Sunday, 14 January 2018

Big losses in listed O&G /marine companies…But salaries still big

It’s been awhile since I delved into the reading of annual reports. Last night I decided to read reports of several listed O&G/marine companies in Singapore.

Big losses

Undoubtedly many listed O&G/marine companies were in dire straits and outlook ahead were uncertain. There is no question that balance sheets of many these companies are strained with piling debts. Liabilities exceeded assets with limited cash to keep business going. Not to mention the reliability of the “assets”, if they truly worth what it was stated. Auditors also raised going concern doubts for many companies.

Many companies had loses in 2015 & 2016 that cannot even covered what they had been earning for the last 5 or more years during the hey days when Oil prices were soaring. Loses can be as high as tens or even hundreds of millions per annum for companies with market cap of less than 100 millions. Year 2017, which was yet to be reported, is likely to be even worse.

Perhaps it left us wondering where did these companies manage to get the cash to incur the huge loses and yet still able to sustain salary packages and continue their operation.

Big salaries

Due to the bad results, cost cutting is often one of the inevitable measures cited by Chairman and CEOs to weather the storm of the sector downturn.

Ok, cut the salaries of CEOs, directors and top management then in proportion to the company’s performance then!

Hmmm….. a peek at the annual salary packages of many of these companies’ top management reveals that most of them are all still drawing annual income at levels of >250 or >500 thousands. Perhaps it is not much lower, if not even same or even higher as during the good times before the oil crisis.  Independent directors, who usually are acting as advisors attending few meetings a year, are also still getting their fair share of very good money.

Imagine the top management trying to cost-cut those earning less than 50k p.a. and making work life difficult for them, when they are still lucratively earning 500k yearly, and may still traveling on first or business class flights on company expenses.

Isn’t the top management the ones who are responsible for the profit and losses of the companies? With the companies incurring far-fetched loses, yet those responsible are still getting fat pay-checks, but squeezing and stressing those employees who desperately need the paltry salaries to sustain their family expenses.

The main culprits

The banks are of course even worse and the main culprits who started all these in cahoots with the CEOs. They were the ones who introduced the various debt instruments and cheap money to the CEOs for expansion during the good times.

When crisis struck and things got screwed, it is evident that on paper, companies and banks suffered huge loses. Yet, these losses incurred for banks and companies are somehow all paper money only. Individually, many of the top employees are still filthy rich.

Oh… by the way, the worst it can get is that banks and companies can always introduced all sorts of complicated debt-restructuring programs to continue to keep the companies afloat, cleverly “playing” time delay. Even if listed companies were to undergo bankruptcies or judicial management, many of these companies still keep the top management and pay them good salaries.

The material winners and losers

Regardless of crisis or not, bankers who introduced the various debt instruments still get their lucrative commissions. CEOs and top management still get their fat salaries. Even many major shareholders who lost lots of their “paper stock money” were really not that affected financially, having already cash out during the euphoric share price rise during IPO.

On the contrary, employees who work their ass out, earning meager salaries get stress up now or lost their jobs and struggled to pay their bills! Small investors of these companies lost their hard-earn monies and cried foul.

The root of the roots

Of course all the debt instruments have no chance to be introduced, unless the governmental/regulatory authorities allowed them.

Remember that during the crisis of 2009, many of the O&G/marine companies were not that badly hit, primarily because they were not so indebted by all the “bonds and MTNs”.

It is all greed! 

And going back to the source, perhaps it is not even the CEOs or bankers, or bank CEO…. but perhaps the country herself. You can either call it “the ambition of an aspirated accelerated economic growth”, or simply “evil gimmicks”. 

The scenario in the O&G sector is merely a small warning and maybe even very mild in its evilness. 

Consider all those tech companies who have been making losses every year, all you need is a good story for the fund managers or even governmental agencies to buy into it, then the owner will be able to cash out, paying themselves good salaries using public or agencies’ monies and the success story will continue. 

Not complaining, just to bring awareness

Anyway, I am not complaining, and am never the kind who rants and complains.  I just want to inform that this is truly the world we are living in today.  

