Malaysia Marine & Heavy Engineering Holdings Bhd. · MYX:MHB
Malaysia Marine & Heavy Engineering Holdings Bhd — Q4 2012 Earnings Presentation
26 slides from Malaysia Marine & Heavy Engineering Holdings Bhd's earnings presentation, Feb 21, 2013
Slide 1: Analyst Briefing: 4th Quarter 2012 Financial Results & Updates
ANALYST BRIEFING 4th Quarter 2012 Financial Results & Updates 21st February 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: 2012 Key Highlights
3 2012 Key Highlights Operational • Acquisition/integration of MMHE East Yard • OBU/MBU. Business unit-centric focussed Financials • Net profit -28% YoY to RM242m Projects • Superlift of Gumusut-Kakap FPS • Sailed away/delivered • Telok-A Topside, Jacket • Tapis-Q Topside, Jacket • Kinabalu NA
Slide 4: Topic: Operational Review, 4Q2012 Financial Updates
4 Topic 1 Operational Review 2 4Q2012 Financial Updates 3 TLP Malikai Deepwater Project 4 Transformation Of MHB 5 Q&A Analyst Briefing – 4th Quarter 2012
Slide 5: Gumusut-Kakap FPS
Final Stages Of Commissioning, Planning For Loadout 5 Gumusut-Kakap FPS
Slide 6: FPSO Cendor
78% Completed With 1st Heavy Lift Accomplished Safely 6 FPSO Cendor
Slide 7: Tapis Enhanced Oil Recovery (EOR) Project
18,000 MT Tapis-R Deck Is 65% Completed 7 Tapis Enhanced Oil Recovery (EOR) Project
Slide 8: Telok Gas Development (TeA & TeB Topsides)
Overall Project Is 82% Completed, Telok-B Topside Shown Below 8 Telok Gas Development (TeA & TeB Topsides)
Slide 9: OSX-3 FPSO External Turret
MHB’s 17th Turret Project, 86% Completed As At Dec 2012 9 OSX-3 FPSO External Turret
Slide 10: Kebabangan Northern Hub Development
Project Attained 4.6 Million Manhours, 64% Completed 10 Kebabangan Northern Hub Development
Slide 11: F14/F29 & Damar Platform Project
New Contracts. Picture Shown Below Is The F14/F29 Topsides, Substructure And Process Module Project 11 F14/F29 & Damar Platform Project
Slide 12: Topic: Operational Review, 4Q2012 Financial Updates
12 Topic 1 Operational Review 2 4Q2012 Financial Updates 3 TLP Malikai Deepwater Project 4 Transformation Of MHB 5 Q&A Analyst Briefing – 4th Quarter 2012
Slide 13: Income Statement, QoQ
Financial Updates 13 Income Statement, QoQ Revenue +2% to RM857.0m Income Statement RM m 4Q 2012 3Q 2012 • OBU, marginally lower revenue as Gumusut Revenue 857.0 841.8 Kakap FPS nears completion while Tapis-Q Offshore 757.7 765.9 Marine 99.3 76.0 Topside was loaded out • MBU undertaken more ship r
Slide 14: Income Statement, YoY
Financial Updates 14 Income Statement, YoY Revenue +9% to RM3.3bn Income Statement RM m 12mth Dec12 12mth Dec11 • OBU, contribution from Tapis EOR, Telok Revenue 3,329.8 3,060.3 Gas, Kinabalu HUC and Kebabangan Offshore 2,981.3 2,797.6 Marine 348.5 262.1 • MBU, higher number of LNG vessels with hi
Slide 15: Balance Sheet
Financial Updates 15 Balance Sheet Total assets +8% YTD Balance Sheet RM m Dec 2012 Dec 2011 • Fixed assets reflect acquisition of yard, now Fixed Assets 1,801.9 1,217.3 known as MMHE East Yard, and ongoing Inventories 11.6 25.6 YO Programme Receivables 2,113.4 1,131.3 Cash 890.3 2,085.6 • Progres
Slide 16: Order Intake & Backlog
