Corporate Presentation

PT GARUDA INDONESIA (PERSERO) Tbk.

Nomura Investment Forum Asia 2015
Singapore, June 2015

1
Agenda Hal

1. Company Profile 2 – 15

2. Operational Performance 16 – 20

3. Financial Performance 21 – 27

4. Subsidiaries 28 – 30

5. Budget Realization 2015 31 – 32

2
Share Performance - 2015
GIAA & JCI List of Shareholders as of 31 April 2015
GIAA (RHS) JCI (LHS)
Number of Shares %
Domestic
Government of Indonesia 15,653,128,000 60.5
Retail 762,397,924 2.9
Employee 80,895,170 0.3
Institutional (Trans Airways) 6,370,697,372 24.6
Other Institutional (less than 5%) 1,720,077,768 6.6
Total Domestic 24,587,196,234 95.0
International 0.0
Retail 3,535,070 0.0
YTD April YTD April Institutional (less than 5%) 1,278,195,329 4.9
Notes Total International 1,281,730,399 5.0
2014 2015
TOTAL 25,868,926,633 100.0
Av. liquidity
2.8 bio 6.0 bio
(IDR/day) Percentage of Shares based on Real
Free Float
Close price
461 595 Domestic 66.7%
(IDR)
International 33.3%
Av. volume
5.8 mio 10.7 mio Free float 39.5% - excluding Government of Indonesia ownership
(shares/day)
Market cap.
11.9 trillion 15.4 trillion
(IDR)

3
 Key Milestones
Rights Issue

Relaunch of Citilink
2014

Commenced Joined SkyTeam

transformation 2011 Alliance

2010
Takenover by Achieved 5 rating
Successful IPO
government from Skytrax
2008
1990s Achieved 4 rating
Commenced
operations from Skytrax

1954
Ranked among Top 30
1949 global airlines

Transformation phase (2008 – 2011) Expansion phase (2012 – 2015)

11.9 10.2 8.1 6.5 5.8 5.0 4.5 4.3

190 200
169
140 150
89 106
87 100
54 70
49 48
50
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
Source: Company filings Domestic passenger market (mil) Int'l passenger market (mil) No of aircraft Average age of aircraft (years)

4
 Strong support from the Indonesian Government
Strong backing from government and long-term sponsor

Strategic importance to the Government of Indonesia

Flag carrier of Indonesia

PT Trans Airways Public
Importance of connecting Indonesia’s archipelago

60.5% 24.6% 14.9% Exclusivity on all Government travel

Performance actively monitored by the Government of Indonesia

Only Indonesian airline contracted by Ministry of Religious Affairs

(“MRA”) for Hajj travel
Note:
Shareholders as April 2015 Support for re-investment of income to expand the business

Government commitment to maintain a majority stake

Capital injection Capital injection April 2014 - rights issue

 Government injected IDR3.9tr  Injected IDR500bn (US$53.1m) from  Raised IDR1.5tr (US$130m)
(US$431.7m) through conversion of 2007 state budget  Government stake diluted to c.60%
Garuda's outstanding debt to the
government

2001 2006 2007 2011 2014

Capital injection Initial public offering

 Injected IDR500bn (US$54.5m) from  Raised IDR4.8tr (US$530m) through
2006 state budget IPO
 Government stake diluted to c.70%
Note:
US$IDR exchange rates are based on the date of the transaction, Bloomberg

5
 Strong economic fundamental and tourism demand

The 3rd fastest GDP Growth among G20 countries in 2014 Rapid urbanisation and the rising middle class

Population (m) Urbanisation (%)

7.4
5.6
Region 1990 2014 1990 2014

5.2
9.0

4.6
3.8
3.7
3.2
3.0
2.8
2.4
2.3
2.2
6.0 Indonesia 178.6 252.8 31% 53%
1.4
1.4
0.9
0.4
0.3
0.2
(%)

3.0 Brunei 0.3 0.4 66% 77%

0.0 Cambodia 9.1 15.4 16% 21%
(3.0)
(0.2)
Argentina (1.7)

Laos 4.2 6.9 15% 38%

Malaysia 18.2 30.2 50% 74%

Australia

EU
Mexico
Russia
Brazil

Germany

UK
US

Indonesia

China
France

South Africa

Korea

India
Japan
Italy

Turkey

Saudi Arabia
Canada Myanmar 42.1 53.7 25% 34%
Philippines 62.0 100.1 49% 44%
Singapore 3.0 5.5 100% 100%
Thailand 56.6 67.2 29% 49%
Vietnam 68.9 92.5 20% 33%
ASEAN 443.0 624.8 32% 47%
Source: IMF-World Economic Outlook, October 2014 Source: UN 2014 World Urbanisation Prospects

