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January 31, 2020 Kyushu Electric Power Co., Inc.

Revision of Financial Results Forecast for FY2019

 We hereby announce that we have revised our financial results forecast for FY2019 (announced on October 31, 2019).
 As for the year-end dividends for the FY2019, there is no change to the previous forecast (¥15 per common share, annual: ¥35 per common share).

1 Revision of financial results forecast

Revision of consolidated financial results forecast for FY2019 (April 1, 2019 – March 31, 2020)

  Sales Operating
income
Ordinary
income
Profit attributable
to owners of
parent
EPS
Forecast
previously
announced
(A)
(Unit: million yen)

2,035,000

(Unit: million yen)

80,000

(Unit: million yen)

55,000

(Unit: million yen)

30,000

(Unit: yen)

58.26

Revised forecast (B)
2,035,000 65,000 40,000 20,000 37.12
Difference (B-A)
- - 15,000 - 15,000 - 10,000  
Ratio (%)
- - 18.8 - 27.3 - 33.3  
(Reference)
Results for FY2018
2,017,181 86,575 52,544 30,970 58.05

Revision of non-consolidated financial results forecast for FY2019 (April 1, 2019 – March 31, 2020)

  Sales Operating
income
Ordinary
income
Profit attributable
to owners of
parent
EPS
Forecast
previously
announced
(A)
(Unit: million yen)

1,850,000

(Unit: million yen)

50,000

(Unit: million yen)

25,000

(Unit: million yen)

10,000

(Unit: yen)

15.97

Revised forecast (B)
1,850,000 35,000 10,000 0 - 5.16
Difference (B-A)
- - 15,000 - 15,000 - 10,000  
Ratio (%)
- -30.0 - 60.0 - 100.0  
(Reference)
Results for FY2018
1,867,152 60,656 32,534 23,425 42.08

2 Reasons for revision

 We have revised the forecast of the consolidated financial results for the fiscal year ending March 31, 2020 (as previously announced on October 31, 2019), as a result of recent aboveaverage temperatures and trends in business performance.
 We forecast that Sales will be around ¥2,035 billion (the same as previously announced). This remains unchanged, mainly due to the increase in the grant based on the Act on Purchase of Renewable Energy Sourced Electricity, while retail electricity sales volume decreased and less power was sold to other suppliers as a result of low market prices in the domestic power business.
 Ordinary income will decrease to around ¥40 billion. The decrease is due to an increase of losses in surplus LNG trading, in addition to a decline in electricity sales revenue and power sold to other suppliers in the domestic power business.
 Net income attributable to owners of the parent will decrease to around ¥20 billion.
 Financial results forecast has been revised for the non-consolidated forecasts for FY2019, as well as for the consolidated forecasts.

(Reference: Key Factor)

  Revised Previously announced Difference   [Reference]
FY2018
  Retail electricity sales volume 74.2 billion kWh 75.3 billion kWh -1.1 billion kWh 72.7 billion kWh
Wholesale electricity sales volume 7.7 billion kWh 8.2 billion kWh -0.5 billion kWh 7.9 billion kWh
Total electricity Sales Volume 81.9 billion kWh 83.5 billion kWh -1.6 billion kWh 80.6 billion kWh
Crude Oil CIF Price 68$/b 67$/b 1$/b 72$/b
Exchange Rate 109¥/$ 109¥/$ - 111¥/$
Nuclear Power [Transmission-end]
(Utilization Rate of Nuclear Power)
28.6 billion kWh
(81.8%)
28.6 billion kWh
(81.7%)
-
(0.1%)
28.8 billion kWh
(73.1%)
Note: Electricity sales volume represents groupwide sales volume of Kyushu Electric Power and a consolidated subsidiary (Kyuden Mirai Energy Company, Inc.)
Note: The forward-looking statements are based on information available as of the date hereof. Actual results could differ due to numerous factors.