15 - Garuda Indonesia
Transcription
15 - Garuda Indonesia
PUBLIC EXPOSE & ANALYST MEETING PT GARUDA INDONESIA (PERSERO) Tbk. 1st Quarter 2015 Result Announcement Jakarta, 11 May 2015 1 Agenda Hal 1. Company Profile 3–8 2. Operational Performance 9 – 13 3. Financial Performance 14 – 20 4. Subsidiaries 21 – 23 5. Budget Realization 2015 24 – 25 2 Share Performance - 2015 GIAA & JCI GIAA (RHS) List of Shareholders as of 31 March 2015 JCI (LHS) Jumlah Saham % Domestic Government of Indonesia Retail Employee Institutional (Trans Airways) Other Institutional (less than 5%) Total Domestic Notes Av. liquidity (IDR/day) Av. close price (IDR) 1Q2014 1Q2015 3.1 bio 5.8 bio 482 550 Av. volume (shares/day) 6.5 mio 10.5 mio Market cap. (IDR) 11.2 trillion 12.7 trillion 15.653.128.000 823.687.124 83.117.170 6.711.457.801 1.624.092.068 24.895.482.163 60,5 3,2 0,3 25,9 6,3 96,2 3.509.470 969.935.000 973.444.470 25.868.926.633 0,0 3,7 3,8 100,0 International Retail Institutional (less than 5%) Total International TOTAL Percentage of Shares based on Real Free Float Domestic 72,22% International 27,78% Free float 39.5% - excluding Government of Indonesia ownership 3 1Q2015 Highlights EBITDAR Margin RPK +20.2% Passenger Carried +18.3% Operating Revenues +13.4% 2014: USD 817.4 mio 2015: USD 927.3 mio Passenger Revenue +10.6% 2014: USD 681.0 mio 2015: USD 753.5 mio Net Profit Improving USD 2014: (166.2) mio 2015: 12.4 mio 2014: 0.5% 2015: 30.9% 2014: 8.1 bio 2015: 9.7 bio 2014: 6.4 mio 2015: 7.6 mio 4 Milestones 1Q2014 Milestones 1Q2015 January • Premium Arrival Lounge & Baggage Collection at Arrival Hall Term 2 Bandara Soeta • New Partnership Launched in Liverpool between GA & The Reds Liverpool FC January • The inauguration of the new route Beijing – Denpasar • Garuda Indonesia launched the “New Digital Garuda Indonesia Experience” February February • 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 carried signatory joint commercial cooperation with Czech Airlines. • Garuda Indonesia successfully connect Sabang to Merauke through new route Kualanamu-Sabang. • Excellent Service Experience Award 2014 category Airline Ground Handling & Airline Cabin Service from Bisnis Indonesia & Care Center for Customer Satisfaction & Loyalty • Moved operation to Terminal 2 Juanda Airport • Launched GA International Lounge for First class & Business class at Soekarno-Hatta International Airport March • Officially joined Sky Team Alliance on March 5, 2014 • GFF transformed to Garuda Miles March • Garuda Indonesia, BII-Maybank, and NBAD/DIB carried signing of bridging loan facility with the principles of Sharia facility of $ 500 million. 5 Garuda Indonesia Market Share – YTD March 2015 International Domestic 2015 2015 18% 16% 4% 21% 37% 6% 45% 41% 2014 66% 34% Garuda 34% 79% 2014 Lion Airasia Lainnya Garuda Others Garuda domestic market share group (including Citilink) 6 Peers Comparison – YTD March 2015 ASK growth (%) 2014 vs 2015 GA CX TG QF SQ Asia Pacific RPK growth (%) 2014-2015 GA CX TG QF 25,0 25,0 20,0 20,0 15,0 10,0 9,3 5,0 7,0 1,6 Passenger carried growth (%) 2014-2015 GA CX TG SQ QF Asia Pasific Asia Pacific 25,00 10,00 5,00 10,0 9,8 8,4 3,3 - (0,2) (5,0) 15,00 11,2 5,0 0,3 - 20,00 20,2 15,0 7,4 SQ Asia Pacific (1,4) (5,0) Asia Pacific Passenger carried of AAPA – 2015 25,0 Passenger Carried Growth 20,0 18,3 15,0 9,7 9,4 4,8 14,0 13,8 9,4 10,0 2,6 5,0 1,0 12,1 - - (0,2) (5,00) Asia Pacific (5,0) South East South (1,5) North Oceania Central Asia East Pacific Note: YTD March2015 Sumber: Airline Website and Asia