Financial Highlights
Revenues from sales and services
(Million Baht)
IBD Debt/Equity & Net debt/Equity ratio (Net Gearing)
(%)
Net Profit / Net Profit Margin
(Million Baht / %)
Return on total assets and return on equity
(%)
| Unit: million Baht | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 1H2023 |
|---|
INCOME STATEMENT
| Revenues from sales and services | 16,103.0 | 23,485.0 | 25,355.5 | 29,507.3 | 32,427.6 | 36,002.8 | 38,904.8 | 40,180.7 | 13,633.9 | 3,828.5 | 17,553.3 | 19,122.1 |
| Cost of sales and services | (14,018.2) | (19,928.4) | (23,707.7) | (25,315.1) | (26,687.8) | (31,028.7) | (36,424.0) | (38,358.5) | (20,484.2) | (11,223.3) | (23,533.5) | (16,939.8) |
| Gross profit | 2,084.7 | 3,556.7 | 1,647.9 | 4,192.2 | 5,739.8 | 4,974.1 | 2,480.9 | 1,822.1 | (6,850.3) | (7,394.8) | (5,980.2) | 2,182.3 |
| Other income (incl. net gain on exchange rates) |
15,129.7 | 928.8 | 919.8 | 956.3 | 702.7 | 1,279.5 | 1,295.4 | 1,350.3 | 2,603.5 | 679.8 | 737.5 | 519.4 |
| Selling and administrative expenses | (884.7) | (1,755.7) | (1,924.9) | (2,377.4) | (2,636.1) | (2,949.7) | (3,116.1) | (3,294.6) | (1,665.4) | (1,235.6) | (1,711.0) | (1,331.8) |
| Other expenses (incl. loss on exchange rates) | - | - | - | (204.8) | (79.5) | - | - | - | (1,638.6) | (3,900.0) | (1,521.9) | (1,145.0) |
| Profit (Loss) from operating activities | 16,329.7 | 2,729.8 | 642.8 | 2,566.4 | 3,727.0 | 3,303.9 | 660.1 | (122.2) | (7,550.7) | (11,850.6) | (8,475.6) | 224.9 |
| Finance income | - | - | - | - | - | - | - | 22.2 | 23.6 | 50.4 | 29.2 | 16.2 |
| Finance costs | (17.4) | (171.0) | (312.8) | (457.1) | (520.9) | (653.2) | (743.7) | (765.5) | (1,799.8) | (1,898.8) | (2,219.5) | (1,042.8) |
| Income tax revenue (expense) | (435.5) | (651.2) | 1.3 | (151.1) | 191.5 | 34.1 | 210.9 | (0.6) | 660.0 | 1,741.1 | 2,451.6 | 148.6 |
| Profit for the period | 15,876.8 | 1,907.7 | 331.3 | 1,958.3 | 3,397.6 | 2,684.8 | 127.4 | (866.2) | (8,666.9) | (11,957.9) | (8,214.4) | (653.1) |
| Profit attributable to equity holders of the Company | 15,512.9 | 1,042.8 | 183.2 | 1,078.5 | 1,869.5 | 1,477.5 | 70.0 | (474.0) | (4,764.1) | (6,647.5) | (8,030.0) | (653.1) |
| Non-controlling interests of a subsidiary | 363.9 | 864.9 | 148.1 | 879.8 | 1,528.1 | 1,207.3 | 57.4 | (392.2) | (3,902.8) | (5,310.5) | (184.4) | - |
| Basic and diluted earnings (Loss) per share (Baht) | 3.1985 | 0.2150 | 0.0378 | 0.2224 | 0.3855 | 0.3046 | 0.0144 | (0.0977) | (0.9823) | (1.2985) | (0.6921) | (0.0537) |
