Hokkaido Electric Power Company, Incorporated, First Half Ordinary Profit Decreases by 28%, Exceeds Full-Year Plan

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Thu Oct 31, 2024 3:00 pm JST Earnings

9509 Hokkaido Electric Power Company, Incorporated 【J-GAAP】

Earnings Report

Hokkaido Electric Power Company, Incorporated <9509> [TSE-P] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 27.8% from the same period last year to 50.7 billion yen. However, The progress rate against the full-year plan of 37 billion yen is 137.3%, already exceeding the target and also exceeding the five-year average of 85.1%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the October to March period (second half) is expected to turn into a loss of 13.7 billion yen (compared to a profit of 16.9 billion yen in the same period last year).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 17.6 billion yen, a 22.7% decrease compared to the same period last year. The operating profit margin decreased from 11.1% in the same period last year to 10.0%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	386,853	-985	-1,070	-1,612	-11.3	ー	Oct 26, 2022	J-GAAP
Apr - Sep, 2023	458,579	74,966	70,323	51,037	245.0	80.5	Oct 26, 2023	J-GAAP
Apr - Sep, 2024	416,710	56,168	50,787	50,682	243.4	137.3	Oct 31, 2024	J-GAAP
YoY	-9.1%	-25.1%	-27.8%	-0.7%	-0.7%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	ー	ー	ー	ー	－	10	Apr 26, 2024	J-GAAP
Apr - Sep, 2024 Results	416,710	56,168	50,787	50,682	243.4	10	Oct 31, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	906,000	50,000	37,000	43,000	202.5	20	Jul 31, 2024	J-GAAP
Mar, 2025 New	902,000	50,000	37,000	43,000	202.5	20	Oct 31, 2024	J-GAAP
Revision Rate	-0.4%	0.0%	0.0%	0.0%	0.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	495,205	26,189	16,992	15,164	72.3	15	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	485,290	-6,168	-13,787	-7,682	-36.2	10	Oct 31, 2024	J-GAAP
YoY	-2.0%	－	－	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	888,874	-22,530	-29,251	-22,193	-115.0	0	Apr 27, 2023	J-GAAP
Mar, 2024	953,784	101,155	87,315	66,201	315.4	20	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	902,000	50,000	37,000	43,000	202.5	20	Oct 31, 2024	J-GAAP
YoY	-5.4%	-50.6%	-57.6%	-35.0%	-35.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	230,788	25,540	22,774	16,432	78.9	11.1	Oct 26, 2023	J-GAAP
Oct - Dec, 2023	227,002	6,064	3,470	2,624	12.5	2.7	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	268,203	20,125	13,522	12,540	59.8	7.5	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	202,569	34,676	33,172	31,245	150.5	17.1	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	214,141	21,492	17,615	19,437	93.4	10.0	Oct 31, 2024	J-GAAP
YoY	-7.2%	-15.8%	-22.7%	+18.3%	+18.3%