Upload
phamcong
View
222
Download
2
Embed Size (px)
Citation preview
Analyst Briefing
Financial Results for the Financial Period Ended 30 June 2012
16 August 2012
Presentation Overview
Background InformationBackground Information
FinancialsFinancials
Order Book & Tender BookOrder Book & Tender Book
Moving ForwardMoving Forward
QuestionsQuestions
Vision Statement & Core Values
Integrity – Accountability – Sustainability – Teamwork Customer Focus – Quality – Innovation
To Be an Oil & Gas Development Company
Shareholding & Corporate Structure
PETRA RESOURCES
SDN BHD
PETRA
FABRICATORS
SDN BHD
PETRA MARINE
SDN BHD
PETRA SERVICES
SDN BHD
PETRA ENERGY
DEVELOPMENT SDN BHD
(formerly known as
Petra AWT Sdn Bhd)
JURUTERA
PERUNDING AKAL
SDN BHD
PETRA BOILERS
SDN BHD
100%100% 100% 100% 100%
100%
70%
Corporate Structure
Major Shareholders
Perdana Petroleum
Berhad
(26.90%)
Mohamed Nizam
bin Abdul Razak
(9.09%)
Shorefield
Resources Sdn Bhd
(27.47%)
Lembaga Tabung
Haji
(6.35%)
Amanah Trustees
Berhad
(4.38%)
Core / Business Activities
• Integrated Brown Field Maintenance & Engineering- Top-side Major Maintenance/Hook-up, Construction & Commissioning (TMM/HuCC)
- Project Management, Procurement & Logistics- Engineering, Operations & Maintenance- Oil Field Optimisation- Equipment, Packaging & Manufacturing
• Marine Offshore Support
• Design, Fabrication, Supply & Installation- Design & Fabrication of Process Equipment- Design & Fabricator of Boilers- Engineering Design & Project Management.
• Onshore Civil Engineering & Welding Technology
• Small Field Development & Production
Petra Endeavour 300 men accommodation and work bargeCrane capacity - 68 MT
Otto 3(On lease from KOI Marine)
300 men accommodation and work barge
Crane capacity – 68 MT
Petra Challenger 300 men accommodation and work bargeCrane capacity -124 MT
Petra Discovery 300 men accommodation and work barge Crane capacity - 50MT
Petra Orbit 189 men workboat
Crane capacity – 23MT
Petra Galaxy189 men workboat
Crane capacity - 23 MT
Our Assets – Offshore Marine Support
Petra Fabrication Yard, Labuan
~3,218 sqm of covered work area
Fabrication Facility, Shah Alam
~5,669 sqm of covered work area
Petra Fabrication Yard - LSE, Labuan
~5,200sqm of covered work area
Our Assets – Minor Fabrication Yards
Non-Technical
115Offshore Personnel
2,130
Technical
522Total 2,767
As at July 2012
Our Assets – Human Capital
Snapshot – Quarter 2 FY2012
Earnings per Share
(sen/share)
Q2-2012 – 4.24 sen
Profit Before Tax
Q2-2012 - RM12.98m
Debt to Equity Ratio
Q2-2012 - 0.61 times
Profit After Tax
Q2-2012 - RM9.06m
EBITDA
Q2-2012 - RM25.82m
Net Assets per Share
Q2-2012 – RM1.66
Revenue
Q2-2012 - RM172.56m
Earnings per Share
(sen/share)
Q2-2012 – 4.24 sen
Earnings per Share
(sen/share)
Q2-2012 – 4.24 sen
Profit Before Tax
Q2-2012 - RM12.98m
Profit Before Tax
Q2-2012 - RM12.98m
Debt to Equity Ratio
Q2-2012 - 0.61 times
Debt to Equity Ratio
Q2-2012 - 0.61 times
Profit After Tax
Q2-2012 - RM9.06m
Profit After Tax
Q2-2012 - RM9.06m
EBITDA
Q2-2012 - RM25.82m
EBITDA
Q2-2012 - RM25.82m
Net Assets per Share
Q2-2012 – RM1.66
Net Assets per Share
Q2-2012 – RM1.66
Revenue
Q2-2012 - RM172.56m
Revenue
Q2-2012 - RM172.56m
• The increase in turnover to RM172.6million showing a 21.7% increase as
compared with previous year similar
quarter is attributed to increased
activities from PETRONAS Carigali’s
umbrella HuCC contract
• PBT increased by 31.9% principally
due to lower losses from Design,
Fabrication, Supply & Installation
services segment (reduction in
UPOIC’s legal fees), lower finance
costs and recovery of Kumang cost.
