Slide 1: MODEC, Inc. 2012 Half-Year Financial Results Analysts Presentation
MODEC, Inc. 2012 Half-Year Financial Results Analysts Presentation August 13, 2012
Slide 2: Operations Review / Financial Results & Outlook
Operations Review Financial Results & Outlook 2
Slide 3: 2012 Half-Year Operations Overview
2012 Half-Year Operations Overview • Revenue: 85.6 billion JPY – 25.6 billion JPY higher than the original forecast – Mainly due to good progress of construction projects • Order booked by O&M and change orders – New projects might be awarded later than anticipated – Order: 83.9 billion JPY – O&M se
Slide 4: Projects under Construction
OSX-3 FPSO Projects under Construction EPCI First Oil: Planned 2013 September Waikiki Pero Inga fields (Brazil) - Under construction at Jurong shipyard COSCO Dalian (China) Jurong FPSO Cidade de Sao Paulo MV23 (Singapore) EPC + Time Charter (20 yrs) Delivery: Planned 2012 4Q BrasFELS Guara field (Br
Slide 5: Time Charter / O&M Projects (as of August 2012)
Time Charter : 12 FPSO/FSOs O&M : 3 FPSOs Time Charter / O&M Projects (as of August 2012) Brazil Petrobras FPSO Cernambi Cidade de Mangaratiba Southeast Asia Gulf of Mexico South FPSO MV24 (T/C) FPSO FSO Song Doc Pride Ta’Kuntah MV19 (T/C) FPSO (T/C) Petrobras Cidade de Sao Paulo Guara FPSO MV23 (T/
Slide 6: Time Charter / O&M Period (as of August 2012)
Time Charter / O&M Period (as of August 2012) Time Charter fixed period Time Charter option period O&M 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 Mangaratiba MV24 # 20y FPSO Cidade de Sao Paulo MV23 # 20y F
Slide 7: Prospective Projects
Prospective Projects • PEMEX Ta’Kuntah FSO Life Extension • PEMEX Ayatsil FPSO • Hess Pony TLP • Noble Deep Blue Semi-sub Gulf of Mexico Southeast Asia Africa & Pacific Brazil Ghana Vietnam Australia Brazil • Tullow TEN FPSO • Chevron Block B FSO • Woodside Browse TLP • BG Santos Basin FSO • Kosmos
Slide 8: Operations Review / Financial Results & Outlook
Operations Review Financial Results & Outlook 8
Slide 9: Profit & Loss
Profit & Loss (Mil. JPY) Variance 2011 2Q 2012 2Q 2011 2Q- 2011 2012 2Q Revenue 57,370 85,606 28,236 129,968 Higher progress in construction projects 2011 2Q: Gross profit dropped temporarily due to additional Gross Profit 1,921 4,813 2,892 7,615 costs Gross Profit margin 3.3% 5.6% 2.3% 5.9% Selling
Slide 10: Revenue
Revenue Project EPC(I) Phase Revenue (Mil. JPY) 250,000 2008 2009 2010 2011 2012 204,225 FPSO Cidade de Mangaratiba MV24 200,000 FPSO OSX-3 143,669 146,660 150,000 129,968 FPSO Cidade de Sao Paulo MV23 100,000 85,606 FPSO Cidade de Angra dos Reis MV22 50,000 FPSO PSVM FPSO Kwame Nkrumah MV21 0 2008
Slide 11: 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 2008 2009 2010 2011 2012 2Q (Mil. JPY) 10,079 (Mil. JPY) 10,396 10,536 10,715 10,000 10,000
Slide 12: Orders & Order Backlogs
Orders & Order Backlogs Orders Order Backlogs (Mil. JPY) (Mil. JPY) 400,000 400,000 355,924 359,375 355,438 319,614 300,000 277,710 300,000 229,914 213,667 200,000 173,835 200,000 100,000 83,959 100,000 45,010 0 0 2008 2009 2010 2011 2012 2Q 2008 2009 2010 2011 2012 2Q Order Backlogs for Equity Meth
Slide 13: Balance Sheet
Balance Sheet (Mil. JPY) 2011 2012 2Q Variance Short-term Loans Receivable 6,244 6,281 37 Total Assets: Total Current Assets 81,717 90,642 8,925 Loans receivable from SPC increased in accordance with progress of construction projects Property and Equipment 11,963 11,457 (506) Intangible Assets 6,429
Slide 14: Key Financial Figures
Key Financial Figures (Mil. JPY) 2008 2009 2010 2011 2012 2Q Operating profit 1,973 4,169 3,563 293 488 Depreciation and amortization 1,619 1,380 958 2,773 1,507 Amortization of consolidated differences 26 264 211 257 131 Collection of lease receivable (Cantarell FSO, Inc., S.A. de C.V.) 1,818 - - -
Slide 15: 2012 Financial Forecast
2012 Financial Forecast Revenue Ordinary Profit (Mil. JPY) (Mil. JPY) 204,225 200,000 8,000 7,454 150,000 6,156 143,669 146,660 129,968 5,055 5,000 100,000 4,000 2,529 0 0 2008 2009 2010 2011 2012(F) 2008 2009 2010 2011 2012(F) Net Income (JPY) Net Income (USD) (Mil. JPY) (Mil. USD) 4,000 50 3,500 4