Inpex Corporation · TSE:1605
Inpex — H1 FY2011 Earnings Presentation
23 slides from Inpex's earnings presentation, Nov 7, 2011
Slide 1: Financial Results for the six months ended September 30, 2011
Financial Results f th for the six i months th endd deddS September t b 3030, 2011 INPEX COR RPORATION Novemb ber 7, 2011
Slide 2: Agenda
Ageenda 1. Corporate Overview Representtative i DiDirector, President P id & CEO Toshiaki Kitamura 2. Financial Results for th he six months ended September 30, 2011 Director, tor Managing Executive Officer Head off Finance & Accounting Division M hi M Masahiro Murayama 1
Slide 3: Cautionary Statement
Cautionary y Statement This presentation includes forward‐looking forward looking g information that reflects the plan and expectations of the Company. Such forward d‐looking information is based on the current assumptions and judgments of the Company in light of the information currently tl availab
Slide 4: Corporate Overview
Corporate Overview Toshiaki Kitamura K Representative Directtor, tor President & CEO
Slide 5: Corporate Highlights
Corporate Highlights Half Half‐year year results : Net sales in ncreased by 32% to ¥573.1 ¥573 1 billion, billion Net profit increased by 47% to o ¥74.3 billion. Ichthys I hth LNG project j t : preparaation ti for f development d l t progressing i Abadi LNG p project j : agreed g to o transfer
Slide 6: Ichthys LNG Project (1/2)
Ichthys LNG G Project(1/2) Onnshore (LNG plant) and Offshore (Offshore faccilities & pipeline) FEED works ‐ Engineering works completed ‐ Preparation work (including bid evaluation, negotiation) for EPC phase in progress Go G overnment Approvals A l ‐ Production P License: Submitted Field D Devel
Slide 7: Ichthys LNG Project (2/2)
Ichthys LNG G Project(2/2) Gas Marketing Activities ‐ All LNG volumes of 8.4 MM t/y will havee been sold with a large part to be delivered to Japan ‐ Negotiating with buyers to conclude legallly‐binding SPAs for LNG 8.4 MM t/y by FID Financing ‐ Preparing for project financing Expect to confirm l
Slide 8: Abadi LNG Project
Abadi LN NG Project Agreed to transfer a 30% participating interest to a subsidiary of Shell in July 2011 *The transaction is subject to the satisfaction of certain conditions such as the approval of the Indonesian Government. Plan Pl tot transfer t f off a 10% participating ti i ti interest i t
Slide 9: Progress of the Gas Supply Chain
Progress g of the Gas G Supply pp y Chain Construction of the Naoetsu LNG Receiv ving Terminal ⁻ Construction work progressing to start operration in 2014 ⁻ Current status of construction : LNG tank 700%, Plant 30%, Landing bridge 25%, Connecting pipelines 20% ⁻ Completed lifting of dome‐shaped ro
Slide 10: Topics
Top pics Oil pproduction started s at Kitan (JPDA06‐105) ( ) - Final Developmment Plan approved in April 2010 - Production starrted in October 2011 - Peak productioon capacity : 40,000 bbl/d Kitan (production test) MMade d Final Fi l inve i estment t tD Decision i i (FID) tto d develop l Sebuku
Slide 11: Net Production (April – September 2011)
Net Production* (A April – September 2011) 430 5% 405 Main increase factor 400 4% ・ Increase in production in g Middle East / Africa region 31% mainly in ADMA Block, Abu Dhabi 300 38% (+21MBOE/D) D) 6% (MBOED 6% 200 Main decrease factor • Decrease in production in Van Gogh Field due to the natural 5
Slide 12: Financial Results for the six months ended September 30, 2011
Financial Results for the t six months ended S Septemb b 30 ber 30, 2011 Masahiro Murayama M Director Managing Director, g Executive Officer Head of Finance & Accounting A Division
Slide 13: Highlights of the Consolidated Financial Results
