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TRANSCRIPT
1
ASEAN Conference – MACQUARIECorporate Presentation
PT GARUDA INDONESIA (PERSERO) Tbk.26 August 2015
2
1. Company Profile 3 – 12
2. Operational Performance 13 – 17
3. Financial Performance 18 – 24
4. Subsidiaries 25 – 27
Agenda Page
List of Shareholders as of 30 July 2015GIAA & JCI
Notes
Av. Liquidity (IDR/day)
YTD July2014
2.0 bio
YTD July 2015
4.7 bio
Av. close price (IDR) 461 521
Av. volume (shares/day) 4.3 mio 8.6 mio
Market cap (IDR) 11.3 trillion 11.3 trillion Real free float 15% - excluding Government of Indonesia and Trans Airways ownerships.
Share Performance
GIAA (RHS) JCI (LHS)
3
Number of Shares %
Domestic
Government of Indonesia 15,653,128,000 60.5
Retail 800,605,729 3.1
Employee 80,187,970 0.3
Institutional (Trans Airways) 6,370,697,372 24.6
Other Institutional (less than 5%) 1,755,196,524 6.8
Total Domestic 24,659,815,595 95.3
International
Retail 7,247,480 0.0
Institutional (less than 5%) 1,201,863,558 4.6
Total International 1,209,111,038 4.7
TOTAL 25,868,926,633 100.0
Percentage of Shares based on Real Free Float
Domestic 68.55%
International 31.45%
Expansion phase (2012 – 2015)
4
Commenced operations
Taken over by Government
Commenced transformation
Joined SkyTeam Alliance
Ranked among Top 30 global airlines
Successful IPO
Transformation phase (2008 – 2011)
Achieved 5 rating from Skytrax
Achieved 4 rating from Skytrax
Relaunch of CitilinkRights Issue
49 48 54 7089 87
106
140169
190
0
50
100
150
200
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
Domestic passenger market (mil) Int'l passenger market (mil) No of aircraft
The Transformation
2007 2008 2009 2010 2011 2012 2013 2014 1H2014 1H2015 ∆ CAGR
a b c d e f g h i j i-j a-h
Pax Carried (mio) 9.6 10.2 10.9 12.5 17.1 20.4 25 29.1 13.3 15.9 19.5% 17.2%
ASK (bio) 18.6 20.3 21.7 25.8 32.5 36 43.1 50.2 24.3 26.1 7.4% 15.2%
RPK (bio) 14.4 15.5 15.9 18.5 24.4 27.3 31.9 36 16.8 19.8 17.9% 14.0%
Total Revenues (mio) 1,532 2,005 1,733 2,168 3,096 3,473 3,760 3,934 1,757 1,840 4.7% 14.4%
The 3rd fastest GDP Growth among G20 countries in 2015F
Population
5
Source: IMF-World Economic Outlook
Source: IMF
(Population, in Million persons)
2012 2013 2014 2015F 2016F
Indonesia 244.5 248.0 251.5 255.1 258.7
Phillippines 95.8 97.5 99.4 101.4 103.5
Vietnam 88.8 89.7 90.6 91.6 92.5
Thailand 68.0 68.3 68.7 68.8 69.0
Myanmar 50.5 51.0 51.4 51.8 52.3
Malaysia 29.5 29.9 30.3 30.8 31.3
Cambodia 14.9 15.1 15.3 15.5 15.8
Singapore 5.3 5.4 5.5 5.5 5.6
Brunei Darussalam 0.4 0.4 0.4 0.4 0.4
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
Ind
ia
Ch
ina
Ind
on
esia
Ko
rea
Turk
ey
Un
ited
Sta
tes
Mex
ico
Sau
di A
rab
ia
Au
stra
lia
Un
ited
Kin
gdo
m
Can
ada
Sou
th A
fric
a
Euro
pea
n U
nio
n
Ger
man
y
Fran
ce
Jap
an
Ital
y
Arg
enti
na
Bra
zil
Ru
ssia
5.0
Air
Rail
Sea
23
150
13
FY 2004
111
278
13
+ 17.2%
+ 6.3%
+ 0.4%
Indonesia: Transportation profile (Passengers in million)
FY 2014 CAGR
Archipelago Country
Air
Rail
Highway
121
1.073
16.289
FY 2004
352
2.357
39.342
+ 12.5%
+ 8.2%
+ 9.2%
China:Transportation profile (Passengers in million)
FY 2014 CAGR
Sea 181 2.75 + 4.3%
Massive Land Country
Strong Economic Fundamental and Demand
Population Air Traffic
