MIRA INFORM REPORT

 

 

Report Date :

07.09.2012

 

IDENTIFICATION DETAILS

 

Name :

BUMI ARMADA BHD

 

 

 

 

Registered Office :

Level 21 Menara Perak, Jalan Perak Kuala Lumpur, 50450

 

 

 

 

Country :

Malaysia

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

December 1995

 

 

 

 

Legal Form :

Public Parent

 

 

 

 

Line of Business :

Sea and Coastal Water Transport

 

 

 

 

No. of Employees :

277

 

 

 

RATING & COMMENTS

 

MIRAs Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

Payment Behaviour :

Regular

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

MALAYSIA - ECONOMIC OVERVIEW

 

Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies more than 40% of government revenue. The central bank maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia''s exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests.

Source : CIA

Company name and address

 

Top of Form

Bottom of Form

Bumi Armada Bhd

 

Level 21

Menara Perak, Jalan Perak

 

Kuala Lumpur, 50450

Malaysia

 

Tel:

60-3-21715799

Fax:

60-3-21635799

 

www.bumiarmada.com

 

Employees:

277

Company Type:

Public Parent

Corporate Family:

7 Companies

Traded:

Bursa Malaysia:

ARMADA

Incorporation Date:

Dec-1995

Auditor:

PricewaterhouseCoopers LLP

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Malaysian Ringgit

Annual Sales:

504.8  1

Net Income:

117.6

Total Assets:

2,188.1  2

Market Value:

3,480.3

 

(17-Aug-2012)

 

Business Description  

 

Bumi Armada Berhad is an investment holding company. The Company is engaged in the provision of marine transportation, floating production storage and offloading system (FPSO) operations, vessel construction, and engineering and maintenance services to offshore oil and gas companies. The Company operates in four segments: Offshore Support Vessels (OSV), Floating Production Storage and Offloading system (FPSO), Transport and Installation (T&I) and Oilfield Services. The Company’s associate Barmada McDermott Sdn Bhd is engaged in provision of construction and installation of offshore pipelines and structure. In April 2012, its wholly owned subsidiary, Bumi Armada Offshore Holdings Limited, incorporated Armada Offshore OSV Limited in the Republic of the Marshall Islands. On July 12, 2012, the Company’s subsidiary, Bumi Armada Offshore Holdings Limited, incorporated a wholly owned subsidiary known as Armada Offshore MPSV Limited. For the six months ended 30 June 2012, Bumi Armada Bhd revenues decreased 6% to RM719.7M. Net income increased 28% to RM181.6M. Revenues reflect OFS segment decrease of 98% to RM3.7M. Net income reflects Interest Income increase from RM157K to RM6.2M (income), Selling and distribution costs decrease of 10% to RM43.9M (expense). Basic Earnings per Share excluding Extraordinary Items remained flat at RM0

 

Industry  

 

Industry

Water Transportation

ANZSIC 2006:

4810 - Water Freight Transport

NACE 2002:

6110 - Sea and coastal water transport

NAICS 2002:

483111 - Deep Sea Freight Transportation

UK SIC 2003:

61102 - Freight sea and coastal water transport

UK SIC 2007:

5020 - Sea and coastal freight water transport

US SIC 1987:

4412 - Deep Sea Foreign Transportation of Freight

 

Key Executives

 

 

Name

Title

Hassan Assad Basma

Chief Executive Officer, Executive Director

Shaharul Rezza bin Hassan

Chief Financial Officer, Executive Director

Noor Hamiza binti Abd Hamid

Company Secretary

Chakib Abi-Saab

Chief Information Officer

Guan Huat Choong

Vice President - Strategic Procurement

 

Significant Developments  

 

Topic

#*

Most Recent Headline

Date

Mergers & Acquisitions

2

Bumi Armada Berhad's Subsidiary Acquires Vessel

27-Dec-2011

Strategic Combinations

1

Bumi Armada Berhad With Ezra Holdings Ltd Vying For Hess Job-Reuters

19-Mar-2012

New Business / Unit / Subsidiary

6

Bumi Armada Berhad Incorporates Bumi Armada Holdings Labuan Ltd.

3-Sep-2012

Business Deals

5

Bumi Armada Berhad's Bumi Armada Navigation Sdn Bhd Receives Contract From Tecnologias Relacionadas Con Energia Y Servicios Especializados, S.A. De C.V.

7-May-2012

Equity Investments

4

Bumi Armada Bhd Announces Ownership Interest Of Ombak Damai Sdn Bhd, Karisma Mesra Sdn Bhd And Objektif Bersatu Sdn Bhd

17-Aug-2012

* number of significant developments within the last 12 months

 

 

News  

 

Title

Date

Bumi Armada Q2 net profit increases 52pc
Business Times (Malaysia) (299 Words)

17-Aug-2012

Oil & gas may be the next big thing
Business Times (Malaysia) (224 Words)

30-Jul-2012

IHH listing set to be roaring success
The Straits Times (720 Words)

11-Jul-2012

Bumi Armada has RM7.7b jobs firmly in hand, targets more deals
Business Times (Malaysia) (347 Words)

22-Jun-2012

Bumi Armada picks firm to build 4 vessels
Business Times (Malaysia) (66 Words)

21-Jun-2012

 

Financial Summary  

 

As of 30-Jun-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.86

 

Quick Ratio (MRQ)

1.85

 

Debt to Equity (MRQ)

0.76

 

Net Profit Margin (TTM) %

27.09

 

Return on Assets (TTM) %

6.51

 

Return on Equity (TTM) %

15.79

 

 

 

 

 

Stock Snapshot  

 

Traded: Bursa Malaysia: ARMADA

 

As of 17-Aug-2012

   Financials in: MYR

Recent Price

3.72

 

EPS

0.12

52 Week High

4.53

 

Price/Sales

7.06

52 Week Low

3.24

 

Dividend Rate

0.03

Avg. Volume (mil)

3.43

 

Price/Earnings

29.36

Market Value (mil)

10,894.56

 

Price/Book

3.09

 

Price % Change

Rel S&P 500%

4 Week

-7.69%

-8.07%

13 Week

-4.12%

-10.94%

52 Week

-6.06%

-14.40%

Year to Date

-9.27%

-15.82%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = MYR 3.058556
2 - Balance Sheet Item Exchange Rate: USD 1 = MYR 3.17

 

 

Corporate Overview

 

Location
Level 21
Menara Perak, Jalan Perak
Kuala Lumpur, 50450
Malaysia

 

Tel:

60-3-21715799

Fax:

60-3-21635799

 

www.bumiarmada.com

Quote Symbol - Exchange

ARMADA - Bursa Malaysia

Sales MYR(mil):

1,543.9

Assets MYR(mil):

6,936.2

Employees:

277

Fiscal Year End:

31-Dec-2011

 

Industry:

Water Transportation

Incorporation Date:

Dec-1995

Company Type:

Public Parent

Quoted Status:

Quoted

 

Chief Executive Officer, Executive Director:

Hassan Assad Basma

Contents

Industry Codes

Business Description

Financial Data

Subsidiaries

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

4810

-

Water Freight Transport

2231

-

Boiler, Tank and Other Heavy Gauge Metal Container Manufacturing

3109

-

Other Heavy and Civil Engineering Construction

2491

-

Lifting and Material Handling Equipment Manufacturing

1090

-

Other Mining Support Services

6240

-

Financial Asset Investing

6923

-

Engineering Design and Engineering Consulting Services

 

NACE 2002 Codes:

6110

-

Sea and coastal water transport

4521

-

General construction of buildings and civil engineering works

2922

-

Manufacture of lifting and handling equipment

7415

-

Management activities of holding companies

7420

-

Architectural and engineering activities and related technical consultancy

2811

-

Manufacture of metal structures and parts of structures

1120

-

Service activities incidental to oil and gas extraction excluding surveying

 

NAICS 2002 Codes:

483111

-

Deep Sea Freight Transportation

541330

-

Engineering Services

551112

-

Offices of Other Holding Companies

333924

-

Industrial Truck, Tractor, Trailer, and Stacker Machinery Manufacturing

237990

-

Other Heavy and Civil Engineering Construction

332313

-

Plate Work Manufacturing

213112

-

Support Activities for Oil and Gas Operations

 

US SIC 1987:

4412

-

Deep Sea Foreign Transportation of Freight

6719

-

Offices of Holding Companies, Not Elsewhere Classified

3537

-

Industrial Trucks, Tractors, Trailers, and Stackers

3443

-

Fabricated Plate Work (Boiler Shops)

1629

-

Heavy Construction, Not Elsewhere Classified

8711

-

Engineering Services

1389

-

Oil and Gas Field Services, Not Elsewhere Classified

 

UK SIC 2003:

61102

-

Freight sea and coastal water transport

74204

-

Engineering consultative and design activities

7415

-

Management activities of holding companies

2811

-

Manufacture of metal structures and parts of structures

1120

-

Service activities incidental to oil and gas extraction excluding surveying

45213

-

Construction of civil engineering constructions

2922

-

Manufacture of lifting and handling equipment

 

UK SIC 2007:

5020

-

Sea and coastal freight water transport

4221

-

Construction of utility projects for fluids

2511

-

Manufacture of metal structures and parts of structures

2822

-

Manufacture of lifting and handling equipment

71129

-

Other engineering activities (not including engineering design for industrial process and production or engineering related scientific and technical consulting activities)

642

-

Activities of holding companies

0910

-

Support activities for petroleum and natural gas extraction

 

Business Description

Bumi Armada Berhad is an investment holding company. The Company is engaged in the provision of marine transportation, floating production storage and offloading system (FPSO) operations, vessel construction, and engineering and maintenance services to offshore oil and gas companies. The Company operates in four segments: Offshore Support Vessels (OSV), Floating Production Storage and Offloading system (FPSO), Transport and Installation (T&I) and Oilfield Services. The Company’s associate Barmada McDermott Sdn Bhd is engaged in provision of construction and installation of offshore pipelines and structure. In April 2012, its wholly owned subsidiary, Bumi Armada Offshore Holdings Limited, incorporated Armada Offshore OSV Limited in the Republic of the Marshall Islands. On July 12, 2012, the Company’s subsidiary, Bumi Armada Offshore Holdings Limited, incorporated a wholly owned subsidiary known as Armada Offshore MPSV Limited. For the six months ended 30 June 2012, Bumi Armada Bhd revenues decreased 6% to RM719.7M. Net income increased 28% to RM181.6M. Revenues reflect OFS segment decrease of 98% to RM3.7M. Net income reflects Interest Income increase from RM157K to RM6.2M (income), Selling and distribution costs decrease of 10% to RM43.9M (expense). Basic Earnings per Share excluding Extraordinary Items remained flat at RM0

 

More Business Descriptions

Ownership and operation of marine assets in Asia, Africa and Latin America; oil exploration, field development and construction; shallow and deep water oil facility operation and decommissioning

 

Marine Transportation Services

 

Bumi Armada Bhd is primarily engaged in passenger sea and coastal water transport; and freight sea and coastal water transport.

