Investor Relations Center, Tel: (662) , Fax (662)

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1 Airports of Thailand Plc. For 6 Months of Fiscal Year 2014 (October 2013 March 2014) Investor Relations Center, aotir@airportthai.co.th, Tel: (662) , Fax (662)

2 Disclaimer This presentation is intended to assist investors to better understanding 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 know and unknown risks and uncertainties. The Actual result may differ materially from information contained in these statements. 2

3 Airports in Thailand Total of 38 airports Airports of Thailand Public Company Limited 1 2 in Bangkok and perimeter o Suvarnabhumi Airport (BKK) o Don Muang International Airport (DMK) 4 international airports at regional sites o o o Chiang Mai International Airport (CNX) Phuket International Airport (HKT) Hat Yai International Airport (HDY) o Mae Fah Luang-Chiang Rai International Airport (CEI) 2 Department of Civil Aviation (DCA) o 28 regional airports Royal Thai Navy o U-Tapao Pattaya International Airport Bangkok Airways Company o o o Sukhothai Airport Samui Airport Trad Airport MAE FAH LUANG-CHIANG RAI INTERNATIONAL AIRPORT Mae Hong Son Mae Sot Pai Lampang Tak DON MUANG INTERNATIONAL AIRPORT Ranong Krabi PHUKET INTERNATIONAL AIRPORT Sukhothai Nan Phrae Loei Phitsanulok Phetchabun Hua Hin Trang CHIANG MAI INTERNATIONAL AIRPORT Udon Thani Sakon Nakhorn Khon Kaen Buri Ram Nakhon Ratchasima Roi Et Surin SUVARNABHUMI AIRPORT U-Tapao Chumpon Surattani Samui Trad Nakhon Si Thammarat Pattani Narathiwat Nakhon Phanom Ubon Ratchathani AOT Airports DCA Airports Bangkok Airways Airports Royal Thai Navy Airport HAT YAI INTERNATIONAL AIRPORT Note: 1. AOT s traffics account for 83% of Thailand s air traffics. 2.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 1, Million Shareholders Ministry Of Finance 70% Free Float 30% Average Daily Market Cap (Oct 13 Mar 14) BHT 265, Million Fiscal Year EPS (Baht) 1 (The Company) Dividend per share (Baht) Dividend payout ratio Dividend Yield % 0.64% % 8.32% % 0.99% Shareholders Information (As of April 4, 2014) 1. MINISTRY OF FINANCE % 2. THAI NVDR COMPANY LIMITED 5.171% 3. STATE STREET BANK EUROPE LIMITED 2.098% 4. HSBC (SINGAPORE) NOMINEES PTE LTD 1.225% 5. SOCIAL SECURITY OFFICE (2 CASES) 1.184% 6. STATE STREET BANK AND TRUST COMPANY 0.794% 7. THE BANK OF NEW YORK (NOMINEES) LIMITED 0.677% 8. GOVERNMENT PENSION FUND (EQ-TH) 0.677% 9. J.P. MORGAN IRELAND (NOMINEES) LIMITED % 10. MORGAN STANLEY & CO. INTERNATIONAL PLC 0.549% % 1.33% % 2.03% % 2.26% % 2.44% Note: 1. EPS using for calculating the dividend is from the company financial statements. Dividend Policy 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 4

5 FY Aircraft Movement Statistics (6 months) AOT Traffics (Unit: Thousand) Major LCCs Airline Domestic (3 airlines) Thai Air Asia Nok Air LCCs Traffics One-Two-Go/Orient Thai Airlines International (22 airlines) Air Asia Thai Air Asia Tiger Airways M M 2014 International Domestic 6M M 2014 YoY% BKK 141, , % DMK 66,909 82, % BKK+DMK 208, , % CNX 21,300 26, % HDY 8,444 9, % HKT 34,782 38, % CEI 3,688 4, % Jetstar Asia Jetstar Airways CEBU Pacific Air Indonesia Air Asia Condor Flugdienst Jeju Air Jin Air Firefly Tomsonfly IndiGO Airlines Eastar Jet TWayAirlines T'Way Scoot Spring Airlines Mandala Airlines Golden Myanmar Airlines FY (Unit: Thousand) M M 2014 International Domestic 6M M 2014 YoY% BKK 8,596 12, % DMK 51,579 67, % BKK+DMK 60,175 79, % CNX 8,936 12, % HDY 6,682 7, % HKT 11,845 13, % CEI 2,268 3, % Total 276, , % Juneyao Airlines Total 89, , % Note: 1. Fiscal Year starting from October to September 2. The percentage growth as shown is calculated from VietJetAir Norwegian Air Shuttle the full number of the air traffic statistics 5

