Airports of Thailand Public Company Limited

Transcription

1 Airports of Thailand Public Company Limited (AOT) 2 nd nd Quarter 2006 (January - March 2006)

2 Agenda AOT Business Highlights Air Traffic Statistics Airport Capacity Suvarnabhumi Airport Recent Development Financial Performance Page 2

3 Business Highlights Page 3

4 Airport Sector in Thailand Total of 36 airports in Thailand 2 in Bangkok and perimeter (Don Muang and Suvarnabhumi) 34 in provincial areas Government owns and operates 33 of 36 airports Airports of Thailand Public Company Limited 1 international airport in Bangkok 4 international airports at regional sites 1 New airport under construction in Bangkok perimeter Department of Civil Aviation (DCA) 26 regional airports Royal Thai Navy U-Tapao airport Remaining 3 airports (Sukhothai, Samui and Trad) owned and operated by Bangkok Airways Company, a private company CHIANG RAI INTERNATIONAL AIRPORT Pai Mae Hong Son Mae Sariang Mae Sat PHUKET INTERNATIONAL AIRPORT Tak Lampang BANGKOK INTERNATIONAL AIRPORT Ranong Krabi Trang Nan Phrae Sukhothai Phetchabun Loei Phitsanulok U-Tapao Hua Hin Chumpon Samui Khon Kaen Udon Thani Buri Ram Nakhon Ratchasima Nakhon Si Thammarat Betong CHIANG MAI INTERNATIONAL AIRPORT Sakon Nakhorn Roi Et HATYAI INTERNATIONAL Pattani AIRPORT Narathiwat Nakhon Phanom Ubon Ratchathani AOT Airports DCA/MOT Airports Bangkok Airways Airports Royal Thai Navy Airport AOT manages and operates the 6 leading airports in Thailand which account for more than 90% of Thailand s air traffic Page 4

5 Travelers to Thailand Travel to Thailand is dominated by the profitable leisure travel segment and mostly by air Travel Purposes Mode of Transport Other 8.3% Sea 1.6% Business 11.9% Land 15.6% Leisure 79.8% Air 82.8% Source: Tourist Authority of Thailand (2004) Page 5

6 Air Traffic Statistics Page 1 Page 6 6

7 AIRCRAFT MOVEMENTS - ALL AIRPORTS Total Movements CAGR 7.7% Aircrafts ( 000) % Q 05 2Q 06 Q4 01 Q2 02 Q2 03 Q2 04 Q NY BALI BOMB IRAQ WAR, BIRD FLU, TSUNAMI SARS SOUTHERN VIOLENCE International Domestic Page 7

8 Passenger Movements All Airports Passengers (mm) Total Passenger CAGR 6 % % -0.6% -4.7% 24.2% % % Q 05 2Q 06 Q203 Q2 04 Q4 01 Q2 02 Q1 05 International Domestic IRAQ WAR, BIRD FLU, 911 NY BALI BOMB TSUNAMI SARS SOUTHERN VIOLENCE Page

9 LCCs Traffic Statistics - All Airports 2Q 05 2Q 06 % 2Q 05 2Q 06 % 2Q 05 2Q 06 % Aircraft Movem ents INTERNATIONAL DOMESTIC TOTAL BKK 2,987 3, ,834 7, ,821 11, HKT ,120 1, ,516 2, CNX ,740 2, ,771 2, HYD ,191 1, ,549 1, CEI Total 3,772 4, ,591 14, ,363 18, Note: LCCs started operating in Dec 2003 Fiscal year begins on Oct 1 and ends September 30 BKK : Bangkok International Airport HKT : Phuket International Airport CNX : Chiang Mai International Airport HYD : Had Yai International Airport CEI : Chiang Rai International Airport Page 9

10 LCCs Traffic Statistics - All Airports INTERNATIONAL DOMESTIC TOTAL 2Q 05 2Q 06 % 2Q 05 2Q 06 % 2Q 05 2Q 06 % Passenger Movem ents BKK 266, , , , ,033,042 1,380, HKT 29,510 56, , , , , CNX 5,095 31, , , , , HYD 32,842 33, , , , , CEI ,114 81, ,114 81, Total 333, , ,396,051 1,776, ,729,912 2,288, Note: LCCs started operating in Dec 2003 Fiscal year begins on Oct 1 and ends September 30 BKK : Bangkok International Airport HKT : Phuket International Airport CNX : Chiang Mai International Airport HYD : Had Yai International Airport CEI : Chiang Rai International Airport Page 10

