41 LEADERSHIP MESSAGES | FINANCIAL REVIEW FPSO Operations profitability Non-EPCIC business activities represent Yinson Production’s operating activities, comprising the leasing of vessels and marinerelated services. These are areas in which the Group has extensive experience and a strong track record. The Group has five operating FPSOs and one operating FSO on charter lease as at 31 January 2024. * Including effect of remeasurement of finance lease receivable of RM426 million to revenue and RM316 million to PAT for FPSO Anna Nery. In FYE 2024, FPSO Operations’ EBITDA and PAT grew by 78% and 90% respectively compared to FYE 2023. The growth was driven primarily by FPSO Anna Nery which achieved first oil and commenced operations on 7 May 2023, including the effect of remeasurement of finance lease receivable at commencement of the lease. Core EBITDA and Core PAT were 75% and 81% higher at RM2.0 billion and RM1.1 billion respectively, which is an indication of our stable and profitable business model. Our industry-leading safety and uptime performance undertaken by our global operations teams, which resulted in 100% commercial uptime across our fleet in FYE 2024, together with higher oil prices resulting in more favourable charter rates and cash flows, has allowed us to maintain the asset values of our offshore production assets. CASH FLOWS AND LIQUIDITY FYE 2024 3,063 2023 1,660 2022 2,873 2021 2,050 2020 1,465 Cash and Money Market Investments (RM million) FYE 2024 776 1,092 316* 2023 573 2022 507 2021 325 2020 259 PAT (RM million) 2,057 FYE 2024 1,631 2023 1,153 2022 1,032 2021 943 2020 743 EBITDA (RM million) 426* 2,027 FYE 2024 1,601 2023 1,161 2022 1,023 2021 1,079 2020 758 Core EBITDA (RM million) 426* 1,050 FYE 2024 734 2023 581 2022 500 2021 528 2020 283 Core PAT (RM million) 316*
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