2007 FULL-YEAR FINANCIAL RESULTS ANALYST PRESENTATION

Transcription

1 27 FULL-YEAR FINANCIAL RESULTS ANALYST PRESENTATION FEBRUARY 22, 28

2 AGENDA I. 27 HIGHLIGHTS II. MARKET REVIEW & PROSPECTS III. 27 FINANCIAL RESULTS & 28 FORECAST

3 I. 27 HIGHLIGHTS FSO Rong Doi MV Cidade do Rio de Janeiro MV FSO Cidade de Macae MV Stybarrow Venture MV /FSO OPERATIONS NEW AWARDS PROJECTS IN PROGRESS OTHER TOPICS Stybarrow Venture MV16 3

4 27 HIGHLIGHTS: FSO Rong Doi MV12 KNOC Rong Doi FSO Charter Start: January 27 EPCI + Time Charter Charter Period: 7 years + twenty three 1-year options Rong Doi / Rong Doi Tay fields, Vietnam 4

5 27 HIGHLIGHTS: Cidade do Rio de Janeiro MV14 Petrobras RJS-49 Espadarte Sul Charter Start: January 27 EPCI + Time Charter Charter Period: 8 years + four 1-year options Espadarte Sul field, Brazil 5

6 27 HIGHLIGHTS: FSO Cidade de Macae MV15 Petrobras PRA-1 FSO Charter Start: November 27 EPCI + Time Charter Charter Period: 2 years Marlim Sul, Roncador and Marlim Leste fields, Brazil 6

7 27 HIGHLIGHTS: Stybarrow Venture MV16 BHP Stybarrow Charter Start: November 27 EPC + Time Charter Charter Period: 1 years + five 1-year options Stybarrow field, Australia 7

8 27 HIGHLIGHTS: 27 /FSO OPERATIONS MV 8 Langsa Venture Jasmine Venture MV7 Cuulong MV9 FSO Rong Doi MV12 (Charter started in January 27) FSO Ta Kuntah FSO Cidade de Macae MV15 (Charter started in November 27) Fluminense Baobab Ivoirien MV1 Stybarrow Venture MV16 MODEC Venture 11 (Charter started in November 27) MODEC Venture 1 (Decommissioned in July 27) Cidade do Rio de Janeiro MV14 (Charter started in January 27) 8

9 27 HIGHLIGHTS: 27 NEW AWARDS TSJOC Song Doc First Oil: Planned mid 28 EPCI + Time Charter Charter Period: 5 years + five 1-year options Song Doc field, Vietnam BHP Pyrenees First Oil: Planned first half of 21 EPC + O&M Charter Period: 15 years + possible extensions Pyrenees field, Australia 9

10 27 HIGHLIGHTS: PROJECTS IN PROGRESS Cidade de Niteroi MV18 (Petrobras Opportunity Oil ) First Oil: Planned 4Q 28 MODEC will own and operate New Order in 27 BHP Pyrenees First Oil: Planned first half of 21 MODEC will operate New Order in 27 TSJOC Song Doc First Oil: Planned mid 28 MODEC will own and operate JVPC Rang Dong FSO First Oil: Planned 3Q 28 MODEC will own and operate COSCO Dalian Samsung Shenzi TLP Target Installation: Planned 2Q 28 COSCO Zhoushan 1

11 27 HIGHLIGHTS: OTHER TOPICS Image courtesy of Velocys, Inc. GTL Joint Venture Agreement with Velocys and Toyo Engineering Master Agreements with COSCO and COOEC MV 8 Langsa Venture Write off the investment made by MODEC Production (Langsa) Pte Ltd. (approx. 2 billion yen) MODEC Venture 1 Terminated the oil production at Elang/Kakatua/Kakatua North field in July. 11

12 II. MARKET REVIEW & PROSPECTS MAJOR ORDERS IN LEASE/OPERATION UNITS PROSPECTIVE PROJECTS TIME CHARTER / O&M PERIOD PROJECT LOCATIONS FSO Cidade de Macae MV15 12

