LEADERSHIP MESSAGES

CHAIRMAN STATEMENT


On behalf of the Board, I am pleased to present Yinson’s Integrated Annual Report 2024. We continued to deliver strong financial results in the year under review, even as we focused on delivering critical energy infrastructure to communities around the world that need it most. Adaptability is key, as we navigate the evolving risks and opportunities of a rapidly changing business landscape.

Lim Han Weng
Group Executive Chairman


GROUP CEO REVIEW


Amid multiple macroeconomic headwinds including geopolitical uncertainties, inflation and tightened financial conditions, Yinson remained focused on delivering on our commitments in 2023. Among key achievements during the year are the timely progression of our three FPSO projects under construction, delivery of our first utility-scale renewables construction project and launch of two prototype fully electric marine vessels.

LIM CHERN YUAN
Group Chief Executive Officer


FINANCIAL REVIEW


In FYE 2024, the Group continued to deliver on its value creation objectives, producing its best performance to date for both revenue and PAT. Revenue was RM11.6 billion, an 84% increase compared to the RM6.3 billion recorded the year before. As a result, PAT also increased to RM1.1 billion, 94% higher from RM588 million in FYE 2023. This increase in PAT to a new record level reaffirms that our strategy of inclusive transition and adaptability as an energy infrastructure and technology company is delivering results.

GUILLAUME JEST
Group Chief Financial Officer

GROUP HIGHLIGHTS

  • Financial Performance
    REVENUE
    RM11.6 billion
    84% from FYE 2023
    PATAMI
    RM964 million
    64% from FYE 2023
    CORE PAT
    RM1.1 billion
    50% from FYE 2023
    PAT
    RM1.1 billion
    94% from FYE 2023
    EBITDA
    RM3.0 billion
    68% from FYE 2023
    BASIC EARNINGS PER SHARE
    28.5 sen
    71% from FYE 2023
  • Awards and Achievements




    PwC Malaysia
    Building Trust Awards 2023

    2nd place, FBM Mid-70 Index

    UN Global Compact
    Sustainable Development Goals Reporting Disclosure Recognition

    Deloitte Private
    Malaysia’s Best Managed Companies 2023
  • ESG Highlights

    Environment

    2.12%
    Direct GHG emissions (Scope 1) Direct GHG emissions
    (Scope 1)
    0.02%
    Other indirect GHG emissions (Scope 2) Other indirect GHG emissions
    (Scope 2)
    97.86%
    Indirect GHG emissions (Scope 3) Indirect GHG emissions
    (Scope 3)
    Total GHG Emissions
    2,048,433.4
    tonnes CO2e

    CARBON INTENSITY

    175.9 tonnes CO2e/
    RM million

    by revenue

    591.4 kg CO2e/MWh
    by energy generated

    33.9 kg CO2e/BOE
    by barrel of oil equivalent generated

    EFFLUENTS AND WASTE

    10 (0.3 litres)
    hydrocarbon spill incidents

    7.8 ppm
    average oil in slop water content

    207.6 tonnes
    waste reused, recycled or recovered

    ENERGY

    3,246,585.4 MWh
    energy consumed

    365,593.2 MWh
    renewable energy generated

    278.8 MWh/
    RM million

    energy intensity

    GREEN TECHNOLOGIES

    400 chargers
    operated and maintained

    3,324.7 MWh
    energy delivered
    through chargEV chargers

    Facilitated
    ~21.28 million km
    travelled on electricity

    Social

    EMPLOYEES

    75.2% Male
    24.8% Female

    7.4 company index
    employee engagement score

    361 new hires

    9.29%
    voluntary regular employee
    turnover rate

    SAFETY

    0.06
    Lost Time Injury Frequency

    0.36
    Total Recordable Injury Frequency

    CORPORATE SOCIAL RESPONSIBILITY

    RM1.91 million
    community investment

    ~32
    communities impacted

    ~4,940
    lives impacted

    980
    employee volunteering hours

    Governance

    ZERO
    Non-compliances with environmental laws and regulations
    ZERO
    unresolved privacy and confidential data breaches

    100%
    pre-qualified suppliers underwent detailed ESG screening

STRATEGY REVIEW

CHAI JIA JUN
Group Chief Strategy Officer

2023 was no ordinary year. Changing macroeconomic conditions disrupted markets, tested our resilience and challenged our assumptions. Yet, it was precisely during these uncertain times that our strategy proved its mettle. We adapted our pace and processes in alignment with changing market factors, while continuing to adhere to our business strategies. We kept focused on our purpose and made decisions in alignment with our Core Values.

