Inpex Corporation · TSE:1605
Inpex — FY2010 Earnings Presentation
29 slides from Inpex's earnings presentation, May 12, 2011
Slide 1: Financial Results for the year ended March 31, 2011
Financial Results for the year ended March 31, 2011 INPEX CORPORATION May 12, 2011
Slide 2: Agenda
Agenda Financial Results for the year ended March 31, 2011 Consolidated Financial Forecasts for the year ending March 31, 2012 Corporate Overview Outlook 1
Slide 3: Cautionary Statement
Cautionary Statement This presentation includes forward‐looking information that reflects the plan and expectations of the Company. Such forward‐looking information is based on the current assumptions and judgments of the Company in light of the information currently available to it, and involves kn
Slide 4: Financial Results for the year ended March 31, 2011
Financial Results for the year ended March 31, 2011 Masahiro Murayama Director, Managing Executive Officer Head of Finance & Accounting Division
Slide 5: Highlights of the Consolidated Financial Results
Highlights of the Consolidated Financial Results for the year ended March 31, 2011 Mar. ‘10 Mar. ‘11 Change %Change Net Sales (Billions of yen) 840.4 943.0 102.6 12.2% Crude Oil Sales 486.9 557.9 70.9 14.6% Natural Gas Sales (including LPG) 326.4 356.2 29.8 9.1% Others 27.0 28.9 1.8 6.7% Operating I
Slide 6: Crude Oil Sales
Crude Oil Sales Mar. ’10 Mar. ’11 Change %Change Net Sales (Billions of yen) 486.9 557.9 70.9 14.6% Sales volume (thousand bbl) 76,095 76,651 556 0.7% Average unit price of overseas 68.40 84.34 15.94 23.3% production ($/bbl) Average unit price of domestic production(¥/kl) 41,470 49,957 8,488 20.5% 7
Slide 7: Natural Gas Sales (excluding LPG)
Natural Gas Sales (excluding LPG) Mar. ‘10 Mar. ‘11 Change %Change Net Sales (Billions of yen) 307.8 334.6 26.7 8.7% Sales volume (MMcf) 418,927 401,228 (17,699) (4.2%) Average unit price of overseas 7.43 9.10 1.67 22.5% production ($/Mcf) Average unit price of domestic sales(¥/ m3) 37.05 41.73 4.68
Slide 8: Analysis of Net Sales Increase
Analysis of Net Sales Increase (Billions of Yen) Crude Oil 113.6 Natural Gas (including LPG) 63.4 1,200 Crude Oil +3.5 Natural Gas (including LPG) (11.3) Crude Oil (46.1) Natural Gas (including LPG) (22.2) 177.0 1,000 1.8 (68.4) 800 (7.8) 600 943.0 400 840.4 200 0 Net Sales Decrease in Increase in E
Slide 9: Statements of Income
Statements of Income Crude Oil sales : 557.9 (Billions of Yen) Mar. ’10 Mar. ’11 Change %Change (Change) +70.9 Net Sales 840.4 943.0 102.6 12.2% Natural Gas sales* : 356.2 (Change) +29.8 Cost of Sales 298.1 334.8 36.6 12.3% Exploration expenses 15.7 12.0 (3.7) (23.6%) Cost of sales for Crude Oil : 1
Slide 10: Other Income/Expenses
Other Income/Expenses (Billions of Yen) Mar. ‘10 Mar. ‘11 Change %Change Other income 21.4 31.1 9.7 45.2% Interest income 4.3 4.1 (0.2) (5.6%) Dividend income 9.4 5.7 (3.7) (39.6%) Equity in earnings of affiliates ‐ 4.9 4.9 ‐ Gain on change in equity ‐ 3.6 3.6 ‐ Gain on transfer of mining rights ‐ 7
Slide 11: Analysis of Net Profit Increase
Analysis of Net Profit Increase (Billions of Yen) 300 177.0 Main Factors ‐ Increase in depreciation owing to the commencement of production in the Van Gogh and the Ravensworth oil fields 250 ‐ Increase in net purchase of natural gas in Japan 1.8 200 (68.4) 3.7 (36.6) (1.6) (1.5) 150 (43.5) (1.4) 100
Slide 12: Balance Sheets
Balance Sheets (Billions of yen) Mar. ’10 Mar. ’11 Change %Change Current assets 492.8 492.9 0.0 0.0% Tangible fixed assets 358.0 379.8 21.7 6.1% Investment in Ichthys Intangible assets 239.2 249.1 9.9 4.1% and Naoetsu LNG Receiving Terminal Recoverable accounts under production etc. sharing 514.6 5
Slide 13: Statements of Cash Flows
Statements of Cash Flows (Billions of Yen) Mar. ‘10 Mar. ‘11 Change %Change Income before income taxes and minority interests 442.0 508.5 66.5 15.1% Depreciation and amortization 40.3 54.2 13.8 34.4% Recovery of recoverable accounts under production sharing (capital expenditures) 45.6 50.8 5.1 11.3%
Slide 14: Financial Indices
Financial Indices Net Debt/Total Capital Employed (Net)* Equity Ratio** 74.5% Mar. '10 Mar. '11 68.9% (30.6%) (48.9%) Mar. '10 Mar. '11 D/E Ratio*** * Net Debt/Total Capital Employed (Net) = (Interest‐bearing debt ‐ Cash and deposits ‐ Public and corporate bonds and other debt securities (with deter
Slide 15: Consolidated Financial Forecasts for the year ending March 31, 2012
Consolidated Financial Forecasts for the year ending March 31, 2012 Masahiro Murayama Director, Managing Executive Officer Head of Finance & Accounting Division
Slide 16: Consolidated Financial Forecasts for the year ending March 2012
Consolidated Financial Forecasts for the year ending March 31, 2012 1st Half 2nd Half Full year Brent oil price ($/bbl) 95.0 95.0 95.0 Average exchange rate (¥/$) 80.0 80.0 80.0 Mar. ‘11 Mar. ‘12 Full Year (Actual) (Forecasts ) Change % Change Net Sales (Billions of yen) 943.0 1,016.0 72.9 7.7% Oper
Slide 17: Sales and Investment plan for the year ending March 31, 2012
Sales and Investment plan for the year ending March 31, 2012 Mar. ‘11 Mar. ‘12 (Actual) (Forecasts ) Change % Change Crude oil (thousand bbl)1 76,651 83,991 7,340 9.6% Sales Volume Natural gas (MMcf)2 401,228 363,840 (37,388) (9.3%) Overseas 336,975 298,794 (38,181) (11.3%) 64,253 65,046 793 Japan 1
Slide 18: Net Income Sensitivities
Net Income Sensitivities Estimated Impact of crude oil price and foreign exchange fluctuation on consolidated net income for the year ending March 31, 2012 (Billions of yen) Brent Crude Oil Price; $1/bbl increase (decrease) +2.0 (2.0) Exchange Rate; ¥1 depreciation (appreciation) against the U.S.
