239, 31, 21

0, 49, 156
170, 161, 154
137, 213, 241
136, 186,113
168, 109, 177
246, 176, 101
204, 176, 76

Company Presentation
CONFIDENTIAL
0

Disclaimer
These materials are strictly confidential and may not be copied, published, distributed or transmitted to any other person. These materials are incomplete without
reference to, and should be viewed solely in conjunction with, the oral briefing provided by Asia Aviation Public Company Limited (the "Company").
These materials do
not31,
constitute
or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities,
239,
21
nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision or
commitment in relation
any securities whatsoever.
0, 49,to156
This presentation
is 161,
solely
for use at the presentation to potential investors and is taking place in anticipation of the possible initial public offering of the shares of
170,
154
the Company (the Offering). This presentation does not constitute an invitation to participate in the underwriting syndicate or management group of the
proposed offering.
137,No
213,part
241of this presentation, nor the fact of its presentation, should form the basis of, or be relied on in connection with, any offer, contract,
commitment or investment decision whatsoever and it does not constitute a recommendation regarding the securities of the Company.
136, 186,113

These materials are strictly confidential and must not be reproduced, disclosed or distributed, in whole or in part, to third parties. No action has been or will be
taken in any jurisdiction
outside Thailand that would permit a public offer of securities or the possession, circulation or distribution of this presentation or any
168, 109, 177
other material relating to the Company or the proposed offering in any jurisdiction where action for the purpose is required. The distribution of this presentation
may be restricted
law101
in certain jurisdictions and persons in whose possession this presentation comes should inform themselves about, and observe any
246,by
176,
such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdictions.
204, 176, 76

This presentation may not be taken, published, transmitted or distributed, directly or indirectly, in or into the United States, Canada, Japan or the People's
Republic of China. This presentation is not an offer of securities for sale into the United States, Canada, Japan, the People's Republic of China, or in any
jurisdiction in, or to any person to whom, it is unlawful to make such an offer under applicable laws.
Securities may not be offered or sold in the United States unless they are registered or exempt from registration or in a transaction not subject to, the registration
requirements under the United States Securities Act of 1933 (the Securities Act). Any public offering of securities to be made in the United States would be
made by means of a prospectus that could be obtained from the Company or the selling shareholders and that would contain detailed information about the
Company and management, as well as financial statements. The Company has not registered and does not intend to register any part of the offering under the
Securities Act or the securities law of any state in the United States or to conduct a public offering of any securities in the United States.
This presentation is dated the day it is given. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall,
under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The third party information and
statistical data in this presentation have been obtained from sources the Company believes to be reliable but in no way are warranted by the Company or the
selling shareholders as to accuracy or completeness. This presentation may not contain all material information concerning the Company and the information set
forth in these materials is subject to change without notice and may only be finalized at the time of the Offering in an offering memorandum and any supplement
thereto to be published in respect of the Offering. Any decision to participate in the Offering must be made solely on the basis of information contained in that
offering memorandum and supplement (if any), which information may be different from that found in this presentation. Neither CIMB Securities (Thailand) Co.,
Ltd., CIMB Bank (L) Limited, Credit Suisse (Singapore) Limited, or Thanachart Securities Public Company Limited (together, the Underwriters) nor the
Company or the selling shareholders is under any obligation to update or keep current the information contained herein. No reliance may be placed for any
purposes whatsoever on the information set forth in these materials or on its completeness or on any other material discussed at this presentation. The contents
of these materials have not been verified by the Underwriters. Accordingly, none of the Underwriters, their respective directors, officers or affiliates makes any
representation or warranty, express or implied, regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors or
omissions in, any information contained in this presentation, and nothing in this presentation is, or shall be relied upon as, a promise or representation by any of
them. None of the Company, the selling shareholders or the Underwriters or any of their respective members, directors, officers, employees or affiliates or any
other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or
otherwise arising in connection therewith.

