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20120404-THAI-AR2011-EN.Pdf Content Message from the Chairman 2 Message from the President 4 THAI’s 2011 Performance and Operations 7 Financial Highlights 11 Business Operations 12 Results of Operations 15 Changes in Business Operations 16 Core Business Operations 17 Subsidiaries and Affiliated Companies 50 Compliance with The Official Information Act, B.E. 2540 53 Airline Industry Outlook 54 Risk Management and Risk Factors 56 Shareholders and Management Structure 60 Good Corporate Governance Committee Report 78 Good Corporate Governance 79 Related Parties Transaction 102 Management’s Discussion and Analysis 112 Business Direction and Corporate Strategy 125 Five-Year Financial Review 127 Board of Director’s Duties on Financial Disclosure 128 Audit Committee’s Report 129 Auditor’s Report 132 Financial Statements 133 Notes to the Financial Statements 141 General Information 178 Board of Directors 182 Management Team 186 Thai On-line Office Address 190 Message from the Chairman “I would like to affirm my commitment to see that the implementation of 2012 strategies will be done so in reflection of His Majesty’s principles of Sufficiency Economy will serve as the basis for which the airline of all Thais is able to remain sturdy and enable it to overcome future critical challenges through assiduous commitment, flexibility and creativity to compete in the long-term.” 2 Annual Report 2011 The year 2011 was another challenging year travel experience. The efforts undertaken by the THAI for THAI due primarily to external factors particularly Technical Department in maintaining and servicing the severe natural disasters such as the earthquake existing engines will lead to cost savings through and the tsunami that hit Japan, a major market for greater fuel burn efficiency, extend aircraft life and the Company and the major flooding in the central thus ensure the highest level of customer satisfaction; region of Thailand including the northern part of 3) Human resource development - the Company Bangkok causing the number of passengers traveling to recognizes its employees as the key building blocks Thailand to drop significantly at the year-end. With the for ensuring business continuity and sustained growth European economic and financial crisis, the volatility through development of knowledge management of of fuel price, and a fierce competition in the aviation risk management, quality aircraft maintenance and industry mainly from low cost carriers and from the the ability to generate quality revenue which are all capital advantage of the Middle Eastern airlines, THAI’s employee dependent to turn these possible weak links operating performance was affected. into points of competitive edge for THAI. Although the Company has implemented I would like to take this opportunity on behalf nine strategic initiatives encompassing all aspects of of the chairman and members of Board of Directors operations, THAI recognizes the need to accelerate to thank our valued customers, shareholders, and develop competitiveness especially in the areas employees and all stakeholders for their confidence of cost control, comprehensive and sustained risk and unwavering support for THAI. I would like to management and a stable financial position so that affirm my commitment to see that the implementation the Company is able to overcome potential future of 2012 strategies will be done so in reflection of His challenges. Efforts to improve and strengthen the Majesty’s principles of Sufficiency Economy will serve Company are to ensure that THAI will remain a strong as the basis for which the airline of all Thais is able to national carrier of Thailand with sustainable growth. remain sturdy and enable it to overcome future critical To provide shareholders and stakeholders challenges through assiduous commitment, flexibility a level of comfort that THAI’s 2012 operations will and creativity to compete in the long-term. see a significant improvement in financial strength, service quality and cultural integrity, THAI is planning to launch 3 major strategic initiatives in 2012 which are: 1) the establishment of THAI Smile - a light premium trendy style, value for money and quality (Mr. Ampon Kittiampon) airline with its first flight debuting in July 2012 - will Chairman help increase market share on domestic and regional routes; 2) THAI’s fleet in 2012 - will see the addition of 12 new aircraft while another 14 aircraft will be retrofitted with modernized entertainment facilities and seating comfort which will enhance the overall Thai Airways International Public Company Limited 3 Message from the President 2011 proved to be another tough year for THAI had a dramatic impact on THAI’s operations. The number particularly caused by the 39% increase in world oil prices of passengers dropped by 7% and cabin factor dropped to over 2010 averaging the highest in history. The result 65% as compared to the 75% achieved in the fourth quarter was an increased fuel cost burden by nearly 20 billion of 2010. Not only did the flood