PT WINTERMAR OFFSHORE MARINE Tbk
WINS net profit for FY2013 up 3
US$27 million YOY, EBITDA jumps
62%YOY to US$65.4 million on 5
revenue growth
Owned vessels
WINS’s accelerated fleet expansion in 2013 drove gross profit from Owned Vessels up by 71% YOY to US$51.4million on revenue growth of 50%. Rising charter rates and the strength of the USD against the Rupiah underpinned
expansion in an environment of strong demand
vessels. A total of 12 vessels were delivered, 7 in the first half and 5 in the second half of the year, adding up to USD90million of total capex. New vessels comprised : 1 unit Platform Supply Vessel, 1 unit 8000 BHP AHTS, 1 unit 5000 BHP AHTS, 1 unit Heavy Load barge, 4 units Fast utility vessels and 4 units Anchor Handling Tugs.
Cabotage implementation in 2013 for offshore operations support vessels of 5000 BHP and higher, including Platform Support Vessels and Dynamic Positioning vessels, means that all our fleet is now fully covered under the cabotage law. Domestic rates have therefore risen vis a vis international rates as supply of Indonesian flagged vessels has become restricted.
Chartered vessels
Higher demand for deepwater drilling has also contributed to a pickup in our chartering business, which has seen a 71% jump in revenues to US$78.1 million and nearly doubling of profit to
98.8 78.2 9.8 65.3 45.7 13.1
Own vessel Chartering Others
Revenue - USD Million
2013 2012
Tbk
NEWSLETTER # 33
25 Mar 2014
profit for FY2013 up 34% to
million YOY, EBITDA jumps
million on 50%
Laba WINS 2013 naik 34
US$27 juta, EBITDA
62% menjadi US$ 65,4 juta
hasil dari pertumbuhan pendapatan
sebesar 50%
Kapal milik accelerated fleet expansion in 2013 drove gross profit
to US$51.4million on %. Rising charter rates and the strength of the USD against the Rupiah underpinned gross margin expansion in an environment of strong demand for offshore vessels. A total of 12 vessels were delivered, 7 in the first half ing up to USD90million : 1 unit Platform Supply t 5000 BHP AHTS, 1 unit Heavy Load barge, 4 units Fast utility vessels and 4 units
Percepatan ekspansi armada
bruto naik 71% menjadi US$ 51,4 juta pertumbuhan pendapatan sebesar 50%
dan penguatan USD atas Rupiah semakin memperlebar marjin dalam tingginya permintaan atas kapal
12 kapal yang diterima, 7 kapal kapal dalam semester kedua dengan
jumlah capex menjadi sebesar US$ 90 juta. Kapal tersebut terdiri dari 1 unit Platform Supply Vessel 8000BHP, 1 unit AHTS 5000 BHP, 1 unit unit Fast Utility Vessel dan 4 unit
Cabotage implementation in 2013 for offshore operations support vessels of 5000 BHP and higher, including Platform Dynamic Positioning vessels, means that all our fleet is now fully covered under the cabotage law. Domestic rates have therefore risen vis a vis international rates as supply of Indonesian flagged vessels has become
Implementasi dari cabotage
kapal offshore pada kelas 5000 BHP dan lebih, termasuk Platform Supply Vessel dan
membuat semua kapal-kapal kami di bawah naungan law. Tarif sewa domestik menjadi naik dibandingkan internasional karena ketersediaan
menjadi terbatas.
Higher demand for deepwater drilling has also contributed to a pickup in our chartering business, which has seen a 71% jump in revenues to US$78.1 million and nearly doubling of profit to
Kapal sewa
Permintaan yang lebih tinggi atas pengeboran laut dalam (deepwater) juga telah berkontribusi
sewa, dimana terjadi kenaikan 71% pendapatan menjadi 186.7 13.1 124.1 Total
USD Million
51.4 5.2 30.0 2.6Own vessel Chartering
Gross Profit
2013
NO. 33/NL/III/2014
Laba WINS 2013 naik 34% menjadi
, EBITDA meningkat tajam
62% menjadi US$ 65,4 juta sebagai
hasil dari pertumbuhan pendapatan
Percepatan ekspansi armada tahun 2013 mendorong laba bruto naik 71% menjadi US$ 51,4 juta sebagai hasil dari sebesar 50%. Kenaikan tarif sewa dan penguatan USD atas Rupiah semakin memperlebar marjin dalam tingginya permintaan atas kapal-kapal offshore. Dari total kapal dalam semester pertama dan 5 dalam semester kedua dengan sehingga meningkatkan sebesar US$ 90 juta. Kapal-kapal baru Platform Supply Vessel, 1 unit AHTS 00BHP, 1 unit AHTS 5000 BHP, 1 unit Heavy Load Barge, 4
dan 4 unit Anchor Handling Tugs. cabotage pada tahun 2013 di sektor kapal-kapal offshore pada kelas 5000 BHP dan lebih, termasuk
dan Dynamic Positioning Vessel, telah kapal kami di bawah naungan cabotage . Tarif sewa domestik menjadi naik dibandingkan tarif ketersediaan kapal berbendera Indonesia
Permintaan yang lebih tinggi atas pengeboran laut dalam juga telah berkontribusi menunjang bisnis kapal , dimana terjadi kenaikan 71% pendapatan menjadi
1.2
57.8
2.6 2.4
35.1
Chartering Others Total
Gross Profit - USD Million
US$5.2million for FY2013. However, these contracts are mainly on short term tenures given the high proportion of exploration activity, and we are not expecting the same growth in 2014 as we focus our efforts on our new Owned Vessel fleet. The implementation of cabotage in 2013 has also reduced the number of vessels available for chartering.
