Bumi Armada Bhd. · MYX:ARMADA
Bumi Armada Bhd — Q1 2023 Earnings Presentation
20 slides from Bumi Armada Bhd's earnings presentation, May 1, 2023
Slide 1: Bumi Armada Berhad Financial Results Q1 2023
Bumi Armada Berhad Financial Results Q1 2023
Slide 2: Health, Safety & Environment
Q1 2023 Health, Safety & Environment Armada Sterling FSU Armada LNG Mediterrana 10 years LTI free 6 years LTI free Armada Sterling II Armada Kraken 8 years LTI free 1 year LTI free Karapan Armada Sterling III Armada Constructor 5 years LTI free 5 years LTI free Armada Olombendo Armada Installer 1 ye
Slide 3: GHG and Sustainability
Q1 2023 GHG and Sustainability • Achieved GHG emissions intensity reduction of 2.5% and methane emission reduction of 13.6% in 2022 compared to previous year. • Focus on green engineering solutions for current and new FPSOs • Focus on LNG business – to accelerate the replacement of coal and oil • De
Slide 4: Key Operations Update
Q1 2023 Key Operations Update Armada Kraken Armada TGT • Completion of extensive remedial work on all 4 engines. • SWL pump overhauled. • Replacement of train A rundown cooler • Completion of welding repairs in ballast tanks. plate pack. UK Kraken Field Armada LNG Mediterrana • On location preparing
Slide 5: Fleet Highlights
Q1 2023 Fleet Highlights FPSOs and FSU FPSOs and FSU Average Uptime Q2 2022 Q3 2022 Q4 2022 Q1 2023 Owned Units (4) 97% 99% 99% 98% JV Units (3) 100% 100% 100% 100% • Overall good operational performance across all units in Q1 2023. • Armada Sterling V moored on location East Coast of India preparin
Slide 6: Armada Sterling V
Q1 2023 Armada Sterling V Kakinada 98/2 • FPSO Sterling V successfully hooked up with the STP buoy mooring system since end Dec 2022, and is now ready to commence commissioning upon provision of first oil by ONGC. 6
Slide 7: Caspian
Q1 2023 Caspian Subsea Construction • Armada Installer and Armada Constructor under regular maintenance, on lay-up mode • Grayer project offshore work is completed • Pursuing new prospects in the Caspian Sea Armada Installer and Armada Constructor: Recondition AC Compressor (Engine Department), Insp
Slide 8: Financial Performance
Q1 2023 Financial Performance 8
Slide 9: Key Takeaways
Q1 2023 Key Takeaways Q1 2023 (versus Q4 2022) -10% RM544m (RM605m) RM265m (RM252m) RM201m (RM211m) +5% -5% Revenue Operating profit Net profit attributable to to Owners of the Company -19% RM288m (RM433m) Net operating cash flow ➢ Net current asset position of RM453m ➢ Repaid USD110m of debt in Q1
Slide 10: Results Overview – Q1 2023 vs. Q4 2022
Results Overview – Q1 2023 vs. Q4 2022 RM'm Q4 2022 Q1 2023 Revenue due to lower Armada Kraken FPSO Revenue 605.0 544.0 revenue and Armada Olombendo FPSO variation Operating expenses (364.0) (304.6) Other operating income 13.8 24.0 orders. Operating profit before impairment 254.9 263.4 Impairment (3
Slide 11: Cash Balance – Q1 2023
Cash Balance – Q1 2023 (All amounts shown are in RM’m) Cash Balance - Q1 2023 341 52 22 18 490 839 104 678 1 Jan 2023 Operating Net change in Redemption of Others (including Repayment of Interest paid 31 Mar 2023 Cash balance surplus before net working capital RPS forex on cash borrowings Cash balan
Slide 12: Cash Flow Statement
Cash Flow Statement (All amounts shown are in RM’m) Cash Movement and Balance Net Operating Cash Flow 1,200 1,000 800 600 400 512.2 421.4 200 327.8 354.9 298.7 312.5 287.2 288.3 196.1 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 2022 2022 2022 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Operating & inv
Slide 13: Leverage Reducing Over Time
Leverage Reducing Over Time (All amounts shown are in RM’m) Debt Net Gearing Net Debt Cash Net Debt to Equity Net Debt to EBITDA 4.75 4.69 4.27 4.00 3.86 3.96 975 3.83 876 910 795 3.29 759 717 3.03 953 839 678 2.10 1.94 7,166 1.72 1.56 6,903 6,486 6,123 1.34 1.20 5,741 5,655 5,310 4,666 1.03 0.92 4,
Slide 14: Financial Performance Over Time
Financial Performance Over Time (All amounts shown are in RM’m) Revenue Operating Profit before Impairment (2) Operations Others 31.4 5.9 46.0 37.8 6.9 14.9 33.6 1.7 31.9 275.2 274.6 256.1 276.4 263.4 621.6 242.2 251.9 599.1 226.4 554.1 572.5 201.3 506.2 511.3 522.1 529.1 486.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 15: Order Book as at March 2023
Order Book as at 31 March 2023 Order book as at 31 March 2023 ➢ 84% order book from wholly-owned FPO units Firm contract RM9.2 bil RM1.9 bil ➢ Robust firm order book of RM11.1b period order book ➢ Certain contracts contain extension options beyond firm contract period Optional extension RM7.9 bil RM
Slide 16: Outlook
Outlook 16
Slide 17: 2023 Outlook
2023 Outlook We are pursuing new opportunities in targeted markets. We will continue to focus on the following areas to improve the prospects of the organisation: Safety ESG Growth Relationships Performance 17
Slide 18: 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 19: Q&A
Q&A 19
Slide 20: Thank You
ae BUMIARMADA 22