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 % pada semeester I tahun 2016 Bebann tidak langsuung turun 21% 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 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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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 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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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
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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 www.wintermar.com
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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
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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 13,,721,236 Charttering 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
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