三井海洋開発(6269) – 2022 First Quarter Financial Results

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開示日時:2022/05/11 15:30:00

損益

決算期 売上高 営業益 経常益 EPS
2018.12 22,190,900 1,492,900 1,479,600 388.23
2019.12 33,264,400 -484,100 -510,100 -323.47
2020.12 30,992,500 -2,161,300 -2,086,900 -232.05

※金額の単位は[万円]

株価

前日終値 50日平均 200日平均 実績PER 予想PER
1,482.0 1,457.5 1,837.79 5.76

※金額の単位は[円]

キャッシュフロー

決算期 フリーCF 営業CF
2018.12 4,200,400 4,519,300
2019.12 -595,800 -324,800
2020.12 2,706,200 3,100,400

※金額の単位は[万円]

▼テキスト箇所の抽出

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. May 11, 2022 Consolidated Financial Results for the Three Months Ended March 31, 2022 (IFRS) Tokyo Stock Exchange 6269 http://www.modec.com Takeshi Kanamori, Representative Director, President & CEO Yasuhiro Takano, Director, Executive Managing Officer +81-3-5290-1200 Company name: MODEC, INC. Listing: Securities code: URL: Representative: Inquiries: Telephone: Scheduled date to file quarterly securities report: Scheduled date to commence dividend payments: Preparation of supplementary material on quarterly financial results: Yes Holding of quarterly financial results briefing: May 12, 2022 - None % – – % – 1. Consolidated financial results for the three months ended March 31, 2022 (from January 1, 2022 to March 31, 2022) (1) Consolidated operating results (Percentages indicate year-on-year changes.) (Yen amounts are rounded down to millions unless otherwise noted.) Revenue Operating profit Profit before tax Profit Three months ended million yen % million yen March 31, 2022 March 31, 2021 81,310 (34.8) 124,665 – (1,557) 3,469 million yen (2,488) 5,589 % – – million yen (2,042) 5,293 % – – Profit attributable to owners of parent Total comprehensive income Basic earnings per share Diluted earnings per share Three months ended million yen million yen (2,039) 5,221 % – – 8,955 (34.3) 13,637 March 31, 2022 March 31, 2021 yen (36.18) 92.65 yen (36.18) 92.61 (2) Consolidated financial position Total assets Total equity Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets As of March 31, 2022 million yen 405,955 million yen 76,826 million yen 74,153 % 18.3 393,971 December 31, 2021 15.5 Note: The original condensed consolidated financial statements of MODEC, INC. and its subsidiaries (hereinafter “the Company”) for the three months ended March 31, 2022 and 2021 and for the year ended December 31, 2021 are presented in US dollars on page 4 of this material. For reference, the amount presented for consolidated operating results and consolidated financial position are converted into Japanese yen respectively as follows. March 31, 2022 March 31, 2021 December 31, 2021 1 US dollar =122.41 Japanese yen at the TTM rate of Sumitomo Mitsui Banking Corporation as of March 31, 2022. 1 US dollar =110.71 Japanese yen at the TTM rate of Sumitomo Mitsui Banking Corporation as of March 31, 2021. 1 US dollar =115.01 Japanese yen at the TTM rate of Sumitomo Mitsui Banking Corporation as of December 30, 63,802 61,247 2021. The percentage indicating year-on-year changes is calculated on Japanese yen basis presented above. 2. Cash dividends Year ended December 31, 2021 Year ended December 31, 2022 First quarter-end Second quarter-end Third quarter-end Year-end Total Annual dividends per share yen - - yen 15.00 yen - - yen 0.00 - yen 15.00 - Year ending December 31, 2022 (Forecast) Note: Revisions to the forecast of cash dividends most recently announced: None - 3. Earnings forecast for FY2022 (January 1, 2022 – December 31, 2022) Revenue Operating profit Profit before tax Profit (Percentages indicate year-on-year changes.) Profit attributable to owners of parent Basic earnings per share million yen % million yen % million yen % million yen % million yen % yen Full Year 276,024 (38.5) Note: Revisions to the forecast most recently announced: None Note: The original consolidated earnings forecast of the Company is presented in US dollars on page 4 of this material. For reference, the amount presented for the consolidated earnings forecast for the year ending December 31, 2022 is converted into Japanese yen at 115.01 yen, which is at the TTM rate of Sumitomo Mitsui Banking Corporation as of December 30, 2021. 