Performance of Y2017

BAFS was founded in 1983 by the Cabinet Resolution to provide aircraft refueling

system services.

The scope of services comprises of :

I. Aviation fuel storage services

II. Aviation fuel transportation services via high pressure pipeline system, Hydrant

system, to the aircraft aprons and

III. Refuelling services

FPT

2

Business Overview

3

90.0% 83.3% 75.0%

BAFS

• Operating aviation fuel services using the Hydrant technology at Suvarnabhumi Airport

• Storage and Aircraft Refueling Services at Suvarnabhumi, Don Mueang, Samui, Sukhothai and Trat Airports

• Refueling services which is hired only for labor. Currently, it provides services at Samui, Sukhothai and TratAirports

• Storing and transporting multi-products fuel through pipeline system

BAFS Group

• research and development, the design and improvement, and the production and sales, of innovative products

100.0%

Major Shareholders

THAI 22.6%

Institutional Investors

%

PTT 7.1%

Chevron 2.5%

ESSO (Th) 7.1%

SHELL (Th)

7.1%

AOT 4.9%

Retail Investors

%

Others Oil Com.

6.9%

4

International64.4%

Domestic35.6%

BKK, 61.4%

DMK,38.6%

18 17 21 24 26

16 1520

22 2317 16

2022

2417 20

2223

26

0

20

40

60

80

100

120

2013 2014 2015 2016 2017

Q1 Q2 Q3 Q4

67.8

83.2

68.0

91.1

99.2

5

(M Passenger)

Y2017 Passenger By Airports

Source : AOT

Passenger Statistic At BKK & DMK

2017 Passenger By Categories

Total passenger of BKK &DMK in Y2017 increased by +8.9%(y-o-y)

11.2%

8.6%9.6%

5.8%

3.3%2.4% 2.6%

3.8%

0%

2%

4%

6%

8%

10%

12%

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17

Flights growth (y-o-y)

Flights Fueling Services by BAFS at BKK & DMK

49,291 55,483 63,121 70,207 72,518

48,978 51,06762,484

67,842 69,44150,904 50,774

63,69369,807 71,64955,948

59,718

67,49271,410 74,093

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2013 2014 2015 2016 2017

Q1 Q2 Q3 Q4

205,121

256,790

217,042

279,226287,701

(Flights)

6

Total flights fueling services at BKK & DMK in Y2017 increased by +3.0% (y-o-y)

Source : BAFS

121,911 124,015

157,355 163,686

-

50,000

100,000

150,000

200,000

250,000

300,000

2016 2017

(Flights)

DMK BKK

279,266 287,701

7

Flights Fueling Services by BAFS at BKK & DMK

BKK56.9%

DMK43.1%BKK

56.3%DMK43.7%

In Y2017 total flights fueling services growth by +3.0%(y-o-y) which were

• BKK’s growth by +4.0%(y-o-y) and

• DMK’s growth by +1.7%(y-o-y)

+3.0%

Source : BAFS

7.7%

6.5%

9.1%

5.2%

1.8%

0.5%

1.8% 2.1%

0%

2%

4%

6%

8%

10%

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17

Aviation volume growth (y-o-y)

Fuel Volume Services At BKK & DMK

1,249 1,296 1,357 1,461 1,487

1,180 1,139 1,268 1,350 1,357

1,215 1,1301,277

1,393 1,418

1,307 1,2901,382

1,454 1,485

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2013 2014 2015 2016 2017

Q1 Q2 Q3 Q4

5,747

4,951

5,284

4,855

5,657

(M Litres)

8

Aviation volume of Y’2017 increased by +1.6% (y-o-y)

Source : BAFS

BKK80.1%

DMK19.9%

4,532 4,624

1,125 1,123

-

1,000

2,000

3,000

4,000

5,000

6,000

2016 2017

(M Litres)

BKK DMK

5,747

9

Fuel Volume Services At BKK & DMK

BKK80.5%

DMK19.5%

In Y2017 total Aviation volume growth by 1.6%(y-o-y) which were

• BKK’s growth by +2.0%(y-o-y) and

• DMK’s growth by -0.2%(y-o-y)

+1.6%

5,657

Source : BAFS

Q3’17

10

Into-plane Market Share at BKK

Into-plane market share at BKK was 88.3%

Source : BAFS

BAFS88.3%

Other11.7%

11

Financial Performance

Aviation Refueling

Business, 80%

Fuel Transportation,

20%

12

Services Income and Services Volume

% (y-o-y) growth 2013 2014 2015 2016 2017 CAGR

Services income 17.5% 8.0% 11.6% 7.1% 0.5% 6.7%

Aviation fuel volume 8.5% -1.9% 8.8% 7.1% 1.6% 3.8%

Fuel transportation volume 11.7% -4.2% 11.6% 3.1% 3.0% 3.2%

2017’s Services income

2017 Services income increased by +0.5%(y-o-y) to Bt3,581M, which 80% was the income from Refueling business

Notes : 1) Y2013, the Group has consoled FPT in its Consolidated financial statement

1)

2,761 2,9813,328 3,565 3,581

4,951 4,855

5,2845,657 5,747

4,0913,919

4,372 4,509 4,643

0

1,000

2,000

3,000

4,000

5,000

6,000

2013 2014 2015 2016 2017

Services Income (Bt M) Aviation volume (M litres)

Fuel transportation volume (M litres)

(Bt m)

