MIRA
INFORM REPORT
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Report Date : |
08.03.2013 |
IDENTIFICATION DETAILS
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Name : |
THAI AIRWAYS INTERNATIONAL PCL |
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Registered Office : |
89 Wiphawadirangsit Road, Chomphon, Chatuchak, Bangkok, 10900 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.08.1959 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged in the aviation and related air
transport businesses |
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No. of Employees : |
25848 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand
enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as
it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly
machinery and electronic components, agricultural commodities, and jewelry -
continue to drive the economy, accounting for more than half of GDP. The global
financial crisis of 2008-09 severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded from their depressed 2009 level. Steady economic growth at just below
4% during the first three quarters of 2011 was interrupted by historic flooding
in October and November in the industrial areas north of Bangkok, crippling the
manufacturing sector and leading to a revised growth rate of only 0.1% for the
year. The industrial sector is poised to recover from the second quarter of
2012 onward, however, and the government anticipates the economy will probably
grow between 5.5 and 6.5% for 2012, while private sector forecasts range
between 3.8% and 5.7%.
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Source : CIA |
Company name & address
Thai Airways International PCL
89 Wiphawadirangsit Road
Chomphon, Chatuchak
Bangkok, 10900
Thailand
Tel: 66-25-451000
Fax: 66-25-130203
Web: www.thaiairways.com
Synthesis
Employees: 25,848
Company Type: Public Parent
Corporate Family: 3
Companies
Traded: Stock
Exchange of Thailand (Bangkok): THAI
Incorporation Date:
24-Aug-1959
Auditor: Office of the Auditor General
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Thai
Baht
Annual Sales: 6,265.3 1
Net Income: (334.5)
Total Assets: 8,698.7 2
Market Value: 1,849.0 (15-Feb-2013)
Business Description
Thai Airways International Public Company Limited is a Thailand-based company engaged in the aviation and related air transport businesses. The Company serves as the Kingdom of Thailand’s national flag carrier. It operates transport of passengers, cargo and mail on schedule flights and charter flights to domestic and international destinations. It also provides supporting operations, including ground customer services, which facilitate and assist passengers at check-in counters and lounges, as well as provide information; ground support equipment services, which provide passenger and crew transport services, baggage services, aircraft services and maintenance services; cargo and mail commercial services; catering services, and technical services. As of December 31, 2011, its total fleet of 89 aircraft consisting of 37 long-haul for inter-continental service, 47 medium-range serving regional, and five narrow-body short route aircrafts For the nine months ended 30 September 2012, Thai Airways International PCL revenues increased 6% to BAH153.64B. Net income totaled BAH3.87B vs. loss of BAH4.81B. Revenues reflect Air Transportation segment increase of 5% to BAH49.63B, Business Units segment increase of 1% to BAH1.57B. Net Income reflects Foreign Currency decrease from BAH3.32B (expense) to BAH1.72B (income).
Industry
Industry Airlines
ANZSIC 2006: 4900 - Air and
Space Transport
NACE 2002: 6210 - Scheduled
air transport
NAICS 2002: 481111 - Scheduled
Passenger Air Transportation
UK SIC 2003: 6210 - Scheduled
air transport
UK SIC 2007: 51101 - Scheduled
passenger air transport
US SIC 1987: 4512 - Air
Transportation, Scheduled
Key Executives
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Name |
Title |
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Sorachak Kasemsuwan |
President, Director |
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Wasukarn Wisansawat |
Vice President of Finance and Accounting |
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Parnthit Shanaphai |
Vice President of Commerce |
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Thiraphon Shotshanaphibarn |
Vice President of Product and Customer Services |
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Sathok Worasarin |
Vice President of Human Resources |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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Officer Changes |
3 |
10-Oct-2012 |
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1 |
21-Jan-2013 |
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1 |
8-May-2012 |
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1 |
11-Oct-2012 |
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1 |
Thai
Airways International PCL Announces FY 2012 Dividend Payment |
1-Mar-2013 |
* number of significant developments within the last 12 months
News
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Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = THB 30.48471
2 - Balance Sheet Item Exchange Rate: USD 1 = THB 31.55
Corporate Overview
Location
89 Wiphawadirangsit Road
Chomphon, Chatuchak
Bangkok, 10900
Thailand
Tel: 66-25-451000
Fax: 66-25-130203
Web: www.thaiairways.com
Quote Symbol - Exchange
THAI - Stock
Exchange of Thailand (Bangkok)
Sales THB(mil): 190,997.2
Assets THB(mil): 274,444.7
Employees: 25,848
Fiscal Year End: 31-Dec-2011
Industry: Airlines
Incorporation Date: 24-Aug-1959
Company Type: Public
Parent
Quoted Status: Quoted
President: Sorajak
Kasemsuvan
Industry Codes
ANZSIC 2006 Codes:
4900 - Air and Space Transport
NACE 2002 Codes:
6210 - Scheduled air transport
NAICS 2002 Codes:
481111 - Scheduled Passenger Air Transportation
US SIC 1987:
4512 - Air Transportation, Scheduled
UK SIC 2003:
6210 - Scheduled air transport
UK SIC 2007:
51101 - Scheduled passenger air transport
Business
Description
Thai Airways International Public Company Limited is a Thailand-based company engaged in the aviation and related air transport businesses. The Company serves as the Kingdom of Thailand’s national flag carrier. It operates transport of passengers, cargo and mail on schedule flights and charter flights to domestic and international destinations. It also provides supporting operations, including ground customer services, which facilitate and assist passengers at check-in counters and lounges, as well as provide information; ground support equipment services, which provide passenger and crew transport services, baggage services, aircraft services and maintenance services; cargo and mail commercial services; catering services, and technical services. As of December 31, 2011, its total fleet of 89 aircraft consisting of 37 long-haul for inter-continental service, 47 medium-range serving regional, and five narrow-body short route aircrafts For the nine months ended 30 September 2012, Thai Airways International PCL revenues increased 6% to BAH153.64B. Net income totaled BAH3.87B vs. loss of BAH4.81B. Revenues reflect Air Transportation segment increase of 5% to BAH49.63B, Business Units segment increase of 1% to BAH1.57B. Net Income reflects Foreign Currency decrease from BAH3.32B (expense) to BAH1.72B (income).
More Business
Descriptions
Operation of international airline
Commercial Airlines; Airport Restaurants & Hotels; Fueling Services
Thai Airways
International Public Company Limited (Thai) offers aviation and its related
business. The hosts of services offered by the company are transport of cargo,
passengers and mail on regularly scheduled flights as well as chartered flights
to domestic and international destinations. Thai operates its business through
three reportable segments namely, business units, air transportation and other
activities. Thai’s business units division provides ground customer services,
Ground Support Equipment Services, Cargo and mail commercial services, catering
services and technical services. The technical services include maintenance and
repair of aircraft. The catering services include the operation of restaurants
and snack bars at the airports. For the fiscal year ended 2011, the business
unit segment generated revenue of Thai Baht 16,335m accounting to about 7.9% of
the total revenues.During the fiscal year ended 2011, the air transportation
segment generated revenue of Thai Baht 182,738m accounting to about 88.6% of
the total revenues recorded. and the other activities segment generated revenue
of Thai Baht 7,242m accounting to about 3.5% of the total revenues recorded.
The company operates and leases a fleet of 89 aircraft. These aircraft include
18 Boeing 747-400, 6 Boeing 777-300, 8 Boeing 777-200, 6 Boeing 777-200ER, 10
Boeing 737-400, 6 Airbus A340-600, 4 Airbus A340-500, 12 Airbus A330-300, 17
Airbus A300-600 and 2 ATR 72. The company’s route network spans 62 international
flights to 35 countries and serves 12 domestic locations. Thai has 553
international flights per week with 420 to destinations within Thailand and
spanning 43 destinations within 20 countries. Further, Thai flies 133
intercontinental flights serving 43 destinations in 14 countries. The regional
routes include Asia, Northern routes, and Southern routes, Routes in Indochina,
Western Routes and Middle Eastern Routes. The intercontinental routes are North
American Routes, European routes, Australia and New Zealand Routes, and African
Route.The company is also a member of Star Alliance which comprises of 21
airline companies. All the airlines together in the group cover 975 airports
across the world in 162 countries with 18,110 daily flights, of which 17,020 are
code share flights. This alliance enables all its members to work in
cooperation to provide better services at a lower cost.Thai also focuses on
usage of information technology to enhance its services, offering and launch
new products. The various IT systems used by the company to improve its
services include electronic publishing system which is used to generate
documents required for managing flight information, the Network Management
System which provides network decisions based on scenario analysis, The ground
operations control system which coordinates ground operations at the
company’s operations center at Suvarnabhumi airport. The mobile information
and communication System provide necessary information to its passengers using
personal digital assistants.
Thai Airways
International Public Company Limited (Thai) is an aviation company. It provides
passengers transportation, cargo, and mail services on regular scheduled
flights and chartered flights. It provides its services to domestic, regional and
intercontinental flights from Bangkok to key destinations around the world and
within Thailand. The company and its subsidiaries offer cargo and mail,
catering, technical, ground customer, ground support equipment services. It is
also into providing dispatch services, sales on board and Thai shop services.
Thai operates its business through three reportable segments namely, air
transportation, business units and other activities. The company has its
business operations in Asia and Europe, Australia, New Zealand and North
pacific regions. The company is headquartered at Thailand.The company reported
revenues of (Baht) THB 190,997.19 million during the fiscal year ended December
2011, an increase of 5.76% over 2010. The operating profit of the company was THB
1,360.49 million during the fiscal year 2011, a decrease of 94.32% from 2010.
The net loss of the company was THB 10,196.97 million during the fiscal year
2011, as against a net profit of THB 14,743.65 million during 2010.