2,530 2,530 3,450 – – – – – 44.89 * Notes (1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None (2) Changes in accounting policies and changes in accounting estimates (i) Changes in accounting policies required by IFRS: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (3) Number of issued shares (ordinary shares) (i) Total number of issued shares at the end of the period (including treasury shares) (ii) Number of treasury shares at the end of the period As of March 31, 2022 As of December 31, 2021 As of March 31, 2022 As of December, 31, 2021 (iii) Average number of shares outstanding during the period Three months ended March 31, 2022 Three months ended March 31, 2021 56,408,000 shares 56,408,000 shares 45,100 shares 45,100 shares 56,362,900 shares 56,353,768 shares * Quarterly financial results are exempt from quarterly review conducted by certified public accountants or an audit corporation. * Proper use of earnings forecasts and other special matters ・The Company adopted International Financial Reporting Standards (hereinafter “IFRS”) from the year ended December 31, 2021 for the consolidated financial statements. Therefore, the financial result for the three months ended March 31, 2021 are also presented in accordance with IFRS. ・Accompanying condensed quarterly consolidated financial statements and selected notes are presented in US ・Earnings forecast and other forward-looking statement included in this material are based on information currently available to the Company and using the assumptions deemed reasonable. Therefore, actual results may significantly differ due to various factors. dollars. [Reference] Consolidated financial results for the three months ended 2022 and earnings forecast for the year ended December 2022 presented in functional currency of the Company, US dollar (US dollar amounts are rounded down to thousand unless otherwise noted.) 1. Consolidated financial results for the three months ended March 31, 2022 (from January 1, 2022 to March 31, 2022) (1) Consolidated operating results (Percentages indicate year-on-year changes.) Revenue Operating profit Profit before tax Profit Three months ended US$ thousand % US$ thousand March 31, 2022 March 31, 2021 664,247 (41.0) 1,126,055 – (12,725) 31,335 US$ thousand (20,328) 50,490 % – – US$ thousand (16,688) 47,817 % – – Profit attributable to owners of parent Total comprehensive income Basic earnings per share Diluted earnings per share Three months ended US$ thousand US$ thousand March 31, 2022 March 31, 2021 (16,657) 47,161 (73,162) (40.6) 123,184 % – – US$ (0.30) 0.84 US$ (0.30) 0.84 % – – % – (2) Consolidated financial position Total assets Total equity Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets As of March 31, 2022 December 31, 2021 US$ thousand US$ thousand US$ thousand 3,316,359 3,425,542 627,612 554,759 605,782 532,541 % 18.3 15.5 2. Earnings forecast for FY2022 (January 1, 2022 – December 31, 2022) Revenue Operating profit Profit before tax Profit US$ thousand % US$ thousand % US$ thousand % US$ thousand US$ thousand Full Year 2,400,000 (38.5) – – 30,000 – 22,000 22,000 (Percentages indicate year-on-year changes.) Profit attributable to owners of parent Basic earnings per share % – % – US$ 0.39 ○ Contents 1. Qualitive information on quarterly financial results (1) Results of operations ………………………………………………………………………………………………………. 2 (2) Financial position …………………………………………………………………………………………………………… 3 (3) Significant event related to going concern status ………………………………………………………………. 3 2. Condensed quarterly consolidated financial statements and selected notes to the condensed quarterly consolidated financial statements (1) Condensed quarterly consolidated statement of financial position ………………………………………… 4 (2) Condensed quarterly consolidated statement of profit or loss and condensed quarterly consolidated statement of other comprehensive income …………………………………………………………………………. 6 (3) Condensed quarterly consolidated statement of change in equity ………………………………………… 8 (4) Condensed quarterly consolidated statement of cash flows ………………………………………………… 10 (5) Selected notes to the condensed quarterly consolidated financial statements (Note to ability to continue as a going concern) ………………………………………………………………….. 11 (Change in accounting policy) ………………………………………………………………………………………….. 11 (Change in accounting estimate) ……………………………………………………………………………………….. 