Business Information October 11, 2019...（Source: ”Power Generation Cost in Dec. 2018”, Mega Solar Business News, 20190731 ） Outlook for power generation cost of (Yen/kWh) commercial

Business Information

October 11, 2019

Masafumi Ito

President & CEO

NPC Incorporated

(Listing: 6255 Mothers of TSE)

http://www.npcgroup.net/eng/

Copyright Ⓒ 2019 NPC Incorporated. All rights reserved. 1

Business Results for FY2019

FY2018 FY2019

Results (A)Initial forecasts (B)

(Oct. 9, 2019)

Revised forecasts (C)

(Apr. 10, 2019)Results

Amountvs. Sales

(%)Amount

vs. Sales (%)

Amountvs. Sales

(%)Amount

vs. Sales (%)

vs.(A)(%)

vs. (B) (%)

vs. (C)(%)

Sales 6,444 100.0 7,002 100.0 6,762 100.0 6,878 100.0 6.7 (1.8) 1.7

Gross profit 1,549 24.0 1,549 22.1 1,618 23.9 1,662 24.2 7.3 7.3 2.7

SG&A expenses 1,043 16.2 1,015 14.5 997 14.7 975 14.2 (6.5) (3.9) (2.2)

Operating income 506 7.9 534 7.6 621 9.2 686 10.0 35.6 28.5 10.5

Non-operating income 5 0.1 1 0.0 7 0.1 4 0.1 (20.0) 300.0 (42.9)

Non-operating expenses 53 0.8 44 0.6 35 0.5 32 0.5 (39.6) (27.3) (8.6)

Ordinary income 458 7.1 491 7.0 592 8.8 659 9.6 43.9 34.2 11.3

Extraordinary income 28 0.4 - - - - - - - - -

Extraordinary loss - - - - - - - - - - -

Net income before tax 486 7.5 491 7.0 592 8.8 659 9.6 35.6 34.2 11.3

Income taxes-current 91 1.4 62 0.9 50 0.7 32 0.5 (64.8) (48.4) (36.0)

Income taxes-deferred (15) (0.2) - - - - (54) (0.8) - - -

Net income attributable to owners of the parent

410 6.4 428 6.1 542 8.0 680 9.9 65.9 58.9 25.5

（Million yen）

Note: Percentages at vs. (A) vs.(B) and vs. (C) represent increase/decrease rate.

Consolidated Statement of Income


Trend of Business Results

0

2,000

4,000

6,000

8,000

2016 2017 2018 2019 （FY）

Changes in sales Changes in gross profit

26.831.4

24.0 24.2

0

5

10

15

20

25

30

35

40

0

500

1,000

1,500

2,000

2016 2017 2018 2019

Gross profit Gross profit margin(GPM)

（FY）

Gross profit increased

Maintained GPM of approx. 25%

Sales increasedMachinery Business stayed strong

Environmental Business showed steady growth

Changes in operating income

0

100

200

300

400

500

600

700

2016 2017 2018 2019

Operating income

（FY）

Operating income increased

Achieved business black for

6 consecutive years

（%）

■Environmental Business

(■Contract Module Assembly Business）

■Machinery Business（Million yen）（Million yen）

（Million yen）


Machinery Business

（Million yen）

FY2018 FY2019

Results (A) Initial forecast (B)(As of Oct. 9, 2018)

Results

Amountvs. Sales

(%)Amount

vs. Sales

(%)Amount

vs. Sales

(%)

vs. (A)

(%)

vs. (B)

(%)

Sales 6,165 100.0 6,461 100.0 6,402 100.0 3.8 (0.9)

Gross profit 1,436 23.3 1,390 21.5 1,519 23.7 5.8 9.3

SG&A expenses 459 7.4 417 6.5 369 5.8 (19.6) (11.5)

Operating income 977 15.9 973 15.1 1,150 18.0 17.7 18.2

■Sales

■Gross profit

■SG&A expenses

・Almost the same as planned

・Sales for large manufacturing line to major US PV manufacturer were booked as scheduled

・Sales for automated/labor-saving machines were 653 million yen

・Sales for parts surpassed initial forecast by 195%

・Achieved profit by cost reduction despite increase in labor cost

・GPM surpassed initial forecast supported by increase in parts sales

・Decreased due to the decline in loss rate of allowance for doubtful accounts and

postponement of R&D expenses despite increase in labor cost

Note: Corporate expenses are not included in the table above. Percentages at vs. (A) and (B) represent increase/decrease rate.

