Posted by jjohnchew > 1 week ago | Report Abuse

Yinson :

QR ended July 2024 :

Segment information : RM million

> For the 6 months period ended July 2024 :

1.) Renewable : Gross Revenue 66 million- Elimination 1 million = 65 million

Results : + 9 million.

Posted by jjohnchew > 1 week ago | Report Abuse

Hoho wow became DonkeyyLee ke .. did not understand anymore on Subsidiary n Associate company contributions… still did not learn le ..

Jaks is followed IFRS where as Yinson did not follow….


—-

Posted by Sslee > 4 minutes ago | Report Abuse

A donkey will still be a donkey no matter how you want to teach him some very basic finance.

Did the donkey know what is jaks revenue? From that revenue can jaks pay bank interest, bank borrowing, working capital, dividend and etc?

Maybe everyone should tell that donkey jaks is a good buy so that he can/will buy more.

But then again who know maybe he also do not owned any jak shares. He just likes to kaki kong, kaki song.

Posted by jjohnchew > 1 week ago | Report Abuse

>>> This is so that Yinson’s investors can have a better understanding of how the accounts will look from a finance lease and operating lease perspective.

IFRS is still what Yinson is required to follow. Even though presenting the operating lease numbers is not in line with IFRS, it is something that Yinson will look at doing better to explain its numbers in the next financial year.

Posted by jjohnchew > 1 week ago | Report Abuse

Hoho DonkeyykonLee why so jealous liaw le .. u oredi jealous until told lies on yr First n Only Win on Insas WC RM 250,000 since investing from 2016 to 2023 … then told Lies again on yr Win on MMC RM 180,000 which u thanks me on highlighted MMC in Insas forum … what a donkeyy le ..🤣🤣🤣🤫

Posted by jjohnchew > 1 week ago | Report Abuse

Jaks Annual Revenue and Net Profit / ( Loss ) :


1.) FYE2020 : RM 259.4 million with Loss ( RM 80.5 Million. )


2.) FYE2021 : RM 109.7 million with Net Profit RM 51.9 million. ( Vietnam Joint Venture Power Plant 1200 MW with EPCC RM 8.7 billion is COD on January 2021 )


3.) FYE 2022 : RM 89.8 million with Net Profit RM 53.5 million.


4.) FYE 2023 : Rm 37.787 million with Net Profit RM 15.527 million..


5.) FYE 2024 :

>> 👉1QR : RM 14.2 million with Net Profit RM 12.4 million.

>> 👉2QR : RM 13.1 million with Net Profit RM 8.4 million.

>>👉3QR : RM 14.1 million with Net Profit RM 22.5 million.


( Note : Vietnam Power Plant Joint venture company is 30 % .. an associate company) .

Posted by jjohnchew > 1 week ago | Report Abuse

👉Hoho this is very very interesting le … FPSO Agogo charter contract Profit can Last for how many years???? :

Finance Cost :

FY2024 AR : RM 963 million

FY2023 AR : RM 577 million

👉Question: After deeply depends on FPSO Agogo First Oil by early 2026 … Shl be critically depends on Next FPSO First Oil for sustainability… 😱😱🤫

If Not … TinKosongLeader Kon ss lee Yinson going to be insolvency ke …😱🤫

Posted by jjohnchew > 1 week ago | Report Abuse

Hoho meaning only come back look at this counter on 2048 ke ….

Posted by Sslee > 8 hours ago | Report Abuse

The total assets in the financial BS as at Dec 2024 will generate the below revenue and that revenue will be used for working capital, loan repayment, interest payment, SBB, dividend payment and etc)
Can you understand donkey!

You can even work out the yearly revenue from Yinson Dec 24 corporate presentation

Repost:

From Yinson Dec 24 corporate presentation
FSPO contract backlog of USD 21.9 billion until 2048

Solar power plant forecasted revenue of USD 1 billion until 2054(1) underpinned by long-term PPAs

Posted by jjohnchew > 1 week ago | Report Abuse

Hoho TinKosonggang Je-DieMaster no facts n figures ke .. promoted Lambo with many aka id since 2020 until is Delisted on October 2024 .. kesian le ..


