Tokyo Electric Power Incorporated : 2021 Financial Section

TEPCO Integrated Report 2021 Financial Section

Year ended March 31, 2021

12-Year Financial Summary ................................................	2
Financial Review..................................................................	4
Consolidated Financial Statements....................................	12
Notes to Consolidated Financial Statements.....................	18
Independent Auditor's Report..........................................	64

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Tokyo Electric Power Company Holdings, Inc.

Financial Section - 12-Year Financial Summary

TEPCO Integrated Report 2021 Financial Section

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12-Year Financial Summary

Tokyo Electric Power Company Holdings, Incorporated and its Consolidated Subsidiaries

											(Millions of yen)													(Millions of US dollars)
		2021/3		2020/3		2019/3		2018/3		2017/3			2016/3		2015/3		2014/3		2013/3		2012/3		2011/3		2010/3	2021/3
FYs ended March 31:
Operating revenues ...................................................	¥	5,866,824	¥	6,241,422	¥	6,338,490	¥	5,850,939	¥	5,357,734	¥	6,069,928	¥	6,802,464	¥	6,631,422	¥	5,976,239	¥	5,349,445	¥	5,368,536	¥	5,016,257	$	52,993
Operating income (loss) ............................................		143,460		211,841		312,257		288,470		258,680			372,231		316,534		191,379		(221,988)		(272,513)		399,624		284,443		1,296
Income (loss) before income taxes and
non-controlling interests .............................................		190,393		69,259		258,625		327,817		146,471			186,607		479,022		462,555		(653,022)		(753,761)		(766,134)		223,482		1,720
Net income (loss) attributable to owners of the parent.....		180,896		50,703		232,414		318,077		132,810			140,783		451,552		438,647		(685,292)		(781,641)		(1,247,348)		133,775		1,634
Depreciation and amortization ...................................		412,039		422,495		541,805		561,257		564,276			621,953		624,248		647,397		621,080		686,555		702,185		759,391		3,722
Capital expenditures ..................................................		608,857		524,462		639,725		602,710		568,626			665,735		585,958		575,948		675,011		750,011		676,746		640,885		5,500
Per share data (yen, US dollars):
Net (loss) income (basic) ............................................	¥	112.90	¥	31.65	¥	145.06	¥	198.52	¥	82.89	¥	87.86	¥	281.80	¥	273.74	¥	(427.64)	¥	(487.76)	¥	(846.64)	¥	99.18	$	1.02
Net income (diluted) (Note 2)......................................		36.39		10.12		46.96		64.32		26.79			28.52		91.49		88.87		-		-		-		99.18		0.33
Cash dividends ..........................................................		-		-		-		-		-			-		-		-		-		-		30.00		60.00		-
Net assets		1,326.49		1,185.98		1,179.25		1,030.67		838.45			746.59		669.60		343.31		72.83		491.22		972.28		1,828.08		11.98
FYs ended March 31 (as of March 31):
Total net assets	¥	3,142,801	¥	2,916,886	¥	2,903,699	¥	2,657,265	¥	2,348,679	¥	2,218,139	¥	2,102,180	¥	1,577,408	¥	1,137,812	¥	812,476	¥	1,602,478	¥	2,516,478	$	28,388
Equity (Note 3)		3,125,299		2,900,184		2,889,423		2,651,385		2,343,434			2,196,275		2,072,952		1,550,121		1,116,704		787,177		1,558,113		2,465,738		28,230
Total assets		12,093,155		11,957,846		12,757,467		12,591,823		12,277,600			13,659,769		14,212,677		14,801,106		14,989,130		15,536,456		14,790,353		13,203,987		109,233
Interest-bearing debt		4,889,099		4,914,931		5,890,793		6,022,970		6,004,978			6,606,852		7,013,275		7,629,720		7,924,819		8,320,528		9,024,110		7,523,952		44,161
Number of employees		37,891		37,892		41,086		41,525		42,060			42,855		43,330		45,744		48,757		52,046		52,970		52,452		-
Financial ratios and cash flow data:
ROA (%) (Note 4)		1.2		1.7		2.5		2.3		2.0			2.7		2.2		1.3		(1.5)		(1.8)		2.9		2.1		-
ROE (%) (Note 5)		6.0		1.8		8.4		12.7		5.9			6.6		24.9		32.9		(72.0)		(66.7)		(62.0)		5.5		-
Equity ratio (%)		25.8		24.3		22.6		21.1		19.1			16.1		14.6		10.5		7.5		5.1		10.5		18.7		-
Net cash provided by (used in) operating activities	¥	239,825	¥	323,493	¥	503,709	¥	752,183	¥	783,038	¥	1,077,508	¥	872,930	¥	638,122	¥	260,895	¥	(2,891)	¥	988,710	¥	988,271	$	2,166
Net cash used in investing activities		(577,215)		(508,253)		(570,837)		(520,593)		(478,471)			(620,900)		(523,935)		(293,216)		(636,698)		(335,101)		(791,957)		(599,263)		(5,214)
Net cash provided (used in) by financing activities		(20,340)		13,591		(117,698)		12,538		(603,955)			(394,300)		(626,023)		(301,732)		632,583		(614,734)		1,859,579		(495,091)		(184)
Other data (Non-consolidated):
Electricity sales (million kWh)
		204,484
Total.................................................................			222,277		230,306		233,123		241,525			247,075		257,046		266,692		269,033		268,230		293,386		280,167
Power generation capacity (thousand kW)
Hydroelectric.........................................................		9,873		9,873		9,873		9,872		9,871			9,859		9,857		9,456		9,453		8,982		8,981		8,987
Thermal................................................................		-		-		41,160		41,155		42,786			44,279		43,555		42,945		41,598		40,148		38,696		38,189
Nuclear.................................................................		8,212		8,212		12,612		12,612		12,612			12,612		12,612		12,612		14,496		17,308		17,308		17,308
Renewable energy,etc...........................................		50		50		50		52		52			52		33		33		34		34		4		4
Total.................................................................		18,135		18,135		63,696		63,691		65,320			66,802		66,057		65,046		65,582		66,472		64,988		64,487
Nuclear power plant capacity utilization rate (%) .......		0.0		0.0		0.0		0.0		0.0			0.0		0.0		0.0		0.0		18.5		55.3		53.3

