Inpex Corporation · TSE:1605
Inpex — H1 FY2010 Earnings Presentation
21 slides from Inpex's earnings presentation, Nov 8, 2010
Slide 1: Financial Results for the six months ended September 30, 2010
Financial Results for the six months ended September 30, 2010 INPEX CORPORATION November 8, 2010
Slide 2: Agenda
Agenda 1. Corporate Overview Representative Director, President Toshiaki Kitamura 2. Financial Results for the six months ended September 30, 2010 Director, Managing Executive Officer Head of Finance & Accounting Division Masahiko Murayama 1
Slide 3: 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 4: Corporate Overview
Corporate Overview Toshiaki Kitamura Representative Director, President
Slide 5: Corporate Highlights of Apr.-Sep. 2010
Corporate Highlights of Apr.‐Sep. 2010 Net profit rose by 6.3% even in the business climate of the stronger yen. Higher oil prices contributing. Progress of the preparation for the development of Ichthys and Abadi LNG projects Progress in the upstream business : approval for the Kitan Oil Fiel
Slide 6: Ichthys Project
Ichthys Project Onshore (natural gas liquefaction plant) FEED works Condensate 85,000 bpd (peak) ‐ Major engineering work completed CPF ‐ Preparation work for procurement phase in progress FPSO Offshore (Offshore facilities & pipeline) FEED works LNG 8.4 million ton/year ‐ Major engineering work
Slide 7: Abadi Project
Abadi Project The Plan Of Development (POD) was approved in principle by the Indonesian Government Development Concept : Floating LNG A third‐party evaluation on the POD was conducted by the Indonesian Government Project way‐forward is currently under discussion with the Indonesian Government
Slide 8: Progress for the Gas Supply Chain
Progress for the Gas Supply Chain Current status of the Naoetsu LNG Receiving Extension of pipeline network Terminal construction ‐ Extension of Shin Tokyo Line toward ‐ Construction work of LNG storage tanks is ongoing (the Tokyo outer wall of LNG tanks as of the end of Oct. : Tank A ‐ Feasibil
Slide 9: Investment Plan and Funding Sources
Investment Plan and Funding Sources Approx. 4 trillion yen For Ichthys, Abadi, Kashagan, other E&P projects etc. from Fiscal 2010 to Fiscal 2016 Equity CashFlow Bank Loans Proceeds from equity Operating cash flow Sizeable lending from offering (approx. 520 (241.4 billion yen in JBIC* together wit
Slide 10: Financial Results for the six months ended September 30, 2010
Financial Results for the six months ended September 30, 2010 Masahiro Murayama Director, Managing Executive Officer Head of Finance & Accounting Division
Slide 11: Highlights of the Consolidated Financial Results
Highlights of the Consolidated Financial Results for the six months ended September 30, 2010 Apr.‐Sep. ‘09 Apr‐Sep. ‘10 Change %Change Net Sales (Billions of yen) 392.6 432.9 40.3 10.3% Crude Oil Sales 232.5 249.2 16.7 7.2% Natural Gas Sales (including LPG) 148.0 170.6 22.5 15.3% Others 11.9 13.0 1.
Slide 12: Crude Oil Sales
Crude Oil Sales Apr.‐Sep. ‘09 Apr.‐Sep. ‘10 Change %Change Net Sales (Billions of yen) 232.5 249.2 16.7 7.2% Sales volume (Mbbl) 38,891 36,496 (2,395) (6.2%) Average unit price of overseas 61.99 75.70 13.71 22.1% production ($/bbl) Average unit price of domestic production(¥/kl) 37,168 47,156 9,988
Slide 13: Natural Gas Sales (excluding LPG)
Natural Gas Sales (excluding LPG) Apr.‐Sep. ‘09 Apr.‐Sep. ‘10 Change %Change Net Sales (Billions of yen) 143.1 160.3 17.2 12.0% Sales volume (MMcf) 205,766 199,442 (6,324) (3.1%) Average unit price of overseas 6.91 8.39 1.48 21.4% production ($/Mcf) Average unit price of production(¥/ m3) 35.54 42.8
Slide 14: Analysis of Net Sales Increase
Analysis of Net Sales Increase (Billions of Yen) 500 (億円) 80.5 450 1.0 400 (26.1) 350 (15.1) 300 250 200 432.9 392.6 150 100 50 0 Net Sales Decrease in Increase in Exchange rate Net Sales Others Apr.‐Sep.‘09 Sales Volume Unit Price (Appreciation of Yen) Apr.‐Sep. ’10 13
Slide 15: Statements of Income
Statements of Income Crude Oil sales : 249.2 (Billions of Yen) Apr.‐Sep. ‘09 Apr.‐Sep. ’10 Change %Change (Change) +16.7 Net Sales 392.6 432.9 40.3 10.3% Natural Gas sales* : 170.6 (Change) +22.5 Cost of Sales 148.5 162.0 13.4 9.1% Exploration expenses 8.0 6.4 (1.6) (20.2%) Cost of sales for Crude O
Slide 16: Other Income/Expenses
Other Income/Expenses Apr.‐ Apr.‐ (Billions of Yen) Change %Change Sep. ’09 Sep. ’10 Other income 7.2 10.4 3.2 45.1% Interest income 2.3 2.0 (0.3) (13.4%) Dividend income 2.2 2.2 0.0 0.9% Equity in earnings of affiliates ‐ 0.3 0.3 ‐ Other 2.6 5.9 3.2 119.9% Other expenses 16.2 22.9 6.7 41.8% Interes
Slide 17: Analysis of Net Profit Increase
Analysis of Net Profit Increase Main Factor (億円) (Billions of Yen) ‐ Increase in net purchase of natural Main Factor 120 80.5 gas in Japan ‐ Provision for investments in exploration (1.0) ‐ Loss on adjustment for changes of accounting 110 standard for asset retirement obligations (1.5) ‐ Foreign exc
Slide 18: Balance Sheets
Balance Sheets (Billions of yen) Mar.’10 Sep. ’10 Change %Change Current assets 492.8 979.5 486.6 98.7% Due to purchase of Tangible fixed assets 358.0 369.7 11.6 3.3% securities Intangible assets 239.2 256.7 17.5 7.3% Recoverable accounts under production sharing 514.6 531.2 16.6 3.2% Other 503.8 49
Slide 19: Statements of Cash Flows
Statements of Cash Flows (Billions of Yen) Apr.‐Sep. ’09 Apr.‐Sep. ’10 Change %Change Income before income taxes and minority interests 193.3 220.1 26.8 13.9% Depreciation and amortization 19.9 28.0 8.1 41.0% Recovery of recoverable accounts under production sharing (capital expenditures) 25.0 23.9
Slide 20: Differences between Consolidated Financial Forecasts and Actual Results
Differences between Consolidated Financial Forecasts and Actual Results for the six months ended September 30, 2010 ‐ Assumptions (May 12, 2010) 1st half (Previous Forecasts) Crude oil price (Brent) (US$/bbl) 77.5 Exchange rate (yen/US$) 90.0 (Nov. 4, 2010) 1st half (Actual Results) Crude oil price
Slide 21: Revisions of Financial Forecasts for the year ending March 31, 2011
Revisions of Financial Forecasts for the year ending March 31, 2011 ‐ Assumptions (May 12, 2010) 1st half 2nd half Full year Crude oil price (Brent) (US$/bbl) 77.5 77.5 77.5 Exchange rate (yen/US$) 90.0 90.0 90.0 (Nov. 4, 2010) 1st half 2nd half Full year Crude oil price (Brent) (US$/bbl) 78.2 77.5