Slide 1: 2021 Half-Year Financial Results Analysts Presentation
MODEC, Inc. 2021 Half-Year Financial Results Analysts Presentation August 4, 2021 1
Slide 2: Highlight, Market View & Outlook, Financial Results
Highlight Market View & Outlook Financial Results 2
Slide 3: FY2021 Half-Year: Highlights
FY2021 Half-Year : Highlights Awarded EPCI contract for Equinor Bacalhau FPSO Revenue is JPY 228.1 billion Net profit is JPY 1.3 billion Equinor Bacalhau FPSO Client Equinor Contract Sales and Purchase Agreement Field Location Bacalhau Field (ex Carcara Brazil) Water Depth 2,027m Oil Productio
Slide 4: FY2021 Half-Year: EPC(I) (as of June 2021)
FY2021 Half-Year：EPC(I) (as of June 2021) FPSO FPSO FPSO FPSO FPSO FPSO FPSO Carioca Guanabara MIAMTE Almirante Anita Garibaldi Sangomar Bacalhau MV30 MV31 MV34 Barroso MV32 MV33 Client Petrobras Petrobras Eni Mexico Petrobras Petrobras Woodside Equinor Contract EPCI + Time EPCI + Time EPCI + Time E
Slide 5: EPC(I) / Charter / O&M Period
As of July 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 Bacalhau Equinor 2 FPSO Sangomar Woodside 10y 3 32.5 FPSO Anita Garibaldi MV33 Petrobra
Slide 6: Highlight, Market View & Outlook, Financial Results
Highlight Market View & Outlook Financial Results 6
Slide 7: Energy Demand and Supply
FPSO/FSO & TLP Market Trends Energy Demand and Supply World Population Energy Demand Demand by Energy Type Billions Mtoe Mtoe 10 20,000 5,000 Oil Gas 4,000 Coal 3,000 5 10,000 2,000 Bioenergy Non-OECD Non-OECD Other renewables 1,000 Nuclear OECD OECD Hydro 0 0 0 2000 2010 2020 2030 2040 2000 2010 20
Slide 8: Floating Production Systems Planned or Under Study
FPSO/FSO & TLP Market Trends Floating Production Systems Planned or Under Study Projects in Planning Pipeline (Appraisal, Planning, and Bidding/Final Design) as of July 2021 World Total Bidding & Final Design 70 Planning 81 Appraisal 42 China Canada 1 0 1 3 Northern Europe 4 2 0 13 2 Southeast Asia
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: Highlight, Market View & Outlook, Financial Results
Highlight Market View & Outlook Financial Results 10
Slide 11: New Orders / Revenue
New Orders / Revenue MV32 New Orders Revenue EPC(I)period Bacalhau Sangomar Billion JPY Billion JPY MV33 MV33 MV33 800 800 MV32 MV34 700.9 MV34 635.8 MV31 MV30 FSO Ailsa MV29 2017 2018 2019 2020 2021 2022 400 400 320.7 EPC(I) 332.6 309.9 Lease, Charter and O&M 253.6 255.3 221.9 228.1 191.1 189.4 0 3
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 1,419.9 MV32 1,387.0 1,237.1 1,200 1,144.4 1,087.6 817.6 800 755.0 726.3 569.4 534.5 400 0 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
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 35.6 38.4 33.1 29.3 30 20 14.9 15.4 16.6 11.4 10 7.1 7.7 0.1 0 (0.4) (3.3) (4.8) (10) (20) (21.6) (30) 2017 2018 2019 2020 2021 1H 13
Slide 14: Influence of Deferred/Realized Profits
Influence of Deferred/Realized Profits Deferred Realized Balance Billion JPY 20 15 11.1 10 9.3 8.0 8.3 7.0 7.5 5.8 5 0.4 0.4 0.2 0 -1.0 -0.8 -1.6 -3.0 -2.7 (5) (10) 2017 2018 2019 2020 2021 1H 14
Slide 15: Other Income
Other Income Equity in Earnings of Affiliates Net Interest Income Million USD Billion JPY 5.1 100 4.9 5 88.6 85.7 3.6 3.5 50 43.1 3 1.9 32.3 21.7 0 0 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 1H 1H 15
Slide 16: 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 30 28.7 30 24.3 21.8 19.4 20 20 10 10 2.1 1.3 0.2 0 0 (10) (10) (12.8) (13.0) (20) (20) (18.2) 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 1H 1H 16
Slide 17: Balance Sheet
Balance Sheet Billion JPY 400 Cash and deposit 350 56.9 66.1 Account payable 139.9 300 151.3 Account receivable 250 156.8 124.7 200 Other current liabilities 117.3 86.4 Other current asset 22.4 150 37.1 4.7 1.9 LT loan payable Investment securities 14.4 20.0 75.5 Other non-current liabilities 100 67
Slide 18: 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 Total interest-bearing debt/EBITDA 294.2 X times 60 53.3 53.4 300 14.9 14.5 11.0 13.0 9.0 256.8 11.5 40 200 8.7
Slide 19: Thank you
Thank you 19