20110824 macquaries asean conference singapore
TRANSCRIPT
00
2Q-2011 QUARTERLY REPORT
GARUDA INDONESIA
MACQUARIE ASEAN CONFERENCESingapore 24-25 August 2011
1
Agenda
Section 1
Quantum Leap Performance in 2Q-2011
Section 2
Highlights of 2Q-2011
Section 3
Business Results in 2Q-2011
Section 4 Latest Update
Section 5 Outlook for 2011
2
1. Highlights of 2Q-2011
3
44,786 46,164
44,004 45,386
Jan-Jun 2010 Jan-Jun 2011
2Q
1Q
Highlights of 2Q-2011
AAPA (Jan-Jun 2010/11) :
•AAPA International Traffic grew by 3.1%
•ASK grew by 6.8% while RPK grew by 3.7%, resulting in 2.3point decrease in average SLF to 75.8%
•Air cargo demand was relatively soft, declining by 3.2% compared to last year.
Passenger (000) ASK (000)
RPK (000) FTK (mn)
3.1%
215,721 231,019
216,892 230,966
Jan-Jun 2010 Jan-Jun 2011
2Q
1Q
6.8%
171,612 176,769
166,287 173,607
Jan-Jun 2010 Jan-Jun 2011
2Q
1Q
3.7%
14,767 14,928
16,488 15,323
Jan-Jun 2010 Jan-Jun 2011
2Q
1Q
3.2%
Source: Association of Asia Pacific Airlines, Press Release Jan-Jun 2011
4
Highlights of 2Q-2011In some airport, international market has been growing quite significantly
Jan-May 2010 Jan-May 2011 ∆ %
Cengkareng:
DOM
INTL
TOTAL
12,563,448
3,585,981
16,149,429
14,264,960
4,266,673
18,531,633
13.5
19.0
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 II
Traffic Passengers
5
Highlights of 2Q-2011Indonesia Macro Economy
•Continued Strong Macro Development in Indonesia: Traffic has been growing
•MP3EI – 6 Indonesian Economic Corridor
•IDR was stronger against USD
GDP growth
2005-2011 (%)
2010 2011* 2012**
•GDP (%,YoY) 6,1 6,5 6,5-6,9
•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
•Investment 8,5 9,5 10,0-10,4
•Export 14,9 14,1 14,9-15,3
•Import 17,3 17,3 18,0-18,4
*) Estimate
**) Forecast by MoFSource: Bisnis Indonesia 26 July 2011 & 15 Aug 2011
5,7 5,5
6,36,0
4,5
6,16,5
2005 2006 2007 2008 2009 2010 2011
6
Highlights of 2Q-2011Indonesia Air Traffic (Jan-Jun 2010/11)
•Domestic traffic grew by 16%
•International traffic grew by 14%
Sources: Angkasa Pura 1/II
Domestic Traffic International Traffic
-20%
-10%
0%
10%
20%
30%
40%
50%
1Q-2010 2Q-2010 3Q-2010 4Q-2010 1Q-2011 2Q-2011
DOM QoQ GA QoQ DOM YoY GA YoY
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
1Q-2010 2Q-2010 3Q-2010 4Q-2010 1Q-2011 2Q-2011
INTL QoQ GA QoQ INTL YoY GA YoY
7
5.6
Highlights of 2Q-2011Indonesia Air Traffic Market & Market Share (Jan-Jun 2010/11)
3.9 5.5
13.314.5
1H-2010 1H-2011
GA Other Domestic
17.2
20.016%
42%
1.1 1.5
4.5
5.5
1H-2010 1H-2011
GA Other International
6.514%
37%
24%25% 26% 26% 22% 24% 26% 25% 26%
29%
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
8%
12%
16%
20%
24%
28%
32%
1Q-09 2Q-09 3Q-09 4Q-09 1Q-10 2Q-10 3Q-10 4Q-10 1Q-11 2Q-11
DOM total GA total GA share
9%
22%
24% 24%
23%18%
20%21%
22% 22%
24%
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
8%
12%
16%
20%
24%
28%
1Q-09 2Q-09 3Q-09 4Q-09 1Q-10 2Q-10 3Q-10 4Q-10 1Q-11 2Q-11
INTL total GA total GA share
9%
8
55
60
65
70
75
80
1Q-10 2Q-10 3Q-10 4Q-10 1Q-11 2Q-11
7,6
7,8
8,0
8,2
8,4
8,6
8,8
9,0
9,2
9,4
9,6
pax Yield SLF
1Q-10 2Q-10 3Q-10 4Q-10 1Q-11 2Q-11
-
1.000.000
2.000.000
3.000.000
4.000.000
5.000.000
6.000.000
7.000.000
8.000.000
9.000.000
ASK
RPK
Highlights of 2Q-2011GA 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
2010 2011
9
2. Business Results in 2Q-2011
10
Financial & Operating Indicators2Q-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 0.4
Notes: All figures are for GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only,
11
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:
CASK (US¢) 6.76 7.95 17.6
CASK (excl fuel) (US¢) 4.39 4.58 4.3
Notes: All figures include GA &
Citilink, except aircraft Utilization
and OTP are for GA Main Brand
only,
12
Financial Summary – Group Company
2Q-2010 1Q-2011 2Q-2011 ∆ %
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
(IDR Billion)
Note: Exchange rate as of June 30, 2011 was at 8,537 IDR / USD.
