0
Corporate Presentation PT Garuda Indonesia (Persero) Tbk
CITI - ASEAN Investor Conference 2013 Jakarta, 5 June 2013
Delivering Indonesia’s Best to the World
1
Agenda
1. Industry Overview
2. Company Overview
3. Recent Developments
4. 1Q-2013 Performance
IMPORTANT DISCLAIMER:
Information contained in this document has been prepared from several sources and the Company does not confirm the accuracy and completeness of such data, particularly where the data is sourced from outside the Company. In addition, any forward looking
statements are subject to change as a result of market conditions and the final result may be different to that indicated. The Company makes no representation or warranty of any type whatsoever on the accuracy or completion of the information contained herein.
2
1. Industry Overview
3
Agenda
4.886
billion
1.402
billion
2.668
billion
1.408
billion
416
millio
n
151million
1.055
billion 369
millio
n
2.367
billion
1.467
billion
Asia Pacific will have the biggest air passenger traffic volume
2009 2030
Source: Airport Development, IATA
4
‘In terms of its fundamentals, INDONESIA IS IN A STRONG POSITION from which to navigate through current global macroeconomic uncertainties’ (IMF country report, Sep 2012)
Value in %
IMF predicts until 2017 Indonesia will enjoy the highest economic growth as compared to its ASEAN peers
Indonesia is the biggest economy in ASEAN
Source: The World Bank 2011 data, accessed in Nov 2012
5
Outlook of the Indonesia’s economy until 2030 is promising
6
0,8 0,8 0,9 1,1 1,2 1,3 1,6 1,9 2,2 2,3 3,0
3,5 3,7 4,1
4,7 5,4
6,1
7,0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
(USD '000)
Source: IMF, World Economic Outlook (WEO), Oct 2012
Indonesia: GDP per capita
Most populous country in the South East Asia (4th largest in the world) with people distributed across a number of medium - large cities and high density provinces
Largest archipelago in the world lending greater importance to air travel; potential for taking market-share from land / sea travel
Most populated cities in the region
Medan 2.0 million
Kuala Lumpur 1.6 million
Petaling 1.5 million
Jakarta & surrounding area 12.0 million
Singapore 4.6 million
Manila 1.7 million
Surabaya 2.6 million
Ujung Pandang 1.2 million
Indonesia : Unique opportunity within Asia
Sources: Bloomberg
By Air
By Rail
By Sea
23.8
150.0
12.6
2004 60.0
199.3
7.6
2011 +14.12%
+5.77%
-11.81%
CAGR
Monthly traffic statistic 2004-2012
Indonesia: Transportation profile (in million)
7
Indonesia is forecast to enjoy a solid air traffic growth for the next three years after a robust economic growth outlook
Domestic and International market size to grow at CAGRs of 15% and 10%, respectively, from 2004 – 2012 GA’s Domestic and international market share expected to reach 34.4% and 25.9% in 2015, respectively, up from 21.5% and 15.1% in 2012
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F
Premium Budget Traveler GA Pax
28.8
43.8 51.6
60.0
71.2
81.9 90.6
34.0 39.2 37.4
23.8
73.7
Domestic Market Size (million)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F
Business Leisure GA Pax 30.0
11.0 10.7 11.3 13.2
14.8 16.2 18.9
21.7 23.7
25.7 27.9
International Market Size (million)
Sources : Dephub, PT. AP I & II, IATA, PATA, Garuda Forecast
8
Indonesia Malaysia UK
In terms of air traffic, Indonesia has much room to grow
5.3
35.2 (663%)
Population
Air Traffic
Singapore
7.1
39.3 (553%)
Hong Kong
22.8
77.3 (338%)
Australia
Numbers are in million
62.3
174.5 (280%)
29.5
45.2 (153%) 80 (32%)
9
Some Major Airport Development Project 2013 - 2018
Morotai Rp 150bn, 2014
Medan Rp 1.6tn, 2013
Majalengka Rp 8.3tn, 2018
Yogyakarta Rp 3.7tn, 2018
Samarinda Rp1.2tn, 2015
Balikpapan Rp 1.6tn, 2014
Denpasar Rp2.1 tn, 2013
Jakarta Rp8.4 tn, 2014 Surabaya
Rp 530bn, 2014
Data source : PT. Angkasa Pura I & II, Ministry of Transportation, Investor Daily
Development project plan for 10 airports reach approximately USD 2,8 billion.
