10% - Garuda Indonesia

Phillip Capital Regional Corporate Day
Singapore, March 2015
1
Board Of Directors
M. Arif Wibowo
President & CEO
Heriyanto Agung Putra
Director of Human Capital &
Corporate Affairs
2
IGN. Askhara Danadiputra
Director of Finance & Risk
Management
Novianto Herupratomo
Director of Operations
Handayani
Director of Commercial
Iwan Joeniarto
Director of Maintenance &
Fleet Management
Shareholders & Performance
List of Shareholders as of 31 January 2015
Number of Shares
%
Domestic
Government of Indonesia
Retail
Employee
Institutional (Trans Airways)
Other Institutional (less than 5%)
Total Domestic
15,653,128,000
809,794,744
83,802,744
6,711,457,801
1,606,696,474
24,864,879,763
60.51%
3.13%
0.32%
25.94%
6.21%
96.12%
International
Retail
Institutional (less than 5%)
Total International
TOTAL
4,055,970
999,990,900
1,004,046,870
25,868,926,633
0.02%
3.87%
3.88%
100%
Domestic
International
3
Share Performance
Percentage of Shares based
on Real Free Float
71.35%
28.65%
Price (31 Jan 15, IDR)
Market cap (IDR. mio)
Number of share
Free Float (%)
52-week price range
GIAA (RHS) - JCI Index (LHS)
: 595
: 15,392,011
: 25,868,926,633
: 39.49
: 415 - 635
The 3rd Fastest GDP Growth among
G20 countries in 2014.
5.4
Transportation Profiles
Indonesia:
Transportation profile (Passengers in million)
FY 2004
FY 2013
CAGR
Air
23
106
+ 19%
Rail
150
215
+ 4%
Sea
13
9
- 4%
Archipelago
Country
Argentina
Italy
France
Russia
Japan
Germany
Brazil
Turkey
Canada
South Africa
Australia
European Union
United States
United Kingdom
Mexico
Korea
Saudi Arabia
Indonesia
India
China
Source: Bloomberg Data, www.bps.go.id , and www.worldbank.org
Source: IMF-World Economic Outlook, April 2014
Demand for air-travel services strongly correlates with
the GDP per capita of the respective country. As the
3rd fastest growing country in G20, airline industry in
Indonesia will provide promising growth in the near
and long term future
4
China:
Transportation profile (Passengers in million)
FY 2004
FY 2013
CAGR
121
354
+ 13%
Highway
16.289
37.469
+ 10%
Rail
1.073
2.106
+ 8%
Sea
181
262
+ 4%
Air
Source: Bloomberg Data
Massive
Land
Country
Some Major Airport Development Projects 2013 - 2018
Muara Teweh
Kualanamu
Tebelian
Miangas
Samarinda Baru
Kamanap
Kuffar Seram
Sumarorong
Tjilik Riwut
Singkawang
Muarobungo
Waisai
Tojo Unauna
Segun
Waghete baru
Balikpapan
Pontianak
USD 133.3 mio (2014)
USD 141.7 mio (2016)
Samarinda
USD 100 mio (2015)
Jakarta
USD 2.2 bio (2016)
Surabaya
USD 583.3 mio (2015)
Makassar
USD 100 mio (2015)
Majalengka
Yogyakarta
USD 691.7 mio (2018)
USD 308.3 mio (2018)
Bawean
Enggano
Pekon Serai
Ali Sadikin
2013  12 airports
Bone
Buntu Kunik
Banten Selatan
2014  7 airports
Tual Baru
Namniwel
Morowali
Kertajati
2015  6 airports
Moa
Kulonprogo
5
Saumlaki Baru
Wirasaba
2016  3 airports
Development project plan for 8 airports reach approximately USD 4,2 billion.
