Chugoku Electric Power Co., Inc. TSE:9504

Chugoku Electric Power : Supporting Document of FY 3/2026-1Q Financial Results

Published

Source: MarketScreener

Supporting document of FY 3/2026-1Q financial results

The Summary of Financial Results for FY 3/2026-1Q(April 1 through June 30, 2025)

The Chugoku Electric Power Co., Inc.

July 31, 2025

In this report, the term Fiscal Year 3/2026 refers to the period between April 1, 2025 and March 31, 2026.

  1. Financial Results for FY 3/2026-1Q ・・・・・・ ① ~ Ⓑ

  2. Financial Results Forecast for FY 3/2026 and Dividend Policy

    ・・・・・・

    (Reference) Summary of Financial

    Results for FY 3/2026-1Q

    ・・・・・・

    (Reference) Supplemental Data ・・・・・・ ⑪ ~ ㉒

    Contents

    I. Financial Results for FY 3/2026-1Q

    • Operating revenues fell by ¥0.7 billion year on year to ¥329.5 billion due to the revisions in the standard electricity rate plan for high voltage and extra-high voltage, despite an increase in retail electricity sales volume.

    • Operating profit increased by ¥4.7 billion year on year to ¥39.5 billion. This was mainly due to the profit improvement from the operation of Shimane Nuclear Power Station Unit 2 and an increase in the profit from the time lag of the fuel cost adjustment system, despite the effect of increased competition in wholesale and retail businesses.

    • Ordinary profit decreased by ¥3.4 billion year on year to ¥33.9 billion due to factors such as an increase in interest expense.

    • Profit attributable to owners of parent increased by ¥3.4 billion year on year to

¥26.8 billion, primarily due to the absence of the extraordinary loss recorded in the same period of the previous fiscal year.

1-1. Summary of Consolidated Financial Results

(Billions of yen)

FY 3/2026-1Q

(A)

FY 3/2025-1Q

(B)

Difference (A-B)

YoY growth (A-B)/B

Operating revenues

329.5

330.3

-0.7

-0.2%

Operating profit

39.5

34.8

4.7

13.5%

Ordinary profit

33.9

37.3

-3.4

-9.2%

Profit attributable to

owners of parent

26.8

23.3

3.4

14.7%

1-2. Summary of Consolidated Financial Results

(Billions of yen)

FY 3/2026-1Q

(A)

FY 3/2025-1Q

(B)

Difference

(A-B)

Ordinary revenues

336.9

338.2

-1.3

Operating revenues

329.5

330.3

-0.7

Non-operating income

7.3

7.9

-0.5

Ordinary expenses

302.9

300.9

2.0

Operating expenses

289.9

295.4

-5.5

Non-operating expenses

13.0

5.4

7.5

Operating profit

39.5

34.8

4.7

Ordinary profit

33.9

37.3

-3.4

Provision of reserve for water shortage

0.0

-0.0

Extraordinary income

(Note1)

4.3

(Note1)

5.1

-0.7

Extraordinary losses

7.0(Note2)

-7.0

Income taxes

11.5

12.0

-0.4

Profit attributable to owners of parent

26.8

23.3

3.4

Note1: The Company recorded gains on sales of nuclear fuel.

Note2:The Company recorded a loss on sales of property due to the transfer of the land, buildings, and equipment of the former Shimonoseki Power Station.

2. Consolidated Statements of Operations

3.経常利益の変動要因【連結】

3.経常利益の変動要因【連結】

3. Factors Affecting Consolidated Ordinary Profit

Consolidated Ordinary Profit -3.4 billion

FY

3/2025-1Q

Billions of yen

Increase in the

・Gain or loss on derivatives

-5.0

・Increase in interest expense -3.3

・Decrease in profits of consolidated subsidiaries -3.0

, etc.

60

Time lag

50

of the fuel cost adjustment system

5.0

total electricity sales volume

FY

3/2026-1Q

3.0

Increase in ordinary profit of Chugoku Electric Power Transmission & Distribution Company

-16.5

-7.0

3.1

9.0

Increase in nuclear power

40 operations

30

FY 3/2025-1Q :

Approx. + 3.0 billion

FY 3/2026-1Q :

Increased competition (wholesale and retail businesses )

Decrease in supply and demand adjustment transactions, etc.

