EXAT-AR2020

The OAG’s opinions about the financial statements do not cover other information, and the OAG Annual Report 2020  Expressway Authority of Thailand
does not trust other information.

The OAG’s responsibility in relation to the audit of the financial statements includes reading and
considering whether other information is materially inconsistent with the financial statements or with
knowledge from the OAG’s audit or whether there is other information that is material misstatements.

When the OAG reads the Annual Report and concludes that the Annual Report contains material
misstatements, the OAG must communicate these matters with those charged with governance.

Responsibilities of the management and those charged with overseeing the financial statements
The management is responsible for preparing and presenting the financial statements correctly as they

should, based on the Thai Financial Reporting Standards and for internal control as the management deems
necessary to allow for the preparation of financial statements that are free from material misstatements,
whether due to fraud or error.

In preparing the financial statements, the management is responsible for assessing the corporate’s
ability to continue as a going concern, disclosing matters related to going concern as appropriate, and
using accounting criteria for its going concern unless management either intends to liquidate the business
or to cease operations or is not able achieve a going concern.

Those charged with governance are responsible for overseeing the corporate financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements
The objectives of the AOG’s audit are to obtain reasonable assurance about whether the overall

financial statements are free from material misstatements, whether due to fraud or error, and to submit
the auditor’s report which includes our opinion. Reasonable assurance is a high level of assurance, but it
is not a guarantee that the audit conducted in accordance with standard criteria for the state audit and
accounting audit standards will always detect material misstatements. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions taken by the users on the basis of these financial statements.

As part of an audit in accordance with the standard criteria for the state audit and accounting audit
standards, we exercise professional discretion, conduct professional observation, and maintain professional
skepticism throughout the audit. We also :

• Identify and assess the risks of material misstatements in the financial statements, whether due to
fraud or error, design and implement audit methods in response to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than that resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the interference in internal control.

• Obtain an understanding about the internal control system relevant to the audit in order to design
audit methods that are in line with situations, but not for the purpose of expressing an opinion on the
effectiveness of the corporate internal control.

• Evaluate the appropriateness of accounting policies used by the management and the reasonableness
of accounting estimates and related disclosures made by the management.

The Office of the Auditor General of Thailand (OAG)

99

• Make a conclusion on the appropriateness of the management’s use of accounting criteria for the
going concern based on the audit evidence obtained and make a conclusion as to whether a material
uncertainty exists related to events or situations which may cast significant doubt about the Company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
mention it in the Auditor Report while providing an observation about relevant disclosures in the financial
statements or, if such disclosures are inadequate, our opinion will change. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or situations
may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures to identify whether the financial statements represent transactions and events in a manner
that achieves proper presentation as it should be.

We have communicated with those charged with overseeing key matter, including the scope and
period of the scheduled audit and significant audit findings, including any significant deficiencies in the
internal control system which we identify during our audit.

(Mr. Narong Panusuwat)
Director of the Financial and Procurement Audit Office No. 12
(Mrs. Phakakrong Chenglai)
State Audit Technical Officer, Senior Professional Level

The Office of the Auditor General of Thailand (OAG)
Date February 16, 2021

100

Financial Statements Annual Report 2020  Expressway Authority of Thailand

Financial Position Statement as of 30 September 2020

Asset Note 2020 Unit : Baht
2019
Current assets
8,482,322,232.70
Cash and cash equivalents 4.1 6,850,738,195.59 9,613,420,916.13

Temporary investment 4.2 511,153,204.98 404,805,185.77
1,017,091,662.47
Other receivables 413,866,323.54
442,462,511.60
Accrued funds from the government 4.3 707,535,962.47 19,960,102,508.67

Other current assets 4.4 1,471,987,818.80 151,487,988.68
35,736,000,000.00
Total current assets 9,955,281,505.38 185,097,106,234.47

Non-current assets 12,565,051.01
1,649,412,227.65
Fixed deposit with obligation 4.5 156,487,988.68 2,243,770,859.73

Over 1-year fixed deposit 4.6 39,404,000,000.00 69,715,279.87

Land, buildings, and equipment-net 4.7 183,200,007,617.34 240,233.00
224,960,297,874.41
Intangible assets-net 27,292,161.99 244,920,400,383.08

Land use right 4.8 1,649,412,227.65

During-construction works 4.9 6,037,544,671.89

Expenses on engineering management 4.10 69,715,279.87
waiting for transfer

Other non-current assets 240,233.00

Total non-current assets 230,544,700,180.42

Total assets 240,499,981,685.80

The note to the financial statement is part of the financial statement.

101

Financial Position Statement (Cont’d)

As of 30 September 2020

Liabilities and equity Note 2020 Unit : Baht
Current liabilities 4.11 2019
Trade payables and other payables 4.12 1,960,234,296.92
Accrued levies - 6,453,613,921.86
Long-term liabilities due to repay within 4.13 839,220,000.00
one year 5,500,000,000.00
Retention 4.14 6,850,000,000.00
Unearned revenue 4.15 282,101,064.64
Other current liabilities 1,244,848,290.73 108,166,027.12
4.16 1,522,684,745.09
Total current liabilities 366,604,380.70
Non-current liabilities 4.16 9,353,788,032.99 335,560,518.15
Government loans 4.17 16,109,245,212.22
The EXAT’s bonds 4.18 14,078,898,157.36
Liabilities under the Agreement 4.19 6,700,000,000.00 14,578,898,157.36
on Transferring the Right to Revenue 11,700,000,000.00
to the Fund 44,811,000,000.00
Accrued interest Liabilities under 44,811,000,000.00
the Agreement on Transferring the Right 3,041,604,032.75
to Revenue to the Fund 32,165,343,620.92 1,658,179,386.30
Deferred revenue 1,951,916,474.54 29,521,221,724.94
Defined benefit obligation 1,566,463,086.32
Aid fund 15,416,535.77
Other non-current liabilities 1,014,628.32 14,334,817.77
102,765,193,449.66 1,014,628.32
Total non-current liabilities 112,118,981,482.65 103,851,111,801.01
119,960,357,013.23
Total liabilities 76,990,314,520.31
76,990,314,520.31
Equity 51,390,685,682.84
128,381,000,203.15 47,969,728,849.54
Capital 240,499,981,685.80 124,960,043,369.85
Retained earnings : 244,920,400,383.08

Unappropriated
Total equity
Total liabilities and equity

The note to the financial statement is part of the financial statement.

(Mrs. Suwanna Insampao) (Mr. Surachet Laopoonsuk)
Director of Accounting Division EXAT Governor
102

Comprehensive Income Statement Unit : Baht Annual Report 2020  Expressway Authority of Thailand
2019
For the year ending on 30 September 2020
14,614,903,868.51
Revenue Note 2020 4,005,255,566.97
Toll revenue 18,620,159,435.48
Other revenues 12,636,897,939.61
Total revenue 4.20 3,354,314,748.71 6,001,140,440.19
121,890,441.20
Expenses 15,991,212,688.32
Cost of service 1,491,241,725.66
Selling expenses 5,325,486,667.23 7,614,272,607.05
Administrative expenses 107,132,623.77 11,005,886,828.43
Total expenses 4,303,824,356.83
1,301,942,902.31 6,702,062,471.60
Earning before financial cost 4.22 6,734,562,193.31
Financial cost -
Profit for the year 9,256,650,495.01
Other comprehensive incomes 2,544,133,246.36 6,702,062,471.60
Actuarial gains and losses 4.21 6,712,517,248.65
Total comprehensive profit
for the year 4.18 (291,560,415.35)

6,420,956,833.30

The note to the financial statement is part of the financial statement.

103

Equity Change Statement

For the year ending on 30 September 2020

Balance as of 1 October 2018 Capital Retained earnings Unit : Baht
Equity change for the year 76,990,314,520.31 44,667,666,377.94 Total
121,657,980,898.25
Levies for 2018 - (3,400,000,000.00)
Comprehensive income for the year - 6,702,062,471.60 (3,400,000,000.00)
Balance as of 30 September 2019 76,990,314,520.31 47,969,728,849.54 6,702,062,471.60
124,960,043,369.85

Balance as of 1 October 2019 76,990,314,520.31 47,969,728,849.54 124,960,043,369.85
Equity change for the year
- (3,000,000,000.00) (3,000,000,000.00)
Levies in 2019 - 6,420,956,833.30 6,420,956,833.30
Comprehensive income for the year 76,990,314,520.31 51,390,685,682.84 128,381,000,203.15
Balance as of 30 September 2020

The note to the financial statement is part of the financial statement.

