伊藤忠エネクス（8133）
Contents
1. 2014 9 262. SR Inc SR Tnc Shared Research
3. 1 2011 SS 2 a
4. MG GCA
5. M amp A 2014 M amp A
6. MWh 300 250 242 196 200 165 150 1 100 64 57 49 0 1H 2H 1H 2H 1H 2H 1H 2H FY03 12 FY03 13 FY03 14 FY03 15 SR 7 5 2016 50kW 10 2012 7 5 8133 Shared Research Report 2015 2 16 2000 3 2004 4 2005 4 2016 gt
7. e 1 sShared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w Shared1 jesearch 8133 FY03 06 FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 771 894 886 484 1 093 752 1 164 708 1 083 761 1 185 731 1 414 161 1 430 746 1 506 606 YoY 21 5 14 8 23 4 6 5 7 0 9 4 19 3 1 2 5 3 60 701 62 815 66 010 74 460 64 558 64 901 64 604 70 055 71 455 YoY DIV O 3 5 5 1 12 8 13 3 0 5 0 5 8 4 2 0 7 9 7 1 6 0 6 4 6 0 5 5 46 49 4 7 53 876 54 880 58 310 64 578 58 462 55 873 55 631 56 329 58 016 YoY DIV O 1 9 6 2 10 7 9 5 4 4 0 4 1 3 3 0 6 825 7 935 7 700 9
8. FY03 15 320 50 a Qi Q2 40 8 650 24 836 2 108 212 30 1 29 0 9 200 _ 0 20 56 110 jo 1 10 0 6 0 4 0 i 80 10 40 20 0 30 Q 10 1Q 1 1Q 1Q FY03 11 FYO3 12 FYO3 13 PFYO3 14 PFYO3 15 YoY SR FY03 1501 2014 6 1 2
9. 8133 Shared Research Report 2015 2 16 LP 20 000 15 000 10 000 55 4m4o 4 741 5 000 54 7541 7941 8206 8 524 8 244 5668 8 845 8 919 8 940 9287 9359 9 237 9 600 9 480 9 498 9 627 9 739 9 697 8 g86 a 671 8 855 8 620 8268 a 0 FY03 90 FY03 94 FY03 98 FY03 02 FY03 06 FY03 10 FY03 14 m LP SR LP 10 000 4 4 8 730 8 872 92 8 896 a 8 000 4 2 6 000 4 0 4 000 3 8 2 000 3 6 312 374 314 367 285 348 283 336 283 342 276 0 L_I 1 Il 1_I L_I Ls l 1 1_I 3 4 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 LP
10. 24 9 1 2 3 8 99 2 IPPS 1 897 21 19 IPPS 800 IPPS
11. CP SR http www sharedresearch jD 7 567 4 669 60 1 601 42 288 427 1 020 2 865 17 885 697 732 3 719 14 130 11 326 11 742 66 5 468 3 637 4 494 6 802 264 2 134 139 283 2 141 6 861 7 750 SA02 762 1 453 20 5 525 6 463 26 364 469 33 297 7 763 5 153 136 1 642 65 92 10 715 1 898 14 385 644 17 083 _470
12. Shared G8Yesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 3 000 30 23 0 2 500 20 2 000 10 1 500 0 1 000 10 500 20 0 30 1H 1H 1H 1H 1H 1H 1H 1H 1H 1H FY03 06 FYO3 07 FYO3 08 FYO3 09 FYO3 10 FYO3 11 FYO3 12 FYO3 13 FYO3 14 FYO37 15 KU SR AdBlue
13. JEN 44MW 2015 4 36MW 100MW 300 2015 2017 900MW 2
14. 16 000 13 726 3 13 828 13 800 4 12 234 12 000 6 825 7 935 7 700 om 9 028 8 973 3 059 gi 4141 me ww 2 8 000 2 8 3200 4652 3 017 3 937 2271 2 7 376 7 073 6935 0 4 766 3 4 000 603 5 500 3 395 3 690 3 938 4 781 4723 5 0 59 9 mm FY03 06 _FY03 07 FY03 08 FYO3 09 FYO3 10 FY03 11 FY03 12 FY03 13 FYO3 14 FY03 13 FYO3 14 FYO3 15 IFRS IFRS IFRS 4 000 100 0 0 i 44 32 0 0 0 50 70 65 62 46 22 16 23 40 540 30 30 20 2 9 ge 39 40 20 0 FY03 06 FY03 07 FYO3 08 FYO3 09 FYO3 10 FYO3 11 FYO3 12 FYO3 13 FY03 14 FY03 13 FYO3 14 FYO3 15 IFRS IFRS IFRS SR IFRS FY03 13 FY03 14 FY03 15
15. LNG BtoB 2014 3 2008 2014 3
16. 2015 3 i SR JEN 9 EN 2014 9 2016 3 36MW Shared GYesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 5 PO Ni 144 6 180 6 79 6 19 6 31 0 8 5 1 0 41 0 0 O
17. SBS DIC KLab TOKAI
18. 18 5 TTS w Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved jcb YoY SR TTS I
19. CS 2015 3 300 78 85 89 46 2 30 30 40 Shared 6Qesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w Shared eSsearch 8133 Shared Research Report 2015 2 16 2015 3 2015 3 100 M amp A 61
20. 2014 11 CL 509 esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16
21. 2016 3 2016 Prime PPS 2010 PPS 2011 3 JEN JEN JEN Prime PPS PPPS
