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Striving Performance inDynamic Atmosphere

Laporan tahunan PT Elnusa Tbk . 2011 . Annual Report

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Kondisi makro ekonomi dan industri migas maupun operasional internal yang sangat dinamis memberikan tantangan besar di tengah perjuangan untuk mempersembahkan hasil yang terbaik. Konsolidasian internal, perubahan struktural dan fundamental serta perbaikan operasional dan keuangan dilakukan untuk meningkatkan kinerja ke depan. Semangat baru untuk perbaikan dan keberanian untuk menggali dan mengembangkan sumber-sumber keunggulan dalam rangka menghadapi persaingan dan memacu produktifitas, diyakini dapat membangkitkan dan menumbuhkan kinerja serta meningkatkan nilai yang lebih baik bagi para pemegang saham dan pemangku kepentingan lainnya.

Dynamic condition of macroeconomy and oil & gas industry as well as internal operations have provided great challenges in the middle of the striving to dedicate the best results. Internal consolidation, structural and fundamental changes as well as operational and financial improvement have been conducted to increase future performance. New spirit for recovery and the courage for exploring and developing excellent resources in order to face the competitiveness and accelerate productivity, are believed to generate and raise the performance and improve better value for shareholders and other stakeholders.


IKHTISAR UTAMA/Highlights

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ANALISIS DAN PEMBAHASAN MANAJEMEN/Management's Discussion & Analysis

PROFIL PERSEROAN/Corporate Profile

INFORMASI PEMEGANG SAHAM/Shareholder Information

LAPORAN MANAJEMEN /Management Report

Performa Penting 20112011 Key PerformanceStrategi & Fokus Manajemen untuk PerbaikanManagement Strategy & Focus for ImprovementArea Operasional Jasa Hulu MigasOperational Area of Upstream Oil and Gas Services

Tinjauan Umum - Perekonomian IndonesiaGeneral Review - Economy of IndonesiaIndustri Hulu Migas 20112011 Upstream Oil & Gas Industry

Sekilas PerseroanCorporate at a Glance Riwayat Singkat & Jejak LangkahCorporate Brief History & Milestones

Komposisi Kepemilikan SahamComposition of Share Ownership Kronologi Pencatatan SahamShare Listing ChronologyKinerja SahamStock Performance

Laporan Dewan KomisarisBoard of Commissioners' Report

Area Operasional Jasa Hilir MigasOperational Area of Downstream Oil and Gas ServicesArea Operasional Jasa Penunjang MigasOperational Area of Oil and Gas Support Services

Prospek 20122012 ProspectAksi Korporasi 20112011 Corporate ActionPembahasan Atas Kinerja BisnisAnalysis of Business Performance

Visi, Misi & NilaiVision, Mission & Values Struktur OrganisasiOrganization Structure

Kebijakan DividenDividend PolicyPenggunaan Dana Hasil IPOUtilization Of IPO ProceedLembaga dan Profesi Penunjang Pasar ModalSupporting Institution and Professional of Capital Market

Laporan DireksiBoard of Directors' Report

Peristiwa Penting 20112011 Event HighlightsPenghargaan 20112011 Awards

Ikhtisar Keuangan 20112011 Financial Highlights Ikhtisar Kinerja SahamStock Performance

Pembahasan Atas Kinerja KeuanganAnalysis of Financial Performance

Struktur KorporasiCorporate StructureBidang Usaha KorporasiCorporate Business Line

Akses Informasi & Data PerusahaanAccess to Corporate Information and Data

Tanggung Jawab Laporan Tahunan 2011Responsibility for 2011 Annual Report

DAFTAR ISI /TABLE OF CONTENTS


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IMPLEMENTASI TATA KELOLA PERUSAHAAN/Corporate Governance Report

PENGEMBANGAN SUMBER DAyA MANUSIA/Human Resources Development

INFORMASI TAMBAHAN/Additional Information

LAPORAN KEBERLANJUTAN/Sustainability Report

Prinsip & Komitmen GcGGCG Principle & CommitmentTujuan Penerapan GcGObjectives of GCG Implementation Mekanisme GcGGCG Mechanism Struktur dan Hubungan Tata KelolaStructure and Relation of Corporate GovernanceRapat Umum Pemegang SahamGeneral Meeting of ShareholdersDewan KomisarisBoard of Commissioners DireksiBoard of DirectorsKomite AuditAudit Committee

Konsep SDM PerseroanHR Concept of The CompanyProfil dan Jumlah Sumber Daya ManusiaProfile and Number of Human Resources

Jaringan PerseroanOffice NetworkProfil Dewan Komisaris Profile of The Board of CommissionersProfil DireksiProfile of The Board of DirectorProfil Komite AuditProfile of Audit Committee

Laporan Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility Report

Komite Pemantau Pengembangan Usaha dan Manajemen RisikoBusiness Development and Risk Management Monitoring CommitteeKomite Nominasi Remunerasi dan SDMNomination Remuneration and HR CommitteeRemunerasi Dewan Komisaris dan DireksiRemuneration of Board of Commissioners and DirectorsSekretaris PerusahaanCorporate SecretaryPengawasan dan Pengendalian InternalInternal Control and SupervisionPengelolaan RisikoRisk management

Pelatihan danPengembangan SDMHR Training and DevelopmentPengelolaan Hubungan IndustrialManagement of Industrial Relations

Profil Komite Pemantau Pengembangan Usaha & Risk ManagementProfile of Business Development & Risk Management Monitoring Committee

Laporan Keselamatan, Kesehatan Kerja,dan Lindung Lingkungan Health, Safety & Environment Report

Manajemen MutuQuality ManagementTeknologi dan Sistem InformasiTechnology and Sistem of InformationEtika Bisnis dan Etika KerjaCode of ConductPelaporan PelanggaranViolation ReportingPerlindungan Terhadap Konsumen/PelangganConsumer /Customers ProtectionPerkara Hukum PerusahaanCorporate LitigationImplementasi GcG di Anak PerusahaanGCG Implementation in SubsidiariesRencana Pengembangan GcG di Tahun 2012GCG Development Plan for The Year 2012

Rencana pengembangan SDM yang BerkesinambunganSustainable HR Development Plan

Profil Komite Nominasi, Remunerasi dan SDMProfile of Nomination, Remuneration and HR CommitteeProfil Sekretaris PerseroanProfile of Corporate Secretary

LAPORAN KEUANGAN KONSOLIDASIAN AUDIT 2011/The Consolidated Financial Statements

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-5,950945%4,7

Net Profit 2010 > IDR 12.97 billionRevenue 2010 > IDR 142.49 billion

EARNINGS PER SHARE 2010 > IDR 133.89 billionCompany Asset 2010 > IDR 174.66 billion

Net Profit 2011 > IDR 15.67 billionRevenue 2011 > IDR 174.66 billion

EARNINGS PER SHARE 2011 > IDR 159.22 billionCompany Asset 2011 > IDR 200.66 billion

Pendapatan Usaha Konsolidasian PT Elnusa Tbk (selanjutnya dalam buku ini disebut "Perseroan") tahun 2011 tetap tumbuh 11% dari tahun lalu. Kontribusi Jasa Hulu Migas, sebagai bisnis inti Perseroan mencapai 45% dan mengalami penurunan dibandingkan tahun lalu. Penurunan kontribusi Jasa Hulu Migas dikarenakan banyaknya rintangan dan tantangan operasional yang dihadapi Perseroan. Ditambah lagi dengan adanya provisi kerugian yang dicatat sesuai standar akuntansi keuangan yang berlaku pada akhirnya menurunkan kinerja profitabilitas hingga negatif. Namun di luar semua hal tersebut, Perseroan masih tetap fokus dalam pengembangan jasa hulu migas dengan menambah kapasitas di unit bisnis, khususnya oilfield services, dalam rangka meningkatkan pangsa pasar di tanah air.

Consolidated Operating Revenues of PT Elnusa Tbk (hereinafter in this book refer as "the Company") for the year 2011 continued to grow by 11% compare to last years figure. The contribution of upstream oil and gas services, as the Company's core businesses, reached 45% and experienced a decrease compared to last year's performance. The contribution decrease of Upstream Oil and Gas Services was due to many operational obstacles and challenges faced by the Company. Coupled with provision of loss according to applicable financial accounting standards then ultimately degraded the performance to negative profitability. However, beyond all those matters, the Company still remains focused on the development of upstream oil and gas services by increasing the capacity of business units, particularly the oilfield services, in order to increase market share in the country.

Performa Penting 2011/2011 Key Performance

Ikhtisar Utama

Pendapatan Usaha Konsolidasian (Rp Triliun)Consolidated Operating Revenues (IDR Trillion)

Kontribusi Pendapatan Usaha Jasa Hulu MigasContribution of Operating Revenues Upstream Oil & Gas Services

Pengeluaran Modal Jasa Hulu Migas (Rp Miliar)Capital Expenditure Upstream Oil & Gas Services (IDR Billion)

Laba Bersih Per Saham Dasar (Rp)Basic Earnings Per Share (IDR)

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Fokus pada klien besar dengan reputasi baik. Focus on prime and reputable clients. Pengawasan ketat proposal proyek baru & penerapan

mitigasi risikonya. Strict monitoring of new project proposals and

implementation of risk mitigation Perbaikan project management untuk menjaga realisasi

proyek. Project management improvements to meet the project

realization. Transformasi fokus pada bisnis yang lebih berkelanjutan.

Transformation focus on more sustainable business. Isolasi unit bisnis yang belum berkontribusi optimal Isolation of business unit that has not been optimally

contributed; Perbaikan penerapan HSE secara ketat untuk target zero fatality. Strict improvement of HSE implementation for zero fatality target.

Pemetaan kompetensi SDM untuk re-organisasi yang lebih efektif dan efisien.

HR mapping competencies for more effective and efficient reorganization.

Peningkatan penerapan learning organization, terutama Petroleum School.

Improvement in learning organization implementation, particularly the Petroleum School.

Membangun budaya integritas : HSE is my culture, Equipment is my life & Cost Awareness is my attitude.

Culture Building for integrity: " HSE is my culture, Equipment is my life & Cost Awareness is my attitude.

Optimalisasi Procurement dan Asset Management agar lebih berkualitas, cepat dan efisien.

Optimization of Procurement and Asset Management for better quality, fast and efficient services.

Penekanan realisasi arus kas dan profitabilitas sebagai KPI Proyek. Emphasis on realization of cash flow and profitability as

the Project KPI. Perbaikan cash management dengan akselerasi tagihan

kepada klien. Improvement in cash management by acceleration of

invoice to clients. Refinancing pinjaman untuk mendapatkan bunga yang

lebih kompetitif. Loan refinancing for more competitive interest rates. Selective investment untuk pengembangan usaha yang

lebih prudent. Selective investment for prudent business development.

Meneruskan program divestasi bisnis non core untuk fokus usaha.

Continue the divestment program of non-core businesses for business focus.

Penjajakan bisnis baru yang menawarkan nilai tambah bagi klien.

Exploring new business that offers added value for clients.

Menjalin kemitraan/ strategic partner untuk optimalisasi aset operasi, terutama Rig.

