Slide 1: Correction to the Presentation Material of the Financial Results
29 June, 2009 Correction to the Presentation Material of the Financial Results for the year ended March 31, 2009 INPEX CORPORATION today announced that the following corrections have been made to the Presentation Material of the Financial Results for the year ended March 31, 2009, which was disclose
Slide 2: Net Production Volume Projection (Before and After Correction)
< Before Correction> Net Production* Volume Projection Long term production target Tangguh LNG +6 Thousand BOED (Expected to start in Apr.‐Jun. 2009) (800‐1,000 thousand BOED) 1000 Frade Oil Field +2 Thousand BOED (Expected to start in the middle of 2009) 900 Van Gogh Oil Field +4 Thousand BOE
Slide 3: Financial Results for the year ended March 31, 2009
Financial Results for the year ended March 31, 2009 INPEX CORPORATION May 15, 2009
Slide 4: Agenda
Agenda Corporate Overview Outlook Financial Results for the year ended March 31, 2009 Consolidated Financial Forecasts for the year ending March 31, 2010 1
Slide 5: Cautionary Statement
Cautionary Statement This presentation includes forward‐looking information that reflects the plan and expectations of the Company. Such forward‐looking information is based on the current assumptions and judgments of the Company in light of the information currently available to it, and involves kn
Slide 6: Corporate Overview
Corporate Overview Naoki Kuroda Representative director, President
Slide 7: FY 2009/03 Corporate Highlights
FY 2009/03 Corporate Highlights Completed full integration between INPEX and Teikoku Oil in October 2008 Net profit down by 16%: under severe business environment such as sharp drop in oil prices under worldwide economic recession after historical high price in July 2008, and yen appreciation
Slide 8: Proved Reserves
Proved Reserves* By Resource Type By Region 2,000 2,000 1,775 1,770 1,775 1,770 1,800 1,800 1,645 1% 1% 1,645 1,598 1,598 1,600 1,600 2% 2% 685 630 1,400 558 1,400 550 48% 45% 1,200 45% 43% 1,200 MMBOE MMBOE 1,000 1,000 800 7% 12% 800 12% 13% 600 1,139 600 1,090 1,087 1,048 35% 33% 400 400 32% 33% 2
Slide 9: Proved + Probable Reserves
Proved + Probable Reserves* 5,000 RP Ratio*** 4,774 4,500 4,366 4,000 3,728 3,655 3,500 3,176 3,000 2,721 1,959 MM BOE 1,881 2,500 32.3 years 2,000 1,500 1,000 1,775 1,770 1,645 1,598 10.8 500 years 0 Mar. '06** Mar. '07 Mar. '08 Mar. '09 Proved Reserves Probable Reserves * Proved reserve volumes ar
Slide 10: Net Production (FY Mar. 2009)
Net Production* (FY Mar. 2009) 423 405 Main increase factor 3% 400 4% ・ Farm‐in of Block 18, Ecuador in Oct. 2008 (+2MBOE/D) 34% 300 36% Main decrease factor (MBOED) ・ Change in profit share and 13% 6% completion of initial cost 200 recovery in ACG Oil Fields (‐30MBOE/D) 42% 46% 100 Main increase fa
Slide 11: Ichthys LNG Project
Ichthys LNG Project Condensate LNG More than 8 MMt/a 85 Thousand bbl/d (peak rate) LPG 1.6 MMt/a Condensate 15 Thousand bbl/d (peak rate) Selected Darwin, Northern ox. 850 k m Darwin r app Territory as the location for gas 42” x liquefaction facility in Sep. 2008 FEED work ‐ Jan. 2009: natural g
Slide 12: Abadi LNG Project
Abadi LNG Project Submitted Plan of Development (POD) to Indonesian Government (BPMIGAS) in Sep. 2008 and acquired the approval from the Indonesian Government INPEX proposal - Floating LNG concept FLNG Image - Production capacity : annual average of 4.5 MM tons of LNG for more than 30 years - Ex
Slide 13: Domestic Natural Gas Business
Domestic Natural Gas Business Naoetsu LNG Receiving Terminal – FID to construct a LNG receiving Receiving Terminal Image terminal in the port of Naoetsu in Joetsu city, Niigata Prefecture in August 2008 – Total investment cost of approximately 100 billion yen (including the cost of construction an
Slide 14: Outlook
Outlook Naoki Kuroda Representative director, President
Slide 15: Investment Plan
Investment Plan By Activity By Region (Billions of Yen) (Billions of Yen) 613.0 613.0 600 15.0 600 18.0 54.0 500 500 84.0 428.0 428.0 16.0 400 400 355.0 355.0 49.0 318.2 529.0 318.2 15.0 38.0 97.0 300 300 21.8 32.9 93.0 396.0 374.0 60.1 273.0 200 235.3 200 248.0 171.3 164.0 100 100 59.0 45.0 44.0 39
Slide 16: Net Production Volume Projection
Net Production* Volume Projection Long term production target Tangguh LNG +6 Thousand BOED (Expected to start in Apr.‐Jun. 2009) (800‐1,000 thousand BOED) 1000 Frade Oil Field +4 Thousand BOED (Expected to start in the middle of 2009) 900 Van Gogh Oil Field +4 Thousand BOED (Expected to start
Slide 17: Financial Results for the year ended March 31, 2009
Financial Results for the year ended March 31, 2009 Mutsuhisa Fujii Director, Executive Vice President Head of Finance & Accounting Division
