Public Expose 2014 - PT Elnusa Tbk | Trusted Energy Services

Public Expose 2014 PT Elnusa Tbk
Bursa Efek Indonesia
December 2014
1
www.elnusa.co.id
ELSA Stock Price
ELSA has appreciated 252% (ytd) in 2 years , from Rp172 (17 Dec 2012) to Rp605 ( 15 Dec 14).
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
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Issued Shares : 7.298.500.000 shares
All Time Highest Price Aug 11, 2014 : Rp725
Market Cap as Dec 15,2014 : Rp4,4 Trillion
2
Corporate Disclosure Events
1
Market Update Roadshow (13 – 19 June 2014) to KL,SG,HK with CLSA
2
CIMB Annual Indonesia Conference, Bali (21‐22 Aug 2014) 3
9M14 Analyst Meeting (29 Oct 2014), Graha Elnusa
4
JP Morgan Rising Asia Dragon Conference (25 Nov 2014), SG
5
Deutsche Bank Indonesia Conference,Jakarta (18 Nov 2014)
 Average Volume in 2014 vs 2013 ( 38mn shares vs 13mn shares per day)
 Average Share Price in 2014 vs 2013 (Rp550 vs Rp237 per shares)
3
Company Structure PT Pertamina (Persero)
Dana Pensiun
Pertamina
Publik
41.10%
17.80%
41.10%
PT Elnusa Tbk
EFK
PND
SCU
EPN
ETSA
EPR
97.35%
70.00%
99.99%
99.93%
90.00%
98.00%
EFK : Elnusa Fabrikasi Konstruksi
PND : Patra Nusa Data
SCU : Sigma Cipta Utama
EPN : Elnusa Petrofin
ETSA : Elnusa Trans Samudera
EPR : Elnusa Patra Ritel
4
Product Line Services Land Seismic Survey
Marine Seismic Survey
Transition Zone Seismic Seismic Data Processing
Non Seismic Services
Geology Geophysics Reservoir
Drilling Services*
Electric Wireline Logging*
Hydraulic Workover Servirces*
Coiled Tubing Services*
Well Testing Services
Drilling Fluid Services
Drilling Evaluation Services
Cementing & Pumping Services
Slickline Services
Enhanced Oil Recovery
Operation & Maintenance
Well Plug & Abandon
5
Operational Area
Besides Indonesia, Elnusa also experienced in covering several regional countries : Brunei, Vietnam, Myanmar & India. 6
Financial Highlights Revenue
Cost of Revenue
Gross Profit
Operating Profit
EBITDA
Net Profit (Loss)
EPS
Rp (bn)
4.777
4.226
551
252
605
128
18
Total Assets
Total Liabilities
Total Equity
Account Receivables
Account Payables
Interest Bearing Debt
4.295
2.253
2.042
1.119
369
965
Prognosa FY2014
Revenue
Gross Profit
Operating Profit
EBITDA
Net Profit (Loss)
2012
%
YoY
100%
1%
88%
‐5%
12%
93%
5%
1241%
13%
98%
3%
399%
0%
400%
100%
‐2%
52%
‐9%
48%
7%
26%
‐6%
9%
‐38%
22%
‐7%
Rp (bn)
%
4.170 ‐ 4.195
100% ‐
739 ‐ 769 18% ‐
400 ‐ 429 10% ‐
643 ‐ 673 15% ‐
395 ‐ 428 9% ‐
Rp (bn)
4.112
3.465
647
293
599
238
33
4.371
2.086
2.285
958
306
764
2013
%
YoY
100%
‐14%
84%
‐18%
16%
17%
7%
16%
15%
‐1%
6%
86%
1%
83%
100%
2%
48%
‐7%
52%
12%
22%
‐14%
7%
‐17%
17%
‐21%
Rp (bn)
2.921
2.504
416
208
451
118
16
4.237
2.071
2.165
838
1.063
790
9M13
%
YoY
100%
‐16%
86%
‐19%
14%
10%
7%
7%
15%
‐3%
4%
48%
1%
47%
100%
‐1%
49%
‐9%
51%
9%
20%
‐20%
25%
‐8%
19%
‐21%
Rp (bn)
3.021
2.546
475
273
452
288
40
4.140
1.685
2.455
833
309
373
9M14
%
YoY
100%
3%
84%
2%
16%
14%
9%
31%
15%
0%
10%
144%
1%
144%
100%
‐2%
41%
‐19%
59%
13%
20%
‐1%
7%
7%
9%
‐52%
YoY
100%
1% ‐
2%
18%
14% ‐
19%
10%
37% ‐
46%
16%
7% ‐
12%
10%
66% ‐
80%
7
Segment Profitability 25%
Consolidated
1.400
700
35%
Oilfield & Drilling Services
30%
600
20%
1.200
1.008 1.000
16%
15%
800
10%
600
400
161 200
400
Dec 13
Mar 14
Jun 14
25%
399 400
20%
300
15%
200
10%
106 5%
0%
‐
Sep 13
27%
500
100
5%
‐
0%
Sep 14
Sep 13
700
Seismic Services
30%
300
25%
Mar 14
Jun 14
Sep 14
25%
Subsidiaries
35%
350
Dec 13
600
20%
500
448 250
