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Analyst Meeting 1H2021 Presentation August 2021

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Page 1: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

Analyst Meeting 1H2021 Presentation

August 2021

Page 2: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

2

Disclaimer

The information contained herein has been prepared by Don Muang Tollway Public Company Limited (“DMT”) and may be subject to

completion or amendment through the delivery of additional documentation. Except as otherwise provided herein, this document does not

constitute an offer to sell or purchase any security or engage in any transaction. The information contained herein has been obtained from

sources that DMT considers to be reliable; however, DMT makes no representation as to, and accepts no responsibility or liability for, the

accuracy or completeness of the information contained herein. Any projections, valuations and statistical analyses contained herein have

been provided to assist the recipient in the evaluation of the matters described herein; such projections, valuations and analyses may be

based on subjective assessments or assumptions and may utilize one among alternative methodologies that produce differing results;

accordingly, such projections, valuations and statistical analyses are not to be viewed as facts and should not be relied upon as an

accurate representation of future events. The recipient should make an independent evaluation/analysis and judgment with respect to the

matters contained herein.

Page 3: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

3

A. Company Overview

B. Industry Overview

C. Key Changes and Future Trends

D. Highlights for Business Sustainability Development

E. Financial Highlights

F. Management Team

Table of Contents

Page 4: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

A. Company Overview

Page 5: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

5

DMT at A GlanceUnderstanding the Company at A Glance

Shareholders Structure

Our Committed Vision and Mission

Panichewa

Family

40.1%

Ministry of

Finance

22.1%

Others

26.3%

DMT at A Glance

We are a sole private operator of Don Muang Tollway under

Build-Transfer-Operate (BTO) concession with the

Department of Highways (DOH), ended by September 2034

“Who We Are”

We provide quality of services to the Tollway users of:

▪ The Original Section

15.4 km. from Din Daeng to Don Muang

▪ The Northern Extension Section

5.6 km. from Don Muang to National Stadium

“DMT’s Core Assets”

Vision

“Mr. Tollway” our represented icon for brand awareness to customers

Mission

We will create our efficiency growth by connecting the toll road with other transportation networks to serve the expansion

of Bangkok Metropolitan and the connection of Thailand’s regions by:

▪ Offer the routes that provide facilitation, time-saving, and international safety standard to customers

▪ Continuously improve our operating management system and information technology for operational efficiency

▪ Commit our responsibility with employees, shareholders, and society as per good corporate governance

Note: (1) Ultimate shareholder of Golden Horse Limited is Mr. Aiyawatt Srivaddhanaprabha

“To become a leading expressway operator connecting between the road network and the transportation system, focusing

on excellent services for convenience, speed and safety in travelling via efficient management systems, developing

technology and study of new projects, and ensuring responsibility to society”

“Our Driven Strategies”We emphasize on the continuous development of people,

operational workflows, safety & security systems, business,

and innovative technology

Golden Horse

Limited

11.7%

Page 6: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

6

Key Milestones

1988

o DMT was incorporated

1989

1989

o Entered into the 25-year

Concession Agreement

with the Department of

Highway (DOH) to

construct and operate

the “Original Section”

under Build-Operate-

Transfer (BOT) scheme 1991

1995

1991

o Obtained BOI in

operation of the

Original Section

2019

1988

2021

29 April 2021

Registered Paid-

Up Capital 140

million shares

7 May 2021

o FTD- Completed

listing process

on SET

1995

o Entered into MOA

1/2538

To obtain BOI under

existing concession

agreement in exchange

of additional benefits

contributed to Thai

government 1996

1994

1994

o Converted into

public company

o Commenced the

operation of the

Original Section

1996

o Entered into MOA 2/2539

To obtain rights to construct and

operate the “Northern

Extension Section”

To extend the whole concession

period to November 2021 and

change the scheme of all rights

to Build-Transfer-Operate (BTO)

o Offered the shares to the Ministry

of Finance (MOF)