 

Other Support Activities for Water Transportation

 

 

 

 

 

 

 

Financial Data

 

Financials in:

MYR(mil)

 

Revenue:

1,543.9

Net Income:

359.7

Assets:

6,936.2

Long Term Debt:

2,560.2

 

Total Liabilities:

3,408.2

 

Working Capital:

-0.6

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

24.4%

2.5%

44.6%

 

Subsidiaries

Company

Percentage Owned

Country

Offshore Marine Ventures

50%

SINGAPORE

Armada D1 Pte Ltd

50%

SINGAPORE

 

 

 

 

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

Bank:

AmBank Group Berhad, CIMB Bank Berhad, Malayan Banking Berhad, RHB Bank Berhad

 

Auditor:

PricewaterhouseCoopers, Pricewaterhousecoopers, PricewaterhouseCoopers LLP

 

 

 

 

 

 

 

 

 

 

Corporate Structure News

 

Bumi Armada Bhd
Total Corporate Family Members: 7

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Bumi Armada Bhd

Parent

Kuala Lumpur

Malaysia

Water Transportation

504.8

277

Bumi Armada Navigation Sdn Bhd

Subsidiary

Kuala Lumpur, Kuala Lumpur

Malaysia

Miscellaneous Transportation

108.8

520

Haven Automation Industries (S) Pte Ltd

Subsidiary

Singapore

Singapore

Electronic Instruments and Controls

3.8

150

Armada Marine Contractors Caspian Pte. Ltd.

Subsidiary

Singapore

Singapore

Miscellaneous Capital Goods

0.0

14

Armada (Singapore) Pte Ltd

Subsidiary

Singapore

Singapore

Water Transportation

1,026.2

10

Armada Marine Contractors Caspian Pte. Ltd.

Subsidiary

Singapore

Singapore

Construction and Agriculture Machinery

57.3

2

Bumi Armada Engineering Sdn Bhd

Subsidiary

Kuala Lumpur, Kuala Lumpur

Malaysia

Engineering Consultants

3.2

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Mahamad Fathil bin Dato' Mahmood

 

Non-Independent Non-Executive Chairman of the Board

Chairman

Biography:

Dato' Sri Mahamad Fathil bin Dato' Mahmood has been Non-Independent Non-Executive Chairman of the Board of Bumi Armada Berhad since September 19, 2006. He is an entrepreneur with interest and experience in trading, agriculture, telecommunications, information technology and management solutions and services. He is also the chairman and director of Lembaga Totalisator Malaysia. He founded several companies namely MFDM Holdings Sdn Bhd, MTU Services (Malaysia) Sdn Bhd, Pelasari Sdn Bhd, Central Management Catalogue Agency Sdn Bhd, Motor Teknologi & Industri Sdn Bhd, Pelasari Agriculture Sdn Bhd and Unisrialfa Sdn Bhd. His other directorships are in FPSO Ventures Sdn Bhd and Majlis Ekuin Malaysia. He holds a diploma from the Institute of Management Specialists in the United Kingdom (“UK) and is a Fellow of the British Institute of Management in the UK.

 

Age: 63

 

Ahmad Fuad bin Md Ali

 

Non-Independent Non-Executive Deputy Chairman

Vice-Chairman

 

 

Biography:

Dato' Ahmad Fuad bin Md Ali has been Non-Independent Non-Executive Deputy Chairman of Bumi Armada Berhad since June 6, 2007. He is Chairman of the Risk Management and Executive Committees of the Company. He has over 20 years of experience in the fields of finance, accounting, auditing and consultancy. He was a consultant in 1978 with Hanafiah Raslan & Mohamad (which merged with Arthur Andersen & Co. in 1990), and was made a principal of the branch office in Penang in 1982. Two years later, he was made a partner in charge of the management consulting division. In 1991, he headed the Audit and Business Advisory unit and in 1993, he was appointed as the office managing partner. He retired from Arthur Andersen & Co. in August 1995. In September 1995, he was appointed as the executive chairman of Malaysian Plantations Berhad. During his 3-year tenure, he was involved in and managed various projects including construction and property development, stock broking and finance related businesses. In early 2000, he ventured into oil & gas (“O&G) industry-related support services, especially those relating to the complete operations and management side of various O&G installations. He also sits on the boards of directors of various other private companies. He is a Fellow of the Association of Chartered Certified Accountants (UK) and a Member of the Malaysian Institute of Certified Public Accountants (“MICPA). He is also a Chartered Accountant of the Malaysian Institute of Accountants (“MIA).

 

Age: 59

 

Hassan Assad Basma

 

Chief Executive Officer, Executive Director

Director/Board Member

 

 

Biography:

Mr. Hassan Assad Basma has been Chief Executive Officer and Executive Director of Bumi Armada Berhad since September 1, 2005. He has 30 years of experience in the O&G industry, of which the last 17 years were spent in Asia. He was the President of Far East Single Buoy Mooring and the Managing Director of Kvaerner E & C Singapore and has held senior management positions since 1993. He has epxerience working in the Europe, Africa, the Middle East, India, South East Asia and Australia. He was involved in the FPSO for the Kikeh Field in Malaysia, Gravity Actuated Pipe application, co-generation power plant in Singapore, petrochemical plant in Kuantan for BASF (Malaysia) Sdn Bhd, as well as the engineering and design for the onshore gas field in Chian for Shell Changbai. He holds a Bachelor of Science degree in Engineering from University of Manchester Institute of Science and Technology in the UK. He was with Haven Automation (Malaysia) Sdn Bhd, Haven Corrosion Engineering Sdn Bhd and Haven Engineering (Malaysia) Sdn Bhd.

 

Age: 55

 

Education:

University of Manchester Institute of Science and Technology, BS (Engineering)

 

Shaharul Rezza bin Hassan

 

Chief Financial Officer, Executive Director

Director/Board Member

 

 

Biography:

Mr. Shaharul Rezza bin Hassan has been Chief Financial Officer and Executive Director of Bumi Armada Berhad since June 2, 2003. He has over 15 years of experience in corporate finance/fund raising and financial management. Prior to joining the Company, he worked in the corporate finance department of UTSB for 10 years. During his tenure with UTSB, he was involved in various corporate exercises, such as mergers and acquisitions, structuring, fund raising and equity public offerings, including the reverse take over of Malaysian Tobacco Company Bhd (now MEASAT Global Berhad) and the acquisition and privatization of Bumi Armada. He holds a Bachelor of Science degree in Economics from University of Bristol, UK. His other directorships are in Amat Kreatif Sdn Bhd, Daya Merdu Sdn Bhd, Fanuc Resources Sdn Bhd, Ikatan Gemilang Sdn Bhd, Kelana Makmur Sdn Bhd, Kelana Sakti Sdn Bhd, Kuala Terusan Sdn Bhd, Kuasa Gemilang Sdn Bhd, Kuda Wijaya Sdn Bhd, Pilihan Cermat Sdn Bhd, Pilihan Ikhlas Sdn Bhd, Pilihan Teguh Sdn Bhd, Riang Sari Sdn Bhd, Serba Jadi Sdn Bhd and Teguh Sari Sdn Bhd. He was with Abad Lintang Sdn Bhd, Alam Nakhoda Sdn Bhd, Anak Samudra Sdn Bhd, Angsana Kukuh Sdn Bhd, Badai Jaya Sdn Bhd, Badai Maju Sdn Bhd, Bayu Nusantara Sdn Bhd and Beduk Selatan Sdn Bhd. He is Member of the Executive Committee of the Company.

 

Age: 40

 

Education:

University of Bristol, BS (Economics)

 

Saiful Aznir bin Shahabudin

 

Independent Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Saiful Aznir bin Shahabudin has been Independent Non-Executive Director of Bumi Armada Berhad since December 1, 2006. He is Chairman of the Audit Committee of the Company. He has general management experience having, served as the chief executive officer of two companies for an aggregate of more than 10 years. Currently, he is the group chief executive officer of Sharikat Permodalan Kebangsaan Berhad which he joined in 2002. In addition, he also specialises in corporate finance and privatisation matters. He qualified as a Member of the American Institute of Certified Public Accountants and is a Member of the MICPA. He holds a Master of Business Administration from the University of Chicago in the United States of America and a Bachelor of Business Administration from Western Michigan University in the United States

 

Age: 52

 

Education:

University of Chicago, MBA
Western Michigan University, BBA

 

Farah Suhanah binti Ahmad Sarji

 

Non-Independent Non-Executive Director

Director/Board Member

 

 

Biography:

Ms. Farah Suhanah binti Ahmad Sarji has been Non-Independent Non-Executive Director of Bumi Armada Berhad since June 2, 2003. She is an Advocate and Solicitor of the High Court of Malaya and started her professional legal career with the Attorney General's Chambers as the Deputy Public Prosecutor and was later appointed as a Federal Counsel. She also served as a Magistrate at the Kuala Lumpur Magistrate Courts (Civil). She left the Government service in 1996 to pursue her legal practice as a partner in the law firm of Messrs Zaid Ibrahim & Co, where she gained experience in corporate/commercial and governmental transactions. At present, she is the Managing Partner of her own law firm, Chambers of Farah Suhanah, which was established in January 2003. She holds a Bachelor of Arts degree in Law from the University of Kent in Canterbury, UK, and is a Barrister at Law of the Middle Temple in London. She has also attended and participated in the Program of Instruction for Lawyers at Harvard Law School in Cambridge, USA. Her other directorships are in Gedung Makmur Sdn Bhd, Konsep Mahir Sdn Bhd, Pelangi Serunding Sdn Bhd and Tekun Emas Sdn Bhd. She was with ABX Logistics (M) Sdn Bhd, Cherating Utara Sdn Bhd, Gagah Permata Sdn Bhd, Kitaran Samudra Sdn Bhd, Mahanusantara Sdn Bhd, Nusantara Axis Sdn Bhd, Nusantara Bay Sdn Bhd, Nusantara Dinamik Sdn Bhd, Nusantara Parade Sdn Bhd, Simbol Kencana Sdn Bhd and Usaha Kukuh Sdn Bhd.

 

Age: 46

 

Education:

University of Kent, BA (Law)

 

Chee Beng Chan

 

Non-Independent Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Chan Chee Beng has been Non-Independent Non-Executive Director of Bumi Armada Berhad since June 2, 2003. He has more than 30 years of experience in investment banking, financial management and accounting, including stints with Ernst & Young and Morgan Grenfell & Co. Ltd. He joined the UTSB Group in 1992 as the head of corporate finance. He is currently an Executive Director of UTSB and serves on the boards of several other companies in which UTSB has interests, such as Maxis, Maxis Communications Berhad and Binariang GSM Sdn Bhd in Malaysia, Sri Lanka Telecom PLC and Mobile (Pvt) Ltd in Sri Lanka, and Aircel Limited in India. He is also a Non-Independent Non-Executive Director and a member of Audit Committee of MEASAT Global berhad, and a member od Audit and Nomination Committees of Maxis. He holds a degree in Economics and Accounting from University of Newcastle-upon-Tyne in the UK and is a Fellow of the Institute of Chartered Accountants in England and Wales. His other directorships are in Aircel Cellular Limited, Aircel Limited, All Asia Media Equities Ltd, Allhem B.V., Barinal N.V., BGSM Capital Sdn Bhd, Binariang GSM Sdn Bhd, Dishnet Wireless Limited, East Asia Communications Holdings N.V., East Asia Communications N.V., First Asia Pacific Investment N.V., Global Communications Investments Holdings N.V., Global Communications Services Holdings Ltd, Gromwell Limited, International Hotel Investments Ltd and Mezzanine Equities N.V. He is a Member of Company's Audit Committee and Nomination Committee and Deputy Chairman of the Executive Committee.

