Feb 2015 Analyst Meeting
FY14 Analyst Meeting
PT Elnusa Tbk
February 2015
www.elnusa.co.id
Company Structure
PT Pertamina
(Persero)
Dana Pensiun
Pertamina
Publik
41.10%
17.80%
41.10%
PT Elnusa Tbk
EFK
PND
SCU
EPN
ETSA
97.35%
70.00%
99.99%
99.93%
90.00%
EFK : Elnusa Fabrikasi Konstruksi
PND : Patra Nusa Data
SCU : Sigma Cipta Utama
EPN : Elnusa Petrofin
ETSA : Elnusa Trans Samudera
EPR : Elnusa Patra Ritel
2
Product Line Services
Land Seismic Survey
Marine Seismic Survey
Transition Zone Seismic
Seismic Data Processing
Non Seismic Services
Geology Geophysics Reservoir
Drilling Services
Electric Wireline Logging
Hydraulic Workover Servirces
Coiled Tubing Services
Well Testing Services
Drilling Fluid Services
Drilling Evaluation Services
Cementing & Pumping Services
Slickline Services
Enhanced Oil Recovery
Operation & Maintenance
Well Plug & Abandon
3
Product Line Services of Subsidiaries
EFK (97.35%)
EPN (99.93%)
Fabrication
Threading
Trading
EPC
Transportation
Depo Management
Fuel Trading
Chemical Trading
PND (70.00%)
ETSA (90.00%)
Geo IT Solution
Geo Data Solution
Marine Support Service
Supporting Fleets
SCU (99.99%)
Data Management
(Digital & Physichal)
4
Operational Area
Besides Indonesia, Elnusa also experienced in covering several regional
countries : Brunei, Vietnam, Myanmar & India.
5
ELSA Shares
2014 ELSA Shares Performance
Price
2014 ELSA Non Controlling Ownership
24%
800
Volume
700
600
19%
500
400
300
35%
200
100
19%
3%
0
J
F
M
A
M
J
J
A
S
O
N
D
ELSA Shares appreciated 104% in 2014 from Rp 335 to Rp 683
Issued shares 7.298.500.000 shares
Market Cap 2014 : Rp 5 trillion (+/‐ USD 430 million)
Average share price and volume in 2014 : Rp 554 and 39mn
shares /day.
ELSA non controlling ownership in 2014 was dominated by
domestic holding by 65%
Foreign Institution : 35%
Insurance : 24%
Mutual Fund : 19%
Domestic Individual : 19%
Others
: 3%
6
Financial Highlights
2013
Revenue
Cost of Revenue
Gross Profit
Operating Profit
EBITDA
Net Profit (Loss)
EPS
Rp (bn)
4.112
3.465
647
293
599
238
33
Total Assets
Total Liabilities
Total Equity
Account Receivables
Account Payables
Interest Bearing Debt
4.371
2.086
2.285
958
1.088
764
* Gain on asset sales in 2014 was Rp 87 bn
2014
%
100%
84%
16%
7%
15%
6%
1%
100%
48%
52%
22%
25%
17%
Rp (bn)
4.221
3.461
760
425
665
412
57
4.246
1.663
2.583
930
1.068
436
YoY
%
100%
2,7%
82%
‐0,1%
18%
17,5%
10%
45,1%
16%
11,0%
10%
73,1%
1%
72,7%
100%
‐2,9%
39%
‐20,3%
61%
13,0%
22%
‐2,9%
25%
‐1,8%
10%
‐42,9%
IDR bn
7
Full Year Performance
5.000
25%
Consolidated
4.500
1.800
4.000
18%
20%
16%
3.500
15%
26%
25%
1.600
20%
21%
1.200
1.000
2.500
4.221
4.112
10%
800
15%
1.681
1.604
10%
600
1.500
1.000
5%
500
0%
FY13
1.200
400
5%
200
760
647
‐
436
337
‐
0%
FY13
FY14
30%
Seismic Services
FY14
30%
Subsidiaries
2.000
1.000
25%
22%
800
20%
18%
600
400
30%
Oilfield & Drilling Sevices
1.400
3.000
2.000
2.000
953
15%
867
25%
1.500
20%
1.661
10%
15%
1.848
1.000
13%
11%
10%
500
200
5%
189
169
‐
IDR bn
212
0%
FY13
5%
FY14
Revenue
205
‐
0%
FY13
Gross Profit
Gross Margin
FY14
unconsolidated
8
Quarterly Performance
25%
Consolidated
1400
700
1.200 24%
40%
