MIRA
INFORM REPORT
|
Report Date : |
18.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
THAI AIRWAYS INTERNATIONAL PUBLIC CO., LTD. |
|
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Registered Office : |
89
Vibhavadi Rangsit Road,
Ladyao, Jatujak, Bangkok
10900 |
|
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|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.09.2006 |
|
|
|
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Date of Incorporation : |
1960 |
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|
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Com. Reg. No.: |
0107537001757 |
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Legal Form : |
Public Limited
Company |
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|
|
|
Line of Business : |
Engaged in
the national carrier
serving the Kingdom of Thailand |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
THAI AIRWAYS INTERNATIONAL PUBLIC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 89 VIBHAVADI
RANGSIT ROAD, LADYAO,
JATUJAK,
BANGKOK 10900, THAILAND
TELEPHONE : [66] 2513-0121
FAX :
[66] 2513-0203,
2512-2182, 2512-2262
E-MAIL ADDRESS : public.info@thaiairways.co.th
WEB SITE : WWW.THAIAIRWAYS.COM
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED :
1960
REGISTRATION NO. : 0107537001757
[Former : BOR.MOR.JOR.422]
CAPITAL REGISTERED : BHT. 17,000,000,000
CAPITAL PAID-UP : BHT. 16,988,881,500
FISCAL YEAR
CLOSING DATE : SEPTEMBER 30
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : F.O. APINAN
SUMANASENI, THAI
PRESIDENT
NO. OF
STAFF : 26,558
LINES OF
BUSINESS : AVIATION
AND TRANSPORTATION
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject
was originally formed
on March 29,
1960 as a
private limited company
by a joint venture among
Thailand’s domestic carrier,
Thai Airways Company [TAC]
and Scandinavian Airlines System
[SAS] with the
Scandinavian carrier initially
providing a 30%
share capital of
two million baht.
On April
1st, 1977 after
a 17 years capital participation partnership with SAS, the
Thai Government bought
SAS’s remaining
15% holding and
Thai became
fully owned by
the Thai people.
On April 1st,
1988 as a
result of its
merger with Thai Airways
Company [TAC] the
domestic airline, which
raised the company’s
share capital from
Bht. 1,400 million to
Bht. 2,230 million.
Under the cabinet policy,
as authorised by
General Prem Tinsulanonda, Prime Minister at
the time, Thai International would
be responsible for
commercial aviation, both
international and domestic.
The subject acts
as a state enterprise company.
The subject
was listed on
The Stock Exchange
of Thailand on
July 19, 1991
and was officially
traded on July
23, 1992. Its
status was converted
into public company
limited on May
20, 1994.
A significant
development in 1997
concerned a joining
the Star Alliance,
a strategic grouping
with four other
leading airlines to
provide customers with
seamless travelling services
comprising Lufthansa, United
Airlines, SAS,
Air Canada and THAI.
THAI’s
1997 operating results
were ranked as
one of the world’s top
ten airlines according
to a market survey conducted
by Business Traveller
Magazine.
On September
28, 2006, the
Bangkok International Airport
has moved to
the new international airport, “Suvarnabhumi International Airport”, located in
Bangplee district, Samutprakarn province. It
currently employs 26,558
staff.
The subject’s
registered address is
89 Vibhavadi Rangsit
Rd., Ladprao, Jatujak,
Bangkok 10900, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
ACM. Chalit
Pukbhasuk
: [x] Chairman |
Thai |
59 |
|
F.O. Apinan
Sumanaseni |
Thai |
58 |
|
Mr. Suparut
Kawatkul : Vice
Chairman |
Thai |
55 |
|
Mr.
Chaisak Saeng-xuto |
Thai |
65 |
|
Mr.
Sirin Nimmanahaeminda |
Thai |
60 |
|
Mr. Chaisawasd Kitipornpaiboon |
Thai |
60 |
|
Mr.
Pichai Chunhavajira |
Thai |
58 |
|
Mr. Wisudhi
Srisuphan |
Thai |
- |
|
Mr.
Wichit Na-Ranong |
Thai |
- |
|
Mrs.
Pornthip Jala |
Thai |
- |
|
Mr. Chartsiri
Sophonpanich |
Thai |
48 |
|
Prof.
Dr. Borwornsak Uwanno |
Thai |
53 |
|
General Ruengroj
Mahasaranond |
Thai |
61 |
|
Mr.
