PT Garuda Indonesia (Persero) Tbk Class B · IDX:GIAA
PT Garuda Indonesia (Persero) Tbk Class B — FY2011 Earnings Presentation
36 slides from PT Garuda Indonesia (Persero) Tbk Class B's earnings presentation, Mar 21, 2012
Slide 1: Analyst Meeting & Presentation 2011 Result Announcement
PT GARUDA INDONESIA (Persero) Tbk. Tbk. Analyst Meeting & Presentation 2011 Result Announcement Jakarta, 21 March 2012 0 0
Slide 2: Shareholder List & Share Performance – as of 31 Dec 2011
Shareholder List & Share Performance – as of 31 Dec 2011 Number of Investor % Number of Shares % Domestic Government 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 Employee l 4 5
Slide 3: Contents
C t t Contents 1. Market & Company Overview 2. Summaryy Result 2011 3. Outlook 2012 2
Slide 4: Contents: Market & Company Overview
C t t Contents 1. Market & Company Overview 2. Summaryy Result 2011 3. Outlook 2012 3
Slide 5: Garuda Indonesia Group
Garuda Indonesia Group Ops Revenue Contribution 2011 Garuda Indonesia (Main brand) 9% 8% Domestic International S b 100 Sub-100 83% Scheduled Airlines Non-scheduled Airlines Others Key Subsidiaries & Associated Companies Global Cargo Citilink (LCC) Hajj / Charter Hospitality MRO Distribution Ground
Slide 6: Garuda Indonesia at a Glance
Garuda Indonesia at a Glance 17.1 million Amsterdam IDR 27.1 trillion Passengers Revenue Beijing Nagoya Seoul Tokyo Shanghai Osaka Dubai Guangzhou Jeddah Hong Kong Bangkok 18% 229k tonnes Ops Revenue Kuala Lumpur singapore Cargo g Makassar CAGR 2007-11 2007 11 Jakarta Denpasar Perth Sydney 87 Aircra
Slide 7: External Factors 2011
External Factors 2011 • Unstable Financial Market, driven by EU economic crisis • Carbon emission issue Macro Economic • Asia Pacific as the largest air traffic market and aircraft backlog order for newer aircraft technology 9 200 00 9,200.00 • IDR vs USD relatively strong 8,800.00 8,400.00 Jan 10 J
Slide 8: Competition Landscape
Competition Landscape 39% Revenue Growth 10% 6% 6% 2% 1% GA SQ QF CX MH TG Last report: 60% GA: Jan‐Dec 2010/2011 (FY) SQ: Apr Apr‐Dec Dec 2010/2011 (9M) QF: Jul‐Dec 2010/2011 (6M) GA SQ QF CX MH TG CX: Jan‐Dec 2010/2011 (FY) ‐59% ‐52% ‐61% MH: Jan‐Mar 2010/2011 (1Q) Jul‐Sep Jul Sep 2010/2011 (3Q) T
Slide 9: Competition Landscape
Competition Landscape 32% 26% ASK Growth RPK Growth 9% 5% 5% 4% 5% 6% 3% 2% 1% GA SQ QF CX MH TG ‐9% 82%81% 83%80% 79% 79% 77% 76% 75% Last Report: 75% GA: Jan‐Dec 2010/2011 (FY) 72% 68% SQ: Apr‐Dec 2010/2011 (9M) QF: Jul‐Dec 2010/2011 (6M) CX JJan‐Dec CX: D 2010/2011 (FY) MH: Jul‐Sep 2010/2011 (3Q)
Slide 10: Competition Landscape – Domestic LCC
Competition Landscape – Domestic LCC Growth Indicator 42% 2011 Indicator Citilink Indonesia 38% AA 9% 28% 29% 28% 28% 24% ASK 1,778 8,667 RPK 1,353 6,664 13% SLF 76% 77% CASK 6.43 4.68 Pax Carried 1,626 5,009 ASK RPK CASK Pax carried Citilink Indonesia AA Sources: respective company website 9 9
Slide 11: Competition on routes which GA flown
Competition on routes which GA flown GA Domestic traffic is growth by 37.9 37.9% % YoY GA International traffic is growth by 29.2 % Dom Total GA Total Market Share Intl Total GA Total Market Share 23.5% 16,000,000 35.0% 4,000,000 22.2% 22.8% 22.7% 25.0% 28 8% 29.3% 28.6% 28.8% 28 6% 9 % 19.7% 20 1%
Slide 12: GA Progress 2011 at a Glance
GA Progress 2011 at a Glance • Profitable P fit bl network t k with ith market k t share h growth th consistently i t tl • 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 Domestic: • GFF m
Slide 13: Fleet Expansion in 2011
