PT Garuda Indonesia (Persero) Tbk
INDONESIA INVESTOR DAY 2012
Jakarta, 02 May 2012
0
0
Shareholder List & Share Performance – as of 31 March 2012
Domestic vs Foreign Investor (based on free-floating shares)
Domestic Investors
82.2%
82.5%
85.1%
87.1%
87.2%
87.5%
87.6%
88.9%
89.2%
91.2%
97.9%
98.3%
Mar 12
Number of
Investor
Feb 12
%
Number of Shares
%
Jan 12
Des 11
Domestic
Nov 11
Government of Indonesia
1
0.01%
15,653,128,000
69.14%
Angkasa Pura I
1
0.01%
248,496,000
1.10%
Angkasa Pura II
1
0.01%
403,634,000
1.78%
Retail
8,304
63.03%
1,413,100,500
6.24%
Employee
4,514
34.26%
100,040,275
0.44%
Jul 11
Cooperative
3
0.02%
86,000
0.00%
Jun 11
Foundation
7
0.05%
8,316,500
0.04%
May 11
Pension Fund
68
0.52%
234,393,000
1.04%
Apr 11
Insurance
22
0.17%
244,186,500
1.08%
Perseroan terbatas (PT)
95
0.72%
3,151,862,225
13.92%
Reksadana
Total Domestic
17
0.13%
53,291,000
0.24%
13,033
98.92%
21,510,534,000
95.01%
41
0.31%
3,488,500
0.02%
International
Retail
Instutional
Total International
TOTAL
1
101
0.77%
1,126,973,500
4.98%
142
1.08%
1,130,462,000
4.99%
13,175
100.00%
22,640,996,000
100.00%
Oct 11
Sep 11
Aug 11
50%
60%
70%
Foreign Investors
17.8%
17.5%
14.9%
12.9%
12.8%
12.5%
12.4%
11.1%
10.8%
8.8%
2.1%
1.7%
80%
90%
100%
Contents
1. Company Overview
2.
Airlines Industry Overview
3. Restructuring and Transformation 2006-2015
4. Operational & Financial Indicator
5. Subsidiaries
2
Contents
1. Company Overview
2.
Airlines Industry Overview
3. Restructuring and Transformation 2006-2015
4. Operational & Financial Indicator
5. Subsidiaries
3
Board of Director PT Garuda Indonesia (PERSERO) Tbk.
Emirsyah Satar
Handrito Hardjono
President & CEO
EVP Finance
Batara Silaban
Heriyanto Agung Putra
EVP maintenance & Fleet Management
EVP Human Capital & Corporate Affair
Elisa Lumbantoruan
4
Judi Rifajantoro
EVP Marketing & Sales
EVP Strategy, Business Development &
Risk Management
Faik Fahmi
Novijanto Herupratomo
EVP Services
EVP Operation
Garuda Indonesia Group
Vision:
Mission:
A strong distinguished airline through
providing quality services to serve
people and goods around the world
with Indonesian Hospitality
The flag carrrier of Indonesia that promotes
Indonesia to the world, supporting national
economic development by delivering
professional air travel services
Value:
Goal:
Corporate value called “FLY-HI”
consisting of :
In line with the corporate vision, our
corporate goal is to be a leading airline
with a comparable reputation to other
world class airlines and aim to create a
continously growing and expanding
company with sustainable profits.
EFficient & Effective,
Loyalty,
Customer CentricitY,
Honesty & Opennes
Integrity
5
Company’s Vision :
A strong distinguished airline, providing quality services, to serve
people & goods around the world with Indonesian hospitality
1. A strong distinguished airline; it denotes that Garuda Indonesia must become a
gainful company, with a better operating profit margin than the average industry.
Becoming a distinguished airline also signifies that Garuda Indonesia must own a
good reputation, highly regarded and respected. To gain the reputation, Garuda
Indonesia's safety and quality record must be impressive.
2. Quality services; which implies that providing pleasant services is a natural
character at Garuda Indonesia. To actualize it Garuda Indonesia must achieve 5 stars
in the Skytrax rating.
