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Airports of Thailand PLCAirports of Thailand PLCFY2009 Corporate Presentation
(October 2008 – September 2009)( p )
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. g p
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
CHIANG RAI INTERNATIONAL AIRPORT
CHIANG MAI INTERNATIONAL AIRPORT
P i
Total of 38 airports
Airports of Thailand PLC2 in Bangkok and perimeter
Sukhothai Nakhon Phanom
Udon Thani
Loei
LampangPhrae
NanMae Hong Son
Tak
Pai2 in Bangkok and perimeter o Suvarnabhumi Airport (BKK) o Don Muang International Airport (DMK)
4 international airports at regional sites
Ubon RatchathaniBuri RamNakhon Ratchasima
Sakon Nakhorn
Roi Et
Khon KaenPhetchabun
PhitsanulokMae Sot
DON MUANG
INTERNATIONALAIRPORT
Surin
o Chiang Mai International Airport (CNX) o Hat Yai International Airport (HDY)o Phuket International Airport (HKT) o Chiang Rai International Airport (CEI)
Bangkok Airways Airports
DCA Airports
AOT AirportsU-Tapao
Hua Hin
Trad
AIRPORT
Department of Civil Aviation (DCA) o 28 regional airports
Bangkok Airways Airports
Royal Thai Navy Airport
Chumpon
Samui
Nakhon Si Thammarat
Ranong
Surattani
HAT YAI
INTERNATIONAL
Royal Thai Navyo U-Tapao Airport
Bangkok Airways CompanyKrabi
Trang PattaniNarathiwat
PHUKET INTERNATIONAL AIRPORT
AIRPORTg y p y
o Sukhothai Airporto Samui Airporto Trad Airport
3
h h ld f (A t J 2009)
Shareholders Information
Fact Sheet
Airports of Thailand PLCListed on 11 March 2004Shares outstanding 1,428.57 million
Shareholders Information (As at January 2009)
1. Ministry of Finance 70.00%
2. Nortrust Nominee LTD 4.97%
3 St t St t B k d T t 4 79%Shares outstanding 1,428.57 millionShareholders
•Ministry Of Finance 70%•Free Float 30%
Average Daily Market Cap (Oct 08 Sep 09)
3. State Street Bank and Trust Company for Australia
4.79%
4. Chase Nominees Limited 1 3.68%
5. Nortrust Nominees Limited – 1.47%(Oct 08- Sep 09)
•BHT 32,006.82 M Northern Trust Guernsey Clients
6. HSBC (Singapore) Nominees PTE LTD
1.19%
7 Thai NVDR Company Limited 1 11%
Fiscal Year *
EPS (Baht)
Dividend per
share
(Baht)
Dividend payout ratio
Dividend Yield
7. Thai NVDR Company Limited 1.11%
8. Social Security Office 0.61%
9. The Bank of New York (Nominees) Limited
0.39%
Dividend Policy
2005 5.19 1.70 37.89 % 3.40%
2006 7.26 2.75 37.85 % 4.74%
2007 0 77 0 40 51 95% 0 64%
10. Government Pension Fund 0.28%
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
2007 0.77 0.40 51.95% 0.64%
2008 5.12 2.58 50.39% 14.25%
*Note: In FY2006 AOT paid dividend twice: appropriateNote: 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
Aircraft Movements
ALL LCC
(Unit: Thousand) (Unit: Thousand)
ALL LCCs
390 3 394 1350.3
390.3 394.1
346.5
78.3
105.2 104.5
86.5
FY2008 FY2009 YoY%
BKK 256,118 241,962 (5.53%)
DMK 55,317 31,110 (43.76%)
BKK + DMK 311 435 273 072 (12 32%)
FY2008 FY2009 YoY%
BKK 44,145 45,053 2.06%
DMK 24,051 12,853 (46.56%)
