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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. 111/NL/IV/2025
NEWSLETTER # 111
28th April 2025
RESULTS FOR THE FIRST QUARTER ENDING 31 MARCH 2025
Wintermar recorded a 31.4%YOY increase in Wintermar mencatat kenaikan Laba Kotor
Gross Profit to US$6.6 million for 1Q2025, sebesar 31,4%YOY menjadi US$6,6 juta pada
with US$4.1 million Operating Profit (+52.5% 1Q2025, dengan Laba Operasional sejumlah
YOY), driven by Owned Vessels gross US$4,1 juta (+52.5%YOY), didorong oleh
margin expansion. ekspansi margin kotor Kapal Milik.
Margin expansion in the Owned Vessel Division continued to Ekspansi margin di Divisi Kapal Milik terus mendorong profitabilitas,
boost profitability, despite a slow quarter where Total meskipun kuartal berjalan lesu di mana Total Pendapatan turun
Revenue fell by 9.2%YOY from US$18.4 million in 1Q2024 sebesar 9,2%YOY dari US$18,4 juta pada 1Q2024 menjadi
to US$16.7 million in 1Q2025. The lower revenue stemmed US$16,7 juta pada 1Q2025. Pendapatan lebih rendah ditimbulkan
from a slower than expected start after the monsoon season oleh kebangkitan setelah musim hujan yang lebih lambat dari yang
which primarily affected the Chartering Division. diperkirakan, yang terutama memengaruhi Divisi Chartering.
Owned Vessel Division Divisi Kapal Milik
The Owned Vessel Division continued to perform well as the Divisi Kapal Milik terus berkinerja baik dimana kapal-kapal high tier
high tier vessels and mid-tier DP vessels saw improved dan kapal-kapal DP mid tier mengalami peningkatan utilisasi. Laba
utilization. Gross Profit from Owned Vessel jumped by Kotor dari Kapal Milik melonjak sebesar 55,8%YOY menjadi US$6,1
55.8%YOY to US$6.1 million for 1Q2025 as compared to juta pada 1Q2025 dibandingkan dengan 1Q2024, yang dihasilkan
1Q2024, generated from revenues of US$14.8 million dari pendapatan sebesar US$14,8 juta (+6,1%YOY). Dengan lebih
(+6.1%YOY). With more PSVs working, Owned Vessel gross banyak PSV yang beroperasi, margin kotor Kapal Milik terus
margin has continued to increase to 41.2% in 1Q2025 from meningkat menjadi 41,2% pada 1Q2025 dari 28,1% pada 1Q2024.
28.1% in 1Q2024. Average charter rates for 1Q2025 were Tarif sewa rata-rata pada 1Q2025 lebih tinggi 31% dari 1Q2024,
31% higher than 1Q2024, due to a larger number of high disebabkan kenaikan jumlah kapal-kapal dengan pendapatan lebih
yielding vessels in the Company’s fleet. tinggi dalam armada Perusahaan.
The lower end of the mid-tier segment did not fare as well in Segmen bawah armada mid tier tidak berkinerja baik pada 1Q2025,
1Q2025, as some mid-tier vessels came off spot contracts. dikarenakan beberapa kapal mid tier telah menyelesaikan kontrak
OSV demand was slow during the quarter, with some project spot. Permintaan OSV melambat selama triwulan tersebut, dengan
delays, even though there were some ongoing tenders. Fleet beberapa penundaan proyek, meskipun terdapat beberapa tender
utilization dropped to 57% in 1Q2025 as compared to 63% in yang sedang berlangsung. Utilisasi armada turun menjadi 57% pada
4Q2024. Two additional HLBs were delivered in February 1Q2025 dibandingkan dengan 63% pada 4Q2024. Dua unit HLB
and March 2025 which only commenced operations in April tambahan yang dikirimkan pada bulan Februari dan Maret 2025 baru
2025. mulai beroperasi pada bulan April 2025.