Commercial
Airlines; Airport Restaurants & Hotels; Fueling Services
Scheduled Air Transportation
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Strategic Initiatives
Planning
disasters such as
the earthquake and the tsunami that hit Japan, a major market for the Company
and the major flooding in the central region of Thailand including the northern
part of Bangkok causing the number of passengers traveling to Thailand to drop
significantly at the year-end. With the European economic and financial crisis,
the volatility of fuel price, and a fierce competition in the aviation industry
mainly from low cost carriers and from the capital advantage of the Middle
Eastern airlines, THAI’s operating performance was affected. Although the
Company has implemented nine strategic initiatives encompassing all aspects of
operations, THAI recognizes the need to accelerate and develop competitiveness
especially in the areas of cost control, comprehensive and sustained risk
management and a stable financial position so that the Company is able to
overcome potential future challenges. Efforts to improve and strengthen the
Company are to ensure that THAI will remain a strong national carrier of
Thailand with sustainable growth. To provide shareholders and stakeholders a
level of comfort that THAI’s 2012 operations will see a significant
improvement in financial strength, service quality and cultural integrity, THAI
is planning to launch 3 major strategic initiatives in 2012 which are: 1) the
establishment of THAI Smile - a light premium trendy style, value for money and
quality airline with its first flight debuting in July 2012 - will help
increase market share on domestic and regional routes; 2) THAI’s fleet in 2012
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Although the
Company has implemented nine strategic initiatives encompassing all aspects of
operations, THAI recognizes the need to accelerate and develop competitiveness
especially in the areas of cost control, comprehensive and sustained risk management
and a stable financial position so that the Company is able to overcome
potential future challenges. Efforts to improve and strengthen the Company are
to ensure that THAI will remain a strong national carrier of Thailand with
sustainable growth. To provide shareholders and stakeholders a level of comfort
that THAI’s 2012 operations will see a significant improvement in financial
strength, service quality and cultural integrity, THAI is planning to launch 3
major strategic initiatives in 2012 which are: 1) the establishment of THAI
Smile - a light premium trendy style, value for money and quality airline with
its first flight debuting in July 2012 - will help increase market share on
domestic and regional routes; 2) THAI’s fleet in 2012 - will see the addition
of 12 new aircraft while another 14 aircraft will be retrofitted with
modernized entertainment facilities and seating comfort which will enhance the
overall travel experience. The efforts undertaken by the THAI Technical
Department in maintaining and servicing existing engines will lead to cost
savings through greater fuel burn efficiency, extend aircraft life and thus
ensure the highest level of customer satisfaction; 3) Human resource
development - the Company recognizes its employees as the key building blocks
for ensuring business continuity and sustained growth through development of
knowledge management of risk management, quality aircraft maintenance and the
ability to
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
Thai Airways
International Public Company Limited (Thai Airways) is engaged in providing
transportation services for passengers, cargo and mail services to domestic and
international routes on regular scheduled flights and chartered flights. The
company enhanced its competitive position through excellent service offering
and strong operational base. Even so, high competition in the market and
fluctuating fuel prices could affect the company's operations.
Strengths
Strategic Agreements
Thai Airways has
made several codesharing agreements with various airlines operating in
different geographies which enhances its operations and enable it to serve more
passengers. Thai Airways is the member of Star Alliance, the largest
international airline network. The company has signed codeshare agreements with
21 airlines including, Aer Lingus, Aerosvit Airlines, Air Austral, Air
Madagascar, Bangkok Airways, BMI, China Airlines, China Eastern Airlines, China
Southern Airlines, El Al, Emirates, Gulf Air, Japan Airlines, Japan Transocean
Air, Malaysia Airlines, Lao Airlines, Nok Air, Pakistan International Airlines,
Royal Brunei Airlines, Vietnam Airlines and Vladivostok Air. These agreements
would enable the company to operate in more regions, thus strengthening its
market presence.
Strong Operational Base
Thai Airways holds
a strong operational base in terms of geographies it covers and flight base to
stay ahead of its competitors in the aviation domain. The company’s network
spans across 35 countries with 62 international flights. Thai Airways has 553
international flights per week with 420 to destinations within Thailand and
spanning 43 destinations within 20 countries. Further, Thai flies 133
intercontinental flights serving 43 destinations in 14 countries. It also
serves 12 domestic locations. The regional routes include Asia, Northern
routes, and Southern routes, Routes in Indochina, Western Routes and Middle
Eastern Routes. The intercontinental routes are North American Routes, European
routes, Australia and New Zealand Routes, and African Route. The company
operates and leases a fleet of 89 aircraft. Its aircraft fleet include 18
Boeing 747-400, 6 Boeing 777-300, 8 Boeing 777-200, 6 Boeing 777-200ER, 10
Boeing 737-400, 6 Airbus A340-600, 4 Airbus A340-500, 12 Airbus A330-300, 17
Airbus A300-600 and 2 ATR 72. Strong presence in the market strengthens the
company’s reputation and could thereby improve its market share.
Service Offerings
The company offers
a wide range of services categorized under Ground Customer Services, Ground
Support Equipment Services, Cargo and Mail Commercial Services, Catering
Services and Technical Services. The host of services offered under Ground
Customer Services includes Passenger services, Baggage services, Transportation
control services, passenger and baggage check-in services. The Ground Support
Equipment Services provided include Passenger Crew and Baggage Services,
Aircraft Services and Maintenance Services. The Cargo and Mail Commercial
Services include Warehouse storage service, Cargo and mail documentation
service, Cargo tracing service, Transfer of electronic information to customer
airlines and overseas stations and many more. The Catering Services include
preparation of Food and beverage for in-flight services for THAI and customer
airlines; Restaurant and snack bar operations at its airports; Internal and
external banquet services, Food preparation at staff canteens Cooking and
bakery courses for public. The Technical Services are provided for proper
maintenance of aircrafts and their related equipment. Such a host of services
offered by Thai Airways improve the customer satisfaction along with gaining prestigious
reputation.
Weaknesses
Highly Leveraged
The company’s
high leverage could affect its ability to raise additional capital to fund its
operations, limit its ability to react to changes in the economy or its
industry, expose it to interest rate risk to the extent of its variable rate
debt and prevent the company from meeting its debt obligations. As of December
2011, the company recorded net debt of THB 142299.75m, as compared to THB
146279.68m in 2010. Its long-term debt stood at THB75634.07m in 2011, as
compared to THB 68392.64m in 2010. Such substantial debt requires the company
to dedicate a significant portion of its cash flow from operations to service
interest and principal payments. Reduction in revenue and operating cash flows
could hinder the company’s ability to repay interest and principal, resulting
in defaults. Such huge debt burden could lead to credit crisis and affect the
financial health of the company in the long run.
Weak Operational Performance
Thai Airways
reported declined operational performance in fiscal 2011, as compared to that
in 2010. Even though Kewpie reported 5.8% increase in revenue from THB
190997.19m in 2010 to THB 180588.68m in 2011, its operating profit decreased
94.3% to THB1360.49m in 2011 from THB 23939.22m in 2010. The company posted a
net profit THB 10,196.97m in 2011, as against a net profit of THB 14,743.65m
during 2010. This was due to the high cost operating model of the company. The
company’s total expenses increased from THB 156649.46m to THB 189636.70m in
2011. The company's operating costs as percentage of sales increased to 96.3%
in 2011 from 86.7% in 2010. Such weak operational performance affected the
profitability ratios also. The company’s operational margin decreased from
13.3% in 2010 to 0.7% in 2011, followed by net profit margin, which decreased
from 8.2% in 2010 to (5.3%) in 2011. The company could look forward to reducing
its expenses to generate higher profits.
Opportunities
Growing Tourism Industry
Thai Airways could
benefit from the growth potential in the travel and tourism industry, as it
would substantially drive the growth of aviation services. The company operates
through a geographically diversified portfolio with an extensive range of
service offerings. Its business directly correlates with travel and tourism
industry, which showed a positive growth trend all over the world, providing a
sound basis for the company’s revenue generation in future. According to
World Tourism Organization (UNWTO), in 2011, international tourism receipts
exceeded $1 trillion, reflecting an increase of 4% over $928 billion in 2010.
An additional $196 billion in receipts from international passenger transport
brought total exports generated by international tourism in 2011 to $1.2
trillion. Asia-Pacific witnessed a growth of 6%, reaching a total 216 million
international tourists. Americas witnesses an increase of 4% in arrivals,
reaching 156 million in total. UNWTO forecasts international tourism to
continue growing in 2012. By the end of 2012, total arrivals are expected to
reach one billion. Emerging economies will regain the lead with stronger growth
in Asia and the Pacific and Africa (4%-6%), followed by the Americas and Europe
(2%-4%). the Middle East (up to 5%). According to the World Travel and Tourism
Council, total contribution of Travel and Tourism industry is forecast to reach
by 2.8% in 2012, and to rise by 4.3% annually to $9,939.5 billion in 2022.
Total visitor exports are expected to grow by 1.7% in 2012, and are expected to
grow 3.6% annually to $1,694.7 billion in 2022. Such high growth in the travel
and tourism markets could boost the sales of its products in the market,
enabling it to provide services to its customers and augment its business.
Positive Long-Term
Passenger Outlook
According to the
Airports Council International (ACI), global passenger volume is forecast to be
11.0 billion by 2027, with airliners expected to carry 30 million passengers
per day. By 2027, the global passenger traffic is expected to increase by 4.2%
annually due to increase in international traffic growth of 4.5% annually. The
passenger volume in Indian and Chinese domestic markets is expected to rise by
4% annually. Factors that are expected to drive passenger volume include
increase development in air transportation in many Asia-Pacific countries, and
rapid growth of the Chinese and Indian economies. The company could benefit
from this positive outlook. In this scenario, it is imperative for the company
to expand its services to emerging economies in the Asia-Pacific region.
