2009 half-year financial results analyst presentation august

2009 half-year financial results analyst presentation august

2009 HALF-YEAR FINANCIAL RESULTS
ANALYST PRESENTATION
AUGUST 20, 2009
I.
2009 HALF-YEAR HIGHLIGHTS
2009 PROJECTS IN PROGRESS . . . . . . . . . . . . . . . . . . . 3
2009 PROJECT IN OPERATION . . . . . . . . . . . . . . . . . . . 4
FPSO/FSO TIME CHARTER / O&M PROJECTS . . . . . . . 5
FPSO/FSO TIME CHARTER / O&M PERIOD . . . . . . . . . . 6
PROJECTS CONSTRUCTION PERIOD . . . . . . . . . . . . . . 7
FPSO Cidade de Niteroi MV18
2
2009 PROJECTS IN PROGRESS
BHP Pyrenees FPSO
First Oil : planned in 4Q 2009
EPC + O&M
FPSO Cidade de Santos MV20
(Opportunity Gas #2 FPSO)
First Oil : planned in 2010
EPCI + Time Charter
BP Angola PSVM FPSO
First Oil : planned in 2011
EPCI
COSCO Dalian
Samsung
COSCO Zhoushan
Tullow Jubilee FPSO
FPSO Cidade de Angra
dos Reis MV22
First Oil : planned in 2Q 2010
EPCI + Time Charter
Jurong
(Petrobras Tupi Pilot FPSO)
First Oil : planned in 2010
EPCI + Time Charter
3
2009 PROJECT IN OPERATION
FPSO Cidade de Niteroi MV18
(Petrobras Opportunity Oil FPSO)
First Oil : Achieved in February 2009
EPCI + Time Charter
Charter Period : 9 years + 6 one-year options
Jabuti Field (Brazil)
4
FPSO/FSO TIME CHARTER / O&M PROJECTS
FPSO MV 8
Langsa Venture
(T/C)
FPSO Jasmine
Venture MV7
(T/C)
FPSO Song Doc
Pride MV19
(T/C)
FSO Rang
Dong MV17
(T/C)
FSO Rong Doi
MV12
(T/C)
FSO Ta’Kuntah
(T/C)
FSO Cidade de
Macae MV15
(T/C)
FPSO Cidade de
Niteroi MV18
(T/C)
FPSO Cidade do
Rio de Janeiro
MV14
(T/C)
FPSO
Fluminense
(O&M)
FPSO Baobab
Ivoirien MV10
(T/C)
FPSO Cidade
de Angra dos
Reis MV22
(T/C)
BHP Pyrenees
FPSO
(O&M)
Tullow Jubilee
FPSO
(T/C)
FPSO Stybarrow
Venture MV16
(T/C)
FPSO MODEC
Venture 11
(Mutineer Exeter)
(T/C)
FPSO Cidade
de Santos
MV20
(T/C)
FPSO MODEC
Venture 1
: Under Construction
T/C
O&M
: Own & Operate
: Operate
5
FPSO/FSO TIME CHARTER / O&M PERIOD
Time Charter Contract
O&M Contract
Fixed period
Option period
Fixed period
Option period
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
15y
FPSO Cidade de Angra dos Reis MV22 ＊
7y
Tullow Jubilee FPSO ＊
12y
FPSO Cidade de Santos MV20 ＊
BHP Pyrenees FPSO －
15y
9y
FPSO Cidade de Niteroi MV18 ＊
FSO Rang Dong MV17 ＊
9y
FPSO Song Doc Pride MV19 ＊
5y
FPSO Stybarrow Venture MV16 ＊
10y
FSO Cidade de Macae MV15 ＊
20y
FPSO Cidade do Rio de Janeiro MV14 ＊
8y
FSO Rong Doi MV12 ＊
7y
FPSO Baobab Ivoirien MV10 ＊
10y
FPSO Jasmine Venture MV7 ＊
3y
(FPSO Buffalo Venture)
FPSO MODEC Venture 11 (Mutineer Exeter) ＊
5y
5y
FPSO Cuulong MV9 ＊
FPSO Fluminense －
FPSO MODEC Venture 1 ＊
（purchased by the client）
13y
1y
FPSO MV8 Langsa Venture ＊
FSO Ta'Kuntah ＊
2.5y
10y
2y
5y
2y
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
* Consolidated Subsidiary
* Affiliates accounted for by the Equity Method
August 2009
Time Charter: 11 FPSO/FSOs, O&M: 2 FPSO
6
PROJECTS CONSTRUCTION PERIOD
FPSO/FSO
EPC Period
TLP
2007
2008
2009
2010
FPSO Cidade de Angra dos Reis MV22
COSCO Dalian
BP Angola PSVM FPSO
Yantai
Tullow Jubilee FPSO
Samsung
FPSO Cidade de Santos MV20
BHP Pyrenees FPSO
COSCO Zhoushan
FPSO Song Doc Pride MV19
FPSO Cidade de Niteroi MV18
FSO Rang Dong MV17
Jurong
Shenzi TLP
FPSO Stybarrow Venture MV16
FSO Cidade de Macae MV15
7
II.
