20110824 macquaries asean conference singapore

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20110824 macquaries asean conference singapore

  1. 1. GARUDA INDONESIA 2Q-2011 QUARTERLY REPORT MACQUARIE ASEAN CONFERENCE Singapore 24-25 August 20110 0
  2. 2. Agenda Section 1  Highlights of 2Q-2011 Section 2  Business Results in 2Q-2011 Section 3  Quantum Leap Performance in 2Q-2011 Section 4  Latest Update Section 5  Outlook for 20111
  3. 3. 1. Highlights of 2Q-20112
  4. 4. Highlights of 2Q-2011 Passenger (000) ASK (000) AAPA (Jan-Jun 2010/11) : 44,004 3.1% 45,386 6.8% 230,966 •AAPA International Traffic 216,892 2Q 2Q grew by 3.1% 1Q 1Q 44,786 46,164 215,721 231,019 •ASK grew by 6.8% while RPK grew by 3.7%, resulting in Jan-Jun 2010 Jan-Jun 2011 Jan-Jun 2010 Jan-Jun 2011 2.3point decrease in average RPK (000) FTK (mn) SLF to 75.8% 166,287 173,607 16,488 •Air cargo demand was 15,323 3.7% 3.2% relatively soft, declining by 2Q 2Q 3.2% compared to last year. 176,769 1Q 1Q 171,612 14,767 14,928 Jan-Jun 2010 Jan-Jun 2011 Jan-Jun 2010 Jan-Jun 2011 Source: Association of Asia Pacific Airlines, Press Release Jan-Jun 20113
  5. 5. Highlights of 2Q-2011 In some airport, international market has been growing quite significantly Traffic Passengers Jan-May 2010 Jan-May 2011 ∆% Cengkareng: DOM 12,563,448 14,264,960 13.5 INTL 3,585,981 4,266,673 19.0 TOTAL 16,149,429 18,531,633 14.8 Kuala Lumpur 9,240,942 10,641,206 15.2 Bangkok 13,703,126 15,719,969 14.7 Singapore 16,614,377 18,390,938 10.7 Dubai 18,870,253 20,480,000 8.5 Hong Kong 20,229,000 21,398,000 5.4 Seoul 13,197,051 13,588,993 3.0 Tokyo (Narita) 13,267,847 10,105,994 -23.8 Note: All numbers, except for CGK, are quoted from The Straits Times of Singapore of July 18 th 2011 edition and represent international passengers CGK data is sourced from PAP II4
  6. 6. Highlights of 2Q-2011 Indonesia Macro Economy •Continued Strong Macro Development in Indonesia: Traffic has been growing •MP3EI – 6 Indonesian Economic Corridor •IDR was stronger against USD 6,5 2010 2011* 2012** 6,3 6,1 6,0 5,7 5,5 •GDP (%,YoY) 6,1 6,5 6,5-6,9 4,5 •Consumption: 4,0 5,0 5,4-5,8 •Public 4,6 4,9 4,8-5,2 •Government 0,3 5,1 6,0-6,4 GDP growth •Investment 8,5 9,5 10,0-10,4 2005-2011 (%) •Export 14,9 14,1 14,9-15,3 2005 2006 2007 2008 2009 2010 2011 •Import 17,3 17,3 18,0-18,4 *) Estimate Source: Bisnis Indonesia 26 July 2011 & 15 Aug 2011 **) Forecast by MoF5
