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1Q 2016
Results Briefing
25 May 2016
1. The headlines
2. Project progress
3. Outlook
| 31Q16 Results ended 31 March 2016
1 Net of unrealised loss on foreign exchange of RM7.6m2 Add back one-off listing charges of RM3.9m share-based payments of RM1.0m arising from fair valuation of ESOS3 Net of unrealised loss on foreign exchange of RM4.3m
FY Dec (RM m) 1Q16 4Q15 1Q151Q16 vs 1Q15
yoy chg %
Revenue 103.4 165.9 191.0 -45.9
Core EBITDA 9.6 9.9 30.22 -68.2
Margin (%) 9.3 6.0 15.8
Pretax Profit 1.71 (1.5) 18.63 -91.1
Net Profit 1.3 14.5 15.1 -91.6
Core Net Profit 1.3 14.6 18.9 -93.3
Margin (%) 1.2 8.8 9.9
Basic EPS (sen) 0.15 1.81 1.94 -71.1
Dil net EPS (sen) 0.15 1.77 1.80 -63.3
| 41Q16 vs 1Q15
1Q16 lower performance against a high-base in 1Q15. 1Q15 experienced early days of plunging in oil prices from its peak in mid-2014.
Manpower and internal costs control implemented but will only give impact from 2Q16 onwards, hence lower margins in 1Q16.
191.0
103.4
30.2
9.6 18.9
1.3 -
50.0
100.0
150.0
200.0
1Q15 1Q 16Revenue Core EBITDA Core Net profit
RM'm
[15.8%]
[9.9%] [9.3%]
[1.2%]
| 5Quarterly Trend
Seasonally slower 1Q16 for offshore activities. Marginal impact from big jobs, P1 and P2 in 1Q16. KL101
mobilised in end-Mar 2016.
191.0
123.8 110.9
165.9
103.4
30.2 13.7 (8.9) 9.9 9.6
18.9 4.6
(14.4)14.6
1.3
(50.0)
-
50.0
100.0
150.0
200.0
1Q15 2Q15 3Q15 4Q15 1Q16
Revenue Core EBITDA Core Net profit
| 6Revenue Breakdown
Pipeline & Commissioning Installation & Construction
The jump in Installation & Construction contribution to 80% in 1Q16 (vs 52% in 1Q15) mainly due to commencement of T&I work as
KL101 mobilised in March 2016.
20%
80%
1Q16
48%52%
1Q15
| 7Key Revenue Contributors
Pre-commissioning of PIG Trap System
Pipeline services’ revenue totalled
circa RM4m
EPCC Onshore Pengerang Pipeline
around RM28m
T&I: Work for P1 & P2 commenced in
March 2016
Including billing for work completed in
2015, total T&I revenue about
RM53m
Pan Malaysia Hook-Up &
Commissioning Contract
Totalled circa RM17m
| 8
Forex translation gain of RM25.2 million (RM strengthened) in 1Q16 boosted shareholders’ funds.Lower cash balance due to capex for KL101 upgrade.
Balance Sheet
352 356 346
301313
339
249 226 239
204 186144
297 262
227
216 262 270
-
50
100
150
200
250
300
350
400
Shareholders' Funds Cash Borrowings (inclg RCULS)
RM million
Dec-14 Mar-15 Jun-15 Sept-15 Dec-15 Mar-16
| 9Net Gearing at 37.1% @ 31 March 2016
Net gearing of 37.1% at 31 March 2016 remains manageable. Lower gross gearing at 79.4% due to
higher shareholders’ funds.
13.7% 10.0%Net cash
24.5% 24.2%37.1%
84.4%73.5%
65.7%
95.5%
83.6% 79.4%
-10.0%
40.0%
90.0%
140.0%
Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16Net Gearing Gross Gearing
| 101Q16 Summary
Profits have not reflected big work orders for 2016 and cost-cutting measures implemented
Balance sheet remains lean with net gearing of 37.1%. Cash conservation continues
Expect better performance for 2016
1. The headlines
2. Project progress
3. Outlook
| 12Timeline
Projects Notes: 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Pan Malaysia Hook-up
and Commissioning
(HUC)
Ongoing PO
PIG Trap System, W. & E
Malaysia & Supply and
Maintenance Contract
Ongoing work order
Pan Malaysia
Transportation &
Installation Package A
Keep busy with P1 & P2
Pengerang Pipeline At full speed, to complete in
4Q16
SSGP Repair &
Maintenance
Mobilised for work in Miri
area. Engaging of more PO in
future
PLNG Package 3 Installation ongoing
Extension option
2015 2016 2017 2018
| 13
Pan Msia HUC: Consistent orders for Cendor, Berantai, West Desaru and East Belumut Fields .
PFLNG Sub-contract: FLNG1 moved to site. Offshore installation activities ongoing now.
Pre-commissioning: Consistent workflow from PETRONAS’ PIG Trap and Supply & Maintenance Projects.
HighlightIn
stal
lati
on
&
Co
nst
ruct
ion
Pip
elin
e
&
Co
mm
issi
on
ing
Pan Msia T&I: KL101 mobilised in Mar 16, working in Bardegg and Baronia fields now.
Pengerang: Busy with construction of river crossings at Kota Tinggi.
Other EPCC projects: Construction of Scrapper plant, Kemaman in full swing. Mobilized to site of SSGP in March 2016; work being executed.
1. The headlines
2. Project progress
3. Outlook
| 152016-2018 Overview
Better Performance
Cashflow management
Better work
visibility
Cost optimisation
to show impact
| 162016-2018 Work Visibility
Projects pre-qualification and bidding
remains active.
Bidbook around RM1.7bn for local and
overseas.
Securing new orders more competitive.
Lower margins expected.
Target annual replenishment at RM300-
500m p.a.
| 17
Strengthen Core
Competency
Tap larger work flow
Maintain lean
balance sheet
Balanced growth for long-term
Build niche
recurring income
Key Takeaways
| 18Thank You
Firdauz Edmin Mokhtar
Chief Financial Officer
Email : [email protected]
Abdul Rahim Awang
Chief Corporate Officer
Email : [email protected]
Barakah Offshore Petroleum Berhad
No. 28, Jln PJU 5/4, Dataran Sunway,
Kota Damansara, 47810 Petaling Jaya,
Selangor Darul Ehsan.
http://www.barakahpetroleum.com
Tel : +603-6141 8820Fax : +603-6141 8857
Contact us:
