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PT GARUDA INDONESIAPT GARUDA INDONESIA (Persero) Tbk(Persero) Tbk..Analyst Meeting & PresentationAnalyst Meeting & PresentationAnalyst Meeting & Presentation Analyst Meeting & Presentation 2011 Result Announcement2011 Result Announcement
00
Jakarta, 21 March 2012
Shareholder List & Share Performance – as of 31 Dec 2011
Number of
Investor % Number of Shares %
DomesticGovernment of Indonesia 1 0.01% 15,653,128,000 69.14%
Angkasa Pura I 1 0.01% 248,496,000 1.10%
Angkasa Pura II 1 0.01% 403,634,000 1.78%
Retail 10,016 67.80% 1,618,083,000 7.15%
E l 4 514 30 56% 100 061 775 0 44%Employee 4,514 30.56% 100,061,775 0.44%
Cooperative 4 0.03% 211,000 0.00%
Foundation 7 0.05% 8,966,500 0.04%
Pension Fund 72 0.49% 257,737,000 1.14%
Insurance 23 0.16% 150,906,000 0.67%
Perseroan terbatas (PT) 116 0.79% 3,315,554,225 14.64%
Other PT - 0.00% - -
Reksadana 20 0.14% 69,081,500 0.31%
Fund Manager - 0.00% - -
Total Domestic 14,775 99.17% 21,825,859,000 96.40%InternationalRetail 51 0.35% 5,535,000 0.02%
Instutional 72 0.49% 809,602,000 3.58%
Total International 123 0.83% 815,137,000 3.60%
TOTAL 14,898 100.00% 22,640,996,000 100.00%
1
C t tContents
1. Market & Company Overview
2. Summary Result 2011y
3. Outlook 2012
2
C t tContents
1. Market & Company Overview
2. Summary Result 2011y
3. Outlook 2012
3
Garuda Indonesia Group
Garuda Indonesia (Main brand)Ops Revenue Contribution 2011
Garuda Indonesia (Main brand)
8%9%
Domestic
International
S b 100 83%Sub-100 83%
Scheduled Airlines Non-scheduled Airlines Others
IT ServicesHospitality
and Tourism
Global Distribution
Systems Ground
Handling MRO
Services
Key Subsidiaries & Associated Companies
Cargo Citilink (LCC) Hajj / Charter
Aero S t
Aerowisata Abacus Gapura A k
GMF A A i
4
Systems AngkasaAeroAsia
Garuda Indonesia at a Glance
Shanghai
BeijingTokyoNagoyaSeoul
Amsterdam17.1 millionPassengers
IDR 27.1 trillionRevenue
Shanghai
Kuala Lumpur
OsakaGuangzhou
Hong KongBangkok
singaporeJakarta
DubaiJeddah
Makassar
18%Ops Revenue CAGR 2007 11
229k tonnesCargo Jakarta
Melbourne
Denpasar
PerthSydney
87 Aircraft
CAGR 2007-11
18%
g
6.5 yrs Fleet Age
18%EBITDAR Margin
Banda Aceh
Medan
PekanbaruBatam Pontianak
Padang Biak
ManadoTernate
Gorontalo
Balikpapan
Banjarmasin
Padang
Palembang
Jakarta
Denpasar
Semarang
Biak
SurabayaSolo
Yogyakarta
Palangkaraya
Ujung PandangTimika
Jayapura
Ambon
Mataram
Jambi
Tjg.Karang
Pgk.Pinang
Kendari
Palu
KupangMalang
Gorontalo
17International Destinations
31Domestic
Destinations
N t
5
KupangNote: Map not drawn to scaleFigures are as per Dec 2011
External Factors 2011
Macro Economic
• Unstable Financial Market, driven by EU economic crisis• Carbon emission issue• Asia Pacific as the largest air traffic market and aircraft backlog order for newer aircraft technology 9 200 00newer aircraft technology• IDR vs USD relatively strong
• Robust demand• Indonesia GDP/Capita consistenly growth
8,400.00
8,800.00
9,200.00
Jan 10 Des 11Jan 11
/ p y g• MP3EI Implementation 2012‐2025, concern on Airport & transportation Infrastructures• Competitor fleet renewal• Indonesian Aviation Law, new domestic airlines is restrained by limits, to
Domestic, y ,
improve safety and reliability• Operation disruption caused by natural disaster (Mt Lokon, Mt Gamalama, Mt Anak Krakatau, Mt Papandayan)
International
