Hokuriku Electric Power : 2022 3rd Quarter version

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 Nine Months Ended December 31, 2022 (Based on Japanese GAAP)

Company name:	Hokuriku Electric Power Company
Stock exchange listing:	Tokyo
Stock code:	9505	URL https://www.rikuden.co.jp
Representative:	Representative Director & President	Koji Matsuda
Inquiries:	Manager of Budget & Accounting Planning	Shinichiroh Makino
Team Finance & Accounting Department
Scheduled date to file Quarterly Securities Report:	February 7, 2023
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	No

January 30, 2023

TEL [phone]

				(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)
(1) Consolidated operating results (cumulative)				Percentages indicate year-on-year changes
	Operating revenue	Operating profit	Ordinary profit		Profit attributable to
		owners of parent
	Millions of yen	%	Millions of yen	%	Millions of yen		%	Millions of yen		%
Nine months ended December 31, 2022	580,184	37.9	(67,250)	-	(74,970)		-	(75,754)		-
Nine months ended December 31, 2021	420,802	(6.1)	(3,929)	-	(4,851)		-	(6,078)		-

	Earnings per share	Diluted earnings per share
		Yen			Yen
Nine months ended December 31, 2022		(362.89)			-
Nine months ended December 31, 2021		(29.12)			-
(2) Consolidated financial position
	Total assets			Net assets	Equity ratio
	Millions of yen		Millions of yen		%
As of December 31, 2022	1,853,517			266,842		13.4
As of March 31, 2022	1,660,038			343,280		19.6
2. Cash dividends
				Annual dividends per share
	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end
	Yen			Yen		Yen	Yen
Year ended March 31, 2022	-			7.50		-	2.50
Year ending March 31, 2023	-			0.00		-
Year ending March 31, 2023 (Forecast)							0.00

Total

Yen 10.00

0.00

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

Percentages indicate year-on-year changes

	Operating revenue	Operating profit		Ordinary profit		Profit attributable to	Earnings per share
			owners of parent
	Millions of yen	%	Millions of yen		%	Millions of yen		%	Millions of yen		%	Yen
Full year	850,000	38.5	(100,000)		-	(100,000)		-	(90,000)		-	(431.14)

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4. Notes

1. Changes in significant subsidiaries during the nine months ended December 31, 2022 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing 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:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
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 December 31, 2022	210,333,694	shares	As of March 31, 2022	210,333,694	shares
Number of treasury shares at the end of the period
	As of December 31, 2022	1,584,050	shares	As of March 31, 2022	1,572,347	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Nine months ended December 31, 2022	208,752,045	shares	Nine months ended December 31, 2021	208,765,731	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

		(Millions of yen)
	As of March 31, 2022	As of December 31, 2022
Assets
Non-current assets	1,408,369	1,413,262
Electric utility plant and equipment	869,034	871,828
Hydroelectric power production facilities	98,418	97,063
Thermal power production facilities	207,912	211,609
Nuclear power production facilities	112,789	105,477
Transmission facilities	161,596	161,836
Transformation facilities	93,123	94,141
Distribution facilities	155,808	157,422
General facilities	33,376	38,301
Other electric utility plant and equipment	6,009	5,976
Other non-current assets	70,498	68,014
Construction in progress	183,616	180,589
Construction and retirement in progress	174,424	171,397
Special account related to reprocessing of spent	9,191	9,191
nuclear fuel
Nuclear fuel	78,902	77,417
Loaded nuclear fuel	26,219	26,219
Nuclear fuel in processing	52,683	51,197
Investments and other assets	206,318	215,412
Long-term investments	119,946	121,444
Retirement benefit asset	23,419	23,525
Deferred tax assets	39,231	40,129
Other	25,993	32,628
Allowance for doubtful accounts	(2,272)	(2,315)
Current assets	251,668	440,254
Cash and deposits	105,602	189,802
Notes and accounts receivable - trade, and contract assets	80,211	87,634
Inventories	29,225	64,984
Other	36,811	98,048
Allowance for doubtful accounts	(181)	(215)
Total	1,660,038	1,853,517

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		(Millions of yen)
	As of March 31, 2022	As of December 31, 2022
Liabilities and net assets
Non-current liabilities	1,073,112	1,305,870
Bonds payable	505,000	674,900
Long-term borrowings	436,933	496,300
Retirement benefit liability	32,219	32,899
Asset retirement obligations	88,818	90,348
Other	10,141	11,422
Current liabilities	240,651	277,810
Current portion of non-current liabilities	93,453	89,780
Short-term borrowings	1,281	2,282
Commercial papers	-	40,000
Notes and accounts payable - trade	59,876	62,734
Accrued taxes	8,900	5,088
Other	77,138	77,923
Reserves under special laws	2,993	2,993
Reserve for water shortage	2,993	2,993
Total liabilities	1,316,757	1,586,674
Shareholders' equity	318,761	243,290
Share capital	117,641	117,641
Capital surplus	33,991	33,987
Retained earnings	170,486	95,034
Treasury shares	(3,357)	(3,372)
Accumulated other comprehensive income	6,142	5,152
Valuation difference on available-for-sale securities	5,246	6,676
Deferred gains or losses on hedges	304	(2,094)
Foreign currency translation adjustment	87	350
Remeasurements of defined benefit plans	502	220
Non-controlling interests	18,377	18,399
Total net assets	343,280	266,842
Total	1,660,038	1,853,517

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

		(Millions of yen)
	Nine months ended	Nine months ended
	December 31, 2021	December 31, 2022
Operating revenue	420,802	580,184
Electric utility operating revenue	375,282	525,811
Other business operating revenue	45,520	54,372
Operating expenses	424,732	647,435
Electric utility operating expenses	383,640	596,519
Other business operating expenses	41,091	50,915
Operating loss	(3,929)	(67,250)
Non-operating income	5,305	3,372
Dividend income	487	535
Interest income	46	178
Consumption taxes refund	325	-
Derivative gains	2,654	-
Share of profit of entities accounted for using equity method	-	72
Other	1,790	2,584
Non-operating expenses	6,226	11,091
Interest expenses	4,952	5,318
Derivative loss	-	4,489
Share of loss of entities accounted for using equity method	405	-
Other	869	1,283
Total ordinary revenue	426,107	583,556
Total ordinary expenses	430,959	658,526
Ordinary loss	(4,851)	(74,970)
Extraordinary losses	1,320	-
Loss on return of imbalance income and expenditure	1,320	-
Loss before income taxes	(6,171)	(74,970)
Income taxes - current	(917)	424
Income taxes - deferred	127	(45)
Total income taxes	(790)	379
Loss	(5,381)	(75,349)
Profit attributable to non-controlling interests	696	405
Loss attributable to owners of parent	(6,078)	(75,754)

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