Acquisition of New Flights
In June 2011, Thai
Airways announced its plan to acquire 37 aircrafts for the year 2011-2017, in
the amount of approximately THB 118,604m. The approved amount consisting of the
purchase of 15 aircrafts, in the amount of approximately THB 49,537m (aircraft
value as June 2011), and 22 aircrafts to be acquired by operating lease in the
amount of approximately THB 69,067m (present value of rental fee as of June
2011). The company will acquire six B777-300ER aircrafts from The Boeing
Company, and four A350-900 aircrafts and five A320-200 aircrafts from Airbus
S.A.S. The operating lease of 22 aircrafts will be made with International
Lease Finance Corporation (ILFC), Aviation Lease and Finance Company (K.S.C.),
CIT Aerospace International (CIT), and RBS Aerospace Limited (RBSAL). This
would increase the fleet size of the company, thus enabling the company to
increase is passenger transportation.
Threats
Economic Slowdown and Market Dynamics
The company could
face several challenges due to global economic slowdown. According to IMF,
global economy is projected to grow at 4% in both 2011 and 2012, which is down
from 5% achieved in 2010. According to IMF's September 2011 report, Eurozone
economy is forecast to grow 1.1% in 2012, down from the IMF's June 2011
forecast of 1.7% for 2012. The agency also predicted that the US economy would
expand at around 1.8% in 2012. This is in contrast to the agency’s previous
estimate of more than 2.5% growth in 2012. During 2010, fears of a sovereign
debt crisis surfaced in various European countries, including Portugal,
Ireland, Italy, Greece, Spain, and Belgium. Such crises could lead to
increasing deficit, followed by an increase in debt and economic downturn,
ultimately leading to high defaults, which could also spill-over to other
emerging economies. The sluggish economic growth could lead to decline in
passenger volumes. According to IATA, the UK hiked its Air Passenger Duty by 8%
from April 2012 onwards, and Spain is contemplating a 50% rise in charges at
its two major airports, namely, Barcelona and Madrid.
Highly Competitive Market
Aviation and the
transport and logistics industry, in which the company operates, is highly
competitive. Thai Airways faces stiff competition from various national and
international airline companies, and also from low-cost airlines. Thai
Airways's major competitors are Singapore Airlines Limited, British Airways
Plc, Qantas Airways Limited and many more. The company could face challenges in
pricing, quality, services, and related issues. In most international routes,
the company mainly competes with at least one airline that benefit from
government ownership, control or support. Many of these carriers operate from
favorable hub locations that help them combine sets of air rights obtained from
third countries to build strong. Further, the global airline industry is into a
consolidation phase, with the industry shrinking mainly in the aftermath of
global economic slowdown, which triggered a slide in the passenger load. Major
airline companies are eying mergers and acquisitions of international airline
companies, and small players in the market serving niche segments such as
business-class customers, and low-cost carriers, among others. Acquisitions not
only provide airline companies access to new destinations, but also offer fleet
and landing and maintenance slots in airports. Thus the increasing competitive
pressures and increasing consolidations in the airlines industry could pose a
serious threat to its global operations.
Rising Oil Prices
The company’s
business is highly dependent on the price and availability of aircraft fuel,
and its performance could be adversely affects by high volatility in fuel
costs, increased fuel prices and significant disruptions in the supply of
aircraft fuel. In March 2012, the International Air Transport Association
(IATA) decreased its industry outlook for 2012 principally due to rising oil
prices, which is expected to rise to an average price of $115 per barrel.
Moreover, the Arab Spring involved protests across Libya, Egypt and Tunisia,
which led to the overthrowing of governments. These protests spread to Kuwait,
Bahrain, Morocco, Oman, Lebanon and Saudi Arabia. Political disorder in the
Middle-East and Northern African countries including Egypt, Libya, Iran and
Iraq has resulted in uncertainty of crude oil supply in recent times, thereby
leading to increased oil prices. High fuel prices could affect the profit
margin of the company, as the airlines would find it difficult to pass on the
increased fuel prices to passengers.
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Corporate Family |
Corporate
Structure News: |
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Thai Airways International PCL |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Bangkok |
Thailand |
Airlines |
6,265.3 |
25,848 |
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Branch |
Admiralty, Hong Kong |
Hong Kong |
Airlines |
6,265.3 |
75 |
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Subsidiary |
El Segundo, CA |
United States |
Personal Services |
5.8 |
60 |
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Competitors Report
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Company Name |
Location |
Employees |
Ownership |
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AMR Corporation |
Fort Worth, Texas, United States |
80,100 |
Public |
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British Airways PLC |
Middlesex, United Kingdom |
40,252 |
Public |
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Japan Airlines Co Ltd |
Tokyo, Japan |
31,190 |
Public |
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Qantas Airways Limited |
Mascot, New South Wales, Australia |
33,584 |
Public |
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Singapore Airlines Ltd. |
Singapore, Singapore |
22,746 |
Public |
Executive report
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Board of
Directors |
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Vice Chairman |
Chairman |
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Chairman of the Board, Independent Director |
Chairman |
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Chairman of the Management Board,
Independent Director |
Chairman |
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Vice Chairman of the Board, Director |
Vice-Chairman |
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Vice Chairman of the Board 1 |
Vice-Chairman |
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Vice Chairman of the Board, Independent Director |
Vice-Chairman |
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|
Board Member |
Director/Board Member |
|
|
||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Managing Director of Engineering, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director, Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
President, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executive Director, Director, Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director, Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
President |
President |
|
|||||||||
|
President, Director |
President |
|
|||||||||
|
||||||||||||
|
President of Accounting Management and Budget |
President |
|
|
||||||||
|
||||||||||||
|
Acting President, Vice President of Business Development and Strategy |
President |
|
|
||||||||
|
||||||||||||
|
President of Accounting |
President |
|
|
||||||||
|
||||||||||||
|
President |
President |
|
|
||||||||
|
||||||||||||
|
Managing Director-Ground Services Business Unit & Executive
VP-Legal |
Managing Director |
|
|
||||||||
|
Managing Director of Engineering, Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director of Organizational Finance |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Executive Vice President, Operations and Acting Vice President Flight Operations |
Operations Executive |
|
|
||||||||
|
Executive Vice President Operations Department |
Operations Executive |
|
|
||||||||
|
Vice President - Operations |
Operations Executive |
|
|
||||||||
|
||||||||||||
|
Secretary & Executive VP-Corporate Secretariat |
Company Secretary |
|
|
||||||||
|
Executive Vice President Finance and Accounting Department |
Finance Executive |
|
|
||||||||
|
Vice President of Finance and Accounting |
Finance Executive |
|
|
||||||||
|
||||||||||||
|
Executive VP-HR |
Human Resources Executive |
|
|
||||||||
|
Vice President of Human Resources |
Human Resources Executive |
|
|
||||||||
|
||||||||||||
|
Executive VP-Products & Customer Services |
Customer Service Executive |
|
|
||||||||
|
Vice President of Product and Customer Services |
Customer Service Executive |
|
|
||||||||
|
||||||||||||
|
Vice President of Commerce |
E-Commerce Executive |
|
|
||||||||
|
||||||||||||
|
Executive VP-Technical Department |
Engineering/Technical Executive |
|
|
||||||||
|
Executive VP-Commercial Department |
Commercial Executive |
|
|
||||||||
|
Vice President |
Other |
|
|
||||||||
|
||||||||||||
|
Vice President |
Other |
|
|
||||||||
|
||||||||||||
|
Director |
Other |
|
|
||||||||
|
Director |
Other |
|
|
||||||||
Significant Developments
Thai Airways International PCL Announces FY 2012 Dividend Payment Mar 01, 2013
Thai Airways International PCL announced a cash dividend of THB 0.50 per share for the fiscal year 2012 (FY 2011: no dividend payment). The payment date is May 10, 2013 and record date is March 15, 2013.
Thai Airways International PCL Establishes New Subsidiary Jan 21, 2013
Thai Airways International PCL announced the establishment of new subsidiary, namely Thai Smile Airways Company Limited. Thai Smile Airways Company Limited will be engaged in transportation of passenger and cargo on short haul regional routes.
Thai Airways International PCL Announces Debenture Offering Oct 11, 2012
Thai Airways International PCL announced the debenture offering by issuing 7.00 million units, worth THB 1,000 per unit or a total value of THB 7,000 million, to institutional Investors and high net worth investors. The debenture is offered in three tranches comprised of THAI Debentures No. 3/2555 Series 1, due in year 2017, THAI Debentures No. 3/2555 Series 2, due in year 2019, and THAI Debentures No. 3/2555 Series 3, due in year 2022. The issue date is October 11, 2012, the tenors of three tranches are five years, seven years, and ten years; the coupon rates are fixed 4.51% p.a., fixed 4.7% p.a., and fixed 4.9% p.a.; the issue sizes are THB 4,000 million, THB 1,500 million, and THB 1,500 million; and maturity dates are October 11, 2017, October 11, 2019, and October 11, 2022 respectively. The issue rating is A+ by TRIS Rating Co Ltd, the underwriter is Siam Commercial Bank PCL, and the registrar is Bank of Ayudhya PCL.
Thai Airways International PCL Appoints President Oct 10, 2012
Thai Airways International PCL announced that on October 8, 2012, it has signed an Employment Contract to appoint Mr. Sorachak Kasemsuwan as President, effective from October 9, 2012 onwards.
Thai Airways International PCL Announces Appointment of President Sep 14, 2012
Thai Airways International PCL announced that on September 14, 2012, it
has approved to appoint Mr. Sorachak Sasemsuwan as President of the Company.
