Corporate Presentation

Company Perfomance Q3/2018

New BOD with New Spirit!

Board of Directors As the result of Extraordinary General Meeting of Shareholders (EGMS) on September 12, 2018

New Director of Human Capital

Same as Previous Heri Akhyar
Formerly CEO PT Pelindo Energy Logistic

Director of Operation Director of Finance & Risk Management

Bambang Adisurya Angkasa Fuad Rizal
Formerly Deputy Chief Line Operation of Formerly VP Treasury Management of
PT Garuda Indonesia (Persero) Tbk PT Garuda Indonesia (Persero) Tbk

Director of Maintenance
I G. N. Askhara Danadiputra
I Wayan Susena
Formerly President Director of
PT Pelabuhan Indonesia III (Persero)

Director of Cargo & Director of Commercial

Business Development Pikri Ilham Kurniansyah
Mohammad Iqbal Formerly VP International Sales, Distribution & Charter
Formerly Director of Commercial & of PT Garuda Indonesia (Persero) Tbk
Operational of PT Pelabuhan Indonesia III (Persero)

Director of Services
Nicodemus P. Lampe

2
Our Quick Wins Priority

3
Improving Revenue with Tariff Adjustment

Flight Service Performance

Indicator Unit Oct/17 Oct/18 % Nov/17 Nov/18 % 11-M/17 11-M/18 %
Passenger Revenue Million USD 201,3 209,3 4,0 205,0 232,4 13,4 2.359,4 2.336,4 -1,0
Passenger Carried Million 1,98 1,94 -2,1 1,99 1,99 0,3 21,82 21,67 -0,7
Average Fares USD 101,1 107,4 6,2 103,1 115,2 11,7 107,7 107,4 -0,3

Cargo Performance
Indicator Unit Oct/17 Oct/18 % Nov/17 Nov/18 % 11-M/17 11-M/18 %
Cargo Revenue Million USD 19,2 24,6 28,1 21,6 22,6 4,6 200,3 208,7 4,2
Cargo Carried Million Kg 32,5 39,4 21,2 35,0 32,3 -7,6 338,1 337,4 -0,2
Average Fares USD 0,59 0,63 6,8 0,62 0,68 9,7 0,59 0,62 4,4

Source: Internal Data, November 2018

4
Our Q3/2018 Operational Performance Highlights

OPERATIONAL PERFORMANCE Q3/2018

INDICATOR YTD SEP 2018 YOY CHANGE

PASSENGER CARRIED (MILLION) 28,7 +7,9%

ON-TIME PERFORMANCE* (%) 89,7 +2,4 ppts.
SEAT LOAD FACTOR (%) 75,6 +0,6 ppts.
AIRCRAFT UTILIZATION* (HOUR) 9:42 +0:08
PASSENGER YIELD (US¢) 6,5 -3,0%
PASSENGER YIELD (THOUSAND IDR) 917,0 +2,7%
CASK (US¢) 6,0 +2,0%
CASK EXCL. FUEL (US¢) 4,0 -2,4%
* All numbers and figures represent Garuda Indonesia Main Brand only

5
To Boost the Group Performance with Strategic Partnership

6
Develop Strategic Business of GMF AeroAsia

7
Revenue Enhancement by Market Expansion and Product Optimization

GARUDA IN D
F
O
F
N
IC
E
IA
S
L
IA
A
R
IR
EMAINS
L INE FOR
GA x Hokben
TO BE AN O IK IN DONESIA Serves New Experience
R E P U B L
KEPOLISIAN for Customers

Garuda Indonesia and Kepolisian Republik Indonesia (Indonesian
National Police/POLRI) has reached agreement to continue its
cooperation as official airline for more than 400 thousand of POLRI
members. This agreement also include cargo service, loyalty program,
and Umra flight.
Garuda Indonesia collaborate with Hoka Hoka Bento (Hokben) has
launched new in-flight meals menu as a part of company efforts to
creates new experiences for customers.
As early phase, this new in-flight meals menu only available in 11 routes
every Wednesday and Saturday.

