2% - PT Elnusa Tbk | Trusted Energy Services Company

PT Elnusa Tbk
Analyst Meeting 1H15
July 2015
www.elnusa.co.id
Vision & Mission
Vision
Trusted Energy Services Company
Mission
•
•
•
Corporate Values
• Clean
• Respectful
• Synergy
•
Business expansion from integrated upstream oil &
gas services to energy services
Create a stable business growth that fulfills the
shareholders expectations, followed by human
resources competence development and the
mastering of energy services related technologies.
Achieve and maintain customer satisfaction by
providing high quality products based on the
operational principles.
Maintain a harmonious and mutually beneficial
relationship with the government, partners and
Community.
2
Elnusa at a Glance Fundamental Strengths
1
Significant Track Record in Upstream Oil & Gas Services Industry : Has been 45 years providing the services, Elnusa
has been a market leader in Indonesia for Land Seismic and a trusted provider for Oilfield services.
2
Experienced & Qualified Personnel : along with reliable equipment, experienced & competent personnel delivers customer satisfaction & service excellence. 3
Proudly HSE Achievement & Reputation : Elnusa quality of performance always meets the standards of ISO 9001:2008 & OHSAS 18001:2007, and is recognized by many customers. 4
Strong Customer Base : with national and international oil and gas companies as loyal customers and operation projects cover the Nation
3
Milestones
Establishment
Entered Seismic Business
Data Management, Oilfield Services, Fuel Trading & Distribution
Establishment of Drilling Services,
Fabrication
2013
Non Core
Divestments
Turnaround
Program
Year of Human
Resources
Initial Public Offering
7.298.500.000 Shares
2014
Strengthening operational level, organization and internal control functions as well as evaluating and redefining all product/services of the Company.
4
Operational Area
Besides Indonesia, Elnusa also experienced in several regional countries : Brunei, Vietnam, Myanmar & India. 5
Company Structure PT Pertamina (Persero)
Dana Pensiun
Pertamina
Publik
41.10%
17.81%
41.09%
Intergrated Upstream
Services
Upstream Support
Services
Downstream Services
PT Elnusa Oilfield Services (99,99%)
PT Elnusa Fabrikasi Konstruksi (97,35%)
PT Elnusa Petrofin (99,93%)
PT Elnusa Geosains Indonesia (99,99%)
PT Patra Nusa Data (70,00%)
PT Elnusa Patra Ritel
(98,00%)
PT Sigma Cipta Utama
(99,99%)
PT Elnusa Trans Samudera (98,23%)
6
Integrated Upstream Services Oilfield Maintenance Services
Hydraulic Workover &
Snubbing
 11 Units HWU Snubbing with Rig Up 150K, 225K & 340K type
Coiled Tubing, Well Stimulation & Pumping
 3 CTU Units, 3 Cementing & Pumping Units
Well Testing & Slickline
 3 Testing & 3 Working Barges , 2 MPB, 1 LCT, 7 Slickline Units, 3 SFT & 4 DST Units
Drilling Services
Drilling Rig
Services
 1 Unit Rig of 1600 HP, 3 Units of 550 HP, 1 Unit of 900 HP Drilling Support
Mud & Chemical
 16 MLU, 9 H2S Units, Drilling Fluid Services
Electric Wireline
Logging
 19 Units for Open Hole Logging & Cased Hole Logging Services
Operation & Maintenance  Field & pipeline operation maintenance service
Special Group Services
 Modular Crane Services, Field Operation Management, Enhance Oil Recovery
7
Integrated Upstream Services Seismic Data Acquisition
Seismic Data Processing
Non Seismic Surveys
Gravity Survey
Magnetotelluric & Time Domain Electromagnetic
Magnetic Survey
8
Downstream Services PT Elnusa Petrofin
FUEL STORAGE / DEPOT MANAGEMENT
• Managing 11 private depots
with VHS system
• Managing 6 depots with
marine system franco
FUEL FLEET MANAGEMENT
• Managing fuel transportations
for 23 TBBM locations.
• Fuel distributions to 157 APMS
in kalimantan
• Managing transportation for 27
SPBB.
• Renting 70 units of MT BBM
and 10 units of MT LPG to
Pertamina.
GAS STATION & LPG FILLING STATION • Managing 2 SPBU
and 1 SPBE
CHEMICAL, INDUSTRIAL & MARINE FUEL TRADING
• Trading specialty chemical for
oil& gas industry, commodity
chemical trading.
• Refill, blending & technical
services.
• Industry and marine fuel
trading.
