thai airways international pcl - listed...
TRANSCRIPT
1 Investor Relations Department
http ://www .thaiairways .com /about-thai /investor-relations /en/investor .html
THAI AIRWAYS INTERNATIONAL PCL 1Q/2012 Analyst Briefing
2 Investor Relations Department
DISCLAIMER
The information contained herein is intended to represent the Company’s operating and financial position at a given point in time and may also contain forward looking information which only reflects expectations based on the prevailing geo-political, economic and non-controllable factors. Such information has been obtained from sources believed to be most reliable and the means in analyzing and preparation of such information for disclosure are based on approved practices and principles in the investment industry. The views are based on assumptions subject to various risks and uncertainties and no assurance is made as to whether such future events will occur, that projections will be achieved, or that the assumptions here-in are correct. Consequently no assurance is made as to the accuracy or completeness of information presented in this document.
This document should not be construed as an investm ent guide or as an offer or solicitation of an offer to buy or sell the Company ’s equity shares.
3 Investor Relations Department
2012 Snapshot
4 Investor Relations Department
Snap Shot
Jan-Mar 2012 MTHB USD mn.
Equivalent% Change (YoY)
Assets 281,397 9,080 -3.5%
Total Revenue 54,505 1,759 + 5.1%
Net Profit (Include FX) 3,645 118 489.8%
2012 March
# of Aircraft 88*
Destinations Served 69
Countries Served 35
*Excluding 6 B 737-400 leased to Nok Air
2012 MAR.%
Change YoY
JAN.– MAR.%
Change YoY
Passenger carried (Million) 1.76 +7.3% 5.1 +4.1%
Million Revenue Passenger Kilometers (MRPK)
5,256 +7.5% 15,605 +4.9%
Freight carried (tons) 60,380 -5.2% 170,625 -1.2%
Million Revenue Freight Ton Kilometers (MRFTK)
233 -10.7% 652 -6.6%
5 Investor Relations Department
Units 2012 2011 % Change
2012 2011 % Change
Passenger Production MASK 6,703 6,710 -0.1% 19,953 19,571 +1.9%
Passenger Traffic MRPK 5,256 4,890 +7.5% 15,605 14,881 +4.9%
Cabin Factor % 78.4 72.9 +7.6% 78.2 76.0 +2.9%
Passenger carried Million 1.7 1.6 +7.1% 5.1 4.9 +4.4%
Passenger Yield* THB/km 2.67 2.70 -1.1% 2.75 2.77 -0.7%
Freight Production MADTK 389 439 -11.4% 1,195 1,233 -3.1%
Freight Traffic MRFTK 233 261 -10.7% 652 698 -6.6%
Freight Factor % 59.9 59.5 0.7% 54.6 56.6 -3.6%
Freight carried Tons 60,380 63,694 -5.2% 170,625 172,749 -1.2%
Freight Yield* THB/km 9.95 9.85 +1.0% 10.02 9.71 +3.2%
Avg. Fuel Price** USD/BBL 140.6 129.0 +9.0% 137.2 120.5 +13.8%
Operation Summary
Note : * Yield includes fuel surcharge** Price into plane
JANUARY-MARCHMARCH
6 Investor Relations Department
Financial Performance(Consolidated)
7
American Airline to Look for MergerMay 12, 2012
AMR, parent of American Airlines, bowed to pressure on Friday from its unsecured creditors, including its largest unions, and said it would explore merger options while it is still in bankruptcy.
Jet Airways Q1 2012 Financial Results
Loss before Tax of INR 1,568 Million (USD 35.1 Million) vs Profit of INR 35 Million (USD 0.8 Million) for Q1 FY11
Kingfisher plans to pay January salaries from May 9 2012
Worried over the possibility of its employees dragging the airline management to the Labour court over non-payment of salaries, Kingfisher Airline Chairman Vijya Mallya has "assured" the staff of paying their January salaries from Wednesday
onwards, airline sources said today.
"Mallya said in his May 5 communication to the employees that the airline will start remitting January salaries from May 9 onwards," sources told PTI quoting from the e-mail message.