104

Cash Flow Statement Annual Report 2020  Expressway Authority of Thailand

For the year ending on 30 September 2020

Cash flows from operating activities 2020 Unit : Baht
Profit for the year 2019
Adjustment to reconcile profit for the year as cash 6,712,517,248.65
inflow (payment) 6,702,062,471.60
From operating activities : (1,762,540,212.30)
- (2,076,880,687.81)
Recognized revenue from joint venture (185,202,104.43)
Recognized revenue from donations (62,223,684.25) (66,965,500.85)
Recognized revenue from the government subsidy (56,800,214.78) (54,746,322.62)
Revenue from bank deposit interest (814,314,296.49) (707,807,381.63)
Benefit from the Fund (6,441,430.00) (17,040,820.18)
Profit from asset disposal 2,595,117,517.63 2,705,120,306.39
Depreciation and amortization 23,641,041.87 -
Loss on employee benefit estimates 150,714,399.23 555,339,343.19
Employee benefit expenses 425,299,219.10 582,681,575.21
Interest expenses
Interest expenses under the Agreement on 2,099,743,520.99 3,700,361,394.24
Transferring the Right to Revenue to the Fund 9,304,713,109.65 11,136,922,273.11
Profit for the year from operation before the change in
assets and operating liabilities - 823,574,794.43
Change in operating assets : Decrease (Increase)
Current portion of receivables from the joint (40,144,853.66) (25,250,432.11)
ventures (1,029,525,307.20) (70,758,703.83)
Other receivables
Other current assets 520,150,348.13 (677,433,334.53)
Change in operating liabilities : Increase (Decrease) (32,927,466.65) 69,436,184.87
Payables (839,220,000.00) 839,220,000.00
Accrued expenses (277,836,454.36) 316,342,692.70
Accrued revenue to the state 18,283,749.20 19,579,403.17
Unearned revenue 173,935,037.52 (396,881.23)
Other current assets 348,650.01
Retention 1,081,718.00
Aid fund 7,798,509,880.63 12,431,584,646.59
Cash from operating activities
105
The note to the financial statement is part of the financial statement.

Cash Flow Statement (Cont’d)

For the year ending on 30 September 2020

Cash flow from operating activities (Cont’d) 2020 Unit : Baht
Receipt of bank deposit interest 2019
Receipt of the benefit from the fund 61,469,976.55
Interest payment 840,728,250.61 49,446,531.78
Interest payment under the Agreement on Transferring (459,564,684.85) 585,066,107.35
the Right to Revenue to the Fund (716,318,874.54) (624,020,588.91)
Payment of employee benefits (2,042,182,007.94)
Net cash from operating activties (67,702,354.88)
7,457,122,193.52 (140,900,372.89)
Cash flow from investing activities : Decrease (increase) 10,258,994,315.98
Temporary investment 9,102,267,711.15
Fixed deposit (5,000,000.00) (9,602,625,650.97)
Over 1-year fixed deposit (5,000,000.00)
Cash inflow from asset disposal (3,668,000,000.00)
Investment in land, buildings, and equipment 6,441,430.00 (35,736,000,000.00)
Investment in during-construction works 17,077,750.00
Intangible assets (334,881,572.16)
Net cash acquired (spent) in investing activities (3,807,719,032.32) (602,263,394.27)
(843,444,506.28)
Cash flow from financing activities (2,150,467.30)
Cash to pay back government loans 1,290,958,069.37 -
Cash to pay back loans (46,772,255,801.52)
Cash inflow from fundraising via mutual funds (400,000,000.00)
Cash inflow from government subsidy (6,450,000,000.00) (400,000,000.00)
Levies (2,300,000,000.00)
Net cash acquired (spent) in financing activities - 44,811,000,000.00
309,555,700.00
Cash and cash equivalents : (Decrease) Increase-Net (3,839,220,000.00) 59,735,400.48
Cash and cash equivalents at the beginning of the period (10,379,664,300.00) (2,560,780,000.00)
Cash and cash equivalents at the end of the period (1,631,584,037.11) 39,609,955,400.48
8,482,322,232.70 3,096,693,914.94
6,850,738,195.59 5,385,628,317.76
8,482,322,232.70
Additional data for the cash flow statement 361,768,751.86
Investment during-construction works without payment 175,179,914.39

The note to the financial statement is part of the financial statement.

106

Note to the Financial Statement Annual Report 2020  Expressway Authority of Thailand

For the year ending on 30 September 2020

1. General information

As a state enterprise affiliated to the Ministry of Transport, the Expressway Authority of Thailand (EXAT)
was established in pursuance of the Revolutionary Council’s Notification No. 290 on 27 November 1972.
Subsequently, the Expressway Authority of Thailand Act B.E. 2550 (2007) was promulgated on 9 January 2008.
It is located at 2380, Phahon Yothin Road, Sena Nikhom Subdistrict, Chatuchak District, Bangkok, 10900.
Its objectives are :

1. Construct or provide expressways by any means and maintain them.
2. Operate, or conduct business on, expressways and other business that is expressway related or
is beneficial to itself.

2. Criteria for presentation of financial statements

2.1 The EXAT’s financial statements have been prepared in accordance with generally accepted
accounting principles under the Accounting Act, B.E. 2543 (2000), which refer to the accounting standards
issued under the Accounting Profession Act, B.E. 2547 (2004), which includes the EXAT’s accounting
transactions of the Employee Welfare Fund.

2.2 Use of estimates
In the preparation of the financial statements in conformity with generally accepted accounting
principles, the management must use estimates and assumptions, which affect the book value of the assets,
liabilities, revenues, and expenses reported in the financial statements. The estimates and assumptions
are based on the experience and factors that the management has reasonable confidence in under the
circumstances. Thus, the actual results may differ from the estimates and assumptions.

2.3 The Accounting Guidance, the Thai Accounting Standards (TAS), the Thai Financial Reporting
Standards (TFRS), the Thai Accounting Standard Interpretation (TSIC), and the Thai Financial Reporting
Standard Interpretation (TFRIC) issued by the Federation of Accounting Professions.

They were effective for the accounting period starting on or after 1 January 2020.

• Thai Accounting Guidance Title : Exceptions for Consolidation of Businesses under the Same
Control : First-time Adoption of Financial Reporting Standards

• Thai Accounting Guidance Title : Accounting Guidance on Temporary Relief Measures on
Accounting Alternatives in Response to the Impact of the
Coronavirus 2019 (COVID-19)

• TAS 1 Title : Presentation of Financial Statements

• TAS 2 Title : Inventories

• TAS 7 Title : Statement of Cash Flows

• TAS 8 Title : Accounting Policies, Changes in Accounting Estimates and Errors

107

• TAS 10 Title : Events after the Reporting Period
• TAS 12 Title : Income Taxes
• TAS 16 Title : Property, Plant and Equipment
• TAS 19 Title : Employee Benefits
• TAS 20 Title : Accounting for Government Grants and Disclosure of Government

• TAS 21 Assistance
• TAS 23 Title : The Effects of Changes in Foreign Exchange Rates
• TAS 24 Title : Borrowing Costs
• TAS 26 Title : Related Party Disclosures
• TAS 27 Title : Accounting and Reporting by Retirement Benefit Plans
• TAS 28 Title : Separate Financial Statements
• TAS 29 Title : Investments in Associates and Joint Ventures
• TAS 32 Title : Financial Reporting in Hyperinflationary Economies
• TAS 33 Title : Financial Instruments : Presentation
• TAS 34 Title : Earnings per Share
• TAS 36 Title : Interim Financial Reporting
• TAS 37 Title : Impairment of Assets
• TAS 38 Title : Provisions, Contingent Liabilities and Contingent Assets
• TAS 40 Title : Intangible Assets
• TAS 41 Title : Investment Property
• TFRS 1 Title : Agriculture
• TFRS 2 Title : First-time Adoption of Financial Reporting Standards
• TFRS 3 Title : Share-based Payment
• TFRS 4 Title : Business Combinations
• TFRS 5 Title : Insurance Contracts
• TFRS 6 Title : Non-current Assets Held for Sale and Discontinued Operations
• TFRS 7 Title : Exploration for and Evaluation of Mineral Resources
• TFRS 8 Title : Financial Instruments : Disclosures
• TFRS 9 Title : Operating Segments
• TFRS 10 Title : Financial Instruments
• TFRS 11 Title : Consolidated Financial Statements
• TFRS 12 Title : Joint Arrangements
• TFRS 13 Title : Disclosure of Interests in Other Entities
• TFRS 15 Title : Fair Value Measurement
Title : Revenue from Contracts with Customers 
108