BKK + DMK 68 196 57 906 (15 09%)BKK + DMK 311,435 273,072 (12.32%)
CNX 25,400 22,882 (9.91%)
HKT 40,218 35,995 (10.50%)
HDY 10,270 9,043 (11.95%)
BKK + DMK 68,196 57,906 (15.09%)
CNX 11,066 8,300 (25.00%)
HKT 13,947 12,138 (12.97%)
HDY 7,489 5,792 (22.66%)
CEI 6,734 5,546 (17.64%) CEI 3,858 2,336 (39.45%)
5
Aircraft Movements – OCT 09
(Unit: Thousand)
ALL vs. LCCs FY2007 - FY2009
(Unit: Thousand)
30 929.3
30.928.9
30.9
Movement By Airport
OCT_2008 OCT_2009 YoY% SEP_2009 MoM%
BKK 20,636 21,985 6.54% 20,636 6.53%
DMK 3,209 2,381 (25.80%) 2,411 (1.24%)
BKK + DMK 23,845 24,366 2.81% 23,047 5.72%
CNX 1,801 2,128 18.16% 1,851 14.96%
HKT 2,772 3,081 11.15% 2,751 11.99%
HDY 600 872 45 33% 808 7 92%HDY 600 872 45.33% 808 7.92%
CEI 360 528 46.67% 514 2.72% 6
PassengersALL LCC
(Unit: Million)
ALL
(Unit: Million)56.0 58.2
LCCs
51.856.0 58.2
50.0
9.2
12.0 12.4
10.1
FY2008 FY2009 YoY%
BKK 41,180,456 37,051,203 (10.03%)
DMK 5,751,662 2,783,737 (51.60%)
FY2008 FY2009 YoY%
BKK 5,221,271 5,337,472 2.23%
DMK 2,865,726 1,399,638 (51.16%)
BKK + DMK 46,932,118 39,834,940 (15.12%)
CNX 3,276,309 2,872,346 (12.33%)
HKT 5,943,468 5,441,585 (8.44%)
HDY 1,380,086 1,283,172 (7.02%)
BKK + DMK 8,086,997 6,737,110 (16.69%)
CNX 1,316,162 939,558 (28.61%)
HKT 1,668,906 1,434,608 (14.04%)
HDY 954,607 742,106 (22.26%), , , , ( )
CEI 772,286 648,783 (15.99%)
, , ( )
CEI 411,672 252,015 (38.78%)7
ALL LCC FY2007 FY2009
Passengers – OCT 09ALL vs. LCCs FY2007 - FY2009
(Unit: Million) (Unit: Million)
4.8 4.84.2
4.8
4.1
4.8
Movement By Airport
OCT_2008 OCT_2009 YoY% SEP_2009 MoM%
BKK 3,073,070 3,668,422 19.37% 3,172,301 15.63%
DMK 338,777 184,621 (45.50%) 145,436 26.94%
BKK + DMK 3,411,847 3,853,043 12.93% 3,317,737 16.13%
CNX 240,893 278,700 15.69% 229,262 21.56%
HKT 426,629 488,474 14.50% 389,942 25.26%
HDY 105 495 134 804 27 78% 120 440 11 92%HDY 105,495 134,804 27.78% 120,440 11.92%
CEI 48,908 66,494 35.96% 52,321 27.08% 8
Airport RevenuesLanding & Parking Charges 20% increased on Jan 1st, 2005
15% increased on Apr 1st, 2007
Passenger Service Charges Effective on Feb 1st 2007A i l Passenger Service Charges (PSC)
Effective on Feb 1st, 2007
THB 500 to THB 700 - International PSC
THB 50 t THB 100 D ti PSC
Aeronautical
56.75%
(FY2009) THB 50 to THB 100 - Domestic PSC
Aircraft Service Charges 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
(FY2009)
length of time at a gate
Office & State Property Rental
Rental tenants include airline, government agencies and concession tenants Rents Rental agencies and concession tenants. Rents are determined based on the tenants’ business use at each of our airports.
Service Varies by activities such as Utilities, Check-in Counter Services, Airline
Non-Aeronautical ,
Announcement Services, Hydrant System Services, etc.
Concession Varies by activities such as Duty Free, Souvenirs, Food & Beverage, Airline
43.25%
(FY2009)
Catering, Fueling Services, Car Parking, Advertising, Banking, etc.