Slide 18: Highlights of the Consolidated Financial Results
Highlights of the Consolidated Financial Results for the year ended March 31, 2009 Mar. ‘08 Mar. ‘09 Change %change Net Sales (Billions of yen) 1,202.9 1,076.1 (126.8) (10.5%) Crude Oil Sales 783.4 650.3 (133.1) (17.0%) Natural Gas Sales (Including LPG) 391.0 398.2 7.1 1.8% Others 28.4 27.5 (0.8) (3
Slide 19: Crude Oil Sales
Crude Oil Sales Mar. ’08 Mar. ‘09 Change %Change Net Sales (Billions of yen) 783.4 650.3 (133.1) (17.0%) Sales volume (Mbbl) 85,716 75,427 (10,288) (12.0%) Average unit price of overseas 80.07 82.70 2.63 3.3% production ($/bbl) Average unit price of domestic production(¥/kl) 62,225 65,829 3,604 5.8%
Slide 20: Natural Gas Sales (Excluding LPG)
Natural Gas Sales (Excluding LPG) Mar. ’08 Mar. ‘09 Change %Change Net Sales (Billions of yen) 378.9 382.4 3.4 0.9% Sales volume (MMcf) 402,081 401,076 (1,005) (0.3%) Average unit price of overseas 8.26 9.22 0.96 11.6% production ($/Mcf) Average unit price of domestic production(¥/ m3) 35.70 37.39 1
Slide 21: Analysis of Net Sales Decrease
Analysis of Net Sales Decrease (Billions of Yen) 67.7 1,200 (90.9) 1,000 (102.7) (0.8) 800 600 1,202.9 1,076.1 400 200 0 Net Sales Sales Volume Increase in Exchange rate Net Sales Others Mar. ‘08 Decrease Unit Price (Yen appreciation) Mar. ‘09 18
Slide 22: Statements of Income
Statements of Income Crude oil sales : 650.3 (Billions of Yen) Mar. ‘08 Mar. ‘09 Change %change (Change) (133.1) Net Sales 1,202.9 1,076.1 (126.8) (10.5%) Natural Gas sales* : 398.2 (Change) +7.1 Cost of Sales 390.5 319.0 (71.5) (18.3%) Exploration expenses 34.0 25.9 (8.1) (23.8%) Cost of sales for
Slide 23: Other Income/Expenses
Other Income/Expenses (Billions of Yen) Mar. ‘08 Mar. ‘09 Change %change Other income 33.0 32.0 (1.0) (3.2%) Interest income 10.9 9.5 (1.4) (13.2%) Dividend income 5.4 12.3 6.8 126.8% Equity in earnings of affiliates 1.7 0.9 (0.8) (46.4%) Net gain from re‐ Net gain on re‐determination of unitized fi
Slide 24: Analysis of Net Profit Decrease
Analysis of Net Profit Decrease Main Factor ‐ Dividend income +6.8 ‐ Loss on valuation of investment securities (10.4) ‐ Net gain from re‐determination of reserves in previous year (billions of yen) (4.0) ‐ Net gain from the effect of joint venture agreement in previous year (3.4) ‐ Foreign exchange
Slide 25: Balance Sheets
Balance Sheets (Billions of yen) Mar. ‘08 Mar. ‘09 Change %change Investment in Van Current assets 565.1 411.1 (154.0) (27.3%) Gogh Oil Field and Ichthys, etc. Tangible fixed assets 254.4 297.6 43.1 17.0% Intangible assets 265.4 253.6 (11.7) (4.4%) Recoverable accounts under production 383.1 453.9 7
Slide 26: Statements of Cash Flows
Statements of Cash Flows (Billions of Yen) Mar. ‘08 Mar. ‘09 Change %change Income before income taxes and minority interests 685.7 616.1 (69.6) (10.2%) Depreciation and amortization 36.1 42.9 6.7 18.8% Recovery of recoverable accounts under production sharing (capital expenditures) 92.1 45.7 (46.4)
Slide 27: Financial Indices
Financial Indices Net Debt/Total Capital Employed (Net)* Equity Ratio** Mar. '08 Mar. '09 71.9% 64.0% (31.2%) (36.1%) Mar. '08 Mar. '09 D/E Ratio*** * Net Debt/Total Capital Employed (Net) = (Interest‐bearing debt ‐ Cash and deposits ‐ Public and corporate bonds and other debt securities (with deter
Slide 28: Consolidated Financial Forecasts for the year ending March 2010
Consolidated Financial Forecasts for the year ending March 31, 2010 Mutsuhisa Fujii Director, Executive Vice President Head of Finance & Accounting Division
Slide 29: Consolidated Financial Forecasts for the year ending March 2010
Consolidated Financial Forecasts for the year ending March 31, 2010 Mar. ‘09 Mar. ‘10 (Actual) (Forecasts ) Change % Change Brent oil price ($/bbl) 85.7 52.5 (33.2) (38.7%) 5.5 5.5% Average exchange rate (¥/$) 100.5 95.0 Yen appreciation Yen appreciation Net Sales (Billions of yen) 1,076.1 669.0 (40
Slide 30: Sales and Investment Plan for the year ending March 31, 2010
Sales and Investment plan for the year ending March 31, 2010 Mar. ‘09 Mar. ‘10 (Actual) (Forecasts ) Change % Change Crude oil (Mbbl)1 75,427 79,283 3,856 5.1% Sales Volume Natural gas (MMcf)2 401,076 396,024 (5,052) (1.3%) Overseas 340,447 337,170 (3,277) (1.0%) 60,629 58,854 (1,775) Japan (2.9%) (
Slide 31: Net Income Sensitivities
Net Income Sensitivities Estimated Impact of crude oil price and foreign exchange fluctuation on consolidated net income for the year ending March 31, 2010 (Billions of yen) Brent Crude Oil Price; $1/bbl increase (decrease) +2.1 (2.1) Exchange Rate; ¥1 depreciation (appreciation) against the U.S.