6 Passenger Movement Statistics (6 months) AOT Traffics LCCs Traffics (Unit: Million) (Unit: Million) FY M M 2014 International Domestic FY M M 2014 International Domestic 6M M 2014 YoY% 6M M 2014 YoY% BKK 26,039,160 25,294, % DMK 7,589,918 9,226, % BKK+DMK 33,629,078 34,520, % CNX 2,722,830 3,275, % HDY 1,189,669 1,325, % HKT 5,722,340 6,272, % CEI 573, , % BKK 1,437,601 1,805, % DMK 7,283,703 8,894, % BKK+DMK 8,721,304 10,699, % CNX 1,313,879 1,739, % HDY 975,287 1,107, % HKT 1,761,032 1,987, % CEI 341, , % Total 43,837,540 46,067, % 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 Total 13,112,803 15,989, % 6

7 Monthly Air Traffic Movements: FY (Unit: Thousand) Aircraft Movements Oct Nov (Unit: Million) 9 Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 (Oct-Mar) Passenger Movements FY 2010 FY 2011 FY FY FY 2014 (Oct-Mar) Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 7

8 Airport Revenues (6M FY2014) Landing & Parking Charges 20% increased on Jan 1 st, 2005 Aeronautical 59% 15% increased on Apr 1 st, 2007 Passenger Service Charges (PSC) Effective on Feb 1 st, 2007 THB 500 to THB International PSC (For 6M FY2014) Aircraft Service Charges 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 Rental 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, etc. Varies by activities such as Duty Free, Souvenirs, Food & Beverage, Airline Catering, Fueling Services, Car Parking, Advertising, Banking, etc. Non-Aeronautical 41% (For 6M FY2014) 8

9 Revenues Breakdown (6M FY2014) Total Revenue By proportion (Unit: Million) 6M FY2013 6M FY % 14.29% 36, % 25.72% 28, , % 4.82% 18, , % 45.96% 10.49% 4.54% 1.48% 43.48% FY M M 2014 Landing & Parking charges (LPC) Passenger service charges (PSC) A/C Service charges (ASC) Office and state property rents (OPR) Service revenues (SVR) Concession revenues (CCR) Note: Fiscal Year starting from October to September By Growth (Unit: Million Baht) FY2011 FY2012 FY2013 6M FY13 6M FY14 YoY LPC 4, , , , , % PSC 12, , , , , % ASC % OPR 1, , , % SVR 3, , , , , % CCR 6, , , , , % 00% Total 28, , , , , % 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 and 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 (6M FY2014) Total Operating Expenses By proportion (Unit: Million) 6M FY2013 6M FY % 19, % 20% 18, % 17, % 8, , % 9.26% 15.77% 13.81% 9.11% 9.92% 14.94% 12.64% By Growth FY M M 2014 (Unit: Million Baht) FY2011 FY2012 FY2013 6M FY13 6M FY14 YoY Employee 4, , , , , % Employee Benefit expenses Utilities expenses Outsourcing expenses Repairs and maintenance (R&M) State property rental (SPR) Depreciation and amortization (D&M) Utilities 1, , , , , (2.29%) Outsourcing 2, , , , , % R&M 2, , , % SPR 1, , , % D&M 7, , , , , % Total 19, , , , , % 11

12 Statements of Income (6M FY2014) (Unit: Million Baht) FY2011 FY2012 FY2013 6M FY M FY 2014 Total revenues 29, , , , , Revenues from sales or services 28, , , , , Other incomes , , , , Total expenses 25, , , , , Profit before income tax 3, , , , , Income tax expense 1, , , , , Net Profit 2, , , , , Total one-off items (1,896.00) (443.55) 6, , Gain (Loss) from Exchange Rates (1,538.12) , , Gain (Loss) on Reverse Impairment (357.88) (666.29) 3, (118.04) (31.21) Normalized Profit 4, , , , ,

