Inpex Corporation · TSE:1605
Inpex — FY2013/03 Earnings Presentation
34 slides from Inpex's earnings presentation, May 13, 2013
Slide 1: Financial Results for the year ended March 31, 2013
INPEX CORPORATION Financial Results for the year ended March 31, 2013 May 13, 2013 0
Slide 2: Agenda
Agenda Corporate Overview Outlook Financial Results for the year ended March 31, 2013 Consolidated Financial Forecasts for the year ending March 31, 2014 1
Slide 3: Cautionary Statement
Cautionary Statement This presentation includes forward‐looking information that reflects the plan and expectations of the Company. Such forward‐looking information is based on the current assumptions and judgments of the Company in light of the information currently available to it, and involves kn
Slide 4: Corporate Overview
Corporate Overview Toshiaki Kitamura Representative Director, President & CEO
Slide 5: FY 2013/03 Corporate Highlights 1/2
FY 2013/03 Corporate Highlights 1/2 ■ Proved/Probable 4.09 billion BOE Reserves ■ Net Production 408 thousand BOED ■ Financial Results ‐ Net sales ¥1,216.5 billion (2.5% increase YoY) (Mar.2013) ‐ Net profit ¥182.9 billion (5.7% decrease YoY) ■ Ichthys ‐ Development works being successfully in progr
Slide 6: FY 2013/03 Corporate Highlights 2/2
FY 2013/03 Corporate Highlights 2/2 Continuous Enhancement of E&P Activities– (Growth Targets 1., under Medium‐ to Long‐Term Vision) ‐Acquisition of Production and Development Projects • Block 14, Offshore Angola (In Production) • Lucius Project, in the deep‐water Gulf of Mexico, U.S. (In Developm
Slide 7: Ichthys LNG Project (1/3)
Ichthys LNG Project (1/3) Onshore LNG Plant Site Accommodation Village Dredging in Darwin Harbor (April‐2013, Darwin) (April‐2013, Darwin) (March‐2013, Darwin) Status of Current Work ‐Engineering & procurement for offshore & onshore Proved reserves: Approx. 1,030 million facilities ongoing BOE *
Slide 8: Ichthys LNG Project (2/3)
Ichthys LNG Project (2/3) 2012 2013 2014 2015 2016 Engineering, Procurement, Construction and Commissioning for Onshore/ Offshore Facilities FID Production Fabrication and Laying of Gas Export Pipeline start‐up Site Preparation Work for Onshore LNG Plant, Dredging in Darwin Harbor Drilling Productio
Slide 9: Ichthys LNG Project (3/3)
Ichthys LNG Project (3/3) Characteristics / Strengths of the Project – Wet gas with rich Condensate and LPG – Good coordination and relationship with TOTAL • Readiness for cost – Sufficient period of FEED prior to FID overrun risk to → Thorough review on engineering works to secure stable ＋ minimize
Slide 10: Abadi LNG Project
Abadi LNG Project SURF (subsea production facilities) FEED commenced in November 2012. FLNG FEED commenced in January 2013. AMDAL(Environmental & Social Impact Assessment Process) ongoing • Plans to complete the AMDAL report by the end of 2013 and to obtain final approval from the Ministry of En
Slide 11: Progress in Enhancing Gas Supply Chain
Progress in Enhancing Gas Supply Chain (Full view of Naoetsu LNG Receiving Terminal, as of April 2013) Construction of Naoetsu LNG Receiving Terminal ⁻ Construction work in final stage to start commercial operation in 2014 ⁻ Equipment and instruments undergoing operational check Expansion of the
Slide 12: Topics for FY 2013/03 (1/2)
Topics for FY 2013/03 (1/2) Acquisition of Production and Development Projects Production Fields Platform Production facility (Spar) construction site ■ Offshore Angola – Block 14 ■ Lucius Project – Deepwater Gulf of Mexico, – Agreed to acquire a 9.99% participating U.S. – Agreed to acquire a 7.2% p
