1

Note: As of 31 December 2018Started operation on January 2019

3

30%

31%

North America

35%

36%

Europe

48%

51%

South Asia

45%

48%

SE Asia

LCC penetration

49%

52%

Thailand

2017 2018

CHINA

Grew by 7% YoY and 28% contribution

ASEAN

Grew by 10% YoY and 26% contribution

EUROPE

Grew by 4% YoY and 18% contribution

SOUTH ASIA

OVERALL

Recorded at 38.3 million visitors in 2018

Expected over 41.1 million visitors in 2019

E.Asia 67%

EU 18%

S.Asia 5%

US 4%

Others6%

million

FY2018 38.3 million tourists to Thailand or 8% YoY

Grew by 12% YoY and 5% contribution

Expected over 41.4 million visitors in 2019 or 7% YoY

4

(-2 ppt YoY)

13.4 mil(+8%)

8.2 mil (+11%)

► Passengers grew by 9%, despite 11% growth in capacity.

► ASK rose by 12% due to launching 21 new routes and

adding frequencies in favourable routes.

► Average fare was at Baht 1,477 per pax, down by 2%

due to slowing Chinese visitors.

► Ancillary revenues were Baht 7,134.1 million up 13% or

Baht 331 per pax up 4% YoY, while dynamic pricing and

value pack enhanced seat selection and inflight revenues.

► CASK was 1.58 Baht up 4% YoY as a 32% increase in oil price

(85/bbl. VS $64/bbl.), while CASK ex-fuel was 1.00 Baht

down by 5% due to cost containment.

► Core Revenues were 38,904.8 MB with 19.2% EBITDAR Margin.

► TAA & AAV reported Net profit at Baht 127.5 million and

Baht 70.0 million, respectively.

► Net gearing at 2.16x with a cash balance at Baht 4.0 Billion

• 4Q18 traffic up 9%, led to a rise in fees of 11% YoY

• FY18 traffic up 8%, led to a rise in fees of 15% YoY

• Fly-Thru pax was at 5% of total pax

• 4Q18 up by 32% YoY, FY18 up by 33% YoY

• Emphasise on Value Pack and Premium Flex with travel

protection to increase sales volume

• 4Q18 grew by 18% YoY, FY18 grew by 30% YoY

• Continue promoting pre-book In-flight combo set

• Enhance house-brand on F&B

• 4Q18 down by 3% due to slowdown of foreign

tourists (50% of ancillary revenues)

• FY18 increased by 9% (52% of ancillary revenues)

• Fee structure adjustment; Processing fee

4Q18 grew by 45% YoY, FY18 grew by 23% YoY

FY2018 achieved 7,134 mb (+13%YoY) or Bt 331 per pax (+4% YoY)

5

8%

8%

4%

52%

6

Whereas, CASK Ex-Fuel in FY2018 edged down by

5% to Baht 1.00 per ASK due to the cost containment.

Sensitivity: +/- 1 Baht against USD equal +/- 5 USD

per barrel Jet

Fuel costs is the major cost, rocketed

by 32% in relation to the significant rise

in global oil price ($85/bbl. VS

$64/bbl.).

37%37% Fuel Costs

15% Staff Costs

13% Aircraft and Aircraft

Engine Rental

8% Repair and Maintenance

11% Ramp and Airport

Operation

6% Selling and

Administrative Expenses

10% Other costs

Hedge Position

Note: Information as of March 8, 2019* Excluding D Factor and Excise Tax

MARKET

SHARE1 BY

PAX

FLOWN

As of 31 December 2018

9

4Q18 DMK-Danang (2nd)(Oct) CNX - Hanoi (Oct)

CNX - Nanchang (Oct)

DMK - Bhubaneswar (Nov)

DMK - Visakhapatnam (Nov)

KBV - Macao (Dec)

KBV - Hong Kong (Dec)

DMK - Gaya (Dec,W)

DMK - Colombo (Dec)

CNX - Beijing (Dec)

KBV - Chongqing (Dec)

UTP - Khon Kaen (Dec)

1Q19 CEI – Macao

CEI – Kuala Lumpur

CEI – Singapore

CEI – Phuket

2Q19 CNX – Danang

DMK – Nha Trang

DMK – Can Tho

10

•

•

11

ASEAN

DOMESTIC, 45%

CHINA, 20%

CLMV, 15%

ASEAN ex CLMV, 10%

INDIA, 10%

Revenue by Routes in 5-Year

CLMV

12%YoY

REVENUES 16%YoY

1

12

1 As of 31 December 2018

13

ColomboMale

Kochi

Jaipur

CHENNAIBENGALURU

KOLKATA

Visakhapatnam

Bhubaneswar

Gaya

BOLD : Tier 1

14

15

Impact -> Processing fee (2% of Revenues) to be recorded on the flown date

Impact -> Recorded 111 MB in 1Q19

Impact -> Comprehensive income statement

Impact -> Modified retrospective method

-> Increased EBITDA and Debt to Equity Ratio

INC

OM

E

STA

TE

ME

NT

Operating Exp. - Rental Expense -

EBITDA - -

Deprecation Exp. Depreciation Exp - Depreciation Exp

Finance Cost Interest of Finance Lease - Interest of Lease Agreement

EBT - -

B/S

Asset Right of Use Asset - Right of Use Asset

Liability Lease Liability - Lease Liability