1998

1998

o Obtained BOI in

operation of the

Northern

Extension Section

o Commenced the

operation of the

Northern

Extension Section

2007

2006

2006

o Moved the airline

operation at Don

Mueang Airport to

Suvannabhumi

International

Airport reflecting

in drop of traffic

users

2007

o Entered into MOA 3/2550

To extend the whole

concession period to

September 2034

To specify toll rate

schedule throughout the

concession

2019

o Approved by EGM on

the listing of DMT’s

shares in the Stock

Exchange of Thailand

(SET)

o Filed the listing

application

2013

2011

2011

o Resumed the full

operation of low

cost airline at

Don Mueang

Airport, reflecting

in surge of traffic

users

2013

o Launched

“Smart Purse”

card

o Surge in number

of sold cars due

to government

support policy

Long-Established Milestones and Experiences in Toll Business

Page 7: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

7

DMT’s Key Operating AssetsA Vital Transportation Route of 21km Connecting People between Bangkok and Northern Vicinity

“Don Muang Tollway provides services on transport for vehicles traveling inbound and outbound between Bangkok Metropolis and its northern

vicinity areas and serves as the main route to the Upper Central Region, the Northern Region and the Northeastern Region”

Source: DMT, DOH

Beginning of

TollwayOperated by DMT

Cutting

PointOperated by DMT

End of

Tollway

Vibhavadi Rangsit Road

km 5 + 700

(Din Daeng)

Toll Plaza

From Din Daeng to Don Muang

Toll Plaza

From Don Muang to

National Memorial

Original Section (15.4 km) Northern Extension Section (5.6 km)

Vibhavadi Rangsit

Road km 21 + 100

(Don Muang)

Inbound Toll

Plaza 1- 4

Inbound Tollway

Exit 1-6

Outbound Toll

Plaza 1-7

Outbound Tollway

Exit 1-7

This section (Red zone – after

National Memorial Toll Plaza) is

under sole operation by DOH

Simplified Don Muang Tollway’s Service Routes Simplified Rangsit Extension Section

Phaholyothin Road

km 33 + 800

(Royal Thai Mint)

Rangsit Extension Section (6.8 km)

Operated by DOH

Toll Plaza

From National Memorial

to Royal Thai Mint

End of

DOH’s

Section

Vibhavadi Rangsit

Road km 26 + 700

(National Memorial)

Page 8: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

8

Our Comprehensive Operation SystemExcellent Services and Operations Enhancing Convenience & Safety of Tollway Users

• Monitoring by Operation Control

Center to detect unusual events or

accident by Artificial Intelligence

and Video Analytics

• With the 24/7 monitoring system,

rescue or maintenance teams can

reach a point where accident

happens immediately

• Preventive and corrective

inspection and maintenance of

Tollway structure, road, and

electrical system are regularly done

by experienced and high-caliber

technicians to comply with DOH’s

standard and to provide excellent

service to customers

• Highly expertise rescue team

in communication with Operation

Control Center to provide prompt

services to customers in case of

emergency e.g. car accident and

broken car

• Well-established toll collection

system enhances the flows of

vehicles smoothly

• Current development of new

Electronic Toll Collection System

which will support M-Pass and

Easy Pass System

Toll Collection System Traffic Management Team

Rescue Team Maintenance Team

Page 9: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

9

1,510 1,5581,791

2,028 2,133

2,6252,953 2,978 3,025

2,816

2,047

635

34.9 36.241.4

46.4 48.5 50.8 57.1 57.2 58.253.8

34.9

11.0

-200

-150

-100

-50

0

50

100

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H2021

Toll Revenue (THB mm) Annual Traffic (million vehicles)

Historical Revenues from Operation and Traffic6.4% CAGR Revenues Growth in 2010-2019 and Subsequent Drop in 2020 Due to COVID-19

Historical Revenues from Toll and Annual Traffic in Combined Original and Northern Extension Sections (1)

Resumed the full

operation of low cost

airline at Don Mueang

Airport, reflecting in

surge of traffic users

The outbreak of

COVID-19 Wave#1

3rd Toll Rate

Increase

4th Toll Rate

Increase

1st Toll Rate Increase in 2007

2nd Toll Rate Increase in 2009

Note: (1) Annual Traffic and revenues from Toll (excluding VAT) include both Original and Northern Extension Sections and Type 1 and Type 2 vehicles