9
Revenue BreakdownT l R B P iTotal Revenues By Proportion
FY2008 FY200926,740.1
(Unit: Million Baht)
19,501.4 21,502.3
By Growth(Unit: Million Baht)
FY2008 FY2009 YoY% Q3_09 Q4_09 YoY%
4,216.35 3,114.98 (26.12%) 701.14 677.02 (3.44%)
10 417 01 8 676 54 (16 71%) 2 052 08 2 185 47 6 50%
(Unit: Million Baht)
10,417.01 8,676.54 (16.71%) 2,052.08 2,185.47 6.50%
431.75 411.06 (4.79%) 102.47 102.41 (0.05%)
1,861.76 1,698.23 (8.78%) 401.84 452.70 12.66%
3 389 29 2 901 28 (14 40%) 709 76 741 30 4 44%3,389.29 2,901.28 (14.40%) 709.76 741.30 4.44%
6,423.98 4,700.31 (26.83%) 1,141.14 1,094.79 (4.06%)10
Airport Expenses
Personnel Expenses Consist of employee salaries and bonuses, employee benefits, ti t t d t ib ti t l id t retirement payments and contributions to employee provident
fund
Operating Expenses Consist of electricity charges, costs related to outsourced workers, property taxes, consultant fees, telephone, advertising and public relations costs water insurance premium costs and and public relations costs, water, insurance premium costs and etc.
Repair and Maintenance Consist of repair and maintenance of runways and taxiways, elevators, escalators and cover walkways, air conditioning systems conveyor belts transportation equipment and systems, conveyor belts, transportation equipment and construction and electrical appliances
State Properties Rental Consists of rental payments made to the Ministry of Finance under the airport land leases
Depreciation and Amortization Consist 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)( y )
11
Expense BreakdownTotal Expenses By Proportion
FY2008 FY2009(Unit: Million Baht)
18,004.6 18,740.4 18,543.2
9,420.0
By Growth
FY2008 FY2009 YoY% Q3_09 Q4_09 YoY%
3,909.00 3,266.59 (16.43%) 652.99 1,311.92 (100.91%)
(Unit: Million Baht)
5,100.31 5,216.67 2.28% 1,326.27 1,447.66 9.15%
683.96 1,214.69 77.60% 292.15 414.75 41.97%
1,180.24 939.51 (20.40%) 223.96 230.50 2.92%
7,866.89 7,905.80 0.49% 1,965.70 2,000.63 1.78%
12
Income Statements
FY08 FY09 YoY% 3Q09 4Q09 YoY%
(Unit: Million Baht)
FY08 FY09 YoY% 3Q09 4Q09 YoY%
Revenues 26,740.14 21,502.39 (19.59%) 5,108.42 5,253.69 2.84%
Expenses 18,740.40 18,543.25 (1.05%) 4,461.06 5,405.46 21.17%
Depreciation 7,866.89 7,905.80 0.49% 1,965.70 2,000.63 1.77%
Operating Income 7,999.74 2,959.14 (63.01%) 647.36 (151.77) (123.44%)
EBITDA 15,866.63 10,864.94 (31.52%) 2,613.06 1,848.86 (29.24%)
Net Profit 7,321.05 717.26 (90.20%) 1,313.77 (750.10) (157.09%)
13
CASH FLOW STATEMENTBALANCE SHEET
Financial Status
30 Sep 2008 30 Sep 2009
(Unit: Million Baht)
CASH FLOW STATEMENTBALANCE SHEET
Beginning Cash Flow 3,937.36
(Unit: Million Baht)
Cash 3,937.37 3,347.00
Other Current Asset 24,824.44 21,735.87
Cash Flow from Operation 10,976.30
Cash Used in Investment (3,525.79)Asset
Non Current Asset 117,694.16 123,937.00
Total Assets 146,455.97 149,019.87
Cash Used in Financing (8,040.86)
Ending Cash Flow 3,347.00
Current Liabilities 10,790.14 13,313.85
Long Term Loan 58,564.52 61,914.38 Total Loan (Million Yen) 199 210 76
LONG-TERM LOANS
Other Non Current Liabilities 792.92 531.86
Total Liabilities 70,147.57 75,760.09
Total Loan (Million Yen) 199,210.76
Disbursed Amount 97.03%
Repayment Amount , ,