13 MAJOR ORDERS IN 27 EnCana Deep Panuke MOPU (Canada) SBM 8 years Petrobras Chinook/Cascade (GOM) BW Offshore 5 years + 3 years Petrobras P-57 (Brazil) SBM 3 years (O&M) Petrobras 2 FSRUs Petrobras (Brazil) 2 FSRUs Golar(Brazil) LNG 1 Golar yearslng 1 years Murphy Azurite FDPSO (Congo) Prosafe 7 years + 4x2 years TSJOC Song Doc (Vietnam) MODEC 5 years + 1x5 years BHP Pyrenees (Australia) MODEC 15 years + possible extensions (O&M) Apache Van Gogh (Australia) Prosafe 7 years + 8 years 13

14 LEASE/OPERATION UNITS Under Construction In Operation Europe North America 1 MODEC SBM Prosafe BW Offshore MODEC SBM Prosafe BW Offshore West Africa Asia & Pacific 1 3 Brazil MODEC SBM Prosafe BW Offshore MODEC SBM Prosafe BW Offshore MODEC SBM Prosafe BW Offshore 14

15 PROSPECTIVE PROJECTS Anadarko K-2 Injection CP Semi (GOM) Kosmos International West Cape Three Points (Ghana) ChevronTexaco Block 14 (Angola) BP Tubular Bells TLP (GOM) Petrobras FSRU (Brazil) BP Block 18&31 (Angola) Petrobras TLP (Brazil) Petrobras Gas Opportunity #2 (Brazil) ChevronTexaco Block A (Cambodia) Carigali Hess Early Gas Production Unit (Malaysia) Vietsovpetro FSO-6 (Vietnam) Premier Blackbird & Dua (Vietnam) KEI Kangean (Indonesia) INPEX Ichthys /FSO (Australia) MODEC Venture 1 relocation 15

16 TIME CHARTER / O&M PERIOD Time Charter Contract O&M Contract Fixed period Option period Fixed period Option period BHP Pyrenees Cidade de Niteroi MV18 JVPC Rang Dong MV17 FSO TSJOC Song Doc MV19 Stybarrow Venture MV16 FSO Cidade de Macae MV15 Cidade do Rio de Janeiro MV14 FSO Rong Doi MV12 Jasmine Venture MV7 Baobab Ivoirien MV1 MODEC Venture 11 Cuulong MV9 Fluminense MV8 Langsa Venture FSO Ta'Kuntah MODEC Venture 1 - * * * * * * * * * * * - * * * * Consolidated Subsidiary * Affiliates accounted for by the Equity Method February 28 Time Charter: 1 /FSOs, O&M: 1 16

17 PROJECT LOCATIONS FSO Vietsovpetro 1 FSO Rong Doi MV12 Cuulong MV9 FSO Nanhai Sheng Kai Nanhai Sheng Li Kakap Natuna Anoa Natuna Prince TLP JVPC Rang Dong MV17 FSO TSJOC Song Doc MV19 Marco Polo TLP Jasmine Venture MV7 Shenzi TLP FSO Pathumabaha FSO Ta Kuntah MV 8 Langsa Venture FSO Cidade de Macae MV15 Baobab Ivoirien MV1 Fluminense Escravos LPG FSO Cidade do Rio de Janeiro MV14 FSO Kome Kribi 1 Cidade de Niteroi MV18 BHP Pyrenees Under construction Oveng TLP & Okume/Ebano TLP FSO Madiela Tchatamba A MOPU Stybarrow Venture MV16 MODEC Venture 11 MODEC Venture 1 Whakaaropai Buffalo Venture GRAY: Relocated / Decommissioned 17

18 III. 27 FINANCIAL RESULTS & 28 FORECAST SALES SALES BY SERVICE TYPES ORDINARY INCOME NET INCOME ORDERS BY SERVICE TYPES ORDER BACKLOGS BY SERVICE TYPES CASH FLOW KEY FINANCIAL FIGURES FORECAST FOR FY Cidade do Rio de Janeiro MV14 18

