16.8% YoY increase in Net Profit for 1H2013

16.8% YoY increase in Net Profit for 1H2013

Jakarta, 31 July 2013 – PT Surya Esa Perkasa Tbk. (“SEP” or the “Company”), Indonesia’s only listed LPG Refiner, is pleased to announce its consolidated Financial Statements (unaudited) for financial quarter ending 30 June 2013 (“1H2013”).

On the back of strong production growth, and on a consolidated basis, the Company recorded Revenue of USD 19.6 million, and Net Profit of USD 6.9 million. EBITDA was recorded at USD 12.0 million during 1H2013.

SEP produced 21,493 metric tons (“MT”) of LPG and 78,586 barrels of Condensate during 1H2013, an increase of 26.2% and 33.8% respectively over 1H2012. The average selling price of LPG over 1H2013 decreased by 10.8% to USD 809 per MT, as compared to USD 903 per MT in 1H2012. The average LPG price during 1H2013 is higher than the company’s 2013 guidance of USD 750 per MT.

The Company would also like to take this opportunity to update its stakeholders on the progress of its LPG expansion. As of 19 June 2013, construction has begun and is expected to increase production capacity from 36,300 MT to 61,000 MT. The expanded production is expected to commence in the second half of 2014.

The Company has also completed an important step towards the funding of its subsidiary PT Panca Amara Utama (“PAU”). On 30 July 2013, the Company signed a seven-year USD 75 million Loan Facility with PT Bank UOB Indonesia. USD 65 million of the funds from this facility will be directed towards PAU as the Company’s equity, with the remainder to be used as trade facilities. The Company has already injected USD 30.8 million into PAU, and with the additional USD 65 million has secured 70% of its equity requirements for PAU.

PAU has commenced building its 700,000 MT per year ammonia facility in Central Sulawesi, and is expected to begin commercial production in Q3 2015. With an estimated project cost of USD 750 million, the International Finance Corporation (“IFC”) is leading PAU’s USD 500 million debt financing arrangement. The Company looks forward to reporting major updates on PAU’s progress for its stakeholders in the coming months.

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