Pacific Data 7 Awards 2014 • 5-STAR AIRLINE • WORLD’S BEST CABIN CREW • 7TH RANK: WORLD’S BEST AIRLINE 73 awards 2014: - Domestic: 49 awards - International: 24 awards 2015 • SCHIPHOL AVIATION AWARDS • INDONESIA HUMAN CAPITAL AWARD 2015 • CELLARS IN THE SKY 2014 AWARD 16 awards 2015: - Domestic: 10 awards - International: 6 awards 8 Operational Performance 9 Number of Fleets Average Age (year) 5,8 2012 5,0 2013 4,5 2014 Fleets per 31 Dec 2014 Des 14 Mar 15 4,3 2015E 169 In * B737-800NG * A320-200 Total 3 2 5 Out *Total Fleets per 31 Mar 2015 174 Narrow Body • B737-300 • B737-500 • B737-800 NG • CRJ - 1000 • ATR 72-600 Total Narrow Body Wide Body • B747-400 • B777ER • A330-200 • A330-300 Total Wide Body Garuda Main Brand Citilink • B737-300 •A320-200 Total Citilink TOTAL FLEET Ops. lease Fin lease/ owned Des 15 1 4 75 15 8 103 1 4 78 15 8 106 78 9 8 95 1 4 6 11 1 4 81 18 11 115 2 6 11 11 30 133 2 6 11 11 30 136 6 11 5 22 117 2 6 8 19 2 9 11 13 35 150 4 32 36 169 4 34 38 174 34 34 151 4 4 23 4 36 40 190 10 1Q2015 – Operational Performance Garuda Group 1Q-2014 Aircraft Utilization (Hours) Operational 9:15 -0:55 53.627 59.317 10,6 85,9 89,1 3,3 11.824.993 12.927.844 9,3 0,89 0,55 (38,4) 3.679 3.678 (0,0) Passenger Carried 6.427.978 7.601.395 18,3 RPK ('000) 8.086.131 9.719.230 20,2 Seat Load Factor (%) 68,4 75,2 6,8 Passenger Yield (USc) 8,2 7,6 (7,8) 94.608 100.920 6,7 CASK (Usc) 7,6 6,5 (14,9) CASK-excl Fuel (Usc) 4,4 4,5 2,1 Frequencies ASK ('000) Passenger & Cargo Average Fuel Price (USD/L) Fuel Burn/Blockhours Cargo/Mail Uplifted (Ton) Financial Yield decreased ∆% 10:10 On Time Performance (%) Efficiency 1Q-2015 • The passenger yield decreased 7.8% due to IDR depreciation 5.0% that impact the IDR revenue and lower international fares in the first quarter as a low season. CASK ex fuel increased • The CASK ex fuel increased 2.1% as the rental cost, maintenance and user charge ware increase in line with the fleets addition. Utilization decreased • The utilization was going down to 9:15 hour due to route restructuring of Quick Wins program, especially in international market. 11 1Q2015 – Operational Performance Domestic & International 1Q-2014 Passenger Carried Domestic ∆% 3.951.280 4.479.923 13,4 Frequency 34.882 38.056 9,1 ASK ('000) 4.664.439 5.334.403 14,4 RPK ('000) 3.332.524 3.945.134 18,4 Seat Load Factor (%) 71,4 74,0 2,52 Passenger Yield (Usc) 9,4 8,7 (7,2) CASK (Usc) 8,5 7,2 (15,9) CASK-excl Fuel (Usc) 5,1 5,1 (0,9) 906.647 1.064.578 17,4 Frequency 7.261 7.061 (2,8) ASK ('000) 5.558.854 5.611.201 0,9 RPK ('000) 3.536.234 4.194.189 18,6 Seat Load Factor (%) 63,6 74,8 11,14 Passenger Yield (Usc) 8,0 7,3 (9,5) CASK (Usc) 7,3 6,2 (14,8) CASK-excl Fuel (Usc) 4,3 4,4 2,8 Passenger Carried International 1Q-2015 Yield decreased • The passenger yield of domestic and international market decreased due to IDR depreciation that impact the IDR revenue and lower international fares in the first quarter as a low season. CASK ex fuel increased • The CASK ex fuel of international market increased as the rental cost, maintenance and user charge ware increasing 12 1Q2015 – Operational Performance Main Brand & Citilink 1Q-2014 Passenger Carried Main Brand ∆% 4.857.927 5.544.501 14,1 Frequency 42.143 45.117 7,1 ASK ('000) 10.223.293 10.945.604 7,1 RPK ('000) 6.868.759 8.139.324 18,5 Seat Load Factor (%) 67,2 74,4 7,17 Passenger Yield (Usc) 8,7 8,0 (8,3) CASK (Usc) 7,9 6,7 (15,0) CASK-excl Fuel (Usc) 4,7 4,7 1,4 1.570.051 2.056.894 31,0 Frequency 11.484 14.200 23,7 ASK ('000) 1.601.700 1.982.239 23,8 