Electric Power Development : Notice Regarding Differences between Consolidated Earnings Forecasts for the Fiscal Year Ended March 31, 2021 and Actual Results for Same Period

April 30, 2021

To Whom It May Concern

Electric Power Development Co., Ltd. (J-POWER)

Representative:	Toshifumi Watanabe, Representative Director President and Chief Executive Officer
(Code number:	9513; Tokyo Stock Exchange 1st Section)
Contact:	Kazuo Hosoda, IR Chief Manager
Tel.:	[phone]

Notice Regarding Differences between Consolidated Earnings Forecasts for the Fiscal Year

Ended March 31, 2021 and Actual Results for Same Period

Electric Power Development Co., Ltd. (J-POWER) announces the difference between consolidated earnings forecasts for the fiscal year ended March 31, 2021, announced on February 26, 2021 and the actual results for same period as below.

(Unit: million yen)

Differences between consolidated earnings forecasts and the actual results for the fiscal year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)

	Operating	Operating	Ordinary	Net Income		Consolidated
	Attributable to
		Net Income Per
	Revenue	Income	Income	Owners of
		Share
				Parent
Earnings forecasts (A)	910,000	70,000	54,000	39,000		213.06yen
Actual Results(B)	909,144	77,775	60,903	22,304		121.85 yen
Differences (B-A)	(856)	7,775	6,903	(16,696)
Change (%)	(0.1)	11.1	12.8	(42.8)
(Reference) Previous year results	913,775	83,638	78,085	42,277		230.96yen
(The fiscal year ended March 2020)

Reason for the differences

Consolidated operating income and consolidated ordinary income exceeded the previous forecasts due to the deferral of some expenses such as planned maintenance costs and other expenses. On the other hand, the soaring electricity market price on JEPX occurred in January 2021 caused a loss to J-POWER SUPPLY & TRADING Co., Ltd., which is a wholly owned subsidiary of the Company. As a result of careful consideration of the company's business plan, it was difficult to apply tax effect accounting, and net income attributable to owners of the parent was lower than the previous forecast.