Slide 1: MODEC, Inc. 2019 Half-year Financial Results Analysts Presentation
MODEC, Inc. 2019 Half-year Financial Results Analysts Presentation August 2, 2019
Slide 2: Highlight / Market Review & Outlook / Financial Results
Highlight Financial Results Market Review & Outlook Financial Results 2
Slide 3: 2019 Half-Year: Highlights
2019 Half-Year : Highlights Revenue Operating Profit Ordinary Profit Profit Attributable to Owners of Parent 1H 2H 1H 2H Billion JPY Billion JPY 29.4 28.7 400 23.3 14.4 24.3 25 16.0 21.0 21.8 295.5 19.4 300 18.0 16.6 11.6 138.8 13.1 15.6 14.9 229.9 15 12.8 221.9 11.4 4.0 14.3 125.9 191.1 109.0 10.1
Slide 4: 2019 Half-Year: Highlights – New Orders
2019 Half-Year : Highlights New Order 1H 2H Billion JPY 800 700.9 616.3 Woodside SNE FPSO 600 FPSO Almirante Barroso MV32 Project Client Woodside Energy Client Petrobras (Senegal) B.V. 400 Contract FEED Contract EPCI＋Time Charter （21 years） 334.3 Delivery 2022 253.6 Field The SNE Field Location Fiel
Slide 5: 2019 Half-Year: EPC(I) (as of end-June 2019)
2019 Half-Year：EPC(I) (as of end-June 2019) FPSO FPSO FPSO FPSO Carioca Guanabara Area 1 Almirante Barroso MV30 MV31 MV34 MV32 Client Petrobras Petrobras Eni Mexico Petrobras Contract EPCI + Time Charter EPCI + Time Charter EPCI + Time Charter EPCI + Time Charter ( 21 yrs ) ( 22 yrs ) (15 years + 5
Slide 6: EPC(I) / Charter / O&M Period
As of August 2019 EPC(I) period Time Charter fixed period EPC(I) / Charter / O&M Period Time Charter option period O&M period 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 1 TBD FPSO Almirante Barroso MV32 Petrobras 21y 2 35.0 FPSO Area 1 Mexico MV34 Eni 15y 3 20.1 FP
Slide 7: Market Review & Outlook
Highlight Market Review & Outlook Financial Results 7
Slide 8: Market Review
Market Review Oil Price(WTI) FPSO Awards (Historical + Forecast) 150 Lease Turnkey No of Lease (forecast) Turnkey (forecast) FPSO awards 100 Speculative Petrobras serial FPSOs 30 50 25 0 2000 2005 2010 2015 Global liquid supply curve 20 USD/bbl 100 Oil sands 90 15 Row onshore 80 Russia onshore Offsh
Slide 9: FY2019: Outlook
FY2019 : Outlook Revenue Operating Profit Ordinary Profit Profit Attributable to Owners of Parent Billion JPY Billion JPY Billion JPY Billion JPY 400 20 40 25 18.0 350.0 21.8 21.0 19.4 295.5 14.9 29.4 20 15 30 28.7 24.3 229.9 11.4 15 221.9 18.0 12.0 191.1 10 20 200 8.0 10 12.8 5.0 5.8 5 10 5 0 0 0 0
Slide 10: Financial Results
Highlight Market Review & Outlook Financial Results 10
Slide 11: Profit & Loss
Profit & Loss 2018 1H 2019 1H Variance Million JPY Revenue 112,843 148,428 35,585 Revenue increased due to the progress of EPCI projects Gross Profit 16,453 3,963 (12,490) Gross profit decreased comparing to last Selling, General and Administrative Ecpenses 5,609 6,259 650 year mainly because th
Slide 12: New Orders / Revenue / Order Backlogs
New Orders / Revenue / Order Backlogs New Orders Revenue Order Backlogs EPC(I) period Order backlogs for MV32 MODEC Group’s Billion JPY MV34 share in the “Lease, Charter and O&M MV31 services” of the 1,261.1 MV30 affiliates accounted for 1,200 FSO Ailsa 1,144.4 by the equity method MV29 1,087.6 Stam
Slide 13: Influence of Deferred/Realized Profits / Equity in Earnings of Affiliates
Influence of Deferred/Realized Profits / Equity in Earnings of Affiliates Influence of Deferred/Realized Profits Equity in Earnings of Affiliates Deferred Realized Balance 2015 2016 2017 2018 2019 1H Million USD MV25 MV29 Billion JPY MV27 100 20 18.5 88.6 17.4 MV26 85.7 82.5 15 69.2 11.1 10 9.0 9.3
Slide 14: Balance Sheet
Balance Sheet 2018 2019 1H Variance Million JPY Cash and Deposits 51,215 53,987 2,772 Accounts Receivable - trade 95,065 120,327 25,262 Accounts receivable increased in line with EPC(I) progress Short-term Loans Receivable 43,021 23,151 -19,870 Short-term loans receivable decreased due to collec
Slide 15: Key Financial Indicators
Key Financial Indicators EBITDA Interest-Bearing Debt EBITDA（after adjustment*） Total interest-bearing debt（after adjustment*） EBITDA Instant Coverage Ratio Total interest-bearing debt/EBITDA Billion JPY X times Billion JPY X times 60 57.8 12.0 53.3 53.4 47.1 202.8 10.0 200 5.5 166.1 161.6 40 7.5 7.
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