 |
Net income attributable to non-controlling interests | 1,991 | 4,379 |
Net income attributable to owners of parent | 63,074 | 46,483 |
5
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
FY2019 (Year ended March 31, 2020) and FY2018 (Year ended March 31, 2019)
(Millions of yen) | |||
Item | Year ended March 31, | ||
2020 | 2019 | ||
Net income | 65,065 | 50,863 | |
Other comprehensive income: | |||
Valuation difference on available-for-sale securities | (2,939) | (3,883) | |
Deferred gains or losses on hedges | 290 | 363 | |
Foreign currency translation adjustments | (470) | (503) | |
Remeasurements of defined benefit plans | (11,019) | 8,925 | |
Share of other comprehensive income of entities accounted for using equity method | (2) | (1) | |
Other comprehensive income | (14,141) | 4,900 | |
Comprehensive income | 50,924 | 55,763 | |
Comprehensive income attributable to: | |||
Comprehensive income attributable to owners of parent | 48,959 | 51,450 | |
Comprehensive income attributable to non-controlling interests | 1,965 | 4,312 |
6
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
FY2019 (Year ended March 31, 2020) and FY2018 (Year ended March 31, 2019) | |||||||
FY2019 | (Millions of yen) | ||||||
Shareholders' equity | Accumulated other comprehensive income | ||||||
Retained | Total | Valuation difference | Deferred losses | ||||
Capital stock | Capital surplus | Treasury shares | Shareholders' | on available-for-sale | |||
earnings | on hedges | ||||||
equity | securities | ||||||
Balance at the beginning of current period | 251,441 | 22,558 | 499,132 | (6,788) | 766,343 | 3,072 | (908) |
Changes of items during the period | |||||||
Changes in parent's ownership | |||||||
interests arising from transactions | (168) | (168) | |||||
with non-controlling interests | |||||||
Dividends of surplus | (19,971) | (19,971) | |||||
Net income attributable to owners of | |||||||
parent | 63,074 | 63,074 | |||||
Purchases of treasury shares | (20) | (20) | |||||
Disposal of treasury shares | (88) | 244 | 155 | ||||
Reversal of revaluation reserve for | |||||||
land | 41 | 41 | |||||
Net changes of items other than | |||||||
shareholders' equity | (2,875) | 290 | |||||
Total changes of items during the period | - | (168) | 43,055 | 223 | 43,110 | (2,875) | 290 |
Balance at the end of current period | 251,441 | 22,390 | 542,187 | (6,564) | 809,454 | 197 | (618) |
Accumulated other comprehensive income | |||||||
Subscription | Non-controlling | Total net assets | |||||
Revaluation | Foreign currency | Remeasurements | Total accumulated | rights to shares | interests | ||
translation | of defined benefit | other comprehensive | |||||
reserve for land | |||||||
adjustments | plans | income | |||||
Balance at the beginning of current period | (854) | 179 | (5,666) | (4,176) | 1,013 | 70,530 | 833,711 |
Changes of items during the period | |||||||
Changes in parent's ownership | |||||||
interests arising from transactions | (168) | ||||||
with non-controlling interests | |||||||
Dividends of surplus | (19,971) | ||||||
Net income attributable to owners of | |||||||
parent | 63,074 | ||||||
Purchases of treasury shares | (20) | ||||||
Disposal of treasury shares | 155 | ||||||
Reversal of revaluation reserve for | |||||||
land | 41 | ||||||
Net changes of items other than | |||||||
shareholders' equity | (41) | (468) | (11,061) | (14,156) | 107 | 1,404 | (12,644) |
Total changes of items during the period | (41) | (468) | (11,061) | (14,156) | 107 | 1,404 | 30,465 |
Balance at the end of current period | (895) | (288) | (16,727) | (18,332) | 1,120 | 71,935 | 864,177 |
7
FY2018 | (Millions of yen) | ||||||
Shareholders' equity | Accumulated other comprehensive income | ||||||
Retained | Total | Valuation difference | Deferred losses | ||||
Capital stock | Capital surplus | Treasury shares | Shareholders' | on available-for-sale | |||
earnings | on hedges | ||||||
equity | securities | ||||||
Balance at the beginning of current period | 251,441 | 22,433 | 472,718 | (7,101) | 739,490 | 6,861 | (1,272) |
Changes of items during the period | |||||||
Changes in parent's ownership | |||||||
interests arising from transactions | 125 | 125 | |||||
with non-controlling interests | |||||||
Dividends of surplus | (19,966) | (19,966) | |||||
Net income attributable to owners of | |||||||
parent | 46,483 | 46,483 | |||||
Purchases of treasury shares | (33) | (33) | |||||
Disposal of treasury shares | (117) | 347 | 229 | ||||
Reversal of revaluation reserve for | |||||||
land | 13 | 13 | |||||
Net changes of items other than | |||||||
shareholders' equity | (3,789) | 363 | |||||
Total changes of items during the period | - | 125 | 26,413 | 313 | 26,853 | (3,789) | 363 |
Balance at the end of current period | 251,441 | 22,558 | 499,132 | (6,788) | 766,343 | 3,072 | (908) |
Accumulated other comprehensive income | |||||||