Sales breakdown (FY2019)

Automated/labor-saving

machines

PV module manufacturing

equipment

Equipment parts


Environmental Business

FY2018 FY2019

Results (A) Initial forecast (B)(As of Oct. 9, 2018)

Results

Amountvs. Sales

(%)Amount

vs. Sales(%)

Amountvs. Sales

(%)

vs. (A)

(%)

vs. (B)

(%)

Sales 278 100.0 541 100.0 476 100.0 71.2 (12.0)

Gross profit 112 40.3 158 29.2 143 30.0 27.7 (9.5

SG&A expenses 89 32.0 76 14.0 72 15.1 (19.1) (5.3)

Operating income 23 8.3 82 15.2 70 14.7 204.3 (14.6)

・Increased from last fiscal year but fell short of the initial forecast

・Some onsite inspection services could not be implemented due to construction delay in

customer’s PV power plants

・Sales of PV panels for reuse exceeded the forecast by as much as 55%

・Sales of PV panel disassemble equipment were booked as scheduled

・Almost as planned

・Achieved high profitability through our unique service with high added value, despite increase in labor cost

・Almost as planned despite increase in labor cost

Note: Corporate expenses are not included in the table above. Percentages at vs. (A) and (B) represent increase/decrease rate.

Sales breakdown (FY2019)■Sales

■Gross profit

■SG&A expenses

PV panel inspection

service

(incl. inspection devices)PV panel

disassembly line

（Million yen）

Reuse/Recycling of PV panels


Orders Received/Order Backlog

FY2018 FY2019

Orders received Order backlog Orders received vs. FY2018 (%) Order backlog vs. FY2018 (%)

Machinery Business 6,663 4,993 8,900 33.6 7,492 50.1

Environmental Business 523 383 381 (27.2) 289 (24.5)

Total 7,186 5,377 9,282 29.2 7,781 44.7

• Order volume declined since demand for our unique/high-end inspection services was limited to

large PV power plants

• Construction delays at our customers’ power plants affected both our onsite inspection service

schedule and our new order volume

• Demand/orders for PV panels for reuse was strong

• Received P/O for automated PV panel disassembly line

• Received P/O for new PV manufacturing lines and equipment for capacity expansion from

major PV manufacturers

• P/O of equipment parts for the above manufacturing line increased

• Automated/Labor-saving machines: Received P/O from automobile and electronics industry

（Million yen）

Note: Percentages at vs. FY2018 represent increase/decrease rate.

■Machinery Business

■Environmental Business


equipment


machines

Equipment parts

Reuse/Recycling of PV panels

PV panel

disassembly line

Machinery Business


Orders breakdown

PV panel inspection

service

(incl. inspection devices)


Consolidated Balance Sheet

2018.8/E 2019.8/E 2018.8/E 2019.8/E

Assets 8,059 7,922 Liabilities 2,273 1,501

Current assets 3,851 3,815 Current liabilities 2,183 1,480

Cash and deposits 900 719

Notes and accounts payable-trade

/electronically recorded obligations-

operating

874 879

Notes and accounts receivable-trade 1,820 2,221 Advances received 921 199

Merchandise and finished goods, work

in progress 807 531 Other 388 402

Raw materials and supplies 151 83 Noncurrent liabilities 89 20

Other 173 261

Noncurrent assets 4,207 4,107 Net assets 5,785 6,420

Property, plant and equipment (net) 2,416 2,260 Capital stock, Capital surplus 5,547 5,547

Land 1,548 1,548 Retained earnings 209 846

Other 243 299 Other 29 27

• Work in progress and advances received decreased due to sales booking of large module manufacturing lines at the end of FY2019

• Adopted electronically recorded monetary claims (densai) alternative to bills/notes from the 3rd quarter of FY2019 in order to

improve business efficiency

（Million yen）

■About factors for major changes

• Continued zero interest-bearing debt (no-debt operation)

• Continued JPY 2 bil. credit facility contracts with 2 main banks

• Continued sound financial status due to increase in retained earnings - Capital ratio: 81%, Current ratio: 257%