Thai Airways
International PCL Sacks President-Reuters May 21, 2012 reported that the board
of Thai Airways International Pcl sacked its president because of disagreements
over strategy, a move that could derail the flag carrier's attempts to return
to profit and which is being questioned by its labour union. Piyasvasti
Amranand, a former energy minister, became president in October 2009 when the
opposition Democrat party was in power. He has shaken up the airline and
launched cost-cutting measures, including reductions in the salaries of senior
executives. Thai Airways is 51% owned by the Finance Ministry. Chokchai
Panyayong, vice president in charge of strategy and business development, has
been appointed acting president, the airline's chairman, Ampon Kittiampon, told
reporters on Monday. "The board has agreed to terminate the president's
contract because he cannot work in unity with the strategy committee,"
Ampon said. Jamsri Sukchotirat, chairwoman of the airline's labour union, said
she would ask the board for an explanation. "The board has to clarify the
decision because he met key performance targets, the airline's operations have
improved and he has no problem working with employees," Jamsri said.
Attempts to reach Piyasvasti for comment were unsuccessful.
Thai Airways
International PCL's WingSpan Services Co., Ltd. Invests 49% In Tour Eurng Luang
Co., Ltd. May 08, 2012
Thai Airways
International PCL announced that WingSpan Services Co., Ltd., a subsidiary of
the Company had invested 49% of ordinary shares in Tour Eurng Luang Co., Ltd,
which is engaged in tourism services and related activities.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Restated Normal |
Updated Special |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
34.251325 |
|
Auditor |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
6,265.3 |
5,692.4 |
4,707.1 |
5,997.3 |
1,561.8 |
|
Revenue |
6,265.3 |
5,692.4 |
4,707.1 |
5,997.3 |
1,561.8 |
|
Total Revenue |
6,265.3 |
5,692.4 |
4,707.1 |
5,997.3 |
1,561.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
4,036.2 |
3,133.1 |
2,585.6 |
4,064.2 |
920.6 |
|
Cost of Revenue, Total |
4,036.2 |
3,133.1 |
2,585.6 |
4,064.2 |
920.6 |
|
Gross Profit |
2,229.2 |
2,559.3 |
2,121.5 |
1,933.1 |
641.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
193.1 |
192.4 |
181.2 |
207.8 |
20.6 |
|
Labor & Related Expense |
1,017.2 |
1,088.3 |
764.7 |
917.9 |
272.6 |
|
Total Selling/General/Administrative Expenses |
1,210.3 |
1,280.7 |
945.9 |
1,125.6 |
293.2 |
|
Depreciation |
655.7 |
637.9 |
612.4 |
607.8 |
136.4 |
|
Depreciation/Amortization |
655.7 |
637.9 |
612.4 |
607.8 |
136.4 |
|
Investment Income - Operating |
79.7 |
-287.0 |
-92.3 |
134.0 |
5.1 |
|
Interest/Investment Income - Operating |
79.7 |
-287.0 |
-92.3 |
134.0 |
5.1 |
|
Interest Expense (Income) - Net Operating Total |
79.7 |
-287.0 |
-92.3 |
134.0 |
5.1 |
|
Impairment-Assets Held for Use |
36.8 |
15.4 |
15.4 |
142.3 |
- |
|
Other Unusual Expense (Income) |
- |
- |
- |
128.6 |
- |
|
Unusual Expense (Income) |
36.8 |
15.4 |
15.4 |
270.9 |
- |
|
Other Operating Expense |
202.1 |
157.8 |
66.8 |
131.9 |
102.9 |
|
Other Operating Expenses, Total |
202.1 |
157.8 |
66.8 |
131.9 |
102.9 |
|
Total Operating Expense |
6,220.7 |
4,937.8 |
4,133.7 |
6,334.5 |
1,458.2 |
|
|
|
|
|
|
|
|
Operating Income |
44.6 |
754.6 |
573.4 |
-337.2 |
103.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-185.5 |
-162.8 |
-167.1 |
-164.4 |
-40.7 |
|
Interest Expense, Net Non-Operating |
-185.5 |
-162.8 |
-167.1 |
-164.4 |
-40.7 |
|
Interest Income -
Non-Operating |
23.3 |
5.8 |
5.2 |
14.8 |
7.0 |
|
Investment Income -
Non-Operating |
6.0 |
8.1 |
-0.2 |
-2.0 |
-0.4 |
|
Interest/Investment Income - Non-Operating |
29.3 |
14.0 |
4.9 |
12.8 |
6.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
-156.2 |
-148.9 |
-162.2 |
-151.6 |
-34.2 |
|
Gain (Loss) on Sale of Assets |
0.3 |
3.0 |
- |
- |
- |
|
Other Non-Operating Income (Expense) |
-148.5 |
-83.6 |
-175.1 |
-218.5 |
9.3 |
|
Other, Net |
-148.5 |
-83.6 |
-175.1 |
-218.5 |
9.3 |
|
Income Before Tax |
-259.7 |
525.1 |
236.1 |
-707.3 |
78.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
73.6 |
58.8 |
20.1 |
-68.5 |
24.5 |
|
Income After Tax |
-333.4 |
466.3 |
216.0 |
-638.8 |
54.2 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.1 |
-1.5 |
-2.1 |
-1.9 |
-0.5 |
|
Net Income Before Extraord Items |
-334.5 |
464.7 |
213.9 |
-640.7 |
53.7 |
|
Net Income |
-334.5 |
464.7 |
213.9 |
-640.7 |
53.7 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-334.5 |
464.7 |
213.9 |
-640.7 |
53.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-334.5 |
464.7 |
213.9 |
-640.7 |
53.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
2,182.8 |
1,830.1 |
1,698.9 |
1,698.9 |
1,698.9 |
|
Basic EPS Excl Extraord Items |
-0.15 |
0.25 |
0.13 |
-0.38 |
0.03 |
|
Basic/Primary EPS Incl Extraord Items |
-0.15 |
0.25 |
0.13 |
-0.38 |
0.03 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
-334.5 |
464.7 |
213.9 |
-640.7 |
53.7 |
|
Diluted Weighted Average Shares |
2,182.8 |
1,830.1 |
1,698.9 |
1,698.9 |
1,698.9 |
|
Diluted EPS Excl Extraord Items |
-0.15 |
0.25 |
0.13 |
-0.38 |
0.03 |
|
Diluted EPS Incl Extraord Items |
-0.15 |
0.25 |
0.13 |
-0.38 |
0.03 |
|
Dividends per Share - Common Stock Primary Issue |
0.04 |
0.01 |
0.00 |
0.07 |
0.05 |
|
Gross Dividends - Common Stock |
89.5 |
15.2 |
0.0 |
24.7 |
89.3 |
|
Interest Expense, Supplemental |
185.5 |
162.8 |
167.1 |
164.4 |
40.7 |
|
Depreciation, Supplemental |
649.3 |
623.9 |
601.8 |
598.8 |
136.4 |
|
Total Special Items |
36.4 |
12.5 |
15.4 |
270.9 |
- |
|
Normalized Income Before Tax |
-223.3 |
537.5 |
251.6 |
-436.3 |
78.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
12.8 |
1.4 |
1.3 |
94.8 |
- |
|
Inc Tax Ex Impact of Sp Items |
86.4 |
60.2 |
21.5 |
26.3 |
24.5 |
|
Normalized Income After Tax |
-309.7 |
477.3 |
230.1 |
-462.7 |
54.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-310.8 |
475.8 |
228.0 |
-464.6 |
53.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.14 |
0.26 |
0.13 |
-0.27 |
0.03 |
|
Diluted Normalized EPS |
-0.14 |
0.26 |
0.13 |
-0.27 |
0.03 |
|
Amort of Intangibles, Supplemental |
9.2 |
- |
7.4 |
6.8 |
- |
|
Rental Expenses |
88.9 |
86.0 |
83.9 |
89.6 |
- |
|
Advertising Expense, Supplemental |
193.0 |
192.4 |
- |
- |
- |
|
Normalized EBIT |
161.0 |
483.0 |
496.5 |
67.7 |
108.7 |
|
Normalized EBITDA |
819.5 |
1,106.9 |
1,105.8 |
673.3 |
245.1 |
|
Current Tax - Domestic |
1.4 |
36.8 |
0.5 |
3.7 |
- |
|
Current Tax - Other |
-0.4 |
- |
- |
- |
- |
|
Current Tax - Total |
1.0 |
36.8 |
0.5 |
3.7 |
- |
|
Deferred Tax - Domestic |
-6.3 |
22.0 |
19.7 |
-72.2 |
- |
|
