Slide 1: MODEC, Inc. 2012 Financial Results Analysts Presentation
MODEC, Inc. 2012 Financial Results Analysts Presentation February 19, 2013
Slide 2: Operations Review; Financial Results & Outlook
Operations Review Financial Results & Outlook 2
Slide 3: 2012 Operations Overview
2012 Operations Overview (Bil. JPY) New Orders 400 • New Order reached the highest level Awarded FPSO Cidade de ITAGUAỈ MV26 300 New order including operation service contract for 2 FPSOs reached the highest 200 level of JPY 342.6 billion (up by 23.4% from the previous year and higher than JPY 1
Slide 4: 2012 Operations Overview
2012 Operations Overview (Bil. JPY) Ordinary Profit 10 • Both ordinary profit and net profit also 8 recorded the highest level of JPY9.2 billion and JPY5.1 billion respectively 6 JPY 2.2 billion was booked as FX gain as USD/JPY 4 exchange rate rose to 86.56 in 2012 from 77.74 in 2011. 2 0 2008 200
Slide 5: 2012 Operations Overview
2012 Operations Overview (Bil. JPY) Total Interest-Bearing Debt 60 • Total Debt : Decreased to 7 billion 50 40 • Proposed annual dividend : 27.50 JPY per 30 share 20 Dividend has been increasing every year for 8 10 years. 0 2008 2009 2010 2011 2012 （JPY） Dividends per share (Bil. JPY) Equity 30 60
Slide 6: Construction Projects in 2012
Construction Projects in 2012 OSX-3 FPSO EPCI First Oil: Planned 2013 September EPC(I) period Waikiki Pero Inga fields (Brazil) 2011 2012 2013 - Under construction at Jurong shipyard FPSO Cidade de Itaguai MV26 FPSO Cidade de Mangaratiba MV24 FPSO OSX-3 FPSO Cidade de Sao Paulo MV23 FPSO PSVM FPSO C
Slide 7: Time Charter / O&M Projects (As of February 2013)
Time Charter : 13 FPSO/FSOs O&M : 3 FPSOs Time Charter / O&M Projects (As of February 2013) Brazil Petrobras FPSO Southeast Asia Gulf of Mexico Cidade de Itaguai Iracema FPSO FSO North FPSO MV26 Song Doc Pride Ta’Kuntah (T/C) MV19 (T/C) (T/C) FPSO Petrobras Cernambi Cidade de Mangaratiba FSO South F
Slide 8: Time Charter / O&M Period (As of February 2013)
Time Charter / O&M Period (As of February 2013) 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 Itaguai MV26 # 20y FPSO Cidade de Mangaratiba MV24 # 20y F
Slide 9: Prospective Projects
Prospective Projects Gulf of Mexico • PEMEX Ta’Kuntah FSO Life Extension • PEMEX Ayatsil FPSO • Hess Stampede TLP • Noble Deep Blue Semi-sub Gulf of Mexico Southeast Asia Africa & Pacific Brazil Ghana Vietnam Australia Brazil • Tullow TEN FPSO • CSJOC Block 10 & 11.1 FPSO • Woodside Browse TLP • Pet
Slide 10: Operations Review; Financial Results & Outlook
Operations Review Financial Results & Outlook 10
Slide 11: Profit & Loss
Profit & Loss (Mil. JPY) 2011 2012 Variance Construction revenue increased due to higher progress in FPSO Revenue 129,968 186,891 56,923 projects. Gross Profit 7,615 13,626 6,011 Gross Profit margin 5.9% 7.3% 1.4% Selling, General and Administrative Expenses 7,322 10,155 2,833 Operating Profit 293 3
Slide 12: Revenue
Revenue Revenue EPC(I) period (Mil. JPY) 250,000 2008 2009 2010 2011 2012 2013 204,225 FPSO Cidade de Itaguai MV26 200,000 186,891 FPSO Cidade de Mangaratiba MV24 143,669 146,660 150,000 129,968 FPSO OSX-3 100,000 FPSO Cidade de Sao Paulo MV23 FPSO Cidade de Angra dos Reis MV22 50,000 FPSO PSVM 0 20
Slide 13: 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 10,679 (Mil. JPY) 11,920 (Mil. JPY) 10,079 10,396 10,536 10,000 9,2
Slide 14: Orders & Order Backlogs
Orders & Order Backlogs Orders Order Backlogs (Mil. JPY) (Mil. JPY) 600,000 600,000 543,692 500,000 500,000 400,000 400,000 355,924 359,375 319,614 342,667 300,000 277,710 300,000 213,667 229,914 200,000 173,835 200,000 100,000 45,010 100,000 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Ord
Slide 15: Balance Sheet
Balance Sheet (Mil. JPY) 2011 2012 Variance Short-term Loans Receivable 6,244 3,739 (2,505) Total Assets: Total Current Assets 81,717 102,003 20,286 Cash/Deposit temporarily increased due to construction progress. Property and Equipment 11,963 12,423 460 Intangible Assets 6,429 6,759 330 Investments
Slide 16: Cash Flow
Cash Flow Cash Flow from Operating Activities ・ Change of a balance of accounts receivable /payable increased cash inflow. Cash Flow from Investing Activities Cash Flow ・Cash flow inverted from inflow to outflow due to inevestment to SPC. Cash Flow from Operating Activities Cash Flow from Financing
Slide 17: Key Financial Figures
Key Financial Figures (Mil. JPY) 2008 2009 2010 2011 2012 Operating profit 1,973 4,169 3,563 293 3,470 Depreciation and amortization 1,619 1,380 958 2,773 2,980 Amortization of consolidated differences 26 264 211 257 286 Collection of lease receivable (Cantarell FSO, Inc., S.A. de C.V.) 1,818 - - -
Slide 18: 2013 Financial Forecast
2013 Financial Forecast Revenue Ordinary Profit (Mil. JPY) 204,225 (Mil. JPY) 200,000 200,000 186,891 10,000 9,296 8,000 146,660 7,454 129,968 6,156 5,055 100,000 5,000 0 0 2009 2010 2011 2012 2013(F) 2009 2010 2011 2012 2013(F) Net Income (JPY) Net Income (USD) (Mil. JPY) (Mil. USD) 59 59 6,000 60