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

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1 1 Airports of Thailand Plc. For The fiscal Year 2011 (October 2010 September 2011) Investor Relations Center, Tel: (662) , Fax (662) 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

2 2 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 Chiang Mai International Airport (CNX) o Phuket International Airport (HKT) o 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 Sukhothai Airport o Samui Airport o Trad Airport MAE FAH LUANG-CHIANG RAI INTERNATIONAL AIRPORT Mae Hong Son Pai Tak Mae Sot DON MUANG INTERNATIONAL AIRPORT Ranong Lampang Nan Phrae CHIANG MAI INTERNATIONAL AIRPORT Udon Thani Sukhothai Nakhon Phanom Loei Sakon Nakhorn Phitsanulok Khon Kaen Phetchabun Roi Et Surin Buri Ram Nakhon Ratchasima Ubon Ratchathani SUVARNABHUMI AIRPORT Hua Hin U-Tapao Chumpon Surattani Trad AOT Airports DCA Airports Samui HAT YAI Nakhon Si Thammarat INTERNATIONAL AIRPORT Krabi PHUKET INTERNATIONAL Trang Pattani AIRPORT Narathiwat Bangkok Airways Airports Royal Thai Navy Airport Note: 1. AOT s traffics account for more than 90% of Thailand s air traffics. 2.Changing from Chiang Rai International Airport to Mae Fah Luang Chiang Rai International Airport since March 13, 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 10 - Sep 11) BHT 55, Million Fiscal Year EPS (Baht) 1 (The Company) Dividend per share (Baht) Dividend payout ratio Dividend Yield % 4.74% % 0.64% % 8.32% Shareholders Information 1. Ministry of Finance % 2. Nortrust Nominees LTD % 3. State Street Bank and Trust Company for 2.86 % Australia 4. Chase Nominees Limited % 5. Nortrust Nominees Limited-Melbourne 2.06 % Branch Future Fund Clien 6. Thai NVDR Company Limited 1.51 % 7. Social Security Office 0.89 % 8. American International Assurance Company, 0.55 % Limited-Tiger Dividend Policy As of December 23, % 52.38% 43.96% 0.99% 1.33% 2.03% 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. In FY2006 AOT paid dividend twice: - On 12 Oct 2006 (Baht 0.95 per share) - On 23 Feb 2007(Baht 1.80 per share) 4

3 3 Aircraft Movement Statistics (12 months) AOT Traffics (Unit: Thousand) Major LCCs Airline Domestic (3 airlines) LCCs Traffics (Unit: Thousand) Thai Air Asia Nok Air One-Two-Go/Orient Thai Airlines International (15 airlines) Air Asia Thai Air Asia Tiger Airways FY FY Jetstar Asia International Domestic International Domestic Jetstar Airways FY2010 FY2011 YoY% CEBU Pacific Air FY2010 FY2011 YoY% BKK 261, , % Indonesia Air Asia BKK 48,390 52, % DMK 33,603 47, % Air Berlin DMK 21,595 31, % BKK+DMK 295, , % Condor Flugdienst BKK+DMK 69,985 83, % CNX 27,422 30, % Jeju Air CNX 10,521 14, % HDY 11,116 13, % Jin Air HDY 7,201 10, % HKT 46,132 55, % Firefly HKT 17,832 20, % CEI 5,714 5, % Tomsonfly CEI 2,584 3, % Total 385, , % Air India Express Total 108, , % Note: 1. Fiscal Year starting from October to September IndiGO Airlines 2. The percentage growth as shown is calculated from the full number of the air traffic statistics 5 Passenger Movement Statistics (12 months) AOT Traffics LCCs Traffics (Unit: Million) (Unit: Million) FY FY International Domestic International Domestic FY2010 FY2011 YoY% FY2010 FY2011 YoY% BKK 42,496,950 47,800, % BKK 6,266,204 7,352, % DMK 2,758,831 3,972, % DMK 2,710,721 3,871, % BKK+DMK 45,255,781 51,773, % BKK+DMK 8,976,925 11,224, % CNX 3,182,980 3,680, % CNX 1,312,442 1,735, % HDY 1,464,984 1,834, % HDY 971,959 1,437, % HKT 6,797,098 8,206, % HKT 2,375,509 2,832, % CEI 724, , % CEI 358, , % Total 57,425,084 66,300, % Total 13,995,664 17,646, % 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