2009 HALF-YEAR FINANCIAL RESULTS
...............................9
PROFIT & LOSS
SALES BY SERVICE TYPES
ORDINARY INCOME
NET INCOME
. . . . . . . . . . . . . . . . . . . . . 10
. . . . . . . . . . . . . . . . . . . . . . . . . . . 11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
ORDERS BY SERVICE TYPES
. . . . . . . . . . . . . . . . . . . 13
ORDER BACKLOGS BY SERVICE TYPES
CASH FLOW
. . . . . . . . . . 14
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
KEY FINANCIAL FIGURES
. . . . . . . . . . . . . . . . . . . . . . . 16
GROSS OPERATING PROFIT STATED IN US$
FORECAST FOR FY2009
. . . . . . . 17
. . . . . . . . . . . . . . . . . . . . . . . . 18
SALES & NET INCOME STATED IN US$. . . . . . . . . . . . . . . . . 19
SHENZI TLP
8
PROFIT & LOSS
SALES
(Mil. JPY)
2Q
4Q
200,000
144,040
150,000
99,149
100,000
96,244
72,948
71,614
64,110
50,886
50,000
150,000(E)
143,669
21,788
0
2005
2006
2007
2008
2009
(Mil. JPY)
2005 2Q
Sales
2006 2Q
2007 2Q
2008 2Q
Variance
2009 2Q
21,788
50,886
72,948
64,110
96,244
+ 32,134
+ 50.1%
Gross Profit
4,174
3,974
5,864
7,579
4,230
- 3,349
- 44.2%
Operating Profit
2,098
1,272
1,119
1,644
501
- 1,143
- 69.5%
Ordinary Income
2,614
1,539
1,666
2,697
2,847
+ 150
+ 5.6%
Net Income
1,500
1,068
1,168
1,434
1,878
+ 444
+ 31.0%
2005
Sales
2006
2007
2008
Variance
2009(E)
71,614
99,149
144,040
143,669
150,000
+ 6,331
+ 4.4%
Gross Profit
8,560
9,381
16,907
12,737
-
-
-
Operating Profit
3,895
3,494
6,959
1,973
500
- 1,473
- 74.7%
Ordinary Income
5,408
4,664
7,828
2,529
2,400
- 129
- 5.1%
Net Income
3,213
3,305
4,499
1,357
2,100
+ 743
+ 54.7%
9
SALES BY SERVICE TYPES
Other
SALES
(Mil. JPY)
EPCI
Lease, Charter and O&M
150,000
SALES from EPCI
•
•
•
•
•
•
100,000
113,688
121,892
83,016
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 MV20)
BP Angola PSVM FPSO
84,942
50,000
FPSO/FSO
54,974
EPC Period
TLP
14,166
15,154
21,262
2005
2006
2007
28,803
2008
9,270
0
2008
2009 2Q
2009
2010
FPSO Cidade de Angra dos Reis MV22
BP Angola PSVM FPSO
Tullow Jubilee FPSO
(Mil. JPY)
FPSO Cidade de Santos MV20
BHP Pyrenees FPSO
2005
2006
2007
2008
2009 2Q
FPSO Song Doc Pride MV19
EPCI
54,974
83,016
121,892
113,688
84,942
Lease, Charter and
O&M
14,166
15,154
21,262
28,803
9,270
2,472
978
886
1,177
2,031
71,614
99,149
144,040
143,669
96,244
Other
SALES
FPSO Cidade de Niteroi MV18
FSO Rang Dong MV17
Shenzi TLP
10
ORDINARY INCOME
ORDINARY INCOME & ORDINARY INCOME BEFORE
DERERRED PROFITS ADJUSTMENT
ORDINARY INCOME
2Q
(Mil. JPY)
4Q
ORDINARY INCOME
(Mil. JPY)
ORDINARY INCOME bef ore def erred prof its adjustment
10,000
9,027
10,000
7,828
5,885 7,828
4,664
5,000
5,600
5,146
5,408
5,000