• TFRS 16 Title : Lease Agreements Annual Report 2020  Expressway Authority of Thailand
• TSIC 10 Title : Government Assistance-No Specific Relation to Operating Activities
• TSIC 25 Title : Income Taxes-Changes in the Tax Status of an Entity or its

• TSIC 29 Shareholders
• TSIC 32 Title : Service Concession Arrangements : Disclosures
• TFRIC 1 Title : Intangible Assets-Web Site Costs
Title : Changes in Existing Decommissioning, Restoration and Similar
• TFRIC 5
Liabilities
• TFRIC 7 Title : Rights to Interests arising from Decommissioning, Restoration and

• TFRIC 10 Environmental Rehabilitation Funds
• TFRIC 12 Title : Applying the Restatement Approach under TAS 29 Financial
• TFRIC 14
Reporting in Hyperinflationary Economies
• TFRIC 16 Title : Interim Financial Reporting and Impairment
• TFRIC 17 Title : Service Concession Arrangements
• TFRIC 19 Title : TAS 19-The Limit on a Defined Benefit Asset, Minimum Funding
• TFRIC 20
• TFRIC 21 Requirements and their Interaction
• TFRIC 22 Title : Hedges of a Net Investment in a Foreign Operation
• TFRIC 23 Title : Distributions of Non-cash Assets to Owners
Title : Extinguishing Financial Liabilities with Equity Instruments
Title : Stripping Costs in the Production Phase of a Surface Mine
Title : Levies
Title : Foreign Currency Transactions and Advance Consideration
Title : Uncertainty over Income Tax Treatments 

They were effective for the accounting period starting on or after 1 January 2021.
• Thai Accounting Guidance Title : Financial Instruments and Presentation for Insurance business
• Thai Accounting Guidance Title : Temporary Relief Measures for Entities Providing Assistance to

Debtors Impacted by Situations That Affect the Thai Economy

The EXAT’s management has conducted assessment and regarded that the adoption of the Accounting
Guidance, the Thai Accounting Standard Interpretation (TSIC) and the Thai Financial Reporting Standard
Interpretation (TFRIC) had no material impact on the financial statements in the first year of adoption.

3. Summary of Significant Policies

3.1 Cash and cash equivalents, which include cash and bank deposits with the payment due
within three months and have no obligation.

3.2 Materials, which are presented as costs using weighted averages.
3.3 Land, buildings and equipment, which are presented as costs on the day of purchase or
acquisition less accumulated depreciation and the allowance for cumulative impairment. 

109

Depreciation is calculated using the linear technique to decrease the book value of respective
types of assets throughout their estimated useful lives, except for land, which has an unlimited useful life.
Below is the useful life of the assets :

Expressway 75 years

Building and building improvements 5-40 years

Toll collection equipment and equipment on the expressway 10 years

Electric pole and its components 25 years

Office supplies/Tools 5 years

Vehicle 5-15 years

The EXAT records the list of assets that are buildings and components as separate items, except
for old buildings with an expiring accounting useful life.

When the assets are disposed out of the account, the EXAT records the amortization of the
assets with their accumulated depreciation out of the account and records the gain and loss of the asset
disposal in the comprehensive income statement.

3.4 Intangible assets, i.e. expenses for the right to use computer software, which are presented
as costs on the day of purchase or acquisition. The amortization is calculated using the linear technique
on a 5-year useful life basis.

3.5 Land use right, which are presented as costs. As the right is not subject to time limit, there is
no amortization as expenses.

3.6 Deferred revenues
3.6.1 Deferred revenue from the joint venture, which is recorded to be recognized as liabilities
coupled with the assets acquired from the joint venture and recognized as a revenue based on the joint
venture agreement term.

3.6.2 Deferred revenue from the government grant, which the EXAT receives from the government
to pay for the construction cost, land acquisition cost, and other costs related to expressways. It is recorded
as liabilities coupled with assets and recognized as a revenue based on the useful life of the assets.

3.7 Employee benefit obligations
Employee benefits obligations-The benefits for individual types of employees are recognized
and measured as follows :
3.7.1 Short-term employee benefits-They are recognized as expenses in the period when the
transactions are incurred.
3.7.2 Other long-term employee benefits-They use actuarial estimates and the projected unit
credit method to determine the present value of the obligations related to current employee benefit
expenses, which are recognized as liabilities in the financial position statement and recognized as expenses
in the comprehensive income statement. If there are actuarial gains and losses, they are recognized as
revenues or expenses in the accounting period.
3.7.3 Post-employment benefits-They use actuarial estimates and the projected unit credit
method to determine the present value to determine the present value of the obligations related to the
past and present employee benefit expenses. They are recognized as liabilities in the financial position

110

statement and recognized as expenses in the comprehensive income statement. If there are actuarial Annual Report 2020  Expressway Authority of Thailand
gains and losses, they are recognized as revenues or expenses in the accounting period.

3.8 Aid Fund and Provident Fund-The EXAT established the AID Fund which had the objectives
to provide assistance for its employees in the event of retirement by paying monthly contributions at the
rate of 10 percent of the salary of member employees. This is recognized as an expense in the EXAT’s
comprehensive income statement for the whole amount. Accounting transactions of the Fund are included
in the EXAT’s financial statements. The revenues and expenses from the operation of the Aid Fund are
recognized as the EXAT’s revenues and expenses.

The EXAT and its employees jointly established “The EXAT Employee Provident Fund,” which was
registered under the Provident Fund Act, B.E. 2530 (1987) on 1 October 1996. The EXAT pays contributions
for the fund members working at the EXAT for less than 10 years, 10-20 years, and over 20 years at the
rate of 9, 10 and 11 percent of their monthly salary, respectively.

The employees pay a contribution to the Fund every time they are paid a wage at the rate
at least two percent but not over 15 percent of their wage. The EXAT appointed SCB Asset Management
(SCBAM) to manage the Fund from 2020-2023.

3.9 Revenue recognition
3.9.1 Toll revenue, which will be recognized as a revenue once there are service users.
3.9.2 Land use revenue-The EXAT will receive funds from the joint venture of the Si Rat
Expressway Project. The revenue will be recognized as a revenue based on the linear technique based
on the agreement term.
3.9.3 Interest revenue, which will be recognized on a time-proportional basis with the actual
rate of return taken into account.
3.9.4 Donation revenue, which is recognized as a revenue in the period when its transactions
are incurred.
3.9.5 Government grant revenue, which is recognized as a revenue based on the expressway
useful life.

3.10 Government grant
The grant for the land acquisition cost, construction cost, and others is recorded as deferred
liabilities to be recognized as a revenue in the comprehensive income statement based on the useful life
of the expressway projects.

3.11 Financial costs
The finance costs include interest expenses, loan fees and other expenses related to long-term
loans. As for the interest expenses arising from long-term loans borrowed for the purpose of acquiring
fixed assets and if the fixed assets are under construction, are recognized as works during construction.
The interest expenses incurred after the construction is completed are recognized as expenses; the
interest expenses arising from loans borrowed for the purpose of internal working capital are recognized
as expenses in the period in which they are incurred in the whole amount.

3.12 Accounting related to projects under the PPP scheme
The assets acquired from the joint venture are recognized as deferred revenues from the joint
venture, whereby the assets will amortize the depreciation over the useful life of the assets. The deferred
revenue will be recognizes as a revenue based on the period of the joint venture agreement.

111

4. Additional data 2020 Unit : Million baht
73.99 2019
4.1 Cash and cash equivalents 81.72
6,776.75 8,400.60
Cash 6,850.74 8,482.32
Bank deposit

Total

A cash valued at 73.99 million baht consisted of 23.39 million baht petty cash and
50.60 million baht cash from the toll fees, toll coupons, and Easy Pass top-ups as of 30 September 2020,
which was waiting to be deposited on the next business day.

Part of the 6,776.75 million baht bank deposit came from the TFF, amounting to
1,662.52 million baht, which aimed to pay for the construction cost of the Rama III-Dao Khanong Expressway.
A 5,000.00 million baht was reserved to redeem the bonds due in May 2021.

4.2 Temporary investment

Fixed deposit for more than 3 months Unit : Million baht
• Krung Thai Bank (Aid Fund) 2020 2019
• Government Housing Bank
11.15 10.42
- 3,596.00

• Islamic Bank of Thailand - 4,007.00

• SME Development Bank - 2,000.00

• Export-Import Bank of Thailand 500.00 -

Total 511.15 9,613.42

4.3 Accrued government grant, which the EXAT will receive from the government to pay for
the land acquisition cost.

Unit : Million baht
2020 2019

Balance carried forward at the beginning of the period 1,017.09 69.83

Plus The land acquisition cost for the Chlong Rat Expressway. - 153.00

The land acquisition cost for the Rama III-Dao Khanong - 807.00
Expressway.

