Oil price uncertainty impacts utilization, leading to a 44% YOY decline in WINS total revenue to US 99.9million in 2015
NO. 48/NL/III/20
4
016
NEW
WSLETTER
R # 48
24
2 March 2016
Oil pricce unccertainty impaccts
O
utilization, leading
g to a 44% YO
OY
r
to
decline inn WINS total revenue
U
US$99.9m
million in 2015.
2
Dam
mpak keetidakpasstian harrga min
nyak
terhhadap
utilisassi
m
menyebab
kan
penurunan 44% pendapaatan WINS
W
mennjadi US$$ 99,9 jutaa pada taahun 20155
ower oil an
nd gas actiivity over 2015
2
impactted
Lo
uttilization, leaading to low
wer revenuees and marggin
co
ontraction
Thhe global voolatility in oil prices led to widespreead
poostponement of developm
ment projects while most oil
exxploration acctivities were halted. Global
G
sentiment
reemained bearissh in 4th quartter as oil production continuued
too rise while demand was below expectatioons as the gloobal
grrowth forecassts were reevised down.. Oil and gas
g
coompanies agggressively cut
c
capital expenditure on
exxploration annd demandeed to reneggotiate existting
coontracts for lower charterr rates, which impacted our
o
uttilization rates and margins,, especially in the third quarrter
off 2015.
Penguurangan akktivitas minyyak dan gaas selama 2015
berdaampak padaa utilisasi, penurunan pendapatan dan
kontraksi margin
Penurrunan secaraa global padaa harga minyyak menyebaabkan
penunndaan proyekk pengembanngan di manaa-mana semeentara
hampir semua aktiivitas eksploraasi dihentikann. Sentimen global
g
wartal IV karenna produksi minyak
m
masihh tetap membuuruk dalam kw
tetap naik walaupuun permintaann tidak naik seehubungan deengan
perkiraan pertumbbuhan global yang menurun. Perusaahaan
m
minyaak dan gas deengan agresif memotong peembelanjaan modal
untuk eksplorasi dan melakuukan negosiaasi kontrak untuk
menurunkan tarif sewa,
s
yang beerdampak terhhadap utilisassi dan
p
kwartal ketiga
k
tahun 2015.
2
marjinn, khususnya pada
Owned Vessels
a geared tow
wards explorattion
Our high tier veessels which are
annd developmeent were hit haarder than the mid and low tier
veessels, which mainly suppoort the producttion phase of the
oil industry. Thiis resulted in a sharper fall in revenue frrom
high tier vesseels where utiliization dippedd to 50% in the
mpared to 80%
% the previouss year.
seecond half com
Kapal Milik
Damppak atas kappal high tier yang disiapkkan untuk prooyek
eksploorasi dan pengembangan lebih terasa daaripada kapal mid
dan loow tier, yang bekerja di tahhap produksi di
d industri minnyak.
Hal inni menyebabkkan pendapataan kapal highh tier anjlok taajam
dengaan penurunan utilisasi ke
k 50% di semester keedua
dibanddingkan 80% pada tahun laalu.
V
segmeent, revenue fell 41% to US$
U
In the Owned Vessel
655.9 million, larrgely becausee of the lower utilization ratee of
577% in 2015 coompared to 733% in 2014.
4 menjadi US$
Pada segmen Kapaal Milik, pendaapatan turun 41%
65,9 juta,
j
disebabkan utilisasi yang rendah yaitu 57% pada
p
tahun 2015 dibandingkan 73% paada tahun 20114.
Hoowever, theree was a slighht improvemennt in revenuee in
4Q
Q2015 compaared to the preevious quarter as some activvity
reeturned in Inddonesia, espeecially for som
me development
prrojects which hhad been posttponed for oveer 12 months.
s
perbaikan pada peendapatan sellama
Namuun, terdapat sedikit
kwartaal IV tahun 20015 dibandingkkan kwartal seebelumnya karena
berbalik aktifnya beberapa
b
aktivitas di Indonesia, khusussnya
p
an yang telahh ditunda sellama
beberrapa proyek pengembanga
lebih dari
d 12 bulan.
Chartering Divvision
m the Charteering Divisionn were similaarly
Reevenues from
afffected by the downturn, falling by half to US$ 27.1million
in 2015 comppared to the previous yeear, while grooss
margins from Chartering
C
were only marginally lower.
Charttering Divisio
on
Pendaapatan dari Chartering Division
D
juga dipengaruhi oleh
kondissi buruk ini, tuurun setengahhnya menjadi US$
U 27,1 juta pada
tahun 2015 dibanddingkan tahun lalu, sementara marjin bruto
Charteering hanya tuurun sedikit.
Direct Expensees
Management toook action too reduce cash costs throuugh
waarm stacking to reduce crew and fuel costs, whhich
reesulted in an 118% YOY fall in crew costss and 14% YOY
Bebann-beban Langgsung
Manajjemen mengaambil tindakann untuk menggurangi beban kas
melaluui warm stackking untuk mengurangi beban awak kapaal dan
bahann bakar, yangg hasilnya pennurunan 18% pada beban awak
PT WINTERMAR OFFSH
HORE MARINE Tbk
Jl. Kebayoran Lama No 155
1
Jakarta 115
560 Indonesia
Tel : 62 2
21 530 5201 / 2
Fax : 62 21
2 530 5203
www.wintermar.com
Pagee | 1
NO. 48/NL/III/20
4
016
faall in other opperating costs. However beecause of higher
deepreciation arrising from thhe delivery of
o a new vesssel
duuring the year, total direect expensess fell only 7%,
7
reesulting in low
wer gross maargins of 13.88% compared to
455.1% a year ago.
kapal dan penurunnan 14% padda beban opperasi lain. Namun
karena penyusutann dari kapal yaang baru diterrima tahun ini, total
7 sehingga marjin bruto turun
bebann langsung hanya turun 7%
menjaadi 13,8% dibaandingkan 45,1% pada tahuun lalu.
Tootal direct exxpenses fell 27%
2
to US$ 87.1 million in
FY
Y2015 as com
mpared to the preceding
p
yeaar.
Total beban langsuung turun 27%
% menjadi US$ 87,1 juta seelama
s
tahun 2015 dibandingkan tahun sebelumnya.
