Airports of Thailand PLCAirports of Thailand PLCFY2009 Corporate Presentation

(October 2008 – September 2009)( p )

Disclaimer

This presentation is intended to assist investors to better understanding the company’s business and financial status.

This presentation may contain forward looking statements relate to analysis and other information which are based on forecast of future results and estimates of amounts not yet determinable.

These statements reflect our current views with respect to future events which relate to our future prospects, developments and business strategies and are not guarantee of future performance. g p

Such forward looking statements involve know and unknown risks and uncertainties.

The Actual result may differ materially from information contained in these statements.

2

Airports in Thailand

CHIANG RAI INTERNATIONAL AIRPORT

CHIANG MAI INTERNATIONAL AIRPORT

P i

Total of 38 airports

Airports of Thailand PLC2 in Bangkok and perimeter

Sukhothai Nakhon Phanom

Udon Thani

Loei

LampangPhrae

NanMae Hong Son

Tak

Pai2 in Bangkok and perimeter o Suvarnabhumi Airport (BKK) o Don Muang International Airport (DMK)

4 international airports at regional sites

Ubon RatchathaniBuri RamNakhon Ratchasima

Sakon Nakhorn

Roi Et

Khon KaenPhetchabun

PhitsanulokMae Sot

DON MUANG

INTERNATIONALAIRPORT

Surin

o Chiang Mai International Airport (CNX) o Hat Yai International Airport (HDY)o Phuket International Airport (HKT) o Chiang Rai International Airport (CEI)

Bangkok Airways Airports

DCA Airports

AOT AirportsU-Tapao

Hua Hin

Trad

AIRPORT

Department of Civil Aviation (DCA) o 28 regional airports

Bangkok Airways Airports

Royal Thai Navy Airport

Chumpon

Samui

Nakhon Si Thammarat

Ranong

Surattani

HAT YAI

INTERNATIONAL

Royal Thai Navyo U-Tapao Airport

Bangkok Airways CompanyKrabi

Trang PattaniNarathiwat

PHUKET INTERNATIONAL AIRPORT

AIRPORTg y p y

o Sukhothai Airporto Samui Airporto Trad Airport

3

h h ld f (A t J 2009)

Shareholders Information

Fact Sheet

Airports of Thailand PLCListed on 11 March 2004Shares outstanding 1,428.57 million

Shareholders Information (As at January 2009)

1. Ministry of Finance 70.00%

2. Nortrust Nominee LTD 4.97%

3 St t St t B k d T t 4 79%Shares outstanding 1,428.57 millionShareholders

•Ministry Of Finance 70%•Free Float 30%

Average Daily Market Cap (Oct 08 Sep 09)

3. State Street Bank and Trust Company for Australia

4.79%

4. Chase Nominees Limited 1 3.68%

5. Nortrust Nominees Limited – 1.47%(Oct 08- Sep 09)

•BHT 32,006.82 M Northern Trust Guernsey Clients

6. HSBC (Singapore) Nominees PTE LTD

1.19%

7 Thai NVDR Company Limited 1 11%

Fiscal Year *

EPS (Baht)

Dividend per

share

(Baht)

Dividend payout ratio

Dividend Yield

7. Thai NVDR Company Limited 1.11%

8. Social Security Office 0.61%

9. The Bank of New York (Nominees) Limited

0.39%

Dividend Policy

2005 5.19 1.70 37.89 % 3.40%

2006 7.26 2.75 37.85 % 4.74%

2007 0 77 0 40 51 95% 0 64%

10. Government Pension Fund 0.28%

Not less than 25% of net profit of the company for each year after deduction of all specified reserves, subject to our investment plans and other considerations that our Board of Directors deems

2007 0.77 0.40 51.95% 0.64%

2008 5.12 2.58 50.39% 14.25%

*Note: In FY2006 AOT paid dividend twice: appropriateNote: In FY2006 AOT paid dividend twice:- On 12 Oct 2006 (Baht 0.95 per share)- On 23 Feb 2007(Baht 1.80 per share)

4

Aircraft Movements

ALL LCC

(Unit: Thousand) (Unit: Thousand)

ALL LCCs

390 3 394 1350.3

390.3 394.1

346.5

78.3

105.2 104.5

86.5

FY2008 FY2009 YoY%

BKK 256,118 241,962 (5.53%)

DMK 55,317 31,110 (43.76%)

BKK + DMK 311 435 273 072 (12 32%)

FY2008 FY2009 YoY%

BKK 44,145 45,053 2.06%

DMK 24,051 12,853 (46.56%)