Chartering Division and Other Services Divisi Chartering dan Layanan Lainnya
A longer than expected hiatus for the monsoon season led to Hiatus sepanjang musim hujan yang lebih lama dari perkiraan
a 70%YOY drop in Chartering Division Revenues to US$0.9 menyebabkan penurunan Pendapatan Divisi Chartering sebesar
for 1Q2025 compared to 1Q2024. Revenue from Other 70%YOY menjadi US$0,9 pada 1Q2025 dibandingkan dengan
Services also recorded a decline of 30.5%YOY to US$1.0 1Q2024. Pendapatan dari Layanan Lainnya juga mencatat
million upon the completion of a contract. penurunan sebesar 30,5%YOY menjadi US$1,0 juta setelah
selesainya masa kontrak.
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. 111/NL/IV/2025
Direct Expenses and Gross Profit Biaya Langsung dan Laba Kotor
Owned Vessel Direct Expenses reduced by 13.3%YOY to Biaya Langsung Kapal Milik berkurang 13,3%YOY menjadi US$8,7
US$8.7 million from US$10.1 million in 1Q2024. There were juta dari US$10,1 juta pada 1Q2024. Terdapat penghematan biaya
savings in maintenance costs (-28.2%YOY), which fell from pemeliharaan (-28,2%YOY), yang turun dari US$2,4 juta pada
US$2.4 million in 1Q2024 to US$1.7 million in 1Q2025, due 1Q2024 menjadi US$1,7 juta pada 1Q2025, dikarenakan terdapat
to the absence of some one-off preparation costs in 2024 for biaya persiapan untuk kontrak internasional pada tahun 2024, yang
international contracts. Owing to the sale of 3 vessels during tidak berulang di 1Q2025. Penjualan 3 unit kapal selama tahun 2024
2024, Operations cost fell by 31.0%YOY, from US$1.1 million menyebabkan penurunan biaya Operasional sebesar 31,0%YOY,
in 1Q2024 to US$0.8 million in 1Q2025 while Crewing dari US$1,1 juta pada 1Q2024 menjadi US$0,8 juta pada 1Q2025.
expenses also decreased by 7%YOY, from US$2.5 million in Sementara biaya Awak Kapal juga turun 7%YOY, dari US$2,5 juta
1Q2024 to US$2.4 million. Bunker costs were maintained at pada 1Q2024 menjadi US$2,4 juta. Biaya bunker terjaga pada
US$0.5 million (+1.8%YOY), reflecting a stable oil price and US$0,5 juta (+1,8%YOY), mencerminkan harga minyak yang stabil
a low number of vessel mobilizations. dan jumlah mobilisasi kapal yang rendah.
As a result of a higher concentration in Dynamic Positioning Sebagai hasil dari upaya berfokus pada kapal Dynamic Positioning
(DP) vessels which has enjoyed a stronger charter rate (DP) yang telah mengalami peningkatan tarif sewa yang lebih kuat,
increase, the Gross Profit margin has risen from 27.1% in margin Laba Kotor meningkat dari 27,1% pada 1Q2024 menjadi
1Q2024 to 39.3% in 1Q2025, demonstrating the underlying 39,3% pada 1Q2025, yang menunjukkan ketahanan armada yang
resilience of the fleet despite the near-term delays in project mendasar meskipun terdapat penundaan jangka pendek akan waktu
commencements. permulaan proyek.
Indirect Expenses and Operating Profit Biaya Tidak Langsung dan Laba Operasional
Total Indirect Expense rose by 6.5%YOY to US$2.4 million Total Biaya Tidak Langsung meningkat sebesar 6,5%YOY menjadi
in 1Q2025 as compared to US$2.3 million in 1Q2024. This US$2,4 juta pada 1Q2025, dibandingkan dengan US$2,3 juta pada
increase was primarily driven by the increase in marketing 1Q2024. Peningkatan ini terutama didorong oleh peningkatan biaya
expenses and staff salaries. pemasaran dan gaji karyawan.