Taiwan’s Three Leading Airline Firms Suffer Losses in Q1 May 14, 2012
Taipei, May 14, 2012 (CENS)--Impacted by soaring oil prices, Taiwan’s three leading airline companies, namely, China Airlines, EVA Airways, and TransAsia Airways, all suffered losses in the first quarter of this year.
Q1 2012 Financial Results – Other Airlines
8
Korean Air reported a net loss of W81B in 1Q12
Korean Air reported a net loss of W81B in 1Q12 vs W125B/W190B net profit in 4Q11/1Q11. The results were boosted by W405B F/X gains. Excluding these and other one-offs, recurring loss was much higher at W444B, 326% higher y/y and 7%
higher q/q. Consolidated net loss (IFRS) was W67B in 1Q12 vs net profit of W146B in 4Q11 and W271B in 1Q11. Consolidated recurring loss was W192B (excl. F/X gains and asset disposal loss) vs W81B recurring profit in 1Q11.
Lufthansa reported net loss of 397 Million Euro in 1Q12
Lufthansa reported net loss of 397 Million Euro and -0.87 Euro of Earning per Share in 1Q12.
Singapore Airlines Report Net Loss for 4Q
SIA reported a net loss of $38.2 million ($30.5 million) in January-March versus a net profit of S$171 million a year earlier.
Air France reported net loss of 368 Million Euro in 1Q12
Air France reported net loss of 368 Million Euro and -1.25 Euro of Earning per Share in 1Q12.
Q1 2012 Financial Results – Other Airlines
9 Investor Relations Department
Performance Summary (Q1’2011 & Q1’2012) THAI and its subsidiary
(Units : MTHB) Q1'2011 Q1'2012
Total Revenue 51,851 54,505
Total Expense (51,097) (50,637)
Foreign currency exchange (Loss) (3,358) 527
Financial Cost (1,309) (1,481)
Profit before income tax expense 754 3,868
Net tax expense (income) (121) (200)
Net profits (loss) 618 3,645
Financial Performance
10 Investor Relations Department
EBIT, EBITDA and Net Profit (Q1’2011 & Q1’2012)
Units : MTHB
Financial Performance
Factors Impacting Q1’2012 Results
• Recovery in travel demand
• Relatively healthy contribution from BU’s & related businesses
• Slightly higher ASK but greater RPK growth
• Fuel cost 16% higher than last year
• Greater production capacity
• US & European economic slowdown
• Low ticket price from last year promotions
(Exclude FX& tax impact)
EBIT EBITDA NET PROFIT NET PROFIT
11 Investor Relations Department
Operating / Total Revenue (Q1’2011 & Q1’2012)
41,93544,957
6,7516,500
2042232,319
2,135
119120
706387
0
20,000
40,000
60,000
Q1'2011 Q1'2012
Passenger Freight Mail Other activities Interest income Other income
RevenuePassenger
Freight
Other activities
Interest income
Other income
Total Income
% Change % to Tot. Rev.7.21 82.48
3.72- 11.93
8.91 0.41
8.63 4.25
0.22 0.22
0.71 0.71
5.12 100.00
Operating Revenue Total Revenue
*Excludes Interest & Other income- Operating revenue Q1’2011 = 51,025 MTHB - Operating revenue Q1’2012 = 53,999 MTHB
Total revenue Q1’2011 = 51,851 MTHB Total revenue Q1’2012 = 54,505 MTHB
Units : MTHB
Financial Performance
12 Investor Relations Department
