Laporan Tahunan
2008
Annual Report
DELIVERING RESULTS
PRESERVING SERVICE EXCELLENCE
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STRATEGI JANGKA PANJANG
Long Term Strategy
FOKUS PADA CIRI KEUNGGULAN PENYEDIAAN JASA HULU MIGAS
TERINTEGRASI
Focus on providing excellent integrated upstream oil and gas services
PENINGKATAN KOMPETENSI PERSEROAN DI BIDANG SEISMIC MARINE
DAN TRANSITION ZONE MARKET
Enhance core competences on seismic marine and transition zone market
PENGEMBANGAN KEAHLIAN DAN TEKNOLOGI UNTUK MELAKUKAN
PENETRASI USAHA PADA PASAR PEMBORAN SUMUR DALAM
DAN LEPAS PANTAI
Develop skills & technology to access deep well & offshore drilling
PERLUASAN PANGSA PASAR DAN DIVERSIFIKASI KONSUMEN YANG
BERAGAM
Expand market share and diversifying customers base
AKUISISI KONTRAK JANGKA PANJANG DENGAN SISTEM MANAJEMEN
RISIKO YANG TERPADU
Focus on acquisition of long-term contracts, while applying integrated risk management
system
OPTIMALISASI PENGGUNAAN ASET OPERASIONAL DAN
PENGEMBANGAN ALIANSI STRATEGIS
Optimizing the utilization of operational assets and continuous development of strategic
alliances
MEMASTIKAN IMPLEMENTASI DARI TATA KELOLA DAN KOMITMEN
PADA STANDAR KESELAMATAN KERJA
Ensuring the implementation of corporate governance practices and commitment to safety
standard
SECARA KONSISTEN MELAKUKAN PENINGKATAN
KOMPETENSI SUMBER DAYA MANUSIA
Consistently upgrading the human resource competency
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Laporan Tahunan
2008
Annual Report
DELIVERING RESULTS
PRESERVING SERVICE EXCELLENCE
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ii STRATEGI JANGKA PANJANG Long Term Strategy2 VISI DAN MISI Vision and Mission 3 DAFTAR ISI Contents
4 PETA OPERASI Operational Area Map 6 PERISTIWA PENTING Significant Events
8 SERTIFIKASI DAN AWARD 2008 Certificates and Awards 2008 10 IKHTISAR KEUANGAN Financial Highlights
11 IKHTISAR KEGIATAN OPERASIONAL Operational Highlights 12 IKHTISAR KINERJA SAHAM Stock Performance
14 LAPORAN KOMISARIS UTAMA President Commissioner’s Report 22 LAPORAN DIREKTUR UTAMA President Director’s Report
29 TANGGUNG JAWAB LAPORAN TAHUNAN 2008 Responsibility of Annual Report 2008 PROFIL PERUSAHAAN Company Profile
32 DATA SINGKAT Corporate Information 33 SEJARAH PERSEROAN Company History 35 BIDANG USAHA Line of Business
37 STRUKTUR KEPEMILIKAN PERSEROAN, ANAK PERUSAHAAN DAN AFILIASI Shareholding Structure, Subsidiaries and Affiliatons
39 ANAK PERUSAHAAN Subsidiaries 42 PERUSAHAAN AFILIASI Affiliatons
44 KOMPOSISI PEMEGANG SAHAM Composition of Shareholders 45 STRUKTUR ORGANISASI Organizational Structure
46 JARINGAN PESEROAN Office Network
ANALISIS DAN PEMBAHASAN MANAJEMEN Management Discussion and Analysis 50 INDUSTRI HULU MIGAS INDONESIA 2008
Indonesian Upstream Oil & Gas Services Industry 2008
53 KINERJA PEMASARAN & OPERASI Marketing & Operational Performance 73 PEMBAHASAN ATAS KINERJA KEUANGAN Financial Analysis
SUMBER DAYA MANUSIA Human Resources 91 PROFIL SDM Human Resources Profile 92 PRODUKTIVITAS & PENGEMBANGAN SDM
Human Resources Productivity & Development
94 PENGELOLAAN HUBUNGAN KERJA Industrial Relations 97 KESELAMATAN DAN KESEHATAN KERJA Work Health & Safety
TATA KELOLA PERUSAHAAN YANG BAIK Good Corporate Governance 105 RAPAT UMUM PEMEGANG SAHAM General Shareholders Meeting 107 DEWAN KOMISARIS Board of Commissioners
108 DIREKSI Board of Directors
110 LAPORAN KOMITE AUDIT Audit Committee’s Report
113 LAPORAN KOMITE REMUNERASI Remuneration Committee’s Report 116 SEKRETARIS PERUSAHAAN Corporate Secretary
117 STRATEGI DAN KEBIJAKAN PROSES INTERNAL Internal Process Strategy & Policy 120 PENGAWASAN DAN PENGENDALIAN INTERNAL Internal Control
122 PENGENDALIAN RISIKO PERUSAHAAN Corporate Risk Management 129 PERKARA HUKUM PERSEROAN Corporate Legal Cases
129 ETIKA BISNIS DAN ETIKA KERJA PERSEROAN Code of Conduct 130 MEDIA PENYEBARAN INFORMASI Information Distribution Media
TANGGUNG JAWAB SOSIAL PERUSAHAAN Corporate Social Responsibility RINGKASAN TINDAKAN KORPORASI Summary of Corporate Action 2008 138 PENAWARAN PERDANA SAHAM Initial Public Offering
140 PROGRAM PEMBELIAN KEMBALI SAHAM Buyback Program 141 KEPEMILIKAN SAHAM DI ANAK PERUSAHAAN & AFILIASI Shareholding in Subsidiaries & Affiliations
INFORMASI PROFIL Profile Information
144 PROFIL DEWAN KOMISARIS Profile of the Board of Commissioners 148 PROFIL DIREKSI Profile of the Board of Directors
150 PROFIL KOMITE AUDIT Profile of Audit Committee
152 PROFIL KOMITE REMUNERASI Profile of Remuneration Committee 153 PROFIL SEKRETARIS PERUSAHAAN Profile of Corporate Secretary 155 LAPORAN KEUANGAN KONSOLIDASI Consolidated Financial Statements
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DAFTAR ISI
Contents
VISI
MISI
Mission
Vision
Menjadi perusahaan kelas dunia kebanggaan nasional,
di bidang jasa hulu migas secara solusi total untuk
memberikan nilai tambah optimal bagi stakeholder.
1.
Memberikan jasa layanan bermutu tinggi
secara terintegrasi (one stop services)
untuk kepuasan dan loyalitas pelanggan,
yang didukung oleh profesionalisme
SDM, ketersediaan peralatan,
penguasaan teknologi, continuous
improvement dan pengembangan inovasi
produk.
2. Melaksanakan seluruh kegiatan usaha
berdasarkan kaidah good engineering
practices dengan standar kelas dunia
serta mewujudkan operation excellence
melalui penerapan kaidah-kaidah QHSE
(quality, health & safety environment)
yang benar dan konsisten, sebagai
realisasi keunggulan perusahaan.
3. Meningkatkan pertumbuhan skala usaha
secara berkesinambungan yang disertai
dengan peningkatan kinerja finansial
maupun non finansial.
4. Meningkatkan nilai pemegang saham
secara berkelanjutan, serta kesejahteraan
maupun kesempatan untuk tumbuh
kembang karyawan. Membina
hubungan yang harmonis dan saling
menguntungkan dengan pemerintah,
mitra kerja maupun masyarakat dimana
perusahaan beroperasi.
1. To deliver high quality one stop
services for customer’s satisfaction and
loyalty, supported by human resources
professionalism, extensive equipment
supplies, high command of technology,
continuous improvement and product
innovation development.
2. To perform all the business activities
based on the principles of world’s
standard good engineering practices
and by delivering operation excellence
through good and consistent
implementation of principles of QHSE
(Quality, Health, Safety & Environment)
as a realization of the company’s
excellence.
