THAI AIRWAYS INTERNATIONAL PCL
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1 THAI AIRWAYS INTERNATIONAL PCL Quarter 2/ Investor Relations Department
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 the Company s equity shares. 2 Investor Relations Department
3 Company Facts Major Shareholders HSBC (SINGAPORE) NOMINEES PTE LTD, 1.13% STATE STREET BANK EUROPE LIMITED, 0.81% OTHERS, 22.31% Thailand s National Flag Carrier 51.03% : Holding by MOF THE BANK OF NEW YORK MELLON-CGT TAXABLE, 1.15% MINISTRY OF FINANCE, 51.03% 15.50% : Holding by Vayupak (MFC & KTAM) STATE STREET BANK AND TRUST COMPANY, 1.91% 33.47% : Others GOVERNMENT SAVING FUND 2.13% THAI NVDR, 4.03% VAYUPAK (KTAM), 7.75% VAYUPAK (MFC), 7.75% Market Capitalization: 47,148 MTHB (As of June 2012) As of Mar 12 3 Investor Relations Department
4 Business Overview THAI Airways International PLC. Business Units Ground Services Total Revenue 103,011 MTHB (1H 2012) 55% 49% 49% 49% 49% Thailand Budget Airline Tour Eurng Luang 4 Investor Relations Department
5 Status Update Q MTHB USD mn. Equivalent* % Change YoY Total Revenue 48,506 1, % Net Profit (Included FX gains 1,316 MTHB) -1, % Assets 277,375 8, % (Change from Year 2011) * FX Currency Rate at Baht/Dollar (As of 29 JUN 12) 2012 Q % Change YoY 1H 2012 % Change YoY Passenger carried (Million) % % Million Revenue Passenger Kilometers (MRPK) 14, % 29, % Freight carried (tons) 165, % 335, % Million Revenue Freight Ton Kilometers (MRFTK) % 1, % 2012 # of Aircraft (As of JUN) 87** Frequency Flights per Week (Effective 25 MAR 27 OCT) 873 Destinations Served (Effective 25 MAR 27 OCT) 69 **Excluding 4 B & 2 ATR-72 leased to Nok Air Countries Served (Effective 25 MAR 27 OCT) 35 5 Investor Relations Department
6 Operation Summary Q H 2012 Units % Change YoY % Change YoY Passenger Production MASK 18,776 19, % 38,729 38, % Passenger Traffic MRPK 14,102 12, % 29,707 27, % Cabin Factor % % % Passenger carried Million % % Passenger Yield* THB/km % % Freight Production MADTK 1,164 1, % 2,360 2, % Freight Traffic MRFTK % 1,297 1, % Freight Factor % % % Freight carried Tons 165, , % 335, , % Freight Yield* THB/km % % Note : * Yield includes fuel surcharge 6 Investor Relations Department
7 Revenue By Class By Area Q Premium Economy 1% Royal Silk 21% Regional 52% Australia 10% Europe 26% Royal First 2% Economy 76% Domestic 9% Africa 1% North Pacific 2% Passenger revenue Q2 2012* = 37,093 MTHB * Schedule flight only 7 Investor Relations Department
8 World Route Network THAI s Route Network Route Effective : July 7 - October 27, 2012 Total International Countries 35 Cities 59 Freq./Week 596 Seats/Week 359,541 8 Investor Relations Department
9 Domestic Route Network THAI s Route Network MAE HONG SON CHIANG RAI CHIANG MAI UDON THANI PHITSANULOK KHON KAEN NAKHON PHANOM Route Effective : July 7 - October 27, 2012 Total Domestic BURIRAM UBON RATCHATHANI Cities Freq./Week BANGKOK Seats/Week 134,495 THAI Nok Air (Code Share) SAMUI SURAT THANI PHUKET KRABI HAT YAI 9 Investor Relations Department
10 Current Fleet Current Fleet: 87 Aircrafts* 52% of O 33% of FL 15% of OL O=Owned FL=Financial lease OL=Operating lease (Note: Approximately) Aircraft Type *Excluding: 1 A Charter flight, 4 B and 2 ATR-72 leased to Nok Version # of Aircraft # of Seat First Business Econom y Total As of JUN12 Financial Method A R1 4 N.A N.A O A FL A N.A N.A O, 11 FL,2 OL A N.A. N.A OL 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 TKE 1 N.A O, 2 FL B ER OL Total ,589 4, O, 29 FL, 13 OL 10 Investor Relations Department
11 Aircraft Delivery Plan NEW A/C DELIVERY TOTAL A (FL) (SEP/NOV/DEC) 3 (FL) (JAN/JUL/AUG) B ER 2 (OL) (AUG/OCT) 6 (OL) (MAR/APR/JUN/ JUL/AUG/OCT) 3 (FL) 3 (FL) A (FL) (FEB/SEP/OCT) 2 (FL) (JAN/APR) A (FL) I 2 (OL) R 2 (FL) I 6 (OL) R 12 B (OL) 2 B (OL) 2 (OL) A320 (Thai Smile) 4 (OL) (JUN/AUG/AUG/SEP) 6 (OL) (JAN/MAR/-/-/-/-) 2 (FL) 5(OL) 3 (FL) TOTAL Average Fleet Age* *Based on Leased A320 Note : OL = Operating leas / FL = Financial lease I = Intercontinental / R = Regional 11 Investor Relations Department