22. 62 70 Shar ed Gewearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 2014 2015 MW bg EzE3 3 144 6 180 6 79 6 19 6 31 0 8 5 1 0 41 0 O O Q 0 OQ O OQ O QO QO JEN O O JEN O O JEN O QO O O 2015 3 44 096 10 996 17 296 4 796 0 69 22 7 SR
23. LP SR
24. 4 LP 100 0 100 0 100 0 12 0 47 7 24 4 4 0 8 1 3 9 100 0 100 0 27 1 45 5 0 9 4 8 7 6 5 9 3 2 4 8 61 3 39 0 LP SR LP 30 000 61 28 7 27 533 27 1 26 7 26 288 25 825 25 343 7 5 24 622 25 000 23 893 23 101 8 22 442 22 047 21109 20 600 20 000 4 15 000 1 0 10 000 496 5 000 8 0 12 FY03 01 FY03 02 FY03 03 FY03 04 FY03 05 FY03 06 FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 LP LP m YoY LP YoY LP SR LP AS 3 oY S OS FY gg WW YS 8 oe 6 a ww a 00
25. 1 2 2014 3 2 11 39 300 3 Black Dragon Great Crane Angel Blue 4 300
26. Moving2014 2014 Moving2014 OS M amp A M amp A 2014 5 sShared 6Qesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w Shared 6Qesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved we s 8133 Shared Research Report 2015 2 16 6 000 51 959 46 759 9 1 3861
27. CP 2 3 x 80 000 75 082 78 000 70 000 72 000 60 000 66 000 50 000 60 000 40 000 54 000 30 000 48 000 20 000 42 000 10 000 36 000 0 30 000 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 x30 x70 x SR SR 100 80 LP CIF CP
28. CTIF 30 SCM 300 150 60 2014 3 150 200
29. 498 100 400 HD 2014 9 JEN 60 GR40 10 500 35 9 000 30 7 500 25 6 000 20 7 4500 7 1596 3 034 3 000 10 su 1 1 500 sc gt 887 207 3 coo 322 334 521 1 0 a 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
30. CL CL 50 50 CL 0 RN 0 5096 SR 1 2 ACT 3
31. FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 16 16 16 16 20 16 16 20 22 a 1 417 1 468 1 668 1 846 2 277 1 815 1 808 2 260 2 486 b 2 4 19 1 301 1 428 0 1 Cc a D 1 419 1 472 1 687 3 147 2 278 2 243 1 808 2 261 2 486 d 4 987 4 187 5 419 4 360 3 884 3 893 5 577 7 403 7 600 a d 28 35 31 42 59 47 32 31 33 Cc d 28 35 31 72 59 58 32 31 33 f 88 217 90 906 98 057 99 012 101 088 102 051 98 155 103 004 DOE a f 1 6 1 6 1 7 1 9 2 3 1 8 1 8 2 2 SR 2 Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared 1 8133 Shared Research Report 2015 2716 60 978 52 17 3 479 2 98 J 2 010 1 72 1 974 1 69 1 873 1 60 1 851 1
32. 10 EE 10 e 8132 10 520 4 156 1883 425 612 8309 1 000 466 JX 5020 756 376 8316 67 294 9950 200 83 7516 67 70 9070 248 48 8411 200 41 4215 89 38 5007 200 37 8308 70 35 NKS J 8630 11 28 3708 110 25 2599 10 13
33. 1 48 8133 Shared Research Report 2015 2 16 FY03 06 FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 IFRS FY03 13 FY03 14 FY03 15 EE Plr 771 894 886 484 1 093 752 1 164 708 1 083 761 1 185 731 1 414 161 1 430 746 1 506 606 1 430 746 1 506 606 1 600 000 106 75
34. 1 2 3 8 7 2 2 Shared Gewesrch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved gt
35. 131 037 137 975 158 721 141 889 160 630 167 938 197 877 193 078 193 258 TT 189 196 188 193 26 364 33 297 33 909 43 219 27 599 23 735 15 313 17 881 14 090 18 765 15 156 89 562 89 201 106 691 79 596 112 148 117 450 150 896 139 140 144 689 136 578 140 289 7 726 7 762 9 686 8 196 10 295 12 274 14 899 17 045 17 552 18 134 18 655 7 384 7 714 8 435 10 877 10 588 14 480 16 770 19 012 16 927 15 719 14 094 104 583 97 876 96 406 105 698 102 467 109 647 107 176 130 669 137 034 126 697 132 532 25 783 17 446 13 268 12 255 13 918 14 457 13 791 15 270 13 498 6 032 5 927 3 607 2 506 2 629 3 366 1 787 1 576 1 167 964 805 8 925 7 349 59 320 61 808 62 415 68 378 67 724 73 382 73 634 89 369 96 553 57 655 66 988 15 632 14 236 4431 4672 4251 6 562 4 798 4053 3431 3 209 3 173 229 3229 2 976 2 731 3 084 2 628 3 144 3 412 8 165 8264 10 999 10 280 8212 8 469 11 112 1
