[BUMI ARMADA BHD：确认船舶减值损失]

1Q20 vs 1Q19:
这集团产生2亿1950万令吉的亏损，而去年的盈利为6140万令吉，主要是由于所确认的船舶减值损失。OMS部门业绩从去年的9百万令吉下降至690万令吉，主要是由于较高的运营成本和因兑换公司间和以外币计值的银行存款而产生的外汇损失。

1Q20 vs 4Q19：
FPO部门的收入增加被OMS部门的减少所抵消，这主要是由于2020年第一季度的第三方船舶收入低于2019年第四季度。2020年第一季度该集团产生了2.195亿令吉的亏损，而2019年第四季度的亏损为2.568亿令吉，这主要是由于Armada Kraken FPSO的收入增加以及Armada Olombendo FPSO在2020年第一季度的运营成本降低，2019年第四季度的应计租赁租金减值损失，但被船舶减值损失增加和2020年第一季度的合资公司业绩降低所抵消。2020年第一季度的合资公司业绩所占份额较低，主要是由于应收融资租赁款的暂时性差异产生的递延所得税费用增加。

OMS部门的业绩从2019年第四季度的3,570万令吉减少至2020年第一季度的690万令吉，这主要是由于公司间和以外币计值的银行结余折算产生的外汇损失较2019年第四季度增加。

截至2020年3月31日，总资产的增加被property, plant and equipment (“PPE”)的减少所抵消。由于折旧和减值，PPE下降。这集团的总负债为111.917亿令吉，较2019年12月31日增加4％，主要是由于2020年3月美元汇率上升，以美元计价的借贷估值更高。这集团的经营活动的净现金流量与去年同期相比较低，主要是由于来自客户的收入减少。

前景：
2020年第一季度的油价下跌反映了由于经济动荡以及COVID-19大流行带来的未来不确定性，预计对石油的需求较低。 OMS部门预计将波动，行业活动低迷，从而影响contract rates和资产销售。
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Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.43 (dividend RM0.04) in 1 year 9 months 17 days, total return is 245.5%

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这个分享纯属讨论以及领域的分析，买或卖自负。请Like和Share这个post。最终决定永远是你的，谢谢。

James Ng
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[BUMI ARMADA BHD: impairment losses on vessels recognised]

1Q20 vs 1Q19:
The Group generated a loss of RM219.5 million compared to a profit of RM61.4 million for last year mainly due to impairment losses on vessels recognised. The OMS segment results decreased to RM6.9 million as compared to RM9.0 million for last year mainly due to higher operating costs and foreign exchange losses arising from translation of intercompany and bank balances denominated in foreign currencies.

1Q20 vs 4Q19:
The increase of revenue from the FPO segment was offset by a decrease from the OMS segment mainly due to lower revenue from third party vessels in Q1 2020 compared to Q4 2019. The Group generated a loss of RM219.5 million for Q1 2020 compared to a loss of RM256.8 million in Q4 2019 mainly due to higher revenue from Armada Kraken FPSO and lower operating costs from Armada Olombendo FPSO in Q1 2020, impairment losses on accrued lease rental in Q4 2019 offset by higher impairment losses on vessels and lower share of results of joint ventures in Q1 2020. Lower share of results of joint ventures in Q1 2020 was mainly due to higher deferred tax expense arising from temporary differences on finance lease receivables.

The OMS segment results decreased to RM6.9 million for Q1 2020 as compared to RM35.7 million for Q4 2019 mainly due to higher foreign exchange losses arising from translation of intercompany and bank balances denominated in foreign currencies compared to Q4 2019.

As at 31 March 2020, the increase of total assets was offset by decrease in property, plant and equipment (“PPE”). PPE decreased due to depreciation and impairment charged. The Group had total liabilities of RM11,191.7 million, an increase of 4% compared to 31 December 2019, mainly due to higher valuation of borrowings denominated in USD due to stronger USD rates in March 2020. The Group had lower net cash flows generated from operating activities compared to last year mainly due to lower receipts from customers.

Prospects:
The fall in oil prices in the first quarter of 2020 reflects the expected low demand for oil as a result of the economic turmoil and future uncertainties from the COVID-19 pandemic. The OMS segment is expected to be volatile with low industry activity affecting contract rates and asset sales.
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This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng