Corporate Presentation PT Garuda Indonesia (Persero) Tbk

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1 Corporate Presentation PT Garuda Indonesia (Persero) Tbk RHB-OSK Hong Kong & ASEAN Corporate Day Hong Kong, 12 September 2013 Delivering Indonesia s Best to the World 0

2 Agenda 1. Industry Overview 2. Company Overview 3. Recent Developments 4. 1H-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 1.5 billion 2.4 billion 0.4 billion 1.1 billion 0.2 billion 1.4 billion 2.7 billion 0.4 billion 1.4 billion 4.9 billion Source: Airport Development, IATA 3

5 Italy France European Union Germany United Kingdom Canada United States Japan South Africa Brazil Russian Federation Argentina Korea Mexico Australia Turkey Saudi Arabia India Indonesia China 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 Source: The World Bank 2011 data, accessed in Nov 2012 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) Indonesia: 2 nd Fastest GDP Growth among G20 countries in Source: IMF-World Economic Outlook, July

6 Outlook of the Indonesia s economy until 2030 is promising current th-largest Economy in the world 7th-largest 45 million Members of the consuming class 135 million 53% of the population in cities producing 74% of GDP 71% 86% 55 million US$ 0.5 trillion Skilled workers in the Indonesian economy Market opportunity in consumer services, agriculture & fisheries, resources, & education 113 million US$ 1.8 trillion 5

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 % +1.0% -4.7% Monthly traffic statistic Most populated cities in the region Kuala Lumpur 1.6 million Petaling 1.5 million Manila 1.7 million Medan 2.0 million Singapore 4.6 million Sources: Bloomberg Indonesia: GDP per capita Jakarta & surrounding area 12.0 million Surabaya 2.6 million Ujung Pandang 1.2 million Source: IMF, World Economic Outlook (WEO), Apr 2013; WorldBank 6

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, Ministry Transportation, 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 94.9 * (39%) 81 (355%) 22.8 Australia Indonesia Sources: IATA, CAPA Jun 2013 * DepHUb, IATA, PATA 8

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 GA quality has been perceived better from year to year 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 Airline Rank Rank Rank 1 Emirates Qatar Airways* Singapore Airlines* ANA All Nippon Airways * Asiana Airlines* Cathay Pacific Airways* Etihad Airways Garuda Indonesia Turkish Airlines Qantas Airways Lufthansa EVA Air Virgin Australia Malaysia Airlines* Thai Airways International Swiss Int l Air Lines Korean Air Air New Zealand Hainan Airlines* Air Canada World s Best Economy Class 2013 Best Economy Class Airline Seat 2013 World Best Economy Class Airline Rank Rank 1 Garuda Indonesia 4 2 Asiana Airlines* 3 3 Singapore Airlines* 1 4 Qatar Airways* 2 5 ANA All Nippon Airways * 5 6 Cathay Pacific Airways* 9 7 Turkish Airlines 7 8 Emirates n/a 9 Oman Air n/a 10 Qantas Airways n/a 34 Awards in 1H13: - DOM: 23 awards - INT L: 11 awards * 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 7. All Nippon Airways "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 per Jun 2013 Garuda Domestic Passengers in/out Selected Airports Garuda International Passengers in/out Selected Airports 22% 24% Total GA Passengers (in million) Market Share 29% 29% 29% 28% 28% 28% 29% 28.6% 27% 26% 25% 26% % % 0.6 Total GA Passengers (in million) 20% 21% 22% 23% 23% 24% 24% Market Share 25% 24% 26% 25.5% 24% Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q13 GA Domestic Market Share 1H13: 28.0% incr. 0.3 ppts Traffic in million passenger % 11.1% % % Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q13 GA International Market Share 1H13: 25.7% incr. 1.6 ppts Traffic in million passenger % % % 5.34 Jan-Jun 2012 Jan-Jun 2013 Others Citilink GA Dom Source: Airport Authority & GA (traffic in/out CGK, DPS, SUB, UPG airports) Jan-Jun 2012 Jan-Jun 2013 Others GA Int'l 19

