MIRA
INFORM REPORT
|
Report Date : |
11.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THAI AIRWAYS
INTERNATIONAL PUBLIC CO., LTD. |
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|
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Registered Office : |
89 Vibhavadi Rangsit
Road, Ladyao, Jatujak, Bangkok
10900 |
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|
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Country : |
Thailand |
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|
|
|
Financials (as on) : |
30.09.2007 |
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|
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Date of Incorporation : |
29.03.1960 |
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Com. Reg. No.: |
0107537001757 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Aviation and Transportation |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
THAI AIRWAYS
INTERNATIONAL PUBLIC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 89
VIBHAVADI RANGSIT ROAD,
LADYAO,
JATUJAK, BANGKOK
10900, THAILAND
TELEPHONE : [66] 2545-1000,
2595-1000
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.
16,989,009,500
FISCAL YEAR
CLOSING DATE : DECEMBER 31,
[Former : SEPTEMBER
30]
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : F.O.
APINAN SUMANASENI, THAI
PRESIDENT
NO. OF
STAFF : 26,000
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 FAIR 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 approximately 26,000 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 |
|
|
|
|
|
|
Mr. Suparut Kawatkul |
[x] : Chairman |
Thai |
56 |
|
Mr. Wisudhi Srisuphan |
|
Thai |
59 |
|
Mr. Chaikasem Nitisiri |
|
Thai |
60 |
|
F.O. Apinan Sumanaseni |
[+] |
Thai |
59 |
|
Mr. Amornsak Noprambha |
|
Thai |
- |
|
Mr. Wichit Na-Ranong |
|
Thai |
65 |
|
Mr. Pichai Chunhavajira |
|
Thai |
59 |
|
ACM Sukampol Suwannatat |
[+] |
Thai |
- |
|
Mr. Vikrom Koompairoj |
[+] |
Thai |
- |
|
Mr. Visit Limpranom |
[+] |
Thai |
- |
|
Mr. Rungsan Saengsuk |
[+] |
Thai |
- |
|
Adm. Decha Yooprot |
[+] |
Thai |
- |
|
Gen. Pol. Vutthichai Sriratanavutthi |
[+] |
Thai |
- |
|
Mr. Julsingh Wasandasingh |
[+] |
Thai |
- |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with one
of the directors [+] or
three of directors [+] can 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
59 years old.
Wg. Cdr. Supachai Limipisvasti is
the Senior Executive Vice President, Technical Advisor
for Special Project
He is Thai nationality.
Air Chief Marshal
Narongsak Sangapong is
the Executive Vice
President, Corporate Secretariat.
He is Thai nationality.
Mr. Tummasak Chutiwong is
the Managing Director,
Technical Department.
He is Thai nationality.
Mrs. Ngamnit Sombulpibool is the Executive
Vice President, Finance & Account
Department. She is
Thai nationality.
Mr. Chanchai Singtoroj is
the Executive Vice
President, Human Resources
Department &
Management. He is
Thai nationality.
Flt. Lt. Prasart Khoon-in is
the Executive Vice
President, Operations Department.
He is Thai nationality.
Mr. Wallop Bhukkanasuk is
the Executive Vice
President, Commercial Department.
He is Thai nationality.
Flt. Lt. Pisal
Chayakula is the Executive Vice
President, Corporate Planning
& Information Technology
Service Department.
He is Thai nationality.
Flg. Off. Norahuch
Ployyai is the Executive Vice
President, Standards
Assurance & Risk
Management Department.
He is Thai nationality.
Flg. Off. Chinawut
Naressaenee is the Executive Vice
President, Corporate General Administration Department.
He is Thai nationality.
Mr. Kaweepan Raungpaka
is the Executive Vice President,
Office of the
President.