Sivaporn Dardarananda |
Thai |
60 |
|
Mr.
Pairoaj Panichsamai |
Thai |
60 |
AUTHORIZED PERSON
The mentioned
director [x] jointly
signs with one
of the rest directors, or
three of other
directors jointly sign
on behalf of
the subject with
the company’s affixed.
SENIOR MANAGEMENT
F.O. Apinan
Sumanaseni is
the President.
He is
Thai nationality with
the age of
58 years old.
Mr.
Kobchai Srivilas
is the Senior Executive Vice
President, Special
Activities Advisor, Airport
Migration Management.
He is
Thai nationality.
Wg. Cdr. Supachai Limpisvasti is the Senior Executive
Vice President, Corporate
Support Department.
He is
Thai nationality.
Mr.
Prajak Jamrusmechoti
is the Senior Executive Vice
President, Special Activities
Advisor, Technical. He
is Thai nationality.
Mr.
Vasing Kittikul
is the Executive Vice President,
Special Activities Advisor, Commercial. He
is Thai nationality.
ACM.
Narongsak Sangkapong
is the Executive Vice President,
Corporate Secretarial Department.
He is Thai nationality.
Flt. Lt. Pisal Chayakula is the Executive Vice
President, Corporate Planning
and Information Technology
Service Department.
He is
Thai nationality.
Mr. Wallop
Bhukkanasut is
the Executive Vice
President, Commercial Department.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
the national carrier
serving the Kingdom of Thailand.
It operates domestic,
regional and intercontinental flights radiating from
its home base
in Bangkok to
key destinations around the
world and within
Thailand. The subject
also provides services related to air
transportation such as
airport services, restaurant
& catering business,
limousine service, warehouse
& storage services,
etc.
Since November
2001, the subject
has adjusted its
organizational structure by
dividing the operations
into the major
business as follows:
1.
Airline
Business
2.
Operations of
Subsidiaries Business Relevant
to Air Transportation Services
- Ground Customer
Services
- Ground Support
Equipment Services
- Cargo &
Mail Commercial
- Catering Services
- Technical Services
3. Transport
Supporting Activities
Aircraft
Fleet Type
|
Aircraft Type |
Number of Aircraft
in 2006 |
|
|
|
|
Boeing 777-300 |
6 |
|
Boeing 777-200 |
8 |
|
Boeing 747-300 |
2 |
|
Boeing 747-400 |
18 |
|
Boeing 737-400 |
10 |
|
Airbus 300-600 |
21 |
|
Airbus 300-500 Airbus 330-300 |
3 12 |
|
Airbus A340-500 |
3 |
|
Airbus A340-600 |
5 |
|
ATR 72 |
2 |
|
Total |
87 |
THAI’s fleet
presently consists of
87 aircraft Fleet
[as of May 2006]
The Revenue
Structure of the Company
The
details of the company’s total revenues are as follows:
1.
Revenue
from passengers and excess baggage in each route of the company including
charter flights.
2.
Revenue
from freight according to weight, category, size and destination.
3.
Revenue
from mail.
4.
Revenue
from business units and supporting activities.
5.
Revenue
from subsidiaries.
6.
Other
income.
