WINS Gross Profit grew by 19% in 1H2016 to US 10.5 million from US 8.8 million in 1H2015
9
NO. 500/NL/VII/20016
NEW
WSLETTER
R # 50
28 July 20016
WINS
W
Gro
oss Profiit grew by
b 19% in
1H2016 to
o US$ 10..5 millionn from US
S$
8.8 millio
on in 1H2015, driven by
b
better
b
marrgins in all
a divisioons.
Labba Bruto WINS tumbuh 19% pada
sem
mester I tahun
t
20116 menjaadi US$ 10,5
1
jutaa dari US
S$ 8,8 jutta pada periode
p
lalu,
didoorong olleh marjjin yang lebih baik
b
pada semua segmen..
Owned Vessels
High
H tier vesseels experienceed an increasee in utilizationn to
62% in 1H20166 compared too 58% in 1H20015, largely frrom
h
thhe resumptionn of one development conntract which had
been suspendeed since Januuary 2015, andd some new spot
contracts. Beccause of succcessful cost control measures
mplemented since
s
last year, margins improved
i
in the
im
Owned
O
Vessell division, therreby providingg a 5% increaase
inn Gross profit at USD 7.9 million compareed to 1H2015.
Kapal Milik
Kapal-kapal high tieer mengalami kenaikan utiliisasi menjadi 62%
5
pada perriode
pada semester I taahun 2016 dibbandingkan 58%
sebeluumnya, sebaggian besar berasal dari kelaanjutan pada satu
kontraak pengembanngan yang telah ditunda seejak Januari 2015,
2
dan beberapa
b
konttrak spot. Deengan suksesnnya pengendaalian
biaya yang dilaksannakan sejak taahun lalu, marrjin membaik pada
p
segmeen Kapal Millik, sehingga mengakibatkkan kenaikan 5%
pada laba bruto menjadi
m
sebessar USD 7,9 jjuta dibandinggkan
semesster I tahun 20015.
Chartering
Chartering Division reveenues rose by 11% to
S$ 13.6 millioon with a risee in profit to US$ 2.0 million
US
ow
wing to one-offf contracts which
w
are expeected to finish by
the year end.
Charttering
Pendaapatan segmeen Chartering naik 11% menjadi US$ 13,6 juta
dengaan peningkataan laba menjjadi US$ 2,00 juta sehubuungan
dengaan kontrak onee-off yang akaan selesai padda akhir tahunn ini.
Other Revenuee
r
in 2016 to
Gross profit froom others soources also rose
S$ 600,000 ccompared to US$ 186,000 in the previoous
US
yeear resulting frrom a lump suum bill.
Pendaapatan Lainnnya
Laba bruto dari sumber-sumbber lainnya juga naik meenjadi
SD$ 186,000 pada periodee lalu
US$ 600,000 dibaandingkan US
yang ddisebabkan olleh tagihan lum
mp sum.
Direct Expensees
c
to the
Owned Vessel cash costs were lower compared
wer
saame period inn the previouus year, primarily from low
crrew and fuel costs. Total direct expennses for Ownned
Veessels was doown 14% agaainst a 10% drop in revenues,
with overall grross margin improving too 21.5% in this
t
reeporting periodd from 16.3% a year ago.
gsung
Bebann-beban Lang
Bebann tunai Kapal Milik lain lebbih rendah dibbandingkan peeriode
yang sama pada tahun lalu, teerutama disebbabkan rendaahnya
d bahan bakar. Total bebban langsung Kapal
bebann awak kapal dan
Milik turun
t
14% meeskipun pendaapatan turun 10%, dengan marjin
m
bruto keseluruhan yang membaaik menjadi 211,5% pada peeriode
p
yang sama
s
tahun laalu.
pelapooran ini dari 16,3% dalam periode
Gross Profit
Gross Profit grrew by 19% in 1H2016 to US$10.5 million
m
for 1H22015, driven by
b better marggins
froom US$ 8.8 million
in all divisions.
Laba Bruto
Laba bruto tumbuhh 19% pada semester
s
I taahun 2016 meenjadi
1
juta dari US$ 8,8 jutaa selama periiode lalu, didoorong
US$ 10,5
oleh marjin
m
yang lebbih baik pada semua segmeen.
ndirect expenses and operrating profit
In
Indirect expensses fell by 211% in 1H20166 owing to sttrict
m
coost controls iimplemented, which led tto falls in most
exxpense categories. Salary expenses in particular weere
199% below 1H22015 despite the additionaal month paid for
Haari Raya bonuuses in June 2016.
2
Bebann usaha dan laba operasi
Bebann tidak langsuung turun 21%
% pada semeester I tahun 2016
karena penerapann pengendalian biaya yang
y
ketat, yang
mengakibatkan pennurunan padaa hampir semua kategori beban.
Khusuusnya bebann gaji 19% lebih renddah dari peeriode
sebeluumnya meskippun THR dibayarkan pada JJuni 2016.
