227 INTEGRATED ANNUAL REPORT 2025 ACCOUNTABILITY | NOTES TO THE FINANCIAL STATEMENTS 21. INVESTMENT IN JOINT VENTURES (CONTINUED) (d) Summarised financial information of the material joint ventures, based on its MFRS/IFRS financial statements is set out below: (continued) (iv) Yinson Boronia Consortium Pte. Ltd. and its subsidiaries 2025^ RM million Summarised statement of financial position: Current assets* 626 Non-current assets 6,703 Current liabilities (219) Non-current liabilities (4,333) Net assets 2,777 Proportion of the Group’s ownership 63.2% Group’s share of net assets and carrying amount of the investment 1,755 * Included in current assets is cash and bank balances of RM206 million. ^ No share of profit or other comprehensive income from the joint venture was recognised for the current financial year since YBC was deconsolidated from a subsidiary and reclassified as an investment in a joint venture of the Group on 31 January 2025. Refer to Note 20(d)(ii) for summarised financial information of YBC related to non-controlling interests before deconsolidation. The fair value of RM1,755 million has been derived based on the future secured cash inflows from the customer contracts of FPSO Anna Nery. The significant assumptions used are as follows: • Discount Rates: The Weighted Average Cost of Capital (“WACC”) is estimated at 9.18%, based on the cost of the FPSO Anna Nery’s existing bond and the cost of equity relevant to the jurisdictions in which it operates. • Inflation Rates: Inflation rates range from 2.46% in the U.S. to 4.2% in Brazil, based on data from reputable financial institutions. • Projected Expenses: The total operating expenditure (“OPEX”) is forecasted for the entire duration of the contractual charter period of FPSO Anna Nery. This projection is based on approved manpower budgets and encompasses all operational costs necessary to effectively fulfil contractual obligations. The Group is currently in the process of finalising the detailed notional purchase price allocation relating to the investment in joint venture. Based on the sensitivity analysis performed, a reasonable change in the key assumption of an increase of 0.1% to the WACC, with all other inputs held constant, would result in a decrease in fair value by RM37 million. (v) Investment in other joint ventures The summarised financial information of investment in other joint ventures is not presented as these investments are individually immaterial to the Group.
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