34.2 (476%)
Numbers are in million
46.3 (156%)
Sources: Data Internal, Bloomberg, IMF, and www.worldbank.org, Full Year 2014
6
7.3
Hongkong
30.3
Malaysia
127.1
105.9 (83%)
Japan
68.7
Thailand
40.7 (61%)
251.5
Indonesia
111.0 (44%)
30.6 (566%)
Singapore
5.5
Business Airline Has Big Room to Grow
Garuda Indonesia Continues its Green Performance in Challenging Market
• Sustainable passenger growth: 19.5% YoY
• Increasing Garuda Indonesia Group market share (Dom: 44% & Inter: 28%)
• Record high SLF 75.8%
Commercial Platform
• Manage RPK growth is higher compare to ASK growth
• Manage expenses through efficiency program
• The non fuel efficiency, exercised ±44% of target FY 2015
Operational Platform
• Top line increase 5% YoY
• Reduce cost 11.6% YoY
• Bottom line improves (1H2015 – net profit USD 29.3 Mio)
Financial Platform
7
8
Business Strategy – Quick Wins 2015
US$500m bridge facility used to re-profile existing commercial term loans
Proposed USD Sukuk to refinance bridge loan to extend maturity profile
Early termination of operating leases
Identified non-fuel cost savings of US$200m for 2015
Dedicated Terminal 3 at Jakarta
Simplify fleet
Developing new routes to China and Middle East (especially expanding to Umrah market) through scheduled and chartered services. Chartered flights to Japan and China expected to grow in response to higher purchasing power
Improve yield by restructuring flights
4th hangar to be completed by June 2015
Improve seat load factor by better managing aircraft deliveries to align ASK and RPK growth
Flight network optimization
Revenue generation
Cost efficiency
Optimising capital structure
Garuda currently serves only 3 major cities outside of Indonesia (Beijing, Shanghai and Guangzhou). Targeted new destinations include
Chengdu, Chong Qin, Ningbo, Kunming, Jinan, Harbin, Xian, Shenyang and
Chengzhou
Improvements through choice of aircrafts for long flights (Boeing 777 & Airbus 330-300),
medium flights (Airbus 330-300/Boeing 738), and
short flights (CRJ 100/ATR 72)
Reduce unprofitable flight routes, postpone opening of new routes and
adjust flight schedules to various destination cities across all routes
• Strategies • Goals to achieve strategy
Awards
• SKYTRAX Awards 2015 “The World’s Best Cabin Crew”• SKYTRAX Awards 2015 “World’s Best Airline” 8th Rank• FinanceAsia Awards 2015 “Asia’s Best Companies 2015”• Schipol Aviation Awards “Passenger Airline of the Year Award 2014-
Intercontinental”• Indonesia Human Capital Award 2015 “1st in Human Resources Technology”
28 awards 2015:Domestic: 19 awards
International: 9 awards
9
Milestones
• Garuda Indonesia implemented hedging cooperation through Cross Currency Swap(CCS) transactions with banks. The first and the biggest CCS transaction, exercised by SOE in Indonesia.
• Garuda Indonesia, BII-Maybank, and NBAD/DIB carried signing of bridging loan facility with the principles of Sharia facility of $ 500 million.
• Garuda Indonesia launched the "New Mobile Apps“• Garuda Indonesia and Cardig Air signed a cooperation of air cargo management and
business development• Garuda Indonesia exercised “Reprofiling Debt” of “Quick Wins” strategy by issuing sukuk
amounted $500 mio with 4 times booking order.