3. To increase the busines scale in
a sustainable manner which is
accompanied by improvement in both
financial and non-financial performance.
4. To increase values for the shareholders
and to improve employees’ welfare and
development in a sustainable manner;
and to nurture harmonious and mutual
benefit relations with the government,
business partners, and the commmunity
where the company operates.
To become the national pride world class
company in total solutions in upstream oil and
gas services in order to provide with optimum
added value to the stakeholders.
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PETA OPERASI
Elnusa Geoscience Services
Elnusa Drilling Services
Elnusa Oilfield Services
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PERISTIWA PENTING 2008
Events Highlight 2008
faster than the initial schedule as Company’s commitment to customer satisfaction.
• Addition of 3 units snubbing rig i.e 150K, 225K and 340K to strengthen Oilfield Services Division competencies.
6. JUNE
• ( June 2, 2008) Signed Joint Opperation (JO) agreement with Bergen Oilfiled Services (BOS) in relation with 3D 8 streamer seismic marine activities for Indonesia and Asia Pacific area.
• (June 11, 2008) Signed loan agreement with Danamon Syariah to finance the purchase of drilling equipment.
7. JULY • (July 16, 2008) Signed loan agreement with 5(five) sindycation banks from local and overseas. Under the loan syndication agreement PT Bank Central Asia Tbk was a Mandated Lead Arranger and Book Runner, PT Bank International Indonesia and PT Rabobank International were the Lead Arranger, PT Bank Chinatrust Indonesia and PT Bank Mizuho Indonesia were the arranger. • (July 28, 2008) Signed loan agreement with Natixis, to finance the purchase of additional onshore seismic acquistion equipment.
8. AUGUST • (August 12, 2008) The Company was awarded as a winner of 2007 Annual Report Award for non-financial and non-listed category. The award was given by Indonesia Ministry of Finance. The national award was received after the first 6 months listed as public company. • (August 25, 2008) President Director of the Company Eteng A Salam received The Outstanding Entrepreneurship Award in the occasion of Asia Pacific Entrepreneurship Award 2008 which was held by Enterprise Asia. The awards was given to leaders who have strong innovative entrepreneurship to lead the company in facing opportunities and treaths.
9. SEPTEMBER • (September 3, 2008) The Company received Safety Performance Appreciation from Total E&P Indonesie with regard to Company’s successfull operation for 7 years (2600 days) without accident (NLTA) until January 30, 2008. The award proved as Company’s high appreciation to QHSE related to Total E&P Indonesie’s project execution in East Kalimantan. 10. OCTOBER • (October 30, 2008) Company’s received Madya award from the State Minister of Public Housing of the Republic of Indonesia with regard to Corporate Social Responsibility (CSR) implementation to rebuild Kedaton Kidul Village, Bantul, Yogyakarta due to the devistating earth quake in 2006. 11. NOVEMBER • ( November 26, 2008) The Public Expose was executed to inform performance and Company’s future strategy, by joining Investor Summit & Capital Market Expo 2008 hosted by Indonesia Stock Exchange. • Received Pertamina Quality Award for the best Pertamina subsidiaries. • Received Best Services award from Pertamina – Java Region with regard to Snubbing Services in X-Ray field. 12. DECEMBER • (December 18, 2008) The Company received the most trusted award in Corporate Governance Index 2007 which was carried out by the Indonesian Institute for Corporate Governance and Swa Magazine. The Company was the best winner for non – state owned enterprise.
• Peluncuran Well Testing Barge ELSA 3 untuk melayani Total E&P Indonesie, lebih cepat dari jadwal sebagai wujud komitmen Perseroan terhadap kepuasan pelanggan.
• Penambahan 3 unit snubbing rig yaitu rig 150K, 225K dan 340K untuk memperkuat kompetensi di Divisi Oilfield Services.
6. JUNI
• (2 Juni 2008) Penandatanganan pelaksanaan kerja (Joint Operation) Perseroan dengan Bergen Oilfield Services (BOS) dalam penyelenggaraan aktivitas marine seismic 3 D 8 streamer untuk kawasan Indonesia dan Asia Pasifik.
• (11 Juni 2008) Penandatanganan perjanjian kredit dengan Bank Danamon Syariah, untuk pembelian peralatan drilling.
7. JULI
• (16 Juli 2008) Perseroan menandatangani perjanjian kredit sindikasi dengan 5 (lima) bank lokal maupun asing. Dalam sindikasi ini, PT Bank Central Asia Tbk. bertindak sebagai Mandated Lead Arranger & Book Runner, PT Bank Internasional Indonesia Tbk. dan PT Bank Rabobank International Indonesia sebagai Lead Arranger, serta PT Bank Chinatrust Indonesia dan PT Bank Mizuho Indonesia bertindak sebagai Arranger. • (28 Juli 2008) Penandatanganan perjanjian kredit dengan Natixis, dalam
rangka pendanaan penambahan peralatan on shore seismic acquisition. 8. AGUSTUS
• (12 Agustus 2008) Perseroan meraih Peringkat I Annual Report Award 2007 kategori Non-financial, Non-listed company. Penghargaan diberikan oleh Menteri Keuangan Republik Indonesia. Penghargaan tingkat nasional ini diraih Perseroan dalam kurun waktu 6 bulan pertama setelah tercatat sebagai perusahaan publik.
• (25 Agustus 2008) Direktur Utama Eteng A. Salam menerima The Outstanding Entrepreneurship Award pada ajang Asia Pacific Entrepreneurship Award 2008, yang diselenggarakan oleh Enterprise Asia. Penghargaan ini diberikan kepada pemimpin-pemimpin perusahaan yang melakukan inovasi yang menonjol dengan jiwa kewirausahaan untuk menjadikan perusahaannya lebih siap menghadapi peluang dan tantangan. 9. SEPTEMBER
• (3 September 2008) Perseroan menerima Safety Performance Appreciation dari Total E&P Indonesie atas keberhasilan Perseroan bekerja selama 7 tahun (2600 days) tanpa kecelakaan (NLTA) terhitung sampai dengan 30 Januari 2008. Apresiasi ini merupakan wujud kepedulian tinggi Perseroan terhadap QHSE sepanjang melayani customer Total E&P Indonesie di Kalimantan Timur.
10. OKTOBER
• (30 Oktober 2008) Dalam implementasi Corporate Social Responsibility (CSR), Perseroan meraih Penghargaan Madya dari Menteri Negara Perumahan Rakyat Republik Indonesia, atas kontribusi dan dukungan Perseroan terhadap pembangunan kembali kawasan Desa Kedaton Kidul, Bantul, Yogyakarta yang mengalami musibah gempa bumi tahun 2006. 11. NOVEMBER
• (26 November 2008) Perseroan melakukan Public Expose mengenai kinerja dan strategi Perseroan kedepan, dengan mengikuti event Investor Summit & Capital Market Expo 2008 yang diselenggarakan oleh Bursa Efek Indonesia.
• Mendapatkan penghargaan Pertamina Quality Award untuk kriteria Anak Perusahaan Pertamina yang terbaik.
• Mendapatkan penghargaan Best Services dari Pertamina Region Jawa untuk Pekerjaan Snubbing Services di Lapangan X-Ray.
12. DESEMBER
• (18 Desember 2008) Perseroan meraih peringkat Terpercaya pada Corporate Governance Index 2007 yang diselenggarakan oleh The Indonesian Institute for Corporate Governance dan Majalah SWA. Perseroan merupakan pemenang Non BUMN Terbaik yang meraih GCG Award ini.
1. JANUARI
• (25 Januari 2008) Pernyataan Pendaftaran Penawaran Umum Saham Perdana Perseroan dinyatakan efektif oleh Bapepam-LK. Masa penawaran berlangsung pada tanggal 29-31 Januari 2008.