Partnership / strategic partner for the optimization of the operating assets, especially Rig.

Highlights

Strategi & Fokus Manajemen untuk Perbaikan/Management Strategy & Focus for Improvement

KeuanganFinance

Pengembangan UsahaBusiness Development

Pemasaran, Operasi & HSEMarketing, Operation & HSE

SDM & UmumHR & General Affairs

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SUMATRA KALIMANTAN

JAwA

Area Operasional Jasa Hulu Migas/Operational Area of Upstream Oil and Gas Services

Ikhtisar Utama

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SULAwESI PAPUA

Peta Operasi Divisi Geoscience Services (GSc)Operational Map of Geoscience Services Division (GSC)

Peta Operasi Divisi Drilling Services (EDS)Operational Map of Drilling Services Division (EDS)

Peta Operasi Divisi Oilfield Services (OFS)Operational Map of Oilfield Services Division (OFS)

Peta Operasi PT Elnusa cGGVeritas Seismic (EcS)Operational Map of PT Elnusa CGGVeritas Seismic (ECS)

GEOSCIENCE SERVICES DRILLING SERVICES Sumatra: - Linggau- Manduru Sekayu- Alamanda

Jawa: - Akasia Bagus- Karawang- Tuban

Sumatra: Jambi

Kalimantan:- Muara Badak- Bangkanai

Sumatra: - Perlak- Kuala Simpang- Linggau- Pekan Baru- Palembang- Pendopo- Air Serdang- Duri

OILFIELD SERVICES

Area Operasional Jasa Hulu Migas

Highlights

Kalimantan: - Sageri - Balikpapan - Banjar Baru

Sulawesi: Senoro

Papua: Kaimana

Jawa:- Karang - Ampel- Indramayu- cirebon- cepu- Tuban- Surabaya

Kalimantan:- Tanjung- Sanga-sanga- Sangata- Bunyu- Balikpapan

Sulawesi:- Luwuk- Matindok

Papua:Sorong

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SUMATRAKALIMANTAN

JAwA

SUMATRA

SUMATRAKALIMANTAN

JAwA

SUMATRA

Area Operasional Jasa Hilir Migas

Area Operasional Jasa Penunjang Migas

Ikhtisar Utama

Peta Operasi Bisnis TransportasiOperational Map of Transportation Business

Peta Operasi PT Sigma cipta Utama (ScU)Operational Map of PT Sigma Cipta Utama (SCU)

Peta Operasi Bisnis DepoOperational Map of Depo Business

Peta Operasi PT Patra Nusa Data (PND)Operational Map of PT Patra Nusa Data (PND)

Peta Operasi Bisnis RetailOperational Map of Retail Business

Peta Operasi PT Elnusa Fabrikasi Konstruksi (EFK)Operational Map of PT Elnusa Fabrikasi Konstruksi (EFK)

Peta Operasi Bisnis TradingOperational Map of Trading Business

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SULAwESI PAPUA

SULAwESIPAPUA

Area Operasional Jasa Hilir Migas

Area Operasional Jasa Penunjang Migas

/Operational Area of Downstream Oil and Gas Services

/Operational Area of Oil and Gas Support Services

Highlights

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Peristiwa Penting 2011/2011 event highlights

Januari JANUARY

1Peluncuran Contractor Safety Management System (cSMS) kepada seluruh vendor operasi Perseroan untuk meningkatkan penerapan K3 Perseroan.

Launching of Contractor Safety Management System (CSMS) to all operational vendors to improve HSE implementation in the Company.

19Peresmian selesainya pembangunan well Testing Barge (ELSA 6) dan peluncurannya untuk operasi 3 tahun di Total E&P Indonesie.

Launching of the construction completion of well Testing Barge (ELSA 6) and sent it off for 3 year operation in Total E&P Indonesie.

20Penerbitan Fixed Rate Notes (FRN) senilai US$50 juta dalam rangka mendanai belanja modal dan modal kerja untuk memperkuat kapasitas operasional Perseroan.

Fixed Rate Notes (FRN) issuance worth USD50 million intended to fund the capital expenditures and working capital to strengthen operational capacity.

April April

7Penandatanganan Perjanjian Joint Venture (JV) dengan cGGVeritas untuk membentuk perusahaan dalam bidang marine survey seismic, yaitu PT Elnusa cGGVeritas Seismic (ECS).

Signing of a Joint Venture (JV) Agreement with CGGVeritas to establish a marine survey seismic company, named PT Elnusa CGGVeritas Seismic (ECS").

17Peresmian kapal seismik yang akan digunakan dalam operasi JV PT Elnusa cGGVeritas Seismic. Saat ini kapal Elnusa Finder tersebut telah resmi berbendera Indonesia.

Inauguration of the seismic vessel to be used in the operation of PT Elnusa CGGVeritas Seismic JV. Currently the"Elnusa Finder" vessel has officially used Indonesian flag.

24Konferensi Pers perdana dalam rangka keterbukaan informasi, terkait permasalahan penempatan dana deposito Perseroan di Bank Mega.

Initial Press Conference for information disclosure, related to the issue of the Companys deposits placement in Bank Mega.

Mei May

19RUPS Tahunan terkait laporan kinerja 2010, pembagian dividen senilai Rp19,17 miliar dan pergantian pengurus Perseroan.

Annual GMS related to performance reports 2010, dividend payment worth IDR19.17 billion and change of the Company's board.

Juni June

14Salah satu loyal customer, Total E&P Indonesie memberikan penghargaan The Mahakam Award 2011" atas kontribusi dan pencapaian HSE Perseroan.

One of the Companys loyal customers, Total E&P Indonesie, awarded The Mahakam Award 2011" for the Companys contribution and HSE achievement.

19 Januari 24 April

17 April 19 Mei

Ikhtisar Utama

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Juli July

20RUPS Luar Biasa terkait pergantian pengurus Perseroan, diantaranya pergantian Direktur Utama.

Extraordinary GMS related to change of the Companys board, included the change of President Director.

September September

9Peringatan Ulang Tahun Perseroan yang ke 42.

42th Anniversary celebration of the Company.

20Penanaman 1000 pohon di Prabumulih Sumatera Selatan, merupakan bagian dari kegiatan cSR Go Green Elnusa Derma 2011 Pohon.

Planting of 1000 trees in Prabumulih South Sumatra, as a part of the CSR - Go Green campaign "Elnusa Derma 2011 Pohon".

27Penandatanganan Komitmen Penerapan IFRS di Perseroan oleh Dewan Komisaris, Direksi dan manajemen.

Signing of the Companys commitment for IFRS implementation by the Company's Board of Commissioners, Board of Directors and management.

November November

01Penggabungan operasional 6 unit bisnis Drilling Support yang sebelumnya ada di Drilling Services ke Oilfield Services untuk meningkatkan kinerja jasa hulu migas Perseroan.

Operational merger of 6 Drilling Support business units which previously managed in the Drilling Services to Oilfield Services in order to improve the the Companys performance in upstream oil and gas services.

Desember December

14Peresmian Nursery Room sebagai salah satu bentuk kegiatan cSR bagi karyawan internal Perseroan.

Inauguration of Nursery Room as a form of CSR activities for the internal employees of the Company.

15RUPS Luar Biasa terkait persetujuan penjaminan aset Perseroan dan pergantian pengurus Perseroan.

Extraordinary GMS related to the approval of the Companys assets guarantee and change of the Companys board.

19Penandatanganan Perjanjian Fasilitas Sindikasi senilai US$113 juta dengan Mandated Lead Arranger PT Bank central Asia Tbk.

Signing of the Syndicated Facility Agreement worth USD113 million with PT Bank Central Asia Tbk as its Mandated Lead Arranger.

23Public Expose tahunan dalam rangka keterbukaan informasi terkait estimasi kinerja tahun 2011 dan proyeksi kinerja tahun 2012.

Annual Public Expose for information disclosure related to the estimated performance of 2011 and projected performance of 2012.

14 Juni 15 Desember

27 September 19 Desember

Highlights

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Penghargaan 2011/2011 Awards

Ikhtisar Utama

Kategori Penghargaan | Award CategoryJuara 2 Lomba Rig Housekeeping dalam rangka Peringatan Bulan K32nd winner of Housekeeping Rig of Commemoration of HSE monthKlien | ClientsVIcO Tanggal | Date16 Februari February 2011

Kategori Penghargaan | Award CategoryExcellent HSE Performance 645.687 manhours without LTIKlien | ClientsPasir Petroleum Resources Ltd.Tanggal | Date2 Maret March 2011

Kategori Penghargaan | Award CategoryExcellent Safety Performance over 1 million manhour without LTI 2009-2010Klien | ClientsRanhill Jambi Inc. PTE. LtdTanggal | Date13 Januari January 2011

Kategori Penghargaan | Award CategoryAchievement of #256 SP daily average production & # HSE Satisfactory ResultsKlien | ClientsTotal E&P IndonesieTanggal | Date8 Februari February 2011

Kategori Penghargaan | Award CategoryPengelolaan K3LL dengan melibatkan 1500 pekerja dan mencapai 5.016.000 jam kerja tanpa LTIK3LL management involving 1500 workers and reached 5.016.000 million work hours without LTIKlien | ClientsPT Pertamina EPTanggal | Date24 Maret March 2011

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Kategori Penghargaan | Award CategoryExcellent Safety Performance Operating without Recordable Incident in 2011

Klien | ClientsTAc Pertamina Retco Prima Energy

Tanggal | Date24 April 2011

Kategori Penghargaan | Award CategoryGood Safety Performance over 606.504 manhours

Klien | ClientsJOB Pertamina Medco E&P Simenggaris

Tanggal | Date27 April 2011

Kategori Penghargaan | Award CategorySpecific High Recognition in works related to Time Schedule, Quality and HSE Matters

Klien | ClientsOrchard Energy (West Belida) Limited

Tanggal | Date13 September 2011

Kategori Penghargaan | Award CategoryMahakam Award 2011 : Recognition to their contribution on the overall

achievement of Total E&P indonesie 2010 HSE objectives in the high risk construction activity with 514.608 manhours

Klien | ClientsTotal E&P Indonesie

Tanggal | Date14 Juni June 2011

Kategori Penghargaan | Award CategoryExcellent Safety Performance in 3D Seismic Survey Sukananti Block

Klien | ClientsPT cooper Energy Sukananti Ltd.

