1 (Aircrafts) Capacity (Seats)

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Disclaimers

The information contained herein is intended to represent the Company’s operating and financial position at a given point in

time and may also contain forward looking information which only reflects expectations based on the prevailing geo-political, economic and non-controllable factors. Such information has been obtained from sources believed to be most reliable and

the means in analyzing and preparation of such information for disclosure are based on approve practices and principles in the investment industry. The views are based on assumption subject to various risks and uncertainties and no assurance is made as to whether such future events will occur. No assurance is made as to the accuracy or completeness of information presented in this document.

Model

Boeing 737-800

ATR 72 - 500

15

2

186 - 189

66 - 72

Fleet/1 (Aircrafts) Capacity (Seats)

Flexible

Free 15 kg “Free of charge at least a weight of 15 kg. ”

“Seat Selection”

Free “Serve with Nok Kanom”

“Wi-Fi on Board target to launch in Q2/2014”

Remark: 1/ Fleet number as of 30 April 2014 2/ Routes is as of 30 April 2014

3

# Primary Routes 1 2 3 4 5 6 7 8 9

Bangkok – Hat Yai Bangkok – Chiang Mai Bangkok – Udon Thani Bangkok – Nakhon Si Thammarat Bangkok – Ubon Ratchathani Bangkok – Surat Thani Bangkok – Phuket Bangkok – Chiang rai Bangkok – Krabi

Current Weekly Flight Frequency* 56 49 42 35 42 35 28 42 14

Secondary Routes 10 11 12 13

Bangkok – Phitsanulok Bangkok – Trang Bangkok – Sakhon Nakhon Bangkok – Nakhon Phanom

21 14 7 7

Feeder Routes 14 15 16 17 18 19 20 21 22

Bangkok – Mae Sot Chiang Mai – Udon Thani Bangkok – Nan Bangkok – Roi Et Bangkok – Chumphon Bangkok – Loei Bangkok – Ranong Bangkok – Prae Bangkok – Burirum

14 7 14 7 7 7 7 7 7

International Routes Flight Schedule for Summer 2014

23 Bangkok - Yangon

14

4

Unit: %

Unit: %

Travel Agent 10%

Corporate and Group Other Sales 1% 5%

Direct Debit 8%

Cash 11%

Station 11% Web site and Electronics 63%

Call Center 10%

As of 31 March 2014

ATM Others 6% 1%

Credit card 57% 7- eleven 17%

5

• First flight 1 November 2013 • Started 2nd daily flight from Jan 2014, able to serve both Business and Leisure sectors

No. of Passenger and Cabin Factor for Don Meuang - Rangoon 25,000

79% 65%

20,000 15,000

51%

10,000

5,000

83%

50%

55%

42%

6,784

9,816

Dec-13

Jan-14

15,191

17,988

19,357

11,538

3,282

Nov-13

Feb-14

No. of Cabin Factor Cabin Factor Passenger

Mar-14

Apr-14

90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

• High awareness of NOK in Myanmar Market • Cabin Factor reached above 80%

May-14

NoCabin of Passenger Factor Cabin Factor

6

• Strong Passenger Growth since 2011

Unit: Million 7.00 6.00

5.00 4.00

• Passenger carried achieved 1.77 million pax. in Q1/2014 increase 23.4% YoY. • Expected to reach 7 million pax for year 2014, or over 20% growth

5.89 4.15

3.13

3.00 2.00

1.43

1.77

1.00 0.00

2011

Unit: % 95% 85% 75%

88% 1,014

2012

86%

993

2013

84% 1,038

Q1/2013

1,202

Q1/2014

Unit: Mil. Seat-Km. 1,306 1,400 80%

1,200 1,000

79%

65%

800

55%

600

45%

400

35%

200

25%

• Maintain cabin factor at 80% amid political turbulence • Q1/2014 ASK increased to 1,306 mil.seat-Km or increase 28.7% YoY. • Maintain high cabin factor at 80% in Q1/2014. • Average airfare (exc. VAT, airport tax) down to 1,630 THB/Pax/Sector or decrease 12.1% YoY.

0 1Q13

2Q13

3Q13

ASK (Mil. Seat-Km.)

4Q13

1Q14

Cabin Factor (%)

7

• Continuous Revenue Growth

Unit: THB Million 11,315

12,000 10,000

8,000 6,000

8,260 6,037

4,000

2,826

3,136

Q1/13

Q1/14

• Total revenue increase 11.0% YoY. in line with more production. • However, political unrested in Q1/14 and competition push pressure on average fair in Q1/14.

2,000 2011

2012

2013

Unit: THB Million

12,000

Feeder Routes

10,000

928 1,321

8,000 6,000 4,000 2,000

Secondary Routes Primary Routes

470 1,183 217 927 4,416

8,040 5,993

• Secondary and Feeder Routes as our Key Contributors for Future Expansion • Revenue contribution from secondary and feeders routes has been surging due to the trend of urbanization and switching mode of transportation.

267 347

185 331 1,999

2,188

Q1/13

Q1/14

2011

2012

2013

8

• Total cost increased in line with production

Unit: THB Million 12,000

• Total cost increase 28.9% YoY. • Increase flight frequency and fleet expansion led to raise in variable cost and fixed cost.

10,215

10,000 7,740

8,000 6,000

5,785

4,000

2,394

3,086

2,000 2011

2012

2013

Q1/13

Q1/14

Unit: THB Million

Net Profit (Mil. THB)

• Net Profit interrupted • Demand slowdown from political situation • Launched Promotion to keep competitiveness and boost up cabin factor from both full services and LCC Q2/2014 Outlook (Apr – 1st half of May)

Q1/2013

Q1/2014

416

41

• Passenger returned to travel due to long holiday e.g. Songkran Festival, May Day etc. No. of Pax (Mil.)

