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

Electric Power Development — Q2 FY2018 Earnings Presentation

34 slides from Electric Power Development's earnings presentation, Oct 31, 2017

  1. Slide 1: Q2 FY2018 Financial Results Presentation

    2017 10 31 0

  2. Slide 2: J-POWER kWh

    SW PowER kWh

  3. Slide 3: Contents

    .2018 3 29 2  4  5  7  8  9 .2018 3 29  11  12  13 APPENDIX 14 2

  4. Slide 4: Financial results overview

    SW PowER 2018 3 29

  5. Slide 5: Summary of consolidated results

    2016 2017 2 2 3,466 4,102 635 18.3% 431 676 245 56.8% 365 675 309 84.7% 271 459 187 69.0% 2016 2017 2 2 2,467 3,000 533 21.6% 221 410 189 85.4% 363 491 128 35.3% 314 397 83 26.4% 2016 2017 2 2 851 1,106 255 30.0% * 4

  6. Slide 6: Sales volume and operating data

    [ ] 2016 2017 2 2 kWh 294 323 28 9.8% 45 48 3 6.7% 245 271 25 10.4% 2 2 0 3.8% 79 72 -7 -9.3% [ ] 88% 94% + 6 70% 76% + 6 *1 *2 5

  7. Slide 7: Revenue and ordinary income factors

    2016 2017 2 2 3,466 4,102 635 18.3% 2,530 3,073 542 21.4% 2,270 2,795 524 23.1% 245 244 -1 -0.4% *1 718 751 32 4.5% *2 217 277 60 28.0% /US$ 6 102.91 112.00 /THB 6 2.93 3.29 THB/US$ 6 35.18 33.98 /US$ 105.20 111.04 *1 *2 6

  8. Slide 8: Ordinary income change analysis

    +30 +55 50 700 +40 +30 +25 5 600 +35 500 +150 400 675 300 580 600 600 675 515 550 670 200 365 365 / 100 - 2016 2017 2Q 2Q 7

  9. Slide 9: Consolidated income statement

    2016 2017 2 2 3,466 4,102 635 2,530 3,073 542 718 751 32 217 277 60 3,034 3,425 390 431 676 245 189 55 112 153 40 52 45 -6 34 65 31 26 41 15 178 154 -24 144 142 -1 34 11 -23 365 675 309 271 459 187 8

  10. Slide 10: Consolidated balance sheet

    ( ) 2016 2017 22,710 22,612 -98 9,587 9,513 -73 3,320 3,302 -17 925 925 0 4,761 4,854 92 59 32 736 737 0 3,379 3,277 -101 3,352 3,224 -127 26,062 25,837 -225 16,200 15,546 -653 2,221 2,234 13 18,422 17,781 -640 6,895 7,290 395 342 313 -29 402 451 49 7,640 8,055 415 D/E 2.2 2.0 (%) 27.8% 29.4% 9

  11. Slide 11: Forecast

    SW PowER 2018 3 29 10

  12. Slide 12: Full-year forecast and EBITDA

    2016 2017 2017 * 7,444 8,280 835 11.2% 7,980 300 817 950 132 16.2% 820 130 671 810 138 20.6% 660 150 414 580 165 40.0% 460 120 2016 2017 2017 * 5,224 6,020 795 15.2% 5,910 110 276 380 103 37.5% 300 80 564 500 -64 -11.5% 410 90 515 450 -65 -12.7% 370 80 2016 2017 2017 * J-POWER EBITDA 1,706 1,820 113

  13. Slide 13: Forecast assumptions and details

    2016 2017 2017 2016 2017 2017 *4 kWh 92% 96% 100% 627 657 29 4.7% 645 12 75% 79% 77% 85 86 1 1.9% 90 -3 535 562 27 5.2% 546 16 12 /USD 116.49 115 115 7 8 0 5.0% 8 0 /THB 3.24 3.2 3.2 146 143 -3 -2.5% 107 36 THB/USD 35.83 35.83 35.83 7,444 8,280 835 11.2% 7,980 300 5,385 6,192 806 15.0% 6,086 106 /US

  14. Slide 14: Ordinary income forecast change analysis

    (2017 4 28 ) 671 +100 65 30 +5 15 +110 115 660 55 +55 2014 1 2 3 4 5 6 7 73 72 2015 400 45 20 +40 +65 15 +110 125 +180 50 810 200 671 - 2016 1 2 3 4 5 6 7 8 9 2017 +80 +20 +10 +35 +5 +10 - - 10 +150 13

  15. Slide 15: Appendix

    SW PowER 14

  16. Slide 16: Appendix contents

    APPENDIX  16  17  18  21  : IGCC 23  24  25  26  27  28  29 15

  17. Slide 17: Project map

      茨   16

  18. Slide 18: Ohma nuclear power project

     2014 12 16   1,383MW ABWR MOX 2017 9 12 5 10 2008 2009 2010 2011 2012 2013 2014 2015 4 3 17

  19. Slide 19: Project overview

    WS PowER |_| v 2018 2023 v 1,300 Peace SESE BABS | BRECK, BH HEROS | AAMT EBESEEOR REG REROME | | tok MaOkeit TTMBELAVV SRA FOB BBW ERA BST ME BID OM Rt *ME oe —- 44> I PIAS I bORa I b-e emit Reet ow / # = N= are , ! set ne weapaaicetin |B + pe” xs PAM ACTP.H1nt ra BREE 7 ' +r ATE ay H — ln H it | T

