LPG & Condensate Reports Financials for FY2013

LPG & Condensate Reports Financials for FY2013

PT Surya Esa Perkasa Tbk.’s LPG & Condensate reports Financials for FY2013

 

Jakarta, 1 April 2014 – 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 2013 (‘FY2013”). The FS covers both the operations of the Company’s LPG & Condensate production facility, and the Company’s subsidiary, PT Panca Amara Utama (‘PAU”).

The Company recorded Revenue of USD 42.2 million in FY2013 as compared to USD 39.5 million in FY2012, an increase of 7%. EBITDA rose 87% to USD 21.5 million in FY2013 from USD 11.5 million in FY 2012, and Net Profit rose 142% to USD 12.6 million in FY2013 from USD 5.2 million in FY2012.

In addition to the record financials, the Company is pleased to inform stakeholders that the Company has achieved similar achievements in LPG & Condensate production. LPG production increased 28% to 44,887 MT from 35,187 MT in 2012. Condensate production increased 19% to 151,026 barrels from 127,271 barrels in 2012.

The Company continued its strong safety performance and was a recipient of the Zero Accident Award from the Ministry of Manpower and Transmigration for a continuous 2,291,063 hours without accident. This is the third consecutive year in which the Company has received the award.

The impressive performance of the Company was recognized globally and the Company was invited to present a Keynote Presentation on Increasing LP Gas Production by 50% through innovative Technology at the 26th World LP Gas Forum & 2013 AEGPL Congress in London, United Kingdom.

SEP’s Executive Director, Mr Vinod Laroya said, “The Company successfully achieved record operational and financial performance in 2013. This is the result of a combined effort from all members of the Company, from planning to execution. In addition to earnings and production improvements, the Company strengthened its capital structure through the issuance of 10% new shares to support the Company’s development and expansion. Construction for LPG refinery expansion has begun and is expected to increase plant capacity by 55% from 36,300 MT per year to 56,100 MT per year. The expanded production is expected to commence by Q4 2014 and will strengthen the Company’s position as major player within the national LPG industry.

Significant progress has also been made on PAU, with EPC Contractor appointed on 27 February 2013, and Gas Supply & Purchase Agreement signed on 13 March 2014. The loan syndication process is ongoing and Financial Close is expected in Q2 2014″.

 

For further information please contact:
Investors Relations & Financial 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