2009 FULL-YEAR FINANCIAL RESULTS ANALYST PRESENTATION MARCH 3, 2010

Transcription

1 29 FULL-YEAR FINANCIAL RESULTS ANALYST PRESENTATION MARCH 3, 21

2 AGENDA I. 29 HIGHLIGHTS II. MARKET REVIEW & PROSPECTS III. 29 FINANCIAL RESULTS & 21 FORECAST

3 I. 29 HIGHLIGHTS 29 OVERVIEW PROJECTS IN PROGRESS PROJECTS IN CHARTER PROJECTS IN OPERATION FPSO/FSO OPERATIONS LEASE/OPERATION UNITS FPSO Pyrenees Venture 3

4 29 OVERVIEW Increase in sales due to FPSO construction progress Sales reached more than the value in the previous forecast Change of the Agreement on a FPSO From a charter agreement to EPCI agreement Operating profit increased Write-off of FPSO MODEC Venture 1 Although received an LOI of re-charter from a new oil company in August 27, it has not reached a final agreement. Extraordinary loss of approximately 3 billion 4

5 29-21 PROJECTS IN PROGRESS Tullow Jubilee FPSO First Oil: Planned in 2nd half of 21 MODEC will operate BHP Pyrenees FPSO First Oil : February 21 MODEC operates 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 1st half of 21 MODEC will own and operate BP Angola PSVM FPSO First Oil: Planned in 211 EPCI COSCO Dalian FPSO Cidade de Angra dos Reis MV22 (Petrobras Tupi Pilot FPSO) First Oil: Planned in beginning of 211 MODEC will own and operate Jurong 5

6 29 PROJECTS IN CHARTER Petrobras Opportunity FPSO - FPSO Cidade de Niteroi MV18 Charter Start: t February 29 EPCI + Time Charter Charter Period: 9 years + 6 one-year options Jabuti field, Brazil 6

7 21 PROJECTS IN OPERATION BHPB Pyrenees FPSO - FPSO Pyrenees Venture Operation Start: February 21 EPC + O&M O&M Period: 15 years with possible extensions Pyrenees field, Australia 7

8 29 FPSO/FSO OPERATIONS FPSO Baobab Ivoirien MV1 FPSO Song Doc Pride MV19 FSO Rong Doi MV12 FSO Rang Dong MV17 FSO Ta Kuntah FSO Cidade de Macae MV15 FPSO Cidade de Niteroi MV18 (Charter started in Mar. 29) FPSO Cidade do Rio de Janeiro MV14 FPSO Fluminense FPSO Jasmine Venture MV7 FPSO MV 8 Langsa Venture FPSO Stybarrow Venture MV16 FPSO Pyrenees FPSO MODEC Venture Venture 11 (Operation started in Feb. 21) 8

9 LEASE/OPERATION UNITS Under Construction In Operation Europe North America 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 9

10 II. MARKET REVIEW & PROSPECTS TIME CHARTER / O&M PERIOD PROSPECTIVE PROJECTS FPSO Cidade Niteroi MV18 1

11 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 15y Tullow Jubilee FPSO FPSO Cidade de Santos MV2 FPSO Pyrenees Venture - 7y 12y 15y FPSO Cidade de Niteroi MV18 FSO Rang Dong MV17 FPSO Song Doc Pride MV19 9y 9y 5y FPSO Stybarrow Venture MV16 FSO Cidade de Macae MV15 1y 2y FPSO Cidade do Rio de Janeiro MV14 FSO Rong Doi MV12 7y 8y FPSO Baobab Ivoirien MV1 FPSO Jasmine Venture MV7 FPSO MODEC Venture 11 (Mutineer Exeter) FPSO Fluminense - 1y 3y (FPSO Buffalo Venture) 2.5y 5y 13y FPSO MV8 Langsa Venture 1y 2y FSO Ta'Kuntah 1y 5y Consolidated Subsidiary Affiliates accounted for by the Equity Method March 21 Time Charter: 12 FPSO/FSOs, O&M: 2 FPSO 11