12 Phase Out Plan PHASE-OUT PLAN TOTAL B (DEC) B ER (Jet Airways) A (MAY) B A A (MAR) B * (JUL/JUL) 2* ATR-72-2* TOTAL Note : *Return from Nok Air 12 Investor Relations Department
13 Strategy to close THAI s business gap THAI Smile to complement THAI s product offering Brand positioning matrix for THAI and affiliated companies Product Offering Premium full service Premium 3 class Premium 2 class Premium regional (wide body) 2 Class 2 Class Launch July 2012 No frills THAI LCC Stage length small* big connecting Regional Intercontinental Domestic Note: * NOK focuses on DMK only; ** Possibilities surrounding expanding fleet to include wide-body aircraft will be evaluated as opportunities arise 13 Investor Relations Department
14 THAI s Portfolio Product by Cost Base Brand Brand positioning Cost base Premium network carrier MEDIUM to HIGH Minor improvements could be made in cost efficiency Regional carrier LOW to MEDIUM Low cost base achieved through aspects of LCC model, such as single aircraft type, new fleet, etc. Domestic value-for-money carrier LOW to MEDIUM Domestic focus with some added value and maintaining very low cost 14 Investor Relations Department
15 THAI Smile A New Chapter THAI Smile s first flight has commenced on July 7, 2012 Fly SMART with Ticket Sale: April 27, 2012 Light Premium Economy Class consists of up to 156 seats, 3 seats abreast in 2 rows divided by a single aisle BRAND Positioning Differentiation Character Value Affordable Light Premium Good Price High Value Trendy Friendly Worthy Reliable Enjoyable Valuable 15 Investor Relations Department
16 THAI Smile Fleet Plan & Routes Network # of aircraft Fleet Plan ( ) THAI Smile base at Suvarnabhumi, operates in domestic and regional secondary routes and synchronize with TG network Brand new narrow body aircraft Macau Chiang Mai EFFECTIVE FREQUENCY DESTINATION 7 JUL Flights/ week Bangkok- Macau V.V. 16 AUG Flights / week Bangkok Surat Thani V.V. Bangkok 22 AUG Flights / week Bangkok - Krabi V.V. Phuket Surat thani Krabi * Effective : July 7 - October 27, Investor Relations Department
17 Nok Air Routes Network Nok Air base at Don Mueang, operates only domestic point-to-point Mae Hong Son Mae Sot Chiangrai Chiangmai Prae Nan Loei Phitsanulok Udon Thani Sakon Nakhon Nakon Phanom TG s Proportion of Shareholding increased from 39% to 49% Buri Ram Roi Et Ubon Ratchathani Bangkok DMK Surat Thani Route Effective : July 1 - October 27, 2012 Total Domestic Phuket Nakon Si Thammarat Cities 19 Trang Hat Yai Freq./Week Investor Relations Department
18 Upgrades and Retrofit Schedule # of Aircraft First Business Economy Process B NO All have been completed B NO NO. 13 has been completed NO OCT MAY 2013 B NO NO. 1 has been completed NO.2-8 SEP JUN Investor Relations Department
19 New Interactive In-Flight Entertainment Full Audio Video on Demand (AVOD) in all classes* (* Except A , A and B ) Entertainment E-Duty Free Shopping E-Meal Menu - Premium class over 3 hours flight: Portable media player (IPAD 2) - Economy class: On Earphone services - Movies: 100 titles - Short program: 150 programs - CD Album: 500 albums - Games: 60 games - USB plug and play Connectivity - Voice Call - SMS Text Messaging - GPRS - Internet Access Onboard Services - E-Meal Menu - E-Duty Free Shopping - E-Magazine - Seat Chat Infotainment E-Duty Free Shopping - About THAI - Airport Information - Window on Thailand - Travel Destination Information 19 Investor Relations Department
20 Food and Beverage Chef gallery 6 Differ menu will be cycled for Regional route and 4 menu for Europe route Food and beverage menu will be changed monthly 20 Investor Relations Department