Tanggal | Date25 Oktober October 2011

Kategori Penghargaan | Award CategoryPencapaian 250.000 jam kerja aman tanpa kehilangan hari kerja selama 180 hari dalam kurun waktu 23 Maret 2011 s/d 20 September 2011 dalam pembangunan

IPAL RU IV cilacap250,000 hours Safety Performance without Lost Time Incident for 180 days in

the period 23 March 2011 to 20 September 2011 in the construction of IPAL RU IV Cilacap

Klien | ClientsPertamina RU IV cilacap

Tanggal | Date26 September 2011

14 Ikhtisar Utama

Ikhtisar Keuangan 2011/2011 Financial Highlights

Uraian 2007* 2008* 2009* 2010* 2011 Growth Description

Laporan Laba Rugi Statements Of Income

Pendapatan Usaha 2.103.690 2.543.193 3.662.331 4.218.030 4.716.771 12% Operating Revenue

Laba Kotor 398.745 394.874 543.028 415.796 285.326 -31% Gross Profit

Laba Operasi 144.354 180.387 276.287 133.894 (22.098) -117% Income from Operation

Depresiasi 121.016 150.688 203.311 277.589 328.134 18% Depreciation

EBITDA 265.370 331.075 479.598 411.483 306.036 -26% EBITDA

Beban Keuangan 42.392 58.987 92.958 92.748 79.597 -14% Financing Cost

Laba Bersih 100.140 13.722 466.233 63.697 (42.775) -167% Net Income

Laba Bersih per Saham (Rp.) 17 19 65 8,8 (5,9) -167% Net Income per Share (Rp)Laporan Posisi Keuangan Statement Of Financial Position

Aset Lancar 994.492 1.619.482 2.548.026 2.079.391 2.476.571 19% Current AssetsAset Tetap dan Properti Investasi - bersih 836.185 1.294.400 1.395.163 1.372.655 1.457.415 6%

Fixed Assets and Investment Property - net

Total Aset 2.159.405 3.317.816 4.216.370 3.695.249 4.389.950 19% Total Assets

Liabilitas Jangka Pendek 918.095 1.163.382 1.663.771 1.283.809 1.987.777 55% Current Liabilities

Liabilitas Jangka Panjang 277.169 522.342 622.965 456.110 497.348 9% Non-Current Liabilities

Total Liabilitas 1.195.264 1.685.724 2.283.376 1.739.919 2.485.125 43% Total Liabilities

Liabilitas Berhutang 591.871 917.461 983.803 829.075 1.032.551 25% Interest Bearing Debt

Ekuitas 948.901 1.613.833 1.929.634 1.955.330 1.904.825 -3% Equity

Modal Kerja - bersih 76.397 456.100 887.615 795.582 488.794 -39% working Capital - netLaporan Arus Kas Statements Of Cash Flows

Arus Kas Bersih dari/(untuk)Operasi (142.145) 35.972 288.389 58.044 340.446 487%

Net Cash from/(used in) Operating Activities

Arus Kas Bersih dari/(untuk) Investasi (126.713) (549.049) 320.030 (100.502) (553.891) 451%

Net Cash used in Investments

Arus Kas Bersih dari/(untuk) Pendanaan 218.748 807.249 114.663 (346.292) 161.987 -147%

Net Cash from Financing Activities

Rasio Keuangan Financial Ratio

Margin Laba Kotor 19% 16% 15% 10% 6% -39% Gross Profit Margin

Margin Laba Operasi 7% 7% 8% 3% -0,5% -115% Operating Profit Margin

Margin Laba Bersih 5% 5% 13% 2% -1% -160% Net Profit Margin

Margin EBITDA 13% 13% 13% 10% 6% -33% EBITDA Margin

Rasio Lancar 108% 139% 153% 162% 125% -23% Current Ratio

Perputaran Total Aset 97% 77% 87% 114% 107% -6% Total Asset Turnover

Imbal Hasil Investasi 5% 4% 11% 2% -1% -157% Return on Investment

Imbal Hasil Ekuitas 11% 8% 24% 3.3% -2,2% -169% Return on Equity

Hutang/Ekuitas 0,62 0,57 0,51 0,42 0,54 28% Interest Bearing Debt to Equity

Hutang/Total Aset 0,27 0,28 0,23 0,22 0,24 5% Interest bearing Debt to Total Asset

Hutang/EBITDA 2,23 2,77 2,05 2,01 3,37 67% Interest Bearing Debt to EBITDA

EBITDA/Beban Bunga 6,26 5,61 5,16 4,44 3,84 -13% EBITDA to Interest Expense

Total Kewajiban/Ekuitas 1,26 1,04 1,18 0,89 1,30 47% Total Liabilities to Equity

Total Kewajiban/Aset 0,55 0,51 0,54 0,47 0,57 20% Total Liabilities to Assets*) Disajikan kembali

As restated (*

Dalam jutaan Rupiah, kecuali disebutkan lain.Angka-angka pada seluruh tabel dan grafik dalam

Laporan Tahunan ini menggunakan notasi bahasa Indonesia In million Rupiah, unless otherwise stated

Numerical notations in all tables and graphs in this Annual Report are in Indonesian

15 Highlights

ikhtisar Kinerja Saham/Stock Performance Highlights

TertinggiHighest

(Rp)

TerendahLowest(Rp)

PenutupanClosing

(Rp)

Volume Rata-Rata Harian (Lembar)

Daily Average Volume(Shares)

Kapitalisasi PasarMarket Capitalization

(Rp)

Kuartal I-2009 177 114 174 25.770.720 1.252.584.588.000 Quarter I-2009

Kuartal II-2009 420 172 340 113.552.226 2.447.579.080.000 Quarter II-2009

Kuartal III-2009 385 300 355 23.063.331 2.555.560.510.000 Quarter III-2009

Kuartal IV-2009 360 280 355 12.122.410 2.555.560.510.000 Quarter IV-2009









Ikhtisar Saham per Kuartal (2009-2011) Stock Highlights per Quarter (2009-2011)

2009 2010 2011

Harga Pembukaan awal tahun (Rp) 120 350 325 Opening Price at beginning of year (IDR)

Harga Penutupan akhir tahun (Rp) 355 325 230 Closing Price at end of year (IDR)

Harga Tertinggi sepanjang tahun (Rp) 420 650 340 Highest Price of the year (IDR)

Harga Terendah sepanjang tahun (Rp) 114 285 180 Lowest Price of the year (IDR)

Volume Rata-rata Harian (lembar saham) 44.236.158 47.878.341 11.482.616 Daily Average Volume (shares)

Ikhtisar Saham per Tahun (2009-2011)

Grafik Harga Saham (Rp) dan Volume Perdagangan (Lembar Saham) ELSA Tahun 2011

Rp/ IDR Lembar/ Shares

Stock Highlights per Year (2009-2011)

Chart of ELSA's Share Price (IDR) and Trading Volume (Shares) in 2011

Harga Price

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11

11/3/1

1

12/3/

11

400

140.000.000350

16

Profil PerseroanCorporate Profile

PT Elnusa Tbk

Kantor PusatHead Office

Graha ElnusaJl. TB Simatupang Kav 1B Jakarta Selatan12560 IndonesiaTelp : +62 21 78830850Fax : +62 21 78830883Email : [email protected] : www.elnusa.co.id

16 Profil Perseroan

17

Sekilas Perseroan/Corporate at a glance

Corporate Profile

Tanggal Pendirian 25 Januari 1969Date of Establishment 25 January 1969

Peresmian Perusahaan Inauguration of the Company

Pencatatan Bursa: Bursa Efek Indonesia 6 Februari 2008 (kode saham : ELSA)Listing Exchange:Indonesia Stock Exchange 6 February 2008 (stock code : ELSA)

Bidang Usaha Jasa MigasLine of Business Oil & Gas Services

Bisnis UtamaCore Business

Bisnis LainnyaOther Businesses

Struktur KorporasiCorporate Structure

Modal Dasar per 31 Desember 2011Authorized Capital as of 31 December 2011

Modal Ditempatkan dan Disetor Penuh per 31 Desember 2011Issued and Fully paid-up Capital as of 31 December 2011

Pemegang Saham Pengendali per 31 Desember 2011*Controlling Shareholders as of 31 December 2011*

* Persentase kepemilikan Pemegang Saham Pengendali tersebut telah memperhitungkan saham treasury. Apabila mempehitungkan saham treasury sesuai Laporan Keuangan Audit 2011, kepemilikan masing-masing menjadi 41,67% dan 32,04%

* The ownership percentage of the Controlling Shareholders is included the treasury stocks. If the treasury stocks are counted, according to 2011 Audited Financial Statements, the ownership is recorded to 41.67% and 32.04%

Rp2.250.000.000.000

Jasa Hulu Migas Upstream Oil & Gas Services

Geoscience Services Drilling Services Oilfield Services

Jasa Hilir Migas & Jasa Penunjang Hulu MigasDownstream Oil & Gas Services and Upstream Oil & Gas Support Services

3 Divisi, 5 Anak Perusahaan, 1 Entitas Ventura Bersama & 1 Perusahaan Afiliasi3 Divisions, 5 Subsidiaries, 1 Joint Venture Entity & 1 Affiliate

Rp729.850.000.000

PT Pertamina (Persero) :

PT Benakat Petroleum Energy Tbk : 41,10%31,61%

17

9 September 1969

18

Riwayat Singkat & Jejak langkah/Corporate brief history & milestones

Profil Perseroan

Perseroan merupakan salah satu perusahaan nasional penyedia jasa hulu minyak dan gas yang melayani perusahaan migas nasional maupun internasional, dengan kompetensi inti meliputi jasa seismik, jasa pemboran dan jasa pemeliharaan lapangan migas.

Pada awalnya, Perseroan didirikan di Jakarta dengan nama PT Electronika Nusantara berdasarkan Akta Pendirian No. 18 tanggal 25 Januari 1969 jo Akta Perubahan Anggaran Dasar No.10 tanggal 13 Februari 1969 di hadapan Notaris Tan Thong Kie SH, yang kemudian diumumkan dalam Berita Negara Republik Indonesia No. 35, Tambahan No. 58 tanggal 2 Mei 1969.

Perseroan mengawali kiprahnya sebagai pendukung operasi perusahaan induk, yaitu PT Pertamina (Persero), terutama dalam memberikan pelayanan termasuk pemeliharaan dan perbaikan, di bidang peralatan komunikasi elektronik, peralatan navigasi dan sistem radar yang digunakan oleh kapal-kapal milik Pertamina maupun kapal-kapal minyak asing yang memiliki perjanjian kerjasama dengan BUMN Migas.

Seiring perkembangan tantangan dan peluang bisnis yang dimiliki, maka mulai tahun 1972 Perseroan mulai masuk ke dalam industri jasa migas, dengan membentuk divisi seismic data processing. Sejak saat itu, Perseroan terus melengkapi kompetensi jasa migas lainnya dalam rangka mengukuhkan dan memperkuat bisnis usahanya. Perseroan juga terus melakukan pengembangan bisnis yang beragam dan melakukan restrukturisasi organisasi dan portfolio untuk menunjang keberhasilan. Upaya terus dilakukan dengan memanfaatkan peluang dan mencari investors/partner sehingga memberikan nilai tambah bagi seluruh pemangku kepentingan. Perseroan akan terus bertumbuh seiring dengan pengembangan proyek-proyek migas di tahun-tahun mendatang.

The Company is one of the national providers of upstream oil and gas services that serves the national as well as international oil and gas companies, with its core businesses including seismic services drilling services, and oilfield services.

At the beginning, the Company was established under the name PT Electronika Nusantara based on notarial Deed of Incorporation No. 18 dated 25 January 1969 jo Deed of Amendment to Act of Article of Association No. 10 dated 13 February 1969 in front of Notary Tan Thong Kie SH, which was later announced in State Gazette No. 35, Annex No. 58 dated 2 May 1969.