 

Age: 56

 

Education:

University of Newcastle (Accounting and Economics)

 

Ghee Keong Lim

 

Non-Independent Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Lim Ghee Keong has been Non-Independent Non-Executive Director of Bumi Armada Berhad since April 22, 2011. He has more than 20 years of experience in treasury and credit management. He is currently the Group Treasurer of UTSB. His other directorships include Paxys Inc., a business process outsourcing company listed in the Philippine Stock Exchange. He is also a Director and Chairman of the Audit Committee of Bond Pricing Agency Malaysia Sdn Bhd. Prior to joining UTSB, he was with the General Electric Capital Corporation in the United States and the former Ban Hin Lee Bank in Malaysia. He holds a Bachelor of Business Administration degree in Finance from the University of Hawaii at Manoa, USA. His other directorships are in Amat Kreatif Sdn Bhd, Astro Holdings Sdn Bhd, Astro Overseas Limited, Australian Equities Pty Ltd, Dalton Capital (Guemsey) Ltd, Daya Merdu Sdn Bhd, Excorp, Fanuc Resources Sdn Bhd, Ikatan Gemiland Sdn Bhd, Kelana Makmur Sdn Bhd, Kelana Sakti Sdn Bhd, Kuala Terusan Sdn Bhd, Kuasa Gemilang Sdn Bhd, Kuda Wijaya Sdn Bhd, Maxis Holdings Sdn Bhd, MEASAT Global Network Systems Sdn Bhd, Mezzanine Equities N.V., One Asia (HK) Ltd, One Asia Inc, Pacific Investments Holdings N.V., Pan Malaysian Sweeps Sdn Bhd, Pacific Basin Community Foundation Limited, Paxys Inc., Perahu Emas Sdn Bhd, Permata Tegap Sdn Bhd, Pilihan Ikhlas Sdn Bhd, Pilihan Teguh Sdn Bhd, Powertek Berhad, Riang Sari Sdn Bhd and Serba Jadu Sdn Bhd. He is a Member of Company's Remuneration Committee and Risk Management Committees.

 

Age: 45

 

Education:

University of Hawaii, BBA (Finance)

 

Alexandra Elisabeth Johanna Maria Schaapveld

 

Independent Non-Executive Director

Director/Board Member

 

 

Biography:

Ms. Alexandra Elisabeth Johanna Maria Schaapveld has been Independent Non-Executive Director of Bumi Armada Berhad since June 8, 2011. She is a Member of Company's Audit Committee and Nomination Committee, and Chairman of Remuneration Committee. She has over 40 years of technical and managerial experience in the petroleum exploration and production (“E&P) industry worldwide with a focus on South East Asia/Australia. Her experience includes over 21 years with several affiliates of Exxon Corporation in Australia, Singapore, Malaysia, Canada and the United States, finally in the position of geological manager of Esso Australia. Thereafter, she was exploration manager for five years with GFE Resources Ltd, Australia. She is a founding director of PetroVal (Australasia) Pty Ltd and has over 15 years of experience in preparing independent technical reports and in evaluating E&P assets for a range of clients and also consults through her private consulting company, Sheristowe Pty Ltd. She was closely involved in early discoveries in the Bass Strait and offshore Peninsular Malaysia for Exxon and in the exploration that led to the identification and discovery of the Thylacine gas field offshore Tasmania. In 2011, she was appointed a non-executive director of the board of Bass Strait Oil Company Ltd. She is a member of the American Association of Petroleum Geologists, the Society of Professional Well Log Analysts and the Petroleum Exploration Society of Australia. she holds a degree in Bachelor of Science with First Class Honours in Geology from University of Adelaide, South Australia.

 

Age: 53

 

Education:

University of Adelaide, BS (Geology)

 

Andrew Philip Whittle

 

Independent Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Andrew Philip Whittle has been Independent Non-Executive Director of Bumi Armada Berhad since June 8, 2011. He has over 40 years of experience in technical and managerial aspects in petroleum exploration and production industry in Southeast Asia and Australia. His experience include over 21 years with several affiliates of Exxon Corporation in Australia, Singapore, Malaysia, Canada and the US. He was Exploration Manager of GFE Resources Ltd, Australia. He has over 15 years experience through PetroVal (Australasia) Pty Ltd, of which he is a founding Director, and his private consulting company Sheristowe Pty Ltd, in preparing independent technical reports. He was involved in the discoveries in Bass Straits and offshore Peninsular Malaysia for Exxon that led to the discovery of the Thylacine gas field offshore Tasmania. He is a member of the American Association of Petroleum Geologists, the Society of Professional Well Log Analysts and the Petroleum Exploration Society of Australia. He holds a Bachelor of Science degree in Geology from University of Adelaide, South Australia. He is a Member of Company's Remuneration Commitee and Chairman of Nomination Committee. He is also a member of the Audit Committee.

 

Age: 66

 

Education:

University of Adelaide, BS (Geology)

 

 

Executives

 

Name

Title

Function

 

Hassan Assad Basma

 

Chief Executive Officer, Executive Director

Chief Executive Officer

 

Biography:

Mr. Hassan Assad Basma has been Chief Executive Officer and Executive Director of Bumi Armada Berhad since September 1, 2005. He has 30 years of experience in the O&G industry, of which the last 17 years were spent in Asia. He was the President of Far East Single Buoy Mooring and the Managing Director of Kvaerner E & C Singapore and has held senior management positions since 1993. He has epxerience working in the Europe, Africa, the Middle East, India, South East Asia and Australia. He was involved in the FPSO for the Kikeh Field in Malaysia, Gravity Actuated Pipe application, co-generation power plant in Singapore, petrochemical plant in Kuantan for BASF (Malaysia) Sdn Bhd, as well as the engineering and design for the onshore gas field in Chian for Shell Changbai. He holds a Bachelor of Science degree in Engineering from University of Manchester Institute of Science and Technology in the UK. He was with Haven Automation (Malaysia) Sdn Bhd, Haven Corrosion Engineering Sdn Bhd and Haven Engineering (Malaysia) Sdn Bhd.

 

Age: 55

 

Education:

University of Manchester Institute of Science and Technology, BS (Engineering)

 

Adolfo Bastiani

 

Senior Vice President-Offshore & Marine

Division Head Executive

 

 

Pei-Chun Chiang

 

Senior General Manager - Legal and Secretarial

Division Head Executive

 

 

Biography:

Ms. Chiang (Angele) Pei-Chun is Senior General Manager of Legal and Secretarial of Bumi Armada Bhd. She joined the Company in January 2010. She has over nine years of legal experience across France and Singapore. She spent over six years with Single Buoy Moorings Inc. in Monaco, France before joining Watson Farley & William LLP. She holds a Post Graduate Diploma in Legal Practice from BPP Law School in the UK and a LLB (Bachelor Degree in Law) from South Bank University in the UK.

 

Education:

University of the South Bank, LLB

 

Ausmal Kardin

 

General Manager-Legal Affairs & Secretarial

Division Head Executive

 

 

Noor Hamiza binti Abd Hamid

 

Company Secretary

Company Secretary

 

 

Biography:

Ms. Noor Hamiza binti Abd Hamid is Company Secretary of Bumi Armada Bhd. She joined the Company in July 1999. She was appointed as Company Secretary in September 2004. She is an Associate member of the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA) and has more than 10 years of experience in corporate and company secretarial matters.

 

Ann Nee Chew

 

Joint Company Secretary

Company Secretary

 

 

Biography:

Ms. Chew Ann Nee is Joint Company Secretary of Bumi Armada Bhd. She was appointed on October 1, 2011. Ms. Chew is an associate member of the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA). She has more than 11 years experience in corporate secretarial practice in both public and private limited companies as well as public listed companies. Prior to joining the Company in July 2011, she was with the Company Secretarial Department of PPB Group Berhad for 10 years.

 

Shaharul Rezza bin Hassan

 

Chief Financial Officer, Executive Director

Finance Executive

 

 

Biography:

Mr. Shaharul Rezza bin Hassan has been Chief Financial Officer and Executive Director of Bumi Armada Berhad since June 2, 2003. He has over 15 years of experience in corporate finance/fund raising and financial management. Prior to joining the Company, he worked in the corporate finance department of UTSB for 10 years. During his tenure with UTSB, he was involved in various corporate exercises, such as mergers and acquisitions, structuring, fund raising and equity public offerings, including the reverse take over of Malaysian Tobacco Company Bhd (now MEASAT Global Berhad) and the acquisition and privatization of Bumi Armada. He holds a Bachelor of Science degree in Economics from University of Bristol, UK. His other directorships are in Amat Kreatif Sdn Bhd, Daya Merdu Sdn Bhd, Fanuc Resources Sdn Bhd, Ikatan Gemilang Sdn Bhd, Kelana Makmur Sdn Bhd, Kelana Sakti Sdn Bhd, Kuala Terusan Sdn Bhd, Kuasa Gemilang Sdn Bhd, Kuda Wijaya Sdn Bhd, Pilihan Cermat Sdn Bhd, Pilihan Ikhlas Sdn Bhd, Pilihan Teguh Sdn Bhd, Riang Sari Sdn Bhd, Serba Jadi Sdn Bhd and Teguh Sari Sdn Bhd. He was with Abad Lintang Sdn Bhd, Alam Nakhoda Sdn Bhd, Anak Samudra Sdn Bhd, Angsana Kukuh Sdn Bhd, Badai Jaya Sdn Bhd, Badai Maju Sdn Bhd, Bayu Nusantara Sdn Bhd and Beduk Selatan Sdn Bhd. He is Member of the Executive Committee of the Company.

 

Age: 40

 

Education:

University of Bristol, BS (Economics)

 

Navdeep Jain

 

Vice President - Finance

Finance Executive

 

 

Biography:

Mr. Navdeep Jain is Vice President of Finance of Bumi Armada Bhd. He is a qualified Chartered Accountant from India with over 25 years of post-qualification experience - six years in the profession with KPMG and Ernst & Young, and 20 years in the O&G service industry - 15 years with Baker Hughes, four years with Weatherford and now two years with the Company. He has lived in eight countries across the Middle East, Africa, Europe, the United States and Asia over his career and travelled for work to most O&G producing regions around the world.

 

Alvin Archibald Strang

 

Vice President - Asset Management, O&M

Finance Executive

 

 

Biography:

Mr. Alvin Archibald Strang is Vice President of Asset Management and O&M of Bumi Armada Bhd. He has experience working in the O&G industry for more than 30 years. Majority of this was with BP Exploration in North Sea and Venezuela before moving into the contractor side with Baker Energy (Thailand and Algeria) and then Modec where he was the country manager for Cote d’Ivoire, then deputy general manager for Pacific FPSO Operations based in Singapore. Alvin has been with the Company since February 2008 based in the KL Headquarters. He is responsible for the asset management, operations and maintenance of FPSOs and floating solutions.