Gross
G
Profit
Gross
G
Profit waas US$ 12.8 million for FY
Y2015, compared
too US$ 58 millioon the previouus year.
Laba Bruto
Laba bruto sebessar US$ 122,8 juta selaama tahun 2015,
2
dibanddingkan dengan US$ 58 jutta pada tahun lalu.
Indirect expennses and opeerating profit
Tighter
T
cost controls
c
resultted in a 23%
% fall in indirrect
expenses, and operating proofit was US$ 2.9
2 million for the
2
compared to US$ 45.2 million in
fuull year of 2015,
FY2014.
F
Beban
n usaha dan laba usaha
Pengeendalian biayaa yang lebih ketat menghhasilkan penurunan
23% pada
p
beban tidak langsungg dan laba opperasi menjadi US$
2,9 juuta selama tahun 2015 dibbandingkan US$ 45,2 juta pada
tahun 2014.
Other Income/ Expenses an
nd EBITDA
n
Deespite taking on new debtt for the acquuisition of a new
veessel, total Inteerest expensees fell by 20% YOY to US$ 9.4
million for FY22015, largely because of debt
d
repaymeent.
U 173,000 from the salee of
Thhere was a slight loss of US$
veessels, howevver, equity in the
t net earnings of associaates
saaw a sharp recovery from US$ 500,0000 in FY2014 to
US
S$ 1.6 million in FY2015.
Pendaapatan/Beban
n Lain-lain daan EBITDA
ma tahun 2015 meskipun terdapat
t
penaambahan pinjaman
Selam
baru untuk
u
pembelian kapal baru, total bebann bunga turunn 20%
dibandding tahun lalu menjaddi US$ 9,4 juta, disebaabkan
pelunaasan sebagian pinjaman. Walaupun
W
terjaadi sedikit kerrugian
US$ 1173.000 dari penjualan kappal, namun laba entitas asosiasi
mengalami kenaikaan tajam dari US$ 500.0000 pada tahun 2014
menjaadi US$ 1,6 jutta pada tahunn 2015.
Affter the impairment charge for long outsstanding doubbtful
deebts and asseet values, thee Company made
m
a net looss
atttributable to Shareholderrs of US$ 5.7
5 million, with
w
EB
BITDA for the full year reacching US$ 30.77 million.
Setelaah penurunann nilai atas piutang yangg telah lama jatuh
tempoo dan nilai aset,
a
Perusahhaan mengalaami kerugian yang
diatribbusikan kepadda pemegangg saham sebeesar US$ 5,77 juta,
dengaan EBITDA seelama setahunn mencapai US
S$ 30, 7 juta.
Asssets and Fleeet
Thhe lower volume of bussiness, in paarticular for the
chhartering divvision, resullted in redduced account
reeceivables andd payables.
Aset dan
d Armada
me bisnis yanng lebih renddah, khususnnya segmen kapal
Volum
sewa,, menyebabkaan turunnya saaldo piutang dan utang usahha.
In view of the uncertain outlook for the industry in 2016,
annd the likelihoood of a longeer period of loow oil prices, the
management thhought it pruddent to makee a provision for
dooubtful debts oof US$ 2.5 million, mainly receivables frrom
a PSC customeer that has closed operationns in Indonesiaa.
Memppertimbangkann ketidakpasttian masa deepan industri pada
tahun 2016, dan kemungkinaan berlanjutnya harga minyak
m
rendah, manajemen melakukan kebijakan penncadangan piutang
S$ 2,5 juta, yaang sebagiann besar meruppakan
usahaa sebesar US
piutanng kepada perusahaan KKKS yangg telah menutup
operasinya di Indonnesia.
During the yeaar we sold three older vesssels and addded
P AHTS. Wee also madee a
onne new unit of 6000BHP
prrovision for assset impairmeent of US$ 1.1 million in our
o
fleeet, thus total assets declinned to US$ 4446 million at yeear
ennd 2015 comppared to US$ 501
5 million lasst year.
Selam
ma tahun berjalan, kami teelah menjual tiga kapal tuaa dan
menambah satu unit baru AHTS 6000BHP. Kami juga
melakkukan penurunnan nilai aset sebesar US$ 1,1 juta di arrmada
kami, sehingga totaal aset turun menjadi
m
US$ 446
4 juta padaa akhir
tahun 2015 dibandingkan US$ 5001 juta tahun lalu.
Neet of impairmeent and reclasssification thee carrying costt of
ouur fleet as at end
e 2015 was US $361 milliion.
Nilai buku
b
armada setelah penurrunan nilai dann reklasifikasi pada
akhir 2015
2
adalah sebesar
s
US$ 361
3 juta.
PT WINTERMAR OFFSH
HORE MARINE Tbk
Jl. Kebayoran Lama No 155
1
Jakarta 115
560 Indonesia
Tel : 62 2
21 530 5201 / 2
Fax : 62 21
2 530 5203
www.wintermar.com
Pagee | 2
NO. 48/NL/III/20
4
016
Neet Gearing
Neet gearing felll to 57% as looan repaymennts exceeded the
loan disbursed for the new vessel. Total bank
b
debt at yeear
ennd was US$ 120 million.
Net Gearing
G
Net geearing turun ke
k 57% karenaa pembayarann pinjaman meelebihi
pinjam
man yang diteerima untuk kapal
k
baru. Tootal pinjaman bank
pada akhir tahun addalah sebesarr US$ 120 jutaa.
ndustry Outlo
ook
In
Allthough 2016 started with a sharp decline in oil pricces,
the recent discuussions amonngst major oil producers Saaudi
Arrabia, Russia and Iran seem
m to indicate that
t a producttion
freeeze is likely. This has injeected some sttability in marrket
seentiment and at the timee of writing, oil prices haave
reebounded off their lows. However,
H
worlld oil inventorries
arre still high annd expectationns for continuing weaknesss in
global growth ffor 2016 poinnt to a lack of
o stimulus for a
suustained recovvery in oil pricees in the nearr term.
