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Analyst Meeting FY16

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Teks penuh

(1)

www.elnusa.co.id

PT

 

Elnusa

 

Tbk

(2)

Agenda

COMPANY

PROFILE

FINANCIAL

PERFORMANCE

(3)
(4)

Company

 

Milestones

1969

Establishment

1971

1987

Entered

 

seismic

 

business,

 

oilfied

 

services,

 

data

 

management

 

and

 

fuel

 

trading

 

business

 

2008

Revitalizing

 

Human

 

Resources

Challenges

 

through

 

(5)

5

Elnusa

 

Total

 

Solution

 

Services

 

Exploration

Development

 

&

 

Installation

Operation

 

&

 

Abandonment

Processing

&

 

Refinery

Logistic

 

&

&

 

Refinery

E

Drilling

 

Services

Well

 

Services

Maintenance

Seismic

Well

 

Services

Support Equipment Fabrication

OCTG

 

Trading

 

&

 

Threading

Support

 

Vessel

Chemical

Trunking

Data

 

Management

Fleet & Depo  Management

(6)

Shareholder

 

&

 

Management

 

Structure

PERTAMINA

 

as

 

controlling

 

shareholder

 

&

 

major

 

client

 

PT

 

PERTAMINA

 

(PERSERO)

41,1%

DANA

 

PENSIUN

PERTAMINA

14,9%

PT Elnusa Oilfield Services

PT Elnusa Geosains Services

PT Elnusa Fabrikasi Konstruksi

PT Patra Nusa Data

PT Sigma Cipta Utama

PT Elnusa Trans Samudera

PT Elnusa Petrofin

PT Elnusa Patra Ritel

Integrated

 

Upstream

Oil

 

&

 

Gas Services

Oil

 

&

 

Gas Support

 

Services

Logistic

 

&

 

Distribution

Services

Badan

 

Usaha

Domestik

Asing

(7)

COMPANY

(8)

Financial

 

Highlights

 

INCOME

 

STATEMENT

2015

2016

%

 

Change

Revenue

3.775

100%

3.621

100%

(4.1%)

Cost

 

of

 

Revenue

3.057

81%

3.006

83%

(1.7%)

Gross

 

Profit

719

19%

615

17%

(14.5%)

Operating

 

Profit

470

12%

419

12%

(10.9%)

EBITDA

736

19%

723

20%

(1.8%)

Net

 

Profit

375

10%

311

9%

(17.1%)

Revenue

 

down

 

4.1%

 

due

 

to

 

impact

 

of

 

slow

 

activities

 

in

 

oil

 

&

 

gas

 

especially

 

to

 

our

 

drilling

 

services

 

business.

We

 

succesfully

 

managed

 

our

 

cost

 

and

 

efficiency

 

which

 

reflected

 

to

 

the

 

growth

 

of

 

our

 

operating

 

profit

 

and

 

EBITDA.

Aside

 

of

 

lower

 

operational

 

activities,

 

net

 

profit

 

dropped

 

17.1%

 

this

 

year

 

was

 

caused

 

by

 

forex

 

loss

 

of

 

Rp18

 

bn

compared

 

to

 

gain

 

on

 

forex

 

of

 

Rp55

 

bn

 

last

 

year.

(9)

9

Financial

 

Highlights

 

BALANCE

 

SHEET

2015

2016

%

 

Change

Cash

 

&

 

Equivalents

935

744

(20.4%)

Account

 

Receivables

790

18%

714

17%

(9.6%)

Total

 

Assets

4.408

100%

4.191

100%

(4.9%)

Account

 

Payables

 

&

 

Accruals

895

20%

638

15%

(28.7%)

Short

 

Term Bank

 

Loan

444

10%

516

12%

16.2%

Long

 

Term

 

Bank

 

Loan

296

7%

34

0%

(89%)

Total

 

Liabilities

1.772

40%

1.313

31%

(25.9%)

Total

 

Equity

2.635

60%

2.878

69%

9.2%

Account

 

receivables

 

declined

 

9.6%

 

to

 

Rp714

 

bn

 

due

 

to

management’s

 

policy

 

to

 

shorten

 

collection

 

days

 

period

.

