thai airways international pcl - listed...

1

Investor Relations Department

THAI AIRWAYS INTERNATIONAL PCL

http://www.thaiairways.com/about-thai/investor-relations/en/investor.html

Q1’2014 (Updated on May 20, 2014)

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 equity shares or other securities issued by the Company.

3


Unit

2012

2013

% Change

YoY

Passenger Production MASK 20,774 22,241 +7.1%

Passenger Traffic MRPK 15,843 15,795 -0.3%

Cabin Factor % 76.3 71.0 -6.9%

Passenger carried Million 5.50 5.31 -3.4%

Passenger Yield* (Inc. Surcharge) THB/km 2.73 2.69 -1.6%

Freight Production MADTK 1,271 1,316 +3.5%

Freight Traffic MRFTK 693 700 +1.0%

Freight Factor % 54.5 53.2 -2.6%

Freight carried Tons 177,173 176,261 -0.5%

Freight Yield (Inc. Surcharge) THB/km 9.36 9.18 -1.9%

Operations Summary

Q1’2014 Year 2013

2013

2014

% Change

YoY

21,051 20,934 -0.6%

16,802 14,677 -12.6%

79.8 70.1 -12.2%

5.69 4.81 -15.4%

2.78

2.75 -1.1%

1,258 1,213 -3.6%

641 629 -1.8%

50.9 51.9 +1.9%

165,759 158,155 -4.6%

9.16

9.29 +1.4%

Note: Passenger – sales commission and discount/RPK

Base on RCM report

4


Financial Performance

5


Performance Summary (Q1’2013 & Q1’2014)

THAI and its subsidiaries

(Units : MTHB) Q1'2013 Q1'2014 %Change

Total Revenue 63,271 50,972 19.44-

Total Expense 55,239 53,353 3.41-

Gain (loss) of Foreign currency exchange 6,129 990 83.85-

Profit (loss) before Income Tax Expense 8,032 -2,381 129.64-

Net tax expense (Income) -263 238 190.49-

Net profit (loss) 8,283 -2,634 -132


6


Operating / Total Revenue (Q1’2013 & Q1’2014)

47,552

41,035

5,849

5,824

199

221

2,389

2,475

0

20,000

40,000

60,000

Q1'2013 Q1'2014

Passenger Freight Mail Other activities

Operating Revenue Total Revenue

* Exclude Interest income Profit on FX and Other income

- Operating revenue Q1’2013 = 56,012 MTHB

- Operating revenue Q1’2014 = 49,533 MTHB

Total revenue Q1’2013 = 63,271 MTHB

Total revenue Q1’2014 = 50,972 MTHB

Units : MTHB


% % of

Revenue Change Total Revenue

Passenger 13.71- 80.51

Freight 0.42- 11.43

Mail 10.17- 0.39

Other activities 3.57 4.85

Interest income 40.05- 0.14

Profit(loss) on FX 83.85- 1.94

Gain on reclassified

investment 100.00- 0.00

Other income 47.00- 0.74

Total Revenue 19.44- 100.00

7


4,896 4,438

8,381 7,675

20,313 20,742

5,262 5,6222,1702,4221,4701,458

3,255 3,3614,779 5,106

1,4181,044

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Q1'2013 Q1'2014

Personnel Fuel and Oil Flight Service Expense

Inventory&Supply Crew Expense Aircraft Maintenance

Depreciation Lease of a/c Other

Total Expense Operating Expense

Operating / Total Expense (Q1’2013 & Q1’2014)

* Excludes Impairment losses, Finance costs and Share

of profits of associates

- Operating expense Q1’2013 = 51,810 MTHB

- Operating expense Q1’2014 = 52,004 MTHB

Total expense Q1’2013 = 55,239 MTHB

Total expense Q1’2014 = 53,353 MTHB

Units : MTHB


% Change % of

Expense YoY Tot. Exp.

