Seatrium Ltd (SMBMF) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning ladies and gentlemen. Welcome to Citrium's financial year 2023 results briefing webcast. This morning, we posted our FY2023 earnings with a positive underlying EBITDA of S$628 million, reflecting the Group's strong operational performance. We have with us today Mr. Chris Ong, CEO, and Mr. Adrian Tang, CFO. I'll now pass it on to Chris, who will go through our business performance. Good morning, and welcome to Citrum Group's full year 2023 results presentation. I'm pleased to have with me Mr. Adrian Tang, Chief Financial Officer. We completed the combination at the end of February 2023, and have been extremely busy with the integration and transformation of Citrum. At the end of last year, we completed our strategic review and capital structure review, and announced last month that we will be writing down surplus and non-core assets in our full year 2023 earnings. This morning, we reported our financial year 2023 financial results and made two other announcements relating to 1. the resolution of the historical event operational car wash with the Brazilian authorities and 2. a 20 to 1 share consolidation exercise. We hope to spend some time going through each of them separately in detail. In FY2023, we achieved a revenue that has more than tripled to S$7.3 billion. Underlying EBITDA, which excludes exceptional items, jumped 456% year-on-year to S$628 million from S$113 million in FY2022. we have narrowed our underlying net loss to SGD $28 million for FY2023 from SGD $141 million for FY2022. In fact, underlying net profit was SGD $33 million in second half of 2023, a reflection of an improved underlying business performance. We announced today that the Group has reached in-principle settlement agreements with the Brazilian authorities in relation to the his...