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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 102/NL/VII/2023
NEWSLETTER # 102
31 July 2023
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023
Wintermar’s Gross Profit from Laba Kotor dari kapal milik Wintermar
Owned Vessels jumps to melonjak menjadi US$3,1juta untuk
US$3.1million for 1H2023 from 1H2023 dari US$0,2 juta pada 1H2022,
US$0.2million in 1H2022 on the didorong oleh peningkatan pendapatan
back of 32.6%YOY increase in Kapal Milik sebesar 32,6% YOY menjadi
Owned Vessels revenue to US$19,2 juta.
US$ 19.2 million.
Total Gross Profit increased 140%YOY to US$5.4million Total Laba Kotor melonjak 140% YOY menjadi US$5,4juta untuk
for 1H2023, while total revenues were 24.4% higher at 1H2023, sementara Total Pendapatan naik 24,4% menjadi
US$31million, largely driven by higher charter rates and US$31juta, sebagian besar didorong oleh tarif sewa yang lebih tinggi
additional fleet commencing operations. dan tambahan armada yang mulai beroperasi.
Owned Vessel Division Divisi Kapal Milik
In the first half of 2023, Owned Vessel gross profit Pada paruh pertama tahun 2023, Laba Kotor divisi Kapal Milik
experienced an exceptional increase to mengalami pertumbuhan luar biasa menjadi sebesar US$3,1 juta,
US$3.1million, generated from revenues of dihasilkan dari pendapatan sebesar US$19,2juta. Hal ini dicapai
US$19.2million. This was achieved as a result of securing sebagai hasil dari perolehan tarif sewa yang lebih tinggi, meskipun
higher charter rates, in spite of a decrease in fleet utilization utilisasi armada menurun dari 66% di 1H2022 menjadi 61% di
from 66% in 1H2022 to 61% in 1H2023. The lower 1H2023. Utilisasi yang lebih rendah disebabkan oleh masa transisi di
utilization was due to a transitionary period where some mana beberapa kapal telah menyelesaikan kontrak jangka panjang
vessels came off longer term contracts and were dan mulai menjalani perawatan yang diperlukan sebelum digunakan
undergoing necessary maintenance before being deployed untuk kontrak-kontrak baru.
to new contracts.
As a result, maintenance costs increased by 80.0% YoY, Akibatnya, biaya perawatan meningkat sebesar 80,0% YoY, dengan
with the majority of the increase focused on the higher sebagian besar peningkatan difokuskan pada kapal-kapal bernilai
value vessels. Bunker costs also rose by 23% to lebih tinggi. Selain itu, biaya bunker juga naik 23% menjadi
US$1.3million due to a higher number of vessels being out US$1,3juta karena bertambahnya kapal dengan kontrak berakhir.
of contract. In expectation of higher rates in the second Dengan perkiraan tarif yang lebih tinggi pada paruh kedua tahun ini,
half of the year, management was more selective in manajemen lebih selektif dalam melakukan tender kontrak selama
tendering for work during the period, which contributed to periode tersebut, yang berkontribusi pada utilisasi yang lebih rendah.
the lower utilization.
The Company currently owns a fleet of 42 vessels, Perseroan saat ini memiliki armada terdiri dari 42 kapal, termasuk 9
including 9 additional higher value vessels that were kapal tambahan bernilai lebih tinggi yang diakuisisi sejak 2021,
acquired since 2021, including 1 mid-tier vessel acquired in termasuk 1 kapal mid-tier yang diakuisisi pada 2Q2023. Dari 9 kapal
2Q2023. Of the 9 additional vessels, 6 were operational in tambahan tersebut, 6 telah beroperasi pada 2Q2023, 2 lagi mulai
2Q2023, 2 more commenced work in June and July, with 1 bekerja pada bulan Juni dan Juli, dengan 1 kapal diharapkan dapat
expected to be deployed in the second semester of 2023, dikerahkan pada semester kedua tahun 2023, menyisakan hanya 1
leaving only 1 left in the process of reactivation. kapal sedang menjalani proses pengaktifan kembali.
