Airports of Thailand Plc.

Transcription

1 Airports of Thailand Plc. For The Fiscal Year 2017 (October 2016 September 2017) Investor Relations Department, Tel: (662) , Fax (662)

2 Disclaimer This presentation is intended to assist investors to better understand 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. Such forward looking statements involve known and unknown risks and uncertainties. The actual result may differ materially from information contained in these statements. 2

3 Airports in Thailand Total of 39 airports Airports of Thailand Public Company Limited 2 in Bangkok and perimeter o Suvarnabhumi Airport (BKK) o Don Mueang International Airport (DMK) 4 international airports at regional sites o Chiang Mai International Airport (CNX) o o Phuket International Airport (HKT) Hat Yai International Airport (HDY) o Mae Fah Luang-Chiang Rai International Airport (CEI) * Department of Airports (DOA) o 29 regional airports Royal Thai Navy o U-Tapao Pattaya International Airport Bangkok Airways Company o Sukhothai Airport o Samui Airport o Trad Airport MAE FAH LUANG-CHIANG RAI INTERNATIONAL AIRPORT Mae Hong Son Mae Sot Lampang Tak DON MUEANG INTERNATIONAL AIRPORT Pai Ranong Sukhothai Nan Phrae Loei Phitsanulok Phetchabun Hua Hin Krabi PHUKET INTERNATIONAL Trang AIRPORT U-Tapao Chumpon Surattani Samui Udon Thani Sakon Nakhorn Khon Kaen Buri Ram Nakhon Ratchasima Trad Nakhon Si Thammarat CHIANG MAI INTERNATIONAL AIRPORT Pattani Narathiwat Roi Ed SUVARNABHUMI AIRPORT Yala Surin Nakhon Phanom Ubon Ratchathani AOT Airports DCA Airports Bangkok Airways Airports Royal Thai Navy Airport HAT YAI INTERNATIONAL AIRPORT Note: * Changing from Chiang Rai International Airport to Mae Fah Luang Chiang Rai International Airport since March 13,

4 Business Overview Fact Sheet Listed on 11 March 2004 Shares outstanding 14, Million * Shareholders Ministry Of Finance 70% Free Float 30% Average Daily Market Cap (Oct 16 Sep 17) 621, Million Baht Note : * Change in Par value of AOT share from 10 Baht per share to 1 Baht per share, effective since February 9, Fiscal Year EPS (Baht) 1 (The Company) Dividend per share (Baht) Dividend payout ratio Dividend Yield % 2.03% % 2.26% % 2.44% % 1.42% % 2.33% % 1.71% % 1.46% Shareholders Information Dividend Policy (As of December 14, 2016) 1. MINISTRY OF FINANCE 70.00% 2. THAI NVDR COMPANY LIMITED 3.47% 3. STATE STREET BANK EUROPE LIMITED 1.91% 4. LITTLEDOWN NOMINEES LIMITED 1.33% 5. CHASE NOMINEES LIMITED 1.28% 6. THE BANK OF NEW YORK MELLON 1.25% 7. SOCIAL SECURITY OFFICE 1.21% 8. NORBAX INC. 0.89% 9. MR. AIYAWATT SRIVADDHANAPRABHA 0.80% 10. MISS VORAMAS SRIVADDHANAPRABHA 0.63% 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 appropriate Note: 1. EPS using for calculating the dividend is from the company financial statements. 2. AOT s Board of Directors approved the payment of interim dividend for the first half of accounting year 2015 from Oct. 1, 2014 to March 31,

5 Aircraft Movement Statistics (FY2017) AOT Traffics LCCs Traffics (Unit: Thousand) (Unit: Thousand) FY FY International Domestic International Domestic FY2016 FY2017 YoY% FY2016 FY2017 YoY% BKK 333, , % DMK 240, , % BKK+DMK 573, , % CNX 67,134 72, % HDY 26,862 30, % HKT 94, , % CEI 14,073 16, % Total 776, , % BKK 29,516 34, % DMK 210, , % BKK+DMK 240, , % CNX 36,243 41, % HDY 20,413 23, % HKT 39,192 46, % CEI 9,027 11, % Total 344, , % Note: 1. Fiscal Year starting from October to September 2. The percentage growth as shown is calculated from the full number of the air traffic statistics 5