Sinak baru
Werur
Baru Bali
2017-2018  5 airports
Source: Kementerian Perhubungan, 2013 PT. Angkasa Pura I &
II, Ministry of Transportation, Investor Daily
In terms of air traffic, Indonesia has much room to grow
In terms of traffic, Indonesia has so much room for growth. This is way different than Singapore and Malaysia that
have a number of passenger far greater than its population.
Population
Numbers are in million
Air Traffic
30.6 (566%)
34.2 (476%)
5.5
7.2
29.7
Singapore
Hongkong
Malaysia
105.9 (83%)
40.7 (61%)
127.3
67.0
Japan
Thailand
Sources: Bloomberg Data and www.worldbank.org, Full Year 2013
6
46.3 (156%)
106.0 (42%)
Indonesia
Transformation Phases (2006 – 2015)
Survival Phase
(until 2007)
Expansion Phase
(2012-2015)
Restructuring Phase (2008-2011)
DOM Passenger Market (mil)
INT Passenger Market (mil)
No of Fleet
Total Passenger Market (mil)
11.9
11.5
10.9
10.2
8.1
6.5
5.8
Average Age of
aircraft (years)
5.0
4.5
4.0
49
48
54
70
89
87
106
140
169
189
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
FINANCIAL
(USD mil)
2007
2008
2009
2010
2011
2012
2013
2014*
CAGR
Revenue
1,532
2,005
1,733
2,168
3,096
3,473
3,716
2,802
15%
Op Profit
79
118
79
67
92
168
56
(250)
11%
Net Profit
16
86
101
39
64
111
11
(219)
-24%
Asset
1,269
1,494
1,661
1,622
2,083
2,518
2,954
3,163
15%
Equity
(134)
189
435
497
923
1,115
1,117
1,038
224%
*YTD Sep 2014
7
Fleet Expansion and Rejuvenation
Dec-13
Narrow Body
• B737-300
• B737-500
• B737-800 NG
• CRJ - 1000
• ATR72-600
Total Narrow Body
Wide Body
• B747-400
• B777-300ER
• A330-200
• A330-300
Total Wide Body
Citilink
• B737-300
• B737-400
•A320-200
Total Citilink
TOTAL FLEET
8
3
4
65
12
2
86
2
4
11
7
24
Dec-14
1
4
75
15
8
103
2
6
11
11
30
Ops
Lease
75
9
8
92
6
11
5
22
Fin Lease /
Owned
1
4
6
11
2
6
8
# of Aircraft
Dec-15
0
3
82
18
11
114
2
9
11
12
34
Fleet at 31 Dec 2013
IN: Delivery of:
 B737-800NG
 CRJ-1000
 ATR72-600
 B777-300ER
 A330-300
 A320-200
OUT:
 B737-300
 B737-800NG
 B737-400
140
+35
12
3
6
2
4
8
-6
3
2
1
Fleet at 31 Dec 2014
169
Average Fleet Age (years)
5
1
24
30
140
4
32
36
169
32
32
146
4
4
23
4
37
41
189
5.8
2012
5.0
4.5
4.3
2013
2014
2015E
Networking
9
2014 Domestic Network
GA Profitable Routes
Period
Destinations
CGK – SUB – CGK
CGK – MES – CGK
CGK – BPN – CGK
2012
34
2013
42
2014
54
2015
65
2016
73
Banda Aceh
Medan
Tarakan
Pekanbaru
Nias
Putusibau
Tjg Pinang
Sibolga
Padang
Batam
Jambi
Bengkulu
Manado
Berau
Pontianak
Ternate
Palu
Palangkaraya
Pgk Pinang
Tjg Pandan
Palembang
Tjg.Karang
Luwuk
Balikpapan
Sorong
Biak
Jayapura
Manokwari
Banjarmasin
Mamuju
Jakarta
Kendari
Pomala
Makassar
Semarang
Surabaya
Solo
Bandung
Jember Denpasar Bima
Yogyakarta Malang
Banyuwangi
Ambon
Langgur
Bau bau
Timika