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 102/NL/VII/2023
Chartering and Other Services Chartering dan Jasa Lainnya
For the first half of 2023, Chartering Revenue was nearly Untuk paruh pertama tahun 2023, kenaikan Pendapatan divisi
flat at US$8.1million compared to US$7.9million in 1H2022. Chartering sangat kecil di US$8,1juta dibandingkan dengan
Due to lower margins the gross profit from Chartering US$7,9 juta pada 1H2022. Karena marjin yang lebih rendah, Laba
Division fell by 26.5%YOY to US$0.7million. This was also Kotor dari Divisi Chartering turun 26,5% YOY menjadi US$0,7 juta.
due to one of the chartered vessels being acquired in Hal ini juga disebabkan karena Perseroan mengakuisisi satu kapal
2Q2023 as the Company had secured a long-term contract sewaan pada 2Q2023 seiring dengan telah didapatkannya kontrak
for it. Other Services Revenue and Gross Profit increased jangka Panjang atas kapal tersebut oleh Perseroan. Pendapatan
significantly to US$3.8million (+47.2% YoY) and US$ 1.6 Jasa Lainnya dan Laba Kotor meningkat secara signifikan masing-
million (+40.7% YoY), respectively. masing menjadi US$3,8 juta (+47,2% YoY) dan US$1,6 juta (+40,7%
YoY).
Indirect Expenses and Operating Profit Beban Tidak Langsung dan Laba Operasional
Management continued to exercise tight cost control in the Manajemen tetap melakukan kontrol biaya yang ketat pada paruh
first half of 2023. There was a one-off reversal to employee pertama tahun 2023. Terdapat one-off reversal atas kewajiban
pension liabilities from the change in the omnibus law pensiun karyawan berdasarkan perubahan ketentuan oleh Undang-
which resulted in a 4.5% YOY decrease in indirect undang Cipta Kerja yang mengakibatkan penurunan biaya tidak
expenses to US$3million. langsung sebesar 4,5% YOY menjadi US$3 juta.
Due to the much-improved industry conditions and Karena kondisi industri yang jauh lebih baik dan biaya yang
controlled expenses, the Company booked an operating terkendali, Perseroan membukukan laba operasional sebesar
profit of US$2.4million for 1H2023 compared to a loss of US$2,4 juta untuk 1H2023 dibandingkan kerugian sebesar US$0,9
US$0.9million in 1H2022. juta di 1H2022.
Other Income, Expenses and Net Attributable Profit Pendapatan Lainnya, Beban, dan Laba Bersih yang Dapat
Interest expenses fell by 26.1% YOY to US$0.5 million, as Diatribusikan
the group continued to reduce its outstanding bank debt. Beban bunga turun 26,1% YOY menjadi US$0,5 juta, karena grup
This resulted in a net debt-to-equity ratio of just 6.5% at the terus mengurangi utang banknya. Ini menghasilkan rasio utang
end of the first half of 2023. bersih terhadap ekuitas hanya 6,5% pada akhir paruh pertama tahun
2023.
The strong performance of the business resulted in a net Kinerja bisnis yang kuat menghasilkan laba bersih yang dapat
income attributable to shareholders of US$1.1million for the diatribusikan kepada pemegang saham sebesar US$1,1 juta untuk
first half of 2023, compared to a loss of US$1.0million in the paruh pertama tahun 2023, dibandingkan dengan kerugian sebesar
same period of 2022. US$1,0 juta pada periode yang sama tahun 2022.
The group's EBITDA also jumped by 64% YOY to EBITDA grup juga melonjak 64% YOY menjadi US$8,7 juta.
US$8.7 million.
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 102/NL/VII/2023
Outlook for O&G and the OSV Industry Prospek Industri Minyak & Gas dan Industri OSV
The International Energy Agency (IEA) released its May Oil Badan Energi Internasional (IEA) merilis Laporan Pasar Minyak Mei,
Market Report, projecting global oil demand to reach 103m memproyeksikan permintaan minyak global akan mencapai 103 juta
b/d in 2024 from the previous estimate below 103m b/d b/d pada tahun 2024 dari perkiraan sebelumnya yang diberikan di
provided in July 2022. This represents an upward revision Juli 2022, hanya di bawah 103 juta b/d. Hal ini tergambarkan pada
from the red to the blue demand curve in Figure 1. Oil revisi kenaikan pada kurva permintaan merah ke biru pada Gambar
supply as we know has been constrained by several years 1. Pasokan minyak seperti yang kita ketahui telah menjadi terbatas
of underinvestment due to lackluster oil prices since 2015. akibat kurangnya investasi selama beberapa tahun karena harga
minyak yang lesu sejak 2015.
