TIDMDPA
RNS Number : 9122F
DP Aircraft I Limited
31 October 2018
31 October 2018 DP AIRCRAFT I LIMITED (the "Company")
INTERIM UPDATE
The Company is issuing this report for the period from 1 May
2018 to 31 October 2018 as an investor update. It should not be
relied on by Shareholders, or any other party, as the basis for an
investment in the Company or for any other purpose.
Overview
DP Aircraft I Limited, a Guernsey based company, was launched in
October 2013. To date the Company has acquired four Boeing 787-8
aircraft, with two leased to Norwegian Air Shuttle ASA and two
leased to Thai Airways International PCL. The Company took over the
Norwegian aircraft, LN-LNA (previously EI-LNA) and LN-LNB
(previously EI-LNB), on 9 October 2013 and the Thai aircraft,
HS-TQC and HS-TQD, on 18 June 2015. Since these dates all lease
obligations have been met in full by Norwegian and Thai and no
incidents of note concerning operations of the aircraft have
occurred.
To date the Company has, paid out 19 dividends of 2.25 cents
each. The Company pays out dividends on a quarterly basis and
targets a yearly distribution of 9 per cent. The last interim
dividend payment was paid on 16 August 2018, and the 20(th)
dividend which has been declared is due to be paid on 15 November
2018. The quarterly distributions are targeted for February, May,
August and November in each year.
Company Information
Ticker DPA
Company Number 56941
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ISIN Number GG00BBP6HP33
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SEDOL Number BBP6HP3
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Traded SFS
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SFS Admission Date 4 October 2013
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Share Price 1.06
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Country of Incorporation Guernsey
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Current Shares in Issue 209,333,333 Ordinary Shares
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Administrator and Company Secretary Aztec Financial Services (Guernsey)
Limited
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Asset Manager DS Aviation GmbH & Co. KG
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Auditor and Reporting Accountant KPMG
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Corporate Broker Canaccord Genuity Limited
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Aircraft Registration (Date of LN-LNA (28 June 2013)
Delivery) LN-LNB (23 August 2013)
HS-TQC (29 October 2014)
HS-TQD (9 December 2014)
------------------------------------
Manufacturer Serial Number MSN 35304
MSN 35305
MSN 36110
MSN 35320
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Aircraft Type and Model B787-8
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Lessees Norwegian Air Shuttle ASA
Thai Airways International PCL
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Website www.dpaircraft.com
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The Aviation Market - Overview and Development
The outlook for 2018 remains solid; even though the
International Air Transport Association (IATA) lowered its
expectation of airlines' collective net profits from USD 37.4
billion to USD 33.8 billion because of increasing costs, mainly of
fuel and labour, as well as rising interest rates. Unit costs are
assumed to increase by 5.2 per cent in 2018 compared to the
previous year. The average jet fuel price is expected to rise by 26
per cent so that jet fuel costs will account for about 24 per cent
of total operating costs compared to a share of 21 per cent in
2017. The passenger yield is assumed to increase by 3.2 per cent
after a decline of 0.8 per cent in the previous year. The number of
passengers transported by air in 2018 is expected to amount to 4.36
billion; an increase of 6.5 per cent. According to recent trends,
it is suggested that passenger numbers could double to 8.2 billion
within the next 20 years. While capacity (ASK - Available Seat
Kilometres) is expected to grow by 6.7 per cent, demand for air
travel (RPK - Revenue Passenger Kilometres) is forecasted to
increase by 7.0 per cent and the overall load factor is expected to
slightly increase to 81.7 per cent. Demand therefore would increase
for the sixth year in a row, faster than the 20-year annual average
of 5.5 per cent. Demand for cargo is assumed to increase by 4 per
cent benefiting from the growing global economy.
In August 2018, total passenger demand increased by 6.4 per cent
while capacity rose by 5.5 per cent compared to the same month in
2017. The overall load factor increased by 0.7 percentage points to
85.3 per cent; the highest ever level since IATA began its time
series in 1990. In the first eight months of 2018, global passenger
demand grew by 6.8 per cent and is broadly in-line with the
five-year average growth rate of 6.9 per cent. The load factor
increased by 0.7 percentage points to 82.4 per cent. The
Asia-Pacific region outperformed the other regions in regard to
capacity and passenger demand in the first eight months of 2018.
While passenger demand increased by 9.5 per cent, capacity rose by
8.3 per cent. European carriers reported the highest load factor
(85.0 per cent) amongst the regions.
IATA ran a project to identify the key drivers of change to
support the aviation industry to prepare for challenges and
opportunities within the next 20 years. 50 main drivers had been
grouped into five categories: Society (e.g. a growing middle class
in China and the Asia-Pacific region or global aging), technology
(e.g. alternative fuels and energy sources or 3D printing and new
manufacturing techniques), environment (e.g. personal carbon quota
or pandemics), economy (e.g. price of oil or open data and radical
transparency) and politics (e.g. trade protection and open borders
or shifting borders, boundaries and sovereignty).
The latest published Boeing Outlook (Current Market Outlook
2018-2037) raised the number of expected deliveries from 41,030
commercial aircraft with a total market value of USD 6.1 trillion
to 42,700 with a value of USD 6.3 trillion within the next 20
years. Both Boeing and Airbus (Global Market Forecast 2018-2037)
continue to forecast that the global passenger and freighter fleet
will double by 2037. According to Airbus 37,390 commercial aircraft
will be newly delivered within the next twenty years; 26,540
aircraft will be for growth while 10,850 deliveries will replace
older aircraft. Boeing forecasts traffic to grow by 4.7 per cent on
average. Airbus expects that in 2037 around 85 per cent (2017: 30
per cent) of the emerging country populations will travel by
air.
The Assets - Four Dreamliner Boeing 787-8s
As at 30 September 2018, Boeing had delivered 742 Boeing 787
Dreamliner aircraft, of which 357 aircraft are B787-8s, 379
aircraft are B787-9s and six are B787-10s. The total order for the
B787 family amounts to 1,398 aircraft by 70 customers. In the first
nine months of 2018, 123 new orders had been placed by existing
airlines and lessors such as American Airlines or Air Lease
Corporation as well as new customers, amongst others Turkish
Airlines and Hawaiian Airlines.
Norwegian has equipped its B787 aircraft with a total of 291
seats, of which 32 are premium economy and 259 economy class seats.
This type of aircraft is used to fly from Europe to destinations in
Asia and America, amongst others, Boston, Denver, Fort Lauderdale
and Bangkok. On 14 January 2018, aircraft LNA was inspected in
Birmingham at the Monarch maintenance facilities during a Base
Check (every 6,000 flight hours). Our inspector considered the
aircraft and its records to be in good condition with no
significant defects or airworthiness related issues. Technical
records of LNB had been collected early 2018 and are considered to
be in good condition. Aircraft LNB had been physically inspected on
30 August 2018 by our technical inspector in Birmingham at the
Monarch maintenance facilities during an engine swap. The aircraft
is considered to be in good condition with no significant defects
or airworthiness related issues.
The leases in respect of the two Norwegian aircraft (LNA and
LNB) were novated in September of this year as a result of a
restructuring of Norwegian Air's leasing corporate structure at the
request of Norwegian Air, to align the leases with the current
leasing structure Norwegian Air uses of its operating leases.
Following the novation, Torskefjorden Leasing Limited ("TLL"), a
100 per cent subsidiary of Norwegian Air Shuttle, has replaced
Norwegian Air Shuttle as the counterparty to each of the leases.
Norwegian Air Shuttle has entered into a sub-leasing arrangement
with TLL and will remain the commercial operator of the two B787
aircraft. The position of each of the Company's subsidiaries that
act as a lessor of the Norwegian aircraft remains substantially the
same as regards its rights and duties
The asset manager ("DS Aviation") is growing the team and has
now its own technical in-house department with highly skilled and
experienced employees. Therefore, since 1(st) July 2018 the
technical asset management is performed by DS Aviation and no
longer outsourced.