11 (Additional information) ………………………………………………………………………………………………….. 11 1 1. Qualitive information on quarterly financial results (1) Results of operations During the first quarter of this year the Japanese economy made continued recovery. While COVID-19 epidemic influence was still widespread, the recovery of personal consumption was lacking some momentum and the profitability of certain part of non-manufacturing business sector was fairly low. The recovery of global economy continues while COVID-19 epidemic gradually subsides. However, the further recovery of global economy is uncertain due to the risk of global geopolitics caused by Russian invasion of Ukraine. Oil prices rose to US$120 a barrel when US and UK prohibited the import of Russian oil in early March, but toward the end of March the oil prices were lower at around US$100 a barrel as the US President Biden decided to release at the historically largest amount of oil reserve. In this environment, the trend toward decarbonization is unavoidable. However, from the perspective of maintaining a stable energy supply, oil companies are expected to maintain certain level of deep-sea oil development projects. The business related to floating offshore oil and gas production facilities, which is the main business of the Company, is expected to grow steadily in the future in ultra-deep water large-scale projects, where the Company has strengths. However, the business environment surrounding the Company is undergoing significant changes, which include the further promotion of renewable energy and the evolution of digital technologies among others. The Company will steadily take into account these changes in the business environment. While securing profits from existing businesses, it will steadily develop future sources of profits such as floating offshore wind turbines, underwater resource development and digital solution businesses. Under these circumstances, for the first quarter of this year, the total orders on a consolidated basis resulted in US$127,149 thousand (US$473,759 thousand in 1Q 2021) due to the variation orders of FPSO construction projects. The consolidated revenue was US$664,247 thousand (US$1,126,055 thousand in 1Q 2021) due to progress in the construction of FPSOs. In terms of profit, the operating loss was US$12,725 thousand (operating profit of US$31,335 thousand in 1Q 2021) due to the low profitability of FPSO construction project caused by COVID-19 pandemic from previous year continued to affect current period and the increased repair costs of FPSOs operating in Brazil. In addition, increase in finance costs from foreign currency exchange loss due to the significant appreciation of Brazil Real against US dollars and the recognition of expected credit loss for the additional loan to the related company which owns an FPSO resulted in the loss before tax for the current quarter of US$20,328 thousand (income before tax of US$50,490 thousand in 1Q 2021). As a result, the loss attributable to owners of the parent for the current quarter was US$16,657 thousand (profit of US$47,161 thousand in 1Q 2021). 2 (2) Financial position The total assets at the end of first quarter of this year decreased by US$109,183 thousand to US$3,316,359 thousand from the end of previous year primarily due to decrease in cash and cash equivalents, and trade and other receivables. The total liabilities decreased by US$182,035 thousand to US$2,688,747 thousand from the end of previous year The total equity increased by US$72,852 thousand to US$627,612 thousand from the end of previous year primarily primarily due to decrease in trade and other payables. due to increase in other components of equity. (3) Significant event related to going concern status The Company reported US$363,975 thousand of loss attributable to owners of the parent in previous year. This led to decrease in retained earnings, which resulted in breach of the financial covenants of bonds and borrowings. The Company is aware that such event and situation cause a going concern issue. However, the Company addressed the current situation to the lenders to resolve going concern issue and obtained the agreement not to address acceleration clause with regard to bonds and borrowings in breach of the financial covenants both at the end of previous year and the first quarter of this year. Therefore, the Company has judged that there is no significant uncertainty exists in the Company’s status as a going concern. 