Gross Profit
Total gross profit showed growth of 65% owing to
result from Owned Vessels, as margins improved significantly compared to the previous year, particularly in the higher value segment of the market.
Indirect expenses and operating profit Indirect costs saw more modest growth of
million, mainly from personnel related costs. Our continued efforts to develop our human capital and build out our internal infrastructure in anticipation of scaling up meant higher indirect expenses, primarily from staffing and development of personnel. We have built up a stronger network of vessel teams to be able to handle a larger nu
vessels.
However, the increase in indirect cost was more than offset by higher gross profit, resulting in a 76% YOY jump in operating profit to US$46.7million.
Other income/(expenses)
The higher capital expenditure associated with our increased fleet expansion plan was funded through internally ge cash as well as bank loans. Interest expenses therefore rose accordingly by 49% from US$ 5.6 million to US$
loans were drawn down. In Q3-2013 we sold an old vessel at a loss to raise cash for the reinvestment into our revised fleet expansion plan, therefore there was a loss in sale of fixed asset of US$ 1 million FY2013, as compared to a gain of US$1.8million in 2012.
Net profit and EBITDA
Net Profit attributed to shareholders has increased by YOY to US$ 27 million while EBITDA has risen by US$ 40.4 million last year to US$ 65.4 million this Earnings per share for FY2013 amounted to Rp 90 which is an increase 32% in US$ term corresponding period in 2012.
Total Assets and Gearing
Total Assets amount to US$ 422.2 million
US$5.2million for FY2013. However, these contracts are rt term tenures given the high proportion of exploration activity, and we are not expecting the same growth in 2014 as we focus our efforts on our new Owned Vessel fleet. The implementation of cabotage in 2013 has also reduced the
ble for chartering.
US$78,1 juta dan hampir melipatgandakan labanya menjadi US$ 5.2 juta pada tahun 2013. Namun, kontrak
umumnya jangka pendek karena kebanyakan berkaitan dengan aktivitas eksplorasi dan kami tidak
pertumbuhan yang sama pada tahu
cabotage pada tahun 2013 juga mengurangi tersedianya kapal untuk chartering.
% owing to very strong , as margins improved significantly previous year, particularly in the higher value
Laba Bruto
Total laba bruto mengalami pertumbuhan yang sangat tinggi sebesar 65% sehubungan dengan menguatnya laba kapal milik, dan karena marjin meningkat signifikan dibandingkan tahun lalu, khususnya pada
lebih tinggi.
Indirect costs saw more modest growth of 31% to US$11 million, mainly from personnel related costs. Our continued human capital and build out our internal infrastructure in anticipation of scaling up meant higher indirect expenses, primarily from staffing and development of personnel. We have built up a stronger network of vessel teams to be able to handle a larger number of high value
Beban tidak langsung
Beban tidak langsung mengalami pertumbu menjadi US$ 11 juta, terutama
sehubungan dengan personil. Usaha yang berkelanjutan untuk pengembangan human capital
internal untuk mengantisipasi peningkatan skala bisnis sehingga mendorong peningkatan beban tidak langsung terutama staf dan pengembangan personil. Kami telah membangun jaringan tim kapal yang lebih kuat untuk menangani kapal-kapal bernilai tinggi yang lebih banyak. However, the increase in indirect cost was more than offset by
% YOY jump in operating
Namun kenaikan beban tidak langsung
dengan kenaikan laba bruto yang tinggi sehingga laba usaha naik 76% menjadi US$ 46,7 juta
The higher capital expenditure associated with our increased fleet expansion plan was funded through internally generated cash as well as bank loans. Interest expenses therefore rose million to US$ 8.4 million as
we sold an old vessel at a loss to raise cash for the reinvestment into our revised fleet expansion plan, therefore there was a loss in sale of fixed 2013, as compared to a gain of
Pendapatan/biaya lain
Tingginya capex untuk ekspansi armada dibiayai dengan kas yang dihasilkan secara internal dan pinjaman bank. Beban bunga dengan demikian naik 49% dari US$ 5,6 juta menjadi US$ 8,4 juta sehubungan dengan pencairan pinjaman. Pada kwartal 3, kami telah menjua
memperoleh dana kas dalam rangka reinvestasi rencana ekspansi armada yang
kerugian penjualan aset tetap sebesar US$ 1 juta pada tahun 2013 sementara pada tahun sebelumnya laba
Net Profit attributed to shareholders has increased by 34%
EBITDA has risen by 62% from million this period.
