Corporate Presentation PT GARUDA INDONESIA (PERSERO) Tbk.

Corporate Presentation PT GARUDA INDONESIA (PERSERO) Tbk.

Corporate Presentation
PT GARUDA INDONESIA (PERSERO) Tbk.
Nomura Investment Forum Asia 2015
Singapore, June 2015
1
Agenda
1. Company Profile
Hal
2 – 15
2. Operational Performance
16 – 20
3. Financial Performance
21 – 27
4. Subsidiaries
28 – 30
5. Budget Realization 2015
31 – 32
2
Share Performance - 2015
GIAA & JCI
GIAA (RHS)
List of Shareholders as of 31 April 2015
JCI (LHS)
Number of Shares
Domestic
Government of Indonesia
Retail
Employee
Institutional (Trans Airways)
Notes
YTD April
2014
YTD April
2015
Other Institutional (less than 5%)
Total Domestic
International
Retail
Institutional (less than 5%)
Total International
TOTAL
Av. liquidity
(IDR/day)
2.8 bio
Close price
(IDR)
461
%
3,535,070
1,278,195,329
1,281,730,399
60.5
2.9
0.3
24.6
6.6
95.0
0.0
0.0
4.9
5.0
25,868,926,633
100.0
15,653,128,000
762,397,924
80,895,170
6,370,697,372
1,720,077,768
24,587,196,234
6.0 bio
Percentage of Shares based on Real
Free Float
595
Av. volume
(shares/day)
5.8 mio
10.7 mio
Market cap.
(IDR)
11.9 trillion
15.4 trillion
Domestic
66.7%
International
33.3%
Free float 39.5% - excluding Government of Indonesia ownership
3
Key Milestones
Rights Issue
Relaunch of Citilink
2014
Commenced
transformation
Joined SkyTeam
Alliance
2011
2010
Takenover by
government
Achieved 5 rating
from Skytrax
Successful IPO
2008
1990s
Commenced
operations
Achieved 4 rating
from Skytrax
1954
Ranked among Top 30
global airlines
1949
Transformation phase (2008 – 2011)
11.9
10.2
8.1
Expansion phase (2012 – 2015)
6.5
5.8
5.0
4.5
4.3
169
190
200
140
49
48
54
70
89
87
150
106
100
50
0
2006
Source: Company filings
2007
2008
2009
Domestic passenger market (mil)
2010
2011
Int'l passenger market (mil)
2012
2013
2014
2015E
Average age of aircraft (years)
No of aircraft
4
Strong support from the Indonesian Government
Strong backing from government and long-term sponsor
Strategic importance to the Government of Indonesia
PT Trans Airways
Flag carrier of Indonesia
Public
Importance of connecting Indonesia’s archipelago
60.5%
24.6%
14.9%
Exclusivity on all Government travel
Performance actively monitored by the Government of Indonesia
Only Indonesian airline contracted by Ministry of Religious Affairs
(“MRA”) for Hajj travel
Note:
Shareholders as April 2015
Support for re-investment of income to expand the business
Government commitment to maintain a majority stake
Capital injection
 Government injected IDR3.9tr
(US$431.7m) through conversion of
Garuda's outstanding debt to the
government
2001
Capital injection
 Injected IDR500bn (US$53.1m) from
2007 state budget
2006
2007
Capital injection
 Injected IDR500bn (US$54.5m) from
2006 state budget
2011
April 2014 - rights issue
 Raised IDR1.5tr (US$130m)
 Government stake diluted to c.60%
2014
Initial public offering
 Raised IDR4.8tr (US$530m) through
IPO
 Government stake diluted to c.70%
Note:
US$IDR exchange rates are based on the date of the transaction, Bloomberg
5
Strong economic fundamental and tourism demand
The 3rd fastest GDP Growth among G20 countries in 2014
Rapid urbanisation and the rising middle class
7.4
