Bringing Indonesian Hospitality to the World Garuda Indonesia Persero Annual Report 12805.pdfPT Garuda Indonesia (Persero) Tbk Investor Relations ... MANAJEMEN Management Discussion

PT Garuda Indonesia (Persero) Tbk

www.garuda-indonesia.com

Investor RelationsManagement Building, Garuda CitySoekarno-Hatta International AirportCengkareng 19120, IndonesiaPh : (+6221) 2560 1201Fax : (+6221) 5591 5673E-mail : [email protected]

Laporan Tahunan 20

17

Annual Report

Bringing Indonesian Hospitality to the WorldLaporan Tahunan 2017 Annual Report

Bringing Indonesian H

ospitality to the World

Annual Report 2015

Annual Report 2016

Caring with Passion to Serve

Thousand Hands Beyond Excellence

Di tahun 2015, Garuda Indonesia memperkuat konsolidasi dengan menerapkan program quickwins. Penerapan program ini terutama ditujukan untuk dapat memberikan nilai tambah yang lebih kuat kepada pemegang saham dan pemangku kepentingan. Melalui penerapan program tersebut, Garuda Indonesia berhasil mewujudkan kinerja positif dan siap untuk terbang ke level yang lebih tinggi.

Di tahun 2016, Garuda Indonesia menetapkan “Sky Beyond” sebagai Rencana Jangka Panjang Perusahaan (RJPP) periode tahun 2016 – 2020. Diharapkan melalui penerapan “Sky Beyond” yang didukung oleh ribuan tangan insan Garuda Indonesia, maka Garuda Indonesia dapat memberikan nilai lebih dari sekedar unggul terutama dengan menjadikan layanan sebagai kekuatan kompetitif yang utama.

In 2015, Garuda Indonesia is strengthening its consolidation by implementing quickwins program. The program is particularly implemented to deliver stronger added value to the shareholders and stakeholders. Through the implementation of this program, Garuda Indonesia has successfully achieved positive performance and ready to soar higher.

In 2016, Garuda Indonesia has set “Sky Beyond” as the Company’s Long-Term Plan for the period of 2016 – 2020. Through the implementation of “Sky Beyond” that is supported by the thousand hands of Garuda Indonesia’s people, it is expected that Garuda Indonesia could deliver added values beyond excellence, especially by making service as a major competitive strength.

Hal-hal tertentu yang dibahas tentang Laporan Tahunan tentang kinerja masa depan termasuk tanpa terbatas pada pendapatan, laba, strategi, prospek, akibat dan semua pernyataan lain yang tidak sepenuhnya fakta historis merupakan forward-looking statement (pernyataan prospektif).

Pernyataan-pernyataan prospektif dalam laporan tahunan ini dibuat berdasarkan berbagai asumsi mengenai kondisi terkini dan kondisi mendatang Perseroan serta lingkungan bisnis di mana Perseroan menjalankan kegiatan usaha. Perseroan tidak menjamin bahwa dokumen-dokumen yang telah dipastikan keabsahannya akan membawa hasil-hasil tertentu sesuai harapan. Informasi terkait perkiraan mendatang telah disusun dengan sungguh-sungguh dan memperhatikan peraturan yang berlaku. Semua forward-looking statement tidak menjamin kepastian untuk kinerja di masa mendatang, memiliki prospek risiko yang diketahui dan tidak diketahui, ketidakpastian dan faktor-faktor lain yang sebagian besar di luar kendali Perseroan sehingga dapat mengakibatkan perkembangan aktual secara material berbeda dari yang dilaporkan karena terjadinya perubahan dalam lingkungan bisnis dan aspek lainnya.

Laporan tahunan ini memuat kata “Perseroan” yang didefinisikan sebagai PT Garuda Indonesia (Persero) Tbk yang menjalankan bisnis dalam bidang penerbangan komersial.

Certain of the matters discussed in this Annual Report about future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute “forward-looking statements”.

These prospective statements in this annual report are prepared based on various assumptions on current and future conditions of the Company, as well as its business environment in which the Company operates. The Company does not guarantee that the documents which have been ensured of their validity will bring certain results as targeted. Due care and attention have been used in the preparation of forecast information. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause actual results to differ materially from those expressed or implied in such statements due to changes in the business environment and other factors.

This annual report contains the word “the Company” which is defined as PT Garuda Indonesia (Persero) Tbk that operates in the field of commercial airline.

Sanggahan dan Batasan Tanggung Jawab

Disclaimer

Theme JourneyPERJALANAN TEMA

Tema ini menunjukkan resistensi Garuda Indonesia

sebagai tim yang satu, kuat serta solid dalam

mengimplementasikan “Value Driven Aviation

Group, Bringing Indonesian Hospitality to the

World”.

Kelima personel di cover masing-masing mewakili

integrasi dari semua elemen kegiatan operasional

Garuda Indonesia Group. Kelima personel tersebut

merupakan cerminan integritas tinggi dan satu

komitmen Garuda Indonesia Group yang melangkah

bersama dan membawa Indonesian hospitality

ke dunia. Standardisasi tersebut merupakan

tolok ukur Perseroan dalam mewujudkan layanan

transportasi udara yang mampu bersinergi dan

berintegrasi terhadap seluruh aspek Perseroan

demi kemajuan yang berkesinambungan.

The theme represents the Garuda Indonesia’s

resistance as a strong and solid team in

implementing “Value Driven Aviation Group,

Bringing Indonesian Hospitality to the World”.

The five personnels on cover represent the

integration of all elements of Garuda Indonesia

Group’s operational activities. These five

personnels are a reflection of high integrity and a

commitment of Garuda Indonesia Group that stride

together and brought Indonesian hospitality to

the world. Such standardization is the benchmark

of the Company in realizing the air transportation

services that are able to synergize and integrate

on all aspects of the Company for sustainable

progress.

Bringing Indonesian Hospitality to the World

06 KILAS KINERJA Performance Highlights

08 Ikhtisar KeuanganFinancial Highlights

10 Ikhtisar OperasionalOperational Highlights

12 Grafik Ikhtisar KeuanganFinancial Highlights Graphic

13 Ikhtisar SahamShare Highlights

18 Ikhtisar ObligasiBond Highlights

24 Testimoni Pelanggan & Mitra BisnisTestimony from Customers & Business Partners

26 Penghargaan & SertifikasiAwards & Certifications

30 LAPORAN MANAJEMENManagement Report

32 Laporan Dewan KomisarisBoard of Commissioners Report

40 Profil Dewan KomisarisBoard of Commissioners Profile

48 Laporan DireksiBoard of Directors Report

64 Profil DireksiBoard of Directors Profile

76 PROFIL PERUSAHAANCompany Profile

78 Identitas PerseroanCorporate Identity

81 Visi, Misi, Strategi dan Nilai Vision, Mission, Strategy and Values

82 Sekilas PerseroanCompany at a Glance

86 Jejak LangkahMilestones

88 Bidang UsahaLine of Business

90 Produk dan JasaProducts and Services

91 Lembaga dan Profesi Penunjang Pasar ModalCapital Market Supporting Professions and Institutions

94 Pengembangan ArmadaFleet Development

96 Profil ArmadaFleet Profiles

98 Destinasi Penerbangan DomestikDomestic Flight Destination

100 Destinasi Penerbangan InternasionalInternational Flight Destination

102 Struktur OrganisasiOrganizational Structure

104 Struktur Grup PerusahaanCorporate Group Structure

106 Peristiwa Penting 2017Significant Events in 2017

112 TINJAUAN UNIT PENDUKUNG BISNISBusiness Supporting Unit Review

115 Sumber Daya ManusiaHuman Capital

136 Teknologi InformasiInformation Technology

138 PengadaanProcurement

142 Aspek Keselamatan dan KeamananSafety and Security Aspect

148ANALISIS DAN PEMBAHASAN MANAJEMENManagement Discussion and Analysis

150 Tinjauan Makroekonomi Macroeconomic Overview

154 Tinjauan IndustriIndustry Overview

157 Tinjauan Operasi per Segmen UsahaOperational Review based on Business Segment

167 Tinjauan BisnisBusiness Review

179 Tinjauan Keuangan Financial Review

224 Kinerja Entitas AnakPerformance of Subsidiaries

239 Aspek Pemasaran Marketing Aspect

242 Prospek Bisnis dan Strategi 2018Business Outlook and Strategy in 2018

250 TATA KELOLA PERUSAHAANGood Corporate Governance

252 Landasan Penerapan Tata Kelola PerusahaanBasis of Corporate Governance Implementation

257 Penerapan Tata Kelola PerusahaanCorporate Governance Implementation

261 Implementasi Rekomendasi OJKImplementation of Financial Services Authority’s Recommendation

269 Struktur Tata Kelola PerusahaanCorporate Governance Structure

270 Penilaian Tata Kelola PerusahaanGood Corporate Governance Assessment

Table of ContentDAFTAR ISI

275 Realisasi Program Tata Kelola Perusahaan Tahun 2017Realization of Corporate Governance Program in 2017

276 Rencana Tata Kelola Perusahaan Tahun 2018Corporate Governance Plan in 2018

276 Rapat Umum Pemegang SahamGeneral Meeting of Shareholders

288 Dewan KomisarisBoard of Commissioners

318 Sekretaris Dewan KomisarisThe Secretary to the Board of Commissioners

320 Komite di Bawah Dewan KomisarisCommittees Under the Board of Commissioners

344 DireksiBoard of Directors

374 Komite-Komite di Bawah DireksiCommittees Under the Board of Directors

378 Kebijakan Mengenai Keberagaman Komposisi Dewan Komisaris dan DireksiPolicy on Diversity of the Board of Commissioners and Board of Directors’ Composition

