Corporate Presentation PT Garuda Indonesia (Persero) Tbk

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1 Corporate Presentation PT Garuda Indonesia (Persero) Tbk Credit Suisse APAC Transportation Corporate Day Hong Kong, 26 June 2013 Delivering Indonesia s Best to the World 0

2 Agenda 1. Industry Overview 2. Company Overview 3. Recent Developments 4. 1Q-2013 Performance 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. 1

3 2 1. Industry Overview

4 Agenda Asia Pacific will have the biggest air passenger traffic volume billion billion 369 millio n billion billion 151 million billion 416 millio n billion billion Source: Airport Development, IATA 3

5 IMF predicts until 2017 Indonesia will enjoy the highest economic growth as compared to its ASEAN peers Value in % Indonesia is the biggest economy in ASEAN In terms of its fundamentals, INDONESIA IS IN A STRONG POSITION from which to navigate through current global macroeconomic uncertainties (IMF country report, Sep 2012) Source: The World Bank 2011 data, accessed in Nov

6 5 Outlook of the Indonesia s economy until 2030 is promising

7 Indonesia : Unique opportunity within Asia Most populous country in the South East Asia (4th largest in the world) with people distributed across a number of medium - large cities and high density provinces Largest archipelago in the world lending greater importance to air travel; potential for taking market-share from land / sea travel Indonesia: Transportation profile (in million) CAGR By Air By Rail By Sea % +5.77% % Monthly traffic statistic Most populated cities in the region Jakarta & surrounding area 12.0 million Kuala Lumpur 1.6 million Petaling 1.5 million Surabaya 2.6 million Manila 1.7 million Medan 2.0 million Ujung Pandang 1.2 million Singapore 4.6 million Sources: Bloomberg Indonesia: GDP per capita (USD '000) 7,0 6,1 3,0 3,5 3,7 4,1 4,7 5,4 0,8 0,8 0,9 1,1 1,6 1,9 2,2 2,3 1,2 1,3 Source: IMF, World Economic Outlook (WEO), Oct

8 Indonesia is forecast to enjoy a solid air traffic growth for the next three years after a robust economic growth outlook Domestic and International market size to grow at CAGRs of 15% and 10%, respectively, from GA s Domestic and international market share expected to reach 34.4% and 25.9% in 2015, respectively, up from 21.5% and 15.1% in 2012 Domestic Market Size (million) Premium Budget Traveler GA Pax F 2014F 2015F International Market Size (million) Business Leisure GA Pax F 2014F 2015F Note: GA Pax, S-100 seater & Alliance Sources : Dephub, PT. AP I & II, IATA, PATA, Garuda Forecast 7

9 In terms of air traffic, Indonesia has much room to grow Population Air Traffic Numbers are in million 39 (722%) 5.4 Singapore 171 (271%) 63.1 UK 42 (583%) 7.2 Hong Kong 48 (166%) 29.0 Malaysia 81 (355%) 22.8 Australia 77 (31%) Indonesia Sources: IATA, CAPA Jun

10 Some Major Airport Development Project Medan Rp 1.6tn, 2013 Balikpapan Rp 1.6tn, 2014 Berau Rp 450bn, 2013 Morotai Rp 150bn, 2014 Jakarta Rp8.4 tn, 2014 Majalengka Rp 8.3tn, 2018 Yogyakarta Rp 3.7tn, 2018 Samarinda Rp1.2tn, 2015 Surabaya Rp 530bn, 2014 Denpasar Rp2.1 tn, 2013 Development project plan for 10 airports reach approximately USD 2,8 billion. Data source : PT. Angkasa Pura I & II, Ministry of Transportation, Investor Daily 9

11 In Summary : Indonesia has Large Market & Big Opportunity for Air Travel Market Traffic Strong Economic Growth Large population Low air travel penetration Robust demand in domestic traffic Growing international tourist traffic, by locals and foreigners Policy 2015: ASEAN Open Sky Policy Competition Infrastructure High competition in LCC domestic segment High competition in FSC and LCC international segment Government priority to develop and improved Airport and Aviation Infrastructures in Indonesia 10

