Company Visit Q1 11 Thai

8/6/2019 Company Visit Q1 11 Thai

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1 Investor Relations Department

THAI AIRWAYS INTERNATIONAL PLC.THAI AIRWAYS INTERNATIONAL PLC.

Company Visit Q1/2011Company Visit Q1/2011

http://www.thaiairways.com/about-thai/investor-relations/en/investor.html

LAN3G/4GxDSL


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DISCLAIMER

The information contained herein is intended to represent the Companys operating andfinancial position at a given point in time and may also contain forward looking information

which only reflects expectations based on the prevailing geo-political, economic andnon-controllable factors. Such information has been obtained from sources believed to be

most reliable and the means in analyzing and preparation of such information for disclosureare based on approved practices and principles in the investment industry. The views are

based on assumption subject to various risks and uncertainties and no assurance is made asto whether such future events will occur, that projections will be achieved, or that theassumptions here-in are correct. Consequently no assurance is made as to the accuracy orcompleteness of information presented in this document.

This document should not be construed as an investment guide or as an offer or

solicitation of an offer to buy or sell the Companys stock.


3/49


THAI in 2010

MTHB USD mn Equiv. % Change

Assets 293,760 9,792 8.1

Total Revenue 180,588 6,020 11.7

Net Profit 15,398 514 107.6

# of Aircraft 90*

Destinations Served 72

Countries Served 35

*Excluding 6 B 737-400 leased to Nok Air

Million % Change

Passengers carried (# of people) 18.2/annum -1.7

Available Seat Kilometers (ASK) 55,676 +5.9

Freight Transport (tons) 713.9 /annum +30.8

Available Ton Kilometer (ATK) 2,895 +38.4


4/49


Factors Affecting Aviation Business

Factors of Concern

ASEANOpen Sky and

Liberalization Policy

Competitionfrom LCCs and

Traditional Airlines

Rapid Rise inFuel PriceRate of Economic

GrowthFX Fluctuation

EU CarbonEmissions Guideline

NewAircraft

Technology

/Trend

Natural Disasters

Availability ofNew Aircraft Acquisition,

Aging Fleet & Seat

THAI is takingprecautionaryactions to mitigateall risk factors

Politics

Health


5/49


Units Jan-Mar11 Jan-Mar10 % Change

Passenger Production MASK 19,571 19,045 +2.8

Passenger Traffic MRPK 14,881 15,425 -3.5

Cabin Factor % 76.0 81.0 -6.1

Avg. Passenger Yield THB/km 2.77 2.64 +4.9

Note : Yield includes fuel surcharge

Freight Production MADTK 1,233 1,096 +12.5

Freight Traffic MRDTK 698 653 +7.0

Freight Factor % 56.6 59.6 -4.9

Avg. Freight Yield THB/km 9.67 9.27 +4.3

Note : Yield includes fuel surcharge

Avg. Fuel Cost USD/gallon 2.85 2.13 +33.8

Operating Summary


6/49


EBIT, EBITDA and Net Profit (Q1/2010 & Q1/2011)

Units : THB mnFactors Impacting Q111 Results

Stronger contribution from

freight business

Higher average PAX yield

Effective fuel hedging policy

Impact from Japan

High fuel price

Lower # of passenger

6,037

11,252

10,572

4,8744,960

9,755

618

3,976

-

2,000

4,000

6,000

8,000

10,000

12,000

EBIT EBITDA Net Profit Net Profit

Q1'10 Q1'11

Financial Performance

(Exclude FX)


7/49


Rising Fuel Cost

Price of Jet Fuel (US$/bbl)(Singapore Spot Price)

60

70

80

90

100

110

120

130

140

150

Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11

Average for 2008


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Fuel surcharge now covers fuel cost


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DAILY REVENUE PASSENGER KILOMETRE (RPK)(7 Days Moving Average up to 23 May 2011)

100,000,000

110,000,000

120,000,000

130,000,000

140,000,000

150,000,000

160,000,000

170,000,000

180,000,000

190,000,000

1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec

2009

2010

2011

RPK is slightly higher than last year

RPK%YoY

Apr. +8.0%1-23 May +14.6%

YTD +0.8%


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Africa,ME

Domestic Indo China Western Southern Northern North Pacific Europe Australia Others

%RPK/day

Jan-Apr 11 100.0% 5.7% 1.1% 7.2% 4.3% 23.6% 2.8% 39.3% 12.2% 3.8%

%YoY growthJan-11 -3.1% -15.7% 0.7% -5.6% 1.8% 1.8% 4.9% -5.2% -3.1% 9.6%

Feb-11 -3.0% -16.1% 8.3% 3.1% 2.1% 1.7% 4.3% -5.4% -3.5% -6.3%

Mar-11 -4.4% -12.7% 1.5% 4.7% 10.3% -2.7% 3.7% -6.6% -13.3% 12.7%

Apr-11 8.0% 5.8% 18.8% 5.1% 24.2% -1.8% -4.8% 10.3% 6.9% 63.7%

1-23 May-11 14.6% 16.0% 20.1% 9.7% 41.2% 21.4% 8.0% 3.7% 21.3% 61.7%

YTD 0.8% -8.7% 8.2% 2.7% 13.6% 2.3% 2.8% -1.7% -0.4% 20.7%

Total

Change in RPK by Region (%YoY)


11/49


Low CostCarriers

Newly established fullservice airlines

Traditional full service airlines

Competitors Have Increased Significantly


12/49


13/49


0

5

10

15

0

5

10

15

20

25

Domestic Market Regional Market

39.8%

45.2%

15.0%

33.2%

19.1%

47.6%

-2.3%

32.4%

7.4%

Avg. Growth Rate

(2003-2010)

3.2%

46.8%

4.4%

83.8%

16.2%

42.2%

55.7%

2.1%

Mn PassengersMarket Share Market Share

Market Share of LCCs Up Dramatically

Mn Passengers

Avg. Growth Rate

(2003-2010)