3 MODEC, INC. and Consolidated Subsidiaries2. Condensed quarterly consolidated financial statements and selected notes to the condensed quarterly consolidated financial statements(1) CONDENSED QUARTERLY CONSOLIDATED STATEMENT OF FINANCIAL POSITIONA S S E T SAs of December 31, 2021 and March 31, 2022CURRENT ASSETS:Cash and cash equivalentsTrade and other receivablesContract assetsLoans receivableOther financial assetsOther current assetsTotal current assetsNON-CURRENT ASSETS:Property, plant and equipmentIntangible assetsInvestments accounted for using equity methodLoans receivableOther financial assetsDeferred tax assetsOther non-current assetsTotal non-current assets(Unit : US$ thousand)As of December 31,2021As of March 31,2022810,131379,394704,73014,17614,171138,1342,060,74051,36680,845739,046398,56213,27854,94126,7601,364,801703,030333,173674,351-14,904161,2341,886,69348,90578,070800,793398,56214,22363,39425,7141,429,665Total assets3,425,5423,316,359* The figures are rounded down to the nearest thousand US dollar.4LIABILITIES AND EQUITYAs of December 31, 2021 and March 31, 2022(Unit : US$ thousand)As of December 31,2021As of March 31,2022CURRENT LIABILITIES:Trade and other payablesContract liabilitiesBonds and borrowingsIncome taxes payableProvisionsOther financial liabilitiesOther current liabilitiesTotal current liabilitiesNON-CURRENT LIABILITIES:BorrowingsDeferred tax liabilitiesDefined benefit liabilityProvisionsOther financial liabilitiesOther non-current liabilitiesTotal non-current liabilitiesTotal liabilitiesEQUITY:Share capitalCapital surplusRetained earningsTreasury sharesOther components of equityEquity attributable to owners of parentNon-controlling interestsTotal equityTotal liabilities and equity* The figures are rounded down to the nearest thousand US dollar.1,356,472405,807426,86740,564237,01394,549103,4832,664,75855854,69380,59723,58447,084206,024282,292280,71185,957(1,291)(115,129)532,54122,218554,7593,425,5421,267,915368,965406,69044,822234,94996,981101,5642,521,888-8454,72467,56022,21022,278166,858282,292280,76569,301(1,291)(25,286)605,78221,829627,6123,316,3592,870,7822,688,7475MODEC, INC. and Consolidated Subsidiaries(2) CONDENSED QUARTERLY CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the three months ended March 31, 2021 and 2022RevenueCost of salesGross profit (loss)Selling, general and administrative expensesShare of profit (loss) of investments accounted for using equity methodOther incomeOther expensesOperating profit (loss)Finance incomeFinance costsPROFIT (LOSS) BEFORE TAXINCOME TAX EXPENSEPROFIT (LOSS)OWNERS OF PARENTNON-CONTROLLING INTERESTSPROFIT (LOSS)* The figures are rounded down to the nearest thousand US dollar.Earnings (loss) per share Diluted earnings (loss) per share(Unit : US$ thousand)Three months endedMarch 31, 2021Three months endedMarch 31, 20221,126,055(1,076,449)49,605(35,598)14,6422,692(6)31,33520,906(1,751)50,490(2,673)47,81747,16165547,817$0.84$0.84664,247(657,272)6,975(44,171)24,750114(395)(12,725)16,262(23,865)(20,328)3,640(16,688)(16,657)(30)(16,688)(Unit : US$)($0.30)($0.30)6(2) CONDENSED QUARTERLY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEMODEC, INC. and Consolidated SubsidiariesFor the three months ended March 31, 2021 and 2022PROFIT (LOSS)OTHER COMPREHENSIVE INCOME:Items that will not be reclassified to profit or lossRemeasurements of defined benefit plansTotal of items that will not be reclassified to profit or lossItems that may be reclassified to profit or lossEffective portion of cash flow hedgesExchange differences on translation of foreign operationsShare of other comprehensive income of investments accounted for using equity methodTotal of items that may be reclassified to profit or lossTotal other comprehensive incomeCOMPREHENSIVE INCOMEOwners of parentNon-controlling interests* The figures are rounded down to the nearest thousand US dollar.Three monthsendedMarch 31, 2021(Unit : US$ thousand)Three monthsendedMarch 31, 202247,817(16,688)4949(21,522)(2,928)99,76775,31675,366123,184122,80338011825(3,276)92,30089,84989,85173,16273,187(24)7MODEC, INC. and