1,017.09 1,029.83

Minus the interim grant 309.55 12.74
Balance at the end of the period 707.54 1,017.09

112

In 2020, the EXAT received a government grant accounting to 4.23 million baht to pay for Annual Report 2020  Expressway Authority of Thailand
the land acquisition cost for the Si Rat Expressway-Bangkok Outer Ring Road Expressway Project and
305.32 million baht for the Rama III-Dao Khanong Expressway Project.

4.4 Other current assets

Unit : Million baht

Employee guarantee deposited at the bank 2020 2019
Office supplies 19.66 19.47
Advance payment for the construction cost 51.55 87.01
302.45
1,368.05

Others 32.73 33.53

Total 1,471.99 442.46

4.5 Fixed deposit with obligation The EXAT has a fixed deposit used for guaranteeing the housing
loans for its employees as a fringe benefit, 156.49 million baht for the year 2020 and 151.49 million baht
for the year 2019.

4.6 Over 1 year fixed deposit This comes from fundraising through the TFF.

Unit : Million baht
2020 2019

• Krung Thai Bank 1,209.00 1,209.00

• Government Housing Bank 33,444.00 32,444.00

• Islamic Bank of Thailand 3,533.00 2,083.00

• Export-Import Bank of Thailand 1,218.00 -
Total 39,404.00 35,736.00

4.7 Land, buildings, and equipment-net

30 September 2019 Unit : Million baht

Cost Accumulated depreciation Land,
Increase Decrease buildings,
Balance at Balance at Balance at Balance at and
the beginning the end of the beginning the end of equipment-
of the period the period of the period Depreciation  Increase Decrease the period net

Land 81,807.53 455.34 7.44 82,255.43 - - - - - 82,255.43
Expressways 133,506.27 234.98 - 133,741.25 31,236.48 2,314.11 - - 33,550.59 100,190.66
Buildings 19.91 - 1,011.32 - - 1,093.17
Office supplies 2,581.47 126.65 85.79 2,601.38 1,622.33 81.85 - 85.75 1,749.90 1,508.21
Tools 2,254.38 17.13 1.27 2,295.24 213.32 - 1.27 545.34
Vehicles 99.85 105.03 134.57 - 105.03 142.25 33.42
159.81 953.86 199.53 175.67 682.51 8.95 - 192.05 663.54 564.04
Total 1,232.76 1,227.58 34,687.21 86.06 37,199.45
221,542.22 222,296.55 2,704.29 185,097.10

113

30 September 2020 Unit : Million baht

Cost Accumulated depreciation Land,
buildings,
Balance at Balance at Balance at Balance at
the beginning the end of the beginning the end of and
of the period Increase Decrease the period of the period Depreciation  Increase Decrease the period equipment-
303.01 16.18
82,255.43 186.64 - net
133,741.25 9.12 -
Land 157.72 44.69 82,542.26 - -- - - 82,542.26
Expressways 2,601.38 25.07 4.04
Buildings 2,295.24 26.93 60.27 133,927.89 33,550.59 2,197.97 - - 35,748.56 98,179.33
Office supplies 708.49 125.18
Tools 175.67 2,610.50 1,093.17 81.42 - - 1,174.59 1,435.91
Vehicles 1,227.58
222,296.55 2,408.27 1,749.90 213.06 - 44.69 1,918.27 490.00
Total
196.70 142.25 12.45 - 4.04 150.66 46.04

1,194.24 663.54 84.51 - 60.27 687.78 506.46

222,879.86 37,199.45 2,589.41 - 109.00 39,679.86 183,200.00

The value of the land as of 30 September 2020 had was 82,542.26 million baht, part of which
was the piece of land located to the west of Sukhumvit Road, spanning approximately 5 rai 44.2 square wa.
The EXAT made an MOU with the Mass Rapid Transit Authority of Thailand (MRTA) to allow the MRTA to use
this land for the construction of the Green Line Project, Section: Bearing-Samut Prakan without time limit.
The EXAT received a 78.94 million baht compensation for the land use and recognized it as a revenue
in the whole amount on the day of receiving it.

Details of the expressways-net

30 September 2019 Unit : Million baht

Cost Accumulated depreciation Expressways-
net
Balance at Balance Balance Balance
the beginning at the end at the beginning at the end
of the period Increase Decrease of the period of the period Depreciation Decrease of the period

Expressways

The Chaloem Maha 11,184.62 16.54 - 11,201.16 4,897.86 228.48 - 5,126.34 6,074.82
Nakhon Expressway

The Si Rat Expressway 16,373.62 - - 16,373.62 5,139.59 216.94 - 5,356.53 11,017.09

The Chalong Rat 15,167.83 68.94 - 15,236.77 4,150.11 269.23 - 4,419.34 10,817.43
Expressway

The Burapha Withi 28,567.23 21.82 - 28,589.05 7,729.96 478.23 - 8,208.19 20,380.86
Expressway

The Udon Ratthaya 15,107.61 - - 15,107.61 3,954.40 201.56 - 4,155.96 10,951.65
Expressway

The Bang Na-At Narong 2,268.08 1.50 - 2,269.58 486.25 32.53 - 518.78 1,750.80
Expressway

The Kanchanaphisek 22,276.01 126.18 - 22,402.19 4,060.53 495.71 - 4,556.24 17,845.95
Expressway

The Si Rat-Ring Road 22,561.27 - - 22,561.27 817.78 391.43 - 1,209.21 21,352.06
Expressway

Total 133,506.27 234.98 - 133,741.25 31,236.48 2,314.11 - 33,550.59 100,190.66

114

30 September 2020 Unit : Million baht Annual Report 2020  Expressway Authority of Thailand

Cost Accumulated depreciation Expressways-
net
Balance at Balance Balance at Balance
the beginning at the end the beginning at the end
of the period Increase Decrease of the period of the period Depreciation Decrease of the period

Expressways

The Chaloem Maha 11,201.16 121.45 - 11,322.61 5,126.34 226.40 - 5,352.74 5,969.87
Nakhon Expressway

The Si Rat Expressway 16,373.62 - - 16,373.62 5,356.53 216.82 - 5,573.35 10,800.27

The Chalong Rat 15,236.77 11.49 - 15,248.26 4,419.34 241.36 - 4,660.70 10,587.56
Expressway

The Burapha Withi 28,589.05 0.84 - 28,589.89 8,208.19 471.83 - 8,680.02 19,909.87
Expressway

The Udon Ratthaya 15,107.61 - - 15,107.61 4,155.96 201.57 - 4,357.53 10,750.08
Expressway

The Bang Na-At Narong 2,269.58 - 518.78 32.17 - 550.95 1,718.63
Expressway - 2,269.58

The Kanchanaphisek 22,402.19 52.86 - 22,455.05 4,556.24 416.39 - 4,972.63 17,482.42
Expressway

The Si Rat-Ring Road 22,561.27 - - 22,561.27 1,209.21 391.43 - 1,600.64 20,960.63
Expressway

Total 133,741.25 186.64 - 133,927.89 33,550.59 2,197.97 - 35,748.56 98,179.33

4.8 Land use right This dealt with a compensation for land use by the State Railway of Thailand (SRT).
Covering 318 rai, 6 ngan and 86.80 square wa, the land was used for the construction of the Si Rat-
Outer Ring Road Expressway Project, without land ownership right transfer. The rate of compensation for
the foundation (expressway piers) area represented 100 percent, which was based on the price fixed
by the committee in charge of determining the initial prices of property to be expropriated and
the compensation for the construction of the Si Rat-Bangkok Outer Ring Road Expressway (in comparison
with the Immovable Property Expropriation Act, B.E. 2530 (1987). The rate of compensation for the elevated
expressway accounted for 55 percent, with the total compensation of 1,632.07 million baht. In 2018,
a 17.34 million baht compensation was paid for additional land use for the construction of the connected
way from the Si Rat-Bangkok Outer Ring Road Expressway to the Si Rat Expressway to the north
(headed to Chaengwattana). The total compensation amounted to 1,649.41 million baht.