6 Passenger Movement Statistics (FY2017) AOT Traffics LCCs Traffics (Unit: Million) (Unit: Million) FY International Domestic FY International Domestic FY2016 FY2017 YoY% FY2016 FY2017 YoY% BKK 55,473,021 59,079, % DMK 34,689,890 37,183, % BKK+DMK 90,162,911 96,263, % CNX 9,208,256 9,973, % HDY 3,871,468 4,347, % HKT 14,722,010 16,230, % CEI 1,959,353 2,385, % Total 119,923, ,199, % BKK 4,655,677 5,520, % DMK 32,191,518 35,713, % BKK+DMK 36,847,195 41,233, % CNX 5,660,506 6,311, % HDY 3,220,366 3,601, % HKT 6,080,417 7,102, % CEI 1,457,672 1,818, % Total 53,266,156 60,067, % Note: 1. Fiscal Year starting from October to September 2. The percentage growth as shown is calculated from the full number of the air traffic statistics 6

7 Monthly Air Traffic Movements: FY (Unit: Thousand) 75 Aircraft Movements (FY2017) International Domestic Total 3.13% 9.10% 6.00% FY 2013 FY 2014 FY 2015 FY 2016 FY Oct Nov (Unit: Million) 13 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Passenger Movements (FY2017) International Domestic Total 6.57% 9.26% 7.73% FY 2013 FY 2014 FY 2015 FY 2016 FY Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 7

8 Airport Revenues (FY2017) Landing & Parking Charges 20% increased on Jan 1 st, 2005 Aeronautical 56% Departure Passenger Service Charges (PSC) Aircraft Service Charges 15% increased on Apr 1 st, 2007 Effective on Feb 1 st, 2007 THB 500 to THB International PSC THB 50 to THB Domestic PSC 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 Office & State Property Rents Service Concession Rental tenants include airline, government agencies and concession tenants. Rents are determined based on the tenants business use at each of our airports. Varies by activities such as Utilities, Check-in Counter Services, Airline Announcement Services, Hydrant System Services, Advance Passenger Processing System (APPS), etc. Varies by activities such as Duty Free, Souvenirs, Food & Beverage, Airline Catering, Fueling Services, Car Parking, Advertising, Banking, etc. Non-Aeronautical 44% 8

9 Revenues Breakdown (FY2017) Total Revenue By Proportion (Unit: Million Baht) 54, , FY % FY % 43, % 26.87% 37, % 43.11% 12.86% 42.41% 3.91% 1.54% 4.13% 1.47% By Growth (Unit: Million Baht) FY Landing & Parking charges (LPC) Departure Passenger service charges (PSC) A/C Service charges (ASC) Office and state property rents (OPR) Service revenues (SVR) Concession revenues (CCR) FY2014 FY2015 FY2016 FY2017 YoY LPC 5, , , , % PSC 15, , , , % ASC % OPR 1, , , , % SVR 4, , , , % CCR 9, , , , % Total 37, , , , % Note: Fiscal Year starting from October to September 9

10 Airport Operating Expenses Employee Benefit Expenses Consisting of : - employee salaries and bonuses, employee benefits, retirement payments and contributions to employee provident fund. - the remuneration of AOT s board of directors and executives as stated in the notice of Capital Market Supervisory Board. Utilities Expenses Outsourcing Expenses Repairs and Maintenance State Property Rental Depreciation and Amortization Consisting of electricity charges, cooling water system and water supply. Consisting of security, limousine service, cleaner, gardener, trolley, Advance Passenger Processing System (APPS), etc. Consisting of repair and maintenance of runways and taxiways, elevators, escalators and cover walkways, air conditioning systems, conveyor belts, transportation equipment and construction and electrical appliances. Consisting of rental payments made to the Ministry of Finance under the airport land leases. Consisting 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). 10

11 Expenses Breakdown (FY2017) Expenses By Proportion (Unit: Million Baht) FY2016 FY , , , , % 24.27% 21.19% 24.40% 10.06% 10.48% 15.39% 9.46% 10.12% 18.87% 9.56% 20.00% By Growth FY Employee Benefit expenses Utilities expenses Outsourcing expenses Repairs and maintenance (R&M) State property rental (SPR) Depreciation and amortization (D&M) (Unit: Million Baht) FY2014 FY2015 FY2016 FY2017 YoY Employee 4, , , , % Utilities 2, , , , (1.62%) Outsourcing 2, , , , % R&M 2, , , , % SPR 1, , , , % D&M 5, , , , (11.86%) Total 19, , , , % 11

