1Q13 R sults esentation

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1 1Q13 Results Presentation 14 May 2013

2 Disclaimer The presentation is dated the day it is given. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The third party information and statistical data in this presentation have been obtained from sources the Company believes to be reliable but in no way are warranted by the Company as to accuracy or completeness. This presentation may not contain all material information concerning the Company and the information set forth in this material is subject to change without notice. These materials contain forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve risks, uncertainties and other factors, some of which are beyond the Company s control and no assurance is made as to whether such future events will occur. Actual results, financial condition, performance or achievements of the Company results may differ materially from those expressed or implied by such forward-looking statements. This presentation is strictly not to be distributed without the explicit consent of Company s management under any circumstances. 2

3 1Q13 Financial Highlights TAA Revenues: THB million 1Q13 1Q12 Chg % THB 6,029 million (+24% YoY) Operating profit (EBIT): THB 962 million (+53% YoY) Y) Net profit: THB 739 million (+55% YoY) Margins: AAV Net profit 12% (+2 ppts) EBIT 16% (+3 ppts) EBITDA 17% (+4 ppts) Revenues 6,029 4, % Operating profit % Net profit * +55% * Effect from deferred income taxes THB 144 million Revenues: THB 6,029 million Net profit (parent): THB 397 million THB million Consolidated Proportionate 1Q13 consolidated 1Q12 Revenues 6,029 2,483 Net profit * (parent) * Effect from deferred income taxes THB 73 million 3

4 1Q13 Key Highlights Maintaining strong load factor of 87% Passengers carried up 20% in consistent with capacity growth especially from Chinese tourists Average fare up 5% to Baht 1, 995 RASK up 4% due to higher average fare and growing ancillary income per pax Stable CASK while CASK ex-fuel down 1% mainly from lower airport charges Improved DMK efficiencies OTP 90% Aircraft utilization 11.8 hours/day 1 aircraft added in 1Q13 Strong TAA s cash balance of THB 7.3 billion (net cash position) 4

5 Fleet Fleet profile: 28 aircraft as at 1Q13 26 aircraft at Don Mueang hub 2 aircraft at Phuket hub All A320s with single-class 180 seats capacity Average age of 3 years (1Q13) Fleet strategy: Confirmed 8 new deliveries in FY2013F First sharklet arriving end of Jan 2013 and going forward Sharklets lesser fuel consumption for 3% (confirmed by Airbus) 1Q13: 25 operating leases 3 finance leases Confirmed fleet expansion: Unit: Aircraft Boeing Airbus E 2014E 2015E 2016E 2017E5

6 Route Network Flying to 30 destinations (as at 1Q13) 18 international 12 domestic Flying 186 flights daily (as at 1Q13) Expansion strategy: New cities in southern China and Indochina Increasing market share in all domestic routes FY2013F: 2-4 new cities in southern part of China and Indochina Route movements: 1Q13 FY2013 Outlook Additional frequencies: Bangkok Mandalay (4x to daily) Bangkok Phnom Penh (2 nd ) Bangkok Nakhon Si Thammarat (3 rd ) Bangkok Hat Yai (8 th ) Bangkok Krabi (6 th ) Bangkok Chiang Mai (10 th ) Chiang Mai Hat Yai(2 nd ) Bangkok Hong Kong (3 rd ) (2Q13 ) Bangkok Wuhan (2 nd ) (2Q13 ) Bangkok - Chongqing (2 nd ) (3Q13 ) Bangkok Phuket (10 th )(2Q13) ) New routes in 4Q13 6

7 Operational Highlights Passengers carried up YoY Million passengers International Domestic Maintain strong load factor 87% 87% % 78% Q12 1Q Q12 1Q13 80% 82% Growing average fare YoY Baht per pax Continue expanding ASK Million +5% 1,804 1,942 1,977 1,904 1,995 7,605 9,199 10, % 2,540 3, Q12 1Q13 * Included fuel surcharge Q12 1Q13 7

8 Ancillary Revenue % of revenue 1,687 2,627 2, % 16% 15% 15% 15% Q12 1Q Q12 1Q13 Million Baht Baht per pax Ancillary income growth 21% YoY and 11% QoQ Ancillary per pax up 1% YoY, given 20% increase in passengers carried Ancillary income accounted for 15% of revenue 2013 target: spending per pax to return to 2011 level via promotional campaign and new innovative products 8