Disclaimer (contd)
These materials contain forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are
expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of
which are beyond239,
the31,
Companys
control which may cause the actual results, financial condition, performance, or achievements of the Company or industry
21
results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given
these risks, uncertainties
and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. These
0, 49, 156
forward-looking statements speak only as at the date of this presentation, and none of the Company, the selling shareholders or any of their respective agents,
employees or advisors
or has any duty or obligation to update or revise these forward-looking statements to reflect new information, future events or
170, 161, intends
154
developments or otherwise.
137, 213, 241

None of the Company, the selling shareholders and the Underwriters makes any representation, warranty or prediction that the results anticipated by such
forward-looking 136,
statements
186,113 will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not
be viewed as the most likely or standard scenario.
168, 109, 177

This presentation should not be treated as advice relating to legal, taxation, financial, accounting or investment matters. By attending this presentation you
acknowledge that
will
be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your
246,you
176,
101
own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.
204, 176, 76

By attending this presentation, you agree to keep this presentation and the information herein confidential and to not remove this document, or any materials
provided in connection herewith, from the conference room where such documents are provided without express consent from the Company or the Underwriters.
You agree further not to photograph, copy or otherwise reproduce these materials during the presentation or while in the conference room.
Participants shall return this presentation and all other materials provided in connection herewith to the Company at the completion of the presentation.

Offering summary
Issuer

31, 21Aviation Public Company Limited (AAV)

239, Asia

Vendors

Current shareholding structure

0, 49, 156

Thai AirAsia management team (1)

AirAsia Berhad

Management

170, 161, 154

100%

213,
Thailand
137,
241
Offering
structure

Primary /
secondary

initial public offering

International institutional placement under Reg S
136, 186,113
1,212.5 million shares
25% of enlarged share capital
168, 109, 177

AirAsia
Investment

Asia Aviation
(Listco)

49%

246,
101
176,Primary:

100%

51%
Thai AirAsia
(Opco)

~15.5% of enlarged capital

Secondary: ~9.5% of enlarged capital

204, 176, 76

Primary: to fund subscription for rights

issue of Thai AirAsia (TAA), of which US$47m will
be used by TAA for aircraft procurement from 2012
to 2014 and the remainder for general corporate
purposes
Secondary: to repay existing financial obligations

Stock Exchange of Thailand (SET)

Use of
proceeds(1)

Listing
venue

Post-IPO shareholding structure

AirAsia Berhad
100%
AirAsia
Investment

Management
60%

40%
Asia Aviation
(Listco)

45%

Lock up

Minimum 180 days post listing for Issuer and

Vendors
SET Lock-Up: 55% of the enlarged capital cannot be
sold for one year from first trading day
Up to 25% of locked-up shares can be sold
after the period of the first six months
The remaining 75% of locked-up shares can
be sold after 12 months

Public

55%
Thai AirAsia
(Opco)
Listco

Primary proceeds raised by AAV in IPO to partially fund rights

issue to increase stake in TAA to 55%

Note: (1) Comprises Mr. Tassapon Bijleveld, Mr. Pornanan Gerdprasert, Mr. Tanapat Ngamplang, Mr. Preechaya Rasametanin, M. L. Bovornovadep Devakula and Mr. Santisuk Klongchaiya.

Big Lot summary

239, 31, 21

To unlock the pledged shares with Credit Suisse as

part
0, 49,
156of the loan repayment from Management
Buyout (MBO) took place 5 years ago

Rationale

Post-IPO shareholding structure

AirAsia Berhad

Management

Public

170, 161, 154

100%

[60]%

[40]%

137, 213, 241

Price

AirAsia
Investment

136, 186,113

Baht 3.70 per share (same as IPO price)

Asia Aviation
(Listco)

45%

168, 109, 177

55%
Thai AirAsia
(Opco)

246, 176, 101

204, 176, 76

Listco

Big Lot Transaction

Thai Management

Mil. Shares

400.1

8.2%

Mr. Pornanan Gerdprasert

72.8

1.5%

Mr. Tanapat Ngamplang

72.8

1.5%

Mr. Preechaya Rasametanin

72.8

1.5%

M. L. Bovornovadep Devakula

72.8

1.5%

Mr. Santisuk Klongchaiya

36.4

0.8%

727.5

15%

Mr. Tassapon Bijleveld

Total

Company overview

Introduction to our business

239, 31, 21
Company overview

Route network

0, 49,
156 (LCC) in Thailand
Leading low cost
carrier

63.8% of 170,
total161,
LCC
154domestic and international passengers
carried of AOT airports

New Delhi

CHINA

241
12.7% of 137,
total213,
passengers
carried at AOT airports
INDIA

Kolkata

TAA operates
24186,113
Airbus A320 as of Feb 2012 aircraft from three
136,
hubs in Thailand (Bangkok, Phuket, Chiang Mai), with plans to
168, 109,
177 and Udon Thani in 2013 and 2014
open new hubs
in Hatyai
respectively