9
Upstream Support Services Elnusa Fabrikasi
Konstruksi
 Fabrication services (pumping unit for CTU, HWU), threading & trading of Pipa Oil Country Turbular Goods (OCTG) and EPC projects
Patra Nusa
Data
 Oil & gas data management, licensing services, online data services and physical storage services
Sigma Cipta
Utama
 Information system and electronic data physical storage, management services, oil & gas geological materials storage, radio tel services.
Elnusa Trans
Samudera
 Marine oil & gas support services
10
Awards & Achievements The Mahakam Award 2014 from Total 6 Years Without DAFW 2014 from EP Indonesia, for High Risk Contractor category.
Chevron Operations.
Best of the Best 50 Companies from Forbes Indonesia
2 Golds & 4 Silvers at Annual Pertamina Quality Award
From Pertamina (Persero)
Best RIG HSE Performance 2014 Contract & Procurement Award from VICO Indonesia at Badak Field
From Total EP Indonesie
11
ELSA Stock Performance
ELSA Shares Performance 2014‐2015
Harga
2015 ELSA Non Controlling Ownership
800
Volum
26%
700
21%
600
500
400
300
200
26%
22%
100
5%
0
J
F M
A M
J
J
A
S
O
N
D
J
F M
A M
J
ELSA shares has been apreciated 104% in 2014 but down 42% during 6 months of 2015
Issued shares 7.298.500.000 shares
Market Cap 2015 : Rp 4 trillion (+/‐ USD 335 million)
Average share price and volume in 2015 : Rp 574 dan 29mn shs/day.
ELSA non controlling ownership in 2015 were dominated by Foreign Institution & Insurance
Foreign Institution : 26% Insurance : 26%
Mutual Fund : 21%
Domestic Individuals : 22% Others
: 5%
12
Market Share
Upstream Spending
Eksplorasi
16.106
2011
Development
17.873
2012
Production
Administration
20.384
19.375
2013
2014
Refer to Elnusa revenue of Rp 4.2T hence Elnusa’s market share to country’s upstream investment is only around 2%
Oilfield Service Market Share
ELSA
1.510
2011
Competitor
2.396
2.528
2013
2014
Refer to relevant spendingt to maintenance business compare to Elnusa’s oilfield services revenue, Elnusa’s annual market share is roughly around 5%
1.719
2012
13
USD Jt
Financial Highlights IDR Bn
Revenue
Cost of Revenue
Gross Profit
Operating Profit
EBITDA
Net Profit (Loss)
EPS
2013
Rp (bn)
%
4.112
100%
3.465
84%
647
16%
293
7%
599
15%
238
6%
33
1%
Total Assets
Total Liabilities
Total Equity
Account Receivables
Account Payables
Interest Bearing Debt
4.371
2.086
2.285
958
1.088
764
100%
48%
52%
22%
25%
17%
2014
Rp (bn)
%
4.221
100%
3.461
82%
760
18%
425
10%
665
16%
412
10%
57
1%
4.246
1.663
2.583
930
1.068
436
YoY
2,7%
‐0,1%
17,5%
45,1%
11,0%
73,1%
72,7%
100%
‐2,9%
39%
‐20,3%
61%
13,0%
22%
‐2,9%
25%
‐1,8%
10%
‐42,9%
1H14
Rp (bn)
%
2.013
100%
1.699
84%
314
16%
190
9%
310
15%
*
178
9%
24
1%
1H15
Rp (bn)
%
1.803
100%
1.508
84%
295
16%
171
9%
305
17%
133
7%
18 0
4.141
1.797
2.343
864
1.268
393
4.349
1.921
2.428
842
1.156
572
100%
43%
57%
21%
31%
9%
100%
44%
56%
19%
27%
13%
YoY
‐10,4%
‐11,2%
‐6,1%
‐10,0%
‐1,6%
‐25,3%
‐25,1%
5,0%
6,9%
3,6%
‐2,5%
‐8,8%
45,5%
* Gain on sale of assets in 1H14 was Rp 87 bn
14
Yearly Performance YTD 2.500
25%
Consolidated
20%
2.000
1.200
1.000
25%
24%
16%
16%
30%
Oilfield & Drilling Sevices
800
20%
15%
1.500
20%
600
1.000
2.013 10%
1.803 400
5%
500
314
40%
35%
28%
30%
400
25%
300
20%
16%
431 15%
10%
278 100
5%
119
45
‐
IDR bn
5%
0%
1H15
195
‐
0%
1H14
500
1H15
1.200
Uneliminated
30%
Subsidiaries
1.100
1.000
25%
900
800
20%
700
600
15%
13%
500
400
832 10%
816 300
200
8%
100
5%
64
102
‐
0%
1H14
Uneliminated
Revenue
10%