13
Financial Summary – Group Company
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.
(IDR Billion)
14
Financials Summary – Group Company
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 65.3
Note: Exchange rate as of June 30, 2011 was at 8,537 IDR / USD.
(IDR Billion)
15
Summary of Subsidiaries Performance
1H-2010 1H-2011 ∆ %
Revenue 724,837 888,139 22.5
Operating Income 26,752 41,128 53.7
Net Income 31,404 35,236 12.2
EBITDA 51,161 76,150 48.8
Assets 1,586,974 1,677,919 5.7
Liabilities 603,890 605,771 0.3
Equity 983,084 1,072,148 9.1
PT Aero Wisata Financial as of 30 June 2011
1H-2010 1H-2011 ∆ %
Revenue 634,669 735,112 15.8
Operating Income (10.170,3) 56.850,6 NA
Net Income (1.095,8) 21.245,7 NA
EBITDA (5.029,4) 65.352,7 NA
Assets 1.288,332 1.4127,058 9.9
Liabilities 832,737 919,039 9.0
Equity 455.594,2 508.019,9 11.5
PT GMF-AA Financial as of 30 June 2011
1H-2010 1H-2011 ∆ %
Revenue 47,229 55,119 16.7
Operating Income 2.496,0 1.365,4 -45.3
Net Income 4.082,4 (6.318,6) -254,8
EBITDA 8.706,2 5.531,9 -36,5
Assets 192.598,4 189.446,0 -1.6
Liabilities 91.260,6 93.754,4 2.7
Equity 101.337,8 95.711,5 -5,6
PT Aero System Financial as of 30 June 2011
1HQ-2010 1H-2011 ∆ %
Revenue 12,833 14,072 9.7
Operating Income (292) 18,6 106,4
Net Income (209,3) 433,8 307,3
EBITDA 1.312,8 1.415,4 7,8
Assets 53.376,7 49.139,5 -7,9
Liabilities 8.524,6 6.969,3 -2.8
Equity 44.852,1 42.170,1 -10.0
PT Abacus Indonesia Financial as of 30 June 2011
Notes: All figures are in IDR million
16
3. Quantum Leap Performance in 2Q-2011
17
Domestic
Grow and dominate
full-service
International
Enormous upside
potential
2
Fleet
Expand, simplify and
rejuvenate Fleet
4
Brand
Stronger brand, better
product and services
5
LCC
Citilink to address the
LCC Opportunity
3Human Capital
Right quality and
right quantity
7
Cost Discipline
Efficient in cost structure compared to
peers
6
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
18
2Q-2010 1Q-2011 2Q-2011∆ %
YoY
∆ %
QoQ
Flight
frequency19,224 23,353 24,049 25 3
ASK (‘000) 2,459,546 2,995,995 3,347,457 36 12
Passenger
Carried2,089,859 2,598,224 3,014,777 44 16
RPK (‘000) 1,766,743 2,203,034 2,609,359 48 18
Seat Load
Factor71.8% 73.5% 78.0% 9 6
Passenger
