analyst meeting 1h2021 presentation - dmt.listedcompany.com
TRANSCRIPT
Analyst Meeting 1H2021 Presentation
August 2021
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.
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
A. Company Overview
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%
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
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)
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
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
10
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
B. Industry Overview
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”
13
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
14
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
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
C. Key Changes and Future Trends
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
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
D. Highlights for Business Sustainability
Development
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
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
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
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
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
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)
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
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
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
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
E: Financial Highlights
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
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
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
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%
F: Management Team
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
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
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