8
Marketing Strategy with Personal Touch Approach

9
Develop Bonded Logistics Center and IT-Based Service
BONDED LOGISTICS CENTER
BONDED LOGISTICS CENTER
BONDED LOGISTICS CENTER
HUB CGK
JAKARTA DENPASAR
BONDED LOGISTICS CENTER
Functionality:
BONDED LOGISTICS CENTER
• As a distribution center for
air cargo and parcel to all
of Indonesia destinations.
• Bonded Logistics Center
BONDED LOGISTICS CENTER
(PLB) for e-commerce.
Capacity:
BONDED LOGISTICS CENTER
• Phase 1 » 2 million ton.
• Phase 2 » 2 million ton.
BONDED LOGISTICS CENTER
BONDED LOGISTICS CENTER
BONDED LOGISTICS CENTER
BONDED LOGISTICS CENTER
BONDED LOGISTICS CENTER
10 BONDED LOGISTICS CENTER
HUB DPS
Functionality:
• Marine Product Management
for export to Japan and China,
including Cold Storage,
Re-Oxygen, Quarantine,
•
Product Packing & Branding.
Transhipment E-Commerce
from China to Australia and
Europe destinations as well as
domestic destinations with
PLB facilities.
Shipper & Agent Service
• Cargo Booking
• Documentation
• Regulated Agent
Airport Service
• Cargo Acceptance
• Build-up & Breakdown
• Loading & Discharge
• Warehouse Management System (WHMS)
•
•
Ground Handling Activities
Transhipment
Aircraft Service
• Freighter Service
• Belly Service
• Aircraft Tracking & Tracing
Logistic Intermodal
•
•
Land-Sea-Air Booking Service
Cargo Documentation
• Cargo Tracking
• Intermodal Transport
• Pusat Logistik Berikat
Courier Service
• Booking Service
• Pick-up Service
• Delivery
•
•
Tracking & Tracing
Door to Door Service
Exploring New In-Flight Experiences

Inroducing an entertainment Provide various features,

experience using Virtual Reality such as Box Office movies with
technology as a paid service wide-angle and 180⁰/360⁰
in Business Class screen experience

For early phase, will be running Trial will be conducted

as 6 months free trial in First and Business Class
in selected routes Lounge as well

Beside the “New In-Flight Experience” initiave, Garuda Indonesia is currently

exploring various initiatives related to in-flight experiences, such as
adding the number of the latest movies and series aired in in-flight entertainment,
as well as the possibility to hold Accoustic on Board on certain flights

11
Supports Environmental Preservation Efforts

Recycle In-Flight Material

Garuda Indonesia always supports the environment
preservation efforts by various initiatives, including
use recycled plastic for in-flight material and recycle it
for use back. Through this program Garuda Indonesia
plays a role to reduce plastic waste by 26.1 tons/year*
and carbon emissions up to 65.2 tons/year**

Monouse to Multiuse Program

Replacing monouse material into multiuse, which
significantly reduces the need for material and waste
production. Implementation of this program will be
carried out on:
• Linen Economy Class Headrest Cover
• Linen Economy Class Pillow Cover

* Assumption 1 Kg/passenger
** 1 Kg of plastic equal to 2.5 Kg CO2 emission (source: WHO)

12
Appendix
Company Performance in Q3/2018

13
To Book Net Income US$3.7 Million Amidst Tough Period in Q3/2018
(currency in million USD, except stated otherwise)

INDICATOR Q3/17 Q1/18 Q2/18 Q3/18 % yoy 9M/17 9M/18 % yoy

REVENUE
EBITDAR 422.4 231.5 256.5 377.9 (10.5) 799.8 866.7 8.4
Scheduled Airline Service 885.9 828.5 875.3 863.5 (2.5) 2,521.9 2,567.2 1.8
Non-Scheduled Airline Service 210.3 19.8 12.5 222.5 5.8 256.8 254.8 (0.8)
Others* 128.5 134.7 127.9 135.3 5.3 333.0 398.0 19.5
Operating Revenues 1,224.7 983.0 1,015.7 1,221.3 (0.3) 3,111.6 3,220.0 3.5