REVENUE INCOME
|
|
2006 |
2005 |
2004 |
|
|
MTHB
% |
MTHB
% |
MTHB
% |
Revenue from domestic
transportation
|
|
|
|
|
Passenger
and excess baggage |
12,030 6.59 |
10,581 6.41 |
11,524 7.48 |
|
Freight |
397
0.22 |
378
0.23 |
377
0.24 |
|
Mail |
8
0.00 |
9
0.01 |
8
0.01 |
|
|
|
|
|
Revenue from other activities-domestic
|
|
|
|
|
Business units |
7,388
4.05 |
118,653
71.89 |
6,193
4.02 |
|
Supporting |
772
0.42 |
686
0.41 |
284
0.18 |
|
Total
operating revenues – domestic |
20,595
11.28 |
18,321 11.10 |
18,386 11.93 |
|
|
|
|
|
|
Revenue from international transportation |
|
|
|
|
Passengers and excess baggage |
131,372 71.96 |
118,653
71.89 |
110,942 72.02 |
|
Freight |
25,242
13.83 |
24,041
14.57 |
21,873
14.20 |
|
Mail |
1,028 0.56 |
1,070
0.65 |
133,802 86.86 |
|
|
|
|
|
Revenue from subsidiaries
|
|
|
|
|
Thai-Amadeus
Southeast Asia Company Ltd. |
360
0.20 |
4036
0.24 |
415
0.27 |
|
Total operating revenues |
178,607 97.83 |
162,488 98.45 |
152,603 99.06 |
|
|
|
|
|
Other income
|
|
|
|
|
Share
of net profit from associated
companies |
256
0.14 |
127
0.08 |
158
0.10 |
|
Interest income |
317
0.17 |
362
0.22 |
336
0.22 |
|
Others |
3,388 1.86 |
2,071 1.25 |
955
0.62 |
|
Total other income |
3,961 2.17 |
2,560 1.55 |
1,449
0.94 |
|
Total revenues |
182,568 100.00 |
165,048 100.00 |
154,052
100.00 |
IMPORT [COUNTRIES]
Aircraft together with spare parts, supplies and equipment related to repairing and maintenance are imported from overseas suppliers in United States of America, Germany, Japan, United Kingdom, Taiwan, Sweden, France, Australia and etc.
SALES
The services
is sold to
end-users both local
and international as
well as Thai
Government.
SUBSIDIARIES AND
ASSOCIATED COMPANIES
The subject
is found to
have subsidiaries and
affiliated companies as
follows:
1.
Royal Orchid Hotel [Thailand]
Public Co., Ltd.
Address : Captain Bush Lane, Siphya Road, Bangkok
10500, Thailand
Business Type: Hotel and
Restaurant
The subject holds
24.0% of its
investment.
2.
Donmuang International Airport Hotel Co.,
Ltd.
Address : 333 Chert
Wudthakas Road, Don Muang, Bangkok 10210, Thailand
Business Type: Hotel and
Restaurant
The subject holds
40.00% of its investment.
3.
Bangkok Aviation Fuel Services
Public Co., Ltd.
Address : 171/2 Vibhavadi Rangsit Road, Don Muang Bangkok 10210, Thailand
Business Type: Aviation Fuel
Services
The subject holds 22.6% of its investment.
4.
Phuket Air Catering
Co., Ltd.
Address : 10/3 Moo 6 Sanambin Rd., Mai Khoa, Thalang, Phuket 83000, Thailand
Business Type: Air catering
The subject holds
30.0% of its
investment.
5.
Thai-Amadeus Southeast
Asia Co., Ltd.
Address
: 89 Vibhavadi Rangsit
Rd., Ladyao, Chatuchak, Bangkok 10900,
Thailand
Business Type: On-line ticketing
Services and other traveling
services to agents
The
subject holds 55.0% of
its investment.
6.
Suvarnabhumi Airport
Hotel Co., Ltd.
Address :
333 Chert Wudthakas
Rd., Sikan, Don Muang,
Bangkok 10210
Business Type: Hotel and
Restaurant
The subject holds
30.0% of its
investment.
7.
Nok Air Company Limited
Address :
140 11th Floor,
One Pacific Place,
Klong Toei, Bangkok 10110
Business Type: Aviation Transportation Services
The subject holds
39.0% of its
investment.
CREDIT
Purchasing terms
are by cash or on
the credit terms
of 30-120 days.
Imports are
by L/C and T/T.
Selling terms
are by cash or on
the credits of
30-60 days.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Head
Office : 333
Silom Road, Bangrak,
Bangkok 10500]
Kasikornbank Public Co., Ltd.
[Head
Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok 10140].
TMB
Bank Public Co.,
Ltd.
[Head
Office : 3000
Phaholyothin Rd., Ladyao,
Jatujak, Bangkok 10900].
Krung
Thai Bank Public
Co., Ltd.
[ Head
Office : 35
Sukhumvit Rd., Klongtunnua, Wattana, Bangkok 10110].
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
EMPLOYMENT
The subject
employs 26,558 staff.
LOCATION DETAILS
The
head office is
owned in a
22-storey building at
the heading address.
Premise is located
in a neat and new
building in commercial area
at 89 Vibhavadi Rangsit Rd.,
Ladyao, Jatujak, Bangkok
10900, Thailand
Information, Passenger & Cargo
Sales: 485
Silom Road, Bangkok
10500 Tel: [66]
2234-3100-9, [66] 2234-3110-9
Airport
office: Suvarnabhumi International
Airport, Bangna-Trad Rd.,
Rajathewa, Bangplee, Samutprakarn province.
