Thai AirAsia is the leading low-cost carrier in Thailand, carrying over 60% of total low-cost carrier passengers in the country. It operates 24 Airbus A320 aircraft from hubs in Bangkok, Phuket, and Chiang Mai to 11 domestic and 14 international destinations. The company has a strategic partnership with AirAsia Berhad, which will own 45% of Thai AirAsia after the planned IPO. The presentation provides an overview of Thai AirAsia's business model, route network, fleet expansion, and history of operations since beginning service in 2004.
2. Disclaimer
These materials are strictly confidential and may not be copied, published, distributed or transmitted to any other person. These materials are incomplete without
reference to, and should be viewed solely in conjunction with, the oral briefing provided by Asia Aviation Public Company Limited (the "Company").
These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities,
239, 31, 21
nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision or
commitment in relation to any securities whatsoever.
0, 49, 156
This presentation is 161, 154 use at the presentation to potential investors and is taking place in anticipation of the possible initial public offering of the shares of
170, solely for
the Company (the “Offering”). This presentation does not constitute an invitation to participate in the underwriting syndicate or management group of the
proposed offering. No part of this presentation, nor the fact of its presentation, should form the basis of, or be relied on in connection with, any offer, contract,
137, 213, 241
commitment or investment decision whatsoever and it does not constitute a recommendation regarding the securities of the Company.
136, 186,113
These materials are strictly confidential and must not be reproduced, disclosed or distributed, in whole or in part, to third parties. No action has been or will be
taken in any jurisdiction 177
168, 109, outside Thailand that would permit a public offer of securities or the possession, circulation or distribution of this presentation or any
other material relating to the Company or the proposed offering in any jurisdiction where action for the purpose is required. The distribution of this presentation
may be restricted by law in certain jurisdictions and persons in whose possession this presentation comes should inform themselves about, and observe any
246, 176, 101
such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdictions.
204, 176, 76
This presentation may not be taken, published, transmitted or distributed, directly or indirectly, in or into the United States, Canada, Japan or the People's
Republic of China. This presentation is not an offer of securities for sale into the United States, Canada, Japan, the People's Republic of China, or in any
jurisdiction in, or to any person to whom, it is unlawful to make such an offer under applicable laws.
Securities may not be offered or sold in the United States unless they are registered or exempt from registration or in a transaction not subject to, the registration
requirements under the United States Securities Act of 1933 (the “Securities Act”). Any public offering of securities to be made in the United States would be
made by means of a prospectus that could be obtained from the Company or the selling shareholders and that would contain detailed information about the
Company and management, as well as financial statements. The Company has not registered and does not intend to register any part of the offering under the
Securities Act or the securities law of any state in the United States or to conduct a public offering of any securities in the United States.
This presentation is dated the day it is given. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall,
under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The third party information and
statistical data in this presentation have been obtained from sources the Company believes to be reliable but in no way are warranted by the Company or the
selling shareholders as to accuracy or completeness. This presentation may not contain all material information concerning the Company and the information set
forth in these materials is subject to change without notice and may only be finalized at the time of the Offering in an offering memorandum and any supplement
thereto to be published in respect of the Offering. Any decision to participate in the Offering must be made solely on the basis of information contained in that
offering memorandum and supplement (if any), which information may be different from that found in this presentation. Neither CIMB Securities (Thailand) Co.,
Ltd., CIMB Bank (L) Limited, Credit Suisse (Singapore) Limited, or Thanachart Securities Public Company Limited (together, the “Underwriters”) nor the
Company or the selling shareholders is under any obligation to update or keep current the information contained herein. No reliance may be placed for any
purposes whatsoever on the information set forth in these materials or on its completeness or on any other material discussed at this presentation. The contents
of these materials have not been verified by the Underwriters. Accordingly, none of the Underwriters, their respective directors, officers or affiliates makes any
representation or warranty, express or implied, regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors or
omissions in, any information contained in this presentation, and nothing in this presentation is, or shall be relied upon as, a promise or representation by any of
them. None of the Company, the selling shareholders or the Underwriters or any of their respective members, directors, officers, employees or affiliates or any
other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or
otherwise arising in connection therewith.