Slide 13: Topics for FY 2013/03 (2/2)
Topics for FY 2013/03 (2/2) Acquisition of Exploration Blocks Offshore Blocks in the Onshore Block 10, Iraq UK Continental Shelf Participating Interest ：40% Participating Interest：30% (Operator：Lukoil) (Operator：Centrica) Block KG‐DWN‐2004/6, Offshore India – Participating Interest：26% (Operator：ONG
Slide 14: Net Production (FY 2013/03)
Net Production* (FY 2013/03) 500 426 408 Main increase factor 5% ・ Increase in production in Middle East / 400 4% Africa region mainly in the ADMA Block, Abu Dhabi (+3 thousand BOED) 36% (Thousand BOED) 300 39% Main decrease factor ・ Decrease in production in Offshore 6% 6% Mahakam Block due to natu
Slide 15: Proved + Probable Reserves and Reserves Indices
Proved + Probable Reserves* and Reserves Indices 5,000 Reserves Life Finding & Development Cost per BOE (3‐year average ） 4,500 4,404 (RP Ratio**) 4,255 80 4,126 4,095 70 78.6 4,000 60 50 3,500 US$/boe 1,823 40 1,907 30 3,000 2,929 20 11.2 2,818 Million BOE 6.3 2,500 10 0 2,000 27.5 Mar. ʹ11 Mar. ʹ1
Slide 16: Outlook
Outlook Toshiaki Kitamura Representative Director, President & CEO
Slide 17: Investment Plan
Investment Plan By Activity Comparison with Plan Released FY 2012/03 (Billions of Yen) (Millions of US$) (Billions of Yen) 1,131.0 (Millions of US$ ) 1,200 11,910 Adjusted number (11,910) 12,000 11,425 due to the change 1,100 in accounting 11,000 treatment 1,000 919.0 9,175 10,000 9,838 9,670 (9,670
Slide 18: Net Production Volume Projection
Net Production* Volume Projection Through the Ichthys Target for the 2020s start‐up etc, the total 1,000 thousand BOED 1,000 production from existing projects will rise to 900 approximately 700 thousand BOED 800 600 ～ 700 700 600 (Thousand BOED) 503 500 475 410 443 408 400 4% 39% 300 6% 200 44% 100
Slide 19: FY 2014/03 Outlook
FY 2014/03 Outlook Investment Plan Net Production Project Development: Target production: Abadi LNG Project: Plans to 1,003.0 billion Yen 410 thousand BOED drill 3 delineation wells and 1 exploratory well from June Exploration: (2 thousand BOED 2013 increase on FY 2013/03) 91.0 billion Yen
Slide 20: Credit Ratings from Moody's
Credit Ratings from Moody’s Newly Obtained Credit Ratings Subject of Ratings Credit Ratings * Rating Outlook Long‐term Issuer Rating A1 Stable * For the detail information of the assigned credit ratings, please refer to the press release issued by Moody’s（http://www.moodys.co.jp/Pages/pressrelease
Slide 21: Financial Results for the year ended March 31, 2013
Financial Results for the year ended March 31, 2013 Masahiro Murayama Director, Managing Executive Officer Head of Finance & Accounting Division
Slide 22: Highlights of the Consolidated Financial Results
Highlights of the Consolidated Financial Results for the year ended March 31, 2013 Mar. ‘12 Mar. ‘13 Change %Change Net Sales (Billions of yen) 1,186.7 1,216.5 29.8 2.5% Crude Oil Sales 726.2 788.1 61.9 8.5% Natural Gas Sales (including LPG) 429.0 397.7 (31.2) (7.3%) Others 31.4 30.6 (0.8) (2.6%) Op
Slide 23: Crude Oil Sales
Crude Oil Sales Mar. ’12 Mar. ’13 Change %Change Net Sales (Billions of yen) 726.2 788.1 61.9 8.5% Sales volume (thousand bbl) 80,738 86,189 5,452 6.8% Average unit price of overseas 112.97 110.11 (2.86) (2.5%) production ($/bbl) Average unit price of domestic production(¥/kl) 60,263 64,207 3,945 6.