■About financial soundness


Net Income and Year-end Dividend

2.0 2.5

3.5

10.712.9 11.3

-1.0

1.0

3.0

5.0

7.0

9.0

11.0

13.0

0.0

1.0

2.0

3.0

4.0

5.0

FY2018 FY2019 FY2019

(%)(Yen)

18.62 19.43 30.87

10.7 12.9 11.3

2.0 2.5 3.5

Raised dividend along with increase in EPS

Dividend & Pay-out ratioNet income attributable to owners of the parent

（Million yen）

0

100

200

300

400

500

600

700

800

FY2018 FY2019 FY2019

Profit increase due to

tax effect accounting

(54 mil. yen)

Deferred tax assets increased

as profit increase is expected in FY2020

Actual profit

Formality profit increased due to tax adjustment

(Result) (Initial forecast) (Final amount)

Dividend (Yen）

Pay-out ratio (％)

EPS（Yen）(Result) (Initial forecast) (Final amount)

As of Aug. 31, 2017 As of Aug. 31, 2018 As of Aug. 31, 2019

Total number 8,216 7,654 7,370

Shareholding

ratio

Avg. daily

volume347,552 shares per day

(1.58% of number of shares outstanding)

1,384,675 shares per day(6.28% of number of shares outstanding)

871,982 shares per day (3.95% of number of shares outstanding)


Shareholder Composition

9% 24% 28%Securities

companies

Private investors

Institutional investors

and others Foreign investors

Board members

Private investors Private investors

Securities

companies

Institutional investors

and othersInstitutional investors

and others

Foreign investors

Board members Board members

Securities

companies

Foreign investors

Degree of attention from institutional investors and foreign investors continuously rising


IR Activities in FY2019

■Conferences / factory tours

■One-on one meetings / conference calls

Date Content Attendees

Oct. 2018 Presentation conference on annual financial results 61

Nov. 2018 Presentation meeting for shareholders 42

Jan. 2019 Presentation meeting for private investors（at Matsuyama office of Daiwa Securities） 41

Apr. 2019 Presentation conference on 2nd quarter financial results 64

Apr. 2019 Matsuyama Factory tour（Private investors） 12

Apr. 2019 Matsuyama Factory tour（Institutional investors/analysts） 5

Total 225

Total: 58 times■Subscribers for IR Newsletter

313154 increase

in 1 year Matsuyama factory tour


Business Environment

Company Actions


PV Market（Japanese Market）

■PV power generation cost

(Source：”Future Issues for Renewable Energy to Become Main Power Source”, Agency for

Natural Resources, 20180829)

Red: Target cost set by the Agency for Natural Resources and & NEDO (2016)

Black: Estimated cost outlook by the Agency for Natural Resources (2018)

9.310.8

13.1 15.3

21.3

0

5

10

15

20

25

1 2 3 4 5

(Yen

/kW

h)

1 Global average weighted power generation cost

2 Cost at most efficient Japanese PV power plant

3 Cost at efficient power plant run by skilled power producer, individually

ordering the latest model PV panels

4 Cost at average Japanese power plant

5 Power plant which operated right after FIT introduction

(Using PV panels at that time & EPC responsible for everything)

In Japan, PV power generation costs became lower than electricity cost (Business: 14-18 yen/kWh, Household: 22-26 yen/kWh)

Now, we have entered into a stage where renewable energy shows self-sustainable growth without the influence from FIT

（Source: ”Power Generation Cost in Dec. 2018”, Mega Solar Business News, 20190731）

Outlook for power generation cost of

commercial PV systems in Japan (Yen/kWh)

2017(result)

17.7 yen

2020(forecast)14.6 yen



2040(forecast)

3.7yen

Target cost2020: 14 yen

Target cost2030: 7 yen


■Business environment and influence from FIT


equipment

NPC products & services

・Our main customers are US PV module manufacturers

・US manufacturers mainly focus on the growing US market

Business environment

PV panel inspection services

・Approx. 30GW projects approved under FIT have not yet constructed

・Construction of power plants are to continue for the time being in Japan

・Shift strategy to achieve P/O for regular inspections for power plants

already under operation

PV panel reuse/recycling・Demand will increase for second-hand panels for self-consumption which

require lower costs・Japanese market has potential demand with large cumulative installation

volume of more than 60GW (3rd largest in the world)・Discarded panels are increasing due to the end of plant operation and

natural disasters

FIT rate cut back or ending of the scheme will not influence our business

PV Market (Japanese Market)