The outbreak of COVID-19

Wave #2,#3

Page 10: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

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DMT’s Historical Traffic VolumeTraffic Volume Hit by Covid-19 Pandemic in 2020 and is Getting Back on Track

5-Year Historical Traffic Volume (Original Section)

5-Year Traffic Volume (Northern Extension Section)

Average Vehicles per Day : VpD

Average Vehicles per Day : VpD

Since the occurrence of COVID-19 pandemic in 2020, traffic volume during 2020 had been heavily affected by the following factors:

(1) a substantial reduction on a number of tourists, (2) a declaration of Emergency Situation by the Prime Minister in all areas of Thailand

starting from March 2020, and (3) a Work from Home campaign. However, because of our strong public health system to cope with

COVID-19, it is expected the traffic volume to resume at post-pandemic

Source: DMT

0

40,000

80,000

120,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2021 (1H) : 35,797 VpD

2020 : 58,140 VpD

2019 : 92,914 VpD

2018 : 99,516 VpD

2017 : 97,919 VpD

-

20,000

40,000

60,000

80,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2021 (1H) : 24,838 VpD

2020 : 37,143 VpD

2019 : 54,376 VpD

2018 : 59,925 VpD

2017 : 58,804 VpD

Page 11: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

B. Industry Overview

Page 12: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

12

Transportation Industry OverviewCirca 400km Existing Toll Road Network Covering Major Areas of Bangkok for Better Mobility

Existing Bangkok Toll Road Network: DMT Represents ~5% of the Total Average Vehicle / Day in 2020

Toll Road Servicing RouteLength

(km)

Avg. Vehicles / Day

in 2019(1) in 2020(1)

Don Muang Tollway

(“DMT”)Din Daeng - National Memorial ~21 147,290 95,283

Chaloem Maha Nakhon

(“FES”)

Dao Kanong – Bang Na Trad – Din

Daeng~27 373,498 313,434

Si Rat: A and B

(“SES A & SES B”)

Ratchda Phisek – Rama 9 Road &

Payathai Interchange – Bangkhlo~22 317,306 266,113

Si Rat: C

(“SES C”)

Prachachuen – Chaeng Watthana

Road~8 187,579 154,647

Si Rat: D

(“SES D”)Asoke – Srinagarindra Road ~9 203,298 167,604

Chalong Rat Expressway

(“RAE”)

Outer Ring Road – Ramindra – At

Narong Expressway~28 230,181 205,779

Si Rat–Outer Ring Road

Expressway (“SOE”)Outer Ring Road ~17 64,241 58,702

Udon Ratthaya

Expressway (“SES C+”)Bang Pa In – Pak Kret ~32 91,467 78,187

Burapha Withi

Expressway (“BNBP”)

Bang Na – Bang Phli – Bang

Pakong~55 155,520 131,758

Bang Phli–Suk Sawat

Expressway (“SOBRR”)Bang Phli – Suk Sawat ~23 248,496 224,111

Motorway M7 Bangkok - Chonburi ~82 N/A N/A

Motorway M9 Eastern Outer Ring Road ~64 N/A N/A

Source: EXAT

Note: (1) Average vehicles per day under the EXAT’s responsibility are adjusted from fiscal year to be calendar year basis based on actual information

“Comprehensive toll road network will result to better mobility

and social participation - linking producers to markets, workers

to jobs, students to schools, travelers to tourist attractions, and the

sicks to hospitals faster, safer, and more convenient”

Page 13: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

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Transportation Industry Overview (Cont’d)The Soft Opening of the Red Line Commuter Train

The soft opening of the Red Line commuter train on 2 August 2021

Red line commuter train network next to Tollway.

Ridership Forecast : 95,700 Passengers/Day

Adjusted Forecast due to COVID-19 : 10,757 Passengers/Day

Actual Ridership (2 Aug 2021) : 2,205 Passengers/Day

Source : https://mgronline.com/business/detail/9640000076858Source : Office of Transportation Policy

SRT Dark Red Line

SRT Light Red Line

SRT Red Line Projects

The Soft Opening of the Red Line Commuter Train

Page 14: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

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Transportation Industry Overview (Cont’d)COVID-19 Impact on Railway Ridership

Source : https://www.prachachat.net/property/news-732583

Before

COVID-19

After

COVID-19 % DecreaseRailway

Passengers/Day

Railway Passengers in 2019-2021

Page 15: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

15

Transportation Industry Overview (Cont’d)New Development around Tollway

Source : https://www.prachachat.net/property/news-732583

▪ Bang Sue Area Development e.g. mix-used

residential, office, hotel, retails.