11 Airport Capacity Page 11

12 Airport Capacity PAX Check in PAX PAX Gate Aircraft Terminal counter Capacity Movement Movement (Sq.m.) (M./year) AOT Existing Airports BKK 391, ,122 HKT 23, ,803 CNX 16, ,362 HYD 14, ,132 CEI 16, ,927 Suvarnabhumi airport compared to other Airports SA 563, Changi 634, ,138 Chek Lap Kok 570, ,000 KLIA 480, n.a. 66 n.a. Incheon 490, n.a. 60 n.a. N.a. = not in the ACI worldwide top 30 airports by pax movements. BKK : Bangkok International Airport HKT : Phuket International Airport CNX : Chiang Mai International Airport HYD : Hat Yai International Airport CEI : Chiang Rai International Airport Page 12

13 Leading Air Transport Center in Southeast Asia #1 # 1 Passenger Traffic in South East Asian Hong Kong (22) (17) (15) (24) (17) 40.7 Bangk ok (26) (21) (18) (18) (14) Changi (28) (25) (24) n.a. (n.a.) (26) (16) (18) (25) (xx) ranking order for top worldwide 30 airports by passenger traffic. Source: Page 13

14 Recent Development Page 14

15 SUVARNABHUMI AIRPORT - CONSTRUCTION PROGRESS Passenger Terminal Complex Site Utilities Support Facilities Main Airfield Pavements Ground Access Facilities Operation Services activities % Plan Actual Construction Plan as of April 2006: % Operational commencement in 2006 Construction Progress as of April 2006 : 98.23% completed (-1.28 % delay) Page 15

16 Future Use of Bangkok International Airport Future Use of BIA North: TG maintenance center South: Civil aviation training center Int l Terminal: Exhibition halls and conference halls Domestic Low cost airlines, Terminal: general aviation, Charter/non scheduled flights Runways: Both to be maintained Cargo Terminals: Air/car show space Page 16

17 Aeronautical Rate Charges CAB has approved increase in maximum charge International Bt 500 Bt 700 Passenger Service Charge Domestic Bt 50 Bt 100 (effective on Feb 1 st, 2007) Note : Included in ticket price at agency level CAB has approved increase in maximum charge 20% effective on Jan 1, 2005 Landing/Parking Charge 15% effective on Oct 1 st, 2006 Note : Adjusted by the formula CPI - X + K after the commencement of SA Page 17

18 NON-AERONAUTICAL REVENUES - Terminal Revenue Duty Free On 20 April 04 AOT awarded the exclusive duty free concession to King Power Duty Free Plc. to operate duty free activities at 4 of its airports: Suvarnabhumi (SA) Chiang Mai, Phuket and Hat Yai International airports. Duty free concession will have 10 years maturity from April 05 to Dec 15 Other Commercial Activities On 25 March 05 AOT signed management contract with King Power International Plc. for retail area at SA approximately 20,000 m 2 Management concession will have 10 years. Note: (1) 15% for the first 5 years and increases by an increment of 1% for the following 5 years until it reaches 20% in 2015 (2) Example: Bt32.12 mn for souvenirs in 2004 (3) Example: 15% for books and magazines Page 18

19 NON-AERONAUTICAL REVENUE - Building and Grounds AOT has made great progress in awarding concession contracts in the following areas: Cargo, Catering, Refueling and Ground Service Equipment (GSE) Current Terms at Existing Airports Terms for Awarded Concessions at SA Min Guarantee Concession Min Guarantee Concession Min Guarantee (Bt mm) Fee (Bt mm) Fee Growth Cargo none <Bt250mm = 10% % 12% every 3 yrs. >Bt250mm = 5% Catering none 6-12% % 12%every 3 yrs. GSE none none % % 12%every 3 yrs. Refueling none 0.07 Bt/litre none 0.06 Bt/litre 1 Review every 5 yrs. All 4 concession contracts have been signed apart from those being awarded to Thai Airways (Cargo, Catering, GSE) Note: 1 Excluding hydrant services for additional 2% of gross revenues Page 19

