PT GARUDA INDONESIA (PERSERO) Tbk.

Corporate Presentation
PT GARUDA INDONESIA (PERSERO) Tbk.
1
Agenda
Page
1. Company Profile
3 – 12
2. Operational Performance
13 – 17
3. Financial Performance
18 – 24
4. Subsidiaries
25 – 27
2
Share Performance
GIAA & JCI
List of Shareholders as of 31 Aug 2015
GIAA (RHS)
JCI (LHS)
Number of Shares
%
Domestic
Government of Indonesia
Retail
Employee
Institutional (Trans Airways)
Other Institutional (less than 5%)
Total Domestic
15,653,128,000
823,152,929
80,187,970
6,370,697,372
1,736,655,334
24,663,793,705
60.5
3.2
0.3
24.6
6.7
95.3
7,251,980
1,197,880,948
1,205,132,928
25,868,926,633
0.0
4.6
4.7
100.0
International
Notes
Av. Liquidity (IDR/day)
Av. close price (IDR)
Av. volume (shares/day)
Market cap (IDR)
YTD Aug
2014
YTD Aug
2015
1.9 bio
4.3 bio
457
503
4.1 mio
8.1 mio
11.2 trillion
8.4 trillion
Retail
Institutional (less than 5%)
Total International
TOTAL
Percentage of Shares based on Real Free Float
Domestic
International
68.55%
31.45%
Real free float 15% - excluding Government of Indonesia and Trans Airways
ownerships.
3
The Transformation
Taken over by
Government
Relaunch of Citilink
Commenced
transformation
Rights Issue
Achieved 4 rating
from Skytrax
Joined SkyTeam
Alliance
Achieved 5 rating
from Skytrax
Commenced
operations
Ranked among Top
30 global airlines
Successful IPO
Expansion phase (2012 – 2015)
Transformation phase (2008 – 2011)
169
190
200
140
49
48
54
2006
2007
2008
89
70
87
150
106
100
50
0
2009
2010
Domestic passenger market (mil)
2007
a
Pax Carried (mio)
ASK (bio)
RPK (bio)
Total Revenues (mio)
9.6
18.6
14.4
1,532
2008
b
10.2
20.3
15.5
2,005
2009
c
10.9
21.7
15.9
1,733
2010
d
12.5
25.8
18.5
2,168
2011
2012
Int'l passenger market (mil)
2011
e
17.1
32.5
24.4
3,096
2012
f
20.4
36
27.3
3,473
2013
g
25
43.1
31.9
3,760
2013
2014
2015E
No of aircraft
2014
1H2014
h
i
29.1
13.3
50.2
24.3
36
16.8
3,934
1,757
1H2015
j
15.9
26.1
19.8
1,840
∆
i-j
19.5%
7.4%
17.9%
4.7%
CAGR
a-h
17.2%
15.2%
14.0%
14.4%
4
Strong Economic Fundamental and Demand
The 3rd fastest GDP Growth among G20 countries in 2015F
10.0
Indonesia:
Transportation profile (Passengers in million)
5.0
8.0
FY 2004
6.0
4.0
FY 2014
CAGR
Air
23
111
+ 17.2%
Rail
150
278
+ 6.3%
Sea
13
13
+ 0.4%
2.0
Russia
Brazil
Argentina
Italy
Japan
France
Germany
European Union
South Africa
Canada
United Kingdom
Australia
Saudi Arabia
Mexico
Turkey
Korea
United States
-6.0
Indonesia
-4.0
China
-2.0
India
0.0
Archipelago Country
China:
Source: IMF-World Economic Outlook
Transportation profile (Passengers in million)
Population
(Population,
in Million persons)
Indonesia
Phillippines
Vietnam
Thailand
Myanmar
Malaysia
Cambodia
Singapore
Brunei Darussalam
FY 2004
2012
2013
2014
244.5
95.8
88.8
68.0
50.5
29.5
14.9
5.3
0.4
248.0
97.5
89.7
68.3
51.0
29.9
15.1
5.4
0.4
251.5
99.4
90.6
68.7
51.4
30.3
15.3
5.5
0.4
2015F
2016F
255.1
101.4
91.6
68.8
51.8
30.8
15.5
5.5
0.4
258.7
103.5
92.5
69.0
52.3
31.3
15.8
5.6
0.4