Thai
On-line Offices are in
51 countries around
the world, 6
offices in Bangkok
and 9 offices in
big city nationwide.
COMMENT
The Airline
Business is very
sensitive to external
factors such as
the economy, politics,
and the liberalization of trade, investment,
the aviation business,
tourism, technology, and
other major events
like war, terrorism,
and epidemics. The
factors sometimes result
in positive and
negative effects on
the business. Therefore,
airlines have to
react fast in
adjusting their strategies
to respond to
these changes to gain
advantages over the competitors.
For the
past 3 years, the airline
industry has been
continuously affected by
various crises, from
the war on
terrorism in Afghanistan, the bombing in
Bali, the Iraqi
War and SARS,
which reduced passenger traffic tremendously.
Despite obstacles, THAI
nevertheless managed operations
successfully and achieved
profits for 40th
consecutive year.
The Company
has modified strategies
to improve its
competitiveness against other
airlines by clearing
differentiating itself and
focus on its
strengths. THAI is
positioned as a
rather low-cost airline,
with medium prices,
high value, full
services and a
comprehensive network. It
is mainly a
leisure destination airline
supporting tourism. The
company has emphasized
on its corporate identity and
improved all aspects
of business and
customer service, based
on the 3 dimensional
concepts of high
trust, world class
and Thai touches.
Promoting the Thai
identity has been
done in accordance
with the Company and
the nation’s goal
of making Thailand
as an aviation and tourism
hub in the regional an
international level.
Risks from jet fuel price fluctuation
Fuel costs are a
major expense for the company’s operations and represent approximately 20% of
total operating expenses per flight.
The fluctuation of jet fuel price will have a direct impact on the
company’s financial status. If the jet
fuel price increases by 1 US dollar per barrel, the company will have an
increased fuel expense of 16 million US dollars. The company adopted a policy to hedge fuel price up to 50%
of its
budgeted annual jet fuel consumption. The fuel price hedging is now at 12% and
will continue to increase depending on the market situation. The company has improved the rules and regulations
of the fuel price hedging to
accord the highly fluctuating
market. In addition, the
company also purchased new and efficient software to help with
price management and
fuel price hedging.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 2,000,000.
The capital
was increased later
as followings:
Bht. 950,000,000 on September 16,
1980
Bht. 1,100,000,000 on September 18,
1981
Bht. 1,400,000,000 on September 24,
1982
Bht. 13,000,000,000 on March 3,
1992
Bht. 14,000,000,000 on June 1,
1992
Bht. 16,850,000,000 in 2003
The current
registered capital is
Bht. 17,000,000,000,
divided into 1,700,000,000 ordinary
shares of Bht.
10 each.
MAIN SHAREHOLDERS :
[as at December 7, 2006] at Bht. 16,988,881,500 of capitalization.
|
NAME |
HOLDING |
% |
|
Ministry of
Finance |
913,407,726 |
53.76 |
|
Vayuphak I
Mutual Fund by
Krung Thai Bank Plc. |
