Chugoku Electric Power : Consolidated Financial Statements

The Chugoku Electric Power Co., Inc. and Consolidated Subsidiaries

March 31, 2023 and 2022

Thousands of

U.S.dollars

Millions of yen

(Note 1)

Assets

2023

2022

2023

Property, plant and equipment:

Utility plant and equipment

¥5,753,358

¥5,703,180

$42,935,514

Other plant

653,304

433,140

4,875,409

Construction in progress

1,081,066

1,168,629

8,067,661

Suspense account related to reprocessing of spent nuclear fuel

26,510

22,723

197,843

7,514,241

7,327,674

56,076,428

Less

Contributions in aid of construction

130,017

126,674

970,277

Accumulated depreciation

4,646,945

4,583,641

34,678,698

4,776,962

4,710,316

35,648,976

Net property, plant and equipment (Note 13)

2,737,278

2,617,357

20,427,452

Nuclear fuel

139,544

139,772

1,041,375

Investments and other assets:

Investment securities (Note 14 and 15)

59,743

63,302

445,844

Investments to non-consolidated subsidiaries and affiliated companies

179,411

174,895

1,338,888

Long-term loans to employees

31

34

234

Asset for retirement benefits (Note 20)

64,954

68,309

484,736

Deferred tax assets (Note 21)

108,994

74,229

813,389

Other assets

105,682

100,340

788,678

Allowance for doubtful accounts

(2,774)

(10,731)

(20,702)

Total investments and other assets

516,043

470,380

3,851,069

Current assets:

Cash and time deposits (Note 12)

254,781

66,584

1,901,352

Receivables and contract assets (Note 9)

214,170

161,235

1,598,290

Inventories, fuel and supplies

112,377

59,659

838,641

Other current assets

66,526

52,732

496,465

Allowance for doubtful accounts

(673)

(774)

(5,027)

Total current assets

647,182

339,436

4,829,722

Total assets

¥4,040,048

¥3,566,947

$30,149,619

Thousands of

U.S.dollars

Millions of yen

(Note 1)

Liabilities and Net Assets

2023

2022

2023

Long-term liabilities:

Long-term debt (Note 14 and 17)

¥2,381,564

¥2,085,162

$17,772,866

Liability for retirement benefits (Note 20)

59,299

61,845

442,535

Retirement allowances for directors and corporate auditors

287

240

2,148

Asset retirement obligations (Note 22)

102,884

98,593

767,794

Other long-term liabilities

25,656

17,657

191,469

Total long-term liabilities

2,569,693

2,263,498

19,176,814

Current liabilities:

Long-term debt due within one year (Note 14 and 17)

216,367

182,420

1,614,680

Short-term borrowings

97,395

65,695

726,828

Commercial paper

301,000

170,000

2,246,268

Accounts payable

172,172

134,751

1,284,871

Accrued income taxes

4,208

847

31,403

Accrued expenses

123,067

47,042

918,411

Allowance for bonuses to directors and corporate auditors

67

57

502

Other current liabilities, including other long-term liabilities due within

100,426

93,391

749,454

one year

Total current liabilities

1,014,704

694,205

7,572,421

Reserve for fluctuation in water levels

167

797

1,253

Contingent liabilities (Note 18)

Net assets (Note 24):

Common stock :

197,024

197,024

1,470,331

Authorized - 1,000,000,000 shares

Issued-387,154,692 shares in 2023 and 387,154,692 shares in 2022

Capital surplus

28,585

28,580

213,324

Retained earnings (Note 26)

232,168

393,793

1,732,599

Treasury stock(26,904,338 shares in 2023 and 26,895,398 shares in 2022)

(38,886)

(38,878)

(290,194)

Total stockholders' equity

418,892

580,519

3,126,060

Net unrealized holding gains (losses) on securities

6,840

8,094

51,047

Net unrealized gains (losses) on hedges

(1,818)

3,483

(13,570)

Foreign currency translation adjustments

18,166

3,105

135,572

Accumulated adjustments for retirement benefits

5,407

10,574

40,351

Accumulated other comprehensive income

28,595

25,258

213,400

Non-controlling interests

7,995

2,667

59,668

Total net assets

455,483

608,445

3,399,130

Total liabilities and net assets

¥4,040,048

¥3,566,947

$30,149,619

The Chugoku Electric Power Co., Inc. and Consolidated Subsidiaries

For the years ended March 31, 2023 and 2022

Thousands of

Millions of yen

U.S.dollars

(Note 1)

2023

2022

2023

Operating revenues (Note 8 and 25):

Electric

¥1,479,460

¥979,687

$11,040,749

Other

215,141

156,959

1,605,536

1,694,602

1,136,646

12,646,285

Operating expenses (Note 19):

Electric

1,572,048

1,047,934

11,731,704

Other

191,446

149,456

1,428,702

1,763,494

1,197,391

13,160,407

Operating income (loss) (Note 25)

(68,892)

(60,744)

(514,121)

Other expenses (income):

Interest expense

10,755

9,640

80,263

Interest income

(346)

(10)

(2,588)

Gains on sales of fixed assets

(218)

(106)

(1,633)

Gains on sales of securities(Note 10)

(1,996)

(2,583)

(14,898)

Equity in losses (earnings) of affiliated companies

14,840

(6,063)

110,752

Gain on derivatives(Note 6 and 16)

(4,115)

(396)

(30,713)

Loss on derivatives(Note 6 and 16)

18,292

2

136,513

Gain on bargain purchase(Note 10)

(857)

-

(6,402)

Gain on step acquisitions(Note 10)

(1,646)

-

(12,284)

Gain on sale of shares of subsidiaries and associates(Note 10)

(3,735)

-

(27,876)

Loss on decommissioning of thermal power station(Note 11)

8,669

-

64,694

Loss on anti monopoly act(Note 11)

70,715

-

527,730

Loss on business of subsidiaries and associates(Note 11)

2,277

-

16,997

Reversal of allowance for doubtful accounts(Note 10)

-

(3,101)

-

Other, net(Note 6)

677

(1,923)

5,053

113,311

(4,541)

845,610

Special item:

Provision (reversal) of reserve for fluctuation in water levels

(629)

(3)

(4,698)

Profit (loss) before income taxes

(181,574)

(56,199)

(1,355,033)

Provision for income taxes: (Note 21)

Current

5,456

1,581

40,719

Deferred

(31,443)

(17,757)

(234,656)

(25,987)

(16,175)

(193,936)

Profit (loss)

(155,586)

(40,023)

(1,161,096)

Profit (loss) attributable to non-controlling interests

(208)

(318)

(1,552)

Profit (loss) attributable to owners of parent

¥(155,378)

¥(39,705)

$(1,159,543)

Yen

U.S.dollars

(Note 1)

2023

2022

2023

Per share data:

Earnings (loss) - basic

¥(431.30)

¥(110.21)

$(3.22)

Cash dividends

0.00

40.00

0.00