3. To serve People and Goods around the World ; this is mirrored from the route
coverage served by Garuda Indonesia. Whether flying on its own as well as through
alliances with other airlines, Garuda Indonesia's route coverage must reach out to
the five continents
6
Garuda Indonesia Group
Ops Revenue Contribution 2011
Garuda Indonesia (Main brand)
9%
8%
Domestic
International
83%
Feeder/Sub-100
Scheduled Airlines
Non-scheduled Airlines
Others
Key Subsidiaries & Associated Companies
Cargo
Citilink (LCC)
Hajj / Charter
Hospitality
and Tourism
Aerowisata
7
MRO
Services
IT Services
GMF
AeroAsia
Aero
Systems
Global
Distribution
Systems
Abacus
Ground
Handling
Gapura
Angkasa
Garuda Indonesia at a Glance - 2011
17.1 million
$3 billion
Amsterdam
Passengers
Revenue
Beijing
Nagoya
Seoul
Tokyo
Osaka
Shanghai
Jeddah
Guangzhou
Hong Kong
Dubai
Bangkok
229k tonnes
18%
Kuala Lumpur
singapore
JakartaMakassar
Cargo
Ops Revenue CAGR 2007-11
Denpasar
Perth
Sydney
Melbourne
87 Aircraft
6.5 yrs Fleet Age
18%
EBITDAR Margin
Banda Aceh
Medan
31
Domestic
Destinations
Note:
 Map not drawn to scale
 Figures are as per Dec 2011-unaudit
8
Pekanbaru
Batam
Pontianak
Padang
Palu
Palangkaraya Balikpapan
Jambi
Pgk.Pinang
Palembang
Banjarmasin
Manado
Ternate
Gorontalo
Ambon
Kendari
Tjg.Kar
Ujung Pandang
Jakarta
ang
Semarang Surabaya
Solo
Denpasar
Mataram
Yogyakarta
Malang
Kupang
Biak
Jayapura
Timika
17
International
Destinations
Flying High
1949
Avg. Age
11.5
 Established in 1949 with first
aircraft, Dakota DC-3
10.9
11.9
10.2
8.1
1956
 First Haji pilgrims flight
to Mecca
1973
6.5
Number of Passengers
(millions)
Avg.
Age
PAX
 First subsidiary “AWS”
added to the Group
Fleet Size
49
48
54
70
89
87
105
128
163
194
2010
2011
Q
2009
Q
2008
Q
2007
Q
Q
2006
Q
Q
2005
Q
1985
Q
 First deliveries of DC-10,
the first wide-body aircraft
Q
1976
2012E
2013E
2014E
2015E
 New Corporate Identity
1990s
 Garuda Indonesia is ranked
among the top 30 carriers
in the world
1995
 Subsidiary “Abacus DSI”
added to the Group
2002
 Subsidiary “GMF-AA” added
to the Group
9
2005
2007
2009
2010
2011
 New
management
takes over and
begins
transformation
 Profitability
improves under
new management
with a
US$17 million
net income
 Received “Best Debt
Restructuring Deal of
the Year 2009 in
South East Asia” (1)
 Completed debt
restructuring
 IPO completion
 UPG as 3rd
hub
 Citilink Brand
refresh
 25+25 A320
contract for
Citilink
 EU removed Garuda
from its list of
banned airlines
 Achieved 4 star
Skytrack rating
 Awarded CAPA
Airline Turnaround
of the Year
Contents
1. Company Overview
2.
Airlines Industry Overview
3. Restructuring and Transformation 2006-2015
4. Operational & Financial Indicator
5. Subsidiaries
10
Airline demand is driven by GDP growth
•
GDP
RPK
•
Growth in passenger and freight markets in the past has largely been driven by
broader trends in GDP growth and world trade flows. Passenger traffic has grown
at around 1.5-2 times the rate of GDP growth.
Freight has generally grown at a similar rate to world trade, although in recent
years a shift in market share to surface transport has meant that air freight
traffic growth has been slower than trade growth.
Source: ICAO, IATA, EIU
11
Asia Pacific to lead the traffic growth
In 2009, Asia-Pacific overtook North America to become the largest air travel market
with 647 million passengers and is expected to grow more rapidly than that of the rest
of the world, with an average annual growth rate of 6% between 2009 and 2028.