Deferred Tax - Other |
79.0 |
0.0 |
- |
- |
- |
|
Deferred Tax - Total |
72.7 |
22.0 |
19.7 |
-72.2 |
- |
|
Domestic Tax - Other |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Income Tax - Total |
73.6 |
58.8 |
20.1 |
-68.5 |
- |
|
Interest Cost - Domestic |
12.6 |
12.6 |
- |
- |
- |
|
Service Cost - Domestic |
16.0 |
14.8 |
- |
- |
- |
|
Actuarial Gains and Losses - Domestic |
29.6 |
0.0 |
- |
- |
- |
|
Domestic Pension Plan Expense |
58.2 |
27.3 |
- |
- |
- |
|
Defined Contribution Expense - Domestic |
37.9 |
- |
32.2 |
34.6 |
- |
|
Total Pension Expense |
96.2 |
27.3 |
32.2 |
34.6 |
- |
|
Discount Rate - Domestic |
4.20% |
- |
- |
- |
- |
|
Compensation Rate - Domestic |
7.00% |
- |
- |
- |
- |
|
Compensation Rate - Foreign |
5.00% |
- |
- |
- |
- |
|
Total Plan Interest Cost |
12.6 |
12.6 |
- |
- |
- |
|
Total Plan Service Cost |
16.0 |
14.8 |
- |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate |
31.55 |
30.145 |
33.34 |
34.78 |
33.685 |
|
Auditor |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
528.2 |
1,249.9 |
428.9 |
214.1 |
766.3 |
|
Cash & Equivalents |
- |
- |
- |
- |
135.5 |
|
Short Term Investments |
13.3 |
18.2 |
10.5 |
15.2 |
5.4 |
|
Cash and Short Term Investments |
541.5 |
1,268.2 |
439.4 |
229.3 |
907.2 |
|
Accounts Receivable -
Trade, Gross |
579.8 |
618.6 |
509.6 |
496.2 |
598.5 |
|
Provision for Doubtful
Accounts |
-52.1 |
-53.8 |
-50.4 |
-41.1 |
-41.0 |
|
Trade Accounts Receivable - Net |
527.7 |
564.8 |
459.1 |
455.1 |
557.5 |
|
Other Receivables |
10.3 |
8.8 |
6.6 |
7.1 |
45.1 |
|
Total Receivables, Net |
538.0 |
573.6 |
465.7 |
462.2 |
602.6 |
|
Inventories - Finished Goods |
6.7 |
6.3 |
5.5 |
6.9 |
5.9 |
|
Inventories - Raw Materials |
282.7 |
267.7 |
227.6 |
224.5 |
204.9 |
|
Inventories - Other |
-45.0 |
-42.9 |
-47.2 |
-36.5 |
-29.6 |
|
Total Inventory |
244.4 |
231.1 |
185.9 |
194.9 |
181.2 |
|
Prepaid Expenses |
331.8 |
301.4 |
133.8 |
135.3 |
144.0 |
|
Other Current Assets |
223.7 |
232.2 |
193.6 |
189.3 |
101.5 |
|
Other Current Assets, Total |
223.7 |
232.2 |
193.6 |
189.3 |
101.5 |
|
Total Current Assets |
1,879.4 |
2,606.6 |
1,418.4 |
1,211.1 |
1,936.5 |
|
|
|
|
|
|
|
|
Buildings |
489.2 |
512.2 |
- |
- |
- |
|
Land/Improvements |
109.8 |
114.9 |
565.7 |
539.6 |
565.1 |
|
Machinery/Equipment |
12,322.7 |
12,602.5 |
11,203.4 |
10,307.0 |
10,046.7 |
|
Construction in
Progress |
90.0 |
10.3 |
- |
- |
- |
|
Property/Plant/Equipment - Gross |
13,011.6 |
13,239.8 |
11,769.2 |
10,846.6 |
10,611.8 |
|
Accumulated Depreciation |
-6,514.1 |
-6,402.2 |
-5,365.3 |
-4,893.1 |
-4,462.1 |
|
Property/Plant/Equipment - Net |
6,497.5 |
6,837.6 |
6,403.9 |
5,953.5 |
6,149.7 |
|
Intangibles - Gross |
58.8 |
49.9 |
39.2 |
34.8 |
31.9 |
|
Accumulated Intangible Amortization |
-39.0 |
-31.5 |
-19.7 |
-11.6 |
-5.2 |
|
Intangibles, Net |
19.8 |
18.3 |
19.6 |
23.2 |
26.7 |
|
LT Investment - Affiliate Companies |
51.7 |
46.5 |
37.2 |
38.4 |
43.6 |
|
LT Investments - Other |
5.7 |
2.6 |
29.1 |
2.5 |
3.1 |
|
Long Term Investments |
57.3 |
49.1 |
66.3 |
41.0 |
46.7 |
|
Deferred Charges |
64.4 |
63.7 |
- |
- |
40.8 |
|
Deferred Income Tax - Long Term Asset |
171.5 |
251.1 |
171.9 |
184.2 |
118.0 |
|
Other Long Term Assets |
9.0 |
11.4 |
69.2 |
49.2 |
2.1 |
|
Other Long Term Assets, Total |
244.8 |
326.1 |
241.1 |
233.4 |
160.9 |
|
Total Assets |
8,698.7 |
9,837.7 |
8,149.2 |
7,462.2 |
8,320.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
233.4 |
213.6 |
197.5 |
189.0 |
298.8 |
|
Accrued Expenses |
442.4 |
626.9 |
408.8 |
453.1 |
515.5 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
33.5 |
617.8 |
147.3 |
|
Current Portion - Long Term Debt/Capital Leases |
598.2 |
768.1 |
764.6 |
554.2 |
723.2 |
|
Dividends Payable |
1.6 |
2.4 |
2.1 |
2.0 |
92.6 |
|
Customer Advances |
784.9 |
873.0 |
807.7 |
870.1 |
964.3 |
|
Income Taxes Payable |
22.6 |
26.5 |
1.0 |
1.0 |
26.1 |
|
Other Payables |
67.4 |
73.7 |
- |
- |
- |
|
Other Current Liabilities |
89.6 |
94.0 |
197.9 |
147.2 |
128.2 |
|
Other Current liabilities, Total |
966.1 |
1,069.6 |
1,008.7 |
1,020.4 |
1,211.2 |
|
Total Current Liabilities |
2,240.1 |
2,678.2 |
2,413.1 |
2,834.5 |
2,896.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
2,397.3 |
2,268.8 |
1,841.1 |
1,181.2 |
1,162.4 |
|
Capital Lease Obligations |
1,514.8 |
1,815.6 |
2,040.4 |
1,878.5 |
2,095.1 |
|
Total Long Term Debt |
3,912.1 |
4,084.4 |
3,881.5 |
3,059.7 |
3,257.5 |
|
Total Debt |
4,510.3 |
4,852.5 |
4,679.5 |
4,231.8 |
4,127.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1.8 |
0.0 |
- |
- |
- |
|
Deferred Income Tax |
1.8 |
0.0 |
- |
- |
- |
|
Minority Interest |
8.4 |
9.6 |
8.9 |
8.0 |
8.2 |
|
Reserves |
48.4 |
84.8 |
116.4 |
111.4 |
- |
|
Pension Benefits - Underfunded |
481.5 |
454.4 |
141.2 |
137.4 |
147.6 |
|
Other Long Term Liabilities |
4.2 |
2.0 |
0.0 |
0.0 |
- |
|
Other Liabilities, Total |
534.1 |
541.2 |
257.6 |
248.8 |
147.6 |
|
Total Liabilities |
6,696.5 |
7,313.5 |
6,561.1 |
6,151.0 |
6,309.2 |
|
|
|
|
|
|
|
|
Common Stock |
691.8 |
724.1 |
509.6 |
488.5 |
504.3 |
|
Common Stock |
691.8 |
724.1 |
509.6 |
488.5 |
504.3 |
|
Additional Paid-In Capital |
809.8 |
847.5 |
469.0 |
449.6 |
464.2 |
|
Retained Earnings (Accumulated Deficit) |
500.6 |
952.7 |
609.5 |
373.1 |
1,042.7 |
|
Unrealized Gain (Loss) |
- |
- |
- |
0.0 |
0.0 |
|
Total Equity |
2,002.2 |
2,524.3 |
1,588.1 |
1,311.2 |
2,011.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
8,698.7 |
9,837.7 |
8,149.2 |
7,462.2 |
8,320.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
2,182.8 |
2,182.8 |
1,698.9 |
1,698.9 |
1,698.9 |
|
Total Common Shares Outstanding |
2,182.8 |
2,182.8 |
1,698.9 |
1,698.9 |
1,698.9 |
|
Employees |
25,848 |
25,884 |
27,002 |
- |
27,285 |
|
Accumulated Intangible Amort, Suppl. |
39.0 |
31.5 |
19.7 |
11.6 |
5.2 |
|
Deferred Revenue - Current |
818.0 |
838.4 |
807.7 |
870.1 |
964.3 |
|
Total Long Term Debt, Supplemental |
- |
- |
764.6 |
- |
723.1 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
764.6 |
- |
723.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
0.0 |
- |
0.0 |
|
Total Operating Leases, Supplemental |
5,098.7 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 1 |
131.4 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 2 |
295.2 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 3 |
295.2 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 4 |
295.2 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
295.2 |
- |
- |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
590.4 |
- |
- |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
590.4 |
- |
- |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
3,786.5 |
- |
- |
- |
- |
|
Discount Rate - Domestic |