Yield (US¢)10.83 10.44 11.87 10 14
Cargo Load
Factor41.1% 41.5% 36.0% -13 -13
Cargo
Yield (US¢)46,14 54.25 52.41 14 -3
CASK (US¢) 8.10 8.75 9.28 15 6
CASK excl
fuel (US¢)5.39 5.61 5.66 5 1
Domestic Routes
Domestic Indicators as of 30 June 2010/2011
Banda Aceh
Medan
PekanbaruBatam
Pontianak
Balikpapan
Banjarmasin
Padang
Palembang
Jakarta
Denpasar
Semarang
Biak
Manado
SurabayaSolo
Yogyakarta
Palangkaraya
Ujung PandangTimika
Jayapura
Ambon
Mataram
Jambi
Tjg.Karang
Pgk.Pinang
Kendari
Palu
Ternate
KupangMalang
Gorontalo
Domestic as of 30 June 2011
• During 2Q-2011:
• New routes :
• BPN - JOG
• BPN – SUB
• SUB – AMQ
• UPG – BPN
• UPG - TTE
• Additional frequency :
• UPG - SUB
• Growing corporate travel and expanding Indonesian middle
class will drive premium traffic growth in the future
1
19
2Q-2010 1Q-2011 2Q-2011 ∆ %YoY
∆ %QoQ
Flight
frequency4,518 4,737 5,182 15 9
ASK (‘000) 3,770,614 3,925,747 4,517,404 20 15
Passenger
Carried656,262 706,886 807,527 23 14
RPK (‘000) 2,490,914 2,750,339 3,290,423 32 20
Seat Load
Factor66.1% 70.1% 72.8% 10 4
Passenger
Yield (US¢)6.85 7.54 7.75 13 3
Cargo Load
Factor37.6% 32.0% 27.6% -26 -14
Cargo Yield
(US¢)23.65 25.86 30.79 30 19
CASK (US¢) 5.76 6.77 7.22 25 7
CASK excl
fuel (US¢)3.50 3.94 3.95 13 0
International as of 30 June 2011International Indicators as of 30 June 2010/2011
Shanghai
Kuala Lumpur
BeijingTokyo
Osaka
Guangzhou
Hong KongBangkok
Nagoya
singapore
Jakarta
Seoul
DubaiJeddah
Melbourne
Denpasar
Amsterdam
Makassar
Perth
Sydney
• During 2Q-2011:
• New routes :
• UPG-SIN
• Additional frequency :
• JKT-HKG
• JKT-BKK
• JKT-KUL
• Growing brand awareness and recognition from passengers for
better service quality, and readiness to join Skyteam, will
expand GA international route network
International Routes2
20
2Q-2010 1Q-2011 2Q-2011 ∆ %YoY
∆ %QoQ
# of
aircraft5 8 6 20 -25
Flight
frequency2,591 3,169 3,193 23 1
ASK (‘000) 349,641 430,533 392,607 12 -9
Passenger
Carried278,604 371,943 368,290 32 -1
RPK (‘000) 245,074 317,237 300,552 23 -5
Seat Load
Factor70.1 73.7 76.6 9 4
Passenger
Yield (US¢)3.91 4.90 6.06 55 24
CASK (US¢) 5.07 6.45 6.15 21 -5
CASK excl
fuel (US¢)2.62 3.30 2.66 2 -19
Citilink Domestic Destinations
Signing contract purchase of 25+25 A320.