36. 2013 3 2014 3 SR FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 SR Shared Gewearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16
37. 2 024 24 6 2 24 48 2016
38. SR JEN JEN 2002 2004 2006 2008 1 4041 1 4202 2011 CEF JEN Shared Gewearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved sy 8133 Shared Research Report 2015 2 16 100 JEN JEPX 2014 9 GR 60 G
39. 1 LP 2 3 LP 2 Ga pO LPG 3 41 42 7 p lt 1 600 100 SR 4 1 100 CSCdFT ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 21 000
40. J OS ES 2696 B 5 500KW 8 sma 40 EA s Ss NQ O gt laan 2 60 2013 3 s MaEA 99 14 Bs 5 5 EYE UIT SR 2012 3 141 6 750 683 84 767 26 525 2 681 206 2 887 9 640 941 111 1 052 1 937 186 23 209 11 683 1 251 105 1 356 4 708 475 47 522 2
41. 3 3 2 39 2014 7 0 kWh 3 EE 13 3 kWh 18 0 kWh 3 31 4 55 7 kWh SR kWh 2014 7 kWh 13 45 41 95 24 42 24 42 6 84 14 83 44 69 42 77 25 74 9 89 17 96 55 73 49 55 31 36 13 3 15 72 52 98 45 94 29 15 11 67
42. 1 CS 2 2015 3 CL 50 50 50 CS x CS CS http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
43. SR esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared1 eSsearch 8133 Shared Research Report 2015 2 16 FY03 06 FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 IFRS IFRS
44. CS 1 2 2 3 2 3 FY03 15 PjgD Q1 Q2 Q3 8 650 24 836 20 945 108 212 79 1 2 0 9 0 4 56 110 41 0 6 0 4 0 2 300 80 63 250 7 60 200 40 150 20 100 0 4 50 413 13 20 20 59 4096 10 10 10 1Q 1Q FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 SR YoY YoY
45. 2 5 444 6 000 5 000 4 031 i 3 720 3 823 4 000 2 2 815 2 8 3 000 2 096 1 963 1 702 1 597 1 709 1 645 983 1 195 ww EE hw 3 81 4 081 i i 3 JO 1 684 dd 8 8 08 2 000 524 548 i i 161 1 000 NHUEHIEHUIII a 1 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ql Q2 Q3 Q4 Q1F QT QI 8 Q3 0 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 14 SR 2014 3 201 5 3 O1 Q2 IFRS 81 355 4 59 77 942 4 9 17 644 6 7 782 71 5 CP 3 LP
46. CP 3 4 SR 2016 3 3 LP 1 2016 3 2016 3 LP 3
47. 22 29 22 0 3 M amp A LP 100 LP M amp A
48. CIF 2010 3 SR CIF LP CP Contract price FOB Free on board Cost insurance and freight CIF http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 600 500 400 300 200 1
49. SR 8133 FY03 09 10 649 490 4 696 1 659 15 6 983 9 29 http www sharedresearch jp FY03 10 10 734 0 8 1 489 13 9 1 488 13 9 882 8 2 66 2 58 6 56 8 FY03 11 10 983 2 3 1 278 11 6 1 303 11 9 772 7 0 100 0 90 1 FY03 12 Shared Research Report 2015 2 16 FY03 13 FY03 14 9 382 11 998 27 9 875 742 9 3 6 2 a 1 10 OS Ne 34 1 2 41 lt 43 lt Hd Hg 43 2 Copyright C Shared Research Inc All Rights Reserved a T Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 8133 Shared Research Report 2015 2 16 SW Strengths Weaknesses Strengths LP 100 2 100
50. 2014 5 2013 3 105 920 2 792 51 95 46 759 1 2 CS CS 3 CS 8 SS 2014 3 34 706 SS 60 421 1994 2013 1 643 1 4 6
51. FY03 09 FY03 10 FY03 11 FYO3 12 FY03 13 FYO3 14 FYO3 15 4 PlgD 9 IFRS 3 1 520 000 1 180 000 1 120 000 1 269 000 1 380 000 1 550 000 1 600 000 b 1 520 000 1 000 000 1 120 000 1 269 000 1 380 000 1 550 000 1 600 000 c 1 164 708 1 083 761 1 185 731 1 414 161 1 430 746 1 506 606 c 3 1 23 4 8 2 5 9 11 4 3 7 2 8 c b 1 23 4 8 4 5 9 11 4 3 7 2 8 3 10 200 10 200 9 800 9 300 11 600 13 600 13 800 b 10 200 400 9 800 9 300 11 600 13 600 13 800 c 9 881 6 096 9 028 8 973 13 726 13 439 c 3 1 3 1 40 2 7 9 3 5 18 3 1 2 b SN 17 6 7 9 3 59 18 3 2 a 10 200 10 200 10 200 9 500 11 300 13 100 b 10 200 7 600 10 200 9 500 11 300 13 100 c 10 228 7 006 9 621 9 470 12 963 13 940 c 3 1 0 3 31 3 5 7 0 3 14 7 6 4 c b 1 0 3 7 8 5 7 0 3 14 7 6 4 3 13 800 b 13 800 c c 3 1 c b 1 a 6 000 5 500 3 800 4 000 5 200 5 800 7 600 b 6 000 4 300 3 800 4 000 5 200 5 800 7 600 c 5