The Company started its operation as the supporting activity of its parent company, PT Pertamina (Persero), particularly in providing services, including maintenance and repair, in electronic communication equipment, navigation tools, and radar system used by Pertaminas vessels as well as foreign oil vessels having agreement with State-Owned Enterprises in Oil and Gas.

Along with the challenges and opportunities facing ahead, then starting in 1972 the Company began to enter into oil and gas service industry, by establishing a seismic data processing division. Since then, the Company continues to complete other competencies in oil and gas services in order to reinforce and strengthen its business. The Company also continues to develop diverse businesses and implement organizational and portfolio restructuring to support its achievement. Various efforts continue to be conducted by taking advantage of opportunities and looking for investors/partners to provide added values to all stakeholders. The Company will continue to grow along with the development of oil and gas projects in the coming years.

18

19 Corporate Profile

Perseroan berdiri di Jakarta, dengan nama PT Electronika Nusantara.

The Company was established in Jakarta under name of PT Electronika Nusantara

Membangun Integrated Oil Communication System (IOcS) untuk Pertamina, yang merupakan proyek cikal bakal bisnis telekomunikasi migas Perseroan.

Mendirikan divisi Seismic Data Processing, yang merupakan kompetensi awal Perseroan di bidang pengelolaan data seismic migas.

Developed Integrated Oil Communication System (IOCS) for Pertamina, which later initiated for the Companys business in oil and gas telecommunication.

Established Seismic Data Processing division, which was the beginning of the Company's competence in oil and gas seismic data processing.

19691971 1973

19

Membentuk Scientific Data Center, jasa stimulasi reservoir dan bidang peminyakan, khususnya optimalisasi proses kilang.

Set up Scientific Data Center, reservoir stimulation service and oil business, particularly for optimizing process of refinery.

Mendirikan PT Elnusa Workover Hydraulic, yang merupakan cikal bakal bisnis oilfield services.

Sebutan Elnusa dikukuhkan menjadi nama Perseroan: PT Elnusa.

Founded PT Elnusa workover Hydraulic, which initiated the Companys business in oilfield services.

The term Elnusa then confirmed to be the name of the Company: PT Elnusa

Mendirikan PT Sigma cipta Utama yang bergerak dalam bidang pengelolaan dan penyimpanan data migas.

Established PT Sigma Cipta Utama engaging in oil and gas data management and storage services.

1974

1984

1980

20 Profil Perseroan20

Mendirikan PT Patra Telekomunikasi Indonesia yang bergerak dalam bidang layanan sistem komunikasi melalui satelit (VSAT). Pemegang saham lainnya dari perusahaan ini adalah PT Telekomunikasi Indonesia Tbk.

Set up PT Patra Telekomunikasi Indonesia running satellite-based communication system (VSAT). The other shareholder of this company is PT Telekomunikasi Indonesia Tbk.

1995

Melakukan beberapa tindakan korporasi berupa: akuisisi PT Sinar Riau Drillindo, pendirian PT Patra Nusa Data dan PT Elnusa Patra Ritel dan menjadi perusahaan terbuka (efektif) namun berstatus unlisted.

Took several corporate actions including acquisition of PT Sinar Riau Drillindo, establishment of PT Patra Nusa Data and PT Elnusa Patra Ritel as well as being unlisted public company.

Masuk sebagai pemilik lapangan migas dengan diperolehnya PSc Bangkanai, Kalimantan Tengah.

Acquired and became the owner of Bangkanai PSC, Central Kalimantan

Membentuk PT Elnusa Drilling Services untuk memperkuat kompetensi Perseroan dalam jasa pemboran terpadu.

Established PT Elnusa Drilling Services to strengthen the Companys competence in integrated drilling services.

Mengakuisisi PT Purna Bina Nusa, perusahaan yang bergerak di bidang penguliran pipa untuk perminyakan. Nantinya berubah menjadi PT Elnusa Fabrikasi Konstruksi (EFK) berkedudukan di Batam.

Acquired PT Purna Bina Nusa, engaging in pipe threading business for oil and gas industry. Later it became PT Elnusa Fabrikasi Konstruksi (EFK), based in Batam.

1996 2003 2004

2005

Memasuki bisnis distribusi bahan bakar dalam negeri, yang kemudian menjadi bisnis PT Elnusa Petrofin yang secara resmi berdiri 10 tahun kemudian.

Entered domestic fuel distribution business, which was later managed by PT Elnusa Petrofin officially operating in the next 10 years.

1987

21 Corporate Profile 21

2007

2008

2010 20112009

Melakukan restrukturisasi organisasi korporasi dan aktivitas bisnis dalam rangka fokus sebagai penyedia jasa hulu migas terpadu, dengan menggabung 4 (empat) anak perusahaan inti yaitu PT Elnusa Geosains, PT Elnusa Drilling Services, PT Sinar Riau Drillindo dan PT Elnusa Workover Services.

Penggabungan horizontal beberapa anak perusahaan yang bergerak di bidang pengelolaan data, yaitu PT Elnusa Telematika dan PT Elnusa Rentrakom ke dalam PT Sigma cipta Utama, untuk menunjang kompetensi jasa hulu migas.

Mendapat pernyataan efektif sebagai perusahaan publik dari Bapepam-LK dan tercatat di Bursa Efek Indonesia dengan kode saham ELSA. Melalui Penawaran Umum Perdana (IPO), Perseroan berusaha melakukan peningkatan bisnis inti, pengembangan usaha dan menjadikan Perseroan lebih profesional, transparan dan terpercaya.

Obtained effective statement as a public company from Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) and listed its share in Indonesia Stock Exchange under ELSA code. By Initial Public Offering (IPO), the Company managed to the enhancement of core business, business development, and led it to be a more professional, transparent and trusted company.

Melepaskan saham di Elnusa Bangkanai Energy Ltd dan Elnusa Tristar Ramba Ltd.

Terjadi perubahan salah satu pemegang saham pengendali Perseroan dari sebelumnya PT Tridaya Esta menjadi PT Benakat Petroleum Energy Tbk.

Divested its share holding in Elnusa Bangkanai Energy Ltd. and Elnusa Tristar Ramba Ltd.

There was a change in one of controlling shareholders of the Company, from PT Tridaya Esta to PT Benakat Petroleum Energy Tbk.

Membentuk PT Elnusa cGGVeritas Seismic (EcS) yang bergerak dibidang marine seismic dan merupakan perusahaan nasional yang pertama mengoperasikan kapal seismik berbendera Merah Putih, bernama Elnusa Finder. EcS merupakan Joint Venture dengan perusahaan seismik internasional ternama, cGGVeritas Services (Singapore) Pte Ltd.

Established PT Elnusa CGGVeritas Seismic (ECS) enganging in marine seismic business and became the first national company operating Red and White-flagged seismic vessel, named "Elnusa Finder". ECS is a Joint Venture with a prime international seismic player, CGGVeritas Services (Singapore) Pte Ltd.

Re-arranging business portfolio terus dilakukan dengan melepas seluruh saham di PT Infomedia Nusantara dan PT Jabar Energi.

Re-arranging business portfolio was continuously conducted by releasing its share ownership in PT Infomedia Nusantara and PT Jabar Energi.

Restructured the corporate organization and business activity, in order to be focused as integrated upstream oil and gas service provider by merging four core subsidiaries, namely PT Elnusa Geosains, PT Elnusa Drilling Services, PT Sinar Riau Drillindo dan PT Elnusa workover Services.

Horizontal merged of several subsidiaries running data management, namely PT Elnusa Telematika dan PT Elnusa Rentrakom into PT Sigma Cipta Utama, to support the Companys competence in upstream oil and gas services.

22

Menjadi perusahaan kelas dunia kebanggaan nasional, di bidang jasa migas secara solusi total untuk memberikan nilai tambah optimal bagi stakeholders

To become a world-class and nation-pride company, in the area of oil and gas services with total solutions to create optimum added values for the stakeholders

Visi / Vision

Visi, Misi & Nilai/Vision, Mission & Values

23

Memberikan jasa layanan bermutu tinggi untuk kepuasan dan loyalitas pelanggan, yang didukung oleh profesionalisme SDM, ketersediaan peralatan, penguasaan teknologi, continuous improvement dan pengembangan inovasi produk.

Melaksanakan seluruh kegiatan usaha berdasarkan kaidah good engineering practices dengan standar kelas dunia serta mewujudkan operation excellence melalui penerapan kaidah-kaidah QHSE (quality, health & safety environment) yang benar dan konsisten, sebagai realisasi keunggulan perusahaan.

Meningkatkan pertumbuhan skala usaha secara berkesinambungan yang disertai dengan peningkatan kinerja finansial maupun non finansial.

Meningkatkan nilai pemegang saham secara berkelanjutan, serta kesejahteraan maupun kesempatan untuk tumbuh kembang karyawan. Membina hubungan yang harmonis dan saling menguntungkan dengan pemerintah, mitra kerja maupun masyarakat di mana perusahaan beroperasi.

Providing a range of high-quality for customer satisfaction and loyalty, supported by professionalism of human resources, equipment availability, technology mastery, continuous improvement and product innovation development.

Carrying out all business activities based on the principles of good engineering practices with world class standards while realizing operation excellence through standardized and consistent implementation of quality, health and safety environment (QHSE) to represent Companys competitiveness.

Boosting the sustainable growth of business scale in line with improvement of financial and nonfinancial performances.

Enhancing sustainable shareholders' value, as well as improving welfare and opportunities to grow for the employees. Establishing a harmonious and mutual relation with the government, partners and communities where the Company operates.

CLEAN : Bersih secara moral, transparan dan akuntabel

RESPECTFUL : Terpercaya di dalam komunitas bisnis dan lingkungannya melalui profesionalisme, kemandirian, berdaya saing serta kemampuannya memenuhi kepuasan stakeholders.

SYNERGY : Berorientasi pada kekuatan aliansi secara terpadu untuk menciptakan nilai.

CLEAN : Morally clean, transparent and accountable.

RESPECTFUL: Trusted within the business community and environment through professionalism, independency, competitiveness as well as capability in delivering the stakeholders satisfaction.

SYNERGY: Oriented on the alliance benefit integratedly to create value.

