upperline.id · 6 Singkatan Abbreviaon Denisi Denion 2D Dua Dimensi/ Two Dimension 3D Tiga Dimensi/ Three Dimension AGMS Annual General Meeng of Shareholders APBN Anggaran Pendapatan

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Laporan TahunanAnnual Report

2018

PT Elnusa Tbk

Reinforcing Method, Breaking New RecordMengembangkan Metode, Mencatat Rekor Baru

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Penjelasan TemaTheme Explanation

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Reinforcing Method, Breaking New RecordMengembangkan Metode, Mencatat Rekor Baru

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Industri migas masih sarat dengan dinamika dan tantangan. Meskipun demikian, Perseroan tetap tumbuh bahkan mencatatkan pendapatan tertinggi sepanjang perjalanan bisnisnya. Berbagai prestasi membanggakan berhasil diwujudkan melalui konsolidasi seluruh segmen, dirangkai dengan pengembangan bisnis dan perluasan pasar baru.

Penguatan metode inovatif terus diterapkan sehingga mampu memberikan performa terbaik secara konsisten dan sesuai dengan perkembangan industri. Perseroan optimis akan dapat terus bergerak maju, menguatkan eksistensinya sebagai penyedia jasa energi yang berkontribusi bagi kemajuan industri energi di Indonesia.

The oil and gas industry is still loaded with dynamics and challenges. Nonetheless, the Company has continued to grow and even recorded the highest revenue throughout its business life in 2018. Numerous achievements have been earned through consolidation of all segments, together with the business development and new market expansion.

Innovative method has been continuously Implemented in order to deliver the best and consistent performance that align with industry development. The Company has an optimism in keep moving forward, strengthening its existence as a provider of energy services that contributes to the progress of energy industry in Indonesia.

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Laporan Tahunan Annual Report PT Elnusa Tbk2018

6

SingkatanAbbreviation

DefinisiDefinition

2D Dua Dimensi/ Two Dimension

3D Tiga Dimensi/ Three Dimension

AGMS Annual General Meeting of Shareholders

APBN Anggaran Pendapatan dan Belanja Negara/ State Budget

APMS Agen Premium Minyak Solar/ Premium Diesel Fuel Agent

ARA Annual Report Award

AS/US Amerika Serikat/ United States

ASEAN Association of South East Asia Nation

AVO Amplitude Versus Offset

AWB Accomodation Work Barge

B3 Bahan Berbahaya dan Beracun/ Hazardous and Toxic Materials

BAPEPAM Badan Pengawas Pasar Modal/Capital Market Supervisory Agency

Bapepam-LK Badan Pengawasan Pasar Modal - Lembaga Keuangan/Capital Market Supervisory Agency - Financial Institution

BBK Bahan Bakar Khusus/ Special fuels

BBM Bahan Bakar Minyak/ Oil fuel

BBMK Bahan Bakar Minyak Khusus

BEI/IDX PT Bursa Efek Indonesia/ Indonesia Stock Exchange

BEST Beasiswa Terpadu/ Integrated Scholarship

BI Bank Indonesia

BNI Syariah Bank Negara Indonesia Syariah/ Indonesian State Bank-Sharia

BUMN/ SOE Badan Usaha Milik Negara/ State-Owned Enterprise

CBM Coal Bed Methane

CIP Contionus Improvement Program

CMT Cementing Service

CoC Standar Etika/ Code of Conduct

COSO Comittee of Sponsoring Organizations

CSR Corporate Social Responsibility

CTU Coiled Tubing Unit

DFS Drilling Fluid Services

DMS Document Management System

DPPU Depot Pengisian Pesawat Udara

EBITDA Earning Before Interest, Tax, Depreciation and Amortization

EER Elnusa Emergency Response

EFK PT Elnusa Fabrikasi Konstruksi

ELSA Kode Saham Elnusa/ Elnusa Ticker Code

EPC Engineering, Procurement & Construction


DefinisiDefinition

EPN PT Elnusa Petrofin

EPS Elnusa Petroleum School

ERM Enterprise Risk Management

ESDM Kementerian Energy dan Sumber Daya Mineral/ Ministry ofEnergy and Mineral Resources

ESOP Employee Stock Option Plan

ETSA PT Elnusa Trans Samudera

EWL Electric Wireline Logging

FAME Fatty Acid Methyl Ester

GCG Good Corporate Governance

GDL Geo Data Acquisition Land

GDM Geo Data Acquisition Transition Zone & Marine Zone & Marine

GDP Geo Data Processing

GGR Geology, Geophysics and Reservoir

GPS Global Positioning System

GRI Global Reporting Initiative

GMS General Meeting of Shareholders

H2S Hydrogen Sulfide

HAGI Himpunan Ahli Geofisika Indonesia/ Indonesia Association of Geophysicists

HRIS Human Resources Information System

HSSE Health, Safety, Security & Environment

HWU Hydraulic Workover Unit

IAI Ikatan Akuntan Indonesia/Institute of Indonesia Chartered Accountants

IAGI Ikatan Ahli Geologi Indonesia/Indonesian Association of Geologist

ICBC Industrial and Commercial Bank of China

ICP Indonesia Crude Price

ICT Information Communication Technology

IFRS International Financial Reporting Standard

IHSG Indeks Harga Saham Gabungan/ IDX Composite

IIA The Institute of Internal Auditor

IMF International Monetary Fund

IPO Penawaran Umum Saham Perdana/ Initial Public Offering

ISO International Organization for Standardization

LCT Landing Craft Tank

LHA Laporan Hasil Audit/ Audit Report

LPG Liquefied Petroleum Gas

LTI Lost Time Injury

GlosariumGlossary

7



DefinisiDefinition

MEA Masyarakat Ekonomi ASEAN/ ASEAN Economic Community

Migas Minyak dan Gas/ Oil and Gas

MLU Mud Logging Unit

MOR Marketing Operation Region

MPP Massa Persiapan Pensiun/ Retirement Preparation Period

MSOP Management Stock Option Pan

NPM Net Profit Margin

O&M Operation & Maintenance

OCTG Oil Country Tubular Goods

OHS Occupational Health and Safety

OHSAS Occupational Health and Safety Assessment System

OJK Otoritas Jasa Keuangan/ Financial Services Authority

ONH Ongkos Naik Haji/ Pilgrimage Cost Assistance

OPEC NGLS Organizations of the Petroleum Exporting Countries Natural Gas Liquid

OPM Operating Profit Margin

P/B Price to Book

P/E Price to EPS

Permen Peraturan Menteri/ Ministerial Regulation

Perseroan PT Elnusa Tbk/ The Company

Pertamina PT Pertamina (Persero)

PEP PT Pertamina EP

PHE PT Pertamina Hulu Energi

PHE ONWJ PT Pertamina Hulu Energi

PHE WMO PT Pertamina Hulu Energi West Madura Offshore

PHM Pertamina Hulu Mahakam

POMS Production and Operation Maintenance Services

PKAT Program Kerja Audit Tahunan/ Annual Audit Work Program

PNBP Penerimaan Negara Bukan Pajak/ Non-Tax Revenue

PP Peraturan Perusahaan/ Company Regulations

PPh Pajak Penghasilan/ Income Tax

PPN Pajak Pertambahan Nilai/ Value Added Tax

PSAK Pernyataan Standar Akuntansi Keuangan/Statement of Financial Accounting Standards

PUMP Pumping Services

RJPP Rencana Jangka Panjang Perusahaan/The Company’s Long Term Plan

RKAP Rencana Kerja dan Anggaran Perusahaan/Work Plan and Budget

ROA Return on Assets


DefinisiDefinition

ROE Return on Equity

RUPS Rapat Umum Pemegang Saham /General Meeting of Shareholder

SAK Standar Akuntansi Keuangan/ Financial Accounting Standards

SCU PT Sigma Cipta Utama

SDM/ HR Sumber Daya Manusia/ Human Resources

SEOJK Surat Edaran Otoritas Jasa Keuangan/CircularLetter of the Financial Services Authority

SK Surat Keputusan/ Decision Letter

SKK Migas Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi/ Special Unit Taskforce of Oil and Gas

SPOB Self Propelled & Oil Barge

SL Slickline Services

SMBCI Sumitomo Mitsui Banking Corp

SOP Standard Operating Procedures

SPBB Stasiun Pengisian Bahan Bakar Bunker/Bunker Fuel Filling Stations

SPBE Stasiun Pengisian Bulk LPG/ Bulk LPG Filling Stations

SPBU Stasiun Pengisian Bahan Bakar Umum/ Gas Station

SPE Serikat Pekerja Elnusa/ Labor Unions Elnusa

SPK Sistem Pengelolaan Kerja/ Performance Management System

TBBM Terminal Bahan Bakar Minyak/ Fuel Terminal

TBE Taman Belajar Elnusa

THM Tabung Hikmah Mandiri

THR Tunjangan Hari Raya/ Religious Holiday Allowance

TZ Transition Zone

US$ United States Dollar/ Dolar Amerika

UU Undang-Undang/ Law

UUPT Undang-Undang Perseroan Terbatas/Limited Liability Company Law

UTD Ulang Tahun Dinas/ Service Anniversaries

VHS Vendor Held Stock

VICO PT Vico Indonesia

VTMS Vessel Traffic Management and Information System

WBS Whistleblowing System

WB Working Barge

WK Wilayah Kerja/ Working Area

WP & B Work Program and Budget

WT Well Testing Service

WTI West Texas Intermediate

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Tentang Laporan IniAbout This Report

Selamat membaca Laporan Tahunan (“Laporan”) 2018 PT Elnusa Tbk (“Perseroan”). Laporan ini menyajikan informasi dengan fokus pada tata kelola perusahaan serta analisis atas kinerja operasional dan keuangan Perseroan pada tahun pelaporan. Penyajian informasi didasarkan atas Peraturan OJK Nomor 29/POJK.04/2016 mengenai Laporan Tahunan Emiten atau Perusahaan Publik.

Informasi lain seperti tanggung jawab sosial perusahaan, Kami sajikan secara ringkas pada laporan ini. Informasi lebih mendalam, Kami sajikan dalam laporan keberlanjutan sesuai dengan Peraturan OJK Nomor 51/POJK.03/2017 tentang Penerapan Keuangan Berkelanjutan bagi Lembaga Jasa Keuangan, Emiten dan Perusahaan Publik dan GRI Standards. Pemisahan laporan ini adalah untuk memberikan informasi yang lebih kaya, sehingga diharapkan dapat memberikan nilai tambah bagi para pemangku kepentingan.

Wishing you a pleasant time on reading the Annual Report (“Report”) 2018 PT Elnusa Tbk (“Company”). This report provides information with a focus on corporate governance and analysis of the Company’s operational and financial performance in the reporting year. The information is based on the FSA Regulation No. 29 / POJK.04 / 2016 concerning the Annual Report of Issuers or Public Companies.

