Post on 07-Apr-2018
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1 Investor Relations Department
THAI AIRWAYS INTERNATIONAL PLC.THAI AIRWAYS INTERNATIONAL PLC.
Company Visit Q1/2011Company Visit Q1/2011
http://www.thaiairways.com/about-thai/investor-relations/en/investor.html
LAN3G/4GxDSL
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DISCLAIMER
The information contained herein is intended to represent the Companys operating andfinancial 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 andnon-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 disclosureare based on approved practices and principles in the investment industry. The views are
based on assumption subject to various risks and uncertainties and no assurance is made asto whether such future events will occur, that projections will be achieved, or that theassumptions here-in are correct. Consequently no assurance is made as to the accuracy orcompleteness of information presented in this document.
This document should not be construed as an investment guide or as an offer or
solicitation of an offer to buy or sell the Companys stock.
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THAI in 2010
MTHB USD mn Equiv. % Change
Assets 293,760 9,792 8.1
Total Revenue 180,588 6,020 11.7
Net Profit 15,398 514 107.6
# of Aircraft 90*
Destinations Served 72
Countries Served 35
*Excluding 6 B 737-400 leased to Nok Air
Million % Change
Passengers carried (# of people) 18.2/annum -1.7
Available Seat Kilometers (ASK) 55,676 +5.9
Freight Transport (tons) 713.9 /annum +30.8
Available Ton Kilometer (ATK) 2,895 +38.4
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Factors Affecting Aviation Business
Factors of Concern
ASEANOpen Sky and
Liberalization Policy
Competitionfrom LCCs and
Traditional Airlines
Rapid Rise inFuel PriceRate of Economic
GrowthFX Fluctuation
EU CarbonEmissions Guideline
NewAircraft
Technology
/Trend
Natural Disasters
Availability ofNew Aircraft Acquisition,
Aging Fleet & Seat
THAI is takingprecautionaryactions to mitigateall risk factors
Politics
Health
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Units Jan-Mar11 Jan-Mar10 % Change
Passenger Production MASK 19,571 19,045 +2.8
Passenger Traffic MRPK 14,881 15,425 -3.5
Cabin Factor % 76.0 81.0 -6.1
Avg. Passenger Yield THB/km 2.77 2.64 +4.9
Note : Yield includes fuel surcharge
Freight Production MADTK 1,233 1,096 +12.5
Freight Traffic MRDTK 698 653 +7.0
Freight Factor % 56.6 59.6 -4.9
Avg. Freight Yield THB/km 9.67 9.27 +4.3
Note : Yield includes fuel surcharge
Avg. Fuel Cost USD/gallon 2.85 2.13 +33.8
Operating Summary
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EBIT, EBITDA and Net Profit (Q1/2010 & Q1/2011)
Units : THB mnFactors Impacting Q111 Results
Stronger contribution from
freight business
Higher average PAX yield
Effective fuel hedging policy
Impact from Japan
High fuel price
Lower # of passenger
6,037
11,252
10,572
4,8744,960
9,755
618
3,976
-
2,000
4,000
6,000
8,000
10,000
12,000
EBIT EBITDA Net Profit Net Profit
Q1'10 Q1'11
Financial Performance
(Exclude FX)
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Rising Fuel Cost
Price of Jet Fuel (US$/bbl)(Singapore Spot Price)
60
70
80
90
100
110
120
130
140
150
Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11
Average for 2008
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Fuel surcharge now covers fuel cost
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DAILY REVENUE PASSENGER KILOMETRE (RPK)(7 Days Moving Average up to 23 May 2011)
100,000,000
110,000,000
120,000,000
130,000,000
140,000,000
150,000,000
160,000,000
170,000,000
180,000,000
190,000,000
1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec
2009
2010
2011
RPK is slightly higher than last year
RPK%YoY