4M/2013

4M/2014

1.88

2.38

• Cabin factor bounced back above 80% level on average in April 9

• RASK dropped due to…

Unit: THB/Seat/Km.

3.00

2.50

2.63

• Political unrested and economic slowdown • More competition in the market.

2.77 2.39

2.00

1.54

1.50

2.37

2.35

2.37

1.51

1.50

1.00 0.50 0.00 2013 RASK

Unit: THB/Seat/Km. THB/Seat/Km. Unit: 2.50

2.00

2.35 2.35

Q1/2013 CASK CASK exc. Fuel

2.37

0.18

0.17

0.45

0.48

2.37 SG&A Fixed Cost

1.50 0.88

0.85

0.84

0.87

Q1/2013

Q1/2014

1.00 0.50

Q1/2014

Other Variable Cost Fuel Cost

• CASK Under Control, Be able to Maintain Efficiency • CASK was stable YoY. • However, CASK exc. Fuel down to 1.50 THB/Seat/Km. 0.9% YoY. as a result of cost efficiency. • Fuel cost per unit increase 3.6% YoY due to impact from THB/USD depreciation YoY. (THB/USD depreciate 9.5% YoY) • Fixed cost per unit increase 6.6% YoY due to higher lease rate for newer aircraft in fleet. • Other variable cost and SG&A down 3.7% YoY. due to economies of scale.

0.00

10

No. of Pax 2008 - 2014

700,000

“ Political Unrested May 2014”

600,000 500,000 400,000

300,000 200,000 100,000

Thailand has been through many turbulence but…… • Passenger have been growing in every crisis • Trend of urbanization and middle class income growth

“ Dissolve of the Parliament May “Oil Price 2011” “ Political Shock 2008” Unrested May 2010” “ Shut down Airport 2008” “ Mega Flood 2011” Apr-14

Oct-13

Jan-14

Jul-13

Apr-13

Oct-12

Jan-13

Jul-12

Apr-12

Jan-12

Jul-11

Oct-11

Apr-11

Jan-11

Jul-10

Oct-10

Apr-10

Oct-09

Jan-10

Jul-09

Apr-09

Oct-08

Jan-09

Jul-08

Apr-08

Jan-08

-

11

Induce advance booking demand

Nok Baby and “the Angel” “1st in the World Reality Show recruit Cabin Crew”

Enhance more convenient to tourist by “Fly ‘n’ Ride and “Fly ‘n’ Ferry” 12

Unit: THB Million

Unit: THB Million 7,000

6,272

6,426

2013

Q1/2014

4,543

4,584

6,000 5,000 4,000 3,000

2,000 1,000 -

2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 -

2013

Unit: THB Million 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 -

2013

Q1/2014

1,842

1,728

Q1/2014

Dividend per Share (THB/Share) 70% 60% 50% 40% 30% 20% 10% 0%

0.23

57%

2011

0.50

1.031/ 60%

50%

2012

2013

13

New JV with Scoot • NOK will hold not more than 51% • Initial Investment 2,000 million THB. • Independent Airlines focusing on mediumhaul flight • International Expansion to key profitable destinations e.g. Tokyo, Osaka, Hong Kong, Seoul and Beijing

Beijing Seoul

Tokyo

 Osaka

Hong Kong

Bangkok

1. Capturing medium-haul LCC market opportunities 2. Feeder for inbound passenger for NOK Airlines

3. Well-established medium-haul LCC brand in the region for immediate use 4. Utilize Scoot’s existing infrastructures at marketbased rates to minimize costs and speed up initial set-up 14

80

Beijing Population 20 Million GDP per capita 13,797 USD

South Korea

60 Japan

Tourist Spending (Mil. USD)

100

China

Population 49 Million Population 128 Million GDP per capita 23,113 USD GDP per capita 46,736 USD

Japan 40

Australia

Hong Kong

Bangkok Population 65 Million GDP per capital 6,572 USD

Population 7 Million GDP per capita 36,667 USD

Korea

20

India Hong Kong

Malaysia % of No. of tourist share in Thailand

Singapore

Thailand 0 Indonesia 0%

5%

50

20 10

10%

15%

20%

25%

A circle represents No. of outbound Tourist Unit: Million Travelers Source: World Travel Monitor 2013 , IPK International

15

Unit: Millions 2.5 2.0

2.29 1.84

1.96

Low Cost Carriers Capacity added account only for 15%

7% 1.5

8% 10%

1.0

9%

21%

0.5 0.0 2011

2012

2013 3/

41%

48%

21%

18%

Before Low Cost entering to Market

THAI

ANA

18%

JAL

Delta

Nok Scoot

Air Asia X

Remark: 1/ Source: Thai DCA 2/ Source: CAPA analysis. Capacity is calculated from total seat per week from BKK – NRT 3/ Japan Visa Exempt for Thais since July 2013 onwards for15 days stay

16

Full service Airlines

Unit: Baht 60,000

53,000

49,080

50,000

40,000

35,000 30,990

NokScoot 25,000 25,000

30,000 Nok Scoot

20,750

20,000

Low Cost Airlines

10,000

15,000

15,000

14,555

16,700 9,000 9,000

8,550

0

Service

ANA

Japan Airlines Thai Airways

Delta

Nok Scoot** Air Asia X*

*Indicative Price from BKK – KL – NRT **NokScoot estimated price range

17

NOKScoot JV Business Plan • Nok-Scoot focus on medium haul flight range. • Nok-Scoot’s flight operation will start in key profitable routes and expand both in number of destinations and frequency.

Fleet Plan (B777-200) 7 6 5

4 2

FY14/15

FY15/16

FY16/17

FY17/18

FY18/19

18