2008 FULL-YEAR FINANCIAL RESULTS ANALYST PRESENTATION FEBRUARY 27, 2009
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1 28 FULL-YEAR FINANCIAL RESULTS ANALYST PRESENTATION FEBRUARY 27, 29
2 AGENDA I. 28 HIGHLIGHTS II. MARKET REVIEW & PROSPECTS III. 28 FINANCIAL RESULTS & 29 FORECAST
3 I. 28 HIGHLIGHTS 28 OVERVIEW MAJOR ORDERS IN FPSO/FSO OPERATIONS LEASE/OPERATION UNITS PROJECTS IN OPERATIONS FPSO Cidade Niteroi MV18 3
4 28 OVERVIEW Awarded four large FPSO projects in Brazil and West Africa Achieved the highest sales of 319,614 million JPY (2 percent increase over 27) Revenue base expands as vessels come online in 21 and beyond Additional costs resulted in a less profit. Operating profit decreased by approximately 3, million JPY Trouble of installation: JVPC Rang Dong FSO* Delay of construction: TSJOC Song Doc FPSO* * Both projects achieved first oil in November 28. 4
5 MAJOR ORDERS IN 28 Premier Chim Sao & Dua FPSO (Vietnam) EMAS Offshore 6 years + 15 one-year options BGEC Camago- Malampaya FPSO (Philippines) Nexus Floating Production 7years Anadarko K-2 Injection CP Semi (Gulf of Mexico) FloaTec and Technip Petrobras Cachalote (Brazil) SBM 12 years Tullow Jubilee FPSO (Ghana) MODEC 7 years + 13 one-year options BP Angola Block 31 PSVM FPSO (Angola) MODEC EPC Woodside Cossack/Wanaea FPSO (Australia) SBM Petrobras Tupi FPSO (Brazil) BW Offshore 1 years + 5 one-year options Petrobras Opportunity Gas #2 FPSO ( Brazil) MODEC 12 years + 3 one-year options Petrobras Tupi Pilot FPSO (Brazil) MODEC 15 years + 5 one-year options El Paso Maritime Pinauna FPSO (Brazil) Fred Olsen 1 years 5
6 28 HIGHLIGHTS: 28 FPSO/FSO OPERATIONS FPSO Baobab Ivoirien MV1 FPSO Song Doc Pride MV19 (Charter started in Nov. 28) FSO Rong Doi MV12 FPSO Cuulong MV9 (Charter Completed in Oct. 28) FSO Rang Dong MV17 (Charter started in Nov. 28) FSO Ta Kuntah (1 years in operation) FSO Cidade de Macae MV15 FPSO Cidade do Rio de Janeiro MV14 FPSO Fluminense FPSO Jasmine Venture MV7 FPSO MV 8 Langsa Venture FPSO Stybarrow Venture MV16 FPSO MODEC Venture 11 FPSO MODEC Venture 1 (to be relocated) 6
7 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 Brazil MODEC SBM Prosafe BW Offshore MODEC SBM Prosafe BW Offshore MODEC SBM Prosafe BW Offshore 7
8 28 HIGHLIGHTS: FPSO Song Doc Pride MV19 TSJOC Song Doc FPSO Charter Start: November 28 EPCI + Time Charter Charter Period: 5 years + 5 one-year options Song Doc field, Vietnam JVPC Rang Dong FSO Charter Start: November 28 EPCI + Time Charter Charter Period: 9 years + 5 one-year options Rang Dong field, Vietnam 8
9 II. MARKET REVIEW & PROSPECTS PROSPECTS FOR PROJECT LOCATIONS PROJECTS IN PROGRESS PROPULSION FOR EPCI TIME CHARTER / O&M PERIOD FSO Cidade de Macae MV15 9
10 PROSPECTS FOR 29 Severe Business Environment Worsening economic environment in the second half of 28 Crude oil prices: soared to $147 and sharply down to $37 Oil companies are more conservative toward E&P Obama Administration is committed to develop renewable energy sources The number of prospective projects will decrease Though demand for energy will never decrease in the medium- and long-term Deep water production is especially expected to be expanded FPSO business field has the potential to grow 1
