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MOL Investor Guidebook 2012

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MOL Investor Guidebook 2012 MOLMOL InvestorInvestor GuidebookGuidebook 20122012 July 2012 Mitsui O.S.K. Lines, Ltd. http://www.mol.co.jp/ir-e/ MOL Group Corporate Principles 1. As a multi-modal transport group, we will actively seize opportunities that contribute to global economic growth and development by meeting and responding to our customers’ needs to this new era 2. We will strive to maximize corporate value by always being creative, continually pursuing higher operating efficiency and promoting an open and visible management style that is guided by the highest ethical and social standards 3. We will promote and protect our environment by maintaining strict, safe operation and navigation standards Long-Term Vision To make the MOL Group an excellent and resilient organization that leads the world shipping industry 1 【 Contents 】 MOL at a Glance Financial Data History of MOL Business Performance 03 Highlights of Income Statements 36 Strategically Balanced Business Portfolio 06 Highlights of Balance Sheets 37 Market Position 10 Highlights of Cash Flow Statements 38 Per Share Value Indicators and Share Price Indices 38 Midterm Management Plan Consolidated Financial Statements/Segment Information 39 [GEAR UP! MOL] Overall Strategies 14 Acceleration of business development in growth market 15 MOL General Information Fleet Plan 16 The History and MOL Group 42 Measures to Reinforce Safe Operation 17 Corporate Governance 43 Creative Efforts on Cost Reduction 17 Compliance 43 ISHIN Project 18 Safe Operation/Environment/CSR 43 Bond/Credit Ratings 44 Divisional Information Shareholder Composition 44 Global Trade 20 Share Price 45 Dry Bulkers 22 Shareholder Information 45 Tankers 26 LNG Carriers 29 Car Carriers 30 Containerships 31 2 MOL at a Glance History of MOL Business Performance P/L Ordinary income/Net income Revenues（bil. yen） 1,946 (bil. yen) 1,866 Net income Ordinary income Revenues 1,800 360 1,568 1,544 302 310 1,435 1,367 1,300 1,348 260 1,173 997 205 190 210 882 888 904 910 182 835 175 177 778 809 800 160 635 662 127 122 114 121 91 98 110 55 58 300 53 60 37 29 33 21 24 15 8 12 8 11 11 13 ▲ 24 ▲ 2 5 1 6 6 7 ▲ 4 ▲ 26 10 -200 -40 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 MOCAR90's MORE21 MOST21 MOL next MOL STEP MOL ADVANCE GEAR UP! MOL Merger of MOL and Navix Line 【President】 Masaharu Ikuta kunio Suzuki Akimitsu Ashida Koichi Muto 【President】 Masaharu Ikuta Kunio Suzuki Akimitsu Ashida Koichi Muto 3 MOL at a Glance History of MOL Business Performance Exchange Rate & Bunker Price （fiscal year average） Exchange Rate (￥/$) Bunker Price ($/MT) 【Ex.Rate/Bunker Price Sensitivity】 70 800 (FY) Ex.Rate Bunker Price Impact to Ordinary Income 79 Exchange Rate Bunker Price ￥ Bil./￥) (￥ Bil./$)( (￥ Bil.) 80 86 667 700 2001 0.8 0.3 +19.2 90 93 600 2002 0.8 0.3 ▲10.4 96 528 100 490 2003 1.1 0.3 ▲13.9 100 500 108 2004 1.6 0.3 ▲14.1 110 100 112 112 112 409 110 114 400 2005 2.5 0.3 ▲14.8 117 406 116 2006 2.2 0.3 ▲1.1 123 122 280 120 125 321 300 2007 3.3 0.3 ▲32.5 130 178 193 2008 3.8 0.3 ▲93.7 130 159 163 200 136 1.7 0.2 +12.4 102 108 116 105 117 2009 80 140 100 2010 2.00.2 ▲30.3 2011 0.2 ▲50.72.0 150 0 *Maximum estimation 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (FY) Reinforce Cost Competitiveness MOCAR90's MORE21 MOST21 MOL next MOL STEP MOL ADVANCE GEAR UP! MOL (bil. yen) 0 8 8 10 14 17 28 60 20 15 13 26 7 5 18 27 24 37 23 8 10 17 18 26 22 -50 37 41 51 58 57 69 -100 86 86 92 102 110 Cost Reduction 126 -150 74 bil yen(for 3 years) 145 138 165 166 -200 180 193 219 227 223 -250 232 250 277 272 -300 Accumulated cost reduction Special losses of the fiscal year 301 297 Accumulated special losses to previous fiscal year -350 338 *Cost reduction amounts shown as minus quantities. 362 -400 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 4 MOL at a Glance History of MOL Business Performance B/S (billion yen) 1,000 Interest-bearing debt Shareholders' Equity(*) Equity Ratio 40% 898 943 36% 35% 870 857 34% 35% 35% (*) “Shareholders’ Equity” refers to, 900 834 33% 35% 782 775 800 749 745 29% ■To FY2005: Shareholders’equity on 703 724 668 679 30% the consolidated Balance Sheet 700 22% 660 661 637 613 24% 601 624 492 571 569 25% ■From FY2006: Owners’ equity plus 600 551 514 accumulated gains/losses from valuation and translation adjustments 500 20% 15% 16% 424 400 13% 13% 12% 12% 11% 11% 12% 298 15% 300 222 10% 152 167 165 200 119 124 129 138 140 144 100 5% 0 0% FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 MOCAR90's MORE21 MOST21 MOL next MOL STEP MOL ADVANCE GEAR UP! MOL Merger of MOL and Navix Line Dividends yen/ share 35 【Dividend Policy】 ■The company recognizes the importance of increasing corporate value 30 31 31 through aggressive business investment and returning profits directly to the 25 shareholders through dividends. 