GIAA In Flash YTD September 2015

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1 GIAA In Flash YTD September 2015 Garuda Indonesia Group (GIAA) Continues its Green Performance in Challenging Market Picture s source: The 3rd quater in 2015 is a tough period for GIAA bussines. Aside from the unstable economic, GIAA also was facing challenging conditions such as SHIA fire incident, mount eruptions, and hazardous haze in Indonesia surroundings. These uncontrollable conditions push GIAA to find some opportunities to keep the company has green performance amidst this situantion. Regarding to operational platform, GIAA has sustained increases in passenger carried 17.5% YoY and sustained market share for 9M15 (44% in domestic market and 28% in international market). For further, as a result of GIAA ongoing Quick Wins program, GIAA also succeed to manage its efficiency program by achieving ±70% of its full year target efficiency in 2015 and managed the RPK growth is higher compare ASK growth. By having maintained performance in operational, GIAA also has sustained financial performance for 9M15. GIAA was successfully maintained the bottom line improves with net profit USD 51.4 million. The top line not increased significantly but GIAA has already reduced the cost deeper.

2 GIAA Milestones in Third Quarter 2015 Garuda Indonesia ends the Hajj Flights of Phase I with 92.38% On-Time Performance (OTP) Rates. The Inaugurations of Garuda Maintenance Facilities AeroAsia (GMF-AA) 4th Hangar President & CEO of Garuda Indonesia appointed as President of Indonesia Marketing Association (IMA) for the period GIAA Network in Third Quarter 2015 Garuda Indonesia has 58 Domestic destinations and 17 International destinations. In purpose to expand the network from/to ASEAN destination, GIAA and Oman Air have signed a codeshare Agreement. GIAA also add frequency to Amsterdam from 5 times/week to 6 times/week to accommodate the increasing demand in Europe destinations. The europe additional frequency is an Amsterdam direct flight via Changi Airport Singapore. GIAA Fleet Structure By the end of September 2015, GIAA has 181 aircrafts with average age of fleet 4.7 years. There were 14 new additional aircrafts (5 aircraft B , 3 aircraft B ER, 2 aircraft ATR , 1 aircraft A330 and 3 aircraft A ) and 2 aircrafts were redelivery to lessor (1 aircraft of A and 1 aircraft B ). Regarding to fleet expansion, GIAA focus on natural replacement in a couple years to replace some aircrafts that will be redelivered to lessor in period In the period there are ±25 aircrafts will be redelivered. Due to the natural replacement puporse, GIAA has already ordered 50 aircrafts of B737Max to replace the existing aircraft of B NG. GIAA also already signed the letter of intent to buy aircraft type of B787/A350 to replace GIAA existing A /300. The final decision of A /300 replacement is still under review of management.

3 GIAA Market Share Through the on going Quick Wins program GIAA focuses to increase the direct sales (such as: Sales Office and E- Commerce). The E-Commerce selling it self has already increased 22% YoY of YTD 9M15 and impacted the market share rebound in this period. Company has successfully increased GIAA market share to be 44% in Domestic Market (35% for Garuda and 10% for Citilink) compared to previous year was 37% (28% for Garuda and 8% for Citilink). GIAA also increase the international market share to be 28% compared to previous year was 21%. Note: These market share data was calculated based on the Garuda routes. GIAA Operational Performance Garuda Group Performance The result of on going Quick Wins program, GIAA keeps to maintain the RPK growth higher than the ASK growth, The RPK increased 14.8% and the ASK increased 5.0%. In the other hand the passenger carried also increased by 17.5% followed by the increasing of Load Factor 6.6 % points to be 77.3%. The Yield decreased to 13.7% YoY due to IDR depreciation around 12.1% and the lower International fares amidst the unstable economic. The aircraft utilization decreased by 42 minutes due to route restructuring as Quick Wins Program implementation, especially in International Market. The OTP performance decrease due to mount eruptions, fire incident in SHIA Terminal 2 and hazardous haze in Indonesia surroundings.

