2016 AGMS PT Elnusa Tbk

Jakarta, 28 April 2016. PT Elnusa Tbk (Ticker code: ELSA) held Annual General Meeting of Shareholders at Udaya Room, Graha Elnusa. ELSA’s shareholders approved 2015 Annual Report and Financial Statement. Moreover, AGMS decided to distribute 20% dividend from Net Income, appointed public accounting and changed the Company’s management

Invitation of AGMS PT Elnusa Tbk 28 April 2016

The Board of Directors of PT Elnusa Tbk (hereinafter referred to as the “the Company”) having domicile in Jakarta hereby invites the Shareholders to attend the Annual General Meeting of Shareholders (“AGMS”) to be held on:

  • Day/date : Thursday, 28 April 2016
  • Time : 14.30 WIB – to the end
  • Place : Udaya Room – Graha Elnusa 1st Floor Jl. TB Simatupang Kav 1B South Jakarta

With agenda of AGMS as follows:

  1. The approval of the Annual Report 2015 including the Supervisory Report of the Board of Commissioners and ratification of the Financial Statements ended 31 December 2015.
  2. The determination of the use of the Company’s Net Profit for Fiscal Year 2015.
  3. The determination of Tantiem for the year 2015 and Remuneration for the year 2016 for members of the Board of Directors and Board of Commissioners.
  4. Appointment of Public Accountant to perform the audit on the Company’s financial statements for Fiscal Year 2016.
  5. Approval of changes to the Board of Management of the Company.

Explanation of each meeting agenda is as follows:

  1. 1st to 4th agenda are the agenda of the AGMS in accordance with the provisions of the Articles of Association and Law No. 40 of 2007 on Limited Liability Company.
  2. 5th agenda is the agenda concerns to the change of composition of the Company’s Management following a member of the Board of Commissioners who will have completed one (1) period of his tenure and there is also a request of resignation from President Director of the Company in accordance with a resignation letter received by the Company dated March 2, 2016.

Note:

  1. The Shareholders entitled to attend the AGMS are those registered in the Register of Shareholders on 5 April 2016 and or the owners of the balance of the company’s shares in the sub-account of securities of PT Kustodian Sentral Efek Indonesia at the close of stock trading at the Indonesia Stock Exchange on 5 April 2016.
  2. a. The shareholders of the company or their proxies who would attend the meeting shall be requested to submit copy of Identity Card (KTP) or other identification before entering the meeting room. b. The legal entity shareholders are requested to bring with them the copy of the most recent Articles of Association of the Company and the latest composition of the Management. c. The shareholders whose shares are included in the collective custody of PT Kustodian Sentral Efek Indonesia are requested to bring Written Confirmation for Meeting (KTUR) which can be obtained from Securities Company or Custodian Bank where the shareholders open their account.
  3. The Shareholders who do not attend the Meeting may be represented by proxy, provided that the members of the Board of Directors, the Board of Commissioners and employees of the Company cannot act as a proxy of shareholders in this meeting.
  4. Proxy forms can be obtained during working hour at the Company’s Share Registrar (BAE) Office PT Datindo Entrycom, Puri Datindo – Wisma Diners Club International Annex, Jl. Sudirman Kav. 34 Jakarta 10220.
  5. Meeting materials are available and can be obtained through the Company’s website (www.elnusa.co.id) or at the Head Office of the Company during working hour at the address PT Elnusa Tbk, Corporate Secretary, Graha Elnusa 16th Floor, Jl. TB Simatupang Kav. 1B South Jakarta if requested in writing by the Company’s shareholders.
  6. For the regularity of the meeting, the Shareholders or their legal proxies are requested to be present at the meeting place for registration not later than 30 (thirty) minutes before the meeting begins.

Jakarta, April 6, 2016

PT ELNUSA Tbk

Board of Directors

Performance of 2015: Fundamental of ELNUSA Still Remained Steady in 2015

Jakarta, February 25, 2016 – PT Elnusa Tbk. (“ELNUSA”), one of the national leading providers of energy services, reported the Company’s performance throughout the year 2015 with positive achievements.

Year of 2015 was marked by fairly heavy industry challenges related to oil and gas activity downtrend due to declining world oil prices. Amid these conditions, by doing all best efforts to increase efficiency and effectiveness through changes in work methods and continuous innovation as well as the development of the business and penetration to new markets, the Company managed to suppress the decreasing revenue as low as possible and still booked profit growth. So along the turbulent year in 2015, the Company posted revenues of Rp3.7 trillion or fell 10.6% over the previous year.