12 11 2. Company Overview

13 Flying High Q Q Q Q Q Q Q Q Q Q 1949 Established in 1949 with first aircraft, Dakota DC First Haji pilgrims flight to Mecca 1973 First subsidiary AWS added to the Group 1976 First deliveries of DC-10, the first wide-body aircraft 1985 New Corporate Identity Avg. Age Number of Passengers (millions) Fleet Size E 2014E 2015E Avg. Age PAX 1990s Garuda Indonesia is ranked among the top 30 carriers in the world 1995 Subsidiary Abacus DSI added to the Group 2002 Subsidiary GMF-AA added to the Group 2005 New managem ent takes over and begins transforma tion 2007 Profitability improves under new manageme nt with a US$17 million net income 2009 Received Best Debt Re Structuring Deal of the Year 2009 in South East Asia (1) EU removed Garuda from its list of banned airlines 2010 Completed debt restructuring Achieved 4 star Skytrack rating Awarded CAPA Airline Turnaround of the Year 2011 IPO completion UPG as 3rd hub Citilink Brand refresh A320 contract for Citilink CRJ1000NG Global Corporate Spin off Citilink Liverpol FC EY Codeshare 12

14 Leading Asian Airline with Dominant Market Share 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 2012 Rank 2011 Rank 1 Qatar Airways* 1 2 Asiana Airlines* 3 3 Singapore Airlines* 2 4 Cathay Pacific Airways* 4 5 ANA All Nippon Airways 11 6 Etihad Airways 6 7 Turkish Airlines 9 8 Emirates 10 9 Thai Airways International 5 10 Malaysia Airlines* Garuda Indonesia Virgin Australia EVA Air Lufthansa Qantas Airways 8 16 Korean Air Air New Zealand 7 18 Swiss Int l Air Lines Air Canada Hainan Airlines* 23 World s Best Regional Airline 2012 Best Regional Airline in Asia 2012 * Airlines with 5-star skytrax rating 13

15 Operational and Safety Aspect IOSA Renewal Certification Audit Garuda is IOSA Certified since 2006 and on August 25, 2012, the IOSA Registration has been re-registered up to 8 Sept 2014 Garuda Indonesia fully complies to global best-practise standards in flight operations, aircraft maintenance including safety management systems implementation. FAA Technical Review on DGCA Indonesia Garuda Indonesia was chosen as sampling operator by FAA on 13 September FAA comments Garuda Indonesia is good, very professional, and impressive. 14

16 Quantum Leap 7 Strategies to Drive Growth Management focuses on implementing the Quantum Leap with 7 main strategies to expand and dominate the Indonesian aviation market. 1 Domestic 2 International Grow and dominate full-service Enormous upside potential 7 Human Capital 3 LCC Right quality and right quantity Citilink to address the LCC Opportunity 6 Cost Discipline Efficient in cost structure compared to peers 5 Brand Stronger brand, better product and services 4 Fleet Expand, simplify and rejuvenate Fleet 15

17 Aiming to complete the 2 nd journey in Growth 2012 Growth 2015 Number of Aircraft 57 86% % 194 Average age (yr) % % 5 ASK/employee (000) 3,761 40% 5,250 56% 8,210 Passenger Carried 9.3 mio 119% 20.4 mio 123% 45.4 mio Frequency/week % 2, % 8,198 Skytrax Rating 3 star + 4 star + 5 star 5 star skytrax airlines : 1. Asiana Airlines 2. Cathay Pacific Airways 3. Hainan Airlines 4. Qatar Airways 5. Singapore Airlines 6. Malaysia Airlines "The key factor behind 5-Star status is an airline's ability to deliver a truly consistent and high quality of Product and Service. A great product standard is not by itself the key to a 5-Star Airline ranking, and Skytrax focus deeply on the Quality of front-line service an airline provides. A 5-Star Airline ranking is centred on identifying airlines whose frontline staff (across the airport and onboard experience) deliver a true and consistent 5-Star standard of service delivery." Sources: skytrax website 16

