56 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 was mainly driven by higher fuel costs, which reached Baht 3,369.1 million, an increase of 464% YoY and 35% QoQ, as a result of the rising jet fuel prices and an increase of 196% YoY and 43% QoQ in the number of flights flown. Meanwhile, staff costs rose to Baht 971.2 million, an increase of 54% YoY and 37% QoQ, in line with the higher number of flights flown. Maintenance and overhaul expenses stood at Baht 900.6 million, increasing by 50% YoY but decreasing by 22% QoQ. The drop QoQ was from lower redelivery expenses and a lower rate of aircraft activation. SG&A expenses increased by 66% YoY and 35% QoQ to Baht 555.5 million, mainly from online sale commissions paid to AirAsia Com Travel. However, SG&A to revenues from sales and services decreased from 22% in 4Q2021 and 9% in 3Q2022 to 7% in this quarter. In summary, AAV reported a positive EBITDA of Baht 1,628.9 million, the first since the COVID-19 pandemic. The appreciation of the Thai Baht from 38.1 Baht per USD in 3Q2022 to 34.7 Baht per USD in this quarter resulted in an unrealised FX gain of Baht 3,712.0 million, while finance costs were Baht 484.2 million, decreasing by 15% YoY and 23% QoQ due to lower debt and lease liabilities. Additionally, there was income tax expense amounted to Baht 689.9 million. Consequently, AAV recorded a net profit for the equity holders of the Company of Baht 3,114.4 million, an improvement compared to a net loss of Baht (992.7) million in 4Q2021 and Baht (4,050.2) million in 3Q2022. Asia Aviation Public Company Limited Unit: Baht million Consolidated Change As at 31 December 2022 As at 31 December 2021 Total assets 64,685.5 71,208.3 -9% Total liabilities 56,731.1 54,379.5 +4% Equity attributable to owners of the Company 7,954.4 20,201.1 -61% Non-controlling interests of the subsidiary - (3,372.3) N.A. Total shareholders’ equity 7,954.4 16,828.8 -53% Statement of Financial Position
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