Komori
Earnings presentation9502Chubu Electric Power Company,IncorporatedElectricity and gas

Fiscal 2025 Financial Results Presentation

In FY2025, revenue decreased by ¥123.1 billion from the previous fiscal year, mainly due to a decline in fuel cost adjustments and other factors, while ordinary profit increased by ¥14.6 billion, supported by improvements in JERA's coal procurement competitiveness and other factors. The FY2026 earnings outlook was not determined because of uncertainty over fuel prices and wholesale electricity market prices arising from the situation in the Middle East and other factors.

Worth reading
74In focus
Scored from 5 of 6 sections
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
146
¥ hundreds of millions
Wording
Avoiding a definitive answer
How definitive the wording is.

Contents of this document

Earnings presentationFY20259 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥35,460 hundreds of millions-3.4%
Operating profit¥2,300 hundreds of millions-5.0%
Ordinary income¥2,910 hundreds of millions+5.3%
Net income¥2,277 hundreds of millions+12.7%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Consolidated revenue: decrease in fuel cost adjustments and other items¥-1,156 hundreds of millions
  • Consolidated revenue: Other¥-76 hundreds of millions
  • Consolidated ordinary profit/loss: timing differences¥-50 hundreds of millions
  • Consolidated ordinary profit/loss: ミライズ (excluding timing differences)109 Approximately ¥100 million
  • Consolidated ordinary profit/loss: Power Grid¥0 hundreds of millions
  • Consolidated ordinary profit/loss: JERA (excluding timing differences)418 Approximately ¥100 million
  • Consolidated ordinary profit/loss: Other¥-330 hundreds of millions
  • Costs associated with terminating the outsourcing agreement for review-related work at the Hamaoka Nuclear Power Station¥-88 hundreds of millions
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Fuel Prices
  • Wholesale electricity market prices
New initiatives
  • Establishment of the Real Estate Business Division
    Timing1 April 2025
Key KPIsA metric the company considers important as a management benchmark.
  • Group-wide electricity sales volume1,200 100 million kWh
    Year-on-year (%)2.3
  • Total power generation92 100 million kWh
    Year-on-year (%)-5.4
  • Hydroelectric power generation88 100 million kWh
    Year-on-year (%)-5.4
  • Hydropower inflow ratio90.6 %
    Year-on-year change (percentage points)-14.3
  • CIF crude oil price$71.4 /b
    Year on year against the same period last year-11.0%
  • Exchange rate¥150.8 /$
    Year on year against the same period last year-1.8%
Segment results
  • ミライズ
    Net Sales¥28,592 hundreds of millions (YoY -3.5%)
    Ordinary profit or loss¥1,379 hundreds of millions (YoY +17.9%)
  • Power Grid
    Net Sales¥9,286 hundreds of millions (YoY -3.6%)
    Ordinary profit or loss¥475 hundreds of millions (YoY 0.0%)
  • JERA
    Ordinary profit or loss¥941 hundreds of millions (YoY +39.8%)
  • Other
    Net Sales¥7,513 hundreds of millions (YoY -4.4%)
    Ordinary profit or loss¥1,270 hundreds of millions (YoY +55.9%)
Medium-term management plan targets
  • ROIC
    Target3.2% or higher
    Actual results4.4%
  • ROE
    TargetApproximately 7%
    Actual results7.5%
  • Equity ratio
    TargetMid- to high-30% range
    Actual results41.0%
Financial targets
  • ROIC
    Target3.2% or higher
    Actual results4.4%
  • ROE
    TargetApproximately 7%
    Actual results7.5%
  • Equity ratio
    TargetMid- to high-30% range
    Actual results41.0%
Annual Dividend
FY2025
Annual¥70 per share
Interim¥35 per share
End of period¥35 per share
FY2026 Forecast
Annual¥70 per share
Interim¥35 per share
End of period¥35 per share
Payout ratio
FY202523.9 %
Fiscal 202424.1 %
NotesConsolidated payout ratio after timing-difference adjustments
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredFY2025
Net Sales¥35,460 hundreds of millions (YoY -3.4%)
Operating profit¥2,300 hundreds of millions (YoY -5.0%)
Ordinary income¥2,910 hundreds of millions (YoY +5.3%)
Net income¥2,277 hundreds of millions (YoY +12.7%)
