NEWSLETTER # 33 25 Mar 2014 WINS net profit for FY2013 up 34% to US$27 million YOY, EBITDA jumps 62%YOY to US$65.4 million on 50% revenue growth Laba WINS 2013 naik 34% menjadi US$27 juta, EBITDA meningkat tajam 62% menjadi US$ 65,4 juta sebagai hasil dari pertumbuhan pendapatan sebesar 50% Revenue - USD Million 2013 2012 186.7 124.1 98.8 65.3 78.2 45.7 9.8 13.11 51.4 Gross Profit - USD Million 2013 2012 57.8 30.0 5.2 2.6 1.2 2.4 35.1 Own vessel Chartering Total Own vessel Chartering Total Owned vessels WINS s accelerated fleet expansion in 2013 drove gross profit from Owned Vessels up by 71% YOY to US$51.4million on revenue growth of 50%. Rising charter rates and the strength of the USD against the Rupiah underpinned gross margin expansion in an environment of strong demand for offshore vessels. A total of 12 vessels were delivered, 7 in the first half and 5 in the second half of the year, adding up to USD90million of total capex. New vessels comprised : 1 unit Platform Supply Vessel, 1 unit 8000 BHP AHTS, 1 unit 5000 BHP AHTS, 1 unit Heavy Load barge, 4 units Fast utility vessels and 4 units Anchor Handling Tugs. Cabotage implementation in 2013 for offshore operations support vessels of 5000 BHP and higher, including Platform Support Vessels and Dynamic Positioning vessels, means that all our fleet is now fully covered under the cabotage law. Domestic rates have therefore risen vis a vis international rates as supply of Indonesian flagged vessels has become restricted. Chartered vessels Higher demand for deepwater drilling has also contributed to a pickup in our chartering business, which has seen a 71% jump in revenues to US$78.1 million and nearly doubling of profit to Kapal milik Percepatan ekspansi armada tahun 2013 mendorong laba bruto naik 71% menjadi US$ 51,4 juta sebagai hasil dari pertumbuhan pendapatan sebesar 50%. Kenaikan tarif sewa dan penguatan USD atas Rupiah semakin memperlebar marjin dalam tingginya permintaan atas kapal-kapal offshore. Dari total 12 kapal yang diterima, 7 kapal dalam semester pertama dan 5 kapal dalam semester kedua dengan sehingga meningkatkan jumlah capex menjadi sebesar US$ 90 juta. Kapal-kapal baru tersebut terdiri dari 1 unit Platform Supply Vessel, 1 unit AHTS 8000BHP, 1 unit AHTS 50000 BHP, 1 unit Heavy Load Barge, 4 unit Fast Utility Vessel dan 4 unit Anchor Handling Tugs. Implementasi dari cabotage pada tahun 2013 di sektor kapal- kapal offshore pada kelas 5000 BHP dan lebih, termasuk Platform Supply Vessel dan Dynamic Positioning Vessel, telah membuat semua kapal-kapal kami di bawah naungan cabotage law. Tarif sewa domestik menjadi naik dibandingkan tarif internasional karena ketersediaan kapal berbendera Indonesia menjadi terbatas. Kapal sewa Permintaan yang lebih tinggi atas pengeboran laut dalam (deepwater) juga telah berkontribusi menunjang bisnis kapal sewa, dimana terjadi kenaikan 71% pendapatan menjadi
US$5.2million for FY2013. However, these contracts are mainly on short term tenures given the high proportion of exploration activity, and we are not expecting the same growth in 2014 as we focus our efforts on our new Owned Vessel fleet. The implementation of cabotage in 2013 has also reduced the number of vessels available for chartering. Gross Profit Total gross profit showed growth of 65% owing to very strong result from Owned Vessels, as margins improved significantly compared to the previous year, particularly in the higher value segment of the market. Indirect expenses and operating profit Indirect costs saw more modest growth of 31% to US$11 million, mainly from personnel related costs. Our continued efforts to develop our human capital and build out our internal infrastructure in anticipation of scaling up meant higher indirect expenses, primarily from staffing and development of personnel. We have built up a stronger network of vessel teams to be able to handle a larger number of high value vessels. However, the increase in indirect cost was more than offset by higher gross profit, resulting in a 76% YOY jump in operating profit to US$46.7million. Other income/(expenses) The higher capital expenditure associated with our increased fleet expansion plan was funded throughh internally generated cash as well as bank loans. Interest expenses therefore rose