239, 31, 21 0, 49, 156 170, 161, 154 137, 213, 241 136, 186,113 168, 109, 177 246, 176, 101 204, 176, 76 0 Company Presentation CONFIDENTIAL
May 06, 2015
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Company Presentation
CONFIDENTIAL
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These materials are strictly confidential and may not be copied, published, distributed or transmitted to any other person. These materials are incomplete without
reference to, and should be viewed solely in conjunction with, the oral briefing provided by Asia Aviation Public Company Limited (the "Company").
These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities,
nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision or
commitment in relation to any securities whatsoever.
This presentation is solely for use at the presentation to potential investors and is taking place in anticipation of the possible initial public offering of the shares of
the Company (the “Offering”). This presentation does not constitute an invitation to participate in the underwriting syndicate or management group of the
proposed offering. No part of this presentation, nor the fact of its presentation, should form the basis of, or be relied on in connection with, any offer, contract,
commitment or investment decision whatsoever and it does not constitute a recommendation regarding the securities of the Company.
These materials are strictly confidential and must not be reproduced, disclosed or distributed, in whole or in part, to third parties. No action has been or will be
taken in any jurisdiction outside Thailand that would permit a public offer of securities or the possession, circulation or distribution of this presentation or any
other material relating to the Company or the proposed offering in any jurisdiction where action for the purpose is required. The distribution of this presentation
may be restricted by law in certain jurisdictions and persons in whose possession this presentation comes should inform themselves about, and observe any
such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdictions.
This presentation may not be taken, published, transmitted or distributed, directly or indirectly, in or into the United States, Canada, Japan or the People's
Republic of China. This presentation is not an offer of securities for sale into the United States, Canada, Japan, the People's Republic of China, or in any
jurisdiction in, or to any person to whom, it is unlawful to make such an offer under applicable laws.
Securities may not be offered or sold in the United States unless they are registered or exempt from registration or in a transaction not subject to, the registration
requirements under the United States Securities Act of 1933 (the “Securities Act”). Any public offering of securities to be made in the United States would be
made by means of a prospectus that could be obtained from the Company or the selling shareholders and that would contain detailed information about the
Company and management, as well as financial statements. The Company has not registered and does not intend to register any part of the offering under the
Securities Act or the securities law of any state in the United States or to conduct a public offering of any securities in the United States.
This presentation is dated the day it is given. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall,
under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The third party information and
statistical data in this presentation have been obtained from sources the Company believes to be reliable but in no way are warranted by the Company or the
selling shareholders as to accuracy or completeness. This presentation may not contain all material information concerning the Company and the information set
forth in these materials is subject to change without notice and may only be finalized at the time of the Offering in an offering memorandum and any supplement
thereto to be published in respect of the Offering. Any decision to participate in the Offering must be made solely on the basis of information contained in that
offering memorandum and supplement (if any), which information may be different from that found in this presentation. Neither CIMB Securities (Thailand) Co.,
Ltd., CIMB Bank (L) Limited, Credit Suisse (Singapore) Limited, or Thanachart Securities Public Company Limited (together, the “Underwriters”) nor the
Company or the selling shareholders is under any obligation to update or keep current the information contained herein. No reliance may be placed for any
purposes whatsoever on the information set forth in these materials or on its completeness or on any other material discussed at this presentation. The contents
of these materials have not been verified by the Underwriters. Accordingly, none of the Underwriters, their respective directors, officers or affiliates makes any
representation or warranty, express or implied, regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors or
omissions in, any information contained in this presentation, and nothing in this presentation is, or shall be relied upon as, a promise or representation by any of
them. None of the Company, the selling shareholders or the Underwriters or any of their respective members, directors, officers, employees or affiliates or any
other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or
otherwise arising in connection therewith.
Disclaimer
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Disclaimer (cont’d)
These materials contain forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are
expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of
which are beyond the Company’s control which may cause the actual results, financial condition, performance, or achievements of the Company or industry
results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given
these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. These
forward-looking statements speak only as at the date of this presentation, and none of the Company, the selling shareholders or any of their respective agents,
employees or advisors intends or has any duty or obligation to update or revise these forward-looking statements to reflect new information, future events or
developments or otherwise.
None of the Company, the selling shareholders and the Underwriters makes any representation, warranty or prediction that the results anticipated by such
forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not
be viewed as the most likely or standard scenario.
This presentation should not be treated as advice relating to legal, taxation, financial, accounting or investment matters. By attending this presentation you
acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your
own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.