Others

20 37.3

10

Approx. +12.0 billion

Decrease in supply and demand

adjustment-related expenses 4.0

Increase in maintenance expenses -0.9

33.9

0

【34.3】

Figures in square brackets 【】 represent the profit excluding the effects of any time lag of the fuel cost adjustment system.

【21.9】

Billions of kWh

FY 3/2026-1Q

A

FY 3/2025-1Q

B

Difference

AB

YoY growth (AB)/B

Total electricity sales volume

12.58

11.18

1.40

12.5%

Retail electricity

sales volume

Lighting

3.04

3.12

-0.08

-2.5%

Power

6.92

6.15

0.77

12.6%

Subtotal

9.97

9.27

0.70

7.5%

Electricity sales volume to

other power companies

2.62

1.92

0.70

36.6%

Note 1: The amounts indicated are the total electricity sales volume by Chugoku Electric Power.

Note 2: Amounts do not include the amount of retail power used in-house or the amount of electricity sales volume to other power

companies in relation to imbalances/adjusted power supply, etc.

Note 3: There may be discrepancies in totals due to rounding.

4. Total Electricity Sales Volume

  • Total electricity sales volume increased by 12.5% year on year to 12.58 billion kWh.

  • Retail electricity sales volume increased by 7.5% year on year to 9.97 billion kWh.

  • Electricity sales volume to other power companies increased by 36.6% year on year

to 2.62 billion kWh.

FY 3/2026-1Q

(A)

FY 3/2025-1Q

(B)

Difference

(A‐B)

YoY growth

(A‐B)/B

Generated and received electricity

13.51

11.63

1.88

16.2%

Generated by Chugoku Electric

Power

8.27

5.50

2.77

50.4%

(Water flow rate)

Hydroelectric

(93.7%)

1.00

(104.9%)

0.92

(-11.2%)

0.07

8.1%

Thermal

5.39

4.55

0.84

18.4%

(Capacity factor)

Nuclear

(102.7%)

1.84

( - )

(102.7%)

1.84

New energy sources

0.04

0.02

0.02

91.0%

Received from other companies

5.76

6.35

-0.58

-9.2%

Power used for water pumping

-0.53

-0.22

-0.30

138.0%

Billions of kWh

Note 1: The amounts indicated are the power generated and received by Chugoku Electric Power.

Note 2: Shimane Nuclear Power Station Unit 2 has restarted power generation, connected to the grid since December 23, 2024.

Note 3: Power received from other companies includes power pertaining to imbalances/adjusted power supply, etc. The power amounts indicated are those identified as of the end of the fiscal year.

Note 4: The difference between the total amount of power generated and received and the total electricity sales volume is the amount of power loss, etc. Note 5: There may be discrepancies in totals due to rounding.

5. Power Generated and Received

  • Generated and received electricity increased by 16.2% year on year to 13.51 billion kWh.

  • Our own thermal power generation increased due to the rise in total electricity sales volume and a decrease in electricity received from other companies.

  • Nuclear power generation increased as a result of the operation of Shimane Nuclear Power

Station Unit 2.

(Billions of yen)

FY 3/2026-1Q

A

FY 3/2025-1Q

B

Difference

A-B

Comprehensive energy

Operating revenues

304.9

312.0

-7.1

Operating profit

36.2

34.0

2.2

Power transmission and distribution

Operating revenues

107.4

107.2

0.1

Operating profit

3.5

0.0

3.5

Information and telecommunications

Operating revenues

11.0

10.2

0.7

Operating profit

0.8

1.1

-0.2

Others

Operating revenues

19.6

22.6

-2.9

Operating profit

-0.6

0.1

-0.8

Adjustment

Operating revenues

(-113.4)

(-121.8)

(8.3)

Operating profit

(-0.5)

(-0.5)

(0.0)

Total

Operating revenues

329.5

330.3

-0.7

Operating profit

39.5

34.8

4.7

6. Summary of Segment Information

  • In the comprehensive energy business, revenues decreased mainly due to the revisions in the standard electricity rate plan for high voltage and extra-high voltage. Operating profit increased mainly due to the profit improvement from the operation of Shimane Nuclear Power Station Unit 2 and an increase in the profit from the time lag of the fuel cost adjustment system.

  • In the power transmission and distribution business, the profit increased mainly due to a decrease in expenses related to supply and demand adjustments, despite an increase in maintenance expenses.

  • Key factors

FY 3/2026-1Q (A)

FY 3/2025-1Q (B)

Difference (A-B)

Exchange rate (¥/$)

145

156

-11

All Japan CIF crude oil price $/b)

75.1

87.5

-12.4

All Japan CIF imported coal price ($/t)

120.3

157.4

-37.1

Nuclear capacity factor (%)

102.7

102.7

Note: Crude oil and imported coal CIF prices are preliminary figures for FY 3/2026-1Q.

7. Key Factors

II. Forecasts of Financial Results and Dividends for FY 3/2026

Announcement (April 30, 2025):https:/https://www.energia.co.jp/e/ir/info/pdf/ir10-c2025b15.pdf

Financial Results

Billions of yenSegment Information

Billions of yen

FY 3/2026

Operating revenues

1,400.0

Operating profit

95.0

Ordinary profit

85.0

Profit attributable to owners of parent

65.0

Shareholders' equity ratio

Approx. 16.5%

(Approx. 18.8%*)

FY 3/2026

Comprehensive energy

Operating revenues

Approx. 1,320.0

Operating profit

Approx. 80.0

Power transmission

and distribution

Operating revenues

Approx. 410.0

Operating profit

Approx. 10.0

Information and

tele-communications

Operating revenues

Approx. 47.0

Operating profit

Approx. 4.0

Others

Operating revenues

Approx. 105.0

Operating profit

Approx. 3.0

Adjustment

Operating revenues

(Approx. -482.0)

Operating profit

(Approx. -2.0)

Total

Operating revenues

Approx. 1,400.0

Operating profit

Approx. 95.0

Dividends per share

FY 3/2026

Interim

¥10 (Forecasts)

Year-end

¥11 (Forecasts)

Total

¥21 (Forecasts)

FY 3/2026

Total electricity sales volume (billions of kWh)

57.4

Exchange rate ( ¥/ $ )

145

All Japan CIF crude oil price ( $ / b )

75

Nuclear capacity factor ( % )

86

FY 3/2026

Exchange rate

( ¥1 / $)

2.0

All Japan CIF crude oil price

( $1 / b)

1.3

Water flow rate

( 1% )

0.3

Nuclear capacity factor

( 1% )

0.7

Key Factors≫ ≪Financial Impacts (Sensitivity)Billions of yen

* This indicates the shareholders’ equity ratio if the ¥50.0 billion of the hybrid corporate bonds already raised (announced on December 3, 2021) and ¥50.0 billion of transition-linked hybrid loans already raised (announced on September 29, 2022) are both treated as equity capital.

Forecasts of Financial Results and Dividends for FY 3/2026

  • Forecasts of financial results and dividends have not changed of the announcement on April 30, 2025.

(Reference) Summary of Financial Results for FY 3/2026-1Q, and the Group’s Initiatives

FY 3/2026-1Q

FY 3/2025-1Q

Overview of financial

results

Decrease in revenue-0.7Decrease in profit -3.4for 2 consecutive years

Decrease in revenue-70.7Decrease in profit -45.2for the first time in 3 years

Operating revenues

329.5 (Note)

330.3 (Note)

Operating profit

39.5 (2nd)

34.8

Ordinary profit

33.9 (3rd)

37.3

Profit attributable to owners of parent

26.8 (2nd)

23.3

  • Consolidated Statements of Operations

  • Consolidated Balance Sheets

Billions of yen

Billions of yen

FY 3/2026-1Q

FY 3/2025

Total assets

4,382.7

4,360.9

Net assets

712.8

705.8

Shareholders’ equity ratio

16.3

18.6%(Note 4)

16.2

18.5%(Note 4)

Interest-bearing debts

3,244.9

3,181.3

Note 1: The operating revenues ranking is not indicated because the application of the Accounting Standard for Revenue Recogniti on since FY 3/2022-1Q has invalidated comparisons to past operating revenues.

Note 2: Increases/decreases in profit in the overview of financial results are based on ordinary profit. Note 3: Rankings indicate ranking since FY 3/2004.