52. 2010 2016 3 LP M a
53. LP TFRS 2014 3 23 30 48 41 SR 16 000 13 726 89 13 828 13 800 0 12 234 2 100 12 000 srazs 935__ 2 700 se 9 028 8973 3 059 mm a ww 8 000 229 2271 3200 3 937 4 766 4 652 3 017 2514 7 376 7 073 6 935 3411 5 052 4 000 5 603 5 500 4 781 a 3 395 3 690 2 839 3 938 2 0 1 391 A 395 0 Rm FY03 06 FY03 07 FY03 08 FYO3 09 FY03 10 FYO3 11 FY03 12 FYO3 13 FY03 14 FY03 13 FY03 14 FYO3 15 IFRS IFRS IFRS 4 000 mm SR a Shar ed esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Rese
54. 30 1 24 30 48 24 48 24 Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 30 30 3 3
55. JEPX SR GWh 120 6 100 5 80 4 60 3 40 2 20 1 0 0 April 1 2010 April 1 2011 April 1 2012 April 1 2013 April 1 2014 SR 2012 5 66 6 TTS TTS 1 2014 11 18
56. 2 1 000 3 600 33 496 CS CS 2008 80 2096 2014 3 184 668 740 60 15 CS 192 ENEOS 68 55 52 ESSO 5 3 2014 11 Shared Gewesrch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 SS PB SS 50 000 4 7 ad 44 700 0 8 0 41 100 39 500 0 4 359 37 900 o 40 000 4359 6 36 900
57. http www sharedresearch jD Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 30 20 000
58. 2014 3 2 11 3 2 500 25 2 000 1 859 ee 1820 20 1 608 1 484 6 1476 19 1 500 1421 1 433 88 1 456 a 8 1 264 1 266 11 1 150 hoi 1 192 1 000 11 1396 1396 959 931 10 10 11 1096 10 996 8 9 88 9 500 7 7 7 5 192 174 0 0 1H 1H 1H 1H 1H 1H 1H 1H 1H 1H FY03 06 FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 SR Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16
59. 2015 3 3 7 11 OPEC 1 2 3 CP 8 1 2
60. 3 2015 3 4 CP 1 956 CP CIF 4 4 SR 2016 3
61. 28 374 6 0 25 433 4 0 4 810 5 4 3 022 30 19 1 2
62. 7 3 3 3 4 4 SR 1 02 2 500 0 9596 1 0 2 000 0 8 0 66 0 64 1 500 0 6 0 43 1404 1 000 0 4 500 0 2
63. 180 0 164 3 L 160 0 L 8 16 9 L ss 90 UE 12 2 L AAS 21 120 0 L 16 1 L 106 6 L 0 ss a 100 0 L 53 8 L 2 32 1 3 10 6 bw 80 0 L 0 70 10 60 0 L 40 0F 70 5 L 43 70 5 L 49 70 5 L 66 20 0 L 0 0 L SR SR 1 2 3 4 2014 3 2013 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared 8133 Shared Research Report 2015 2 16
64. 25 60 60 2 3 M amp A FY03 06 FYO3 07 FYO3 08 FYO3 09 FYO3 10 FYO3 11 FYO3 12 FY03 13 FYO3 14 IFRS IFRS 11 013 7 393 6 183 9 244 5 860 5 228 7 608 11 484 16 490 5 338 2 162 1 701 1 165 1 366 1 274 1 328 2 888 2 865 4 639 4 413 3 613 6 641 3 053 2 154 1 900 4 001 2 976
65. GR 60 GR40 10 GR GR 9 25 2010 LP 2014 3 35 2
66. 2014 12 S 240 7 0KWh FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 150 185 89 65 119 83 65 339 97 88 800 274 945 1 152 1 576 1 939 23 18 2 351 6 508 5 572 5 814 9 255 11 580 25 22 9 500 20 283 13 971 10 760 15 015 16 627 11 7 15 500 SR 51 09 20 0 FY03 13 FY03 14 FY03 13 FY03 14 37 253 42 282 189 183 216 828 YoY 6 6 13 59 YoY 14 6 1 164 1 403 1 440 2
67. 7 99 51 95 2014 6 12 09 27 4 CL 7 9 5 5 CS CL 50 50 CL http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Sh
68. 2010 3 20 CS KL 25 000 20 000 15 000 10 000 0 FY03 08 FY03 9 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 SR Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 10 500 35 9 000 30 7 500 25 6 000
69. 2012 6 OS OS UTR
70. 3 LPG LP 2010 BtoB BtoBtoC CS LP SR i Kis ms 207 14 8 20 600 FY3 14 34 706 FY3 14 10 16 321 FY3 14
