Airports

p of Thailand Plc.
Corporate Presentation for Q1
Q1 of Fiscal Year 2010
(October 2009 – December 2009
2009))

Investor Relations Center, E-mail: aotir@airportthai.co.th, Tel: (662) 535-5900, Fax (662) 535-5909
Disclaimer

This presentation is intended to assist investors to better understanding the company’s

company s
business and financial status.
This presentation may contain forward looking statements relate to analysis and other
information which are based on forecast of future results and estimates of amounts not
yet determinable.
These statements reflect our current views with respect to future events which relate to
our future prospects
prospects, developments and business strategies and are not guarantee of
future performance.
Such forward looking statements involve know and unknown risks and uncertainties.
The Actual result may differ materially from information contained in these statements.

2
Airports in Thailand
Total of 38 airports CHIANG RAI
INTERNATIONAL CHIANG MAI
AIRPORT INTERNATIONAL
4 Airports of Thailand Public Company Limited * AIRPORT

ƒ 2 in Bangkok and perimeter Pai

o Suvarnabhumi Airport (BKK) Mae Hong Son

Nan
Lampang
o Don Muang International Airport (DMK) Phrae
Udon Thani

ƒ 4 international airports at regional sites Tak

Sukhothai Nakhon Phanom
Loei

o Chiang Mai International Airport (CNX) Mae Sot

Phitsanulok
Sakon Nakhorn
Khon Kaen
Phetchabun
o Hat Yai International Airport (HDY) Roi Et

o Phuket International Airport (HKT) Surin

DON MUANG Buri Ram Ubon Ratchathani
o Chiang Rai International Airport (CEI) INTERNATIONAL Nakhon Ratchasima
AIRPORT SUVARNABHUMI AIRPORT

AOT Airports
4 Department of Civil Aviation (DCA) U-Tapao
Hua Hin
o 28 regional airports DCA Airports
Trad

Bangkok Airways Airports

Ch
Chumpon

4 Royal Thai Navy Ranong Royal Thai Navy Airport

o U-Tapao Airport Surattani
Samui
HAT YAI
4 Bangkok
g Airways
y Company
y Nakhon Si Thammarat
INTERNATIONAL
AIRPORT
o Sukhothai Airport PHUKET
Krabi

o Samui Airport INTERNATIONAL Trang Pattani

AIRPORT Narathiwat
o Trad Airport

* Note: AOT’s traffics account for more than 90% of Thailand’s air traffics.

3
Business Overview
Fact Sheet Shareholders Information
Airports of Thailand PLC 1. Ministry of Finance 70.00%
ƒ Listed on 11 March 2004 2 Nortrust Nominees LTD
2. 4 97%
4.97%
ƒ Shares outstanding 1,428.57 million
3. State Street Bank and Trust Company for 2.92%
ƒ Shareholders Australia
•Ministry Of Finance 70%
4. Chase Nominees Limited 1 2.72%
•Free Float 30%
ƒ Average Daily Market Cap (Oct 09 - Dec 09) 5. Nortrust Nominees Limited – Melbourne 2.01%
•BHT 56,605.88 M Branch Future
6. Thai NVDR Company Limited 1.76%
Fiscal EPS Dividend Dividend Dividend 7 Somers
7. S (U K ) Li
(U.K.) Limited
it d 0 81%
0.81%
Year (Baht)1 per share payout Yield 8. Social Security Office 0.64%
(Baht) ratio
(The Company)

As of December 23, 2009

2
2006 7.26 2.75 37.88 % 4.74% Di id d P
Dividend Policy
li
2007 0.84 0.40 47.61% 0.64% Not less than 25% of net profit of the company for
each yyear after deduction of all specified
p reserves,,
2008 5 15
5.15 2 58
2.58 50 09%
50.09% 8 32%
8.32%
subject to our investment plans and other
2009 0.59 0.42 71.19% 0.99% considerations that our Board of Directors deems
appropriate
Note: 1. EPS usingg for calculating
g the dividend is from the company
p y financial statements.
2. In FY2006 AOT paid dividend twice:
- On 12 Oct 2006 (Baht 0.95 per share)
- On 23 Feb 2007(Baht 1.80 per share)

