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fa de du re 45 To FY G G to I T e fu F O De ve m Th ve sa US Af de at EB As Th ch re In an m do a D on pr fle en Ne ou PT WINTE Jl. Kebayor Jakarta 115 Tel : 62 2 Fax : 62 2 www.winte all in other op epreciation ar uring the ye esulting in low 5.1% a year a otal direct ex Y2015 as com Gross Profit Gross Profit wa o US$ 58 millio ndirect expen Tighter cost c xpenses, and ull year of 2 FY2014. ther Income/ espite taking essel, total Inte

illion for FY2 here was a s essels, howev aw a sharp r S$ 1.6 million fter the impai ebts and asse ttributable to BITDA for the ssets and Fle he lower vo hartering div eceivables and view of the nd the likeliho anagement th oubtful debts o PSC custome uring the yea ne new unit rovision for as eet, thus total nd 2015 comp et of impairme ur fleet as at e RMAR OFFSH an Lama No 1 560 Indonesia 21 530 5201 / 21 530 5203 rmar.com perating costs rising from th

ar, total dire wer gross ma go. xpenses fell 2 mpared to the p as US$ 12.8 on the previou nses and ope controls result operating pro 2015, compa Expenses an on new debt erest expense 2015, largely light loss of U ver, equity in t ecovery from in FY2015. rment charge et values, the Shareholder full year reac eet lume of bus vision, resul d payables. uncertain out ood of a longe hought it prud of US$ 2.5 m er that has clo ar we sold th of 6000BHP sset impairme assets declin pared to US$ 5

ent and reclas end 2015 was HORE MARIN 155 2 . However be he delivery o ect expenses argins of 13.8 27% to US$ preceding yea million for FY us year. erating profit ted in a 23% ofit was US$ 2 red to US$ nd EBITDA t for the acqu es fell by 20% because of d US$ 173,000

the net earnin US$ 500,00 for long outs e Company m rs of US$ 5 ching US$ 30.7

siness, in pa lted in red look for the i er period of lo

dent to make illion, mainly sed operation ree older ves P AHTS. We ent of US$ 1 ned to US$ 44 501 million las ssification the US $361 milli E Tbk ecause of hig of a new ves s fell only 7 8% compared 87.1 million ar. Y2015, compa % fall in indir 2.9 million for 45.2 million uisition of a n YOY to US$ debt repayme

from the sale gs of associa 00 in FY2014 standing doub made a net lo 5.7 million, w 7 million. articular for duced acco ndustry in 20 ow oil prices, e a provision receivables fr ns in Indonesia

ssels and add e also made .1 million in o 46 million at ye st year. e carrying cost ion. her ssel 7%, to kapal karen beban menja in Total tahun Laba red Laba diband Beban rect the in Penge 23% p 2,9 ju tahun Penda new 9.4 ent. e of ates to Selam baru u diband peluna US$ 1 meng menja btful oss with Setela tempo diatrib denga Aset d the unt 16, the for rom a. ded e a our ear t of Volum sewa, Memp tahun renda usaha piutan opera Selam mena melak kami, tahun Nilai b akhir 2 dan penurun a penyusutan n langsung h adi 13,8% diba beban langsu 2015 dibandi Bruto bruto sebes dingkan deng n usaha dan endalian biaya pada beban t uta selama ta 2014. apatan/Beban ma tahun 201 untuk pembel ding tahun asan sebagia 173.000 dari alami kenaika adi US$ 1,6 jut ah penurunan o dan nilai a busikan kepad an EBITDA se dan Armada me bisnis yan , menyebabka pertimbangkan 2016, dan h, manajeme a sebesar US ng kepada sinya di Indon ma tahun berj mbah satu kukan penurun sehingga tota 2015 dibandi buku armada 2015 adalah s nan 14% pad n dari kapal ya anya turun 7 andingkan 45, ung turun 27% ngkan tahun s sar US$ 12 an US$ 58 jut laba usaha a yang lebih idak langsung hun 2015 dib n Lain-lain da 5 meskipun t ian kapal bar