Note 4: This indicates the shareholders’ equity ratio if the ¥50.0 billion of the hybrid corporate bonds already raised (announced on December 3, 2021) and ¥50.0 billion of transition-linked hybrid loans already raised (announced on September 29, 2022) are both treated as equity capital.

Statements of Operations and Balance Sheets (Consolidated) 10

(Reference) Supplemental Data

FY 3/2026-1Q (A)

FY 3/2025-1Q (B)

Difference

A-B

Ordinary revenues

306.1

320.0

-13.8

Operating revenues

291.7

297.1

-5.3

Electricity sales revenue

219.4

207.0

12.4

Others

72.2

90.1

-17.8

Non-operating income

14.3

22.8

-8.5

Ordinary expenses

267.2

271.2

-3.9

Operating expenses

257.2

266.2

-8.9

Personnel

11.1

11.2

-0.1

Retirement allowances

0.0

0.2

-0.1

Material

119.0

137.7

-18.7

Fuel

49.1

50.8

-1.6

Purchased power

69.8

86.9

-17.0

Maintenance

9.3

8.4

0.8

Depreciation

19.9

12.9

6.9

Back-end of nuclear power

4.3

4.3

Transmission fees of connected supply

60.7

61.0

-0.2

Others

32.7

34.7

-1.9

Non-operating expenses

9.9

4.9

4.9

Ordinary profit (Operating profit)

38.9

34.4

48.8

30.9

-9.8

3.5

Provision or reversal of reserve for water shortage

0.0

-0.0

Extraordinary income

4.3

5.1

-0.7

Extraordinary losses

7.0

-7.0

Income taxes, etc.

10.8

11.9

-1.0

Profit

32.4

34.8

-2.4

1-1. Income Statement

11

(Billions of yen)

(Billions of yen)

FY 3/2026-1Q

A

FY 3/2025-1Q

B

Difference

A-B

Ordinary revenues

107.5

107.5

0.0

Operating revenues

107.0

106.7

0.3

Transmission revenue

76.6

79.2

-2.6

Others

30.4

27.5

2.9

Non-operating income

0.4

0.7

-0.3

Ordinary expenses

105.4

108.5

-3.1

Operating expenses

103.5

106.9

-3.3

Personnel

11.6

11.6

0.0

Retirement allowances

0.1

0.2

-0.1

Material

38.3

42.3

-4.0

Fuel

0.5

0.7

-0.1

Purchased power, etc.

37.7

41.6

-3.8

Maintenance

14.3

13.4

0.9

Depreciation

10.7

10.3

0.4

Others

28.4

29.0

-0.6

Non-operating expenses

1.8

1.6

0.2

Ordinary profit (Operating profit)

2.1

3.5

-1.0

-0.1

3.1

3.6

Income taxes, etc.

0.5

-0.4

1.0

Profit

1.5

-0.5

2.1

ReferenceElectricity demand in the Chugoku region

FY 3/2026-1Q

FY 3/2025-1Q

Difference

12.13

12.29

-0.16

Billions of kWh

1-2. Income Statement

12

Apr.

May

Jun.

Total

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Total electricity sales volume

4.21

(5.9%)

3.94

(9.8%)

4.44

(22.4%)

12.58

(12.5%)

Lighting

1.19

0.95

0.90

3.04

Retail

(-1.9%)

(-4.5%)

(-1.1%)

(-2.5%)

Power

electricity

sales

volume

2.28

(6.8%)

2.24

(13.5%)

2.41

(17.7%)

6.92

(12.6%)

Subtotal

3.47

3.19

3.31

9.97

(3.7%)

(7.5%)

(12.0%)

(7.5%)

Electricity sales

volume to other

power companies

0.74

(18.1%)

0.75

(20.8%)

1.13

(68.5%)

2.62

(36.6%)

  • FY 3/2026-1Q (Billions of kWh)

    Note 1: The amounts indicated are the total electricity sales volume by Chugoku Electric Power.

    Note 2: Amounts do not include the amount of retail power used in-house or the amount of electricity sales volume to other power companies

    in relation to imbalances/adjusted power supply, etc.

    Note3: Figures in parentheses indicate the percentage change from the previous fiscal year. Note4: There may be discrepancies in totals due to rounding.

    Average monthly temperature (Hiroshima city) ()

    Apr.

