Okinawa Electric Power Incorporated : FY2022 1st

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results

for the First Quarter of Fiscal 2022 Ending June 30, 2022

(Based on Japanese GAAP)

Company name:	The Okinawa Electric Power Company,Incorporated
Stock exchange listing:	Tokyo, Fukuoka
Stock code:	9511	URL http://www.okiden.co.jp/
Representative:	President		Hiroyuki Motonaga
Inquiries:	Accounting & Finance Department	Hiroshi Kinjo
Accounting Group Manager
Scheduled date to file quarterly Report:	August 9, 2022
Scheduled date to commence dividend payments:	－
Preparation of supplementary material on financial results:	Yes
Holding of financial results meeting:		No

July 29, 2022

TEL [phone]

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the First Quarter of Fiscal 2022 Ending June 30, 2022 (from April 1, 2022 to June 30, 2022)

(1) Consolidated operating results (Cumulative)

Percentages indicate changes from the previous corresponding period

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

1Q Fiscal 2022

48,452

32.3

(9,349)

－

(9,344)

－

(6,899)

－

1Q Fiscal 2021

36,610

－

(1,784)

－

(1,763)

－

(1,577)

－

Earnings per share

Diluted earnings per

share

Yen

Yen

1Q Fiscal 2022

(127.03)

-

1Q Fiscal 2021

(28.99)

-

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen

%

As of June 30, 2022

467,837

152,940

32.3

As of March 31, 2022

446,519

161,287

35.7

2. Cash dividends

Annual dividends per share

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Year ended March 31, 2022

-

30.00

-

30.00

60.00

Year ending March 31, 2023

-

Year ending March 31, 2023

0.00

-

0.00

0.00

(Forecast)

3. Consolidated financial results forecast for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

Basic earnings

owners of parent

Per share

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

yen

Fiscal 2022

219,000

24.3

(39,800)

－

(40,000)

－

(30,800)

－

(567.10)

1

4. Notes

1. Changes in significant subsidiaries during the period under review
   (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods in preparation of quarterly consolidated financial statements

No

Yes

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:	No
Changes in accounting policies due to other reasons:	Yes
Changes in accounting estimates:	Yes
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of June 30, 2022	56,927,965	shares	As of March 31, 2022	56,927,965	shares
Number of treasury shares at the end of the period
	As of June 30, 2022	2,616,347	shares	As of March 31, 2022	2,615,991	shares
Average number of shares during the period
	April 1, 2022 - June 30, 2022	54,311,766	shares	April 1, 2021 - June 30, 2021	54,412,393	shares

2

Quarterly consolidated financial statements

Quarterly consolidated balance sheets

		(Millions of yen)
	As of March 31, 2022	As of June 30, 2022
Assets
Non-current assets	378,373	384,363
Electric utility plant and equipment	300,196	299,468
Thermal power production facilities	88,330	86,567
Internal combustion engine power production facilities	20,269	20,182
Transmission facilities	53,216	53,408
Transformation facilities	40,438	40,883
Distribution facilities	82,318	82,941
General facilities	14,639	14,723
Other electric utility plant and equipment	982	762
Other non-current assets	24,276	34,459
Construction in progress	27,717	21,474
Construction and retirement in progress	27,717	21,474
Investments and other assets	26,183	28,961
Long-term investments	8,122	8,449
Retirement benefit asset	2,641	2,663
Deferred tax assets	11,394	13,860
Other	4,082	4,047
Allowance for doubtful accounts	(58)	(58)
Current assets	68,146	83,473
Cash and deposits	21,872	24,318
Notes and accounts receivable - trade	13,500	13,105
Inventories	12,251	21,292
Other	20,651	24,907
Allowance for doubtful accounts	(129)	(150)
Total	446,519	467,837

3

		(Millions of yen)
	As of March 31, 2022	As of June 30, 2022
Liabilities and net assets
Non-current liabilities	209,882	224,466
Bonds payable	70,000	90,000
Long-term borrowings	106,825	102,233
Lease liabilities	20,377	19,582
Retirement benefit liability	11,801	11,773
Other	877	876
Current liabilities	75,349	90,430
Current portion of non-current liabilities	23,184	18,318
Short-term borrowings	1,252	436
Commercial papers	6,000	20,000
Notes and accounts payable - trade	15,020	25,884
Accrued taxes	1,918	1,196
Other	27,974	24,595
Total liabilities	285,232	314,896
Shareholders' equity	156,909	148,377
Share capital	7,586	7,586
Capital surplus	7,223	7,223
Retained earnings	147,493	138,962
Treasury shares	(5,394)	(5,394)
Accumulated other comprehensive income	2,574	2,770
Valuation difference on available-for-sale securities	2,062	2,286
Deferred gains or losses on hedges	38	54
Remeasurements of defined benefit plans	474	430
Non-controlling interests	1,803	1,792
Total net assets	161,287	152,940
Total	446,519	467,837

4

Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income Quarterly consolidated statements of income

		(Millions of yen)
	First quarter of FY 2021	First quarter of FY 2022
	(April 1,2021 to June 30, 2021)	(April 1,2022 to June 30, 2022)
Operating revenue	36,610	48,452
Electric utility operating revenue	34,168	45,625
Other business operating revenue	2,441	2,826
Operating expenses	38,395	57,802
Electric utility operating expenses	36,060	55,054
Other business operating expenses	2,335	2,747
Operating loss	(1,784)	(9,349)
Non-operating income	348	291
Dividend income	104	111
Interest income	0	0
Share of profit of entities accounted for using equity method	94	82
Other	148	96
Non-operating expenses	326	286
Interest expenses	261	225
Other	64	60
Total ordinary revenue	36,958	48,743
Total ordinary expenses	38,721	58,088
Ordinary loss	(1,763)	(9,344)
Loss before income taxes	(1,763)	(9,344)
Total income taxes	(206)	(2,442)
Loss	(1,556)	(6,902)
Profit (loss) attributable to non-controlling interests	20	(2)
Loss attributable to owners of parent	(1,577)	(6,899)

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