34313706
7,739 7,094
17,51020,326
5,0915,1112,352
2,220
1,4661,3472,494
2,9774,7955,147
1,185
1,436
0
15,000
30,000
45,000
60,000
Q1'2011 Q1'2012
Personnel Fuel and Oil Flight Service Expense
Inventory&Supply Crew Expense Aircraft Maintenance
Depreciation Lease of a/c Other
Total ExpenseOperating Expense
% Change % of
Expense YoY Tot. Exp.Personnel expense 8.33- 14.01
Fuel and oil 16.08 40.14
Flight service expense 0.40 10.09
Inventories and supplies 5.93 4.65
Crew expense 8.80 2.89
Maintenance/overhual 19.35 5.88
Depreciation/amortisation 7.33 10.16
Aircraft lease/spare parts 17.46- 2.34
Other expense 41.18- 9.84
Total Expense 0.90- 100.00
Operating / Total Expense (Q1’2011 & Q1’2012)
** Excludes FX, Impairment losses and Share of profit of investments by the equity method- Operating expense Q1’2011 = 46,065 MTHB - Operating expense Q1’2012 = 49,365 MTHB
Total expense Q1’2011 = 51,097 MTHBTotal expense Q1’2012 = 50,637 MTHB
Units : MTHB
Financial Performance
13 Investor Relations Department
Ratios – Q1’2011 & Q1/2012
Ratios units Q1’2011 Q1’2012Earnings Per Share (THB) 0.28 1.67
Book Value per Share (THB) 28.94 30.64
Price / Book Value (Times) 1.3 0.84
P/E Ratio (Times) 133.2 16.0
Return on Total Assets (%) 0.2 1.3
Return on Total Equity (%) 0.8 5.6
EBIT (MTHB) 4,960 4,633
EBITDA (MTHB) 9,755 9,780
EBITDAR (MTHB) 11,191 10,966
IBD to Equity (Times) 1.9 2.1
Net IBD to Equity * (Times) 1.88 1.86
Debt Service Coverage** (Times) 1.5 1.8
Interest Coverage (Times) 7.5 6.6
EBITDA Margin (%) 19.1 18.1
Operating Profit Margin (%) 9.7 8.6
Net Profit Margin (%) 1.2 6.7
Cash to Total Revenue (%) - 16.7
Financial Performance
* (Interest Bearing Debt – Cash and Cash Equivalent) / Equity** EBITDAR – TAX / Interest + Rent + Long Term Debt Repayment - Refinance
14 Investor Relations Department
Financial PerformanceTHAI and Nok Air
15 Investor Relations Department
Nok Air %
2011 2012 ChangeRevenue (MTHB) 1,446 1,877 29.79
Expense (MTHB) 1,364 1,868 36.89
Passenger Production (MASK) 513 679 32.47
Passenger Traffic (MRPK) 429 561 30.77
Cabin Factor (%) 83.7 82.6 (1.29)
No. of Passenger (Million persons) 0.74 0.99 33.60
Flight Hours (Hours) 6,739 8,931 32.53
Average of Aircraft Utilization (Hour/Aircraft/Day) 6.9 6.9 -
Jan-Mar
Financial Performance
THAI %
2011 2012 ChangeRevenue (MTHB) 50,405 52,628 4.41
Expense (MTHB) 49,733 48,769 (1.94)
Passenger Production (MASK) 19,571 19,953 1.95
Passenger Traffic (MRPK) 15,881 15,605 (1.74)
Cabin Factor (%) 76 78 2.89
Freight Production (MADTK) 1,233 1,196 (3.00)
Freight Traffic (MRFTK) 698 651 (6.73)
Freight Load Factor (%) 56.6 54.4 (3.89)
No. of Passenger (Million persons) 4.92 5.16 4.88
Flight Hours (Hours) 86,722 89,175 2.83
Average of Aircraft Utilization (Hours/Aircraft/Day) 11.7 12.4 5.98
Jan-Mar
16 Investor Relations Department
Updated Strategies
17 Investor Relations Department
Current Fleet: 88 Aircraft42% of O 15% of OL 43% of FLO=Owned OL=Operating lease FL=Financial lease