Laba bersih dan EBITDA
Laba bersih yang teratribusikan untuk pemegang saham tumbuh 34% menjadi US$ 27 juta dan EBITDA tumbuh 6 dari US$ 40,4 juta menjadi US$ 65,4 juta pada periode ini. 2013 amounted to US$ 0.74 cent or
in US$ term from the previous
Laba per saham selama periode 2013
atau ekuivalen dengan Rp 90 mengalami kenaikan 32% US$ dibandingkan periode yang sama tahun 2012.
million with our fleet valued
Total Aset dan Gearing
Total aset sebesar US$ 422,2 juta dengan nilai armada
NO. 33/NL/III/2014
US$78,1 juta dan hampir melipatgandakan labanya menjadi US$ 5.2 juta pada tahun 2013. Namun, kontrak-kontrak ini umumnya jangka pendek karena kebanyakan berkaitan dengan aktivitas eksplorasi dan kami tidak dapat mengharapkan pertumbuhan yang sama pada tahun 2014. Implementasi cabotage pada tahun 2013 juga mengurangi tersedianya kapal
Total laba bruto mengalami pertumbuhan yang sangat tinggi sebesar 65% sehubungan dengan menguatnya laba kapal milik, dan karena marjin meningkat signifikan dibandingkan n lalu, khususnya pada segmen pasar kapal-kapal bernilai
Beban tidak langsung mengalami pertumbuhan sebesar 31% terutama disebabkan oleh beban-beban sehubungan dengan personil. Usaha yang berkelanjutan untuk human capital dan membangun infrastruktur mengantisipasi peningkatan skala bisnis mendorong peningkatan beban tidak langsung terutama staf dan pengembangan personil. Kami telah membangun jaringan tim kapal yang lebih kuat untuk
kapal bernilai tinggi yang lebih banyak. kenaikan beban tidak langsung dapat dikompensasikan
kenaikan laba bruto yang tinggi sehingga laba usaha naik 76% menjadi US$ 46,7 juta
untuk ekspansi armada dibiayai dengan kas internal dan pinjaman bank. Beban bunga dengan demikian naik 49% dari US$ 5,6 juta menjadi US$ 8,4 juta sehubungan dengan pencairan pinjaman. Pada menjual rugi satu unit kapal tua untuk kas dalam rangka reinvestasi sesuai dengan rencana ekspansi armada yang telah direvisi, sehingga terjadi kerugian penjualan aset tetap sebesar US$ 1 juta pada tahun 2013 sementara pada tahun sebelumnya laba US$ 1,8 juta.
yang teratribusikan untuk pemegang saham tumbuh 34% menjadi US$ 27 juta dan EBITDA tumbuh 62% dari US$ 40,4 juta menjadi US$ 65,4 juta pada periode ini. Laba per saham selama periode 2013 sebesar US$ 0,74 sen
ekuivalen dengan Rp 90 mengalami kenaikan 32% dalam dibandingkan periode yang sama tahun 2012.
PT WINTERMAR OFFSHORE MARINE Tbk
million at end 2012, an increase of 28 expansion into higher value vessels
Our net gearing has risen but still remains at a manageable level of 69% as at end December 2013 compared to the previous year end gearing of 57%.
