Electric Power Development Co., Ltd. · TSE:9513

Electric Power Development — FY2015 Earnings Presentation

51 slides from Electric Power Development's earnings presentation, Apr 28, 2016

  1. Slide 1: FY2015 Financial Results Presentation

    2016 3 2/ W POWER 2016 4 28

  2. Slide 2: kWh

    SW PowER kWh

  3. Slide 3: Contents

    . 2016 3 27  4  5  7  8  9 . 2017 3 28  11  12  13  14 .  16 2

  4. Slide 4: FY2015 results

    SW PowER 2016 3 2/

  5. Slide 5: Consolidated results summary

    2014 2015 2015 *1 7,506 7,800 294 3.9% 7,920 -119 -1.5% 728 873 145 19.9% 830 43 5.3% 593 580 -13 -2.2% 550 30 5.5% 432 397 -34 -8.1% 420 -22 -5.4% 2014 2015 2015 *1 5,579 5,523 -56 -1.0% 5,620 -96 -1.7% 445 410 -35 -7.9% 400 10 2.6% 289 396 107 37.1% 380 16 4.4% 224 304 80 35.7% 310 -5 -1.7% 2014 2

  6. Slide 6: Sales volume and operating data

    [ ] 2014 2015 kWh 640 673 32 5.1% 90 103 12 14.3% 525 550 24 4.6% 24 19 -4 -18.7% 86 138 52 60.1% [ ] 98% 111% 13 76% 80% 4 * 5

  7. Slide 7: Revenue details

    2014 2015 7,506 7,800 294 3.9% 5,881 5,708 -173 -2.9% 1,057 1,090 33 3.1% 3,891 3,803 -88 -2.3% 417 302 -114 -27.4% 1,089 1,559 470 43.2% 535 532 -2 -0.5% /US$ 109.76 120.15 /THB 12 3.67 3.34 THB/US$ 12 32.96 36.09 *1 *2 6

  8. Slide 8: Ordinary income change analysis

    800 47 700 +33 32 +32 +162 113 +2 +65 600 113 500 400 2 300 580 593 200 100 - 2014 1 2 3 4 5 6 7 8 9 2015 7

  9. Slide 9: Income statement

    2014 2015 7,506 7,800 294 5,881 5,708 -173 55 117 1,089 1,559 470 535 532 -2 6,777 6,926 149 728 873 145 35 180 227 178 -48 156 108 -47 70 69 -0 362 472 109 282 304 22 15 128 113 64 38 -25 593 580 -13 21 - -21 432 397 -34 8

  10. Slide 10: Balance sheet

    ( ) 2014 2015 22,754 22,378 -376 9,865 9,522 -343 2,648 3,574 926 1,151 1,018 -132 5,069 4,448 -621 575 1,196 714 734 19 3,305 3,080 -224 353 3,836 3,084 -752 26,591 25,462 -1,128 17,236 16,287 -948 2,391 2,365 -26 19,628 18,652 -975 6,294 6,563 269 227 592 157 -434 75 88 12 6,962 6,809 -153 D/E 2.5

  11. Slide 11: FY2016 forecast

    SW PowER 2017 3 28

  12. Slide 12: FY2016 forecast summary

    2015 2016 2015 2016 7,800 7,130 -670 -8.6% 5,523 5,220 -303 -5.5% 873 730 -143 -16.5% 410 270 -140 -34.2% 580 530 -50 -8.7% 396 330 -66 -16.8% 397 370 -27 -6.8% 304 260 -44 -14.6% 2015 2016 1,933 1,570 -363 -18.8% 2015 35 35 70 2016 35 35 70 11

  13. Slide 13: FY2016 forecast assumptions and details

    2015 2016 2015 2016 kWh 111% 100% 673 639 -33 -4.9% 80% 77% 103 93 -9 -9.5% 12 562 538 -24 -4.3% /US$ 120.61 115 7 8 0 9.4% /THB 3.34 3.2 138 78 -60 -43.3% THB/US$ 36.09 36.09 7,800 7,130 -670 -8.6% /US$ 120.15 115 5,708 5,440 -268 -4.7% 5,196 4,930 -266 -5.1% 489 490 0 0.0% 1,559 1,220 -339 -21.8%

  14. Slide 14: Forecast ordinary income change

    600 85 180 85 125 500 125 10 35 10 25 400 300 580 530 495 200 410 410 385 375 350 350 350 350 100 / - 2015 2015 1 2 3 4 5 6 7 8 9 2016 2016 13