Nilai / Values

Misi / MissionCorporate Profile 23

24

Struktur Organisasi/Organization Structure

Direktur UtamaPresident Director

ELIA MASSA

Direktur OperasiDirector of Operation

TONY HARISMAN SOETORO

Direktur Pengembangan UsahaDirector of Business Development

BUDI SETIAWAN

Direktur KeuanganDirector of Finance

SABAM HUTAJULU

Direktur SDM & UmumDirector of HR & GA

HELMY SAID

Division of Corporate Secretary

Division of Health Safety Environment (HSE)

Department of Information System

Division of Internal Audit & Quality Management

Division of Corporate Legal

EPC BusinessDivision of

New Venture & Strategic Planning

Division of Drilling

Division of Oilfield Services

Division of Marketing

Division of Geoscience Services

Division of Corporate Finance

Division of Accounting

& Tax

Division of Portfolio & Risk Management

Division of Asset & Property

Management

Department of Procurement

Division of Human

Resources

Struktur Organisasi Perseroaan per 9 April 2012The Organization Structure of the Company as per 9 April 2012

25

97,35%

70,00%

99,99%

40,00%

98,00%

Struktur Korporasi/Corporation Structure

Geoscience ServicesDivision

Jasa Penunjang Hulu Migas

Upstream Oil & Gas Support Services

Jasa Hilir MigasDownstream

Oil & Gas Services

Drilling ServicesDivision

PT ELNUSA TBK

Oilfield ServicesDivision

PT Elnusa Fabrikasi Konstruksi(EFK)

PT Elnusa CGGVeritasSeismic

PT Patra Nusa Data(PND)

PT Sigma Cipta Utama(SCU)

PT Patra Telekomunikasi Indonesia (PKM)

99,93%

51,00%

JASA HULU MIGASUpstream Oil & Gas Services

PT Elnusa Petrofin (EPN)

PT Elnusa Patra Ritel(EPR)

26 Profil Perseroan

Bidang Usaha Korporasi/Corporate Business Line

Saat ini, kegiatan usaha dan struktur bisnis Perseroan dapat dibagi dalam 3 kelompok usaha, yaitu :

1. Kelompok Jasa Hulu Migas, terdiri dari 3 divisi usaha di dalam Perseroan dan 1 Entitas Ventura Bersama;

2. Kelompok Jasa Penunjang Hulu Migas, terdiri dari 4 Anak Perusahaan dan 1 Afiliasi;

3. Kelompok Jasa Hilir Migas, terdiri dari 1 Anak Perusahaan.

Currently, the Companys business activities and structure are grouped into 3 segments, which are:

1. Upstream Oil and Gas Services, consists of 3 divisions and 1 Joint Venture Entity;

2. Upstream Oil and Gas Support Services, consists of 4 Subsidiaries and 1 Affiliate;

3. Downstream Oil and Gas Services, consists of 1 Subsidiary.

Kelompok UsahaBusiness Groups

Divisi / Anak PerusahaanDivisions/Subsidiaries

Kepemilikan Saham

Stock Ownership

Kegiatan Usaha PokokCore Businesses

Aktivitas BisnisBusiness Activities

JASA HULUMIGAS

UPSTREAMOIL AND GASSERVICES

Divisi Geoscience ServicesGeoscience Services Division

Jasa pengukuran data Geofisika/seismik migas.Geophysical data services.

Geodata Acquisition- Land; Geodata Acquistion-Transition Zone &

Marine; Geodata Processing.

Divisi Drilling ServicesDrilling Services Division

Jasa pemboran migas. Drilling services.

Drilling Rig Operation.

Divisi Oilfield ServicesOilfield Services Division

Jasa pemeliharaan lapangan migas.Oilfield services.

well Services Testing; Production Facility Enhancement; Drilling Support Services : Reservoir

Evaluation Service, Drilling Evaluation Service, Reservoir Testing Services, Pumping Services.

Entitas Ventura Bersama: PT Elnusa cGGVeritas Seismic (EcS)Domisili: JakartaTahun Pendirian: 2011Joint Venture Entity :PT Elnusa CGGVeritas Seismic (ECS)Domicile: Jakarta Establishment Year: 2011

51% atau 4.998.000 lembar saham, dengan nilai nominal Rp8.671 per saham.51% or 4,998,000 shares, at nominal value of IDR8,671 per share.

Jasa penunjang pertambangan minyak dan gas alam khususnya dibidang jasa non konstruksi migas, survei seismic, geologi & geofisika.Support services for oil & gas specially in oil & gas non construction, seismic survey, geology & geophysics.

Non konstruksi migas; Survei seismik; Geologi dan geofisika. Oil and gas non construction; Seismic survey; Geology and geophysics.

26

27 Corporate Profile



Kepemilikan SahamStock Ownership




Upstream oil and gas support services

Anak Perusahaan:PT Elnusa FabrikasiKonstruksi (EFK)Domisili: BatamTahun Pendirian: 1982Subsidiary:PT Elnusa FabrikasiKonstruksi (EFK)Domicile: BatamEstablishment Year: 1982

97,35% atau 234.781lembar saham, dengannilai nominal Rp100.000per saham.97.35% or 234,781 shares,at nominal value ofIDR100,000 per share.

Jasa penguliran, perdagangan pipa OcTG dan fabrikasi.Threading, trading services of OCTG and fabrication.

Pengolahan bahan mentah dan bahan baku;

Pembuatan serta perbaikan alat-alat perminyakan;

Menjalankan perdagangan umum, termasuk ekspor, impor, interlokal dan lokal;

Memberikan jasa dalam bidang minyak dan gas bumi yaitu OcTG dan penguliran pipa;

Agen dari perusahaan dalam maupun luar negeri.

Raw material processing; Manufacturing as well as repairing

services of oil equipments; Conducting general trading,

including export, import, interlocal and local;

Providing oil and gas services, such as OCTG and pipe threading;

Agent of domestic and international companies.

Anak Perusahaan:PT Patra Nusa Data (PND)Domisili: JakartaTahun Pendirian : 1997Subsidiary:PT Patra Nusa Data (PND)Domicile: JakartaEstablishment Year: 1997

70% atau 14.000 lembar saham, dengan nilainominal Rp30.000 per saham.70% or 14,000 shares at nominal value ofIDR30,000 per share.

Jasa perolehan, pengelolaan,pengolahan dan penyimpanandata eksplorasi produksi migas.Acquisition, management, and storage services of exploration and production oil and gas data.

Pengumpulan, alih media, penyimpanan, pemeliharaan, pengelolaan dan peningkatan kualitas data migas serta pemasyarakatan data;

Studi detail, antara lain studi perencanaan, studi kelayakan, studi teknik, studi operasi dan studi desain/evaluasi;

Menyediakan jasa pembangunan sistem informasi terkait manajemen data migas dan operasional kegiatan eksplorasi produksi serta aset perusahaan migas terpadu dengan produk antara lain Indonesia Meta Database (INAMETA), INAMETA Plus dan Pipeline Monitoring System;

Melayani konsultasi di bidang pengelolaan data;

Memperoleh data dalam rangka penyelidikan umum.

Collecting, media transfer, storage, oil and gas data quality improvement and maintenance, and data publication;

Detailed study, such as planning study, feasibility study, technical study, operational study, and design/ evaluation study;

Providing information system development services related to oil and gas data maangement and operation of production & exploration, and assets of integrated oil and gas company with products like Indonesia Meta Database (INAMETA), INAMETA Plus and Pipeline Monitoring System;

Consultancy services in data management;

Collecting data for general investigation purpose.

28



Kepemilikan Saham

Stock Ownership




Upstream oil and gas support services

Anak Perusahaan:PT Sigma cipta Utama(ScU)Domisili: JakartaTahun Pendirian : 1980Subsidiary:PT Sigma Cipta Utama(SCU)Domicile: JakartaEstablishment Year: 1980

99,99% atau 1.155.450lembar saham, dengannilai nominal Rp100.000per saham.99.99% or 1,155,450shares at nominal value of IDR100,000 per share.

Jasa pengelolaan data migas,jasa pembangunan sistemteknologi informasi terpadu,jasa telekomunikasi.Oil and gas data managementservices, integrated development services of information technology, telecommunication services.

Penyimpanan dan pengelolaan pita magnetik, dokumen kertas, contoh bebatuan geologi serta minilab contoh batuan;

Pengelolaan data online, pembangunan pusat data dan penyimpanan data elektronik;

Penyedia tenaga ahli, pengadaan, pemasangan, pengoperasian dan pemeliharaan perangkat keras komputer serta jaringan;

Pengembangan dan pemeliharaan sistem aplikasi serta konten, Radio konvensional dan trunking, Digital Radio, Link (Mirowave), wireless broadband, navigasi dan automatic vehicle/vessel tracking system;

RFID Technology, berupa sistem manajemen aset dan sistem integrasi keamanan

Storage and management of magnetic band,samples of geological rocks, as well as rock sample minilab;

Online data management, data center development and electronic data storage;

Providing experts, procurement, installation,operation and maintenance of computer hardware and network;

Development and maintenance of application system, content, conventional radio and trunking, Digital Radio Link (Mirowave), wireless broadband, navigation and automatic vehicle/vessel tracking system;

Providing RFID Technology consist of asset management system and security integration system.

Anak Perusahaan:PT Elnusa Patra Ritel (EPR) Domisili: Jakarta Tahun Pendirian : 1996Subsidiary:PT Elnusa Patra Ritel (EPR) Domicile: Jakarta Establishment Year:1996

98,00% atau 1.470.000lembar saham, dengan nilai nominal Rp1.000 per lembar saham.98.00% or 1,470,000shares at nominal value of IDR1,000 per share.

Saat ini tidak beroperasi.Currently inactive.

Perusahaan Afiliasi:PT Patra TelekomunikasiIndonesia (PKM)Domisili: JakartaTahun Pendirian : 1995Affiliate:PT Patra TelekomunikasiIndonesia (PKM)Domicile: JakartaEstablishment Year: 1995

40% atau 8.000 lembar saham, dengan nilai nominal Rp1.000.000 per lembar saham.40% or 8,000 shares at nominal value of IDR1,000,000 per share.

Jasa penyediaan jaringan,telekomunikasi satelit dan sistem komunikasi Vsat.Network service provider,satellilte communication, and Vsat-based communicationsystem.

Pengembangan jaringan telekomunikasi dan perencanaan pembangunan sarana prasarana telekomunikasi dan pemeliharaan jaringan;

Kegiatan jasa komunikasi satelit, VOIP, FOIP dan pelayanan jaringan global;

Komunikasi radio; Komunikasi data paket; Internet provider; Pemeliharaan peralatan telekomunikasi; Konsultan bidang telekomunikasi. Telecommunication network development and

planning for telecommunication facilities; Development and network maintenance; Providing satellite communication services,

VOIP, FOIP, and global network services; Radio communication; Packet data communication;. Internet Provider; Telecommunication equipment maintenance; Consultancy on telecommunication.

29



Kepemilikan Saham

Stock Ownership



Jasa HilirMigas

Downstreamoil and gasServices

Anak Perusahaan:PT Elnusa Petrofin (EPN)Domisili: JakartaTahun Pendirian : 1996Subsidiary:PT Elnusa Petrofin (EPN)Domicile: JakartaEstablishment Year: 1996

99,93% atau 207.350lembar saham, dengan nilai nominal Rp100.000per lembar saham99.93% or 207,350 shares at nominal value ofIDR100,000 per share

Jasa penyimpanan, pendistribusian, perdagangan dan pemasaran produk minyak dan gas di indonesia.Storage, distribution, trading services and marketing of oil and gas products in indonesia

Manajemen depot BBM milik swasta mulai dari kegiatan administrasi pembelian, pengangkutan, penimbunan dan penyaluran BBM di lokasi customer;

Manajemen transportasi BBM mulai dari depot BBM Pertamina ke SPBU dan APMS;

Manajamen ritel bahan bakar, SPBU dan SPBE milik swasta maupun milik EPN sendiri;

Trading BBM Industri & Marine, Specialty & Commodity Chemical.

