Page 106 - 56-1 One Report 2022 EN

Part 1 Business Operation and Operating Performance

Net profit

The Company recognized the net profit for 2022 of Baht 42 million, equivalent to Baht 0.04 per share, decreased
by 70.7% compared to that of 2021 of Baht 144 million, This reduction was primarily attributed to the following
reasons:
(1) In 2022, THCOM recognized the impairment of the satellite of Baht 259 million, resulting from the general
downtrend of the broadcast industry, together with the delay in applying foreign landing right license
due to changes in the regulatory process, which caused the shift of transponder sales to be later than
the original plan.
(2) The net foreign exchange gain for 2022 was Baht 120 million, decrased by 67.6% from Baht 369 million
for 2021.

(3) Share of profit (loss) of investment in joint ventures for 2022 was Baht (306) million, or the net loss
increased by 14.6% compared to the loss of Baht (267) million for 2021.
In 2022, The Company recognized the core profit (profit attributable to owner of the Company before unrealized
gain (loss) on exchange rate of the Company and joint ventures and before extra items) of Baht 527 million, which
represented an increase of 995.3% compared to the core profit of Baht 48 million in 2021. Despite the decrease in
revenue from satellite and related services following the decrease in Thai broadcast customers, especially
government entities, the cost of services also decreased because of the structural change in operating costs after
the concession ended, which resulted in a significant increase in the core profit.

Financial Position
1. Assets

Asset components and asset quality
At the end of 2022, The Company's total assets were reported as Baht 14,850 million, representing a decrease of
3.2% from Baht 15,340 million as of the end of 2021, mainly due to the decrease of trade and other receivables
owing to debt collection from foreign customer and the recognition of the share of loss from investment in LTC.

THCOM’s Asset components
December 31, 2022 December 31, 2021
Major Assets Amount % of Amount % of
Unit: Baht million (Bt mn) Total assets (Bt mn) Total assets
Current assets 7,474 50.3% 8,050 52.5%

Property, plant and equipment 2,276 15.3% 2,778 18.1%
Right-of-use assets* 1,589 10.7% 1,434 9.4%
* Right-of-use assets including transponders, plant, buildings and vehicles

Trade and other accounts receivable
At the end of 2022, the Company had trade and other current receivables of Baht 1,483 million, or 10.0% of total
assets, a decrease of 28.4% from Baht 2,071 million at the end of 2021, mainly due to debt collection from foreign
customer. The average collection period for 2022 was 176 days which remained constant compared to 2021. The
trade receivables of related and other parties were Baht 1,377 million, comprised of Baht 3 million of related parties’
trade receivables and Baht 1,374 million of other parties’ trade receivables, proportionate to 0.2% and 99.8%,
respectively. The aging analyses for trade receivables were showed as follows:

Part 1 Page 92