Macau

MYANMAR
VIETNAM

Yangon
Udon
Thani

11 domestic destinations and 14 international destinations in

eight countries
currently
204, 176,
76

Ubon
Ratchathani

THAILAND

Bangkok

Only airline in Thailand with a hub outside Bangkok, enabling it

to operate domestic flights that by-pass Bangkok

CAMBODIA

Phnom Penh

Surat
Thani
Krabi

Low cost business model is built on these key characteristics

Phuket

Point to point operations within 4 hours

Ho Chi Minh
City

Nakhon Si
Thammarat
Hatyai

Modern single aircraft type fleet

Narathiwat
Penang

High aircraft utilisation

MALAYSIA

Kuala Lumpur

Extensive route network

Hanoi

Chiang Chiang
Mai Rai LAOS

246, 176, 101

Guangzhou
Shenzhen
Hong Kong

Low cost internet ticket sales

from Bangkok

Strong strategic partnership with AirAsia Berhad (AAB), who will

own 45% of TAA through AirAsia Investment after the planned
offering

from Chiang Mai

68 destinations in 15 countries within the AAB, TAA and PT

Indonesia AirAsia (IAA) network

from Phuket

Singapore

INDONESIA

Bali

Benefits from the AirAsia Groups bargaining power, crossselling opportunities, and brand equity
Source: Company information.

Thai AirAsia provides high frequency air transportation services through an extensive route network
6

Our history and key milestones

239, 31, 21

Operates 24
aircraft to
reach 14
international
and 11
domestic
destinations

0, 49, 156
170, 161, 154
137, 213, 241
136, 186,113
168, 109, 177
246, 176, 101
204, 176, 76

Began
services from
Bangkok to
Phuket,
Chiang Mai,
Singapore and
Macau

Moved
Bangkok hub
to
Suvarnabhumi
International
Airport

Received first
Airbus A320
aircraft

Revamped
entire fleet to
Airbus A320
aircraft

2012
2011
2010
2009

2007
2004

Launched
second hub
in Phuket

Launched
the Phuket
Bali route

Launched
third hub in
Chiang Mai
and Chiang
Mai
Singapore
route

Commenced
flights to
Shenzhen

Our fleet
239, 31,
21 time
Fleet expansion
over

Homogenous A320 fleet

60

0, 49, 156
170, 161, 154
50

137, 213, 241

136, 186,113
40

168, 109, 177

246, 176, 101

30

204, 176, 76

48
43
20

38
33
3

12

27

8
19

10

2009

12

2008

12

22

24 aircraft as of February 2012 (including one spare)

All aircraft are leased from AirAsia Mauritius, with terms
between nine and 12 years
One of the youngest, with an average age of 2 years 4 months as
of 31 Dec 2011
Advantages of homogenous A320 fleet
Proven track record and reliability in short haul, high frequency
operations
Able to fit 180 seats (vs. 148 seats for B737-300)
Reduced costs for spare parts and type-rating training
Simplified route planning and increased flexibility for flight
scheduling arrangements
In the future, TAA plans to:
Increase current fleet to 48 aircraft by FY2016E by procuring
aircraft through AAB
Increase aircraft utilisation to more than 12 block hours per day
(currently 11.5 block hours per day for the year ended 31 Dec
2011)

Boeing

2016E

2015E

2014E

2013E

2012E

2011

2010

2007

2006

2005

2004

Airbus

Source: Company information.

Uniform fleet of A320 aircraft helps minimize costs and maximize flight scheduling flexibility
8

Performance summary of TAA

Key operational and financial summary
239, 31, 21

Key operating statistics of TAA

0, 49, 156

Passengers carried (millions)

170, 161, 154
ASK (millions)
RPK (millions)
137, 213, 241
Load factor
186,113
Average fare 136,
(THB)
RASK (THB) 168, 109, 177
CASK (THB)
176, 101
CASK ex-fuel246,
(THB)
Number of aircraft
at period end
204, 176, 76
Ancillary services revenue per passenger (THB)

Financial summary of TAA (in THBm)

Revenues
EBITDAR
EBITDA
Operating profit (loss)
Net income (loss)
YoY revenue growth
EBITDAR margin
EBITDA margin
Net income margin

FY2009A
5.0
6,511
4,921
76%
1,520
1.43
1.51
0.99
20
179

FY2010A
5.7
7,605
5,923
78%
1,791
1.59
1.39
0.87
19
296

FY2011A
6.9
9,199
7,389
80%
1,849
1.76
1.58
0.89
22
383

FY2009A
9,281.2
1,674.2
(38.2)
(170.1)
(170.5)

FY2010A
12,098.7
4,577.9
2,377.3
2,254.1
2,011.0

FY2011A
16,157.6
5,003.0
2,275.3
2,203.7
2,020.1

n.a.
18.0%
n.a.
n.a.

