TOHOKU ELECTRIC POWER CO., INC.
July 30, 2015
Financial Results for the First Quarter of Fiscal 2015Tohoku Electric Power Co., Inc. (hereinafter, Tohoku EPCO), today submitted a summary of its financial statements for the first quarter (from April 1, 2015 to June 30, 2015) to the Tokyo Stock Exchange.
【Consolidated Financial Results】
In terms of revenue, an increase in grant under Act on Purchase of Renewable Energy Sourced Electricity based on "Feed-In-Tariff scheme for renewable energy" and a growth in sales of subsidiary's construction work increased consolidated operating revenue to ¥509.8 billion (a year-on-year increase of ¥11.1 billion, or a 2.2 % increase) and ordinary revenue to ¥512.0 billion (a year-on-year increase of ¥11.2 billion, or a 2.2 % increase), despite a decrease in electric power sold and other factors lowered the electricity sales.
As for expenses, even with an increase in maintenance expenses which are necessary to maintain a stable power supply, a significant drop in fuel costs due to a fall in fuel prices and our thorough streamlining efforts decreased consolidated ordinary expenses to ¥440.8 billion (a year-on-year decrease of ¥3.1 billion , or a 0.7 % decrease).
Consequently, consolidated ordinary income was ¥71.2 billion, an increase of ¥14.3 billion (or a
25.3 % increase) year-on-year.
Profit attributable to owners of parent was ¥48.5 billion, an increase of ¥10.8 billion (or a 28.6 %
increase) year-on-year.
【Electricity Sales】
While there was continuous post-quake reconstruction, a decrease in heating demand due to a warm spring as well as our customers' power saving efforts lowered the electricity sales to 17.6TWh, a
2.3 % decrease year-on-year.
【Financial Forecast for FY2015】
Consolidated operating revenue forecast remains unchanged from the estimate on April 30, 2015. Consolidated income estimates have yet to be determined at this time, because it is difficult to
reasonably assess the expenses due to uncertainty over its supply capacity. When reasonable assessment can be made, estimates will be promptly disclosed.
【Dividend】
Tohoku EPCO has not yet determined a forecast for interim dividend and year-end dividend for fiscal
2015, because it is difficult to reasonably assess its financial forecast.
Tohoku Electric Power Co., Inc.
Summary of Quarterly Financial Statements (Unaudited)
(April 1, 2015 - June 30, 2015)
July 30, 2015
Information below is an English translation of the "Unaudited Quarterly Financial Release" for three months ended June 30, 2015, 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 : Hiroya Harada, 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 First Quarter Period in FY2015 (Three months ended June 30, 2015)
(1) Progresses of Financial Results
Operating revenue Operating income Ordinary income Profit attributable
to owners of parent
Millions of yen % Millions of yen % Millions of yen % Millions of yen %
3 months ended Jun. 30, 2015 509,8372.278,37618.271,230
25.3 48,518 28.6
3 months ended Jun. 30, 2014 498,64915.366,288-56,834-
37,713 779.6
Basic earnings per share
Diluted earnings per share
Yen Yen
3 months ended Jun. 30, 2015 97.2697.10
3 months ended Jun. 30, 2014 75.6275.51
(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
Millions of yen Millions of yen %
Jun. 30, 2015 4,052,522 695,481 15.9
Mar. 31, 2015 4,131,217 651,216 14.6
2. Dividends
Cash dividends per share
1Q 2Q 3Q Year-end Annual total
Year ending Mar. 31, 2016 - | |
Year ending Mar. 31, 2016 (forecast) | - - - - |
(Note) Dividend forecasts for the year ending March 31, 2016 have yet to be determined at this time.
3. Business Results Forecast for Consolidated FY2015 (Year ending March 31, 2016)
Operating revenue Operating income Ordinary income Profit attributable
to owners of parent
Basic earnings per share
Millions of yen % Millions of yen % Millions of yen % Millions of yen %
Yen
FY2015 2,100,000 (3.8) - - - - - - -
(Note) Percentage figures represent changes as compared to the same period of the previous year.
Consolidated earnings estimates for the year ending March 31, 2016 have yet to be determined at this time, in view of the difficulty of rationally estimating the expenses since our supply capacity forecast remains unclear.
These estimates will be promptly disclosed as soon as we can reasonbly assess the estimates of income.
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(Reference) Business Results Forecast for Non-Consolidated FY2015 (Year ending March 31, 2016)
Operating revenue Operating income Ordinary income Net income Net income per share
Millions of yen % Millions of yen %
FY2015 1,900,000 (2.6) - -
Millions of yen % Millions of yen % Yen
- - - - -
(Note) Percentage figures represent changes as compared to the same period of the previous year.
Non-Consolidated earnings estimates for the year ending March 31, 2016 have yet to be determined at this time, in view of the difficulty of rationally estimating the expenses since our supply capacity forecast remains unclear.
These estimates will be promptly disclosed as soon as we can reasonbly assess the estimates of income.
