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

Electric Power Development — Q1 FY2018 Earnings Presentation

30 slides from Electric Power Development's earnings presentation, Jul 31, 2017

1. Slide 1: 2018年3月期 第1四半期決算説明

   2018 3 1 2017 7 31 0

2. Slide 2: J-POWER

   SW PowER kWh

3. Slide 3:       

          2

4. Slide 4: Consolidated results summary

   2016 2017 1,675 1,897 221 13.2% 355 275 -79 -22.3% 355 284 -70 -19.8% 268 192 -76 -28.5% 2016 2017 1,138 1,344 205 18.1% 248 141 -107 -43.3% 248 191 -57 -22.9% 186 162 -23 -12.8% 2016 2017 572 482 -89 -15.7% * 3

5. Slide 5: Electricity sales volume and operations

   2016 2017 [ ] kWh 123 136 12 10.3% 23 24 0 3.9% 98 110 11 12.0% 1 1 -0 -2.2% 36 38 2 5.8% 87% 94% + 7 [ ] 56% 61% + 5 *1 *2 4

6. Slide 6: Revenues and exchange rates

   2016 2017 1,675 1,897 221 13.2% 1,183 1,388 204 17.3% 1,053 1,262 209 19.9% 122 122 -0 -0.2% 386 372 -13 -3.5% 106 136 29 28.2% /US$ 108.04 111.09 /THB 3 3.19 3.26 THB/US$ 3 35.24 34.45 *1 *2 5

7. Slide 7: Ordinary income analysis

   400 +65 175 +30 30 300 +35 15 +5 +20 5 200 355 355 260 260 285 285 284 245 240 240 100 / - 2016 2017 1Q 1Q 2 1 4 28 14 6

8. Slide 8: Income statement

   2016 2017 1,675 1,897 221 1,183 1,388 204 386 372 -13 106 136 29 1,320 1,621 300 355 275 -79 107 28 81 86 4 31 16 -14 31 49 17 18 21 2 81 77 -3 76 71 -4 5 6 0 355 284 -70 268 192 -76 7

9. Slide 9: Balance sheet

   ( ) 2016 2017 22,710 22,682 -28 9,587 9,601 13 3,320 3,310 -9 925 929 4 4,761 4,788 26 14 11 736 737 0 3,379 3,315 -64 3,352 3,396 43 26,062 26,078 15 16,200 16,023 -176 2,221 2,250 28 18,422 18,274 -148 6,895 7,023 128 342 336 -5 402 443 41 7,640 7,804 163 D/E 2.2 2.2 (%) 27.8% 28.2% 8

10. Slide 10: Full-year forecast

    2017 4 28 2016 2017 2016 2017 7,444 7,980 535 7.2% 5,224 5,910 685 13.1% 817 820 2 0.3% 276 300 23 8.6% 671 660 -11 -1.7% 564 410 -154 -27.4% 414 460 45 11.0% 515 370 -145 -28.2% 2016 2017 1,706 1,680 -26 -1.6% 2016 35 35 70 2017 35 35 70 9

11. Slide 11: J-POWER

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12. Slide 12: APPENDIX

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13. Slide 13:   茨  

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14. Slide 14: Nuclear and ABWR development

     2014 12 16   1,383MW ABWR MOX 2017 6 12 5 10 2008 2009 2010 2011 2012 2013 2014 2015 4 3 13

15. Slide 15: WS PowER

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16. Slide 16: WS PowER

    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 * : FERK235F (2011 4F) RALMAAT FPMREBEA, =BPABO BACF RSRAOT+BAR Udi SPO FAK O 3B (Mw9.0) [LDUYT, FHDSOBRBELT . DEH 142 143 le room “Te Pals

17. Slide 17: WS PowER

    WS PowER 2011 \\\8 7 U-Heia : ZRH EFL Mw9. 0 AIAG 748 15K 75 BT PS + Bae _b OD FA eo AA ER - ABEL SY « KLUB SR (LUA BA ER) Sgatcuim | ( } Lok mat 9 BETSY e

