53 ANNUAL REPORT 2022 STRATEGY & OUTLOOK YEAR IN REVIEW In 2020, Yinson redefined our strategic framework in line with our new transformation phase as an energy infrastructure and technology company, setting Group-wide business, capital and organisational strategies as well as divisional-level strategies. The refreshed strategic framework helps us to anticipate the risks and opportunities that will arise in the short, medium and long-term; and empowers us as an organisation to be adaptable in order to stay ahead in this fast-changing, complex, diversified, and volatile economic environment. Strategic framework & edge, pg 58 Over the past 12 months, the strategic framework has guided the prioritising our business investments and decisions, resulting in some notable achievements for the Group. As a Group, we made significant progress on our efforts to contribute to the energy transition. The remarkable growth in our offshore production, renewables and green technologies divisions all synergistically work together to contribute to the provision of stable, affordable energy while also building the infrastructure for alternative energy sources to gradually become more mainstream. In the FPSO segment, we continue to deliver value of our projects through tactical gearing and liquidity management strategies, including innovating new financing strategies and structures. Yinson-Sumitomo secures USD670 million mini perm financing for FPSO Anna Nery On 11 August 2021, Yinson, together with our project partner Sumitomo Corporation, entered into a USD670 million syndicated loan facility for the FPSO Anna Nery project, with ING, Natixis and Standard Chartered Bank as underwriting banks. Together with the three underwriting banks, the facility was well supported by the participating banks and funds, which include AmBank, Federated Hermes Core Trust III - Project and Trade Finance Core Fund, Federated Hermes Project and Trade Finance Master Fund, Federated Hermes Project and Trade Finance Tender Fund, Mizuho Bank Ltd, the Export-Import Bank of Malaysia (Malaysia EXIM), the Hongkong and Shanghai Banking Corporation Limited (HSBC), and United Overseas Bank Ltd. The 5-year limited recourse loan was used to refinance an existing USD400 million bridge loan received in September 2020 and supports the ongoing construction of FPSO Anna Nery. The deal, which is believed to be the first of its kind in the FPSO financing space, was made possible through the Group’s long-standing strong relationships with the underwriting banks. It was sealed amid significant challenges in the FPSO financing space, which were compounded by the ongoing Covid-19 pandemic and evolving investor appetites due to the energy transition. FINANCING INNOVATION HIGHLIGHT STRATEGY REVIEW
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