EXPENSES
Fuel 297.2 316.0 323.8 379.7 27.8 868.3 1,019.5 17.4
Aircraft Rental 281.8 260.1 257.0 293.9 4.3 799.0 811.0 1.5
Others 540.4 473.0 476.8 510.5 (5.5) 1,553.6 1,460.3 (6.0)
Total Expense 1,119.4 1,049.1 1,057.6 1,184.1 5.8 3,220.9 3,290.8 2.2

PROFIT (LOSS)
EBIT 105.3 (66.1) (41.9) 37.2 (64.7) (109.2) (70.8) 35.2
EBT 85.2 (83.8) (61.7) 13.3 (84.3) (168.9) (132.2) 21.8
Net Income 61.9 (64.3) (49.7) 3.7 (94.0) (221.9) (110.2) 50.3
Comprehensive Income 84.8 (67.6) (49.4) (10.9) (112.9) (207.5) (128.0) 38.3

*) Subsidiaries (Non-Airlines) & Strategic Business Unit (SBU)

EBITDAR Margin 34.5% 23.6% 25.3% 30.9% 25.7% 26.9%

EBITDAR Margin Asia Pacific Airline in Average 20%-21% (Source: Bloomberg 1H/2018)
Notes:
• Rupiah Depreciation 10.7% in 9M/2018 (Based on Closing Rate)
• Fuel Price Hikes 16.0% in 9M/2018

14
Number of Passenger Increased by 7.9% yoy in 9M/2018
*) Represent only for Garuda Indonesia (Main Brand)

INDICATOR Q3/17 Q1/18 Q2/18 Q3/18 % yoy 9M/17 9M/18 % yoy

OPERATIONAL
Utilization* (Hour) 9:49 9:41 9:39 9:45 (0:04) 9:34 9:42 0:08
On-Time Performance* (%) 89.2 88.8 93.0 90.6 1.4 pp 87.3 89.7 2.4 pp
ASK (Billion) 14.6 16.4 16.7 14.7 0.6 46.2 47.8 3.3
Seat Load Factor (%) 78.5 71.4 74.2 81.9 3.3 pp 75.0 75.6 0.6 pp
Passenger Carried (Million) 9.6 8.8 9.9 10.3 7.1 26.8 28.9 7.9
Cargo Uplifted (Thousand Ton) 104.7 111.9 113.3 106.7 1.9 324.1 329.7 1.7

FINANCIAL
Revenue Passenger (in Million USD) 817.1 741.6 797.0 812.2 (0.6) 2,326.8 2,350.8 1.0
Passenger Yield (US¢) 7.1 6.3 6.4 6.7 (5.2) 6.7 6.5 (3.0)
Passenger Yield (Rp) 949.3 862.5 902.3 986.8 3.9 893.0 917.0 2.7
Average Fares (US$) 84.9 83.9 80.4 78.7 (7.2) 86.4 80.9 (6.4)
Average Fares (in Million IDR) 1.1 1.1 1.1 1.2 1.8 1.2 1.1 (0.9)
CASK (US¢) 5.9 5.8 5.9 6.3 7.4 5.9 6.0 2.0
CASK – excl. Fuel (US¢) 4.2 3.9 4.0 4.2 0.5 4.1 4.0 (2.4)
Average Fuel Price (US$/l) 0.5 0.6 0.6 0.6 27.1 0.5 0.6 16.0

