Unaudited Financial Release (Consolidated) for the Year ended March 31, 2024
The information below is an English translation of extracts from Unaudited Financial Release(Consolidated) for the fiscal year that has been filed with the major Japanese stock exchanges (Tokyo) for
public inspection. These financial statements have been prepared in accordance with accounting
principles and practices generally accepted in Japan.
April 30, 2024
The Kansai Electric Power Co., Inc. (Code: 9503)
6-16 Nakanoshima 3-chome, Kita-ku, Osaka(URL https://www.kepco.co.jp/)
Company Representative: Nozomu Mori, Director, Representative Executive Officer, President
Contact: Hironori Kakiguchi, General Manager, Office of Accounting and Finance
Tel: 050-7105-9084
Ⅰ. Performance over the Years ended March 31, 2024 and 2023
(Figures are rounded down to the nearest million yen)
1. Results of Operations(Million yen)
Change
23/22
24/23

Year ended March 312023
2024
Operating Revenues

3,951,884

4,059,378

38.6%

2.7%

Operating Income-52,056

728,935――

Ordinary Income *-6,666

765,970――

Net Income attributable to owners ofthe parent

17,679441,870-79.4%―

19.81 yen495.09 yen――――――Net Income per Share
Fully Diluted Net Income per Share
Comprehensive income
Year ended March 31, 2024:
Year ended March 31, 2023:

541,394 million yen
170,672 million yen

Notes: Ordinary Income means Income before Provision for/Reversal of Reserve for Fluctuations inWater Level, Special Item and Income Taxes.
2. Financial Position(Million yen)
As of March 31
2023
8,774,425
1,839,782
20.4%
2,004.24 yen

Total Assets
Net Assets
Equity Ratio
Net Assets per Share
Notes: Equity capital
As of March 31, 2024:
As of March 31, 2023:

2,273,157 million yen
1,788,781 million yen

12024
9,032,917
2,333,248
25.2%
2,547.28 yen

3. Statements of Cash Flows(Million yen)
Year ended March 312023
2024
128,038
1,154,990-417,884-428,049
117,104-488,906
322,235
564,427

Net cash provided by Operating Activities
Net cash used in Investing Activities
Net cash provided by Financing Activities
Cash and Cash Equivalents, End of year

Ⅱ. Dividends

FY 3/2023
FY 3/2024
FY 3/2025(Forecasts)

Interim dividend
per share
25.00 yen
25.00 yen
30.00 yen

Year-end dividend
per share
25.00 yen
25.00 yen
30.00 yen

Annual dividend
per share
50.00 yen
50.00 yen
60.00 yen

Ⅲ. Financial Forecasts
Operating Revenues
Operating Income
Ordinary Income
Net Income attributable to owners of the parent
Net Income per Share

(Billion yen)
4/1/2024 – 3/31/2025 (Forecasts)
4,450
330
360
260
291.35 yen

Ⅳ. Other
1. Change in major consolidated subsidiaries: None
2. Difference in major accounting methods from the latest consolidated financial year: None
3. Number of shares outstanding (included Treasury stock)
As of March 31, 2024:
938,733,028 shares
As of March 31, 2023:
938,733,028 shares
4. Number of Treasury stock
As of March 31, 2024:
As of March 31, 2023:

46,347,485 shares
46,236,287 shares

5. Number of Average stock
As of March 31, 2024:
As of March 31, 2023:

892,508,179 shares
892,501,269 shares

Notes: We have adopted BIP (Board Incentive Plan) Trust mechanism, and the number of treasury
stock at year end includes our shares held by said trust account (413,849 shares as of March31, 2024). Additionally, our shares held by said trust account are included in treasury stock thatis deducted in the calculation of the number of average stock.

