Page 351 - BTSGroup ONE REPORT 2021/22_EN

BTS Group Holdings Public Company Limited 6.4 Notes to Consolidated Financial Statements 349
Annual Report 2021/22

Key assumptions used in the valuation are summarised below.

Financial instruments Valuation technique Signif cant unobservable inputs Rates Sensitivity of the input to fair value
Investment in debt instruments Discounted future cash flow Risk premium 1.09% - 70.50% 1% - 5% (2021: 1% - 5%)
model adjusted by risk premium (2021: 8.20% - 55.90%) increase or decrease in the
risk premium would result in
decrease or increase of Baht
15 million and Baht 20 million,
respectively, (2021: Baht 59
million and Baht 61 million) in
fair value
Investment in debt instruments Market multiple Gross profit - 10% increase or decrease in
the gross profit would result in
increase or decrease of Baht
21 million and Baht 21 million,
respectively, in fair value

52. Capital Management 53. Acquisition of Newly Issued Ordinary Shares in Nation
The primary objective of the Group’s capital management is to ensure International Edutainment Public Company Limited, The
Entering into License to Manage and Operate Merchandising
that it has an appropriate capital structure in order to support its business Space Agreement, and The Disposal of Ordinary Shares in
and maximise shareholder value and it meet financial covenants attached Groupwork Company Limited
to the loan agreements. The Group has complied with these overeats
throughout the reporting periods. On 2 March 2022, a meeting of VGI’s Board of Directors passed the
significant resolutions as follows:

As at 31 March 2022, the Group’s debt-to-equity ratio was 1.97 (2021:
1.79) and the Company’s was 0.96 (2021: 0.77). a) Approved Point of View (POV) Media Group Company Limited (“POV”),
a subsidiary of VGI, to acquire newly issued ordinary shares in Nation
International Edutainment Public Company Limited (“NINE”), a public
company incorporated under the law of Thailand and also a listed
company in the Stock Exchange of Thailand (“SET”) operating the
main business of publishing in printed media and online media in
the category of E-book and engaging in a business of managing
and operating of merchandising spaces on 3 BTS Skytrain stations,
being granted by VGI, which are St. Louis Station, Victory Monument
Station and Ploenchit Station by renting out to other tenants and