First Quarter 2015
Second Quarter 2015
10
Garuda Indonesia Group Market Share – YTD June 2015
Domestic International
Garuda domestic market share group (including Citilink)
Source: Company Data
37%
46%
17%
44%
40%
15%
Garuda Group Lion Group Others
2015
2014
21%
79%
28%
72%
Garuda Indonesia Others
2015
2014
11
Peers Comparison – Operational Performance YTD June
12
Note: YTD June 2015Source: Airline Website and Asia Pacific Data
Passenger carried growth (%) 2014-2015
ASK growth (%) 2014 vs 2015 RPK growth (%) 2014-2015
Asia Pacific
Passenger carried of AAPA – 2015Passenger Carried Growth
Asia Pasific
Asia Pacific
7.2 6.1 0.9 0.5
(1.1)
6.6
(5.0)
-
5.0
10.0
15.0
20.0
25.0
GA CX TG QF SQAsia
Pacific
17.7
9.7 7.8 3.2
(2.4)
8.4
(5.0)
-
5.0
10.0
15.0
20.0
GA TG CX QF SQAsia
Pacific
19.5 14.7
7.6
0.1
(0.4)
9.3
(5.00)
-
5.00
10.00
15.00
20.00
25.00
GA TG CX QF SQAsia
Pacific
13.1 12.4 9.5
5.7 4.4
(1.7) (5.0)
-
5.0
10.0
15.0
20.0
25.0
South NorthEast
AsiaPacific
SouthEast
Oceania Central
13
Operational Performance
Number of Fleets
5.85.0 4.5 4.8 4.3
2012 2013 2014 Jul-15 2015E
Average Age (year)
Fleets per 31 Dec 2014 169
In
* B737-800NG 5* ATR 72-600 2* B777-300 ER 1* A320-200 3Total 11
Out* A330-200 1
Total 1
Fleets per 30 July 2015 179
14
Des 14 Jul 15 Ops.lease Fin lease/
owned
Narrow Body • B737-500 4 1 - 1• B737-800 NG 75 80 80 -• CRJ - 1000 15 15 9 6• ATR 72-600 8 10 10 -Total Narrow Body 102 106 99 7Wide Body • B747-400 2 2 - 2• B777-300 ER 6 7 7 -• A330-200 11 10 10 -• A330-300 11 11 5 6Total Wide Body 30 30 22 8Garuda Main Brand 132 136 121 15Citilink • B737-300 5 5 - 5• B737-500 - 3 - 3
•A320-200 32 35 35 -Total Citilink 37 43 35 8TOTAL FLEET 169 179 156 23
1H2015 – Operational Performance Garuda Group
Operational
Efficiency
Passenger&
Cargo
Financial
• The passenger yield decreased 12.4% due to IDR depreciation ±10% that impact the IDR revenue and lower international fares amidst unstable economic.
Yield decreased
• The CASK ex fuel increased 0.5% as the rental cost, maintenance and user charge ware increase in line with fleets addition and frequency.
CASK ex fuel increased
• The utilization was going down to 9:12 hours due to route restructuring of Quick Wins program, especially in international market.
Utilization decreased
1H-2014 1H-2015 ∆ %
Aircraft Utilization (Hours) 10:05 09:12 -0:53
Frequencies 107,568 122,446 13.8
On Time Performance (%) 88.4 89.7 1.2
ASK ('000) 24,322,859 26,082,277 7.2
Average Fuel Price (USD/L) 0.88 0.55 (37.5)
Fuel Burn/Blockhours 3,718 3,633 (2.3)
Passenger Carried 13,307,351 15,900,961 19.5
RPK ('000) 16,788,401 19,761,968 17.7
Seat Load Factor (%) 69.0 75.8 6.8
Passenger Yield (USc) 8.6 7.5 (12.4)
Cargo/Mail Uplifted (Ton) 193,508 176,123 (9.0)
CASK (Usc) 7.5 6.4 (14.8)
CASK-excl Fuel (Usc) 4.4 4.5 0.5
15
16
Main Brand Monthly Operational Performance
Jan15 Feb15 Mar15 April15 May15 June15 July15 YTD Jul14 YTD Jul15 ∆%
GA Group
Pax Carried 2,530,719 2,352,514 2,718,162 2,617,933 2,844,598 2,837,035 3,131,599 15,662,482 19,032,560 21.5
ASK (000) 4,579,484 3,969,185 4,379,174 4,382,420 4,525,879 4,246,134 4,490,507 28,493,068 30,572,794 7.3
RPK (000) 3,384,857 2,981,210 3,353,161 3,227,157 3,428,019 3,387,562 3,630,462 19,789,169 23,392,430 18.2
SLF (%) 73.9 75.1 76.6 73.6 75.7 79.8 80.9 69.45 76.5 10.2
Passanger Yield (Usc) 7.8 7.5 7.4 7.5 7.5 7.2 7.6 8.5 7.5 -12.0
CASK (Usc) 6.6 6.5 6.3 6.3 6.4 6.5 6.6 7.6 6.5 -14.7
