9M-2013 Highlights

Transcription

9M-2013 Highlights
PT GARUDA INDONESIA (PERSERO) Tbk.
Analyst Meeting & Presentation
9Months – 2013 Result Announcement
Jakarta, 6 November 2013
Delivering Indonesia’s Best to the World
0
Shareholders & Performance
List of Shareholders as of 30 September 2013
Domestic
Government of Indonesia
Retail
Employee
Institutional (Trans Airways)
Other Institutional (less than 2%)
Total Domestic
International
Retail
Institutional (less than 2%)
Total International
TOTAL
Share Performance
Number of Shares
%
15,653,128,000
1,073,809,731
91,766,044
2,466,965,725
69.14
4.74
0.41
10.90
2,595,188,028
11.46
21,880,857,528
96.64
4,191,000
755,947,472
760,138,472
22,640,996,000
0.02
3.34
3.36
100
- Garuda Indonesia (GIAA) has been only airline listed in
IDX since 11 February 2011.
- Member of :
 Kompas-100
 Indeks Saham Syariah IDN ISSI
 Bisnis-27
 SRI-KEHATI
1
Price (30 Sep 13, IDR) :
Market cap (IDR. mio) :
Number of share
:
Free Float (%)
:
52-week price range :
GIAA (RHS) - JCI Index (LHS)
500
11,320,498
22,640,996,000
30.86
730 – 470
Agenda
Page
1. Review of result 9M-2013
2.
3 - 25
• 9M - 2013 Highlights
3-5
• Market & Competition
6–8
• 9M – 2013: Operational Results
9 – 15
• 9M – 2013: Financial Results
• Subsidiaries Highlights
16 - 23
24 - 25
The Remaining 2013 Outlook
26 - 28
IMPORTANT DISCLAIMER:
Information contained in this document has been prepared from several sources and the Company does not confirm the accuracy and
completeness of such data, particularly where the data is sourced from outside the Company. In addition, any forward looking
statements are subject to change as a result of market conditions and the final result may be different to that indicated. The Company
makes no representation or warranty of any type whatsoever on the accuracy or completion of the information contained herein.
2
9M-2013 Highlights
Emirsyah Satar, CEO
3
9M-2013 Highlights
Indicator
Passenger
Carried
Cargo
Uplifted
Seat Load
Factor
Passenger
Yield
Operating
Revenue
Passenger
Revenue
Operating
Income
Income for
the Period
9M13 Achievement D% YoY
18.1 million
21.8
253,894 tons
26.3
• Continued growth in traffic & capacity
• Impacted by weakening IDR/USD
INTERNATIONAL
74.6 %
(1.2)*
• Improved operational performance
US$c 9.1
(4.5)
CITILINK
USD 2,687.0 million
12.6
• Improved domestic market share
• At an early stage of Investment
USD 2,199.3 million
10.9
USD 22.1 million
- (75.4)
-USD 22.0 million
(139)
• Operating Indicator figures are for Garuda Indonesia and Citilink
• Financial Indicator figures are for Garuda Indonesia Group
• * in percentage points
4
DOMESTIC
FINANCIAL
• Fully Repaid:
- USD 55 million Citi Club Deal-1
- USD 75 million Indonesia Exim Bank
Milestones 3Q - 2013
5
JUL
•Introducing new Service Concepts
• IDR Bond: Listed on Indonesia Stock Exchange
•Moving from Polonia Airport to Kuala Namu Airport in Medan
•Welcoming the 2nd Delivery of Boeing 777-300ER aircraft
AUG
