48 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 EPCIC profitability FPSO Anna Nery, FPSO Maria Quitéria and FPSO Atlanta comprised the three EPCIC projects undertaken by the Group in FYE 2023. The ongoing projects contain an EPCIC component where such revenue is recognised over time, based on the progress of construction. In line with the commencement of EPCIC activities for FPSO Maria Quitéria and FPSO Atlanta and the progress of construction in the current financial year, the Group experienced a higher contribution from EPCIC business activities in FYE 2023. The status of the Group’s FPSOs that were under construction as at 31 January 2023 is summarised in the following table. FPSO Anna Nery achieved final acceptance and first oil on 7 May 2023, marking the commencement of the 25-year firm charter period until 2048. With our team’s hard work and adaptability, as well as the close working relationships with our clients, vendors and shipyards, we were able to achieve this significant milestone for our first FPSO project in Brazil. Our progress on FPSO Maria Quitéria and FPSO Atlanta remain on schedule as planned. Vessel Client Percentage of completion Expected first oil (calendar year) FPSO Anna Nery Petróleo Brasileiro S.A. Achieved first oil on 7 May 2023 FPSO Atlanta Enauta Energia S.A. 25% - 50% 2024 FPSO Maria Quitéria Petróleo Brasileiro S.A. 25% - 50% 2024 Core PAT (RM million) 336 166 310 7 FYE PAT (RM million) FYE 794 408 476 7 FYE 793 410 468 7 Core EBITDA (RM million) EBITDA (RM million) FYE 333 167 302 7 2023 2022 2021 2020 2023 2022 2021 2020 2023 2022 2021 2020 2023 2022 2021 2020 FINANCIAL REVIEW
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