Page 108 - 56-1 One Report 2022 EN

Part 1 Business Operation and Operating Performance

Company’s customers. The right-of-use assets increased by 10.8% from Baht 1,434 million as of the end of 2021
due to the increase of the right-of-use of the capacity on a foreign satellite.

2. Liquidity and capital sufficiency
Sources of Fund

Net cash provided by operating activities for 2022 was Baht 2,003 million, an increase of 63.6% from Baht 1,224
million in comparison with that of 2021, regarding an increase of profit from operations together with debt collection
of long-outstanding accounts receivable from foreign customers.
The Company’s net borrowings as of the end of 2022 were Baht 872 million, a decrease of 31.1% from Baht 1,266
million at the end of 2021. The decrease was primarily due to to the repayment of long-term loans for the satellite
projects.

The Company's shareholders' equity as of the end of 2022 was Baht 10,554 million, which represented a decrease
of 5.2% from Baht 11,129 million as of the end of 2021. The decrease was primarily due to dividend payments,
which offset the effect of consolidated net profit.

As at the end of 2022, the ratio of net borrowings to equity was 0.08x, decreased from 0.11x as at the end of 2021.

Investments
Net cash provided (used) by investing activities for 2022 was Baht 1,104 million, due to the conversion of current
financial assets into cash to prepare for the investment in the new satellite project.

Sufficiency of liquidity
At the end of 2022, the Company had a current ratio of 4.0x, which decreased from 5.7x at the end of 2021 due to
the decrease of account receivables and the decrease of the current portion of long-term loans to related parties.

The Company manages its liquidity risk by monitoring it regularly and maintaining a level of cash and cash
equivalents considered sufficient by management to finance its operations. In addition, the Company may also
obtain short-term credit facilities from various banks as a contingency measure to mitigate the impact of fluctuations
in cash flow.

Capital-raising capability

As of 31 December 2022, the Company reported interest-bearing liabilities of Baht 872 million, consisting of long-
term borrowings with a floating interest rate of 6.4% per annum.
The available credit facilities as at the end of 2022 for loans from local and overseas banks were total of Baht
3,311.68 million and USD 30.00 million.

14.3 Possible Key and Influential Factors over the Company’s Future Operations or Financial Position

Currency exchange rate fluctuations
The Company offers both domestic and international satellite communications services and international
telecommunications services. Therefore, the Company faces the risk of currency exchange fluctuations in its
accounts payable and accounts receivable, as well as any foreign currency loan. These fluctuations could affect
the Company’s financial statements as well as cash flows.
Exchange rate risk arises from the foreign currency transactions that the Company performs during normal business
operations related to foreign currencies, and may have an effect in terms of foreign exchange gains or losses,
including gains or losses on derivatives transactions. Significant factors that affect the movement of the exchange

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