Corporate_presentation_-_3q-2018_with_appendix.pdf

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 Same as Previous

Director of Human Capital 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 PT Garuda Indonesia (Persero) Tbk

Formerly VP Treasury Management of PT Garuda Indonesia (Persero) Tbk

I G. N. Askhara Danadiputra

Director of Maintenance

Formerly President Director of PT Pelabuhan Indonesia III (Persero)

I Wayan Susena

Director of Commercial

Director of Cargo & Business Development

Pikri Ilham Kurniansyah

Mohammad Iqbal

Formerly VP International Sales, Distribution & Charter of PT Garuda Indonesia (Persero) Tbk

Formerly Director of Commercial & 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

%

Passenger Revenue

Million USD

Passenger Carried Average Fares

Nov/17 Nov/18

%

11-M/17 11-M/18

%

201,3

209,3

4,0

205,0

232,4

13,4

2.359,4

2.336,4

-1,0

Million

1,98

1,94

-2,1

1,99

1,99

0,3

21,82

21,67

-0,7

USD

101,1

107,4

6,2

103,1

115,2

11,7

107,7

107,4

-0,3

Oct/17

Oct/18

%

Nov/17 Nov/18

%

11-M/17 11-M/18

%

Cargo Performance Indicator

Unit

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

PASSENGER CARRIED (MILLION) ON-TIME PERFORMANCE* (%) SEAT LOAD FACTOR (%) AIRCRAFT UTILIZATION* (HOUR) PASSENGER YIELD (US¢) PASSENGER YIELD (THOUSAND IDR) CASK (US¢) CASK EXCL. FUEL (US¢) * All numbers and figures represent Garuda Indonesia Main Brand only

5

YTD SEP 2018

YOY CHANGE

28,7 89,7 75,6 9:42 6,5 917,0 6,0 4,0

+7,9% +2,4 ppts. +0,6 ppts. +0:08 -3,0% +2,7% +2,0% -2,4%

To Boost the Group Performance with Strategic Partnership

6

Develop Strategic Business of GMF AeroAsia

7

Revenue Enhancement by Market Expansion and Product Optimization

EMAINS R IA S E N O D GARUDA IN INE FOR L IR A L IA IC F F TO BE AN O DONESIA IN IK L B U P E R KEPOLISIAN 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.

8

GA x Hokben Serves New Experience for Customers 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.

Marketing Strategy with Personal Touch Approach

9

Develop Bonded Logistics Center and IT-Based Service

BONDED LOGISTICS CENTER BONDED LOGISTICS CENTER

BONDED LOGISTICS CENTER JAKARTA DENPASAR BONDED LOGISTICS CENTER BONDED LOGISTICS CENTER BONDED LOGISTICS CENTER BONDED LOGISTICS CENTER BONDED LOGISTICS CENTER BONDED LOGISTICS CENTER BONDED LOGISTICS CENTER BONDED LOGISTICS CENTER BONDED LOGISTICS CENTER BONDED LOGISTICS CENTER HUB CGK

HUB DPS

Shipper & Agent Service

Functionality:

Functionality:

Airport Service

•

•

•

As a distribution center for air cargo and parcel to all of Indonesia destinations. Bonded Logistics Center (PLB) for e-commerce.

Capacity: • •

10

Phase 1 » 2 million ton. Phase 2 » 2 million ton.

•

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.

• • •

• • • • • •

Cargo Booking Documentation Regulated Agent

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 experience using Virtual Reality technology as a paid service in Business Class

Provide various features, such as Box Office movies with wide-angle and 180⁰/360⁰ screen experience

For early phase, will be running as 6 months free trial in selected routes

Trial will be conducted in First and Business Class 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

1,224.7

983.0

1,015.7

1,221.3

(0.3)

3,111.6

3,220.0

3.5

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)

1,119.4

1,049.1

1,057.6

1,184.1

5.8

3,220.9

3,290.8

2.2

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

Operating Revenues

EXPENSES

Total Expense

PROFIT (LOSS)

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

34.5%

23.6%

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

25.3%

30.9%

25.7%

26.9%

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

9.6

8.8

9.9

10.3

7.1

26.8

28.9

7.9

104.7

111.9

113.3

106.7

1.9

324.1

329.7

1.7

817.1

741.6

797.0

812.2

(0.6)

2,326.8

2,350.8

1.0

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

Passenger Carried (Million) Cargo Uplifted (Thousand Ton)

FINANCIAL Revenue Passenger (in Million USD)

MARKET SHARE

Passenger Yield (US¢)

DOMESTIC

2017

29.0 %

Source: Company’s Data, September 2018

15

INTERNATIONAL

2.1 ppts

DOMESTIC

2.2 ppts

2018

26.9 %

2017

26.0 %

1.8 ppts

2018

23.8 %

2017

9.9 %

2018

11.8 %

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

375.7

300.5

330.6

364.8

(2.9)

1,006.4

995.9

(1.0)

8.5

7.7

7.8

8.2

(4.0)

8.1

7.9

(2.9)

1,139.4

1,054.6

1,092.4

1,199.7

5.3

1,086.6

1,116.2

2.7

74.2

67.3

68.1

72.9

(1.7)

70.8

69.5

(1.8)

1.0

0.9

1.0

1.1

7.8

0.9

1.0

4.0

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

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)

77.5

70.5

69.4

78.7

1.2 pp

75.4

72.3

(3.1) pp

292.8

320.8

307.2

270.8

(7.5)

946.0

898.8

(5.0)

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

3.4

3.6

3.6

3.7

6.9

3.4

3.7

6.8

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)