World
RPKs(1) (bn)
0
1,000
2,000
3,000
4,000
AsPac
2009-2018
2019-2028
20-year
growth
4.6%
4.8%
4.7%
North America
Europe
North
America
Europe
2009-2018
2019-2028
20-year
growth
2009-2018
2019-2028
20-year
growth
2009-2018
2019-2028
20-year
growth
1.9%
2.9%
2.4%
4.0%
4.7%
4.3%
6.2%
5.6%
5.9%
% of 2028 world RPKs: 20%
Middle
East
% of 2028 world RPKs: 26%
% of 2028 world RPKs: 4%
Middle East
Asia Pacific
Latin America
Latin
America
CIS
2009-2018
2019-2028
20-year
growth
2009-2018
2019-2028
20-year
growth
2009-2018
2019-2028
20-year
growth
5.9%
5.6%
5.8%
7.6%
6.3%
6.9%
6.6%
5.5%
6.0%
% of 2028 world RPKs: 6%
% of 2028 world RPKs: 8%
2009 - 2028 growth
Source: Airbus, Global Market Forecast, 2009
12
% of 2028 world RPKs: 33%
Africa
Africa
2008 traffic
CIS
2009-2018
2019-2028
20-year
growth
5.4%
5.1%
5.2%
% of 2028 world RPKs: 3%
Indonesia : Unique opportunity within Asia



Most populous country in the South East Asia (4th largest in the world) with people
distributed across a number of medium - large cities and high density provinces
Largest archipelago in the world lending greater importance to air travel; potential for
taking market-share from land / sea travel
High growth economy with GDP per capita showing a growth of 12.5% in the period
2000 – 2009
Most populated cities in the region
Kuala Lumpur
1.6 million
Petaling
1.5 million
Sources: company prospectus
Medan
2.0 million
Jakarta &
surrounding area
12.0 million
Indonesia: GDP per capita
Manila
1.7 million
Singapore
4.6 million
Ujung Pandang
1.2 million
Surabaya
2.6 million
Source: IMF, World Economic Outlook (WEO), 2010
13
Domestic Landscape
 Indonesia is made up of 17,000 islands
 It is the largest archipelago in the world, stretching for
more than 5,000 km, a distance greather than Los
Angeles to New York
 Some are of considerable land mass
 Around two-third of Garuda pax are carried on journeys
over water
14
 There are 220 airports in Indonesia, of which
 A minimum of 37 airports are suitable for B737/A320
aircraft
Indonesia Domestic Market
Market Size (mio)
90.6m
Premium
Budget Traveler
82.0m
GA Pax
73.7m
66.2m
60.0m
39.2m
37.4m 43.8m
51.6m
34.0m
23.8m 28.8m
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
• Domestic market in 2011 increased by 17%. Garuda projects market growth of 11% CAGR (2011 – 2015), the upturn
periods.
• GA domestic market share will increase from 22.8% in 2011 to 34.4% in 2015
Note: GA Pax, S-100 seater & Alliance
Sources : Dephub, PT. AP I & II, Garuda Forecast
1515
Indonesia : International Market
Market Size (mio)
30.0m
Business
Leisure
GA Pax
23.5m
25.8m
27.9m
21.7m
19.0m
13.2m
14.8m
16.2m
10.7m 11.0m 11.3m
35.7%
27.8%
2004
2005
2006
2007
2008
13.7%
11.7%
2009
2010
2011
2012
2013
31.8%
2014
2015
• Traffic growth of International market increased by 14% in 2011. Projected CAGR traffic growth is 9% from 2011 2015
• Projected GA international market share in 2011 is 14.3% and estimated to be increased to 25.9% in 2015
Note: GA Pax, S-100 seater & Alliance
Sources : IATA, PT. AP, PATA, Garuda Forecast
1616
Contents
1. Company Overview
2.