Spinn-off in 2012
Appoint Mr Con Korfiatis (former CEO Jetstar)
Citilink strategy to focus on improved seat density, aircraft
utilization, frequencies/load factors and lower distribution costs
Banjarmasin
Medan
Batam
Balikpapan
Makassar
Denpasar
Surabaya
Jakarta
Citilink Indicators as of 30 June 2010/2011
Citilink 3
21
1H-10 1Q-11 1H-11 Ops
Lease
Fin
LeaseOwned
Narrow Body 58 63 65 53 12
• B737-300 7 7 6 3 - 3
• B737-400 19 8 8 4 - 4
• B737-500 5 5 5 - - 5
• B737-800 NG 27 43 46 46 - -
Wide Body 13 14 15 7 6 2
• B747-400 3 3 3 1 - 2
• A330-200 4 5 6 6 - -
• A330-300 6 6 6 - 6 -
Citilink 5 8 6 3 - 3
• B737-300 4 4 5 2 - 3
• B737-400 1 4 1 1 - -
•A320-200 - - - - - -
TOTAL FLEET 76 85 86 63 6 17
# of Aircraft
Fleet at 30 June 2010 76
IN: Delivery of: +21
B737-800 19
A330-200 2
OUT: Redelivery of: -11
B737-400 11
Fleet at 30 June 2011 86
Average
Age (yrs)9,96 7.83
Planned 2011: # of Aircraft
Fleet at 30 June 2011 86
IN: Delivery of: +8
B737-800 3
A320-200 4
A330-200 1
OUT: Re-delivery of -3
B737-400 3
Fleet at 31 December 2011 917,92
Fleet Development4
22
Brand : Garuda Indonesia experience5
11,112.0
10,4
8,2 7,83
2007 2008 2009 2010 2011 2012 2013 2014 2015
(Ave
rag
e a
ge
)
Sight: Newly designed cabin interior combines the
natural colors and Indonesia traditional motifs
Sound: In-flight entertainment includes Indonesian and
international tunes
Taste: Unique Indonesian cuisine served as part of in
in-flight meals and refreshments
Scent: Indonesian aromatherapy introduced at Garuda
offices and airport lounges
Touch: Superior service that is both caring and
friendly, typical of Indonesian hospitality
Average Fleet Age as of 30 June 2011
Technologically Enhanced Customer Service Indonesian Hospitality
Decreasing Average Age
Cathay Pacific
11.8 years
Singapore
Airlines
6 years
Malaysia Airlines
11.0 years
Garuda
Indonesia
7.83 years
Source: Airfleets.net and Company.
28 Customer Touch Points
Garuda has implemented the
28 Customer Touch
Points, allowing passengers to
access Garuda’s plethora of
services online
Touch point services start
before a journey
begins, during the flight and
even after arrival
23
Jet Fuel
(Usc/liter) 51.3
CASK (US¢) 1H-2011 OPEX – Top 10
66.0
6,27,0 6,7
7,6 8,1
2009 2010 2Q-10 1Q-11 2Q-11
66,0 95.2
4,3
4,5
4,2
4.7 4,7
2009 2010 2Q-10 1Q-11 2Q-11
CASK Excl-fuel (US¢)
PoT = Percent of Total
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
year ; but at the same time fuel price increased 44.2%.
Fuel Burn
(liter/ATK)0.45 0.43 0.45 0.42
83,2
0.42
1H-2010 PoT 1H-2011 PoT Δ %
Fuel 2,593.01 32% 4,394.70 38% 69.5
Rental & Charter
Flight 811.97 10% 1,307.43 11% 61.0
Ticketing,
Sales,Promo 804.42 10% 1,068.71 9% 32.9
General & Admin 641.81 8% 921.01 8% 43.5
User Charges &
Station Expenses 655.11 8% 856.98 7% 30.8
Passenger Services 665.6 8% 816.91 7% 22.7
Maintenance /
Overhaul 649.59 8% 685.32 6% 5.5
Flight Operation 432.69 5% 619.44 5% 43.2
Depreciation /
Amortization 713.73 9% 607.86 5% -14.8
Others 252.32 3% 277.43 2% 10.0
Total Opex 8,220.21 100% 11,555.79 100% 40.6
Cost Discipline6
24
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% 3.7
Human Capital7
25
4. Latest Update
26
Latest Update
•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
•03 Aug 2011: Brand Refresh and Launching New livery of Citilink
•24 Aug 2011: Delivery of 1st A320-200
•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
•01 July 2011: Human Capital Initiative Culture Development Awards 2011-Business Review Magazine
•21 Aug 2011: 24 fresh graduate pilot from BIFA joint GA
Domestic & International Markets
Citilink
Fleet & Brand
Cost & Human Capital
27
Latest Update - Financial & Operating Indicators
July 2010 July 2011 ∆ %
YoY
YTD 2010 YTD 2011 ∆ %
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
CASK (excl fuel) (US¢) 4.48 4.35 -3.1 4.52 4.62 2.2Notes: All figures for
GA Main Brand only,
28
Latest Update Financial Summary (parent only)
July
2010
July
2011
∆ %
YoY
YTD
2010
YTD
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
(IDR Billion)
Note: Exchange rate as of July 31, 2011 was at 8,505 IDR / USD.
*) as per 31 December 2010
29
5. Outlook for 2011
30
Outlook for 2011
•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
•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
•We will stay focus on 3 items to be improved: Aircraft Utilisation, Seat load Factor and
Passenger Yield.
•Fuel Price volatility remains a significant risk to the year end results.
Domestic & International Markets
Citilink
Fleet & Brand
Cost & Human Capital
3131