Sovereign rating improvement Popular tourist spot because of proximity to other Asian countries and Australia

Visitors to Indonesia by nationality

Baa2 A-
Baa3
Others
17%
Ba1 BBB- 27%
Ba2
Fitch / S&P
Moody's

Ba3 BB+
15%
B1 3%
B2 BB- 3%
B3 3% 12%
3% 8%
4% 5%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Moody's Fitch S&P

Source: Moody’s, S&P, Fitch website Source: Statistics Indonesia

6
Transportation Profiles

Indonesia:
Transportation profile (Passengers in million)
FY 2004 FY 2014 CAGR

Air 23 111 + 17.2%

Archipelago
Rail 150 278 + 6.3%
Country
Sea 13 13 + 0.4%

China:
Transportation profile (Passengers in million)

FY 2004 FY 2014 CAGR

Air 121 352 + 12.5%

Highway 16.289 39.342 + 9.2% Massive Land

Rail 1.073 2.357 + 8.2%
Country

Sea 181 2.75 + 4.3%

Source: Bloomberg Data, www.bps.go.id , www.dephub.go.id and www.worldbank.org

7
 In terms of air traffic, Indonesia has much room to grow

Population Air Traffic Numbers are in million

30.6 (566%) 34.2 (476%)

46.3 (156%)
5.5 7.3 30.3

Singapore Hongkong Malaysia

105.9 (83%) 40.7 (61%) 111.0 (44%)

127.1 68.7 251.5

Japan Thailand Indonesia

Sources: Data Internal, Bloomberg, IMF, and www.worldbank.org, Full Year 2014

8
New Airport Development Projects 2013 - 2018

2013 2014 2015 2016 2017

12 Airports 7 Airports 6 Airports 3 Airports 5 Airports
1. Kualanamu
2. Muarabungo
3. Sumarorong 1. Enggano
4. Kuffar Seram 2. Tebelian 1. Tjilik Riwut 1. Ali Sadikin
5. Waisai 3. Muara Teweh 2. Segun 2. Singkawang
1. Samarinda Baru
6. Kamanap 4. Tujo Unauna 3. Buntu Kunik 3. Kulonprogo
2. Banten Selatan
7. Waghete Baru 5. Miangas 4. Morowali 4. Wirasaba
3. Kertajati
8. Pekon Serai 6. Namniwel 5. Sinak baru 5. Baru bali
9. Bawean 7. Moa 6. Werur
10. Bone
11. Tual Baru
12. Saumlaki Baru

Airports Traffic Contribution

Others Medan Surabaya Denpasar Jakarta

±20% ±10% ± 12% ± 13% ± 45%

9
 1Q2015 Highlights

Net Profit Improving

USD
2014: (166.2) mio
Passenger Revenue 2015: 12.4 mio
+10.6%
2014: USD 681.0 mio
Operating Revenues 2015: USD 753.5 mio
+13.4%
2014: USD 817.4 mio
EBITDAR 2015: USD 927.3 mio
Margin
2014: 0.5%
RPK 2015: 30.9%
+20.2%
2014: 8.1 bio
Passenger Carried 2015: 9.7 bio
+18.3%
2014: 6.4 mio
2015: 7.6 mio

10
Business Strategy – Quick Wins 2015
Strategies Goals to achieve strategy
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 Garuda currently serves only
3 major cities outside of Indonesia
Improve yield by restructuring flights (Beijing, Shanghai and Guangzhou).
Revenue Targeted new destinations include
generation 4th hangar to be completed by June 2015 Chengdu, Chong Qin, Ningbo, Kunming,
Jinan, Harbin, Xian, Shenyang and
Improve seat load factor by better managing aircraft deliveries Chengzhou
to align ASK and RPK growth

Flight network optimization

Early termination of operating leases Improvements through

choice of aircrafts for long flights
Identified non-fuel cost savings of US$198m for 2015 (Boeing 777 & Airbus 330-300),
Cost efficiency medium flights (Airbus 330-300/Boeing
Dedicated Terminal 3 at Jakarta 738), and
short flights (CRJ 100/ATR 72)
Simplify fleet

US$500m bridge facility used to re-profile existing commercial

term loans Reduce unprofitable flight routes,
Optimising postpone opening of new routes and
capital structure Proposed Reg S US$ Sukuk to refinance bridge loan to extend adjust flight schedules to various
maturity profile destination cities across all routes

