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Annual Report 2006 a Satisfactory Level of Profit During the Third Quarter, Which Is the Seasonal Lull for Tourism (April - June 2006)

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Annual Report 2006 a Satisfactory Level of Profit During the Third Quarter, Which Is the Seasonal Lull for Tourism (April - June 2006) 49-07-053_COVER ENG_G.ai 22/11/2549 19:48:33 C M Y CM MY CY CMY K 49-07-052-053_INCOVER THAI+ENG_G.ai 21/11/2549 10:50:51 C M Y CM MY CY CMY K Contents Message from the Chairman 2 Message from the Management 4 General Information 6 Outstanding Achievements in Fiscal Year 2006 8 Financial Highlights 10 Operations of the Company and its Subsidiaries The policies of Associated Companies 13 Revenue Structure 17 The Company’s Operating Results 19 Operations at Suvarnabhumi Airport 45 Competition in the Global Commercial Aviation Industry 49 Risk Management and Risk Factors 51 Shareholder and Management Structure 54 Good Corporate Governance Committee Report 70 Good Corporate Governance Compliance Report 73 Audit Fee and Related Expenses 89 Other Factors Affecting Investment Decisions 89 Related Parties Transactions 92 Management’s Discussion and Analysis 102 Business Operation and Strategies 113 Five-Year Review 114 Board of Directors’ Duties on Financial Disclosure 116 Audit Committee’s Report 117 Financial Statements 120 Notes to the Financial Statements 128 Board of Directors 158 Management Team 162 Thai Airways International Public Company Limited 1 Message from the Chairman The year 2006 was a memorable one in the country’s history and also that of Thai Airways International Public Company Limited (THAI). The Company, as the national flag carrier, has given full support to the national policy of promoting Suvarnabhumi Airport to be the aviation hub of Southeast Asia. On 29 July 2006, THAI flew its maiden commercial flight TG 1881 from Donmuang Airport to Suvarnabhumi Airport. This was followed by six other domestic flights on 15 September 2006 and the first four international flights to two international destinations on 22 September 2006. Marking a new page in the history of Thai aviation and THAI was the successful relocation of the Company’s base of operations from Donmuang Airport to Suvarnabhumi Airport providing passenger, cargo and mail transport services. The year 2006 marked the Company’s 46th anniversary while recording 42 consecutive years of profitability despite higher competition, record high fuel price and dramatic exchange rate fluctuation along with other factors bearing impact on the commercial airline industry. The Company adopted more proactive marketing strategies and comprehensive good corporate governance principles to further enhance readiness in its key operations. Organization restructuring through elimination of redundant tasks and line of responsibility, streamlining channel of authority to enhance flexibility and clarity of job function. The changes are geared towards upholding the principles of good corporate governance. Tight measures have been implemented to control cost and maximize utilization of existing resources while optimizing the Company’s benefits. A more non-traditional marketing approach was taken to counter the increased competition from low cost carriers through expanding network sales, increasing flight frequency and launching new promising destinations. Products have been upgraded and services have been enhanced to reflect the Company’s vision of the “First Choice Carrier with Touches of Thai” to ensure long-term success, which enabled the Company to achieve 2 Annual Report 2006 a satisfactory level of profit during the third quarter, which is the seasonal lull for tourism (April - June 2006). Record cabin factor was achieved during the third quarter, which must also be recorded as part of the Company’s history. Another highlight for the year and to the pride of all THAI staff is the success in moving the Company’s base of operations from Donmuang Airport to Suvarnabhumi Airport. The success reflects not only the Company’s strength in planning and organization skills but also reflects the level of commitment on the part of the Company’s employees. It further demonstrates the ability of the Company’s senior management and staff of all levels to accomplish tasks of such magnitude and sophistication. The successful changes undertaken during the year were achieved mainly through steadfast and unwavering commitment to upholding the principles of good corporate governance in spite numerous obstacles. These changes form a solid base for the Company to move forward, enabling the Company to be successful in any arena of competition while playing a key role in the development of Thai commercial aviation at the international level. On behalf of the Board of Directors of THAI, I would like to take this opportunity to thank our shareholders, customers and business partners for their ongoing support and the confidence