4.9 Work during construction Unit : Million baht

2020 2019

Expressway network stage 3, North line, section N2-Consultant fee, 1,305.61 1,305.61
construction cost, and interest

The Rama III-Dao Khanong Expressway Project 2,054.06 -

Others 2,677.87 938.16

Total 6,037.54 2,243.77

115

4.10 Expenses on engineering management waiting for transfer This was a consultant fee for
the project feasibility study and the study on environmental impacts and other impacts, which will be
transferred as works during construction when the project construction starts.
Unit : Million baht

2020 2019

Consultant fee for the inspection of the foundation 26.98 26.98
of the Burapha Withi Expressway

Others 42.74 42.74

Total 69.72 69.72

4.11 Trade payables and other payables 2020 Unit : Million baht
876.46 2019
Trade payables - 889.84
Compensation in pursuance of the court judgement 217.96 4,412.81
Accrued expenses 819.60 213.40
Accrued bonus for directors and employees 46.21 857.09
Accrued loan interest 80.47
1,960.23 6,453.61
Total

The court judgment required the EXAT to pay a compensation in a dispute in which North
Bangkok Expressway Company Limited (NECL) filed a statement of claim with the Arbitration Institution to
request that the EXAT pay a compensation for a decrease in its tool revenue as a result of the operation
of the Uttaraphimuk Elevated Tollway (Don Muang Tollway, Section: National Memorial to Rangsit), which
was considered to be a competitive road in pursuance of Clause 16 of the Bang Pa-in-Pak Kret Expressway
Project Agreement. Accordingly, NECL claimed it suffered from a serious financial impact of this. On 21
September 2018, the Central Administrative Court read the judgment of the Supreme Administrative
Court by the majority votes in the general meeting. Its judgement was based on that issued by the First
Administrative Court, which required the EXAT to comply with the Arbitration Award which adjudicated
that the EXAT shall pay NECL the compensation for the decrease in the estimated toll revenue. For the
year 1999, the EXAT shall pay a compensation amounting to 730.80 million baht plus interest of the said
principal, the rate of which was specified in the Clause 25.6 of the agreement from 14 June 2000. For the
year 2000, the EXAT shall pay a compensation amounting to 1,059.20 million baht plus interest of the
said principal, the rate of which was specified in the Clause 25.6 of the agreement from 22 March 2001.
The interest as of 15 March 2020 of two principals totaled 2,678.89 million baht. The total compensation
in pursuance of the judgment was 4,468.89 million baht.

On 20 February 2020, the EXAT signed the Bang Pa-in-Pak Kret Project Agreement (Revision)
with NECL by agreeing to revoke the dispute in the previous agreement, with details provide in Clause 2.2
of the agreement and Appendix 1.

Subsequently, the EXAT considered reversing the liabilities by linking them to the estimated
revenue share for the contractual party throughout the concession period.

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4.12 Long-term liabilities due within a year 2020 Unit : Million baht Annual Report 2020  Expressway Authority of Thailand
500.00 2019
Government loans 400.00
The EXAT’s bonds 5,000.00 6,450.00
5,500.00 6,850.00
Total

4.13 Other current liabilites 2020 Unit : Million baht
26.59 2019
Withholding tax 80.26 19.70
Contract guarantee 50.42 125.78
Deferred building tax 19.66 32.17
Employee guarantee payable 108.65 19.47
Short-term employee benefit obligation 81.02 95.89
Others 366.60 42.55
335.56
Total

4.14 Government loan which the government lent to the EXAT without charging any interest, which
was spent on paying for the loan for construction projects.

Unit : Million baht

Government Paid Balance
loans

1) The Si Rat Expressway Project 9,806.90 - 9,806.90

2) The Project on the Construction 3,039.80 - 3,039.80
of the Toll Collection System
for the Kanchanaphisek Expressway

3) The Project on the Connected Way 1,273.20 - 1,273.20
between the Kanchanaphisek Expressway
and the Burapha Withi Expressway

4) The Project on the Connected Way 2,459.00 2,000.00 459.00
between the Expressway and the Industrial
Ring Road

Total 16,578.90 2,000.00 14,578.90

Deduct: The portion due within a year. 500.00

Balance 14,078.90

4.15 The EXAT’s bonds
The EXAT’s bonds valued at 11,700.00 million baht minus the portion due within a year
amounting to 5,000.00 million baht was equal to 6,700.00 million baht, which aimed to be spent on the
implementation of different projects, as follows :

117

Unit : Million baht
2020 2019

Bonds whose principal and interest are the EXAT’s 5,600.00 8,200.00
responsibility. 5,500.00 8,850.00
• Construction cost of the Burapha Withi Expressway
• Construction cost of the Kanchanaphisek Expressway 600.00 1,100.00
• Construction cost of the Ramindra-Outer Ring Road 11,700.00 18,150.00
Expressway 5,000.00 6,450.00
6,700.00 11,700.00
Total
Minus the portion due within a year.

Balance

4.16 Liabilities under the Agreements on Transferring the Right to Revenue to the TFF

They were liabilities under the Agreements on Transferring the Right to Revenue to the TFF.
On 8 October 2018, the EXAT entered into the Agreement on Transferring the Right to Revenue to the
TFF for the Chalong Rat Expressway Project and that for the Burapha Withi Expressway Project. The EXAT
acted as the transferor and the TFF as the transferee. The EXAT agreed to share the transferred revenue
as a full right of the TFF for 30 years (29 October 2018-28 October 2048). In relation to the transferred
revenue representing 45 percent of the total revenue from the Chalong Rat Expressway and the Burapha
Withi Expressway Projects after VAT deduction, the revenue to the EXAT was equal to the royalties of the
transferred revenue. On 29 October 2018, the royalties of the transferred revenue under the agreement
received by the EXAT amounted to 44,811.00 million baht.

The signing of the agreements was characterized by fundraising for the construction of the Rama III-
Dao Khanong-Western Bangkok Outer Ring Road Expressway Project, the Northern Third Stage Expressway,
Section N2, and Eastern EW Corridor in pursuance of the Cabinet’s Resolution on 30 May 2017.

As of 30 September 2020, the liabilities under the Agreement on Transferring the Right to Revenue
to the TFF amounted to 44,811.00 million baht, with the accrued interest expense of 3,041.60 million baht.
The effective interest rate was involved in the calculation of the interest expense for each period.

4.17 Deferred revenue Unit : Million baht

Accumulated Book value
Cost recognized
revenue 2020 2019

Deferred revenue from the joint venture

The Si Rat Expressway 16,084.21 16,022.26 61.95 275.10

The Si Rat Expressway (Revision) 3,842.62 121.01 3,721.61 -

The Udon Ratthaya Expressway 14,589.11 11,372.28 3,216.83 3,756.30

The Udon Ratthaya Expressway (Revision) 626.27 - 626.27 -

The Si Rat-Outer Ring Road Expressway 22,820.00 3,598.36 19,221.64 20,099.05

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4.17 Deferred revenue (Cont’d) Accumulated Book value Annual Report 2020  Expressway Authority of Thailand
recognized 2020 2019
Cost revenue

Connected way between the Si Rat-Outer 275.00 23.00 252.00 263.50
Ring Road Expressway headed to the Si Rat 31,136.91 27,100.30 24,393.95
Expressway in the north
87.57
Total 58,237.21 194.69

Deferred revenue from the grant (Land acquisition cost) -
282.26
The Chalong Rat Expressway 987.30 31,419.17 899.73 914.58
3,358.31 3,405.69
The Si Rat-Outer Ring Road Expressway 3,553.00
807.00 807.00
The Rama III-Dao Khanong Expressway 807.00 5,065.04 5,127.27
32,165.34 29,521.22
Total 5,347.30

Grand total 63,584.51

4.18 Employee benefit obligation
The reconciled transactions for the present value of the employee benefit obligation are as follows :
Unit : Million baht

2020 2019

Present value of employee benefit obligation

Balance carried forward at the beginning of the period 1,566.46 1,157.86

Present service cost 104.81 434.40

Interest cost 27.70 47.00

Actuarial losses of the post-employment benefit obligation 291.56 -

Actuarial losses of the obligation of other long-term 23.64 -
employee benefits.