18 17 3. Recent Development

19 Garuda Indonesia Group 2012 Ops Revenue Contribution % 9% Domestic International Feeder 83% Scheduled Airlines Non-scheduled Airlines Others Key Subsidiaries & Associated Companies Cargo Hajj / Charter Low Cost Carries Hospitality and Tourism MRO Services IT Services Global Distribution Systems Ground Handling Citilink Indonesia Aerowisata GMF AeroAsia Aero Systems Abacus Gapura Angkasa 18

20 Competition on routes which GA flies Garuda Domestic Passengers in/out Selected Airports Garuda International Passengers in/out Selected Airports 24% Total GA Passengers (in million) 29% 29% 26% 26% 25% 29% Market Share 28% 28% 28% 29% 20% Total GA Passengers (in million) 22% 23% 23% 21% 20% Market Share 25% 24% 24% 24% 24% 22% 1,8 2,1 2,4 2,4 2,5 3,0 3,2 3,3 3,1 3,3 3,5 3,5 18% 0,5 0,6 0,7 0,6 0,7 0,8 0,8 0,8 0,8 0,9 0,9 0,9 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 GA Domestic Market Share: 28.2% Traffic in million passenger % 16.3% ,43 11, % 8, % 10.0% 12.4% 27,67 30,43 34,21 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 GA International Market Share: % Traffic in million passenger % % 3,47 3, % 2, % 3.8% 7.7% 9,72 10,09 10,87 Jan-Dec 2010 Jan-Dec 2011 Jan-Dec 2012 Others GA Dom Source: Airport Authority (traffic in/out CGK, DPS, SUB, UPG airports excl. Citilink) Jan-Dec 2010 Jan-Dec 2011 Jan-Dec 2012 Others GA Int'l 19

21 Strong Growth and Profitable Operations Compared to Peers 14% 12% 10% 8% 6% 4% 2% 0% -2% Highest Operating Revenue Growth YoY nd Highest Operating Profit Growth (1) YoY % 170% 1170% % 70% 20% -30% -4% 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% Highest Operating Margin -4% Source: Bloomberg per Jun 18, 2013 (1) Notes: Thai Airways Operating Profit from negative $ 18 mio to $ 229 mio -80% Highest ROE 20

22 Milestones in 2012 MAR /APR Signed a Global contract with Shell International Ltd. and Standard Chartered Bank New Board Members was appointed by the AGM JUN JUL SEP OCT DEC GMF-AA was appointed as Bombardiers first Authorize Service Facility (ASF) in the Asia Pacific region by Bombardier Aerospace Commercial Aircraft Quasi Reorganization was approved by the AGM Citilink was granted its own Airline Operator Certificate and started operation as an independent airline with an LCC business model Signed a partnership program with Liverpool FC, as part of the campaigns to elevate Garuda s brand to global market Welcome the 1 st delivery of Bombardier aircraft Signed a codesharing partnership agreement with Etihad Airways First regional based for CRJ-1000 at Makassar Shifted the intermediate point from Dubai to Abu Dhabi as a follow up of the codesharing agreement with Etihad Airways 21

23 2012 Highlights Significant Growth GDP growth 6.3% Indonesia Air Traffic Market Growth: 16.2% Market where GA flies, growth 11.3% Indicators Passenger Carried Cargo Uplifted Passenger Yield Operating Revenue Passenger Revenue Operating Income Income for the Period 2012 Achievements D% YoY million ,285 ton 22.2 U$c USD 3.47 billion 12.1 USD 2.69 billion 11.8 USD million 82.0 USD million 72.6 Operating Indicator figures are for Garuda Indonesia and Citilink Financial Indicator figures are for Garuda Indonesia Group 22

