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Analyst Meeting & Presentation3Q – 2012 Result Announcement
Jakarta, 25 October 2012
1
Shareholder List as of 30 September 2012
Price (30Sept12, IDR) : 620Market cap (IDR. tn) : 14,04Number of share : 22,640,996,000Free Float (%) : 31.8652-week price range : 780 – 390
Number of Shares %
Domestic
Government of Indonesia 15,653,128,000 69.14%
Retail 1,243,815,798 5.49%
Employee 96,823,977 0.43%
Instutional 4,602,880,215 20.33%
Total Domestic 21,596,647,990 95.39%
International
Retail 2,633,500 0.01%
Instutional 1,041,714,510 4.60%
Total International 1,044,348,010 4.61%
TOTAL 22,640,996,000 100.00%
Shareholder List as of 30 September 2012 Share Performance
2
Contents
1. 9M – 2012 Highlight
2. Market & Competition
3. 9M – 2012 : Operating Result
4. 9M – 2012 : Financial Result
5. Subsidiaries Highlight
3
9M – 2012 Highlight
Emirsyah Satar , CEO
4
9M-2012 Highlight
Indicator ∆% YoY9M 2012
Achievement
1 Passenger Carried 20.2 14,89 million
2 Cargo Uplifted 18.7 201,070 ton
3 Passenger Yield 0.6 U$c 9.55
4 Total Revenue 14.4 USD 2.39 billion
5 Passenger Revenue 11.70 USD 2.13 billion
6 Operating Income 140.4 USD 92.75 million
7 Income for the Period 51.9 USD 56.48 million
•Operating Indicator figures are for Garuda Indonesia and Citilink•Financial Indicator figures are for Garuda Indonesia Group.
5
The Market & Competition
6
Competition on routes which GA flown – Per July 2012
GA Domestic traffic is growth by 14.9% YoY GA International traffic is growth by 17.9%
Sources: Company (direct competition GA routes in/out CGK,DPS,SUB,UPG), exclude Citilink
17,5 19,7
6,6 7,6
Jan - Jul 2011 Jan - Jul 2012
Others GA Dom
12.6%
14.9%
13.2%24.1
27.3
27,6%
72,4%
7M - 2011
GA Dom OTHERS
28,0%
72,0%
7M - 2012
5,8 6,3
1,8 2,0
Jan - Jul 2011 Jan - Jul 2012
Others GA Int'l
7.06.2
11.3%
17.9%
12.9%
23,3%
76,7%
7M - 2011
GA Int'l OTHERS
24,5%
75,5%
7M - 2012
11
Domestic’s GA Market share increase to 28% International’s GA Marketshare increase to 24.5%
In million passenger In million passenger
7
Routeschanges
Freq / Week Route Start Ops
Dom Add freq 14x to 21x Cengkareng – DJB 15 Jul 2012
28x to 35x Cengkareng – Padang 25 Aug 2012
98x to 105x Cengkareng – Denpasar 26 Aug 2012
63x to 70x Cengkareng – Jogyakarta 3 Sept 2012
56x to 63x Cengkareng – Balikpapan 24 Sept 2012
Int’l Re-Route 7x Makassar – Balikpapan – Singaporeiso Makassar – Singapore
15 Jul 2012
Reduce Freq 14x to 7x Denpasar – Perth 24 Aug 2012
7x to 5x Cengkareng – Sydney 3 Sept 2012
21x to 14x Cengkareng – Kualalumpur 24 Sept 2012
Routes Changes 3Q – 2012
8
9M – 2012 : Operating Result
9
12,53
17,07
12,3814,89
2010 2011 9M-2011 9M-2012
Seat Load Factor improved Passenger carried increased (in mio)
Consistent Operational Improvement