Revenue Passenger (in Million USD) Passenger Yield (US¢) Passenger Yield (Rp) Average Fares (US$) Average Fares (Rp Million) Cargo Uplifted (Thousand Ton)

INTERNATIONAL

Seat Load Factor (%) Revenue Passenger (in Million USD) Passenger Yield (US¢)

Average Fares (Rp Million) Cargo Uplifted (Thousand Ton)

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

668.4

621.2

637.8

635.5

(4.9)

1,952.4

1,894.6

(3.0)

7.6

6.8

6.8

7.3

(4.3)

7.1

7.0

(1.6)

1,021.6

921.1

961.5

1,071.9

4.9

943.8

983.4

4.2

107.8

109.7

105.4

104.5

(3.1)

109.0

106.5

(2.3)

1.4

1.5

1.5

1.5

6.3

1.5

1.5

3.4

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)

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

84.5

76.1

83.4

90.9

6.4 pp

79.8

83.8

3.9 pp

148.7

120.4

159.2

176.6

18.8

374.3

456.2

21.9

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)

0.6

0.5

0.6

0.6

5.5

0.6

0.6

3.3

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)

Revenue Passenger (in Million USD) Passenger Yield (US¢) Passenger Yield (Rp) Average Fares (US$) Average Fares (Rp Million) Cargo Uplifted (Thousand Ton)

CITILINK

Seat Load Factor (%) Revenue Passenger (in Million USD) Passenger Yield (US¢)

Average Fares (Rp Million) Cargo Uplifted (Thousand Ton)

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

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

Total Expenses 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 TYPE

DEC 2017

SEP 2018

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

8

28

34

Boeing 777-300ER

Wide Body

36

36

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

9:36

9:42

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

8

52

59

22 182

202

Utilization Airbus A320-200

Citilink

19

TARGET 2018

58

60

Utilization

8:03

9:12

Total Fleets

202

204

Owned/Financial Leased

Operating Leased

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

1,921.8

2,192.5

14.1

2,308.5

20.1

2,285.2

18.9

904.0

890.2

(1.5)

887.9

(1.8)

1,016.8

12.5

2,825.8

3,082.6

9.1

3,196.5

13.1

3,301.9

16.8

937.5

869.9

(7.2)

819.4

(12.6)

808.4

(13.8)

3,763.3

3,952.5

5.0

4,015.8

6.7

4,110.3

9.2

7.8

7.6

LIABILITY Current Liabilities Non Current Liabilities Total Liabilities

EQUITY Total Equities Total Liabilities & Equities

Lease Adj. Net Debt / EBITDAR

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

7.2

7.4

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

(1,525.2)

(148.3)

(0.8)

(182.2)

105.1

(50.8)

(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)

387.5

305.1

301.9

273.3

387.5

273.3

3Q/2018 • • •

3Q/2018 • • • •

Payments PDP & Maintenance Reserve Fund US$80.8 million Security Deposit payment US$15.7 million Receipts of Security Deposit US$1.1 million Refund of PDP & Maintenance Reserve Fund US$1.3 million

3Q/2018 • •

Proceed of long term loan, bank loan & financial institution and bonds US$580.3 million Payment of long term loan, bank loan & financial institution and bonds US$760.2 million

9M/2018

9M/2018

9M/2018

•

•

•

• •

21

Cash receipts from customers US$1.4 billion Cash payments to suppliers US$967.5 million Payments of interest and financial expenses US$18.9 million

(29.5)

FINANCING ACTIVITIES

OPERATING ACTIVITIES

Ending Cash

Cash receipts from customers US$3.4 billion Cash payments to suppliers US$2.7 billion Payments of interest and financial expenses US$66.4 million

• • •

Payments PDP & Maintenance Reserve Fund US$257.3 million Security Deposit payment US$16.3 million Receipts of Security Deposit US$778.6 thousand Refund of PDP & Maintenance Reserve Fund US$19.2 million

•

Proceed of long term loan, bank loan & financial institution and bonds US$1.7 billion Payment of long term loan, bank loan & financial institution and bonds US$1.8 billion

(29.5)

Source: Consolidated Financial Statements, 30 September 2018

132.3

6.5

INVESTING ACTIVITIES

(11.2)

Net Increase (Decrease) in Cash

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)

1,715.5

1,839.8

7.2

1,819.5

6.1

1,640.9

(4.3)

Financial Debt

60.7%

NET GEARING

35.0%

4.3 %

(in Million USD)

DEBT STRUCTURE

2,000 1,715.5

Long-Term Debt

937.5

Minimum Cash

5.0%

6.4%

Maximum DER

2.5x

2.0x

US$800

US$808.4

Minimum Capital (Million)

22

500

Q3/2018

1,640.9

1.8

306.9

0

Cash

305.1

FY/2017

1.9

869.9

1.5

Leasing

Covenant

1,819.5

1,500 1,000

Short-Term Debt

1,839.8

Q1/2018

Financial Debt

1.7

819.4

301.9

Q2/2018 Equity

808.4

273.3

Q3/2018 Net Gearing

The Subsidiaries Revenues US$821.2 Million, Contributed 25.5% of Total Group (currency in thousand USD, except stated otherwise)

INDICATOR Revenue Contribution to Group (%)

9M/2018

% Chg.

16.1

9M/2018

% Chg.

4.5

9M/2018

% Chg.

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)

9M/2018

% Chg.

9M/2018

% Chg.

9M/2018

% Chg.

(currency in thousand USD, except stated otherwise)

INDICATOR 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

23

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