Repost :

Hoho Yinson working Capital is only Last for 7 months … need to Refinancing ke like sold FPSO Anna Nery 11.8 % equity :

Where as Jaks working Capital is always can Last for 12 months : Current Ratio 1.04


>>>

Yinson :

Price : RM 2.64
NTA : RM 1.77

EPS 27.58 sen
Trailing PE (Sector Median: 9.7) 9.5
Current Ratio 0.64
Debt-Equity (DE) Ratio 2.27
FCF Yield -10.58 %
Revenue QoQ -13.49 %
Revenue YoY -34.13%
Profit QoQ -1.48 %
Profit YoY -19.35 %


Jaks :

Price : RM 0.135
NTA : RM 0.60

EPS 0.71 sen
Trailing PE (Sector Median: 21.5) 18.2
Current Ratio 1.04
Debt-Equity (DE) Ratio 0.64
FCF Yield 0.81 %
Revenue QoQ 7.74 %
Revenue YoY 41.26%
Profit QoQ 167.57 %
Profit YoY 215.31 %

Posted by jjohnchew > 1 week ago | Report Abuse

Hoho see those posts on Current Ratio earlier …TinKosongLeader Kon ss lee even did not understand le ..🤣🤣🤣🤫

Posted by jjohnchew > 1 week ago | Report Abuse

Hoho why is TinKosongGang le … oh figures in Million converted to Billion is Wrong … even cannot learn after few posts …🤣🤣🤣🤫

—
Posted by JediMaster1 > 4 hours ago | Report Abuse

The person claimed that have 13 id in i3 and 4 is suspended !!!

Posted by Holdom2040 > 1 week ago | Report Abuse

The pace of (contract assets + financial lease receivable) (current and non-current) are currently increasing at the same rate as increasing of total loan/borrowing.

The management has been saying multiple times "The strong focus on deliveries will also mean giving big investments a break until these deliverables are met and the start of the cash flows are seen."

in the near future when total contract asset convert to financial lease receivable convert to finance lease payment. Plus, the slow down of loan borrowing and finance lease payment >>> finance cost paid. this will be the start of free cash flow

Posted by Holdom2040 > 1 week ago | Report Abuse

the finance payment received has been steadily rising at the same time as finance cost

04/2022: finance lease payment 107mil vs finance cost 111mil
07/2022: 134mil vs 133mil
10/2022: 101m vs 161m
01/2023: 151m vs 172m
04/2023: 95m vs 201m (Anna Nery first oil May)
07/2023: 218m vs 202m
10/2023: 318m vs 244m
01/2024: 295m vs 316m
04/2024: 355m vs 372m
07/2024: 319m vs 445m
10/2023: 316m vs 443m (Maria Q first oil early Oct)

Posted by Holdom2040 > 1 week ago | Report Abuse

A = noncurrent (finance lease receivable+contract assets) + current (finance lease receivable+trade,other receivable+current contract)
B (debt) = noncurrent loan & borrowing + current loan & borrowing + current trade n payable

Quarter of year = A vs B
Q42022 (ending Jan2023): 11240m vs 10874m
Q12023: 13003m vs 12591m
Q22023: 14859m vs 13756m
Q32023: 17194m vs 17550m
Q42023: 18992m vs 19228m
Q12024: 20291m vs 19063m
Q22024: 21082m vs 21726m
Q32024: 20978m vs 21007m

Can see that the total (current/non current financial lease receiveable + contract asset) is increasing as the same pace as the total (current & non-current liability)


The cost to build is incurred first. the amount loan n borrowing should peak first before the payment catch up, and eventually outrun.