 

Wei Leng Yong

 

Manager, Compensation & Benefits

Benefits & Compensation Executive

 

 

Kim Hansen

 

Vice President-International

International Executive

 

 

Choy Hoong Low

 

Vice President - Brand Communications and CSR

Corporate Communications Executive

 

 

Biography:

Ms. Low (Grace) Choy Hoong is Vice President of Brand Communications and CSR of Bumi Armada Bhd. She joined Bumi Armada in August 2007 as Senior General Manager, Corporate Communications, tasked with stewardship of the corporate brand. Prior to that she spent seven years as Managing Director of Ogilvy Public Relations Worldwide, an international Public Relations (“PR) consultancy in Malaysia where she provided strategic counsel and communications solutions to a variety of local and international clients. Prior to that, she spent more than six years at an international advertising agency, Grey World Wide where she established five divisions – PR, promotions, direct, merchandising and healthcare. Having been a journalist, she also has understanding of the media and brings with her media relations and experience in issues and crisis management. She holds a Diploma of Marketing from the Institute of Marketing (now known as Chartered Institute of Marketing).

 

Chakib Abi-Saab

 

Chief Information Officer

Information Executive

 

 

Biography:

Mr. Chakib Abi-Saab is Chief Information Officer of Bumi Armada Bhd. He joined the Company in March 2010. He has experience in the information technology sector and started his career with Getronics Inc. in 1996 in the United States, where he joined as a technical support analyst and became the internet services division manager for one of their support centres. He later joined Baker Hughes Inc. in 2001 and had several progressive roles including managing the information technology support teams in Latin America, and creating the information technology support services structure for Middle East and Asia Pacific. During his last year in Baker Hughes, he was the senior strategic sourcing manager for Middle East and Asia Pacific. He holds a Bachelor of Business Management and a Master of Business Administration, International Business from LeTourneau University, in Longview Texas, the United States. Most recently, he became a member of the Gartner’s Research Board. The Research Board is an international think tank headquartered in New York City.

 

Education:

LeTourneau University, MBA (International Business)
LeTourneau University, B

 

Andrew Lamshed

 

Senior Vice President - Floating Production Systems

Information Executive

 

 

Biography:

Mr. Andrew Day Lamshed is Senior Vice President of Floating Production Systems of Bumi Armada Bhd. He is responsible for business development and sales, including the formation to contract award of the engineering, technology, project execution, operations, legal, financing, and taxation aspects. He joined the Company in October 2006. He has over 25 years of experience, predominantly in the O&G industry. He started his career in capital equipment manufacturing, with roles in engineering and sales of rotating equipment to the oil companies. He then progressed through various project engineering, asset consulting, project management and project development roles with Fluor Corporation, Melbourne, Australia and Clough Engineering Ltd, Perth, Australia. He was appointed as the project director of the OMV Maari project with Clough Engineering Ltd. He holds a Bachelor of Engineering degree (Mechanical) from University of Ballarat in Australia and a Master of Business Administration degree from Monash University in Australia.

 

Education:

Monash University, MBA
University of Ballarat, BE (Mechanical Engineering)

 

Noor Azmi bin Abdul Malek

 

Vice President - Bumi Armada Engineering

Engineering/Technical Executive

 

 

Biography:

Mr. Noor Azmi bin Abdul Malek is Vice President of Bumi Armada Engineering of Brmi Armada Bhd. He is currently responsible for the management of the resources and facilities of BAE as well as technical direction and support. He joined the Company in July 2006. He was a research and development engineer with Innovest Industries Sdn Bhd from 1989 to 1990. From 1990 to 1991, he was a sales engineer in Sun Metal Works Sdn Bhd before leaving as a project engineer at the same company in 1994. Between 1994 and 2006, he assumed the roles of project manager, projects department manager, regional business department manager, business development manager and HSE manager/after sales manager for Kvaerner Process Systems Asia Pacific Sdn Bhd prior to joining the Company. He holds a Bachelor of Science degree in Mechanical Engineering from Colorado State University in the US.

 

Education:

Colorado State University, BS (Mechanical Engineering)

 

Gopalan Krishnan Papachan

 

Vice President - Commercial & Risk Management, Vice President - Oil Field Services Unit

Commercial Executive

 

 

Biography:

Mr. Gopalan Krishnan Papachan is Vice President of Commercial & Risk Management and Vice President - Oil Field Services Unit of Bumi Armada Bhd. He is driving the establishment of an enhanced risk management framework as well as to start up the new OFS unit which will help diversify and extend the Company’s portfolio into marginal/small field developments using innovative contracting arrangements, secure C-EOR and, floating value-added gas opportunities and, to break into new total floating solutions in the production and drilling services space. He joined the Company in July 2011 with 25 years experience in the E&P industry. He started his career with Esso Production Malaysia Inc in 1982 and then later joined Sarawak Shell Berhad from 1992 after taking a break between 1988 to 1991 to read Law. He has worked in Malaysia (KL, Kerteh, Miri), Japan (Tokyo), Holland (The Hague) and Nigeria (Warri). Prior to joining the Company, he was senior general manager for commercial with Shell Upstream Malaysia and he holds degrees in Engineering, Law and Finance.

 

Jonathan Edward Duckett

 

Senior Vice President - Corporate Planning

Planning Executive

 

 

Biography:

Mr. Jonathan Edward Duckett is Senior Vice President of Corporate Planning of Bumi Armada Bhd. He is currently responsible for the overall strategy, corporate performance, growth planning, investor relations as well as business and competitor analysis. He joined the Company in May 2006. He started his career as an equity research analyst with Asia Equity in Malaysia in 1993 and after the take-over by Banque Paribas, he was Paribas Asia-Equity’s Malaysian equity sales/research representative. In 2000, he joined Renong Berhad as group general manager, Investor Relations, before transferring to Plus Expressways Berhad and UEM Group Berhad in the same capacity prior to joining the Company. He holds a Bachelor of Applied Arts degree in Business Administration Management from The American College in London (now known as The American Intercontinental University).

 

Education:

American Intercontinental University, B (Business Administration)

 

Guan Huat Choong

 

Vice President - Strategic Procurement

Purchasing Executive

 

 

Biography:

Mr. Choong Guan Huat is Vice President of Strategic Procurement of Bumi Armada Bhd. He is currently responsible for the Company's procurement and contract management functions. He joined the Company in August 2006. He has over 30 years of procurement and project management experience, working with multinational corporations in international and domestic projects which included O&G facilities, power, petrochemical, industrial, pharmaceuticals, pipelines, LNG terminals, fixed production platforms and FPSO. His experience encompasses project procurement, materials and logistics management for projects in the Middle East, Africa, Europe and Asia Pacific. He has held senior procurement management positions which included responsibility for regional and global procurement. He holds an Advanced Diploma in Business Administration from The Association of Business Executives (ABE) in London, UK and also completed a course of study as a Certified Purchasing Manager from the National Association of Purchasing Management in the United States. He has also pursued an MBA course from the University of Southern Queensland, Australia.

 

Education:

University of Southern Queensland, MBA

 

Madhusudanan Madasery Balan

 

Chief Talent Officer and Shared Sevices

Other

 

 

Biography:

Mr. Madhusudanan Madasery Balan, M.B., is Chief Talent Officer and Shared Services of Bumi Armada Bhd. He is currently responsible for the entire gamut of human resource management – both Onshore and Fleet Human Resources, General Administration and Information Systems and Technology processes for all operations within the Group. He joined the Comapny in March 2009 and has over 23 years of human resource experience in O&G, telecommunication, automotive and fast moving consumer goods industries. He spent his last six years with Saipem S.p.A., India and served as the head of Human Resources and Information and Communication Technologies in the Asia Pacific Region for the last four years there. Before Saipem, he has worked with MRF Tyres, Dunlop and Tata Telecom. He holds a Bachelor of Science degree in Chemistry and a Master of Arts degree in Public Administration from the University of Madras in India. He also holds a Bachelor of General Laws degree, a Post Graduate Diploma in Human Resource Management and a Post Graduate Diploma in Personnel Management, all from various universities in India.

 

Education:

University of Madras, MA (Public Administration)
University of Madras, BS (Chemistry)

 

Massimilliano Bellotti

 

Senior Vice President - T&I

Other

 

 

Biography:

Mr. Massimilliano Bellotti is Senior Vice President of T&I of Bumi Armada Bhd. He is currently responsible for overall management and development of the T&I unit. He joined the Company in July 2008. He has more than 17 years of professional experience in management, engineering and construction within the offshore O&G industry involved in ultra-deepwater and shallow water developments, including subsea pipeline/flowlines/ platforms engineering, construction and installation, and barge/vessel upgrading. He was a project director of the Blacktip project and Sakhalin II Offshore project working for Saipem Group in North Sea, West Africa, Gulf of Mexico, South East Asia and Australia. He holds a Master of Science degree in Aircraft Design from Delft University of Technology in the Netherlands and a degree in Aircraft Engineering from University of Pisa in Italy.

 

Education:

Delft University, MS
Universita di Pisa

 

Noval D'avila Paredes

 

Vice President - Corporate HSSE

Other

 

 

Biography:

Mr. Noval D'avila Paredes is Vice President of Corporate HSSE of Bumi Armada Bhd. He is currently responsible for planning, direction, control and management of the functions and activities for the division. He joined the Company in January 2011. He started his career with Ideal Standard, Brazil in 1985 before moving to ABC Cristais Microeletronica, Brazil and left as production manager in 1995. Between 1995 and 2000, he was an HSEQ consultant with Grifo Enterprises, Brazil where his performance areas include health and safety system, environmental management system and quality management system. In 2000, he moved to Acergy, Brazil where he was responsible for, among others, HSE, quality and Total Acergy Quality Leadership Program (“TAQL). His last position at Acergy, Brazil was HSEQ director & TAQL co-ordinator. He holds a Master of Business Administration degree in Finances from Ibmec in Brazil, as well as a Post Graduate degree in Safety Engineering and a Master in Production Engineering degree (Emphasis in Enterprise Strategy) from the Federal University of Rio de Janeiro in Brazil.

 

Education:

IBMEC, MBA (Finance)
Universidade Federal do Rio de Janeiro, M (Production Engineering)

 

Adrian Petrus van de Korput

 

Senior Vice President - Major Projects

Other

 

 

Biography:

Mr. Adriaan Petrus van de Korput is Senior Vice President of Major Projects of Bumi Armada Bhd. He is currently responsible for the management of various projects as well as, amongst others, the project control, construction, commissioning, transport and installation departments. He joined the Company in August 2009. He first started as a management trainee with SGS Technische Inspecties B.V. in the Netherlands and was promoted to manager of special examinations. He was later appointed by Fluor Corporation, the Netherlands as a contracts engineer, followed by an appointment as manager contracts department for Elf Aquitaine. Prior to joining the Company, he spent 14 years with Bluewater Production Systems B.V. in the Netherlands as an executive director responsible for FPSO Projects and FPSO Operations. He holds a Bachelor of Science degree in Mechanics from Technische Hogeschool Rijswijk in the Netherlands and a Master of Science degree in Management from University of Brussels in Belgium.