lalu menjad n pinjaman. W penjualan kap an tajam dari ta pada tahun n nilai atas aset, Perusah da pemegang elama setahun ng lebih rend an turunnya sa n ketidakpast kemungkina n melakukan S$ 2,5 juta, ya perusahaan nesia. alan, kami te unit baru nan nilai aset al aset turun m ngkan US$ 50 setelah penur sebesar US$ 3 NO. 4 da beban op ang baru diter 7% sehingga 1% pada tahu % menjadi US sebelumnya. 2,8 juta sela ta pada tahun ketat mengh g dan laba op bandingkan U an EBITDA terdapat pena u, total beban di US$ 9,4 Walaupun terja pal, namun la US$ 500.000 n 2015. piutang yang haan mengala g saham sebe n mencapai US dah, khususn aldo piutang d tian masa de an berlanjutn kebijakan pen ang sebagian KKKS yang elah menjual AHTS 6000 sebesar US$ menjadi US$ 4 01 juta tahun runan nilai dan 361 juta.

48/NL/III/20

Page perasi lain. N

rima tahun ini marjin bruto un lalu. $ 87,1 juta se ama tahun 2 lalu. hasilkan penu perasi menjad S$ 45,2 juta ambahan pinj n bunga turun juta, diseba adi sedikit ker

ba entitas as 0 pada tahun g telah lama ami kerugian esar US$ 5,7 S$ 30, 7 juta. nya segmen an utang usah epan industri ya harga m ncadangan pi n besar merup g telah me tiga kapal tua BHP. Kami 1,1 juta di ar 446 juta pada lalu. n reklasifikasi 016 e | 2 amun , total turun elama 2015, runan i US$ pada aman n 20% abkan rugian osiasi 2014 jatuh yang 7 juta, kapal ha. pada minyak utang pakan nutup a dan juga rmada a akhir pada

Ne Ne lo en In Al th Ar fre se re ar gl su Lo sig th ha pr af pi re ha (s In so st w ba ye co dr ra va se ut en PT WINTE Jl. Kebayor Jakarta 115 Tel : 62 2 Fax : 62 2 www.winte et Gearing et gearing fell an disbursed nd was US$ 1 ndustry Outlo lthough 2016 e recent discu rabia, Russia eeze is likely. entiment and ebounded off re still high an obal growth f ustained recov ooking further gns. US oil p e cost of oil se alf since the roduction. The ffected future ck up next ye ecovery. The U as projected d see below cha n Indonesia,

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20 million. ook

started with ussions amon and Iran seem This has inje at the time their lows. H nd expectation for 2016 poin very in oil price

r into the futu production has ervices has be peak, there e severe cuts oil productio ear, there cou US Energy Inf demand and s rt). have 2016 n held past price has harter higher have better e the r. HORE MARIN 155 2 oan repaymen essel. Total b a sharp decl ngst major oil m to indicate t ected some st e of writing, However, worl ns for continu nt to a lack o es in the near

ure, there are s been declin een reduced b by reducing s in capital e on capacity. uld well be a formation Adm upply equilibr E Tbk nts exceeded bank debt at ye

ine in oil pric producers Sa that a product tability in mar oil prices ha ld oil inventor ing weakness of stimulus fo r term. e some posit ing steadily, a by approximat the cost of xpenditure ha Should dema a robust oil pr ministration (E ium in mid 20 Net G the

ear Net gepinjam pada Prosp ces, audi tion rket ave ries s in r a Walau pemb Arab kemun telah penuli dari p dunia pertum stimul jangka tive and tely oil ave and rice EIA) 17. Lebih positif terus-kira-ki produ telah Ketika menye Admin memp keseim Gearing earing turun k