DOMESTIC INTERNATIONAL DOMESTIC

MARKET SHARE

2.1 ppts 2.2 ppts 1.8 ppts

2017 2018 2017 2018 2017 2018

29.0 26.9 26.0 23.8 9.9 11.8

% % % % % %

Source: Company’s Data, September 2018

15
External Issues Including Natural Disasters Affect Operational Performance

INDICATOR Q3/17 Q1/18 Q2/18 Q3/18 % yoy 9M/17 9M/18 % yoy

DOMESTIC
Passenger Carried (Million) 5.0 4.4 4.8 5.0 (1.2) 14.2 14.3 0.7
ASK (Billion) 5.8 5.6 5.7 5.6 (2.4) 17.1 16.9 (1.3)
Seat Load Factor (%) 76.2 69.7 74.3 78.9 2.7 pp 71.9 74.3 2.5 pp
Revenue Passenger (in Million USD) 375.7 300.5 330.6 364.8 (2.9) 1,006.4 995.9 (1.0)
Passenger Yield (US¢) 8.5 7.7 7.8 8.2 (4.0) 8.1 7.9 (2.9)
Passenger Yield (Rp) 1,139.4 1,054.6 1,092.4 1,199.7 5.3 1,086.6 1,116.2 2.7
Average Fares (US$) 74.2 67.3 68.1 72.9 (1.7) 70.8 69.5 (1.8)
Average Fares (Rp Million) 1.0 0.9 1.0 1.1 7.8 0.9 1.0 4.0
Cargo Uplifted (Thousand Ton) 59.9 63.1 60.4 62.0 3.4 185.0 183.7 (0.7)
CASK (US¢) 6.8 7.0 7.1 7.3 8.0 7.0 7.2 2.3
CASK – excl. Fuel (US¢) 4.9 5.0 5.0 5.1 3.7 5.0 5.0 0.0

INTERNATIONAL
Passenger Carried (Million) 1.1 1.2 1.2 1.1 (5.1) 3.7 3.5 (5.8)
ASK (Billion) 5.6 7.5 7.3 5.4 (4.0) 20.1 20.1 (0.0)
Seat Load Factor (%) 77.5 70.5 69.4 78.7 1.2 pp 75.4 72.3 (3.1) pp
Revenue Passenger (in Million USD) 292.8 320.8 307.2 270.8 (7.5) 946.0 898.8 (5.0)
Passenger Yield (US¢) 6.7 6.1 6.1 6.4 (5.1) 6.2 6.2 (0.8)
Passenger Yield (Rp) 901.1 824.3 851.7 938.3 4.1 827.6 868.9 5.0
Average Fares (US$) 257.1 267.6 257.2 250.6 (2.5) 256.4 258.8 0.9
Average Fares (Rp Million) 3.4 3.6 3.6 3.7 6.9 3.4 3.7 6.8
Cargo Uplifted (Thousand Ton) 26.2 27.6 31.9 22.9 (12.6) 85.5 82.0 (4.1)
CASK (US¢) 5.7 5.4 5.6 6.1 6.9 5.4 5.6 3.7
CASK – excl. Fuel (US¢) 4.2 3.7 3.8 4.1 (1.2) 3.9 3.8 (1.8)
Note: All numbers and figures represent only for Garuda Indonesia (Main Brand)

16
Citilink Grabs the Volume & Improves Top Line

INDICATOR Q3/17 Q1/18 Q2/18 Q3/18 % yoy 9M/17 9M/18 % yoy

GARUDA INDONESIA
Passenger Carried (Million) 6.2 5.6 6.0 6.1 (1.9) 17.8 17.7 (0.6)
ASK (Billion) 11.4 13.0 13.0 11.0 (3.2) 37.3 37.0 (0.6)
Seat Load Factor (%) 76.8 70.2 71.6 78.8 2.0 pp 73.8 73.2 (0.6) pp
Revenue Passenger (in Million USD) 668.4 621.2 637.8 635.5 (4.9) 1,952.4 1,894.6 (3.0)
Passenger Yield (US¢) 7.6 6.8 6.8 7.3 (4.3) 7.1 7.0 (1.6)

