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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.
DISCLAIMER
3 Q3-2018 analysts briefing
7
FUTURE GROWTH ENGINES
TRENT XWB ENGINE RESEARCH AND
DEVELOPMENT
CARGO VILLAGE, U-TAPAO
TG MRO CAMPUS – U-TAPAO
New Catering Plant in CHAING MAI
Q3-2018 analysts briefing
8 3Q-2018 analysts briefing
“Power of State-Owned Enterprises, Synergy to Win” chaired by Mr. Somkid Jatusripitak, Deputy Prime Minister
Total 103 active aircrafts (decommissioned 2 B737-400 aircraft)
THAI, Royal Thai Navy, and Eastern Economic Corridor Office Sign MOU Allowing THAI to Operate at U-Tapao International Airport in the Eastern Special Development Zone
Launch the THAI and Rolls-Royce Trent XWB Engine Research and Development Testing Program at, Don Mueang Airport
Other activities Won TTG Travel Hall of Fame Award for 10 consecutive years
Won 1st Running up for two KAYAK Travel Awards Singapore 2018 :
• Favourite In-Flight Food & Beverage
• Favourite Airline Loyalty Program Accommodated British Cave Rescue Council and Beijing
Peaceland teams for Tham Luang cave rescue mission Received Exemplary Transport Award 2018
Q3-2018 Events
8
10
Q3-18 Operations summary
Unit : THB’ Billion/ Consolidated
Q3’18 Q3’17 %change
Revenues 48.0 46.9 +2.2
Costs -50.8 -45.5 +11.6
Interest payments -1.1 -1.1 -
Operating Profit -3.9 +0.3 -
(1-time) Expense - -0.1 -100.0
Impairment loss (1-time) -0.4 -1.5 -75.3
FX Gain/(Loss) +0.3 -0.8 +136.1
Profit before Tax -4.0 -2.1 -88.2
Tax +0.3 +0.3 -
Net profit -3.7 -1.8 -103.2
Passenger Production (MASK) 23,391 22,931 +2.0
Passenger Traffic (MRPK) 18,121 17,936 +1.0
Cabin Factor (%) 77.5 78.2 -0.7
Passenger carried (Million) 6.01 5.99 +0.3
Passenger Yield Inc. Surcharge (THB/km) 2.09 2.10 -0.5
Aircraft Utilization (Hrs./Day) 12.1 12.1 -
Pax & Cargo increase
Fuel increase
More Passenger
Q3-2018 analysts briefing
11
9M-18 Operations summary
Unit : THB’ Billion/ Consolidated
9M’18 9M’17 %change
Revenues 148.7 141.9 +4.8
Costs -148.3 -137.4 +7.9
Interest payments -3.3 -3.5 -5.3
Operating Profit -2.9 +1.0 -383.6
(1-time) Expense - -1.0 -100.0
Impairment loss (1-time) -3.1 -2.9 +6.5
FX Gain/(Loss) +0.5 -1.7 +126.6
Profit before Tax -5.5 -4.6 -21.6
Tax +1.5 +0.7 +112.7
Net profit -4.0 -3.9 +2.6
Passenger Production (MASK) 69,729 67,025 +4.0
Passenger Traffic (MRPK) 54,372 53,504 +1.6
Cabin Factor (%) 78.0 79.8 -1.8
Passenger carried (Million) 18.16 18.38 -1.2
Passenger Yield Inc. Surcharge (THB/km) 2.17 2.14 +1.4
Aircraft Utilization (Hrs./Day) 11.8 12.0 -1.7 Q3-2018 analysts briefing
Pax & Cargo increase
Fuel increase
Better Yield
12
300 + 304 + 561 + 160
-3,499
-1,760 -3,934
-6,000
-5,000
-4,000
-3,000
-2,000
-1,000
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Q3'17 Pax Rev Cargo Rev
BU & Other
Rev Fuel Cost
Non Fuel
Cost &
Interest Q3'18MTHB
Consolidated
Q3-18 Operating profit movement
Q3-2018 analysts briefing
13
1,025
-4,116
+ 3,200
+ 1,706
+ 1,839
- 6,561
-2,907
-6,000
-5,000
-4,000
-3,000
-2,000
-1,000
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
9M'17 Pax Rev Cargo Rev
BU & Other
Rev Fuel Cost
Non Fuel
Cost &
Interest 9M'18MTHB
Consolidated
9M -18 Operating profit movement
Q3-2018 analysts briefing
14
Cabin factor
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
50.0
60.0
70.0
80.0
90.0
