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Annual Report 2018

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Annual Report 2018 ANNUAL REPORT 2018 Beijing Passengers Carried ROUTE Xi'an NETWORK 135Million over 15 years Chengdu China Nanjing Wuhan Chongqing Hangzhou Nanchang Ningbo Changsha Jaipur Kunming Gaya Taipei Myanmar Nanning Guangzhou Shantou Kolkata Shenzhen Taiwan Pacific Mandalay Hanoi Macao Hong Kong Ocean Luang Prabang Bhubaneswar Chiang Mai Laos Yangon Vientiane Visakhapatnam Thailand Da Nang India Bangkok Vietnam Bengaluru Siem Reap Chennai Cambodia Pattaya Phnom Penh Ho Chi Minh City Kochi Sri Lanka Krabi Phuket Colombo Hat Yai Penang Male Malaysia Kuala Lumpur Kota Kinabalu Maldives Indian Ocean Johor Baharu Singapore AirAsia Thailand Domestic Route & Transfer Service Indonesia Chiang Rai Pai Nan Bali Chiang Mai Chiang Khan Loei Udon Thani Sukhothai Nakhon Phanom Phitsanulok Sakon Nakhon Khon Kaen Mukdahan Kalasin Mahasarakham Thailand Roi Et Ubon Ratchathani Buri Ram Surin Bangkok Thai AirAsia Hub in Thailand U-Tapao Don Mueang International Airport International Route Tao Island Phuket International Airport Domestic Route Chumphon Phangan Chiang Mai International Airport City Transfer Samui Ranong Krabi International Airport Island Transfer Surat Thani Nakhon Si Thammarat U-Tapao International Airport Phuket Khanom Krabi Trang Hat Yai International Airport Phi Phi Yao Noi Hat Yai Lanta Narathiwat Ngai Lipe No. KEY FINANCIAL AND OPERATING DATA Airline of Thailand Passenger Carried Load Factor On-time Performance MIL Pax % % Average Stage Length Aircraft Utilisation KM Aircraft Per Flight Flight Hours Allstars Ancillary Revenues (MIL) 25,019 Persons MIL Baht Key Financial and Operating Data 2018 COST BREAKDOWN 2 Covers % Fuel % Countries Staff % Aircraft and Engine Rental Cities % Ramp & Airport Operations % Repair & % % Maintenance Routes Others SG & A Total Revenues Total Assets Total Liabilities Total Equity 40,200 70 61,747 33,124 28,623 Million Baht Million Baht Million Baht Million Baht Million Baht FINANCIAL HIGHLIGHTS (Unit: Million Baht) (1) (1) For the year ended 31 December 2016 2017 2018 Statement of Comprehensive Income Revenues from sales and services 32,428 36,003 38,905 Profit for the year 3,398 2,685 127 Profit attributable to owners of the company 1,869 1,477 70 Statement of Financial Position Total assets 56,599 62,774 61,747 Total liabilities 26,479 31,321 33,124 Equity attributable to owners of the company 21,270 22,006 20,455 Total equity 30,120 31,453 28,623 Statement of Cash Flows Net cash flows from (used in) operating activities 4,382 5,105 2,869 Net cash flows from (used in) investing activities (2,786) (2,819) (1,733) Net cash flows from (used in) financing activities (3,098) (1,563) (2,288) Key Financial and Operating Data Net increase (decrease) in cash and cash equivalents (1,502) 723 (1,152) 3 Key Financial Ratios Net profit margin (%)(2) 5.8 4.1 0.2 Return on assets (%)(3) 3.4 2.5 0.1 Return on equity (%)(4) 9.0 6.8 0.3 Basic earnings per share (Baht) 0.3855 0.3046 0.0144 Remark (1) Reclassifications of the comprehensive income statements (2) Net profit margin = Profit attributable to owners of the company / Revenues from sales and services (3) Return on assets = Profit attributable to owners of the company / Total assets (Average) (4) Return on equity = Profit attributable to owners of the company / Equity attributable to owners of the company (Average) STOCK INFORMATION Baht Asia Aviation Public Company Limited 6 5 4.20As of December 28, 2018 4 3.92-6.10 52 weeks’ range 3 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CONTENTS OVERVIEW Message12 from Message14 from Message16 from the Chairman of the Board the Executive Chairman the Chief Executive Officer Board18 of Directors Public Relations24 Activities 2018 Investor Relations26 Activities 2018 and Management Team Company28 Policy Key30 Milestones Nature32 of Business and Business Overview Risk47 Factors MANAGEMENT Securities51 and Shareholders Management54 Structure Director and79 Management Profi les Content 4 CORPORATE GOVERNANCE Corporate98 Governance Sustainability117 Report Internal Control146 and Risk Management Related148 Parties Transactions Audit167 Committee Report FINANCIAL INFORMATION Report 168of Directors Relating to Management169 Discussions Financial175 Statements Responsibility for Financial Statements and Analysis GRI225 Content Index 2018 HIGHLIGHTED ACCOLADES OAG Punctuality League 2018 Top 8 LCC Airline by On-Time Performance World Travel Awards (WTA) 2018 World’s Leading Low-Cost Airline for the 6th year running, WTA Grand Final World’s Leading Low-Cost Airline Cabin Crew, WTA Grand Final Skytrax Asia’s Leading Low-Cost Airline at WTA AirAsia bagged “World’s Best Low Cost Asia and Australia Airline” for the 10th Consecutive Year and “Best Low Cost Airline in Asia” awards