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www.elnusa.co.id
PT Elnusa TbkAnalyst Meeting 2017
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Agenda
COMPANYPROFILE
FINANCIALPERFORMANCE
STRATEGY & DEVELOPMENT
COMPANY PROFILE
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Company Milestones
1969Establishment
1971‐1987
Entered seismic business, oilfied services, data management and
fuel trading business
2008IPO
7.298.500.000shares
2009
Non core divestment of PT Infomedia Nusantara
2011 ‐ 2012Elnusa
TurnaroundProgram
2013 ‐ 2014
Revitalizing Human Resources
2014 ‐ 2015The dawn of low oil price impacted to industry
2016 ‐ 2017
Vanquishing Challenges through
Ingenious Improvements
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Elnusa Total Solution Services
ExplorationDevelopment & Installation
Operation & Abandonment
Processing& Refinery
Logistic && Refinery
Equipm
ent /
Sup
port
Offs
hore
Onsho
re
Seismic
Drilling Services
Well Services
Maintenance
Seismic
Well Services
Support Equipment Fabrication
OCTG Trading & Threading
Support Vessel
Chemical
Trunking
Data Management
Fleet & Depo Management
Vision : Reputable Energy Services Company through Total Solution
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Shareholder & Management Structure
PERTAMINA as controlling shareholder & major client
PT PERTAMINA (PERSERO)41,1%
DANA PENSIUNPERTAMINA
14,9%
PT Elnusa Oilfield Services
PT Elnusa Geosains Services
PT Elnusa Fabrikasi Konstruksi
PT Patra Nusa Data
PT Sigma Cipta Utama
PT Elnusa Trans Samudera
PT Elnusa Petrofin
PT Elnusa Patra Ritel
Integrated UpstreamOil & Gas Services
Oil & Gas Support Services
Logistic & DistributionServices
99,9%
99,9%
99,9%
99,9%
97,3%
70,0%
99,9%
99,9%
ELNUSA as operating Holding Company : Seismic & Oilfield Services
41.9%
37.5%
20.6%
IndividuDomestik
Badan UsahaDomestik
Asing
PUBLIC44,0%
COMPANYPERFORMANCE
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Financial Highlights
INCOME STATEMENT 2015 2016 % Change
Revenue 3.775 100% 3.621 100% (4.1%)
Cost of Revenue 3.057 81% 3.006 83% (1.7%)
Gross Profit 719 19% 615 17% (14.5%)
Operating Profit 470 12% 419 12% (10.9%)
EBITDA 736 19% 723 20% (1.8%)
Net Profit 375 10% 311 9% (17.1%)
Revenue down 4.1% due to impact of slow activities in oil & gas especially to our drilling services business.
We succesfully managed our cost and efficiency which reflected to the growth of our operating profit and EBITDA.
Aside of lower operational activities, net profit dropped 17.1% this year was caused by forex loss of Rp18 bn compared to gain on forex of Rp55 bn last year.
IDR Bn
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Financial Highlights
BALANCE SHEET 2015 2016 % Change
Cash & Equivalents 935 744 (20.4%)
Account Receivables 790 18% 714 17% (9.6%)
Total Assets 4.408 100% 4.191 100% (4.9%)
Account Payables & Accruals 895 20% 638 15% (28.7%)
Short Term Bank Loan 444 10% 516 12% 16.2%
Long Term Bank Loan 296 7% 34 0% (89%)
Total Liabilities 1.772 40% 1.313 31% (25.9%)
Total Equity 2.635 60% 2.878 69% 9.2%
Account receivables declined 9.6% to Rp714 bn due tomanagement’s policy to shorten collection days period.
Interest bearing debt dropped 26% to Rp550 bn due to loan payment of around USD23 mn during period in order to optimize cash position and reduce interest expenses and was impacted to total Liabilities which declined 25.9% to Rp 1,313 bn.
Equity up 9.2% to Rp2,878 bn as the impact of improved retained earnings.
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Segment Highlights
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1,540 1,157
26%
16%
799 669
669 20%
1,442 1,771
16% 17%
2015 2016
Drilling & Oilfield Services
Seismic Services
Transportation, Logistic & Other Services
Drilling & Oilfield Services revenue declined 25% to Rp1.1 tn mostly caused by drilling business contract termination, but on the other hand, we currently focus on operation maintenance business to cover the slowdown in upstream industry.
Seismic Services down 16% to Rp669 bn but was maintained in profitability as projects in Pertamina was performed satisfactory.
In Subsidiaries, revenue from transportation services increased 10% while another subsidiary (data management) experienced higher activities.
IDR BnRevenue & Gross Margin
32%
18%
45%
5%
DOS GSC EPN Others
2016Revenue
Contrbution
‐25%
‐16%
16%
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0
100
200
300
400
500
600
700
Jan‐16 Feb‐16 Mar‐16 Apr‐16 May‐16 Jun‐16 Jul‐16 Aug‐16 Sep‐16 Oct‐16 Nov‐16 Dec‐16
Volume Price
ELSA Stock Performance
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Rp 17401/16
Rp 45609/16
Rp 60006/16
Since mid 2015 ELSA stock performance tends to have correlation with oil price sentiment.
