RIG TENDER

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.