By attending this presentation, you agree to keep this presentation and the information herein confidential and to not remove this document, or any materials
provided in connection herewith, from the conference room where such documents are provided without express consent from the Company or the Underwriters.
You agree further not to photograph, copy or otherwise reproduce these materials during the presentation or while in the conference room.
Participants shall return this presentation and all other materials provided in connection herewith to the Company at the completion of the presentation.
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Offering summary
• Thailand initial public offering
• International institutional placement under Reg S
• 1,212.5 million shares
• 25% of enlarged share capital
Offering
structure
• Minimum 180 days post listing for Issuer and Vendors
• SET Lock-Up: 55% of the enlarged capital cannot be sold for one year from first trading day
− Up to 25% of locked-up shares can be sold after the period of the first six months
− The remaining 75% of locked-up shares can be sold after 12 months
Lock up
• Stock Exchange of Thailand (SET) Listing
venue
Use of
proceeds(1)
• Primary: to fund subscription for rights issue of Thai AirAsia (“TAA”), of which US$47m will be used by TAA for aircraft procurement from 2012 to 2014 and the remainder for general corporate purposes
• Secondary: to repay existing financial obligations
Issuer • Asia Aviation Public Company Limited (“AAV”) Current shareholding structure
Thai AirAsia (Opco)
Management
Asia Aviation (Listco)
100%
51%
AirAsia Berhad
AirAsia Investment
100%
49%
Post-IPO shareholding structure
AirAsia Berhad Management
Thai AirAsia (Opco)
Public
100%
45%
60% 40%
55%
Listco
Asia Aviation (Listco)
AirAsia Investment
Primary proceeds raised by AAV in IPO to partially fund rights issue to increase stake in TAA to 55%
Vendors • Thai AirAsia management team(1)
Note: (1) Comprises Mr. Tassapon Bijleveld, Mr. Pornanan Gerdprasert, Mr. Tanapat Ngamplang, Mr. Preechaya Rasametanin, M. L. Bovornovadep Devakula and Mr. Santisuk Klongchaiya.
Primary /
secondary
• Primary: ~15.5% of enlarged capital
• Secondary: ~9.5% of enlarged capital
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Big Lot summary
Post-IPO shareholding structure
AirAsia Berhad Management
Thai AirAsia (Opco)
Public
100%
45%
[60]% [40]%
55%
Listco
Asia Aviation (Listco)
AirAsia Investment
Big Lot Transaction
Thai Management Mil. Shares %
1 Mr. Tassapon Bijleveld 400.1 8.2%
2 Mr. Pornanan Gerdprasert 72.8 1.5%
3 Mr. Tanapat Ngamplang 72.8 1.5%
4 Mr. Preechaya Rasametanin 72.8 1.5%
5 M. L. Bovornovadep Devakula 72.8 1.5%
6 Mr. Santisuk Klongchaiya 36.4 0.8%
Total 727.5 15%
Rationale • To unlock the pledged shares with Credit Suisse as part of the loan repayment from “Management Buyout” (MBO) took place 5 years ago
• Baht 3.70 per share (same as IPO price) Price
5
Company overview
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Introduction to our business
Company overview
Route network
Thai AirAsia provides high frequency air transportation services through an extensive route network
Source: Company information.