• (17 Januari 2008) Restrukturisasi Organisasi Perseroan, dimana Perseroan melengkapi organisasi dengan beberapa divisi baru dalam rangka memperkuat kualitas dan kinerja operasional maupun supporting. 2. FEBRUARI
• (6 Februari 2008) Perseroan dinyatakan efektif tercatat (listing) di Bursa Efek Indonesia dengan kode saham “ELSA”. Harga Penawaran Saham Perdana Rp400/lembar saham.
3. MARET
• (1 Maret 2008) Perseroan memulai operasi onshore seismic acquisition di Blok Tutong Brunei Darussalam. Hal tersebut merupakan milestone Perseroan dalam ekspansi ke pasar Asia Pasifik.
• (2 Maret 2008) Penandatanganan perjanjian kredit dengan Natixis, dalam rangka pendanaan peralatan onshore seismic acquisition.
4. APRIL
• (2 April 2008) Penerapan Good Corporate Governance diimplementasikan holistik dengan seluruh vendor dan mitra kerja, dengan ditandatanganinya Pakta Integritas oleh seluruh vendor dan mitra Perseroan di Balikpapan. 5. MEI
• (8 Mei 2008) Penyerahan Sertifikat ISO 9001:2000 dari SGS yang merupakan bukti komitmen Perseroan dalam menjalankan service excellence. 1. JANUARY • (January 25, 2008) Statement of Company’s registration public offering was effective by Bapepam-LK. Period of offering from January 29, to 31 2008. • (January 17, 2008) Corporate organization restructuring, where the Company finalized the organization with some new divisions in order to strengthen quality, operational performance and supporting.
2. FEBRUARY • (February 6, 2008) The Company was effectively listed in Indonesia Stock Exchange with stock code “ELSA”. Stock price offered was Rp 400/shares. 3. MARCH • (March 1, 2008) The Company started the execution of seismic acquisition survey in Tutong Blok Brunei Darussalam. Its part of Company’s milestone to expand to Asia Pacific market. • (March 2, 2008) Signed loan agreement with Natixis, to finance the purchase onshore seismic acquisition equipment.
4. APRIL • (April 2, 2008) Good Corporate Governance was implemented holistically to all vendors and partners, through signing up Integrity Pact with vendors and Company’s partners in Balikpapan. 5. MAY • (May 8, 2008) Received ISO 9001:2000 certificate from SGS as a proved to Company’s commitment in service excellence.
• Well Testing Barge ELSA 3 was launched to serve TOTAL E&P Indonesie,
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SERTIFIKASI DAN AWARD 2008
Certifications and Awards 2008
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Dalam miliar Rupiah, kecuali disebutkan lain In billion Rupiah, unless otherwise statedURAIAN 2004 2005 2006 2007 2008 DESCRIPTION
LAPORAN LABA RUGI STATEMENTS OF INCOME
Pendapatan Usaha 1.175.025 1.296.372 1.877.981 2.103.690 2.543.913 Operating Revenues Laba Usaha 19.552 77.547 115.331 144.354 180.387 Income from Operations Depresiasi 85.077 82.418 87.020 119.426 150.257 Depreciation
EBITDA 104.629 159.965 202.351 263.780 330.644 EBITDA
Beban Keuangan 22.272 23.595 38.732 42.392 58.987 Financing Cost Laba Bersih 152.403 58.615 83.033 100.140 133.772 Net Income Jumlah Saham Beredar (ribu lembar) 5.838.500 5.838.500 5.838.500 5.838.500 7.298.500 Number of Shares Issued (tho shares) Laba Bersih per Saham (Rp.) 26 10 14 17 19 Net Income per Share (Rp)
NERACA BALANCE SHEETS
Aktiva Lancar 480.981 652.741 835.284 994.492 1.621.565 Current Assets Aktiva Tetap - bersih 627.931 633.516 702.095 836.185 1.294.400 Fixed Assets - net Total Aktiva 1.316.264 1.548.293 1.808.610 2.159.405 3.317.816 Total Assets Kewajiban Lancar 401.451 595.022 736.231 918.095 1.163.382 Current Liabilities Kewajiban Jangka Panjang 163.772 180.639 172.879 294.272 566.085 Long-Term Debts Total Kewajiban 541.114 723.295 914.819 1.195.264 1.685.724 Total Liabilities Interest Bearing Debt 177.892 267.722 296.762 392.871 917.461 Interest Bearing Debt
Ekuitas 762.695 809.063 879.408 948.901 1.613.833 Equity
Modal Kerja - bersih 79.530 57.719 99.053 76.397 458.183 Working Capital - net
LAPORAN ARUS KAS STATEMENTS OF CASH FLOWS
Arus Kas Bersih dari Operasi 30.628 24.373 78.849 (142.145) 38.499 Net Cash from Operating Activities Arus Kas Bersih untuk Investasi 295.295 (68.526) (29.307) (126.713) (551.576) Net Cash used in Investments Activities
Arus Kas Bersih dari Pendanaan (358.370) 72.372 12.038 218.748 807.249 Net Cash from Financing Activities
RASIO KEUANGAN FINANCIAL RATIO
Margin Laba Kotor 16% 21% 19% 19% 16% Gross Profit Margin
Margin Laba Operasi 2% 6% 6% 7% 7% Operating Profit Margin
Margin Laba Bersih 13% 5% 4% 5% 5% Net Profit Margin
Margin EBITDA 9% 12% 11% 13% 13% EBITDA Margin
Rasio Lancar 120% 110% 113% 108% 139% Current Ratio
Perputaran Total Aset 89% 84% 104% 97% 77% Total Asset Turnover
Imbal Hasil Investasi 12% 4% 5% 5% 4% Return on Investment
Imbal Hasil Ekuitas 20% 7% 9% 11% 8% Return on Equity
Hutang/Ekuitas 23% 33% 34% 41% 57% Debt to Equity
Hutang/Total Aset 14% 17% 16% 18% 28% Debt to Total Asset
Hutang/EBITDA 170% 167% 147% 149% 277% Debt to EBITDA
EBITDA/Beban Bunga 470% 678% 522% 622% 561% EBITDA to Interest Expense Total Kewajiban/Ekuitas 71% 89% 104% 126% 104% Total Liabilities to Equity Total Kewajiban/Aset 41% 47% 51% 55% 51% Total Liabilities to Assets
IKHTISAR KEUANGAN
Financial Highlights
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IKHTISAR KEGIATAN OPERASIONAL
Operational Highlights
dalam miliar Rupiah, kecuali dinyatakan lain in billion Rupiah, unless otherwise stated
URAIAN 2008 2007* 2006* 2005* 2004* DESCRIPTION
Jasa Hulu MIGAS Terintegrasi 1.676 1.073 863 691 498 Integrated Upstream Oil & Gas Services Jasa Penunjang Hulu MIGAS 106 70 81 46 40 Supporting Upstream Oil & Gas Services Jasa Hilir MIGAS 570 806 766 416 534 Downstream Oil & Gas Services Jasa Penunjang & Berbasis Kompetensi 191 155 169 143 103 Supporting Services & Competency Based Jumlah Pendapatan Usaha 2.543 2.104 1.878 1.296 1.175 Total Revenue
*) disajikan kembali restated 04 05 06 07 08 1.175 1.296 1.878 2.104 2.544 PENDAPATAN USAHA Revenues
(dalam miliar Rupiah in billion Rupiah) 04 05 06 07 08 1.316 1.548 1.808 2.159 3.317 JUMLAH AKTIVA Total Assets
(dalam miliar Rupiah in billion Rupiah) 04 05 06 07 08 19.55 77.55 115.33 144.35 180.39 LABA USAHA Operating Income
(dalam miliar Rupiah in billion Rupiah) 04 05 06 07 08 541.11 723.30 914.82 1.195 1.685 JUMLAH KEWAJIBAN Total Liabilities
(dalam miliar Rupiah in billion Rupiah) 04 05 06 07 08 152.40 58.62 83.03 100.14 133.77 LABA BERSIH Net Income
(dalam miliar Rupiah in billion Rupiah) 04 05 06 07 08 763 809 879 949 1.614 JUMLAH EKUITAS Total Equity
(dalam miliar Rupiah in billion Rupiah)
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Program IPO yang dilakukan Perseroan pada awal Pebruari 2008 adalah sangat tepat karena didukung oleh momentum kenaikan harga minyak dunia yang mulai meningkat sejak akhir tahun 2007. Hal tersebut membuat harga saham-saham pada segmen industri pertambangan migas & energi menjadi cukup diminati di lantai bursa saham pada saat itu. Harga perdana saham Perseroan sebesar Rp400 per lembar saham pun sempat meningkat menjadi paling tinggi Rp550 pada triwulan I tahun 2008 dan tetap dalam posisi stabil sampai akhir Juni 2008. Setelah pertengahan tahun 2008, terjadi krisis ekonomi Amerika Serikat pada khususnya dan krisis ekonomi global pada umumnya yang memicu kondisi pasar saham Indonesia yang terus memburuk. Pada saat yang sama juga harga minyak dunia mulai mengalami penurunan tajam dari harga tertinggi USD146 per barel di bulan Juli 2008 sampai ke level USD37 per barel pada Desember 2008. Hal tersebut juga berdampak pada melemahnya saham ELSA. Sejak listing di Bursa Efek Indonesia (BEI) sampai akhir Desember 2008, saham ELSA mengalami penurunan 71% dari harga IPO, vis-à-vis penurunan 49% pada Indeks Harga Saham Gabungan (IHSG) BEI.
