Vantris Energy Bhd · MYX:VANTNRG
Vantris Energy Bhd — Sapura Energy Berhad — Q4 FY2022 Earnings Presentation
17 slides from Vantris Energy Bhd's earnings presentation, Mar 18, 2022
Slide 1: Q4 FY2022 Financial Results Briefing
Q4 FY2022 Financial Results Briefing Sapura Energy Berhad | 18 March 2022 www.sapuraenergy.com
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding our financial position, financial estimates, business strategies, prospects, plans and objectives f
Slide 3: Agenda
Agenda 1 Opening Remarks 2 FY2022 Financial Performance 3 Business Updates 4 Q&A 3
Slide 4: Opening Remarks
Opening Remarks
Slide 5: FY2022 Full Year Highlights
FY2022 Full Year Highlights Financials Business ▪ Group Results: ▪ Challenges: Liquidity; COVID-19; Legacy contracts RM4.1 bn RM(2.3) bn RM(8.9) bn ▪ Close collaboration with key stakeholders to Revenue EBITDA LATAMI navigate liquidity challenges ▪ EBITDA: ▪ Delivered projects despite challenging co
Slide 6: Necessary steps taken to turnaround Sapura Energy
Necessary steps taken to turnaround Sapura Energy 1 Cash position in 2019 3 Intervention 6 Recovery “Bid Right; Execute with Discipline” 4 Scheme • Strengthen risks • Unsustainable debt of Arrangement management at bidding • High Accounts Payables and execution • • Debt restructuring Bids; taking on
Slide 7: FY2022 Financial Performance
FY2022 Financial Performance
Slide 8: FY2022 Performance
FY2022 Performance Group Financial Highlights by Quarter and Year Amounts in RM million EBITDA by Division Quarter on Quarter Year on Year Division Q4 FY22 FY22 Description E&C (879) (2,162) Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 O&M (68) (241) Revenue 453 1,456 1,444 4,127 5,348 Drilling 22 349 EBITDA (
Slide 9: FY2022 Performance: Full year EBITDA and Project Losses
FY2022 Performance Full year EBITDA and Project Losses Amounts in RM billion Composition of project losses Drilling 0.38 New contracts 0.11 0 LD recognised (0.56) Reversal of • Almost all of the (0.43) unapproved claims project losses E&C derived from legacy (2.25) Legacy contracts COVID-19 cost (0.
Slide 10: FY2023 revenue composition from secured projects
FY2023 revenue composition from secured projects 26% 27% 36% Contract based: Legacy 54% • Less exposure to legacy contracts 55% • Execute with discipline 38% 58% Contract based: • 16% - 26% stable day New Contract 28% rate margin 26% Day-rate revenue 18% 16% 18% Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Note:
Slide 11: FY2022 Performance: Impairment assessment
Amounts in RM billion FY2022 Performance Changes in business outlook for impairment assessment against prior year Changes in key Division Key Assumptions assumptions Descriptions Full Year Impairment ▪ More exposure to T&I in next few years 1.6 Revenue CAGR 3% ▪ Regional focus vs global focus E&C ▪
Slide 12: Business Updates
Business Updates
Slide 13: Group Bid Book and Orderbook
Group Bid Book and Orderbook Total Bids by Regions Orderbook Middle East Atlantic RM’bn 6.6 APAC Recognition by Division 0.2 0.7 4.5 0.2 0.3 APAC 5.7 1.6 30% 4.0 0.4 0.5 RM 1.2 0.5 Atlantic 28 bn Total E&C Drilling O&M 58% 6.6 Middle 0.2 East Recognition by FY 0.7 5.0 0.2 12% 0.5 5.7 4.3 1.0 0.1 0.6
Slide 14: The Scheme of Arrangement ("SOA") process
The Scheme of Arrangement (“SOA”) process Orders granted Negotiate SOA Vote & Sanction High Court of Malaya grants two • Notice in two local dailies • Court-convened meeting for Orders: creditors to approve SOA • nod for proposed SOA • Kick-off town hall session negotiations with creditors • Court s
Slide 15: Resolving the past to regain a stable platform
Resolving the past to regain a stable platform FY23 – regain stable platform ▪ Cash conservation ▪ Renegotiate legacy contracts ▪ Secure source for new funding to finance business plan ▪ Address unsustainable debts with lenders ▪ Conclude SOA with trade creditors ▪ Implementation of strategic divest
Slide 16: Rebuilding a sustainable Sapura Energy
Rebuilding a sustainable Sapura Energy ▪ Bid Right • Strengthen risks management at bidding • Selective in bids to focus on preferred regions; Asia Pacific and the Atlantic • Shift balance of project portfolio towards transportation and installation • Fabrication to be centered in Lumut, Malaysia ▪
Slide 17: sapu?
sapu? energy
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