Thai Airways International PCL : Submission of financial statements for the three-month period ended March 31, 2019

		(TRANSLATION)
TG. 07/39
		May 15, 2019
Subject	Submission of financial statements for the three-month period ended March
	31, 2019
To	President of the Stock Exchange of Thailand
Enclosed	1.	Thai Airways International Public Company Limited and its subsidiaries'
		financial statements for the three-month period ended March 31, 2019
	2.	Management's Discussion and Analysis (MD&A) for the three-month
		period ended March 31, 2019 of Thai Airways International Public
		Company Limited and its subsidiaries
	3.	Report Summarizing Operating Results of the Company (F45-3)

Thai Airways International Public Company Limited (THAI) is pleased to submit the Company's consolidated financial statements and its subsidiaries for the three- month period ended March 31, 2019 which has been reviewed by the Office of the Auditor General of Thailand and also Management's Discussion and Analysis (MD&A) for the three-month period ended March 31, 2019. Details have been enclosed and can be summarized as follows:

In this quarter, THAI and its subsidiaries had total 103 active aircrafts, 1 aircraft lower than the same period last year. Aircraft utilization was 12.5 hours, which was higher than 11.9 hours of last year. Production traffic (ASK) decreased by 2.8% and while passenger traffic (RPK) decreased by 3.2%. Average cabin factor was 80.3% lower than last year's 80.6% with 6.29 million passengers carried representing a 0.6% greater than last year.

THAI and its subsidiaries' total revenue was THB 49,791 million, decreased by THB 3,675 million or 6.9% when comparing to the same period last year resulting from decrease of both passenger and freight revenue in line with the reduction of passenger and freight production and traffic as well as the decreased in average passenger yield due to intense competition and the appreciation of Thai Baht against major foreign currencies that caused the lower revenue in Baht term. However, revenues from other activities increased 6.2%. Total expenses were THB 50,619 million, an increase of THB 989 million (2.0%). The significant increase in expenses such as depreciation and amortization from change of the estimate residual value of aircraft and engines, lease of aircraft and spare parts increased from the delivery of 3 new operating leased aircraft during the year 2018, and increase of leased spare engines.

One-time expense in this quarter included (a) THB 213 million impairment of assets and aircraft (b) THB 273 million gain on change in ownership interest in NOK Airlines PCL, (c)THB 1,366 million gain on foreign currency exchange which mainly from balance sheet revaluation. Consequently, THAI and its subsidiaries reported the net profit of THB 456 million, THB 2,281 million (83.3%) lower than last year's. Profit attributable to owners of the parent was THB 445 million. Profit per share was THB 0.20, 1.04THB or 83.9% lower than last year's.

2

As of March 31, 2019, total assets were THB 267,277 million, a decrease of THB 1,444 million (0.5%) from as at December 31, 2018. Total liabilities totaled THB 243,700 million, which was a decrease of THB 4,565 million (1.8%) from as of December 31, 2018. Shareholders' equity totaled THB 23,577 million, an increase of THB 3,121 million (15.3%) from December 31, 2018 due to the adoption of Thai Financial Reporting Standard No. 15. affecting the shareholders' equity as of January 1, 2019, increasing by THB 2,159 million and profitability of operation in this quarter.

Please be informed accordingly.

Yours faithfully,

Mr. Nattapong Samit-ampaipisarn

Executive Vice President

Finance and Accounting Department

Management Accounting and MIS Department 0-2545-2499