EMP booked US$323 million sales and US$168 million EBITDA in its first semester 2015 financial results

PT Energi Mega Persada Tbk. (“EMP” or “the Company”) today reported US$323 million Sales and US$168 million EBITDA in its consolidated first half year 2015 financial results.

Mr. Imam Agustino, EMP’s CEO, said, “On the quarterly basis, our Sales, EBITDA, and production volume are relatively consistent. The 2 main reasons for the net loss of US$33 million remain the weak oil price and the relatively large depreciation, depletion, and amortization costs as a result of EMP having to apply the IFRS accounting method (instead of GAAP method). This was explained in our press release issued on the 5th of June 2015.”

 

Mr. Didit Ratam, EMP’s Director, further explained, “Despite the weakening oil price and the relatively high depreciation cost, our financial multiples remain consistent (from the last quarter). EMP recorded good debt to equity ratio of 0.72x and strong interest coverage ratio of over 6x.”

On the 27th of July 2015, EMP has just completed its new share issuance (over 4.46 billion of new shares) without pre-emptive rights at Rp100/share. The proceed of around Rp446 billion (gross, before subscription fee) will be used to fund the company’s working capital requirements, in its effort to maintain 5% production  growth this year and to settle some of the outstanding vendor payables. Consequently, EMP is expected to show improved liquidity ratio in the second half of the year.

 

 

Financial Highlights (‘000 US$)

Jan – Mar 2015

Jan – Jun 2015

Net Sales*

161,422

323,092

Gross Profit

2,714

9,763

EBITDA*

84,359

168,636

Financing Charges*

(11,294)

(27,295)

Net Profit (Loss)

(16,656)

(33,413)

 
 

Jan – Mar 2015

Jan – Jun 2015

Cash, Restricted Cash

172,318

149,876

Debt (Bank Loans)

501,848

446,734

Equity

647,374

619,055

Financial Ratios

Jan – Mar 2015

Jan – Jun 2015

Debt To Equity

0.77x

0.72x

Net Debt To Equity

0.51x

0.48x

Interest Coverage Ratio

7.47x

6.18x

 
Price & Production Highlights

Jan – Mar 2015

Jan – Jun 2015

Average Oil Price

US$50.95/bbl

US$49.74/bbl

Average Gas Price

US$6.13/mcf

US$6.10/mcf

Average Oil Production

11,718 barrel/day

11,454 barrel/day

Average Gas Production

217.8 million cubic feet/day

218.2 million cubic feet/day

 

*) Includes ONWJ revenues, financing charges & EBITDA based on 36.7205% WI.

 

Press Release – EMP booked US$323 million sales and US168 million EBITDA in its first semester 2015 financial results

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For any questions relating to this release, please contact Herwin W. Hidayat (Investor Relations) at +6221-2994 1500. Other related Company information can be found at www.energi-mp.com

 

Copyright © 2014. PT Energi Mega Persada Tbk.