BUSINESS REVIEWS

FLEMMING GRØNNEGAARD
Chief Executive Officer Yinson Production
  • GLOBAL POSITION
    >USD 22 billion
    order book over firm and option periods until 2048
    2nd largest
    by order book
    3rd largest
    by fleet size
    Over
    1,700 employees and crew
    working in 10 countries
    Over
    1,700 employees
    and crew

    working in 10 countries
  • OPERATIONAL PERFORMANCE
    58.9 million
    barrels of oil equivalent produced
    0.06 LTIF
    (<IOGP benchmark of 0.28)
    0.36 TRIF
    (<IOGP benchmark of 0.99)
    0
    major ISM or ISO
    non-conformities
    100%
    commercial uptime
    99.7%
    technical uptime
    99.7%
    average 5-year technical uptime
  • ENVIRONMENTAL PERFORMANCE
    33.9 kg CO2e/BOE
    carbon intensity
    6.3 ppm
    oil in slop water content from Yinson Production-operated FPSOs
    14.3 ppm
    oil in produced water content from Yinson Production-operated FPSOs
    372 tonnes
    waste generated by our offshore assets
    0.3 litres
    hydrocarbon spills to sea
    0
    non-compliances with environmental laws and/or regulations
  • FLEET
DAVID BRUNT
Chief Executive Officer Yinson Renewables
  • ASSETS
    463 MW
    assets operational
    585 MW
    assets under construction and pre-construction
    ~800 GWh
    total generation capacity

    ~USD 1 billion
    in contracted revenues from PPAs
  • PIPELINE
    1,186 GW
    projects secured and in development
    ~2,000 MW
    early-stage development pipeline
    9 countries
    with active development projects
    Collaborating with
    9 development partners
    across 4 continents
  • PERFORMANCE
    ~366 GWh
    net power generated*
    ~354,941 tonnes
    CO2e carbon avoided
    * 100% basis; some assets operating only part of the year.
EIRIK BARCLAY
Chief Executive Officer Yinson GreenTech
  • ASSETS
    400
    installed charging stations
    Fleet of 200
    EV leasing vehicles
    Fleet of 120 e-bikes
    31
    e-bike battery swapping stations
    2
    fully electric harbour craft vessels
    Full software stack for charge point operations and fleet management solutions
  • ENVIRONMENTAL PERFORMANCE
    3,324.7 MWh
    charging energy delivered
    Facilitated
    ~21,000,000 km
    travelled on electricity
    1,808.6 tonnes CO2e
    carbon emissions
    (Scope 3: Category 11)
    Facilitated~281,000 km
    travelled on electricity
    65.5 MWh
    leased fleet energy consumption
    35.6 tonnes CO2e carbon emissions
    (Scope 3: Category 13)
    3,324.7 MWh
    charging energy delivered
    Facilitated
    ~21,000,000 km
    travelled on electricity
    1,808.6 tonnes CO2e
    carbon emissions
    (Scope 3: Category 11)

    Facilitated~281,000 km
    travelled on electricity
    65.5 MWh
    leased fleet energy consumption
    35.6 tonnes CO2e
    carbon emissions
    (Scope 3: Category 13)
  • BUSINESS IMPACTS
    5
    integrated businesses
    1,000 charging points supported on e-roaming network across Singapore, Malaysia and Brunei
    Participated in 7 industry events
    2
    partner financial institutions
    5
    commercial partnerships that leverage on our full ecosystem
    6
    SaaS/API licensing contracts
  • FYE 2025 PIPELINE
    200
    four-wheeler EV charging stations
    50
    two-wheeler DC charging stations
    1 prototype and
    2 commercial marine megawatt DC fast charging sites
    300
    EV leasing vehicles
    1,000
    e-bikes leased or sold
    5
    Hydromover vessels over the next two years
    2
    marine battery swap stations
    120
    e-bike battery swapping stations
    2
    SaaS licensing contracts in the region
DANIEL BONG
Farosson Chief Executive Officer

In the ever-evolving landscape of business, strategic investments in sustainable energy infrastructure have become paramount, driven by a confluence of factors in the macro environment. Yinson, as an energy infrastructure and technologies group, is placed squarely in a position to create impact in our area of expertise and influence.
LIAW THONG JUNG
Chief Executive Officer Regulus Offshore
  • UTILISATION RATES
    Fleet average utilisation rate 92.7%
    (up 1.9% from FYE 2023)
    Yinson Hermes
    92.1%
    Yinson Perwira
    100%
    PTSC Huong Giang
    78.7%
    PTSC Lam Kinh
    100%
  • ENVIRONMENTAL PERFORMANCE
    ENERGY
    EMISSIONS
    158,222.2 MWh
    fuel consumption
    (up 0.9% from FYE 2023)
    EMISSIONS
    43,280.2 tonnes CO2e
    Scope 1 emissions
    (down 1.9% from FYE 2023)