+ 36.2% + 20.2% + 3.5 bp + 0.7 bp
71,70%
75,72% 75,16%75,86%
2010 2011 9M-2011 9M-2012
Higher aircraft utilization Flight frequency increased
+ 01:17 + 00:05 + 26.6% 17.2%
9:23
10:10
10:42 10:47
2010 2011 9M-2011 9M-2012
102.724
130.043
94.899 111.251
2010 2011 9M-2011 9M-2012
1010
Also Sustainable Quarterly Performance
RPK ASK
Passenger Carried Frequencies
5,26,6 7,0 6,97,4
8,3 8,4 8,48,69,2 9,0
0
2
4
6
8
10
Q1 Q2 Q3 Q4
2010 2011 2012
23.127 26.333 26.924 26.340
28.952 32.334 33.613 35.144 35.817 36.876 38.558
10.000
20.000
30.000
40.000
Q1 Q2 Q3 Q4
2010 2011 2012
3,54,5
5,3 5,15,36,2 6,6 6,46,2
7,1 7,1
0
2
4
6
8
Q1 Q2 Q3 Q4
2010 2011 2012
2,53,0
3,5 3,53,74,2 4,5 4,74,6
5,0 5,3
0
2
4
6
Q1 Q2 Q3 Q4
2010 2011 2012
All figures included Garuda Indonesia and Citilink
11
9M-2011 9M-2012 ∆ % YoYAircraft Utilization (Hours) 10:42 10:47 0:05
Frequencies 85,418 94,923 11.1
On Time Performance (%) 87.61 84.50 -3.5
ASK (’000) 22,825,121 24,784,347 8.6
Average Fuel Price (USD/L) 0.90 0.91 1.1
Passenger Carried 11,257,779 13,008,793 15.6
RPK (‘000) 17,128,030 18,906,249 10.4
Seat Load Factor (%) 75.04 76.28 1.7
Passenger Yield (US¢) 9.69 9.85 1.7
Cargo/Mail Uplifted (Ton) 150,314 168,384 12.0
Cargo Yield (US¢) 36.48 37.72 3.4
CASK (US¢) 7.87 7.95 1.0
CASK (excl fuel) (US¢) 4.64 4.71 1.5
Operating Indicators – 9M 2012 (Garuda Indonesia)
Operational
Passenger &
Cargo
Financial
12
DOM
INT’L
Operating Indicators 9M 2012 – GA by sector
9M-2011 9M-2012 ∆ % YoY
Passenger Carried 8,868,014 10,305,728 16.2
ASK (‘000) 9,800,014 10,982,928 12.1
RPK (‘000) 7,658,795 8,895,757 16.2
Seat Load Factor (%) 78.15 81.00 3.6
Passenger Yield (US¢) 11.63 11.35 -2.4
CASK (US¢) 8.93 8.85 -0.9
CASK excl fuel (US¢) 5.50 5.41 -1.6
Passenger Carried 2,389,765 2,703,065 13.1
ASK (‘000) 13,025,107 13,801,419 6.0
RPK (‘000) 9,469,236 10,010,492 5.7
Seat Load Factor (%) 72.70 72.53 -0.2
Passenger Yield (US¢) 8.12 8.51 4.8
CASK (US¢) 7.08 7.24 2.3
CASK excl fuel (US¢) 3.99 4.15 4.0
1313
Financial & Operating Indicators 9M 2012 (Citilink)
9M-2011 9M-2012 ∆ % YoY
Number of Aircraft 6 15 150.0
Frequencies 9,481 16,328 72.2
ASK (‘000) 1,226,198 2,087,700 70.3
Passenger Carried 1,127,246 1,883,950 67.1
RPK (‘000) 948,915 1,478,785 55.8
Seat Load Factor (%) 77.39 70.83 -8.5
Passenger Yield (US¢) 5.90 5.77 -2.2
CASK (US¢) 6.48 6.23 -3.9
CASK excl fuel (US¢) 3.06 2.97 -2.9
Operational
Passenger& Cargo
Financial
1414
9M - 2011 9M - 2012
Passengers Carried Breakdown by Segment
Passenger Carried in 9M 2012 : 14.9 mioPassenger Carried in 9M 2011 : 12.4 mio
72%
19%
9%
Domestik International Citilink
69%
18%
13%
Domestic International Citilink
Domestic segment still the major contributor for our traffic, but the growth driver would be from Citilink.
