Year 2020 is deemed as the year that the Company has operated for over 30 years. With accumulated experiences from the past, the Company is committed to developing operations to have the operating result grow on a continuous basis, aiming for opportunities on new services in transportation systems by using modern technologies in traffic management and toll collection systems, and other factors that contribute to the Company's growth such as financial positions and experiences of the Company's personnel that are stronger from the past, as well as opportunities for expansion into new projects by participating in bidding for various state projects.

However, as in 2020, the outbreak of coronavirus disease (COVID-19) in late March 2020 prompted the government to impose measures to contain the spread of the disease through travel restrictions, lockdowns, and curfews in April 2020, making April the lowest month of traffic volume and average toll revenue. But after the government was able to control the spread of the disease, putting the number of daily domestic infection cases to zero, the lockdown measures were eased step by step, beginning in May 2020, by allowing low risk activities to operate in 5 Phases. As a result, the traffic volume and toll revenue increased continuously. Until on 19 December 2020, the government made a public announcement urging the people to be prepared for a new wave of COVID-19 spread in the country again and imposed travel restriction measures in high-risk areas on 21 December 2020, which was deemed as a new wave of COVID-19 spread. The two waves of COVID-19 spread in 2020 resulted in a toll revenue decrease in 2020 by Baht 769.25 million from Baht 2,046 million in 2019 or by 27.32 percent, while the Company's profit decreased by Baht 367.17 million from 2019 to Baht 791.43 million or a decrease of 31.69 percent.

In 2020, the Company's corporate rating and debenture rating remained at "BBB+" with a "stable" outlook, due to the continued record of good performance and no default. In 2020, the Company repaid mature debentures amounting to a total of Baht 1,640 million, making the Company as of 31 December 2020 free of debt burden from debentures, and in 2020, the Company was able to pay dividends amounting to Baht 156,18 million to the shareholders. At the end of 2020, the Company's debt/equity ratio stood at 0.40 times. The Company is therefore confident that it will still have profits for dividend payment and loan repayment to financial institutions every year, for the shareholders to obtain dividends, building sustainability and security for the shareholders in the long run.

In 2020, much progress was made in listing the Company's ordinary shares on the Stock Exchange of Thailand (SET). On 26 June 2020, the Office of the Securities and Exchange Commission (SEC) granted permission for the Company to offer for sale of newly issued shares to the public as applied for by the Company. But due to the outbreak of the coronavirus disease, the Company had to ask for a delay of the public offering for sale of shares. Later, on 11 November 2020, the Stock Exchange of Thailand agreed to accept the Company's ordinary shares as a listed security and had the Company complete the public offering for sale of shares within 10 May 2021. And on 23 December 2020, SEC Office extended the period for a public offering of the Company's newly issued shares to until 26 June 2021; the Company will do its best to offer for sale of the shares to the public within the prescribed time.

On the improvement of services for the Tollway users to use Don Muang Tollway with convenience, speed, and safety, the Company has developed the traffic management system and the facilities on the Tollway, by improving and replacing equipment on the Tollway for modernity and efficiency in traffic management of the Company's Tollway. The electronic toll collection system has also been developed for more convenience and alternative methods of toll payment for Tollway users, in response to the government's policy that promotes the use of electronic toll collection system.

Regarding the legal dispute that the Company and some state agencies have been taken legal actions against as co-defendant in three administrative cases, the Supreme Administrative Court had its final decision to acquit the Company in two of the cases. Therefore, there is only one administrative case remaining in the Supreme Administrative Court at the stage of appeal. The Company, in cooperation with its legal advisor, has exercised utmost efforts in handling this matter and strongly expects the outcome of the remaining case will be in favor of the Company, as in the other two cases that the Supreme Administrative Court has acquitted the Company.

The Company, as a key founder, has managed the Dream for Achievement Foundation since 2013, aiming to provide scholarships to needy students who possess high capabilities and pass entrance examinations to study in the country's top universities at the undergraduate level. Since 2013, the foundation has given a total of 148 scholarships to capable students and all of them have good conduct and good academic records. Since the beginning of the foundation until 2020, a total of 52 scholarship students have graduated. Of this number, 27 students or 52 percent graduated with first-class and second-class Honors, which was commendable. The Dream for Achievement Foundation will continue to provide scholarships to support these knowledgeable, capable, but needy and disadvantaged youths so that they can grow and become a force in developing the country. The Company will continue to support the Dream for Achievement Foundation and would like to invite other donors who wish to make contributions in supporting education under the foundation's policy, to help make the foundation a sustainable charity organization for society (More details in website: www.daf.or.th).

Finally, on behalf of the shareholders, the Board of Directors, the Management and all the employees of the Company, I would like to thank the Tollway users, state and private agencies, shareholders, debentures holders, and stakeholders for their continued support and trust in the Company. And at the same time, I would like to express my thanks and appreciation to the Board of Directors, the Management and particularly the employees of the Company for their cooperation, commitment, dedication, and contribution in developing the job performance in full, strengthen the Company in all aspects to provide services to the Tollway users with efficiency, well in accordance with the Company's established mission and vision.


Mr. Sombath Phanichewa

Chairman of the Board of Directors