FIT and Our Business


0

2

4

6

8

10

12

14

16

18

2015 2016 2017 2018 2019E 2020E 2021E

(Source: Wood Machenzie 2019)

■ Annual PV installation in the US(GW)

(CY)

■Legalization and commitment of RE100 in each state and city

■Situation in Maui, Hawaii

Residential

Non-residential

★

WA

NV

CA

DC

ME

HI

NM

CO ILCT

■Legalized

■Commitment

(Source: NPC-Prepared 201910)

Commitment: Nevada, Colorado, Connecticut, Illinoi

Legalized: California, Hawaii, New Mexico, Washington, Maine, Washington D.C

More than 130 other cities also proclaims to target RE100Top 10 states for cumulative PV installation（MW）

California 25,016 Texas 2,957

North Carolina 5,467 New Jersey 2,829

Arizona 3,788 Massachusetts 2,535

Nevada 3,452 New York 1,718

Florida 3,156 Utah 1,661

■Progress in California

RE

34%PV

45%

PV Market (the US Market)


Company Actions

Machinery Business – PV Module Manufacturing Equipment

■Our further actions

• P/O of panels from Jan. to Aug. 2019: 4.3GW

• Expected panel shipment in 2020: 5 - 5.5GW (Received P/O for 95% of the expected shipment)

• Expected panel shipment in 2021: Max. 6.5GW (Received P/O for more than 50%)

(Source: First Solar Q2’19 Earnings Call Presentation 20190801)

■Impact on business due to US-China trade friction

There is no negative impact on our business, but rather a positive impact

� In the US, 25% tariffs are imposed on Chinese panels for emergency import restrictions (Safeguard).

US manufacturers, our customers, are performing well in orders/productions

� Traditionally we have no dealings with Chinese manufacturers that use general equipment

� Towards First Solar

� Increase business with emerging US module manufacturers

• Onsite technical support for both existing and newly installed manufacturing lines

• Cost reduction and thorough delivery time management

• Raise production capacity by improving production efficiency and cooperating with subcontractors

■Situation of our main customer, First Solar


� Provide full lines and engineering services utilizing our production capacity and technologies

� Provide automated machines to various industries in the US utilizing overseas know-how and experience such as

satisfying international safety standards

� Obtain orders from major customers and continue to expand transactions as existing customer

� Strengthen designing & electrical designing departments by hiring overseas engineers

■Sales/order results and forecast

0

200

400

600

800

1,000

1,200

FY2018 FY2019 FY2020E

Orders

Sales

(Million yen)

Electronics

Automobile

LCD

Food.

Medical and etc.

■Order breakdown by industries

Achieving steady growthReceived orders from various

industries

Company Actions

Machinery Business – Automated/Labor-saving Machine

■Our future actions


■ Accumulated performance of panel inspection services

(As of Aug. 31, 2019)

1,452MW

No.1 inspection performance in Japan

2MW - 10MW

≧10MW


ACACDCDC AC extra-high voltageAC extra-high voltage

Cubicle UtilitiesSub-stationPV panel strings Inverter

� Enhance the inspection system by expanding partner companies (establishing an outsource system)

� Expand our service range to the AC side in addition to the existing DC side (PV panel) inspection

� Provide simple services realizing quick inspection at low cost, meeting market needs (resistance check/ drone IR inspection)

� Focus on pre-operation voluntary inspections and regular inspections of large-scale power plants over 2MW

■Inspection performance by size

Size of site Number of sites Total cumulative size

<2MW 114 57MW

2MW - 10MW 26 117MW

≧10MW 38 1,867MW

Total 178 2,041MW

Existing service range Expanding service range

Total number/size of already inspected sites and contracted sites

Company Actions

Environmental Business – PV Power Plant Inspection Service

(planned inspection)

Junction box


� Various needs for reuse panels and our achievements

Minimum safety inspection / No warranty in principle / Direct delivery

Cumulative sales performance of panels for reuse:

71,989 panels

7,351

20,432

44,206

0

20,000

40,000

2017 2018 2019

(panels)

- Want to remove panels due to termination of business- Want to discard panels due to panel replacement- Want to sell inventory panels reserved- Want to discard submerged panels by disaster, etc.

