15 - Garuda Indonesia

Transcription

15 - Garuda Indonesia
PUBLIC EXPOSE & ANALYST MEETING
PT GARUDA INDONESIA (PERSERO) Tbk.
1st Quarter 2015 Result Announcement
Jakarta, 11 May 2015
1
Agenda
Hal
1. Company Profile
3–8
2. Operational Performance
9 – 13
3. Financial Performance
14 – 20
4. Subsidiaries
21 – 23
5. Budget Realization 2015
24 – 25
2
Share Performance - 2015
GIAA & JCI
GIAA (RHS)
List of Shareholders as of 31 March 2015
JCI (LHS)
Jumlah Saham
%
Domestic
Government of Indonesia
Retail
Employee
Institutional (Trans Airways)
Other Institutional (less than 5%)
Total Domestic
Notes
Av. liquidity
(IDR/day)
Av. close price
(IDR)
1Q2014
1Q2015
3.1 bio
5.8 bio
482
550
Av. volume
(shares/day)
6.5 mio
10.5 mio
Market cap.
(IDR)
11.2 trillion
12.7 trillion
15.653.128.000
823.687.124
83.117.170
6.711.457.801
1.624.092.068
24.895.482.163
60,5
3,2
0,3
25,9
6,3
96,2
3.509.470
969.935.000
973.444.470
25.868.926.633
0,0
3,7
3,8
100,0
International
Retail
Institutional (less than 5%)
Total International
TOTAL
Percentage of Shares based on Real
Free Float
Domestic
72,22%
International
27,78%
Free float 39.5% - excluding Government of Indonesia ownership
3
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
4
Milestones 1Q2014
Milestones 1Q2015
January
• Premium Arrival Lounge & Baggage Collection at
Arrival Hall Term 2 Bandara Soeta
• New Partnership Launched in Liverpool between
GA & The Reds Liverpool FC
January
• The inauguration of the new route Beijing –
Denpasar
• Garuda Indonesia launched the “New Digital
Garuda Indonesia Experience”
February
February
• 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 carried signatory joint
commercial cooperation with Czech Airlines.
• Garuda Indonesia successfully connect Sabang to
Merauke through new route Kualanamu-Sabang.
• Excellent Service Experience Award 2014
category Airline Ground Handling & Airline Cabin
Service from Bisnis Indonesia & Care Center for
Customer Satisfaction & Loyalty
• Moved operation to Terminal 2 Juanda Airport
• Launched GA International Lounge for First class
& Business class at Soekarno-Hatta International
Airport
March
• Officially joined Sky Team Alliance on March 5,
2014
• GFF transformed to Garuda Miles
March
•
Garuda Indonesia, BII-Maybank, and NBAD/DIB
carried signing of bridging loan facility with the
principles of Sharia facility of $ 500 million.
5
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)
6
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
7
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
8
Operational Performance
9
Number of Fleets
Average Age (year)
5,8
2012
5,0
2013
4,5
2014
Fleets per 31 Dec 2014
Des 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
Des 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
10
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.
11
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
12
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
13
Financial Performance
14
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
15
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
• Cargo revenue decrease as impact of cargo yield decrease
even the cargo&mail uplifted increase in 1Q15.
Non schedule airline (Charter) increase
Operating Revenue
PoT*
Schedule Airline
Passenger
81,3%
Cargo
Excess Baggage
5,2%
0,2%
Mail
Non Schedule Airline
0,2%
Others
86,9%
• Increased charter revenue of the China market and
Umrah (Middle East).
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
16
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
17
1Q2015 – Summary of Consolidated Balance Sheet
in USD Mio
31 Des 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%
0.9%
ROE
(17.8%)
1.4%
18
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
19
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
20
Subsidiaries
21
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 (in IDR bio)
1Q-2014 1Q-2015 ∆ % YoY
Operating Revenue
12,4
288,9
324,7
Operating Income
963,4
(5,7)
49,1
Net Income
460,6
(10,5)
37,8
EBITDA
944,2
5,8
60,9
Dec 14
Mar15 ∆ % YoY
Asset
787
839
6,6
Liability
422
484
14,7
Equity
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)
22
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 (in USD 000)
1Q-2014 1Q-2015 ∆ % YoY
Operating Revenue
- 65.247
n/a
Operating Income
110
n/a
Net Income
2,5
20,7
728,5
EBITDA
2,5
113,4
4.437,9
Dec 14 Mar15 ∆ % YoY
Asset
67.955 99.002
45,7
Liability
67.263 98.287
46,1
Equity
693
714
3,1
23
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
24
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
25