Slide 1: MODEC, Inc. 2017 Financial Results Analysts Presentation
MODEC, Inc. 2017 Financial Results Analysts Presentation February 7, 2018
Slide 2: Highlight
Highlight Financial Results 2
Slide 3: FY2017: New Awards
FY2017 : New Awards Awarded 2 large FPSOs (EPCI + Charter) The 13th and 14th FPSO/FSO which MODEC will provide in Brazil and it’s 6th and 7th in the pre-salt* *FPSO in the pre-salt owned by MODEC group FPSO Cidade de Angra dos Reis MV22 FPSO Cidade de São Paulo MV23 FPSO Cidade de Mangarat
Slide 4: FY2017: Highlights
FY2017 : Highlights New Orders Revenue Billion JPY Billion JPY 800 400 378.5 700.9 295.5 518.4 254.4 229.9 395.7 191.1 400 200 188.7 92.7 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 New orders reached the highest level of Revenue 191 billion JPY 700.9 billion JPY Awarded 2 charter co
Slide 5: FY2017: Highlights
FY2017 : Highlights Operating Profit Ordinary Profit Profit Attributable to Dividends per Share Owners of Parent Billion JPY Billion JPY Billion JPY Yen 50.00 29.4 20 30 25 50 18.0 21.0 24.3 19.4 37.50 20 15 40 35.00 20 18.3 32.50 11.4 15.8 15 30.00 10 8.5 12.8 30 10 5.0 10 5.4 5.8 5 3.7 4.9 20 5 0
Slide 6: FY2017: EPC(I)
FY2017：EPC(I) Stampede TLP FSO Ailsa FPSO Cidade de FPSO Petrobras Mero Campos dos Carioca MV30 Pilot FPSO Goytacazes MV29 Client Hess Maersk Petrobras Petrobras Petrobras Contract EPCM EPC EPCI + Time Charter EPCI + Time Charter EPCI + Time Charter （20 yrs） ( 21 yrs ) ( 22 yrs ) Delivery May, 2017
Slide 7: EPC(I) / Charter / O&M Period
As of February 2018 EPC(I) period EPC(I) / Charter / O&M Period Time Charter fixed period Time Charter option period O&M period 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 1 Culzean FSO (EPC) Maersk 2 Stampede TLP (EPCM) Hess 3 (1) 20.1 Petrobras Mero Pilot FPSO Pet
Slide 8: FY2018: Outlook
FY2018 : Outlook Revenue Operating Profit Ordinary Profit Profit Attributable to Owners of Parent Billion JPY Billion JPY Billion JPY Billion JPY 400 20 40 25 378.5 18.0 21.0 19.4 29.4 20 295.5 15 30 24.3 229.9 11.4 15 14.0 220.0 10.0 20.0 191.1 10 20 18.3 200 8.5 10 12.8 5.0 5 10 5.4 5.8 5 0 0 0 0
Slide 9: Financial Results
Highlight Financial Results 9
Slide 10: Profit & Loss
Profit & Loss 2016 2017 Variance Million JPY Revenue 229,987 191,182 (38,805) Revenue and gross profit decreased due Gross Profit 31,544 24,804 (6,740) to a decline in the number of EPCI projects Selling, General and Administrative Ecpenses 13,526 13,356 (170) Operating Income 18,018 11,448 (6,570
Slide 11: New Orders / Revenue / Order Backlogs
New Orders / Revenue / Order Backlogs New Orders Revenue Order Backlogs EPC(I) period Order backlogs for Mero MODEC Group’s Sépia share in the “Lease, Coral South Charter and O&M Billion JPY FSO Ailsa services” of the 1,200 MV29 affiliates accounted for 1,144.4 by the equity method Stampede MV27 MV2
Slide 12: Operating Income / Equity in Earnings of Affiliates
Operating Income/ Equity in Earnings of Affiliates Operating Profit Equity in Earnings of Affiliates (as if consolidating affiliates basis) A A : Consolidated Operating Profit A+B B : Operating Profit (equity method portion) A+B+C C : Influence of Deferred/Realized Profits Million USD Billion JPY MV
Slide 13: Ordinary Profit
Ordinary Profit Ordinary Profit (as if Influence of Deferred/Realized Profits consolidating affiliates basis Deferred Realized Balance A A : Consolidated Ordinary Profit A+B+C B : Ordinary Profit (equity method portion) 2013 2014 2015 2016 2017 C : Influence of Deferred/Realized Profits Billion JPY
Slide 14: Balance Sheet
Balance Sheet 2016 2017 Variance Million JPY Accounts Receivable - trade 95,544 98,188 2,644 Short-tem loans receivable decreased due to collection Short-term Loans Receivable 55,012 46,282 -8,730 of loans receivable from SPCs Total current assets decreased mainly due to investment Total Current
Slide 15: Key Financial Indicators
Key Financial Indicators EBITDA Interest-Bearing Debt EBITDA（after adjustment*） Total interest-bearing debt（after adjustment*） EBITDA Instant Coverage Ratio Total interest-bearing debt/EBITDA Billion JPY X times Billion JPY X times 60 57.8 12.0 300 6.5 53.3 47.1 222.7 43.9 10.0 202.8 8.2 40 200 166.
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