Management of privately-owned fuel depot, in the term of its administration of purchasing, transporting, stockpiling and distribution of fuel at the customer location;

Management of fuel transportation from Pertamina fuel depot to APMS;

Retail management of fuel, and gas stations and SPBE, owned both by private and EPN;

Trading of Industrial & Marine Fuel, Specialty & Commodity Chemical.

Perseroan akan tetap mengembangkan dan mensinergikan bisnis jasa hilir migas dan jasa penunjang migas untuk memperkuat bisnis inti di jasa hulu migas. hal ini semakin memperjelas posisi Perseroan sebagai penyedia layanan jasa migas terkemuka

The Company will continue to develop and synergize downstream services as well as upstream support services to strenghten core business in upstream oil and gas services. This further clarifies the company's position as a leading oil and gas service provider

30 30

Informasi Pemegang SahamShareholder Information

30

Tingginya minat kepemilikan publik terhadap saham ELSA dapat menjadi indikasi bahwa saham ELSA masih cukup menarik di mata investor

The high interest in public ownership of ELSA's shares could be an indication that ELSA's shares are quite attractive in the eyes of investors

31 Shareholder Information

Jabatan Nama2011

Lembar Saham0%Position Name Number of Share

Komisaris Utama/ President Commissioner Waluyo Tidak Ada/ None 0%

Komisaris Independen/ Independent Commissioner Surat Indrijarso Tidak Ada/ None 0%

Komisaris Independen/ Independent Commissioner Erry Firmansyah Tidak Ada/ None 0%

Komisaris/ Commissioner M. Suluhuddin Noor Tidak Ada/ None 0%

Komisaris/ Commissioner Andri T. Hidayat Tidak Ada/ None 0%

Direktur Utama/ President Director Elia Massa Tidak Ada/ None 0%

Direktur Operasi/ Director of Operation Tony Harisman Soetoro Tidak Ada/ None 0%

Direktur Pengembangan Usaha (merangkap Direktur Tidak Terafiliasi)/Director of Business Development (and Unaffiliated Director) Budi Setiawan Tidak Ada/ None 0%

Direktur Keuangan/ Director of Finance Sabam Hutajulu Tidak Ada/ None 0%

Direktur SDM & Umum/ Director of Human Resources & General Affairs Helmy Said Tidak Ada/ None 0%

Kepemilikan Saham Dewan Komisaris dan Direksi per 31 Desember 2011Share Ownership of Board of Commissioners and Directors as of 31 December 2011

PT Benakat Petroleum Energy TbkMasyarakat

Pertamina (Persero)

Kepemilikan Saham 2011Share Ownership 201141.10%

31.61%

27.29%

Jumlah Pemegang

SahamNumber of

Shareholders

Jumlah SahamNumber of Share

Owned

Nilai SahamValue of Share

Owned

% Kepemilikan

% of Ownership

Modal Dasar 22.500.000.000 2.250.000.000.000 Authorized Capital

Modal Ditempatkan dan Disetor Penuh Issued and Fully paid-up Capital

Kepemilikan Saham 5 % atau lebih 5% or more of Share ownership

PT Pertamina (Persero) 1 3.000.000.000 300.000.000.000 41,10% PT Pertamina (Persero)

PT Benakat Petroleum Energy Tbk 1 2.306.803.390 2.306.803.390 31,61% PT Benakat Petroleum Energy Tbk

Kepemilikan Saham kurang dari 5% Less than 5% of Share ownership

Saham Treasury 1 99.738.000 99.738.000.000 1,37% Treasury Stock

Dewan Komisaris dan Direksi Perseroan 0 0 0 0,00% The Companys BOC and BOD

Masyarakat (dengan kepemilikan masing-masing kurang dari 5%) 8.523 1.891.958.610 1.891.958.610.000 25,92%

Public (with the ownership of each less than 5%)

Jumlah Modal Ditempatkan dan Disetor Penuh 8.526 7.298.500.000 7.298.500.000.000 100,00%

Total Issued and Fully paid-up Capital

Jumlah Saham dalam Portofolio 15.201.500.000 1.520.150.000.000 Total Portfolio of shares

Komposisi Kepemilikan Saham/Composition of Share Ownership

32

Sampai akhir tahun 2011, Saham Perseroan tetap didominasi oleh PT Pertamina (Persero) dan PT Benakat Petroleum Energy Tbk sebagai pemegang saham mayoritas sekaligus pemegang saham pengendali, di mana masing-masing memiliki kepemilikan sebesar 41,10% dan 31,61%. Selebihnya adalah pemegang saham publik yang terdiri dari 8.523 pihak dari berbagai institusi. Di antaranya adalah Perseroan yang masih memiliki 1,37% saham Treasury dari program pembelian kembali saham pada akhir tahun 2008 yang lalu. Per 16 Desember 2011, Perseroan telah mengeluarkan Keterbukaan Informasi untuk melakukan penjualan kembali atas saham Treasury tersebut, namun proses penjualannya baru efektif pada awal Januari 2012.

Pada akhir tahun 2011, anggota Dewan Komisaris maupun Direksi Perseroan tidak memiliki saham Perseroan.

Di lain pihak, jumlah terbesar dari komposisi pemegang saham di bawah 5% masih didominasi oleh Individu Domestik yang menguasai hampir 65%. Tingginya minat kepemilikan publik terhadap saham ELSA dapat menjadi indikasi bahwa saham ELSA masih cukup menarik di mata investor. Kepemilikan oleh Perseroan Terbatas terhadap saham ELSA juga mengalami kenaikan yang cukup signifikan. Namun peningkatan tersebut belum diikuti dengan kenaikan kepemilikan terhadap Institusi Asing dan Individu Asing yang cenderung stabil sepanjang tahun dan sedikit penurunan pada akhir tahun. Sedangkan kepemilikan saham lainnya oleh Dana Pensiun adalah sebesar 2,2%, Reksadana 0,3%, Koperasi & Yayasan 0,2%, dan Bank & Asuransi 0,3%. Secara keseluruhan, dengan melihat dari komposisi pemegang saham ELSA, dapat disimpulkan bahwa kepercayaan investor dan pelaku pasar modal terhadap ELSA masih cukup tinggi.

Until the end of 2011, the Companys shares were dominated by PT Pertamina (Persero) and PT Benakat Petroleum Energy Tbk as majority shareholders as well as controlling shareholders, whose 41.10% and 31.61% ownership, respectively. The rest was public shareholders which consisted of 8.523 stakeholders from different institutions. Among them was the Company which still held 1.37% Treasury stock from share buy back program by the end of 2008. As of December 16, 2011, the Company has issued Information Disclosure to sell the shares back, however the process will be effective in early January 2012.

At the end of 2011, none of members of the Board of Commissioners and Directors of the Company owned the Companys shares.

On the other hand, the greatest amount of shareholder composition which less than 5% was still dominated by Domestic Individual who controled nearly 65%. The high interest in public ownership of ELSA shares could be an indication that the shares were still quite attractive in the eyes of investors. Share ownership of Limited Liability Companies also increased significantly. However, the increase was not accompanied by the increased ownership of Foreign Institutions and Foreign Individuals who tend to be stable throughout the year and slightly decreased at the end of the year. while other stock ownership by Pension Funds was 2.2%, Mutual Funds 0.3%, Cooperatives & Foundations 0.2%, and Bank & Insurance 0.3%. Overall, considering the composition of ELSA's shareholders, could be concluded that investor and capital market communitys confidence to ELSA was quite high.

Informasi Pemegang Saham

Individu Asing - Foreign IndividualsIndividu Domestik - Domestic IndividualReksadana - Mutual FundBadan Usaha Asing - Foreign CompanyDana Pensiun - Pension FundPerseroan Terbatas - Limited LiabilitiesKoperasi & Yayasan - Cooperative Union & FoundationBank & Asuransi - Bank & Insurance

Profil pemegang saham kurang dari 5% :Profile of shareholders with less than 5% of ownership :

33

TanggalDate

Tindakan Korporasi terkait SahamCorporate Action on Share

Modal Dasar(Rp miliar)Authorized

Capital(Rp billion)

Modal Ditempatkan & Disetor Penuh

(Rp miliar)Issued & Fully Paid

Up Capital (Rp billion)

Nilai Nominal Per Lembar SahamNominal Value

per Share(Rp)

Jumlah Saham yang Dikeluarkan

Total Share Issued

Sebelum Aksi Korporasi Pre Corporate Action

750 583,85 500 1.167.700.000

9 Oktober 20079 October 2007

Peningkatan Modal Dasar.Capital Enlargement

2.250 583,85 500 1.167.700.000

9 Oktober 20079 October 2007

Pemecahan Nilai Nominal Saham 1 : 5Stock Split 1 : 5

2.250 583,85 100 5.838.500.000

29-31 Januari 200829-31 January 2008

Penawaran Umum Perdana Saham sebanyak 20% dari Modal Dasar atau sebanyak 1.460.000.000 lembar saham. Initial Public Offering (IPO) amounting to 20% of enlarged capital or equivalent to 1,460,000,000 shares.

2.250 729,85 100 7.298.500.000

6 Februari 20086 February 2008

Mencatatkan saham Perseroan yang beredar sebanyak 7.298.500.000 lembar saham di Bursa Efek Indonesia dengan kode perdagangan ELSA.Listed 7,298,500,000 shares issued at Indonesia Stock Echange under ELSA ticker.

2.250 729,85 100 7.298.500.000

13 Oktober 2008 12 Januari 2009 13 October 2008 12 January 2009

Pembelian kembali 99.738.000 lembar saham dan mencatatkannya sebagai saham Treasury. Buy back of 99,738,000 shares & recorded them as Treasury stocks.

2.250 729,85 100 7.298.500.000

16 Desember 201116 December 2011

Menerbitkan Keterbukaan Informasi untuk melakukan penjualan kembali atas saham Treasury melalui BEI, efektif mulai 2 Januari 2012Published an Information Disclosure regarding sell back program on the Treasury stock in IDX, effectively on 2 January 2012

2.250 729,85 100 7.298.500.000

Kronologi Pencatatan Saham/Share Listing Chronology

Shareholder Information

34

Kondisi perekonomian dunia di tahun 2011 sedikit mengalami perlambatan dibandingkan dengan tahun 2010. Di tahun ini ancaman krisis keuangan kembali mengintai pertumbuhan ekonomi dunia. Kejatuhan perekonomian Amerika pada tahun 2008 yang menjadi titik awal krisis global, ternyata masih menyisakan beberapa masalah yang mengakibatkan melambatnya pertumbuhan ekonomi Amerika pada tahun 2011 ini. Kondisi ini ditambah lagi dengan krisis hutang yang terjadi di zona Eropa yang dialami hampir sebagian besar negara-negara yang tergabung dalam Uni Eropa, yang mengakibatkan banyak negara-negara emerging market, termasuk Indonesia, ikut terkena imbasnya.

