THAI AIRWAYS INTERNATIONAL PCL

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1 THAI AIRWAYS INTERNATIONAL PCL Quarter 2/2013 Analyst Briefing 1

2 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 investment guide or as an offer or solicitation of an offer to buy or sell equity shares or other securities issued by the Company. 2

3 Snapshot Company Q % Change YoY H % Change YoY Total Revenue (MTHB) 44, % 107, % Net Profit (MTHB) (Included FX) (8,439) % (156) % Assets (MTHB) (As at JUN13) 324, % 324, % Route & Fleet Number of Aircraft (As of 31 AUG 13) 97 Frequency Flights per Week (Effective 31 MAR 26 OCT 13) 969 Destinations Served (Effective 31 MAR 26 OCT 13) 75 Countries Served (Effective 31 MAR 26 OCT 13) 37 Note: Including THAI Smile 3

4 Operations Summary Q H Unit % Change YoY % Change YoY Passenger Production MASK 20,907 18, % Passenger Traffic MRPK 14,733 14, % Cabin Factor % % Passenger carried Million % Passenger Yield* (Inc. Surcharge) THB/km % 41,957 38, % 31,534 29, % % % % Freight Production MADTK 1,200 1, % Freight Traffic MRFTK % Freight Factor % % Freight carried Tons 159, , % 2,458 2, % 1,261 1, % % 324, , % Note: Passenger sales commission and discount/rpk Base on RCM report 4

5 Financial Performance 5

6 Financial Performance Performance Summary (Q & Q2 2013) THAI and its subsidiaries (Units : MTHB) Q2'2012 Q2'2013 Total Revenue * 48,506 48,407 Total Expense 51,244 53,087 Foreign currency exchange (Loss) 1,316 (4,202) Loss before income tax expense (1,422) (8,882) Net tax expense (income) 47 (456) Net profits (loss) (1,532) (8,439) * Excludes Foreign currency exchange 6

7 Financial Performance EBIT, EBITDA and Net Profit (Q & Q2 2013) Units : MTHB Factors Impacting Q Results Number of passengers 5.2% higher than last year. ASK increased 11.3% while RPK increased 4.5% but Cabin factor decreased 6.2% from the same period last year. Aircraft impairment loss 1,332 MTHB for 3 A and 4 A aircraft. FX Loss 4,203 MTHB from weak Baht. EBIT EBITDA NET PROFIT *NET PROFIT (Exclude FX) 7

8 Financial Performance Operating / Total Revenue (Q & Q2 2013) Units : MTHB 60,000 Operating Revenue Total Revenue Revenue % Change % to Tot. Rev. Passenger Freight ,000 2, ,478 5,646 2, Mail Other activities Interest income ,000 39,146 38,792 Other income Profitability on FX Q2'2012 Q2'2013 Gain on deemed disposal Passenger Freight Mail Other activities Total Income * Exclude Interest income, FX, Other income, Gain on deemed disposal - Operating revenue Q = 47,932 MTHB - Operating revenue Q = 47,093 MTHB 8 Total revenue Q = 49,822 MTHB Total revenue Q = 44,204 MTHB

9 Operating / Total Expense (Q & Q2 2013) Operating Expense Financial Performance Total Expense Units : MTHB 60,000 % Change % of Expense YoY Tot. Exp. Personnel expense ,000 40,000 30,000 4,407 4, ,189 5,056 4,987 3,312 3,237 1,312 1,459 2,237 2,245 4,998 5,227 Fuel and oil Flight service expense Inventories and supplies ,000 19,679 18,452 Crew expense ,000 Maintenance/overhual ,787 Q2'2012 Q2'2013 8,742 Personnel Fuel and Oil Flight Service Expense Inventory&Supply Crew Expense Aircraft Maintenance Depreciation Lease of a/c Other * Excludes Impairment losses, Finance costs and Share of profits of associates - Operating expense Q = 49,709 MTHB - Operating expense Q = 50,325 MTHB 9 Depreciation/amortisation Aircraft lease/spare parts Other expense Total Expense Total expense Q = 51,244 MTHB Total expense Q = 53,087 MTHB

10 Financial Performance Ratios Q & Q Ratios units Q Q Earnings Per Share (THB) Book Value per Share (THB) Price / Book Value (Times) EBIT (MTHB) -1,537-2,899 EBITDA (MTHB) 3,519 2,088 IBD to Equity (Times) Debt Service Coverage* (Times) Interest Coverage (Times) Operating Profit Margin (%) Net Profit Margin (%) *EBITDAR TAX / Interest + Rent + Long Term Debt Repayment - Refinance 10