71. SR Inc SR Inc SR Inc SR Tnc SR Tnc SR Tnc
72. 5 8 26 17 367 538 409 288 486 316 42 20 0 20 0 20 0 20 0 20 0 20 0 20 0 20 0 20 0 20 0 20 0 22 5 22 5 22 5 50 0 50 0 50 0 50 0 20 0 20 0 20 0 26 8 SR 51 0 66 6 FY03 06 FY03 07 FY03 08 FY03 09 FYO3 10 FYO3 11 FY03 12 FY03 13 FY03 14 Pjjgb IFRS IFRS 70 76 275 311 473 506 478 923 921 570 688 293 247 60 14
73. 2013 9 2013 9 4 0 4 100 0 70 8 25 5 3 8 SR JEPX 3
74. Shared GYesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2716 5 1 2 3 4 5 4 SR Shared KMeSearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared 8133 Shared Research Report 2015 2 16
75. 9 327 LP 40 000 A 7 1 35 000 I i 6 30 000 5 25 000 7 4 20000 4 3 15 000 0 10 000 Nl 2 N 1 1 5 000 2 252 lt 7 2 157 2 262 2 592 814 444 598 1 847 in 866 667 632 889 940 792 544 386 0 _ _ 0 68 37 5 000 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 QZ Q3 Q4 Ql 0Q2 Q3 Q4 Q1 Q2 Q1 Q2 FY03 11 FY03 12 FY03 13 FY03 14 FY03 14 FY03 15 mmm SR esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 700 90 000 600 80 000 70 000 a 60 000 400 50 000 300 40 000 30 000 200
76. Smart Life 2014 12 3 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared 8133 Shared Research Report 2015 2 16 2016 50kW
77. 5 2011 12 IP amp E Palau Inc 259 IP amp E Palau 3 KL 5096 Flint Hills Resources Renewable LLC Benefuel Inc 2015
78. GR 2015 1 9 25 Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 2014 9 25 SR
79. 4500 5 000 3 750 4000 3 000 3 000 2250 2000 1 500 1 000 750 0 0 1 000 1H 1H 1H 1H 1H 1H 1H 1H 1H 1H FY03 06 FYO3 07 FYO3 08 FYO3 09 FYO3 10 FYO3 11 FYO3 12 PFYO3 13 FYO3 14 FY03 15 SR FY03 08 FY03 09 FY03 11 FY03 12 5 SR PBCS 2 500 25 2 084 2 121 2 132 2178 2148 2 157 2189 2179 2 174 2153 2 144 2157 2182 11s 2 057 2 000 20 1 500 15 1 000 10 500 5 192 282 365 420 446 432 417 419 412 409 412 417 428 442 437 0 FY03 00 FY03 02 FY03 04 FY03 06 FY03 08 FY03 10 FY03 12 FY03 14 PBCS Wa CS PB SR 2 3
80. LP 1 2 5 2 CP Contract price CP 100 80 10 11 12 CP 3 LP LP 2 5
81. 1 2 a b 2015 EN JEN JEN 2011 3 100 2010 MWh 300 551 242 200 196 165 150 119 100 74 64 57 0 1H 2H FY03 12 FY03 13 FY03 14 FY03 15 SR MWh 3 000 6 2 500 5 2 000 4 1 500 3 1 000 2 500 1 0 0 Apr 06 Apr 07 Apr 08 Apr 09 Apr 10 Apr 11 Apr 12 Apr 13 Apr 14
82. 166 5 444 6 000 5 174 5 000 4031 3720 3 823 4 000 2 815 3 000 2 096 1 963 1 702 1 597 709 1 645 1 i ww N 4 081 IS AA 1 684 mS MN EN NI ME EN 2 000 1 195 98 524 548 i i i 161 1 000 16 m i IIIIIIIIIIIIIII i 1 000 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0 sc Q3 Q4 Q1 Q2 Q3 Q4 Q1 0 Q3 Q4 Q1 Q2 Q1 Q2 FY03 10 FY03 11 03 12 FY03 13 FY03 14 FY03 14 FY03 15 SR 2014 3 201 5 3 O1 Q2 IFRS esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shased 8133 Shared Research Report 2015 2 16 51 483 0 5 49 023 1 196 11 775 4 09 930 46 3
83. 1970 3 M amp A 1977 4 M amp A 1978 2 2 1979 9 1 1990 7 M amp A 1997 12 M amp A 2001 3 M amp A 2001 7 2005 5 M amp A 2005 7 M amp A 2005 10 M amp A 2007 4 M amp A 2007 4 M amp A
84. 2013 9 4 0 4 100 0 70 8 25 596 3 896 SR 2014 3 2013 3 FY03 13 FY03 14 p IFRS IFRS 194 2 0 192 46 2 039 450 19 89 103 19 132 139 10 814 644 Shared1 leSearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared eSsearch 8133 Shared Research Report 2015 2 16
85. 2008 REIT I 9321 2012 6 2014 Moving2014 30
