Analyst Meeting 1H2021 Presentation - August 2021
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Analyst Meeting 1H2021 Presentation August 2021
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.
2
Table of Contents
A. Company Overview
B. Industry Overview
C. Key Changes and Future Trends
D. Highlights for Business Sustainability Development
E. Financial Highlights
F. Management Team
3
A. Company Overview
DMT at A Glance
Understanding the Company at A Glance
DMT at A Glance Shareholders Structure
“Who We Are” Panichewa Ministry of Golden Horse
Others
We are a sole private operator of Don Muang Tollway under Family Finance Limited
26.3%
Build-Transfer-Operate (BTO) concession with the 40.1% 22.1% 11.7%
Department of Highways (DOH), ended by September 2034
“DMT’s Core Assets”
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
“Our Driven Strategies”
We emphasize on the continuous development of people,
operational workflows, safety & security systems, business,
and innovative technology
Our Committed Vision and Mission
Vision
“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”
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
“Mr. Tollway” our represented icon for brand awareness to customers
Note: (1) Ultimate shareholder of Golden Horse Limited is Mr. Aiyawatt Srivaddhanaprabha
5
Key Milestones
Long-Established Milestones and Experiences in Toll Business
29 April 2021
Registered Paid-
2019
Up Capital 140
o Approved by EGM on million shares
2007 the listing of DMT’s
7 May 2021
o Entered into MOA 3/2550 shares in the Stock
1996 Exchange of Thailand o FTD- Completed
To extend the whole (SET) listing process
o Entered into MOA 2/2539 concession period to o Filed the listing on SET
To obtain rights to construct and September 2034 application
operate the “Northern To specify toll rate 2021
Extension Section” schedule throughout the
To extend the whole concession concession 2019
period to November 2021 and
1995 2013
change the scheme of all rights
o Entered into MOA to Build-Transfer-Operate (BTO) 2011
1/2538 o Offered the shares to the Ministry
2007 2013
To obtain BOI under of Finance (MOF)
existing concession o Launched
2006 “Smart Purse”
1989 agreement in exchange
2011 card
of additional benefits
o Entered into the 25-year 1998
o Resumed the full o Surge in number
contributed to Thai
Concession Agreement operation of low
government 1996 of sold cars due
with the Department of 2006 cost airline at to government
Highway (DOH) to o Moved the airline Don Mueang
1995 support policy
construct and operate operation at Don Airport, reflecting
the “Original Section” 1998 Mueang Airport to in surge of traffic
1994
under Build-Operate- o Obtained BOI in Suvannabhumi users
Transfer (BOT) scheme operation of the International
1991
Northern Airport reflecting
1989 Extension Section in drop of traffic
1994
o Commenced the users
1988 o Converted into
operation of the
public company
1991 Northern
o Commenced the Extension Section
o Obtained BOI in
operation of the
operation of the
Original Section
Original Section
1988
o DMT was incorporated
6
DMT’s Key Operating Assets
A 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”
Outbound Toll Outbound Tollway
Plaza 1-7 Exit 1-7
Inbound Toll Inbound Tollway
Plaza 1- 4 Exit 1-6
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
Original Section (15.4 km) Northern Extension Section (5.6 km) Rangsit Extension Section (6.8 km)
Vibhavadi Rangsit Road Vibhavadi Rangsit Toll Plaza Vibhavadi Rangsit Toll Plaza Phaholyothin Road
Toll Plaza
km 5 + 700 Road km 21 + 100 From Don Muang to Road km 26 + 700 From National Memorial km 33 + 800
From Din Daeng to Don Muang
(Din Daeng) (Don Muang) National Memorial (National Memorial) to Royal Thai Mint (Royal Thai Mint)
End of
Beginning of Cutting End of
Operated by DMT Operated by DMT Operated by DOH DOH’s
Tollway Point Tollway
Section
Source: DMT, DOH 7
Our Comprehensive Operation System
Excellent Services and Operations Enhancing Convenience & Safety of Tollway Users
