Table ofContents

KYUDEN GROUP INTEGRATED REPORT 2023

1 Overview of the Kyuden Group

2 Value Creation Story

3 Strategy and Performance

4 Creating Value through Business

5 A Foundation for Creating Value

91

6 Data Section
Consolidated Eleven-year
Financial Summary

Consolidated Eleven-year Financial Summary

Kyushu Electric Power Company, Incorporated and Consolidated Subsidiaries
Years Ended March 31

Millions of Yen

Thousands of U.S. Dollars

For the Year:

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2022

Operating revenues:¥1,545,919

1,791,152

1,873,467

1,835,692

1,827,524

1,960,3592,017,181

2,013,050

1,521,977

1,743,310

2,221,300$16,633,973

Electric

1,406,218

1,633,023

1,719,570

1,688,328

1,681,066

1,804,418

1,844,850

1,800,189

1,284,207

1,486,155

1,946,737

14,577,936

Other139,700

158,129

153,897

147,364

146,458

155,940

172,331

212,860

237,770

257,154274,563

2,056,036

Operating income (loss)(299,428)(95,821)(43,314)120,256

122,640

103,123

86,57563,81376,894

48,624(72,998)(546,638)

Ordinary income (loss)(331,206)(131,449)(73,693)

90,91694,234

73,67852,54440,052

55,17932,384(86,634)(648,751)

Net income (loss) attributable to owners of the parent(332,470)(96,096)(114,695)

73,49979,27086,65730,970(419)

31,835

6,873(56,429)(422,563)

Capital expenditure

181,295

257,004

272,880

323,858

310,096358,953

369,816

421,731355,894

312,138

306,592

2,295,881

Depreciation and amortization

212,735

202,856

193,972

203,060

215,342

210,455

238,189

261,369

205,749

225,293

221,013

1,655,034

Research and development expenses

8,175

6,423

7,343

6,499

5,817

5,651

5,459

5,525

5,101

4,823

4,798

35,930Cash flows from operating activities(135,130)(5,922)

88,736

329,491

188,016355,995

283,020226,852

253,459

257,81130,504228,431

Cash flows from investing activities(176,546)(184,963)(268,413)(288,321)(275,047)(321,751)(364,341)(424,623)(330,587)(320,879)(328,874)(2,462,742)

Free cash flows(311,676)(190,886)(179,676)

41,169(87,030)

34,243(81,321)(197,770)(77,127)(63,068)(298,369)(2,234,310)

Cash flows from financing activities

412,248

196,397

310,807(126,184)

78,380(90,334)(40,716)

157,999

95,54979,428324,770

2,432,011

Dividends paid

9,464

−

−

−

9,523

17,09915,34918,88417,50519,872

10,52878,840Total equity

557,799494,232

450,990499,903

574,577

653,963665,250

637,957

681,470

676,337

617,230

4,622,064

Total assets

4,526,513

4,549,852

4,784,735

4,748,237

4,587,541

4,710,073

4,794,039

4,948,063

5,128,563

5,342,350

5,603,678

41,962,548

Outstanding interest-bearing debt

2,910,724

3,116,717

3,337,982

3,224,888

3,313,957

3,243,817

3,223,166

3,406,273

3,522,649

3,638,084

3,991,507

29,889,977

37,40739,42940,14839,31736,00833,416

31,39728,99026,25825,04327,936

209,202

Interest charges

Per Share:

Yen

U.S. Dollars

Basic net income (loss)¥(702.98)(203.19)(242.38)

155.17159.97175.5658.05(6.05)

62.86

10.09

(123.81)$(0.92)

Net assets

1,141.13

1,005.42

692.52787.01

944.69

1,113.43

1,136.82

1,077.38

1,165.39

1,151.73

1,015.22

7.60

Cash dividends applicable to the year (common share)*1

−

−

−

−

15.00

20.00

30.00

35.00

35.00

40.00

−

−

*1

−

−

−

−

3,500,000.00

3,500,000.00

3,500,000.00

1,599,452.00

2,100,000.00

2,100,000.00−−

Cash dividends applicable to the year (class A preferred share)*1: The cash dividends per share listed are the amounts attributable to recorded earnings for each fiscal year. In addition, the following appropriation funded from other capital surplus as of March 31, 2016 was approved at the General Meeting of Stockholders on June 28, 2016. Dividends per share: Common stock: ¥5.00; Class A preferred shares:¥7,153,703.00*2*2: Including cumulative unpaid Class A preferred shares, each single share equates to ¥7,153,763.00.
Note 1: U.S. dollar amounts have been converted from yen for the reader’s convenience at the rate of ¥133.54 = U.S.$1, the prevailing rate of exchange as of March 31, 2023.
Note 2: Yen figures have been rounded down to the nearest million.
Note 3: The Revised Accounting Standard for Revenue Recognition, etc. and the revised Electricity Business Accounting Regulations have been applied from the beginning of Fiscal 2021, and the figures for Fiscal 2020 have been retroactively adjusted to reflect the said accounting standards.

KYUDEN GROUP INTEGRATED REPORT 2023

Table ofContents

1 Overview of the Kyuden Group

2 Value Creation Story

3 Strategy and Performance

4 Creating Value through Business

5 A Foundation for Creating Value

6 Data Section
Consolidated Eleven-year
Financial SummaryKey Metrics:

20122013

2014

2015

2016

20172018

2019

2020

2021

2022

ROE (%)(47.16)(18.93)(25.29)

16.13

15.38

14.69

4.88(0.07)

5.04

1.06(9.19)

ROIC (%)

(6.2)

(1.8)

(0.6)

2.6

2.5

2.0

1.5

1.3

1.5

1.0(0.9)

Equity ratio (%)

11.92

10.46

9.02

10.11

12.01

13.36

13.34

12.34

12.72

12.08

10.39

Net D/E ratio (%)

539.34655.42773.53671.95601.48515.59504.06557.82540.03563.61685.75

Dividend payout ratio (%)

−

−

−

3.22

9.38

11.39

51.68

−

55.68

396.43−Year-end stock price (yen)977.001,262.00

1,165.00

1,071.00

1,186.00

1,268.00

1,307.00

869.001,092.00

817.00757.00

PER

−

−

−

6.90

7.41

7.22

22.52

−

17.37

80.97

−

PBR

0.86

1.26

1.68

1.36

1.26

1.14

1.15

0.81

0.94

0.71

0.75

−

−

−

0.47

1.27

1.58

2.30

4.03

3.21

4.90

−

83,78784,45081,27979,21082,36682,74080,59180,71185,823

97,27595,967

−

−

−

20.7

31.9

36.7

73.1

82.0

62.4

91.4

57.7

Dividend yield (%)

Reference Data:
Electricity sales volume (million kWh)
Nuclear power plant utilization rate (%)

92