from Phuket
from Bangkok
from Chiang Mai
Bangkok
Chiang Mai
Singapore
Bali
Hong Kong Macau
Shenzhen
Guangzhou
Hanoi
Udon Thani
Ho Chi Minh City
Kuala Lumpur
Phuket
Surat Thani
Krabi
Narathiwat
Hatyai
Penang
Nakhon Si Thammarat
Ubon Ratchathani
Chiang Rai
Yangon
New Delhi
Kolkata
Phnom Penh
CAMBODIA
VIETNAM
CHINA
INDIA
MYANMAR
THAILAND
LAOS
MALAYSIA
INDONESIA
Leading low cost carrier (“LCC”) in Thailand
− 63.8% of total LCC domestic and international passengers carried of AOT airports
− 12.7% of total passengers carried at AOT airports
TAA operates 24 Airbus A320 as of Feb 2012 aircraft from three hubs in Thailand (Bangkok, Phuket, Chiang Mai), with plans to open new hubs in Hatyai and Udon Thani in 2013 and 2014 respectively
− 11 domestic destinations and 14 international destinations in eight countries currently
− Only airline in Thailand with a hub outside Bangkok, enabling it to operate domestic flights that by-pass Bangkok
Low cost business model is built on these key characteristics
− Point to point operations within 4 hours
− Modern single aircraft type fleet
− High aircraft utilisation
− Extensive route network
− Low cost internet ticket sales
Strong strategic partnership with AirAsia Berhad (“AAB”), who will own 45% of TAA through AirAsia Investment after the planned offering
− 68 destinations in 15 countries within the AAB, TAA and PT Indonesia AirAsia (“IAA”) network
− Benefits from the AirAsia Group’s bargaining power, cross-selling opportunities, and brand equity
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Our history and key milestones
2010
2011
Began services from Bangkok to
Phuket, Chiang Mai,
Singapore and Macau
Launched second hub
in Phuket
Received first Airbus A320
aircraft
2009
2004
Operates 24 aircraft to reach 14
international and 11
domestic destinations
Launched third hub in Chiang Mai and Chiang
Mai – Singapore
route Launched the Phuket –
Bali route
Revamped entire fleet to Airbus A320
aircraft
Moved Bangkok hub
to Suvarnabhumi International
Airport
Commenced flights to Shenzhen
2007
2012
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Our fleet
Uniform fleet of A320 aircraft helps minimize costs and maximize flight scheduling flexibility
Homogenous A320 fleet Fleet expansion over time
Source: Company information.
24 aircraft as of February 2012 (including one spare)
− All aircraft are leased from AirAsia Mauritius, with terms between nine and 12 years
One of the youngest, with an average age of 2 years 4 months as of 31 Dec 2011
Advantages of homogenous A320 fleet
− Proven track record and reliability in short haul, high frequency operations
− Able to fit 180 seats (vs. 148 seats for B737-300)
− Reduced costs for spare parts and type-rating training
− Simplified route planning and increased flexibility for flight scheduling arrangements
In the future, TAA plans to:
− Increase current fleet to 48 aircraft by FY2016E by procuring aircraft through AAB
− Increase aircraft utilisation to more than 12 block hours per day (currently 11.5 block hours per day for the year ended 31 Dec 2011) 6
912 12
8 8
38
12
1922
27
33
38
43
48
-
10
20
30
40
50
60
2004
2005
2006
2007
2008
2009
2010
2011
2012E
2013E
2014E
2015E
2016E
Boeing Airbus
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Financial summary of TAA (in THBm) FY2009A FY2010A FY2011A
Revenues 9,281.2 12,098.7 16,157.6
EBITDAR 1,674.2 4,577.9 5,003.0
EBITDA (38.2) 2,377.3 2,275.3
Operating profit (loss) (170.1) 2,254.1 2,203.7
Net income (loss) (170.5) 2,011.0 2,020.1
YoY revenue growth n.a. 30.4% 33.5%
EBITDAR margin 18.0% 37.8% 31.0%
EBITDA margin n.a. 19.6% 14.1%
Net income margin n.a. 16.6% 12.5%
Performance summary of TAA
Key operational and financial summary
Expansion of Thai AirAsia’s operations over the last three years has translated into profitability over the last two years
Source: Company information.
Key operating statistics of TAA FY2009A FY2010A FY2011A
Passengers carried (millions) 5.0 5.7 6.9
ASK (millions) 6,511 7,605 9,199
RPK (millions) 4,921 5,923 7,389
Load factor 76% 78% 80%
Average fare (THB) 1,520 1,791 1,849
RASK (THB) 1.43 1.59 1.76
CASK (THB) 1.51 1.39 1.58
CASK ex-fuel (THB) 0.99 0.87 0.89
Number of aircraft at period end 20 19 22
Ancillary services revenue per passenger (THB) 179 296 383
Financials of TAA are currently proportionately consolidated into accounts on a historical basis. Post IPO AAV will fully consolidate TAA in financials
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One of the largest and fastest growing aviation markets in the world
Leading low cost carrier in Thailand
Successful track record of growth
Established competitive cost structure and well positioned to expand margins
1
2
3
4
Key investment highlights
Strong partnership with AirAsia Group 5
Capital structure provides future financing flexibility 6
Experienced management team with a proven track record 4 7
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7.8 8.6 9.5 10.1 10.8 10.011.7 11.5
13.8 14.5 14.5 14.115.9
0.0
5.0
10.0
15.0
20.0
25.0
30.0
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
11
One of the largest and fastest growing aviation markets in the world
TAA provides investors with direct exposure to the large and rapidly growing Thai aviation market
1
Second biggest airline market in Southeast Asia
(revenue paying passenger-km in billions)
87.7
57.251.6 47.0
28.121.1 18.0
3.0
Sin
gapore
Thaila
nd
Mala
ysia
Indonesia
Phili
ppin
es
Vie
tnam
Cam
bodia
Laos
Source: SAP Group, 2010 ICAO annual report.
