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Management's Discussion and Analysis

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Management's Discussion and Analysis Management’s Discussion and Analysis For the period ended 30 June 2019 Bangkok Airways Public Company Limited and Its Subsidiaries 1 ASIA’S BOUTIQUE AIRLINE Bangkok Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the second quarter of 2019 ended 30 June 2019 Executive Summary The world economy in the second quarter of 2019 was still in downturn from the trade war between USA and China that continues to escalate as well as unclear situation of BREXIT. Thailand economy continues to slow down from the previous quarter, contributed from slow investment from private sector and export sector. Additionally, Thailand’s tourism has shown slow pace from a drop in international tourist arrival, especially Chinese tourists (Source: The Bank of Thailand). The overall global aviation industry in the first half of 2019, a growth in passenger traffic was supported by 4.7 percent increase in revenue passenger kilometers (RPK) where Europe had the highest growth at 6.1 percent, following by Latin America and Asia Pacific, accounting for 5.6 percent and 4.8 percent respectively while the Middle east had the lowest growth at 1.2 percent. Furthermore, worldwide capacity growth or available seat kilometers (ASK) rose 4.1 percent on the average. Europe ranked as the top with 5. 8 percent, followed by 4. 7 percent growth in Asia Pacific, and 4. 3 percent growth in Latin America. The Middle east also ranked as the lowest growth at 0. 3 percent. Furthermore, the overall passenger load factor ( PLF) was 81.9 percent, increased 0.5 percentage from the same period of the previous year. North America had the highest passenger load factor at 84.3 percent. In contrast, Africa had the lowest passenger load factor at 70.8 percent (Source: International Air Transport Association). For the Thailand tourism industry in second quarter of 2019, the number of international tourist arrivals to Thailand increased by 1.1 percent from the same period last year. Tourists from South Asia had the highest growth of 19.8 percent, followed by tourists from the Middle East, and Southeast Asia with 5.6 percent and 5.2 percent respectively. On the other hand, tourists from East Asia, Africa, and Europe had the highest declined at 3.8, 2.8 and 0.8 percent respectively. In addition, Chinese tourists, which had the biggest percentage portion of tourist arrival to Thailand at 28.2 percent, was decreased by 8.2 percent. This leads to a slow growth of international tourist arrival to Thailand ( Source: Ministry of Tourism and Sports). Furthermore, the strengthening of Thai Baht and the uncertainty of world economy reveals an impact on decreasing number of tourists (Source: Tourism Authority of Thailand). 2 ASIA’S BOUTIQUE AIRLINE For the second quarter of year 2019, the Company has started to operate Chiang Mai to Luang Prabang 3 flights weekly and increased flight frequencies in Chiang Mai – Krabi route (one way) to 7 flights weekly, Krabi-Bangkok route (one way) to 28 flights weekly. The Company decreased flight Bangkok to Phuket (one-way) from 56 flights weekly to 49 flights weekly and Chiang-Mai to Bangkok (one way) from 39 flights to 35 flights weekly. For this quarter, number of passengers was 1.3 million passengers, increased by 2.3 percent with mainly contributed from point-of-sale in Asia excluding Thailand at 26.0 percent, Thailand at 22.0 percent and Europe at 17.0 percent of total passenger. In the second quarter, total revenue of the Company was 6,077.4 million baht, dropped by 4.2 percent from the same period last year. The decreasing revenue was mainly from airline business as a consequence of slowly growth of international tourist arrival to Thailand, high competitiveness among airline industry and strengthening of Thai Baht. For this quarter, the number of passenger slightly growth at 2.3 percent while average fare dropped by 4.3 percent. Passenger yield per RPK was 4.04 baht, weakened from the second quarter of 2018 by 2.5 percent. For the six-month period, the Company reported total revenue amounting to 13,865.7 million baht, decreased by 1.4 percent from the same period last year. A decrease in total revenue was mainly due to airline and airport businesses which declined by 4.0 percent and 9.4 percent respectively, resulted from lower number of passenger by 0.2 percent. In addition, average fare continuously dropped by 3.5 percent, especially of international routes which decreased by 6.4 percent when compared to the same period in the previous year. Revenue from airport-related services and other related business and unallocated revenue grew by 5.8 percent and 12.2 percent respectively. The significant increased amount