Kansai Electric Power : Announcement of financial results for FY ended March 31,2022

Unaudited Financial Release (Consolidated) for the Year ended March 31, 2022

The information below is an English translation of extracts from Unaudited Financial Release

(Consolidated) for the fiscal year that has been filed with the major Japanese stock exchanges (Tokyo) for public inspection. These financial statements have been prepared in accordance with accounting principles and practices generally accepted in Japan.

April 27, 2022

The Kansai Electric Power Co., Inc. (Code: 9503)

6-16 Nakanoshima 3-chome, Kita-ku, Osaka

(URLhttps://www.kepco.co.jp/)

Company Representative: Takashi Morimoto, Director, Representative Executive Officer, President Contact: Takahiro Uenishi, Senior General Manager, Office of Accounting and Finance

Tel: [phone]

Ⅰ . Performance over the Year ended March 31, 2022 and 2021

(Figures are rounded down to the nearest million yen)

1. Results of Operations

(Million yen)Year ended March 31

ChangeOperating Revenues

Operating IncomeOrdinary Income * 153,850 135,955

Net Income attributable to owners of the parent

Net Income per Share

122.02 yen

Fully Diluted Net Income per Share

3,092,398

2021 2022	21/20	22/21
-2.9%	-7.8%
-29.6%	-31.9%
-27.3%	-11.6%
-16.2%	-21.2%
―	―
―	―

2,851,894

145,746

99,325

108,978 85,835

96.14 yen

―

―

Comprehensive income

Year ended March 31, 2022: Year ended March 31, 2021:

23,061 million yen 129,881 million yenNotes: Ordinary Income means Income before Provision for/Reversal of Reserve for Fluctuations in

Water Level, Special Item and Income Taxes.

From FY 3/2022, we apply to "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29), etc. and FY 3/2022 Results of Operations are also applied to them.

2. Financial Position

(Million yen)
2021	2022
Total Assets	8,075,755	8,656,430
Net Assets	1,725,557	1,705,557
Equity Ratio	20.9%	19.2%
Net Assets per Share	1,886.12 yen	1,859.50 yen
Notes: Equity capital
As of March 31, 2022:	1,659,574 million yen
As of March 31, 2021:	1,684,528 million yen
1

As of March 31

Notes: From FY 3/2022, we apply to "Accounting Standard for Revenue Recognition" (ASBJ

Statement No.29), etc. and FY 3/2022 Financial Position are also applied to them.

3. Statements of Cash Flows

(Million yen)

Year ended March 31

2021	2022
Net cash provided by Operating Activities	369,215	410,315
Net cash used in Investing Activities	-660,755	-532,630
Net cash provided by Financing Activities	325,643	318,769
Cash and Cash Equivalents, End of year	291,266	490,491
Ⅱ. Dividends

Interim dividend per share	Year-end dividend per share	Annual dividend per share
FY 3/2021	25.00 yen	25.00 yen	50.00 yen
FY 3/2022	25.00 yen	25.00 yen	50.00 yen
FY 3/2023(Forecasts)	―	―	―

Notes: The dividend forecasts is undecided because it is difficult situation to forecast the business outlook.

Ⅲ. Financial Forecasts

(Billion yen)
4/1/2022 - 3/31/2023 (Forecasts)
Operating Revenues	3,420
Operating Income	-110
Ordinary Income	-100
Net Income attributable to owners of the parent	-75
Net Income per Share	-84.04 yen
Ⅳ. Other
1. Change in major consolidated subsidiaries: None

• 2. Difference in major accounting methods from the latest consolidated financial year: Adopted Note: From FY 3/2022, we apply to "Accounting Standard for Revenue Recognition" (ASBJ

  Statement No.29), etc.

• 3. Number of shares outstanding (included Treasury stock)

As of March 31, 2022:	938,733,028 shares
As of March 31, 2021:	938,733,028 shares
4. Number of Treasury stock
As of March 31, 2022:	46,248,567 shares
As of March 31, 2021:	45,616,692 shares
5. Number of Average stock
As of March 31, 2022:	892,826,254 shares
As of March 31, 2021:	893,130,560 shares
2

Notes: We have adopted BIP (Board Incentive Plan) Trust mechanism, and the number of treasury stock at year end includes our shares held by said trust account (515,236 shares as of March 31, 2022). Additionally, our shares held by said trust account are included in treasury stock that is deducted in the calculation of the number of average stock.

