FY 2023 Full-Year Financial Results Webcast Briefing

At the end of last year, we have completed our Strategic Review and Capital Structure Review and announced last month that we will be writing down surplus and non-core assets in our full-year 2023 earnings. This morning, we reported our Financial Year 2023 financial results and made two other announcements relating to The resolution of the historical event, operational car wash with the Brazilian authorities, and two, a 20 to 1 share consolidation exercise. We hope to spend some time going through each of them separately in detail. In financial year 2023, I think that achieved a positive underlying EBITDA of $628 million

Singapore dollars for FY23 as compared to 113 million Singapore dollars in FY22. Underlying EBITDA excludes exceptional items. Group net loss was 1.9 billion for FY23 as compared to 261 million in the prior year. The group's net loss in FY23 was primarily attributable to exceptional items that include non-cash write-downs of surplus and non-core assets, and excess and obsolete inventory arising from our strategic review, as well as provisions for contracts, legal and corporate claims, and merger expenses which amounted to 2 billion Singapore dollars. The group announced today that it had reached in principle settlement agreements with the Brazilian authorities in relation to the historical event

operation car wash, amounting to a settlement payment totaling 670.7 million Brazilian rias, equivalent to approximately 182.4 million Singapore dollars, subject to post-closing compliance obligations. In addition, the group has also made a provision of 82.4 million Singapore dollars for indemnity capital cooperation in relation to this matter. Can you actually see? No, you just put behind, we won't be looking at the... Good morning ladies and gentlemen.

Welcome to Citrium's financial year 2023 results breathing red cars. This morning we posted our FY2023 earnings with a positive underlying EBITDA of $628 million Singapore dollars, reflecting the group's strong operational performance. We have with us today, Mr Chris Ong, CEO and Mr Adrian Tang, CFO. I'll now pass it on to Chris, who will go through our business performance. Good morning and welcome to CITRAAM's group's full year 2023 results presentation. I'm pleased to have with me Mr Adrian Tang, Chief Financial Officer. We completed the combination at the end of February 2023 and have been extremely busy with the integration and transformation of CITRA. At the end of last year, we completed our Strategic Review and Capital Structure Review and announced

last month that we will be writing down surplus and non-core assets in our full year 2023 earnings. This morning, we reported our Financial Year 2023 financial results and made two other announcements relating to 1. The resolution of the historical event operational car wash with the Brazilian authorities and 2. A 20 to 1 share consolidation exercise. We hope to spend some time going through each of them separately in detail. In Financial Year 2023, we achieved a revenue that has more than triple to Singh $7.3 billion. Underlying EBITDA, which excludes exceptional items, jumped 456% year-on-year to Singh $628 million from Singh $113 million in Financial Year 2022.

We have narrowed our underlying net loss to SING dollar 28 million for financial year 2023 from the SING dollar 141 million for financial year 2022. In fact, underlying net profit was SING dollar 33 million dollars in second half of 2023, a reflection of an improved underlying business performance. We announced today that the group has reached in-principle settlement agreements with the Brazilian authorities in relation to the historical event Operation Car Wash for approximately $6.182.4 million. This latest development provides us with finality on this legal matter, which has been outstanding for quite some time, with the Brazilian authorities. It also ensures that we are able to continue to participate in tenders and other bidding

projects in Brazil. I would like to reiterate that we are determined to uphold the higher standards of governance and have taken firm steps to put in place policies and procedures to instill the higher standard of discipline, ethics and compliance in our business. Our reported performance in financial year 2023 was impacted by exceptional items, which include write-downs that are non-cash in nature, provision for honours contracts, legal and corporate claims and merger expenses. At the end of last year, we completed our Strategic Review and Capital Structure Review. Arising from that, we have identified our business priorities and how we will go about achieving the targets we have set. Surplus and non-core asset have been identified and written down.

While it widens our reported losses, it is value-accretive in improving CITRAAM's productivity, optimising the company's operational structure and reducing cash operating expenses over time. Our goodwill remains intact. Since the merger, we have reorganized ourselves differently from our old yard-centric ways of doing things. Today, Citroëm is organized around a one-Citroëm global delivery model where projects are worked on in different yards globally, supported by centralized engineering and technology resources. This way, we will not be limited to a specific yard capacity or resource limitation. Going forward, we will continue to invest in our core assets and capabilities to scale up our business under this new operating delivery model. As part of our capital structure review,