EXPANDING THE POSSIBLE

Size: px
Start display at page:

Download "EXPANDING THE POSSIBLE"

Transcription

1 EXPANDING THE POSSIBLE Hyundai Heavy Industries Annual Report 2012

2 EXPANDING THE POSSIBLE At Hyundai Heavy Industries, we have spent the past four decades redefining what is possible in shipbuilding and heavy manufacturing. Today, we are doing the same in an expanding portfolio of businesses as we enable customers around the globe to expand their own possibilities for sustainable growth.

3 Contents 24 BUSINESS OVERVIEW 08 Message from the CEO 70 CONSOLIDATED FINANCIAL STATEMENTS 12 THE possibilities Start here 64 CORPORATE RESPONSIBILITY MANAGEMENT OVERVIEW BUSINESS OVERVIEW CORPORATE RESPONSIBILITY CONSOLIDATED FINANCIAL STATEMENTS 04 Financial Highlights (Consolidated) 05 Share Performance 06 HHI at a Glance 08 Message from the CEO 10 Corporate Governance & Organization THE possibilities Start here 26 Shipbuilding 30 Offshore & Engineering 34 Industrial Plant & Engineering 38 Engine & Machinery 42 Electro Electric Systems 46 Construction Equipment 50 Green Energy 54 Refinery 58 Financial Services 62 Research & Development 66 Community Commitment 68 Environmental Commitment 72 Management s Discussion & Analysis 79 Independent Auditors Report 80 Consolidated Statements of Financial Position 82 Consolidated Statements of Comprehensive Income 83 Consolidated Statements of Changes in Equity 84 Consolidated Statements of Cash Flows Global Network 168 Affiliated Companies 14 More Sustainable 16 A Better Platform for Energy 18 More Powerful 20 More Valuable 22 More Secure

4 04-05 Financial Highlights (Consolidated) Share Performance Financial Stability Ratios. Liabilities-to-Equity Debt-to-Equity Dividends Per Share. Dividend Per Share (in KRW) Payout Ratio Dividend Yield in USD millions in KRW billions in KRW billions in KRW billions For the Year Sales 51, , , ,342.4 Gross Profit 4, , , ,493.0 Operating Income 1, , , ,604.2 Profit for the Year , , ,562.7 At Year-End Total Assets 46, , , ,853.9 Total Liabilities 28, , , ,831.0 Total Debt 13, , , ,844.4 Total Shareholders Equity 17, , , ,022.9 Financial Indicators Liabilities-to-Equity 162.9% 162.9% 169.6% 192.4% Debt-to-Equity 79.1% 79.1% 60.8% 61.4% EPS (in USD/KRW) USD ,823 46,337 75,808 EBITDA 2, , , ,397.9 ROA 2.1% 2.1% 5.6% 9.7% ROE 5.8% 5.8% 15.6% 29.1% Won amounts for FY2012 have been translated at KRW 1, per USD 1.00, the basic rate as of Dec. 31, EBITDA = Operating Income + Depreciation + Amortization Sales. in KRW billions 37, % 61.4% 53, % 60.8% 54,973.7 Total Assets. in KRW billions 46, % 79.1% , , , ,273.1 EPS. in KRW 75, , % 1.6% 46, % 1.5% 17, % 1.0% The Korean stock market rallied in the first quarter of 2012, boosting the KOSPI index above 2,000 points for the first time in seven months thanks to growing global liquidity as fears of a new Eurozone financial crisis receded. The second quarter brought market volatility with the disclosure of major trading losses by JPMorgan and re-kindled Eurozone concerns following rumors of a Greek exit from the euro. In the third quarter, the KOSPI climbed back to the 2,000-point level on growing investor appetite for higher-risk assets and strong demand from foreign investors on favorable political and economic news. In the fourth quarter, the market slumped as investor sentiment soured on bad news from the Eurozone and concerns over the stalled fiscal cliff negotiations in the US. The KOSPI rallied at year end, closing up 9% at 1, points on the strength of continued net buying by foreign investors, the year-end effect, and other positive factors HHI Share Performance vs. KOSPI KOSPI HHI 160% 140% 120% 100% 80% 60% 40% 20% 0% Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Stock Facts 2010 Face Value (in KRW) 5,000 5,000 5,000 Number of Shares Issued 76,000,000 76,000,000 76,000,000 Total Market Capitalization (in KRW billions) 18,392 19,532 33,668 Share Price - High Close (in KRW) 345, , ,500 - Low Close (in KRW) 195, , ,000 - Year Close (in KRW) 242, , ,000 Foreign Ownership 19.3% 16.9% 20.2% Dividend Per Share (in KRW) 2,500 4,000 7,000 Payout Ratio 13.9% 12.6% 15.1% Our share price hit a year-high of KRW 345,000 on March 2 on active buying of shipbuilding shares by pension funds and foreign investors amid expectations of global economic recovery and new orders in the offshore plant sector. In the months that followed, continued uncertainty in the Eurozone sent the shipbuilding sector tumbling. In the second half of the year, our share price steadily declined as our liquidity issues became apparent, underperforming sector shares fell out of favor with investors, and our order performance lagged behind our peers. The sector rallied late in the year as investors sensed that shares had overcorrected and bottomed out. Our shares closed the year down 6% at KRW 242, HHI Share Price & Foreign Ownership Share Price (R) Foreign Ownership (L) 25% 20% 15% 10% 5% 0% 0 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec in KRW 500, , , , ,000 Shareholder Structure As of Dec. 31, 2012 Shareholder Ownership (%) Chung Mong-joon Hyundai Mipo Dockyard 7.98 KCC 3.12 National Pension Service 5.62 Hyundai Motor Company 2.88 Asan Foundation 2.53 POSCO 1.94 Asan Nanum Foundation 0.65 Treasury Shares Others 45.77

5 06-07 HHI at a Glance Electro Electric Systems Since 1977, we have established ourselves as a world-class manufacturer of electrical solutions for power generation, transmission, and distribution that are second to none. Today, our global production network includes plants in China, Bulgaria, the United States, and Russia as we position ourselves to meet the growing needs of markets around the globe. Major Products Transformers Gas Insulated Switchgear Switchgear Low- and Medium-Voltage Circuit Breakers Rotating Machinery Integrated Control & Monitoring Systems Power Electronics Marine Electrical Equipment 3, , , Sales (Consolidated) in KRW billions 5.2% Portion of 2012 Sales Shipbuilding Since 1983, we have held the distinction of being the world s No. 1 shipbuilder. We and our shipbuilding subsidiaries have delivered approximately 2,800 vessels to date. Today, the 18 dry docksㅡten at HHI, six at Hyundai Mipo Dockyard (including two at Hyundai- Vinashin Shipyard Co., Ltd.), two at Hyundai Samho Heavy Industriesㅡbuild vessels for the shipping, energy transport and exploration, and naval markets. Together with our shipbuilding subsidiaries, we continue to chart the future of the global shipbuilding industry. Major Products VLCCs, Tankers, Product Carriers Containerships, Bulk Carriers, OBO Carriers LNG Carriers, LPG Carriers, FSRUs Drillships Pure Car Carriers, Ro-Ro Ships, Ro-Pax Ships Submarines, Destroyers, Frigates 15, , , Sales (Consolidated) in KRW billions 32.4% Portion of 2012 Sales Construction Equipment Since 1985, we have been delivering quality construction equipment and industrial vehicles to customers around the world. Today, our stateof-the-art automated manufacturing facilities in Korea, China, India and Brazil produce equipment that is sold and serviced through a global network of over 521 dealers in some 137 countries worldwide. Major Products Excavators Wheel Loaders Forklifts Skid Loaders 3, , , Sales (Consolidated) in KRW billions 6.9% Portion of 2012 Sales Offshore & Engineering Green Energy Since 1976, we have handled over 170 projects including 103 turnkey EPIC/EPC contracts in the fields of oil and gas field development and production facilities for more than 30 international clients. Boasting the 1-million-ton capacity H-Dock with two 1,600-ton gantry cranes, our Ulsan yard facilities greatly enhance our ability to win and build the world s largest floating offshore units. Our new Onsan yard will also help meet growing module demand for these projects. Major Products Floating Units: FPSOs, FPUs, TLPs, Semi Submersible Units Fixed Platforms: Topsides, Jackets & Piles, Jack-ups, Modules & Quarters Pipelines & Subsea Facilities: Subsea Pipelines Offshore Installations: Platforms, Pipelines Onshore Installations: Oil & Gas Production and Processing Plants, Refineries, Tank Farms 3, , , Sales (Consolidated) in KRW billions 8.0% Portion of 2012 Sales Since 2005, we have been developing renewable energy solutions that tap the power of the wind, sun, and ocean to make energy greener. Today, we are an emerging player in global solar and wind power markets with state-of-the-art manufacturing capabilities in Korea and China and projects installed or underway in Asia, Europe, and North America. Major Products Wind Power Systems Solar Power Systems Sales (Consolidated) in KRW billions 0.6% Portion of 2012 Sales Industrial Plant & Engineering Since 1975, we have delivered a wide range of power, desalination, and process plant facilities to customers around the globe. Today, we are a global EPC contractor executing some of the industry s largest power and oil and gas projects to date in the Middle East and Africa regions, including the Riyadh PP11 1,756 MW combinedcycle power plant in Riyadh, Saudi Arabia. Major Products Power Plants: Combined-Cycle, Cogeneration, and Thermal Power Plants Process Plants: Oil & Gas, Refinery, Tank Farm, GTL, and LNG Facilities 2, , , Sales (Consolidated) in KRW billions 2.6% Portion of 2012 Sales Refinery Since 1964, Hyundai Oilbank has helped meet Korea s petroleum and petrochemical needs. An affiliate since 2010, the company now has a daily refining capacity of 390,000 barrels and an industry-leading 34.4% upgrading ratio, providing quality products to consumers through over 2,300 gas stations nationwide as well as manufacturers at home and abroad. Major Products Petroleum: LPG, Gasoline, Kerosene, Jet Fuel, Ultra-Low-Sulfur Diesel, Fuel Oil Petrochemicals: Propylene, Alkylate, BTX, Naphtha 6, , , Sales (Consolidated) in KRW billions 39.1% Portion of 2012 Sales Engine & Machinery Financial Services Since 1979, we have established ourselves as the world s No. 1 producer of two-stroke diesel engines with over 120 million bhp produced to date. Today, we produce state-of-the-art engines for the marine and power generation industries as well as a wide range of equipment for the shipbuilding, steelmaking, automobile, semiconductor, and other industries. Major Products Two-Stroke Diesel Engines Four-Stroke HiMSEN Engines Marine Equipment Diesel Power Plants Industrial & Marine Pumps Ballast Water Treatment Systems Side Thrusters, Compressors Robots, Press, Conveyor Systems 1, , , Sales (Consolidated) in KRW billions 3.7% Portion of 2012 Sales Since 1989, HI Investment & Securities and HI Asset Management have delivered quality brokerage and asset management services to Korean investors. Affiliates since 2008, the firms continue to diversify their portfolios into growth areas such as the pension and over-the-counter derivatives markets, focusing on delivering quality products and services to help investors profit in uncertain times. Major Products Securities Brokerage Asset Management Futures Corporate Finance Leasing Sales (Consolidated) in KRW billions 1.2% Portion of 2012 Sales