21 Strong Growth and Profitable Operations Compared to Peers 14% 12% 10% 8% 6% 4% Highest Operating Revenue Growth YoY nd Highest Operating Profit Growth (1) YoY % % 12.1% 1220% 120% 7.4% 70% 2% 0% -2% -4% 6% 5% 4% 3% 2% 1% 5% 2.5% Highest Operating Margin 2% 2% 1.3% -3.6% 20% -30% -80% % 82% Highest ROE % -65% -74% % -1% -2% -3% -3% -3.7% -4% Source: Bloomberg per Jun 18, 2013 (1) Notes: Thai Airways Operating Profit from negative $ 18 mio to $ 229 mio

22 Milestones 1H 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 FEB Garuda Indonesia and General Electric (NYSE:GE) launched the CFM56-7B engine shop capability for the Garuda Maintenance Facility (GMF AeroAsia) MAR APR MAY JUN 2012 Domestic Airlines of The Year from Ray Morgan Research, Australia ASEAN Premium Airline of The Year from Frost & Sullilvan, USA New Boards Members were appointed by the AGM Signing Agreement ALAFCO & Garuda Indonesia for Financing of 2 aircraft B ER with Sharia principles New Destinations: Tanjung Pandan (Belitung) & Bengkulu Introduced Immigration On Board on the Shanghai Jakarta service Garuda Indonesia named The World s Best Economy Class by Skytrax at Paris Airshow Fully repaid the US$ 55 million syndicated commercial loan from Citi Club Deal Welcome the 1 st Delivery of Boeing ER aircraft 21

23 Recent Developments Network Operation Funding Garuda s New Destinations: Cengkareng Bengkulu Cengkareng Tanjung Pandan Medan Penang Cengkareng Tanjung Pinang Balikpapan Berau Introduced New Service Concepts 2 July 2013 Fly Liverpool FC for the LFC Tour July 2013 Moved from Polonia Airport to Kuala Namu International Airport - Medan 15 May May June Aug Aug Extra Flights during Eid-ul Fitr 5-16 Aug July 2013 Welcome the 2 nd delivery of B ER 31 July 2013 IDR Bond: Listing in Indonesia Stock Exchange 8 July

24 H-2013 Performance

25 1H-2013 Highlights Indicator Passenger Carried Cargo Uplifted Seat Load Factor Passenger Yield Operating Revenue Passenger Revenue Operating Income Income for the Period 1H13 Achievement D% YoY 11.9 million ,262 tons % 0.5 * US$c 9.1 (3.5) USD 1,725.4 million 14.1 USD 1,448.2 million 13.7 USD 14.3 million (0.6) -USD 10.7 million Operating Indicator figures are for Garuda Indonesia and Citilink Financial Indicator figures are for Garuda Indonesia Group * in percentage points n/a DOMESTIC Continued growth in traffic & capacity Impacted by weakening IDR/USD INTERNATIONAL Improved operational performance Welcoming First B ER CITILINK Improved operational performance Improved domestic market share At an early stage of Investment FINANCIAL Fully Repaid USD 55 million Citi Club Deal-1 24

26 Fleet Expansion and Rejuvenation in 1H-2013 Jun-12 Dec-12 Jun-13 Ops Lease Fin Lease Owned Narrow Body B B B B NG CRJ Total Narrow Body Wide Body B B ER A A Total Wide Body Citilink B B A Total Citilink TOTAL FLEET # of Aircraft Fleet at 31 Dec IN: Delivery of: +20 B NG 4 A CRJ B ER 1 A OUT: - 0 Fleet at 30 June Average Fleet Age (years) Jun'12 Jun' F 25

