Kyushu Electric Power Incorporated : The Fiscal Year Ended March 31,2021 Financial Results Overview

April 30, 2021

The Fiscal Year Ended March 31, 2021 Financial Results Overview 〔Japan GAAP〕（Consolidated） Kyushu Electric Power Co., Inc.

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

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

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

General Meeting of Stockholders date (plan) : June 25,2021

Commencement of payment of year-end dividend: June 28,2021

Annual security report submission date (plan): June 28,2021

Preparation of supplementary materials for quarterly financial results: Yes

Information meeting for quarterly financial results: Yes (for analysts and institutional investors)

(Rounded down to the nearest million yen)

1. Consolidated Financial Results for FY2020(April 1, 2020 to March 31, 2021)

(1) Consolidated Operational Results						(% shows the changes from the previous FY)
				Sales			Operating income		Ordinary income
			(Unit: million yen)	(%)		(Unit: million yen)		(%)		(Unit: million yen)		(%)
FY2020 ended March 31, 2021		2,131,799	5.9			77,397		21.3				55,683	39.0
FY2019 ended March 31, 2020		2,013,050	-0.2			63,813		-26.3				40,052	-23.8
(Note) Comprehensive income : FY2020 62,763 million yen (-%)	FY2019 2,954 million yen (-%)
									Fully-diluted	Net return		Ratio of	Ratio of
	Profit attributable to	Net income	on			current	current
	net earnings
		owners of parent		per share	shareholders'		income to	income to
									per share	equity		total capital		sales
	(Unit: million yen)	(%)		(Unit: yen)	(Unit: yen)			(%)			(%)	(%)
FY2020 ended March 31, 2021		32,167	―		63.57	57.01			5.1			1.1	3.6
FY2019 ended March 31, 2020		-419	―		-6.05	―			-0.1			0.8	3.2

(Reference) Investment Profit/Loss under Equity Methods : FY2020 9,884 million yen FY2019 9,247 million yen

(Note) Fully-diluted EPS for FY2019 is not indicated in spite of existence of delutive potential shares because EPS is net loss.

(2) Consolidated Financial Position

			Total assets		Net assets		Shareholders'	Net assets
					equity ratio	per share
			(Unit: million yen)		(Unit: million yen)	(%)	(Unit: yen)
	FY2020 ended March 31, 2021		5,126,822		682,752	12.7	1,168.09
	FY2019 ended March 31, 2020		4,948,063		637,957	12.3	1,077.38
	(Reference) Shareholders' equity: FY2020 653,585 million yen FY2019 610,641 million yen
	(3) Consolidated Cash Flow
			Cash flow from	Cash flow from		Cash flow from		Cash and cash
			investment			equivalents balance
			operating activities	financing activities
					activities				as of term-end
			(Unit: million yen)	(Unit: million yen)		(Unit: million yen)		(Unit: million yen)
	FY2020 ended March 31, 2021	253,459	-330,587		95,549		223,901
	FY2019 ended March 31, 2020	226,852	-424,623		157,999		205,485

2. Dividends

		Annual dividends per share		Total dividends	Payout ratio	Dividend rate for net
(Record date)	1Q	Interim	3Q	Year-	Total	(annual)	(consolidated)	assets (consolidated)
end
	(Unit: yen)	(Unit: yen)	(Unit: yen) (Unit: yen)	(Unit: yen)	(Unit: million yen)	(%)	(%)

FY2019 ended March 31, 2020	―	10.00	―	15.00	35.00	16,587	―	3.2
FY2020 ended March 31, 2021	―	17.50	―	17.50	35.00	16,587	55.1		3.1
FY2021 ending March 31,	―	20.00	―	20.00	40.00		―
2022(forecast)
(Note) Dividends mentioned above are regarding common shares. See 'Dividends for Class Shares' regarding dividends

for class shares which differ in shareholders' right from common shares.

3. Forecast for FY2021 (April 1, 2021 to March 31, 2022)

	Sales		Operating income	Ordinary income	Profit attributable to	Net earnings per
		owners of parent	share
	(Unit: million yen)	(% )	(Unit: million yen)	(% )	(Unit: million yen)	(% )	(Unit: million yen)	(% )	(Unit: yen)
Full-year	1,510,000	―	100,000	―	70,000	―	45,000	―	90.69

(Note) Since the "Accounting Standard for Revenue Recognition" is scheduled to be applied from the fiscal year ending March 2022, the percentage change from the actual results for the fiscal year ending March 2021, before the application of the accounting standard, is not stated.

