O N E R E P O R T 2 0 2 2 OVERVIEW BUSINESS OVERVIEW AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL INFORMATION SUSTAINABLE BUSINESS DEVELOPMENT 26 NATURE OF BUSINESS (GRI 2-6) As Asia Aviation is a holding company that solely invests in Thai AirAsia and does not generate revenue from any other operations materially, the revenue breakdown shall be analysed at the level of the operating company, Thai AirAsia. The revenue breakdown of Thai AirAsia, as reflected in the financial statements for the periods ending 31 December 2020-2022, is presented in the following information. For the year ended 31 December 2020(1) 2021 2022 Baht Million % Baht Million % Baht Million % REVENUES FROM SALES AND SERVICES Passenger service revenues 11,123.4 68.5 3,174.2 70.4 13,432.4 73.4 Baggage handling and other service fees 1,902.8 11.7 464.1 10.3 3,705.2 20.3 Charter flight revenues 252.9 1.6 16.3 0.4 92.3 0.5 In-flight revenues 201 1.2 61.7 1.3 217.6 1.2 Freight revenues 146.4 0.9 109.4 2.4 97.14 0.5 Advertising revenues 7.3 0.1 2.8 0.1 8.67 0.1 TOTAL REVENUES FROM SALES AND SERVICES 13,633.8 84.0 3,828.5 84.9 17,553.3 96.0 OTHER REVENUES Gain on disposals of aircraft and leasehold improvements 1,331.8 8.2 - - 422.9 2.3 Gain on exchange 545.6 3.3 - - - - Gain on derivative - - 391.2 8.7 - - Other income 725.1 4.5 287.8 6.4 314.6 1.7 TOTAL OTHER REVENUES 2,602.5 16.0 679.0 15.1 737.5 4.0 TOTAL REVENUES 16,236.3 100.0 4,507.5 100.0 18,290.1 100 Remark: (1) Reclassification of the comprehensive income statements. 4. BUSINESS OPERATION OF THAI AIRASIA RELIES ON ITS RELATIONSHIP WITH CAPITAL A BERHAD Thai AirAsia receives support from Capital A in many areas, including the permission to be a sole airline operator in Thailand to use AirAsia as a trade name for the business operation, access to market knowledge, and customer services. Presently, Thai AirAsia is leasing its aircraft from AirAsia (Mauritius) Ltd. (“AAM”), an AAB’s subsidiary. Thai AirAsia also relies on online sales channels from AirAsia Com Travel Sdn Bhd (“AACOM”) and uses AirAsia Sea Sdn. Bhd.’s (“AASEA”) joint support department. The Company’s main software is centred in Kuala Lumpur, Malaysia. Thai AirAsia also has access to spare parts kept provided by AAB and Asia Digital Engineering Sdn. Bhd. (“ADE”), a subsidiary of Capital A. Likewise, Thai AirAsia benefits from airport ground services provided by members of AAAGL in certain airports, as well as other services such as fuel hedging, ticket reservation software and airasia rewards. Despite these benefits, decisions to engage in such transactions are made by Thai AirAsia which must pass the resolution from the Board of Directors and the Audit Committee. 73.4% 20.3% 0.5% 1.2% 0.5% 0.1% 2.3% - - 1.7% Passenger service revenues Baggage handling and other service fees Charter flight revenues In-flight revenues Freight revenues Advertising revenues Gain on disposals of aircraft and leasehold improvements Gain on exchange Gain on derivative Other income REVENUES FROM SALES AND SERVICES
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