Quarter 2 – Key Performance Indicators
Statement of Comprehensive Income(RM’000)
3 months to30.6.2012
3 months to30.6.2011(Restated)
cumulative30.6.2012
cumulative30.6.2011(Restated)
Revenue 172,561 141,780 303,813 274,104
EBITDA 25,828 20,608 43,101 41,005
PBT 12,983 9,845 22,695 19,322
PAT 9,064 6,570 16,106 13,406
EPS (sen per share) 4.24 3.43 7.58 6.97
Balance Sheet 30 June 2012 31 December 2011
Shareholders’ fund 357,026 340,769
Loans and borrowings 216,333 219,326
Net assets/share of RM0.50Sen RM1.66 RM1.59
Debt to equity ratio 0.61 0.64
Financial Highlights & Indicators
Quarter on Quarter ( 3 Months Results)
Description (RM’000)3months to30.6.2012
3 months to 30.6.2011(Restated)
Variance
Revenue 172,561 141,780 + 30,781
Cost of sales (138,074) (110,750) - 27,324
Gross profit 34,487 31,030 + 3,457
GP Margin 20.0% 21.9% - 1.9%
Other income 661 1,374 - 713
Administrative expenses (18,750) (18,536) - 214
Finance costs (3,415) (4,023) + 608
PBT 12,983 9,845 + 3,138
Income tax expense (3,919) (3,275) - 644
PAT 9,064 6,570 + 2,494
Compare to Preceding Quarter ( 3 Months Results)
Description (RM’000)3 months to
30.6.20123 months to
30.3.2012 Variance
Revenue 172,561 131,252 + 41,309
Cost of sales (138,074) (104,028) - 34,046
Gross profit 34,487 27,224 + 7,263
GP Margin 20.0% 20.7% - 0.7%
Other income 661 1,095 - 434
Administrative expenses (18,750) (15,342) - 3,408
Finance costs (3,415) (3,265) - 150
PBT 12,983 9,712 + 3,271
Income tax expense (3,919) (2,670) - 1,249
PAT 9,064 7,042 + 2,022
Cumulative Quarter 6 Months (2Q 2012 vs. 2Q 2011)
Description (RM’000)6 months to
30.6.20126 months to
30.6.2011(Restated)
Variance
Revenue 303,813 274,104 + 29,709
Cost of sales (242,102) (217,100) - 25,002
Gross profit 61,711 57,004 - 4,707
GP Margin 20.3% 20.8% - 0.5%
Other income 1,756 2,960 - 1,204
Administrative expenses (34,092) (32,585) - 1,507
Finance costs (6,680) (8,057) + 1,377
PBT 22,695 19,322 + 3,373
Income tax expense (6,589) (5,916) - 673
PAT 16,106 13,406 + 2,700
EPS (sen per share) 7.58 6.97
Revenue Contribution by Segment (Current Quarter – 3 months)
141.82
020.25
10.49
95.47
6.22
27.4
12.690
20
40
60
80
100
120
140
160
Integrated
Brownfield,
Maintenance and
Engineering Services
Onshore Civil
Engineering Services
Marine Offshore
Support Services
Design, Fabrication,
Supply & Installation
Services
RM
mil
lio
n
Q22012
Q22011
Total Revenue Q2-2012 : RM172.56 million
Q2-2011 : RM141.780 million
Mainly contribution fromPCSB new HuCC and higherrevenue from TMM/HuCCSSB Contract
Physically completed last year.
The reduction was due to lower Daily Charter Rate (DCR) for Petra Expedition (-37.5% in DCR) and Voyager (-2.6%). Lower utilisationof a vessel.
Lower revenue mainly due to orders secured by PBSB have yet to commence work.
Revenue Contribution by Segment (cumulative quarter to 6 months)
251.33
0
35.2417.24
190.53
8.2
54.34
21.03
0
50
100
150
200
250
300
Integrated
Brownfield,
Maintenance and
Engineering Services
Onshore Civil
Engineering Services
Marine Offshore
Support Services
Design, Fabrication,
Supply & Installation
Services
RM
mil
lio
n
Q22012 Q22011
Total Revenue H1-2012 : RM303.81million
• Integrated Brownfieldremains the largestcontributor to the Group,accounted approximately82% (2011: 70%) of theGroup’s revenue,principally on the back ofnew revenue stream fromPCSB new HuCC.
