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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. 110/NL/III/2025
NEWSLETTER # 110
24th March 2025
RESULTS FOR THE FULL YEAR ENDED 31 DECEMBER 2024
Wintermar’s Operating Profit jumped by Laba Operasi Wintermar melonjak 101,5% YOY
101.5%YOY to US$17.8 million on the back menjadi US$17,8 juta didukung oleh peningkatan
of a 13.5%YOY increase in Total Revenue to Total Pendapatan sebesar 13,5% YOY menjadi
US$82.4million, from higher charter rates US$82,4 juta, yang berasal dari tarif sewa yang
and a better fleet mix of DP (Dynamic lebih tinggi dan kombinasi armada kapal DP
Positioning) vessels. (Dynamic Positioning) yang lebih baik.
Owned Vessel Division Divisi Kapal Milik
Owned Vessel Revenue rose by 28.9%YOY to Pendapatan Divisi Kapal Milik meningkat sebesar 28,9% YOY
US$62.1million for FY2024 from US$48.2million in FY2023. menjadi US$62,1 juta pada FY2024 dari US$48,2 juta pada
This was driven by a larger number of DP vessels in the fleet FY2023. Hal ini diakibatkan oleh lebih banyaknya jumlah kapal DP
which pushed the average charter rates for 2024 up by 26% dalam armada yang telah mendorong naiknya tarif sewa rata-rata
as compared to the average charter rate in 2023. These untuk tahun 2024 sebesar 26% dibandingkan dengan tarif sewa
factors contributed to a 106.2%YOY jump in Gross Profit rata-rata di tahun 2023. Faktor-faktor ini berkontribusi terhadap
from Owned Vessels to US$22.4million for FY2024 with lonjakan 106,2% YOY Laba Kotor dari Divisi Kapal Milik menjadi
vessel utilization in 2024 at 66%, slightly lower than 68% for US$22,4 juta pada FY2024 meski dengan utilisasi kapal sedikit
2023. lebih rendah pada tahun 2024 yakni sebesar 66%, dari sebelumnya
68% di tahun 2023.
Owned Vessel gross margin has increased to 36.1% in Margin bruto Divisi Kapal Milik meningkat menjadi 36,1% pada
FY2024 as compared to 22.6% in FY2023, reflecting a strong FY2024 dibandingkan dengan 22,6% pada FY2023, yang
increase in charter rates as well as a better fleet exposure to mencerminkan peningkatan yang besar dalam tarif sewa serta lebih
the DP segment. Our 5150BHP to 8000BHP AHTS as well baiknya eksposur armada terhadap segmen DP. Kapal AHTS
as PSVs experienced a higher charter rate boost than the 5150BHP hingga 8000BHP serta kapal PSV Perusahaan
rest of the fleet due to rising demand for deeper water drilling mengalami peningkatan tarif sewa yang lebih tinggi dibandingkan
projects, which require DP capability. tipe kapal lainnya dalam armada akibat meningkatnya permintaan
untuk proyek pengeboran air laut dalam, yang memerlukan
kemampuan DP.
Vessel utilization fell in 4Q2024 to 63% compared to 67% in Utilisasi kapal turun pada 4Q2024 menjadi 63% dibandingkan
3Q2024. Some vessels completed spot contracts while the dengan 67% pada 3Q2024. Telah diselesaikannya kontrak spot
monsoon season in Brunei also impacted utilization. These oleh beberapa kapal saat musim hujan di Brunei turut
vessels underwent maintenance and will start operations mempengaruhi utilisasi. Kapal-kapal ini menjalani pemeliharaan
again in mid 1Q2025. The additional PSV which was dan akan mulai beroperasi lagi pada pertengahan 1Q2025. Kapal
delivered in October 2024 did not commence operations until PSV tambahan yang dibeli Perusahaan pada bulan Oktober 2024
January 2025. belum mulai operasi hingga bulan Januari 2025.