Prosppek Industri
mulai dengan penurunan taajam harga miinyak,
Walauupun 2016 dim
pembicaraan belakkangan ini antara penghaasil minyak utama
u
Arab Saudi, Rusiia dan Iran kelihatannyaa mengindikaasikan
H ini
kemunngkinan pengghentian kenaaikan volumee produksi. Hal
telah mengakibatkkan sentimen pasar lebih stabil pada saat
m
telah mengalami
m
rebbound
penuliisan newsletteer ini, harga minyak
dari posisi
p
terendaahnya. Namun demikian persediaan
p
minyak
m
dunia masih tinnggi dan perkiraan
p
teerus melemaahnya
pertum
mbuhan globaal selama tahuun 2016 menuunjukkan kuranngnya
stimullus terhadap pemulihan
p
berkelanjutan haarga minyak dalam
d
jangkaa pendek.
Loooking furtherr into the futuure, there aree some posittive
siggns. US oil production
p
hass been declining steadily, and
a
the cost of oil seervices has beeen reduced by
b approximattely
haalf since the peak, thereby reducing the cost of oil
prroduction. Thee severe cutss in capital expenditure haave
afffected future oil productioon capacity. Should demaand
pick up next yeear, there couuld well be a robust oil prrice
US Energy Infformation Adm
ministration (E
EIA)
reecovery. The U
haas projected demand
d
and supply equilibrium in mid 2017.
(ssee below chart).
Lebih jauh lagi ke masa depan, terdapat bebberapa tanda--tanda
positiff. Produksi minyak Amerikaa Serikat menngalami penurunan
terus--menerus dann biaya jasa laayanan minyaak telah berkurang
kira-kiira setengahnya, dengann demikian mengurangi biaya
produksi minyak. Pemotongan besar-besarran belanja modal
m
telah mempengaruuhi kapasitas produksi minnyak masa depan.
Ketikaa permintaan kembali naik tahunn depan, dapat
menyeebabkan pem
mulihan hargga minyak yang lebih baik.
Adminnistrasi Infoormasi Enerrgi Amerikaa Serikat telah
mempproyeksikan permintaan
p
d
dan
penawarran mencapai titik
keseim
mbangan pada pertengahann 2017 (lihat grafik
g
di bawah).
Inn Indonesia,
soome projects have
started in 2016
which had beenn held
baack for the past
yeear. Although price
coompetition
has
drriven down chharter
raates, our hhigher
vaalue vessels have
seeen
better
uttilization sincee the
ennd of last yearr.
Di Indoneesia,
beberrapa proyek telah
dimulai pada tahun
2016 yang telah ditunda
di taahun sebelum
mnya.
Walaupun
kom
mpetisi
telah
hargaa
menjaatuhkan tarif sewa,
s
namuun Kapal higher
h
valuee
kami
telah
mempperoleh
uttilisasi
yang lebih baik sejak
akhir tahun lalu.
PT WINTERMAR OFFSH
HORE MARINE Tbk
Jl. Kebayoran Lama No 155
1
Jakarta 115
560 Indonesia
Tel : 62 2
21 530 5201 / 2
Fax : 62 21
2 530 5203
www.wintermar.com
Pagee | 3
NO. 48/NL/III/20
4
016
Strategy
S
The
T sharp andd sudden dow
wnturn in the industry in the
t
past
p year has led to a shaarper focus onn efficiency and
cost
c monitoring. The silver lining in this experience has
h
been
b
the im
mprovement in controls and renew
wed
commitment
c
frrom managem
ment as well as staff and creew
too work together to improve quality and efffectiveness.
Strateegi
Penurrunan industri yang tajam dan tiba-tiba paada tahun laluu telah
mengakibatkan fokus yang leebih tajam pada efisiensii dan
monitoor biaya. Hikkmah dari pengalaman ini berupa perbbaikan
dalam
m kontrol dan pembaharuann komitmen daari manajemen dan
para staf serta aw
wak kapal unntuk bekerjassama mempeerbaiki
kualitaas dan efektifitas.
On
O the markeeting front we
w have beenn successful in
gaining
g
more vvisibility in Soouth and Southh East Asia and
will
w continue to expand our
o internatioonal network to
secure
s
higher utilization for our
o higher value vessels.
Dari segi pemassaran kami telah berhaasil mendappatkan
jangkaauan yang lebih luas di Asia
A Selatan dan
d Asia Tenggara
dan tetap
t
akan mengembangk
m
an jaringan internasional
i
untuk
mempperoleh utilisassi yang lebih tinggi
t
untuk kaapal higher vaalue.
We
W are optimisstic that the reecent activity in our domesstic
market
m
will pick
p
up as oil prices stabilize.
s
T
The
government iss targeting an improvemeent in oil lifting
which
w
will be contributed by the com
mmencement of
several develoopment projeccts in Indonesia which expeect
ming few yearss.
too start producttion in the com
Kami optimis bahw
wa aktivitas yaang terjadi bellakangan di pasar
p
m
seiring dengan stabilnya harga
domestik akan meningkat
minyaak. Pemerinttah saat ini menargetkaan penambaahan
produksi minyak yang akan dipenuhi deengan dimulaainya
y
beberrapa proyekk pengembaangan di Indonesia yang
diperkkirakan memulai produksi dalam berapa tahun
t
mendattang.
With
W the increaase in activityy, our order books
b
have allso
picked up. Contracts
C
on hand as at
a March 2016
amounted to US$ 170 millionn.
Dengaan adanya keenaikan aktivittas, berapa kontrak
k
yang kami
k
peroleeh juga berttambah. Nilai kontrak-konntrak yang telah
t
diperooleh pada akhir Maret 2016 sebesar US$$ 170 juta.
For
F further infoormation, pleasse contact:
mbahan, silahkkan hubungi :
Untukk informasi tam
P Swan Layyanto
Ms Pek
Investor Relatioons
mar Offshore Marine
M
Tbk
PT Winterm
Tel (62-21) 530 5201 Ext 401
E
Email:
investoor_relations@w
wintermar.com
m
DISCLAIMER
D
Certain statements made in this publiccation involve a nuumber of risks andd uncertainties thatt could cause actuual results to differ materially from thhose projected. Certain
M
Tbk and Subbsidiaries (the Com
mpany) are based on
o management’s expectations,
e
estimates
sttatements relating tto business and opperations of PT Winntermar Offshore Marine
annd projections. Theese statements are not guarantees of future performancee and involve risks, uncertainties and assumptions that are difficult to preddict. Certain statements
arre based upon assumptions as to futuure events that may not prove to be accurate.
a
Thereforee, actual outcomes and results may differ
d
materially from
m what is expresseed or
foorecasted in such statements. The Company
C
makes no
n commitment, and
a disclaims any duty, to update or
o revise any of thhese statements. This publication iss for
informational purposses only and is nott intended as a sollicitation or offeringg of securities in anny jurisdiction. Thee information contained in this publicaation is not intendeed to
a
to the Coompany and shouldd not be relied uponn for
quualify, supplement or amend informatiion disclosed under corporate and seccurities legislation oof any jurisdiction applicable
thhe purpose of makinng investment decisions concerning any
a securities of thee Company.
