MODEC, Inc Financial Results Analysts Presentation. February 22, 2012

Transcription

1 MODEC, Inc. 211 Financial Results Analysts Presentation February 22, 212

2 Operations Review Financial Results & Outlook 2

3 211 Operations Overview Order and Net Profit reached record levels Order billion JPY = 3.57 billion USD (Order in 28: billion JPY = 3.51 billion 91.4) Net Profit 3.6 billion JPY = 39.4 million USD (Net Profit in 27: 4.49 billion JPY = 39.4 million ) Two new orders for Brazil; Order totaled billion JPY (up by 59.8% from FY21) Record high in USD equivalent (3.57 billion USD) OSX-3 Cidade de Mangaratiba MV24 (Petrobras Cernambi Sul ) Revenue billion JPY (1.67 billion USD) In addition to the construction of PSVM and Cidade de Sao Paulo MV23 (Petrobras Guara ), construction of new awarded projects started in 4Q 211 Gross margin improved from deficit in 3Q to surplus in full year due to the settlement of VOR for construction Ordinary Profit 5,55 million JPY (65. million USD), Net Profit 3,67 million JPY (39.4 million USD) As a result of sales of s owned by affiliates, equity in earnings of affiliates and unconsolidated subsidiaries increased to 5,197 million JPY (66.8 million USD) Net Profit reached record high in USD equivalent Proposed annual dividend : 25. JPY per share Annual dividend forecast for FY212: 27.5 JPY per share 3

4 Construction Projects in 211 OSX-3 EPCI First Oil: Planned 213 September Waikiki Pero Inga fields (Brazil) - Under construction at Jurong shipyard New Award in 211 COSCO Dalian (China) Jurong (Singapore) BrasFELS (Brazil) Cidade de Sao Paulo MV23 EPC + Time Charter (2 yrs) Delivery: Planned 212 4Q Guara field (Brazil) - Topside integration ongoing at BrasFELS PSVM EPCI First Oil: Planned 212 2Q Plutão, Saturno, Vênus and Marte fields (Angola) - Under installation Cidade de Mangaratiba MV24 EPC + Time Charter (2 yrs) Delivery: Planned 214 3Q Cernambi Sul field (Brazil) - Under construction at COSCO Dalian shipyard New Award in 211 4

5 /FSO Time Charter / O&M Projects (As of February 212) Time Charter : 12 /FSOs O&M : 3 s 211 Brazil Southeast Asia MV8 Langsa Venture (Indonesia) - Charter terminated in January 211 Petrobras Cernambi South Cidade de Mangaratiba MV24 Song Doc Pride MV19 FSO Rang Dong MV17 FSO Rong Doi MV12 Jasmine Venture MV7 (Thailand) - Charter terminated in June 211 Kwame Nkrumah MV21(Ghana) - Client purchased the in December MODEC continues to provide O&M services Petrobras Guara Cidade de Sao Paulo MV23 Cidade de Angra dos Reis MV22 Cidade de Santos MV2 West Africa Kwame Nkrumah MV21 (O&M) Baobab Ivoirien MV1 Australia Gulf of Mexico Cidade de Niteroi MV18 FSO Cidade de Macae MV15 Pyrenees Venture (O&M) FSO Ta Kuntah Cidade do Rio de Janeiro MV14 Stybarrow Venture MV16 Fluminense (O&M) : Under construction T/C : Own & Operate O&M : Operate MODEC Venture 11 5

6 /FSO Time Charter / O&M Period (As of February 212) Time Charter fixed period O&M period Time Charter option period Cidade de Mangaratiba MV24 2y Cidade de Sao Paulo MV23 Kwame Nkrumah MV21 2y Cidade de Angra dos Reis MV22 Cidade de Santos MV2 Pyrenees Venture - 15y 15y 12y Cidade de Niteroi MV18 FSO Rang Dong MV17 Song Doc Pride MV19 9y 5y 9y Stybarrow Venture MV16 FSO Cidade de Macae MV15 Cidade do Rio de Janeiro MV14 8y 1y 2y FSO Rong Doi MV12 7y Baobab Ivoirien MV1 MODEC Venture 11 1y 5y Fluminense - 13y FSO Ta'Kuntah 1y Consolidated Subsidiary Affiliates accounted for by the Equity Method February 212 Time Charter : 12 /FSOs O&M : 3 s 6