• High competitor capacity growth into Indonesia, especially LCC airlines• Strong Outbound and Inbound Traffic from/to Indonesia• Majority of FSC in Asia report declining in net profit• AMR Corp bankrupt
6 6
• ASEAN open sky policy 2015
Competition Landscape
39%
Revenue Growth
2%6%
10%
1%6%
GA SQ QF CX MH TG
60%Last report:GA: Jan‐Dec 2010/2011 (FY)SQ: Apr‐Dec 2010/2011 (9M)
‐59% ‐52% ‐61%
GA SQ QF CX MH TG
SQ: Apr Dec 2010/2011 (9M)QF: Jul‐Dec 2010/2011 (6M)CX: Jan‐Dec 2010/2011 (FY)MH: Jan‐Mar 2010/2011 (1Q)
Jul‐Sep 2010/2011 (3Q)
‐241%
‐169%Net Profit Growth
Jul Sep 2010/2011 (3Q)TG: Jan‐Dec 2010/2011 (FY)
7 7
Sources: respective company website
Competition Landscape
26%32%
ASK Growth RPK Growth
5% 5%9%
6%1%2% 4% 5% 3%
‐9%GA SQ QF CX MH TG
79%82% 83%
79%81% 80%
Last Report:GA: Jan‐Dec 2010/2011 (FY)SQ: Apr‐Dec 2010/2011 (9M)QF: Jul‐Dec 2010/2011 (6M)CX J D 2010/2011 (FY)
72%
79%75%75%
77% 76%
68%
CX: Jan‐Dec 2010/2011 (FY)MH: Jul‐Sep 2010/2011 (3Q)TG: Jan‐Dec 2010/2011 (FY)
GA SQ QF CX MH TG
8 8
SLF 2010 SLF 2011 Sources: respective company website
Competition Landscape – Domestic LCC
2011 Indicator Citilink Indonesia AA
28%
38%42%
29% 28% 28%
Growth Indicator
ASK 1,778 8,667RPK 1,353 6,664SLF 76% 77%CASK 6.43 4.68
28%24%
9% 28%
13%
28%
Pax Carried 1,626 5,009
ASK RPK CASK Pax carried
Citilink Indonesia AA
9 9
Sources: respective company website
Competition on routes which GA flownGA Domestic traffic is growth by GA Domestic traffic is growth by 37.937.9% YoY% YoY GA GA International traffic is growth by 29.2 %International traffic is growth by 29.2 %
28 8% 29.3% 28 6%35.0%16,000,000
Dom Total GA Total Market Share
9 % 20 1% 21.0%22.2% 22.8% 22.7% 23.5%
25.0%4,000,000
Intl Total GA Total Market Share
21.9% 23.5%25.8% 24.5% 26.1%
28.8% 29.3% 28.6%
15.0%
20.0%
25.0%
30.0%
8,000,000
12,000,000 17.8%
19.7% 20.1% 21.0%
10.0%
15.0%
20.0%
2,000,000
3,000,000
0.0%
5.0%
10.0%
-
4,000,000
Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-110 Q4-11
0.0%
5.0%
0
1,000,000
Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-110 Q4-11
42 3
27 7 30 3
8.712.0
2.4 3.1
16.2%
37.9%
12.4%
29.2%
13.612.1
42.336.4
27.7 30.3
Jan-Des 2010 Jan-Des 2011
Other Airlines DOM GA
9.7 10.5
Jan-Des 2010 Jan-Des 2011
O h Ai li INTL GA
9.4% 8.2%
10
Sources: Company (direct competition GA routes in/out CGK,DPS,SUB,UPG), exclude Citilink
Other Airlines DOM GA Other Airlines INTL GA
GA Progress 2011 at a GlanceP fit bl t k ith k t h th i t tl
Domestic:Grow and dominate
• Profitable network with market share growth consistently• Carried 12.2 million passenger (up 40%), 79% SLF and USc11.8 passenger yield.• 1,254 corporate account , and consistenly renewal of existing corporate account• GFF member stongly growth6 t ( i l f UPG) t t th t kGrow and dominate
full‐service• 6 new routes (mainly from UPG) to strengthen network coverage• UPG as 3rd hub to generate local/feed traffic• Increase frequency of key routes• Good connectivity with international network• Implement non‐stop routing to capture premium yield (UPG‐SIN)• Carried 3.2 million passenger (up 21%), 72% SLF and USc8.2 passenger yield.• Integrated network with domestic network to provide good connectivity with domestic main cities
International :Enormous upside
P t ti l • Increase frequency of key routes (JKT‐SHA/SEL/SYD and DPS‐SEL)• Preparation to become a member of Global Alliance on progress• Commercial agreement with other Asian and Middle East airlines partners
• Carried 1.6 million passenger (up 42%), 76% SLF and USc5.8 passenger yield.