PT WINTERMAR OFFSH
HORE MARINE Tbk
Jl. Kebayoran Lama No 155
1
Jakarta 115
560 Indonesia
Tel : 62 2
21 530 5201 / 2
Fax : 62 21
2 530 5203
www.wintermar.com
Pagee | 4
NO. 48/NL/III/20
4
016
 (U SD )
D irect expense
e
Depreeciation
Crew
w ing
Operrations
M ain tenance
Fue l Bunker
Charttering
Othe rs
To tal Direct exp en see
Indirectt expenses
Adm inistration
Depreeciation offic e
Officee utility
Profeesional fee
Staff sal
s ary
Staff traini
t
ng & recrreation
Teleccom uni cation
Traveelling
M arkketing
Donaati on
Em pl oyee Benefi t
To tal In
ndirect expen ses
FY
20155
FY
2014
v F Y201 4
FY2015 vs
C hange
%
27 ,5442,450
13 ,9557,339
5 ,2113,584
5 ,9882,587
4 ,1440,114
24 ,6773,169
5 ,6002,346
87 ,1111,590
225,96 2,581
1
17,09
7,494
5,71 1,605
7,29 5,724
4,85 9,061
4
48,84
1,643
9,13 9,912
1118,90 8,020
1,579,877 0
(3,140,155 5)
(498,022 1)
(1,313,133 7)
(718,944 7)
(24,168,477 4)
(3,537,566 6)
(31,796,433 0)
6%
-1 8%
-9%
-1 8%
-1 5%
-4 9%
-3 9%
-2 7%
2119,070
2552,518
7221,678
4222,269
6 ,1557,912
1440,638
7
76,938
3881,756
8445,632
1
14,410
6771,820
9 ,9004,640
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
1
12,81
2,371
(400,533 6)
(60,999 6)
(212,600 0)
(69,788 2)
(2,115,699 0)
(106,366 6)
(37,533 5)
(107,355 6)
198,955 7
(12,977 0)
17,144 3
(2,907,733 1)
-6 5%
-1 9%
-2 3%
-1 4%
-2 6%
-4 3%
-3 3%
-2 2%
3 1%
-4 7%
3%
-2 3%
PT WINTERMAR OFFSH
HORE MARINE Tbk
Jl. Kebayoran Lama No 155
1
Jakarta 115
560 Indonesia
Tel : 62 2
21 530 5201 / 2
Fax : 62 21
2 530 5203
www.wintermar.com
Pagee | 5
NO. 48/NL/III/20
4
016
PT WINT ERMAR OFF SHORE MAR
RINE TBK AND
D SUBSIDIAR
RIES
(USD)
FY
2015
FY2015 vs
v FY2014
Change
%
FY
2
2014
A LOSS
PROFIT AND
Revenuee
Ownedd vessel
Charteering
Otherss
Total Revvenue
65,9300,781
27,1100,249
6,8755,890
99,9166,920
110,913,857
54,675,299
11,322,615
176,911,770
(44,983,0755)
(27,565,0500)
(4,446,7255)
(76,994,8500)
-411%
-500%
-399%
-444%
Direct exxpense
Ownedd vessel
Charteering
Otherss
Total Dirrect expense
Gross prrofit
56,8366,075
24,6733,169
5,6022,346
87,1111,590
12,8055,330
60,926,465
48,841,643
9,139,912
118,908,020
58,003,750
(4,090,3900)
(24,168,4744)
(3,537,5666)
(31,796,4300)
(45,198,4200)
-77%
-499%
-399%
-277%
-788%
Gross proofit - owned vessel
Gross proofit - charteringg
Gross proofit - others
9,0944,706
2,4377,080
1,2733,544
49,987,392
5,833,655
2,182,703
(40,892,6866)
(3,396,5755)
(909,1599)
-822%
-588%
-422%
Total Ind
direct expensses
Operatin
ng profit
9,9044,640
2,9000,690
12,812,371
45,191,378
(2,907,731)
(42,290,6888)
-233%
-944%
(9,4022,009)
2622,912
1,6433,310
(1733,331)
311,767
(3,8177,455)
(11,4544,806)
(8,5544,116)
(1,1988,851)
(9,7522,967)
(4,0600,619)
(11,807,894)
230,315
500,147
1,065
(187,210)
(482,227)
(11,745,804)
33,445,574
(2,998,721)
30,446,853
8,730,399
2,405,8855
32,5977
1,143,1633
(174,3966)
218,9777
(3,335,2288)
290,9988
(41,999,6900)
1,799,8700
(40,199,8200)
(12,791,0188)
-200%
144%
2299%
-163755%
-1177%
6922%
NET INCOME (LOSS) ATTRIBUTABLE TO
HOLDERS
SHAREH
(5,6922,348)
21,716,455
(27,408,8033)
-1266%
EBITDA
30,6955,658
71,467,473
(40,771,8155)
-577%
(00.141)
(19.5)
0.553
68.8
(0.6944)
(88.22)
-1266%
-1288%
Other inccome (expen ses)
Interesst expenses
Interesst income
Equity in net earningg of associatess
Net - Gain
G (loss) on sale of fixed assets
Forex gain (loss)
Otherss
Total Oth
her income (eexpenses)
Net inco me (loss) beffore tax
Total taxx expenses
Income (loss)
(
before non controllling interest
Non con trolling interrest
d Average EP
PS - USD Cen ts
Weighted
Weighted
d Average EP
PS - Equivalent to IDR
-1266%
-600%
-1322%
-1477%
PT WINTERMAR OFFSH
HORE MARINE Tbk
Jl. Kebayoran Lama No 155
1
Jakarta 115
560 Indonesia
Tel : 62 2
21 530 5201 / 2
Fax : 62 21
2 530 5203
www.wintermar.com
Pagee | 6
4
016
NEW
WSLETTER
R # 48
24
2 March 2016
Oil pricce unccertainty impaccts
O
utilization, leading
g to a 44% YO
OY
r
to
decline inn WINS total revenue
U
US$99.9m
million in 2015.