4 4 Monthly Air Traffic Movements: FY (Unit: Thousand) FY 2007 FY 2008 Aircraft Movements FY 2009 FY 2010 FY 2011 (Unit: Million) FY 2007 Passenger Movements FY 2008 FY 2009 FY 2010 FY Airport Revenues (The consolidated financial statements) Landing & Parking Charges 20% increased on Jan 1 st, 2005 Aeronautical 15% increased on Apr 1 st, 2007 Passenger Service Charges (PSC) Effective on Feb 1 st, % THB 500 to THB International PSC (For FY 2011) 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 40.05% (For FY 2011) 8

5 5 Revenue Breakdown (The consolidated financial statements) Total Revenue By proportion (Unit: Million) FY 2010 FY , , , , FY Landing & Parking charges (LPC) Passenger service charges (PSC) A/C Service charges (ASC) Office and state property rents (OPR) Service revenues (SVR) Concession revenue (CCR) By Growth FY2008 FY2009 FY2010 FY2011 YoY(%) LPC 4, , , , % PSC 10, , , , % ASC % OPR 1, , , , % SVR 3, , , , % CCR 6, , , , % Total 26, , , , % Note: Fiscal Year starting from October to September 9 Airport Expenses (The consolidated financial statements) Management Benefit Expenses Personnel Expenses Operating Expenses Repair and Maintenance State Properties Rental Depreciation and Amortization Consisting of the remuneration of AOT s board of directors and executives as stated in the notice of Capital Market Supervisory Board Consisting of employee salaries and bonuses, employee benefits, retirement payments and contributions to employee provident po fund Consisting of electricity charges, costs related to outsourced workers, property taxes, consultant fees, telephone, advertising and public relations costs, water, insurance premium costs 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

6 6 Expense Breakdown (The consolidated financial statements) Total Cost (Unit: Million) By proportion FY 2010 FY , , , , FY Management benefit expenses * Personnel expenses Operating expenses Repairs and maintenance (R&M) State property rental (SPR) Depreciation and amortization (D&M) By Growth FY2008 FY2009 FY2010 (Adjusted) FY2011 Note: * Management benefit expenses are the remuneration of AOT s board of directors and executives as stated in the notice of Capital Market Supervisory Board YoY(%) Management (6.48%) Personnel 3, , , , % Operating 5, , , , % R&M , , , % SPR 1, , , % D&M 7, , , , % Total 18, , , , % 11 Income Statements (The consolidated financial statements) FY2007 FY2008 FY2009 FY2010 (Adjusted) FY2011 YoY% Revenue 19, , , , , % Expense 18, , , , , % Depreciation 7, , , , , % EBIT 1, , , , , % EBITDA 9, , , , , % Net Profit (Loss) 1, , , , % 12

7 7 Financial Status (The consolidated financial statements) BALANCE SHEET 30 Sep 2010 (Adjusted) 30 Sep 2011 Cash 3, , Other Current Asset 24, , Non Current Asset 113, , Total Assets 141, , Current Liabilities 14, , CASH FLOW STATEMENT Beginning Cash Flow 3, Cash Flow from Operation 16, Cash Used in Investment t (7,403.37) 37) Cash Used in Financing (7,662.32) Ending Cash Flow 5, LONG-TERM LOANS (As of September 30, 2011) Long Term Loan 56, , Total Loan (Million Yen) 199, Other Non Current Liabilities 1, , Total Liabilities 71, , Shareholder s Equity 69, , Total Liabilities & Shareholder s Equity 141, , Disbursed Amount 194, Repayment Amount (Million Yen) Hedged Percentage of the remaining loan 44, % Average Interest Rate 5.02% 13 Financial Ratios (The consolidated financial statements) 30 Sep Sep Sep Sep 2011 (FY2008) (FY2009) (FY2010) (Adjusted) (FY2011) Par Value (THB) Market Price (THB) BV/share P/BV EPS P/E Gearing Net Gearing ROA (%) ROE (%) Note: Gearing = Total Debt / Total Equity Net Gearing = Net Debt / Total Equity Total Debt = Total Interest Baring Debt 14

