Jakarta, 31 March 2015 – PT Surya Esa Perkasa Tbk. (“SEP” or the “Company”), Indonesia’s only listed LPG Refiner, is pleased to announce its Consolidated Audited Financial Statements (“FS”) for the financial year ending 2014 (“FY2014”). The FS covers both the operations of the Company’s LPG & Condensation production facility, and the Company’s subsidiary, PT Panca Amara Utama (“PAU”).
The Company successfully completed its LPG Plant Expansion Project on 30 November 2014, increasing the production capacity of the Refinery by over 50%. The Company installed all new equipment while the plant was operational, and only required a 4 (four) week shutdown for commissioning. Full year production and financial impact of the expansion shall be visible in 2015.
2014 represented a challenging year given the downturn in global energy markets. The Company recorded Revenue of USD 39.9 million in FY2014 as compared to USD 42.2 million in FY2013, a decrease of 5.5%. EBITDA decreased 9.8% to USD 19.4 million in FY2014 from USD 21.5 million in FY2013, and Net Profit decreased 18.3% to USD 10.3 million in FY2014 from USD 12.6 million in FY2013.
Despite implementing the expansion, LPG production increased 2.9% to 46,200 MT from 44,881 MT in 2013, while Condensate production decreased only 5.7% to 142,450 barrels from 151,026 barrels in 2013.
SEP’s Executive Director, Mr. Vinod Laroya said, “The Company successfully completed the LPG Plant Expansion Project while ensuring minimal downtime for the plant. This is the result of a combined effort from all members of the Company, from planning to execution. With this expansion LPG plant, the plant has increased plant capacity by more than 50% from 120 TPD to 190 TPD. FY2014 was also a significant year for our subsidiary, PT Panca Amara Utama. The Gas Sales Agreement for 55 MMSCFD gas supply was signed in March, while PAU signed a syndicated loan of USD 509 million for its project financing in September. The financing was led by the International Finance Corporation (IFC), a member of the World Bank Group, and included 7 (seven) international lenders UOB, HSBC, Standard Chartered, ANZ, KDB, OCBC, and SMBC.”
PAU will draw its natural gas from the Senoro-Toili gas fields, operated by Joint Operating Body Pertamina Medco Tomori Sulawesi. This is SEP’s second foray into downstream gas manufacturing after the company established its LPG refinery in Palembang, South Sumatra in 2007.
For further information please contact:
Financial & Investors Relations Media:
Kanishk Laroya
VP Corporate Affairs & Investor Relations
Tel: +62 21 2988 5600
Fax: +62 21 2988 5601
Email: investor.relations@sep.co.id
General Media:
Sugiri Soedjijo
Corporate Secretary & Head of Legal
Tel: +62 21 2988 5600
Fax: +62 21 2988 5601
Email: corporate.secretary@sep.co.id