Yinson Annual Report 2021

19 ANNUAL REPORT 2021 MANAGEMENT DISCUSSION & ANALYSIS FYE 2021 FYE 2020 Change RM million RM million RM million % Extract from Consolidated Income Statements Revenue 4,849 2,519 2,330 92.5% Cost of sales 3,548 1,938 1,610 83.1% Gross profit 1,301 581 720 123.9% EBITDA * 1,236 770 466 60.5% Profit before tax 580 331 249 75.2% Profit after tax 412 261 151 57.9% Core profit after tax 735 293 442 150.9% Gross profit margin 26.8% 23.1% 3.7% 16.0% Net profit margin 8.5% 10.4% -1.9% -18.3% Core profit margin 15.2% 11.6% 3.6% 31.0% Extract from Consolidated Statements of Financial Position Total assets 11,886 9,515 2,371 24.9% Current assets 2,678 2,194 484 22.1% Liquid investments 229 189 40 21.2% Cash and bank balances 1,821 1,276 545 42.7% Total liabilities 7,860 5,741 2,119 36.9% Current liabilities 1,873 1,514 359 23.7% Loans and borrowings 6,106 3,830 2,276 59.4% Non-recourse borrowings 2,985 2,339 646 27.6% Total equity 4,026 3,774 252 6.7% Extract from Consolidated Statements of Cash Flows Net cash flows (used in)/generated from operating activities (775) 918 (1,693) -184.4% Net cash flows used in investing activities (287) (1,236) 949 76.8% Net cash flows generated from financing activities 1,517 478 1,039 217.4% * Earnings Before Interest, Tax, Depreciation and Amortisation FYE 2021 FYE 2020 Change Financial Indicators % Return on equity 10.2% 6.9% 3.3% 47.8% Current ratio (times) 1.43 1.45 -0.02 -1.4% Gearing ratio (times) - Total borrowings 1.52 1.01 0.51 50.5% - Excluding non-recourse borrowings 0.78 0.40 0.38 95.0% Net gearing ratio (times) - Total borrowings 1.01 0.63 0.38 60.3% - Excluding non-recourse borrowings 0.27 0.01 0.26 2,600.0% Net debt/EBITDA ratio (times) 3.28 3.07 0.21 6.8% FINANCIAL PERFORMANCE