Apr. +8.0%1-23 May +14.6%
YTD +0.8%
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Africa,ME
Domestic Indo China Western Southern Northern North Pacific Europe Australia Others
%RPK/day
Jan-Apr 11 100.0% 5.7% 1.1% 7.2% 4.3% 23.6% 2.8% 39.3% 12.2% 3.8%
%YoY growthJan-11 -3.1% -15.7% 0.7% -5.6% 1.8% 1.8% 4.9% -5.2% -3.1% 9.6%
Feb-11 -3.0% -16.1% 8.3% 3.1% 2.1% 1.7% 4.3% -5.4% -3.5% -6.3%
Mar-11 -4.4% -12.7% 1.5% 4.7% 10.3% -2.7% 3.7% -6.6% -13.3% 12.7%
Apr-11 8.0% 5.8% 18.8% 5.1% 24.2% -1.8% -4.8% 10.3% 6.9% 63.7%
1-23 May-11 14.6% 16.0% 20.1% 9.7% 41.2% 21.4% 8.0% 3.7% 21.3% 61.7%
YTD 0.8% -8.7% 8.2% 2.7% 13.6% 2.3% 2.8% -1.7% -0.4% 20.7%
Total
Change in RPK by Region (%YoY)
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Low CostCarriers
Newly established fullservice airlines
Traditional full service airlines
Competitors Have Increased Significantly
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0
5
10
15
0
5
10
15
20
25
Domestic Market Regional Market
39.8%
45.2%
15.0%
33.2%
19.1%
47.6%
-2.3%
32.4%
7.4%
Avg. Growth Rate
(2003-2010)
3.2%
46.8%
4.4%
83.8%
16.2%
42.2%
55.7%
2.1%
Mn PassengersMarket Share Market Share
Market Share of LCCs Up Dramatically
Mn Passengers
Avg. Growth Rate
(2003-2010)
2003 2010 2003 2010
THAI Airways
LCCs
THAI Airways
Others
LCCs
Others
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Middle East HUB
EtihadEmiratesQatar
New Strong Competitors from Middle East
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Competitors Fleet Expansion Plan
Existing/Awaiting delivery 15/75 -/5 -/10 11/8 - -/6 -/4 -/6
Competitors Fleet and Expansion Plan
0
50
100
150
200
250
300
350
400
EmiratesQatarEtihadSingaporeCathayMalaysiaVietnamTHAI
Existing
Awaiting delivery
Number
A380
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2009
2010
2011
2012
2013-2017Ensure
strengthandstability
-Empha
sizeCu
stomer
Value
-Ensur
eCom
petitive
ness
-EnsureDy
namismStrengthen internalStrengthen internal
organizationorganization
Build strategicBuild strategic
competitivenesscompetitiveness
Seek growthSeek growth
opportunitiesopportunities
Build operational stabilityBuild operational stability
Overarching Strategic Plan
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Strategic Roadmap
Overall Strategic Roadmap
Ultimate Goal
Restore THAI tobe the pride of
Thailand aroundthe world,
as a leading
Asian carrierthat is
consistentlyamong the top 3carriers in Asia
and top 5 in theworld
for overallcustomer
experience
Competitive
Customer-oriented
Dynamic
Core Value
Striving together towards
a strong and sustainableTHAI
Customer Value Strategy
Commercial Strategy
Corporate Portfolio Strategy
Corporate Social ResponsibilityStrategy
Strategic Transformation Areas
Route Network and Fleet Strategy
Human Capital & OrganizationEffectiveness Strategy
Efficiency, Flight Safetyand Fuel Management Strategy
Financial Strategy
IT Strategy
1
2
3
4
5
6
7
8
9
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To Be Top 3 in Asia and Top 5 in the World
Business Travelers Award
Best Ground ServiceBest Lounges
Skytrax
Best Airline Lounge First ClassBest Airport Services
Other Awards in 2010
Norwegian Grand Travel Award
Best Intercontinental Airline
TTG Award
Best Business Class
Best Southeast Asian carrier
Awards and Accolades
The Worlds Top 10 Airlines Skytrax
2010 Change
1
2
3
4
5
6
7
8
9
10
3
2
4
1
8
7
6
5
10
9
2009
Source: Skytrax
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LOW to MEDIUM
Focus on Domestic and provides
additional value while maintaining verylow cost
Domestic value-for-money
carrier
LOW to ULTRA LOW
Requires all trade-offs to reduce cost
(max seat density, max utilization)
LOW to MEDIUM
Low cost base achieved through aspectsof LCC model, such as single aircrafttype, new fleet, etc.