Other information such as corporate social responsibility, is presented briefly in this report. For more in-depth information, we present it in a sustainability report in accordance to the Financial Services Authority Regulation No. 51 / POJK.03 / 2017 concerning Sustainable Financial Implementation for Financial Service Institutions, Issuers and Public Companies and GRI Standards. The separation of this report is to provide a much better information, and to provide added value to stakeholders.

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10

02.

01.

05.

03.

04.

Ikhtisar Data Keuangan PentingKey Financial Highlights

PendahuluanPreface

Analisis & Pembahasan ManajemenManagement Discussion and Analysis

Laporan Dewan Komisaris & DireksiReport from Board of

Commissioners and Directors

Profil PerusahaanCompany Profile

Daftar IsiTable of Contents

Ikhtisar Data Keuangan Penting Key Financial HighlightsIkhtisar Saham Share HighlightsIkhtisar Obligasi/Sukuk/Obligasi Konversi Highlights of Bonds/Sukuk/Convertible Bonds

14

17

21

2

6

8

10

50

51

54

58

60

61

62

64

69

74

94

100

101

102

123

142

143

144

146

147

147

149

77

78

78

80

82

84

86

88

90

149

151

151

151

151

152

153

153

153

155

24

34

36

44

46

Tinjauan Makro Ekonomi dan Industri MigasOil and Gas Industry Macro Economic OverviewProspek UsahaBusiness OutlookAspek PemasaranMarketing AspectsTinjauan OperasiOperation OverviewAnalisis Kinerja Keuangan KomprehensifComprehensive Financial Performance AnalysisIkatan Material untuk Investasi Barang ModalMaterial Commitment For Capital Goods InvestmentPerbandingan Target dan Realisasi 2018Comparison between Target and Realization in 2018Realisasi Investasi Barang ModalRealization of Invesment in Capital GoodsProyeksi 20192019 ProjectionInformasi dan Fakta Material Setelah Tanggal Laporan AkuntanInformation and Material Facts That Occured After Balance Sheet DateKebijakan Dividen dan Pembagian DividenDividend Policy and Dividend DistributionProgram Kepemilikan Saham oleh Karyawan dan / Manajemen EOSP/MSOPEmployee and /or Management Stock Option Plan ESOP/MSOP

Laporan Dewan KomisarisBoard of Commissioners Report Komposisi Dewan Komisaris Board of Commissioners CompositionLaporan Direksi Board of Directors ReportKomposisi Direksi Board of Directors CompositionPernyataan Anggota Dewan Komisaris dan Direksi Tentang Tanggung Jawab atas Laporan Tahunan 2018 PT Elnusa TbkStatement from The Board of Commissioners and Directors for the Responsibility of 2018 Annual Report PT Elnusa Tbk

Informasi umumGeneral InformationRiwayat singkat & Jejak LangkahBrief History & MilestonesBidang UsahaSegment of BussinessStruktur OrganisasiOrganization StructureJaringan PerusahaanCompany NetworkStruktur Group PerseroanCompany Group StructureVisi,Misi dan Budaya PerusahaanCorporate Vision, Mission, Values & CultureIdentitas dan Riwayat Hidup Singkat Anggota Dewan KomisarisIdentity and Short Biography of Board of Commissioners MemberRiwayat Hidup Singkat Anggota Dewan DireksiIdentity and Short Biography of Board of Directors MemberKomposisi Pemegang SahamShareholders Composition

Kronologi Pencatatan SahamSharelisting ChronologyKronologi Pencatatan Efek LainnyaChronology of Other Listing SecuritiesLembaga dan Profesi Penunjang Pasar ModalCapital Market Supporting Institutions and ProfessionsWilayah Operasi Jasa Hulu MigasOperational Area of Upstream Oil & Gas ServicesWilayah Operasi Jasa Distribusi& Logistik EnergiOperational Area of Energy Distribution & Logistics ServicesWilayah Operasi Jasa PenunjangOperational Area of Oil & Gas Support ServicesPeristiwa Penting 2018Significant Events in 2018Penghargaan dan SertifikasiAwards and CertificationsPendidikan dan/PelatihanEducation and/or Trainings

Realisasi Penggunaan Dana hasil penawaran umum (IPO)Realization Use of Proceeds from Initial Public Offering (IPO)Informasi Material Mengenai Ekspansi Material Information on ExpansionInformasi Material Mengenai Divestasi Material Information on DivestmentInformasi Material Mengenai Penggabungan UsahaMaterial Information on Business MergerInformasi Material mengenai Akuisisi Material Information on AcquisitionInformasi Material Mengenai Restrukturisasi Utang/ModalMaterial Information on Capital/ Debt RestructuringInformasi Transaksi Material yang Mengandung Benturan kepentingan/Transaksi dengan Pihak AfiliasiInformation on Material Transaction Containing Conflict on Interest and/or Transaction with AffiliationsPerubahan Peraturan Perundang-undanganChanges in Law and RegulationKebijakan Akuntansi Tahun buku 2018 Accounting Policies for 2018 Fiscal YearInformasi Kelangsungan Usaha Information on Business Sustainability

Penjelasan TemaTheme ExplanationGlosariumGlossaryTentang Laporan IniAbout This ReportDaftar IsiTable of Contents

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158

159

163

06.Pengembangan Sumber Daya ManusiaHuman Resource Development

Konsep SDM PerseroanCompany’s HR ConceptProfil dan Jumlah SDMProfile and Number of Human ResourcesRekrutmen, Pelatihan, dan Pengembangan SDMRecruitment, Training and HC Development

07.Implementasi Tata Kelola PerusahaanGood Corporate Governance Implementation

Pernyataan Tata Kelola PerusahaanStatement of Corporate GovernancePenerapan Tata Kelola PerusahaanCorporate Governance ImplementationTujuan Penerapan Tata Kelola PerusahaanThe Goal of Implementing Corporate GovernanceMekanisme dan Struktur Tata KelolaThe Mechanism and Structure of the Corporate GovernancePenilaian Penerapan Tata Kelola PerusahaanAssessment the Implementation of Corporate GovernanceRapat Umum Pemegang SahamGeneral Meeting of ShareholdersUraian Dewan KomisarisBoard of Commissioners DescriptionUraian DireksiBoard of Director DescriptionPenilaian Kinerja Dewan Komisarisdan DireksiAssesment of the Board of Commissioners and the Board of DirectorsKebijakan Remunerasi bagi Dewan Komisaris dan DireksiBoard of Commissioners and Board of Directors Remuneration PolicyHubungan Afiliasi Antara Anggota Dewan Komisaris,Direksi dan Pemegang Saham Utama dan/atau PengendaliRelationship between Members of BOC and BOD Majority and/or Controlling ShareholdersIndependensi Kepemilikan SahamShares Ownership IndependencyKeberagaman Komposisi Dewan Komisaris dan DireksiDiversity in Compostition of Board of Commissioners and Board of DirectorsFrekuensi dan Tingkat Kehadiran Rapat Dewan Komisaris dan DireksiFrequency and Attendance Rate in Board of Commissioners and Board of Directors Meetings

Laporan Komite AuditAudit Committee ReportLaporan Komite Manajemen ResikoRisk Management Committee ReportLaporan Komite Nominasi & Remunerasi Nomination and Remuneration Committee ReportSekretaris PerusahaanCorporate SecretaryUnit Audit InternalInternal Audit UnitAkuntan PublikPublic AccountantManajemen RisikoRisk ManagementSistem Pengendalian InternalInternal Control SystemTeknologi InformasiInformation TechnologyPengelolaan Benturan Kepentingan dan Hubungan dengan Pihak BerelasiConflict of Interest Management and Relationship with Related PartiesPengadaan Barang dan JasaGoods and Services ProcurementAkses Informasi dan Data Perusahaan Accessto Company’s Information DataPerkara HukumLegal CasesStandar EtikaEthical StandardSistem Pelaporan Pelanggaran Whistleblowing SystemPengungkapan Sanksi Administratif oleh Otoritas Pasar Modal dan Otoritas Lainnya Disclosure of Administrative Sanctions by the Capital Market Authority and OtherAuthorities

08.Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility

Tanggung Jawab Terhadap Lingkungan Hidup Responsibility to EnvironmentTanggung Jawab Terhadap Kesehatan dan Keselamatan Kerja Responsibility to Occupational Health and SafetyPengembangan Sosial dan Kemasyarakatan Social and Community DevelopmentTanggung Jawab Kepada Pelanggan Responsibility to Customers

295

297

303

307

09.Laporan KeuanganFinancial Statement

10.Referensi SEOJK No.30/SEOJK.04/2016SEOJK No.30/SEOJK.04/2016 Reference

176

176

177

178

181

186

200

210

222

225

227

229

230

232

239

244

248

252

262

265

266

274

275

276

278

280

282

286

289

291

11.Kriteria ARAARA Criteria


02

14


Uraian 2018 2017 2016 2015Pertumbuhan

Growth2017 - 2018

Description

Aset Lancar 3,158,507 2,379,465 1,865,116 2,079,319 32.74% Current Assets

Aset Tetap dan Properti Investasi - Neto

1,787,847 1,621,184 1,664,747 1,533,479 10.28% Fixed Assets andInvestment Property - Net

Jumlah Aset 5,657,327 4,855,369 4,190,956 4,407,513 16.52% Total Assets

Liabilitas Jangka Pendek 2,116,898 1,757,781 1,254,181 1,448,585 20.43% Current Liabilities

Liabilitas Jangka Panjang 240,229 45,668 59,032 323,742 426.03% Non-Current Liabilities

Jumlah Liabilitas 2,357,127 1,803,449 1,313,213 1,772,327 30.70% Total Liabilities

Utang Berbunga 821,415 697,268 549,770 739,728 17.80% Interest Bearing Debt

Ekuitas 3,300,200 3,051,920 2,877,743 2,635,186 8.14% Equity

Modal Kerja - Neto 1,041,609 621,684 610,935 630,734 67.55% Working Capital - Net


Growth2017 - 2018

Description

Pendapatan 6,624,774 4,978,986 3,620,570 3,775,323 33.05% Revenue

Laba Bruto 652,094 578,502 614,585 718,810 12.72% Gross Profit

Laba (Rugi) Operasi 380,775 344,540 418,877 470,194 10.52% Income (Loss) From Operation

EBITDA* 767,220 712,473 723,098 735,788 7.68% EBITDA*

Beban Keuangan (40,296) (19,852) (24,266) (36,265) 102.98% Finance Costs

Laba (Rugi) Komprehensif Tahun Berjalan

288,075 238,473 318,798 375,831 20.80% Comprehensive Income (Loss) for the Years

Laba Tahun Berjalan yang Dapat Diatribusikan kepada Pemilik Entitas Induk

276,314 247,140 310,911 375,364 11.80% Profit for the Year Attributable to Owners of the Parent

LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN KONSOLIDASIANCONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Dalam Jutaan Rupiah, kecuali dinyatakan lainIn Million Rupiah, unless otherwise stated



*Beban keuangan yang tercantum dalam Laporan ini tanpa (rugi) selisih kurs atas pinjaman.*Finance cost in this report is excluded gain (loss) on Foreign currency exchange of Loan

15



Growth2017 - 2018

Description

Kas Bersih yang Diperolehdari Aktivitas Operasi

344,756 395,459 447,139 424,237 -12.82% Net Cash Provided byOperating Activities

Kas Bersih yang Diperoleh dari (Digunakan untuk)Aktivitas Investasi

(586,671) (358,506) (295,227) (538,079) 63.64% Net Cash Provided by(Used in) Investing

Activities

Kas Bersih yang Diperoleh dari (Digunakan untuk)Aktivitas Pendanaan

37,374 119,698 (312,200) (82,849) -68.78% Net Cash Provided by(Used in) Financing

Activities

Kas dan Setara Kas pada akhir tahun

719,457 902,563 744,387 934,968 -20.29% Cash and Cash Equivalent at the end of the year

LAPORAN ARUS KAS KONSOLIDASIANCONSOLIDATED STATEMENTS OF CASH FLOWS



Growth2017 - 2018

Description

Laba Tahun Berjalan yang Dapat Diatribusikan kepada Pemilik Entitas Induk - Tanpa Laba (Rugi) Penjualan Aset Tetap

277,638 247,684 309,467 375,649 12.09% Profit for the Year Attributable to Owners of the Parent - Excluded

Gain (Loss) on Sale of Fixed Assets

Laba (Rugi) yang Diatribusikan kepada Kepentingan Non-pengendali

2 3,614 5,155 4,381 -99.95% Profit for the Year Attributable to Non-Controlling Interest

Laba (Rugi) Bersih per Saham Dasar

37.86 33.86 42.60 51.43 11.81% Earning (Loss) per Share (Full Amount)

16



Growth2017 - 2018

Description

Margin Laba Bruto 9.84% 11.62% 16.97% 19.04% -15.28% Gross Profit Margin

Margin Laba Operasi 5.75% 6.92% 11.57% 12.45% -16.94% Operating ProfitMargin

Margin Laba Bersih** 4.17% 4.96% 8.59% 9.94% -15.97% **Net Profit Margin

Margin Laba Bersih Tanpa Laba (Rugi) Penjualan Aset Tetap***

4.19% 4.98% 8.55% 9.95% -15.92% ***Net Profit Margin Excluded Gain (Loss) Sale of Fixed Assets

Margin EBITDA 11.58% 14.31% 19.97% 19.49% -19.07% EBITDA Margin

Rasio Lancar 1.49 1.35 1.49 1.44 10.22% Current Ratio

Perputaran Total Aset 117.10% 102.55% 86.39% 85.66% 14.19% Total Asset Turnover

Imbal Hasil Aset 4.88% 5.09% 7.42% 8.52% -4.12% Return on Asset

Imbal Hasil Ekuitas 8.37% 8.10% 10.80% 14.24% 3.39% Return on Equity

Utang Berbunga/Ekuitas 0.25 0.23 0.19 0.28 8.94% Interest Bearing Debt/Equity

Utang Berbunga/Jumlah Aset 0.15 0.14 0.13 0.17 1.11% Interest Bearing Debt/Total Asset

Utang Berbunga/EBITDA 1.07 0.98 0.76 1.01 9.40% Interest Bearing Debt/EBITDA

EBITDA/ Beban Keuangan 19.04 35.89 29.80 20.29 -46.95% EBITDA/Interest Expense

Jumlah Liabilitas/Ekuitas 0.71 0.59 0.46 0.67 20.87% Total Liabilities/Equity

Jumlah Liabilitas/Aset 0.42 0.37 0.31 0.40 12.17% Total Liabilities/Assets

Kas Neto yang Diperoleh dari Aktivitas Operasi/Laba Bersih

1.25 1.60 1.44 1.13 -22.03% Net Cash Provided byOperating Activities/

Net Income

Kas Neto yang Diperoleh dari Aktivitas Operasi/Kas dan Setara Kaspada akhir tahun

0.48 0.44 0.60 0.45 9.37% Net Cash Provided byOperating Activities/

Cash and Cash Equivalents at the end of the year

Kas dan Setara Kaspada akhir tahun/Utang Berbunga

0.88 1.29 1.35 1.26 -32.33% Cash and Cash Equivalents at the end of the year/Interest Bearing

Debt

Laba Bersih/Jumlah Karyawan 156.64 139.55 180.55 213.03 12.25% Net Profit/ Number of Employees

** Perhitungan margin laba bersih yang tercantum dalam laporan ini menggunakan Laba Tahun yang Berjalan yang Dapat Diatribusikan kepada Pemilik Entitas Induk.*** Perhitungan Margin Laba Bersih Tanpa Laba (Rugi) Penjualan Aset Tetap yang tercantum dalam laporan ini menggunakan Laba Tahun Berjalan yang dapat Diatribusikan kepada Pemilik Entitas Induk - Tanpa Laba (Rugi) Penjualan Aset Tetap.** Net profit margin in this reports is calculated using the Profit for the Year Attributable to Owners of the Parent.*** Net Profit Margin Excluded Gain (Loss) on Sale of Fixed Assets in this reports is calculated using the Profit for the Year Attributable to Owners of the Parent Excluded Gain (Loss) on Saleof Fixed Assets.

RASIO KEUANGAN FINANCIAL RATIO


17


Ikhtisar SahamShare Highlights

TertinggiHighest

(Rp)

TerendahLowest

(Rp)

PenutupanClosing

(Rp)

Volume PerdaganganTrading Volume(Lembar/Shares)

Kapitalisasi PasarMarket Capitalization

(Rp)

2018Triwulan 1 530 384 466 35.155.200 3.401.101.000.000 1st Quarter

Triwulan 2 505 330 336 27.059.700 2.452.296.000.000 2nd Quarter

Triwulan 3 394 306 372 30.050.200 2.715.042.000.000 3rd Quarter

Triwulan 4 396 302 344 47.984.900 2.510.684.000.000 4th Quarter

2017Triwulan 1 462 380 388 34,140,900 2,831,818,000,000 1st Quarter

Triwulan 2 440 274 274 29,450,000 1,999,789,000,000 2nd Quarter

Triwulan 3 314 228 304 181,081,500 2,218,744,000,000 3rd Quarter

Triwulan 4 414 296 372 75,468,800 2,715,042,000,000 4th Quarter

2016Triwulan 1 375 174 333 109,704,061 2,430,400,500,000 1st Quarter

Triwulan 2 600 326 515 123,868,016 3,758,727,500,000 2nd Quarter

Triwulan 3 550 420 456 65,318,146 3,328,116,000,000 3rd Quarter

Triwulan 4 505 406 420 64,713,869 3,065,370,000,000 4th Quarter

HARGA TERTINGGI, HARGA TERENDAH, HARGA PENUTUPAN DAN HARGA RATA-RATA SAHAM HIGHEST PRICE, LOWEST PRICE, CLOSING PRICE AND AVERAGE SHARE PRICE

380

338

417

462

274

274

338

440

384

466

450

530

330

336

423

505

228

304

269

314

296

372

349

414

306

372

352

394

302

344

350

396

1Q170

200

400

100

300

500

600

4Q183Q182Q181Q184Q173Q172Q17

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KINERJA SAHAMKondisi keuangan dan perekonomian sepanjang tahun 2018 terbilang volatil dan cenderung tidak menyenangkan baik global maupun Indonesia. Wacana perang dagang melalui penetapan tarif perdagangan antara Amerika Serikat (AS) dengan China sudah membayangi sejak permulaan hingga menjadi isu utama global sepanjang tahun 2018. Selain itu peningkatan suku bunga yang dilakukan oleh The Federal Reserve (FED) sebanyak empat kali di tahun 2018 atau yang kesembilan kalinya sejak penerapan suku bunga mendekati nol tiga tahun lalu juga menambah volatilitas keuangan dan pasar global selama tahun 2018. Indeks saham AS seperti Dow Jones dan S&P sebagai indikator pasar global pun tidak mampu lagi mencatatkan rally seperti tahun sebelumnya.

Kinerja Indeks Harga Saham Gabungan (IHSG) di awal tahun 2018 memang masih kembali mencatatkan rekor penutupan baru tertinggi sepanjang sejarah yaitu 6.689,3 pada pertengahan Februari 2018. Namun seiring kondisi market global yang kurang mendukung, IHSG lantas turun hingga sempat mencapai 5.633,9 pada awal Juli 2018 dan akhirnya ditutup pada level 6.194,5 di akhir Desember 2018 atau turun 2% jika dibandingkan dengan awal tahun. Indeks saham pertambangan (Jakmine Index) mencatatkan kinerja yang masih baik seperti tahun sebelumnya dengan ditutup pada level 1.776,5 atau meningkat sebesar 10% dibanding penutupan awal tahun 2018.

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ELSA IHSG JAKMINE

SHARES PERFORMANCEBoth global and Indonesian economic and financial conditions in 2018 were relatively volatile and tended to be not so positive. The issue on trade war from the imposition of tarriffs between the U.S. and China has clouded investors’ sentiment in the market since the start of the year and continued to become a central issue throughout the year. Moreover, the interest rate hike by Federal Reserve (FED) for four times in 2018 or nine times since the implementation of near zero interest rate three years ago also added to the volatility of the global financial market throughout 2018. The Dow Jones Index and S&P as indicators of global stock exchange market were not able to show an improvement as in previous years.

The Jakarta Composite Index (IHSG) in the early 2018 managed to reach a record-breaking performance in mid-February 2018 at 6,689.3. However, together with the slowing down in the global market, IHSG decreased to 5,633.9 at the start of July 2018 and ended the year at 6,194.5 at the end of December 2018, which is a decrease of 2% as compared to the start of the year. The mining index (Jakmine Index) performance remained relatively well, similar to previous year, and the index closed at 1,776.5, or an increase of 10% as compared to the start of the year.

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Seperti halnya kondisi perekonomian global dan IHSG, kinerja saham ELSA sepanjang 2018 terbilang kurang menyenangkan dan tidak jauh berbeda dengan tahun 2017 meskipun dari sisi harga minyak sepanjang tahun 2018 sudah mampu stabil diatas $60 per barel kecuali di akhir tahun yang kembali menurun.

ELSA membuka perdagangan 2018 pada posisi Rp376 dan masih sempat bergerak naik hingga mencapai level tertinggi Rp530 di kuartal I 2018 yang merupakan posisi tertinggi di tahun ini namun bergerak landai dan cenderung turun setelahnya. Meskipun secara fundamental kinerja kuartal I 2018 Elnusa sudah menunjukkan peningkatan yang signifikan dimana Elnusa membukukan pendapatan sebesar Rp1,4 triliun dan laba bersih sebesar Rp71 miliar dibanding periode yang sama tahun sebelumnya yang sebesar Rp970 miliar dengan laba bersih hanya sebesar Rp5 miliar.