Kondisi ini turut juga mempengaruhi kinerja Indeks Harga Saham Gabungan (IHSG) di Bursa Efek Indonesia (BEI) mulai semester kedua tahun 2011. Sedangkan di paruh pertama imbas dari krisis di Amerika dan zona Eropa tampaknya belum memberikan pengaruh pada kinerja IHSG. Indikasi ini terlihat dari dicetaknya rekor baru IHSG dengan mencapai angka 4.193. Sayangnya kondisi ini justru berbalik signifikan memasuki paruh kedua tahun 2011. Tingginya intensitas tekanan dari perekonomian global akibat dari krisis di Amerika dan zona Eropa membuat IHSG harus terkoreksi tajam dan berada pada trend yang negatif.

Walaupun demikian, IHSG masih berhasil mencetak pertumbuhan yang positif sepanjang tahun 2011, yaitu tumbuh 2,25%, di saat yang bersamaan berbagai indeks acuan di seluruh dunia justru membukukan kinerja yang negatif, seperti indeks Nasdaq, Nikkei dan FTSE yang masing-masing membukukan kinerja -3,1%, -18,9% dan -7,3% sampai akhir tahun 2011.

Kinerja positif yang diraih IHSG merupakan cerminan dari solidnya fundamental perekonomian Indonesia, yang merupakan daya tarik bagi investor global. Indikasi solidnya perekonomian Indonesia ini terlihat dari inflasi yang terjaga sebesar 3,79% yang jauh di bawah prediksi pemerintah yang berada di kisaran sekitar 5%. Rendahnya tingkat inflasi ini mampu menjaga tingkat konsumsi rumah tangga yang merupakan pondasi perekonomian Indonesia. Indikator lainnya ditunjukan dengan tingginya cadangan devisa yang melebihi US$100 milliar, sebagai akibat dari derasnya arus modal yang masuk ke Indonesia, yang salah satunya dialokasikan di pasar modal.

Kekhawatiran secara khusus ditujukan kepada sektor pertambangan dikarenakan kekhawatiran investor terkait perihal melambatnya perekonomian dunia yang akan mempengaruhi kinerja perusahaan-perusahaan pertambangan, sebagai imbas dari turunnya permintaan akan barang-barang tambang. Sejalan dengan prediksi melambatnya konsumsi barang-barang tambang pada tahun 2011 ini, telah membuat saham sektor pertambangan menjadi agak kurang menarik di mata investor, sehingga indeks sektor pertambangan pun mengikuti trend pergerakan yang sama dengan IHSG.

The condition of global economy slowed slightly in 2011 compared to 2010. The threat of financial crisis also lurked the global economic growth this year. The fall of USA economy in 2008, which became the starting point of the global crisis, still left some issues that caused a slowing USA economic growth in the year 2011. This condition coupled with the debt crisis that occurred in the European zone, experienced by most of the countries that joined the European Union, which also resulted many emerging market countries, including Indonesia, affected by this situation.

This condition also influenced the performance of Jakarta Composite Index (JCI) in Indonesia Stock Exchange (IDX), started in the second half of 2011. while the impact of the crisis in the USA and the European zone apparently yet provides influence on the performance of JCI on the first semester. This indication could be seen from the new record JCI that has reached 4,193. Unfortunately, this condition actually turned significantly in the second half of 2011. The high intensity of pressure from the global economy as a result of the crisis in the USA and the European zone has made JCI should be corrected sharply and moved on negative trends.

However, JCI was still successfully managed to record a positive growth during the year 2011, which grew by 2.25%, while at the same time various global benchmark indexes actually booked a negative performance, such as index of Nasdaq, Nikkei and FTSE, which recorded a performance of -3.1%, -18.9% and -7.3% respectively, until the end of 2011.

The positive performance achieved by JCI was a reflection of the solid fundamentals of the Indonesian economy, which become an attractiveness for global investors. This solid Indonesian economy was indicated by the level of inflation which was maintained at 3.79%, far below government prediction at 5% approximately. The low level of inflation was able to maintain the level of household consumption which become the foundation of the Indonesian economy. Another indicator showed the high foreign exchange reserves exceeding USD100 billion, as a result of the rapid flow of capital into Indonesia, one of which was allocated to the capital market.

Concerns were specifically addressed to mining sector due to investors worries regarding issue of global economy downturn would affect the performance of mining companies, as the impact of declining demand for mining goods. along with the forecast of a slowdown consumption of mining goods in 2011, has made stocks of mining sector less attractive in the eyes of investors, so that the mining index also followed the similiar trend with JCI.


Kinerja Saham/Stock Performance

35

Imbal hasil Saham ELSA tahun 2011 dibandingkan dengan IHSG dan Indeks Pertambangan BEI:

ELSA share return in 2011 compared to IHSG and IDX Mining Index :

Untuk pergerakan saham ELSA, secara keseluruhan memiliki kesamaan pergerakan dengan IHSG maupun indeks pertambangan. Pada kuartal pertama tahun 2011, ELSA memiliki trend positif dan mengalami peningkatan harga saham. Bahkan saham ELSA sempat menyentuh level tertingginya selama tahun 2011, yaitu Rp340 di bulan Januari. Selain dipicu oleh keterbukaan informasi Perseroan yang intensive terkait pencapaian kontrak operasi, hal ini juga merupakan pengaruh positif dari aksi korporasi yang dilakukan yaitu pembentukan kerjasama joint venture dengan cGGVeritas Seismic (Singapore) Pte Ltd., suatu perusahaan internasional terkemuka di bidang seismik.

Pada kuartal kedua, pergerakan saham cukup stabil, walaupun di akhir kuartal harga saham ELSA sempat turun karena pemberitaan media mengenai permasalahan Perseroan terkait penempatan deposito berjangka di Bank Mega. Setelah sempat recovery pada Juli 2011 dengan pemberitaan kinerja semester 1-2011, sejak awal Agustus 2011 harga saham ELSA turun cukup dalam karena adanya isu krisis keuangan dunia. Pada periode tersebut, saham ELSA pun sempat menyentuh level terendah Rp179 di bulan Oktober 2011. Kondisi ini disebabkan aksi jual investor yang melanda seluruh saham dunia maupun di BEI, yang juga membuat IHSG juga jatuh ke level terendah selama 2011, yaitu 3.269.

Memahami hal ini, Perseroan terus melakukan usaha untuk kembali mendorong naik harga saham ELSA dengan memberikan informasi mengenai pencapaian kontrak Oilfield services dan pencapaian kinerja kuartal ketiga tahun 2011. Informasi mengenai estimasi kinerja 2011 disertai dengan program perbaikan, prospek bisnis serta proyeksi kinerja Perseroan di tahun 2012 juga turut membuat saham ELSA kembali stabil dan naik perlahan. Pada akhir Desember 2011, Saham ELSA ditutup pada posisi Rp230 atau terdepresiasi 30.3%

ELSA shares movement, as a whole, has similarities with the movement of JCI and the mining index. In the first quarter of 2011, ELSA recorded positive trends and experienced increases in share prices. Even ELSA share reached its highest level during the year 2011, namely IDR340 in January. Triggered by the intensive Companys information disclosures on the achievement of operational contracts, it was also driven by positive influence of the corporate action taken by management regarding the establishment of joint venture company with CGGVeritas Seismic (Singapore) Pte Ltd., a leading international seismic company.

In the second quarter, the movement of ELSA share was quite stable, although at the end of quarter its price dropped because of media coverage on the Company case related to the placement of time deposits at Bank Mega. After a recovery in July 2011 driven by the expose of first half performance, since early August 2011 the share price fell down due to the issue of global financial crisis. In that period, ELSA share touched its lowest level, IDR179, in October 2011. This condition was affected by investors selling out that hit all stocks across the world, as well as stocks on IDX, which has made JCI fell to its lowest level in 2011, namely 3,269.

Perceiving to this condition, the Company continued its effort to drive-up ELSA price by providing information on the contract achievement of Oilfield services and the performance achievement of the third quarter of 2011. Information on the estimated performance of 2011, accompanied by recovery program, the business outlook and the projected performance of the Company in 2012, have also made ELSA share price slowly increased and stable. In late December 2011, ELSA shares closed at IDR230 or depreciated

2011

ELSA.JK 230.00Dec 30,2011: ^JKSE 3821.99 ^JKMING 2532.38

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

-40%

-30%

-20%

-10%

10%

0


36

selama tahun 2011, dengan penurunan signifikan karena imbas dari sentimen negatif para investor akan meluasnya imbas dari krisis dunia. Turunnya harga saham ini pada akhirnya menyebabkan penurunan tingkat kapitalisasi pasar ELSA, yaitu turun 29% menjadi Rp1,67 miliar.

Dilihat dari jumlah penjualan saham, rata-rata volume perdagangan harian saham ELSA di tahun ini sebesar 11,84 juta lembar saham per hari, mengalami penurunan dibandingkan rata-rata volume transaksi harian pada tahun sebelumnya yang sebesar 47,89 juta lembar saham per hari. Turunnya volume perdagangan telah membuat saham ELSA tidak lagi masuk ke dalam daftar indeks LQ45 per bulan Agustus 2011. Namun sampai akhir tahun 2011 saham ELSA masih masuk ke dalam indeks Kompas100. Prospek industri migas dan kinerja Perseroan ke depan, masih cukup memberikan ekspektasi positif bagi para analis maupun investor pasar modal untuk tetap mengoleksi saham ELSA.

30.3% during the year 2011, with a significant decrease due to the negative impact of investor sentiment on the impact of global crisis. The fall in share prices has finally led to decreased level of ELSA market capitalization, which fell by 29% to IDR1.67 billion.

Judging from the number of shares traded, daily average transaction volume of ELSA shares this year which was 11.84 million shares per day, has decreased compared to the daily average transaction volume in the previous year which amounted to 47.89 million shares per day. The fall in the transaction volume has made ELSA share was no longer in the list of LQ45 index per August 2011. However, until the end of 2011 ELSA share was still listed on Kompas100 index. The prospect of oil & gas industry and future performance of the Company, is still convincing to provide positive expectations for the capital market analysts and investors to buy ELSA share.


Perseroan merencanakan dan berusaha untuk membagikan dividen dalam bentuk uang tunai sekurang-kurangnya sekali dalam setahun. Besarnya dividen dikaitkan dengan keuntungan Perseroan pada tahun buku yang bersangkutan, dengan tidak mengabaikan tingkat kesehatan Perseroan dan tanpa mengurangi hak dari Rapat Umum Pemegang Saham Perseroan untuk menentukan lain sesuai dengan ketentuan Anggaran Dasar Perseroan.

The Company plans and exerts to distribute cash dividend at least once a year. The amount of dividend is strongly related to the Companys profit of the current book year, by considering to the condition of the Company and without reducing the rights of General Meeting of Shareholders to determine other decision than those stated in the Companys Article of Association.