Notes: 1. Amounts of less than one million yen have been omitted. All percentages have been rounded to the nearest unit.

1. Net income per share after dilution by potential shares for the years ended March 31, 2011 and March 31, 2013 have been omitted. Numbers for the year ending March 2013 have been omitted as there were no potential shares and the Company recognized a Net income per share after dilution
2. Equity = Total net assets - Stock acquisition rights - Minority interests
3. ROA = Operating income/((Total assets at the end of last term + total assets as of the end of the current term)/2)
4. ROE = Net income/((Total equity at the end of last term + Total equity as of the end of the current term)/2)

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TEPCO Integrated Report 2021 Financial Section 5

Financial Review

Analysis of business performance from an owner's perspective

The following are the results from our analysis and examination of the business performance of the TEPCO Group as viewed from an owner's perspective.

Any references made to the future in this document are considered valid at the time it was written.

Business Performance

Amidst the intense competition in the retail electricity business as well as the continuing downward trend in domestic energy demand induced by the spread of energy -saving technologies, the business environment surrounding the TEPCO Group during this consolidated financial year was even more severe due to the impact of the economic stagnation caused by the spread of the COVID-19.

Under these circumstances, in order to fulfill its responsibilities to Fukushima, the TEPCO Group has been implementing initiatives to boost its profitability and corporate value, including productivity reforms through Kai- zen activities, appropriate management support to and supervision of JERA Co., Inc., which had completed its business integration, business development in line with the decarbonization trend, including the spin-off of the renewable energy generation business, and cooperation with other companies in emergency and disaster response as well as in procuring materials and equipment for power transmission and distribution.

Total electricity sales volume for the TEPCO Group during this consolidated financial year decreased YoY by 5.7% to 231.5 billion kWh due to fierce competition and the COVID-19 pandemic.

In regards to consolidated income and expenditure for this consolidated financial year, operating revenues decreased YoY by 6.0% to ¥5,866.8 billion as a result of a decline in total electricity sales volume and a drop in unit sales price of electricity due to the impact of the fuel cost

adjustment system. The total ordinary revenues, including all other non-operating revenues, dropped by 5.9% to ¥5,975.0 billion.

