304 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 Consolidated financial statements On demand Less than 1 year 1-5 years More than 5 years Total Liabilities under lease agreements - 8,399 32,790 14,356 55,545 Total non-derivatives 7,416 12,013 36,809 14,554 70,792 Derivatives Derivative liabilities: net settled - 74 1 - 75 Total derivatives - 74 1 - 75 Consolidated financial statements On demand Less than 1 year 1-5 years More than 5 years Total For the year ended 31 December 2021 Non-derivatives Short-term loans from financial institutions - 750 - - 750 Short-term debentures - 80 - - 80 Trade and other payables 1,841 - - - 1,841 Amounts due to related parties 1,306 - - - 1,306 Accrued expenses 2,462 - - - 2,462 Long-term loans - 942 2,697 397 4,036 Debentures - 1,800 999 - 2,7991 Liabilities under lease agreements - 5,932 14,927 16,617 37,476 Total non-derivatives 5,609 9,504 18,623 17,014 50,750 Derivatives Derivative liabilities: net settled - 23 63 6 92 Total derivatives - 23 63 6 92 (Unit: Baht Million) (Unit: Baht Million) 38.3 Fair values of financial instruments The financial instruments which the fair value is not expected to be materially different from the amounts presented in the statement of financial position since they are short-term in nature or carrying interest at rates close to the market interest rates are cash and cash equivalents, trade and other receivables, amounts due from related parties, trade payables, other payables, amounts due to related parties and short-term borrowings from financial institutions. As at 31 December 2022 and 2021, the estimated fair value of long-term financial instruments, in comparison with the related amounts carried in the statement of financial position, is as follows. * Excluded extended Baht 1,200 million tranche of debenture which had no stated fair value of debentures from quoted market prices of the Thai Bond Market Association, as discussed in Note 20. Consolidated financial statements 2022 2021 Carrying amount Fair value Carrying amount Fair value Financial liabilities Long-term borrowings from financial institutions 3,388 3,388 4,036 4,036 Long-term debentures 2,418 2,399 2,799 1,470* (Unit: Baht Million) The methods and assumptions used by the Group in estimating the fair value of financial instruments are as follows. a) For long-term borrowings from financial institutions carrying fixed interest rates, their fair value is estimated by discounting expected future cash flow by the current market interest rate of the borrowings with similar terms and conditions. b) For long-term borrowings from financial institutions carrying floating interest rates, their fair value is estimated by book values in the statement of financial position. c) For long-term debentures, fair value is derived from quoted market prices of the Thai Bond Market Association. During the current year, there were no transfers within the fair value hierarchy.
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