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BHB AR 2015 Part 2.Pdf HEAVY INDUSTRIES DIVISION KEY DEVELOPMENTS 04 ACHIEVED LCS 700,000 MAN-HOURS FIRST WITHOUT LTI WELDING CEREMONY 04 56 BOUSTEAD HOLDINGS BERHAD KD PAHANG patrol vessel The Division was severely Boustead naval shipyard sdn Boustead Heavy industries affected by the significant drop in Bhd (Bn shipyard) registered corporation Berhad (BHic) crude oil prices, which negatively a loss of RM92 million due to registered a loss due to higher impacted the local oil and gas the provision for liquidated direct costs incurred by the as well as the shipbuilding and ascertained damages for chemical tankers while waiting ship repair sectors. The move by KD KASTURI under the service life for the conclusion of our disposal major oil companies to cut their extension programme, provisions plan. Its subsidiary, Boustead development expenditure has for foreseeable losses for the Penang Shipyard Sdn Bhd (BPS) reduced the demand for offshore restoration of KD PERANTAU incurred further cost on the Tsupport vessel services and major and certain adverse foreign change order request by Murphy new fabrication work. In addition, exchange provisions on contracts Sarawak Oil Co Ltd. the government has reduced its with Original Equipment budget for maintenance, repair Manufacturers for the Littoral Nevertheless, contribution from and overhaul (MRO) of naval Combat Ship (LCS) project. joint venture companies, vessels. Contraves Advanced Devices BN Shipyard’s Langkawi Sdn Bhd and BHIC AeroServices As a result of these factors, the subsidiaries posted a loss due Sdn Bhd, registered a better Division registered a deficit of to lower margin generated from profit. RM137 million, compared with the its MRO activities, costs overrun previous year’s profit of RM26 on its shipbuilding project and million. provision for legal claims. HEAVY INDUSTRIES DIVISION LCS block LCS first welding ceremony DeFence & securiTy REVENUE Restoration and refit works for the hydrographic survey vessel, The Division’s commitment to KD PERANTAU was undertaken quality shipbuilding has allowed and is expected to be completed it to enhance the Royal Malaysian RM1.4 and handed over in the second Navy’s (RMN) assets through the BILLION quarter of 2016. years. In 2015, BN Shipyard held a TOTAL ASSETS coMMerciAl Majlis Kimpalan Ulung or first welding ceremony to mark the Jointly undertaken by BPS and commencement of construction of Boustead Langkawi Shipyard Sdn the first of the six LCS contracted RM4.4 Bhd (BLS), our shipbuilding project by the government of Malaysia for BILLION to design, supply, construct, test the RMN. and commission a 17-metre harbour tug was completed and delivered This marks the first time Malaysian to North Tugz Ltd, New Zealand. engineers will be involved in the shipbuilding process from Painting programme together with Through BPS and BLS, we offer the design phase all the way to a new approach to production MRO services for small and completion of the LCS, allowing planning. medium range vessels, in line with for the essential transfer of skills the Malaysian Shipbuilding and and technology. We expect this The efficacy of the rationalisation Ship Repair Industry Strategic Plan project to propel BN Shipyard while programme was proven with the 2020. advancing Malaysia’s maritime and on-time completion of ship repair defence industry. and refit of several RMN vessels in 2015. The refit of KD LAKSAMANA The Group offers effective support HANG NADIM was completed to ensure the optimal operational and handed over to RMN while availability of RMN’s critical defence emergency repair works were assets. As part of phase two of undertaken for KD HANG TUAH, the BN Shipyard rationalisation KD KASTURI, KD MAHAWANGSA, programme, we implemented an KD MUTIARA, KD SELANGOR and Integrated Hull Outfitting and KD TERENGGANU. ANNUAL REPORT 2015 57 58 BOUSTEAD HOLDINGS BERHAD HEAVY INDUSTRIES DIVISION BPS completes the load out and sail away of the offshore Belum Topsides (BE-SA) facilities enerGy Backed by a string of SapuraKencana Energy Peninsula successfully delivered projects, Malaysia Inc and EQ Petroleum Through BPS, our energy segment we are encouraged by the Production Malaysia Ltd. MHS’ is principally involved in the prospects ahead for BPS as high standards of service were fabrication of offshore steel an integrated Engineering, well-recognised, as its contract structures and the provision Procurement, Construction, with Coastal Energy KBM Sdn Bhd of other offshore oil and gas Installation & Commissioning was extended for the year. GAP- engineering related services. BPS is contractor providing a MHS Aviation Lda, a joint venture one of the few PETRONAS-licensed comprehensive list of services. with the Timor Leste government, major fabricators in Malaysia. performed its operations within MHs Aviation Berhad (MHs) the local oil and gas industry in Dili, BPS completed the load out, sail achieved an operating profit for Timor Leste. away, hook up and commissioning the year under review. However, of the Belum Topsides (BE-SA) receivables impaired on its key Boustead Atlas Hall sdn Bhd was facilities for Murphy