Airports of Thailand Plc.
Investor Relations Center, E-mail: [email protected], Tel: (662) 535-5900, Fax (662) 535-5909
For The fiscal Year 2011 (October 2010 – September 2011)
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
Royal Thai Navy Airport
Sukhothai
Bangkok Airways Airports
DCA Airports
AOT Airports
Ubon RatchathaniBuri RamNakhon Ratchasima
Nakhon Phanom
Sakon Nakhorn
Roi Et
Khon Kaen
Udon Thani
Loei
PhetchabunPhitsanulok
LampangPhrae
NanMae Hong Son
TakMae Sot
U-TapaoHua Hin
Chumpon
Samui
Nakhon Si Thammarat
Ranong
Krabi
Trang PattaniNarathiwat
Trad
Surattani
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 siteso Chiang Mai International Airport (CNX) o Phuket International Airport (HKT) o 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 Navyo U-Tapao Pattaya International Airport
Bangkok Airways Companyo Sukhothai Airporto Samui Airporto Trad Airport
PHUKET INTERNATIONAL AIRPORT
MAE FAH LUANG-CHIANG RAI INTERNATIONAL AIRPORT CHIANG MAI
INTERNATIONAL AIRPORT
DON MUANG INTERNATIONALAIRPORT
HAT YAI INTERNATIONAL AIRPORT
SUVARNABHUMI AIRPORT
Note: 1. AOT’s traffics account for more than 90% of Thailand’s air traffics.2.Changing from Chiang Rai International Airport to Mae Fah
Luang–Chiang Rai International Airport since March 13, 2010.
Airports in Thailand
3
Pai
Surin
Fact Sheet Listed on 11 March 2004 Shares outstanding 1,428.57 Million Shareholders
•Ministry Of Finance 70%•Free Float 30%
Average Daily Market Cap (Oct 10 - Sep 11)
•BHT 55,412.64 Million
Business OverviewShareholders Information
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
(As of December 30, 2011)
4
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)- On 23 Feb 2007(Baht 1.80 per share)
1. Ministry of Finance 70.00 %
2. Nortrust Nominees Ltd. 4.84 %
3. State Street Bank and Trust Company for Australia
1.94 %
4. Thai NVDR Company 1.91 %
5. Bualuang Long-Term Equity Fund (B-LTF) 1.48 %
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 Lending Thailand
0.70 %
Fiscal Year
EPS (Baht)1
(The Company)Dividend per share
(Baht)
Dividend payout
ratio
Dividend Yield
20062 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%
28.58 29.80 35.84 40.63
75.9857.16
72.2892.10
2008 2009 2010 2011
International Domestic
220.67 196.68 215.65 248.39
173.38149.86
170.12193.05
2008 2009 2010 2011
International Domestic
104.5686.96
(Unit: Thousand)
AOT Traffics
Aircraft Movement Statistics (12 months)
• Domestic (3 airlines)
Thai Air Asia
Nok Air
One-Two-Go/Orient Thai Airlines
• International (15 airlines)
Air Asia
Thai Air Asia
Tiger Airways
Jetstar Asia
Jetstar Airways
CEBU Pacific Air
Indonesia Air Asia
Air Berlin
Condor Flugdienst
Jeju Air
Jin Air
Firefly
Tomsonfly
Air India Express
IndiGO Airlines
Major LCCs Airline
394.05346.54
5
LCCs Traffics
Note: 1. Fiscal Year starting from October to September2. The percentage growth as shown is calculated from
the full number of the air traffic statistics
385.77 108.12
441.44 132.73
(Unit: Thousand)
FY FY
FY2010 FY2011 YoY%
BKK 261,782 288,540 10.22%
DMK 33,603 47,508 41.38%
BKK+DMK 295,385 336,048 13.77%
CNX 27,422 30,800 12.32%
HDY 11,116 13,678 23.05%
HKT 46,132 55,110 19.46%
CEI 5,714 5,804 1.58%
Total 385,769 441,440 14.43%
FY2010 FY2011 YoY%
BKK 48,390 52,757 9.02%
DMK 21,595 31,222 44.58%
BKK+DMK 69,985 83,979 20.00%
CNX 10,521 14,387 36.75%
HDY 7,201 10,664 48.09%
HKT 17,832 20,515 15.05%
CEI 2,584 3,182 23.14%
Total 108,123 132,727 22.76%
36.80 30.61 35.83 42.11
21.5019.47
21.5924.19
2008 2009 2010 2011
