39 INTEGRATED ANNUAL REPORT 2025 Gross gearing (times) LEADERSHIP MESSAGES | FINANCE AND STRATEGY REVIEW Order book to Net Debt* (times) Financing activities Leverage indicators * Order book and net debt related to assets owned through joint venture arrangements are included based on Yinson’s ownership interest in those assets. 5.30 8.34 12.85 11.39 10.31 2.04 1.26 2.05 1.52 1.48 0.88 1.85 1.00 1.52 0.78 FY2025 FY2024 FY2023 FY2022 FY2021 1.69 0.91 1.66 1.13 1.23 0.62 1.24 0.39 1.01 0.27 FY2025 FY2024 FY2023 FY2022 FY2021 FY2025 FY2024 FY2023 FY2022 FY2021 Adjusted Net Debt/Adjusted Core EBITDA (times) 5.91 4.32 3.94 3.85 2.68 FY2025 FY2024 FY2023 FY2022 FY2021 Based on total loans and borrowings. Based on total loans and borrowings less non-recourse project financing loans. Net gearing (times) The Group uses Net Gearing – calculated as ‘Total Loans and Borrowings’ less ‘Cash and Bank Balances plus Liquid Investments’ divided by ‘Total Equity’ – as a key indicator to manage our operational funding structure. The ratio increased to 1.69 times in the current financial year, up from 1.66 times in FY2024. This increase was due to higher leverage on additional loans drawn down to fund project execution, offset by the Group’s strong total equity position of RM7.9 billion. The construction of our assets is fully funded, with no bullet debt repayments due until FY2029. Ample liquidity generated during the contracted lifecycle of our assets ensures the ability to service our debts. As at 31 January 2025, RM9.3 billion of total loans and borrowings are project financing loans for FPSO John Agyekum Kufuor, FPSO Helang, FPSO Maria Quitéria, Agogo FPSO, Rising Bhadla 1 & 2 Solar Parks, Nokh Solar Park and Matarani Solar Park. These loans are structured for repayment over the course of the assets’ contracted periods. The project bond for FPSO Anna Nery was de-consolidated from the Group’s balance sheet as at 31 January 2025 (refer to Note 48(a) to the Financial Statements for further details).
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