Waiting for the financial lease payment to outrun the finance cost in the future when FPSO Atlanta contribute + FPSO Agogo contribution. and decreasing loan & borrowing

Posted by Sslee > 1 week ago | Report Abuse

A = noncurrent (finance lease receivable+contract assets) + current (finance lease receivable+trade,other receivable+current contract)

The above are accounting representing present value (DCF) of future receivables, the actual yearly receivables you can work out from the Yinson Dec 24 corporate presentation

This yearly receivable will be used for working capital, loan repayment, interest payment, business expansion, SBB, dividend payment and etc

Repost:

From Yinson Dec 24 corporate presentation
FSPO contract backlog of USD 21.9 billion until 2048

Solar power plant forecasted revenue of USD 1 billion until 2054(1) underpinned by long-term PPAs

Posted by jjohnchew > 1 week ago | Report Abuse

Hoho copy from a forumer’s post n updated my comments :


the finance payment received has been steadily rising at the same time as finance cost 

04/2022: finance lease payment 107mil vs finance cost 111mil 
07/2022: 134mil vs 133mil 
10/2022: 101m vs 161m 
01/2023: 151m vs 172m

04/2023: 95m vs 201m (Anna Nery first oil May)

07/2023: 218m vs 202m

10/2023: 318m vs 244m

01/2024: 295m vs 316m

04/2024: 355m vs 372m 
07/2024: 319m vs 445m

10/2023: 316m vs 443m (Maria Q first oil early Oct)

>>>
👉The hidden risks as posted earlier:

These 4 Latest FPSO illustrated Total Loans n Borrowings =.RM 12.4 billion + 3.22 billion =. RM 15.62 billions

QR October 2024 Total Loans n Borrowings RM 19.37 billion- RM 15.62 billion = RM 3.75 billion.

👉👉 Question: Where is this Loans n Borrowings RM 3.75 billion is b/f From ????😱😱😱🤔


Note : 4 Latest FPSO > Anna Nery , Atlanta, Maria and Agogo .

And :

👉👉👉 FPSO Anna Nery is contributing ard 50 % ( First Oil on May 2023 ) on FPSO segment Revenue where as the other 5 Operating FPSO are contributing 50 % ( ie : illustration > each one contributing 10 % only ) .

Posted by jjohnchew > 1 week ago | Report Abuse

Hoho this is hidden risks from an article reported that Financial Accounting is not followed IFRS :


One research house’s report on Yinson’s financials mentions “Using financial tools to boost equity returns” while a bank-backed research outfit says, “We have stripped off RM151 million EPCIC (engineering, procurement, construction, installation and commissioning) earnings in arriving at our core profit. We believe Street estimates may not be a good comparison as other analysts regard Yinson’s EPCIC earnings as core profit.”

Another research house notes that Yinson’s “IFRS accounting distortion is growing alongside its leverage”, which could lead to confusion among investors.


Insider reply :

>>> This is so that Yinson’s investors can have a better understanding of how the accounts will look from a finance lease and operating lease perspective.

IFRS is still what Yinson is required to follow. Even though presenting the operating lease numbers is not in line with IFRS, it is something that Yinson will look at doing better to explain its numbers in the next financial year.

Posted by jjohnchew > 1 week ago | Report Abuse

Hoho Repost :



> QR October 2023 :

Total Contract Assets: 8,231 million

Total Assets : 26,801 million

Total Finance Lease Receivables: 8,245 million


>> QR July 2023 :

Total Contract Assets: 6,165 million

Total Assets : 22,335 million

Total Finance Lease Receivables: 7,928 million

——

Yinson FPSO Atlanta

US$1.981 billion

"In July 2023, Yinson Production exercised its option to purchase FPSO Atlanta, which includes a 15-year firm plus a five-year option contract for the supply, operations and maintenance with a total contract value of up to US$1.981 billion (US$1=RM4. 71),” it said in a joint statement.21 Mar 2024

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho Recap Yinson yearly Interest , Hedge and SBB Expenses:

A.) FY2024 Annual Report:

1.) Loss from net investment Hedge , ( RM 125 million)

2.) Reclassification of changes in fair value of cash flow hedges , ( RM 180 million) .

3.) Interest expenses on Loans n Borrowing = RM 1,118 million.

4.) Treasury shares ( SBB ) : 157,333,000 unit ( 4.94 % , RM 369 million)


B.) >Referred to FY2024 Annual Report >

Treasury shares ( SBB ) : 157,333,000 unit ( 4.94 % , RM 369 million)


> QR ended July 2024 :

Treasury shares ( SBB ) : ? Unit ( ? % , RM 470 million )


> QR ended October 2024 :

Treasury shares ( SBB ) : ? Unit ( ? % , RM 607 million )

😱👉 ie : SBB money in 9 months = RM 238 million.