Thai Airways' B787-8 offers a total of 264 seats, of which 24
are business and 240 economy class seats. The carrier operates this
aircraft type to destinations such as Taipei, Nagoya, Brisbane,
Auckland and Vienna. There is still a bottleneck by Rolls-Royce in
regard to spare engines and shop visit slots and the engine
manufacturers' engine shops continue to be busy with upgrades on
the Trent engines. This currently affects parts of Thai Airways'
Boeing 787 fleet, including TQD and TQC. Aircraft TQC is parked
since early July 2018 and aircraft TQD had been parked recently.
Our technical inspector completed an interim storage inspection on
24 October 2018 at Bangkok International Airport and concluded that
both aircraft are stored in accordance with the applicable storage
requirements. The temporary storage does not release Thai to pay
lease rentals which are received monthly by the fund in accordance
with the provisions of the lease agreement.
The charts below give a short overview of the utilisation of
airframe and engines of each of the four aircraft of the
Company:
AIRFRAME STATUS Norwegian Air Shuttle
(31 August 2018)
LN-LNA LN-LNB
------------------------- -------------------------
TOTAL August 2018 TOTAL August 2018
----------- ------------ ----------- ------------
Flight Hours 25,304 469 26,095 434
----------- ------------ ----------- ------------
Flight Cycles 2,968 52 3,114 45
----------- ------------ ----------- ------------
Average Monthly Utilisation 407 hours --- 433 hours ---
since Delivery 48 cycles 52 cycles
----------- ------------ ----------- ------------
Flight Hours/Flight
Cycles Ratio 8.53 : 1 9.02 : 1 8.38 : 1 9.64 : 1
----------- ------------ ----------- ------------
ENGINE DATA Norwegian Air Shuttle
(31 August 2018)
LN-LNA LN-LNB
-------------------------- --------------------------
Engine Serial Number 10118 10119 10130 10135
------------ ------------ ------------ ------------
Engine Manufacturer Rolls-Royce Rolls-Royce Rolls-Royce Rolls-Royce
------------ ------------ ------------ ------------
Engine Type and Model Trent 1000 Trent 1000 Trent 1000 Trent 1000
------------ ------------ ------------ ------------
Total Flight Hours 17,855 18, 639 14,960 20,680
------------ ------------ ------------ ------------
Total Flight Cycles 2,159 2,261 1,671 2,410
------------ ------------ ------------ ------------
Location LN-LNE LN-LNG In shop LN-LNA
------------ ------------ ------------ ------------
AIRFRAME STATUS Thai Airways International
(30 September 2018)
HS-TQC HS-TQD
----------------------- -----------------------
TOTAL September TOTAL September
2018 2018
----------- ---------- ----------- ----------
Flight Hours 15,214 0 13,665 157
----------- ---------- ----------- ----------
Flight Cycles 3,469 0 3,203 25
----------- ---------- ----------- ----------
Average Monthly Utilisation 323 hours --- 299 hours ---
since Delivery 74 cycles 70 cycles
----------- ---------- ----------- ----------
Flight Hours/Flight
Cycles Ratio 4.39 : 1 --- 4.27 : 1 6.28 : 1
----------- ---------- ----------- ----------
ENGINE DATA Thai Airways International
(30 September 2018)
HS-TQC HS-TQD
-------------------------- --------------------------
Engine Serial Number 10239 10240 10244 10248
------------ ------------ ------------ ------------
Engine Manufacturer Rolls-Royce Rolls-Royce Rolls-Royce Rolls-Royce
------------ ------------ ------------ ------------
Engine Type and Model Trent 1000 Trent 1000 Trent 1000 Trent 1000
------------ ------------ ------------ ------------
Total Flight Hours 12,216 10,518 11,035 11,561
------------ ------------ ------------ ------------
Total Flight Cycles 2,840 2,583 2,675 2,717
------------ ------------ ------------ ------------
Location In shop In shop HS-TQF In shop
------------ ------------ ------------ ------------
The Lessees
Norwegian Air Shuttle ASA
Norwegian Air Shuttle ASA operates as a low-cost carrier on
short-, medium- and long-haul routes. The airline is the 8(th)
largest overall airline in Europe, the 3(rd) largest low-cost
carrier in Europe and the 5th largest low-cost airline worldwide.