3. Disclaimer (cont’d)
These materials contain forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are
expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of
239, Company’s control which may cause the actual results, financial condition, performance, or achievements of the Company or industry
which are beyond the31, 21
results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given
these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. These
0, 49, 156
forward-looking statements speak only as at the date of this presentation, and none of the Company, the selling shareholders or any of their respective agents,
employees or advisors intends or has any duty or obligation to update or revise these forward-looking statements to reflect new information, future events or
170, 161, 154
developments or otherwise.
137, 213, 241
None of the Company, the selling shareholders and the Underwriters makes any representation, warranty or prediction that the results anticipated by such
forward-looking 136, 186,113 will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not
statements
be viewed as the most likely or standard scenario.
168, 109, 177
This presentation should not be treated as advice relating to legal, taxation, financial, accounting or investment matters. By attending this presentation you
acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your
246, 176, 101
own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.
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By attending this presentation, you agree to keep this presentation and the information herein confidential and to not remove this document, or any materials
provided in connection herewith, from the conference room where such documents are provided without express consent from the Company or the Underwriters.
You agree further not to photograph, copy or otherwise reproduce these materials during the presentation or while in the conference room.
Participants shall return this presentation and all other materials provided in connection herewith to the Company at the completion of the presentation.
4. Offering summary
Current shareholding structure
Issuer •239, Asia Aviation Public Company Limited (“AAV”)
31, 21
0, 49, 156
Vendors • Thai AirAsia management team (1) AirAsia Berhad Management
170, 161, 154
100% 100%
• Thailand
137, 213, 241 initial public offering
Offering • International institutional placement under Reg S AirAsia Asia Aviation
structure • 1,212.5 million shares
136, 186,113 Investment (Listco)
• 25% of enlarged share capital
168, 109, 177
49% 51%
Primary / • Primary:
246, 176, 101 ~15.5% of enlarged capital Thai AirAsia
(Opco)
secondary • Secondary: ~9.5% of enlarged capital
204, 176, 76
• Primary: to fund subscription for rights
issue of Thai AirAsia (“TAA”), of which US$47m will Post-IPO shareholding structure
Use of be used by TAA for aircraft procurement from 2012
proceeds(1) to 2014 and the remainder for general corporate
AirAsia Berhad Management Public
purposes
• Secondary: to repay existing financial obligations 100% 60% 40%
AirAsia Asia Aviation
Listing
• Stock Exchange of Thailand (SET) Investment (Listco)
venue
45% 55%
• Minimum 180 days post listing for Issuer and Thai AirAsia
Vendors (Opco)
• SET Lock-Up: 55% of the enlarged capital cannot be
sold for one year from first trading day Listco
Lock up
− Up to 25% of locked-up shares can be sold
after the period of the first six months Primary proceeds raised by AAV in IPO to partially fund rights
− The remaining 75% of locked-up shares can issue to increase stake in TAA to 55%
be sold after 12 months
Note: (1) Comprises Mr. Tassapon Bijleveld, Mr. Pornanan Gerdprasert, Mr. Tanapat Ngamplang, Mr. Preechaya Rasametanin, M. L. Bovornovadep Devakula and Mr. Santisuk Klongchaiya.