• New Destinations: Tanjung Pinang & Berau
• Fully repaid the US$ 75 million loan from Indonesia Exim Bank
SEP
• Garuda Indonesia awarded “Best in Region: Asia & Australasia” by Airline
Passenger Experience Association in New York, USA
• Welcoming the 7th Delivery of Airbus 330-300 aircraft
Market & Competition
6
Competition on routes which GA flies – per Aug 2013
Garuda Domestic Passengers in/out Selected Airports
Total GA Passengers (in million)
29% 29% 29%
26%
22% 24%
25%
Market Share
28%
28% 28%
29% 29% 27%
20%
3.8
3.5 3.5 3.4
2.1
18%
20% 21%
22% 23%
23% 24% 24%
Market Share
25% 24%
26%
25.5%
24%
0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.95
0.8
0.6 0.7 0.6 0.7
0.5
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
GA Domestic Market Share 8M13: 28% decr. 0.2 ppts
GA International Market Share 8M13: 24.6% incr. 0.2 ppts
Traffic in million passenger
Traffic in million passenger
34.7
11.4%
31.2
8.8
1.0
21.4
10.6%
9.7
170.7%
2.6
4.5%
22.4
Jan-Aug 2012
Others
Citilink
Jan-Aug 2013
GA Dom
Source: Airport Authority & GA (traffic in/out CGK, DPS, SUB, UPG airports)
7
Total GA Passengers (in million)
26%
3.0 3.2 3.3 3.1 3.3
2.4 2.4 2.5
1.8
Garuda International Passengers in/out Selected Airports
9.6
6.1%
10.2
2.3
7.0%
2.5
7.3
5.8%
7.7
Jan-Aug 2012
Others
GA Int'l
Jan-Aug 2013
GA quality has been perceived better from year to year
 Since embarking on a transformation plan in 2005, GIAA has greatly improved its global
and regional rankings and won several international accolades in recognition of its quality
performance
World Airline Awards – Global Airline Rankings
2013
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Airline
Emirates
Qatar Airways*
Singapore Airlines*
ANA All Nippon Airways *
Asiana Airlines*
Cathay Pacific Airways*
Etihad Airways
Garuda Indonesia
Turkish Airlines
Qantas Airways
Lufthansa
EVA Air
Virgin Australia
Malaysia Airlines*
Thai Airways International
Swiss Int’l Air Lines
Korean Air
Air New Zealand
Hainan Airlines*
Air Canada
* Airlines with 5-star skytrax rating
8
2012
Rank
8
1
3
5
2
4
6
11
7
15
14
13
12
10
9
18
16
17
20
19
2011
Rank
10
1
2
11
3
4
6
19
9
8
15
16
32
12
5
13
24
7
23
21
World’s Best Economy Class 2013
Best Economy Class Airline Seat 2013
World Best Economy Class
2013
Rank
1
2
3
4
5
6
7
8
9
10
Airline
Garuda Indonesia
Asiana Airlines*
Singapore Airlines*
Qatar Airways*
ANA All Nippon Airways *
Cathay Pacific Airways*
Turkish Airlines
Emirates
Oman Air
Qantas Airways
2012
Rank
4
3
1
2
5
9
7
n/a
n/a
n/a
PASSENGER CHOICE
AWARDS 2013
Best in Region :
Asia and Australasia
55 Awards in 9M13:
-DOM: 36 awards
- INT’L: 19 awards
9M-2013
Operational Results
9
Fleet Expansion and Rejuvenation in 9M-2013
Sep-12
Narrow Body
• B737-300
• B737-400
• B737-500
• B737-800 NG
• CRJ - 1000
Total Narrow Body
Wide Body
• B747-400
• B777-ER
• A330-200
• A330-300
Total Wide Body
Citilink
• B737-300
• B737-400
•A320-200
Total Citilink
TOTAL FLEET
10
Dec-12
# of Aircraft
Fin Lease /
Sep-13 Ops Lease Owned
