July 30, 2021
The 1st Quarter of the Fiscal Year Ending March 31, 2022 Financial Results Overview 〔 Japan GAAP〕（ Consolidated）

Kyushu Electric Power Co., Inc.
Stock code: 9508 URL: https://www.kyuden.co.jp/english_index.html
Stock listed on: Tokyo SE, Fukuoka SE
Representative: Mr. Kazuhiro Ikebe, President & Chief Executive Officer
Contact: Investor Relations Group, Corporate Strategy Division. Tel: +81-92-726-1575
Quarterly financial report submission date (plan): August 11, 2021
Date to start dividend payments: －Preparation of supplementary materials for quarterly financial results: Yes
Information meeting for quarterly financial results: No(Rounded down to the nearest million yen)

1. Consolidated Financial Results for the Three Months (April 1, 2021 to June 30, 2021)(1) Consolidated Operational Results(% shows the changes from the same quarter period of the previous FY)

SalesOperating profit(Unit: million yen)

April 1, 2021 - June 30, 2021
April 1, 2020 - June 30, 2020

349,994
334,131(%)(Unit: million yen)

4.7－(Note) Comprehensive income : FY2021 1Q 21,514 million yen ( 44.7%)(Unit: million yen)(%)

(Unit: million yen)(%)

24,067
26,723-9.9

30,457 -2.3－
31,177－

FY2020 1Q 14,867 million yen ( －%)Profit attributable toowners of parent
April 1, 2021 - June 30, 2021
April 1, 2020 - June 30, 2020

Ordinary profit

EPS

Fully-diluted EPS(%)(Unit: yen)

(Unit: yen)

15,813 -13.7－
18,320

32.32
37.62

28.93
33.78

(Note) We have applied the "Accounting Standard for Revenue Recognition" from the beginning of the first quarter starting
April 1st, 2021 (FY2021 1Q). Based on this new standard, the "Electricity Business Accounting Regulations" were revised
and we have made changes in our method of accounting. "Renewable Energy Power Promotion Surcharge" and “Grantbased on the Act on Purchase of Renewables”, which are related to the feed-in tariff system for renewable energy, are notbeing recorded as net sales but are being deducted from corresponding operating expenses. As a result, the consolidated
operating results for the first quarter of the fiscal year ending March 31, 2021 are shown after retroactive application of theabove. The percentage change from the same period of the previous fiscal year for the first quarter starting April 1st, 2020
is not shown because it has not been calculated.

(2) Consolidated Financial Position
Total assets

Net assets

Shareholders' equity ratio(Unit: million yen)

(Unit: million yen)(%)

5,143,567
5,128,563

693,498
681,470

12.9
12.7

As of June 30, 2021
As of March 31, 2021

(Reference) Shareholders' equity : As of June 30, 2021 : 664,156 million yen

As of March 31, 2021: 652,307 million yen(Note) We have applied the "Accounting Standard for Revenue Recognition" from the beginning of the first quarter starting
April 1st, 2021 (FY2021 1Q). As a result, the consolidated financial status for the fiscal year ended March 2021 is shown
after the retrospective application of the said accounting standards.

2. Dividends
Annual dividends per share

FY2020 ended March 31, 2021
FY2021 ended March 31, 2022
FY2021 ending March 31, 2022
(forecast)

1Q

2Q

3Q

Year-end

Total(Unit: yen)

(Unit: yen)

(Unit: yen)

(Unit: yen)

(Unit: yen)

――

17.50

―

17.50

35.00

20.00

―

20.00

40.00

(Note) Revision of the devidend forecast : NoDividends mentioned the above are regarding common shares. See 'Dividends for Class Shares' regarding dividends
for class shares which differ in shareholders' right from common shares.