PT WINTERMAR OFFSH
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1
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Pagee | 1
9
NO. 500/NL/VII/20016
Ass a result, opeerating profit juumped 89% too US$ 6.1 million
in 1H2016, a risse in operatingg margin to 133% for the perriod
coompared to 6%
% last year.
Hasilnnya, laba opeerasi naik 89%
% menjadi US$ 6,1 juta dalam
d
semesster I tahun 2016,
2
ada keenaikan margin operasi meenjadi
13% pada
p
periode ini
i dibandingkkan 6% pada periode
p
lalu.
Other Income/ Expenses an
nd EBITDA
% to US$ 4.9 million affter
Interest expennses fell 8%
sccheduled debbt repayment and a prepaayment after the
saale of a vesseel in 1Q2016. The sale trannsaction resulted
in a book loss oof US$ 1.9 million recorded in 1Q2016.
Pendaapatan/Beban
n Lain-lain daan EBITDA
Bebann bunga turun 8% meenjadi US$ 4,9 juta seetelah
pembayaran bankk sesuai jaddwal dan pelunasan
p
seetelah
t
2016. TTransaksi penjjualan
penjuaalan kapal pada Kwartal I tahun
mengakibatkan kerrugian sebesaar US$ 1,9 juuta pada Kwaartal I
tahun 2016.
EB
BITDA for 1H22016 amountss to US$ 20.3 million, a risee of
199% compared to the same period
p
last yeaar.
EBITD
DA selama semester I tahun 2016 sebesar
US$ 20,3
2 juta, naikk 19% dibandingkan periode yang sama pada
tahun lalu.
Asssets and Geearing
Aset ddan Gearing
Neet gearing fell to 52% as compared too 60% at endd of
1H
H2015.
Net gearing
g
turun menjadi 52%
% dibandingkaan 60% pada akhir
semesster I tahun 20015.
ndustry Outlo
ook
In
Seeveral oil and gas companies are now taaking advantaage
off the cost defllation in oil seervices to proocure tenders for
longer durations. However, because
b
of thee low demandd in
Support Vesseel (OSV) induustry, there iss a
the Offshore S
wnward trend in pricing as
a ship owners
nooticeable dow
coompete for thee few longer teerm contracts available.
Prosppek Industri
Beberrapa perusahhaan minyak dan gas seedang mengaambil
manfaaat dari penuurunan biaya di pelayanann minyak denngan
pengaadaan tender untuk periode yang lebih panjang. Nam
mun,
karena rendahnya permintaan di industri kapal pendukkung
lepas pantai (OSV)), terlihat jelass tren penurunan harga karena
para pemilik kapall bersaing unntuk kontrak-kkontrak berjanngka
p
yang tersedia.
lebih panjang
Globally, theree is more consensus now
w that oil pricces
T
seeem to have tuurned around and are movinng upwards. The
latest forecastss seem to poinnt to an equilibbrium in demaand
annd supply of oil sometime in late 2017, indicatingg a
strengthening ooil price towarrds 2018. Thee biggest imppact
onn the supply ooutlook comess from the shaarp cuts in cappital
exxpenditure thaat have happened since 20115 which will limit
global supply inncreases overr the next threee years. Woood
MacKenzie Ressearch has daata showing tootal cuts of upp to
S$ 310 billionn in capex sppend in 2015--2016 and upp to
US
US
S$ 1 trillion foor the period 2015-2020. This supportss a
grradually increaasing trend in oil prices in 2017
2
onwards as
cuut-backs in caapital spendingg will limit thee capacity of the
major oil compaanies to increaase productionn.
Di seeluruh dunia sekarang terddapat konsennsus bahwa harga
minyaak kelihatannyya telah berbalik dan sedaang bergerak naik.
Perkirraan terakhir kelihatan
k
menunjukkan adaanya keseimbaangan
antaraa permintaan dan penawaran minyak di sekitar akhir tahun
2017, yang mengindikasikan addanya penguaatan harga minyak
m
menjeelang tahun 2018.
2
Dampakk terbesar daari perkiraan suplai
s
berasal dari pemotongan tajam pembelanjaann modal yang telah
a
membataasi kenaikan suplai
s
terjadi sejak tahun 2015 yang akan
globall dalam tiga tahun
t
ke depaan. Wood MaacKenzie Research
memppunyai data yaang menunjukkkan pemotonngan pembelaanjaan
modal tersebut meencapai US$ 310 miliar ddalam kurun 20152016 dan mencapaai US$ 1 triliunn selama perioode 2015-20200. Hal
ini meendukung keecenderungan kenaikan haarga minyak pada
tahun 2017 ke depan
d
seiringg rendahnyaa kapasitas untuk
meninngkatkan prodduksi akibat pemotongan
p
b
belanja
modal yang
dilakuukan oleh peruusahaan-perussahaan minyaak besar.