6 08-09 Message from the CEO Dear Valued Stakeholder, The global economy experienced rough sailing in 2012 as the Eurozone financial crisis continued to unfold, the US economic recovery stalled, and growth in China and other developing markets slowed. These external factors had a significant impact on our performance in our 40th year in business as we fell short of our targets. Although our performance fell short of our expectations, we seized the opportunity to lay a solid foundation for growth in many areas amid the challenging circumstances. We became the world s first shipbuilder to pass the 100-million deadweight ton delivery milestone. We booked a USD 3.2 billion power project order in Saudi Arabia, our largest order to date. We raised our record in the Guinness World Records for the heaviest object lifted on land during the delivery of a 23,600-ton gas compression platform to Woodside Energy of Australia. We also completed our Onsan yard, providing a much-needed capacity boost for our offshore facilities business. We had a number of notable accomplishments in the technical and partnership fields as well. In the technical field, we demonstrated our engineering leadership with the development of proprietary LNG cargo tank and LNG-FPSO designs. We also developed and successfully demonstrated the shipbuilding industry s first dual-fuel marine engine package. In the partnership field, we joined forces with Cummins of the US to establish a joint venture to build mid-size engines for construction equipment. We also established a joint venture with Magna E-Cell Systems of Canada to develop lithium-ion battery cells and battery packs, laying the foundation for our entrance into the electric and hybrid vehicle battery market. As we look ahead to 2013, the prospects for economic recovery in the developed world remain unclear. As for the developing world, the prime driver of global economic growth in recent years, the growth momentum is expected to slow. If the global economy is unable to break out of its current low-growth slump, our business environment will become even more challenging than it already is. The following four strategic directions will guide us as we strive to meet ambitious targets and steadily grow our corporate value. Our first focus will be on strengthening our core capabilities to prepare for the increasingly challenging business environment. We will sharpen our cost competitiveness by improving our engineering, building methods, and productivity. We will also evaluate our organization, personnel, investments, and expenses from the ground up as we streamline and optimize every aspect of our operations. Our second focus will be on putting in place a crisis management system capable of immediately responding to growing economic uncertainty. We will build a flexible production system capable of quickly reacting to changes in the environment and strengthen our competitiveness by improving our business portfolio, division of work, personnel structure, and facilities. Sharpening our production efficiency and leadership in technical development will also be priorities. Our third focus will be on executing a business strategy that differentiates us from the competition and pursuing a selectand-focus strategy to strengthen our core capabilities. We will thoroughly analyze our strengths and weaknesses, strengthening the former and remedying the latter to put in place a foundation that will enable us to maintain our competitive position, regardless of the environment. We will also step up the pace of technical and process innovation to break into new markets and develop new products. Our fourth and final focus will be on workplace safety and labormanagement cooperation as we work together to overcome the challenges that lie ahead. We will continue to make every effort to foster a safe and pleasant work environment and accidentfree workplace. In this way, we will nurture the ultimate source of greater corporate value a mature labor culture of co-existence and co-prosperity based on trust and cooperation. While 2013 is expected to bring numerous challenges, we have a history of overcoming the unexpected with determination and drive, emerging stronger and more mature as we have turned each challenge into an opportunity. We invite you to join us as we begin our fifth decade in business by charting a new course for greater, more profitable growth in the coming year and beyond. Lee Jai-seong President & CEO

7 10-11 Corporate Governance & Organization Organization Chart Board of Directors Chief Executive Officer Audit Committee About the Board of Directors The Hyundai Heavy Industries board is composed of seven directors, four of which are outside directors. Collectively, the directors assume ultimate responsibility for decisions regarding corporate affairs and the financial well-being of shareholders. All board appointments are made pursuant to the Articles of Incorporation, including due consideration of each individual s professional experience and expertise in fields such as law, economics, finance, and accounting. The board meets to discuss and resolve corporate matters. Its responsibilities include deciding on material matters as stipulated in relevant by-laws and the Articles of Incorporation, dealing with issues delegated to it at the annual general shareholders meeting, and addressing issues related to the basic direction and execution of company operations. The board also has the authority to appoint the CEO and board chair as well as conduct oversight of its members and company management. The board held a total of 12 meetings in Audit Committee The Audit Committee is a standing committee composed of three outside directors. Its responsibilities include (1) deciding on matters related to shareholders meetings such as the calling of interim shareholders meetings and setting forth its views on the agenda and the documents to be presented; (2) conducting oversight of the board and its members, producing independent annual audits, and supervising the financial reporting process; and (3) addressing matters relating to audits, including contracts with independent auditors and the evaluation of their qualifications, eligibility, and performance. The committee held a total of five meetings in Outside Director Nominating Committee The Outside Director Nominating Committee is a standing committee responsible for nominating qualified individuals to serve as outside directors on the board. The committee consists of one inside and two outside directors. Shipbuilding Division Board of Directors Inside Directors Outside Directors Offshore & Engineering Division Lee Jai-seong President & CEO Pyun Ho-bum Vice-President, Deloitte Anjin LLC PhD, Business Admin., Sungkyunkwan University Industrial Plant & Engineering Division Kim Oi-hyun President & COO Lee Chol Engine & Machinery Division Overseas Offices Professor, Business Admin., Sogang University PhD, Business Admin., University of Texas at Austin Electro Electric Systems Division Seoul Office (Corporate Planning, Finance, Internal Audit, Legal Affairs) Choe Byeong-ku President & COO Ju Soon-sik Juridical counselor of Yulchon LLC PhD, Economics., University of Hawaii Construction Equipment Division Administration & Assistance Noh Young-bo Green Energy Division Corporate Technology Institute BAE, KIM & LEE LLC Representative Partner LLM, Georgetown University Audit Committee Pyun Ho-bum Ju Soon-sik Noh Young-bo Outside Director Nominating Committee Lee Jai-seong Lee Chol Noh Young-bo Executive Directors Lee Jai-seong President & CEO Kim Oi-hyun President & COO of Shipbuilding Division Choe Byeong-ku President & COO of Construction Equipment Division Kim Jong-do Senior Executive Vice President & COO of Offshore & Engineering Division Chun In-soo Senior Executive Vice President & COO of Industrial Plant & Engineering Division Kim Jeong-hwan Senior Executive Vice President & COO of Engine & Machinery Division Kim Hwan-goo Senior Executive Vice President & COO of Electro Electric Systems Division Kim Sung-rak Senior Vice President & COO of Green Energy Division Lee Choong-dong Senior Executive Vice President & COO of Corporate Technology Institute Han Sang-ick Senior Executive Vice President & COO of Administration & Assistance Division Kim Jee-won Senior Executive Vice President & CFO

8 12-13 History has shown that the most successful companies are the ones that consistently turn challenges into opportunities. At Hyundai Heavy Industries, we are looking over the horizon at the possibilities in our expanding business portfolio as we chart a bold new course for our fifth decade of business. The Possibilities Start Here

9 14-15 At Hyundai Heavy Industries, we believe that simply being the world s largest shipbuilder isn t enough. That s why we are focusing on bringing to market a new generation of technologies that will make tomorrow s ships greener, smarter, and safer. We can make shipbuilding more sustainable

10 16-17 At Hyundai Heavy Industries, we believe that the oceans hold resources that we have only begun to tap. That s why we are developing and delivering offshore facilities that will help unlock the vast reserves of energy they hold more productively and profitably. We can make a better platform for energy

11 18-19 At Hyundai Heavy Industries, we believe that renewables have a powerful role to play in the future of energy. That s why we are developing the advanced solar and wind technologies that will harness the power of nature more efficiently, reliably, and profitably. We can make nature more powerful

12 20-21 At Hyundai Heavy Industries, we believe that quality growth depends on making the most of your resources. That s why we are continually expanding and upgrading our refinery facilities to make greener value-added petroleum and petrochemicals for Korea and the world. We can make oil more valuable

13 22-23 At Hyundai Heavy Industries, we believe that managing money well is just as important as earning it. That s why we are delivering innovative financial products, services, and expertise to help individuals and businesses invest in a more secure and prosperous future. We can make tomorrow more secure

14 24-25 Business Overview We are committed to expanding the possible for a more prosperous future. 26 Shipbuilding 30 Offshore & Engineering 34 Industrial Plant & Engineering 38 Engine & Machinery 42 Electro Electric Systems 46 Construction Equipment 50 Green Energy 54 Refinery 58 Financial Services 62 Research & Development

15 26-27 Basle Express Containership Delivery Delivered to Hapag Lloyd of Germany in November 2012, this 13,200 TEU vessel features a number of eco-friendly technologies, including an electronically controlled engine for maximum fuel efficiency, a ballast water treatment system, and support for alternative marine power to help reduce in-port emissions.