  7. 7. Highlights of 2Q-2011 Indonesia Air Traffic (Jan-Jun 2010/11) •Domestic traffic grew by 16% •International traffic grew by 14% Domestic Traffic International Traffic 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% 1Q-2010 2Q-2010 3Q-2010 4Q-2010 1Q-2011 2Q-2011 -10% 1Q-2010 2Q-2010 3Q-2010 4Q-2010 1Q-2011 2Q-2011 -10% -20% -20% -30% DOM QoQ GA QoQ DOM YoY GA YoY INTL QoQ GA QoQ INTL YoY GA YoY Sources: Angkasa Pura 1/II6
  8. 8. Highlights of 2Q-2011 Indonesia Air Traffic Market & Market Share (Jan-Jun 2010/11) 32% 12,000,000 20.0 29% 16% 26% 25% 26% 25% 26% 26% 22% 24% 28% 10,000,000 17.2 24% 24% 8,000,000 20% 6,000,000 9% 14.5 13.3 16% 4,000,000 12% 2,000,000 3.9 42% 5.5 8% - 1Q-09 2Q-09 3Q-09 4Q-09 1Q-10 2Q-10 3Q-10 4Q-10 1Q-11 2Q-11 1H-2010 1H-2011 DOM total GA total GA share GA Other Domestic 28% 4,000,000 6.5 24% 14% 24% 21% 3,500,000 24% 23% 20% 22% 22% 5.6 24% 22% 18% 3,000,000 20% 2,500,000 9% 5.5 2,000,000 4.5 16% 1,500,000 1,000,000 12% 500,000 1.1 37% 1.5 8% - 1Q-09 2Q-09 3Q-09 4Q-09 1Q-10 2Q-10 3Q-10 4Q-10 1Q-11 2Q-11 1H-2010 1H-2011 GA Other International INTL total GA total GA share7
  9. 9. Highlights of 2Q-2011 GA Summary Result : • Growth on track: capacity has been going up by 6% & demand up by 9% (Q by Q) • Passenger carried grew up to 42% for the 1H (YoY) • Seat load factor has been going up while passenger yield keeps improving • OTP was strong at 89,2%, while aircraft utilisation has been improving • Positive operating cashflow of IDR 504.6 bn, strong cash balance of IDR 4,217 bn and strong EBITDAR of IDR 878.1 bn 9.000.000 ASK 80 9,6 8.000.000 RPK 9,4 7.000.000 75 9,2 6.000.000 9,0 5.000.000 70 8,8 8,6 4.000.000 65 8,4 3.000.000 8,2 2.000.000 60 8,0 1.000.000 7,8 - 55 7,6 1Q-10 2Q-10 3Q-10 4Q-10 1Q-11 2Q-11 1Q-10 2Q-10 3Q-10 4Q-10 1Q-11 2Q-11 2010 2011 pax Yield SLF8
  10. 10. 2. Business Results in 2Q-20119
  11. 11. Financial & Operating Indicators 2Q-2010 1Q-2011 2Q-2011 ∆ % YoY ∆ % QoQ Operational: Aircraft Utilization (Hours) 9:41 10:04 11:00 1:19 0:56 Frequencies 26,333 28,952 32,424 23.1 12.0 On Time Performance 78.2% 88.8% 89.2% 14.1 0.5 ASK (’000) 6,579,802 7,352,122 8,257,486 25.5 12.3 Average Fuel Price (US¢/L) 66.04 83.20 95.19 44.1 14.4 Passenger & Cargo: Passenger Carried 3,024,725 3,676,596 4,190,594 38.5 14.0 RPK (‘000) 4,502,732 5,270,523 6,198,606 37.7 17.6 Seat Load Factor 68.4% 71.7% 75.1% 9.8 4.7 Passenger Yield (US¢) 8.25 8.60 9.40 13.9 9.3 Cargo/Mail Uplifted (Tonnage) 50,768 56,127 56,705 11.7 1.0% Cargo Load Factor 38 34.1 30,0 -21.1 -13.2 Cargo Yield (US¢) 29.78 34.16 37.4 25.6 9.5 Financial: CASK (US¢) 6.60 7.64 8,13 21.2 4.7 CASK (excl fuel) (US¢) 4.24 4.66 4.68 10.4 0.410 Notes: All figures are for GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only,
