Bumi Armada Bhd. · MYX:ARMADA
Bumi Armada Bhd — Q4 2022 Earnings Presentation
21 slides from Bumi Armada Bhd's earnings presentation, 2023
Slide 1: Bumi Armada Berhad Financial Results Q4 2022
Bumi Armada Berhad Financial Results Q4 2022
Slide 2: Q4 2022 Health, Safety & Environment
Q4 2022 Health, Safety & Environment Armada Sterling Armada TGT 1 9 years LTI free 11 years LTI free Armada Sterling II FSU Armada LNG Mediterrana 7 years LTI free 5 years LTI free Karapan Armada Sterling III Armada Kraken 5 years LTI free <1 year LTI free Armada Olombendo Armada Tuah 300 1 year LTI
Slide 3: Q4 2022 Sustainability
Q4 2022 Sustainability • Supported EcoNinja Mangrove Forest Restoration 2022 at Tanjung Piai, Johor. • 66 computers donated to the Teach For Malaysia (TFM) organisation in December 2022. 3
Slide 4: Q4 2022 Key Operations Update
Q4 2022 Key Operations Update Armada Kraken Armada TGT • Completion of major PSV recertification • Replacement of significant length of campaign. nitrogen distribution header • Completion of additional diesel storage • Replacement of fire pump main piping 4” project. supports on main deck. UK Armada
Slide 5: Q4 2022 Fleet Highlights
Q4 2022 Fleet Highlights FPSOs and FSU FPSOs and FSU Average Uptime Q1 2022 Q2 2022 Q3 2022 Q4 2022 Owned Units* (4) 99% 97% 99% 99% JV Units (3) 100% 100% 100% 100% *Excludes Armada Claire • Overall good operational performance across all units in Q4 2022. • Armada Sterling V departed Singapore yar
Slide 6: Q4 2022 Armada Sterling V
Q4 2022 Armada Sterling V Kakinada 98/2 • FPSO Sterling V successfully hooked up with the STP buoy mooring system since 27 Dec 2022, and is now ready to commence commissioning. 6
Slide 7: Q4 2022 Caspian
Q4 2022 Caspian Subsea Construction • Armada Installer on lay-up • Armada Constructor completed post trenching of the pipeline, spools installation, pre-commissioning, demobilized, and lay-up • Backfilling vessel and Survey vessel performing final offshore activity – backfilling of seabed and final
Slide 8: Financial Performance
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Slide 9: Q4 2022 Key Takeaways
Q4 2022 Key Takeaways Q4 2022 (versus Q3 2022) -7% RM605m (RM653m) -9% RM252m (RM276m) RM211m (RM150m) Revenue Operating profit +41% Net profit attributable to to Owners of the Company -31% RM355m (RM512m) ➢ Net current asset position of RM204m Net operating cash flow ➢ Repaid USD125m of debt in Q4
Slide 10: Results Overview – Q4 2022 vs. Q3 2022
Results Overview – Q4 2022 vs. Q3 2022 RM'm Q3 2022 Q4 2022 Revenue 653.1 605.0 Revenue due to lower progress of Subsea Operating expenses (394.6) (366.9) Construction work in the Caspian Sea and Pre-FEED Other operating income 17.9 13.8 revenue recognised in Q4 2022. Operating profit 276.4 251.9 Fi
Slide 11: Cash Balance – Q4 2022
Cash Balance – Q4 2022 (All amounts shown are in RM’m) Cash Balance - Q4 2022 53 12 567 76 83 340 953 65 46 839 1 Oct 2022 Operating Net change in Proceeds Dividends Others Repayment of Interest paid Forex on 31 Dec 2022 Cash balance surplus before working from disposal received from borrowings cash
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 1,000 800 600 400 512.2 354.9 421.4 200 327.8 298.7 312.5 287.2 196.1 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2021 2021 2021 2022 2022 2022 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating & investing Financing
Slide 13: Leverage Reducing Over Time
Leverage Reducing Over Time (All amounts shown are in RM’m) Debt Gearing Net Debt Cash Debt to Equity Net Debt to EBITDA 4.75 4.69 4.27 4.00 3.86 3.96 975 876 3.83 910 795 3.29 759 717 953 839 7,166 6,903 6,486 2.38 6,123 2.18 5,741 5,655 1.96 5,310 4,666 1.76 1.52 1.36 1.22 1.08 Q1 2021 Q2 2021 Q3
Slide 14: Results Overview – FY 2022 vs. FY 2021
Results Overview – FY 2022 vs. FY 2021 RM'm FY 2021 FY 2022 Continuing operations Revenue due to Subsea Construction work in the Revenue 2,162.6 2,405.5 Caspian Sea in FY 2022, higher vessel availability for Operating expenses (1,330.6) (1,437.2) Armada Kraken FPSO but offset by fewer operating Othe
Slide 15: Financial Performance Over Time
Financial Performance Over Time (All amounts shown are in RM’m) Revenue Operating Profit before Impairment (2) Operations Others 31.5 5.9 46.0 37.8 6.9 33.6 1.7 275.2 274.6 276.4 31.9 256.1 242.2 251.9 226.4 621.6 599.1 201.3 554.1 572.5 506.2 511.3 522.1 486.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 16: Order Book as at 31 December 2022
Order Book as at 31 December 2022 Order book as at 31 Dec 2022 ➢ 83% order book from wholly-owned FPO units Firm contract RM9.6 bil RM2.0 bil RM0.1 bil period order book ➢ Robust firm order book of RM11.7b Optional extension ➢ Certain contracts contain extension period order book RM7.9 bil RM1.3 bil
Slide 17: Outlook
Outlook 17
Slide 18: 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 Growth ESG Performance Relationships Balance sheet 18
Slide 19: 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 20: Q&A
Q&A 20
Slide 21: Thank You
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