Malaysia Marine & Heavy Engineering Holdings Bhd. · MYX:MHB
Malaysia Marine & Heavy Engineering Holdings Bhd — Q2 2013 Earnings Presentation
24 slides from Malaysia Marine & Heavy Engineering Holdings Bhd's earnings presentation, Aug 14, 2013
Slide 1: Analyst Briefing: 2nd Quarter 2013 Financial Results & Updates
ANALYST BRIEFING 2nd Quarter 2013 Financial Results & Updates 14th August 2013 “Transformation for Success”
Slide 2: Disclaimer
2 Disclaimer This Presentation is not intended to form the basis of any investment decision with respect to Malaysia Marine and Heavy Engineering Holdings Berhad (MHB). Neither this presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract
Slide 3: Highlights
3 Highlights Operational • Vendors Dialogue with 219 suppliers and sub-contractors Financials • Revenue -15% QoQ to RM787m • Profit before taxation -7% QoQ to RM53m Projects • Successful float-off / sailaway • Gumusut-Kakap FPS • Telok-B topside • 1st steel cut in Cutting and Assembly Workshop
Slide 4: Topic: Operational Review, 2Q2013 Financial Updates
4 Topic 1 Operational Review 2 2Q2013 Financial Updates 3 New Projects By MBU 4 Transformation Of MHB 5 Q&A Analyst Briefing – 2nd Quarter 2013
Slide 5: FPSO Cendor
95% Completed With 3rd Heavy Lift Accomplished Safely 5 FPSO Cendor
Slide 6: Tapis Enhanced Oil Recovery (EOR) Project
Almost 8.0 Million Manhours Without LTI. The 18,000 MT Tapis-R Deck Is 85% Completed 6 Tapis Enhanced Oil Recovery (EOR) Project
Slide 7: Telok Gas Development (TeA & TeB Topsides)
Telok-B Loaded Out Successfully And Sailed Away In June 2013 7 Telok Gas Development (TeA & TeB Topsides)
Slide 8: Kebabangan Northern Hub Development
Almost 90% Completed. Sailaway Scheduled To Be 1Q2014 8 Kebabangan Northern Hub Development
Slide 9: F14/F29 Topsides, Substructure & Process Module
Project Is 87% Completed After More Than 1.0 Million Manhours Without LTI 9 F14/F29 Topsides, Substructure & Process Module
Slide 10: Damar Platform Project
1,800MT Damar A Topside Is 66% Completed 10 Damar Platform Project
Slide 11: Topic: Operational Review, 2Q2013 Financial Updates
11 Topic 1 Operational Review 2 2Q2013 Financial Updates 3 New Projects By MBU 4 Transformation Of MHB 5 Q&A Analyst Briefing – 2nd Quarter 2013
Slide 12: Income Statement, QoQ
Financial Updates 12 Income Statement, QoQ Revenue -15% Income Statement RM m 2Q 2013 1Q 2013 • OBU, lower contribution by Gumusut Kakap Revenue 786.7 921.8 FPS and Telok Gas Development projects Offshore 715.1 866.6 Marine 71.6 55.3 • MBU, more LNG vessel repair and secured 2 MOPU projects Operat
Slide 13: Income Statement, YoY
Financial Updates 13 Income Statement, YoY Revenue +5% Income Statement RM m 1H 2013 1H 2012 • OBU, contribution from newer projects, i.e. Revenue 1,708.5 1,631.0 F14/F29, Damar and TLP Malikai Offshore 1,581.6 1,457.7 Marine 126.9 173.2 • MBU, lower revenue with completion of FSU Lekas in 2012 Op
Slide 14: Balance Sheet
Financial Updates 14 Balance Sheet Total assets of RM5.1bn Balance Sheet RM m Jun 2013 Dec 2012 • Progress billings from ongoing projects Fixed Assets 1,839.6 1,800.9 contributed to receivables especially at OBU Inventories 11.8 11.6 • Lower cash balances Receivables 2,458.3 2,114.4 Cash 802.9 890
