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MODEC, Inc.

2019 Half-year
Financial Results
Analysts Presentation
August 2, 2019
Highlight

Financial Results Market Review


& Outlook

Financial Results

2
2019 Half-Year : Highlights

Revenue Operating Profit Ordinary Profit Profit Attributable to


Owners of Parent
1H 2H
1H 2H Billion JPY
Billion JPY 29.4 28.7
400 23.3 14.4
24.3
25
16.0 21.0 21.8
295.5 19.4
300 18.0 16.6 11.6
138.8 13.1
15.6 14.9
229.9 15 12.8
221.9
11.4 4.0 14.3
125.9 191.1 109.0 10.1
200 8.7 10.8
89.4 10.2
5.0 5.8
8.2
156.7 5 6.0 6.0
148.4 6.3
100 7.2 4.4 0.8
2.3 2.7 2.6
104.0 101.7 112.8 2.2 (0.2)
(2.1) (2.2)

(5)
0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
2015 2016 2017 2018 2019 1H 1H 1H
1H

 Revenue increased by 35 billion yen mainly due to progress of 3 EPCI projects


 Provision for loss on construction contract was recorded for the EPCI project for GOM
3
2019 Half-Year : Highlights

New Order

1H 2H
Billion JPY

800

700.9

616.3
Woodside SNE FPSO
600 FPSO Almirante Barroso MV32
Project
Client Woodside Energy Client Petrobras
(Senegal) B.V.

400 Contract FEED Contract EPCI+Time Charter


(21 years)
334.3 Delivery 2022
253.6 Field The SNE Field
Location Field Búzios
188.7 213.6
200 Location
159.0 Water Depth 1,900 m
92.7  Senegal's first offshore
Oil Production 150,000 bopd
73.3 84.6 oil development
39.9
Gas 212 mmscfd
29.7 19.3
0 Production
2015 2016 2017 2018 2019
Storage 1,400,000 bbls
Capacity
4
 MODEC's 8th FPSO in the
"pre-salt"
2019 Half-Year:EPC(I) (as of end-June 2019)

FPSO FPSO FPSO FPSO


Carioca Guanabara Area 1 Almirante Barroso
MV30 MV31 MV34 MV32

Client Petrobras Petrobras Eni Mexico Petrobras

Contract EPCI + Time Charter EPCI + Time Charter EPCI + Time Charter EPCI + Time Charter
( 21 yrs ) ( 22 yrs ) (15 years + 5 one-year ( 21 yrs )
extension options)

Delivery
2021 2021 2021 2022
(Planned)

Field Sépia Mero Area 1 Block Búzios

Location Brazil Brazil Mexico Brazil

Water Depth 2,200 m 2,100 m 32 m 1,900 m

Storage/ 1,400,000 bbls 1,400,000 bbls 900,000 bbls 1,400,000 bbls


Production 180,000 bopd 180,000 bopd 90,000 bopd 150,000 bopd
212 mmscfd 424 mmscfd 75 mmscfd 212 mmscfd

Order received
Progress in 2Q 2019

5
As of August 2019
 EPC(I) period
 Time Charter fixed period
EPC(I) / Charter / O&M Period  Time Charter option period
 O&M period

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030
1 TBD FPSO Almirante Barroso MV32 Petrobras 21y
2 35.0 FPSO Area 1 Mexico MV34 Eni 15y
3 20.1 FPSO Guanabara MV31 Petrobras 22y
4 20.1 FPSO Carioca MV30 Petrobras 21y
1 20.1 FPSO
MV29
Cidade de Campos dos Goytacazes Petrobras 20y
2 20.1 FPSO Prof. John Evans Atta Mills Tullow 10y
3 20.1 FPSO Cidade de Caraguatatuba MV27 Petrobras 20y
4 20.1 FPSO Cidade de Itaguai MV26 Petrobras 20y
5 29.4 FPSO Cidade de Mangaratiba MV24 Petrobras 20y
6 34.0 FPSO Cidade de Sao Paulo MV23 Petrobras 20y
7 42.5 FPSO Cidade de Angra dos Reis MV22 Petrobras 15y
8 50.0 FPSO Cidade de Santos MV20 Petrobras 12y 6y
9 45.0 FPSO Cidade de Niteroi MV18 Petrobras 9y 7.5y
10 65.0 FSO Rang Dong MV17 JVPC 9y
11 40.6 FSO Cidade de Macae MV15 Petrobras 20y
12 40.6 FPSO Cidade do Rio de Janeiro MV14 Petrobras 8y
13 42.0 FSO Rong Doi MV12 KNOC 7y
14 50.0 FPSO Baobab Ivoirien MV10 CNR 10y
- 40.0 FPSO Stybarrow Venture MV16 standby 7y+
1 FPSO Raroa OMV 15y
2 FPSO Kwame Nkrumah MV21 Tullow 5y 10y
3 FPSO Pyrenees Venture BHPB 15y
4 FPSO Fluminense Shell 17.5y