Personnel expense 8.42- 14.39

Fuel and oil 2.11 38.88

Flight service expense 6.83 10.53

Inventories and supplies 10.39- 4.06

Crew expense 0.87 2.76

Maintenance/overhual 3.28 6.30

Depreciation/amortisation 6.84 9.57

Aircraft lease/spare parts 35.81 2.66

Other expense 30.48- 10.85

Total Expense 3.41- 100.00

8


EBIT, EBITDA and Net Profit (Q1’2013 & Q1’2014)

Units : MTHB

4,443

10,459

8,283

2,154

-2,229

3,242

-2,634

-3,624 -5,000

-

5,000

10,000

15,000

Q1' 2013 Q1' 2014


Factors Impacting Q1’2014 Results

• Number of passengers decreased

15.4% the same period last year.

• ASK decreased 0.6% the same period

last year.

• RPK decreased 12.6% the same

period last year.

• Cabin factor decreased 12.2% from

the same period last year.

• FX gain 990 MTHB from strength Baht.

(Exclude FX)

EBIT EBITDA NET PROFIT *NET PROFIT

9


Ratios – Q1’2013 & Q1’2014

Ratios units Q1’2013 Q1’2014

Earnings Per Share (THB) 3.79 -1.21

Book Value per Share (THB) 35.26 24.83

Price / Book Value (Times) 0.81 0.56

EBIT (MTHB) 4,443 -2,229

EBITDA (MTHB) 10,459 3,242

IBD to Equity (Times) 2.0 3.4

Debt Service Coverage* (Times) 1.5 0.6

Interest Coverage (Times) 7.4 2.3

Operating Profit Margin (%) 7.9 -4.5

Net Profit Margin (%) 14.8 -5.3


*EBITDAR – TAX / Interest + Rent + Long Term Debt Repayment – Refinance-Prepayment

10


Internet Sales

Ticket Sales Via Internet % of Sales

0

2

4

6

8

10

12

14

16

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Year 2010 Year 2009 Year 2011 Year 2012 Year 2013 Year 2014

11


Check-in via Mobile (http://m.thaiairways.com)

# of PAX

Check-in via Internet

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

13,994 For DEC-13

e-Services

0

2

4

6

8

10

12


%

Year 2010

Year 2009

Year 2011

Year 2012

Year 2013 Year 2014

12


Monthly fuel hedging 2008-2014 - % of consumption by month

Fuel Management

Hedging combined with fuel surcharge greatly mitigates fuel price fluctuation risk

