Modec, Inc. · TSE:6269

Modec — FY2023 Earnings Presentation

16 slides from Modec's earnings presentation, Feb 15, 2024

  1. Slide 1: MODEC, Inc. 2023 Financial Results Analysts Presentation

    MODEC, Inc. 2023 Financial Results Analysts Presentation February 15, 2024

  2. Slide 2: 1. Highlight 2. Financial Results

    1. Highlight 2. Financial Results 2

  3. Slide 3: FY2023: Highlights

    FY2023：Highlights <Profit Attributable to Owners of Parent> US$M 96 Profit increased significantly due to good progress in 100 100 the construction work of new EPCI projects and 37 improved asset integrity of old Brazil FPSO vessels 50 0  EPCI works recorded good progress, including FPSOs awarded i

  4. Slide 4: FY2023: New Orders

    1. Highlight FY2023：New Orders New Orders recorded historical high of USD8,740 million EPCI US$M Lease, Charter and O&M 10,000 8,740 5,804 6,717 5,000 2,928 3,148 2,902 1,444 2,079 1,462 2,875 855 2,022 1,704 823 606 0 2019 2020 2021 2022 2023 4

  5. Slide 5: FY2023: EPCI (as of December 2023)

    1. Highlight FY2023：EPCI (as of December 2023) FPSO FPSO FPSO FPSO Sangomar Bacalhau Uaru Raia Client Woodside Equinor ExxonMobil Equinor Contract Purchase Contract EPCI + Short term O&M EPCI + O&M (10yrs) EPCI + Short term O&M + O&M (10yrs+10 one-year extension option) First Oil (Planned) 2024 2025

  6. Slide 6: EPCI / Charter / O&M Period

    As of December 2023 1. Highlight  EPCI period  Time Charter fixed period EPCI / Charter / O&M Period  Time Charter option period  O&M period 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 (*) 1 FPSO Raia Equinor 1y 2 FPSO Uaru ExxonMobil 10y 3 FPSO Bacalhau Equinor 1y 4 FP

  7. Slide 7: FY2024: Outlook

    1. Highlight FY2024：Outlook  Revenue is expected to reach USD3,900 million due to progress in the construction work of two large EPCI projects, namely ExxonMobil Uaru and Equinor Raia, both of which were awarded in 2023.  Although some additional expenses for maintaining asset integrity of older F

  8. Slide 8: Shareholder return

    1. Highlight Shareholder return Annual dividend per share (JPY): Special dividend/commemorative dividend Ordinary dividend Dividend forecast 45 45 37.5 40 35 10 32.5 10 30 27.5 25 42.5 22.5 40 20 17.5 20 15 30 12.5 15 10 7.5 7.5 10  FY2023 Year-end dividend per share: JPY20 (the company has decided

  9. Slide 9: 2. Financial Results

    1. Highlight 2. Financial Results 9

  10. Slide 10: Revenue

    2. Financial Results Revenue EPCI Lease, Charter and O&M US$M Good progress in the construction 3,899 4,000 work of EPCI projects 3,574 3,036 Revenue increased due to progress 3,000 2,736 2,739 in the construction work of EPCI projects, mainly ExxonMobil Uaru, 3,115 2,488 Equinor Raia, Equinor Bacal

  11. Slide 11: Operating Profit / Profit Attributable to Owners of Parent

    2. Financial Results Operating Profit / Profit Attributable to Owners of Parent Profit improved significantly with operating income of USD192million and net income of USD96 million Operating Profit Profit Attributable to Owners of Parent US$M US$M MV32 96 300 100 192 37 200 50 100 75 0 0 (50) (44) (

  12. Slide 12: Equity in Earnings of Affiliates / Interest Income

    2. Financial Results Equity in Earnings of Affiliates / Interest Income Charter-related income (equity in earnings of affiliates and interest income) increased Equity in Earnings of Affiliates Interest Income (Charter related) US$M US$M 41 150 39 40 36 37 126 128 34 100 20 56 50 30 20 0 0 2019 2020

  13. Slide 13: Order Backlogs

    2. Financial Results Order Backlogs  Order backlog for construction work increased significantly due to two new orders received  Charter/O&M order backlog remains at a high level with long-term contracts EPCI Order backlogs for MODEC Group’s share in the “Lease, US$M Lease, Charter and O&M Charter

  14. Slide 14: Adjusted EBITDA (2023)

    2. Financial Results Adjusted EBITDA (2023) GAAP Adj. GAAP(*) EPCI + O&M Operations $ 208MM $ 208MM Charter Operations $ 212MM $ 167MM Service Fee (PL / CF) $ 42MM $ 38MM Interest received (PL / CF) $ 41MM $ 32MM Equity method investment $ 128MM $ 96MM  Dividend received (Adj. GAAP)：Dividend receiv

  15. Slide 15: Financial position and cash flow

    2. Financial Results Financial position and cash flow Financial Position Unit：US$M 2022.12 2023.12 Variance Cash and cash equivalents 492 1,013 521 Trade & Other receivable 478 592 114 Contract assets 257 185 -72 Investment accounted for using equity method 1,114 1,374 260 LT loan receivable 365 348

  16. Slide 16: Thank you

    Thank you @MoODEC 16

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