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 D juga dipengaruhi oleh Pendaapatan dari Chartering Division 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
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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
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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
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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
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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 ndirect expen ses To tal In
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
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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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