MatchingReduce costs and circulate

panels at low prices

(FY)

Reuse panels destination ratio

OverseasJapan

Mainly shipped to China for

・non-residential systems (under FIT scheme)

・self-consumption

・independent power source in non-electrified area

- Want low-price panels for self-consumption

- Want high-quality Japanese panels

(Demand from overseas)

Seller needs Buyer needs

� Collect discarded panels utilizing our industry network

� Expand overseas sales channels (China, Southeast Asia, Middle East, Africa, etc.)

� Our future actions

・Reliability based on knowledge / experience with PV panels along with results of not handling any poor-quality panels

・Industry network (approx. 1,000 companies) established through panel inspection servicesAdvantage

Company Actions

Environmental Business – Sales of PV Panels for Reuse


■Compact-type disassembly machine

■Achievements regarding PV panel disassembly equipment/line

Compact-type disassembly machine

J-box(including copper wires) Aluminum frames

� Specialized to separate J-box (including copper wires) and aluminum frames that are easy to sell as valuables

� Mobile machine that can be loaded on a truck and operate separation at power plants, etc.

� Provide at low price and spread widely in Japan and overseas

■Other actions

� Upgrade disassembly equipment through intermediate processing business

� Sales of equipment to the US (California, Hawaii, etc.)

� Make proposals utilizing subsidies that are publicly offered by the Ministry of the

Environment/Small and Medium Enterprise Agency

� Conduct lobbying activities to make panel recycling mandatory

3 facilities in operation・NPC Inc.（Ehime）・Hamada Co., Ltd.（Tokyo）・Hirabayashi Metal Co., Ltd.（Okayama）

2 facilities to start operation in FY2020・Tohoku region

・Kinki region

Phase of mass disposal is still ahead, therefore currently limited to financially strong companiesInstallation status

Technical achievement

・4 patents registered on “Heated-blade separation method”

・Received the “Screening Committee Special Award” at the 47th Japan Industrial Technology Award

Company Actions

Environmental Business – PV Panel Disassembly Equipment/Line


■Launch of PV panels intermediate treatment (started in July, 2019）

* NPC listed as one of the excellent recycling companies on JPEA (Japan Photovoltaic Energy Association) website.

Purpose1. Expect stable business contribution as a future stock

2. Develop and improve disassembly equipment through knowledge/know-hows to be obtained from the business

3. Appeal that recycling of discarded panels is possible because there are many owners who do not know how to handle panels

damaged by natural disasters


Outline Facility Building B, Matsuyama Factory, NPC Incorporated

Capacity 7.87t / day（approx. 400 panels）

Treatment price 150– 180 yen/kg

Resource recycling rate 86％（Everything recycled except for J-box and crusts from refinery）

Electrical Safety Association

Major EPC’s in Shikoku

PV power plants in Shikoku

More than 900 sites

Contract

Information

Management

Information on

PV panels to

be discarded

- Increase customer recognition such as aggressive media exposure and acquisition of Excellent Model Certification of Ehime Pref. Resource Recycling

- Create a scheme of obtaining information on discarded panels within the Shikoku region by concluding a comprehensive contract on disposal beforehand

- Form alliance with major industrial waste companies, establishing collection routes from outside Shikoku

Company Actions

Environmental Business – PV Panel Intermediate Treatment


Business Forecast for FY2020



1st half 2nd half Full year

Amount vs. Sales(%) Amount vs. Sales(%) Amount vs. Sales(%) vs. FY2019(%)

Sales 2,147 100.0 6,087 100.0 8,234 100.0 19.7

Machinery business 1,850 86.2 5,876 96.5 7,726 93.8 20.7

Environmental business 297 13.8 211 3.5 508 6.2 6.6

Gross profit 599 27.9 1,273 20.9 1,872 22.7 12.7

Machinery business 483 26.2 1,205 20.5 1,689 21.9 11.2

Environmental business 115 38.7 67 32.2 183 36.0 27.9

SG&A expenses 528 24.6 531 8.7 1,059 12.9 8.6

Operating income 70 3.3 742 12.2 813 9.9 18.4

Non-operating income 0 0.0 0 0 0 0.0 (86.8)

Non-operating loss 11 0.5 19 0.3 30 0.4 (5.6)

Ordinary income 59 2.8 723 11.9 783 9.5 18.8

Extraordinary income - - - - - - -

Extraordinary loss - - - - - - -

Net income before tax 59 2.8 723 11.9 783 9.5 18.8

Net income attributable to owners of the parent 50 2.4 656 10.8 707 8.6 4.0

Note: Percentages at vs. FY2019 represent increase/decrease rate.