Airlines Industry Overview
3. Restructuring and Transformation 2006-2015
4. Operational & Financial Indicator
5. Subsidiaries
17
Restructuring and Transformation
1st Journey
2011 and beyond
Quantum Leap: Increasing revenue and margins
driven by rejuvenating main brand fleet and
growth of Citilink
2010
US$2.1 billion
Revenue
US$57 million
Net Income
US$2.0 billion
Revenue
US$114 million
Net Income
Profit and traffic grew through the global recession
2008
18
2010+
IPO, Quantum Leap
2008
2009
 Start of privatization  Competitiveness and
process
expansion to
domestic/regional
 Improvement in
product and service  Launched “Garuda
experience”
2009
US$2.2 billion
Revenue
US$109 million
Net Income
Sustainable
Growth
2006 Consolidation




Cost efficiency/revenue improvement
Reduce negative cash flow
Rearranged routes
Capital injection approved by government
2007 Rehabilitation





Ongoing debt restructuring
Product and service enhancement
Cost efficiency/revenue improvement
Positive cash flow/strengthen capital base
Introduce voluntary retirement scheme
Restructuring and Transformation
2nd Journey
Milestone – Quantum Leap
2011 2015
• Cengkareng
• Initial Public
Offering (IPO)
• Citilink
Revitalization
19
dedicated
terminal
• Garuda Sub-100
Seater
• ASK/Employe
6.80 mio
• Best Cabin
Crew
• SkyTrax 5 Star
• Denpasar
Dedicated
Terminal
• Fly to All
Province Capital
• First Flight to
USA
• Fleet 194
Aircraft
• Dedicated
Aircraft for Hajj
Aiming to complete the 2nd journey in 2015
2005
Growth
2011
Growth
2015
57
56%
87
123%
194
Average age (yr)
11.2
-28%
6.5
-59%
<6
ASK/employee (000)
3,761
5%
4,909
67%
8,210
Passenger Carried
9.3 mio
34%
17.1 mio
165%
45.4 mio
Frequency/week
765
59%
3,165
159%
8,198
Number of Aircraft
Skytrax Rating
20
3 star
+
4 star
+
5 star
Quantum Leap – 7 Strategies to Drive Growth
Management focuses on implementing the “Quantum Leap” with 7 main strategies to expand and
dominate the Indonesian aviation market.
2
1
Domestic
International
Grow and dominate
full-service
Enormous upside
potential
7
3
Human Capital
LCC
Right quality and
right quantity
Citilink to address the
LCC Opportunity
6
Cost Discipline
Efficient in cost
structure compared to
peers
4
Fleet
5
Brand
Stronger brand, better
product and services
Expand, simplify and
rejuvenate Fleet
Contents
1. Company Overview
2.
Airlines Industry Overview
3. Restructuring and Transformation 2006-2015
4. Operational & Financial Indicator
5. Subsidiaries
Competition on routes which GA flown
Domestic Traffic GA growth by 37.9% YoY
Dom Total
GA Total
Market Share
16,000,000
12,000,000
21.9%
23.5%
25.8%
24.5%
International Traffic GA growth by 29.2 %
26.1%
28.8% 29.3% 28.6%
Intl Total
35.0%
30.0%
25.0%
20.0%
8,000,000
15.0%
10.0%
4,000,000
4,000,000
3,000,000
17.8%
GA Total
21.0%
19.7% 20.1%
Market Share
23.5%
22.2% 22.8% 22.7%
20.0%
15.0%
2,000,000
10.0%
1,000,000
5.0%
5.0%
-
Q1-10
Q2-10
36.4
Q3-10
Q4-10
Q1-11
37.9%
27.7
9.4%
0
Q1-10
Q2-10
Q3-10
Q4-10
Q1-11
Q2-11
Q3-110
12.4%
2.4
29.2%
3.1
30.3
9.7
8.2%
10.5
Jan-Des 2011
Jan-Des 2010
GA
Sumber: Perusahaan (data trafik keluar/masuk bandara CGK,DPS,SUB,UPG, tidak termasuk Citilink
Q4-11
13.6
12.1
12.0
Jan-Des 2010
Other Airlines DOM
0.0%
42.3
16.2%
8.7
Q2-11 Q3-110 Q4-11
25.0%
Jan-Des 2011
Other Airlines INTL
GA
0.0%
Operational Reliability improved
Higher aircraft utilization
+ 01:17