Supported by Thai tourism industry
(number of international tourist arrivals in millions)
SARS
Bird flu Closure of
Suvarnabhumi Airport
H1N1 outbreak and invasion by red mob
of East Asia Summit
Tsunami
Source: SAP Group.
8,423
4,9923,015
2,0071,174 984 814
43,117
Sin
gapore
Mala
ysia
Thaila
nd
Indonesia
Phili
ppin
es
Vie
tnam
Laos
Cam
bodia
Third highest GDP per capita in Southeast Asia
(US$)
Source: ICAO 2010 annual report, SAP Group.
Passenger growth rates within Southeast Asia
(RPKs CAGR from 1985 to 2010)
14.7%
6.9% 6.2% 5.8% 5.4% 5.3% 4.6% 4.1%2.8%
Chin
a
South
east
Asia
South
Asia
Oceania
Euro
pe
South
Am
erica
Mid
dle
East
Nort
heast
Asia
Nort
h
Am
erica
Source: SAP Group, The Boeing Company.
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Leading low cost carrier in Thailand 2
Most comprehensive network among LCCs in Thailand. As at 31 Dec 11, TAA operated in:
− 11 domestic destinations
− 14 international destinations
− Three hubs
Leading market share(1) in Thailand
− LCCs: 63.8% of total domestic and international passengers at AOT airports
− All airlines: 12.7% of total domestic and international passengers at AOT airports
Only LCC with regular domestic and international operations originating from Suvarnabhumi Airport(2)
Only LCC in Thailand with hubs outside Bangkok, which enables it to operate flights which bypass Bangkok
Route network
Source: Company information. (1) According to SAP industry report. For the year ended 30 Sep 2010. (2) During the floods in Thailand in November, NOK Air temporarily moved its base of operations to Suvarnabhumi Airport.
from Phuket
from Bangkok
from Chiang Mai
Bangkok
Chiang Mai
Singapore
Bali
Hong Kong Macau
Shenzhen
Guangzhou
Hanoi
Udon Thani
Ho Chi Minh City
Kuala Lumpur
Phuket
Surat Thani
Krabi
Narathiwat
Hatyai
Penang
Nakhon Si Thammarat
Ubon Ratchathani
Chiang Rai
Yangon
New Delhi
Kolkata
Phnom Penh
CAMBODIA
VIETNAM
CHINA
INDIA
MYANMAR
THAILAND
LAOS
MALAYSIA
INDONESIA
TAA’s comprehensive route network has allowed it to capture a sizeable portion of Thailand’s aviation market
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13
Passenger revenue and average fares
7,58210,260
13,008
1,5201,791 1,849
0
5,000
10,000
15,000
20,000
25,000
FY2009A FY2010A FY2011A
(500)
0
500
1,000
1,500
2,000
Revenue (THBm) Average fare (THB)
2.9 3.3 4.0
2.12.4
2.95.0
5.7
6.9
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
FY2009A FY2010A FY2011A
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Domestic International
4,9215,923
7,389
76%
80%78%
1,000
3,000
5,000
7,000
9,000
11,000
13,000
FY2009A FY2010A FY2011A
60%
65%
70%
75%
80%
RPKs (m) Load factor
6,5117,605
9,199
3,000
5,000
7,000
9,000
11,000
13,000
15,000
FY2009A FY2010A FY2011A
0.3
5.3
10.3
15.3
20.3
25.3
ASKs (m) Ave. no. of operating aircraft
18.0 15.6 19.4
Successful track record of growth driven by route expansion, fleet growth and growing passenger volume
ASKs and aircraft
RPKs and load factors
Passengers
Solid fundamentals underpin revenue growth for TAA
3
Source: Company information. Source: Company information.
Source: Company information. Source: Company information.
31.0% p.a.
18.9% p.a. 22.5% p.a.
17.5% p.a.
(millions)
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Non-fuel costs are controlled
1.581.39
1.51
0.890.870.99
0.00
1.00
2.00
FY2009A FY2010A FY2011A
CASK CASK ex-fuel
Source: Company information.
