Bumi Armada Bhd. · MYX:ARMADA
Bumi Armada Bhd — Q4 2023 Earnings Presentation
18 slides from Bumi Armada Bhd's earnings presentation, 2024
Slide 1: Bumi Armada Berhad Financial Results Q4 2023
Bumi Armada Berhad Financial Results Q4 2023
Slide 2: Q4 2023 Health, Safety & Environment
Q4 2023 Health, Safety & Environment Armada Sterling FSU Armada LNG Mediterrana 10 years LTI free 6 years LTI free Armada Sterling II Armada Kraken 8 years LTI free 1 year LTI free Karapan Armada Sterling III Armada Constructor 6 years LTI free 6 years LTI free Armada Olombendo Armada Installer 2 ye
Slide 3: Q4 Corporate Social Responsibility
Q4 Corporate Social Responsibility • A Turtle Awareness and Conservation Programme was conducted in collaboration with the Cherating Turtle Conservation and Information Centre, Pahang. • The program was attended by the Director of Fisheries Pahang, Encik Abdullah bin Jaafar, staff from the Departmen
Slide 4: Q4 2023 Key Operations Update
Q4 2023 Key Operations Update Armada Kraken • Completed MPG-3 24,000 hours service Armada Sterling V • Completed inspection and repairs in • First oil on 7th January 2P/S OSPW tanks. 2024 • Completed MPG-1 gas trial Armada TGT • Annual shutdown (1 – 6 Oct). Armada LNG Mediterrana UK • Extensive UTM
Slide 5: Q4 2023 Fleet Highlights
Q4 2023 Fleet Highlights FPSOs and FSU FPSOs and FSU Average Uptime Q1 2023 Q2 2023 Q3 2023 Q4 2023 Owned Units* (4) 98% 93% 98% 97% JV Units* (3) 100% 100% 97% 100% * Excludes 98/2 vessel • Steady operational performance in Q4 2023, with Armada Kraken back to pre-transformer issues operations with
Slide 6: Q4 2023 Financial Performance
Q4 2023 Financial Performance 6
Slide 7: Q4 2023 Key Takeaways
Q4 2023 Key Takeaways Q4 2023 (versus Q3 2023) RM623m (RM525m) RM386m (RM222m) -193% (Loss RM165m) +19% Revenue +74% Operating profit before (Profit RM178m) impairment Net (loss)/profit attributable to Owners of the Company ➢ RM514m impairment of PPE in Q4 2023. -1% RM211m (RM213m) ➢ Net current lia
Slide 8: Results Overview – Q4 2023 vs. Q3 2023
Results Overview – Q4 2023 vs. Q3 2023 RM'm Q3 2023 Q4 2023 Revenue mainly due to operational performance of Revenue 524.8 623.0 Armada Kraken fully restored in August 2023 and Operating expenses (335.7) (250.6) resolution of outstanding issues with a charterer which Other operating income 33.4 13.9
Slide 9: Cash Movement – Q4 2023
Cash Movement – Q4 2023 (All amounts shown are in RM’m) Cash Balance - Q4 2023 457 35 19 267 29 217 752 42 3 705 1 Oct 2023 Operating Repayment Proceeds Repayment of Interest paid Net change in Advances to Others 31 Dec 2023 Cash balance surplus before from a joint from disposal borrowing (net worki
Slide 10: Leverage Reducing Over Time
Leverage Reducing Over Time (All amounts shown are in RM’m) Debt Gearing Net Debt Cash Net Debt to Equity Net Debt to EBITDA 4.75 4.69 4.27 4.00 3.86 3.96 975 876 3.83 3.77 910 795 3.29 759 717 3.03 3.07 953 2.87 839 678 689 2.10 752 705 1.94 1.72 7,166 6,903 6,486 1.56 6,123 5,741 1.34 1.20 5,655 5
Slide 11: Financial Performance Over Time
Financial Performance Over Time (All amounts shown are in RM’m) Revenue Operating Profit before Impairment (2) Operations Others 31.4 1.5 5.9 46.0 37.8 6.9 14.9 0.5 33.6 1.7 31.9 621.6 621.4 386.3 599.2 1.4 554.1 572.5 506.2 511.3 522.1 529.1 524.3 275.2 274.6 256.1 242.2 276.4 251.9 263.4 486.0 226
Slide 12: Hypothetical - Typical FPSO Cash Flows vs Depreciation
Hypothetical - Typical FPSO Cash Flows vs Depreciation • Charter rate (option period) ~70% lower than firm period per charter agreement, consistent with industry practice. • During the firm period, project finance loan would have been fully repaid. Note that Armada Kraken project finance loan was re
Slide 13: Hypothetical - Adjustment to FPSO Carrying Value
Hypothetical - Adjustment to FPSO Carrying Value • Adjustment required even though there has been no change to the contracted charter cash flows. • Value-in-use (VIU) reduces significantly approaching end of firm period and becomes lower than NBV. • VIU is sensitive to changes in discount rate. Disc
Slide 14: Order-Book as at 31 Dec 2023
Order-Book as at 31 Dec 2023 ➢ 84% order-book from Order-book as at 31 Dec 2023 wholly-owned FPO units Firm contract RM8.1 bil RM1.7 bil ➢ Robust firm order book of RM9.8b period order book ➢ Certain contracts contain extension Optional extension RM8.2 bil RM1.3 bil options beyond firm contract peri
Slide 15: 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 ESG Growth Relationships Performance 15
Slide 16: 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
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Slide 18: Thank You
KARAPAN ARWADA TERLING N va BUMIARMADA =