5.6
5.2
4.6
3.8
3.7
3.2
3.0
2.8
2.4
2.3
2.2
1.4
1.4
0.9
0.4
0.2
Indonesia
China
India
Indonesia
EU
Saudi Arabia
Korea
UK
Turkey
Mexico
Australia
US
Canada
South Africa
Japan
Germany
Brazil
France
(0.2)
Italy
Russia
Argentina (1.7)
(%)
9.0
6.0
3.0
0.0
(3.0)
0.3
Population (m)
Region
1990
Urbanisation (%)
2014
1990
2014
178.6
252.8
31%
53%
Brunei
0.3
0.4
66%
77%
Cambodia
9.1
15.4
16%
21%
Laos
4.2
6.9
15%
38%
Malaysia
18.2
30.2
50%
74%
Myanmar
42.1
53.7
25%
34%
Philippines
62.0
100.1
49%
44%
Singapore
3.0
5.5
100%
100%
Thailand
56.6
67.2
29%
49%
Vietnam
68.9
92.5
20%
33%
443.0
624.8
32%
47%
ASEAN
Source: IMF-World Economic Outlook, October 2014
Source: UN 2014 World Urbanisation Prospects
Sovereign rating improvement
Popular tourist spot because of proximity to other Asian countries and Australia
Visitors to Indonesia by nationality
A-
Baa2
Baa3
Others
27%
BBB-
Ba2
Ba3
BB+
B1
B2
B3
Fitch / S&P
Moody's
Ba1
2006
2007
Source: Moody’s, S&P, Fitch website
2008 2009
Moody's
2010
2011
Fitch
2012 2013
S&P
2014
15%
3%
3%
3%
3%
4% 5%
BB-
2005
17%
2015
12%
8%
Source: Statistics Indonesia
6
Transportation Profiles
Indonesia:
Transportation profile (Passengers in million)
FY 2004
FY 2014
CAGR
Air
23
111
+ 17.2%
Rail
150
278
+ 6.3%
Sea
13
13
+ 0.4%
Archipelago
Country
China:
Transportation profile (Passengers in million)
FY 2004
Air
FY 2014
CAGR
121
352
+ 12.5%
Highway
16.289
39.342
+ 9.2%
Rail
1.073
2.357
+ 8.2%
Sea
181
2.75
+ 4.3%
Massive Land
Country
Source: Bloomberg Data, www.bps.go.id , www.dephub.go.id and www.worldbank.org
7
In terms of air traffic, Indonesia has much room to grow
Population
Air Traffic
Numbers are in million
30.6 (566%)
34.2 (476%)
5.5
7.3
30.3
Singapore
Hongkong
Malaysia
105.9 (83%)
40.7 (61%)
46.3 (156%)
111.0 (44%)
127.1
68.7
251.5
Japan
Thailand
Indonesia
Sources: Data Internal, Bloomberg, IMF, and www.worldbank.org, Full Year 2014
8
New Airport Development Projects 2013 - 2018
2013
12 Airports
1. Kualanamu
2. Muarabungo
3. Sumarorong
4. Kuffar Seram
5. Waisai
6. Kamanap
7. Waghete Baru
8. Pekon Serai
9. Bawean
10. Bone
11. Tual Baru
12. Saumlaki Baru
2014
7 Airports
1.
2.
3.
4.
5.
6.
7.
Enggano
Tebelian
Muara Teweh
Tujo Unauna
Miangas
Namniwel
Moa
2015
6 Airports
1.
2.
3.
4.
5.
6.
Tjilik Riwut
Segun
Buntu Kunik
Morowali
Sinak baru
Werur
2016
3 Airports
1. Samarinda Baru
2. Banten Selatan
3. Kertajati
2017
5 Airports
1.
2.
3.
4.
5.
Ali Sadikin
Singkawang
Kulonprogo
Wirasaba
Baru bali
Airports Traffic Contribution
Others
Medan
Surabaya
±20%
±10%
± 12%
Denpasar
± 13%
Jakarta
± 45%
9
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
10
Business Strategy – Quick Wins 2015
Strategies
Goals to achieve strategy
Developing new routes to China and Middle East (especially
expanding to Umrah market) through scheduled and chartered
services. Chartered flights to Japan and China expected to grow
in response to higher purchasing power
Revenue
generation
Improve yield by restructuring flights
4th hangar to be completed by June 2015
Improve seat load factor by better managing aircraft deliveries
to align ASK and RPK growth
Garuda currently serves only
3 major cities outside of Indonesia
(Beijing, Shanghai and Guangzhou).