(THB)
7.046.35
5.534.84
4.353.69
Jetstar SpiceJet Tiger Airways Cebu Pacific Thai AirAsia AirAsia Berhad
EBITDAR margin
1,674
4,578 5,003
18.0%
37.8%31.0%
FY2009A FY2010A FY2011A
EBITDAR (THBm) EBITDAR margin
Established competitive cost structure and well positioned to expand margins
Competitive CASKs compared to regional LCC peers
TAA has demonstrated an ability to control its costs and keep its costs in line with its peers…
(US cents)
4
Source: Company information.
Source: SAP Group industry report, for the latest financial year ending as at 30 Sep 2011.
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15
9.6%
13.9%16.3%
FY2009A FY2010A FY2011A
893
1,687
2,627
179
296383
0
1,000
2,000
3,000
4,000
5,000
6,000
FY2009A FY2010A FY2011A
(500)
(400)
(300)
(200)
(100)
0
100
200
300
400
500
Ancillary income (THBm) Ancillary income per pax (THB)
Established competitive cost structure and well positioned to expand margins (cont’d)
Competitive base fares…
…drive passenger volumes…
…and ancillary services revenue
Ancillary services as a % of revenue
… and ability to generate higher ancillary income from passengers, which allows TAA to expand margins further as ancillary services require minimal costs
4
1,520
1,7911,849
FY2009A FY2010A FY2011A
Source: Company information. Source: Company information.
(in millions)
10.3% p.a.
Source: Company information. Source: Company information.
2.9 3.3 4.0
2.12.4
2.95.0
5.7
6.9
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
FY2009A FY2010A FY2011A
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Domestic International
17.5% p.a.
71.5% p.a.
(THB)
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Strong partnership with AirAsia Group
TAA’s partnership with the AirAsia Group gives it access to unique, profitable opportunities, allowing it to capture market share, and attract new passengers
5
Malaysia Business Leadership Masterclass Global CEO of the Year
Centre for Asia Pacific Aviation (CAPA)
Airline Of The Year (2009)
TTG Travel Awards 2009 Best Asian Low-Cost Carrier
Skytrax World's Best Low Cost Airline (2009,2010, 2011)
Access to cost synergies and feeder network One of the most recognized brands in aviation with representation on various global sporting platforms
Access to AirAsia Group feeder network which allows customers to connect to 68 cities in 15 countries (within AAB, TAA and IAA networks)
Ability to share in bulk purchase opportunities, such as the recent 200 Airbus A320 NEO aircraft deal valued at US$18.2 bn, which was the largest aircraft order in Airbus history
Sponsor of F1 Team Catherham
Sponsor of EPL team Queens Park Rangers
Sponsor of English Referees in the EPL
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Capital structure provides future financing flexibility
We believe Thai AirAsia’s strong EBITDAR growth, coupled with manageable leverage, will provide strong cash flows and enable the Company to take advantage of growth opportunities, effectively compete and
provide itself financial protection against any temporary deterioration in business conditions
6
243 1840.4
FY2009A FY2010A FY2011A
Strong EBITDAR growth…
… coupled with slower aircraft rental expense growth
…low total debt…
… and finance costs (1)
1,674
4,5785,003
FY2009A FY2010A FY2011A
(THBm)
Source: Company information. Note: (1) Includes interest on loans, overdrafts and finance lease payments.
(THBm)
4 203
513
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
FY2009A FY2010A FY2011A
(THBm) (THBm)
72.9% p.a.
26.2% p.a.
2,2012,728
1,712
FY2009A FY2010A FY2011A
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Joined in 2007
Previously the General Manager of Warner Music (Thailand) and Marketing Manager of Reebok Wongpaitoon Footwear Plc
Holds a Bachelor of Business Administration degree from Assumption University
Holds a Master of Science degree from Thammasat University
Joined in 2003
Previously the Director of Flight Operation for Phuket Airline Co. Ltd
Holds a Bachelor of Science Degree from Royal Thai Air Force Academy
Holds a Bachelor of Arts degree from Sukhothai Tammathirat Open University
Holds a Master of Business Administration degree from Kirk University
Experienced management team with a proven track record
Majority of senior management has been with Thai AirAsia since inception
7
18
Joined in 2003
Previously was Managing Director of Warner Music (Thailand) Ltd.