  12. 12. Financial & Operating Indicators 1H-2010 1H-2011 ∆ % YoY Operational: Aircraft Utilization (Hours) 9:14 10:33 1:19 Frequencies 49,460 61,286 23.9 On Time Performance 83 89 7.23 ASK (’000) 11,828,581 15,607,212 31.9 Average Fuel Price (US¢/L) 64.24 89.61 39.5 Passenger & Cargo: Passenger Carried 5,527,488 7,858,142 42.2 RPK (‘000) 8,023,859 11,469,129 42.9 Seat Load Factor 67.8 73.5 8.4 Passenger Yield (US¢) 8.32 9.03 8.5 Cargo/Mail Uplifted (Tonnage) 96,561 112,832 16.9 Cargo Load Factor 39 32 -17.7 Cargo Yield (US¢) 30.85 35.78 16.0 Financial: Notes: All figures include GA & CASK (US¢) 6.76 7.95 17.6 Citilink, except aircraft Utilization and OTP are for GA Main Brand CASK (excl fuel) (US¢) 4.39 4.58 4.3 only,11
  13. 13. Financial Summary – Group Company 2Q-2010 1Q-2011 2Q-2011 ∆% ∆% (IDR Billion) YoY QoQ EBITDAR 665.8 721.8 878.1 31.9 21.7 Total Revenue 4,289.2 5,189.3 6,025.7 40.5 16.1 Total Expenses 4,391.4 5,448.0 6,107.7 39.1 12.1 Fuel 1,464.6 1,959.0 2,435.7 66.3 24.3 Rental & Charter Flight Equip Exp 413.0 629.6 677.8 64.1 7.7 Ticketing, Sales, Promotion 450.4 547.2 521.5 15.8 -4.7 Others 2,063.4 2,312.2 2,472.7 19.8 6.9 Ops Income (102.2) (258.7) (82.1) 19.7 68.3 Comprehensive Income 42.6 (183.6) (1.4) -103.3 -99.2 Total Assets 13,977.7 16,399.9 17,444.8 24.8 6.4 Total Liabilities 10,700.6 9,927.0 10,870.9 1.6 9.5 Equity 3,277.1 6.472.9 6,573.8 100.6 1,6 Note: Exchange rate as of June 30, 2011 was at 8,537 IDR / USD.12
  14. 14. Financial Summary – Group Company (IDR Billion) 1H-2010 1H-2011 ∆ % YoY EBITDAR 1,062.20 1,599.9 50.6 Total Revenue 7,756.7 11,215.0 44.6 Total Expenses 8,220.2 11,555.8 40.6 Fuel 2,593.0 4,394.7 69.5 Rental & Charter Flight Equip Exp 812.0 1,307.4 61.0 Ticketing, Sales, Promotion 804.4 1,068.7 32.9 Others 4,010.8 4,785.0 19.3 Ops Income (463.5) (340.8) 26.5 Comprehensive Income 60.6 (185.0) NA Total Assets 13,977.7 17,444.8 24.8 Total Liabilities 10,700.6 10,870.9 1.6 Equity 3,277.1 6,573.8 100.6 Note: Exchange rate as of June 30, 2011 was at 8,537 IDR / USD.13
  15. 15. Financials Summary – Group Company (IDR Billion) 1Q-2011 2Q-2011 1H-2011 ∆% QoQ Cash/Cash Equivalents at Beginning of The Year 1,177 3,969 1,177 - •Operating Activities 107 398 505 272.0 •Investing Activities (301) (552) (853) 83.4 •Financing Activities 2,895 397 3,292 -86.3 •Net Increase (Decrease) in Cash/Cash Equivalents 2,700 243 2,944 - Effect of Foreign Exchange Rate Changes 91 5 96 - Cash/Cash Equivalents at End of The Year 3,969 4,217 4,217 65.314 Note: Exchange rate as of June 30, 2011 was at 8,537 IDR / USD.
