ANALYST MEETING PT GARUDA INDONESIA (PERSERO) Tbk.

ANALYST MEETING PT GARUDA INDONESIA (PERSERO) Tbk.

ANALYST MEETING
PT GARUDA INDONESIA (PERSERO) Tbk.
9M2015 Result Announcement
Jakarta, 23 October 2015
1
Agenda
Hal
1. Company Profile
3–8
2. Operational Performance
9 – 13
3. Financial Performance
14 – 20
4. Subsidiaries
21 – 23
Picture’s source: www.google.com
2
Share Performance
GIAA & JCI
List of Shareholders as of 30 Sept 2015
GIAA (RHS)
JCI (LHS)
Number of Shares
%
Domestic
Government of Indonesia
Retail
Employee
Institutional (Trans Airways)
Other institutional (less than 5%)
Total domestic
15,653,128,000
857,530,739
78,724,370
6,370,697,372
1,686,581,134
24,646,661,615
60.5
3.3
0.3
24.6
6.5
95.3
3,856,770
1,218,408,248
1,222,265,018
25,868,926,633
0.0
4.7
4.7
100.0
International
Notes
Av. liquidity (IDR/day)
Av. close price (IDR)
Av. volume (shares/day)
Market cap (IDR)
9M-2014
9M-2015
1.8 bio
4.2 bio
453
482
3.9 mio
8.6 mio
10.7 trillion
7.9 trillion
Retail
Institutional (less than 5%)
Total international
TOTAL
Domestic
International
Percentage of Shares based on Real Free
Float
68.2%
31.8%
Real free float 15% - excluding Government of Indonesia and Trans Airways
ownerships.
3
Garuda Indonesia Continues its Bright Performance in Challenging Conditions
• Top line increase 0.5% YoY
• Reduce cost 11.8% YoY
• Bottom line improves
(9M2015 – net profit USD 51.4Mio)
•
•
•
Sustainable passenger growth: 17.5% YoY
Sustainable market share
(Dom: 44% & Inter: 28%)
Sustainable high SLF 77.3%
•
•
Manage RPK growth is higher compare to
ASK growth
The non fuel efficiency, exercised ± 70% of
target FY 2015
Picture’s source: www.google.com
4
Awards
46 awards 2015:
Domestic: 34 awards
International: 12 awards
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Service: 17 awards
Commercial: 9 awards
Business: 7 awards
Corporate Transformation: 5 awards
Human Capital: 4 awards
People Management: 2 awards
GCG: 2 Awards
SKYTRAX Awards 2015 “The World’s Best Cabin Crew”
SKYTRAX Awards 2015 “World’s Best Airline” 8th Rank
FinanceAsia Awards 2015 “Asia’s Best Companies 2015”
Schipol Aviation Awards “Passenger Airline of the Year Award 2014-Intercontinental”
Indonesia Human Capital Award 2015 “1st in Human Resources Technology”
Indonesia Good Corporate Governance Award 2015 “Score A (Excellent)”
Pacific Asia Travel Association (PATA) “Gold Awards 2015 for Inflight Magazine”
Picture’s source: www.google.com
5
Milestones
First Quarter 2015
• Garuda Indonesia implemented hedging cooperation through Cross Currency Swap (CCS) transactions with banks.
The first and the biggest CCS transaction, exercised by SOE in Indonesia.
• Garuda Indonesia, BII-Maybank, and NBAD/DIB carried signing of bridging loan facility with the principles of Sharia
facility of $ 500 million.
Second Quarter 2015
• Garuda Indonesia launched the "New Mobile Apps“
• Garuda Indonesia and Cardig Air signed a cooperation of air cargo management and business development
• Garuda Indonesia exercised “Reprofiling Debt” of “Quick Wins” strategy by issuing sukuk amounted $500 mio with
4 times booking order.
Third Quarter 2015
• Garuda Indonesia ends the Hajj Flights 2015 with 92.38% On-Time Performance Rates.