1515
Year-on-Year Quarter-on-Quarter
Improving Productivity and Cost Efficiency
0.90 0.890.95 0.92 0.930.830.51 0.660.860.57 0.91
Jet Fuel (USD/Liter)
0.90 0.90 0.87
73,1
92,4
75,7 81,4
94,6 92,9 93,3
47,8
61,2
47,6 50,1 55,7 55,1 54,7
29,9 34,7 32,8 32,6 32,7 32,2 32,0
2007 2008 2009 2010 2011 9M 2011 9M 2012
Net Rev/RTK CATK CATK excl Fuel
84,24 92,71
100,26 99,37 92,07 92,05 95,78
53,48 56,70 54,98 57,43 55,35 54,79 54,00
32,41 32,43 31,81 34,06 32,45 31,35 32,14
1Q-11 2Q-11 3Q-11 4Q-11 1Q-12 2Q-12 3Q-12
Net Rev/RTK CATK CATK excl Fuel
16
Impact from Rejuvenation of Fleet
- Younger fleet age enable us to improve our efficiency on fuel usage
- We have successfully minimize our fuel burn per RTK from above 0.45 before 2010, to just 0.42 beyond 2011.
Fuel burn / RTK Fuel Burn / Blockhours
0,462
0,452 0,453
0,430
0,420 0,4190,415
2007 2008 2009 2010 2011 9M 11 9M 12
4.434
4.360
4.267 4.311
4.145 4.195
4.029
2007 2008 2009 2010 2011 9M 11 9M 12
17
Fleet: Expansion and Rejuvenation of Fleet
Sep2011
Dec2011
Sep 2012
Ops Lease
Fin Lease
Owned
Narrow Body 63 62 63 57 6
• B737-300 5 5 3 2 - 1
• B737-400 6 1 - - - -
• B737-500 5 5 5 - - 5
• B737-800 NG 47 51 55 55 - -
Wide Body 15 16 16 8 6 2
• B747-400 3 3 2 - - 2
• A330-200 6 7 8 8 - -
• A330-300 6 6 6 - 6 -
Citilink 7 9 16 11 - 5
• B737-300 5 5 6 1 - 5
• B737-400 1 1 1 1 - -
•A320-200 1 3 9 9 - -
TOTAL FLEET 85 87 95 76 6 13
Planned 2012: # of Aircraft
Fleet at 30 Sept 2012 95
IN: Delivery of: +10
A330-200 1
A320-200 4
CRJ1000 5
Fleet at 31 Dec 2012 105
# of Aircraft
Fleet at 31 Dec 2011 87
IN: Delivery of: +11
A330-200 1
A320-200 6
B737-800 NG 4
OUT: -3
B737-400 -1
B737-300 -1
B747-400 -1
Fleet at 30 Sept 2012 95
Average Age 6.23 years6.50
18Page 18
5 November 2012
• More benefit for Garuda Indonesia customer
• Expand International Network Coverage, especially European Network
• Extensive collaboration possibility beyond codesharing (SPA, Frequent Flyer,
Lounges, Maintenance, staff travel, joint pricing, joint distribution, cargo
cooperation etc)
• 42nd partner for EY, 11th partner for GA
•Subject to regulatory approval, will expand GA network to 28 new destinations
(have good connection with GA schedule)
• Global Alliance Program through SkyTeam will only be effective in 2014
Steps taken to accelerate access to global network
Garuda Indonesia (GA) – Etihad Airways (EY) Codeshare agreement
19Page 19
5 November 2012
Steps taken to accelerate access to global network
GA – EY Codeshare agreement
Jakarta
Dubai
Amsterdam
Abu Dhabi
AmsterdamEurope
US/Canada
Middle East & Africa
Multiple Partner :To Europe : KLM (London, Frankfurt, Zurich, Madrid, Munich)
