Slide 1: 2016 Half-Year Financial Results Analysts Presentation
MODEC, Inc. 2016 Half-Year Financial Results Analysts Presentation August 5, 2016
Slide 2: Highlight, Market Review & Outlook, Financial Results
MODEC, Inc. 2016 Half-Year Financial Results Market Review Financial Highlight & Outlook Results 2
Slide 3: 2016 Half-Year: Highlight
2016 Half-Year : Highlight Revenue Ordinary Profit Profit Attributable to Owners of Parent 1H 2H Full year 1H 2H 1H 2H Billion Billion JPY Billion JPY JPY 2012 2013 2014 2015 2016 400 378.5 20 8 18.3 216.5 15.8 12.4 5.7 5.8 295.5 6 5.4 300 5.9 5.1 4.9 6.0 254.4 138.8 12.8 4.4 147.1 10.1 4 4.6 4.3 20
Slide 4: 2016 Half-Year: EPC(I) (as of end-June 2016)
2016 Half-Year : EPC(I) (as of end-June 2016) FPSO FPSO Hess FPSO Maersk Cidade de Prof. John Evans Stampede Cidade de Campos Culzean Caraguatatuba Atta Mills TLP dos Goytacazes FSO MV27 (MV25) MV29 Client Petrobras Tullow Hess Petrobras Maersk Contract EPCI + Time Charter EPCI + Time Charter ECM EP
Slide 5: EPC(I) / Charter / O&M Period
As of August 2016 EPC(I) period EPC(I) / Charter / O&M Period Time Charter fixed period Time Charter option period O&M period 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 1 Culzean FSO (EPC) Maersk 2 Stampede TLP (ECM) Hess 3 1 FPSO Cidade de Campos dos 29.4 Goytacaz
Slide 6: Market Review & Outlook
MODEC, Inc. 2016 Half-Year Financial Results Market Review Financial Highlight & Outlook Results 6
Slide 7: FPSO New Orders in 2011~2016 1H
FPSO New Orders in 2011~2016 1H Share by Number of FPSO Awards Share by Oil Production Capacity No. of FPSO awards Thousand bpd MODEC 6 n = 53 MODEC 11% SBM 730 Kbpd Other Other 6 1,247 Kbpd 18% 23 11% 43% 30% SBM Bumi 710 Kbpd Armada PB serial 17% 6 PB serial 11% FPSOs FPSOs 600 Kbpd Bumi Teekay 15
Slide 8: Leased FPSOs (including FPSOs on order, as of July 2016)
Leased FPSOs (including FPSOs on order, as of July 2016) Share by Number of Leased FPSOs Share by Oil Production Capacity Bumi Saipem Thousand bpd Armada, 8, 161 Kbpd 9% 3% Teekay, Bluewater Yinson, 4, Other 10, 170 Kbpd SBM 4% 835 Kbpd 11% 3% 1,435 Kbpd MODEC, 13, 14% Saipem, 2, 25% 15% 2% Yinson O
Slide 9: Main Prospective Projects (as of August 2016)
Main Prospective Projects (as of August 2016) Europe North America Africa Asia & Pacific Latin America Ghana Indonesia Brazil FPSO (Charter) FPSO (Charter) Petrobras FPSOs (Charter) Cote d’Ivoire India Guyana FPSO (EPCI + TBD) FPSO (Charter) FPSO (Charter) Semi Senegal FPSO + FLNG (T
Slide 10: FY2016: Outlook
FY2016 : Outlook Revenue Operating Profit Ordinary Profit Profit Attributable to Owners of Parent Billion JPY Billion JPY Billion JPY Billion JPY 400 378.5 10 20 10 18.3 9.0 8.5 15.8 295.5 15.0 7.0 254.4 12.8 230.0 5.8 5.4 5.0 5.1 4.9 200 186.8 5 10 9.2 5 3.7 3.4 0 0 0 0 Exchange Rate on Closing Dat
Slide 11: Financial Results
MODEC, Inc. 2016 Half-Year Financial Results Market Review Financial Highlight & Outlook Results 11
Slide 12: Profit & Loss
Profit & Loss Variance 2015 1H 2016 1H 2015 1H 2015 Million JPY 2016 1H Revenue 156,773 104,031 (52,742) 295,596 Gross Profit 5,136 7,758 2,622 20,078 Selling, General and Administrative Expenses 7,296 5,413 (1,883) 15,003 Operating Profit (2,159) 2,344 4,503 5,075 Operating profit increased by JP
Slide 13: Revenue
Revenue Revenue Project Timeline EPC(I) Period Time Charter Period Billion JPY 400 378.5 Culzean FSO 295.5 300 254.4 MV29 200 186.8 Stampede TLP 104.0 MV27 100 MV25 0 2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 1H 13
Slide 14: New Orders & Order Backlogs
New Orders & Order Backlogs New Orders 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 987.9 1,000 896.6 761.6 703.8 620.5 636.1 543.6 551.2 518.4 529.8 500 395.7 342.6 350.3 188.7 19.3 0
Slide 15: Ordinary Profit
Ordinary Profit Influence of Deferred/Realized Profits Ordinary Profit (as if consolidating affiliates basis) A A : Consolidated Ordinary Profit Deferred Realized Balance A+B+C B : Ordinary Profit (equity method portion) C : Influence of Deferred/Realized Profits 2012 2013 2014 2015 2016 1H Billion
Slide 16: Balance Sheet
Balance Sheet 2015 2016 1H Variance Million JPY Cash and Time Deposits 57,956 38,748 (19,208) Short-term Loans Receivable 20,239 28,939 8,700 Total Current Assets 242,120 196,270 (45,850) Accounts receivable decreased due to timing difference between EPC(I) progress and Property and Equipment 18,4
Slide 17: Key Financial Indicators
Key Financial Indicators EBITDA Interest-Bearing Debt EBITDA (after adjustment*) Total interest-bearing debt (after adjustment*) Billion EBITDA Interest Coverage Ratio Billion Total interest-bearing debt/EBITDA JPY X times JPY X times 50 47.1 12.0 300 6.0 43.9 5.1 4.3 4.2 40 10.0 222.7 31.9 3.8 202.