4 Domestic and International Operational Performance The Domestic and International result is still showing stable improvement as GIAA maintained the RPK growth higher compare the ASK growth. Regarding to domestic platform, passenger carried increased 14.5%, RPK increased 16.1%, ASK increased 11,3% and the SLF was managed at level 77.1%. The exluding fuel unit cost (CASK Ex Fuel) decreased 4.4% as result of non fuel efficiency. Regarding to international platform, passenger carried increased 9.7%, RPK increased 7.7% and SLF was managed 75.9 %. The frequency decreased as company reduce the schedule flight to Middle East for Hajj season preparation. The CASK ex fuel increased 3.0% as the rental cost, maintenance expense also increased. Garuda Main Brand and Citilink Performance Regarding to Garuda Mainbrand, the passenger carried increased 13.6%, RPK increased 11.9%, ASK increased 1.4% and the SLF was managed at level 76.5% Garuda Main Brand s operational performance is still showing improvement amidst unforeseen conditions that happend in 3Q15 such as mount eruptions, SHIA fire incident, and hazardous haze in indonesia surroundings. These conditions impacted the operational growth for 9M15 is lower compare 1H growth but still in green area. The CASK ex fuel also showed declining trend as result of GIAA non fuel efficiency program. Mostly the efficiency program smoothly exercised in domestic platform as the international platform faced the increasing in rental and maintenance cost. Regarding to Citilink operational performance, the passenger carried increased 28.8%, RPK increased 30.8%, ASK increased 27.1% and the SLF was managed at level 81.2% The Citilink operational performance also was impacted by unforeseen conditions that happend in 3Q15 such as mount eruptions, SHIA fire incident, and hazardous haze in Indonesia surroundings. These conditions also impact the growth for 9M15 is lower compare to 1H15 growth but it is still in green area. The CASK ex fuel increased 11.2% as the rental cost, maintenance expense increased align with the additional fleets.

5 GIAA Financial Performance Summary of Consolidated Income Statement GIAA has sustained top line increases for 1Q15, 2Q15, and 3Q15 were consecutively USD 0.9 bio, USD 0.9 bio and USD 1.0 bio. GIAA also improve the quarterly bottom line for 1Q15, 2Q15 and 3Q15 were consecutively USD 12.4 mio, USD 16.9 mio and USD 22.1 mio. These are the evidences that GIAA focus to manage the sustainable improvement performance in For YTD 9M15, top line increased 0.5% from USD 2.83 bio last year to be 2,85 bio amidst the challenging conditions that happened in 3rd quarter of Meanwhile, GIAA already successfully managed total expenses decline 11.8% to be USD 2.7 bio compared to USD 3.1 bio last year as results of Quick Wins efficiency program and fuel price declining. The fuel expense decreased 31.4% YoY, rental cost increased 24.5% YoY and others expenses decreased 9.0% YoY. The non fuel efficiency, already exercised ± 70% of target FY By managing the top line and cost made GIAA book bottom line performance for 9M15 USD 51.4 mio or increased 123.4% compared same period last year was loss USD mio. Aligning with the financial performance EBITDAR margin also increased to be 32.3% compared to the same period last year was 14.4%. The key success in 9M15 is GIAA find the other opportunities to reduce the losses impact from uncontrollable conditons in scheduled airline. The scheduled airline actually contributed 2.4% decrease to GIAA total top line growth due to lower yield as impact of IDR depreciation, unstable economic condition in regional and challenging conditions (such as mount eruption, SHIA fire incident, and hazardous haze in indonesia surroundings). GIAA find the other opportunities from charter flight and subsidiaries. The non schedule flight revenue, contributed 2.4% increases of total top line growth as impact of the sustained charter flight to China market, Umrah (Middle East) and additional flights of Hajj season. The increase of others revenue, contributed 0.5% increases of total top line growth as impact of better performance from subsidiaries. Aside from the blessing of fuel price declining, GIAA also exercised efficiency program to reduce cost. Operating expenses decreased by 11.8% to be USD 2.7 bio compared to the same period last year was 3.1 bio. The fuel expense, contributed 12.0% decrease of total expense declining as fuel expenses decreased 31.4% to be USD mio compared to same period last year of USD 1.2 bio due to fuel price declining 37.9% compare last year.

