Electric Power Development : Release of Financial Statements for the Year Ended March 31, 2021

This is an English translation of the Financial Results (Kessan Tanshin) filed with the Tokyo Stock Exchange on April 30, 2021. Please note that if there is any discrepancy, the original Japanese version will take priority.

	(English Translation)
	Financial Results (Unaudited)
	(for the Year Ended March 31, 2021)
	April 30, 2021
Electric Power Development Co., Ltd. (J-POWER)
Listed exchange:	Tokyo Stock Exchange (Code: 9513)
Representative:	Toshifumi Watanabe, President
Contact:	Kazuo Hosoda, IR Chief Manager
Tel.:	[phone]
URL:	https://www.jpower.co.jp/english/

Scheduled date of the Ordinary General Meeting of Shareholders:	June 25, 2021
Scheduled date of dividend payment commencement:	June 28, 2021
Scheduled date for filing of annual securities report:	June 25, 2021
Preparation of supplementary explanations of financial results:	Yes
Financial results presentation held:	Yes (for institutional investors
	and securities analysts)

(Note) All monetary values are rounded down to the nearest units as indicated in each table.

1. Consolidated Financial Results (From April 1, 2020 to March 31, 2021)

1. Consolidated Operating Results

(Percentages (%) represent changes from the same period of the previous year)

	Operating	Operating income	Ordinary income	Profit attributable to
	revenue		owners of parent
	million yen	%	million yen	%	million yen	%	million yen	%
Year ended March 31, 2021	909,144	(0.5)	77,775	(7.0)	60,903	(22.0)	22,304	(47.2)
Year ended March 31, 2020	913,775	1.8	83,638	6.1	78,085	13.9	42,277	(8.6)

(Note) Comprehensive income:	Year ended March 31, 2021	19,629 million yen (41.6)%
	Year ended March 31, 2020	33,627 million yen (1.6)%
	Earnings		Fully diluted
	per share	earnings per share
	yen			yen
Year ended March 31, 2021	121.85			─
Year ended March 31, 2020	230.96			─
	Ratio of earnings to		Ratio of ordinary	Ratio of operating income
	shareholders' equity		income to total assets	to operating revenue
	%				%	%
Year ended March 31, 2021	2.8				2.2	8.6
Year ended March 31, 2020	5.3				2.8	9.2

(Reference) Share of profit of entities accounted for using equity method:
Year ended March 31, 2021	2,759 million yen
Year ended March 31, 2020	11,320 million yen

(2) Consolidated Financial Position

	Total assets		Net assets	Equity ratio	Net assets per
		share
	million yen		million yen	%	yen
Year ended March 31, 2021	2,841,960		853,685	28.5	4,420.39
Year ended March 31, 2020	2,805,390		857,387	28.8	4,412.84
(Reference) Shareholders' equity:	As of March 31, 2021	809,145 million yen
	As of March 31, 2020	807,764 million yen

(3) Consolidated Statement of Cash Flows

	Cash flows from	Cash flows from	Cash flows from	Cash and cash
	equivalents at the
	operating activities	investing activities	financing activities
	end of the period
	million yen	million yen	million yen	million yen
Year ended March 31, 2021	167,959	(143,274)	7,031	185,260
Year ended March 31, 2020	159,245	(161,711)	(27,737)	157,212

2. Dividends

		Cash dividends per share			Total	Dividend		Ratio of
								dividends
		Record date			amount of	pay-out
			Annual		to net
	Jun. 30	Sep. 30	Dec. 31	Mar. 31		dividends	ratio
				assets
	yen	yen	yen	yen	yen		million yen	%	%
Year ended March 31, 2020	─	35.00	─	40.00	75.00	13,728	32.5	1.7
Year ended March 31, 2021	─	35.00	─	40.00	75.00	13,728	61.6	1.7
Year ending March 31, 2022	─	35.00	─	40.00	75.00			40.4
(forecasts)

3. Consolidated Earnings Forecasts for the Year Ending March 31, 2022 (From April 1, 2021 to March 31, 2022)

(Percentages (%) represent changes from the same period of the previous year)

	Operating	Operating	Ordinary income	Profit attributable to	Earnings
	revenue	income	owners of parent	per share
	million yen	%	million yen	%	million yen	%	million yen	%	yen
Year ending March 31, 2022	842,000	(7.4)	59,000	(24.1)	50,000	(17.9)	34,000	52.4	185.74

4. Other Information

1. Principal subsidiaries subject to changes: None
2. Changes in accounting policies, accounting estimates and restatement of corrections
3. 1. Changes in accounting policies due to revisions of accounting standards etc.: None
   2. Changes in accounting policies except 1): None
   3. Changes in accounting estimates: None
   4. Restatement of corrections: None
4. Number of shares issued (common stock)
5. 1. Number of shares issued at the end of the period (including treasury stock)

Year ended March 31, 2021:	183,051,100
Year ended March 31, 2020:	183,051,100
2) Treasury stock at the end of the period
Year ended March 31, 2021:	2,741
Year ended March 31, 2020:	2,441

3) Average number of shares outstanding during the period

Year ended March 31, 2021:	183,048,553
Year ended March 31, 2020:	183,048,830

[Reference]

1. Non-consolidated Financial Results (From April 1, 2020 to March 31, 2021)

1. Non-consolidatedOperating Results

(Percentages (%) represent changes from the same period of the previous year)

