Inpex Corporation · TSE:1605
Inpex — H1 FY2009 Earnings Presentation
20 slides from Inpex's earnings presentation, Nov 6, 2009
Slide 1: Financial Results for the six months ended September 30, 2009
Financial Results f th for the six i months th endd deddS September t b 3030, 2009 INPEX COR RPORATION Novemb ber 6, 2009
Slide 2: Agenda
Ageenda Financial Results forr the six months ended September 300, 2009 Corporate C O Overview i w 1
Slide 3: Cautionary Statement
Cautionary y Statement This presentation includes forward‐looking forward looking g information that reflects the plan and expectations of the Company. Such forward d‐looking information is based on the current assumptions and judgments of the Company in light of the information currently tl availab
Slide 4: Financial Results for six months ended September 30, 2009
Financial Results for six montths ended September p 30,, 2009 Masahiro Murayama M Director, Managing g Executive Officer Senior General Manager Finance & Accou unting Division
Slide 5: Highlights of the Consolidated Financial Results
Highlights of the Consollidated Financial Results for the six months end ded September 30,30 2009 Apr.‐Sep. ‘08 Apr.‐Sep. ‘09 Change %change Net Sales S l ((Billions ll off yen)) 741.5 392.6 (348.9) (47.1%) Crude Oil Sales 478.0 232.5 (245.4) (51.4%) N Natural lGGas S Sales l (I(Including l di LPG)
Slide 6: Crude Oil Sales
Crude Oil O Sales Apr.‐Sep. ‘08 Apr.‐Sep. ‘09 Change %Change Net Sales (Billions of yen) 478.0 232.5 (245.4) (51.4%) Sales volume (Mbbl) 38,301 38,891 590 1.5% Average unit price of overseas 116.73 61.99 (54.74) (46.9%) production ($/bbl) Average unit A it price i off d domestic ti production(¥/kl)
Slide 7: Natural Gas Sales (Excluding LPG)
Natural Gas Saless (Excluding LPG) Apr.‐Sep. ‘08 Apr.‐Sep. ‘09 Change %Change Net Sales (Billions of yen) 239.0 143.1 (95.8) (40.1%) Sales volume (MMcf) 197,349 205,766 8,417 4.3% Average unit price of overseas 11.73 6.91 (4.82) (41.1%) production ($/Mcf) Average unit price of domestic production(¥/
Slide 8: Analysis of Net Sales Decrease
Analysis y of Net Sales S Decrease (Billi (Billions off Y Yen)) 800 17.7 600 400 741 5 741.5 (324 6) (324.6) (39.4) (2.6) 200 392.6 0 Net Sales Sales Volume Decrease in Exchange rate Net Sales Others Apr ‐Sep .‘08 Apr.‐Sep 08 Increase Unit Price ((Yen appreciation) pp ) Apr.‐Sep Apr ‐Sep .‘09 09 7
Slide 9: Statements of Income
Statementss of Income Crude oil sales : 232 5 232.5 (Billions ll off Yen) Y A Apr.‐Sep. ‘08 A ‐Sep. ’09 Apr.‐ Change h % h %change (Change) (245.4) Net Sales 741.5 392.6 (348.9) (47.1%) Natural Gas sales* : 148.0 (Change) (100.8) Cost of Sales 188 4 188.4 148 5 148.5 (39 8) (39.8) (21 2%) (21.2%) Ex
Slide 10: Other Income/Expenses
Other Incom me/Expenses p (Billions of Yen) Apr.‐Sep. ‘08 A Apr.‐Sep. ’09 Change %change Other income 10.7 7.2 (3.4) (32.4%) Interest income 3.4 2.3 (1.1) (32.9%) % Dividend income 3.7 2.2 (1.5) (41.4%) Equity q y in earnings g of affiliates 1.3 ‐ ((1.3)) ((100.0%)) Other 2.1 2.6 0.5 27.4% Other exp
Slide 11: Analysis of Net Profit Decrease