2003 2010 2003 2010

THAI Airways

LCCs

THAI Airways

Others

LCCs

Others


14/49


Middle East HUB

EtihadEmiratesQatar

New Strong Competitors from Middle East


15/49


Competitors Fleet Expansion Plan

Existing/Awaiting delivery 15/75 -/5 -/10 11/8 - -/6 -/4 -/6

Competitors Fleet and Expansion Plan

0

50

100

150

200

250

300

350

400

EmiratesQatarEtihadSingaporeCathayMalaysiaVietnamTHAI

Existing

Awaiting delivery

Number

A380


16/49


2009

2010

2011

2012

2013-2017Ensure

strengthandstability

-Empha

sizeCu

stomer

Value

-Ensur

eCom

petitive

ness

-EnsureDy

namismStrengthen internalStrengthen internal

organizationorganization

Build strategicBuild strategic

competitivenesscompetitiveness

Seek growthSeek growth

opportunitiesopportunities

Build operational stabilityBuild operational stability

Overarching Strategic Plan


17/49


Strategic Roadmap

Overall Strategic Roadmap

Ultimate Goal

Restore THAI tobe the pride of

Thailand aroundthe world,

as a leading

Asian carrierthat is

consistentlyamong the top 3carriers in Asia

and top 5 in theworld

for overallcustomer

experience

Competitive

Customer-oriented

Dynamic

Core Value

Striving together towards

a strong and sustainableTHAI

Customer Value Strategy

Commercial Strategy

Corporate Portfolio Strategy

Corporate Social ResponsibilityStrategy

Strategic Transformation Areas

Route Network and Fleet Strategy

Human Capital & OrganizationEffectiveness Strategy

Efficiency, Flight Safetyand Fuel Management Strategy

Financial Strategy

IT Strategy

1

2

3

4

5

6

7

8

9


18/49


To Be Top 3 in Asia and Top 5 in the World

Business Travelers Award

Best Ground ServiceBest Lounges

Skytrax

Best Airline Lounge First ClassBest Airport Services

Other Awards in 2010

Norwegian Grand Travel Award

Best Intercontinental Airline

TTG Award

Best Business Class

Best Southeast Asian carrier

Awards and Accolades

The Worlds Top 10 Airlines Skytrax

2010 Change

1

2

3

4

5

6

7

8

9

10

3

2

4

1

8

7

6

5

10

9

2009

Source: Skytrax


19/49


LOW to MEDIUM

Focus on Domestic and provides

additional value while maintaining verylow cost

Domestic value-for-money

carrier

LOW to ULTRA LOW

Requires all trade-offs to reduce cost

(max seat density, max utilization)

LOW to MEDIUM

Low cost base achieved through aspectsof LCC model, such as single aircrafttype, new fleet, etc.

MEDIUM to HIGH

Minor improvements could be madein cost efficiency

Required cost base

Regional Ultra-lowcost carrier

Regional carrier

Premium network carrier

Brand positioningBrand

Product by Cost Base

THAI Portfolio Specific Cost Base

Source: Team discussion and analysis


20/49


Competition for THAI Wing

Full-service carriersRegional FSCLow-cost carriers



21/49


Thai to build short-haul and regional network strength to captureconnecting traffic from Europe, Australia, and the Middle East

Selected Kangaroo routes for the ME carriers and THAI (2009)THAI

EmiratesEtihad

Gulf

Qatar

Bangkok

Sydney

Melbourne

Perth

Singapore

Brisbane

London

Abu DhabiDubai

Doha

Bahrain

Cost competitiveness is key todeveloping a robust regionalconnection to Southeast Asia

from Europe, Australia and theMiddle East

THAI Connecting Traffic


Sapporo

Tokyo

Haneda

Nagoya

Fukuoka

Intercon trunk routes

will be weakened ifTHAI is

uncompetitive inregional connections


22/49


Enhancing and improving products and services at all touch pointsto ensure consistent quality service.

Building Customer Value


23/49


Call CenterCall Center

Premium LoungesPremium Lounges

Increase Selection of

EntertainmentIncrease Selection ofEntertainment

Food & BeverageFood & Beverage

Minimize Time for Baggage

Claim

Minimize Time for Baggage

Claim

Royal Orchid PlusRoyal Orchid Plus

Product & Service Enhancements


24/49


E-Service on MobileE-Service on Mobile Internet BookingInternet Booking

E-Payment ServicesE-Payment Services

Internet check-in withhome print boarding pass

Internet check-in withhome print boarding pass

Enhance E-Service Capability


25/49


Check-in via InternetTicket Sales Via Internet

%

Statistic on Internet Check-in

%

Year 2010

Year 2009

Year 2011

0

1

2

3

4

5

6

7

8

9

10

Jan

Feb

Mar Ap

rM

ay Jun Ju

lAu

gSe

pAu

gNo

vDe

c0

1

2

3

4

5

6

7

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Aug

Nov

Dec

Year 2010

Year 2009

Year 2011


26/49


*Note : the 5 A330s deferred arrival is included in 2011s delivery plan

2011 2012 2013 Total

A380-800 3 3 6

B777-300ER 2 6 8

A330-300 5* + 2 3 2 12

Total 7 8 11 26

First Class SeatsBusiness Class Seats

A380-800

Deliveries Over the Next 3 Years


27/49


Zim will be providing economy class seats and enabling the 5 new A330-300aircraft to join the fleet in the following months.

A330-300

Resolving Koito Seat Problem

Delivery March April May June July


28/49


Sept. 2011 Jun. 2012

B747-400No. 7-12

B777-200

6

8

B777-300 6

B747-400No. 13-18

6

Airbus340-600

6

B777-200ER 6

Airbus340-500

4

Retro

fitted

Retro

fitted

Retro

fitted

Retro

fitted

First Business Economy# of Aircraft Tentative Completion

Completed

May Dec. 2011

Feb. 2012 Oct. 2012

2013

2014

2014

Upgrades and Retrofit Schedule

S


29/49


2011-2013 2014-2017 2018-2022 Total

Medium sized body aircraft 26 21+17 = 38 47 + 17 = 64

Narrow body aircraft 11 - 11

Total 37 38 75

Avg.FleetAgetoDropto7.6yrs.