Chartering Division and Other Services Divisi Chartering dan Layanan Lainnya
Gross Profit from Chartering rose by 28.7%YOY to Laba Kotor dari Divisi Chartering naik sebesar 28,7% YOY menjadi
US$1.4million, despite slightly lower revenue of US$1,4 juta, meskipun pendapatan sedikit lebih rendah di angka
US$13.7million, reflecting improved margins. Gross Profit US$13,7 juta, yang mencerminkan peningkatan margin. Laba Kotor
from Other Services recorded a decline of 16.7%YOY to dari Layanan Lainnya mencatat penurunan sebesar 16,7% YOY
US$2.6million upon the completion of a contract. menjadi US$2,6 juta setelah penyelesaian sebuah 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. 110/NL/III/2025
Total Revenue for FY2024 rose 13.5% YOY to US$82.4 Total Pendapatan pada FY2024 naik sebesar 13,5% YOY menjadi
million with Total Gross Profit of US$26.4 million US$82,4 juta dengan Total Laba Kotor sebesar US$26,4 juta
(+75.5%YOY) for FY2024 as compared to Total Revenue of (+75,5% YOY) pada FY2024 dibandingkan dengan Total
US$72.6 million and Total Gross Profit of US$15.0 million in Pendapatan sebesar US$72,6 juta dan Total Laba Kotor sebesar
FY2023. US$15,0 juta pada FY2023.
Direct Expenses and Gross Profit Biaya Langsung dan Laba Kotor
Owned Vessel Direct expenses rose by 6.4% YOY to Beban Langsung Kapal Milik naik sebesar 6,4% YOY menjadi
US$39.7million, largely from higher maintenance costs, US$39,7 juta, sebagian besar berasal dari biaya pemeliharaan yang
which rose by US$7.5million (+21.8%YOY), in additional to lebih tinggi, yang naik sebesar US$7,5 juta (+21,8% YOY), dan
higher crewing costs of US$10.3million (+10.5%YOY). biaya awak kapal yang juga lebih tinggi di angka US$10,3 juta
(+10,5% YOY).
The higher maintenance and crewing costs are aligned with Biaya pemeliharaan kapal dan biaya awak kapal yang lebih tinggi
operating a fleet of higher value vessels and a larger ini sejalan dengan pengoperasian armada kapal bernilai tinggi dan
proportion of operations outside of Indonesia. Depreciation lebih besarnya proporsi operasi di luar Indonesia. Biaya penyusutan
costs rose by 5.4%YOY to US$13.4million as the number of naik sebesar 5,4% YOY menjadi US$13,4 juta seiring dengan
operational vessels increased. Bunker costs rose by meningkatnya jumlah kapal yang beroperasi. Biaya bunker naik
7.2%YOY to US$3.3million due to higher oil prices and a sebesar 7,2% YOY menjadi US$3,3 juta akibat harga bahan bakar
larger number of vessels mobilized in and out of Indonesia. yang lebih tinggi dan lebih banyaknya kapal yang dimobilisasi
masuk dan keluar dari Indonesia.
Indirect Expenses and Operating Profit Biaya Tidak Langsung dan Laba Operasional
Indirect Expenses rose by 38.5%YOY to US$8.6million, with Biaya Tidak Langsung naik sebesar 38,5% YOY menjadi
Staff Salary contributing US$1million to the increase, US$8.6juta, dimana Gaji Karyawan berkontribusi US$1 juta
reflecting a focus on strengthening the operations, technical terhadap kenaikan tersebut, yang mencerminkan fokus pada
and IT teams to manage a higher value fleet, as well as the penguatan tim operasi, teknis dan IT untuk mengelola armada
payment of employee bonuses in line with the strong bernilai lebih tinggi, serta pembayaran bonus karyawan sejalan
operational performance. dengan kinerja operasional yang kuat.
As the Company now participates in more international Seiring lebih seringnya Perusahaan saat ini berpartisipasi dalam
tenders, there has been an increase in marketing expenses tender internasional, telah terjadi peningkatan biaya pemasaran
by 164.8%YOY to US$0.66million. sebesar 164,8% YOY menjadi US$0,66 juta.
Operating margins jumped to 21.6% for FY2024 compared Margin Operasinal melonjak menjadi 21,6% pada FY2024
to 12.2% in 2023, as Operating Profit doubled to dibandingkan dengan 12,2% pada tahun 2023, karena Laba
US$17.8million for FY2024, reflecting the impact of Operasional telah berlipat ganda menjadi US$17,8 juta pada
operational gearing on the Company’s profitability as charter FY2024, yang mencerminkan dampak dari gearing operasional
rates begin to rise. pada profitabilitas Perusahaan saat tarif sewa mulai meningkat.