11 PROSPECTIVE PROJECTS in 29 Enterprise Production Semi-Submersible (Gulf of Mexico) Hess Pony TLP (Gulf of Mexico) Noble Benita FPSO (Equatorial Guinea) ChevronTexaco Block 14 FPSO (Angola) Petrobras Tupi No.2/No.3 FPSO (Brazil) Vietsovpetro FSO-6 (Vietnam) Talisman Thang Long FPSO (Vietnam) KEI Kangean FPSO (Indonesia) Petrobras Papa Terra TLP (Brazil) 11
12 28-29 PROJECTS IN PROGRESS FPSO Song Doc Pride MV19 (TSJOC Song Doc FPSO) First Oil: November 28 MODEC owns and operates BHP Pyrenees FPSO First Oil: Planned in 4Q 29 MODEC will operate FPSO Cidade de Niteroi MV18 (Petrobras Opportunity Oil FPSO) First Oil : February 29 MODEC owns and operates FPSO Cidade de Santos MV2 (Opportunity Gas #2 FPSO) First Oil: Planned in 21 MODEC will own and operate Shenzi TLP Installed: July 28 COSCO Dalian Samsung COSCO Zhoushan New Awards in 28 FPSO Cidade de Angra dos Reis MV22 (Petrobras Tupi Pilot FPSO) First Oil: Planned in 21 MODEC will own and operate FSO RANG DONG MV17 First Oil: November 28 MODEC owns and operates Jurong Under Construction Planned New Awards in 28 Tullow Jubilee FPSO First Oil: Planned in 2Q 21 MODEC will own and operate New Awards in 28 BP Angola PSVM FPSO First Oil: Planned in 211 EPCI 12
13 EPCI in 29 EPCI Costs Projects awarded in 28: settle at inflated price (because it made outside order and procurement when prices were rising) Unrealized profit is expected to be the highest in the history of MODEC Enhancement of the management system Stringent review of EPCI costs and progress reports Review meeting with managements in a daily basis CEO, President and COO more involved 13
14 TIME CHARTER / O&M PERIOD Time Charter Contract O&M Contract Fixed period Option period Fixed period Option period FPSO Cidade de Angra dos Reis MV22 * Tullow Jubilee FPSO * BHP Pyrenees FPSO - FPSO Cidade de Santos MV2 * FPSO Cidade de Niteroi MV18 * FSO Rang Dong MV17 * FPSO Song Doc Pride MV19 * FPSO Stybarrow Venture MV16 * FSO Cidade de Macae MV15 * FPSO Cidade do Rio de Janeiro MV14 * FSO Rong Doi MV12 * FPSO Jasmine Venture MV7 * FPSO Baobab Ivoirien MV1 * FPSO MODEC Venture 11 * FPSO Cuulong MV9 * FPSO Fluminense - FPSO MV8 Langsa Venture * FSO Ta'Kuntah * FPSO MODEC Venture 1 * * Consolidated Subsidiary * Affiliates accounted for by the Equity Method February 29 Time Charter: 1 FPSO/FSOs, O&M: 2 FPSO 14
15 III. 28 FINANCIAL RESULTS & 29 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 FPSO Cidade do Rio de Janeiro MV14 15
16 SALES SALES Sales Ordinary Income Net Income 2, 15, 144,4 143,669 1, 15, 1, 5, 51,891 71,614 99, ,4 143,669 1, 5, 51,891 71,614 99,149 5, Variance Sales 51,891 71,614 99, ,4 143, % Gross Profit 7,338 8,56 9,381 16,97 12,737-4, % Operating Profit 3,779 3,895 3,494 6,959 1,973-4, % Ordinary Income 3,71 5,48 4,664 7,828 2,529-5, % Net Income 2,23 3,213 3,35 4,499 1,357-3, % 16