▪ Installation of Guide Signs to Bang Sue Grand

Station on Tollway and vicinity roads

Bang Sue Grand Station Development

▪ Commercial Area 35 Rai

▪ Retail and Shopping Center 78 Rai

▪ New Residential 105 Rai

▪ Intermodal Mode transport 87.5 Rai

First services system in Red Line commuter train

Commercial Developments around Bang Sue Area Grand Station

The Bang Sue Area Development

Page 16: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

C. Key Changes and Future Trends

Page 17: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

17

Key Changes and Future Trends

1) Change of Technology

- Payment Technology

- Green Energy and Solar Energy

- Artificial Intelligence (AI) and Robotics Process Automation (RPA)

2) Change of Law and Environmental Requirements

- Stock Exchange of Thailand (After IPO)

- CG Policy Change to E/S/CG Sustainability Company

- Personal Data Protection Act (PDPA)

- ISO standard

- Enterprise Resource Planning (ERP) improvement and integration

3) Change in Consumer Behaviors

- Cashless Society

- Electric Vehicles (EV)

- Online Customer Relation Management (CRM)

- Social Media Information

Key Changes and Future Trends

Page 18: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

18

Our Business Driven StrategiesTangible Strategies Aiming to Maximize Shareholders’ Value

• Focus on the improvement

of operating efficiency to

increase the profitability of

Don Muang Tollway

• Maximize return to the

shareholders and enhance

financial stability under good

corporate governance

• Immediate rescue by 24/7

monitoring system from

Operation Control Center

• Continuously develop new

technology and provide

outstanding services to the

customers by offering best-

in-class technology:

− EV Charging Service

− Europay MasterCard Visa

− Smart Energy Technology

• Penetrate new customers

segmentation by connecting

Don Muang Tollway with

other transportation

networks

• Seek for new opportunities in

new tollroad projects in

both domestic and

international countries

• Continuously develop

employees’ skills through

various activities e.g.

Intensive Training Program

and Scholarship Award

• Operate the business and

treat all business partners

with honesty and

transparency

• Create good atmosphere in

safeness and personal

health care for all

employees

Growth from Management

of Tollway Business

Continuously Improve

Operating Performance

Connect with other

Expressways and Seek

for Cream Opportunities

Build Efficient

Organization with Best

Human Resource

Create Responsibility for

All Stakeholders

Our Business Driven Strategies

Page 19: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

D. Highlights for Business Sustainability

Development

Page 20: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

20

Potential Opportunity in Acquisition of Future Projects

1) Change of Technology- Payment Technology

- Green Energy and Solar Energy

- Artificial Intelligence (AI) and RPA

MTC/ETC Project ETS Solar Energy Solar Roof

DMT Projects : Moving Forward to the Future trends

Stay up to date with evolving technology in recent DMT projects

Toll Collection Technology

Page 21: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

21

Potential Opportunity in Acquisition of Future Projects (Cont’d)

2) Change of Law and Environmental Requirements- Stock Exchange of Thailand (After IPO)

- CG Policy Change to E/S/CG Sustainability Company

- Personal Data Protection Act (PDPA)

- ISO standard

- ERP improvement and integration

Stay up to date with evolving Law and Environment Requirements

DMT Projects : Moving Forward to the Future trends

Page 22: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

22

Potential Opportunity in Acquisition of Future Projects (Cont’d)

3) Change in Consumer Behaviors- Cashless Society

- EV Car

- Online Customer Relation Management (CRM)

- Social Media Information

EMV/QR PaymentCRM Line Official Account

EV Service

DMT Projects : Moving Forward to the Future trends

Stay up to date with evolving Consumer Behaviors

Page 23: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

23

Potential Opportunity in Acquisition of Future Projects (Cont’d)

Feeder System : Study of Red Line Project

Red Line Operation Date : 2 August 2021

Green Energy

Study of new opportunities other than Tollroad business

New projects : Non-Toll Business

Page 24: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

24

Potential Opportunity in Acquisition of Future Projects (Cont’d)

