Q3FY2012 Financial Performance for the financial period ... · PDF filefrom its existing HuCC contract with Petronas Carigali Sdn Bhd ... primarily for Kanowit, Tukau, Bokor, Baram

Financial Results for the Financial Period Ended 30 September 2012

21 November 2012

Overview

2

Financial Performance Review Q3 FY2012

Order Book & Tender Book

Vessel Utilisation

FINANCIAL PERFORMANCE

REVIEW

Q3 FY2012

3

Snapshot of Financial Performance Review Q3 FY2012

4

REVENUE

PBT

PATAMI

EPS (sen / share)

NET ASSETS /SHARE

DEBT TO EQUITY

RM463.7 million

RM26.4 million

RM21.3 million

9.96

RM1.68

0.58

Condensed Consolidated Statements of Comprehensive Income

5

Individual Quarter Cumulative Quarter

In RM’000 30 Sept 12 30 Sept 11 Variance (+/-)

30 Sept 12 30 Sept 11 Variance (+/-)

Revenue 159,846 158,591 1,255 463,659 432,695 30,964

Cost of sales (135,463) (151,279) 15,816 (377,565) (368,379) (9,186)

Gross profit 24,383 7,312 17,071 86,094 64,316 21,778

Other income 1,302 581 721 3,058 3,541 (483)

Operating expenses (18,603) (21,837) 3,234 (52,695) (54,422) 1,727

Finance costs (3,370) (3,978) 608 (10,050) (12,035) 1,985

Profit/(loss) before taxation

3,712 (17,922) 21,634 26,407 1,400 25,007

Income tax expense 1,447 3,481 (2,034) (5,142) (2,435) (2,707)

Profit/(loss) for the period

5,159 (14,441) 19,600 21,265 (1,035) 22,300

Total comprehensive income/(loss) attributable to:

Owners of the Parent 5,097 (14,444) 19,541 21,354 (852) 22,206

Non-controlling interest 62 3 59 (89) (183) 94

5,159 (14,441) 19,600 21,265 (1,035) 22,300

EPS (Sen per share) 2.38 (7.41) 9.96 (0.44)

Individual Quarter Cumulative Quarter

In RM’000 30 Sept 12 30 Sept 11 Variance (+/-)

30 Sept 12 30 Sept 11 Variance (+/-)

Revenue 159,846 158,591 1,255 463,659 432,695 30,964

Cost of sales (135,463) (151,279) 15,816 (377,565) (368,379) (9,186)

Gross profit 24,383 7,312 17,071 86,094 64,316 21,778

Other income 1,302 581 721 3,058 3,541 (483)

Operating expenses (18,603) (21,837) 3,234 (52,695) (54,422) 1,727

Finance costs (3,370) (3,978) 608 (10,050) (12,035) 1,985

Profit/(loss) before taxation

3,712 (17,922) 21,634 26,407 1,400 25,007

Income tax expense 1,447 3,481 (2,034) (5,142) (2,435) (2,707)

Profit/(loss) for the period

5,159 (14,441) 19,600 21,265 (1,035) 22,300

Total comprehensive income/(loss) attributable to:

Owners of the Parent 5,097 (14,444) 19,541 21,354 (852) 22,206

Non-controlling interest 62 3 59 (89) (183) 94

5,159 (14,441) 19,600 21,265 (1,035) 22,300

EPS (Sen per share) 2.38 (7.41) 9.96 (0.44)

Revenue By Segment – Individual Quarter

6

RM127.4 RM120.0

RM0.0

RM12.3

RM19.8 RM21.4

RM12.7

RM5.0

-

20

40

60

80

100

120

140

30-Sep-12 30-Sep-11

Mil

lio

ns

Integrated BrownfieldMaintenance andEngineering Services

Onshore CivilEngineering Services

Marine OffshoreSupport Services

Design, Fabrication,Supply and InstallationServices

� Due to substantial additional work orders secured

from its existing HuCC contract with Petronas

Carigali Sdn Bhd (“PCSB”) of RM39.6 mil

(2011:RM19.9 mil) primarily for Kanowit, Tukau,

Bokor, Baram and SKO fields.

Offset by lower contribution from:

� Piasau - net decrease by RM5.9 mil largely due to

lesser activities from workshop related services and

E&I operation;

� Following expiry of contracts from HIT/SIWA/E&P

operation for the software agency fees (2011:RM7.2

mil).

Integrated Brownfield Maintenance & EngineeringServices (+RM7.4 mil)

Onshore Civil Engineering Services (-RM12.3 mil)

� Completion of Kumang project in Sept 2011.

Marine Offshore Support Services (-RM1.5 mil)

� Decreased marginally following reduction in daily

charter hire rate (DCR) for Expedition and Voyager.

Design, Fabrication, Supply and InstallationServices (+RM7.7 mil)

� Due to commencement of activities for Fabrication

services for orders secured during the financial

period.