379 Sekretaris PerusahaanCorporate Secretary

388 Audit InternalInternal Audit

396 Audit EksternalExternal Audit

398 Manajemen RisikoRisk Management

402 Sistem Pengendalian InternalInternal Control System

405 Perkara Penting dan Sanksi AdministratifLegal Disputes and Administrative Sanctions

407 Kode Etik dan Budaya PerusahaanCode of Conducts and Corporate Culture

410 Program Pengendalian GratifikasiGratification Control Program

413 Program Pelaporan Harta KekayaanAssets Reporting Program

414 Sistem WhistleblowingWhistleblowing System

418 Kepatuhan PajakTax Compliance

418 Keterbukaan InformasiInformation Disclosure

432 TANGGUNG JAWAB SOSIAL PERUSAHAANCorporate Social Responsibility

434 Landasan Pelaksanaan CSR dan PKBLLegal Reference for CSR and PKBL

436 Visi dan Misi CSRCSR Vision and Mission

437 Lingkup Kegiatan CSRCSR Scope of Activities

438 Pengelolaan Dana CSR & PKBL CSR and PKBL Fund Management

441 Tanggung Jawab dalam Bidang Lingkungan Environmental Responsibility

449 Tanggung Jawab terhadap Ketenagakerjaan, Keselamatan dan Kesehatan Kerja Responsibility towards Employment, Occupational Health and Safety

453 Tanggung Jawab terhadap Pengembangan Sosial dan KemasyarakatanResponsibility towards Social and Community Development

465 Tanggung Jawab terhadap Layanan dan PenumpangResponsibility towards Services and Passengers

470 INFORMASI TAMBAHANAuxiliary Information

472 Direktur Utama Entitas AnakPresident Directors of Subsidiaries

473 Anggota Komite dan Pejabat SeniorCommittee’s Members and Senior Management

475 Entitas AnakSubsidiaries

477 Entitas AsosiasiAssociates

478 Program KemitraanPartnership Program

480 Kantor CabangBranch Offices

486 SURAT PERNYATAAN ANGGOTA DEWAN KOMISARIS DAN DIREKSI TENTANG TANGGUNG JAWAB ATAS LAPORAN TAHUNAN 2017 PT GARUDA INDONESIA (PERSERO) TBKStatement of Members of Board of Commissioners and Board of Directors on the Accountability for the Annual Report 2017 of PT Garuda Indonesia (Persero) Tbk

488 REFERENSI SE OJK NO. 30/SEOJK.04/2016Reference of OJK Circular Letter No. 30/SEOJK.04/2016

501 LAPORAN KEUANGAN KONSOLIDASIConsolidated Financial Statements

Kilas KinerjaPerformance Highlights

Laporan ManajemenManagement Report

Profil PerusahaanCompany Profile

Tinjauan Unit Pendukung BisnisBusiness Supporting Unit Review

Analisis dan Pembahasan ManajemenManagement Discussion and Analysis

GlossaryDAFTAR ISTILAH

ASK : Available Seat Kilometers yaitu jumlah tempat duduk yang tersedia untuk penumpang dikalikan dengan jarak dalam satuan kilometer yang diterbangi.Available Seat Kilometers is the number of seats available for passengers multiplied by the distance in kilometers flown.

ATK : Available Tones per Kilometer yaitu kapasitas berat dari pesawat tersedia untuk mengangkut muatan yang memberi pendapatan (penumpang, bagasi, kargo, dan barang pos) dikalikan dengan jarak kilometer yang diterbangi.Available Tones per Kilometer is a weight capacity of aircraft available to transport cargo that generates income (passengers, baggage, cargo and postal items) multiplied by the distance (kilometer) flown.

CASK : Cost per ASK yaitu biaya per unit untuk produksi (ASK).Cost per ASK is the unit cost of production (ASK).

CLF : Cargo Load Factor yaitu persentase kapasitas kargo yang dipergunakan.Cargo Load Factor is the percentage of cargo capacity utilized.

EBITDAR : Earnings Before Interest and Tax Depreciation Amortization Rental yaitu nilai pendapatan sebelum beban bunga dan pajak ditambah beban depresiasi amortisasi dan rental.Earnings Before Interest and Tax Depreciation Amortization Rental is the value of revenues before interest expense and tax added by depreciation amortization and rental expenses.

Entitas AnakSubsidiary

: Perusahaan yang laporan keuangannya dikonsolidasikan dengan Perseroan sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia.Company whose financial statements is consolidated with the Company in accordance with generally accepted accounting principles in Indonesia.

Entitas AsosiasiAssociate

: Perusahaan, di mana Perseroan mempunyai pengaruh yang signifikan dan bukan merupakan Entitas Anak ataupun bagian partisipasi dalam joint venture. Pengaruh signifikan dianggap ada jika Perseroan memiliki, secara langsung maupun tidak langsung, 20% atau lebih hak suara perusahaan, dan atau memiliki kekuasaan untuk berpartisipasi dalam keputusan kebijakan keuangan dan operasional perusahaan tersebut, tetapi tidak mengendalikan atau mengendalikan bersama atas kebijakan tersebut.The Company, in which the Company has a significant influence and is not a Subsidiary or part of participation in the joint venture. Significant influence is presumed to exist where the Company has, directly or indirectly, 20% or more of the voting rights of the company, or has the power to participate in financial and operating policy decisions of the company, but not control or joint control over those policies.

FSC : Full Service Carrier, di mana berdasarkan UU Penerbangan dan Peraturan Menteri Perhubungan No. KM No. 26 tahun 2010 tentang Mekanisme Formulasi Perhitungan dan Penetapan Tarif Batas atas Penumpang Pelayanan Kelas Ekonomi Angkutan Udara Niaga Berjadwal Dalam Negeri (“Permenhub No. KM26/2010”), dinyatakan sebagai badan usaha angkutan udara niaga berjadwal yang di dalam menjalankan kegiatannya dengan standar maksimum.Full Service Carrier, which is based on the Aviation Law and the Regulation of the Minister of Transportation No. KM No. 26 of 2010 on Mechanism of Formulation Calculation and Determination of Upper Limit Rates for the Economy Class Passengers of Domestic Scheduled Commercial Air Transport (“Permenhub No. KM26 / 2010”), stated as a business entity that is scheduled commercial air transport in carrying out its activities with a maximum standard.

GrupGroup

: Perseroan dan Entitas Anak.The Company and Subsidiaries.

IOSA : IATA Operational Safety Audit merupakan sistem evaluasi yang diakui dan diterima secara internasional yang dibuat untuk mengukur operasional manajemen dan kontrol sistem dari suatu maskapai penerbangan.IATA Operational Safety Audit is an evaluation system that is recognized and accepted internationally which designed to measure the operational management and system control of an airline.

Kantor CabangBranch Office

: Kantor penjualan Perseroan di lokasi-lokasi tertentu yang telah mendapat izin sebagai Kantor Cabang dari pihak-pihak berwenang.The Company’s sales offices in certain locations that have been licensed as a branch offices by the authorities.

DEFINISI & SINGKATANDEFINITIONS & ABBREVIATIONS

Tata Kelola PerusahaanGood Corporate Governance

Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility

Informasi TambahanAuxiliary Information

KNKT : Komite Nasional Keselamatan Transportasi.National Transportation Safety Committee.

KSEI : Kustodian Sentral Efek Indonesia, berkedudukan di Jakarta Selatan, yang menjalankan kegiatan usaha sebagai Lembaga Penyimpanan dan Penyelesaian sebagaimana didefinisikan dalam UUPM yang dalam Emisi bertugas sebagai Agen Pembayaran berdasarkan Perjanjian Agen Pembayaran dan mengadministrasikan Obligasi berdasarkan Perjanjian Pendaftaran Obligasi di KSEI.Indonesian Central Securities Depository, located in South Jakarta, which carries out business as the Central Securities Depository as defined in the Capital Market Law which in terms of Emissions serves as Paying Agent based on Paying Agent Agreement and administer Bonds Registration Agreement in KSEI.

KustodianCustodian

: Pihak yang memberikan jasa penitipan Obligasi serta harta lain yang berkaitan dengan Obligasi serta jasa lainnya termasuk menerima pembayaran bunga dan hak-hak lain, menyelesaikan transaksi efek dan mewakili Pemegang Rekening yang menjadi nasabahnya sesuai dengan ketentuan UUPM, yang meliputi KSEI, Perusahaan Efek dan Bank Kustodian.The party that provides Bonds custody services and other assets relating to the Bonds, and other services including receiving interest payments and other rights, settle securities transactions and represent Account Holders as the customers in accordance with the provisions of Capital Market Law, which includes KSEI, Securities Company, and Custodian Bank.

LCC : Low Cost Carrier, di mana berdasarkan UU Penerbangan dan Permenhub No. KM26/2010, dinyatakan sebagai badan usaha angkutan udara niaga berjadwal yang di dalam menjalankan kegiatannya dengan standar minimum.Low Cost Carrier, which is based on the Aviation Law and Permenhub No. KM26/2010, stated as a business entity of scheduled commercial air transport which carryies out its activities with the minimum standards.

Lessee : Pihak yang menyewa.The charterer.

Lessor : Pihak yang menyewakan.The lessor.

MRO : Maintenance, Repair, and Overhaul yaitu jasa pemeliharaan, perawatan, dan perbaikan pesawat.Maintenance, Repair, and Overhaul is a services of aircraft maintenance and repair.

OTP : On Time Performance yaitu tingkat ketepatan waktu penerbangan.On Time Performance is the level of flight punctuality.

Passenger Yield : Pendapatan penumpang berjadwal per RPK.Scheduled passenger revenue per RPK.

PDP : Pre-delivery Deposit Payments yaitu pembayaran cicilan uang muka pembelian pesawat sebelum penyerahan pesawat.Pre-delivery Deposit Payments is an advance purchase of aircraft before flight delivery.

PerseroanThe Company

: PT Garuda Indonesia (Persero) Tbk suatu perseroan terbatas yang berkedudukan di Jakarta Pusat.PT Garuda Indonesia (Persero) Tbk is a limited liability company domiciled in Central Jakarta.

RPK : Revenue Passenger Kilometers yaitu pendapatan penumpang yang berasal dari jumlah penerbangan dikalikan dengan jarak kilometer yang diterbangi.Revenue Passenger Kilometers is a passenger revenue derived from the number of flights multiplied by the distance (kilometer) flown.

RTK : Revenue Ton Kilometers, yaitu jumlah penerbangan dalam kilometer dikalikan dengan pendapatan kargo dalam ton.Revenue Passenger Kilometers is the number of flights in kilometers multiplied by cargo in ton revenue.

SBU : Strategic Business Unit yaitu unit usaha strategis yang dikelola Perseroan.Strategic Business Unit is a unit of strategic business managed by the Company.