27 Operating Indicators - Group 1H12 1H13 % YoY Operational Efficiency Passenger & Cargo Aircraft Utilization (Hours) 10:47 11:00 0:13 Frequencies 72,693 93, On Time Performance (%) * ASK ( 000) 17,775,764 20,881, Average Fuel Price (USD/L) (4.3) Fuel Burn / ATK (0.2) Fuel Burn / Blockhours 4,053 3,481 (14.1) Passenger Carried 9,617,568 11,869, RPK ( 000) 13,291,314 15,721, Seat Load Factor (%) * Passenger Yield (US ) (3.5) Cargo/Mail Uplifted (Ton) 132, , Financial CASK (US ) (4.4) CASK-excl Fuel (US ) (4.2) Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only * in percentage points 26

28 Operating Indicators 1H13 Mainbrand By Sector DOM INT L 1H12 1H13 % YoY Passenger Carried 6,668,603 7,363, Frequency 50,317 60, ASK ( 000) 7,226,846 8,126, RPK ( 000) 5,768,996 6,238, Seat Load Factor (%) (3.1) Passenger Yield (US ) (2.4) CASK (US ) (2.6) CASK-excl Fuel (US ) (2.2) Passenger Carried 1,764,525 1,914, Frequency 12,296 12, ASK ( 000) 9,259,057 9,991, RPK ( 000) 6,589,402 7,473, Seat Load Factor (%) Passenger Yield (US ) (0.4) CASK (US ) (4.1) CASK-excl Fuel (US ) (3.9) Domestic s SLF & Yield % USc Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Seat Load Factor (%) Passenger Yield (US ) Note: * In percentage point 27

29 Summary of Consolidated Income Statement in USD mio 1H H-2013 % YoY Operating Revenue Operating Expenses Income EBITDAR Scheduled Airline 1, , Non-Scheduled Airline Others Total 1, , Fuel Non Fuel , Total 1, , Income / Loss from Operations (0.6) EBT 12.8 (2.6) n/a Income / Loss Current Period 2.0 (10.7) n/a EBITDAR Margin Nett Margin % % 0.12 % (0.62%) 28

30 Summary of Income Statement Parent Company only in USD mio 1H H-2013 % YoY Operating Revenue Operating Expenses Income Scheduled Airline 1, , Non-Scheduled Airline Others (14.8) Total 1, , Fuel Non Fuel (2.0) Total 1, , Income / Loss from Operations EBT Income / Loss Current Period (4.9)

31 Summary of Consolidated Balance Sheet in USD mio 31 Dec Jun 2013 % Asset Liabilities Equities Current Assets Non-Current Assets 1, , Total Assets 2, , Current Liabilities Non-Current Liabilities Total Liabilities 1, , Total Equities 1, ,104.3 (1.0) Total Liabilities & Equities 2, , Lease Adjusted Net Debt/EBITDAR Debt/Equity 4.4 x 0.6 x 4.7 x 0.7 x 30

32 Summary of Consolidated Cash Flow in USD mio 30 Jun Jun 2013 % YoY Beginning Cash/Cash Equivalents (21.9) Operating Activities (9.0) Investing Activities (242.2) (314.2) 29.7 Financing Activities (36.9) Net Increase (Decrease) in Cash/Cash Equivalents (156.4) (36.0) 77.0 Effect of Foreign Exchange Rate Changes (9.7) (5.9) 39.5 Ending Cash/Cash Equivalents Operating Activities Increased on interest & financial charges paid and income taxes paid Investing Activities USD million was the payment for PDP & Maintenance Reserve Fund USD 27.4 million was the payment for Security Deposit USD million was the refund of PDP and Maintenance Reserve Fund Financing Activities New Loan: $ million Payment of long-term Loan & Bank Loan: $ million 31

33 1H-2013 Stay on Track Estimates 2013E Key Drivers 1H # of Fleet 126 Passenger 15% 20% 23.4% Carried Growth 15% - 20% ASK Growth 17.5% $ mio Net PDP $ mio $ mio CAPEX * $ 73.2 mio Note: * GA only, excluding subsidiaries 32

34 33 Notes

35 34 Notes

36 PT Garuda Indonesia (Persero) Tbk. Investor Relations Department 2nd Floor Management Building Garuda City Soekarno Hatta International Airport Phone : investor@garuda-indonesia.com THANK YOU 35

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