Passenger Yield (Rp) 1,021.6 921.1 961.5 1,071.9 4.9 943.8 983.4 4.2

Average Fares (US$) 107.8 109.7 105.4 104.5 (3.1) 109.0 106.5 (2.3)
Average Fares (Rp Million) 1.4 1.5 1.5 1.5 6.3 1.5 1.5 3.4
Cargo Uplifted (Thousand Ton) 86.1 90.7 92.3 84.9 (1.4) 270.5 265.7 (1.8)
CASK (US¢) 6.2 6.1 6.3 6.7 7.7 6.2 6.3 2.8
CASK – excl. Fuel (US¢) 4.5 4.2 4.3 4.6 1.3 4.4 4.4 (0.9)

CITILINK
Passenger Carried (Million) 3.4 3.2 3.8 4.2 23.5 9.0 11.2 24.8
ASK (Billion) 3.3 3.3 3.7 3.7 13.8 8.9 10.7 19.8
Seat Load Factor (%) 84.5 76.1 83.4 90.9 6.4 pp 79.8 83.8 3.9 pp
Revenue Passenger (in Million USD) 148.7 120.4 159.2 176.6 18.8 374.3 456.2 21.9
Passenger Yield (US¢) 5.4 4.7 5.1 5.2 (3.0) 5.2 5.1 (3.1)
Passenger Yield (Rp) 719.0 645.8 722.2 765.0 6.4 695.5 713.5 2.6
Average Fares (US$) 43.3 37.8 41.2 41.7 (3.8) 41.4 40.4 (2.4)
Average Fares (Rp Million) 0.6 0.5 0.6 0.6 5.5 0.6 0.6 3.3
Cargo Uplifted (Thousand Ton) 18.6 21.2 21.0 21.8 17.4 53.5 64.1 19.6
CASK (US¢) 4.5 4.7 4.8 5.0 10.8 4.7 4.9 3.4
CASK – excl. Fuel (US¢) 2.9 2.8 2.8 2.9 2.5 3.0 2.9 (4.7)

17
To Close Leaks and Inefficiencies through Maintaining the Other Expenses
(currency in million USD, except stated otherwise)

INDICATOR Q3/17 Q1/18 Q2/18 Q3/18 % yoy PoC 9M/17 9M/18 % yoy PoC
Fuel 297.2 316.0 323.8 379.7 27.8 32.1 868.3 1,019.5 17.4 31.0
Rental 281.8 260.1 257.0 293.9 4.3 24.8 799.0 811.0 1.5 24.6
Maintenance 140.8 99.0 109.6 136.7 (2.9) 11.5 330.9 345.2 4.3 10.5
Others 399.6 374.0 367.3 373.8 (6.5) 31.6 1,222.7 1,115.1 (8.8) 33.9
Total Expenses 1,119.4 1,049.1 1,057.6 1,184.1 5.8 100.0 3,220.9 3,290.8 2.2 100.0

PoC: Percentage of Contributions

Bloomberg Data, October 2018: The other expenses of Airline in Asia Pacific contributed 45% of total cost in 1H/2018
(excluding fuel, rental/depreciation, and maintenance expenses)

Management Focus:
To close leaks and inefficiencies through maintaining the other expenses with a policy of 1 Rupiah/1 Dollar BODs approval.

18
Fleet Structure

AIRCRAFT DEC SEP TARGET

TYPE 2017 2018 2018
Boeing 777-300ER 10 10 - 10 10

Boeing 747-400 2 2 2 - -

Airbus A330-200 7 7 - 7 7

Airbus A330-300 17 17 6 11 17

Wide Body 36 36 8 28 34
Utilization 10:54 11:18

Boeing 737 MAX 8 1 1 - 1 1

Boeing 737-800NG 73 73 - 73 73

CRJ1000 NextGen 18 18 6 12 18

ATR72-600 16 16 - 16 17

Narrow Body 108 108 6 102 109

Utilization 9:11 9:12
Garuda Indonesia 144 144 14 130 143
Utilization 9:36 9:42

Airbus A320-200 45 44 - 44 43

Airbus A320-200Neo 5 8 - 8 8

Boeing 737-300 5 5 5 - 5

Boeing 737-500 3 3 3 - 3

Citilink 58 60 8 52 59
Utilization 8:03 9:12
Total Fleets 202 204 22 182 202 Owned/Financial Leased Operating Leased

19
Debt Ratio is Still Maintained Improved at Level 7.4x
(currency in million USD, except stated otherwise)

INDICATOR FY/17 Q1/18 % Chg. Q2/18 % Chg. Q3/18 % Chg.