200
1H15
Seismic Services
1H14
814 167
0%
1H14
200
844 295
‐
600
15%
Gross Profit
Gross Margin
1H15
Uneliminated
15
Quarterly Performance
25%
Consolidated
1.400
700
45%
Oilfield & Drilling Services
40%
600
20%
1.200
16%
1.000
15%
879 800
10%
600
35%
500
393 400
25%
30%
25%
20%
300
15%
200
400
138
200
100
0%
‐
Mar 14
400
Jun 14
Sep 14
Dec 14
Mar 15
100
5%
5%
0%
‐
Jun 15
Mar 14
Jun 14
700
Seismic Services
30%
300
25%
Sep 14
Dec 14
Mar 15
25%
600
20%
500
421 250
20%
200
126 150
100
9%
50
11
‐
Mar 14
IDR bn
Jun 14
Sep 14
Dec 14
Mar 15
Jun 15
Revenue
Jun 15
Subsidiaries
35%
350
10%
15% 15%
400
15%
300
10%
200
5%
100
0%
‐
10%
63
5%
0%
Mar 14
Gross Profit
Jun 14
Sep 14
Dec 14
Gross Margin
Mar 15
Jun 15
16
Oilfield & Drilling by Services Revenue & Growth
Electric Wireline Logging
252
249
Drilling
Hydraulic Workover
148
179
‐30%
126
91
1H15
1H14
2%
1H14
1H15
1H14
Coiled Tubing Unit
Drilling Fluid
63%
1H15
Snubbing
56
87
87
0%
50
‐52%
1H14
1H15
1H14
42
24
1H15
1H14
33%
1H15
IDR bn
17
Oilfield & Drilling by Services Revenue
Well Testing
Operation Maintenance
60
Slickline
‐85%
50%
54
33
40
21
56%
8
1H14
1H15
1H14
Cementing & Pumping
18
‐30%
1H15
15
1H15
1H15
Drilling Evaluation
12
1H14
1H14
1H14
‐43%
9
1H15
IDR bn
18
Seismic Land & Acquisition Revenue
Seismic Land & Processing
431
‐36%
278
1H14
1H15
IDR bn
19
Subsidiaries Performance
Elnusa Petrofin
728
677
‐7%
1H14
Sigma Cipta Utama
1H15
Patra Nusa Data
37
31
Elnusa Fabrikasi Konstruksi
150%
28
64
26
‐9%
‐30%
26
1H14
1H15
1H14
1H15
Revenue
Revenue Growth
1H14
1H15
IDR bn
20
Contract Replacement Profile
Contract per 1H15 and Forward
USD jt
SEGMENT
CARRIED OVER A
NEW CONTRACT
B
TOTAL CONTRACT
A+B
VALUE 2015 (Exp)
C
VALUE ONWARD
A+B‐C
Oilfield & Drilling
Seismic
TOTAL
230
28
258
80
84
164
310
112
422
129
49
178
181
63
244
21
Capex
750
500
A = New Investments
B = Replacements
A = 227
B = 262
A = 337
B = 30
250
489
A = 26
B = 104
A = 51
B = 59
130 110 2012
2013
366 A = 206
B = 109
315 0
IDR bn
2011
2014
1H15
Area of Investment (Oilfield & Drilling Services & Seismic) :
Electric Wireline Unit
Portable Slickline Unit
Geophones
Coiled Tubing Unit
Barges
Modular Rig
22
AWB ELSA 8
The First Ecogreen Accomodation Work Barge in Indonesia
 Awarded by ministry of research & technology for “20 Karya Unggulan IPTEK Anak Bangsa” –
Hari Kebangkitan Nasional.
 Energy efficiency to apply energy saving concept for its electricity.
 Reduction of exhaust gas emission using engine diesel Euro 3 standard/Stage IIIA & TIER 3.
 Designed with engine generator to use biodiesel as energy resources.
 Energy alternative using Solar Panel generation system as renewable energy source. 23
Thank You
DISCLAIMER :
The information in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance
should 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 whatsoever
arising from the use of this document or its contents or otherwise arising in connection with 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 whole
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accepting 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 the
basis of nor be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase shares should be made solely on the basis
of information contained in the prospectus.
PT Elnusa Tbk.
Graha Elnusa
Jl. T.B. Simatupang Kav. 1B
Jakarta 12560, Indonesia
Tel: +62 21‐78830850 Fax: +62 21‐78830907
www.elnusa.co.id
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