NO. 32/NL/XI/2013
NEWSLETTER # 32 28th November 2013
WINS EBITDA jumps 60%YOY for 9M2013 to US$45.8million 45.8million on 54% revenue growth and gross margin expansion, supported by fleet expansion of 12 new higher value vessels in FY2013
EBITDA WINS naik 60% menjadi US$45,8juta dengan pertumbuhan pendapatan 54% dan ekspansi marjin laba kotor, didukung oleh tambahan 12 kapal higher value selama tahun 2013.
Owned vessels WINS' strategy of adding to higher value fleet has pushed owned vessel revenues up by 42%YOY in 9M2013, while margins on owned vessels expanded from 46% in the same period last year to 51% in the period under review. In line with stronger demand for offshore support pport vessels(OSV) in Indonesia this year following the rise in offshore exploration activities, WINS has revised up our fleet expansion to 12 new vessels against the original plan of only 8 new vessels. Furthermore, the strict implementation of the cabotage law since 1 January this year has limited the supply of available Indonesian flagged vessels, thus resulting in higher domestic charter rates. By end September, WINS had taken delivery of 11 new vessels: 1 unit Platform Supply Vessel (PSV), 1 unit 5000BHP Anchor Handling Tug and Supply (AHTS), 4 units Fast Utility Vessels (FUVs), 4 units Anchor Handling Tug (AHT) and 1 unit Heavy Load Barge (HLB). In October WINS took delivery of another 1 unit of 8000BHP AHTS. The total capital expenditure was US$90million 90million for the 12 vessels, which were financed by equity and bank debt. The sharp increase in revenue resulted in 9 months 2013 gross profit up by 64% to US$40.8million, 40.8million, as compared to US$ 24.9million in 2012. Higher value vessels now account for 60% of our total fleet in numbers compared to 50% at the end of 2012. 2012 This reversal in fleet composition has also contributed to an improvement in gross profit margin for owned vessels to 51.0%.The average utilization rate remains at 75% . These results are the fruits of management strategy to increase the value added vessels in our fleet.
Kapal milik Strategi penambahan kapal baru WINS telah mendorong kenaikan pendapatan kapal milik sebesar 42% dibandingkan periode 9 bulan tahun lalu, sementara marjin kapal kapa milik meningkat dari 46% menjadi 51% dalam periode yang ditelaah. Seiring dengan penguatan permintaan atas kapal jenis offshore support vessel (OSV) di Indonesia pada tahun ini setelah adanya peningkatan aktivitas eksplorasi lepas pantai, WINS telah merevisi visi ekspansi armadanya menjadi 12 kapal dari rencana awalnya sebanyak 8 kapal baru. Selanjutnya, penerapan asas cabotage law yang ketat sejak 1 Januari tahun ini telah mengurangi ketersediaan kapal berbendera Indonesia, sehingga tarif lokal menjadi lebih tinggi. Pada akhir September, WINS telah menerima 11 kapal baru : 1 unit Platform Supply Vessel (PSV), 1 unit 5000BHP Anchor Handling Tug and Supply (AHTS), 4 unit Fast Utility Vessels (FUVs), 4 unit Anchor Handling Tug (AHT) dan 1 unit Heavy Load Barge (HLB). Pada Oktober, WINS juga telah menerima 1 unit AHTS 8000BHP. 8000BHP Total pengeluaran modal sebesar US$ 90 juta untuk pembelian 12 kapal, yang dibiayai dengan modal sendiri dan pinjaman bank. Kenaikan tajam pendapatan menghasilkan meningkatnya laba kotor kot periode sembilan bulan tahun 2013 naik 64% menjadi US$ 40,8 juta dibandingkan dengan US$ 24,9 juta periode lalu. Kapal yang bernilai lebih tinggi sekarang mewakili 60% dari total jumlah kapal dibandingkan dengan 50% pada akhir 2012. Perubahan komposisi armada ini juga menyumbang perbaikan pada marjin laba kotor dari kapal milik menjadi 51,0% meskipun tingkat utilisasi kapal tetap 75%. Hasil ini adalah buah dari strategi manajemen untuk menambah kapal bernilai tinggi dalam armada.
