Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Q2 FY2023 Earnings Presentation
29 slides from Hibiscus Petroleum Bhd's earnings presentation, Feb 16, 2023
Slide 1: Quarterly Results
Quarterly Results Highlights of the Quarterly Results for the financial quarter ended 31 December 2022 (Second financial quarter of the financial year ending 30 June 2023) Briefing for Analysts and Fund Managers 16 February 2023
Slide 2: Disclaimer
Disclaimer The purpose of this presentation is to provide general information about Hibiscus Petroleum Berhad (the “Company”) to assist potential investors in making their own evaluation of the Company and does not purport to be all-inclusive or to contain all of the information that a prospective i
Slide 3: Content
Content Part 1: Key Messages Part 2: Oil Market Outlook • Oil Market Balances • Brent Price Outlook Part 3: Operational and Financial Highlights 3.1 Operational Highlights • Operational Highlights 3.2 Financial Highlights • Q2 FY2023 “Normalised” Group Financials • Strong and Consistent EBITDA Margi
Slide 4: Key Messages
Part 1 Key Messages 4 Hibiscus Petroleum Berhad Registration Number: 200701040290 (798322-P)
Slide 5: Key Messages
Key Messages Fully operated and producing portfolio on target to meet Group’s FY2023 targets • Sold 1.3 MMbbl of oil and condensate and 0.7 MMboe of gas in the current quarter from our producing assets • In 1H FY2023, we sold 2.3 MMbbl of oil and condensate and 1.2 MMboe of gas • For FY2023, the Gro
Slide 6: Oil Market Outlook
Part 2 Oil Market Outlook • Oil Market Balances • Brent Oil Price Outlook 6 Hibiscus Petroleum Berhad Registration Number: 200701040290 (798322-P)
Slide 7: Oil Market Balances
Oil Market Balances Global liquids supply and demand balances, current base case Supply and demand million barrels per day Implied million barrels per day Positive Outlook for liquids balances for CY2023 Source: Rystad Energy, as of 27 January 2023 Hibiscus Petroleum Berhad 7 Registration Number: 20
Slide 8: Brent Price Outlook
Brent Price Outlook Brent prices expected to remain in the range of USD85-100/bbl in CY2023 Source: Rystad Energy, as of 27 January 2023 Hibiscus Petroleum Berhad 8 Registration Number: 200701040290 (798322-P)
Slide 9: Operational & Financial Highlights
Part 3 Operational & Financial Highlights 3.1 Operational Highlights • Operational Highlights 3.2 Financial Highlights • Q2 FY2023 “Normalised” Group Financials • Strong and Consistent EBITDA Margins • Q2 FY2023 Group Financials - By Operating Segments • Q2 FY2023 Group Financials - Vs Preceding Qua
Slide 10: Operational Highlights
Operational Highlights Peninsula North Sabah Anasuria Cluster Total or Average Hibiscus Group1 Average uptime % 92 92 89 - Average net oil & condensate production bbl/day 4,626 2,699 6,188 13,513 Average net gas export rate boe/day - 311 6,089 6,400 Average net oil, condensate and gas boe/day 4,626
Slide 11: Q2 FY2023 “Normalised” Group Financials
Q2 FY2023 “Normalised” Group Financials Omits one-off non-operational adjustments As disclosed “Normalised” in QR United results • Positive impact to Profit or Loss Malaysia 2 Vietnam 3 Kingdom 1 • There is cash impact, in the form of non- occurrence of potential cash outflow EBITDA 353,282 - (22,42
Slide 12: Strong and Consistent EBITDA Margins
Strong and Consistent EBITDA Margins Flexibility to Navigate Industry Downturns • Operational control grants the ability to concentrate on operating efficiencies (cost control, production enhancement) when oil prices are low and shift to development mode when oil prices are high. • Remained cash flo
Slide 13: Q2 FY2023 Operating Segment Financials
Q2 FY2023 Operating Segment Financials (I) Group P&L by segment Malaysia – Kinabalu • Peninsula Hibiscus Subtotal Malaysia Total Group assets continue and others United RM’000 CAA Vietnam (PHSB – North Australia Others (1) (HPB to be a significant Kingdom Kinabalu Others Group) Sabah Group) contribu
Slide 14: Q2 FY2023 Group Financials (vs. Preceding Quarter)
Q2 FY2023 Group Financials (vs. Preceding Quarter) 2Q FY2023 1Q FY2023 RM’000 As disclosed in QR As disclosed in QR Revenue 713,126 604,768 Gross Profit 440,619 387,402 Gross Profit Margin 61.8% 64.1% EBITDA 353,282 298,353 EBITDA Margin 49.5% 49.3% PBT 208,689 185,414 PBT Margin 29.3% 30.7% Tax (13
Slide 15: Key Factors Affecting Kinabalu and Others’ Q2 FY2023 Financial Results – Kinabalu
Key Factors Affecting Kinabalu and Others’ Q2 FY2023 Financial Results – Kinabalu Kinabalu: 2Q FY2023 1Q FY2023 • Lower revenue in 2Q FY2023 due to lower average realised oil price attained for Profit or Loss Summary crude oil sold: RM’000 RM’000 ‒ 2Q FY2023: 288,106 bbls @ USD106.83 per bbl. Revenu