3
5. Big Lot summary
239, 31, 21 Post-IPO shareholding structure
• To unlock the pledged shares with Credit Suisse as
Rationale 0, 49, 156 the loan repayment from “Management
part of
Buyout” (MBO) took place 5 years ago AirAsia Berhad Management Public
170, 161, 154
100% [60]% [40]%
137, 213, 241
AirAsia Asia Aviation
Investment (Listco)
Price •
136, 186,113
Baht 3.70 per share (same as IPO price)
45% 55%
168, 109, 177
Thai AirAsia
246, 176, 101 (Opco)
204, 176, 76 Listco
Big Lot Transaction
Thai Management Mil. Shares %
1 Mr. Tassapon Bijleveld 400.1 8.2%
2 Mr. Pornanan Gerdprasert 72.8 1.5%
3 Mr. Tanapat Ngamplang 72.8 1.5%
4 Mr. Preechaya Rasametanin 72.8 1.5%
5 M. L. Bovornovadep Devakula 72.8 1.5%
6 Mr. Santisuk Klongchaiya 36.4 0.8%
Total 727.5 15%
4
7. Introduction to our business
239, 31, 21
Company overview Route network
Leading low cost49, 156 (“LCC”) in Thailand
0, carrier
− 63.8% of 170, 161, 154
total LCC domestic and international passengers New Delhi
CHINA
carried of AOT airports
− 12.7% of 137, 213, 241
Guangzhou
total passengers carried at AOT airports Shenzhen
INDIA Kolkata Hong Kong
TAA operates 24 Airbus A320 as of Feb 2012 aircraft from three
136, 186,113 MYANMAR
VIETNAM
Macau
Hanoi
hubs in Thailand (Bangkok, Phuket, Chiang Mai), with plans to Chiang Chiang
Mai Rai LAOS
open new hubs 109, 177 and Udon Thani in 2013 and 2014
168, in Hatyai
respectively Yangon
Udon
246, 176, 101 Thani
− 11 domestic destinations and 14 international destinations in
Ubon
eight countries176, 76
204, currently Bangkok
THAILAND Ratchathani
− Only airline in Thailand with a hub outside Bangkok, enabling it
CAMBODIA
Phnom Penh
to operate domestic flights that by-pass Bangkok Surat
Thani
Krabi Ho Chi Minh
Low cost business model is built on these key characteristics City
Nakhon Si
Phuket Thammarat
− Point to point operations within 4 hours Hatyai
− Modern single aircraft type fleet Narathiwat
Penang
− High aircraft utilisation MALAYSIA
Kuala Lumpur
− Extensive route network
Singapore
− Low cost internet ticket sales from Bangkok
Strong strategic partnership with AirAsia Berhad (“AAB”), who will
own 45% of TAA through AirAsia Investment after the planned from Chiang Mai
offering
− 68 destinations in 15 countries within the AAB, TAA and PT from Phuket INDONESIA
Indonesia AirAsia (“IAA”) network
Bali
− Benefits from the AirAsia Group’s bargaining power, cross-
selling opportunities, and brand equity
Source: Company information.
Thai AirAsia provides high frequency air transportation services through an extensive route network
6
8. Our history and key milestones
239, 31, 21
0, 49, 156 Operates 24
aircraft to
170, 161, 154 reach 14
international
137, 213, 241 and 11
domestic
136, 186,113 destinations
168, 109, 177
Revamped
246, 176, 101 entire fleet to
Airbus A320
204, 176, 76 aircraft
Received first
Moved Airbus A320 2012
Began Bangkok hub aircraft
services from to
Bangkok to 2011
Suvarnabhumi
Phuket, International
Chiang Mai, Airport 2010 Launched
Singapore and third hub in
Macau 2009 Chiang Mai
2007 and Chiang
Mai –
Singapore
2004 Launched route
Launched the Phuket –
second hub Bali route
in Phuket
Commenced
flights to
Shenzhen
7
9. Our fleet
Fleet expansion 31, 21 time
239, over Homogenous A320 fleet
60
0, 49, 156 24 aircraft as of February 2012 (including one spare)
− All aircraft are leased from AirAsia Mauritius, with terms
170, 161, 154 between nine and 12 years
50
137, 213, 241 One of the youngest, with an average age of 2 years 4 months as
of 31 Dec 2011
136, 186,113 Advantages of homogenous A320 fleet
40
− Proven track record and reliability in short haul, high frequency
168, 109, 177
operations
246, 176, 101 − Able to fit 180 seats (vs. 148 seats for B737-300)
− Reduced costs for spare parts and type-rating training
30
204, 176, 76 − Simplified route planning and increased flexibility for flight
48
43 scheduling arrangements
20
38 In the future, TAA plans to:
33 − Increase current fleet to 48 aircraft by FY2016E by procuring
3 12 27
8 aircraft through AAB
22
10
19 − Increase aircraft utilisation to more than 12 block hours per day
12 12 (currently 11.5 block hours per day for the year ended 31 Dec
9 8 8 2011)
6
-
2004
2005
2006
2007
2008
2009
2010
2011
2012E
2013E
2014E
2015E
2016E
Boeing Airbus
Source: Company information.