Financial Updates 16 Order Intake & Backlog Backlog RM million 1,430 Backlog RM million 1,270 5,827 Tapis EOR 919 Telok Gas 3,727 Others 2,937 2,180 1,772 Gumusut Mar09 Mar10 Mar11 Dec11 Dec12 Kakap TLP Malikai (Above) / (Below) Dec 2012 RM1,772.2m Turkmenistan Block 1 Phase 1 F14/F29 Backlog (Above
Slide 17: Shareholding Information
Corporate Updates 17 Shareholding Information Technip SA Technip SA 1-Year Share Price RM 8.50% 6.5 8.50% PNB & PNB PNB & PNB 6.0 Unit Trust Unit Trust Funds 6.12% Funds 5.39% 5.5 As At EPF 4.55% As At EPF 4.89% Sep 2012 Dec 2012 5.0 Other Malaysian Other Malaysian Shareholders Shareholders 10.49% 4
Slide 18: PETRONAS Conditional Take-Over Of MISC
18 PETRONAS Conditional Take-Over Of MISC Announcement • PETRONAS made a conditional take-over offer for the remaining 1,666,333,303 shares in MISC which it does not hold for a cash offer price of RM5.30 per share • Offer is conditional on receiving acceptances resulting in PETRONAS holding 90% or
Slide 19: Topic: Operational Review, 4Q2012 Financial Updates
19 Topic 1 Operational Review 2 4Q2012 Financial Updates 3 TLP Malikai Deepwater Project 4 Transformation Of MHB 5 Q&A Analyst Briefing – 4th Quarter 2012
Slide 20: TLP Malikai Deepwater Project
Letter of Award To Technip MMHE (Malikai) Joint Venture / TMMJV 20 TLP Malikai Deepwater Project Key Areas Information TLP Malikai Deepwater Project comprises 2 structures. Malikai topside is permanently manned and is designed to process 60,000 barrels per day of oil and Project 50 million standard
Slide 21: Joint-Venture For Success
Proposed Set-Up For TLP Malikai Deepwater Project 21 Joint-Venture For Success Joint Venture Project Management • Clear responsibility and work scope • Leverage on strengths of all partners • Capitalise on MHB’s yard facilities Topside • Adopt best international practices Detailed Procurement & Su
Slide 22: Initiatives Underway: Improving Project Execution
Improving Project Execution 22 Initiatives Underway TLP Malikai Deepwater Project Improving Project Execution • First TLP structure • Shorter time-line Experienced PMT team • Tighter budget Organization Continuity in project team members Steering Committee Improving execution Engineering
Slide 23: Topic: Operational Review, 4Q2012 Financial Updates
23 Topic 1 Operational Review 2 4Q2012 Financial Updates 3 TLP Malikai Deepwater Project 4 Transformation Of MHB 5 Q&A Analyst Briefing – 4th Quarter 2012
Slide 24: Yard Optimisation Programme
Important Milestones Achieved 24 Yard Optimisation Programme YO Capital Expenditure RM million 1 3,000 1,000 900 732 655 548 500 335 213 168 147 107 77 2 Mar09 Mar10 Mar11 Dec11 Dec12 12-mth 12-mth 12-mth 9-mth 12mth Annual YO Capex Cumulative YO Capex MMHE West Yard 3 4 • 1 132 KV power supply •
Slide 25: Transformation Initiative Roadmap
Moving Forward 25 Transformation Initiative Roadmap 2012 2012 2013 2014 • Smooth integration of MMHE East Putting The House Deliver On Time Increase In Order & At Cost Win Rate • Standardized process/procedures • Launched selected improvement initiatives Strengthen core Recognition and High perfor
Slide 26: Thank You
Thank You Merci “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 Officer Ema
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