Shikoku Electric Power Incorporated : Summary of Financial Results 2021

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 Fiscal 2020 Ended March 31, 2021 (Japan GAAP)
		April 28, 2021
Company name:	Shikoku Electric Power Company, Incorporated
Listed on:	First section of TSE
Code number:	9507
URL:	https://www.yonden.co.jp/
Representative:	Keisuke Nagai Director and President
Contact:	Takahiro Hosoi	Manager of the Consolidated Accounting Team, Accounting &
Finance Dept.
Email:	[e-mail]

Scheduled date of Annual General Meeting of Shareholders: June 25, 2021

Scheduled date of commencing dividend payments: June 28, 2021

Scheduled date of filing annual securities report: June 28, 2021

Availability of supplementary briefing material on annual financial results: Yes

Schedule of annual 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 Fiscal 2020 Ended March 31, 2021 (April 01, 2020 to March 31, 2021)

(1) Consolidated Operating Results									(% 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	%
Fiscal 2020		719,231		(1.9)				6,456	(79.4)		5,188	(81.4)		2,999	(83.4)
Fiscal 2019		733,187		(0.6)				31,288	21.6	27,952	11.2		18,092	6.5
(Note) Comprehensive income:	Fiscal	2020:				¥	7,185 million	[	(39.5) %]
		Fiscal	2019:				¥	11,868 million	[	(13.0) %]
	Basic earnings per		Diluted earnings per	Rate of return on		Ordinary profit to		Operating profit to
		share							share	equity		total assets ratio		net sales ratio
				Yen					Yen			%			%			%
Fiscal 2020			14.58						-			0.9			0.4			0.9
Fiscal 2019			87.92						-			5.6			2.0			4.3
(Reference) Equity in earnings (losses) of affiliated companies: Fiscal	2020:		¥	945 million
										Fiscal	2019:		¥	647 million
(2) Consolidated Financial Position
		Total assets						Net assets		Capital adequacy ratio	Net assets per share
			Million yen				Million yen				%				Yen
Fiscal 2020			1,430,424					327,953				22.8				1,583.09
Fiscal 2019			1,373,640					326,648				23.6				1,577.57
(Reference) Equity: Fiscal 2020:		¥		325,678		million
Fiscal 2019:		¥		324,540		million
(3) Consolidated Cash Flows
	Cash flows from				Cash flows from		Cash flows from			Cash and cash
				equivalents at the end
	operating activities				investing activities		financing activities
						of period
			Million yen				Million yen				Million yen			Million yen
Fiscal 2020			52,293					(89,331)				48,310				65,444
Fiscal 2019			107,313					(99,946)				6,318				54,289

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2. Dividends

		Annual dividends				Payout	Dividends
				Total	to net
							ratio
	1st	2nd	3rd		Year-end	Total	dividends	assets
		(consolidated)
	quarter-end	quarter-end	quarter-end			(consolidated)
	Yen	Yen	Yen		Yen	Yen	Million yen	%	%
Fiscal 2019	-	15.00	-		15.00	30.00	6,226	34.1	1.9
Fiscal 2020	-	15.00	-		15.00	30.00	6,226	205.8	1.9
Fiscal 2021	-	15.00	-		15.00	30.00		-
(Forecast)

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022 (April 01, 2021 to March 31, 2022)

(% indicates changes from the previous corresponding period.)

	Operating		Operating profit	Ordinary profit	Profit	attributable	Basic earnings per
	revenues		to owners of parent	share
Fiscal 2021	Million			Million		Million		Million		Yen
yen		％	yen	％	yen	％	yen	％
(Forecast)	550,000		(23.5)	18,500	186.6	18,000	247.0	13,000	333.5	63.00

* Notes:

1. Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): No
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: No
   3. Changes in accounting estimates: No
   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):

	March 31, 2021:	223,086,202	shares
	March 31, 2020:	223,086,202	shares
2)	Total number of treasury shares at the end of the period:
	March 31, 2021:	17,363,621	shares
	March 31, 2020:	17,364,063	shares
3)	Average number of shares during the period:
	Fiscal Year ended March 31, 2021:	205,724,814	shares
	Fiscal Year ended March 31, 2020:	205,798,005	shares

・This document is exempt from audit 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 April 28, 2021.

