CHAIRMAN STATEMENT MooVita and their Malaysian operations arm, eMoovit. Our marine green technology investments in the last year include global leader in marine battery solutions provider Shift Energy, and we are actively developing the prototype for Hydroglyder – our light marine craft equipped with advanced hydrofoil technology. The Group achieved its strongest financial performance yet, with a Profit After Tax (“PAT”) of RM524 million – an increase of 27% over FYE 2021’s PAT. I am pleased to report that Yinson achieved a significant increase in our profitability through the steady growth of our FPSO operations, alongside continuous investment into high capital expenditure FPSO projects and new activities in renewables and green technologies. SUSTAINABILITY – OUR KEY FOCUS We remain determined to become a sustainability leader within our industry, believing that this will provide a positive ripple effect to the communities and environment around us while ensuring that our business remains relevant for many years to come. We are proud to have made significant progress in improving our sustainability performance, which you may read about in the Strategy & Outlook section of this Report as well as the Sustainability Statement. These efforts have won us several recognitions, including an improved ESG risk rating from Sustainalytics which placed us in the top 9th percentile of the energy service industry and maintenance of our position in the FTSE4Good Index. As a further feather in our hat, Yinson was awarded ISO 37001 ABMS certification by Bureau Veritas, making us amongst the first oil & gas companies in Malaysia to be accredited with this internationally recognised standard. SHARE PRICE PERFORMANCE Yinson’s share price started off at RM5.18 on the first day of the financial year under review. It has remained stable, averaging around RM5.30, being well-supported by our strong fundamentals. Consistency is key for us as it is what allows us to focus on the growth ahead. Meanwhile, our total orderbook is well over 10 times our total market capitalisation. REWARDING OUR SHAREHOLDERS We have distributed RM43 million in dividends for FYE 2022, representing 4.0 sen per ordinary share dividend declared for FYE 2022. In addition, we have recommended a final dividend of 2.0 sen per ordinary share for FYE 2022 for shareholders’ approval at the forthcoming 29th AGM. On 20 December 2021, we announced our intention to undertake 1-for-1 Bonus Issue and Renounceable Rights Issue together with free detachable warrants. The aim of the Bonus Issue is to reward our existing shareholders for their continuous support, and also allow shareholders to increase their equity with the larger share capital base post completion and participate in the future growth of the Group. Shareholders approved the Bonus Issue proposal during the EGM held on 29 March 2022 and this Bonus Issue was completed on 14 April 2022. Shareholders also approved the Renounceable Rights Issue during the EGM, which aims to raise gross proceeds of up to RM1.22 billion. This equity fundraising exercise will improve the Group’s net gearing and financial position, and the proceeds will be used to part finance our new FPSO projects and our expansion into renewables and green technology businesses. This exercise is expected to be completed by mid-2022, barring any unforeseen circumstances. Our last Rights Issue was in 2014, after which we have successfully completed four FPSO projects and diversified into new businesses. With shareholders’ support on this Rights Issue, we believe we will be able to achieve our next big leap of growth by tapping further into capital markets and accelerating our renewables and green technology businesses. STRENGTHENED BOARD OF DIRECTORS A warm welcome goes out to Mr Gregory Lee on his appointment as an Independent Non-Executive Director on 1 October 2021. He will further enhance the Board with his 25 years of experience as a strategic advisor and venture investor. The appointment is in line with the Group’s expansion into new business opportunities and will certainly be strengthened through his vast knowledge in small, medium and large technology businesses across various global locations. With our Board now stronger than ever, we are confident that we are well-poised to contribute positively towards the Group’s growth and leadership in the energy infrastructure business for many years to come. APPRECIATION On behalf of the Board, our deepest appreciation goes to our clients, financiers, vendors, advisors as well as the relevant authorities for your unwavering support rendered to Yinson. Your support has indeed brought us to where we stand today. To our Yinson family around the globe, allow me to extend my heartfelt thanks for all the phenomenal work you’ve done thus far. Let’s continue to uphold our Core Values as we stand together to overcome hurdles that may come our way for the journey ahead. 14 YINSON HOLDINGS BERHAD OVERVIEW
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