The efficiency and effectiveness efforts supported with the transformation of the Company’s working methods and innovation might be seen from the declining in the percentage of cost of revenue of 81.99% in the previous year to 80.96% in 2015. The gross margin grew from 18.00% to 19.04%, while the operating income margin and EBITDA margin grew into a 12.45% and 19.56%. The Company’s profitability remains in stable position due to inseparable contribution from the Company’s subsidiary mainly PT Elnusa Petrofin which engaged in the distribution and energy logistics services which remained  good profitability in the current condition.

The Company’s net income fell 11.84% from Rp426 billion to Rp375 billion in 2015. However, if the net income did not consider the gain on sale asset in 2014 which amounted up to Rp87 billion, the net income in 2015 still grew 10.92 % with net income margin grew from 8.01% to 9.94%.

ELNUSA balance sheet structure shown steady position of cash which reached up to Rp935 billion and cash from operation amounted to Rp424 billion. Bearing debt position of the end of 2015 stood at Rp740 billion, which meant that ELNUSA has still in net cash position that shown remarkable condition which was not owned by other oil and gas companies in the industry today.

Based on the achievement in 2015, showing that the fundamental of ELNUSA still relatively steady compared to other competitors in the national oil and gas industry. Year of 2016 would be more challenging for all oil & gas players domestically and globally. However, supported by good track records as well as the right strategic planning, ELNUSA may well face the challenging awaiting in the next year.

Replacement of Public Accountant for Fiscal Year 2015

In order to implement the regulation of Financial Services Authority (OJK) No: 31/POJK.04/2015 dated December 16, 2015 on Disclosure of information or material facts by the Emiten or Public Company, we hereby to inform replacement of Public Accountant.

In accordance with the decisions of the Annual General Meeting of Shareholders of the Company and Decree of the Board of Commissioners (BoC) regarding BoC Decree on appointment of Public Accountant (KAP) for audit financial statement of PT Elnusa Tbk for Fiscal Year 2015, the Company has appointed the Public Accounting Purwantono, Sungkoro and Surja – Ernst and Young as a public accounting to audit the financial statements of the Company and its subsidiaries for the fiscal year ended on December 31, 2015. For information that the Company had cooperation with the Public Accountant Tanudiredja, Wibisana & Partners – PricewaterhouseCoopers (“PwC”) for the fiscal year 2011-2014.

ELNUSA Received The Mahakam Award

Jakarta, February 17, 2016. PT Elnusa Tbk (ELNUSA), a leading energy services company in Indonesia for the third time received The Mahakam Award for category of Safety Performance of High Risk Contract > 400,000 Man-Hours in HSE Communication Forum 2016, held yesterday by Total E&P Indonesie (TEPI) at Novotel Hotel, Balikpapan, East Kalimantan. This was a prestigious event in oil and gas industry for all TEPI partners, working in the Mahakam block area. ELNUSA had previously achieved this award in 2013 and 2014.

ELNUSA’s Operation Director, Bambang H. Kardono, in his speech stated that “The Mahakam Award is an evidence of external recognition for safety performance of ELNUSA. For ELNUSA, safety is mandatoriy attached as corporate culture and part of operational excellence commitment in all projects executed by ELNUSA. We highly appreciate TEPI for its support and trust in ELNUSA to contribute our best services in Mahakam block areas for more than 25 years “. ***

Pefindo has Assigned “idA+” Ratings to ELNUSA

Jakarta,  12 Februari 2016 – Proudly we convey to all of shareholders that ELNUSA has been assigned “idA+” with “stable” company outlook by PEFINDO, a well reputable credit rating agency in Indonesia. This rating is valid from 28 January 2016 to 1 December 2016 and reflects ELNUSA’s strong presence in oil & gas service industry, wide diversified oil & gas support, and strong liquidity position. The rating may be raised along with ELNUSA’s future business development and financial performance growth.

This is to validate that ELNUSA is still considered as one of the strongest oil & gas service player in Indonesia. Through proven track record in deliverables and safety for over 45 years, ELNUSA has gained trust and credibility from major oil & gas partners and loyal customers to support ELNUSA’s business continuity in the future.