Notification

(Report the decision of specific measures and the progress of the business improvement plan)

We offer our most sincere apologies for the inconveniences and concern placed upon our customers, shareholders, investors and other parties involved regarding issues such as company executives and employees receiving cash and gifts from external stakeholder.

In response to the Business Improvement Order issued against The Kansai Electric Power Co., Inc.

(KEPCO) on March 29, 2020 under the Electricity Business Act in connection with this issue, KEPCO developed a business improvement plan for recurrence prevention on March 30, 2020 and reported the decision of specific measures to prevent reoccurrences and the progress of them to the Ministry of Economy,

Trade and Industry on June 29, October 13, 2020 and March 2, December 27, 2021.

For the detail of the progress of the Business Improvement Plan, please refer our website.

We will ensure the implementation of those measures. And then we will follow up the implementation in light of external objective perspectives and if we need, we will add the improvement measures.

All officers and employees will make best efforts for recovery of trust, with an unwavering resolve to create completely new KEPCO.

(The inspection by the Japan Fair Trade Commission)

We were inspected by the Japan Fair Trade Commission (hereafter the "JFTC") based on the

Antimonopoly Act, on suspicion of the restricting to acquire customers in extra-high voltage and high voltage power service on April 13 and July 13, 2021. On this occasion, we accept the fact that the inspection was conducted in a solemn manner, and we will fully cooperate with the inspection of the JFTC.

Depending on the progress of this matter, this could affect our consolidated financial results. However, it is difficult to estimate the impacts rationally at present, and we do not reflect the impacts to our consolidated financial statements and forecasts.

＜Reference : Non-consolidated >

Performance for the Years ended March 31, 2022 and 2021

(Figures are rounded down to the nearest million yen)

1. Results of Operations

(Million yen)Year ended March 31 2021 2022

Change 21/20 22/21

Operating Revenues	2,332,608	2,177,650	－	-6.6%
Operating Income	-5,768	23,568	－	－
Ordinary Income *	36,117	113,478	－	214.2%
Net Income	39,503	104,536	－	164.6%
Net Income per Share	44.22 yen	117.05 yen	－	－
Fully Diluted Net Income per Share	－	－	－	－

Notes: Ordinary Income means Income before Provision for/Reversal of Reserve for Fluctuations in

Water Level, Special Item and Income Taxes.

From FY 3/2022, we apply to "Accounting Standard for Revenue Recognition" (ASBJ

Statement No.29), etc. and FY 3/2022 Results of Operations are also applied to them.

On April 1, 2020, The Kansai Electric Power Co., Inc. transferred its general power transmission and distribution business through company split to Kansai Transmission and Distribution, Inc. and that caused some gaps between FY 3/2021 and FY 3/2020 financial results. We omit to describe the change of 21/20 because we cannot draw a comparison between FY 3/2021 financial results and FY 3/2020 financial results appropriately.

2. Financial Position

(Million yen)

As of March 31

2021	2022
Total Assets	6,858,406	7,396,364
Net Assets	1,017,500	972,577
Equity Ratio	14.8%	13.1%
Net Assets per Share	1,138.88 yen	1,089.37 yen
Notes: Equity capital
As of March 31, 2022:	0,972,577 million yen
As of March 31, 2021:	1,017,500 million yen

From FY 3/2022, we apply to "Accounting Standard for Revenue Recognition" (ASBJ

Statement No.29), etc. and FY 3/2022 Financial Position are also applied to them.

Electricity Sales

(GWh)

Year-ended March 31, 2021	Year-ended March 31, 2022	Change (%)
Total electric sales Retail electric sales Residential Commercial and Industrial Electricity sales to other non-utility companies	117,733	121,409	103.1
102,331	100,657	98.4
34,014	32,326	95.0
68,317	68,331	100.0
15,402	20,752	134.7

Notes: Total electricity sales indicates those in energy business attributable to the parent company.

Some rounding errors may be observed.

[Power generation] (Sending end)

(GWh)

Year-ended March 31, 2021	Year-ended March 31, 2022	Change (%)
Kansai Electric Hydroelectric Fossil Fuel Nuclear Renewable energies
12,775	13,531	105.9
61,437	46,961	76.4
15,335	33,553	218.8
28	26	91.2
Purchased (sold) power from other companies	19,626	13,257	67.5
Power used for pumped storage	-2,216	-1,915	86.4
Total	106,986	105,414	98.5
Retail electric sales	102,331	100,657	98.4
Water run-off ratio (%)	96.5	100.7	－

Notes: Actual supply and demand indicates those in energy business attributable to the parent company.

Some rounding errors may be observed.