Kapitalisasi pasar Perseroan terbilang relatif masih jauh lebih kecil dibandingkan dengan perusahaan publik lainnya dalam industri sejenis, yaitu < Rp 3 trilyun, dan pada akhir tahun 2008, kapitalisasi pasar menurun menjadi Rp 853 milyar.
Volume perdagangan saham Perseroan cukup stabil pada beberapa bulan setelah IPO namun pada akhir tahun menunjukkan trend penurunan. Secara umum, volume perdagangan Saham Perseroan menunjukkan peningkatan apabila terdapat press release/ berita maupun keterbukaan
Company’s IPO in early February 2008 could not have taken place at a better time and with the right momentum of sharply increase in fuel prices since the end of 2007. Consequently, energy and oil and gas company’s stock prices trading volume was high, indication of positive sentiment reflected by global market. The Company went public with its first share being sold at IDR 400/share, which increased to IDR 550/share within first quarter 2008 and remained stable until the end of June 2008.
After mid of 2008, the U.S. economic crisis caused a ripple effect throughout the world economy. The Indonesian stock market was overwhelmed and steadily degraded its performance. At the same time, world oil price also sharply dropped to as low as USD 35/barrel. These two factors contributed to Company’s degrading stock value and performance. Since its IPO in early February 2008 at BEI until the end of December 2008, company’s share price decreased by as much as 71% in relations to vis-à-vis the decreased of 49% Indonesia Stock Exchange.
Company’s market capitalization of less than RP 3 trillion is relatively small, compared to other publicly listed oil and gas services companies. By the end of 2008, company’s market capitalization decreased further to Rp 853 billion.
Company’s shares trading volume was quite stable a few months after its IPO in early February 2008. Since June 2008 however, a steady downward trend was observed. Overall, the Company’s stock price increased when there was press release or positive information dissemination
informasi positif seperti laporan keuangan maupun laporan insidentil lainnya seperti perolehan kontrak, rencana investasi maupun perolehan pinjaman dari bank. Ini menunjukkan tingginya minat investor terhadap informasi perkembangan bisnis dan program kerja ELSA.
Secara total, jumlah saham Perseroan per 31 Desember 2008 adalah 7.298.500.000 lembar saham dan dimiliki oleh 8.373 pemegang saham. Pemegang Saham dengan jumlah kepemilikan > 5% (mencapai 5% atau lebih) yaitu : • PT Pertamina (Persero) – 3.000.000.000 lembar saham
(41.10%)
• PT Tri Daya Esta - 2.711.565.890 lembar saham (37.15%)
Berikut adalah komposisi kepemilikan saham Perseroan diluar dari Pemegang Saham > 5% :
Dari sekitar 21.73% kepemilikan saham ELSA, di luar PT Pertamina (Persero) dan PT Tri Daya Esta, sekitar 43% dimiliki oleh individu nasional, 19% dimiliki oleh Perseroan Terbatas dan 15% dimiliki oleh badan usaha asing. Komposisi pemegang saham retail yang besar menyebabkan harga saham Perseroan cukup fluktuatif. Namun di sisi lain, pemegang saham retail memberikan likuiditas bagi perdagangan saham Perseroan. Disamping itu, perkembangan kepemilikan oleh badan usaha/ individu asing cukup stabil dan cenderung meningkat, mengindikasikan kepercayaan investor asing yang masih cukup baik pada saham Perseroan.
such as financial report or other incidental reports (contract acquisitions, investment plans, securing bank loans) that were thought to give positive market sentiment to investors.
IKHTISAR KINERJA SAHAM
Stock Performance Highlights
0 100 200 300 400 500 600
Feb-08 Mar-08 May-08 Jun-08 Aug-08 Sep-08 Nov-08 Dec-08 (100) 100 300 500 700
Volume (Juta Lembar Saham) - RHS Harga (Rp) - LHS Feb 08
0%
25%
50%
75%
150%
125%
JCI
ELSA
100%
Apr 08Mar 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08
TAHUN 2008 Year 2008 Tertinggi (Rp) Highest (Rp) Terendah (Rp) Lowest (Rp) Penutupan (Rp) Closing (Rp)
Volume Harian Rata-rata (Lembar) Average Daily Volume (Shares) Kapitalisi Pasar (Rp) Market Cap (Rp) KUARTAL I 550 260 370 75.667.691 2.700.445.000.000 KUARTAL II 445 280 345 33.661.802 2.517.982.500.000 KUARTAL III 355 150 200 11.102.595 1.459.700.000.000 KUARTAL IV 165 106 117 11.004.535 853.924.500.000
In total, the Company number of shares as of Dec 31, 2008 is 7,298,500,000 shares and owned by 8,373 shareholders. Shareholders with ownership equal to or more than 5% are: • PT Pertamina: 3,000,000,000 shares or (41.10%) • PT Tri Daya Esta:: 2,711,565,890 shares or (37.15%)
The following chart shows the ownership of company’s shareholders exclusive of those with more than 5% ownership:
21.73% of company’s shareholders exclusive of PT Pertamina (Persero) and PT Tri Daya Esta, 43% is owned by local individual, 19% is owned by other companies and 15% is owned by foreign companies.
Due to higher retail shareholder composition Company’s stock price is considered to be fluctuative. On the other hand, retail shareholders have given liquidity to Company’s stock trading. In addition, the ownerships of other company/foreign individual remained stable and tend to increased, this showed foreign investors trust to Company’s stocks. 100% 80% 60% 40% 20% 0%
Badan usaha asing Individual asing Reksadana Perseroan Terbatas Asuransi Dana Pensiun Yayasan Koperasi Karyawan Individu nasional
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Kepada Seluruh Pemegang Saham Yang Kami Hormati, Tahun 2008 merupakan waktu yang bersejarah bagi Perseroan dimana pada awal tahun 2008, Peseroan telah menjadi perusahaan publik dan mencatatkan sahamnya di Bursa Efek Indonesia melalui Initial Public Offering (IPO). Dengan tambahan modal dari pemegang saham publik, Perseroan telah mengembangkan reputasi baru di bidang jasa minyak & gas bumi (migas) terintegrasi dan bidang-bidang lainnya yang memberi nilai tambah keekonomian (economic value added). Dalam tempo yang sangat singkat Perseroan telah mampu mengembangkan aktiva perseroan dengan berbagai pengembangan aktiva produktif dan siap untuk tinggal landas.