    WATER
    12.2 ML
    water consumption
    (up 0.8% from FYE 2023)
    0 ppm
    oil in water discharge
    0 incidents
    of oil spills
  • OPERATIONAL PERFORMANCE
    100%
    Uptime while on hire
    0
    LTIF
    0
    TRIF
  • AWARDS AND RECOGNITIONS
    PTSC Huong Giang awarded
    2022 Logistics Operator HSE and Operations Excellence Award from Hibiscus Petroleum
    PTSC Huong Giang was recognised for achieving
    13 years LTI-Free by Hibiscus Oil & Gas Malaysia Limited
    Yinson Hermes recognised by
    SEA Hibiscus for outstanding accomplishment and services for the SEAH Integrated Wells Campaign

SUSTAINABILITY REVIEW

ME1CLIMATE CHANGE & CARBON MANAGEMENT

Integrate and adopt climate considerations for business resiliency and manage decarbonisation efforts through technology-driven optimisation and low-carbon processes.

Concerned stakeholders
S1
S5
S7
S8
S10
WHY IS THIS TOPIC MATERIAL TO US?
Given the global urgency surrounding climate change, it is crucial to mitigate its impacts to prevent irreversible damage to the environment and humanity. These impacts encompass extreme weather events, resource shortages and regulatory changes, all of which have the potential to disrupt our supply chain and increase operational costs. Climate-related impacts are a risk to Yinson’s capacity to generate long-term value for our business and stakeholders. These issues can impact our performance, reputation, supply chain resilience, operating environment and overall business sustainability. Therefore, integrating climate considerations into our decision-making processes is imperative.
ME2INCLUSIVE ENERGY TRANSITION

A balanced approach to the energy trilemma to support the global energy shift towards an equitable and inclusive low carbon economy through renewable and innovative low-carbon solutions.

Concerned stakeholders
S3 S5 S7 S9 S10
WHY IS THIS TOPIC MATERIAL TO US?
Inclusive energy transition facilitates a shift towards sustainable energy, emphasising social equity and accessibility. This approach addresses the energy trilemma by balancing energy equity, environmental sustainability and energy security. Prioritising inclusivity fosters a resilient and equitable energy landscape, capable of meeting global energy demands in a just and orderly manner. It also plays a crucial role in mitigating climate change and benefiting communities across socio-economic spectrums.
ME3BIODIVERSITY MANAGEMENT

Strategies to reduce negative impact from operations to enhance ecosystem resilience through partnership and conservation efforts.

Concerned stakeholders
S5 S8
WHY IS THIS TOPIC MATERIAL TO US?
Yinson firmly believes in biodiversity management to safeguard our planet’s biodiversity, recognising its critical role in sustaining ecological equilibrium, supporting human health and ensuring long-term prosperity. As a global player in the energy and marine sectors, we understand that biodiversity is not an abstract concept — it directly influences our business operations. We believe that actively engaging in conservation efforts and risk management helps to minimise our negative impact on biodiversity. Healthy ecosystems contribute to stable weather patterns, clean air and water, and resilient supply chains. By preserving biodiversity, we safeguard our well-being and that of future generations.
ME4ENVIRONMENTAL MANAGEMENT

Responsible management of materials, encompassing their acquisition, disposal, and effective measures to address waste, water, effluent, and air pollution.

Concerned stakeholders
S2
S3
S6
S7
S8
S9
S10
WHY IS THIS TOPIC MATERIAL TO US?
Yinson is dedicated to integrating climate action, clean energy, water and waste management into our strategic development and daily operations, aiming to address environmental challenges responsibly. This commitment includes managing waste and pollutants from offshore operations with specialised procedures to minimise environmental impact. Adhering to strict regulations ensures regulatory compliance, operational efficiency and minimal environmental harm. By prioritising environmental responsibility, we contribute to stakeholder well-being, enhance our reputation and ensure our continued operation. As a multinational corporation, Yinson recognises the importance of promoting environmental awareness and responsible stewardship at all levels of the organisation.
ME5RESOURCE EFFICIENCY

Responsible use of input material in product development, construction and operations.