Berau Rp 450bn, 2013
10
• Government priority to develop and improved Airport and Aviation Infrastructures in Indonesia
• High competition in LCC domestic segment • High competition in FSC and LCC international
segment
• 2015: ASEAN Open Sky Policy
• Robust demand in domestic traffic • Growing international tourist traffic, by locals
and foreigners
• Strong Economic Growth • Large population • Low air travel penetration
In Summary : Indonesia has Large Market & Big Opportunity for Air Travel
Market
Traffic
Policy
Infrastructure
Competition
11
2. Company Overview
12
Flying High
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E
1956
First Haji pilgrims flight
to Mecca
1976
First deliveries of DC-10,
the first wide-body aircraft
1973
First subsidiary “AWS”
added to the Group
1949
Established in 1949 with
first aircraft, Dakota DC-3
1990s
Garuda Indonesia is
ranked among the top 30
carriers in the world
2010
Completed
debt
restructuring
Achieved 4 star
Skytrack rating
Awarded CAPA
Airline
Turnaround of
the Year
2005
New
managem
ent takes
over and
begins
transforma
tion
2007
Profitability
improves
under new
manageme
nt with a
US$17
million
net income
2009
Received “Best
Debt Re
Structuring Deal
of the Year 2009
in South East
Asia” (1)
EU removed
Garuda from its
list of banned
airlines
Avg. Age
Fleet Size 49 48 54 70 89 139 173 87 219 106
Number of Passengers
(millions)
Avg.
Age
PAX
2011
IPO
completion
UPG as 3rd
hub
Citilink
Brand
refresh
25+25 A320
contract for
Citilink
1985
New Corporate Identity
1995
Subsidiary “Abacus DSI”
added to the Group
2002
Subsidiary “GMF-AA”
added to the Group
11.5 10.9 11.9
10.2 8.1
6.5 5.8
2012
18+18
CRJ1000NG
Global
Corporate
Spin –off
Citilink
Liverpol FC
EY
Codeshare
13
Leading Asian Airline with Dominant Market Share
Since embarking on a transformation plan in 2005, GIAA has greatly improved its global and regional rankings and won several international accolades in recognition of its quality performance
World Airline Awards – Global Airline Rankings
2012 Rank 2011 Rank
1 Qatar Airways* 1 2 Asiana Airlines* 3 3 Singapore Airlines* 2 4 Cathay Pacific Airways* 4 5 ANA All Nippon Airways 11 6 Etihad Airways 6 7 Turkish Airlines 9 8 Emirates 10 9 Thai Airways International 5
10 Malaysia Airlines* 12 11 Garuda Indonesia 19 12 Virgin Australia 32 13 EVA Air 16 14 Lufthansa 15 15 Qantas Airways 8 16 Korean Air 24 17 Air New Zealand 7 18 Swiss Int’l Air Lines 13 19 Air Canada 21 20 Hainan Airlines* 23
* Airlines with 5-star skytrax rating
World’s Best Regional Airline 2012
Best Regional Airline in Asia 2012
14
IOSA Renewal Certification Audit
• Garuda is IOSA Certified since 2006 and on
August 25, 2012, the IOSA Registration has
been re-Registered up to 8 Sept 2014
• Garuda Indonesia fully complies to global
best-practise standards in flight operations,
aircraft maintenance including safety
management systems implementation .
• Garuda Indonesia was chosen as sampling
operator by FAA on 13 September 2012.
• FAA comments ”Garuda Indonesia is good, very
professional, and impressive”.
FAA Technical Review on DGCA Indonesia
Operational and Safety Aspect
15
Domestic
Grow and dominate
full-service
International
Enormous upside
potential
2
Fleet
Expand, simplify and
rejuvenate Fleet
4
Brand
Stronger brand, better
product and services
5
LCC
Citilink to address the
LCC Opportunity
3 Human Capital
Right quality and
right quantity
7
Cost Discipline
Efficient in cost structure compared to
peers
6
Quantum Leap – 7 Strategies to Drive Growth
Management focuses on implementing the “Quantum Leap” with 7 main strategies to expand and dominate the Indonesian aviation market.