• Note

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

Newly added:0

Excluded:0

1. Changes in accounting principles, changes in accounting estimates, restatement
   ① Changes in accounting principles in line with revised accounting standards : No
   ② Changes in accounting principles other than ① : Yes
   ③ Changes in accounting estimates : Yes
   ④ Restatement : No
2. Number of common stocks issued and outstanding

• Total stocks including treasury stocks at the end of period

FY2020	474,183,951 shares	FY2019 474,183,951 shares
② Treasury stocks at the end of period
FY2020	1,158,956 shares	FY2019 1,194,235 shares

• Average number of stocks during the period

FY2020 473,014,996 shares

FY2019 472,985,935 shares

(Note) he 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 ( 603,000 shares as of FY2020 and 648,000 shares as of FY2019) . 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. (618,000 shares for FY2020 and 657,000 shares for FY2019)

(Reference) Outline of Non-consolidated Financial Results

Non-consolidated Financial Results for FY2020 (April 1, 2020 to March 31, 2021)

(1) Non-Consolidated Operational Results

(% shows the changes from the previous FY)

	Sales		Operating income	Ordinary income
	(Unit: million yen)		(%)	(Unit: million yen)	(%)	(Unit: million yen)	(%)
FY2020 ended March 31, 2021	1,813,363		-0.3	34,521	0.3	21,780	105.5
FY2019 ended March 31, 2020	1,818,090		-2.6	34,412	-43.3	10,596	-67.4
	Net income		Net earnings per share	Fully-diluted net earnings
		per share
	(Unit: million yen)		(%)	(Unit: yen)	(Unit: yen)
FY2020 ended March 31, 2021	10,671		―		18.11		16.24
FY2019 ended March 31, 2020	-19,319		―		-45.98		―

(Note) Fully-diluted EPS for FY2019 is not indicated in spite of existence of delutive potential shares because EPS is net loss.

(2) Non-Consolidated Financial Position

	Total assets	Net assets	Shareholders'	Net assets
	equity ratio	per share
	(Unit: million yen)	(Unit: million yen)	(%)	(Unit: yen)
FY2020 ended March 31, 2021		4,453,127	451,425	10.1	740.24
FY2019 ended March 31, 2020		4,433,616	455,738	10.3	749.40
(Reference) Shareholders' equity: FY2020	451,425 million yen FY2019 455,738 million yen

*Financial results are not subject to audit procedures

*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 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)
FY2019 ended March 31, 2020	―	546,575.00	―	1,052,877.00	1,599,452.00
FY2020 ended March 31, 2021	―	1,050,000.00		1,050,000.00	2,100,000.00
FY2021 ending March 31, 2022(forecast)	―	1,050,000.00	―	1,050,000.00	2,100,000.00

Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

○ Table of Contents of Attached Material

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

(1) Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・・・・・・ 2

(2)	Consolidated Income Statements and Consolidated Comprehensive Income Statements・・・・ 4
(3)	Consolidated Statements of Changes in Shareholders' Equity ・・・・・・・・・・・・・・ 6
(4)	Consolidated Statements of Cash Flows ・・・・・・・・・・・・・・・・・・・・・・ 8
(5)	Notes on Consolidated Financial Statements ・・・・・・・・・・・・・・・・・・・・ 10
	(Note on the premise of going concern)・・・・・・・・・・・・・・・・・・・・・・ 10

(Changes in accounting policies that are difficult to distinguish from changes

in accounting estimates) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 10

(Segment information)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・11

2. Others・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・13

1. Major effects of the Corona virus・・・・・・・・・・・・・・・・・・・・・・・・・・13
2. Difference from the forecast for the fiscal year 2021・・・・・・・・・・・・・・・・・・ 13

Please note that this purports to be an accurate and complete translation of the original Japanese version prepared for the convenience of our English-speaking audience. However, in the case of any discrepancy between the translation and the Japanese original, the latter shall prevail.