Revenue & Results by Segment (current quarter to 3 months)
12. Segment Information
(i) Current Quarter Ended 30 June 2012 (3 months)
30 30 30 30 30 30 30 30 30 30 30 30 30 30
June June June June June June June June June June June June June June
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
(restated) (restated)
Revenue (RM'000)
External customers 141,823 95,468 - 6,221 20,251 27,402 10,487 12,689 - - - - 172,561 141,780
Inter-segment 21,565 25,491 - - - - 1,727 1,254 10,840 840 (34,132) (27,585) - -
Total revenue 163,388 120,959 - 6,221 20,251 27,402 12,214 13,943 10,840 840 (34,132) (27,585) 172,561 141,780
Results (RM'000)
Segment results 22,316 20,484 795 104 516 194 (1,264) (3,072) 8,195 (2,405) (14,160) (1,437) 16,398 13,868
Finance costs (5,801) (3,811) (1) (104) (252) (12) (270) (12) - - 2,909 (84) (3,415) (4,023)
Segment profit/(loss) before tax 16,515 16,673 794 - 264 182 (1,534) (3,084) 8,195 (2,405) (11,251) (1,521) 12,983 9,845
Brownfield, Marine Fabrication,
Integrated Design,
Maintenance Onshore Civil Offshore Supply And
Adjustments and
Services Services Services Services Holding eliminations Group
and Engineering Engineering Support Installation Investment
Revenue & Results by Segment (cumulative quarter to 6 months)
12. Segment Information
(ii) Current Year-to-date Ended 30 June 2012 (6 months)
30 30 30 30 30 30 30 30 30 30 30 30 30 30
June June June June June June June June June June June June June June
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
(restated) (restated)
Revenue (RM'000)
External customers 251,333 190,534 - 8,202 35,236 54,342 17,244 21,026 - - - - 303,813 274,104
Inter-segment 44,258 44,145 - - - - 3,280 5,011 11,680 1,680 (59,218) (50,836) - -
Total revenue 295,591 234,679 - 8,202 35,236 54,342 20,524 26,037 11,680 1,680 (59,218) (50,836) 303,813 274,104
Results (RM'000)
Segment results 30,643 33,368 6,566 180 984 1,824 (739) (3,563) 8,372 (3,834) (16,451) (596) 29,375 27,379
Finance costs (11,007) (7,751) (33) (180) (597) (12) (436) (30) - - 5,393 (84) (6,680) (8,057)
Segment profit/(loss) before tax 19,636 25,617 6,533 - 387 1,812 (1,175) (3,593) 8,372 (3,834) (11,058) (680) 22,695 19,322
Adjustments andInvestment
Integrated Design,
Brownfield, Marine Fabrication,
eliminations Group
Maintenance Onshore Civil Offshore Supply And
and Engineering Engineering Support
Services Services Services Services Holding
Installation
18
0%
20%
40%
60%
80%
100%
120%
Petra Challenger Petra Discovery Petra Endeavour Petra Orbit Petra Galaxy Otto 3
Q2 2012
Q2 2011
Vessel Utilisation – 3 months (April 2012 – June 2012)
19
0%
20%
40%
60%
80%
100%
120%
Petra Challenger Petra Discovery Petra Endeavour Petra Orbit Petra Galaxy Otto 3
Q2 2012
Q2 2011
Vessel Utilisation – 6 months period ended 30 June 2012
Key Balance Sheet Items
Description 30.6.2012(RM’000)
31.12.2011(RM’000)
Variance ( +/-)
Assets
Property, plant and equipment 431,577 425,475 + 6,102
Inventories 12,285 11,761 + 524
Trade receivables 163,330 169,441 - 6,111
Amount due from customers 102,161 68,917 + 33,244
Cash and bank balances 58,768 108,834 - 50,066
Equities and Liabilities
Trade payables 114,424 147,005 - 32,581
Loans and borrowings 216,333 219,326 - 2,993
Shareholders’ fund 357,026 340,769 + 16,257
Order Book & Tender Book
Order Book Approximately RM625 million (as at Q2 2012)
Tender Book Approximately RM3.5 billion (as at Q2 2012)
Moving Forward
• Enhancing capabilities moving up the value chain
• Underwater Inspection Maintenance Repair & Sub-sea services
• Marginal Field Development
• Operations & Maintenance
• Strengthening market presence in TMMHuCC
• Continue business recovery and development initiatives
• Strengthening asset competencies and efficiencies
QUESTIONS
THANK YOUwww.petraenergy.com.my