Subscription | Non-controlling | Total net assets | |||||
Revaluation | Foreign currency | Remeasurements | Total accumulated | rights to shares | interests | ||
translation | of defined benefit | other comprehensive | |||||
reserve for land | |||||||
adjustments | plans | income | |||||
Balance at the beginning of current period | (840) | 684 | (14,562) | (9,129) | 957 | 67,387 | 798,705 |
Changes of items during the period | |||||||
Changes in parent's ownership | |||||||
interests arising from transactions | 125 | ||||||
with non-controlling interests | |||||||
Dividends of surplus | (19,966) | ||||||
Net income attributable to owners of | |||||||
parent | 46,483 | ||||||
Purchases of treasury shares | (33) | ||||||
Disposal of treasury shares | 229 | ||||||
Reversal of revaluation reserve for | |||||||
land | 13 | ||||||
Net changes of items other than | |||||||
shareholders' equity | (13) | (504) | 8,896 | 4,953 | 56 | 3,143 | 8,152 |
Total changes of items during the period | (13) | (504) | 8,896 | 4,953 | 56 | 3,143 | 35,005 |
Balance at the end of current period | (854) | 179 | (5,666) | (4,176) | 1,013 | 70,530 | 833,711 |
8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
FY2019(Year ended March 31, 2020) and FY2018 (Year ended March 31, 2019)
(Millions of yen) | |||
Item | Year ended March 31, | ||
2020 | 2019 | ||
Cash flows from operating activities: | |||
Income before income taxes | 93,768 | 72,598 | |
Depreciation | 227,019 | 215,628 | |
Decommissioning costs of nuclear power units | 7,269 | 7,664 | |
Amortization of special account related to nuclear power decommissioning | 63 | 26 | |
Loss on retirement of non-current assets | 13,577 | 12,636 | |
Increase (decrease) in net defined benefit liability | (6,465) | (7,266) | |
Increase (decrease) in reverse for fluctuation in water levels | - | (1,100) | |
Interest and dividend income | (1,167) | (1,165) | |
Interest expenses | 17,331 | 18,762 | |
Decrease (increase) in notes and accounts receivable - trade | 4,009 | (27,154) | |
Decrease (increase) in inventories | 11,022 | (8,589) | |
Increase (decrease) in notes and accounts payable - trade | 4,111 | (3,603) | |
Increase (decrease) in deposits received | 25,735 | 21,983 | |
Other, net | 4,322 | (2,179) | |
Subtotal | 400,597 | 298,240 | |
Interest and dividend income received | 1,168 | 1,164 | |
Interest expenses paid | (17,448) | (19,550) | |
Income taxes paid | (12,791) | (17,050) | |
Net cash provided by operating activities | 371,525 | 262,804 | |
Cash flows from investing activities: | |||
Purchase of non-current assets | (317,323) | (272,304) | |
Payments of investment and loans receivable | (15,191) | (11,629) | |
Collection of investment and loans receivable | 16,233 | 9,212 | |
Other, net | 5,653 | 24,150 | |
Net cash used in investing activities | (310,627) | (250,570) | |
Cash flows from financing activities: | |||
Proceeds from issuance of bonds | 234,278 | 99,666 | |
Redemption of bonds | (95,000) | (119,700) | |
Proceeds from long-term loans payable | 150,325 | 194,600 | |
Repayments of long-term loans payable | (218,039) | (240,196) | |
Increase in short-term loans payable | 15,856 | 32,300 | |
Decrease in short-term loans payable | (15,800) | (32,928) | |
Proceeds from issuance of commercial papers | 217,000 | 513,000 | |
Redemption of commercial papers | (257,000) | (491,000) | |
Cash dividends paid | (19,918) | (19,871) | |
Dividends paid to non-controlling interests | (1,054) | (1,061) | |
Other, net | (3,927) | (4,116) | |
Net cash used in financing activities | 6,719 | (69,307) | |
Effect of exchange rate change on cash and cash equivalents | (237) | (154) | |
Net increase(decrease) in cash and cash equivalents | 67,379 | (57,228) | |
Cash and cash equivalents at beginning of the period | 184,942 | 242,171 | |
Cash and cash equivalents at end of the period | 252,322 | 184,942 |
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(Note)
This report solely constitutes reference material for the purpose of providing the readers with relevant information to evaluate our company.
The information contains forward-looking statements based on assumptions and projections about the future with regard to our company. As such, the readers are kindly asked to refrain from making judgment by depending solely on this information.
The forward-looking statements inherently involve a degree of risks and uncertainties. Consequently, these risks and uncertainties could cause the actual results and performance to differ from the assumed or projected status of the company.
Tohoku Electric Power Co., Inc. hereby disclaim any responsibility or liability in relation to consequences resulting from decisions made by investors.
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Tohoku Electric Power Co. Inc. published this content on 30 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2020 08:17:07 UTC