The carrier is the largest non-US airline serving New York.
Norwegian Air Shuttle has the first mover advantage in the European
long-haul low-cost market and with its current fleet of 30 B787s a
critical mass to profit from economies of scale. In 2017, the
airline transported more than 33 million passengers, an increase of
13 per cent on the previous year. The airline operates a network of
more than 500 routes to over 150 destinations including more than
60 intercontinental city pairs. As at 30 September 2018, the fleet
consisted of 158 passenger aircraft. The airline took delivery of
one B787 in the third quarter and will take delivery of 11
Dreamliners in 2018 operating a fleet of 32 B787s at year's end. In
the third quarter, Norwegian Air Shuttle was voted again 'World's
Best Low-Cost Long-Haul Airline" and "Best Low-Cost Airline in
Europe" at Skytrax 2018 World Airline Awards.
Semi-Annual 2018 - KEY
FIGURES
[billion NOK] 1H 2018 1H 2017 Change
Operating Revenues 17.22 13.03 + 32 %
-------- -------- ---------
EBITDAR 0.74 0.38 + 93 %
-------- -------- ---------
Operating Loss - 2.07 - 2.56 - 19 %
-------- -------- ---------
Net Result 0.25 - 2.18 ---
-------- -------- ---------
Capacity - ASK (million) 45,628 31,979 + 43 %
-------- -------- ---------
Demand - RPK (million) 39,129 27,563 + 42 %
-------- -------- ---------
Load Factor 85.8 % 86.2 % - 0.4 pp
-------- -------- ---------
Passengers (million) 17.45 15.28 + 14 %
-------- -------- ---------
During the first half of 2018, passenger numbers increased by 14
per cent to 17.45 million compared to the same period in the
previous year, while operating revenues increased by 32 per cent to
NOK 17.22 billion (USD 2.11 billion). While capacity was increased
by 43 per cent, demand grew by 42 per cent. The passenger load
factor was 85.8 per cent. Ancillary revenues per passenger
increased by 18 per cent during the first half of 2018. Operating
losses decreased by 19 per cent to NOK 2.08 billion (USD 254
million). The carrier stated a net profit of NOK 0.25 billion (USD
31 million) compared to a net loss of NOK 2.18 billion (USD 260
million) in the same period 2017. Results were influenced by a NOK
1.94 billion financial gain from reclassification of its investment
in Norwegian Finans Holding, in which the airline has a 16.4 per
cent shareholding. Furthermore, results were impacted by increased
fuel prices, foreign currency effects and its strong capacity
growth. In March 2018, Norwegian raised NOK 1.30 billion (USD 168
million) through a share issue.
3Q - KEY FIGURES
[billion NOK] 3Q 2018 3Q 2017 Change
Operating Revenues 13.39 10.07 + 33 %
-------- -------- ---------
EBITDAR 3.36 3.18 + 6 %
-------- -------- ---------
Operating Result 1.82 1.59 + 14 %
-------- -------- ---------
Net Result 1.30 1.10 + 18 %
-------- -------- ---------
Capacity - ASK (million) 27,534 20,658 + 33 %
-------- -------- ---------
Demand - RPK (million) 24,927 18,950 + 32 %
-------- -------- ---------
Load Factor 90.5 % 91.7 % - 1.2 pp
-------- -------- ---------
Passengers (million) 10.86 9.80 + 11 %
-------- -------- ---------
During the third quarter 2018, operating revenues increased by
33 per cent to NOK 13.39 billion (USD 1,643 million) compared to
the same quarter in 2017. EBITDAR grew by 6 per cent to 3.36
billion (USD 412 million). Norwegian stated an operating profit of
NOK 1.82 billion (USD 223 million); up 14 per cent. If excluding
other loss and gains (amongst other effects from currency and
forward fuel contracts), the operating result is NOK 1.42 billion
(USD 174 million). Net profit amounted by 18 per cent to NOK 1.30
billion (USD 160 million) compared to the third quarter 2017.
