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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. 106/NL/IV/2024
NEWSLETTER # 106
29th April 2024
RESULTS FOR THE FIRST QUARTER ENDING 31st MARCH 2024
Wintermar reports US$5 million Gross Wintermar mencatat Laba Kotor US$5 juta
Profit and US$2.2million Net dan Laba Diatribusikan sebesar US$2,2 juta
Attributable Profit for 1Q2024, driven pada 1Q2024 yang didorong oleh
by Owned Vessels gross margin peningkatan margin kotor Kapal Milik.
expansion.
Total Gross Profit increased 66.8%YOY to US$5.0 million for Total Laba Kotor meningkat 66,8% YOY menjadi US$5,0 juta pada
1Q2024 as compared to US$3 million in 1Q2023, while total 1Q2024 dibanding US$3 million pada 1Q2023, sementara total
revenues were 16.3% YOY higher at US$18.4 million pendapatan naik 16,3%YOY menjadi US$18,4 juta. Tarif sewa yang
compared to 1Q2023. Higher charter rates resulted in a lebih tinggi menghasilkan kenaikan margin laba kotor atas Divisi
widening of gross margins from the Owned Vessel Division. Kapal Milik.
Owned Vessel Division Divisi Kapal Milik
In 1Q2024, Owned Vessel gross profit experienced an Pada 1Q2024, laba kotor Kapal Milik mengalami peningkatan
increase to US$3.9 million (+129.4% YOY) as compared to sebesar US$3,9 juta (+129,4% YOY) dibandingkan dengan
1Q2023, generated from revenues of US$14 million (+44.6% 1Q2023, yang dihasilkan dari pendapatan sebesar US$14 juta
YOY). This was achieved despite only a modest rise in fleet (+44,6% YOY). Pencapaian ini diraih meskipun utilisasi armada
utilization from 67% in 1Q2023 to 69% in 1Q2024, because mengalami sedikit peningkatan dari 67% di 1Q2023 menjadi 69% di
of rising charter rates and additional revenue from vessels kuartal 1Q2024, oleh karena peningkatan tarif sewa dan
acquired in 2022 and 2023 coming onstream. pendapatan tambahan dari kapal yang diperoleh pada tahun 2022
dan 2023 yang mulai beroperasi.
If compared to the previous quarter, revenue from Owned Jika dibandingkan dengan kuartal sebelumnya, pendapatan dari
vessels fell by 8% for 1Q2024 compared to 4Q2023, as Kapal Milik mengalami penurunan sebesar 8% untuk 1Q2024
some vessels came off spot contracts, reflecting the short dibandingkan dengan 4Q2023. Hal ini disebabkan oleh berakhirnya
term nature of the projects in operation at the present beberapa kontrak spot kapal, yang mencerminkan sifat jangka
moment. However, gross profit was maintained at pendek dari proyek yang sedang beroperasi saat ini. Namun, laba
US$3.9million (-1%QOQ) compared to US$4million in kotor bertahan pada US$3,9 juta (-1% QOQ) dibandingkan dengan
4Q2023, as the effect of wider margins arising from better US$4 juta di 4Q2023, yang merupakan hasil dari margin yang lebih
charter rates for Spot contracts offset the lower utilization. besar akibat membaiknya tarif sewa atas kontrak spot,
mengimbangi utilisasi yang lebih rendah.
Owned Vessel Direct expenses increased by 26.4% YOY to Biaya Langsung Kapal Milik meningkat sebesar 26,4% YOY
US$10.1 million for 1Q2024, primarily driven by a higher menjadi US$10,1 juta untuk 1Q2024, terutama didorong oleh
number of operational vessels as compared to 1Q2023. The meningkatnya jumlah kapal operasional dibandingkan dengan
biggest increases were in maintenance expenses which rose kuartal 1Q2023. Peningkatan terbesar terjadi pada biaya perawatan
+104.2% YOY to US$2.4 million, and crewing expenses of yang naik sebesar +104,2% YOY menjadi US$2,4 juta dan biaya
US$2.5 million (+17.9% YOY). Apart from a higher number awak kapal yang naik 17,9%YOY menjadi US$2,5 juta pada
of vessels, maintenance costs were higher due to the 1Q2024. Selain peningkatan jumlah kapal, biaya perawatan juga
preparation of several vessels for overseas operations. menjadi lebih tinggi karena persiapan beberapa kapal untuk
Crewing costs have risen in line with the increased number beroperasi di luar negeri. Kenaikan biaya awak kapal selaras
crew and vessels operating internationally, necessitating a dengan peningkatan jumlah awak kapal dan kapal yang beroperasi
higher crew cost to meet charter requirements. Additionally, secara internasional, yang membutuhkan biaya awak kapal yang
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. 106/NL/IV/2024
depreciation expenses climbed to US$3.5 million, up 17.2% lebih tinggi untuk memenuhi persyaratan sewa. Selain itu, biaya
YOY, reflecting the growth in fleet size. depresiasi naik menjadi US$3,5 juta, naik 17,2% YOY,
mencerminkan pertumbuhan jumlah armada.
