Jakarta, 2 April 2013 – 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 2012 (“FY2012”). This marks the first full year in which the Company’s subsidiary’s – PT Panca Amara Utama (“PAU”) – accounts have been consolidated.
SEP’s LPG & Condensate unit recorded Revenue of USD 39.5 million and Net Profit of USD 11.1 million for 2012, compared to Rp. 98.7 billion in 2011 (audited). Consolidating PAU’s project expenses into SEP results in a Consolidated Net Profit of USD 5.2 million for FY2012.
SEP’s Executive Director, Mr. Vinod Laroya said, “We are extremely pleased with 2012’s performance given that SEP experienced a reduced gas supply for two quarters due to gas supplier’s maintenance program. As of October 2012, full gas supply has been restored and the company is moving ahead swiftly on its LPG facility expansion. Significant progress has also been made on PAU, with a gas Heads-of-Agreement signed on 21 January 2013, and EPC Contractor appointed on 27 February 2013. We expect Financial Close within the next 3-4 months.”
The Company would like to take this opportunity to inform shareholders and investors that a stand-alone FS has been prepared for SEP’s LPG & Condensate unit, which is attached to the Audited FS. This is due to the fact that PAU’s large estimated Project Cost (USD 750 million) and its associated expenses leading up to commercialization in 2015 may obscure the true performance of the Company’s operating assets.
In addition, effective 1 January 2012 theCompany adopted PSAK No. 10, 11 and 52(Indonesian Financial StatementsAccounting Standards regardingCurrency), whereby the Company’s FS arenow expressed solely in US Dollars.Accordingly, the Company’s FS for thefinancial year ending 2011 have also beenremeasured and translated into USDollars.
For further information please contact:
Kanishk Laroya
Corporate Secretary & Head of Investor
Relations
Tel: +62 21 5790 3701
Fax: +62 21 5790 3702
Email: corporate.secretary@sep.co.id