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: IMF
5
Business Airline Has Big Room to Grow
30.6 (566%)
34.2 (476%)
5.5
7.3
30.3
Singapore
Hongkong
Malaysia
105.9 (83%)
46.3 (156%)
111.0 (44%)
40.7 (61%)
127.1
68.7
251.5
Japan
Thailand
Indonesia
Sources: Data Internal, Bloomberg, IMF, and www.worldbank.org, Full Year 2014
Population
Air Traffic
Numbers are in million
6
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$200m for 2015
Cost efficiency
Dedicated Terminal 3 at Jakarta
Simplify fleet
Optimising
capital structure
US$500m bridge facility used to re-profile existing commercial
term loans
Proposed USD 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
7
Garuda Indonesia Continues its Green Performance in Challenging Market
Commercial Platform
• Sustainable passenger growth: 19.5% YoY
• Increasing Garuda Indonesia Group market share
(Dom: 44% & Inter: 28%)
• Record high SLF 75.8%
Operational Platform
• Manage RPK growth is higher compare to ASK growth
• Manage expenses through efficiency program
• The non fuel efficiency, exercised ±44% of target FY 2015
Financial Platform
• Top line increase 5% YoY
• Reduce cost 11.6% YoY
• Bottom line improves (1H2015 – net profit USD 29.3 Mio)
8
Awards
•
•
•
•
•
SKYTRAX Awards 2015 “The World’s Best Cabin Crew”
SKYTRAX Awards 2015 “World’s Best Airline” 8th Rank
FinanceAsia Awards 2015 “Asia’s Best Companies 2015”
Schipol Aviation Awards “Passenger Airline of the Year Award 2014Intercontinental”
Indonesia Human Capital Award 2015 “1st in Human Resources Technology”
28 awards 2015:
Domestic: 19 awards
International: 9 awards
9
Milestones
First Quarter 2015
• 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, BII-Maybank, and NBAD/DIB carried signing of bridging loan facility
with the principles of Sharia facility of $ 500 million.
Second Quarter 2015
• Garuda Indonesia launched the "New Mobile Apps“
• Garuda Indonesia and Cardig Air signed a cooperation of air cargo management and
business development
• Garuda Indonesia exercised “Reprofiling Debt” of “Quick Wins” strategy by issuing sukuk
amounted $500 mio with 4 times booking order.
10
Garuda Indonesia Group Market Share – YTD June 2015
Domestic
International
2015
2015
15%
28%
17%
21%
37%
44%
46%
79%
40%
72%
2014
2014
Garuda Group
Lion Group
Others
Garuda Indonesia
Others
Garuda domestic market share group (including Citilink)
Source: Company Data
11
Peers Comparison – Operational Performance YTD June
ASK growth (%) 2014 vs 2015
GA
CX
TG
QF
SQ
Asia
Pacific
RPK growth (%) 2014-2015
GA
25.0
20.0
20.0
15.0
15.0
10.0
17.7
7.2
6.6
6.1
0.9
5.0
9.7
10.0
CX
QF
SQ
8.4
7.8
3.2
5.0
0.5
-
-
(1.1)
(5.0)
TG
(2.4)
(5.0)
Asia
Pasific
25.00
20.00
15.00
10.00
5.00
(5.00)
Asia
Pacific
Passenger carried of AAPA – 2015
Passenger carried growth (%) 2014-2015
Asia
GA
TG
CX
QF
SQ
Pacific
25.0
19.5
15.0
14.7
9.3
7.6
Passenger Carried Growth
20.0
13.1
12.4
10.0
9.5
5.7
5.0
0.1
Asia
Pacific
4.4
-
(0.4)
(5.0)