Age : yrs

Long-term Fleet Strategy

2011 R N k Ch


30/49


Suspensionroutes

Paris 7 to 10 flts/wk

Oslo 5 to 7

Moscow 3 to 4

Nagoya 7 to 10

Fukuoka 5 to 7

Changes were made to better reflect customer demand

Increased flights

New Destinations

Haneda 7 flts/wk

BKK-Gaya-Varanasri3 flts/wk

Relaunch

Johannesburg 4 flts/wk

2011 Route Network Changes

F th C t C t l M


31/49


THAI is committed to achieving the THB 20,000 mn cost reduction targetagreed to with the Ministry of Finance through 2012

Strategy to Reign in Costs

Improved fuel management

Increased proportion of ticket sales via

internet & minimize commission payment

Launched early retirement program / Mutual

separation plan / Continue to offer Golden

Handshakes / Use of Wingspan / Manage

reduction in crew accommodation cost

Reduction of management & admin. expense

Continued to negotiate with all suppliers

No pay leave project

Changed approach in undertaking marketing

and advertising initiatives

THB mn

Further Cost Control Measures

3,467

mn bahtor 3.6%belowbudget

3,215

6,897

10,697

0

4,000

8,000

12,000

2010 2011 2012

Yearly Cost Reduction Targets

Was able to reduce non-fuel related cost by

THB 252 mn or a 7.8% reduction

THB20,000mnTHB mn

2010 Expense Compared to Budget

93,14796,614

60,000

80,000

100,000

2010 Budget

Fuel Management


32/49


>2018 months

>80%

6030


33/49


Monthly fuel hedging 2008-2011 - % of consumption by month

Percentage of Fuel Surcharge & Hedging Coverage

57%

65%

62%

56%

51%

51%

61%

65%

69%

72%

72%

63%

123%

131% 1

63% 1

99%

143%

116%

82 % 1

02%

91% 1

18%

112%

102%

110%

104%

116%

98%

74%

94% 1

06%

111%

103%

109%

101%

102%

73%

98%

88%

87%

Jan-0

8

Feb

-08

Ma

r-08

Ap

r-08

Ma

y-0

8

Jun-0

8

Ju

l-08

Au

g-0

8

Sep-0

8

Oc

t-08

o

v-0

8

De

c-0

8

Jan-0

9

Feb

-09

Ma

r-09

Ap

r-09

Ma

y-0

9

Jun-0

9

Ju

l-09

Au

g-0

9

Sep-0

9

Oc

t-09

o

v-0

9

De

c-0

9

Jan-1

0

Feb

-10

Ma

r-10

Ap

rl10

May

10

Ju

n10

Ju

l10

Aug

10

Se

p10

Oc

t-10

o

v-1

0

De

c-1

0

Jan-1

1

Feb

-11

Ma

r-11

Ap

r-11

0%

0%

0%

0% 3

%17%

38%4

1%44%

44%

49%

35%

27%

20%

23%

3%

3 % 7

% 13%

13%

17%

20%2

7%

30% 4

4%

44%

44%

47

%

47

%

47

%6

9%

69%

69%

69%

69%

69%

59%

59%

59%

19%

19%

19%

50

%

50

%

50

%

51%

51%

5

1%

Jan-0

8

M

ar-

08

M

ay-0

8

J

ul-08

Sep-0

8

o

v-0

8

Jan-0

9

M

ar-

09

M

ay-0

9

J

ul-09

Sep-0

9

o

v-0

9

Jan-1

0

M

ar-

10

M

ay-1

0

J

ul-10

Sep-1

0

o

v-1

0

Jan-1

1

M

ar-

11

M

ay-1

1

J

ul-11

Sep-1

1

o

v-1

1

Hedging combined with fuel surcharge greatly mitigates fuel price fluctuation risk