  16. 16. Summary of Subsidiaries Performance PT Aero Wisata Financial as of 30 June 2011 PT Aero System Financial as of 30 June 2011 1H-2010 1H-2011 ∆% 1H-2010 1H-2011 ∆% Revenue 724,837 888,139 22.5 Revenue 47,229 55,119 16.7 Operating Income 26,752 41,128 53.7 Operating Income 2.496,0 1.365,4 -45.3 Net Income 31,404 35,236 12.2 Net Income 4.082,4 (6.318,6) -254,8 EBITDA 51,161 76,150 48.8 EBITDA 8.706,2 5.531,9 -36,5 Assets 1,586,974 1,677,919 5.7 Assets 192.598,4 189.446,0 -1.6 Liabilities 603,890 605,771 0.3 Liabilities 91.260,6 93.754,4 2.7 Equity 983,084 1,072,148 9.1 Equity 101.337,8 95.711,5 -5,6 PT GMF-AA Financial as of 30 June 2011 PT Abacus Indonesia Financial as of 30 June 2011 1H-2010 1H-2011 ∆% 1HQ-2010 1H-2011 ∆% Revenue 634,669 735,112 15.8 Revenue 12,833 14,072 9.7 Operating Income (10.170,3) 56.850,6 NA Operating Income (292) 18,6 106,4 Net Income (1.095,8) 21.245,7 NA Net Income (209,3) 433,8 307,3 EBITDA (5.029,4) 65.352,7 NA EBITDA 1.312,8 1.415,4 7,8 Assets 1.288,332 1.4127,058 9.9 Assets 53.376,7 49.139,5 -7,9 Liabilities 832,737 919,039 9.0 Liabilities 8.524,6 6.969,3 -2.8 Equity 455.594,2 508.019,9 11.5 Equity 44.852,1 42.170,1 -10.015 Notes: All figures are in IDR million
  17. 17. 3. Quantum Leap Performance in 2Q-201116
  18. 18. 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 2 Domestic International Grow and dominate Enormous upside full-service potential 7 3 Human Capital LCC Right quality and Citilink to address the right quantity LCC Opportunity 6 4 Cost Discipline Fleet Efficient in cost 5 structure compared to Expand, simplify and Brand peers rejuvenate Fleet Stronger brand, better product and services17
  19. 19. 1 Domestic Routes Domestic as of 30 June 2011 Domestic Indicators as of 30 June 2010/2011Banda Aceh ∆% ∆% 2Q-2010 1Q-2011 2Q-2011 YoY QoQ Medan Manado Flight Pekanbaru 19,224 23,353 24,049 25 3 Batam Pontianak Ternate frequency Padang Gorontalo Biak Palu Jambi Palangkaraya Balikpapan Pgk.Pinang Palembang Jayapura ASK (‘000) 2,459,546 2,995,995 3,347,457 36 12 Banjarmasin Ambon Kendari Timika Tjg.Kara Ujung Pandang Passenger ng Jakarta 2,089,859 2,598,224 3,014,777 44 16 Semarang Surabaya Solo Carried Denpasar Mataram Yogyakarta Malang Kupang RPK (‘000) 1,766,743 2,203,034 2,609,359 48 18 • During 2Q-2011: Seat Load 71.8% 73.5% 78.0% 9 6 • New routes : Factor • BPN - JOG Passenger • BPN – SUB 10.83 10.44 11.87 10 14 Yield (US¢) • SUB – AMQ • UPG – BPN Cargo Load 41.1% 41.5% 36.0% -13 -13 Factor • UPG - TTE • Additional frequency : Cargo 46,14 54.25 52.41 14 -3 • UPG - SUB Yield (US¢) • Growing corporate travel and expanding Indonesian middle CASK (US¢) 8.10 8.75 9.28 15 6 class will drive premium traffic growth in the future CASK excl 5.39 5.61 5.66 5 1 fuel (US¢) 18