 Flight frequency increased
+ 00:39
+ 26.6%
10:41
10:40
23.7%
130,043
102,724
10:04
9:23
2010
2011
1Q-2011
1Q-2012
2010
 Seat Load Factor improved
+ 3.5 bp
+ 36.2%
75.2%
1Q-2011
1Q-2012
+ 25.3%
17,073
72.8%
2010
35,817
 Passenger carried increased
+ 1.1 bp
71.7%
2011
28,952
12,534
71.7%
2011
1Q-2011
1Q-2012
2010
2011
3,677
4,608
1Q-2011
1Q-2012
Fleet Expansion Plan 2012-2015
8.1
6.5
5.8
<6
194
163
128
105
89
87
8
9
50
40
30
20
81
78
85
98
2010
2011
2012
2013
GA
CT
123
2014
144
2015
Fleet Renewal bring significant
cost saving:
•
Lower fuel costs
•
Lower maintenance costs
•
Lower operating costs
•
Higher aircraft utilisation
rates
Maintaining Growth Momentum
Passenger Revenue (in USD Mio)
Operating Revenue (in USD Mio)
5,000
3,088
4,000
2,168
2,001
68%
73%
68%
78%
80%
84%
90%
60%
2,173
60%
3,000
1,574
2,000
583
30%
717
2,362
1,000
1,072
2007
2008
2009
2010
2011
1Q-2011
1Q-2012
1,484
1,210
1,595
2007
2008
2009
2010
Passenger Revenue
Number of Passengers (in Mio)
9.7
10.1
13.8
9.9
7.7
8.6
2.3
2.4
2.3
2.7
3.20
2007
2008
2009
2010
2011
3.7
Domestic
International
1Q-2011
1Q-2012
0%
% to Total Revenue
Strong revenue growth continues, with higher YoY growth
compares to CAGR growth
12.6
7.4
598
Highlights
17.0
10.9
2011
469
3.0
0.7
1Q-2011
4.6
3.8
0.8
1Q-2012
Number of passengers also increase at higher rate in 1Q 12,
compares to 2007-11 CAGR
Increasing contribution from passenger services as main
business
While focus on Cost Efficiency
Historical Financial Indicator (in U$c)
9.6
9.5
8.6
7.4
7.8
7.5
8.6
7.8
7.0
6.0
3.8
2007
0.57
Highlights
7.6
9.4
7.9
6.2
4.4
2008
0.86
4.3
2009
4.5
2010
Pax Yield
CASK
0.51
0.66
4.6
4.6
4.7
2011
1Q-2011
1Q-2012
0.83
0.92
• During 1Q 12, passenger yield increased
by 9.55%, while at the same time CASK only
increase by 5.03% and CASK excluding fuel
only increase by 1.53%.
• In broader time frame, any increase in
CASK had been adjusted to passenger yield,
shows that any increase in cost would be
pass right away to customers.
CASK - ex. Fuel
0.90
Jet Fuel
(USD/Liter)
Income
Operating
Expenses
Operating
Revenue
Income Statement Summary Consolidated
In USD Mio
1Q-2011
1Q-2012
Passenger
469.11
597.98
27.47
Cargo
38.38
44.82
16.78
Others
75.81
74.65
-1.53
Total
583.30
717.45
Fuel
219.06
Non Fuel
∆ % YoY
Business
Economy
Overall
ASK
+ 14.5%
+16.8%
+16.5%
+ 33.0%
+ 29.1%
+29.6%
23.00
Passenger
Revenue
280.52
28.06
RASK
+ 16.1%
+10.6%
+13.7%
394.68
443.76
15.30
Total
613.74
724.28
19.85
Operating
Profit/Loss
-30.43
-6.83
-22.91
Profit/Loss Current
Period
-19.08
-10.67
-78.88
Comprehensive
Income/Loss
-19.34
4.90
N/A
•Focus on high-end customer which is give higher
revenue contribution
•Increase overall passenger yield by 9.6%
Balance Sheet Summary Consolidated
31 Dec 2011
31 Mar 2012
773.25
676.28
Non Curents Assets
1,357.54
1,458.91
7.47%
Total Assets
2,130.79
2,135.19
0.21%
Current Liabilities
644.42
685.27
6.34%
Non Curent Liabilities
562.32
535.64
-4.74%
1,206.74
1,220.91
1.18%
924.05
914.28
-1.06%
2,130.79
2,135.19
0.21%
Current Assets
Asset
Liabilities
Total Liabilities
Total Equities
∆ % YoY
-12.54%
Equities
Total Liabilities & Equities
Financial Indicator
EBITDAR (USD Mio)
Lease Adjusted Net Debt/EBITDAR
4.70
539
4.00
425
381
387
4.30
4.22
3.30
3.10
2.50
274
142
81
2007
2008
2009
2010
2011
1Q-2011 1Q-2012
2007
2008
2009
2010
2011
1Q-2011 1Q-2012
Contents
1. Company Overview
2.