With the growing participation in international tenders, Dengan meningkatnya partisipasi dalam tender internasional, Biaya
Marketing Expenses in 1Q2025 doubled to US$0.17 million Pemasaran pada 1Q2025 naik dua kali lipat menjadi US$0,17 juta
(+125.3%YOY) from US$0.08 million in 1Q2024. Staff Salary (+125,3%YOY) dari US$0,08 juta pada 1Q2024. Gaji Karyawan
contributed US$0.09 million to the increase, rising 5.2%YOY memberikan kontribusi sebesar US$0,09 juta terhadap peningkatan
to US$1.8 million in 1Q2025, due to an expansion of tersebut, naik 5,2%YOY menjadi US$1,8 juta pada 1Q2025,
permanent employees and higher salaries. disebabkan adanya penambahan karyawan tetap dan kenaikan gaji
karyawan.
Operating Profit for 1Q2025 was US$4.1 million, which Laba Operasional pada 1Q2025 sebesar US$4,1 juta, meningkat
increased 52.5% compared to the same period in the 52,5% dibandingkan dengan periode yang sama pada tahun
previous year. The operating margin rose to 24.7% in sebelumnya. Margin operasi naik menjadi 24,7% pada 1Q2025 dari
1Q2025 from 14.7% in 1Q2024. 14,7% pada 1Q2024.
Other Income, Expenses and Net Attributable Profit Pendapatan Lain, Beban, dan Laba yang Dapat Diatribusikan
Interest expenses doubled to US$0.5 million in 1Q2025 as Biaya bunga naik dua kali lipat menjadi US$0,5 juta pada 1Q2025,
the Company obtained new loans to refinance the PSV and karena Persahaan memperoleh pinjaman baru untuk membiayai
HLBs purchased last year. On the other hand, interest PSV dan beberapa HLB yang dibeli tahun lalu. Di sisi lain,
income rose by 32.0%YOY to US$0.1 million in 1Q2025, pendapatan bunga naik sebesar 32,0%YOY menjadi US$0,1 juta
following strong cash flow generation. pada 1Q2025, sejalan dengan perolehan arus kas yang kuat.
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. 111/NL/IV/2025
Ekuitas pada entitas asosiasi mencatat kerugian sebesar US$0,04
Equity in net earnings of associates recorded a loss of pada 1Q2025 dibandingkan dengan keuntungan sebesar US$0,2
US$0.04 in 1Q2025 compared to a gain of US$0.2 million in juta pada 1Q2024, mencerminkan utilisasi lebih rendah yang
1Q2024, reflecting the lower utilization experienced by our dialami oleh perusahaan asosiasi.
associated companies.
Penjualan aset tetap memberikan kontribusi keuntungan sebesar
The sale of fixed assets contributed a gain of US$0.2 million US$0,2 juta dari penjualan kapal low tier pada 1Q2025, yang secara
from the disposal of low tier vessels in 1Q2025, effectively efektif merealisasikan nilai moneter armada. Perusahaan mencatat
capturing the fleet’s monetary value. The Company recorded kerugian valas sebesar US$0,4 juta dari piutang dagang
a FX loss of US$0.4 million from Rupiah denominated trade berdenominasi Rupiah, yang disebabkan oleh penguatan USD.
receivables, impacted by the strengthening of the USD.
Kepentingan non pengendali meningkat secara signifikan sebesar
Non-controlling interest was significantly higher at US$1.5 US$1,5 juta dibandingkan dengan US$0,4 juta pada 1Q2024, yang
million compared to US$0.4 in 1Q2024, reflecting the share mencerminkan porsi kepentingan minoritas atas laba dari bisnis
of minority interest in earnings from the PSV business, in PSV, dimana Wintermar memegang saham sebesar 51%. Laba
which Wintermar holds a 51% stake. Net Attributable Profit Bersih yang Dapat Diatribusikan untuk 1Q2025 sejumlah US$1,6
for 1Q2025 amounted to US$1.6 million, a decrease by juta, turun 25,6%YOY dari US$2,2 juta pada 1Q2024.
25.6%YOY from US$2.2 million in 1Q2024.
EBITDA grup melonjak 20,2%YOY pada 1Q2025, mencapai
The group’s EBITDA jumped by 20.2%YOY for 1Q2025, US$7,6 juta.
reaching US$7.6 million.