2,614
1,539
1,666
4,445
5,408
4,664
2,697
2,529 2,847
2,400
(E)
4,053
2,529
2,847
2,400
0
0
2005
2006
2007
2008
2005
2009
2006
2007
2008
2009 2Q
2009(E)
INFLUENCE OF DEFERRED PROFITS
Deferred
(Mil. JPY)
2005
2006
Realized
2007
Balance
2008
2009 2Q
2009(E)
7,853
8,000
9,454
6,254
4,730
4,000
3,530
2,309
1,477
709
175
0
-1,211
-1,396
-1,909
379
-1,904
224
-1,823
400
-3,600
-4,000
11
NET INCOME
(Mil. JPY)
NET INCOME
2Q
4Q
6,000
4,499
4,000
2,000
3,305
3,213
1,878
1,500
1,434
1,168
1,068
2,100(E)
1,357
0
Exchange Rate
2005
118.07
2006
119.12
2007
114.16
2008
91.04
2009
90.00(E)
(Mil. JPY)
2005 2Q
Sales
2006 2Q
2007 2Q
2008 2Q
Variance
2009 2Q
21,788
50,886
72,948
64,110
96,244
+ 32,134
+ 50.1%
Gross Profit
4,174
3,974
5,864
7,579
4,230
- 3,349
- 44.2%
Operating Profit
2,098
1,272
1,119
1,644
501
- 1,143
- 69.5%
Ordinary Income
2,614
1,539
1,666
2,697
2,847
+ 150
+ 5.6%
Net Income
1,500
1,068
1,168
1,434
1,878
+ 444
+ 31.0%
2005
Sales
2006
2007
2008
Variance
2009(E)
71,614
99,149
144,040
143,669
150,000
+ 6,331
+ 4.4%
Gross Profit
8,560
9,381
16,907
12,737
-
-
-
Operating Profit
3,895
3,494
6,959
1,973
500
- 1,473
- 74.7%
Ordinary Income
5,408
4,664
7,828
2,529
2,400
- 129
- 5.1%
Net Income
3,213
3,305
4,499
1,357
2,100
+ 743
+ 54.7%
12
ORDERS BY SERVICE TYPES
ORDERS
Other
EPCI
Lease, Charter and O&M
2008
• BP Angola PSVM FPSO
• Petrobras Opportunity Gas #2 FPSO
(FPSO Cidade de Santos MV20)
• Tullow Jubilee FPSO
• Petrobras Tupi Pilot FPSO
(FPSO Cidade de Angra dos Reis MV22)
350,000
300,000
250,000
2009 2Q
Accept the additional order of existing project
(Mil. JPY)
200,000
265,105
150,000
109,084
126,864
(Mil. JPY)
100,000
73,963
EPCI
Lease, Charter
and O&M
50,000
55,044
51,459
51,923
53,374 2,020
11,137
Other
ORDERS
2005
2006
2007
2008
109,084
126,864
73,963
265,105
11,137
55,044
51,459
51,923
53,374
2,020
2,409
1,029
904
1,134
2,023
166,538
179,353
126,792
319,614
15,181
2009 2Q
0
2005
2006
2007
2008
2009 2Q
13
ORDER BACKLOGS BY SERVICE TYPES
ORDER BACKLOGS
(Mil. JPY)
Other
EPCI
Lease, Charter and O&M
Equity Method Portion
Lease, Charter and O&M
ORDER BACKLOGS
(Lease, Charter and O&M)
(Mil. JPY)
300,000
400,000
300,000
99,413
200,000
133,792
179,554
134,436
138,713
2008
2009 2Q
113,040
221,487
200,000
168,218
158,794
82,689
48,894
77,744
100,000
100,000
104,315
131,031
156,238
134,436
138,713
2005
2006
2007
2008
2009 2Q
131,031
104,315
156,238
0
0
2005
2006
2007
(Mil. JPY)
2005
EPCI
Lease, Charter and O&M
Lease, Charter and O&M
ORDER BACKLOGS (Lease, Charter and O&M)
2008
Variance
2009 2Q
133,792
82,689
221,487
158,794
- 62,693
- 28.3%
104,315
131,031
156,238
134,436
138,713