Other Income, Expenses and Net Attributable Profit Pendapatan Lain, Beban, dan Laba yang Dapat Diatribusikan
Interest Expenses and financial charges fell by 4.2%YOY to Beban Bunga dan beban keuangan turun sebesar 4,2% YOY
US$1.2million while interest income rose by 582%YOY to menjadi US$1,2 juta sementara pendapatan bunga naik sebesar
US$0.46million, as the Company continued to accumulate 582%YOY menjadi US$0,46 juta, karena Perusahaan terus
cash flow and pay down debt. mengakumulasi arus kas dan melunasi utang.
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. 110/NL/III/2025
Equity in net earnings of associates jumped to US$2.4million Laba entitas asosiasi melonjak menjadi US$2,4 juta untuk FY2024
for FY2024 from US$0.55million in FY2023, with strong dari US$0,55 juta pada FY2023, dengan kontribusi yang besar dari
contribution from associated companies with OSV operations perusahaan asosiasi dengan operasi kapal OSV yang juga
which also benefitted from the strong industry upturn. diuntungkan dari peningkatan industri yang kuat.
The sale of fixed assets contributed a one-off gain of Penjualan aset tetap memberikan kontribusi keuntungan satu kali
US$16.1million, largely from the sale of an older PSV in the sebesar US$16,1 juta, sebagian besar berasal dari penjualan PSV
first half of 2024. Due to the strengthening of the A, the lama pada paruh pertama tahun 2024. Karena penguatan USD,
Company recorded a FX loss of US$0.47million mainly from Perusahaan mencatat kerugian valas sebesar US$0,47 juta
Rupiah denominated trade receivables. terutama dari denominasi penerimaan pendapatan dalam mata
uang Rupiah.
Non-controlling interest was significantly higher at Kepentingan non pengendali meningkat secara signifikan sebesar
US$9.8million compared to a small loss of US$0.04million in US$9,8 juta dibandingkan dengan kerugian kecil sebesar US$0,04
FY2023. The largest contributor to this was from the gain on juta pada FY2023. Kontributor terbesar atas peningkatan ini adalah
sale of fixed asset as well as the stronger earnings from the berasal dari pendapatan atas penjualan aset tetap serta penguatan
PSV business which is 51% controlled by Wintermar. pendapatan bisnis PSV yang 51% dikendalikan oleh Wintermar.
Net Attributable Profit to shareholders for FY2024 was Laba Bersih yang Dapat Diatribusikan kepada pemegang saham
US$22.5million, a significant jump of 237% compared to untuk FY2024 adalah US$22,5 juta, sebuah lonjakan signifikan
US$6.7million in FY2023. Excluding the gain on sale of sebesar 237% dibandingkan dengan US$6,7 juta pada FY2023.
Vessel, the underlying core profit increased by 126.5%YOY Mengecualikan keuntungan atas penjualan Kapal, laba inti
to US$15.1million compared to US$6.6 million in FY2023. meningkat sebesar 126,5% YOY menjadi US$15,1 juta
dibandingkan dengan US$6,6 juta pada FY2023.
FY2024 EBITDA increased by 44.8% YOY to EBITDA FY2024 meningkat sebesar 44,8% YOY menjadi US$31,5
US$31.5million. juta.
Industry Outlook Prospek Industri
The recent months have been characterized by rising global Beberapa bulan terakhir ditandai dengan meningkatnya
uncertainty arising from dramatic policy changes in the US, ketidakpastian global yang timbul dari perubahan kebijakan
the prospect of tariff wars and the fragile ceasefire in Gaza. dramatis di AS, prospek perang tarif, dan gencatan senjata yang
rapuh di Gaza.
These upheavals have not derailed the underlying Pergolakan ini tidak menggagalkan momentum mendasar dalam
momentum in the upstream investment cycle, which seems siklus investasi hulu, yang tampaknya masih berlangsung karena
to still be unfolding as major oil companies have started to perusahaan-perusahaan minyak besar telah mulai mengurangi
roll back renewable energy projects in favour of investing in proyek-proyek energi terbarukan demi investasi pada minyak dan
oil and gas. The oil price has corrected from previous highs gas. Harga minyak telah terkoreksi dari titik tertinggi sebelumnya
but is forecasted to stay firm in the next couple of years from tetapi diperkirakan akan tetap kuat dalam beberapa tahun ke
OPEC+ intervention. depan akibat intervensi OPEC+.