unaudited Oilfield & Drilling Services
37%
35%
600
20%
1200
30%
500
437
1000
15%
800
20%
10%
600
400
284,55
Dec 13
unaudited
Mar 14
Jun 14
Sep 14
15%
5%
0
0%
Dec 13
700
35%
350
Mar 14
Jun 14
Sep 14
Dec 14
25%
Subsidiaries
unaudited
568
600
30%
300
25%
238
250
20%
200
20%
500
17%
15%
400
18%
150
100
41,707
50
0
Dec 13
IDR bn
10%
100
Dec 14
Seismic Services
162,932
5%
0%
0
300
200
200
400
25%
400
Mar 14
Jun 14
Sep 14
Dec 14
Revenue
15%
300
10%
200
5%
100
0%
0
10%
97,753
5%
0%
Dec 13
Gross Profit
Mar 14
Jun 14
Gross Margin
Sep 14
Dec 14
unconsolidated
9
Oilfield & Drilling by Services
Revenue Growth
Drilling
Electric Wireline Logging
544
Hydraulic Workover
341
453
291
20%
2013
216
‐15%
2014
2013
‐1%
2014
2013
Drilling Fluid
Coiled Tubing Unit
214
2014
Snubbing
174
114
95
42%
116
122
43
2013
2014
2013
‐2%
119%
2014
2013
2014
IDR bn
10
Oilfield & Drilling by Services
Revenue Growth
Well Testing
Operation Maintenance
84
81
2013
163
Slickline
‐65%
4%
40
2014
2013
Cementing & Pumping
57
22
2014
2013
79%
2014
Drilling Evaluation
127%
35
29
13%
33
15
2013
2014
2013
2014
IDR bn
11
Seismic by Services
Revenue Growth
Seismic Marine
Seismic Land
702
‐69%
13%
622
265
81
2013
2013
2014
Seismic Data Processing
2014
IDR bn
83
65
2013
27%
2014
12
Subsidiaries Performance
Elnusa Petrofin
1.589
1.412
12%
2013
Sigma Cipta Utama
73
63
2014
Patra Nusa Data
120%
97
92
‐13%
Elnusa Fabrikasi Konstruksi
56
6%
26
2013
2014
2013
2014
Revenue
Revenue Growth
2013
2014
IDR bn
13
Contract Replacement Profile
Contract in 2014 and Forward
Mn USD
SEGMENT
CARRIED OVER
A
NEW CONTRACT
B
TOTAL CONTRACT
A+B
VALUE 2014
C
VALUE ONWARD
A+B‐C
Oilfield & Drilling
Seismic
TOTAL
145
86
231
222
17
239
367
103
470
142
72
214
225
31
256
14
Investment
750
A = 227
B = 262
500
A = New Investments
B = Replacements
250
489
A = 26
B = 104
A = 51
B = 59
130
110
2012
2013
366
A = 337
B = 30
0
IDR bn
2011
2014
Area of Investment (Oilfield & Drilling Services & Seismic) :
Electric Wireline Unit
Portable Slickline Unit
Geophones
Coiled Tubing Unit
Barges
Refurbish Moduar Rig
15
Investment Details
2014 Figures
Replacement Capex
in Mio IDR
13.686
16.203
29.889
New Capex
in Mio IDR
272.168
Oilfield & Drilling
Seismic
Total
Oilfield & Drilling
(Triplex Pump, CTU, Wireline Logging Unit, Slickline etc)
Seismic
Subsidiaries
Land & Building
Total
Total Cash Out Capex 2014
5.611
22.231
36.568
336.578
366.467
$ 42.242
Add Revenue Expected (USD thousand)
2015 Plan
2015 Capex Plan
Drilling & Oilfield Services
Geoscience Services
Subsidiaries
Land & Building
=
=
=
=
In Mio IDR
300.475
158.215
72.941
66.000
597.631
16
Loan and Cost of Funds
In usd 000
Thousands
O/S Loan
Weighted CoF
80.000
70.000
5,00%
4,90%
4,75%
4,80%
60.000
4,70%
50.000
4,60%
40.000
4,50%
4,31%
30.000
4,30%
20.000
10.000
4,40%
4,20%
62.246
37.264
4,10%
4,00%
0
Dec 13
Dec 14
17
Business Challenges in 2015
Oil Price
Technology
Elnusa
Challenges
In 2015
People
Competition
18
Business Challenges in 2015
Oil Price
Oil price is predicted to be remain at $50 ‐ $60 /bbl in 2015,
hence:
• Less spending on exploration (seismic & exploration
well), but not on reprocessing data.