Slide 19: Corporate Overview
Corporate Overview Toshiaki Kitamura Representative director, President
Slide 20: FY 2011/03 Corporate Highlights
FY 2011/03 Corporate Highlights Progress of the preparation for the development of the Ichthys and the Abadi LNG projects, and development of the Kashagan project Progress in establishment of our Gas Supply Chain (Naoetsu LNG Receiving Terminal and Toyama Line) Progress in the upstream business :
Slide 21: Ichthys Project
Ichthys Project Condensate Onshore (natural gas liquefaction plant) FEED works 85,000 bpd (peak) ‐ Engineering work completed CPF FPSO ‐ Preparation work for procurement phase in progress LNG 8.4 million ton/year Offshore (Offshore facilities & pipeline) FEED works LPG 1.6 million ton/year ‐ Eng
Slide 22: Abadi Project
Abadi Project INPEX Masela : 90% (Operator) PT EMP Energi Indonesia (EMPI) :10% (Transfer of a 10% participating interest to EMPI became effective in November 2010.) The Plan of Development (POD) was approved by Arafura Sea Indonesian Government in December 2010 ‐ First Phase Development (POD‐1)
Slide 23: Gas Supply Chain
Gas Supply Chain Domestic Natural Gas Sales - FY 2011/03 : 1,720 MM m3* increased by 0.9% (demand increase of industrial and direct/ large‐volume users) - FY 2012/3 (E) : 1,740 MM m3* (Increase by approx. 1% due to demand increase) * 1m3 =41,6805MJ Naoetsu LNG Receiving Terminal (LNG storage tan
Slide 24: Main new production oil/gas fields and new projects
Main new production oil/gas fields and new projects Kitan (JPDA06‐105) - Participating Interest : 35% - approved the Final Development Plan in April 2010 - Production expected to commence in the second half of 2011 - Peak production capacity : 40,000 bbl/d Kitan (Clean up / flow test) Sebuku Blo
Slide 25: Net Production (FY Mar. 2011)
Net Production* (FY Mar. 2011) 423 406 Main increase factor 5% 400 5% ・ Alpha : Start of production in Van Gogh and Ravensworth (+17MBOE/D) 32% 32% • Natuna (Block B) : Start of 300 production in North Belut (MBOED) (+4MBOE/D) 7% 7% 200 48% 50% Main decrease factor 100 • Decrease in production due t
Slide 26: Proved + Probable Reserves
Proved + Probable Reserves* 5,000 Reserves Life 4,774 (RP Ratio**) 4,500 4,366 4,404 4,126 4,000 3,500 3,176 3,000 2,721 2,929 MM BOE 2,818 2,500 26.7 years 2,000 1,500 1,000 1,645 1,598 1,475 8.5 1,308 years 500 0 Mar. ʹ08 Mar. ʹ09 Mar. ʹ10 Mar. ʹ11 Proved Reserves Probable Reserves * The reserves
Slide 27: Outlook
Outlook Toshiaki Kitamura Representative director, President
Slide 28: Investment Plan
Investment Plan By Activity By Region (Billions of Yen) (Billions of Yen) 1,000 1,000 900 900 788.0 788.0 800 800 8.0 15.0 48.0 700 700 630.0 630.0 92.0 8.0 600 600 13.0 49.0 500 500 97.0 400 366.0 737.0 400 366.0 568.0 23.0 40.0 594.0 300 300 240.7 240.7 59.0 10.7 433.0 275.0 200 200 23.8 64.6 187.
Slide 29: Net Production Volume Projection
Net Production* Volume Projection Long term production target (800‐1,000 thousand BOED) 1,000 900 New Projects 800 700 (Thousand BOED) 600 500 440 450 446 435 Kashagan Oil Field 423 417 5% 5% Ichthys LNG Project 400 Abadi LNG Project Existing Projects 300 32% 47% 7% 200 11% 50% 100 31% ‐ 6% 6% Mar.