Bumi Armada Bhd. · MYX:ARMADA
Bumi Armada Bhd — Q1 2020 Earnings Presentation
16 slides from Bumi Armada Bhd's earnings presentation, 2020
Slide 1: Financial Results for Q1 2020
Financial Results for Q1 2020 1
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: Contents
Contents 1. Introduction 2. Safety 3. Current situation 4. FPO 5. OMS 6. Q1 2020 Financial Performance 7. Outlook 8. Questions 3
Slide 4: Introduction
Introduction Bumi Armada Berhad is a Malaysia-based EMPLOYEES (at Dec 2019) international offshore energy facilities and On-Shore 378 services provider with a presence in over 10 Off-Shore 842 countries spread across four continents. Nationalities (Onshore) 22 2019 Revenue 2019 Total Assets Revenue
Slide 5: Safety
Safety HSSEQ • Zero LTI in Q1 2020 COVID-19 Response • Introduced preventive measures in January 2020 to protect office and offshore staff • Limited impact on offshore operations • Offices remain in “work from home” arrangements • KL senior management has returned to the office 5
Slide 6: Current oil situation
Current oil situation • Saudi Arabia and Russia initiated oil price war on 6 March • Global spread of COVID-19 accelerates and impact on global economy starts to be realised • Saudi Arabia and Russia end price war and agree to reduce oil production • Current forecast from the EIA is that oil demand
Slide 7: FPO
FPO Revenue (RM) Segmental Results (RM) 462.1 mil 354.4 mil Overview • Stable performance from all units in Q1 2020 • FPO generated 84% of total revenue in Q1 2020 - predominately an FPO company • Provided increased earnings over the quarter. 7
Slide 8: OMS
OMS Revenue (RM) Segmental Results (RM) 90.5 mil 6.9 mil Overview • OSV utilisation improved to 56% in Q1 2020 vs. 54% in Q4 2019 • OSV fleet now 30 vessels - 2 vessels sold in Q1 2020 • SC units in the Caspian Sea remain off-hire Impairment • Given the current situation of the O&G industry, the Gro
Slide 9: Financial Performance
Financial Performance Bip BUMIARMADA 8
Slide 10: Financial performance over time
Financial performance over time All amounts shown are in RM’ million Revenue Operating profit before impairment (2) FPO OMS 140.0 207.6 182.3 92.0 74.0 90.5 194.9 66.0 96.1 253.3 241.3 217.2 201.3 460.3 446.5 425.6 443.6 453.9 419.5 462.1 172.4 405.7 381.4 146.5 115.3 129.2 116.6 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 11: Key Q1 2020 takeaways
Key Q1 2020 takeaways • Revenue in Q1 2020 increased by 7.2% to RM552.6 million compared to Q4 2019 • Q1 2020 versus Q4 2019 • FPO revenue increased by 10.2% to RM462.1 million • OMS revenue decreased by 5.8% to RM90.5 million • Operating profit before impairment improved to RM241.9 million • Group
Slide 12: Results Overview – Q1 2020 vs. Q4 2019 (RM’m)
Results Overview – Q1 2020 vs. Q4 2019 (RM’m) Revenue Segment Results 552.6 361.3 515.6 90.5 6.9 96.1 + 7% 230.2 + 57% 35.7 419.5 462.1 194.5 354.4 Q4 2019 Q1 2020 Q4 2019 Q1 2020 FPO OMS FPO OMS FPO : • Revenue and segment results increased mainly due to higher revenue from improved vessel availabi
Slide 13: Results Overview – Q1 2020 vs. Q4 2019 (RM’m)
Results Overview – Q1 2020 vs. Q4 2019 (RM’m) (1) Operating Profit Net Profit (2) before impairment (2) before impairment 90.4 241.9 + 61% + >100% 150.5 42.1 Q4 2019 Q1 2020 Q4 2019 Q1 2020 • Increased operating profit before impairment mainly due to higher revenue from Armada Kraken FPSO and lower
Slide 14: Order book as at Mar 2020
Order book as at 31 Mar 2020 As at 31 Mar 2020, the Group’s firm order book stood at RM18.0 billion. Upon expiration of the firm contract period, certain contracts contain extension options which are renewable on an annual basis with a total potential value of RM10.3 billion over the entire optional
Slide 15: Outlook
Outlook Group will continue to focus on: • Corporate and operational safety; • Optimising performance across the FPO fleet; • Reducing costs and debt; • Securing charters for the OMS vessels; and • Monetising selective assets. However, challenging global economic outlook is likely to have an impact
Slide 16: Questions?
Questions? Bip BUMIARMADA ca