Potential
LCC :
Citilink to address the LCC Opportunity
Carried 1.6 million passenger (up 42%), 76% SLF and USc5.8 passenger yield.• Ready to expand with A320 fleet LCC configuration• Maintaining GA High Operating Standard and Safety• Focus on improved seat density, aircraft utilization and lower distribution costs• Target 2 hour flying radius
11
g y g• Competitive airfares to others relevant domestic competitor
Fleet Expansion in 2011
2010Dec
2011Dec
In Out OpsLease
FinLease
Owned ‐ Fleet phasing‐in in 2011:
‐ 9 B737‐800NG, Garuda Indonesia 81 78 11 14 62 6 10
• B737Classic 25 11 ‐ 14 3 ‐ 8
• B737NG 42 51 9 ‐ 51 ‐ ‐
B747 3 3 1 2
‐ 2 A330‐200,
‐ 3 A320‐200 Citilink.
‐ Fleet phasing‐out in 2011:• B747 3 3 ‐ ‐ 1 ‐ 2
• A330‐200/300 11 13 2 7 6 ‐
Citilink 8 9 4 3 6 ‐ 3
• B737Classic 8 6 1 3 3 3
‐ 1 B737‐300
‐ 15 B737‐400
‐ Fleet Renewal bring significant t i• B737Classic 8 6 1 3 3 ‐ 3
• A320 0 3 3 ‐ 3 ‐ ‐
TOTAL FLEET 89 87 15 17 68 6 13
Average Ages 8.1 6.5
cost saving:
‐ Lower fuel costs
‐ Lower maintenance costs
Lower operating costsAverage Ages 8.1 6.5 ‐ Lower operating costs
‐ Higher aircraft utilisation rates
1212
Routes expansion in 2011
• Makassar as 3rd hubSHA SEL
Makassar as 3rd hub• Citilink Brand Refresh
BPN
GTOTTE
SINBPN
UPG
AMQ
TTE
Additional domestic routes Additional Int’l routesAdditi l f I t’l t b d il
JOG SUB
UPG
JKT
1313
Additional freq Int’l routes become dailySYD
DPS
Operating Indicators ‐ Group
2010 2011 ∆ % YoY
Aircraft Utilization (Hours) 9 23 10 40 1 17Aircraft Utilization (Hours) 9:23 10:40 1:17
Frequencies 102.724 130.043 26,59
On Time Performance (%) 80,16 85,68 6,89
ASK (’000) 25 772 196 32 473 738 26 00
Operational
ASK (’000) 25.772.196 32.473.738 26,00
Average Fuel Price (USD/L) 0,66 0,90 36,36
Passenger Carried 12.534.975 17.073.963 36,21
RPK (‘000) 18.465.804 24.434.662 31,36
Seat Load Factor (%) 71,7 75,2 4,26
Passenger Yield (US¢) 8,57 9,62 12,37
Passenger& Cargo
Cargo/Mail Uplifted (Tonnage) 207.008 229.378 10,81
CASK (US¢) 6,95 7,83 12,66
CASK‐excl Fuel (US¢) 4,52 4,59 1,55Financial
14
Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only,
Financial & Operating Indicators ‐ Domestic
2010 2011 ∆ % YoY
Frequencies 74 542 94 522 26 80Frequencies 74,542 94,522 26.80
On Time Performance (%) 79.89 85.68 7.25
ASK (’000) 9,943,464 13,340,916 34.17