11 Financial Performance Performance Summary (1H 2012 & 1H 2013) THAI and its subsidiaries (Units : MTHB) 1H'2012 1H'2013 Total Revenue * 104, ,548 Total Expense 102, ,325 Foreign currency exchange (Loss) 1,843 1,927 Loss before income tax expense 4,019 (850) Net tax expense (income) 247 (719) Net profits (loss) 3,692 (156) * Excludes Foreign currency exchange 11

12 Financial Performance EBIT, EBITDA and Net Profit (1H 2012 & 1H 2013) Units : MTHB Factors Impacting 1H 2013 Results Number of passengers higher than last year by 7.8% ASK increased 8.3% while RPK increased 6.2% but Cabin factor decreased 2% from the same period last year. Aircraft Impairment loss 3,592 MTHB for 3 A and 4 A aircraft Net FX Gain 1,927 MTHB from Baht strength. EBIT EBITDA NET PROFIT *NET PROFIT Special ticket price campaign to simulate travel demand. (Exclude FX) 12

13 Financial Performance Operating / Total Revenue (1H 2012 & 1H 2013) Units : MTHB 120, ,000 80,000 60,000 40,000 20, ,417 4, ,978 11, ,103 86,344 1H'2012 Operating Revenue 1H'2013 Passenger Freight Mail Other activities * Exclude Interest income, FX, Other income, Profitability on business acquisition, Gain on reclassified investment, Gain on deemed disposal - Operating revenue 1H 2012 = 106,438 MTHB - Operating revenue 1H 2013 = 107,475 MTHB 13 Total Revenue Revenue % Change % to Tot. Rev. Passenger Freight Mail Other activities Interest income Other income Profitability on FX Gain on deemed dispos Profitability on business acquisition Gain on reclassified investment Total Income Total revenue 1H 2012 = 106,438 MTHB Total revenue 1H 2013 = 107,475 MTHB

14 Operating / Total Expense (1H 2012 & 1H 2013) Operating Expense Financial Performance Total Expense Units : MTHB 120, , ,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, ,005 14,881 8,324 9,682 2,105 2,233 10,214 9,766 6,289 6,491 2,778 2,917 4,589 4,667 10,109 10,489 1H'2012 1H' ,766 17,123 Personnel Fuel and Oil Flight Service Expense Inventory&Supply Crew Expense Aircraft Maintenance Depreciation Lease of a/c Other * Excludes Impairment losses, Finance costs and Share of profits of associates - Operating expense 1H 2012 = 99,296 MTHB - Operating expense 1H 2013 = 102,136 MTHB 14 % Change % of Expense YoY Tot. Exp. Personnel expense Fuel and oil Flight service expense Inventories and supplies Crew expense Maintenance/overhual Depreciation/amortisation Aircraft lease/spare parts Other expense Total Expense Total expense 1H 2012 = 102,419 MTHB Total expense 1H 2013 = 108,325 MTHB

15 Financial Performance Ratios 1H 2012 & 1H 2013 Ratios units 1H H 2013 Earnings Per Share (THB) Book Value per Share (THB) Price / Book Value (Times) EBIT (MTHB) 3,085 1,544 EBITDA (MTHB) 13,300 11,310 IBD to Equity (Times) Debt Service Coverage* (Times) Interest Coverage (Times) Operating Profit Margin (%) Net Profit Margin (%) *EBITDAR TAX / Interest + Rent + Long Term Debt Repayment - Refinance 15

16 Currency Break down Foreign Currency Exposure (As of Year 2012) Revenue Expense Outstanding loan 16

17 Debt Structure Proportion of Fixed and Float (As of JUN 2013) Before Swap After Swap Percentage of TOTAL (TOTAL = 179,631 MTHB) Percentage of TOTAL (TOTAL = 179,059 MTHB) Cost of funding = 3.05% Cost of funding = 3.20% 17

18 Looking ahead 18

19 Cabin Factor (%) Looking Ahead Actual Estimated (As of ) Booking (As of ) Freight Factor (%) Actual Estimated (As of )

20 Company Facts 20

21 Current Fleet: 97 Aircraft* 43% of O 36% of FL 21% of OL O=Owned FL=Financial lease OL=Operating lease (Note: Approximately) Aircraft Type First Business Economy Total A R3 5 N.A O A FL A Version # of Aircraft # of Seat N.A N.A N.A N.A. N.A A OL N.A. N.A A FL B N.A O, 3 OL B O, 4 FL Freighter 2 N.A. N.A. N.A. N.A. B N.A O, 2 OL B ER 77E1 6 N.A FL B N.A O B ER 77B1 7 N.A OL Current Fleet As of 31 AUG 13 Financial Method 10 O, 15 FL,2 OL Total ,891 5, O, 35 FL, 21 OL

