PT GARUDA INDONESIA (PERSERO) Tbk.

Transcription

1 PT GARUDA INDONESIA (PERSERO) Tbk. Analyst Meeting & Presentation 9Months 2013 Result Announcement Jakarta, 6 November 2013 Delivering Indonesia s Best to the World 0

2 Shareholders & Performance List of Shareholders as of 30 September 2013 Number of Shares % Domestic Government of Indonesia 15,653,128, Retail 1,073,809, Employee 91,766, Institutional (Trans Airways) 2,466,965, Other Institutional (less than 2%) 2,595,188, Total Domestic 21,880,857, Share Performance Price (30 Sep 13, IDR) : 500 Market cap (IDR. mio) : 11,320,498 Number of share : 22,640,996,000 Free Float (%) : week price range : International Retail 4,191, Institutional (less than 2%) 755,947, Total International 760,138, TOTAL 22,640,996, Garuda Indonesia (GIAA) has been only airline listed in IDX since 11 February Member of : Kompas-100 Indeks Saham Syariah IDN ISSI Bisnis-27 SRI-KEHATI GIAA (RHS) - JCI Index (LHS) 1

3 Agenda Page 1. Review of result 9M M Highlights 3-5 Market & Competition 6 8 9M 2013: Operational Results M 2013: Financial Results Subsidiaries Highlights The Remaining 2013 Outlook 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. 2

4 9M-2013 Highlights Emirsyah Satar, CEO 3

5 9M-2013 Highlights Indicator Passenger Carried Cargo Uplifted Seat Load Factor Passenger Yield Operating Revenue Passenger Revenue Operating Income Income for the Period 9M13 Achievement D% YoY 18.1 million ,894 tons % (1.2)* US$c 9.1 (4.5) USD 2,687.0 million 12.6 USD 2,199.3 million 10.9 USD 22.1 million USD 22.0 million (139) DOMESTIC Continued growth in traffic & capacity Impacted by weakening IDR/USD INTERNATIONAL Improved operational performance CITILINK Improved domestic market share At an early stage of Investment FINANCIAL Fully Repaid: - USD 55 million Citi Club Deal-1 - USD 75 million Indonesia Exim Bank Operating Indicator figures are for Garuda Indonesia and Citilink Financial Indicator figures are for Garuda Indonesia Group * in percentage points 4

6 Milestones 3Q JUL Introducing new Service Concepts IDR Bond: Listed on Indonesia Stock Exchange Moving from Polonia Airport to Kuala Namu Airport in Medan Welcoming the 2 nd Delivery of Boeing ER aircraft AUG New Destinations: Tanjung Pinang & Berau Fully repaid the US$ 75 million loan from Indonesia Exim Bank SEP Garuda Indonesia awarded Best in Region: Asia & Australasia by Airline Passenger Experience Association in New York, USA Welcoming the 7 th Delivery of Airbus aircraft 5

7 6 Market & Competition

8 Competition on routes which GA flies per Aug 2013 Garuda Domestic Passengers in/out Selected Airports Garuda International Passengers in/out Selected Airports Total GA Passengers (in million) Market Share 29% 29% 29% 28% 28% 28% 29% 29% 27% 26% 22% 24% 25% 26% % % 0.6 Total GA Passengers (in million) 20% 21% 22% 23% 23% 24% 24% Market Share 25% 24% 26% 25.5% 24% Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 GA Domestic Market Share 8M13: 28% decr. 0.2 ppts Traffic in million passenger % 10.6% 170.7% 4.5% Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 GA International Market Share 8M13: 24.6% incr. 0.2 ppts Traffic in million passenger % % % 7.7 Jan-Aug 2012 Jan-Aug 2013 Others Citilink GA Dom Source: Airport Authority & GA (traffic in/out CGK, DPS, SUB, UPG airports) Jan-Aug 2012 Jan-Aug 2013 Others GA Int'l 7

9 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 * Airlines with 5-star skytrax rating 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 55 Awards in 9M13: -DOM: 36 awards - INT L: 19 awards PASSENGER CHOICE AWARDS 2013 Best in Region : Asia and Australasia 8

10 9M-2013 Operational Results 9

11 Fleet Expansion and Rejuvenation in 9M-2013 Sep-12 Dec-12 Fin Lease / Sep-13 Ops 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: +27 B NG 7 A CRJ B ER 2 A A OUT: - 2 B B Fleet at 30 September Average Fleet Age (years) Sep'12 Sep' F 10