20 Financial Performance Page 20

21 Operating Revenues 2Q 05 2Q Q % Service 6.6% 5.6% PSC 37.4% Service 5.6% 5.3% PSC 41.5% Office & Property Rental Office & Property Rental 25.4% Concessions 2.1% 22.9% 24.9% Concessions 1.8% 20.8% Aircraft Service Landing & Parking Aircraft Service Landing & Parking Page 21

22 Operating Expenses % 2Q Q 05 2Q Q 06 Personnel 29.6% Personnel 29.4% 21.9% Depreciation 18.8% Depreciation 10.7% State property rental 11.3% 3.8% 2.9% 33.9% Repair & Maintenance Operating expenses State property rental Repair & Maintenance 37.7% Operating expenses Page 22

23 Revenues and Net Profit by Airports (2Q 06) Unit: Million Baht Operating Revenues Net profit Items Amount % Amount % Bangkok 3, , Phuket Chiang Mai Hat Yai Chiang Rai Page 23

24 5,000 4,000 Bt (mn) Revenues % Bt (mn) 3,000 EBITDA % 3,000 2,000 1,000 12,000 11,500 11,000 Bt mm 0 4,278 3,611 2Q 05 2Q 06 11,760 2,000 1, ,880 2,402 2Q 05 2Q 06 10,500 10,000 9,500 Bt (mn) 3,000 2,500 2,000 1,500 1, ,279 10,939 EBIT (1) % 2,405 2,062 2Q 05 2Q 06 Bt (mn) 5,000 4,000 3,000 2,000 1,000 0 Net Profit % 3,731 2,619 2Q 05 2Q 06 Source: AOT financial statements - Consolidated (1) EBIT = Operating Income Page 24

25 Financial Highlights 1H 06 FY 05 FY 04 Balance Sheet - Consolidated (Million Baht) Assets 142, , ,745 Liabilities 73,328 70,039 50,266 Shareholders Equity 69,072 64,482 58,479 Operating Revenues 8,285 14,894 13,974 Operating Expenses 3,323 7,252 6,307 Operating Income 4,960 7,642 7,667 Net Profit 7,030 7,409 4,770 Return on Revenues (%) Return on Assets (%) Return on Equity (%) Source: AOT financial statements-consolidated Page 25

26 Financial Leverage Ratios 1H 06 Fiscal year (Million Baht) At Dec 31, 05 At Sep 30,05 Net Debt/(Cash) 36,480 28,788 Total Debt (1) 57,370 55,226 Total Equity (2) 69,072 64,482 Total Capitalization 126, ,707 EBITDA 5,619 9,022 Net Debt / Total Cap 29% 24.0% Total Debt / Total Cap 45% 46.1% Total Debt / EBITDA 10X 6x Total Debt / Equity 83% 85.6% Net Debt / Equity 53% 44.6% Source: AOT Financial Statement; Consolidated (1) Total Debt = Long-Term loans, including current portion of LT loans (2) Total Equity include minority interest Page 26

27 Projected CAPEX by Airport As of June E 2007E 2008E 2009E 2010E Airport Bt(m) Bt(m) Bt(m) Bt(m) Bt(m) Total Bt(m) % Suvarnabhumi 38, , , Bangkok Phuket , Chiang Mai 1, , Hat Yai Chiang Rai Total Capex 40, , , , , Page 27

28 Q & A

29 Projected CAPEX by Airport As of Feb, E 2007E 2008E 2009E 2010E Airport Bt(m) Bt(m) Bt(m) Bt(m) Bt(m) Total Bt(m) % Suvarnabhumi 40, , Bangkok Chiang Mai 1, , Chiang Rai Phuket , Hat Yai Total Capex 42, , , Page 31

30 Traffic Impact From Tsunami - Phuket International Airport International Domestic Total % % % A/C 1Q 4,502 3, ,077 3, ,579 6, Q 2,240 3, ,631 4, ,871 7, PAX 1Q 560, , , , ,396,112 1,092, Q 167, , , , ,779 1,315, Note: A/C stands for aircraft movement Fiscal year begins on Oct 1 and ends September 30 PAX stands for passenger movement Page