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Consolidated Financial Statements

1.Consolidated Balance Sheets

			(Million yen)
		FY2019	FY2020
		(As of March 31, 2020)	(As of March 31, 2021)
Assets
Non-current assets	1,158,444	1,190,689
Plant and equipment, and intangible assets	921,722	940,873
	Hydroelectric power production facilities	63,935	58,593
	Thermal power production facilities	76,038	68,868
	Nuclear power production facilities	104,053	119,799
	Transmission facilities	122,267	118,678
	Transformation facilities	75,130	80,192
	Distribution facilities	202,960	202,067
	Other non-current assets	103,295	100,758
	Construction and retirement in progress	111,375	123,491
	Special account related to nuclear power	43,633	43,168
	decommissioning
	Special account related to reprocessing of spent	19,032	25,254
	nuclear fuel
Nuclear fuel	93,461	93,869
	Nuclear fuel in processing	93,461	93,869
Investments and other assets	143,261	155,947
	Long-term investments	57,203	52,968
	Deferred tax assets	33,452	31,728
	Retirement benefit asset	2,476	8,150
	Other	50,148	63,131
	Allowance for doubtful accounts	(19)	(30)
Current assets	215,195	239,734
Cash and deposits	55,461	65,494
Notes and accounts receivable - trade	96,067	101,558
Lease receivables and investments in leases	14,314	15,440
Inventories	28,658	27,991
Other	20,802	30,080
Allowance for doubtful accounts	(109)	(829)
Total assets	1,373,640	1,430,424

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			(Million yen)
		FY2019	FY2020
		(As of March 31, 2020)	(As of March 31, 2021)
Liabilities
Non-current liabilities	832,570	906,992
	Bonds payable	319,987	349,988
	Long-term loans payable	326,160	370,300
	Retirement benefit liability	24,318	23,909
	Asset retirement obligations	124,731	126,885
	Other	37,372	35,908
Current liabilities	206,609	187,666
	Current portion of non-current liabilities	74,037	44,602
	Commercial papers	-	10,000
	Notes and accounts payable - trade	37,894	42,371
	Accrued taxes	14,942	11,900
	Other	79,734	78,792
Reserves under special laws	7,811	7,811
	Reserve for fluctuation in water levels	7,811	7,811
Total liabilities	1,046,992	1,102,470
Net assets
Shareholders' equity	321,240	318,381
	Capital stock	145,551	145,551
	Capital surplus	35,198	35,198
	Retained earnings	182,178	179,315
	Treasury shares	(41,687)	(41,684)
Accumulated other comprehensive income	3,300	7,297
	Valuation difference on available-for-sale	1,729	1,779
	securities
	Deferred gains or losses on hedges	3,333	1,526
	Foreign currency translation adjustment	1,426	730
	Remeasurements of defined benefit plans	(3,190)	3,260
Non-controlling interests	2,107	2,275
Total net assets	326,648	327,953
Total liabilities and net assets	1,373,640	1,430,424

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2.Consolidated Statements of Income and Comprehensive Income