Consolidated Subsidiaries(3) CONDENSED QUARTERLY CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFor the three months ended March 31, 2021Equity attributable to owners of parentOther components of equity(Unit : US$ thousand)Share capital Capital surplusTreasury sharesRetainedearningsRemeasurementsof definedbenefit plansEffectiveportion of cashflow hedgesForeigncurrencytranslationadjustmentTotal othercomponents ofequityTotal equityattributable toowners ofparentNon-controllinginterestsTotal equityBalance at January 1, 2021282,292280,742463,852(1,553)(161,648)(14,745)(176,394)848,94018,908867,849Profit (loss)Other comprehensive incomeTotal comprehensive income (loss)Dividends to owners of parentDividends to non-controlling interestsShare-based paymentTransfer from other components of equity toretained earnings-----28-47,161-47,161(11,281)--49--------0-4949---(49)(49)-----------47,16165547,81778,519(2,928)75,64175,641(275)75,36678,519(2,928)75,641122,803380123,184-------------(49)(11,281)-(11,281)-28-(620)(620)--28-Total transactions with owners28(11,231)(49)(11,252)(620)(11,873)Balance at March 31, 2021282,292280,770499,783(1,553)0(83,128)(17,673)(100,802)960,49118,668979,160* The figures are rounded down to the nearest thousand US dollar.10008For the three months ended March 31, 2022Equity attributable to owners of parentOther components of equity(Unit : US$ thousand)Share capital Capital surplusTreasury sharesRetainedearningsRemeasurementsof definedbenefit plansEffectiveportion of cashflow hedgesForeigncurrencytranslationadjustmentTotal othercomponents ofequityTotal equityattributable toowners ofparentNon-controllinginterestsTotal equityBalance at January 1, 2022282,292280,71185,957(1,291)(90,866)(24,262)(115,129)532,54122,218554,759Profit (loss)(16,657)---(16,657)(30)(16,688)Other comprehensive income92,848(3,005)89,84489,844689,851Total comprehensive income (loss)(16,657)92,848(3,005)89,84473,187(24)73,162-----------53-53---11---------11--(1)(1)-Dividends to non-controlling interestsShare-based paymentTransfer from other components of equity toretained earningsTotal transactions with owners* The figures are rounded down to the nearest thousand US dollar.1000----------(1)(1)-53-53(364)(364)--53-(364)(310)Balance at March 31, 2022282,292280,76569,301(1,291)1,982(27,268)(25,286)605,78221,829627,6129MODEC, INC. and Consolidated Subsidiaries(4) CONDENSED QUARTERLY CONSOLIDATED STATEMENT OF CASH FLOWFor the three months ended March 31, 2021 and 2022(Unit : US$ thousand)Three months endedMarch 31, 2021Three months endedMarch 31, 2022CASH FLOW FROM OPERATING ACTIVITIES:Profit (loss) before taxDepreciation and amortizationIncrease (decrease) in provisionsIncrease (decrease) in retirement benefit liabilityFinance income and finance costsShare of loss (profit) of investments accounted for using equity methodDecrease (increase) in trade and other receivablesDecrease (increase) in contract assetsIncrease (decrease) in trade and other payablesIncrease (decrease) in contract liabilitiesDecrease (increase) in other current assetsOtherSubtotalInterest receivedDividends receivedInterest paidIncome taxes paidNet cash provided by (used in) operating activitiesCASH FLOW FROM INVESTING ACTIVITIES:Net decrease (increase) in short-term loans receivablePayments for long-term loans receivablePurchase of property, plant and equipment, and intangible assetsProceeds from return of capital from investments accounted for using equity methodNet cash provided by (used in) investing activitiesCASH FLOW FROM FINANCING ACTIVITIES:Repayments of long-term borrowingsDividends paidDividends paid to non-controlling interestsProceeds from derivatives contractsSubsidy incomeRepayments of lease liabilitiesNet cash provided by (used in) financing activitiesEFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTSNET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS AT BEGINNING OF YEARCASH AND CASH EQUIVALENTS AT END OF PERIOD* The figures are rounded down to the nearest thousand US