With
W the stabillization of oill prices recenntly, there haave
beeen a few OS
SV tenders forr longer periods of 2 yearss or
more. We seee this as an indication thaat oil compannies
haave started too lock in loweer costs for oil services at the
cuurrent depresssed rates. This is consistent with our viiew
that the OSV charter ratess are near boottom. Howevver,
beecause of the lower demandd for offshore vessels, theree is
Dengaan adanya kestabilan hargaa minyak akhir-akhir ini, terrdapat
beberrapa tender OSV
O untuk perriode lebih paanjang dari 2 tahun
atau lebih. Kami melihat ini sebaagai indikasi bbahwa perusahaanperusahaan minyak telah mulai nyaman denngan biaya reendah
m
di tenggah kelesuan harga saat inni. Hal
untuk pelayanan minyak
ini koonsisten dengan pandangaan kami bahw
wa tarif sewa OSV
mendekati harga paling rendaah. Namun, karena rendaahnya
PT WINTERMAR OFFSH
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1
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Pagee | 2
9
NO. 500/NL/VII/20016
still fierce com
mpetition for tenders
t
of loonger maturities.
Thherefore, althoough there are more tendders for work for
the rest of thhe year and early 2017, this does not
T
neecessarily impply that vesseel charter ratees will rise. The
OSV industry is still badly affected by expenditure
e
cutc
baacks by the producers annd explorers which will keeep
prressure on prricing for the rest of 2016 and throughh to
20017.
permintaan atas kaapal-kapal offsshore, masih teerdapat persaaingan
ketat untuk tenderr jangka panjaang. Oleh seebab itu, messkipun
t
ini dan awal
terdappat lebih banyyak tender saampai akhir tahun
tahun 2017, hal inni tidak berartti bahwa tariff sewa kapal akan
naik. Industri OSV
V masih terkeena dampak buruk
b
pemotoongan
belanjja modal olehh produsen daan pengekspllorasi minyak yang
akan tetap
t
menekaan harga samppai akhir tahunn 2016 dan seelama
tahun 2017.
Hoowever, in the longer term, theree are seveeral
deevelopment prrojects in Indoonesia which are
a scheduledd to
start operationss, and we exppect more tendering activityy in
20017 and 2018 which will inccrease vessel utilization.
Namuun demikian, dalam kurun waktu yanng lebih pannjang,
terdappat beberapaa proyek pengembangan ddi Indonesia yang
dijadw
walkan untuk memulai operasinya, dann kami perkirakan
lebih bbanyak aktivittas tender di tahun
t
2017 daan 2018 yang akan
meninngkatkan utilisasi kapal.
Sttrategy
Management ccontinues to focus on cost control whhile
q
standards. There weere
maintaining high safety and quality
a
a number of innitiatives in early 2016 to lower crew and
w
weree successfuully
shhore-based salaries, which
im
mplemented. We have extended our internatioonal
marketing effortts to bid for loonger term conntracts in Brunnei,
Middle East to
t lock in a loonger term caash
India and the M
floows, albeit at lower charteer rates. We believe that the
OSV market w
will stay weakk through 2017 and lag any
a
p
reecovery in oil prices.
Strategi
Manajjemen tetap fokus
f
pada peengendalian biaya
b
dengan tetap
memppertahankan standar
s
kesellamatan dan kualitas. Terrdapat
beberrapa ikhtiar paada awal tahuun 2016 untuuk menurunkaan gaji
awak kapal dan kaaryawan darat, yang telah berhasil
b
diteraapkan.
Kami telah mempeerluas upaya pemasaran internasional
i
untuk
warkan kontrrak yang lebihh panjang di Brunei, Indiaa dan
menaw
Timurr Tengah untuuk mengunci aliran kas yaang lebih pannjang,
sekalipun tarif sew
wanya lebih reendah. Kami yakin
y
bahwa pasar
OSV akan tetap leemah selama tahun 2017 dan tertinggaal dari
m
pemulihan harga minyak.
Our current coontracts on haand as at ennd June 20166 is
S$ 137million.
US
Nilai kontrak yangg kami miliki pada akhir Juni 2016 adalah
a
sebessar US$ 137 juuta.