The more positive oil demand forecast combined with
global concerns over energy security triggered by Perkiraan permintaan minyak yang lebih positif dikombinasikan
embargos on Russian oil has caused a strong upturn in oil dengan kekhawatiran global atas keamanan pasokan energi yang
and gas investment. Rystad projects a recovery in oil and dipicu oleh embargo minyak Rusia telah menyebabkan peningkatan
gas investments to reach US$ 600 billion by 2025. For pesat dalam investasi minyak dan gas. Rystad memproyeksikan
South East Asia alone, there are US$ 135 billion worth of pemulihan investasi minyak dan gas mencapai US$600 miliar pada
investments which have been approved, but the biggest tahun 2025. Untuk Asia Tenggara saja, ada investasi senilai US$135
jump in investment is in the offshore deepwater segment, miliar yang telah disetujui, tetapi lonjakan investasi terbesar ada di
as can be seen in the dark blue part of the bar chart in segmen laut dalam lepas pantai, seperti yang dapat dilihat di bagian
Figure 2 below. Deepwater investments typically require biru tua diagram batang pada Gambar 2 di bawah. Investasi laut
more technologically advanced OSVs with Dynamic dalam biasanya memerlukan OSV yang lebih canggih secara
Positioning systems of DP2 certification, like Platform teknologi dengan sistem Dynamic Position sertifikasi DP2, seperti
Supply Vessels (PSV) and larger Anchor Handling Tug Platform Supply Vessel (PSV) dan kapal Anchor Handling Tug
Supply (AHTS). Supply (AHTS) yang lebih besar.
Figure 1: Upward revision to global oil demand expectations Figure 2: Sharp increase in offshore deepwater investments will support OSV
Gambar 1: Revisi kenaikan atas ekspektasi permintaan minyak global demand in coming years
Gambar 2: Peningkatan pesat pada investasi laut dalam lepas Pantai yang akan
mendorong permintaan OSV di tahun-tahun mendatang
Source: IEA, Goldman Sachs Global Investment Research May 2023 Source: Rystad Energy SEA O&G Whitepaper May 2023
The supply of OSVs in SE Asia has been getting tighter in Pasokan OSV di Asia Tenggara semakin ketat dalam enam bulan
the past six months as the commencement of drilling terakhir karena dimulainya proyek pengeboran di Timur Tengah,
projects in the Middle East, Africa and Latin America has Afrika dan Amerika Latin telah menarik OSV yang tersedia dan siap
attracted available and operationally ready OSVs to those beroperasi ke lokasi-lokasi geografis tersebut. Tarif sewa di Asia
geographical locations. Charter rates in SE Asia have Tenggara tertinggal dibandingkan pasar pada lokasi-lokasi tersebut,
lagged those markets but have started to improve in tetapi mulai membaik di 2Q2023. Dengan peningkatan saat ini atas
2Q2023. With the current rise in approved projects in the proyek-proyek yang disetujui di tahun-tahun mendatang, kami
coming years, we expect even tighter conditions in the OSV memperkirakan kondisi pasokan yang lebih ketat di pasar OSV di
market in Asia for the next few years. Asia untuk beberapa tahun ke depan.
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
US$ / day
NO. 102/NL/VII/2023
Source : Fearnley, June 2023
Company Business Outlook Proyeksi Bisnis Perseroan
Wintermar expects a stronger performance throughout the Wintermar memperkirakan penguatan kinerja sepanjang sisa tahun
remainder of the year, driven by the successful award of ini, yang didorong oleh keberhasilan memenangkan beberapa
several contracts for high-tier vessels. These contracts kontrak untuk kapal-kapal high-tier. Kontrak-kontrak ini memiliki tarif
feature charter rates that are much higher than previous sewa yang jauh lebih tinggi dari tarif kontrak sebelumnya, dengan
contracted rates, with commencements expected in Q3 perkiraan kontrak akan dimulai pada Q3 dan Q4 tahun 2023.
and Q4 of 2023. This positive development aligns with the Perkembangan positif ini sejalan dengan peningkatan keseluruhan
overall improvement in OSV market conditions followed by dalam kondisi pasar OSV diikuti oleh peningkatan utilisasi OSV
the rising global OSV utilization and increasing charter secara global dan peningkatan tarif sewa.
rates.
As at end of June 2023, the Company’s Contracts on hand Pada akhir Juni 2023, nilai Kontrak Perseroan yang telah dimiliki
amounted to US$ 79 million. untuk dikerjakan adalah sebesar US$ 79 juta.
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 102/NL/VII/2023
DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain
statements relating to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations,
estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.
Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially
from what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these statements.
