Click here to close now.

Welcome!

Apache Authors: Carmen Gonzalez, Liz McMillan, Plutora Blog, Pat Romanski, Elizabeth White

News Feed Item

Wintermar Offshore Marine (IDX:WINS) Net Profit for FY2013 up 34% to US$27 million on 50% Revenue Growth



Jakarta, Indonesia, Mar 25, 2014 - (ACN Newswire) - PT Wintermar Offshore Marine Tbk (IDX:WINS) today reported net profit for FY2013 rose 34% to US$27 million on 50% revenue growth, and EBITDA jumped 62% to US$65.4 million.

Owned vessels

WINS's accelerated fleet expansion in 2013 drove gross profit from Owned Vessels up by 71% YOY to US$51.4million on revenue growth of 50%. Rising charter rates and the strength of the USD against the Rupiah underpinned gross margin expansion in an environment of strong demand for offshore vessels. A total of 12 vessels were delivered, 7 in the first half and 5 in the second half of the year, adding up to USD90million of total capex. New vessels comprised : 1 unit Platform Supply Vessel, 1 unit 8000 BHP AHTS, 1 unit 5000 BHP AHTS, 1 unit Heavy Load barge, 4 units Fast utility vessels and 4 units Anchor Handling Tugs.

Cabotage implementation in 2013 for offshore operations support vessels of 5000 BHP and higher, including Platform Support Vessels and Dynamic Positioning vessels, means that all our fleet is now fully covered under the cabotage law. Domestic rates have therefore risen vis a vis international rates as supply of Indonesian flagged vessels has become restricted.

Chartered vessels

Higher demand for deepwater drilling has also contributed to a pickup in our chartering business, which has seen a 71% jump in revenues to US$78.1 million and nearly doubling of profit to US$5.2million for FY2013. However, these contracts are mainly on short term tenures given the high proportion of exploration activity, and we are not expecting the same growth in 2014 as we focus our efforts on our new Owned Vessel fleet. The implementation of cabotage in 2013 has also reduced the number of vessels available for chartering.

Gross Profit

Total gross profit showed growth of 65% owing to very strong result from Owned Vessels, as margins improved significantly compared to the previous year, particularly in the higher value segment of the market.

Indirect expenses and operating profit

Indirect costs saw more modest growth of 31% to US$11 million, mainly from personnel related costs. Our continued efforts to develop our human capital and build out our internal infrastructure in anticipation of scaling up meant higher indirect expenses, primarily from staffing and development of personnel. We have built up a stronger network of vessel teams to be able to handle a larger number of high value vessels.

However, the increase in indirect cost was more than offset by higher gross profit, resulting in a 76% YOY jump in operating profit to US$46.7million.

Other income/(expenses)

The higher capital expenditure associated with our increased fleet expansion plan was funded through internally generated cash as well as bank loans. Interest expenses therefore rose accordingly by 49% from US$ 5.6 million to US$ 8.4 million as loans were drawn down. In Q3-2013 we sold an old vessel at a loss to raise cash for the reinvestment into our revised fleet expansion plan, therefore there was a loss in sale of fixed asset of US$ 1 million FY2013, as compared to a gain of US$1.8million in 2012.

Net profit and EBITDA

Net Profit attributed to shareholders has increased by 34% YOY to US$ 27 million while EBITDA has risen by 62% from US$ 40.4 million last year to US$ 65.4 million this period.

Earnings per share for FY2013 amounted to US$ 0.74 cent or Rp 90 which is an increase 32% in US$ term from the previous corresponding period in 2012.

Total Assets and Gearing

Total Assets amount to US$ 422.2 million with our fleet valued at US$299 million as at end 2013 compared to US$232.6 million at end 2012, an increase of 28% reflecting our expansion into higher value vessels

Our net gearing has risen but still remains at a manageable level of 69% as at end December 2013 compared to the previous year end gearing of 57%.

Outlook

The combination of higher exploration activity and the strict implementation of cabotage in 2013 led to strong growth in all areas of our business, and margin expansion. We continue to be optimistic about the longer term trend of offshore oil and gas in Indonesia as several larger development projects are due to start in the coming months. There have also been more foreign vessels reflagged into Indonesian flag which supports the longer term viability of the Indonesian deepwater drilling industry. There continues to be strong activity in deepwater drilling which feeds demand for higher value vessels, in particular vessels with Dynamic Positioning capability. Although most of the contract tenures for deepwater vessels are still short because most are engaged in exploration work, the commencement of some larger development projects will be very welcome news for the industry. The limited supply of high value OSVs flying the Indonesian flag has led to firmer rates across the high value segment of the market, which are at a premium to global charter rates for the same class of vessels. There has admittedly been some delay in awards of longer term tenures. However, we continue to be optimistic on the outlook for our business and our fleet expansion strategy is still very much on track.

Contracts

At 1 March 2014, the total value of contracts in hand is US$ 111.2 million.

About PT Wintermar Offshore Marine

PT Wintermar Offshore Marine Tbk (IDX:WINS) is an Indonesian offshore marine services company that owns a fleet of over 64 vessels ready to handle a large variety of marine support services required in upstream oil and gas exploration and production activities including transporting crew, equipment and supplies, as well as providing services such as anchor handling, towing, and mooring of offshore rigs. Our young and growing fleet, comprising a wide variety of vessel types, enables us to offer innovative vessel and logistics solutions to serve our client base of multinational oil and gas companies. In 2011, WINS became the first shipping company in Indonesia to be certified with Integrated Management System by Lloyds Register Quality Assurance, comprising ISO 9001:2008 (Quality), ISO14001:2004 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com .

Source: PT Wintermar Offshore Marine

Contact:
Ms Pek Swan Layanto
Investor Relations
[email protected]




Copyright 2014 ACN Newswire. All rights reserved.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Analytics is the foundation of smart data and now, with the ability to run Hadoop directly on smart storage systems like Cloudian HyperStore, enterprises will gain huge business advantages in terms of scalability, efficiency and cost savings as they move closer to realizing the potential of the Internet of Things. In his session at 16th Cloud Expo, Paul Turner, technology evangelist and CMO at Cloudian, Inc., will discuss the revolutionary notion that the storage world is transitioning from mere Big Data to smart data. He will argue that today’s hybrid cloud storage solutions, with commodity...
Every innovation or invention was originally a daydream. You like to imagine a “what-if” scenario. And with all the attention being paid to the so-called Internet of Things (IoT) you don’t have to stretch the imagination too much to see how this may impact commercial and homeowners insurance. We’re beyond the point of accepting this as a leap of faith. The groundwork is laid. Now it’s just a matter of time. We can thank the inventors of smart thermostats for developing a practical business application that everyone can relate to. Gone are the salad days of smart home apps, the early chalkb...
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems, will focus on how to set up a cloud data governance program and s...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
CommVault has announced that top industry technology visionaries have joined its leadership team. The addition of leaders from companies such as Oracle, SAP, Microsoft, Cisco, PwC and EMC signals the continuation of CommVault Next, the company's business transformation for sales, go-to-market strategies, pricing and packaging and technology innovation. The company also announced that it had realigned its structure to create business units to more directly match how customers evaluate, deploy, operate, and purchase technology.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Even as cloud and managed services grow increasingly central to business strategy and performance, challenges remain. The biggest sticking point for companies seeking to capitalize on the cloud is data security. Keeping data safe is an issue in any computing environment, and it has been a focus since the earliest days of the cloud revolution. Understandably so: a lot can go wrong when you allow valuable information to live outside the firewall. Recent revelations about government snooping, along with a steady stream of well-publicized data breaches, only add to the uncertainty
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”