4
Aircraft Movement Statistics
AOT Traffics LCCs Traffics
(Unit: Thousand)
Major LCCs Airline (Unit: Thousand)
390.3 394.1
• Domestic (3 airlines)
346.6
Thai Air Asia
175.1 173.4
Nok Air 105.3 104.6
149.9
One-Two-Go/Orient
86.5
Thai Airlines
• International 79.0 76.0
(12 airlines) 57.2
215.2 220.7
196.7
97.2
81.3 Air Asia
43.2
33.4
26.3
47.9 54.0 Th i Ai
Thai Air A
Asia
i 17.7
28.6 29.3 17.4
26.3 11.2
Tiger Airways 8.9
2007 2008 2009 Q1_09 Q1_10 6.5
International Domestic Jetstar Asia 2007 2008 2009 Q1_09 Q1_10
Q1 FY09
Q1_FY09 Q1 FY10
Q1_FY10 Y Y%
YoY% Jetstar Airways International Domestic

BKK 54,889 66,894 21.87% Cebu Pacific Air Q1_FY09 Q1_FY10 YoY%
DMK 8,841 7,911 (10.52%) Air India Express BKK 9,711 12,802 31.83%

BKK + DMK 63 730

63,730 74 805
74,805 17 38%
17.38% Indonesia Air Asia DMK 2,303
, 4,580
, 98.87%

BKK + DMK 12,014 17,382 44.68%

HKT 8,961 10,836 20.92% Air Berlin
CNX 5,736 7,116 24.06% HKT 2,464 3,882 57.55%
Condor Flugdienst
HDY 1,751 2,798 59.79% CNX 1,817 2,609 43.59%
Jeju
j Air
CEI 1,109 1,669 50.50% HDY 1,064 1,686 8 6%
58.46%
Jin Air
CEI 386 704 82.38%
Note: 1. Fiscal Year starting from October to September
2. The percentage growth as shown is calculated from the full number of the air traffic statistics
5
Passenger Movement Statistics
AOT Traffics LCCs Traffics
(Unit: Million) (Unit: Million)

58.3
56 0
56.0 12.0 12 4
12.4
50.1
21.5 10.1
20.8
19.5
90
9.0
9.1
6.7

35.2 36.8 15.3 3.5

30.6
11.5
5 59
5.9 22
2.2
4.3 2.2
2.9 3.4 3.4 1.4
7.2 9.4
0.8 1.3

2007 2008 2009 Q1_09 Q1_10 2007 2008 2009 Q1_09 Q1_10

International Domestic International Domestic

Q1_FY09 Q1_FY10 YoY% Q1_FY09 Q1_FY10 YoY%

BKK 8,032,806 11,481,827 42.94% BKK 1,158,042 1,702,477 47.01%

DMK 912,040 595,300 (34.73%) DMK 259,884 586,566 125.70%

BKK + DMK 8,944,846 12,077,127 35.02% BKK + DMK 1,417,926 2,289,043 61.44%

HKT 1,348,719 1,687,052 25.09% HKT 311,915 527,208 69.02%

CNX 726,963 936,262 28.79% CNX 224,534 341,149 51.94%

HDY 2 26 1
272,641 3 93 2
379,342 39 1 %
39.14% HDY 146 566
146,566 216 814
216,814 47 93%
47.93%

CEI 143,109 212,862 48.74% CEI 46,452 92,248 98.59%

Note: 1. Fiscal Year starting from October to September

2. The percentage growth as shown is calculated from the full number of the air traffic statistics 6
Monthly Air Traffic Movements: FY 2007 - 2010
(Unit: Thousand)
40

36
FY 2007
32
FY 2008
Aircraft Movements 28 FY 2009
FY 2010
24

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(Unit: Million)
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FY 2007
5
Passenger Movements FY 2008
FY 2009
4 FY 2010

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7
Airport Revenues (The consolidated financial statements)
Landing & Parking Charges 20% increased on Jan 1st, 2005

15% increased on Apr 1st, 2007

Aeronautical Passenger Service Charges (PSC) Effective on Feb 1st, 2007

55.57% THB 500 to THB 700 - International PSC

(End of Q1/FY 2010) THB 50 to THB 100 - Domestic PSC

Aircraft Service Charges Fees paid by airlines for use of boarding

bridges, varies by maximum take off weight
of the aircraft and length of time at a gate

Offi & State

Office St t Property
P t Rental
R t l Rental
R t l ttenants
t include
i l d airline,
i li governmentt agencies
i
and concession tenants. Rents are determined based
on the tenants’ business use at each of our airports.
Non-Aeronautical
Service Varies by activities such as Utilities, Check-in Counter
Services Airline Announcement Services,
Services, Services Hydrant 44 43%
44.43%
System Services, etc.
Concession Varies by activities such as Duty Free, Souvenirs, (End of Q1/FY 2010)
Food & Beverage, Airline Catering, Fueling Services,
Car Parking, Advertising, Banking, etc.