20 ■In the midst of an aggressive investment plan, mainly in vessels, based 20 on our mid-term management plan aiming for further growth, we are 15 18 16 seeking to increase our corporate value per share while utilizing internally 10 reserved funds and solidifying our financial position. 11 10 5 ■In consideration of the above issues, the company will use 20% as a 0 0 0 444 555 3 5 guideline for the dividend payout ratio over the coming terms, and pay 0 dividends in conjunction with consolidated performance. However, MOL 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 will address the need to increase the ratio under its mid-and long-term Plan management policies. [FY] 5 MOL at a Glance Strategically Balanced Business Portfolio Fleet Composition (as of March 2012 / Consolidated) Composition （by Number of vessels／by Deadweight Ton） At the end of Mar. 2011At the end of Mar. 2012 At the end of Mar. 2011At No. of vessels rate 1,000dwt rate No. of vessels 1,000dwt 【by Number Others Dry bulker Capesize 107 11% 19,889 30% 109 20,152 50 Panamax 48 5% 3,790 6% 41 3,234 Bulk carrier of vessels】 5％ Handymax 60 6% 3,339 5% 50 2,732 Handy 34 4% 1,126 2% 28 874 Heavy lifter 6 1% 73 0% 8 135 Container Wood chip carrier 53 6% 2,674 4% 54 2,719 ships Steaming coal carrier 37 4% 3,279 5% 36 3,174 General cargo carrier 47 5% 741 1% 48 708 115 (Sub total) 392 41% 34,911 52% 374 33,727 12％ Tanker Crude oil tanker 46 5% 12,398 18% 48 13,095 Dry Bulkers Car Carriers Product tanker 62 6% 3,560 5% 60 3,473 392 Chemical tanker 79 8% 2,171 3% 85 2,252 128 LPG tanker 13 1% 627 1% 13 614 41％ (Sub total) 200 21% 18,756 28% 206 19,434 13％ LNG carrier LNG Carriers 69 7% 5,306 8% 72 5,520 69 Tankers 7％ Car carrier 200 ％ 128 13% 2,055 3% 114 1,747 21 Containership 115 12% 6,205 9% 104 5,308 Others Ferry/Domestic carrier 45 5% 158 0% 42 155 【by 1,000dwt】 Cruise ship 2 0% 9 0% 2 9 186 0% Others 3 0% 19 0% 3 19 Car Carriers Total 954 100% 67,418 100% 917 65,920 Note) Including spot-chartered ships and those owned by joint ventures 2,055 Containerships 3% 6,205 Owned／Chartered Ratio（by Deadweight Ton） (as of March 2012, Consolidated) 9% LNG Carriers Total Fleet 38% 62% 5,306 8% Owned Chartered Dry Bulkers 34,911 Dry Bulker 20% 80% Tankers 52% Tanker 70% 30% 18,756 28% LNG Carrier 100% Car Carrier 40% 60% Containership 24% 76% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% *1) Above consists of fleet operated by MOL and consolidated subsidaries. 6 *2) Chartered fleet includes short-term chartered vessels (less than 5 years). MOL at a Glance Strategically Balanced Business Portfolio Consolidated Revenue by Segments Consolidated Ordinary Income by Segments Associated Others Bulkships Containerships Other 3 Segments, Elimination Businesses FY2011 Consolidated Revenue 1% (bil. yen) 7% Total 1,435 billion yen 350 Ferry/Domestic Transport 300 16(5%) 4% 9(3%) 250 12 Dry Bulkers 13(7%) 200 3(2%) 2(1%) 23% 5(3%) 40(22%) 278 Bulkships 150 56(32%) (92%) 12(10%) Tankers 51% 100 164 213 Containerships 135 14 39(32%) 12% 115 (90%) 38% 50 (77%) 71 (66%) 67 13 LNG Carriers (58%) Car Carriers 3% 0 ▲ 21 ▲7 ▲ 57 13% ▲ 50 ▲ 30 ▲ 100 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 (Table) Consolidated Ordinary Income by Segments “Highly Stable Profit” & Other Profit (￥billion) (bil. yen) FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 150 Revenue (a) 597 676 787 1,025 999 722 791 726 Highly Stable Profits Bulkships Ordinary income 90 Other Profits 115 135 164 278 213 67 71 ▲ 7 100 (b) 75 (b)/(a) 19.3% 20.0% 20.8% 27.1% 21.4% 9.3% 9.0% - 55 47 Revenue (a) 457 552 624 748 696 466 587 542 50 Containerships Ordinary income (b) 56 40 5 9 ▲ 21 ▲ 57 39 ▲ 30 (b)/(a) 12.3% 7.2% 0.9% 1.2% - - 6.6% - 0 Ferry/Domestic Revenue (a) 45 47 50 53 55 51 50 52 Shipping Ordinary income GEAR UP! MOL (b) 0 ▲ 0 0 1 ▲ 1 ▲ 2 ▲ 1 ▲ 1 -50 (b)/(a) 0.4% - 0.0% 0.9% - - - - ▲ 66 Revenue (a) 67 88 100 109 107 100 108 107 ▲ 79 -100 Associated Business Ordinary income (b) 5 13 13 14 13 10 11 9 FY2009 FY2010 FY2011 (b)/(a) 7.5% 14.3% 13.1% 12.7% 12.1% 9.7% 9.9% 8.4% Result Result Result Revenue (a) 8 4 8 11 10 9 8 8 Others Ordinary income Ordinary income(bil.
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