1
16
2005 Growth 2012 Growth 2015
Number of Aircraft 57 53% 106 123% 194
Average age (yr) 11.2 -42% 5.8 -7.7% 5
ASK/employee (000) 3,761 31% 5,250 67% 8,210
Passenger Carried 9.3 mio 84% 20.4 mio 165% 45.4 mio
Frequency/week 765 314% 2,400 159% 8,198
Skytrax Rating 3 star + 4 star + 5 star
Aiming to complete the 2nd journey in 2015
5 star skytrax airlines : 1. Asiana Airlines 2. Cathay Pacific Airways 3. Hainan Airlines 4. Qatar Airways 5. Singapore Airlines 6. Malaysia Airlines
"The key factor behind 5-Star status is an airline's ability to deliver a truly consistent and high quality of Product and Service. A great product standard is not by itself the key to a 5-Star Airline ranking, and Skytrax focus deeply on the Quality of front-line service an airline provides. A 5-Star Airline ranking is centred on identifying airlines whose front-line staff (across the airport and onboard experience) deliver a true and consistent 5-Star standard of service delivery." Sources: skytrax website http://www.airlinequality.com/StarRanking/5star.htm
17
3. Recent Developments
18
Garuda Indonesia Group 2012
IT Services
Aero
Systems
Hospitality
and Tourism
Aerowisata
Global
Distribution
Systems
Abacus
Ground
Handling
Gapura
Angkasa
MRO
Services
GMF
AeroAsia
Key Subsidiaries & Associated Companies
Cargo
Domestic Feeder
Hajj / Charter
International
Low Cost
Carries
Citilink
Indonesia
83%
8%
9%
Ops Revenue Contribution 2012
Scheduled Airlines Non-scheduled Airlines Others
19
9,72 10,09 10,87
2,39 3,10
3,47
Jan-Dec 2010 Jan-Dec 2011 Jan-Dec 2012
Others GA Int'l
27,67 30,43 34,21
8,75
11,94 13,43
Jan-Dec 2010 Jan-Dec 2011 Jan-Dec 2012
Others GA Dom
1,8 2,1
2,4 2,4 2,5 3,0 3,2 3,3 3,1 3,3 3,5 3,5 22%
24%
26% 25%
26%
29% 29% 29%
28% 28% 28% 29%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Total GA Passengers (in million) Market Share
0,5
0,6 0,7 0,6 0,7 0,8 0,8 0,8 0,8 0,9 0,9 0,9 18%
20% 20%
21% 22% 23% 23%
24% 24% 25% 24%
24%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Total GA Passengers (in million) Market Share
Competition on routes which GA flies
Source: Airport Authority (traffic in/out CGK, DPS, SUB, UPG airports excl. Citilink)
Garuda Domestic Passengers in/out Selected Airports Garuda International Passengers in/out Selected Airports
GA International Market Share: 24.2.0% GA Domestic Market Share: 28.2%
12.4%
12.5%
12.4% 42.37 47.64
14.33 13.19
7.7%
11.9%
8.7% Traffic in million passenger Traffic in million passenger
10.0%
36.5%
16.3% 36.42
12.11
3.8%
29.8%
8.9%
20
Milestones in 2012
•Signed a Global contract with Shell International Ltd. and Standard Chartered Bank
•New Board Members was appointed by the AGM
MAR /APR
• GMF-AA was appointed as Bombardiers’ first Authorize Service Facility (ASF) in the Asia Pacific region by Bombardier Aerospace Commercial Aircraft
• Quasi Reorganization was approved by the AGM JUN
•Citilink was granted its own Airline Operator Certificate and started operation as an independent airline with an LCC business model JUL
• Signed a partnership program with Liverpool FC, as part of the campaigns to elevate Garuda’s brand to global market SEP
• Welcome the 1st delivery of Bombardier aircraft