MEDIUM to HIGH
Minor improvements could be madein cost efficiency
Required cost base
Regional Ultra-lowcost carrier
Regional carrier
Premium network carrier
Brand positioningBrand
Product by Cost Base
THAI Portfolio Specific Cost Base
Source: Team discussion and analysis
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Competition for THAI Wing
Full-service carriersRegional FSCLow-cost carriers
Source: Team discussion and analysis
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Thai to build short-haul and regional network strength to captureconnecting traffic from Europe, Australia, and the Middle East
Selected Kangaroo routes for the ME carriers and THAI (2009)THAI
EmiratesEtihad
Gulf
Qatar
Bangkok
Sydney
Melbourne
Perth
Singapore
Brisbane
London
Abu DhabiDubai
Doha
Bahrain
Cost competitiveness is key todeveloping a robust regionalconnection to Southeast Asia
from Europe, Australia and theMiddle East
THAI Connecting Traffic
Source: Team discussion and analysis
Sapporo
Tokyo
Haneda
Nagoya
Fukuoka
Intercon trunk routes
will be weakened ifTHAI is
uncompetitive inregional connections
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Enhancing and improving products and services at all touch pointsto ensure consistent quality service.
Building Customer Value
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Call CenterCall Center
Premium LoungesPremium Lounges
Increase Selection of
EntertainmentIncrease Selection ofEntertainment
Food & BeverageFood & Beverage
Minimize Time for Baggage
Claim
Minimize Time for Baggage
Claim
Royal Orchid PlusRoyal Orchid Plus
Product & Service Enhancements
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E-Service on MobileE-Service on Mobile Internet BookingInternet Booking
E-Payment ServicesE-Payment Services
Internet check-in withhome print boarding pass
Internet check-in withhome print boarding pass
Enhance E-Service Capability
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Check-in via InternetTicket Sales Via Internet
%
Statistic on Internet Check-in
%
Year 2010
Year 2009
Year 2011
0
1
2
3
4
5
6
7
8
9
10
Jan
Feb
Mar Ap
rM
ay Jun Ju
lAu
gSe
pAu
gNo
vDe
c0
1
2
3
4
5
6
7
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Aug
Nov
Dec
Year 2010
Year 2009
Year 2011
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*Note : the 5 A330s deferred arrival is included in 2011s delivery plan
2011 2012 2013 Total
A380-800 3 3 6
B777-300ER 2 6 8
A330-300 5* + 2 3 2 12
Total 7 8 11 26
First Class SeatsBusiness Class Seats
A380-800
Deliveries Over the Next 3 Years
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Zim will be providing economy class seats and enabling the 5 new A330-300aircraft to join the fleet in the following months.
A330-300
Resolving Koito Seat Problem
Delivery March April May June July
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Sept. 2011 Jun. 2012
B747-400No. 7-12
B777-200
6
8
B777-300 6
B747-400No. 13-18
6
Airbus340-600
6
B777-200ER 6
Airbus340-500
4
Retro
fitted
Retro
fitted
Retro
fitted
Retro
fitted
First Business Economy# of Aircraft Tentative Completion
Completed
May Dec. 2011
Feb. 2012 Oct. 2012
2013
2014
2014
Upgrades and Retrofit Schedule
S
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2011-2013 2014-2017 2018-2022 Total
Medium sized body aircraft 26 21+17 = 38 47 + 17 = 64
Narrow body aircraft 11 - 11
Total 37 38 75
Avg.FleetAgetoDropto7.6yrs.