%
2017 = 79.8
9M’2018 = 78.5 2015 = 73.3
2016 = 73.8
TG Only
Q3-2018 analysts briefing
15
Passenger yield
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1.8
2.0
2.2
2.4
2.6
2.8
3.0
THB / RPK
2017 = 2.15
9M’2018 = 2.16
2015 =2.46
2016 = 2.33
TG Only
Q3-2018 analysts briefing
16
Q3-18 Passenger Yield Analysis
Passenger Yield by Region
Consolidated
(THB/RPK) Q3’18
Q3’17 (Q3’18 Rate)
% Change
Pax Rev 2.09 2.04 +2.5
FX impact - 0.06 -100.0
Total Pax Yield 2.09 2.10 -0.5
(THB/RPK) Q3’18 Q3’17
% Change
Domestic 2.43 2.70 -10.0
Regional 2.48 2.47 +0.4
Intercontinental 1.70 1.70 -
Total system 2.09 2.10 -0.5
Q3-2018 analysts briefing
17
9M-18 Passenger Yield Analysis
Passenger Yield by Region
Consolidated
(THB/RPK) 9M’18 9M’17 (9M’18 Rate)
% Change
Pax Rev 2.17 2.08 +4.3
FX impact - 0.06 -100.0
Total Pax Yield 2.17 2.14 +1.4
(THB/RPK) 9M’18 9M’17
% Change
Domestic 2.58 2.77 -6.9
Regional 2.55 2.52 +1.2
Intercontinental 1.74 1.71 +1.8
Total system 2.17 2.14 +1.4
Q3-2018 analysts briefing
18
JAN - SEP
2018 2017
Liquidity Ratio
- Current Ratio (times) 0.98 0.85
- Current Ratio (Included Committed Credit Line )
(times)
1.26 1.09
Profitability Ratio
- Operating Profit margin % (1.95) 0.72
- Net profit Margin % (2.71) (2.71)
- Return to Equity % (13.36) (12.13)
Efficiency Ratio
- Return to Total Assets % (0.77) (0.34)
Financial Policy Ratio
- Interest Bearing Debt to Equity (times) 5.39 5.58
- Total Debt to Equity (times) 8.78 8.62
- IBD/EBITDA (times) 12.30 9.89
- Interest Coverage Ratio (times) 3.64 4.70
- EBITDA (MTHB) 12,437 16,897
Consolidated
9M-2018 Financial Ratios
Q3-2018 analysts briefing
TG Brent Price
Actual Brent Price
Est. Brent Price
Est. TG Brent Price
19
2018-2019 Fuel Hedging Percentage Brent Actual / Future Price vs. TG Price
5-NOV-18
Q318
(56/67) P C
(55/60/65)
1H18
(49/60) P C
(55/60/65)
Q418
(70/80) P C
(62/68/73)
CAL19 P C
(68/76/83)
(70/80)
Q3-2018 analysts briefing
20
Currency break down
THB
39%
(37%)
USD
6%
EUR
10%
JPY
8% CNY
4%
(5%)
AUD
5%
(6%)
OTHER
27%
(28%)
Revenue
Foreign Currency Exposure
(Jan - Sep 2018)
THB
29%
(33%)
USD
57%
(51%)
EUR
3%
(4%)
JPY
3%
CNY
1%
AUD
2%
OTHER
5%
(6%)
Expense
Liability
30 Sep 18 : 152 B
30 Sep 17 : 168 B
Q3-2018 analysts briefing
USD
5%
(2%)
EUR
33%
(36%)
JPY
20%
THB
35%
(33%)
CHF
6%
(7%)
GBP
1%
(0%)
ST loan
0%
(3%)
21
61,963 53,752 48,659 54,111 48,273 52,942
13,529
0 7,168
7,444 7,118
79,234
63,734 57,301
55,952 52,306
50,580
24,072
30,354 32,126
33,146
34,252 30,724
14,625
7,400
7,270 4,000
0
0
0 0 0
994 970
0
12,324 10,615 10,119
10,030 9,728
0
50,000
100,000
150,000
200,000
250,000
Dec-15 Dec-16 Dec-17 Mar-18 Jun-18 Sep-18
MTHB
CHF
GBP
ST loan
JPY
EUR
USD
THB
Liabilities by currency
THB 193B
THB 167B
THB 152B THB 162B
Currencies of choice for natural hedging
THB 160B
Q3-2018 analysts briefing
THB 157B
23 3Q-2018 analysts briefing
Q42018 - 2019 Outlook
AEROPOLIS AND MRO AT U-TAPAO
SUPPORT SECONDARY CITIES AND TRAVEL ON “THAI TIEW THAI” PACKAGE
FREE VISA ON ARRIVAL POLICY FOR 21 COUNTRIES
THE AIRCRAFT ACQUISITION PLAN UNDER RECOMMENDATION OF OFFICE OF THE NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT BOARD (NESDB) FOR APPROVAL FROM BOARD OF DIRECTORS
FAA’S VISIT FOR PRE-AUDIT OF THAILAND’S AVIATION SAFETY IN JAN’19
EXPECTED HIGH FUEL PRICES
THE TRADE WAR WILL HIT U.S. AND CHINESE GROWTH