  15. Slide 15: Overseas business and key assumptions

     2015 * 254  2016 240 *  250 7SPP 200 57  150 10 140 2016 3 150 100 2016 6 158 153 50 113 110 104 100 78 93 92 - '08 '09 '10 '11 '12 '13 '14 '15 '16 [ 12 ] 2014 2015 2016 /US$ 120.55 120.61 115 /THB 3.67 3.34 3.2 THB/US$ 32.96 36.09 36.09 * 14

  16. Slide 16: SW PowER

    SW PowER

  17. Slide 17:   捗  

      捗   16

  18. Slide 18:  捗   

     捗    17

  19. Slide 19: 捗 葛

    捗 葛 18

  20. Slide 20: APPENDIX

    APPENDIX 1 20 31 2 32 49 19

  21. Slide 21: Appendix contents

    1 1. 21 2. 22 3. 25 4. 26 5. 27 6. 28 20

  22. Slide 22: Financial data 1

    1 -1. 2011 2012 2013 2014 2015 6,546 6,560 7,068 7,506 7,800 6,097 6,053 6,090 5,881 5,708 20 16 428 1,089 1,559 428 490 549 535 532 6,048 6,014 6,476 6,777 6,926 498 545 591 728 873 153 175 223 227 178 95 117 163 156 108 57 58 59 70 69 285 273 414 362 472 220 223 253 282 304 65 49 161 79 167 366 44

  23. Slide 23: Financial data 2-1

    1 -2. 2011 2012 2013 2014 2015 5,999 5,869 5,828 5,579 5,523 -56 5,905 5,772 5,729 5,485 5,430 -55 1,084 1,066 1,047 1,057 1,090 33 4,244 4,139 4,119 3,896 3,812 -84 576 566 562 532 527 -4 94 97 99 93 93 -0 5,576 5,436 5,423 5,133 5,113 -20 5,490 5,347 5,334 5,049 5,028 -20 344 340 298 285 318 32 (1

  24. Slide 24: Financial data 2-2

    1 -2. 2011 2012 2013 2014 2015 64,074 63,366 63,076 61,606 65,332 10,318 9,032 8,759 9,028 10,322 53,756 54,333 54,316 52,577 55,010 115 102 99 98 111 77 78 79 76 80 2011 2012 2013 2014 2015 17 5 -30 -43 -23 326 335 329 329 341 344 340 298 285 318 2011 2012 2013 2014 2015 -10 8 2 -14 -20 35 -0 -47 -

  25. Slide 25: Financial data 2-3

    1 -2. 2011 2012 2013 2014 2015 2,384 2,384 2,502 2,284 2,184 2,077 2,101 2,105 2,067 2,188 * 130 115 95 82 68 79.08 82.91 100.17 109.76 120.15 2011 2012 2013 2014 2015 130 113 117 133 121 357 404 419 423 409 37 31 32 36 34 17 15 15 15 16 542 564 585 610 583 2011 2012 2013 2014 2015 234 218 213 209 2

  26. Slide 26: Segment data

    1 -3. * 2015 5,724 3,591 1,559 230 11,107 -3,306 7,800 5,708 319 1,559 213 7,800 - 7,800 317 144 114 8 584 -4 580 2014 5,898 3,512 1,089 249 10,749 -3,243 7,506 5,881 304 1,089 230 7,506 - 7,506 333 89 159 6 589 3 593 -173 79 470 -19 357 -62 294 -173 15 470 -17 294 - 294 -16 54 -45 1 -4 -8 -13 IPP *

  27. Slide 27: Cash flow and capex

    1 -4. 2011 2012 2013 2014 2015 1,258 1,197 1,221 1,478 1,461 332 451 427 615 579 1,004 894 815 778 740 -1,368 -1,703 -1,773 -1,429 -1,315 -642 -1,002 -957 -879 -375 * -684 -662 -865 -611 -1,063 -109 -505 -552 48 145 CF 2,000 1,500 1,000 500 - 2011 2012 2013 2014 2015 * 26