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 Business
Units Related to
Air Transport
-
Ground Customer Services
-
Ground Support Equipment
Services
-
Cargo & Mail
Commercial Services
- Catering Services
-
Technical Services
3. Transport Supporting
Activities
Aircraft Fleet Type
|
Aircraft Type |
Number of
Aircraft in 2008 |
|
|
|
|
Boeing 777-300 |
6 |
|
Boeing 777-200 |
8 |
|
Boeing 777-200ER |
5 |
|
Boeing 747-400 |
18 |
|
Boeing 747-300 |
1 |
|
Boeing 737-400 |
10 |
|
Airbus 300-600 |
19 |
|
Airbus 330-300 |
12 |
|
Airbus A340-500 |
4 |
|
Airbus 340-600 |
5 |
|
ATR 72 |
2 |
|
Total |
90 |
THAI’s fleet presently
consists of 90 aircraft Fleet
[as of November 2008]
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
|
|
2007 |
2006 |
2005 |
|
|
MTHB % |
MTHB % |
MTHB % |
Revenue from domestic
transportation
|
|
|
|
|
Passenger and excess baggage |
12,890 6.64 |
12,030 6.59 |
10,581 6.41 |
|
Freight |
384 0.20 |
397 0.22 |
378 0.23 |
|
Mail |
- - |
8 0.00 |
9 0.01 |
|
|
|
|
|
Revenue from other activities-domestic
|
|
|
|
|
Business units |
7,870 4.05 |
7,388 4.05 |
118,653 71.89
|
|
Supporting |
820 0.42 |
772 0.42 |
686 0.41 |
|
Total operating revenues –
domestic |
21,964 11.31 |
20,595
11.28 |
18,321 11.10 |
|
|
|
|
|
|
Revenue from international
transportation |
|
|
|
|
Passengers and excess
baggage |
14,368 73.84 |
131,372 71.96 |
118,653 71.89
|
|
Freight |
25,353 13.06 |
25,242 13.83 |
24,041 14.57 |
|
Mail |
992
0.51 |
1,028 0.56 |
1,070 0.65
|
|
|
|
|
|
Revenue from subsidiaries
|
|
|
|
|
Thai-Amadeus Southeast Asia Company Ltd. |
360 0.19 |
360 0.20 |
4036 0.24 |
|
Total operating revenues |
192,037 98.91 |
178,607 97.83 |
162,488 98.45 |
|
|
|
|
|
Other income
|
|
|
|
|
Share of net profit from associated companies |
123 0.06 |
256 0.14 |
127 0.08 |
|
Interest income |
621 0.32 |
317 0.17 |
362 0.22 |
|
Others |
1,382 0.71 |
3,388 1.86 |
2,071 1.25 |
|
Total other income |
2,126 1.09 |
3,961 2.17 |
2,560 1.55 |
|
Total revenues |
194,163 100.00 |
182,568 100.00 |
165,048 100.00 |
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 are
sold to end-users
both local and
international passengers 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.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
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
approximately 26,000 staff,
comprising 22,000 permanent
staff and 4,000
temporary 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
Since the
beginning of the
year the airline
was still in
the red but
declined to specify
figures pending a
formal report to
the Stock Exchange of
Thailand. However, the
loss is expected
narrow form the
second quarter. The
reason the decline
in passenger bookings
caused by the anti-government protests that peaked
in August and
September for contributing to the expected loss,
industry analysts mentioned
high fuel prices
and operating costs
were major factors.
The airline
was able to
fill just 70%
of its seats in the
third quarter and
was forced to
cut back on
flights during the
political turmoil. With
passenger traffic growth
continuing to weaken
due to the Wall
Street meltdown and
high fuel prices,
the International Air
Transport Association (IATA)
reported the global
airline industry was heading
for a cumulative loss
of US$5.2 billion
this year.
However, THAI
to post a
loss of 9.6
billion baht for
all of 2008, against a
net profit of
1.83 billion baht
in 2007. For
the first half of this
year, THAI posted
a loss of 7.04 billion
baht, partly due
to foreign exchange
losses.