0%

0%

0%

0%

3%

17

%3

8% 41

%4

4%

44% 49%

35

%2

7%

20%

23

%3

%3

% 7%1

3%

13

% 17

%2

0% 27

% 30

%4

4%

44

%4

4%

47

%4

7%

47

%6

9%

69

%6

9%

69

%6

9%

69%

51

%5

1%

51

%5

0%

50

% 56

%8

0%

80

%8

0%

80

%8

0%

80

%7

3%

76

%7

9% 84%

84%

84%9

3%

93

%9

3%

85

%8

5%

85

%

67

%

67

%

67

%

66

%6

6%

66

%9

0%

90

%9

0%

90

%

90%

90

%

68

%7

1%

65

%5

6%

56

%5

6%

53

%5

3%

53

%5

3%

53

%5

3%

Ja

n-0

8F

eb

-08

Ma

r-0

8A

pr-0

8M

ay

-08

Ju

n-0

8Ju

l-08

Au

g-0

8S

ep

-08

Oc

t-0

8N

ov

-08

Dec-0

8Jan

-09

Feb

-09

Mar-0

9A

pr-0

9M

ay

-09

Ju

n-0

9J

ul-

09

Au

g-0

9S

ep

-09

Oct-0

9N

ov

-09

Dec-0

9J

an

-10

Fe

b-1

0M

ar-1

0A

pr-1

0M

ay

-10

Ju

n-1

0Ju

l-10

Au

g-1

0S

ep

-10

Oc

t-1

0N

ov

-10

Dec-1

0Jan

-11

Feb

-11

Mar-1

1A

pr-1

1M

ay

-11

Ju

n-1

1J

ul-

11

Au

g-1

1S

ep

-11

Oct-1

1N

ov

-11

Dec-1

1J

an

-12

Fe

b-1

2M

ar-1

2A

pr-1

2M

ay

-12

Ju

n-1

2Ju

l-12

Au

g-1

2S

ep

-12

Oc

t-1

2N

ov

-12

Dec-1

2Jan

-13

Feb

-13

Mar-1

3A

pr-1

3M

ay

-13

Ju

n-1

3Ju

l-13

Au

g-1

3S

ep

-13

Oct-1

3N

ov

-13

Dec-1

3J

an

-14

Fe

b-1

4M

ar-1

4A

pr-1

4M

ay

-14

Ju

n-1

4Ju

l-14

Au

g-1

4S

ep

-14

Oc

t-1

4N

ov

-14

Dec-1

4

13


Foreign Currency Exposure

USD 30%

EUR 33%

JPY9%

THB28%

Revenue Expense Outstanding loan (After Swap)

USD 63%

EUR 10%

JPY3%

THB24%

Currency Break down

(As of Mar 2014)

USD 0%

EUR 58%

JPY7%

THB35%

14


Proportion of Fixed and Float

(As of 31 MAR 2014)

Debt Structure

Fixed40%

Float60%

Percentage of TOTAL

(TOTAL = 178,362 MTHB)

Fixed53%

Float47%

Percentage of TOTAL

(TOTAL = 179,765 MTHB)

Before Swap After Swap

15


Looking ahead

16


Actual

61.5

54.0

49.7

54.7 54.4 56.455.8 54.152.2 50.4

55.3 56.755.6

51.6

47.2

51.154.7

52.8 52.150.1

47.5 46.1

52.552.6

56.5

50.6

47.2

50.5 51.9 51.653.1

30.0

40.0

50.0

60.0

70.0

Estimated (As of 13.5.14)

Looking Ahead

Freight Factor (%)

Cabin Factor (%)

Actual

Booking

(As of 13.5.14)

Estimated (As of 13.5.14)

73.670.4

77.379.078.4 78.3

71.575.5

79.778.7

71.7 73.576.7 78.378.8

80.4 80.375.8

66.469.2

75.378.0

72.371.5 71.170.471.570.068.771.1

64.8

44.7

30.0

40.0

50.0

60.0

70.0

80.0

90.0

17


Company Facts

18


Current Fleet

Current Fleet: 101 Aircrafts

First Business Economy Total

A300-600 R 36R3 5 N.A. 28 232 260 5O

A340-600 3461 6 8 60 199 267 6FL

3302 9 N.A. 42 263 305

3303 8 N.A. 36 263 299

3304 7 N.A. 36 263 299

3201 2 N.A. N.A. 174 174

3202 4 N.A. N.A. 174 174

3203 6 N.A. N.A. 168 168

A380-800 3801 6 12 60 435 507 2O, 4FL

B737-400 7341 5 N.A. 12 137 149 2O, 3OL

7444 6 10 40 325 375

7445 6 9 40 325 374

Freighters 2 - - - -

B777-200 7724 8 N.A. 30 279 309 6O, 2OL

B777-200 ER 77E1 6 N.A. 30 262 292 6FL

B777-300 7732 6 N.A. 34 330 364 6O

B777-300 ER 77B1 9 N.A. 42 306 348 1FL,8OL

Total 101 39 490 4,135 4,664 42O, 33FL, 25OL

12O, 2FLB747-400

A320-200 12OL

7O, 15FL, 2OL

Aircraft Type Version# of

AircraftFinancial Method

# of Seat

A330-300

As of 31 Mar 14

40% of O 33% of FL 27% of OL

O=Owned FL=Financial lease OL=Operating lease

(Note: Approximately)