CASK-excl Fuel (Usc) 4.6 4.7 4.3 4.4 4.4 4.4 4.4 4.5 4.5 0.0
Fuel Price (USD/Liter) 0.57 0.51 0.55 0.55 0.56 0.58 0.59 0.87 0.56 -35.6
USDIDR 12,540 12,697 13,053 12,946 12,946 13,258 13,346 11,795 12,969 10.0
Domestic
Pax Carried 1,478,488 1,395,139 1,606,296 1,557,859 1,691,570 1,702,988 1,834,235 9,561,875 11,266,575 17.83
ASK (000) 1,814,370 1,652,182 1,867,850 1,855,800 1,916,993 1,812,428 1,913,557 11,217,902 12,833,182 14.40
RPK (000) 1,307,505 1,221,731 1,415,898 1,363,281 1,476,052 1,481,925 1,573,470 8,227,738 9,839,863 19.59
SLF (%) 72.1 74.0 75.8 73.5 77.0 81.8 82.2 73.34 76.7 4.55
International
Pax Carried 393,304 321,390 349,884 343,704 357,420 357,277 376,012 2,210,539 2,498,991 13.05
ASK (000) 2,120,078 1,705,563 1,785,559 1,834,306 1,835,190 1,685,657 1,705,301 13,408,120 12,671,655 -5.49
RPK (000) 1,579,310 1,275,576 1,339,302 1,302,737 1,330,834 1,294,929 1,340,011 8,578,931 9,462,701 10.30
SLF (%) 74.5 74.8 75.0 71.0 72.5 76.8 78.6 63.98 74.7 16.72
Citilink
Pax Carried 658,927 635,985 761,982 716,370 795,608 776,770 921,352 3,890,068 5,266,994 35.40
ASK (000) 645,035 611,439 725,764 692,314 773,696 748,049 871,649 3,867,044 5,067,947 31.05
RPK (000) 498,042 483,901 597,961 561,138 621,134 610,709 716,981 2,982,499 4,089,866 37.13
SLF (%) 77.2 79.1 82.4 81.1 80.3 81.6 82.3 77.1 80.7 4.63
17
Main Brand Monthly Financial Performance
In USD Mio2015 2015 2015 2015 2015 2015 2014 2015
∆ %Jan Feb Mar Apr May Jun YTD June YTD June
Scheduled airline services 253.3 213.9 242.5 228.4 239.7 229.4 1,424.3 1,407.2 (1.2)
Non-scheduled airline services 9.8 13.2 7.4 4.5 4.8 2.6 4.6 42.2 815.0
Others 6.8 6.6 8.4 7.5 6.9 8.1 32.2 44.3 37.4
Total Operating Revenues 269.8 233.8 258.3 240.3 251.4 240.0 1,461.1 1,493.8 2.2
Fuel 83.5 67.8 74.7 73.0 78.1 74.4 664.9 451.5 (32.1)
Non fuel 186.2 162.4 169.7 163.3 166.3 155.4 1,028.5 1,003.3 (2.4)
Total Operating Expenses 269.7 230.3 244.4 236.3 244.4 229.8 1,693.4 1,454.9 (14.1)
Income (loss) from operations 0.1 3.5 13.9 4.0 7.0 10.3 (232.3) 38.9 116.7
Income (loss) before tax (2.7) 1.0 12.2 2.2 5.6 15.4 (267.1) 33.7 112.6
Tax benefit (expense) (0.1) 1.0 (0.0) (0.9) (1.3) (4.7) 67.4 (6.0) n.a
Net income (loss) for the period (2.8) 2.0 12.2 1.3 4.3 10.7 (199.7) 27.7 113.9
EBITDAR 75.7 76.6 95.5 78.6 82.0 96.2 125.2 504.7 303.2
USDIDR 12,540 12,697 13,053 12,946 12,946 13,258 11,766 12,907 9.7
18
Financial Performance
1H2015 – Summary of Consolidated Income Statement
in USD Mio 1H14 1H15 ∆ % YoY
EBITDAR 167.6 586.3 249.8
Scheduled airline 1,591.5 1,608.0 1.0
Non-scheduled airline 6.0 58.1 870.2
Others 159.4 174.1 9.2
Total revenues 1,756.9 1,840.1 4.7
Fuel 759.2 533.2 (29.8)
Non fuel 1,233.6 1,229.4 (0.3)
Total expenses 1,992.8 1,762.6 (11.6)
EBIT (235.9) 77.5 132.9
Net income current period (201.3) 29.3 114.5
Garuda Main BrandIncome / Loss from Operations*
Operating Revenue
Operating Expenses
Income
EBITDAR Margin 9.5% 31.9%
Garuda Main BrandIncome / Loss Current Period*
19
17.5 21.3
1Q15 2Q15
11.4
16.3
1Q15 2Q15
1H2015 – Operating Revenue
1,756.9
1,840.10.9%(0.0%)
3.0% 0.8%
1H14 1H15
Passenger Revenue & Baggage
Cargo & MailCharter
Others
Operating Revenue Operating Revenue
• Passenger growth increased 19.5%
• Manage the RPK growth higher compare to ASK growth
• Garuda Group got overflow passenger from domestic airline in first quarter and peak season (school holiday and long weekend) in second quarter.