  20. 20. 2 International Routes International Indicators as of 30 June 2010/2011 International as of 30 June 2011 2Q-2010 1Q-2011 2Q-2011 ∆% ∆% Amsterdam YoY QoQ Flight Beijing Nagoya Seoul Shanghai Tokyo 4,518 4,737 5,182 15 9 Guangzhou Osaka frequency Dubai Jeddah Hong Kong Bangkok ASK (‘000) 3,770,614 3,925,747 4,517,404 20 15 Kuala Lumpur singapore Passenger 656,262 706,886 807,527 23 14 Makassar Jakarta Denpasar Carried RPK (‘000) 2,490,914 2,750,339 3,290,423 32 20 Perth Sydney Melbourne Seat Load • During 2Q-2011: 66.1% 70.1% 72.8% 10 4 Factor • New routes : • UPG-SIN Passenger 6.85 7.54 7.75 13 3 • Additional frequency : Yield (US¢) • JKT-HKG Cargo Load 37.6% 32.0% 27.6% -26 -14 • JKT-BKK Factor • JKT-KUL Cargo Yield • 23.65 25.86 30.79 30 19 Growing brand awareness and recognition from passengers for (US¢) better service quality, and readiness to join Skyteam, will CASK (US¢) 5.76 6.77 7.22 25 7 expand GA international route network CASK excl 3.50 3.94 3.95 13 0 fuel (US¢)19
  21. 21. 3 Citilink Citilink Indicators as of 30 June 2010/2011 Citilink Domestic Destinations 2Q-2010 1Q-2011 2Q-2011 ∆% ∆% YoY QoQ Medan # of 5 8 6 20 -25 Batam aircraft Flight 2,591 3,169 3,193 23 1 Balikpapan frequency Banjarmasin ASK (‘000) 349,641 430,533 392,607 12 -9 Makassar Jakarta Passenger 278,604 371,943 368,290 32 -1 Surabaya Denpasar Carried RPK (‘000) 245,074 317,237 300,552 23 -5 Seat Load 70.1 73.7 76.6 9 4 Factor  Signing contract purchase of 25+25 A320. Passenger 3.91 4.90 6.06 55 24  Spinn-off in 2012 Yield (US¢)  Appoint Mr Con Korfiatis (former CEO Jetstar) CASK (US¢) 5.07 6.45 6.15 21 -5  Citilink strategy to focus on improved seat density, aircraft CASK excl 2.62 3.30 2.66 2 -19 utilization, frequencies/load factors and lower distribution costs fuel (US¢)20
  22. 22. 4 Fleet Development 1H-10 1Q-11 1H-11 Ops Fin Owned # of Aircraft Lease Lease Narrow Body 58 63 65 53 12 Fleet at 30 June 2010 76 IN: Delivery of: +21 • B737-300 7 7 6 3 - 3  B737-800 19 • B737-400 19 8 8 4 - 4  A330-200 2 • B737-500 5 5 5 - - 5 OUT: Redelivery of: -11 • B737-800 NG 27 43 46 46 - -  B737-400 11 Wide Body 13 14 15 7 6 2 Fleet at 30 June 2011 86 • B747-400 3 3 3 1 - 2 Planned 2011: # of Aircraft • A330-200 4 5 6 6 - - Fleet at 30 June 2011 86 • A330-300 6 6 6 - 6 - IN: Delivery of: +8 Citilink 5 8 6 3 - 3  B737-800 3 • B737-300 4 4 5 2 - 3  A320-200 4 • B737-400 1 4 1 1 - -  A330-200 1 •A320-200 - - - - - - OUT: Re-delivery of -3 TOTAL FLEET 76 85 86 63 6 17  B737-400 3 Average Fleet at 31 December 2011 91 9,96 7,92 7.83 Age (yrs)21
