Note : This document has been translated from the Japanese original for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
Financial Results
FY2025 3Q
January 31, 2025
Hokkaido Electric Power Co., Inc.
Table of Contents
Financial Results and Forecasts
• Consolidated－Business Results/Financial Status for | … |
FY2025 3Q | |
• Consolidated－Statement of Operations for FY2025 3Q | … |
• Outline of Consolidated Financial Results for FY2025 | … |
3Q | |
• Consolidated Financial Results for FY2025 3Q | … |
－YoY changes in ordinary income | |
• Forecasts of Consolidated Financial Performance for | … |
FY2025 (Ending March 2025) |
- Outline of revision of forecasts of Consolidated
Financial Performance for FY2025 (Ending March 2025) … - Forecasts of Consolidated Financial Performance for
FY2025(Ending March 2025) | … |
－YoY changes in ordinary income | |
• FY2025 Year-ending Dividend Forecasts | … |
• Financial Results Supplementary Materials | … |
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Management Approach
• | Efforts towards restarting the Tomari NPS | … | 27 |
• | Commencement of the Procedures for the | ||
Environmental Assessment of the Wind Power | … | 30 | |
Generation Project |
Reference Materials
- HEPCO Group Management Vision 2030;Management Goals for 2030
- Progress of Management Targets for 2030
- Realize continual improvement in corporate value
- Our new business portfolio (for 2030)
- Consideration of a New Management Vision
- Review of numerical targets
- Actual Demand for the Hokkaido Area
- Demand forecast for the Hokkaido Area
- Successful Bid in Auction for Long-term Decarbonized Power Source
- Plan to Develop Key Power Sources Moving Forward (HEPCO)
- Our share in the Hokkaido region
- Topics for Period After FY2025 2Q Results Announcement
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Financial Results and Forecasts
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Consolidated－Business Results/Financial Status for FY2025 3Q
Business results | （Billion yen） | ||||
FY2025 | 3Q | FY2024 3Q | Change | Comparison | |
(A) | (B) | (A)-(B) | (A)/(B) % | ||
Operating Revenue | 646.4 | 685.5 | (39.1) | (5.7) | |
Operating Profit | 64.4 | 81.0 | (16.5) | (20.4) | |
Ordinary Profit | 56.8 | 73.7 | (16.9) | (23.0) | |
Profit attributable to owners of parent | 54.6 | 53.6 | 1.0 | 1.9 | |
Basic net income per share [Yen] | 261.07 | 256.06 | 5.01 |
Financial status | （Billion yen） | ||
As of December 31, | As of March 31, | Change | |
2024 | 2024 | ||
(A)-(B) | |||
(A) | (B) | ||
Assets | 2,190.7 | 2,141.6 | 49.1 |
Net Assets | 384.7 | 333.5 | 51.2 |
Shareholders' Equity Ratio | 16.9% | 14.9% | 2.0% |
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Consolidated－Statement of Operations for FY2025 3Q
Operating Revenues | |
Ordinary Revenue | Electricity utility operating revenue |
Other business operating revenue | |
Non-operating Income | |
Subtotal | |
Operating Expenses | |
Ordinary Expenses | Electricity utility operating expenses |
Non-operating Expenses | |
Other business operating expenses | |
Subtotal | |
[Operating Profit]
Ordinary Profit
Provision or reversal of reserve for fluctuation in water levels
Extraordinary income
Profit before income taxes
Income taxes
Profit
Profit attributable to non-controlling interests
Profit attributable to owners of parent
(Appendix） | Comprehensive Income |
（ Billion yen ） | |||
FY2025 3Q | FY2024 3Q | Change | Comparison |
(A) | (B) | (A)-(B) | (A)/(B) % |
646.4 | 685.5 | (39.1) | (5.7) |
611.3 | 655.3 | (44.0) | (6.7) |
35.0 | 30.2 | 4.8 | 16.1 |
2.6 | 2.2 | 0.3 | 14.9 |
649.0 | 687.8 | (38.8) | (5.6) |
581.9 | 604.5 | (22.6) | (3.7) |
552.9 | 579.0 | (26.1) | (4.5) |
28.9 | 25.4 | 3.5 | 13.9 |
10.3 | 9.5 | 0.7 | 8.3 |
592.2 | 614.0 | (21.8) | (3.6) |
[64.4] | [81.0] | [(16.5)] | [(20.4)] |
56.8 | 73.7 | (16.9) | (23.0) |
(0.6) | 0.3 | (1.0) | ー |
19.5 | 0.7 | 18.8 | ー |
77.0 | 74.0 | 2.9 | 4.0 |
21.6 | 20.2 | 1.4 | 7.2 |
55.3 | 53.8 | 1.4 | 2.7 |
0.6 | 0.2 | 0.4 | 213.5 |
54.6 | 53.6 | 1.0 | 1.9 |
58.0 | |||
58.0 | 0.0 | 0.0 | |
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Outline of Consolidated Financial Results for FY2025 3Q
Operating | Due to a decrease in the fuel cost adjustments associated with the decline in fuel prices |
Revenue | |
and other factors, operating revenue decreased by 39.1 billion yen year-on-year to 646.4 | |
(Decrease) | billion yen. |
Ordinary Income | Ordinary income decreased by 16.9 billion yen compared to the same period of the |
previous fiscal year to 56.8 billion yen, mainly due to the worsened earnings caused by the | |
(Loss) | elimination of the significant gain on timing difference associated with the fuel cost |
adjustment system compared to the same period of the previous year. | |
Profit attributable | Profit attributable to owners of parent was 54.6 billion yen, an increase of 1.0 billion yen |
to owners of | |
compared to the same period of the previous fiscal year, reflecting the posting of | |
parent | |
extraordinary income owing to gains on the sale of nuclear fuel, despite a decrease in | |
(Increased) | ordinary income. |
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Consolidated Financial Results for FY2025 3Q
－YoY changes in ordinary income
(Unit: 100 million yen)
Impact of a shift in
posting of the fuel cost
adjustment scheme
-326 | Other |
＋157
737
- Reduction in oil-fired thermal power generation(Effect of the periodic inspection of LNG-fired thermal power plants in the previous fiscal year) etc.