30.4%
37.8%
19.6%
16.6%

33.5%
31.0%
14.1%
12.5%

Source: Company information.

Financials of TAA are currently proportionately consolidated into accounts on a historical basis. Post IPO AAV will fully
consolidate TAA in financials

Expansion of Thai AirAsias operations over the last three years has translated into profitability over the last
two years
9

Key investment highlights

239, 31, 21

One
of the largest and fastest growing aviation markets in the world
0, 49, 156
170, 161, 154

137, 213, 241

Leading low cost carrier in Thailand

136, 186,113
168, 109, 177

Successful track record of growth

246, 176, 101

204, 176, 76

Established competitive cost structure and well positioned to expand margins

Strong partnership with AirAsia Group

Capital structure provides future financing flexibility

7
4

Experienced management team with a proven track record

10

One of the largest and fastest growing aviation

markets in the world
239, 31,
21
Second biggest
airline
market in Southeast Asia

Passenger growth rates within Southeast Asia

(revenue paying passenger-km in billions)

(RPKs CAGR from 1985 to 2010)

0, 49, 156

14.7%

87.7

170, 161, 154

57.2
51.6
137, 213,
241

47.0

6.9%

28.1

136, 186,113

21.1

6.2%

5.8%

5.4%

5.3%

4.6%

18.0

4.1%

2.8%

3.0

Third highest GDP per capita in Southeast Asia

Supported by Thai tourism industry

(US$)

(number of international tourist arrivals in millions)

30.0

25.0

20.0

814

7.8

8.6

9.5 10.1 10.8 10.0

11.7 11.5

15.9
13.8 14.5 14.5 14.1

5.0

2010

2009

2005

2004

2003

0.0

2002

Cambodia

Laos

Vietnam

Philippines

Indonesia

Thailand

Malaysia

10.0

2001

984

2000

1,174

1999

15.0

1998

2,007

2008

4,992

2006

8,423

Source: ICAO 2010 annual report, SAP Group.

North
America

H1N1 outbreak
and invasion by red mob
of East Asia Summit
Closure of
Bird flu
Suvarnabhumi
Airport
SARS
Tsunami

43,117

3,015

Northeast
Asia

Middle
East

South
America

Europe

Oceania

South
Asia

Southeast
Asia

Source: SAP Group, The Boeing Company.

2007

Source: SAP Group, 2010 ICAO annual report.

China

Laos

Vietnam

Cambodia

204, 176, 76

Philippines

246, 176, 101

Indonesia

Malaysia

Thailand

Singapore

168, 109, 177

Singapore

Source: SAP Group.

TAA provides investors with direct exposure to the large and rapidly growing Thai aviation
market
11

Leading low cost carrier in Thailand

Route network

Most comprehensive
network among
239, 31, 21
LCCs in Thailand. As at 31 Dec 11,
0, 49,
TAA operated
in:156

New Delhi

CHINA

170, 161, 154

11 domestic destinations
INDIA

137, 213, 241

Kolkata
VIETNAM

Chiang
Mai

136, 186,113

Three hubs

Chiang
Rai LAOS

Leading

in Thailand

THAILAND

Bangkok

LCCs: 204, 176, 76

63.8% of total domestic and
international passengers at AOT
airports

Krabi

Phuket

All airlines:
12.7% of total domestic and
international passengers at AOT
airports

Only LCC with regular domestic and

international operations originating from
Suvarnabhumi Airport(2)
Only LCC in Thailand with hubs outside
Bangkok, which enables it to operate
flights which bypass Bangkok

Hanoi

Yangon
Udon
Thani
Ubon
Ratchathani

168, 109, 177

market share(1)
246, 176, 101

Macau

MYANMAR

14 international destinations

Guangzhou
Shenzhen
Hong Kong

CAMBODIA

Phnom Penh

Surat
Thani

Ho Chi Minh City

Nakhon Si
Thammarat
Hatyai
Narathiwat
Penang

MALAYSIA

Kuala Lumpur

from Bangkok
from Chiang
Mai
from Phuket

Singapore

INDONESIA

Bali

Source: Company information.