13 Financial Status STATEMENTS OF FINANCIAL POSITION (Unit: Million Baht) 30 Sep Mar 2014 Cash 6, , Other Current Asset 36, , Non Current Asset 109, , Total Assets 153, , Current Liabilities 19, , STATEMENTS OF CASH FLOW (Unit: Million Baht) Beginning Cash 6, Cash Flow from Operation 9, Cash Used in Investment (1,302.00) Cash Used in Financing i (9,632.24) 24) Ending Cash 4, LONG-TERM LOANS (As of Mar 31, 2014) Long Term Loan 37, , Total Loan (Million Yen) 199, Other Non Current Liabilities 4, , Total Liabilities 61, , Shareholder s Equity 91, , Total Liabilities & Shareholder s Equity Disbursed Amount (Million Yen) 194, Repayment Amount (Million Yen) (75,165.98) Outstanding Amount (Million Yen) 119, Outstanding Amount (Million Baht) 37, , , Hedged % of the remaining loan 94% Average Interest Rate 4.86% 13

14 Financial Ratios 30 Sep Sep Sep Sep Mar 2014 (FY2010) (FY2011) (FY2012) (FY2013) (6M FY2014) Par Value (THB) Market Price (THB) BV/share P/BV EPS P/E D/E ROA (%) ROE (%)

15 Noise Compensation (Suvarnabhumi Airport Phase I) Planned Proceeded (The cabinet resolution on May 29,2007) NEF > 40 Houses (Unit: Million Baht) Amount Summer Season (Unit: Houses) Purchased Insulated Total Impacted Houses 10,918 NEF > 40 NEF ,412 Total NEF> NEF Houses Amount Insulated 9,404 1, Total NEF ,404 1, Purchase 149 Insulation 358 Insulation 10,412 Sensitive Area KMITL Grand total * 3, Note: - * Accumulated from the first payment until April 30, KMITL is King Mongkut s Institute of Technology Ladkrabang -NEF : Noise Exposure Forecast As of April30,

16 Noise Compensation (Suvarnabhumi Airport Phase I) Planned (The cabinet resolution on Aug 31, 2010) Winter Season (Unit: Houses) Total Impacted Houses 5,397 NEF > 40 NEF ,264 Proceeded NEF > 40 Houses (Unit: Million Baht) Amount Purchased Insulated Total NEF> NEF Houses Amount Insulated 4, Total NEF , Purchase 56 Insulation 77 Insulation 5,264 Sensitive Area Grand total * 1, Note: - * Accumulated from the first payment until April 30, KMITL is King Mongkut s Institute of Technology Ladkrabang - NEF : Noise Exposure Forecast As of April 30,

17 Future Airport Developments Suvarnabhumi 1/ Investment Cost Expected (billion baht) Timeframe Additional Capacity 1. Project Management MAP Consultant (PMC) 2. 1 st Midfield Satellite - 28 contacted gates 3. Apron around 1 st Midfield Satellite 4. South Tunnel and Automated People Mover 5. Main Terminal Extension 6. Parking Garage and Airlines Office 7. Utilities Note : 1/ The cabinet already approved on Aug 31, 2010 Investment Cost Expected Additional Capacity Phuket (billion baht) Timeframe 1. New International ti MAP Passenger Terminal 2. Renovation of the Existing - 4 contacted gates Terminal 3. Apron 4. Other related facilities 17

18 Commercial Projects Suvarnabhumi Airport Community Mall Central Warehouse Hotel Hospital Office Building Exhibition Center Export Exhibition Center Don Muang International Airport Private Jet Terminal Phuket International Airport Private Jet Terminal Chiang Mai International Airport Private Jet Terminal 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 FY12 FY13 FY12 FY13 FY12 FY13 BKK DMK (T1) HKT CNX HDY CEI

20 Appendix B: AOT vs. Regional Airports Capacity Airports Total Area (Acres) Area Capacity Terminal Area (Sq.m.) Aircraft (Flights/ Hour) Passengers (Million/Year) Cargoes (Million Metric Tons/Year) BKK 8, , DMK 1, , (T1) Runways (Metres) 60 x 3, x 4, x 3, x 3,500 HKT , x 3,000 CNX , x 3,100 HDY 1,188 14, x 3,050 CEI 1,330 22, x 3,000 Chek Lap Kok 3, , x 3,800 Changi 3,212 1,018,020 n/a Incheon 13, ,000 n/a x 3, x 4, x 2, x 4, x 3, x 3,750 20

