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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. 105/NL/III/2024
NEWSLETTER # 105
28 March 2024
RESULTS FOR THE YEAR ENDING 31st DECEMBER 2023
Wintermar’s net attributable profit Laba bersih teratribusi Wintermar melonjak
jumped by 501.1%YOY to US$ 6.7 501,1%YOY menjadi US$ 6,7 juta pada
million for FY2023 backed by higher FY2023 didukung oleh peningkatan tarif
charter rates. sewa.
Higher utilization and rising charter rates towards the 4th Tingkat utilisasi yang lebih tinggi dan tarif sewa yang meningkat
quarter lifted gross margins and led to a strong operational menjelang kuartal ke-4 meningkatkan marjin laba kotor dan
performance in FY2023 with EBITDA up 24.4% to menghasilkan kinerja operasional kuat di FY2023 dengan EBITDA
US$21.8million on total revenue of US$72.6 million naik 24,4% menjadi US$21,8 juta pada total pendapatan US$72,6
(+19.0%YOY). juta (+19,0%YOY).
Owned Vessel Division Divisi Kapal Milik
The Owned Vessel Division's revenue saw a 33.3% YOY Pendapatan Divisi Kapal Milik mengalami peningkatan sebesar
increase to US$ 48.2 million, outpacing the owned vessel 33,3% (YOY) menjadi US$48,2 juta, melampaui pertumbuhan
direct cost growth of 22.4%. Maintenance costs increased by beban langsung pada divisi kapal milik sebesar 22,4%. Biaya
70.9% in 2023, with 3 additional mid tier vessels starting pemeliharaan meningkat sebesar 70,9% pada tahun 2023, dampak
operations in 2023 and the full year effect of 1 additional gabungan dari mulai beroperasinya 3 kapal mid tier tambahan pada
high tier vessel which commenced work in late 2022. These tahun 2023 dan mulai beroperasinya sebuah kapal high tier
costs will stay high in line with our growing fleet of high tier tambahan pada akhir tahun 2022. Biaya ini akan tetap tinggi seiring
vessels. Operations costs rose by 64.4%, as result of dengan meningkatnya armada kapal high tier. Biaya operasi naik
increased operational cost due to a larger number of vessels 64,4% sebagai akibat dari peningkatan jumlah kapal yang bekerja
working outside Indonesia where agency and other costs are di luar Indonesia yang dimana biaya agen dan biaya lainnya lebih
higher. Additionally, fuel costs were up by 30.5%, as result tinggi. Selain itu, biaya bahan bakar naik 30,5% sebagai akibat dari
of mobilization and demobilization costs of vessels working biaya mobilisasi dan demobilisasi kapal yang bekerja di luar
outside Indonesia. Owned Vessel gross margins increased Indonesia. Margin laba kotor divisi Kapal Milik meningkat menjadi
to 22.6%, up from 15.7% in FY2022, primarily due to 22,6%, naik dari 15,7% di FY2022, terutama karena kenaikan tarif
increased charter rates. These improvements more than sewa. Peningkatan ini lebih dari cukup untuk menutupi biaya
compensated for the higher direct expenses. langsung yang naik.
Full year utilization rate stood at 68% compared to 73% in Tingkat utilisasi setahun penuh berada di 68% dibandingkan
2022, impacted by low utilization in 2Q2023. This was due to dengan 73% pada tahun 2022, dipengaruhi oleh rendahnya utilisasi
a number of our high-tier vessels needing maintenance pada 2Q2023 ketika sejumlah kapal high-tier kami memerlukan
following the conclusion of long-term contracts. pemeliharaan setelah selesainya kontrak jangka panjang.
Utilization was stronger towards the second half of FY2023, Tingkat utilisasi bertambah seiring paruh kedua FY2023, dengan
with 2H2023 utilization at 73% compared to 62% at 1H2023. utilisasi 2H2023 sebesar 73% dibandingkan dengan 62% pada
The growth in Owned Vessel revenue was weighted towards 1H2023. Pertumbuhan pendapatan divisi Kapal Milik terkonsentrasi
the 2nd half as utilization and charter rates started to improve pada paruh kedua karena utilisasi dan tarif sewa mulai meningkat
in the latter part of the year. Revenue from Owned Vessels di bagian akhir tahun. Pendapatan dari divisi Kapal Milik tumbuh
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. 105/NL/III/2024
grew 51.3% in 2H2024 compared to 1H2024. Gross profit 51,3% di 2H2024 dibandingkan dengan 1H2024. Laba kotor dari
from this division jumped by 91.8% YOY to US$10.9 million. divisi ini melonjak 91,8% YOY menjadi US$ 10,9 juta.