Individual Quarter:Q3,2012:RM159.8 mil vs Q3,2011 RM158.6 mil

Revenue By Segment – Cumulative Quarter

7

� Due to substantial additional work orders secured

from its existing HuCC contract with PCSB of

RM103.4 mil (2011:RM20.4 mil) primarily for Kanowit,

Tukau, Bokor, Baram and SKO fields.

Offset by:

� Net decrease from Piasau and Kemaman operationsby RM13.6 mil and RM2.8 mil respectively.

Integrated Brownfield Maintenance & EngineeringServices (+RM68.2 mil)

Onshore Civil Engineering Services (-RM20.5 mil)

� Completion of Kumang project in Sept 2011.

Marine Offshore Support Services (-RM20.7 mil)

� Following reduction in daily charter hire rate (DCR)

for Expedition and Voyager; and

� Interim off-hire of 2 vessels namely Sovereign and

Intan for approx. 21/2 months at the beginning of

financial period.

Design, Fabrication, Supply and InstallationServices (+RM3.9 mil)

� Due to commencement of activities for Fabrication

services for orders secured during the financial

period.

Cumulative Quarter:Q3,2012:RM463.7 mil vs Q3,2011:RM432.7mil

RM378.7

RM310.5

RM0.0

RM20.5

RM55.1

RM75.7

RM29.9RM26.0

-

50

100

150

200

250

300

350

400

30-Sep-12 30-Sep-11

Mil

lio

ns

Integrated BrownfieldMaintenance andEngineering Services

Onshore CivilEngineering Services

Marine OffshoreSupport Services

Design, Fabrication,Supply andInstallation Services

Profit Before Tax By Segment – Individual and Cumulative Quarter

8

Individual Quarter Q3,2012 vs Q3,2011Higher PBT by RM21.6 mil or 120.7% mainly due to:

� Cost recovery from Onshore Civil Engineering Services for

Kumang project of RM1.9 mil (2011: Loss of RM27.7 mil).

� Additional work orders secured from HuCC contract with

PCSB of RM7.6 mil (2011: RM4.3 mil) from Integrated Brown

Field Maintenance & Engineering Services.

Offset by :

� Lower contribution recorded from Integrated Brown Filed

Maintenance & Engineering Services for Shell’s TMMHuCC

contract of RM2.0 mil (2011: RM13.8 mil) due to higher

expenses incurred for repair and maintenance of vessels and

increase in manpower cost.

Individual Quarter Q3,2012:RM3.7mil vs Q3,2011:Loss of (RM17.9mil)

Cumulative Quarter:Q3,2012:RM26.4mil vs Q3,2011 RM1.4mil

Integrated Brown Field Maintenance and Engineering Services

Onshore Civil Engineering Services

Marine Offshore Support Services

Design Fabrication, Supply and Installation Services

Investment Holding

Cumulative Quarter Q3,2012 vs Q3,2011Higher PBT by RM25.0 mil mainly due to:

� Cost recovery from Kumang project of RM8.5 mil (2011: Loss

of RM27.7 mil).

Offset by :

� Lower contribution from Shell’s TMMHuCC Contract of

RM18.9 mil (2011: RM31.8 mil), mainly due to higher

expenses incurred for repair and maintenance of vessels and

increase in manpower costs.

� Due to lower utilization of vessels and reduction in DCR

RM23.0

RM35.8

RM8.5

(RM27.7)

(RM0.8)

RM4.2

(RM3.4)(RM6.6)

(RM0.8)

(RM4.3)

(30)

(20)

(10)

0

10

20

30

40

RM3.3

RM10.1

RM2.0

(RM27.7)

(RM1.2)

RM2.3

(RM2.3) (RM3.0)

RM1.9 RM0.3

(30)

(20)

(10)

0

10

20

30

40

30 Sept 12 30 Sept 11

30 Sept 12 30 Sept 11

ORDER BOOK & VESSEL

UTILISATION AS AT 30

SEPTEMBER 2012

9

Order Book & Tender Book

10

RM541.6 RM45.4 RM27.0

500 550 600 650

30-Sep-12

Millions

Integrated BrownfieldMaintenance andEngineering Services

Marine OffshoreSupport Services

Design, Fabrication,Supply andInstallation Services

Total Order Book RM614 mil

Order Book Approximately RM614 million as at 30 September 2012

Tender Book Approximately RM3.61 billion as at 30 September 2012

Vessels Utilisation – As at 30 September 2012

11

0%

20%

40%

60%

80%

100%

Petra Challenger Petra Discovery Petra Endeavour Petra Orbit Petra Galaxy Otto 3

Uti

lisa

tio

n r

ate

Vessels

Q3 2012

Q3 2011

0%

20%

40%

60%

80%

100%

Petra Challenger Petra Discovery Petra Endeavour Petra Orbit Petra Galaxy Otto 3

Uti

lis

ati

on

rate

Q3 2012

Q3 2011

Individual Quarter – July 2012 – Sept 2012

Cumulative Quarter – Jan 2012 – Sept 2012

Thank You