PT Elnusa Tbk · IDX:ELSA
PT Elnusa Tbk — Q1 2017 Earnings Presentation
22 slides from PT Elnusa Tbk's earnings presentation, June 2017
Slide 1: PT Elnusa Tbk Analyst Meeting 1Q17
PT Elnusa Tbk Analyst Meeting 1Q17 www.elnusa.co.id
Slide 2: Agenda
Agenda COMPANY PROFILE FINANCIAL PERFORMANCE STRATEGY & DEVELOPMENT 2
Slide 3: Company Profile
COMPANY PROFILE
Slide 4: Company Milestones
Company Milestones 1971‐1987 2009 2013 ‐ 2014 2016 ‐ 2017 1969 2008 2011 ‐ 2012 2014 ‐ 2015 Establishment IPO Elnusa The dawn of 7.298.500.000 Turnaround low oil price shares Program impacted to industry Entered seismic business, oilfied Non core divestment of Revitalizing Human services, data manag
Slide 5: Elnusa Total Solution Services
Elnusa Total Solution Services Vision : Reputable Energy Services Company by Providing Total Solution Development Operation & Processing Logistic & Exploration & Installation Abandonment & Refinery & Refinery Seismic Maintenance Onshore Drilling Services Well Services Offshore Seismic Well Services
Slide 6: Shareholder & Management Structure
Shareholder & Management Structure ELNUSA as operating Holding PERTAMINA as controlling Company : Seismic & Oilfield shareholder & major client Services Oil & Gas Support Services PT PERTAMINA Integrated Upstream Oil & Gas Services (PERSERO) PT Elnusa Fabrikasi Konstruksi 97,3% 41,1% PT Elnusa O
Slide 7: Awards & Achievements
Awards & Achievements Elnusa can compete with world class companies in terms of operational and safety performances. HSE recognition (NO Lost Time Incident) from The Mahakam Award 2012‐ INAMETA has been Pertamina EP in 3D Seismic Survey Project Tempino 2017 from Total E&P recognized as the Best of D
Slide 8: Company Performance
COMPANY PERFORMANCE
Slide 9: Financial Highlights
Financial Highlights INCOME STATEMENT 1Q16 1Q17 % Change Revenue 921 100% 970 100% 5.3% Cost of Revenue 707 77% 898 93% 27% Gross Profit 214 23% 72 7% (66.5%) Operating Profit 169 18% 24 2% (85.8%) EBITDA 240 26% 114 12% (52.4%) Net Profit 94 10% 5 1% (94.5%) IDR Bn Revenue up 5.3% due to higher g
Slide 10: Financial Highlights
Financial Highlights BALANCE SHEET 1Q16 1Q17 % Change Cash & Equivalents 767 18% 661 16% (13.9%) Account Receivables 860 20% 700 17% (18.5%) Total Assets 4.368 100% 4.206 100% (3.7%) Account Payables & Accruals 1.128 26% 710 17% (37.0%) Short Term Bank Loan 437 10% 528 13% 20.9% Long Term Bank Loan
Slide 11: Segment Highlights
Segment Highlights 1Q16 1Q17 26% 2% DOS GSC EPN Others Drilling & 5% Oilfield ‐19% 326 263 27% Services 669 1Q17 Revenue Seismic ‐12% Services ‐47% Contrbution 223 116 56% 12% 25% 13% Transportation, Logistic & 63% Other Services 404 660 Revenue & Gross Margin IDR Bn Drilling & Oilfield Services r
Slide 12: ELSA Stock Performance
ELSA Stock Performance Volume Price 700 Rp 600 600 06/16 Rp 456 09/16 500 400 Rp 420 12/16 300 Rp 174 01/16 200 100 0 Jan‐16 Feb‐16 Mar‐16 Apr‐16 May‐16 Jun‐16 Jul‐16 Aug‐16 Sep‐16 Oct‐16 Nov‐16 Dec‐16 Jan‐17 Feb‐17 Mar‐17 Apr‐17 Since mid 2015 ELSA stock performance tends to have correlation with
Slide 13: The Best Contractor in Delta Mahakam
The Best Contractor in Delta Mahakam ELNUSA Services in Delta Mahakam Hydraulic Workover & Work Barge Snubbing Coiled Tubing, Well Accommodation Work For the third time, ELNUSA received The Mahakam Stimulation & Pumping Barge Award & The Best Contractor for category of Safety Performance of High R
Slide 14: Strategy & Development
STRATEGY & DEVELOPMENT
Slide 15: Industry Update: Oil price is projected to recover gradually
Industry Update : Oil price is projected to recover gradually Most of oil & gas activities were declined in Seismic ‐ 2D (km) 10,247 Seismic ‐ 3D (sqkm) 2016 compared to 2015. 6,905 6,566 Based on SKK Migas, 2017 oil & gas budget 4,083 down about 30%. 3,295 1,773 It worsened by there are numbe
Slide 16: Industry Update: Global Competitor Highlights
Industry Update : Global Competitor Highlights 2016 – 2015 1Q17 – 1Q16 Revenue Growth Revenue Growth 6% 2% 5% ‐4% ‐22% ‐33% ‐37% ‐15% ‐39% ‐30% 2016 – 2015 1Q17 – 1Q16 Net Profit Growth Net Profit Growth ‐71% ‐39% ‐17% 99% 87% ‐181% 55% ‐44% ‐759% ‐95% SLB HAL WFT BHI ELSA SLB HAL WFT BHI ELSA 16
Slide 17: Elnusa - Expired Blocks Contribution
Elnusa ‐ Expired Blocks Contribution Revenue Contributor to DOS 40 Mn USD 35 Transition Period 30 25 20 15 10 5 0 2014 2015 2016 2017 F 2018 < Total EP Chevron VICO Elnusa has been working in East Kalimantan Blocks for years 1. Mahakam (Total EP – 2018 ) 2. Sanga Sanga (VICO ‐ 2018) 3. Attaka & East
Slide 18: Business Strategy
Business Strategy Help clients in Diversification to carrying out minimize risk STABILITY GROWTH efficiency Maintain Diversifica‐ Profit tion Potential recurring Develop income Internal improvement Focus on Energy in Core Business Selective Services in Non‐Energy Sector Optimize Integrate Diversify
Slide 19: Market Penetration in Marine Support Services
Market Penetration in Marine Support Services Exploring New Discoveries Contributing to National Resources An Indonesia Pride ELSA REGENT Indonesian Flag ‐ Marine Seismic Vessel Highest seismic vessel local content in Indonesia (TKDN) Superior broadband seismic data acquisition & processing Ef
Slide 20: Key Drivers: Product Development Flare Gas
Product Development : Flare Gas 0,009 – 0,08 mmscfd Electric up to 350 kw/unit > 200 MMSCFD (Flare Gas Indonesia) Flare to Power CH4 (gas) Polusi lingkungan 0,5 – 10 mmscfd NGL (liquid) Flare to Liquid (CO2 & H2S) Condensate (liquid) Elnusa Min. 2 mmscfd Kewajiban Optimalisasi Flare Gas pemanfaatan
Slide 21: Market Expansion to Regional Area
Market Expansion to Regional Area India Thailand 2D Land Seismic in ONGC & Snubbing services in 3D Land Seismic in Oil India Chevron Thailand E&P Ltd (Technical Expertise) Brunei Marine Support & Snubbing Job in Shell Brunei Algeria Seismic Reprocessing Malaysia Malaysia for Pertamina Algeria Well T
Slide 22: Thank You
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. No