MODEC, Inc Half-Year Financial Results Analysts Presentation. August 9, 2013

Transcrição

1 MODEC, Inc. 213 Half-Year Financial Results Analysts Presentation August 9, 213

2 Operations Review Financial Results & Outlook 2

3 213 Half-Year Operations Overview Revenue increased to JPY17.2 billion (up by 25.3% comparing to the 1H of FY 212) Construction progress of MV24, MV26 and OSX- 3 was better than budgeted. (Bil. JPY) Revenue 1H 2H 5 (Bil. JPY) 4 New Orders New Order was JPY 3.8 billion Change order related to construction of projects New order award of projects depend on clients final decision

4 213 Half-Year Operations Overview (Bil. JPY) Ordinary Profit Both ordinary profit and net profit increased significantly to JPY9.8 billion and JPY5.7 billion respectively FX gain was booked due to depreciation of yen. (USD/JPY exchange rate rose to at the end of 1H of 213 from at the end of 212.) (JPY) Exchange Rate on Closing Dates($/ ) (Bil. JPY) Net Income

5 New Order : Tullow T.E.N. Client Scope of Work Tullow Ghana Limited. EPCI + Charter (1 years 1 one-year options) First Oil Planned in 216 Field Water Depth New/Conv. Mooring Storage Capacity Oil Production Water Injection T.E.N. Field, Ghana 1,5 m Conversion SOFEC External Turret 1,7, bbls 1, bopd 15, bwpd 5

6 Construction Projects in 212 Half-Year EPC(I) period Cidade de Itaguai MV26 Cidade de Mangaratiba MV24 OSX-3 OSX-3 EPCI First Oil: Planned 213 September Waikiki Pero Inga fields (Brazil) - Towed from Jurong shipyard COSCO Dalian (China) Cidade de Itaguai MV26 EPC + Time Charter (2 yrs) Delivery: Planned 215 4Q Iracema Norte field (Brazil) - Under construction at COSCO Dalian shipyard Jurong (Singapore) BrasFELS (Brazil) Cidade de Mangaratiba MV24 EPC + Time Charter (2 yrs) Delivery: Planned 214 4Q Cernambi Sul field (Brazil) - Under construction at BrasFELS shipyard 6

7 Time Charter : 13 /FSOs O&M : 4 s Time Charter / O&M Projects (As of August 213) Brazil Southeast Asia Song Doc Pride MV19 FSO Rang Dong MV17 FSO Rong Doi MV12 Gulf of Mexico FSO Ta Kuntah Petrobras Iracema North Petrobras Cernambi South Cidade de Itaguai MV26 Cidade de Mangaratiba MV24 Cidade de Sao Paulo MV23 Cidade de Angra dos Reis MV22 Cidade de Santos MV2 West Africa Tullow T.E.N. Baobab Ivoirien MV1 : Under construction Kwame Nkrumah MV21 (O&M) Tullow T.E.N. MV25 Australia & New Zealand Raroa (O&M) March 213- Pyrenees Venture (O&M) Stybarrow Venture MV16 MODEC Venture 11 Cidade de Niteroi MV18 FSO Cidade de Macae MV15 Cidade do Rio de Janeiro MV14 Fluminense (O&M) T/C : Own & Operate O&M : Operate 7

8 Time Charter / O&M Period (As of February 213) Time Charter fixed period O&M period Time Charter option period Tullow T.E.N. MV25 Cidade de Itaguai MV26 Cidade de Mangaratiba MV24 Raroa Cidade de Sao Paulo MV23 Kwame Nkrumah MV21 Cidade de Angra dos Reis MV22 Cidade de Santos MV2 Pyrenees Venture Cidade de Niteroi MV18 FSO Rang Dong MV17 Song Doc Pride MV19 Stybarrow Venture MV16 FSO Cidade de Macae MV15 Cidade do Rio de Janeiro MV14 FSO Rong Doi MV12 Baobab Ivoirien MV1 MODEC Venture 11 Fluminense FSO Ta'Kuntah y 2y 2y 15y 2y 1y 15y 12y 15y 9y 9y 5y 1y 2y 8y 7y 1y 5y 13y 1y Consolidated Subsidiary Affiliates accounted for by the Equity Method August 213 Time Charter O&M : 13 /FSOs : 4 s 8

9 Prospective Projects Gulf of Mexico PEMEX Ta Kuntah FSO Life Extension PEMEX Ayatsil Hess Stampede TLP Noble Gunflint Semi-Sub Gulf of Mexico Africa Southeast Asia & Pacific Brazil Ghana Kosmos MAT ENI Angola Total Block 32 BP Block 18 BP Block 31-2 Maersk Chissonga &TLWP Cobalt Block 21 Namibia Tullow Kudu FPS Vietnam CSJOC Block 1 & 11.1 Thailand Chevron Thai Ubon /FSO Malaysia Petronas FLNG No.2 JX Layang Indonesia INPEX Masela FLNG Israel Noble Leviathan gas project Australia Woodside Lady Nora Woodside Laverda /Semi-sub Brazil Petrobras Carioca Petrobras Tartaruga Verde e Mestica Petrobras Parque dos Doces Petrobras Deep Waters Sergipe Petrobras Sul de Parque des Baleias Petrobras Maromba Petrobras Carcaraa Petrobras Guanambi GTL Brunei Brunei 9