Uniform fleet of A320 aircraft helps minimize costs and maximize flight scheduling flexibility
8
10. Performance summary of TAA
Key operational and financial summary
239, 31, 21
Key operating statistics of TAA FY2009A FY2010A FY2011A
0, 49, 156
Passengers carried (millions) 5.0 5.7 6.9
ASK (millions) 161, 154
170, 6,511 7,605 9,199
RPK (millions) 4,921 5,923 7,389
137, 213, 241
Load factor 76% 78% 80%
Average fare 136, 186,113
(THB) 1,520 1,791 1,849
RASK (THB) 168, 109, 177 1.43 1.59 1.76
CASK (THB) 1.51 1.39 1.58
CASK ex-fuel (THB) 101
246, 176, 0.99 0.87 0.89
Number of aircraft at 76
204, 176,
period end 20 19 22
Ancillary services revenue per passenger (THB) 179 296 383
Financial summary of TAA (in THBm) FY2009A FY2010A FY2011A
Revenues 9,281.2 12,098.7 16,157.6
EBITDAR 1,674.2 4,577.9 5,003.0
EBITDA (38.2) 2,377.3 2,275.3
Operating profit (loss) (170.1) 2,254.1 2,203.7
Net income (loss) (170.5) 2,011.0 2,020.1
YoY revenue growth n.a. 30.4% 33.5%
EBITDAR margin 18.0% 37.8% 31.0%
EBITDA margin n.a. 19.6% 14.1%
Net income margin n.a. 16.6% 12.5%
Source: Company information.
Financials of TAA are currently proportionately consolidated into accounts on a historical basis. Post IPO AAV will fully
consolidate TAA in financials
Expansion of Thai AirAsia’s operations over the last three years has translated into profitability over the last
two years
9
11. Key investment highlights
239, 31, 21
1 One 156 the largest and fastest growing aviation markets in the world
0, 49, of
170, 161, 154
137, 213, 241
2 Leading low cost carrier in Thailand
136, 186,113
168, 109, 177
3 Successful track record of growth
246, 176, 101
204, 176, 76
4 Established competitive cost structure and well positioned to expand margins
5 Strong partnership with AirAsia Group
6 Capital structure provides future financing flexibility
7
4 Experienced management team with a proven track record
10
12. 1 One of the largest and fastest growing aviation
markets in the world
Second biggest 31, 21 market in Southeast Asia
239, airline Passenger growth rates within Southeast Asia
(revenue paying passenger-km in billions) (RPKs CAGR from 1985 to 2010)
0, 49, 156
87.7 14.7%
170, 161, 154
57.2
51.6
137, 213, 241 47.0 6.9% 6.2% 5.8% 5.4% 5.3%
28.1 4.6% 4.1%
136, 186,113 21.1 18.0 2.8%
3.0
168, 109, 177
Malaysia
Thailand
Singapore
Indonesia
Laos
Philippines
Cambodia
Vietnam
Middle
China
South
Europe
Oceania
Southeast
America
Northeast
America
Asia
East
South
North
Asia
Asia
246, 176, 101
204, 176, 76
Source: SAP Group, 2010 ICAO annual report. Source: SAP Group, The Boeing Company.
Third highest GDP per capita in Southeast Asia Supported by Thai tourism industry
(US$) (number of international tourist arrivals in millions) H1N1 outbreak
and invasion by red mob
43,117 of East Asia Summit
30.0 Closure of
Bird flu Suvarnabhumi
8,423 25.0
SARS Airport
Tsunami
4,992
20.0
15.9
3,015 13.8 14.5 14.5 14.1
2,007 15.0
11.7 11.5
1,174 984 814 8.6 9.5 10.1 10.8 10.0
10.0 7.8
Malaysia
Thailand
Singapore
Indonesia
Laos
Philippines
Cambodia
Vietnam
5.0
0.0
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Source: ICAO 2010 annual report, SAP Group. Source: SAP Group.
