290 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 On 26 November 2021, the Extraordinary Shareholder’s Meeting of the Company No.1/2021 passed a resolution to issuance of 1,714,285,714 ordinary shares with par value of Baht 0.1 each, total amounting to Baht 171 million to the existing shareholders proportionate to their respective shareholders (Right Offering). The Company paid-up capital has changed from Baht 988 million to Baht 1,159 million, divided into 11,592,857,143 ordinary shares, with a par value of Baht 0.1 each. Currently, the total registered capital was Baht 1,285 million. The Company increases its registered share capital and offer newly issued shares to existing shareholders of the Company in proportion to their respective shareholdings (Rights Offering), at the offering price of Baht 1.75 per share, in total of 1,714,285,714 shares. The total value is Baht 3,000 million. The share capital increase of the Company was registered with the Ministry of Commerce on 19 January 2022. The offering of newly issued ordinary shares of the Company to Private Placement total of 5,028,571,429 shares, shall be prohibited to trade on the Stock Exchange of Thailand for 1 year and will be due on 16 December 2022. The 2,257,000,000 shares of the Company have been pledged as collateral for loan with financial institution and the shares cannot be redeemed until the loan is fully repaid. The movements of share capital and paid-up capital for the year ended 31 December 2022 are as follows: Consolidated and Separate financial statements Issued and paid-up capital Authorised share capital Number of ordinary shares Ordinary shares Premium on share capital Thousand Share Thousand Share Baht Thousand Baht Thousand Balance as at 1 January 2022 12,850,000 9,878,571 987,857 10,896,951 Increase from newly issued ordinary shares - 1,714,286 171,429 2,828,571 Increase from the exercise of convertible debentures (Note 21) - 571,429 57,143 942,857 Balance as at 31 December 2022 12,850,000 12,164,286 1,216,429 14,668,379 25. Statutory reserve Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Group is required to set aside a statutory reserve at least 5 percent of its net profit after deducting accumulated deficit brought forward (if any), until the reserve reaches 10 percent of the registered capital. The statutory reserve is not available for dividend distribution. 26.Revenues from sales and services Revenues from sales and services for the years 2022 and 2021 disaggregated by timing of revenue recognition and type of goods or services are summarised below. (Unit: Baht Thousand) Consolidated financial statements Separate financial statements 2022 2021 2022 2021 Revenue recognised over time Passenger service revenues 13,432,414 3,174,235 - - Baggage handling and other service fees 3,705,157 464,074 - - Freight revenues 97,135 109,334 - - Charter flight revenues 92,297 16,315 - - Advertising income 8,674 2,765 - - Management fee - - 25,000 25,000 Revenue recognised at a point in time In-flight revenues 217,610 61,746 - - Total revenues 17,553,287 3,828,469 25,000 25,000
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