Actual employee benefit payment (63.30) (73.21)

Adjusted actual employee benefit payment 1.05 0.41

Patretsheentenvdaluoef tohfethpeereiomdployee benefit obligation 1,951.92 1,566.46

The main actuarial assumptions for calculating the liability estimates under the employee
benefit program are as follows :
Percent per Year (%)

2020 2019

Discount rate 1.50-1.55 1.51-3.98

Inflation rate 2.75 -

Employee turnover rate 0.19-3.44 1.19

Salary increase rate 7.00 7.50

Mortality Rate: Use the Table TM017 -

(Thai Mortality Ordinary
for the year 2017)

119

In the period, the EXAT appraised the present value of the employee benefit obligation, which
showed actuarial losses of the obligation of the post-employment benefit which recognized transactions
in other comprehensive income items for the year ending on 30 September 2020, with details as follows :

Unit : Million baht
2020 2019

Experience adjustment 177.82 -

Change in financial assumptions 344.86 -

Change in demographic assumptions (231.12) -

Total 291.56 -

Concerning the post-employment benefits, the EXAT established the Provident Fund, with the
first contribution coming from employee salary deduction and the second from the EXAT. The Provident
Fund was registered under the Provident Fund Act, B.E. 2530 (1987).

For the years ending on 30 September 2020 and 2019, the amount of contribution paid by
the EXAT to the Provident Fund amounted to 160.19 million baht and 153.78 million baht, respectively.

4.19 Aid Fund 2020 Unit : Million baht
14.33 2019
Balance carried forward from the beginning of the Period 0.63 13.99
Plus Interim contributions 0.11 0.60
Revenues are greater than the expenses 0.10
transferred into the Fund.
Adjusted funds in the Aid Fund 0.52 0.88
15.59 15.57
Deduct : Payment to resigning members - 1.08
Adjusted funds in the Aid Fund 0.17 0.16
Balance at the end of the period 15.42 14.33
Post-employment obligation 15.42 14.33

Under the EXAT’s Regulations (Vol. 42 : Subject : Aid Fund, Section : 8 If the Aid Fund does
not have enough funds to pay to resigning employees, an additional payment shall be made using
the EXAT’s funds.

4.20 Other revenues 2020 Unit : Million baht
1,762.54 2019
Recognized revenue from the joint venture 231.89 2,076.88
Revenue from land use 62.22 560.53
Revenue from government grant 233.02 66.97
Revenue from providing benefits in the right-of-way. 286.38

120

4.20 Other revenues (Cont’d) 2020 Unit : Million baht Annual Report 2020  Expressway Authority of Thailand
56.80 2019
Revenue from the interest of the bank deposit 814.31 54.75
Revenue from funds from the Fund 193.53 707.81
Other 251.94
3,354.31 4,005.26
Total

4.21 Operating results Unit : Million baht

Revenue 2020 2019 Increase (Decrease)
Deduct : Expenses
Gains for the year 15,991.21 18,620.16 Amount Percentage
9,278.69 11,918.10
6,712.52 6,702.06 (2,628.95) (14.12)

(2,639.41) (22.15)

10.46 0.16

Concerning the EXAT’s operating results for the year 2020, its gains enjoyed a 10.46 million baht
increase, which represented 0.16 percent. Its total revenue had a 2,628.95 million baht decrease, which
represented 14.12 percent, and its total expenses had a 2,639.41 million baht decrease, which accounted
for 22.15 percent.

4.22 Expenses Unit : Million baht

2020 2019

Expenses on employees 2,895.47 2,960.48

Employee benefits 150.71 555.34

Remuneration for executives 11.85 15.04

Remuneration for directors 5.07 4.09

Office expenses 1,076.34 1,374.20

Depreciation 2,595.12 2,705.12

Total 6,734.56 7,614.27

The remuneration for the executives consisted salary and bonus for Deputy Governor or higher, and 121
the remuneration for directors consisted of bonus and meeting per diem.

4.23 Joint Venture Agreements
4.23.1 The Si Rat Expressway Project
On 22 December 1988, the EXAT entered into an agreement with BEM, which allows
BEM to invest in the construction, administration and maintenance of the Si Rat Expressway for a period
of 30 years from the day when construction started: 1 March 1990 until 29 February 2020. The revenue
sharing is as follows :
Urban network (The Chaloem Maha Nakhon Expressway and the Si Rat Expressway,
Sections “A” and “B”).

(1) First 9 years from the “day when the first section Share to the EXAT (%) Share to BEM (%)
starts to be operated.” 40 60
(2) Last 9 years: “Agreement Term”
(3) Period between (1) and (2) 60 40
50 50

Sub-urban network (The Si Rat Expressway, Section “C”)

(1) From the day when the section starts to be Share to the EXAT (%) Share to BEM (%)
operated to the day when the Si Rat Expressway, 40 60
Section “B” is completed.
(2) Period after Section (1) to the end of the agreement. - 100

BEM completed the construction of the first section (Chaengwattana Road-Phayathai-Rama 9 Road),
with 20.4 km, which was Sections “A” and “C” and started operating it on 2 September 1993. As for
the main Section B: Samsen Water Treatment Plant-Bang Khlo, with a distance of 9.4 km, its entire route
started to be operated on 6 October 1996.

4.23.2 The Si Rat Expressway Project, Section “D” (Rama 9-Srinagarindra)
The EXAT entered into an agreement with BEM to extend the Si Rat Expressway Project,
Section “D” on 17 April 1997, which allows BEM to invest in the construction, administration and maintenance
of the expressway for a distance of 8 km. This agreement is part of the agreement in Section 4.24.1. The
whole toll revenue belongs to its joint venture because this is a suburban network. Its construction was
completed, and it started to be operated on 2 December 1998.
4.23.3 The Udon Ratthaya Expressway Project
The EXAT entered into an agreement with NECL on 27 September 1996, which allows
NECL to invest in the construction, administration and maintenance of the expressway for a period
of 30 years from the day of signing the agreement, which will end on 26 September 2026, with a total
distance of 32 km.
Phase 1: Chaengwattana-Chiang Rak, with a total distance of 22 km-Its construction was
completed, and it started to be operated on 2 December 1998.
Phase 2: Chiang Rak-Bang Sai, with a total distance of 10 km-Its construction was
completed, and it started to be operated on 1 November 1999.
The entire toll revenue belongs to the joint venture, and the EXAT will receive a share
of the revenue when the return on investment (ROI) exceeds 15.5 percent.
4.23.4 The Si Rat-Bangkok Outer Ring Road Project
The EXAT entered into an agreement with BEM on 14 September 2012, which allows
BEM to invest in the design, construction, administration, management, operation and maintenance of
the expressway for a period of 30 years from the date specified by the EXAT in the notice on the starting
working day: 15 December 2012, which will end on 14 December 2042, with a total distance of 16.7 km.
It started to be operated on 22 August 2016.

122

The entire toll revenue belongs to the joint venture, and the EXAT will receive a share Annual Report 2020  Expressway Authority of Thailand
of the revenue when the return on investment (ROI) exceeds 13.5 percent.

4.23.5 The Second Stage Expressway Project Agreement (The Si Rat Expressway and Section
“D”) and the Bang Pa-in-Pak Kret Expressway Project Agreement (The Udon Ratthaya Expressway)
(Revision)

On 20 February 2020, the EXAT entered into two revised agreements with their joint
venture companies; The Second Stage Expressway Project Agreement (Revision) and the Bang Pa-in-Pak
Kret Expressway Project Agreement (Revision). The agreements provide the extension of the concession
period to BEM and NECL, respectively. The contractual parties are responsible for operating and maintaining
the expressways for another period until 31 October 2035. The EXAT will share the toll revenue with its
contractual parties as follows :

• The Si Rat Expressway, Sections “A” and “B” (The Section “A” is from Ratchada Phisek
Road to Rama 9 Road and Section “B” is from the Samsen Water Treatment Plant to Bang Khlo), with
40 percent of the revenue shared with BEM from 1 March 2020 to 31 October 2035

• The Si Rat Expressway, Section “C” (The Section “C” connects to Section “A” on
Ratchada Phisek Road around Pracha Chuen to the north to Chaengwattana Road), with 100 percent of
the revenue shared with BEM from 1 March 2020 until 31 October 2035.

• The Si Rat Expressway, Section “D” (Section “D” is from Rama 9 Road to Srinagarindra
Road), with 100 percent of the revenue shared with BEM from 22 April 2027 until 31 October 2035.

• The Udon Ratthaya Expressway; the entire revenue exclusively belongs to NECL from
27 September 2026 until 31 October 2035.