12 Group Quarterly Performance in the right direction All figures included Garuda Indonesia and Citilink (million) 12 60, ,974 50,301 50, , ,876 38,558 42, , ,334 33,613 35, , Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Frequency - RHS ASK (000) - LHS RPK (000) - LHS Pax Carried - LHS 40,000 30,000 20,000 10,000-11

13 Quarterly Performance Garuda (GA) & Citilink (QG) (million) , , ,000 40,000 35,000 30, ,000-1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Frequency - QG 3,164 3,103 3,214 4,378 5,038 5,042 6,248 7,820 9,187 11,144 8,840 Frequency - GA 25,788 29,231 30,399 30,766 30,779 31,834 32,310 34,195 35,037 37,830 41,461 ASK (000) - GA ASK (000) - QG RPK (000) - GA RPK (000) - QG ,000 D YoY (%)

14 Operating Indicators - Group 9M12 9M13 % YoY Operational Efficiency Passenger & Cargo Aircraft Utilization (Hours) 10:47 10:52 0:04 Frequencies 111, , On Time Performance (%) * ASK ( 000) 26,872,047 31,857, Average Fuel Price (USD/L) (3.6) Fuel Burn / ATK (0.3) Fuel Burn / Blockhours 4,029 3,904 (3.1) Passenger Carried 14,892,743 18,136, RPK ( 000) 20,385,033 23,777, Seat Load Factor (%) (1.2)* Passenger Yield (US ) (4.5) Cargo/Mail Uplifted (Ton) 201, , Financial CASK (US ) (3.2) CASK-excl Fuel (US ) (2.8) Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only * in percentage points 13

15 Operating Indicators 9M13 Mainbrand By Sector 9M12 9M13 % YoY Domestic s Pax Yield in IDR Passenger Carried 10,305,728 11,430, Frequency 76,347 94, ASK ( 000) 10,982,928 12,608, Q 1,086 1,246 15% DOM INT L RPK ( 000) 8,895,757 9,668, Seat Load Factor (%) (4.3)* Passenger Yield (US ) (3.4) CASK (US ) (1.9) CASK-excl Fuel (US ) (2.1) Passenger Carried 2,703,065 2,878, Frequency 18,576 19, ASK ( 000) 13,801,419 15,216, RPK ( 000) 10,010,492 11,126, Seat Load Factor (%) * Passenger Yield (US ) (2.4) CASK (US ) (2.5) CASK-excl Fuel (US ) (2.1) 2Q 1Q 1,043 1, ,134 1,097 2% 3% Note: *) In percentage point Yield in IDR refers to exchange rate on End of Quarter 14

16 9M Financial Results Handrito Hardjono, CFO 15

17 Summary of Consolidated Income Statement in USD mio 9M M-2013 % YoY Operating Revenue Operating Expenses Income EBITDAR Scheduled Airline 2, , Non-Scheduled Airline Others Total 2, , Fuel , Non Fuel 1, , Total 2, , Income / Loss from Operations (75.4) EBT 85.3 (9.6) (111.2) Income / Loss Current Period 56.5 (22.0) (139.0) EBITDAR Margin Nett Margin 19.5 % 19.4 % 2.4 % (0.8 %) 16

18 Summary of Income Statement Parent Company only in USD mio 9M M-2013 % YoY Operating Revenue Operating Expenses Income Scheduled Airline 2, , Non-Scheduled Airline Others Total 2, , Fuel Non Fuel 1, , Total 2, , Income / Loss from Operations (40.7) EBT (70.4) Income / Loss Current Period (73.5) 17

19 Revenue Trend in 9M-2012 vs 9M-2013 Changes in Operating Revenues (USD mio) +$216.9 (+9.1%) +$8.7 (+0.4%) +$29.4 (+1.2%) +$45.3 (+1.9%) 2,687 Passenger Revenue Strong revenue growth, driven by 21.8% growth on passenger carried (additional 3.24 million passengers as compared to 9M-2012 s) Cargo revenue Cargo & Mail Revenue increased by 6.2% to USD million 2,387 Non-Scheduled Revenue from Non-Scheduled grew 48.6% to USD 90 million 9M-2012 Operating Revenue Passenger & Excess Baggage Cargo & Mail Non Scheduled Others 9M-2013 Operating Revenue Others Others Revenue increased by 23% to USD million 18

