Airports of Thailand Plc. For The fiscal Year 2012 (October 2011 September 2012) Investor Relations Center, E-mail: aotir@airportthai.co.th, Tel: (662) 535-5900, Fax (662) 535-5909
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
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 84% of Thailand s air traffics. 2.Changing from Chiang Rai International Airport to Mae Fah Luang Chiang Rai International Airport since March 13, 2010. 3
Business Overview Fact Sheet Shareholders Information (As of December 30, 2011) Listed on 11 March 2004 1. Ministry of Finance 70.00 % Shares outstanding 1,428.57 Million 2. Nortrust Nominees Ltd. 4.84 % Shareholders Ministry Of Finance 70% 3. State Street Bank and Trust Company for 1.94 % Australia Free Float 30% Average Daily Market Cap (Oct 11 Sep 12) 4. Thai NVDR Company 1.91 % BHT 78,520.54 54 Million 5. Bualuang Long-Term Equity Fund (B-LTF) 1.48 % Fiscal Year EPS (Baht) 1 (The Company) Dividend per share (Baht) Dividend payout ratio Dividend Yield 2006 2 7.26 2.75 37.88% 4.74% 2007 0.84 0.40 47.61% 0.64% 2008 5.15 2.58 50.09% 8.32% 2009 0.60 0.42 70.00% 0.99% 2010 1.05 0.55 52.38% 1.33% 2011 1.82 0.80 43.96% 2.03% 2012 4.54 1.80 39.65% 2.26% 26% 6. Social Security Office 1.30 % 7. Bualuang Long-Term Equity Fund 75/25 (BLTF75) 1.25 % 8. HSBC (Singapore) Nominees Pte. Ltd. 1.10 % 9. BNY Mellon Nominees Limited 0.78 % 10. Nortrust Nominees Limited-NTO Sec 0.70 % Lending Thailand 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 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) and on 23 Feb 2007(Baht 1.80 per share) 4
FY Aircraft Movement Statistics (12 months) 346.54 149.86 AOT Traffics 385.77 170.12 441.44 193.05 (Unit: Thousand) 480.34 211.75 196.68 215.65 248.39 268.59 2009 2010 2011 2012 International Domestic FY2011 FY2012 YoY% BKK 288,540 326,970 13.32% 32% DMK 47,508 37,141 (21.82%) BKK+DMK 336,048 364,111 8.35% CNX 30,800 35,571 15.49% HDY 13,678 14,573 6.54% HKT 55,110 59,406 7.80% Major LCCs Airline Domestic (3 airlines) Thai Air Asia Nok Air One-Two-Go/Orient Thai Airlines International (18 airlines) Air Asia Thai Air Asia Tiger Airways Jetstar Asia Jetstar Airways CEBU Pacific Air Indonesia Air Asia Condor Flugdienst Jeju Air Jin Air Firefly Tomsonfly IndiGO Airlines Eastar Jet FY 86.96 57.16 LCCs Traffics 108.12 72.28 132.73 92.10 (Unit: Thousand) 152.80 102.66 29.80 35.84 40.63 50.14 2009 2010 2011 2012 International Domestic FY2011 FY2012 YoY% BKK 52,757 79,405 50.51% 51% DMK 31,222 19,124 (38.75%) BKK+DMK 83,979 98,529 17.33% CNX 14,387 17,195 19.52% HDY 10,664 11,501 7.85% HKT 20,515 21,612 5.35% CEI 5,804 6,674 14.99% T'Way Airlines CEI 3,182 3,963 24.54% Total 441,440 480,335 8.81% Scoot Total 132,727 152,800 15.12% 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 Spring Airlines Mandala Airlines 5