(Million yen)Consolidated Statement of Income


■Sales

・Large increase expected due to rich order backlog at the end of FY2019 plus new orders to be received

with sales booking during the period

・Machinery Business will continue to be our main business

・Peak of sales booking is expected to be in the 2nd half due to the project schedule of a major customer

・97% of the sales forecast is comprised of order backlog at the end of the FY2019

・Sales from large scale PV manufacturing line including additional equipment for US customer are expected

・Sales for automated/labor-saving machines are expected to increase by 23 % YoY

・Sales for parts/consumables are assumed conservatively at the early stage of fiscal year

・Expect to book sales of panel inspection services that had been delayed from last fiscal year

・Only confirmed items for panel reuse / recycling are included in the forecast since the number of panels to be discarded

is difficult to project

・New orders and sales booking of fully automated disassembly line as well as the compact-type machine are expected,

increasing the sales volume


Sales

Machinery Business



・Increase by 8.6% YoY due to increased labor costs, R&D costs, new business development, etc.

Expect year-end dividend of 3.5 yen per share (same as FY2019) considering profit situations, etc.

・Expected to increase along with sales increase

・Peak of operating income is also expected to be in the 2nd half

・Net income attributable to parent company shareholders does not consider the occurrence of tax effect accounting

■Gross profit

・Machinery Business: Decline by 1.8 point YoY due to the following reasons:

- Labor costs and outsourcing costs are expected to increase due to tight production conditions

- Sales ratio of automated / labor-saving machines are expected to increase. These machines will require R&D.

- Conservative assumption for parts sales with high profit margins

・Environmental Business: Maintain high profitability through providing high value-added inspection services

EPS(yen) Pay-out ratio（％） Amount（yen）FY2020【Forecast】 32.09 10.9 3.5

FY2019【Result】 30.87 11.3 3.5


Gross profit, SG&A expenses, Profits and Dividend

■Dividend forecast

■SG&A expenses

■Operating income, Net income attributable to owners of the parent


FY2018

(Result)

FY2019

(Result)

FY2020

(Forecast)Remarks

Capital expenditure

23 35 78HR / payroll system, network device, factory building LED, design software, telephone switchboard, etc.

Depreciation 201 196 200Expected to remain flat without significant capital investment

R&D expenses 91 53 70 PV panel disassembly equipment, R&D for new business, etc.

（Million yen）■Capital expenditure, depreciation, R&D expenses

■Actions to strengthen corporate governance / improve market value

� Increase the number of outside directors to 2. Outside director percentage of the board will rise to 40%

� Introduce restricted stock compensation plan for directors

� Establish a system for flexible capital policy through treasury stock acquisition

Acquisition limit: 50 mil. Yen, 150,000 shares

Acquisition period：From Oct. 10, 2019 to Nov. 22, 2019


Others


Summary

PV module

manufacturing equipment

- Manufacture, ship and deliver the equipment to First Solar

- Increase business with emerging module manufacturers mainly based in the US


machines

- Overseas expansion mainly in the US

- Expand business with major companies in Japan and overseas

- Correspond to integrated automated lines

PV panel inspection - Enhance organizational structure for inspection, expand inspection service menu

PV panel reuse/recycling- Expansion of sales network for second-hand panels

- Upgrade disassembly equipment through intermediate treatment business

Others- Establish completely new business regardless of existing business

- M&A, business alliances, etc.

Thank you very much for your interest in NPC!

The information in this presentation material is based on the information sources that we can obtain as of the presentation day.

We do not represent this to be accurate or complete.

The information in this presentation material has been made for making our business plan and strategies. It is not for a

solicitation, offer to buy or sell securities or enlightening people.

Phone ： +81-3-6240-1206 FAX ： +81-3-5817-8835

E-Mail ： [email protected]

Contact:

IR Group, General Affairs Department, NPC Incorporated

“We, through creation of products, aim to be a company

needed by nature, society and people."

26Copyright Ⓒ 2019 NPC Incorporated. All rights reserved.

Documents

Business Information October 11, 2019...（Source: ”Power Generation Cost in Dec. 2018”, Mega Solar Business News, 20190731 ） Outlook for power generation cost of (Yen/kWh) commercial