Airports of Thailand Public : Clarification on a decrease in operating performance more than 20% of the 3rd Quarter of 2020 ended June 30th, 2020 comparing to the same period of 2019

Ref. No. 12056

11 August 2020

Subject: Clarification on a decrease in operating performance more than 20% of the 3rd Quarter of 2020 ended June 30th, 2020 comparing to the same period of 2019.

To: President,

The Stock Exchange of Thailand

Following to The Stock Exchange of Thailand (SET)'s regulation, it requires that any listed companies who have operating performance fluctuates more than 20% comparing to the same period last year shall provide an explanation.

During the 3rd quarter of 2020, starting from April 1st, 2020 to June 30th, 2020, AOT reported revenues from sales or services Baht 1,319.46 million, other income Baht 424.42 million, total expenses Baht 5,466.30 million and income tax revenue Baht 761.43 million, result in net loss of AOT Baht 2,933.90 million. The operating performance decreased by Baht 8,816.96 million or

149.87% comparing to the same period last year which showed net profit, mainly due to:

1. Revenues from sales or services decreased by Baht 13,795.43 million or 91.27% due to the outbreak of Coronavirus Disease 2019 (COVID-19). This led to the number of flights and passengers in six airports decreased by 88.69% and 95.73% respectively. This resulted to decrease in aeronautical revenue by Baht 8,110.38 million or 97.46% because departure passenger service charges dropped. Moreover, non-aeronautical revenue decreased by Baht 5,685.05 million or 83.69%. The main reason was a decrease in concession revenues, resulting from the assistance measures for operators at the six airports under AOT's responsibility in the period affected by COVID-19.
2. Total expenses decreased by Baht 2,758.78 million or 33.54%. The significant decrease came from the employee benefit expenses decreased by Baht 970.43 million due to AOT did not setup accrued bonus and outsourcing expenses decreased by Baht 791.37 million due to the decrease in advance passenger checking service (APPS) paid to service provider. In addition, there was a decrease in state property rental by Baht 652.66 million, utilities expenses by Baht 265.57 million, depreciation and amortisation expenses by Baht 187.46 million. Moreover, financial costs also decreased by Baht 42.71 million. On the other hand, repairs and maintenance increased by Baht 145.37 million.

2

3. Income tax decreased by Baht 2,214.17 million or 152.41% due to the loss from the

operations.

As a consequence, AOT operating performance for the 3rd quarter of 2020 decreased more than 20% comparing to the same period of 2019.

Please be informed, accordingly.

Yours sincerely,

(Somboon Noinamkham)

Senior Executive Vice President (Accounting and Finance)

Authorised Person

Accounting Department

Tel. [phone]

Fax. [phone]