Fuel Management

Emissions Control


34/49


THAI is the first Asian airline to sign anagreement with IATA to find means tomitigate fuel

Carbon FootprintCarbon Footprint

Carbon OffsetCarbon Offset

Launched the carbon

offset program

1st

airline

Emissions TradingEmissions Trading

Amount of CO2 ~1.07 mn tons

CERs 0.47 mn tons THB 239 mn

EUAs 0.60 mn tons THB 407 mn

Determined the carbon foot print of2 meals and provided labeling forcustomers to choose

2012

Monetary Value

THB 646 mn

Emissions Control

Improvements in Dynamism


35/49


Geared for BUs to enhance efficiency in decisionprocess & management

Signed Service Level Agreements

Project Changes Made

Uphold the principles of Good CorporateGovernance

Invest in IT

Facilitate means to expedite decision making

IT capability improves not only efficiency, decisionmaking but also enhances customer satisfaction

Reduce steps to improve decision process

Ensuring transparency in all areas of operations

Whistle Blower Policy

Structural change to enhance

flexibility but also responsibility

Senior management having clear cut KPIs andcompensation is measured accordingly

Performance-based Culture

Improvements in Dynamism

Pending Legal Issues


36/49


4,290 MTHB 2,507 MTHB

EC Rescinded all charges against THAI

US Cargo DOJ Stopped further proceedings

US Cargo Class Action Settled by paying USD 3.5 mn

Korea Pending charges is for KW 2.85 mn

Wrote back a portion ofreserves that were set aside

Pending Legal Issues

Improved Capital Structure


37/49


Raised 15,000 MTHBin new equityRaised 15,000 MTHBin new equity

Received additionalborrowing from financial

institutions

Received additionalborrowing from financial

institutions

Obtained RevolvingCredit Lines

Obtained RevolvingCredit Lines

Cash to Total Revenue

2009 20102008

3.04 2.66

1.30 1.45

0

1

2

3

4

5

2009 20102008

Net interest bearingDebt to Equity

Improved Cash PositionImproved Cash Position

Capital Structure StrengthenedCapital Structure Strengthened

Improved Capital Structure

Q12011

8,000 MTHB Debentureissued in May 13, 20118,000 MTHB Debentureissued in May 13, 2011

Resulting Success


38/49


THAIs share price reflects the confidence in the improved healthof the Company

0

5

10

1520

25

30

3540

45

50

55

60

4/1/09 4/4/09 4/7/09 4/10/09 4/1/09 4/4/09 4/7/09 4/10/0

9

4/1/10 4/4/10 4/7/10 4/10/10 4/1/11 4/4/11

THB/share

Implementedrecovery plan

Share pricepeaked at THB

57.75 uponbeing inductedback into the

MSCI

103.61

USD/bbl

137.57USD/bbl

Fuel price

Cash flow crisis

Successrecapitalization

Drafted &implemented

strategiesunder TG 100

@ 9 Dec. 10@ 20 Apr. 11

MSCI = Morgan Stanley Capital International

Resulting Success


39/49





40/49


Performance Summary (Q1/2011)THAI and its subsidiary

(Units : MTHB)

Total Revenue 51,851 49,806

Total Expense -46,468 -43,061

Foreign currency exchange (Gain) -3,358 5,698

Share of losses of investments by the equity method 38 -7

Profit(Loss) before finance costs, income tax 2,063 12,436

Financial Cost -1,309 -1,345

Income tax expense -121 -499

Net profits (losses) 633 10,592

Profits (losses) Attributable to:

Non controlling interest -15 -20

Equity holders of the parent 618 10,572

20102011

Jan-Mar




41/49


Ratios Q12010 & Q12011

Ratios units Q110 Q111

Earnings Per Share (THB) 6.22 0.28

EBIT (MTHB) 6,037 4,960

EBITDA (MTHB) 11,252 9,755

EBITDAR (MTHB) 11,750 11,191

Book Value (MTHB) 63,670 76,712

Book Value per Share (THB) 37.48 35.14

Total Debt to Equity (Times) 3.90 2.80

Net Debt to Equity (Times) 2.35 1.88

Debt Service Coverage (Times) 2.00 1.50

Interest Coverage (Times) 8.40 7.50

Operating Profit Margin (%) 12.30 9.70

Net Profit Margin (%) 21.60 1.20

EBITDA Margin (%) 23.00 19.10

Return on Total Assets (%) 3.80 0.80

Return on Total Equity (%) 20.10 0.20


Industry Outlook


42/49


Global Economy expected to grow by 5% - IMF

Global # of Tourists expected grow by 4-5 - UNWTO

Passenger Traffic expected to grow by 5.2% - IATA

Air Traffic Transportation expected to grow by 5.5% - IATA

Economic & AirlineEconomic & Airline

IndustryIndustry

Trend and GrowthTrend and Growth

for 2011for 2011--20122012

y

Industry Outlook


43/49


Passenger from / to Thailand Forecast 2011-2017

0

5

10

15

20

25

30

35

40

45

50

03/04 04/05 05/06 06/07 2008 2009 F 2010 F 2011 F 2012 F 2013 F 2014 F 2015 F 2016 F 2017

TG ForecastActual

25.9M

20.6M

5.3M

9.9M

Inter. 3.2%

Reg. 2.7%

Intercont. 5.0%

Dom. 5.2%

ThailandPassengers

(Millions)

2011-2017International 5.5 %

Regional 5.5 %

Intercont. 5.5 %

Domestic 4.2 %

48.0M48.0M

37.2M

17.4M

10.8M

4.04.0

%%

5.3%5.3%

5.2%

5.2%5.2%

30.3M

23.5M

12.7M

6.8M

IATA International Passenger Forecast 2010 2011 2012 2013 2014 CAGR2011-2014

(As September 2010) World 7.9% 4.9% 5.4% 5.4% 5.4% 5.3%Asia Pacific 11.6% 7.2% 6.9% 6.5% 6.1% 6.7%

2.8%

9.7%

8.5%

8.8%

Estimate

4.6%

6.0%

6.3%

6.3%

32.9M

25.5M

13.1M

7.5M

37.2M

28.8M

14.3M

8.4M

y


44/49


Appendix

Operating Statistics


45/49


Passenger Carried

4,6844,114

4,5895,088 5,167

3,6624,371

4,833 4,923

-

2,000

4,000

6,000

Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11

(000)

Freight Carried

113,735124,819

140,889

167,341 166,155179,329 180,341 188,109 172,749

100,000

130,000

160,000

190,000

Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11

(Tons)

Year 2009 Year 2010

Year 2009 Year 2010

Year 2010 = 18.2 million (decreased 1.7% YoY)

Year 2010 = 713,931 tons (increased 30.8% YoY)

Year 2011

Q1/2011 = 4.9 million (decreased 5.5% YoY)

Q1/2011 = 172,749 tons (increased 4.0% YoY)

Year 2011



46/49


C/FRPKASK

Passenger

75

.2

77

.2

76

.8

71

.1

62

.2

65

.1 71

.3

76

.1

74

.3

75

.1

74

.0

77

.0

82

.0

82

.3

78

.8

72

.1

56

.7

65

.3 76

.3

74

.6

73

.1

74

.3

71

.8

75

.3

77

.8

77

.6

73

.0

71

.8

63

.2

-

2,000

4,000

6,000

8,000

Jan-0

9

Fe

b-09

Mar-0

9

Apr-0

9

May-0

9

Jun-0

9

Ju

l-09

Aug-0

9

Sep-0

9

Oc

t-0

9

Nov-0

9

Dec-0

9

Jan-1

0

Fe

b-10

Mar-1

0

Apr-1

0

May-1

0

Jun-1

0

Ju

l-10

Aug-1

0

Sep-1

0

Oc

t-1

0

Nov-1

0

Dec-1

0

Jan-1

1

Fe

b-11

Mar-1

1

Apr-1

1

May-1

1-

20.0

40.0

60.0

80.0

100.0

(%)Year 2009 Year 2010 Year 2011

(Million)