Semester I/2018 fundamental kinerja Perseroan juga semakin baik dimana pendapatan tumbuh 47% menjadi Rp2,9 triliun dengan laba bersih sebesar Rp128 miliar dibanding pendapatan dan laba bersih tahun sebelumnya yang sebesar Rp1,9 triliun dan Rp14 miliar. Saham ELSA sepanjang awal semester ini terbilang masih baik dan masih mampu bertahan diatas Rp400 dan sempat mencapai harga Rp505 namun mulai mengalami penurunan pada akhir Juni 2018.

Sepanjang kuartal III/2018 saham ELSA sudah bergerak mendatar cenderung turun di kisaran Rp306 - Rp394 dengan rata-rata volume perdagangan sejumlah 52 juta lembar saham perharinya. Harga minyak dunia pada kuartal III ini masih kuat bertengger bahkan mencapai diatas $70 pada akhir September 2018.

Memasuki kuartal IV/2018 pergerakan saham ELSA juga tidak lebih baik dan masih sama dengan pergerakan kuartal sebelumnya. Pada periode Oktober hingga Desember ini tingkat harga tertinggi ELSA hanya Rp396 dan terendah mencapai Rp302 pada akhir November dimana level ini pun sekaligus sebagai level terendah sepanjang tahun 2018.

Similar to the global economic conditions and the Jakarta Composite Index performance, ELSA stock performance throughout 2018 can be considered not so satisfactory, and did not change significantly as compared to previous year, despite the fact that oil price has stabilized throughout 2018 at a price above $60 per barrel, except at the end of the year.

ELSA opened the trade in 2018 at a price of Rp376 and managed to increase to the highest level at Rp530 in the first quarter 2018, which is the highest price for this year, but thereafter the price tended to move flat and declining after that. Although fundamentally Elnusa’s performance in the first quarter 2018 has shown significant improvement, in which Elnusa managed to record a revenue of Rp1.4 trillion and net profit of Rp71 billion, as compared to the same period in previous year in which Elnusa recorded a Rp970 billion revenue and a Rp5 billion in net profit.

In Semester I/2018, the fundamental of the Company has also improved with a growth in rvenue by 47% to Rp2.9 trillion and net profit of Rp128 billion, as compared to the revenue and net profit of previous year at Rp1.9 trillion and Rp14 billion, respectively. In this first semester, ELSA shares price was still performing well and remained above Rp400 and even reached Rp505, although it started to decline at the end of June 2018.

Throughout the quarter III/2018, ELSA shares were moving sideways with the tendency to decline to around Rp306 - Rp394 with an average volume of trading of 52 million shares per day. The price of oil in quarter III remained strong and even reached above $70 at the end of September 2018.

In quarter IV/2018, ELSA price movement remained similar to previous quarter. Between October and December, the highest shares price of ELSA is at Rp396 and the lowest at Rp302 at the end of November, which was also the lowest price for the whole of 2018.

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Kinerja fundamental Elnusa secara full year 2018 dapat dikatakan lebih baik dibanding tahun 2017 terutama pada sisi pendapatan yang mengalami kenaikan signifikan sebesar 33% y-o-y menjadi Rp6.6 triliun. Laba bersih yang berhasil dicatatkan pun relatif stabil pada tiap kuartal sepanjang tahun dibanding tahun sebelumnya sehingga Elnusa berhasil mencatat pertumbuham laba sebesar 12% y-o-y menjadi Rp276 miliar pada akhir Desember 2018.

Kinerja Elnusa yang membaik ditopang oleh kemampuan responsif sisi operasional dan sinergi baik dari jasa hulu migas maupun jasa distribusi & logistik energi dalam menangkap peluang saat mulai pulihnya aktivitas migas di Indonesia.

Kinerja saham ELSA pada penutupan perdagangan tahun 2018 mengalami penurunan 9% yaitu pada harga Rp344 dibanding penutupan tahun sebelumnya yang sebesar Rp376. Level harga tertinggi yang pernah dicapai tahun 2018 ini yaitu Rp530 pada akhir Februari dan harga terendah tercatat Rp302 di akhir November 2018.

Rata-rata volume perdagangan sepanjang tahun 2018 turun 35% menjadi senilai 61 juta lembar saham perhari dibanding tahun lalu. Kapitalisasi pasar ELSA di penghujung 2018 tercatat sebesar Rp2,5 triliun dibanding kapitalisasi pasar ELSA pada akhir 2017 lalu yang sebesar Rp2,7 triliun.

The fundamental performance of Elnusa throughout 2018 can be considered better than in 2017, especially when considering the significant increase in revenue at 33% y-o-y to Rp6.6 trillion. Net profit also remained relatively stable at each quarter throughout the year as compared to previous year, leading to the fact that Elnusa managed to record growth in net profit by 12% y-o-y to Rp276 billion at the end of December 2018.

Elnusa’s performance improvement was due to the Company’s ability to responsively adjust its operational side and the synergy of the upstream oil and gas service as well as the energy distribution & logistics services that enables the Company to capture opportunities as the oil and gas industry in Indonesia recovers.

ELSA shares’ performance at the final trading day of the 2018 was down 9% to Rp344 as compared to the final trading day of the previous year at Rp376. The highest price level in 2018 was Rp530 which was recorded at the end of February and the lowest was Rp302 at the end of November 2018.

The average trading volume for the whole 2018 was down 35% to 61 million shares per day as compared to previous year. ELSA market capitalization by the end of 2018 is at Rp2.5 trillion as compared to ELSA market capitalization at the end of 2017 which was at Rp2.7 trillion.

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Secara valuasi multiple harga, di akhir tahun 2018 dengan Earnings Per Share sebesar Rp38 per lembar maka saham ELSA memiliki nilai P/E sebesar 9 kali dan P/B sebesar 0,8 kali. Nilai yang sebetulnya sangat menarik dan terbilang undervalue bagi investor mengingat ELSA adalah satu-satunya penyedia jasa energi terintegrasi yang menerapkan layanan menyeluruh di Indonesia sehingga peluang pertumbuhan di masa depan tentu masih sangat terbuka.

Based on multiple price valuations, at the end of 2018, with an Earnings Per Share of Rp38 per shares, ELSA’s shares is valued at P/E of 9 times and P/B of 0.8 times. This value is very attractive and can be considered undervalue for investors, given that ELSA is the only company of integrated energy service that has operations throughout Indonesia and one that can capture the large opportunities for growth in the future.

Ikhtisar Obligasi/Sukuk/Obligasi KonversiHighlights of Bonds/ Sukuk/Convertible Bonds

hingga 31 Desember 2018, Perseroan tidak menerbitkan obligasi/sukuk/obligasi konversi sehingga tidak terdapat informasi mengenai jumlah obligasi/sukuk/obligasi konversi yang beredar (outstanding), tingkat bunga / imbalan, tanggal jatuh tempo dan peringkat obligasi/sukuk

As of December 31, 2018, the Company has not issue bonds/sukuk/convertible bonds yet. Hence, there is no information on the numbers of outstanding bonds/sukuk/convertible bonds, interest/reward rates, maturity dates and bonds/sukuk ratings.

Laporan Dewan Komisaris & DireksiReport from Board of Commissioners and Directors

03

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Laporan Dewan KomisarisBoard of Commissioners Report

Narendra Widjajanto

Komisaris UtamaPresident Commissioner

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Para Pemegang Saham dan Pemangku Kepentingan yang terhormat,

Kami, Dewan Komisaris PT Elnusa Tbk melalui laporan ini dengan segala kerendahan hati memanjatkan rasa syukur ke hadirat Allah SWT, Tuhan Yang Maha Esa atas segala limpahan rahmat dan karunia-Nya. Sepanjang tahun 2018 Perseroan mencatat kinerja yang baik di tengah berbagai kendala yang mewarnai perjalanan Perseroan di tahun 2018 ini. Selanjutnya ijinkan kami menyampaikan laporan pengawasan terhadap operasional Perseroan di tahun buku 2018 yang merupakan bagian dari pelaksanaan tugas dan tanggung jawab Dewan Komisaris.

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“To our respected Shareholders and Stakeholders,

We, the Board of Commissioners of PT Elnusa Tbk, through this report, express with all humility our gratitude to the presence of Allah SWT for all of His abundant blessings and grace. Throughout 2018, the Company was able to record a good performance for itself amid various obstacles that colored the Company's journey in 2018. Furthermore, allow us to submit a monitoring report on the Company's operations in fiscal year 2018 as part of the implementation of our duties and responsibilities as the Board of Commissioners.

Dalam menyikapi kondisi industri migas yang dinamis sepanjang tahun 2018, Dewan Komisaris memberikan apresiasi atas langkah-langkah strategis yang dijalankan oleh Direksi. Strategi pelayanan Total Solution dengan mengedepankan sinergi antar Anak Perusahaan dinilai baik oleh Dewan Komisaris karena mampu meningkatkan efisiensi operasional dan pengelolaan risiko yang cukup efektif. Langkah strategis lainnya yang dilakukan oleh Direksi dengan melakukan optimalisasi bisnis berbasis non-asset memberikan dampak yang signifikan terhadap pencapaian konsolidasi.

In response to the dynamic condition of oil and gas industry throughout 2018, the Board of Commissioners appreciates the strategic steps that has been carried out by the Board of Directors. The strategy of Total Solution Services which emphasizes synergy among subsidiaries was assessed positive by the Board of Commissioners as it adequately improves operational efficiency and effective risk management. The board of Commissioners has also appreciated other strategic action of non-asset based business optimization that has delivered significant impact to the performance’s achievements.

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KONDISI EKSTERNALPerekonomian Indonesia 2018 yang tumbuh 5,2% menunjukan kinerja positif dengan pertumbuhan ekonomi stabil dan kondisi makro ekonomi terjaga. Begitupun kinerja inflasi yang relatif berada pada level terkendali memberikan suasana yang kondusif bagi upaya penguatan momentum pemulihan ekonomi domestik.

Sementara itu dari sisi harga minyak mentah Indonesia (Indonesian Crude Oil Price/ICP), harga tertinggi tercapai di bulan Oktober 2018 sebesar USD77 per barrel. Rata-rata ICP pada tahun 2018 adalah USD67 per barrel lebih tinggi dibandingkan asumsi APBN dan lebih tinggi dibandingkan rata-rata tahun 2017 sebesar USD51 per barrel. Namun kenaikan ini ternyata tidak serta merta meningkatkan aktivitas sektor hulu migas di Indonesia. Meskipun nilai realisasi investasi hulu migas tahun 2018 mengalami kenaikan 16,6% dari tahun 2017, namun realisasi tersebut hanya mencapai USD11,9 miliar dari target awal yang ditetapkan sebesar USD14,2 miliar. Target investasi yang hanya mencapai 90% tersebut berdampak pada tidak tercapainya target lifting migas tahun 2018 yang hanya mencapai 98% atau hanya 778 Mbopd dari target APBN 2018 sebesar 800 Mbopd. Pada tahun 2018 kegiatan eksplorasi juga mengalami penurunan terutama signifikan terjadi pada survei seismic dan jumlah sumur pemboran eksplorasi.

