Welcome!

News Feed Item

Wintermar Offshore Marine (IDX:WINS) Net Profit for FY2013 up 34% to US$27 million on 50% Revenue Growth



Jakarta, Indonesia, Mar 25, 2014 - (ACN Newswire) - PT Wintermar Offshore Marine Tbk (IDX:WINS) today reported net profit for FY2013 rose 34% to US$27 million on 50% revenue growth, and EBITDA jumped 62% to US$65.4 million.

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 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 through 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 million at end 2012, an increase of 28% reflecting our expansion into higher value vessels

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 Indonesian 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.

Contracts

At 1 March 2014, the total value of contracts in hand is US$ 111.2 million.

About PT Wintermar Offshore Marine

PT Wintermar Offshore Marine Tbk (IDX:WINS) is an Indonesian offshore marine services company that owns a fleet of over 64 vessels ready to handle a large variety of marine support services required in upstream oil and gas exploration and production activities including transporting crew, equipment and supplies, as well as providing services such as anchor handling, towing, and mooring of offshore rigs. Our young and growing fleet, comprising a wide variety of vessel types, enables us to offer innovative vessel and logistics solutions to serve our client base of multinational oil and gas companies. In 2011, WINS became the first shipping company in Indonesia to be certified with Integrated Management System by Lloyds Register Quality Assurance, comprising ISO 9001:2008 (Quality), ISO14001:2004 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com .

Source: PT Wintermar Offshore Marine

Contact:
Ms Pek Swan Layanto
Investor Relations
[email protected]




Copyright 2014 ACN Newswire. All rights reserved.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that are difficult to detect, and cannot be corrected quickly. Tom Chavez presents the four steps that quality engineers should include in every test plan for apps that produce log output or other machine data. Learn the ste...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
Is it possible to migrate 100% of your data ecosystem to the cloud? Join Joe Caserta as he takes you on a complete journey to digital transformation mapping out on-prem data footprint and walking it to the cloud. Joe will also explain how the modern ecosystem supports Artificial Intelligence and will include business use cases to back each of his insights.
Your job is mostly boring. Many of the IT operations tasks you perform on a day-to-day basis are repetitive and dull. Utilizing automation can improve your work life, automating away the drudgery and embracing the passion for technology that got you started in the first place. In this presentation, I'll talk about what automation is, and how to approach implementing it in the context of IT Operations. Ned will discuss keys to success in the long term and include practical real-world examples. Ge...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...