Saumlaki
LabuanBajo
Merauke
Sumbawa Besar
Mataram
10
Gorontalo
Ende
Tambolaka
Kupang
2014 International Network
London
Amsterdam
Tokyo (HND)
Beijing
Seoul
Shanghai
Tokyo (NRT)
Osaka
Guangzhou
Hongkong
Jeddah
Bangkok
Medan
Kuala Lumpur
Singapore
Jakarta
Surabaya
Denpasar
Dili
Brisbane
Perth
GA Profitable Routes
CGK – SIN – CGK
CGK – JED – CGK
CGK – BKK – CGK
11
Sydney
Melbourne
Period
Destinations
2012
19
2013
20
2014
18
2015
25
2016
27
Strategy in Domestic Market
Domestic Market Share
12%
Full Service
Carrier
Personal Purposes
14%
Holiday
28%
12%
9%
Low Cost Carrier
40%
8%
10%
Business
58%
44%
FY 2014
10%
FY 2013
28%
30%
Customer Profile
Lionair
Subsidiary of Garuda Airline
ID Growing Consumer
Prices indices
New Aircrafts A320
Safety Flight (GAs IOSA)
Prestige/Branding
12
Garuda
Airlines
Passengers Carried
Sriwijaya
Citilink
2013
2014
(000)
(000)
Others
Δ%
Garuda + Citilink
19.391
21.272
9.7%
Lion Group
25.298
24.759
(2,1%)
Lainnya
9.629
8.341
(13,4%)
Jumlah
54.318
54.372
0,1%
SkyTeam and ASEAN open-skies
1064
Destinations
20
Partner Airlines
Joined 5 March 2014
With Over 15,723 daily flights to 1,064 destinations
in 178 countries, the SkyTeam network will offer GA
customers more destinations and more connections from
the best hubs in the world
Why does GIAA choose SkyTeam?
SkyTeam has lesser Australia routes and lesser Indonesia routes
compared to other alliances
The benefits being a member of SkyTeam
* Extended network without significant costs
*Alliance with SkyTeam will solve GFF redemption issue
13
Airports that will be opened for ASEAN open-skies:
Jakarta, Surabaya, Bali, Makassar and Medan
The opportunities of ASEAN Open Sky
• More flexibility to freely mobilize capacity and manpower
across the region
• Enhancing domestic traffic and tourism activities within
Indonesia and other ASEAN members
• Open Sky will encourage chances of getting more revenue
from airline supporting business (catering, ground handling,
MRO)
Operation Growth Compared to Regional Peers
ASK Growth YoY 2013 vs 2014
RPK Growth YoY 2013-2014
16.3
12.7
7.4
5.9
1.9
2.2
(0.8)
(0.1)
(4.7)
GA
QX
NZ
SQ
TG
GA
QX
NZ
SQ
(11.2)
TG
SLF Growth 2013-2014
Passenger Carried Growth 2013-2014
3.4
16.7
5.5
2.1
1.2
0.4
(0.2)
GA
QX
NZ
SQ
(19.7)
TG
NZ
QX
SQ
(2.3)
(2.6)
GA
TG
Source : Bloomberg Data, Jan 2015
GA: Garuda Indonesia
14
QX: Cathay
NZ: Air New Zealand
SQ: Singapore Airline
TG: Thai Airways
Operational Results
15
GA Group Operational Indicators
GA Group ASK (000)
GA Group RPK (000)
50.2
43.1
32.5
36.0
31.9
24.4
25.8
36.0
27.3
18.5
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
GA Group Yield & CASK (USc)
GA Group Pax Carried
9.6
29.1
9.6
9.1
8.6
8.6
25.0
17.1
20.4
2010