    May

    Jun.

    Jul.

    Aug.

    Sep.

    Oct.

    Nov.

    Dec.

    Jan.

    Feb.

    Mar.

    FY 3/2026

    15.5

    19.6

    24.7

    Difference from

    average year

    0.7

    0.0

    1.5

    Difference from previous year

    -2.0

    0.0

    1.2

    2.Monthly Change in Total Electricity Sales Volume

    13

    FY 3/2025-1Q

    Profit Approx. 3.0 billion yen

    Average fuel price

    軸ラベル

    (refer to fuel prices 3-5 months ago)

    Fuel procurement price

    FY 3/2026-1Q

    ProfitApprox. 12.0 billion yen

    4/2024

    7/2024

    4/2025

    7/2025

    3/2026

    Note: Time lag of the fuel cost adjustment system is caused by the time lag of reflecting fuel prices in electricity rates (average fuel price).

    3.Time Lag of the Fuel Cost Adjustment SystemImage Diagram14

    1. Procurement volume (Note 1)

      Unit

      FY 3/2026-1Q (A)

      FY 3/2025-1Q (B)

      Difference (A-B)

      Fuel oil

      million litters

      20

      30

      -10

      Coal (Note 2)

      thousand tons

      1,360

      1,150

      210

      LNG (Note 2)

      thousand tons

      330

      390

      -50

      Note 1: The impact of inventories included Note 2 :Sales included

    2. Consumption volume

Unit

FY 3/2026-1Q

(A)

FY 3/2025-1Q

(B)

Difference

(A-B)

Fuel oil

million litters

10

10

10

Coal

thousand tons

1,170

850

320

LNG

thousand tons

220

250

-30

4. Procurement and Consumption of Fuel

15

(Billions of yen)

Non-Consolidated

Chugoku Electric Power Transmission & Distribution Co., Inc.

FY 3/2026-1Q (A)

FY 3/2025-1Q (B)

Difference (A-B)

FY 3/2026-1Q (A)

FY 3/2025-1Q (B)

Difference (A-B)

Capital expenditure

26.9

(23.5)

47.7

(46.7)

-20.7

(-23.2)

15.9

14.9

0.9

Note: Figures in ( ) reiterate costs related to power sources.

5. Capital Expenditure

16

End of FY 3/2026-1Q (A)

End of FY 3/2025 (B)

Difference (A-B)

Interest-bearing debts

3,244.9

3,181.3

63.6

Bonds

1,346.2

1,326.2

20.0

Long-term

borrowings

1,789.2

1,752.5

36.6

Short-term borrowings

84.3

78.8

5.5

Commercial paper

Lease obligations

25.0

23.6

1.4

  1. Breakdown of Interest-bearing debts

  2. Interest rate

    FY 3/2026-1Q

    FY 3/2025

    Average

    0.89%

    0.72%

  3. Interest expense (Billions of yen)

(Billions of yen)

FY 3/2026-1Q

FY 3/2025-1Q

Interest expense

6.3

2.9

6. Interest-bearing Debts, etc.

17

Operating revenues (Consolidated)

(Billions of yen)

Electricity sales volume

(Billions of kWh)

314.7

330.3

329.5

220.1

401.0

12.70

12.49

11.84

11.18

12.58

Total

1.98 2.08 1.88

1.92

2.62

Electricity sales volume to other power companies

Retail

10.73

10.41 9.96

9.27

9.97

electricity sales volume

FY 3/2022

1Q

FY 3/2023

1Q

FY 3/2024

1Q

FY 3/2025

1Q

FY 3/2026

1Q

FY 3/2022

1Q

FY 3/2023

1Q

FY 3/2024

1Q

FY 3/2025

1Q

FY 3/2026

1Q

Ordinary profit (Consolidated)

Profit (Consolidated)

23.3

26.8

-1.3

(Billions of yen)

(44.0)

37.3 33.9

(3.0) (12.0)

(-12.0) (-49.0)

-2.6

-31.3

82.6

(Billions of yen)

62.6

-26.7

FY

FY

FY

FY

FY

FY

FY

FY

FY

FY

3/2022

3/2023

3/2024

3/2025

3/2026

3/2022

3/2023

3/2024

3/2025

3/2026

1Q

1Q

1Q

1Q

1Q

1Q

1Q

1Q

1Q

1Q

*Values in parentheses ( ) denote the impact of the time lag due to the fuel cost adjustment amounts.