Exc. 2 of ATR-724 of 737-400
leased to Nok
(Note: Approximately)
Current Fleet
(Note: N.A.. = Not available)
First Business Premium Economy Economy Total
36R1 4 N.A. 46 N.A. 201 247
3452 5 N.A. 28 N.A. 232 260
A340-500 3452 4 N.A. 60 42 113 215 1 O, 3 FL
A340-600 3461 6 8 60 N.A. 199 267 6 FL
3302 12 N.A. 42 N.A. 263 305
3303 11 N.A. 36 N.A. 263 299
B737-400 7341 5 N.A. 12 N.A. 137 149 2 FL, 3 OL
7442 6 14 50 N.A. 325 389
7443 10 10 40 N.A. 325 375
B777-200 7723 8 N.A. 30 N.A. 279 309 6 O, 2 OL
B777-200ER 77E1 6 N.A. 30 N.A. 262 292 6 FL
7732 5 N.A. 34 N.A. 330 364
7732 TKE 1 N.A. 34 N.A. 325 359
B777-300ER 7739 5 8 30 N.A. 274 312 5 OL
Total 88 40 532 42 3,528 4,142 37 O, 38 FL, 13 OL
6 FLB777-300
9 O
10 O, 10 FL ,3 OL
11 O, 5 FL
A300-600
A330-300
B747-400
Aircraft Type Version# of
AircraftFinancial Method
# of Seat
18 Investor Relations Department
Hours / Day / Aircraft
Aircraft Utilization
Aircraft Utilization
11.7 11.6
12.0
10.0
11.0
12.0
13.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2009 2010 2011 2012
19 Investor Relations Department
Aircraft Delivery Plan
Note : OL = Operating leas / FL = Financia l leaseI = Intercontinental / R = Regional
NEW A/C DELIVERY
2012 2013 2014 2015 2016 2017 TOTAL
A380-8003 (FL)
(SEP/NOV/DEC)
3 (FL)(JAN/SEP/OCT)
- - - - 6
B777-300ER2 (OL)
(AUG/OCT)
6 (OL)(MAR/APR/JUN/JUL/AUG/OCT)
3 (FL) 3 (FL) - - 14
A330-3003 (FL)
(FEB/SEP/OCT)
2 (FL)(JAN/APR)
- - - - 5
A350-900 - - - -2 (FL) I2 (OL) R
2 (FL) I6 (OL) R
12
B787-9 - - - - - 2 (OL) 2
B787-8 - - 4 (OL) 2 (OL) - - 6
A320 (Thai Smile)4 (OL)
(JUN/AUG(2)/SEP)
2 (OL)(JAN/MAR)
2 (FL) 3 (FL) - - 11
TOTAL 12 13 9 8 4 10 56
20 Investor Relations Department
Phase Out Plan
PHASE-OUT PLAN 2012 2013 2014 2015 2016 2017 TOTAL
B747-400 2 2 - - 2 2 8
B777-300ER (Jet Airways)
- 5 - - - - 5
A340-500 4 - - - - - 4
B777-200 - - - - - 4 4
A330-300 - - 2 4 - 2 8
A300-600 2 4 5 - - - 11
B737-400 3* 1*+2 2 1 - - 9
ATR-72 - 2* - - - - 2
TOTAL 11 16 9 5 2 8 51
Note : *Return from Nok Air
21 Investor Relations Department
2011 2012 2013 2014 2015 2016 2017 TOTAL
# of Aircraft 89 93 97 102 105 107 109
Total Seats in operation 26,691 28,313 29,272 29,784 30,525 31,119 31,859
Seat Growth 5.8% 6.1% 3.4% 5.0% 2.5% 1.9% 2.4% 3.9%
Fleet Strategy Through 2017
AgeFleet Age
11.0
9.38.6
10.3
8.9 9.1 8.4
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2011 2012 2013 2014 2015 2016 2017
*
*Note: Count at end of each yearExclude aircraft leased to NOK AIR
22 Investor Relations Department
1st Freighter has launched on April 12, 2012 between 3 continents
100 tons / flight
Asia
9 Cities
: Bangkok
: Taipei
: Tokyo
: Hyderabad
: Shennai
: Delhi
: Bangkok
: Taipei
: Tokyo
: Hyderabad
: Shennai
: Delhi
: Frankfurt
: Amsterdam
: Frankfurt
: Amsterdam
: Sydney: Sydney
Europe
Australia
B747-400 to be Converted to Freighter
23 Investor Relations Department
� FEB. – DEC. 2012
� One has been completed
B747-400No. 7-12 6
B747-400No. 13-18