• Signed a codesharing partnership agreement with Etihad Airways
• First regional based for CRJ-1000 at Makassar OCT
• Shifted the intermediate point from Dubai to Abu Dhabi as a follow up of the codesharing agreement with Etihad Airways DEC
21
2012 Highlights – Significant Growth
Indicators 2012
Achievements D% YoY
20.42 million 19.6
280,285 ton 22.2
U$c 9.65 0.3
USD 3.47 billion 12.1
USD 2.69 billion 11.8
USD 168.07 million 82.0
USD 110.84 million 72.6
• Operating Indicator figures are for Garuda Indonesia and Citilink • Financial Indicator figures are for Garuda Indonesia Group
Passenger Carried
Cargo Uplifted
Passenger Yield
Operating Revenue
Passenger Revenue
Operating Income
Income for the Period
GDP growth 6.3%
Indonesia Air Traffic Market Growth: 16.2%
Market where GA flies, growth 11.3%
22
Ambon
Biak
Medan
Padang
Pekanbaru Batam
Jambi
Palembang Pgk.Pinang
Tjg.Karang
Bandung
Solo
Yogyakarta Malang
Kupang
Pontianak
Palangkaraya
Banjarmasin
Balikpapan
Tarakan
Palu
Manado
Gorontalo
Kendari
Ternate
Jayapura
Timika
Denpasar
Banda Aceh
Jakarta
Ujung Pandang
Semarang Surabaya
Mataram
Beijing
Shanghai
Hong Kong Jeddah
Tokyo Osaka
Seoul
Guangzhou Taipe
Bangkok
Kuala Lumpur
Singapore Balikpapan
Surabaya Denpasar
Makassar
Sydney
Melbourne
Perth
Amsterdam
Abu Dhabi
Jakarta
Route Expansion in 2012
Domestic Network International Network
Destinations: 34 (including Tarakan as a new destinations) Average frequencies around 1,940/week vs 1,750/ week
last year Additional Frequencies on key routes: Jakarta to Batam,
Pekanbaru, Balikpapan, Palembang, Pontianak, Surabaya, Denpasar, Medan , Padang, and Surabaya to
Balikpapan New routes: Surabaya to Bandung , Lombok , Semarang;
Makasar to Kendari, Lombok, Palu; Balikpapan to Tarakan
Destinations: 19 (including Abu Dhabi, Haneda & Taipei as new destinations) Average Frequency 455/week vs 400/week last year New routes: Denpasar to Haneda, Jakarta to Taipei, and
Jakarta-Abu Dhabi-Amsterdam Route termination: Denpasar to Nagoya
23
2011 2012 ∆ % YoY
Aircraft Utilization (Hours) 10:40 10:44 0:04
Frequencies 130,043 153,266 17.9
On Time Performance (%) 85.68 84.90 (0.8)*
ASK (’000) 32,473,738 36,013,832 10.9
Average Fuel Price (USD/L) 0.90 0.91 1.1
Fuel Burn / RTK 0.42 0.414 (1.4)
Fuel Burn / Blockhours 4,145 3,981 (4.0)
Passenger Carried 17,073,963 20,415,285 19.6
RPK (‘000) 24,434,662 27,342,093 11.9
Seat Load Factor (%) 75.2 75.9 0.7*
Passenger Yield (US¢) 9.62 9.65 0.3
Cargo/Mail Uplifted (Tonnage) 229,378 280,285 22.2
CASK (US¢) 7.83 7.85 0.3
CASK-excl Fuel (US¢) 4.59 4.58 (0.2)
Operating Indicators - Group
Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only * in percentage points
Operational
Passenger & Cargo
Financial
Efficiency
24
2011 2012 ∆ % YoY
Passenger Carried 12,220,262 13,967,815 14.3
ASK (’000) 13,340,916 14,955,545 12.1
RPK (‘000) 10,614,847 12,058,562 13.6
Seat Load Factor (%) 79.57 80.63 1.1*
Passenger Yield (US¢) 11.75 11.45 (2.6)
CASK (US¢) 8.95 8.83 (1.4)
CASK-excl Fuel (US¢) 5.52 5.36 (3.0)
Passenger Carried 3,227,571 3,586,477 11.1
ASK (’000) 17,354,809 17,937,606 3.4
RPK (‘000) 12,466,191 13,045,177 4.6
Seat Load Factor (%) 71.83 72.73 0.9*
