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Transportation

PT Garuda Indonesia (Persero) Tbk

Company Background

Garuda Indonesia is having a rough go. After suffering from widening losses due to rising fuel prices and a weak home currency, the flag carrier was forced to cancel new routes connecting Jakarta to India and the Philippines. The airline has also postponed selling its stake in budget carrier Citilink Indonesia.

 

The setbacks have been major blows to a company that had been on track to alleviating debt that had been mounting since 1997, when the Asian currency crisis hit. Struggling to repay loans, the government in 2005 appointed Emirsyah Satar, a former vice president of local lender Bank Danamon, as president and CEO. The airline has since restructured its debt. And in 2011, it held an initial public offering.

 

Satar will end his second-five year term in 2015. The government still owns about 60% of Garuda's shares.

 

Garuda, which made its virgin flight in 1949, had a fleet of 140 aircraft flying to 64 destinations at the end of 2013.

Business Summary

PT Garuda Indonesia (Persero) Tbk engages in the provision of passenger and cargo air transportation services. It operates through the following segments: Flight Operation, Aircraft Maintenance Services, and Other Operations. The Flight Operation segment offers scheduled and non-scheduled commercial air transportation of domestic and international passengers, cargoes, and mails. The Aircraft Maintenance Services segment includes aircraft maintenance and repair services. The Other Operations segment refers to the services for commercial air transportation operation comprise of catering services and ground handling services, information system services, and other services. The company was founded on March 31, 1950 and is headquartered in Tangerang, Indonesia.

Financial Highlights

Dec 2019 IDRUSD
Revenue64,664.47B4,572.63M
Gross Profit10,419.44B736.79M
Operating income2,311.40B163.44M
Income before tax739,046.78M52.26M
Net income98,795.28M6.98M
EBITDA4,884.78B345.41M
Diluted EPS3.810.00
Dividends Per Share00
Total Assets61,855.91B4,455.67M
Total liabilities51,851.87B3,735.05M
Total equity9,648.30B694.99M
Operating cash flow7,260.54B513.41M
Currency in IDRCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 51,110.33B 51,391.72B 55,900.10B 61,651.54B 64,664.47B
Gross Profit 7,998.62B 7,792.60B 6,829.77B 3,392.77B 10,419.44B
Operating income 1,114.70B 904,346.83M -1,482.10B -3,749.13B 2,311.40B
Income before tax 1,428.95B 236,623.55M -2,116.74B -4,077.32B 739,046.78M
Net income 1,024.62B 107,325.83M -2,898.26B -3,290.91B 98,795.28M
EBITDA 3,502.90B 3,169.87B 457,867.83M -1,215.49B 4,884.78B
Diluted EPS 39.65 4.12 -112.00 -127.13 3.81
Dividends Per Share 0 0 0 0 0
Total Assets 45,628.50B 50,354.40B 51,058.46B 59,755.72B 61,855.91B
Total liabilities 32,522.78B 36,748.56B 38,339.35B 50,555.30B 51,851.87B
Total equity 12,868.58B 13,375.57B 12,139.95B 8,608.10B 9,648.30B
Operating cash flow 2,635.01B 1,531.49B -736,157.74M 412,533.53M 7,260.54B
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 3,814.98M 3,863.92M 4,177.32M 4,330.44M 4,572.63M
Gross Profit 597.03M 585.89M 510.37M 238.31M 736.79M
Operating income 83.20M 67.99M -110.75M -263.34M 163.44M
Income before tax 106.66M 17.79M -158.18M -286.39M 52.26M
Net income 76.48M 8.06M -216.58M -231.15M 6.98M
EBITDA 261.46M 238.32M 34.21M -85.37M 345.41M
Diluted EPS 0.00 0.00 -0.00 -0.00 0.00
Dividends Per Share 0 0 0 0 0
Total Assets 3,310.01M 3,737.56M 3,763.29M 4,155.47M 4,455.67M
Total liabilities 2,359.28M 2,727.67M 2,825.82M 3,515.66M 3,735.05M
Total equity 933.52M 992.80M 894.78M 598.61M 694.99M
Operating cash flow 196.68M 115.14M -55.01M 28.97M 513.41M

Valuation Measures

Dec 2019
PER130.42
ROA0.16%
ROE1.08%
Operating margin3.57%
Profit margin0.15%

Key executives

  • Chief Executive Officer: Irfan Setiaputra
  • Operational Director: Tumpal Manumpak Hutapea
  • Director-Finance & Risk Management: Fuad Rizal
  • Director-Service, Business Development & IT: Ade R. Susardi
  • Technical Director: Rahmat Hanafi

Shareholders

  • Government of Indonesia (60.5%)
  • PT Trans Airways (25.6%)
  • Dimensional Fund Advisors LP (0.4%)
  • PT Manulife Aset Manajemen Indonesia (0.0%)
  • SSgA Funds Management, Inc. (0.0%)
  • RAM Active Investments SA (0.0%)
  • Dimensional Fund Advisors Ltd. (0.0%)

Contact Details

  • Website:http://www.garuda-indonesia.com
  • Address: Management Building, Garuda City, Soekarno-Hatta International Airport, Tangerang, 15111, Indonesia
  • Phone: +62.21.2351.9999

Related Companies

  • PT Garuda Indonesia Singapore
  • Garuda Indonesia Global Sukuk Ltd.
  • Garuda Indonesia Ltd.
  • PT Citilink Indonesia
  • Kokarga
  • PT Aero Systems Indonesia
  • PT Garuda Maintenance Facility Aero Asia
  • PT Aerowisata
  • Garuda Indonesia (Italy)

Competitors

  • China Southern Airlines Company Limited Class H
  • AirAsia Group Bhd.
  • ANA Holdings Inc.
  • China Airlines Ltd.
  • Korean Air Lines Co., Ltd
  • Singapore Airlines Ltd.
  • Delta Air Lines, Inc.
  • Japan Airlines Co., Ltd.
  • Thai Airways International Public Co. Ltd.
  • Qantas Airways Limited
  • Cathay Pacific Airways Limited
  • Deutsche Lufthansa AG
  • Liberty Global Plc Class A
Last Updated on 27 Nov, 2020

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