This publication is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this
publication is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to the
Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.
Wintermar Group - Quarter Performance
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 102/NL/VII/2023
SUMMARY PROFIT AND LOSS (YTD Jun-2022 vs YTD Jun-2023)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
Description YTD Jun YTD Jun YTD June-2022 vs YTD June-2023
2022 2023 Change %
PROFIT AND LOSS
Revenue
Owned vessel 14,500,862 19,227,760 4,726,898 32.6%
Chartering 7,963,638 8,128,139 164,501 2.1%
Others 2,600,567 3,829,267 1,228,700 47.2%
Total Revenue 25,065,067 31,185,166 6,120,099 24.4%
Direct expense
Owned vessel 14,281,375 16,078,691 1,797,316 12.6%
Charter 7,067,397 7,469,228 401,831 5.7%
Others 1,448,674 2,208,831 760,157 52.5%
Total Direct expense 22,797,446 25,742,484 2,945,038 12.9%
Gross profit (loss) 2,267,621 5,442,682 3,175,061 140.0%
Gross profit (loss) - owned vessel 219,488 3,149,069 2,929,581 1334.7%
Gross profit (loss) - chartering 896,241 658,911 (237,330) -26.5%
Gross profit (loss) - others 1,151,893 1,620,436 468,543 40.7%
Total Indirect expenses (3,151,729) (3,010,080) 141,649 -4.5%
Operating profit (loss) (884,108) 2,432,602 3,316,710 375.1%
Other income (expenses)
Interest expenses (740,481) (546,977) 193,504 26.1%
Interest income 22,145 21,726 (419) -1.9%
Equity in net earning of associates 382,873 (65,821) (448,694) -117.2%
Net - Gain (loss) on sale of fixed assets 18,006 7,033 (10,973) 0.0%
Forex gain (loss) (36,164) (99,284) (63,120) -174.5%
Impairment of assets - - - 0.0%
Others (215,465) (136,994) 78,471 36.4%
Total Other income (expenses) (569,086) (820,317) (251,231) -44.1%
Net income (loss) before tax (1,453,193) 1,612,285 3,065,478 210.9%
Total tax benefit (expenses) (263,990) (371,700) (107,710) -40.8%
Income (loss) before non controlling interest (1,717,184) 1,240,585 2,957,769 172.2%
Non controlling interest (702,092) 181,367 883,459 125.8%
NET INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS (1,015,091) 1,059,218 2,074,309 204.3%
EBITDA 5,285,498 8,667,821 3,382,323 64.0%
Weighted Average EPS - USD Cents (0.02) 0.02 0.05 204.3%
Weighted Average EPS - Equivalent to IDR (3.47) 3.66 7.13 205.6%
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 102/NL/VII/2023
SUMMARY PROFIT AND LOSS (YTD Jun-2022 vs YTD Jun-2023)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
Description YTD Jun YTD Jun YTD June-2022 vs YTD June-2023
2022 2023 Change %
Direct expense
Owned vessel 14,281,375 16,078,691 1,797,316 12.6%
Depreciation 6,109,957 6,151,656 41,699 0.7%
Crewing 4,309,601 4,369,108 59,507 1.4%
Operations 1,509,340 1,926,635 417,295 27.6%
Maintenance 1,269,027 2,283,900 1,014,873 80.0%
Fuel Bunker 1,083,450 1,333,126 249,676 23.0%
Charter 7,067,397 7,469,228 401,831 5.7%
Others 1,448,674 2,208,831 760,157 52.5%
Total Direct expense 22,797,446 25,742,484 2,945,038 12.9%
Indirect expenses
Administration (58,188) (51,304) 6,884 -11.8%
Depreciation office (59,649) (83,563) (23,914) 40.1%
Employee Benefits (280,925) 215,362 496,287 -176.7%
Profesional fee (86,297) (151,672) (65,375) 75.8%
Staff salary (2,357,273) (2,534,763) (177,490) 7.5%
Staff training & recreation (71,124) (54,057) 17,067 -24.0%
Telecomunication (19,386) (20,702) (1,316) 6.8%
Marketing (29,641) (50,613) (20,972) 70.8%
Travelling (24,920) (34,632) (9,712) 39.0%
Donation (3,028) (2,245) 783 -25.9%
Office utility (161,298) (241,891) (80,593) #DIV/0!50.0%
Total Indirect expenses (3,151,729) (3,010,080) 141,649 -4.5%
ISM Code & ISPS Compliant
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