3. Consolidated Financial Results Forecasts for FY2021 (April 1, 2021 to March 31, 2022)
Sales(Unit: million yen)

Full-year

1,510,000

Operating profit(%) (Unit: million yen)

-0.8

100,000

Profit attributable toowners of parent

Ordinary profit(%) (Unit: million yen)

30.0

70,000(%) (Unit: million yen)

26.9

45,000

EPS(%)(Unit: yen)

41.4

90.69

(Note) Revision of financial results forecasts : NoWe have applied the "Accounting Standard for Revenue Recognition" from the beginning of the first quarter starting April 1st, 2021
(FY2021 1Q). Based on this new standard, the "Electricity Business Accounting Regulations" were revised and we have madechanges in our method of accounting. "Renewable Energy Power Promotion Surcharge" and “Grant based on the Act on Purchaseof Renewables”, which are related to the feed-in tariff system for renewable energy, are not being recorded as net sales but are
being deducted from corresponding operating expenses.Therefore, the percentage change from the previous fiscal year is thepercentage change from the actual results for the fiscal year ended March 31, 2021, after applying these changes retroactively.

※ Note(1)Changes in significant subsidiaries : No(changes in scope of specified subsidiaries)
Newly added: －Excluded: －(2) Adoption of methods specific in preparing quarterly consolidated financial statements in accounting practice : No
(3) Changes in accounting principles, changes in accounting estimates, restatement① Changes in accounting principles in line with revised accounting standards : Yes② Changes in accounting principles other than ① : No
③ Changes in accounting estimates : No
④ Restatement : No(Note) For details, see "(3) Notes on Quarterly Consolidated Financial Statements :Changes in accounting policies on Page 6.

(4) Number of common stocks issued and outstanding① Total stocks including treasury stocks at the end of period
FY2021 1Q 474,183,951 shares
FY2020 474,183,951 shares② Treasury stocks at the end of period
FY2021 1Q 1,161,399 shares
FY2020 1,158,956 shares③ Average number of stocks during the period (Quarter Total)
FY2021 1Q 473,023,193 shares
FY2020 1Q 472,988,569 shares(Note) The number of our shares regarding "Board Benefit Trust (BBT)" held by the Trust was included in the number of treasury
stocks at the end of period ( 603,000 shares as of FY2021 1Q and 603,000 shares as of FY2020) . In addition, the numberof our shares held by the Trust was included in the number of treasury stocks, which was to be deducated from the calculationof the average number of stocks during the period. ( 603,000 shares for FY2021 1Q and 648,000 share for FY2020 1Q)*Quarterly financial results is not the object of quarterly review.
*Notes on the proper use of the forecasts
Looking-forward statements are based on information available at the date of the release of this document. Due to various factors, theactual result may differ from these statements.
We will post supplementary materials for quarterly financial results on our website.

(Reference) Dividends for Class Shares
The breakdown of dividend for class shares which differ in shareholders' rights from common shares is as follows.

Class Apreferred shares
FY2020 ended March 31, 2021
FY2021 ended March 31, 2022
FY2021 ending March 31, 2022
(forecast)(Note) Revision of the dividend forecast : No

1Q

2Q

(Unit: yen)

(Unit: yen)

Annual dividends per share
3Q
Year-end(Unit: yen)

Total

(Unit: yen)

(Unit: yen)――

1,050,000.00―

1,050,000.00

2,100,000.00―

1,050,000.00―

1,050,000.00

2,100,000.00

Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1Q○Table of Contents of Attached Material

1. Quarterly Consolidated Financial Statements and Notes ・・・・・・・・・・・・・・・・・2(1) Quarterly Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・・ 2(2) Quarterly Consolidated Income Statements
and Quarterly Consolidated Comprehensive Income Statements ・・・・・・・・・・・・ 4(3) Notes on Quarterly Consolidated Financial Statements ・・・・・・・・・・・・・・・・ 6(Notes on the premise of going concern)・・・・・・・・・・・・・・・・・・・・・ 6(Notes in case of drastic changes in the amount of equity)・・・・・・・・・・・・・・・ 6(Changes in accounting policies)

・・・・・・・・・・・・・・・・・・・・・・・・・6(Significant subsequent event)・・・・・・・・・・・・・・・・・・・・・・・・・・7

