FY2021

RESULTS

28th February 2022

www.mermaid-group.com

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AGENDA

Business Report

Financial Review

Business Outlook

2

BUSINESS REPORT

3

FY 2021 HIGHLIGHTS

  • Revenue increased for 33.2% YoY regarding to the performance of main active vessels serving IRM business along with recognized income of awarded cable lay projects and the growing performance of company's expansion in the field of T&I and Decommissioning.
  • EBITDA has been recovered. During the year, there was an increase YoY from USD (11.8) m in FY2020 to USD (0.3) m in FY2021. The result has been reflecting our revenue generating capability and improved cost management which directly increased contribution margin.
  • For FY2021, the net cash flow used in operations was USD 2.9 m as a result of an increase in receivables.
  • At the end of 2022, the company order book was USD 292 m. This number mainly included significant awards for cable lay business in the Middle East and Transportation, Installation and Decommissioning projects in South East Asia pursuant to company's active growing strategies.
  • Balance sheet position was low risk at 1.42x Current Ratio and 0.32x D/E Ratio.

4

MOVEMENT IN KEY BUSINESS SEGMENT

YoY Net Profit (Loss) Change

FY2020 Net Loss

Subsea

Drilling

Holding

FY2021 Net Loss

1.3

(15.7)

(109.5)

69.5

23.0

Negative

Positive

  • A positive effect within subsea sector was essentially caused by recognized income and improved cost management leading to higher contribution margins
  • "Mermaid Asiana" and "Mermaid Endurer" worked at almost full utilization for the company's key clients in the Middle East
  • Cable lay business took a negative impact to bottom line because of an increased cost as a result of Covid-19 pandemic

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Disclaimer

Mermaid Maritime Public Company Limited published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2022 09:07:09 UTC.