Okinawa Electric Power Incorporated : Summary of the Settlement of Accounts for FY2022 3rd Quarter

Summary of the Settlement of Accounts for FY2022 3rd Quarter

(April 1 - December 31, 2022)

February 3, 2023

The Okinawa Electric Power Company, Inc.

The Okinawa Electric

Power Company, Inc.

Table of contents

Financial	Financial Results for FY2022 3Q YTD (Year-on-Year Comparison)	2
Trends in Electricity Sales Volume	3
Results	Non-consolidated - Factors in Revenue and Expenditure Changes	4
for FY2022	Non-consolidated - Trends in Data and Effects of Changes	5
Consolidated - Factors in Revenue and Expenditure Changes	6
3Q YTD	Financial Results of each Company	7
Balance Sheet Comparison	8
	Annual Outlook Summary	9
Financial	Non-consolidated - Revenue and Expenditure Forecasts, Factors in Changes I	10
Non-consolidated - Revenue and Expenditure Forecasts, Factors in Changes II	11
Outlook	Non-consolidated - Trends in Data and Effects of Changes (Forecasts)	12
for FY2022	Consolidated - Revenue and Expenditure Forecasts, Factors in Changes	13
Financial Outlook of each Company	14
	Outlook of Capex, Cash Flow and Interest-bearing Debt	15
	Trends of Coal CIF Price	16
	Trends of Crude Oil CIF Price	17
Reference	Trends of Exchange Rate	18
Trends of the Average Fuel Price	19
	Trends in Financial Indicators (Non-consolidated)	20
	Trends in Financial Indicators (Consolidated)	21

1

The Okinawa Electric

Power Company, Inc.

Financial Results for FY2022 3Q YTD

(Year-on-Year Comparison)

(Unit: million yen, X)

	Consolidated (A)		Non-consolidated (B)	(A) / (B)
	FY2021	FY2022		Rate of	FY2021	FY2022	Rate of	FY2021	FY2022
	3Q YTD	3Q YTD		3Q YTD	3Q YTD	3Q YTD	3Q YTD
		Change	Change
	(Results)	(Results)		(Results)	(Results)	(Results)	(Results)
Sales	132,090	174,537		+32.1％	126,854	168,177	+32.6％	1.04	1.04
Operating	4,910	-34,546		－	4,065	-35,202	－	1.21	ー
income
Ordinary	4,883	-34,678		－	4,153	-35,224	－	1.18	ー
income
Net income	*	*		－	3,379	-29,387	－	1.09	ー
3,700	-29,151

* Net income attributable to owners of parent.

【Revenue】

• Increase in Sold power to other suppliers and income from the Fuel cost adjustment system in Electric business.

【Expenditure】

• Increase in Fuel costs and Purchased power costs due to soaring fuel prices in Electric business.

【Profit】

• Profit deteriorated significantly in Electric business because some of the increased costs associated with soaring fuel prices have not been reflected in Electricity sales.

2

The Okinawa Electric

Power Company, Inc.

Trends in Electricity Sales Volume

Electricity Sales Volume

(Unit: million kWh, %)

	FY2021	FY2022		Rate of
	3Q YTD	3Q YTD	Change
	Change
	(Results)	(Results)
Lighting	2,265	2,247	-18	-0.8
Power	3,307	3,374	+67	+2.0
Total	5,572	5,621	+49	+0.9

• 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.

The demand for Power increased compared with Year-on- Year due to the weakening impact of the novel coronavirus.

		FY2021 3Q YTD	FY2022 3Q YTD		Rate of
		Electricity	Com-	Electricity	Com-	Change	• Power generated and received was 5,898 million kWh,
		Change
		generated	position	generated	position			up 2.2%. *
		ratio	ratio
						• Electricity generated of OEPC's Coal-fired thermal power was
	Coal	2,376	41.2%	2,643	44.8%	+267	+11.2%
	up 11.2%. *
OEPC	Oil	820	14.2%	782	13.3%	-38	-4.6%
• Electricity generated of OEPC's Oil-fired thermal power was
LNG	1,323	22.9%	1,323	22.4%	+0	+0.0%	down 4.6%. *
	Total	4,519	78.3%	4,748	80.5%	+229	+5.1%	• Electricity generated of OEPC's LNG-fired thermal power
								remained almost unchanged. *
Other	1,250	21.7%	1,150	19.5%	-100	-8.0%
*Comparison with the same period of the previous year.
	Total	5,769	100.0%	5,898	100.0%	+129	+2.2%

3

The Okinawa Electric

Power Company, Inc.

Non-consolidated

- Factors in Revenue and Expenditure Changes

							(Unit: million yen)
		FY2021	FY2022	Change	Rate of	Main factors in changes
		3Q YTD	3Q YTD	Change
		(Results)	(Results)
Ordinary revenues	Electricity sales	112,108	138,126	+26,017	+23.2％	Fuel cost adjustment system +25,931	Electricity sales volume +833
Other income	15,622	31,020	+15,397	+98.6％	Sold power to other suppliers +12,831	Transmission revenue +1,699
	(Sales)	(126,854)	(168,177)	(+41,322)	(+32.6％)
	Total	127,731	169,146	+41,414	+32.4％
	Personnel costs	13,264	12,898	-366	-2.8％	Salary and benefits -261
	Fuel costs	38,979	94,031	+55,052	+141.2％	Unit price +53,336 (CIF +48,363 Exchange rate +9,798 Initial inventories -4,825)
	Quantity +1,759
Ordinary	Repair and maintenance costs	12,903	13,120	+217	+1.7％	Thermal +500 Internal combustion -243
Depreciation costs	16,856	13,806	-3,049	-18.1％	Effect of change in depreciation method (from declining-balance method to straight-
Thermal +17,151 Waste +2,985
						line method) -3,449
expenses	Purchased power costs	21,397	47,608	+26,211	+122.5％	Grant under Act on Purchase of Renewable Energy Sourced Electricity deduction
Interest expenses	688	674	-14	-2.0％	Average rate -94 Average balance +80
						+5,327
	Tax and other public charges	5,684	5,961	+277	+4.9％	Enterprise tax +133
	Other expenses	13,803	16,268	+2,465	+17.9％	Gas supply business expenses +1,016
	(Operating expenses)	(122,788)	(203,379)	(+80,590)	(+65.6％)
	Total	123,577	204,370	+80,792	+65.4％
(Operating income)	(4,065)	(-35,202)	(-39,268)	(－)
Ordinary income	4,153	-35,224	-39,377	－
Income before income taxes	4,153	-35,224	-39,377	－
Income taxes	773	-5,836	-6,610	－
Net income	3,379	-29,387	-32,767	－

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