May'11(E) May'10 YoY% Q1'11 Q1'10 YoY% Year'10 Year'09 YoY%

MASK 6,505 6,171 5.4 19,571 19,045 2.8 75,600 72,031 5.0

MRPK 4,111 3,497 17.6 14,881 15,425 3.5- 55,676 52,593 5.9

Cabin factor% 63.2 56.7 11.5 76.0 81.0 6.1- 73.6 73.0 0.9

YoY (Month) YoY (Year)YoY (Quarter)

* (E) = Estimate

(E)



47/49


40

.2

44

.5

49

.7

46

.1

47

.9

51

.8

50

.652

.458

.8

59

.3

61

.8

58

.3

54

.4

60

.5

63

.9

62

.4

66

.9

65

.0

61

.3

60

.4

62

.2

62

.5

60

.8

57

.9

53

.7

56

.660

.1

58

.0

57

.5

-

200

400

600

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

Oct-09

Nov-0

9

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-1

0

Dec-10

Jan-11

Feb-11

Mar-11

Apr-11

May-11

-

20.0

40.0

60.0

80.0

(Million) (%)

Freight

F/FRFTKADTK

May'11(E) May'10 YoY% Q1'11 Q1'10 YoY% Year'10 Year'09 YoY%

MADTK 414 378 9.5 1,233 1,096 12.5 4,708 4,016 17.2

MRFTK 238 253 5.9- 698 653 7.0 2,895 2,092 38.4

Freight Factor% 57.5 66.9 14.1- 56.6 59.6 -4.9 61.5 52.1 18.0

YoY (Month) YoY (Quarter) YoY (Year)

* (E) = Estimate

Year 2009 Year 2010 Year 2011

(E)



48/49


2.4

1

2.2

2

2.0

5

2.0

8

2.1

3

1

.90

1.81

1.9

22

.05

1.8

52

.02

2.1

4 2.3

5

2.2

6

2.1

6

2.0

72

.23

2.0

3

1.9

9

2.0

12

.11

1

.97

2.1

2

2.1

62

.29

2.3

6

2.4

2

2.4

2

1.00

1.50

2.00

2.50

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec


(THB/Km)

Passenger Yield (Excluding Fuel Surcharge)

Passenger Yield (Including Fuel Surcharge)

2.5

1 2.6

4

2.6

02.7

02

.78

2.8

4

2.272

.44

2.30

2.212.

32

2.5

6

2.5

4

2.4

92.7

2

2.7

2

2.5

6

2

.402

.55

2.4

5

2.4

2

2.4

42

.68

2.5

42

.63

2.7

32

.82

2.8

7

2.00

2.50

3.00



(THB/Km)



49/49


Freight Yield (Excluding Fuel Surcharge)

6.98

7.0

2 7.5

3

7.4

8

7.0

8

7.01

6.6

9

6.6

7

7.4

7

7.1

3

6.6

27.01

7.7

2

7.0

17.4

2

7.1

27

.37

6.8

97.3

0

7.1

87.5

1

7.4

4

6.9

6

6.9

17.3

3

6.7

7

6.9

4

7.0

8

6.00

7.00

8.00



(THB/Km)

Freight Yield (Including Fuel Surcharge)

9.6

59

.85

9.7

4

8.7

1

8.0

2 8.5

0 9.1

7

8.1

9 8.9

0

8.6

18

.88

9.0

49

.35

9.4

39

.66

9.0

8

9.1

09

.30 9

.89

9.6

5

9.5

3

9.3

0 9.8

4

9.3

7

9.4

49

.65

9.7

0

9.4

5

7.00

8.00

9.00

0.00



(THB/Km)

Documents

Company Visit Q1 11 Thai