• The Inaugurations of Garuda Maintenance Facilities AeroAsia (GMF-AA) 4th Hangar
• President & CEO of Garuda Indonesia appointed as President of Indonesia Marketing Association (IMA) for the
period 2015-2017
Picture’s source: www.google.com
6
Garuda Indonesia Group Market Share – YTD August 2015
International Market Share
Domestic Market Share
2014
17%
46%
37%
2014
2015
15%
72%
78%
Others
41%
2015
Others
Lion Group
44%
22%
GA Group
Garuda domestic market share group (including Citilink)
These market share were calculated based on all Garuda Indonesia’s routes
Source: Company Data
28%
GA Main Brand
Garuda main brand international market share
These market share were calculated based on all Garuda Indonesia’s routes
Source: Company Data
Picture’s source: www.google.com
7
Peers Comparison – Operational Performance YTD 9M2015
25.00
ASK growth (%) 2014 vs 2015
RPK growth (%) 2014 vs 2015
20.00
15.00
20.00
14.5
15.00
10.00
6.0
5.00
3.7
6.4
5.0
15.00
(0.2) (0.9)
5.00
Asia
Pasific
7.3
8.3
6.1
(0.9)
-5.00
Asia
Pacific
25.0
Passenger carried of AAPA – 2015
Passenger carried growth (%) 2014-2015
Passenger Carried Growth
20.0
17.5
13.1
15.0
10.6
10.00
8.8
10.00
0.00
-5.00
20.00
14.8
5.00
0.00
25.00
16.5
8.9
8.5
1.7
10.0
11.4
10.9
6.4
8.9
5.5
5.0
0.6
1.1
-
-
Asia
Pacific
South
East
South
North
East
Oceania Central
Asia
Pacific
Note: YTD September 2015
Sumber: Airline Website and Asia Pacific Data for August 2015
8
Operational Performance
9
Number of Fleets
Average Age (year)
5.8
2012
5.0
2013
4.5
2014
Fleets per Dec 2014
In
* B737-800NG
* ATR 72-600
* B777-300 ER
* A320-200
* A330-300
Total
Out
* A330-200
* B737-800
Total
Fleets per Sept 2015
4.7
4.3
Sep-15 2015E
169
5
2
2
4
1
14
1
1
2
181
Narrow body
• B737-500
• B737-800 NG
• CRJ - 1000
• ATR 72-600
Total narrow body
Wide Body
• B747-400
• B777-300 ER
• A330-200
• A330-300
Total wide body
Garuda main brand
Citilink
• B737-300
• B737-500
•A320-200
Total Citilink
Total fleets
14-Dec
Sep 15
Ops.lease
Fin lease/
owned
15-Dec
4
75
15
8
102
1
79
15
10
105
79
9
10
98
1
6
7
81
18
11
110
2
6
11
11
30
132
2
8
10
12
32
137
8
10
6
24
122
2
6
8
15
2
9
9
13
33
143
5
32
37
169
5
3
36
44
181
36
36
158
5
3
8
23
5
3
36
44
187
10
Operational Performance Garuda Group
9M-2014
9M-2015
∆%
9:53
9:11
-0:42
165,642
186,105
12.4
89.6
88.2
(1.4)
36,902,810
38,748,407
5.0
0.9
0.5
(37.9)
3,699
3,590
(2.9)
Passenger Carried
20,893,654
24,551,594
17.5
RPK ('000)
26,086,291
29,951,212
14.8
Aircraft Utilization (Hours)
Frequencies
Operational
On Time Performance - OTP (%)
ASK ('000)
Average Fuel Price (USD/L)
Fuel Burn/Blockhours
Efficiency
Yield decreased
• The passenger yield decreased
13.7% due to IDR depreciation
±12.1% and lower international
fares amidst unstable economic.
Utilization decreased
• The utilization was going down
to be 9:11 hours due to route
restructuring of Quick Wins
program, especially in
international market.
