09 02-12 inpex results-q1
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09 02-12 inpex results-q1 09 02-12 inpex results-q1 Presentation Transcript

  • Financial Resultsfor the three months ended June 30 2012f th th th d dJ 30, 2012 INPEX COR RPORATION August 3, 2012 g
  • Cautionary Statement y Statement y This presentation includes forward‐looking This presentation includes forward looking information that reflects the plan and g information that reflects the plan and  g 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 available to it, and involves know tl il bl t it di l k wn and unknown risk, uncertainties, and  d k i k t i ti d other factors. Such risks, uncertainties and other factors may cause the Company’s  performance, achievements or financial position to be materially different from any  future results, performance, achievements or financial position expressed or implied  by such forward‐looking information. Such h risks, uncertainties and other factors  include, without limitation: include, without limitation:  Price volatility and change in demand in crude oil and natural gas  Foreign exchange rate volatility  Change in costs and other expenses per rtaining to the exploration, development  and production  The Company undertakes no obligation to publicly update or revise the disclosure  The Company undertakes no obligation to publicly update or revise the disclosure of information in this presentation (includiing forward‐looking information) after the  date of this presentation.1
  • Subsidiaries a Subsidiaries a Affiliates and Affiliates and 57 consolidated subsidiaries 57 lid d b idi i Major subsidiaries  Country/region Ownership Stage Accounting term  Production March (provisional  a (p o i io a Japan Oil Development Ja a Oil De elo e t UAE 100% settlement of account) INPEX Natuna Indonesia 100% Production March Timor Sea Joint Petroleum  INPEX Sahul 100% Production December Development Area  Development Area March (provisional  INPEX Ichthys Pty Ltd  Australia 100% Development settlement of account) March (provisional  INPEX Southwest Caspian Sea Azerbaijan 51% Production settlement of account) March (provisional  M h( i i l INPEX North Caspian Sea Kazakhstan 45% Development  settlement of account) 13 equity method affiliates 13 equity method affiliates Major affiliates  Country/region Ownership Stage Accounting term  MI Berau B.V. Indonesia 44% Production December Angola Japan Oil Angola  19.6% Production December production INPEX Offshore North Campos Brazil  37.5% December suspended Ichthys LNG Pty Ltd  I hth LNG Pt Ltd March (provisional  March (provisional Australia 72.805% Development settlement of account)2
  • Highlights of the Consol lidated Financial Results for the three months for the three months ended June 30 2012 s ended June 30, 2012 s Apr.‐Jun. ’11 Apr.‐Jun. ’12 Change %Change Net Sales                  (Billions of yen) S l ( ll f ) 294.9 310.8 15.8 5.4% Crude Oil Sales 182.3 195.4 13.1 7.2% Natural Gas Sales  (including LPG) N l G S l (i l di LPG) 105.8 108.6 2.8 2.7% Others 6.8 6.7 (0.0) (1.2%) Operating Income  (Billions of yen) O I ll f 176.2 187.1 10.9 6.2% Ordinary Income   (Billions of yen) 178.3 207.3 28.9 16.3% Net Income            (Billions of yen) 40.1 69.9 29.7 74.1% Net income per share  (Yen) 11,004.72 19,160.96 8,156.24 74.1% Average number of shares issued and outstanding during the thre A b f h i d d t t di d i th th ee months ended June 30, 2012 (consolidated): 3 650 894 th d dJ 30 2012 ( lid t d) 3,650,8943