+ 4,277
+ 3.2%
76
134
80
-
-
-
-
182,136
264,957
239,008
355,924
297,508
- 58,417
- 16.4%
2005
Equity Method Portion
2007
77,744
Other
ORDER BACKLOGS
2006
2006
2007
2008
2009 2Q
Variance
48,894
113,040
99,413
168,218
179,554
+ 11,335
+ 6.7%
104,315
131,031
156,238
134,436
138,713
+ 4,277
+ 3.2%
153,209
244,071
255,652
302,654
318,268
+ 15,613
+ 5.2%
14
CASH FLOW
Cash Flow from Operating Activities
Cash Flow from Investing Activities
Cash Flow from Financing Activities
CASH FLOW
(Mil. JPY)
30,000
28,794
19,003
20,000
11,878
11,716
11,867
8,201
10,000
5490
3,811
1,548
0
-498
-6,960
-10,000
-9,887
-9,291
-20,000
-21,549
-20,043
-30,000
2005
2006
2007
2008
2009 2Q
(Mil. JPY)
2005
2006
2007
2008
2009 2Q
Cash Flow from Operating Activities
11,878
11,716
3,811
28,794
1,548
Cash Flow from Investing Activities
-21,549
-20,043
-9,887
-6,960
-9,291
Cash Flow from Financing Activities
19,003
11,867
-498
5,490
8,201
Cash and Cash Equivalents at Ending of Year
25,061
28,827
21,443
44,718
48,230
15
KEY FINANCIAL FIGURES
Operating profit
Depreciation and amortization
Amortization of consolidated differences
Collection of lease receivable (Cantarell FSO, Inc., S.A. de C.V.)
EBITDA
Operating profit (equity method portion)
Depreciation and amortization (equity method portion)
Collection of lease receivable (equity method portion)
EBITDA (after adjustment)
Interest income
Interest expense
Interest expense (equity method portion)
Net Interest expense (after adjustment)
EBITDA Interest Coverage Ratio
2004
3,779
635
26
1,594
6,034
651
1,456
8,141
619
426
390
197
41.3
2005
3,895
1,116
26
1,991
7,028
2,167
2,190
608
11,993
1,132
1,513
705
1,086
11.0
2006
3,494
662
26
2,340
6,522
3,151
2,566
1,019
13,258
2,593
2,478
1,023
908
14.6
2007
6,959
1,656
26
2,834
11,475
4,252
3,848
1,081
20,656
3,756
3,720
975
939
22.0
2008
1,973
1,619
26
1,818
5,436
4,613
3,945
1,213
15,207
2,222
1,905
2,303
1,986
7.7
(Mil. JPY)
2009 2Q
501
662
137
0
1,300
3,097
2,544
681
7,621
799
944
668
813
9.4
Liabilities with interest
Liabilities with interest (equity method portion)
Cash and time deposits
Cash and time deposits (equity method portion)
Net liabilities with interest (after adjustment)
Net liabilities with interest / EBITDA
2004
25,661
24,380
14,061
1,093
34,887
4.3
2005
37,545
19,574
25,061
1,406
30,652
2.6
2006
49,950
15,836
28,827
1,697
35,262
2.7
2007
46,810
18,448
21,499
2,873
40,886
2.0
2008
43,021
46,008
45,082
4,183
39,764
2.6
2009 2Q
55,158
58,849
48,230
5,813
59,964
3.9
2004
11.9
3.5
33.5
2005
10.7
3.8
36.1
2006
2007
10.7
3.5
32.3
2008
2009 2Q
9.8
2.4
24.1
ROE (%) *
ROA (%) *
Equity Ratio (%)
8.4
2.9
33.1
3.4
1.0
26.2