International Domestic
3.42 3.50 4.79 5.81
9.026.72
9.20
11.84
2008 2009 2010 2011
International Domestic
AOT Traffics LCCs Traffics
Passenger Movement Statistics (12 months)
58.3050.08
12.4410.22
(Unit: Million)(Unit: Million)
6
66.30
13.9957.42
Note: 1. Fiscal Year starting from October to September2. The percentage growth as shown is calculated from the full number of the air traffic statistics
17.65
FY FY
FY2010 FY2011 YoY%
BKK 42,496,950 47,800,585 12.48%
DMK 2,758,831 3,972,876 44.01%
BKK+DMK 45,255,781 51,773,461 14.40%
CNX 3,182,980 3,680,390 15.63%
HDY 1,464,984 1,834,568 25.23%
HKT 6,797,098 8,206,405 20.73%
CEI 724,241 805,842 11.27%
Total 57,425,084 66,300,666 15.46%
FY2010 FY2011 YoY%
BKK 6,266,204 7,352,443 17.33%
DMK 2,710,721 3,871,991 42.84%
BKK+DMK 8,976,925 11,224,434 25.04%
CNX 1,312,442 1,735,147 32.21%
HDY 971,959 1,437,954 47.94%
HKT 2,375,509 2,832,809 19.25%
CEI 358,829 416,643 16.11%
Total 13,995,664 17,646,987 26.09%
Monthly Air Traffic Movements: FY 2007 - 2011
7
(Unit: Thousand)
(Unit: Million)
Aircraft Movements
Passenger Movements
FY 2007
FY 2008
FY 2009
FY 2010
FY 2007
FY 2008
FY 2009
FY 2010
FY 2011
FY 2011
Airport Revenues (The consolidated financial statements)
Landing & Parking Charges 20% increased on Jan 1st, 2005
15% increased on Apr 1st, 2007
Passenger Service Charges (PSC) Effective on Feb 1st, 2007
THB 500 to THB 700 - International PSC
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
Office & State Property Rental Rental tenants include airline, government 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 Announcement Services, Hydrant System Services, etc.
Concession Varies by activities such as Duty Free, Souvenirs, Food & Beverage, Airline Catering, Fueling Services, Car Parking, Advertising, Banking, etc.
Aeronautical
59.95%
(For FY 2011)
Non-Aeronautical
40.05%
(For FY 2011)
8
FY2008 FY2009 FY2010 FY2011 YoY(%)
LPC 4,216.35 3,114.98 3,407.11 4,370.34 28.27%
PSC 10,417.01 8,676.54 10,180.50 12,334.06 21.15%
ASC 431.75 411.06 418.34 465.00 11.15%
OPR 1,861.76 1,698.23 1,615.82 1,718.26 6.34%
SVR 3,389.29 2,901.28 3,127.57 3,311.25 5.87%
CCR 6,423.98 4,700.31 5,283.27 6,441.77 21.93%
Total 26,740.14 21,502.39 24,032.61 28,640.69 19.17%
2008 2009 2010 2011
Total Revenue By proportion
By Growth
(Unit: Million)
(Unit: Million Baht)
FY 2010 FY 2011
9Note: Fiscal Year starting from October to September
Landing & Parking charges (LPC)
Passenger service charges (PSC)
A/C Service charges (ASC)
Office and state property rents (OPR)
Service revenues (SVR)
Concession revenue (CCR)
26,740.14
21,502.39
Revenue Breakdown (The consolidated financial statements)
FY
24,032.61
28,640.69
Airport Expenses (The consolidated financial statements)
Management Benefit Expenses Consisting of the remuneration of AOT’s board of directors and executives as stated in the notice of Capital Market Supervisory Board
Personnel Expenses Consisting of employee salaries and bonuses, employee benefits, retirement payments and contributions to employee provident fund
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 Consisting of rental payments made to the Ministry of Finance under the airport land leases
Depreciation and Amortization 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
2008 2009 2010 2011
By proportion
By Growth
(Unit: Million)
(Unit: Million Baht)
11
18,740.40 18,543.25 19,629.66
Note: * Management benefit expenses are the remuneration of AOT’s board of directors and executives as stated in the notice of Capital Market Supervisory Board