Both agreements contain conditions specifying that the contractual parties shall cancel
and revoke the disputes included the previous agreements, which consisted of disputes with and without
judgments from the Supreme Administrative Court. The ten disputes between the EXAT and BEM and
NECL with total capital of 55,874.08 million baht as well as other existing and potential litigations and
disputes in the same issues or connected issues contained in the previous agreements were settled when
all the parties agreed to settle all the disputes based on conditions included the Second Stage Expressway
Project Agreement (Revision) and Bang Pa-in-Pak Kret Expressway Project Agreement (Revision), which
the EXAT, BEM and NECL signed on 20 February 2020. The other parties, BEM and NECL, filed a withdrawal
request for the cases that were lawsuits from 25-28 February 2020 and from 4-5 March 2020. The EXAT
had no longer an obligation to record the liability estimates or recognize any liability estimates in the
financial statements. In September 2018, the EXAT recorded liabilities amounting to 4,286.62 million
baht as the Supreme Administrative Court ruled that the EXAT shall pay a compensation to NECL for the
competitive road for the years 1999 and 2000. Subsequently, the EXAT recorded the additional interest
expense estimates, so the balance of liabilities was equal to 4,468.89 million baht as of 15 March 2020
(on the day when the other parties settled the legal execution). Therefore, the EXAT considered reserving
the recorded liability transactions though the income statement by linking to the share of the revenue
based on the remaining period of related agreements.

The negotiation on the extension of the concession agreements was undertaken to
settle disputes in pursuance of the Cabinet Resolution for the best interests of the public sector and the
general public. The EXAT considered different factors, including continuity in operations. Thus, the EXAT
considered that entering into the revised agreements would ensure continual of operations and allowed

123

all the parties made an agreement equally as business as usual, so they didn’t create a burden to the
EXAT; and that they were able to settle disputes which were lawsuits and not lawsuits and other disputes
which the other parties may claim in the future. Thus, the agreements could be considered to be beneficial
in terms of business risk reduction.

To consider recording the transaction on the concession period extension, the EXAT
considered that on the day when the revised agreements came into force, the EXAT did not have any
liabilities as a result of the conflicts for which no final judgment was issued. The EXAT considered all the
circumstances and evidence available based on relevant accounting principles; comparison of the cases
against other cases with the same nature which were ruled by the Supreme Administrative Court in 2018;
the status of the conflicts with the contractual parties as disputes or lawsuits in the proceedings; and the
opinions of the EXAT’s Legal Department and prosecutors, who provided opinions about disputes that
were not lawsuits or were lawsuits that were not finalized. The EXAT considered that those disputes did
not cause material damage or that the agreements did not create a burden to it. Thus, the EXAT had no
obligation to record liability estimates in the financial statements as a result of the disputes settled by
the effect of the new agreements and withdrawal by the other parties.

4.24 Value added tax that the EXAT is liable for

The EXAT is responsible for VAT for its clients for the Chaloem Maha Nakhon Expressway, the
Si Rat Expressway (except for Section “D”), and the Chalong Rat Expressway. Normally, VAT is collected
from clients; however, the EXAT has been unable to collect it from its clients. From 1992-2019, the VAT
that the EXAT was responsible amounted to 20,060.85 million baht and that in the fiscal year 2020, ending
on 30 September 2020, amounted to 929.92 million baht. The total VAT paid by the EXAT on this behalf
was equal to 20,990.77 million baht.

4.25 Potential liabilities
The liabilities which may be incurred to the EXAT as a result of litigations as of 30 September
2020 from 13 lawsuits amounted to 892.19 million baht, which were under the court proceedings. The
EXAT believed the results of the lawsuits would not cause material damage to it; therefore, it did not
record the potential liability estimates in the account, as follows :

Under court proceedings Number Unit :
of lawsuits Million baht

Disputes

• Compensation for damage and agreement breach Supreme Administrative Court 2 329.41

Total 2 329.41
Lawsuits

• Additional land compensation claim and Court of First Instance 5 297.92
compensation for damage and agreement breach

• Damage claim Court of Appeal 1 0.08

• Damage claim Supreme Court 3 3.05

• Additional land compensation claim Supreme Administrative Court 2 261.73

Total 11 562.78

Grand total 13 892.19

124

4.25.1 Disputes in the Supreme Administrative Court proceedings: Two cases with capital Annual Report 2020  Expressway Authority of Thailand
of 329.41million baht

(1) Italian-Thai Development PCL filed a statement of claim on 9 December 1999
to request the EXAT to pay for the additional expressway construction cost for the Project on Linking
between the Din Daeng-Don Mueang Elevated Tollway and the First and Second Stage Expressway in
the amount of 52.04 million baht with interest. On 18 June 2007, the Arbitral Tribunal ruled to dismiss
the statement of claim of the claimant. Subsequently, Italian-Thai Development PCL filed a petition with
the Civil Court to withdraw the arbitral award and claim a 81.40 million baht compensation from the EXAT.
The Civil Court issued an order to transfer the case to the Central Administrative Court. On 27 March 2013,
the Central Administrative Court ruled to dismiss the petition from Italian-Thai Development PCL,
which later filed an appeal against the judgment with the Central Administrative Court. On 26 June 2014,
the public prosecutor authorized by EXAT filed the answer to the appeal with the Supreme Administrative
Court The case is now in the process of the Supreme Administrative Court’s proceedings.

(2) CH. Karnchang PCL filed a lawsuit against the EXAT with the Central Administrative
Court on 14 October 2008, which claimed that the EXAT shall pay interest as a result of the extension
of the construction period under the Employment Agreement on the Construction of the Bang Phli-Suk
Sawat Expressway (Bang Phli-Bang Khun Thian) twice in the amount of 248.01 million baht with interest.
On 21 February 2013, the Central Administrative Court ruled that the EXAT shall pay the compensation
and interest within 60 days from the date of the final judgment, The EXAT appealed to the Central
Administrative Court on 22 March 2013, and the public prosecutor authorized by EXAT appealed to the
Supreme Administrative Court. The case is now in the process of the Supreme Administrative Court’s
proceedings.

4.26 Land acquisition cost for MRT projects
As of 30 September 2020, the value of land acquired by the EXAT, whose ownership right
wasn’t transferred to the MRTA was 304.80 million baht.
4.27 Deferred land expropriation cost
As of 30 September 2020, the EXAT’s deferred land expropriation cost of 340.30 million baht was
deposited at the Government Savings Bank (owners of expropriated land didn’t receive the compensation
for land expropriation yet).
4.28 Date of financial statement approval
The EXAT Governor approved the issuance of the financial statements on 16 February 2021.

125

Significant Statistics of Expressway Usage

Comparison of traffic volume on Chalerm Maha Nakorn, Si Rat, Chalong Rat,
Burapha Withi, Udon Ratthaya, Kanchanaphisek (Bang Phli-Suksawat)
and Si Rat-Outer Bangkok Ring Road in Fiscal Year 2016-2020

2020 Traffic volume on expressways (unit)
2019 117,638,448
2018 218,942,591
2017 77,122,915
2016 49,977,434
28,579,259
0 82,210,135
21,358,433

136,510,079
259,588,842
88,126,544
58,784,476
33,637,669
95,846,209
22,878,911

135,905,586
257,382,818
84,676,032
57,061,670
32,689,422
95,518,757
19,925,550

136,386,589
257,612,658
81,002,564
53,851,815
31,100,016
94,146,439
17,187,801

138,140,347
258,320,962
77,880,418
51,169,665
29,658,695
93,862,631

1,349,883

50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000

  Chalerm Maha Nakorn    Si Rat    Chalong Rat    Burapha Withi    Udon Ratthaya Total number of vehicles in 2020 is
  Kanchanaphisek (Bang Phli-Suksawat)    Si Rat-Outer Bangkok Ring Road
595,829,215 units

126

Traffic volume on expressways classified by routes for fiscal year 2020 Annual Report 2020  Expressway Authority of Thailand

Chalerm Maha Nakorn Traffic volume on expressways (unit)

Si Rat 113,859,212
Chalong Rat 2,944,746
Burapha Withi 834,490
Udon Ratthaya
Kanchanaphisek 215,871,002
(Bang Phli-Suksawat) 2,789,166
Si Rat-Outer Bangkok 282,423
Ring Road 76,212,486
754,246
0 156,183
47,656,538
1,910,947
409,949
28,284,309
246,846
48,104
71,732,219
6,660,050
3,817,866
21,137,534
210,768
10,131

50,000,000 100,000,000 150,000,000 200,000,000 250,000,000

  4 wheeled    6-10 wheeled    > 10 wheeled Total 595,829,215 units

Traffic volume on Chalerm Maha Nakorn Expressway (First Stage Expressway System)

classified by toll plaza for fiscal year 2020
Traffic volume on expressways (unit)

Din Daeng 111173323353236315352542131616412581614,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,210907038355172511795140072389522935134403293781711666636221713150498965233453540380877293779289597215557234448459868444,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,978237061926688695113859836153193512344108880033871383161597653318129279836451150000028326153859699132872829873662264444
Petchburi
Sukhumvit
Rama IV 1
River Side