86. 38 195 37 458 32 010 35 691 34 955 32 253 42 282 Yoy 1 9 14 5 11 5 2 1 6 6 13 5 7 876 7843 7462 7311 7 130 20 6 20 9 23 3 20 5 20 4 1 028 828 1 681 1700 1622 2 7 22 5 3 48 4 6 1 164 1 403 3 1 3 3 SR FY03 12 FY03 13 LP 3 30 000 22533 27 161 26 728 26 288 5825 a 25 343 0 24 622 7 23 893 1 09 25000 0 242 zo si 1 0 21109 0coo EE NB 20 000 1 5 ea sy 1 99c 15 000 2 0 We 10 000 A so 5 000 3 0 0 3 5 Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 mm mw mmwew mw mw mmmw e SR 2014 10
87. KL 9 500 4 000 5 400 Me 9 000 3 500 5 200 8 500 3 000 5 000 2 500 4800 8 000 A 2 000 4 600 7500 1 500 4400 7000 1 000 4 200 6 500 500 4000 ll lll i a 0 3 800 1Q 3Q 19 3Q 19 3Q 19 3Q Apr12 Oct 12 Apr 13 Oct 13 Apr 14 Oct 14 FY03 12 FY03 13 FY03 14 FY03 15 SR esear ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 5 000 1 7 4590 1 8 4500 ae 1 6 0 4 000 1 7 3837 1 4 1 5 3 500 N 3 181 3100 1 2 2 70 3 000 242 2 1 0 2 500 2 000 1791 1937 2 0 8 0 6 1W29 Ne 4 gt 96 2 1 000 06 Re 500 0 4 0 2 0 0 2 0 0 0 FY03 06 FY03 07 FY03 08 FYO3 09 FY03 10 FYO3 11 FY03 12 FY03 13 FY03 14 FY03 13 FY03 14 FY03 15 IFRS IFRS IFRS SR FY03 13
88. 979 1 103 2127 2 285 1 235 2 221 1 404 3 547 1 418 2 342 2 050 2 230 943 2 482 1 917 152 327 207 230 196 331 143 335 211 329 160 221 180 438 60 827 776 1 920 2 054 1 040 1 890 1 261 3 212 1 207 2 013 1 890 2 009 763 2 044 1 857 Yoy 58 8 1 79 273 39 0 7 25 7 143 7 34 3 56 49 Yoy 36 8 1 5 1 7 0 2 02 0 5 0 5 0 3 0 5 0 3 0 8 0 4 0 6 0 5 0 5 0 2 0 69 0 5 SR 2013 3 2013 3 Shared KGSearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 2015 3 3 2015 1 29 1 064 849
89. SR Weaknesses LP 2016 7 5
90. esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 1 CP 2 20 50 1 956 782 SR CP 100 80 4 4
91. 2 283 118 190 SR FY03 12 5SR FY03 13 FY03 14 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared 8133 Shared Research Report 2015 2716
92. JEN O O O JEN Q JEN 2015 3 44 096 10 9 17 2 4 7 0 6 22 7 SR GR 4 GR 2016 3 MW 75 0 27 0 4 0 2015 3 25 0 2015 3 25 0 2015 12 25 0 2015 11 2016 4 27 0 11 2013 9
93. JEN 2016 i RY 1 gr 50kW Pe 1 NY SSS 1 FR RS 2 2015 SR l Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16
94. 9 R 0 3 5096 SR CS CS CS 2015 3 CS CS CS esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 CS 70 000 7 6 0 6 1 5 7 0 60 000 56444 55 153 53 704 PT 5 3 5 596 6 6 51 294 50 067 4 9 _ 48 672 475a4 4 8 50 000 4 496 49 7584 55 5 5 39 4 08 2 1 42 090 4035
95. SS SS SS esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 SS 2013 42 5 141 KL 1 213 KL 826 KL 3 350 KL 508 KL G83FKD SR 5 664 KL 1 072 KL 114 KL 301 KL 412 KL 2 458 KL CS 70 000 7 6 0 6 196 5 7 60 000 56444 sss
96. 37 853 2001 2013 LNG LP LDP 8 4 10 8 12 42 2014 11 LP SR Shared Gewesrch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
97. LP 3 30 000 0 2 2579 26 743 2 30 2655 1 26 219 26 033 25 835 25 695 25 566 25 408 25 267 25 114 24952 24873 25 000 01 mm mm mm mem 00 20 000 0 2 15 000 3 0 0 4 257736 257762 25723 25707 2559 8o 10 000 0 6 0 79o _n ao 5 000 02e 9 2 0 8 0 1 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20193 LP LP LP SR 2014 3 2015 3 2014 3 20 51 49 Shared1 leSearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16
98. SR 2014 5 27 51 959 46 75 6 097 97 1 6 1 8 650 108 M amp A 1 7201 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared KCSearch 8133 Shared Research Report 2015 2 16 2014 3 105 920
99. SR FY03 13 GWh 40 1 6 35 1 4 30 1 2 25 1 0 20 0 8 15 0 6 10 0 4 5 0 2 0 0 0 Apr 10 Apr 11 Apr 12 Apr 13 Apr 14 JEN e PPS SR JEPX kWh 20 18 16 14 12 10 8 6 4 2 0 Al pr 05 Apr 06 Apr 07 Apr 08 Apr 09 Apr 10 Apr 11 Apr 12 Apr 13 Apr 14 KWh JEPX SR esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared 8133 Shared Research Report 2015 2 16 2015 3 2 2014 10 30 696 637 0 8 478 762 6 7 5 972 24 9 5 714 8 9 2 807 12 8