Total Cost
Expense Breakdown (The consolidated financial statements)
FY 2010 FY 2011
Management benefit expenses *Personnel expensesOperating expensesRepairs and maintenance (R&M)State property rental (SPR)Depreciation and amortization (D&M)
FY2008 FY2009 FY2010 (Adjusted)
FY2011 YoY(%)
Management - 57.81 67.31 62.95 (6.48%)
Personnel 3,909.00 3,223.64 3,814.34 3,871.15 1.49%
Operating 5,100.31 5,201.80 5,548.85 6,081.07 9.59%
R&M 683.96 1,214.69 1,539.77 2,304.69 49.68%
SPR 1,180.24 939.51 1,034.05 1,247.40 20.63%
D&M 7,866.89 7,905.80 7,625.33 7,865.65 3.15%
Total 18,740.40 18,543.25 19,629.66 21,432.92 9.19%
FY
21,432.92
FY2007 FY2008 FY2009 FY2010 (Adjusted) FY2011 YoY%
Revenue 19,501.41 26,740.14 21,502.39 24,032.61 28,640.69 19.17%
Expense 18,004.68 18,740.40 18,543.25 19,629.66 21,432.92 9.19%
Depreciation 7,768.01 7,866.89 7,905.80 7,625.33 7,865.65 3.15%
EBIT 1,496.73 7,999.74 2,959.14 4,402.96 7,207.77 63.70%
EBITDA 9,264.74 15,866.63 10,865.94 12,028.29 15,073.42 25.32%
Net Profit (Loss) 1,089.76 7,321.05 717.26 2,039.25 2,528.30 23.98%
(Unit: Million Baht)
Income Statements (The consolidated financial statements)
12
(As of September 30, 2011)
13
30 Sep 2010 (Adjusted) 30 Sep 2011
Cash 3,518.91 5,179.44
Other Current Asset 24,770.11 26,774.84
Non Current Asset 113,299.97 115,165.51
Total Assets 141,588.99 147,119.79
Current Liabilities 14,176.72 16,758.96
Long Term Loan 56,196.45 57,513.61
Other Non Current Liabilities 1,370.02 1,292.64
Total Liabilities 71,743.19 75,565.21
Shareholder’s Equity 69,845.80 71,554.58
Total Liabilities & Shareholder’s Equity 141,588.99 147,119.79
BALANCE SHEET CASH FLOW STATEMENT
Beginning Cash Flow 3,518.91
Cash Flow from Operation 16,726.22
Cash Used in Investment (7,403.37)
Cash Used in Financing (7,662.32)
Ending Cash Flow 5,179.44
Total Loan (Million Yen) 199,210.77
Disbursed Amount 194,409.73
Repayment Amount
(Million Yen)44,485.72
Hedged Percentage of the remaining loan 77.63%
Average Interest Rate 5.02%
LONG-TERM LOANS
(Unit: Million Baht) (Unit: Million Baht)
Financial Status (The consolidated financial statements)
14
Note: Gearing = Total Debt / Total EquityNet Gearing = Net Debt / Total EquityTotal Debt = Total Interest Baring Debt
Financial Ratios (The consolidated financial statements)
30 Sep 2008
(FY2008)
30 Sep 2009
(FY2009)
30 Sep 2010
(FY2010) (Adjusted)
30 Sep 2011
(FY2011)
Par Value (THB) 10.00 10.00 10.00 10.00
Market Price (THB) 31.00 42.25 41.50 39.50
BV/share 53.42 51.28 48.89 50.09
P/BV 0.58 0.82 0.85 0.79
EPS 5.12 0.50 1.43 1.77
P/E 6.05 84.50 29.02 22.32
Gearing 0.79 0.91 0.89 0.89
Net Gearing 0.74 0.87 0.84 0.82
ROA (%) 5.00 0.48 1.44 1.72
ROE (%) 9.59 0.98 2.92 3.53
15
Houses Amount
NEF > 40 549.56
Purchased 104 466.37
Insulated 323 83.19
NEF 30-40 1,176.49
Insulated 4,216 896Sensitive Area 20 280.49
Total 1,726.05
KMITL 214.00
Grand total 1,940.05
Proceeded(Unit: Million Baht)
Noise Compensation (Suvarnabhumi Airport Phase I)
Note: - KMITL is King Mongkut’s Institute of Technology Ladkrabang
- NEF : Noise Exposure Forecast
Total Impacted Houses
(9,229)
NEF > 40(506)
NEF 30-40(8,723)
Insulation(354)
Insulation(8,723)
Purchase(152)
Summer Season (Unit: Houses)
As of December 9, 2011
(The cabinet resolution on May 29,2007)
Planned
16
Noise Compensation (Suvarnabhumi Airport Phase I)
Total Impacted Houses
(6,455)
NEF > 40(138)
NEF 30-40(6,317)
Winter Season (Unit: Houses)
Note: The Shareholders Approval on Jan 21, 2011
ProceededPlanned