Average age of aircraft = 9.6 years

Note: Exclude 1 of Airbus 330-300 that has been damaged

from skidding off the runway after landing at SVBA

19


Aircraft Delivery Plan

NEW A/C DELIVERY

2013 2014 2015 2016 2017 TOTAL

A330-300 2 (FL) (JAN/APR)

2

A350-900 2 (OL) (MAY/JUL)

5 (3OL/2FL) 7

A380-800 3 (1FL/2O) (MAR/OCT/NOV)

- - - - 3

A320 (Thai Smile) 6 (OL)

(JAN/MAR/OCT/

OCT/NOV/DEC)

7 (5OL/2FL)

(JAN/FEB/

MAY/JUN/SEP/ NOV/NOV)

3 (FL)

(JAN/MAY/ AUG)

16

B777-300ER

6 (OL) (MAR/APR/JUN/

JUL/AUG/OCT)

3 (FL)

(JAN/JUL/AUG) 3 (FL)

(JAN/JUN/SEP) - - 12

B787-8 4 (OL)

(JUN/JUL/

OCT/ NOV)

2 (OL) (APR/JUN)

6

B787-9 2 (OL) (SEP/OCT)

2

TOTAL 17 14 8 2 7 48

As of 31 DEC 13 Note : O = Own / FL = Financial lease / OL = Operating leas e

20


Phase Out Plan

PHASE-OUT PLAN 2013 2014 2015 2016 2017 TOTAL

A300-600 4 5 - - - 9

A330-300 1 5 5 2 - 13

B747-400 4 - - - 2 6

B777-300ER

(Jet Airways) 5 - - - - 5

B777-200 - - - - 2 2

B737-400 - 3 - - 2 5

TOTAL 14 13 5 2 6 40

Note: Exclude Nok Air returned

As of 31 DEC 13

21


THAI’s Route Network

World Route Network

International

Routes

30 MAR 2014

To

25 OCT 2014

(Based on TPI

Summer 2014 Issue 1)

31 MAR 2013

To

26 OCT 2013

(Based on TPI


Countries 33 35

Destinations 59 62

Flight Frequency / Week 588 638

Seats / Week 362,484 396,068

22


CHIANG RAI

KHON KAEN

PHUKET

CHIANG MAI

SAMUI

BANGKOK

Domestic Route Network

Domestic Routes

30 MAR 2014

To

25 OCT 2014 (Based on TPI


31 MAR 2013

To



Destinations

6 7

Flight Frequency / Week

173 215

Seats / Week 88,016 112,371

THAI’s Route Network

KRABI

23


Seasonal Frequency Increase

• Bangkok-Chongqing-Bangkok 3 4 flights / week

• Bangkok-Colombo-Bangkok, 6 7 flights / week

• Bangkok-Hyderabad-Bangkok 4 5 flights / week

Seasonal Temporarily Suspended Flights

• Bangkok-Sendai-Bangkok

• Copenhagen-Phuket-Copenhagen

• Stockholm-Phuket-Stockholm

• Bangkok-Moscow-Bangkok

Seasonal Frequency Increase

•Bangkok-Madrid-Bangkok 3 4 flights / week

•Bangkok-Denpasar-Bangkok 5 7 flights / week

•Bangkok-Frankfurt-Bangkok 5 7 flights / week

•Bangkok-Copenhagen-Bangkok 6 7 flights / week

•Bangkok-Oslo-Bangkok 5 7 flights / week

•Bangkok-Stockholm-Bangkok 6 7 flights / week

•Bangkok-Zurich-Bangkok 6 7 flights / week

•Bangkok-Brisbane-Bangkok 5 7 flights / week

•Bangkok-Islamabad-Bangkok 3 4 flights / week

Seasonal Temporarily Suspended Flights

•Bangkok-Luang Prabang-Bangkok

Adjust flight schedules

Note: Based on TPI Summer 2014 Issue 2 (30 MAR 14 to 25 OCT 14)

Subject to current market condition

24


THAI Smile based at Suvarnabhumi Airport

Operates in domestic and regional secondary routes

and synchronizes with TG’s network.