 

Education:

Vrije Universiteit Brussel, MS (Management)

 

Yam Khoon Wee

 

Senior Vice President - OSV

Other

 

 

Biography:

Mr. Wee Yam Khoon is Senior Vice President of OSV of Bumi Armada Bhd. He is currently responsible for chartering and overall management of OSV fleet. He joined Bumi Armada Navigation (“BAN) in 1978 as one of its founders and is the longest serving member of staff with over 30 years of experience in the Group. He is one of Malaysia’s most experienced players in the OSV segment and is mainly responsible for BAN’s performance. He is also one of the pioneers of Steel on Water OSV fleet expansion programme and has worked to open up new areas of operations in Congo, Mexico and Venezuela. He holds a Diploma in Accounting from the London Chamber of Commerce and Industry in the UK.

 

 

 

Significant Developments

 

 

 

 

Bumi Armada Berhad Incorporates Bumi Armada Holdings Labuan Ltd.

Sep 03, 2012


Bumi Armada Berhad announced that the Company has on September 3, 2012 incorporated a wholly-owned subsidiary in the Federal Territory of Labuan under the name of Bumi Armada Holdings Labuan Ltd. (BAHL).

Bumi Armada Bhd Announces Ownership Interest Of Ombak Damai Sdn Bhd, Karisma Mesra Sdn Bhd And Objektif Bersatu Sdn Bhd

Aug 17, 2012


Bumi Armada Bhd announced that Ombak Damai Sdn Bhd has an interest of 330,777,700 (units), representing 11.2900% of the total shares in the Company. The Company also announced that Objektif Bersatu Sdn Bhd has an interest of 1,240,492,000 (units), representing 42.3600% of the total shares in the Company, and Karisma Mesra Sdn Bhd has also an interest of 157,740,500 (units), representing 5.3900% of the total shares in the Company.

Bumi Armada Berhad's Bumi Armada Offshore Holdings Limited Incorporates Armada Offshore MPSV Limited

Jul 12, 2012


Bumi Armada Berhad (Bumi Armada) announced that its wholly-owned subsidiary, Bumi Armada Offshore Holdings Limited, has on July 12, 2012 incorporated a wholly-owned subsidiary in the Republic of the Marshall Islands under the name of Armada Offshore MPSV Limited (Armada MPSV).

Bumi Armada Berhad Announces Proposed FY 2011 Final Dividend

May 28, 2012


Bumi Armada Berhad announced its proposed tax exempt final cash dividend of MYR 0.025 per share for fiscal year 2011, subject to shareholders' approval.

Bumi Armada Berhad's Bumi Armada Navigation Sdn Bhd Receives Contract From Tecnologias Relacionadas Con Energia Y Servicios Especializados, S.A. De C.V.

May 07, 2012


Bumi Armada Berhad (Bumi Armada) announced that its subsidiary, Bumi Armada Navigation Sdn Bhd (BAN) has been awarded a contract for the provision of one DP2 Accommodation Workboat (the Vessel) from Tecnologfas Relacionadas con Energia y Servicios Especializados, S.A. de C.V. (TRESE) (the Contract). The Vessel will be providing accommodation and offshore support services in the Mexican territorial waters. The Contract is valued at approximately USD 65 million.

Bumi Armada Berhad Announces Ownership Interest Of AmanahRaya Trustees Berhad - Skim Amanah Saham Bumiputera

May 03, 2012


Bumi Armada Berhad announced that AmanahRaya Trustees Berhad - Skim Amanah Saham Bumiputera is interested in 150,098,100 units, representing 5.13% of the total shares of the Company.

Bumi Armada Berhad Announces Ownership Interest Of Employees Provident Fund Board

May 03, 2012


Bumi Armada Berhad announced that Employees Provident Fund Board is interested in 170,080,400 units, representing 5.81% of the total shares of the Company.

Bumi Armada Berhad's Subsidiary Incorporates Armada Offshore OSV Limited

Apr 23, 2012


Bumi Armada Berhad announced that its wholly-owned subsidiary, Bumi Armada Offshore Holdings Limited, has incorporated a wholly-owned subsidiary in the Republic of the Marshall Islands under the name Armada Offshore OSV Limited (Armada OSV). Armada OSV will be principally involved in ship owning, chartering, managing ships and vessels, marine support and other servcies to offshore oil and gas companies.

Bumi Armada Berhad's Subsidiary Receives Contract From OOO Lukoil-Nizhnevolzhskneft

Apr 16, 2012


Bumi Armada Berhad announced that its wholly owned Russian subsidiary, Bumi Armada Caspian LLC, has received an engineering procurement, installation and commissioning (EPIC) contract valued at approximately USD 200 million from OAO Lukoil, through its subsidiary, OOO Lukoil-Nizhnevolzhskneft. The scope of work includes engineering, procurement of the line pipes and associated appurtenances and installation and pre-commissioning of nine (9) infield/inter-field lines, for a total length of approximately 90 kilometers. The project is planned to take approximately 32 months with the majority of construction work completed by end of 2014.

Bumi Armada Berhad's Subsidiary Incorporates Armada Blue LLC

Apr 06, 2012


Bumi Armada Berhad announced that its wholly owned subsidiary, Bumi Armada Offshore Holdings Limited, has formed a wholly owned subsidiary known as Armada Blue LLC in the United States of America on April 2, 2012, and will be involved in the offshore oil and gas marine services.

Bumi Armada Berhad's Bumi Armada Navigation Sdn Bhd Receives Contract For Platform Supply Vessel

Mar 21, 2012


Bumi Armada Berhad (Bumi Armada) announced that its subsidiary, Bumi Armada Navigation Sdn Bhd (BAN) had signed a contract with Petr=leo Brasileiro S.A. (Petrobras) for the provision of one Platform Supply vessel (PSV) (the Contract). The total award is valued at approximately MYR 115 million.

Bumi Armada Berhad With Ezra Holdings Ltd Vying For Hess Job-Reuters

Mar 19, 2012


Reuters reported that Malaysian shipping firms Bumi Armada Berhad and MISC Berhad are front runners for a contract to supply a floating, production, storage and offloading vessel to Hess Corp, the Edge Malaysia reported. Bumi Armada has partnered with Singaporean offshore services firm Ezra Holdings Ltd and MISC has joined hands with Malaysian offshore oil and gas firm Ramunia Holdings Berhad to bid for the job, the business weekly reported. It would be a three-year contract for an Aframax size vessel, between 75,000 to 115,000 deadweight tonnes, for development of the North Malay Basin.

Bumi Armada Berhad's Subsidiary Signs Contract With Petroleo Brasileiro S.A.

Jan 16, 2012


Bumi Armada Berhad announced that its subsidiary, Bumi Armada Navigation Sdn Bhd (BAN), had on January 13, 2012, signed a contract with Petroleo Brasileiro S.A. (Petrobras) for the provision of one Anchor Handling Towing Support (AHTS) vessel. The contract is for a period of four years with an extension option of another four years. The contract is expected to be effective by the first quarter of 2012, when Petrobras is anticipated to formally accept delivery of the vessel.

Bumi Armada Berhad's Subsidiary Acquires Vessel

Dec 27, 2011


Bumi Armada Berhad announced that its wholly-owned subsidiary, Bumi Armada Offshore Holdings Sdn Bhd (BAOHL) has exercised its option to purchase Rainbow River (the Vessel) for a cash consideration of MYR 68 million, pursuant to a Memorandum of Agreement with Galaxy Naviera Maritime S.A. Panama.

Bumi Armada Berhad's Bumi Armada Offshore Holdings Limited Registers New Subsidiary

Dec 13, 2011


Bumi Armada Berhad announced that its wholly-owned subsidiary, Bumi Armada Offshore Holdings Limited, had registered a wholly-owned subsidiary known as Bumi Armada Australia Pty Ltd (BAA). BAA will be principally involved in ship owning and operating.

Bumi Armada Berhad's Subsidiary Subscribes 49% Stake In PT Armada Gema Nusantara

Dec 12, 2011


Bumi Armada Berhad announced that its wholly owned subsidiary, Bumi Armada Offshore Holdings Limited, had on December 5, 2011, subscribed for 1,225 shares, fully paid, representing 49% of the issued and paid-up share capital of PT Armada Gema Nusantara (formerly PT Panca Surya Tunas Jaya) (Armada Gema).

Bumi Armada Berhad Subscribes 50.02% Stake In Armada C7 Pte Ltd

Nov 02, 2011


Bumi Armada Berhad announced that it has subscribed on November 1, 2011, for 2,501 ordinary shares, representing 50.02% of the issued and paid up share capital of Armada C7 Pte Ltd. Armada C7 is a dormant company and its intended principal activities are ship owning, chartering and managing of ships and vessels, marine support and other services to the offshore O&G companies.

Bumi Armada Berhad Incorporates Bumi Armada Russia Holdings Limited

Oct 04, 2011


Bumi Armada Berhad announced that it has incorporated Bumi Armada Russia Holdings Limited (BAR) in the Republic of the Marshall Islands on October 4, 2011. BAR will be involved in the oil and gas industry.

Bumi Armada Berhad's Subsidiary Signs MYR 1.46 Billion Contract

Sep 30, 2011


Bumi Armada Berhad announced that its wholly-owned subsidiary, Armada Balnaves Pte Ltd (ABPL) has on September 30, 2011 signed a Floating Production, Storage and Offloading (FPSO) contract with Apache Energy Ltd (Apache) further to the Letter of Award dated June 27, 2011 from Apache. The Conditional Letter of Award for this contract was secured on March 30, 2011 from Apache Julimar Pty Ltd, a subsidiary of Apache. The contract is for the development of an FPSO to be operated by ABPL on the Balnaves Field located in Northern Carnarvon Basin, offshore North West Australia. The contract effective date is June 30, 2011 and for an initial fixed time charter for four years with options for four annual extensions. The contract valued at approximately MYR 1.46 billion.