8
Revenue Breakdown (The consolidated financial statements)
Total Revenue By proportion
(Unit: Million) Q1_FY09 Q1_FY10

16.23% 11 84%
11.84%
26,740.1 21,502.3
23.74% 24.31%
19,501.41

13.41%
36.17%
13.24% 42 05%
42.05%

5,399.95 6,221.63 8.66%

6.87% 1.68%
1.79%

By Growth
(Unit: Million)

2007 2008 2009 Q1_09 Q1_10 FY2007 FY2008 FY2009 Q1_09 Q1_10 YoY(%)

LPC 3,937.40 4,216.35 3,114.98 876.68 736.82 (15.95%)

Landing & Parking charges (LPC)
PSC 8,781.48 10,417.01 8,676.54 1,953.13 2,615.97 33.94%
Passenger service charges (PSC)
A/C Service charges (ASC) ASC 427.10 431.75 411.06 96.47 104.78 8.61%
Office and state property rents (OPR) OPR 1,524.61 1,861.76 1,698.23 467.38 427.57 (8.52%)
Service revenues (SVR) SVR 2 818 54
2,818.54 3 389 29
3,389.29 2 901 28
2,901.28 724 31
724.31 823 88
823.88 13 75%
13.75%
Concession revenue (CCR)
CCR 2,012.28 6,423.98 4,700.31 1,281.98 1,512.61 17.99%

Note: Fiscal Year starting from October to September 9

Airport Expenses (The consolidated financial statements)

Personnel Expenses Consisting of employee salaries and bonuses, employee

benefits, retirement payments and contributions to employee
provident fund
Operating Expenses Consisting of electricity charges, costs related to outsourced
workers,
k propertyt taxes,
t consultant
lt t fees,
f telephone,
t l h advertising
d ti i
and public relations costs, water, insurance premium costs and
etc.
Repair and Maintenance Consisting
g of repair
p and maintenance of runways y and taxiways,
y ,
elevators, escalators and cover walkways, air conditioning
systems, conveyor belts, transportation equipment and
construction and electrical appliances
State Properties Rental Consisting of rental payments made to the Ministry of Finance
under the airport land leases

Depreciation and Amortization Consisting of depreciation charges in respect of the property,

plant and equipment as well as amortization in respect of the
intangible assets. Calculating on a straight-line basis over the
assets’ useful lives (between 5 and 50 years)

10
 Expense Breakdown (The consolidated financial statements)
Total Cost By proportion
(Unit: Million)
Q1_FY09 Q1_ FY10
0.23% 0 26%
0.26%
14.83% 13 62%
13.62%
18,740.4 18,543.2
18,004.6
41.52%
46.30%

28.75% 31.25%

5.66%
4.44%
4,825.13
4,310.73 5.45% 7.70%

By Growth
(U it Milli
(Unit: Million))

FY2007 FY2008 FY2009 Q1_09 Q1_10 YoY(%)

2007 2008 2009 Q1_09 Q1_10 Management - - - 10.00 12.46 24.60%
Personnel ,
2,927.84 3,909.00
, 3,266.59
, 639.40 657.07 2.76%
Management benefit expenses *
Personnel expenses Operating 5,730.13 5,100.31 5,216.67 1,239.39 1,507.64 21.64%
Operating expenses R&M 732.38 683.96 1,214.69 191.37 371.32 94.03%
Repairs and maintenance (R&M) SPR 846.32 955.73 939.51 234.86 273.15 16.30%
St t property
State t rental
t l (SPR)
D&M 7,759.50 7,866.89 7,905.80 1,995.71 2,003.49 0.39%
Depreciation and amortization (D&M)

Note: * The Management benefit expenses are the remuneration of AOT’s board of directors and executives as stated in the notice of
Capital Market Supervisory Board 11
Income Statements (The consolidated financial statements)

(Unit: Million Baht)

FY08 FY09 YoY% 1Q09 1Q10 YoY%

Revenues 26 740 14
26,740.14 21 502 39
21,502.39 (19 59%)
(19.59%) 5 399 95
5,399.95 6 221 63
6,221.63 15 22%
15.22%
Expenses 18,740.40 18,543.25 (1.05%) 4,310.73 4,825.12 11.93%
Depreciation 7,866.89 7,905.80 0.49% 1,995.71 2,003.49 0.39%
Operating Income 7,999.74 2,959.14 (63.01%) 1,089.22 1,396.51 28.21%
EBITDA 15,866.63 10,864.94 (31.52%) 3,084.93 3,400.00 10.21%
Net Profit (Loss) 7,321.05 717.26 (90.20%) (1,679.30) 798.05 147.52%