Pada saat melakukan IPO, Perseroan menerbitkan 1.460.000.000 lembar saham dengan total penerimaan netto dana IPO sebesar Rp 566 Milyar. Disamping itu, Perseroan juga mendapatkan kepercayaan untuk menerima dana pinjaman dari sindikasi Bank Central Asia, Bank International Indonesia, Rabobank International Indonesia, Bank China Trust Indonesia, dan Bank Mizuho Indonesia guna mendapatkan pendanaan yang cukup kompetitif untuk pembiayaan kembali kredit modal kerja dan kredit investasi serta investasi usaha. Perseroan juga telah mendapatkan dana pinjaman dari Danamon Syariah untuk pembelian modular rig guna pengerjaan proyek di Vico. Selain itu pendanaan yang cukup kompetitif juga di dapat dari Coface Natixis Perancis untuk pembelian peralatan land seismic.
Dewan Komisaris memandang proses IPO dan pendanaan perbankan merupakan sebuah bukti kepercayaan dari berbagai pihak khususnya masyarakat investor, perbankan dan lembaga keuangan (financial institution) baik lokal maupun asing dan menjadi salah satu pilar utama dalam membangun reputasi yang lebih baik di masa mendatang. Tentunya dana hasil IPO dan pinjaman perbankan akan memberikan peluang bagi Perseroan untuk segera “go to the market” dengan tetap bersikap pruden. Perhatian yang sangat besar diberikan oleh para Pemegang Saham khususnya PT Pertamina (Persero) dan PT Tri Daya Esta yang telah lama mempersiapkan proses IPO ini dan telah memperlihatkan hasilnya.
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LAPORAN KOMISARIS UTAMA
Iin Arifin Takhyan
Komisaris Utama
President Commissioner
Report from the President Commissioner
Dear Valued Shareholders,
The year 2008 was a historic time for the Company which at the beginning of the year, the Company has become a public company and recorded its shares in Indonesia Stock Exchange through Initial Public Offering (IPO). With additional capital from public shareholders, the Company has developed a new reputation in the integrated oil and gas services sector and other economic value added sectors. In a very short time the Company has been able to develop a variety of asset development and other productive assets.
During the IPO, the Company issued 1,460,000,000 shares with a total net funds of Rp 566 billion. In addition, the Company also gained the trust to receive funds from the syndicated loan Bank Central Asia, Bank International Indonesia, Rabobank International Indonesia, Bank of China Trust Indonesia, and Bank Mizuho Indonesia in order to obtain an adequate funding for competitive re-credit financing and working capital re-credit and business investment. The Company also has obtained a loan from Danamon Syariah to purchase modular rig which will be used in the engagement with Vico. In addition, the competitive funding was obtained from Coface Natixis France for the purchase of land seismic equipment.
Board of Commissioners viewed the IPO process and bank financing was a proof of trust from the various parties, especially public investors, banks and financial institutions both local and foreign, and became one of the main pillars in building a better reputation in the future. The IPO funds and bank loans will provide opportunities for the Company to immediately “go to the market” whilst remain pruden. The great attention given by the Shareholders, in particular PT Pertamina (Persero) and PT Tri Daya Esta in preparing for the IPO process and this already showed results.
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Pertumbuhan ekonomi Indonesia pada tahun 2008 selama kwartal 1 hingga kwartal 3 menunjukan angka yang stabil di level 6,32% hingga 6,11% pada akhir kwartal ke 3. Namun, pada kwartal ke 4 angka pertumbuhan ekonomi menurun menjadi 5,2%, sehingga angka GDP Indonesia selama tahun 2008 menjadi 6,1%. Ini disebabkan karena adanya krisis keuangan global yang diawali di Amerika Serikat yang mulai terasa gejolaknya pada bulan Oktober 2008. Pengaruh krisis keuangan global itu menyebabkan likuiditas perbankan mengalami gangguan, tingkat suku bunga meningkat dan naiknya tingkat resiko. Angka inflasi di tahun 2008 berada pada level 11,06% lebih tinggi dibanding tahun 2007 sebesar 6,6%. Selain dikarenakan naiknya harga Bahan Bakar Minyak (BBM) pada bulan Juni 2008, juga disebabkan oleh tingginya harga kebutuhan pokok dan meningkatnya permintaan domestik, serta pengeluaran yang tinggi untuk biaya prakampanye partai politik. Sementara itu nilai tukar Rupiah terhadap US Dollar mengalami trend pelemahan selama tahun 2008, hal ini dikarenakan terjadinya krisis keuangan global dan capital outflow dari Indonesia khususnya di Pasar Modal dan Pasar Keuangan.
Perkembangan sektor industri migas di Indonesia pada tahun 2008 masih memiliki potensi yang besar dalam pengembangan wilayah kerja baik untuk wilayah terbukti atau wilayah potensial. Pemerintah Republik Indonesia telah menargetkan produksi hingga 1,3 juta bopd hingga tahun 2009. Ini akan memotivasi aktivitas pencarian cadangan migas dari perusahaan-perusahaan migas. Jika dilihat kondisi geologi dan iklim investasi, Indonesia masih menarik bagi kalangan investor hulu migas. Ini terbukti pada lelang wilayah kerja atau blok migas yang dilakukan dua tahap dalam tahun 2007-2008. Puluhan investor dalam dan luar negeri bersaing untuk mendapatkannya, padahal sebagian besar wilayah kerja migas yang dilelang berada dilepas pantai (offshore). Itu membuktikan bahwa Indonesia masih menarik bagi investor hulu migas ditengah kondisi perekonomian dunia yang sedang konsolidasi. Dewan Komisaris menilai tahun 2008 dan tahun-tahun mendatang, permintaan akan pengembangan usaha migas masih sangat tinggi, dan belanja modal (capital expenditure) perusahaan-perusahaan minyak tetap meningkat, walaupun harga minyak cenderung menurun. Sehingga di masa depan prospek Perseroan sebagai penyedia jasa hulu migas terintegrasi tetap baik dan Perseroan juga tetap optimis. Untuk mendukung pencapaian dan pertumbuhan tinggi. Perseroan harus mejadi yang terdepan dalam berbagai inovasi produk dan jasa serta melakukan pengembangan usaha, namun hal tersebut harus pula ditunjang dengan pelaksanaan GCG yang konsisten, manajemen risiko serta pemilihan investasi dan pasar yang tepat (selective investment & market).
Dewan Komisaris telah menggariskan beberapa kebijakan sebagai arahan kepada Direksi Perseroan dalam melaksanakan strategi bisnis, yaitu:
1. Fokus pada keunggulan kompetensi sebagai penyedia jasa hulu migas terintegrasi.
2. Meningkatkan pangsa pasar serta pengembangan produk dan jasa layanan serta diversifikasi konsumen di sektor jasa hulu migas.
3. Akuisisi kontrak dengan jangka lebih panjang dengan memperhatikan sistem manajemen resiko terpadu. 4. Akusisi aset produktif dengan ukuran (size) yang
sesuai dengan kemampuan keuangan maupun teknis Perseroan, dengan sangat memperhatikan management resiko operasi, hukum, keuangan, sumber daya manusia, dalam rangka mendapatkan pendapatan yang berkelanjutan (sustainable).
Di tengah-tengah krisis keuangan global di penghujung tahun 2008, kebijakan di atas telah dilaksanakan dan Perseroan mencatat pertumbuhan usaha dan perbaikan kinerja di core business, antara lain dengan indikator sebagai berikut:
1. Laba bersih mengalami peningkatan sebesar 34% menjadi Rp 133,8 miliar dibandingkan tahun 2007 sebesar Rp 100,1 miliar.
2. Peningkatan laba bersih seiring dengan pertumbuhan (growth) pendapatan usaha sebesar 21% dari Rp 2,1 triliun di tahun 2007 menjadi Rp 2,5 triliun di tahun 2008.
