Slide 1: MODEC, Inc. 2011 Financial Results Analysts Presentation
MODEC, Inc. 2011 Financial Results Analysts Presentation February 22, 2012
Slide 2: Operations Review / Financial Results & Outlook
Operations Review Financial Results & Outlook 2
Slide 3: 2011 Operations Overview
2011 Operations p Overview • Order and Net Profit reached record levels – Order 277.7 billion JPY = 3.57 billion USD (Order in 2008: 319 319.6 6 billion JPY = 3.51 3 51 billion USD @ 91.04) 91 04) – Net Profit 3.06 billion JPY = 39.4 million USD (Net Profit in 2007: 4.49 billion JPY = 39.4 million U
Slide 4: Construction Projects in 2011
New OSX-3 FPSO Construction Projects j in 2011 EPCI First Oil: Planned 2013 September Award in 2011 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 Br
Slide 5: FPSO/FSO Time Charter / O&M Projects
Time Charter : 12 FPSO/FSOs O&M : 3 FPSOs FPSO/FSO Time Charter / O&M Projects j (As of February 2012) 2011 Brazil Petrobras FPSO FPSO MV8 Langsa Venture (Indonesia) Cernambi Cidade de Mangaratiba South FPSO MV24 Southeast Asia - Charter terminated in January 2011 (T/C) FPSO Song Doc Pride FPSO Jasm
Slide 6: FPSO/FSO Time Charter / O&M Period
FPSO/FSO Time Charter / O&M Period (As of February 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 M
Slide 7: Prospective Projects
Prospective p Projects j • PEMEX Ta’Kuntah FSO Life E t Extension i • PEMEX Ayatsil FPSO • PEMEX SPM (SOFEC) • Hess Pony TLP • Noble Deep Blue Semi-sub Gulf of Mexico Southeast Asia Africa & Pacific Brazil Ghana Vietnam • Tullow TEN FPSO • Chevron Block B Turret ((SOFEC)) • Kosmos Mahogany FPSO • PC
Slide 8: Financial Results & Outlook
Operations Review Financial Results & Outlook 8
Slide 9: Profit & Loss
Profit & Loss (Mil. JPY) 2010 2011 Variance Revenue 146,660 129,968 (16,692) Number of construction projects decreased in the first half of 2011 Gross profit decreased due to the decrease in revenue and Gross Profit 12,065 7,615 (4,450) influence of exchange rate fluctuations Gross Profit margin 8.2
Slide 10: Revenue
Revenue Project EPC(I) Phase Revenue (Mil. JPY) 204,225 2007 2008 2009 2010 2011 2012 200,000 FPSO Cidade de Mangaratiba MV24 144,040 143,669 146,660 129,968 FPSO OSX-3 100 000 100,000 FPSO Cidade de Sao Paulo MV23 FPSO Cidade de Angra dos Reis MV22 0 FPSO PSVM 2007 2008 2009 2010 2011 FPSO Kwame Nk
Slide 11: Ordinary Profit
Ordinaryy Profit Ordinary Profit & Ordinary Profit before Deferred Influence of Deferred Profits Profits Adjustment Ordinary Profit Deferred Realized Balance Ordinary Profit before Deferred Profits Adjustment 2007 2008 2009 2010 2011 (Mil. JPY) (Mil. JPY) 10,079 10,396 10,536 10,000 10,000 9,027 7 8
Slide 12: Orders & Order Backlogs
Orders & Order Backlogs g Orders Order Backlogs (Mil. JPY) (Mil. JPY) 400,000 400,000 355,924 359,375 319,614 277,710 239,008 229,914 213,667 00,000 200,000 173,835 , , 200,000 126,792 45,010 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Orders (USD) Order Backlogs for Equity Method Portion
Slide 13: Balance Sheet
Balance Sheet (Mil. JPY) 2010 2011 Variance Short-term Loans Receivable 31,291 6,244 (25,047) Total Assets: Total Current Assets 98,135 81,717 (16,418) Total assets decreased as a result of the repayment of loans receivable from SPC Property and Equipment 15,033 11,963 (3,070) As MV11 and MV17 becam
Slide 14: Cash Flow
Cash Flow from Operating Activities Cash Flow ・ As MV11 and MV17 became consolidated subsidiaries, depreciation of FPSO increased Cash Flow from Investing Activities Cash Flow ・Collection of loans receivable from SPC Cash Flow from Financing Activities Cash Flow from Operating Activities ・Collection
Slide 15: Key Financial Figures
Key y Financial Figures g (Mil. JPY) 2007 2008 2009 2010 2011 Operating profit 6,959 1,973 4,169 3,563 293 Depreciation and amortization 1,656 1,619 1,380 958 2,773 Amortization of consolidated differences 13 26 264 211 257 Collection of lease receivable (Cantarell FSO, Inc., S.A. de C.V.) 2,834 1,8
Slide 16: 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 3