Chartered vessels There has been a pick up in drilling activity in deep water concessions and this has led to an 82% jump in chartered vessel revenue in 9M2013 to US$54.5million 54.5million compared to
Kapal sewa Telah terjadi peningkatan aktivitas pengeboran di konsesi laut dalam dan telah mendorong melonjaknya pendapatan kapal sewa 82% menjadi US$ 54,5 juta pada periode 9 bulan 2013
PT WINTERMAR OFFSHORE MARINE Tbk Jl Kebayoran Lama No 155 Jakarta 11560 Indonesia Tel : 62 21 530 5201 / 2 Fax : 62 21 530 5203 www.wintermar.com
NO. 32/NL/XI/2013
US$ 29.8million in the same period last year. The implementation of cabotage in 2013 has resulted in an improvement in gross margin from 5.4% % to 6.2% 6. this period, leading to a doubling of gross profit from chartering to US$3.4million in the first 9 months of 2013 compared to the same period in the previous year.
dibandingkan US$ 29,8 juta periode lalu. Implementasi asas cabotage pada tahun 2013 telah te menghasilkan perbaikan marjin laba kotor dari 5.4% menjadi 6.2% 6. pada periode ini, sehingga melipatgandakan laba kotor chartering menjadi US$3,4 3,4 juta pada periode 9 bulan tahun 2013 dibandingkan periode yang sama tahun lalu..
Gross Profit The strong growth in owned as well as chartered vessel revenues this year has pushed our total gross profit for the first 9 months of 2013 to US$ 40.8 million, million an increase of 64% from US$ 24.9 million last year. The strength in the US dollar exchange rate against the Indonesian Rupiah has also widened our margins as most of our personnel and head office costs are in Rupiah whereas our revenue and loans are all in US$. Gross margins were up in all segments of our business, leading to a blended gross margin of 31.2%, as compared to 29.3% in 9M2012.
Laba Kotor Pertumbuhan yang kuat pada pendapatan kapal milik dan kapal sewa pada periode ini telah mendorong total laba kotor pada periode sembilan bulan 2013 menjadi US$ 40,8 juta, naik 64% dari US$ 24,9 juta periode lalu. Menguatnya nilai tukar US dollar terhadap Rupiah telah memperbebesar marjin karena sebagian besar beban personil dan beban kantor dalam mata uang Rupiah sedangkan pendapatan dan pinjaman dalam mata uang ang US dollar. Marjin laba kotor pada semua segmen usaha mengalami kenaikan, sehingga menghasilkan total marjin kotor 31,2% dibandingkan 29,3% pada periode 9 bulan 2012.
Indirect expenses Indirect expenses rose by 29%, largely from higher staff costs, marketing and professional fees. This is in line with our stated strategy to build up our operational capability to take on more high value vessels, through investing in human capital. Despite the cost increases, the strong growth of revenue outpaced the rise in costs, resulting in a rise in our operating margins to 25% from 22% for the same period in the previous year. At the operating level, profit increased by 75% from US$18.6million in 9M2012 to US$32.7million 32.7million in 9M2013.
Beban tidak langsung Beban tidak langsung naik 29% % sebagian besar karena beban karyawan, pemasaran dan profesional. Ini sesuai dengan strategi untuk membangun kemampuan operasional dalam menangani kapal high value yang lebih banyak, melalui investasi pada human capital. capital Meskipun beban meningkat, namun tingginya pertumbuhan pendapatan melampaui laju kenaikan beban, sehingga marjin laba operasi naik menjadi 25% dibandingkan 22% pada periode yang sama tahun lalu. Padaa level operasi, laba naik 75% dari US$ 18,6 juta pada periode 9 bulan 2012 menjadi US$ 32,7 juta pada periode 9 bulan 2013.
Other income/(expenses) The higher capital expenditure associated with our increased fleet expansion plan was funded through internally generated cash as well as bank loans. Interest expenses therefore rose accordingly by 65% from US$ 3.2 million to US$ 5.8 million as loans were drawn down.. During the 3rd quarter we sold an old vessel at a loss to raise cash for the reinvestment into our revised fleet expansion plan, therefore there was a loss in sale of fixed asset for the 9 months of US$ 1.11 million for the first 9 months of 2013, as compared ared to a gain of US$1.8million in 9M2012.
Pendapatan/biaya lain Pengeluaran modal yang lebih besar sehubungan dengan rencana ekspansi armada telah didanai melalui kas yang dihasilkan internal dan pinjaman bank. Beban bunga menjadi naik 65% dari US$ 3,2 juta uta menjadi US$ 5,8 juta karena penambahan pinjaman. Pada kwartal ketiga, kapal yang lebih tua dijual rugi untuk memperoleh kas dalam rangka reinvestasi membiayai rencana ekspansi yang direvisi, rugi penjualan kapal selama periode 9 bulan sebesar US$ 1,1 juta sementara pada periode 9 bulan 2012 201 memperoleh laba sebesar US$ 1,8 juta.