Others
Passenger & Cargo
Seat Load Factor (%)
70.7
77.3
6.6
Passenger Yield (USc)
8.6
7.5
(13.7)
292,888
257,304
(12.1)
CASK (Usc)
7.6
6.4
(15.3)
CASK-excl Fuel (Usc)
4.5
4.5
0.0
Cargo/Mail Uplifted (Ton)
Financial
• OTP decrease due to Mount
Raung eruption and fire incident
in SHIA Terminal 2
• Cargo capacity decrease due to
the increase of passenger
carried as Garuda Cargo is ‘belly
cargo’ on Garuda Group.
11
Operational Performance Domestic & International
Domestic
International
9M-2014
9M-2015
∆%
Passenger Carried
Frequency
ASK ('000)
RPK ('000)
Seat Load Factor (%)
Passenger Yield (Usc)
CASK (Usc)
CASK-excl Fuel (Usc)
12,666,172
106,581
14,779,378
10,915,976
73.9
10.1
8.6
5.3
14,508,965
118,607
16,448,716
12,675,797
77.1
8.6
7.1
5.0
14.5
11.3
11.3
16.1
3.20
(14.5)
(17.1)
(4.4)
Passenger Carried
Frequency
ASK ('000)
RPK ('000)
Seat Load Factor (%)
Passenger Yield (Usc)
CASK (Usc)
CASK-excl Fuel (Usc)
2,897,051
21,549
16,963,144
11,101,472
65.4
8.0
7.3
4.4
3,176,986
20,835
15,742,812
11,953,539
75.9
6.9
6.3
4.5
9.7
(3.3)
(7.2)
7.7
10.49
(13.6)
(13.6)
3.0
Garuda Indonesia main brand has
58 domestic destinations
17 international destinations
Picture’s source: www.google.com
12
Operational Performance Main Brand & Citilink
Main Brand
Citilink
Passenger Carried
Frequency
ASK ('000)
RPK ('000)
Seat Load Factor (%)
Passenger Yield (Usc)
CASK (Usc)
CASK-excl Fuel (Usc)
Passenger Carried
Frequency
ASK ('000)
RPK ('000)
Seat Load Factor (%)
Passenger Yield (Usc)
CASK (Usc)
CASK-excl Fuel (Usc)
9M-2014
15,563,223
128,130
31,742,521
22,017,448
69.4
9.1
7.9
4.8
5,330,431
37,512
5,160,289
4,068,844
78.9
6.5
5.7
2.9
9M-2015
17,685,951
139,442
32,191,527
24,629,336
76.5
7.8
6.7
4.8
6,865,643
46,663
6,556,880
5,321,876
81.2
5.8
5.0
3.2
∆%
13.6
8.8
1.4
11.9
7.15
(13.7)
(14.9)
(0.2)
28.8
24.4
27.1
30.8
2.31
(10.7)
(13.4)
11.2
13
Financial Performance
14
Summary of Consolidated Income Statement
Garuda Group
Top Line (USD, Bio)
Operating
Revenue
Operating
Expenses
Income
In USD Mio
9M14
9M15
∆ % YoY
EBITDAR
406.3
918.4
126.0
Total revenues
2,831.3
2,845.7
0.5
Fuel
1,175.7
806.5
(31.4)
530.1
659.9
24.5
Others
1,374.8
1,251.3
(9.0)
Total expenses
3,080.6
2,717.6
(11.8)
EBIT
(249.3)
128.1
151.4
EBT
(298.3)
81.3
127.3
Net income
(220.1)
51.4
123.4
14.4%
32.3%
Aircraft rental and charter
EBITDAR Margin
1.0
0.9
0.9
Q1
Q2
Q3
Garuda Group
Net Income (USD, Mio)
22.1
16.9
12.4
Q1
Q2
Q3
15
Operating Revenue
In USD mio
% Change
0.5%
2.4%
Scheduled airline decrease
Others
(2.4%)
2,831.3
2,845.7
• Lower yield due to IDR depreciation and unstable
economic condition in regional
• Losing revenue potency due to challenging conditions
such mount eruption, SHIA fire incident, and hazardous
haze in indonesia surroundings
Non Schedule Airline
Schedule airline
Non schedule airline increase
9M15
9M14
Operating Revenue
Operating Revenue
Schedule airline
Operating Revenue
*PoT
84.60%
Non schedule airline
6.20%
Others
9.20%
• Sustainable increase of charter revenue to China market
and Umrah (Middle East).