For
F further infoormation, pleasse contact:
Untukk informasi lebbih lanjut, silahhkan hubungi :
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
9
NO. 500/NL/VII/20016
Ms Pek
P Swan Laayanto
Innvestor Relatioons
PT Winterrmar Offshore Marine Tbk
Tel (62-21) 530 52011 Ext 401
@wintermar.com
m
Email: investoor_relations@
DISCLAIMER
D
Certain statements made in this publication involve a number
n
of risks annd uncertainties thaat could cause acttual results to diffeer materially from those projected. Certain
C
M
Tbk and Suubsidiaries (the Company) are based on management’ss expectations, estimates
sttatements relating tto business and opperations of PT Wintermar Offshore Marine
annd projections. Theese statements aree not guarantees off future performancce and involve riskks, uncertainties annd assumptions thaat are difficult to preedict. Certain stateements
arre based upon asssumptions as to futture events that maay not prove to be accurate. Therefore, actual outcomees and results may differ materially froom what is expressed or
foorecasted in such sstatements. The Coompany makes no commitment,
c
and disclaims
d
any duty, to update or revisee any of these stateements. This publiccation is for informaational
puurposes only and iss not intended as a solicitation or offerring of securities in any jurisdiction. Thhe information contained in this publiccation is not intendeed to qualify, suppllement
orr amend informatioon disclosed underr corporate and seecurities legislation of any jurisdictionn applicable to the Company and shoould not be relied upon for the purpose of
making
m
investment ddecisions concerninng any securities off the 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
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Pagee | 4
9
NO. 500/NL/VII/20016
(USD)
Direct expense
e
Deprreciation
Crew
wing
Operrations
Maintenance
Fuel Bunker
Charrter
Others
Total Direct expense
Indirect expenses
Administration
Deprreciation officee
Officee utility
Profeesional fee
Staff salary
Staff training & rec reation
Teleccomunicationn
Traveelling
Markketing
Donaation
Emplloyee Benefit
Total In
ndirect expen
nses
1H
2016
1H
2015
1H-20166 vs 1H-20155
Chang e
%
14,058,448
6,009,443
2,030,543
2,2214,279
770,544
11,740,035
1,2260,393
38,083,684
13,675,742
8,373,158
2,149,926
2,763,469
2,218,650
11,257,122
4,629,257
45,067,324
3822,706
(2,3633,715)
(1199,384)
(5499,189)
(1,4488,106)
4822,913
(3,3688,864)
(6,9833,639)
3%
-228%
-6%
-220%
-665%
4%
-773%
-115%
73,658
102,461
2
266,272
184,934
2,899,243
67,212
29,259
112,864
309,915
8,954
302,006
4,356,777
133,849
130,729
421,961
167,518
3,585,776
85,544
42,983
151,674
442,175
8,685
378,390
5,549,285
(600,191)
(288,268)
(1555,689)
177,415
(6866,533)
(188,332)
(133,724)
(388,810)
(1322,260)
269
(766,385)
(1,1922,508)
-445%
-222%
-337%
1
10%
-119%
-221%
-332%
-226%
-330%
3%
-220%
-221%
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
9
NO. 500/NL/VII/20016
SUMMARY PROFIT AND
A LOSS
S (1H-2016 vs 1H-2015)
PT WINT
TERMAR OFFS
SHORE MARIN
NE TBK AND SUBSIDIARIES
S
S
(USD)
1H
H
20116
PROFIT AND LOSS
Revenuee
Owneed vessel
32,,954,975
Charttering
13,,721,236
1,,860,874
Otherrs
48,,537,084
Total Reevenue
36,686,074
12,345,604
4,815,273
53,846,951
(3,7311,100)
1,3755,632
(2,9544,400)
(5,3099,867)
-110%
1
11%
-661%
-110%
Direct exxpense
Owneed vessel
Chartter
Otherrs
Total Dirrect expense
Gross profit
25,,083,257
11,,740,035
1,,260,393
38,,083,684
10,,453,400
29,180,945
11,257,122
4,629,257
45,067,324
8,779,628
(4,0977,688)
4822,913
(3,3688,864)
(6,9833,639)
1,6733,773
-114%
4%
-773%
-115%
1
19%
Gross prrofit - owned veessel
Gross prrofit - charteringg
Gross prrofit - others
7,,871,718
1,,981,201
600,481
7,505,129
1,088,482
186,017
3666,589
8922,719
4144,464
5%
8
82%
2223%
Total Ind
direct expensees
Operatin
ng profit
4,,356,777
6,,096,623
5,549,285
3,230,343
(1,1922,508)
2,8666,280
-221%
8
89%
Other income (expensses)
Intereest expenses
Intereest income
Equityy in net earningg of associates
Net - Gain (loss) on sale of fixed asssets
Forexx gain (loss)
Otherrs
Total Other income (eexpenses)
Net inco
ome (loss) befo
ore tax
Total taxx expenses
(4,,527,270)
51,685
569,612
(2,,015,812)
32,629
(12,297)
(5,,901,453)
195,170
(
(670,902)
(4,920,101))
188,813
133,214
36,788
106,652
(133,329))
(4,587,963))
(1,357,620))
(803,733))
3922,831
(1377,128)
4366,398
(2,0522,600)
(744,023)
1211,032
(1,3133,491)
1,5522,790
1322,831
-8%
-773%
3228%
-55880%
-669%
-991%
Income (loss) before non
n controllin
ng interest
Non con
ntrolling intereest
((475,732)
150,882
(2,161,353))
(1,496,128))
1,6855,620
1,6477,010
7
78%
1110%
NET INC
COME (LOSS) ATTRIBUTAB
BLE TO
SHAREH
HOLDERS
(
(626,614)
(665,225))
388,611
6%
20,,257,532
17,036,814
3,2200,718
1
19%
(0.016)
-2.0
(0.016))
-2.22
0.00
0.20
6%
9%
EBITDA
Weighteed Average EP
PS - USD Centss
Weighteed Average EP
PS - Equivalent to IDR
1H
2015
1H-20166 vs 1H-2015
Changee
%
1114%
-117%
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
NO. 500/NL/VII/20016
NEW
WSLETTER
R # 50
28 July 20016
WINS
W
Gro
oss Profiit grew by
b 19% in
1H2016 to
o US$ 10..5 millionn from US
S$
8.8 millio
on in 1H2015, driven by
b
better
b
marrgins in all
a divisioons.