*Note: Based on TPI Summer 2014 Issue 1 (30 MAR 2014 – 25 OCT 2014)

FREQUENCY*

DESTINATION

14 Flights / week Bangkok - Macau V.V.

14 Flights / week Bangkok – Phnom Penh V.V.

14 Flights / week Bangkok - Vientiane V.V.

7 Flights / week Bangkok – Colombo V.V.

5 Flights / week Bangkok – Delhi V.V.

5 Flights / week Bangkok – Hyderabad V.V.

4 Flights / week Bangkok - Mandalay V.V.

4 Flights / week Bangkok – Chongqing V.V.

3 Flights / week Bangkok – Changsha V.V.

35 Flights / week Bangkok – Hat Yai V.V.

28 Flights / week Bangkok - Udon Thani V.V.

21 Flights / week Bangkok – Khon Kaen V.V.

14 Flights / week Bangkok - Chiang Mai V.V.

14 Flights / week Bangkok - Ubon Ratchathani V.V.

14 Flights / week Bangkok - Surat Thani V.V.

14 Flights / week Bangkok - Krabi V.V.

7 Flights / week Bangkok – Chiang Rai V.V.

7 Flights / week Chiang Mai - Phuket V.V.

# of aircraft

Fleet Plan (2012-2015)

4

17

Year 2012

Year 2013

Year 2014

Year 2015 20

10

Currently 12 aircrafts Airbus 320-200 (As at 28 Feb 2013)

THAI Smile Fleet Plan & Route Network

International &

Domestic Routes

30 MAR 2014

To



31 MAR 2013

To



Countries 8 5

Destinations 18 12

Flight Frequency / Week 234 123

Seats/Week 69,565 41,212

(As of NOV 2013)

25


26


Operating Statistics

27


4.92 4.20

4.77 4.50 5.16

4.86 5.10 5.50 5.69 5.11 5.41 5.31 4.81

2.00

4.00

6.00

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14

Passengers Carried*

(Million)

Freight Carried

172,749 174,570 168,199

175,708 170,625

165,110 166,187

177,173

165,759 159,104

154,445

176,261

158,155

100,000

130,000

160,000

190,000

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14

(Tons)


Year 2011

Q1’14 = 4.81 million (Decreased 15.4% YoY)

Q1’14 = 158,155 tons (Decreased 4.6% YoY)

Year 2012

*Included THAI Smile

Year 2013

Year 2011 Year 2012 Year 2013 Year 2014

Year 2014

28


THAI’s Number of PAX

By Class By Area

Total passengers for JAN-MAR 2014 = 4.26 million

Q1’2014

Royal First 0.40%

Royal Silk 9.34% Premium

Economy 0.18%

Economy 87.37%

Non Revenue 2.71%

Regional 52.59%

Australia 5.54%

Europe 15.69%

North Pacific 0.83%

Africa 0.31%

Non-Schedule (Int)