A F l P i (USD/L) 0 68 0 93 36 76
Operational
Average Fuel Price (USD/L) 0.68 0.93 36.76
Passenger Carried 8,734,644 12,220,262 39.91
RPK (‘000) 7,431,873 10,614,847 42.83P Seat Load Factor (%) 74.74 79.57 6.46
Passenger Yield (US¢) 10.93 11.75 7.50
Cargo/Mail Uplifted (Tonnage) 122,963 141,347 14.95
Passenger& Cargo
CASK (US¢) 8.32 8.95 7.57
CASK‐excl Fuel (US¢) 5.67 5.52 ‐2.65Financial
15
Financial & Operating Indicators ‐ International
2010 2011 ∆ % YoY
Frequencies 17 588 21 662 23 16Frequencies 17,588 21,662 23.16
On Time Performance (%) 82.00 85.17 3.87
ASK (’000) 14,442,648 17,354,809 20.16
A F l P i (USD/L) 0 65 0 87 33 85
Operational
Average Fuel Price (USD/L) 0.65 0.87 33.85
Passenger Carried 2,656,928 3,227,570 21.48
RPK (‘000) 10,054,963 12,466,191 23.98P Seat Load Factor (%) 69.62 71.83 3.17
Passenger Yield (US¢) 7.19 8.22 14.33
Cargo/Mail Uplifted (Tonnage) 62,785 60,228 ‐4.07
Passenger& Cargo
CASK (US¢) 6.20 7.11 14.68
CASK‐excl Fuel (US¢) 3.94 4.04 2.54Financial
16
Financial & Operating Indicators ‐ Citilink
2010 2011 ∆ % YoY
Number of Aircraft 8 9 12.50
Frequencies 10,594 13,859 30.82
ASK (’000) 1,386,084 1,778,013 28.28Operational
ASK ( 000) 1,386,084 1,778,013 28.28
Passenger Carried 1,143,403 1,626,130 42.22
RPK (‘000) 978,967 1,353,624 38.27
Seat Load Factor (%) 70 63 76 13 7 79Passenger& Cargo Seat Load Factor (%) 70.63 76.13 7.79
Passenger Yield (US¢) 4.88 5.84 19.67
CASK (US¢) 5.19 6.43 23.89
CASK excl Fuel (US¢) 2 6 3 03 16 54
g
FinancialCASK‐excl Fuel (US¢) 2.6 3.03 16.54
17
C t tContents
1. Market & Company Overview
2. Summary Result 2011y
3. Outlook 2012
18
Income Statement Summary Consolidated
2010 2011 ∆ % YoY
Passenger 14,641.1 21,079.1 43.97
Cargo 1,185.5 1,442.5 21.68
Hajj 1,847.3 2,036.1 10.22Operating Revenue
Others 1,860.4 2,606.9 40.13
Total 19,534.3 27,164.6 39.06
Fuel 6,325.3 9,966.9 57.57Operating
Non Fuel 13,276.2 16,185.9 21.91
Total 19,601.5 26,152.8 33.42
Operating Income (67.2) 1,011.7 N/A
Operating Expenses
p g (67.2) 1,011.7 N/A
Comprehensive Income 222.8 858.8 285.46
EBITDAR 3,476.9 4,796.7 38.00
Income
19
Revenue Trend 2010‐2011
(IDR Billion)
Changes in Operating Revenues
+ 189+ 747(+40%)
27,165(+39%)
+ 6,438(+45%)
+ 257(+22%)
+ 189(+10%)
CargoHajj Others
(+40%)
Strong revenue growth, driven by 36% growth on
19,534 Passenger
passenger carried (additional 4.6 million passenger compare 2010)