Shareholder’s Equity 76,308.39 73,259.78
Total Liabilities &
p y
(Million Yen)19,632.00
Hedged Percentage of Total Loan 77.68%
Shareholder’s Equity
146,455.97 146,019.87Average Interest Rate 5.01%
14
Financial Ratios
30 Sep 2006 30 Sep 2007 30 Sep 2008 30 Sep 2009
Par Value (THB) 10 00 10 00 10 00 10 00Par Value (THB) 10.00 10.00 10.00 10.00
Market Price (THB) 58.00 62.00 31.00 42.25
BV/share 49.81 48.78 53.42 51.28
P/BV 1.16 1.27 0.58 0.82
EPS 7.26 0.77 5.12 0.50
P/E 7.98 80.51 6.05 84.50
Gearing (%) 0.80 0.78 0.79 0.91
Net Gearing (%) 0 52 0 63 0 74 0 87Net Gearing (%) 0.52 0.63 0.74 0.87
ROE (%) 4.72 1.57 9.59 0.98
ROA (%) 6.96 0.76 5.00 0.48
Note: Gearing = Total Debt / Total Equity, Net Gearing = Net Debt / Total EquityTotal Debt = Total Interest Baring Debt 15
Noise Compensation
Proceeded
(Unit: Million Baht)
Houses Amount
NEF > 40 335.79Planned
Purchased 56 253.15
Insulated 322 82.64
Total Impacted Houses
(15,888)
NEF 30-40 307.59
Insulated 243 59.96
Sensitive
NEF > 40
(605)
NEF 30 – 40
(15,283)
Sensitive Area 15 247.63
Total 643.38
KMITL* 214 00
Purchase
(211)
Insulation
(394)
Insulation
(15,283)
KMITL* 214.00
16
Future Airport Developments
Suvarnabhumi Investment Cost
(billion baht)Expected
TimeframeAdditional Capacity
1 Domestic Passenger 9 13 2010 - 2013 - 20 MAP1. Domestic Passenger Terminal
9.13 2010 2013 20 MAP
- 15 contacted gates
2. Suvarnabhumi 73.74 2011 - 2016 - 15 MAP2. SuvarnabhumiAirport Expansion Phase II
73.74 2011 2016 15 MAP
- 28 contacted gates
- 19 flights/hr.g /
Phuket Investment Cost
(billi b h )Expected Additional CapacityPhuket (billion baht) Timeframe
1. New International Passenger Terminal
2 Renovation of the
5.79 2009 - 2013 - 6 MAP
- 4 contacted gates2. Renovation of the Existing Terminal
3. Apron4. Other related
facilities
4 contacted gates
facilities
17
Commercial Projects
Suvarnabhumi Airport• Community Mall
Phuket International Airport• Private Jet Terminal
Community Mall• Central Warehouse• Hotel• Hospital
G lf C
Don Muang International AirportP i t J t T i l
• Golf Course• Office Building • Exhibition Center• Export Exhibition Center • Private Jet Terminal
• Aircraft Maintenance Center• Aircraft Simulation Center• Spare Parts Warehouse
Export Exhibition Center
p• Landing Gear Maintenance• International Free Trade Zone
Had Yai International Airport• Express Way Center
18
Appendix A: Airport Capacity vs. Utilization
Aircraft
(Flights/Hour)
Passengers
(Million/Year)
Cargoes
(Million Metric Tons/Year)
AirportCapacity
Actual UtilizationCapacity
Actual UtilizationCapacity
Actual Utilization
2008 10M_09* 2008 10M_09* 2008 10M_09*
BKK 76 54 57 45 38.60 32.68 3.00 1.20 0.86
DMK 60 23 17 36.5 5.04 2.06 0.91 0.032 0.009DMK 60 23 17 36.5 5.04 2.06 0.91 0.032 0.009
HKT 20 16 15 6.5 5.73 4.58 0.036 0.019 0.014
CNX 24 12 12 8 3 06 2 42 0 035 0 021 0 014CNX 24 12 12 8 3.06 2.42 0.035 0.021 0.014
HDY 20 6 6 1.9 1.28 1.14 0.013 0.010 0.009
CEI 12 5 4 1.7 0.68 0.58 0.005 0.002 0.002
* Note: 6M_09 is the period from January – September 2009 19
Appendix B: AOT vs. Regional Airports Capacity
Airports
Area Capacity
RunwaysTotal Terminal Aircraft Passenger
CargoAirports
(Metres)Total Area
(Acres)
Terminal Area