154,888,700 |
9.12 |
|
Vayuphak I
Mutual Fund by MFC Co., Ltd. |
154,888,700 |
9.12 |
|
Chase Nominees
Limited 1 |
66,586,900 |
3.92 |
|
Littledown Nominees
Limited 5 |
27,251,100 |
1.60 |
|
Thai NVDR
Co., Ltd. |
22,889,644 |
1.35 |
|
Nortrust Nominees
Ltd. |
20,127,861 |
1.18 |
|
Investors Bank
And Trust Company |
18,514,500 |
1.09 |
|
Social Securities Fund |
17,911,600 |
1.05 |
|
Clearstream Nominees
Ltd. |
15,544,092 |
0.91 |
|
HSBC Bank
PLC |
14,202,616 |
0.84 |
|
Others |
272,674,711 |
16.06 |
Total Shareholders
106,016
[including the above
shareholders]
NAME OF AUDITOR
AND CERTIFIED PUBLIC ACCOUNTANT
NO.:
Boobpha Anuntawat
Deputy Auditor
General, for Auditor
General
Bubpha Kingsak
Director of
Audit Office
BALANCE SHEET [BAHT]
The latest
financial figures published as at September
30, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash &
Cash Equivalents [note
1] |
8,937,827,934 |
9,589,521,953 |
|
Trade
Account Receivable [note 2] |
16,576,817,194 |
15,423,035,075 |
|
Inventories &
Supplies [note 3] |
5,255,350,885 |
5,095,985,028 |
|
Other Current
Assets [note 4] |
14,524,282,369 |
13,630,866,502 |
|
|
|
|
|
Total
Current Assets |
45,294,278,382 |
43,739,408,558 |
|
Investments by
the Equity Method |
1,824,404,475 |
1,667,828,330 |
|
Other Long-term
Investments |
86,534,540 |
88,376,676 |
|
Fixed
Assets [note 5]
|
195,937,578,431 |
180,940,866,547 |
|
Intangible Assets-net |
418,776,627 |
- |
|
Other
Assets |
5,153,503,850 |
4,905,245,319 |
|
Total
Assets |
248,715,076,305 |
231,341,725,430 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Account
Payable |
9,411,603,172 |
7,981,405,194 |
|
Short-term Loans |
5,606,417,700 |
- |
|
Current Portion of Long-term Loans Long-term
Loans
|
8,023,757,350 |
6,117,198,306 |
|
Liabilities under Finance Leases |
8,314,392,593 |
6,587,594,104 |
|
Promissory Notes |
1,050,000,000 |
1,050,000,000 |
|
Estimation Liabilities |
- |
141,049,404 |
|
Other Current
Liabilities Accrued
Expenses |
16,398,217,085 |
16,256,628,995 |
|
Accrued
Dividends |
57,863,117 |
52,475,759 |
|
Unearned
Transportation Revenues |
24,287,909,663 |
17,953,215,464 |
|
Others |
4,605,732,387 |
4,554,231,374 |
|
|
|
|
Total Current Liabilities
|
77,755,893,067 |
60,693,798,600 |
|
Long-term Debts Debentures |
40,000,000,000 |
40,000,000,000 |
|
Long-term
Loans |
4,393,142,000 |
13,809,393,871 |
|
Liabilities under Finance Leases |
53,485,647,432 |
49,101,100,338 |
|
Promissory Notes |
3,150,000,000 |
4,200,000,000 |
|
Staff Pension
Fund |
4,495,820,618 |
4,542,741,371 |
|
Total
Liabilities |
183,280,503,117 |
172,347,034,180 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10 par value
Authorized 1,700 million ordinary
shares |
17,000,000,000 |
17,000,000,000 |
|
|
|
|
|
1,698.89
million ordinary shares |
16,988,961,500 |
16,988,881,500 |
|
Premium on
Share Capital |
15,642,835,031 |
15,646,761,354 |
|
Proceeds from
ESOP Offering |
- |
12,000 |
|
Unrealized Gain
on Current Investment- Available-for-Sale Securities |
- |
[477,805] |
|
Retained Earnings Appropriated for Legal Reserve |
1,700,000,000 |
1,700,000,000 |
|
Unappropriated |
31,102,776,657 |