from Skytrax. TTG Awards Best Asian Low Cost Carrier 2018 Highlighted Accolades 5 Asean Business Awards Priority Integration Sector Thailand Corporate Excellence Awards Marketing Excellence Award SET Awards 2018 Zocial Awards Outstanding Investor Relations Award Best Brand Performance Awards (Airline) From community to airport Create new opportunities. Ease all travels. Guarantee convenience and trusted quality, Everyone can fly with the world-class standards. From airport to community Nurture relationship. Care for beyond expectation. Offer various products and services at your desired destinations. From community to learning Develop well-balanced economy, society and environment. Promote learning for communities. Foster sustainable tourism. MESSAGE FROM THE CHAIRMAN OF THE BOARD Thai AirAsia's key thrust in 2018 was "building sustainable growth" because while we have overcome a range of challenges to maintain our leading status in the low-fare Thai AirAsia's key thrust in 2018 was "building Management Association (TMA). Such recognitions carrier segment and international sustainable growth" because while we have keep us developing in every dimension. acceptance, we cannot rest overcome a range of challenges to maintain our on our laurels, as there is no leading status in the low-fare carrier segment and Service is another integral reason why our brand knowing what challenges international acceptance, we cannot rest on our remains so well trusted. Thai AirAsia has been laurels, as there is no knowing what challenges lie ranked 8th in the world for on-time service, the lie ahead. ahead, be they volatility in the aviation industry or highest rank among Thai low-fare carriers. The face economic tumults. Resilience to all problems will that we have maintained such careful safety allow us to maintain confidence among our staff, standards was no overnight achievement but rather customers, investors and all stakeholders. the result of a longstanding culture admirably kept by all our executives and staff. What we have always prioritised and sought to Message from the Chairman of Board Message from the Chairman of Board 12 infuse into our operations has been that we are a The year 2018 was another satisfactory year for 13 low-fare airline with worldclass standards. It has Thai AirAsia inspite of the external matters that given us great pride that AirAsia was named the impacted our industry. We stood strong, earned World's Best Low-Cost Airline by Skytrax for the good returns and created a range of business 10th year running and to receive other accolades opportunities for ourselves. These achievements such as the outstanding Investor Relations by a are affirmations that Thai AirAsia remains on the Listed Company from SET Awards 2018 and the right path, to which I thank all of our executuves Marketing Excellence Award from the Thailand and personnel for their hard work and successes. Mr. Vichate Tantiwanich Chairman of the Board MESSAGE FROM THE EXECUTIVE CHAIRMAN In modern business, we cannot simply care for our own interests without regard for Serving as the Executive Chairman of the to the Thai public and throughout our industry, so the market as a whole. If we were company has been a real challenge for me but I that it may compete at the regional and global to do so, our leadership have taken comfort in knowing that our company levels. This development is especially necessary would eventually lead has someone who has been with us from the for strategic areas that have high potential. to stagnation. beginning and been a confidant to mine like Santisuk Klongchaiya, our former Director of An opportunity we have seen as a direct result Commercial, as our Chief Executive Officer. of Thailand’s economic development policy has Mr. Santisuk is a seasoned management and a been that the Kingdom can be more than a transit proficient professional. At the same time, I haven’t location and is actually ready to become a centre gone anywhere far and continue to seek new for various aspects of investments. U-Tapao opportunities for our organisation as a whole, Airport, for example, can be transformed into especially in terms of making it the centre of the a world-class aircraft maintenance centre. aviation business in Asean and Asia, making Development of aviation workforce can be Message from the Executive Chairman Message from the Executive Chairman Thailand a major flight base. boosted by setting up a national training academy, 14 and not to mention many other development plans 15 In modern business, we cannot simply care that cen be achieved in the future. for our own interests without regard for the market as a whole. If we were to do so, our The mission for Thai AirAsia now, apart from leadership would eventually lead to stagnation. growing our business to achieve target,
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