Age : yrs
Long-term Fleet Strategy
2011 R N k Ch
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Suspensionroutes
Paris 7 to 10 flts/wk
Oslo 5 to 7
Moscow 3 to 4
Nagoya 7 to 10
Fukuoka 5 to 7
Changes were made to better reflect customer demand
Increased flights
New Destinations
Haneda 7 flts/wk
BKK-Gaya-Varanasri3 flts/wk
Relaunch
Johannesburg 4 flts/wk
2011 Route Network Changes
F th C t C t l M
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THAI is committed to achieving the THB 20,000 mn cost reduction targetagreed to with the Ministry of Finance through 2012
Strategy to Reign in Costs
Improved fuel management
Increased proportion of ticket sales via
internet & minimize commission payment
Launched early retirement program / Mutual
separation plan / Continue to offer Golden
Handshakes / Use of Wingspan / Manage
reduction in crew accommodation cost
Reduction of management & admin. expense
Continued to negotiate with all suppliers
No pay leave project
Changed approach in undertaking marketing
and advertising initiatives
THB mn
Further Cost Control Measures
3,467
mn bahtor 3.6%belowbudget
3,215
6,897
10,697
0
4,000
8,000
12,000
2010 2011 2012
Yearly Cost Reduction Targets
Was able to reduce non-fuel related cost by
THB 252 mn or a 7.8% reduction
THB20,000mnTHB mn
2010 Expense Compared to Budget
93,14796,614
60,000
80,000
100,000
2010 Budget
Fuel Management
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>2018 months
>80%
6030
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Monthly fuel hedging 2008-2011 - % of consumption by month
Percentage of Fuel Surcharge & Hedging Coverage
57%
65%
62%
56%
51%
51%
61%
65%
69%
72%
72%
63%
123%
131% 1
63% 1
99%
143%
116%
82 % 1
02%
91% 1
18%
112%
102%
110%
104%
116%
98%
74%
94% 1
06%
111%
103%
109%
101%
102%
73%
98%
88%
87%
Jan-0
8
Feb
-08
Ma
r-08
Ap
r-08
Ma
y-0
8
Jun-0
8
Ju
l-08
Au
g-0
8
Sep-0
8
Oc
t-08
o
v-0
8
De
c-0
8
Jan-0
9
Feb
-09
Ma
r-09
Ap
r-09
Ma
y-0
9
Jun-0
9
Ju
l-09
Au
g-0
9
Sep-0
9
Oc
t-09
o
v-0
9
De
c-0
9
Jan-1
0
Feb
-10
Ma
r-10
Ap
rl10
May
10
Ju
n10
Ju
l10
Aug
10
Se
p10
Oc
t-10
o
v-1
0
De
c-1
0
Jan-1
1
Feb
-11
Ma
r-11
Ap
r-11
0%
0%
0%
0% 3
%17%
38%4
1%44%
44%
49%
35%
27%
20%
23%
3%
3 % 7
% 13%
13%
17%
20%2
7%
30% 4
4%
44%
44%
47
%
47
%
47
%6
9%
69%
69%
69%
69%
69%
59%
59%
59%
19%
19%
19%
50
%
50
%
50
%
51%
51%
5
1%
Jan-0
8
M
ar-
08
M
ay-0
8
J
ul-08
Sep-0
8
o
v-0
8
Jan-0
9
M
ar-
09
M
ay-0
9
J
ul-09
Sep-0
9
o
v-0
9
Jan-1
0
M
ar-
10
M
ay-1
0
J
ul-10
Sep-1
0
o
v-1
0
Jan-1
1
M
ar-
11
M
ay-1
1
J
ul-11
Sep-1
1
o
v-1
1
Hedging combined with fuel surcharge greatly mitigates fuel price fluctuation risk
Fuel Management
Emissions Control
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THAI is the first Asian airline to sign anagreement with IATA to find means tomitigate fuel
Carbon FootprintCarbon Footprint
Carbon OffsetCarbon Offset
Launched the carbon
offset program
1st
airline
Emissions TradingEmissions Trading
Amount of CO2 ~1.07 mn tons