3
5
55
63
3
5
55
5
68
3
4
62
12
81
2
62
7
71
1
4
5
10
2
8
6
16
2
9
6
17
2
2
10
7
21
2
10
1
13
2
6
8
5
1
7
13
92
6
1
14
21
106
5
1
23
29
131
1
1
23
25
108
4
4
23
Fleet at 31 Dec 2012
106
IN: Delivery of:
 B737-800NG
 A330-200
 CRJ-1000
 B777-300ER
 A320-200
 A330-300
OUT:
 B737-500
 B737-300
+27
7
2
7
2
8
1
-2
1
1
Fleet at 30 September 2013
131
Average Fleet Age (years)
6.2
Sep'12
5.5
Sep'13
5.0
2013F
Group Quarterly Performance in the right direction
All figures included Garuda Indonesia and Citilink
(million)
12
60,000
11
10
10.0
9
8
7
7.4
4
8.4
32,334
33,613
28,952
6.2
6
5
8.3
8.4
35,144
8.6
35,817
9.0
9.1
36,876
38,558
42,015
7.1
6.6
6.4
4.5
4.7
7.1
4.6
11.0
48,974
50,301
8.3
5.0
8.1
30,000
7.4
7.0
6.3
5.3
5.6
6.3
20,000
5.6
10,000
3.7
3
1Q11
2Q11
3Q11
4Q11
Frequency - RHS
11
50,000
40,000
44,224
6.2
5.3
4.2
9.2
10.9
1Q12
2Q12
ASK (000) - LHS
3Q12
4Q12
RPK (000) - LHS
1Q13
2Q13
Pax Carried - LHS
3Q13
Quarterly Performance – Garuda (GA) & Citilink (QG)
(million)
12.0
55,000
50,000
10.0
45,000
8.0
40,000
6.0
35,000
4.0
30,000
2.0
-
12
25,000
20,000
Frequency - QG
1Q11
3,164
2Q11
3,103
3Q11
3,214
4Q11
4,378
1Q12
5,038
2Q12
5,042
3Q12
6,248
4Q12
7,820
1Q13
9,187
2Q13
11,144
3Q13
8,840
D YoY (%)
28.3
Frequency - GA
25,788
29,231
30,399
30,766
30,779
31,834
32,310
34,195
35,037
37,830
41,461
ASK (000) - GA
ASK (000) - QG
RPK (000) - GA
RPK (000) - QG
6.9
7.9
8.0
7.9
7.9
8.6
8.3
8.1
8.7
9.4
9.7
41.5
17.0
0.4
0.4
0.4
0.6
0.6
0.6
0.8
1.0
1.2
1.5
1.3
5.0
5.9
6.3
6.0
5.8
6.6
6.5
6.2
6.5
7.2
7.1
0.3
0.3
0.3
0.4
0.5
0.5
0.5
0.8
0.9
1.1
1.0
58.9
8.2
78.3
Operating Indicators - Group
Operational
Efficiency
Passenger
& Cargo
9M12
9M13
Aircraft Utilization (Hours)
10:47
10:52
0:04
Frequencies
On Time Performance (%)
ASK (’000)
Average Fuel Price (USD/L)
Fuel Burn / ATK
Fuel Burn / Blockhours
Passenger Carried
RPK (‘000)
Seat Load Factor (%)
111,251
84.5
26,872,047
0.91
0.251
4,029
14,892,743
20,385,033
75.9
143,499
85.5
31,857,013
0.87
0.250
3,904
18,136,073
23,777,109
74.6
29.0
1.1*
18.6
(3.6)
(0.3)
(3.1)
21.8
16.6
(1.2)*
9.6
9.1
(4.5)
201,070
253,894
26.3
CASK (US¢)
7.8
7.6
(3.2)
CASK-excl Fuel (US¢)
4.6
4.4
(2.8)
Passenger Yield (US¢)
Cargo/Mail Uplifted (Ton)
Financial
Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only
* in percentage points
13
∆ % YoY
Operating Indicators 9M13 – Mainbrand By Sector
Passenger Carried
Frequency
ASK (’000)
DOM
RPK (‘000)
Seat Load Factor (%)
Passenger Yield (US¢)
INT’L
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¢)
9M12
9M13
10,305,728
76,347
10,982,928
8,895,757
81.0
11.4
8.8
5.4
2,703,065
18,576
13,801,419
10,010,492
72.5
8.5
7.2
4.1
11,430,888
94,512
12,608,561
9,668,531
76.7
11.0
8.7
5.3
2,878,169
19,816
15,216,803
11,126,191
73.1
8.3
7.0
4.0
Note:
• *) In percentage point
• Yield in IDR refers to exchange rate on End of Quarter
14
∆ % YoY
10.9
23.8
14.8
8.7
(4.3)*
(3.4)
(1.9)
(2.1)
6.5
6.7
10.3
11.1
0.6*
(2.4)
(2.5)
(2.1)
Domestic’s Pax Yield in IDR
1,246
3Q
1,086