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

1. Consolidated Financial Statements and Main Notes

（1） Consolidated Balance Sheets

		（	Unit	：	）
				million yen
	As of March 31, 2020	As of March 31, 2021
Assets
Non-current assets	4,368,942				4,497,789
Electric utility plant and equipment	2,476,991				2,701,288
Hydroelectric power production facilities	258,623				256,238
Thermal power production facilities	302,336				274,643
Nuclear power production facilities	329,498				547,368
Internal combustion engine power production facilities	21,409				20,874
Renewable power production facilities	14,351				25,124
Transmission facilities	575,042				570,968
Transformation facilities	211,969				218,620
Distribution facilities	633,541				645,239
General facilities	114,288				128,636
Other electric utility plant and equipment	15,931				13,574
Other non-current assets	364,850				383,892
Construction in progress	740,130				621,441
Construction and retirement in progress	641,816				504,045
Special account related to nuclear power decommissioning	43,535				41,926
Special account related to reprocessing of spent nuclear fuel	54,777				75,470
Nuclear fuel	240,942				229,765
Loaded nuclear fuel	44,517				54,930
Nuclear fuel in processing	196,424				174,835
Investments and other assets	546,027				561,401
Long-term investments	202,483				215,981
Retirement benefit asset	6,210				22,493
Deferred tax assets	164,272				143,901
Other	174,787				180,427
Allowance for doubtful accounts	△1,725				△1,402
Current assets	579,121				629,032
Cash and deposits	204,040				234,163
Notes and accounts receivable - trade	235,706				258,788
Inventories	83,059				70,533
Other	57,087				69,281
Allowance for doubtful accounts	△773				△3,734
Total assets	4,948,063				5,126,822

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

		（	Unit	：	）
				million yen
	As of March 31, 2020	As of March 31, 2021
Liabilities
Non-current liabilities	3,242,680				3,389,093
Bonds payable	1,154,898				1,299,898
Long-term borrowings	1,640,896				1,645,064
Retirement benefit liability	102,265				88,107
Asset retirement obligations	268,332				278,031
Deferred tax liabilities	7,534				8,280
Other	68,753				69,711
Current liabilities	1,058,585				1,046,708
Current portion of non-current liabilities	415,119				427,272
Short-term borrowings	118,012				123,108
Commercial papers	92,000				40,000
Notes and accounts payable - trade	65,753				78,125
Accrued taxes	19,403				38,025
Other	348,297				340,175
Reserves under special laws	8,840				8,268
Reserve for water shortage	8,840				8,268
Total liabilities	4,310,105				4,444,069
Net assets
Shareholders' equity	632,808				647,516
Share capital	237,304				237,304
Capital surplus	120,008				120,007
Retained earnings	276,997				291,659
Treasury shares	△1,501				△1,454
Accumulated other comprehensive income	△22,166				6,068
Valuation difference on available-for-sale securities	2,115				3,704
Deferred gains or losses on hedges	713				3,495
Foreign currency translation adjustment	△4,697				△5,169
Remeasurements of defined benefit plans	△20,298				4,037
Non-controlling interests	27,316				29,166
Total net assets	637,957				682,752
Total liabilities and net assets	4,948,063				5,126,822

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

（2） Consolidated Income Statements and Consolidated Comprehensive Income Statements Consolidated Income Statements

		（	Unit	：	）
				million yen
	April 1,2019-	April 1,2020-
	March 31, 2020)	March 31, 2021)
Operating revenue	2,013,050				2,131,799
Electric utility operating revenue	1,800,189				1,876,648
Other business operating revenue	212,860				255,150
Operating expenses	1,949,236				2,054,401
Electric utility operating expenses	1,751,766				1,789,688
Other business operating expenses	197,469				264,713
Operating profit	63,813				77,397
Non-operating income	16,954				16,633
Dividend income	1,511				1,637
Interest income	837				786
Share of profit of entities accounted for using equity method	9,247				9,884
Other	5,357				4,324
Non-operating expenses	40,716				38,347
Interest expenses	28,990				26,258
Other	11,725				12,089
Total ordinary revenue	2,030,004				2,148,432
Total ordinary expenses	1,989,952				2,092,749
Ordinary profit	40,052				55,683
Provision or reversal of reserve for water shortage	△118				△572
Reversal of reserve for water shortage	△118				△572
Profit before income taxes	40,170				56,255
Income taxes - current	6,953				13,322
Income taxes - deferred	31,640				8,861
Total income taxes	38,594				22,183
Profit	1,576				34,071
Profit attributable to non-controlling interests	1,995				1,904
Profit (loss) attributable to owners of parent	△419				32,167

