37 LEADERSHIP MESSAGES | FINANCIAL REVIEW Vessel Equity ownership Accounting classification EPCIC recognition* Timing of EPCIC recognition* Owned by the Group FPSO JAK 74% Operating lease No FPSO Helang 100% Finance lease Yes Point in time (Q4 FYE 2020) FPSO Abigail-Joseph 100% Finance lease Yes Point in time (Q3 FYE 2021) FPSO Anna Nery 75% Finance lease Yes Over time FPSO Maria Quitéria 100% Finance lease Yes Over time FPSO Atlanta 100% Accounted for as a service contract under IFRS 15 Yes Over time FPSO Agogo 100% Finance lease Yes Over time Owned through joint venture arrangements FPSO PTSC Lam Son 49% Operating lease No FSO PTSC Bien Dong 01 49% Operating lease No * Refer to the Group’s accounting policy for EPCIC revenue recognition in Note 2.6(i) to the Financial Statements. The Group charted an 84% increase in revenue in FYE 2024 compared to FYE 2023, from RM6.3 billion to RM11.6 billion. The key drivers for the increase in the financial year under review are as follows: • EPCIC business activities for FPSO Agogo had commenced subsequent to the execution of firm contracts with Azule Energy Angola S.p.A. on 27 February 2023. • On 31 July 2023, the Group exercised a call option and completed the acquisition of the asset-owning company of FPSO Atlanta with a 15-year time charter agreement and operation & maintenance agreement with a five year extension option, which increased the total contract value prior to completion of construction. • The estimated charter day rate escalation determined at lease commencement and effective dates as stipulated in certain charter contracts was included in the calculation of the respective total contract values, which resulted in the remeasurement of finance lease receivable and the recognition of additional revenue. • FPSO Anna Nery achieved first oil and commenced operations on 7 May 2023. In addition, we have been actively building our renewables and green technologies businesses, with healthy business development activities and new projects secured. The revenue contributions from the Group’s joint venture arrangements in Vietnam are presented separately as adjusted revenue and accounted for in accordance with the Group’s equity ownership.
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