Kencana 2011 vis - SapuraKencana Petroleum

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Chairman’s Statement TAN SRI NIK MOHAMED BIN NIK YAACOB Chairman 18 Kencana Petroleum
Dear Shareholders, In our previous Annual Report, we reported that we had undertaken a strategy of putting in place the building blocks for future growth despite a difficult operating environment that year. We are pleased to report that for the financial year ended 31 July 2011 (FY2011), that strategy contributed significantly to FY2011’s strong results. In FY2011, Kencana Petroleum Berhad further built upon the good foundations laid to become a stronger and more dynamic group. Amidst a highly competitive environment, we leveraged on several significant developments that included further integration of the companies within the Group and processes, strategic acquisitions, business expansion and people development to deliver strong results. As we stride forward, the Group will continue to maintain the good momentum achieved to reinforce our position as the preferred integrated service provider for upstream oil and gas players. On behalf of your Board of Directors, I am delighted to present the fifth Annual Report and Audited Financial Statements of Kencana Petroleum Berhad for FY2011. PERFORMANCE OVERVIEW I am pleased to report FY2011 was a record breaking year for the Group. We surpassed the preceding year’s profit after tax by 64%, turning in PAT of RM223 million in FY2011 as compared to PAT of RM136 million in FY2010. We also registered an impressive 37% increase in revenue, generating RM1.49 billion in revenue in FY2011 against the preceding year’s RM1.09 billion. The higher performance was attributable to the good progress made in relation to contracts in hand on the back of a larger order book, better operational efficiencies and maiden contributions from KM-1’s offshore drilling operations. There was also an initial contribution from subsea services following our acquisition of Allied Marine & Equipment Sdn Bhd (AME) in July 2011. FY2011 saw more robust activities in the upstream oil and gas sector. This was in tandem with the positive global economic environment which supported strong demand for hydrocarbons. Amidst this positive environment, oil prices strengthened. This in turn led to more projects being undertaken by oil and gas companies. This augured well for us as we registered strong new orders for fabrication of offshore facilities as well as offshore hook-up and commissioning (HUC) services. We recorded a major milestone when we secured our first fabrication contract for a central processing platform for Newfield Malaysia. On top of this, we extended our footprint into Australia by undertaking fabrication works for the Gorgon LNG plant for Saipem France. We also commenced our offshore drilling business with the start of the KM-1 drilling service contract for PETRONAS Carigali Sdn Bhd in September 2010. At the end of FY2011, the Group’s basic earnings per share had increased to 12.71 as compared to 10.72 previously, while the Group’s market +64.0% RM223 million Profit after Tax 2010: RM136 million annual report 2011 19
Page 1 and 2: annual report 2011 KENCANA PETROLEU
Page 3 and 4: Vision DISCOVER OUR Commitment to I
Page 5 and 6: Contents • Vision 004 About Kenca
Page 7 and 8: Petroleum annual report 2011 5
Page 9 and 10: 2009 • Took delivery of KPV Kapas
Page 11 and 12: DISCOVER OUR Synergystic Advantages
Page 13 and 14: AS SPECIAL BUSINESS: To consider an
Page 15 and 16: annual report 2011 13
Page 17 and 18: +64.0% Profit After Tax RM223 milli
Page 19: DISCOVER OUR Robust Workforce At th
Page 23 and 24: services. We also acquired equity i
Page 25 and 26: OUTLOOK AND PROSPECTS The Malaysian
Page 27 and 28: Dear Shareholders, Kencana Petroleu
Page 29 and 30: Marginal Field Development and Oper
Page 31 and 32: contributions to our earnings. This
Page 33 and 34: will strengthen our capability in t
Page 35 and 36: 13 May 2011 Official Visit of Chief
Page 37 and 38: Kencana Petroleum Hari Raya Open Ho
Page 39 and 40: As Kencana Petroleum grows from str
Page 41 and 42: IMPACTFUL MARKETPLACE ACTIVITIES We
Page 43 and 44: AUDIT AND RISK MANAGEMENT COMMITTEE
Page 45 and 46: 100% Kencana Pinewell Sdn Bhd (KPW)
Page 47 and 48: From left to right: Ir. Cher Lee Ki
Page 49 and 50: Dato ’ Mokhzani bin Mahathir Mala
Page 51 and 52: Ir. Cher Lee Kiat Malaysian, Non-In
Page 53 and 54: Syed Zaid bin Syed Jaffar Albar Mal
Page 55 and 56: Board Meetings and Supply of inform
Page 57 and 58: Internal Control The Board firmly b
Page 59 and 60: (e) to ensure that a new Director t
Page 61 and 62: Chairman The Chairman of the OC sha
Page 63 and 64: In the event issues requiring the E
Page 65 and 66: discussions being held amongst the
Page 67 and 68: • establishing in general, the ri
Page 69 and 70: Additional Compliance Information 1
Page 71 and 72:
Statement on Internal Control BOARD
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annual report FINANCIAL STATEMENTS
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DIRECTORS’ INTEREST The holdings
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ISSUE OF SHARES AND DEBENTURES (CON
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OPTIONS GRANTED OVER UNISSUED SHARE
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SIGNIFICANT EVENTS The significant
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Group Company Note 31.7.2011 31.7.2
Page 85 and 86:
Consolidated Statement of Changes i
Page 87 and 88:
Statements of Cash Flows For Year E
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Group Company 2011 2010 2011 2010 R
Page 91 and 92:
1. BASIS OF PREPARATION (CONTINUED)
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2. SIGNIFICANT ACCOUNTING POLICIES
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3. PROPERTY, PLANT AND EQUIPMENT (C
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3. PROPERTY, PLANT AND EQUIPMENT (C
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4. INTANGIBLE ASSETS (CONTINUED) Im
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4. INTANGIBLE ASSETS (CONTINUED) Se
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5. INVESTMENTS IN SUBSIDIARIES (CON
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5. INVESTMENTS IN SUBSIDIARIES (CON
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6. INVESTMENTS IN ASSOCIATES (CONTI
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10. TRADE AND OTHER RECEIVABLES (CO
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11. CASH AND CASH EQUIVALENTS Group
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13. CAPITAL AND RESERVES Number Num
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14. EMPLOYEE BENEFITS Share-based p
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15. LOANS AND BORROWINGS Group Comp
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16. DEFERRED TAX LIABILITIES (CONTI
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18. REVENUE AND COSTS OF SERVICES R
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23. TAX EXPENSE Group Company 2011
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25. EARNINGS PER ORDINARY SHARE (CO
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26. SEGMENTAL REPORTING (CONTINUED)
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27. FINANCIAL INSTRUMENTS Certain c
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27. FINANCIAL INSTRUMENTS (CONTINUE
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31. RELATED PARTIES Identity of rel
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32. ACQUISITIONS OF SUBSIDIARIES AN
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34. SUBSEQUENT EVENTS Proposed busi
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35. SIGNIFICANT CHANGES IN ACCOUNTI
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Statement by Directors Pursuant to
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Report on Other Legal and Regulator
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LIST OF THIRTY (30) LARGEST SHAREHO
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List of Properties As at 31 July 20
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Group Directory HEADQUARTERS Kencan
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I / We (NRIC No ) (Full name in blo
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Kencana Petroleum Berhad (667490-M)
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Kencana 2011 vis - SapuraKencana Petroleum

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