Slide 1: 2020 Financial Results Analysts Presentation
MODEC, Inc. 2020 Financial Results Analysts Presentation February 10, 2021 1
Slide 2: Highlight
Highlight Financial Results
Slide 3: FY2020: Highlights
FY2020 : Highlights • Simulated construction cost increase due to COVID-19 was included in 2020 closing. • Reduction of charter and operation revenue was recognized as the result of oil production stop due to COVID-19. • Revenue is JPY 309.9 billion • Net loss is JPY 13.0 billion <a href='https://jp
Slide 4: FY2020: New Awards
FY2020 : New Awards Awarded 2 FPSOs Awarded O&M contract for FPSO Sangomar FPSO Sangomar Equinor Bacalhau FPSO Client Woodside Client Equinor Contract Purchase Contract Contract Sales and Purchase Agreement Field Location Sangomar Field (Senegal) Field Location Bacalhau Field (ex Carcara Brazil)
Slide 5: FY2020: EPC(I) (as of December 2020)
FY2020：EPC(I) (as of December 2020) FPSO FPSO FPSO FPSO FPSO FPSO Carioca Guanabara MIAMTE Almirante Barroso Anita Garibaldi Sangomar MV30 MV31 MV34 MV32 MV33 Client Petrobras Petrobras Eni Mexico Petrobras Petrobras Woodside Contract EPCI + Time EPCI + Time EPCI + Time EPCI + Time EPCI + Time Purch
Slide 6: (Reference) Infection status of COVID-19
(Reference)Infection status of COVID-19 出典: "Dong E, Du H, Gardner L. An interactive web-based dashboard to track COVID-19 in real time. Lancet Inf Dis. 20(5):533-534. doi: 10.1016/S1473-3099(20)30120-1" 6
Slide 7: EPC(I) / Charter / O&M Period
As of February 2021 EPC(I) period Time Charter fixed period EPC(I) / 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 Sangomar Woodside 10y 2 32.5 FPSO Anita Garibaldi MV33 Petrobras 25y 3 35.0 FPSO Al
Slide 8: Projects in Planning Pipeline as of January 2021
Projects in Planning Pipeline (Appraisal, Planning, and Bidding/Final Design) as of January 2021 Although some investment decisions are suspended due to the impact of COVID-19, potential demand is expected to remain consistent at the current oil price level*, and development of new projects is expec
Slide 9: FY2021: Outlook
FY2021 : Outlook Revenue Profit Attributable to Owners of Parent Billion JPY Billion JPY 400.0 400 25 21.8 19.4 332.6 20 309.9 15 10 221.9 5.0 191.1 5 200 0 (5) (10) (15) (13.0) 0 (20) (18.2) 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 • Revenue is expected to hit record a high of JPY 400 bill
Slide 10: Financial Results
Highlight Financial Results 10
Slide 11: New Orders / Revenue
New Orders / Revenue MV32 New Orders Revenue EPC(I)period Sangomar MV33 Billion JPY Billion JPY MV32 MV33 MV33 800 MV34 800 MV31 MV34 700.9 MV30 FSO Ailsa 635.8 MV29 Stampede MV27 MV25 2016 2017 2018 2019 2020 2021 400 400 320.7 332.6 309.9 253.6 229.9 221.9 191.1 92.7 0 0 2016 2017 2018 2019 2020 2
Slide 12: Order Backlogs
Order Backlogs Order backlogs for MODEC Group’s share in the “Lease, Charter and O&M services” of the affiliates accounted for by the equity method Billion JPY MV32 1,387.0 1,237.1 1,200 1,144.4 1,087.6 817.6 800 755.0 648.9 569.4 534.5 494.7 400 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 1
Slide 13: Operating Income
Operating Income Billion JPY A A : Consolidated Operating Profit A+B B : Operating Profit (equity method portion) A+B+C C : Influence of Deferred/Realized Profits 40.3 39.1 38.4 40 35.6 33.1 29.3 30 20 18.0 14.9 15.4 16.6 11.4 10 0.1 0 (0.4) (4.8) (10) (20) (21.6) (30) 2016 2017 2018 2019 2020 13
Slide 14: Influence of Deferred/Realized Profits
Influence of Deferred/Realized Profits Deferred Realized Balance Billion JPY 20 17.4 15 11.1 10 9.0 9.3 8.0 7.5 7.0 5.8 5 0.4 0.4 0 -1.0 -1.6 -3.0 -2.7 (5) -7.9 (10) 2016 2017 2018 2019 2020 14
Slide 15: (Reference) Review of project profit
(Reference)Review of project profit Concept of project profit review Profit forecast before review due to COVID-19 Profit Cost 15
Slide 16: Other Income
Other Income Equity in Earnings of Affiliates Net Interest Income Million USD Billion JPY 5.1 4.9 100 5 88.6 85.7 82.5 3.6 3.5 2.5 50 3 43.1 21.7 0 0 2016 2017 2018 2019 2020 16 2016 2017 2018 2019 2020
Slide 17: Ordinary Profits / Profit Attributable to Owners of Parent
Ordinary Profits / Profit Attributable to Owners of Parent Ordinary Profit Profit Attributable to Owners of Parent Billion JPY Billion JPY 40 40 29.4 28.7 30 30 24.3 21.0 21.8 19.4 20 20 10 10 0.2 0 0 (10) (10) (12.8) (13.0) (20) (20) (18.2) 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 17
Slide 18: Balance Sheet
Balance Sheet Billion JPY 400 52.3 350 Cash and deposit 66.1 150.8 300 Account payable 151.3 250 163.3 Account receivable 124.7 200 81.0 Other current liabilities Other current asset 86.0 150 31.9 37.1 10.8 15.0 4.7 LT loan payable Investment securities 100 20.0 Other non-current liabilities 72.2 59
Slide 19: Key Financial Indicators
Key Financial Indicators EBITDA Interest-Bearing Debt EBITDA（after adjustment*） Total interest-bearing debt（after EBITDA Instant Coverage Ratio adjustment*） Billion JPY X times Billion JPY 14.9 X times 57.8 Total interest-bearing debt/EBITDA 60 53.3 53.4 300 14.5 11.0 13.0 256.8 11.5 7.5 9.0 40 33.5
Slide 20: Thank you
Thank you