Yinson Annual Report 2021

25 ANNUAL REPORT 2021 MANAGEMENT DISCUSSION & ANALYSIS Part of managing our financial requirements entails careful management of our current and future debts – in terms of monitoring loan covenants, gearing levels and loan drawdowns and repayment periods. Our Group Corporate Advisory Team provides strong support to the businesses to raise funds for each of our projects, to ensure that our projects and operations can progress as planned. We have also implemented strategies to increase velocity of our capital such as through equity sell-down, refinancing and re-leveraging order book backlogs, allowing us to better manage the cashflow requirements of our ongoing projects whilst building a substantial cash and cash equivalent reserve for our operations. BUILD A PLATFORM FOR GROWTH Our strategy for growth centres on the scalability of our support functions and strategic workforce planning. As our business grows into new areas and territories, coupled with the rapidly evolving global economic environment, we will continually enhance our systems and processes to scale well under the increasing operational demands and scope. We recognise technology and digitalisation as key enablers of scalability, and invest in implementing modern, technically robust digital systems that strengthen integrity and deliver efficiency. Yinson proactively implements strategic workforce planning, as we believe that planning ahead for current and future hiring needs is critical to ensuring that we have the resources to meet our strategic goals. Through ongoing business analytics, and as part of our integrated business planning, we aim to identify our workforce planning strategies across each area of the business to address our current and future skill and capability needs. Attracting and retaining the right people is another important consideration in strategic workforce planning. Following a comprehensive exercise to gather inputs from all our global offices, we developed and launched our HR Transformation Plan in FYE 2021. We believe that the effective rollout of the plan will be instrumental in our ability to attract and retain the talent to drive our business forward. EMPOWER INFORMED DECISION-MAKING Theodore Roosevelt once said, “In any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing”. ‘Decisive’ and ‘Open’ are two of Yinson’s five Core Values, which create the foundation on which we encourage Yinsonites to make decisions. We aim to create an open working environment where everyone has access to information, tools and resources that they need to make sound and sensible decisions and recommendations. Further, we aim to minimise bureaucratic roadblocks to decision- making by empowering Yinsonites to take ownership of decision points, while simultaneously providing avenues for escalation, if needed. We encourage all employees – especially the junior ones - not to consider anything as ‘above their paygrade’, but to see themselves as important contributors to the decision-making process. We believe that this approach makes work meaningful and fulfilling to our employees and increases business productivity and quality. Digitalisation, once again, plays an important part by providing the platforms that allow efficient collaboration, communication, data analysis and reporting process. As the Group grows, it becomes increasingly important to invest in digital platforms that connect business areas cohesively. In the Intellectual Capital chapter of this Report, we disclose our achievements and plans in terms of digitalisation for business systems and processes. CLOSING REMARKS Yinson is no stranger to economic volatility, having weathered many challenging periods since we started up in 1983. Through adherence to our values and business strategies, we emerged from these difficult times stronger, wiser and more resilient, determined to learn from our experiences and improve. The challenges we faced in FYE 2021 were unprecedented, but we did not deviate from our tried and tested fundamentals, continuously aligning everything we did to bring greater value to our stakeholders. Guided by our Core Values, we believe that taking these steps puts us on the surest path to ensuring the long-term sustainability of our business. Financial Capital, pg 82; Intellectual Capital, pg 103; Social & Relationships Capital, pg 130 Covid-19: Yinson’s new normal, pg 69; Intellectual Capital, pg 103; Human Capital, pg 112 Business systems and processes, pg 110; Governance, pg 154