16 28-29 Business Overview Shipbuilding At Hyundai Heavy Industries, we re known for being the world s No. 1 shipbuilder. It s an accomplishment we re extremely proud of. And one that drives us to create the industry s largest, safest, and greenest ships as we help deliver a better life Order Breakdown. Orders. Backlog. by value in USD millions Delivery basis, in USD millions LNG Carriers + FSRU 27% Containerships 14% Drillships 11% HHI HSHI HMD HHI HSHI HMD 39,598 Semi-Submersible Rigs 11% Pure Care & Truck Carriers 6% LPG Carriers 5% Tankers 5% Ro-Ro Carriers 5% Special & Naval 5% Bulk Carriers 4% Others 2% ,306 4,061 1,216 3,029 16,685 10,905 3,769 2, ,615 6,143 2,508 2, ,742 9,469 9, ,618 21,870 8,080 7,668 34,404 20,470 6,609 7, Brightoil Galaxy VLCC delivery Delivered to Brightoil Petroleum of Hong Kong in November 2012, this 318,000-dwt very-large crude carrier is designed to transport three different kinds of cargo oil without contamination and is also equipped with a state-of-the-art navigation system Overview The global shipbuilding industry continued to face rough sailing in As the unfolding Eurozone financial crisis and slowing Chinese economy took their toll on global economic growth, the shipping industry struggled with an oversupply of tonnage and falling shipping rates. These factors, combined with the ongoing credit crunch in the shipbuilding industry, all contributed to sharply lower demand for newbuild vessels. According to Clarkson Research Services, the industry booked orders for approximately 36.5 million gross tons (mgt) in 2012, about 40% less than the 59.1 mgt ordered in Orders for tankers, bulk carriers, containerships, and other commercial vessels plummeted 60%, while orders for drillships, LNG and LPG carriers, and other specialized vessels dropped 14%. The inevitable result was intensified competition between shipyards for business, putting further downward pressure on vessel prices Review The sharp downturn of the global shipping and shipbuilding industries significantly impacted our performance in Under the circumstances, we and our shipbuilding subsidiaries had a respectable year, booking orders for 125 vessels worth USD 11.6 billion, and delivering 245 vessels worth USD 27.8 billion. Given the challenging market situation, our sales strategy focused on high-tech, high-value-added vessels such as LNG carriers, LNG floating storage and regasification units (FSRU), drillships, semi-submersible rigs, and ultra-large containerships. Notably, we completed global sweep of orders for ultra-large containerships exceeding 10,000 TEU, affirming our worldleading technology and competitiveness in the segment. We also responded to fast-growing demand in the semi-submersible rig market by re-entering the segment over a decade after we delivered our eighth rig in Outlook The sluggish global economic recovery, combined with the current tonnage oversupply situation and tight financing market, is expected to prolong the current shipbuilding industry downturn for the foreseeable future. While 2013 is expected to be just as challenging as 2012, market interest and demand for eco-friendly vessels looks to steadily grow due to high level fuel costs and increasingly strict environmental regulations. Looking at market opportunities, demand for tankers, bulk carriers, containerships, and other commercial vessels is projected to be limited as the increase in new tonnage continues to outstrip cargo volume growth. The one possible exception will be highly-efficient next-generation containerships, where attractive pricing is expected to spur demand, boosting order tonnage slightly over Demand for specialized vessels such as LNG carriers and drillships is also expected to be a bright spot, driven by rising demand for natural gas and brisk investment in offshore oil and gas field development. Overall, given the significant volume of ordered tonnage that remains unchartered, we expect the newbuilding market to be primarily driven by real rather than speculative demand in the coming year. Our first and foremost priority in 2013 will be on securing the order volume necessary to keep our shipbuilding operations efficiently at work. We and our shipbuilding subsidiaries are targeting orders of USD 15.5 billion. We will aggressively respond to the changing market, focusing heavily on winning LNG carriers, drillships, and other specialized vessels. At the same time, we will continue to fully leverage our competitive edge to win commercial vessel orders when opportunities arise. Our ongoing corporate-wide cost-reduction initiatives will aid us in cutting manufacturing costs as we expand investment in R&D to improve the performance and eco and energy efficiency of our ships and upgrade our customer service to further strengthen our position as the global market leader. Glovis Challenge PCTC delivery Delivered to Glovis of Korea in April 2012, this 6,500-vehicle pure car and truck carrier features a number of design upgrades for enhanced performance. One of these upgrades is that the propeller size has been maximized to enhance energy efficiency, making it the greenest ship to date of its type.

17 30-31 Usan FPSO Begins Production Delivered to Total E&P Nigeria in April 2011, this floating production, storage, and offloading vessel began production in Nigeria s Usan field in February We handled all aspects of this major EPC project featuring a hull weight of 83,500 tons and topsides weighing over 30,500 tons. The 320 m long, 61 m wide, and 32 m high vessel can store up to 2 million barrels of crude oil, while its topsides have respective crude oil and gas processing capacities of 160,000 barrels and 5 million standard cubic meters per day.

18 32-33 Business Overview Offshore & Engineering At Hyundai Heavy Industries, we re known for building some of the world s largest and most advanced offshore facilities. In markets from Africa to Oceania, we re leveraging our EPCI capabilities to deliver the next-generation floating units and platforms Order Breakdown. Parent Basis, by Value Orders. Parent basis, in USD millions Fixed Platforms 78% Floating Units 20% Pipelines & Others 2% 4, , ,072 Shwe gas platform sail-out In November 2012, the Shwe gas production and processing platform sailed for Myanmar where it will be installed some 70 km off the west coast in the Bay of Bengal. Ordered in February 2010, the 40,000-ton offshore platform is the centerpiece of a USD 1.4 billion EPC project that includes installation of 114 km of subsea pipeline and an onshore terminal Overview Despite ongoing economic difficulties in Europe and the US, international oil prices remained strong in 2012 as global demand continued to grow, primarily driven by China s growing infrastructure and power consumption. These high oil prices in turn fueled investment in global exploration and production. The year saw major offshore platform orders tendered in the Middle East and North Sea as well as deepwater production units in Brazil and Africa. Oil majors and state-owned oil companies continued to make major exploration investments in Africa and other relatively undeveloped regions Review We booked orders of USD 2.07 billion, representing 40% of our respective targets for the year. Although the delayed tender of a number of major projects prevented us from achieving our order target, there were a number of promising developments during the year. We won orders for projects in Canada, Alaska, and the US Gulf of Mexico, boding well for future business prospects in the Americas. We also made inroads in several new markets, winning orders for a gas compression platform in Malaysia and a spar floating gas platform in Norway. Our on-time, on-budget delivery of major offshore projects such as the Usan FPSO to Nigeria and the Shwe gas platform to Myanmar in recent years has burnished our reputation in the industry. In 2012, we continued to enhance our ability to take on turnkey EPC projects with the opening of a new offshore engineering center in Seoul in July and the official completion of our new Onsan yard capable of building over 50,000 metric tons of modules a year in November Outlook The International Energy Agency has forecast that average global oil demand will grow by 930,000 barrels to 90.8 million barrels per day in 2013 as demand from China, the world s No. 2 consumer of oil, continues to rise. Non-OPEC oil production is also expected to surpass OPEC output. With economic growth in developing markets keeping global energy demand on the rise, the increasingly challenging environment for oil exploration will put upward pressure on oil prices, driving investment in offshore exploration and development. From a regional standpoint, gas development in Southeast Asia and Australia is expected to boost orders for FLNG and onshore LNG module projects. Orders for oil and gas production platforms for projects in the North Sea and Middle East are also expected to steadily rise. In 2013, we aim to win major floating production unit and fixed platform projects around the globe from the Middle East, Australia, and Sakhalin to West Africa and the North Sea. We will continue to tailor our marketing strategy by customer as well as invest locally to set up local production yards to meet local content requirements. We will invest in a 10,000-ton floating crane to bolster our production capabilities. We will also leverage our installation and production capabilities to win EPIC projects as well as focus on sharpening our competitiveness in the subsea pipeline and production platform installation fields. Looking ahead, we continue to explore ways to effectively respond to the changing offshore industry. We aim to drive growth by building on our experience in some of the industry s most challenging projects and partnering closely with key suppliers to meet customer requirements. We will also continue to expand our business portfolio by developing our technical and construction capabilities in promising growth fields such as FLNG and FPSO as well as subsea pipelines. H-Dock builds world firsts The industry s first dry dock dedicated to offshore projects, H-Dock measures 490 m long by 115 m wide by 13.5 m deep and is equipped with two 1,600-ton gantry cranes. The dock is currently simultaneously building the world s largest cylindrical FPSO to date with a circumference of 112 m, height of 75 m, and weight of 52,000 tons and the world s largest semi-submersible heavy-lift vessel with a capacity of 110,000 dwt.