BALANCE SHEET
| Total current assets | 7,149.0 | 7,816.8 | 7,492.5 | 8,829.2 | 8,759.6 | 9,049.0 | 6,365.5 | 7,426.9 | 2,760.2 | 7,672.9 | 5,236.3 | 7,446.2 |
| Total non-current assets | 27,460.3 | 37,118.4 | 42,009.3 | 43,997.3 | 47,839.8 | 53,724.6 | 55,381.2 | 55,475.7 | 65,217.5 | 63,535.4 | 59,449.2 | 58,627.8 |
| Total assets | 34,609.4 | 44,935.3 | 49,501.8 | 52,826.5 | 56,599.4 | 62,773.6 | 61,746.7 | 62,902.6 | 67,977.7 | 71,208.3 | 64,685.5 | 66,074.0 |
| Total current liabilities | 4,962.5 | 10,988.4 | 7,864.8 | 8,296.5 | 9,270.1 | 10,910.1 | 11,022.2 | 13,959.0 | 17,823.3 | 17,560.3 | 21,893.1 | 23,588.6 |
| Total non-current liabilities | 4,929.1 | 7,271.6 | 14,621.1 | 16,446.9 | 17,209.1 | 20,410.3 | 22,101.8 | 21,255.1 | 32,794.1 | 36,819.3 | 34,838.0 | 35,184.2 |
| Total liabilities | 9,891.6 | 18,260.0 | 22,485.9 | 24,743.3 | 26,479.2 | 31,320.5 | 33,123.9 | 35,214.1 | 50,617.4 | 54,379.5 | 56,731.1 | 58,772.7 |
| Equity attributable to owners of the Company | 18,259.1 | 19,345.9 | 19,534.2 | 20,142.4 | 21,270.5 | 22,005.9 | 20,455.4 | 19,943.9 | 14,266.1 | 20,201.1 | 7,954.4 | 7,301.3 |
| Total equity | 24,717.8 | 26,675.3 | 27,015.9 | 28,083.2 | 30,120.2 | 31,453.1 | 28,622.8 | 27,688.5 | 17,360.3 | 16,828.8 | 7,954.4 | 7,301.3 |
| Cash and cash equivalents | 3,852.8 | 1,958.6 | 4,789.1 | 6,122.8 | 4,661.4 | 5,338.0 | 4,122.6 | 3,982.2 | 1,110.4 | 5,359.6 | 797.8 | 1,272.3 |
| Interest bearing debt * | 1,920.3 | 8,160.8 | 12,077.0 | 14,036.8 | 15,455.2 | 17,863.4 | 20,802.4 | 21,979.8 | 41,718.7 | 45,139.5 | 43,755.2 | 43,869.4 |
| Net debt ** | (1,932.6) | 6,202.2 | 7,287.9 | 7,914.0 | 10,793.9 | 12,525.4 | 16,679.8 | 17,997.6 | 40,608.3 | 39,779.9 | 42,957.4 | 42,597.1 |
* Interest bearing debt = borrowings from financial institutions + lease liabilities
** Net debt = interest bearing debt - cash and cash equivalents
CASH FLOW STATEMENT
| Net cash generated from (used in) operating activities | 2,643.0 | 3,692.4 | 1,849.0 | 4,073.7 | 4,381.6 | 5,133.1 | 2,869.3 | 965.7 | (897.9) | (4,347.0) | 564.0 | 3,940.0 |
| Net cash generated from (used in) investing activities | (1,830.4) | (5,237.7) | 2,025.4 | (183.6) | (2,785.6) | (2,846.9) | (1,733.3) | (1,793.9) | 12,064.4 | 1,283.7 | (589.7) | (529.5) |
| Net cash generated from (used in) financing activities | 2,296.0 | (436.2) | (1,030.8) | (2,529.1) | (3,098.1) | (1,563.4) | (2,288.3) | 828.8 | (14,031.4) | 7,313.6 | (4,530.7) | (2,947.9) |