1,134
1,097
2Q
1Q
1,043
1,023
2013
2012
2%
3%
15%
9M - 2013
Financial Results
Handrito Hardjono, CFO
15
Summary of Consolidated Income Statement
in USD mio
9M-2012
9M-2013
466.3
519.9
11.5
Scheduled Airline
Non-Scheduled Airline
2,129.7
2,355.3
10.6
60.5
90.0
48.6
Others
196.3
2,386.6
241.7
2,687.0
23.1
12.6
885.9
1,019.5
15.1
Non Fuel
1,410.8
1,645.4
16.6
Total
2,296.7
2,664.9
16.0
Income / Loss from Operations
89.8
22.1
(75.4)
EBT
85.3
(9.6)
(111.2)
Income / Loss Current Period
56.5
(22.0)
(139.0)
EBITDAR Margin
19.5 %
19.4 %
Nett Margin
2.4 %
(0.8 %)
EBITDAR
Operating
Revenue
Total
Fuel
Operating
Expenses
Income
16
∆ % YoY
Summary of Income Statement – Parent Company only
in USD mio
Operating
Revenue
9M-2012
9M-2013
2,104.8
2,161.5
2.7
60.5
90.0
48.6
44.3
50.2
13.4
2,209.6
2,301.7
4.2
805.3
883.2
9.7
Non Fuel
1,318.6
1,367.7
3.7
Total
2,123.8
2,250.9
6.0
Income / Loss from Operations
85.8
50.8
(40.7)
EBT
75.1
22.2
(70.4)
Income / Loss Current Period
47.2
12.5
(73.5)
Scheduled Airline
Non-Scheduled Airline
Others
Total
Fuel
Operating
Expenses
Income
17
∆ % YoY
Revenue Trend in 9M-2012 vs 9M-2013
Changes in Operating Revenues (USD mio)
Passenger Revenue
+$45.3
+$216.9
+$8.7
(+9.1%)
(+0.4%)
+$29.4
(+1.9%)
(+1.2%)
2,687
Strong revenue growth, driven by 21.8%
growth on passenger carried (additional
3.24 million passengers as compared to
9M-2012’s)
Cargo revenue
Cargo & Mail Revenue increased by
6.2% to USD 149.5 million
Non-Scheduled
2,387
Revenue from Non-Scheduled grew
48.6% to USD 90 million
9M-2012
Operating
Revenue
18
Cargo
Passenger &
Excess Baggage & Mail
Non
Scheduled
Others
Others
9M-2013
Operating
Revenue
Others Revenue increased by 23% to
USD 241.7 million
9M-2013 Expenses
Changes in Operating Expenses (USD mio)
$38.3
$27.7
+1.2%
$133.5 +1.7%
+5.8%
$138.4
User
Charges
Ticketing
& Sales & Station
$26.1
+1.1%
Pax
Service
$18.1
+0.8%
$10.0 -$23.9
+0.4%
G&A
Maintenance
Others
Fuel
Flight Ops
19
PoT*
-1.0%
+6.0%
9M-2012
Operating
Expenses
Expense
Item
9M-2013
Operating
Expenses
Fuel
38.3%
Flight Ops
21.8%
Ticketing &
Sales
9.1%
Maintenance
8.2%
Pax Service
8.2%
User Charges
& Station
7.4%
G&A
6.1%
Others
0.9%
*) PoT=Percentage of Total
Summary of Consolidated Balance Sheet
in USD mio
31 Dec 2012
30 Sep 2013
636.6
742.7
16.7
Non-Current Assets
1,881.4
2,166.6
15.2
Total Assets
2,518.0
2,909.4
15.5
Current Liabilities
754.2
968.9
28.5
Non-Current Liabilities
648.8
861.7
32.8
Total Liabilities
1,403.0
1,830.6
30.5
Total Equities
1,115.0
1,078.8
(3.2)
Total Liabilities & Equities
2,518.0
2,909.4
15.5
Lease Adjusted Net Debt/EBITDAR
4.4 x
5.3 x
Debt/Equity
0.6 x
0.8 x
Current Assets
Asset
Liabilities
Equities
20
∆%
Sustainable Low Net Gearing
Cash Position & Net Gearing
Total Debt Breakdown
USD Mio
1200
0.7
0.66
25%
0.6
1000
959
800
0.52
0.5
53%
0.4
600
0.3
568
400
363
200
417
0.05
131
0
508
0.26
326
373
0.1
31-Dec-11
31-Dec-12
30-Sep-13
Cash Position
Advance for A/C Purchase & Maintenance Reserve Fund
Net Gearing