Capacity increased by 33 per cent while demand grew by 32 per cent
and the load factor decreased by 1.2 percentage points to 90.5 per
cent. Unit revenue remained stable while unit costs excluding fuel
decreased by 10 per cent compared to the same quarter in the
previous year. Ancillary revenues per passenger grew by 16 per cent
to NOK 177 (USD 22). Aircraft utilisation during the third quarter
increased from 11.7 to 13.1 block hours a day compared with the
same quarter in the previous year. Cash and cash equivalents as at
30 September 2018 stood at NOK 3.21 billion (USD 394 million) and
the equity ratio was 9 per cent, up 2 percentage points compared to
the previous year.
The airline continues the process of divesting aircraft in line
with its strategy to decrease the capex commitment in 2018 from USD
1.9 billion to USD 1.75 billion. Thus, the carrier sold eight
B737-800s with delivery in 2018 and 2019. Norwegian currently has
191 aircraft on order. Growth in terms of capacity and fleet peaked
in the first half 2018; Norwegian's long-haul fleet doubled within
12 months. The low-cost carrier entered a phase of moderate growth.
Third quarter results indicate that the airline now profits from
economies of scale. In 2019, capacity growth is anticipated to be
between 15 and 20 per cent. The medium-term network strategy is to
maintain short-haul operations within Europe and to sustainable
grow medium- and long-haul operations out of Europe as well as to
exploit new and underserved markets. The core business for the B787
fleet will remain on the transatlantic routes. The United States
count for the largest market after Norway in regard to total
revenues.
Norwegian will optimise its long-haul network and cease
operations to Singapore and of the transatlantic routes out of
Edinburgh. Contrary, the carrier will add new destinations, amongst
others Krabi (Thailand), Rio de Janeiro (Brazil) and some Canadian
destinations which were approved by the Canadian Transportation
Agency this March. As of October 2018, Norwegian operates 86 routes
longer than 4,000 km stage length with a mix of Boeing 737s and
Boeing B787s. In July, the carrier announced it had applied for a
Swedish AOC (Air Operator Certificates) as it seeks a stronger
foothold in the European Union and this AOC would facilitate
accessibility in Sweden and increase traffic rights throughout
Scandinavia. Norwegian Air Argentina started domestic operations
16(th) October 2018. The home base is at Buenos Aires Aeroparque,
the national airport of Buenos Aires which has a total of three
airports.
In September 2018, capacity increased by 32 per cent and demand
respectively grew by 31 per cent compared to the same month in
2017. The load factor slightly decreased by 0.9 percentage points
to 88.8 per cent while passenger numbers grew by 9 per cent to 3.4
million. Yield and unit revenues decreased by 3 per cent and 4 per
cent respectively while the average flying distance increased by 14
per cent compared to the same month a year ago. This October,
Norwegian announced to have signed up to use a new
consumption-monitoring software which is expected to cut the
carrier's fuel bill by 2 per cent. The system supports the analysis
of flight data to identify operational efficiencies at a fleet,
route and individual flight-stage level. Therefore, the system also
analyses weather conditions, flightpaths, air traffic control, and
payloads.
Thai Airways International PCL
Thai Airways International Public Company Limited, full service
network carrier and flag carrier of the Kingdom of Thailand, is
majority-owned by the Thai Government (Ministry of Finance) (51.03
per cent). In 2017, Thai Airways International, excluding any
subsidiaries, transported nearly 20 million passengers. As at 30
June 2018, the fleet of Thai Airways, including its subsidiary Thai
Smile, comprised 105 active aircraft. The carrier currently
operates 63 destinations in 32 countries, including 13 destinations
in 11 European countries.
