Key Point of President's Regular Press Conference

Senior Managing Vice President Mizutani’s Message at the News Conference Announcing Financial Results for Q1 2023

July 28, 2023
Chubu Electric Power Co.,Inc.

I will be discussing the following matters today:
- Financial results for the first quarter of fiscal 2023

Financial Results for the First Quarter of FY 2023

Consolidated net sales for the first quarter of FY2023 totaled 897.6 billion yen.
An increase in the fuel cost adjustment pushed net sales upward by 131.6 billion yen year-on-year.
Ordinary income was 242.9 billion yen.
Income increased by 210.7 billion yen year-on-year as a result of the time-lag loss shifting to time-lag gain, and an increase in Miraiz profits due to April 2023 increase in prices for Special High-voltage and High-voltage standard rate plans.
Net income attributable to owners of the parent company amounted to 202 billion yen, an increase of 181.5 billion yen year-on-year.
To reduce the burden on the Special High-voltage and High voltage customers as much as possible, we have been providing discounts to electricity rates since June 2023 made possible by the spot fuel prices trading at lower levels.

The FY2023 business forecast announced on April 28 was revised based on the recent fuel price trends.
Consolidated net sales are expected to be around 3.65 trillion yen.
We expect a decrease in income of about 50 billion yen from the previously announced amount, due to a decrease in fuel cost adjustment.
Consolidated ordinary income is expected to be around 310 billion yen.
We expect consolidated ordinary income to increase by 30 billion yen from the previously announced amount due to an increase in time-lag profit from falling fuel prices.
In addition, net sales income attributable to shareholders of the parent company is expected to increase by around 30 billion yen from the previously announced amount to around 260 billion yen.
Through fuel have been trading at low prices recently, the Ukraine War is still ongoing. We will continue to monitor fuel price trends and electricity supply and demand carefully, and each business area will step up their risk management efforts and expand their ability to respond to market fluctuations.