Chartering Division and Other Services Divisi Chartering dan Jasa Lainnya
Chartering Division saw a 25.3% YOY decline in revenue to Divisi Chartering mengalami penurunan pendapatan sebesar
US$ 3.0 million for 1Q2024 compared to 1Q2023, as two 25,3% YOY menjadi US$ 3,0 juta untuk 1Q2024 dibandingkan
vessels which were previously chartered were purchased 1Q2023, karena 2 kapal yang sebelumnya disewa sekarang telah
last year and are now reflected in Owned Vessel Division. dimiliki Perusahaan dan dicatat di segmen Divisi Kapal Milik. Laba
Gross profits in the Chartering Division also decreased by kotor di segmen Divisi Chartering juga mengalami penurunan
49.4%YOY to US$ 0.2 million. Revenue from Other Services sebesar 49,4%YOY menjadi US$ 0,2 juta. Pendapatan dari Jasa
decreased by 33.0% YTD, while gross profits in this division Lainnya turun sebesar 33,0% YOY, sedangkan laba kotor di divisi
remained relatively stable, showing a slight increase of 1.2% ini tetap relatif stabil, menunjukkan sedikit peningkatan sebesar
YTD to US$ 0.9 million. 1,2% YOY menjadi US$ 0,9 juta.
Indirect Expenses and Operating Profit Biaya Tidak Langsung dan Laba Operasional
Indirect Expenses increased by 61.4% YOY to US$ 2.3 Biaya Tidak Langsung meningkat sebesar 61,4% YOY menjadi US$
million. A significant factor was the one-time reversal in 2,3 juta. Faktor signifikan yang mempengaruhi adalah penyesuaian
employee benefit expenses in 2023 due to the Company’s perhitungan biaya tunjangan karyawan pada tahun 2023 akibat
adoption of the changes in the Omnibus Law, which did not penerapan Perusahaan atas perubahan Undang-undang Cipta
recur in 1Q2024. Salary expenses also rose to US$ 1.7 Kerja, yang tidak akan berulang di 1Q2024. Biaya gaji juga
million, up 41.4%YOY from 1Q2023, primarily due to meningkat mencapai total US$ 1,7 juta, kenaikan 41,4%YOY dari
increase in permanent employees following business 1Q2023, terutama disebabkan oleh peningkatan jumlah karyawan
expansion. tetap setelah ekspansi bisnis.
Operating Profit for 1Q2024 was US$2.7 million, which Laba Operasional untuk 1Q2024 adalah US$ 2,7 juta, yang
increased 71.7% YOY. meningkat 71,7% YOY.
Other Income, Expenses and Net Attributable Profit Pendapatan Lain, Beban, dan Laba yang Diatribusikan
Interest expenses decreased by 5.9% YOY to US$0.2 million Beban bunga turun sebesar 5,9% YOY menjadi US$0,2 juta untuk
for 1Q2024 with ongoing reduction in debt as the Company’s 1Q2024, dengan berlanjutnya penurunan utang seiring turunnya
net gearing ratio has now fallen to only 0.9% as of 31 March rasio net gearing Perusahaan yang saat ini hanya 0,9% per 31
2024. Maret 2024.
Income from equity in associates turned positive, reaching Pendapatan dari ekuitas di entitas asosiasi menjadi positif,
US$0.2 million in 1Q2024 compared to a loss of US$0.4 mencapai US$0,2 juta untuk 1Q2024 dibandingkan dengan
million in 1Q2023. This improvement reflects higher kerugian US$0,4 juta 1Q2023. Peningkatan ini mencerminkan
utilization and better profits from an associate's recovering peningkatan utilisasi dan laba yang lebih tinggi akibat pemulihan
business. bisnis entitas asosiasi.
The net profit attributable to shareholders for 1Q2024 Laba bersih yang dapat diatribusikan kepada pemegang saham
amounted to US$2.2 million, marking a significant increase untuk kuartal 1Q2024 sebesar US$2,2 juta, menandai peningkatan
compared to US$0.18million in 1Q2023. signifikan dibandingkan dengan US$0,18 juta di 1Q2023.
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. 106/NL/IV/2024
Industry Outlook Prospek Industri
The rise in global energy consumption demand is leading Peningkatan permintaan atas konsumsi energi global akan
to investments in oil and gas exploration and production, mendorong investasi dalam eksplorasi dan produksi minyak dan
emphasizing the industry's resilience and adaptability amid gas, yang menunjukkan ketangguhan dan kemampuan adaptasi
geopolitical tensions and a shifting energy landscape. In industri di tengah ketegangan geopolitik dan lanskap energi yang
2024, the global oil market remains robust, with IEA berubah. Pada tahun 2024, pasar minyak global tetap kuat, dengan
projecting demand growth of 1.2 million barrels per day. IEA memproyeksikan pertumbuhan permintaan akan mencapai 1,2
juta barel per hari.