Concerned stakeholders
S2 S6 S10
WHY IS THIS TOPIC MATERIAL TO US?
Infrastructure assets, such as our FPSOs and solar farms, are resource-intensive due to their sheer scale and complexity. Their construction requires large quantities of materials such as steel and silica, as well as resources like energy and water. The maintenance and operation of infrastructure over its lifespan continue to consume resources, especially if the assets are not designed with efficiency in mind. Prioritising efficient and responsible resource utilisation over the projects and operations phases of our assets is paramount so that we can ensure that our assets can contribute to economic growth without negatively affecting natural resources. Further, resource-efficient infrastructure has been identified as a crucial driver of sustainable development and meeting global climate action goals. As global demand for infrastructure increases, resource-efficient designs and processes can help...
    MS1OCCUPATIONAL HEALTH & SAFETY

    Provision of secure working conditions and systems to safeguard human health and well-being in all operations.

    Concerned stakeholders
    S2 S3 S4 S5 S6 S8 S9 S10
    WHY IS THIS TOPIC MATERIAL TO US?
    Occupational Health and Safety (“OHS”) is paramount to our organisation. In our commitment to ensuring the safety of our employees and crew, we strive to comply with laws and regulations to boost employee well-being and morale, mitigate risks and enhance our reputation. To demonstrate our commitment to sustainability, we invest in OHS management, operational efficiency and employee engagement, ultimately driving organisational success and growth. We are driven by a commitment to prevent fatalities and accidents by optimising our safety performance and embedding a culture of safety to minimise risks to our business, including regulatory non-compliance, operational disruptions, damaged assets and reputational harm.
    MS2HUMAN & LABOUR RIGHTS

    Maintenance of key principles relating to human rights and labour standards as those defined by international conventions.

    Concerned stakeholders
    S2 S4 S5 S6 S9 S10
    WHY IS THIS TOPIC MATERIAL TO US?
    Yinson is committed to upholding and honouring human rights throughout all our operations, ensuring dignity, fairness, respect, and equality for all. We reject discrimination, harassment and bigotry, fostering a workplace built on trust and mutual respect. We believe that fair employment practices, including equitable remuneration and diversity promotion, cultivate an inclusive environment that drives innovation and strengthens our organisation.
    This commitment not only boosts employee experience, engagement, and retention but also enhances our reputation. It enables us to attract talent from diverse backgrounds, enriching our workforce with...
    MS3HUMAN CAPITAL DEVELOPMENT

    Maintain our standing as an employer of choice through utilising competitive programmes that attract, retain and reward employees.

    Concerned stakeholders
    S3 S4 S9
    WHY IS THIS TOPIC MATERIAL TO US?
    At Yinson, our employees value workplace flexibility, benefits, environment, culture and sustainability. With the ongoing global skilled labour shortages, competition for talent remains intense, particularly in industries like oil & gas. Yinson strives to uphold its reputation as an employer of choice to attract and retain top talent. We achieve this by fully executing our Human Capital strategy, encompassing Reward & Recognition, Resourcing, Talent & Performance Management and Learning & Development. Our human capital development efforts also aim to enhance succession planning by developing talents to fill key positions within the organisation when they become vacant.
    MS4COMMUNITY ENGAGEMENT

    Collaboration with local communities where we have operations on environmental and social projects that benefit the wider public.

    Concerned stakeholders
    S8
    WHY IS THIS TOPIC MATERIAL TO US?
    Community engagement is crucial for building trust and fostering sustainable growth. Through our Corporate Social Responsibility (“CSR”) programmes, we are able to positively impact our immediate areas of operation environmentally, socially and economically, thereby creating a more conducive environment for our sustained growth. CSR allows us to develop strategic insights into the local social and environmental landscape, helping us to adapt our business practices and manage our risks more effectively. Additionally, robust CSR programmes build a positive reputation, leading to better attraction and retention of talents, while maintaining our social licence to operate.
    MS5DIVERSITY, EQUALITY & INCLUSION

    Foster an open and all-inclusive work culture for an equitable and diverse workforce.

    Concerned stakeholders
    S3 S4 S5
    WHY IS THIS TOPIC MATERIAL TO US?
    Yinson’s People Strategy is firmly rooted in a dedicated focus on Diversity, Equality and Inclusion (“DEI”). This commitment boosts creativity, innovation and employee engagement. Our goal is to foster a culture of belonging, encouraging diverse viewpoints that fuel business success and enable us to better meet the diverse needs of our clients and markets.
    Our failure to cultivate an inclusive culture may lead to various risks, including discrimination, employee reluctance to collaborate, conflicts among employees, reduced innovation and engagement, missed market opportunities and internal inequalities within Yinson...
      MG1BUSINESS MANAGEMENT & PERFORMANCE

      Continuously optimising and innovating business processes for financial performance and to safeguard against fluctuating economic conditions and market sentiments.