	Operating	Operating	Ordinary income	Profit
	revenue	income
	million yen	%	million yen	%	million yen	%	million yen	%
Year ended March 31, 2021	589,915	3.3	77,854	212.8	114,041	88.2	15,532	(72.9)
Year ended March 31, 2020	571,291	(11.7)	24,886	33.2	60,597	11.4	57,377	8.7
	Profit	Fully diluted profit
	per share	per share
		yen		yen
Year ended March 31, 2021	84.85		─
Year ended March 31, 2020	313.46		─

(2) Non-consolidated Financial Position

	Total assets	Net assets	Equity ratio	Net assets
	per share
	million yen	million yen	%	yen
Year ended March 31, 2021	2,250,502	670,528	29.8	3,663.12
Year ended March 31, 2020	2,420,106	660,817	27.3	3,610.06
(Reference) Shareholders' equity:	Year ended March 31, 2021	670,528 million yen
	Year ended March 31, 2020	660,817 million yen

2. Non-consolidated Earnings Forecasts for the Year Ending March 31, 2022 (From April 1, 2021 to March 31, 2022)

(Percentages (%) represent changes from the same period of the previous year)

	Operating	Operating	Ordinary income	Profit	Profit
	revenue	income	per share
	million yen	%	million yen	%	million yen	%	million yen	%	yen
Year ending March 31, 2022	514,000	(12.9)	6,000	(92.3)	41,000	(64.0)	41,000	164.0	223.98

• This financial results is out of the scope of review procedures by CPA or an audit firm
• Forward-lookingstatements and other special notes
• • The earnings forecasts are forward-looking statements made on the basis of available information current at the time forecasts are made and contain uncertain elements. Therefore, actual earnings may differ from forecast figures as a result of changes in business performance and other factors. For the details of earnings forecasts for the year ending March 2022, please refer to page 4.
  • The supplementary explanation material is available on our website at https://www.jpower.co.jp/english/ under the investor relations section.

Table of Contents
1. Operating Results and Financial Position (Consolidated) ..............................................................	2
(1)	Operating Results ...........................................................................................................................	2
(2)	Financial Position............................................................................................................................	3
(3)	Cash Flow ........................................................................................................................................	3
(4)	Earnings Forecasts.........................................................................................................................	4
2. Basic Approach Related to the Selection of Accounting Standards..............................................	4
3. Consolidated Financial Statements and Major Notes......................................................................	6
(1)	Consolidated Balance Sheet..........................................................................................................	6
(2) Consolidated Statement of Income and Comprehensive Income .............................................	8
		10
(3)	Consolidated Statement of Changes in Equity............................................................................
		12
(4)	Consolidated Statement of Cash Flows ......................................................................................
(5) Notes on Premise of Going Concern ..........................................................................................	14
(6)	Notes to Consolidated Financial Statements.............................................................................	14
4. Appendixes .........................................................................................................................................	18
[Appendix 1]..........................................................................................................................................	18
[Appendix 2]..........................................................................................................................................	19

1

1. Operating Results and Financial Position (Consolidated)

1. Operating Results

1) Electricity Sales Volume

In the electric power business, electricity sales volume from hydroelectric power plants for the current fiscal year showed 3.2% decrease from the previous fiscal year to 8.9TWh, due mainly to the decrease in water supply rate from 101% to 96%. In thermal power, in spite of the decrease in the load factor of thermal power plants of J-POWER(non-consolidated) from 77% to 75%, the electricity sales volume resulted in 52.1TWh, almost the same as the previous fiscal year, mainly due to the commencement of commercial operations of Takehara Thermal Power Plant New Unit No.1 on June 30, 2020. Despite the volume of electricity procured from wholesale electricity market and sold to retailors decreased, the sales volume of electricity procured from Kashima Thermal Power Plant Unit No.2 which commenced commercial operations on July 1, 2020 contributed to 2.0% increase in total electricity sales volume of the electric power business from the previous fiscal year to 74.5TWh.

Electricity sales volume in the overseas business decreased 29.0% from the previous fiscal year to 11.0TWh.

2) Overview of Income and Expenditures

Sales (operating revenues) decreased 0.5% from the previous fiscal year to 909.1 billion yen mainly due to the decrease in electricity sales volume of the overseas business, while the increase in electricity sales volume and the soared electricity trading prices at Japan Electric Power Exchange (JEPX) from late December 2020 to January 2021 increased the sales of electric power business. Non-operating revenue decreased 57.7% from the previous fiscal year to 11.2 billion yen mainly due to the decrease in share of profit of entities accounted for using equity method and the decrease in foreign exchange gains. Total ordinary revenue decreased 2.1% from the previous fiscal year to 920.3 billion yen.

Operating expenses increased 0.1% from the previous fiscal year to 831.3 billion yen mainly due to the increase in purchased power from other suppliers, while fuel costs decreased with the fall in fuel prices and repair expense including periodic inspection costs decreased in the electric power business. Total ordinary expenses including non-operating expenses decreased 0.3% from the previous fiscal year to 859.4 billion yen.

As a result, ordinary income decreased 22.0% from the previous fiscal year to 60.9 billion yen. Profit attributable to owners of parent decreased 47.2% from the previous fiscal year to

22.3 billion yen mainly due to the increase in impairment losses posted under extraordinary losses and increase in income taxes, despite gain on sales of shares of subsidiaries and associates was posted under extraordinary income with the sales of all the shares held of Chiahui Power Corporation which was a company accounted for using equity method and loss on business of subsidiaries and associates posted in the previous fiscal year under extraordinary losses was eliminated.

Results for the reportable segments for the current fiscal year are as follows.

(Electric Power Business)

Sales (electric utility operating revenue) increased 6.9% from the previous fiscal year to

2