12 Statements of Income (FY2017) (Unit: Million Baht) FY2014 FY2015 FY2016 FY2017 YoY Total revenues 39, , , , % Revenues from sales or services 37, , , , % Other incomes 2, , , , % Total expenses 24, , , , % Profit before income tax expense 15, , , , % Income tax expense 3, , , , % Net Profit 12, , , , % EBIT 15, , , , % EBITDA 20, , , , % Note : 1. Gain from the reversal of an impairment at DMK of Baht 3, million in FY The reversal of accrued property tax at DMK of Baht 3, million in FY AOT received compensation for damages from flooding at DMK during the end of 2011 of Baht 100 million on September 2013 and Baht million in the third quarter,

13 Financial Status STATEMENTS OF FINANCIAL POSITION 30 Sep Sep 2017 Cash 5, , Other Current Asset 58, , Non Current Asset 108, , Total Assets 172, , Current Liabilities 19, , Long Term Loan 26, , Other Non Current Liabilities (Unit: Million Baht) 5, , Total Liabilities 51, , Shareholder s Equity 120, , STATEMENTS OF CASH FLOW (Unit: Million Baht) Beginning Cash 5, Cash Flow from Operation 27, Cash Used in Investment (8,423.40) Cash Used in Financing (15,247.33) Ending Cash 9, LONG-TERM LOANS (As of Sep 30, 2017) Total Loan (Million Yen) 199, Disbursed Amount (Million Yen) 194, Repayment Amount (Million Yen) (118,146.63) Outstanding Amount (Million Yen) 76, Outstanding Amount (Million Baht) 22, Total Liabilities & Shareholder s Equity 172, , Hedged % of the remaining loan 92% Average Interest Rate 4.86% 13

14 Financial Ratios 30 Sep Sep Sep Sep Sep 2017 (FY2013) (FY2014) (FY2015) (FY2016) (FY2017) Par Value (THB) * Market Price (THB) BV/share P/BV EPS P/E D/E ROA (%) ROE (%) Note : * Change in Par value of AOT share from 10 Baht per share to 1 Baht per share, effective since February 9,

15 Noise Compensation (Suvarnabhumi Airport Phase I) NEF > Planned (The cabinet resolution on May 29,2007) Summer Season Total Impacted Houses 11,047 (Unit: Houses) NEF ,542 Proceeded (Unit: Million Baht) NEF > 40 Houses Amount Purchased Insulated Total NEF> NEF Houses Amount Insulated 10,227 2, Total NEF ,227 2, Sensitive Area Purchase 147 Insulation 358 Insulation 10,542 KMITL Grand total * 3, Note: - * Accumulated from the first payment until September 30, KMITL is King Mongkut s Institute of Technology Ladkrabang - NEF : Noise Exposure Forecast As of September 30,

16 Noise Compensation (Suvarnabhumi Airport Phase I) Planned Proceeded (The cabinet resolution on Aug 31, 2010) Winter Season Total Impacted Houses 4,877 (Unit: Houses) (Unit: Million Baht) NEF > 40 Houses Amount Purchased Insulated Total NEF> NEF NEF > NEF ,746 Houses Amount Insulated 4, Total NEF , Purchase 54 Insulation 77 Insulation 4,746 Sensitive Area Grand total * 1, Note: - * Accumulated from the first payment until September 30, KMITL is King Mongkut s Institute of Technology Ladkrabang - NEF : Noise Exposure Forecast As of September 30,

17 Noise Compensation (Suvarnabhumi Airport Phase I) Planned Proceeded (The cabinet resolution on Oct 15, 2013) Winter Season Total Impacted Houses 2,269 (Unit: Houses) (Unit: Million Baht) NEF > 40 Houses Amount Purchased Insulated Total NEF> NEF NEF > NEF ,212 Houses Amount Insulated 1, Total NEF , Purchase 6 Insulation 51 Insulation 2,212 Sensitive Area Grand total * Note: - * Accumulated from the first payment until September 30, KMITL is King Mongkut s Institute of Technology Ladkrabang - NEF : Noise Exposure Forecast As of September 30,

18 Future Airport Development Plans Airport Description Investment Cost (THB Billion) Completed Year Additional Capacity Suvarnabhumi 1. Suvarnabhumi Development Project (FY ) 2. Terminal MAP 30 MAP 3. Third Runway (Total 90 MAP) 18

