NO. 36/NL/IV/2014
NEWSLETTER # 36 28 April 2014
WINS recorded 30% growth in net profit to US$7.6 million for 1Q2014 compared to 1Q2013 on 16% revenue growth. EPS was UScents 0.21
Laba WINS naik 30% menjadi US$7,6 juta selama Kwartal I 2014 dibandingkan Kwartal I 2013 sebagai hasil dari pertumbuhan pendapatan sebesar 16%. EPS menjadi 0,21 USsen
Revenue - USD Million
Gross Profit Margin - % 45.5 39.2
57.5% 51.0%
26.2
36.0%
18.5
17.3 18.6 8.8%
2 Own vessel
Chartering Q1-2014
2.1
Others
Total
Own vessel
Q1-2013
38.0% 29.6%
28.9%
6.7%
Chartering Q1-2014
Others
Average
Q1-2013
Owned vessels Revenue from owned vessels rose 42%YOY to US$26.2 million as new higher tier vessels acquired during the course of 2013 started contributing. Gross margins on Owned Vessels rose to 57.5%, helped by a higher proportion of higher value vessels coupled with the strength of the US Dollar. We took delivery of one Anchor Handling Tug during the first quarter. Gross Profit from Owned Vessels recorded a 60% increase YOY compared to the first quarter 2013.
Kapal milik Pendapatan dari Kapal Milik naik 42% YOY karena kapal bernilai lebih tinggi yang dibeli pada tahun 2013 mulai memberikan kontribusi. Laba bruto kapal milik naik menjadi 57,5% disebabkan oleh proporsi kapal bernilai tinggi yang lebih besar dan penguatan US Dollar. Ada 1 unit Anchor Handling Tug (AHT) baru yang diterima pada kwartal pertama. Laba bruto Kapal Milik mencatat kenaikan 60% dibandingkan kwartal pertama tahun 2013.
Chartered vessels Revenues from Chartering were down 7% compared to the first quarter 2013, as expected. However, gross profit from this Division increased 21% YOY to US$ 1.5 million, working out to margins of 8.8%. We expect the Chartering business to slow as we focus our marketing efforts on the new vessels in our fleet this year.
Kapal Sewa
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
Pendapatan dari Chartering turun 7% dibandingkan dengan kwartal pertama tahun 2013, seperti yang sudah kami prediksikan. Laba bruto dari Divisi ini naik 21% dibandingkan periode sebelumnya menjadi US$ 1,5 juta dengan marjin 8,8%. Kami memang memperkirakan bisnis Chartering ini menurun karena kami memfokuskan pemasaran untuk kapal-kapal baru dalam armada kami pada tahun ini.
NO. 36/NL/IV/2014
Gross Profit In total, gross profit reached US$17.4 million, a 53% jump as compared to the corresponding quarter in 2013. This was largely driven by the Owned Vessel Division which accounted for 87% of total gross profit.
Laba Bruto Secara total, laba bruto mencapai US$ 17,4 juta atau naik 53% dibandingkan kwartal yang sama tahun 2013. Pertumbuhan ini sebagian besar didorong oleh Divisi Kapal Milik yang menyumbangkan 87% dari total laba bruto.
Indirect expenses and operating profit Indirect costs rose by only 12% YOY for the quarter to US$14.2 million, with personnel costs again making up the bulk of the increase The rise in personnel costs was offset by a fall in professional fees.
Beban tidak langsung Beban tidak langsung naik 12% dibandingkan kwartal sebelumnya menjadi US$ 14,2 juta, dimana beban personil yang menjadi penyebab utama kenaikan tersebut. Kenaikan beban personil terimbangi oelh penurunan beban profesional. Dengan demikian laba operasi mencatat kenaikan tajam 61% menjadi US$ 13.9 juta pada kwartal I 2014 dibandingkan tahun sebelumnya. Marjin operasi meningkat menjadi 31% dibandingkan 21% tahun 2013.
Operating profit therefore recorded a sharp increase of 61% to US$13.9 million in 1Q 2014 compared to the preceding year. Operating margin was high at 31% against 21% in 2013. Other income/(expenses) Because of higher bank borrowings associated with the fleet expansion program in 2013, interest expenses rose by 55% to US$2.5 million. There were no vessel sales in the quarter, and income from associated companies fell to US$123,905 compared to US$695,361 in 1Q2013. This resulted in Other expenses of US$2.4 million for 1Q2014, as compared to US$223,196 in 1Q2013.
Pendapatan/biaya lain Karena bertambahnya pinjaman bank sehubungan dengan ekspansi armada pada tahun 2013, beban bunga meningkat 55% menjadi US$ 2,5 juta. Tidak ada penjualan kapal pada kwartal ini, dan laba entitas asosiasi turun menjadi US$ 123,905 dibandingkan US$ 695.361 pada kwartal I tahun 2013. Hal ini mengakibatkan Beban lainnya menjadi US$ 2,4 juta selama kwartal I 2014 dibandingkan dengan US$ 223.196 pada kwartal I 2013.
Net income before tax was 30% higher at US$7.6 million compared to US$5.8 million in 1Q2013.
Laba bersih 30% lebih tinggi menjadi US$ 7,6 juta dibandingkan US$ 5,8 juta pada kwartal I 2013.
Net profit and EBITDA In the first quarter of 2014, Net Profit attributable to shareholders was US$7.6 million, a 30% increase over the same quarter in 2013. EBITDA has risen by 55% from US$12.4 million to US$19.1 million in 1Q 2014.