• Additional revenue from Hajj season
Others increase
• Others revenue increased due to green performance of
subsidiaries.
*PoT : Percentage of total
16
Operating Expenses
In USD mio
% change
Decreasing expenses
(12.0%)
4.7%
3,080.6
Fuel
Fligh Ops +
Maintenance +
User charge
(1.6%)
Tickets +
Passenger
Service
(0.3%)
G&A
(2.6%)
2,717.6
Others
9M14
Operating Expenses
Operating Expenses
• Fuel expenses decreased 31.4% to be USD 806.5mio
compared to same period last year of USD 1.2bio
due to fuel price declining 37.9% compare last year.
• Total operating expenses decreased 11.8% to be
USD 2.7 bio compared to the same period last year
USD 3.1bio.
• Fuel efficiency YTD 9M15 USD 369.3mio as impact
of fuel price declining and fuel efficiency program
• Non fuel efficiency YTD 9M15 USD ±115.3mio
9M15
Operating Expenses
PoT*
Fuel
28.97%
Flight ops + Rental + Maintenance + User charge
47.96%
Ticketing + Passenger Service
15.62%
G&A
5.89%
Others
1.55%
Increasing expenses
• The rental cost increased 24.5% to be USD 659.9mio
compared to the same period last year of USD 530.1
mio in line with the additional fleets.
• The maintenance cost increased by 9.5% to be USD
210.2mio compared to the same period last year
USD 192.0mio in line with the additional fleets.
*PoT : Percentage of total
17
Summary of Consolidated Balance Sheet
Asset
Liability
Equity
FY14
9M15
∆ % YoY
810.5
843.5
4.1
Non current assets
2,302.6
2,238.5
(2.8)
Total Assets
3,113.1
3,082.0
(1.0)
Current liabilities
1,219.4
1,103.7
(9.5)
Non current liabilities
1,014.2
1,107.2
9.2
Total liabilities
2,233.6
2,210.9
(1.0)
879.5
871.1
(0.9)
3,113.1
3,082.0
(1.0)
Current assets
Total equities
Total liabilities & Equities
Lease Adj. Net Debt/EBITDAR
10.1x
7.5x
18
Summary of Consolidated Cash Flow
9M14
9M15
∆ % YoY
480.4
434.3
(9.6)
Cash from operating activities
(180.9)
56.0
130.9
Cash from investing activities
(189.6)
(104.1)
(45.1)
Cash from financing activities
271.2
44.8
(83.5)
Net increase (decrease) in cash
(99.3)
(3.1)
n.a.
