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. ***

PT Elnusa Tbk Cooperates with GE Oil & Gas Indonesia in Developing Artificial Lift Business in Indonesia

Jakarta, 11th November 2015 – Located at Graha Elnusa Jakarta, PT Elnusa Tbk (ELNUSA), one of the leading national providers of integrated energy services, signed a memorandum of understanding with PT GE Oil & Gas Indonesia (GE) in terms of business development of artificial lift in Indonesia. The purpose of this cooperation is to gradually increase national capacity and competence in oil and gas upstream services primarily related to equipment and services of electrical submersible pump (ESP) as well as its supporting. Indirectly, this will ensure the sustainability of the national oil and gas production with self-sufficiency in the supply of equipment and services.

“This collaboration is one of the manifestations of the business development strategy of Elnusa in anticipating volatility of oil and gas industry which more competitive, at a time supporting government programs to increase the competence of human resources of national and local content in oil and gas services equipment. Together with GE which is a world-class company, the company is committed to strive in increasing the competence and local content of the ESP equipment up to more than 50% within the next 4 years, “said Syamsurizal, President Director of PT Elnusa Tbk.

In this cooperation, Elnusa will serve as integrated services provider of the ESP and through its subsidiary, PT Elnusa Fabrikasi Konstruksi, will support in terms of fabrication and maintenance of the ESP equipment, under supervision and monitoring of quality control by GE skilled experts.

Meanwhile, the role of GE is a provider of technology and knowledge center of the ESP in Indonesia. President Director of PT GE Oil & Gas Indonesia, Iwan Chandra, said, “The commitment of the cooperation with Elnusa as national company and one of the leading providers of integrated and largest oil and gas services in the country, it is a recognition and an opportunity that should be best utilized by both sides party along with the world challenges of the future oil and gas industry which will be more severe both locally, regionally and globally”.

GE has ESP technology that can help improve oil production in Indonesia. By using cutting-edge technology, oil that were previously difficult to produce due to the challenging environments such as high gas, heavy oil, high temperature and abrasive can now be produced with technology from GE ESP. In addition, GE ESP can also increase efficiency in the production business. By combining Field Vantage and PLUS ESP, now the users can operate the ESP much reliable because it can give a prediction of mistake and optimization in real time.

Through understanding there is no limit on the period of cooperation, both sides have mutual trust and recognize competence, the advantages and disadvantages of each party to be synergized which is expected to capture the business opportunities ESP in the domestic market of the group of the national oil company and another PSC. * **

MoU Signing between Elnusa and GE

Jakarta, November 11, 2015 – PT Elnusa Tbk (ELNUSA), signed a memorandum of understanding with PT GE Oil & Gas Indonesia (GE) in business development of artificial lift in Indonesia. This cooperation is to gradually increase national capacity and competence in oil and gas upstream services primarily related to equipment and services of electrical submersible pump as well as supporting.

1st Semester of 2015: ELNUSA Optimist Maintained Net Profit Margin

Jakarta, 31st July 2015 – PT Elnusa Tbk. (“ELNUSA”), one of the leading national provider of energy services, reported the first semester of 2015 with the performance to remain optimistic amid the slowing down of the oil and gas industry. Industrial lethargy, suspected by the decline in world oil prices impact on the revenues of oil and gas services company. However, the Company was able to maintain its net profit margin without compromising the quality of deliverables to clients.

“Achieving the first semester of 2015 shows that in the middle of the pressure on revenues, the Company continues to manage project and financial management as well as efficiency in all lines to maintain the performance, so the overall net profit margin can be maintained against the previous period, “said Budi Rahardjo, Director of Finance PT ELNUSA Tbk.

ELNUSA strategy in maintaining the stability of the margin is to conduct strict controls on the cost of sales to revenue. This effort proved in maintaining the percentage of the gross profit margin from 15.6% to 16.4%, the EBITDA margin grew from 15.4% to 16.9% and the operating margin remained stable compared to the previous period by 9.5%.

In the first semester of 2015, net profit ELNUSA in real terms amounted Rp132,7 billion. The net profit is higher than the real net profit amounted to Rp91 billion in the previous period plus the gain on sale of assets amounted to Rp87 billion. “If the profit of gain on sale of assets is excluded, net income still grew by 46.2%. This profit is an excellent achievement in the industry climate like nowadays “, said Budi.

