Tohoku Electric Power Incorporated : Summary of Financial Statements (unaudited)

July 29, 2022

Tohoku Electric Power Co., Inc.

Summary of Quarterly Financial Statements (Unaudited)

(April 1, 2022 - June 30, 2022)

Information below is an English translation of the "Unaudited Quarterly Financial Release" for three months ended June 30, 2022, which has been filed with the Tokyo Stock Exchange, Inc. for public inspection

Tohoku Electric Power Co., Inc. (Code : 9506)

1-7-1 Honcho, Aoba-ku, Sendai, Miyagi, Japan (URL : https://www.tohoku-epco.co.jp)

Representative : Kojiro Higuchi, President

Tel : [phone]

(Note) All monetary values are rounded down to the nearest units as indicated in each table.

1. Business Results for Consolidated First Quarter Period in FY2022 (Three months ended June 30, 2022)

(1) Progresses of Financial Results

	Operating revenue	Operating income	Ordinary income	Net income attributable to
	owners of parent
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
3 months ended Jun. 30, 2022	558,290	39.4	(26,451)		-	(28,628)	-	(31,242)	-
3 months ended Jun. 30, 2021	400,590	(22.9)	22,877		(45.2)	18,546	(52.7)	9,848	(64.7)
(Note) Comprehensive income (3 months ended June 30, 2022: -19,107 million yen -%, 3 months ended June 30, 2021: 10,069 million yen -66.0%)
Percentage figures represent changes as compared to the same period of the previous year.
	Net income per share Net income per share
	(basic)		(diluted)
	Yen		Yen
3 months ended Jun. 30, 2022	(62.50)		-
3 months ended Jun. 30, 2021	19.71		-
(2) Changes in Financial Positions
	Total assets		Net assets		Equity-to-asset ratio
	Millions of yen	Millions of yen		%
Jun. 30, 2022	4,731,409	751,696	14.2
Mar. 31, 2022	4,725,651	778,980	14.8

(Reference) Shareholders' Equity (June 30, 2022: 672,872 million yen, March 31, 2022: 699,659 million yen)

2. Dividends

		Cash dividends per share
	1Q	2Q	3Q	Year-end	Annual total
	Yen	Yen	Yen	Yen	Yen
Year ended Mar. 31, 2022	-	20.00	-	15.00	35.00
Year ending Mar. 31, 2023	-
Year ending Mar. 31, 2023		0.00	-	0.00	0.00
(forecast)

(Note) Forecast revision of dividends from the latest forecast: Forecasts have been revised

3. Business Results Forecast for Consolidated FY2022 (Year ending March 31, 2023)

	Operating revenue	Operating income		Ordinary income		Net income attributable	Net income per share
			to owners of parent		(basic)
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
FY2022	2,740,000	30.2	(180,000)	-	(200,000)	-	(180,000)	-	(360.01)

(Note) Forecast revision of consolidated results from the latest forecast: Forcasts have been revised Percentage figures represent changes as compared to the same period of the previous year.

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(Reference)

1.Consolidated Cash Income for the First Quarter Period in FY2022 (Three months ended June 30, 2022)

Consolidated Cash Income

	Millions of yen
3 months ended Jun. 30, 2022	67,624

(Note) We've set a target for consolidated cash income identified in the Tohoku Electric Power Group Medium-/Long-Term Vision "Working alongside next." (In FY2024, more than 320 billion yen)

Consolidated cash income = Operating income + Depreciation + Amortization of nuclear fuel + Share of profit of entities accounted for using equity method (Operating income doesn't include time lag between fuel cost and fuel cost adjustment charges.)