Labba Bruto WINS tumbuh 19% pada
sem
mester I tahun
t
20116 menjaadi US$ 10,5
1
jutaa dari US
S$ 8,8 jutta pada periode
p
lalu,
didoorong olleh marjjin yang lebih baik
b
pada semua segmen..
Owned Vessels
High
H tier vesseels experienceed an increasee in utilizationn to
62% in 1H20166 compared too 58% in 1H20015, largely frrom
h
thhe resumptionn of one development conntract which had
been suspendeed since Januuary 2015, andd some new spot
contracts. Beccause of succcessful cost control measures
mplemented since
s
last year, margins improved
i
in the
im
Owned
O
Vessell division, therreby providingg a 5% increaase
inn Gross profit at USD 7.9 million compareed to 1H2015.
Kapal Milik
Kapal-kapal high tieer mengalami kenaikan utiliisasi menjadi 62%
5
pada perriode
pada semester I taahun 2016 dibbandingkan 58%
sebeluumnya, sebaggian besar berasal dari kelaanjutan pada satu
kontraak pengembanngan yang telah ditunda seejak Januari 2015,
2
dan beberapa
b
konttrak spot. Deengan suksesnnya pengendaalian
biaya yang dilaksannakan sejak taahun lalu, marrjin membaik pada
p
segmeen Kapal Millik, sehingga mengakibatkkan kenaikan 5%
pada laba bruto menjadi
m
sebessar USD 7,9 jjuta dibandinggkan
semesster I tahun 20015.
Chartering
Chartering Division reveenues rose by 11% to
S$ 13.6 millioon with a risee in profit to US$ 2.0 million
US
ow
wing to one-offf contracts which
w
are expeected to finish by
the year end.
Charttering
Pendaapatan segmeen Chartering naik 11% menjadi US$ 13,6 juta
dengaan peningkataan laba menjjadi US$ 2,00 juta sehubuungan
dengaan kontrak onee-off yang akaan selesai padda akhir tahunn ini.
Other Revenuee
r
in 2016 to
Gross profit froom others soources also rose
S$ 600,000 ccompared to US$ 186,000 in the previoous
US
yeear resulting frrom a lump suum bill.
Pendaapatan Lainnnya
Laba bruto dari sumber-sumbber lainnya juga naik meenjadi
SD$ 186,000 pada periodee lalu
US$ 600,000 dibaandingkan US
yang ddisebabkan olleh tagihan lum
mp sum.
Direct Expensees
c
to the
Owned Vessel cash costs were lower compared
wer
saame period inn the previouus year, primarily from low
crrew and fuel costs. Total direct expennses for Ownned
Veessels was doown 14% agaainst a 10% drop in revenues,
with overall grross margin improving too 21.5% in this
t
reeporting periodd from 16.3% a year ago.
gsung
Bebann-beban Lang
Bebann tunai Kapal Milik lain lebbih rendah dibbandingkan peeriode
yang sama pada tahun lalu, teerutama disebbabkan rendaahnya
d bahan bakar. Total bebban langsung Kapal
bebann awak kapal dan
Milik turun
t
14% meeskipun pendaapatan turun 10%, dengan marjin
m
bruto keseluruhan yang membaaik menjadi 211,5% pada peeriode
p
yang sama
s
tahun laalu.
pelapooran ini dari 16,3% dalam periode
Gross Profit
Gross Profit grrew by 19% in 1H2016 to US$10.5 million
m
for 1H22015, driven by
b better marggins
froom US$ 8.8 million
in all divisions.
Laba Bruto
Laba bruto tumbuhh 19% pada semester
s
I taahun 2016 meenjadi
1
juta dari US$ 8,8 jutaa selama periiode lalu, didoorong
US$ 10,5
oleh marjin
m
yang lebbih baik pada semua segmeen.
ndirect expenses and operrating profit
In
Indirect expensses fell by 211% in 1H20166 owing to sttrict
m
coost controls iimplemented, which led tto falls in most
exxpense categories. Salary expenses in particular weere
199% below 1H22015 despite the additionaal month paid for
Haari Raya bonuuses in June 2016.
2
Bebann usaha dan laba operasi
Bebann tidak langsuung turun 21%
% pada semeester I tahun 2016
karena penerapann pengendalian biaya yang
y
ketat, yang
mengakibatkan pennurunan padaa hampir semua kategori beban.
Khusuusnya bebann gaji 19% lebih renddah dari peeriode
sebeluumnya meskippun THR dibayarkan pada JJuni 2016.
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9
NO. 500/NL/VII/20016
Ass a result, opeerating profit juumped 89% too US$ 6.1 million
in 1H2016, a risse in operatingg margin to 133% for the perriod
coompared to 6%
% last year.