BKK + DMK 68 196 57 906 (15 09%)BKK + DMK 311,435 273,072 (12.32%)

CNX 25,400 22,882 (9.91%)

HKT 40,218 35,995 (10.50%)

HDY 10,270 9,043 (11.95%)

BKK + DMK 68,196 57,906 (15.09%)

CNX 11,066 8,300 (25.00%)

HKT 13,947 12,138 (12.97%)

HDY 7,489 5,792 (22.66%)

CEI 6,734 5,546 (17.64%) CEI 3,858 2,336 (39.45%)

5

Aircraft Movements – OCT 09

(Unit: Thousand)

ALL vs. LCCs FY2007 - FY2009

(Unit: Thousand)

30 929.3

30.928.9

30.9

Movement By Airport

OCT_2008 OCT_2009 YoY% SEP_2009 MoM%

BKK 20,636 21,985 6.54% 20,636 6.53%

DMK 3,209 2,381 (25.80%) 2,411 (1.24%)

BKK + DMK 23,845 24,366 2.81% 23,047 5.72%

CNX 1,801 2,128 18.16% 1,851 14.96%

HKT 2,772 3,081 11.15% 2,751 11.99%

HDY 600 872 45 33% 808 7 92%HDY 600 872 45.33% 808 7.92%

CEI 360 528 46.67% 514 2.72% 6

PassengersALL LCC

(Unit: Million)

ALL

(Unit: Million)56.0 58.2

LCCs

51.856.0 58.2

50.0

9.2

12.0 12.4

10.1

FY2008 FY2009 YoY%

BKK 41,180,456 37,051,203 (10.03%)

DMK 5,751,662 2,783,737 (51.60%)

FY2008 FY2009 YoY%

BKK 5,221,271 5,337,472 2.23%

DMK 2,865,726 1,399,638 (51.16%)

BKK + DMK 46,932,118 39,834,940 (15.12%)

CNX 3,276,309 2,872,346 (12.33%)

HKT 5,943,468 5,441,585 (8.44%)

HDY 1,380,086 1,283,172 (7.02%)

BKK + DMK 8,086,997 6,737,110 (16.69%)

CNX 1,316,162 939,558 (28.61%)

HKT 1,668,906 1,434,608 (14.04%)

HDY 954,607 742,106 (22.26%), , , , ( )

CEI 772,286 648,783 (15.99%)

, , ( )

CEI 411,672 252,015 (38.78%)7

ALL LCC FY2007 FY2009

Passengers – OCT 09ALL vs. LCCs FY2007 - FY2009

(Unit: Million) (Unit: Million)

4.8 4.84.2

4.8

4.1

4.8

Movement By Airport

OCT_2008 OCT_2009 YoY% SEP_2009 MoM%

BKK 3,073,070 3,668,422 19.37% 3,172,301 15.63%

DMK 338,777 184,621 (45.50%) 145,436 26.94%

BKK + DMK 3,411,847 3,853,043 12.93% 3,317,737 16.13%

CNX 240,893 278,700 15.69% 229,262 21.56%

HKT 426,629 488,474 14.50% 389,942 25.26%

HDY 105 495 134 804 27 78% 120 440 11 92%HDY 105,495 134,804 27.78% 120,440 11.92%

CEI 48,908 66,494 35.96% 52,321 27.08% 8

Airport RevenuesLanding & Parking Charges 20% increased on Jan 1st, 2005

15% increased on Apr 1st, 2007

Passenger Service Charges Effective on Feb 1st 2007A i l Passenger Service Charges (PSC)

Effective on Feb 1st, 2007

THB 500 to THB 700 - International PSC

THB 50 t THB 100 D ti PSC

Aeronautical

56.75%

(FY2009) THB 50 to THB 100 - Domestic PSC

Aircraft Service Charges Fees paid by airlines for use of boarding bridges, varies by maximum take off weight of the aircraft and length of time at a gate

(FY2009)

length of time at a gate

Office & State Property Rental

Rental tenants include airline, government agencies and concession tenants Rents Rental agencies and concession tenants. Rents are determined based on the tenants’ business use at each of our airports.

Service Varies by activities such as Utilities, Check-in Counter Services, Airline

Non-Aeronautical ,

Announcement Services, Hydrant System Services, etc.

Concession Varies by activities such as Duty Free, Souvenirs, Food & Beverage, Airline

43.25%

(FY2009)

Catering, Fueling Services, Car Parking, Advertising, Banking, etc.