0.21% Domestic 24.78%

Non-Schedule (Dom) 0.05%

29


By Class By Area

THAI Smile’s Number of PAX

Total passengers for JAN-MAR 2014 = 550,047

Domestic 84.28%

International 15.72%

Q1’2014

Royal Silk 4.92%

Economy 93.14%

Non Revenue 1.94%

30


75.3

4

71.8

4

74.3

2

73.0

7

74.6

3

76.3

4

65.3

3

56.6

7

72.1

0

78.7

7

82.2

7

82.0

1

76.9

6

73.9

9

75.0

8

74.3

5

76.0

7

71.3

3

65.0

7

62.2

2

71.1

2

76.8

1

75.1

8

77.2

2

2,000

4,000

6,000

8,000

Jan

-09

Feb

-09

Mar-0

9

Ap

r-0

9

May-0

9

Ju

n-0

9

Ju

l-09

Au

g-0

9

Sep

-09

Oct-

09

No

v-0

9

Dec-0

9

Jan

-10

Feb

-10

Mar-1

0

Ap

r-1

0

May-1

0

Ju

n-1

0

Ju

l-10

Au

g-1

0

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

-

20.00

40.00

60.00

80.00

100.00

ASK RPK C/FC/F RPK ASK

Passengers*

77.8

77.6

73.0

71.8

61.9

65.7

77.2

74.8

69.9

65.7

61.0

68.1

77.3

79.0

78.4

78.3

71.5

75.5

79.7

78.7

71.7

73.5

76.7

78.3

78.8

80.4

80.3

75.8

66.4

69.2

75.3

78.0

72.3 71.5

71.1

78.3

71.5

70.0

68.7

-

20.0

40.0

60.0

80.0

100.0

-

2,000

4,000

6,000

8,000

Ja

n-1

1

Feb

-11

Mar-

11

Ap

r-1

1

May

-11

Ju

n-1

1

Ju

l-1

1

Au

g-1

1

Se

p-1

1

Oc

t-11

No

v-1

1

Dec

-11

Ja

n-1

2

Feb

-12

Mar-

12

Ap

r-1

2

May

-12

Ju

n-1

2

Ju

l-1

2

Au

g-1

2

Se

p-1

2

Oc

t-12

No

v-1

2

Dec

-12

Ja

n-1

3

Feb

-13

Mar-

13

Ap

r-1

3

May

-13

Ju

n-1

3

Ju

l-1

3

Au

g-1

3

Se

p-1

3

Oc

t-13

No

v-1

3

Dec

-13

Ja

n-1

4

Feb

-14

Mar-

14

(%)

Year 2011 Year 2012

(Million)

JAN-DEC'12 JAN-DEC'13 YoY% MAR'13 MAR'14 YoY% Q1'13 Q1'14 YoY%

MASK 79,231 85,655 8.1 7,255 6,916 4.7- 21,051 20,934 0.6-

MRPK 60,679 63,479 4.6 5,826 4,752 18.4- 16,802 14,677 12.6-

Cabin factor (%) 76.6 74.1 3.2- 80.3 68.7 14.4- 79.8 70.1 12.2-

YoY (Month)YoY (Year to date) YoY (Quarter)


Year 2013

*Includes THAI Smile

Q1 2014

31


53.7

56.6

60.1

58.0

57.8

57.7

55.1

54.2

56.1

56.3

55.2

54.3

49.7

54.7

59.8

56.4

55.9

54.1

52.2

50.4

55.2

56.6

55.5

51.6

47.1

51.1

54.6

52.7

52.1

50.3

47.4

45.6

52.5

52.6

56.5

52.1

47.2

50.5

58.0

-

20.0

40.0

60.0

80.0

-

200

400

600

Jan

-11

Fe

b-1

1

Ma

r-1

1

Ap

r-11

Ma

y-1

1

Ju

n-1

1

Ju

l-1

1

Au

g-1

1

Se

p-1

1

Oc

t-1

1

No

v-1

1

Dec

-11

Jan

-12

Fe

b-1

2

Ma

r-1

2

Ap

r-12

Ma

y-1

2

Ju

n-1

2

Ju

l-1

2

Au

g-1

2

Se

p-1

2

Oc

t-1

2

No

v-1

2

Dec

-12

Jan

-13

Fe

b-1

3

Ma

r-1

3

Ap

r-13

Ma

y-1

3

Ju

n-1

3

Ju

l-1

3

Au

g-1

3

Se

p-1

3

Oc

t-1

3

No

v-1

3

Dec

-13

Jan

-14

Fe

b-1

4

Ma

r-1

4

(Million) (%)