Rest Area Projects in Motorway M7 and M6/M81

(Market Sounding : 24 May 2021 and 30 July 2021)

M6

1 Service Center

2 Service Areas

5 Rest Areas

PPP Scheme : Net Cost

Investment : Study Process

ITB 2022

Construction 2022

Operation Year 2024

M81

2 Service Areas

1 Rest Areas

PPP Scheme : Net Cost

Investment : Study Process

ITB 2022

Construction 2022

Operation Year 2024

M7

1 Service Center (Sriracha)

1 Service Area (Bang Lamung)

PPP Scheme : Net Cost

Investment : Study Process

ITB Q4/2021

Construction 2022

Operation Year 2023

Service Center

Sriracha

Service Area

Bang Lamung

Study of new opportunities other than Tollroad business

New projects : Non-Toll Business

Page 25: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

25

Rare and Unique Investment Opportunities

M5

M2

M3

M4

M6

M7

M8

M9

M51

M52

M53 M61

M62M71

M72

M81

M82

M83

M84

M91

M92

M2 Tak – Mukdahan 704km

Surin – Bueng Kan 465km

Nakhon Sawan – Ubon 610km

DMT – Bang Pa In – Chiang Rai 853km

Bang Pa In – Nong Khai 540km

Bangkok – Ban Chang 153km

Nakhon Pathom – Narathiwat 1,103km

Kanchanaphisek Road 165km

Chiang Mai – Lampang 53km

Suphan Buri – Chai Nat 42km

Kanchanaphisek – Bang Pa Han 48km

Chon Buri – Korat 288km

Kanchanaphisek – Saraburi 78km

Kanchanaphisek – Sa Kaeo 204km

Chonburi – Trat 216km

Bang Yai – Kanchanaburi 164km

Kanchanaphisek – Pak Tho 74km

Surat Thani – Phuket 191km

Songkhla – Sadao 95km

Third Outer Ring Road 254km

Chonburi – Nakhon Pathom 312km

M3

M4

M5

M6

M7

M8

M9

M51

M52

M53

M61

M62

M71

M72

M81

M82

M83

M84

M91

M92

Public Private Partnership Scheme

Source: DOH

“Enormous investment opportunities of circa 6,000km

intercity motorway throughout Thailand potentially creates

unique inorganic growth of DMT. DMT may also consider

partnership with leading players, leveraging their strengths

for project development”

Master Plan of Intercity Motorway

Asset Ownership Scheme1

BTO BOT BOO

Investment Scheme2

Gross Cost

Net Cost

Lower risk of revenue streams since the project

will receive stable amount of Availability Payment

Higher risk of revenue streams; however, there

will be a potential upsides to the project

Build Transfer

OperateBuild Operate

TransferBuild Own

Operate

“Well-structured and well-balanced risk and reward between public

sector and private sector, which is one of the top priorities of DMT,

will definitely limit downsides and create upsides to the project”

Simplified Universe of Investment Opportunity

Potential Opportunity in Acquisition of Future Projects (Cont’d)

Page 26: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

26

Potential Opportunity in Acquisition of Future Projects (Cont’d)

Bang Khun Thian – Ban Phaeo Motorway (M82) 25 Km.

Bang Khun Thian – Maha Chai

Under Construction

10 Km.

Rama 3 Extension (EXAT)

Under Construction

Maha Chai – Ban Phaeo

Contractor Selection

15 Km.

Expected Timeline

PPP Scheme : Gross Cost (Expected)

ITB for O&M : 2022-2023

Operation Year : 2025

New projects : Status of Toll Road Projects in Thailand

Page 27: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

27

Potential Opportunity in Acquisition of Future Projects (Cont’d)

Rangsit – Bang Pa In Motorway (Tollway Extension : M5) 18 Km.