Consolidated Statements of Income

			(Million yen)
		FY2019	FY2020
		(April 1,2019 toMarch 31,2020)	(April 1,2020 toMarch 31,2021)
Operating revenue	733,187	719,231
	Electric utility operating revenue	631,479	616,375
	Other business operating revenue	101,708	102,855
Operating expenses	701,899	712,774
	Electric utility operating expenses	611,308	621,147
	Other business operating expenses	90,591	91,626
	Cost of sales	77,181	77,566
	Selling, general and administrative expenses	13,409	14,060
Operating profit	31,288	6,456
Non-operating income	5,258	6,529
	Dividend income	1,141	1,483
	Interest income	599	547
	Gain on sale of securities	2	1,477
	Foreign exchange gains	2,254	1,369
	Share of profit of entities accounted for using equity	647	945
	method
	Other	612	705
Non-operating expenses	8,595	7,797
	Interest expenses	6,117	5,675
	Loss on valuation of securities	1,848	757
	Other	629	1,364
Ordinary profit	27,952	5,188
Extraordinary losses	1,772	-
	Impairment losses	1,772	-
Profit before income taxes	26,180	5,188
Income taxes - current	6,360	2,480
Income taxes - deferred	1,559	(480)
Total income taxes	7,919	2,000
Profit	18,260	3,188
Profit attributable to non-controlling interests	167	188
Profit attributable to owners of parent	18,092	2,999

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Consolidated Statements of Comprehensive Income

			(Million yen)
		FY2019	FY2020
		(April 1, 2019 to March 31,2020)	(April 1, 2020 to March 31,2021)
Profit	18,260	3,188
Other comprehensive income
	Valuation difference on available-for-sale securities	(823)	(283)
	Deferred gains or losses on hedges	(745)	(439)
	Foreign currency translation adjustment	(163)	(886)
	Remeasurements of defined benefit plans, net of tax	(2,627)	6,136
	Share of other comprehensive income of entities	(2,031)	(530)
	accounted for using equity method
	Total other comprehensive income	(6,391)	3,997
Comprehensive income	11,868	7,185
Comprehensive income attributable to
	owners of parent	11,701	6,997
	non-controlling interests	167	188

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3.Consolidated Statements of Changes in Net Assets

FY2019 (April 1, 2019 to March 31, 2020)

					(Million yen)
		Shareholders' equity
			Retained	Treasury	Total
	Capital stock	Capital surplus	shareholders'
	earnings	shares
			equity
Balance at beginning	145,551	35,198	170,280	(41,492)	309,537
of period
Changes during
period
Dividends of			(6,194)		(6,194)
surplus
Profit attributable to			18,092		18,092
owners of parent
Purchase of treasury				(196)	(196)
shares
Disposal of treasury			(0)	1	1
shares
Net changes in
items other than
shareholders' equity
Total changes	-	-	11,898	(195)	11,703
during period
Balance at end of	145,551	35,198	182,178	(41,687)	321,240
period
		Accumulated other comprehensive income
	Valuation		Foreign		Total	Non-controlling	Total net
	Deferred gains	Remeasurements	accumulated
	difference on	or losses on	currency	of defined	other	interests	assets
	available-for-sale	translation
	securities	hedges	adjustment	benefit plans	comprehensive
			income
Balance at beginning	2,873	5,892	1,511	(586)	9,691	1,960	321,189
of period
Changes during
period
Dividends of							(6,194)
surplus
Profit attributable to							18,092
owners of parent
Purchase of treasury							(196)
shares
Disposal of treasury							1
shares
Net changes in
items other than	(1,143)	(2,559)	(84)	(2,604)	(6,391)	147	(6,244)
shareholders' equity
Total changes	(1,143)	(2,559)	(84)	(2,604)	(6,391)	147	5,458
during period
Balance at end of	1,729	3,333	1,426	(3,190)	3,300	2,107	326,648
period

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FY2020 (April 1, 2020 to March 31, 2021)