Slide 16: Key Factors Affecting Kinabalu and Others’ Q2 FY2023 Financial Results – Others (PM305 & PM314)
Key Factors Affecting Kinabalu and Others’ Q2 FY2023 Financial Results – Others (PM305 & PM314) Others (PM305 & PM314): 2Q FY2023 1Q FY2023 • Sales of crude oil: Profit or Loss Summary ‒ 2Q FY2023: 10,873 bbls @ USD96.06 per bbl. RM’000 RM’000 ‒ 1Q FY2023: 9,028 bbls @ USD112.28 per bbl. Revenue 4,7
Slide 17: Key Factors Affecting PM3 CAA’s Q2 FY2023 Financial Results
Key Factors Affecting PM3 CAA’s Q2 FY2023 Financial Results 2Q FY2023 1Q FY2023 • Lower revenue in 2Q FY2023 mainly due to lower volume of crude oil sold at a Profit or Loss Summary lower average realised oil price. Revenue in 2Q FY2023: RM’000 RM’000 ‒ Crude oil: 2Q FY2023 – RM77.1 million (187,671
Slide 18: Key Factors Affecting North Sabah PSC’s Q2 FY2023 Financial Results
Key Factors Affecting North Sabah PSC’s Q2 FY2023 Financial Results 2Q FY2023 1Q FY2023 • Higher revenue in 2Q FY2023 compared to 1Q FY2023 due to higher volume crude Profit or Loss Summary oil sold: RM’000 RM’000 ‒ 2Q FY2023: 538,301 bbls @ USD98.09 per bbl. Revenue 239,473 146,078 ‒ 1Q FY2023: 289
Slide 19: Key Factors Affecting United Kingdom’s Q2 FY2023 Financial Results
Key Factors Affecting United Kingdom’s Q2 FY2023 Financial Results • 2Q FY2023’s revenue was higher than 1Q FY2023 revenue: 2Q FY2023 1Q FY2023 Profit or Loss Summary ‒ Crude oil: 2Q FY2023 – RM71.3 million (185,869 bbls @ USD82.56 per bbl) vs RM’000 RM’000 1Q FY2023 – RM64.8 million (143,728 bbls @
Slide 20: United Kingdom – Tax (cont’d)
United Kingdom – Tax (cont’d) 2Q FY2023 (RM’000) 1Q FY2023 (RM’000) YTD 2Q FY2023 (RM’000) Taxation RFCT+SC EPL Total RFCT+SC EPL Total RFCT+SC EPL Total Income tax (3,597) - (3,597) (5,360) - (5,360) (8,957) - (8,957) Deferred tax (8,627) (104,007) (112,634) (16,743) (7,031) (23,774) (25,370) (111,
Slide 21: United Kingdom – Tax (cont’d)
United Kingdom – Tax (cont’d) EPL: Two key points highlighted earlier on the ONE-OFF DTL charge are: - As at 31 December 2022, the total one-off DTL charge amounted to RM113,882k which arose from incorporating the EPL. - This amount must be fully reversed to the Profit or Loss by 31 March 2028, i.e.
Slide 22: Highlights from the Group’s Balance Sheet
Highlights from the Group’s Balance Sheet As at As at As at As at As at RM 31 Dec 2022 30 Sep 2022 30 Jun 2022 31 Mar 2022 31 Dec 2021 Total assets 5,592.1m 5,690.8m 5,512.4m 4,506.8m 3,099.6m Shareholders’ funds 2,385.3m 2,448.1m 2,202.0m 1,874.2m 1,553.0m Cash and bank balances 702.7m 898.8m 707.8
Slide 23: Offtakes & Reserves
Part 4 Offtakes & Reserves • FY2023 Oil & Condensate Offtake Schedule and Gas Sales • Reserves and Resources Update 23 Hibiscus Petroleum Berhad Registration Number: 200701040290 (798322-P)
Slide 24: FY2023 Oil & Condensate Offtake Schedule and Gas Sales
FY2023 Oil & Condensate Offtake Schedule and Gas Sales Total oil, condensate and gas sales volume (boe) Actual – Q1 Latest Estimate – Q3 FY2023 Latest Estimate – Q4 FY2023 Latest & Q2 Estimate – FY2023 January February March FY2023 Total April 2023 May 2023 June 2023 Total 2023 @ 2023 2023 North Oil
Slide 25: Reserves and Resources Update
Reserves and Resources Update • As of 1 January 2023, our net entitlement to 2P oil, condensate and gas reserves and 2C oil resources within the licenses in which we have interests are as follows: 100 UK - Teal West UK - Marigold & Sunflower Million Barrels of Oil Equivalent 75 72.0 5.8 Australia -
Slide 26: Key Messages
Key Messages Fully operated and producing portfolio on target to meet Group’s FY2023 targets • Sold 1.3 MMbbl of oil and condensate and 0.7 MMboe of gas in the current quarter from our producing assets • In 1H FY2023, we sold 2.3 MMbbl of oil and condensate and 1.2 MMboe of gas • For FY2023, the Gro
Slide 27: Thank You
Thank You For more information please contact: Investor Relations Team faq@hibiscuspetroleum.com 27 Hibiscus Petroleum Berhad Registration Number: 200701040290 (798322-P)
Slide 28: Q2FY2023 Profit or Loss (By Segment)
Q2FY2023 Profit or Loss (By Segment) Malaysia – Kinabalu and Subtotal others Malaysia – United Total RM’000 CAA Vietnam (PHSB Australia Others 1 North Sabah Kingdom (HPB Group) Kinabalu Others Group) Revenue 139,725 4,740 157,537 72,968 374,970 239,473 97,616 - 1,067 713,126 Cost of Sales (49,520) (
Slide 29: “Normalised” Group Financials – 2Q and 1Q FY2023
“Normalised” Group Financials – 2Q and 1Q FY2023 2Q FY2023 1Q FY2023 As disclosed United “Normalised” As disclosed United “Normalised” Malaysia 2 Vietnam 3 Malaysia 4 Vietnam 3 in QR Kingdom 1 results in QR Kingdom 1 results Revenue 713,126 - - - 713,126 604,768 - - - 604,768 Gross Profit 440,619 -
Hibiscus Petroleum Berhad — Q2 FY2023 Earnings Presentation on 6ix