2
Dam
mpak keetidakpasstian harrga min
nyak
terhhadap
utilisassi
m
menyebab
kan
penurunan 44% pendapaatan WINS
W
mennjadi US$$ 99,9 jutaa pada taahun 20155
ower oil an
nd gas actiivity over 2015
2
impactted
Lo
uttilization, leaading to low
wer revenuees and marggin
co
ontraction
Thhe global voolatility in oil prices led to widespreead
poostponement of developm
ment projects while most oil
exxploration acctivities were halted. Global
G
sentiment
reemained bearissh in 4th quartter as oil production continuued
too rise while demand was below expectatioons as the gloobal
grrowth forecassts were reevised down.. Oil and gas
g
coompanies agggressively cut
c
capital expenditure on
exxploration annd demandeed to reneggotiate existting
coontracts for lower charterr rates, which impacted our
o
uttilization rates and margins,, especially in the third quarrter
off 2015.
Penguurangan akktivitas minyyak dan gaas selama 2015
berdaampak padaa utilisasi, penurunan pendapatan dan
kontraksi margin
Penurrunan secaraa global padaa harga minyyak menyebaabkan
penunndaan proyekk pengembanngan di manaa-mana semeentara
hampir semua aktiivitas eksploraasi dihentikann. Sentimen global
g
wartal IV karenna produksi minyak
m
masihh tetap membuuruk dalam kw
tetap naik walaupuun permintaann tidak naik seehubungan deengan
perkiraan pertumbbuhan global yang menurun. Perusaahaan
m
minyaak dan gas deengan agresif memotong peembelanjaan modal
untuk eksplorasi dan melakuukan negosiaasi kontrak untuk
menurunkan tarif sewa,
s
yang beerdampak terhhadap utilisassi dan
p
kwartal ketiga
k
tahun 2015.
2
marjinn, khususnya pada
Owned Vessels
a geared tow
wards explorattion
Our high tier veessels which are
annd developmeent were hit haarder than the mid and low tier
veessels, which mainly suppoort the producttion phase of the
oil industry. Thiis resulted in a sharper fall in revenue frrom
high tier vesseels where utiliization dippedd to 50% in the
mpared to 80%
% the previouss year.
seecond half com
Kapal Milik
Damppak atas kappal high tier yang disiapkkan untuk prooyek
eksploorasi dan pengembangan lebih terasa daaripada kapal mid
dan loow tier, yang bekerja di tahhap produksi di
d industri minnyak.
Hal inni menyebabkkan pendapataan kapal highh tier anjlok taajam
dengaan penurunan utilisasi ke
k 50% di semester keedua
dibanddingkan 80% pada tahun laalu.
V
segmeent, revenue fell 41% to US$
U
In the Owned Vessel
655.9 million, larrgely becausee of the lower utilization ratee of
577% in 2015 coompared to 733% in 2014.
4 menjadi US$
Pada segmen Kapaal Milik, pendaapatan turun 41%
65,9 juta,
j
disebabkan utilisasi yang rendah yaitu 57% pada
p
tahun 2015 dibandingkan 73% paada tahun 20114.
Hoowever, theree was a slighht improvemennt in revenuee in
4Q
Q2015 compaared to the preevious quarter as some activvity
reeturned in Inddonesia, espeecially for som
me development
prrojects which hhad been posttponed for oveer 12 months.
s
perbaikan pada peendapatan sellama
Namuun, terdapat sedikit
kwartaal IV tahun 20015 dibandingkkan kwartal seebelumnya karena
berbalik aktifnya beberapa
b
aktivitas di Indonesia, khusussnya
p
an yang telahh ditunda sellama
beberrapa proyek pengembanga
lebih dari
d 12 bulan.
Chartering Divvision
m the Charteering Divisionn were similaarly
Reevenues from
afffected by the downturn, falling by half to US$ 27.1million
in 2015 comppared to the previous yeear, while grooss
margins from Chartering
C
were only marginally lower.
Charttering Divisio
on
Pendaapatan dari Chartering Division
D
juga dipengaruhi oleh
kondissi buruk ini, tuurun setengahhnya menjadi US$
U 27,1 juta pada
tahun 2015 dibanddingkan tahun lalu, sementara marjin bruto
Charteering hanya tuurun sedikit.
Direct Expensees
Management toook action too reduce cash costs throuugh
waarm stacking to reduce crew and fuel costs, whhich
reesulted in an 118% YOY fall in crew costss and 14% YOY
Bebann-beban Langgsung
Manajjemen mengaambil tindakann untuk menggurangi beban kas
melaluui warm stackking untuk mengurangi beban awak kapaal dan
bahann bakar, yangg hasilnya pennurunan 18% pada beban awak
PT WINTERMAR OFFSH
HORE MARINE Tbk
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Pagee | 1
NO. 48/NL/III/20
4
016
faall in other opperating costs. However beecause of higher
deepreciation arrising from thhe delivery of
o a new vesssel
duuring the year, total direect expensess fell only 7%,
7
reesulting in low
wer gross maargins of 13.88% compared to
455.1% a year ago.
kapal dan penurunnan 14% padda beban opperasi lain. Namun
karena penyusutann dari kapal yaang baru diterrima tahun ini, total
7 sehingga marjin bruto turun
bebann langsung hanya turun 7%
menjaadi 13,8% dibaandingkan 45,1% pada tahuun lalu.
Tootal direct exxpenses fell 27%
2
to US$ 87.1 million in
FY
Y2015 as com
mpared to the preceding
p
yeaar.
Total beban langsuung turun 27%
% menjadi US$ 87,1 juta seelama
s
tahun 2015 dibandingkan tahun sebelumnya.
Gross
G
Profit
Gross
G
Profit waas US$ 12.8 million for FY
Y2015, compared
too US$ 58 millioon the previouus year.