100. 2013 9 2013 9 4 0 4 100 0 70 8 25 5 3 8 SR JIN 1 2 3 JEN 2 GR Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
101. 2014 6 OCG 3 3 2 4 3 4 1 7201 13 16 OCG 2015 1 JCWF apan Car Wash Federation SR 1 CS ACT JCWF 2 CS 3
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108. FY03 15 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 2014 LPG LP 1961 LP OS
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132. FY03 13 FY03 14 FY03 14 FY03 15 SR FY03 13 9 19 287 17 472 3 518 2 522 http www sharedresearch jp 7 7 6 8 5 2 35 7 Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 1 2 3 4 35 79 1 897
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138. 11 FY03 12 FY03 13 FY03 14 CF 6 304 14130 14 189 29 263 4961 11 481 271 21 606 16 050 CF 8 652 2 141 5 022 1 703 3 612 8298 6904 25 047 12 606 CF 511 5 525 8 804 24 840 16 987 7 091 1392 5 964 7 308 47 178 42 516 37 246 41 229 27 962 27 478 30 684 40 842 38 514 20 814 9 219 3 336 1990 363 3 743 15 371 22 961 24424 ROA 3 7 3 7 3 4 41 2 7 3 6 3 3 41 4 3 ROE 6 2 62 5 19 64 49 43 4 2 5 8 74 33 2 34 6 32 1 35 9 34 2 33 1 30 6 30 3 31 2 11013 7 393 6183 9244 5 860 5 228 7608 11 484 16 490 5 379 4669 5 153 5 632 6 434 6 092 6 613 6 773 8537 SR http www sharedresearch jD Shared Research Report 2015 2 16 IFRS FY03 13 FY03 14 FY03 15 1 430 746 1 506 606 1 600 000 YoY 5 3 6 2 864 589 966 044 YoY 11 7 69 666 71 599 YoY 2 89 4 996 4 8 56 928 59 740 55 668 57 878 914 1 460 346 402 YoY 4 9 4 0 12 738
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141. 437 250 34 284 7 123 768 86 854 1 377 80 6 86 10 75 321 7 678 742 8 420 SR 2014 12 3 440 2015 3 JEN
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144. 00 0 1H 1H 1H 1H 1H 1H 1H 1H 1H 1H FY03 06 FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 e SR LP 2010 LP 100 100 90 90 4 5 80 80 CIF 18 7 70 70 60 60 50 50 40 63 0 30 20 40 30 20 10 10 0 0 Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 m CIF LP SR LP 300 250 PF en a 200 150 100 50 0 Apr 99 Apr 00 Apr 01 Apr 02 Apr 03 Apr 04 Apr 05 Apr 06 Apr 07 Apr 08 Apr 09 Apr 10 Apr 11 Apr 12 Apr 13 Apr 14
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148. 11 Apr 12 Apr 13 Apr 14 JEN PPS SR Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved sy 8133 Shared Research Report 2015 2 16 JEPX kWh 20 20 1 000 18 18 900 16 16 800 14 14 700 12 12 600 10 500 10 8 400 8 6 300 6 4 200 2 100 0 0 98988SRSSSSS8S3SSSSSS8 Apr 05 Apr 06 Apr 07 Apr 08 Apr 09 Apr 10 Apr 11 Apr 12 Apr 13 Apr 14 SN kWh MWh kWh JEPX SR MW 75 0 27 0 4 0 2015 3 25 0 2015 3 25 0 2015 12 25 0 2015 11 2016 4 27 0 11
149. 112 992 112 991 BPS 864 890 892 760 791 806 827 869 912 EPS 49 7 55 0 45 7 52 4 37 5 34 1 34 2 49 4 65 5 DPS 16 0 16 0 16 0 16 0 16 0 20 0 16 0 16 0 20 0 32 2 29 1 35 0 30 5 42 7 58 6 46 8 32 4 30 5 131 037 137 975 158 721 141 889 160 630 167 938 197 877 193 078 193 258 26 364 33 297 33 909 43 219 27 599 23 735 15 313 17 881 14 090 89 562 89 201 106 691 79 596 112 148 117 450 150 896 139 140 144 689 7726 7 762 9686 8 196 10 295 12 274 14 899 17 045 17 552 384 7 714 8 435 10 877 10 588 14 480 16 770 19 012 16 927 104 583 97 876 96 406 105 698 102 467 109 647 107 176 130 669 137 034 25 783 17 446 13 268 12 255 13 918 14 457 13 791 15 270 13 498 3607 2 506 2629 3 366 1787 1 576 1 167 964 805 59 320 61 808 62 415 68 378 67 724 73 382 73 634 89 369 96 553 4431 4672 4251 6 562 4 798 4 053 3431 3209 3 173 3229 2 976 2731 3 084 2628 3144 3 412 8165 8 264 8212 8 469 11 112 12 053 11 612 13 036 11 741 13 693 14 741 235 620 235 851 255 127 247 587 263 097 277 585 305 053 323 747 330 292 123 395 121 750 135 415 116 896 140 178 139 128 173 145 162 233 159 302 28 172 26 041 17 184 20 164 17 727 8 397 20 350 14 595 11340