man yang dite akhir tahun ad pek Industri upun 2016 dim icaraan belak Saudi, Rusi ngkinan peng mengakibatk isan newslette posisi terenda masih tin mbuhan globa lus terhadap p a pendek. jauh lagi ke f. Produksi m -menerus dan ira setengah ksi minyak. mempengaru a permintaa ebabkan pem nistrasi Info proyeksikan p mbangan pad ke 57% karena erima untuk k dalah sebesar mulai dengan kangan ini a ia dan Iran ghentian kena kan sentimen er ini, harga m ahnya. Namu nggi dan p al selama tahu pemulihan be masa depan, inyak Amerika n biaya jasa la nya, dengan Pemotongan uhi kapasitas n kembali mulihan harg ormasi Ener permintaan d a pertengahan NO. 4 a pembayaran kapal baru. To r US$ 120 juta penurunan ta ntara pengha kelihatannya aikan volume pasar lebih minyak telah m n demikian p perkiraan te un 2016 menu rkelanjutan ha terdapat beb a Serikat men ayanan minya n demikian besar-besar produksi min naik tahun ga minyak rgi Amerika dan penawar n 2017 (lihat g beber dimul 2016 di ta Wala harga menja namu value memp yang akhir 48/NL/III/20 Page n pinjaman me otal pinjaman a. ajam harga mi asil minyak u a mengindika e produksi. H stabil pada mengalami reb persediaan m erus melema unjukkan kuran arga minyak d berapa tanda-ngalami penu ak telah berk mengurangi ran belanja m nyak masa d n depan, yang lebih a Serikat ran mencapa grafik di bawa Di Indone rapa proyek ai pada yang telah di ahun sebelum upun kom a atuhkan tarif s un Kapal h e kami peroleh ut lebih baik tahun lalu. 016 e | 3 elebihi bank inyak, utama asikan Hal ini saat bound minyak ahnya ngnya dalam -tanda runan urang biaya modal epan. dapat baik. telah i titik h). esia, telah tahun tunda mnya. mpetisi telah sewa, higher telah tilisasi sejak

S T p c b c to O g w s W m g w s to W p a F D C st an ar fo in qu th PT WINTE Jl. Kebayor Jakarta 115 Tel : 62 2 Fax : 62 2 www.winte Strategy The sharp and past year has cost monitorin been the im commitment fr o work togeth On the marke gaining more v will continue secure higher We are optimis market will p overnment is which will be everal develo o start product With the increa

icked up. C mounted to U For further info

DISCLAIMER

ertain statements tatements relating t nd projections. The re based upon ass orecasted in such formational purpos ualify, supplement he purpose of makin RMAR OFFSH an Lama No 1 560 Indonesia 21 530 5201 / 21 530 5203 rmar.com d sudden dow led to a sha g. The silver mprovement rom managem er to improve eting front w visibility in So to expand o utilization for o stic that the re pick up as s targeting a

contributed opment projec

tion in the com ase in activity Contracts on

S$ 170 million ormation, pleas

made in this public to business and op ese statements are umptions as to futu statements. The C ses only and is not

or amend informati ng investment deci HORE MARIN 155 2 wnturn in the arper focus on lining in this in controls ment as well a quality and ef we have been outh and South our internatio

our higher val ecent activity oil prices s n improveme by the com cts in Indones ming few years y, our order b hand as a n. se contact: E cation involve a nu perations of PT Win not guarantees of ure events that ma Company makes n t intended as a sol ion disclosed unde sions concerning a E Tbk industry in t n efficiency a experience h and renew s staff and cre ffectiveness. n successful h East Asia a onal network ue vessels. in our domes stabilize. T ent in oil lifti mmencement ia which expe s. books have al at March 20 Ms P In PT Winterm Tel (62-Email: investo

umber of risks and ntermar Offshore M future performance y not prove to be a no commitment, a licitation or offering r corporate and sec any securities of the

the nd has wed ew Strate Penur meng monito dalam para kualita in nd to Dari jangka dan t memp stic The ng of ect Kami dome minya produ beber diperk lso 16 Dengaperole dipero Untuk