21
0.2
0.0
31-Dec-10


22%
Long term loan
Lease Liabilities
Short term loan
Total Debt on 30 September 2013: USD 938 mio
Our Cash Position increased as per September 2013 due to an increase in Cash provided from Financing
Long Term loan include Debt securities in issue ($170.9 million)
Summary of Consolidated Cash Flow
in USD mio
30 Sep 2012
Beginning Cash/Cash Equivalents
∆ % YoY
417.3
325.8
(21.9)
•Operating Activities
215.4
124.8
(42.1)
•Investing Activities
(403.6)
(401.9)
(0.4)
•Financing Activities
(15.4)
359.6
2,433.0
(203.6)
82.5
140.5
(4.5)
(35.7)
701.5
209.2
372.6
78.1
Net Increase (Decrease) in Cash/Cash Equivalents
Effect of Foreign Exchange Rate Changes
Ending Cash/Cash Equivalents
22
30 Sep 2013
Operating Activities
Investing Activities
Financing Activities
Increase on interest & financial
charges paid and income taxes paid
 Payment for PDP & Maintenance
Reserve Fund: USD 507.5 million
 Payment for Security Deposit:
USD 38.9 million
 Refund of PDP and Maintenance
Reserve Fund: USD 244.5 million
 Proceed of LT-Loan, Lease
liabilities, & Bank Loan:
$ 476.6 million
 Proceed of Bond: $ 200.3 million
 Payment of long-term Loan, Lease
liabilities, & Bank Loan:
$ 312.5 million
Subsidiaries
23
Summary of Subsidiaries Performance
PT Aerowisata (in USD ‘000)
9M13
9M13
∆ % YoY
31.4
Operating Revenue
165,946
5.3
Operating Income
5,834
35.6
Operating Income
12,472
26.4
Net Income
3,774
(12.4)
9,921
21.2
12,323
5.7
15,145
25.2
EBITDA
PT Abacus DS Indonesia (in USD ‘000)
9M13
Operating Revenue
Operating Income
Net Income
24
∆ % YoY
229,904
Operating Revenue
EBITDA
PT GMF-AA (in USD ‘000)
Net Income
EBITDA
PT Aero System (in USD ‘000)
∆ % YoY
9M13
2,459
13.1
Operating Revenue
283
446.5
Operating Income
89
373.2
Net Income
436
117.4
EBITDA
PT Citilink Indonesia (in USD ‘000)
∆ % YoY
9M13
16,192
22.3
Operating Revenue
198,298
1,074
436.7
Operating Income
(46,438)
145
2,516.8
Net Income
(44,688)
2,799
323.6
EBITDA
(35,620)
Outlook for the Remaining 2013
Emirsyah Satar, CEO
25
9M-2013 Stay on Track
2013E
Estimates
Key Drivers
139
# of Fleet*
131
15% – 20%
Passenger
Carried Growth
21.8%
15% - 20%
ASK Growth
18.6%
$ 200 – 250 mio
Net PDP
$ 111.8 mio
$ 300 – 400 mio
CAPEX **
$ 132.5 mio
Note:
* Revised (Delivery ATR72-600 in 2013: 2 aircrafts iso 5; operated by GA)
** GA only, excluding subsidiaries
26
9M-2013
Garuda Faces Challenges while Growing
Big room to grow
GIAA is growing
(2013 – 2015)
(9M13 vs 9M12)
Solid economic growth
+6%/year
Passengers carried
Cargo uplifted
27
21.8%
26.3%
Strong air traffic growth
15%/year
ASK
18.6%
24 new airports
RPK
16.6%
4 major airport expansions
Jakarta
Surabaya
Bali
Makassar
Revenues
12.6%
EBITDAR
11.5%
Source: IMF, 2012 - Ministry of Transport, 2013
Challenges
Operating income
US$ 22.1 million
Exchange rates
Group new routes
Citilink at an early
investment stage
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
28
THANK YOU

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