Toll Collection System Traffic Management Team
• Well-established toll collection • Monitoring by Operation Control
system enhances the flows of Center to detect unusual events or
vehicles smoothly accident by Artificial Intelligence
and Video Analytics
• Current development of new
Electronic Toll Collection System • With the 24/7 monitoring system,
which will support M-Pass and rescue or maintenance teams can
Easy Pass System reach a point where accident
happens immediately
Rescue Team Maintenance Team
• Preventive and corrective
• Highly expertise rescue team inspection and maintenance of
in communication with Operation Tollway structure, road, and
Control Center to provide prompt electrical system are regularly done
services to customers in case of by experienced and high-caliber
emergency e.g. car accident and technicians to comply with DOH’s
broken car standard and to provide excellent
service to customers
8
Historical Revenues from Operation and Traffic
6.4% 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)
1st Toll Rate Increase in 2007
2nd Toll Rate Increase in 2009 3rd Toll Rate 4th Toll Rate
Increase Increase
4,500 100
The outbreak of
57.2 58.2 COVID-19 Wave#1
4,000 50.8 57.1 53.8
46.4 48.5
41.4 50
34.9 36.2 34.9
3,500
11.0
Resumed the full
3,000 operation of low cost 0
airline at Don Mueang
Airport, reflecting in The outbreak of COVID-19
surge of traffic users Wave #2,#3
2,500
-50
2,000
1,500 2,953 2,978 3,025 -100
2,816
2,625
1,000 2,028 2,133 2,047
1,791
1,510 1,558 -150
500
635
- -200
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H2021
Toll Revenue (THB mm) Annual Traffic (million vehicles)
Note: (1) Annual Traffic and revenues from Toll (excluding VAT) include both Original and Northern Extension Sections and Type 1 and Type 2 vehicles 9
DMT’s Historical Traffic Volume
Traffic Volume Hit by Covid-19 Pandemic in 2020 and is Getting Back on Track
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
5-Year Historical Traffic Volume (Original Section)
Average Vehicles per Day : VpD
120,000
2021 (1H) : 35,797 VpD
80,000 2020 : 58,140 VpD
2019 : 92,914 VpD
40,000
2018 : 99,516 VpD
0 2017 : 97,919 VpD
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
5-Year Traffic Volume (Northern Extension Section)
Average Vehicles per Day : VpD
80,000
2021 (1H) : 24,838 VpD
60,000
2020 : 37,143 VpD
40,000
2019 : 54,376 VpD
20,000 2018 : 59,925 VpD
- 2017 : 58,804 VpD
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: DMT 10B. Industry Overview
Transportation Industry Overview
Circa 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
Length Avg. Vehicles / Day
“Comprehensive toll road network will result to better mobility Toll Road Servicing Route
(km) in 2019(1) in 2020(1)
and social participation - linking producers to markets, workers
to jobs, students to schools, travelers to tourist attractions, and the
Don Muang Tollway
sicks to hospitals faster, safer, and more convenient” Din Daeng - National Memorial ~21 147,290 95,283
(“DMT”)
Chaloem Maha Nakhon Dao Kanong – Bang Na Trad – Din
~27 373,498 313,434
(“FES”) Daeng
Si Rat: A and B Ratchda Phisek – Rama 9 Road &
~22 317,306 266,113
(“SES A & SES B”) Payathai Interchange – Bangkhlo
Si Rat: C Prachachuen – Chaeng Watthana
~8 187,579 154,647
(“SES C”) Road
Si Rat: D
Asoke – Srinagarindra Road ~9 203,298 167,604
(“SES D”)
Chalong Rat Expressway Outer Ring Road – Ramindra – At
~28 230,181 205,779
(“RAE”) Narong Expressway
Si Rat–Outer Ring Road
Outer Ring Road ~17 64,241 58,702
Expressway (“SOE”)
Udon Ratthaya
Bang Pa In – Pak Kret ~32 91,467 78,187
Expressway (“SES C+”)
Burapha Withi Bang Na – Bang Phli – Bang
~55 155,520 131,758
Expressway (“BNBP”) Pakong
Bang Phli–Suk Sawat
Bang Phli – Suk Sawat ~23 248,496 224,111
Expressway (“SOBRR”)
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 12Transportation Industry Overview (Cont’d)
The Soft Opening of the Red Line Commuter Train
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.