Untuk industri hilir dengan kenaikan ICP pada tahun 2018 menyebabkan harga pokok produksi bagi sektor hilir meningkat. Namun seiring pertumbuhan kebutuhan BBM, bisnis distribusi dan logistik energi yang dilakukan oleh anak perusahaan Perseroan mampu menorehkan pertumbuhan.

PENILAIAN ATAS KINERJA DIREKSI

Dasar penilaian Dewan Komisaris terhadap kinerja Direksi tentunya tidak terlepas dari tingkat keberhasilan Direksi dalam merealisir RKAP Perseroan tahun 2018 seperti yang direncanakan pada awal tahun. Di sisi lain keberhasilan Direksi tentunya juga tidak lepas dari kontribusi/peran pengawasan dan penasihatan Dewan Komisaris terhadap Perseroan dan Group yang akhirnya berfokus pada tingkat keberhasilan dalam merealisir RKAP 2018.

Secara keseluruhan, kami menilai bahwa sepanjang tahun 2018 Direksi telah menjalankan perannya dengan baik, dengan menyusun dan menjalankan strategi yang tepat untuk mencapai sasaran-sasaran strategis Perseroan. Dalam aspek keuangan dibandingkan dengan pencapaian pada tahun lalu, pendapatan konsolidasi Perseroan tumbuh sebesar 33% menjadi Rp6,6 triliun. Pencapaian pendapatan ini menjadi catatan baru bagi keberhasilan Perseroan yang menorehkan prestasi tertinggi selama Perseroan berdiri. Untuk EBITDA tumbuh sebesar 8% menjadi Rp762 miliar dan laba bersih konsolidasi juga berhasil dibukukan pertumbuhan sebesar 11.8% atau Rp276 miliar. Pencapaian ini menunjukkan kemampuan Direksi yang baik dalam membuat perubahan-perubahan strategi yang diperlukan untuk merespon cepat tantangan yang ada.

EXTERNAL CONDITIONSThe 2018 Indonesian economy growth 5.2% showed a positive performance with stable economic growth and maintained macroeconomic conditions. Likewise, inflation, which was at a relatively controlled level, provided a conducive atmosphere for efforts to strengthen the domestic economy's recovery momentum.

Meanwhile, in terms of Indonesian Crude Oil Price (ICP), the highest price was reached in October 2018 at USD77 per barrel. The average ICP in 2018 was USD 67 per barrel higher than State Budget assumptions and was also higher than the 2017 average of USD51 per barrel. However, this price increase did not necessarily boost the activity of the upstream oil and gas sector in Indonesia. Even though upstream oil and gas investment realization in 2018 increased by 16.6% from 2017, this realization only managed to reach USD 11.9 billion from an initial target of USD 14.2 billion. This investment, which only reached 90% of the original target, had an impact on how oil and gas lifting targets were not reached in 2018. These targets only reached 98% of its intended goal, or only 778 Mbopd from the 2018 State Budget's target of 800 Mbopd. Exploration activities in 2018 also experienced a particularly significant decline in terms of seismic surveys and the number of exploration drilling wells.

For the downstream industry, an increase in ICP in 2018 led to an increase in production costs for the entire downstream sector. At the same time, the growth in fuel demand meant that the distribution and energy logistics business carried out by the Company's subsidiaries was also able to carve out growth.

PERFORMANCE ASSESSMENT OF THE BOARD OF DIRECTORSThe basis of the Board of Commissioners' assessment on the Board of Directors' performance cannot be separated from the level of success of the Board of Directors had in realizing the 2018 Work Plan and Company Budget (RKAP) that the Company had planned at the beginning of the year. On the other hand, the success of the Board of Directors is of course also inseparable from the supervisory and advisory contributions and roles the Board of Commissioners have had towards the Company and the Group that ultimately focused on the level of success in realizing the 2018 RKAP.

Overall, we have assessed that the Board of Directors has carried out its role well throughout 2018 thanks to the way in which it arranged and implemented the right strategy to achieve the Company's strategic goals. In terms of financial aspects, compared to last year's achievements, the Company's consolidated revenue grew by 33% to Rp 6.6 trillion. This achievement in income served as a new record for the success of the Company, which managed to obtain the highest accomplishments since its inception. EBITDA grew by 8% to Rp 762 billion, while consolidated net income also recorded a growth of 11.8% or Rp 276 billion. This achievement served as a reflection of the Board of Directors' abilities and their capacity for making the strategic changes needed to respond quickly to existing challenges.

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Selanjutnya dari aspek operasional, meskipun pada tahun 2018 harga minyak mengalami kenaikan rata-rata yang lebih tinggi dibanding tahun sebelumnya namun hal tersebut tidak serta merta memberikan pengaruh terhadap aktivitas industri hulu migas di tanah air. Pun demikian, Direksi tetap mampu menggenjot aktivitas operasi Perseroan melalui strategi Total Solution dan strategi sinergi dengan induk serta anak perusahaan.

Dari sisi core business Perseroan, Direksi melalui Divisi Production, Operation & Maintenance Services melakukan optimalisasi bisnis non-asset based yang mampu meningkat sebesar lebih dari 60% dibanding dengan periode yang sama pada tahun lalu. Sementara itu untuk tahun 2018 kinerja Divisi Geoscience & Reservoir Services mengalami perlambatan yang salah satunya disebabkan terjadinya pergeseran tata waktu pelaksanaan proyek yang mundur dari jadwal yang telah ditetapkan. Namun demikian dengan berbagai upaya yang dilakukan oleh Direksi, di awal tahun 2018 Perseroan mampu menyelesaikan proyek seismic darat dengan hasil yang cukup baik, begitupun dengan beberapa proyek jasa seismic laut di akhir tahun 2018 yang mampu diselesaikan tepat waktu.

Selanjutnya dalam rangka menstabilkan hasil usaha secara konsolidasi, Direksi melihat terbukanya peluang besar untuk pengembangan bisnis distribusi dan logistik energi di tahun 2018 dan betul adanya bahwa di tahun 2018 bisnis downstream masih menjadi revenue generator konsolidasian Perseroan dengan kontribusi yang mendominasi. Pertumbuhan bisnis ini sangatlah menggembirakan, dimana pencapaian hampir merata sebagai hasil dari pertumbuhan di seluruh bisnis terutama bisnis penyaluran transportasi BBM maupun perdagangan BBM industry & marine. Sedangkan untuk kinerja Anak Perusahaan yang bergerak dibidang support services, Direksi juga mampu menorehkan pertumbuhan yang lebih baik dari tahun sebelumnya.

Sementara dari sisi kinerja Health, Safety, Security and Environment (HSSE) sebagai perusahaan yang bergerak dalam bidang jasa energi, aspek HSSE merupakan salah satu prioritas utama. Perseroan berkomitmen untuk menjalankan kegiatan operasinya dengan menjunjung tinggi prinsip-prinsip HSSE. Pada tahun 2018, jumlah man-hour yang dicapai oleh Perseroan dan Group lebih tinggi dibanding dengan tahun 2017 yakni 43 juta vs 35 juta jam kerja. Sayangnya pencapaian tersebut belum sepenuhnya excellent karena masih terdapat kasus fatality yang mendera konsorsium Perseroan. Namun demikian, menghadapi hal tersebut Perseroan dengan sigap dan aktif melakukan upaya-upaya perbaikan strategi dalam rangka pencegahan terjadinya kecelakaan kerja.

Kinerja operasional yang baik ini menunjukkan kemampuan Direksi dalam memahami industri dan memanfaatkan peluang melalui program kerja yang tepat. Selain itu, kami juga menilai Direksi telah memberikan perhatian yang tinggi akan pentingnya meningkatkan kapabilitas digital sesuai tuntutan perubahan industri menuju ke arah layanan yang serba digital. Salah satu inisiasi yang telah dimulai oleh Direksi pada tahun 2018 adalah pelaksanaan Forum Elnusa Digital Transformation Journey. Hal ini diharapkan dapat meningkatkan awareness seluruh insan Perseroan untuk terus berinovasi terutama dalam tranformasi digital.

Furthermore, from an operational point of view, even though the price of oil in 2018 experienced a higher-than-average increase compared to the previous year, the activities of the upstream oil and gas industry in the country were not necessarily influenced. Regardless, the Board of Directors continued to boost the Company's operational activities through the "Total Solution" strategy and through synergy strategies with the parent company and with subsidiaries.

In terms of the Company's core business, the Board of Directors, through the Production, Operation & Maintenance Services division, worked to optimize non-asset-based businesses, which resulted in a 60% increase compared to the same period last year. Meanwhile, the performance of the Geoscience & Reservoir Services Division experienced slowdown in 2018, one cause of which was a shift in the timing of project implementation on account of falling behind on the predetermined schedule. However, through various efforts made by the Board of Directors, the Company at the start of 2018 was able to complete its seismic land projects with quite good results, as well as several seismic sea service projects at the end of 2018 that were completed on time.

Furthermore, in order to stabilize consolidated business results, the Board of Directors saw that there was an opening for big opportunities for the development of the energy distribution and logistics business in 2018. It was also true that the Company's downstream business was still the consolidated revenue generator that was the most dominant in terms of contributions. This business growth has been very encouraging. Achievements were almost evenly distributed as a result of growth in all businesses, especially the business of fuel transportation distribution and trade in industrial and marine fuel. As for the performance of Subsidiaries engaged in support services, the Board of Directors was also able to carve out better growth than the previous year.

In terms of Health, Safety and Environment (HSE) performance, as a company engaged in the energy services sector, HSE serves as one of the Company's top priorities. The Company is committed to carrying out its operations while upholding HSE principles. In 2018, the number of man-hours achieved by the Company and the Group was 43 million working hours. This number was higher than the 35 million working hours attained in 2017. Unfortunately, this accomplishment was not without problems, as there were still work-related fatality cases that have plagued the Company's consortium. At the same time, the Company was swift in facing with these matters and was active in making efforts to improve its strategies for preventing further work accidents.

This good operational performance served to demonstrate the Board of Directors' ability understand the industry and take advantage of opportunities through the right work programs. In addition, we have also assessed that the Board of Directors has given high attention to the importance of increasing the Company's digital capabilities in accordance with the demands of industrial change towards digital services. One of the initiatives initiated by the Board of Directors in 2018 was the implementation of the Elnusa Digital Transformation Journey Forum. This forum is expected to raise awareness in all Company personnel on the importance of continuing to innovate, especially when it comes to digital transformations.

