東北電力（9506） – Summary of Quarterly Financial Statements (Unaudited)

January 31, 2022Information below is an English translation of the “Unaudited Quarterly Financial Release” for nine months ended December 31, 2021,which has been filed with the Tokyo Stock Exchange, Inc. for public inspection.Tohoku Electric Power Co., Inc.Summary of Quarterly Financial Statements (Unaudited)(April 1, 2021 – December 31, 2021)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, PresidentTel : +81-22-225-2111(Note) All monetary values are rounded down to the nearest units as indicated in each table.1. Business Results for Consolidated Third Quarter Period in FY2021 (Nine months ended December 31, 2021)(1) Progresses of Financial ResultsOperating revenueOperating incomeOrdinary income9 months ended Dec. 31, 2021Millions of yen23,33087,8419 months ended Dec. 31, 2020(Note) Comprehensive income (9 months ended December 31, 2021: 5,735million yen -90.0%, 9 months ended December 31, 2020: 57,301million yen 10.0%)Millions of yen10,39175,723Millions of yen1,398,9551,541,467%(86.3)(2.9)%(73.4)(4.5)%(9.2)(6.2)Percentage figures represent changes as compared to the same period of the previous year.Net income attributable to owners of parentMillions of yen2,41750,617%(95.2)2.4Net income per share(basic)Net income per share(diluted)Yen4.84101.32Yen-94.819 months ended Dec. 31, 20219 months ended Dec. 31, 2020(2) Changes in Financial PositionsTotal assetsNet assetsMillions of yen4,622,6044,471,081(Reference) Shareholders’ Equity (Dec. 31, 2021: 809,175million yen, March 31, 2021: 826,466 million yen)Millions of yen886,458901,534Dec. 31, 2021Mar. 31, 2021Equity-to-asset ratio%17.518.52. DividendsYear ended Mar. 31, 2021Year ending Mar. 31, 2022Year ending Mar. 31, 2022(forecast)Cash dividends per share3QYen–Year-endYen20.002QYen20.0020.001QYen–Annual totalYen40.00–(Note) Forecast revision of dividends from the latest forecast: Forcasts have been revisedYear-end dividend has been revised from 20 yen to “undecided.”3. Business Results Forecast for Consolidated FY2021 (Year ending March 31, 2022)Operating revenueOperating incomeOrdinary incomeNet income attributableto owners of parentNet income per share(basic)FY2021Millions of yen1,980,000%-Millions of yen(28,000)%-Millions of yen(50,000)%-Millions of yen(45,000)%-Yen(90.04)(Note) Forecast revision of consolidated results from the latest forecast: Forcasts have been revisedEffective from FY2021, we have adopted the “Accounting Standard for Revenue Recognition.” As a result, the rate of change to operating revenue for FY2020, for which this standard has not been applied, is not shown.1(Reference) Consolidated Cash Income for the Third Quarter Period in FY2021 (Nine months ended Dec. 31, 2021)9 months ended Dec. 31, 2021Consolidated Cash IncomeMillions of yen233,210(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.)2QUARTERLY CONSOLIDATED BALANCE SHEETS (Unaudited) Third Quarter FY2021 (as of December 31, 2021) and FY2020 (as of March 31, 2021)Assets(Millions of yen)ItemDecember 31, 2021March 31, 2021Construction and retirement in progressSpecial account related to nuclear power decommissioningSpecial account related to reprocessing of spent nuclear fuelNon-current assets:Electric utility plant and equipment:Hydroelectric power production facilitiesThermal power production facilitiesNuclear power production facilitiesTransmission facilitiesTransformation facilitiesDistribution facilitiesGeneral facilitiesOther electric utility plant and equipmentOther non-current assetsConstruction in progress:Nuclear fuel:Loaded nuclear fuelNuclear fuel in processingInvestments and other assets:Long-term investmentsNet defined benefit assetDeferred tax assetsOtherAllowance for doubtful accountsCurrent assets:Cash and depositsNotes and accounts receivable – tradeInventoriesOtherAllowance for doubtful accounts3,741,8922,453,598176,150373,780230,750572,128252,298692,623124,12231,743221,917491,940442,62023,31026,009172,12930,591141,537402,306117,6026,197158,453120,430(377)880,712212,206218,95988,376361,812(643)3,731,3662,492,694177,880398,062247,275579,633251,793680,945129,92927,173223,546449,526399,39324,12426,009174,07130,591143,479391,526109,6996,191159,536116,389(290)739,715205,290270,26665,255199,679(777)Assets4,622,6044,471,0813Liabilities and net assets(Millions