287 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 Thai Accounting Standards 32 “Financial Instruments: Presentation” requires the Company that issued the convertible debentures to present the liability component of the convertible debentures separated from the equity component in statement of financial position. At the issuing date of the debentures, the Company has separated the liability component from the equity component, calculated by discounting the future cash flows of the debenture’s principal and interest at the market rate of interest. Convertible debentures - the equity component is recognised at the difference between the book value of the convertible debentures as a whole and the liability component of the debentures. Convertible debentures - the liability component is measured at amortised cost until the conversion date of the debentures or maturity date. The equity component of the debentures, which measured at the issuing date, is not remeasured. Consolidated and Separate financial statements Balance as at 1 January 2022 2,200,000 Conversion to ordinary shares (1,000,000) Balance as at 31 December 2022 1,200,000 (Unit: Baht Thousand) (Unit: Baht Thousand) 22. Liabilities under lease agreements Consolidated financial statements 2022 2021 Liabilities under lease agreements 45,599,890 46,092,799 Less: Deferred interest expenses (9,143,432) (8,617,620) Total 36,456,458 37,475,179 Less: Portion due within one year (6,331,068) (5,931,611) Liabilities under lease agreements - net of current portion 30,125,390 31,543,568 A maturity analysis of lease payments is disclosed in Note 38.2 under the liquidity risk. During the year 2022, the convertible debenture holder exercised its rights to convert into ordinary shares in accordance with the terms and conditions of the convertible debentures, with a principal of Baht 1,000 million or 45.45% of the convertible debentures offered for sale. This represented 571 million ordinary shares which increased the Company’s share capital from Baht 988 million to Baht 1,216 million and the premium on ordinary shares increased from Baht 10,897 million to Baht 14,668 million (Note 24). The Company has completed the registration of change in paid-up capital with Ministry of Commerce on 20 June 2022 and 19 December 2022. The movements of convertible debentures during the year ended 31 December 2022 are as follows; Number of ordinary shares to support the conversion 1,257,142,857 shares (par value of Baht 0.10 per share)
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