Kyushu Electric Power Incorporated : Financial Results 3Q FY2021

January 31, 2022

The 3rd Quarter of the Fiscal Year Ending March 31, 2022 Financial Results Overview 〔Japan GAAP〕（Consolidated）

Kyushu Electric Power Co., Inc.

Stock code: 9508 URL: https://www.kyuden.co.jp/english_index.htmlStock listed on: Tokyo SE, Fukuoka SE

Representative: Mr. Kazuhiro Ikebe, President & Chief Executive Officer

Contact: Investor Relations Group, Corporate Strategy Division. Tel: [phone]

Quarterly financial report submission date (plan): Feburary 10, 2022

Date to start dividend payments: −

Preparation of supplementary materials for quarterly financial results: Yes

Information meeting for quarterly financial results: No

(Rounded down to the nearest million yen)

1. Consolidated Financial Results for the Nine Months (April 1, 2021 to December 31, 2021)

(1) Consolidated Operational Results
	(% shows the changes from the same quarter period of the previous FY)
	Sales		Operating profit	Ordinary profit
	(Unit: million yen)	(%)	(Unit: million yen)	(%)	(Unit: million yen)	(%)
April 1, 2021 - December 31, 2021	1,196,797	11.9	74,482	-13.6	59,319	-19.6
April 1, 2020 - December 31, 2020	1,069,431	－	86,181	－	73,781	－
(Note) Comprehensive income : FY2021 3Q 41,979 million yen (-28.1%) FY2020 3Q 58,408 million yen ( －%)
	Profit attributable to	EPS		Fully-diluted EPS
	owners of parent
	(Unit: million yen)	(%)	(Unit: yen)	(Unit: yen)
April 1, 2021 - December 31, 2021	35,927	-35.0		72.64		64.18
April 1, 2020 - December 31, 2020	55,306	－	113.59		101.89

(Note) We have applied the "Accounting Standard for Revenue Recognition" from the beginning of the first quarter starting April 1st, 2021 (FY2021 1Q). Based on this new standard, the "Electricity Business Accounting Regulations" were revised and we have made changes in our method of accounting. "Renewable Energy Power Promotion Surcharge" and "Grant based on the Act on Purchase of Renewables", which are related to the feed-in tariff system for renewable energy, are not being recorded as net sales but are being deducted from corresponding operating expenses. As a result, the consolidated operating results for the third quarter of the fiscal year ending March 31, 2021 are shown after retroactive application of the above. The percentage change from the same period of the previous fiscal year for the third quarter starting October 1st, 2020 is not shown because it has not been calculated.

(2) Consolidated Financial Position

	Total assets	Net assets	Shareholders' equity ratio
	(Unit: million yen)	(Unit: million yen)	(%)
As of December 31, 2021	5,284,758	702,914	12.7
As of March 31, 2021	5,128,563	681,470	12.7

(Reference) Shareholders' equity : As of December 31, 2021 : 673,060 million yen As of March 31, 2021: 652,307 million yen

(Note) We have applied the "Accounting Standard for Revenue Recognition" from the beginning of the first quarter starting April 1st, 2021 (FY2021 1Q). As a result, the consolidated financial status for the fiscal year ended March 2021 is shown after the retrospective application of the said accounting standards.

2. Dividends

		Annual dividends per share
	1Q	2Q	3Q	Year-end	Total
	(Unit: yen)	(Unit: yen)	(Unit: yen)	(Unit: yen)	(Unit: yen)
FY2020 ended March 31, 2021	―	17.50	―	17.50	35.00
FY2021 ended March 31, 2022	―	20.00
FY2021 ending March 31, 2022			―	20.00	40.00
(forecast)

(Note) Revision of the devidend forecast : No

Dividends mentioned the above are regarding common shares. See 'Dividends for Class Shares' regarding dividends for class shares which differ in shareholders' right from common shares.

3. Consolidated Financial Results Forecasts for FY2021 (April 1, 2021 to March 31, 2022)

	Sales		Operating profit	Ordinary profit		Profit attributable to	EPS
			owners of parent
	(Unit: million yen)	(%)	(Unit: million yen)	(%)	(Unit: million yen)		(%)	(Unit: million yen)	(%)	(Unit: yen)
Full-year	1,700,000	11.7	70,000	-9.0	50,000		-9.4	25,000	-21.5	48.41

(Note) Revision of financial results forecasts : Yes

For the revision of the Forecast of Financial Results, please refer to 'Revision of Financial Results Forecast for FY2021' announced on January 31,2022

We have applied the "Accounting Standard for Revenue Recognition" from the beginning of the first quarter starting April 1st, 2021 (FY2021 1Q). Based on this new standard, the "Electricity Business Accounting Regulations" were revised and we have made changes in our method of accounting. "Renewable Energy Power Promotion Surcharge" and "Grant based on the Act on Purchase of Renewables", which are related to the feed-in tariff system for renewable energy, are not being recorded as net sales but are being deducted from corresponding operating expenses.Therefore, the percentage change from the previous fiscal year is the percentage change from the actual results for the fiscal year ended March 31, 2021, after applying these changes retroactively.