3. Meningkatnya komposisi bisnis hulu migas terintegrasi Perseroan mencapai 66% dari total pendapatan (total revenue) dibanding tahun 2007 sebesar 53%. 4. Laba sebelum pajak, penyusutan dan amortisasi atau
EBITDA (earning before income taxes depreciation and amortization) mengalami pertumbuhan 25% dari Rp 263,78 milyar di tahun 2007 menjadi Rp 330,64 milyar di tahun 2008.
Imbal hasil kepada pemegang saham, yang diindikasikan melalui Imbal Hasil Ekuitas atau Return on Equity (RoE) pada tahun 2008 sebesar 8% lebih rendah dibandingkan tahun 2007 sebesar 10,6%, hal ini dikarenakan di tahun 2008 Perseroan melakukan IPO sehingga jumlah saham beredar bertambah dan ekuitas bersih Perseroan menjadi lebih besar dibandingkan tahun 2007. Dengan akan efektifnya pendapatan dari beberapa kontrak baru dan core business, Dewan Komisaris berkeyakinan bahwa perbaikan kinerja Perseroan diharapkan segera tampak di tahun 2009 dan tahun-tahun berikutnya.
Indonesia’s economic growth in the first to third quarter of 2008 showed stable at level 6.32 % to 6.11% at the end of the third quarter. However, in quarter 4 the economic growth declined to 5.2%, so that the GDP figures for Indonesia in 2008 was 6.1%. This was due to the global financial crisis that started in the United States which turbulance was felt in October 2008. The impact of the global financial crisis caused bank liquidity to crash, interest rates rose and increased in risk. Inflation rate in 2008 was at 11.06%, higher than 2007 which was at 6.6%. Aside from the fuel increase in June 2008, the increase was also cased by the higher crisis of basic needs, as a result of an increase in domestic demand and high precampaign expenditure of political parties. The Rupiah exchange rate against the U.S. Dollar was weakened during 2008, this was due to the global financial crisis and the capital outflow from Indonesia, especially in the Capital Market and Financial Markets.
The outlook of Indonesia’s oil and gas sector in 2008 showed vast opportunities in working area depelopment for both proven or potential area. Government of the Republic of Indonesia has targeted to produce up to 1.3 million bopd in 2009. This will motivate the PSC to search oil and gas reserves. From Geological conditions and investment climate point of view, Indonesia is still attractive for the upstream oil and gas investors. This is proven by the oil and gas block auction which was carried out in 2 (two) phase in 2007-2008. Dozens of domestic and foreign compete to acquire the block area, though most of the oil and gas region were in offshore. That proves that Indonesia is still attractive for investors in the upstream oil and gas whilst world economic conditions are still in consolidation processes.
Board of Commissioners (BOC) assessed that the year 2008 and in the coming years, demand for oil and gas development will still be high, and capital expenditure (capex) the oil and gas companies will keep increasing, even though oil prices tend to decrease. Hence, in the future prospects of the Company as a provider of integrated oil and gas upstream services remains good and the Company also remains optimistic. To support high growth and achievement the Company has to be the forefront of innovation in developing a variety of products and services, and conduct business development, however it must also be supported with the consistent GCG implementation, risk management and investment selection, and the appropriate market (selective investment & market).
Board of Commissioners has highlighted several policies as referrals to the Board of Directors (BOD) of the Company in implementing business strategies, namely:
1. Focus on the competitive advantage as a provider of integrated oil and gas upstream services.
2. Increase market share and the development of products and services and customer diversification of the integrated upstream oil and gas services sector. 3. Acquisition of longer-term contracts with attention to
the integrated risk management system.
4. Acquisition of productive assets with the appropriate size, accorance with the financial and technical ability of the Company, with attention to risk management operations, legal, financial, human resources, in order to get a sustainable income.
In the midst of the global financial crisis at the end of 2008, the above policies have been implemented and the Company’s recorded growth and improved its core business performance, such as reflected in the following indicators:
1. Net income increased by as much as 34% to Rp 133.8 billion compared to Rp 100.1billion in 2007.
2. The increase of net income in line with the growth in operating revenue of 21% from Rp 2.1 trillion in 2007 to Rp 2.5 trillion in 2008.
3. Increased in the composition of integrated oil and gas upstream business of the Company to reached 66% of total revenue compared to 53% in 2007.
4. Earning before tax, depreciation and amortization, or EBITDA grew to 25% from Rp 263.78 billion in 2007 to Rp 330.64 billion in 2008.
Return on Equity to shareholders in 2008 was 8% lower than in 2007 which was 10.6%, this was caused by higher equity due to Company’s IPO in 2008 which made the number of shares outstanding and net equity of the Company to be higher than in 2007. With the effective income from some of the new contract, and core business, the Board of Commissioners convinced that the improved performance of the Company expect to appear soon in the year 2009 and following years.
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Penggabungan dan konsolidasi usaha dari beberapa unit core business di tahun 2007 telah menampakkan hasil dalam wujud efisiensi dan sinergi serta peningkatan kualitas pelayanan pengguna jasa. Dari sisi aktivitas operasi, utilisasi aset operasional Perseroan membukukan kinerja yang cukup memuaskan seiring dengan penambahan kontrak baru yang cukup signifikan dan dimulainya Perseroan memasuki pasar regional. Selama tahun 2008 kontrak-kontrak utama Perseroan yang diperoleh Divisi Geoscience Services (GSC) antara lain jasa 2D dan 3D data akuisisi, Divisi Drilling Services (EDS) antara lain jasa drilling rig, cementing, wireline logging, dan Divisi Oilfield Services (OFS) antara lain jasa coiled tubing, hydrolic workover/ snubbing senilai total $ 250.5 juta dimana dari total nilai kontrak yang diperoleh tersebut ada yang dilaksanakan di tahun 2008 dan juga dilaksanakan ditahun berikutnya. Kontrak-kontrak tersebut berasal dari beberapa pelanggan utama Perseroan antara lain Pertamina EP, Petrochina, Chevron Indonesia, Total Indonesie dan juga Loon Brunei. Dewan Komisaris memandang bahwa membangun reputasi yang tinggi di jasa hulu migas merupakan landasan Perseroan ke masa mendatang. Pengembangan teknologi, kompetensi SDM dan penerapan program operation & service excellence sebagai pilar penting bagi Perseroan untuk mampu menghadapi kompetisi yang lebih ketat di masa mendatang.
Peseroan telah berkiprah di dalam usaha berbasis aset (asset based) dengan mengembangkan beberapa wilayah kerja/blok migas dimulai dari PSC Bangkanai dan TAC Ramba. Tahun 2008, untuk pertama kalinya Perseroan dapat membukukan keuntungan dari TAC Ramba dan diharapkan fokus yang lebih baik lagi akan membawa Perseroan untuk menjadi salah satu pelaku yang diperhitungkan. Perseroan juga tengah menegosiasikan untuk melakukan akuisisi TAC Ramok Senabing. Setelah melakukan berbagai upaya konsolidasi di tahun 2007 dan 2008 untuk usaha berbasis kompetensi (competency based), Dewan Komisaris telah memberikan nasihat kepada Direksi untuk tetap menjaga kinerja dan secara selektif dilakukan restrukturisasi usaha termasuk potensi divestasi dengan nilai yang optimal. Beberapa target divestasi non core business masih dalam proses dan menjadi kekuatan cadangan Perseroan. Selanjutnya hasil divestasi akan diarahkan untuk melakukan pertukaran portofolio dengan yang lebih baik dari non core business menjadi core business. Bisnis hilir dan asset management masih dapat dikembangkan lagi karena distribusi energi masih tetap berkembang, Perseroan juga memiliki property asset yang bisa dimanfaatkan dan dikembangkan khususnya untuk dikembangkan dalam bentuk Kerja Sama Operasi atau didivestasikan.