Net profit and EBITDA Net Profit attributed to shareholders has increased by 27% yoy to US$ 18.3 million while EBITDA has risen by 60% from US$ 28.5 million last year to US$ 45.8 million this period.
Laba bersih dan EBITDA Laba bersih yang teratribusikan untuk pemegang saham tumbuh 27% menjadi US$ 18,3 ,3 juta dan EBITDA tumbuh 60% dari US$ 28,5 juta menjadi US$ 45,8 juta pada periode ini.
Earnings per share for 9M2013 amounted to Rupiah Laba per saham selama periode 2013 ekuivalen dengan equivalent of Rp 58 which is an increase of 25% from the Rupiah sebesar Rp 58 mengalami kenaikan 25% PT WINTERMAR OFFSHORE MARINE Tbk Jl Kebayoran Lama No 155 Jakarta 11560 Indonesia Tel : 62 21 530 5201 / 2 Fax : 62 21 530 5203 www.wintermar.com
NO. 32/NL/XI/2013
previous corresponding period in 2012.
dibandingkan periode yang sama tahun 2012.
Total Assets and Gearing The carrying value of our fleet amounts to US$ 281.5 million or 72% of total assets of US$ 390.4 million. This reflects an increase of 15.2% year on year in total assets. The disbursement of loans to finance our investment in high value vessels has meant our Net Debt to Equity ratio at 30 September 2013 is 59% % compared to 52% at year end 2012.
Total Aset dan Gearing Total nilai tercatat armada sebesar US$ 281,5 juta mewakili 72% % dari total aset yang mencapai US$ 390.4 juta Total aset mengalami kenaikan sebesar 15,2%. Pencairan pinjaman untuk membiayai investasi high value vessels mengakibatkan rasio Net Debt to Equity pada akhir September 2013 menjadi 59% % dibandingkan 52% pada akhir tahun 2012.
Outlook Since the beginning of 2013, the demand for offshore support vessels(OSV) has been strong, particularly in the higher value OSV segment as the cabotage law has been strictly implemented in this segment.. There is a high level of activity in deepwater drilling which feeds demand for higher value vessels, in particular vessels with Dynamic Positioning capability. However, as the industry is still at a very ver early exploration phase, the tenure of deepwater contracts is still short. The limited supply of high value OSVs flying the Indonesian flag has led to firmer rates across the high value segment of the market, which are at a premium to global charter ratess for the same class of vessels. There has admittedly been some delay in awards of longer term contracts due to the change in leadership at the upstream regulator, SKK Migas. However, we continue to be optimistic on the outlook for our business and our fleet expansion strategy is still very much on track.
Outlook Sejak awal tahun 2013, permintaan atas kapal pendukung lepas pantai(OSV) menguat, khususnya khusus dalam segmen OSV yang nilai tinggi, teristimewa karena implementasi yang ketat atas asas cabotage pada segmen gmen ini. Adanya aktivitas yang tinggi pada pengeboran laut dalam mendorong permintaan pada kapal-kapal kapal yang bernilai lebih tinggi, khususnya kapalkapal kapal berkemampuan Dynamic Positioning. Namun karena ini masih dalam tahap eksplorasi, tenor kontrak-kontrak kontrak laut dalam masih pendek. Suplai kapal-kapal OSV berbendera Indonesia yang terbatas mengakibatkan tingginya tarif-tarif tarif segmen kapal bernilai tinggi di pasar, yang merupakan tarif premium dibandingkan tarif sewa secara global untuk jenis kapal yang berkelas sama. ma. Memang diakui ada beberapa penundaan dalam pemberian kontrak yang lebih panjang sehubungan dengan perubahan pimpinan dalam pengatur industri minyak hulu, SKK Migas. Namun, kami tetap optimis mengenai prospek bisnis ini dan ekspansi masih sesuai dengan rencana.
