Shikoku Electric Power Incorporated : Announcement of FY2022 1st Quarter Financial Results

Disclaimer: This is a Japanese-English translation of the summary of financial statements of the Company produced for your convenience. Since no auditor audited this report, officially only the Japanese version is assumed to be the summary of financial statements of the Company. This summary does not constitute any guarantee and will not compensate any losses and/or damage stemming from actions taken based on these statements. In the case that there is any discrepancy between the Japanese and English versions, the Japanese version is assumed to be correct.

Summary of Consolidated Financial Statements

for the First Quarter of Fiscal 2022 Ending March 31, 2023(Japan GAAP)

July 29, 2022

Company name: Shikoku Electric Power Company, Incorporated

Listed on:	Prime Market of TSE
Securities code:	9507
URL:	https://www.yonden.co.jp/
Representative:	Keisuke Nagai	Director and President
Contact:	Kouji Takigawa	Manager of the Consolidated Accounting Team, Accounting & Finance Dept.
E-mail:	[e-mail]

Scheduled date of filing quarterly securities report: August 12, 2022

Scheduled date of commencing dividend payments: -

Availability of supplementary briefing material on quarterly financial results: Yes

Schedule of quarterly financial results briefing session: No

(Amounts of less than one million yen are rounded down.)

1. Consolidated Financial Results for the First Quarter of Fiscal 2022 Ending March 31, 2023 (April 01, 2022 to June 30, 2022)

(1) Consolidated Operating Results (Cumulative)			(% indicates changes from the previous corresponding period.)
		Operating revenues			Operating profit			Ordinary profit			Profit attributable to
									owners of parent
		Million yen	%			Million yen		%		Million yen		%			Million yen		%
1Q Fiscal 2022		166,678	41.5			2,839		-		4,910		-		2,249		-
1Q Fiscal 2021		117,778	(28.8)		(3,463)		-		(3,857)		-		(2,817)		-
(Note) Comprehensive income:	1Q Fiscal 2022:	¥	9,458 million		[ - %]
			1Q Fiscal 2021:	¥	(1,282) million		[ - %]
			Basic earnings			Diluted earnings per
			per share				share
					Yen					Yen
1Q Fiscal 2022				10.93				-
1Q Fiscal 2021				(13.70)				-
(2) Consolidated Financial Position
			Total assets			Net assets			Shareholder's equity ratio
				Million yen				Million yen					%
1Q Fiscal 2022			1,598,617			321,624					20.0
Fiscal 2021			1,500,744			315,297					20.8
(Reference) Equity:	1Q Fiscal 2022: ¥	319,195 million
	Fiscal 2021:	¥	312,892 million

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2. Dividends

				Annual dividends
	1st	2nd	3rd		Year-end	Total
	quarter-end	quarter-end	quarter-end
	Yen		Yen	Yen		Yen	Yen
Fiscal 2021	-		15.00	-		15.00	30.00
Fiscal 2022	-
Fiscal 2022 (Forecast)			-	-		-	-
(Note) Revision to the forecast for dividends	announced most	recently:	No

3. Consolidated Financial Results Forecast for the Fiscal 2022 Ending March 31, 2023(April 01, 2022 to March 31, 2023) [The reason of undiciding forecast] (No change from the announcement in April 2022)

The forecasts of consolidated financial results and dividends for FY 2022 are undecided because the outlook for fuel prices has become more uncertain since Russia's invasion of Ukraine and it is difficult to forecast financial results. These financial forecasts will be promptly released as soon as they are determined.

* Notes:

(1) Changes in significant subsidiaries during the period under review

(changes in specified subsidiaries resulting in changes in scope of consolidation): No

1. Accounting policies adopted specially for the preparation of quarterly consolidated financial statements: Yes
2. Changes in accounting policies, changes in accounting estimates and retrospective restatement
3. 1. Changes in accounting policies due to the revision of accounting standards: No
   2. Changes in accounting policies other than 1) above: Yes
   3. Changes in accounting estimates: Yes
   4. Retrospective restatement: No
4. Total number of issued shares (common shares)
5. 1. Total number of issued shares at the end of the period (including treasury shares):

	1Q Fiscal 2022:	223,086,202	shares
	Fiscal 2021:	223,086,202	shares
2)	Total number of treasury shares at the end of the period:
	1Q Fiscal 2022:	17,363,242	shares
	Fiscal 2021:	17,361,631	shares
3)	Average number of shares during the period:
	1Q Fiscal 2022:	205,723,679	shares
	1Q Fiscal 2021:	205,721,958	shares

(Note)

We have introduced the Board Benefit Trust, and the total number of treasury shares at the end of the period includes our shares held by the trust account relating to the Board Benefit Trust (177,034 shares (1Q Fiscal 2022), 177,034 shares (Fiscal 2021)). In addition, our shares held by the trust account are included in the total number of treasury shares which are deducted in the calculation of the average number of shares. (177,034 shares (1Q Fiscal 2022), 183,634 shares (1Q Fiscal 2021))

・This document is exempt from quarterly review procedure based upon a certified public accountant or audit corporation.