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QUARTERLY CONSOLIDATED BALANCE SHEETS (Unaudited)

First Quarter FY2022 (as of June 30, 2022) and FY2021 (as of March 31, 2022)
Assets		(Millions of yen)
Item	June 30, 2022	March 31, 2022
Non-current assets:	3,823,763	3,809,140
Electric utility plant and equipment:	2,445,679	2,470,859
Hydroelectric power production facilities	177,053	179,080
Thermal power production facilities	367,956	377,973
Nuclear power production facilities	225,625	230,008
Transmission facilities	564,244	569,910
Transformation facilities	253,429	253,411
Distribution facilities	700,476	699,964
General facilities	125,203	128,164
Other electric utility plant and equipment	31,690	32,345
Other non-current assets	223,227	224,290
Construction in progress:	599,770	566,782
Construction and retirement in progress	546,903	513,305
Special account related to nuclear power decommissioning	22,089	22,700
Special account related to reprocessing of spent nuclear fuel	30,776	30,776
Nuclear fuel:	173,481	173,371
Loaded nuclear fuel	30,591	30,591
Nuclear fuel in processing	142,889	142,779
Investments and other assets:	381,604	373,836
Long-term investments	126,507	117,035
Net defined benefit asset	6,587	6,597
Deferred tax assets	125,892	130,205
Other	124,386	121,837
Allowance for doubtful accounts	(1,769)	(1,840)
Current assets:	907,645	916,510
Cash and deposits	227,183	274,771
Notes and accounts receivable - trade	205,850	231,967
Inventories	106,481	91,520
Other	368,965	319,169
Allowance for doubtful accounts	(834)	(918)
Assets	4,731,409	4,725,651

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Liabilities and net assets		(Millions of yen)
Item	June 30, 2022	March 31, 2022
Non-current liabilities:	2,789,134	2,754,009
Bonds payable	1,238,300	1,180,000
Long-term loans payable	1,176,039	1,194,940
Reserve for restoration costs of natural disaster	7,498	7,498
Net defined benefit liability	151,179	154,094
Asset retirement obligations	174,598	173,885
Deferred tax liabilities for land revaluation	1,309	1,309
Other	40,207	42,281
Current liabilities:	1,190,198	1,192,581
Current portion of non-current liabilities	360,496	282,522
Notes and accounts payable - trade	189,864	222,513
Accrued taxes	11,567	17,652
Other advances	271,730	305,379
Reserve for restoration costs of natural disaster	21,112	21,458
Other	335,428	343,055
Reserves under special laws:	380	79
Reserve for fluctuation in water levels	380	79
Liabilities	3,979,713	3,946,670
Shareholders' equity:	651,546	690,102
Capital stock	251,441	251,441
Capital surplus	22,290	22,290
Retained earnings	382,358	421,113
Treasury shares	(4,543)	(4,742)
Accumulated other comprehensive income:	21,326	9,556
Valuation difference on available-for-sale securities	2,093	1,607
Deferred gains or losses on hedges	15,092	4,708
Revaluation reserve for land	(907)	(907)
Foreign currency translation adjustments	2,110	1,341
Remeasurements of defined benefit plans	2,937	2,807
Non-controlling interests	78,823	79,321
Net assets	751,696	778,980
Liabilities and net assets	4,731,409	4,725,651

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CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

First Quarter FY2022 (Three months ended June 30, 2022) and First Quarter FY2021 (Three months ended June 30, 2021)

			(Millions of yen)
Item	Three months ended June 30,
2022		2021
Operating revenue:		558,290	400,590
Electric utility operating revenue		502,706	347,007
Other business operating revenue		55,583	53,583
Operating expenses:		584,742	377,713
Electric utility operating expenses		529,243	324,663
Other business operating expenses		55,498	53,050
Operating (loss)income		(26,451)	22,877
Non-operating income:		2,287	1,663
Dividend income		299	255
Interest income		27	69
Gain on sales of goods		554	437
Share of profit of entities accounted for using equity method		-	335
Other		1,405	565
Non-operating expenses:		4,464	5,994
Interest expenses		3,740	3,606
Share of loss of entities accounted for using equity method		21	-
Other		702	2,388
Ordinary revenue		560,578	402,254
Ordinary expenses		589,206	383,708
Ordinary (loss)income		(28,628)	18,546
Provision or reversal of reserve for fluctuation in water levels:		300	-
Provision of reserve for fluctuation in water levels		300	-
(Loss)income before income taxes		(28,929)	18,546
Income taxes - current		1,634	8,377
Income taxes - deferred		360	204
Income taxes		1,995	8,582
Net (loss)income		(30,924)	9,963
Net income attributable to non-controlling interests		317	114
Net (loss)income attributable to owners of parent		(31,242)	9,848

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