  • Crude O Crude O Sales Oil Sales Oil Apr.‐Jun. ’11 Apr.‐Jun. ’12 Change %Change Net Sales (Billions of yen) 182.3 195.4 13.1 7.2% Sales volume (Mbbl) 19,608 21,902 2,294 11.7% Average unit price of overseas  112.97 110.77 (2.20) (1.9%) production ($/bbl) Average unit price of domestic  A it i fd ti production(¥/kl) 62,016 64,391 2,376 3.8% 1.66 yen  2.0% yen  Average exchange rate (¥/$) 81.78 80.12 pp appreciation appreciation Sales volume by region (Mbbl) Apr.‐Jun. ’11 Apr.‐Jun. ’12 Change %Change 71 1 (69) Japan p ( (97.9%) ) (11.2 thousand kl) (11 2 th d kl) (0.2 thousand kl) (0 2 th d kl) (‐11.0 thousand kl) ( 11 0 thousa d kl) Asia/Oceania 3,237 5,729 2,492 77.0% Eurasia (Europe/NIS ) 2,051 2,309 258 12.6% Middle East/Africa 14,230 13,844 (386)  (2.7%) Americas 20 18 (2) (7.5%) Total , 19,608 , 21,902 , 2,294 11.7%4
  • Natural Gas Sales Natural Gas Sales (excluding LPG) s (excluding LPG) s Apr.‐Jun. ’11 p Apr.‐Jun. ’12 p Change g %Change g Net Sales (Billions of yen) 103.6 100.3 (3.2) (3.2%) Sales volume (MMcf) 94,568 78,881 (15,687) (16.6%) Average unit price of overseas  13.30 14.74 1.44 10.8% production ($/Mcf) Average unit price of domestic  42.60 46.56 3.96 9.3% sales (¥/ m3) l (¥/ 1.53 yen  1.9% yen  Average exchange rate (¥/$) 81.79 80.26 appreciation appreciation Sales volume by region (MMcf) Apr.‐Jun. ’11 Apr.‐Jun. ’12 Change %Change 14,337 14,779 441 3.1% (384 million m3*) (396 million m3*) (12 million m3*) Japan Purchased Volume Pu urchased Volume 135 million m3* 130 million m3* (5 million m3*) (3.3%) Asia/Oceania 73,152 58,006 (15,146) (20.7%) Eurasia (Europe/NIS ) ‐ ‐ ‐ ‐ Middle East/Africa ‐ ‐ ‐ ‐ Americas 7,079 6,096 (982) (13.9%) Total 94,568 78,881 (15,687) (16.6%) 1m3 = 41.8605MJ5
  • Analysis of Net S y Sales Increase(Billions of Yen) Crude Oil (3.9) Natural Gas (including LPG) g +15.6 +15 6 Crude Oil +21.1 Crude Oil (4.0) Natural Gas (including LPG) (11.0) Natural Gas (including LPG) (1.6) 11.6 10.0 10 0 300  (5.7) (0.0) 200  294.9 310.8 100  100 0  Net Sales Increase in Increase in Exchange rate Net Sales Others Apr.‐Jun . 11 Apr Jun ‘11 Sales Volume  Sales Volume Unit Price (Appreciation of Yen) Unit Price (Appreciation of Yen) Apr.‐Jun . 12 Apr Jun ‘126
  • Statements of Income s of Income s Crude Oil sales :          195.4 Crude Oil sales : 195 4 (Billions of Yen) ll fY Apr.‐Jun. ’11 A Apr.‐ A ‐Jun. ’12 Change h %Change % h (Change) +13.1 Net Sales 294.9 310.8  15.8 5.4%  Natural Gas sales* : 108.6 (Change) +2.8 Cost of Sales Cost of Sales 94.8 94 8 104.3 104 3 9.4 94 10.0%  10 0% Exploration expenses 6.6 1.7 (4.9) (73.8%)  Cost of sales for  Crude Oil : 60.0       Selling, general and  (Change) +3.5 17.1 17 1 17.5 17 5 0.4 04 2.6%  2 6% administrative expenses Cost of sales for Natural Gas* : 39.8 Operating Income 176.2 187.1 10.9 6.2%  (Change) +6.8 Other income Other income 10.6 10 6 29.7  29 7 19.1 19 1 180.1%  180 1% Other expenses 8.5 9.5 1.0 12.2% Ordinary Income y 178.3 207.3 28.9 16.3%  Income taxes‐current 135.1 128.5  (6.6) (4.9%) Income taxes‐deferred 0.6 6.5 5.9 948.5% Minority interests 2.3 2.2 (0.1) (6.4%) Net Income 40.1 69.9 29.7 74.1% *Including LPG7