Throughout 2023, the Company broadened its operational Sepanjang tahun 2023, Perseroan memperluas kapasitas
capacity by acquiring two mid-tier vessels and bringing one operasionalnya dengan mengakuisisi dua kapal mid-tier dan
lower-tier vessel back into service. Two more high tier mengaktivasi kembali satu kapal low-tier secara operational. Dua
vessels are now estimated to start operations only in kapal high tier tambahan lainnya diperkirakan akan mulai
2H2024. By the end of the year, the Company's total fleet beroperasi pada 2H2024. Pada akhir tahun, total ukuran armada
size reached 44 vessels. Perusahaan mencapai 44 kapal.
Quaterly Utilization
90%
85% 82%
80% 76%
74%
75% 70% 70%
68% 67% 68% 68%
70%
63%
65% 61%
60% 56%
55%
50%
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
Chartering Division and Other Services Divisi Chartering dan Jasa Lainnya
Chartering Division experienced a slight revenue drop of Divisi Chartering mengalami sedikit penurunan pendapatan
-4.4%, with Gross Profit from Chartering also decreasing by sebesar -4,4%, dengan Laba Kotor dari divisi Chartering juga
-54.9%YOY to US$1.1million from US$2.4million in 2022. menurun sebesar -54,9% YOY menjadi US$1,1 juta dari US$2,4
Revenue from Other Services saw a increase of 4.5%. juta pada tahun 2022. Pendapatan dari Jasa Lainnya mengalami
However, the gross profit for this division slightly declined, to peningkatan sebesar 4,5%. Namun, laba kotor untuk divisi ini
US$3.1 million in FY2023, a 3.1% decrease from the mengalami sedikit penurunan, menjadi US$3,1 juta di FY2023,
previous year's US$3.2 million. penurunan 3,1% dari US$3,2 juta di tahun sebelumnya.
Total Gross Profit for FY2023 stood at US$15.1million, a Total Laba Kotor untuk FY2023 adalah US$15,1 juta, meningkat
substantial 33.7% increase from the previous year. secara signifikan sebesar 33,7% dari tahun sebelumnya.
Indirect Expenses and Operating Profit Biaya Tidak Langsung dan Laba Operasional
Indirect expenses, rose by only 4.3%YOY at US$ 6.2 million. Biaya tidak langsung hanya naik 4,3% (YoY) menjadi US$ 6,2 juta.
The largest cost was higher salary expenses of US$4.8 Biaya terbesar adalah biaya gaji yang lebih tinggi sebesar US$ 4,8
million (+15.8%YOY) due to increased hiring in line with juta (+15,8% YoY) karena peningkatan perekrutan sejalan dengan
business recovery. Professional fees rose by 30.7% to pemulihan bisnis. Biaya profesional naik 30,7% menjadi US$ 0,3
US$0.3 million from US$0.2 million in 2022 due to juta dari US$ 0,2 juta pada tahun 2022 karena implementasi sistem
implementation of a new internal communication and manajemen komunikasi dan alur kerja internal yang baru. Kenaikan
workflow management system. The rise in other indirect beban tidak langsung lainnya diimbangi oleh penurunan yang besar
expenses was offset by a large non recurring reduction of atas penyesuaian tidak berulang sebesar US$0,7 juta atas
US$0.7million in employee pension liabilities as a result of kewajiban pensiun karyawan sebagai akibat dari penerapan
the Company’s adoption of the Omnibus Law and Undang-undang Cipta Kerja dan penyesuaian sebesar US$0.2 juta
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. 105/NL/III/2024
adjustment of US$0.2 million over accrual in 2022, which led atas akrual di tahun 2022 yang menyebabkan pendapatan sebesar
to an income of US$0.26million instead of expense under US$0,26 juta sebagai pengganti beban di bawah tunjangan
employee benefit. karyawan.