In Indonesia, the government remains committed to the Di Indonesia, pemerintah tetap berkomitmen pada berbagai
various major deepwater projects which have received proyek utama laut dalam yang telah memperoleh persetujuan
investment approval in the past 12 months. SE Asian charter investasi dalam 12 bulan terakhir. Tarif sewa kapal di Asia
rates corrected slightly at the end of 2024 after a very sharp Tenggara sedikit terkoreksi pada akhir tahun 2024 setelah
spike up in the past 12 months. However, there are several melonjak tajam dalam 12 bulan terakhir. Meski demikian, terdapat
Engineering Procurement (EPCI) projects which require berapa proyek Engineering Procurement (EPCI) yang
OSV for short-term projects, which accounts for a more memerlukan kapal OSV untuk proyek-proyek jangka pendek, dan
volatile utilization of the OSV fleet. ini menyebabkan utilisasi armada OSV lebih fluktuatif.
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. 110/NL/III/2025
Business Prospects Prospek Bisnis
Despite a slower 4Q2024, we are still optimistic on the Meskipun 4Q2024 melambat, kami tetap optimis terhadap
outlook for OSVs in Indonesia as there are several approved prospek OSV di Indonesia karena ada beberapa proyek
deepwater drilling projects particularly in the Makassar strait pengeboran laut dalam yang telah disetujui khususnya di selat
and the Andaman sea which are likely to commence in Makassar dan laut Andaman yang kemungkinan akan dimulai
2H2025 to 2026. Some EPCI contracts have been awarded 2H2025 hingga 2026. Beberapa kontrak EPCI telah diberikan dan
and tendering for the marine spread is ongoing for 2H2025 tender untuk sebaran laut sedang berlangsung untuk dimulai
commencement. All this points to continued short term 2H2025. Semua ini menunjukkan kontrak jangka pendek yang
contracts, by virtue of where we are at this early stage of the berkelanjutan, berdasarkan posisi kami pada tahap awal siklus
drilling cycle, and we expect continued volatility in utilization pengeboran ini, dan kami memperkirakan berlanjutnya volatilitas
rates while charter rates should remain firm. dalam tingkat utilisasi sementara tarif sewa akan tetap stabil.
Wintermar took delivery of 3 units of newbuilt Heavy Load Wintermar telah membeli 3 unit Heavy Load Barges (HLB) baru
Barges (HLB) between December 2024 to February 2025. antara Desember 2024 hingga Februari 2025. Kapal-kapal
The vessels are in the process of conversion to Indonesian tersebut sedang dalam proses konversi menjadi berbendera
flag and will be ready to work by 2Q2025. In addition, the Indonesia dan akan siap beroperasi pada 2Q2025. Selain itu,
Company has ordered a newbuilt Platform Supply Vessel for Perusahaan telah memesan Platform Supply Vessel baru untuk
delivery in 2026, which will enhance the DP capability of the penerimaan pada tahun 2026, yang akan meningkatkan
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. 110/NL/III/2025
fleet and reduce average age of the fleet. These acquisitions kemampuan DP dari armada serta mengurangi usia rata-rata
have been funded through internal cash flow and will be armada. Pembelian kapal-kapal ini telah didanai menggunakan
refinanced upon delivery. In 2H2025, another reactivated arus kas internal dan akan menggunakan pembiayaan kembali
PSV is expected to be operational, adding to our capacity for setelah penerimaan. Pada 2H2025, PSV lain yang diaktifkan
2025. kembali diharapkan dapat beroperasi, menambah kapasitas kami
untuk tahun 2025.
Contracts on hand as at end February 2025 amounted to Kontrak yang dimiliki untuk dijalankan Perusahaan hingga akhir
US$66million. Februari 2025 bernilai US$66 juta.