  • Other Incom me/Expenses p (Billions of Yen) Apr.‐Jun. ’11 Apr.‐Jun. ’12 Change %Change Other income 10.6 29.7 19.1 180.1% Interest income 1.1 1.4 0.3 34.7% Dividend income  1.3 1.0 (0.2) (20.7%) Gain on sales of investment securities ‐ 4.2 4.2 ‐ q y g Equity in earnings of affiliates 1.9 3.3 33 1.3 13 70.0% 70 0% Gain on change in equity 4.6 ‐ (4.6) (100.0%) Gain on transfer of mining rights ‐ 15.3 15.3 ‐ Foreign exchange gain ‐ 2.8 2.8 ‐ Other 1.4 1.4 (0.0) (3.9%) Other expenses Other expenses 8.5 85 9.5 95 1.0 10 12.2% 12 2% Interest expense 0.2 0.2 0.0 2.2% Provision for allowance for recoverable accounts  3.9 1.4 (2.4) (62.3%) under production sharing under production sharing Provision for exploration projects 1.6 3.0 1.4 86.7% Loss on the valuation of investment securities 0.1 3.3 3.1 ‐ Foreign exchange loss 0.6 ‐ (0.6) (100.0%) Other 1.8 1.3 (0.4) (24.7%)8
  • Analysis of Net Analysis of Net Profit Increase t Profit Increase t Main Factors(億円) (Billions of Yen) (Billions of Yen) Gain on transfer of minin i h G i f f i ing rights           +15.3 15 3 80  Gain on sales of investm ment securities       +4.2 Loss on valuation of innvestment securities(3.1) 17.0 0.6 0.1 70  11.6 60  5.9 10.0 (5.7) (0.0) 50  50 (0.4) (9.4) 40  69.9 30  Main Factors ogh Field and Kitan ‐ Increase of depreciation in Van Go Field 20  40.1 10  0  Net Profit Increase in Increase in Exchange rate Others Increase in  Decrease in  Increase  Other Income Decrease in  Decrease in Net Profit Apr.‐Jun. Sales  Unit Price (Appreciation  Cost of Exploration in  and Expenses Income Minority Apr.‐Jun. ‘11 Volume of Yen) Sales Expenses and SG&A Tax payable Interest ‘12 Allowance for Net Sales Exploration Exploration* *Provision for allowance for recoverable e accounts under production sharing and Provision for exploration projects 9
  • Revisions of Fin nancial Forecasts  for the year endin for the year endin March 31 2013 ng March 31, 2013 ng‐ Assumptions (May 11, 2012) 1st half f 2nd half Full year Crude oil price (Brent) (US$/bbl) 100.0 100.0 100.0 Exchange rate (yen/US$) 80.0 80.0 80.0 (Aug. 3, 2012) 1st half 2nd half Full year p ( ) ( $/ ) Crude oil price (Brent) (US$/bbl) 104.5 *1 0 .5 100.0 00.0 102.2 0 . Exchange rate (yen/US$) 80.1 *2 80.0 80.0 *1  1st quarter (Actual) : US$ 108.9/bbl, 2nd quarter (Forecast) : US$ $100.0/bbl        *2   1st quarter (Actual) : ¥80.2/US$1, 2nd quarter (Forecast) : ¥80.0/US$‐ Fi Financial Forecasts  i lF t Previous foreca asts Revised forecasts Change % Change for the year ending March 31, 2013 (May 11, 2012 2) (Aug. 3, 2012) Net Sales (billions of yen) 1, ,058.0 1,089.0 31.0 2.9% Operating income (billions of yen) O b ll f 571.0 571 0 587.0 587 0 16.0 16 0 2.8% 2 8% Ordinary income (billions of yen) 593.0 607.0 14.0 2.4% Net income (billions of yen) 164.0 168.0 4.0 2.4%‐ Financial Forecasts for the six months ending Septemb ber 30, 2012 Net Sales (billions of yen) 535.0 577.0 42.0 7.9% Operating income (billions of yen) Operating income (billions of yen) 281.0 329.0 48.0 17.1% Ordinary income (billions of yen) 279.0 340.0 61.0 21.9%10 Net income (billions of yen) 68.0 98.0 30.0 44.1%
  • Appe ppendix
  • LPG  LPG Sales Apr.‐Jun. ’11 A Ju ’11 Apr.‐Jun. ’12 A Ju ’12 Change Cha e %Change %Cha e Net Sales (Billions of yen) 2.1 8.3 6.1 282.5% Sales volume (Mbbl) Sales volume (Mbbl) 268 1,142 1 142 874 325.9% 325 9% Average unit price of overseas  82.77 87.70 4.93 6.0% production ($/bbl) Average unit price of domestic  Average unit price of domestic production(¥/ kg) 125.15 121.09 (4.06) (3.2%) 2.60yen  3.2% yen  Average exchange rate (¥/$) 82.21 79.61 appreciation appreciation Sales volume by region (Mbbl) Apr.‐Jun. ’11 Apr.‐Jun. ’12 Change %Change 6 68 73 Japan (0.5 thousand  (0 5 thousand 8.2% 8 2% (6.5 thousand t) (7.0 thousand t) ton) Asia/Oceania 200 1,069 868 433.5% Eurasia (Europe/NIS ) ‐ ‐ ‐ ‐ Middle East/Africa ‐ ‐ ‐ ‐ Americas ‐ ‐ ‐ ‐ Total 268 1,142 874 325.9%12
