Chairman’s statement
On behalf of the Board, I am pleased to present Yinson’s Annual Report 2021. Everything about 2020 was beyond anyone’s expectations. We faced these challenges steadfastly, determined to continue bringing value to our stakeholders and contribute actively to the recovery of the global economy. In this, I believe we have succeeded.
LIM HAN WENG
Founder and Group Executive Chairman
Management Discussion & Analysis
Yinson was not spared from the tremendous challenges that buffeted the world in FYE 2021, disrupting the global economy and individual lives. The theme for this Report, ‘Rising Beyond’, is a reflection of how we endeavour to overcome the challenges and continue to deliver on our commitments, including strong financial results, expanding our business into new territories and industries, and maintaining a solid project and operations performance.
LIM CHERN YUAN
Group Chief Executive Officer
GROUP HIGHLIGHTS
FINANCIAL PERFORMANCE FYE 2021
Revenue
RM
0
billion
FYE 2020: RM2.52 billion
PATAMI
RM
0
million
FYE 2020: RM210 million
Core PAT
RM
0
million
FYE 2020: RM293 million
Adjusted Revenue
RM
0
billion
FYE 2020: RM2.67 billion
Adjusted Core EBITDA
RM
0
million
FYE 2020: RM865 million
Basic Earnings Per Share
0
Sen
FYE 2020: 19.5 Sen
ESG HIGHLIGHTS
Established climate goals
Carbon neutral
by 2030
Net zero
by 2050
> USD130,000
spent on high-impact education-based CSR programmes, impacting close to
7,000 students
RM1.2 million
contributed towards the global fight against Covid-19
LEED Gold V4 ID+C certification
for Kuala Lumpur headquarters
678
employees
+48% from FYE 2020
9.6%
3-year average attrition rate
Aligned with a further three UN SDGs
SDG 5 | SDG 9 | SDG 13
SDG 4 | SDG 7 | SDG 8 | SDG 14
awardS
ASEAN Corporate Governance Scorecard Award 2019
FTSE4Good Index
Top 26-50% of Malaysian public listed companies in FTSE Russell’s ESG Rating system
Institutional Investor’s 2020
All-Asia Executive Team
Most Honoured Company, Best CEO (Oil & Gas sector)
Asset Triple A Awards 2020
Best Syndicated Loan in Malaysia
FinanceAsia’s 2020 Asia’s Best Companies Survey
Malaysia’s Best Mid Caps Company
Asiamoney Asia’s Most Outstanding Companies Poll 2020
Most Outstanding Company in Malaysia (Energy Sector)
division highlights
Offshore Production
HEALTH AND SAFETY
Zero LTIs
across the Division
6,785,649
exposure hours
9 years
LTI-free for FPSO Adoon
PERFORMANCE
100%
commercial uptime
99.5%
technical uptime
99.8%
average 5-year technical uptime
ORDER BOOK
USD10 billion
over firm and option periods until 2048
MILESTONES
First oil
achieved for FPSO Abigail-Joseph on 28 October 2020
All construction milestones met
for FPSO Anna Nery conversion to date
division highlights
Renewables
ASSETS
140MW
Operational solar plants
190MW
Solar plant under construction
PERFORMANCE
252GWh
(10 months) Accumulated net power generated
CONTRACTED REVENUE
USD735 million
contracted revenues from power purchase agreements
DEVELOPMENT PIPELINE
3 to 5GW
globally
division highlights
Offshore Marine
HEALTH AND SAFETY
Covid-free
across all assets
Zero LTIs
across all assets
PERFORMANCE
76.8%
average fleet utilisation rate
STRATEGY REVIEW
- YINSON'S STRATEGIC FRAMEWORK AND EDGE
- HOW YINSON GENERATES VALUE
YINSON'S STRATEGIC FRAMEWORK AND EDGE
Yinson will adhere closely to our strategy framework, which emphasises the importance of adaptability to stay ahead in this fast-changing, complex, diversified and volatile economic environment. We will maintain a steady balance of forward-thinking vision, tactical execution and self-awareness to safeguard ourselves against ‘altitude sickness’.
HOW YINSON GENERATES VALUE
Our ability to bring greater value to our stakeholders motivates us to perform our very best, because we believe this is the key to sustainable growth. We frame the value that we generate through our six Capitals. Guided by our Vision, Mission and Core Values, we strive to manage our Capitals in a way that achieves sustainable outputs and outcomes for our stakeholders and the business.
BUSINESS REVIEW
OFFSHORE PRODUCTION HIGHLIGHTS FYE 2021
SAFETY
0 LTIF,
0.44 TRIF
for Offshore Production Division as a whole
6,785,649
exposure hours
0 LTIF, 0 TRIF
for assets under construction
PERFORMANCE
100%
commercial uptime
99.5%
technical uptime
99.8%
5-year technical uptime
MILESTONES
First oil
achieved for FPSO Abigail-Joseph on 28 October 2020
All construction milestones met
for FPSO Anna Nery conversion to date
Zero-Emissions FPSO
concept developed
GREEN TECHNOLOGIES HIGHLIGHTS FYE 2021
Participation in Joint Industry Project to unlock value of 3D printing technology for the maritime industry
Unveiled Hydroglyder – a conceptual design of electric harbour craft with advanced hydrofoil technology
Evaluation of investments in charging infrastructure, energy solutions and autonomous technologies
RENEWABLES HIGHLIGHTS FYE 2021
9 countries
Active development locations or management offices
190MW
Solar plant under construction
1 out of 1
Competitive auctions won/competed
3 to 5GW
Global development pipeline
140MW
Operational solar plants
USD735 million
Contracted revenues from PPAs