• More focus on maintenance (good for oilfield services).
•
Technology
•
•
Competition
People
•
•
More to lateral/horizontal drilling, impacted to lower
cost (no need to drill more wells). Elnusa will make
strategic partnership to improve capabilities.
More advance to a down hole tools. Elnusa will focus to
this new technology equipments.
Become more severe, due to merging companies (HAL
& BHI) which potentially be followed by others.
Chinese companies penetration with lower fee and
more aggressive strategy.
Merger in several service companies will impact to
increasing people supply.
19
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.
This document does not constitute or form part of an offer or invitation to purchase any shares in the Company and neither shall any part of it form the
basis of nor be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase shares should be made solely on the basis
of information contained in the prospectus.
PT Elnusa Tbk.
Graha Elnusa
Jl. T.B. Simatupang Kav. 1B
Jakarta 12560, Indonesia
Tel: +62 21‐788308050
Fax: +62 21‐78830907
www.elnusa.co.id
20
PT Elnusa Tbk
February 2015
www.elnusa.co.id
Company Structure
PT Pertamina
(Persero)
Dana Pensiun
Pertamina
Publik
41.10%
17.80%
41.10%
PT Elnusa Tbk
EFK
PND
SCU
EPN
ETSA
97.35%
70.00%
99.99%
99.93%
90.00%
EFK : Elnusa Fabrikasi Konstruksi
PND : Patra Nusa Data
SCU : Sigma Cipta Utama
EPN : Elnusa Petrofin
ETSA : Elnusa Trans Samudera
EPR : Elnusa Patra Ritel
2
Product Line Services
Land Seismic Survey
Marine Seismic Survey
Transition Zone Seismic
Seismic Data Processing
Non Seismic Services
Geology Geophysics Reservoir
Drilling Services
Electric Wireline Logging
Hydraulic Workover Servirces
Coiled Tubing Services
Well Testing Services
Drilling Fluid Services
Drilling Evaluation Services
Cementing & Pumping Services
Slickline Services
Enhanced Oil Recovery
Operation & Maintenance
Well Plug & Abandon
3
Product Line Services of Subsidiaries
EFK (97.35%)
EPN (99.93%)
Fabrication
Threading
Trading
EPC
Transportation
Depo Management
Fuel Trading
Chemical Trading
PND (70.00%)
ETSA (90.00%)
Geo IT Solution
Geo Data Solution
Marine Support Service
Supporting Fleets
SCU (99.99%)
Data Management
(Digital & Physichal)
4
Operational Area
Besides Indonesia, Elnusa also experienced in covering several regional
countries : Brunei, Vietnam, Myanmar & India.
5
ELSA Shares
2014 ELSA Shares Performance
Price
2014 ELSA Non Controlling Ownership
24%
800
Volume
700
600
19%
500
400
300
35%
200
100
19%
3%
0
J
F
M
A
M
J
J
A
S
O
N
D
ELSA Shares appreciated 104% in 2014 from Rp 335 to Rp 683
Issued shares 7.298.500.000 shares
Market Cap 2014 : Rp 5 trillion (+/‐ USD 430 million)
Average share price and volume in 2014 : Rp 554 and 39mn
shares /day.