Pek Swan Lay vestor Relatio

mar Offshore M 21) 530 5201 or_relations@w

d uncertainties that Marine Tbk and Sub e and involve risks accurate. Therefore and disclaims any g of securities in an curities legislation o e Company. egi runan industri akibatkan fo or biaya. Hik m kontrol dan staf serta aw as dan efektifi segi pemas auan yang le tetap akan m peroleh utilisas optimis bahw stik akan m ak. Pemerint ksi minyak rapa proyek kirakan memu an adanya ke eh juga bert oleh pada akh k informasi tam yanto ons Marine Tbk Ext 401 wintermar.com

t could cause actu bsidiaries (the Com , uncertainties and e, actual outcomes duty, to update o ny jurisdiction. The of any jurisdiction a yang tajam d kus yang le kmah dari pe pembaharuan wak kapal un tas. saran kami bih luas di A mengembangk si yang lebih t wa aktivitas ya meningkat sei tah saat in yang akan k pengemba lai produksi d enaikan aktivit tambah. Nila ir Maret 2016 mbahan, silahk m

ual results to differ mpany) are based o assumptions that and results may d or revise any of th e information conta applicable to the Co NO. 4 an tiba-tiba pa ebih tajam p ngalaman ini n komitmen da ntuk bekerjas telah berha Asia Selatan d an jaringan i tinggi untuk ka ang terjadi bel

ring dengan i menargetka dipenuhi de angan di alam berapa t tas, berapa k i kontrak-kon sebesar US$ kan hubungi : materially from th on management’s e are difficult to pred differ materially from

hese statements. ined in this publica ompany and should

48/NL/III/20

Page ada tahun lalu

ada efisiensi berupa perb ari manajeme sama mempe asil mendap dan Asia Ten internasional apal higher va lakangan di p stabilnya h an penamba engan dimula Indonesia y tahun mendat kontrak yang k ntrak yang t $ 170 juta. hose projected. Ce expectations, estim dict. Certain statem m what is expresse This publication is ation is not intende d not be relied upon

016 e | 4 u telah i dan baikan n dan erbaiki patkan ggara untuk alue. pasar arga ahan ainya yang tang. kami telah rtain ates ents ed or s for ed to n for

PT WINTE Jl. Kebayor Jakarta 115 Tel : 62 2 Fax : 62 2 www.winte  (USD) Direct e Depre Crew Oper M ain Fue l Chart Othe Total D Indirect Adm i Depre Office Profe Staff s Staff t Telec Trave M ark Dona Em pl Total In RMAR OFFSH an Lama No 1 560 Indonesia 21 530 5201 / 21 530 5203 rmar.com expense eciation wing rations tenance Bunker tering rs irect expense t expenses nistration eciation offic e e utility esional fee salary training & recr com uni cation elling keting ati on oyee Benefi t ndirect expen HORE MARIN 155 2 e e reation ses E Tbk FY 2015 27 ,54 13 ,95 5 ,21 5 ,98 4 ,14 24 ,67 5 ,60 87 ,11 21 25 72 42 6 ,15 14 7 38 84 1 67 9 ,90 5 42,450 2 57,339 1 13,584 82,587 40,114 73,169 4 02,346 11,590 11 19,070 52,518 21,678 22,269 57,912 40,638 76,938 81,756 45,632 14,410 71,820 04,640 1 FY 2014 25,96 2,581 17,09 7,494 5,71 1,605 7,29 5,724 4,85 9,061 48,84 1,643 9,13 9,912 18,90 8,020 61 9,606 31 3,514 93 4,278 49 2,051 8,27 3,602 24 7,004 11 4,473 48 9,112 64 6,675 2 7,380 65 4,676 12,81 2,371 NO. 4 Change 1,579,87 (3,140,15 (498,02 (1,313,13 (718,94 (24,168,47 (3,537,56 (31,796,43 (400,53 (60,99 (212,60 (69,78 (2,115,69 (106,36 (37,53 (107,35 198,95 (12,97 17,14 (2,907,73 FY2015 v 48/NL/III/20 Page % 7 0 5 5) -1 2 1) -3 7) -1 4 7) -1 7 4) -4 6 6) -3 3 0) -2 3 6) -6 9 6) -1 0 0) -2 8 2) -1 9 0) -2 6 6) -4 3 5) -3 5 6) -2 5 7 3 7 0) -4 4 3 3 1) -2 vs FY201 4 016 e | 5 6% 8% 9% 8% 5% 9% 9% 7% 5% 9% 3% 4% 6% 3% 3% 2% 1% 7% 3% 3%