12
Financial Status (The consolidated financial statements)
BALANCE SHEET CASH FLOW STATEMENT
(Unit: Million Baht)
(Unit: Million Baht)
Beginning Cash Flow 3,347.00
30 Sep 2009 31 Dec 2009
Cash Flow from Operation 6,893.54
Cash 3,347.00 2,224.60
Cash Used in Investment 7,384.92
Other Current Asset 21,735.87 20,494.03
Cash Used in Financing 631.01
Non Current Asset 123,937.01 123,424.58
Ending Cash Flow 2,224.60
Total Assets 149 019 88
149,019.88 146 143 21
146,143.21
LONG-TERM LOANS
Current Liabilities 13,313.85 12,046.35
Total Loan (Million Yen) 199,210.76
Long Term Loan 61 914 38
61,914.38 59 496 47
59,496.47

Other Non Current Disbursed Amount 97.21%

531.87 544.96
Liabilities
Repayment Amount
Total Liabilities 75,760.10 72,087.78 21 611 15
21,611.15
(Million Yen)
Shareholder’s Equity 73,259.78 74,055.43 Hedged Percentage of the
76.96%
remaining
g loan
Total Liabilities &
149,019.88 146,143.21
Shareholder’s Equity Average Interest Rate 5.02%

13
Financial Ratios (The consolidated financial statements)

30 Sep 2007 30 Sep 2008 30 Sep 2009 31 Dec 2009

Par Value (THB) 10 00

10.00 10 00
10.00 10 00
10.00 10 00
10.00

Market Price (THB) 62.00 31.00 42.25 39.00

BV/share 48.78 53.42 51.28 51.83

P/BV 1.27 0.58 0.82 0.75

EPS 0.77 5.12 0.50 0.56

P/E 80.51 6.05 84.50 66.10

Gearing 0.78 0.79 0.91 0.86

Net Gearing 0 63
0.63 0 74
0.74 0 87
0.87 0 84
0.84

ROE (%) 1.57 9.59 0.98 1.08

ROA (%) 0.76 5.00 0.48 0.55

Note: Gearing = Total Debt / Total Equity

Net Gearing = Net Debt / Total Equity
Total Debt = Total Interest Baring Debt

14
Noise Compensation (Suvarnabhumi Airport Phase I)

Proceeded
Planned (Unit: Million Baht)

(The cabinet resolution

on May 29, 2007) Houses Amount

NEF > 40 390 92

390.92

Total Impacted Purchased 65 311.66

Houses
(9 464)
(9,464) Insulated 312 79.26

NEF 30-40 332.33

NEF > 40 NEF 30-40 Insulated 338 84.70
(498) (8,966)
Sensitive
15 247.63
Area
Total 723 25
723.25
Purchase Insulation Insulation
(152) (346) (8,966) KMITL* 214.00

Note: KMITL is King Mongkut’s Institute of Technology Ladkrabang

11
Future Airport Developments
Investment Cost Expected Additional Capacity
Suvarnabhumi (billion baht) Timeframe
1 D
1. Domestic
ti Passenger
P 9 13
9.13 2010 - 2013 - 20 MAP
Terminal
- 15 contacted gates
2 S
2. Suvarnabhumi 73.74
3 4 2010 - 2016 - 15
1 MAP
Airport Expansion
Phase II - 28 contacted gates

- 19 flights/hr.

Investment Cost Expected Additional Capacity

y
Phuket (billion baht) Timeframe
1. New International 5.79 2009 - 2013 - 6 MAP
Passenger Terminal
2. Renovation of the - 4 contacted gates
Existing Terminal
3. Apron
4 Other related facilities
4.