150. 125 82 122 39 174 137 184 17 189 174 95 222 136 37 8 79 47 411 8 79 71 528 35 114 79 152 454 44 816 102 767 234 417 1897 117 117 7 490 1 812 2 188 3 543 3 954 2 356 3 629 2 549 5 624 2 535 4 081 3 396 3 816 1 684 4 030 3 081 940 792 1006 2 865 544 386 148 98 308 1 366 499 517 1 033 1 866 369 168 153 1327 180 991 627 887 3 034 406 186 1207 1315 500 Yoy 43 9 18 1 100 4 2 99 6 30 0 65 99 28 1 42 2 YoY 33 6 1 29 9 39 42 196 51 396 235 4 36 6 51 296 489 996 309 89 36 1 56 796 23 2 0 5 0 7 0 9 1 0 0 7 1 0 0 6 1 3 0 8 11 0 99 0 9 0 5 1 19 0 8 3 5 3 29 3 0 6 9 2 0 1 6 0 5 0 19 02 0 89 0 3 0 4 0 6 1 1 02 0 19 0 1 0 7 0 1 0 6 0 4 10 7 31 6 4 6 1 9 13 1 13 1 5 5 833 1 085 1 417 1 669 1 121 1 409 1 145 2 076 1 117 1 739 1 346 1 586 741 1 548 1164
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153. 3 3 2015 1 29 2015 3 3 2015 3 3 e 1 Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved c 8133 Shared Research Report 2015 2 16 FY03 13 3 14 IFRS FY03 14 FY03 15 Q1 Q2 Q3 Q Q1 2 Q3 Q4 ol Q2 93 Q4 Qi Q2 93 333 086 321 957 374 753 400 949 330 939 360 213 397 534 417 919 330 939 360 214 397 534 417 919 335 972 360 665 368 212 24 765 18 633 27 756 34 039 27 211 24 553 33 412 41 670 27 211 24 553 33 412 41 670 27 359 24 124 29 872 123 706 128 423 149 916 145 753 134 988 149 943 163 085 164 243 134 988 149 943 163 085 164 243 147 050 172 089 170 606 184 356 174 865 197 001 220 604 160 233 175 914 192 074 202 283 160 233 175 914 192 074 202 283 152 305 154 351 158 586 4163 7 157 6 608 7 683 8 298 9 611 8 861 9 668 8 298 9 611 8 861 9 668 9 220 10 067 9 087 YoY 11 4 2 0
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155. 302 284 236 272 0 0 0 Q1 Q2 03 Q4 Q1 Q2 Q3 Q4 Ql 02 QF QF OY OQ2 Q3 QF FY03 13 FY03 14 FY03 14 FY03 15 e ew SR FY03 13 esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 800 40 29 YoY 700 2496 30 2 600 316 20 500 4 4 6 10 2 Dh 3 0 1 2 400 85 9 6 2 5 56 6 0 8 120 19 120 11 10 Pa 1 300 6 8 Ms hg 5 10 200 M 3 2 20 0 100 30 0 40 Q1 1 1 1 1 1 1 Q1 1 FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 2015 2 10 SR 2014 11 12
156. 35 600 570 2 30 000 0 5 837 20 000 32 A 2 11 730 11 283 J 07 10000 EE OO 4 9 367 9 214 EB 9269 _ gle 8 899 8 982 8 971 8 852 0 6 FY03 06 FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 X mm JX SR SS SS SS CS 200 2 178 2189 2 179 2 174 2 182 2 200 2 148 2157 2 153 2144 2 157 2 121 2132 2118 1 9 25 100 2 100 158 108 111 123 117 70 83 82 76 67 46 0 3 i a 2 000 100 ep 1 900 5 64 200 1 800 FY03 02 FY03 03 FY03 04 FY03 05 FY03 06 FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 SR FY03 8 FY03 9 FYO3 10 FYO3 11 FYO3 12 FYO3 13 FYO3 14 193 000 205 000 150 000 163 800 171 300 165 055 184 668 YoY 6 2 26 8 9 2 4 6 3 696 11 99 808 740 0 499 0 40 476 391 0 29 0 21
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172. edresearch jp Copyright C Shared Research Inc All Rights Reserved 8133 Shared Research Report 2015 2 16 IFRS 1FRS IFRS 2014 3 5 406 9 2014 3 20 LPG LNG 20 FY03 06 FY03 07 FY03 08 FY03 09 FYO3 10 FYO3 11 FYO3 12 FY03 13 FYO3 14 IFRS IFRS 890 289 92 46 467 323 116 28 528
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