(1) According to SAP industry report. For the year ended 30 Sep 2010.
(2) During the floods in Thailand in November, NOK Air temporarily moved its base of operations to Suvarnabhumi Airport.

TAAs comprehensive route network has allowed it to capture a sizeable portion of Thailands
aviation market
12

Successful track record of growth driven by route

expansion, fleet growth and growing passenger volume
239, 31, 21
ASKs and aircraft

15,000

0, 49, 156
15.6
170, 161, 154

13,000

11,000

18.0

19.4

25.3
13,000

18.9% p.a.

80%

78%

76%

80%

20.3
11,000

137, 213, 241

9,199

22.5% p.a.
15.3

7,605

9,000

7,000

RPKs and load factors

5,923

7,000

6,511
136, 186,113

75%

7,389

9,000

4,921

10.3

70%

5,000
65%
5.3
5,000

3,000

168, 109, 177

3,000

0.3

FY2009A
246, 176, 101
ASKs
(m)
204,
176,
76

FY2010A

1,000

FY2011A

60%

FY2009A

FY2010A

Ave. no. of operating aircraft

RPKs (m)

FY2011A
Load factor

Source: Company information.

Source: Company information.

Passengers

Passenger revenue and average fares

(millions)

17.5% p.a.
6.9

8.0

7.0

6.0

2.4

2.1

5.0

3.3

FY2009A

FY2010A

4.0

7,582

500

2.0
5,000

1.0

0.0

0.0

Domestic
Source: Company information.

1,000

10,260
10,000

2.9

2,000

1,500

13,008

15,000

4.0

3.0

2.0

1,849

31.0% p.a.

20,000

3.0

1.0

1,791

1,520

6.0

2.9

5.0

4.0

25,000

7.0

5.7

5.0

8.0

FY2011A
International

(500)

FY2009A

FY2010A
Revenue (THBm)

FY2011A
Average fare (THB)

Source: Company information.

Solid fundamentals underpin revenue growth for TAA

13

Established competitive cost structure and well

positioned to expand margins
239,are
31, 21
Non-fuel costs
controlled
(THB)

EBITDAR margin

0, 49, 156
37.8%

2.00

170, 161, 154

1.51

1.58
1.39

31.0%

18.0%

137, 213, 241

1.00

0.99136, 186,113

4,578

5,003

FY2010A

FY2011A

0.89

0.87

1,674

168, 109, 177

0.00

FY2009A
246, 176, 101

FY2010A

204, 176,CASK
76

FY2011A

FY2009A

CASK ex-fuel

EBITDAR (THBm)

Source: Company information.

EBITDAR margin

Source: Company information.

Competitive CASKs compared to regional LCC peers

(US cents)

7.04

6.35
5.53

Jetstar

SpiceJet

Tiger Airways

4.84

Cebu Pacific

4.35

Thai AirAsia

3.69

AirAsia Berhad

Source: SAP Group industry report, for the latest financial year ending as at 30 Sep 2011.

TAA has demonstrated an ability to control its costs and keep its costs in line with its peers
14

Established competitive cost structure and well

positioned to expand margins (contd)
239, 31,fares
21
Competitive base

drive passenger volumes

(THB)

(in millions)

0, 49, 156

17.5% p.a.

10.3% p.a.

6.9

8.0

170, 161, 154

7.0

1,849

1,791

137, 213, 241

6.0

7.0

5.7

5.0

6.0

2.9

5.0

4.0

1,520136, 186,113

2.4

2.1

3.0

2.0

1.0

2.9

3.3

FY2009A

FY2010A

4.0

FY2010A

FY2011A

0.0

Domestic

204, 176, 76

FY2011A
International

Source: Company information.

Source: Company information.

and ancillary services revenue

Ancillary services as a % of revenue

6,000

296
5,000

383

500

400

179

16.3%

300

13.9%

200
4,000

71.5% p.a.