Fleet Expansion in 2011 2010 2011 In Out Ops Fin Owned ‐ Fleet phasing‐in in 2011: Dec Dec Lease Lease ‐ 9 B737‐800NG, Garuda Indonesia 81 78 11 14 62 6 10 ‐ 2 A330‐200, • B737Classic 25 11 ‐ 14 3 ‐ 8 ‐ 3 A320‐200 Citilink. • B737NG 42 51 9 ‐ 51 ‐ ‐ ‐ Fleet phasing‐out in 2011: • B747 3 3 ‐ ‐ 1 ‐ 2
Slide 14: Routes expansion in 2011
Routes expansion in 2011 • Makassar as 3rd hub SHA SEL • Citilink Brand Refresh GTO SIN BPN TTE AMQ UPG JKT Additional domestic routes JOG SUB Additional Int’l routes DPS Additi Additional l ffreq Int’l I t’l routes t become b d daily il SYD 13 13
Slide 15: Operating Indicators - Group
Operating Indicators ‐ Group 2010 2011 ∆ % YoY Aircraft Utilization (Hours) 9:23 9 23 10:40 10 40 1:17 1 17 Frequencies 102.724 130.043 26,59 Operational On Time Performance (%) 80,16 85,68 6,89 ASK (’000) 25 772 196 25.772.196 32 473 738 32.473.738 26 00 26,00 Average Fuel Price (USD/L) 0,66 0,90 3
Slide 16: Financial & Operating Indicators - Domestic
Financial & Operating Indicators ‐ Domestic 2010 2011 ∆ % YoY Frequencies 74,542 74 542 94,522 94 522 26.80 26 80 On Time Performance (%) 79.89 85.68 7.25 Operational ASK (’000) 9,943,464 13,340,916 34.17 A Average FFuell P Price i (USD/L) 0 68 0.68 0 93 0.93 36 76 36.76 Passenger Carried 8,734,644
Slide 17: Financial & Operating Indicators - International
Financial & Operating Indicators ‐ International 2010 2011 ∆ % YoY Frequencies 17,588 17 588 21,662 21 662 23.16 23 16 On Time Performance (%) 82.00 85.17 3.87 Operational ASK (’000) 14,442,648 17,354,809 20.16 A Average FFuell P Price i (USD/L) 0 65 0.65 0 87 0.87 33 85 33.85 Passenger Carried 2,65
Slide 18: Financial & Operating Indicators - Citilink
Financial & Operating Indicators ‐ Citilink 2010 2011 ∆ % YoY Number of Aircraft 8 9 12.50 Operational Frequencies 10,594 13,859 30.82 ASK ((’000) 000) 1,386,084 1,778,013 28.28 Passenger Carried 1,143,403 1,626,130 42.22 Passenger RPK (‘000) 978,967 1,353,624 38.27 & Cargo g Seat Load Factor (%) 70
Slide 19: Contents: Summary Result 2011
C t t Contents 1. Market & Company Overview 2. Summaryy Result 2011 3. Outlook 2012 18
Slide 20: Income Statement Summary Consolidated
Income Statement Summary Consolidated 2010 2011 ∆ % YoY Passenger 14,641.1 21,079.1 43.97 Operating Cargo 1,185.5 1,442.5 21.68 Revenue Hajj 1,847.3 2,036.1 10.22 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 57.57 Operating Expenses Non Fuel 13,276.2 16,185.9 21.91
Slide 21: Revenue Trend 2010-2011
Revenue Trend 2010‐2011 Changes in Operating Revenues (IDR Billion) + 747 + 257 + 189 (+40%) + 6,438 (+10%) (+45%) (+22%) 27,165 Hajj Others Cargo (+39%) Strong revenue growth, driven by 36% growth on passenger carried Passenger (additional 4.6 million 19,534 passenger compare 2010) FY‐2010 FY‐2011
Slide 22: Passenger Revenue Trend 2010-2011
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 revenue contribution •Increase oveall passenger yield by 12% 21
Slide 23: Cost Discipline – FY 2011 Expenses
Cost Discipline – FY 2011 Expenses 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% 1,73
Slide 24: Cost Discipline
Cost Discipline Jet Fuel Average 0.66 0.83 0.95 0.90 0.89 0.90 (USD/liter) Fuel Burn Average 0.43 0.42 0.42 0.40 0.42 (lit /RTK) (liter/RTK) 0.42 CASK (US¢) 8.1 7.8 7.9 76 7.6 Average 7.0 7.8 FY‐2010 FY 2010 1Q‐2011 1Q 2011 2Q‐2011 2Q 2011 3Q‐2011 3Q 2011 4Q‐2011 4Q 2011 CASK Excl‐fuel (US¢) 4.7 4.7
Slide 25: Balance Sheet Summary Consolidated
Balance Sheet Summary Consolidated 2010 2011 ∆ % YoY Current Assets 3,801.4 6,784.1 78.5 Asset Non Curents Assets 9,864.64 11,225.87 13.8 Total Assets 13,666.0 18,010.0 31.8 Current Liabilities 5,241.27 5,866.97 11.9 Liabilities Non Curent Liabilities 4,955.28 4,595.85 ‐6.7 Total Liabilities 10,196.