9 Cost Structure 1Q13 1Q12 Change Cost per ASK (THB) Cost per ASK ex-fuel (THB) % TAA s average market jet fuel price (USD per barrel) Cost breakdown 1Q13: Guest service and distribution, 5% Ramp and airport operation, 7% Dep. & amort., 1% Others, 1% SG&A, 8% Fuel, 44% Stable CASK despite the higher jet fuel price YoY CASK ex-fuel down 1% mainly from lower airport charges Repair and maintenance, 9% Staff, 10% Aircraft lease, 15% Depreciation ec mainly rose oefrom 3 new aircraft into our book, accounting for 1% of total operating costs 9

10 2013 Key Points Confirm 8 aircraft addition in 2013 Continue ramping up frequencies in domestic (i.e. Phuket, Chiang Mai, Hat Yai, Krabi), China and Indochina; expecting new destinations in 4Q13 Target 10 million passengers and 82% load factor Maintain average fare at 1Q13 level despite strong capacity growth Boost up ancillary revenue to 2011 level Continue maximizing efficiencies at DMK Having all new deliveries into our book given strong cash balance (1Q13: THB 7.3 billion) Continue to heavily promote Chinese market 10

11 Appendix 11

12 1Q13 TAA Statement of Comprehensive Income Unit: THB million 1Q13 1Q12 Change % Revenues 6,029 4, % Operating costs (4,735) (4,031) +17% Other income & gain on FOREX % Total SG&A (428) (309) +38% EBIT % Finance costs (27) (6) +358% Income tax (195) (144)* +35% Net profit/ % Total comprehensive income Earnings per share (THB) % EBIT margin 16% 13% +3 ppts EBITDA margin 17% 13% +4 ppts EBITDAR margin 30% 29% +1 ppt * Effect from deferred income taxes; refer to TAA s notes to interim financial information no. 4.1 and 10 12

13 TAA Statement of Financial Position Unit: THB million 1Q Cash and equivalents 7,269 6,169 Total assets 13,296 10,781 Deferred revenues 4,013 3,582 Deferred tax liabilities, net 46 28* Total liabilities 8,661 6,885 Paid-up share capital Premium on share capital 2,629 2,629 Retained earnings (deficits) 1, * Total shareholders equity 4,635 3,896 * Effect from deferred income taxes; refer to TAA s notes to interim financial information no. 4.1 and 10 13

14 1Q13 TAA Key Operational Statistics 1Q13 1Q12 Change % Passengers carried (million) % Capacity (million seats) % Load factor 87% 87% - RPK (million) 2,614 2, % ASK( million) 3,012 2, % No. of stages flown 16,454 13, % Average stage length (km) 1,017 1,033-2% Averagefare(THB) 1,995 1,904 +5% RASK (THB) % CASK (THB) CASK ex-fuel (THB) % 14

15 1Q13 AAV Statement of Comprehensive Income Unit: THB million Consolidated d Proportionate t 1Q13 consolidated 1Q12 Revenues 6,029 2,483 Operating costs (4,741) (2,056) Other income & gain on FOREX Total SG&A (436) (158) EBIT Finance costs (27) (3) Income tax (195) (73)* Net profit Net profit attributable to parent Non-controlling interests Total comprehensive income Earnings per share (THB) * Effect from deferred income taxes; refer to AAV s notes to interim financial information no. 4.1 and 12 15

16 AAV Statement of Financial Position Unit: THB million Consolidated 1Q13 Consolidated 2012 Cash and equivalents 7,272 6,174 Intangible assets 14,869 14,869 Goodwill 8,825 8,825 Total assets 37,132 34,609 Deferred revenues 4,013 3,582 Finance lease liabilities 2,924 1,920 Deferred tax liabilities, net 3,050 3,034* Total liabilities 11,666 9,892 Paid-up share capital Premium on share capital 2,600 2,600 Other component of equity (15) (37)* Retained earnings (deficits) 15,609 15,211* Equity attributable to parent 18,678 18,259 Non-controlling interests 6,787 6,459* Total shareholders equity 25,466 24,718 * Effect from deferred income taxes; refer to AAV s notes to interim financial information no. 4.1 and 12 16

17 Restatement Based on TFRS 3 Business Combination In 1Q13, AAV had completed measuring the fair value of identifiable assets acquired and liabilities assumed of TAA according to TFRS 3 Business combinations that the acquirer (AAV) shall retrospectively ti adjust the provisional i amounts recognized at the acquisition date (4 May 2012) within a year after such date. The effects to the consolidated statement of financial position as at 31 December 2012 are as follows: Effects Amount in THB million Inventories increased 21 General investment increased 1 Leasehold improvements and equipment, net increased 152 Intangible assets, net increased 1 Goodwill increased 1,410 Deferred tax liabilities, net increased 3,006 Non-controlling interests decreased 1,386 Retained earnings decreased 35 * Refer to AAV s notes to interim financial information no. 5 17

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