24,659,514,201 |
|
Total Shareholders' Equity |
65,434,573,188 |
58,994,691,250 |
|
Total Liabilities & Shareholders' Equity |
248,715,076,305 |
231,341,725,430 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Revenues
from the Sale
of Goods &
the
Rendering of Services |
|
|
|
Passenger
and Excess Baggage |
143,401,184,068 |
129,233,824,463 |
|
Freight |
25,649,667,924 |
24,418,612,793 |
|
Mail |
1,036,188,352 |
1,079,260,295 |
|
Other
Activities |
8,159,740,321 |
7,353,803,316 |
|
Total
Revenues from the
Sale of Goods
&
the Rendering of
Services |
178,246,780,665 |
162,085,500,867 |
|
|
|
|
|
Operating
Expenses |
|
|
|
Personnel |
30,697,016,022 |
28,828,349,652 |
|
Fuel
& Oil |
59,999,262,178 |
46,100,717,282 |
|
Cost
of Inventories &
Supplies |
10,201,744,088 |
9,739,263,524 |
|
Lease of
Aircraft & Spare
Parts |
5,434,434,982 |
5,651,787,307 |
|
Flight
Operations |
38,393,262,426 |
36,743,707,218 |
|
Depreciation |
15,484,615,707 |
13,091,686,866 |
|
Marketing |
3,075,578,993 |
3,783,193,305 |
|
Insurance |
1,516,417,024 |
1,901,656,351 |
|
Remuneration to Board of
Directors |
25,051,680 |
38,795,734 |
|
Other
Operating Expenses |
5,224,418,315 |
5,553,960,026 |
|
Total
Operating Expenses |
170,051,801,415 |
151,433,117,265 |
|
|
|
|
|
Profit / [Loss] from Sale of
Goods & the Rendering Services |
8,194,979,250 |
10,652,383,602 |
|
|
|
|
Other
Income
Interest
Income |
315,364,272 |
361,888,601 |
|
Others |
3,382,856,386 |
2,067,564,496 |
|
|
|
|
Total
Other Income
|
3,698,220,658 |
2,429,453,097 |
|
|
2006 |
2005 |
|
|
|
|
|
Other
Expenses |
|
|
|
Losses [Gains] on Foreign Currency Exchange |
[6,178,102,699] |
[1,469,706,067] |
|
Yields
from Pension Fund |
75,923,013 |
44,010,429 |
|
Others |
1,146,427,301 |
567,890,377 |
|
|
|
|
|
Total
Other Expenses |
[4,955,752,385] |
[857,805,261] |
|
|
|
|
|
Profit
from Operations |
16,848,952,295 |
13,939,641,960 |
|
Share
of Profits from
Investments by the
Equity Method |
|
|
|
Share of Net Profit from Subsidiary Companies |
64,910,790 |
59,311,669 |
|
Share of Profit from Associated Companies |
256,226,137 |
127,495,109 |
Total Share
of Profits from Investments
by
the Equity Method |
321,136,927 |
186,806,778 |
|
|
|
|
Profit
before Interest &
Income Tax
Expenses
|
17,170,089,220 |
14,126,448,738 |
Interest Expenses
|
[4,450,936,258] |
[4,328,903,629] |
Income Tax
Expenses
|
[3,727,555,881] |
[3,020,893,645] |
|
|
|
|
Net Profit
|
8,991,597,081 |
6,776,651,464 |
Retained
Earnings, Beginning of Year
|
24,659,514,201 |
19,574,938,937 |
Less: Dividend paid
|
[2,548,334,625] |
[1,692,076,200] |
|
Retained
Earning, End of
Year |
31,102,776,657 |
24,659,514,201 |
NOTES TO
FINANCIAL STATEMENTS
[as at
September 30, 2006
& 2005]
Note
1 Cash and Cash Equivalents
[Unit : Million Baht]
|
|
2006 |
2005 |
|
|
|
|
|
Cash-Domestic |
18.13 |
13.27 |
|
Cash-Abroad |
18.91 |
27.50 |
|
Bank Deposits-Domestic |
2,249.49 |
3,567.38 |
|
Bank Deposits-Abroad |
6,651.30 |
5,981.37 |
|
Total |
8,937.83 |
9,589.52 |
Note
2 Trade Account
Receivables-net
Trade account
receivables are classified
according to their
stages of delinquency, as expressed in
the schedule below.