Indonesia's oil and gas sector aligns with this trajectory, Sektor minyak dan gas Indonesia selaras dengan tren ini, ditunjukan
showing signs of renewed activity and expansion. Recent dari tanda-tanda pembaharuan pada aktivitas dan ekspansi.
discoveries and the final approval of the Masela Field plan Penemuan baru dan persetujuan akhir dari rencana pengembangan
of development will likely drive increased deepwater Blok Masela kemungkinan akan mendorong peningkatan aktivitas
exploration and development work, which will create eksplorasi dan eksploitasi pekerjaan laut dalam, yang akan
increased demand for higher value OSVs. Progress in menciptakan peningkatan permintaan untuk kapal OSV bernilai
bringing offshore gas discoveries like the Mako field into tinggi. Kemajuan dalam membawa penemuan-penemuan gas lepas
production, along with the drilling of a significant ultra- pantai untuk berproduksi seperti Blok Mako, serta prospek
deepwater gas prospect in the Andaman Sea, further pengeboran gas laut dalam yang signifikan di Laut Andaman,
highlight the potential growth for OSV services in the semakin menandakan potensi pertumbuhan untuk layanan kapal
region. OSV di wilayah tersebut.
OSV demand has strengthened further, driven by a Permintaan kapal OSV semakin menguat, didorong oleh kelanjutan
continuation of increased offshore activities, including peningkatan aktivitas lepas pantai, termasuk pengeboran dan
drilling and maintenance. The market is seeing tightening pemeliharaan. Pasar sedang mengalami kondisi yang semakin ketat
conditions due to rising requirements for OSVs arising from akibat meningkatnya permintaan atas kapal OSV yang timbul dari
an increase in active rigs while OSV supply remains peningkatan rig yang aktif sementara pasokan kapal OSV tetap
limited. These conditions have pushed up utilization of terbatas. Kondisi ini telah mendorong peningkatan utilisasi kapal
OSVs globally, and are likely to persist due to current OSV global, dan kemungkinan akan terus berlanjut karena
limited orderbooks for newbuilds, which will support even terbatasnya pemesanan untuk kapal baru saat ini, hal ini
higher charter rates. mendukung kenaikan tarif sewa yang akan datang.
Source: Clarksons
Research
Business Prospects Prospek Bisnis
In 1Q2024, the Company further expanded operations Pada 1Q2024, Perusahaan semakin memperluas operasinya di luar
beyond Indonesia, securing contracts in Brunei and Indonesia, dengan mengamankan kontrak di Brunei dan Thailand,
Thailand, and commencing a long-term contract in India. serta memulai kontrak jangka panjang di India. Kontrak-kontrak ini
These contracts offer improved charter rates and diversify menawarkan tarif sewa yang lebih baik dan diversifikasi layanan
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. 106/NL/IV/2024
service offerings, including specialized support for subsea yang ditawarkan, termasuk dukungan khusus untuk pekerjaan
and geo inspection tasks. subsea dan inspeksi geologi.
Subsequent Events Peristiwa Setelah Tanggal Pelaporan
In line with plans to rejuvenate our fleet composition, the Sejalan dengan rencana peremajaan komposisi armada,
management took advantage of an attractive bid and sold manajemen memanfaatkan tawaran menarik dengan menjual salah
one of our earliest purchased PSVs at a very favorable satu PSV paling awal kami miliki dengan harga yang sangat
price in April 2024. The proceeds of this sale will enable menguntungkan pada bulan April 2024. Hasil dari penjualan ini akan
the Company to reinvest in more attractive yielding assets memberikan Perusahaan kesempatan untuk kembali berinvestasi
in the market at present. pada aset dengan tingkat imbal hasil yang lebih baik pada pasar
saat ini.
The Company had been locked into 2 long-term contracts Sejak 2019, Perusahaan terikat dalam 2 kontrak jangka panjang
since 2019 at charter rates much lower than the current dengan tarif sewa jauh lebih rendah daripada harga pasar saat ini.
market level. These contracts were not extended and have Kontrak-kontrak ini tidak diperpanjang dan telah berakhir pada akhir
concluded by late April, thus freeing up the vessels to bulan April, sehingga kapal-kapal tersebut kini tersedia untuk
benefit from higher market rates. mendapatkan keuntungan dari tarif pasar yang lebih tinggi.
Contracts on hand as at end March 2024 amounted to Kontrak yang dimiliki untuk dijalankan Perusahaan per akhir Maret
US$71.6 million. 2024 berjumlah US$71,6 juta.