Hasilnnya, laba opeerasi naik 89%
% menjadi US$ 6,1 juta dalam
d
semesster I tahun 2016,
2
ada keenaikan margin operasi meenjadi
13% pada
p
periode ini
i dibandingkkan 6% pada periode
p
lalu.
Other Income/ Expenses an
nd EBITDA
% to US$ 4.9 million affter
Interest expennses fell 8%
sccheduled debbt repayment and a prepaayment after the
saale of a vesseel in 1Q2016. The sale trannsaction resulted
in a book loss oof US$ 1.9 million recorded in 1Q2016.
Pendaapatan/Beban
n Lain-lain daan EBITDA
Bebann bunga turun 8% meenjadi US$ 4,9 juta seetelah
pembayaran bankk sesuai jaddwal dan pelunasan
p
seetelah
t
2016. TTransaksi penjjualan
penjuaalan kapal pada Kwartal I tahun
mengakibatkan kerrugian sebesaar US$ 1,9 juuta pada Kwaartal I
tahun 2016.
EB
BITDA for 1H22016 amountss to US$ 20.3 million, a risee of
199% compared to the same period
p
last yeaar.
EBITD
DA selama semester I tahun 2016 sebesar
US$ 20,3
2 juta, naikk 19% dibandingkan periode yang sama pada
tahun lalu.
Asssets and Geearing
Aset ddan Gearing
Neet gearing fell to 52% as compared too 60% at endd of
1H
H2015.
Net gearing
g
turun menjadi 52%
% dibandingkaan 60% pada akhir
semesster I tahun 20015.
ndustry Outlo
ook
In
Seeveral oil and gas companies are now taaking advantaage
off the cost defllation in oil seervices to proocure tenders for
longer durations. However, because
b
of thee low demandd in
Support Vesseel (OSV) induustry, there iss a
the Offshore S
wnward trend in pricing as
a ship owners
nooticeable dow
coompete for thee few longer teerm contracts available.
Prosppek Industri
Beberrapa perusahhaan minyak dan gas seedang mengaambil
manfaaat dari penuurunan biaya di pelayanann minyak denngan
pengaadaan tender untuk periode yang lebih panjang. Nam
mun,
karena rendahnya permintaan di industri kapal pendukkung
lepas pantai (OSV)), terlihat jelass tren penurunan harga karena
para pemilik kapall bersaing unntuk kontrak-kkontrak berjanngka
p
yang tersedia.
lebih panjang
Globally, theree is more consensus now
w that oil pricces
T
seeem to have tuurned around and are movinng upwards. The
latest forecastss seem to poinnt to an equilibbrium in demaand
annd supply of oil sometime in late 2017, indicatingg a
strengthening ooil price towarrds 2018. Thee biggest imppact
onn the supply ooutlook comess from the shaarp cuts in cappital
exxpenditure thaat have happened since 20115 which will limit
global supply inncreases overr the next threee years. Woood
MacKenzie Ressearch has daata showing tootal cuts of upp to
S$ 310 billionn in capex sppend in 2015--2016 and upp to
US
US
S$ 1 trillion foor the period 2015-2020. This supportss a
grradually increaasing trend in oil prices in 2017
2
onwards as
cuut-backs in caapital spendingg will limit thee capacity of the
major oil compaanies to increaase productionn.
Di seeluruh dunia sekarang terddapat konsennsus bahwa harga
minyaak kelihatannyya telah berbalik dan sedaang bergerak naik.
Perkirraan terakhir kelihatan
k
menunjukkan adaanya keseimbaangan
antaraa permintaan dan penawaran minyak di sekitar akhir tahun
2017, yang mengindikasikan addanya penguaatan harga minyak
m
menjeelang tahun 2018.
2
Dampakk terbesar daari perkiraan suplai
s
berasal dari pemotongan tajam pembelanjaann modal yang telah
a
membataasi kenaikan suplai
s
terjadi sejak tahun 2015 yang akan
globall dalam tiga tahun
t
ke depaan. Wood MaacKenzie Research
memppunyai data yaang menunjukkkan pemotonngan pembelaanjaan
modal tersebut meencapai US$ 310 miliar ddalam kurun 20152016 dan mencapaai US$ 1 triliunn selama perioode 2015-20200. Hal
ini meendukung keecenderungan kenaikan haarga minyak pada
tahun 2017 ke depan
d
seiringg rendahnyaa kapasitas untuk
meninngkatkan prodduksi akibat pemotongan
p
b
belanja
modal yang
dilakuukan oleh peruusahaan-perussahaan minyaak besar.