FY‐2010 Operating Revenue
FY‐2011 Operating Revenue
20
Passenger Revenue Trend 2010‐2011
Business Economy Overall
ASK + 21% +26% +26%
Passenger Revenue + 51% + 41% +44%
RASK + 24% +17% +18%
•Focus on high‐end customer which is give higher revenuecontribution
•Increase oveall passenger yield by 12%•Increase oveall passenger yield by 12%
21
Cost Discipline – FY 2011 Expenses
FY 2010 PoT FY 2011 PoT ∆ %
Operating Revenue increase 39% while Expenses only increase by 33%
FY 2010 PoT FY 2011 PoT ∆ %
Fuel 6,325.3 32% 9,966.9 38% 57.57
Rental & Charter Flight 2,694.5 14% 3,544.9 14% 31.56
Ticketing, Sales,Promo 1,775.7 9% 2,329.7 9% 31.20
General & Admin 1,613.8 8% 1,739.1 7% 7.76
User Charges & Station Expenses 1,519.5 8% 1,954.0 7% 28.60
Passenger Services 1,640.0 8% 2,289.6 9% 39.62
Maintenance / Repair 1,289.8 7% 1,669.0 6% 29.40
Others 2,492.9 13% 2,659.6 10% 6.69
T t l E 19 601 5 100% 26 152 8 100% 33 42
2222
Total Expenses 19,601.5 100% 26,152.8 100% 33.42
Cost Discipline
Jet Fuel(USD/liter)
0.66 0.95
Fuel Burn(lit /RTK) 0.43
0.900.83 0.89Average 0.90
Average 0.42 0.400.42 0.42
CASK (US¢)
(liter/RTK) 0.43
7 68.1 7.8 7.9
0.420.42 0.400.42 0.42
7.0 7.6 7.8
FY‐2010 1Q‐2011 2Q‐2011 3Q‐2011 4Q‐2011
Average 7.8
CASK Excl‐fuel (US¢)
FY 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011
4.5
4.7 4.7
4.5
4.7
Average 4.6
23
FY‐2010 1Q‐2011 2Q‐2011 3Q‐2011 4Q‐2011
Balance Sheet Summary Consolidated
2010 2011 ∆ % YoY
Current Assets 3,801.4 6,784.1 78.5
Non Curents Assets 9,864.64 11,225.87 13.8
Total Assets
Asset
Total Assets 13,666.0 18,010.0 31.8
Current Liabilities 5,241.27 5,866.97 11.9
Non Curent Liabilities 4,955.28 4,595.85 ‐6.7Liabilities
Total Liabilities 10,196.6 10,462.8 2.6
Total Equities 3,469.5 7,547.1 117.5Equities
Total Liabilities & Equities 13,666.0 18,010.0 31.8
Equities
24
Cash Flow Summary Consolidated
2010 2011 ∆ % YoY
Beginning Cash/Cash Equivalents 1,722.5 1,177.4 ‐31,6
•Operating Activities 1,602.1 1,903.3 18.8
•Investing Activities (945 5) (2 231 7) 136 2•Investing Activities (945.5) (2,231.7) 136.2
•Financing Activities (1,137.9) 2,823.4 148.1
Net Increase (Decrease) in Cash/Cash Equivalents (481.3) 2.495.0 122.4Equivalents
Effect of Foreign Exchange Rate Changes (63.8) 111.3 74.5
Ending Cash/Cash Equivalents 1.177.4 3.783.6 221.4. . 3. 83.6 .