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 April
23, 2008] at Bht. 16,989,009,500
of capitalization.
|
NAME |
HOLDING |
% |
|
Ministry of Finance |
866,997,841 |
51.03 |
|
Vayuphak I Mutual
Fund by Krung Thai Bank Plc. |
145,966,600 |
8.59 |
|
Vayuphak I Mutual
Fund by MFC
Co., Ltd. |
145,966,600 |
8.59 |
|
The Government Saving
Bank Public Co. Ltd. |
46,409,885 |
2.73 |
|
Chase Nominees Limited
1 |
36,754,400 |
2.16 |
|
Thai NVDR Co., Ltd. |
36,370,312 |
2.14 |
|
Mellon Bank, N.A. |
26,593,680 |
1.57 |
|
Social Securities Fund |
22,152,400 |
1.30 |
|
Clearstream Nominees Ltd. |
18,729,933 |
1.10 |
|
Nortrust Nominees Ltd. |
12,933,661 |
0.76 |
|
HSBC Bank PLC |
12,770,900 |
0.75 |
|
State Street Bank
and Trust Company |
9,815,651 |
0.58 |
|
The Bank of
New York [Nominees] Limited |
9,737,920 |
0.57 |
|
Others |
307,701,167 |
18.13 |
Total Shareholders :
108,700 [including the
above shareholders]
NAME OF AUDITOR AND CERTIFIED
PUBLIC ACCOUNTANT NO.
Khunying Jaruwan Maintaka
Auditor General
Rungravee Sahsomsuwan
Director of Auditor
Office
BALANCE SHEET [BAHT]
The latest financial figures published as at
September 30, 2008
& December 31,
2007 were:
ASSETS
|
Current Assets |
2008 [Unaudited] |
2007 |
|
|
|
|
|
Cash & Cash
Equivalents |
5,800,754,022 |
25,459,894,270 |
|
Trade Account Receivable |
19,125,058,114 |
18,731,965,198 |
|
Inventories & Supplies |
6,827,148,321 |
6,103,676,049 |
|
Other Current Assets |
13,481,118,682 |
14,315,991,306 |
|
|
|
|
|
Total Current Assets
|
45,234,079,139 |
64,611,526,823 |
|
Investments in Associated
& Subsidiaries Company |
731,770,500 |
926,770,500 |
|
Other Long-term Investments |
84,454,756 |
86,159,947 |
|
Fixed Assets |
205,793,314,103 |
207,096,129,851 |
|
Intangible Assets-net |
833,644,544 |
893,960,359 |
|
Deferred Income Tax |
4,238,098,071 |
3,964,088,339 |
|
Other Assets |
1,555,511,029 |
1,444,207,614 |
|
Total Assets |
258,470,872,142 |
279,022,843,433 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2008 [Unaudited] |
2007 |
|
|
|
|
|
Trade Account Payable |
10,122,896,630 |
10,059,366,513 |
|
Short-term Loans |
7,500,000,000 |
4,962,020,000 |
|
Current Portion of Long-term
Loans : |
|
|
|
Debentures |
5,500,000,000 |
11,500,000,000 |
|
Long-term Loans |
2,968,803,000 |
2,697,444,000 |
|
Liabilities under
Finance Leases |
9,527,599,022 |
9,112,226,002 |
|
Promissory Notes |
1,050,000,000 |
1,050,000,000 |
|
Short-term Provisions |
1,601,793,750 |
- |
|
Other Current Liabilities Accrued Expenses |
17,389,149,889 |
17,339,342,733 |
|
Accrued Dividends |
71,405,004 |
3,120,715,633 |
|
Accrued Income
Tax |
- |
833,515,244 |
|
Unearned Transportation Revenues |
31,722,177,470 |
32,481,674,489 |
|
Others |
3,976,461,488 |
4,295,817,554 |
|
|
|
|
Total Current Liabilities
|
91,430,286,253 |
97,452,122,168 |
|
Long-term Debts Debentures |
36,000,000,000 |
36,000,000,000 |
|
Long-term Loans |
1,367,008,000 |
1,355,400,000 |
|
Liabilities under
Finance Leases |
64,267,046,370 |
70,571,831,245 |
|
Promissory Notes |
1,050,000,000 |
1,800,000,000 |
|
Staff Pension Fund |