Meanwhile, despite the continued shutdown of all nuclear reactors, total ordinary expenses decreased YoY by 4.9% to ¥5,785.1 billion, due to Group-wide efforts for cost reduction.

As a result of the above, ordinary income plunged YoY by 28.1% to ¥189.8 billion.

While grants-in-aid of ¥142.1 billion received from the Nuclear Damage Compensation and Decommissioning Facilitation Corporation (hereinafter "NDF") were recorded as extraordinary income, compensation for nuclear power-related damages of ¥140.7 billion was recorded as extraordinary loss. As a result, the net income attributable to the owners of the parent came to ¥180.8 billion.

Equity ratio for this consolidated financial year rose from 24.3% to 25.8% YoY, debt-to-equity ratio dropped from 1.69 to 1.56, and the ROE and ROA came to 6.0% and 1.2% respectively, reflecting the Group's continued efforts to improve its fiscal health and capital efficiency.

Segment Results

The performance of each business segment (including inter -segment transactions) for this consolidated financial year is as follows:

Holdings

Net sales (operating revenues) decreased YoY by 15.8% to ¥624.2 billion due to a decline in electricity sales. Ad- ditionally, hit by a decrease in dividends received from core companies, ordinary income dropped YoY by ¥130.7 billion and fell ¥7.9 billion into the red.

Fuel & Power

Ordinary income rose YoY by 7.9% to ¥69.8 billion as JERA, which is an affiliate accounted for under the equity method, boosted profits in line with an upturn in the supply -demand balance, despite the negative impact of time-

lag in the fuel cost adjustment system.

Power Grid

Net sales (operating revenues) increased YoY by 13.9% to ¥2,003.8 billion due mainly to an increase in transmission revenue.

In addition, ordinary income surged YoY by 44.9% to ¥169.0 billion due to a decrease in depreciation expense.

Energy Partner

Net sales (operating revenues) dropped YoY by 10.8% to ¥5,034.3 billion as a result of lower unit price of electricity stemming from the fuel cost adjustment system and a decline in retail electricity sales volume. As a result, ordinary income plunged YoY by 89.2% to ¥6.4 billion.

Renewable Power

Net sales (operating revenues) rose YoY by 18.3% to¥143.4 billion due to an increase in electricity sales. As a result, operating income surged YoY by 59.8% to ¥48.1 billion.

The impact of the COVID-19 pandemic resulted in a decline in electricity demand level, as demand, which recovered gradually after the lifting of the state of emergency issued in April 2020, failed to return to the pre-pandemic level.

Demand in TEPCO's service area fell YoY by 1.3% in this consolidated fiscal year. TEPCO's retail electricity sales volume also fell YoY by 8.0%.

It is difficult to calculate the exact impact of COVID-19, but if estimated based on certain assumptions, electricity demand in TEPCO's service area decreased by 6.3 billion kWh, and electricity sales volume decreased by 6.1 billion kWh.

While closely monitoring the impact on overall electricity demand, including long-term structural change, TEPCO will strive to maintain stable electricity supply.

The electricity supply and demand balance tightened

from the beginning of the year as heating demand increased in line with declining temperature caused by a cold wave started at the end of December 2020, and power generators' continuous supply capacity decreased due to a decline in fuel inventory caused by continuation of higher-than-planned LNG thermal power generation.

Such tight supply and demand situation significantly affected each income and expenditure item, but looking at the TEPCO Group as a whole, these impacts offset each other and limited the resultant decrease in TEPCO's consolidated income and expenditure to ￥5 billion.

Based on the results of the "2021 Electricity Supply-Demand Outlook" of each area nationwide released by the Organization for Cross-regional Coordination of Transmission Operators (hereinafter "OCCTO") in April 2021, the Basic Policy Subcommittee on Electricity and Gas established under the Electricity and Gas Industry Committee of METI's Advisory Committee for Natural Resources and Energy announced "Electricity Supply-and-Demand Outlook and Measures for the Summer and Winter of FY2021" in May 2021.

In particular, a harsh outlook is currently assumed for electricity supply-demand in the winter of FY2021 in TEP- CO's service area, but TEPCO will take measures to maintain stable supply by cooperating with the government, the OCCTO, and other parties concerned, while closely monitoring the impact on income and expenditure.