RPK ('000) 1.217.373 1.579.905 29,8 Seat Load Factor (%) 76,0 79,7 3,69 Passenger Yield (Usc) 5,9 5,8 (2,4) CASK (Usc) 5,8 5,1 (11,4) CASK-excl Fuel (Usc) 2,9 3,3 14,6 Passenger Carried Citilink 1Q-2015 Yield decreased • The passenger yield decreased due to IDR depreciation and lower international fares in the first quarter as a low season. CASK ex fuel increased • The CASK ex fuel increased as the rental cost, maintenance and user charge ware increasing 13 Financial Performance 14 1Q2015 – Summary of Consolidated Income Statement Income / Loss from Operations* in USD Mio 1Q14 1Q15 EBITDAR Operating Revenue Scheduled Airline Income 13,9 4,3 286,5 6.507,7 735,0 805,5 9,6 Non-Scheduled Airline 2,9 39,2 1.272,3 79,6 82,6 3,9 Total Revenues 817,4 927,3 13,4 Fuel 376,5 264,2 (29,8) Non Fuel 636,2 632,4 (0,6) Total Expenses 1.012,7 896,6 (11,5) Income / Loss from Operations (195,3) 30,7 115,7 EBT (209,3) 15,4 107,4 Income / Loss Current Period (166,2) 12,4 107,5 Others Operating Expenses ∆ % YoY 3,5 0,1 Jan-15 0.5% 30.9% Mar-15 Income / Loss Current Period* 12,2 2,0 (2,8) EBITDAR Margin Feb-15 Jan-15 Feb-15 Mar-15 * Garuda main brand performance 15 1Q2015 – Operating Revenue In USD mio % Change 8.9% 817.4 Passenger Revenue & Baggage 4.4% (0.4%) Cargo & Mail 0.4% 927.3 Others Passenger revenue increasing • Passenger growth increased 20.2% • RPK growth is greater than ASK growth • The passenger increased as impact of Quick Wins strategy in generating more revenue. • In domestic market, Garuda Group got overflow passenger from domestic airline. Charter Cargo decrease 1Q14 1Q15 Operating Revenue Operating Revenue • Cargo revenue decrease as impact of cargo yield decrease even the cargo&mail uplifted increase in 1Q15. Non schedule airline (Charter) increase Operating Revenue PoT* Schedule Airline Passenger 81,3% Cargo Excess Baggage 5,2% 0,2% Mail Non Schedule Airline 0,2% Others 86,9% • Increased charter revenue of the China market and Umrah (Middle East). Others increase • Others revenue increased due to better performance from subsidiaries such as GMF, Gapura Angkasa and Aerowisata. 4,2% 8,9% *PoT : Percentage of total 16 1Q2015 – Operating Expenses In USD mio % change Decreasing expenses (11.1%) 1.3% (0.4%) 4.9% 1,012.6 Fuel Rental 0.1% Tiketing User Charge & Maintenance Sales (0.4%) (0.2%) (5.7%) Passenger Service G&Ai Others 896.6 1Q15 1Q14 Operating Expenses • Fuel expenses decreased 29.8% to USD 264.2 million compared to same period last year of USD 376.5 million due to fuel price drops 38.4% compare last year. • Total operating expenses decreased 11.5% to $ 896.6 million compared to the same period last year USD 1,012.6 million. Increasing expenses Operating Expenses Operating Expenses Fuel Rental Maintenance Ticketing & Sales User Charges & Station Passenger Service G&A Others PoT* 29,5% 23,6% 10,5% 8,4% 8,3% 7,7% 6,4% 5,6% • The rental cost increased 30.8% to USD 211.7 million compared to the same period last year of USD 161.9 million in line with the additional fleets. • The maintenance cost increased by 15.8% to USD 71.9 million compared to the same period last year USD 62.2 million in line with the additional fleets. *PoT : percentage of total 17 1Q2015 – Summary of Consolidated Balance Sheet in USD Mio 31 Des 2014 31 Mar 2015 Current Assets Asset Liability Equity ∆ % YoY 810,5 866,9 7,0 Non-Current Assets 2.302,6 2.305,3 0,1 Total Assets 3.113,1 3.172,2 1,9 Current Liabilities 1.219,4 1.488,8 22,1 Non-Current Liabilities 1.014,2 809,1 (20,2) Total Liabilities 2.233,6 2.298,0 2,9 