• Note

(1)Changes in significant subsidiaries : No (changes in scope of specified subsidiaries)

Newly added: －

Excluded: －

1. Adoption of methods specific in preparing quarterly consolidated financial statements in accounting practice : No
2. Changes in accounting principles, changes in accounting estimates, restatement

• Changes in accounting principles in line with revised accounting standards : Yes
  ② Changes in accounting principles other than ① : No
  ③ Changes in accounting estimates : No
  ④ Restatement : No

(Note) For details, see "(3) Notes on Quarterly Consolidated Financial Statements :Changes in accounting policies on Page 6.

1. Number of common stocks issued and outstanding

• Total stocks including treasury stocks at the end of period

FY2021 3Q	474,183,951 shares	FY2020	474,183,951 shares
② Treasury stocks at the end of period
FY2021 3Q	1,460,262 shares	FY2020	1,158,956 shares

• Average number of stocks during the period (Quarter Total)

FY2021 3Q 472,894,359 shares

FY2020 3Q 473,011,342 shares

(Note) The number of our shares regarding "Board Benefit Trust (BBT)" held by the Trust was included in the number of treasury stocks at the end of period ( 897,000 shares as of FY2021 3Q and 603,000 shares as of FY2020) . In addition, the number

of our shares held by the Trust was included in the number of treasury stocks, which was to be deducated from the calculation of the average number of stocks during the period. ( 730,000 shares for FY2021 3Q and 623,000 share for FY2020 3Q)

*Quarterly financial results is not the object of quarterly review.

*Notes on the proper use of the forecasts

Looking-forward statements are based on information available at the date of the release of this document. Due to various factors, the actual result may differ from these statements.

We will post supplementary materials for quarterly financial results on our website.

(Reference) Dividends for Class Shares

The breakdown of dividend for class shares which differ in shareholders' rights from common shares is as follows.

Class A		Annual dividends per share
preferred shares	1Q	2Q	3Q	Year-end	Total
	(Unit: yen)	(Unit: yen)	(Unit: yen)	(Unit: yen)	(Unit: yen)
FY2020 ended March 31, 2021	―	1,050,000.00	―	1,050,000.00	2,100,000.00
FY2021 ended March 31, 2022	―	1,050,000.00
FY2021 ending March 31, 2022			―	1,050,000.00	2,100,000.00
(forecast)

(Note) Revision of the dividend forecast : No

Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2021 3Q

• Table of Contents of Attached Material

1. Quarterly Consolidated Financial Statements and Notes ・・・・・・・・・・・・・・・・・・ 2

1. Quarterly Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・・ 2
2. Quarterly Consolidated Income Statements

and Quarterly Consolidated Comprehensive Income Statements ・・・・・・・・・・・・ 4

1. Notes on Quarterly Consolidated Financial Statements ・・・・・・・・・・・・・・・・ 6 (Notes on the premise of going concern) ・・・・・・・・・・・・・・・・・・・・・ 6 (Notes in case of drastic changes in the amount of equity)・・・・・・・・・・・・・・・ 6 (Changes in accounting policies) ・・・・・・・・・・・・・・・・・・・・・・・・・6

2. Others ・・・・・・・・・・・・・・・・・ ・・・・・・・・・・・・・・・・・・・・ 7 (Major effects of the Corona virus) ・・・・・・・・・・・・・・・・・・・・・・・ 7

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2021 3Q

1. Quarterly Consolidated Financial Statements and Notes

(1) Quarterly Consolidated Balance Sheets

			（Unit：million yen）
	As of March 31, 2021	As of December 31, 2021
Assets
Non-current assets	4,497,950	4,542,159
Electric utility plant and equipment	2,701,288	2,694,167
Hydroelectric power production facilities	256,238	254,080
Thermal power production facilities	274,643	257,625
Nuclear power production facilities	547,368	553,699
Internal combustion engine power production facilities	20,874	20,553
Renewable power production facilities	25,124	23,736
Transmission facilities	570,968	568,206
Transformation facilities	218,620	222,583
Distribution facilities	645,239	652,468
General facilities	128,636	127,903
Other electric utility plant and equipment	13,574	13,309
Other non-current assets	383,892	384,533
Construction in progress	621,441	651,216
Construction and retirement in progress	504,045	529,949
Special account related to nuclear power decommissioning	41,926	40,670
Special account related to reprocessing of spent nuclear fuel	75,470	80,596
Nuclear fuel	229,765	220,153
Loaded nuclear fuel	54,930	41,018
Nuclear fuel in processing	174,835	179,134
Investments and other assets	561,562	592,089
Long-term investments	215,981	240,960
Retirement benefit asset	22,493	24,528
Deferred tax assets	144,062	138,122
Other	△		△
180,427	189,622
Allowance for doubtful accounts		1,402		1,143
Current assets	630,612	742,598
Cash and deposits	234,163	259,905
Notes and accounts receivable - trade	148,844		－
Notes and accounts receivable - trade, and contract assets		－	167,528
Inventories	70,426	111,412
Other	△		△
180,913	206,229
Allowance for doubtful accounts		3,734		2,478
Total assets	5,128,563	5,284,758

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