Port 1
Port 2
At Narong
Sukhumvit 62
Bang Na
Sathu Pradit 1
Sathu Pradit 2
Suksawat
Dao Khanong
Rama IV 2
Din Daeng 1
Bang Chak
At Narong 1 (Bang Na)
At Narong 1 (Port)
At Narong 3

0 5,000,000 10,000,000 15,000,000 20,000,000

  Traffic volume includes all types of vehicles (number) Total 117,638,448 units
  Traffic volume includes four-wheel-drive vehicles using Easy Pass (number)

127

Traffic volume on Si Rat Expressway (Second Stage Expressway System)
classified by toll plaza for fiscal year 2020

Asok 1 Traffic volume on expressways (unit)
Asok 2
Phahon Yothin 1 63,,508497,,769916
Phahon Yothin 2 1,266568,,330498
Khlong Prapa 1 1,877709,,882974
Khlong Prapa 2 1,688374,,159529
Phahon Yothin Area 12,,131383,,037725
Bang Sue 13,,518407,,918864
Ratchadaphisek 14,,944457,,235244
Prachachuen (Inbound) 2,618824,,623529
Bang Sue 2 12,,042576,,593955
Sathu Pradit 3 177,,336735,,152900
24,,292423,,586377
Chan 1,850544,,578102
Sathon 31,,559622,,396406
Surawong 1,783559,,352976
Saphan Sawang 25,,322665,,447425
Hua Lamphong 31,,372859,,826839
Uruphong 24,,153918,,795994
Yommarat 1,256343,,141931
Rama III 52,,649401,,210426
Asok 4 21,,105759,,380614
Prachachuen (Outbound) 290,,672387,,163401
Prachachuen 1 218,,092254,,772481
Prachachuen 2 25,,058460,,620774
Ngam Wong Wan 1 28,,738382,,550261
Ngam Wong Wan 2 13,,356714,,735635
Prachachuen (Inbound) 14,,516839,,580596
Asok 3 177,,336735,,152900
Rama IX 199,,527237,,912477
Ramkhamhaeng 24,,049723,,116521
Sri Nakharin 1,876097,,256804
Rama IX-1 189,,630426,,319559
Asok 3-1 105,,458114,,846455
25,,100083,,248325

0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000

  Traffic volume includes all types of vehicles (number) Total 218,942,591 units
  Traffic volume includes four-wheel-drive vehicles using Easy Pass (number)

128

Traffic volume on Chalong Rat Expressway (Ram Inthra-At Narong Expressway and Annual Report 2020  Expressway Authority of Thailand
Ram Inthra-Outer Bangkok Ring Road Expressway) classified by toll plaza for fiscal year 2020

Ram Inthra Traffic volume on expressways (unit)
Yothin Phatthana 1251593131152215324434114113422,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,670978805119562799712967865846483111001156727976897245232444752095011951351959255615505434444,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,008179189319678673935676505542380029519861853891957566151649740282531625182535299281725256444-

Lat Phrao
Pracha Uthit
Rama IX-2
Rama IX-1(Chalong Rat)
Phatthanakan 1
Phra Khanong
At Narong 2 (Port)
At Narong 2 (Bang Na)
Phatthanakan 2
At Narong 3-S1
Ram Inthra 1
Sukhaphiban 5-1
Sukhaphiban 5-2
Chatu Chot

0 3,000,000 6,000,000 9,000,000 12,000,000 15,000,000

  Traffic volume includes all types of vehicles (number) Total 77,122,915 units
  Traffic volume includes four-wheel-drive vehicles using Easy Pass (number)

Traffic volume on Burapha Withi Expressway (Bang Na-Chon Buri Expressway)
classified by toll plaza for fiscal year 2020 Traffic volume on expressways (unit)

Bang Na km. 6 (Inbound) Lane 1-3 211671134182121312171,,,,,,,,,,,,,,,,,,,,,1750172193356531690962421688551254409317695039585361177000255544838712749770830898333578285766694449444540542,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,111507677581952921671989135007517164407606581311917823939722618949171566640000253827282328587756688169444444444-
Bang Na km. 6 (Inbound) Lane 4-14

Bang Kaew
Bang Na km. 9-1
Outer Ring Road (Bang Kaew)
Bang Na km. 9-2

Bang Phli 1
Bang Phli 2
Suvarnabhumi 1
Suvarnabhumi 2
Mueang Mai Bang Phli
Bang Sao Thong

Bang Bo
Bang Phli Noi
Bang Samak

Bang Wua
Bang Pakong 1
Bang Pakong 2

Chon Buri

0 5,000,000 10,000,000 15,000,000

  Traffic volume includes all types of vehicles (number) Total 49,977,434 units
  Traffic volume includes four-wheel-drive vehicles using Easy Pass (number)
129

Traffic volume on Udon Ratthaya Expressway (Bang Pa-in-Pak Kret Expressway)
classified by toll plaza for fiscal year 2020

Traffic volume on expressways (unit)

Mueang Thong Thani (Outbound) 1,347,649
Mueang Thong Thani (Inbound) 689,618
1,919,541
Si Saman (Outbound) 967,763
Si Saman (Inbound) 3,714,908
Bang Phun (Outbound) 1,714,874
Bang Phun (Inbound) 3,656,253
Chiang Rak (Outbound) 1,667,162
Chiang Rak (Inbound) 2,263,208
Bang Pa-in (Outbound) 915,697
Bang Pa-in (Inbound) 2,805,141
1,087,315
3,126,057
1,124,201
3,210,167
1,124,542
3,528,986
1,083,244
3,007,349
937,208

0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000

  Traffic volume includes all types of vehicles (number) Total 28,579,259 units
  Traffic volume includes four-wheel-drive vehicles using Easy Pass (number)

Traffic volume on Kanchanaphisek Expressway (Bang Phli-Suksawat)
classified by toll plaza for fiscal year 2020

Traffic volume on expressways (unit)

Bang Khun Thian (Exit 1) 17911131315221333614211911834,,,,,,,,,,,,,,,,,,,,,,,,,,,,,006109583827565187273201147978294556486005563378292331885338211023649538977974326370170359372695195768689678746118142,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,003007885515118736527127194004833415474790000661585315736129181529337568414427003156686271639627836176197356352444444-
Bang Khun Thian (Exit 2)
Bang Khun Thian (Exit 3)

Bang Khru (Exit 1)
Bang Khru (Exit 2)
Pak Nam (Exit 1)
Pak Nam (Exit 2)
Pak Nam (Exit 3)
Pak Nam (Exit 4)
Pu Chao Saming Phrai (Outbound)
Bang Mueang (Exit 1)
Bang Mueang (Exit 2)
Bang Mueang (Exit 3)
Thepharak (Exit 1)
Thepharak (Exit 2)
Thepharak (Exit 3)
Thepharak (Exit 4)
Bang Kaew (Exit 1)
Bang Kaew (Exit 2)
Bang Kaew (Exit 3)

0 3,000,000 6,000,000 9,000,000 12,000,000

  Traffic volume includes all types of vehicles (number) Total 82,210,135 units
  Traffic volume includes four-wheel-drive vehicles using Easy Pass (number)
130

Traffic volume on Si Rat-Outer Bangkok Ring Road Expressway Annual Report 2020  Expressway Authority of Thailand
classified by toll plaza for fiscal year 2020

Chim Phli Traffic volume on expressways (unit)
Taling Chan
Borommarachachonnani 5,594,790
Bang Bamru 2,274,851
Bang Phlat 2,795,886
Bang Kruai 1,320,004
Rama VII Bridge 2,743,997
Kamphaeng Phet 2
Bang Sue 1 968,010
1,188,256

506,694
98,272
38,765
780,129
341,725
1,933,790
858,452
3,167,037
1,122,105
3,056,276
1,479,065

0 2,000,000 4,000,000 6,000,000

  Traffic volume includes all types of vehicles (number) Total 21,358,433 units
  Traffic volume includes four-wheel-drive vehicles using Easy Pass (number)

131

Expressway System Map

132

Expressway Authority of Thailand

133
Annual Report 2020  Expressway Authority of Thailand

134

135 Annual Report 2020  Expressway Authority of Thailand

136

Burapha Withi Expressway (Bang Na-Chon Buri Expressway)

Udon Ratthaya Expressway

137
Annual Report 2020  Expressway Authority of Thailand

138

Kanchanaphisek Expressway (Bang Phli-Suksawat)

139 Si Rat-Outer Bangkok Ring Road Expressway

Annual Report 2020  Expressway Authority of Thailand