THAI Confirms It Has Not Lost Financial Liquidity

Travel and Lifestyle Press Releases Friday October 4, 2019 16:25
Bangkok--4 Oct--Thai Airways International
Thai Airways International Public Company Limited (THAI) confirmed that the Company has sufficient cash flow circulation to manage its current and future business operations.
Mr. Sumeth Damrongchaitham, THAI President, denied news reports that THAI was very sick, lacked cash flow, and failed to make ends meet.

From 2013 to 2018, the Company successfully managed, controlled, and gradually reduced debts, even while it underwent the transformation plan in a highly competitive airline industry. Currently, the Company's debts have been reduced by approximately 48,000 million baht. The Company has issued loan debt status reports and loan debt movement reports regularly each month, in addition to annual financial results submitted to the regulatory agencies being the Ministry of Transport, Ministry of Finance, and Public Debt Management Office, all of which received and acknowledged the reports regularly without any qualms.

The new debt plan for fiscal year 2020 that amounts to 32,000 million baht serves as framework for the Company to seek loans to support its investments, to refinance or as working capital in business, as payment for operational expenses, to revamp equipment, and for aircraft maintenance. The amount does not include aircraft acquisitions, which is pending approval from the unit concerned. The figure 32,000 million baht is close to the amount in debt plans from previous years.

Even though the Company continues to have problems with incurred losses that are being resolved, the Company realizes that maintaining financial liquidity is important to business operations and the Management places importance on finances. Therefore, the debt plan and plan to seek loans is precaution in business operations. It is necessary to reserve a sufficient amount of funds to support a fluctuating economy, including necessary situations resulting from other internal and external factors. At the end of June 2019, the Company had cash on hand and a revolving credit line at 13.4 percent of the estimated year-long revenue. It is evident that the Company has enough cash on hand and can proceed with normal business operations and asks that its customers, partners, shareholders, and company stakeholders, as well as the public to remain confident that the Company has not lost financial liquidity as was incorrectly reported in the news.


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