TAA provides investors with direct exposure to the large and rapidly growing Thai aviation
market
11
13. 2 Leading low cost carrier in Thailand
Route network
Most comprehensive network among
239, 31, 21
LCCs in Thailand. As at 31 Dec 11,
TAA operated49, 156
0, in: New Delhi
CHINA
170, 161, 154
− 11 domestic destinations Guangzhou
Shenzhen
INDIA Kolkata Hong Kong
137, 213, 241 MYANMAR Macau
− 14 international destinations Chiang Chiang
VIETNAM
Hanoi
136, 186,113 Mai Rai LAOS
− Three hubs
168, 109, 177 Yangon
Udon
Thani
Leading market share(1) in Thailand Ubon
246, 176, 101 Ratchathani
THAILAND
Bangkok
− LCCs: 204, 176, 76 CAMBODIA
63.8% of total domestic and Surat
Phnom Penh
Thani
international passengers at AOT Krabi Ho Chi Minh City
airports Nakhon Si
Phuket Thammarat
Hatyai
− All airlines: Narathiwat
12.7% of total domestic and Penang
MALAYSIA
international passengers at AOT Kuala Lumpur
airports
Singapore
from Bangkok
Only LCC with regular domestic and
international operations originating from
Suvarnabhumi Airport(2) from Chiang
Mai
Only LCC in Thailand with hubs outside from Phuket INDONESIA
Bangkok, which enables it to operate Bali
Source: Company information.
flights which bypass Bangkok (1) According to SAP industry report. For the year ended 30 Sep 2010.
(2) During the floods in Thailand in November, NOK Air temporarily moved its base of operations to Suvarnabhumi Airport.
TAA’s comprehensive route network has allowed it to capture a sizeable portion of Thailand’s
aviation market
12
15. 4 Established competitive cost structure and well
positioned to expand margins
Non-fuel costs are 21
239, 31, controlled EBITDAR margin
(THB)
0, 49, 156
2.00 37.8%
170, 161, 154 31.0%
1.51 1.58
1.39 18.0%
137, 213, 241
1.00
4,578 5,003
0.99
136, 186,113 0.89
0.87
1,674
168, 109, 177
0.00
FY2009A 176, 101
246, FY2010A FY2011A FY2009A FY2010A FY2011A
204, 176,CASK
76 CASK ex-fuel EBITDAR (THBm) EBITDAR margin
Source: Company information. Source: Company information.
Competitive CASKs compared to regional LCC peers
(US cents)
7.04
6.35
5.53
4.84
4.35
3.69
Jetstar SpiceJet Tiger Airways Cebu Pacific Thai AirAsia AirAsia Berhad
Source: SAP Group industry report, for the latest financial year ending as at 30 Sep 2011.
TAA has demonstrated an ability to control its costs and keep its costs in line with its peers…
14
16. 4 Established competitive cost structure and well
positioned to expand margins (cont’d)
Competitive base fares…
239, 31, 21 …drive passenger volumes…
(THB) (in millions)
0, 49, 156
17.5% p.a.
10.3% p.a.
6.9
8.0 8.0
170, 161, 154 7.0 7.0
5.7
1,849 6.0
5.0 6.0
137, 213, 241 1,791 5.0
2.9 5.0
2.4
4.0
2.1 4.0
1,520136, 186,113 3.0 3.0
2.0
3.3 4.0 2.0
2.9
168, 109, 177 1.0 1.0
0.0 0.0
FY2009A 176, 101
246, FY2010A FY2011A FY2009A FY2010A FY2011A
204, 176, 76 Domestic International
Source: Company information. Source: Company information.
…and ancillary services revenue Ancillary services as a % of revenue
6,000 383 500
296 400
5,000
179 300
16.3%
200
13.9%
4,000
71.5% p.a. 100
3,000
2,627 0
9.6%
2,000
1,687 (100)
(200)
893 (300)
1,000
(400)
0 (500)
FY2009A FY2010A FY2011A FY2009A FY2010A FY2011A
Ancillary income (THBm) Ancillary income per pax (THB)
Source: Company information. Source: Company information.