Passenger Yield (US¢) 8.22 8.64 5.2
CASK (US¢) 7.12 7.28 2.2
CASK-excl Fuel (US¢) 4.04 4.17 3.2
Operating Indicators 2012 – By Sector
DOM
INT’L
Notes: * In percentage point
25
in USD Mio Jan-Dec 2011 Jan-Dec 2012 ∆ % YoY
EBITDAR 549.5 681.5 24.0
Scheduled Airline 2,580.5 2,887.3 11.9
Non-Scheduled Airline 246.5 269.1 9.2
Others 269.3 316.1 17.4
Total 3,096.3 3,472.5 12.1
Fuel 1,137.7 1,255.1 10.3
Non Fuel 1,866.2 2,049.3 9.8
Total 3,004.0 3,304.4 10.0
Income / Loss from Operations 92.3 168.1 82.0
EBT 96.9 151.5 56.3
Income / Loss Current Period 64.2 110.8 72.6
Comprehensive Income / Loss 72.7 145.4 100.0
Summary of Consolidated Income Statement
Operating Revenue
Operating Expenses
Income
EBITDAR Margin
Nett Margin
19.6 % 17.8 %
3.2 % 2.1 %
26
in USD Mio 31 Dec 2011 31 Dec 2012 ∆ % YoY
Current Assets 757.3 636.6 (15.9)
Non-Current Assets 1,370.7 1,881.4 37.3
Total Assets 2,128.0 2,518.0 18.3
Current Liabilities 645.8 754.2 16.8
Non-Current Liabilities 514.4 648.8 26.1
Total Liabilities 1,160.2 1,403.0 20.9
Total Equities 967.8 1,115.0 15.2
Total Liabilities & Equities 2,128.0 2,518.0 18.3
Summary of Consolidated Balance Sheet
Asset
Liabilities
Equities
Lease Adjusted Net Debt/EBITDAR
Debt/Equity
4.4 x 4.2 x
0.6 x 0.5 x
Net Return on Equity 9.9 % 6.6 %
27
in USD Mio 31 Dec 2011 31 Dec 2012 ∆ % YoY
Beginning Cash/Cash Equivalents 131.0 417.3 218.6
•Operating Activities 244.3 364.7 49.3
•Investing Activities (260.7) (524.4) 101.1
•Financing Activities 292.7 75.5 (74.2)
Net Increase (Decrease) in Cash/Cash Equivalents 276.2 (84.3) (130.5)
Effect of Foreign Exchange Rate Changes 10.1 (7.2) (171.5)
Ending Cash/Cash Equivalents 417.3 325.8 (21.9)
Summary of Consolidated Cash Flow
Strong operating Cash Flow in 2012
Cash Out Flow from Investing Activities amounted to USD 524.4 Mio and allocated for:
USD 554.3 was the payment for PDP & Maintenance Reserve Fund
USD 18.2 Mio was the payment for Security Deposit
USD 73.5 Mio was the refund of PDP
28
4. 1Q-2013 Performance
29
Indicator 1Q13 Achievement D% YoY
5.6 million 20.7
81,334 tons 24.2
74.5 % 1.7 *
US$c 9.01 (4.3)
USD 807.2 million 12.5
USD 677.4 million 13.3
- USD 20.1 million (20.7)
- USD 33.7 million (215.9)
1Q-2013 Highlights
• Operating Indicator figures are for Garuda Indonesia and Citilink • Financial Indicator figures are for Garuda Indonesia Group • * in percentage points
Passenger Carried
Cargo Uplifted
Passenger Yield
Operating Revenue
Passenger Revenue
Operating Income
Income for the Period
Seat Load Factor
DOMESTIC
•Continued Growth in traffic & capacity •Impacted by heavy weather in January •Impacted by weakening IDR/USD •Welcoming 2 CRJ1000NG based in Medan
INTERNATIONAL
•Improved operational & financial performance •Impacted by strengthening USD •Improved SLF-C
CITILINK
•Improved operational performance •Improved domestic market share •At an early stage of Investment
FINANCIAL
• Fitch A(idn) Investment grade credit rating
30
Milestones 1Q - 2013
• Broaden flight network to 6 New destinations in Europe & Middle East (Frankfurt, Brussel, Milan, Dusseldorf, Munich, Bahrain) that served by Etihad Airways
• Extended “Immigration on Board” Agreement