Owned by MODEC group companies (%)


Affiliates accounted for by the equity method 6
Consolidated subsidiary
Highlight

Market Review & Outlook

Financial Results

7
Market Review

Oil Price(WTI) FPSO Awards (Historical + Forecast)


150
Lease Turnkey
No of Lease (forecast) Turnkey (forecast)
FPSO awards
100 Speculative Petrobras serial FPSOs
30

50

25
0
2000 2005 2010 2015

Global liquid supply curve 20

USD/bbl
100 Oil sands

90 15
Row onshore
80
Russia onshore
Offshore
70 Shelf Deepwater
Onshore 10
60 Middle East

50

40 5
30 NA tight liquids
Extra heavy oil

20
0
10

2019(F)
2020(F)
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
billion bbl
0
8
0 200 400 600 800 1,000 1,200 1,400
Source: Fearnley Offshore partially adjusted by MODEC.
Source: Rystad Energy UCube May 2019 partially adjusted by MODEC.
FY2019 : Outlook

Revenue Operating Profit Ordinary Profit Profit Attributable to


Owners of Parent
Billion JPY Billion JPY Billion JPY Billion JPY
400 20 40 25
18.0
350.0 21.8
21.0
19.4
295.5 14.9 29.4 20
15 30 28.7

24.3
229.9 11.4 15
221.9
18.0 12.0
191.1 10 20
200
8.0
10
12.8
5.0 5.8
5 10
5

0 0 0 0
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

Dividends per Share (JPY)

45
Surplus Dividend・Memorial Dividend
32.5
35 37.5
10
10  Forecasts are not changed
30
22.5
25
27.5
40 42.5 from the beginning of this year
20
15 17.5
10 12.5
7.5 7.5

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9
Highlight

Market Review & Outlook

Financial Results

10
Profit & Loss

2018 1H 2019 1H Variance Million JPY

Revenue 112,843 148,428 35,585  Revenue increased due to the progress


of EPCI projects
Gross Profit 16,453 3,963 (12,490)
 Gross profit decreased comparing to last
Selling, General and Administrative Ecpenses 5,609 6,259 650
year mainly because the realization of
Operating Profit 10,844 (2,296) (13,140) differed profit and availability fee uplifted
the gross profit last year.
Other Income (A) 5,261 5,707 446
Other Expenses (B) 1,744 1,123 (621)
Total Other Income/Expenses (C=A-B) 3,517 4,584 1,067

(Equity in Earnings of Affiliates and


1,762 2,731 969
Unconsolidated Subsidiaries included in C)
(Exchange gain/loss and Gain/loss on
(967) (450) 517
revaluation of derivatives included in C)
Ordinary Profit 14,361 2,287 (12,074)
Extraordinary Profit - 376 376  Extraordinary profit recognized due to the
Income before Income Taxes and Non- sales of scrapped FPSO
14,361 2,664 (11,697)
controlling Interests
Profit Attributable to Owners of Parent 10,207 806 (9,401)
Exchange Rate (USD) ¥110.45 ¥107.75 (¥2.70)

11
New Orders / Revenue / Order Backlogs

New Orders Revenue Order Backlogs


EPC(I) period Order backlogs for
MV32 MODEC Group’s
Billion JPY MV34 share in the “Lease,
Charter and O&M
MV31 services” of the
1,261.1
MV30 affiliates accounted for
1,200 FSO Ailsa 1,144.4 by the equity method
MV29 1,087.6
Stampede
MV27
MV25
MV26

800 2015 2016 2017 2018 2019 2020 761.6


*Order of FPSO Almirante Barroso is not
700.9 included because SPC was not
648.9 636.1 established at the end of 1H.