[Unit : Million
Baht]
|
|
2006 |
2005 |
|
Period of
overdue |
|
|
|
Not
over 6 months |
16,488.21 |
15,358.19 |
|
Over : 6
months to 1 year |
107.50 |
106.31 |
|
Over : 1 year to 2 years |
139.42 |
46.75 |
|
Over : 2 year |
1,121.66 |
1,102.37 |
|
|
17,856.79 |
16,613.62 |
|
Less :
Allowance for doubtful
accounts |
[1,279.97] |
[1,190.58] |
|
Total |
16,576.82 |
15,423.04 |
Note 3
Inventories and Supplies
[Unit :
Million Baht]
|
|
2006 |
2005 |
|
|
|
|
|
Aircraft spare
parts |
3,773.29 |
3,850.95 |
|
Vehicle Spare
Parts & Ground
Support Equipment |
210.76 |
162.13 |
|
Slow Moving
Aircraft Spare Parts
& Spare Parts for
Sale |
68.27 |
75.09 |
|
Fuel &
Oil for Aircraft |
485.15 |
204.49 |
|
Goods for
Sales |
206.37 |
262.89 |
|
Cabin Supplies |
293.62 |
219.93 |
|
Supplies &
Other Consumable Materials |
26.53 |
29.71 |
|
Stationery &
Office Supplies |
113.38 |
102.13 |
|
Inventories &
Spare Parts in
Transit |
77.98 |
188.67 |
|
Total |
5,255.35 |
5,095.99 |
Note 4
Other Current Assets
[Unit
: Million Baht]
|
|
2006 |
2005 |
|
|
|
|
|
Prepaid expenses
and deposits |
4,361.21 |
4,917.44 |
|
Tax refund |
2,738.62 |
2,289.84 |
|
Cash and
fixed deposits of
pension fund |
4,270.00 |
4,126.62 |
|
Others
|
3,154.45 |
2,296.97 |
|
Total |
14,524.28 |
13,630.87 |
Note 5
: Property, Plant
and Equipment
[Unit :
Million Baht]
|
|
2006 |
2005 |
|
|
|
|
|
Aircraft |
154,518.30 |
158,772.65 |
|
Aircraft
under Financial Leases |
108,895.50 |
87,301.66 |
|
Aircraft
Spare Parts |
28,238.39 |
29,139.57 |
|
Land
& Buildings |
17,018.88 |
10,330.67 |
|
Other
Plant & Equipment |
27,713.08 |
30,671.32 |
|
Total |
336,384.15 |
316,215.87 |
|
Less: Accumulated Depreciation |
[140,446.57] |
[135,275.00] |
|
|
|
|
|
Total |
196,937.58 |
180,940.87 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2006 |
2005 |
|
Sales |
9.97 |
|
|
Operating |
[17.33] |
|
|
Net Profit |
32.68 |
|
|
Fixed Assets |
8.29 |
|
|
Total Assets |
7.51 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
81.19 |
78.39 |
|
Operating Profit
Margin |
6.67 |
8.07 |
|
S&A expenses |
14.21 |
15.03 |
|
Interest |
2.50 |
2.67 |
|
Other Revenues |
2.07 |
1.50 |
|
Net Profit
Margin |
5.04 |
4.18 |
|
Earning
Per
Shares |
5.29 |
3.99 |
|
No. of
Shares |
1,698,896,150 |
1,698,888,150 |
Net Sales was increased by 9.97%, Operating Profit was decreased by 17.33%, Net Profit was increased by 32.68%, Fixed Assets was increased by 8.29%, Total Assets was increased by 7.51%.
Compare each cost with sales, Cost of Goods Sold was increased from 78.39% to 81.19%, Operating Profit Margin was decreased from 8.07% to 6.67%, S & A Expenses were decreased from 15.03% to 14.21%, Interest Paid was decreased from 2.67% to 2.50%, Other Revenues was increased from 1.50% to 2.07%, Net Profit Margin was increased from 4.18% to 5.04%.
Earning Per Shares was increased from 3.99 baht per share to 5.29 baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.58 |
0.72 |
|
Quick
- assets ratio |
0.33 |
0.41 |
Current Ratio was decreased from 0.72 to 0.58, show Current Assets can not cover Current Liabilities, Liquidity Ratio of the company was not good, and Quick-assets Ratio was decreased from 0.41 to 0.33, capacity to pay Short Term Loan was not good too, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
2.80 |
2.92 |
|
Times Interest
Earned |
2.67 |
3.02 |
D/E Ratio was decreased from 2.92 to 2.80, show the company had fund from Loan more than fund from Equity, investment risked of the company is medium and Times Interest Earned was decreased from 3.02 to 2.67, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets
Turnover |
0.91 |
0.90 |
|
Total Assets
Turnover |
0.72 |
0.70 |
|
Return on
Assets |
3.62 |
2.93 |
|
Return on
Equity |
13.74 |
11.49 |
|
Day’s Payable |
19.01 |
17.73 |
|
Day’s Inventories |
10.61 |
11.32 |
|
Days’ Receivables |
33.48 |
34.26 |
Fixed Assets Turnover was increased from 0.90 times to 0.91 times, Total Assets Turnover was increased from 0.70 times to 0.72 times, show the company could use Assets so efficiently, and Return on Assets was increased from 2.93 to 3.62, Return on Equity was increased from 11.49 to 13.74, capacity to use Assets to make profit was good.
Day’s Payable was increased from 18 days to 20 days, while Day’s Inventories was decreased from 12 days to 11 days, and Day’s Receivables was decreased from 35 days to 34 days.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|