198 20%
200
14%
150
100
15%
400
15%
300
10%
200
5%
100
0%
‐
10%
10%
5%
50
29 ‐
Sep 13
IDR bn
Dec 13
Mar 14
Jun 14
Sep 14
Revenue
43 0%
Sep 13
Gross Profit
Dec 13
Mar 14
Gross Margin
Jun 14
Sep 14
8
Oilfield & Drilling by Services Product Service Performance
Drilling
Electric Wireline Logging
390
339
228
224
15%
9M13
153
2%
9M14
9M13
Coiled Tubing Unit
147
‐4%
9M14
9M13
Drilling Fluid
9M14
Snubbing
79
133
87
73
198%
84
‐16%
58%
9M13
Hydraulic Workover
26
9M14
9M13
9M14
9M13
9M14
IDR bn
Revenue
Revenue Growth
Gross Margin
9
Oilfield & Drilling by Services Product Service Performance
Well Testing
Operation Maintenance
128
59
59
Slickline
72%
‐57%
17
1%
9M13
30
55
9M14
9M13
Cementing & Pumping
27
131%
9M14
9M13
9M14
Drilling Evaluation
23
22
5%
11
9M13
9M14
9M13
9M14
IDR bn
Revenue
Revenue Growth
Gross Margin
10
Seismic by Services Product Service Performance
Seismic Land
Seismic Marine
489
260
368
‐70%
33%
78
9M13
9M14
9M13
Seismic Data Processing
9M14
IDR bn
64
41
9M13
57%
9M14
Revenue
Revenue Growth
Gross Margin
11
Contract Replacement Profile Contract in 2014 and Forward
Mn USD
SEGMENT
CARRIED OVER A
NEW CONTRACT
B
TOTAL CONTRACT
A+B
VALUE 2014 (Est)
C
VALUE ONWARD
A+B‐C
Oilfield & Drilling
Seismic
TOTAL
145
86
231
222
17
239
367
103
470
137
75
212
230
28
258
12
Product Line Services of Subsidiaries
EFK (97.35%) EPN (99.93%) Fabrication
Threading
Trading
EPC
Transportation
Depo Management
Fuel Trading
Chemical Trading
PND (70.00%) ETSA (90.00%) Geo IT Solution
Geo Data Solution
Marine Support Service
Supporting Fleets
SCU (99.99%) EPR (98.00%) Data Management
(Digital & Physichal)
Investment Arm
13
Subsidiaries Performance
Elnusa Petrofin
1.122
991
13%
9M13
Sigma Cipta Utama
55
9M14
Patra Nusa Data
Elnusa Fabrikasi Konstruksi
76
97%
62
44
36
18
‐19%
9M13
‐17%
9M14
9M13
9M14
Revenue
Revenue Growth
Gross Margin
9M13
9M14
IDR bn
14
Investment
Paid
Unpaid
750
A = 227
B = 262
500
A = New Investments
B = Replacements
431 150 250
489
A = 26
B = 104
A = 51
B = 59
130 110 2012
2013
A = 480
B = 28
281 0
IDR bn
2011
9M14
Area of Investment (Oilfield & Drilling Services & Seismic) :
Electric Wireline Unit
Portable Slickline Unit
Geophones
Coiled Tubing Unit
Barges
Refurbish Moduar Rig
15
Investment Details 2014 Figures
Replacement Capex
In Mio IDR
Oilfield & Drilling
12.534
Seismic
15.572
Total
28.106
New Capex
In Mio IDR
Oilfield & Drilling
Expected Add Revenue
( in $ 000) 202.956 25.804
(Triplex Pump, EWL Unit, CTU, Slickline, Modular Crane)
Subsidiaries
22.655 415
Land & Building
27.813
Total
253.424 26.219
Total Cash Out Capex (9M14)
281.530 26.219
2015 Plan
Capex Plan 2015
Drilling & Oilfield Services
Geoscience Services
Subsidiaries
Land & Building
Total
=
=
=
=
In Mio IDR
300.475
200.334
72.941
66.000
639.750
16
Loan and Cost of Funds Thousands
O/S Loan
80.000
Weighted CoF
5,00%
In usd 000
70.000
4,90%
4,75%
4,80%
60.000
4,70%
50.000
4,60%
40.000
4,50%
4,31%
30.000
4,40%
4,30%
20.000
4,20%
10.000
0
62.246
37.264
Dec 13
Dec 14 (Est)
4,10%
4,00%
Bank Holding per Dec 2014 (est)
Bank
BTMU
BTMU
BTMU
BCA
Plafond
(in USD 000)
8.120
3.704
3.000
50.000
O/S
(in USD 000)
8.060
3.704
500
25.000
17
Business Challenges in 2015
Oil Price
Technology
Elnusa Challenges In 2015
People
Competition
18
Business Challenges in 2015
Oil Price
Oil price is predicted to be remain at $50 ‐ $60 /bbl in 2015,
hence:
• Less spending on exploration (seismic & exploration
well), but not on reprocessing data.