 


Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2011

Filed Currency

MYR

MYR

MYR

MYR

Exchange Rate (Period Average)

3.058556

3.220637

3.52323

3.333269

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

    Net Sales

504.8

385.4

207.8

156.0

Revenue

504.8

385.4

207.8

156.0

Total Revenue

504.8

385.4

207.8

156.0

 

 

 

 

 

    Cost of Revenue

288.7

197.6

113.3

81.8

Cost of Revenue, Total

288.7

197.6

113.3

81.8

Gross Profit

216.1

187.9

94.5

74.2

 

 

 

 

 

    Selling/General/Administrative Expense

58.9

55.3

34.9

29.6

Total Selling/General/Administrative Expenses

58.9

55.3

34.9

29.6

        Interest Income - Operating

-3.7

-0.1

-0.1

-0.2

    Interest/Investment Income - Operating

-3.7

-0.1

-0.1

-0.2

Interest Expense (Income) - Net Operating Total

-3.7

-0.1

-0.1

-0.2

    Loss (Gain) on Sale of Assets - Operating

-3.2

-4.1

-17.3

-9.0

    Other Unusual Expense (Income)

-1.9

-3.1

-0.7

0.0

Unusual Expense (Income)

-5.1

-7.2

-18.0

-9.0

    Other, Net

-3.5

-5.2

-5.9

-5.0

Other Operating Expenses, Total

-3.5

-5.2

-5.9

-5.0

Total Operating Expense

335.3

240.4

124.2

97.3

 

 

 

 

 

Operating Income

169.4

145.0

83.6

58.7

 

 

 

 

 

        Interest Expense - Non-Operating

-34.5

-27.8

-14.4

-10.4

    Interest Expense, Net Non-Operating

-34.5

-27.8

-14.4

-10.4

        Investment Income - Non-Operating

8.8

-0.4

11.4

0.3

    Interest/Investment Income - Non-Operating

8.8

-0.4

11.4

0.3

Interest Income (Expense) - Net Non-Operating Total

-25.7

-28.3

-3.0

-10.1

    Other Non-Operating Income (Expense)

-1.2

2.2

0.0

0.0

Other, Net

-1.2

2.2

0.0

0.0

Income Before Tax

142.5

119.0

80.6

48.6

 

 

 

 

 

Total Income Tax

23.1

10.1

1.8

3.6

Income After Tax

119.4

108.9

78.7

45.0

 

 

 

 

 

    Minority Interest

-1.9

0.0

-

-

Net Income Before Extraord Items

117.6

108.9

78.7

45.0

Net Income

117.6

108.9

78.7

45.0

 

 

 

 

 

Income Available to Common Excl Extraord Items

117.6

108.9

78.7

45.0

 

 

 

 

 

Income Available to Common Incl Extraord Items

117.6

108.9

78.7

45.0

 

 

 

 

 

Basic/Primary Weighted Average Shares

2,928.5

2,928.5

2,928.5

2,928.5

Basic EPS Excl Extraord Items

0.04

0.04

0.03

0.02

Basic/Primary EPS Incl Extraord Items

0.04

0.04

0.03

0.02

Dilution Adjustment

0.0

1.3

-

-

Diluted Net Income

117.6

110.2

78.7

45.0

Diluted Weighted Average Shares

2,928.5

2,928.5

2,928.5

2,928.5

Diluted EPS Excl Extraord Items

0.04

0.04

0.03

0.02

Diluted EPS Incl Extraord Items

0.04

0.04

0.03

0.02

Dividends per Share - Common Stock Primary Issue

0.01

0.00

0.00

0.00

Gross Dividends - Common Stock

23.9

0.0

0.0

0.0

Interest Expense, Supplemental

34.5

27.8

14.4

10.4

Depreciation, Supplemental

106.9

77.1

52.8

31.9

Total Special Items

-5.1

-7.2

-32.9

-16.8

Normalized Income Before Tax

137.4

111.8

47.7

31.7

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.8

-0.6

-0.8

-1.2

Inc Tax Ex Impact of Sp Items

22.2

9.5

1.1

2.3

Normalized Income After Tax

115.2

102.3

46.6

29.4

 

 

 

 

 

Normalized Inc. Avail to Com.

113.3

102.3

46.6

29.4

 

 

 

 

 

Basic Normalized EPS

0.04

0.03

0.02

0.01

Diluted Normalized EPS

0.04

0.04

0.02

0.01

Rental Expenses

4.0

9.1

3.9

1.0

Advertising Expense, Supplemental

1.4

0.6

0.0

0.0

Normalized EBIT

160.7

137.8

50.6

41.6

Normalized EBITDA

267.6

214.9

103.4

73.5

    Current Tax - Domestic

0.7

5.7

0.6

5.0

    Current Tax - Foreign

17.2

5.9

1.8

1.0

Current Tax - Total

17.9

11.6

2.4

6.0

    Deferred Tax - Total

5.1

-1.5

-0.6

-2.5

Deferred Tax - Total

5.1

-1.5

-0.6

-2.5

Income Tax - Total

23.1

10.1

1.8

3.6

Defined Contribution Expense - Domestic

2.6

2.1

1.8

1.7

Total Pension Expense

2.6

2.1

1.8

1.7

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2011

Filed Currency

MYR

MYR

MYR

MYR

Exchange Rate

3.17

3.0835

3.424

3.46

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

    Cash

23.1

82.1

54.6

33.1

    Short Term Investments

384.6

12.3

43.4

6.1

Cash and Short Term Investments

407.8

94.4

98.0

39.2

        Accounts Receivable - Trade, Gross

104.6

63.9

54.3

28.2

        Provision for Doubtful Accounts

-3.4

-2.4

-0.3

-0.2

    Trade Accounts Receivable - Net

117.9

61.5

54.0

28.0

    Other Receivables

23.3

18.5

6.2

15.4

Total Receivables, Net

141.2

80.0

60.2

43.4

    Inventories - Raw Materials

0.4

0.3

0.2

0.3

    Inventories - Other

0.1

0.1

0.1

0.2

Total Inventory

0.5

0.4

0.2

0.4

    Discontinued Operations - Current Asset

0.5

0.0

-

-

    Other Current Assets

131.5

71.3

42.8

0.0

Other Current Assets, Total

132.1

71.3

42.8

0.0

Total Current Assets

681.5

246.1

201.2

83.0

 

 

 

 

 

        Buildings

1.7

1.7

1.5

1.5

        Machinery/Equipment

1,608.4

1,362.9

652.1

414.9

        Construction in Progress

13.2

39.3

269.9

197.4

        Other Property/Plant/Equipment

16.1

16.2

9.4

4.3

    Property/Plant/Equipment - Gross

1,639.3

1,420.1

932.9

618.1

    Accumulated Depreciation

-314.1

-215.3

-54.3

-30.7

Property/Plant/Equipment - Net

1,325.3

1,204.8

878.6

587.3

Goodwill, Net

0.4

0.5

0.4

0.4

    LT Investment - Affiliate Companies

47.7

3.2

11.4

4.6

    LT Investments - Other

2.3

1.2

0.0

0.0

Long Term Investments

50.1

4.4

11.4

4.6

    Deferred Income Tax - Long Term Asset

1.2

1.4

0.5

0.4

    Other Long Term Assets

129.6

98.1

35.9

27.9

Other Long Term Assets, Total

130.8

99.5

36.4

28.3

Total Assets

2,188.1

1,555.2

1,128.0

703.7

 

 

 

 

 

Accounts Payable

37.9

84.1

79.8

64.4

Accrued Expenses

38.2

54.8

42.8

20.6

Notes Payable/Short Term Debt

0.0

295.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

144.5

158.5

225.2

41.4

    Income Taxes Payable

8.7

3.5

0.5

0.6

    Other Payables

19.7

16.8

26.9

65.1

    Other Current Liabilities

3.4

2.0

0.0

0.0

Other Current liabilities, Total

31.8

22.2

27.4

65.7

Total Current Liabilities

252.4

614.6

375.3

192.1

 

 

 

 

 

    Long Term Debt

807.6

655.3

555.4

385.1

Total Long Term Debt

807.6

655.3

555.4

385.1

Total Debt

952.1

1,108.8

780.6

426.5

 

 

 

 

 

    Deferred Income Tax - LT Liability

5.5

0.6

1.2

1.7

Deferred Income Tax

5.5

0.6

1.2

1.7

Minority Interest

4.6

0.2

0.2

0.2

    Other Long Term Liabilities

5.0

0.9

-

-

Other Liabilities, Total

5.0

0.9

-

-

Total Liabilities

1,075.1

1,271.6

932.1

579.2

 

 

 

 

 

    Common Stock

184.8

20.4

18.4

18.2

Common Stock

184.8

20.4

18.4

18.2

Additional Paid-In Capital

555.3

3.6

3.3

3.2

Retained Earnings (Accumulated Deficit)

408.1

315.0

182.2

100.1

Unrealized Gain (Loss)

0.1

0.1

0.1

0.1

    Translation Adjustment

-31.3

-55.5

-8.1

2.8

    Other Comprehensive Income

-4.1

0.0

-

-

Other Equity, Total

-35.3

-55.5

-8.1

2.8

Total Equity

1,112.9

283.6

195.9

124.5

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

2,188.1

1,555.2

1,128.0

703.7

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

2,928.5

2,928.5

2,928.5

2,928.5

Total Common Shares Outstanding

2,928.5

2,928.5

2,928.5

2,928.5

Employees

-

444

422

377

Total Long Term Debt, Supplemental

951.9

1,108.4

780.4

426.2

Long Term Debt Maturing within 1 Year

144.4

453.3

225.1

41.3

Long Term Debt Maturing in Year 2

158.5

111.3

202.7

38.1

Long Term Debt Maturing in Year 3

150.3

108.1

74.2

55.9

Long Term Debt Maturing in Year 4

150.3

108.1

74.2

55.9

Long Term Debt Maturing in Year 5

150.3

108.1

74.2

55.9

Long Term Debt Maturing in 2-3 Years

308.8

219.5

276.9

94.0

Long Term Debt Maturing in 4-5 Years

300.6

216.3

148.4

111.8

Long Term Debt Matur. in Year 6 & Beyond

198.0

219.3

130.0

179.1

    Interest Costs

0.0

-0.1

0.0

0.0

Total Capital Leases, Supplemental

0.3

0.4

0.2

0.3

Capital Lease Payments Due in Year 1

0.1

0.1

0.2

0.1

Capital Lease Payments Due in Year 2

0.1

0.2

0.0

0.2

Capital Lease Payments Due in Year 3

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 4

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 5

0.0

0.0

0.0

0.0

Capital Lease Payments Due in 2-3 Years

0.1

0.2

0.1

0.2

Capital Lease Payments Due in 4-5 Years

0.0

0.1

0.0

0.0

Total Operating Leases, Supplemental

15.4

13.0

1.5

2.8

Operating Lease Payments Due in Year 1

1.9

1.2

1.1

1.1

Operating Lease Payments Due in Year 2

1.8

1.3

0.1

0.3

Operating Lease Payments Due in Year 3

1.8

1.3

0.1

0.3

Operating Lease Payments Due in Year 4

1.8

1.3

0.1

0.3

Operating Lease Payments Due in Year 5

1.8

1.3

0.1

0.3

Operating Lease Pymts. Due in 2-3 Years

3.6

2.6

0.2

0.6

Operating Lease Pymts. Due in 4-5 Years

3.6

2.6

0.2

0.6

Oper. Lse. Pymts. Due in Year 6 & Beyond

6.3

6.6

0.0

0.5

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2011

Filed Currency

MYR

MYR

MYR

MYR

Exchange Rate (Period Average)

3.058556

3.220637

3.52323

3.333269

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

Net Income/Starting Line

119.4

108.9

78.7

45.0

    Depreciation

106.9

77.1

52.8

31.9

Depreciation/Depletion

106.9

77.1

52.8

31.9

    Unusual Items

-2.9

0.5

-14.8

-8.8

    Equity in Net Earnings (Loss)