569.4
534.5
494.7
465.3 *

400 334.3
295.5
253.6
229.9 221.9
188.7 191.1
148.4
92.7

0
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
1H 1H 1H 1H
12
Influence of Deferred/Realized Profits
/ Equity in Earnings of Affiliates

Influence of Deferred/Realized Profits Equity in Earnings of Affiliates

Deferred Realized Balance

2015 2016 2017 2018 2019 1H Million USD


MV25 MV29
Billion JPY MV27
100
20 18.5 88.6
17.4 MV26 85.7
82.5

15
69.2
11.1
10 9.0 9.3
8.0
5.8 5.8 6.1 50
5

0.2
0 25.3
-0.6

-3.0 -2.7
(5)

0
-8.2 -7.9 2015 2016 2017 2018 2019 1H
(10)
13
Balance Sheet

2018 2019 1H Variance Million JPY


Cash and Deposits 51,215 53,987 2,772
Accounts Receivable - trade 95,065 120,327 25,262  Accounts receivable increased in line with EPC(I)
progress
Short-term Loans Receivable 43,021 23,151 -19,870  Short-term loans receivable decreased due to
collection of construction loan from SPC
Total Current Assets 211,584 219,931 8,347
Property and Equipment 2,543 5,110 2,567
Intangible Assets 9,260 9,333 73  Investment securities decreased due to the
measuring of interest swap for hedge at fair market
Investments and Other Assets 119,840 111,932 -7,908 value and including the exchange rate fluctuation
Total Fixed Assets 131,644 126,375 -5,269 into the investment to SPC

Total Assets 343,229 346,307 3,078


2018 2019 1H Variance
Accounts Payable - trade 97,680 116,674 18,994  Accounts payable - trade increased in line with
EPC(I) progress
Current portion of long-term loans payable 6,142 13,951 7,809
 Recorded provision for loss on construction contract
Provision for loss on construction contracts - 2,528 2,528 for EPCI project for GOM
Total Current Liabilities 144,060 173,290 29,230
Long-term Loans Payable 24,889 13,671 -11,218  Long term loan payable decreased due to scheduled
payment
Total Long-term Liabilities 34,353 29,111 -5,242
Total Liabilities 178,414 202,401 23,987
Total Shareholders Equity 154,446 152,055 -2,391
Total Accumulated Other Comprehensive Income -1,781 -12,942 -11,161  Total net assets decreased due to the
Minority Interests in Consolidated Subsidiaries 12,148 4,791 -7,357 expansion of losses on hedging derivatives and
Foreign currency translation adjustments
Total Net Assets 164,814 143,905 -20,909 14
Total Liabilities, Net Assets 343,229 346,307 3,078
Key Financial Indicators

EBITDA Interest-Bearing Debt

EBITDA(after adjustment*) Total interest-bearing debt(after adjustment*)


EBITDA Instant Coverage Ratio Total interest-bearing debt/EBITDA
Billion JPY X times Billion JPY X times
60 57.8 12.0
53.3 53.4
47.1 202.8
10.0 200 5.5
166.1 161.6
40 7.5
7.2 8.0 124.9 4.0
8.2 4.3 3.0 95.6
7.0 6.0 100 3.9
20 16.1
1.8 2.5
4.0 2.9

3.3
0 2.0 0 1.0
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
1H 1H
*Adjustment: Adding MODEC group’s share in affiliates accounted for by the equity method

ROE** ROA** Equity Ratio


% % % Equity Billion JPY
18.7 6.6
20.0 6.1 5.9 50.0 44.5 150
15.0 15.1 42.5
16.0 6.0 40.2
36.9
3.5 40.0 100
12.0 8.2 4.0
5.9 1.7 28.7
8.0
2.0 30.0 50
4.0
0.0 0.0 20.0 0
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 15
1H 1H 1H
**Based on the year end forecast of 2019
1616