Profile of Elnusa: Indonesia's Integrated Upstream Oil & Gas Company
Indonesia Investments updated the company profile of Elnusa, an integrated upstream oil and gas company. Core business of Elnusa, which is part of the state-owned Pertamina Group, involves geoscience, drilling and oilfield services. As the company is closely connected to the Indonesian government, it would benefit of the government's commitment to increase oil lifting. However, the current condition of Indonesia's oil and gas sector is still not conducive for large investments. Elnusa is listed as ELSA on the Indonesia Stock Exchange (IDX).
Elnusa posted an impressive 86 percent rise in net profit over 2013 to IDR 236 billion (USD $20.5 million), despite revenue dropping 14 percent (to IDR 4.1 trillion) over the same year. Reason for the surge of net profit in 2013 was the company's new business strategy to give priority to projects and services that offer high margins. Moreover, with an improved cash flow, Elnusa was able to settle its US dollar denominated debt obligation in the third quarter of 2013. Outstanding loans fell to USD $68 million per September 2013, down from USD $124 million in September 2012.
In 2014, the company targets net profit of IDR 185 billion (USD $16.1 million). Capital expenditure has been set at IDR 1.2 trillion (USD $104.3 million) to support its expansion plans in 2014. This will be funded through bank loans (Bank Central Asia and Bank of Tokyo Mitsubishi) as well as internal cash reserves. About IDR 550 billion is allocated to support the company's drilling and oilfield services business through acquiring new equipment and machinery, while IDR 400 billion is allocated to fund new business development (including the allocation of between USD $10 million and USD $15 million for expansion to Indonesia's biodiesel industry). The remainder is reserved for its geoscience services and subsidiaries.
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Financial Highlights of Elnusa:
| 2008 | 2009 | 2010 | 2011 | 2012 | |
| Operating Revenue |
2,543.2 | 3,662.2 | 4,218.0 | 4,716.8 | 4,777.1 |
| Gross Profit |
394.9 | 543.0 | 415.8 | 285.3 | 555.1 |
| Income from Operation | 180.4 | 276.3 | 133.9 | (22.1) | 252.1 |
| EBITDA | 331.1 | 479.6 | 411.5 | 306.0 | 605.1 |
| Net Income | 133.8 | 466.2 | 63.7 | (42.8) | 127.9 |
| Total Assets | 3,317.8 | 4,216.4 | 3,695.2 | 4,390.0 | 4,294.6 |
| Total Liabilities |
1,685.7 | 2,286.7 | 1,739.9 | 2,485.1 | 2,252.3 |
| Dividend per Share | 3.72 | 25.0 | 2.66 | - | N.A |
| Net Income per Share¹ | 19 | 65 | 8.8 | (5.9) | 17.7 |
in billion IDR rupiah except stated otherwise
brackets indicate (loss)
¹ in IDR rupiah
Source: Elnusa, Annual Report 2012
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