Laba Bruto
Laba bruto sebessar US$ 122,8 juta selaama tahun 2015,
2
dibanddingkan dengan US$ 58 jutta pada tahun lalu.
Indirect expennses and opeerating profit
Tighter
T
cost controls
c
resultted in a 23%
% fall in indirrect
expenses, and operating proofit was US$ 2.9
2 million for the
2
compared to US$ 45.2 million in
fuull year of 2015,
FY2014.
F
Beban
n usaha dan laba usaha
Pengeendalian biayaa yang lebih ketat menghhasilkan penurunan
23% pada
p
beban tidak langsungg dan laba opperasi menjadi US$
2,9 juuta selama tahun 2015 dibbandingkan US$ 45,2 juta pada
tahun 2014.
Other Income/ Expenses an
nd EBITDA
n
Deespite taking on new debtt for the acquuisition of a new
veessel, total Inteerest expensees fell by 20% YOY to US$ 9.4
million for FY22015, largely because of debt
d
repaymeent.
U 173,000 from the salee of
Thhere was a slight loss of US$
veessels, howevver, equity in the
t net earnings of associaates
saaw a sharp recovery from US$ 500,0000 in FY2014 to
US
S$ 1.6 million in FY2015.
Pendaapatan/Beban
n Lain-lain daan EBITDA
ma tahun 2015 meskipun terdapat
t
penaambahan pinjaman
Selam
baru untuk
u
pembelian kapal baru, total bebann bunga turunn 20%
dibandding tahun lalu menjaddi US$ 9,4 juta, disebaabkan
pelunaasan sebagian pinjaman. Walaupun
W
terjaadi sedikit kerrugian
US$ 1173.000 dari penjualan kappal, namun laba entitas asosiasi
mengalami kenaikaan tajam dari US$ 500.0000 pada tahun 2014
menjaadi US$ 1,6 jutta pada tahunn 2015.
Affter the impairment charge for long outsstanding doubbtful
deebts and asseet values, thee Company made
m
a net looss
atttributable to Shareholderrs of US$ 5.7
5 million, with
w
EB
BITDA for the full year reacching US$ 30.77 million.
Setelaah penurunann nilai atas piutang yangg telah lama jatuh
tempoo dan nilai aset,
a
Perusahhaan mengalaami kerugian yang
diatribbusikan kepadda pemegangg saham sebeesar US$ 5,77 juta,
dengaan EBITDA seelama setahunn mencapai US
S$ 30, 7 juta.
Asssets and Fleeet
Thhe lower volume of bussiness, in paarticular for the
chhartering divvision, resullted in redduced account
reeceivables andd payables.
Aset dan
d Armada
me bisnis yanng lebih renddah, khususnnya segmen kapal
Volum
sewa,, menyebabkaan turunnya saaldo piutang dan utang usahha.
In view of the uncertain outlook for the industry in 2016,
annd the likelihoood of a longeer period of loow oil prices, the
management thhought it pruddent to makee a provision for
dooubtful debts oof US$ 2.5 million, mainly receivables frrom
a PSC customeer that has closed operationns in Indonesiaa.
Memppertimbangkann ketidakpasttian masa deepan industri pada
tahun 2016, dan kemungkinaan berlanjutnya harga minyak
m
rendah, manajemen melakukan kebijakan penncadangan piutang
S$ 2,5 juta, yaang sebagiann besar meruppakan
usahaa sebesar US
piutanng kepada perusahaan KKKS yangg telah menutup
operasinya di Indonnesia.
During the yeaar we sold three older vesssels and addded
P AHTS. Wee also madee a
onne new unit of 6000BHP
prrovision for assset impairmeent of US$ 1.1 million in our
o
fleeet, thus total assets declinned to US$ 4446 million at yeear
ennd 2015 comppared to US$ 501
5 million lasst year.
Selam
ma tahun berjalan, kami teelah menjual tiga kapal tuaa dan
menambah satu unit baru AHTS 6000BHP. Kami juga
melakkukan penurunnan nilai aset sebesar US$ 1,1 juta di arrmada
kami, sehingga totaal aset turun menjadi
m
US$ 446
4 juta padaa akhir
tahun 2015 dibandingkan US$ 5001 juta tahun lalu.
Neet of impairmeent and reclasssification thee carrying costt of
ouur fleet as at end
e 2015 was US $361 milliion.
Nilai buku
b
armada setelah penurrunan nilai dann reklasifikasi pada
akhir 2015
2
adalah sebesar
s
US$ 361
3 juta.
PT WINTERMAR OFFSH
HORE MARINE Tbk
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1
Jakarta 115
560 Indonesia
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Pagee | 2
NO. 48/NL/III/20
4
016
Neet Gearing
Neet gearing felll to 57% as looan repaymennts exceeded the
loan disbursed for the new vessel. Total bank
b
debt at yeear
ennd was US$ 120 million.
Net Gearing
G
Net geearing turun ke
k 57% karenaa pembayarann pinjaman meelebihi
pinjam
man yang diteerima untuk kapal
k
baru. Tootal pinjaman bank
pada akhir tahun addalah sebesarr US$ 120 jutaa.
ndustry Outlo
ook
In
Allthough 2016 started with a sharp decline in oil pricces,
the recent discuussions amonngst major oil producers Saaudi
Arrabia, Russia and Iran seem
m to indicate that
t a producttion
freeeze is likely. This has injeected some sttability in marrket
seentiment and at the timee of writing, oil prices haave
reebounded off their lows. However,
H
worlld oil inventorries
arre still high annd expectationns for continuing weaknesss in
global growth ffor 2016 poinnt to a lack of
o stimulus for a
suustained recovvery in oil pricees in the nearr term.
Prosppek Industri
mulai dengan penurunan taajam harga miinyak,
Walauupun 2016 dim
pembicaraan belakkangan ini antara penghaasil minyak utama
u
Arab Saudi, Rusiia dan Iran kelihatannyaa mengindikaasikan
H ini
kemunngkinan pengghentian kenaaikan volumee produksi. Hal
telah mengakibatkkan sentimen pasar lebih stabil pada saat
m
telah mengalami
m
rebbound
penuliisan newsletteer ini, harga minyak
dari posisi
p
terendaahnya. Namun demikian persediaan
p
minyak
m
dunia masih tinnggi dan perkiraan
p
teerus melemaahnya
pertum
mbuhan globaal selama tahuun 2016 menuunjukkan kuranngnya
stimullus terhadap pemulihan
p
berkelanjutan haarga minyak dalam
d
jangkaa pendek.