😱😱👉👉：illustrated Yearly Interest , Hedge and SBB Expenses: 1118 + 125 + 180 + 238 = RM 1,661 million = RM 1.661 Billion.



Charter Contract n FPSO equity :

USD Billion 
FPSO Anna Nery HY (SOV) Brazil 5.7 
FPSO JAK IG Ghana 1.8 
FPSO Helang IG Malaysia 1.1 
FPSO AJ - Nigeria 0.8 
FSO PTSC Bien2 Sov Vietnam 0.1 
FPSO PTSC Lam3 Sov Vietnam 0.006 
FPSO Agogo IG Angola 5.4 
FPSO Maria Quitéria HY (SOV) Brazil 5.3 
FPSO Atlanta - Brazil 2.2 
Total 22.2 

Yinson : 
FPSO Jak : 74 % 
FPSO Helang : 100 % 
FPSO Abigail : 100 %

FPSO Anna Nery : 75 % ( recently is reduced to 64 % , 1st oil on May 2023 ) .

FPSO Atlanta : 100 % ( initial commission is scheduled by Feb 2024 .. First Oil by May 2024 then August 2024 .. then ?? )

FPSO Maria : 100 % ( 1st oil on October 2024 )

FPSO Agogo : 100 % ( still in Construction, 1st oil is scheduled by early 2026 )

FPSO Lam Son : 49 % 
FSO Bien : 49 %

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho as usual TinKosonggang are Best in Pretending n Twisting… the initial post is 1 Figure only …🤣🤣🤣🤫

—
Posted by JediMaster1 > 13 minutes ago | Report Abuse


That is nothing different your junk stock Jaks market cap is either 0.3 b or 0.03 b or 0.003 b i believe one day your trash stock Jaks will become >> ZERO VALUE

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho so TinKosong Leader as usual use Raw Data to Cakap Besar only … So what Shl be the DCF or simply is getting Bad or Good ???


Posted by Sslee > 1 hour ago | Report Abuse

A = noncurrent (finance lease receivable+contract assets) + current (finance lease receivable+trade,other receivable+current contract)

The above are accounting representing present value (DCF) of future receivables, the actual yearly receivables you can work out from the Yinson Dec 24 corporate presentation

This yearly receivable will be used for working capital, loan repayment, interest payment, business expansion, SBB, dividend payment and etc

Repost:

From Yinson Dec 24 corporate presentation
FSPO contract backlog of USD 21.9 billion until 2048

Solar power plant forecasted revenue of USD 1 billion until 2054(1) underpinned by long-term PPAs

Posted by Sslee > 6 days ago | Report Abuse

No need to talk to a donkey because forever that donkey can't understand like he can't understand jaks cashflow is negative and need yearly cash call PP or RI for working capital and loan repayment.

This round jaks need a MNH RM 250 million MTN because a 10% PP most likely can only raise RM 25+ million and a RI ALP do not have money to take up his entitlement

The MNH RM 250 million medium-term note (MTN) can hardly cover the MNH Current liabilities RM 204,961,046 and how many of Non-current liabilities RM 196,443,411 become due in 2025?

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho as usual TinKosongLeader Kon ss lee even best in Pretending n Twisting le..

During Kon ss leee given Jaks FCF list to his TinKosongKonPetHuangbk, I had mentioned:

1.) Cash Flow from Finance Investing .

2.) Current Ratio as : Current Ratio Formula
The current ratio, also known as the working capital ratio, measures the capability of a business to meet its short-term obligations that are due within a year.

3.) DCF

—-

Posted by Sslee > 1 minute ago | Report Abuse

No need to talk to a donkey because forever that donkey can't understand like he can't understand jaks cashflow is negative and need yearly cash call PP or RI for working capital and loan repayment.

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho Why Jaks is announced on 30/12/2024 given out Dividend after 10 years is No Dividend!👍🤔


One of Variables in DCF calculation is Growth Rate

👉 Simply is Yinson DCF is getting Bad or Good ???