21 Statistic on e-service % of Sales Ticket Sales Via Internet Year 2009 Year 2010 Year 2011 Year 2012 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 21 Investor Relations Department
22 Statistic on e-service Check-in via Mobile ( Check-in via Internet # of PAX % 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, , Year 2009 Year 2010 Year 2011 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 22 Investor Relations Department
23 Rising Fuel Cost 23 Investor Relations Department
24 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 0% 0% 0% 0% 3% 3% 3% 7% 17% 13% 13% 20% 23% 17% 20% 38% 35% 27% 27% 30% 41% 44% 44% 49% 44% 44% 44% 47% 47% 47% 51% 51% 51% 50% 50% 56% 69% 69% 69% 69% 69% 69% 80% 80% 80% 80% 80% 80% 73% 76% 79% 84% 84% 84% 24 Investor Relations Department
25 Pending Legal Issues EC Rescinded all charges against THAI US Cargo United State Department of Justice Stopped further proceedings US Cargo Class Action Settled by paying USD 3.5 mn Korea Pending charges is for KW 2.85 mn MTHB In 2008 Put in reserve 4,290 In 2010 Wrote back 1,783 In 2011 Wrote back 1,042 Outstanding in reserve 1, Investor Relations Department
26 Financial Performance 26 Investor Relations Department
27 Financial Performance Performance Summary (Q & Q2 2012) THAI and its subsidiary (Units : MTHB) Q2'2011 Q2'2012 Total Revenue 45,559 48,506 Total Expense* 51,518 51,233 Profit(Loss) before foreign currency exchange and income tax -5,959-2,727 Gain(Loss) on foreign currency exchange -2,265 1,316 Profit(Loss) before income tax -8,224-1,411 Income tax expense(income) Loss for the the period -7,864-1,459 Profit(Loss) attributable to owner of the parent -7,874-1,527 * Exclude Profit(Loss) on foreign currency exchange 27 Investor Relations Department
28 Financial Performance EBIT, EBITDA and Net Profit (Q & Q2 2012) Units : MTHB Factors Impacting Q Results Small number of passengers due to the low season period. Unfavorable world economic situation. High fuel price. Facing difficulty to increase the selling price because of the intensified competition. EBIT EBITDA NET PROFIT NET PROFIT (Exclude FX) Repairs to the runway of the Suvarnabhumi airport in June 2012 that caused flight delay. Special ticket price campaign to stimulate passenger. 28 Investor Relations Department
29 Financial Performance Operating / Total Revenue (Q & Q2 2012) Operating Revenue Total Revenue Units : MTHB 60, , ,990 7, , , % Change Revenue YoY % to Tot. Rev. Passenger Freight Mail ,000 35,487 39,146 Other activities Interest income Q2'2011 Q2'2012 Passenger Freight Mail Other activities Interest income Other income Other income Total Income *Excludes Interest & Other income - Operating revenue Q = 44,840 MTHB - Operating revenue Q = 47,932 MTHB Total revenue Q = 45,559 MTHB Total revenue Q = 48,506 MTHB 29 Investor Relations Department
30 Operating / Total Expense (Q & Q2 2012) Financial Performance Units : MTHB 60,000 45,000 30,000 15,000 1,475 19,370 Operating Expense 3,587 4,168 5,007 5,045 3,085 3,312 1,362 1,312 2,147 2,237 5,105 4, ,679 Total Expense % Change % of Expense YoY Tot. Exp. Personnel expense Fuel and oil Flight service expense Inventories and supplies Crew expense ,688 7,787 Q2'2011 Q2'2012 Maintenance/overhual Depreciation/amortisation Personnel Fuel and Oil Flight Service Expense Inventory&Supply Crew Expense Aircraft Maintenance Depreciation Lease of a/c Other - Operating expense Q = 49,827 MTHB - Operating expense Q = 49,458 MTHB Aircraft lease/spare parts Other expense Total Expense Total expense Q = 53,783 MTHB Total expense Q = 49,917 MTHB 30 Investor Relations Department