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com
DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially
from those projected. Certain statements relating to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries
(the Company) are based on management’s expectations, estimates and projections. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon
assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise
any of these statements. This publication is for informational purposes only and is not intended as a solicitation or offering of securities
in any jurisdiction. The information contained in this publication is not intended to qualify, supplement or amend information disclosed
under corporate and securities legislation of any jurisdiction applicable to the Company and should not be relied upon for the purpose
of making investment decisions concerning any securities of the Company.
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 106/NL/IV/2024
SUMMARY PROFIT AND LOSS (YTD Mar-2024 vs YTD Mar-2023)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
YTD Mar-2024 vs YTD Mar-
Description YTD Mar YTD Mar
2023
2024 2023 Change %
PROFIT AND LOSS
Revenue
Owned vessel 13,984,425 9,669,873 4,314,552 44.6%
Chartering 3,047,468 4,081,846 (1,034,378) -25.3%
Others 1,412,729 2,107,051 (694,322) -33.0%
Total Revenue 18,444,622 15,858,770 2,585,852
- 16.3%
Direct expense
Owned vessel 10,064,091 7,961,026 2,103,065 26.4%
Charter 2,826,347 3,644,935 (818,588) -22.5%
Others 546,804 1,251,561 (704,757) -56.3%
Total Direct expense 13,437,242 12,857,523 579,719 4.5%
Gross profit (loss) 5,007,380 3,001,248 2,006,132 66.8%
Gross profit (loss) - owned vessel 3,920,334 1,708,847 2,211,487 129.4%
Gross profit (loss) - chartering 221,120 436,910 (215,790) -49.4%
Gross profit (loss) - others 865,925 855,490 10,435 1.2%
Total Indirect expenses 2,296,475 1,422,713 873,762 61.4%
Operating profit (loss) 2,710,905 1,578,535 1,132,370 71.7%
Other income (expenses)
Interest expenses (240,141) (255,109) 14,968 -5.9%
Interest income 102,337 9,519 92,818 975.1%
Equity in net earning of associates 229,203 (364,165) 593,368 -162.9%
Net - Gain (loss) on sale of fixed assets 98,362 - 98,362 -
Forex gain (loss) (75,007) 9,884 (84,891) -858.9%
Impairment of assets - - - -
Others 27,336 (113,867) 141,203 -124.0%
Total Other income (expenses) 142,090 (713,738) 855,828 -119.9%
Net income (loss) before tax 2,852,995 864,797 1,988,198 229.9%
Total tax benefit (expenses) (259,197) (208,554) (50,643) 24.3%
Income (loss) before non controlling interest 2,593,798 656,243 1,937,555 295.2%
Non controlling interest 385,079 475,616 (90,537) -19.0%
NET INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS 2,208,719 180,627 2,028,092 1122.8%
EBITDA 6,301,225 4,621,679 1,679,546 36.3%
Weighted Average EPS - USD Cents 0.05 0.00 0.05 1122.8%
Weighted Average EPS - Equivalent to IDR 8.08 0.63 7.46
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. 106/NL/IV/2024
SUMMARY PROFIT AND LOSS (YTD Mar-2024 vs YTD Mar-2023)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
YTD Mar-2024 vs YTD Mar-
Description YTD Mar YTD Mar
2023
2024 2023 Change %
Direct expense
Owned vessel 10,064,091 7,961,026 2,103,065 26.4%
Depreciation 3,517,866 3,001,554 516,312 17.2%
Crewing 2,530,321 2,145,315 385,006 17.9%
Operations 1,122,830 1,034,116 88,714 8.6%
Maintenance 2,387,959 1,169,380 1,218,579 104.2%
Fuel Bunker 505,115 610,661 (105,546) -17.3%
Charter 2,826,347 3,644,935 (818,588) -22.5%
Others 546,804 1,251,561 (704,757) -56.3%
Total Direct expense 13,437,242 12,857,523 579,719 4.5%
Indirect expenses
Administration 41,619 25,485 16,134 63.3%
Depreciation office 72,454 41,590 30,864 74.2%
Employee Benefits 107,077 (115,790) 222,867 -192.5%
Profesional fee 99,231 57,244 41,987 73.3%
Staff salary 1,716,549 1,213,961 502,588 41.4%
Staff training & recreation 23,755 28,650 (4,895) -17.1%
Telecomunication 14,353 11,591 2,762 23.8%
Marketing 75,419 36,183 39,236 108.4%
Travelling 29,430 16,841 12,589 74.8%
Donation 5,092 2,070 3,022 146.0%
Office utility 111,496 104,888 6,608
- 6.3%
#DIV/0!
Total Indirect expenses 2,296,475 1,422,713 873,762 61.4%
ISM Code & ISPS Compliant
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