Bumi Armada Bhd. · MYX:ARMADA
Bumi Armada Bhd — Q3 2024 Earnings Presentation
16 slides from Bumi Armada Bhd's earnings presentation, Nov 1, 2024
Slide 1: Bumi Armada Berhad Financial Results Q3 2024
Bumi Armada Berhad Financial Results Q3 2024
Slide 2: Q3 2024 Health, Safety & Environment
Q3 2024 Health, Safety & Environment Armada Sterling FSU Armada LNG Mediterrana 11 years LTI free 7 years LTI free Armada Sterling II Armada Kraken 9 years LTI free 2 years LTI free Karapan Armada Sterling III Armada Constructor 7 years LTI free 7 years LTI free Armada Olombendo Armada Installer 3 y
Slide 3: Average Uptime Owned Units
Average Uptime Owned Units 97.38 % Armada TGT • Annual Shutdown successfully completed. • Change out Engine GTC ‘B’ completed. • ABS driven UTM Inspection of Anchor Chains and Annual Boiler Inspections carried out. Armada Kraken • Planned 2024 shutdown completed on schedule - Sept’24. • Engine room
Slide 4: Average Uptime JV Units
Average Uptime JV Units 99.67 % Armada Sterling II (C7) • Seawater lift system discharge piping replacement. • Solar Turbines GTG A/B & GTC A/B condition assessment. Karapan Armada Sterling III • Solar Turbine GTG-C 4000 Hours PM and AFT Mount Support Installation by Solar FSR. • MODU and AFS certif
Slide 5: Recent Transactions
Recent Transactions EPCIM Contract for Magnus Flare Gas Recovery – EnQuest • Awarded 29 Oct 2024. • Contract value ca. GBP50 million. • Project duration of approximately 4 years. Armada TGT 1 • A 2-year firm period extension for the TGT Project, via the execution of a BBC Amendment Addendum dated 13
Slide 6: Q3 2024 Financial Performance
Q3 2024 Financial Performance 6
Slide 7: Q3 2024 Financial Highlights
Q3 2024 Financial Highlights Q3 2024 (versus Q2 2024) Key Takeaways: -5% RM552m (RM579m) RM strengthened from US$1 = RM4.72 to Revenue US$1 = RM4.12 Net current assets position of RM1,050m: -17% RM261m (RM315m) Drewdown USD400m 6-year syndicated loan to refinance RM1.5b Sukuk & related hedge Operati
Slide 8: Results Overview – Q3 2024 vs. Q2 2024
Results Overview – Q3 2024 vs. Q2 2024 RM'm Q2 2024 Q3 2024 Revenue mainly due to lower revenue from a variation Revenue 578.9 551.9 order for Armada Olombendo FPSO and the weakening of Operating expenses (291.8) (314.9) USD against MYR. Other operating income 28.0 23.7 Operating profit before impai
Slide 9: Cash Movement – Q3 2024
Cash Movement – Q3 2024 (All amounts shown are in RM’m) Cash balance - Q3 2024 53 15 381 356 57 53 126 1,214 101 40 1,100 1 July 2024 Operating Net change Dividend Proceeds from Interest Repayment of Interest paid Currency Advances to an 30 Sep 2024 Cash balance surplus in working received from disp
Slide 10: Leverage Reducing Over Time
Leverage Reducing Over Time Net Debt to EBITDA Debt improved to Net Debt Cash 2.14x 759 717 953 Cash 839 678 689 752 stood at 705 902 1,214 1,100 RM1.1 Billion 5,741 5,655 5,310 4,666 4,338 4,130 3,897 3,650 3,392 2,773 2,538 USD45 Million AFGS PF Loan was repaid early in Q3-24 Q1'22 Q2'22 Q3'22 Q4'
Slide 11: Successfully Reprofiled All Near-Term Maturity Walls
Successfully Reprofiled All Near-Term Maturity Walls Maturity Profile Unsecured Corporate Debt Non-Recourse Project Debt USD Mil (Olombendo) 250 200 150 100 50 0 2025 2026 2027 2028 2029 2030 The debt maturity reprofiling exercise for the Group’s unsecured corporate debts is now completed with repay
Slide 12: Financial Performance Over Time
Financial Performance Over Time (All amounts shown are in RM’m) Revenue Operating Profit before Impairment (2) Operations Others 1.3 31.4 1.5 5.9 46.0 17.0 14.9 8.7 6.9 0.5 621.6 1.4 621.4 634.2 386.3 572.5 599.2 345.2 315.1 561.9 543.2 276.4 522.1 529.1 524.3 256.1 242.2 251.9 263.4 260.7 222.5 439
Slide 13: Vessel Order Book as at 30 Sep 2024
Vessel Order Book as at 30 Sep 2024 ➢ 72% vessel order book from Vessel order book as at 30 Sep 2024 ^^ wholly-owned FPO units Firm contract RM6.6 bil RM3.6 bil period order book ➢ Robust firm vessel order book of RM10.2b Optional extension RM7.6 bil ➢ Certain contracts contain extension period orde
Slide 14: 2024 Outlook
2024 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 Maintain LTI free for all assets. Performance Sustain solid financial performance Growth Expand our core FPSO business and explore
Slide 15: 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 16: Q&A
Q&A ae BUMIARMADA 16