Targeted new destinations include
Chengdu, Chong Qin, Ningbo, Kunming,
Jinan, Harbin, Xian, Shenyang and
Chengzhou
Flight network optimization
Early termination of operating leases
Identified non-fuel cost savings of US$198m for 2015
Cost efficiency
Dedicated Terminal 3 at Jakarta
Simplify fleet
US$500m bridge facility used to re-profile existing commercial
term loans
Optimising
capital structure
Proposed Reg S US$ Sukuk to refinance bridge loan to extend
maturity profile
Improvements through
choice of aircrafts for long flights
(Boeing 777 & Airbus 330-300),
medium flights (Airbus 330-300/Boeing
738), and
short flights (CRJ 100/ATR 72)
Reduce unprofitable flight routes,
postpone opening of new routes and
adjust flight schedules to various
destination cities across all routes
11
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)
12
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
13
Garuda connect the world’s largest archipelago
Garuda’s and Citilink’s combined market share of seats for flights departing from Indonesia was 29% in May 2015
57 domestic destinations
6 hubs in Jakarta, Medan, Surabaya, Denpassar ,Balikpapan and Makassar
19 regional destinations in Asia and Australia
The leading Indonesian airline with extensive network
16,323 flights per day via alliance partners
1,064 destinations in 178 countries via alliance partners
Southeast Asia
Europe
Existing Destinations
Existing Destinations
Kuala Lumpur, Singapore, Bangkok
Amsterdam
London
North Asia
Existing Destinations
Beijing, Shanghai, Seoul, HK, Tokyo,
Osaka, Guangzhou
Medan
Balikpapan
Australia
Makassar
Existing
Destinations
Middle East
Existing Destinations
Jeddah
Jakarta
Perth, Sydney,
Melbourne
Surabaya
Denpassar
Existing domestic routes
Planned new routes
Source: Centre of Aviation and OAG Company filings
Hubs
14
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
15
Operational Performance
16
Number of Fleets
Average Age (year)
5.8
2012
5.0
2013
4.5
2014
Fleets per 31 Dec 2014
Dec 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
Dec 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
17
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.
18
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
19
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
20
Financial Performance
21
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
22
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
Operating Revenue
Passenger
86,9%
• Increased charter revenue of the China market and
Umrah (Middle East).
81,3%
Cargo
Excess Baggage
5,2%
0,2%
Mail
Non Schedule Airline
0,2%
Others
Non schedule airline (Charter) increase
PoT*
Schedule Airline
• Cargo revenue decrease as impact of cargo yield decrease
even the cargo&mail uplifted increase in 1Q15.
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
23
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
24
1Q2015 – Summary of Consolidated Balance Sheet
in USD Mio
31 Dec 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 x
0.9 x
ROE
(17.8%)
1.4%
25
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
26
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
27
Subsidiaries
28
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 (IDR milyar)
1Q-2014 1Q-2015 ∆ % YoY
Pendapatan usaha
12,4
289
325
Laba (rugi) usaha
963,4
(6)
49
Laba (rugi) bersih
460,6
(10)
38
EBITDA
944,2
6
61
Dec 14
Mar15 ∆ % YoY
Aset
787
839
6,6
Liabilitas
422
484
14,7
Ekuitas
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)
29
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 (USD
ribuan)
1Q-2014 1Q-2015 ∆ % YoY
Pendapatan usaha
- 65.247
n/a
Laba (rugi) usaha
110
n/a
Laba (rugi) bersih
2
20,7
728,5
EBITDA
2
113,4
4.437,9
Dec 14 Mar15 ∆ % YoY
Aset
67.955 99.002
45,7
Liabilitas
67.263 98.287
46,1
Ekuitas
693
714
3,1
30
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
31
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]
32