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Revenue BreakdownT l R B P iTotal Revenues By Proportion

FY2008 FY200926,740.1

(Unit: Million Baht)

19,501.4 21,502.3

By Growth(Unit: Million Baht)

FY2008 FY2009 YoY% Q3_09 Q4_09 YoY%

4,216.35 3,114.98 (26.12%) 701.14 677.02 (3.44%)

10 417 01 8 676 54 (16 71%) 2 052 08 2 185 47 6 50%

(Unit: Million Baht)

10,417.01 8,676.54 (16.71%) 2,052.08 2,185.47 6.50%

431.75 411.06 (4.79%) 102.47 102.41 (0.05%)

1,861.76 1,698.23 (8.78%) 401.84 452.70 12.66%

3 389 29 2 901 28 (14 40%) 709 76 741 30 4 44%3,389.29 2,901.28 (14.40%) 709.76 741.30 4.44%

6,423.98 4,700.31 (26.83%) 1,141.14 1,094.79 (4.06%)10

Airport Expenses

Personnel Expenses Consist of employee salaries and bonuses, employee benefits, ti t t d t ib ti t l id t retirement payments and contributions to employee provident

fund

Operating Expenses Consist of electricity charges, costs related to outsourced workers, property taxes, consultant fees, telephone, advertising and public relations costs water insurance premium costs and and public relations costs, water, insurance premium costs and etc.

Repair and Maintenance Consist of repair and maintenance of runways and taxiways, elevators, escalators and cover walkways, air conditioning systems conveyor belts transportation equipment and systems, conveyor belts, transportation equipment and construction and electrical appliances

State Properties Rental Consists of rental payments made to the Ministry of Finance under the airport land leases

Depreciation and Amortization Consist of depreciation charges in respect of the property, plant and equipment as well as amortization in respect of the intangible assets. Calculating on a straight-line basis over the assets’ useful lives (between 5 and 50 years)( y )

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Expense BreakdownTotal Expenses By Proportion

FY2008 FY2009(Unit: Million Baht)

18,004.6 18,740.4 18,543.2

9,420.0

By Growth

FY2008 FY2009 YoY% Q3_09 Q4_09 YoY%

3,909.00 3,266.59 (16.43%) 652.99 1,311.92 (100.91%)

(Unit: Million Baht)

5,100.31 5,216.67 2.28% 1,326.27 1,447.66 9.15%

683.96 1,214.69 77.60% 292.15 414.75 41.97%

1,180.24 939.51 (20.40%) 223.96 230.50 2.92%

7,866.89 7,905.80 0.49% 1,965.70 2,000.63 1.78%

12

Income Statements

FY08 FY09 YoY% 3Q09 4Q09 YoY%

(Unit: Million Baht)

FY08 FY09 YoY% 3Q09 4Q09 YoY%

Revenues 26,740.14 21,502.39 (19.59%) 5,108.42 5,253.69 2.84%

Expenses 18,740.40 18,543.25 (1.05%) 4,461.06 5,405.46 21.17%

Depreciation 7,866.89 7,905.80 0.49% 1,965.70 2,000.63 1.77%

Operating Income 7,999.74 2,959.14 (63.01%) 647.36 (151.77) (123.44%)

EBITDA 15,866.63 10,864.94 (31.52%) 2,613.06 1,848.86 (29.24%)

Net Profit 7,321.05 717.26 (90.20%) 1,313.77 (750.10) (157.09%)

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CASH FLOW STATEMENTBALANCE SHEET

Financial Status

30 Sep 2008 30 Sep 2009

(Unit: Million Baht)

CASH FLOW STATEMENTBALANCE SHEET

Beginning Cash Flow 3,937.36

(Unit: Million Baht)

Cash 3,937.37 3,347.00

Other Current Asset 24,824.44 21,735.87

Cash Flow from Operation 10,976.30

Cash Used in Investment (3,525.79)Asset

Non Current Asset 117,694.16 123,937.00

Total Assets 146,455.97 149,019.87

Cash Used in Financing (8,040.86)