16
2011
7.8
2011
2012
7.5
7.6
2013
2014
7.0
12.5
2010
7.8
2012
2013
2014
Yield (USc)
CASK (USc)
Operating Indicators - Group
Operational
Efficiency
Passenger
& Cargo
Frequencies
On Time Performance (%)
ASK (’000)
Aircraft Utilization (Hours)
Average Fuel Price (USD/L)
Fuel Burn / ATK
Fuel Burn / Blockhours
Passenger Carried
RPK (‘000)
Seat Load Factor (%)
Passenger Yield (US¢)
Cargo/Mail Uplifted (Ton)
Financial
CASK (US¢)
CASK-excl Fuel (US¢)
FY 2013
FY 2014
196,403
83.8
43,133,085
10:44
0.88
0.25
3,904
24,965,239
31,949,989
74.1
9.1
228,329
88.8
50,154,921
9:48
0.83
0.24
3,684
29,139,277
35,997,197
71.8
8.6
16.3
5.0*
16.3
-00:56
(5.2)
(4.2)
(5.6)
16.7
12.7
(2.3)*
(5.4)
345,923
403,994
16.8
7.55
4.43
7.56
4.57
0.1
3.9
Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only
* in percentage points
17
∆ % YoY
Operating Indicators – Main Brand By Sector
DOM
INT’L
Passenger Carried
Frequency
ASK (’000)
RPK (‘000)
Seat Load Factor (%)
Passenger Yield (US¢)
CASK (US¢)
CASK-excl Fuel (US¢)
Passenger Carried
Frequency
ASK (’000)
RPK (‘000)
Seat Load Factor (%)
Passenger Yield (US¢)
CASK (US¢)
CASK-excl Fuel (US¢)
Note:
• *) In percentage point
18
FY 2013
FY 2014
15,849,746
130,262
17,316,124
13,432,354
77.6
10.76
8.58
5.15
3,770,573
27,131
20,362,147
14,319,698
70.3
8.33
7.07
4.09
17,604,623
146,904
20,377,772
15,216,204
74.7
10.07
8.51
5.30
3,983,901
28,832
22,526,573
15,014,851
66.6
7.93
7.32
4.46
∆ % YoY
11.1
12.8
17.7
13.3
(2.9)*
(6.4)
(0.8)
3.0
5.7
6.3
10.6
4.9
(3.7)*
(4.8)
3.5
9.0
Operating Indicators – Main Brand & Citilink
Main
Brand
Citilink
FY 2013
FY 2014
19,620,319
157,393
37,678,271
27,752,052
73.7
9.5
7.76
4.58
21,588,524
175,736
42,904,295
30,231,055
70.5
9.0
7.89
4.86
10.0
11.7
13.9
8.9
(3.2)*
(5.2)
1.6
6.2
Passenger Carried
Frequency
ASK (’000)
5,344,920
39,010
5,454,816
7,550,753
52,593
7,250,626
41.3
34.8
32.9
RPK (‘000)
Seat Load Factor (%)
Passenger Yield (US¢)
CASK (US¢)
CASK-excl Fuel (US¢)
4,197,935
77.0
6.1
6.07
3.20
5,766,142
79.5
6.4
5.63
2.90
37.4
2.6*
4.8
(7.2)
(9.4)
Passenger Carried
Frequency
ASK (’000)
RPK (‘000)
Seat Load Factor (%)
Passenger Yield (in US¢)
CASK (US¢)
CASK-excl Fuel (US¢)
Note: *) In percentage point
19
∆ % YoY
January Operational Data
Garuda Indonesia Group
Jan-12
Jan-13
Jan-14
ASK (’000)
2,783,875 3,318,984 4,151,147
RPK (’000)
2,002,982 2,226,985 2,807,287
Passenger Carried
1,544,450 1,700,975 2,196,547
Yield
9.7
9.1
8.1
USDIDR
9,068
9,670
12,189
Av. Fuel Price
88.5
89.9
90.6
CASK
7.8
7.4
7.5
Seat Load Factor (%)
71.9
67.1
67.6
Jan-15
4,579,432
3,371,029
2,530,725
7.8
12,440
56.9
6.2
73.6
Δ %
10.3
20.1
15.2
(3.2)
(2.1)
(37.2)
(16.7)
6.0*
* in percentage points
GA DOMESTIC
ASK (’000)
RPK (’000)