With
W the stabillization of oill prices recenntly, there haave
beeen a few OS
SV tenders forr longer periods of 2 yearss or
more. We seee this as an indication thaat oil compannies
haave started too lock in loweer costs for oil services at the
cuurrent depresssed rates. This is consistent with our viiew
that the OSV charter ratess are near boottom. Howevver,
beecause of the lower demandd for offshore vessels, theree is
Dengaan adanya kestabilan hargaa minyak akhir-akhir ini, terrdapat
beberrapa tender OSV
O untuk perriode lebih paanjang dari 2 tahun
atau lebih. Kami melihat ini sebaagai indikasi bbahwa perusahaanperusahaan minyak telah mulai nyaman denngan biaya reendah
m
di tenggah kelesuan harga saat inni. Hal
untuk pelayanan minyak
ini koonsisten dengan pandangaan kami bahw
wa tarif sewa OSV
mendekati harga paling rendaah. Namun, karena rendaahnya
PT WINTERMAR OFFSH
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9
NO. 500/NL/VII/20016
still fierce com
mpetition for tenders
t
of loonger maturities.
Thherefore, althoough there are more tendders for work for
the rest of thhe year and early 2017, this does not
T
neecessarily impply that vesseel charter ratees will rise. The
OSV industry is still badly affected by expenditure
e
cutc
baacks by the producers annd explorers which will keeep
prressure on prricing for the rest of 2016 and throughh to
20017.
permintaan atas kaapal-kapal offsshore, masih teerdapat persaaingan
ketat untuk tenderr jangka panjaang. Oleh seebab itu, messkipun
t
ini dan awal
terdappat lebih banyyak tender saampai akhir tahun
tahun 2017, hal inni tidak berartti bahwa tariff sewa kapal akan
naik. Industri OSV
V masih terkeena dampak buruk
b
pemotoongan
belanjja modal olehh produsen daan pengekspllorasi minyak yang
akan tetap
t
menekaan harga samppai akhir tahunn 2016 dan seelama
tahun 2017.
Hoowever, in the longer term, theree are seveeral
deevelopment prrojects in Indoonesia which are
a scheduledd to
start operationss, and we exppect more tendering activityy in
20017 and 2018 which will inccrease vessel utilization.
Namuun demikian, dalam kurun waktu yanng lebih pannjang,
terdappat beberapaa proyek pengembangan ddi Indonesia yang
dijadw
walkan untuk memulai operasinya, dann kami perkirakan
lebih bbanyak aktivittas tender di tahun
t
2017 daan 2018 yang akan
meninngkatkan utilisasi kapal.
Sttrategy
Management ccontinues to focus on cost control whhile
q
standards. There weere
maintaining high safety and quality
a
a number of innitiatives in early 2016 to lower crew and
w
weree successfuully
shhore-based salaries, which
im
mplemented. We have extended our internatioonal
marketing effortts to bid for loonger term conntracts in Brunnei,
Middle East to
t lock in a loonger term caash
India and the M
floows, albeit at lower charteer rates. We believe that the
OSV market w
will stay weakk through 2017 and lag any
a
p
reecovery in oil prices.
Strategi
Manajjemen tetap fokus
f
pada peengendalian biaya
b
dengan tetap
memppertahankan standar
s
kesellamatan dan kualitas. Terrdapat
beberrapa ikhtiar paada awal tahuun 2016 untuuk menurunkaan gaji
awak kapal dan kaaryawan darat, yang telah berhasil
b
diteraapkan.
Kami telah mempeerluas upaya pemasaran internasional
i
untuk
warkan kontrrak yang lebihh panjang di Brunei, Indiaa dan
menaw
Timurr Tengah untuuk mengunci aliran kas yaang lebih pannjang,
sekalipun tarif sew
wanya lebih reendah. Kami yakin
y
bahwa pasar
OSV akan tetap leemah selama tahun 2017 dan tertinggaal dari
m
pemulihan harga minyak.
Our current coontracts on haand as at ennd June 20166 is
S$ 137million.
US
Nilai kontrak yangg kami miliki pada akhir Juni 2016 adalah
a
sebessar US$ 137 juuta.
For
F further infoormation, pleasse contact:
Untukk informasi lebbih lanjut, silahhkan hubungi :
PT WINTERMAR OFFSH
HORE MARINE Tbk
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1
Jakarta 115
560 Indonesia
Tel : 62 2
21 530 5201 / 2
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2 530 5203
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Pagee | 3
9
NO. 500/NL/VII/20016
Ms Pek
P Swan Laayanto
Innvestor Relatioons
PT Winterrmar Offshore Marine Tbk
Tel (62-21) 530 52011 Ext 401
@wintermar.com
m
Email: investoor_relations@
DISCLAIMER
D
Certain statements made in this publication involve a number
n
of risks annd uncertainties thaat could cause acttual results to diffeer materially from those projected. Certain
C
M
Tbk and Suubsidiaries (the Company) are based on management’ss expectations, estimates
sttatements relating tto business and opperations of PT Wintermar Offshore Marine
annd projections. Theese statements aree not guarantees off future performancce and involve riskks, uncertainties annd assumptions thaat are difficult to preedict. Certain stateements
arre based upon asssumptions as to futture events that maay not prove to be accurate. Therefore, actual outcomees and results may differ materially froom what is expressed or
foorecasted in such sstatements. The Coompany makes no commitment,
c
and disclaims
d
any duty, to update or revisee any of these stateements. This publiccation is for informaational
puurposes only and iss not intended as a solicitation or offerring of securities in any jurisdiction. Thhe information contained in this publiccation is not intendeed to qualify, suppllement
orr amend informatioon disclosed underr corporate and seecurities legislation of any jurisdictionn applicable to the Company and shoould not be relied upon for the purpose of
making
m
investment ddecisions concerninng any securities off the Company.