8 8 Noise Compensation (Suvarnabhumi Airport Phase I) Planned (The cabinet resolution on May 29,2007) Summer Season (Unit: Houses) Total Impacted Houses (9,229) NEF > 40 NEF (506) (8,723) Purchase Insulation Insulation (152) (354) (8,723) Proceeded Houses Amount NEF > Purchased Insulated NEF , Insulated 4, Sensitive Area Total 1, KMITL Grand total 1, As of December 9, 2011 Note: - KMITL is King Mongkut s Institute of Technology Ladkrabang -NEF : Noise Exposure Forecast 15 Noise Compensation (Suvarnabhumi Airport Phase I) Planned Proceeded (The cabinet resolution on Aug 31, 2010) Houses Amount NEF > 40 (138) Winter Season Total Impacted Houses (6,455) (Unit: Houses) NEF (6,317) NEF > Purchased - - Insulated NEF Insulated 1, Sensitive Area Total As of December 9, 2011 Note: The Shareholders Approval on Jan 21,

9 9 Future Airport Developments Suvarnabhumi 1/ 1. Project Management Consultant (PMC) 2. 1 st Midfield Satellite 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 Phuket 1. New International Passenger Terminal 2. Renovation of the Existing Terminal 3. Apron 4. Other related facilities Investment Cost Expected Additional Capacity (billion baht) Timeframe MAP - 28 contacted gates Investment Cost Expected Additional Capacity (billion baht) Timeframe MAP - 4 contacted gates 17 Commercial Projects Chiang Mai International Airport Suvarnabhumi Airport Community Mall Central Warehouse Hotel Hospital Office Building Exhibition Center Export Exhibition Center Private Jet Terminal Don Muang International Airport Private Jet Terminal Aircraft Maintenance Center Spare Parts Warehouse Landing Gear Maintenance Logistic Center Luxury Goods Center Phuket International Airport Private Jet Terminal 18

10 10 Appendix A: Airport Capacity vs. Utilization Aircraft (Flights/Hour) Passengers (Million/Year) Cargoes (Million Metric Tons/Year) Airport Actual Utilization Actual Utilization Actual Utilization Capacity Capacity Capacity FY10 FY11 FY10 FY11 FY10 FY11 BKK DMK HKT CNX HDY CEI Appendix B: AOT vs. Regional Airports Capacity Airports Total Area (Acres) Area Terminal Area (Sq.m.) Aircraft (Flights/ Hour) Capacity Passengers (Million/Year) Cargoes (Million Metric Tons/Year) BKK 8, , DMK 1, , Runways (Metres) 60 x 3, x 4, x 3, x 3,500 HKT 47 23, x 3,000 CNX 86 16, x 3,100 HDY 28 14, x 3,050 CEI 15 16, x 3,000 Chek Lap Kok 3, , x 3,800 Changi 3,212 1,043,020 n/a x 4,000 Incheon 13, , x 4, x 3, x 3,750 20

11 11 Appendix C: Market Share (By Aircraft) at Suvarnabhumi Airport FY2011 Top 10 Airlines Low Cost Carriers 1. Thai Airways International 32.29% 2. Thai AirAsia 14.38% 3. Bangkok Airways 11.57% 4. Cathay Pacific Airways 2.25% 5. China Airlines 1.69% 6. Emirates 1.63% 7. EVA Air 1.35% 8. Jet Airways 1.12% 9. Singapore Airlines 1.11% 10. JAL Ways 1.08% 1. Thai AirAsia 58.54% 2. AirAsia 10.75% 3. JetStar Asia 7.47% 4. Tiger Airways 6.84% 5. CEBU Pacific Air 3.75% 6. Air Berlin 3.13% 7. Indonesia AirAsia 2.73% 8. Jeju Air 2.30% 9. Air India Express 1.20% 10. JetStar Airways 1.16% 21 Appendix D: Market Share (By Passenger) at Suvarnabhumi Airport FY2011 Top 10 Airlines Low Cost Carriers 1. Thai Airways International 38.18% 2. Thai Air Asia 11.44% 3. Bangkok Airways 5.39% 4. Cathay Pacific Airways 3.38% 5. Emirates 2.83% 6. China Airlines 1.72% 7. Singapore Airlines 1.58% 8. Korean Air 1.42% 9. Qatar Airways 1.30% 10. EVA Air 1.27% 1. Thai Air Asia 74.44% 2. Air Asia 5.63% 3. Tiger Airways 4.48% 4. JetStar Asia 3.63% 5. Air Berlin 3.14% 6. Indonesia AirAsia 2.34% 7. CEBU Pacific Air 2.09% 8. Jeju Air 1.68% 9. Jin Air 1.49% 10. JetStar Airways 1.03% 22