17 SALES BY SERVICE TYPES 15, SALES Other EPCI Lease, Charter and O&M SALES from EPCI 1, 5, 121, ,688 83,16 54,974 39,422 9,148 14,166 15,154 21,262 28,83 - Shenzi TLP - JVPC Rang Dong MV17 FSO - TSJOC Song Doc MV19 FPSO - Petrobras Opportunity Oil FPSO (FPSO Cidade de Niteroi MV18) - BHP Pyrenees FPSO - Petrobras Tupi Pilot FPSO (FPSO Cidade de Angra dos Reis MV22) - Tullow Jubilee FPSO - Petrobras Opportunity Gas #2 FPSO (FPSO Cidade de Santos MV2) - BP Angola PSVM FPSO EPCI period EPCI 39,422 54,974 83,16 121, ,688 Lease, Charter and O&M 9,148 14,166 15,154 21,262 28,83 Other 3,32 2, ,177 SALES 51,891 71,614 99, ,4 143,669 FPSO Cidade de Angra dos Reis MV22 Tullow Jubilee FPSO BP Angola PSVM FPSO FPSO Cidade de Santos MV2 BHP Pyrenees FPSO FPSO Song Doc Pride MV19 FPSO Cidade de Niteroi MV18 FSO Rang Dong MV17 Shenzi TLP FPSO Stybarrow Venture MV16 FSO Cidade de Macae MV15 17
18 ORDINARY INCOME ORDINARY INCOME ORDINARY INCOME ORDINARY INCOME before deferred profits adjustment 1, 9,27 5, 5,885 5,25 5,146 7,828 5,48 4,664 3,71 4,53 2,529 6, 4, 2, -2, INFLUENCE OF DEFERRED PROFITS Deferred Realized Balance 6,254 4,73 3,53 2,575 2,313 1, ,355-1,211-1,396-1,99-1,94 Variance Sales 51,891 71,614 99, ,4 143, % Gross Profit 7,338 8,56 9,381 16,97 12,737-4, % Operating Profit 3,779 3,895 3,494 6,959 1,973-4, % Ordinary Income 3,71 5,48 4,664 7,828 2,529-5, % Net Income 2,23 3,213 3,35 4,499 1,357-3, % 18
19 NET INCOME 5, NET INCOME 4,499 Large projects awarded -- Highest-ever sales (319,614 million, 152.1% increase over 27) 2,5 3,213 3,35 2,23 1,357 Losses due to additional costs of EPCI (JVPC Rang Dong FSO, TSJOC Song Doc FPSO) Loss in operating profit and ordinary income due to additional costs of operation and appreciation of the yen against the dollar Variance Sales 51,891 71,614 99, ,4 143, % Gross Profit 7,338 8,56 9,381 16,97 12,737-4, % Operating Profit 3,779 3,895 3,494 6,959 1,973-4, % Ordinary Income 3,71 5,48 4,664 7,828 2,529-5, % Net Income 2,23 3,213 3,35 4,499 1,357-3, % 19
20 ORDERS BY SERVICE TYPES 35, 3, 25, 2, 15, 1, 5, 24,717 22,935 ORDERS 19,84 126,864 Other EPCI Lease, Charter and O&M 73, ,15 55,44 51,459 51,923 53,374 New Orders in 28 BP Angola PSVM FPSO Petrobras Opportunity Gas #2 FPSO (FPSO Cidade de Santos MV2) Tullow Jubilee FPSO Petrobras Tupi Pilot FPSO (FPSO Cidade de Angra dos Reis MV22) Variance EPCI 24,717 19,84 126,864 73, , , % Lease, Charter and O&M 22,935 55,44 51,459 51,923 53, , % Other 2,489 2,49 1, , % ORDERS 5, , , , , , % 2
21 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, 221, ,792 82,689 77,744 21,481 14, ,31 156, ,436 56,42 2, 1, 168,218 99, ,4 48,894 36,44 131,31 156, ,436 14,315 56,42 Variance EPCI 21,481 77, ,792 82, , , % Lease, Charter and O&M 56,42 14, ,31 156, ,436-21,81-14.% Other ORDER BACKLOGS 77, , , ,8 355, , % Variance Equity Method Portion 36,44 48, ,4 99, , , % Lease, Charter and O&M 56,42 14, ,31 156, ,436-21,81-14.% ORDER BACKLOGS (Lease, Charter and O&M) 92, ,29 244,71 255,652 32, , % 21