Asia
Pacific
South
North
East
Asia
Pacific
South
East
(1.7)
Oceania Central
Note: YTD June 2015
Source: Airline Website and Asia Pacific Data
12
Operational Performance
13
Number of Fleets
Average Age (year)
5.8
2012
5.0
4.5
2013
2014
Fleets per Dec 2014
In
* B737-800NG
* ATR 72-600
* B777-300 ER
* A320-200
* A320-300
Total
Out
* A330-200
Total
Fleets per Aug 2015
4.8
4.3
Aug-15 2015E
169
5
2
1
3
1
12
1
1
Narrow Body
• B737-500
• B737-800 NG
• CRJ - 1000
• ATR 72-600
Total Narrow Body
Wide Body
• B747-400
• B777-300 ER
• A330-200
• A330-300
Total Wide Body
Garuda Main Brand
Citilink
• B737-300
• B737-500
•A320-200
Total Citilink
TOTAL FLEET
Des 14
Aug 15
Ops.lease
Fin lease/
owned
4
75
15
8
102
1
80
15
10
106
80
9
10
99
1
6
7
2
6
11
11
30
132
2
7
10
12
31
137
7
10
6
23
122
2
6
8
15
5
5
-
5
-
3
-
3
32
37
169
35
43
180
35
35
157
8
23
180
14
1H2015 – Operational Performance Garuda Group
Operational
Efficiency
Passenger
&
Cargo
Financial
Aircraft Utilization (Hours)
Frequencies
On Time Performance (%)
ASK ('000)
Average Fuel Price (USD/L)
Fuel Burn/Blockhours
Passenger Carried
RPK ('000)
Seat Load Factor (%)
Passenger Yield (USc)
Cargo/Mail Uplifted (Ton)
CASK (Usc)
CASK-excl Fuel (Usc)
1H-2014
1H-2015
∆%
10:05
107,568
88.4
24,322,859
0.88
3,718
13,307,351
16,788,401
69.0
8.6
193,508
7.5
4.4
09:12
122,446
89.7
26,082,277
0.55
3,633
15,900,961
19,761,968
75.8
7.5
176,123
6.4
4.5
-0:53
13.8
1.2
7.2
(37.5)
(2.3)
19.5
17.7
6.8
(12.4)
(9.0)
(14.8)
0.5
Yield decreased
• The passenger yield decreased
12.4% due to IDR depreciation
±10% that impact the IDR revenue
and lower international fares
amidst unstable economic.
CASK ex fuel increased
• The CASK ex fuel increased 0.5% as
the rental cost, maintenance and
user charge ware increase in line
with fleets addition and frequency.
Utilization decreased
• The utilization was going down to
9:12 hours due to route
restructuring of Quick Wins
program, especially in international
market.
15
Main Brand Monthly Operational Performance
GA Group
Pax Carried
ASK (000)
RPK (000)
SLF (%)
Passanger Yield (Usc)
CASK (Usc)
CASK-excl Fuel (Usc)
Fuel Price (USD/Liter)
USDIDR
Domestic
Pax Carried
ASK (000)
RPK (000)
SLF (%)
International
Pax Carried
ASK (000)
RPK (000)
SLF (%)
Citilink
Pax Carried
ASK (000)
RPK (000)
SLF (%)
Jan15
Feb15
Mar15
April15
May15
June15
July15
YTD Jul14
YTD Jul15
∆%
2,530,719
4,579,484
3,384,857
73.9
7.8
6.6
4.6
0.57
12,540
2,352,514
3,969,185
2,981,210
75.1
7.5
6.5
4.7
0.51
12,697
2,718,162
4,379,174
3,353,161
76.6
7.4
6.3
4.3
0.55
13,053
2,617,933
4,382,420
3,227,157
73.6
7.5
6.3
4.4
0.55
12,946
2,844,598
4,525,879
3,428,019
75.7
7.5
6.4
4.4
0.56
12,946
2,837,035
4,246,134
3,387,562
79.8
7.2
6.5
4.4
0.58
13,258
3,131,599
4,490,507
3,630,462
80.9
7.6
6.6
4.4
0.59
13,346
15,662,482
28,493,068
19,789,169
69.45
8.5
7.6
4.5
0.87
11,795
19,032,560
30,572,794
23,392,430
76.5
7.5
6.5
4.5
0.56
12,969
21.5
7.3
18.2
10.2
-12.0
-14.7
0.0
-35.6
10.0
1,478,488