21 Appendix C: Market Share (By Aircraft) at Suvarnabhumi Airport FY2013 Top 10 Airlines 1. Thai Airways International 32.63% 2. Bangkok Airways 14.40% 3. Cathay Pacific Airways 2.38% 4. China Southern Airlines 1.77% 5. Emirates 1.66% 6. Tiger Airways 1.52% 7. China Eastern Airlines 1.50% 8. China Airlines 1.47% 9. Singapore Airlines 1.41% Top 10 LCCs 1. Tiger Airways 21.78% 2. Jetstar Asia Airways 12.25% 3. Indigo 11.54% 4. Jeju Air 8.22% 5. CEBU Pacific Air 7.40% 6. Spring Airlines 6.15% 7. Mandala Airlines 6.10% 8. Juneyao Airlines 4.49% 9. Eastar Jet 4.00% 10. Malaysia Airlines 1.31% 10. Scoot 3.59% 21

22 Appendix D: Market Share (By Passenger) at Suvarnabhumi Airport FY2013 Top 10 Airlines 1. Thai Airways International ti 41.06% 2. Bangkok Airways 6.83% 3. Cathay Pacific Airways 3.41% 4. Emirates 2.94% 5. Singapore Airlines 1.76% 6. China Airlines 1.70% 7. Qatar Airways 1.70% 8. Etihad Airways 1.53% 9. Korean Air 1.52% Top 10 LCCs 1. Tiger Airways 21.34% 2. Jetstar Asia Airways 11.48% 3. Indigo 11.02% 4. Jeju Air 8.30% 5. Scoot 7.63% 6. Spring Airlines 6.54% 7. CEBU Pacific Air 5.88% 8. Mandala Airlines 5.42% 9. Eastar Jet 4.36% 10. SriLankan Airlines 1.41% 10. T'Way Airlines 3.65% 22

23 Appendix E: Market Share at Don Muang International Airport FY2013 Top Airlines By Aircraft 1.Thai Air Asia 43.88% 2. Nok Air 26.17% 3. Orient Thai Airlines 4.72% 4. Siam General Aviation 4.58% Top Airlines By Passenger 1. Thai Air Asia 53.69% 2. Nok Air 32.21% 3. Orient Thai Airlines 5.86% 4. Air Asia 3.82% 5. Air Asia 3.09% 5. Indonesia Air Asia 2.36% 23

24 Appendix F: Aircraft Movement Statistics (3 months) FY AOT Traffics (Unit: Thousand) Major LCCs Airline Domestic (3 airlines) Thai Air Asia Nok Air International (22 airlines) Air Asia Thai Air Asia Tiger Airways Jetstar Asia Jetstar Airways CEBU Pacific Air LCCs Traffics (Unit: Thousand) One-Two-Go/Orient Thai Airlines Q Q International Domestic Q Q YoY% BKK 72, , % DMK 35,137 42, % BKK+DMK 107, , % CNX 11,066 13, % HDY 4,287 4, % HKT 18,349 19, % CEI 1,796 2, % Indonesia Air Asia Condor Flugdienst Jeju Air Jin Air Firefly Tomsonfly IndiGO Airlines Eastar Jet TWayAirlines T'Way Scoot Spring Airlines Mandala Airlines Golden Myanmar Airlines FY Q Q International Domestic Q Q YoY% BKK 4,567 6, % DMK 26,796 34, % BKK+DMK 31,363 41, % CNX 4,792 6, % HDY 3,445 3, % HKT 6,127 6, % CEI 1,094 1, % Total 142, , % Juneyao Airlines Total 46,821 60, % Note: 1. Fiscal Year starting from October to September 2. The percentage growth as shown is calculated from VietJetAir Norwegian Air Shuttle the full number of the air traffic statistics 24

25 Appendix G : Passenger Movement Statistics (3 months) AOT Traffics LCCs Traffics (Unit: Million) (Unit: Million) FY Q Q International Domestic FY Q Q International Domestic Q Q YoY% Q Q YoY% BKK 13,525,381 12,318, % DMK 4,035,815 4,755, % BKK+DMK 17,561,196 17,073, % CNX 1,434,237 1,695, % HDY 620, , % HKT 3,146,466 3,333, % CEI 286, , % Total 23,048,960 23,123, % 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 BKK 759, , % DMK 3,849,159 4,586, % BKK+DMK 4,608,931 5,432, % CNX 705, , % HDY 515, , % HKT 951,773 1,023, % CEI 171, , % Total 6,952,806 8,184, % 25