19 34-35 Riyadh PP11 Independent Power Project Underway We are on track to complete this USD 1.6 billion EPC project in Saudi Arabia in Ordered in 2010 by the Dhuruma Electricity Company, the 1,756 MW gas-fired combined-cycle plant located west of the capital of Riyadh will help meet the kingdom s long-term power requirements.

20 36-37 Business Overview Industrial Plant & Engineering At Hyundai Heavy Industries, we re known for engineering and constructing some of the world s most advanced industrial plant facilities. Our world-class EPC capabilities have made us a key player in the Middle East and Africa over the years Order Breakdown. Parent Basis, by Value Orders. Parent basis, in USD millions 4,077 Power Plants 86% Others 8% Oil & Gas Plants 6% 2,010 1, Hyundai Oilbank #2 BTX project completed In November 2012, we officially completed construction of this EPC project for subsidiary Hyundai Oilbank five months ahead of schedule. The plant is capable of producing 915,000 tons of petrochemical products from mixed xylene feedstocks annually, including 800,000 tons of paraxylene and 115,000 tons of benzene Overview Although power plant orders were impacted by political instability and project tender delays in certain Middle East markets, continued strong oil prices and demand for industrial power kept the global tender market active. With the primary exceptions of Malaysia, Indonesia, and Thailand, most projects in Southeast Asia failed to contract as scheduled. In Africa, tender activity focused primarily on small-scale power projects. In the gas and oil plant sector, large-scale petrochemical projects in Saudi Arabia and the UAE were tendered on schedule. However, the emergence of unconventional gas in North America slowed the momentum of new LNG projects in the Middle East and Africa Review We booked orders of USD 4.08 billion in 2012, representing 82% of our respective target for the year. Major project wins for the year included the USD 3.2 billion 2,640 MW Jeddah South thermal power project, the USD 300 million Tihama Cogeneration Stage II project, and the USD 300 million Jazan Refinery Package #2 project, all in Saudi Arabia. We also won Phase II of the ITER toroidal field coil structure project and the Hanju CFBC boiler project in Korea. Major project completions included the Al Dur IWPP project in Bahrain featuring a 1,250 MW power plant and 48 MIGD desalination plant. ITER equipment production launched In 2012, we launched production of a number of components for the ITER international nuclear fusion research and engineering project located in Cadarache in the south of France. We will produce 2 of the 9 sectors that will form the vacuum vessel and 35 of the 53 ports that will connect it to the low-temperature vessels for delivery through the end of We will also produce 10 of the 19 toroidal field coil structures ordered in 2012 for delivery in fall We continued to sharpen our competitiveness in 2012 by focusing on our global operational capabilities. We boosted our sales force and invested in our engineering and quality control teams in China. We established construction subsidiary Hyundai Arabia in Saudi Arabia to expand our presence in that key market. We also continued construction of a fabrication yard in Nigeria that will be our first production base in the Africa region Outlook Bolstered by stable oil prices, the global industrial plant market is forecast to continue to grow in In the power plant sector, GCC nations such as Saudi Arabia, Kuwait, and the UAE are expected to push forward with national development projects with their growing petrodollar reserves. In Asia, major project tenders are expected to move forward in Vietnam as well as Pakistan and Bangladesh. In Africa, Nigeria has announced ambitious plans to invest USD 100 billion through 2020 to expand its power generation capacity by a factor of ten to 40 GW. In our home market of Korea, intensifying competition in a sluggish construction market will accelerate the industry s advance into new markets in Southeast Asia, Latin America, and Africa. In the oil and gas plant sector, a number of major projects are projected to come up for tender in the Middle East, with Saudi Arabia and Kuwait leading the way. In North America, growing investment in shale gas and oil sands development as well as LNG development in Canada is expected to provide a boost to the modular LNG processing facility market. Resource rich markets such as Kazakhstan and Venezuela are expected to tender projects to expand oil and gas production and refining capacity, while growing natural gas development in Australia, Canada, Mozambique will drive orders for LNG plants in those markets. In the plant equipment sector, tenders for residue fluidized catalytic cracking (RFCC) reactors and other specialized equipment are expected to pick up as major refinery and petrochemical complex projects move forward in Russia, the Middle East, and Southeast Asia. Orders for superconductor equipment related to the ITER nuclear fusion research project are expected to be tendered in the first half of the year. The balanceof-plant order for the Shin-Kori 5 and 6 nuclear project in Korea is also scheduled for tender during the year. We believe that the market opportunities mentioned above will provide us with a solid platform for growth. While the Middle East remains a key focus, we will continue to actively diversify into new markets. In the power plant sector, we will pursue growth in the combined-cycle and oil-fired power plant markets as well as new sectors such as solar and integrated-gas combinedcycle power. In the oil and gas plant sector, we are targeting projects from oil majors, collaborating with leading engineering companies to expand our tender opportunities. In the plant equipment sector, we are targeting equipment package orders for major refinery and petrochemical complex projects in Russia. We will also be pursuing a number of specialized equipment orders for the ITER project as well as expanding our boiler and heat-recovery steam generator businesses.

21 38-39 HiMSEN Engines Since their development back in 2000, HiMSEN four-stroke engines have earned a reputation as one of the top brands in the market. It took just under a decade from the time our first HiMSEN rolled off the assembly line in September 2001 to the 5,000th unit on February 10, We finished 2012 with a cumulative total of 7,000 units representing approximately 16.3 million bhp.

22 40-41 Business Overview Engine & Machinery At Hyundai Heavy Industries, we re known for building some of the world s most powerful engines and advanced machinery. From ships to power plants, we deliver the equipment that empowers industries and economies to grow as we help build a more productive future Order Breakdown. Orders. Parent Basis, by Value Parent basis, in USD millions 3,176 Marine Engines 78% Robotic Systems & Others 10% Engine Power Plant 8% Hydraulic Machinery 4% 2, ,858 Industry s first dual-fuel marine engine package demonstrated On November 9, 2012, we demonstrated the industry s first dual-fuel engine package featuring our ME-GI two-stroke engine, HiMSEN dual-fuel four-stroke engine, and Hi-GAS fuel gas supply system. Designed for LNG carriers, the package can also be used for crude carriers, containerships, and other commercial vessels, providing shipowners with a complete solution that meets increasingly stringent environmental standards Overview The two-stroke marine engine market faced an order drought as global shipbuilding orders shrank for a second straight year. This trend was most evident in China, where financially-strapped local shipbuilders sharply reduced engine orders due to a lack of ship orders. This same dynamic intensified competition, pushing engine prices lower and worsening profitability. In the engine power plant market, the majority of projects in the Middle East were either postponed or delayed with the exception of natural gas-fired plants. While demand for hydraulic equipment was down, demand for industrial robots continued to grow, driven by rising investment in manufacturing by automakers and steelmakers Review Despite challenging circumstances in the shipbuilding market, we booked orders of USD 1.86 billion in We expanded our lead in the two-stroke marine engine market with a 35% market share. We produced 355 two-stroke engines totaling over 11.5 million bhp, setting a new industry record as we passed the 120 million bhp cumulative production milestone. We produced 964 fourstroke engines totaling 2.9 million bhp, pushing our cumulative total to over 7,000 units since we shipped our first HiMSEN engine in We also produced over 3,000 industrial robots during the year. Our engine power plant and hydraulic machinery businesses both fell short of order targets due to ongoing project finance issues in the Middle East. Key orders for the year included a 100 MW packaged power station project in Angola and our first air compressor order for a water system pressurization project in Masan, Korea Outlook The shipbuilding industry is forecast to experience a sluggish recovery in 2013, creating rising demand for high-efficiency, ecofriendly gas and dual-fuel marine engines. However, structural industry overcapacity ensures that competition will intensify, creating downward pressure on engine prices and profitability. Opportunities for growth in the two-stroke marine engine market are likely to be limited due to rising local production capacity and stricter import regulations in China and the current focus on specialized ships at major Korean shipyards. The outlook is a bit brighter in other markets. The engine power plant market is forecast to pick up, driven by economic growth in Middle East markets as well as growing demand in the combined-cycle power plant market driven by the shale gas boom and rising demand for small-scale, short lead time power projects. The hydraulic machinery market is also expected to pick up with rising demand for air compressors and industrial pumps. The industrial robot market is likewise expected to expand with growing capex investment by global automakers and clean-room manufacturing in China. In 2013, we are targeting orders of USD 3.10 billion as we aim to secure a solid two-year order backlog. We plan to maintain a 35% or higher share of the global two-stroke marine engine market as we deliver 290 engines totaling 10.0 million bhp. We also aim to deliver 950 four-stroke engines and over 4,000 industrial robots. We will continue to focus on our most-competitive businesses two-stroke marine engines and packaged power stations as we aim to make automobile and clean-room robots a larger part of our order mix. We aim to grow sales of our latest marine engine developments, including high-performance HiMSEN engines for drillships and other specialized ships as well as the industry s 1,000th PPS shipped On July 12, 2012, we marked the milestone shipment of our 1,000th packaged power station. Since shipping our first PPS to the Dominican Republic in 2001, we have gone on to supply systems worldwide primarily to customers in developing markets. first dual-fuel solution for LNG carriers featuring ME-GI twostroke dual-fuel engines, the Hi-GAS fuel gas supply system, and HiMSEN DF four-stroke engines we successfully demonstrated in November We also plan to expand our business portfolio in the machinery field, focusing on hydraulic machinery, air compressors, ballast water treatment systems, industrial and clean-room robots, conveyor systems, and presses. The price, delivery, and quality advantage our integrated production capabilities give us will be instrumental in expanding our customer base in these and other fields going forward. Industry s first Tier III EGR engine demonstrated On October 9, 2012, we demonstrated the industry s first two-stroke marine engine to feature an exhaust gas recirculation system. The system recirculates a portion of the engine exhaust gas into the combustion chamber, reducing NOx emissions by over 80% compared to standard engines.