Ending Cash Flow 3,347.00

Current Liabilities 10,790.14 13,313.85

Long Term Loan 58,564.52 61,914.38 Total Loan (Million Yen) 199 210 76

LONG-TERM LOANS

Other Non Current Liabilities 792.92 531.86

Total Liabilities 70,147.57 75,760.09

Total Loan (Million Yen) 199,210.76

Disbursed Amount 97.03%

Repayment Amount , ,

Shareholder’s Equity 76,308.39 73,259.78

Total Liabilities &

p y

(Million Yen)19,632.00

Hedged Percentage of Total Loan 77.68%

Shareholder’s Equity

146,455.97 146,019.87Average Interest Rate 5.01%

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Financial Ratios

30 Sep 2006 30 Sep 2007 30 Sep 2008 30 Sep 2009

Par Value (THB) 10 00 10 00 10 00 10 00Par Value (THB) 10.00 10.00 10.00 10.00

Market Price (THB) 58.00 62.00 31.00 42.25

BV/share 49.81 48.78 53.42 51.28

P/BV 1.16 1.27 0.58 0.82

EPS 7.26 0.77 5.12 0.50

P/E 7.98 80.51 6.05 84.50

Gearing (%) 0.80 0.78 0.79 0.91

Net Gearing (%) 0 52 0 63 0 74 0 87Net Gearing (%) 0.52 0.63 0.74 0.87

ROE (%) 4.72 1.57 9.59 0.98

ROA (%) 6.96 0.76 5.00 0.48

Note: Gearing = Total Debt / Total Equity, Net Gearing = Net Debt / Total EquityTotal Debt = Total Interest Baring Debt 15

Noise Compensation

Proceeded

(Unit: Million Baht)

Houses Amount

NEF > 40 335.79Planned

Purchased 56 253.15

Insulated 322 82.64

Total Impacted Houses

(15,888)

NEF 30-40 307.59

Insulated 243 59.96

Sensitive

NEF > 40

(605)

NEF 30 – 40

(15,283)

Sensitive Area 15 247.63

Total 643.38

KMITL* 214 00

Purchase

(211)

Insulation

(394)

Insulation

(15,283)

KMITL* 214.00

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Future Airport Developments

Suvarnabhumi Investment Cost

(billion baht)Expected

TimeframeAdditional Capacity

1 Domestic Passenger 9 13 2010 - 2013 - 20 MAP1. Domestic Passenger Terminal

9.13 2010 2013 20 MAP

- 15 contacted gates

2. Suvarnabhumi 73.74 2011 - 2016 - 15 MAP2. SuvarnabhumiAirport Expansion Phase II

73.74 2011 2016 15 MAP

- 28 contacted gates

- 19 flights/hr.g /

Phuket Investment Cost

(billi b h )Expected Additional CapacityPhuket (billion baht) Timeframe

1. New International Passenger Terminal

2 Renovation of the

5.79 2009 - 2013 - 6 MAP

- 4 contacted gates2. Renovation of the Existing Terminal

3. Apron4. Other related

facilities

4 contacted gates

facilities

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Commercial Projects

Suvarnabhumi Airport• Community Mall

Phuket International Airport• Private Jet Terminal

Community Mall• Central Warehouse• Hotel• Hospital

G lf C

Don Muang International AirportP i t J t T i l

• Golf Course• Office Building • Exhibition Center• Export Exhibition Center • Private Jet Terminal

• Aircraft Maintenance Center• Aircraft Simulation Center• Spare Parts Warehouse

Export Exhibition Center

p• Landing Gear Maintenance• International Free Trade Zone

Had Yai International Airport• Express Way Center

18

Appendix A:  Airport Capacity vs. Utilization

Aircraft

(Flights/Hour)

Passengers

(Million/Year)

Cargoes

(Million Metric Tons/Year)

AirportCapacity

Actual UtilizationCapacity

Actual UtilizationCapacity

Actual Utilization

2008 10M_09* 2008 10M_09* 2008 10M_09*

BKK 76 54 57 45 38.60 32.68 3.00 1.20 0.86

DMK 60 23 17 36.5 5.04 2.06 0.91 0.032 0.009DMK 60 23 17 36.5 5.04 2.06 0.91 0.032 0.009

HKT 20 16 15 6.5 5.73 4.58 0.036 0.019 0.014

CNX 24 12 12 8 3 06 2 42 0 035 0 021 0 014CNX 24 12 12 8 3.06 2.42 0.035 0.021 0.014

HDY 20 6 6 1.9 1.28 1.14 0.013 0.010 0.009

CEI 12 5 4 1.7 0.68 0.58 0.005 0.002 0.002

* Note: 6M_09 is the period from January – September 2009 19

Appendix B:  AOT vs. Regional Airports Capacity

Airports

Area Capacity

RunwaysTotal Terminal Aircraft Passenger

CargoAirports

(Metres)Total Area

(Acres)

Terminal Area

(Sq.m.) (Flights/Hour)

Passenger

(Million/Year)(Million Metric

Tons/Year)