  • Balance Sheet e Sheet e (Billions of yen) (Billi f ) Mar. ‘12 M ‘12 2 Jun. ’12 J ’12 Change Ch %Change %Ch Current assets 908.7 9 842.8 (65.8) (7.2%) Tangible fixed assets Tangible fixed assets 383.6 383 3 6 425.4 425 4 41.7 41 7 10.9% 10 9% Intangible assets 233.3 2 293.0 59.7 25.6% Recoverable accounts under production  568.3 5 583.7 15.4 2.7% sharing Other 073.0 1,0 1,021.6 (51.4) (4.8%) Less allowance for recoverable ( 00.6) (10 ) ( (103.1) ) ( ) (2.5) 2.5% accounts under production sharing accounts under production sharing Total assets 066.3 3,0 3,063.5 (2.8) (0.1%) Current liabilities 367.8 3 327.8 (39.9) (10.9%) Long‐term liabilities 384.3 3 378.8 (5.5) (1.4%) Total net assets 314.1 2,3 2,356.7 42.5 1.8% (Minority interests) (Mi o ity i te e t ) 134.9 134 1 9 138.9 138 9 4.0 40 3.0% 3 0% Total liabilities and net assets 066.3 3,0 3,063.5 (2.8) (0.1%) Net assets per share  (Yen) p ( ) 596 6,909 607,474 10,565 1.8%13
  • Statements of Statements of Cash Flows f Cash Flows f (Billions of Yen) Apr.‐Jun. ’12 I co e e o e i co e a es a Income before income taxes and minority interests i o i y i e es s 207.3 Depreciation and amortization 13.4 Recovery of recoverable accounts under production sharing (capital expenditures) g p p 12.5 Recoverable accounts under production sharing (operating expenditures) (5.4) Income taxes paid (166.3) Other 18.5 Net cash provided by operating activities 80.0 Purchase of tangible fixed assets Purchase of tangible fixed assets (49.2) (49 2) Purchases of marketable securities/investment securities and  proceed from sales of marketable securities/investment securities  75.7 (Net) Investment in recoverable accounts under production sharing (capital expenditures) (22.3) Payments for purchase of mining rights (81.5) Proceeds from transfer of mining rights d f f f h 13.9 13 9 Other (37.7) Net cash used in investing activities (101.2) Net cash used in financing activities (11.0) Cash and cash equivalents at end of the period 210.314
  • Net Production (Ap Net Production* (Ap 2012 – Jun. 2012) pr. 2012  Jun. 2012) pr. Oil/Condensate/LPG 0% 1% 1 253Mbbl/day 4 28% 69 Japan Total T l Asia/Oceania 153 26 406MBOE/day Eurasia 61% 10% Middle East/Africa Middl E t/Af i 3% 6% Americas 12 26 Natural Gas N t lG 8% 15% 810MMcf/day 38% 65 119 ** 153 ( (153MBOE/day) / y) 188 46% Japan Japan Asia/Oceania Asia/Oceania 626 Eurasia 26 Eurasia Middle East/Africa Middle East/Africa 7% Americas Americas 77% *        The production volume of crude oil and natural gas under the production sharing cont tracts entered into by INPEX  Group  corresponds to the net economic  take of our group. ** The way of the calculation for conversion factor from gas to oil equivalent was altered d from the year ended March 31, 2012.15
  • Crude O Crude O Prices Oil Prices Oil130.00 Brent WTI Dubai120.00110.00110 00100.00 90.00 80.00 70.00 60.00 60 00 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 2月 3月 4月 5月 6月 2011 2012 1Q 1Q 2011 (Apr.‐Jun.) (A J ) 2012 (Apr.‐Jun.) (A J ) Apr. May Jun. Ave. Jul. Aug. Sep. Oct t. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Ave.Brent 123.09 114.52 113.90 117.17 116.75 109.93 109.91 108.79 110.49 107.72 111.45 119.06 124.54 120.49 110.29 95.93 108.90WTI 110.04 101.36 96.29 102.56 97.34 86.34 85.61 86.4 43 97.16 98.58 100.32 102.26 106.21 103.35 94.72 82.41 93.49Dubai 116.00 108.38 107.77 110.72 109.99 105.02 106.30 103.95 109.00 106.43 109.80 116.16 122.47 117.30 107.31 94.44 106.3516