2Notification(Response to a Business Improvement Order chiefly concerning the fact that our officers andemployees received a large amount of money and kind from the former deputy mayor at Takahama
Town, Fukui Prefecture)
We offer our most sincere apologies for the inconveniences and concern placed upon our customers,
shareholders, investors and other parties involved regarding issues such as company executives andemployees receiving cash and gifts from external stakeholder.
In response to the Business Improvement Order issued against The Kansai Electric Power Co., Inc.
(KEPCO) on March 29, 2020 under the Electricity Business Act in connection with this issue, KEPCO
developed a business improvement plan for recurrence prevention on March 30, 2020 and reported thedecision of specific measures to prevent reoccurrences and the progress of them to the Ministry of Economy,
Trade and Industry on June 29, October 13, 2020 and March 2, December 27, 2021.
We will ensure the implementation of those measures. And then we will follow up the implementation inlight of external objective perspectives and if we need, we will add the improvement measures.
All officers and employees will make best efforts for recovery of trust, with an unwavering resolve tocreate completely new KEPCO.
(Response to a Business Improvement Order concerning the Antimonopoly Law in connection withtransactions of special high-voltage and high-voltage electric power)
In connection with transactions of special high-voltage and high-voltage electric power, we was
acknowledged that it had conducted acts against Article 3 of the Act on Prohibition of Private
Monopolization and Maintenance of Fare Trade, which prohibits unreasonable restriction of trade (March30, 2023). We had received neither the cease and desist order nor the payment order for a surcharge.
As for this case, we sincerely apologize to our customers, shareholders, investors and relevant persons
for great concern and trouble.
In response to the Business Improvement Order (July 14, 2023) issued under the Electricity Business Act
regarding this incident, we formulated a business improvement plan to prevent recurrence and reported theplan to the Minister of Economy, Trade and Industry (August 10, 2023).
In the future, we will throughout adhere to measures to prevent recurrence and work to nurture corporate
culture with an emphasis on compliance, so as not to bring about these situations again. Through these
initiatives, we will devote ourselves to recover trust from the general public.
(Response to a Business Improvement Order concerning the Electricity Business Act Law, etc.
concerning the inappropriate handling of information on Customers of New Electric Power)
With respect to issues that The Kansai Electric Power Co., Inc. (KEPCO) browsed and used information
on customers of other power producers and suppliers and that Kansai Transmission and Distribution, Inc.
leaked the information on the customers, we sincerely apologize because we inappropriately handled theinformation on the customers and brought about situations shaking fair competitions among power
producers and suppliers.
In response to the Business Improvement Order (April 17, 2023) issued under the Electricity Business Act
regarding this incident, we formulated a business improvement plan to prevent recurrence and reported theplan to the Minister of Economy, Trade and Industry (May 12, 2023).
We will work hard on strengthening internal control and reforming corporate culture asstated in our business improvement plans, while making evaluations from an outside
viewpoint by the further involvement of the Board of Directors and the Audit Committee.
Through these efforts, we will steadily promote the business improvement plans.
The Group will make utmost efforts across the Group in order to be transformed into a corporate groupwhich will be able to throughout adhere to compliance in fact.

3

＜Reference : Non-consolidated >Performance for the Years ended March 31, 2024 and 2023
(Figures are rounded down to the nearest million yen)
1. Results of Operations(Million yen)
ChangeYear ended March 31
2023

2024

23/22

24/23

Operating Revenues

3,158,856

3,213,334

45.1%

1.7%

Operating Income-107,652

476,195－－Ordinary Income *-20,045

570,948－－Net Income

33,564

324,822-67.9%

867.7%

37.59 yen363.82 yen－－－－－－Net Income per Share
Fully Diluted Net Income per Share

Notes: Ordinary Income means Income before Provision for/Reversal of Reserve for Fluctuations inWater Level, Special Item and Income Taxes.
2. Financial Position

Total Assets
Net Assets
Equity Ratio
Net Assets per Share(Million yen)
As of March 31
2023
2024
7,474,872
7,554,755
1,071,013
1,387,472
14.3%
18.4%
1,199.61 yen
1,554.25 yen

Notes: Equity capital
As of March 31, 2024:
As of March 31, 2023:

1,387,472 million yen
1,071,013 million yen

4Sales and power generation[Electricity Sales](GWh)
Year-ended
March 31, 2023

Total electric sales

Year-ended
March 31, 2024

Change (%)

127,078

134,681106.0

Retail electric sales

111,565

117,246

105.1

Residential

30,904

31,416

101.7

80,661

85,830106.4

15,513

17,435112.4

Commercial andIndustrial
Electricity sales to othernon-utility companies

Notes: Total electricity sales to KEPCO in Energy Business. Some rounding errors may be observed.
The amount of electricity sales to other non-utility companies and total electric sales
represent the amount of electricity known as of the date of submission (April 30, 2024).
[Power generation] (Sending end)
(GWh)

Year-ended
March 31, 2023

Year-ended
March 31, 2024

Change (%)

13,44345,39426,54421

13,554
39,23042,085
11

100.8
86.4
158.5
53.3

49,127

48,37498.5-2,130
132,398
127,078
97.0-2,909140,345
134,681
96.8

136.6
106.0
106.0
－Kansai Electric
Hydroelectric
Fossil Fuel
NuclearRenewable energies
Purchased (sold) power fromother companies
Power used for pumped storage
Total
Retail electric sales
Water run-off ratio (%)

Notes: Actual supply and demand indicates those in energy business attributable to the parentcompany.
Some rounding errors may be observed.