• More focus on maintenance (good for oilfield services).
•
Technology
•
•
Competition
People
•
•
More to lateral/horizontal drilling, impacted to lower
cost (no need to drill more wells). Elnusa will make
strategic partnership to improve capabilities.
More advance to a down hole tools. Elnusa will focus to
this new technology equipments.
Become more severe, due to merging companies (HAL
& BHI) which potentially be followed by others.
Chinese companies penetration with lower fee and
more aggressive strategy.
Merger in several service companies will impact to
increasing people supply.
19
Elnusa competes with other world class companies in terms of HSE equipment & system, personnel competency, management track record & commitment.  HSE recognition (NO Lost Time Incident) from Pertamina EP in 3D Seismic Survey Project at Tempino Deep in Jambi, Kenali Asam & Blok Ogan South Sumetera.  The Best Contractor 2013 ‐2014 from Total E&P Indonesie
 The Mahakam Award 2012‐2014
from Total E&P Indonesie, for High Risk Contractor Category
 Five Years (2008‐2013)  2 years without Lost Time  The Best Performer Achievement in HSE without “DAFW” from Incident from Pertamina
Performance 2013
Chevron. Hulu Energy (PHE) ONWJ
from VICO 20
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
or 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. By
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
21
Excellent logging services are fundamental
in exploration and production phase. With
this service, the character of your reservoir
will be determined, thus increasing the
precision of estimating hydrocarbon
volumes and increased oil recovery
Scope of Services :
 Open hole logging
‐ Resistivity, induction & laterog
‐ Gamma ray
‐ Micro resistivity
‐ Side wall & mechanical coring
‐ Compensated sonic
‐ Formation pressure test & sampling
‐ Formation micro imager
‐ Dipole sonic imager
‐ Density & Photoelectron factor
‐ Porosity
 Cased hole logging
‐ Perforation well & TCP
‐ Gamma ray
‐ Plug & packer setting
‐ Production logging
‐ Pressure, temperature & spinner
‐ C/O & sigma log
‐ Cement & casing evaluation
Scope of Services:
Rig Up 340K
Rig Up 225K
Rig Up 150K
 As pioneer in local provider of HWU services (more than 28 years), combined with highly skilled specialists and reliable units, Elnusa is the market leader in the hydraulic workover business in Indonesia.
 Elnusa currently has 9 HWU Rigs & 2 more upcoming brand new rigs for domestic & overseas market.
 With support of dual joint standing pipe and sliding skid, we can save more running time of the services.
 Washing Sand
 Drill out cement and bridge plugs
 Fishing lost tools out of tubing and casing
 Pumping acid
 Through tubing gravel packs
 Running and pulling completion equipment (single & dual)
 Spotting cement and squeezing
 Change out ESP (electrical submersible pump)
 Setting packer
 Gravel packing
 Well plugged and abandoned
Scope of Services:




Stimulation
Pressure pumping
Drilling Services
Testing & Logging Services
 Currently we are operating 3 CTUs and 2 more upcoming brand new CTUs for new contract on hand in Indonesia market.  Elnusa provides Coiled Tubing Unit with the latest technology for onshore and offshore area , and has experience for more than 6 years.
EMR01
Fast Moving Deploy Modular Rig 1600 HP
Our drilling & moving system eliminate non productive time caused by Rig up/down activities & ensure speed completion of the numbers of wells.  Electronic drilling cabin & auto driller feature by ROP or WOB as a primary control
 VDF system, provides better control, faster block speed, lower fuel consumption and lower maintenance cost.
 Rounded bottom mud tanks, minimizes settling and eliminate the need for mud gun. By Modular Rig, we can complete 12 wells drilling onshore per year in VICO Indonesia. Drilled depth is 13,000 ft. Average moving times is 6 days per wells.
Conventional Drilling Rig  3 units of 550 HP, truck mounted rig with hook load 210,000 lbs
(6 wire slings) or 275,000 lbs (8 wire slings).
 1 unit of 900 HP, skidding rig hook load 388,000 lbs (8 wire slings) or 410,000 lbs (10 wire slings).
Cementing & Pumping  4 Cementing Units & 4 Pumping Units for covering cementing, stimulation, pipeline water pumping, well integrity , etc. Production Testing
Barge
 3 units fixed installed in the barge for measuring & testing wells
Drilling Fluid
 Comprehensive services in supplying drilling mud & mud engineering services.
Mud Logging & H2S
 16 Mud Logging Units & 9 H2S units for full range of
monitoring system to manage drilling hazards. Slickline
 7 Units of slickline for supporting well intervention services and BHP/BHT Survey.
Operation &
Maintenance
 Perform routine & non routine maintenance for the pipelines and surface production facility. Surface Testing & DST
 3 units of SFT and drill stem test to support testing in exploration stage
Well Completion
 Offer completion solutions both for open and cased hole in oil & gas wells