Outlook
The combination of higher exploration activity and the strict implementation of cabotage in 2013 led to strong growth in all areas of our business, and margin expansion. We continue to be optimistic about the longer term trend of offshore oil and gas in Indonesia as several larger development projects are due to start in the coming months. There have also been more foreign vessels reflagged into Indonesian flag which supports the longer term viability of the Indonesian deepwater drilling industry. There continues to be strong activity in deepwater drilling which feeds demand for higher value vessels, in particular vessels with Dynamic Positioning capability. Although most of the contract tenures for deepwater vessels are still short because most are engaged in exploration work, the commencement of some larger development project be very welcome news for the industry. The limited supply of high value OSVs flying the Indonesian flag has led to firmer rates across the high value segment of the mark
at a premium to global charter rates for the same class of vessels. There has admittedly been some delay in awards of longer term tenures. However, we continue to be optimistic on the outlook for our business and our fleet expansion strate still very much on track.
Contract
At 1 March 2014, the total value of contracts in US$ 111.2 million.
For further information, please contact:
DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to di
relating to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ material
statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these statements. This public
not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement or disclosed under corporate and securities legislation of any jurisdiction applicable to the Company and should no
concerning any securities of the Company.
Tbk
28% reflecting our 2012 atau naik 28%, yang mencerminkan ekspansi pada kapal kapal bernilai lebih tinggi.
still remains at a manageable as at end December 2013 compared to the
Net gearing telah meningkat
masih cukup baik sebesar 69% pada akhir Desember 2013 dibandingkan tahun lalu sebesar 57%.
The combination of higher exploration activity and the strict
abotage in 2013 led to strong growth in all areas of our business, and margin expansion. We continue to be optimistic about the longer term trend of offshore oil and gas opment projects are due to start in the coming months. There have also been more foreign vessels reflagged into Indonesian flag which supports the longer term viability of the Indonesian deepwater drilling
activity in deepwater drilling which feeds demand for higher value vessels, in particular vessels with Dynamic Positioning capability. Although most of the contract tenures for deepwater vessels engaged in exploration work, the commencement of some larger development projects will be very welcome news for the industry. The limited supply of high value OSVs flying the Indonesian flag has led to firmer rates across the high value segment of the market, which are at a premium to global charter rates for the same class of vessels. There has admittedly been some delay in awards of longer term tenures. However, we continue to be optimistic on the outlook for our business and our fleet expansion strategy is
Prospek
Kombinasi aktivitas eksplorasi yang tinggi dan implementasi ketat cabotage pada tahun 2013 menyeba
pertumbuhan pada semua area bisnis dan juga peningkatan marjin. Kami tetap optimis atas trend jangka
sektor minyak dan gas lepas pantai Indonesia karena adanya beberapa proyek pengemba
beberapa bulan mendatang. Beberapa kapal asing juga telah mengganti bendera menjadi bendera Indonesia untuk mendukung kelangsungan
(deepwater) Indonesia. Berlanjutnya peningkatan aktivitas pada pengeboran laut dalam membutuhkan kapal
tinggi, khususnya kapal-kapal berkemampuan Positioning”. Meskipun sebagian besar kontrak kapal
dalam adalah jangka pendek karena bekerja pada tahap eksplorasi, dimulainya beberapa proyek pengembangan yang besar akan menjadi berita yang sangat baik bagi industri. Terbatasnya suplai kapal-kapal OSV yang bernilai lebih tinggi dan berbendera Indonesia telah membuat membaiknya tarif sewa pada segmen pasar kapal
merupakan tarif premium dibandingkan tarif global untuk kapal kapal yang berkelas sama. Memang diakui ada beberapa penundaan pemberian kontrak
kami tetap optimis atas prospek bisnis dan strategi ekspansi armada kami yang masih sesuai rencana
, the total value of contracts in hand is
Kontrak
Pada 1 Maret 2014, nilai kontrak yang telah diperoleh adalah US$ 111,2 juta.
Untuk informasi lebih lanjut, silakan hubungi:
Ms Pek Swan Layanto Investor Relations
investor_relations@wintermar.com
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially from those
mar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially fr
statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these statements. This public
ng of securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement or
disclosed under corporate and securities legislation of any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions NO. 33/NL/III/2014
yang mencerminkan ekspansi pada
kapal-meningkat tetapi masih pada level yang sebesar 69% pada akhir Desember 2013 dibandingkan tahun lalu sebesar 57%.