Passenger Movement Statistics (12 months) AOT Traffics LCCs Traffics (Unit: Million) (Unit: Million) 50.08 19.47 30.61 57.42 21.59 35.83 66.30 71.52 24.19 27.20 42.11 44.32 20.34 17.65 13.99 10.22 11.84 13.46 9.20 6.72 3.50 4.79 5.81 6.88 FY 2009 2010 2011 2012 International Domestic FY 2009 2010 2011 2012 International Domestic FY2011 FY2012 YoY% FY2011 FY2012 YoY% BKK 47,800,585 52,368,712 9.56% DMK 3,972,876 2,717,413 (31.60%) BKK+DMK 51,773,461 55,086,125 6.40% CNX 3,680,390 390 4,334,608 17.78% 78% HDY 1,834,568 2,013,243 9.74% HKT 8,206,405 9,161,005 11.63% CEI 805,842 926,323 14.95% BKK 7,352,443 10,600,736 44.18% DMK 3,871,991 2,524,833 (34.79%) BKK+DMK 11,224,434 13,125,569 16.94% CNX 1,735,147 147 2,135,444 23.07% HDY 1,437,954 1,560,209 8.50% HKT 2,832,809 3,006,279 6.12% CEI 416,643 515,182 23.65% Total 66,300,666 71,521,304 7.87% Total 17,646,987 20,342,683 15.28% 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 3. DMK has been closed from Oct 25 th, 2011 to March 6 th, 2012 6
Monthly Air Traffic Movements: FY 2008-2012 (Unit: Thousand) 45 40 35 FY 2008 FY 2009 Aircraft Movements 30 FY 2010 25 FY 2011 FY 2012 20 Oct Nov (Unit: Million) 7 Dec Jan Feb Mar Apr May Jun Jul Aug Sep 6 FY 2008 Passenger Movements 5 4 FY 2009 FY 2010 FY 2011 FY 2012 3 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 7
Airport Revenues (FY 2012) Landing & Parking Charges 20% increased on Jan 1 st, 2005 Aeronautical 60.48% 15% increased on Apr 1 st, 2007 Passenger Service Charges (PSC) Effective on Feb 1 st, 2007 THB 500 to THB 700 - International PSC (For FY 2012) Aircraft Service Charges THB 50 to THB 100 - 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 39.52% (For FY 2012) 8
Revenue Breakdown (FY 2012) Total Revenue By proportion (Unit: Million) 22.49% FY 2011 FY 2012 15.26% 15.61% 23.24% 24% 28,640.69 30,472.11 21,502.39 24,032.61 11.56% 6.00% 43.07% 11.06% 5.23% 43.26% 1.62% 1.60% By Growth (Unit: Million Baht) FY 2009 2010 2011 2012 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) FY2009 FY2010 FY2011 FY2012 YoY% LPC 3,114.98 3,407.11 4,370.34 4,755.88 8.82% PSC 8,676.54 10,180.50 12,334.06 13,183.06 6.88% ASC 411.06 418.34 465.00 489.27 5.22% OPR 1,698.23 1,615.82 1,718.26 1,593.08 (7.29%) SVR 2,901.28 3,127.57 3,311.25 3,370.04 1.78% CCR 4,700.31 5,283.27 6,441.77 7,080.78 9.92% Total 21,502.39 24,032.61 28,640.69 30,472.11 6.39% Note: Fiscal Year starting from October to September 9
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 Operating Expenses 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. Repair and Maintenance 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 State Properties Rental Depreciation and Amortization 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
Operating Expenses Breakdown (FY 2012) Total Operating Expenses By proportion (Unit: Million) 36.30% FY 2011 19.15% 15% 23.71% FY2012 23.43% 21,666.79 18,543.25 19,629.66 19,692.06 6.65% 65% 5.76% 10.64% 28.15% 11.70% 34.51% By Growth (Unit: Million Baht) FY 2009 2010 2011 2012 FY2009 FY2010 FY2011 FY2012 YoY% (Adjusted) Employee 3,281.45 3,881.65 4,150.22 4,614.47 11.19% Employee Benefit expenses Operating 5,201.80 5,548.85 6,098.82 6,794.73 11.41% Operating expenses R&M 1,214.69 1,539.77 2,304.69 2,303.96 (0.03%) Repairs and maintenance (R&M) State property rental (SPR) SPR 939.51 1,034.05 1,247.40 1,310.02 5.02% Depreciation and amortization (D&M) D&M 7,905.80 7,625.33 7,865.65 4,668.88 88 (40.64%) Total 18,543.25 19,629.66 21,666.79 19,692.06 (9.11%) 11