Turkish Airlines (Istanbul)To US : China Airlines (San Fransisco & Los Angeles)To North Asia : China Southern (Guang Zhou)
Korean Air (Seoul)To Asia : Singapore Airlines (Denpasar)
Silk Air (some domestic dest)Vietnam Airlines (Saigon)Phillipine Airlines (Manila)Royal Brunai (Bandar Seribegawan)
Current Network GA – EY Network
Single Partner to Europe, US, Canada, Middle East and Africa
JKT
Europe dest:Paris DublinLondon DusseldorfFrankfurt GeneveMilan BrusselsMunich AthensManchester DomodedovoIstanbul
Middle East dest:Jeddah Bahrain Muscat KuwaitDammam BeirutRiyadh Amman
US/Canada dest:New YorkChicagoToronto
Africa dest:CairoJohannesburgNairobi
Taipei
To Other EuropeSeoul
Istanbul
To some domestic & ASEAN city
20
Human Capital
9M-2011 9M-2012 ∆ % YoY
Number of Employees 5,835 6,105 4.63
Ground Staff 3,031 3,129 3.23
Cockpit Crew 706 760 7.65
Cabin Crew 2,098 2,216 5.62
ASK/Employee 3,912 4,060 3.78
RPK/Employee 2,935 3,097 5.52
Cockpit Crew/Aircraft 9 9 0.00
Cabin Crew/Aircraft 27 28 3.70
Opt Rev/Employee (IDR Mio) 323 343 6.19
STPI33%
BIFA49%
Others18%
Recruitment Pilot by Sources2009 - current:
Total recruited 2009-current : 321
21
9M – 2012 : Financial Result
Handrito Hardjono , CFO
22
Income Statement Summary Consolidated
In USD Mio 9M-2011 9M-2012 ∆ % YoY
EBITDAR 369.4 445.3 20.5
Scheduled Airline 1,880.8 2,129.7 13.2
Non Scheduled Airline 10.8 60.5 458.6
Others 193.9 196.3 1.3
Total 2,085.5 2,386.6 14.4
Fuel 780.3 885.9 13.5
Non Fuel 1,266.6 1,407.9 11.2
Total 2,046.9 2,293.8 12.1
Income/Loss from Operations 38.6 92.8 140.4
EBT 51.6 85.3 65.3
Income/Loss Current Period 37.2 56.5 51.9
Comprehensive Income/Loss 29.2 60.8 108.2
Operating Revenue
Operating Expenses
Income
Achieving USD 92.8 mio Income from Operations in 9M12, increase 140.4% from Operation in 9M11And we could increase Income from Current Period to USD 60.8 mio in 9M12, from USD 29.2 mio in 9M11
23
Operating Revenue 9M-2012
9M-2011OperatingRevenue
+$232.4(+13.2%)
Passenger
+$16.7(+13.3%)
Cargo
+$49.7(+458.6%)
NonScheduled
Others
+$2.4(+1.3%)
9M-2012OperatingRevenue
$2,386.6
$2,085.5 Strong Operating revenue growth, driven by 13.3% growth on passenger revenue (carried additional 2.5 million passenger compare 9M-2011)and passenger yield increase 0.6%
Changes in Operating Revenues (USD Mio)
24
Operating Expenses
$2,293.8
$65.3+17.3%
Flight Ops
$105.6+13.5%
Fuel
$15.4+8.3%
Maintenance
$23.7+13.0%
Pax Service
$6.4+3.2%
Ticketing & Sales
$16.1+10.5%
User Charges & Station
$10.4+7.3%
G & A
$4.0+15.2%
Others
9M-2012OperatingExpenses
$2,046.9
9M-2011OperatingExpenses Operating Expenses only grew by 12.1%, as our
Operating Revenue grew by 14.4%.
