36 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 FYE 2024 11,646 2023 6,324 2022 3,607 2021 4,849 2020 2,519 Group Revenue (RM million) FYE 2024 RM million FYE 2023 RM million Change RM million % Operating Results by Segment Offshore Production and Offshore Marine 2,823 1,675 1,148 68.5% Renewables (41) (129) 88 -68.2% Green Technologies (23) (28) 5 -17.9% Other Operations (110) (70) (40) 57.1% Share of results of joint ventures and associates 9 (16) 25 -156.3% REVENUE AND PROFITABILITY The Group’s awarded lease contracts are classified as finance leases in accordance with the International Financial Reporting Standards (“IFRS”) for accounting purposes. The revenue generated from the conversion of very large crude carriers (VLCC) into FPSOs, which is classified as EPCIC revenue, is recognised either over time (based on the progress of construction) or at a point in time when the asset’s rights of use are handed over to a lease client. EPCIC revenues and profits are recognised during the construction phase of the asset under this accounting treatment. Except for advance payments received for certain FPSO contracts, the asset generates cash only after construction and commissioning activities are completed, as that is the point in time the Group is entitled to start receiving the lease payments. In the case of an operating lease, lease revenues and profits are recognised during the lease period, effectively more closely tracking cash receipts. FYE EPCIC (RM million) 2023 4,557 2022 2,206 2021 3,394 2020 1,551 2024 8,794 FPSO Operations (RM million) 2023 1,633 2022 1,286 2021 1,408 2020 917 2024 2,279 426* 2,705 FYE * Including effect of remeasurement of finance lease receivable of RM426 million to revenue for FPSO Anna Nery.
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