Analysis A ay i o of Net e Profit o i Decrease e ea e (Billions of yen) 17.7 Main Factor 100 ‐ Decrease in exploration nd Abadi expenditures for Browse an 228.1 1.7 104.0 47.6 0 Main Factor ‐ Decrease in royalty due to -100 100 decreased sales in ADMA block b 17.3 0 5.6 39.8 8 -200 (324.6) (39.4) (2
Slide 12: Balance Sheets
Balancee Sheets (Billi (Billions off yen)) M ‘09 Mar. S Sep. ’09 Ch Change % h %change Investment in Naoetsu Current assets 411.1 443.9 32.8 8.0% LNG receiving terminal and Ichthys, etc. Tangible fixed assets 297 6 297.6 330 9 330.9 33 3 33.3 11 2% 11.2% Intangible assets 253.6 245.7 (7.9) (3.1%) Re
Slide 13: Statements of Cash Flows
Statements off Cash Flows (Billions of Yen) Apr.‐Sep. ‘08 Apr.‐Sep. ’09 Change %change Income before income taxes and minority interests 479.4 193.3 (286.1) (59.7%) Depreciation and amortization 19.6 19.9 0.2 1.2% Recoveryy of recoverable accounts under p production sharing (capital expenditures) 25
Slide 14: Differences between Consolidated Financial Forecasts and Actual Results
Differences between Consolid dated Financial Forecasts and Actual Results for the six mon nths ended September 30, 30 2009 ‐ Assumptions (Aug. 5, 2009) 1st half (Previous Forecasts) Crude oil price (Brent) (US$/bbl) 59.0 E cha ge rate Exchange ate (yen/US$) (ye /US$) 96 2 96.2 1st half (Actual Resul
Slide 15: Revisions of Financial Forecasts for the year ending March 31, 2010
Revisions of Fin nancial Forecasts fo the yea for year eendin dingg Ma March ch 31 31, 2010 ‐ Assumptions (Aug. 5, 2009) 2nd half Full year Crude oil price (Brent) (US$/bbl) 55.0 57.0 Exchange rate (yen/US$) 95.0 95.6 (Nov. 4, 2009) 2nd half Full year Crude oil price (Brent) (US$/bbl) 65 0 65.0 64 7
Slide 16: Corporate Overview
Corporate Overview Naoki Kuroda K Representative diirector, irector President
Slide 17: Production Start-up Projects in 2009
Production Start Start‐u u Projects in 2009 up Frade Block (Braziil) Production start: June 2009 Oil production d ti n volume: l A Approximately i t l 100 100,000 000 bbl/d ((peak k rate) t ) INPEX particip pating interest : Approximately 6.85% Frade FPSO Tangguh LNG Pro oject (Indonesia) Fi
Slide 18: Ichthys Project
Ichthys Project FEED work in progress ‐ On nshore (natural gas liquefaction plant) ‐ Offfshore f ho e (CPF & pipeline) i eli e) Subm mitted Environmental Impact Stateement(EIS) ‐ Cu urrently drafting a revised version Production volume (expected): whicch reflects government’s comments Approx.
Slide 19: Abadi Project
Abadi Project Working W on the preparation for FEED AM MDAL/IESIA(International Environmental & Social S Impact Assessment) Traansfer a 10% participating interest to an Ind donesian company (PT EMP Energi Approved Development Concept donesia*) Ind ‐ Floating LNG * A subsidiary of PT Energi M
Slide 20: Leading to Gas Supply Chain
Leading to Gass Supply Chain Started construction of Naoetsu LNG Receiving Terminal (Jul. 2009) 2 - In nvestment cost: approximately 100 billion yen - Start‐up S target of operation: 2014 Comp pleted construction of Shin Oumi Line (Natural Gas Pipeliine)(Sep. 2009) - Location L : Between Tomioka