Berkaitan dengan penerapan Quality, Health, Safety, Environment (QHSE), Dewan Komisaris terus mendorong agar Perseroan berkomitmen untuk terus mengedepankan kaidah-kaidah QHSE, di seluruh kegiatan Perseroan. Sebagai suatu upaya pencegahan terjadinya kecelakaan kerja dalam sistem pengelolaan atas berbagai risiko yang ditimbulkan dalam setiap kegiatan. Hal ini terbukti dengan pencapaian zero fatal accident di tahun 2008 dengan total exposure hours sebesar 17.185.836 manhours. Selama tahun 2008 Perseroan telah mendapatkan sertifikasi Sistem Manajemen Mutu ISO 9001:2000 yang dikeluarkan oleh SGS dan meraih Occupational Health & Safety Assesment Series (OHSAS) yang dikeluarkan oleh Badan Sertifikasi SGS yang merupakan sistem manajemen di bidang Health & Safety.
Dewan Komisaris senantiasa mengedepankan akan pentingnya pengembangan sumber daya manusia sebagai asset penting Perseroan. Pengembangan sumber daya manusia memiliki peranan yang sangat penting bagi Perseroan dalam mencapai visi dan misi Perseroan. Perseroan telah menerapkan kebijakan berbasiskan budaya kinerja yang tinggi, dan diharapkan mampu meningkatkan produktivitas disertai strategi sumber daya manusia secara terarah serta terencana dalam rangka pengembangan dan peningkatan daya saing yang berkelanjutan. Disamping program pelatihan, Perseroan juga memperhatikan program-program yang berhubungan dengan olahraga, budaya dan etika.
Dalam hal tanggung jawab sosial perusahaan (Corporate Social Responsibility), Perseroan memberikan perhatian terhadap kesiap-siagaan dan kepedulian pada masyarakat, dari dana yang tersedia tahun 2008, alokasi terbesar sebesar 75% ditempatkan pada program Community Development. Konsep 3 (three) Fundamentals for a Better Life bagi komunitas diselenggarakan secara konsisten yaitu program-program kesehatan, pendidikan dan ekonomi. Mock up program tersebut pada tahun 2008 telah menjadi patron yang matang untuk siap diterapkan di daerah-daerah operasi yang tersebar di wilayah Indonesia, alokasi lainnya sebesar 12,5% diantaranya untuk Disaster Preparedness & Recovery dan 12,5% lainnya dialokasikan untuk aktivitas spiritual, dukungan pemerintah, dan porsi untuk lingkungan hidup yang aman dan sehat seperti upaya mereduksi sampah dan memilih bahan ramah lingkungan. Program kepedulian Perseroan bagi masyarakat mendapat apresiasi dari Menteri Negara Perumahan Rakyat Republik Indonesia dengan Anugerah Penghargaan Madya Tahun 2008. Dewan Komisaris memandang bahwa tanggung jawab sosial merupakan salah satu tugas pokok manajemen dan Dewan Komisaris terus memotivasi agar pelaksanaannya tepat sasaran dan tepat manfaat.
Merger and consolidation of several core business units in 2007 has showed its result in the form of efficiency and synergy , along with the increase of service quality. From the operating activities, the operational utilization of assets of the Company in a performance that is quite satisfactory, in line with the addition of new significant contracts and the Company is starting to enter the regional market. During the year 2008 the main contracts of the Company earned from Geoscience Services Division (GSC), among others are 2D and 3D data acquisition, Drilling Services Division (EDS), among others are drilling rig services, cementing, wireline logging, and the Oilfield Services Division (OFS) among others coiled tubing services, hydrolic workover/snubbing with a total value of $ 250.5 million where some of the contracts are carried out in 2008 and some will be implemented in the following years. Contracts came from several major customers of the Company, among others, Pertamina EP, Petrochina, Chevron Indonesia, Total Indonesie and Loon Brunei. Board of Commissioners consider that building a high reputation in the upstream oil and gas service is the foundation of the Company to the future. Technology development, human resources and the application of the competency program operation & service excellence is important pillars for the Company to be able to face tougher competition in the future.
The Company has been angaged in asset-based business by developing some the work areas / blocks of oil and natural gas starting from Bangkanai PSC and TAC Ramba. In 2008, the Company, for the first time, booked income from TAC Ramba and expected a better focus will bring the Company to become one of the important players. Currently, the Company is also negotiating the acquisition of TAC Ramok Senabing.
After making various consolidation efforts in 2007 and 2008 for competency-based business, the Board of Commissioners has provided advice to the Board of Directors to keep the performance and selectively restructured the business, including potential divestment with optimal value. Some of the divestment target of non-core business is still in the process and become a reserve of the Company. Next, divestment results will be directed to make the exchange from non core business to core business. Downstream business and asset management may still be developed because the energy distribution is still evolving, the Company also has property assets that can be utilized and developed especially in the form of Operating Partnership or to be divested.
In connection with the implementation of Quality, Health, Safety, Environment (QHSE), the Board of Commissioners continues to encourage the Company to commit to continue the rule-principle in QHSE, in all activities of the Company. As an accident prevention effort in the work management system of various risks incurred in each activity. This is proved with the achievement of zero fatal accident in 2008 with a total of 17,185,836 exposure manhours. During the year 2008 the Company has obtained Quality Management System certification ISO 9001:2000 and Occupational Health & Safety Assessment Series (OHSAS) issued by SGS Certification Body which is the management system in the field of Health & Safety.
Board of Commissioners will always put ahead the importance of developing human resources as Company’s important assets. Development of human resources have a very important role for the Company in achieving its vision and mission. The Company has implemented a policy-based high-performance culture, and is expected to increase productivity, along with effective and wellplanned human resources strategy in order to increase the competitiveness and sustainability. Besides the training program, the Company also considers programs related to sports, culture and ethics.
In the case of corporate social responsibility the Company has put high concern and attention to the community, from the available funds in 2008, 75% was allocated to the Community Development program. Concept of 3 (three) Fundamentals for a Better Life for the community consistently held with the programs of health, education and economic development. Mock-up program in the year 2008 has been a patron ready to be implemented in Company’s operating areas in Indonesia. Other allocations of 12.5% of them were for Disaster Preparedness & Recovery, and 12.5% were allocated to other spiritual activity, government support, and for the safe and healthy environment such to reduce waste materials and choosing environmentally friendly materials. Company awareness programs for the public received the appreciation from the Ministry of State Public Housing of the Republic of Indonesia with Anugerah Madya Year Award in 2008. Board of Commissioners considered that social responsibility is one of the principal tasks of the Board of Commissioners and management continually ensured that the execution and implementation meet the right target and benefit.
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Hormat kami,
Sincerely Yours,
Iin Arifin Takhyan Komisaris Utama
President Commissioner
Untuk meminimumkan risiko usaha, Dewan Komisaris menekankan perlunya penerapan sistem Tata Kelola Perusahaan yang baik atau Good Corporate Goverance (GCG) di Perseroan dan setiap unsur di Perseroan wajib mempraktekan standar tinggi dari prinsip-prinsip GCG yaitu fairness (keadilan), transparency (transparansi), accountability (akuntabilitas) dan responsibility (tanggung jawab). Dewan Komisaris menilai bahwa Perseroan telah mengimplementasikan GCG. Sistem pelaporan yang ada di Perseroan sudah lebih transparan dan temuan-temuan dari Komite Audit maupun dari Internal Audit Perseroan terus dipantau dan ditindaklanjuti oleh manajemen Perseroan. Dewan Komisaris tetap mengharapkan peningkatan dalam pengendalian internal dalam aspek legal, pengelolaan proyek, operasi keuangan baik di Holding maupun di Anak Perusahaan. Dewan Komisaris menghargai upaya Direksi Perseroan yang telah dapat menyelesaikan masalah USD selling di luar jalur pengadilan. Namun demikian permasalahan seperti ini diharapkan tidak terulang lagi. Selama tahun 2008, tidak terdapat perubahan dalam susunan Dewan Komisaris Perseroan. Namun, sejalan dengan tuntutan GCG terdapat perubahan dari komite-komite yang dimiliki Dewan Komisaris, yaitu perubahan susunan anggota dalam Komite Audit dan Komite Remunerasi. Dalam Komite Audit terdapat penambahan anggota yang diharapkan dapat memperkuat peran Komite Audit bagi Perseroan dalam meningkatkan kualitas pengendalian internal dan manajemen risiko. Untuk lebih menyempurnakan Komite Remunerasi, telah dilakukan proses menjadi Komite Nominasi dan Remunerasi.