2Q - KEY FIGURES
[billion THB] 2Q 2018 2Q 2017 Change
Operating Revenues 47.24 45.18 + 4.6 %
-------- -------- ---------
Operating Result -2.81 -1.84 - 52.4 %
-------- -------- ---------
Net Result - 3.10 -5.21 + 40.5 %
-------- -------- ---------
ASK (million) 22,804 21,666 + 5.3 %
-------- -------- ---------
RPK (million) 17,282 17,004 + 1.6 %
-------- -------- ---------
Load Factor 75.8 % 78.5 % - 2.7 pp
-------- -------- ---------
Passengers (million) 5.90 5.87 + 0.5 %
-------- -------- ---------
In the second quarter 2018, operating revenues increased by 4.6
per cent to THB 47.24 billion (USD 1,431 million) while operating
expenses increased by 6.4 per cent to THB 50.05 billion (USD 1,516
million) compared to the same quarter in the previous year. While
the operating loss increased by 52.4 per cent to THB 2.81 billion
(USD 85 million), the net loss improved by 40.5 per cent to THB
3.10 billion (USD 94 million). Fuel and oil expenses counted for a
share of 28.3 per cent of total expenses. Average jet fuel prices
increased by 36.5 per cent compared to the same period in the
previous year. Thai's results had been influenced by one-time
expenses: an impairment loss of assets and aircraft of THB 257
million (USD 8 million) and a loss on foreign currency exchange of
THB 431 million (USD 13 million). While capacity increased by 5.3
per cent, demand grew by 1.6 per cent and the load factor decreased
by 2.7 percentage points to 75.8 per cent. Number of passengers
transported increased by 0.5 per cent to 5.9 million and aircraft
utilisation remained stable at 11.5 block hours a day.
1H - KEY FIGURES
[billion THB] 1H 2018 1H 2017 Change
Operating Revenues 100.71 94.99 + 6.0 %
-------- -------- ---------
Operating Result 1.03 0.73 + 41.8 %
-------- -------- ---------
Net Result -0.38 -2.05 + 81.4 %
-------- -------- ---------
ASK (million) 46,338 44,094 + 5.1 %
-------- -------- ---------
RPK (million) 36,251 35,568 + 1.9 %
-------- -------- ---------
Load Factor 78.2 % 80.7 % - 2.5 pp
-------- -------- ---------
Passengers (million) 12.16 12.39 - 1.9 %
-------- -------- ---------
During the first half of 2018, total operating revenues
increased by 6.0 per cent to THB 100.71 billion (USD 3,244 million)
compared to the same half in the previous year. Total expenses
increased by 5.7 per cent, mainly due to the increase in fuel
price. Operating profit increased by 41.8 per cent to THB 1.03
billion (USD 31 million) while net loss decreased by 81.4 per cent
to THB 0.38 billion (USD 12 million). Results were impacted by an
impairment loss of assets and aircraft of THB 2.73 billion as well
as a gain on foreign currency exchange of THB 152 million. Thai
increased capacity by 5.1 per cent, while demand grew by 1.9
percent and the load factor decreased by 2.5 percentage points to
78.2 per cent. The passenger yield grew by 1.4 per cent compared to
the first half of 2017. At the end of the quarter, cash and cash
equivalents stood at THB 14.10 billion (USD 427 million) and total
assets amounted to THB 281.96 billion (USD 8,540 million).
In August 2018, Thai Airways successfully issued a series of
unsecured debentures with a volume of THB 7 billion (USD 211
million) for institutional and high net worth investors. The fixed
coupon rates are between 2.25 and 4.62 per cent and all seven
tranches with tenures of between one and 15 years received an "A"
rating by TRIS Rating. While the rating agency is aware of the fact
that the capital structure of Thai Airways remains weak
(debt-to-capital ratio at 87 per cent as of March 2018), also
in-line with the fleet renewal plan, it also notes that it expects
the airline to receive continuous support by the Thai
government.