1,814,370
1,307,505
72.1
1,395,139
1,652,182
1,221,731
74.0
1,606,296
1,867,850
1,415,898
75.8
1,557,859
1,855,800
1,363,281
73.5
1,691,570
1,916,993
1,476,052
77.0
1,702,988
1,812,428
1,481,925
81.8
1,834,235
1,913,557
1,573,470
82.2
9,561,875
11,217,902
8,227,738
73.34
11,266,575
12,833,182
9,839,863
76.7
17.83
14.40
19.59
4.55
393,304
2,120,078
1,579,310
74.5
321,390
1,705,563
1,275,576
74.8
349,884
1,785,559
1,339,302
75.0
343,704
1,834,306
1,302,737
71.0
357,420
1,835,190
1,330,834
72.5
357,277
1,685,657
1,294,929
76.8
376,012
1,705,301
1,340,011
78.6
2,210,539
13,408,120
8,578,931
63.98
2,498,991
12,671,655
9,462,701
74.7
13.05
-5.49
10.30
16.72
658,927
645,035
498,042
77.2
635,985
611,439
483,901
79.1
761,982
725,764
597,961
82.4
716,370
692,314
561,138
81.1
795,608
773,696
621,134
80.3
776,770
748,049
610,709
81.6
921,352
871,649
716,981
82.3
3,890,068
3,867,044
2,982,499
77.1
5,266,994
5,067,947
4,089,866
80.7
35.40
31.05
37.13
4.63
16
Main Brand Monthly Financial Performance
in USD mio
Scheduled Airline
Non-Scheduled Airline
Others
Total Operating Revenue
Fuel Expense
Other Operating Expense
Total Operating Expense
Income / Loss from Operation
Net Income
EBITDAR
USDIDR
Jan-15
Actual
253.3
9.8
6.8
269.8
83.5
186.2
269.7
0.1
(2.8)
73.3
12,540
Feb-15
Actual
213.9
13.2
6.6
233.8
67.8
162.4
230.3
3.5
2.0
74.6
12,697
Monthly 2015
Mar-15
Apr-15
May-15
Actual
Actual
Actual
242.5
228.4
239.7
7.4
4.5
4.8
8.4
7.5
6.9
258.3
240.3
251.4
74.7
73.0
78.1
169.7
163.3
166.3
244.4
236.3
244.4
13.9
4.0
7.0
12.2
1.3
4.3
92.4
76.5
79.5
13,053
12,946
12,946
Jun-15
Actual
229.4
2.6
8.1
240.0
74.4
155.4
229.8
10.3
10.7
86.1
13,258
Jul-15
Actual
241.3
7.9
6.4
255.7
79.6
178.2
257.8
(2.1)
2.7
73.7
13,346
Year to Date
Growth
YTD Jul-14 YTD Jul-15
∆%
Actual
Actual
YoY
1,665.2
1,648.6
(1.0)
4.7
50.2
974.0
37.0
50.7
36.9
1,706.9
1,749.4
2.5
776.9
531.1
(31.6)
1,214.6
1,181.5
(2.7)
1,991.5
1,712.6
(14.0)
(284.6)
36.8
112.9
(242.0)
30.5
112.6
140.4
556.1
296.0
11,795
12,969
10.0
17
Financial Performance
18
1H2015 – Summary of Consolidated Income Statement
Garuda Main Brand
Income / Loss from Operations*
Operating
Revenue
in USD Mio
1H14
1H15
∆ % YoY
EBITDAR
167.6
586.3
249.8
1,591.5
1,608.0
1.0
6.0
58.1
870.2
159.4
174.1
9.2
Total revenues
1,756.9
1,840.1
4.7
Fuel
Non fuel
Total expenses
EBIT
Net income current period
759.2
1,233.6
1,992.8
(235.9)
(201.3)
533.2
1,229.4
1,762.6
77.5
29.3
(29.8)
(0.3)
(11.6)
132.9
114.5
Scheduled airline
Non-scheduled airline
Others
Operating
Expenses
Income
EBITDAR Margin
9.5%
31.9%
17.5
1Q15
21.3
2Q15
Garuda Main Brand
Income / Loss Current Period*
16.3
11.4
1Q15
2Q15
19
1H2015 – Operating Revenue
In USD mio
% Change
3.0%
0.9%
Others
(0.0%)
1,840.1
• Passenger growth increased 19.5%
• Manage the RPK growth higher compare to ASK growth
• Garuda Group got overflow passenger from domestic
airline in first quarter and peak season (school holiday
and long weekend) in second quarter.
