Shikoku Electric Power Incorporated : Announcement of FY2022 2nd 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 Second Quarter of Fiscal 2022 Ending March 31, 2023（Japan GAAP）

October 28, 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: November 11, 2022

Scheduled date of commencing dividend payments: -

Availability of supplementary briefing material on quarterly financial results: Yes

Schedule of quarterly financial results briefing session: Yes (for institutional investors and financial analysts)

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

1. Consolidated Financial Results for the Second Quarter of Fiscal 2022 Ending March 31, 2023 (April 01, 2022 to September 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	%
2Q Fiscal 2022			402,122			48.8		10,559	781.0		17,364	1,165.6	8,988	956.0
2Q Fiscal 2021			270,241		(23.0)		1,198	(93.8)	1,372	(92.2)	851	(92.7)
(Note) Comprehensive income:	2Q Fiscal 2022:	¥	23,168 million	[	2,825.1%]
			2Q Fiscal 2021:	¥	792 million	[	(92.4) %]
			Basic earnings			Diluted earnings per
			per share					share
							Yen				Yen
2Q Fiscal 2022							43.69				-
2Q Fiscal 2021							4.14				-
(2) Consolidated Financial Position
			Total assets				Net assets		shareholders'equity ratio
					Million yen			Million yen			%
2Q Fiscal 2022				1,579,822			335,355				21.1
Fiscal 2021				1,500,744			315,297				20.8
(Reference) Equity:	2Q Fiscal 2022:	¥	332,885 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	-		0.00
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)

(% indicates changes from the previous corresponding period.)

	Operating revenues	Operating profit			Ordinary profit		Profit attributable to	Basic earnings per
				owners of parent	share
	Million yen	%	Million yen		%	Million yen		%	Million yen	%	Yen
Fiscal 2022	855,000	33.2	(45,000)		-		(30,000)		-	(25,000)	-	(121.00)
(Note) Revision to the financial results forecast announced most recently:	Yes
* 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):

	2Q Fiscal 2022:	207,528,202	shares
	Fiscal 2021:	223,086,202	shares
2)	Total number of treasury shares at the end of the period:
	2Q Fiscal 2022:	1,784,618	shares
	Fiscal 2021:	17,361,631	shares
3)	Average number of shares during the period:
	2Q Fiscal 2022:	205,732,451	shares
	2Q Fiscal 2021:	205,724,704	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 (155,334 shares (2Q 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. (167,734 shares (2Q Fiscal 2022), 180,805 shares (2Q 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 October 28, 2022.

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Quarterly Consolidated Financial Statements 1.Quarterly Consolidated Balance Sheets

				(Million yen)
			FY 2021	Second quarter of FY 2022
			(As of March 31, 2022)	(As of September 30, 2022)
Assets
Non-current assets	1,248,129	1,259,541
	Plant and equipment, and intangible assets	965,863	970,204
		Hydroelectric power production facilities	58,187	57,129
		Thermal power production facilities	61,830	64,648
		Nuclear power production facilities	189,206	182,015
		Transmission facilities	115,821	116,625
		Transformation facilities	80,967	82,026
		Distribution facilities	201,656	202,843
		Other non-current assets	97,808	96,282
		Construction and retirement in progress	88,951	98,814
		Special account related to nuclear power	41,136	38,970
		decommissioning
		Special account related to reprocessing of spent	30,297	30,848
		nuclear fuel
	Nuclear fuel	94,844	92,076
		Loaded nuclear fuel	12,219	9,264
		Nuclear fuel in processing	82,625	82,812
	Investments and other assets	187,421	197,260
		Long-term investments	52,741	55,104
		Long-term investments in subsidiaries and	80,361	93,282
		associates
		Deferred tax assets	35,425	28,687
		Retirement benefit asset	9,998	10,705
		Other	9,773	10,329
		Allowance for doubtful accounts	(878)	(849)
Current assets	252,614	320,280
	Cash and deposits	72,978	116,825
	Notes and accounts receivable - trade, and contract	79,322	84,994
	assets
	Lease receivables and investments in leases	15,701	16,120
	Inventories	31,507	52,441
	Other	53,976	50,809
	Allowance for doubtful accounts	(872)	(910)
Total assets	1,500,744	1,579,822

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			(Million yen)
		FY 2021	Second quarter of FY 2022
		(As of March 31, 2022)	(As of September 30, 2022)
Liabilities
Non-current liabilities	919,592	1,033,377
	Bonds payable	349,990	386,991
	Long-term loans payable	382,400	458,800
	Retirement benefit liability	22,987	22,870
	Asset retirement obligations	128,796	129,030
	Other	35,417	35,684
Current liabilities	264,608	210,296
	Current portion of non-current liabilities	97,394	76,088
	Commercial papers	33,000	-
	Notes and accounts payable - trade	45,752	43,024
	Accrued taxes	5,813	9,986
	Other	82,648	81,197
Reserves under special laws	1,246	793
	Reserve for fluctuation in water levels	1,246	793
Total liabilities	1,185,447	1,244,467
Net assets
Shareholders' equity	305,753	311,664
	Capital stock	145,551	145,551
	Capital surplus	35,198	3,598
	Retained earnings	166,683	165,884
	Treasury shares	(41,680)	(3,369)
Accumulated other comprehensive income	7,139	21,221
	Valuation difference on available-for-sale	1,345	578
	securities
	Deferred gains or losses on hedges	1,516	11,151
	Foreign currency translation adjustment	3,362	8,903
	Remeasurements of defined benefit plans	915	587
Non-controlling interests	2,404	2,469
Total net assets	315,297	335,355
Total liabilities and net assets	1,500,744	1,579,822

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2.Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income

			(Million yen)
		Second quarter of FY 2021	Second quarter of FY 2022
		(April 1, 2021	(April 1, 2022
		to September 30, 2021	to September 30, 2022
Operating revenue	270,241	402,122
	Electric utility operating revenue	225,308	358,928
	Other business operating revenue	44,933	43,193
Operating expenses	269,043	391,562
	Electric utility operating expenses	229,003	353,481
	Other business operating expenses	40,039	38,080
	Cost of sales	33,832	31,451
	Selling, general and administrative expenses	6,207	6,629
Operating profit	1,198	10,559
Non-operating income	3,525	10,670
	Dividend income	797	1,052
	Interest income	302	331
	Gain on sale of securities	274	914
	Foreign exchange gains	822	6,954
	Share of profit of entities accounted for using equity	852	875
	method
	Other	475	541
Non-operating expenses	3,352	3,865
	Interest expenses	2,782	3,110
	Loss on valuation of securities	288	269
	Other	281	484
Ordinary profit	1,372	17,364
Provision or reversal of reserve for fluctuation in water	-	(452)
levels
	Reversal of reserve for fluctuation in water levels	-	(452)
Profit before income taxes	1,372	17,816
Total income taxes	425	8,730
Profit	946	9,086
Profit attributable to non-controlling interests	95	98
Profit attributable to owners of parent	851	8,988

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