accordingly by 49% from US$ 5.6 million to US$ 8.4 million as loans were drawn down. In Q3-2013 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 of US$ 1 million FY2013, as compared to a gain of US$1.8million in 2012. Net profit and EBITDA Net Profit attributed to shareholders has increased by 34% YOY to US$ 27 million while EBITDA has risen by 62% from US$ 40.4 million last year to US$ 65.4 million this period. Earnings per share for FY2013 amounted to US$ 0.74 cent or Rp 90 which is an increase 32% in US$ term from the previous corresponding period in 2012. Total Assets and Gearing Total Assets amount to US$ 422.2 million with our fleet valued at US$299 million as at end 2013 compared to US$232.6 US$78,1 juta dan hampir melipatgandakan labanya menjadi US$ 5.2 juta pada tahun 2013. Namun, kontrak-kontrak ini umumnya jangka pendek karena kebanyakan berkaitan dengan aktivitas eksplorasi dan kami tidak dapat mengharapkan pertumbuhan yang sama pada tahun 2014. Implementasi cabotage pada tahun 2013 juga mengurangi tersedianya kapal untuk chartering. Laba Bruto Total laba bruto mengalami pertumbuhan yang sangat tinggi sebesar 65% sehubungan dengan menguatnya laba kapal milik, dan karena marjin meningkat signifikan dibandingkan tahun lalu, khususnya pada segmen pasar kapal-kapal bernilai lebih tinggi. Beban tidak langsung Beban tidak langsung mengalami pertumbuhan sebesar 31% menjadi US$ 11 juta, terutama disebabkan oleh beban-beban sehubungan dengan personil. Usaha yang berkelanjutan untuk pengembangan human capital dan membangun infrastruktur internal untuk mengantisipasi peningkatan skala bisnis sehingga mendorong peningkatan beban tidak langsung terutama staf dan pengembangan personil. Kami telah membangun jaringan tim kapal yang lebih kuat untuk menangani kapal-kapal bernilai tinggi yang lebih banyak. Namun kenaikan beban tidak langsung dapat dikompensasikan dengan kenaikan laba bruto yang tinggi sehingga laba usaha naik 76% menjadi US$ 46,7 juta Pendapatan/biaya lain Tingginya capex untuk ekspansi armada dibiayai dengan kas yang dihasilkan secara internal dan pinjaman bank. Beban bunga dengan demikian naik 49% dari US$ 5,6 juta menjadi US$ 8,4 juta sehubungan dengan pencairan pinjaman. Pada kwartal 3, kami telah menjual rugi satu unit kapal tua untuk memperoleh dana kas dalam rangka reinvestasi sesuai dengan rencana ekspansi armada yang telah direvisi, sehingga terjadi kerugian penjualan aset tetap sebesar US$ 1 juta pada tahun 2013 sementara pada tahun sebelumnya laba US$ 1,8 juta. Laba bersih dan EBITDA Laba bersih yang teratribusikan untuk pemegang saham tumbuh 34% menjadi US$ 27 juta dan EBITDA tumbuh 62% dari US$ 40,4 juta menjadi US$ 65,4 juta pada periode ini. Laba per saham selama periode 2013 sebesar US$ 0,74 sen atau ekuivalen dengan Rp 90 mengalami kenaikan 32% dalam US$ dibandingkan periode yang sama tahun 2012. Total Aset dan Gearing Total aset sebesar US$ 422,2 juta dengan nilai armada US$ 299 juta juta pada 2013 dibandingkan US$ 232,6 juta pada
Our net gearing has risen but still remains at a manageable level of 69% as at end December 2013 compared to the previous year end gearing of 57%. Outlook The combination of higher exploration activity and the strict implementation of cabotage in 2013 led to strong growth in all areas of our business, and margin expansion. We continue to be optimistic about the longer term trend of offshore oil and gas in Indonesia as several larger development projects are due to start in the coming months. There have also been more foreign vessels reflagged into Indonesiann flag which supports the longer term viability of the Indonesian deepwater drilling industry. There continues to be strong activity in deepwater drilling which feeds demand for higher value vessels, in particular vessels with Dynamic Positioning capability. Although most of the contract tenures for deepwater vessels are still short because most are engaged in exploration work, the commencement of some larger development projects will be very welcome news for the industry. 