Yinson CAGR :

3Y 83% TTM 29.9%
5Y 51.9% TTM 33.9%


Jaks CAGR :

3Y 29.9% TTM 41.2%
5Y 0.5% TTM - 25%

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho what a shame le own claimed TA n FA Guru in Yinson forum … but is a TinKosongLeader Kon ss lee le …🤣🤣🤣🤫

Btw I am still Learning le ..

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho ssleee i am name dropping again lo … nowadays only use this name :

👉 Hoho I am posted Top Glove TP RM 3.40 on 4/12/2020 , ard 2 weeks earlier than JPM TP RM 3.50 .. 
 




And posted the study on Nitrile Gloves Demand vs Supply of 7 Local Gloves company on August 2020 that Supply Shl fulfil Demand in 12 months …

Posted by JediMaster1 > 6 days ago | Report Abuse

Yup Sslee you are right usually animals like donkey or rat can’t understand humans language 😆😆😆

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho as usual TinKosonggang even got Figure conversion of million to billion wrongly … always no facts n figures to support the stock as like promoted Lambo until is Delisted on October 2024 … loss naked until cannot afford the Cheapest value mirror … became so low class …

If retaliate with abusive words .. they will do flag until Suspension…

Where as the TinKosongLeader Kon ss leee pretending a Good Guy …

—-
Posted by JediMaster1 > 1 hour ago | Report Abuse

Yup Sslee you are right usually animals like donkey or rat can’t understand humans language 😆😆😆

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho meaning the Old 5 Operating FPSO did not cover the Loans n Borrowings even being Operated since 2014 …..😱🤔


>>>
👉The hidden risks as posted earlier:

These 4 Latest FPSO illustrated Total Loans n Borrowings =.RM 12.4 billion + 3.22 billion =. RM 15.62 billions

QR October 2024 Total Loans n Borrowings RM 19.37 billion- RM 15.62 billion = RM 3.75 billion.

👉👉 Question: Where is this Loans n Borrowings RM 3.75 billion is b/f From ????😱😱😱🤔


Note : 4 Latest FPSO > Anna Nery , Atlanta, Maria and Agogo .

And :

👉👉👉 FPSO Anna Nery is contributing ard 50 % ( First Oil on May 2023 ) on FPSO segment Revenue where as the other 5 Operating FPSO are contributing 50 % ( ie : illustration > each one contributing 10 % only ) .

Posted by jjohnchew > 6 days ago | Report Abuse

Yinson Production is pleased to announce the extension of the charter contract for FPSO PTSC Lam Son. In continuation of the existing bareboat charter, the contract has been extended for a firm period of 18 months starting from 1 January 2025 to 30 June 2026, with an automatic extension for an additional six months until 31 December 2026, subject to certain conditions. The value of the extension of the bareboat charter contract (including the extension period) is approximately USD 36.2 million, of which approximately USD 17.7 million is attributable to Yinson Production. 

FPSO PTSC Lam Son is jointly owned by Yinson Production (49%) and PetroVietnam Technical Services Corporation (51%), through the joint venture PTSC Asia Pacific Pte. Ltd. The FPSO has been operating for PetroVietnam in Block 1-2/97 offshore Vietnam since 2014. 

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho TinKosongLeader Kon ss leee better come back to this counter after the Total Loans n Borrowings on FPSO segment is fully paid off … by 2048 ke ???

Posted by Holdom2040 > 6 days ago | Report Abuse

Jjohn u refer start 2014.

But significant contribution will be from Agogo/ Maria/ Anna, follow by Atlanta.

Maria n Anna just recently start first oil. Atlanta latest.

So the profit just start very recently to pay back the loan n borrowing.

The financial lease receivable is thr ssme as total loan n borrowing. So we safe to say that company has thr capability to payback all loans?

Cancel off lease receivable w total loan n borrowing. Company still has 3 bil cash now

Posted by jjohnchew > 6 days ago | Report Abuse

>> Referred to QR ended October 2024 :


a) Financial assets

Trade and other receivables 908 m

Finance Lease receivables 14,760 m

Cash n balances/ equivalents 2,837 m


total = 18,505 m


b) Financial liabilities

Loans and borrowings 19,373 m


Trade and other payables 1,645 m

Lease liabilities 80 m

total = 21,098 m


a) - b ) = - 2,593 m


FPSO Atlanta First Oil on 31/12/2024 with Charter Contract USD 2.2 billion: assuming Gross Profit is 40 % , ie USD 0.88 billion = RM 3960 m .