Wintermar Group - Contracts on Hand (US$ 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. 110/NL/III/2025
SUMMARY PROFIT AND LOSS (FY 2024 vs 2023)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
Description FY 2023 vs FY 2024
FY 2023 FY 2024
Change %
PROFIT AND LOSS
Revenue
Owned vessel 48,158,918 62,087,986 13,929,068 28.9%
Chartering 16,968,595 13,747,249 (3,221,346) -19.0%
Others 7,433,656 6,526,265 (907,391) -12.2%
Total Revenue 72,561,169 82,361,500 9,800,331 13.5%
Direct expense
Owned vessel 37,294,548 39,681,532 2,386,984 6.4%
Charter 15,885,502 12,352,928 (3,532,574) -22.2%
Others 4,361,597 3,968,162 (393,435) -9.0%
Total Direct expense 57,541,647 56,002,622 (1,539,025) -2.7%
Gross profit (loss) 15,019,522 26,358,878 11,339,356 75.5%
Gross profit (loss) - owned vessel 10,864,370 22,406,454 11,542,084 106.2%
Gross profit (loss) - chartering 1,083,093 1,394,321 311,228 28.7%
Gross profit (loss) - others 3,072,059 2,558,103 (513,956) -16.7%
Total Indirect expenses (6,191,989) (8,575,734) (2,383,745) 38.5%
Operating profit (loss) 8,827,533 17,783,144 8,955,611 101.5%
Other income (expenses)
Interest expenses (1,224,087) (1,172,825) 51,262 -4.2%
Interest income 67,225 458,749 391,524 582.4%
Equity in net earning of associates 547,859 2,379,414 1,831,555 334.3%
Net - Gain (loss) on sale of fixed assets 31,152 16,054,278 16,023,126 51435.3%
Forex gain (loss) (141,460) (470,591) (329,131) 232.7%
Others (585,692) 1,718,815 2,304,507 -393.5%
Total Other income (expenses) (1,305,003) 18,967,840 20,272,843 -1553.5%
Net income (loss) before tax 7,522,530 36,750,984 29,228,454 388.5%
Total tax benefit (expenses) (891,903) (4,450,800) (3,558,897) 399.0%
Income before non controlling interest 6,630,627 32,300,184 25,669,557 387.1%
Non controlling interest (42,864) 9,808,396 9,851,260 -22982.6%
ATTRIBUTABLE NET PROFIT 6,673,491 22,491,788 15,818,297 237.0%
EBITDA 21,767,115 31,521,831 9,754,716 44.8%
Weighted Average EPS - USD Cents 0.15 0.52 0.36 236.7%
Weighted Average EPS - Equivalent to IDR 23.62 83.26 59.64 252.5%
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. 110/NL/III/2025
SUMMARY PROFIT AND LOSS (FY 2024 vs 2023)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
Description FY 2023 vs FY 2024
FY 2023 FY 2024
Change %
Direct expense
Owned vessel 37,294,548 39,681,532 2,386,984 6.4%
Depreciation 12,752,044 13,440,787 688,743 5.4%
Crewing 9,346,951 10,330,980 984,029 10.5%
Operations 5,977,148 5,129,008 (848,140) -14.2%
Maintenance 6,145,224 7,485,467 1,340,243 21.8%
Fuel Bunker 3,073,181 3,295,290 222,109 7.2%
Charter 15,885,502 12,352,928 (3,532,574) -22.2%
Others 4,361,597 3,968,162 (393,435) -9.0%
Total Direct expense 57,541,647 56,002,622 (1,539,025) -2.7%
Indirect expenses
Administration (124,725) (173,687) (48,962) 39.3%
Depreciation office (187,538) (297,900) (110,362) 58.8%
Employee Benefits 259,274 (479,631) (738,905) -285.0%
Profesional fee (330,446) (372,243) (41,797) 12.6%
Staff salary (4,832,889) (5,841,258) (1,008,369) 20.9%
Staff training & recreation (82,637) (61,452) 21,185 -25.6%
Telecomunication (49,716) (61,521) (11,805) 23.7%
Marketing (249,025) (659,299) (410,274) 164.8%
Travelling (110,480) (110,426) 54 0.0%
Donation (18,833) (14,374) 4,459 -23.7%
Office utility (464,974) (503,943) (38,969) 8.4%
Total Indirect expenses (6,191,989) (8,575,734) (2,383,745) 38.5%
ISM Code & ISPS Compliant
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