SLF : Seat Load Factor yaitu persentase kapasitas dari tempat duduk yang dipergunakan.Seat Load Factor is the percentage of seating capacity utilized.

US¢ : Satuan nilai dolar Amerika Serikat dalam sen.The value of United States dollar in cent.

01KilasKinerjaPerformance Highlights

Laporan Tahunan 2017


Keterangan 2013* 2014* 2015 2016 2017 Description

Aset dan Liabilitas Assets and Liabilities

Jumlah Aset Lancar 836.522.314 810.514.943 1.007.848.005 1.165.133.302 986.741.627 Total Current Assets

Jumlah Aset Tidak Lancar 2.161.116.242 2.302.564.372 2.302.162.981 2.572.436.088 2.776.550.466 Total Non Current Assets

Jumlah Aset 2.997.638.556 3.113.079.315 3.310.010.986 3.737.569.390 3.763.292.093 Total Assets

Liabilitas Jangka Pendek 999.099.449 1.219.365.356 1.195.849.121 1.563.576.121 1.921.846.147 Total Current Liabilities

Liabilitas Jangka Panjang 904.405.513 1.014.246.368 1.163.438.680 1.164.096.050 903.976.746 Total Non Current Liabilities


Jumlah Pendapatan Usaha 3.759.450.237 3.933.530.272 3.814.989.745 3.863.921.565 4.177.325.781 Total Operating Revenues

Jumlah Beban Usaha 3.744.967.163 4.292.344.955 3.731.785.485 3.795.927.643 4.237.773.332 Total Operating Expenses

Beban (Pendapatan) Usaha Lainnya

(61.723.498) 36.413.438 (85.541.181) (31.110.017) 15.733.627 Other Operating (Income) Charges Net

Laba (Rugi) Usaha 76.206.572 (395.228.121) 168.745.441 99.103.939 (76.181.178) Profit (Loss) From Operations

Laba (Rugi) Sebelum Pajak 26.918.220 (456.453.104) 106.660.147 17.790.700 (158.180.637) Profit (Loss) Before Tax

Manfaat (Beban) Pajak (3.386.833) 87.541.825 (28.685.986) (8.425.842) (55.209.041) Tax Benefits (Expense)

Laba (Rugi) Bersih Tahun Berjalan

23.531.387 (368.911.279) 77.974.161 9.364.858 (213.389.678) Net Profit (Loss) for the Current Year

Penghasilan Komprehensif Lain-lain

(4,975,612) 29,340,122 (6.718.567) 49.809.176 58.020.948 Other Comprehensive Income (Loss)

Jumlah Laba (Rugi) Komprehensif pada Tahun Berjalan

18.555.775 (339.571.157) 71.255.594 59.174.034 (155.368.730)Total Comprehensive Income (Loss) for the

Current Year

Laba (Rugi) yang dapat Diatribusikan kepada:

(216.582.416)

Profit (Loss) Attributable to:

Pemilik Entitas Induk 20.497.950 (370.045.839) 76.480.236 8.069.365 Owners of the Company

Kepentingan Non Pengendali

3.033.437 1.134.560 1.493.925 1.295.493 3.192.738 Non controlling interest

Jumlah Laba (Rugi) Komprehensif yang dapat Diatribusikan kepada:

(153.621.663)

Total Comprehensive Income (Loss) Attributable

to:

Pemilik Entitas Induk 20.841.690 (338.439.946) 70.022.788 59.285.192 Owners of the Company

Kepentingan Non Pengendali

(2.285.915) (1.131.211) 1.232.806 (111.158) (1.747.067) Non controlling interest

Laba (Rugi) Per Saham Dasar 0,00091 (0,01480) 0,00296 0,00031 (0,00837) Earning (Loss) Per Share - Basic

(dalam US$ penuh kecuali dinyatakan lain)(In full amount of US$, except stated otherwise)

Laporan Laba Rugi dan Penghasilan Komprehensif Lain KonsolidasianConsolidated Statements of Profit or Loss and Other Comprehensive Income

* Disajikan kembali* Restated

Laporan Posisi Keuangan KonsolidasianConsolidated Statements of Financial Position

IKHTISAR KEUANGANFinancial Highlights






PT Garuda Indonesia (Persero) Tbk8 Laporan Tahunan 2017





Ekuitas Equity

Modal Ditempatkan dan disetor

1.146.031.889 1.309.433.569 1.309.433.569 1.309.433.569 1.310.326.950 Issued and paid-up capital

Tambahan Modal Disetor 4.548.037 (33.948.489) (33.948.489) (33.948.489) 23.526.520 Additional paid-in capital

Opsi Saham 2.770.970 2.770.970 2.770.970 2.770.970 - Stock Option

Saldo Laba Dicadangkan 5.529.919 6.081.861 6.081.861 6.081.861 6.081.861 Retained Earnings - Appropriated

Saldo Laba yang Belum Dicadangkan

83.242.722 (293.955.127) (220.046.387) (221.069.730) (449.484.287) Retained Earnings - Unappropriated

Penghasilan Komprehensif Lain (165.090.777) (126.884.816) (130.770.768) (70.462.233)

4.330.661 Other comprehensive income

Ekuitas yang dapat Diatribusikan:

894.781.705

Equity attributable to:

Kepada Pemilik 1.077.032.760 863.497.968 933.520.756 992.805.948 Owners

Kepentingan Non Pengendali 17.100.834 15.969.623 17.202.429 17.091.271

42.687.495 Non controlling interest

Jumlah Ekuitas 1.094.133.594 879.467.591 950.723.185 1.009.897.219 937.469.200 Total Equity

Jumlah Liabilitas dan Ekuitas 2.997.638.556 3.113.079.315 3.310.010.986 3.737.569.390 3.763.292.093 Total Liabilities and Equity

Jumlah Investasi Pada Entitas Asosiasi dan Ventura Bersama

972.087 545.647 399.772 427.479 511.344Total Investments in

Associates and Joint Ventures




Imbal Hasil Rata-rata Aset (%)

0,78 (11,85) 2,36 0,25 (5,67) Return on Asset (%)

Imbal Hasil Rata-rata Ekuitas (%)

2,15 (41,95) 8,20 0,93 (22,76) Return on Equity (%)

Rasio Lancar (%) 83,73 66,47 84,28 74,52 51,34 Current Ratio (%)

Rasio Total Utang Finansial terhadap Ekuitas (x)

0,92 1,33 1,43 1,68 1,83 Total Debt Financial to Total Equity Ratio (x)

Rasio Total Utang Finansial terhadap Aset (x)

0,34 0,38 0,41 0,45 0,46 Total Debt Financial to Total Asset (x)

Marjin Laba Usaha (%) 2,03 (10,05) 4,42 2,56 (1,82) Operating Income Margin (%)

Marjin Laba Bersih (%) 0,63 (9,38) 2,04 0,24 (5,1) Net Income Margin (%)

Marjin EBITDAR (%) 22.04 13,98 32,77 33,12 27,07 EBITDAR Margin (%)

Rasio Keuangan Financial Ratio



9PT Garuda Indonesia (Persero) Tbk 2017 Annual Report







IKHTISAR OPERASIONALOperational Highlights

Segmentasi Operasi 2013 2014 2015 2016 2017 Operational by Segment

Garuda Indonesia Group Garuda Indonesia Group

Utilisasi Armada (Jam)* 10:44 9:48 9:01 8:58 9:36 Aircraft Utilization (Hour)*

Jumlah Armada 140 169 187 196 202 Total Fleets

Tingkat Ketepatan Waktu (%)* 83,79 88,78 87,99 89,51 86.40 On-Time Performance (%)*

Jumlah Penumpang 24.965.239 29.139.277 32.961.027 34.999.847 36.237.704 Passengers Carried

ASK (000) 43.133.085 50.154.921 51.868.190 58.745.079 62.024.997 ASK (000)

RPK (000) 31.949.989 35.997.197 40.049.122 43.371.834 46.300.222 RPK (000)

Tingkat Keterisian (%) 74,07 71,77 77,21 73,83 74.65 Seat Load Factor (%)

Frekuensi 196.403 228.329 249.974 274.696 281.135 Frequencies

Bahan Bakar digunakan (Liter)

1.550.215.989 1.796.637.446 1.853.646.708 2.057.218.805 2.147.857.271 Fuel Burn (Liter)

Blackhours 401.946 487.711 517.955 570.517 604.231 Blackhours

Jumlah Kargo (kg) 345.923.000 403.994.415 351.740.701 415.824.003 446.759.783 Cargo Carried (kg)

CLF (%) 42,14 35,98 47,52 54,22 59,40 CLF (%)

Yield Penumpang (US¢) 9,06 8,57 7,46 6,93 6,71 Passenger Yield (US¢)

CASK (US¢) 7,55 7,56 6,40 5,87 5,87 CASK (US¢)

CASK-excl Fuel (US¢) 4,40 5,00 4,52 4,36 4,13 CASK-excl Fuel (US¢)

Harga Bahan Bakar (US¢/Liter)

87,59 83,39 52,38 42,96 50,35 Fuel Price (US¢/Liter)

Nilai Tukar (IDR/USD) 10.353 11.864 13.365 13.305 13,381 Exchange Rate (IDR/USD)

Garuda Indonesia Domestik Garuda Indonesia Domestic


ASK (000) 17.316.120 20.377.722 21.894.433 22.672.923 23.008.402 ASK (000)

RPK (000) 13.432.356 15.216.204 16.966.525 16.860.988 16.732.657 RPK (000)





CASK (US¢) 8,58 8,51 7,15 6,98 6,99 CASK (US¢)


Garuda Indonesia Internasional Garuda Indonesia International


ASK (000) 20.362.149 22.526.573 20.839.244 24.893.224 26.743.392 ASK (000)

RPK (000) 14.319.698 15.014.851 15.786.021 17.929.335 19.755.757 RPK (000)





CASK (US¢) 7,07 7,32 6,30 5,51 5,44 CASK (US¢)

CASK-excl Fuel (US¢) 4,09 4,46 4,52 4,18 3.89 CASK-excl Fuel (US¢)