22 CASH FLOW 3, 2, 1, -1, -2, -3, 9,623-14,42 5,164 CASH FLOW 11,878 11,716-21,549 19,3-2,43 11,867 3,811 Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Flow from Financing Activities -9, , Variance Cash Flow from Operating Activities 9,623 11,878 11,716 3,811 28,794 24, % Cash Flow from Investing Activities -14,42-21,549-2,43-9,887-6,96 2, % Cash Flow from Financing Activities 5,164 19,3 11, ,49 5,989 - Cash and Cash Equivalents at Ending of Year 14,61 25,61 28,827 21,443 44,718 23, % 22
23 KEY FINANCIAL FIGURES Variance Operating profit 3,779 3,895 3,494 6,959 1,973-4,986 Depreciation and amortization 635 1, ,656 1, Amortization of consolidated differences Collection of lease receivable (Cantarell FSO, Inc., S.A. de C.V.) 1,594 1,991 2,34 2,834 1,818-1,16 EBITDA 6,34 7,28 6,522 11,462 5,436-6,26 Operating profit (equity method portion) 651 2,167 3,151 4,252 4, Depreciation and amortization (equity method portion) 1,456 2,19 2,566 3,848 3, Collection of lease receivable (equity method portion) ,19 1,81 1, EBITDA (after adjustment) 8,141 11,993 13,258 2,643 15,27-5,436 Interest income 836 1,282 3,545 3,564 2,222-1,342 Interest expense 685 1,261 3,661 3,679 1,95-1,774 Interest expense (equity method portion) , ,33 + 1,328 Net Interest expense (after adjustment) ,139 1,9 1, EBITDA Interest Coverage Ratio Variance Liabilities with interest 25,661 37,545 49,95 46,81 43,21-3,789 Liabilities with interest (equity method portion) 24,38 19,574 15,836 18,448 46,8 + 27,56 Cash and time deposits 14,61 25,61 28,827 21,499 45, ,583 Cash and time deposits (equity method portion) 1,93 1,46 1,697 2,873 4, ,31 Net liabilities with interest (after adjustment) 34,887 3,652 35,262 4,886 39,764-1,122 Net liabilities with interest / EBITDA Variance ROE (%) ROA (%) Equity Ratio (%)
24 FORECAST FOR FY29 SALES 2, 15, 1, 5, 51,891 71,614 99, ,4 143,669 15, Projects in progress in 29 BHP Pyrenees FPSO Tullow Jubilee FPSO BP Angola PSVM FPSO FPSO Cidade de Santos MV2 FPSO Cidade de Angra dos Reis MV22 29E 15, 1, 5, 3,32 39,422 2,472 54,974 SALES ,16 9,148 14,166 15,154 21,262 Other EPCI Lease, Charter and O&M , ,688 28,83 29E FPSO Cidade de Angra dos Reis MV22 Tullow Jubilee FPSO BP Angola PSVM FPSO FPSO Cidade de Santos MV2 BHP Pyrenees FPSO FPSO Song Doc Pride MV19 FPSO Cidade de Niteroi MV18 FSO Rang Dong MV17 Shenzi TLP FPSO Stybarrow Venture MV16 FSO Cidade de Macae MV15 FPSO Cidade do Rio de Janeiro MV14 FSO Rong Doi MV12 Oveng TLP Okume/Ebano TLP EPC Period
25 FORECAST FOR FY29 2, 15, 1, 5, SALES 144,4 143,669 15, 99,149 71,614 51,891 29E ORDINARY INCOME ORDINARY INCOME ORDINARY INCOME before deferred profits adjustment 1, 9,27 5, 5,6 5,885 5,25 5,146 7,828 4,53 5,48 4,664 3,71 2,529 2,4 29E NET INCOME INFLUENCE OF DEFERRED PROFITS 6, 4,499 1, Deferred Realized Balance 29E 4, 2, 3,213 3,35 2,23 2,1 1,357 29E 8, 6, 4, 2, 3,53 2,575 2, , , , ,454 4 Exchange Rate , -4, -1,355-1,211-1,396-1,99-1,94-3,6 25
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