SRT Red Line Projects
SRT Dark Red Line
SRT Light Red Line
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/9640000076858
Source : Office of Transportation Policy
13Transportation Industry Overview (Cont’d)
COVID-19 Impact on Railway Ridership
Railway Passengers in 2019-2021
Before After
Railway COVID-19 COVID-19 % Decrease
Passengers/Day
14
Source : https://www.prachachat.net/property/news-732583Transportation Industry Overview (Cont’d)
New Development around Tollway
The Bang Sue Area Development
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
▪ 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
15
Source : https://www.prachachat.net/property/news-732583C. Key Changes and Future Trends
Key Changes and Future Trends
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
17Our Business Driven Strategies
Tangible Strategies Aiming to Maximize Shareholders’ Value
Our Business Driven Strategies
Connect with other Build Efficient
Growth from Management Continuously Improve Create Responsibility for
Expressways and Seek Organization with Best
of Tollway Business Operating Performance All Stakeholders
for Cream Opportunities Human Resource
• Focus on the improvement • Immediate rescue by 24/7 • Penetrate new customers • Continuously develop • Operate the business and
of operating efficiency to monitoring system from segmentation by connecting employees’ skills through treat all business partners
increase the profitability of Operation Control Center Don Muang Tollway with various activities e.g. with honesty and
Don Muang Tollway other transportation Intensive Training Program transparency
• Continuously develop new networks and Scholarship Award
• Maximize return to the technology and provide • Create good atmosphere in
shareholders and enhance outstanding services to the • Seek for new opportunities in safeness and personal
financial stability under good customers by offering best- new tollroad projects in health care for all
corporate governance in-class technology: both domestic and employees
− EV Charging Service international countries
− Europay MasterCard Visa
− Smart Energy Technology
18D. Highlights for Business Sustainability
DevelopmentPotential Opportunity in Acquisition of Future Projects
Stay up to date with evolving technology in recent DMT projects
DMT Projects : Moving Forward to the Future trends
1) Change of Technology
- Payment Technology
- Green Energy and Solar Energy
- Artificial Intelligence (AI) and RPA
Toll Collection Technology
MTC/ETC Project ETS Solar Energy Solar Roof 20Potential Opportunity in Acquisition of Future Projects (Cont’d)
Stay up to date with evolving Law and Environment Requirements
DMT Projects : Moving Forward to the Future trends
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
21Potential Opportunity in Acquisition of Future Projects (Cont’d)
Stay up to date with evolving Consumer Behaviors
DMT Projects : Moving Forward to the Future trends
3) Change in Consumer Behaviors
- Cashless Society
- EV Car
EV Service
- Online Customer Relation Management (CRM)
- Social Media Information
EMV/QR Payment
CRM Line Official Account 22Potential Opportunity in Acquisition of Future Projects (Cont’d)
Study of new opportunities other than Tollroad business
New projects : Non-Toll Business
Feeder System : Study of Red Line Project
Red Line Operation Date : 2 August 2021
Green Energy
23Potential Opportunity in Acquisition of Future Projects (Cont’d)
Study of new opportunities other than Tollroad business
New projects : Non-Toll Business
Rest Area Projects in Motorway M7 and M6/M81 Service Center
Sriracha
(Market Sounding : 24 May 2021 and 30 July 2021)
M6
1 Service Center
2 Service Areas
5 Rest Areas
PPP Scheme : Net Cost Service Area
Investment : Study Process Bang Lamung
ITB 2022
Construction 2022
Operation Year 2024
M81 M7