24 Route Expansion in 2012 Banda Aceh Amsterdam Medan Tarakan Manado Pekanbaru Ternate Batam Pontianak Padang Jambi Palu Gorontalo Palangkaraya Palembang Pgk.Pinang Balikpapan Banjarmasin Kendari Ambon Tjg.Karang Ujung Pandang Jakarta Semarang Surabaya Solo Bandung Denpasar Mataram Yogyakarta Malang Kupang Biak Jayapura Timika Jeddah Abu Dhabi Beijing Seoul Shanghai Osaka Tokyo Guangzhou Taipe Hong Kong Bangkok Kuala Lumpur Singapore Balikpapan Makassar Jakarta Denpasar Surabaya Perth Melbourne Sydney Domestic Network Destinations: 34 (including Tarakan as a new destinations) Average frequencies around 1,940/week vs 1,750/ week last year Additional Frequencies on key routes: Jakarta to Batam, Pekanbaru, Balikpapan, Palembang, Pontianak, Surabaya, Denpasar, Medan, Padang, and Surabaya to Balikpapan New routes: Surabaya to Bandung, Lombok, Semarang; Makasar to Kendari, Lombok, Palu; Balikpapan to Tarakan International Network Destinations: 19 (including Abu Dhabi, Haneda & Taipei as new destinations) Average Frequency 455/week vs 400/week last year New routes: Denpasar to Haneda, Jakarta to Taipei, and Jakarta-Abu Dhabi-Amsterdam Route termination: Denpasar to Nagoya 23

25 Operating Indicators - Group Operational Efficiency Passenger & Cargo Financial % YoY Aircraft Utilization (Hours) 10:40 10:44 0:04 Frequencies 130, , On Time Performance (%) (0.8)* ASK ( 000) 32,473,738 36,013, Average Fuel Price (USD/L) Fuel Burn / RTK (1.4) Fuel Burn / Blockhours 4,145 3,981 (4.0) Passenger Carried 17,073,963 20,415, RPK ( 000) 24,434,662 27,342, Seat Load Factor (%) * Passenger Yield (US ) Cargo/Mail Uplifted (Tonnage) 229, , CASK (US ) CASK-excl Fuel (US ) (0.2) Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only * in percentage points 24

26 Operating Indicators 2012 By Sector % YoY DOM INT L Passenger Carried 12,220,262 13,967, ASK ( 000) 13,340,916 14,955, RPK ( 000) 10,614,847 12,058, Seat Load Factor (%) * Passenger Yield (US ) (2.6) CASK (US ) (1.4) CASK-excl Fuel (US ) (3.0) Passenger Carried 3,227,571 3,586, ASK ( 000) 17,354,809 17,937, RPK ( 000) 12,466,191 13,045, Seat Load Factor (%) * Passenger Yield (US ) CASK (US ) CASK-excl Fuel (US ) Notes: * In percentage point 25

27 Summary of Consolidated Income Statement in USD Mio Jan-Dec 2011 Jan-Dec 2012 % YoY EBITDAR Operating Revenue Operating Expenses Income Scheduled Airline 2, , Non-Scheduled Airline Others Total 3, , Fuel 1, , Non Fuel 1, , Total 3, , Income / Loss from Operations EBT Income / Loss Current Period Comprehensive Income / Loss EBITDAR Margin Nett Margin 17.8 % 2.1 % 19.6 % 3.2 % 26

28 Summary of Consolidated Balance Sheet Asset Liabilities Equities in USD Mio 31 Dec Dec 2012 % YoY Current Assets (15.9) Non-Current Assets 1, , Total Assets 2, , Current Liabilities Non-Current Liabilities Total Liabilities 1, , Total Equities , Total Liabilities & Equities 2, , Lease Adjusted Net Debt/EBITDAR Debt/Equity 4.2 x 0.5 x 4.4 x 0.6 x Net Return on Equity 6.6 % 9.9 % 27