6
First Business Economy# of Aircraft Tentative Completion
� All have been completed
� DEC. 2011 - OCT. 2012
Upgrades and Retrofit Schedule
8B777-200No. 1-8
24 Investor Relations Department
Route (as MAR. 12)
TotalInternational
Countries 35
Cities 59
Freq./Week ~ 580
THAI’s Route Network
World Route Network
25 Investor Relations Department
THAI’s Route Network
CHIANG RAI
MAE HONG SON
UDON THANI
KHON KAEN
PHUKET KRABIHAT YAI
PHITSANULOK
CHIANG MAI
UBON RATCHATHANI
SAMUI
SURAT THANI
Domestic Route Network
Route (as MAR. 12)
Domestic
Cities 10
Freq./Week ~ 280
NAKHON PHANOM
BURIRAM
BANGKOK
Nok Air (Code Share)
THAI
26 Investor Relations Department
Statistic on e-Service
Check-in via Internet Ticket Sales Via Internet
11.02
8.20
11.44
8.89
8.037.63
8.587.77
7.267.78
8.77
7.32
7.79
8.69 8.76
6.766.01
5.695.975.34
5.004.985.31
4.85.16
5.8 6.03
4.684.154.264.51
4.153.633.25
3.813.283.343.55
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
%
6.987.02
7.49
6.716.56.576.5
6.236.155.66
5.935.465.355.47
5.95
5.365.165.084.904.864.63
4.094.10
3.663.653.754.01
3.453.363.262.862.8
2.672.312.15
1.971.871.78
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
%
Year 2010Year 2009 Year 2011 Year 2012 Year 2010Year 2009 Year 2011 Year 2012
27 Investor Relations Department
57 201 373 294499 407
1,1361,300
1,813
2,309 2,321 2,368
3,3103,088
3,812 3,811
3,353 3,472
5,4375,169
6,361
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Check-in via Mobile (http://m.thaiairways.com )
# of PAX
Statistic on e-Service
28 Investor Relations Department
Rising Fuel Cost
140 USD/BBL(MAR. 12)
0
40
80
120
160
200
Jan-0
6M
ar-06
May
-06
Jul -0
6Sep
-06
Nov-0
6Ja
n-07
Mar-
07M
ay-0
7Ju
l -07
Sep-0
7Nov
-07
Jan-0
8M
ar-08
May
-08
Jul-0
8Sep
-08
Nov-0
8Ja
n -09
Mar-
09M
ay-0
9Ju
l-09
Sep-0
9Nov
-09
Jan -1
0M
ar-10
May
-10
Jul-1
0Sep
-10
Nov-1
0Ja
n -11
Mar-
11M
ay-1
1Ju
l-11
Sep-1
1Nov
-11
Jan-1
2M
ar-12
Price of Jet Fuel (USD/BBL)(Singapore Spot Price)
7% Higher YoY
Iran still a hot potato
29 Investor Relations Department
29
Proactive Fuel Hedging Benefit
30 Investor Relations Department
Monthly fuel hedging 2008-2011 - % of consumption by month
Fuel Management
Hedging combined with fuel surcharge greatly mitiga tes fuel price fluctuation risk
3%3%3%
0% 0% 0% 0%3%
17%
38% 41
%44
%44
% 49%
35%
27%
20%
23%
3% 3% 7%13
%13
% 17%
20% 27
% 30% 44
%44
%44
%47
%47
%47
%69
%69
%69
%69
%69
%69
%51
%51
%51
%50
%50
% 56%
80%
80%
80%
80%
80%
80%
73%
76%
79%
83%
83%
83%
86%
86%
86%
80%
80%
80%
Jan-
08F
eb-0
8M
ar-0
8A
pr-0
8M
ay-0
8Ju
n-08
Jul-0
8A
ug-0
8S
ep-0
8O
ct-0
8N
ov-0
8D
ec-0
8Ja
n-09
Feb
-09
Mar
-09
Apr
-09
May
-09
Jun-
09Ju
l-09
Aug
-09
Sep
-09
Oct
-09
Nov
-09
Dec
-09
Jan-
10F
eb-1
0M
ar-1
0A
pr-1
0M
ay-1
0Ju
n-10
Jul-1
0A
ug-1
0S
ep-1
0O
ct-1
0N
ov-1
0D
ec-1
0Ja
n-11
Feb
-11
Mar
-11
Apr
-11
May
-11
Jun-
11Ju
l-11
Aug
-11
Sep
-11
Oct
-11
Nov
-11
Dec
-11
Jan-
12F
eb-1
2M
ar-1
2A
pr-1
2M
ay-1
2Ju
n-12
Jul-1
2A
ug-1
2S
ep-1
2O
ct-1
