43 LEADERSHIP MESSAGES FINANCIAL REVIEW FYE 2023 FYE 2022 CHANGE RM million RM million RM million % Extract from Consolidated Income Statements Revenue 6,324 3,607 2,717 75.3% Cost of sales 4,497 2,299 2,198 95.6% Gross profit 1,827 1,308 519 39.7% EBITDA 1,782 1,402 380 27.1% Profit before tax 855 16 139 19.4% PAT 588 524 64 12.2% Core profit after tax 741 534 207 38.8% Gross profit margin 28.9% 36.3% -7.4% -20.4% Net profit margin 9.3% 14.5% -5.2% -35.9% Core profit margin 11.7% 14.8% -3.1% -20.9% Extract from Consolidated Statements of Financial Position Total assets 19,259 15,205 4,054 26.7% Current assets 3,515 3,596 (81) -2.3% Liquid investments 153 14 139 992.9% Cash and bank balances 1,507 2,859 (1,352) -47.3% Total liabilities 12,801 10,465 2,336 22.3% Current liabilities 3,590 1,623 1,967 121.2% Loans and borrowings 9,584 8,758 826 9.4% Non-recourse borrowings 3,731 4,020 (289) -7.2% Total equity 6,458 4,740 1,718 36.2% Extract from Consolidated Statements of Cash Flows Net cash flows used in operating activities (1,225) (987) (238) 24.1% Net cash flows used in investing activities# (1,041) (93) (948) 1,019.4% Net cash flows generated from financing activities 781 1,962 (1,181) -60.2% Note: # Refer to Note 3 to the Financial Statements for details of the restatement of prior year comparatives in the Statement of Cash Flows. Interest rates In FYE 2023, the three-month USD-LIBOR rate trended upwards significantly from 0.21% per annum at the beginning of the financial year to close at 4.81% per annum at the end of the year. This more than twentyfold increase was driven by US Federal Reserve policy tightening. While the global USD-LIBOR rate has increased significantly in the financial year under review, the increase in the Group’s finance costs was moderated by the hedges that were put in place. More than 80% of the Group’s USD-LIBOR project financing loans are hedged via floating-to-fixed interest rate swaps, effectively limiting our interest rate exposure. The increase in the Group’s financing costs by RM189 million or 49% was driven by the above-mentioned increase in the global USD-LIBOR rate and higher drawdowns from project execution requirements with the commencement of two new FPSO projects, FPSO Maria Quitéria and FPSO Atlanta. FINANCIAL PERFORMANCE
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