THE KANSAI ELECTRIC POWER CO., INC.

(9503)
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Kansai Electric Power : Announcement of financial results for FY ended March 31,2022

04/27/2022 | 05:05am EDT

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

(URL https://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: 050-7105-9084

. 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

. 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

. 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.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

KEPCO - Kansai Electric Power Co. Inc. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 09:04:08 UTC.


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Sales 2022 2 807 B 20 760 M 20 760 M
Net income 2022 62 880 M 465 M 465 M
Net Debt 2022 - - -
P/E ratio 2022 19,0x
Yield 2022 3,74%
Capitalization 1 192 B 8 818 M 8 818 M
Capi. / Sales 2022 0,42x
Capi. / Sales 2023 0,36x
Nbr of Employees 31 933
Free-Float 78,6%
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Shigeki Iwane Director & Vice President
Sadayuki Sakakibara Chairman
Noriyuki Inoue Independent Outside Director
Takamune Okihara Independent Outside Director
Tetsuya Kobayashi Independent Outside Director
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