Slide 24: Natural Gas Sales (excluding LPG)
Natural Gas Sales (excluding LPG) Mar. ‘12 Mar. ‘13 Change %Change Net Sales (Billions of yen) 404.7 370.5 (34.2) (8.5%) Sales volume (million cf) 357,601 318,792 (38,809) (10.9%) Average unit price of overseas 14.12 13.43 (0.69) (4.9%) production ($/thousand cf) Average unit price of domestic sales
Slide 25: Statements of Income
Statements of Income Increase in Sales Volume : +7.6 (Billions of Yen) Mar. ’12 Mar. ’13 Change %Change Decrease in Unit Price : (24.2) Net Sales 1,186.7 1,216.5 29.8 2.5% Exchange rate (Depreciation of Yen) : +47.1 Cost of Sales 395.4 426.3 30.8 7.8% Others : (0.8) Cost of sales for Exploration exp
Slide 26: Other Income/Expenses
Other Income/Expenses (Billions of Yen) Mar. ‘12 Mar. ‘13 Change %Change Other income 102.0 98.6 (3.4) (3.3%) Interest income 4.3 8.7 4.3 98.5% Dividend income 6.9 7.8 0.8 12.0% Gain on sales of investment securities 0.0 25.4 25.4 ‐% Equity in earnings of affiliates 6.6 ‐ (6.6) (100.0%) Gain on tran
Slide 27: Analysis of Net Profit Decrease
Analysis of Net Profit Decrease (Billions of Yen) 250 Breakdown ‐ Increase in Exploration Expenses (8.3) 47.1 ‐ Increase in Allowance for Exploration (12.2) 7.6 (0.8) 200 30.1 (30.8) (24.2) (20.6) 7.6 (6.4) 150 Main Factors ‐ Increase in royalty due to increased sales (20.7) in ADMA block ‐ Increase
Slide 28: Balance Sheets
Balance Sheets (Billions of yen) Mar. ’12 Mar. ’13 Change %Change Current assets 908.7 1,106.5 197.8 21.8% Tangible fixed assets 383.6 584.5 200.8 52.3% Intangible assets 233.3 380.1 146.8 62.9% Recoverable accounts under production sharing 568.3 590.5 22.2 3.9% Other 1,073.0 1,067.2 (5.7) (0.5%) Le
Slide 29: Statements of Cash Flows
Statements of Cash Flows (Billions of Yen) Mar. ‘12 Mar. ‘13 Change %Change Income before income taxes and minority interests 767.0 718.1 (48.8) (6.4%) Depreciation and amortization 48.0 51.9 3.8 8.1% Recovery of recoverable accounts under production sharing (capital expenditures) 53.5 54.0 0.5 1.0%
Slide 30: Financial Indices
Financial Indices Net Debt/Total Capital Employed (Net)* Equity Ratio** Mar.ʹ12 Mar.ʹ13 71.1% 68.6% (43.9%) (60.7%) Mar.ʹ12 Mar.ʹ13 D/E Ratio*** * Net Debt/Total Capital Employed (Net) = (Interest‐bearing debt ‐ Cash and deposits ‐ Public and corporate bonds and other debt securities (with determina
Slide 31: Consolidated Financial Forecasts for the year ending March 31, 2014
Consolidated Financial Forecasts for the year ending March 31, 2014 Masahiro Murayama Director, Managing Executive Officer Head of Finance & Accounting Division
Slide 32: Consolidated Financial Forecasts for the year ending March 31, 2014
Consolidated Financial Forecasts for the year ending March 31, 2014 1st Half 2nd Half Full year Brent oil price ($/bbl) 100.0 100.0 100.0 Average exchange rate (¥/$) 95.0 95.0 95.0 Mar. ‘13 Mar. ‘14 Full Year (Actual) (Forecasts ) Change % Change Net Sales (Billions of yen) 1,216.5 1,209.0 (7.5) (0.
Slide 33: Sales and Investment Plan for the year ending March 31, 2014
Sales and Investment Plan for the year ending March 31, 2014 Mar. ‘13 Mar. ‘14 (Actual) (Forecasts ) Change % Change Crude oil (thousand bbl)1 86,189 83,744 (2,445) (2.8%) Sales Volume Natural gas (million cf)2 318,792 318,915 123 0.0% Overseas 253,363 251,589 (1,774) (0.7%) 65,429 67,326 1,897 Japa
Slide 34: Net Income Sensitivities
Net Income Sensitivities Estimated Impact of crude oil price and foreign exchange fluctuation on consolidated net income for the year ending March 31, 2014 (Billions of yen) Brent Crude Oil Price; $1/bbl decrease (increase) ‐2.2 (+2.2) Exchange Rate; ¥1 appreciation (depreciation) against the U.S.