ELSA non controlling ownership in 2014 was dominated by
domestic holding by 65%
Foreign Institution : 35%
Insurance : 24%
Mutual Fund : 19%
Domestic Individual : 19%
Others
: 3%
6
Financial Highlights
2013
Revenue
Cost of Revenue
Gross Profit
Operating Profit
EBITDA
Net Profit (Loss)
EPS
Rp (bn)
4.112
3.465
647
293
599
238
33
Total Assets
Total Liabilities
Total Equity
Account Receivables
Account Payables
Interest Bearing Debt
4.371
2.086
2.285
958
1.088
764
* Gain on asset sales in 2014 was Rp 87 bn
2014
%
100%
84%
16%
7%
15%
6%
1%
100%
48%
52%
22%
25%
17%
Rp (bn)
4.221
3.461
760
425
665
412
57
4.246
1.663
2.583
930
1.068
436
YoY
%
100%
2,7%
82%
‐0,1%
18%
17,5%
10%
45,1%
16%
11,0%
10%
73,1%
1%
72,7%
100%
‐2,9%
39%
‐20,3%
61%
13,0%
22%
‐2,9%
25%
‐1,8%
10%
‐42,9%
IDR bn
7
Full Year Performance
5.000
25%
Consolidated
4.500
1.800
4.000
18%
20%
16%
3.500
15%
26%
25%
1.600
20%
21%
1.200
1.000
2.500
4.221
4.112
10%
800
15%
1.681
1.604
10%
600
1.500
1.000
5%
500
0%
FY13
1.200
400
5%
200
760
647
‐
436
337
‐
0%
FY13
FY14
30%
Seismic Services
FY14
30%
Subsidiaries
2.000
1.000
25%
22%
800
20%
18%
600
400
30%
Oilfield & Drilling Sevices
1.400
3.000
2.000
2.000
953
15%
867
25%
1.500
20%
1.661
10%
15%
1.848
1.000
13%
11%
10%
500
200
5%
189
169
‐
IDR bn
212
0%
FY13
5%
FY14
Revenue
205
‐
0%
FY13
Gross Profit
Gross Margin
FY14
unconsolidated
8
Quarterly Performance
25%
Consolidated
1400
700
1.200 24%
40%
unaudited Oilfield & Drilling Services
37%
35%
600
20%
1200
30%
500
437
1000
15%
800
20%
10%
600
400
284,55
Dec 13
unaudited
Mar 14
Jun 14
Sep 14
15%
5%
0
0%
Dec 13
700
35%
350
Mar 14
Jun 14
Sep 14
Dec 14
25%
Subsidiaries
unaudited
568
600
30%
300
25%
238
250
20%
200
20%
500
17%
15%
400
18%
150
100
41,707
50
0
Dec 13
IDR bn
10%
100
Dec 14
Seismic Services
162,932
5%
0%
0
300
200
200
400
25%
400
Mar 14
Jun 14
Sep 14
Dec 14
Revenue
15%
300
10%
200
5%
100
0%
0
10%
97,753
5%
0%
Dec 13
Gross Profit
Mar 14
Jun 14
Gross Margin
Sep 14
Dec 14
unconsolidated
9
Oilfield & Drilling by Services
Revenue Growth
Drilling
Electric Wireline Logging
544
Hydraulic Workover
341
453
291
20%
2013
216
‐15%
2014
2013
‐1%
2014
2013
Drilling Fluid
Coiled Tubing Unit
214
2014
Snubbing
174
114
95
42%
116
122
43
2013
2014
2013
‐2%
119%
2014
2013
2014
IDR bn
10
Oilfield & Drilling by Services
Revenue Growth
Well Testing
Operation Maintenance
84
81
2013
163
Slickline
‐65%
4%
40
2014
2013
Cementing & Pumping
57
22
2014
2013
79%
2014
Drilling Evaluation
127%
35
29
13%
33
15
2013
2014
2013
2014
IDR bn
11
Seismic by Services
Revenue Growth
Seismic Marine
Seismic Land
702
‐69%
13%
622
265
81
2013
2013
2014
Seismic Data Processing
2014
IDR bn
83
65
2013
27%
2014
12
Subsidiaries Performance
Elnusa Petrofin
1.589
1.412
12%
2013
Sigma Cipta Utama
73
63
2014
Patra Nusa Data
120%
97
92
‐13%
Elnusa Fabrikasi Konstruksi
56
6%