Highlights of the Consoliidated Financial Results for the six months endeed September 3030, 2011 Apr.‐Sep. S ‘10 A Apr.‐Sep. S ‘11 Ch Change %Ch %Change Net Sales (Billions of yen) 432.9 573.1 140.1 32.4% Crude Oil Sales 249 2 249.2 352 1 352.1 102 8 102.8 41 2% 41.2% Natural Gas Sales (including LP
Slide 14: Crude Oil Sales
Crude Oil O Sales Apr.‐Sep. ‘10 Apr.‐Sep. ‘11 Change %Change Net Sales (Billions of yen) 249.2 352.1 102.8 41.2% Sales volume (Mbbl) 36,496 39,139 2,643 7.2% Average unit price of overseas 75.70 111.77 36.07 47.6% production ($/bbl) Average unit A it price i off d domestic ti production(¥/kl) 47,156
Slide 15: Natural Gas Sales (excluding LPG)
Natural Gas Saless (excluding LPG) Apr.‐Sep. ‘10 Apr.‐Sep. ‘11 Change %Change Net Sales ((Billions of y yen)) 160.3 201.5 41.2 % 25.7% Sales volume (MMcf) 200,495 184,454 (16,041) (8.0%) Average unit price of overseas production (($/Mcf)) p 8.39 13.55 5.16 61.5% Average unit price of domestic sales(
Slide 16: Analysis of Net Sales Increase
Analysis y of Nett Sales Increase (Billions of Yen) Crude Oil (41.6) 700 Natural Gas (including LPG) (19.8) (億円) 200.3 Crude Oil +17.8 600 Natural Gas (including LPG) (18.7) 2.1 (61.4) 500 Crude Oil +126.5 400 (0.8) Natural Gas (including LPG) +73.8 300 573.1 200 4 432.9 100 0 Net Sales Decrease in
Slide 17: Statements of Income
Statementss of Income (Billions ll off Yen) Y A Apr.‐Sep. ‘10 A ‐Sep. ’11 Apr.‐ Change h % h %Change Crude Oil sales : 352.1 (Change) +102.8 Natural Gas sales* : 205.8 Net Sales 432.9 573.1 140.1 32.4% (Change) +35.2 Cost of Sales 162 0 162.0 199 4 199.4 37 3 37.3 23 1% 23.1% Cost of sales for Explo
Slide 18: Other Income/Expenses
Other Incom me/Expenses p Apr. Apr.‐ Apr. Apr.‐ (B ll (Billions off Y Yen)) Ch Change %Ch %Change Sep. ’10 Sep. ’11 Other income 10.4 19.8 9.3 89.1% Interest income 20 2.0 20 2.0 00 0.0 3 9% 3.9% Dividend income 2.2 2.1 (0.0) (1.9%) Equity in earnings of affiliates 0.3 4.0 3.7 ‐ Gain on change in eq
Slide 19: Analysis of Net Profit Increase
Analysis of Nett Profit Increase Main Factors ‐ Increase in royalty due to increased sales in ADM MA block (Billions of Yen) ‐ Increase I off th the amountt off costt recovery iin ACG and a dMMahakam h k Main Factors 200.3 Equity in earnings of affiliates +3.7 250 Loss on adjustment for changes of a
Slide 20: Balance Sheets
Balancee Sheets (Billi (Billions off yen)) M ’11 Mar.’11 S Sep. ’11 Ch Change %Ch %Change Current assets 2.9 492 523.1 30.2 6.1% Tangible fixed assets 3799.8 98 379 6 379.6 (0 2) (0.2) (0 1%) (0.1%) Intangible assets 9.1 249 241.9 (7.1) (2.9%) Recoverable accounts under production sharing 534 4.3 56
Slide 21: Statements of Cash Flows
Statements off Cash Flows (Billions of Yen) Apr.‐Sep. ’10 Apr.‐Sep. ’11 Change %Change Income before income taxes and minority interests 220 1 220.1 332 4 332.4 112 3 112.3 51 0% 51.0% Depreciation and amortization 28.0 23.7 (4.3) (15.5%) Recovery of recoverable accounts under production sharing (ca
Slide 22: Differences between Consolidated Financial Forecasts and Actual Results
Differences between Consolid dated Financial Forecasts and Actual Results for the six mon nths ended September 30, 30 2011 ‐ Assumptions (August 3, 2011) 1st half (Previous Forecasts) Crude oil price (Brent) (US$/bbl) 106.1 E cha ge rate Exchange ate (yen/US$) (ye /US$) 80 9 80.9 (Nov 4, (Nov. 4 201
Slide 23: Revisions of Financial Forecasts for the year ending March 31, 2012
Revisions of Fin nancial Forecasts for the year endin ng March 31 31, 2012 ‐ Assumptions (August 3, 2011) 1st half 2nd half Full year Crude oil price (Brent) (US$/bbl) 106.1 95.0 100.5 Exchange rate (yen/US$) 80.9 80.0 80.4 (Nov. 4, 2011) 1st half 2nd half Full year Crude oil price (Brent) (US$/bbl)