Changes in Operating Expenses (USD Mio)
Expense Item
PoT*
Others 1.3%
G & A 6.7%
User Charges & Station
7.4%
Ticketing & Sales
8.9%
Pax Service 9.0%
Maintenance 8.8%
Fuel 38.6%
Flops 19.3%
*) PoT=Percentage of Total
25
Balance Sheet Summary Consolidated
(in USD Mio) 31-Dec-11 30-Sep-12 ∆ % YoY
Current Assets 749.9 567.9 -24.3
Non Curents Assets 1,325.5 1,639.1 23.7
Total Assets 2,075.4 2,207.0 6.3
Current Liabilities 645.8 747.7 15.8
Non Curent Liabilities 506.8 477.0 -5.9
Total Liabilities 1,152.7 1,224.7 6.3
Total Equities 922.8 982.3 6.4
Total Liabilities & Equities 2,075.4 2,207.0 6.3
Asset
Liabilities
Equities
26
Cash Flow Summary Consolidated
(in USD Mio) 9M-2011 9M-2012 ∆ % YoY
Beginning Cash/Cash Equivalents 131.0 417.3 218.6
•Operating Activities 139.3 215.4 54.6
•Investing Activities (198.0) (403.6) 103.9
•Financing Activities 330.9 (15.4) (104.7)
Net Increase (Decrease) in Cash/Cash Equivalents 272.3 (203.6) (174.8)
Effect of Foreign Exchange Rate Changes 23.4 (4.5) -119.0
Ending Cash/Cash Equivalents 426.6 209.2 -51.0
Cash Out Flow from Investing Activities amounted USD403.6 Mio for:
USD405.6 is paymennt for PDP & Maintenance Reserve Fund
USD 15.3 Mio payment for Security Deposit
USD 31.6 Mio refund of PDP
27
Cash Position & Net Gearing Total Debt Breakdown
Sustainable Low Net Gearing
- Our Cash Position decreased as per Sep 2012 due to increasing Advance for A/C Purchases and Maintenance Reserve Funds
- While at the same time we are able to maintain our Net Gearing in low level
- As per Sept we carry USD 448.7 million Total Debt, with composition of 66.4% Long-term Loan, 33.5% Lease Liabilities and 0.1% Bank Loans (short-term)
Total Debt on September 2012: USD 448.7 mio
66,4%
33,5%
0,1%
Long-term Loan Lease Liabilities Bank Loan (Short-term)
131
417
209,2
363
556
862,80,66
0,05
0,24
-
0,25
0,50
0,75
-
250
500
750
1.000
31-Dec-10 31-Dec-11 30-Sep-12
Cash PositionAdvance for A/C Purchase & Maintanace Reserve FundNet Gearing
28
Subsidiaries
29
PT Aerowisata Financial 9M-2012 (in USD)
PT GMF-AA Financial 9M-2012 (in USD)
PT Aero System Financial 9M-2012 (in USD)
PT Abacus Indonesia Financial 9M-2012 (in USD)
Summary of Subsidiaries Performance
9M-2011 9M-2012 ∆ %
Operating Income 8,703,386 4,303,489 -50.6
Net Income 7,448,217 4,308,641 -42.2
EBITDA 13,781,576 9,741,923 -29.3
Dec 2011 Sep-2012 ∆ %
Assets 198,406,365 193,799,076 -2.3
Liabilities 68,587,270 67,149,741 -2.1
Equity 129,819,095 126,649,335 -2.4
9M-2011 9M-2012 ∆ %
Operating Income 491,392 (317,003) -164.5
Net Income 52,811 7,399 -86.0
EBITDA 1,096,222 662,721 -39.5
Dec 2011 Sep-2012 ∆ %
Assets 24,884,051 27,844,561 11.9
Liabilities 13,048,387 16,001,498 22.6
Equity 11,835,664 11,843,063 0.1
9M-2011 9M-2012 ∆ %
Operating Income 8,894,744 9,864,090 10.9
Net Income 4,587,081 8,188,683 78.5
EBITDA 10,937,134 12,311,618 12.6
Dec 2011 Sep-2012 ∆ %
Assets 151,409,683 182,009,392 20.2
Liabilities 92,509,430 115,220,142 24.5
Equity 58,900,253 66,789,250 13.4
9M-2011 9M-2012 ∆ %
Operating Income (48,288) 51,811 207.3
Net Income (8,976) 18,393 304.9
EBITDA - - -
Dec 2011 Sep-2012 ∆ %
Assets 5,400,416 5,601,516 3.7
Liabilities 833,827 1,019,089 22.2
Equity 4,566,589 4,582,426 0.3
30
The Remaining 2012 Outlook
Emirsyah Satar , CEO
31
Outlook for the remaining Quarter in 2012
•Expected capacity growth FY 2012 will be 13%
•Revenue growth inline with expectation :
• Robust demand in Domestic
• GIAA traffic continue to grow higher than market
• New Fleet deliveries on-time
• New player of FSC expected to enter the market , see no significant
impact on GA
32
Notes
33
PT Garuda Indonesia (Persero) Tbk.Investor Relations Department
2nd Floor Management BuildingGaruda CitySoekarnoHattaInternational AirportPhone: 62-21-2560 1201Email: [email protected]
THANK YOU
