Slide 1: MODEC, Inc. 2013 Half-Year Financial Results Analysts Presentation
MODEC, Inc. 2013 Half-Year Financial Results Analysts Presentation August 9, 2013
Slide 2: Operations Review / Financial Results & Outlook
Operations Review Financial Results & Outlook 2
Slide 3: 2013 Half-Year Operations Overview
2013 Half-Year Operations Overview Revenue (Bil. JPY) 1H 2H 250 • Revenue increased to JPY107.2 billion 200 (up by 25.3% comparing to the 1H of FY 2012) 150 Construction progress of MV24, MV26 and OSX- 3 was better than budgeted. 100 50 0 2009 2010 2011 2012 2013 2Q (Bil. JPY) New Orders 400 • New
Slide 4: 2013 Half-Year Operations Overview
2013 Half-Year Operations Overview (Bil. JPY) Ordinary Profit 12 • Both ordinary profit and net profit increased 10 significantly to JPY9.8 billion and JPY5.7 8 billion respectively 6 FX gain was booked due to depreciation of yen. (USD/JPY exchange rate rose to 98.58 at the end of 4 1H of 2013 fro
Slide 5: New Order: Tullow T.E.N. FPSO
New Order : Tullow T.E.N. FPSO Client Tullow Ghana Limited. Scope of Work EPCI + Charter (10 years 10 one-year options) First Oil Planned in 2016 Field T.E.N. Field, Ghana Water Depth 1,500 m New/Conv. Conversion Mooring SOFEC External Turret Storage Capacity 1,700,000 bbls Oil Production 100,000 bo
Slide 6: Construction Projects in 2012 Half-Year
Construction Projects in 2012 Half-Year EPC(I) period 2011 2012 2013 FPSO Cidade de Itaguai MV26 OSX-3 FPSO EPCI FPSO Cidade de Mangaratiba MV24 First Oil: Planned 2013 September Waikiki Pero Inga fields (Brazil) - Towed from Jurong shipyard FPSO OSX-3 COSCO Dalian (China) BrasFELS Jurong FPSO Cidad
Slide 7: Time Charter / O&M Projects (As of August 2013)
Time Charter : 13 FPSO/FSOs O&M : 4 FPSOs Time Charter / O&M Projects (As of August 2013) Brazil Petrobras FPSO Southeast Asia Gulf of Mexico Cidade de Itaguai Iracema FPSO FSO North FPSO MV26 Song Doc Pride Ta’Kuntah (T/C) MV19 (T/C) (T/C) FPSO Petrobras Cernambi Cidade de Mangaratiba FSO South FPS
Slide 8: Time Charter / O&M Period (As of February 2013)
Time Charter / O&M Period (As of February 2013) Time Charter fixed period Time Charter option period O&M period 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Tullow T.E.N. FPSO MV25 # 10y FPSO Cidade de Itaguai MV26 # 20y FPSO Cida
Slide 9: Prospective Projects
Prospective Projects Gulf of Mexico • PEMEX Ta’Kuntah FSO Life Extension • PEMEX Ayatsil FPSO • Hess Stampede TLP • Noble Gunflint Semi-Sub Gulf of Mexico Southeast Asia Africa & Pacific Brazil Ghana Vietnam Australia Brazil •Kosmos MAT FPSO • CSJOC Block 10 & 11.1 FPSO • Woodside Lady Nora FPSO • P
Slide 10: Operations Review / Financial Results & Outlook
Operations Review Financial Results & Outlook 10
Slide 11: Profit & Loss
Profit & Loss (Mil. JPY) Variance 2012 2Q 2013 2Q 2012 2Q- 2012 2013 2Q Revenue 85,606 107,268 21,662 186,891 Construction projects progressed smoothly Gross Profit 4,813 9,391 4,578 13,626 Increased substantially due to realization of unrealized profit Gross Profit margin 5.6% 8.8% 3.1% 7.3% Sellin
Slide 12: Revenue
Revenue EPC(I) period Revenue (Mil. JPY) 250,000 2009 2010 2011 2012 2013 2014 204,225 FPSO Cidade de Itaguai MV26 200,000 186,891 146,660 FPSO Cidade de Mangaratiba MV24 150,000 129,968 107,268 FPSO OSX-3 100,000 FPSO Cidade de Sao Paulo MV23 50,000 FPSO Cidade de Angra dos Reis MV22 0 2009 2010 20
Slide 13: Ordinary Profit
Ordinary Profit Ordinary Profit & Ordinary Profit before Deferred Influence of Deferred Profits Profits Adjustment Deferred Realized Balance Ordinary Profit Ordinary Profit before Deferred Profits Adjustment 2009 2010 2011 2012 2013 2Q 10,679 11,920 (Mil. JPY) (Mil. JPY) 10,079 9,884 10,701 10,396 1
Slide 14: Orders & Order Backlogs
Orders & Order Backlogs Orders Order Backlogs (Mil. JPY) (Mil. JPY) 400,000 600,000 543,692 524,938 342,667 500,000 300,000 277,710 400,000 359,375 200,000 173,835 300,000 213,667 229,914 200,000 100,000 45,010 30,844 100,000 0 0 2009 2010 2011 2012 2013 2Q 2009 2010 2011 2012 2013 2Q Orders (USD) O
Slide 15: Balance Sheet
Balance Sheet (Mil. JPY) 2012 2013 2Q Variance Short-term Loans Receivable 3,739 3,076 (663) Total Assets: Cash/Deposit increased temporarily because of advanced Total Current Assets 102,003 112,445 10,442 payment Property and Equipment 12,423 17,420 4,997 Repair work to FPSO was conducted Intangibl
Slide 16: Key Financial Figures
Key Financial Figures (Mil. JPY) 2009 2010 2011 2012 2013 2Q Operating profit 4,169 3,563 293 3,470 2,651 Depreciation and amortization 1,380 958 2,773 2,980 1,880 Amortization of consolidated differences 264 211 257 286 163 Collection of lease receivable (Cantarell FSO, Inc., S.A. de C.V.) - - - -
Slide 17: 2013 Financial Forecast
2013 Financial Forecast Revenue Ordinary Profit (Mil. JPY) 204,225 220,000 (Mil. JPY) 200,000 186,891 11,000 146,660 10,000 9,296 129,968 7,454 6,156 100,000 5,055 5,000 0 0 2009 2010 2011 2012 2013(F) 2009 2010 2011 2012 2013(F) Net Income (JPY) Net Income (USD) (Mil. JPY) (Mil. USD) 68 6,500 59 6,
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