Loooking furtherr into the futuure, there aree some posittive
siggns. US oil production
p
hass been declining steadily, and
a
the cost of oil seervices has beeen reduced by
b approximattely
haalf since the peak, thereby reducing the cost of oil
prroduction. Thee severe cutss in capital expenditure haave
afffected future oil productioon capacity. Should demaand
pick up next yeear, there couuld well be a robust oil prrice
US Energy Infformation Adm
ministration (E
EIA)
reecovery. The U
haas projected demand
d
and supply equilibrium in mid 2017.
(ssee below chart).
Lebih jauh lagi ke masa depan, terdapat bebberapa tanda--tanda
positiff. Produksi minyak Amerikaa Serikat menngalami penurunan
terus--menerus dann biaya jasa laayanan minyaak telah berkurang
kira-kiira setengahnya, dengann demikian mengurangi biaya
produksi minyak. Pemotongan besar-besarran belanja modal
m
telah mempengaruuhi kapasitas produksi minnyak masa depan.
Ketikaa permintaan kembali naik tahunn depan, dapat
menyeebabkan pem
mulihan hargga minyak yang lebih baik.
Adminnistrasi Infoormasi Enerrgi Amerikaa Serikat telah
mempproyeksikan permintaan
p
d
dan
penawarran mencapai titik
keseim
mbangan pada pertengahann 2017 (lihat grafik
g
di bawah).
Inn Indonesia,
soome projects have
started in 2016
which had beenn held
baack for the past
yeear. Although price
coompetition
has
drriven down chharter
raates, our hhigher
vaalue vessels have
seeen
better
uttilization sincee the
ennd of last yearr.
Di Indoneesia,
beberrapa proyek telah
dimulai pada tahun
2016 yang telah ditunda
di taahun sebelum
mnya.
Walaupun
kom
mpetisi
telah
hargaa
menjaatuhkan tarif sewa,
s
namuun Kapal higher
h
valuee
kami
telah
mempperoleh
uttilisasi
yang lebih baik sejak
akhir tahun lalu.
PT WINTERMAR OFFSH
HORE MARINE Tbk
Jl. Kebayoran Lama No 155
1
Jakarta 115
560 Indonesia
Tel : 62 2
21 530 5201 / 2
Fax : 62 21
2 530 5203
www.wintermar.com
Pagee | 3
NO. 48/NL/III/20
4
016
Strategy
S
The
T sharp andd sudden dow
wnturn in the industry in the
t
past
p year has led to a shaarper focus onn efficiency and
cost
c monitoring. The silver lining in this experience has
h
been
b
the im
mprovement in controls and renew
wed
commitment
c
frrom managem
ment as well as staff and creew
too work together to improve quality and efffectiveness.
Strateegi
Penurrunan industri yang tajam dan tiba-tiba paada tahun laluu telah
mengakibatkan fokus yang leebih tajam pada efisiensii dan
monitoor biaya. Hikkmah dari pengalaman ini berupa perbbaikan
dalam
m kontrol dan pembaharuann komitmen daari manajemen dan
para staf serta aw
wak kapal unntuk bekerjassama mempeerbaiki
kualitaas dan efektifitas.
On
O the markeeting front we
w have beenn successful in
gaining
g
more vvisibility in Soouth and Southh East Asia and
will
w continue to expand our
o internatioonal network to
secure
s
higher utilization for our
o higher value vessels.
Dari segi pemassaran kami telah berhaasil mendappatkan
jangkaauan yang lebih luas di Asia
A Selatan dan
d Asia Tenggara
dan tetap
t
akan mengembangk
m
an jaringan internasional
i
untuk
mempperoleh utilisassi yang lebih tinggi
t
untuk kaapal higher vaalue.
We
W are optimisstic that the reecent activity in our domesstic
market
m
will pick
p
up as oil prices stabilize.
s
T
The
government iss targeting an improvemeent in oil lifting
which
w
will be contributed by the com
mmencement of
several develoopment projeccts in Indonesia which expeect
ming few yearss.
too start producttion in the com
Kami optimis bahw
wa aktivitas yaang terjadi bellakangan di pasar
p
m
seiring dengan stabilnya harga
domestik akan meningkat
minyaak. Pemerinttah saat ini menargetkaan penambaahan
produksi minyak yang akan dipenuhi deengan dimulaainya
y
beberrapa proyekk pengembaangan di Indonesia yang
diperkkirakan memulai produksi dalam berapa tahun
t
mendattang.
With
W the increaase in activityy, our order books
b
have allso
picked up. Contracts
C
on hand as at
a March 2016
amounted to US$ 170 millionn.
Dengaan adanya keenaikan aktivittas, berapa kontrak
k
yang kami
k
peroleeh juga berttambah. Nilai kontrak-konntrak yang telah
t
diperooleh pada akhir Maret 2016 sebesar US$$ 170 juta.
For
F further infoormation, pleasse contact:
mbahan, silahkkan hubungi :
Untukk informasi tam
P Swan Layyanto
Ms Pek
Investor Relatioons
mar Offshore Marine
M
Tbk
PT Winterm
Tel (62-21) 530 5201 Ext 401
E
Email:
investoor_relations@w
wintermar.com
m
DISCLAIMER
D
Certain statements made in this publiccation involve a nuumber of risks andd uncertainties thatt could cause actuual results to differ materially from thhose projected. Certain
M
Tbk and Subbsidiaries (the Com
mpany) are based on
o management’s expectations,
e
estimates
sttatements relating tto business and opperations of PT Winntermar Offshore Marine
annd projections. Theese statements are not guarantees of future performancee and involve risks, uncertainties and assumptions that are difficult to preddict. Certain statements
arre based upon assumptions as to futuure events that may not prove to be accurate.
a
Thereforee, actual outcomes and results may differ
d
materially from
m what is expresseed or
foorecasted in such statements. The Company
C
makes no
n commitment, and
a disclaims any duty, to update or
o revise any of thhese statements. This publication iss for
informational purposses only and is nott intended as a sollicitation or offeringg of securities in anny jurisdiction. Thee information contained in this publicaation is not intendeed to
a
to the Coompany and shouldd not be relied uponn for
quualify, supplement or amend informatiion disclosed under corporate and seccurities legislation oof any jurisdiction applicable
thhe purpose of makinng investment decisions concerning any
a securities of thee Company.