(Sq.m.) (Flights/Hour)
Passenger
(Million/Year)(Million Metric
Tons/Year)
BKK 8,000 563,000 76 45 3.00 2 60 x 3,70060 x 4,000
DMK 1,552 391,316 60 36.5 0.91 2 60 x 3,70045 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 3 050HDY 28 14,656 20 1.9 0.013 1 45 x 3,050
CEI 15 16,650 12 1.7 0.005 1 45 x 3,000
Chek Lap K k 3,101 710,000 54 45 3 .00 2 60 x 3,800Kok 3,101 710,000 54 45 3 .00 2 60 x 3,800
Changi 3,212 1,043,020 n/a 64 2.00 2 60 x 4,000
Incheon 13 880 496 000 n/a 44 2 00 2 60 x 3 750Incheon 13,880 496,000 n/a 44 2.00 2 60 x 3,750
20
Appendix C: Market Share (By Aircraft) – FY2009
Th i Ai 29 29% Th i Ai A i 59 49%I t ti l 51 80%
Type of Flight Low Cost CarriersTop 10 Airlines
Thai Airways International
29.29%
Thai AirAsia 14.89%
Bangkok Airways 10.76%
Thai AirAsia 59.49%
Nok Air 16.36%
AirAsia 7.50%
Orient Thai Airlines 5 24%
International Scheduled Flight
51.80%
International Non-Scheduled Flight
0.74%
AirAsia 1.84%
Cathay Pacific Airways
1.58%
Chi Ai li 1 52%
Orient Thai Airlines 5.24%
Tiger Airways 3.88%
One Two Go Airlines 2.54%
JetStar Asia 1 44%
Charter 1.34%
Domestic Scheduled Flight
37.35%
Domestic Non- 5 84% China Airlines 1.52%
Singapore Airlines 1.07%
EVA Air 1.02%
JetStar Asia 1.44%
CEBU Pacific Air 1.06%
Indonesia AirAsia 0.82%
JetStar Airways 0.70%
Domestic NonScheduled Flight
5.84%
Others 2.93%
Emirates 1.01%
JAL Ways 0.86%
a ay 0 0
Firefly 0.62%
Air India Express 0.35%
21
Appendix D: Market Share (By Passenger) – FY2009
Type of Flight Low Cost CarriersTop 10 Airlines
International 51 80% Thai Airways 35 18% Thai Air Asia 60 33%International Scheduled Flight
51.80%
International Non-Scheduled Flight
0.74%
Ch 1 34%
Thai Airways International
35.18%
Thai AirAsia 10.10%
Bangkok Airways 2.71%
Thai Air Asia 60.33%
Nok Air 15.60%
AirAsia 7.18%
Orient Thai 4.66%Charter 1.34%
Domestic Scheduled Flight
37.35%
Domestic Non- 5.84%
Cathay Pacific Airways
2.07%
China Airlines 1.60%
Emirates 1 53%
Orient Thai Airlines
4.66%
Tiger Airways 4.49%
One Two Go Airlines
2.26%
Scheduled Flight
Others 2.93%
Emirates 1.53%
Singapore Airlines 1.33%
JAL Ways 1.00%
EVA Air 0 99%
Airlines
JetStar Asia 1.65%
JetStar Airways 1.44%
CEBU Pacific Air 1 03%EVA Air 0.99%
Korean Air 0.92%
CEBU Pacific Air 1.03%
Indonesia AirAsia 0.85%
Air India Express 0.32%
Firefly 0.18%Firefly 0.18%
22
Appendix E: Subsidiaries & Associated Companies
Name Percentage of shareholding (%) Business Type
SubsidiariesSubsidiaries
Suvarnabhumi Airport Hotel Co., Ltd 60.00 Hotel
A i t d C iAssociated Companies
Thai Airports Ground Services Co., Ltd 28.50 Airport Ground Handling Services
Airport Duty Free Co., Ltd 10.00 CommercialAirport Duty Free Co., Ltd 10.00 Commercial
Phuket Air Catering Co., Ltd. 10.00 Catering
Airport Associated Co., Ltd 10.00 Transportation
Don Muang International Airport Hotel 9 00 lDon Muang International Airport Hotel Co., Ltd 9.00 Hotel
King Power Duty Free co., Ltd. 5.00 Commercial
Fuel Pipeline Transportation Co Ltd 1 38 FuelFuel Pipeline Transportation Co., Ltd. 1.38 Fuel
Trade Siam Co., Ltd. 1.50 EDI Services
Thai Aviation Refueling Co., Ltd 10.00 Fuel
Bangkok Aviation Fuel Services Plc 4.94 Fuel
23
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