23 kv Shunt Reactors Achieve Top-5 Market Share Our shunt reactors captured 6.4% of the global market in the 345 kv-and-up category and earned World Class Product of Korea 2012 recognition from Korea s Ministry of Knowledge Economy for achieving a top-5 market share in their segment.

24 44-45 Business Overview Electro Electric Systems At Hyundai Heavy Industries, we re known for building some of the world s most advanced power transmission and distribution equipment. Our gas-insulated switchgear technology is key to delivering ultra-high-voltage solutions that will help bring more power to life Order Breakdown. Orders. Parent Basis, by Value Parent basis, in USD millions Transformers 26% 3,034 Rotating Machinery 24% Gas Insulated Switchgear 21% Switchgear 18% Others 11% , ,620 kw high-voltage induction motor shipments begin We developed and began shipping this 5,620 kw (at 60 Hz, 13.2 kv, 22 pole) high-voltage induction motor measuring 5 m long, 5 m tall, 4 m wide, and weighing 58 tons, the largest produced to date in Korea Overview Power equipment investment in the US market slowed due to the postponement of certain government-funded projects during the presidential election year. In Europe, the ongoing Eurozone financial crisis continued to shrink or delay investment, prompting regional EPC contractors to expand their focus to other regions. In the Middle East, competition heated up as power equipment tender volume increased. Qatar also tendered orders as part of infrastructure upgrades for the upcoming 2022 FIFA World Cup. In Asia, the slumping global shipbuilding industry led to lower demand for marine generators, particularly from Japanese shipyards. In Africa, continued political unrest led to the delay of tenders for scheduled power generation and transmission projects Review We booked orders of USD 2.32 billion in 2012, representing 62% of our respective target for the year. While challenging market conditions in Europe and North America anti-dumping sanctions placed on Korean transformer makers had a significant negative impact on orders, robust investment in power and general infrastructure in the Middle East helped limit the overall order decline to 11.7%. While transformer and gas insulated switchgear orders fell 27% to USD 960 million and rotating machinery orders declined 9% to USD 547 million, switchgear and others orders rose 14% to USD 811 million. HiMAP control unit shipments begin We developed and began shipping this advanced family of control units for transformer and gas insulated switchgear systems based on the IEC standard for electrical substation automation Outlook Although global economic recovery is forecast to be sluggish, global demand for electric equipment is projected to rise due to a number of factors. In North America, the construction of gasfired combined-cycle power plants to replace aging coal-fired plants and an aging power infrastructure will drive demand for new equipment. In the Middle East, Saudi Arabia, Kuwait, and the UAE are expected to steadily expand their power infrastructures, attracting intense competition from global as well as regional EPC contractors. Equipment demand is also expected to rise in Europe due to an aging power infrastructure, Russia due to infrastructure investment in the Far East, and the CIS for equipment modernization projects. In Asia and Africa, demand for low-cost equipment looks to continue to grow in India and China, while power infrastructure reconstruction and expansion projects in Africa are expected to get underway in earnest. In 2013, we will continue to target long-term supply contracts in the North American high-voltage 345 kv, 400 MVA-and-up market. We will pursue orders for 60 MVA-and-under transformers and shunt reactors and our Alabama transformer plant will enable us to respond in product categories where we are subject to sanctions. In Europe, we will build on our long-term gas insulated switchgear contract with Russia and new gas insulated switchgear plant in Vladivostok to target new transformer package orders. We will also pursue EPC projects across the continent as well as expand sales of explosion-proof motors to the oil and gas market. In the Middle East, we will continue to pursue package orders to improve profitability. We will also pursue framework agreements with upand-coming local EPC contractors to expand order opportunities. In Asia and Africa, we will improve our competitiveness by using Hyundai Heavy Industries (China) Electric Co., Ltd. products, and also continue to actively seek opportunities to participate in reconstruction projects in Africa.

OPENING A NEW CHAPTER HYUNDAI HEAVY INDUSTRIES ANNUAL REPORT 2011

OPENING A NEW CHAPTER HYUNDAI HEAVY INDUSTRIES ANNUAL REPORT 2011 OPENING A NEW CHAPTER OPENING A NEW CHAPTER At Hyundai Heavy Industries, we have written a remarkable success story over the past four decades that has made us the world s top shipbuilder and a leader

More information

Hyundai Heavy Industries Annual Report 2009

Hyundai Heavy Industries Annual Report 2009 Hyundai Heavy Industries Annual Report 2009 Table of Contents Strength in Diversity 01 Financial Highlights I HHI at a Glance I Share Performance 02 Keeping the Seas Sustainable Shipbuilding Division 06

More information

Financial Information

Financial Information Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow

More information

FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER 2005. Highlights

FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER 2005. Highlights FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER Highlights Frontline reports net income of $73.8 million and earnings per share of $0.99 for the third quarter of. Frontline reports nine month results of

More information

Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario

Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario Medium and Long Term Natural Gas Outlook CEDIGAZ February 215 Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario 4 3 %/year 199-213 213-235 6 Main consuming markets - %/year (213-235)

More information

Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP]

Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP] Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP] October 27, 2010 Company Name: KOITO MANUFACTURING CO., LTD. Stock Listing: First Section, Tokyo Stock Exchange Code Number:

More information

Management s Discussion and Analysis

Management s Discussion and Analysis Management s Discussion and Analysis 6 Financial Policy Sysmex regards increasing its market capitalization to maximize corporate value an important management objective and pays careful attention to stable

More information

1. Supplemental explanation of FY2014 Q3 financial results

1. Supplemental explanation of FY2014 Q3 financial results February 2015 1. Supplemental explanation of FY2014 Q3 financial results Overall view Despite the favorable winds of a depreciating yen and lower bunker prices, we could not fully leverage these benefits,

More information

January 27, 2016 Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016 <under Japanese GAAP>

January 27, 2016 Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016 <under Japanese GAAP> Translation January 27, 2016 Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016 Company name: Alpine Electronics, Inc. Listing: First

More information

SBM OFFSHORE Q1 2010 TRADING UPDATE SOLID PERFORMANCE WITH IMPROVING MARKET

SBM OFFSHORE Q1 2010 TRADING UPDATE SOLID PERFORMANCE WITH IMPROVING MARKET Press release - SBM Offshore N.V. 12 May SBM OFFSHORE Q1 TRADING UPDATE SOLID PERFORMANCE WITH IMPROVING MARKET Highlights Turnover for the first quarter of US$ 722 million, 6% above prior year; Total

More information

Oil & Gas Capital Expenditure Outlook 2013. GDGE0020TR / Published January 2013

Oil & Gas Capital Expenditure Outlook 2013. GDGE0020TR / Published January 2013 Oil & Gas Capital Expenditure Outlook 2013 GDGE0020TR / Published January 2013 Global Oil and Gas Capital Expenditure is Expected to Increase to US$XX Billion in 2013 The global oil and gas capital expenditure

More information

Presentation on Results for FY 2015. Idemitsu Kosan Co.,Ltd. May 10, 2016

Presentation on Results for FY 2015. Idemitsu Kosan Co.,Ltd. May 10, 2016 Presentation on Results for FY 2015 Idemitsu Kosan Co.,Ltd. May 10, 2016 Table of Contents 1. FY 2015 Financials (1) Overview (2) Segment Information 2. Forecast for FY 2016 Performance (1) Overview (2)

More information

Press Release. FY 2012/13 Alstom achieves a solid commercial and operational performance and free cash flow turns positive

Press Release. FY 2012/13 Alstom achieves a solid commercial and operational performance and free cash flow turns positive Press Release 7 May 2013 FY 2012/13 Alstom achieves a solid commercial and operational performance and free cash flow turns positive Between 1 April 2012 and 31 March 2013, Alstom booked 23.8 billion of

More information

Earnings Release Q1 FY 2016 October 1 to December 31, 2015

Earnings Release Q1 FY 2016 October 1 to December 31, 2015 Munich, Germany, January 25, 2016 Earnings Release FY 2016 October 1 to December 31, 2015 Strong start into the fiscal year earnings outlook raised»we delivered a strong quarter and are well underway in