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

Consolidated Comprehensive Income Statements

			Unit		million yen
		（		：	）
	April 1,2019-	April 1,2020-
	March 31, 2020)	March 31, 2021)
Profit	1,576				34,071
Other comprehensive income
Valuation difference on available-for-sale securities	△1,776				1,064
Deferred gains or losses on hedges	5,121				3,470
Foreign currency translation adjustment	△923				302
Remeasurements of defined benefit plans, net of tax	△6,362				23,889
Share of other comprehensive income of entities accounted for using equity method	△588				△35
Total other comprehensive income	△4,530				28,691
Comprehensive income	△2,954				62,763
Comprehensive income attributable to
Comprehensive income attributable to owners of parent	△4,861				60,403
Comprehensive income attributable to non-controlling interests	1,906				2,360

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

1. Consolidated Statements of Changes in Shareholders' Equity Previous consolidated fiscal year (April 1, 2019 to March 31, 2020)

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

Current consolidated fiscal year (April 1, 2020 to March 31, 2021)

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

(4) Consolidated Statements of Cash Flows

		（Unit：million yen）
	FY2019	FY2020
	(April 1,2019-	(April 1,2020-
	March 31, 2020)	March 31, 2021)
Cash flows from operating activities
Profit before income taxes	40,170	56,255
Depreciation	237,264	186,393
Decommissioning costs of nuclear power units	9,450	10,737
Amortization of special account related to nuclear power decommissioning	2,056	1,609
Amortization of nuclear fuel	24,105	19,355
Loss on retirement of non-current assets	4,874	6,106
Increase (decrease) in retirement benefit liability	793	650
Increase (decrease) in reserve for fluctuation in water levels	△118	△572
Interest and dividend income	△2,349	△2,424
Interest expenses	28,990	26,258
Gain on sales of noncurrent assets	△9,247	△9,884
Share of loss (profit) of entities accounted for using equity method	△7,074	△22,565
Decrease (increase) in notes and accounts receivable - trade	8,766	12,519
Decrease (increase) in inventories	△5,083	12,889
Increase (decrease) in notes and accounts payable - trade	273	△9,569
Decrease/increase in consumption taxes receivable/payable	△35,473	7,641
Other, net	△43,713	△17,062
Subtotal	253,686	278,338
Interest and dividend income received	8,337	8,422
Interest expenses paid	△29,208	△25,986
Income taxes paid	△5,963	△7,315
Net cash provided by (used in) operating activities	226,852	253,459
Cash flows from investing activities
Purchase of non-current assets	△425,054	△351,764
Proceeds from contribution received for construction	38,444	31,638
Payments of investment and loans receivable	△58,525	△27,461
Collection of investment and loans receivable	14,020	15,391
Other, net	6,492	1,608
Net cash provided by (used in) investing activities	△424,623	△330,587

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

		（Unit：million yen）
	FY2019	FY2020
	(April 1,2019-	(April 1,2020-
	March 31, 2020)	March 31, 2021)
Cash flows from financing activities
Proceeds from issuance of bonds	259,154	288,619
Redemption of bonds	△194,600	△195,000
Proceeds from long-term borrowings	271,470	277,009
Repayments of long-term borrowings	△248,443	△205,384
Net increase (decrease) in short-term borrowings	2,948	5,096
Net increase (decrease) in commercial papers	92,000	△52,000
Dividends paid	△18,820	△17,450
Other, net	△5,709	△5,340
Net cash provided by (used in) financing activities	157,999	95,549
Effect of exchange rate change on cash and cash equivalents	△16	△72
Net increase (decrease) in cash and cash equivalents	△39,787	18,350
Cash and cash equivalents at beginning of period	245,273	205,485
Increase (decrease) in cash and cash equivalents resulting from merger of consolidated subsidiaries	－	65
Cash and cash equivalents at end of period	205,485	223,901

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

(5) Notes on Consolidated Financial Statements

(Note on the premise of going concern) N/A

(Changes in accounting policies that are difficult to distinguish from changes in accounting estimates) Change in depreciation method for property, plant and equipment

The Company and its consolidated subsidiaries traditionally used the declining-balance method for calculating depreciation of property, plant and equipment. From the fiscal year 2020, however, the company has resolved to adopt the straight-line method of depreciation as a general rule.