Freight

75.3

4

71.8

4

74.3

2

73.0

7

74.6

3

76.3

4

65.3

3

56.6

7

72.1

0

78.7

7

82.2

7

82.0

1

76.9

6

73.9

9

75.0

8

74.3

5

76.0

7

71.3

3

65.0

7

62.2

2

71.1

2

76.8

1

75.1

8

77.2

2

2,000

4,000

6,000

8,000

Jan

-09

Feb

-09

Mar-0

9

Ap

r-0

9

May-0

9

Ju

n-0

9

Ju

l-09

Au

g-0

9

Sep

-09

Oct-

09

No

v-0

9

Dec-0

9

Jan

-10

Feb

-10

Mar-1

0

Ap

r-1

0

May-1

0

Ju

n-1

0

Ju

l-10

Au

g-1

0

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

-

20.00

40.00

60.00

80.00

100.00

ASK RPK C/F F/F RFTK ADTK


Year 2011 Year 2012 Year 2013

JAN-DEC'12 JAN-DEC'13 YoY% MAR'13 MAR'14 YoY% Q1'13 Q1'14 YoY%

MADTK 4,892 5,019 2.6 438 405 7.5- 1,258 1,213 3.6-

MRFTK 2,653 2,565 3.3- 239 235 1.7- 641 629 1.9-

Freight factor (%) 54.2 51.1 5.8- 54.6 58.0 6.3 51.0 51.9 1.8

YoY (Month)YoY (Year to date) YoY (Quarter)

Q1 2014

32


Passenger Yield (Including Fuel Surcharge) 2.7

3

2.6

3

2.5

4

2.6

8

2.4

4

2.4

2

2.4

5

2.5

5

2.4

0

2.5

6

2.6

1

2.7

2

2.8

3

2.7

8

2.7

0

2.7

8

2.7

8

2.6

4

2.6

3

2.7

5

2.7

0

2.8

1

2.8

1

2.7

8

2.8

7

2.7

3

2.6

7

2.6

9

2.6

2

2.6

0

2.7

4

2.6

7

2.7

2

2.7

1

2.7

2

2.8

6

2.8

4

2.7

4

2.7

6

2.6

4

2.5

1

2.5

3

2.4

9

2.6

1

2.6

0

2.6

1

2.6

8

2.7

7

2.7

6

2.7

6

2.7

3

2.00

2.50

3.00


Year 2010 Year 2011 Year 2012 Year 2013 Year 2014

(THB/Km)


Freight Yield (Including Fuel Surcharge)

Note: Yield (from JAN’12 onwards) is passenger - sales commission and discount/RPK Based on RCM report

9.6

6

9.0

8

9.1

0

9.3

0

9.8

9

9.6

5

9.5

3

9.3

0

9.8

4

9.3

7

9.7

2

9.4

4

9.7

0

9.4

2

9.9

5

9.6

5

9.8

2

10

.00

9.8

0

9.8

7

9.6

0

9.5

3

9.6

0

9.6

2

9.3

3

9.4

7

9.4

6

9.0

6

9.0

0

8.9

1

9.0

8

9.4

2

9.5

2

9.4

9

9.2

1

9.1

5

9.0

3

9.3

7

9.3

4

9.2

6

9.2

7

7.00

8.00

9.00

10.00


Year 2010 Year 2011 Year 2012 Year 2013 Year 2014

(THB/Km)

10.1

5

10.1

0

10.0

2

10.0

1

10.0

1

10.0

9

10.1

1

10.1

7

9.9

5

10.0

8

33


Aircraft Utilization for Year 2013 = 11.2 Hours/Day/Aircraft

Aircraft Utilization

11.3 11.2 11.2

11.1

10.9

11.2 11.2 11.2

11.0

11.4 11.5

11.2 11.1

10.4

10.1

10.0

11.0

12.0

13.0


2009 2010 2011 2012 2013 2014

Aircraft Utilization for Year 2012 = 11.5 Hours/Day/Aircraft

Hours / Day / Aircraft

Aircraft Utilization for Q1’2014 = 10.5 Hours/Day/Aircraft

34


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