Tahun 2011

Volume Rata-rata Harian(Lembar)

Daily Average Volume(Shares)

TertinggiHighest

(Rp)

TerendahLowest(Rp)

PenutupanClosing

(Rp)

PenutupanClosing

(Rp)

PenutupanClosing

(Rp)

Year of2011

Januari 25.770.720 340 295 300 3.043,51 3.409,17 January

Februari 113.552.226 325 290 295 3.128,11 3.470,35 February

Maret 23.063.331 325 285 295 3.162,21 3.678,67 March

April 12.122.410 320 290 295 3.257,34 3.819,62 April

Mei 43.490.508 305 280 290 3.236,32 3.836,97 May

Juni 94.945.895 295 250 265 3.254,45 3.888,57 June

Juli 31.146.542 290 260 290 3.362,55 4.130,80 July

Agustus 21.319.911 295 200 240 2.883,57 3.841,73 August

September 16.059.339 250 191 198 2.487,20 3.549,03 September

Oktober 11.338.533 240 179 210 2.725,10 3.790,85 October

November 9.022.858 235 205 205 2.492,26 3.715,08 November

Desember 10.866.389 250 210 230 2.532,38 3.821,99 December

ELSA Indeks PertambanganMining IndexIHSGJCI

Kinerja saham ELSA dibandingkan Indeks Pertambangan dan IHSGELSA share performance compare to Mining Index and JCI

Kebijakan Dividen/Dividend Policy

37

1) Rasio Pembayaran Dividen (Dividend Payout Ratio) dihitung dari jumlah dividen dibandingkn dengan Jumlah Laba Bersih tahun berjalan.2) Merupakan Dividen Interim Tahun 2009, yang diputuskan oleh Rapat Direksi dan Dewan Komisaris tanggal 10 Desember 2009.3) Jumlah Dividen Interim tersebut diperhitungkan dalam pembayaran Dividen final tahun buku 2009.

1) Dividend Payout Ratio is calculated based on total dividend compared to the net income of the Curent Year.2) Interim dividend paid in 2009, was determined at a Meeting between Directors and Board of Commissioners on December 10, 2009.3) Interim Dividend was calculated based on Final Dividend of the fiscal year 2009.

Tahun Buku

Tanggal RUPST Laba Bersih (Rp) Jumlah Dividen

Dividen per Lembar Saham

Rasio Pembayaran Dividend)

Tanggal Pencatatan Daftar Pemegang Saham

Tanggal Pembayaran

Book Year AGMS Date Net Income (Rp) Total Dividend

Dividend per Share

Dividend Payout Ratio)

Recording Date of Shareholders entitled to the

Dividend

Payment Date

2008 6 Mei 20096 May 2009

Rp 133.772.000.000 Rp 26.754.400.000 Rp 3,72 20,00% 12 Juni 200912 June 2009

25 Juni 2009

2009 21 Juni 200921 June 2009

Rp 466.233.000.000 Rp 179.969.050.000 Rp 25,00 38,60% Terbagi dalam 2 tahap:Divided into 2 phases

Rp 143.975.240.000) Rp 20,00 12 Januari 201012 January 2010

26 Januari 2010)26 January 2010)

Rp 35.993.810.000 Rp 5,00 2 Agustus 20102 August 2010

16 Agustus 201016 August 2010

2010 19 Mei 201119 May 2011

Rp 63.906.000.000 Rp 19.171.800.000 Rp 2,66 30,00% 6 Juli 20116 July 2011

20 Juli 201120 July 2011

Dengan mengindahkan ketentuan-ketentuan di atas, Perseroan berusaha untuk mempertahankan rasio pembayaran dividen sekitar 20% dari laba bersih konsolidasian Perseroan untuk setiap tahunnya.

Penentuan jumlah dan pembayaran dividen tersebut, akan bergantung pada rekomendasi dari Direksi Perseroan, namun tidak terdapat kepastian bahwa Perseroan akan dapat membayarkan dividen pada tahun ini ataupun pada tahun-tahun mendatang. Keputusan Direksi dalam memberikan rekomendasi pembayaran dividen tergantung pada: Laba bersih Perseroan. Rencana pengembangan Perseroan dan belanja modal; Pertimbangan kebijakan pada sektor industri yang sejenis; Kondisi arus kas dan kebutuhan modal kerja Perseroan; Kebijakan struktur permodalan Perseroan;

Seluruh saham biasa atas nama yang telah ditempatkan dan disetor penuh mempunyai hak yang sama dan sederajat termasuk hak atas pembagian dividen.

Dividen yang diterima pemegang saham yang berkebangsaaan non Indonesia akan terkena pajak di Indonesia.

Kronologi Pembayaran DividenSelama 3 tahun terakhir, Perseroan membayar dividen tunai atas saham seperti yang diputuskan oleh Rapat Umum Pemegang Saham Tahunan (RUPST), sebagai berikut:

Regarding the above mentioned provisions, the Company plans to maintain its dividend payout ratio at 20% of consolidated net in-come of the Company annualy.

The amount and payout of the dividend will be calculated based on recommendation of the Companys Directors, however there is no guarantee that the Company will be able to pay dividend this year of years ahead. In making a dividend payout recommendation, Direc-tors shall consider on: Companys net income. Companys development plan and capital expenditure; Consideration againts applicable policies of similar industries; Companys cash flow and needs of working capital; Companys policy on capital structure;

The entire issued and fully-paid ordinary preffered shares offers same and equivalent rights including rights for dividend.

For dividend received by non-Indonesian sharehorlders shall be subject to tax in Indonesia.

Chronology of Dividend PaymentOver the last 3 years, the Company paid cash dividend on shares as determined in the Annual General Meeting of Shareholders (AGMS), as follows:


38 Informasi Pemegang Saham

Dana hasil Penawaran Umum Perdana Saham atau Initial Public Offering (IPO) yang dilakukan pada awal tahun 2008 senilai Rp566,30 miliar (bersih) telah seluruhnya dipergunakan sesuai dengan rencana penggunaan dana dalam prospektus Perseroan, yaitu :

25% digunakan untuk modal kerja; 15% digunakan untuk pinjaman untuk pengembangan dan

perluasan aktivitas usaha Anak Perusahaan; 7% digunakan untuk pembayaran sebagian hutang; 53% digunakan untuk pembelian barang modal;

Dana yang digunakan untuk pinjaman kepada Anak Perusahaan tersebut di atas telah dikembalikan kepada Perseroan dan telah digunakan sebagai modal kerja Perseroan untuk memperkuat kompetensi di Jasa Hulu Migas. Hal tersebut juga telah dilaporkan kepada Bapepam-LK dan Bursa Efek Indonesia.

IDR566.30 billion net proceeds from Initial Public Offering (IPO) of the Company which was conducted in early 2008 has been fully realized based on the plans of proceed utilization stated in the Company prospectus, namely :

25% was used for working capital; 15% was used for loan to subsidiaries for their business

development & expansion; 7% was used for debt payment; 53% was used for capital expenditure.

Proceeds used for loan to subsidiaries mentioned above have been returned to the Company and have been used as working capital of the Company to strengthen its competence in the Upstream Oil and Gas Services.

The Company has reported these matters to Bapepam-LK and Indonesia Stock Exchange.

Penggunaan Dana Hasil IPO/Utilization of IPO Proceed

Lembaga dan Profesi Penunjang Pasar Modal/Supporting Institution and Professional of Capital Market

Akuntan Independen Laporan Keuangan Konsolidasian Perseroan tahun 2011 diaudit oleh Kantor akuntan Publik (KAP) Tanudiredja, Wibisana & Rekan (Firma anggota Pricewaterhousecoopers International Limited) (Izin KAP No KMK No. 151/KM.I/2010), dengan Dwi Wahyu Daryoto, Ak.,cPA selaku Akuntan Publik yang menandatangani opini Laporan Keuangan Konsolidasian tersebut. Tahun 2011 merupakan penugasan periode pertama untuk KAP ini melakukan audit terhadap Laporan Keuangan Konsolidasian Perseroan dengan biaya jasa audit sebesar Rp1.923.000.000 (satu miliar sembilan ratus dua puluh tiga juta rupiah), di luar pajak. Di samping Perseroan, beberapa Anak Perusahaan dan Entitas Ventura Bersama juga diaudit oleh KAP yang sama, yaitu PT Elnusa Petrofin, PT Elnusa Patra Ritel, PT Elnusa Fabrikasi Konstruksi, PT Patra Nusa Data, PT Sigma cipta Utama, dan PT Elnusa cGGVeritas Seismic. Selain tugas audit Laporan Keuangan, KAP ini tidak melakukan tugas-tugas audit lain dalam lingkungan Perseroan. KAP Tanudiredja, Wibisana & Rekan ini beralamat di Jl. H.R. Rasuna Said Kav X-7 No.6 Jakarta 12940.

Biro administrasi Efek Perseroan telah menunjuk PT Datindo Entrycom sebagai biro administrasi efek yang bertugas melaksanakan pencatatan pemilikan efek Perseroan. PT Datindo Entrycom beralamat di Puri Datindo Wisma Sudirman Jl. Jend. Sudirman Kav. 34-35 Jakarta.

Independent auditorThe Companys Consolidated Financial Statement in 2011 was audited by Public Accountant Firm Tanudiredja, wibisana & Rekan (a member firm of PricewaterhouseCoopers International Limited) (KAP License No. 151/KM.I/2010), with Dwi wahyu Daryoto, Ak., CPA as the Public Accountant who signed the opinion of the Consolidated Financial Statement. The year 2011 was the first assignment for this Public Accountant Firm to audit the Company's Consolidated Financial Statement with total audit fee of Rp1,923,000,000,- (One billion nine hundred twenty three million rupiah). Besides the Company, the same firm also audited the Company's subsidiaries and Joint Venture Entity, namely PT Elnusa Petrofin, PT Elnusa Patra Ritel, PT Elnusa Fabrikasi Konstruksi, PT Patra Nusa Data, PT Sigma Cipta Utama, and PT Elnusa CGGVeritas Seismic. Aside from auditing task, the firm was not assigned for other audit tasks in the Company. Public Accountant Firm of Tanudiredja, wibisana & Rekan has its principal place of business at Jl. H.R. Rasuna Said kav X-7 No.6 Jakarta 12940.

Share RegistrarThe Company has appointed PT Datindo Entrycom as the share registrar assigned for registering the securities ownerships in the Company. PT Datindo Entrycom resides at Puri Datindo-wisma Sudirman Jl. Jend. Sudirman Kav. 34-35 Jakarta.

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Pemeringkat EfekPada bulan Agustus 2010, PT Pemeringkat Efek Indonesia (Pefindo) sebagai credit rating Indonesia melakukan pemeringkatan terhadap Perseroan dengan hasil peringkat idA (Single A; Stable Outlook) yang berlaku untuk periode 11 Agustus 2010 sampai dengan 1 Agustus 2011. Peringkat tersebut diberikan berdasarkan data dan informasi dari Perseroan serta Laporan keuangan Audit per 31 Desember 2009 dan Laporan Keuangan Tidak Diaudit per 30 Juni 2010. Peringkat idA tersebut menunjukkan bahwa Perseroan selaku obligor memiliki kemampuan yang kuat untuk memenuhi kewajiban finansialnya. Namun kemampuan Perseroan cukup terpengaruh oleh memburuk

s dynamic atmosphere - elnusa.co.id · mekanisme gcg gcg mechanism etika ... teknologi dan sistem...

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