2 Service Areas 1 Service Center (Sriracha)
1 Rest Areas 1 Service Area (Bang Lamung)
PPP Scheme : Net Cost PPP Scheme : Net Cost
Investment : Study Process Investment : Study Process
ITB 2022 ITB Q4/2021
Construction 2022 Construction 2022
Operation Year 2024 Operation Year 2023 24Potential Opportunity in Acquisition of Future Projects (Cont’d)
Simplified Universe of Investment Opportunity
Rare and Unique Investment Opportunities
Master Plan of “Enormous investment opportunities of circa 6,000km
M2 Tak – Mukdahan 704km intercity motorway throughout Thailand potentially creates
Intercity Motorway
unique inorganic growth of DMT. DMT may also consider
M3 Surin – Bueng Kan 465km
M51 M5 partnership with leading players, leveraging their strengths
M4 Nakhon Sawan – Ubon 610km for project development”
M6 M5 DMT – Bang Pa In – Chiang Rai 853km
M3
M6 Bang Pa In – Nong Khai 540km
Public Private Partnership Scheme
M2 Bangkok – Ban Chang
M7 153km
M8 Nakhon Pathom – Narathiwat 1,103km “Well-structured and well-balanced risk and reward between public
sector and private sector, which is one of the top priorities of DMT,
M52 M92 M4 M9 Kanchanaphisek Road 165km
will definitely limit downsides and create upsides to the project”
M53 M61 M51 Chiang Mai – Lampang 53km
M81
M71
M52 Suphan Buri – Chai Nat 42km 1 Asset Ownership Scheme
M82 M62
M9 M53 Kanchanaphisek – Bang Pa Han 48km
M91 M7 M72 M61 Chon Buri – Korat 288km BTO BOT BOO
M62 Kanchanaphisek – Saraburi 78km
M71 Kanchanaphisek – Sa Kaeo 204km Build Transfer Build Operate Build Own
Operate Transfer Operate
M72 Chonburi – Trat 216km
M81 Bang Yai – Kanchanaburi 164km Investment Scheme
2
M83
M82 Kanchanaphisek – Pak Tho 74km
M83 Surat Thani – Phuket 191km
M84 Lower risk of revenue streams since the project
Gross Cost will receive stable amount of Availability Payment
M84 Songkhla – Sadao 95km
M8
M91 Third Outer Ring Road 254km
M92 Chonburi – Nakhon Pathom 312km Higher risk of revenue streams; however, there
Net Cost will be a potential upsides to the project
Source: DOH
25Potential Opportunity in Acquisition of Future Projects (Cont’d)
New projects : Status of Toll Road Projects in Thailand
Bang Khun Thian – Ban Phaeo Motorway (M82) 25 Km.
Expected Timeline
PPP Scheme : Gross Cost (Expected) Rama 3 Extension (EXAT)
ITB for O&M : 2022-2023 Under Construction
Operation Year : 2025
Bang Khun Thian – Maha Chai
Under Construction
10 Km.
Maha Chai – Ban Phaeo
Contractor Selection
15 Km.
26Potential Opportunity in Acquisition of Future Projects (Cont’d)
New projects : Status of Toll Road Projects in Thailand
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
27Potential Opportunity in Acquisition of Future Projects (Cont’d)
DMT’s Potential Demands Unlocking through M5 and M6
Potential Demands Unlocking of DMT from M5 and M6 Simplified Assets Linkage and Their Strategic Locations
“Besides the connection to the Si Rat Expressway at Din Daeng, DMT will
link to M5 and M6 intercity motorways unlocking potential demands in M6 Bang Pa In – Nakhon Ratchasima (~196km):
the Upper Central, Northern, and Northeastern Regions of Thailand” a major gateway to the Northeastern region of Thailand which covers
the areas of
▪ Wang Noi Districts, Ayutthaya
Chiang Rai ▪ Mueang Saraburi, Kaeng Khoi, and Muak Lek Districts, Saraburi
M5 ▪ Pak Chong District, Korat
Chiang
Mai
Lampang Pak Chong
M5 Nong Khai
Uttaradit
Bang Nakhon
M6 Ratchasima
Pa-In IE
Phitsanulok
Khon Wat Phra Phutthachai
Phichit Kaen Khao Yai National Park
M5
Nakhon Rajabhat
Sawan University M5 Rangsit – Bang Pa In Section (~18km):
M6
Navana-
an extension of Utraphimuk Elevated
korn IE Tollway which is expected to complete in
Chainat
Nakhon 2025. This route is located along well-
Saraburi M6 Ratchasima known universities, industrial estate, and
Thammasat
University Talad Thai large wholesale market.
