Energi Mega reports higher 2014 profit
Wednesday, April 29 2015 - 04:14 AM WIB
The company said in a statement Wednesday that it booked US$811 million sales, $476 million EBITDA, and $37 million net profit last year.
?On a year to year basis, we are doing fine. Our company's sales and EBITDA grew by 0.5% and 3.1% respectively. This is due to higher production volume and increased gas price. The deteriorating oil price experienced toward the end of last year did impact our quarterly profit achievement. Nevertheless, we manage to still book a relatively healthy bottom line," said EMP CEO Imam Agustino in the statement.
Agustino added, ?Please note that we booked a one-time gain only from the sale of the Masela block in 2013. Without such gain, EMP's net profit actually grew by almost 6x from the previous year to $37 million in year 2014."
Didit Ratam, EMP Director said that in the past 24 months, the company managed to repay and refinance some of its outstanding loans. ?This has reduced our financing charges and interest costs significantly from $97 million in 2013 to $79 million in 2014. Such financial ratios as Debt to EBITDA and EBITDA to Financing Charges ratios also improved dramatically."
EMP is an upstream oil and gas company which produced around 12,792 barrels oil per day and 226 million cubic feet gas per day from January to December 2014. As per December 31, 2014, the company operates proved and probable reserves of 15.2 million barrels of oil and 875 billion cubic feet of gas.
| Financial Highlights ('000 US$) | FY 2013 | FY 2014 |
| Net sales* | 807,226 | 811,483 |
| EBITDA* | 462,048 | 476,230 |
| Financing Charges* | (97,003) | (79,236) |
| Gain On Sale Of Masela Block | 163,684 | - |
| Net Profit (After Minority Interest) | 170,272 | 37,036 |
| Net Profit (After Minority Interest) Without Gain On Sale Of Masela Block | 6,588 | 37,036 |
| Cash, Short-Term Investment, Restricted Cash | 204,972 | 152,298 |
| Debt (Bank Loans) | 731,417 | 520,920 |
| Equity | 887,950 | 905,512 |
| ? | ||
| Ratios Highlights | FY 2013 | FY 2014 |
| Ebitda To Financing Charges | 4.76x | 6.01x |
| Debt To Equity | 0.82x | 0.57x |
| Net Debt To Equity | 0.59x | 0.41x |
| ? | ||
| Price & Production Highlights | FY 2013 | FY 2014 |
| Average Oil Price | US$ 93.20/bbl | US$ 86.55/bbl |
| Average Gas Price | US$ 5.8/ mcf | US$ 5.95/ mcf |
| Average Oil Production | 12,465 barrel/ day | 12,792 barrel/day |
| Average Gas Production | 220.9 million cubic feet/ day | 226.2 million cubic feet/day |
| *Includes ONWJ revenues, financing charges & EBITDA based on 36.7205% | ||
Editing by Reiner Simanjuntak