CERs 0.47 mn tons THB 239 mn
EUAs 0.60 mn tons THB 407 mn
Determined the carbon foot print of2 meals and provided labeling forcustomers to choose
2012
Monetary Value
THB 646 mn
Emissions Control
Improvements in Dynamism
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Geared for BUs to enhance efficiency in decisionprocess & management
Signed Service Level Agreements
Project Changes Made
Uphold the principles of Good CorporateGovernance
Invest in IT
Facilitate means to expedite decision making
IT capability improves not only efficiency, decisionmaking but also enhances customer satisfaction
Reduce steps to improve decision process
Ensuring transparency in all areas of operations
Whistle Blower Policy
Structural change to enhance
flexibility but also responsibility
Senior management having clear cut KPIs andcompensation is measured accordingly
Performance-based Culture
Improvements in Dynamism
Pending Legal Issues
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4,290 MTHB 2,507 MTHB
EC Rescinded all charges against THAI
US Cargo DOJ Stopped further proceedings
US Cargo Class Action Settled by paying USD 3.5 mn
Korea Pending charges is for KW 2.85 mn
Wrote back a portion ofreserves that were set aside
Pending Legal Issues
Improved Capital Structure
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Raised 15,000 MTHBin new equityRaised 15,000 MTHBin new equity
Received additionalborrowing from financial
institutions
Received additionalborrowing from financial
institutions
Obtained RevolvingCredit Lines
Obtained RevolvingCredit Lines
Cash to Total Revenue
2009 20102008
3.04 2.66
1.30 1.45
0
1
2
3
4
5
2009 20102008
Net interest bearingDebt to Equity
Improved Cash PositionImproved Cash Position
Capital Structure StrengthenedCapital Structure Strengthened
Improved Capital Structure
Q12011
8,000 MTHB Debentureissued in May 13, 20118,000 MTHB Debentureissued in May 13, 2011
Resulting Success
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THAIs share price reflects the confidence in the improved healthof the Company
0
5
10
1520
25
30
3540
45
50
55
60
4/1/09 4/4/09 4/7/09 4/10/09 4/1/09 4/4/09 4/7/09 4/10/0
9
4/1/10 4/4/10 4/7/10 4/10/10 4/1/11 4/4/11
THB/share
Implementedrecovery plan
Share pricepeaked at THB
57.75 uponbeing inductedback into the
MSCI
103.61
USD/bbl
137.57USD/bbl
Fuel price
Cash flow crisis
Successrecapitalization
Drafted &implemented
strategiesunder TG 100
@ 9 Dec. 10@ 20 Apr. 11
MSCI = Morgan Stanley Capital International
Resulting Success
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Financial Performance
Financial Performance
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Performance Summary (Q1/2011)THAI and its subsidiary
(Units : MTHB)
Total Revenue 51,851 49,806
Total Expense -46,468 -43,061
Foreign currency exchange (Gain) -3,358 5,698
Share of losses of investments by the equity method 38 -7
Profit(Loss) before finance costs, income tax 2,063 12,436