19 Appendix A: Airport Capacity vs. Utilization Aircraft (Flights/Hour) Passengers (Million/Year) Cargoes (Million Metric Tons/Year) Airport Capacity Actual Utilization Actual Utilization Actual Utilization Capacity Capacity FY16 FY17 FY16 FY17 FY16 FY17 BKK DMK HKT CNX HDY CEI Note: 1. The actual utilization number is the 1 st highest hour of annual passenger flow. 2. The designed capacity of each airport is the 30 th highest hour of annual passenger flow. 19

20 Appendix B: AOT Airports Capacity Area Capacity Airports Total Area (Acres) Terminal Area (Sq.m.) Aircraft (Flights/ Hour) Passengers (Million/Year) Cargoes (Million Metric Tons/Year) Runways (Metres) BKK 8, , DMK 1, , x 3, x 4, x 3, x 3,500 HKT , x 3,000 CNX , x 3,400 HDY 1,188 19, x 3,050 CEI 1,330 17, x 3,000 20

21 Appendix C: Market Share (By Aircraft) at Suvarnabhumi Airport FY2017 Top 10 Airlines 1. Thai Airways International 21.68% 2. Bangkok Airways 16.12% 3. Thai Smile Airways 10.78% 4. China Southern Airlines 2.49% 5. Cathay Pacific Airways 1.93% 6. Emirates Airlines 1.73% 7. Thai Vietjet Air 1.57% 8. China Eastern Airlines 1.47% 9. Malaysia Airlines 1.41% 10. EVA Airways 1.33% Top 10 LCCs 1. Thai VietJet Air 15.70% 2. Spring Airlines 11.55% 3. Tiger Airways 10.37% 4. Jetstar Asia 8.82% 5. Jeju Air 7.06% 6. Eastar Jet 6.99% 7. Vietjet Air 6.49% 8. IndiGo Airlines 4.22% 9. Jetstar Pacific Airlines 3.98% 10. Spicejet 3.88% 21

22 Appendix D: Market Share (By Passenger) at Suvarnabhumi Airport FY2017 Top 10 Airlines 1. Thai Airways 32.24% 2. Bangkok Airways 8.27% 3. Thai Smile Airways 7.16% 4. Emirates Airlines 3.84% 5. Cathay Pacific Airways 2.98% 6. Qatar Airways 1.98% 7. China Southern Airlines 1.96% 8. EVA Airways 1.63% 9. Singapore Airlines 1.62% 10. Hong Kong Airlines 1.49% Top 10 LCCs 1. Thai VietJet Air 13.33% 2. Spring Airlines 11.37% 3. Tiger Airways 9.84% 4. Jetstar Asia 8.64% 5. Jeju Air 7.62% 6. Eastar Jet 7.35% 7. Jin Air 5.69% 8. Vietjet Air 5.61% 9. Spicejet 4.25% 10. IndiGo Airlines 4.06% 22

23 Appendix E: Market Share at Don Mueang International Airport FY2017 Top Airlines By Aircraft 1. Thai Air Asia 39.75% 2. Nok Air 25.44% 3. Thai Lion Air 19.00% 4. Air Asia 2.19% Top Airlines By Passenger 1. Thai Air Asia 39.48% 2. Thai Lion Air 22.98% 3. Nok Air 21.34% 4. Thai Air Asia X 3.81% 5. Newgen Airways 1.89% 5. Nok Scoot 2.60% 23

24 Appendix F: Major LCCs Airlines (6 Airports) Nok Air Domestic (7 Airlines) International (30 Airlines) Air Asia CEBU Pacific Air China Express Airlines Nok Scoot Orient Thai Airlines Thai Air Asia Thai Air Asia X Thai Lion Air Thai Vietjet Eastar Jet Firefly Flydubai Eurowings Hong Kong Express IndiGo Airlines Indonesia AirAsia Indonesia Air Asia X Jeju Air Jetstar Airways Jetstar Asia Jetstar Pacific Airlines Jin Air Juneyao Airlines Kunming Airlines Lucky Air Malindo Air Norwegian Air Shuttle Peach Aviation Scoot Spicejet Spring Airlines Tiger Airways Thomsonfly T'Way Airlines Tigerair Taiwan Vietjet Air 24