7 Prospective Projects PEMEX Ta Kuntah FSO Life Et Extension PEMEX Ayatsil PEMEX SPM (SOFEC) Hess Pony TLP Noble Deep Blue Semi-sub Africa Southeast Asia & Pacific Gulf of Mexico Brazil Ghana Tullow TEN Kosmos Mahogany Angola Total Block 32 BP Block 31 Maersk Chissonga Block 16 Cobalt Block 9,2,21 21 Namibia Tullow Kudu Mozambique Anadarko Mozambique FPU Vietnam Chevron Block B Turret (SOFEC) PC Vietnam Block 12&16 CSJOC Block 1&11 Malaysia Shell Malikai TLWP Indonesia INPEX Masela FLNG Australia Woodside Browse LNG Development (TLP) Woodside Lady Nora BG Santos Basin FSO Petrobras Cernambi North Petrobras Carioca Nordeste Petrobras Franco Petrobras Siri -Badejo PNBV FLNG 7

8 Operations Review Financial Results & Outlook 8

9 Profit & Loss Variance Revenue 146,66 129,968 (16,692) Number of construction projects decreased in the first half of 211 Gross Profit 12,65 7,615 (4,45) Gross Profit margin 8.2% 5.9% -2.4% Gross profit decreased due to the decrease in revenue and influence of exchange rate fluctuations Selling, General and Administrative Expenses 8,51 7,322 (1,179) Operating Profit 3, (3,27) Secured surplus due to the settlement of VOR Other Income (A) 4,717 6,876 2,159 Other Expense (B) 2,123 2,114 (9) Total Other Income/Expenses (C=A-B) 2,594 4,762 2,168 (Equity in Earnings of Affiliates and Unconsolidated Subsidiaries included in C) (Exchange gain/loss and Gain/loss on revaluation of derivatives included in C) 2,568 5,197 2,629 Clients exercised purchase option (1,75) (1,388) (313) Ordinary Profit 6,156 5,55 (1,11) Extraordinary Profit (249) Loss on revaluation of USD-denominated loans receivable was booked due to appreciation of the yen Extraordinary Loss (56) Allowance for operating receivables, impairment loss on headquarter assets Income before Income Taxes and Minority Interests 5,831 4,536 (1,295) Net Income 2,735 3, Record high in USD equivalent (4 million USD) Exchange Rate (USD) ( 3.78) 9

10 Revenue Revenue Project EPC(I) Phase 2, 1, 144,4 143,669 24, ,66 129,968 Cidade de Mangaratiba MV24 OSX-3 Cidade de Sao Paulo MV Revenue (USD) Cidade de Angra dos Reis MV22 PSVM Kwame Nkrumah MV21 Cidade de Santos MV2 Pyrenees Venture (Mil. USD) 2,217 Song Doc Pride MV19 2, 1,262 1,578 1,799 1,672 Cidade de Niteroi MV18 FSO Rang Dong MV17 1, Shenzi TLP Stybarrow Venture MV FSO Cidade de Macae MV15 1

11 Ordinary Profit Ordinary Profit & Ordinary Profit before Deferred Profits Adjustment Influence of Deferred Profits Ordinary Profit Ordinary Profit before Deferred Profits Adjustment Deferred Realized Balance , 9,27 1,79 1, 1,396 1,536 7,828 7,672 7,454 6,254 6,473 5, 2,529 4,53 6,156 5,196 5,55 5, 4, , ,99-1,94-1,35-1, , -4,361 11

