A. Business Sector
Rig Tender merupakan perusahaan
di bidang penyewaan kapal dengan klien perusahaan eksplorasi minyak dan gas dan
juga tambang batu bara. Rig Tender merupakan afiliasi dari perusahaan penyewaan
kapal asal malaysia Scomi Marine Pte Ltd yang masih satu group dengan Scomy
Energy Service Berhad. lebih dari 80 persen saham perusahaan milik induk
perusahaan.
Perusahaan dengan 800 an orang
karyawan ini berkantar di Jalan Prof. Saharjo Jakarta. Salah satu kontrak
penyewaan kapal yang dimiliki adalah kontrak (coal barging contract) dengan PT.
Arutmin Indonesia sebesar 8.5 juta ton pengangkutan batu bara. Klien lain adalah Adaro energy, Pertamina
hulu Energy ONWJ Ltd, Total E&P, CNOOC dll.
Beban biaya terbesar adalah untuk
pembelian bahan bakar dan pelumas. Pendapatan berkonsentrasi pada tiga klien
terbesar: Adaro Indonesia, Arutmin Indonesia dan Pertamina Hulu Energy ONWJ
Ltd.
Terms
|
2012
|
2011
|
Change
|
revenue
|
89,911,956.0
|
113,777,572.0
|
-21.0%
|
Net Income
|
6,056,530.0
|
-861,619.0
|
802.9%
|
Net Operating cash flow
|
38,053,707.0
|
34,088,194.0
|
11.6%
|
Total Assets
|
52,052,918.0
|
66,303,871.0
|
-21.5%
|
Inventory
|
1,811,952.0
|
3,232,457.0
|
-43.9%
|
Receivable
|
19,627,419.0
|
32,721,944.0
|
-40.0%
|
B. My Analisa
Dari tabel diatas dapat diketahui
jika pendapatan ditahun 2012 menurun 21 % dibanding pendapatan di tahun 2011.
Penurunan pendapatan dikarenakan menurunnya permintaan batu bara dari india dan
china akibat stabilnya harga minyak dan harga gas bumi yang kebih kompetitif
dan ramah lingkungan. Disisi lain china dan india sedang mengalami penurunan
pertumbuhan ekonomi sehingga kebutuhan energy juga menurun.
China dan India mulai beralih ke
sumber energi gas bumi yang berasal dari
produsen gas bumi Russia, USA dan lain lain.
Penurunan revenue
berbandingterbalik dengan kenaikan net income sebesar 802.9 %. hal tersebut
disebabkan membaiknya gross profit margin yang naik tipis dan menurunnya biaya
penurunan nilai kapal yang menurun di tahun 2012 di banding tahun 2011. Dimana
Vessel Impairment dihitung berdasarkan nilai pakai, nilai wajar dan biaya untuk
menjual kapal.
Penurunan revenue berbanding
terbalik dengan kenaikan net operating cash flow namun sebanding dengan
kenaikan net income. Kenaikan net income yang lebih tinggi dari pada kenaikan
net operating cash flow disebabkan karena penurunan vessel impairment seperti
penjelasan diatas. Net operating cash flow naik karena penurunan biaya bunga
dan penurunan biaya bahan bakar dan pelumas.
Penurunan receivable 40 % di
tahun 2012 di banding tahun 2011 lebih tinggi dari pada penurunan sales 21
persen. Pencairan piutang cukup
signifikan terjadi diduga karena perusahaan mengalami kendala dalam mencari
kontrak kontrak baru sehingga cash flow yang diterima sebagian besar dari
existing kontrak yang sudah ada ditahun sebelumnya.
Penurunan inventory 43. 9 % lebih
besar dari pada penurunan revenue 21 %. Perusahaan tidak memerlukan pasokan
bahan bakar dan pelumas yang signifikan karena kurangnya permintaan sewa kapal
dari klien khususnya dari produsen batubara.
English Version
A. Business Sector
Rig Tender is a charter
vessel company that have clients, oil and gas exploration as
well as coal mining company.Rig tender is an affiliate of the Malaysian vessel company
Scomi Marine Pte Ltd which is still one group with Scomy Energy Service Berhad. more
than 80 % of all shares of the company belong to the parent company.
A company with 800
employees has office on Jalan Prof. Saharjo Jakarta. One of big contract is a contract (coal barging company contract) with PT Arutmin
Indonesia amounting to 8.5. million tons of coal barging. Other clients
are Adaro energy, Pertamina's Hulu Energy ONWJ Ltd, CNOOC, Total E&P, etc.
The biggest expense is
for the purchase of fuel and lubricants. Concentrating on revenue of the largest
three clients: Adaro Indonesia, Arutmin
Indonesia and Pertamina Hulu Energy ONWJ Ltd, those three companies have high
leverage to Rig Tenders.
B.
My Analysis
From the above table can be known if revenue in 2012
declined 21% compared to revenues in 2011. Reduced income due to the decline of
coal demand from india and china which is affected by the stability of oil prices and also natural
gas prices that are competitive and environmentally better. On the other hand
china and india are experiencing declines in economic growth so that demand of energy also decreases.
China and India began to shift to natural gas energy sources
which are derived from natural gas producers of Russia, USA and others.
The revenue decreases inversely proportional to the
increase in net income that amounting to 802.9%. It is due to the improved gross
profit margin slightly and also reduced costs which is result from declining of vessel impairment in 2012 compared to before. Vessel Impairment is
calculated based on the value of use, fair value and the cost to sell the
ship.
The revenue decreases, it is inversely to the increase in net
operating cash flow but proportional to the increase in net income. Increase in
net income is higher than the increase in net operating cash flow due to the
decrease in vessel impairment such as the above explanation. Net operating cash
flow rose because of the drop in interest expense in 2012 and decrease in the cost of
fuel and lubricants in same year.
Receivable decreased 40% in 2012 compared to 2011 that is
higher than the 21 % decrease in sales. Disbursement accounts receivable occurred quite
significant because the company may experience problems in finding a
new contract so that the majority cash inflow received is from existing
contracts.
Decrease in inventory 48. 9% is greater than 21% revenue
decline. The company does not need more supply of both lubricant and fuel
supply because of the lack of demand from clients
especially from coal producers.