RM 3960 m - 2593 m ‎ =  RM 1,367 million.


But FY2024 :

1.) Loss from net investment Hedge , ( RM 125 million)

2.) Reclassification of changes in fair value of cash flow hedges , ( RM 180 million) .

3.) Interest expenses on Loans n Borrowing = RM 1,118 million.

4.) Treasury shares ( SBB ) : 157,333,000 unit ( 4.94 % , RM 369 million)


B.) >Referred to FY2024 Annual Report >

Treasury shares ( SBB ) : 157,333,000 unit ( 4.94 % , RM 369 million)


> QR ended July 2024 :

Treasury shares ( SBB ) : ? Unit ( ? % , RM 470 million )


> QR ended October 2024 :

Treasury shares ( SBB ) : ? Unit ( ? % , RM 607 million )

😱👉 ie : SBB money in 9 months = RM 238 million.


😱😱👉👉：illustrated FY2024 Interest , Hedge and SBB Expenses: 1118 + 125 + 180 + 238 = RM 1,661 million = RM 1.661 Billion. ( Exluded Administrative Expenses). 😱



And FPSO Agogo is scheduled First Oil by early 2026 with Charter Contract USD 5.4 billion: assuming Gross Profit is 40 % , ie USD 2.16 billion = RM 9.72 billion .


👉👉👉 So RM 9.72 billion / RM 1.661 billion. = 5.9 , ie can Last for 5.9 years from CY 2026 . ( shall be Less if included Administrative Expenses RM 185 m x 4 = RM 740 m / year … ie : can Last for 4 years ) 😱


After FPSO Agogo First Oil on early 2026 .. Shl need continual New FPSO First Oil to pay the Loans n Borrowings.

No wander the Order Book of 9 FPSO is Last until 2048 … FPSO Maria n Atlanta is completed …

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho why FBSO Agogo Charter Contract is comparatively Low , USD 5.4 billion ? Cheap Sale ??? 😱🤔🤔🤔


1.) FPSO Atlanta: Capacity 50,000 bpd. First Oil on 31st December 2024 .

2.) FPSO Maria : Capacity 70,000 bpd .
First Oil on October 2024 .

3.) FPSO Agogo : Capacity 120,000 bpd .
Scheduled to be First Oil by early 2026 .



USD Billion 
FPSO Anna Nery HY (SOV) Brazil 5.7 
FPSO JAK IG Ghana 1.8 
FPSO Helang IG Malaysia 1.1 
FPSO AJ - Nigeria 0.8 
FSO PTSC Bien2 Sov Vietnam 0.1 
FPSO PTSC Lam3 Sov Vietnam 0.006 
FPSO Agogo IG Angola 5.4 
FPSO Maria Quitéria HY (SOV) Brazil 5.3 
FPSO Atlanta - Brazil 2.2 
Total 22.2

Posted by Holdom2040 > 6 days ago | Report Abuse

John:

When u calculate the total financial asset + fpso contribution - total loan borrowing = +1367mil (excess)

If u contra these, then they would be no payment of loan (which u deduct using fpso agogo contribution) because u ady paid using the financial asset.

The loss of net investment hedge, sbb are not recurrent/ annually.

Posted by Holdom2040 > 6 days ago | Report Abuse

What is left = 1367 mil (excess frm atlanta over charter period) + fpso agogo contribution - cost to build (remaining as of current)/operate/ administrative of fpso agogo contribution - loan borrowing related to agogo

Because all loans n borrowing, we contra using all financial asset + opersting fpso

Posted by Sslee > 6 days ago | Report Abuse

Once Agogo hit first oil another USD 4,600/15 = USD 306.67 million.

Posted by Holdom2040 > 6 days ago | Report Abuse

The finance cost and financial lease payment are the same n have been the same since Q1 2023 (i check till here only).