  28. Slide 28: Key financial indicators

    1 -5. 2011 2012 2013 2014 2015 6,546 6,560 7,068 7,506 7,800 498 545 591 728 873 366 448 400 593 580 161 298 286 432 397 20,163 21,699 23,852 26,591 25,462 3,804 4,646 5,126 5,069 4,448 4,073 4,539 5,162 6,887 6,721 4,061 4,538 5,194 6,962 6,809 14,357 15,230 16,499 17,236 16,287 -1,368 -1,703 -1,77

  29. Slide 29: Monthly data: capacity and sales

    1 -6.  2014 4 - 2015 3  2015 4 - 2016 3 76 80 525 kWh 550 kWh 97% 98% 10,000 100% 91% 90% 86% 85% 80% 78% 79% 90% 90% 8,000 85% 80% 84% 72% 79% 79% 75% 74% 68% 60% 60% 6,000 65% 5,690 5,693 60% 5,295 4,920 57% 4,508 4,717 4,646 53% 4,341 4,466 4,220 4,000 3,529 40% 2,982 4,949 5,267 4,952 4,863 4,

  30. Slide 30: Monthly data: hydro

    1 -6.  2014 4 - 2015 3  2015 4 - 2016 3 98 111 90 kWh 103 kWh 4,000 200% 176% 153% 157% 3,000 143% 150% 133% 127% 119% 124% 121% 112% 114% 92% 93% 113% 2,000 89% 100% 85% 77% 102% 72% 84% 96% 92% 84% 70% 1,222 1,062 1,092 1,000 920 919 874 858 50% 769 801 722 551 525 1,117 816 782 724 762 754 830

  31. Slide 31: Monthly data: ratios

    1 -6. 200% 150% 100% 50% 0% 4 5 6 7 8 9 10 11 12 1 2 3 4 -3 141% 134% 119% 147% 69% 125% 89% 104% 112% 100% 142% 105% 114% 88% 106% 122% 131% 115% 97% 95% 100% 94% 101% 103% 106% 105% 97% 111% 122% 134% 106% 101% 94% 101% 96% 100% 107% 106% 106% 30

  32. Slide 32: Monthly data: IPP

    1 -6.  2014 4 - 2015 3 24 kWh  2015 4 - 2016 3 19 kWh kWh 300 98 250 97 94 78 200 37 39 55 64 33 85 87 55 45 78 31 181 170 169 150 44 175 65 153 155 145 147 73 146 54 147 134 47 135 55 33 119 117 118 115 100 67 55 92 89 90 95 72 72 50 56 44 0 2014 2015 2014 2015 IPP IPP 31

  33. Slide 33: SW PowER

    SW PowER

  34. Slide 34: J-POWER generation capacity

    2 -1. J-POWER →p.35 15MW →p.36 7,496MW*1 →p.35 390MW 25,327MW →p.35 17,831MW 8,570MW 17,831MW*1 →p.34 8,856MW 2016 3 2016 3 *2 →p.41 →p.40 1 2 →p.40 1,383MW 650MW 325MW*1 1,200MW 2016 2017 2018 2019 2020 2021 →p.48 1 →p.40 →p.40 2,000MW 680MW*1 600MW 1,200MW 540MW*1 *1 : *2 33

  35. Slide 35: Thermal power assets

    2 -2. 2016 3 J-POWER 7 8,374MW :5 482MW*1 MW MW 1 2002 600 100% 108 2 2009 562*2 100% 105 1 1968 250 2 1969 250 80% 134 45% 150 1 1967 250 40% 238 2 1974 350 3 1983 700 1 2000 1,050 2 2000 1,050 1 1981 500 2 1981 500 1 1990 1,000 2 1997 1,000 1 1986 156 2 1987 156 *1 : 34 *2 2 2012 12 600MW 562MW

  36. Slide 36: Hydro power assets

    2 -2. 2016 3 59 8,570MW : 20 390MW*1 3,600MW 4,970MW (20MW ) MW (100MW ) MW 100% 30.6 1988 1,000 100% 28.0 1958 560 100% 21.0 1963 182 67% 24.8 1959 400 100% 28.0 1978 1,000 100% 66.0 1996 600 100% 34.0 1973 675 100% 22.0 1972 1,125 100% 20.0 1956 350 100% 21.6 1961 215 99% 26.0 1968 220 1979 250 9