2. Others ・・・・・・・・・・・・・・・・・ ・・・・・・・・・・・・・・・・・・・・ 7(Major effects of the Corona virus)

・・・・・・・・・・・・・・・・・・・・・・・ 7-1-

Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1Q

1. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets
As of March 31, 2021
AssetsNon-current assets
Electric utility plant and equipment
Hydroelectric power production facilities
Thermal power production facilities
Nuclear power production facilities

4,497,950
2,701,288
256,238
274,643547,368
20,87425,124570,968
218,620645,239
128,636
13,574
383,892
621,441504,045
41,92675,470229,765
54,930174,835
561,562
215,981
22,493144,062
180,427△1,402630,612234,163
148,844－70,426
180,913△3,734
5,128,563

Internal combustion engine power production facilities

Renewable power production facilities
Transmission facilities
Transformation facilities
Distribution facilities
General facilities
Other electric utility plant and equipment
Other non-current assets
Construction in progress
Construction and retirement in progressSpecial account related to nuclear power decommissioning
Special account related to reprocessing of spent nuclear fuelNuclear fuelLoaded nuclear fuelNuclear fuel in processing
Investments and other assets
Long-term investments
Retirement benefit asset
Deferred tax assets
OtherAllowance for doubtful accounts
Current assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract assets

Inventories
OtherAllowance for doubtful accounts
Total assets-2-（Unit：million yen）
As of June 30, 2021
4,513,894
2,696,962
256,784
270,344
540,517
21,13324,890572,008
219,839648,239
129,773
13,432
383,131
638,916
516,61041,70980,596
222,495
47,601
174,894572,387
231,126
23,475
138,812180,361△1,388629,672
174,338－151,472
82,458
224,678△3,274
5,143,567

Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1QAs of March 31, 2021
Liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Asset retirement obligations
Deferred tax liabilities
OtherCurrent liabilities
Current portion of non-current liabilities
Short-term borrowings
Commercial papers
Notes and accounts payable - trade
Accrued taxes
OtherReserves under special laws
Reserve for water shortage
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Non-controlling interests
Total net assets
Total liabilities and net assets-3-（Unit：million yen）
As of June 30, 2021

3,390,325
1,299,898
1,645,064
88,107
278,031
8,280
70,943
1,048,499
427,272
123,108
40,00078,12538,025341,966
8,268
8,268
4,447,093

3,468,185
1,384,898
1,643,007
87,424
279,351
10,52762,975
973,646
453,540
122,149
40,00068,494
11,363
278,0998,237
8,237
4,450,069

646,239
237,304
120,007
290,381△1,454
6,068
3,704
3,495
△5,1694,037
29,162
681,470
5,128,563

652,706
237,304
120,007296,851△1,457
11,4503,497
4,991△1,094
4,055
29,341
693,498
5,143,567

Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1Q(2) Quarterly Consolidated Income Statements and Quarterly Consolidated Comprehensive Income Statements(Quarterly Consolidated Income Statements)（ Unit：million yen）
April 1,2020June 30, 2020
Operating revenue
Electric utility operating revenue
Other business operating revenue
Operating expenses
Electric utility operating expenses
Other business operating expenses
Operating profit
Non-operating income
Dividend incomeInterest income
Share of profit of entities accounted for using equity method
Other
Non-operating expenses
Interest expenses
Other
Total ordinary revenue
Total ordinary expenses
Ordinary profit
Provision or reversal of reserve for water shortage
Reversal of reserve for water shortage
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-4-

April 1,2021June 30, 2021
334,131
279,005
55,126302,954
253,714
49,23931,177
3,387
726
218
1,485
957
7,841
6,684
1,157
337,519
310,795
26,723△185△185
26,909
1,003
7,039
8,043
18,866545
18,320349,994
288,543
61,451
319,536
261,896
57,64030,457
2,707
145
227
644
1,690
9,098
6,169
2,929
352,702328,634
24,067△31△31
24,098
1,036
6,798
7,835
16,262449
15,813

Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1Q(Quarterly Consolidated Comprehensive Income Statements)（Unit：million yen）

April 1,2020June 30, 2020
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for using equity method

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests-5-

April 1,2021June 30, 2021
18,866

16,26244191△3,571
1,423△2,087△3,99814,867

140
1,015
2,725
△261,395
5,251
21,514

14,260606

21,195319

Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1Q(3) Notes on Quarterly Consolidated Financial Statements(Notes on the premise of going concern)
N/A(Notes in case of drastic changes in the amount of equity)
N/A(Changes in accounting policies)(Application of "Accounting Standard for Revenue Recognition" etc.)
We have applied the "Accounting Standard for Revenue Recognition" ,etc. from the beginning of the firstquarter starting April 1st, 2021 (FY2021 1Q).
Under this new standard, the "Renewable Energy Power Promotion Surcharge" and “Grant based on the Act
on Purchase of Renewable Energy Sourced Electricity ”, which are related to the feed-in tariff system forrenewable energy, are not recorded as net sales but are being deducted from corresponding operating expenses.
The "Electricity Business Accounting Regulations" has been revised based on the new revenue recognition
standard that was issued.
(Note) Since there is no change in the handling of the meter-reading date standard in this revision, Kyushu ElectricPower and Kyushu Electric Power Transmission & Distribution, which preferentially apply the Electricity BusinessAccounting Regulations, will continue to record revenues based on the meter-reading date standard.

Comparisons and analyzes with the same quarter of the previous year (FY 2020 1Q) and the end of theprevious fiscal year (end of FY2020) are based on the figures after retroactive application.
Handling of the first year of application (FY2021)
As a general rule, “Accounting Standard for Revenue Recognition”, etc. are to be applied retroactively to all
past periods in the first year of application (the revised Electricity Business Accounting Regulations can also
be applied retroactively). From the perspective of comparability of financial statements, Kyushu ElectricPower applies retroactively as a general rule.
Amount of retroactive application impact (FY2020 1Q)(Billion of Yen)
After
retroactive
application

Before retroactive
application

Difference

Explanations
Renewable Energy Power
Promotion Surcharge -43.7

Sales

334.1

496.1-162.0

Ordinary profit

26.7

26.7

－Opening retainedearnings

276.0

276.9

-6--0.9

Grant based on the Act on
Purchase of Renewable
Energy Sourced Electricity-117.8Amount of retroactive
application impact before
FY2019Kyushu Electric Power Co., Inc. (9508)
Financial Results Overview for FY2021 1Q(Significant subsequent event)
On July 13, 2021, Kyushu Electric Power Co., Inc. and its consolidated subsidiary, Kyuden Mirai Energy Co.,
Inc., were investigated by the Japan Fair Trade Commission under Article 47 of the Antimonopoly Act. The
allegation is that the "former general electricity utilities are being suspected of jointly limiting the acquisition ofcustomers in Chubu, Kansai, Chugoku and Kyushu areas, specifically regarding services of supplying
extra-high voltage power and high voltage power.”
We are taking this very seriously and will fully cooperate with the investigation by the Japan Fair TradeCommission.
The Japan Fair Trade Commission's investigation is still ongoing, and at this point of time it is difficult topredict whether there will be any impact on the business results, financial situation, etc. of our group.

2. Others(Major effects of the Corona virus)
RetailConsolidated Financial Results for
the Three Months (April 1, 2021 toJune 30, 2021)(Reference)
Consolidated Financial Results for
the Three Months (April 1, 2020 toJune 30, 2020)
Consolidated Financial Results
Forecasts for FY2021*(Reference)
Consolidated Financial Results for
FY2020*No change to the previous forecast

Ordinary profit-0.5 billion kWh-4.0 billion yen-1.0 billion kWh-10.0 billion yen-1.0 billion kWh-10.0 billion yen-2.0 billion kWh-21.0 billion yen-7-