Financial Cost -1,309 -1,345
Income tax expense -121 -499
Net profits (losses) 633 10,592
Profits (losses) Attributable to:
Non controlling interest -15 -20
Equity holders of the parent 618 10,572
20102011
Jan-Mar
Financial Performance
Financial Performance
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Ratios Q12010 & Q12011
Ratios units Q110 Q111
Earnings Per Share (THB) 6.22 0.28
EBIT (MTHB) 6,037 4,960
EBITDA (MTHB) 11,252 9,755
EBITDAR (MTHB) 11,750 11,191
Book Value (MTHB) 63,670 76,712
Book Value per Share (THB) 37.48 35.14
Total Debt to Equity (Times) 3.90 2.80
Net Debt to Equity (Times) 2.35 1.88
Debt Service Coverage (Times) 2.00 1.50
Interest Coverage (Times) 8.40 7.50
Operating Profit Margin (%) 12.30 9.70
Net Profit Margin (%) 21.60 1.20
EBITDA Margin (%) 23.00 19.10
Return on Total Assets (%) 3.80 0.80
Return on Total Equity (%) 20.10 0.20
Financial Performance
Industry Outlook
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Global Economy expected to grow by 5% - IMF
Global # of Tourists expected grow by 4-5 - UNWTO
Passenger Traffic expected to grow by 5.2% - IATA
Air Traffic Transportation expected to grow by 5.5% - IATA
Economic & AirlineEconomic & Airline
IndustryIndustry
Trend and GrowthTrend and Growth
for 2011for 2011--20122012
y
Industry Outlook
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Passenger from / to Thailand Forecast 2011-2017
0
5
10
15
20
25
30
35
40
45
50
03/04 04/05 05/06 06/07 2008 2009 F 2010 F 2011 F 2012 F 2013 F 2014 F 2015 F 2016 F 2017
TG ForecastActual
25.9M
20.6M
5.3M
9.9M
Inter. 3.2%
Reg. 2.7%
Intercont. 5.0%
Dom. 5.2%
ThailandPassengers
(Millions)
2011-2017International 5.5 %
Regional 5.5 %
Intercont. 5.5 %
Domestic 4.2 %
48.0M48.0M
37.2M
17.4M
10.8M
4.04.0
%%
5.3%5.3%
5.2%
5.2%5.2%
30.3M
23.5M
12.7M
6.8M
IATA International Passenger Forecast 2010 2011 2012 2013 2014 CAGR2011-2014
(As September 2010) World 7.9% 4.9% 5.4% 5.4% 5.4% 5.3%Asia Pacific 11.6% 7.2% 6.9% 6.5% 6.1% 6.7%
2.8%
9.7%
8.5%
8.8%
Estimate
4.6%
6.0%
6.3%
6.3%
32.9M
25.5M
13.1M
7.5M
37.2M
28.8M
14.3M
8.4M
y
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Appendix
Operating Statistics
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Passenger Carried
4,6844,114
4,5895,088 5,167
3,6624,371
4,833 4,923
-
2,000
4,000
6,000
Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11
(000)
Freight Carried
113,735124,819
140,889
167,341 166,155179,329 180,341 188,109 172,749
100,000
130,000
160,000
190,000
Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11
(Tons)
Year 2009 Year 2010
Year 2009 Year 2010
Year 2010 = 18.2 million (decreased 1.7% YoY)
Year 2010 = 713,931 tons (increased 30.8% YoY)
Year 2011
Q1/2011 = 4.9 million (decreased 5.5% YoY)
Q1/2011 = 172,749 tons (increased 4.0% YoY)
Year 2011
Operating Statistics
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46 Investor Relations Department
C/FRPKASK
Passenger
75
.2
77
.2
76
.8
71
.1
62
.2
65
.1 71
.3
76
.1
74