26
2013
2014
2013
2014
Revenue
Revenue Growth
2013
2014
IDR bn
13
Contract Replacement Profile
Contract in 2014 and Forward
Mn USD
SEGMENT
CARRIED OVER
A
NEW CONTRACT
B
TOTAL CONTRACT
A+B
VALUE 2014
C
VALUE ONWARD
A+B‐C
Oilfield & Drilling
Seismic
TOTAL
145
86
231
222
17
239
367
103
470
142
72
214
225
31
256
14
Investment
750
A = 227
B = 262
500
A = New Investments
B = Replacements
250
489
A = 26
B = 104
A = 51
B = 59
130
110
2012
2013
366
A = 337
B = 30
0
IDR bn
2011
2014
Area of Investment (Oilfield & Drilling Services & Seismic) :
Electric Wireline Unit
Portable Slickline Unit
Geophones
Coiled Tubing Unit
Barges
Refurbish Moduar Rig
15
Investment Details
2014 Figures
Replacement Capex
in Mio IDR
13.686
16.203
29.889
New Capex
in Mio IDR
272.168
Oilfield & Drilling
Seismic
Total
Oilfield & Drilling
(Triplex Pump, CTU, Wireline Logging Unit, Slickline etc)
Seismic
Subsidiaries
Land & Building
Total
Total Cash Out Capex 2014
5.611
22.231
36.568
336.578
366.467
$ 42.242
Add Revenue Expected (USD thousand)
2015 Plan
2015 Capex Plan
Drilling & Oilfield Services
Geoscience Services
Subsidiaries
Land & Building
=
=
=
=
In Mio IDR
300.475
158.215
72.941
66.000
597.631
16
Loan and Cost of Funds
In usd 000
Thousands
O/S Loan
Weighted CoF
80.000
70.000
5,00%
4,90%
4,75%
4,80%
60.000
4,70%
50.000
4,60%
40.000
4,50%
4,31%
30.000
4,30%
20.000
10.000
4,40%
4,20%
62.246
37.264
4,10%
4,00%
0
Dec 13
Dec 14
17
Business Challenges in 2015
Oil Price
Technology
Elnusa
Challenges
In 2015
People
Competition
18
Business Challenges in 2015
Oil Price
Oil price is predicted to be remain at $50 ‐ $60 /bbl in 2015,
hence:
• Less spending on exploration (seismic & exploration
well), but not on reprocessing data.
• More focus on maintenance (good for oilfield services).
•
Technology
•
•
Competition
People
•
•
More to lateral/horizontal drilling, impacted to lower
cost (no need to drill more wells). Elnusa will make
strategic partnership to improve capabilities.
More advance to a down hole tools. Elnusa will focus to
this new technology equipments.
Become more severe, due to merging companies (HAL
& BHI) which potentially be followed by others.
Chinese companies penetration with lower fee and
more aggressive strategy.
Merger in several service companies will impact to
increasing people supply.
19
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.
This document does not constitute or form part of an offer or invitation to purchase any shares in the Company and neither shall any part of it form the
basis of nor be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase shares should be made solely on the basis
of information contained in the prospectus.
PT Elnusa Tbk.
Graha Elnusa
Jl. T.B. Simatupang Kav. 1B
Jakarta 12560, Indonesia
Tel: +62 21‐788308050
Fax: +62 21‐78830907
www.elnusa.co.id
20