Summary of the Settlement of Accounts for FY2023 1st Quarter
(April 1 - June 30, 2023)
July 28, 2023
The Okinawa Electric Power Company, Inc.
The Okinawa Electric
Power Company, Inc.
Table of contents
Financial | Financial Results for FY2023 1Q YTD (Year-on-Year Comparison) | 2 |
Trends in Electricity Sales Volume | 3 | |
Results | Non-consolidated - Factors in Revenue and Expenditure Changes | 4 |
for FY2023 | Non-consolidated - Trends in Data and Effects of Changes | 5 |
Consolidated - Factors in Revenue and Expenditure Changes | 6 | |
1Q YTD | Financial Results of each Company | 7 |
Balance Sheet Comparison | 8 | |
Financial
Outlook
for FY2023
Annual Outlook Summary | 9 |
Reference
Trends in Financial Indicators (Non-consolidated) | 10 |
Trends in Financial Indicators (Consolidated) | 11 |
1
The Okinawa Electric
Power Company, Inc.
Financial Results for FY2023 1Q YTD
(Year-on-Year Comparison)
(Unit: million yen, X)
Consolidated (A) | Non-consolidated (B) | (A) / (B) | |||||||
FY2022 | FY2023 | Rate of | FY2022 | FY2023 | Rate of | FY2022 | FY2023 | ||
1Q YTD | 1Q YTD | 1Q YTD | 1Q YTD | 1Q YTD | 1Q YTD | ||||
Change | Change | ||||||||
(Results) | (Results) | (Results) | (Results) | (Results) | (Results) | ||||
Sales | 48,452 | 53,778 | ＋11.0％ | 46,757 | 51,502 | ＋10.1％ | 1.04 | 1.04 | |
Operating | -9,349 | -5,405 | － | -9,280 | -5,813 | － | － | － | |
income | |||||||||
Ordinary | -9,344 | -5,528 | － | -9,045 | -5,631 | － | － | － | |
income | |||||||||
Net income | * | * | － | -6,596 | -5,632 | － | － | － | |
-6,899 | -5,701 | ||||||||
* Net income attributable to owners of parent.
【Revenue】
- Increase in income from the price revision in Electric business.
【Expenditure】
- Increase in Repair and maintenance costs and Fuel costs in Electric business.
2
The Okinawa Electric
Power Company, Inc.
Trends in Electricity Sales Volume
Electricity Sales Volume
(Unit: million kWh, %)
FY2022 | FY2023 | Rate of | ||
1Q YTD | 1Q YTD | Change | ||
Change | ||||
(Results) | (Results) | |||
Lighting | 624 | 589 | -35 | -5.7 |
Power | 980 | 981 | +1 | +0.2 |
Total | 1,604 | 1,570 | -34 | -2.1 |
- Power Generated and Received
(Unit: million kWh)
The demand for Lighting decreased compared with Year-on- Year due to the impact of customer switching to other suppliers and the lower temperature in late April compared with previous year.
The demand for Power remained almost unchanged from the previous year due to increase by recovery from the impact of the novel coronavirus, despite decrease in demand from the steel industry.
FY2022 1Q YTD | FY2023 1Q YTD | Rate of | ||||||
Electricity | Com- | Electricity | Com- | Change | • Power generated and received was 1,755 million kWh, down | |||
change | ||||||||
generated | position | generated | position | 2.4%. * | ||||
ratio | ratio | |||||||
• Electricity generated of OEPC's Coal-fired thermal power was | ||||||||
Coal | 704 | 39.1% | 623 | 35.6% | -81 | -11.5% | ||
down 11.5%. * | ||||||||
OEPC | Oil | 197 | 11.0% | 255 | 14.5% | +58 | +29.4% | |
29.4%. * | ||||||||
LNG | 517 | 28.7% | 399 | 22.7% | -118 | -22.8% | ||
• Electricity generated of OEPC's Oil-fired thermal power was up | ||||||||
• Electricity generated of OEPC's LNG-fired thermal power was | ||||||||
Total | 1,418 | 78.8% | 1,277 | 72.8% | -141 | -9.9% | ||
down 22.8%. * | ||||||||
Other | 381 | 21.2% | 478 | 27.2% | +97 | +25.5% | ||
*Comparison with the same period of the previous year. | ||||||||
Total | 1,799 | 100.0% | 1,755 | 100.0% | -44 | -2.4% | ||
3
The Okinawa Electric
Power Company, Inc.
Non-consolidated
- Factors in Revenue and Expenditure Changes
(Unit: million yen)
FY2022 | FY2023 | Change | Main factors in changes | ||||
1Q YTD | 1Q YTD | ||||||
(Results) | (Results) | ||||||
Ordinary | Electricity sales | 38,617 | 38,349 | -268 | Increased unit price +9,533(Impact of Electricity price revision) | ||
Electricity sales volume -788 | Fuel cost adjustment system -9,012 (Discount from the | ||||||
government's program of electricity price sharp fluctuation mitigation | -6,175) | ||||||
revenues | Other income | 8,639 | 13,775 | +5,136 | Other electricity revenue +6,273(Subsidies from the government's program of electricity | ||
price sharp fluctuation mitigation | +6,175) | ||||||
(Sales) | (46,757) | (51,502) | (+4,745) | ||||
Total | 47,256 | 52,125 | +4,868 | ||||
Personnel costs | 4,405 | 4,116 | -288 | Salary and benefits -299 | |||
Fuel costs | 22,590 | 23,167 | +576 | Unit price +2,990 (Initial inventories +6,627 Exchange rate +2,162 | CIF -5,799) | ||
Quantity -2,741 | |||||||
Ordinary | Repair and maintenance costs | 4,754 | 5,624 | +870 | Thermal +553 Internal combustion +203 | ||
Depreciation costs | 4,536 | 4,883 | +346 | Thermal +2,143 | |||
Thermal +225 Transmission +49 | |||||||
expenses | Purchased power costs | 12,989 | 12,280 | -708 | Electric power development promotion tax -22 | ||
Tax and other public charges | 1,792 | 1,770 | -21 | ||||
Grant under Act on Purchase of Renewable Energy Sourced Electricity deduction -2,476 | |||||||
Interest expenses | 211 | 399 | +188 | Average rate +111 Average balance +76 | |||
Other expenses | 5,022 | 5,513 | +490 | Gas supply business expenses +245 Non-current assets retirement costs +154 | |||
(Operating expenses) | (56,038) | (57,316) | (+1,278) | ||||
Total | 56,302 | 57,756 | +1,454 | ||||
(Operating income) | (-9,280) | (-5,813) | (+3,466) | ||||
Ordinary income | -9,045 | -5,631 | +3,413 | ||||
Income before income taxes | -9,045 | -5,631 | +3,413 | ||||
Income taxes | -2,448 | 0 | +2,449 | ||||
Net income | -6,596 | -5,632 | +964 |
4