  

Interest

 

bearing

 

debt

 

dropped

 

26%

 

to

 

Rp550

 

bn

 

due

 

to

 

loan

 

payment

 

of

 

around

 

USD23

 

mn

 

during

 

period

 

in

 

order

 

to

 

optimize

 

cash

 

position

 

and

 

reduce

 

interest

 

expenses

and

 

was

 

impacted

 

to

 

total

 

Liabilities

 

which

 

declined

 

25.9%

 

to

 

Rp

 

1,313

 

bn.

Equity

 

up

 

9.2%

 

to

 

Rp2,878

 

bn

 

as

 

the

 

impact

 

of

 

improved

 

retained

 

(10)

Segment

 

Highlights

Other

 

Services

Drilling

 

&

 

Oilfield

 

Services

 

revenue

 

declined

 

25%

 

to

 

Rp1.1

 

tn

 

mostly

 

caused

 

by

 

drilling

 

business

 

contract

 

termination,

 

but

 

on

 

the

 

other

 

hand,

 

we

 

currently

 

focus

 

on

 

operation

 

maintenance

 

business

 

to

 

cover

 

the

 

slowdown

 

in

 

upstream

 

industry

.

Seismic

 

Services

 

down

 

16%

 

to

 

Rp669

 

bn

 

but

 

was

 

maintained

 

in

 

profitability

 

as

 

projects

 

in

 

Pertamina

 

was

 

performed

 

satisfactory

.

In

 

Subsidiaries,

 

revenue

 

from

 

transportation

 

services

 

increased

 

10%

while

 

another

 

subsidiary

 

(

data

 

IDR Bn Revenue & Gross Margin

32%

18%

45%

5%

DOS

GSC

EPN

Others

(11)

11

ELSA

 

Stock

 

Performance

11

oil

 

price

  

sentiment.

(12)

Contract

 

Profile

 

Carry

 

over

 

contract

 

from

 

2015

 

was

 

USD

 

311,1

 

mn

 

which

 

consisted

 

of

 

USD

 

241,6mn

 

from

 

Drilling

 

&

 

Oilfield

 

and

 

USD

 

69,5

 

from

 

Seismic.

New

 

contract

 

up

 

to

 

September

 

2016

 

amounted

 

to

 

USD

 

76,8

 

mn

 

which

 

are

 

USD

 

69mn

 

of

 

Drilling

 

&

 

Oilfield

 

and

 

USD

 

7,8mn

 

of

 

Seismic.

Until

 

end

 

of

 

Dec

 

2016

 

total

 

project

 

realization

 

is about

 

USD

 

142

 

mn.

Total

 

Carry

 

forward

 

contract

 

will

 

be

 

around

 

USD

 

246 mn.

311.1

76,8

387.9

142

246.0

Carry

 

Over

New

 

Contract

Total

 

Contract

2016

 

Actual

Carry

 

Forward

Drillling

 

&

 

Oilfield

Seismic

(13)

13

The

 

Best

 

Contractor

 

in

 

Delta

 

Mahakam

For

 

the

 

third

 

time,

 

ELNUSA received

 

The

 

Mahakam

 

Award

 

&

 

The

 

Best

 

Contractor

 

for

 

category

 

of

 

Safety

Performance of

 

High Risk Contract

 

>

 

400,000

 

Manhours

in

 

TOTAL

 

EP

 

INDONESIE’s

 

HSE

 

Communication

 

Forum

 

2016.

 

ELNUSA

 

has

 

been

 

operating

 

in

 

Delta

 

Mahakam

 

(for

 

Total

 

EP

 

Indonesie)

 

for

 

more

 

than

 

30

 

years

 

(since

 

1982).