Expected Timeline

PPP Scheme Approval : Q4/2021

PPP Scheme : Gross Cost (Expected)

ITB : 2022

Construction : 2022

Operation Year : 2025

New projects : Status of Toll Road Projects in Thailand

Page 28: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

28

Ayutthaya

M6

Bangkok & its

Vicinity Areas

SaraburiNakhon

Ratchasima

Chainat

Nakhon

Sawan

M5

M5

M5

M6

M6

Khon

Kaen

Nong Khai

Lampang

Chiang

Mai

Chiang Rai

Uttaradit

Phitsanulok

Phichit

Potential Opportunity in Acquisition of Future Projects (Cont’d)

Khao Yai National Park

Navana-

korn IE

Talad Thai

Bangkok

University

Thammasat

University

Rajabhat

University

Bang

Pa-In IE

Wat Phra Phutthachai

Pak Chong

Nakhon

Ratchasima

Don Mueang

International Airport

ZPELL: Shopping Mall

Royal Thai

Mint

Rangsit

Market

Bang Pa In – Nakhon Ratchasima (~196km):

a major gateway to the Northeastern region of Thailand which covers

the areas of

▪ Wang Noi Districts, Ayutthaya

▪ Mueang Saraburi, Kaeng Khoi, and Muak Lek Districts, Saraburi

▪ Pak Chong District, Korat

Rangsit Extension

Section (DOH) and

Don Muang Tollway

(DMT)

“Besides the connection to the Si Rat Expressway at Din Daeng, DMT will

link to M5 and M6 intercity motorways unlocking potential demands in

the Upper Central, Northern, and Northeastern Regions of Thailand”

Source: DMT, DOH, EXAT

Potential Demands Unlocking of DMT from M5 and M6 Simplified Assets Linkage and Their Strategic Locations

M6

M5 Rangsit – Bang Pa In Section (~18km):

an extension of Utraphimuk Elevated

Tollway which is expected to complete in

2025. This route is located along well-

known universities, industrial estate, and

large wholesale market.

DMT’s Potential Demands Unlocking through M5 and M6

Page 29: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

29

Potential Opportunity in Acquisition of Future Projects (Cont’d)

Rangsit – Bang Pa In (“M5”)

▪ Total length: ~18km

▪ Timeline: PPP selection process in

2021; construction start in 2022; target to

operate in 2025

▪ Project Costs: THB 39,956 mm

Nakorn Pathom – Cha Am (“M8”)

▪ Total length: ~119km

▪ Timeline: PPP selection process in

2021; construction start in 2022;

target to operate in 2026

▪ Project Costs: THB 79,006 mmBang Khun Thian – Ban Phaeo

Section (“Part of M82”)

▪ Total length: ~25km

▪ Timeline: PPP selection process in

2022-23; construct start in 2022-23;

target to operate in 2025

▪ Project Costs: THB 48,310 mm

2

3

Bang Khun Thian – Bang Bua Thong Section

(“Part of M9”)

▪ Total length: ~38km

▪ Timeline: PPP selection process in 2021-

2022; construction start in 2023; target to

operate in 2026

▪ Project Costs: THB 64,848 mm 4

Phuket’s Kathu-Patong

Expressway Project

▪ Total length: ~4km

▪ Timeline: PPP selection process in

2021; construction start in 2023; target

to operate in 2027

▪ Project Costs: THB 14,177 mm

5

Massive Investment Opportunities about Transportation Projects are Lining Up with an Aggregated Value of circa THB 250,000 mm