Budi added, “This semester’s performance is the best result of all the effort in improving the Company’s entire line net profit on sluggish condition of the oil and gas industry. Our major contracts of Seismic Survey in Cirebon and Langkat, as well as HWU-Snubbing project in Kalimantan are expected to improve its performance in the future. “

ELNUSA Raih Kontrak Jasa Survei Seismik USD 84 Juta pada 2015

Jakarta, 25 Juni 2015 – PT Elnusa Tbk (ELNUSA), salah satu perusahaan nasional terkemuka penyedia jasa energi, melalui salah satu divisi bisnisnya, Division of Geoscience sampai Juni 2015 ini, telah berhasil meraih kontrak baru untuk pekerjaan survei seismik dengan total nilai kontrak keseluruhan mencapai USD 84 juta.

Pekerjaan survei seismik ini akan dilakukan di beberapa wilayah Jawa Barat dan Sumatera Utara untuk seismik 3D serta wilayah Kalimantan Utara untuk seismik 2D; dengan periode kontrak bervariasi dari delapan bulan hingga 21 bulan. Satu pekerjaan sudah dimulai pada akhir semester pertama tahun ini sedangkan sisanya akan dimulai pada kuartal ketiga dan akhir tahun nanti.

“Raihan kontrak baru survei seismik ini sangat membesarkan hati kami sebagai penyedia jasa survei seismik nasional utama, terbesar dan terpercaya di Indonesia. Seperti sudah kita ketahui bersama bahwa dengan kondisi turunnya harga minyak dunia seperti ini SKK Migas pun juga telah menurunkan anggaran investasi hulu migasnya termasuk anggaran investasi untuk aktivitas eksplorasi. Namun bagi Elnusa, tahun ini perolehan kontrak seismik kami sudah melampaui perolehan kontrak tahun lalu,” jelas TS Winarso, Deputy Director of Geoscience Service Line Elnusa.

Division of Geoscience Services Elnusa mulai tahun ini juga diharapkan dapat menggunakan teknologi wireless guna meningkatkan kompetensi dan mempertahankan pangsa pasar seismik nasional. Selain itu, Division of Geoscience Services Elnusa juga mampu melakukan aktivitas pekerjaan jasa non seismik lainnya seperti: gravity survey, magnetic survey, navigation positioning & construction support, geophysical & site survey, topographic & bathymetric survey, magnetotelluric, GGR (Geology & Geophysics Reservoir) serta seismic data processing  yang menjadi unggulan dan masih terus dikembangkan sebagai salah satu core competencies Elnusa dalam menghadapi persaingan ketat bisnis jasa migas di Indonesia.

The Summary of the Minutes of The Annual General Meeting of Shareholders and Schedule and Procedures for Dividend Cash Payment for the Financial Year 2104 PT Elnusa Tbk

The Board of Directors of PT Elnusa Tbk (hereinafter called “the Company”) hereby conveys the summary of Annual General Meeting of the Shareholders (“AGMS”) as follows:

1. RUPST was held at Ruang Udaya, Graha Elnusa 1st floor Jl. TB Simatupang Kav. 1B Jakarta Selatan,  on Wednesday, April 29, 2015 starting from 14.30 pm

2. Agenda of AGMS as follows:

  • Approval of the Annual Report 2014 including the Supervisory Report of the Board of Commissioners and ratification of the Financial Statements ended 31 December 2014.
  • Stipulation related to the use of Net Income of the Company for Fiscal Year 2014.
  • Stipulation of Tantiem of 2014 and Remuneration of 2015 for members of Board of Directors and Board of Commissioners.
  • Appointment of Public Accountant to audit the annual accounts for the financial year 2015.
  • Approval of changes to the Board of Management of the Company.
  • Approval of amendments to the Articles of Association.

3. The Board of Commissioner and Board of Directors who attended the AGMS:

Board of Commissioner

Board of Directors

President Commissioner:Luhur Budi Djatmiko President Director:Syamsurizal
Independent Commissioner:Pradana Ramadhian Director of Operations:Lusiaga Levi Susila
Independent Commissioner:Rinaldi Firmansyah Director of Finance:Sabam Hutajulu
Commissioner:R. Gunung Sardjono Hadi Director of Business Development and  and Director unaffiliated:Tony H. Soetoro
Commissioner:Hadi Budi Yulianto Director of Human Resources & General Affairs:Helmy Said

4. AGMS was attended by Shareholder and or their proxies wich represented a total 5.862.195.419 shares or 80,32 % of teh total share issued by the Company.

5. Questioning

Before the decision, the Chairman AGMS provided the Shareholders and/or their proxies with the opportunity to ask question and or give opinion related to the agendas of the meeting.