.3
75
.1
74
.0
77
.0
82
.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
63
.2
-
2,000
4,000
6,000
8,000
Jan-0
9
Fe
b-09
Mar-0
9
Apr-0
9
May-0
9
Jun-0
9
Ju
l-09
Aug-0
9
Sep-0
9
Oc
t-0
9
Nov-0
9
Dec-0
9
Jan-1
0
Fe
b-10
Mar-1
0
Apr-1
0
May-1
0
Jun-1
0
Ju
l-10
Aug-1
0
Sep-1
0
Oc
t-1
0
Nov-1
0
Dec-1
0
Jan-1
1
Fe
b-11
Mar-1
1
Apr-1
1
May-1
1-
20.0
40.0
60.0
80.0
100.0
(%)Year 2009 Year 2010 Year 2011
(Million)
May'11(E) May'10 YoY% Q1'11 Q1'10 YoY% Year'10 Year'09 YoY%
MASK 6,505 6,171 5.4 19,571 19,045 2.8 75,600 72,031 5.0
MRPK 4,111 3,497 17.6 14,881 15,425 3.5- 55,676 52,593 5.9
Cabin factor% 63.2 56.7 11.5 76.0 81.0 6.1- 73.6 73.0 0.9
YoY (Month) YoY (Year)YoY (Quarter)
* (E) = Estimate
(E)
Operating Statistics
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47 Investor Relations Department
40
.2
44
.5
49
.7
46
.1
47
.9
51
.8
50
.652
.458
.8
59
.3
61
.8
58
.3
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
.660
.1
58
.0
57
.5
-
200
400
600
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-0
9
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-1
0
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
-
20.0
40.0
60.0
80.0
(Million) (%)
Freight
F/FRFTKADTK
May'11(E) May'10 YoY% Q1'11 Q1'10 YoY% Year'10 Year'09 YoY%
MADTK 414 378 9.5 1,233 1,096 12.5 4,708 4,016 17.2
MRFTK 238 253 5.9- 698 653 7.0 2,895 2,092 38.4
Freight Factor% 57.5 66.9 14.1- 56.6 59.6 -4.9 61.5 52.1 18.0
YoY (Month) YoY (Quarter) YoY (Year)
* (E) = Estimate
Year 2009 Year 2010 Year 2011
(E)
Operating Statistics
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48 Investor Relations Department
2.4
1
2.2
2
2.0
5
2.0
8
2.1
3
1
.90
1.81
1.9
22
.05
1.8
52
.02
2.1
4 2.3
5
2.2
6
2.1
6
2.0
72
.23
2.0
3
1.9
9
2.0
12
.11
1
.97
2.1
2
2.1
62
.29
2.3
6
2.4
2
2.4
2
1.00
1.50
2.00
2.50
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Year 2009 Year 2010 Year 2011
(THB/Km)
Passenger Yield (Excluding Fuel Surcharge)
Passenger Yield (Including Fuel Surcharge)
2.5
1 2.6
4
2.6
02.7
02
.78
2.8
4
2.272
.44
2.30
2.212.
32
2.5
6
2.5
4
2.4
92.7
2
2.7
2
2.5
6
2
.402
.55
2.4
5
2.4
2
2.4
42
.68
2.5
42
.63
2.7
32
.82
2.8
7
2.00
2.50
3.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Year 2009 Year 2010 Year 2011
(THB/Km)
Operating Statistics
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49 Investor Relations Department
Freight Yield (Excluding Fuel Surcharge)
6.98
7.0
2 7.5
3
7.4
8
7.0
8
7.01
6.6
9
6.6
7
7.4
7
7.1
3
6.6
27.01
7.7
2
7.0
17.4
2
7.1
27
.37
6.8
97.3
0
7.1
87.5
1
7.4
4
6.9
6
6.9
17.3
3
6.7
7
6.9
4
7.0
8
6.00
7.00
8.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Year 2009 Year 2010 Year 2011
(THB/Km)
Freight Yield (Including Fuel Surcharge)
9.6
59
.85
9.7
4
8.7
1
8.0
2 8.5
0 9.1
7
8.1
9 8.9
0
8.6
18
.88
9.0
49
.35
9.4
39
.66
9.0
8
9.1
09
.30 9
.89
9.6
5
9.5
3
9.3
0 9.8
4
9.3
7
9.4
49
.65
9.7
0
9.4
5
7.00
8.00
9.00
0.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Year 2009 Year 2010 Year 2011
(THB/Km)