During 2016 September, highest price of ELSA was Rp670 and lowest price was Rp174.
in December 2016, the closing price was Rp420 and average volume was 64mn. Market Cap was around Rp3.1 trillion.
This liquidity has brought ELSA to be included to LQ 45 index for the period of August 2016 – January 2017.
Rp 42012/16
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Contract Profile
Carry over contract from 2015 was USD 311,1 mn which consisted of USD 241,6mn from Drilling & Oilfield and USD 69,5 from Seismic.
New contract up to September 2016 amounted to USD 76,8 mn which are USD 69mn of Drilling & Oilfield and USD 7,8mn of Seismic.
Until end of Dec 2016 total project realization is about USD 142 mn. Total Carry forward contract will be around USD 246 mn.
311.176,8 387.9 142
246.0
Carry Over New Contract Total Contract 2016 Actual Carry Forward
Drillling & Oilfield SeismicIn USD mn
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The Best Contractor in Delta Mahakam
For the third time, ELNUSA received The Mahakam Award & The Best Contractor for category of SafetyPerformance of High Risk Contract > 400,000 Manhoursin TOTAL EP INDONESIE’s HSE Communication Forum 2016.
ELNUSA has been operating in Delta Mahakam (for Total EP Indonesie) for more than 30 years (since 1982).
Well Testing & Slickline
ELNUSA Services in Delta Mahakam
Hydraulic Workover & Snubbing
Coiled Tubing, Well Stimulation & Pumping
Work Barge
Accommodation Work Barge
Multi Purpose Barge
STRATEGY & DEVELOPMENT
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Industry Update : Oil price is projected to recover gradually
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Global oil crude market messages by IHS Market : Dated brent expected to rise to an average of $52/bbl in 2017 as the impact of deep spending cuts
on production. Annual world oil demand growth of just over 1 MMb/d is a critical assumption underpinning for
the market to stay more‐or‐less balanced through 2017. There is upside potential to our supply outlook for some areas, despite the lower price
environment. The post‐summer trajectory of Saudi Arabia’s crude production will be a key signpost for prices.
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Business Strategy
STABILITYMaintain Profit
Help clients in carrying outefficiency
DevelopInternal improvement
GROWTHDiversifica‐
tion
Diversification tominimize risk
Potential recurring income
Optimize Integrate Diversify
Focus on Energy in Core BusinessSelective Services in Non‐Energy Sector
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Market Penetration in Marine Support Services
Exploring New DiscoveriesContributing to National Resources
An Indonesia PrideELSA REGENT
Indonesian Flag ‐Marine Seismic Vessel Highest seismic vessel local content
in Indonesia (TKDN) Superior broadband seismic data
acquisition & processing Efficient survey utilization through
high capacity 3D seismic vessel Full azimuth dataset for subsurface
illumination solution
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Product Development : Flare Gas
Flare Gas
0,5 ‐ 10 mmcfd
0,009 – 0,065 mmcfd
CH4 (gas)
NGL (liquid)
Condensate (liquid)
Flare to Liquid service
Flare to Power service
Electric up to 350 kw/unit
Key Drivers Clients needs to comply with regulation Oil Company needs to reduce the oil lifting cost Potential additional income for PSC Indonesian LPG import keep increasing Big Flare gas potential in Pertamina fields
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Market Expansion to Regional Area
AlgeriaSeismic Reprocessingfor Pertamina Algeria
E&P
MalaysiaSnubbing Services
in Petronas
BruneiMarine Support &
Snubbing Job in Shell Brunei
India2D Land Seismic in ONGC & 3D Land Seismic in Oil India Ltd (Technical Expertise)
ThailandSnubbing services in Chevron Thailand E&P
Ongoing project / under contract
Prospect market
MalaysiaWell Testing & TCP services in Petronas Carigali & workover services in KPOC
PT Elnusa Tbk.Graha ElnusaJl. T.B. Simatupang Kav. 1BJakarta 12560, IndonesiaTel: +62 21‐78830850 Fax: +62 21‐78830907www.elnusa.co.id
Thank YouDISCLAIMER :
The information in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and no relianceshould be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of PT Elnusa Tbk (the“Company“), nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoeverarising from the use of this document or its contents or otherwise arising in connectionwith this document.
This document is being furnished to you solely for your information on a confidential basis and may not be reproduced, redistributed or passed on, in wholeor in part, to any other person. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. Byaccepting this document you agree to be bound by the foregoing limitations.
This document does not constitute or form part of an offer or invitation to purchase any shares in the Company and neither shall any part of it form thebasis of nor be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase shares should be made solely on the basisof information contained in the prospectus.
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