Well Testing & Slickline

ELNUSA

 

Services

 

in

 

Delta

 

Mahakam

Hydraulic Workover &  Snubbing

Coiled Tubing, Well  Stimulation & Pumping

Work Barge

Accommodation Work  Barge

(14)
(15)

15

Industry

 

Update

 

:

 

Oil

 

price

 

is

 

projected

 

to

 

recover

 

gradually

15

Global

 

oil

 

crude

 

market

 

messages

 

by

 

IHS

 

Market

 

:

Dated

 

brent

 

expected

 

to

 

rise

 

to

 

an

 

average

 

of

 

$52/bbl

 

in

 

2017

 

as

 

the

 

impact

 

of

 

deep

 

spending

 

cuts

 

on

 

production.

Annual

 

world

 

oil

 

demand

 

growth

 

of

 

just

 

over

 

1

 

MMb/d

 

is

 

a

 

critical

 

assumption

 

underpinning for

 

the

 

market

 

to

 

stay

 

more

or

less

 

balanced

 

through

 

2017.

There

 

is

 

upside

 

potential

 

to

 

our

 

supply

 

outlook

 

for

 

some

 

areas,

 

despite

 

the

 

lower

 

price

environment.

(16)

Business

 

Strategy

STABILITY

Maintain

 

Profit

Help clients in

 

carrying

 

out

efficiency

Develop

Internal

 

improvement

GROWTH

Diversifica

tion

Diversification to

minimize

 

risk

Potential

recurring

 

income

Optimize

Integrate

Diversify

(17)

17

Market

 

Penetration

 

in

 

Marine

 

Support

 

Services

Exploring

 

New

 

Discoveries

Contributing

 

to

 

National

 

Resources

An

 

Indonesia

 

Pride

ELSA

 

REGENT

Indonesian

 

Flag

 ‐

Marine

 

Seismic

 

Vessel

Highest

 

seismic

 

vessel

 

local

 

content

 

in

 

Indonesia

 

(TKDN)

Superior

 

broadband

 

seismic

 

data

 

acquisition

 

&

 

processing

Efficient

 

survey

 

utilization

 

through

 

high

 

capacity

 

3D

 

seismic

 

vessel

Full

 

azimuth

 

dataset

 

for

 

subsurface

 

(18)

Product

 

Development

 

:

 

Flare

 

Gas

 

Flare

 

Gas

0,5

 ‐

10

 

mmcfd

0,009

 

– 0,065

 

mmcfd

CH4

 

(gas)

NGL

 

(liquid)

Condensate

 

(liquid)

Flare

 

to

 

Liquid

 

service

Flare

 

to

 

Power

 

service

Electric

 

up

 

to

 

350

 

kw/unit

Key

 

Drivers

Clients

 

needs

 

to

 

comply

 

with

 

regulation

Oil

 

Company

 

needs

 

to

 

reduce

 

the

 

oil

 

lifting

 

cost

Potential

 

additional income

 

for

 

PSC

Indonesian

 

LPG

 

import

 

keep

 

increasing

(19)

19

Market

 

Expansion

 

to

 

Regional

 

Area

Algeria

Seismic

 

Reprocessing

for

 

Pertamina

 

Algeria

 

E&P

Malaysia

Snubbing

 

Services

in

 

Petronas

Brunei

Ltd

 

(Technical

 

Expertise)

Thailand

Snubbing

 

services

 

in

 

Chevron

 

Thailand

 

E&P

Ongoing project / under contract

Prospect market

Malaysia

Well

 

Testing

 

&

 

TCP

 

services

 

in

 

Petronas

 

Carigali

 

&

 

workover

 

(20)

PT

 

Elnusa

 

Tbk.

Graha

 

Elnusa

Jl.

 

T.B.

 

Simatupang

 

Kav.

 

1B

Jakarta

 

12560,

 

Indonesia

Tel:

 

+62

 

21

78830850

 

Fax:

 

+62

 

21

78830907

www.elnusa.co.id

Thank

 

You

DISCLAIMER :

The information in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of PT Elnusa Tbk (the “Company“), nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from the use of this document or its contents or otherwise arising in connection with this document.

This document is being furnished to you solely for your information on a confidential basis and may not be reproduced, redistributed or passed on, in whole or in part, to any other person. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. By accepting this document you agree to be bound by the foregoing limitations.

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