31 Financial Performance Ratios Q & Q Ratios units Q Q Earnings Per Share (THB) Book Value per Share (THB) Price / Book Value (Times) Return on Total Assets (%) Return on Total Equity (%) EBIT (MTHB) -4,987-1,526 EBITDA (MTHB) 20 3,519 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 31 Investor Relations Department
32 Financial Performance Performance Summary (H & H1 2012) THAI and its subsidiary (Units : MTHB) H1'2011 H1'2012 Total Revenue 97, ,011 Total Expense* 99, ,397 Profit(Loss) before foreign currency exchange and income tax (1,847) 614 Gain(Loss) on foreign currency exchange (5,623) 1,843 Profit(Loss) before income tax (7,470) 2,457 Income tax expense(income) (239) 247 Loss for the the period (7,231) 2,210 Profit(Loss) attributable to owner of the parent (7,256) 2,264 * Exclude Profit(Loss) on foreign currency exchange 32 Investor Relations Department
33 Financial Performance EBIT, EBITDA and Net Profit (H & H1 2012) Units : MTHB Factors Impacting H Results Unfavorable world economic situation. High fuel price. Facing difficulty to increase the selling price because of the intensified competition. EBIT EBITDA NET PROFIT NET PROFIT (Exclude FX) Repairs to the runway of the Suvarnabhumi airport in June 2012 that caused flight delay. Special ticket price campaign to stimulate passenger. 33 Investor Relations Department
34 Financial Performance Operating / Total Revenue (H & H1 2012) Operating Revenue Total Revenue Units : MTHB 120, , ,000 1,324 4,124 13, , , % Change Revenue YoY % to Tot. Rev. Passenger Freight ,000 Mail ,000 77,422 84,103 Other activities ,000 Interest income H'2011 1H'2012 Passenger Freight Mail Other activities Interest income Other income Other income Total Income *Excludes Interest & Other income - Operating revenue 1H 2011 = 95,865 MTHB - Operating revenue 1H 2012 = 101,931 MTHB Total revenue H = 97,410 MTHB Total revenue H = 103,011 MTHB 34 Investor Relations Department
35 Operating / Total Expense (H & H1 2012) Financial Performance Units : MTHB 120, ,000 80,000 60,000 Operating Expense 7,017 7,873 2,105 2,911 10,192 9,803 5,580 6,289 2,709 2,778 4,368 4,590 10,196 10,109 40,000 36,881 40,005 20,000 16,428 14, H'2011 1H'2012 Total Expense % Change % of Expense YoY Tot. Exp. Personnel expense Fuel and oil Flight service expense Inventories and supplies Crew expense Maintenance/overhual Depreciation/amortisation Personnel Fuel and Oil Flight Service Expense Inventory&Supply Crew Expense Aircraft Maintenance Depreciation Lease of a/c Other - Operating expense 1H 2011 = 95,893 MTHB - Operating expense 1H 2012 = 98,823 MTHB Aircraft lease/spare parts Other expense Total Expense Total expense H = 104,880 MTHB Total expense H = 100,554 MTHB 35 Investor Relations Department
36 Financial Performance Ratios H & H Ratios units H H Earnings Per Share (THB) Book Value per Share (THB) Price / Book Value (Times) Return on Total Assets (%) Return on Total Equity (%) EBIT (MTHB) -28 3,108 EBITDA (MTHB) 9,775 13,300 IBD to Equity (Times) Debt Service Coverage* (Times) Interest Coverage (Times) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) * EBITDAR TAX / Interest + Rent + Long Term Debt Repayment - Refinance 36 Investor Relations Department
37 On going Measures 37 Investor Relations Department
38 Revenue Enhancement Eliminate negative contribution flights. Increase positive result areas; more frequency on spilled flights and add new flights on interval timing. Restructure pricing / fare strategy in all areas. Monitor sales promotion campaign. Commit revenue target. 38 Investor Relations Department
39 Cost Control Defer unnecessary investment and expenses and prioritize investment. Reduce the number of in flight crew. Decrease overtime expenses. Embargo non-revenue tickets on high demand route. Reduce training, travel expenses, stationary, utilities expenses. 39 Investor Relations Department