3,000

100

2,627

1,687

2,000

2.0

1.0

0.0

FY2009A
246, 176, 101

5.0

4.0

3.0

168, 109, 177

8.0

9.6%

(100)

(200)

893

(300)

1,000
(400)

(500)

FY2009A

FY2010A

Ancillary income (THBm)

Source: Company information.

FY2011A

FY2009A

FY2010A

FY2011A

Ancillary income per pax (THB)

Source: Company information.

and ability to generate higher ancillary income from passengers, which allows TAA to
expand margins further as ancillary services require minimal costs
15

Strong partnership with AirAsia Group

239, 31, 21
0, 49, 156

Centre for Asia Pacific

Aviation (CAPA)
Airline Of The Year
(2009)

170, 161, 154

137, 213, 241
136, 186,113
168, 109, 177

Malaysia Business
Leadership Masterclass
Global CEO of the Year

TTG Travel Awards 2009

Best Asian Low-Cost Carrier

246, 176, 101

204, 176, 76

Skytrax
World's Best Low Cost Airline (2009,2010, 2011)

Access to cost synergies and feeder network

Access to AirAsia Group feeder network which allows customers to

connect to 68 cities in 15 countries (within AAB, TAA and IAA
networks)

Ability to share in bulk purchase opportunities, such as the recent

200 Airbus A320 NEO aircraft deal valued at US$18.2 bn, which
was the largest aircraft order in Airbus history

One of the most recognized brands in aviation with

representation on various global sporting platforms

Sponsor of F1
Team Catherham

Sponsor of EPL team

Queens Park Rangers

Sponsor of English
Referees in the EPL

TAAs partnership with the AirAsia Group gives it access to unique, profitable opportunities,
allowing it to capture market share, and attract new passengers
16

Capital structure provides future financing

flexibility
239, 31,
21
Strong EBITDAR
growth

coupled with slower aircraft rental expense growth

(THBm)

(THBm)

0, 49, 156

72.9% p.a.

170, 161, 154

4,578

26.2% p.a.

5,003

137, 213, 241

1,674

136, 186,113

1,712

2,201

2,728

168, 109, 177

246, 176, 101
FY2009A

FY2010A

FY2009A

FY2011A

FY2010A

FY2011A

204, 176, 76

low total debt

and finance costs (1)

(THBm)

(THBm)

2 ,0 0 0
1 ,8 0 0
1 ,6 0 0
1 ,4 0 0
1 ,2 0 0
1 ,0 0 0

513

800
600
400
200

203

243

184

FY2010A

FY2011A

0.4

FY2009A

FY2010A

FY2011A

FY2009A

Source: Company information.

Note: (1) Includes interest on loans, overdrafts and finance lease payments.

We believe Thai AirAsias strong EBITDAR growth, coupled with manageable leverage, will provide strong
cash flows and enable the Company to take advantage of growth opportunities, effectively compete and
provide itself financial protection against any temporary deterioration in business conditions
17

Experienced management team with a proven

track record
239, 31, 21

Tassapon Bijleveld
Officer

Pornanan Gerdprasert
Chief Financial Officer

0,Chief
49, 156Executive

Tanapat Ngamplang
Director of Operations

170, 161, 154

137, 213, 241

Joined in 2003136, 186,113

Joined in 2004

Previously was
Managing
168,
109, 177 Director of Warner
Music (Thailand) Ltd.

Previously the Finance and Accounting Director

of Teleinfo Media Co Ltd

Holds a Bachelor
of Business
Administration
246, 176,
101
degree from Assumption University and a
Master of Marketing
degree
204, 176,
76 from Thammasat
University

Holds a Bachelor of Accounting, a Higher

Diploma in Auditing and a Master of Accounting
from Thammasat University

Preechaya Rasametanin
Director of Engineering

Joined in 2003

Previously the Director of Flight Operation for

Phuket Airline Co. Ltd

Holds a Bachelor of Science Degree from

Royal Thai Air Force Academy

Holds a Bachelor of Arts degree from

Sukhothai Tammathirat Open University

Holds a Master of Business Administration

degree from Kirk University

Santisuk Klongchaiya
Director of Commercial

ML Bovornovadep
Devakula
Director of Business
Development

Joined in 2004

Joined in 2007

Joined in 2004

Previously the Product Support Manager of

Aviation Products for Goodyear Thailand PCL

Holds a Bachelor of Science degree, majoring

in mechanical engineering, from the Royal Thai
Air Force Academy

Previously the General Manager of Warner

Music (Thailand) and Marketing Manager of
Reebok Wongpaitoon Footwear Plc

Holds a Bachelor of Business Administration

degree from Assumption University

Previously the Manager of Advance Info

Services, Plc and Secretary to the Chairman of
the Board of Directors of Shin Corp and
Secretary to the Minister of Foreign Affairs

