1
P u b l i c E x p o s e
PT Wintermar Offshore Marine Tbk
Agenda
1
Result of Annual General Meeting of Shareholders
2
Company Profile
3
Business Segment
4
Highlights of 2015
5
Industry summary 2015
6
Fleet
7
Industry Prospect 2016
8
Strategy 2016
9
5 Year Review
10
Financial Performance
Company Profile
•
National company working to international standards
•
Innovative and first mover in the market
•
First Indonesian shipping company to obtain certification for
Integrated Management System from Lloyds Register Quality
Assurance
•
Professional and experienced management team with good track
record
•
Quality clients - multinational oil and gas companies
•
The total fleet of 75 ships with a value of over USD 361 million *
Business Segments
1. Own Vessels Division
• Own and operate a diversified fleet of Offshore Support
Vessels
• Includes JV with other ship-owners
2. Chartering Division
• Leveraging on our expertise and market knowledge by
tendering for work using third party vessels
• Providing QHSE support where needed
3. Ship Management and other Services
• Ship management services for third party ship-owners,
2015 Highlights
•
Sharp decline in oil prices
•
Exploration
projects
significantly
reduced,
development
projects
postponed
•
Clients demanded reductions in charter rates
•
Sharp fall in demand for Offshore Vessels
•
Reduction of Capital Expenditure
•
Capital Expenditure reduced to US$13million
•
Original plan of 4 new Vessels was reduced to 1 unit of 6000BHP AHTS
delivered in 2015
•
2 vessels postponed to 2016 and 1 postponed to 2017
•
Vessels deployed into International markets
• High tier vessels worked in Myanmar, Brunei, Australia and Russia
•
Cost control program
• Warm stacking of vessels to reduce operational costs
• Staff Hiring Freeze
2015 at a Glance
! "#$
! "%&
Management reacted
swiftly to reduce costs
and
Realization of Exploration Activities in 1H2015
Realization
Target
Projection for
FY2015
Exploration wells
17% ( 26 wells)
157 wells
71 wells
Seismic Surveys
26% (12
activities)
46
activities
15 activities
Non seismic
2 activities
23
activities
11 activities
Re-entry Exploration
wells
7 wells
27 wells
9 wells
Source: SKK Migas, Bisnis Indonesia
Indonesian oil exploration hit hard in 2015
Low rate of realization of upstream oil and gas
expenditure in Indonesia
Procurement for goods and services in upstream
oil and gas fell by 62% YOY in 2015
Source: SKK Migas. Petromindo
Increase of local content in procurement
!
"
#
Current consensus: Equilibrium in Demand and Supply is
not expected until 2017
Creating a Sturdy Business Platform with
Young and Diversified Fleet
Fleet composition based on value
Fleet
2010
2011
2012
2013
2014
2015
+/-
2016E
Low Tier
40
38
32
28
27
25
-1
24
Mid Tier
17
26
27
36
38
38
-
38
High Tier
2
3
5
7
12
12
-
12
Total
59
67
64
71
77
75
-
74
Oil still accounts for 36% of the country’s primary energy
supply
Increasing oil import dependency will put a
growing strain on the government budget
Development projects with proven reserves
are likely to continue
Sumber : SKK Migas
Some projects with production targets in the next few years are
expected to commence in the coming year
Masela
Field
(2024)
Tangguh (2020)
IDD
(2016)
Djangkrik
(2017)
Ande Ande Lumut (2018)Industry Outlook 2016
•
Oil Prices -
remain volatile but increase since the beginning of the year.
No agreement amongst the major producers on limiting oil production
•
Oil exploration –
many projects have stopped or are postponed. Oil
companies have cut capex significantly
•
Indonesia –
some activities have started in 2016 but contracts are very
short term
•
Offshore Supply Vessels (OSV) –
still facing oversupply of vessels as
2016 Strategy
•
Continue tight cost control
• Staff Hiring Freeze
• Salary freeze
•
Capital expenditure limited to US$ 6 million
• 1 unit AHT delivered in January 2016
• No further vessels expected for the rest of the year
•
Focus on quality and safety
•
Crew training and performance focus
•
Building a strong safety culture
•
Opportunities
•
Potential for activity in Indonesian market as some projects start
•
Wintermar subsidiary in Brunei provides access to Brunei market
•
Continue to seek international markets
5 Year Review
31-Dec-2011
31-Dec-2012
31-Dec-2013
31-Dec-2014
30-Dec-2015
Assets
Liabilities
Equity
121.7
133.7
195.5
176.9
99.9
32.5
38.9
62.3
58.0
12.8
17.1
20.5
27.8
21.7
-5.7
36.5
53.5
73.2
71.5
30.7
FY2011
FY2012
FY2013
FY2014
FY2015
Revenue
Gross profit
Net income
EBITDA
Consolidated Statement of Income (USD Million)
# '
121.7 133.7
195.5
FY2011 FY2012 FY2013 FY2014 FY2015
Revenue (USD Million)
32.5
FY2011 FY2012 FY2013 FY2014 FY2015
Gross Profit (USD Million)
17.1
FY2011 FY2012 FY2013 FY2014 FY2015
Net Income (USD Million)
36.5
53.5
73.2 71.5
30.7
FY2011 FY2012 FY2013 FY2014 FY2015
(
)
2011 2012 2013 2014 2015
Owned Vessel
Revenue (USD Mio) Gross Profit (USD Mio) GPM (%)
4.6%
Revenue (USD Mio) Gross Profit (USD Mio) GPM (%)
13%
Revenue (USD Mio) Gross Profit (USD Mio) GPM (%)
27% 29% 32% 28%
2011 2012 2013 2014 2015
TOTAL
Review of FY-2015 -2
Own vessel Chartering Others Total
Revenue - USD Million
FY2015 FY2014
9.1
Own vessel Chartering Others Total
Gross Profit - USD Million
Review of Q1-2016
Revenue EBITDA Income attributable to
shareholders
Revenue, EBITDA and Income Attributable to
Shareholders - USD 000
Q1-2015 Q1-2016
29,247
24,599
22,571 23,499 23,267
Revenue
Revenue Trend Over 5 Quarters - USD 000
Q1-2015 Q2-2015 Q3-2015 Q4-2015 Q1-2016
9,428
EBITDA Trend Over 5 Quarters - USD 000
Q1-2015 Q2-2015 Q3-2015 Q4-2015 Q1-2016
2,528
702
(837)
507
2,594
Operating profit