Laba bersih dan EBITDA Pada kwartal pertama tahun 2014, Laba Bersih yang diatribusikan kepada pemegang saham sebesar US$ 7,6 juta, suatu kenaikan 30% dibandingkan periode yang sama tahun 2013. EBITDA naik 55% dari US$ 12,4 juta menjadi US$ 19,1 juta pada kwartal I 2014.
Earnings per share for the first quarter was 0.21 US cents, which is equivalent to Rp24, compared to US cents 0.16 in 2013 or Rp16 in 1Q2013. This is an increase of 36% in US dollar terms and 61% in Rupiah terms.
Laba per saham selama kwartal pertama 0,21 sen US$, yang setara dengan Rp 24, dibandingkan 0,16 sen US$ atau Rp 16 pada kwartal I 2013. Ini merupakan kenaikan 36% dalam US$ dan 61% dalam Rupiah.
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. 36/NL/IV/2014
Total Assets and Gearing By the end of 1Q2014, Total Assets rose to US$466million as compared to US$422 million as at end 2013.The carrying value of our fleet amounted to US$294 million.
Total Aset dan Gearing Pada akhir kwartal I 2014, Total Aset naik menjadi US$ 466 juta dibandingkan US$ 422 juta pada akhir tahun 2013. Nilai tercatat armada kami sebesar US$ 294 juta.
Net gearing was 86% at the end of March 2013, compared to 69% at end 2013.
Net gearing 86% pada akhir Maret 2013, dibandingkan 69% pada akhir tahun 2013.
Outlook The first half of 2014 is likely to be dominated by the ongoing Indonesian parliamentary and presidential elections. As a result we would expect there to be continued delays in the commencement of large oil and gas projects in the country which need governmental approvals. However, we are optimistic on the longer term prospects for oil and gas activity, particularly with the strong outlook for exploration in new offshore concessions which would bode well for the OSV industry in Indonesia.
Prospek Semester pertama tahun 2014 akan didominasi oleh berlangsungnya pemilihan dewan perwakilan rakyat dan pemilihan presiden. Dengan demikian, kami memperkirakan berlanjutnya penundaan dimulainya proyek-proyek besar minyak dan gas di negara ini yang membutuhkan persetujuan pemerintah. Namun, kami optimis atas prospek jangka panjang aktivitas minyak dan gas, khususnya prospek bagus untuk eksplorasi di konsesi lepas pantai baru yang akan menjadi pertanda baik bagi industri OSV di Indonesia.
Contracts At 31 March 2014, the total value of contracts in hand is US$ 152 million.
Kontrak Pada 31 Maret 2014, nilai kontrak yang telah diperoleh adalah US$ 152 juta.
For further information, please contact:
Untuk informasi lebih lanjut, silakan hubungi: Ms Pek Swan Layanto Investor Relations
[email protected]
DISCLAIMER Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating to business and operations of PT Wintermar Offshore Marine Tbk and 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 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 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 or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the 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
NO. 36/NL/IV/2014
(USD)
Q1 2014
Q1 2013
PROFIT AND LOSS Revenue Owned vessel Chartering Others Total Revenue
26,191,373 17,328,695 1,985,249 45,505,317
18,509,623 18,579,153 2,080,596 39,169,373
7,681,750 (1,250,459) (95,347) 6,335,944
42% -7% -5% 16%
Direct expense Owned vessel Charter Others Total Direct expense Gross profit
11,139,200 15,807,347 1,270,241 28,216,788 17,288,529
9,072,750 17,326,074 1,465,183 27,864,007 11,305,366
2,066,451 (1,518,727) (194,942) 352,781 5,983,163
23% -9% -13% 1% 53%
Gross profit - owned vessel Gross profit - chartering Gross profit - others
15,052,173 1,521,348 715,008
9,436,874 1,253,079 615,413
5,615,299 268,269 99,595
60% 21% 16%
Total Indirect expenses Operating profit
3,393,385 13,895,144
3,022,206 8,283,160
371,179 5,611,984
12% 68%
Other income (expenses) Interest expenses Interest income Equity in net earning of associates Net - Gain (loss) on sale of fixed assets Forex gain (loss) Others Total Other income (expenses) Net income before tax Total tax expenses Income before non controlling interest Non controlling interest
(2,470,444) 53,930 123,905 1,065 (93,033) (26,188) (2,410,765) 11,484,379 (739,430) 10,744,949 3,138,263
(1,589,505) 50,087 695,361 470,989 47,158 102,713 (223,196) 8,059,964 (648,089) 7,411,875 1,580,315
(880,939) 3,843 (571,456) (469,924) (140,191) (128,901) (2,187,569) 3,424,415 (91,341) 3,333,074 1,557,947
55% 8% -82% -100% -297% -125%
7,606,686
5,831,560
1,775,126
30%
19,113,316
12,355,279
6,758,038
55%
0.21 24
0.16 16
0.05 8.30
30% 53%
NET INCOME EBITDA 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
Q1-2014 vs Q1-2013 Change %
42% 14% 45% 99%
NO. 36/NL/IV/2014
Own Vessel Revenue % - Q1-2014
Own Vessel Utilisation & Margin 75% 68%
Low tier, 10%
57.5%
51.0%
High tier, 48%
Mid tier, 42% Q1-2014
Q1-2013
Utilisation
Q1-2014 -Direct Expenses - Own Vessel Maintenance 9% Operations 7%
Crewing 33%
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
Q1-2013 - Direct Expenses - OwnVessel Maintenance Operations 11% 7%
Fuel Bunker 5%
GPM
Depreciation 46%
Fuel Bunker 5%
Depreciation 44%
Crewing 33%
