Bumi Armada Bhd. · MYX:ARMADA
Bumi Armada Bhd — FY2014 Earnings Presentation
19 slides from Bumi Armada Bhd's earnings presentation, Feb 26, 2015
Slide 1: FY 2014 Results
FY 2014 Results 26 February 2015 “Knots Ahead of the Rest”
Slide 2: Disclaimer
Disclaimer This presentation may contain statements of future expectations and 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,
Slide 3: Industry Overview
Industry Overview Brent WTI BRENT AND WTI PRICE JAN 2013 TO End-DEC 2014 3
Slide 4: Lower Capex and Cost Rationalisation Across the Industry
Industry Overview Lower Capex and Cost Rationalisation Across the Industry 4
Slide 5: Cuts across the industry
Cuts across the industry Company Job Cuts Capex cuts Company Old FMC 2,000 Capex New Capex Total Cut Percentage Halliburton 6,000 Statoil $20 bil $18 bil $ 2 bil 10% NNPC $13.5 bil $8.1 bil $5.4 bil 40% Baker Hughes 7,000 Pemex $8.3 bil MH Wirth 750 CNOOC $ 13.1 bil Shell $15 bil over 3 Weatherford
Slide 6: FY 2014 Financials
FY 2014 Financials “Knots Ahead of the Rest”
Slide 7: Key takeaways
Key takeaways FY Net Profit shed 49.3% from RM431.2 mil in 2013 to RM218.7 mil in 2014. Q4 Net Profit decreased 148.7% from RM108.1 mil in Q3 to a loss of RM52.6 mil. Q4 EBITDA decreased 51.0% from RM267.5 mil to RM131.1 mil. FY EBITDA reduced 11.0% from RM994.2 mil in 2013 to RM884.4 mil in 201
Slide 8: Results Overview – Q4 2014 vs. Q3 2014 (in RM'mil)
Results Overview – Q4 2014 vs. Q3 2014 (in RM’mil) Revenue Net Profit/(Loss)* EBITDA +10.3% 701.8 108.1 267.5 636.5 -51.0% -148.7% 131.1 Q3 2014 Q4 2014 Q3 2014 Q4 2014 Q3 2014 Q4 2014 (52.6) Higher revenue from: Lower EBITDA as a result of: Net loss as a result of • FPSO ENI 1506 , Kraken progress
Slide 9: Q4'14 PAT Clarification
Q4’14 PAT Clarification No contribution was recorded from the Madura FPSO in Q4’14 9
Slide 10: Results Overview – FY 2014 vs. FY 2013 (in RM'mil)
Results Overview – FY 2014 vs. FY 2013 (in RM’mil) Revenue EBITDA Net Profit* +15.6% 2,397.3 -11.0% 431.2 2,073.0 994.2 -49.3% 884.4 218.7 FY 2013 FY 2014 FY 2013 FY 2014 FY 2013 FY 2014 Higher revenue from: • FPSO contribution from ENI 1506, Kraken Lower EBITDA after accounting for: Lower Net Profi
Slide 11: FY2014 PAT Clarification
FY2014 PAT Clarification No contribution was recorded from the Madura FPSO in 2014 11
Slide 12: Revenue composition by business units – Q4 2014 vs. Q3 2014
Revenue composition by business units – Q4 2014 vs. Q3 2014 (in RM’mil) Performance in established segments driven by the underlying activities FPSO OSV +20.7% 285.5 182.3 236.5 163.1 +11.8% Q3 2014 Q4 2014 Q3 2014 Q4 2014 Higher FPSO ENI 1506, Kraken and tanker MT Ulysses Higher overall vessel util
Slide 13: Revenue composition by business units – FY 2014 vs. FY 2013
Revenue composition by business units – FY 2014 vs. FY 2013 (in RM’mil) Performance in established segments driven by the underlying activities FPSO 949.1 OSV +20.5% 787.6 636.8 +2.8% 654.6 FY 2013 FY 2014 FY 2013 FY 2014 New OSV vessels (Armada Tuah 304, 305, & FPSO ENI 1506, Kraken, and new tanker
Slide 14: Revenue composition by geographical %
Revenue composition by geographical % Malaysia based international company continued expansion across key regions FY 2013 FY 2014 4% 14% 4% 13% 24% 29% 53% 59%
Slide 15: Leverage and capitalisation
Leverage and capitalisation Financial capacity intact to undertake more projects with rights issue completed Net Debt / EBITDA(1) Gearing ratio(2) 5.1x 4.9x 4.8x 4.5x 4.0x 4.3x 4.4x 4.0x 3.9x 4.0x 3.5x 3.4x 3.2x 3.3x 3.0x 2.5x 2.3x 2.0x 1.9x 1.5x 1.4x 1.0x 1.1x 0.9x 0.9x 1.0x 0.9x 0.7x 0.5x 0.0x 200
Slide 16: Order book as at 31 December 2014
Order book as at 31 December 2014 Quality firm backlog increases to RM24.5 bn (Q3: RM21.8 bn) As at 31 December 2014, the Group’s order book stood at RM24.5 bn compared to RM21.8 bn as at 30 September 2014. Upon expiration of the firm contract period, certain contracts contain extension options whic
Slide 17: The Outlook
The Outlook “Knots Ahead of the Rest”
Slide 18: Outlook
Outlook Projected & Actual U.S. Oil Production • Oil prices remain weak and the O&G industry remains under pressure. • 2015 is expected to be a challenging year in light of the capex reductions being made by the E&P Companies. Projected & Actual Global Oil Demand 18
Slide 19: Thank You
Thank You “Knots Ahead of the Rest”