Even though high loan n borrowing, finance lease receivable also very high. Same pace also. So is fine

Posted by Holdom2040 > 6 days ago | Report Abuse

Simplified:

Company borrow money to build, the finance lease payment is enuf to pay the finance cost. The company able to borrow more to build more. More finance lease receivable to cover the increasing finance cost.

What we need to worry is if the finance cost> finance lease payment. Which isnt now. The cost comes before the income (ie need money to build first). Finance cost will peak first before finance lease payment. When the former decline and the latter peak, that is when cash flow is seen

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho information oredi given in the posts le …

Taking :

Interest expenses on Loans n Borrowing = RM 1,118 million.

Administrative Expenses RM 185 m x 4 = RM 740 m / year …

SBB money in 9 months = RM 238 million.

Hedge : 125 + 180 million .


FPSO Agogo is scheduled First Oil by early 2026 with Charter Contract USD 5.4 billion: assuming Gross Profit is 40 % , ie USD 2.16 billion = RM 9.72 billion .


Update :

1.) Gross Profit 40 % is at High side … range 30 to 40 % .

2.) USD to RM is reduced 4.71 to 4.5 … affected Net Income.

3.) Interest expenses in FY2024 RM 1,118 million is Low as FPSO Agogo financing on May 2024 ….

as illustrated taken interest rate 9 % instead of FY2024 USD Loans with interest rate 12 % n 13.88 % .

Posted by jjohnchew > 6 days ago | Report Abuse

Current Ratio 0.64
Debt-Equity (DE) Ratio 2.27
FCF Yield -10.35 %
Revenue QoQ -13.49 %
Revenue YoY -34.13%
Profit QoQ -1.48 %
Profit YoY -19.35 %

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho after financial assets minus financial liabilities recorded at that QR ..then is on the interest rate / interest expenses for simplified …

—-


Posted by Holdom2040 > 1 hour ago | Report Abuse

John:

When u calculate the total financial asset + fpso contribution - total loan borrowing = +1367mil (excess)

If u contra these, then they would be no payment of loan (which u deduct using fpso agogo contribution) because u ady paid using the financial asset.

The loss of net investment hedge, sbb are not recurrent/ annually.

Posted by Holdom2040 > 6 days ago | Report Abuse

What do u mean?

Hoho after financial assets minus financial liabilities recorded at that QR ..then is on the interest rate / interest expenses for simplified …

Posted by john888 > 6 days ago | Report Abuse

After agogo achieve first oil on last Qr of 2025 the Fpso business PAT will hit 1.5 Billions on 2026 onward .

Posted by Holdom2040 > 6 days ago | Report Abuse

Company borrow money to build. Total borrowing n loan incur.
Finance cost incur
Co use the money to build fpso.
Fpso = finance lease receivable
Finance lease receivable gives finance lease payment.
Finance lease payment is the same as finance cost currently.
U can see it is a circle.

When finance lease payment > finance cost, this is when cash flow is seen.

Yes John, lots of debt u have been showing. But so does the financial lease receivable.

Yes negative free cash flow. Because contract asset, financial lease receiable are not cash yet

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho as usual Dumbasxx TinKosongLeader Kon SS leee Twisting n Twisting…

👉 BTW what is Agogo n Anna Nery Loans !!!


Optional Charter Contract ke … hope not like Armada FPSO Claire lo … Optional contract is Not extended… Armada taken Legal action but is Failed …. Esp FPSO Agogo oil field is in Africa.


And by the way donkey is FPSO agogo Firm: 15 years (USD 4.6 billion)
Optional: 5 x 1-year (USD 0.7 billion) is cheaper than FPSO Anna Nery 25 years (2023 - 2048) (USD 5.5 billion)?