And a disclaimer that I am not one of those suffering in the above-mentioned companies listed in Singapore. In fact the company that I had been working for many years now, is seeing record high order intake lately that as a group that we are really running short of capacities. It is definitely a unfamiliar situation considering that in 2015 and 2016 we are also laying off hundreds of people as a group and significant retrenchments in Singapore also. Please accept that I am not boasting of the fortunate situation my company is experiencing now, but instead I am sincerely humble and grateful. All is by the grace of higher powers maybe, lest anyone should boast and claim credit?

Somehow this article is to bring to the awareness that it is quite ridiculous how this world has become, chasing the material aspects of life, especially in affluent city like Singapore. And people are becoming more and more selfish, self-loved and self-centered, always only thinking “what is it for me?” or “what can I get out of it?” rather than how can I help the needy looking at their root problems? Undoubtedly the rich are becoming richer, and the poor, poorer…the evil becoming more evil, and the righteous becoming more righteousness still (hopefully).

Final thoughts

Although it is totally unsurprising for me that this kind of unrighteous ethics is going to be more commonplace or even more wicked as time passes, it does disgust me a lot to continue reading on the annual reports, last night. Haha…

So I stopped reading the reports, and this also contributed to one of the reasons why I am blogging lesser nowadays about all the stocks and the material aspect of life. Material wealth and power of this world after-all is temporary and will just disappear once your time in this present age ended. So why are we spending so much time on it anyway. I did chase that a lot once upon time and are glad that I see the light now. 

Are you now still chasing? 

Instead I am concentrating more on the true wisdom in life, which is making the most out of life, rather than making lots of money. It is about impacting and changing lives of people around me with the true purpose of our existence. 

You may not realise. The more a person becoming more selfless in a wise manner, the more eventually all the things will fall in place peacefully. It includes relationships with families, friends and in work place and even your finance will miraculously fall into place, lest you even keep focusing on it. 

Enough said. If you are reading this article till now, I am truly thankful. May you and your loved ones be blessed with true love, peace and joy, and keep on becoming more and more righteous and selfless, making the most out of life.  

Oh yar.... this is my first blog article in 2018. Happy New Year to all the readers and have a splendid 2018 and beyond ahead. 




43 comments:

  1. CEOs and Top Mgmt are at the top of food chain!

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    Replies
    1. haha... food chain. Thought that is for animals eating one another...

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  2. Since 1990s many corporate structures & culture have been designed to benefit senior mgmt much more than ordinary shareholders.

    As retail shareholders, we need to be as nimble as fleas --- go along for the ride on the furs during good times, but know when to jump off when the dog is sickly and/or anti-flea chemicals going to be sprayed on the fur!

    ReplyDelete
    Replies
    1. Hi,
      Indeed the corporate world is always benefiting the top. To think of it, the world itself is in the same design perhaps.

      Jumping on/off at right time is correct, though requires lots of experience and even luck. :-)

      Delete
  3. Always good to read insights of the o&g reviews from you! Think O&G is a political business not just at the corporate level. Look at how the different countries are fighting and sabotaging each other to set the prices of oil.

    ReplyDelete
    Replies

    1. Hi LYCBF,

      Thanks for reading. You are right. Oil is necessity n quite close to being liquid form of money. Whoever controls it also have power n authority. Hence the conflict at a national level. But pls note that Singapore do not have direct oil business since we do not own oil/gas producing fields unlike our neighboring ctries. Our O&G is mainly in trading and support related business.

      Delete
  4. Hi Rolf, I miss your articles. Do come back more often. We will always be a slave to this corporate world, unless we are CEO :)

    ReplyDelete
    Replies
    1. Hi Cheryl,

      I am humbly honored by ur interest here. Thanks & *winks*! :-)

      With ur kind encouragement, I also intend to write more in 2018, hopefully I can, considering the children and the work.

      CEOs can be slaves also... slaves of power and authority. Prior to becoming CEOs, they are also like anyone of us, slaves of money and work....

      Hahaha.. all are slaves... maybe we can be servants rather than slaves.

      I wish you all the best.

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  6. Hi Rolf,

    Been frequently your blog and impressed by your articles. Not in the oil and gas but good to hear insights and non corporate speak from someone in it.

    It is important to stay positive especially in a cyclical business and oil and gas. Hope things will be better for you. A half filled glass can be half full or half empty depending on how you look at it.