Ending cash
396.6
409.5
3.2
Beginning cash
Operating
Investing
 Cash receipts from customers USD 2.8bio
 Cash payments to suppliers USD 2.4bio
 Payments of interest and financial
expenses USD 45.2mio
 Payments PDP & Maintenance Reserve
Fund: USD 303.4mio
 Security Deposit payment: USD 11.1mio
 Refund of PDP and Maintenance Reserve
Fund: USD 216.2mio
 Receipts of security Deposit : USD 9.0mio
Min 5% of Cash Ratio
Financing
 Proceed of long term loan, bank loan, &
financial institution and sukuk USD 1,4bio
 Payment of long term loan, bank loan &
financial institution: USD 1.3bio
Picture’s source: www.google.com
19
Cash and Net Gearing
1,400.0
In USD Mio
1.06
1.04
1,200.0
1,000.0
1.02
0.99
1.00
800.0
0.97
0.98
600.0
0.94
400.0
0.96
0.94
200.0
464.9 1,313.2 856.6
464.0 1,305.8 864.4
409.5 1,212.7 853.4
0.0
0.92
0.90
3M15
Cash
6M15
Equity
Debt
9M15
Net Gearing
60%
Max 2.5x of Debt to Equity Ratio
31%
Min capital USD 800mio
9%
Debt Structure 9M2015
Shor term loan
Long term loan
Lease
Picture’s source: www.google.com
20
Subsidiaries
21
Subsidiaries
Aero Wisata (in IDR bio)
Operating Revenue
Operating Income
Net Income
EBITDA
Asset
Liability
Equity
Citilink (in USD 000)
9M2014
2,331.4
82.3
64.1
167.5
Dec14
2,735.5
937.2
1,798.3
9M2015
2,317.0
98.4
77.0
189.9
Sept15
2,830.9
952.1
1,878.8
∆ % YoY
(0.6)
19.5
20.0
13.4
∆ % YoY
3.5
1.6
4.5
Gapura Angkasa (in IDR bio)
Operating Revenue
Operating Income
Net Income
EBITDA
Asset
Liability
Equity
Operating Revenue
Operating Income
Net Income
EBITDA
Asset
Liability
Equity
9M2014
287,853.0
(11,208.0)
(12,134.0)
(4,747.1)
Dec14
166,019.0
209,441.0
(43,422.0)
9M2015
351,728.0
12,561.0
5,888.0
22,249.6
Sept15
218,420.0
199,902.0
18,519.0
∆ % YoY
22.2
212.1
148.5
568.7
∆ % YoY
31.6
(4.6)
142.6
9M2014
189,431.7
19,925.1
14,638.9
25,530.9
Dec14
251,351.9
146,760.0
104,592.0
9M2015
213,355.5
40,716.9
28,536.6
46,106.7
Sept15
284,929.7
170,429.4
114,500.3
∆ % YoY
12.6
104.3
94.9
80.6
∆ % YoY
13.4
16.1
9.5
GMF Aero Asia (in USD 000)
9M2014
883.0
15.6
8.7
63.2
Dec14
787.0
422.0
365.0
9M2015
983.2
76.3
57.8
125.2
Sept15
842.9
449.6
393.2
∆ % YoY
11.4
389.0
565.1
98.1
∆ % YoY
7.1
6.6
7.7
Operating Revenue
Operating Income
Net Income
EBITDA
Asset
Liability
Equity
22
Subsidiaries
Abacus DSI (in USD 000)
Operating Revenue
Operating Income
Net Income
EBITDA
Asset
Liability
Equity
Asyst (in USD 000)
9M2014
2,318.1
331.5
288.5
490.6
Dec14
6,644.6
683.7
5,960.9
9M2015
2,598.4
656.4
500.8
786.6
Sept15
7,812.6
1,333.7
6,478.9
∆ % YoY
12.1
98.0
73.6
60.3
∆ % YoY
17.6
95.1
8.7
9M2014
13,927.2
29.1
(82.5)
2,002.8
Dec14
28,769.1
16,984.1
11,785.0
Operating Revenue
Operating Income
Net Income
EBITDA
Asset
Liability
Equity
9M2015
9,318.8
(5.8)
14.5
1,977.1
Sept15
27,159.5
15,424.1
11,705.4
∆ % YoY
(33.1)
(120.0)
(117.5)
(1.3)
∆ % YoY
(5.6)
(9.2)
(0.7)
GIH France S.A.S (in USD 000)
Operating Revenue
Operating Income
Net Income
EBITDA
Asset
Liability
Equity
9M2014
27,007.4
(38.6)
(99.0)
(98.3)
Dec14
67,942.0
67,248.4
693.6
9M2015
232,742.7
521.0
538.5
567.5
Sept15
160,450.5
159,218.4
1,232.1
∆ % YoY
761.8
1,450.1
643.8
677.3
∆ % YoY
136.2
136.8
77.6
23
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]
24