More information

Investor Presentation. September 2015

Investor Presentation. September 2015 Investor Presentation September 2015 Forward looking statements 1 Euronav Largest independent quoted tanker company in world IEA forecast 1.6m bpd growth 2015 & 2016; base case of 1m bpd 2017-2020 Lower

More information

Fiscal Year Guidance Achieved Execution of Vision 2020 Begun

Fiscal Year Guidance Achieved Execution of Vision 2020 Begun Fiscal Year Guidance Achieved Execution of Vision 2020 Begun Joe Kaeser, President and Chief Executive Officer of Siemens AG We delivered the results we originally promised for fiscal 2014 and made substantial

More information

Consolidated Business Performance for Fiscal Year 2013 (Based on Japan GAAP)

Consolidated Business Performance for Fiscal Year 2013 (Based on Japan GAAP) May 9, 2013 Taiyo Nippon Sanso Corporation Consolidated Business Performance for Fiscal Year 2013 (Based on Japan GAAP) 1. Financial results for the FY2013 full term (April 1, 2012 March 31, 2013) (1)

More information

Kurita Water Industries Reports Earnings for the First Half Ended September, 2004

Kurita Water Industries Reports Earnings for the First Half Ended September, 2004 FOR IMMEDIATE RELEASE Kurita Water Industries Reports Earnings for the First Half Ended September, Tokyo Japan November 4, Kurita Water Industries Ltd. (TSE Security Code 6370) announced revenue for the

More information

Reports Results for First Quarter 2007 and Declares Quarterly Dividend

Reports Results for First Quarter 2007 and Declares Quarterly Dividend Ship Finance International Limited (NYSE: SFL) Reports Results for First Quarter and Declares Quarterly Dividend Ship Finance International Limited ( Ship Finance or the Company ) announces today the financial

More information

Makita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information)

Makita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information) Makita Corporation Consolidated Financial Results for the nine months ended (U.S. GAAP Financial Information) (English translation of "ZAIMU/GYOSEKI NO GAIKYO" originally issued in Japanese language) CONSOLIDATED

More information

FIRST QUARTER 2006 RESULTS Earnings per Share Up 22.6%

FIRST QUARTER 2006 RESULTS Earnings per Share Up 22.6% PRESS RELEASE Paris, May 18, 2006 FIRST QUARTER 2006 RESULTS Earnings per Share Up 22.6% First Quarter Euros in Millions (except EPS and E/ADS) 2006 Change Backlog at March 31 11,627 7,184 + 61.8% Revenues

More information

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS For Immediate Release For Further Information Refer to: John J. Haines 260-824-2900 FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS Bluffton, Indiana July 30, 2013 - Franklin Electric

More information

Press Release. 2014 Q1 key figures Q1 14 Q1 13 Change

Press Release. 2014 Q1 key figures Q1 14 Q1 13 Change ABB reports four divisions on track, "Step change" program in Power Systems Orders stable on a like-for-like 1 basis, early-cycle trends remain positive Operational EBITDA 2 steady, excluding Power Systems

More information

Technology + Innovation = Sustainability

Technology + Innovation = Sustainability Technology + Innovation = Sustainability David Woolley (CEO) & David Bessant (CFO) Q3 2012 Interim Report 1 Agenda Q3-12 Highlights DW Summary of financial results DB Economic head wind and de-stocking

More information

Third quarter results 2014

Third quarter results 2014 Third quarter results 2014 Highlights Third quarter 2014 High operational activity H6 rig upgrade completed ahead of time Cooperation with KBR for Sverdrup Study awarded for Subsea on a Stick Order backlog

More information

Deutsche Global Infrastructure Fund (TOLLX)

Deutsche Global Infrastructure Fund (TOLLX) Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests

More information

CHIYODA CORPORATION Financial Results for Fiscal 2004 Third Quarter Ended December 31, 2004

CHIYODA CORPORATION Financial Results for Fiscal 2004 Third Quarter Ended December 31, 2004 CHIYODA CORPORATION Financial Results for Fiscal 2004 Third Quarter Ended December 31, 2004 This document has been prepared as a guide to non-japanese investors and contains forwardlooking statements that

More information

Diluted net income per share (Yen) 90.03 129.05. Net assets per share assets. Equity

Diluted net income per share (Yen) 90.03 129.05. Net assets per share assets. Equity Summary of Consolidated Financial Results for the Nine months Ended December 31, 2008 February 3, 2009 Listed company name : Sysmex Corporation Code : 6869 Listed stock exchanges : Tokyo Stock Exchange

More information

Fiscal year ending March 2008 3rd Quarter Financial Results (cumulative)

Fiscal year ending March 2008 3rd Quarter Financial Results (cumulative) Fiscal year ending March 2008 3rd Quarter Financial Results (cumulative) January 2008 Osaka Gas Co., Ltd 1 I. Consolidated results for 3rd quarter and full-year forecast Management information is available

More information

Press Release. During the third quarter of 2013/14

Press Release. During the third quarter of 2013/14 Press Release 21 January 2014 During the third quarter of 2013/14 Alstom booked a sound level of orders, but continuing weakness in Thermal Power s new build weighs on outlook Over the third quarter 2013/14

More information

INFORMATION DEVELOPMENT CO., LTD.

INFORMATION DEVELOPMENT CO., LTD. INFORMATION DEVELOPMENT CO., LTD. Financial results of Apr. 2014-Mar. 2015 June 2015 President and Representative Director Masaki Funakoshi TSE 1st section Code:4709 1 Today s Presentation 1. Performance

More information

Weiqiao Textile Announces its 2015 Interim Results

Weiqiao Textile Announces its 2015 Interim Results Weiqiao Textile Announces its 2015 Interim Results Seize new opportunities in new normal development phase Continued leadership against the backdrop of industry changes Financial Summary Revenue was approximately

More information

FOR IMMEDIATE RELEASE February 4, 2016

FOR IMMEDIATE RELEASE February 4, 2016 FOR IMMEDIATE RELEASE February 4, 2016 Toshiba Announces Consolidated Results for the First Nine Months and Third Quarter of Fiscal Year Ending March 2016 TOKYO Toshiba Corporation (TOKYO: 6502) today

More information

Net Sales. Cost of Sales, Selling, General & Administrative Expenses, and Operating Income

Net Sales. Cost of Sales, Selling, General & Administrative Expenses, and Operating Income Net Sales In the fiscal year ending March 31, 2002 (fiscal 2001), the Fujitsu Group faced a difficult global economic environment, with the impact of the slowdown in the U.S. economy reverberating throughout

More information

Business Review & Strategies

Business Review & Strategies 7 Strategies Company Main Products 7.% Ship & Offshore Structure p. 8 FY3 (billions of yen) 9.3 4. LNG carriers LPG carriers VLCCs Bulk carriers Submarines Offshore structures.% Rolling Stock p. 9 FY3

More information

CBRE CLARION SECURITIES MASTER LIMITED PARTNERSHIPS: GLOBALIZATION OF ENERGY MARKETS LEADING TO SECULAR GROWTH

CBRE CLARION SECURITIES MASTER LIMITED PARTNERSHIPS: GLOBALIZATION OF ENERGY MARKETS LEADING TO SECULAR GROWTH CBRE CLARION SECURITIES MASTER LIMITED PARTNERSHIPS: GLOBALIZATION OF ENERGY MARKETS LEADING TO SECULAR GROWTH MAY 2014 201 King of Prussia Road, Suite 600 Radnor, PA 19087 USA T. 610.995.2500 www.cbreclarion.com

More information

Oil and Gas U.S. Industry Outlook

Oil and Gas U.S. Industry Outlook Oil and Gas U.S. Industry Outlook VERSION 01 YEAR 13 OUTLOOK: Positive fundamentals & outlook www.eulerhermes.us Key points WTI Crude is expected to continue to converge to Brent crude prices, narrowing

More information

FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013

FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013 FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013 Based on US GAAP Mitsubishi Corporation 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, JAPAN 100-8086 http://www.mitsubishicorp.com/ Mitsubishi Corporation and

More information

Management s Discussion and Analysis

Management s Discussion and Analysis Management s Discussion and Analysis 64 Financial Policy Sysmex regards increasing its market capitalization to maximize corporate value as an important management objective and pays careful attention

More information

Challenge 2020 Vision

Challenge 2020 Vision Challenge 2020 Vision Overview The Tokyo Gas Group s Vision for Energy and the Future Debate over the nature of Japan s energy supply continues unabated. Against this backdrop, Tokyo Gas has long played

More information

Third quarter results 2012

Third quarter results 2012 Q3 Third quarter results 2012 Fornebu, Øyvind Eriksen and Leif Borge 2012 Aker Solutions Slide 1 Agenda Q3 2012 Introduction Øyvind Eriksen Executive chairman Financials Leif Borge President & CFO Q&A

More information

ABB Q3: Solid performance across the business

ABB Q3: Solid performance across the business ABB Q3: Solid performance across the business Revenues 1 and operational EBITDA 2 higher in all divisions, net income up 10 percent Base orders 3 return to year-on-year growth, large project awards remain

More information

Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska. Remarks by Marianne Kah Chief Economist

Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska. Remarks by Marianne Kah Chief Economist Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska Remarks by Marianne Kah Chief Economist Cautionary Statement The following presentation includes forward-looking statements.

