MODEC, INC. and Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEET
March 31, 2017
ASSETS
Millions of
Japanese yen
CURRENT ASSETS:
Cash and time deposits
Accounts receivable – trade
Inventories
Short-term loans receivable
Other current assets
Less- Allowance for bad debts
Total current assets
¥49,244
93,452
1,169
39,016
21,675
(1,924)
202,635
PROPERTY AND EQUIPMENT:
Machinery and equipment
Other property and equipment
Net property and equipment
10,932
1,922
12,855
INTANGIBLE ASSETS:
INVESTMENTS AND OTHER ASSETS:
Investment securities
Long-term loans receivable from unconsolidated subsidiaries and affiliated companies
Collateralized deposits
Other investments
Total investments and other assets
Total assets
* The figures are rounded down to the nearest million yen.
6,640
55,386
28,752
4,226
6,610
94,975
¥317,106
LIABILITIES AND NET ASSETS
Millions of
Japanese yen
CURRENT LIABILITIES:
Accounts payable – trade
Current portion of long-term loans payable
Accrued expenses
Income taxes payable
Advances received
Accrued employees’ bonuses
Provision for product warranty
Provision for repairs
Other provisions
Other current liabilities
Total current liabilities
¥88,366
13,272
14,165
9,887
3,881
93
6,434
41
5
1,664
137,812
LONG-TERM LIABILITIES:
Long-term loans payable
Net defined benefit liabilities
Other non-current liabilities
Total long-term liabilities
CONTINGENT LIABILITIES:
Total liabilities
185,192
NET ASSETS
SHAREHOLDERS' EQUITY:
Common stock;
Authorized - 102,868,000 shares
Issued - 56,408,000 shares
Capital surplus
Retained earnings
Treasury stock, at cost
Total shareholders’ equity
30,122
30,852
58,709
(1)
119,682
33,856
274
13,249
47,379
ACCUMULATED OTHER COMPREHENSIVE INCOME:
Unrealized holding gains/(losses) on securities, net of tax
Unrealized gains/(losses) on hedging derivatives, net of tax
Foreign currency translation adjustments
Retirement liability adjustments for foreign consolidated subsidiaries
Total accumulated other comprehensive income
(17)
(9,589)
10,846
(170)
1,069
NON-CONTROLLING INTERESTS
11,161
Total net assets
Total liabilities and net assets
* The figures are rounded down to the nearest million yen.
131,914
¥317,106
MODEC, INC. and Consolidated Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
For the three months ended March 31, 2017
SALES
COST OF SALES
Gross profit
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Operating profit
OTHER INCOME (EXPENSES):
Interest income and dividend income
Equity in earnings of affiliates and unconsolidated subsidiaries
Gain on revaluation of derivatives
Interest expense
Foreign exchange gain (loss), net
Other, net
Total other income (expenses)
Millions of
Japanese yen
¥50,162
44,020
6,141
3,814
2,327
1,113
1,405
429
(316)
(1,083)
411
1,959
INCOME (LOSS) BEFORE INCOME TAXES
4,287
INCOME TAXES:
Current
Prior
Deferred
1,591
(0)
165
PROFIT (LOSS)
PROFIT (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS
PROFIT (LOSS) ATTRIBUTABLE TO OWNERS OF PARENT
¥2,530
(9)
2,540
* The figures are rounded down to the nearest million yen.
Net income (loss) per share
¥45.03
MODEC, INC. and Consolidated Subsidiaries
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the three months ended March 31, 2017
Millions of
Japanese yen
PROFIT (LOSS)
OTHER COMPREHENSIVE INCOME
Unrealized holding gains/(losses) on securities, net of tax
Unrealized gains/(losses) on hedging derivatives, net of tax
Foreign currency translation adjustments
Retirement liability adjustments for foreign consolidated subsidiaries
Share of other comprehensive income of associates accounted for using equity method
Total
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT
COMPREHENSIVE INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS
¥2,530
(6)
(51)
(2,764)
7
(1,352)
(4,168)
(¥1,637)
(1,239)
(398)
MODEC, Inc.
2017 1Q Financial Results
Supplementary Presentation
May 1, 2017
2017 First Quarter : Highlight
Revenue
1Q
Billion JPY
400
1Q Operating Profit
Full year
Billion JPY
2.9
3
378.5
2.3
295.5
300
254.4
2
229.9
1.7
190.0 (F)
200
1.2
1
84.3
100
56.2
72.7
52.9
0.4
50.1
0
0
2013

2014
2015
2016
2017
Revenue totaled 50.1 billion yen
2013

2014
2015
2016
2017
Operating profit was 2.3 billion yen

EPCI: MV29 and other projects progressed on
track

Mainly attributable to the increase in
profit from EPCI

O&M: MV27 started operation in 4Q 2016 and
contributed to the revenue from O&M

1.0 billion yen of profit relating to
FPSO construction was deferred
2
2017 First Quarter : Highlight
1Q Profit Attributable to
Owners of Parent
1Q Ordinary Profit
Billion JPY
10
Billion JPY
5
Exchange Rate on
Closing Dates ($/¥)
Yen
125.00
4.1
120.00
3.5
7.2
2.5
5
4.4
4.2
2016 year end
116.49 yen
115.00
2
1.2
110.00
2017 1Q
112.19 yen
2.9
2.0
105.00
0
-0.2
(1)
2013
2014
2015
2016
2017
2013
2014
2015
100.00
2016
2017
2013 2014 2015 2016 2017
1Q

Ordinary profit leveled off

Profit attributable to owners of parent decreased due to the increase in income taxes
3
FY2017 : Outlook
Revenue
Operating Profit
Billion JPY
400
378.5
Billion JPY
20
Ordinary Profit
Billion JPY
40
Profit Attributable to
Owners of Parent
Billion JPY
25
18.0
21.0
15.0
295.5
15
254.4
18.0
25.0
229.9
200
20
29.4
30
190.0
15
10
20
8.5
18.3
15.8
10
12.8
5.0
5
0
3.7
0
10
5
0
5.8
4.9 5.4
0
 Full year guidance remains unchanged
4