Laporan Kinerja OperasionalOperational Performance





Garuda Indonesia Main Brand Garuda Indonesia Main Brand


ASK (000) 37.678.270 42.904.295 42.733.677 47.566.147 49.751.794 ASK (000)

RPK (000) 27.752.054 30.231.054 32.752.547 34.790.322 36.508.414 RPK (000)

Tingkat Keterisian (%) 73,66 70,46 76,64 73,14 73,38 Seat Load Factor (%)




CASK (US¢) 7,76 7,89 6,74 6,21 6,16 CASK (US¢)



Citilink Citilink


ASK (000) 5.454.816 7.250.626 9.134.514 11.178.933 12.273.204 ASK (000)

RPK (000) 4.197.935 5.766.142 7.296.576 8.581.511 9.791.808 RPK (000)

Tingkat Keterisian (%) 76,96 79,53 79,88 76,77 79,78 Seat Load Factor (%)




CASK (US¢) 6,07 5,63 4,80 4,39 4,71 CASK (US¢)



Segmentasi Operasi 2013 2014 2015 2016 2017 Operational by Segment

* Brand Utama Garuda Indonesia* Garuda Indonesia Main Brand







GRAFIK IKHTISAR OPERASIONALOperational Highlights Graphic

20172016201520142013

Utilisasi PesawatFleet Utilization

9:36

8:58

9:01

Jumlah PesawatNumber of Fleet

Jumlah PenumpangPassengers Carried

9:48

10:44

20172016201520142013

36,24

35,00

32,96

29,14

24,97

20172016201520142013

202

196

187

169

140

(dalam jam)(in hours)

(dalam satuan)(in unit)

(per penumpang)(in passenger)

2017 20172016 20162015 20152014 20142013 2013

ASKASK

62,02 46,30

58,75 43,37

51,87 40,05

RPKRPK

Jumlah KargoCargo Carried

50,15 36,00

43,13 31,95

20172016201520142013

446,76

415,82

351,74

403,99

345,92

(dalam milliar)(in billion)

(dalam milliar)(in billion)

(dalam ribuan ton)(in thousand ton)

GRAFIK IKHTISAR KEUANGANFinancial Highlights Graphic

20172016201520142013

Pendapatan UsahaOperating Revenues

4,18

3,86

3,81

Laba BersihNet Income

EBITDAREBITDAR

3,93

3,76

20172016201520142013

-213,39

77,97

-368,91

9,36

23,53

20172016201520142013

1.130,65

1.279,54

1.250,12

550,57

828,75

(dalam juta US$)(in million US$)

(dalam jutaan US$)(in million US$)

(dalam juta US$)(in million US$)

(dalam milliar US$)(in billion US$)



20172016201520142013

AsetAsset

3,76

3,74

3,31

LiabilitasLiability

EkuitasEquity

3,11

3,00

20172016201520142013

2,83

2,73

2,36

2,23

1,90

20172016201520142013

937,47

1.009,90

950,72

879,47

1094,13





IKHTISAR SAHAMShare Highlights

KeteranganDescription

2016 2017

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Harga Saham – Tertinggi Highest Share Price

483 605 498 434 390 338 318 298

Harga Saham – TerendahLowest Share Price

298 418 410 320 332 404 364 380

Harga Saham – PenutupanClosing Share Price

440 474 428 338 342 348 334 300

Volume Saham (Jutaan Saham)Share Volume (Shares)

1.845,37 3.594,41 1.800,82 839,34 594,43 698,13 225,75 526,75

Total Saham (Jutaan Saham)Total Shares (Million Shares)

25.688,93 25.688,93 25.688,93 25.886,58 25.886,58 25.886,58 25.886,58 25.886,58

Jumlah Saham Beredar (Jutaan Saham)Outstanding Shares (Million Shares)

10.215,80 10.215,80 10.215,80 10.215,80 10.215,80 10.215,80 10.215,80 10.215,80

Kapitalisasi Pasar (Miliar)Market Capitalization (Billion)

11.382,33 12.261,87 11.071,90 8.749,66 8.853,21 9.008,53 8.646,12 7.765,97

(dalam Rupiah kecuali dinyatakan lain)(in IDR unless stated otherwise)

Informasi Pergerakan Saham Triwulanan Quarterly Share Performance

GIAA IJ Equity - Last Price (R1) 300

GIAA IJ Equity - Volume (R2) 3.558M

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016 2017

300

350

400

450200M

150M

100M

50M

500

550

Kinerja Saham Tahun 2016 – 2017 Share Performance in 2016 – 2017

Sumber: Bloomberg dan Data PerseroanSource: Bloomberg and Company Data

550

Sumber: Bloomberg dan Data PerseroanSource: Bloomberg and Company Data








TanggalDate

Aksi KorporasiCorporate Action

Jumlah SahamTotal Shares

Penawaran Umum Saham Perdana /Initial Public Offering (IPO)

11 Februari 2011February 11, 2011

Penawaran Umum Perdana sebanyak 6.335.738.000 lembar saham di Bursa Efek Indonesia dengan kode ‘GIAA’.Initial Public Offering for 6,335,738,00 shares in Indonesia Stock Exchange with ticker symbol of ‘GIAA’.

22.640.996.000

Penawaran Umum Terbatas HMETD /Rights Issue

21 Maret 2014March 21, 2014

Penawaran Umum Terbatas atas 3.227.930.663 lembar saham kepada pemegang saham melalui Penawaran Umum Terbatas HMETD.Limited Public Offering of 3,227,930,663 shares to shareholders through Rights Issue.

25.868.926.633

Penambahan Modal Negara Tanpa HMETD /Capital Addition Without Right Issue

9 Desember 2016 December 9, 2016

Pencatatan 17.649.621 lembar saham hasil penambahan modal negara tanpa Hak Memesan Efek Terlebih Dahulu.Listing of 17,649,621 shares of the capital increase without Preemptive Rights. 25.886.576.254

Kronologi Pencatatan SahamShare Listing Chronology

Keterangan:1. Pada 2017, tidak terjadi pemecahan saham (stock split), penggabungan saham (reverse stock), dividen saham, saham bonus, dan penurunan nilai nominal saham dalam tiga tahun terakhir.2. Tidak terjadi penghentian sementara perdagangan saham Perseroan selama 2017.

Notes:1. In 2017, there was no stock split, reverse stock, share dividend, bonus share, and a decrease in nominal share value in the past three years.2. There was no temporary halt (suspension) of share trade of the Company during 2017.

Struktur Pemegang SahamShareholders Structure

PT Garuda Indonesia (Persero) Tbk

PT Trans Airways Pemerintah Republik IndonesiaGovernment of Republic of Indonesia

PT Garuda Maintenance Facility

Aero Asia Tbk

PublikPublic

PT Aero Systems Indonesia

PT Citilink IndonesiaPT Sabre Travel

Network Indonesia PT Gapura Angkasa GIH France S.A.S

PT Aero Wisata

25,6% 60,5% 13,9%

99,9%

51,0% 89,1% 99,0% 95,0% 58,8% 100,0%





Komposisi Pemegang Saham Domestik dan International Composition of Domestic and International Shareholders

25,62% PT Trans AirwaysPT Trans Airways

PublikPublic

60,54%

13,85%

Pemerintah Republik IndonesiaGovernment of Republic of Indonesia

Jumlah SahamTotal Shares

Persentasi Saham (%)Share Percentage (%)

Domestik Domestic

Pemerintah Republik Indonesia 15.670.777.621 60,54 Government of Republic of Indonesia

Retail/Perorangan 1.408.023.065 5,44 Retail/Individual

Karyawan 67.646.470 0,26 Employees

Institusi Institution

PT Trans Airways 6.630.958.172 25,62 PT Trans Airways

Lain-lain (< 5%) 767.998.181 2,97 Others (







No Nama Pemegang SahamShareholder NameJumlah Saham (Lembar Saham)

Total Shares (Shares)Persentasi Saham (%)Share Percentage (%)

StatusStatus

Pemegang Saham Mayoritas (kepemilikan saham lebih dari 5%)Majority Shareholders (share ownership more than 5%)

1. Pemerintah Republik Indonesia 15.670.777.621 60,54 Pemerintah Government

2. PT Trans Airways 6.630.958.172 25,62Perseroan Terbatas Limited Liability Company

Pemegang Saham Minoritas (kepemilikan saham kurang dari 5%)Minority Shareholders (share ownership less than 5%)

3. Credit Suisse Ag Sg Trust A/C CL-Finegold Res Ltd – 2023904224 635.739.990 2,46Badan Usaha Asing Foreign Company

4. Talent Center Limited 298.036.000 1,15 Badan Usaha Asing Foreign Company

5. DJS Ketenagakerjaan Program JHT 295.088.500 1,14Perseroan Terbatas Limited Liability Company

6. Gunawan Hardjasasmita 71.087.321 0,27 Perorangan Indonesia Indonesian Individual

7. Barbizone Bali Resort, PT 70.250.000 0,27Perseroan Terbatas Limited Liability Company

8. DBS Bank Ltd S/A Lumiere Asia Value Fund 59.879.700 0,23 Badan Usaha Asing Foreign Company

9. RD Premier ETF Indo State-Owned Companies - 889064000 54.259.227 0,21Reksadana Mutual Fund

10. Citibank New York S/A Dimensional Emerging Markets Value Fund 45.666.781 0,18Badan Usaha Asing Foreign Company

11. Citibank New York S/A Emerging Markets Core Equity Portfolio of DFA INV Dimension 44.798.253 0,17Badan Usaha Asing Foreign Company

12. Susy Angkawijaya 43.229.700 0,17 Perorangan Indonesia Indonesian Individual

13.Citibank New York S/A The Emerging Markets Small Cap Series of the DFA Investment

38.391.549 0,15 Badan Usaha Asing Foreign Company

14. Credit Suisse AG Singapore Trust A/C Clients - 2023904000 35.106.085 0,14 Badan Usaha Asing Foreign Company

15. Dana Pensiun Bank Mandiri Satu 29.258.000 0,11 Dana Pensiun Pension Fund

16. Kardinata Aliwarga 26.000.000 0,10 Perorangan Indonesia Indonesian Individual

17. Yanny Idyawati Kiswanto 26.000.000 0,10 Perorangan Indonesia Indonesian Individual

18. PT Asuransi Jiwa Central Asia Raya - CARlink Pro Mixed 25.269.500 0,10 Asuransi Insurance

19. UBS AG Singapore Non-Treaty Omnibus Account - 2091144090 23.775.308 0,09 Badan Usaha Asing Foreign Company

20. Sumitro 23.337.800 0,09 Perorangan Indonesia Indonesian Individual

20 Pemegang Saham Terbesar 20 Majority Shareholders





NamaName

JabatanPosition

Jumlah Saham (Lembar Saham)