Holds a Bachelor of Business Administration degree from Assumption University and a Master of Marketing degree from Thammasat University
Tassapon Bijleveld
Chief Executive Officer
Joined in 2004
Previously the Finance and Accounting Director of Teleinfo Media Co Ltd
Holds a Bachelor of Accounting, a Higher Diploma in Auditing and a Master of Accounting from Thammasat University
Joined in 2004
Previously the Product Support Manager of Aviation Products for Goodyear Thailand PCL
Holds a Bachelor of Science degree, majoring in mechanical engineering, from the Royal Thai Air Force Academy
Preechaya Rasametanin
Director of Engineering
Joined in 2004
Previously the Manager of Advance Info Services, Plc and Secretary to the Chairman of the Board of Directors of Shin Corp and Secretary to the Minister of Foreign Affairs
Holds a Bachelor of Science degree from State University of New York
Pornanan Gerdprasert
Chief Financial Officer
Santisuk Klongchaiya
Director of Commercial
Tanapat Ngamplang
Director of Operations
ML Bovornovadep
Devakula
Director of Business
Development
19
Financial highlights
239, 31, 21
0, 49, 156
170, 161, 154
137, 213, 241
136, 186,113
168, 109, 177
246, 176, 101
204, 176, 76
20
(THBm)
9,28112,099
16,158
FY2009A FY2010A FY2011A
Income statement summary of TAA
Revenue EBITDAR
31.9% p.a.
1,674
4,578 5,003
18.0%
37.8% 31.0%
FY2009A FY2010A FY2011A
EBITDAR EBITDAR margin
72.9% p.a.
EBITDA Net profit
(THBm)
(THBm) (THBm)
Source: Company filings.
(38)
2,377 2,275
19.6% 14.1%
(0.4%)
FY2009A FY2010A FY2011A
EBITDA EBITDA margin
(171)
2,011 2,020
(1.8%)16.6% 12.5%
FY2009A FY2010A FY2011A
Net profit Net profit margin
239, 31, 21
0, 49, 156
170, 161, 154
137, 213, 241
136, 186,113
168, 109, 177
246, 176, 101
204, 176, 76
21
Cost structure analysis of TAA Common sized income statement
FY2009A FY2010A FY2011A
Passenger revenues (1)
81.7% 84.8% 80.5%
Ancillary services revenues (2)
9.6% 13.9% 16.3%
Other revenues (3)
8.7% 1.3% 3.2%
Revenues 100.0% 100.0% 100.0%
Operating costs excluding fuel costs, aircraft rental, depreciation & amortization (44.9%) (30.6%) (28.4%)
Fuel costs (35.9%) (32.8%) (39.6%)
Aircraft rental (18.5%) (18.2%) (16.9%)
Depreciation & amorization (1.1%) (0.8%) (0.2%)
Gross profit (0.4%) 17.6% 14.9%
Net gain on exchange rates 1.4% 2.9% 1.0%
Other income 2.3% 3.0% 2.8%
Profit before expenses 3.4% 23.6% 18.6%
Selling and admin expenses excluding depreciation & amortization (4.6%) (4.5%) (4.5%)
Depreciation & amortization (0.3%) (0.3%) (0.2%)
Management remunerations (0.3%) (0.2%) (0.3%)
Profit before finance costs and income tax (1.8%) 18.6% 13.6%
Finance costs (0.0%) (2.0%) (1.1%)
Profit before income tax (1.8%) 16.6% 12.5%
Income tax – – –
Net profit (1.8%) 16.6% 12.5%
Margins
EBITDAR 18.0% 37.8% 31.0%
EBITDA (0.4%) 19.6% 14.1%
EBIT (1.8%) 18.6% 13.6%
Net profit (1.8%) 16.6% 12.5%
Note: (1) Net of refunds, and excludes value-added taxes and airport taxes. (2) Comprises revenues relating to baggage handling fees, excess baggage fees, seat selection fees, in-flight sales of meals and beverages, convenience fees, freight, in-flight sales of merchandise
and cancellation and documentation fees. (3) Total revenues less passenger revenues and ancillary services revenues.
239, 31, 21
0, 49, 156
170, 161, 154
137, 213, 241
136, 186,113
168, 109, 177
246, 176, 101
204, 176, 76
22
(THBm)
(4,514)
(2,503)
(546)
FY2009A FY2010A FY2011A
2,067
4,8673,790
FY2009A FY2010A FY2011A
Balance sheet summary of TAA
Total assets Cash and cash equivalents
Total debt(1) Total equity
(THBm)
(THBm) (THBm)
Source: Company filings. Note: (1) Total debt includes finance leases.
654508
1,360
FY2009A FY2010A FY2011A
4
203
513
FY2009A FY2010A FY2011A
23
Thank you