Operating Profit for FY2023 was US$8.8 million, which Laba Operasi untuk FY2023 adalah US$8,8 juta, yang meningkat
increased 66.5% compared to the previous year. 66,5% dibandingkan laba operasi tahun sebelumnya.
Other Income, Expenses and Net Attributable Profit Pendapatan Lain, Beban, dan Laba yang Diatribusikan
Interest expenses decreased by 12.9% YOY to US$1.2 Beban bunga menurun sebesar 12,9% YOY menjadi US$1,2 juta
million as the Company cut its debt by US$5.9 million karena Perusahaan berhasil mengurangi utangnya sebesar US$5,9
throughout the year, reducing its net gearing to only 3.0% as juta sepanjang tahun, menurunkan rasio net gearing menjadi hanya
of 31 December 2023. 3,0% per 31 Desember 2023.
Income from equity in associates increased to US$0.5 million Pendapatan dari ekuitas pada entitas asosiasi meningkat menjadi
in FY2023 from US$0.4 million the prior year, reflecting our US$0,5 juta di FY2023 dari US$0,4 juta di tahun sebelumnya,
share of the profits from an associate's successful sale of a mencerminkan bagian dari keuntungan atas penjualan kapal yang
vessel. berhasil dilakukan oleh entitas asosiasi.
The net profit attributable to shareholders for FY2022 Laba bersih yang dapat diatribusikan kepada pemegang saham
amounted to US$ 6.7 million, a jump of 501.1 %YOY. untuk FY2022 berjumlah US$ 6,7 juta, melonjak sebesar 501,1%
YOY.
EBITDA for FY2023 increased by +24.4%YOY to EBITDA untuk FY2023 meningkat sebesar +24,4% YOY menjadi
US$21.8million. US$21,8 juta.
Outlook for Oil and Gas Exploration Prospek Eksplorasi Minyak dan Gas
In 2023, the oil and gas industry saw a steady upturn, with Pada tahun 2023, industri minyak dan gas mengalami peningkatan
global oil demand surpassing 100 million barrels per day yang stabil dengan permintaan minyak global melebihi 100 juta
for the first time. This demand upswing led to increased barel per hari untuk pertama kalinya. Peningkatan permintaan ini
investment in upstream activities reaching the highest menyebabkan peningkatan investasi dalam aktivitas hulu mencapai
levels since 2015. Particularly in the Middle East, as well level tertinggi sejak 2015. Khususnya di Timur Tengah, dan juga di
as in other regions worldwide, national oil companies wilayah lain di seluruh dunia, perusahaan minyak nasional
escalated their spending to fortify national energy security meningkatkan investasi mereka untuk memperkuat ketahanan
by securing sufficient reserves of future supply to meet energi nasional dengan cara meningkatkan produksi dan
energy demand. mengamankan cadangan pasokan masa depan untuk memenuhi
permintaan energi.
The following charts illustrate the rising upstream oil and
gas capital expenditure. Most of the new investments are Grafik berikut menggambarkan peningkatan belanja modal minyak
offshore, with deepwater growing much faster than shelf. dan gas hulu. Sebagian besar investasi baru berada di lepas pantai,
dengan deepwater tumbuh lebih cepat daripada di shelf.
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. 105/NL/III/2024
Source : Rystad Energy January 2024
Source : Rystad Energy January 2024
Business Outlook Prospek Bisnis
In line with the data showing a concentration in offshore Sejalan dengan data yang menunjukkan konsentrasi pada investasi
deepwater investments, there has been over the past year deepwater pada lepas pantai, selama setahun terakhir telah terjadi
more aggressive charter rate hikes in particular for High kenaikan tarif sewa yang lebih agresif, khususnya untuk kapal High
Tier vessels that cater to deeper offshore waters. Until Tier yang melayani perairan lepas pantai yang lebih dalam. Hingga
now, Indonesian charter rates have lagged behind the saat ini, tarif sewa di Indonesia masih tertinggal dari pasar global
global market in adjusting to higher demand. However, dalam hal penyesuaian tarif sewa atas permintaan yang lebih tinggi.