Posted by Sslee > minutes ago | Report Abuse
USD Billion 
FPSO Anna Nery HY (SOV) Brazil 5.7 
FPSO JAK IG Ghana 1.8 
FPSO Helang IG Malaysia 1.1 
FPSO AJ - Nigeria 0.8 
FSO PTSC Bien2 Sov Vietnam 0.1 
FPSO PTSC Lam3 Sov Vietnam 0.006 
FPSO Agogo IG Angola 5.4 
FPSO Maria Quitéria HY (SOV) Brazil 5.3 
FPSO Atlanta - Brazil 2.2 
Total 22.2

Posted by Sslee > 6 days ago | Report Abuse

Donkey just an example of FPSO operation profitable vs revenue

YTD Q1 FYE 2024(RM’ mil)
YTD Q1FYE 2025 (RM’ mil)
Variance (RM’ mil)
Revenue 365 651 286
Gross Profit 213 433 220
EBITDA 250 468 218
Core PATAMI 104 177 73
 Increase in revenue was due to fresh contribution from FPSO Anna Nery’s
operation since first oil was achieved on 7 May 2023.

Gross profit 433/651 = 66.51%
EBITDA 468/651= 71.89%
PAT 177/651 = 27.19%

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho what a Tua donkkeyy TinKosongLeader Kon Slee …

Repost :

Hoho copy from a forumer’s post n updated my comments :


the finance payment received has been steadily rising at the same time as finance cost 

04/2022: finance lease payment 107mil vs finance cost 111mil 
07/2022: 134mil vs 133mil 
10/2022: 101m vs 161m 
01/2023: 151m vs 172m

04/2023: 95m vs 201m (Anna Nery first oil May)

07/2023: 218m vs 202m

10/2023: 318m vs 244m

01/2024: 295m vs 316m

04/2024: 355m vs 372m 
07/2024: 319m vs 445m

10/2023: 316m vs 443m (Maria Q first oil early Oct)

>>>
👉The hidden risks as posted earlier:

These 4 Latest FPSO illustrated Total Loans n Borrowings =.RM 12.4 billion + 3.22 billion =. RM 15.62 billions

QR October 2024 Total Loans n Borrowings RM 19.37 billion- RM 15.62 billion = RM 3.75 billion.

👉👉 Question: Where is this Loans n Borrowings RM 3.75 billion is b/f From ????😱😱😱🤔


Note : 4 Latest FPSO > Anna Nery , Atlanta, Maria and Agogo .

And :

👉👉👉 FPSO Anna Nery is contributing ard 50 % ( First Oil on May 2023 ) on FPSO segment Revenue where as the other 5 Operating FPSO are contributing 50 % ( ie : illustration > each one contributing 10 % only ) .

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho no worries.. as the article said :


As a result of this and other misadventures by a few oil and gas companies, banks are shying away from funding the sector.
However, it came as a surprise that Yinson Holdings Bhd’s (KL:YINSON) latest financial results had caused anxiety and uncertainty among the analysts who cover the company’s stock. After all, with a market capitalisation of close to RM7.5 billion, Yinson is one of the more respected players and among the success stories in the local oil and gas sector.

One research house’s report on Yinson’s financials mentions “Using financial tools to boost equity returns” while a bank-backed research outfit says, “We have stripped off RM151 million EPCIC (engineering, procurement, construction, installation and commissioning) earnings in arriving at our core profit. We believe Street estimates may not be a good comparison as other analysts regard Yinson’s EPCIC earnings as core profit.”

Another research house notes that Yinson’s “IFRS accounting distortion is growing alongside its leverage”, which could lead to confusion among investors.

Although analysts who cover the company’s stock mostly have a positive view of Yinson, the group’s accounting policy or treatment for certain aspects of its operations can be disquieting.

The insider reply is to follow IFRS by Next FY , ie : February 2025 to January 2026 ….very interesting le on those Elimination figures le …..

Posted by jjohnchew > 6 days ago | Report Abuse

Hoho TinKosongLee i am name dropping again lo … nowadays only use this name :

👉 Hoho I am posted Top Glove TP RM 3.40 on 4/12/2020 , ard 2 weeks earlier than JPM TP RM 3.50 .. 
 




And posted the study on Nitrile Gloves Demand vs Supply of 7 Local Gloves company on August 2020 that Supply Shl fulfil Demand in 12 months …

Posted by Holdom2040 > 6 days ago | Report Abuse

John:

Question: Where is this Loans n Borrowings RM 3.75 billion is b/f From ????
from bonds listed on London stock exchange
source: https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=230076&name=EA_FR_ATTACHMENTS