67 ANNUAL REPORT 2022 STRATEGY & OUTLOOK CASH FLOWS FROM OPERATING ACTIVITIES EPCIC (RM’ MILLION) FYE 2022 (1,833) FYE 2021 (1,398) FYE 2020 FYE 2019 473 152 FYE 2022 FYE 2021 FYE 2020 FYE 2019 495 FYE 2018 497 Non-EPCIC & Others (RM’ MILLION) 846 598 445 Net Cash Flows (Used In)/Generated From Operating Activities (RM’ MILLION) FYE 2022 FYE 2021 FYE 2020 FYE 2019 FYE 2018 EPCIC operating cash flows During the FPSO conversion period prior to lease commencement, EPCIC business activities do not generate cash for the Group, except in instances where our clients provide advance funding for the FPSO conversion or where there are normal timing differences arising on payments to our vendors. In FYE 2022, the EPCIC net operating cash outflow represents our continued investment into the conversion of FPSO Anna Nery, where the costs incurred are in line with our expectations. Our investment into the project during the conversion phase will be recovered through the bareboat charter payments received during the operations period. FPSO Anna Nery is expected to commence its lease in Q1 2023. Non-EPCIC operating cash flows 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 and our cash position over the past years. In FYE 2022, the net cash flows generated from operating activities for non-EPCIC activities was RM846 million, a 41.5% increase from the previous year. Looking back over a 2-year time horizon, Yinson’s operating cash flow from non-EPCIC activities has almost doubled since FYE 2020. (987) (800) 918 647 497 FINANCIAL REVIEW Cash flows from investing & financing activities During FYE 2022, 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 225 to 229.
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