Yinson Annual Report 2020

56 Yinson Holdings Berhad SECTION 4 OUR CAPITALS NATURAL SOCIAL & RELATIONSHIPS HUMAN ORGANISATIONAL MANUFACTURED FINANCIAL The primary contributor to the Group’s revenue is its FPSO leasing businesses operating in Ghana, Nigeria and Malaysia. These accounted for over 90% of reported revenue for FYE 2020. The revenue contribution of FPSO/FSO leasing businesses which are co-owned under joint venture arrangements in Vietnam and Ghana is presented separately as adjusted revenue accounted in accordance with the Group’s equity ownership. Currently, the Group has four operating FPSOs, one operating FSO and two FPSOs in the construction phase. The remaining businesses are four OSVs and three VLCC cargo vessels, of which one has been deployed towards the conversion into FPSO Anna Nery. Each operating FPSO provides a continuous stream of recurring revenue and cash flows during the contracted operating period, that could stretch as long as 25 years. In FYE 2018, revenue for the Group grew close to RM1.00 billion with the operations commencement of FPSO JAK. FYE 2020 witnessed fresh revenue contribution from FPSO Helang since December 2019, raising revenue levels to RM2.52 billion. Of this figure, RM1.55 billion is non-recurring and associated with the contract’s lease classification as a finance lease, which resulted in the accounting of the transaction as an outright sale of the vessel upon handing over its right of use to the field owner. The cash flow resulting from these revenue streams are also explained in the sections relating to ‘Net cash flows generated from/(used in) operating activities’ and ‘Free and available cash’. Adjusted Revenue (RM’000) 648,633 775,618 1,085,157 1,194,229 2,672,244 FYE 2020 FYE 2019 FYE 2018 FYE 2017 FYE 2016 Adjusted Revenue