Passenger Carried
Seat Load Factor (%)
GA INTERNATIONAL
Jan-12
Jan-13
Jan-14
Jan-15
1,206,644 1,361,717 1,601,510 1,814,318
933,499 867,585 1,072,185 1,297,147
1,075,536 1,029,057 1,298,673 1,478,493
77.4
63.7
66.9
71.5
ASK (’000)
RPK (’000)
Passenger Carried
Seat Load Factor (%)
Jan-12
Jan-13
Jan-14
Jan-15
1,360,645 1,551,904 1,991,195 2,120,078
915,630 1,065,907 1,295,649 1,575,840
272,234 290,119 328,187 393,305
67.3
68.7
65.1
74.3
CITILINK
ASK (’000)
RPK (’000)
Passenger Carried
Seat Load Factor (%)
20
Jan-12
216,586
153,853
196,680
71.0
Jan-13
405,364
293,493
381,799
72.4
Jan-14
558,442
439,453
569,687
78.7
Jan-15
645,036
498,042
658,927
77.2
20
Financial Results
21
Garuda Indonesia Revenue Linkage
Note: Average Percentage (2010-2013)
Non -Scheduled
Airline Services
Scheduled Airline
Services
± 10%
± 80%
± 10%
Passengers
Cargo
Subsidiaries
± 90%
± 90%
± 8%
± 75%
Charter
Excess Baggage
Mail & Document
± 10%
± 1%
Hajj
22
Others
± 1%
Strategic Business
Unit
± 25%
Garuda Indonesia Expenses Linkage
Note: Average Percentage (2010-2013)
Fuel Expense
±
40%
Rental
Service & Ground
Handling
Maintenance
±
10%
23
±
15%
±
20%
Des12
Jan 15
Δ
Sin Jet
Kerosene
78 USc/L
40 USc/L
-49%
Pertamina
94 USc/L
59 USc/L
-37%
Source: Bloomberg and Garuda Data
New jet fuel supplier is needed for cost
efficiency
Rental period 10-12 years
floating rate
Ground handling cost in USD based
High safety standard - The only Indonesian
carrier certified by IOSA
Financial Indicators
Total Operating Revenues
Passenger Revenue
1,086
1,011
918
875
801
702
962
1,029
684
931
807
807
794
771
1,063
676
653
598
709
681
677
598
469
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
EBITDAR
Net Profit
287
224 212
60
276
211
193
103
100
55
27
219
54
33
24
13
210
163
149
(19)
(3)
(11)
116
7
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
24
751
824
717
583
81
705
796
756
(34)
(8)
(12)
(48)
(164)
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
DOMESTIC 2014
INTERNATIONAL 2014
• Purchasing Power impacted by GDP Slowing Growth
• Impacted by weakening IDR/USD & imposed by price cap.
• Low season, floods and eruption, and parliament election.
• Over capacity in region.
• Purchasing Power impacted by GDP Slowing Growth
• Competition in the market (Etihad & Emirates)
Summary of Consolidated Income Statement
in USD mio
9M-2013
9M-2014
∆ % YoY
507.4
379.9
-25.1
Scheduled Airline
Non-Scheduled Airline
2,355.3
2,474.2
5.0
90.0
107.1
19.0
Others
Total
241.7
2,687.0
220.4
2,801.7
-8.8
4.3
Fuel
1,019.5
1,175.7
15.3
Non Fuel
1,638.1
1,876.3
14.5
Total
2,657.6
3,052.0
14.8
Income / Loss from Operations
29.4
(250.3)
n.a.
Loss Before Tax
(2.3)
(298.8)
n.a.
Loss Current Period
(14.7)
(219.5)
n.a.