7. Operating Revenues and Profit Trends

18

(Billions of yen)

FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025 FY 3/2026

82.6 79.3

Level of ordinary profit excluding the effect of time lag due to the fuel cost adjustment system

28.7 37.3 28.0 28.7 34.3 33.9

8.1

17.1

3.4

-2.6

-30.9-36.4 -31.3-37.2

-55.4

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

8. Trends in Ordinary Profit by Quarter

19

Shareholders' equity ratio (Consolidated)

17.0%

Shareholders' equity ratio

16.2% 16.3%

Total assets

(Billions of yen)

11.1%

14.6%

3,566.9

Net assets

4,040.0 4,133.2 4,360.9 4,382.7

(Billions of yen)

608.4 455.4

613.4

705.8

712.8

FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025 FY 3/2026

1Q

Interest-bearing debts (Consolidated)

(Billions of yen)

3,244.9

3,181.3

3,022.0

3,004.2

2,527.7

FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025 FY 3/2026

0.48%

0.49%

0.59%

0.72%

0.89%

Average interest rate during term (Non-Consolidated) 1Q

9-1. Financial Indicator Trends (1)

20

Cash flows (Consolidated)

110.2 Cash flows

from investing

activities

69.3

186.0

-62.5

-206.3

0.3

-62.6 -225.0

-172.7

-206.0

-172.8

-287.7 -358.8

Cash flows from operating activities

Free Cash Flow

271.3

(Billions of yen)

-202.0

FY 3/2021 FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025

EPS (Consolidated)/Dividends

273.70

40.42 50

40

35

27

EPS Dividend

0

-110.21

370.59

(Yen/share)

-431.30

FY 3/2021 FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025

9-2. Financial Indicator Trends (2)

21

PBR (Price book-value ratio)

(Multiple)

1.0

0.7

0.7

0.5

0.5

0.4

FY 3/2021 FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025

ROE (Return on equity)

ROE

ROE (Excluding the effect of the time lag of

(%)

2.2

0.9

2.3

13.5

15.0

14.4

-6.3

-12.2

the fuel cost adjustment system)

25.4

-29.5

FY 3/2021 FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025

9-3. Financial Indicator Trends (3)

22

  • We have announced the status of efforts to regain trust lost due to certain incidents.

    • Status of incident reoccurrence measures

      https://www.energia.co.jp/corp/active/preventive/index.html (Japanese only)

  • Each year we create and publish an Action Plan (summary of the management plan) as an

    effort toward achieving the Group Corporate Vision.

  • In light of the Japanese government’s declaration to achieve carbon neutrality by 2050, the Group has announced its initiatives for carbon neutrality by 2050.

    • Action Plan (summary of the management plan)

      https://www.energia.co.jp/ir/irkeiei/gaiyou.html (Japanese only)

    • Chugoku Electric Power Group’s initiatives for carbon neutrality by 2050

      https://www.energia.co.jp/tokusetu_site/carbon-neutral/index.html?topbnr=cn2050 (Japanese only)

    • Chugoku Electric Power Group Integrated Report

      https://www.energia.co.jp/e/ir/report/annual.html

    • Chugoku Electric Power Group promotion of sustainability management

https://www.energia.co.jp/corp/esg/index.html (Japanese only)

Reference: The Group’s Initiatives

This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

  • None of the information on this document is intended to solicit of induce purchase or selling of the Company’s stocks. Moreover Chugoku Electric makes no guarantees whatever regarding the contents of this website.

  • Persons considering investment in the Company should without fail read in advance the stock and bond reports and other financial literature issued by the Company, and make decisions on their own judgment. Though great care is exercised in the preparation of such literature, Chugoku Electric and the other information providers shall not be liable in any manner for any loss whatever incurred as a result of erroneous information contained therein or in this document.

  • Items in Chugoku Electric’s current plans and strategies, etc., published on this document which are not yet historical fact are projections concerning future performance and as such involve factors of risk and uncertainty which means that actual performance in the future may differ to a large extent from projections published here. Therefore Chugoku Electric does not guarantee the reliability of such projections.