      Concerned stakeholders
      S1 S2 S4 S7 S9
      WHY IS THIS TOPIC MATERIAL TO US?
      We believe in solid business management to generate strong and sustainable cash flows to fund current operations and fuel future growth. Solid liquidity and solvency management is foundational to our business and must be complemented by proper business planning, risk management and capital allocation to realise Yinson’s short, medium and longterm goals. Our overarching business strategies guide the management of our financial inputs and outputs towards achieving long-term and sustainable cash flows and profitability. Disciplined and diligent cost management provides flexibility and frees up working capital to be channelled into growth opportunities, thereby maximising Yinson’s ability to create shared value for our stakeholders.
      MG2CORPORATE GOVERNANCE AND BUSINESS ETHICS

      Business policies and practices to ensure ethical, transparent and responsible corporate governance.

      Concerned stakeholders
      S1 S2 S3 S4 S5 S7
      WHY IS THIS TOPIC MATERIAL TO US?
      Corporate governance and business ethics are integral to Yinson, shaping our identity and operations. Upholding the highest standards of integrity not only defines who we are but also reinforces trust among stakeholders. We recognise that sound corporate governance practices are essential for maintaining the trust of all our stakeholders. Furthermore, our robust framework ensures legal compliance, social responsibility and environmental sustainability, aiming for positive impact while mitigating risks and enhancing our reputation.
      MG3SUSTAINABLE SUPPLY CHAIN MANAGEMENT

      Enhancing supply chain resilience through supplier and contractor management while promoting sustainability principles throughout the value chain.

      Concerned stakeholders
      S2 S5 S6 S8 S9 S10
      WHY IS THIS TOPIC MATERIAL TO US?
      Yinson strives to strengthen our supply chain to ensure our business runs smoothly. The sustainability performance of our suppliers is paramount, as it reflects their ability to navigate challenges effectively. By enhancing awareness and understanding of ESG principles within our supply chain, we can achieve our sustainability goals as outlined in Yinson’s policies and 30 by 30 goals. We aim to build longlasting partnerships with suppliers who share our vision and commitment to sustainability.
      Inadequate supply chain management may increase overall risks and costs, leading to project delivery disruptions and missed business opportunities. Social and environmental...
      MG4DIGITAL TRANSFORMATION

      Integrate digital solutions into business processes and operations to optimise business performance and ensure digital systems and assets are safeguarded against external cyber threats.

      Concerned stakeholders
      S3 S4 S8
      WHY IS THIS TOPIC MATERIAL TO US?
      As an industry leader, Yinson recognises the importance of harnessing cutting-edge technologies and innovative digital tools. These advancements serve as catalysts for the expansion of our business. Our ongoing digitalisation initiatives have significantly enhanced our operational efficiency and effectiveness. In line with this, the transformation has increased our reliance on data and IT infrastructure.

        31st ANNUAL GENERAL MEETING

        Date
        Tuesday, 16 July 2024
        Time
        10.30 a.m. (Malaysia Time)
        Main Venue
        The Gardens Ballroom, Level 5, The Gardens Hotel & Residences, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur
        Online Platform
        BSIP at https://investor.boardroomlimited.com with RPV facilities
        The 31st AGM of the Company will be held on a hybrid basis whereby the member(s), proxy(ies), corporate representative(s) or attorney(s) will have an option, either:
        (i) to attend physically at the Main Venue; or
        (ii) to attend virtually using the Remote Participation and Electronic Voting (“RPV”) facilities which are available on the Boardroom Smart Investor Portal (“BSIP”).
        All member(s), proxy(ies), corporate representative(s) or attorney(s) attending physically or virtually, must pre-register their attendance via the BSIP at https://investor.boardroomlimited.com from Friday, 31 May 2024 until Sunday, 14 July 2024. This is to enable the Company to ascertain their eligibility to participate in the 31st AGM and to enable the Company to make the necessary preparations for the 31st AGM, particularly at the Main Venue.
        The 31st AGM of the Company will be held on a hybrid basis whereby the member(s), proxy(ies), corporate representative(s) or attorney(s) will have an option, either:
        (i) to attend physically at the Main Venue; or
        (ii) to attend virtually using the Remote Participation and Electronic Voting (“RPV”) facilities which are available on the Boardroom Smart Investor Portal (“BSIP”).
        All member(s), proxy(ies), corporate representative(s) or attorney(s) attending physically or virtually, must pre-register their attendance via the BSIP at https://investor.boardroomlimited.com from Friday, 31 May 2024 until Sunday, 14 July 2024. This is to enable the Company to ascertain their eligibility to participate in the 31st AGM and to enable the Company to make the necessary preparations for the
        31st AGM, particularly at the Main Venue.

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