Income Statements (FY 2012) (Unit: Million Baht) Revenues from sales or services FY2009 FY2010 FY2011 (Adjusted) FY2012 YoY% 21,502.39 24,032.61 28,640.69 30,472.11 6.39% Operating expenses 18,543.25 19,629.66 21,666.79 19,692.06 (9.11%) Depreciation and amortization 7,905.80 7,625.33 7,865.65 4,668.88 (40.64%) EBIT 2,959.14 4,402.96 6,973.90 10,780.04 54.58% EBITDA 10,865.94 12,028.29 14,839.55 15,448.92 4.11% Net Profit (Loss) 717.26 2,039.25 2,214.82 6,499.75 193.47% EPS 0.50 1.43 1.55 4.55 193.47% 12
Financial Status BALANCE SHEET 30 Sep 2011 (Adjusted) (Unit: Million Baht) 30 Sep 2012 CASH FLOW STATEMENT (Unit: Million Baht) Beginning Cash 5,179.44 Cash Flow from Operation 16,080.12 Cash 5,179.44 3,652.83 Other Current Asset 26,774.85 33,530.51 Non Current Asset 118,644.65 112,828.25 Total Assets 150,598.94 150,011.59 Current Liabilities 16,567.00 17,418.36 Long Term Loan 57,513.61 51,152.94 Other Non Current Liabilities 4,241.32 3,645.47 Total Liabilities 78,321.93 72,216.77 Shareholder s Equity 72,277.01 77,794.82 Total Liabilities & Shareholder s Equity 150,598.94 150,011.59 Cash Used in Investment (9,647.55) Cash Used in Financing i (7,959.18) Ending Cash 3,652.83 LONG-TERM LOANS (As of Sep 30, 2012) Total Loan (Million Yen) 199,210.77 Disbursed Amount (Million Yen) 194,409.73 Repayment Amount (Million Yen) (56,745.70) Outstanding Amount (Million Yen) 137,664.03 Outstanding Amount (Million Baht) 55,282.29 Hedged % of the remaining loan 78.02% Average Interest Rate 5.02% 13
Financial Ratios 30 Sep 2008 30 Sep 2009 30 Sep 2010 (FY2008) (FY2009) (FY2010) 30 Sep 2011 (FY2011) (Adjusted) 30 Sep 2012 (FY2012) Par Value (THB) 10.00 10.00 10.00 10.00 10.00 Market Price (THB) 31.00 42.25 41.50 39.50 79.50 BV/share 53.42 51.28 48.89 50.49 54.35 P/BV 0.58 0.82 0.85 0.78 1.46 EPS 5.12 0.50 1.43 1.55 4.55 P/E 6.05 84.50 29.02 25.48 17.47 Gearing 0.79 0.91 0.89 0.88 0.73 Net Gearing 0.74 0.87 0.84 0.81 0.68 ROA (%) 5.00 0.48 1.44 1.52 4.32 ROE (%) 9.59 0.98 2.92 3.12 8.68 Note: Gearing = Total Debt / Total Equity Net Gearing = Net Debt / Total Equity Total Debt = Total Interest Baring Debt 14
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 122 516.48 Insulated 345 88.94 Purchase 149 Total Impacted Houses Total NEF> 40 467 605.42 10,919 NEF 30-40 NEF > 40 NEF 30-40 507 10,412 Insulation 358 Insulation 10,412 Houses Amount Insulated 8,851 1,757.97 Total NEF30-40 8,851 1,757.97 Sensitive Area 20 280.49 149 KMITL 214.00 Grand total * 2,857.88 As of November 30, 2012 Note: - * Accumulated from the first payment until November 30, 2012 - 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) Winter