Slide 1: MODEC, Inc. 2013 Financial Results Analysts Presentation
MODEC, Inc. 2013 Financial Results Analysts Presentation February 14, 2014
Slide 2: Index
INDEX Operation Review 4–6 2013 Operation Overview 7 Major Orders in 2013 8 Construction Projects in 2013 9 Time Charter / O&M Projects 10 Time Charter / O&M Period 11 Prospective Projects Financial Results & Outlook 13 Profit & Loss 14 Revenue 15 Ordinary Profit 16 Orders & Order Backlogs 17 Balanc
Slide 3: Operations Review
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Slide 4: 2013 Operations Overview
2013 Operations Overview (Bil. JPY) New Orders • New Order recorded the highest level 600 Awarded 2 FPSO: Tullow T.E.N. MV25 FPSO 500 and FPSO Cidade de Caraguatatuba MV27 400 New order including constriction and operation 300 service reached the highest level of JPY 518.4 billion (up by 51.3% f
Slide 5: 2013 Operations Overview
2013 Operations Overview (Bil. JPY) Ordinary Profit • Ordinary profit recorded the highest level of 18 16 JPY15.8 billion 14 Earnings of affiliates recorded JPY 5.6 billion 12 JPY 3.8 billion was booked as FX gain as USD/JPY 10 exchange rate rose to 105.37 in 2013 from 86.56 in 8 6 2012. 4 （JPY）
Slide 6: 2013 Operations Overview
2013 Operations Overview (Bil. JPY) Equity • Net worth equity Capital: Increased to 70.8 80 billion 70 60 50 • Proposed annual dividend : 30.00 JPY per 40 share 30 Dividend has been increasing every year for 9 20 years. 10 0 2009 2010 2011 2012 2013 （JPY） Dividends per share (Bil. JPY) Total Inter
Slide 7: Major Orders in 2013
Major Orders in 2013 Tullow T.E.N. MV25 FPSO FPSO Cidade de Caraguatatuba MV27 Client: Tullow Ghana Limited. Client: Petro Brasileiro S.A. Scope of Work: EPCI + Time Charter Scope of Work: EPCI + Time Charter (10 years 10 one –year options） (20years） First Oil: Planned 2016 2Q First Oil: Planned 201
Slide 8: Construction Projects in 2013
Construction Projects in 2013 EPC(I) Period 2011 2012 2013 2014 2015 2016 FPSO Cidade de Caraguatatuba MV27 Tullow T.E.N. MV25 FPSO FPSO Cidade de Itaguai MV26 FPSO Cidade de Mangaratiba MV24 FPSO OSX-3 OSX-3 FPSO FPSO Cidade de Itaguai MV26 EPCI EPC + Time Charter (20 yrs.) First Oil: Done Delivery
Slide 9: Time Charter / O&M Projects (As of February 2014)
Under construction : 4 FPSOs Time Charter / O&M Projects (As of February 2014) T/C (Time Charter) : 12 FPSOs/FSOs O&M : 4 FPSOs Brazil Southeast Asia Petrobras FPSO Carioca Cidade de Caraguatatuba MV27 FPSO FPSO (T/C) Song Doc Pride MV19 (T/C) Petrobras FPSO FSO Iracema Cidade de Itaguai MV26 Rang D
Slide 10: Time Charter / O&M Period (As of February 2014)
Time Charter / O&M Period (As of February 2014) Time Charter fixed period Time Charter option period O&M period 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 FPSO Cidade de Caraguatatuba MV27 # 20y Tullow T.E.N. FPSO MV25 # 10y FPSO Cidade de Itaguai
Slide 11: Prospective Projects
Prospective Projects Gulf of Mexico • Hess Stampede TLP • Noble Gunflint Semi-Sub Gulf of Asia Mexico & Africa Oceania South America Ghana China Australia Brazil • ENI OCTP FPSO • CNOOC South China Sea TLP • Woodside Lady Nora FPSO • Petrobras Tartaruga Verde e Mestica Vietnam • Woodside Laverda FPS
Slide 12: Financial Results & Outlook
Financial Results & Outlook 12
Slide 13: Profit & Loss
Profit & Loss (Mil. JPY) 2012 2013 Variance Construction revenue increased due to higher progress in FPSO Revenue 186,891 254,401 67,510 projects. Gross Profit 13,626 16,713 3,087 Gross Profit margin 7.3% 6.6% -0.7% Selling, General and Administrative Expenses 10,155 13,009 2,854 Increased mainly du
Slide 14: Revenue
Revenue 建造工事 EPC(I) 期間 Revenue (Mil. JPY) 300,000 2009 2010 2011 2012 2013 2014 254,401 250,000 FPSO Cidade de Caraguatatuba MV27 204,225 200,000 Tullow T.E.N. MV25 FPSO 186,891 150,000 146,660 FPSO Cidade de Itaguai MV26 129,968 FPSO Cidade de Mangaratiba MV24 100,000 FPSO OSX-3 50,000 FPSO Cidade
Slide 15: Ordinary Profit
Ordinary Profit Ordinary Profit & Ordinary Profit before Deferred Influence of Deferred Profits Profits Adjustment Deferred Realized Balance Ordinary Profit Ordinary Profit before Deferred Profits Adjustment 20,000 2009 2010 2011 2012 2013 (Mil. JPY) 11,920 11,922 (Mil. JPY) 15,823 10,396 10,536 15,
Slide 16: Orders & Order Backlogs
Orders & Order Backlogs Orders Order Backlogs (Mil. JPY) (Mil. JPY) 600,000 1,000,000 896,669 518,482 500,000 800,000 400,000 342,667 600,000 543,693 300,000 277,710 400,000 359,375 200,000 173,835 213,667 229,914 100,000 200,000 45,010 0 0 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Orders (U
Slide 17: Balance Sheet
Balance Sheet (Mil. JPY) 2012 2013 Variance Short-term Loans Receivable 3,739 - (3,739) Total Assets: Accounts receivable temporarily increased due to the progress of Total Current Assets 102,003 120,889 18,886 awarded projects Property and Equipment 12,423 17,602 5,179 Intangible Assets 6,759 7,394
Slide 18: Cash Flow
Cash Flow from Operating Activities Cash Flow ・ Accumulated balance of accounts receivable /payable increased cash outflow. Cash Flow from Investing Activities Cash Flow ・Increased cash outflow due to investment to SPC. Cash Flow from Financing Activities Cash Flow from Operating Activities ・Increas
Slide 19: Key Financial Figures
Key Financial Figures (Mil. JPY) 2009 2010 2011 2012 2013 Operating profit 4,169 3,563 293 3,470 3,704 Depreciation and amortization 1,380 958 2,773 2,980 4,223 Amortization of consolidated differences 264 211 257 286 349 Collection of lease receivable (Cantarell FSO, Inc., S.A. de C.V.) - - - - EBI
Slide 20: 2014 Financial Forecast
2014 Financial Forecast (Mil. JPY) Revenue 300,000 Ordinary Profit 300,000 254,401 (Mil. JPY) 20,000 186,891 15,820 200,000 15,000 13,000 146,660 129,968 9,296 10,000 100,000 6,156 5,055 5,000 0 0 2010 2011 2012 2013 2014(F) 2010 2011 2012 2013 2014(F) Net Income (JPY) Net Income (USD) (Mil. JPY) (M