  20. Slide 20: Geothermal project

    WS PowER |_| dh eS Rt BH Aie VI=Fa—-k FL— hE AEH PARoOMR* Mw8.3 AE MAPASIAME M7.5 BFIL—-+AME BE+BPMASIAME M8.2 REBAMRIICk£SitRz M75 AEM RAH Re F-14 Blck Si M6.7 XK: FEM 234F (2011) RAMA AL J SPMREWEA, =EPILMBO WRLF RBROOT BHR URE IPO HO 3M (Mw90) [SOWT, RHDSOBRELT . DEH 142 143 le x, | | SERA PASIAM

  21. Slide 21: Geothermal project

    WS PowER 2011 \\\8 RA RRA ZAR EF IL Mw8. 2 fi “fl G 7 -HaLeR BARR EFL Mw9. 0 AIAG } BAT AUR ; { ) 7B ISL 7 BT IS « Bae 1 OD A ABER - ABEL SY « KLUB SR (LUA BA ER) Lok mat 9 BETSY e 20

  22. Slide 22: Overseas business and PJM expansion

    2017 9 MW MW 2,000 680 2,000 34% 680 25 2020 926 232 1 926 25% 232 PJM 2 2018 (MW) MW 8,000 6,000 3,300 - 3,300 1,785 232 2,016 4,000 944 - 944 2,000 656 680 1,336 6,685 912 7,596 - '10 '11 '12 '13 '14 '15 '16 *1 CCGT Combined Cycle Gas Turbine : *2 PJM Independent System Operator DC 21

  23. Slide 23: US IPP business, PJM

    2017 9 • 2011 IPP 2,000MW 1,000MW 2 • 34% • 25 1 2020 6 2 2020 12 • 2017 1 25% • 2018 926MW PJM*2 CCGT*1 25% • J 11 2018 200 *1 CCGT Combined Cycle Gas Turbine *2 PJM Independent System Operator DC 22

  24. Slide 24: IGCC demonstration project

    : IGCC IGCC IGFC CO2 : J-POWER 50% 50% 166MW : 1,180t/  IGCC : 2  IGFC : IGCC 2017 3 IGCC 23

  25. Slide 25: Consolidated financial data

    2013 2014 2015 2016 2016 2Q 2017 2Q 7,068 7,506 7,800 7,444 3,466 4,102 6,090 5,881 5,708 5,385 2,530 3,073 428 1,089 1,559 1,498 718 751 549 535 532 559 217 277 6,476 6,777 6,921 6,626 3,034 3,425 591 728 879 817 431 676 223 227 178 205 112 153 163 156 108 132 52 45 59 70 69 72 60 107 414 362 472 3

  26. Slide 26: Non-consolidated financial data

    2013 2014 2015 2016 2016 2Q 2017 2Q 5,828 5,579 5,523 5,224 2,467 3,000 533 5,729 5,485 5,430 5,109 2,416 2,945 529 5,167 4,953 4,902 4,579 2,148 2,659 510 562 532 527 529 267 286 19 99 93 93 115 51 54 3 5,423 5,133 5,107 4,948 2,245 2,589 343 5,334 5,049 5,023 4,842 2,198 2,538 339 298 285 318 436

  27. Slide 27: Results by segment

    * 2017 3,081 1,825 751 104 5,762 -1,660 4,102 2Q 3,073 187 751 90 4,102 - 4,102 379 71 217 3 671 3 675 2016 2,538 1,544 718 93 4,895 -1,429 3,466 2Q 2,530 129 718 87 3,466 - 3,466 167 14 174 5 362 2 365 543 280 32 11 866 -231 635 542 58 32 2 635 - 635 211 56 42 -1 308 1 309 J-POWER IPP * 26

  28. Slide 28: Cash flow

    2013 2014 2015 2016 2016 2Q 2017 2Q 1,221 1,478 1,461 1,154 269 708 427 615 584 671 365 675 815 778 734 496 245 256 -1,773 -1,429 -1,315 -1,376 -538 -401 -957 -879 -375 -175 -94 -51 * -865 -611 -1,063 -998 -426 -252 -552 48 145 -222 -269 307 CF 2,000 1,500 1,000 500 - 2013 2014 2015 2016 * 27

  29. Slide 29: Key financial data

    2013 2014 2015 2016 2016 2Q 2017 2Q 7,068 7,506 7,800 7,444 3,466 4,102 591 728 879 817 431 676 400 593 585 671 365 675 286 432 400 414 271 459 23,852 26,591 25,407 26,062 24,816 25,837 5,126 5,069 4,410 4,761 4,510 4,854 5,162 6,887 6,665 7,238 6,549 7,604 5,194 6,962 6,754 7,640 6,830 8,055 16,499

  30. Slide 30: Hydro power generation

     2016 4 - 2016 9  2017 4 - 2017 9 70 76 245 kWh 271 kWh * 29

  31. Slide 31: Wind power generation

     2016 4 - 2016 9  2017 4 - 2017 9 88 94 45 kWh 48 kWh 30

  32. Slide 32: Thermal power generation

     2016 4 - 2016 9 2.8 kWh  2017 4 - 2017 9 2.9 kWh 31

  33. Slide 33: Capacity factor data

    200% 150% 100% 50% 0% 4 5 6 7 8 9 10 11 12 1 2 3 4 -9 106% 104% 102% 115% 134% 85% 107% 102% 107% 125% 124% 114% 91% 111% 104% 95% 92% 85% 123% 133% 104% 103% 106% 121% 122% 116% 91% 110% 32

  34. Slide 34: http://www.jpower.co.jp/

    http://www.jpower.co.jp/ 33

Electric Power Development Co., Ltd. (J-POWER) — Q2 FY2018 Earnings Presentation on 6ix