ASSET
Current Assets 986.7 1,050.8 6.5 1,047.1 6.1 1,079.5 9.4
Non Current Assets 2,776.6 2,901.8 4.5 2,968.7 6.9 3,030.8 9.2
Total Assets 3,763.3 3,952.5 5.0 4,015.8 6.7 4,110.3 9.2

LIABILITY
Current Liabilities 1,921.8 2,192.5 14.1 2,308.5 20.1 2,285.2 18.9
Non Current Liabilities 904.0 890.2 (1.5) 887.9 (1.8) 1,016.8 12.5
Total Liabilities 2,825.8 3,082.6 9.1 3,196.5 13.1 3,301.9 16.8

EQUITY
Total Equities 937.5 869.9 (7.2) 819.4 (12.6) 808.4 (13.8)
Total Liabilities & Equities 3,763.3 3,952.5 5.0 4,015.8 6.7 4,110.3 9.2

Lease Adj. Net Debt / EBITDAR 7.8 7.6 7.2 7.4

Lease Adj. Net Debt / EBITDAR Formula = (Total Debt - Cash + 7 Rentals) / EBITDAR
Average of AAPA’s Lease Adj. Net Debt / EBITDAR in 2017 was 7.6x

20
Improves the Operating Cash Flow with Positive Numbers
(currency in million USD, except stated otherwise)

INDICATOR Q3/17 Q1/18 Q2/18 Q3/18 % yoy 9M/17 9M/18 % yoy

Beginning Cash 380.5 306.9 305.1 301.9 (20.7) 578.7 306.9 (47.0)

Cash from Operating Activities 126.5 (38.3) 83.3 280.4 121.5 (22.5) 327.1 1,552.1
Cash from Investing Activities (108.8) (95.4) (75.2) (119.6) (9.9) (278.3) (292.0) (4.9)
Cash from Financing Activities (11.2) 132.3 (0.8) (182.2) (1,525.2) 105.1 (50.8) (148.3)
Net Increase (Decrease) in Cash 6.5 (1.4) 7.2 (21.5) (195.7) (15.6)
Effect of Foreign Exchange Rate 0.5 (0.5) (10.4) (7.1) 4.5 (18.0)
Ending Cash 387.5 305.1 301.9 273.3 (29.5) 387.5 273.3 (29.5)

3Q/2018 3Q/2018 3Q/2018

OPERATING ACTIVITIES

INVESTING ACTIVITIES

FINANCING ACTIVITIES

Source: Consolidated Financial Statements, 30 September 2018

• Cash receipts from customers US$1.4 • Payments PDP & Maintenance Reserve • Proceed of long term loan, bank loan
billion Fund US$80.8 million & financial institution and bonds
• Cash payments to suppliers US$967.5 • Security Deposit payment US$15.7 US$580.3 million
million million • Payment of long term loan, bank
• Payments of interest and financial • Receipts of Security Deposit US$1.1 loan & financial institution and
expenses US$18.9 million million bonds US$760.2 million
• Refund of PDP & Maintenance Reserve
Fund US$1.3 million

9M/2018 9M/2018 9M/2018

• Cash receipts from customers US$3.4 • Payments PDP & Maintenance Reserve • Proceed of long term loan, bank loan
billion Fund US$257.3 million & financial institution and bonds
• Cash payments to suppliers US$2.7 • Security Deposit payment US$16.3 US$1.7 billion
billion million • Payment of long term loan, bank
• Payments of interest and financial • Receipts of Security Deposit US$778.6 loan & financial institution and
expenses US$66.4 million thousand bonds US$1.8 billion
• Refund of PDP & Maintenance Reserve
Fund US$19.2 million

21
Maintaining Financial Ratio Above the Covenant Terms
(currency in million USD, except stated otherwise)

INDICATOR FY/17 Q1/18 % Chg. Q2/18 % Chg. Q3/18 % Chg.