Kombinasi aktivitas eksplorasi yang tinggi dan implementasi pada tahun 2013 menyebabkan menguatnya pertumbuhan pada semua area bisnis dan juga peningkatan marjin. Kami tetap optimis atas trend jangka panjang pada sektor minyak dan gas lepas pantai Indonesia karena adanya beberapa proyek pengembangan besar akan dimulai pada beberapa bulan mendatang. Beberapa kapal asing juga telah mengganti bendera menjadi bendera Indonesia untuk mendukung kelangsungan sektor pengeboran laut dalam Indonesia. Berlanjutnya peningkatan aktivitas pada pengeboran laut dalam membutuhkan kapal-kapal bernilai lebih kapal berkemampuan “Dynamic . Meskipun sebagian besar kontrak kapal-kapal laut dalam adalah jangka pendek karena bekerja pada tahap eksplorasi, dimulainya beberapa proyek pengembangan yang besar akan menjadi berita yang sangat baik bagi industri. kapal OSV yang bernilai lebih tinggi Indonesia telah membuat membaiknya tarif sewa pada segmen pasar kapal-kapal bernilai tinggi, yang merupakan tarif premium dibandingkan tarif global untuk kapal-kapal yang berkelas sama. Memang diakui ada beberapa penundaan pemberian kontrak-kontrak jangka panjang, namun ami tetap optimis atas prospek bisnis dan strategi ekspansi armada kami yang masih sesuai rencana.
Pada 1 Maret 2014, nilai kontrak yang telah diperoleh adalah
Untuk informasi lebih lanjut, silakan hubungi:
ffer materially from those projected. Certain statements mar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon ly from what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these statements. This publication is for informational purposes only and is ng of securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement or amend information t be relied upon for the purpose of making investment decisions
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (USD)
PROFIT AND LOSS Revenue Owned vessel Chartering Others Total Revenue Direct expense Owned vessel Charter Others
Total Direct expense Gross profit
Gross profit - owned vessel Gross profit - chartering Gross profit - others Total Indirect expenses Operating profit
Other income (expenses) Interest expenses Interest income
Equity in net earning of associates Net - Gain (loss) on sale of fixed assets Forex gain (loss)
Others
Total Other income (expenses) Net income before tax
Total tax expenses
Income before non controlling interest Non controlling interest
NET INCOME EBITDA
Weighted Average EPS - USD Cents Weighted Average EPS - Equivalent to IDR
SUMMARY PROFIT AND LOSS (FY-2013 vs FY-2012)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES
FY FY 2013 2012 98,773,973 65,287,797 78,173,965 45,701,177 9,773,946 13,131,532 186,721,884 124,120,506 47,415,957 35,288,105 72,930,081 43,061,283 8,590,720 10,710,733 128,936,758 89,060,121 57,785,126 35,060,385 51,358,016 29,999,692 5,243,884 2,639,894 1,183,226 2,420,799 11,039,951 8,428,577 46,745,175 26,631,808 (8,407,898) (5,654,185) 187,094 797,555 Equity in net earning of associates 1,932,645 3,257,932 Net - Gain (loss) on sale of fixed assets (1,042,912) 1,800,345
167,918 (239,156) 91,535 (508,403) (7,071,618) (545,913) 39,673,558 26,085,895 (2,887,288) (2,070,036) Income before non controlling interest 36,786,270 24,015,858
9,728,006 3,815,554 27,058,264 20,200,304 65,428,067 40,423,362
Weighted Average EPS - USD Cents 0.74 0.56
Weighted Average EPS - Equivalent to IDR 90 54
SUMMARY PROFIT AND LOSS (FY-2013 vs FY-2012)
NO. 33/NL/III/2014 Change % 33,486,176 51% 32,472,788 71% (3,357,586) -26% 62,601,378 50% 12,127,852 34% 29,868,798 69% (2,120,013) -20% 39,876,637 45% 22,724,741 65% 21,358,324 71% 2,603,990 99% (1,237,573) -51% 2,611,374 31% 20,113,368 76% (2,753,713) 49% (610,461) -77% (1,325,287) -41% (2,843,256) -158% 407,074 -170% 599,939 -118% (6,525,705) 13,587,663 52% (817,252) 39% 12,770,411 53% 5,912,452 155% 6,857,960 34% 25,004,705 62% 0.18 32% 36.00 66%
SUMMARY PROFIT AND LOSS (FY-2013 vs FY-2012)
PT WINTERMAR OFFSHORE MARINE Tbk
High tier, 44%
Own Vessel Revenue % - FY
Crewing 30% Operations 12% Maintenance 14% Fuel Bunker 5%
FY2013 Direct Expenses
-Tbk Low tier, 11% Mid tier, 45% FY-2013 Depreciation 39% Own Vessel Crewing 29% Operations 15% Maintenance 9% Fuel Bunker
YTD FY-2012 -Direct Expenses
77%
52.0%
2013
Own Vessel Utilisation & Margin
Utilisation NO. 33/NL/III/2014 Depreciation 38% Crewing 29% Fuel Bunker 9%
irect Expenses- OwnVessel
75%
45.9%
2012 Own Vessel Utilisation & Margin