Segment resultsSegment ミライズ / Net Sales ¥28,592 hundreds of millions (YoY -3.5%) / Ordinary profit or loss ¥1,379 hundreds of millions (YoY +17.9%), Segment Power Grid / Net Sales ¥9,286 hundreds of millions (YoY -3.6%) / Ordinary profit or loss ¥475 hundreds of millions (YoY 0.0%), Segment JERA / Net Sales Not disclosed / Ordinary profit or loss ¥941 hundreds of millions (YoY +39.8%), Segment Other / Net Sales ¥7,513 hundreds of millions (YoY -4.4%) / Ordinary profit or loss ¥1,270 hundreds of millions (YoY +55.9%)
Breakdown of Factors Affecting the ChangeItem Consolidated revenue: decrease in fuel cost adjustments and other items / Amount ¥-1,156 hundreds of millions, Item Consolidated revenue: Other / Amount ¥-76 hundreds of millions, Item Consolidated ordinary profit/loss: timing differences / Amount ¥-50 hundreds of millions, Item Consolidated ordinary profit/loss: ミライズ (excluding timing differences) / Amount 109 Approximately ¥100 million, Item Consolidated ordinary profit/loss: Power Grid / Amount ¥0 hundreds of millions, Item Consolidated ordinary profit/loss: JERA (excluding timing differences) / Amount 418 Approximately ¥100 million, Item Consolidated ordinary profit/loss: Other / Amount ¥-330 hundreds of millions, Item Costs associated with terminating the outsourcing agreement for review-related work at the Hamaoka Nuclear Power Station / Amount ¥-88 hundreds of millions
Key KPIsIndicator name Group-wide electricity sales volume / Value 1,200 100 million kWh / Year-on-year (%) 2.3 100 million kWh, Indicator name Total power generation / Value 92 100 million kWh / Year-on-year (%) -5.4 100 million kWh, Indicator name Hydroelectric power generation / Value 88 100 million kWh / Year-on-year (%) -5.4 100 million kWh, Indicator name Hydropower inflow ratio / Value 90.6 % / Year-on-year change (percentage points) -14.3 %, Indicator name CIF crude oil price / Value $71.4 /b / Year on year against the same period last year $-11 /b, Indicator name Exchange rate / Value ¥150.8 /$ / Year on year against the same period last year ¥-1.8 /$
Assumptions Underlying the Business OutlookItem Fuel Prices / Figures Not disclosed, Item Wholesale electricity market prices / Figures Not disclosed
Medium-term management plan targetsIndicator ROIC / Target 3.2% or higher / Actual results 4.4%, Indicator ROE / Target Approximately 7% / Actual results 7.5%, Indicator Equity ratio / Target Mid- to high-30% range / Actual results 41.0%
Financial targetsIndicator ROIC / Target 3.2% or higher / Actual results 4.4%, Indicator ROE / Target Approximately 7% / Actual results 7.5%, Indicator Equity ratio / Target Mid- to high-30% range / Actual results 41.0%
Annual DividendFY2025 Annual ¥70 per share / Interim ¥35 per share / End of period ¥35 per share / FY2026 Forecast Annual ¥70 per share / Interim ¥35 per share / End of period ¥35 per share
Payout ratioFY2025 23.9 % / Fiscal 2024 24.1 % / Notes Consolidated payout ratio after timing-difference adjustments
New initiativesMeasures Establishment of the Real Estate Business Division / Timing 1 April 2025
Items this document does not state (16)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterFull-year earnings forecastProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

The main factor behind the decline in revenue was a decrease in fuel cost adjustments and other items. Ordinary profit benefited from a ¥22.3 billion increase in profit from improvements in coal procurement competitiveness in JERA's domestic thermal power business and other factors, despite ¥8.8 billion in costs associated with terminating the outsourcing agreement for review-related work at the Hamaoka Nuclear Power Station. The FY2026 earnings outlook was not determined because uncertainty over fuel prices and wholesale electricity market prices increased due to the situation in the Middle East and other factors, making it difficult to reasonably forecast the level of income and expenses.

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Fiscal 2025 Financial Results Presentation | Chubu Electric Power Company,Incorporated (9502) timely disclosure | Komori