11
Garuda Indonesia Market Share – YTD March 2015

Domestic International

2015 2015

18%

16% 34%
21%
4%
6% 37% 45%

41% 79%
66%
34%
2014 2014

Garuda Lion Airasia Lainnya Garuda Others

Garuda domestic market share group (including Citilink)

12
 Peers Comparison – YTD March 2015
ASK growth (%) 2014 vs 2015 Asia RPK growth (%) 2014-2015 Asia
GA CX TG QF SQ Pacific GA CX TG QF SQ Pacific
25.0 25.0
20.2
20.0 20.0
15.0 15.0 11.2
9.3 9.8 8.4
10.0 7.4 7.0 10.0
5.0 5.0 3.3
1.6 0.3
- -
(5.0) (0.2) (5.0) (1.4)
Asia Asia
Pasific Pacific

Passenger carried growth (%) 2014-2015 Passenger carried of AAPA – 2015

Asia
GA CX TG SQ QF Pacific 25.0 Passenger Carried Growth
25.00
20.0
18.3
20.00 14.0 13.8
15.0 12.1
15.00 9.4
9.7 9.4 10.0
10.00
4.8 2.6
5.00 5.0
1.0
- -
(5.00) (0.2) (5.0) (1.5)
Asia
Pacific South South North Oceania Central Asia
East East Pacific
Note: YTD March2015
Sumber: Airline Website and Asia Pacific Data

13
 Garuda connect the world’s largest archipelago
Garuda’s and Citilink’s combined market share of seats for flights departing from Indonesia was 29% in May 2015

57 domestic destinations 6 hubs in Jakarta, Medan, Surabaya, Denpassar ,Balikpapan and Makassar
19 regional destinations in Asia and Australia The leading Indonesian airline with extensive network

16,323 flights per day via alliance partners 1,064 destinations in 178 countries via alliance partners

Southeast Asia
Europe Existing Destinations Kuala Lumpur, Singapore, Bangkok
Amsterdam
Existing Destinations
London North Asia
Beijing, Shanghai, Seoul, HK, Tokyo,
Existing Destinations
Osaka, Guangzhou

Medan

Balikpapan

Australia
Makassar
Existing Perth, Sydney,
Middle East Destinations Melbourne
Jakarta Surabaya
Existing Destinations Jeddah
Denpassar

Existing domestic routes

Planned new routes

Hubs
Source: Centre of Aviation and OAG Company filings

14
Awards
2014 2015
• 5-STAR AIRLINE • SCHIPHOL AVIATION AWARDS
• WORLD’S BEST CABIN CREW • INDONESIA HUMAN CAPITAL AWARD 2015
• 7TH RANK: WORLD’S BEST AIRLINE • CELLARS IN THE SKY 2014 AWARD

73 awards 2014: 16 awards 2015:

- Domestic: 49 awards - Domestic: 10 awards
- International: 24 awards - International: 6 awards

15
Operational Performance 16
Number of Fleets

Average Age (year) Ops. Fin lease/

Dec 14 Mar 15 lease owned
Dec 15
5.8
5.0 4.5 Narrow Body
4.3
• B737-300 1 1 - 1 1
• B737-500 4 4 - 4 4
• B737-800 NG 75 78 78 - 81
• CRJ - 1000 15 15 9 6 18
2012 2013 2014 2015E
• ATR 72-600 8 8 8 - 11
Total Narrow Body 103 106 95 11 115
Wide Body
• B747-400 2 2 - 2 2
• B777ER 6 6 6 - 9
Fleets per 31 Dec 2014 169 • A330-200 11 11 11 - 11
In • A330-300 11 11 5 6 13
* B737-800NG 3 Total Wide Body 30 30 22 8 35
* A320-200 2 Garuda Main Brand 133 136 117 19 150
Total 5 Citilink
Out • B737-300 4 4 - 4 4
*- - •A320-200 32 34 34 - 36
Total - Total Citilink 36 38 34 4 40
Fleets per 31 Mar 2015 174 TOTAL FLEET 169 174 151 23 190

17
1Q2015 – Operational Performance Garuda Group

Yield decreased
1Q-2014 1Q-2015 ∆%
• The passenger yield
Aircraft Utilization (Hours) 10:10 9:15 -0:55 decreased 7.8% due to IDR
depreciation 5.0% that
Operational Frequencies 53.627 59.317 10,6 impact the IDR revenue and
lower international fares in
On Time Performance (%) 85,9 89,1 3,3 the first quarter as a low
ASK ('000) 11.824.993 12.927.844 9,3 season.