Don Muang Tollway

Rangsit Extension Section

Potential Investment

Projects owned by DOH

Source: DMT, DOH, EXAT, Other public sources

1

Potential Projects that DMT is eyeing

Page 30: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

E: Financial Highlights

Page 31: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

31

1,600 2,155300

2,7381,639

343

454541

505

488

419

357

244

6,2466,983

7,608

9,464

2018 2019 2020 1H2021

Loans Debenture Provision for Maintenance Liabilities

Other Liabilities Shareholders' Equity

Financial Positions

Unit: THB mm

Cash and Short-term Investment Long-term Investment

Tollways Usage Rights Deferred Tax Assets Other Assets

Unit: THB mm

341 638 487 550

568 170 149 58

10,398 9,925 9,608 9,503

202273 287 280

12989 110 121

2018 2019 2020 1H2021

0.9x

0.6x

0.4x

0.1x

0.7x

0.5x

0.3x

0.0x

2018 2019 2020 1H2021

Debt/Equity IBD/Equity

Unit: Times

21.0%

17.5%

10.8%

2.68%

11.6%10.2%

7.3%

2.41%2018 2019 2020 1H2021

ROE ROA

Unit: Percent

Disposal of Long-term investment

and concession amortization

Refinance in borrowing of

long-term loans to repay

total outstanding balance

of debenture

Debt/Equity & IBD/EquityReturn on Assets & Return on Equity

Liabilities & Shareholders’ EquityAssets

ST and LT Loan repayment

total 2,408 MB

Increase of loans

for the purpose of

dividend payment

Registration of paid-up

share capital and the share

premium from newly-issued

ordinary shares that were

listed on the Stock

Exchange of Thailand. The

share premium has a net

remaining amount of Baht

1,448 MB

Page 32: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

32

Financial Overview

Unit: THB mm Unit: THB mm

2,1241,810

1,279

356

70.2%64.3% 62.5%

56.1%

2018 2019 2020 1H2021

Gross Profit Gross Profit Margin

2,4122,063

1,421

315

79.7%73.2%

69.4%

59.0%

2018 2019 2020 1H2021

EBITDA EBITDA Margin

1,457

1,159

791

206

48.2%

41.1%38.7%

32.5%

2018 2019 2020 1H2021

Net Profit Net Profit Margin

Unit: THB mmUnit: THB mm

3,025 2,816

2,047

635

3330

13

4

1713

4

1

2018 2019 2020 1H2021

Toll Revenue Income from Investment Other Income

Gross Profit & Gross Profit MarginRevenue Breakdown

Net Profit & Net Profit MarginEBITDA & EBITDA Margin

*2020-2021 Effective cost management

Page 33: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

33

CompaniesDividends

Policy

Solvency Risks(1)

D/E Ratio IBD/E Ratio

DMT≥ 90% of net

profits0.11x 0.03x

BEM≥ 40% of net

profits2.09x 1.88x

BTS≥ 50% of net

profits1.96x 1.64x

“Lowest Solvency Risks and Highest

Dividends Policy Among Its Local

Peers with Dividends Policy Relative

to Infrastructure Funds”

DMT BEM BTS

ROE 6.38 5.45 9.87

ROA 7.74 3.89 5.47

Net Profit Margin 32.23 9.87 15.06

EBIT Margin 41.00 26.21 25.99

Gross Profit Margin 56.42 48.94 22.01

D/E Ratio 0.11 2.09 1.96

Interest Coverage 12.73 1.76 3.44

Current Ratio 0.84 0.40 0.50

Quick Ratio 0.77 0.27 0.30

“Higher Liquidity and Profit Margin

Among Its Local Peers”

H1/2021

Financial Comparisons

DMT in comparison with Local Peers in similar businesses

Page 34: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

34

Dividend Payment Track Record

Historical Dividend Payment

Dividend Payment (LHS) Dividend Payout Ratio (RHS)

Unit: THB mm Unit: Percent

Source: DMT’s Financial Statements

Note: (1) Dividend Payout Ratio = Dividend paid amount in each fiscal year / Net income in each fiscal year

571 636 562 656 729521

1,142 1,041

2,863

412156

139% 134%

90%84% 80%

41%

76% 74%

196%

36%

20%

-40%

10%

60%

110%

160%

210%

-

500

1,000

1,500

2,000

2,500

3,000

3,500

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

In addition to dividend payment

based on the operating performance

of their fiscal year, there was the

additional payment based on their

retained earnings that have been

accumulated for several years

(2)2021 Interim Dividend for Operating Results 1H2021 in the amount of 82.7 mm

Cash Dividend for the Financial Year

Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 HF1

DPS 0.40 0.60 0.67 0.70 0.80 0.85 1.00 1.00 2.25 0.30 0.50 0.07

Payout 101.13% 132.07% 111.16% 92.87% 91.17% 69.17% 69.51% 74.48% 88.60% 26.96% 65.78% 40.09%