Season Total Impacted Houses 5,398 (Unit: Houses) NEF > 40 NEF 30-40 134 5,264 NEF > 40 Houses (Unit: Million Baht) Amount Purchased 41 126.72 Insulated 71 22.39 Total NEF> 40 112 149.11 NEF 30-40 Houses Amount 5,264 Insulated 4,226 874.78 Total NEF30-40 4,226 874.78 Purchase 55 Insulation 79 Insulation 5,264 Sensitive Area 1 12.05 Grand total 1,035.94 As of November 30, 2012 Note: - * Accumulated from the first payment until November 30, 2012 -NEF : Noise Exposure Forecast 16
Future Airport Developments Suvarnabhumi 1/ Investment Cost Expected (billion baht) Timeframe Additional Capacity 1. Project Management 62.50 2011-2017 - 15 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 5.79 2009 2015-6 MAP Passenger Terminal 2. Renovation of the Existing - 4 contacted gates Terminal 3. Apron 4. Other related facilities 17
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
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 FY11 FY12 FY11 FY12 FY11 FY12 BKK 76 58 66 45 47.80 52.37 3.00 1.33 1.36 DMK 60 19 23 36.5 3.97 2.72 1.27 0.007007 0.003003 HKT 20 21 19 6.5 8.21 9.16 0.036 0.028 0.032 CNX 24 13 14 8 3.68 4.33 0.035035 0.021021 0.021021 HDY 20 10 10 1.9 1.83 2.01 0.013 0.015 0.016 CEI 12 6 5 3 0.81 0.93 0.005 0.004 0.005 19
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 8,000 563,000 76 45 3.00 2 DMK 1,552 391,316 60 36.5 1.27 2 Runways (Metres) 60 x 3,700 60 x 4,000 60 x 3,700 45 x 3,500 HKT 47 23,369 20 6.5 0.036 1 45 x 3,000 CNX 86 16,742 24 8 0.035 1 45 x 3,100 HDY 28 14,656 20 1.9 0.013 1 45 x 3,050 CEI 15 16,650 12 3 0.005 1 45 x 3,000 Chek Lap Kok 3,101 710,000 54 45 3.00 2 60 x 3,800 Changi 3,212 1,043,020 n/a 64 2.00 3 Incheon 13,880 500,000 70 44 4.5 3 60 x 3,800 60 x 4,000 59 x 2,748 60 x 4,000 60 x 3,750 60 x 3,750 20
Appendix C: Market Share (By Aircraft) at Suvarnabhumi Airport FY2012 Top 10 Airlines Top 10 Low Cost Carriers 1. Thai Airways International 26.72% 2. Thai AirAsia 14.56% 3. Bangkok Airways 11.75% 4. Nok Air 2.85% 5. Cathay Pacific Airways 1.99% 6. China Airlines 1.75% 7. Singapore Airlines 1.42% 8. Emirates 1.35% 9. Korean Airlines 1.11% 1. Thai Air Asia 59.92% 2. Nok Air 11.72% 3. Orient Thai Airlines 5.88% 4. Tiger Airways 4.46% 5. Air Asia 4.40% 6. JetStar Asia 2.54% 7. IndiGo Airlines 1.97% 8. Indonesia Air Asia 1.96% 9. Jeju Air 1.73% 10. China Southern Airlines 1.09% 10. CEBU Pacific Air 1.58% 21
Appendix D: Market Share (By Passenger) at Suvarnabhumi Airport FY2012 Top 10 Airlines Top 10 Low Cost Carriers 1. Thai Airways International 36.25% 2. Thai Air Asia 12.17% 3. Bangkok kairways 5.81% 4. Cathay Pacific Airways 2.97% 5. Emirates 2.68% 6. Nok Air 2.13% 7. Orient Thai Airlies 1.61% 8. Qatar Airways 1.58% 9. Singapore Airlines 1.47% 1. Thai Air Asia 60.11% 2. Nok Air 10.52% 3. Oi Orient tthai iaili Airlines 5.26% 4. Tiger Airways 4.69% 5. Air Asia 4.11% 6. JetStar Asia 2.80% 7. IndiGo Airlines 2.09% 8. Indonesia Air Asia 1.97% 9. Jeju Air 1.95% 10. China Airlines 1.34% 10. CEBU Pacific Air 1.51% 22