Thai implemented a revised 2017 - 2021 Plan with five key
strategies to continually drive from the third phase of its
transformation plan to ensure sustainable operating results,
increasing efficiency and continuous improvement of service quality
to be competitive in the global market. The five strategies
are:
-- Increase in revenues by improving network, yields, ancillary
revenues and cost structure by implementing common fleet and
adopting low-cost business models
-- Seeking new business opportunities; e.g. launching of joint
ventures in the MRO (Maintenance, Repair and Overhaul), cargo and
logistic business at U-Tapao airport
-- Creating seamless travel between pre-flight, in-flight and post-flight services
-- Implementation of digital applications to generate a competitive advantage
-- Human resources development with focus on organizational structure, culture and leadership
In May 2018, the carrier already announced that the acting
president, Usanee Sangsingkeo, will retire from the carrier in
September. Sumeth Damrongchaitham was appointed to become the new
president. He was managing director at Dhanarak Asset Development,
a government-owned company managing state assets and properties. He
started 1 September in his role as the airline's president and
executive vice president, finance and accounting. Sumeth
Damrongchaitham is elected president for a period of four years. In
July, Ekniti Nitithanprapas was appointed as new chairman.
Previously, he acted as director general of Thailand's finance
ministry, chairman of the country's National Credit Bureau, and as
director of an oil and gas company.
This September, Thai Airways announced a plan to form an
alliance with Airports of Thailand (AOT), the Tourism Authority of
Thailand, and Krungthai Bank to support Thailand's sustainable
growth. This would include Thai Airways flying tourists to
secondary destinations promoted by the AOT. Moreover, Thai Airways
is satisfied with the five-times-weekly flights to Vienna launched
last November. Thai Smile's daily Bangkok-Kaohsiung A320 service
has also done well since its October 2017 launch. Regarding further
growth, the carrier takes a careful approach. First the carrier
awaits the Thai cabinet to approve a plan for around 22 to 23 new
aircraft and more clarity on the future fleet plan; secondly the
airline concentrates on a more consolidated group approach. The
latter includes a closer integration in terms of network so that
both carriers Thai Airways and Thai Smile will support each other
more strongly with positive effect on overall connectivity.
In the second quarter of 2018, the number of foreign tourists
increased by 9.9 per cent compared to the second quarter of last
year. Particularly tourist arrivals from China, Hong Kong, India
and Laos are expanding. Additionally, the economy of Thailand and
private consumption is improving steadily. The month of June 2018
was the 16(th) month in a row stating a growth in the export
sector.
Material Events since April 2018
May 2018
Interim update (30 May 2018)
The interim investor update report for the period 6 November to
30 April 2018 was published.
July 2018
2018 Annual General Meeting (16 July 2018)
The results of the 2018 AGM were published.
Dividend Declaration (16 July 2018)
The Company declared a quarterly dividend in respect of the
quarter ended 30 June 2018, of 2.25 cents per Share, to holders of
shares on the register at 27 July 2018, and payment was made on 16
August 2018.
August 2018
Unaudited Condensed Consolidated Interim Report (20 August
2018)
The Unaudited Condensed Consolidated Interim Report for the
period ended 30 June 2018 were published.
October 2018
Dividend Declaration (18 October 2018)
The Company declared a quarterly dividend in respect of the
quarter ended 30 September 2018, of 2.25 cents per Share, to
holders of shares on the register at 26 October 2018, payment is
due to be made on 15 November 2018.
Enquiries:
Kellie Blondel / Sophie Lane
Aztec Financial Services (Guernsey) Limited
As Company Secretary to DP Aircraft I Limited
Tel: + 44 (0) 1481 748833
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END
MSCUAOVRWAAROAA
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