Aviation Refueling Business, 87%

Fuel Transportation

13%

13

Notes : 1) Y2013, the Group recorded extra revenue around Bt150m and Bt217m from received insurance claims from flood occurred in 2011 and consoled FPT in its Consolidated financial statement

2) In 2016 the Group recorded extra. revenue of Bt76.4m from the compensation of FPT’s fuel pipeline damaged and from the reversal of FPT’s fuel pipeline relocation

Net Profit attributable to Equity holders of the Company and Net Profit Margin

2017’s Net profit

2017 Net profit declined by -11.5%(y-o-y) to Bt971M

However, if excluded extra income of Bt76.4M in 2016, Net profit declined by -6.3%(y-o-y)

1)2)

2)

837 758

958 1,036 971

217

61

34.9%

26.3%

29.7% 31.6%

28.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

0

200

400

600

800

1,000

1,200

1,400

2013 2014 2015 2016 2017

Extra Items Net Profit attributable to Equity holders of the Company Net Profit Margin

1,0961,054

1)

Notes : 1) In 2016 the Group recorded extra. items of approximately Bt76.4M from the compensation of FPT’s fuel pipeline damaged and the reversal of FPT’s fuel pipeline relocation

14

Statement of Comprehensive Income

Profitability margin

1)

Gross Margin 55.2% 56.6%

EBIT Margin 39.8% 42.7%

EBIT Margin Exclude Extra income 39.8% 41.5%

EBITDA Margin 55.2% 57.2%

EBITDA Margin Exclude Extra income 55.2% 56.3%

Net Profit Margin 28.3% 31.6%

Net Profit Margin Exclude Extra income 28.3% 29.9%

Profitability Ratio 20162017

7.82 8.188.89

11.56 11.87

4.0

7.0

10.0

13.0

16.0

2013 2014 2015 2016 2017

BV/Share(Bt)

14.2%

9.7%11.1% 11.3%

8.4%

23.6%

15.6%17.1% 18.0%

13.8%

0%

5%

10%

15%

20%

25%

30%

2013 2014 2015 2016 2017

ROA and ROE

ROA ROE

15

ROA, ROE and BV/Share

* Notes : In 2016, the Group recorded gain from the sale of investments in a subsidiary, FPT, in its Equity around Bt557m

ROA and ROE declined due to Total Assets and Total Equity increased by 2.1% and 2.7% from 2016

*

* Notes : Y2013, the Group recorded extra revenue around Bt150m and Bt217m from received insurance claims from flood occurred in 2011 and consoled FPT in its Consolidated financial statement

*

(Unit : %) 2016 2017

ROA 11.3% 8.4%

ROE 18.0% 13.8%

(Unit : bt) 2016 2017

BV/Share 11.56 11.87

16

Capital Structure

Equity was 61% of total capital in 2017 while D/E ratio was 0.64 : 1 time

0.620.58

0.51

0.65 0.64

0.3

0.5

0.7

0.9

2013 2014 2015 2016 2017

D/E(X)

(Unit : X) 2016 2017

D/E 0.65 0.64

IBD/E 0.47 0.42

Net IBD/E -0.09 0.23

4,988 5,212 5,6647,371 7,570

752 671701

855 1,078

2,344 2,374 2,176

3,932 3,766

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2013 2014 2015 2016 2017

Equity S/T Liabilities L/T Liabilities

8,084 8,258

12,158 12,414

8,541

(BT M)

17

Debts Profile

Long term debts was Bt3,158M

* Notes : Outstanding value include current portion to be paid within 1 year

0

200

400

600

800

1,000

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Principle payment

BBL (FPT) TMB TMB (TARCO) BCP (FPT) TBANK BBL KBANK

(Bt M)

500

326

521

874

761

937967

847760756 800

710

800

(Unit : Bt M)Credit

FacilitiesOutstanding

BAFS-KBANK 800 44

BAFS-BBL 2,000 167

BAFS-TBANK 220 45

BAFS-BBL 700 124

BAFS-TMB 2,250 2,250

TARCO-TMB 550 221

FPT-BBL 90 4

FPT-BBL 230 168

FPT-BCP 38 16

FPT-BBL 6,300 119

Total 3,158

18

BAFS’s Price vs SET Index and Resource Index

BAFS’s price has accreted compared to SET index and Resource index since Jan 1, 2016

SET Index 1,263.41 1,811.98 548.57 43.4%

RESOURCE Index 127.89 242.15 114.26 89.3%

BAFS (Bt) 30.75 38.75 8.00 26.0%

Closed Price Jan 1, 16 Mar 2, 18 Change (%)

19

1.64

1.35 1.34

2.22

1.34

1.00 1.10 1.10

1.50

1.25

61%

81% 82%

68%

93%

-60.0%

-35.0%

-10.0%

15.0%

40.0%

65.0%

90.0%

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2.8

3.2

2013 2014 2015 2016 2017

EPS of company only DPS Dividend Payout

(Bt / share)

Dividend and Payout Ratio

Dividend Policy : Not less than 50% of Net Profit of company only

20

Company Update

21

Company Update

I. Progression of expansion projects as of Dec 2017:-

• Hydrant pipeline network system for BKK phase2 was around 62% and TARCO.pptx

• The Northern fuel pipeline expansion project was around 39%

II. Progression of BAFS Innovation Development Company Limited (BID):- BID.pptx

Performance of Y2017