Slide 1: 2009 Full-Year Financial Results Analyst Presentation
2009 FULL-YEAR FINANCIAL RESULTS ANALYST PRESENTATION MARCH 3,, 2010
Slide 2: Agenda
AGENDA I. 2009 HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 II. MARKET REVIEW & PROSPECTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 III. 2009 FINANCIAL RESULTS & 2010 FORECAST . . . . . . . . . . . . .
Slide 3: I. 2009 Highlights
I. 2009 HIGHLIGHTS 2009 OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2009-2010 PROJECTS IN PROGRESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2009 PROJECTS IN CHARTER . . . . . . .
Slide 4: 2009 Overview
2009 OVERVIEW • Increase in sales due to FPSO construction progress Sales reached more than the value in the previous forecast • Change of the Agreement on a FPSO From a charter agreement to EPCI agreement ⇒Operating profit increased • Write-off Write off of FPSO MODEC Venture 1 Although received an
Slide 5: 2009-2010 Projects in Progress
2009-2010 PROJECTS IN PROGRESS BHP Pyrenees FPSO FPSO Cidade de Niteroi MV18 FPSO Cidade de Santos MV20 First Oil : February 2010 (Petrobras Opportunity Oil FPSO) (Opportunity Gas #2 FPSO） MODEC operates First Oil : February 2009 First Oil: Planned in 1st half of 2010 MODEC owns and operates MODEC w
Slide 6: 2009 Projects in Charter
2009 PROJECTS IN CHARTER Petrobras Opportunity FPSO - FPSO Cidade de Niteroi MV18 Ch t Start: Charter St t February F b 2009 EPCI + Time Charter Charter Period: 9 years + 6 one-year y options p Jabuti field, Brazil 6
Slide 7: 2010 Projects in Operation
2010 PROJECTS IN OPERATION BHPB Pyrenees FPSO - FPSO Pyrenees Venture Operation Start: February 2010 EPC + O&M O&M Period: 15 years with possible extensions Pyrenees field, Australia 7
Slide 8: 2009 FPSO/FSO Operations
2009 FPSO/FSO OPERATIONS FPSO Baobab FPSO Song Doc Pride FSO Cidade de Macae Ivoirien MV10 MV19 FSO Rong Doi MV12 FSO Rang Dong MV17 FSO Ta’Kuntah MV15 FPSO Cidade de Niteroi MV18 (Charter started in Mar. Mar 2009) FPSO Cidade do Rio de Janeiro MV14 FPSO Fluminense FPSO Jasmine FPSO MV 8 Langsa FPSO
Slide 9: Lease/Operation Units
LEASE/OPERATION UNITS Under Construction In Operation North America Europe 1 2 1 1 1 MODEC SBM Prosafe BW MODEC SBM Prosafe BW Offshore Offshore West Africa Asia & Pacific Brazil 1 1 2 8 7 6 4 4 4 1 2 2 2 2 1 1 MODEC SBM Prosafe BW MODEC SBM Prosafe BW MODEC SBM Prosafe BW Offshore Offshore Offshore
Slide 10: II. Market Review & Prospects
II. MARKET REVIEW & PROSPECTS TIME CHARTER / O&M PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 PROSPECTIVE PROJECTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 FPSO Cidade Niteroi MV18 10
Slide 11: Time Charter / O&M Period
TIME CHARTER / O&M PERIOD Time Charter Contract O&M Contract Fixed period Option period Fixed period Option period 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 FPSO Cidade de Angra dos Reis MV22 ＊ 15y Tullow Jubilee FPSO ＊ 7y FPSO
Slide 12: Prospective Projects
PROSPECTIVE PROJECTS • PTTEP Block B6/27 • Shell Malikai TLWP (Malaysia) Nang Nuan FPSO Project (Thailand) • Enterprise Southern Green Canyon • Petronas FLNG FEED (Malaysia) Semi (GOM) • Tullow Jubilee II FPSO (Ghana) • INPEX Ichthys Project (Australia) • INPEX Masela FLNG (Indonesia) Brazil • Petro
Slide 13: III. 2009 Financial Results & 2010 Forecast