2N
ov-1
2D
ec-1
2Ja
n-13
Feb
-13
Mar
-13
31 Investor Relations Department
Estimated Cost Reduction
Cost Reduction ApproachEstimated Cost Reduction
(MTHB)
1. Implemented personnel cost reduction (EMM resolution) 2,026.35
2. Estimated personnel cost reduction under negotia tion 189.96
3.... Estimated cost reduction from strategic initiatives 2,076.20
4. Estimated cost reduction from DO’s additional me asures 400.00
Total estimated cost reduction 4,692.51
Note: Excluded estimated cost reduction from some projects that are specified as percentage
The company is rigorously controlling and reducing expenses to achieve full efficiency and sustainability
32 Investor Relations Department
The AEC is likely to drive increased demand for air transport as a result of trade liberalization and greater mobility of skilled labor
Changes in regulatory framework as a result of ASEAN Economic Community (AEC)
� Liberalization of trade in products & services, investment, labour mobility, and greater harmonization of rules and regulations
� Tariff reduction to 0% for AEC member countries
� Increased foreign ownership limits to 70% for ASEAN investors
- four priority sectors earmarked for such liberalization in 2010 include ICT, tourism, healthcare, and air transport, with logistics in 2013 and the rest to follow in 2015
� Greater mobility of the professional workforce to support the liberalization of trade in services
Implications for THAI
Opportunities
�Growth potential for airline operators
�Higher air passenger demand and traffic as a result of greater labor mobility
�Increase in air freight demand due to trade liberalization and tariff reductions
Threats
�Greater competitive intensity due to increase in foreign ownership limits and ASEAN open skies policy
�Potentially skilled labor shortage and increase in personnel costs
+
+
+
-
-
Source: ASEAN; Company data and analysis
Strategic Opportunities and Key Challenges
33 Investor Relations Department
Reliable
Enjoyable
Valuable
Trendy
Friendly
Worthy
Good Price
High Value
Affordable
Light
Premium
Positioning Differentiation Character ValueBRAND
THAI Smile’s first flight will commence on July 7, 2012Ticket Sale: April 27, 2012
THAI Smile – A New Chapter
Light Premium
Fly SMART with
34 Investor Relations Department
THAI Smile Fleet Plan & Routes Network
Brand new narrow body aircraft# of aircraft
Fleet Plan(2012F-2018F)
4
6
8
11
11
11
11
2012
2013
2014
2015
2016
2017
2018
EFFECTIVE FREQUENCY Destination
JUL 2012 14 Flights/ week Bangkok- Macau V.V.
AUG 2012 28 Flights / week Bangkok - Krabi V.V.
AUG 2012 7 Flights / week Bangkok- Phuket V.V.
AUG 2012 7 Flights / week Bangkok -Chiang Mai V.V.
AUG 2012 7 Flights / week Chiang Mai - Phuket V.V
SEP 2012 14 Flights / week Bangkok - Suratthani V.V.
SEP 2012 14 Flights / week Bangkok - Chiang Mai V.V.
TPI Summer 2012*
THAI Smile base at BKK,operates in domestic and regional secondary
routes and synchronize with TG network.