・This document contains projections that were made based on information currently available and certain assumptions judged to be reasonable. There is a possibility that diverse factors may cause actual performance, etc., to differ materially from the projections.

・Supplementary materials will be posted on our web site on July 29, 2022.

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Quarterly Consolidated Financial Statements 1.Quarterly Consolidated Balance Sheets

				(Million yen)
			FY 2021	First quarter of FY 2022
			(As of March 31, 2022)	(As of June 30, 2022)
Assets
Non-current assets	1,248,129	1,252,369
	Plant and equipment, and intangible assets	965,863	967,192
		Hydroelectric power production facilities	58,187	57,789
		Thermal power production facilities	61,830	65,266
		Nuclear power production facilities	189,206	185,725
		Transmission facilities	115,821	115,761
		Transformation facilities	80,967	81,722
		Distribution facilities	201,656	202,347
		Other non-current assets	97,808	96,428
		Construction and retirement in progress	88,951	91,250
		Special account related to nuclear power	41,136	40,053
		decommissioning
		Special account related to reprocessing of spent	30,297	30,848
		nuclear fuel
	Nuclear fuel	94,844	93,459
		Loaded nuclear fuel	12,219	10,753
		Nuclear fuel in processing	82,625	82,706
	Investments and other assets	187,421	191,717
		Long-term investments	52,741	54,487
		Long-term investments in subsidiaries and	80,361	85,247
		associates
		Deferred tax assets	35,425	32,670
		Retirement benefit asset	9,998	10,161
		Other	9,773	10,004
		Allowance for doubtful accounts	(878)	(854)
Current assets	252,614	346,248
	Cash and deposits	72,978	134,357
	Notes and accounts receivable - trade, and contract	79,322	72,016
	assets
	Lease receivables and investments in leases	15,701	15,912
	Inventories	31,507	50,290
	Other	53,976	74,446
	Allowance for doubtful accounts	(872)	(777)
Total assets	1,500,744	1,598,617

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			(Million yen)
		FY 2021	First quarter of FY 2022
		(As of March 31, 2022)	(As of June 30, 2022)
Liabilities
Non-current liabilities	919,592	1,038,173
	Bonds payable	349,990	406,991
	Long-term loans payable	382,400	443,800
	Retirement benefit liability	22,987	22,922
	Asset retirement obligations	128,796	128,881
	Other	35,417	35,579
Current liabilities	264,608	237,881
	Current portion of non-current liabilities	97,394	98,040
	Commercial papers	33,000	-
	Notes and accounts payable - trade	45,752	56,833
	Accrued taxes	5,813	5,737
	Other	82,648	77,270
Reserves under special laws	1,246	937
	Reserve for fluctuation in water levels	1,246	937
Total liabilities	1,185,447	1,276,993
Net assets
Shareholders' equity	305,753	304,904
	Capital stock	145,551	145,551
	Capital surplus	35,198	35,198
	Retained earnings	166,683	165,835
	Treasury shares	(41,680)	(41,681)
Accumulated other comprehensive income	7,139	14,291
	Valuation difference on available-for-sale	1,345	1,423
	securities
	Deferred gains or losses on hedges	1,516	7,031
	Foreign currency translation adjustment	3,362	5,084
	Remeasurements of defined benefit plans	915	751
Non-controlling interests	2,404	2,428
Total net assets	315,297	321,624
Total liabilities and net assets	1,500,744	1,598,617

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2.Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income

			(Million yen)
		First quarter of FY 2021	First quarter of FY 2022
		(April 1, 2021 to June 30, 2021)	(April 1, 2022 to June 30, 2022)
Operating revenue	117,778	166,678
	Electric utility operating revenue	98,471	146,001
	Other business operating revenue	19,306	20,677
Operating expenses	121,242	163,839
	Electric utility operating expenses	104,635	146,343
	Other business operating expenses	16,606	17,496
	Cost of sales	13,443	14,220
	Selling, general and administrative expenses	3,163	3,275
Operating profit (loss)	(3,463)	2,839
Non-operating income	1,463	3,982
	Dividend income	666	419
	Interest income	92	164
	Gain on sale of securities	56	-
	Foreign exchange gains	173	2,548
	Share of profit of entities accounted for using equity	276	558
	method
	Other	197	291
Non-operating expenses	1,857	1,911
	Interest expenses	1,400	1,475
	Loss on valuation of securities	288	2
	Other	168	433
Ordinary profit (loss)	(3,857)	4,910
Provision or reversal of reserve for fluctuation in water	-	(308)
levels
	Reversal of reserve for fluctuation in watre levels	-	(308)
Profit (loss) before income taxes	(3,857)	5,218
Total income taxes	(1,096)	2,912
Profit (loss)	(2,761)	2,305
Profit attributable to non-controlling interests	56	56
Profit (loss) attributable to owners of parent	(2,817)	2,249

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