Ayutthaya
Bangkok Royal Thai
Bangkok & its University Mint
Vicinity Areas
ZPELL: Shopping Mall Rangsit Extension
Rangsit
Market Section (DOH) and
Don Muang Tollway
Don Mueang (DMT)
International Airport
Source: DMT, DOH, EXAT 28Potential Opportunity in Acquisition of Future Projects (Cont’d)
Potential Projects that DMT is eyeing
Massive Investment Opportunities about Transportation Projects are Lining Up with an Aggregated Value of circa THB 250,000 mm
Don Muang Tollway Potential Investment
Projects owned by DOH
Rangsit Extension Section
Bang Khun Thian – Bang Bua Thong Section
(“Part of M9”)
▪ Total length: ~38km
Rangsit – Bang Pa In (“M5”)
▪ Timeline: PPP selection process in 2021-
2022; construction start in 2023; target to ▪ Total length: ~18km
operate in 2026 ▪ Timeline: PPP selection process in
▪ Project Costs: THB 64,848 mm 4 1 2021; construction start in 2022; target to
operate in 2025
▪ Project Costs: THB 39,956 mm
Nakorn Pathom – Cha Am (“M8”)
▪ Total length: ~119km 5
Phuket’s Kathu-Patong
2
▪ Timeline: PPP selection process in Expressway Project
2021; construction start in 2022;
3 ▪ Total length: ~4km
target to operate in 2026
Bang Khun Thian – Ban Phaeo ▪ Timeline: PPP selection process in
▪ Project Costs: THB 79,006 mm
Section (“Part of M82”) 2021; construction start in 2023; target
to operate in 2027
▪ Total length: ~25km
▪ Project Costs: THB 14,177 mm
▪ Timeline: PPP selection process in
2022-23; construct start in 2022-23;
target to operate in 2025
▪ Project Costs: THB 48,310 mm
Source: DMT, DOH, EXAT, Other public sources 29E: Financial Highlights
Financial Positions
Assets Liabilities & Shareholders’ Equity
Unit: THB mm Unit: THB mm Refinance in borrowing of Registration of paid-up
Increase of loans share capital and the share
Disposal of Long-term investment for the purpose of long-term loans to repay premium from newly-issued
and concession amortization dividend payment total outstanding balance ordinary shares that were
of debenture listed on the Stock
Exchange of Thailand. The
129 share premium has a net
202 89 110 121 remaining amount of Baht
273 287 280 1,448 MB
6,246
6,983
7,608
10,398 9,925 9,464
9,608 9,503 488
343 419
2,738 454 357
1,639 541
568 170 149 58 244
1,600 2,155
341 638 487 550 505
300
2018 2019 2020 1H2021 2018 2019 2020 1H2021
Cash and Short-term Investment Long-term Investment Loans Debenture Provision for Maintenance Liabilities
Tollways Usage Rights Deferred Tax Assets Other Assets Other Liabilities Shareholders' Equity
Return on Assets & Return on Equity Debt/Equity & IBD/Equity
Unit: Percent Unit: Times
21.0% 0.9x
17.5%
0.6x
0.7x ST and LT Loan repayment
10.8% 0.4x total 2,408 MB
11.6% 0.5x
10.2%
2.68% 0.1x
7.3% 0.3x
0.0x
2.41%
2018 2019 2020 1H2021 2018 2019 2020 1H2021
ROE ROA Debt/Equity IBD/Equity
31Financial Overview
Revenue Breakdown Gross Profit & Gross Profit Margin
Unit: THB mm Unit: THB mm
70.2%
17 64.3% 62.5%
33 13 56.1%
30
4
13
3,025 2,124
2,816 1,810
2,047 1,279
1
4
635 356
2018 2019 2020 1H2021 2018 2019 2020 1H2021
Toll Revenue Income from Investment Other Income Gross Profit Gross Profit Margin
EBITDA & EBITDA Margin Net Profit & Net Profit Margin
Unit: THB mm Unit: THB mm
48.2%
79.7%
73.2% 41.1%
69.4% 38.7%
59.0% 32.5%
1,457
2,412
2,063 1,159
1,421 791
206
315
2018 2019 2020 1H2021 2018 2019 2020 1H2021
EBITDA EBITDA Margin Net Profit Net Profit Margin
*2020-2021 Effective cost management 32Financial Comparisons
DMT in comparison with Local Peers in similar businesses
DMT BEM BTS
ROE
ROA
6.38
7.74
5.45
3.89
9.87
5.47
H1/2021
Net Profit Margin 32.23 9.87 15.06 “Higher Liquidity and Profit Margin
EBIT Margin 41.00 26.21 25.99 Among Its Local Peers”
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
Dividends Solvency Risks(1)
Companies
Policy D/E Ratio IBD/E Ratio
≥ 90% of net
“Lowest Solvency Risks and Highest DMT
profits
0.11x 0.03x
Dividends Policy Among Its Local
Peers with Dividends Policy Relative ≥ 40% of net
to Infrastructure Funds” BEM
profits
2.09x 1.88x
≥ 50% of net
BTS
profits
1.96x 1.64x
33Dividend Payment Track Record
Historical Dividend Payment
Unit: THB mm Unit: Percent
In addition to dividend payment
based on the operating performance
3,500 196% 210%
of their fiscal year, there was the
additional payment based on their
retained earnings that have been
3,000 accumulated for several years
160%
139% 134%
2,500
110%
2,000 90%
84% 80% 76% 74%
1,500
2,863 60%
41%
36%
1,000 20%
10%
500 1,142 1,041
636 656 729
571 562 521 412
156