22 Aircraft Delivery Plan NEW A/C DELIVERY TOTAL A (FL) (SEP/NOV/DEC) 3 (FL) (MAR/OCT/NOV) B ER 2 (OL) (AUG/OCT) 6 (OL) (MAR/APR/JUN/ JUL/AUG/OCT) 3 (FL) (FEB/AUG/NOV) 3 (FL) A (FL) (FEB/SEP/OCT) 2 (FL) (JAN/MAY) A (OL) R 2 (FL) I 6 (OL) R 10 B (OL) 2 B (OL) (MAY/AUG/ OCT/NOV) 2 (OL) A320 (Thai Smile) 4 (OL) (JUN/AUG/AUG/SEP) 2 (OL)4(FL) (JAN/MAR)/(OCT/ OCT/NOV/DEC) 2 (FL) 5(OL) (JAN/FEB/ MAY/JUN// SEP/OCT/NOV) 3 (FL) TOTAL Average Fleet Age* * Based on Leased A320 As at 30 JUN Note : OL = Operating leas / FL = Financial lease I = Intercontinental / R = Regional

23 Aircraft Delivered Aircraft Type (No. of Aircraft) Delivered (As of AUG 2013) Currently in Fleet (As of AUG 2013) Airbus (FL) 27 Airbus (FL) 4 Boeing ER 5 (OL) 8 23

24 Phase Out Plan PHASE-OUT PLAN TOTAL B B ER (Jet Airways) A (MAY) B A A (MAR) B * (JUL/JUL/OCT) 1* ATR-72-2* TOTAL *Return from Nok Air As at 30 JUN

25 Phased Out Aircraft Type (No. of Aircraft) Pending for Sale in Y2013 Return to Lessor in Y2013 Currently in Fleet Airbus Airbus * Boeing ** 4-5 Boeing (Inc. Freighters) Boeing ER ATR 72** * 3 of A out of service in year 2012 ** Returned from Nok Air (3 of B returned from year 2012)

26 World Route Network THAI s Route Network International Route (Based on Traffic Program Information Summer Issue 2) 31 MAR 2013 to 26 OCT MAR 2012 to 27 OCT 2012 Countries Cities Frequency flight / Week Seats/Week 396, ,566

27 Domestic Route Network THAI s Route Network MAE HONG SON CHIANG RAI CHIANG MAI PHITSANULOK KHON KAEN NAKHON PHANOM BURIRAM THAI BANGKOK Nok Air (Code Share) Domestic Route (Based on Traffic Program Information Summer Issue 2) 31 MAR 2013 to 26 OCT MAR 2012 to 27 OCT 2012 PHUKET KRABI SAMUI HAT YAI Cities 7 10 Frequency flight / Week Seats / Week 112, ,495

28 THAI Smile Fleet Plan & Route Network THAI Smile based at Suvarnabhumi Airport Operates in domestic and regional secondary routes and synchronize with TG network. FREQUENCY* DESTINATION 14 Flights / week Bangkok - Macau V.V. 5 Flights / week Bangkok - Mandalay V.V. 21 Flights / week Bangkok - Udon Thani V.V. 17 Flights / week Bangkok - Phuket V.V. 14 Flights / week Bangkok - Surat Thani V.V. 14 Flights / week Bangkok - Krabi V.V. 14 Flights / week Bangkok - Ubon Ratchathani V.V. 7 Flights / week Bangkok - Chiang Mai V.V. 2 Flights / week Bangkok - Ahmedabad V.V. Currently 6 aircrafts Airbus (As at 30 JUN 2013) 7 Flights / week Chiang Mai - Phuket V.V. 2 Flights / week Bangkok - Ahmedabad V.V. # of aircraft Fleet Plan ( ) 2 Flights / week Phuket New Delhi V.V. 2 Flights / week Phuket - Mumbai V.V. Year International & Domestic Route* Total Year Countries 5 Year 2014 Year Cities 12 Frequency / Week 123 *Note: Based on Traffic Program Information Summer 2013 Issue 2 : Effective : 31 MAR - 26 OCT 2013

29 New Route Bangkok-Sendai v.v. - 3 flights/week (Effective: December 03, 2013 onwards) Bangkok-Chongqing v.v. - 3flights/week (Effective: October 27, 2013 onwards) Bangkok-Changsha v.v. - 3 flights/week (Effective: October 27, 2013 January 15, 2014) - 5 flights/week (Effective: January 16, 2014 onwards) 29