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Atas pencapaian selama tahun 2018, Dewan Komisaris pada kesempatan ini memberikan apresiasi kepada Direksi, Manajemen dan seluruh insan Elnusa atas segala daya dan upaya maksimal yang telah dilakukan. Kami akan senantiasa mendukung agar Perseroan dapat terus tumbuh melalui berbagai produk dan layanan yang inovatif. Sesuai dengan perannya, Dewan Komisaris akan terus memberikan motivasi, arahan dan masukan sebagai bagian dari upaya untuk mendorong pertumbuhan yang berkesinambungan di masa depan.

PENGAWASAN IMPLEMENTASI STRATEGI Dewan Komisaris melakukan pengawasan aktif terhadap implementasi strategi yang telah ditetapkan Direksi. Pengawasan yang dilakukan Dewan Komisaris dilakukan dengan memantau kinerja dan pencapaian Perseroan sepanjang tahun 2018.

Dalam menyikapi kondisi industri migas yang dinamis sepanjang tahun 2018, Dewan Komisaris memberikan apresiasi atas langkah-langkah strategis yang dijalankan oleh Direksi. Strategi pelayanan Total Solution dengan mengedepankan sinergi antar Anak Perusahaan dinilai baik oleh Dewan Komisaris karena mampu meningkatkan efisiensi operasional dan pengelolaan risiko yang cukup efektif. Langkah strategis lainnya yang dilakukan oleh Direksi dengan melakukan optimalisasi bisnis berbasis non-asset memberikan dampak yang signifikan terhadap pencapaian konsolidasi.

Pengawasan yang dilakukan Dewan Komisaris dilakukan secara konstruktif dan kolaboratif agar Direksi dapat secara cepat dan tepat menyelesaikan kendala yang muncul. Selain rapat gabungan Dewan Komisaris dan Direksi, Dewan Komisaris juga mengadakan rapat ad hoc dan juga kunjungan ke Anak Perusahaan bersama dengan Direksi yang membuat komunikasi Dewan Komisaris dan Direksi terjalin dengan baik.

Fungsi pengawasan juga dilakukan melalui Komite-Komite di bawah Dewan Komisaris yakni Komite Audit, Komite Manajemen Risiko serta Komite Nominasi dan Remunerasi. Di setiap komite ditempatkan minimal satu Komisaris.

Berdasarkan pencapaian yang diraih pada tahun 2018, Dewan Komisaris menilai Direksi telah mengaplikasikan strategi usaha yang tepat dan sesuai dengan yang telah ditetapkan dalam rencana Perseroan.

PEMBERIAN NASIHATPemberian nasihat dan arahan kepada Direksi merupakan bagian dari tugas dan tanggung jawab Dewan Komisaris. Dalam pelaksanaannya Dewan Komisaris mempertimbangkan rekomendasi yang diberikan oleh Komite-Komite yang berada di

With all of these accomplishments made throughout 2018 in mind, the Board of Commissioners would like to use this occasion to extend its appreciation to the Board of Directors, to the Management and to all Elnusa personnel for all the maximum work and effort that has been put in. We will always provide our support so that the Company can continue to grow through a variety of innovative products and services. In accordance to is role, the Board of Commissioners will continue to provide motivation, direction and input as part of efforts to encourage sustainable growth in the future.

SUPERVISING STRATEGY IMPLEMENTATIONThe Board of Commissioners has actively monitored strategies implemented by the Board of Directors. This supervision by the Board of Commissioners is carried out by monitoring the performance and achievements of the Company throughout 2018.

In response to the dynamic condition of oil and gas industry throughout 2018, the Board of Commissioners appreciates the strategic steps that has been carried out by the Board of Directors. The strategy of Total Solution Services which emphasizes synergy among subsidiaries was assessed positive by the Board of Commissioners as it adequately improves operational efficiency and effective risk management. The board of Commissioners has also appreciated other strategic action of non-asset based business optimization that has delivered significant impact to the performance’s achievements.

All supervision carried out by the Board of Commissioners is carried out constructively and collaboratively so that the Board of Directors can quickly and precisely resolve any obstacles that arise. In addition to joint meetings of the Board of Commissioners and Board of Directors, the Board of Commissioners also held ad-hoc meetings and visits to the Subsidiaries together with the Board of Directors that helped further establish communications between members of the two boards.

The oversight function was also carried out through Committees under the Board of Commissioners, namely, the Audit Committee, the Risk Management Committee, and the Nomination and Remuneration Committee. At least one Commissioner is assigned to each committee.

Based on all these accomplishments made by the Board of Directors in 2018, the Board of Commissioners views that Board of Directors has applied the right business strategies in accordance with what has been stipulated in the Company's plan.

DELIVERING ADVICEDelivering advice and providing direction to the Board of Directors are both part of the duties and responsibilities of the Board of Commissioners. In carrying out these duties, the Board of Commissioners takes into consideration recommendations given

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bawah Dewan Komisaris untuk kemudian disampaikan melalui komunikasi yang transparan dan positif antara Dewan Komisaris dan Direksi dengan berbagai mekanisme diantaranya melalui forum rapat maupun komunikasi melalui penerbitan surat yang ditujukan kepada Direksi, termasuk evaluasi penyusunan Rencana Jangka Panjang Perusahaan.

Sepanjang tahun 2018, Dewan Komisaris memberikan beberapa nasihat kepada Direksi antara lain:

1. Menjalankan Perusahaan sesuai dengan peraturan dan perundang-undangan yang berlaku serta tata kelola perusahaan yang baik (Good Corporate Governance).

2. Sebagai perusahaan jasa migas, aspek Health, Safety, Security & Environment (HSSE) harus menjadi prioritas utama.

3. Melakukan optimalisasi sinergi baik dengan induk & grup maupun dengan anak perusahaan Perseroan.

4. Berupaya untuk mencari peluang baru dalam bisnis upstream, midstream maupun downstream.

5. Meningkatkan sistem pengelolaan risiko Perusahaan.

PANDANGAN ATAS PROSPEK USAHA Proyeksi pertumbuhan ekonomi global tahun 2019 tidak banyak beranjak dari outlook 2018 yakni berkisar 3,9%. Hal ini dikarenakan perekonomian global masih menyimpan risiko ketidakpastian sebagai dampak kebijakan ekonomi di Amerika Serikat serta lanjutan perang dagang dengan Tiongkok. Kondisi ini berimbas pada perekonomian banyak negara khususnya negara-negara berkembang dan masih akan berlangsung di tahun 2019. Di beberapa negara ASEAN yang dikenal dengan ASEAN-5 proyeksi pertumbuhan stagnan seperti tahun 2018 dikisaran 5,3%. Stagnansi ini terjadi sebagai dampak dari tantangan perekonomian global ke depan yang cukup berat seperti adanya tekanan pasar keuangan akibat normalisasi moneter Amerika Serikat, moderasi Tiongkok, proteksionisme, ketegangan politik maupun perubahan iklim/cuaca ekstrim.

Sementara itu selaras dengan proyeksi pertumbuhan pada negara-negara ASEAN-5, untuk pertumbuhan ekonomi Indonesia berdasarkan data yang disampaikan dalam Anggaran Pendapatan dan Belanja Negara (APBN) 2019 menunjukkan proyeksi pertumbuhan 5,3% atau sedikit menggeliat dibanding tahun 2018 dengan outlook pencapaian sebesar 5,2%. Proyeksi pertumbuhan ekonomi Indonesia ini didukung dengan beberapa kebijakan dan teroboson yang dilakukan oleh Pemerintah dalam rangka meningkatkan efisiensi dan efektivitas belanja negara, optimalisasi pendapatan negara dan kemandirian APBN dengan cara antara lain melakukan penyelesaian pembangunan infrastruktur dengan melibatkan peran swasta dan BUMN, menjaga keseimbangan pembangunan antara pusat dengan daerah dan pengurangan kewajiban pajak untuk mendukung daya saing industri nasional serta mendorong hilirisasi industri.

to it by the Committees under it that will then be conveyed, through transparent and positive communication, to the Board of Directors using various mechanisms such as meeting forums and the issuance of letters addressed to the Board of Directors. This communication also includes communication on evaluating the Company's Long Term Plan.

Throughout 2018, the advice the Board of Commissioners has given the Board of Directors included:

1. Running the Company in accordance with applicable laws and regulations as well as good corporate governance.

2. Putting Health, Safety, Security & Environment (HSSE) as a top priority.

3. Optimizing synergy, whether with the Parent Company, with the Group, or with the Company's Subsidiaries.

4. Trying to find new opportunities in the upstream, midstream and downstream businesses.

5. Improving the Company's risk management system.

BUSINESS PROSPECTSProjections for global economic growth in 2019 will not change much from the 3.9% outlook from 2018. This is due to the global economy still carrying uncertainty risks that have come as a result of economic policies in the United Stataes as well as economic trade wars with China. This condition has affected the economy of many countries, especially developing ones, and will continue to do so throughout 2019. In ASEAN countries known as the ASEAN-5, projected growth is expected to be stagnant as it was in 2018, at 5.3%. This stagnation has come as a result of quite heavy challenges facing the global economy going forward. This includes financial market pressure due to US monetary normalization, China's moderation, protectionism, political tension and extreme climate/weather change.

Meanwhile, in line with the growth projections in ASEAN-5 countries, data from the 2019 State Budget (APBN) has revealed a growth projection of 5.3% for the Indonesian economy. In comparison, achievement outlooks in 2018 were set at 5.2% growth. This projection of Indonesian economic growth has the support of several policies and breakthroughs carried out by the Government that were designed to improve the efficiency and effectiveness of state spending. They were also designed to optimize state revenue and make the state Budget more independent by way of completing infrastructure development in a way that involved the role of the private sector and State-Owned Enterprises. Additional goals of these policies and breakthroughs included helping to maintain a balance in development between central and peripheral regions and reducing tax obligations in order to support the competitiveness of national industry as well as encourage downstream industries.

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Dari sisi industri hulu migas, untuk harga minyak mentah pada tahun 2019 masih cenderung menunjukan pergerakan yang berfluktuasi meskipun adanya indikasi yang mengarah kepada tren penguatan. Dalam APBN tahun 2019 diproyeksikan harga rata-rata USD70 per barrel atau lebih tinggi dibanding dengan harga rata-rata tahun 2018 sebesar USD67 dan tahun 2017 sebesar USD51 per barrel. ICP bergerak seiring dengan perkembangan harga minyak mentah acuan dunia terutama brent. Ketegangan geopolitik di beberapa negara penghasil minyak dan sentimen pemangkasan produksi OPEC di tahun 2018 menjadi faktor pendorong kenaikan harga. Dengan perbaikan harga minyak tersebut yang menyebabkan permintaan minyak meningkat, industri hulu migas tahun 2019 diprediksi akan lebih baik dari tahun 2018. Pemerintah menargetkan investasi hulu migas tahun 2019 sebesar USD14,8 miliar atau meningkat dibandingkan target tahun 2018 sebesar USD14,2 miliar dengan realisasi sebesar USD11,9 miliar.