6. Mechanism of making resolution

The resolution of AGMS is adopted by consensus. But if the Shareholder of their proxy there are no approved of voting blank then the decision taken by the polling by submitting voting card.

7. AGMS Resolution

As for the decision of the AGMS of the Company is as follows:

First Agenda: Approval of the Annual Report 2014 including the Supervisory Report of the Board of Commissioners and ratification of the Financial Statements ended 31 December 2014
Number of Shareholders who asked question(s) None
Voting result

Agree

Abstain

Disagree

5.855.875.962 share or 99,89% 6.319.457 share or 0,11%

0

Resolutions
  1. Approved the Company’s Annual Report on the condition and operation of the Company for the financial year 2014 including the Supervisory Report of the Board of Commissioners for the Fianncial Year of 2014;
  2. Ratified the Consolidated Financial Statements of the Company ended 31 December 2014 audited by the Public  Accountant Firm  Tanudiredja, Wibisana & Rekan – PricewaterhouseCoopers as stated in the Report dated 13 February 2015;  and granted the full discharge and release (acquit et de charge)  to the Board of Directors and the Board of Commissioners for the actions and supervision on the Company for the Financial Year 2014, in so far:
    1. The aforementioned actions and supervision are not constituted as a criminal act or violated the prevailing regulation(s), as well as
    2. The Actions are recorded in the Company’s Financial Statement and are not in contradiction with the applicable laws and regulations.
Second Agenda: Stipulation Related to the Use of Net Income of the Company for Fiscal Year 2014
Number of Shareholders who asked question(s) 2 (two) person
Voting result 

Agree

Abstain

Disagree

5.859.666.462 shares atau 99,96% 2.528.957 shares atau 0,04%

0

Resolutions
  1. Determinded the appropriation of the Company’s net profit for the year ended  2014 in total amount of IDR412.428.000.000 detailed as follows :
    1. As much as IDR20.621.400.000 or 5% of the net profit to be set aside for the reserve fund to comply with Article 70 of Law Number 40 of 2007 on Limited Liability Companies, the use in accordance Article 22 of Association of the Company.
    2. As much as IDR288.699.600.000 or 70% of the net profit the year ended 2014 to distributed as dividend for the year 2014.
    3. The rest of IDR103.107.000.000 or 25% of total net profit for the year 2014 was set aside for the Company’s reatined earning.
  2. Granted authority and power to the Board of Directors to organize the Procedures for distributing the cash dividends.
Third Agenda: Stipulation of Tantiem of 2014 and Remuneration of 2015 for members of Board of Directors and Board of Commissioners
Number of Shareholders who asked question(s) 1 (one) shareholder
Voting result 

Agree

Abstain

Disagree

5.854.757.462 shares or 99,87% 2.528.957 shares or 0,04% 4.909.000 shares or 0,08%
Resolutions
  1. Tantiem
  • Determined that the annual bonus for the Board of Directors and the Board of Commissionersof the Company for the year 2014 was 15 times the amount of salary/honorarium without benefits that was valid most recently for the year 2014, to be distributed proportionally on the basis basis of years of tenure in their respective positions.
  • Taxes arising from the annual bonus wew to be borne by the recipients.
  • Member of the Board of Directors and workersof
    PT Pertamina (Persero) that served as members of the Board Commissioners of the Company were not eligible for the annual bonus and therefore the annual bonus was paid to Pertamina (Persero).

 

  1. Remunerasi
  • Determined of the total remuneration for the Board of Directors and Boaard of Commissioners of the Company for year 2015, amounted IDR11.361.520.000,- (remuneration of the year including Religious Holiday Allowance), the details have been presented and decided in the Meeting.

 

Agenda 4: Appointment of Public Accounting Firm to audit the Company’s financial statement for the fiscal year 2015
Number of shareholders who asked questions None
Voting results

Agree

Abstain

Disagree

5.834.805.062 shares or 99,53% 6.319.457 shares or 0,11% 5.834.805.062 shares or 99,53%
Resolutions
  1. Granted the power and authority to the Board of Commissioners of the company to appoint Public Accounting Firm to do the review Company’s financial statement for the year ended December 31, 2015 including to determine the audit fee in accordance with the prevailing laws and regulations.
  2. Granted authority to the Board of Commissioners of the company to appoint a replacement for the above Public Accounting Firm, should under any circumstances addressed by the capital market regulations in Indonesia the above party failed to perform its duty.
Agenda 5: Approval of changes in the Company’s board
Number of shareholders who asked questions 1 (one) shareholder
Voting results