Passenger revenue increasing
• Sustainable increase of charter revenue to China market and Umrah (Middle East).
Non schedule airline (Charter) increase
• Others revenue increased due to better performance from subsidiaries.
Others increase
In USD mio% Change
*PoT : Percentage of total
Operating Revenue PoT*
Schedule Airline 87.4%
Passenger 81.7%
Cargo 5.2%
Excess Bagage 0.2%
Mail 0.2%
Non Schedule Airline 3.2%
Others 9.5%
20
1H2015 – Operating Expenses
1,762.6
1,992.8
(11.3%)
4.9%
(0.9%)0.0%(0.8%) (0.5%)
(3.4%)
1H14 1H15Operating Expenses Operating Expenses
Fuel Rental
Tiketing&
SalesMaintenance
PassengerService
User Charge
G&A Others
0.5%
In USD mio% change
Operating Expenses PoT*
Fuel 30.3%
Rental 24.0%
Maintenance 9.8%
Ticketing & Sales 8.7%
User Charges & Station 8.3%
Passenger Service 7.4%
G & A 6.0%
Others 5.5%
*PoT : Percentage of total
• Fuel expenses decreased 29.8% to USD 533.2 million compared to same period last year of USD 759.2 million due to fuel price declining 37.5% compare last year.
• Total operating expenses decreased 11.6% to USD 1,762.6 million compared to the same period last year USD 1,992.8 million.
Decreasing expenses
• The rental cost increased 30.0% to USD 423.8 million compared to the same period last year of USD 326.0 million in line with the additional fleets.
• The maintenance cost increased by 8.5% to USD 131.2 million compared to the same period last year USD 120.8 millionin line with the additional fleets.
Increasing expenses
21
1H2015 – Summary of Consolidated Balance Sheet
Asset
Liability
Equity
Lease Adj. Net Debt/EBITDAR 9.87x 8.04 x
22
in USD Mio FY14 1H15 ∆ % YoY
Current Assets 810.5 888.4 9.6
Non-Current Assets 2,302.6 2,313.2 0.5
Total Assets 3,113.1 3,201.6 2.8
Current Liabilities 1,219.4 1,142.8 (6.3)
Non-Current Liabilities 1,014.2 1,176.0 15.9
Total Liabilities 2,233.6 2,318.7 3.8
Total Equities 879.5 882.9 0.4
Total Liabilities & Equities 3,113.1 3,201.6 2.8
1H2015 – Summary of Consolidated Cash Flow
Operating
Cash receipts from customers USD1,843.7 mio
Cash payments to suppliers USD 1,535.9mio
Payments of interest and financial expenses USD 28.5 mio
Investing
Payments PDP & Maintenance Reserve Fund: USD 208.2 mio
Security Deposit payment: USD 6.1 mio Refund of PDP and Maintenance
Reserve Fund: USD 101.8 mio.
Financing
Proceed of long term loan, bank loan, & financial institution and sukuk USD1,235.1 mio
Payment of long term loan, bank loan & financial institution: USD 1,137.2 mio
23
in USD Mio 1H14 1H15 ∆ % YoY
Beginning Cash/Cash Equivalents 480.4 434.3 (9.6)
• Operating Activities (234.0) 60.2 125.7
• Investing Activities (184.0) (119.5) (35.1)
• Financing Activities 285.2 95.4 (66.6)
Net Increase (Decrease) in Cash/Cash Equivalents (132.8) 36.1 n.a.