For the Kyushu region, which is the main supply area of the Kyuden Group, it is expected that electricity demand in the future will not increase dramatically, due to population decline and improving energy conservation and electricity efficiency.

As a result of ongoing liberalization as part of the Electricity System Reform, achieving efficient and stable operations becomes essential for our power generation and retail electricity business, as it faces an increasing competitive environment. Similarly, our transmission and distribution company, which was created after the legal separation in 2020, will steadily work on efficient and stable operations to provide stable electricity supply, while ensuring neutrality.

When looking at the power generation business, Matsuura Power Station Unit 2 started commercial operation in December 2019, which was the realization of a major power source development milestone. In addition, the installation work for Specific Safety Facilities at Sendai Nuclear Power Station has been completed. Unit 1 started operation in November 2020 and Unit 2 in December 2020. Therefore when looking forward, it is expected that the majority of future investments will consist of maintenance and management of existing power sources to ensure stable operation. Regarding the power transmission and distribution business, in which the stable operation of the equipment is expected in consideration of demand trends, supply reliability, safety and operation of the equipment, and cost.

In light of these changes, within the company and its surrounding environment, the Group's medium-term management plan, beginning from fiscal year 2020, positions efficient and stable operation of its facilities as one of its key-priority initiatives.

Building on this foundation, it is expected that the stable use of facilities will take a prominent part in the electric power business in the future, so changing the depreciation method for property, plant and equipment to the straight-line method will better reflect the consumption pattern of future economic benefits.

As a result of this change, Ordinary profit and Profit before income taxes for FY2020 increased by 58,730 million yen, respectively, compared to what they otherwise would have been had the previous method been applied.

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

(Segment information)

(1) Overview of reportable segments

The Group's reportable segments are those for which financial information is available separately and regular evaluation by the Board of Directors is being performed in order to evaluate performance.

The Group comprises five reportable segments, "Power and Retail businesses", "Transmission and Distribution businesses", "Other energy services businesses", "ICT services businesses" and "Other businesses", classified in consideration of the types of products and business activities.

The main products and business activities belonging to each Reportable segment are described below.

Reportable segment	Main products and business activities
Power and Retail	Power generation and retail business in Japan
businesses
Transmission and	Power transmission and distribution business in Kyushu
Distribution
businesses
Other energy	Businesses that contribute to stable power supply, such as construction and
maintenance of electrical equipment, Gas / LNG sales business, renewable energy
services businesses
business, overseas business
ICT services	Data communication business, optical broadband business, telecommunications
construction and maintenance business, information system development business,
businesses
data center business
Other businesses	Real estate business, paid nursing home business

(2) Calculation method of sales, profits, assets and other items by Reportable segment

The accounting method of Reportable segment is similar to the Preparation of consolidated financial statements. Reportable segment is based on operating income basis, and Inter-segment sales are based on market price.

(Change in depreciation method for property, plant and equipment)

As described in "Changes in accounting policy that are difficult to distinguish from accounting estimates," the Company and its consolidated subsidiaries have changed the depreciation method for property, plant and equipment from the declining-balance method to the straight-line method. Subsequently, the depreciation method for the reportable segments has been changed as well. As a result of this change, segment profit for the current consolidated fiscal year increased by 36,374 million yen in the "Power and Retail businesses", 22,992 million yen in the "Transmission and Distribution businesses", 151 million yen in the "Other energy service business", 1 million yen in "Other businesses", and decreased by 789 million yen in "Reconciliation".