Net Income Attributable to Owners of the Parent

Net income before income taxes and non-controlling interests in the fiscal year under review stood at ¥190.3 billion, as a result of recording ¥142.1 billion in grants-in- aid from the NDF as extraordinary income, while recording ¥140.7 billion in compensation for damage caused by the nuclear accidents as extraordinary loss. For the fiscal year under review, TEPCO recorded income taxes of ¥8.9 billion, income taxes-deferred of negative ¥3 billion, and

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TEPCO Integrated Report 2021 Financial Section 7

net income attributable to non-controlling interests of ¥800 million. As a result, net income attributable to owners of the parent for the fiscal year under review totaled ¥180.8 billion, which translates into ¥112.90 in net income per share.

Fiscal Policy

Under the Third Comprehensive Special Business Plan (hereinafter the "Third Plan"), TEPCO has received an investment of ¥1 trillion from the NDF and has requested financial institutions to provide additional credit and maintain existing credit lines through refinancing. With these cooperation and support of the NDF and financial institutions, TEPCO Group improved its equity ratio and managed to return to the publicly-offered corporate bond market in March 2017. In FY2020, TEPCO Power Grid publicly offered corporate bonds worth ¥700 billion. We shall continue to issue corporate bonds and make other efforts to restore TEPCO Group's ability to procure capital independently.

Funds raised through obtaining loans from financial institutions and issuing corporate bonds are allocated to capital investments in facilities required for the electric power business, loan repayments and redemption of corporate bonds. TEPCO's capital investment plan is as outlined in "Capital Expenditures," and plans for loan repayments and corporate bond redemption are as outlined in "(Note 4) Redemption schedule for bonds, 2.Fair value of financial instruments, 35.Financial Instruments."

The TEPCO Group has adopted its in-house financial system to ensure greater efficiency in fund management.

Cash Flow

Cash and cash equivalents (hereinafter referred to as "capital") decreased by ¥357.8 billion (44.1%) YoY to ¥454.3 billion on a consolidated basis as of the end of the

consolidated financial year under review. (Cash flow from operating activities)

Capital revenue from operating activities during the consolidated financial year under review decreased 25.9% YoY to ¥239.8 billion due to a decline in electricity sales revenue.

(Cash flow from investing activities)

Capital expenditure for investment activities during the consolidated financial year under review increased by 13.6% YoY to ¥577.2 billion as a result of increased expenditure for the acquisition of fixed assets.

(Cash flow from financing activities)

Capital expenditure for financing activities during the consolidated financial year under review was ¥20.3 billion (revenue of ¥13.5 billion in the previous consolidated financial year) due to an increase in short-term loan re- payments.

Capital Expenditures

１【Overview of capital investment】

While capital investment has been limited to the minimum -required level to maintain a stable supply of elec- tricity, capital investment for the consolidated financial year under review was ¥608,857 million as a result of decommissioning/contaminated water countermeasures implemented at the Fukushima Daiichi Nuclear Power Station.

By segment, capital expenditures, including intercom- pany transactions, amounted to ¥286,120 million in the Holdings business segment; ¥39 million in the Fuel & Power business segment; ¥283,942 million in the Power Grid business segment; ¥20,639 million in the Energy Partner business segment; and ¥20,544 million in the Renewal Power business segment.

Assets, liabilities and Net Assets

Assets as of the end of the consolidated financial year under review increased by ¥135.3 billion YoY to ¥12,093.1 billion due to an increase in accounts receivable.

Liabilities as of the end of the consolidated financial year under review dropped by ¥90.6 billion YoY to ¥8,950.3 billion as a result of reduction in accounts payable and accrued expenses.

Net assets as of the end of the consolidated financial year under review rose by ¥225.9 billion YoY to ¥3,142.8 billion due to the appropriation of net term income attributable to owners of the parent. As a result, equity ratio improved YoY by 1.5 percentage points to 25.8%.

Dividend Policy

TEPCO recognizes sharing corporate profits with shareholders as one of its top-priority tasks. However, TEPCO has suspended its basic dividend policy in view of adverse factors such as an ongoing tough business environment since the Tohoku-Chihou-Taiheiyou-Oki Earthquake. A new basic policy is to be explored in line with future de- velopments. TEPCO's Articles of Incorporation stipulate that an interim dividend may be paid by resolution of the Board of Directors. Until now, TEPCO has maintained a basic policy of paying both an interim and a fiscal year- end dividend of surplus. The interim dividend is disbursed by resolution of the Board of Directors, while the year-end divided is disbursed by resolution of TEPCO's Annual General Meeting of Shareholders.