• Launched “Immigration at The Lounge” & “Fast Track” Service for GFF Platinum member
• “Best Long-haul Airline Food”, Asia Pacific Food Airline Awards 2012 from Skyscanner
JAN
• “2012 Domestic Airlines of The Year” from Ray Morgan Research, Australia
• “ASEAN Premium Airline of The Year” from Frost & Sullilvan, USA
• Launched “Wheelchair Transporter” at Soekarno-Hatta International Airport for disable & wheelchair user
• “Earth Hour 2013” Campaign
MAR
•Garuda Indonesia and General Electric (NYSE:GE) launched the CFM56-7B engine shop capability for the Garuda Maintenance Facility (GMF AeroAsia)
• Launched Garuda Indonesia and Liverpool FC Experience
• “The Best Airline” Hajj Season 1433H/2012, from Saudi Arabia General Authorization & Civil Aviation
FEB
31
Mar-12 Dec-12 Mar-13 Ops Lease
Fin Lease
Owned
Narrow Body
• B737-300 5 3 3 2 - 1 • B737-400 1 - - - - - • B737-500 5 5 5 - - 5 • B737-800 NG 53 55 55 55 - - • CRJ - 1000 - 5 7 4 3 - Total Narrow Body 64 68 70 61 3 6 Wide Body • B747-400 3 2 2 - - 2 • B777-ER - - - - - - • A330-200 8 9 9 9 - - • A330-300 6 6 6 - 6 - Total Wide Body 17 17 17 9 6 2 Citilink • B737-300 5 6 6 - - 6 • B737-400 1 1 1 1 - - •A320-200 3 14 18 18 - - Total Citilink 9 21 25 19 - 6 TOTAL FLEET 90 106 112 89 9 14
Fleet Expansion and Rejuvenation in 1Q-2013
# of Aircraft
Fleet at 31 Dec 2012 106
IN: Delivery of: +6
A320-200 4
CRJ-1000 2
OUT: - 0
Fleet at 31 March 2013 112
7,2 6,6
5,0
Mar'12 Mar'13 2013F
Average Fleet Age (years)
32
1Q12 1Q13 ∆ % YoY
Aircraft Utilization (Hours) 10:44 11:04 0:19
Frequencies 35,817 44,224 23.5
On Time Performance (%) 86.4 87.9 1.5 *
ASK (’000) 8,568,110 9,960,325 16.2
Average Fuel Price (USD/L) 0.92 0.92 0.0
Fuel Burn / ATK 0.25 0.25 0.0
Fuel Burn / Blockhours 3,986 3,950 (0.9)
Passenger Carried 4,607,912 5,561,249 20.7
RPK (‘000) 6,236,649 7,420,510 19.0
Seat Load Factor (%) 72.8 74.5 1.7 *
Passenger Yield (US¢) 9.4 9.01 (4.3)
Cargo/Mail Uplifted (Ton) 65,488 81,334 24.2
CASK (US¢) 7.95 7.59 (4.5)
CASK-excl Fuel (US¢) 4.67 4.31 (7.7)
Operating Indicators - Group
Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only * in percentage points
Operational
Passenger & Cargo
Financial
Efficiency
33
1Q12 1Q13 ∆ % YoY
Passenger Carried 3,195,996 3,451,589 8.0
Frequency 24,750 28,948 17.0
ASK (’000) 3,551,325 3,959,491 11.5
RPK (‘000) 2,764,601 2,923,133 5.7
Seat Load Factor (%) 77.8 73.8 (4.0)*
Passenger Yield (US¢) 11.1 10.7 (3.6)
CASK (US¢) 8.9 8.6 (3.7)
CASK-excl Fuel (US¢) 5.4 5.1 (6.0)
Passenger Carried 834,492 922,236 10.5
Frequency 6,029 6,089 1.0
ASK (’000) 4,372,810 4,758,098 8.8
RPK (‘000) 3,021,018 3,576,484 18.4
Seat Load Factor (%) 69.1 75.2 6.1*
Passenger Yield (US¢) 8.5 8.4 (0.5)
CASK (US¢) 7.44 7.09 (4.7)
CASK-excl Fuel (US¢) 4.31 3.92 (9.0)
Operating Indicators 1Q13 – Mainbrand By Sector
DOM
INT’L
Note: * In percentage point
79,2
79,0
63,7
77,8
78,0
77,4
MAR
FEB
JAN
2012 2013
Domestic’s SLF (%)
34
in USD Mio 1Q-2012 1Q-2013 ∆ % YoY
EBITDAR 103.4 125.6 21.5
Scheduled Airline 646.4 728.6 12.7
Non-Scheduled Airline 2.8 6.2 123.3
Others 68.2 72.5 6.2
Total 717.4 807.2 12.5
Fuel 280.5 327.0 16.6
Non Fuel 453.6 500.3 10.3
Total 734.1 827.4 12.7
Income / Loss from Operations (16.7) (20.1) (20.7)