Slide 15: Order Intake & Backlog
Financial Updates 15 Order Intake & Backlog Backlog RM million 1,430 Backlog RM million 1,270 5,827 919 TLP Malikai 3,727 2,937 2,180 1,772 1,800 Mar09 Mar10 Mar11 Dec11 Dec12 Jun13 Jun 2013 Turkmenistan Block 1 Phase 1 RM1,800.3m Backlog (Above) / Order Intake (Below) Damar FPSO Order Intake RM mil
Slide 16: Shareholding Information
Corporate Updates 16 Shareholding Information 1-Year Share Price RM Technip SA Technip SA 6.0 8.50% 8.50% Lembaga 5.5 Lembaga Tabung Haji Tabung Haji 5.10% 6.04% 5.0 PNB & PNB Unit Trust As At PNB & PNB As At Funds 4.39% Unit Trust Jun 2013 4.5 Mar 2013 Funds 3.89% EPF 4.05% EPF 3.17% 4.0 Other Mala
Slide 17: Topic: Operational Review, 2Q2013 Financial Updates
17 Topic 1 Operational Review 2 2Q2013 Financial Updates 3 New Projects By MBU 4 Transformation Of MHB 5 Q&A Analyst Briefing – 2nd Quarter 2013
Slide 18: Energy Producer 6 MOPU Project
MOPU Project By Marine Repair Business Unit 18 Energy Producer 6 Key Areas Information Client MOPU Holdings (Singapore) Pte Ltd Contract Type Lump-sum and cost-plus Work Scope Refurbishment and conversion of MODU to a MOPU • Steelwork • Helideck • Main engine • Living quarters • Deck cranes • Mud pu
Slide 19: MOPU KBM 1
MOPU Project By Marine Repair Business Unit 19 MOPU KBM 1 Key Areas Information Client MOPU Holdings (Singapore) Pte Ltd Contract Type Lump-sum and cost-plus Work Scope Refurbishment and conversion of MODU (Hercules 259) to MOPU (KBM 1) • Steelwork • Helideck • Main engine • Hydro jetting • Testing
Slide 20: Topic: Operational Review, 2Q2013 Financial Updates
20 Topic 1 Operational Review 2 2Q2013 Financial Updates 3 New Projects By MBU 4 Transformation Of MHB 5 Q&A Analyst Briefing – 2nd Quarter 2013
Slide 21: Yard Optimisation Programme
Scheduled & Progressive Implementation 21 Yard Optimisation Programme YO Capital Expenditure RM million 3,000 976 1,000 900 732 655 548 500 335 213 168 147 107 77 76 Mar09 Mar10 Mar11 Dec11 Dec12 Jun13 12 mth 12 mth 12 mth 9 mth 12 mth 6 mth YO Capex Cumulative YO Capex 1 MMHE West Yard 2 3 • 1 Co
Slide 22: Changing Culture & Launching Initiatives
Transformation Initiative Roadmap 22 Changing Culture & Launching Initiatives 2012 2013 2014 High Performing Culture Putting The House Deliver On Time Increase In Order & At Cost Win Rate High People Strengthen core Recognition and High performing Professionalism Performance Centricity business unit
Slide 23: Integrity Management
Transformation Initiative Roadmap – CoBE & Whistleblowing Policy 23 Integrity Management Fully Communicated “Having Integrity” Official Launch To Active Vendors & Series In Launched Integrity Of CoBE Subcontractors MHB’s ePortal Management Survey Oct Nov Dec 2012 Jan 2013 Feb Mar Apr May Jun Jul Int
Slide 24: Thank You
Thank You Terima Kasih “Transformation for Success” MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD Level 31, Menara Dayabumi, Jalan Sultan Hishamuddin 50050, Kuala Lumpur, Malaysia Investor Relations Contacts Telephone: +60 (3) 2275 3876 Wan Mashitah Bte Wan Abdullah Sani Chief Financial Offi
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