Effect of Foreign Exchange Rate Changes 25.2 (6.5) n.a.
Ending Cash/Cash Equivalents 372.8 464.0 24.4
The first time ever in 2015, Garuda Indonesia has positive cash flow from operating activities in the first half 2015
1H2015 – Cash and Net Gearing
434 464 4641,170 1,313 1,306879 874 883
0.84
0.97
0.95
0.75
0.80
0.85
0.90
0.95
1.00
0
200
400
600
800
1000
1200
1400
31 Dec 14 31 Mar 15 30 June 15Cash Position Debt Equity Net Gearing
31.1%
8.8%
60.1%
Long term loan Lease Liabilities Short term loan
59.8%
8.6%
31.6%
Long term loan Lease Liabilities Short term loan
Reprofiling Debt
Pre Reprofiling Post Reprofiling
24
25
Susidiaries
Subsidiaries
26
PT Aero Wisata (in IDR bio) PT Citilink Indonesia (in USD '000)
1H-2014 1H-2015 ∆ % YoY 1H-2014 1H-2015 ∆ % YoY Operating Revenue 1,482 1,459 -1.6 Operating Revenue 173,363 222,078 28.1 Operating Income 52 44 -14.6 Operating Income (17,610) 4,906 127.9 Net Income 23.2 27.2 17.1 Net Income (15,952) 1,457 109.1 EBITDA 94 96 2.7 EBITDA (13,625) 9,804 172.0
Dec 14 June 15 ∆ % YoY Dec 14 June 15 ∆ % YoY Asset 2,969 2,713 (8.6) Asset 166,785 205,942 23.5Liability 873 884 1.3 Liability 209,441 191,854 (8.4)Equity 1,823 1,829 0.3 Equity (42,657) 14,088 133.0
PT Gapura Angkasa (in IDR bio) PT GMF Aero Asia (in USD 000)1H-2014 1H-2015 ∆ % YoY 1H-2014 1H-2015 ∆ % YoY
Operating Revenue 582 654 12.3 Operating Revenue 122,243 138,446 13.3 Operating Income (13) 67 628.7 Operating Income 13,085 26,193 100.2 Net Income (12) 57 563.4 Net Income 9,447 17,325 83.4 EBITDA 13 103 680.6 EBITDA 15,871 29,316 84.7
Dec 14 June 15 ∆ % YoY Dec 14 June 15 ∆ % YoY Asset 787 852 8.2 Asset 251,352 274,987 9.4Liability 422 457 8.3 Liability 146,760 172,016 17.2Equity 365 395 8.2 Equity 104,592 102,970 (1.6)
Subsidiaries
27
PT Aero System (in USD 000)1H-2014 1H-2015 ∆ % YoY
Operating Revenue 8,803 5,468 (37.9)Operating Income (881) (1,125) (27.7)Net Income (1,051) (779) 25.9 EBITDA 417 218 (47.7)
Dec 14 June 15 ∆ % YoY Asset 28,769 26,734 (7.1)Liability 17,123 15,807 (7.7)Equity 11,646 10,927 (6.2)
GIH France S.A.S (in USD 000) PT Abacus DS Indonesia (in USD 000)1H-2014 1H-2015 ∆ % YoY 1H-2014 1H-2015 ∆ % YoY
Operating Revenue 2,568 141,207 5,398.5 Operating Revenue 1,540 1,734 12.6 Operating Income 13 253 1,862.3 Operating Income 165 331 101.0 Net Income 7 150 2,154.2 Net Income 150 258 72.1 EBITDA 7 171 2,469.4 EBITDA 274 430 57.2
Dec 14 June 15 ∆ % YoY Dec 14 June 15 ∆ % YoY Asset 67,942 128,906 89.7 Asset 6,645 7,072 6.4Liability 67,248 128,063 90.4 Liability 684 841 23.0Equity 694 843 21.6 Equity 5,961 6,231 4.5
28
PT Garuda Indonesia (Persero) Tbk.Investor Relations Department
2nd Floor Management BuildingGaruda CitySoekarnoHattaInternational AirportPhone: +62212560 1201Email: [email protected]: https://ir.garuda–indonesia.com