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Tuesday, 30 October 2012, 17:50 HKT/SGT

Source: PT Wintermar Offshore Marine Tbk
PT Wintermar Offshore Marine (WINS) Reports Net Profit Growth of 29% for the 9 Months Ending Sept 30; EBITDA Grows by 27%

JAKARTA, INDONESIA, Oct 30, 2012 - (ACN Newswire) - PT Wintermar Offshore Marine (WINS) has reported a net profit growth of 29% YOY for the 9 months ended Sept 30 to USD 14.5 million, while EBITDA grew by 27% YOY to USD 28.6 million.


For the first 9 months of 2012, Own Vessel revenues grew 25% compared to the same period in 2011. This was largely owing to the 13 new fleet additions in 2011 which started contributing in 2012. The higher margin Own Vessel Division contributed largely to the 27% rise in EBITDA to USD 28.6 million. As expected, Chartered Vessel revenues declined by 27% with the approaching cabotage deadline in December 2012.

Total revenues were down by 2% because the business mix shifted in favour of Own Vessels, which made up 57% of total revenues compared to only 45% in 2011. Despite lower revenues, contribution from Chartered Vessels rose in absolute terms by USD 550,000 from the 9 months 2011 because of better margins. Overall, total gross profit was up by 20% to USD 24.9 million.

As we have been building up our operational capability and infrastructure over the past two years, the benefits of economies of scale were evident as indirect expenses rose only 9%, contributing to operating profit of USD 18.6 million, a rise of 24% over the corresponding period in 2011.

As planned, we took delivery of 3 new vessels in the third quarter 2012. These were one unit of Anchor Handling Tug (AHT) and two units of Anchor Handling Tug Supply (AHTS). During the quarter we also had several scheduled dockings and upgraded the Dynamic Positioning (DP) System of one of our platform supply vessels to DP2 from DP1 in line with our continuous fleet improvement program to improve the competitiveness and capability of our vessels. Therefore as expected, gross margins in the Own Vessel Segment fell slightly to 46% compared to the first half because of the start up costs associated with new vessel deliveries and fleet upgrading.

Other Income/(Expenses)

As loans were disbursed to fund the new vessel deliveries, interest expenses therefore rose by 38% to USD 3.5 million in the 9 months 2012 compared with 9 months 2011. However, other income from sale of older fleet and associate companies rose by 62% and 33% respectively, thus contributing to a rise in other income by 78%. Income before tax therefore amounted to USD 19.9 million, a rise of 26% compared to 9 months 2011. Net income for the 9 months ended September 2012 was USD 14.5 million, a 29% rise compared to USD 11.2 million in the same period 2011.


Although we had expected 10 vessels in the second semester of 2012, there are some delays in the ongoing tenders and therefore we plan to postpone the delivery of 3 to 4 vessels from 4th quarter 2012 to first quarter 2013. This is to optimise the utilisation rate of our fleet so as to optimise our cash utilisation and operational efficiency.

The activity in offshore oil and gas has been primarily in the exploration segment, which has resulted in shorter term contracts as new players are actively drilling and the exploration phase is characterised by shorter term contracts compared to production contracts. We have also been successful in tendering for spot jobs in neighbouring countries like Thailand, Malaysia and India, to expand our experience and optimise the utilisation rate of our higher end fleet in between jobs in Indonesia. For 2013, we plan to participate in the tenders for several large deepwater projects which are expected to be called in 1H 2013. In preparation for these tenders, we have signed a convertible loan agreement with IFC which will provide USD 10 million in funds to increase our capacity to take on new projects should we be successful in these tenders.

As at 30th September 2012 the total contracts on hand are USD 264 million, compared to USD 196 million at the end of June 2012.


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 Wintemar 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 CompanyPT WINTERMAR OFFSHORE MARINE Tbk.

PT Wintermar Offshore Marine Tbk:
Pek Swan Layanto
Phone: +62-21-5305201 ext. 401
E-mail: investor_relations@wintermar.com

Topic: Earnings
Source: PT Wintermar Offshore Marine Tbk

Sectors: Gas & Oil, Daily Finance, Logistics & Supply Chain
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