April 28, 2022
Tohoku Electric Power Co., Inc.
Summary of Financial Statements (Unaudited)
(April 1, 2021 - March 31, 2022)
Information below is an English translation of the "Unaudited Financial Release" for the year ended March 31, 2022, 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 FY2021 (Year ended March 31, 2022)
(1) Progresses of Financial Results
Operating revenueOperating income
Ordinary incomeNet income attributable to owners of parent
Millions of yen
%
Year ended Mar. 31, 2022
Year ended Mar. 31, 2021
2,104,448 (8.0)
2,286,803 1.8
Millions of yen
%
Millions of yen
%
Millions of yen
%
(28,737) 87,919
- (24.4)
(49,205) 67,522
- (32.5)
(108,362)
29,380
- (53.4)
(Note) Comprehensive income (FY2021: -101,751 million yen -%, FY2020: 59,284 million yen 16.4%)
Percentage figures represent changes as compared to the same period of the previous year.
Net income per share Net income per share
(basic) (diluted)
Net income / EquityOrdinary income /
Total assetsOperating income / Operating revenue
Year ended Mar. 31, 2022
Year ended Mar. 31, 2021
Yen
Yen
%
%
%
(216.84)
58.81
- 55.88
(14.2)
3.6
(1.1) 1.5
(1.4) 3.8
(Reference) Share of profit of entities accounted for using equity method (FY2021: -2,339 million yen, FY2020: -325 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 ratioNet assets per share
Millions of yen
Millions of yen
%
Yen
Mar. 31, 2022
Mar. 31, 2021
4,725,651 4,471,081
778,980 901,534
14.8 1,399.90
18.5 1,654.46
(Reference) Shareholders' Equity (March 31, 2022: 699,659 million yen, March 31, 2021: 826,466 million yen)
(3) Situations of Cash Flows
Cash flows from operating activitiesCash flows from investing activitiesCash flows from financing activities
Cash and cash equivalents at end of the year
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Year ended Mar. 31, 2022
Year ended Mar. 31, 2021
97,188 217,617
(322,163) (254,961)
293,243 278,420
(5,774) 209,593
2. Dividends
Cash dividends per share
1Q
2Q
3QYear-endAnnual totalDividends paid for the yearDividends payout ratioDividends / Net assets
Year ended Mar. 31, 2021
Year ended Mar. 31, 2022
Yen
Yen
Yen
Yen
Yen
Millions of yen
%
%
- - -
20.00 20.00
- - -
20.00 15.00
40.00 35.00
20,034 17,529
68.0
- -
2.5 2.3
Year ending Mar. 31, 2023
(forecast)
-
-
-
(Note) The dividends for both interim and year-end FY2022 have yet to be determined at this time.
3. Business Results Forecast for Consolidated FY2022 (Year ending March 31, 2023)
Operating revenueOperating incomeOrdinary 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
FY2022
-
-
-
-
-
-
-
-
-
Financial forecasts for the year ending March 31, 2023 have yet to be determined at this time because it is difficult to make a reasonable estimate due to the uncertainty of fuel price trends caused by the worsening situation in Ukraine and the need to closely scrutinize the timing of restoration of thermal power stations damaged by the earthquake off the coast of Fukushima Prefecture in 2022.
These forecasts will be promptly disclosed as soon as certain conditions are met and we can reasonably assess the estimate, after a close examination of fuel price trends and the timing of restoration of thermal power stations.
(Reference)
1.Consolidated Cash Income for FY2021 (year ended March 31, 2022)
Consolidated Cash Income
Millions of yen
Year ended Mar. 31, 2022
257,368
(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.)
2. Business Results for Non-consolidated FY2021 (Year ended March 31, 2022)
(1) Progresses of Financial Results
Operating revenueOperating income
Ordinary income
Net income
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
Year ended Mar. 31, 2022
Year ended Mar. 31, 2021
1,566,203 1,734,962
(9.7) (112,946)
(14.6)
5,742
- (93.9)
(86,871)
4,607
- (94.1)
(111,883)
(6,645)
- -
Net income per share Net income per share
(basic) (diluted)
Yen Yen
Year ended Mar. 31, 2022
Year ended Mar. 31, 2021
(223.88) (13.30)
- (12.73)
(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 ratioNet assets per share
Millions of yen
Millions of yen
%
Yen
Mar. 31, 2022
Mar. 31, 2021
3,928,926 3,668,849
531,883 656,840
13.5 1,064.21
17.9 1,314.89
(Reference) Shareholders' Equity (March 31, 2022: 531,883 million yen, March 31, 2021: 656,840 million yen)
* There is a difference between financial results in FY2020 and FY2021 due to the impact of time lag between fuel cost and fuel cost adjustment charges and the impact of the earthquake off the coast of Fukushima Prefecture in March 2022, in addition to an increase in income taxes-deferred due to a partial reversal of deferred tax assets, despite a decrease in depreciation due to a change in the depreciation method.