More information

MODEC, Inc. Mid-term Business Plan 2017. May 2015

MODEC, Inc. Mid-term Business Plan 2017. May 2015 MODEC, Inc. Mid-term Business Plan 2017 May 2015 Table of Contents 1. Review of previous Mid-term Business Plan (2012-2014) 2. Environment analysis for the next three years 3. Countermeasures and strategies

More information

Nordex SE Conference Call 9M 2012. Hamburg, 13/11/2012

Nordex SE Conference Call 9M 2012. Hamburg, 13/11/2012 Nordex SE Conference Call 9M 2012 Hamburg, 13/11/2012 AGENDA 1. Highlights 9M 2012 Dr. J. Zeschky 2. Financials 9M 2012 B. Schäferbarthold 3. Guidance 2012 and market outlook B. Schäferbarthold 4. Strategy

More information

2014 Mitsui Engineering & Shipbuilding Co., Ltd.

2014 Mitsui Engineering & Shipbuilding Co., Ltd. FY2014 2Q Report (ended on 30 th September 2014) Reported on 5 th November 2014 Key Point of FY2014 2Q Favorable progress in new orders Good start toward achievement of sales and profit target 2 Key Point

More information

Check against delivery. Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014.

Check against delivery. Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014. Check against delivery Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014 Part II Good morning, Ladies and Gentlemen, I, too, would like to wish you a very

More information

Financial Results for the First Quarter Ended June 30, 2014

Financial Results for the First Quarter Ended June 30, 2014 July 28, 2014 Company name : Nissan Motor Co., Ltd. Code no : 7201 (URL http://www.nissan-global.com/en/ir/) Representative : Carlos Ghosn, President Contact person : Joji

More information

Service Tax Planning - Expected Revenue Growth in FY 2015

Service Tax Planning - Expected Revenue Growth in FY 2015 Munich, Germany, May 7, 2015 Earnings Release FY 2015 January 1 to March 31, 2015 Portfolio gains drive income»for business volume, we performed well in our markets. The profitability of our Industrial

More information

Earnings Release Q4 FY 2015 July 1 to September 30, 2015

Earnings Release Q4 FY 2015 July 1 to September 30, 2015 Munich, Germany, November 12, 2015 Earnings Release FY 2015 July 1 to September 30, 2015 Strong finish for fiscal 2015»We delivered what we promised, and are well positioned to deliver on our plans for

More information

Natural Gas and LNG Business Today and Tomorrow

Natural Gas and LNG Business Today and Tomorrow Natural Gas and LNG Business Today and Tomorrow September 7, 2011 Mitsubishi Corporation Energy Business Group Junichi Iseda Senior Vice President, Division COO Natural Gas Business Division B Part 1:

More information

Financial Results for the Nine-Month Period Ended March 31, 2013

Financial Results for the Nine-Month Period Ended March 31, 2013 Financial Results for the Nine-Month Period Ended March 31, 2013 May 14, 2013 Company name: ZERO CO., LTD. Code No: 9028 Tokyo Stock Exchange (Second Section) (URL http://www.zero-group.co.jp/) Representative:

More information

Global Oil and Gas Capital Expenditure Outlook 2010: National Oil Companies (NOCs) to Drive Investment

Global Oil and Gas Capital Expenditure Outlook 2010: National Oil Companies (NOCs) to Drive Investment Global Oil and Gas Capital Expenditure Outlook 21: GlobalData s new report Global Oil and Gas Capital Expenditure Outlook 21: National Oil Companies (NOCs) to Drive Investment provides in-depth analysis

More information

Presentation on Results for the 2nd Quarter FY 2015. Idemitsu Kosan Co.,Ltd. November 4, 2015

Presentation on Results for the 2nd Quarter FY 2015. Idemitsu Kosan Co.,Ltd. November 4, 2015 Presentation on Results for the 2nd Quarter FY 2015 Idemitsu Kosan Co.,Ltd. November 4, 2015 Table of Contents 1. 2 nd Quarter FY 2015 Financials (1) Overview (2) Segment Information (3) Streamlining 2.

More information

Current and Future World Markets for Motors and Motor Controls

Current and Future World Markets for Motors and Motor Controls IHS TECHNOLOGY Presentation 21 st. 2016, Jacksonville, motor & Drive Systems 2016 ihs.com Current and Future World Markets for Motors and Motor Controls Wilmer Zhou, Principal Analyst, wilmer.zhou@ihs.com

More information

FINANCIAL RESULTS Q1 2016

FINANCIAL RESULTS Q1 2016 FINANCIAL RESULTS Q1 2016 CFO Hallvard Granheim 28 th April 2016 Highlights Q1 Increase in underlying results (EBITDA) - Nordic prices are down 15% Q-on-Q - High production from Nordic hydropower assets

More information

Quarterly Securities Report

Quarterly Securities Report Quarterly Securities Report (The third quarter of the 39th fiscal year) ACOM CO., LTD. Quarterly Securities Report 1. This document has been outputted and printed by adding a table of contents and page

More information

Diluted net income per share. Six months ended Sep. 30, 2012 0.40 0.39 Six months ended Sep. 30, 2011 (1.09) -

Diluted net income per share. Six months ended Sep. 30, 2012 0.40 0.39 Six months ended Sep. 30, 2011 (1.09) - November 9, 2012 Summary of Consolidated Financial Results for the Second Quarter of Fiscal Year Ending March 31, 2013 (Six Months Ended September 30, 2012) [Japanese GAAP] Company name: Japan System Techniques

More information

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards]

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards] The figures for these Financial Statements are prepared in accordance with the accounting principles based on Japanese law. Accordingly, they do not necessarily match the figures in the Annual Report issued

More information

Consolidated Financial Results for the Third Quarter Ended December 31, 2014

Consolidated Financial Results for the Third Quarter Ended December 31, 2014 Consolidated Financial Results for the Third Quarter Ended February 3, 2015 SHARP CORPORATION Stock exchange listings: Tokyo Code number: 6753 URL: http://www.sharp.co.jp/ Representative: Kozo Takahashi,

More information

Yokogawa Draws Up Transformation 2017, a New Mid-term Business Plan Three reforms for growth

Yokogawa Draws Up Transformation 2017, a New Mid-term Business Plan Three reforms for growth Name of Listed Company: Yokogawa Electric Corporation (URL: http://www.yokogawa.com) (Stock code: 6841, listed in TSE 1st section) Name and Position of the Representative: Takashi Nishijima, President

More information

Global Energy Dynamics: Outlook for the Future. Dr Fatih Birol Chief Economist, IEA 18 June 2014

Global Energy Dynamics: Outlook for the Future. Dr Fatih Birol Chief Economist, IEA 18 June 2014 Global Energy Dynamics: Outlook for the Future Dr Fatih Birol Chief Economist, IEA 18 June 2014 The world energy scene today Some long held tenets of the energy sector are being rewritten Countries are

More information

Automation Industry Market Report

Automation Industry Market Report Automation Industry Market Report The Global Industrial Automation Industry After weathering a difficult economic recession, the global automation industry is once again on the upswing, with many industry

More information

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO. shareholders equity ratio and ROE both rose to over 10%.

TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO. shareholders equity ratio and ROE both rose to over 10%. TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO During the fiscal year ended March 31, 2004, attained record-high total revenues, income before income taxes, and net income. We also made steady progress in

More information

To Our Shareholders A Message from the CEO

To Our Shareholders A Message from the CEO To Our Shareholders A Message from the CEO Overview of Fiscal 2007 Performance Looking at consolidated performance during fiscal 2007, or the year ended March 31, 2007, ORIX achieved an 18% rise in net

More information

Medium-term Business Plan

Medium-term Business Plan Mitsubishi UFJ Financial Group, Inc. Medium-term Business Plan Tokyo, May 15, 2015 --- Mitsubishi UFJ Financial Group, Inc. (MUFG) announced today that it has formulated its medium-term business plan for

More information

Long-term Vision and Medium-term Business Plan of the Osaka Gas Group

Long-term Vision and Medium-term Business Plan of the Osaka Gas Group Long-term Vision and Medium-term Business Plan of the Osaka Gas Group President Hiroshi Ozaki Field of Dreams 2020 Osaka Gas has formulated a long-term vision for the year 2020 to guide the Group s business

More information

Mitsubishi Electric Announces Consolidated and Non-consolidated Financial Results for Fiscal 2016

Mitsubishi Electric Announces Consolidated and Non-consolidated Financial Results for Fiscal 2016 MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 3023 Investor Relations Inquiries Investor Relations Group,

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

Press Release. Alstom s first half of 2013/14 Stable profitability FCF impacted by project profiles and downpayments

Press Release. Alstom s first half of 2013/14 Stable profitability FCF impacted by project profiles and downpayments Press Release 6 November 2013 Alstom s first half of 2013/14 Stable profitability FCF impacted by project profiles and downpayments Ambitious cost saving programme accelerated Strategic mobility to be

More information

FY2013 full-year financial results We had 1,003.6 billion in net sales, an increase of 152.3 billion year-over-year. In fact, net sales rebounded

FY2013 full-year financial results We had 1,003.6 billion in net sales, an increase of 152.3 billion year-over-year. In fact, net sales rebounded 0 1 2 FY2013 full-year financial results We had 1,003.6 billion in net sales, an increase of 152.3 billion year-over-year. In fact, net sales rebounded past the 1,000 billion yen mark for the first time

More information

March 31, 2015 327,192 16.2 16,563 20.5 18,429 20.7 10,489 11.4 March 31, 2014 281,505 13.5 13,742 3.4 15,267 7.4 9,417 3.1

March 31, 2015 327,192 16.2 16,563 20.5 18,429 20.7 10,489 11.4 March 31, 2014 281,505 13.5 13,742 3.4 15,267 7.4 9,417 3.1 Company Name: Stock exchange listed on: Financial Results for the Fiscal Year Ended March 31, 2015 [J-GAAP] May 8, 2015 Kintetsu World Express, Inc. (KWE) Tokyo Stock Exchange (First Section) Company code:

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.

