PT
Elnusa
Tbk
Investor
Update
Vision
&
Mission
2
Vision
Trusted
Energy
Services
Company
Mission
•
Business expansion from integrated upstream oil &
gas services to energy services
•
Create a stable business growth that fulfills the
shareholders
expectations,
followed
by
human
resources
competence
development
and
the
mastering of energy services related technologies.
•
Achieve and maintain customer satisfaction by
providing high quality products based on the
operational principles.
•
Maintain a harmonious and mutually beneficial
relationship with the government, partners and
Community.
Corporate
Values
•
Clean
•
Respectful
Elnusa
at
a
Glance
3
1
Significant
Track
Record
in
Upstream
Oil
&
Gas
Services
Industry
:
Has
been
45
years
providing
the
services,
Elnusa
has
been
a
market
leader
in
Indonesia
for
Land
Seismic
and
a
trusted
provider
for
Oilfield
services.
1
Significant
Track
Record
in
Upstream
Oil
&
Gas
Services
Industry
:
Has
been
45
years
providing
the
services,
Elnusa
has
been
a
market
leader
in
Indonesia
for
Land
Seismic
and
a
trusted
provider
for
Oilfield
services.
2
Experienced
&
Qualified
Personnel
:
along
with
reliable
equipment,
experienced
&
competent
personnel
delivers
customer
satisfaction
&
service
excellence.
2
Experienced
&
Qualified
Personnel
:
along
with
reliable
equipment,
experienced
&
competent
personnel
delivers
customer
satisfaction
&
service
excellence.
3
Proudly
HSE
Achievement
&
Reputation
:
Elnusa quality
of
performance
always
meets
the
standards
of
ISO
9001:2008
&
OHSAS
18001:2007,
and
is
recognized
by
many
customers.
3
Proudly
HSE
Achievement
&
Reputation
:
Elnusa quality
of
performance
always
meets
the
standards
of
ISO
9001:2008
&
OHSAS
18001:2007,
and
is
recognized
by
many
customers.
4
Strong
Customer
Base
:
with
national
and
international
oil
and
gas
companies
as
loyal
customers
and
operation
projects
cover
the
Nation
4
Strong
Customer
Base
:
with
national
and
international
oil
and
gas
companies
as
loyal
customers
and
operation
projects
cover
the
Nation
Milestones
Establishment
2013 2014
Entered
Seismic
Business
Data
Management,
Oilfield
Services,
Fuel
Trading
&
Distribution
Establishment
of
Drilling
Services,
Fabrication
Initial
Public
Offering
7.298.500.000
Shares
Non
Core
Divestments
Turnaround
Program
Year
of
Human
Resources
Operational
Area
5
Besides Indonesia,
Elnusa also
experienced
in
several
regional
countries :
Brunei,
Vietnam,
Company
Structure
PT
Pertamina
(Persero)
41.10%
Dana
Pensiun
Pertamina
19.30%
Publik
39.60%
Intergrated
Upstream
Services
Upstream
Support
Services
Downstream
Services
PT
Elnusa
Oilfield
Services
(99,99%)
PT
Elnusa
Geosains
Indonesia
(99,99%)
PT
Elnusa
Fabrikasi
Konstruksi
(97,35%)
PT
Patra
Nusa
Data
(70,00%)
PT
Sigma
Cipta
Utama
(99,99%)
PT
Elnusa
Trans
Samudera
(98,23%)
PT
Elnusa
Petrofin
(99,93%)
Integrated
Upstream
Services
7
Oilfield
Maintenance
Services
Hydraulic
Workover
&
Snubbing
11 Units
HWU Snubbing
with
Rig
Up
150K,
225K
&
340K
type
Coiled
Tubing,
Well
Stimulation
&
Pumping
3
CTU
Units,
3
Cementing
&
Pumping
Units
Well
Testing
&
Slickline
3
Testing
&
3
Working
Barges
,
2
MPB,
1
LCT,
7
Slickline
Units,
3
SFT
&
4
DST
Units
Drilling
Services
Operation
&
Maintenance
Field
&
pipeline
operation
maintenance
service
Special
Group
Services
Modular
Crane
Services,
Field
Operation