568
FY2024 3Q | FY2025 3Q |
(Results) | (Results) |
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Forecasts of Consolidated Financial Performance for FY2025
(Ending March 2025)
Factoring in recent trends, we revised the FY2025 consolidated earnings forecast released on October 31,2024.
(Unit: Billion yen, billion kWh)
FY2025 earnings forecast | YoY change for | ||
New forecast | October forecast | Change | |
new forecast | |||
（Ａ） | （Ｂ） | (Ａ)－(Ｂ) | |
Operating Revenue | Approximately 907.0 | Approximately 902.0 | Approximately 5.0 | Approximately (47.0) | |
Operating profit | Approximately 56.0 | Approximately 50.0 | Approximately 6.0 | Approximately (45.0) | |
Ordinary profit | Approximately 43.0 | Approximately 37.0 | Approximately 6.0 | Approximately (44.0) | |
Profit attributable to owners | Approximately 47.0 | Approximately 43.0 | Approximately 4.0 | Approximately (19.0) | |
of parent | |||||
Year-on-year change/ | Approximately (0.8％) | Approximately (2.3％) | |||
Retail electricity sales and electricity | |||||
Approximately 33.7 | Approximately 33.2 | Approximately 0.5 | Approximately (0.2) | ||
sales to other utilities* | |||||
Year-on-year change | Approximately (2.8％) | Approximately (2.8％) | Approximately the | ||
Retail electricity sales* | Approximately 23.1 | Approximately 23.1 | same | Approximately (0.7) |
*1 Retail electricity sales and electricity sales to other utilities comprise of the combined sales of HEPCO and Hokkaido Electric Power Network.
*2 The year-on-year changes factor in sales from Hokkaido Electric Power Co-Creation, which was absorbed and merged into HEPCO on October 1, 2023.
Key Factors
Foreign exchange rate (JPY per USD) | Approximately 153 | Approximately 151 | Approximately 0.2 | Approximately 0.8 |
CIF crude oil price (USD per barrel) | Approximately 83.0 | Approximately 86.0 | Approximately (0.3) | Approximately (0.3) |
Note: We assume a foreign exchange rate of about 155 yen per dollar and the CIF crude oil price of about 80 dollar per barrel for January 2025 and thereafter.
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Outline of revision of forecasts of Consolidated Financial Performance
for FY2025 (Ending March 2025)
Retail electricity sales are trending roughly in line with our forecast. Electricity sales to other utilities | |
Electricity Sales | are expected to increase mainly due to an increase in wholesales. Accordingly, the total for electricity |
(retail and to other utilities) | sales is forecast to be around 33.7 billion kWh, an increase of 500 million kWh in contrast with the |
forecast announced in October 2024. | |
Operating Revenue | Operating revenues are expected to increase by 5 billion yen from the October forecast to around 907 |
billion yen mainly due to the expected increase in the electricity sold to other utilities. | |
Ordinary income is expected to be around 43.0 billion yen, an increase of 6.0 billion yen from the | |
Ordinary Income | forecast announced in October 2024 mainly due to a decrease in expenses resulting from the timing |
difference of the payment of expenses. | |
Profit attributable to | We look for an increase in profit attributable to owners of parent by 4.0 billion yen from the October |
forecast to around 47.0 billion yen, mainly due to the increase in ordinary income and the posting of | |
owners of parent | |
extraordinary income on the gains on the sale of nuclear fuel. | |
Factors behind the change in ordinary income (from the October forecast)
Timing difference of | (Unit: approx. 100 million yen) | |
Other | ||
payment of expenses | +10 | |
+50 | 430 | |
370 | ||
Ordinary income | Ordinary income | |
(previous forecast) | (new forecast) | 8 |
Forecasts of Consolidated Financial Performance for FY2025
(Ending March 2025) －YoY changes in ordinary income
(Unit: 100 million yen, approx. 100 million yen)
Impact of a shift in posting of the fuel cost adjustment scheme
-420
873 | Other |
-20 | |
430
FY2024 | FY2025 |
（Results） | (Forecasts) |
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