bestowed upon the Company. A special word of thanks also goes to THAI’s management and staff for their unwavering commitment and hard work resulting in this year’s successes. Wanchai Sarathulthat Chairman of the Board of Directors Thai Airways International Public Company Limited 3 Message from the Management In fiscal year 2006, THAI faced many challenges - high fuel price, exchange rate fluctuations, higher interest rates and increased competition from low cost airlines. This has been responded to by quickly adjusting to market conditions to minimize the impact of these challenges in an efficient manner, resulting in stronger performance. The Company has focused on “Strength and Growth for the Future” by restructuring the organization, adopting transparent corporate management and streamlining working procedures. Additionally, the Company has optimized the use of corporate assets while minimizing operating costs. Strategies employed include effective aircraft utilization, expansion of alliance networks, increasing flight frequency and expansion of routes into markets of high potential such as China, India, Japan, Australia and European destinations from which the Company expects to attract more first and business class passengers. THAI also plans to earn more revenue from cargo transport as contribution from the business has grown considerably over the past few years. The Company has enhanced competitiveness by adopting proactive marketing strategies to retain the existing customer base while finding new ones, especially premium class passengers and corporate clients. THAI has emphasized network sales of the “Pre-Paid Value Card” and “Pre-Paid Value Plus Card” to provide added value for customers and has also offered new premium “Royal Orchid Holidays” packages featuring various tourist attractions. As a result of these promotion campaigns, average cabin factor in the third quarter, the low season of the year, increased significantly reflecting the remarkable success of THAI’s marketing strategy. Moreover, the Company has enhanced its service quality - the heart of the aviation business - by implementing “Customer Centric” policies, which place great importance on customer satisfaction by providing new 4 Annual Report 2006 and efficient service along with product development. Under the magic service ring concept, the Company has provided customers with warm service with “Touches of Thai” at every customer touch point so as to offer convenience and create an impression beyond expectation. As a result, THAI has won numerous awards for quality service. The latest was “Best Cabin Service Overall” given by Skytrax, an internationally accepted research company. This recognition emphasizes once again THAI’s status as a first choice carrier with excellence and “Touches of Thai” service. The successful relocation of THAI’s base of operations to Suvarnabhumi Airport reflects the Company’s ability to plan and execute and reflects the dedication of its executives and staff at all levels. As the national flag carrier, THAI played an important part in the Country’s history of commercial aviation by operating an inaugural commercial flight to Suvarnabhumi Airport on 29 July 2006. On 28 September 2006, the opening day of Suvarnabhumi Airport, THAI commenced operations of all flights from the new airport. This represents a major step in establishing Suvarnabhumi Airport as the aviation hub of Southeast Asia. Without the support of shareholders, business partners and customers as well as the dedication of the Company’s executives and staff, these successes would not be possible. On behalf of Thai Airways International Public Company Limited, I wish to take this opportunity to express my heartfelt thanks to each and everyone for your ongoing support and unwavering commitment. Flying Officer Apinan Sumanaseni President Thai Airways International Public Company Limited 5 General Information Company Name Thai Airways International Public Company Limited Business Aviation transportation services and other related services Head Office 89 Vibhavadi Rangsit Road, Jompol, Jatujak, Bangkok 10900 Registration Number 0107537001757 Home Page www.thaiairways.com Telephone 66 (0) 2545-1000 Ordinary Shares As of 29 September 2006, the Company has : Registered capital: 1,700,000,000 shares with a par value of 10 baht per share or a total of 17,000,000,000 baht Paid-up capital: 1,698,896,150 shares with a par value of 10 baht per share or a total of 16,988,961,500 baht Affiliated companies in which the Company’s shareholding exceeds 10% Paid-up Percent Company Names Business Type Share Type Authorized Shares of Interest (million baht) Thai-Amadeus Southeast Asia Company Limited On-line Ticketing Ordinary 15.00 55.0 The Offices at Centralworld 999/9 Unit 3406-3412, Services and Other 34th Floor, Rama 1 Road, Pathumwan, Pathumwan, Travel Services Bangkok 10330 Thailand to Agents Tel. 66 (0) 2207-9090 Fax. 66
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