Short Term Debt 1,079.7 1,212.4 12.3 1,200.6 11.2 996.4 (7.7)
Long Term Debt 555.1 550.1 (0.9) 545.1 (1.8) 574.7 3.5
Leasing 80.7 77.3 (4.2) 73.8 (8.6) 69.7 (13.6)
Financial Debt 1,715.5 1,839.8 7.2 1,819.5 6.1 1,640.9 (4.3)

DEBT STRUCTURE NET GEARING

2,000

(in Million USD)

1,839.8 1,819.5
1,715.5

60.7% 35.0% 4.3 %

1,640.9

1,500
1.9
1.8
1,000 937.5 1.7
869.9 819.4 808.4
1.5
Short-Term Long-Term Leasing
Debt Debt 500
306.9 305.1 301.9 273.3
Covenant Q3/2018
0
Minimum Cash 5.0% 6.4%
FY/2017 Q1/2018 Q2/2018 Q3/2018
Maximum DER 2.5x 2.0x
Minimum Capital (Million) US$800 US$808.4 Cash Financial Debt Equity Net Gearing

22
The Subsidiaries Revenues US$821.2 Million, Contributed 25.5%
of Total Group

(currency in thousand USD, except stated otherwise)

INDICATOR 9M/2018 % Chg. 9M/2018 % Chg. 9M/2018 % Chg.

Revenue Contribution to Group (%) 16.1 4.5 3.6

Operating Revenue 518,632.9 18.7 334,699.6 7.8 180,524.0 (0.8)

Operating Income (45,621.4) (22.2) 37,292.0 (32.4) 2,158.3 (51.6)
Net Income (36,747.4) 17.0 26,976.8 (29.3) 950.8 (84.7)
EBITDA/R 124,548.2 6.0 50,316.7 (23.9) 8,799.7 (22.2)
Asset 480,971.5 21.1 738,459.5 37.0 238,892.6 (3.1)
Liabilities 506,273.3 31.3 413,224.2 77.1 73,883.3 7.7
Equity (25,301.8) (322.4) 325,235.3 6.4 165,009.3 (7.3)

(currency in thousand USD, except stated otherwise)

INDICATOR 9M/2018 % Chg. 9M/2018 % Chg. 9M/2018 % Chg.

Revenue Contribution to Group (%) 1.0 0.2 0.1
Operating Revenue 97,812.9 11.7 10,485.9 18.9 3,003.1 (10.7)
Operating Income 4,880.4 621.1 176.4 123.1 564.6 (46.4)
Net Income 2,702.0 4,735.6 196.4 165.8 422.5 (50.0)
EBITDA/R 7,528.8 (26.2) 1,048.5 118.6 664.3 (40.9)
Asset 67,345.5 (0.7) 28,036.1 4.7 10,593.6 7.3
Liabilities 34,419.1 (6.6) 19,901.6 3.4 1,390.5 26.9
Equity 32,926.4 6.3 8,134.5 8.0 9,203.1 4.9

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PT Garuda Indonesia (Persero) Tbk
© 2018 - All Rights Reserved

Registered Office Investor Relations

Garuda Indonesia Building
Jl. Kebon Sirih No. 46A
Jakarta - 10110, Indonesia
Ground Floor, Garuda Indonesia Management Building
Soekarno-Hatta International Airport
Tangerang - 15111, Indonesia
PO BOX 1004 TNG BUSH
email: investor@garuda-indonesia.com

www.garuda-indonesia.com