					(Million yen)
		Shareholders' equity
			Retained	Treasury	Total
	Capital stock	Capital surplus	shareholders'
	earnings	shares
			equity
Balance at beginning	145,551	35,198	182,178	(41,687)	321,240
of period
Changes during
period
Dividends of			(6,194)		(6,194)
surplus
Profit attributable to			2,999		2,999
owners of parent
Purchase of treasury				(4)	(4)
shares
Disposal of treasury			(1)	8	6
shares
Change in scope of			333		333
equity method
Net changes in
items other than
shareholders' equity
Total changes	-	-	(2,862)	3	(2,859)
during period
Balance at end of	145,551	35,198	179,315	(41,684)	318,381
period
		Accumulated other comprehensive income
	Valuation		Foreign		Total	Non-controlling	Total net
	Deferred gains	Remeasurements	accumulated
	difference on	or losses on	currency	of defined	other	interests	assets
	available-for-sale	translation
	securities	hedges	adjustment	benefit plans	comprehensive
			income
Balance at beginning	1,729	3,333	1,426	(3,190)	3,300	2,107	326,648
of period
Changes during
period
Dividends of							(6,194)
surplus
Profit attributable to							2,999
owners of parent
Purchase of treasury							(4)
shares
Disposal of treasury							6
shares
Change in scope of			(20)		(20)		312
equity method
Net changes in
items other than	49	(1,807)	(676)	6,451	4,017	167	4,185
shareholders' equity
Total changes	49	(1,807)	(696)	6,451	3,997	167	1,305
during period
Balance at end of	1,779	1,526	730	3,260	7,297	2,275	327,953
period

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4. Consolidated Statements of Cash Flows

			(Million yen)
		FY2019	FY2020
		(April 1, 2019 to March 31, 2020) (April 1, 2020 to March 31, 2021)
Cash flows from operating activities
	Profit before income taxes	26,180	5,188
	Depreciation	59,683	58,593
	Decommissioning costs of nuclear power units	2,766	3,763
	Amortization of special account related to nuclear	520	465
	power decommissioning
	Amortization of nuclear fuel	4,484	-
	Loss on retirement of non-current assets	2,699	3,675
	Increase (decrease) in retirement benefit liability	(2,320)	101
	Increase (decrease) in allowance for doubtful accounts	(33)	730
	Decrease (increase) in retirement benefit asset	(526)	2,355
	Decrease (increase) in trade receivables	1,351	(6,072)
	Decrease (increase) in inventories	6,332	391
	Increase (decrease) in trade payables	(3,417)	4,477
	Decrease/increase in consumption taxes	2,068	1,090
	receivable/payable
	Share of loss (profit) of entities accounted for using	(647)	(945)
	equity method
	Interest and dividend income	(1,741)	(2,031)
	Interest expenses	6,117	5,675
	Other, net	7,463	(15,201)
	Subtotal	110,981	62,257
	Interest and dividends received	2,126	2,228
	Interest paid	(6,258)	(5,757)
	Income taxes refund (paid)	463	(6,435)
	Net cash provided by (used in) operating activities	107,313	52,293
Cash flows from investing activities
	Purchase of non-current assets	(85,809)	(82,672)
	Proceeds from sale of non-current assets	83	207
	Payments for asset retirement obligations	(529)	(455)
	Investments and loan advances	(18,589)	(13,854)
	Proceeds from divestments and collection of loans	4,482	6,385
	receivable
	Payments into time deposits	(1,172)	(50)
	Proceeds from withdrawal of time deposits	1,588	1,107
	Net cash provided by (used in) investing activities	(99,946)	(89,331)
Cash flows from financing activities
	Net increase (decrease) in commercial papers	-	10,000
	Proceeds from issuance of bonds	45,000	65,000
	Redemption of bonds	(50,000)	(40,000)
	Proceeds from long-term loans payable	67,800	50,500
	Repayments of long-term loans payable	(49,946)	(30,843)
	Purchase of treasury shares	(196)	(4)
	Dividends paid	(6,194)	(6,194)
	Dividends paid to non-controlling interests	(19)	(20)
	Other, net	(124)	(126)
	Net cash provided by (used in) financing activities	6,318	48,310
	Effect of exchange rate change on cash and cash	(77)	(116)
equivalents
Net increase (decrease) in cash and cash equivalents	13,607	11,155
Cash and cash equivalents at beginning of period	40,681	54,289
Cash and cash equivalents at end of period	54,289	65,444

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