4,878,189,501 |
4,972,103,862 |
|
Long-term Provisions |
15,350,000 |
- |
|
Total Liabilities |
199,007,880,124 |
212,151,457,275 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized 1,700
million ordinary shares |
17,000,000,000 |
170,000,000,000 |
|
|
|
|
|
1,698.90 million
ordinary shares |
16,989,009,500 |
16,989,009,500 |
|
Premium on Share
Capital |
15,638,075,844 |
15,638,075,844 |
|
Retained Earnings Appropriated for
Legal Reserve |
1,700,000,000 |
1,700,000,000 |
|
Unappropriated |
25,135,906,674 |
32,544,300,814 |
|
Total Shareholders' Equity |
59,462,992,018 |
66,871,386,158 |
|
Total Liabilities &
Shareholders' Equity |
258,470,872,142 |
279,022,843,433 |
PROFIT & LOSS ACCOUNT
For the nine-month periods
ended September 30,
2008 and 2007
|
Revenue |
2008 [Unaudited] |
2007 |
|
|
|
|
|
Revenues |
|
|
|
Passenger and
Excess Baggage |
130,259,393,420 |
116,723,534,474 |
|
Freight |
20,696,010,307 |
18,889,391,033 |
|
Mail |
703,373,440 |
708,097,604 |
|
Other Activities |
6,849,540,552 |
6,795,191,782 |
|
Interest Income |
390,402,796 |
496,698,801 |
|
Other Income |
1,805,379,427 |
1,712,135,447 |
|
Total Revenues |
160,704,099,942 |
145,325,049,141 |
|
|
|
|
|
Operating Expenses |
|
|
|
Personnel |
25,247,308,587 |
24,150,987,992 |
|
Fuel &
Oil |
69,627,651,709 |
44,184,733,775 |
|
Freight Service
Expenses |
15,456,637,043 |
15,002,982,796 |
|
Inventories &
Supplies |
6,869,234,523 |
7,472,605,294 |
|
Crew Expenses |
5,178,641,301 |
4,946,883,404 |
|
Aircraft Maintenance & Overhaul Expenses |
8,095,443,131 |
8,815,209,200 |
|
Depreciation &
Amortization |
15,120,547,638 |
13,521,493,312 |
|
Lease Aircraft
& Spare Parts |
2,966,413,490 |
5,110,787,178 |
|
Sales &
Advertising Expenses |
5,629,108,295 |
5,424,556,082 |
|
Insurance |
559,638,493 |
667,654,062 |
|
Other Operating
Expenses |
7,195,977,734 |
7,160,157,717 |
|
Remuneration for
Board of Directors |
15,325,753 |
6,771,147 |
|
Other Expenses |
650,987,538 |
1,325,945,358 |
|
Loss [Gains]
on Foreign Currency Exchange |
959,106,170 |
479,356,570 |
|
Total Expenses |
163,572,021,405 |
138,270,123,887 |
|
|
|
|
|
Profit / [Loss] from Finance Costs
& Income Tax Expenses |
[2,867,921,463] |
7,054,925,254 |
Finance Costs
|
[4,007,694,109] |
[3,531,473,943] |
Income Tax Expenses / Income
|
231,673,167 |
[1,031,098,297] |
Net Profit
|
[6,643,942,405] |
2,492,353,014 |
BALANCE
SHEET [BAHT]
The latest financial figures published as at
September 30, 2007
& 2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash & Cash
Equivalents |
20,241,103,098 |
8,937,827,934 |
|
Trade Account Receivable |
17,948,254,495 |
16,576,817,194 |
|
Inventories & Supplies |
5,997,875,383 |
5,255,350,885 |
|
Other Current Assets |
14,756,089,261 |
14,524,282,369 |
|
|
|
|
|
Total Current Assets
|
58,943,322,237 |
45,294,278,382 |
|
Investments in Associated
& Subsidiaries Company |
926,770,500 |
907,572,750 |
|
Other Long-term Investments |
83,598,922 |
86,534,540 |
|
Fixed Assets |
204,653,040,673 |
195,937,578,431 |
|
Intangible Assets-net |
853,269,727 |
418,776,627 |
|
Deferred Income Tax |