with recent discoveries in Indonesia and the approval of Namun, dengan penemuan-penemuan baru-baru ini di Indonesia
the Masela Field plan of development late last year, there dan persetujuan rencana pengembangan Wilayah Kerja Masela
will be increasing deepwater exploration and development akhir tahun lalu, akan ada peningkatan eksplorasi dan
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. 105/NL/III/2024
work in Indonesia in the coming years which will underpin pengembangan deepwater di Indonesia di tahun-tahun mendatang
demand for high tier vessels. yang akan menopang permintaan kapal-kapal high tier.
The supply for Offshore Support Vessels remains Pasokan Kapal Pendukung Lepas Pantai tetap terbatas, sebagian
constrained, partly due to the industry’s anticipation and karena antisipasi dan ketidakpastian industri atas bahan bakar
uncertainty over the renewable fuel of choice for next- terbarukan pilihan untuk teknologi propulsi generasi mendatang.
generation propulsion technologies. These tight conditions Kondisi ketat pasokan ini diperkirakan akan terus berlanjut, yang
are expected to persist, which should in turn gradually push pada gilirannya secara bertahap akan mendorong naiknya tarif
rates higher in the coming years. sewa lebih tinggi di tahun-tahun mendatang.
We have successfully secured contracts outside Indonesia Kami telah berhasil mengamankan kontrak di luar Indonesia di
in regions like India, Brunei, and Thailand, where we wilayah-wilayah seperti India, Brunei, dan Thailand, di mana kami
benefit from more favourable charter rates. Additionally, mendapatkan keuntungan dari tarif sewa yang lebih
we are actively preparing two PSVs for operations that are menguntungkan. Selain itu, kami secara aktif mempersiapkan dua
anticipated to come online in the 2H2024, providing further kapal PSV untuk operasi yang diantisipasi akan mulai beroperasi
growth opportunities for the coming year. pada 2H2024, memberikan peluang pertumbuhan lebih lanjut untuk
tahun mendatang.
There are challenges in operating an older fleet with higher Terdapat tantangan dalam mengoperasikan armada yang lebih tua
maintenance costs and unavailability of spare parts. We dengan biaya pemeliharaan yang lebih tinggi dan tidak tersedianya
therefore expect higher annual maintenance and suku cadang. Oleh karena itu, kami memperkirakan biaya
operational costs in line with our fleet age profile. The perawatan dan operasional tahunan yang lebih tinggi sejalan
nature of our contract tenures still being very much dengan profil usia armada kami. Sifat jangka waktu kontrak kami
dominated by spot contracts, particularly in the High Tier yang masih sangat didominasi oleh kontrak spot, terutama di
segment, will add volatility to our quarterly revenue, on top segmen High Tier, akan menambah volatilitas pada pendapatan
of seasonality factors which usually contribute to a weaker kuartalan kami, di atas faktor musiman yang biasanya berkontribusi
first half. pada semester pertama yang lebih lemah.
Now that the Company has a much stronger balance sheet Sekarang Perusahaan memiliki neraca yang jauh lebih kuat dan net
and low net gearing, management will be seeking gearing yang rendah, manajemen akan mencari peluang untuk
opportunities for fleet rejuvenation to improve the fleet yield peremajaan armada guna meningkatkan hasil armada dan
and diversify revenue sources through managing our fleet mendiversifikasi sumber pendapatan melalui pengelolaan
composition with investments in the current year. komposisi armada dengan investasi di tahun berjalan.
Contracts on hand as at end February 2024 amounted to Per akhir February 2024, Kontrak Perseroan yang telah dimiliki
US$75 million. untuk dikerjakan adalah sebesar US$75 juta.