12 Orders & Order Backlogs Orders Order Backlogs 4, 2, 126, , , ,71 4, 2, 239,8 355, , , ,375 45, (Mil. USD) Orders (USD) Order Backlogs for Equity Method Portion (Lease, Charter and O&M) 4, 3,511 3,572 4, 2, 1,111 2,132 2, 99, , , , ,

13 Balance Sheet Variance Short-term Loans Receivable 31,291 6,244 (25,47) Total Assets: Total Current Assets 98,135 81,717 (16,418) Property and Equipment 15,33 11,963 (3,7) Intangible Assets 6,82 6,429 (391) Investments and Other Assets 26,638 24,2 (2,618) Total assets decreased as a result of the repayment of loans receivable from SPC As MV11 and MV17 became consolidated subsidiaries, deprecation of increased Total Fixed Assets 48,492 42,413 (6,79) Total Assets 146, ,13 (22,497) Short-term Loans Payable 23,237 5,46 (17,777) Total Liabilities: Total Current Liabilities 77,816 62,788 (15,28) Long-term Loans Payable 8,14 5,255 (2,885) Loans payable decreased which corresponded to the loans receivable from SPC Total Long-term Liabilities 1,486 9,111 (1,375) Total Liabilities 88,33 71,9 (16,43) Total Shareholders Equity 62,166 64,127 1,961 Total Net Assets: Total Accumulated Losses from Valuation and Translation Adjustments (8,535) (16,772) (8,237) Minority Interests in Consolidated Subsidiaries 4,693 4, As a result of changes in the accounting standard, deferred losses on hedging g derivative in connection with the interest rate swap at SPCs in the Netherlands were recorded Total Net Assets 58,323 52,23 (6,93) Total Liabilities, Net Assets 146, ,13 (22,497) 13

14 Cash Flow Cash Flow from Operating Activities As MV11 and MV17 became consolidated subsidiaries, depreciation of increased Cash Flow Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Flow from Financing Activities Cash Flow from Investing Activities Collection of loans receivable from SPC Cash Flow from Financing Activities Collection of loans which corresponded to the loans receivable from SPC 4, 3, 2, ,794 21,974 21,453 1, 3,811 5,49 7,52 7,668 4, , -9,887-6,96-2, -3, -21,635-2,662-4, -37,98 14

15 Key Financial Figures Operating profit 6,959 1,973 4,169 3, Depreciation and amortization 1,656 1,619 1, ,773 Amortization of consolidated differences Collection of lease receivable (Cantarell FSO, Inc., S.A. de C.V.) 2,834 1, EBITDA 11,462 5,436 5,813 4,732 3,323 Operating profit (equity method portion) 4,252 4,613 6,242 6,67 13,336 Depreciation and amortization (equity method portion) 3,848 3,945 5,142 5,611 6,126 Collection of lease receivable (equity method portion) 1,81 1,213 1,35 1,588 5,691 EBITDA (after adjustment) 2,643 15,27 18,547 18,538 28,476 Interest income 3,564 2,222 1,444 1, Interest expense 3,679 1,95 1, Interest expense (equity method portion) 975 2,33 2,978 3,324 6,23 Net Interest expense (after adjustment) 19 1, , , , ,891 EBITDA Interest Coverage Ratio (x times) Liabilities with interest 46,81 43,21 56,8 31,377 1,713 Liabilities with interest (equity method portion) 18,448 46,8 69,61 79,677 92,171 Cash and time deposits 21,499 45,82 31,55 12,122 17,32 Cash and time deposits (equity method portion) 2,873 4,183 4,66 7,848 9,3 Net liabilities with interest (after adjustment) 4,886 39,764 89,75 91,84 76,264 Net liabilities with interest / EBITDA (x times) ROE (%) ROA (%) Equity Ratio (%)

16 212 Financial Forecast Revenue Ordinary Profit 2, 24,225 8, 7, , ,66 129,968 15, 6,156 5,55 5, 1, 4, 2, (F) (F) Net Income (JPY) Net Income (USD) (Mil. USD) 4, 2, 1,357 2,413 2,735 3,67 3, (F) (F) Exchange Rate (F) 16