COMPANY ANNOUNCEMENT: Elnusa Revenue Estimation 2016

Dear Respected Shareholders,

The beginning of 2016 has been in the shade with industry’s sustainability turmoil. Nonetheless, we, as the management of Elnusa are still confident facing these challenges refer to our existing  on-hand contract amounted to Rp5,6 trillion which could be monetized approximately Rp3,0 trillion in 2016. We believe, with our balance sheet strength and our credibility on safety performance, project execution & productivity, we will be able to generate additional revenue and resulted to total projected revenue in 2016 not less than 2015 estimation, Rp3,7 trillion.

We highly value your trust to keep investing in our share, however  we also encourage you to make your own deep risk analysis before you take any decision whether to buy, sell or hold.

We as management, are taking all the necessary actions to deliver high value added to all shareholders.

Warm regards,

Management of Elnusa

ELNUSA Optimist Margin Net Profit Grows 15% in 2015

Jakarta, 1st December 2015 – PT Elnusa Tbk (code IDX: ELSA), one of the leading national providers of oil & gas and energy services, believes that net income and profitability of the Company at the end of 2015 will be better compared to the achievement derived from operations in the prior year.

“The condition of the global oil industry has not shown changes plus the volatile economic situation certainly makes the performance of oil and gas companies depressed. However ELNUSA remained confident that projections by the end of 2015, ELNUSA would posted net profit of not less than Rp325 billion and net profit margin grows 15% compared to the net profit margin from business operations of ELNUSA “, said Budi Rahardjo, Finance Director of PT ELNUSA Tbk. Indeed, last year, in addition to net income from business operations, ELNUSA also recorded gain on sale of assets.

The good performance of the Company is also reflected in the projected attainment of profit and profitability that will still remain intact, where at the end of December 2015 operating income margin and EBITDA margin are also expected to be able to grow from the previous year.

The projection is optimistic be achieved with some assumption that all seismic projects start to work at the end of this year. As reported previously, ELNUSA this year won seismic projects worth USD86 million for period of up to two-year project with the historical profit margin is quite promising. Besides, the contribution of the other core business of drilling and oilfield services that still remain promising and needed in the oil and gas industry in the country.

Budi added, “ELNUSA as the largest oil and gas services company in Indonesia is believed to have competitiveness which remains superior to its competitors so that in the middle of the dynamics of this industry as we are still able to provide added values to all stakeholders”. ***

ELNUSA Has Spent Rp422 Billion Investment and Maintained Profitability

Jakarta, 13th November 2015 – Located in the Indonesia Stock Exchange in the event the Investor Summit 2015, PT Elnusa Tbk (ELNUSA), one of the leading national providers of integrated energy services, presents the update performance that remained optimistic while maintaining the aspect of profitability amid the world’s oil low prices. ELNUSA was still issued Rp422 billion for investments in equipment in order to maintain the operating performance and the quality of professional services to clients ELNUSA and to support future business growth.

“Even in the midst of pressure in revenues, performance of ELNUSA until the third quarter of this year is still relatively good. Earnings per September 2015 amounted to Rp226 billion. The net profit of Rp288 billion in the previous period – including the gain on sale of land assets amounted to Rp87 billion. If the gain on sale of asset is excluded, the net profit in the third quarter still grew by 12.4 percent. In addition, we are still able to maintain the profitability of which is visible from the gross margin rose from 16% to 17%, the operating margin remained stable at 9%, EBITDA margin rose from 15% to 17% and net margin without asset sales growth of 7% to 9%, “said Budi Rahardjo, Finance Director of PT ELNUSA Tbk.

Budi added, “Strategy ELNUSA in maintaining its performance is to remain focused on core business liability, namely Drilling & Oilfield Services business unit where it will be able to survive in the midst of the oil and gas industry that become slow with lower global oil prices. Besides the better implementation of the project and financial management supported by efficiency in all sectors “.

The investment up to the third quarter has reached Rp422 billion, significantly increased compared to last year’s total investments amounted to Rp366 billion. One of the important and strategic investments made this year, the company is investing in Division of DOS (Drilling & Oilfield Services) in the form of Accommodation Work Barge Elnusa Samudera 8 (ELSA 8)-The First Eco-Green Work Barge in Indonesia – worth almost USD10 million, which was recently ELSA 8 received recognition and awards from the Government of the Republic of Indonesia through Ministry of Research, Technology and Higher Education and Third President Prof. BJ Habibie on the National Awakening Day 2015 as one of the 20 Nations Children’s Work Leading Technology.

“The investment is expected to increase the Company’s revenues in the coming years in line with the Company’s readiness to continue to improve the competence and capacity of resources in anticipation of the rebound period in global and national oil and gas industry in the future,” said Budi. ***