20 9M-2013 Expenses Changes in Operating Expenses (USD mio) $ % $ % Fuel $ % Ticketing & Sales $ % User Charges & Station $ % Pax Service $18.1 $ % +0.4% G & A Maintenance -$ % Others Expense Item PoT* Fuel 38.3% Flight Ops 21.8% Ticketing & Sales 9.1% Maintenance 8.2% Pax Service 8.2% Flight Ops User Charges & Station 7.4% 9M-2012 Operating Expenses 9M-2013 Operating Expenses G & A 6.1% Others 0.9% *) PoT=Percentage of Total 19

21 Summary of Consolidated Balance Sheet in USD mio 31 Dec Sep 2013 % Asset Liabilities Equities Current Assets Non-Current Assets 1, , Total Assets 2, , Current Liabilities Non-Current Liabilities Total Liabilities 1, , Total Equities 1, ,078.8 (3.2) Total Liabilities & Equities 2, , Lease Adjusted Net Debt/EBITDAR Debt/Equity 4.4 x 0.6 x 5.3 x 0.8 x 20

22 Sustainable Low Net Gearing Cash Position & Net Gearing Total Debt Breakdown USD Mio % Dec Dec Dec Sep-13 Cash Position % 22% Long term loan Lease Liabilities Short term loan Advance for A/C Purchase & Maintenance Reserve Fund Net Gearing Total Debt on 30 September 2013: USD 938 mio Our Cash Position increased as per September 2013 due to an increase in Cash provided from Financing Long Term loan include Debt securities in issue ($170.9 million) 21

23 Summary of Consolidated Cash Flow in USD mio 30 Sep Sep 2013 % YoY Beginning Cash/Cash Equivalents (21.9) Operating Activities (42.1) Investing Activities (403.6) (401.9) (0.4) Financing Activities (15.4) ,433.0 Net Increase (Decrease) in Cash/Cash Equivalents (203.6) Effect of Foreign Exchange Rate Changes (4.5) (35.7) Ending Cash/Cash Equivalents Operating Activities Increase on interest & financial charges paid and income taxes paid Investing Activities Payment for PDP & Maintenance Reserve Fund: USD million Payment for Security Deposit: USD 38.9 million Refund of PDP and Maintenance Reserve Fund: USD million Financing Activities Proceed of LT-Loan, Lease liabilities, & Bank Loan: $ million Proceed of Bond: $ million Payment of long-term Loan, Lease liabilities, & Bank Loan: $ million 22

24 23 Subsidiaries

25 Summary of Subsidiaries Performance PT Aerowisata (in USD 000) PT GMF-AA (in USD 000) 9M13 % YoY 9M13 % YoY Operating Revenue 229, Operating Income 5, Net Income 3,774 (12.4) EBITDA 12, Operating Revenue 165, Operating Income 12, Net Income 9, EBITDA 15, PT Abacus DS Indonesia (in USD 000) PT Aero System (in USD 000) PT Citilink Indonesia (in USD 000) 9M13 % YoY 9M13 % YoY 9M13 Operating Revenue 2, Operating Income Net Income EBITDA Operating Revenue 16, Operating Income 1, Net Income 145 2,516.8 EBITDA 2, Operating Revenue 198,298 Operating Income (46,438) Net Income (44,688) EBITDA (35,620) 24

26 Outlook for the Remaining 2013 Emirsyah Satar, CEO 25

27 9M-2013 Stay on Track Estimates 2013E Key Drivers 9M # of Fleet* 131 Passenger Carried Growth 15% 20% 21.8% 15% - 20% ASK Growth 18.6% $ mio Net PDP $ mio $ mio CAPEX ** $ mio Note: * Revised (Delivery ATR in 2013: 2 aircrafts iso 5; operated by GA) ** GA only, excluding subsidiaries 26

28 Garuda Faces Challenges while Growing Big room to grow ( ) GIAA is growing (9M13 vs 9M12) Challenges Solid economic growth +6%/year Strong air traffic growth 15%/year 24 new airports 4 major airport expansions Jakarta Surabaya Bali Makassar Passengers carried 21.8% Cargo uplifted 26.3% ASK 18.6% RPK 16.6% Revenues 12.6% EBITDAR 11.5% Operating income US$ 22.1 million Exchange rates Group new routes Citilink at an early investment stage Source: IMF, Ministry of Transport,

29 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 28