29 Summary of Consolidated Cash Flow Strong operating Cash Flow in 2012 in USD Mio 31 Dec Dec 2012 % YoY Beginning Cash/Cash Equivalents Operating Activities Investing Activities (260.7) (524.4) Financing Activities (74.2) Net Increase (Decrease) in Cash/Cash Equivalents (84.3) (130.5) Effect of Foreign Exchange Rate Changes 10.1 (7.2) (171.5) Ending Cash/Cash Equivalents (21.9) Cash Out Flow from Investing Activities amounted to USD Mio and allocated for: USD was the payment for PDP & Maintenance Reserve Fund USD 18.2 Mio was the payment for Security Deposit USD 73.5 Mio was the refund of PDP 28

30 Q-2013 Performance

31 1Q-2013 Highlights Indicator Passenger Carried Cargo Uplifted Seat Load Factor Passenger Yield Operating Revenue Passenger Revenue Operating Income Income for the Period 1Q13 Achievement D% YoY 5.6 million ,334 tons % 1.7 * US$c 9.01 (4.3) USD million 12.5 USD million USD 20.1 million (20.7) - USD 33.7 million (215.9) Operating Indicator figures are for Garuda Indonesia and Citilink Financial Indicator figures are for Garuda Indonesia Group * in percentage points DOMESTIC Continued Growth in traffic & capacity Impacted by heavy weather in January Impacted by weakening IDR/USD Welcoming 2 CRJ1000NG based in Medan INTERNATIONAL Improved operational & financial performance Impacted by strengthening USD Improved SLF-C CITILINK Improved operational performance Improved domestic market share At an early stage of Investment FINANCIAL Fitch A(idn) Investment grade credit rating 30

32 Milestones 1Q JAN Broaden flight network to 6 New destinations in Europe & Middle East (Frankfurt, Brussel, Milan, Dusseldorf, Munich, Bahrain) that served by Etihad Airways Extended Immigration on Board Agreement Launched Immigration at The Lounge & Fast Track Service for GFF Platinum member Best Long-haul Airline Food, Asia Pacific Food Airline Awards 2012 from Skyscanner FEB Garuda Indonesia and General Electric (NYSE:GE) launched the CFM56-7B engine shop capability for the Garuda Maintenance Facility (GMF AeroAsia) Launched Garuda Indonesia and Liverpool FC Experience The Best Airline Hajj Season 1433H/2012, from Saudi Arabia General Authorization & Civil Aviation MAR 2012 Domestic Airlines of The Year from Ray Morgan Research, Australia ASEAN Premium Airline of The Year from Frost & Sullilvan, USA Launched Wheelchair Transporter at Soekarno-Hatta International Airport for disable & wheelchair user Earth Hour 2013 Campaign 31

33 Fleet Expansion and Rejuvenation in 1Q-2013 Mar-12 Dec-12 Mar-13 Ops Lease Fin Lease Owned Narrow Body B B B B NG CRJ Total Narrow Body Wide Body B B777-ER A A Total Wide Body Citilink B B A Total Citilink TOTAL FLEET # of Aircraft Fleet at 31 Dec IN: Delivery of: +6 A CRJ OUT: - 0 Fleet at 31 March Average Fleet Age (years) 7,2 6,6 5,0 Mar'12 Mar' F 32

34 Operating Indicators - Group Operational Efficiency Passenger & Cargo Financial 1Q12 1Q13 % YoY Aircraft Utilization (Hours) 10:44 11:04 0:19 Frequencies 35,817 44, On Time Performance (%) * ASK ( 000) 8,568,110 9,960, Average Fuel Price (USD/L) Fuel Burn / ATK Fuel Burn / Blockhours 3,986 3,950 (0.9) Passenger Carried 4,607,912 5,561, RPK ( 000) 6,236,649 7,420, Seat Load Factor (%) * Passenger Yield (US ) (4.3) Cargo/Mail Uplifted (Ton) 65,488 81, CASK (US ) (4.5) CASK-excl Fuel (US ) (7.7) Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only * in percentage points 33