Average Fuel Price (USD/L) 0,89 0,55 (38,4) CASK ex fuel increased
Efficiency
Fuel Burn/Blockhours 3.679 3.678 (0,0) • The CASK ex fuel increased
2.1% as the rental cost,
Passenger Carried 6.427.978 7.601.395 18,3 maintenance and user
charge ware increase in line
RPK ('000) 8.086.131 9.719.230 20,2 with the fleets addition.
Passenger
& Seat Load Factor (%) 68,4 75,2 6,8
Utilization decreased
Cargo Passenger Yield (USc) 8,2 7,6 (7,8)
• The utilization was going
Cargo/Mail Uplifted (Ton) 94.608 100.920 6,7 down to 9:15 hour due to
route restructuring of Quick
CASK (Usc) 7,6 6,5 (14,9) Wins program, especially in
Financial international market.
CASK-excl Fuel (Usc) 4,4 4,5 2,1

18
 1Q2015 – Operational Performance Domestic & International

1Q-2014 1Q-2015 ∆%
Passenger Carried 3.951.280 4.479.923 13,4
Yield decreased
Frequency 34.882 38.056 9,1
ASK ('000) 4.664.439 5.334.403 14,4
RPK ('000) 3.332.524 3.945.134 18,4 • The passenger yield of
Domestic domestic and international
Seat Load Factor (%) 71,4 74,0 2,52 market decreased due to IDR
Passenger Yield (Usc) 9,4 8,7 (7,2) depreciation that impact the
IDR revenue and lower
CASK (Usc) 8,5 7,2 (15,9) international fares in the first
CASK-excl Fuel (Usc) 5,1 5,1 (0,9) quarter as a low season.
Passenger Carried 906.647 1.064.578 17,4
Frequency 7.261 7.061 (2,8) CASK ex fuel
ASK ('000) 5.558.854 5.611.201 0,9 increased
RPK ('000) 3.536.234 4.194.189 18,6
International • The CASK ex fuel of
Seat Load Factor (%) 63,6 74,8 11,14
international market
Passenger Yield (Usc) 8,0 7,3 (9,5) increased as the rental cost,
CASK (Usc) 7,3 6,2 (14,8) maintenance and user
charge ware increasing
CASK-excl Fuel (Usc) 4,3 4,4 2,8

19
1Q2015 – Operational Performance Main Brand & Citilink

1Q-2014 1Q-2015 ∆%

Passenger Carried 4.857.927 5.544.501 14,1

Frequency 42.143 45.117 7,1 Yield decreased

ASK ('000) 10.223.293 10.945.604 7,1

RPK ('000) 6.868.759 8.139.324 18,5
Main Brand • The passenger yield
Seat Load Factor (%) 67,2 74,4 7,17 decreased due to IDR
Passenger Yield (Usc) 8,7 8,0 (8,3) depreciation and lower
international fares in the first
CASK (Usc) 7,9 6,7 (15,0) quarter as a low season.
CASK-excl Fuel (Usc) 4,7 4,7 1,4
Passenger Carried 1.570.051 2.056.894 31,0
Frequency 11.484 14.200 23,7 CASK ex fuel
increased
ASK ('000) 1.601.700 1.982.239 23,8
RPK ('000) 1.217.373 1.579.905 29,8
Citilink
Seat Load Factor (%) 76,0 79,7 3,69 • The CASK ex fuel increased
Passenger Yield (Usc) 5,9 5,8 (2,4) as the rental cost,
maintenance and user
CASK (Usc) 5,8 5,1 (11,4) charge ware increasing
CASK-excl Fuel (Usc) 2,9 3,3 14,6

20
Financial Performance 21
1Q2015 – Summary of Consolidated Income Statement
Income / Loss from Operations*

in USD Mio 1Q14 1Q15 ∆ % YoY 13.9

EBITDAR 4,3 286,5 6.507,7
Scheduled Airline 735,0 805,5 9,6 3.5
Operating
Revenue Non-Scheduled Airline 2,9 39,2 1.272,3 0.1
Others 79,6 82,6 3,9 Jan-15 Feb-15 Mar-15
Total Revenues 817,4 927,3 13,4
Fuel 376,5 264,2 (29,8) Income / Loss Current Period*
Operating Non Fuel 636,2 632,4 (0,6)
Expenses Total Expenses 1.012,7 896,6 (11,5) 12.2
Income / Loss from Operations (195,3) 30,7 115,7
EBT (209,3) 15,4 107,4 2.0
Income
Income / Loss Current Period (166,2) 12,4 107,5
(2.8)
Jan-15 Feb-15 Mar-15
EBITDAR Margin 0.5% 30.9%
* Garuda main brand performance