-8.8

0.4

-11.4

-0.3

    Other Non-Cash Items

64.0

37.1

15.9

14.2

Non-Cash Items

52.3

38.1

-10.3

5.1

    Accounts Receivable

-191.1

-73.9

-67.6

-32.8

    Inventories

-0.1

-0.1

0.2

0.0

    Accounts Payable

82.5

-28.7

-17.2

81.9

    Other Operating Cash Flow

-61.9

-42.1

-25.3

-21.3

Changes in Working Capital

-170.6

-144.8

-109.9

27.7

Cash from Operating Activities

108.0

79.3

11.3

109.8

 

 

 

 

 

    Purchase of Fixed Assets

-347.1

-313.1

-369.1

-322.8

Capital Expenditures

-347.1

-313.1

-369.1

-322.8

    Sale of Fixed Assets

0.9

2.5

69.5

15.7

    Investment, Net

-

0.0

0.0

0.8

    Purchase of Investments

-39.2

-1.2

0.0

0.0

    Other Investing Cash Flow

3.6

4.9

0.2

2.9

Other Investing Cash Flow Items, Total

-34.7

6.2

69.7

19.4

Cash from Investing Activities

-381.8

-306.9

-299.4

-303.4

 

 

 

 

 

    Other Financing Cash Flow

63.5

0.1

0.0

45.0

Financing Cash Flow Items

63.5

0.1

0.0

45.0

        Sale/Issuance of Common

617.2

0.0

-

-

    Common Stock, Net

617.2

0.0

-

-

    Options Exercised

49.0

0.0

-

-

Issuance (Retirement) of Stock, Net

666.2

0.0

-

-

        Long Term Debt Issued

523.8

524.2

423.5

558.7

        Long Term Debt Reduction

-654.5

-296.2

-88.8

-393.1

    Long Term Debt, Net

-130.7

228.0

334.6

165.6

Issuance (Retirement) of Debt, Net

-130.7

228.0

334.6

165.6

Cash from Financing Activities

599.0

228.2

334.6

210.6

 

 

 

 

 

Foreign Exchange Effects

1.1

-7.4

-1.9

1.6

Net Change in Cash

326.3

-6.9

44.6

18.6

 

 

 

 

 

Net Cash - Beginning Balance

80.1

82.9

31.2

14.4

Net Cash - Ending Balance

406.4

76.0

75.8

33.0

Cash Interest Paid

46.0

33.0

20.6

15.4

Cash Taxes Paid

15.8

9.1

4.7

5.9

 

 

 

 

Annual Income Statement

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2011

Filed Currency

MYR

MYR

MYR

MYR

Exchange Rate (Period Average)

3.058556

3.220637

3.52323

3.333269

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

    Revenues

504.8

385.4

207.8

156.0

Total Revenue

504.8

385.4

207.8

156.0

 

 

 

 

 

    Cost of Sales

288.7

197.6

113.3

81.8

    Gain on Disposal of Property

-2.9

-2.3

-17.1

-8.1

    Interest Income

-3.7

-0.1

-0.1

-0.2

    Rental Income

0.0

0.0

0.0

0.0

    Agency & Handling Fees

0.0

-3.0

-5.6

-3.4

    IInsurance Income

-1.9

-3.1

-0.7

0.0

    Gain on Disposal of Scrap Materials

-0.3

-0.5

-0.3

0.0

    Gain on Disposal of Subsidiaries

0.0

-1.3

0.0

-0.9

    Other operating income

-3.5

-2.2

-0.2

-1.6

    Selling & Distribution Costs

28.8

25.4

16.8

18.7

    Administrative Expenses

30.1

29.9

18.1

10.9

Total Operating Expense

335.3

240.4

124.2

97.3

 

 

 

 

 

    Finance cost

-34.5

-27.8

-14.4

-10.4

    FV Loss or Gain on Financial Derivatives

-1.2

2.2

0.0

0.0

    Shares of results of an Associate

0.0

-0.4

11.0

0.1

    Shares of results of Jointlly Controlled

8.8

0.0

0.5

0.2

Net Income Before Taxes

142.5

119.0

80.6

48.6

 

 

 

 

 

Provision for Income Taxes

23.1

10.1

1.8

3.6

Net Income After Taxes

119.4

108.9

78.7

45.0

 

 

 

 

 

    Non-controlling interests

-1.9

0.0

-

-

Net Income Before Extra. Items

117.6

108.9

78.7

45.0

Net Income

117.6

108.9

78.7

45.0

 

 

 

 

 

Income Available to Com Excl ExtraOrd

117.6

108.9

78.7

45.0

 

 

 

 

 

Income Available to Com Incl ExtraOrd

117.6

108.9

78.7

45.0

 

 

 

 

 

Basic Weighted Average Shares

2,928.5

2,928.5

2,928.5

2,928.5

Basic EPS Excluding ExtraOrdinary Items

0.04

0.04

0.03

0.02

Basic EPS Including ExtraOrdinary Items

0.04

0.04

0.03

0.02

Dilution Adjustment

0.0

1.3

-

-

Diluted Net Income

117.6

110.2

78.7

45.0

Diluted Weighted Average Shares

2,928.5

2,928.5

2,928.5

2,928.5

Diluted EPS Excluding ExtraOrd Items

0.04

0.04

0.03

0.02

Diluted EPS Including ExtraOrd Items

0.04

0.04

0.03

0.02

DPS-Common Stock

0.01

0.00

0.00

0.00

Gross Dividends - Common Stock

23.9

0.0

0.0

0.0

Normalized Income Before Taxes

137.4

111.8

47.7

31.7

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

22.2

9.5

1.1

2.3

Normalized Income After Taxes

115.2

102.3

46.6

29.4

 

 

 

 

 

Normalized Inc. Avail to Com.

113.3

102.3

46.6

29.4

 

 

 

 

 

Basic Normalized EPS

0.04

0.03

0.02

0.01

Diluted Normalized EPS

0.04

0.04

0.02

0.01

Interest Expense, Supplemental

34.5

27.8

14.4

10.4

Depreciation, Supplemental

106.9

77.1

52.8

31.9

Advertising Expense, Supplemental

1.4

0.6

0.0

0.0

Rental Expense, Supplemental

4.0

9.1

3.9

1.0

    Malaysian Tax

0.7

5.7

0.6

5.0

    Foreign Tax

17.2

5.9

1.8

1.0

Current Tax - Total

17.9

11.6

2.4

6.0

    Deferred Tax

5.1

-1.5

-0.6

-2.5

Deferred Tax - Total

5.1

-1.5

-0.6

-2.5

Income Tax - Total

23.1

10.1

1.8

3.6

Defined Contribution Expense - Domestic

2.6

2.1

1.8

1.7

Total Pension Expense

2.6

2.1

1.8

1.7

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2011

Filed Currency

MYR

MYR

MYR

MYR

Exchange Rate

3.17

3.0835

3.424

3.46

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

    Spare & Raw Materials

0.4

0.3

0.2

0.3

    Fuel

0.1

0.1

0.1

0.2

    Trade Receivables

104.6

63.9

54.3

28.2

    Allowances for Doubtful Debts

-3.4

-2.4

-0.3

-0.2

    Amounts due from customers on contracts

16.8

0.0

-

-

    Accrued Lease Rentals

131.2

70.7

42.8

0.0

    Other Receivables

11.2

6.3

0.8

7.2

    Deposits & Prepayments

14.2

4.4

11.1

6.0

    Staff Loans & Advances

0.5

1.1

0.7

2.7

    Tax Recoverables

2.8

3.0

2.4

0.1

    Amount due from an Associate

-

-

0.1

4.9

    Non-current assets held for sale

0.5

0.0

-

-

    Amount due from Jointlly Controlled Enty

8.7

8.1

2.2

0.5

    Derivative Financial Instruments

0.3

0.6

0.0

0.0

    Deposits in Licenced Banks

370.4

7.9

32.4

0.1

    Cash & Bank Balances

23.1

82.1

54.6

33.1

Total Current Assets

681.5

246.1

201.2

83.0

 

 

 

 

 

    Leasehold Land & Buildings

1.7

1.7

1.5

1.5

    Vessels Under Construction

13.2

39.3

269.9

197.4

    Vessels

1,588.9

1,346.5

644.4

407.9

    Special Dry Docking Costs

16.1

16.2

9.4

4.3

    Plant & Machinery

-

-

-

0.0

    Motor Vehicles

1.2

1.2

0.5

0.6

    Equipments, Furnitures & Fittings

18.3

15.2

7.2

6.4

    Depreciation

-314.1

-215.3

-54.3

-30.7

    Goodwill

0.4

0.5

0.4

0.4

    Investments in an Associates

-

-

9.7

3.0

    Jointlly Controlled Entities

47.7

3.2

1.6

1.6

    Other Investments

2.3

1.2

0.0

0.0

    Derivative financial instruments

0.4

3.3

-

-

    Accrued Lease rentals

129.2

94.8

35.9

27.9

    Deferred Tax Assets

1.2

1.4

0.5

0.4

Total Assets

2,188.1

1,555.2

1,128.0

703.7

 

 

 

 

 

    Amount due to Customers on Contracts

0.0

9.9

10.0

1.1

    Trade Payables

37.9

73.7

69.0

62.8

    Other Payables

19.7

16.8

26.2

65.0

    Amount due to a Substantial Corporate

-

-

0.6

0.1

    Amount due to Related Party

0.0

0.6

0.8

0.5

    Accruals

38.2

54.8

42.8

20.6

    Hire Purchase Creditors

0.1

0.1

0.2

0.1

    Borrowings

-

-

225.1

41.3

    Term loan secured

113.9

69.2

-

-

    Term loan unsecured

30.5

89.1

-

-

    Revolving credit unsecured

0.0

68.2

-

-

    Bridging loan unsecured

0.0

217.6

-

-

    Bank overdratf unsecured

0.0

7.8

-

-

    Bank overdratf secured

0.0

1.4

-

-

    Derivateive Financial Liabilities

3.4

2.0

0.0

0.0

    Taxation

8.7

3.5

0.5

0.6

Total Current Liabilities

252.4

614.6

375.3

192.1

 

 

 

 

 

    Hire Purchase Creditors

0.1

0.3

0.1

0.2

    Borrowings

-

-

555.3

384.9

    Term loan secured

506.3

314.5

-

-

    Term loan unsecured

301.3

340.5

-

-

Total Long Term Debt

807.6

655.3

555.4

385.1

 

 

 

 

 

    Derivative financial instruments

5.0

0.9

-

-

    Deferred Tax Liabilities

5.5

0.6

1.2

1.7

    Non Controlling Interest

4.6

0.2

0.2

0.2

Total Liabilities

1,075.1

1,271.6

932.1

579.2

 

 

 

 

 

    Share Capital

184.8

20.4

18.4

18.2

    Share Premium

553.2

3.5

3.2

3.1

    Revaluation Reserve

0.1

0.1

0.1

0.1

    Foreign Exchange Reserve

-31.3

-55.5

-8.1

2.8

    Other capital reserve

2.1

0.1

0.1

0.1

    Share option reserve

1.7

0.0

-

-

    Hedging reserve

-4.1

0.0

-

-

    Retained Earnings unrealised

-12.9

-

-

-

    Retained Earnings

419.3

315.0

182.2

100.1

Total Equity

1,112.9

283.6

195.9

124.5

 

