Analyst Meeting PT Elnusa Tbk November

Transcription

1 Analyst Meeting PT Elnusa Tbk November

2 9M 17 Financial Highlight INCOME STATEMENT 9M16 9M17 % Change Revenue % % 31,6% Cost of Revenue % % 42,6% Gross Profit % % (22,1%) Operating Profit % 154 5% (45,3%) EBITDA % % (14,4%) Net Profit 178 7% 86 3% (51,9%) BALANCE SHEET FY16 9M17 % Change Cash & Equivalents % % (1,4%) Account Receivables % % 38,0% Total Assets % % 6,6% Account Payables & Accruals % % 39,1% Short Term Bank Loan % % 15,8% Long Term Bank Loan 34 1% 12 0% (64,4%) Total Liabilities % % 19,7% Total Equity % % 0,7% (Rp Bn) 2

3 9M 17 Business Segments Performance DOS GSC EPN Others 3% 26% Upstream Oil & Gas Services DOS Seismic Revenue & Gross Profit (Rp Bn) Sep 16 Sep % 9M17 Revenue Contrbution 18% Energy Distribution & Logistic Services , Oil & Gas Support Services Rev GP Rev GP 3

4 Factors that Affect Elnusa s 2017 Performance : Decreasing numbers of projects and activities in upstream industry as the impact of low oil price. Lower contribution in upstream segment Especially From 3 of Elnusa s major contributor Oil & gas blocks Seismic & DOS major significant projects had just started in the second half Operating Game Project (Non Asset Based) strategy 4

5 Global Oil Price Has Been Going Down Since 2015 Pergerakan dan Proyeksi Harga Minyak Mentah Dunia (West Texas Intermediate /WTI) Source : US Energy Information Association 5

6 Low Oil Price Also Affecting Domestic Upstream Slow Activities Seismic 2D (km) Seismic 3D (sqkm) 10,247 6,905 6,566 Indonesia Upstream Investment (USD Mn) 4,083 1,773 3, A 2016A 2017P 541 Exploration Drilling (# of well) Development Drilling (# of well) A 2016A 2017P Workover (# of activities) Well Services (# of activities) 31,578 38,827 57,512 1,320 1, A 2016A 2017P Source : SKK Migas & PTM 6

7 Lower Contribution due to Impact of Indonesia Expired Blocks Expired Block Migas di Indonesia Expired Blocks DOS Revenue Contribution (USD Mn) 1. Mahakam (Total EP exp ) 2. Sanga Sanga (VICO exp. 2018) 3. Attaka (Chevron exp.2017/2018) Transition Period F 2018 < Total Mahakam Chevron Vico Sanga Sanga ELNUSA has been working for more than 25 years in East Kalimantan (especially in Total Mahakam) Those area generated around 45% 65% (USD mn) of revenue contribution in Drilling & Oilfield Services business each year. For the last 3 years, revenue contribution from East Kalimantan area has been declining (nearly about 60% or amounting to USD38 mn) because the Blocks Operator/Owner lower their activities towards Blocks transition to Pertamina. The return of those blocks to Pertamina are expected to stimulate the blocks activities and also ELNUSA operational side. 48% 93% 52% 7

8 Significant Ongoing Project 2017 : Land & Marine Seismic 3D Land Seismic Klamosossa, West Papua Client: Pertamina EP. Total seismic area: 500 Km2. Shoot points : Period : D Marine Seismic Andaman, Aceh Indonesian Flag Seismic Marine Vessel. Efficient survey seismic utilization with 3D seismic capacity complemented with 10 seismic streamers Client : Talisman Andaman. Total seismic area : 2500 km2. Periode : Aug Nov

9 Significant Ongoing Project 2017 : Drilling & Oilfield Services Operation & Maintenance Projects Papua Client : BP Tangguh. Jobs : Mechanical & Electrical OM. Period : 5 tahun ( ). Sumatera Selatan Client : Conoco Phillips Jobs : Construction Maintenance (2017). Clients : Pertamina Aset 2 Jobs : TAPSPD 3 tahun ( ). Drilling, East Kalimantan Client : Pertamina EP Drilling of 3 Brajanata exploration wells East Kalimantan Using Electric Modular Rig 1600HP Period : Jun Des