3,889,351,863 |
4,008,711,086 |
|
Other Assets |
1,490,103,840 |
1,144,792,764 |
|
Total Assets |
270,839,457,762 |
247,798,244,580 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Account Payable |
7,942,173,649 |
9,411,603,172 |
|
Short-term Loans |
12,121,060,200 |
5,606,417,700 |
|
Current Portion of Long-term
Loans : |
|
|
|
Loan Shares |
6,000,000,000 |
- |
|
Long-term Loans |
- |
8,023,757,350 |
|
Liabilities under
Finance Leases |
8,667,640,690 |
8,314,392,593 |
|
Promissory Notes |
1,050,000,000 |
1,050,000,000 |
|
Other Current Liabilities Accrued Expenses |
20,465,787,505 |
16,398,217,085 |
|
Accrued Dividends |
62,901,721 |
57,863,117 |
|
Unearned Transportation Revenues |
30,537,000,786 |
24,287,909,663 |
|
Others |
2,615,403,652 |
4,605,732,387 |
|
|
|
|
Total Current Liabilities
|
89,461,968,203 |
77,755,893,067 |
|
Long-term Debts Debentures |
34,000,000,000 |
40,000,000,000 |
|
Long-term Loans |
4,074,621,000 |
4,393,142,000 |
|
Liabilities under
Finance Leases |
68,369,645,625 |
53,485,647,432 |
|
Promissory Notes |
2,100,000,000 |
3,150,000,000 |
|
Staff Pension Fund |
4,771,886,386 |
4,495,820,618 |
|
Total Liabilities |
202,778,121,214 |
183,280,503,117 |
|
|
|
|
|
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 |
16,989,009,500 |
16,988,961,500 |
|
Premium on Share
Capital |
15,639,064,110 |
15,642,835,031 |
|
Retained Earnings Appropriated for
Legal Reserve |
1,700,000,000 |
1,700,000,000 |
|
Unappropriated |
33,733,262,938 |
30,185,944,932 |
|
Total Shareholders' Equity |
68,061,336,548 |
64,517,741,463 |
|
Total Liabilities &
Shareholders' Equity |
270,839,457,762 |
247,798,244,580 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Revenues from the
Sale of Goods
& the Rendering of
Services |
|
|
|
Passenger and
Excess Baggage |
156,258,304,364 |
143,401,184,068 |
|
Freight |
25,737,296,643 |
25,649,667,924 |
|
Mail |
992,282,983 |
1,036,188,352 |
|
Other Activities |
8,689,395,806 |
8,159,740,321 |
|
Total Revenues from
the Sale of
Goods & the Rendering of Services |
191,677,279,796 |
178,246,780,665 |
|
|
|
|
|
Operating Expenses |
|
|
|
Personnel |
32,603,597,343 |
30,697,016,022 |
|
Fuel &
Oil |
58,892,664,167 |
59,999,262,178 |
|
Cost of
Inventories & Supplies |
9,996,537,252 |
10,201,744,088 |
|
Lease of Aircraft
& Spare Parts |
6,767,821,949 |
5,434,434,982 |
|
Flight Operations |
41,557,103,822 |
37,659,857,591 |
|
Depreciation |
17,716,486,919 |
15,484,615,707 |
|
Marketing |
3,151,111,310 |
3,075,578,993 |
|
Insurance |
1,016,273,298 |
1,516,417,024 |
|
Remuneration to
Board of Directors |
24,143,805 |
25,051,680 |
|
Other Operating
Expenses |
7,328,108,029 |
5,957,823,150 |
|
Total Operating Expenses |
179,053,847,894 |
170,051,801,415 |
|
|
|
|
|
Profit / [Loss] from Sale
of Goods &
the Rendering Services |
12,623,431,902 |
8,194,979,250 |
|
|
|
|
Other Income
Interest Income |
609,306,786 |
315,364,272 |
|
Others |
1,574,025,926 |
3,547,894,973 |
|
|
|
|
Total Other
Income
|
2,183,332,712 |
3,863,259,245 |
|
|
2007 |
2006 |
|
|
|
|
|
Other Expenses |
|
|
|
Losses [Gains] on