Slide 26: Cash Flow Summary Consolidated
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) (945.5) (2 231 7) (2,231.7) 136 2 136.2 •Financing Activities (1,137.9) 2,823.4 148.1 Net Increase (Decrease) in Cash/Cash (
Slide 27: Financial Ratio
Financial Ratio 2010 2011 ∆ % YoY Lease Adjusted Net Debt/EBITDAR 4.7 x 4.0 x ‐14% EBITDAR Margin g 17.8 % 17.7 % ‐1% Debt/Equity 1.2 x 0.6 x ‐54% Net Return on Equity 14.9 % 10.7 % ‐28% 26 26
Slide 28: Financial Indicator
Financial Indicator Leased Adjusted Debt (IDR Bn) Leased Adjusted Debt /EBITDAR 19,260 4.7 x 16,281 4.0 x 33x 3.3 12,676 15,103 12,095 7,157 5,519 4,186 4,157 FY‐2009 FY‐2010 FY‐2011 FY‐2009 FY‐2010 FY‐2011 Debt Capitalised Leased 27 27
Slide 29: Contents: Outlook 2012
C t t Contents 1. Market & Company Overview 2. Summaryy Result 2011 3. Outlook 2012 28
Slide 30: Outlook 2012
Outlook 2012 • Uncertainty in financial market continued Macro Economy • Uncertainty regarding Jet Fuel Price • Due to Uncertainty, difficult to provide profit guidance for 2012 • Robust demand continued • Market demand growth still higher than market capacity growth Domestic: • Still become our bac
Slide 31: Our Target in 2012
Our Target in 2012 2011 2012 # of Fleet 87 105 Average fleet age* 6,5 5,8 Passenger Carried (Mio) 17,1 22,0 30 30
Slide 32: Fleet Expansion Plan in 2012
Fleet Expansion Plan in 2012 ‐ By end of 2012, GA (Main 2011 2012 In Out Ops Fin Owned Dec Dec Lease Lease Brand ) will have 85 aircraft and citilink 20 aircraft aircraft. Garuda Indonesia 78 85 11 3 66 9 10 • B737Classic 11 8 ‐ 3 ‐ ‐ 8 ‐ Fleet phasing‐in in 2012: • B737NG 51 55 4 ‐ 55 ‐ ‐ ‐ 4 B737‐
Slide 33: Routes Expansion Plan 2012 - Domestic
Routes Expansion Plan 2012 ‐ Domestic Medan Medan‐Penang Medan‐Batam Balikpapan Medan‐Palembang Balikpapan‐Yogyakarta Medan‐Surabaya Balikpapan‐Denpasar Medan‐Palembang‐Pekanbaru Makasar Surabaya Makasar‐Singapore Makasar‐Ternate Bandung Makasar‐Balikpapan‐Jogyakarta Makasar Balikpapan Jogyakarta De
Slide 34: Routes Expansion Plan 2012 - International
Routes Expansion Plan 2012 ‐ International Haneda‐Tokyo (Apr) Taipei (M ) (May) Kuala Lumpur (Feb) Jakarta Denpasar 33
Slide 35: Corporate Action 2012
Corporate Action 2012 1. Quasi Reorganisation Q g 2. Spin‐off Citilink 3. Medan as 4th hub 4. Phase‐in new fleet CRJ‐1000NG 5. Dedicated Terminal in Surabaya 34 34
Slide 36: Thank You
PT Garuda Indonesia (Persero) Tbk. Investor Relations Department 2nd Floor Management Building Garuda City Soekarno Hatta International Airport p Phone : 62‐21‐2560 1201 THANK YOU Email : investor@garuda‐indonesia.com 35
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