Page 35: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

F: Management Team

Page 36: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

36

Supported by Long Established Experienced & Committed Management Team

Experience

▪ Over 60 years of

professional experience

▪ Director of the companies

in agricultural, utilities,

petrochemical, logistic, real

estate, consumer goods

and automotive industrySombath Phanichewa

Chairman

Professor Rawat Chamchalerm

Vice Chairman/ Chairman of the

Management Committee

Experience

▪ Over 50 years of

professional experience

in both private and

government sectors

Dr. Prakob Tantiyapong

Independent Director/

Chairman of the Audit Committee

Experience

▪ Over 50 years of

professional experience

▪ Senior expert from

Ministry of Finance

Somnuk Chaidejsuriya

Independent Director / Chairman of

the Risk Management Committee

Experience

▪ 40 years of experience

▪ Current and former

director of the companies

in utilities, finance and

consumer goods industry

Chumpol Rimsakorn

Director

Experience

▪ Deputy Permanent

Secretary for Ministry of

Finance

▪ Director of TFFIF

▪ Director of the companies

in finance and energy

industry

Visit Vongruamlarp

Independent Director

Experience

▪ Over 40 years of

professional experience

▪ Director of the company

in finance sector

Tarnin Phanichewa

Director/ Managing Director

Experience

▪ Over 20 years of experience

in tollway business

▪ Managing Director of DMT

▪ Executive Director and

Treasurer of Roads

Association of Thailand

Suchatvee Suwansawat, Sc.D.

Independent Director

Experience

▪ 25 years of experience

in government sector

and education

institution

▪ Director of MEA

Pantip Sripimol

Director

Experience

▪ Over 35 years of

professional experience in

both private and

government sectors

▪ Director of the company in

finance industryAnon Luangboriboon

Director

Experience

▪ Deputy Permanent

Secretary for Ministry of

Transportation

▪ Director of EXAT

Experience

▪ 30 years of professional

experience

▪ COO of Starprint Public

Company Limited

▪ Former executive of the

companies in finance

and media industryDhanavisuth Visuthi

Director

Experience

▪ 8 years of professional

experience in finance

industry

Pornthep Panyarachun

Director

Experienced and Diversified Background of Board of Director Members

Dr. Vichya Kreangam

Independent Director

Experience

▪ Advisor to Sub-Committee

of National Reform

Steering Assembly

▪ Director of the companies

in healthcare, finance and

construction material

industry

Page 37: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

37

Supported by Long Established Experienced & Committed Management Team (Cont’d)

Suthep Tharawas

First Senior Vice President

Boonchana Threedidth U.Domphorn

Senior Vice President –

Risk Management and Safety

Board of

Directors

Management

Committee

Audit

Committee

Internal AuditManaging Director

EVP - OperationEVP - Business

and Finance

FVP - Business

& Finance

Senior Vice

President

First Senior Vice

President

SVP - Risk Management

and Safety

VP - Project

Management

VP - Office of

Managing Director

Vice President - Human

Resource & CSR

VP - Office of Company

Secretary & CG

Risk

Management

Committee

Nomination &

Remuneration

Committee

Business

Development

Committee

Anoma Urit

Executive Vice President –

Operations (COO)

Sakda Panwai , Ph.D.

Executive Vice President -

Business & Finance

Managing Director /

Senior Vice President (Acting)

Experience in Tollway

Business

▪ Managing Director of DMT

▪ Executive Director and

Treasurer of Roads

Association of Thailand

Experience in Tollway Business

▪ Former Director of Treasury and

Accounting Department of EXAT

▪ More than 20 years of experience in

Tollroad Business

Experience in Tollway Business

• 14 years with DMT

Tarnin Phanichewa

Tollway Business

Experience >20 YRS

High Level Management Team

Experience in Tollway Business

▪ 11 years with DMT

Experience in Tollway Business

▪ 13 years with DMT

One-Stop Organization Structure

Unrivalled Expertise with In-depth Understanding in Tollway Business

Working with Project Development Working Team

having seasoned experiences in tollway business for

potential investment opportunities in toll road projects

Business Development Committee

Page 38: Analyst Meeting 1H2021 Presentation - dmt.listedcompany.com

38

Don Muang Tollway Public Company Limited

40/40 Viphavadi Rangsit Road, Sanambin,

Don Muang, Bangkok 10210 Thailand

Tel: +66 2 792 6500 Fax: +66 2 552 8065

Website: www.tollway.co.th

THANK YOU