… and ability to generate higher ancillary income from passengers, which allows TAA to
expand margins further as ancillary services require minimal costs
15
17. 5 Strong partnership with AirAsia Group
239, 31, 21
0, 49, 156
Centre for Asia Pacific
Aviation (CAPA)
170, 161, 154
Airline Of The Year
137, 213, 241 (2009)
Malaysia Business
136, 186,113 TTG Travel Awards 2009
Leadership Masterclass
Best Asian Low-Cost Carrier
Global CEO of the Year
168, 109, 177
246, 176, 101
204, 176, 76
Skytrax
World's Best Low Cost Airline (2009,2010, 2011)
One of the most recognized brands in aviation with
Access to cost synergies and feeder network representation on various global sporting platforms
Access to AirAsia Group feeder network which allows customers to
connect to 68 cities in 15 countries (within AAB, TAA and IAA
networks)
Ability to share in bulk purchase opportunities, such as the recent
200 Airbus A320 NEO aircraft deal valued at US$18.2 bn, which
was the largest aircraft order in Airbus history Sponsor of F1 Sponsor of EPL team Sponsor of English
Team Catherham Queens Park Rangers Referees in the EPL
TAA’s partnership with the AirAsia Group gives it access to unique, profitable opportunities,
allowing it to capture market share, and attract new passengers
16
18. 6 Capital structure provides future financing
flexibility
Strong EBITDAR growth…
239, 31, 21 … coupled with slower aircraft rental expense growth
(THBm) 0, 49, 156 (THBm)
72.9% p.a.
170, 161, 154 26.2% p.a.
5,003
4,578
137, 213, 241
2,728
136, 186,113 2,201
1,674 1,712
168, 109, 177
246, 176, 101 FY2009A FY2010A FY2011A
FY2009A FY2010A FY2011A
204, 176, 76
…low total debt… … and finance costs (1)
(THBm) (THBm)
2 ,0 0 0
1 ,8 0 0
1 ,6 0 0
1 ,4 0 0
1 ,2 0 0
1 ,0 0 0
800
513
600
400
203 243 184
200
4 0.4
0
FY2009A FY2010A FY2011A FY2009A FY2010A FY2011A
Source: Company information.
Note: (1) Includes interest on loans, overdrafts and finance lease payments.
We believe Thai AirAsia’s strong EBITDAR growth, coupled with manageable leverage, will provide strong
cash flows and enable the Company to take advantage of growth opportunities, effectively compete and
provide itself financial protection against any temporary deterioration in business conditions
17
19. 7 Experienced management team with a proven
track record
239, 31, 21
Tassapon Bijleveld Pornanan Gerdprasert Tanapat Ngamplang
0,Chief Executive
49, 156 Officer Chief Financial Officer Director of Operations
170, 161, 154
137, 213, 241
Joined in 2003
136, 186,113 Joined in 2004
Joined in 2003 Previously the Director of Flight Operation for
Previously was Managing Director of Warner Previously the Finance and Accounting Director Phuket Airline Co. Ltd
168, 109, 177
Music (Thailand) Ltd. of Teleinfo Media Co Ltd
Holds a Bachelor of Science Degree from
Holds a Bachelor 176, 101
246, of Business Administration Holds a Bachelor of Accounting, a Higher Royal Thai Air Force Academy
degree from Assumption University and a Diploma in Auditing and a Master of Accounting
Holds a Bachelor of Arts degree from
Master of Marketing degree from Thammasat
204, 176, 76 from Thammasat University
Sukhothai Tammathirat Open University
University
Holds a Master of Business Administration
degree from Kirk University
Preechaya Rasametanin Santisuk Klongchaiya ML Bovornovadep
Director of Engineering Director of Commercial Devakula
Director of Business
Development
Joined in 2004 Joined in 2007 Joined in 2004
Previously the Product Support Manager of Previously the General Manager of Warner Previously the Manager of Advance Info
Aviation Products for Goodyear Thailand PCL Music (Thailand) and Marketing Manager of Services, Plc and Secretary to the Chairman of
Reebok Wongpaitoon Footwear Plc the Board of Directors of Shin Corp and
Holds a Bachelor of Science degree, majoring
Secretary to the Minister of Foreign Affairs
in mechanical engineering, from the Royal Thai Holds a Bachelor of Business Administration
Air Force Academy degree from Assumption University Holds a Bachelor of Science degree from State
University of New York
Holds a Master of Science degree from
Thammasat University
Majority of senior management has been with Thai AirAsia since inception
18