Energi Mega Persada books $170m net profit in 2013
Thursday, April 3 2014 - 05:25 AM WIB
Sales and EBITDA reached $807 million and $462 million last year, representing growth of 23 percent and 35 percent respectively, the company said in a statement on Thursday.
?EMP?s top line growth was driven mainly by 2 factors: First, the production increase from the Kangean PSC (East Java), ONWJ PSC (West Java), Bentu PSC (Riau, Sumatera), and Tonga PSC (North Sumatera) blocks. And second, the average gas price increase from its portfolio. Our focus now is to increase outputs from our producing assets and to further develop our newly acquired Buzi EPCC gas asset in Mozambique, Africa,? Amir Balfas, the company?s Director, said.
The strong earning growth was supported by the income received from the sale of the firm?s 10 percent stake in Masela PSC in Arafura Sea. The firm sold the stake in June of last year to its partner in the block, Inpex Corp and Royal Dutch Shell, for $313 million. Some of the proceeds were used to finance its debt.
?Toward the end of 2013, we managed to repay and refinance some of our outstanding loans to improve our capital structure and reduce our cost of fund. The previous loan outstanding with 20% interest rate had been successfully replaced with a new facility with carries a more efficient rate of Libor +6%.? Didit Ratam, the firm?s Director, said.
EMP produced almost 50,000 barrels equivalent per day of oil & gas throughout the year 2013. As per today, the company operates proved and probable oil and gas reserves (2P reserves) of approximately 230 million barrels of oil equivalent.
| Financial Highlights ('000 US$) | 2012 | 2013 |
| Net Sales* | 654,585 | 807,226 |
| EBITDA* | 342,476 | 462,048 |
| Financing Charges* | (91,630) | (97,003) |
| Net Profit (after minority interest) | 15,286 | 170,272
|
| Cash, Short Term Investment, Restricted Cash | 167,046 | 204,971 |
| (Bank Loans) Debt | 844,087 | 731,417 |
| Equity | 690,765 | 887,950 |
| ? | ||
| EBITDA to Financing Charges | 3.74x | 4.76x |
| Debt to Equity | 1.22x | 0.82x |
| Net Debt to Equity | 0.98x | 0.59x |
| Debt to EBITDA | 2.46x | 1.58x |
| Net Debt to EBITDA | 1.98x | 1.14x |
| ? | ||
| Oil Price | US$ 104.8/ bbl | US$ 93.2 / bbl |
| Gas Price | US$ 5.2/ mcf | US$ 5.8 / mcf |
| Oil Production | 12,383 barrel/ day | 12,465 barrel/ day |
| Gas Production | 135 million cubic feet/ day | 220 million cubic feet/ day |
Editing by Johannes Simbolon