5

Consolidated Balance Sheets
Account(Assets)
Non-current assets
Electric utility plant and equipment
Hydroelectric power production facilities
Thermal power production facilities
Nuclear power production facilities
Transmission facilities
Transformation facilities
Distribution facilities
General facilities
Other electric utility plant and equipment
Other non-current assets
Construction in progress
Construction and retirement in progressSpecial account related to nuclear power
decommissioning
Special account related to reprocessing of spent nuclear
fuel
Nuclear fuelLoaded nuclear fuelNuclear fuel in processing
Investments and other assets
Long-term investments
Long-term investments in subsidiaries and associates
Deferred tax assets
OtherAllowance for doubtful accounts
Current assets
Cash and deposits
Notes and accounts receivable and contract assets
Inventories
Other
Allowance for doubtful accounts
Total assets

6

As of
March 31, 2023

(Million yen)
As ofMarch 31, 2024

7,509,794
3,591,167
300,579
260,956
903,806
750,850
425,872
817,989
113,216
17,896
959,936
850,237
625,078

7,592,242
3,847,879
302,437
261,905
1,140,381
779,221427,858
818,790
115,477
1,807
962,955
502,873
254,851

45,12337,137

180,035

210,885

494,026
72,327
421,698
1,614,426
510,004
663,358
347,250
120,232-26,4211,264,630
266,961
404,623
251,514344,811-3,2818,774,425

488,716
82,547406,168
1,789,817
660,581710,501
294,780
149,964-26,008
1,440,674
495,938
387,631
255,671304,576-3,1439,032,917

Consolidated Balance Sheets
Account(Liabilities)
Non-current liabilities
Bonds payable
Long-term borrowings
Provision for loss on guarantees
Liability for retirement benefits
Asset retirement obligations
Deferred tax liabilities
Other
Current liabilities
Current maturities of long-term debt
Short-term borrowings
Commercial papers
Notes and accounts payable
Accrued income taxes
Other current liabilities
Reserves under special laws
Reserve for water shortage
Total liabilities(Net Assets)
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Defined retirement benefit plans
Non-controlling interests
Total net assets
Total liabilities and net assets

7

As ofMar. 31, 2023

(Million yen)
As ofMarch 31, 2024

5,317,416
1,600,020
2,577,807
1,844
362,293534,566
7,547
233,336
1,592,212
518,324
155,520
162,000
189,699
40,461
526,206
25,01325,013
6,934,642

5,069,701
1,493,500
2,392,577
1,973
358,279
549,782
14,224259,362
1,606,535
541,598
156,981
160,645
216,931530,378
23,43323,433
6,699,669

1,617,548
489,320
66,854
1,158,895-97,522
171,233
88,86734,276
48,811-722
51,001
1,839,782
8,774,425

2,014,641
489,32067,002
1,566,102-97,783
258,515130,191
50,29876,5501,475
60,0912,333,248
9,032,917

Consolidated Statements of Operations
Account
Ordinary revenues and expenses
Operating revenue and expenses
Operating revenue
Electric
Other
Operating expenses
Electric
Other
Operating income or loss
Non-Operating revenues and expenses
Non-operating revenues
Dividend received
Interest revenue
Foreign exchange gains
Share of profit of entities accounted for using equity
methodOther
Non-operating expenses
Interest expenses
Other
Total ordinary revenue
Total ordinary expenses
Ordinary income or loss
Provision or reversal of reserve for water shortage
Reversal of reserve for water shortage
Extraordinary losses
Losses due to the cancellation of the power plant construction
Income or loss before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Income taxes
Net income or loss
Net income attributable to non-controlling interests
Net income or loss attributable to owners of parent

8

Year ended
March 31, 2023

(Million yen)
Year ended
March 31, 2024

3,951,884
2,993,385
958,498
4,003,940
3,176,154
827,785-52,056

4,059,378
3,121,067
938,3103,330,442
2,541,644
788,797
728,935

96,34018,793
2,145
5,050

96,97527,878
6,053
18,33323,33123.62947,01850,94924,324
26,625
4,048,224
4,054,890-6,666-837-837-5,828
10,793-37,436-26,643
20,814
3,134
17,67921,07959,94029,05930,8804,156,353
3,390,383
765,970-1,580-1,580126,495
126,495
641,054
157,645
34,969
192,614448,4406,569
441,870

Consolidated Statements of Comprehensive Income
Account
Net income or loss
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Defined retirement benefit plans
Share of other comprehensive income in associates
Total other comprehensive income
Comprehensive income(Breakdown)
Attributable to owners of parent
Attributable to non-controlling interests

9

Year ended
March 31, 2023
20,814(Million yen)
Year ended
March 31, 2024
448,440-69
114,979
15,324
1,227
18,396
149,858
170,672

34,735
17,907
12,395334
27,581
92,954
541,394

164,735
5,936

529,153
12,241