62 YINSON HOLDINGS BERHAD STRATEGY & OUTLOOK FINANCIAL REVIEW The lease classification and timing of EPCIC revenue recognition (where relevant) for the Group’s offshore assets which contributed to the Group’s results in the financial year under review are set out below. Project Lease classification EPCIC recognition* Timing of EPCIC recognition* Owned by the Group FPSO Adoon Operating lease No FPSO JAK Operating lease No FPSO Helang Finance lease Yes Point in time FPSO Abigail-Joseph Finance lease Yes Point in time FPSO Anna Nery Finance lease Yes Over time Owned through joint venture arrangements FPSO PTSC Lam Son Operating lease No FSO PTSC Bien Dong 01 Operating lease No * Refer to the Group’s accounting policy for EPCIC revenue recognition in Note 2.7(i) to the Financial Statements. Due to the nature of the accounting treatment, the Group charted a 25.6% decrease in revenue in FYE 2022 compared to FYE 2021, from RM4.8 billion to RM3.6 billion. This is mainly attributable to the one-off outright sale recognition of RM1.0 billion from FPSO Abigail-Joseph upon its lease commencement in October 2020. FPSO Abigail-Joseph’s lease classification is finance lease in nature, where one-off outright sale revenue was recognised at a point in time when the asset’s use is handed over to the client. Therefore, it is important to note that this revenue decrease is the consequence of a change in the timing of revenue recognition and does not mean that our activity has decreased during this period. Quite on the contrary, we have been actively growing our Offshore Production, Renewables and Green Technologies businesses, with healthy business development activities and new projects secured. Business development, pg 99; Development pipeline, pg 106; Strategic green technology investments, pg 115 The revenue contributions from the Group’s joint venture arrangements in Vietnam and Ghana are presented separately as adjusted revenue and accounted for in accordance with the Group’s equity ownership. Group profitability GROUP PAT & EBITDA PAT (RM’ MILLION) FYE 2022 524 FYE 2021 412 FYE 2020 261 FYE 2019 264 FYE 2018 292 FYE 2022 FYE 2021 FYE 2020 FYE 2019 25.5 FYE 2018 32.1 PAT Margin (%) 14.5 8.5 10.4
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