- -40%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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%
Dividend Payment (LHS) Dividend Payout Ratio (RHS)
Source: DMT’s Financial Statements
Note: (1) Dividend Payout Ratio = Dividend paid amount in each fiscal year / Net income in each fiscal year
(2)2021 Interim Dividend for Operating Results 1H2021 in the amount of 82.7 mm 34F: Management Team
Supported by Long Established Experienced & Committed Management Team
Experienced and Diversified Background of Board of Director Members
Experience Experience Experience Experience
▪ Over 60 years of ▪ Over 50 years of ▪ Over 50 years of ▪ 40 years of experience
professional experience professional experience professional experience ▪ Current and former
▪ Director of the companies in both private and ▪ Senior expert from director of the companies
in agricultural, utilities, government sectors Ministry of Finance in utilities, finance and
petrochemical, logistic, real consumer goods industry
estate, consumer goods
and automotive industry
Sombath Phanichewa Professor Rawat Chamchalerm Dr. Prakob Tantiyapong Somnuk Chaidejsuriya
Chairman Vice Chairman/ Chairman of the Independent Director/ Independent Director / Chairman of
Management Committee Chairman of the Audit Committee the Risk Management Committee
Experience Experience Experience
▪ 25 years of experience ▪ Over 40 years of ▪ Advisor to Sub-Committee
in government sector professional experience of National Reform
and education ▪ Director of the company Steering Assembly
institution in finance sector ▪ Director of the companies
▪ Director of MEA in healthcare, finance and
construction material
Suchatvee Suwansawat, Sc.D. Visit Vongruamlarp Dr. Vichya Kreangam industry
Independent Director Independent Director Independent Director
Experience Experience Experience
▪ Deputy Permanent ▪ Over 35 years of ▪ Deputy Permanent
Secretary for Ministry of professional experience in Secretary for Ministry of
Finance both private and Transportation
▪ Director of TFFIF government sectors ▪ Director of EXAT
▪ Director of the companies ▪ Director of the company in
in finance and energy finance industry
Chumpol Rimsakorn industry Pantip Sripimol Anon Luangboriboon
Director Director Director
Experience Experience Experience
▪ 30 years of professional ▪ 8 years of professional ▪ Over 20 years of experience
experience experience in finance in tollway business
▪ COO of Starprint Public industry ▪ Managing Director of DMT
Company Limited ▪ Executive Director and
▪ Former executive of the Treasurer of Roads
companies in finance Association of Thailand
Dhanavisuth Visuthi and media industry Pornthep Panyarachun Tarnin Phanichewa
Director Director Director/ Managing Director
36Supported by Long Established Experienced & Committed Management Team (Cont’d)
Unrivalled Expertise with In-depth Understanding in Tollway Business
High Level Management Team
Sakda Panwai , Ph.D. Suthep Tharawas
Tarnin Phanichewa Executive Vice President - First Senior Vice President
Business & Finance
Tollway Business
Experience >20 YRS Experience in Tollway Business Experience in Tollway Business
▪ Former Director of Treasury and ▪ 11 years with DMT
Managing Director / Accounting Department of EXAT
Senior Vice President (Acting) ▪ More than 20 years of experience in
Tollroad Business
Experience in Tollway
Business
▪ Managing Director of DMT Anoma Urit Boonchana Threedidth U.Domphorn
▪ Executive Director and Executive Vice President – Senior Vice President –
Treasurer of Roads Operations (COO) Risk Management and Safety
Association of Thailand
Experience in Tollway Business Experience in Tollway Business
• 14 years with DMT ▪ 13 years with DMT
One-Stop Organization Structure Board of
Directors
Business Nomination & Risk Business Development Committee
Management Audit
Development Remuneration Management
Committee Committee Working with Project Development Working Team
Committee Committee Committee
having seasoned experiences in tollway business for
potential investment opportunities in toll road projects
Managing Director Internal Audit
EVP - Business First Senior Vice Senior Vice SVP - Risk Management VP - Project VP - Office of VP - Office of Company Vice President - Human
EVP - Operation
and Finance President President and Safety Management Managing Director Secretary & CG Resource & CSR
FVP - Business
& Finance
37THANK YOU
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
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