Airports of Thailand Plc. Corporate Presentation for 9M FY09 (October 2008 – June 2009)
Total Page:16
File Type:pdf, Size:1020Kb
Airports of Thailand Plc. Corporate Presentation for 9M_FY09 (October 2008 – June 2009) Investor Relations Center, Email: [email protected], Tel: (662) 535-5900, Fax (662) 535-5909 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 Airports in Thailand Total of 38 airports CHIANG RAI INTERNATIONAL CHIANG MAI AIRPORT INTERNATIONAL Airports of Thailand Public Company Limited * AIRPORT . 2 in Bangkok and perimeter Pai Mae Hong Son o Suvarnabhumi Airport (BKK) Nan Lampang o Don Muang International Airport (DMK) Phrae Udon Thani . 4 international airports at regional sites Sukhothai Nakhon Phanom Tak Loei Mae Sot Sakon Nakhorn o Chiang Mai International Airport (CNX) Phitsanulok Khon Kaen Phetchabun o Hat Yai International Airport (HDY) Roi Et o Phuket International Airport (HKT) Surin DON MUANG Buri Ram Ubon Ratchathani o Chiang Rai International Airport (CEI) INTERNATIONAL Nakhon Ratchasima AIRPORT SUVARNABHUMI AIRPORT AOT Airports Department of Civil Aviation (DCA) U-Tapao Hua Hin DCA Airports o 28 regional airports Trad Bangkok Airways Airports Chumpon Royal Thai Navy Ranong Royal Thai Navy Airport o U-Tapao Airport Surattani Samui HAT YAI Nakhon Si Thammarat Bangkok Airways Company INTERNATIONAL AIRPORT o Krabi Sukhothai Airport PHUKET o Samui Airport INTERNATIONAL Trang Pattani o Trad Airport AIRPORT Narathiwat * Note: AOT’s traffics account for more than 90% of Thailand’s air traffics. 3 Business Overview Shareholders Information Fact Sheet 1. Ministry of Finance 70.00% Airports of Thailand PLC 2. Nortrust Nominee LTD 4.97% . Listed on 11 March 2004 3. State Street Bank and Trust Company for 4.79% . Shares outstanding 1,428.57 million Australia . Shareholders •Ministry Of Finance 70% 4. Chase Nominees Limited 1 3.68% •Free Float 30% 5. Nortrust Nominees Limited – Northern Trust 1.47% . Average Daily Market Cap (Oct 08- Jun 09) Guernsey Clients •BHT 28,289.02 M 6. HSBC (Singapore) Nominees PTE LTD 1.19% 7. Thai NVDR Company Limited 1.11% Fiscal EPS Dividend Dividend Dividend 8. Social Security Office 0.61% (Baht) per share Yield Year * payout 9. The Bank of New York (Nominees) Limited 0.39% (Baht) ratio 10. Government Pension Fund 0.28% 2005 5.19 1.70 37.89 % 3.40% As at January 2009 2006 7.26 2.75 37.85 % 4.74% Dividend Policy 2007 0.77 0.40 51.95% 0.64% Not less than 25% of net profit of the company for 2008 5.12 2.58 50.39% 14.25% each year after deduction of all specified reserves, subject to our investment plans and other *Note: In FY2006 AOT paid dividend twice: considerations that our Board of Directors deems - On 12 Oct 2006 (Baht 0.95 per share) appropriate - On 23 Feb 2007(Baht 1.80 per share) 4 Aircraft Movement Statistics AOT Traffics Major LCCs Airline LCCs Traffics • (Unit: Thousand) Domestic (Unit: Thousand) 390.3 394.1 Thai Air Asia 350.3 Nok Air 105.2 308.1 One Two Go Airlines 104.5 175.1 173.4 148.5 257.5 • International 86.5 138.9 78.3 Air Asia 109.8 63.2 78.9 75.9 Thai Air Asia 64.5 59.4 Tiger Airways 41.6 201.8 215.2 220.7 169.2 147.7 Jetstar Asia 26.3 28.6 Jetstar Airways 18.9 22.0 21.6 2006 2007 2008 9M_08 9M_09 CEBU Pacific Air 2006 2007 2008 9M_08 9M_09 International Dome stic Mihin Lanka Airlines International Dome stic 9M_FY08 9M_FY09 YoY% Air India Express 9M_FY08 9M_FY09 YoY% BKK 195,777 178,354 (8.90)% Indonesia AirAsia BKK 34,211 33,119 (3.19)% DMK 45,034 24,183 (46.30)% Firefly DMK 21,701 9,170 (57.74)% BKK + DMK 240,811 202,537 (15.89)% BKK + DMK 55,912 42,289 (24.37)% CNX 20,534 17,104 (16.70)% Note CNX 9,348 6,106 (34.68)% HKT 32,749 27,363 (16.45)% HKT 11,555 8,943 (22.60)% AOT Average Aircraft HDY 8,378 6,558 (21.72)% Movement Growth Rate HDY 6,269 4,224 (32.62)% CEI 5,662 3,918 (30.80)% for the last 6 year is 9.8% CEI 3,475 1,660 (52.23)% * Note: Fiscal Year starting from October to September 5 Passenger Movement Statistics AOT Traffics LCCs Traffics Major Events (Unit: Million) (Unit: Million) 2004 58.2 56.0 • Bird Flu 12.4 51.8 12.0 • Southern Violence 