Elnusa posted an impressive 86 percent rise in net profit over 2013 to IDR 236 billion (USD $20.5 million), despite revenue dropping 14 percent (to IDR 4.1 trillion) over the same year. Reason for the surge of net profit in 2013 was the company's new business strategy to give priority to projects and services that offer high margins. Moreover, with an improved cash flow, Elnusa was able to settle its US dollar denominated debt obligation in the third quarter of 2013. Outstanding loans fell to USD $68 million per September 2013, down from USD $124 million in September 2012.

In 2014, the company targets net profit of IDR 185 billion (USD $16.1 million). Capital expenditure has been set at IDR 1.2 trillion (USD $104.3 million) to support its expansion plans in 2014. This will be funded through bank loans (Bank Central Asia and Bank of Tokyo Mitsubishi) as well as internal cash reserves. About IDR 550 billion is allocated to support the company's drilling and oilfield services business through acquiring new equipment and machinery, while IDR 400 billion is allocated to fund new business development (including the allocation of between USD $10 million and USD $15 million for expansion to Indonesia's biodiesel industry). The remainder is reserved for its geoscience services and subsidiaries.

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Financial Highlights of Elnusa:

       2008      2009      2010      2011      2012
Operating Revenue
   2,543.2    3,662.2    4,218.0    4,716.8    4,777.1
Gross Profit
    394.9     543.0     415.8     285.3     555.1
Income from Operation     180.4     276.3     133.9     (22.1)     252.1
EBITDA     331.1     479.6     411.5     306.0     605.1
Net Income     133.8     466.2      63.7     (42.8)     127.9
Total Assets    3,317.8    4,216.4    3,695.2    4,390.0    4,294.6
Total Liabilities
   1,685.7    2,286.7    1,739.9    2,485.1    2,252.3
Dividend per Share      3.72      25.0      2.66        -      N.A
Net Income per Share¹       19       65       8.8      (5.9)      17.7

in billion IDR rupiah except stated otherwise
brackets indicate (loss)
¹ in IDR rupiah
Source: Elnusa, Annual Report 2012

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