Total Shares (Shares)

Persentase Saham (%)Share Percentage (%)

Jusman Syafii Djamal Komisaris Utama & Komisaris IndependenPresident Commissioner & Independent Commissioner

- -

Chairal Tanjung Komisaris Commissioner - -

Dony Oskaria Komisaris Commissioner - -

Hasan M. Soedjono Komisaris Independen Independent Commissioner - -

Isa Rachmatarwata Komisaris Commissioner - -

Muzaffar Ismail Komisaris Commissioner - -

Pahala Nugraha Mansury Direktur UtamaPresident & CEO 2.927.600 0,01131

Helmi Imam Satriyono Direktur Director - -

Nicodemus P. Lampe Direktur Director 373.893 0,00144

Puji Nur Handayani Direktur Director 70.458 0,00144

Nina Sulistyowati Direktur Director - -

Linggarsari Suharso Direktur Director - -

Sigit Muhartono Direktur Director - -

I Wayan Susena* Direktur Director - -

Triyanto Moeharsono* Direktur Director 316.445 0,00122

Kepemilikan Saham oleh Dewan Komisaris dan Direksi per 31 Desember 2017Share Ownership of the Board of Commissioners and the Board of Directors as of December 31, 2017

*) Ditetapkan sebagai Pejabat Direktur per tanggal 12 Mei 2017*) Appointed as a Director Level since May 12, 2017







IKHTISAR OBLIGASIBond Highlights

OBLIGASI GARUDA INDONESIA BERKELANJUTAN I GARUDA INDONESIA SUSTAINABLE BOND I


TanggalDate

Pengajuan/PendaftaranRegistration

Pendaftaran ke Bursa Efek Indonesia (‘BEI’) & Kustodian Sentral Efek Indonesia (‘KSEI’)Registered to the Indonesia Stock Exchange (“IDX”) & Indonesian Central Securities Depository (“KSEI”)

8 April 2013 April 8, 2013

Penandatanganan Perjanjian Pendahuluan Pencatatan Efek BEI & KSEI Signing of Preliminary Listing Agreement with IDX & KSEI

26 April 2013 April 26, 2013

Penandatanganan Perjanjian dan dokumen registrasi Otoritas Jasa Keuangan (‘OJK’)Signing of Agreement and registration document with Financial Services Authority (“OJK”)

26 April 2013 April 26, 2013

Registrasi Tahap 1 ke OJK Phase 1 Registration at OJK

26 April 2013 April 26, 2013

Penandatanganan Perjanjian dan dokumen registrasi Tahap 2 ke OJKSigning of Agreement and registration document Phase 2 at OJK

23 Mei 2013 May 23, 2013

Registrasi Tahap 2 ke OJKPhase 2 Registration at OJK

24 Mei 2013 May 24, 2013

PemasaranMarketing

Izin menerbitkan Prospektus Ringkas dan BookbuildingPermission to Publish Summary Prospectus and Bookbuilding

10 Juni 2013 June 10, 2013

Public ExposePublic Expose

11 Juni 2013June 11, 2013

Masa BookbuildingBookbuilding period

11 – 21 Juni 2013 June 11 – 21, 2013

Penandatanganan Perjanjian dan dokumen registrasi Tahap 3 OJKSigning of Agreement and registration document Phase 3 at OJK

24 Juni 2013 June 24, 2013

Registrasi Tahap 3 ke OJKPhase 3 Registration at OJK

24 Juni 2013 June 24, 2013

Surat pernyataan efektif dari OJKEffective listing statement from OJK

27 Juni 2013 June 27, 2013

Mengumumkan informasi tambahan atas Prospektus Ringkas di mediaAnnounced the auxiliary information on Summary Prospectus at the media

28 Juni 2013 June 28, 2013

Penjatahan dan PembayaranAllotment and Payment

Masa penawaranOffering period

1 – 2 Juli 2013 July 1 – 2, 2013

PenjatahanAllotment

3 Juli 2013 July 3, 2013

Pembayaran dari Investor kepada Penjamin EmisiPayment from the Investor to the Underwriter

4 Juli 2013 July 4, 2013

Pembayaran dari Penjamin Emisi kepada EmitenPayment from the Underwriter to the Issuer

5 Juli 2013 July 5, 2013

Distribusi (Tanggal Penerbitan)Distribution (Date of Issuance)

5 Juli 2013 July 5, 2013

Listing di IDXListed on IDX

8 Juli 2013 July 8, 2013

Laporan Pasar Perdana kepada OJKInitial Market Report to the OJK

10 Juli 2013 July 10, 2013

Laporan Audit Penjatahan kepada OJKAllotment Audit Report to the OJK

1 Agustus 2013 August 1, 2013

Kronologi Obligasi Garuda Indonesia Berkelanjutan IGaruda Indonesia Sustainable Bond I Listing Chronology





Keterangan Tanggal PembayaranPayment DateJumlah (Rp)Total (Rp) Description

Pembayaran Bunga ke-1 5 Oktober 2013 / October 5, 2013 46.250.000.000 1st Coupon Payment

Pembayaran Bunga ke-2 5 Januari 2014 / January 5, 2014 46.250.000.000 2nd Coupon Payment

Pembayaran Bunga ke-3 5 April 2014 / April 5, 2014 46.250.000.000 3rd Coupon Payment

Pembayaran Bunga ke-4 5 Juli 2014 / July 5, 2014 46.250.000.000 4th Coupon Payment

Pembayaran Bunga ke-5 5 Oktober 2014 / October 5, 2014 46.250.000.000 5th Coupon Payment

Pembayaran Bunga ke-6 5 Januari 2015 / January 5, 2015 46.250.000.000 6th Coupon Payment

Pembayaran Bunga ke-7 5 April 2015 / April 5, 2015 46.250.000.000 7th Coupon Payment











Pembayaran Bunga Obligasi Berkelanjutan 1 Garuda Indonesia Tahap I Tahun 2013 Hingga 31 Desember 2017 Coupon Payment of Garuda Indonesia Bond I Year 2013 until December 31, 2017


PeringkatRating

Tanggal PencatatanListing Date

Jumlah yang BeredarTotal Outstanding

Bunga/Jangka Waktu

Interest/Term

Tanggal Jatuh Tempo

Maturity Date

Obligasi Berkelanjutan I Garuda Indonesia Tahap I Tahun 2013Garuda Indonesia Sustainable Bond I Phase 1 Year 2013

A (idn) PT Fitch RatingsIndonesia

8 Juli 2013 July 8, 2013

Rp2.000.000.000.000 9.25% p.a/5 tahun 9,25% p.a/5 years5 Juli 2018 July 5, 2018

A- (idn) PT Fitch Ratings Indonesia

8 JApril 2014 April 8, 2014

BBB+ (idn) PT Fitch Ratings Indonesia

6 Februari 2015 February 6, 2015

BBB+(idn) PT Fitch Ratings Indonesia

29 Januari 2016January 29, 2016

BBB+(idn) PT Fitch Ratings Indonesia


Rating Obligasi Garuda Indonesia Berkelanjutan IGaruda Indonesia’s Sustainable Bond I Rating







NamaName

JumlahTotal

PersentasePercentage

DJS Ketenagakerjaan Program Jaminan Hari Tua 400,000,000,000.00 20.00

PT Bank Mega Tbk 300,000,000,000.00 15.00

PT Taspen (Persero) - THT 200,000,000,000.00 10.00

BNI Treasury 136,000,000,000.00 6.80

BPJS Kesehatan - Dana Jaminan Sosial 126,000,000,000.00 6.30

DP Kaltim Prima Coal 80,000,000,000.00 4.00

Dana Pensiun Kompas Gramedia 70,000,000,000.00 3.50

PT Bank Maybank Indonesia 59,000,000,000.00 2.95

Dana Pensiun Bank Mandiri Dua 40,000,000,000.00 2.00

Bank Index Selindo 40,000,000,000.00 2.00

PT Jasa Raharja (Persero) 30,000,000,000.00 1.50

Reksa Dana Mr Bond Kresna 27,000,000,000.00 1.35

Reksa Dana Terproteksi Pratama Terproteksi LV 25,000,000,000.00 1.25

PT Penjaminan Infrastruktur Indonesia (Persero) 25,000,000,000.00 1.25

Persek Dapenma Pamsi 20,000,000,000.00 1.00

Yayasan Kesejahteraan Karyawan Bank Indonesia 20,000,000,000.00 1.00

Reksa Dana Sucorinvest Money Market Fund 20,000,000,000.00 1.00

Perum Jamkrindo 20,000,000,000.00 1.00

KPEI - Divisi Kas 20,000,000,000.00 1.00

DP Pemb.jaya 15,000,000,000.00 0.75

20 Daftar Pemegang Obligasi Garuda Indonesia Berkelanjutan I Terbesar Top 20 Garuda Indonesia Sustainable Bond I Holders





SUKUK GLOBAL GARUDA INDONESIA GARUDA INDONESIA GLOBAL SUKUK LIMITED


TanggalDate

Pengajuan/PendaftaranRegistration

Rapat Umum Pemegang Saham Luar Biasa menyetujui transaksi material penerbitan SukukGeneral Meeting of Shareholders approved the significant transaction of Sukuk issuance

15 Mei 2015 May 15, 2015

Pendaftaran ke Singapore Exchange ("SGX")Registered to the Singapore Exchange (“SGX”)

15 Mei 2015 May 15, 2015

Penyampaian Preliminary Offering Circular kepada SGXDelivery of Preliminary Offering Circular to the SGX

15 Mei 2015 May 15, 2015

Mendapatkan approval in-principle dari SGXObtained approval in-principle from SGX