Passenger
Revenue & Baggage
1H15
1H14
Operating Revenue
Operating Revenue
Schedule Airline
Passenger
Cargo
Passenger revenue increasing
Charter
Cargo & Mail
1,756.9
0.8%
Non schedule airline (Charter) increase
Operating Revenue
• Sustainable increase of charter revenue to China market
and Umrah (Middle East).
PoT*
87.4%
Others increase
81.7%
5.2%
Excess Bagage
0.2%
Mail
Non Schedule Airline
Others
0.2%
• Others revenue increased due to better performance
from subsidiaries.
3.2%
9.5%
*PoT : Percentage of total
20
1H2015 – Operating Expenses
In USD mio
% change
Decreasing expenses
(11.3%)
0.5%
0.0%
(0.9%)
4.9%
1,992.8
Fuel
Rental
Maintenance
User
Charge
Tiketing
&
Sales
(0.8%)
(0.5%)
Passenger
Service
G&A
1H14
Operating Expenses
(3.4%)
Others
1,762.6
1H15
Operating Expenses
Fuel
Rental
Maintenance
Ticketing & Sales
User Charges & Station
Passenger Service
G&A
Others
PoT*
30.3%
24.0%
9.8%
8.7%
8.3%
7.4%
6.0%
5.5%
• Fuel expenses decreased 29.8% to USD
533.2 million compared to same period
last year of USD 759.2 million due to fuel
price declining 37.5% compare last year.
• Total operating expenses decreased
11.6% to USD 1,762.6 million compared
to the same period last year USD 1,992.8
million.
Increasing expenses
Operating Expenses
• The rental cost increased 30.0% to USD
423.8 million compared to the same
period last year of USD 326.0 million in
line with the additional fleets.
• The maintenance cost increased by 8.5%
to USD 131.2 million compared to the
same period last year USD 120.8 million
in line with the additional fleets.
*PoT : Percentage of total
21
1H2015 – Summary of Consolidated Balance Sheet
in USD Mio
Asset
Liability
Equity
Current Assets
FY14
1H15
∆ % YoY
810.5
888.4
9.6
Non-Current Assets
2,302.6
2,313.2
0.5
Total Assets
3,113.1
3,201.6
2.8
Current Liabilities
1,219.4
1,142.8
(6.3)
Non-Current Liabilities
1,014.2
1,176.0
15.9
Total Liabilities
2,233.6
2,318.7
3.8
879.5
882.9
0.4
3,113.1
3,201.6
2.8
Total Equities
Total Liabilities & Equities
Lease Adj. Net Debt/EBITDAR
9.87x
8.04 x
22
1H2015 – Summary of Consolidated Cash Flow
The first time ever in 2015, Garuda Indonesia has positive cash flow from operating activities in the first half 2015
in USD Mio
Beginning Cash/Cash Equivalents
• Operating Activities
• Investing Activities
• Financing Activities
Net Increase (Decrease) in Cash/Cash Equivalents
Effect of Foreign Exchange Rate Changes
Ending Cash/Cash Equivalents
Operating
 Cash receipts from customers USD
1,843.7 mio
 Cash payments to suppliers USD 1,535.9
mio
 Payments of interest and financial
expenses USD 28.5 mio
1H14
480.4
(234.0)
(184.0)
285.2
(132.8)
25.2
372.8
Investing



1H15
Payments PDP & Maintenance Reserve
Fund: USD 208.2 mio
Security Deposit payment: USD 6.1 mio
Refund of PDP and Maintenance
Reserve Fund: USD 101.8 mio.
434.3
60.2
(119.5)
95.4
36.1
(6.5)
464.0
∆ % YoY
(9.6)
125.7
(35.1)
(66.6)
n.a.
n.a.