21.4 45.7 10.1 20.8 2005 18.7 9.2 37.0 17.0 • Tsunami 9.0 7.3 2006 9.1 14.2 • Coup D’etat 7.5 7.0 •Southern Violence 4.8 36.8 33.1 35.2 28.7 2008 22.8 • World Economic 3.4 2.9 2.6 2.5 Crisis 2.2 2009 2006 2007 2008 9M_08 9M_09 2006 2007 2008 9M_08 9M_09 • Airport Closure International Dome stic International Dome stic • 2009 Flu 9M_FY08 9M_FY09 YoY% 9M_FY08 9M_FY09 YoY% BKK 31,827,343 26,977,178 (15.24)% BKK 3,955,798 3,887,401 (1.73)% Note DMK 4,746,637 2,360,149 (50.28)% DMK 2,558,138 982,798 (61.58)% BKK + DMK 36,573,980 29,337,327 (19.79)% BKK + DMK 6,513,936 4,870,199 (25.23)% AOT Average CNX 2,589,115 2,127,580 (17.83)% Passenger CNX 1,094,336 689,445 (37.00)% HKT 4,791,300 4,149,509 (13.39)% Movement Growth HKT 1,354,183 1,047,239 (22.67)% Rate for the last 6 HDY 1,093,361 925,843 (15.32)% year is 8.4% HDY 782,589 533,452 (31.83)% CEI 640,454 473,867 (26.01)% CEI 361,520 178,132 (50.73)% 6 Airport Revenues Landing & Parking Charges 20% increased on Jan 1st, 2005 15% increased on Apr 1st, 2007 Aeronautical Passenger Service Charges (PSC) Effective on Feb 1st, 2007 56.85% THB 500 to THB 700 - International PSC (End of 9M_09) 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. Non-Aeronautical Service Varies by activities such as Utilities, Check-in Counter Services, Airline Announcement Services, Hydrant 43.15% System Services, etc. Concession Varies by activities such as Duty Free, Souvenirs, (End of 9M_09) Food & Beverage, Airline Catering, Fueling Services, Car Parking, Advertising, Banking, etc. 7 Revenue Breakdown Total Revenue By proportion (Unit: Million) 9M_FY08 9M_FY09 16.20% 22,010.86 15.00% 22.13% 19,501.41 19,917.26 22.19% 16,240.73 16,248.69 13.33% 13.29% 39.95% 6.40% 40.29% 1.66% 7.67% 1.90% By Growth (Unit: Million) 2006 2007 2008 9M_08 9M_09 FY2007 FY2008 YoY(%) 9M_FY08 9M_FY09 YoY(%) LPC 3,937.40 4,216.35 19.16% 3,235.02 2,437.95 (24.64)% Landing & Parking charges (LPC) PSC 8,781.48 10,417.01 47.33% 8,151.54 6,491.06 (20.37)% Passenger service charges (PSC) ASC 427.10 431.75 1.96% 330.37 308.64 (6.58)% A/C Service charges (ASC) Office and state property rents (OPR) OPR 1,524.61 1,480.64 6.73% 1,279.07 1,245.53 (2.62)% Service revenues (SVR) SVR 2,818.54 3,164.29 14.38% 2,660.82 2,159.98 (18.82)% Concession revenue (CCR) CCR 2,012.28 2,300.81 10.45% 4,260.42 3,605.52 (15.37% * Note: Fiscal Year starting from October to September 8 Airport Expenses Personnel Expenses Consist of employee salaries and bonuses, employee benefits, retirement payments and contributions to employee provident fund Operating Expenses Consist 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 Consist 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 Consists of rental payments made to the Ministry of Finance under the airport land leases Depreciation and Amortization Consist 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) 9 Expense Breakdown Total Cost By proportion (Unit: Million) 9M_FY08 9M_ FY09 18,515.89 14.90% 14.88% 18,004.67 45.57% 44.95% 12,846.08 13,137.78 9,420.08 29.40% 28.69% 5.40% 3.33% 6.09% 6.80% By Growth (Unit: Million) 2006 2007 2008 9M_08 9M_09 FY2007 FY2008 YoY(%) 9M_FY08 9M_FY09 YoY(%) Personnel 2,927.84 3,909.00 21.11% 1,914.65 1,954.66 2.09% Personnel expenses 5,730.13 5,100.31 27.55% 3,776.72 3,769.01 (0.20)% Operating expenses Operating Repair and maintenance (R&M) R&M 732.38 683.96 3.69% 427.31 799.94 87.20% State property rental (SPR) SPR 846.32 955.73 5.16% 872.94 709.01 (18.78)% Depreciation and amortization (D&M) D&M 7,759.50 7,866.89 42.49% 5,854.45 5,905.17 0.87% 10 Financial Statement Income Statement (Unit: Million) Historical Performance 9M_FY08 9M_FY09 YOY(%) Million Baht Percent(%) Revenues 19,917.25 16,248.69 (18.42)% 25,000.00 25 Expenses 12,846.08 13,137.78 2.27% 20 20,000.00 Depreciation 5,854.46 5,905.17 0.87% 15 10 Operating Income 7,071.18 3,110.90 (56.01)% 15,000.00 EBITDA 12,925.63 9,016.08 (30.25)% 5 10,000.00 Other 0 Revenues/Expenses – 3,349.56 403.62 (87.95)% -5 net 5,000.00 Profit before interest -10 10,420.74 3,514.52 (66.27)% and income tax 0.00 -15 Interest Exp.