19 Mei 2015 May 19, 2015

PemasaranMarketing

Pengumuman transaksiAnnouncement of transaction

19 Mei 2015 May 19, 2015

Pelaksanaan RoadshowRoadshow

19 – 26 Mei 2015 May 19 – 26, 2015

Penetapan tingkat laba/profit rateStipulation of profit rate

27 Mei 2015 May 27, 2015

Penjatahan dan PembayaranAllotment and Payment

Masa penawaranOffering period

27 – 28 Mei 2015 May 27 – 28, 2015

PenjatahanAllotment

29 Mei 2015 May 29, 2015

Pembayaran dari Investor kepada PerseroanPayment from the Investor to the Company

4 Juni 2015 June 4, 2015

Distribusi (Tanggal Penerbitan)Distribution (Date of Issuance)

3 Juni 2015 June 3, 2015

Listing di SGXListed on SGX

4 Juni 2015 June 4, 2015

Penyampaian Final Offering Circular kepada SGXDelivery of Final Offering Circular to the SGX

4 Juni 2015 June 4, 2015

Kronologi Sukuk Global Garuda IndonesiaGaruda Indonesia Global Sukuk Limited Listing Chronology


PeringkatRating

Tanggal PencatatanListing Date

Jumlah yang BeredarTotal Outstanding

Bunga/Jangka Waktu

Interest/Term

Tanggal Jatuh Tempo

Maturity Date

Sukuk GlobalGlobal Sukuk

Tidak diperingkat Unrated

4 Juni 2015 June 4, 2015 US$500.000.000

5,95% p.a/5 tahun 5.95% p.a/5 years

3 Juni 2020 June 3, 2020

Rating Sukuk Global Garuda IndonesiaGaruda Indonesia’s Global Sukuk Rating







Rapat Umum Pemegang Sukuk Global Garuda Indonesia Garuda Indonesia Global Sukuk Limited Holder Meeting

Agenda: Memberikan waive atas pelanggaran covenant

yang terjadi pada bulan Juni 2017. Consent dilakukan untuk

melakukan perubahan covenant dengan pertimbangan bahwa

covenant baru yang diusulkan:

• Akan memberikan ruang fleksibilitas bagi Perseroan

terhadap berbagai macam economic cycle serta

seasonality.

• Respon atas perubahan IFRS efektif 1 Januari 2019 yang

membuat seluruh operating lease akan tercatat sebagai

financial lease.

Sehingga dalam consent yang dilakukan, diusulkan empat poin

untuk disetujui oleh Pemegang Sukuk yakni:

• Mengubah financial covenant DER dari 2,5x menjadi 3x.

• Mengeluarkan kategori “indebtness under a finance or

capital lease” sebagai bagian dari perhitungan debt.

• Mengubah financial covenant minimum equity dari

US$800 juta menjadi minimum equity US$500 juta

• Memberikan waive atas pelanggaran covenant yang

terjadi pada bulan Juni 2017.

Dalam pelaksanaan consent, maka hasil voting dari Pemegang

Sukuk yang terkumpul adalah:

• Jumlah yang berpartisipasi dalam Voting = 75,83% dari

nilai Sukuk (US$379.128.000)

• Jumlah voting yang menyetujui usulan Garuda Indonesia =

74,93% dari nilai Sukuk (US$378.228.000)

• Jumlah voting yang tidak setuju usulan Garuda Indonesia =

0,72% dari nilai Sukuk (US$3.600.000)

• Jumlah voting yang abstain = 0,18% dari nilai Sukuk

(US$900.000)

Agenda: To waive the covenant breach occured in June 2017.

The consent was made to revise the covenant by

considering the new covenant proposal as follows:

• Providing flexibility for the Company for various economic

cycle and seasonality.

• Responding the change of IFRS, effective as of January 1,

2019 which affected all operating leases to be recorded

as financial lease.

Thus, the consent proposed four points for the Sukuk Holders,

namely:

• Revised the DER’s financial covenant from 2.5x to 3x.

• Issued the “indebtness under a finance or capital lease”

category as part of the debt calculation.

• Revised the financial covenant minimum equity from

US$800 million to the minimum equity of US$500 million

• To waived on covenant breach occurred in June 2017.

In the event of consent, the voting result of the Sukuk Holders

is as follows:

• Total voting participants = 75.83% of total Sukuk value

(US$379,128,000)

• Total approval votes for the proposal of Garuda Indonesia

= 74.93% of total Sukuk value (US$378,228,000)

• Total disapproval votes for the proposal of Garuda

Indonesia = 0.72% of total Sukuk value (US$3,600,000)

• Total abstain votes = 0.18% of total Sukuk value

(US$900,000)

Keterangan Tanggal PembayaranPayment DateJumlah (US$)Total (US$) Description

Pembayaran Imbal Hasil ke-1 3 Desember 2015 December 3, 2015 14.875.000 1st Dividend Payment

Pembayaran Imbal Hasil ke-2 3 Juni 2016 June 3, 2016 14.875.000 2nd Dividend Payment

Pembayaran Imbal Hasil ke-3 3 Desember 2016 December 3, 2016 14.875.000 3rd Dividend Payment

Pembayaran Imbal Hasil ke-4 3 Juni 2017 June 3, 2017 14.875.000 4th Dividend Payment

Pembayaran Imbal Hasil ke-5 3 Desember 2017 December 3, 2017 14.875.000 5th Dividend Payment

Pembayaran Bagi Hasil Sukuk Garuda Indonesia Hingga 31 Desember 2017 Dividend Payment of Garuda Indonesia Global Sukuk until December 31, 2017





Sehingga dari poin-poin di atas, consent VALID & QUORUM

untuk dilakukan karena nilai yang berpartisipasi sebesar

75,83%; atau di atas 75% dari keseluruhan nilai sukuk. Atas

poin yang diusulkan dalam Consent, DAPAT DITERIMA karena

dari yang jumlah yang berpartisipasi dalam consent adalah

99,05% menyetujui usulan; atau di atas 75% dari nilai yang

berpartisipasi.

Untuk biaya coupon sendiri, masih tetap sama atau tidak

ada perubahan. Namun atas consent tersebut, Perseroan

diharuskan untuk mengeluarkan biaya sebesar US$2.236.068

sebagai participation fee untuk mereka yang menyetujui

usulan Garuda; atau 0,6% dari nilai Sukuk yang dipegang.

Biaya ini sendiri merupakan one-time only.

Therefore, from the points above, VALID & QUORUM consent

was reached due to the participating value of 75.83%; or

above 75% of the total value of the sukuk. Upon the points

proposed in the consent, APPROVAL was earned since the

number that participated in the consent was 99.05% which

approved the proposal; or above 75% of total participants.

In addition, the price of coupon remained the same or did

not change. However, upon such consent, the Company was

required to incur a fee of US$2,236,068 as participation fee

for those who agree to the Garuda Indonesia’s proposal; or

0.6% of the value of the Sukuk held. The fee was one-time

only.

.

TESTIMONI PELANGGAN DAN MITRA BISNIS Testimony from Customer and Business Partners

Judge Based on Potential, Not Past4Q17 review: Making money in 4Q17, Garuda Indonesia’s (GIAA) net profit came in at US$8.5mn (-83.9% YoY). Despite an unfavorable event during the quarter (volcanic eruption of Mount Agung), GIAA still managed to post positive earnings for the second straight quarter. Tremors around Mount Agung put Bali on high alert, reducing the seasonally high traffic; we believe the impact persisted into the beginning of 2018.

Core business: Passenger services, which contributed about 75% to GIAA’s total revenue in 2017, should remain steady in 2018. Since we believe other businesses will support GIAA’s profitability, even benign growth at the core business will greatly benefit overall performance. In our view, the focus of the core business will be cost-optimization and efficiency enhancement, particularly with regard to: 1) fuel price hedging, 2) elimination of unprofitable routes to enhance efficiency, 3) re-negotiating contract to lessor & manufactures by 6 contracts, and 4) cost minimization through use of digital platforms.

Other businesses: The cargo business contributed around 6% to GIAA’s total revenue in 2017. Management intends to focus on the cargo business, which it expects to grow 12-15% in 2018 and increase its contribution by 2%p. Price and quantity are another top priority. Prices should increase via a focus on high-yield shipments (e.g., pharmaceuticals and dangerous, perishable, or valuable goods), while quantity is likely to rise on the back of partnerships with influential entities, such as Tokopedia, JD.ID, and Lazada. Moreover, GIAA plans to roll out its own e-commerce and cargo service, Go-Ex-press.

Taye Shim - Mirae Asset ResearchNilai Berdasarkan Potensial, Bukan Masa LaluUlasan 4Q17: Laba bersih Garuda Indonesia (GIAA) di 4Q17 mencapai US$8,5 juta (-83,9% YoY). Meskipun terjadi peristiwa yang tidak menguntungkan (letusan Gunung Agung), GIAA masih berhasil membukukan pendapatan positif untuk kuartal kedua berturut-turut. Guncangan di sekitar Gunung Agung membuat status Bali menjadi siaga, mengurangi traffic yang biasanya tinggi secara musiman; kami yakin dampak ini terus berlanjut sampai awal 2018.

Bisnis inti: Layanan penumpang, yang menyumbang sekitar 75% dari total pendapatan GIAA di tahun 2017, harus tetap stabil di tahun 2018. Karena kami yakin bisnis lain akan mendukung profitabilitas GIAA, bahkan pertumbuhan positif bisnis inti akan sangat menguntungkan keseluruhan kinerja. Menurut pandangan kami, bisnis inti sebaiknya difokuskan pada optimasi biaya dan peningkatan efisiensi, terutama berkenaan dengan: 1) lindung nilai harga bahan bakar, 2) penghapusan rute yang tidak menguntungkan untuk meningkatkan efisiensi, 3) negosiasi kontrak ke lessor & manufaktur dengan 6 kontrak, dan 4) minimalisasi biaya melalui penggunaan platform digital.