Industry Outlook Prospek Industri
The long term outlook for offshore support vessels (OSV) is Prospek jangka panjang untuk kapal pendukung lepas pantai (OSV)
still positive, albeit in the near term, the industry has not masih positif, walaupun dalam jangka pendek, industri ini tidak luput
escaped the uncertainty affecting global business sentiment dari ketidakpastian yang mempengaruhi sentimen bisnis global yang
that has emerged from policy fluctuations in the US. As a muncul dari fluktuasi kebijakan di AS. Sebagai akibat dari
result of the imposition of tariffs, oil demand growth for 2025 pengenaan tarif, pertumbuhan permintaan minyak untuk tahun 2025
has been revised down while geopolitical risks have risen telah direvisi turun sementara risiko geopolitik telah meningkat di
amidst fears of escalating trade wars. tengah kekhawatiran akan meningkatnya perang dagang.
In 1Q2025, the global caution added to the seasonal Pada 1Q2025, kehati-hatian global ini menambah perlambatan
slowdown in Asia which resulted in some delays to project musiman di Asia, yang mengakibatkan beberapa penundaan
commencements. However, planning is underway for several dimulainya proyek. Namun, perencanaan sedang dilakukan untuk
offshore drilling projects which are expected to ramp up beberapa proyek pengeboran lepas pantai yang diperkirakan
towards the end of the year, which provide support for charter meningkat menjelang akhir tahun, yang memberikan dukungan
rates. The second-hand market has been active with higher untuk tarif sewa. Pasar barang bekas telah aktif dengan harga yang
prices being offered for used OSVs in operating condition, lebih tinggi yang ditawarkan untuk OSV bekas dalam kondisi
indicating that there is still strong demand in the coming beroperasi, yang menunjukkan bahwa masih terdapat permintaan
years. yang kuat di tahun-tahun mendatang.
Business Prospects Prospek Bisnis
The year has started on a slow footing, which has impacted Tahun ini dimulai dengan lambat, yang berdampak pada utilisasi
utilization in 1Q2025 as 60% of the fleet is still exposed to pada 1Q2025 dimana 60% dari armada masih bergantung pada
short term spot contracts. Gross margins, which have been kontrak spot jangka pendek. Margin kotor yang telah meningkat
climbing, will be maintained due to the better fleet mix, as can akan dipertahankan berkat campuran armada yang lebih baik,
be seen in the strong growth in gross profit and operating seperti yang terlihat dari pertumbuhan tinggi laba kotor dan laba
profit. The Company has taken delivery of 2 units of Heavy operasi. Perusahaan telah menerima 2 unit Heavy Load Barges
Load Barges in 1Q2025 which are expected to commence (HLB) pada 1Q2025 yang diperkirakan akan mulai beroperasi pada
operations in 2Q2025 and secured additional high tier vessel 2Q2025, dan telah mendapatkan kontrak-kontrak kapal high tier
contracts, thus supporting continued profitability in the latter tambahan, sehingga mendukung profitabilitas yang berkelanjutan di
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. 111/NL/IV/2025
part of the year. Looking ahead to 2026, we are still positive akhir tahun. Melihat ke depan hingga tahun 2026, kami masih
on the demand for DP vessels which will be needed for optimis dengan permintaan kapal DP yang akan dibutuhkan untuk
several new deepwater drilling projects which are in beberapa proyek pengeboran air dalam baru yang sedang
development this year. dikembangkan tahun ini.
Total contracts on hand as at end March 2025 has risen to Total kontrak yang dimiliki untuk dijalankan Perusahaan hingga
US$71.9 million. akhir Maret 2025 telah meningkat menjadi US$71,9 juta.
Wintermar Group - Contracts on Hand (US$ million)
85
80
75
70
65
60
55
50
Contracts on Hand
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com
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.