Management,
Enhance
Oil
Recovery
Drilling
Rig
Services
1 Unit
Rig
of
1600
HP,
3
Units
of
550
HP,
1
Unit
of
900
HP
Drilling
Support
Mud
&
Chemical
16
MLU,
9
H2S
Units,
Drilling
Fluid
Services
Electric
Wireline
Logging
Integrated
Upstream
Services
8
Seismic
Data
Acquisition
Seismic
Data
Processing
Non
Seismic
Surveys
Gravity
Survey
Magnetotelluric
&
Time
Domain
Electromagnetic
Downstream
Services
PT
Elnusa
Petrofin
Type of Work
Fuel Transportation Fuel transport management with All In scheme 1.120 Unit Annual average volume Fuel transport management with tariff scheme 8 Unit 11.877.240 KL
Tank car rental to Pertamina Fuel tank cars 46 Unit LPG tank cars 10 Unit Subsidized fuel distribution to APMS Total Transporters 88
Total APMS 145
SPBB transport management Total Transporters 23
Total APMS 27 Transport management for APMS with All In scheme Total Transporters 6
Total APMS 12
Depot Private owned depot management with VHS system 9 clients Annual average volume
Handling Marine by Franco systemn 5 clients 143.895 KL
SPBU / Gas Station Gas station management services 1 SPBU, 1 SPBE Annual average volume
Owned gas station management 1 SPBU 29.884 KL dan 16.186 Ton
Annual average volume
Trading Speciality Chemical For Pertamina 1.263 Drum
Commodity Chemical For Elnusa 9.210 Drum & 73.692 Sack
Industry fuel For Mining & Marine industry 39.490 KL
Upstream
Support
Services
10
Elnusa
Fabrikasi
Konstruksi
Fabrication
services
(pumping
unit
for
CTU,
HWU),
threading
&
trading
of
Pipa
Oil
Country
Turbular
Goods
(OCTG)
and
EPC
projects
Patra
Nusa
Data
Oil
&
gas
data
management,
licensing
services,
online
data
services
and
physical
storage
services
Sigma
Cipta
Utama
Information
system
and
electronic
data
physical
storage,
management
services,
oil
&
gas
geological
materials
storage,
radio
tel
services.
Elnusa
Trans
Samudera
Awards
&
Achievements
11
The
Mahakam
Award
2014
dari
Total
EP
Indonesia,
for
High
Risk
Contractor
category.
6
Years
Without
DAFW
2014
from
Chevron
Operations
.
Best
RIG
HSE
Performance
2014
from
VICO
Indonesia
at
Badak
Field
Contract
&
Procurement
Award
From
Total
EP
Indonesie
Best
of
the
Best
50
Companies
from
Forbes
Indonesia
2
Golds
&
4
Silvers
at
Annual
Pertamina
Quality
Award
ELSA
Stock
Performance
J F M A M J J A S O N D J F M A
0 100 200 300 400 500 600 700 800
Harga
Volum
ELSA
Shares
Performance
2014
‐
2015
ELSA
shares
has
been
apreciated
104%
in
2014
from
Rp
335
to
Rp
683
Issued
shares
7.298.500.000
shares
Market
Cap
2014
:
Rp
5
trillion
(+/
‐
USD
430
million)
Average
share
price
and
volume
in
2014
:
Rp
554
dan
39mn
shs/day.
35%
24%
19%
19%
3%
2014
ELSA
Non
Controlling
Ownership
ELSA
non
controlling
ownership
in
2014
was
dominated
by
domestic
holding
by
65%
Foreign
Institution
:
35%
Insurance
:
24%
Mutual
Fund
:
19%
Market
Share
13
Upstream
Spending
16.106
17.873
20.384
19.375
2011
2012
2013
2014
Eksplorasi Development Production Administration
Oilfield
Service
Market
Share
1.510
1.719
2.396
2.528
2011
2012
2013
2014
ELSA Competitor
Refer
to
Elnusa
revenue
of
Rp
4.2T
hence
Elnusa’s
market
share
to
country’s
upstream
investment
is
only
around
2%
Refer
to
relevant
spendingt
to
maintenance
business
compare
to
Elnusa’s
oilfield
services
revenue,
Elnusa’s
annual
market
share
is
roughly
around
5%
Financial
Highlights
14
IDR Bn
YoY
YoY
Rp
(bn)
%
Rp