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  7. Hi Rolf,

    My thoughts are that all the imbalances, the greed are there for a reason, just like light cast a shadow, hot water allow tea to be frangrance.

    Greed, fear, Vanity, we are all perpetrators of these sin at various level.

    But some knowingly use it to prey on others, perhaps that is what u say is evil.

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  26. Do you need a quick long or short term loan with a relatively low-interest rate as low as 3%? We offer business loan, personal loan, home loan, auto loan, student loan, debt consolidation loan e.t.c. no matter your credit score. We are guaranteed in giving out financial services to our numerous clients all over the r world. With our flexible lending packages, loans can be processed and transferred to the borrower within the shortest time possible, contact our specialist for advice and finance planning. If you need a quick loan contact us at email: muslimgroupofcompany@gmail.com
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    email : muslimgroupofcompany@gmail.com
    call or add us on what's app +1 647-489-4414

    ReplyDelete
  27. Do you need a quick long or short term loan with a relatively low-interest rate as low as 3%? We offer business loan, personal loan, home loan, auto loan, student loan, debt consolidation loan e.t.c. no matter your credit score. We are guaranteed in giving out financial services to our numerous clients all over the r world. With our flexible lending packages, loans can be processed and transferred to the borrower within the shortest time possible, contact our specialist for advice and finance planning. If you need a quick loan contact us at email: muslimgroupofcompany@gmail.com
    call or add us on what's app +1 647-489-4414
    Please, do provide us with the Following information If interested
    1) Full Name:.........
    2) Gender:.........
    3) Loan Amount Needed:.........
    4) Loan Duration:.........
    5) Country:.........
    6) Home Address:.........
    7) Mobile Number:.........
    8)Monthly Income:.....................
    9)Occupation:...........................
    )Which site did you here about us.....................
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    email : muslimgroupofcompany@gmail.com
    call or add us on what's app +1 647-489-4414

    ReplyDelete
  28. We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

    We deliver with time and precision as sethforth in the agreement. Our terms and Conditions are reasonable, below is our instrument description.

    The procedure is very simple; the instrument will be reserved on euro clear to be verified by your bank, after verification an arrangement will be made for necessary bank documents and stock testing expenses, the cost of the Bank Guarantee will be paid after the delivery of the MT760.

    DESCRIPTION OF INSTRUMENT:
    Instrument: Bank Guarantee (BG/SBLC).
    Total Face Value: Minimum of 1M Eur/USD (One Million Eur/USD) to Maximum of 5B Euro/USD(Five Billion Eur/USD).
    Issuing Bank: HSBC London, Barclays Bank, Deutsche Bank Frankfurt, Hong Kong, Any AA rated Bank in Europe or any Top 25 WEB.
    Age: One Year, One Day
    Leasing Price: 4% of Face Value plus 1% commission fees to brokers.
    Delivery: Bank to Bank SWIFT.
    Payment: MT-760.
    Hard Copy: Bonded Courier within 7 banking days.

    All relevant business information will be provided upon request plus our terms and
    procedures.

    Contact name: Azra Ishaque

    Email : lintel.financialservicesplc@gmail.com

    Skype : lintel.financialservicesplc

    ReplyDelete
  29. Do you need Finance?
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    ReplyDelete
  30. Do you need Finance?
    Are you looking for Finance?
    Are you looking for a money to enlarge your business?
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    ReplyDelete
  31. I will recommend anyone looking for Business loan to Le_Meridian they helped me with Four Million USD loan to startup my Quilting business and it's was fast When obtaining a loan from them it was surprising at how easy they were to work with. They can finance up to the amount of $900,000,000.000 (Nine Hundred Million Dollars) in any region of the world as long as there 1.9% ROI can be guaranteed on the projects.The process was fast and secure. It was definitely a positive experience.Avoid scammers on here and contact Le_Meridian Funding Service On. lfdsloans@lemeridianfds.com if you looking for business loan,Thanks.
    Leslie,

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  32. Hello Everybody,
    My name is Mrs Sharon Sim. I live in Singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of $250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius,via email:(urgentloan22@gmail.com) Thank you.

    ReplyDelete
  33. Hello Everybody,
    My name is Mrs Sharon Sim. I live in Singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of $250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius,via email:(urgentloan22@gmail.com) Thank you.

    ReplyDelete