19 SALES SALES Sales Ordinary Income Net Incom e 2, 15, 144,4 1, 15, 1, 5, 66,751 51,891 71,614 99, ,4 1, 5, 66,751 51,891 71,614 99,149 5, Variance Sales 66,751 51,891 71,614 99, ,4 + 44, % Gross Profit 7,689 7,338 8,56 9,381 16,97 + 7, % Operating Profit 4,147 3,779 3,895 3,494 6, , % Ordinary Income 3,19 3,71 5,48 4,664 7, , % Net Income 2,29 2,23 3,213 3,35 4, , % 19

20 SALES BY SERVICE TYPES 15, SALES Other EPCI Lease, Charter and O&M SALES form EPCI 1, 5, 121,892 83,16 57,864 54,974 39,422 8,176 9,148 14,166 15,154 21,262 BHP Pyrenees TSJOC Song Doc MV19 Cidade de Niteroi MV18 (Petrobras Opportunity ) JVPC Rang Dong MV17 FSO Shenzi TLP Stybarrow Venture MV16 EPC Period BHP Pyrenees TSJOC Song Doc MV19 Cidade de Niteroi MV18 EPCI 57,864 39,422 54,974 83,16 121,892 Lease, Charter and O&M 8,176 9,148 14,166 15,154 21,262 Other 71 3,32 2, SALES 66,751 51,891 71,614 99, ,4 JVPC Rang Dong MV17 FSO BHP Shenzi TLP Stybarrow Venture MV16 FSO Cidade de Macae MV15 Cidade do Rio de Janeiro MV14 FSO Rong Doi MV12 Amerada Hess Oveng TLP Amerada Hess Okume/Ebano TLP 2

21 ORDINARY INCOME ORDINARY INCOME ORDINA RY INCOME ORDINARY INCOME before deferred profits adjustment 1, 9,94 5,25 5,146 5,88 7,828 5, 3,54 5,48 3,71 3,19 4,664 6, 4, 2, -2, INFLUENCE OF DEFERRED PROFITS Def erred Realized Balance 3,53 4,796 2,575 2,313 1,251 1, ,355-1,211-1,396-1,971 Variance Sales 66,751 51,891 71,614 99, ,4 + 44, % Gross Profit 7,689 7,338 8,56 9,381 16,97 + 7, % Operating Profit 4,147 3,779 3,895 3,494 6, , % Ordinary Income 3,19 3,71 5,48 4,664 7, , % Net Income 2,29 2,23 3,213 3,35 4, , % 21

22 NET INCOME NET INCOME 5, 2,5 2,29 2,23 3,213 3,35 4,499 Extraordinary loss: approx. 2 billion yen Write off of the investment made by MODEC Production (Langsa) Pte Ltd. in the Langsa field development Extraordinary profit: approx..8 billion yen Sale of securities Variance Sales 66,751 51,891 71,614 99, ,4 + 44, % Gross Profit 7,689 7,338 8,56 9,381 16,97 + 7, % Operating Profit 4,147 3,779 3,895 3,494 6, , % Ordinary Income 3,19 3,71 5,48 4,664 7, , % Net Income 2,29 2,23 3,213 3,35 4, , % 22

23 ORDERS BY SERVICE TYPES 2, 15, 1, 5, 59,24 24,717 27,118 22,935 ORDERS 19,84 126,864 Other EPCI Lease, Charter and O&M 73,963 55,44 51,459 51, Cidade de Niteroi MV18 (Petrobras Opportunity ) Shenzi TLP JVPC Rang Dong MV17 FSO Stybarrow Venture MV16 27 BHP Pyrenees TSJOC Song Doc MV19 Variance EPCI 59,24 24,717 19,84 126,864 73,963-52, % Lease, Charter and O&M 27,118 22,935 55,44 51,459 51, % Other 625 2,489 2,49 1, % ORDERS 86,949 5, , , ,792-52, % 23

24 ORDER BACKLOGS BY SERVICE TYPES 4, ORDER BACKLOGS Other EPCI Lease, Charter and O&M 3, ORDER BACKLOGS (Lease, Charter and O&M) Equity Method Portion Lease, Charter and O&M 3, 2, 1, 133,792 82,689 77,744 14, ,31 156,238 36,765 21,481 43,448 56,42 2, 1, 99, ,4 48, ,31 156,238 39,772 36,44 14,315 43,448 56,42 Variance EPCI 36,765 21,481 77, ,792 82,689-51, % Lease, Charter and O&M 43,448 56,42 14, ,31 156, , % Other % ORDER BACKLOGS 8,333 77, , , ,8-25, % Variance Equity Method Portion 39,772 36,44 48, ,4 99,413-13, % Lease, Charter and O&M 43,448 56,42 14, ,31 156, , % ORDER BACKLOGS (Lease, Charter and O&M) 83,22 92, ,29 244,71 255, , % 24