CONSOLIDATED BALANCE SHEETS (Unaudited)
FY2021 (As of March 31, 2022) and FY2020 (As of March 31, 2021)
Assets
(Millions of yen)
Item
March 31, 2022
March 31, 2021
Non-current assets:
3,809,140 3,731,366
Electric utility plant and equipment:
Hydroelectric power production facilities Thermal power production facilities Nuclear power production facilities Transmission facilities Transformation facilities Distribution facilities General facilities
Other electric utility plant and equipment
2,470,859 2,492,694
179,080 177,880
377,973 398,062
230,008 247,275
569,910 579,633
253,411 251,793
699,964 680,945
128,164 129,929
32,345 27,173
Other non-current assets
224,290 223,546
Construction in progress:
Construction and retirement in progress
Special account related to nuclear power decommissioning Special account related to reprocessing of spent nuclear fuel
566,782 449,526
513,305 399,393
22,700 24,124
30,776 26,009
Nuclear fuel:
Loaded nuclear fuel Nuclear fuel in processing
173,371 174,071
30,591 30,591
142,779 143,479
Investments and other assets:
Long-term investments Net defined benefit asset Deferred tax assets Other
Allowance for doubtful accounts
373,836 391,526
117,035 109,699
6,597 6,191
130,205 159,536
121,837 116,389
(1,840)
(290)
Current assets:
916,510 739,715
Cash and deposits
Notes and accounts receivable - trade Inventories
Other
Allowance for doubtful accounts
274,771 205,290
231,967 270,266
91,520 65,255
319,169 199,679
(918)
(777)Assets
4,725,651
4,471,081
Liabilities and net assets |
Non-current liabilities: |
Bonds payable |
Long-term loans payable |
Reserve for restoration costs of natural disaster |
Net defined benefit liability |
Asset retirement obligations |
Deferred tax liabilities for land revaluation |
Other |
Current liabilities: |
Current portion of non-current liabilities |
Notes and accounts payable - trade |
Accrued taxes |
Other advances |
Reserve for restoration costs of natural disaster |
Other |
Reserves under special laws: |
Reserve for fluctuation in water levels |
Shareholders' equity: |
Capital stock |
Capital surplus |
Retained earnings |
Treasury shares |
Accumulated other comprehensive income: |
Valuation difference on available-for-sale securities |
Deferred losses on hedges |
Revaluation reserve for land |
Foreign currency translation adjustments |
Remeasurements of defined benefit plans |
Non-controlling interests |
(Millions of yen) | ||
March 31, 2022 | March 31, 2021 | |
2,754,009 | 2,518,124 | |
1,180,000 | 1,025,000 | |
1,194,940 | 1,117,549 | |
7,498 | 6,614 | |
154,094 | 160,468 | |
173,885 | 170,236 | |
1,309 | 1,323 | |
42,281 | 36,933 | |
1,192,581 | 1,051,422 | |
282,522 | 269,587 | |
222,513 | 142,186 | |
17,652 | 58,750 | |
305,379 | 323,575 | |
21,458 | 11,060 | |
343,055 | 246,262 | |
79 | - | |
79 | - | |
3,946,670 | 3,569,547 | |
690,102 | 819,051 | |
251,441 | 251,441 | |
22,290 | 22,369 | |
421,113 | 550,245 | |
(4,742) | (5,004) | |
9,556 | 7,415 | |
1,607 | (124) | |
4,708 | 171 | |
(907) | (902) | |
1,341 | 666 | |
2,807 | 7,604 | |
79,321 | 75,067 | |
Net assets | 778,980 | 901,534 |
Liabilities and net assets | 4,725,651 | 4,471,081 |
Liabilities
Item
Operating revenue: |
Electric utility operating revenue |
Other business operating revenue |
Operating expenses: |
Electric utility operating expenses |
Other business operating expenses |
Operating income |
Non-operating income: |
Dividend income |
Interest income |
Gain on sales of goods |
Gain on sales of securities |
Other |
Non-operating expenses: |
Interest expenses |
Loss on valuation of securities |
Share of loss of entities accounted for using equity method |
Other |
Ordinary revenue |
Ordinary expenses |
Ordinary income |
Provision or reversal of reserve for fluctuation in water levels: |
Provision of reserve for fluctuation in water levels |
Extraordinary income: |
Gain on sales of securities |
Extraordinary loss: |
Contingent loss |
Loss on disaster |
Loss on return of imbalance income and expenditure |
Income before income taxes |
Income taxes - current |
Income taxes - deferred |
Income taxes |
Net income |
Net income attributable to non-controlling interests |
Net income attributable to owners of parent |
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |
FY2021 (Year ended March 31, 2022) and FY2020 (Year ended March 31, 2021) | |
Item | |
2022 | 2021 |
2,104,448 | 2,286,803 |
1,840,306 | 2,067,053 |
264,142 | 219,749 |
2,133,185 | 2,198,883 |
1,888,503 | 1,995,653 |
244,681 | 203,230 |
(28,737) | 87,919 |
5,573 | 6,110 |
791 | 874 |
303 | 240 |
1,846 | 636 |
- | 2,674 |
2,632 | 1,683 |
26,041 | 26,506 |
14,528 | 15,453 |
3,745 | 2,427 |
2,339 | 325 |
5,427 | 8,300 |
2,110,021 | 2,292,913 |
2,159,227 | 2,225,390 |
(49,205) | 67,522 |
79 | - |
79 | - |
7,520 | - |
7,520 | - |
26,484 | 13,027 |
45 | 4 |
20,402 | 13,023 |
6,035 | - |
(68,248) | 54,495 |
7,302 | 31,222 |
28,452 | (9,678) |
35,755 | 21,544 |
(104,003) | 32,951 |
4,358 | 3,570 |
(108,362) | 29,380 |
(Millions of yen)
Year ended March 31,
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Tohoku Electric Power Co. Inc. published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 08:34:03 UTC.