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QUARTERLY CONSOLIDATED BALANCE SHEET (Unaudited)
First Quarter FY2015 (As of June 30, 2015) and FY2014 (As of March 31, 2015)
Assets(Millions of yen)
Item
June 30, 2015
March 31, 2015
Non-current assets (property, plant and equipment): 3,482,833 3,497,225
Electric utility plant and equipment: 2,425,773 2,451,990
Hydroelectric power production facilities 171,791 174,017
Thermal power production facilities 322,158 326,889
Nuclear power production facilities 261,969 270,149
Transmission facilities 649,383 648,714
Transformation facilities 239,674 247,394
Distribution facilities 625,465 625,693
General facilities 95,336 97,847
Other electric utility plant and equipment 59,993 61,283
Other non-current assets 210,196 212,402
Construction in progress 281,473 267,504
Construction and retirement in progress 281,473 267,504
Nuclear fuel: 140,833 139,336
Loaded nuclear fuel 34,729 34,729
Nuclear fuel in processing 106,103 104,607
Investments and other assets: 424,556 425,991
Long-term investments 103,171 97,496
Reserve fund for reprocessing of irradiated nuclear fuel 74,902 77,802
Net defined benefit asset 7,353 6,344
Deferred tax assets 135,531 140,794
Other 104,197 104,154
Allowance for doubtful accounts (599) (601)
Current assets: 569,689 633,991
Cash and deposits 124,983 115,170
Notes and accounts receivable - trade 181,803 193,817
Inventories 76,194 76,732
Deferred tax assets 55,565 64,547
Other 131,720 184,402
Allowance for doubtful accounts (577) (678)
Total 4,052,522 4,131,217
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Liabilities and net assets (Millionsofyen)
Item
June 30, 2015
March 31, 2015
Non-current liabilities: 2,576,983 2,611,028
Bonds payable | 749,690 | 749,688 |
Long-term loans payable | 1,408,338 | 1,433,444 |
Provision for reprocessing of irradiated nuclear fuel | 79,712 | 81,823 |
Provision for preparation of reprocessing of irradiated nuclear fuel | 14,775 | 14,629 |
Reserve for restoration costs of natural disaster | 4,631 | 4,631 |
Net defined benefit liability | 140,065 | 141,340 |
Asset retirement obligations | 112,105 | 111,465 |
Deferred tax liabilities for land revaluation | 1,519 | 1,530 |
Other | 66,145 | 72,475 |
Current liabilities: 780,057 868,971
Current portion of non-current liabilities 312,214 336,175
Short-term loans payable 34,670 35,370
Notes and accounts payable - trade 126,261 149,435
Accrued taxes 27,075 47,099
Reserve for restoration costs of natural disaster 1,520 1,764
Other 278,315 299,127
Total liabilities 3,357,041 3,480,000
Shareholders' equity: 617,752 574,235
Capital stock | 251,441 | 251,441 |
Capital surplus | 26,667 | 26,678 |
Retained earnings | 347,339 | 303,803 |
Treasury shares | (7,695) | (7,687) |
Accumulated other comprehensive income: | 27,625 | 27,564 |
Valuation difference on available-for-sale securities | 10,808 | 8,193 |
Deferred losses on hedges | (2,000) | (2,077) |
Revaluation reserve for land | (1,157) | (1,150) |
Foreign currency translation adjustment | 1,013 | 690 |
Remeasurements of defined benefit plans | 18,961 | 21,908 |
Subscription rights to shares 809 809
Non-controlling interests 49,293 48,606
Total net assets 695,481 651,216
Total 4,052,522 4,131,217
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QUARTERLY CONSOLIDATED STATEMENT OF INCOME (Unaudited)
First Quarter FY2015 (Three months ended June 30, 2015) and First Quarter FY2014 (Three months ended June 30, 2014)
Item
(Millions of yen) Three months ended June 30,
2015 2014
Operating revenue: 509,837 498,649
Electric utility operating revenue 455,385 452,812
Other business operating revenue 54,451 45,837
Operating expenses: 431,461 432,361
Electric utility operating expenses 381,063 388,020
Other business operating expenses 50,398 44,341
Operating income 78,376 66,288
Non-operating income: 2,200 2,166
Dividend income 354 486
Interest income 492 518
Share of profit of entities accounted for using equity method 93 - Other 1,259 1,161
Non-operating expenses 9,346 11,619
Interest expenses 7,986 10,162
Other 1,359 1,456
Total ordinary revenue 512,038 500,816
Total ordinary expenses 440,807 443,981
Ordinary income
71,230 56,834
Provision or reversal of reserve for fluctuation in water levels: - 484
Provision of reserve for fluctuation in water levels - 484
Income before income taxes 71,230 56,350
Income taxes - current 7,145 3,724
Income taxes - deferred 14,374 14,703
Total income taxes 21,519 18,428
Profit 49,711 37,922
Profit attributable to non-controlling interests 1,192 209
Profit attributable to owners of parent 48,518 37,713
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QUARTERLY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
First Quarter FY2015 (Three months ended June 30, 2015) and First Quarter FY2014 (Three months ended June 30, 2014)
Item
(Millions of yen) Three months ended June 30,
2015 2014
Profit 49,711 37,922
Other comprehensive income:
Valuation difference on available-for-sale securities 2,664 1,242
Deferred gains or losses on hedges 77 (566) Foreign currency translation adjustment 322 (120) Remeasurements of defined benefit plans, net of tax (2,930) (1,702) Share of other comprehensive income of entities accounted for using equity method 2 0
Total other comprehensive income 137 (1,146) Comprehensive income 49,848 36,775
Comprehensive income attributable to:
Comprehensive income attributable to owners of parent 48,586 36,496
Comprehensive income attributable to non-controlling interests 1,262 279
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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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