III. 2009 FINANCIAL RESULTS & 2010 FORECAST SALES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 SALES BY SERVICE TYPES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 ORDIN
Slide 14: Sales
SALES SALES Sales Ordinary Income Net Income 204 225 204,225 204 225 204,225 10,000 200,000 200,000 144,040 144,040 143,669 143,669 Mil. JPY) 150,000 150,000 (Miil. JPY) 99,149 99,149 100,000 100,000 , 5,000 (M 71 614 71,614 71 614 71,614 50,000 50,000 0 0 0 2005 2006 2007 2008 2009 2005 2006 2007 2
Slide 15: Sales by Service Types
SALES BY SERVICE TYPES Other SALES EPCI Lease, Charter and O&M 200,000 SALES from EPCI 150,000 Mil. JPY) - BHP Pyrenees FPSO 180,961 100,000 - Petrobras Tupi Pilot FPSO (FPSO Cidade de Angra dos Reis MV22) (M 121 892 121,892 113 688 113,688 - Tullow Jubilee FPSO 83,016 - Petrobras Opportunity Gas #2
Slide 16: Ordinary Income
ORDINARY INCOME INFLUENCE OF DEFERRED PROFITS Deferred Realized Balance ORDINARY INCOME 2005 2006 2007 2008 2009 6 254 6,254 6,473 , ORDINARY INCOME ORDINARY INCOME before deferred profits adjustment 6,000 4,730 10,000 9,027 7,672 4,000 3,530 (Mil . JPY) 5,885 7,828 2,313 PY) 5,146 , 7,454 (Mil. JP
Slide 17: Net Income
NET INCOME NET INCOME • Increase in sales based on the percentage of 5,000 4,499 completion method - Operating profit and ordinary income increased 3,213 3,305 Mil. JPY) • Increase in non-operating income because of low 2,413 2,500 US$ interest rates and European currencies’ (M appreciation i ti aga
Slide 18: Orders by Service Types
ORDERS BY SERVICE TYPES Other ORDERS EPCI Lease, Charter and O&M 300,000 250,000 • Change order intake to construction on a FPSO (Mil.. JPY) 200,000 265,105 150 000 150,000 100,000 109,084 126,864 • Extended O&M period 73,963 50,000 55,044 51,459 51,923 53,374 30,742 0 8,622 2005 2006 2007 2008 2009
Slide 19: Order Backlogs by Service Types
ORDER BACKLOGS BY SERVICE TYPES Other ORDER BACKLOGS Equity Method Portion ORDER BACKLOGS EPCI Lease, Charter and O&M Lease, Charter and O&M (Lease, Charter and O&M) 400,000 300,000 300,000 168,218 99,413 136,330 (Mil. JPY) 200,000 ((Mil. JPY) 221,487 113,040 200,000 133,792 82,689 76,701 48,894 77,
Slide 20: Cash Flow
CASH FLOW Cash Flow from Operating Activities CASH FLOW Cash Flow from Investing Activities Cash Flow from Financing Activities 28,794 30,000 21,974 19,003 20,000 11,878 11,716 11,867 10,000 5490 3,811 (Mil. J PY) -277 0 -498 -10,000 -6960 -9,887 -20,000 -20 043 -20,043 -21,549 -37,098 -30,000 2005
Slide 21: Key Financial Figures
KEY FINANCIAL FIGURES (Mil. JPY) 2005 2006 2007 2008 2009 Variance Operating profit 3,895 3,494 6,959 1,973 4,169 + 2,196 Depreciation and amortization 1,116 662 1,656 1,619 1,380 - 239 Amortization of consolidated differences 26 26 13 26 264 + 238 Collection of lease receivable (Cantarell FSO, Inc.
Slide 22: Forecast for FY2010
FORECAST FOR FY2010 SALES 204,225 200,000 Projects in progress in 2010 144 040 143,669 144,040 143 669 150,000 120,000 (Mil. JPY) • BHP Pyrenees FPSO 99,149 100,000 • Tullow Jubilee FPSO 71,614 • BP Angola PSVM FPSO 50 000 50,000 • FPSO Cidade de Santos MV20 • FPSO Cidade de Angra dos Reis MV22 0 20
Slide 23: Forecast for FY2010
FORECAST FOR FY2010 SALES ORDINARY INCOME 204,225 ORDINARY INCOME ORDINARY INCOME before deferred profits adjustment 200,000 144 040 144,040 143 669 143,669 10 000 10,000 9,027 150,000 7,672 (Mil. JPY) 120,000 6,700 99,149 5,885 7,828 (Mil. JPY) 100,000 5,146 7,454 71,614 5,000 4,053 5,408 50,000 4,