Agree

Abstain

Disagree

4.603.727.160 shares or 78,53% 797.434.457 shares or 13,60% 461.033.802 shares or 7,87%
Resolutions
  1. Honorably dismissed Mr. Luhur Budi Djatmiko who served as President Commissioner of the Company Perseroan starting on the date of the closing of this meeting, with due gratitude to his contributions while serving as President Commissioner of the Company.
  2. Appointed Mr. Syamsu Alam as President Commissioner of the Company for 1 (one) year period as stipulated in the Article of Association of the Company starting on the date of the closing of this meeting.
  3. Honorably dismissed Mr. Gunung Sardjono Hadi who served as Commissioner of the Company starting on the date of the closing of this meeting, with due gratitude to his contributions while serving as President Commissioner of the Company.
  4. Appointed Mr. Budhi Himawan as Commissioner of the Company for 1 (one) year period as stipulated in the Article of Association of the Company starting on the date of the closing of this meeting.
  5. In light of the fact that that the term of service of the Operations Director of the Company Mr. Lusiaga Levi Susila for 1 period was over and that he decline reappointment, pursuant to his statement in letter dated March 3, 2015, the meeting hereby appointed Mr. Bambang Hermawan Kardono as the Operations Director of the Company Perseroan starting on the date of the closing of this meeting, with due gratitude to his contributions while serving as Operations Director of the Company.
  6. Honorably dismissed Mr. Sabam Hutajulu who served as Finance Director of the Company starting on the date of the closing of this meeting, with due gratitude to his contributions while serving as Finance Director of the Company.
  7. Appointed Mr. Budi Rahardjo as Finance Director of the Company for 1 (one) year period as stipulated in the Article of Association of the Company starting on the date of the closing of this meeting.
  8. Honorably dismissed Mr. Tony Harisman Soetoro who served as Business Development of the Company starting on the date of the closing of this meeting, with due gratitude to his contributions while serving as Business Development Director of the Company.
  9. Appointed Mr. Tolingul Anwar as Business Development Director of the Company for 1 (one) year period as stipulated in the Article of Association of the Company starting on the date of the closing of this meeting.
  10. Reappointed Mr. Helmy Said as HR & GA Director of the Company and to concurrently serve as Independent Director of the Company.

 

Therefore effective since the closing of the meeting, the Company’s management composition is as follows:

 

Board of Commissioners

President Commissioner              : Syamsu Alam

Independent Commissioner       : Pradana Ramadhian

Independent Commissioner       : Rinaldi Firmansyah

Commissioner                                   : Budhi Himawan

Commissioner                                   : Hadi Budi Yulianto

 

Board of Commissioners

President Commissioner                : Syamsurizal

Director of Operations                     : Bambang Hermawan Kardono

Director of Finance                            : Budi Rahardjo

Director of Business Development:Tolingul Anwar

Director of HR & GA and Independent Director

: Helmy Said

Agenda 6: Approval of Changes in Company’s Article of Association
Number of shareholders who asked questions None
Voting results

Agree

Abstain

Disagree

5.040.688.462 shares or 85,99% 797.434.457 shares or 13,60% 24.072.500 shares or 0,41%
Resolutions
  1. Approved changes of several articles in the Article of Association of the Company to be adjusted with Peraturan Otoritas Jasa Keuangan (“POJK”) which related to the meeting, Board of Directors and Board of Commissioners of the Company stated as draft of Article of Association which has been distributed to shareholders prior to the meeting.
  2.  Grant authority and power to the Board of directorsof the Company , with the right of the substitution of, to do all the action required in order to change the articles of association and recalibrated all articles of association of the company including but not limited to, signed the documents and letters, stated or decant the decision of this meeting, in the deeds made to a notary, facing government institutions related in order to obtain approval and registration or performing and recording in order to meet the prevailing rules and regulations, and to implement other measures considered necessary by board of directors with respect to change the articles of association .

 

AGMS was closed at 16.14 PM

8. Schedule and Procedure for Cash Dividend Payment for the Fiscal Year 2014

Based on the resolutions of AGMS Agenda 2, hereby the notifications that the Company has determined dividen cash dividend payment for the fiscal Year 2014 amounted to Rp288.699.600.000,- to be distributed to shareholders of the Company, hence dividend payment to be paid is amounted to Rp39,55602 per shares which will be distributed to the shareholders of the Company with schedule and procedure as follows:

Schedule

No

Remarks

Date

1

End of Trading Stocks Period with Dividend Right (Cum Dividen)

  • Regular and Negotiation Market
  • Cash Market
  • May 7, 2015
  • May 12, 2015

