Bumi Armada Bhd. · MYX:ARMADA
Bumi Armada Bhd — Q4 2024 Earnings Presentation
16 slides from Bumi Armada Bhd's earnings presentation, Feb 28, 2025
Slide 1: Bumi Armada Berhad Financial Results Q4 2024
Bumi Armada Berhad Financial Results Q4 2024 28 Feb 2025
Slide 2: Q4 2024 Health, Safety & Environment
Q4 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: Financial Uptime Owned Units
Financial Uptime Owned Units 100 % Armada TGT • BBC contract confirmed for 2 more years. • New Well on line. • Heating Coil repaired in 4S cargo tank. Armada Kraken • Successfully completed ‘green’ bio-fuel trial on 1 x engine. • Risk and insurance visit both offshore and onshore. • Concluded ROV in
Slide 4: Financial Uptime JV Units
Financial Uptime JV Units 100 % Armada Sterling II (C7) • UWILD & ABS Class 5 yearly renewal survey - Oct/Nov 2024. • External Safety Audit (ESA) 2024 successfully conducted by Oil Industry Safety Directorate (OISD) on 25th - 26th NOV’24. Karapan Armada Sterling III • Solar Turbine GTG-B 4000 hours
Slide 5: New Ventures Update (Q4 2024)
New Ventures Update (Q4 2024) Akia Production Sharing Contract (PSC) • Environmental Assessments completed in October 2024. • Geological & Geophysical study completed in December 2024. • 3D seismic acquisition will commence in 1Q 2025. 5
Slide 6: Q4 2024 Financial Performance
Q4 2024 Financial Performance 6
Slide 7: Q4 2024 Financial Highlights
Q4 2024 Financial Highlights Q4 2024 (versus Q3 2024) Key Takeaways: -3% RM533m (RM552m) Revenue RM weakened from US$1 = RM4.12 to US$1 = RM4.47 RM321m (RM261m) Net current assets position of RM1,355m. +23% Operating profit before impairment RM325m Kraken FPSO impairment in Q4 2024. -140% Loss RM84m
Slide 8: Results Overview – Q4 2024 vs. Q3 2024
Results Overview – Q4 2024 vs. Q3 2024 RM'm Q3 2024 Q4 2024 Revenue mainly due to weaker USD vs MYR, Revenue 551.9 533.0 Armada Kraken FPSO’s September 2024 planned Operating expenses (314.9) (233.8) shutdown recognised in Q4 2024 and lower charter rate Other operating income 23.7 22.2 Operating pro
Slide 9: Cash Movement – Q4 2024
Cash Movement – Q4 2024 (All amounts shown are in RM’m) Cash balance - Q4 2024 9 13 59 257 171 50 359 77 1,427 1,100 1 Sep 2024 Operating Net change Dividend Others Interest Currency Repayment of Interest paid 31 Dec 2024 Cash balance surplus in working received from received translation borrowings
Slide 10: Results Overview – FY 2024 vs FY 2023
Results Overview – FY 2024 vs FY 2023 (All amounts shown are in RM’m) FY 2023 FY 2024 Commentary Operating profit before RM1,047m RM1,242m No Kraken transformer issues in 2024, impairment increased Olombendo daily operating fee. Profit after tax RM293m RM656m Increased operating profit, lower impair
Slide 11: Leverage Reducing Over Time
Leverage Reducing Over Time Net Debt to EBITDA Debt improved to Net Debt Cash 1.80x 759 717 953 839 678 689 752 705 902 Cash 1,214 1,100 5,741 5,655 1,427 5,310 stood at 4,666 4,338 4,130 3,897 3,650 3,392 > RM1.4 Billion 2,773 2,538 2,257 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24
Slide 12: Financial Performance Over Time
Financial Performance Over Time (All amounts shown are in RM’m) Revenue Operating Profit before Impairment Operations Others 31.4 1.5 1.3 5.9 46.0 17.0 8.7 6.9 14.9 0.5 3.7 386.3 621.6 599.2 1.4 621.4 634.2 345.2 315.1 321.4 572.5 561.9 543.2 522.1 529.1 524.3 529.3 256.1 242.2 276.4 251.9 263.4 260
Slide 13: Vessel Order Book as of 31 Dec 2024
Vessel Order Book as of 31 Dec 2024 ➢ 72% vessel order book from Vessel Order book as at 31 Dec 2024 wholly-owned FPO units Firm contract RM6.7 bil RM3.7 bil ➢ Robust firm vessel order book of period order book RM10.4b Optional extension ➢ Certain contracts contain extension period order book RM8.2
Slide 14: 2025 Outlook
2025 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: ae BUMIARMADA
ae BUMIARMADA 16