 

 

 

 

Total Liabilities & Shareholders' Equity

2,188.1

1,555.2

1,128.0

703.7

 

 

 

 

 

    S/O-Common Stock

2,928.5

2,928.5

2,928.5

2,928.5

Total Common Shares Outstanding

2,928.5

2,928.5

2,928.5

2,928.5

Full-Time Employees

-

444

422

377

Long Term Debt Maturing within 1 Year

144.4

453.3

225.1

41.3

Long Term Debt Maturing in Year 2

158.5

111.3

202.7

38.1

Long Term Debt Maturing in Year 5

450.9

324.4

222.7

167.6

Long Term Debt - Remaining Maturities

198.0

219.3

130.0

179.1

Total Long Term Debt, Supplemental

951.9

1,108.4

780.4

426.2

Capital Lease Payments Due within 1 Year

0.1

0.1

0.2

0.1

Capital Lease Payments Due in Year 2

0.1

0.2

0.0

0.2

Capital Lease Payments Due in Year 5

0.0

0.1

0.0

0.1

Interest Costs

0.0

-0.1

0.0

0.0

Total Capital Leases, Supplemental

0.3

0.4

0.2

0.3

Operating Lease Pymts. Due within 1Year

1.9

1.2

1.1

1.1

Operating Lease Payments Due in Year 5

7.2

5.2

0.4

1.1

Operating Leases - Remaining Payments

6.3

6.6

0.0

0.5

Total Operating Leases, Supplemental

15.4

13.0

1.5

2.8

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2011

Filed Currency

MYR

MYR

MYR

MYR

Exchange Rate (Period Average)

3.058556

3.220637

3.52323

3.333269

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

Net Income

119.4

108.9

78.7

45.0

    Depreciation

106.9

77.1

52.8

31.9

    Shares of results of an Assoc. & Joint.

-8.8

0.4

-11.4

-0.3

    Impairment of Property & Equipment

-

0.0

2.1

0.0

    Impairment of Investments in Associates

0.0

4.1

0.0

0.0

    Gain on Deemed Disposal of Subsidiary

0.0

-1.3

0.0

-0.9

    FV through Profit & Loss on Fin. Instrum

4.6

-2.2

0.0

0.0

    Gain on Disposal of Property & Equipment

-2.9

-2.3

-17.1

-8.1

    Property & Equipment Written Off

-

0.0

0.2

0.2

    Allowance of Doubtful Debts

1.2

2.2

0.1

0.3

    Allowance of Doubtful Debts W/B

0.0

-0.2

0.0

-0.8

    Allowance for Inventories Obsolescene

-

0.0

0.0

0.0

    Unrealised Foreign Exchange Loss/Gain

0.5

-0.5

-0.4

0.9

    Share based payment

3.9

0.0

-

-

    Interest Income

-3.7

-0.1

-0.1

-0.2

    Interest Expenses

34.5

27.8

14.4

10.4

    Taxation

23.1

10.1

1.8

3.6

    Inventories

-0.1

-0.1

0.2

0.0

    Trade & Other Receivables

-191.1

-73.9

-67.6

-32.8

    Trade & Other Payables

82.5

-28.7

-17.2

81.9

    Interest Paid

-46.0

-33.0

-20.6

-15.4

    Tax paid

-15.8

-9.1

-4.7

-5.9

Cash from Operating Activities

108.0

79.3

11.3

109.8

 

 

 

 

 

    Capital Expenditures

-347.1

-313.1

-369.1

-322.8

    Proc. from Property & Equipment

0.9

2.5

69.5

15.7

    Interest Received

3.6

0.1

0.2

0.2

    Proc. from Disposal of Subsidiary

-

0.0

0.0

0.8

    Investment in Jointly Controlled Entity

-38.0

0.0

0.0

0.0

    Purchase of Other Investments

-1.2

-1.2

0.0

0.0

    Dividends Received

0.0

4.8

0.0

2.7

Cash from Investing Activities

-381.8

-306.9

-299.4

-303.4

 

 

 

 

 

    Proc. from Loans from a Shareholder

-

0.0

0.0

45.0

    Proceeds from Bank Borrowings

523.8

524.2

423.5

558.7

    Dividend paid to minority shareholders

-1.9

0.0

-

-

    Issuance of subsidiary shares to minorit

1.7

0.0

-

-

    Exercise of call option by a related com

49.0

0.0

-

-

    Net proceeds from issuance of new shares

615.5

0.0

-

-

    Exercise of rights issue

65.4

0.0

-

-

    Repayment of Bank Borrowings

-654.3

-296.3

-88.7

-393.0

    Repayment of Hire Purchase Creditors

-0.1

0.1

-0.1

-0.1

    Deposits Pledged as Security

0.0

0.1

0.0

0.0

    Drawndown from Hire Purchase

-

-

0.0

0.0

Cash from Financing Activities

599.0

228.2

334.6

210.6

 

 

 

 

 

Foreign Exchange Effects

1.1

-7.4

-1.9

1.6

Net Change in Cash

326.3

-6.9

44.6

18.6

 

 

 

 

 

Net Cash - Beginning Balance

80.1

82.9

31.2

14.4

Net Cash - Ending Balance

406.4

76.0

75.8

33.0

    Cash Interest Paid

46.0

33.0

20.6

15.4

    Cash Taxes Paid

15.8

9.1

4.7

5.9

 

 

 

 

Financial Health

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

123.5

-2.13%

504.8

24.37%

43.74%

-

Operating Income1

42.3

20.63%

169.4

10.94%

38.40%

-

Income Available to Common Excl Extraord Items1

29.5

52.55%

117.6

2.54%

33.84%

-

Basic EPS Excl Extraord Items1

0.01

18.94%

0.04

2.50%

33.86%

-

Capital Expenditures2

156.6

-30.64%

347.1

5.29%

-0.44%

-

Cash from Operating Activities2

119.1

95.73%

108.0

29.32%

-3.36%

-

Free Cash Flow

-36.3

-

-230.7

-

-

-

Total Assets3

2,211.0

31.46%

2,188.1

44.64%

41.76%

-

Total Liabilities3

1,049.8

-16.84%

1,075.1

-13.08%

19.37%

-

Total Long Term Debt3

724.4

27.30%

807.6

26.70%

24.32%

-

Total Common Shares Outstanding3

2,928.5

0.00%

2,928.5

0.00%

0.00%

-

1-ExchangeRate: MYR to USD Average for Period

3.112969

 

3.058556

 

 

 

2-ExchangeRate: MYR to USD Average for Period

3.089879

 

3.058556

 

 

 

3-ExchangeRate: MYR to USD Period End Date

3.196850

 

3.170000

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Profitability

Gross Margin

42.80%

48.74%

45.50%

47.55%

Operating Margin

33.57%

37.63%

40.21%

37.61%

Pretax Margin

28.23%

30.87%

38.78%

31.14%

Net Profit Margin

23.30%

28.26%

37.90%

28.86%

Financial Strength

Current Ratio

2.70

0.40

0.54

0.43

Long Term Debt/Equity

0.73

2.31

2.84

3.09

Total Debt/Equity

0.86

3.91

3.98

3.43

Management Effectiveness

Return on Assets

6.23%

8.10%

8.81%

-

Return on Equity

16.34%

45.40%

50.37%

-

Efficiency

Receivables Turnover

4.45

5.48

4.11

-

Inventory Turnover

660.75

653.26

346.68

-

Asset Turnover

0.26

0.29

0.23

-

Market Valuation USD (mil)

P/E (TTM)

27.31

.

Enterprise Value2

4,001.6

Price/Sales (TTM)

7.29

.

Enterprise Value/Revenue (TTM)

8.56

Price/Book (MRQ)

2.93

.

Enterprise Value/EBITDA (TTM)

14.06

Market Cap as of 17-Aug-20121

3,480.3

.

 

 

1-ExchangeRate: MYR to USD on 17-Aug-2012

3.130313

 

 

 

2-ExchangeRate: MYR to USD on 30-Jun-2012

3.196850

 

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 



 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Financial Strength

Current Ratio

2.70

0.40

0.54

0.43

Quick/Acid Test Ratio

2.18

0.28

0.42

0.43

Working Capital1

429.1

-368.6

-174.1

-109.1

Long Term Debt/Equity

0.73

2.31

2.84

3.09

Total Debt/Equity

0.86

3.91

3.98

3.43

Long Term Debt/Total Capital

0.39

0.47

0.57

0.70

Total Debt/Total Capital

0.46

0.80

0.80

0.77

Payout Ratio

20.36%

0.00%

0.00%

0.00%

Effective Tax Rate

16.19%

8.48%

2.28%

7.33%

Total Capital1

2,065.1

1,392.4

976.5

551.0

 

 

 

 

 

Efficiency

Asset Turnover

0.26

0.29

0.23

-

Inventory Turnover

660.75

653.26

346.68

-

Days In Inventory

0.55

0.56

1.05

-

Receivables Turnover

4.45

5.48

4.11

-

Days Receivables Outstanding

82.08

66.56

88.81

-

Revenue/Employee2

-

906,732

506,662

398,521

Operating Income/Employee2

-

341,206

203,742

149,874

EBITDA/Employee2

-

522,655

332,436

231,395

 

 

 

 

 

Profitability

Gross Margin

42.80%

48.74%

45.50%

47.55%

Operating Margin

33.57%

37.63%

40.21%

37.61%

EBITDA Margin

54.74%

57.64%

65.61%

58.06%

EBIT Margin

33.57%

37.63%

40.21%

37.61%

Pretax Margin

28.23%

30.87%

38.78%

31.14%

Net Profit Margin

23.30%

28.26%

37.90%

28.86%

COGS/Revenue

57.20%

51.26%

54.51%

52.45%

SG&A Expense/Revenue

11.67%

14.35%

16.81%

19.00%

 

 

 

 

 

Management Effectiveness

Return on Assets

6.23%

8.10%

8.81%

-

Return on Equity

16.34%

45.40%

50.37%

-

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.08

-0.08

-0.13

-0.07

Operating Cash Flow/Share 2

0.04

0.03

0.00

0.04

1-ExchangeRate: MYR to USD Period End Date

3.17

3.0835

3.424

3.46

2-ExchangeRate: MYR to USD Average for Period

3.17

3.0835

3.424

3.46

 

Current Market Multiples

Market Cap/Earnings (TTM)

27.32

Market Cap/Equity (MRQ)

2.93

Market Cap/Revenue (TTM)

7.29

Market Cap/EBIT (TTM)

19.95

Market Cap/EBITDA (TTM)

11.98

Enterprise Value/Earnings (TTM)

32.08

Enterprise Value/Equity (MRQ)

3.45

Enterprise Value/Revenue (TTM)

8.56

Enterprise Value/EBIT (TTM)

23.42

Enterprise Value/EBITDA (TTM)

14.06

 

 

Bottom of Form

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.97

UK Pound

1

Rs.89.02

Euro

1

Rs.70.61

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess SCs credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.