Notice on the Appropriation of Surplus - Transfer of Other Capital Surplus to Cover Losses in Retained Earnings Brought Forward -
In the Board of Directors meeting held April 28, 2023, Kyushu Electric Power Company (the Company) resolved to submit a proposal for the appropriation of surplus to the 99th Ordinary General Meeting of Shareholders to be held on June 28, 2023 as follows.
1. Purpose of the appropriation of surplus
The Company recorded a loss of ¥21,623,573,786 in retained earnings brought forward in the non-consolidated financial statements for the fiscal year ended March 31, 2023. In light of this situation and to adapt capital policy flexibly to changes in the business environment, the Company will transfer a portion of other capital surplus to retained earnings brought forward in accordance with Article 452 of the Companies Act.
2. Overview of the appropriation of surplus
(1) Account item and amount of decreasing surplus
Other capital surplus:¥21,623,573,786
(2) Account item and amount of increasing surplus
Retained earnings carried forward:¥21,623,573,786
3. Schedule for the appropriation of surplus
| 1 | April 28, 2023 | Date of resolution for the Board of Directors |
|---|---|---|
| 2 | June 28, 2023 (scheduled) | Date of resolution for the Shareholders’ meeting |
| 3 | June 28, 2023 (scheduled) | Effective date for the appropriation |
4. Future prospects
This is a transfer of accounts within net assets. The total amount of net assets will not change and the transaction does not impact the Company's business performance.
Notice on the Appropriation of Surplus - Transfer of Other Capital Surplus to Cover Losses in Retained Earnings Brought Forward -