4.20% |
- |
- |
- |
- |
|
Compensation Rate - Domestic |
7.00% |
- |
- |
- |
- |
|
Compensation Rate - Foreign |
5.00% |
- |
- |
- |
- |
|
Accrued Liabilities - Domestic |
-481.5 |
-454.4 |
-141.2 |
-137.4 |
-147.6 |
|
Net Assets Recognized on Balance Sheet |
-481.5 |
-454.4 |
-141.2 |
-137.4 |
-147.6 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate (Period
Average) |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
34.251325 |
|
Auditor |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-259.7 |
525.1 |
236.1 |
-707.3 |
185.1 |
|
Depreciation |
655.7 |
637.9 |
612.4 |
607.8 |
532.6 |
|
Depreciation/Depletion |
655.7 |
637.9 |
612.4 |
607.8 |
532.6 |
|
Deferred Taxes |
1.3 |
0.0 |
0.0 |
-0.6 |
0.0 |
|
Unusual Items |
36.4 |
17.1 |
8.6 |
131.1 |
8.9 |
|
Equity in Net Earnings (Loss) |
-6.0 |
-8.1 |
0.2 |
2.0 |
-3.0 |
|
Other Non-Cash Items |
243.4 |
-85.3 |
79.0 |
278.5 |
166.2 |
|
Non-Cash Items |
273.8 |
-76.3 |
87.9 |
411.6 |
172.1 |
|
Accounts Receivable |
21.4 |
-58.8 |
22.1 |
114.7 |
-43.0 |
|
Inventories |
-30.9 |
-24.1 |
14.1 |
-23.5 |
-29.3 |
|
Prepaid Expenses |
-28.2 |
-152.9 |
3.2 |
10.2 |
-7.3 |
|
Other Assets |
5.4 |
6.4 |
-27.1 |
40.7 |
-33.8 |
|
Accounts Payable |
-91.0 |
-4.3 |
0.7 |
-81.1 |
91.1 |
|
Accrued Expenses |
-160.4 |
160.2 |
-22.1 |
-42.5 |
33.0 |
|
Other Liabilities |
-77.3 |
-83.5 |
-88.6 |
44.5 |
222.8 |
|
Other Operating Cash Flow |
-9.3 |
-38.5 |
-7.8 |
-34.8 |
-108.1 |
|
Changes in Working Capital |
-370.3 |
-195.6 |
-105.6 |
28.2 |
125.5 |
|
Cash from Operating Activities |
300.7 |
891.0 |
830.8 |
339.7 |
1,015.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-404.7 |
-302.0 |
-478.5 |
-641.4 |
-349.9 |
|
Purchase/Acquisition of Intangibles |
-9.6 |
-3.3 |
-2.9 |
-4.1 |
-17.2 |
|
Capital Expenditures |
-414.2 |
-305.2 |
-481.4 |
-645.5 |
-367.1 |
|
Sale of Fixed Assets |
28.5 |
21.9 |
45.2 |
30.5 |
70.3 |
|
Sale/Maturity of Investment |
4.4 |
0.0 |
5.2 |
- |
2.5 |
|
Purchase of Investments |
-8.6 |
-6.3 |
0.0 |
-9.8 |
-2.2 |
|
Other Investing Cash Flow |
28.1 |
10.0 |
9.4 |
16.1 |
24.9 |
|
Other Investing Cash Flow Items, Total |
52.4 |
25.6 |
59.8 |
36.9 |
95.4 |
|
Cash from Investing Activities |
-361.8 |
-279.7 |
-421.5 |
-608.6 |
-271.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-191.2 |
134.7 |
-159.8 |
-170.2 |
-88.6 |
|
Financing Cash Flow Items |
-191.2 |
134.7 |
-159.8 |
-170.2 |
-88.6 |
|
Cash Dividends Paid - Common |
-90.1 |
-13.3 |
0.0 |
-114.3 |
-83.1 |
|
Total Cash Dividends Paid |
-90.1 |
-13.3 |
0.0 |
-114.3 |
-83.1 |
|
Sale/Issuance of
Common |
0.0 |
152.5 |
0.0 |
0.0 |
0.0 |
|
Common Stock, Net |
0.0 |
152.5 |
0.0 |
0.0 |
0.0 |
|
Sale/Issuance of Common/Preferred |
0.0 |
0.0 |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
0.0 |
152.6 |
0.0 |
0.0 |
0.0 |
|
Short Term Debt Issued |
- |
- |
- |
496.9 |
137.3 |
|
Short Term Debt
Reduction |
0.0 |
-35.2 |
-592.0 |
0.0 |
-375.0 |
|
Short Term Debt, Net |
0.0 |
-35.2 |
-592.0 |
496.9 |
-237.7 |
|
Long Term Debt Issued |
616.7 |
692.4 |
1,137.0 |
345.5 |
320.4 |
|
Long Term Debt
Reduction |
-966.5 |
-805.7 |
-591.6 |
-836.1 |
-269.1 |
|
Long Term Debt, Net |
-349.8 |
-113.3 |
545.4 |
-490.6 |
51.3 |
|
Issuance (Retirement) of Debt, Net |
-349.8 |
-148.5 |
-46.6 |
6.3 |
-186.4 |
|
Cash from Financing Activities |
-631.1 |
125.4 |
-206.4 |
-278.2 |
-358.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.9 |
0.2 |
-3.3 |
-1.8 |
7.0 |
|
Net Change in Cash |
-689.3 |
737.0 |
199.6 |
-548.9 |
392.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,236.0 |
450.7 |
216.9 |
772.0 |
361.1 |
|
Net Cash - Ending Balance |
546.7 |
1,187.7 |
416.5 |
223.1 |
753.6 |
|
Cash Interest Paid |
189.3 |
175.9 |
158.2 |
168.4 |
88.4 |
|
Cash Taxes Paid |
9.3 |
38.5 |
7.8 |
8.1 |
108.1 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Restated Normal |
Updated Special |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
34.251325 |
|
Auditor |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Passenger/Excess Bag |
5,072.9 |
4,566.2 |
3,917.1 |
4,924.5 |
1,279.8 |
|
Freight |
893.7 |
863.4 |
539.6 |
774.4 |
210.1 |
|
Mail |
27.8 |
26.4 |
24.0 |
27.4 |
7.9 |
|
Other Activities |
270.9 |
236.3 |
226.5 |
271.1 |
64.0 |
|
Total Revenue |
6,265.3 |
5,692.4 |
4,707.1 |
5,997.3 |
1,561.8 |
|
|
|
|
|
|
|
|
Employee benefits expenses |
1,017.2 |
1,088.3 |
- |
- |
- |
|
Fuel and Oil |
2,505.8 |
1,781.5 |
1,369.4 |
2,681.0 |
538.0 |
|
Personnal Expense |
- |
- |
762.9 |
915.1 |
272.1 |
|
Rumeneration |
- |
- |
1.8 |
2.8 |
0.5 |
|
Flight Operations |
670.1 |
600.9 |
515.3 |
597.5 |
313.0 |
|
Maintenance |
383.7 |
305.0 |
300.6 |
325.1 |
- |
|
Depreciation |
655.7 |
637.9 |
612.4 |
607.8 |
136.4 |
|
Lease |
178.1 |
136.5 |
44.6 |
109.4 |
47.4 |
|
Cost Inventories and Supplies |
296.6 |
285.1 |
247.5 |
264.5 |
69.6 |
|
Marketing |
193.1 |
192.4 |
181.2 |
207.8 |
20.6 |
|
Impairment loss of aircraft |
5.9 |
5.4 |
- |
- |
- |
|
Insurance Expenses |
24.0 |
21.3 |
22.1 |
22.5 |
6.6 |
|
Impairment loss of assets |
30.8 |
10.0 |
15.4 |
142.3 |
- |
|
Foreign Currency Adj |
79.7 |
-287.0 |
-92.3 |
134.0 |
5.1 |
|
Crew Expenses |
179.9 |
160.5 |
152.7 |
196.1 |
- |
|
Other expenses |
- |
- |
- |
- |
48.9 |
|
Provision for Loss from unfair trade Law |
- |
- |
- |
128.6 |
- |
|
Total Operating Expense |
6,220.7 |
4,937.8 |
4,133.7 |
6,334.5 |
1,458.2 |
|
|
|
|
|
|
|
|
Loss on debentures redemption |
0.0 |
0.0 |
- |
- |
- |
|
Interest Income |
23.3 |
5.8 |
5.2 |
14.8 |
7.0 |
|
Gain on Sale of Assets |
0.3 |
3.0 |
- |
- |
- |
|
Other Income |
86.1 |
107.3 |
61.0 |
59.8 |
16.9 |
|
Yield From Pension |
- |
- |
- |
- |
-0.7 |
|
Other Expenses |
-234.5 |
-190.9 |
-236.0 |
-278.3 |
-6.9 |
|
Share of loss/profit of inv't-equity |
6.0 |
8.1 |
-0.2 |
-2.0 |
-0.4 |
|
Interest Expenses |
-185.5 |
-162.8 |
-167.1 |
-164.4 |
-40.7 |
|
Rounding Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Net Income Before Taxes |
-259.7 |
525.1 |
236.1 |
-707.3 |
78.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
73.6 |
58.8 |
20.1 |
-68.5 |
24.5 |
|
Net Income After Taxes |
-333.4 |
466.3 |
216.0 |
-638.8 |
54.2 |
|
|
|
|
|
|
|
|
Non-controlling interests Total Compre |
-1.1 |
-1.5 |
-2.1 |
-1.9 |
-0.5 |
|
Net Income Before Extra. Items |
-334.5 |
464.7 |
213.9 |
-640.7 |
53.7 |
|
Net Income |
-334.5 |
464.7 |
213.9 |
-640.7 |
53.7 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-334.5 |
464.7 |
213.9 |
-640.7 |
53.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-334.5 |
464.7 |
213.9 |
-640.7 |
53.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
2,182.8 |
1,830.1 |
1,698.9 |
1,698.9 |
1,698.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.15 |
0.25 |
0.13 |