* Effective : March 25-October 27 ,2012
Bangkok
Macau
Chiang Mai
Phuket
Suratthani
Krabi
35 Investor Relations Department
Nok Air base at DMK,operates only domestic point-to-point
Nok Air Routes Network
Chiangmai
Phuket
Mae Hong Son
Surat Thani
Mae Sot Nan
PhitsanulokLoei
Udon Thani
Nakon Phanom
Trang
Hat YaiNarathiwat
Nakon Si Thammarat
Sakon Nakhon
Ubon Ratchathani
Buri Ram
Roi Et
Bangkok DMK
TG’s Proportion of Shareholding increased from 39% to 49%
36 Investor Relations Department
Updated Strategies
37 Investor Relations Department
Foreign Currency Exposure (As of Mar 2012)
Surplusor Deficit
Amount % Amount % Amount Amount % Amount %
USD BASED 19,201 37 29,135 66 9,934- 1,240 1 1,240 1
USD 4,951 27,328
Others(1) 14,250 1,807
EUR BASED 15,883 30 3,369 8 12,514 47,460 33 47,460 33
EUR 4,658 1,715 Others(2) 11,225 1,654
JPY 5,202 10 1,259 3 3,943 9,499 7 14,310 10
THB 11,918 23 8,541 23 3,377 86,993 60 81,852 56
TOTAL 52,204 100.00 42,304 100.00 9,900 145,192 100 144,862 100
Outstanding BorrowingsAfter Swap
Revenue ExpenseBefore Swap
Unit : MTHB
Revenue Expense Outstanding
USD BASED EUR BASED JPY THB
Financial Performance
38 Investor Relations Department
-7,448
-9,934
12,282 12,514
3,5333,943
1,552
3,377
-15,000
-10,000
-5,000
0
5,000
10,000
15,000
2010 2011
USD EUR JPY THB
TG continued to be net long Euro & Yen(MTHB)
Jan – Mar 2011
Financial Performance
Jan – Mar 2012
39 Investor Relations Department
Proportion of Fixed and Float
Percentage of TOTAL (TOTAL = 145,191 MTHB)
Percentage of TOTAL (TOTAL = 144,861 MTHB)
Before Swap After Swap
Financial Performance
Cost of funding = 3.68% Cost of funding = 3.83%
(As of MAR. 2012)
40 Investor Relations Department
Proportion of Total Borrowing
Percentage of Total(Total of on Balance Sheet = 145,191 MTHB)
Percentage of Total(Total of on Balance Sheet = 144,861 MTHB)
Before Swap After Swap
(As of MAR. 2012)
Financial Performance
Medium Term Note0.9%
Term Loan37.8%
Financial Lease39.2%
Debenture22.2%
Medium Term Note0.9%
Debenture19.5%
Financial Lease40.6%
Term Loan38.9%
41 Investor Relations Department
Passengers Carried
5,167
3,6624,414
4,833 4,9234,201
4,771 4,5025,161
1,000
3,000
5,000
7,000
Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
(’000)
Freight Carried
166,155179,329 180,341 188,109
172,749 174,570 168,199 170,625175,708
100,000
130,000
160,000
190,000
Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
(Tons)
Year 2010
Operating Statistics
Year 2011
Q1/12 = 5.2 million (Increased 4.8% YoY)
Q1/12 = 170,625 tons (Decreased 1.2% YoY)
Year 2012
Year 2010 Year 2011 Year 2012
42 Investor Relations Department
C/FRPKASK
Passenger 8
2.0
82
.3
78
.8
72
.1
56
.7
65
.3 76
.3
74
.6
73
.1
74
.3
71
.8
75
.3
77
.8
77
.6
73
.0
71
.8 61
.9
65
.7 77
.2
74
.8
69
.9
65
.7
61
.0
68
.1 77
.3
79
.0
78
.4
-
2,000
4,000
6,000
8,000
Jan-
10
Fe
b-1
0
Ma
r-1
0
Apr
