Yinson Annual Report 2021

88 YINSON HOLDINGS BERHAD SECTION 05 : OUR CAPITALS FINANCIAL CAPITAL FYE 2021 FYE 2020 FYE 2019 FYE 2018 FYE 2017 4,849 2,519 1,035 910 543 GROUP REVENUE (RM MILLION) FYE 2021 FYE 2020 FYE 2019 FYE 2018 FYE 2017 NET CASH FLOWS (USED IN)/ GENERATED FROM OPERATING ACTIVITIES (RM MILLION) FYE 2021 FYE 2020 FYE 2019 FYE 2018 FYE 2017 1,408 917 991 880 500 NON-EPCIC (RM MILLION) FYE 2021 FYE 2020 3,394 1,551 EPCIC (RM MILLION) The Group’s business model of earning stable recurring income from asset leasing contracts is evidenced by the steady growth of our Non-EPCIC activities’ cash flows from operations over the past years. In FYE 2021, the Group’s overall deficit in operating activities cash flow position originated from the timing mismatch of recognised revenue from EPCIC activities performed for FPSO Abigail-Joseph and FPSO Anna Nery and the associated cash inflows that will only be received by the Group throughout the lease period. FPSO Abigail-Joseph commenced its lease on 28 October 2020, while FPSO Anna Nery is expected to commence its lease in Q1 2023. Excluding the cash flow effect of EPCIC activities, the net cash flows generated from operating activities in FYE 2021 would have been RM598 million. During the financial year, cash flows generated from financing activities primarily through drawdown of loans and borrowings were deployed towards funding the project execution and investing activities of the Group as presented in the Statements of Cash Flows from pages 195 to 199. OUTPUTS (KEY FINANCIAL METRICS) Revenue (775) 918 647 497 (54)