Pada tahun 2018 Pemerintah menunjuk PT Pertamina (Persero) sebagai induk perusahaan (holding) BUMN Migas. Di tahun yang sama Pemerintah juga memberikan hak pengelolaan produksi beberapa wilayah kerja atau blok migas kepada PT Pertamina (Persero) termasuk salah satunya blok migas terbesar di Indonesia yakni blok Rokan. Mengingat Pertamina sebagai salah satu pemegang saham pengendali Perseroan, dengan sinergi yang solid kami yakin bahwa kedua hal tersebut menjadi potensi besar bagi Perseroan. Terlebih dalam rangka optimalisasi produksi blok-blok migas tersebut dibutuhkan aktivitas jasa untuk meningkatkan jumlah produksi dan cadangan minyak yang semakin dibutuhkan, hal ini menambah peluang bagi Perseroan dalam menghadapi prospek usaha di tahun 2019.

Dengan mempertimbangkan peluang dan upaya-upaya yang telah disusun dan juga didukung dengan pengalaman Perseroan selama lebih dari 49 tahun, Dewan Komisaris Perseroan memandang bahwa tahun 2019 akan menjadi tahun yang lebih baik bagi Perseroan. Karenanya, tidak hentinya Dewan Komisaris selalu mengingatkan Direksi untuk terus berupaya memberikan hasil terbaik bagi para stakeholders. Dengan inovasi berkelanjutan dan perbaikan metode kerja yang lebih efektif dan efisien serta kompetensi sumber daya manusia yang mumpuni, kami optimis Perseroan memiliki prospek usaha jangka panjang yang menjanjikan serta mampu memberikan imbal jasa yang memuaskan bagi Pemegang Saham dan Para Pemangku Kepentingan lainnya.

TATA KELOLA PERUSAHAANSebagaimana tahun-tahun sebelumnya, Dewan Komisaris selalu menekankan pentingnya penerapan dan penegakkan Tata Kelola Perusahaan yang Baik atau GCG di Perseroan yang sekaligus menjadi salah satu fokus pengawasan Dewan Komisaris. Kami

In terms of the upstream oil and gas industry, crude oil prices in 2019 still tended to show fluctuating movements despite indications of a strengthening trend. In the 2019 State Budget (APBN), it was projected that the average price would be USD 70 per barrel or higher than the average price of USD 67 per barrel in 2018 and USD 51 per barrel in 2017. ICP has been moving alongside the development of world benchmark crude oil prices, especially Brent. Geopolitical tensions in a number of oil-producing countries and the sentiment of OPEC production cuts in 2018 have been driving factors for these price increases. With the improvement in oil prices leading to an increase in oil demand, the upstream oil and gas industry in 2019 is predicted to be better than it was in 2018. The government is targeting USD 14.8 billion in investment in upstream oil and gas in 2019, or an increase compared to the 2018 target of USD 14.2 billion, of which the realization was only USD 11.9 billion.

In 2018 the Government appointed PT Pertamina (Persero) as the holding company for oil and gas State-Owned Enterprises. That same year the Government also granted production management rights to several oil and gas working areas or blocks to PT Pertamina (Persero). This included one of the largest oil and gas blocks in Indonesia, the Rokan block. In view of the fact that Pertamina is one of the Company's controlling shareholders, we believe with solid synergy that both of these aforementioned things have great potential for the Company. Moreover, in order to optimize the production of oil and gas blocks, service activities are needed to increase the amount of production and oil reserves that are increasingly needed. All of this provides more opportunities for the Company as it faces its business prospects in 2019.

By taking into consideration the opportunities, the efforts that have been prepared and also the Company's experience of more than 49 years, the Board of Commissioners of the Company is of the view that 2019 will be a better year for the Company. Subsequently, the Board of Commissioners will always keep reminding the Board of Directors to continue to strive to provide the best results for stakeholders. Through continuous innovation and improvements towards more effective and efficient working methods, and through competent human resources, we are optimistic that the Company has promising long-term business prospects and will be able to provide rewarding benefits for Shareholders and other Stakeholders.

CORPORATE GOVERNANCEAs with previous years, the Board of Commissioners has always emphasized the importance of implementing and enforcing Good Corporate Governance (GCG) in the Company. This subject also serves as a main focus point for supervision by the Board of Commissioners.

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meyakini bahwa penerapan praktik-praktik terbaik GCG akan mendukung tercapainya kinerja Perseroan yang berkelanjutan.

Sepanjang tahun 2018 Perseroan terus berupaya untuk menyempurnakan sistem, struktur dan organ tata kelola. Perseroan berkomitmen untuk mengimplementasikan GCG dalam setiap aktivitas bisnis Perseroan termasuk dalam tataran operasional Perseroan. Dewan Komisaris juga menilai bahwa pada tahun 2018 praktik-praktik GCG telah diterapkan secara efektif dan konsisten serta menjunjung tinggi nilai-nilai tranparansi, akuntabilitas, tanggung jawab, independensi dan kewajaran.

PANDANGAN ATAS PENERAPAN WHISTLEBLOWING SYSTEMDewan Komisaris memandang bahwa WBS memiliki peranan penting dalam penegakan Tata Kelola Perusahaan yang baik. Untuk itu kami dari Dewan Komisaris selalu mendukung setiap upaya dan langkah Direksi untuk melakukan perbaikan dalam penerapan dan penegakkan WBS untuk menghindari terjadinya fraud.

Sepanjang pengamatan kami pada tahun 2018 penerapan whistleblowing system berjalan cukup baik. Tahun 2018 Perseroan melakukan penyempurnaan whistleblowing system sebagai sarana untuk menerima laporan pelanggaran. Selain menggunakan sistem pelaporan pelanggaran, Perseroan juga memiliki mekanisme perlindungan pelapor yang mengatur jaminan kerahasiaan identitas pelapor terkecuali apabila pengungkapan tersebut dilakukan dalam kaitan dengan penyelidikan yang dilakukan oleh pihak yang berwenang atau diperlukan untuk mempertahankan posisi Perseroan di depan hukum.

Dalam hal pelanggaran dilakukan oleh Direksi, maka laporan pelanggaran disampaikan oleh pengelola WBS kepada Komisaris Utama dan penanganan lebih lanjut diserahkan kepada Dewan Komisaris. Demikian pula halnya jika pelanggaran dilakukan oleh Dewan Komisaris, jika anggota Dewan Komisaris yang merupakan perwakilan dari pemegang saham pengendali, laporan pelanggaran akan dilanjutkan kepada pemegang saham pengendali. Sementara untuk anggota Dewan Komisaris yang independen pelaporan pelanggaran akan dilanjutkan kepada Komisaris Utama. Semua pelanggaran yang dilakukan oleh Direksi maupun Dewan Komisaris bilamana diperlukan investigasi, dapat menggunakan investigator/auditor eksternal yang independen atau diserahkan kepada penegak hukum yang berwenang.

PENILAIAN KINERJA KOMITE DI BAWAH DEWAN KOMISARISDalam menjalankan fungsi pengawasannya, Dewan Komisaris dibantu oleh 3 (tiga) komite di bawah Dewan Komisaris yaitu Komite Audit, Komite Nominasi dan Remunerasi serta Komite Manajemen Risiko. Sepanjang tahun 2018, kami memandang

We believe that implementing best practices in GCG will support the achievement of sustainable corporate performance.

Throughout 2018, the Company continued to strive to improve its systems, structures and organs of governance. The Company is committed to implementing GCG in every one of its business activities, including at the operational levels. The Board of Commissioners also is of the view that GCG practices in 2018 have been applied effectively and consistently and have upheld the values of transparency, accountability, responsibility, independence and fairness.

IMPLEMENTATION OF WHISTLEBLOWING SYSTEMSThe Board of Commissioners is of the view that the Company’s Whistle-blowing System (WBS) serves an important role in upholding good corporate governance. For this reason, we, the Board of Commissioners, have always supported the efforts and steps the Board of Directors have taken in order to make improvements in the implementation and enforcement of WBS to avoid fraud.

The Company's whistle-blowing system has been carried out quite well throughout 2018, based on our observations throughout the year. In 2018, the Company made improvements to the whistle-blowing system as a means for receiving reports of violations. In addition to using this violation reporting system, the Company also has a reporting protection mechanism that regulates the confidentiality of the whistle-blower's identity (unless the disclosure is carried out in connection with an investigation conducted by an authorized party or is necessary to maintain the Company's position before the law).

In the event that a violation is carried out by a member of the Board of Directors, then the violation report is submitted by the WBS manager to the President Commissioner. Further handling is submitted to the Board of Commissioners. Likewise, if the violation is carried out by a member of the Board of Commissioners, and if that member is a representative of the controlling shareholder, then the violation report will be forwarded to the controlling shareholder. As for independent members of the Board of Commissioners, reports of any violations carried out by them will be forwarded to the President Commissioner. If investigations are necessary, any case of violations committed by the Board of Directors and the Board of Commissioners can make use of independent external investigators or auditors or can be handed over to authorized law enforcement.

PERFORMANCE EVALUATION FOR COMMITTEES UNDER THE BOARD OF COMMISSIONERSIn carrying out its supervisory functions, the Board of Commissioners is assisted by 3 (three) committees underneath it, namely, the Audit Committee, Nomination and Remuneration Committee, and the Risk Management Committee. We are of the view that all committees

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bahwa seluruh komite di bawah Dewan Komisaris telah bekerja dengan baik dalam memberikan rekomendasi kepada Dewan Komisaris dan memberikan dukungan penuh sehingga mekanisme pengawasan terhadap Direksi dapat berjalan dengan baik.

Komite Audit telah bekerja dengan baik diantaranya dalam mengawasi efektivitas pelaksanaan pengendalian internal dalam penyusunan laporan keuangan, melakukan penelaahan atas pemeriksaan audit baik oleh internal maupun eksternal serta memberikan rekomendasi terkait implementasi GCG. Sedangkan Komite Nominasi dan Remunerasi telah membantu kami antara lain dalam memberikan rekomendasi terkait kebijakan, kriteria dan seleksi jabatan strategis di lingkungan Perseroan sesuai prinsip-prinsip GCG. Adapun Komite Manajemen Risiko telah berperan penting dalam melakukan evaluasi secara komprehensif atas usulan Direksi terkait RKAP, investasi maupun hal-hal lainnya dan memantau pelaksanaannya sepanjang tahun 2018.