PT WINTE Jl. Kebayor Jakarta 115 Tel : 62 2 Fax : 62 2 www.winte PT WINT (USD) PROFIT A Revenue Owned Charte Others Total Rev Direct ex Owned Charte Others Total Dir Gross pr Gross pro Gross pro Gross pro Total Ind Operatin Other inc Interes Interes Equity Net - G Forex Others Total Oth Net inco Total tax Income ( Non con EBITDA Weighted Weighted NET INC SHAREH RMAR OFFSH an Lama No 1 560 Indonesia 21 530 5201 / 21 530 5203 rmar.com ERMAR OFF AND LOSS e d vessel ering s venue xpense d vessel ering s rect expense rofit ofit - owned ve ofit - chartering ofit - others direct expens ng profit come (expen st expenses st income in net earning Gain (loss) on gain (loss) s her income (e me (loss) bef x expenses (loss) before trolling inter d Average EP d Average EP OME (LOSS) HOLDERS HORE MARIN 155 2 SHORE MAR ssel g ses ses) g of associates sale of fixed a expenses) fore tax non controll rest PS - USD Cen PS - Equivale ATTRIBUTA E Tbk RINE TBK AND s ssets ling interest ts nt to IDR BLE TO D SUBSIDIAR FY 2015 65,930 27,110 6,875 99,916 56,836 24,673 5,602 87,111 12,805 9,094 2,437 1,273 9,904 2,900 (9,402 262 1,643 (173 31 (3,817 (11,454 (8,554 (1,198 (9,752 (4,060 (5,692 30,695 (0 RIES 2 0,781 11 0,249 5 5,890 1 6,920 17 6,075 6 3,169 4 2,346 1,590 11 5,330 5 4,706 4 7,080 3,544 4,640 1 0,690 4 2,009) (1 2,912 3,310 3,331) 1,767 7,455) 4,806) (1 4,116) 3 8,851) ( 2,967) 3 0,619) 2,348) 2 5,658 7 0.141) (19.5) FY 2014 0,913,857 4,675,299 1,322,615 6,911,770 0,926,465 8,841,643 9,139,912 8,908,020 8,003,750 9,987,392 5,833,655 2,182,703 2,812,371 5,191,378 1,807,894) 230,315 500,147 1,065 (187,210) (482,227) 1,745,804) 3,445,574 2,998,721) 0,446,853 8,730,399 1,716,455 1,467,473 0.553 68.8 NO. 4 Change (44,983,075 (27,565,050 (4,446,725 (76,994,850 (4,090,390 (24,168,474 (3,537,566 (31,796,430 (45,198,420 (40,892,686 (3,396,575 (909,159 (2,907,73 (42,290,688 2,405,885 32,597 1,143,163 (174,396 218,977 (3,335,228 290,998 (41,999,690 1,799,870 (40,199,820 (12,791,018 (27,408,803 (40,771,815 (0.694 (88.2 FY2015 v 48/NL/III/20 Page % 5) -41 0) -50 5) -39 0) -44 0) -7 4) -49 6) -39 0) -27 0) -78 6) -82 5) -58 9) -42 1) -23 8) -94 5 -20 7 14 3 229 6) -16375 7 -117 8) 692 8 0) -126 0 -60 0) -132 8) -147 3) -126 5) -57 4) -126 2) -128 vs FY2014 016 e | 6 1% 0% 9% 4% 7% 9% 9% 7% 8% 2% 8% 2% 3% 4% 0% 4% 9% 5% 7% 2% 6% 0% 2% 7% 6% 7% 6% 8%