PT WINTERMAR OFFSH
HORE MARINE Tbk
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21 530 5201 / 2
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Pagee | 4
9
NO. 500/NL/VII/20016
(USD)
Direct expense
e
Deprreciation
Crew
wing
Operrations
Maintenance
Fuel Bunker
Charrter
Others
Total Direct expense
Indirect expenses
Administration
Deprreciation officee
Officee utility
Profeesional fee
Staff salary
Staff training & rec reation
Teleccomunicationn
Traveelling
Markketing
Donaation
Emplloyee Benefit
Total In
ndirect expen
nses
1H
2016
1H
2015
1H-20166 vs 1H-20155
Chang e
%
14,058,448
6,009,443
2,030,543
2,2214,279
770,544
11,740,035
1,2260,393
38,083,684
13,675,742
8,373,158
2,149,926
2,763,469
2,218,650
11,257,122
4,629,257
45,067,324
3822,706
(2,3633,715)
(1199,384)
(5499,189)
(1,4488,106)
4822,913
(3,3688,864)
(6,9833,639)
3%
-228%
-6%
-220%
-665%
4%
-773%
-115%
73,658
102,461
2
266,272
184,934
2,899,243
67,212
29,259
112,864
309,915
8,954
302,006
4,356,777
133,849
130,729
421,961
167,518
3,585,776
85,544
42,983
151,674
442,175
8,685
378,390
5,549,285
(600,191)
(288,268)
(1555,689)
177,415
(6866,533)
(188,332)
(133,724)
(388,810)
(1322,260)
269
(766,385)
(1,1922,508)
-445%
-222%
-337%
1
10%
-119%
-221%
-332%
-226%
-330%
3%
-220%
-221%
PT WINTERMAR OFFSH
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9
NO. 500/NL/VII/20016
SUMMARY PROFIT AND
A LOSS
S (1H-2016 vs 1H-2015)
PT WINT
TERMAR OFFS
SHORE MARIN
NE TBK AND SUBSIDIARIES
S
S
(USD)
1H
H
20116
PROFIT AND LOSS
Revenuee
Owneed vessel
32,,954,975
Charttering
13,,721,236
1,,860,874
Otherrs
48,,537,084
Total Reevenue
36,686,074
12,345,604
4,815,273
53,846,951
(3,7311,100)
1,3755,632
(2,9544,400)
(5,3099,867)
-110%
1
11%
-661%
-110%
Direct exxpense
Owneed vessel
Chartter
Otherrs
Total Dirrect expense
Gross profit
25,,083,257
11,,740,035
1,,260,393
38,,083,684
10,,453,400
29,180,945
11,257,122
4,629,257
45,067,324
8,779,628
(4,0977,688)
4822,913
(3,3688,864)
(6,9833,639)
1,6733,773
-114%
4%
-773%
-115%
1
19%
Gross prrofit - owned veessel
Gross prrofit - charteringg
Gross prrofit - others
7,,871,718
1,,981,201
600,481
7,505,129
1,088,482
186,017
3666,589
8922,719
4144,464
5%
8
82%
2223%
Total Ind
direct expensees
Operatin
ng profit
4,,356,777
6,,096,623
5,549,285
3,230,343
(1,1922,508)
2,8666,280
-221%
8
89%
Other income (expensses)
Intereest expenses
Intereest income
Equityy in net earningg of associates
Net - Gain (loss) on sale of fixed asssets
Forexx gain (loss)
Otherrs
Total Other income (eexpenses)
Net inco
ome (loss) befo
ore tax
Total taxx expenses
(4,,527,270)
51,685
569,612
(2,,015,812)
32,629
(12,297)
(5,,901,453)
195,170
(
(670,902)
(4,920,101))
188,813
133,214
36,788
106,652
(133,329))
(4,587,963))
(1,357,620))
(803,733))
3922,831
(1377,128)
4366,398
(2,0522,600)
(744,023)
1211,032
(1,3133,491)
1,5522,790
1322,831
-8%
-773%
3228%
-55880%
-669%
-991%
Income (loss) before non
n controllin
ng interest
Non con
ntrolling intereest
((475,732)
150,882
(2,161,353))
(1,496,128))
1,6855,620
1,6477,010
7
78%
1110%
NET INC
COME (LOSS) ATTRIBUTAB
BLE TO
SHAREH
HOLDERS
(
(626,614)
(665,225))
388,611
6%
20,,257,532
17,036,814
3,2200,718
1
19%
(0.016)
-2.0
(0.016))
-2.22
0.00
0.20
6%
9%
EBITDA
Weighteed Average EP
PS - USD Centss
Weighteed Average EP
PS - Equivalent to IDR
1H
2015
1H-20166 vs 1H-2015
Changee
%
1114%
-117%
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