Page 212 - 56-1 One Report 2022 EN

Part 2 Corporate Governance

Related Value of Related
Companies/ Transactions Transactions Reason and Necessity of
Relationship For the year Transaction
ended
December 31,
2021
(Million Baht)
Consolidated
Other related parties 1. Revenues
- Revenue from satellite 6.85 TC Broadcasting, a
TV broadcasting subsidiary, earns income from
services contracting to provide satellite
television broadcasting
2. Expense 1.42 services. The service fee was
- Other expenses charged under normal
contracts and trade
3. Trade accounts receivable 1.53 conditions on an arm’s length
and accrued income basis.

Necessity and Justification of Transactions

In 2021, Thaicom Plc. and its subsidiaries (“the Company”) had related transactions as shown in Note 4 of the 2021 audited

financial statements. The related transactions stated that those transactions which the Company had undertaken with Gulf
Group e.g. its subsidiaries, Joint venture, executives and other businesses on which Gulf Group and the Company had

significant influence, whether directly or indirectly, were shown as related transactions.

The Company set the sale and purchase prices for goods and services with related parties under normal contracts and
trade conditions on an arm’s length basis. Crucial transactions required adhering to the rules set forth by the Securities

Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) had been examined and approved for justification
and necessity to the Company by the Audit Committee.

Methods of Related Transactions

Thaicom Plc. is a listed company on the Stock Exchange of Thailand. Its business target is to create maximum benefits for

its shareholders with a policy to sufficiently disclose information to investors and abide by the rules, regulations and laws of
the country where the Company undertakes business. To enable transparent proceedings on related transactions, lessen

conflicts of interest and conform with good governance principles as well as the laws, rules, and regulations of such related

Part 2 page 88