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 rates for the same class of vessels. There has admittedly been some delay in awards of longer term tenures. However, we continue to be optimistic on the outlook for our business and our fleet expansion strategy is still very much on track. Contract At 1 March 2014, the total value of contracts in hand is US$ 111.2 million. million at end 2012, an increase of 28% reflecting our 2012 atau naik 28%, yang mencerminkan ekspansi pada kapal- expansion into higher value vessels kapal bernilai lebih tinggi. Net gearing telah meningkat tetapi masih pada level yang masih cukup baik sebesar 69% pada akhir Desember 2013 dibandingkan tahun lalu sebesar 57%. Prospek Kombinasi aktivitas eksplorasi yang tinggi dan implementasi ketat cabotage pada tahun 2013 menyebabkan menguatnya pertumbuhan pada semua area bisnis dan juga peningkatan marjin. Kami tetap optimis atas trend jangka panjang pada sektor minyak dan gas lepas pantai Indonesia karena adanya beberapa proyek pengembangan besar akan dimulai pada beberapa bulan mendatang. Beberapa kapal asing juga telah mengganti bendera menjadi bendera Indonesia untuk mendukung kelangsungan sektor pengeboran laut dalam (deepwater) Indonesia. Berlanjutnya peningkatan aktivitas pada pengeboran laut dalam membutuhkan kapal-kapal bernilai lebih tinggi, khususnya kapal-kapal berkemampuan Dynamic Positioning. Meskipun sebagian besar kontrak kapal-kapal laut dalam adalah jangka pendek karena bekerja pada tahap eksplorasi, dimulainya beberapa proyek pengembangan yang besar akan menjadi berita yang sangat baik bagi industri. Terbatasnya suplai kapal-kapal OSV yang bernilai lebih tinggi dan berbendera Indonesia telah membuat membaiknya tarif sewa pada segmen pasar kapal-kapal bernilai tinggi, yang merupakan tarif premium dibandingkan tarif global untuk kapal- Memang diakui ada beberapa kapal yang berkelas sama. penundaan pemberian kontrak-kontrak jangka panjang, namun kami tetap optimis atas prospek bisnis dan strategi ekspansi armada kami yang masih sesuai rencana. Kontrak Pada 1 Maret 2014, nilai kontrak yang telah diperoleh adalah US$ 111,2 juta. For further information, please contact: Untuk informasi lebih lanjut, Ms Pek Swan Layanto Investor Relations investor_relations@wintermar.com silakan hubungi: 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.
SUMMARY PROFIT AND LOSS (FY-2013 vs FY-2012) PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (USD) PROFIT AND LOSS Revenue Owned vessel Chartering Total Revenue Direct expense Owned vessel Charter Total Direct expense Gross profit FY FY 2013 2012 98,773,973 65,287,797 78,173,965 45,701,177 9,773,946 13,131,532 186,721,884 124,120,506 47,415,957 35,288,105 72,930,081 43,061,283 8,590,720 10,710,733 128,936,758 89,060,121 57,785,126 35,060,385 2013 vs 2012 Change % 33,486,176 51% 32,472,788 71% (3,357,586) -26% 62,601,378 50% 12,127,852 34% 29,868,798 69% (2,120,013) -20% 39,876,637 45% 22,724,741 65% Gross profit - owned vessel Gross profit - chartering Gross profit - others Total Indirect expenses Operating profit 51,358,016 29,999,692 5,243,884 2,639,894 1,183,226 2,420,799 11,039,951 8,428,577 46,745,175 26,631,808 21,358,324 71% 2,603,990 99% (1,237,573) -51% 2,611,374 31% 20,113,368 76% Other income (expenses) Interest expenses Interest income Equity in net earning of associates Net - Gain (loss) on sale of fixed as Forex gain (loss) Total Other income (expenses) Net income before tax Total tax expenses Income before non controlling interest 36,786,270 24,015,858 Non controlling interest 9,728,006 3,815,554 NET INCOME (8,407,898) (5,654,185) 187,094 797,555 s 1,932,645 3,257,932 ssets (1,042,912) 1,800,345 167,918 (239,156) 91,535 (508,403) (7,071,618) (545,913) 39,673,558 26,085,895 (2,887,288) (2,070,036) 27,058,264 20,200,304 (2,753,713) 49% (610,461) -77% (1,325,287) -41% (2,843,256) -158% 407,074-170% 599,939-118% (6,525,705) 13,587,663 52% (817,252) 39% 12,770,411 53% 5,912,452 155% 6,857,960 34% EBITDA 65,428,067 40,423,362 25,004,705 62% Weighted Average EPS - USD Cents 0.74 0.56 Weighted Average EPS - Equivalent to IDR 90 54 0.18 32% 36.00 66%
Own Vessel Revenue % - FY-2013 Own Vessel Utilisation & Margin High tier, 44% Low tier, 11% 77% 52.0% 75% 45.9% Mid tier, 45% 2013 2012 Utilisation GPM FY-2013 -Direct Expenses - Own Vessel YTD FY-2012 -Direct Expenses- OwnVessel Maintenance 14% Operations 12% Fuel Bunker 5% Depreciation 39% Maintenance 9% Operations 15% Fuel Bunker 9% Depreciation 38% Crewing 30% Crewing 29%