| Net increase (decrease) in cash and cash equivalents | 3,108.7 | (1,981.5) | 2,843.6 | 1,361.0 | (1,502.1) | 722.9 | (1,152.3) | 0.6 | (2,864.9) | 4,250.3 | (4,556.4) | 462.6 |
FINANCIAL PERFORMANCE (%)
| Return on total assets | 84.0% | 2.6% | 0.4% | 2.1% | 3.4% | 2.5% | 0.1% | -0.8% | -7.3% | -9.6% | -11.8% | -2.4% |
| Return on equity | 169.0% | 5.5% | 0.9% | 5.4% | 9.0% | 6.8% | 0.3% | -2.3% | -27.9% | -38.6% | -57.0% | -19.8% |
| EBIT margin | 101.4% | 11.6% | 2.5% | 8.7% | 11.5% | 9.2% | 1.7% | -0.3% | -55.4% | -309.5% | -48.3% | 1.2% |
| Net profit margin | 96.3% | 4.4% | 0.7% | 3.7% | 5.8% | 4.1% | 0.2% | -1.2% | -34.9% | -173.6% | -45.7% | -3.4% |
| IBD/Equity ratio | 0.11 | 0.42 | 0.62 | 0.70 | 0.73 | 0.81 | 1.02 | 1.10 | 2.92 | 2.23 | 5.50 | 6.01 |
| Net debt/Equity ratio (Net Gearing) | Net Cash | 0.32 | 0.37 | 0.39 | 0.51 | 0.57 | 0.82 | 0.90 | 2.85 | 1.97 | 5.40 | 5.83 |
OPERATING STATISTICS
| Passengers carried (million) | 8.3 | 10.5 | 12.2 | 14.8 | 17.2 | 19.8 | 21.6 | 22.1 | 9.5 | 2.9 | 9.9 | 9.2 |
| Capacity (million seats) | 10.1 | 12.6 | 15.3 | 18.2 | 20.5 | 22.7 | 25.2 | 26.1 | 12.6 | 4.3 | 11.9 | 10.2 |
| Load factor (%) | 82% | 83% | 80% | 81% | 84% | 87% | 85% | 85% | 75% | 68% | 84% | 91% |
| RPK (million) | 8,618 | 10,829 | 12,420 | 14,872 | 17,285 | 19,523 | 21,243 | 22,670 | 7,735 | 2,083 | 3,012 | 9,565 |
| ASK (million) | 10,499 | 12,951 | 15,419 | 18,116 | 20,629 | 22,379 | 25,019 | 26,940 | 10,174 | 3,002 | 10,308 | 10,835 |
| Aircraft utilisation (hours per day) | 11.5 | 11.7 | 10.9 | 11.5 | 11.7 | 11.9 | 12.0 | 12.3 | 7.4 | 5.6 | 9.6 | 12.4 |
| Average fare (Baht) - including fuel surcharge | 1,977 | 1,885 | 1,726 | 1,667 | 1,565 | 1,500 | 1,477 | 1,478 | 1,199 | 1,090 | 1,434 | 1,673 |
| Revenue per ASK (Baht) | 1.84 | 1.81 | 1.64 | 1.63 | 1.57 | 1.61 | 1.56 | 1.49 | 1.34 | 1.28 | 1.70 | 1.76 |
| Cost per ASK (Baht) | 1.69 | 1.67 | 1.66 | 1.53 | 1.42 | 1.52 | 1.58 | 1.55 | 2.29 | 4.51 | 2.62 | 1.76 |
| Cost per ASK - excluding fuel (Baht) | 0.94 | 0.95 | 0.93 | 0.98 | 1.02 | 1.05 | 1.00 | 1.03 | 1.66 | 4.04 | 1.81 | 1.16 |
| Number of stages | 56,067 | 70,149 | 85,074 | 101,231 | 113,776 | 126,083 | 139,848 | 144,421 | 69,368 | 24,011 | 65,308 | 55,689 |
| Average stage length (km) | 1,040 | 1,026 | 1,008 | 995 | 1,007 | 986 | 991 | 1,033 | 804 | 688 | 864 | 1,060 |
| Size of fleet at year end | 27 | 35 | 40 | 45 | 51 | 56 | 62 | 63 | 62 | 60 | 54 | 54 |