Foreign Currency Exchange |
[1,184,797,148] |
[6,178,102,699] |
|
Yields from
Pension Fund |
102,110,925 |
75,923,013 |
|
Others |
2,154,739,436 |
1,146,427,301 |
|
|
|
|
|
Total Other Expenses |
1,072,053,213 |
[4,955,752,385] |
|
|
|
|
|
Profit from Operations |
13,734,711,401 |
17,013,990,880 |
|
|
|
|
Profit before
Interest & Income
Tax
Expenses
|
13,734,711,401 |
17,013,990,880 |
Interest Expenses
|
[4,698,766,508] |
[4,450,936,258] |
Income Tax Expenses
|
[2,685,448,239] |
[3,727,555,881] |
Net Profit
|
6,350,496,654 |
8,835,498,741 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
7.58 |
|
|
Operating Profit |
43.18 |
|
|
Net Profit |
[28.13] |
|
|
Fixed Assets |
4.45 |
|
|
Total Assets |
9.30 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
81.87 |
84.66 |
|
Operating Profit Margin |
6.90 |
4.82 |
|
S & A
Expenses |
15.98 |
15.32 |
|
Interest Paid |
2.57 |
2.62 |
|
Other Revenues |
4.75 |
4.80 |
|
Net Profit Margin |
3.47 |
5.19 |
|
Earning Per Shares |
3.74 |
5.20 |
|
No. of Shares |
1,698,900,950 |
1,698,996,150 |
Net Sales was
increased by 7.58%,
Operating Profit was
increased by 43.18%,
Net Profit was
decreased by 28.13%,
Fixed Assets was
increased by 4.45%,
Total Assets was
increased by 9.30%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 84.66%
to 81.87%, Operating
Profit Margin was
increased from 4.82%
to 6.90%, S
& A Expenses
was increased from
15.32% to 15.98%,
Interest Paid was decreased
from 2.62% to
2.57%, Other Revenues
was decreased from
4.80% to 4.75%,
Net Profit Margin
was decreased from
5.19% to 3.47%.
Earning Per Shares
was decreased from
5.20 baht per
share to 3.74
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.66 |
0.58 |
|
Quick-Assets Ratio |
0.43 |
0.33 |
Current Ratio was
increased from 0.58
to 0.66, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.33 to 0.43,
capacity to pay Short Term
Loan was not
good too, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
2.98 |
2.84 |
|
Times Interest Earned |
2.69 |
1.84 |
D/E Ratio was
increased from 2.84
to 2.98, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
1.84 to 2.69,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
0.89 |
0.87 |
|
Total Assets Turnover |
0.68 |
0.69 |
|
Return on Assets |
2.34 |
3.57 |
|
Return on Equity |
9.33 |
13.69 |
|
Day's Payable |
15.62 |
19.92 |
|
Day’s Inventories |
11.80 |
11.12 |
|
Day’s Receivables |
35.31 |
35.09 |
Fixed Assets Turnover
was increased from
0.87 times to
0.89 times, Total
Assets Turnover was decreased from
0.69 times to
0.68 times, show
the company could
use Fixed Assets
so efficiently, Return
on Assets was
decreased from 3.57
to 2.34, Return
on Equity was
decreased from 13.69
to 9.33, capacity
to use Assets to make
profit was good.
Day's Payable was
decreased from 20
days to 16
days, while Day’s
Inventories was stable
at 12 days, Day’s Receivables
was stable at
36 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
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. |
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 |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)