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. 111/NL/IV/2025
SUMMARY PROFIT AND LOSS (YTD Mar-2025 vs YTD Mar-2024)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
Description YTD Mar-2024 vs YTD
YTD Mar YTD Mar
Mar-2025
2024 2025
Change %
PROFIT AND LOSS
Revenue
Owned vessel 13,984,425 14,842,913 858,488 6.1%
Chartering 3,047,468 914,369 (2,133,099) -70.0%
Others 1,412,729 981,291 (431,438) -30.5%
Total Revenue 18,444,622 16,738,573 (1,706,049) -9.2%
Direct expense
Owned vessel 10,056,127 8,723,018 (1,333,109) -13.3%
Charter 2,826,347 877,908 (1,948,439) -68.9%
Others 554,768 556,796 2,028 0.4%
Total Direct expense 13,437,242 10,157,722 (3,279,520) -24.4%
Gross profit (loss) 5,007,380 6,580,851 1,573,471 31.4%
27.1% 39.3%
Gross profit (loss) - owned vessel 3,928,298 6,119,895 2,191,597 55.8%
Gross profit (loss) - chartering 221,121 36,461 (184,660) -83.5%
Gross profit (loss) - others 857,961 424,495 (433,466) -50.5%
Total Indirect expenses (2,296,475) (2,446,125) (149,650) 6.5%
Operating profit (loss) 2,710,905 4,134,726 1,423,821 52.5%
14.7% 24.7%
Other income (expenses)
Interest expenses (237,543) (499,992) (262,449) 110.5%
Interest income 102,337 135,135 32,798 32.0%
Equity in net earning of associates 229,203 (42,700) (271,903) -118.6%
Net - Gain (loss) on sale of fixed assets 98,362 216,366 118,004 120.0%
Forex gain (loss) (75,007) (358,039) (283,032) 377.3%
Others 24,738 84,829 60,091 242.9%
Total Other income (expenses) 142,090 (464,401) (606,491) -426.8%
Net income (loss) before tax 2,852,995 3,670,325 817,330 28.6%
Total tax benefit (expenses) (259,197) (509,814) (250,617) 96.7%
Income before non controlling interest 2,593,798 3,160,511 566,713 21.8%
Non controlling interest 385,079 1,516,452 1,131,373 293.8%
ATTRIBUTABLE NET PROFIT 2,208,719 1,644,059 (564,660) -25.6%
EBITDA 6,301,225 7,576,217 1,274,992 20.2%
Weighted Average EPS - USD Cents 0.05 0.04 (0.01) -25.5%
Weighted Average EPS - Equivalent to IDR 8.09 6.30 (1.78) -22.0%
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. 111/NL/IV/2025
SUMMARY PROFIT AND LOSS (YTD Mar-2025 vs YTD Mar-2024)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
Description YTD Mar-2024 vs YTD
YTD Mar YTD Mar
Mar-2025
2024 2025
Change %
Direct expense
Owned vessel 10,056,127 8,723,018 (1,333,109) -13.3%
Depreciation 3,517,866 3,370,133 (147,733) -4.2%
Crewing 2,530,321 2,354,152 (176,169) -7.0%
Operations 1,114,866 768,743 (346,123) -31.0%
Maintenance 2,387,959 1,715,718 (672,241) -28.2%
Fuel Bunker 505,115 514,272 9,157 1.8%
Charter 2,826,347 877,908 (1,948,439) -68.9%
Others 554,768 556,796 2,028 0.4%
Total Direct expense 13,437,242 10,157,722 (3,279,520) -24.4%
Indirect expenses
Administration (41,619) (32,627) 8,992 -21.6%
Depreciation office (72,454) (71,358) 1,096 -1.5%
Employee Benefits (107,077) (125,367) (18,290) 17.1%
Profesional fee (99,231) (55,177) 44,054 -44.4%
Staff salary (1,716,549) (1,805,782) (89,233) 5.2%
Staff training & Medical (23,755) (14,641) 9,114 -38.4%
Telecomunication (14,353) (13,554) 799 -5.6%
Marketing (75,419) (169,908) (94,489) 125.3%
Travelling (29,430) (20,834) 8,596 -29.2%
Donation (5,092) (11,388) (6,296) 123.6%
Office utility (111,496) (125,489) (13,993) 12.6%
Total Indirect expenses (2,296,475) (2,446,125) (149,650) 6.5%
ISM Code & ISPS Compliant
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