BKK 8,000 563,000 76 45 3.00 2 60 x 3,70060 x 4,000

DMK 1,552 391,316 60 36.5 0.91 2 60 x 3,70045 x 3,500

HKT 47 23,369 20 6.5 0.036 1 45 x 3,000

CNX 86 16,742 24 8 0.035 1 45 x 3,100

HDY 28 14 656 20 1 9 0 013 1 45 3 050HDY 28 14,656 20 1.9 0.013 1 45 x 3,050

CEI 15 16,650 12 1.7 0.005 1 45 x 3,000

Chek Lap K k 3,101 710,000 54 45 3 .00 2 60 x 3,800Kok 3,101 710,000 54 45 3 .00 2 60 x 3,800

Changi 3,212 1,043,020 n/a 64 2.00 2 60 x 4,000

Incheon 13 880 496 000 n/a 44 2 00 2 60 x 3 750Incheon 13,880 496,000 n/a 44 2.00 2 60 x 3,750

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Appendix C: Market Share (By Aircraft) – FY2009

Th i Ai 29 29% Th i Ai A i 59 49%I t ti l 51 80%

Type of Flight Low Cost CarriersTop 10 Airlines

Thai Airways International

29.29%

Thai AirAsia 14.89%

Bangkok Airways 10.76%

Thai AirAsia 59.49%

Nok Air 16.36%

AirAsia 7.50%

Orient Thai Airlines 5 24%

International Scheduled Flight

51.80%

International Non-Scheduled Flight

0.74%

AirAsia 1.84%

Cathay Pacific Airways

1.58%

Chi Ai li 1 52%

Orient Thai Airlines 5.24%

Tiger Airways 3.88%

One Two Go Airlines 2.54%

JetStar Asia 1 44%

Charter 1.34%

Domestic Scheduled Flight

37.35%

Domestic Non- 5 84% China Airlines 1.52%

Singapore Airlines 1.07%

EVA Air 1.02%

JetStar Asia 1.44%

CEBU Pacific Air 1.06%

Indonesia AirAsia 0.82%

JetStar Airways 0.70%

Domestic NonScheduled Flight

5.84%

Others 2.93%

Emirates 1.01%

JAL Ways 0.86%

a ay 0 0

Firefly 0.62%

Air India Express 0.35%

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Appendix D: Market Share (By Passenger) – FY2009

Type of Flight Low Cost CarriersTop 10 Airlines

International 51 80% Thai Airways 35 18% Thai Air Asia 60 33%International Scheduled Flight

51.80%

International Non-Scheduled Flight

0.74%

Ch 1 34%

Thai Airways International

35.18%

Thai AirAsia 10.10%

Bangkok Airways 2.71%

Thai Air Asia 60.33%

Nok Air 15.60%

AirAsia 7.18%

Orient Thai 4.66%Charter 1.34%

Domestic Scheduled Flight

37.35%

Domestic Non- 5.84%

Cathay Pacific Airways

2.07%

China Airlines 1.60%

Emirates 1 53%

Orient Thai Airlines

4.66%

Tiger Airways 4.49%

One Two Go Airlines

2.26%

Scheduled Flight

Others 2.93%

Emirates 1.53%

Singapore Airlines 1.33%

JAL Ways 1.00%

EVA Air 0 99%

Airlines

JetStar Asia 1.65%

JetStar Airways 1.44%

CEBU Pacific Air 1 03%EVA Air 0.99%

Korean Air 0.92%

CEBU Pacific Air 1.03%

Indonesia AirAsia 0.85%

Air India Express 0.32%

Firefly 0.18%Firefly 0.18%

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Appendix E: Subsidiaries & Associated Companies

Name Percentage of shareholding (%) Business Type

SubsidiariesSubsidiaries

Suvarnabhumi Airport Hotel Co., Ltd 60.00 Hotel

A i t d C iAssociated Companies

Thai Airports Ground Services Co., Ltd 28.50 Airport Ground Handling Services

Airport Duty Free Co., Ltd 10.00 CommercialAirport Duty Free Co., Ltd 10.00 Commercial

Phuket Air Catering Co., Ltd. 10.00 Catering

Airport Associated Co., Ltd 10.00 Transportation

Don Muang International Airport Hotel 9 00 lDon Muang International Airport Hotel Co., Ltd 9.00 Hotel

King Power Duty Free co., Ltd. 5.00 Commercial

Fuel Pipeline Transportation Co Ltd 1 38 FuelFuel Pipeline Transportation Co., Ltd. 1.38 Fuel

Trade Siam Co., Ltd. 1.50 EDI Services

Thai Aviation Refueling Co., Ltd 10.00 Fuel

Bangkok Aviation Fuel Services Plc 4.94 Fuel

23