Airlines Industry Overview
3. Restructuring and Transformation 2006-2015
4. Operational & Financial Indicator
5. Subsidiaries
Indonesian MRO Business
Opportunity
Indonesia Investor Day
Jakarta, 2 Mei 2012
Richard Budihadianto
President & CEO PT. GMF AeroAsia
Global MRO Value
Fleet growth forecast 2011-2021
30000
$80.0
$50.0
$40.0
10000
28,591
$30.0
$20.0
20,203
$0.0
2011
2010
$11.5
$46.9
$9.3
$12.5
$8.0
$8.6
$10.1
$21.6
$10.0
5000
0
$56,4
$60.0
20000
15000
$69,0
$70.0
3.5%
CAGR
25000
# of Aircraft
Global MRO Forecast 2011 ($B)
2021
2020
• Long term fleet growth still looks solid.
• Fleet growth forecast at 3.5% CAGR to 28,591 in
10 years.
Source : Team SAI Consulting Services 2011
$32.6
$27.1
$8.7
$9.9
$12.4
2011
2016
2021
HMV & Mod
Engines
Component
Line
•Global growth is expected to maintain a 3.9% CAGR
through 2021
•$46.9B industry will grow to $69.0B over 10-year
forecast period – 2011 up 10.8% from 2010
•Engine remains largest segment with the highest
growth rate
Indonesian MRO Value
# of Passenger
160
140
# of Commercial Aircraft ( > 100 Seater)
600
500
450
120
480
405
400
100
326
304
80
376
358
300
60
200
40
20
100
0
0
Order
2011
projection




High domestic passenger growth 15-20%
Number of commercial aircraft operation and on-order
increase tremendously from 304 (2011) to be 480 (2016)
‘Huge’ MRO domestic market > 2 Bio USD by 2016
Most of the maintenance works are outsourced/farmed
out
2012
2013
2014
2015
2016
MRO Domestic Market (US$ Mio)
50-60%
30-40%
> 2,000
850
I/H
O/S
2011
Source: GMF, and others
I/H : In-house maintenance
2016
O/S: Outsourcing maintenance
GMF’s Profile
Product Portfolio
Approval
Engine
DGCA Indonesia
Airframe
Line Maintenance
Component
IGTE
FAA USA
EASA Europe
Engineering
+ 19 from other
countries
 Our Customers around the world covering 5 continents, more than 40 countries
36
Aerowisata at a Glance - 2011
53,000
Meal uplift/day
IDR 2.01 T
Revenue
72.9%
Occupancy rate
17%
Revenue CAGR
2007-2011
Existing AWS Office
New AWS Office
103,325
Pax tour
9%
EBITDAR Margin
196,543
Pax ticket
1,254 Vehicle
72% Bus utilization
5.7 ritase/day
Aerowisata Business Group
Division
Food Services
Hotels & Resorts
Services
Travel & Leisure
Services
Transportation
Services
38
Business
Remark
Industrial
Oil, mining, & gas; Hospital
Inflight
Domestic & International Airlines (incl. Charter flight)
Owned Hotel
Sanur Beach Hotel, Senggigi Beach Hotel, Grand Hotel Preanger (4-5 )
Aerotel Irian Biak, Hotel Widodaren Surabaya (3 )
Managed Hotel
Kawanua Aerotel Jakarta, Alam Puri Villa Penatih, Bali, Alam Ubud Villa, Bali,
Baji Gau Guest House, Grand Artos Magelang, Aerotel Salesa Batam, Aerotel
Smile Makasar, Aerotel Jogya, dan Aerotel Bandung
Aerotravel
Travel Agent (JKT, BDO, SUB, BPN, DPS, AMI)
AeroMICE, Aerohajj
Garuda Indonesia Holidays
(GIH)
Wholesaler in Indonesia
Garuda Orient Holidays
(GOH)
Wholesaler (Australia & New Zealand, Japan, Korea, China, Hongkong)
Aero Jasa Perkasa
General Sales Agent (Foreign Airlines)
Sales Outlet Management
Banten, Depok, PIM, Puri, Pluit, SPBU Kuningan
Aero Express
Cargo services
Tourism transportation
Individual & Group tourism
Industrial / Corporate
transportation
Oil, mining, & gas; Government Institution; Airlines
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