Bisnis lainnya: Bisnis kargo menyumbang sekitar 6% terhadap total pendapatan GIAA di tahun 2017. Manajemen bermaksud untuk fokus pada bisnis kargo, yang diperkirakan akan tumbuh 12-15% di tahun 2018 dan meningkatkan kontribusinya sebesar 2%p. Harga dan kuantitas merupakan prioritas utama lainnya. Harga harus ditingkatkan melalui fokus pada pengiriman yang memiliki yield tinggi (misalnya obat-obatan dan barang-barang berbahaya, mudah rusak, atau berharga), sementara dari sisi kuantitas kemungkinan akan meningkat didukung oleh kemitraan dengan entitas berpengaruh, seperti Tokopedia, JD.ID, dan Lazada. Selain itu, GIAA berencana untuk meluncurkan layanan tersendiri untuk e-commerce dan kargo, Go-Ex-press.










“Suasana dan wanginya beda begitu masuk ke cabin pesawat, inilah komentar anak saya mengenai Garuda Indonesia dibandingkan dengan Airlines lainnya. Memang sangat berbeda karena para staff darat serta awak cabin di pesawat juga sangat profesional.”

“As I step into the cabin, the atmosphere and pleasant scent are distinctive, this is my son’s comment about Garuda Indonesia in comparison with other Airlines. It is very special because the ground staff and cabin crew are also very professional.”

“I feel at home” while enjoying my time with Garuda Indonesia’s flight, accompanied by the world’s best crew service from world class airline. I feel such contentment in the entire domestic and international, business class and economy, from purchasing tickets to baggage collection. Furthermore, Platinum Membership of Garuda Indonesia (Sky Priority/Elite Plus) provides a very special yet delightful service and treatment. Membership as Elite Plus not only offers total comforts in enjoying Garuda Indonesia’s flight but also embeds a sense of ownership that heartens me to wish this airline will always fly higher and better. “

Sanderson The - GarudaMiles Platinum Member

Parlindungan Marpaung - GarudaMiles Platinum Member“Ketika menikmati penerbangan Garuda Indonesia, saya merasakan “feel at home”, karena pelayanan kru terbaik dunia dari maskapai penerbangan kelas dunia. Pelayanan ini saya rasakan baik penerbangan domestik maupun internasional, kelas bisnis dan ekonomi mulai dari pembelian tiket hingga pengambilan bagasi. Terlebih dengan keanggotaan sebagai Member Platinum Garuda Indonesia (Sky Priority/Elite PLus), saya memperoleh pelayanan dan perlakukan yang sangat istimewa dan membahagiakan. Keanggotaan sebagai Elite Plus tidak hanya membuat kita nyaman menikmati penerbangan Garuda Indonesia, melainkan juga mengembangkan rasa memiliki (sense of ownership) terhadap maskapai penerbangan ini untuk terus terbang tinggi dan lebih baik.”








PENGHARGAAN DAN SERTIFIKASIAWARDS AND CERTIFICATION

“Garuda Indonesia memperoleh 50 penghargaan domestik dan internasional; beberapa penghargaan di tahun 2017:- World’s Best Cabin Crew 2017 by Skytrax- Top 10 Airline 2017 by Skytrax- Five Star Global Airline by APEX- Best Airline In World – Top 10 by TripAdvisor- Best Airline From Indonesia by TripAdvisor- 3rd Winner - Annual Report Award Category BUMN Non Finance Listed

Company

Garuda Indonesia earned 50 domestic and international awards; several awards in 2017 such as::- World’s Best Cabin Crew 2017 by Skytrax- Top 10 Airline 2017 by Skytrax- Five Star Global Airline by APEX- Best Airline In World – Top 10 by TripAdvisor- Best Airline From Indonesia by TripAdvisor- 3rd Winner - Annual Report Award Category BUMN Non Finance Listed

Company






Tanggal / Masa BerlakuDate / Validity Period

Penghargaan/SertifikasiAward/Certification Lembaga Pemberi

IssuerNama Penghargaan/SertifikasiName of Award/Certifications

Kategori Penghargaan/SertifikasiAward/Certification Category

PENGHARGAANAWARD


Indonesia Prestige Brand Award The Highest Top of Mind Brand, Category Air Transport

Warta Ekonomi


Indonesia Prestige Brand Award Brand Used More Often, Category Air Transport

Warta Ekonomi


Customer Loyalty Award The Net Promoter Score (NPS) Leader for Airlines Category

SWA


Indonesia Most Innovative Business Award 2017

The Winner of Indonesia Most Innovative Business Award 2017

Warta Ekonomi

24 Maret 2017March 24, 2017

PR Indonesia Awards 2017 kategori Media Relations, Sub kategori BUMN Tbk.

Majalah PR Indonesia

4 April 2017April 4, 2017

TravelPlus Airline Amenity Bag Awards

Gold Award for Business Award (Asia/Australasia)

TravelPlus

11 April 2017April 11, 2017

Travelers Choice 2017 Best Airlines in the World – Top 10 TripAdvisor

11 April 2017April 11, 2017

Travelers Choice 2017 Top 5 Travellers' Choice Major Airline - Asia Pacific

TripAdvisor

11 April 2017April 11, 2017

Travelers Choice 2017 Best Airline from Indonesia TripAdvisor

19 Mei 2017May 19, 2017

Indonesia Most Admired Company Category: Transportation Warta Ekonomi

7 Juni 2017June 7, 2017

Sustainable Responsible Investment (SRI)-Kehati Index

Constituent of Sustainable Responsible Investment (SRI)-Kehati Index. Periode Mei-Oktober 2017

Kehati Yayasan Keanekaragaman Hayati Indonesia

20 Juni 2017June 20, 2017

World's Best Cabin Crew Skytrax

20 Juni 2017June 20, 2017

Top 10 Airlines Skytrax

11 Juli 2017July 11, 2017

Mudik Bareng Guyub Rukun Pencapaian Hasil Optimal dalam Penyelenggaraan Angkutan Lebaran 2017

Menteri Perhubungan RI

Juli 2017July 2017

Best in Travel 2017 Best Cabin Service SmartTravel Asia

8 Agustus 2017August 8, 2017

30th ASEANTA Awards Best ASEAN Airline Program ASEAN Tourism Association


30th ASEANTA Awards Best ASEAN Cultural Preservation Effort ASEAN Tourism Association


Social Business Innovation Award 2017

Category: Transportation Warta Ekonomi

7 September 2017September 7, 2017

Brand Asia 2017 Top 10 Most Powerful Brand in Indonesia MarkPlus,Inc


Brand Asia 2017 Top 3 Most Powerful Transportation/Logistic Brand in Indonesia

MarkPlus,Inc


Pacific Asia Travel Associaton (PATA) Gold Award

Travel Journalism-Travel Photograph (Thin Fish Drying, Indonesia by Chue Ardi "Colours" Garuda Indonesia In-flight magazine)

Macao Government Tourism Office (MGTO)








Annual Report Award 3rd place, BUMN Non-Finance, Listed Company

OJK, Kementerian BUMN, Direktorat Jenderal Pajak, Kementerian Keuangan RI, Bank Indonesia, IDX, Komite Nasional Kebijakan Governance, Ikatan Akuntan Indonesia


APEX (Airline Passenger Experience Association)

Five Star Global Airline The Airline Passenger Experience Association (APEX)


Indonesia Corporate PR Award The Most Popular Company Warta Ekonomi

5 Oktober 2017October 5, 2017

Creativity International Awards Gold Award - Photography - Magazine - Campaign or series - Colours in-flight magazine - Agency Fish Indonesia

Creativity International


Creativity International Awards Gold Award - Magazine - Design Cover Series - Colours in-flight magazine - Agency Fish Indonesia



Creativity International Awards Platinum Award - Photography - News and Editorial - Campaign or series - Colours in-flight magazine - Agency Fish Indonesia



Creativity International Awards Silver Award - Magazine Design - Complete-Series - Colours in-flight magazine - Agency Fish Indonesia



Creativity International Awards Silver Award - Editorial Design - Single Spread - Colours in-flight magazine - Agency Fish Indonesia



World Branding Award 2017 National Tier (airline) - Brand of The Year World Branding Forum

1 November 2017November 1, 2017

Davey Awards 2017 Gold Award - Editorial Multipage - Colours May 2017 - Travel Hong Kong-Garuda Indonesia-Agency Fish

Academy of Interactive and Visual Arts


Davey Awards 2017 Silver Award - Editorial Multipage - Colours February 2017 - Travel Japan Cherry Blossom - Garuda Indonesia-Agency Fish



Davey Awards 2017 Silver Award - Editorial Multipage - Colours August 2016 - Fashion Spread - Glorious Bloom - Garuda Indonesia -Agency Fish



Davey Awards 2017 Silver Award - Editorial Multipage - Colours May 2016 - Family Trip in Asia - Garuda Indonesia -Agency Fish



Davey Awards 2017 Silver Award - Editorial Multipage - Colours June 2016 - Travel Istambul Queen of Cities - Garuda Indonesia -Agency Fish



Davey Awards 2017 Silver Award - Editorial Multipage - Colours June 2016 - Travel - Solo Blues - Garuda Indonesia - Agency Fish



Davey Awards 2017 Silver Award - Editorial Multipage - Colours September 2016 - Travel - Copenhagen - Garuda Indonesia - Agency Fish



Davey Awards 2017 Silver Award - Editorial Multipage - Colours October 2016 - Masterclass - Garuda Indonesia - Agency Fish



Davey Awards 2017 Silver Award - Editorial Multipage - Colours November 2016 - Travel - Bangkok - Garuda Indonesia - Agency Fish











Indonesia Good Corporate Governance Award III

20 Besar Perusahaan GCG Terbaik di Indonesia 2017

Economic Review


Indonesia Good Corporate Governance Award III

Peringkat 2 Perusahaan BUMN Economic Review


Top Capital Market Top Corporate Reputation 2017 Business News Indonesia


ICSA (Indonesian Customer Satisfaction) Award

Category: Airline. "The Best in Achieving Total Customer Satisfaction"

SWA


The 9th IICD Corporate Governance Conference and Award

Top 50 of The Biggest Market Capitalization Public Listed Company

IICD (Indonesian Institute for Corporate Directorship)


Apresiasi Indonesia Untuk BUMN 2017

Top 3 Popular SOE (State Owned Enterprises) in Transportation Sector, category: Transportation and Warehousing

Warta Ekonomi

5 Desember 2017December 5, 2017

Indonesia Corporate Secretary Award

Top 5 GCG Issues in Transportation Sector Warta Ekonomi


Indonesia Best Corporate Reputation Award

Top 5 Corporate Reputation in Transportation Sector. Category: Transportation

Warta Ekonomi


Penyedia Jasa Transportasi Berprestasi Kementerian Kelautan dan Perikanan RI


Good Corporate Governance Award 2017

Trusted Company Governance Perception Index (CGPI)

SWA


Transportation Safety Management Award 2017

Terbaik II. Kategori Udara AOC 121 Kementerian Perhubungan RI


5-Star Airline Certificate Renewal Skytrax

Agustus 2016August 2016

IOSA IATA Operational Safety Audit Program





02Laporan ManajemenManagement Report






PT Garuda Indonesia (Persero) Tbk Laporan Tahunan 201732

LAPORAN DEWAN KOMISARISBoard of Commissioners Report

JUSMAN SYAFII DJAMAL

Komisaris Utama dan Komisaris IndependenPresident Commissioner and Independent Commissioner

Pendapatan usaha Perseroan meningkat 8,11% menjadi US$4,18 miliar di tahun 2017. Kinerja ini patut diapresiasi karena sejak tiga tahun terakhir Perseroan menghadapi persaingan harga yang ketat.