  37. Slide 37: Overseas business: Thailand SPP and US

    2 - 3. 2016 3 MW MW 16 5,947 4,488 10 24.7% 2 2024 CCGT*2 112 20% 22 / 2024 CCGT*2 110 49% 54 / 2019 CCGT*2 117 49% 57 / 2020 CCGT*2 120 49% 59 / 2021 20 49% 10 2031 2 CCGT*2 1,468 49% 719 2033 7 SPP*1 CCGT*2 790 86.6% 684 / 2038 CCGT*2 1,600 90% 1,440 2039 CCGT*2 1,600 90% 1,440 2040 10 4,494 1,442

  38. Slide 38: Overseas business: other

    2 - 3. 2016 3 MW MW 5 8,559 908 50 24% 12 1 *1 / 450 27% 122 1 *1 *2 5,969 7% 420 - 2,090 17% 355 1 *1 / 5 1,446 655 CBK 3 728 50% 364 2026 ( ) CCGT*3 670 40% 268 2028 48 50% 24 ENERGA 2023 *1 1 *2 14 *3 CCGT Combined Cycle Gas Turbine : 37

  39. Slide 39: Projects under development

    2 -4. 2016 3 MW 1,100 1,800 600 600*1 2020 6 2021 500 1,200*2 2027 1,850 茨 50% 650MW 2020 7 2023 45% 1,200MW 2025 17.0 0.20 2016 11 16.8 2020 6 1,383 1,383 42.5 100% 19.5 2016 5 100% 6.9 2016 4 100% 16.1 2017 2 42 50% 42 2019 5 *1 600MW 600MW 38 *2 500MW 1,200MW

  40. Slide 40: Capacity trends

    2 - 5. 2016 3 MW MW 2,000 680 2,000 34% 680 25 2020* MW 8,000 MW 6,000 4,488 - 4,488 4,000 1,442 - 1,442 910 - 910 2,000 656 680 1,336 7,496 680 8,176 - '08 '09 '10 '11 '12 '13 '14 '15 '16 39

  41. Slide 41: -6. WS PowER

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  42. Slide 42: Ohma nuclear project

    2 -7.  2014 12 16   1,383MW ABWR MOX 2015 12 12 5 10 2008 2009 2010 2011 2012 2013 2014 2015 4 3 41

  43. Slide 43: -8.   2016 2021  1,300

    2 -8.   2016 11 2021 12  1,300 42

  44. Slide 44: WS PowER -8.

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  45. Slide 45: WS PowER

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  46. Slide 46: IGCC demonstration project

    2 -9. : IGCC IGCC IGFC CO2 : J-POWER 50% 50% 166MW : 1,180t/ 2016 2017 2018 2019 2020 2021  IGCC : 1 : IGCC 2 2 : IGCC + CO2  IGFC : IGCC 3 : IGFC + CO2 2013 3 IGCC 45

  47. Slide 47: Thailand SPP and IPP projects

    2 -10. *1 7 SPP*1 • SPP 2009 11 790MW • 10 kW 7 2010 10 110MW 5 2013 1 1 120MW 2 • 25 EGAT CCGT*3 2013 10 7 • 6 90% 1 67.5%*2 IPP • 25 EGAT 2007 12 2008 10 1,600MW 2011 11 800MW 2 J-POWER CCGT*3 2014 6 1 90% 10% 2014 12 2 Gulf JP Co., Ltd. IPP 100% 2007 12 2008 10 1,600MW 2012 10 800MW 2 2015 6 1 CC

  48. Slide 48: Thailand operations

    2 -10. IPP 2014 NK2 2013 10 TLC 2013 3 KP2 2013 2 IPP 2015 KP1 2013 1 CRN 2013 7 NNK 2013 4 NLL 2013 5 47

  49. Slide 49: Indonesia IPP project

    2 -11. IPP 捗 :  2011 IPP  2016 3  2020 : 2,000 MW  1,000MW 2  25 PT. PLN Persero J-POWER Adaro 32% 34% 34% PT PLN PT BHIMASENA POWER INDONESIA EPC 48

  50. Slide 50: Environmental performance

    2 -12. 2015 *1 *2 1,309 t 15% 2010 761 t 7.5% 2010 499 1,070 t/ 10% 2014 *1 *2 J-POWER 10% 2012 11 /1,000kcal 12 LNG 10 8 6 4 2 0 2004 1 2016 2 : 49

  51. Slide 51: http://www.jpower.co.jp/

    http://www.jpower.co.jp/ 50

Electric Power Development Co., Ltd. (J-POWER) — FY2015 Earnings Presentation on 6ix