879,5 874,2 (0,6) 3.113,1 3.172,2 1,9 Total Equities Total Liabilities & Equities DER 1.1% 0.9% ROE (17.8%) 1.4% 18 1Q2015 – Summary of Consolidated Cash Flow in USD Mio 1Q14 Beginning Cash/Cash Equivalents 1Q15 ∆ % YoY 480,4 434,3 (9,6) • Operating Activities (182,2) (26,0) 85,7 • Investing Activities (104,9) (67,3) (35,9) • Financing Activities 31,1 128,5 312,9 (256,0) 35,2 n.a. 28,8 (4,6) n.a. 253,2 464,9 83,6 Net Increase (Decrease) in Cash/Cash Equivalents Effect of Foreign Exchange Rate Changes Ending Cash/Cash Equivalents Operating Investing Cash receipts from customers USD 862.3 mio Cash payments to suppliers USD 768.2 mio Payments of interest and financial expenses USD 14.7 mio • Payments PDP & Maintenance Reserve Fund: USD 89.2 mio • Security Deposit payment: USD 2.3 mio • Refund of PDP and Maintenance Reserve Fund: USD 30.8 mio. Financing Proceed of long term loan, bank loan, & financial institution USD 509.8 mio Payment of long term loan, bank loan & financial institution: USD 377.3 mio 19 1Q2015 – Cash and Net Gearing 400 0,97 In USD mio 1,00 200 0,95 000 600 31,1% 0,90 800 0,84 0,85 60,1% 8,8% 400 0,80 200 434 1.170 879 465 1.313 874 0 0,75 31 Dec 14 Cash Position 31 Mar 15 Debt Equity Net Gearing Long term loan Lease Liabilities Short term loan 20 Subsidiaries 21 Subsidiaries PT Citilink Indonesia (in USD '000) Operating Revenue Operating Income Net Income EBITDA Asset Liability Equity 1Q-2014 77.701 (17.678) (14.772) (15.732) Dec 14 166.785 209.441 (42.657) 1Q-2015 ∆ % YoY 107.223 38,0 2.712 115,3 862 105,8 5.223 133,2 Mar15 ∆ % YoY 185.508 11,2 177.303 (15,3) 8.205 119,2 PT Gapura Angkasa (in IDR bio) 1Q-2014 1Q-2015 ∆ % YoY Operating Revenue 12,4 288,9 324,7 Operating Income 963,4 (5,7) 49,1 Net Income 460,6 (10,5) 37,8 EBITDA 944,2 5,8 60,9 Dec 14 Mar15 ∆ % YoY Asset 787 839 6,6 Liability 422 484 14,7 Equity 365 355 (2,8) PT GMF Aero Asia (in USD 000) 1Q-2014 Operating Revenue 61.825 Operating Income 7.250 Net Income 4.170 EBITDA 8.447 Dec 14 Asset 251.352 Liability 165.958 Equity 85.394 1Q-2015 ∆ % YoY 65.960 6,7 4.540 (37,4) 4.595 10,2 6.624 (21,6) Mar15 ∆ % YoY 258.063 2,7 166.444 0,3 91.619 7,3 PT Aero Wisata (in IDR bio) Operating Revenue Operating Income Net Income EBITDA Asset Liability Equity 1Q-2014 1Q-2015 ∆ % YoY 723 731 1,1 24 13 -45,6 6,3 0,5 (92,3) 47 46 (0,6) Dec 14 Mar15 ∆ % YoY 2.696 2.664 (1,2) 873 875 0,2 1.823 1.790 (1,8) 22 Subsidiaries PT Abacus DS Indonesia (in USD 000) 1Q-2014 1Q-2015 Operating Revenue 790 781 Operating Income 38 105 Net Income 63 84 EBITDA 92 155 Dec 14 Mar15 Asset 6.645 7.002 Liability 684 972 Equity 5.961 6.031 ∆ % YoY (1,1) 173,9 32,5 68,5 ∆ % YoY 5,4 42,1 1,2 PT Aero System (in USD 000) 1Q-2014 1Q-2015 ∆ % YoY Operating Revenue 4.189 2.093 (50,0) Operating Income (696) (1.909) (174,1) Net Income (946) (1.351) (42,7) EBITDA (60) (1.234) (1.958,1) Dec 14 Mar15 ∆ % YoY Asset 28.769 26.577 (7,6) Liability 17.123 16.244 (5,1) Equity 11.646 10.334 (11,3) Garuda Indonesia Holiday France S.A.S (in USD 000) 1Q-2014 1Q-2015 ∆ % YoY Operating Revenue - 65.247 n/a Operating Income 110 n/a Net Income 2,5 20,7 728,5 EBITDA 2,5 113,4 4.437,9 Dec 14 Mar15 ∆ % YoY Asset 67.955 99.002 45,7 Liability 67.263 98.287 46,1 Equity 693 714 3,1 23 Budget Realization 2015 1Q-2015 Estimate 2015E 174 Number of fleets 190 5.4 Average age of fleet (year) 4.3 18.3% Passenger growth 15% - 20% 20.2% RPK growth 15% - 20% 9.3% ASK growth 10% - 12% $ 4.3 mio CAPEX* $ 135 mio * CAPEX GA Main Brand only 24 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] 25