The Company’s operating revenues increased by 8.11% to US$4.18 billion in 2017. This performance deserves appreciation since for the last three years the Company has encountered a tight price competition.“ “




PT Garuda Indonesia (Persero) Tbk 2017 Annual Report 33

Pemegang saham dan pemangku kepentingan yang terhormat,

Puji dan syukur kami panjatkan pada Tuhan Yang Maha Kuasa,

Maha Pemurah, dan Maha Penyayang. Semoga limpahan

berkah dan rahmat-Nya selalu untuk kita semua. Dewan

Komisaris mensyukuri bahwa PT Garuda Indonesia (Persero)

Tbk berhasil melalui tahun 2017 dengan baik di tengah

kondisi ekonomi global dan domestik yang dinamis dengan

membukukan pendapatan usaha sebesar US$4,18 miliar

atau meningkat sebesar 8,11% dibandingkan periode yang

sama tahun sebelumnya. Kenaikan pendapatan usaha ini

patut diapresiasi karena sejak tiga tahun terakhir Perseroan

mengalami penurunan pada pendapatan usaha. Walau masih

membukukan kerugian sebesar US$213,39 juta termasuk

biaya extraordinary items yang terjadi di tahun ini. Perseroan

telah berusaha keras mengurangi kerugian di setiap kinerja

triwulanan. Jika mengeluarkan biaya extraordinary items,

Perseroan membukukan kerugian sebesar US$67,55 juta

atau menurun sebesar 23,19% dibandingkan kinerja tahun

sebelumnya. Merupakan kehormatan bagi saya, mewakili

Dewan Komisaris Garuda Indonesia, untuk menyampaikan

laporan pengawasan terhadap Perseroan di tahun 2017.

LATAR BELAKANG EKONOMI GLOBAL DAN INDONESIAPertumbuhan ekonomi global di tahun 2017 mulai

menunjukkan perkembangan positif seperti yang dilansir oleh

Dana Moneter Internasional (IMF) dalam laporan terbarunya

yang bertajuk World Economic Outlook. Dalam laporan

tersebut, IMF merevisi ke atas proyeksi pertumbuhan ekonomi

global menjadi 3,7% di tahun 2017 dan mengekspektasi

adanya pertumbuhan yang lebih kuat untuk ke depannya.

Dalam laporannya, IMF juga menyatakan perekonomian

global mengalami pembalikan siklikal setelah mencatatkan

pertumbuhan yang mengecewakan dalam beberapa tahun

terakhir. Namun demikian, IMF juga memperingatkan bahwa

pemulihan ekonomi global belum sepenuhnya selesai dan

tetap menghadapi sejumlah risiko seperti risiko geopolitik

serta ketidakpastian kebijakan yang berdampak langsung pada

sentimen global, penyesuaian harga aset, pengetatan di sektor

keuangan yang berdampak pada negara berkembang, dan

kemungkinan perlambatan ekonomi Tiongkok.

Dear valued shareholders and stakeholders,

Praise to God the Almighty, Most Gracious, and Most Merciful.

May His blessings and favors always rest upon us. The

Board of Commissioners is grateful that PT Garuda Indonesia

(Persero) Tbk has successfully passed 2017 amidst the

dynamic global and domestic economy by posting operating

revenues of US$4.18 billion or increased by 8.11% over the

same period in the previous year. Such increase in operating

revenues should be appreciated since in the last three years,

the Company’s operating revenues has been decreased.

Although it still recorded a loss of US$213.39 million including

extraordinary items costs incurred in this year. The Company

has strived to reduce the losses in each quarterly performance.

If the cost of extraordinary items was excluded, the Company

recorded a loss of US$67.55 million or decreased by 23.19%

compared to the previous year’s performance. It is such an

honor to represent the Board of Commissioners of Garuda

Indonesia in presenting the supervisory report over the

Company’s course in 2017.

GLOBAL AND INDONESIA’S ECONOMIC BACKGROUNDGlobal economic growth in 2017 began to show positive

developments as reported by the International Monetary Fund

(IMF) in its latest report entitled World Economic Outlook.

In the report, the IMF revised upward its projected global

economic growth to 3.7% in 2017 and expects stronger

growth for the foreseeable future.

In the report, the IMF stated the global economy had a cyclical

turnaround after posting disappointing growth in recent years.

Nevertheless, the IMF also warned that the global economic

recovery has not fully recovered and still facing a number

of risks such as geopolitical risks, policy uncertainties that

directly impact global sentiment, asset price adjustment,

financial tightening impacting on developing countries, and

the possibility of a slowdown in China’s economy.






PT Garuda Indonesia (Persero) Tbk Laporan Tahunan 201734

Sejalan dengan pemulihan pada pertumbuhan ekonomi global,

perekonomian Indonesia juga senantiasa menunjukkan kinerja

yang membaik. Realisasi pertumbuhan PDB triwulan IV 2017

tercatat 5,19% (yoy), lebih tinggi dibandingkan dengan

capaian triwulan sebelumnya sebesar 5,06% (yoy). Kinerja PDB

pada triwulan IV 2017 tersebut melanjutkan perkembangan

positif pertumbuhan ekonomi Indonesia. Untuk keseluruhan

tahun 2017, pertumbuhan ekonomi tercatat 5,07% dan

merupakan yang tertinggi dalam empat tahun terakhir.

Namun demikian, Dewan Komisaris memandang tahun 2017

merupakan tahun yang cukup menantang bagi industri

penerbangan komersial. Hal ini terutama didorong oleh masih

tingginya nilai tukar Rupiah terhadap Dolar AS serta harga

avtur yang meningkat mendekati akhir 2017. Kedua faktor ini

dinilai memberikan dampak yang cukup signifikan terhadap

kinerja industri penerbangan komersial di sepanjang tahun

2017.

PENILAIAN PADA KINERJA DIREKSI

Dengan mempertimbangkan tantangan yang dihadapi di

sepanjang tahun 2017, baik dari kondisi ekonomi global

maupun domestik, secara keseluruhan Dewan Komisaris

menilai bahwa Direksi yang memegang kendali Perseroan

sejak triwulan kedua hingga triwulan keempat tahun 2017

telah berupaya memperbaiki kinerja operasional dan finansial.

Pada triwulan kedua, kondisi finansial dan operasional

Perseroan sudah menunjukkan arah perbaikan ditandai

dengan peningkatan pendapatan usaha sebesar 6,97%

yoy, peningkatan SLF sebesar 2,37 pp menjadi 74,16%,

serta peningkatan utilisasi pesawat dari 9:19 di triwulan

pertama menjadi 9:32 di triwulan kedua sebagai bagian dari

optimasi rute dan armada. Pada masa ini, selama tiga bulan,

Perseroan membukukan kerugian di luar extraordinary items

sebesar US$38,83 juta. Akan tetapi, sebagai konsekuensi

keikutsertaan Perseroan pada program Amnesti Pajak,

Perseroan membukukan kredit pajak dan akumulasi rugi

fiskal yang tidak bisa dikompensasikan yang tercatat

di laporan laba rugi sebesar US$138,34 juta, sehingga

Perseroan membukukan kerugian US$184,67 juta termasuk

extraordinary items.

Baru pada triwulan ketiga dan keempat, Perseroan bisa

benar-benar mengurangi akumulasi kerugian dengan dengan

membukukan laba sebesar US$70,37 juta. Sehingga pada

In line with the recovery in global economic growth,

Indonesia’s economy also continued to show improvement.

The realization of GDP’s growth in the fourth quarter of

2017 was recorded at 5.19 (yoy)%, better than the previous

quarter’s performance of 5.06% (yoy). GDP performance in the

fourth quarter of 2017 continued the positive development of

Indonesia’s economic growth. Overall in 2017, the economic

growth was stood at 5.07% and was the highest in the last

four years.

Nevertheless, the Board of Commissioners regards 2017 as

a challenging year for the commercial aviation industry. This

is mainly driven by the high exchange rate of Rupiah against

the US Dollar and avtur price that keep increasing by the

end of 2017. Both of these factors are considered to have

a significant impact on the performance of the commercial

aviation industry throughout 2017.

ASSESSMENT ON THE BOARD OF DIRECTORS’ PERFORMANCETaking into account the challenges faced throughout 2017,

both from the global and domestic economic conditions, the

Board of Commissioners overall regards that the Board of

Directors, which serving from the second quarter to fourth

quarter of 2017, has strived to improve operational and

financial performance.

In the second quarter, the Company’s financial and operational

conditions indicated an improvement as seen by the increase

in operating revenues of 6.97% yoy, an increase of SLF by

2.37 pp to 74.16%, as well as an increase in aircraft utilization

from 9:19 in the first quarter to 9:32 in the second quarter

as part of route and fleet optimization. During this period, for

three months, the Company posted a loss of US$38.83 million

excluding extraordinary items. However, as a consequence of

the Company’s participation in the Amnesty Tax program, the

Company recorded tax credit and accumulated unamortized

los

Documents

Bringing Indonesian Hospitality to the World Garuda Indonesia Persero Annual Report 12805.pdfPT Garuda Indonesia (Persero) Tbk Investor Relations ... MANAJEMEN Management Discussion