25
Financial Ratio
2010 2011 ∆ % YoY
Lease Adjusted Net Debt/EBITDAR 4.7 x 4.0 x ‐14%
EBITDAR Margin 17.8 % 17.7 % ‐1%g
Debt/Equity 1.2 x 0.6 x ‐54%
Net Return on Equity 14.9 % 10.7 % ‐28%
2626
Financial Indicator
Leased Adjusted Debt (IDR Bn) Leased Adjusted Debt /EBITDAR
3 3 x
4.7 x
4.0 x16,281
19,260
7,157 12,095
15,103
3.3 x12,676
5,519 4,186 4,157
FY‐2009 FY‐2010 FY‐2011
Debt Capitalised Leased
FY‐2009 FY‐2010 FY‐2011
2727
C t tContents
1. Market & Company Overview
2. Summary Result 2011y
3. Outlook 2012
28
Outlook 2012
• Uncertainty in financial market continued• Uncertainty regarding Jet Fuel Price• Due to Uncertainty, difficult to provide profit guidance for 2012
Macro Economy
Domestic:Grow and dominate
• Robust demand continued • Market demand growth still higher than market capacity growth• Still become our backbone with market share growth consistently• Continued to expand corporate account domestically and globallyGrow and dominate
full‐service• Continued to expand corporate account domestically and globally• Medan as 4rd hub to generate local/feed traffic• Continue to increase frequency of key routes•1Q‐2012 expected to be better than 1Q‐2011
• Limited expansion for International routes (Taipei and Haneda)• Increase frequency of key routes (Kuala Lumpur)• IT‐ready for Global Alliance
International :Enormous upside
Potential
LCC :
Citilink to address the LCC Opportunity
• Spin‐off in 2H‐2012• Ready to expand with A320 fleet LCC configuration• Achieve economic of scale in 2012
2929
Our Target in 2012
2011 2012
# of Fleet 87 105# of Fleet 87 105
Average fleet age* 6,5 5,8
Passenger Carried (Mio) 17,1 22,0
3030
Fleet Expansion Plan in 2012
2011Dec
2012Dec
In Out OpsLease
FinLease
Owned‐ By end of 2012, GA (Main
Brand ) will have 85 aircraft and citilink 20 aircraft
Garuda Indonesia 78 85 11 3 66 9 10
• B737Classic 11 8 ‐ 3 ‐ ‐ 8
• B737NG 51 55 4 ‐ 55 ‐ ‐
CRJ1000NG 0 5 5 2 3
and citilink 20 aircraft.
‐ Fleet phasing‐in in 2012:
‐ 4 B737‐800NG,
‐ 2 A330‐200,• CRJ1000NG 0 5 5 ‐ 2 3 ‐
• B747 3 2 ‐ 1 ‐ ‐ 2
• A330‐200/300 13 15 2 ‐ 9 6 ‐
Citilink 9 20 11 ‐ 17 ‐ 3
2 A330 200,
‐ 5 CRJ‐1000NG,
‐ 10 A320‐200 Citilink.
‐ Fleet phasing‐out in 2012:Citilink 9 20 11 17 3
• B737Classic 6 7 1 ‐ 4 ‐ 3
• A320 3 13 10 ‐ 13 ‐ ‐
TOTAL FLEET 87 105 22 4 83 9 13
p g
‐ 1 B737‐300
‐ 1 B737‐400
‐ 1 B747‐400TOTAL FLEET 87 105 22 4 83 9 13
Average Ages 6.5 5.8
3131
Routes Expansion Plan 2012 ‐ Domestic
Medan
BalikpapanMedan‐PenangMedan‐BatamMedan‐PalembangMedan‐Surabaya
Balikpapan‐YogyakartaBalikpapan‐Denpasar
MakasarMakasar‐SingaporeMakasar‐TernateMakasar‐Balikpapan‐Jogyakarta
Medan‐Palembang‐Pekanbaru
BandungSurabaya
DenpasarMakasar Balikpapan JogyakartaMakasar‐SurabayaMakasar‐AmbonMakasar‐Biak, Jayapura, Denpasar, Palu, Timika, Gorontalo dan Menado
Denpasar‐AmpenanDenpasar‐MakasarDenpasar‐Balikpapan
32
Timika, Gorontalo dan MenadoDenpasar Balikpapan
Routes Expansion Plan 2012 ‐ International
Haneda‐Tokyo(Apr)
Taipei(M )(May)
Kuala Lumpur(Feb)
DenpasarJakarta
33
Corporate Action 2012
1. Quasi ReorganisationQ g
2. Spin‐off Citilink
3. Medan as 4th hub
4. Phase‐in new fleet CRJ‐1000NG
5. Dedicated Terminal in Surabaya
3434
PT Garuda Indonesia (Persero) Tbk.Investor Relations Department
2nd Floor Management BuildingGaruda CitySoekarno Hatta International AirportpPhone : 62‐21‐2560 1201Email : investor@garuda‐indonesia.com
THANK YOU
35