12 PROSPECTIVE PROJECTS PTTEP Block B6/27 Nang Nuan FPSO Project (Thailand) Shell Malikai TLWP (Malaysia) Petronas FLNG FEED (Malaysia) Enterprise Southern Green Canyon Semi (GOM) Tullow Jubilee II FPSO (Ghana) INPEX Ichthys Project (Australia) Nigeria Chevron Aje FPSO Chevron Nsiko FPSO INPEX Masela FLNG (Indonesia) Pertamina FSRU (Indonesia) Chevron Angola Lucapa Block 14 FPSO (Angola) Brazil Petrobras Guara FPSO Petrobras Tiro FPSO Petrobras Tupi FLNG Shell BS-4 Atlanta Development 12

13 III. 29 FINANCIAL RESULTS & 21 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 FSO Cidade de Macae MV15 13

14 SALES SALES Sales Ordinary Income Net Income il. JPY) (Mi 2, 15, 1, 71,614 99, ,4 143,669 24, , , 144,4 143,669 15, (M Mil. JPY) 99,149 1, 71,614 1, 5, 5, 5, Variance Sales 71,614 99, ,4 143,669 24, , % Gross Profit 8,56 9,381 16,97 12,737 11,549-1, % Operating Profit 3,895 3,494 6,959 1,973 4, , % Ordinary Income 5,48 4,664 7,828 2,529 7, , % Net Income 3,213 3,35 4,499 1,357 2, , % 14

15 SALES BY SERVICE TYPES SALES Other EPCI Lease, Charter and O&M 2, 15, SALES from EPCI (M Mil. JPY) 1, 5, 54,974 83,16 121, ,688 18,961 - 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 14,166 15,154 21,262 28,83 17, EPCI period EPCI 54,974 83,16 121, ,688 18,961 Lease, Charter and O&M 14,166 15,154 21,262 28,83 17,618 Other 2, ,177 5,646 SALES 71,614 99, ,4 143,669 24,225 FPSO Cidade de Angra dos Reis MV22 Tullow Jubilee FPSO BP Angola PSVM FPSO FPSO Cidade de Santos MV2 BHP Pyrenees FPSO

16 ORDINARY INCOME (Mil. JP PY) ORDINARY INCOME ORDINARY INCOME ORDINARY INCOME before deferred profits adjustment 1, 9,27 7,672 5, 5,146 5,885 7,828 4,53 7,454 5,48 4,664 2, (Mil. JPY) 6, 4, 2, -2, INFLUENCE OF DEFERRED PROFITS Def erred Realized Balance ,254 6,473 4,73 3,53 2,313 1, ,131-1,211-1,396-1,35-1,94-1, Variance Sales 71,614 99, ,4 143,669 24, , % Gross Profit 8,56 9,381 16,97 12,737 11,549-1, % Operating Profit 3,895 3,494 6,959 1,973 4, , % Ordinary Income 5,48 4,664 7,828 2,529 7, , % Net Income 3,213 3,35 4,499 1,357 2, , % 16

17 NET INCOME 5, NET INCOME 4,499 Increase in sales based on the percentage of completion method - Operating profit and ordinary income increased (M Mil. JPY) 2,5 3,213 3,35 1,357 2,413 Increase in non-operating income because of low US$ interest rates and European currencies appreciation against US$ Recording an extraordinary loss with write-off of FPSO owned by a subsidiary Variance Sales 71,614 99, ,4 143,669 24, , % Gross Profit 8,56 9,381 16,97 12,737 11,549-1, % Operating Profit 3,895 3,494 6,959 1,973 4, , % Ordinary Income 5,48 4,664 7,828 2,529 7, , % Net Income 3,213 3,35 4,499 1,357 2, , % 17

18 ORDERS BY SERVICE TYPES ORDERS Other EPCI Lease, Charter and O&M. JPY) (Mil. 3, 25, 2, 15, 1, 5, 19,84 126,864 73, ,15 55,44 51,459 51,923 53,374 3,742 8, Change order intake to construction on a FPSO Extended O&M period Variance EPCI 19,84 126,864 73, ,15 3, , % Lease, Charter and O&M 55,44 51,459 51,923 53,374 8,622-44, % Other 2, , , , , % 397.6% ORDERS 166, , , ,614 45,1-274, % 18