derived from airport-related services and other related business which contributed from rising number of flights landed at Suvarnabhumi airport, together with new airline customers they engaged during the period. Besides, the increasing of revenue was from dividend received and gain on sale of assets. While, total expenses of the Company during this period increased by 6.1 percent mainly from higher average market fuel price and additional cost related to employee benefits according to new Labor Protection Act The Company reported net loss at 187.2 million baht for the first half of this year, decreased from the same period last year by 824.5 million baht of which loss attributable to the equity holders of the Company was 189.6 million baht. Loss per share for the six-month period of 2019 was 0.09 baht. 3 ASIA’S BOUTIQUE AIRLINE Notable Events Notable events in 2Q2019: Airline Business 1. The Company has revised flight frequencies due to passenger seasonal demand and has increased flight frequencies, operated new routes and suspended the underperformed route as follows; New Route Chiang Mai – Luang Prabang 3 flights per week (April 2019) Adding Frequency Chiang Mai – Krabi (one way) from 3 flights per week to 7 flights per week (May 2019) Krabi – Bangkok (one way) from 24 flights per week to 28 flights per week (May 2019) Reducing Frequency Bangkok – Phuket (one way) from 56 flights per week to 49 flights per week (May 2019) Chiang Mai – Bangkok (one way) from 39 flights per week to 35 flights per week (May 2019) Cancel Flights Phuket – Chiang Mai (one way) 7 flights per week (May 2019) 2. As of 30 June 2019, the Company had 40 aircraft as shown in table below; Fleet Type As of 30 June 2019 As of 30 June 2018 Airbus A320 9 9 Airbus A319 16 14 ATR 72-500 2 6 ATR 72-600 13 9 Total 40 38 4 ASIA’S BOUTIQUE AIRLINE Two Airbus A319 under operating lease were delivered in July 2018 and January 2019 respectively. Four ATR72-600 under commercial loan were delivered in December 2018, March 2019 and April 2019 while four ATR72-500 were disposed since end of December 2018 until April 2019 3. As of 30 June 2019, the Company had total 26 Codeshare partners due to the announcement to terminate Codeshare agreement with Jet Airways from 30 June, 2019 onwards. Since Jet Airways was suspended IATA Clearing House (ICH) membership, their flight operations were cancelled consequently. 4. In the second quarter, the Company received the Air Operating Licence (AOL) from the Civil Aviation Authority of Thailand. The license permits to operate scheduled or non-scheduled flight air services within Thailand and also international for 10 years. 5. In the second quarter, the Company received two prestigious awards from Skytrax; "World’s Best Regional Airline 2019" and "Best Regional Airline in Asia 2019" at The Skytrax World Airline Awards 2019. 6. In the second quarter, the Company received the Superbrands Thailand 2018 Award. The Award was voted by consumers throughout Thailand, marketers and journalists and a final vote was made by Superbrands council of judges from a list of over 500 leading organizations in Thailand. 7. In the second quarter, the Company received The Most Punctual Airline Asia Pacific Award (2nd place) from OAG which is the world’s leading provider of travel data and insight. Bangkok Airways is the only Thai carrier that ranks in the Top 20 airlines based on its On-Time Performance (OTP). 8. In the second quarter, the Company has been awarded “Travelers’ Choice Awards – Regional Airline Asia 2019” from TripAdvisor, the world’s largest travel site. TripAdvisor's Travelers' Choice Awards are based on reviews by global travelers that focus on service, quality and value. Airport Related Business and Investment 9. Bangkok Air Catering Co., Ltd. and Gourmet Primo Co., Ltd. under the name of “BACGP Joint Venture” won the bidding to operate inflight catering at Don Mueang International Airport with 5 years of concession. The subsidiary was established by the condition of Airport of Thailand PCL. (AOT)’s term of reference with registered capital of 20.0 million baht. 5 ASIA’S BOUTIQUE AIRLINE 10. As of 30 June 2019, Worldwide Flight Services Bangkok Air Ground Handling Company Limited (BFS Ground) had 7 additional airlines, causing total number of its customers to be from 75 airlines to 82 airlines for ground service equipment compared with 30 June 2018. 11. As of 30 June 2019, WFS-PG Cargo Company Limited (BFS Cargo) had 5 additional airlines, causing total number of its customers to be from 67 airlines to 72 airlines for international cargo terminal services compared with 30 June 2018. 6 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis Bangkok Airways is a full serviced airline providing premium service to passengers.
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