PT WINTERMAR OFFSH
HORE MARINE Tbk
Jl. Kebayoran Lama No 155
1
Jakarta 115
560 Indonesia
Tel : 62 2
21 530 5201 / 2
Fax : 62 21
2 530 5203
www.wintermar.com
Pagee | 4
NO. 48/NL/III/20
4
016
 (U SD )
D irect expense
e
Depreeciation
Crew
w ing
Operrations
M ain tenance
Fue l Bunker
Charttering
Othe rs
To tal Direct exp en see
Indirectt expenses
Adm inistration
Depreeciation offic e
Officee utility
Profeesional fee
Staff sal
s ary
Staff traini
t
ng & recrreation
Teleccom uni cation
Traveelling
M arkketing
Donaati on
Em pl oyee Benefi t
To tal In
ndirect expen ses
FY
20155
FY
2014
v F Y201 4
FY2015 vs
C hange
%
27 ,5442,450
13 ,9557,339
5 ,2113,584
5 ,9882,587
4 ,1440,114
24 ,6773,169
5 ,6002,346
87 ,1111,590
225,96 2,581
1
17,09
7,494
5,71 1,605
7,29 5,724
4,85 9,061
4
48,84
1,643
9,13 9,912
1118,90 8,020
1,579,877 0
(3,140,155 5)
(498,022 1)
(1,313,133 7)
(718,944 7)
(24,168,477 4)
(3,537,566 6)
(31,796,433 0)
6%
-1 8%
-9%
-1 8%
-1 5%
-4 9%
-3 9%
-2 7%
2119,070
2552,518
7221,678
4222,269
6 ,1557,912
1440,638
7
76,938
3881,756
8445,632
1
14,410
6771,820
9 ,9004,640
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
1
12,81
2,371
(400,533 6)
(60,999 6)
(212,600 0)
(69,788 2)
(2,115,699 0)
(106,366 6)
(37,533 5)
(107,355 6)
198,955 7
(12,977 0)
17,144 3
(2,907,733 1)
-6 5%
-1 9%
-2 3%
-1 4%
-2 6%
-4 3%
-3 3%
-2 2%
3 1%
-4 7%
3%
-2 3%
PT WINTERMAR OFFSH
HORE MARINE Tbk
Jl. Kebayoran Lama No 155
1
Jakarta 115
560 Indonesia
Tel : 62 2
21 530 5201 / 2
Fax : 62 21
2 530 5203
www.wintermar.com
Pagee | 5
NO. 48/NL/III/20
4
016
PT WINT ERMAR OFF SHORE MAR
RINE TBK AND
D SUBSIDIAR
RIES
(USD)
FY
2015
FY2015 vs
v FY2014
Change
%
FY
2
2014
A LOSS
PROFIT AND
Revenuee
Ownedd vessel
Charteering
Otherss
Total Revvenue
65,9300,781
27,1100,249
6,8755,890
99,9166,920
110,913,857
54,675,299
11,322,615
176,911,770
(44,983,0755)
(27,565,0500)
(4,446,7255)
(76,994,8500)
-411%
-500%
-399%
-444%
Direct exxpense
Ownedd vessel
Charteering
Otherss
Total Dirrect expense
Gross prrofit
56,8366,075
24,6733,169
5,6022,346
87,1111,590
12,8055,330
60,926,465
48,841,643
9,139,912
118,908,020
58,003,750
(4,090,3900)
(24,168,4744)
(3,537,5666)
(31,796,4300)
(45,198,4200)
-77%
-499%
-399%
-277%
-788%
Gross proofit - owned vessel
Gross proofit - charteringg
Gross proofit - others
9,0944,706
2,4377,080
1,2733,544
49,987,392
5,833,655
2,182,703
(40,892,6866)
(3,396,5755)
(909,1599)
-822%
-588%
-422%
Total Ind
direct expensses
Operatin
ng profit
9,9044,640
2,9000,690
12,812,371
45,191,378
(2,907,731)
(42,290,6888)
-233%
-944%
(9,4022,009)
2622,912
1,6433,310
(1733,331)
311,767
(3,8177,455)
(11,4544,806)
(8,5544,116)
(1,1988,851)
(9,7522,967)
(4,0600,619)
(11,807,894)
230,315
500,147
1,065
(187,210)
(482,227)
(11,745,804)
33,445,574
(2,998,721)
30,446,853
8,730,399
2,405,8855
32,5977
1,143,1633
(174,3966)
218,9777
(3,335,2288)
290,9988
(41,999,6900)
1,799,8700
(40,199,8200)
(12,791,0188)
-200%
144%
2299%
-163755%
-1177%
6922%
NET INCOME (LOSS) ATTRIBUTABLE TO
HOLDERS
SHAREH
(5,6922,348)
21,716,455
(27,408,8033)
-1266%
EBITDA
30,6955,658
71,467,473
(40,771,8155)
-577%
(00.141)
(19.5)
0.553
68.8
(0.6944)
(88.22)
-1266%
-1288%
Other inccome (expen ses)
Interesst expenses
Interesst income
Equity in net earningg of associatess
Net - Gain
G (loss) on sale of fixed assets
Forex gain (loss)
Otherss
Total Oth
her income (eexpenses)
Net inco me (loss) beffore tax
Total taxx expenses
Income (loss)
(
before non controllling interest
Non con trolling interrest
d Average EP
PS - USD Cen ts
Weighted
Weighted
d Average EP
PS - Equivalent to IDR
-1266%
-600%
-1322%
-1477%
PT WINTERMAR OFFSH
HORE MARINE Tbk
Jl. Kebayoran Lama No 155
1
Jakarta 115
560 Indonesia
Tel : 62 2
21 530 5201 / 2
Fax : 62 21
2 530 5203
www.wintermar.com
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