Looking at the business results for the financial year under review, electricity sales volume fell on the impact of fierce competition and the COVID-19 pandemic. Howev- er, Group-wide efforts for continuous cost reduction managed to secure positive ordinary income, allowing TEPCO to post net income attributable to owners of the parent for the fiscal year under review. Yet, in view of the tough business environment surrounding TEPCO, we have made a difficult decision to suspend the disbursement of dividends.

TEPCO plans to again suspend the disbursement of both interim and end-of-year dividends next year, given the on-going prospect of a harsh business climate.

Risk Factors

Of the risk factors affecting TEPCO Group's business and other operations, this section describes primary factors that may exert a significant impact on investor decisions. Factors that may not necessarily be applicable are also disclosed in keeping with TEPCO's stance of disclosing information actively to investors.

In the TEPCO Group, directors and executive officers identify and evaluate risks that could affect the business activities of TEPCO and its affiliates on a regular basis and also as required, and reflect findings in a management plan each year. Internal rules and regulations are developed to ensure appropriate risk management across the Group.

The risks listed in this section are, in principle, to be managed in the course of work execution in accordance with the internal rules. Those that are related to multiple departments are managed appropriately through deliberations by a cross-functional committee.

Risks that could seriously affect business management are controlled by the Risk Management Committee, led by the President, to prevent the risks from manifesting. Should they materialize, quick and appropriate action is taken to minimize their impact on business management. In addition, employees are provided with periodic education on relevant laws, regulations, internal rules and man- uals.

However, given the tough business environment surrounding the TEPCO Group, the materialization of the following risks could create a significant impact on our business. These risks are presented in the order of impor- tance, determined based on their level of business impact and probability.

This section includes future-related matters. Their in-

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TEPCO Integrated Report 2021 Financial Section 9

clusion was determined based on conditions as of the date when this document was presented.

1. Decommissioning of the Fukushima Daiichi Nu- clear Power Station

While strengthening safety and quality management functions based on project management and on-site and actual products, Fukushima Daiichi Nuclear Power Station is undergoing safe, steady and systematic decommission- ing work in accordance with the "Mid-and-Long-Term Roadmap towards the Decommissioning of Fukushima Daiichi Nuclear Power Station" and the "Mid-and-Long- Term Decommissioning Action Plan 2021" (hereinafter the "Plan") established by TEPCO.

However, decommissioning entails numerous challenges that are technically unclear and unexplained, such as treating/storing contaminated water, inhibiting the inflow of groundwater, disposing of Advanced Liquid Processing System-treated water, and removing fuel debris, which involves technical difficulties that TEPCO had never before encountered. Despite efforts to respond to such risks systematically and strategically by reviewing the Plan on an as needed-basis, poor progress of these initiatives could, in turn, impact the TEPCO Group's business perfor- mance, fiscal status and business operations.

Furthermore, the nuclear accident led to the lowering of TEPCO's credit rating, undermining the company's fund-raising capability. This could also impact the TEPCO Group's business performance, fiscal status and business operations.

(2) Stable Supply of Electric Power

The Tohoku-Chihou-Taiheiyou-Oki Earthquake led to the shutdown of all units at the Kashiwazaki-Kariwa Nuclear Power Station, reducing the TEPCO Group's power supply capacity. In response, TEPCO is implementing measures aimed at securing stability in both the supply of, and demand for, electricity. However, large-scale natural disas- ters, accidents at facilities, sabotage (including terrorist acts), problems in obtaining fuel and the outbreak of in-

fectious diseases are among the contingencies that could cause large-scale, extended power outages, which could render TEPCO unable to provide a stable supply of electric power. Such cases could negatively affect the TEPCO Group's business performance and fiscal status, while also reducing its social credibility and adversely affecting business operations.