10 Business Portfolio Expansion to Maintain Revenue Stability Distribution & Logistic Services Upstream Oil & Gas Services Energy Distribution & Logistic Services Oil & Gas Support Services Pendapatan Konsolidasi Operating Game Project (Non Asset Based) Non Asset Based Services (OM) Asset : Hydraulic Workover Services Asset : Electric Wireline Logging Services Asset : Other Asset Based Services Pendapatan DOS 33% 9% 9% % 43% % 48% 4% % 27% 41% % 14% 27% 38% 8% 1H % 56% 5% 1H % 36% 13% 1H % 37% 1H % 25% 17% 16% 10

11 Recovery Action Menjaga Kinerja Existing Business To win remaining Marine Seismic Project. Maintain the productivity of Land & Marine Seismic projects. Optimizing the performance of Operation & Maintenance projects. Improving the productivity of contracts and asset utilization in Drilling & Oilfield 4,000 Services. Increasing 3,500 numbers of transportation & Depo management. 3,000 2,500 Drilling Pertamina Aset 5 & CoPi Kuala Kurun. Subsea Pertamina Aset 4 Workover Pertamina aset 2,3, 4 & 5. 3D Seismik Klamasossa & 3D Marine Seismic Talisman Andaman Addition of Transportastion & Depo / DPPU Addition of 6 Pertamina KSO management Marine Seismic PHE & Conrad. 3,736 2,000 1,500 1,672 1, Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Actual Projection Rp bn 11

12 Current Order Book (1H17) Business Total Contract 2017 Value Carried Forward Value Seismic Services 1, Drilling & Oilfield Services 3,073 1,080 1,993 Total 4,503 2,010 2,493 Significant Contract of Seismic Services Land Seismic in West Papua & Sumatera (Pertamina) Marine Seismic in Laut Jawa, Aceh & Maluku (PHE, Repsol & ESDM) Significant Contract of Drilling & Oilfield Services Drilling exploration of Pertamina in East Kalimantan Workover in Pertamina aset 3 & 4. Business Total Contract 2017 Value Carried Forward Value Transportation & Logistic 2,039 1, Transportation & Logistic Services Contract Transportation contract extension and also 2017 new project amounting to Rp995 bn Depot Management business add new contracts from KSO and private companies. Rp bn Rp bn 12

13 CAPEX Plan ,085 7,978 24,107 20,808 8,582 8,448 3, DOS GSC EPN Total USD ,792 90, ,215 15,602 1,920 6,414 14,502 44,748 22,967 18,989 22, DOS GSC EPN ETSA EFK ELNUSA Capex in 2017 was pretty much lower compared to 2016 capex due to slow activities especially in Drilling & Oilfield business. In a momentum of Mahakam and other blocks transition to Pertamina, Elnusa is expected to gain higher operational activities thus will need to be supported by higher capex going forward. 13

14 2. New Busines Expansion to Increase Revenue Jasa Electric Submersible Pump Flare Gas Klien Pertamina Asset 3 dan Asset 4 Pertamina Asset 5 Sanga Sanga 3. Cost Efficiency to Maintain Profitability In line with the market demand, cost efficiency have to be conducted continuously by reducing activities that is not providing added value. Efficiency obtained among others from the reduction of subcontractor costs, direct material, direct labor, rent dan travel expense. Review Cost Structure Perbaikan Proses Bisnis Asset Integrity Pembuatan Standar Project Management Penguatan implementasi Budaya Perusahaan 14

15 Penajaman Visi Perusahaan : From Trusted Energy Services to Reputable Energy Services Company by Providing Total Solution Corporate Strategy : Portfolio Optimization, integration & differentiation. Focus on energy in core business and selective in adjacent energy. Corporate Strategy : Direction Stability : Strenghten Position Growth : Increase Business Sustainability Corporate Strategy : Parenting Financial Control to Strategic Control. Optimize Parent Value Added. 15

16 Juli 2017 PT Elnusa Tbk. Graha Elnusa Jl. T.B. Simatupang Kav. 1B Jakarta 12560, Indonesia Tel: Fax: The following presentation has been prepared by PT Elnusa Tbk. (the Company ) and contains certain projections, plans, business strategies, policies of the Company and industry data in which the Company operates in, which could be treated as forward looking statements within the meaning of applicable law. Such forward looking statements, by their nature, involve risks and uncertainties that could prove to be incorrect and cause actual results to differ materially from those expressed or implied in these statements. The Company does not guarantee that any action, which may have been taken in reliance on this document will bring specific results as expected. The Company disclaims any obligation to revise forward looking statements to reflect future events or circumstances.