More information

Energy Prices. Presented by: John Heffernan

Energy Prices. Presented by: John Heffernan Global Wholesale Energy Prices Presented by: John Heffernan Energy in 2012 In 2012, the growth in Energy consumption slowed in 2012 90% of this growth came from China & India Consumption & production of

More information

PETROLEUM WATCH September 16, 2011 Fossil Fuels Office Fuels and Transportation Division California Energy Commission

PETROLEUM WATCH September 16, 2011 Fossil Fuels Office Fuels and Transportation Division California Energy Commission PETROLEUM WATCH September 16, 2011 Fossil Fuels Office Fuels and Transportation Division California Energy Commission Summary As of September 14, retail regular-grade gasoline prices in California increased

More information

Examine the multinational company BP

Examine the multinational company BP Examine the multinational company BP Author: Dr. Sarah Brown British Middle-East Center for studies & Research info@bmcsr.com http:// bmcsr.com Philosophy and Economics Researcher, 1 London school of Economics

More information

Nippon Mining Holdings, Inc.

Nippon Mining Holdings, Inc. Supplementary Explanation for Financial Results for Fiscal 2008 - From April 1, 2008 to March 31, 2009 - April 30, 2009 Disclaimers concerning forward-looking statements are prepared on the last page of

More information

Meeting Materials for First-Half of FY2013 Summary and Business Outlook

Meeting Materials for First-Half of FY2013 Summary and Business Outlook Meeting Materials for First-Half of FY2013 Summary and Business Outlook November 12, 2013 Masao Usui Representative Director, President Executive Officer KYB Corporation Contents 1. Financial Information

More information

Midyear Presentation 2013. market strategy

Midyear Presentation 2013. market strategy Midyear Higher order Results intake, Presentation lower profitability 2013 focused market strategy THE SAFE HARBOR STATEMENT UNDER THE US PRIVATE SECURITIES LITIGATION REFORM ACT 1995 This presentation

More information

PRESS RELEASE. Revenue as of March 31, 2011. Sharp growth in Bureau Veritas Q1 2011 revenue Revenue up 23% to 775 million Organic growth of 6.

PRESS RELEASE. Revenue as of March 31, 2011. Sharp growth in Bureau Veritas Q1 2011 revenue Revenue up 23% to 775 million Organic growth of 6. 1 PRESS RELEASE Neuilly-sur-Seine, France, May 4, 2011 Sharp growth in Bureau Veritas Q1 2011 revenue Revenue up 23% to 775 million Organic growth of 6.5% Frank Piedelièvre, Chairman and Chief Executive

More information

Consolidated sales of 6,347 million euros, up 10% on a like-for-like basis (7% as reported)

Consolidated sales of 6,347 million euros, up 10% on a like-for-like basis (7% as reported) 14.18 Order intake surged 25% to 9.1 billion euros Sales came in at 6.3 billion euros, up 10% like for like (7% as reported) Operating margin (1) up 15% to 442 million euros, or 7.0% of sales Net income

More information

Tosoh Reports on Consolidated Results for Fiscal 2016 (from April 1, 2015, to March 31, 2016) Tokyo, Japan

Tosoh Reports on Consolidated Results for Fiscal 2016 (from April 1, 2015, to March 31, 2016) Tokyo, Japan NEWS RELEASE May 10, 2016 Tosoh Reports on Consolidated Results for Fiscal 2016 (from April 1, 2015, to March 31, 2016) Tokyo, Japan Tosoh Corporation is pleased to announce its consolidated results for

More information

Telephone conference call for the three months ended June 30, 2015. (Held on July 30, 2015)

Telephone conference call for the three months ended June 30, 2015. (Held on July 30, 2015) Telephone conference call for the three months ended June 30, 2015 (Held on July 30, 2015) Goro Yamaguchi President and Representative Director

More information

Third Quarter 2014 Earnings Conference Call. 13 August 2014

Third Quarter 2014 Earnings Conference Call. 13 August 2014 Third Quarter 2014 Earnings Conference Call 13 August 2014 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the

More information

Second Quarter Results of Operations

Second Quarter Results of Operations PRESS RELEASE Besi Posts Strong Q2 and H1-15 Results. Significant Expansion of Net Cash Position vs. 14 Duiven, the Netherlands, July 23, - BE Semiconductor Industries N.V. (the Company" or "Besi") (Euronext

More information

Saft Groupe SA Full year results 2014

Saft Groupe SA Full year results 2014 Saft Groupe SA Full year results 2014 Paris, February 18 th, 2015 Disclaimer This document contains certain forward-looking statements relating to the business, financial performance and results of the

More information

Falling Oil Prices and US Economic Activity: Implications for the Future

Falling Oil Prices and US Economic Activity: Implications for the Future Date Issue Brief # I S S U E B R I E F Falling Oil Prices and US Economic Activity: Implications for the Future Stephen P.A. Brown December 2014 Issue Brief 14-06 Resources for the Future Resources for

More information

JFE Group Fifth Medium-Term Business Plan ~Aiming to Become a Global Company Supplying Innovative World-class Technologies and Services~

JFE Group Fifth Medium-Term Business Plan ~Aiming to Become a Global Company Supplying Innovative World-class Technologies and Services~ JFE Group Fifth Medium-Term Business Plan ~Aiming to Become a Global Company Supplying Innovative World-class Technologies and Services~ April 23, 2015 JFE Holdings, Inc. Table of Contents 1. Review of

More information

PRELIMINARY RESULTS SBM OFFSHORE 2007 - NEW CEO IN 2008

PRELIMINARY RESULTS SBM OFFSHORE 2007 - NEW CEO IN 2008 Press release - SBM Offshore N.V. 29 January Highlights PRELIMINARY RESULTS SBM OFFSHORE 2007 - NEW CEO IN Unaudited net profit for 2007 of US$ 267 million; Net operational profit up by 28% compared with

More information

The effect of shale gas revolution on oil industry

The effect of shale gas revolution on oil industry The effect of shale gas revolution on oil industry Choi DooHo Oil & Gas Unit Introduction The Shale Gas Revolution is one of the most significant issues in the energy industry today. This revolution has

More information

Jean-Yves Garnier Independent Consultant

Jean-Yves Garnier Independent Consultant Jean-Yves Garnier Independent Consultant JODI is much more than a database The JODI Databases Cooperation Harmonisation between organisations Image Coverage Cooperation between Countries and Organisations

More information

2015 JET FUEL PRICE FORECAST

2015 JET FUEL PRICE FORECAST 2015 JET FUEL PRICE FORECAST Airlines The prospects for airlines are dependant on economic recovery. There is little to indicate an early end to the downturn. It will be a grim 2009. And while prospects

More information

Interim financial report for the period 1 January to 30 September 2011

Interim financial report for the period 1 January to 30 September 2011 Company announcement no. 11/ 18 November Page 1 of 9 Interim financial report for the period 1 January to 30 September Highlights Results improved in the third quarter with a gross profit of USD 8 million

More information

The Future of Energy in Louisiana! March 2014

The Future of Energy in Louisiana! March 2014 The Future of Energy in Louisiana! March 2014 1! GNO, Inc. Overview! GNO, Inc. is the economic development organization serving the ten parishes of Southeast Louisiana.! Logo! Business Development! Business

More information

CANON REPORTS RESULTS FOR FISCAL 1999

CANON REPORTS RESULTS FOR FISCAL 1999 February 14, 2000 CANON REPORTS RESULTS FOR FISCAL 1999 1. CONSOLIDATED RESULTS Millions of yen (except per share amounts) Actual Projected 1999 1998 Change(%) 2000 Change(%) Net sales 2,622,265 2,826,269-7.2

More information

FY2015 1Q Results Summary

FY2015 1Q Results Summary FY2015 1Q Results Summary Orders 44.0 billion -10.6% YoY Sales 40.3 billion +9.4% YoY Operating Income 2.7 billion +12.8% YoY Income Before Tax 2.8 billion -12.2% YoY Net Income 1.9 billion +42.1% YoY

More information

FY 2014 Results March 19, 2015

FY 2014 Results March 19, 2015 FY 2014 Results March 19, 2015 1 This document has been prepared by Maire Tecnimont S.p.A. (the Company ) solely for use in the presentation of its results. This document does not constitute or form part

More information

FINANCIAL SUMMARY. (All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

FINANCIAL SUMMARY. (All financial information has been prepared in accordance with U.S. generally accepted accounting principles) FINANCIAL SUMMARY FY2015 First Quarter (April 1, 2014 through June 30, 2014) English translation from the original Japanese-language document TOYOTA MOTOR CORPORATION FY2015 First Quarter Consolidated

More information

Box 6 International Oil Prices: 2002-03

Box 6 International Oil Prices: 2002-03 Annual Report 2002-03 International Oil Prices: 2002-03 Box 6 International Oil Prices: 2002-03 Notwithstanding the state of the world economy, characterised by sluggish growth in 2002, the world crude

More information