24.4
Financing


Proceed of long term loan, bank loan, &
financial institution and sukuk USD
1,235.1 mio
Payment of long term loan, bank loan &
financial institution: USD 1,137.2 mio
23
1H2015 – Cash and Net Gearing
1400
1.00
0.97
0.95
1200
0.95
1000
0.90
800
0.84
600
0.85
400
0.80
200
434 1,170 879
464 1,313 874
464 1,306 883
0
0.75
31 Dec 14
31 Mar 15
Cash Position
Debt
30 June 15
Equity
Net Gearing
Pre Reprofiling
Post Reprofiling
Reprofiling Debt
31.1%
31.6%
60.1%
59.8%
8.8%
Long term loan
Lease Liabilities
8.6%
Short term loan
Long term loan
Lease Liabilities
Short term loan
24
Susidiaries
25
Subsidiaries
PT Aero Wisata (in IDR bio)
Operating Revenue
Operating Income
Net Income
EBITDA
Asset
Liability
Equity
1H-2014
1,482
52
23.2
94
Dec 14
2,969
873
1,823
PT Gapura Angkasa (in IDR bio)
1H-2014
Operating Revenue
582
Operating Income
(13)
Net Income
(12)
EBITDA
13
Dec 14
Asset
787
Liability
422
Equity
365
1H-2015
1,459
44
27.2
96
June 15
2,713
884
1,829
∆ % YoY
-1.6
-14.6
17.1
2.7
∆ % YoY
(8.6)
1.3
0.3
PT Citilink Indonesia (in USD '000)
1H-2014
Operating Revenue
173,363
Operating Income
(17,610)
Net Income
(15,952)
EBITDA
(13,625)
Dec 14
Asset
166,785
Liability
209,441
Equity
(42,657)
1H-2015
222,078
4,906
1,457
9,804
June 15
205,942
191,854
14,088
∆ % YoY
28.1
127.9
109.1
172.0
∆ % YoY
23.5
(8.4)
133.0
1H-2015
138,446
26,193
17,325
29,316
June 15
274,987
172,016
102,970
∆ % YoY
13.3
100.2
83.4
84.7
∆ % YoY
9.4
17.2
(1.6)
PT GMF Aero Asia (in USD 000)
1H-2015
654
67
57
103
June 15
852
457
395
∆ % YoY
12.3
628.7
563.4
680.6
∆ % YoY
8.2
8.3
8.2
Operating Revenue
Operating Income
Net Income
EBITDA
Asset
Liability
Equity
1H-2014
122,243
13,085
9,447
15,871
Dec 14
251,352
146,760
104,592
26
Subsidiaries
GIH France S.A.S (in USD 000)
Operating Revenue
Operating Income
Net Income
EBITDA
Asset
Liability
Equity
1H-2014
2,568
13
7
7
Dec 14
67,942
67,248
694
1H-2015
141,207
253
150
171
June 15
128,906
128,063
843
∆ % YoY
5,398.5
1,862.3
2,154.2
2,469.4
∆ % YoY
89.7
90.4
21.6
PT Abacus DS Indonesia (in USD 000)
1H-2014
Operating Revenue
1,540
Operating Income
165
Net Income
150
EBITDA
274
Dec 14
Asset
6,645
Liability
684
Equity
5,961
1H-2015
1,734
331
258
430
June 15
7,072
841
6,231
∆ % YoY
12.6
101.0
72.1
57.2
∆ % YoY
6.4
23.0
4.5
PT Aero System (in USD 000)
Operating Revenue
Operating Income
Net Income
EBITDA
Asset
Liability
Equity
1H-2014
8,803
(881)
(1,051)
417
Dec 14
28,769
17,123
11,646
1H-2015
5,468
(1,125)
(779)
218
June 15
26,734
15,807
10,927
∆ % YoY
(37.9)
(27.7)
25.9
(47.7)
∆ % YoY
(7.1)
(7.7)
(6.2)
27
28
PT Garuda Indonesia (Persero) Tbk.
Investor Relations Department
2nd Floor Management Building Garuda City
Soekarno Hatta International Airport
Phone: +6221 2560 1201
Email: investor@garuda-indonesia.com
Web: https://ir.garuda–indonesia.com