25 CASH FLOW 2, 1, -1, -2, -3, 5,452-8,629 7,29 9,623-14,42 5,164 CA SH FLOW 11,878 11,716-21,549 19,3-2,43 Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Flow from Financing Activities 11,867 5,157-11, 増減 Cash Flow from Operating Activities 5,452 9,623 11,878 11,716 5,157-6, % Cas h Flow from Inves ting Activities -8,629-14,42-21,549-2,43-11,242 8, % Cash Flow from Financing Activities 7,29 5,164 19,3 11, , % Cash and Cash Equivalents at Ending of Year 13,795 14,61 25,61 28,827 21,443-7, % 25

26 KEY FINANCIAL FIGURES Variance Operating profit 4,147 3,779 3,895 3,494 6, ,465 Depreciation and amortization 1, , , Amortization of consolidated differences Collection of lease receivable (Cantarell FSO, Inc., S.A. de C.V.) 1,321 1,594 1,991 2,34 2, EBITDA 7,315 6,34 7,28 6,522 11, ,94 Operating profit (equity method portion) ,167 3,151 4, ,11 Depreciation and amortization (equity method portion) 648 1,456 2,19 2,566 3, ,282 Collection of lease receivable (equity method portion) ,19 1, EBITDA (after adjustment) 8,28 8,141 11,993 13,258 2, ,385 Interest income ,282 3,545 3, Interest expense ,261 3,661 3, Interest expense (equity method portion) , Net Interest expense (after adjustment) ,139 1,9-49 EBITDA Interest Coverage Ratio Variance Liabilities with interest 25,741 25,661 37,545 49,95 46,81-3,14 Liabilities with interest (equity method portion) 12,634 24,38 19,574 15,836 18, ,612 Cash and time deposits 12,264 14,61 25,61 28,827 21,499-7,328 Cash and time deposits (equity method portion) 579 1,93 1,46 1,697 2, ,176 Net liabilities with interest (after adjustment) 25,532 34,887 3,652 35,262 4, ,624 Net liabilities with interes t / EBITDA Variance ROE (%) ROA (%) Equity Ratio (%)

27 FORECAST FOR FY28 SALES 2, 15, 1, 5, 144,4 14, 99,149 66,751 71,614 51,891 28E Projects in progress in 28 BHP Pyrenees TSJOC Song Doc MV19 Cidade de Niteroi MV18 (Petrobras Opportunity ) JVPC Rang Dong MV17 FSO EPC Period 15, SALES Other EPCI Lease, Charter and O&M BHP Pyrenees TSJOC Song Doc MV , 5, 14, 121,892 83,16 57,864 54,974 39,422 8,176 9,148 14,166 15,154 21,262 28E Cidade de Niteroi MV18 JVPC Rang Dong MV17 FSO BHP Shenzi TLP Stybarrow Venture MV16 FSO Cidade de Macae MV15 Cidade do Rio de Janeiro MV14 FSO Rong Doi MV12 Amerada Hess Oveng TLP Amerada Hess Okume/Ebano TLP 27

28 FORECAST FOR FY28 SALES ORDINARY INCOME 2, ORDINA RY INCOME ORDINARY INCOME before deferred profits adjustment 15, 144,4 14, 1, 9,94 1, 5, 66,751 51,891 71,614 99,149 5, 5,88 5,25 5,146 7,828 3,54 5,48 4,664 3,19 3,71 6,5 28E 28E NET INCOME INFLUENCE OF DEFERRED PROFITS 6, 4,499 4,6 8, Def erred Realized Balance 28E 4, 2, 3,213 3,35 2,29 2,23 28E 4, -4, 4,796 3,53 2,575 2,313 1,251 1, ,355-1,211-1,396-1,971 Exchange Rate