Holds a Bachelor of Science degree from State

University of New York

Holds a Master of Science degree from

Thammasat University

Majority of senior management has been with Thai AirAsia since inception
18

Financial highlights

19

Income statement summary of TAA

239, 31, 21

Revenue
(THBm)

EBITDAR
(THBm)

0, 49, 156
170, 161, 154

37.8%

31.9% p.a.

137, 213, 241

9,281

18.0%

16,158

31.0%

72.9% p.a.

12,099

4,578

5,003

FY2010A

FY2011A

136, 186,113

1,674
168, 109, 177

FY2009A
246, 176, 101

FY2010A

FY2009A

FY2011A

204, 176, 76

EBITDAR

EBITDA

Net profit

(THBm)

(THBm)

19.6%

14.1%

EBITDAR margin

16.6%

12.5%

2,011

2,020

FY2010A

FY2011A

(1.8%)
2,377

(0.4%)

2,275

(38)

(171)

FY2009A

FY2010A
EBITDA

FY2011A

EBITDA margin

FY2009A
Net profit

Net profit margin

Source: Company filings.

20

Cost structure analysis of TAA

Common sized income statement
239, 31, 21
(1)

Passenger revenues
49, 156 (2)
Ancillary services 0,revenues
Other revenues (3)
170, 161, 154

Revenues
137,
213, 241 fuel costs, aircraft rental, depreciation & amortization
Operating costs
excluding
Fuel costs
136, 186,113
Aircraft rental
109, 177
Depreciation &168,
amorization

FY2009A

FY2010A

FY2011A

81.7%
9.6%
8.7%

84.8%
13.9%
1.3%

80.5%
16.3%
3.2%

100.0%
(44.9%)
(35.9%)
(18.5%)
(1.1%)

100.0%
(30.6%)
(32.8%)
(18.2%)
(0.8%)

100.0%
(28.4%)
(39.6%)
(16.9%)
(0.2%)

Gross profit 246, 176, 101

Net gain on exchange rates
Other income 204, 176, 76

(0.4%)
1.4%
2.3%

17.6%
2.9%
3.0%

14.9%
1.0%
2.8%

Profit before expenses

Selling and admin expenses excluding depreciation & amortization
Depreciation & amortization
Management remunerations

3.4%
(4.6%)
(0.3%)
(0.3%)

23.6%
(4.5%)
(0.3%)
(0.2%)

18.6%
(4.5%)
(0.2%)
(0.3%)

Profit before finance costs and income tax

Finance costs

(1.8%)
(0.0%)

18.6%
(2.0%)

13.6%
(1.1%)

Profit before income tax

Income tax

(1.8%)

16.6%

12.5%

Net profit

(1.8%)

16.6%

12.5%

Margins
EBITDAR
EBITDA
EBIT
Net profit

18.0%
(0.4%)
(1.8%)
(1.8%)

37.8%
19.6%
18.6%
16.6%

31.0%
14.1%
13.6%
12.5%

Note:

(1) Net of refunds, and excludes value-added taxes and airport taxes.
(2) Comprises revenues relating to baggage handling fees, excess baggage fees, seat selection fees, in-flight sales of meals and beverages, convenience fees, freight, in-flight sales of merchandise
and cancellation and documentation fees.
(3) Total revenues less passenger revenues and ancillary services revenues.

21

Balance sheet summary of TAA

Total assets
(THBm)

239, 31, 21

Cash and cash equivalents

(THBm)

0, 49, 156
170, 161, 154

1,360

4,867

137, 213, 241

3,790
654

136, 186,113
2,067

508

168, 109, 177

FY2009A
246, 176, 101

FY2010A

FY2011A

FY2009A

FY2010A

FY2011A

204, 176, 76

Total debt(1)

Total equity

(THBm)

(THBm)

(546)

513
(2,503)

203
4
FY2009A

(4,514)
FY2010A

FY2011A

FY2009A

FY2010A

FY2011A

Source: Company filings.

Note: (1) Total debt includes finance leases.

22

Thank you

23