30 Nok Air Route Network 14 Aircrafts (As at 30 JUN 2013) Nok Air based at Don Mueang Airport Currently operates only domestic point-to-point 12 of Boeing of ATR Route Total Coach Coach + Ferry Coach + Hi speed catamaran As at 30 JUN 2013 Domestic Cities 20 Freq./Week 455 TG s Proportion of Shareholding 39.2% 30

31 THAI s Upgrade and Retrofit Schedule # of Aircraft First Business Economy Progress B No All: Completed MAR B No # 13-17: Completed APR 2013 # 18: By SEP 2013 B # 1-8: Completed JUN 2013 B Improved seats & new PTV in all classes B Installed in seat VDO in Y class 31

32 % of Sales Ticket Sales Via Internet Internet Sales Year 2009 Year 2010 Year 2011 Year 2012 Year 2013 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 32

33 e-services Check-in via Mobile ( Check-in via Internet # of PAX % 16,000 14,000 12,000 10,000 8,000 6,000 4,000 13, , Year 2009 Year 2010 Year 2011 Year 2012 Year 2013 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 33

34 Fuel Management Hedging combined with fuel surcharge greatly mitigates fuel price fluctuation risk Monthly fuel hedging % of consumption by month Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul- 08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul- 09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 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 Apr-12 May-12 Jun-12 Jul- 12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul- 13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 0% 0% 0% 0% 3% 17% 3% 3% 7% 20% 23% 38% 41% 44% 44% 49% 35% 27% 13% 13% 17% 20% 27% 30% 44% 44% 44% 47% 47% 47% 51% 51% 51% 50% 50% 56% 67% 67% 67% 66% 66% 66% 69% 69% 69% 69% 69% 69% 80% 80% 80% 80% 80% 80% 73% 76% 79% 84% 84% 84% 93% 93% 93% 85% 85% 85% 90% 90% 90% 90% 90% 90% 34

35 Operating Statistics 35

36 Operating Statistics Passengers Carried* Q2 13 = 5.11 million (Increased 5.2% YoY) (Million) Year 2011 Year 2012 Year Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 *Included THAI Smile Freight Carried Q2 13 = 159,104 tons (Decreased 3.7% YoY) (Tons) 190, ,000 Year 2011 Year 2012 Year , , , , , , , , , , , ,000 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 36

37 THAI s NO. of PAX By Class By Area Quarter Non Revenue 2.7% First class 0.3% Business class 8.5% Premium economy class 0.1% Middle East 1.5% Australia 5.5% Europe 11.3% North Pacific 0.9% Africa 0.4% Non-Schedule 0.1% Economy class 88.3% Northern 31.3% Domestic 23.8% Southern 9.3% Western 11.1% Indo-China 4.7% Total passengers for Quarter = 4.77 million Total passengers for Quarter = 4.86 million 37

38 THAI Smile s NO. of PAX By Class By Area Quarter Non Revenue 1.5% Business class 5.0% International 23.3% Economy class 93.5% Domestic 76.7% Total passengers for Quarter = 341,817 38

39 Passenger* ASK RPK C/F *Included THAI Smile ,000 6,000 4,000 2,000 - Year 2011 Year 2012 (%) 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 Apr-12 May-12 Jun-12 Jul- 12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul- 13 (Million) Operating Statistics Year 2013 YoY (Month) YoY (Year to date) JUL'13 JUL'12 YoY% JAN-JUL'13 JAN-JUL'12 YoY% MASK 7,287 6, ,244 45, MRPK 5,486 5, ,020 34, Cabin factor (%)

40 Operating Statistics Freight Year 2011 Year 2012 Year 2013 (Million) (%) 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 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 ADTK RFTK F/F YoY (Month) YoY (Year to date) JUL'13 JUL'12 YoY% JAN-JUL'13 JAN-JUL'12 YoY% MADTK ,876 2, MRFTK ,459 1, Freight factor (%)

41 Operating Statistics Passenger Yield (Including Fuel Surcharge) (THB/Km) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2010 Year 2011 Year 2012 Year 2013 Freight Yield (Including Fuel Surcharge) (THB/Km) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2010 Year 2011 Year 2012 Year 2013 Note: Yield 2012 is passenger - sales commission and discount/rpk Based on RCM report 41

42 Aircraft Utilization Hours / Day / Aircraft Aircraft Utilization 42

43 43

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