19 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 76,71 14, ,31 156, , , ( 2, 1, 168,218 99, ,4 136,33 48, ,31 156,238 14, , , Variance EPCI 77, ,792 82, ,487 76,71-144, % Lease, Charter and O&M 14, ,31 156, , , , % 1.9% Other ORDER BACKLOGS 182, , ,8 355, , ,256-4.% Variance Equity Method Portion 48, ,4 99, , ,33-31, % Lease, Charter and O&M 14, ,31 156, , , , % ORDER BACKLOGS (Lease, Charter and O&M) 153,29 244,71 255,652 32, ,296-29, % 19

20 CASH FLOW 3, 2, 19,3 11,878 11,716 11,867 CASH FLOW 28,794 Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Flow from Financing Activities 21,974 PY) (Mil. J 1, 3, , -9, , -3, -2, ,549-37, Variance Cash Flow from Operating Activities 11,878 11,716 3,811 28,794-37,98-65, % Cash Flow from Investing Activities -21,549-2,43-9,887-6,96 21,974 28, % Cash Flow from Financing Activities 19,3 11, , , % Cash and Cash Equivalents at Ending of Year 25,61 28,827 21,443 44,718 31,55-13, % 2

21 KEY FINANCIAL FIGURES Variance Operating profit 3,895 3,494 6,959 1,973 4, ,196 Depreciation and amortization 1, ,656 1,619 1, Amortization of consolidated differences Collection of lease receivable (Cantarell FSO, Inc., S.A. de C.V.) 1,991 2,34 2,834 1, EBITDA 7,28 6,522 11,462 5,436 5, Operating profit (equity method portion) 2,167 3,151 4,252 4,613 6, ,629 Depreciation and amortization (equity method portion) 2,19 2,566 3,848 3,945 5, ,197 Collection of flease receivable (equity m ethod portion) , , , , EBITDA (after adjustment) 11,993 13,258 2,643 15,27 18, ,34 Interest income 1,282 3,545 3,564 2,222 1, Interest expense 1,261 3,661 3,679 1,95 1, Interest expense (equity method portion) 75 1, ,33 2, Net Interest expense (after adjustment) 684 1,139 1,9 1,986 2, EBITDA Interest Coverage Ratio Variance Liabilities with interest 37,545 49,95 46,81 43,21 56,8 + 13,779 Liabilities with interest (equity method portion) 19,574 15,836 18,448 46,8 69, ,53 Cash and time deposits 25,61 28,827 21,499 45,82 31,55-13,577 Cash and time deposits (equity method portion) 1,46 1,697 2,873 4,183 4, Net liabilities with interest (after adjustment) 3,652 35,262 4,886 39,764 89, ,986 Net liabilities with interest / EBITDA Variance ROE (%) ROA (%) Equity Ratio (%)

22 FORECAST FOR FY21 SALES 24,225 2, 15, 1, 5, 71,614 99, ,4 143,669 12, Projects in progress in 21 BHP Pyrenees FPSO Tullow Jubilee FPSO BP Angola PSVM FPSO FPSO Cidade de Santos MV2 FPSO Cidade de Angra dos Reis MV E SALES Other EPCI Lease, Charter and O&M EPC Period , 5,646 FPSO Cidade de Angra dos Reis MV22 Tullow Jubilee FPSO BP Angola PSVM FPSO il. JPY) (M 15, 1, 5, 886 1,177 12, , , ,688 2,472 83,16 54,974 14, ,154 21,262 28,83 17, E 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 22

23 FORECAST FOR FY21 2, 15, 1, 5, SALES 24, ,4 143,669 99,149 12, 71, E ORDINARY INCOME ORDINARY INCOME ORDINARY INCOME before deferred profits adjustment 1, 5, 9,27 5,146 5,885 7,828 7,672 6,7 7,454 4,53 5,48 4, ,529 3, E NET INCOME 5, 4,499 4, 3,213 3,35 3, 2,6 2,413 2, 1,357 1, E Exchange Rate (M Mil. JPY) 1, 8, 6, 4, 2 2, -2, -4, INFLUENCE OF DEFERRED PROFITS Deferred Realized Balance E 6,254 6,473 4,73 3,53 1,473 2, , ,211-1,396-1,35-1,99-1,94 23