Kedepan, kami terus mendorong seluruh anggota Komite untuk terus meningkatkan kemampuan dan memperluas wawasannya di bidang industri, bisnis, keuangan dan pengelolaan risiko, sehingga dapat bekerja dengan lebih baik lagi dalam membantu Dewan Komisaris melaksanakan fungsi pengawasan kepada Direksi.

PERUBAHAN KOMPOSISI DEWAN KOMISARIS

Pada tahun 2018, Perseroan melaksanakan tiga kali Rapat Umum Pemegang Saham dengan salah satu mata acaranya mengenai perubahan susunan pengurus Persreoan. RUPS pertama tanggal 5 Maret 2018 pelaksanaan RUPS Luar Biasa, kedua pada tanggal 14 Mei 2018 dilakukan RUPS Tahunan dan ketiga pada tanggal 31 Agustus 2018 diadakan kembali RUPS Luar Biasa, sehingga per tanggal 31 Desember 2018 susunan Dewan Komisaris sebagai berikut:

No. NamaNameJabatanPosition

1 Narendra Widjajanto Komisaris UtamaPresident Commissioner

2 Pradana Ramadhian G. Komisaris IndependenIndependent Commissioner

3 Lusiaga Levi Susila Komisaris IndependenIndependent Commissioner

4 Afdal Martha Komisaris Commissioner

5 Eman Salman Arief Komisaris Commissioner

under the Board of Commissioners have worked well in providing recommendations to the Board of Commissioners throughout 2018, and have provided their full support to ensure that the oversight mechanism for the Board of Directors can run well.

The Audit Committee has worked well. Its tasks included overseeing the effectiveness of implementing internal controls in the preparation of financial reports, reviewing audit checks both internally and externally, and providing recommendations related to the implementation of GCG. Meanwhile, the Nomination and Remuneration Committee has helped us in things like providing recommendations related to policies, criteria and selection of strategic positions within the Company in accordance with GCG principles. The Risk Management Committee has played an important role in conducting a comprehensive evaluation of proposals from the Board of Directors regarding the Work Plan and Company Budget (RKAP), investment and other matters and has also monitored the implementation of these things throughout 2018.

In the future, we will continue to encourage all members of the Committees to continue to improve their abilities and broaden their horizons in the fields of industry, business, finance and risk management, so that they can work better in helping the Board of Commissioners carry out its supervisory function over the Board of Directors.

CHANGES IN THE COMPOSITION OF THE BOARD OF COMMISSIONERSIn 2018, the Company carried out three General Meetings of Shareholders, with one of its programs regarding changes in the composition of the Company's management. The first GMS was dated March 5, 2018, and was an Extraordinary GMS. The second was on May 14, 2018, and was an Annual GMS, while the third GMS was an Extraordinary GMS held on August 31, 2018. As of December 31, 2018, the composition of the Board of Commissioners is as follows:

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PENUTUPPada akhirnya, kami atas nama Dewan Komisaris menyampaikan terima kasih kepada anggota Dewan Komisaris yang telah purna bakti atas segala dedikasi, kontribusi dan kerjasamanya dalam menjalankan tugas selama masa jabatannya. Ucapan terima kasih dan apresiasi yang mendalam juga kami sampaikan kepada Direksi, jajaran Manajemen dan seluruh karyawan atas kerja keras serta dedikasi dalam upaya pengembangan Perseroan menjadi lebih baik lagi, serta kepada seluruh pemegang saham maupun pemangku kepentingan lainnya atas kepercayaan dan dukungan yang diberikan. Rasa terima kasih dan penghargaan yang sama juga kami ucapkan kepada pemegang saham, pelanggan, para mitra bisnis serta pemangku kepentingan lainnya atas dukungan dan kepercayaan kepada Perseroan.

Akhir kata, semoga prestasi yang telah ditorehkan di tahun ini semakin mendorong kita untuk berusaha lebih keras di tahun 2019 dan semoga tantangan yang menanti di tahun depan dengan upaya maksimal dan doa, dapat kita hadapi dengan lebih baik. Semoga Perseroan selalu mendapat berkah dan rahmat dari Allah SWT, aamiin.

Atas nama Dewan KomisarisOn behalf of the Board of Commissioners,

Narendra WidjajantoKomisaris Utama

President Commissioner

IN CLOSINGTo close, we, on behalf of the Board of Commissioners, would like to thank the members of the Board of Commissioners for their full dedication, contribution and cooperation in carrying out their duties throughout their tenure. Our deep gratitude and appreciation also goes to the Board of Directors, Management and all employees for their hard work and dedication towards making the Company even better. We also extend our gratitude to all shareholders, customers, business partners and other stakeholders for their trust and support in the Company.

We finally hope that the achievements that have been made this year will encourage us to try harder in 2019. Hopefully, we can better face the challenges that await in the next year with maximum effort and prayers. We hope the Company will always receive the blessings and grace of Allah SWT. Amen.

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Komposisi Dewan KomisarisBoard of Commissioners Composition

1

1

2

3

4

5

5 243

EMAN SALMAN ARIEFKomisaris Commissioner

LUSIAGA LEVI SUSILAKomisaris Independen Independent Commissioner

AFDAL MARTHAKomisaris Commissioner

NARENDRA WIDJAJANTOKomisaris Utama President Commissioner

PRADANA RAMADHIAN G.Komisaris Independen Independent Commissioner

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Tolingul Anwar

Direktur UtamaPresident Director

Laporan DireksiBoard of Directors Report

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“

“Para Pemegang Saham dan Pemangku Kepentingan yang Terhormat,

Dengan penuh rasa syukur kehadirat Allah SWT, perkenankanlah saya mewakili Direksi Perseroan untuk melaporkan bahwa tahun 2018 telah berhasil kami lalui dengan capaian yang menggembirakan bahkan kembali mampu mencatatkan rekor pada pendapatan konsolidasi.

Perjalanan Elnusa sepanjang tahun 2018 diwarnai oleh beragam tantangan serta dinamika industri migas baik pada tataran global seperti peningkatan volume operasi rig dunia diiringi membaiknya harga minyak, maupun tataran domestik di antaranya berupa terminasi dan peralihan beberapa blok migas utama di Indonesia.

PENCAPAIAN TARGET DAN KINERJA Memasuki tahun 2018 industri migas global sedikit mendapatkan angin segar dengan mulai pulihnya harga minyak yang sudah mampu stabil bertengger di kisaran USD50-65 per barel di hampir sepanjang tahun meskipun kembali mengalami koreksi pada penghujung 2018.

To our respected Shareholders and Stakeholders,

With full gratitude for the presence of Allah SWT, please allow me to represent the Board of Directors of the Company to report that we have successfully passed the year of 2018 with encouraging results and have even been able to register a new record for consolidated income.

Elnusa's journey throughout 2018 has been characterized by a variety of challenges and dynamics within the the oil and gas industry, both at the global level, such as an increase in volume of world rig operations, as well as at the domestic level, which includes the termination and transition of several major oil and gas blocks in Indonesia.

ACHIEVEMENT OF TARGETS AND PERFORMANCEThe global oil and gas industry went into the year 2018 with a bit of fresh air thanks to the way in which oil prices have started to recover and stabilize in the range of 50-65 USD per barrel throughout most of the year despite a correction in late 2018.

Meneruskan strategi portfolio balancing dan penguatan jasa berbasis non aset membuat komposisi pendapatan konsolidasi pada tahun 2018 masih didominasi oleh segmen distribusi dan logistik energi sebesar 56%. Sementara itu segmen jasa hulu migas berkontribusi sebesar 40% dan segmen jasa penunjang menyumbang sebesar 4% dari pendapatan.

Continuing the portfolio balancing strategy and strengthening the non-asset-based services made the composition of consolidated revenue in 2018 was still dominated by the distribution and energy logistics segment at 56%. Meanwhile, the upstream oil and gas service segment and the supporting services segment contributed at 40% and 4% of the income, respectively.

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Meskipun demikian volatilitas harga minyak masih mejadi faktor utama terhadap peningkatan aktivitas industri hulu migas di Indonesia. Harga jasa hulu migas Elnusa pun masih belum meningkat signifikan dan masih dibayangi oleh keterbatasan serta kemampuan budget operasi dari setiap Perusahaan migas. Namun sekali lagi, Elnusa sebagai Perusahaan jasa migas dan energi terpercaya di Indonesia yang mengusung strategi Total Solution kembali mampu membuktikan kepiawaiannya melalui keunggulan dan kelengkapan lini jasa yang dimiliki dalam menghadapi turbulensi industri.

Elnusa menutup tahun dengan pendapatan usaha sebesar Rp6,6 triliun atau tumbuh sebesar 33% dibandingkan tahun sebelumnya, sekaligus merupakan pencapaian tertinggi dalam sejarah berdirinya perusahaan. Laba bersih konsolidasi juga berhasil dibukukan sebesar Rp276 miliar atau naik 12% dibanding laba bersih konsolidasi tahun lalu. Pencapaian pendapatan dan laba bersih konsolidasi tahun 2018 ini lebih tinggi sebesar 114% dan 103% dari target awal yang dicanangkan Perusahaan.

Kinerja tahun 2018 ini merupakan buah hasil kerja konsolidasi dari semua segmen, baik jasa hulu migas terintegrasi, jasa distribusi dan logistik energi maupun jasa pendukung dari kedua segmen tersebut. Jasa hulu migas Elnusa mampu tumbuh dengan baik didominasi oleh lini jasa Production Operation & Maintenances (POMS) yang meningkat signifikan sebesar lebih dari 60% dibanding tahun sebelumnya. Pertumbuhan kinerja POMS ini tak lepas dari performa bisnis jasa Engineering Procurement Construction & Operation Maintenance (EPC-OM) yang merupakan bisnis berbasis non-aset dimana pada tahun ini mampu lebih dari sekedar melipatgandakan pendapatannya namun juga turut berkontribusi signifikan terhadap lini jasa POMS Elnusa dengan perolehan kontrak-kontrak signifikan baru yang bersifat multiyears.

Meskipun bisnis non-aset menorehkan kinerja yang luar biasa tahun ini namun kinerja bisnis berbasis aset pun terbilang sangat baik. Bisnis Well Intervention yang dimotori jasa Well Testing, Wireline Logging, Slickline dan Coil Tubing secara keseluruhan mampu meningkatkan kinerjanya diatas tahun lalu. Sementara itu bisnis Drilling dan Workover menjadi lokomotif bisnis terutama dari jasa Drilling yang pada akhir tahun 2018 ini berhasil mendapatkan kontrak baru pemboran dengan durasi 3 tahun di wilayah kerja Sanga-sanga, dan bisnis Hydraulic Workover yang telah mampu mendominasi pasar workover nasional. Perolehan kontrak pemboran serta workover ini sangat membesarkan hati kami mengingat bisnis pemboran ini sempat mengalami kejatuhan pada saat penurunan tajam har

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