18. Slide 18: IPP business in PJM

    2017 6 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 4,000 936 - 936 2,000 656 680 1,336 6,677 912 7,588 - '10 '11 '12 '13 '14 '15 '16 *1 CCGT Combined Cycle Gas Turbine : *2 PJM Independent System Operator DC 17

19. Slide 19: IPP business in PJM

    2017 6 • 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 18

20. Slide 20: IGCC

    : IGCC IGCC IGFC CO2 : J-POWER 50% 50% 166MW : 1,180t/  IGCC : 2  IGFC : IGCC 2017 3 IGCC 19

21. Slide 21: Consolidated financial data

    2013 2014 2015 2016 2016 1Q 2017 1Q 7,068 7,506 7,800 7,444 1,675 1,897 6,090 5,881 5,708 5,385 1,183 1,388 428 1,089 1,559 1,498 386 372 549 535 532 559 106 136 6,476 6,777 6,921 6,626 1,320 1,621 591 728 879 817 355 275 223 227 178 205 81 86 163 156 108 132 31 16 59 70 69 72 50 70 414 362 472 351

22. Slide 22: Non-consolidated financial data

    2013 2014 2015 2016 2016 1Q 2017 1Q 5,828 5,579 5,523 5,224 1,138 1,344 205 5,729 5,485 5,430 5,109 1,120 1,320 200 5,167 4,953 4,902 4,579 986 1,191 204 562 532 527 529 133 129 -3 99 93 93 115 18 23 4 5,423 5,133 5,107 4,948 890 1,203 313 5,334 5,049 5,023 4,842 873 1,181 308 298 285 318 436 100 83

23. Slide 23: Results by segment

    * 2017 1,392 874 372 49 2,689 -791 1,897 1Q 1,388 93 372 42 1,897 - 1,897 135 40 107 4 287 -3 284 2016 1,187 605 386 40 2,219 -543 1,675 1Q 1,183 68 386 37 1,675 - 1,675 223 0 124 3 351 3 355 205 268 -13 8 469 -247 221 204 24 -13 5 221 - 221 -87 39 -16 0 -64 -6 -70 J-POWER IPP * 22

24. Slide 24: Cash flow

    2013 2014 2015 2016 2016 1Q 2017 1Q 1,221 1,478 1,461 1,154 46 246 427 615 584 671 355 284 815 778 734 496 121 127 -1,773 -1,429 -1,315 -1,376 -282 -201 -957 -879 -375 -175 -80 -33 * -865 -611 -1,063 -998 -159 -164 -552 48 145 -222 -235 44 CF 2,000 1,500 1,000 500 - 2013 2014 2015 2016 * 23

25. Slide 25: Key financial data

    2013 2014 2015 2016 2016 1Q 2017 1Q 7,068 7,506 7,800 7,444 1,675 1,897 591 728 879 817 355 275 400 593 585 671 355 284 286 432 400 414 268 192 23,852 26,591 25,407 26,062 24,727 26,078 5,126 5,069 4,410 4,761 4,427 4,788 5,162 6,887 6,665 7,238 6,650 7,360 5,194 6,962 6,754 7,640 6,733 7,804 16,499

26. Slide 26: Electricity sales data

     2016 4 - 2016 6  2017 4 - 2017 6 56 61 98 kWh 110 kWh * 25

27. Slide 27: Electricity sales data

     2016 4 - 2016 6  2017 4 - 2017 6 87 94 23 kWh 24 kWh 26

28. Slide 28: Electricity sales data

     2016 4 - 2016 6 1.7 kWh  2017 4 - 2017 6 1.7 kWh 27

29. Slide 29: Operating rates

    200% 150% 100% 50% 0% 4 5 6 7 8 9 10 11 12 1 2 3 4 -6 106% 104% 102% 104% 102% 107% 125% 112% 104% 95% 92% 98% 103% 106% 121% 110% 28

30. Slide 30: http://www.jpower.co.jp/

    http://www.jpower.co.jp/ 29

Electric Power Development Co., Ltd. (J-POWER) — Q1 FY2018 Earnings Presentation on 6ix