  23. 23. 5 Brand : Garuda Indonesia experience Average Fleet Age as of 30 June 2011 Decreasing Average Age Cathay Pacific 11.8 years 12.0 Malaysia Airlines (Average age) 11,1 11.0 years 10,4 Garuda Indonesia 8,2 7.83 years 7,83 Singapore Airlines 6 years 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Airfleets.net and Company. Technologically Enhanced Customer Service Indonesian Hospitality 28 Customer Touch Points  Sight: Newly designed cabin interior combines the  Garuda has implemented the natural colors and Indonesia traditional motifs 28 Customer Touch  Sound: In-flight entertainment includes Indonesian and Points, allowing passengers to international tunes access Garuda’s plethora of  Taste: Unique Indonesian cuisine served as part of in services online in-flight meals and refreshments  Touch point services start  Scent: Indonesian aromatherapy introduced at Garuda before a journey offices and airport lounges begins, during the flight and  Touch: Superior service that is both caring and even after arrival friendly, typical of Indonesian hospitality22
  24. 24. 6 Cost Discipline CASK (US¢) 1H-2011 OPEX – Top 10 Jet Fuel 1H-2010 PoT 1H-2011 PoT Δ% 51.3 66.0 66,0 83,2 95.2 (Usc/liter) Fuel 2,593.01 32% 4,394.70 38% 69.5 Fuel Burn 0.42 Rental & Charter 0.45 0.43 0.45 0.42 811.97 10% 1,307.43 11% 61.0 (liter/ATK) Flight Ticketing, 8,1 804.42 10% 1,068.71 9% 32.9 7,0 7,6 Sales,Promo 6,2 6,7 General & Admin 641.81 8% 921.01 8% 43.5 User Charges & 655.11 8% 856.98 7% 30.8 Station Expenses Passenger Services 665.6 8% 816.91 7% 22.7 2009 2010 2Q-10 1Q-11 2Q-11 Maintenance / 649.59 8% 685.32 6% 5.5 Overhaul Flight Operation 432.69 5% 619.44 5% 43.2 CASK Excl-fuel (US¢) Depreciation / 713.73 9% 607.86 5% -14.8 Amortization Others 252.32 3% 277.43 2% 10.0 4.7 4,7 Total Opex 8,220.21 100% 11,555.79 100% 40.6 4,5 PoT = Percent of Total 4,3 4,2  Fuel cost contribution is 38% from total cost; an increase from previous year of 32% (from total cost).  Fuel burn/RTK has decreased 7% compared to previous 2009 2010 2Q-10 1Q-11 2Q-11 year ; but at the same time fuel price increased 44.2%.23
  25. 25. 7 Human Capital 1H-2010 1H-2011 ∆ % YoY Number of Employees 5,142 5,963 16 Ground Staff 2,860 3,007 5.2 Cockpit Crew 585 888 (911) 36.4 (51.8) Cabin Crew 1,698 2,068 21.8 ASK/Employee (‘000) 2,185 2,479 13.5 RPK/Employee (‘000) 1,485 1,820 22.3 Cockpit Crew/Aircraft 8 9 2.0 Cabin Crew/Aircraft 25 26 4.4 Personnel Expenses (bio) 1,123.3 1,638.0 45.8 % Personnel expenses 13.7% 14.2% 3.724
  26. 26. 4. Latest Update25
  27. 27. Latest Update Domestic & International Markets •08 July 2011: Signing corporate sales with IWAPI (Indonesian Busines Women Association) •01 Aug 2011: Signing Corporate Sales with Bank Indonesia •15 Aug 2011 : Signing Corporate Sales with Senayan City Group •22 Aug 2011: Signing Corporate Sales with PERADI (Indonesian Advocat Association) •23 Aug-6Sept 2011: 99 extra flight during Hari Raya, additional 24,930 seat to be 891,697 seat Citilink •03 Aug 2011: Brand Refresh and Launching New livery of Citilink •24 Aug 2011: Delivery of 1st A320-200 Fleet & Brand •19 July 2011: Indonesia Best Brand Awards 2011-MARSH •29 July 2011: Signing Club Deal Loan with 7 Consortium (Citibank, UBS, BCA, ICBC, BII, BoC & Permata) •04 Aug 2011 : Indonesia Original Brand Awards 2011-SWA Magazine Cost & Human Capital •01 July 2011: Human Capital Initiative Culture Development Awards 2011-Business Review Magazine •21 Aug 2011: 24 fresh graduate pilot from BIFA joint GA26