of yen)ItemDecember 31, 2021March 31, 2021Non-current liabilities:Bonds payableLong-term loans payableReserve for restoration costs of natural disasterNet defined benefit liabilityAsset retirement obligationsDeferred tax liabilities for land revaluationOtherCurrent liabilities:Current portion of non-current liabilitiesNotes and accounts payable – tradeAccrued taxesOther advancesReserve for restoration costs of natural disasterOtherReserves under special laws:Reserve for fluctuation in water levelsShareholders’ equity:Capital stockCapital surplusRetained earningsTreasury sharesAccumulated other comprehensive income:Valuation difference on available-for-sale securitiesDeferred losses on hedgesRevaluation reserve for landForeign currency translation adjustmentsRemeasurements of defined benefit plansNon-controlling interestsNet assets2,697,8911,155,0001,175,0966,614150,158171,1451,30938,5671,038,198264,351182,94910,686310,5996,036263,5755656800,885251,44122,290531,893(4,739)8,28929478(907)7227,96677,283886,4582,518,1241,025,0001,117,5496,614160,468170,2361,32336,9331,051,422269,587142,18658,750323,57511,060246,262–819,051251,44122,369550,245(5,004)7,415(124)171(902)6667,60475,067901,534Liabilities3,736,1463,569,547Liabilities and net assets4,622,6044,471,0814QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)Third Quarter FY2021 (Nine months ended December 31, 2021) and Third Quarter FY2020 (Nine months ended December 31, 2020)Operating income23,33087,841(Millions of yen)Nine months ended December 31,202120201,398,9551,213,120185,8341,375,6241,202,153173,4711,541,4671,391,108150,3581,453,6261,309,401144,2251,402,5361,392,14410,3911,547,5651,471,84175,7233,5816382111,283–1,44716,51910,8991,2284,39156567,5177,5176,0806,08011,7726,3414706,8124,9602,5432,4176,0978191694272,4689721,24018,21511,793-6,421——75,72322,8661,04723,91351,8101,19250,617ItemOperating revenue:Electric utility operating revenueOther business operating revenueOperating expenses:Electric utility operating expensesOther business operating expensesNon-operating income:Dividend incomeInterest incomeGain on sales of goodsGain on sales of securitiesShare of profit of entities accounted for using equity methodOtherNon-operating expenses:Interest expensesShare of loss of entities accounted for using equity methodOtherOrdinary revenueOrdinary expensesOrdinary incomeProvision or reversal of reserve for fluctuation in water levels:Provision of reserve for fluctuation in water levelsExtraordinary income:Gain on sales of securitiesExtraordinary loss:Loss on return of imbalance income and expenditureIncome before income taxesIncome taxes – currentIncome taxes – deferredIncome taxesNet incomeNet income attributable to non-controlling interestsNet income attributable to owners of parent5QUARTERLY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)Third Quarter FY2021 (Nine months ended Dectember 31, 2021) and Third Quarter FY2020 (Nine months ended December 31, 2020)ItemNet incomeOther comprehensive income:Valuation difference on available-for-sale securitiesDeferred gains or losses on hedgesForeign currency translation adjustmentsRemeasurements of defined benefit plansShare of other comprehensive income of entities accounted for using equity methodOther comprehensive incomeComprehensive incomeComprehensive income attributable to:Comprehensive income attributable to owners of parentComprehensive income attributable to non-controlling interests(Millions of yen)Nine months ended December 31,202120204,96051,81012472755287(421)7745,7353,2962,438(792)8026774,80205,49057,30156,1131,1876(Note)This report solely constitutes reference material for the purpose of providing the readers with relevant information to evaluate our group.The information contains forward-looking statements based on assumptions and projections about the future with regard to our group. As such, the readers are kindly asked to refrain from making judgment by depending solely on this information.The forward-looking statements inherently involve a degree of risks and uncertainties. Consequently, these risks and uncertainties could cause the actual results and performance to differ from the assumed or projected status of our group.We hereby disclaim any responsibility or liability in relation to consequences resulting from decisions madeby investors.7