Sarawak Oil Co contract impacted its results to impacted by the struggling oil Ltd. The completion of this project post a net loss. and gas industry. Despite this, the also marked our achievement company was able to successfully of over 700,000 man-hours of Existing contracts continue to drive complete construction of eight fabrication without lost time injury the company’s growth, including mobile hangars. or incident. contracts with PETRONAS Carigali Sdn Bhd, ExxonMobil Exploration and Production Malaysia Inc, ouTlooK The reorganisation of the BHIC Group will yield better operational efficiencies and organisational clarity with its businesses now divided into three distinct segments of Defence & Security, Commercial and Energy. In tandem with the reorganisation, we entered into an agreement squadron of the RMN. The tenure of keel laying process, which will with Jasa Merin (Labuan) Plc in the contract is for a period of three advance the physical construction December 2015 for the sale of three years at a contract price of RM94 of the first of the six LCS. Further to of our chemical tankers at USD5.7 million. this, systems integration work is set million each. The proposed disposal to progress in 2016. is expected to be completed in The contract between BN Shipyard March 2016. and the government for the It is a great honour to play a role in supply and delivery of spare parts, raising the standards of Malaysia’s Boustead DCNS Naval Corporation maintenance services and training defence assets to better protect Sdn Bhd (BDNC), a joint venture for the 23rd Frigate squadron of the nation’s shoreline. We are company of BHIC provided in- the RMN was extended for another encouraged by the trust placed in service support encompassing all two years. us by the government of Malaysia maintenance related work for two and look forward to delivering Scorpene-submarines, KD TUNKU We expect to complete the basic superior results. ABDUL RAHMAN and KD TUN design of the LCS in the coming RAZAK. We were awarded with an year. This will be followed by the extension of the in-service support contract at a total dual currency contract value of RM153 million and EUR70 million. Our new contract extends to March 2018. Further to this, BDNC received a letter of award from the government for the refit of the two submarines for a period of 18 months. The dual currency contract is priced at EUR170 million and RM432 million. BHIC Navaltech Sdn Bhd will undertake the administration and implementation of the supply and delivery of spares, maintenance, integrated logistics support and training for the 17th Patrol Vessel Mobile hangars ANNUAL REPORT 2015 59 HEAVYFINANC E & INDUSTRIESINVESTMENT DIVISION KEY DEVELOPMENTS 0504 PRODUCUNMING NAVYC SHIP SERVIAFFINCE BAN& MAINTANANK BERHADCE 115,000UNITS 10652 STUDENTSTHIS YEAR BRANCHES 0504 62 BOUSTEAD HOLDINGS BERHAD The Division achieved a profit of RM44 million, driven by its two primary contributors, the Affin Group and Boustead Travel Services. Market conditions in the finance and banking sector weighed down the Division’s AFFINBANK BHPetrol ‘Touch & Fuel’ MasterCard Contactless Terminal launch contributions to the Group. It was also impacted by higher interest Tcosts at the parent company. Affin Bank Berhad registered REVENUE a profit of RM461 million Affin Holdings Berhad registered compared with RM720 million a profit before tax of RM514 in the previous year, due to million compared with RM801 tough market conditions in the RM197 million in the previous year. The finance and banking sector and MILLION Affin Group contributed a profit weakened demand. This resulted of RM74 million to Boustead in lacklustre loan growth, compared with RM125 million last greater pressure on earnings PROFIT BEFORE TAX year. and concerns over asset quality. The banking industry was also impacted by margin compression, with increased competition for RM44 loans and deposits. MILLION The Bank is focused on building RM110 million its retail network despite the The Bank inked an agreement setbacks of the economic with Bursa Malaysia Berhad, OPERATING climate. During the year, the offering the market an electronic PROFIT Bank expanded its network with subscription and payment a new branch in Kota Damansara, service for the application of RM44 million bringing its total to 106 Rights Issue, known as eRights. branches nationwide. In order Affin Bank is among the first to provide added convenience financial institutions to offer this to its consumers, the Bank also innovative service, which provides installed additional off-site the convenience of utilising ATM RM2.8 Self-Service Machines, with 119 and internet banking facilities for billion machines in total. To complement transactions and processing of TOTAL its growing market presence, the Rights Issue. ASSETS Bank introduced new offerings this year, along with value-adding Meanwhile, in order to strengthen RM2.5 promotions and campaigns. its capabilities, the Bank billion This included re-launching the undertook initiatives to improve AFFINBANK BHPetrol ‘Touch and its technological and operational Fuel’ MasterCard Contactless, processes.
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