10 Operations Review Financial Results & Outlook 1

11 Profit & Loss 212 2Q 213 2Q Variance 212 2Q Q 212 Revenue 85,66 17,268 21, ,891 Construction projects progressed smoothly Gross Profit 4,813 9,391 4,578 13,626 Increased substantially due to realization of unrealized profit Gross Profit margin 5.6% 8.8% 3.1% 7.3% Selling, General and Administrative Expenses 4,325 6,739 2,414 1,155 R&D and bidding expense increased Operating Profit 487 2,651 2,164 3,47 Other Income (A) 1,866 7,72 5,836 6,91 Other Expense (B) ,84 Total Other Income/Expenses (C=A-B) 1,515 7,233 5,718 5,826 (Equity in Earnings of Affiliates and Unconsolidated Subsidiaries included in C) (Exchange gain/loss and Gain/loss on revaluation of derivatives included in C) 679 2,734 2,55 2,382 Charter of MV23 is started Ordinary Profit 2,2 9,884 7,882 9,296 Extraordinary Profit Extraordinary Loss ,986 2,91 2,23 FX gain increased due to depreciation of yen Income before Income Taxes and Minority Interests 2,2 9,884 7,882 9,296 Net Income 476 5,755 5,279 5,13 Exchange Rate (USD)

12 Revenue Revenue EPC(I) period 25, , 24, ,891 Cidade de Itaguai MV26 15, 1, 146,66 129,968 17,268 Cidade de Mangaratiba MV24 OSX-3 5, Cidade de Sao Paulo MV23 Cidade de Angra dos Reis MV22 PSVM Revenue (USD) Kwame Nkrumah MV21 (Mil. USD) 2,217 2,159 Cidade de Santos MV2 2, 1,799 1,672 Pyrenees Venture 1, 1,88 Cidade de Niteroi MV18 12

13 Ordinary Profit Ordinary Profit & Ordinary Profit before Deferred Profits Adjustment Influence of Deferred Profits Ordinary Profit Deferred Realized Balance Ordinary Profit before Deferred Profits Adjustment 1, 1,79 9,296 1,679 9,884 8,666 1, 11,92 1,396 1,536 1,71 7,672 7,454 6,473 5, 6,156 5,196 5,55 5, 2,759 1, ,35-1,43-2,75-1,541-5, -4,361 13

14 Orders & Order Backlogs Orders Order Backlogs 4, 3, 277,71 342,667 6, 5, 4, 359, , ,938 2, 1, 45,1 173,835 3,844 3, 2, 1, 213, ,914 (Mil. USD) 4, Orders (USD) 3,572 3,959 6, Order Backlogs for Equity Method Portion (Lease, Charter and O&M) 5, 2, 2,132 4, 3, 35, , , 1, 136,33 144, ,76 14

15 Balance Sheet Q Variance Short-term Loans Receivable 3,739 3,76 (663) Total Assets: Total Current Assets 12,3 112,445 1,442 Property and Equipment 12,423 17,42 4,997 Cash/Deposit increased temporarily because of advanced payment Repair work to was conducted Intangible Assets 6,759 7, Investments and Other Assets 32,917 49,482 16,565 Investmentand long-term loans receivable to SPC(MV23) Total Fixed Assets 52,11 74,341 22,24 Total Assets 154,14 186,786 32,682 Short-term Loans Payable 3,41 1,245 (2,156) Total Liabilities: Total Current Liabilities 83,239 91,837 8,598 Long-term Loans Payable 3,592 15,273 11,681 Account payable increased due to increased construction Loans payable increased for long-term loans Total Long-term Liabilities 1,475 18,797 8,322 Total Liabilities 93,715 11,635 16,92 Total Shareholders Equity 68,39 73,156 5,117 Total Net Assets: Total Accumulated Losses from Valuation and Translation Adjustments (13,933) (5,191) 8,742 Minority Interests in Consolidated Subsidiaries 6,283 8,186 1,93 Foreign currency translation adjustments decreased due to depreciation of yen Total Net Assets 6,389 76,151 15,762 Total Liabilities, Net Assets 154,14 186,786 32,682 15

16 Key Financial Figures Operating profit 4,169 3, ,47 2,651 Depreciation and amortization 1, ,773 2,98 1,88 Amortization of consolidated differences Collection of lease receivable (Cantarell FSO, Inc., S.A. de C.V.) EBITDA 5,813 4,732 3,323 6,736 4,694 Operating profit (equity method portion) 6,242 6,67 13,336 8,254 5,817 Depreciation and amortization (equity method portion) 5,142 5,611 6,126 6,965 3,921 Collection of lease receivable (equity method portion) 1,35 1,588 5,691 1,793 1,292 EBITDA (after adjustment) 18,547 18,538 28,476 23,748 15,724 Interest income 1,444 1, ,386 1,175 Interest expense 1, Interest expense (equity method portion) 2,978 3,324 6,23 4,994 2,973 Net Interest expense (after adjustment) 2,822 1,853 5,891 4,14 2,171 EBITDA Interest Coverage Ratio (x times) Liabilities with interest 56,8 31,377 1,713 6,995 15,273 Liabilities with interest (equity method portion) 69,61 79,677 92, , ,459 Cash and time deposits 31,55 12,122 17,32 33,367 42,77 Cash and time deposits (equity method portion) 4,66 7,848 9,3 23,41 12,985 Net liabilities with interest (after adjustment) 89,75 91,84 76,264 89,331 82,4 Net liabilities with interest / EBITDA (x times) ROE (%) ROA (%) Equity Ratio (%)

17 213 Financial Forecast Revenue Ordinary Profit 2, 1, 24, ,66 129, ,891 22, 1, 5, 7,454 6,156 5,55 9,296 11, (F) (F) Net Income (JPY) Net Income (USD) 6, 5,13 6,5 (Mil. USD) , 2,413 2,735 3, , (F) (F) Exchange Rate (F) 17

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