  28. 28. Latest Update - Financial & Operating Indicators July 2010 July 2011 ∆% YTD 2010 YTD 2011 ∆% YoY YoY Operational: Aircraft Utilization (Hours) 10:23 11:23 1:23 9:24 10:40 1:16 Frequencies 8,288 10,467 26.3 53,165 65,486 23.2 On Time Performance 70.9 77.6 9.5 80.8 87.2 7.8 ASK (’000) 2,287,317 2,897,008 26.7 13,525,432 17,683,611 30.7 Average Fuel Price (US¢/L) 64,5 89.9 39.5 64.3 89.7 39.5 Passenger & Cargo: Passenger Carried 1,159,749 1,512,324 30.4 6,228,786 8,639,738 38.7 RPK (‘000) 1,859,714 2,406,887 29.4 9,495,533 13,260,042 39.6 Seat Load Factor 81.3 83.1 2.2 70.21 74,98 6.8 Passenger Yield (US¢) 9.00 10.52 16.9 8,63 9.47 9.7 Financial: CASK (US¢) 6.91 7.62 10.3 6.90 7.84 13.6 Notes: All figures for CASK (excl fuel) (US¢) 4.48 4.35 -3.1 4.52 4.62 2.2 GA Main Brand only,27
  29. 29. Latest Update Financial Summary (parent only) July July ∆% YTD YTD ∆% (IDR Billion) 2010 2011 YoY 2010 2011 QoQ EBITDAR 494.2 747.2 51.2 1,509.6 2,202.1 45.9 Total Revenue 1,741.4 2,452.9 40.9 8,885.6 12,992.1 46.2 Total Expenses 1,553.0 1,993.4 28.4 9,174.7 12,980.9 41.5 Fuel 505.0 815.4 61.5 2,961.1 4,970.1 67.8 Rental & Charter Flight Equip Exp 163.5 207.2 26.7 954.4 1,508.7 58.1 Ticketing, Sales, Promotion 143.2 162.7 13.6 721.6 965.3 33.8 Others 741.3 808.1 9.0 4,537.6 5,536.8 22.0 Ops Income 188.4 459.5 143.9 -289.1 11.1 NA Comprehensive Income 177.1 320.0 80.7 128.7 133.4 3.6 Total Assets 13,328.3* 16,852.2 26.4 Total Liabilities 9,871.1* 9,970.4 1.0 Equity 3,457.3* 6,881.8 99.1 Note: Exchange rate as of July 31, 2011 was at 8,505 IDR / USD. *) as per 31 December 201028
  30. 30. 5. Outlook for 201129
  31. 31. Outlook for 2011 Domestic & International Markets •Domestic & International traffic will remain robust, whereas in the remaining quarters SLF is expected to be higher QoQ. Yield will likely to stay steady •Will start to operate sub-100 seater •There is a positive sign of Encouraging Advanced Booking Citilink •With the new A320 coming in, going forward, Citilink is expected to turnaround. •Having revitalized the brand and with the new management in place, the outlook for Citilink is very encouraging •In 2011, it will operate 6 B737 and 4 A320 only (instead of 15 aircraft) •Planning to spin-off in 2012 Fleet & Brand •We will stay focus on 3 items to be improved: Aircraft Utilisation, Seat load Factor and Passenger Yield. Cost & Human Capital •Fuel Price volatility remains a significant risk to the year end results.30
  32. 32. 31 31

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