Contract Kontrak At 31 October 2013, the total value of contracts in hand is Pada 30 September 2013, nilai kontrak yang telah diperoleh US$ 175 million. adalah US$ 175 juta. For further information, please contact:
Untuk informasi lebih lanjut, silakan hubungi: Ms Pek Swan Layanto Investor Relations
[email protected]
PT WINTERMAR OFFSHORE MARINE Tbk Jl Kebayoran Lama No 155 Jakarta 11560 Indonesia Tel : 62 21 530 5201 / 2 Fax : 62 21 530 5203 www.wintermar.com
NO. 32/NL/XI/2013
SUMMARY PROFIT AND LOSS (YTD Q3-2013 vs YTD Q3-2012) PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (USD)
YTD YTD Q3-2013
YTD YTD Q3-2012
2013 vs 2012 Change %
PROFIT AND LOSS Revenue Owned vessel Chartering Others Total Revenue
68,775,799 54,451,441 7,561,055 130,788,295
48,285,982 29,847,634 6,907,812 85,041,427
20,489,817 24,603,807 653,243 45,746,868
42% 82% 9% 54%
Direct expense Owned vessel Charter Others Total Direct expense Gross profit
33,698,192 51,054,569 5,237,908 89,990,669 40,797,626
25,877,020 28,225,963 5,987,722 60,090,705 24,950,723
7,821,172 22,828,607 (749,814) 29,899,965 15,846,903
30% 81% -13% 50% 64%
Gross profit - owned vessel Gross profit - chartering Gross profit - others
35,077,607 3,396,872 2,323,147
22,408,961 1,621,671 920,090
12,668,645 1,775,200 1,403,057
57% 109% 152%
Total Indirect expenses Operating profit
8,119,138 32,678,488
6,307,817 18,642,906
1,811,322 14,035,581
29% 75%
Other income (expenses) Interest expenses Interest income Income from associate Gain on sale of fixed asset Forex gain (loss) Others Total Other income (expenses) Net income before tax Total tax expenses Income before non controlling interest Non controlling interest
(5,821,583) 117,543 1,432,199 (1,063,728) 65,615 (463,729) (5,733,682) 26,944,805 (2,164,891) 24,779,914 6,451,709
(3,527,765) 519,775 2,720,103 1,756,227 (172,119) (36,308) 1,259,913 19,902,820 (1,803,981) 18,098,838 3,613,833
(2,293,818) (402,232) (1,287,904) (2,819,955) 237,734 (427,421) (6,993,596) 7,041,986 (360,910) 6,681,076 2,837,877
65% -77% -47% -161% -138% 1177%
NET INCOME
18,328,205
14,485,006
3,843,199
27%
EBITDA
45,863,214
28,587,669
17,275,545
60%
0.50 58.0
0.40 46.6
0.10 11.40
25% 25%
Weighted Average EPS - USD Cents Weighted Average EPS - Equivalent to IDR
PT WINTERMAR OFFSHORE MARINE Tbk Jl Kebayoran Lama No 155 Jakarta 11560 Indonesia Tel : 62 21 530 5201 / 2 Fax : 62 21 530 5203 www.wintermar.com
35% 20% 37% 79%
NO. 32/NL/XI/2013
Revenue - USD Million
Gross Profit Margin - % 130.8
51.0% 46.4%
85
31.2% 29.3%
30.7%
68.8 48.3
54.5 13.3%
29.8 7.6 Own vessel
Chartering YTD Q3-2013
6.2%
6.9 Total
Others
Own vessel
YTD Q3-2012 2012
5.4%
Chartering YTD Q3-2013 2013
Own Vessel Revenue % - YTD Q3-2013 Q3
Others YTD Q3-2012
Own Vessel Gross Profit Margin - % YTD Q3 Q3-2013
Low tier, 13%
High tier, 43%
Average
59% 47% 38%
Mid tier, 44% Low tier
Own Vessel Utilisation Rate 81% 65%
High tier
Own Vessel Utilisation & Margin
95% 84%
Mid tier
75%
75% 80%
69%
51.0%
Low tier
Mid tier
YTD Q3-2013
High tier
YTD Q3-2012
YTD Q3-2013
46.4%
YTD Q3-2012
Utilisation
GPM
DISCLAIMER Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ differ materially from those projected. Certain statements relating to business and operations of PT Wintermar Winte Offshore Marine Tbk andd Subsidiaries (the Company) are based on management’s expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that that are difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ diff materially from what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these statements. This publication is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement su or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to the Company and should should not be relied upon for the purpose of making investment decisions concerning any securities of the Company. Company
PT WINTERMAR OFFSHORE MARINE Tbk Jl Kebayoran Lama No 155 Jakarta 11560 Indonesia Tel : 62 21 530 5201 / 2 Fax : 62 21 530 5203 www.wintermar.com