1. Nuclear Power Generation and Nuclear Fuel Cycle The nuclear accident in Fukushima prompted the govern- ment to review its nuclear policy and forced the Nuclear Regulation Authority to update safety regulations. This may affect TEPCO Holdings, the nuclear power genera- tion business and nuclear fuel cycle business of its operat- ing companies as well as the TEPCO Group's business performance and fiscal status.
   As for nuclear power plants, with a firm resolve to never allow any situations to escalate into a severe acci- dent, TEPCO is striving to further reinforce safety counter- measures and carry out corporate reforms.
   In response to a series of incidents, including the un- authorized use of ID card and partial loss of function of nuclear material protection equipment in FY2020, TEPCO will ensure maximum utilization of management resourc- es onsite and strengthen the organization as a whole through such means as stationing the Chief Nuclear Offi- cer and Representative of Niigata Headquarters at the power plant, pursuing reorganization based on an on-site and actual-products perspective, raising awareness among power-plant workers of information disclosure and societal viewpoints, and promoting the identification of organization issues through direct dialogue between management and power plant workers.
   With regard to Kashiwazaki-Kariwa Nuclear Power Station, there is no prospect of restarting operations at this point. If the above efforts prove insufficient and this situation continues with TEPCO failing to restore trust from everyone in society, including the local community, TEPCO Group's business performance and fiscal status will be affected by a rise in thermal fuel costs, the gener-

ation of unnecessary nuclear fuel assets, and revaluation of power generation facilities.

Nuclear power generation and the nuclear fuel cycle bring their own uncertainties, arising from the need for substantial funds and an extended timeframe for reprocessing spent fuel, disposing of radioactive waste and dismantling nuclear power generation facilities. These uncertainties have been mitigated with a government program facilitating the back-end of the nuclear fuel cy- cle. Yet, the TEPCO Group's business performance and fiscal status could be affected by the review of the government program, increase of future costs outside the program, the operation status of the Rokkasho Reprocessing Plant and the decommissioning of the Rokkasho Uranium Enrichment Plant.

1. Safety Assurance, Quality Control and Prevention of Environmental Pollution

The TEPCO Group is making every effort to ensure safety assurance, quality control, prevention of environmental pollution, and information disclosure with an advanced level of transparency and reliability. However, human errors and the breaching of laws, regulations or internal rules could cause an accident, emergency involving casualties or large-scale environmental contamination. Inappropriate PR or information disclosure could also undermine the Group's social credibility, hampering smooth business operations.

In the nuclear power business, on-site observation of overall power plant operations is being strengthened to enable managers to check and improve the status of on- site equipment and personnel on a regular basis. Howev- er, when these efforts prove insufficient, TEPCO Group's social credibility could be undermined and smooth business operations may be negatively impacted.

(5) Corporate Ethics and Compliance

The TEPCO Group implements initiatives for establishing business operations that comply with corporate ethics. Any act in breach of corporate ethics, e.g. a violation of

laws or regulations, could undermine the Group's social credibility and negatively affect its smooth business oper- ations. In the nuclear power business, under the policy to foster safety culture among workers, training and dialogue activities are being promoted to clarify specific actions that each worker is required to take in real situa- tions. However, when such efforts prove insufficient, TEPCO Group social credibility could be undermined and smooth business operations may be negatively impacted.

(6) Electricity Sales Volume and Electricity Prices

The volume of electricity sales directly reflects economic and industrial activities and is affected by the climate, especially during summer and winter months, as well as advancements in electricity/energy saving technologies. Electricity prices may be affected by intensifying competition as a result of full liberalization of the retail electricity market and expanding trading at a wholesale electric power exchange. These factors could therefore affect the TEPCO Group's business performance and fiscal status.

(7) Customer Services

The TEPCO Group is working to enhance its customer ser- vices. However, inappropriate responses to customers and other issues could undermine customer satisfaction with the level of our service and even social credibility, thereby affecting the Group's business performance, fiscal status and smooth business operations.

(8) Fossil Fuel Prices

The prices of liquefied natural gas (LNG), crude oil, coal and other fuels for thermal power generation fluctuate according to factors including conditions at international fuel markets and foreign exchange markets, which could affect the TEPCO Group's business performance and fiscal status. However, the effect of fuel price changes within a certain range on TEPCO's business performance can be mitigated by the fuel cost adjustment system, which reflect fluctuations in fuel prices and foreign exchange rates on electricity prices.