35 Operating Indicators 1Q13 Mainbrand By Sector 1Q12 1Q13 % YoY Domestic s SLF (%) DOM INT L Passenger Carried 3,195,996 3,451, Frequency 24,750 28, ASK ( 000) 3,551,325 3,959, RPK ( 000) 2,764,601 2,923, Seat Load Factor (%) (4.0)* Passenger Yield (US ) (3.6) CASK (US ) (3.7) CASK-excl Fuel (US ) (6.0) Passenger Carried 834, , Frequency 6,029 6, ASK ( 000) 4,372,810 4,758, RPK ( 000) 3,021,018 3,576, Seat Load Factor (%) * Passenger Yield (US ) (0.5) CASK (US ) (4.7) CASK-excl Fuel (US ) (9.0) JAN FEB MAR 63, ,4 78,0 79,0 77,8 79,2 Note: * In percentage point 34

36 Summary of Consolidated Income Statement in USD Mio 1Q Q-2013 % YoY Operating Revenue Operating Expenses Income EBITDAR Scheduled Airline Non-Scheduled Airline Others Total Fuel Non Fuel Total Income / Loss from Operations (16.7) (20.1) (20.7) EBT (16.0) (27.1) (69.4) Income / Loss Current Period (10.7) (33.7) (215.9) EBITDAR Margin Nett Margin 14.4% 15.6% (1.5%) (4.2%) 35

37 Summary of Consolidated Balance Sheet in USD Mio 31 Dec Mar 2013 % QoQ Asset Liabilities Equities Current Assets (5.2) Non-Current Assets 1, , Total Assets 2, , Current Liabilities Non-Current Liabilities Total Liabilities 1, , Total Equities 1, ,083.6 (2.8) Total Liabilities & Equities 2, , Lease Adjusted Net Debt/EBITDAR Debt/Equity Net Return on Equity 4.4 x 0.6 x 9.9% 4.7 x 0.7 x (3.1%) 36

38 Summary of Consolidated Cash Flow in USD Mio 31 Mar Mar 2013 % YoY Beginning Cash/Cash Equivalents (21.9) Operating Activities (30.6) Investing Activities (110.2) (186.9) 69.6 Financing Activities (18.6) Net Increase (Decrease) in Cash/Cash Equivalents (104.7) (55.9) (46.6) Effect of Foreign Exchange Rate Changes (1.35) (1.28) 4.9 Ending Cash/Cash Equivalents (13.7) Operating Activities Increased on interest & financial charges paid and income taxes paid Investing Activities USD was the payment for PDP & Maintenance Reserve Fund USD 5.9 Mio was the payment for Security Deposit USD 10.1 Mio was the refund of PDP and Maintenance Reserve Fund Financing Activities New Loan: $179.1 million 37

39 1Q-2013 still on Track Estimates 2013E Key Drivers 1Q # of Fleet 112 Passenger 15% 20% 20.7% Carried Growth 15% - 20% ASK Growth 16.2% $ mio Net PDP $ mio $ mio CAPEX * $ 24.9 mio Note: * GA only, excluding subsidiaries 38

40 Recent Developments Network Operation Funding Garuda s New Routes: Medan Palembang vv Medan Padang vv Padang Pekanbaru vv Citilink s New Routes: Jakarta Bengkulu vv Jakarta - Jambi vv Jakarta - Semarang vv Jakarta Pangkal Pinang vv Jakarta Tanjung Karang vv Makassar Jogjakarta vv Jakarta Jogjakarta vv Jakarta Malang vv 2 nd regional based for CRJ-1000 at Medan 15 April 2013 Signing Agreement ALAFCO & Garuda Indonesia for Financing of 2 aircraft B ER with Sharia principles 15 April April April April April April April 2013 IDR Bond: 1 st Registration to OJK 25 Apr

41 Why Invest on Garuda Indonesia? Indonesia Opportunity Rapid Developing Economy Strong Traffic Growth Sustainable Profitability Solid Operating Result, 20% EBITDAR Cost Discipline Proven Management World s Best regional Airlines 2012 Quantum-Leap 40

42 41 Notes

43 42 Notes

44 PT Garuda Indonesia (Persero) Tbk. Investor Relations Department 2nd Floor Management Building Garuda City Soekarno Hatta International Airport Phone : THANK YOU 43

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