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

1. Information regarding sales, profits, assets and other items by Reportable segment Previous consolidated fiscal year (April 1, 2019 to March 31, 2020)

(Unit: millions of Yen)

		Reportable segment
								Consolidated
	Energy services
			ICT services		Other	Total	Reconciliation*1	financial
	Japanese	Other energy
			statements*2
	electric power	services
Sales
Sales to outside customers	1,844,326	74,158	81,005		13,559	2,013,050	－	2,013,050
Inter-segment sales	4,069	119,811	31,690		15,292	170,863	-170,863	－
Total	1,848,395	193,970	112,696		28,851	2,183,913	-170,863	2,013,050
Segment income	16,584	17,073	3,995		4,611	42,264	-2,212	40,052
Segment asset	4,230,126	535,988	190,967		181,174	5,138,256	-190,193	4,948,063
Other items
Depreciation (including	227,214	10,624	22,692		3,648	264,179	-2,810	261,369
amortization of nuclear fuel)
Interest income	330	726	1		92	1,150	-312	837
Interest expenses	23,720	5,155	207		220	29,303	-312	28,990
Share of profit (loss) of entities
accounted for using equity	－	9,523	-86		-42	9,395	-147	9,247
method
Increase in tangible fixed assets	383,047	13,049	25,691		5,341	427,130	-5,398	421,731
and intangible fixed assets

*1 Reconciliations of Segment income (¥-2,212 million) and Segment assets(¥-190,193 million) are intersegment transaction eliminations.

*2 Segment income is adjusted to reflect ordinary income in the consolidated statements of incomes.

Current consolidated fiscal year (April 1, 2020 to March 31, 2021)

(Unit: millions of Yen)

				Reportable segment
	Energy services
									Consolidated
	Japanese electric power
						Reconciliation*1	financial
	Power and	Transmission		Other energy	ICT services	Other	Total
			statements*2
	Retail	and		services
	Distribution
	businesses
	businesses
Sales
Sales to outside customers	1,777,340	191,316		67,470	81,753	13,918	2,131,799	－	2,131,799
Inter-segment sales	113,474	407,974		117,858	33,262	15,567	688,137	-688,137	－
Total	1,890,815	599,290		185,328	115,016	29,486	2,819,936	-688,137	2,131,799
Segment income	-564	29,101		17,632	6,891	4,263	57,324	-1,641	55,683
Segment asset	4,090,421	1,879,200		553,686	196,678	138,132	6,858,119	-1,731,296	5,126,822
Other items
Depreciation (including	101,502	68,002		11,563	23,189	3,620	207,878	-2,128	205,749
amortization of nuclear fuel)
Interest income	10,499	24		645	2	59	11,231	-10,444	786
Interest expenses	22,156	10,055		4,094	187	209	36,702	-10,444	26,258
Share of profit (loss) of entities
accounted for using equity	－	－		10,277	78	-230	10,125	-241	9,884
method
Increase in tangible fixed assets	208,932	108,026		16,063	21,171	4,843	359,037	-3,143	355,894
and intangible fixed assets

*1 Reconciliations of Segment income (¥-1,641 million) and Segment assets (¥-1,731,296million) are intersegment transaction eliminations.

*2 Segment income is adjusted to reflect ordinary income in the consolidated statements of incomes.

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Kyushu Electric Power Co., Inc. (9508)

Financial Results Overview for FY2020

2. Others

1. Major effects of the Corona virus

	Retail	Ordinary profit
Consolidated Financial Results for	-2.0		billion kWh	-21.0 billion yen
FY2020
Consolidated Financial Results	-1.0 billion kWh	-10.0		billion yen
Forecasts for FY2021

(2) Difference from the forecast for the fiscal year 2020

This is to inform you that there is a difference between the consolidated financial results for the fiscal year ending March 2021 and the financial results forecast announced on March 2, 2021.

• Difference from the forecast for the fiscal year 2020（April 1, 2020 to March 31, 2021）

		Sales	Operating	Ordinary	Profit attributable	EPS
		to owners of
		income	income
			parent
		(Unit: million yen)	(Unit: million yen)	(Unit: million yen)	(Unit: million yen)	(Unit: yen)
Forecast
previously	(A)	2,130,000	60,000	35,000	22,000	42.07
announced
Results	(B)	2,131,799	77,397	55,683	32,167	63.57
Difference	(B-A)	1,799	17,397	20,683	10,167	－
Ratio	(%)	0.1	29.0	59.1	46.2	－
(Reference)		2,013,050	63,813	40,052	- 419	-6.05
Results for FY2019

• Reasons for difference

The actual results for the fiscal year ending March 31, 2021 are higher from the previously announced forecast due to group-wide efforts to reduce costs and improve income in response to the financial impact of the tight supply and demand situation this winter and price hikes in the wholesale electricity trading market.

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