-10
Ma
y-1
0
Jun-
10
Jul-1
0
Aug
-10
Se
p-1
0
Oct
-10
Nov
-10
De
c-1
0
Jan-
11
Fe
b-1
1
Ma
r-1
1
Apr
-11
Ma
y-1
1
Jun-
11
Jul-1
1
Aug
-11
Se
p-1
1
Oct
-11
Nov
-11
De
c-1
1
Jan-
12
Fe
b-1
2
Ma
r-1
2
-
20.0
40.0
60.0
80.0
100.0
(%)Year 2010 Year 2011
(Million)
Mar'12 Mar'11 YoY% Q1'12 Q1'11 YoY% Q1'12 Q4'11 QoQ% MASK 6,703 6,710 0.1- 19,953 19,571 2.0 19,953 19,953 - MRPK 5,256 4,890 7.5 15,605 14,881 4.9 15,605 12,968 20.3 Cabin factor% 78.4 72.9 7.6 78.2 76.0 2.9 78.2 65.0 20.3
YoY (Month) QoQ (Quarter) YoY (Quarter)
Operating Statistics
Year 2012
43 Investor Relations Department
54.4
60.5
63.9
62.4
66.9
65.0
61.3
60.4
62.2
62.5
60.8
57.9
53.7
56.6
60.1
58.0
57.8
57.7
55.1
54.2
56.1
56.3
55.2
54.3
49.7
54.7 59
.8
-
200
400
600
Jan-
10
Feb-
10
Mar
-10
Apr
-10
May
-10
Jun-
10
Jul-1
0
Aug
-10
Sep
-10
Oct
-10
Nov
-10
Dec
-10
Jan-
11
Feb-
11
Mar
-11
Apr
-11
May
-11
Jun-
11
Jul-1
1
Aug
-11
Sep
-11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
-
20.0
40.0
60.0
80.0
(Million)(%)
Freight
F/FRFTKADTK
Operating Statistics
Year 2010 Year 2011
Mar'12 Mar'11 YoY% Q1'12 Q1'11 YoY% Q1'12 Q4'11 QoQ% MADTK 389 439 11.4- 1,196 1,233 3.0- 1,196 1,210 1.2- MRFTK 233 261 10.7- 651 698 6.7- 651 669 2.7- Freight factor % 59.9 59.5 0.7 54.4 56.6 3.8- 54.4 55.3 1.6-
YoY (Month) QoQ (Quarter)YoY (Quarter)
Year 2012
44 Investor Relations Department
2.41
2.35
2.21
2.19 2.29
2.22 2.32
2.34
2.31
2.38
2.21
2.142.
22
2.05
2.08 2.13
1.90
1.81 1.
92 2.05
1.85 2.
02 2.14
2.35
2.26
2.16
2.07 2.23
2.03
1.99 2.01 2.11
1.97 2.
12
2.16 2.
292.42
2.42
2.36
1.00
2.00
3.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Year 2009 Year 2010 Year 2011 Year 2012
(THB/Km)
Passenger Yield (Excluding Fuel Surcharge)
Passenger Yield (Including Fuel Surcharge)
2.51 2.
642.
602.70 2.
82
2.75
2.70 2.
81
2.81
2.82
2.87
2.672.
72
2.49 2.54
2.56
2.32
2.21 2.
30 2.44
2.27
2.84
2.73
2.63
2.54 2.
68
2.44
2.42 2.45 2.
55
2.40 2.
56 2.72
2.63
2.642.
87
2.82
2.78
2.73
2.00
2.50
3.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Year 2009 Year 2010 Year 2011 Year 2012
(THB/Km)
Operating Statistics
45 Investor Relations Department
Freight Yield (Excluding Fuel Surcharge)
7.02
6.75 6.
96
6.85 6.94 7.02
7.02
6.71 6.84 6.
98
7.72
7.01
6.62
7.13
7.47
6.67
6.69
7.01 7.08
7.48
7.53
7.33
6.91
6.96
7.44 7.51
7.18 7.
30
6.89
7.37
7.12 7.
42
7.01
6.847.
08
6.94
6.77 6.86
6.75
6.00
7.00
8.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Year 2009 Year 2010 Year 2011 Year 2012
(THB/Km)
Freight Yield (Including Fuel Surcharge)
9.659.
85 10.0
1
9.82 10
.00
9.80 10
.01
9.87 9.95
9.74
8.71
8.02 8.
50
9.17
8.19
8.90
8.61 8.
88 9.04 9.
35
9.439.66
9.08 9.10 9.30
9.89
9.65
9.53
9.30
9.84
9.37
9.449.
70
9.45 9.65
7.00
8.00
9.00
10.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Year 2009 Year 2010 Year 2011 Year 2012
(THB/Km)
Operating Statistics
10.1
1
10.1
5