Dewan Komisaris telah menyetujui pembentukan Unit Manajemen Risiko di tahun 2008 dan khusus menghadapi tantangan ke depan, manajemen risiko harus lebih efektif yaitu pengelolaan risko strategis, risiko keuangan dan pelaporan keuangan, risiko pasar, risiko operasional dan risiko ketaatan pada ketentuan yang berlaku. Manajemen risiko yang efektif adalah salah satu pilar utama Perseroan dan harus diimplementasikan ke setiap unit organisasi dengan menerapkan teknologi informasi yang mutakhir dalam melakukan assesment risiko, aktivitas pengendalian, pelaporan dan pemantauannya. Dewan Komisaris berkeyakinan bahwa investasi dalam teknologi informasi dalam manajemen risiko sangat bermanfaat dan tidak dapat ditunda.
Dalam kesempatan ini selaku Komisaris Utama mewakili seluruh anggota Dewan Komisaris dan Komite, menyampaikan terima kasih kepada segenap manajemen dan karyawan PT Elnusa, Tbk atas prestasi dan upaya yang telah dilakukan, dengan harapan agar pencapaian kinerja yang lebih baik lagi di masa mendatang. Dewan Komisaris juga mengucapkan penghargaan dan terima kasih kepada Pemegang Saham atas dukungan dan kerjasamanya selama tahun 2008. Semoga semua upaya yang dilakukan oleh segenap stakeholder PT Elnusa, Tbk, mendapat berkah dan rahmat dari Tuhan YME.
To minimize the business risk, the Board of Commissioners need to emphasize the importance of the Good Corporate Governance system application in each element of the Company and the Company shall practice a high standard of the principles, namely Fairness, Transparency , accountability and responsibility . Board of Commissioners felt that the Company has been implementing GCG. System of reporting on the Company is more transparent and the findings of the Audit Committee and Internal Audit of the Company continue to be monitored and followed up by management of the Company. Board of Commissioners still expects improvement in the internal control of legal aspects, project management, financial operations in both Holding and the Subsidiary. Board of Directors of the Company appreciate the efforts that have been able to complete the problem USD selling outside the court lines. However, problems such as this is not expected to recur again.
During the year 2008, there is no change in the composition of the Board of Commissioners of the Company. However, in line with the demand of GCG there is a change in the committees of the Board of Commissioners, the changes are in the members of the Audit Committee and Remuneration Committee. The additional members in Audit Committee are expected to strengthen the role of the Audit Committee of the Company in improving the quality of internal control and risk management. To further improve the Remuneration Committee, a process has been made to be a Nomination Committee and Remuneration Committee.
Board of Commissioners has approved the establishment of a Risk Management Unit in 2008 and specially, to face challenges in the future, risk management should be more effective, namely strategic management risk, financial risk and financial reporting, market risk, operational risk and compliance to the regulations. Effective risk management is one of the main pillars of the Company and must be implemented to each unit of the organization by applying information technology in the current risk assessment, control activities, reporting and monitoring. Board of Commissioners convinced that investment in information technology of risk management is very useful and can not be delayed.
In this opportunity as a President Commissioner representing all members of the Board of Commissioners and the Committee, I convey our gratitude to the management and employees of PT Elnusa Tbk and for the efforts that have been made, with the expectation of a better performance and achievement in the future. Board of Commissioners also expressed appreciation and gratitude to the Shareholders on the support and cooperation during the year 2008. Hopefully all the effort made by all stakeholders PT Elnusa, Tbk, get the blessings and mercy from God.
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Para Seluruh Pemegang Saham Yang Terhormat, Tahun 2008 Perseroan memasuki era sebagai Perusahan Publik yang terdaftar di Bursa Efek Indonesia yang di dahului dengan penggabungan usaha (merger) anak perusahaan di bidang jasa hulu migas, yakni PT. Elnusa Geoscience, PT. Elnusa Drilling Services, dan PT. EWS Oilfield Services dan PT. Sinarriau Drillindo ke dalam PT. Elnusa efektif pada tanggal 9 Oktober 2007. Perseroan melakukan Initial Public Offering (IPO) dengan menawarkan 1.460.000.000 lembar saham dengan total penerimaan dana netto sebesar Rp 566 milyar. Perseroan juga melakukan optimalisasi aktivitas pendukung agar dapat menunjang kegiatan usaha sehingga di bentuk beberapa departemen baru seperti Operation & Service Excellence, Product Innovation & Maintenance, Procurement & Asset Maintenance, Corporate Strategic Transformation & Information System & Quality Assuarance dan Health Safety Environment.
Kondisi perekonomian di tahun 2008 akan dikenang sebagai tahun yang paling berat, tidak ada pasar keuangan dan perokonomian di dunia yang terbebas dari dampak krisis keuangan yang bermula di Amerika Serikat. Selama tahun 2008 sejarah telah mencatat tumbangnya beberapa perusahaan besar dunia dan juga turunnya harga saham beberapa perusahaan global ke titik yang paling rendah. Pada tahun 2008 pertumbuhan ekonomi global mengalami perlambatan secara signifikan terutama pada semester kedua 2008. Sementara pada saat yang sama, meningkatnya harga komoditas dan kebutuhan energi telah menciptakan tekanan inflasi global.
Ekonomi nasional selama tahun 2008 mencatat angka pertumbuhan Indonesia sebesar 6,1% lebih rendah dibandingkan tahun 2007 sebesar 6,3%. Namun lebih baik jika di bandingkan angka pertumbuhan ekonomi global terutama di negara maju yang mengalami penurunan. Sementara angka inflasi tahun 2008 berada pada level 11,06% lebih tinggi dibandingkan tahun 2007 yang mencatat angka 6,6%. Tingginya angka inflasi lebih disebabkan oleh kenaikan harga BBM yang di umumkan pada bulan Juni 2008, meningkatnya harga kebutuhan
Dear Valued Shareholders,
In 2008 the Company entered to the era as a listed public company in Indonesia Stock Exchange , precedented with the merger companies in the upstream oil and gas services sector, namely PT. Elnusa Geoscience, PT. Elnusa Drilling Services, and PT. EWS Oilfield Services and PT. Sinarriau Drillindo into PT. Elnusa effective on 9 October 2007. The Company conducted Initial Public Offering (IPO) with 1,460,000,000 shares being offered with a total net funds of Rp 566 billion. The Company also conducted optimization of the support activities to be able to support of business activities in the form of some new departments, such as Operation & Service Excellence, Product Innovation & Maintenance, Procurement & Asset Maintenance, Corporate Strategic Transformation & Information System & Assuarance Quality and Health Safety Environment.
Economic conditions in 2008 would be remembered as the toughest, when there was no financial market and economic in the world free from the impact of financial crisis that began in the United States. During the 2008, history has recorded the fall of several large companies and also the decline in world stock prices a few global companies to the lowest point. In the year 2008 the global economic growth was slowing down significantly, especially in the second semester of 2008. While at the same time, rising commodity prices and energy demand has created inflationary pressures globally.
The national economy during the year 2008 recorded a growth of 6.1% lower than 2007 which was 6.3%. This was better compared to global economic growth, particularly in developed countries that experienced a decline. Meanwhile, the inflation figure in 2008 was at 11.06%, higher than in 2007 which was 6.6%. The high inflation figures due to the increase in fuel price in June 2008, the rising price of basic needs, and the strong level