16
Commercial Projects

Suvarnabhumi Airport Phuket International Airport

• Community Mall • Private Jet Terminal
• Central Warehouse
• Hotel
• Hospital Don Muang International Airport
• Golf Course • Private Jet Terminal
• Office Building
g • Aircraft Maintenance Center
• Exhibition Center • Aircraft Simulation Center
• Export Exhibition Center • Spare Parts Warehouse
• Landing Gear Maintenance
• International Free Trade Zone
Chiang Mai International Airport
• Private Jet Terminal

17
Appendix A: Airport Capacity vs. Utilization

Aircraft Passengers Cargoes

(Flights/Hour) (Million/Year) (Million Metric Tons/Year)

Actual Utilization Actual Utilization Actual Utilization

Airport
Capacity Capacity Capacity
2008 2009 2008 2009 2008 2009

BKK 76 54 57 45 38.60 40.50 3.00 1.20 1.05

DMK 60 23 21 36 5
36.5 5 04
5.04 2 47
2.47 0 91
0.91 0 032
0.032 0 010
0.010

HKT 20 16 18 6.5 5.73 5.78 0.036 0.019 0.018

CNX 24 12 12 8 3 06
3.06 3 08
3.08 0 035
0.035 0 021
0.021 0 018
0.018

HDY 20 6 8 1.9 1.28 1.39 0.013 0.010 0.012

CEI 12 5 5 1.7 0.68 0.72 0.005 0.002 0.002

18
Appendix B: AOT vs. Regional Airports Capacity
Area Capacity
Cargo Runways
Aircraft
Ai
Airports
t Total Terminal Passenger
Area Area (Million (Metres)
(Flights/
(Acres) (Sq.m.) (Million/Year) Metric
Hour)
Tons/Year)
60 x 3,700
BKK 8,000 563,000 76 45 3.00 2
60 x 4,000
60 x 3,700
DMK 1,552 391,316 60 36.5 0.91 2
45 x 3,500
HKT 47 23,369 20 6.5 0.036 1 45 x 3,000

CNX 86 16,742 24 8 0.035 1 45 x 3,100

HDY 28 14,656 20 1.9 0.013 1 45 x 3,050

CEI 15 16,650 12 1.7 0.005 1 45 x 3,000

Chek Lap 3,101 710,000 54 45 3 .00 2 60 x 3,800
Kok
Changi 3,212 1,043,020 n/a 64 2.00 2 60 x 4,000

Incheon 13,880 496,000 n/a 44 2.00 2 60 x 3,750

19
Appendix C: Market Share (By Aircraft) – FY2009
Type of Flight Top 10 Airlines Low Cost Carriers

IInternational
i l 51.80%
1 80% Thaii Airways
Th Ai 29 29%
29.29% Th i AirAsia
Thai Ai A i 59.49%
9 49%
Scheduled Flight International
Nok Air 16.36%
International Non- 0.74% Thai AirAsia 14.89%
AirAsia 7.50%
Scheduled Flight
g
Bangkok Airways 10 76%
10.76%
Orient Thai Airlines 5.24%
Charter 1.34% AirAsia 1.84%
Tiger Airways 3.88%
Domestic 37.35% Cathay Pacific 1.58%
Scheduled Flight
g One Two Go Airlines 2.54%
Airways
Domestic Non- 5.84% JetStar Asia 1.44%
China Airlines 1.52%
Scheduled Flight CEBU Pacific Air 1.06%
Singapore Airlines 1.07%
Others 2.93% Indonesia AirAsia 0.82%
EVA Air 1.02% JetStar Airways 0.70%
Emirates 1.01% Firefly 0.62%
JAL Ways
y 0.86% Air India Express 0 35%
0.35%

20
Appendix D: Market Share (By Passenger) – FY2009
Type of Flight Top 10 Airlines Low Cost Carriers

International 51 80%
51.80% Thai Airways 35 18%
35.18% Thai Air Asia 60 33%
60.33%
Scheduled Flight International
Nok Air 15.60%
International Non- 0.74% Thai AirAsia 10.10%
AirAsia 7.18%
Scheduled Flight
Bangkok Airways 2 71%
2.71%
Orient Thai 4.66%
Charter 1.34%
Cathay Pacific 2.07% Airlines
Domestic Scheduled 37.35% Airways
Tiger Airways 4.49%
Flight
China Airlines 1.60%
One Two
O T Go
G 2 26%
2.26%
Domestic Non- 5.84%
Emirates 1.53% Airlines
Scheduled Flight
Singapore Airlines 1.33% JetStar Asia 1.65%
Others 2.93%
JAL Ways 1 00%
1.00% JetStar Airways 1 44%
1.44%
EVA Air 0.99% CEBU Pacific Air 1.03%
Korean Air 0.92% Indonesia AirAsia 0.85%
Ai India
Air I di Express
E 0 32%
0.32%
Firefly 0.18%

21