Comprehensive Loss
(32.5)
(206.4)
n.a.
EBITDAR Margin
18.9 %
13.6 %
Nett Margin
(0.6) %
(7.8) %
EBITDAR
Operating
Revenue
Operating
Expenses
Income
25
Operating Loss
1Q14
2Q14
(41.3)
3Q14
(16.4)
(192.6)
3Q14 Income/Loss Current
Period (GA Main Brand Only)
22.1
0.4
Jul'14
(42.4)
Aug'14
Sep'14
Summary of Consolidated Balance Sheet
in USD mio
Current Assets
Asset
Liabilities
Equities
26
31 Dec 2013
30 Sep 2014
∆%
819.1
797.8
(2.6)
Non-Current Assets
2,134.7
2,364.9
10.8
Total Assets
2,953.8
3,162.7
7.1
Current Liabilities
983.9
1,037.2
5.4
Non-Current Liabilities
852.7
1,087.4
27.5
Total Liabilities
1,836.6
2,124.5
15.7
Total Equities
1,117.1
1,038.2
(7.1)
Total Liabilities & Equities
2,953.8
3,162.7
7.1
Debt/Equity
0.9 x
1.1 x
Adjusted EV/EBITDAR
6.7 x
10.3 x
Profit & Loss - GA Parent
in USD 000
Revenue
31-Jan-13
31-Jan-14
31-Jan-15
20,455
28,972
22,578
(9,155)
73,315
106,151
158,986
213,691
204,396
219,903
253,256
- Passenger
96,896
146,317
198,789
188,144
204,325
238,158
9,255
12,668
14,903
16,252
15,578
15,098
93
2,678
480
3,053
1,000
9,782
Total Operating Revenue
3,155
109,399
3,890
165,554
5,989
220,160
5,393
212,842
5,199
226,102
6,795
269,833
Total Operating Expense
111,856
181,932
228,930
231,245
293,885
269,704
-2,456
-16,378
-8,770
-18,403
-67,783
129
569
-16,504
-5,872
-27,712
-73,664
-2,797
9,400
8,991
9,068
9,670
12,189
12,440
- Freight
Income / Loss from Operations
Net Income
USD IDR
27
31-Jan-12
23,526
Others
Income
31-Jan-11
EBITDAR
Scheduled Airline
Non-Scheduled Airline
Expense
31-Jan-10
Profit & Loss - GA Parent
in USD 000
28-Feb-13
28-Feb-14
28-Feb-15
30,176
29-Feb-12
34,785
35,519
(11,147)
73,845
98,801
148,061
198,832
219,683
200,401
213,928
89,689
136,593
183,923
205,031
185,887
199,023
9,112
11,468
14,908
14,652
14,514
14,906
291
5,659
457
0
637
13,237
16,534
170,253
5,674
Total Operating Revenue
3,528
102,620
204,963
4,806
224,489
4,837
205,876
6,615
233,780
Expense
Total Operating Expense
121,465
175,208
207,218
228,598
274,325
230,974
Income
Income / Loss from
Operations
Net Income
-18,844
-4,954
-2,255
-4,109
-68,449
2,806
-16,776
-5,218
-2,842
-14,779
-77,395
1,165
9,365
9,057
9,000
9,698
12,226
12.863
Revenue
28-Feb-10
28-Feb-11
EBITDAR
Scheduled Airline
32,083
- Passenger
- Freight
Non-Scheduled Airline
Others
USD IDR
28
Revenue Generator 2015
Flight network restructuring
• Reduce unprofitable flight routes
• Postpone the opening of new routes
• Adjust flight schedules to various destination cities in Australia and Europe.
Focus on developing routes in China
• Charter flights to cities in China besides the three major cities currently served by Garuda
(Beijing, Shanghai, Guangzhou), such as Chengdu, Chong Qin, Ningbo, Kunming, Jinan,
Harbin, Xian, Shenyang and Chengzhou
Focus on developing market to the Middle East
• Developing market potentials to the Middle East, especially expanding the umrah market.