-0.38 |
0.03 |
|
Basic EPS Including ExtraOrdinary Item |
-0.15 |
0.25 |
0.13 |
-0.38 |
0.03 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
-334.5 |
464.7 |
213.9 |
-640.7 |
53.7 |
|
Diluted Weighted Average Shares |
2,182.8 |
1,830.1 |
1,698.9 |
1,698.9 |
1,698.9 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.15 |
0.25 |
0.13 |
-0.38 |
0.03 |
|
Diluted EPS Including ExtraOrd Items |
-0.15 |
0.25 |
0.13 |
-0.38 |
0.03 |
|
DPS-Common Stock |
0.04 |
0.01 |
0.00 |
0.07 |
0.05 |
|
Gross Dividends - Common Stock |
89.5 |
15.2 |
0.0 |
24.7 |
89.3 |
|
Normalized Income Before Taxes |
-223.3 |
537.5 |
251.6 |
-436.3 |
78.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
86.4 |
60.2 |
21.5 |
26.3 |
24.5 |
|
Normalized Income After Taxes |
-309.7 |
477.3 |
230.1 |
-462.7 |
54.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-310.8 |
475.8 |
228.0 |
-464.6 |
53.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.14 |
0.26 |
0.13 |
-0.27 |
0.03 |
|
Diluted Normalized EPS |
-0.14 |
0.26 |
0.13 |
-0.27 |
0.03 |
|
Interest Expense |
185.5 |
162.8 |
167.1 |
164.4 |
40.7 |
|
Amort of Intangibles |
9.2 |
- |
7.4 |
6.8 |
- |
|
Depreciation |
649.3 |
623.9 |
601.8 |
598.8 |
136.4 |
|
Rental Expense |
88.9 |
86.0 |
83.9 |
89.6 |
- |
|
Advertising Expense, Supplemental |
193.0 |
192.4 |
- |
- |
- |
|
Current Tax |
1.4 |
36.8 |
0.5 |
3.7 |
- |
|
Prior Year Domestic Tax |
-0.4 |
- |
- |
- |
- |
|
Current Tax - Total |
1.0 |
36.8 |
0.5 |
3.7 |
- |
|
Effect of Exchange Rate |
79.0 |
0.0 |
- |
- |
- |
|
Deferred Tax |
-6.3 |
22.0 |
19.7 |
-72.2 |
- |
|
Deferred Tax - Total |
72.7 |
22.0 |
19.7 |
-72.2 |
- |
|
Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Income Tax - Total |
73.6 |
58.8 |
20.1 |
-68.5 |
- |
|
Service Cost - Domestic |
16.0 |
14.8 |
- |
- |
- |
|
Interest Cost - Domestic |
12.6 |
12.6 |
- |
- |
- |
|
Actuarial Gains and Losses - Domestic |
29.6 |
0.0 |
- |
- |
- |
|
Domestic Pension Plan Expense |
58.2 |
27.3 |
- |
- |
- |
|
Provident Fund |
37.9 |
- |
32.2 |
34.6 |
- |
|
Total Pension Expense |
96.2 |
27.3 |
32.2 |
34.6 |
- |
|
Discount Rate - Domestic |
4.20% |
- |
- |
- |
- |
|
Compensation Rate - Domestic |
7.00% |
- |
- |
- |
- |
|
Compensation Rate - Foreign |
5.00% |
- |
- |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate |
31.55 |
30.145 |
33.34 |
34.78 |
33.685 |
|
Auditor |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash on Hand/ At Banks |
528.2 |
1,249.9 |
428.9 |
214.1 |
766.3 |
|
ST Investments |
13.3 |
18.2 |
10.5 |
15.2 |
5.4 |
|
Cash and Fixed Deposit for Pension Fund |
- |
- |
- |
- |
135.5 |
|
Accounts Rec.,gross |
579.8 |
618.6 |
509.6 |
496.2 |
598.5 |
|
Provision for Doubtful Accounts |
-52.1 |
-53.8 |
-50.4 |
-41.1 |
-41.0 |
|
Spare Parts |
184.7 |
208.5 |
165.8 |
150.0 |
133.2 |
|
Veh. Spare Parts |
9.0 |
8.6 |
8.3 |
7.9 |
7.3 |
|
Unused Parts |
83.2 |
43.2 |
43.5 |
56.8 |
55.6 |
|
Fuel and Oil |
18.0 |
16.1 |
6.0 |
7.2 |
31.1 |
|
Goods for Sale |
6.7 |
6.3 |
5.5 |
6.9 |
5.9 |
|
Cabin Supplies |
5.2 |
6.7 |
9.3 |
9.0 |
8.2 |
|
Supplies and other consumables |
0.6 |
0.7 |
0.6 |
0.7 |
0.6 |
|
Stationary |
2.7 |
3.1 |
3.2 |
3.2 |
3.1 |
|
Inv. in Transit |
1.7 |
1.6 |
2.0 |
21.5 |
3.9 |
|
Damaged Inv. |
0.4 |
0.8 |
1.1 |
0.7 |
0.5 |
|
Provision for Obsolete Inventories |
-64.2 |
-64.5 |
-59.5 |
-69.2 |
-68.2 |
|
Provision for Damaages from Flood |
-3.6 |
0.0 |
- |
- |
- |
|
Prepaid Expenses |
331.8 |
301.4 |
133.8 |
135.3 |
144.0 |
|
Tax Refund |
10.3 |
8.8 |
6.6 |
7.1 |
45.1 |
|
Other current assets |
215.4 |
223.1 |
193.6 |
189.3 |
101.5 |
|
Non-Current Asset Classified as HFS |
8.3 |
9.1 |
- |
- |
- |
|
Rounding Adjustment |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Total Current Assets |
1,879.4 |
2,606.6 |
1,418.4 |
1,211.1 |
1,936.5 |
|
|
|
|
|
|
|
|
Investment in Co |
51.7 |
46.5 |
37.2 |
38.4 |
43.6 |
|
Other Investment |
5.7 |
2.6 |
2.6 |
2.5 |
3.1 |
|
Prepaid Aircraft and Engines |
674.5 |
596.5 |
- |
- |
- |
|
Aircraft |
4,550.9 |
4,691.9 |
4,244.5 |
4,507.0 |
4,137.2 |
|
Aircraft Lease |
5,240.0 |
5,421.8 |
5,138.4 |
4,108.6 |
4,226.3 |
|
Spare Parts |
922.2 |
919.5 |
932.8 |
842.4 |
839.0 |
|
Work in Progress |
90.0 |
10.3 |
- |
- |
- |
|
Land/Building |
109.8 |
114.9 |
565.7 |
539.6 |
565.1 |
|
Building Lease |
342.1 |
357.7 |
- |
- |
- |
|
Building Imp. |
147.1 |
154.5 |
- |
- |
- |
|
Other Plant |
935.1 |
972.7 |
887.7 |
849.0 |
844.2 |
|
Depreciation |
-6,514.1 |
-6,255.4 |
-5,365.3 |
-4,765.8 |
-4,462.1 |
|
Impairment |
- |
-146.8 |
- |
-127.2 |
- |
|
Intangible |
58.8 |
49.9 |
39.2 |
34.8 |
31.9 |
|
Accumulated Amortization of Intangible |
-39.0 |
-31.5 |
-19.7 |
-11.6 |
-5.2 |
|
Assets held fr. Sale |
- |
- |
26.5 |
0.0 |
- |
|
Deferred Tax Assets |
171.5 |
251.1 |
171.9 |
184.2 |
118.0 |
|
Deferred Charges |
64.4 |
63.7 |
- |
- |
40.8 |
|
Other non-current assets |
9.0 |
11.4 |
69.2 |
49.2 |
2.1 |
|
Rounding Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Total Assets |
8,698.7 |
9,837.7 |
8,149.2 |
7,462.2 |
8,320.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
233.4 |
213.6 |
197.5 |
189.0 |
298.8 |
|
Debenture |
148.0 |
381.1 |
328.6 |
215.6 |
341.4 |
|
LT Loans-Related |
65.7 |
68.7 |
62.1 |
16.4 |
80.1 |
|
LT Loans-Others |
64.3 |
0.0 |
12.0 |
0.0 |
- |
|
Capital Lease |
320.2 |
318.3 |
339.3 |
291.9 |
270.5 |
|
Promissory Notes |
- |
- |
15.0 |
18.7 |
31.2 |
|
Promissory Notes-Others |
- |
- |
7.5 |
11.5 |
- |
|
Bank Overdrafts/ST. Loans |
- |
- |
0.0 |
486.8 |
- |
|
Loans |
- |
- |
- |
- |
147.3 |
|
ST. Loans-Related |
- |
- |
33.5 |
131.1 |
- |
|
Provision for Contingent Liabilities |
- |
- |
13.7 |
13.2 |
- |
|
Accrued Expenses |
442.4 |
626.9 |
408.8 |
453.1 |
515.5 |
|
Accrued Dividend |
1.6 |
2.4 |
2.1 |
2.0 |
92.6 |
|
Income Tax Payable |
0.5 |
0.5 |
1.0 |
1.0 |
26.1 |
|
Unearned Revenue |
784.8 |
856.0 |
748.4 |
870.1 |
964.3 |
|
Deferred Income |
0.0 |
16.9 |
59.4 |
0.0 |
- |
|
Deferred Revenue |
0.1 |
0.1 |
- |
- |
- |
|
Taxes Payable |
22.1 |
26.0 |
- |
- |
- |
|
Other Account Payable |
67.4 |
73.7 |
- |
- |
- |
|
Other Liabilities |
89.6 |
94.0 |
184.2 |
134.1 |
128.2 |
|
Rounding Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Total Current Liabilities |
2,240.1 |
2,678.2 |
2,413.1 |
2,834.5 |
2,896.0 |
|
|
|
|
|
|
|
|
Debentures |
733.0 |
592.0 |
879.9 |
1,020.7 |
1,068.7 |
|
Loans |
165.9 |
240.4 |
283.3 |
138.9 |
40.2 |
|
LT. Loans fr. Others |
1,498.3 |
1,436.4 |
677.9 |
0.0 |
- |
|
Lease |
1,514.8 |
1,815.6 |
2,040.4 |
1,878.5 |
2,095.1 |
|
Promissory Notes |
- |
- |
- |
- |
53.4 |
|
Promissory Notes-Related |
- |
- |
- |
14.4 |
- |
|
Promissory Notes-Others |
- |
- |
- |
7.2 |
- |
|
Total Long Term Debt |
3,912.1 |
4,084.4 |