6 The total fuel efficiency for YTD 9M15 was USD mio as impact of fuel price declining and fuel efficiency program. Around ±70% fuel efficiency cotintirbuted by fuel price declining and ±30% contributed by GIAA fuel efficiency program such as APU-GPU substitution, one engine uses while taxing, fuel hedging and fuel conservation. Non fuel efficiency for YTD 9M15 ± USD mio (or ±70% accomplished of FY 2015 target). GIAA can not cut some costs such as maintenance, rental and user charge, it impact the flight operation, maintenance and user charge contributed 4.7% increase of total expenses. The rental cost increased 24.5% to be USD mio compared to the same period last year of USD mio aligned with the additional fleets. The maintenance cost also increased by 9.5% to be USD 210.2mio compared to the same period last year USD mio also aligned with the additional fleets. Summary of Consolidated Balance Sheet Total assets decreased by 1% to be USD 3.1 bio as impact of refunded of PDP dereased 37% to be USD mio compared the PDP in FY2014 was USD mio. The Current liabilities decreased by 9.5% and non current liabilities increased 9.2% as impact of Quick Wins Program Reprofiling Debt. The GIAA equity decreased by 0.9% as impact of the unrealized gain on hedging transaction in this period (Fuel Hedging ±USD 14.0 mio and CCS transaction ±USD 21.0 mio). Summary of Consolidated Cash Flow Cash flow from operating activities showed positive number in 9M15 amounted USD 56.0 mio. Operating activities consist of cash receipts from customers USD 2.8 bio, cash payments to suppliers USD 2.4 bio and payments of interest and financial expenses USD 45.2 mio. Cash flow from investing activities amounted to USD mio. Cash flow from investing activities consists of payments PDP and Maintenance Reserve Fund USD mio, Security Deposit payment USD 11.1 mio, refund of PDP and Maintenance Reserve Fund USD 216.2mio, and Receipts of security Deposit USD 9.0 mio. Cash flow from financing activities decreased to be USD 44.8 mio with the details of transactions are proceed of long term loan, bank loan, and financial institution and Sukuk USD 1,4 bio and payment of long term loan, bank loan and financial institution USD 1.3 bio. Regarding to creditor covenant, GIAA also comply with min cash 5% of total top line exposure (Garuda Indonesia Group cash ratio 10.4% for YTD 9M15). Cash and Net Gearing GIAA net gearing position also improves in 9M15 period. It decreased to be 0.94 times compared to previous quarters. The Quick Wins strategy reprofiling debt has already exercised in first half The total debt exposure for YTD 9M15 amounted USD 1.2 bio with the debt breakdown: 60% long term debt, 9% lease liabilities and 31% short term debt. GIAA also managed the debt to equity ratio below 2.5 times - based on creditor s covenant (For YTD 9M15 the debt to equity ratio was 1.4 times) and minimum equity USD 800 mio.

7 GIAA Susidiaries Aligning with GIAA green performance, all of subsidiaries also showed sustainable improvement performance in 9M2015 as all subsidiaries are supporting for main brand. Aero Wisata booked net profit amounted IDR 77.0 bio, or increase 20% compare to net profit last year was IDR 64.1 bio as the production on food service and transportation were increased. The top line decrease 0.6% due to lower revenue in hotel business and travel service. On the other hand, Aero Wisata managed the cost decreased 1.35% through efficiency program in this subsidiary. Citilink booked net profit amounted USD 5.9 mio it s significant growth compare to the same period last year booked loss USD 12.1 mio due to investment period. This improvement comes from high passenger carried and RPK in low cost market. Gapura Angkasa booked net profit amounted IDR 57.8 bio, compare to last year profit IDR 8.7 bio. The GIAA increasing frequency generates more revenue for Gapura Angkasa. GMF also booked net profit amounted USD 26.5 mio or 94.9% higher compare to last year with net profit USD 14.6 mio Its performance is aligned with the Main Brand and Citilink fleet additional in terms of maintenance cost. Abacus booked net profit amounted USD 0.5 mio, increased 73.6% compare last year was 0.28 mio. This green performance is aligned with the main brand s passenger carried increases. Aero System has already successfully booked net profit amounted USD 14.5 thousand, or increased 117.5% compared to same period last year which booked loss USD 82.5 thousand aligned with the increasing of accomplished Garuda projects. GIH France, booked net profit USD 0.5mio, or increased 73.6% compare last year was USD 0.28 mio as revenue from aircraft leasing increased from low basis.

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