40 MAE HONG SON PHUKET CHIANG MAI KRABI CHIANG RAI PHITSANULOK SURAT THANI SAMUI HAT YAI UDON THANI BURIRAM KHON KAEN NAKHON PHANOM UBON RATCHATHANI Route Network Route network and fleet restructuring to focus in regional traffic. Re time flight schedule to enhance connectivity and improve minimum connecting time (MCT). Capacity shift from long haul to shorter sectors improving yields & margins. Developing Phuket as second point of interest to diversify market & improve yield. Selecting secondary city pairs to serve from Bangkok to diversify market & improve yield. Integrated & develop network management system (NMS) & revenue management system (RMS). Multi product approach to close market gap: Thai Smile. 40 Investor Relations Department
41 Aircraft & Fleet Resize aircraft & adjust frequency to fit the market demand. Switch aircraft type, suitable with demand to optimize profit. Expand freighter business to more positive contribution areas. Analyze Fuel Consumption Management & develop database for route network profitability. 41 Investor Relations Department
42 Others IT strategic project, corporate SAP, ready to go live on Sep1, Develop staffing strategy by rotation plan. Adjust or decrease number of service equipment according to total of passengers on economy class by using loading ratio. To develop a leaner and more cost effective for Cargo handling. Reduce wastage in the in flight spare equipment only carry what is actually required. Change glass wine bottle to plastic wine bottle for lighter weight. 42 Investor Relations Department
43 New Partners Launched Co Brand Card with Sumitomo bank. Negotiating with AEON Card Services Thailand to boost Japanese customer. Launched ROH & AGODA online hotels booking. Launched China UnionPay Card for web sales in China market. Increase corporate accounts : Signed contract with Michelin Group. 43 Investor Relations Department
44 Looking Ahead Cabin Factor Actual Estimated (As of ) Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 * B = Budget Freight Factor Actual Estimated (As of ) Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug Investor Relations Department
45 Foreign Currency Exposure (As of JAN-JUN 2012) Currency Break down Revenue Expense Outstanding 45 Investor Relations Department
46 Debt Structure Proportion of Fixed and Float (As of JUN 2012) Before Swap After Swap Percentage of TOTAL (TOTAL = 141,430 MTHB) Percentage of TOTAL (TOTAL = 141,430 MTHB) 46 Investor Relations Department
47 Operating Statistics ( 000) Passengers Carried Q2/12 = 4.8 million (Increased 14.5% YoY) Year 2010 Year 2011 Year 2012 Freight Carried Q2/12 = 165,110 tons (Decreased 5.4% YoY) (Tons) 190, , , ,155 Year 2010 Year 2011 Year , , , , , , , , , ,000 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 47 Investor Relations Department
48 Passenger ASK RPK C/F 48 Investor Relations Department ,000 6,000 4,000 2,000 - Year 2010 Year 2011 (%) 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 (Million) Operating Statistics Year 2012 YoY (Month) YoY (Quarter) YoY (Year to date) JUN'12 JUN'11 YoY% Q2'12 Q2'11 YoY% JAN-JUN'12 JAN-JUN'11 YoY% MASK - 6,182 6, ,776 19, ,729 38, MRPK 4,667 4, ,102 12, ,707 27, Cabin factor%
49 (%) Investor Relations Department 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 (Million) Operating Statistics Freight Year 2010 Year 2011 Year 2012 ADTK RFTK F/F YoY (Month) YoY (Quarter) YoY (Year to date) JUN'12 JUN'11 YoY% Q2'12 Q2'11 YoY% JAN-JUN'12 JAN-JUN'11 YoY% MADTK ,163 1, ,360 2, MRFTK ,297 1, Freight factor%
50 Operating Statistics Passenger Yield (Including Fuel Surcharge) (THB/Km) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year 2010 Year 2011 Year 2012 Freight Yield (Including Fuel Surcharge) (THB/Km) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year 2010 Year 2011 Year Investor Relations Department
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