3,881.5 |
3,059.7 |
3,257.5 |
|
|
|
|
|
|
|
|
Deferred tax liabilities |
1.8 |
0.0 |
- |
- |
- |
|
Employee benefits obligation |
337.0 |
309.4 |
- |
- |
- |
|
Staff pension fund |
144.6 |
145.0 |
141.2 |
137.4 |
147.6 |
|
Provision for LT. Contingent Liabilities |
48.4 |
84.8 |
116.4 |
111.4 |
- |
|
Others |
4.2 |
2.0 |
0.0 |
0.0 |
- |
|
Non-controlling Interests |
8.4 |
9.6 |
8.9 |
8.0 |
8.2 |
|
Total Liabilities |
6,696.5 |
7,313.5 |
6,561.1 |
6,151.0 |
6,309.2 |
|
|
|
|
|
|
|
|
Share Capital |
691.8 |
724.1 |
509.6 |
488.5 |
504.3 |
|
Share Premium |
809.8 |
847.5 |
469.0 |
449.6 |
464.2 |
|
Unrealised Gain |
- |
- |
- |
0.0 |
0.0 |
|
Legal Reserve |
78.3 |
81.9 |
51.0 |
48.9 |
50.5 |
|
Retained Earning-Unappropriated |
422.3 |
870.7 |
558.5 |
324.2 |
992.2 |
|
Total Equity |
2,002.2 |
2,524.3 |
1,588.1 |
1,311.2 |
2,011.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
8,698.7 |
9,837.7 |
8,149.2 |
7,462.2 |
8,320.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
2,182.8 |
2,182.8 |
1,698.9 |
1,698.9 |
1,698.9 |
|
Total Common Shares Outstanding |
2,182.8 |
2,182.8 |
1,698.9 |
1,698.9 |
1,698.9 |
|
Deferred Income |
0.0 |
16.9 |
59.4 |
0.0 |
- |
|
Deferred Revenue |
0.1 |
0.1 |
- |
- |
- |
|
Unearned Revenue |
817.9 |
821.4 |
748.4 |
870.1 |
964.3 |
|
Accumulated Amortiation of Intangible |
39.0 |
31.5 |
19.7 |
11.6 |
5.2 |
|
Full-Time Employees |
25,848 |
25,884 |
27,002 |
- |
27,285 |
|
Current maturities |
- |
- |
764.6 |
- |
723.1 |
|
Total Long Term Debt, Supplemental |
- |
- |
764.6 |
- |
723.1 |
|
Operating Lease Pymts. Due within 1Year |
131.4 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
1,180.8 |
- |
- |
- |
- |
|
Operating Lease Pymts. - Remaining |
3,786.5 |
- |
- |
- |
- |
|
Total Operating Leases |
5,098.7 |
- |
- |
- |
- |
|
Discount Rate - Domestic |
4.20% |
- |
- |
- |
- |
|
Compensation Rate - Domestic |
7.00% |
- |
- |
- |
- |
|
Compensation Rate - Foreign |
5.00% |
- |
- |
- |
- |
|
Employee Benefit Obligations |
-337.0 |
-309.4 |
- |
- |
- |
|
Pension Fund Contribution |
-144.6 |
-145.0 |
-141.2 |
-137.4 |
-147.6 |
|
Net Assets Recognized on Balance Sheet |
-481.5 |
-454.4 |
-141.2 |
-137.4 |
-147.6 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
34.251325 |
|
Auditor |
Office of the Auditor
General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
Office of the
Auditor General |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
-259.7 |
525.1 |
236.1 |
-707.3 |
185.1 |
|
Depreciation |
655.7 |
637.9 |
612.4 |
607.8 |
532.6 |
|
Dividend Income |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Joint Ventures |
-6.0 |
-8.1 |
0.2 |
2.0 |
-3.0 |
|
Interest Income |
-23.3 |
-5.8 |
-5.2 |
-14.8 |
-21.8 |
|
Interest Expense |
185.5 |
162.8 |
167.1 |
164.4 |
143.8 |
|
Sale of Assets |
-0.3 |
-3.0 |
-6.8 |
-11.2 |
-25.9 |
|
Loss on Disposal of Aircraft |
0.0 |
4.7 |
0.0 |
- |
- |
|
Gain on Sale of Marketable Securities |
- |
- |
- |
-0.1 |
-0.1 |
|
Amort. of Expenses |
-13.4 |
-8.2 |
-18.4 |
-10.1 |
0.0 |
|
Provision for Contingent Liabilities |
0.0 |
0.1 |
0.0 |
- |
- |
|
Employee benefits obligation |
42.8 |
27.3 |
- |
- |
- |
|
Foreign Currency Ex. |
46.9 |
-259.5 |
-74.8 |
134.5 |
39.7 |
|
Reserve for Obsolated Goods |
2.9 |
-0.2 |
2.8 |
3.2 |
1.1 |
|
Allow./Doubtful A/C |
1.8 |
-1.8 |
7.4 |
1.3 |
3.2 |
|
Impairment loss of aircrafts |
5.9 |
5.4 |
0.0 |
132.6 |
0.0 |
|
Impairment loss of assets |
30.8 |
10.0 |
15.4 |
9.7 |
34.9 |
|
Accounts Receivables |
15.1 |
-58.6 |
13.9 |
69.8 |
-10.4 |
|
Inventories |
-30.9 |
-24.1 |
14.1 |
-23.5 |
-29.3 |
|
Prepaid Expenses |
-28.2 |
-152.9 |
3.2 |
10.2 |
-7.3 |
|
Tax Refund |
6.3 |
-0.2 |
8.1 |
44.9 |
-32.6 |
|
Other Current Assets |
3.6 |
-10.4 |
3.6 |
42.3 |
-31.7 |
|
Deferred Income Tax |
1.3 |
0.0 |
0.0 |
-0.6 |
0.0 |
|
Assets for Sales |
0.1 |
16.0 |
-25.7 |
- |
- |
|
Other Asset |
1.7 |
0.8 |
-5.0 |
-1.6 |
-2.0 |
|
Acconts Payable |
-91.0 |
-4.3 |
0.7 |
-81.1 |
91.1 |
|
Accrued Expenses |
-160.4 |
160.2 |
-22.1 |
-42.5 |
33.0 |
|
Deferred Income |
-16.7 |
-46.1 |
57.7 |
- |
- |
|
Staff Pension |
6.2 |
-10.6 |
-2.0 |
-5.8 |
9.9 |
|
Unearned Revenue |
-30.4 |
14.9 |
-144.4 |
-65.8 |
212.9 |
|
Provision for LT. Contingent Liabilities |
-36.4 |
-41.8 |
0.2 |
116.1 |
0.0 |
|
Payment of income tax |
-9.3 |
-38.5 |
-7.8 |
-34.8 |
-108.1 |
|
Cash from Operating Activities |
300.7 |
891.0 |
830.8 |
339.7 |
1,015.3 |
|
|
|
|
|
|
|
|
Concessions for Acq. |
2.3 |
1.9 |
- |
- |
- |
|
Capital Expenditure |
-404.7 |
-302.0 |
-478.5 |
-641.4 |
-349.9 |
|
Purchase of Intangible |
-9.6 |
-3.3 |
-2.9 |
-4.1 |
-17.2 |
|
Received-Transfer of right of Aircraft |
19.2 |
10.1 |
37.8 |
9.5 |
14.5 |
|
Sales of Fixed Assets |
9.4 |
11.8 |
7.4 |
21.0 |
55.7 |
|
Interest Received |
21.8 |
5.0 |
6.9 |
14.1 |
20.5 |
|
Dividends Received |
3.9 |
3.1 |
2.6 |
2.0 |
4.3 |
|
Investment Decrease |
- |
0.0 |
- |
- |
2.5 |
|
Investment Increase |
-8.6 |
- |
0.0 |
0.0 |
- |
|
Received fr. Current Invest. Secs. |
4.4 |
- |
5.2 |
- |
- |
|
Received fr. Current Invest. Secs. |
- |
-6.3 |
- |
-9.8 |
-2.2 |
|
Cash from Investing Activities |
-361.8 |
-279.7 |
-421.5 |
-608.6 |
-271.7 |
|
|
|
|
|
|
|
|
Cash Rec. from Debenture |
328.0 |
0.0 |
139.5 |
209.8 |
219.0 |
|
Short Term Loan |
- |
- |
- |
496.9 |
137.3 |
|
Received LT Loans |
288.7 |
692.4 |
997.4 |
135.7 |
101.5 |
|
Cash Rec. Issued Ordinary Share |
0.0 |
152.5 |
0.0 |
0.0 |
0.0 |
|
Receipt from Issued Preferred Shares |
0.0 |
0.0 |
- |
- |
- |
|
Cash Rec. From Premium on Ordinary Share |
0.0 |
312.4 |
0.0 |
0.0 |
-0.2 |
|
Repayment ST Loan |
0.0 |
-35.2 |
-592.0 |
0.0 |
-375.0 |
|
Cash Payment. for Debenture |
-378.5 |
-345.3 |
-218.5 |
-344.6 |
0.0 |
|
Repayment to LT Loan |
-588.0 |
-436.7 |
-342.5 |
-460.0 |
-238.4 |
|
Promissory Notes |
0.0 |
-23.6 |
-30.6 |
-31.5 |
-30.7 |
|
Cash paid for loan interest |
-189.3 |
-175.9 |
-158.2 |
-168.4 |
-88.4 |
|
Dividend Paid |
-90.1 |
-13.3 |
0.0 |
-114.3 |
-83.1 |
|
Dividend Paid to Minority Interest |
-1.9 |
-1.8 |
-1.6 |
-1.8 |
- |
|
Cash from Financing Activities |
-631.1 |
125.4 |
-206.4 |
-278.2 |
-358.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.9 |
0.2 |
-3.3 |
-1.8 |
7.0 |
|
Net Change in Cash |
-689.3 |
737.0 |
199.6 |
-548.9 |
392.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,236.0 |
450.7 |
216.9 |
772.0 |
361.1 |
|
Net Cash - Ending Balance |
546.7 |
1,187.7 |
416.5 |
223.1 |
753.6 |
|
Cash Interest Paid |
189.3 |
175.9 |
158.2 |
168.4 |
88.4 |
|
Cash Taxes Paid |
9.3 |
38.5 |
7.8 |
8.1 |
108.1 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.74 |
|
UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.71.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.