22
 1Q2015 – Operating Revenue

In USD mio
% Change
0.4%
4.4%
8.9% 927.3 Passenger revenue increasing
(0.4%) Others
• Passenger growth increased 20.2%
Cargo Charter
& • RPK growth is greater than ASK growth
Mail
Passenger • The passenger increased as impact of Quick Wins strategy
817.4 Revenue in generating more revenue.
&
Baggage • In domestic market, Garuda Group got overflow
passenger from domestic airline.

Cargo decrease
• Cargo revenue decrease as impact of cargo yield decrease
1Q14 1Q15 even the cargo&mail uplifted increase in 1Q15.
Operating Revenue Operating Revenue
Non schedule airline (Charter) increase
Operating Revenue PoT*
Schedule Airline 86,9% • Increased charter revenue of the China market and
Umrah (Middle East).
Passenger 81,3%
Others increase
Cargo 5,2%
Excess Baggage 0,2% • Others revenue increased due to better performance
from subsidiaries such as GMF, Gapura Angkasa and
Mail 0,2% Aerowisata.
Non Schedule Airline 4,2%
Others 8,9%
*PoT : Percentage of total

23
 1Q2015 – Operating Expenses
In USD mio
% change
Decreasing expenses
(11.1%) 1.3% (0.4%)
0.1% (0.4%)
4.9% (0.2%)
1,012.6
(5.7%) • Fuel expenses decreased 29.8% to USD
Tiketing 264.2 million compared to same period
User Charge Passenger
Maintenance &
Service last year of USD 376.5 million due to fuel
Rental Sales G&Ai
Fuel Others
896.6 price drops 38.4% compare last year.
• Total operating expenses decreased
11.5% to $ 896.6 million compared to the
same period last year USD 1,012.6
million.

Increasing expenses
1Q14 1Q15
Operating Expenses Operating Expenses

Operating Expenses PoT*

Fuel 29,5% • The rental cost increased 30.8% to USD
Rental 23,6% 211.7 million compared to the same
Maintenance 10,5% period last year of USD 161.9 million in
Ticketing & Sales 8,4% line with the additional fleets.
User Charges & Station 8,3% • The maintenance cost increased by
15.8% to USD 71.9 million compared to
Passenger Service 7,7%
the same period last year USD 62.2
G&A 6,4% million in line with the additional fleets.
Others 5,6%
*PoT : percentage of total

24
1Q2015 – Summary of Consolidated Balance Sheet

in USD Mio 31 Dec 2014 31 Mar 2015 ∆ % YoY

Current Assets 810,5 866,9 7,0

Asset Non-Current Assets 2.302,6 2.305,3 0,1

Total Assets 3.113,1 3.172,2 1,9

Current Liabilities 1.219,4 1.488,8 22,1

Liability Non-Current Liabilities 1.014,2 809,1 (20,2)

Total Liabilities 2.233,6 2.298,0 2,9

Total Equities 879,5 874,2 (0,6)

Equity
Total Liabilities & Equities 3.113,1 3.172,2 1,9

DER 1.1 x 0.9 x

ROE (17.8%) 1.4%

25
1Q2015 – Summary of Consolidated Cash Flow

in USD Mio 1Q14 1Q15 ∆ % YoY

Beginning Cash/Cash Equivalents 480,4 434,3 (9,6)
• Operating Activities (182,2) (26,0) 85,7
• Investing Activities (104,9) (67,3) (35,9)
• Financing Activities 31,1 128,5 312,9
Net Increase (Decrease) in Cash/Cash Equivalents (256,0) 35,2 n.a.
Effect of Foreign Exchange Rate Changes 28,8 (4,6) n.a.
Ending Cash/Cash Equivalents 253,2 464,9 83,6

Operating Investing Financing

 Cash receipts from customers  Proceed of long term loan, bank

USD 862.3 mio
 Cash payments to suppliers USD
768.2 mio
 Payments of interest and financial
expenses USD 14.7 mio
• Payments PDP & Maintenance
loan, & financial institution USD
Reserve Fund: USD 89.2 mio
509.8 mio
• Security Deposit payment: USD
 Payment of long term loan, bank
2.3 mio
loan & financial institution: USD
• Refund of PDP and Maintenance
377.3 mio
Reserve Fund: USD 30.8 mio.