29
Cost Efficiency Programs 2015
Potential Cost Saving for 2015
Potential saving from lower fuel price :
USD 172.25 million
Potential saving from efficiency initiatives :
USD 146.94 million
Re-profiling Loan Strategy



Total Garuda’s debt balance as per 31 January 2015 is USD 1bio.
USD 400mio Bridging Facility from NBAD and DIB (with 7 years backstop financing) will be used to re-profile
portion of existing commercial term loan.
Global Unrated Sukuk of USD 500mio will take out the Bridging Facility, extending maturity in debt financing to
5 years.
Fuel Hedging Target
Current Target Fuel Hedging 50% of estimated fuel consumption 2015 with jet fuel price budget:
(Instruments: Forward and Call Spread)
30
Budget RKAP 2015 (Usc/l)
Target Price 2015 (Usc/l)**
Market Jet Fuel Price (Usc/l)
64.10
42.80
IntoPlane Price (Usc/l)
75.00
57.70
Summary of Subsidiaries Performance
PT GMF-AA (in USD '000)
2011
Operating
185,859
Revenue
Operating
11,330
Income
Net Income
7,291
2012
2013
2014*
211,637
230,294
265,201
14,436
17,812
24,438
11,021
19,127
16,887
PT Garuda Maintenance Facility Aero Asia (“GMFAA”)
subsidiary, was established to provide maintenance,
repair and overhaul (“MRO”) services, including airframe
and engine maintenance and related supporting services.
.
PT Aerowisata (in IDR bn)
2011
Operating
2,024
Revenue
Operating
43
Income
Net Income
73
2013
2014*
2,499
2,826
3.167
48
56
106
55
66
74
PT Aero Wisata (“Aerowisata”) subsidiary to provide and
develop supporting airline and related services, such as
catering services for flights, hotels and resorts, travel
agencies and tour and ground transportation services.
PT Citilink Indonesia (in USD '000)
2011
2012
Operating
73,397
Revenue
Operating
(54,955) (31,545)
Income
Net Income
683,603 (28,410)
2013
2014*
273,398
419,893
(60,204)
(10,275)
(48,480)
(8,233)
PT Citilink Indonesia is regional airline operations to meet
increasing demand for low-cost carrier (“LCC”) services in
the Indonesian domestic market.
31
2012
*Appraisal FY 2014
Summary of Subsidiaries Performance
PT Abacus DS Indonesia (in USD '000)
Operating
Revenue
Operating
Income
Net Income
PT Aero System (in USD '000)
2011
2012
2013
2014*
2,800
2,840
3,082
3,028
(38)
86
197
399
(99)
71
125
336
Operating
Revenue
Operating
Income
Net Income
2011
2012
2013
2014*
14,102
19,413
22,078
17,954
852
1,237
2,424
490
520
510
783
319
PT Aero Systems Indonesia (“Asyst”) subsidiary was
established to provide IT systems specifically designed for
the transportation industry.
.
PT Abacus Distribution Systems Indonesia (“Abacus”)
subsidiary was established to provide information
technology and operating system services, including
global distribution services for the Company.
PT Gapura Angkasa (in IDR bn)
2011
2012
2013
2014*
Operating Revenue
703
859
1,093
1.227
Operating Income
61
45
59
57
Net Income
39
40
51
68
PT Gapura Angkasa (“Gapura”), which provides ground
handling services. Ground services include check-in service,
boarding service, premium class lounge service, luggage
handling, loading and unloading services
32
*Appraisal FY 2014
PT Garuda Indonesia (Persero) Tbk.
Investor Relations Department
2nd Floor Management Building Garuda City
Soekarno Hatta International Airport
Phone: 62-21-2560 1201
Email: investor@garuda-indonesia.com
33
THANK YOU