Houses Amount
NEF > 40 11.45
Purchased - -
Insulated 39 11.45
NEF 30-40 343.15
Insulated 1,646 331.10Sensitive Area 1 12.05
Total 354.60
(The cabinet resolution on Aug 31, 2010) (Unit: Million Baht)
As of December 9, 2011
17
Suvarnabhumi 1/ Investment Cost
(billion baht)Expected
TimeframeAdditional Capacity
1. Project Management Consultant (PMC)
2. 1st Midfield Satellite3. Apron around 1st Midfield
Satellite4. South Tunnel and
Automated People Mover5. Main Terminal Extension6. Parking Garage and Airlines
Office7. Utilities
62.50 2011 - 2017 - 15 MAP
- 28 contacted gates
Phuket Investment Cost
(billion baht)Expected
TimeframeAdditional Capacity
1. New International Passenger Terminal
2. Renovation of the Existing Terminal
3. Apron4. Other related facilities
5.79 2009 - 2013 - 6 MAP
- 4 contacted gates
Future Airport Developments
Note : 1/ The cabinet already approved on Aug 31, 2010
18
Commercial Projects
Don Muang International Airport
• Private Jet Terminal• Narrow Body MRO Hangar – Airframe Heavy maintenance/landing gear• Aircraft parts and Component storage Project• The Import cars showroom Project• Logistic Center• The Convention and Exhibition Center Project
Phuket International Airport
• Private Jet Terminal
Suvarnabhumi Airport
• Community Mall• Central Warehouse• Hotel• Hospital• Office Building • Exhibition Center• Export Exhibition Center
Chiang Mai International Airport
• Private Jet Terminal
19
Airport
Aircraft(Flights/Hour)
Passengers(Million/Year)
Cargoes(Million Metric Tons/Year)
CapacityActual Utilization
CapacityActual Utilization
CapacityActual Utilization
FY10 FY11 FY10 FY11 FY10 FY11
BKK 76 56 58 45 42.50 47.80 3.00 1.27 1.33
DMK 60 21 23 36.5 2.76 3.97 1.27 0.007 0.007
HKT 20 19 21 6.5 6.80 8.21 0.036 0.026 0.028
CNX 24 12 13 8 3.18 3.68 0.035 0.021 0.021
HDY 20 10 10 1.9 1.46 1.83 0.013 0.013 0.015
CEI 12 5 6 3 0.72 0.81 0.005 0.003 0.004
Appendix A: Airport Capacity vs. Utilization
20
Airports
Area Capacity
Runways
(Metres)Total Area
(Acres)
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 60 x 3,70060 x 4,000
DMK 1,552 391,316 60 36.5 1.27 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 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 2 60 x 4,000
Incheon 13,880 500,000 70 44 4.5 360 x 4,00060 x 3,75060 x 3,750
Appendix B: AOT vs. Regional Airports Capacity
21
Low Cost CarriersTop 10 Airlines
Appendix C: Market Share (By Aircraft) at Suvarnabhumi Airport – FY2011
1. Thai Airways International 32.29%
2. Thai AirAsia 14.38%
3. Bangkok Airways 11.57%
4. Cathay Pacific Airways 2.25%
5. China Airlines 1.69%
6. Emirates 1.63%
7. EVA Air 1.35%
8. Jet Airways 1.12%
9. Singapore Airlines 1.11%
10. JAL Ways 1.08%
1. Thai AirAsia 58.54%
2. AirAsia 10.75%
3. JetStar Asia 7.47%
4. Tiger Airways 6.84%
5. CEBU Pacific Air 3.75%
6. Air Berlin 3.13%
7. Indonesia AirAsia 2.73%
8. Jeju Air 2.30%
9. Air India Express 1.20%
10. JetStar Airways 1.16%
22
Low Cost CarriersTop 10 Airlines
Appendix D: Market Share (By Passenger) at Suvarnabhumi Airport – FY2011
1. Thai Airways International 38.18%
2. Thai Air Asia 11.44%
3. Bangkok Airways 5.39%
4. Cathay Pacific Airways 3.38%
5. Emirates 2.83%
6. China Airlines 1.72%
7. Singapore Airlines 1.58%
8. Korean Air 1.42%
9. Qatar Airways 1.30%
10. EVA Air 1.27%
1. Thai Air Asia 74.44%
2. Air Asia 5.63%
3. Tiger Airways 4.48%
4. JetStar Asia 3.63%
5. Air Berlin 3.14%
6. Indonesia AirAsia 2.34%
7. CEBU Pacific Air 2.09%
8. Jeju Air 1.68%
9. Jin Air 1.49%
10. JetStar Airways 1.03%
Top Related