90
Wintermar Group - Contracts on Hand (US$ million)
85 82
79 80 79 79
80 76 75
74
75 72 72
69
70 66 66 66
65
60
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. 105/NL/III/2024
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. 105/NL/III/2024
SUMMARY FINANCIALS (FY 2023 vs FY 2022)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
Description FY 2023 FY 2022 FY 2023 vs FY 2022
Change %
PROFIT AND LOSS
Revenue
Owned vessel 48,158,918 36,140,209 12,018,709 33.3%
Chartering 16,968,595 17,745,146 (776,551) -4.4%
Others 7,433,656 7,115,309 318,347 4.5%
Total Revenue 72,561,169 61,000,664 11,560,505
- 19.0%
Direct expense
Owned vessel 37,294,548 30,475,175 6,819,373 22.4%
Charter 15,885,502 15,342,519 542,983 3.5%
Others 4,361,597 3,945,698 415,899 10.5%
Total Direct expense 57,541,647 49,763,392 7,778,255 15.6%
Gross profit (loss) 15,019,522 11,237,272 3,782,250 33.7%
Gross profit (loss) - owned vessel 10,864,370 5,665,034 5,199,336 91.8%
Gross profit (loss) - chartering 1,083,092 2,402,626 (1,319,534) -54.9%
Gross profit (loss) - others 3,072,059 3,169,611 (97,552) -3.1%
Total Indirect expenses (6,191,989) (5,935,346) (256,643) 4.3%
Operating profit (loss) 8,827,533 5,301,926 3,525,607 66.5%
Other income (expenses)
Interest expenses (1,224,087) (1,405,982) 181,895 -12.9%
Interest income 67,225 34,397 32,828 95.4%
Equity in net earning of associates 547,859 355,773 192,086 54.0%
Net - Gain (loss) on sale of fixed assets 31,152 (2,631,585) 2,662,737 -101.2%
Forex gain (loss) (141,460) 77,661 (219,121) -282.2%
Impairment of assets - - - 0.0%
Others (585,692) (128,690) (457,002) 355.1%
Total Other income (expenses) (1,305,003) (3,698,426) 2,393,423 -64.7%
Net income (loss) before tax 7,522,530 1,603,500 5,919,030 369.1%
Total tax benefit (expenses) (891,903) (742,405) (149,498) 20.1%
Income (loss) before non controlling interest 6,630,627 861,095 5,769,532 670.0%
Non controlling interest (42,864) (249,210) 206,346 -82.8%
NET INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS 6,673,491 1,110,305 5,563,186 501.1%
EBITDA 21,767,115 17,494,260 4,272,855 24.4%
Weighted Average EPS - USD Cents 0.15 0.03 0.13 501.1%
Weighted Average EPS - Equivalent to IDR 23.62 4.02 19.60 501.1%
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. 105/NL/III/2024
SUMMARY FINANCIALS (FY 2023 vs FY 2022)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
Description FY 2023 FY 2022 FY 2023 vs FY 2022
Change %
Direct expense
Owned vessel 37,294,548 30,475,175 6,819,373 22.4%
Depreciation 12,752,044 12,058,736 693,308 5.7%
Crewing 9,346,951 8,830,960 515,991 5.8%
Operations 5,977,148 3,635,220 2,341,928 64.4%
Maintenance 6,145,224 3,594,890 2,550,334 70.9%
Fuel Bunker 3,073,181 2,355,369 717,812 30.5%
Charter 15,885,502 15,342,519 542,983 3.5%
Others 4,361,597 3,945,698 415,899 10.5%
Total Direct expense 57,541,647 49,763,392 7,778,255 15.6%
Indirect expenses
Administration (124,725) (162,616) 37,891 -23.3%
Depreciation office (187,538) (133,598) (53,940) 40.4%
Employee Benefits 259,274 (235,380) 494,654 -210.2%
Profesional fee (330,446) (252,897) (77,549) 30.7%
Staff salary (4,832,889) (4,174,925) (657,964) 15.8%
Staff training & recreation (82,637) (143,191) 60,554 -42.3%
Telecomunication (49,716) (38,549) (11,167) 29.0%
Marketing (249,025) (281,930) 32,905 -11.7%
Travelling (110,480) (88,100) (22,380) 25.4%
Donation (18,833) (13,323) (5,510) 41.4%
Office utility (464,974) (410,837) (54,137)
- 13.2%
#DIV/0!
Total Indirect expenses (6,191,989) (5,935,346) (256,643) 4.3%
ISM Code & ISPS Compliant
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