EBT (16.0) (27.1) (69.4)
Income / Loss Current Period (10.7) (33.7) (215.9)
Summary of Consolidated Income Statement
Operating Revenue
Operating Expenses
Income
EBITDAR Margin
Nett Margin
14.4% 15.6%
(1.5%) (4.2%)
35
in USD Mio 31 Dec 2012 31 Mar 2013 ∆ % QoQ
Current Assets 636.6 603.5 (5.2)
Non-Current Assets 1,881.4 2,061.7 9.6
Total Assets 2,518.0 2,665.2 5.8
Current Liabilities 754.2 806.9 7.0
Non-Current Liabilities 648.8 774.7 19.4
Total Liabilities 1,403.0 1,581.7 12.7
Total Equities 1,115.0 1,083.6 (2.8)
Total Liabilities & Equities 2,518.0 2,665.2 5.8
Summary of Consolidated Balance Sheet
Asset
Liabilities
Equities
Lease Adjusted Net Debt/EBITDAR
Debt/Equity
Net Return on Equity
4.7 x
0.7 x
(3.1%)
4.4 x
0.6 x
9.9%
36
in USD Mio 31 Mar 2012 31 Mar 2013 ∆ % YoY
Beginning Cash/Cash Equivalents 417.3 325.8 (21.9)
•Operating Activities 24.1 16.7 (30.6)
•Investing Activities (110.2) (186.9) 69.6
•Financing Activities (18.6) 114.3 714.7
Net Increase (Decrease) in Cash/Cash Equivalents (104.7) (55.9) (46.6)
Effect of Foreign Exchange Rate Changes (1.35) (1.28) 4.9
Ending Cash/Cash Equivalents 311.2 268.6 (13.7)
Summary of Consolidated Cash Flow
Operating Activities
Increased on interest & financial charges paid and income taxes paid
Investing Activities
USD 173.4 was the payment for PDP & Maintenance Reserve Fund
USD 5.9 Mio was the payment for Security Deposit
USD 10.1 Mio was the refund of PDP and Maintenance Reserve Fund
Financing Activities
New Loan: $179.1 million
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1Q-2013 still on Track
Estimates 2013E Key Drivers 1Q-2013
139 112
15% – 20% 20.7%
15% - 20% 16.2%
$ 200 – 250 mio $ 116.9 mio
$ 300 – 400 mio $ 24.9 mio
# of Fleet
Passenger Carried Growth
ASK Growth
CAPEX *
Net PDP
Note: * GA only, excluding subsidiaries
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2nd regional based for CRJ-1000 at Medan 15 April 2013
Recent Developments
Operation
Funding
Signing Agreement ALAFCO & Garuda Indonesia for Financing of 2 aircraft B777-300ER with Sharia principles
22 April 2013
IDR Bond: 1st Registration to OJK 25 Apr 2013
Garuda’s New Routes: • Medan – Palembang vv • Medan – Padang vv • Padang – Pekanbaru vv
15 April 2013
Citilink’s New Routes: • Jakarta – Bengkulu vv • Jakarta - Jambi vv • Jakarta - Semarang vv • Jakarta – Pangkal Pinang vv • Jakarta – Tanjung Karang vv • Makassar – Jogjakarta vv • Jakarta – Jogjakarta vv • Jakarta – Malang vv
03 April 2013
05 April 2013 08 April 2013 15 April 2013 28 April 2013
Network
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Why Invest on Garuda Indonesia?
• Rapid Developing Economy
• Strong Traffic Growth
Indonesia Opportunity
• Solid Operating Result, 20% EBITDAR
• Cost Discipline
Sustainable Profitability
• World’s Best regional Airlines 2012
• Quantum-Leap
Proven Management
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Notes
41
Notes
42
Notes
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PT Garuda Indonesia (Persero) Tbk. Investor Relations Department 2nd Floor Management Building Garuda City Soekarno Hatta International Airport Phone : 62-21-2560 1201 Email : [email protected]
THANK YOU