dollar.50,4908,950(6,641)1,342(19,154)(14,642)(12,763)(222,811)92,012107,248175,522(5,110)154,4428,39715,424(1,898)(11,602)164,763(56,065)(13,000)(2,699)-(71,764)(20,706)(11,147)(620)1,691931(5,714)(35,565)(4,756)52,676617,149669,826(20,328)9,800(18,011)307,603(24,750)40,15030,420(93,037)(47,693)(342)(4,961)(121,120)8,94433,349(3,789)(11,951)(94,568)1,204-(2,564)9,7498,390(20,242)(3)(364)582-(5,161)(25,189)4,265(107,101)810,131703,03010(5) Selected notes to the condensed quarterly consolidated financial statements (Note to the ability to continue as a going concern) There were no significant events applicable. (Change in accounting policy) The accounting policy of current quarter condensed consolidated financial statements is the same as the previous year annual consolidated financial statements. Corporate income tax is calculated using the estimated annual effective tax rate in the current quarter condensed consolidated financial statements. (Change in accounting estimate) The significant judgements and estimates made by the Company’s management including the financial impact of the COVID-19 epidemic in preparing these condensed quarterly consolidated financial statements were the same as the previous year annual consolidated financial statements. The impact of Russian invasion of Ukraine is considered insignificant to the Company at the end of first quarter. (Additional information) Financial covenants 1. Term loan contract Loan balance: US$96,000 thousand respectively. 2. Syndicated loan contract Loan balance: US$64,000 thousand 3. US dollar bonds Bond balance: US$225,000 thousand Borrowings and bonds are subject to the financial covenants, and the detail are as follows. Total equity in the consolidated statement of financial position and the net assets of Company’s stand-alone balance sheet must be equal to or more than 75% of previous year consolidated statement of financial position and balance sheet, respectively, and equal to or more than 75% of them at the end of December 2014, Total equity in the consolidated statement of financial position at December 31, 2021 and yearends thereafter must be equal to or more than 75% of consolidated statement of financial position at December 31, 2020. Total equity must be equal to or more than US$688,514 thousand at the end of each quarter. The borrowings and bonds listed above were in breach of the financial covenants both at the end of previous year and first quarter of this year. However, the Company obtained the agreement with the lenders not to address acceleration clause in February and April 2022, respectively. 11 MODEC, Inc.2022 1Q Financial ResultsSupplementary PresentationMay 11, 2022(Note)From the end of FY2021 consolidated fiscal year, the Company’s consolidated financial results have applied International Financial Reporting Standards (IFRS) instead of the conventional Japanese GAAP. In addition, the currency unit has been changed to the US dollar instead of the conventional Japanese yen.As a result, the figures for previous years in this document are handled as below.・ Before FY2019: Japanese standard (Japanese yen) figures are converted to US dollars at the midpoint of the market price of telegraph spots for customers at the end of each year.2018: 1 US dollar = 111.02 yen2019: 1 US dollar = 109.54 yen1New Orders / RevenueNew OrdersRevenue5,8043,1482,9022,284US$M8,0004,0003,899 3,036 2,736 1,998 US$M8,0004,000020182019202020212022201820192020202120221270 Orders received are US$127M due to design changes in the FPSO construction project. Revenues are progressing steadily, although there are lags in the perception of progress rates in accounting.MV33MV33MV342,400 (F)1Q664 2Operating Profit / Profit Attributable to Owners of ParentOperating Profit Profit Attributable to Owners of ParentUS$M3002001000(100)(200)(300)(400)US$M3001000(100)(200)(300)(400)223 MV32200197 (22)(138)1Q(12)(131)(166)22(F)1Q(16)201820192020202120222018201920202022(363)2021(317)(Note) For 2018-2019, Equity in Earnings of Affiliates is added to JGAAP operating profit Gross profit decreased in the first quarter due to special maintenance campaign of old vessels and lags in the perception of progress rates in accounting. As a result, fixed costs such as SG&A expenses could not be recovered, and a net loss of US$16M was recorded. Full-year forecast remains unchanged because there is no significant change in the first 3quarter results from the initial forecast.

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