Bumi Armada Bhd. · MYX:ARMADA
Bumi Armada Bhd — Q1 2019 Earnings Presentation
17 slides from Bumi Armada Bhd's earnings presentation, May 27, 2019
Slide 1: Bumi Armada Q1 2019 Analyst Briefing
BUMI ARMADA Q1 2019 ANALYST BRIEFING 27 May 2019
Slide 2: Disclaimer
Disclaimer This presentation may contain statements of future expectations an other forward-looking statements based on management’s and/or other information providers’ current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, o
Slide 3: Agenda
Agenda • Operational Updates • Q1 2019 Financials • Outlook • Q&A 3
Slide 4: Operational Updates
Operational Updates VX Wa BUMIARMADA BP
Slide 5: Q1 2019 Operational Updates
Q1 2019 Operational Updates Corporate • Safe operations in Q1 with no LTIs recorded • Cost reduction exercise has started to yield results FPO • Challenges continue on Armada Kraken • Other FPO units continue stable operations OMS • No new work for SC in the Caspian Sea • Sold four (4) OSV in Q1 201
Slide 6: Since Q1 2019
Since Q1 2019 Closed the refinancing of corporate debt • USD260 million over two years • USD 400 million over five years Indian JV secured FPSO contract for ONGC’s Kakindada 98/2 • BAB holds 30% in the JV • Firm charter period is for nine years with seven annual extensions • Firm contract value is U
Slide 7: Q1 2019 Financials
Q1 2019 Financials VX Wa BUMIARMADA 3
Slide 8: Key takeaways
Key takeaways • Revenue in Q1 2019 decreased by 14.7% to RM491.6 million compared to Q4 2018 • Q1 2019 versus Q4 2018 • FPO revenue increased by 11.6% to RM425.6 million • OMS revenue decreased by 66.1% to RM66.0 million • FPO segment results increased by 65.4% to RM253.7 million • OMS segment resul
Slide 9: Results Overview – Q1 2019 vs. Q4 2018 (RM m)
Results Overview – Q1 2019 vs. Q4 2018 (RM m) Revenue Segment Results 262.7 576.3 9.0 -15% 491.6 211.9 194.9 + 24% 66.0 58.5 381.4 425.6 153.4 253.7 Q4 2018 Q1 2019 Q4 2018 Q1 2019 FPO OMS FPO OMS • FPO revenue and results increased mainly due to higher contribution from Armada Kraken FPSO • OMS rev
Slide 10: Results Overview – Q1 2019 vs. Q4 2018 (RM m)
Results Overview – Q1 2019 vs. Q4 2018 (RM m) Operating Profit before Net Profit before Impairment (1) Net (Loss)/Profit (2) Impairment (1)(2) 172.4 62.2 +48% Q4 2018 Q1 2019 +97% 67.7 116.6 +>100% 34.3 (1,262.9) Q4 2018 Q1 2019 Q4 2018 Q1 2019 • Operating profit before impairment increased due to h
Slide 11: Results Overview – YTD 2019 vs. YTD 2018 (RM m)
Results Overview – YTD 2019 vs. YTD 2018 (RM m) Revenue Segment Results 315.4 600.3 30.2 -17% -18% 491.6 140.0 66.0 262.7 9.0 460.3 425.6 285.2 253.7 YTD 2018 YTD 2019 YTD 2018 YTD 2019 FPO OMS FPO OMS • FPO revenue and results decreased due to lower revenue from Armada TGT FPSO subsequent to the si
Slide 12: Results Overview – YTD 2019 vs. YTD 2018 (RM m)
Results Overview – YTD 2019 vs. YTD 2018 (RM m) Operating Profit before Net Profit before Impairment (1) Net Profit (2) Impairment (1)(2) 217.2 96.2 -21% 62.2 +29% 172.4 48.4 -30% 67.7 YTD 2018 YTD 2019 YTD 2018 YTD 2019 YTD 2018 YTD 2019 • Operating profit before impairment decreased due to complet
Slide 13: Revenue composition by geographical %
Revenue composition by geographical % YTD 2018 YTD 2019 3% 2% 2% 5% 30% 15% 28% 34% 37% 44% 13
Slide 14: Order book as at 31 March 2019
Order book as at 31 March 2019 As at 31 March 2019, the Group’s firm order book stood at RM19.3 bil compared to RM20.2 bil as at 31 December 2018. Upon expiration of the firm contract period, certain contracts contain extension options which are renewable on annual basis with a total potential value
Slide 15: Outlook
Outlook VX Wa BUMIARMADA BP
Slide 16: Forward strategy
Forward strategy • Maintain focus on HSSEQ • Reduce costs and debt • Improve Armada Kraken performance • Monetise unutilised assets • Secure charters for the OMS vessels • Selected growth in FPO sector 16
Slide 17: Q&A
Q&A . BUMIARMADA