2

End of Trading Stocks Period without Dividend Right (Ex Dividen)

  • Regular and Negotiation Market
  • Cash Market
  • May 8, 2015
  • May 13, 2015

3

Date of shareholders listentitled to dividend (Recording Date) May 12, 2015

4

Cash Dividend payment for the fiscal year of 2014 June 3, 2015

 

Procedure:

  1. Cash dividend will be paid to shareholders whose names are recorded in the list of Shareholders of the Company (“DPS”) or recording date on May, 12 2015 until 16:15 WIB and/or the owners of the company’s shares on the sub-accounts in the Indonesia Central Securities Depository/PT Kustodian Sentral Efek Indonesia (“KSEI”) at the close of trading date May 12, 2015.
  2. Shareholders whose shares are registered in KSEI collective custody, cash dividend payments carried out through KSEI and will be distributed to the company’s account securities and/or the custodian  bank on June 3, 2015. Proof of payment of cash dividends will be delivered by KSEI to shareholders through Securities Company and / or custodian bank where the Shareholders opened his account. As for shareholders whose shares are not included in the collective custody of KSEI the cash dividend payment will be transferred to the account of the Shareholders.
  3. Cash dividends will be taxed in accordance with the laws and regulations applicable tax. The amount of tax charged will be borne by the Shareholders are concerned and deducted from the amount of cash dividends that belong to the respective shareholders.
  4. Shareholders who are taxpayers in the form of legal entity who has not included a Taxpayer Identification Number (“TIN”) are required to submit a TIN to KSEI or Effect Administration Bureau PT Datindo Entrycom at Puri Datindo – Wisma Sudirman. Jl. Jend. Sudirman Kav 34 Jakarta 10220 no later than May 12, 2015 at Pk. 16.00 PM, Without the inclusion of TIN, cash dividends paid to taxpayers will be subject to income tax by 30%.
  5. Shareholders who are Foreign Taxpayers whose tax deduction will be based on the rates Double Taxation Avoidance Agreement/Persetujuan Penghindaran Pajak Berganda(“P3B”) shall comply with the requirements of article 26 of Income Tax Law Number 36 of 2008 on the fourth changes to Law No. 7 of 1983 on Income Tax and delivery form DGT 1 or DGT 2 that will be validated by the Tax Office for Listed Companies to KSEI or the Effect Administration Bureau no later than May 29, 2015 at Pk 16.00 PM, in the absence of such documents, cash dividend paid will be subject to income tax article 26 by 20%.
  6. Shareholders who have shares in collective deposit of KSEI, Evidence of tax cuts can be obtained from the securities company or custodian bank where the shareholders opened sub account the effect, and the shareholders of script can be taken at Effect Administration Bureau starting on July 13, 2015.

 

Jakarta, May 4, 2015

PT Elnusa Tbk

First Quarter Performance 2015: Growth Momentum Continued, Elnusa Net Profit Grew to 20%

Jakarta, 22nd April 2015PT Elnusa Tbk (Elnusa), one of the leading national company providing energy services, reported the Company’s performance of first quarter in 2015 with the results showing the continuity growth from the performance at the end of 2014. In the first quarter of 2015, the company has continued the momentum with net profit growth of 20% worth of Rp65 Billion compared to the same period of previous year.

This positive performance mainly supported by significant growth in upstream services segment namely Drilling & Oilfield Services and Seismic Land Services which grew respectively by 3% and 2%. At the same time, the performance of its subsidiaries mainly from Elnusa Petrofin in downstream oil and gas services segments also increased by 2% in the first quarter of 2015.

Gross profit of the company showed positive growth of 7%, operating income grew by 5% and EBITDA increased by 9% compared to the same period of previous year. Pertaining to this, management committed to keep cost of revenue at reasonable level which showing seriousness of Elnusa management continuing efficiency of operation without reducing the quality of services that provided to the client. The Company remained focused on core business development, both in investing activities of some assets in order to meet the demands of the business and operations while keeping the profit margin in good level and the business can grow continuously.

Company strategy in maintaining the strength of the balance sheet and keeping the financing space in order to support the investment plans in the coming years as reflected in the declining of interest bearing debt in the first quarter 2015 by 22% from Rp540 billion to Rp420 billion.

“Although the conditions of oil and gas industry both global and national are not quite good and predicted to be unstable until the end of this year, but Elnusa still able to continue its growth with positive contribution from the company’s core business. We remain confidence of the Company can achieve the targets that have been set,” said Sabam Hutajulu, Finance Director Elnusa.