26
 1Q2015 – Cash and Net Gearing
400 In USD mio 0.97 1.00

200
0.95
000

800
0.90 31.1%

600 0.84 0.85

60.1%
400 8.8%
0.80
200
434 1,170 879 465 1,313 874
0 0.75
Long term loan
31 Dec 14 31 Mar 15
Lease Liabilities
Cash Position Debt Equity Net Gearing
Short term loan

27
Subsidiaries

28
Subsidiaries

PT Citilink Indonesia (in USD '000) PT GMF Aero Asia (in USD 000)
1Q-2014 1Q-2015 ∆ % YoY 1Q-2014 1Q-2015 ∆ % YoY
Operating Revenue 77.701 107.223 38,0 Operating Revenue 61.825 65.960 6,7
Operating Income (17.678) 2.712 115,3 Operating Income 7.250 4.540 (37,4)
Net Income (14.772) 862 105,8 Net Income 4.170 4.595 10,2
EBITDA (15.732) 5.223 133,2 EBITDA 8.447 6.624 (21,6)
Dec 14 Mar15 ∆ % YoY Dec 14 Mar15 ∆ % YoY
Asset 166.785 185.508 11,2 Asset 251.352 258.063 2,7
Liability 209.441 177.303 (15,3) Liability 165.958 166.444 0,3
Equity (42.657) 8.205 119,2 Equity 85.394 91.619 7,3

PT Aero Wisata (in IDR bio)

PT Gapura Angkasa (IDR milyar)
1Q-2014 1Q-2015 ∆ % YoY 1Q-2014 1Q-2015 ∆ % YoY
Pendapatan usaha 289 325 12,4 Operating Revenue 723 731 1,1
Laba (rugi) usaha (6) 49 963,4 Operating Income 24 13 -45,6
Laba (rugi) bersih (10) 38 460,6 Net Income 6,3 0,5 (92,3)
EBITDA 6 61 944,2 EBITDA 47 46 (0,6)
Dec 14 Mar15 ∆ % YoY Dec 14 Mar15 ∆ % YoY
Aset 787 839 6,6 Asset 2.696 2.664 (1,2)
Liabilitas 422 484 14,7 Liability 873 875 0,2
Ekuitas 365 355 (2,8) Equity 1.823 1.790 (1,8)

29
Subsidiaries

PT Abacus DS Indonesia (in USD 000) PT Aero System (in USD 000)
1Q-2014 1Q-2015 ∆ % YoY 1Q-2014 1Q-2015 ∆ % YoY
Operating Revenue 790 781 (1,1) Operating Revenue 4.189 2.093 (50,0)
Operating Income 38 105 173,9 Operating Income (696) (1.909) (174,1)
Net Income 63 84 32,5 Net Income (946) (1.351) (42,7)
EBITDA 92 155 68,5 EBITDA (60) (1.234) (1.958,1)
Dec 14 Mar15 ∆ % YoY Dec 14 Mar15 ∆ % YoY
Asset 6.645 7.002 5,4 Asset 28.769 26.577 (7,6)
Liability 684 972 42,1 Liability 17.123 16.244 (5,1)
Equity 5.961 6.031 1,2 Equity 11.646 10.334 (11,3)

Garuda Indonesia Holiday France S.A.S (USD

ribuan)
1Q-2014 1Q-2015 ∆ % YoY
Pendapatan usaha - 65.247 n/a
Laba (rugi) usaha - 110 n/a
Laba (rugi) bersih 2 20,7 728,5
EBITDA 2 113,4 4.437,9
Dec 14 Mar15 ∆ % YoY
Aset 67.955 99.002 45,7
Liabilitas 67.263 98.287 46,1
Ekuitas 693 714 3,1

30
Budget Realization 2015

1Q-2015 Estimate 2015E

174 Number of fleets 190

5.4 Average age of fleet (year) 4.3

18.3% Passenger growth 15% - 20%

20.2% RPK growth 15% - 20%

9.3% ASK growth 10% - 12%

$ 4.3 mio CAPEX* $ 135 mio

* CAPEX GA Main Brand only

31
PT Garuda Indonesia (Persero) Tbk.
Investor Relations Department
2nd Floor Management Building Garuda City
Soekarno Hatta International Airport
Phone: 62-21-2560 1201
Email: investor@garuda-indonesia.com

32