(bn)
%
Rp
(bn)
%
Rp
(bn)
%
Revenue
4.112
100%4.221
100% 2,7%918
100%
925
100%
0,8%Cost
of
Revenue
3.465
84%3.461
82% ‐0,1%771
84%
767
83%
‐0,5%Gross
Profit
647
16%760
18% 17,5%148
16%
158
17%
6,8%Operating
Profit
293
7%425
10% 45,1%101
11%
106
11%
5,0%EBITDA
599
15%665
16% 11,0%161
18%
175
19%
8,7%Net
Profit
(Loss)
238
6%412
10% 73,1%54
6%
65
7%
20,4%EPS
33
1%57
1% 72,7%7
1%
9
0
20%Total
Assets
4.371
100%4.246
100% ‐2,9%4.268
100%
4.368
100%
2,3%Total
Liabilities
2.086
48%1.663
39% ‐20,3%1.931
45%
1.720
39%
‐10,9%Total
Equity
2.285
52%2.583
61% 13,0%2.337
55%
2.647
61%
13,3%Account
Receivables
958
22%930
22% ‐2,9%881
21%
860
20%
‐2,4%Account
Payables
1.088
25%1.068
25% ‐1,8%1.118
26%
1.128
26%
0,9%Interest
Bearing
Debt
764
17%436
10% ‐42,9%540
13%
420
10%
‐22,2%Yearly
Performance
YTD
Revenue
Gross
Profit
Gross
Margin
IDR bn
Oilfield
&
Drilling
Sevices
158
151
Seismic
Services
Quarterly
Performance
Oilfield
&
Drilling
Services
151
Seismic
Services
Revenue
Gross
Profit
Gross
Margin
116
148
1Q14
1Q15
Electric
Wireline
Logging
Revenue
&
Gross
Margin
31
42
1Q14
1Q15
Coiled
Tubing
Unit
99
61
1Q14
1Q15
Drilling
38
64
1Q14
1Q15
Hydraulic
Workover
17 17
1Q14
1Q15
Drilling
Fluid
25
34
1Q14
1Q15
Snubbing
17
IDR bn
28%
‐
38%
68
%
32%
‐
4%
34%
Revenue
8 7
1Q14
1Q15
Cementing
&
Pumping
5 6
1Q14
1Q15
Drilling
Evaluation
23
29
1Q14
1Q15
Well
Testing
36
2
1Q14
1Q15
Operation
Maintenance
11 11
1Q14
1Q15
Slickline
18
IDR bn
28%
‐
95%
2%
‐
12%
23%
Revenue
158
151
1Q14
1Q15
Seismic
Land
&
Processing
19
IDR bn
‐
4%
Subsidiaries
Performance
20
336
341
1Q14
1Q15
Elnusa
Petrofin
17
7
1Q14
1Q15
Patra
Nusa
Data
15
26
1Q14
1Q15
Elnusa
Fabrikasi
Konstruksi
16
14
1Q14
1Q15
Sigma
Cipta
Utama
IDR bn
2%
‐
59%
77%
‐
12%
Revenue
Contract
Replacement
Profile
21
USD
jt
Contract
per
1Q15
and
Forward
CARRIED
OVER
NEW
CONTRACT
TOTAL
CONTRACT
VALUE
2015
(Exp)
VALUE
ONWARD
A
B
A+B
C
A+B
‐
C
Oilfield
&
Drilling
230
26
256
118
138
Seismic
28
60
88
40
48
TOTAL
258
86
344
158
186
Capex
489
130
110
366
160
0
250
500
750
2011
2012
2013
2014
1Q15
IDR bn
A
=
227
B
=
262
A
=
26
B
=
104
A
=
51
B
=
59
A
=
337
B
=
30
A
=
New
Investments
B
=
Replacements
Area
of
Investment
(Oilfield
&
Drilling
Services
&
Seismic)
:
Electric
Wireline
Unit
Coiled
Tubing
Unit
Portable
Slickline
Unit
Barges
Modular
Rig
Geophones
Business
Challenges
in
2015
23
Oil
Price
Technology
People
Competition
Elnusa
Challenges
Business
Challenges
in
2015
24
Oil
Price
Oil price is predicted to be remain at $50
‐
$60 /bbl in 2015,
hence:
•
Less spending on exploration (seismic & exploration
well), but not on reprocessing data.
•
More focus on maintenance (good for oilfield services).
Technology
•
More to lateral/horizontal drilling, impacted to lower
cost (no need to drill more wells). Elnusa will make
strategic partnership to improve capabilities.
•
More advance to a down hole tools. Elnusa will focus to
this new technology equipments.
Competition
•
Become more severe, due to merging companies (HAL
& BHI) which potentially be followed by others.
•
Chinese companies penetration with lower fee and
more aggressive strategy.
PT
Elnusa
Tbk.
Graha
Elnusa
Jl.
T.B.
Simatupang
Kav.
1B
Jakarta
12560,
Indonesia
Tel:
+62
21
‐
78830850
Fax:
+62
21
‐
78830907
www.elnusa.co.id
Thank
You
DISCLAIMER :
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