cause travel demand to drop Baht, despite benefitting from fuel hedging positions. but it also had direct negative impact on the Company’s Natural disasters have inevitably caused a decline in the operations as THAI’s Technical Department and Catering number of international travelers especially the tsunami Department at Don Mueang Airport were under water in Japan and floods in Thailand triggering worldwide for almost two months. Plans for aircraft maintenance travel warnings from a number of countries. At the and retrofit of seats and IFE systems fell behind schedule. same time, THAI faced intense competition from the Although homes and accommodation of many THAI proliferation of low cost airlines and Middle Eastern employees were affected by the flood, THAI was able to airliners, all of which had significant impact on the Company’s continue to provide services to its passengers. Each overall performance last year. employee must be commended for their dedication, It was most unfortunate that the flooding in commitment and personal sacrifice enabling THAI to offer Thailand came at the height of the travel season and thus uninterrupted services during this crisis. 4 Annual Report 2011 Although THAI reported a net loss in 2011, the Product Developments and Improvements to Catering Department and Ground Service Department Enhance Business Competitive Advantage achieved profits of THB 472 million and THB 925 million, For five decades THAI has and continues to commit to respectively. The Cargo and Mail Commercial Department its vision of being a leading global airline with a competitive reported a loss of THB 2,178 million largely due to the aircraft fleet. In 2011, THAI completed drafting its high cost of leasing of two freighters since 2009. However, comprehensive long-term plan to acquire 75 new aircraft to the contracts have been terminated and it is expected that join the fleet from 2011-2022 to set precedence in a systematic financial performance of the Cargo and Mail Commercial approach to determining the necessary aircraft and Department will improve substantially in 2012. acquisition process to support THAI’s future strategic Despite the numerous hurdles, 2011 can be aircraft requirements. The acquisition plan was approved considered to be a year of successes for THAI in achieving by the Cabinet in April 2011, which was by far the largest a number of strategic initiatives particularly in areas of acquisition plan in the Company’s history. THAI has completed customer satisfaction, aircraft availability and effective fuel its acquisition plan for 2011-2017 totaling 37 aircraft mostly management, new launches of products and services while to replace aging aircraft within the fleet and enhance fleet maintaining service standards and improving on existing efficiency. The fleet rejuvenation will help reduce fuel services. This includes the flexibility offered to passengers expense and maintenance costs are key factors bearing in making online ticket reservation and check-in via internet significant impact on the Company’s long-term performance or mobile phone to help facilitate convenience. Through and financial stability. concerted effort of all employees, THAI was able to achieve In 2011, THAI acquired two additional B777-300ER its goal of earning its number 5 ranking among the top global aircraft under short-term operating lease from Jet Airways in airlines as polled by Skytrax in 2011 as opposed to its 9th addition to the three aircraft already leased from Jet Airways place ranking the year before. THAI was also awarded Best in 2010 to serve THAI’s European destinations. In addition, Airline for Economy Class Catering Service and Best Economy THAI took delivery of seven new A330-300 aircraft for service Class Seats by Skytrax. Business Traveler Magazine named on its regional routes, out of which five were unable to join THAI the 2nd best in the World Best Airlines category and the fleet on time as Koito Industries was not able to deliver also 2nd ranking for Best Asia-Pacific Airlines. The survey the economy class seats for these aircraft causing over a year conducted by International Air Transport Association - Airline in delivery delay for THAI. The other two A330-300 aircraft Satisfaction Survey (IATA Airs@t) in 2011 among passengers were ordered in 2010 new from the manufacturer. flying on the European-Asia route for all classes, THAI was In 2012, THAI will take delivery of 12 new aircraft given a rating of 66.46% in all classes which is ranked 7th comprising three A380-800 aircraft, three A330-300 aircraft out of 16 rated airlines. The rating was much improved and those acquired via operating lease include two B777- from the previous year’s 60.45% and was ranked 9th out of 300ER aircraft for THAI’s fleet and four A320-200 aircraft for 18 rated airlines. THAI Smile. Last year, THAI was able to complete retrofitting In anticipation of future uncertainties and challenges, of seats and/or installation of on-demand entertainment THAI cannot afford to remain complacent.
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