*After annualized rate
16
GROSS OPERATING PROFIT STATED IN US$
GROSS OPERATING PROFIT STATED IN US$
(Mil. US$)
150
100
50
0
2005
2006
2007
Consolidated
SPC
2008
2009(E)
Unrealized
17
FORECAST FOR FY2009
SALES
EPCI
Time Charter
Fixed period
200,000
Option period
Fixed period
Option period
144,040 143,669 150,000
150,000
(Mil. JPY)
O&M
99,149
100,000
2006
71,614
51,891
2007
2008
2009
2010
2011
FPSO Cidade de Angra dos Reis MV22
50,000
BP Angola PSVM FPSO
Tullow Jubilee FPSO
0
FPSO Cidade de Santos MV20
2004
2005
2006
2007
2008
2009(E)
BHP Pyrenees FPSO
FPSO Cidade de Niteroi MV18
FPSO Song Doc Pride MV19
FSO Rang Dong MV17
NET INCOME
Shenzi TLP
FPSO Stybarrow Venture MV16
6,000
FSO Cidade de Macae MV15
(Mil. JPY)
4,499
4,000
3,213
FPSO Cidade do Rio de Janeiro MV14
FSO Rong Doi MV12
3,305
FPSO Jasmine Venture MV7
2,230
2,100
2,000
FPSO Baobab Ivoirien MV10
FPSO MODEC Venture 11
1,357
FPSO Cuulong MV9
FPSO Fluminense
0
FPSO MV8 Langsa Venture
2004
Exchange
Rate
107.14
2005
104.20
2006
118.07
2007
119.12
2008
114.16
2009(E)
105.00
FSO Ta'Kuntah
FPSO MODEC Venture 1
18
SALES & NET INCOME STATED IN US$
50
2,500
40
2,000
30
1,500
20
1,000
10
500
0
Sales (Mil. US$)
Net Income (Mil. US$)
FINANCIAL RESULTS STATED IN US$
0
2005
2006
Net Income
2007
Unrealized Profit
2008
2009(E)
Sales
19
III. MARKET REVIEW & PROSPECTS
2009 MAJOR PROSPECTIVE PROJECTS. . . . . . . . . . . . . . . . 21
PROJECT LOCATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
FPSO SONG DOC PRIDE MV19
20
2009 MAJOR PROSPECTIVE PROJECTS
ChevronTexaco
Block 14 FPSO
(Angola)
Enterprise
Semi-Production
(Golf of Mexico)
Hess Pony TLP
(Gulf of Mexico)
Petrobras Tupi
No.2/No.3 FPSO
(Brazil)
BP Block 18 & 31
FPSO
(Angola)
Talisman Thang Long
FPSO
(Vietnam)
Petrobras Papa
Terra TLP
(Brazil)
KEI Kangean FPSO
(Indonesia)
21
PROJECT LOCATIONS
FSO
FSO Rong Doi
Vietsovpetro 01 MV12
FSO Rang
Dong MV17
FPSO
Cuulong MV9
FSO Nanhai
Sheng Kai
FPSO Nanhai
Sheng Li
FPSO Kakap
Natuna
FPSO Anoa
Natuna
Prince TLP
Marco Polo
TLP
Shenzi TLP
FPSO
Song Doc
Pride MV19
FPSO
Jasmine
Venture MV7
FSO
Ta’Kuntah
FSO
Pathumabaha
FSO Cidade
de Macae
MV15
FPSO Cidade
de Niteroi
MV18
FPSO
MV8 Langsa
Venture
FPSO
Cidade do
Rio de Janeiro
MV14
FPSO
Baobab
Ivoirien MV10
FPSO
Fluminense
Tullow
Jubilee FPSO
Escravos
LPG FSO
FPSO Cidade
de Santos
MV20
FSO Kome
Kribi 1
Oveng TLP & FSO Madiela
Okume/Ebano Tchatamba A
TLP
MOPU
FPSO Cidade
de Angra dos
Reis MV22
BHP
Pyrenees
FPSO
BP Angola
PSVM FPSO
FPSO Stybarrow
Venture MV16
FPSO MODEC FPSO MODEC
Venture 1
Venture 11
FPSO Buffalo
FPSO
Whakaaropai Venture
: Under construction
GRAY
: Relocated / Decommissioned
22