Page 136 - TYCONS - ANNUAL REPORT 2022

Tycoons Worldwide Group (Thailand) Plc.

The result of sensitivity analysis for significant assumptions that affect the present value
of the long-term employee benefit obligation as at 31 December 2022 and 2021 are
summarised below:

(Unit: Million Baht)
Consolidated/Separate financial statements

As at 31 December 2022 As at 31 December 2021
Increase 0.5% Decrease 0.5% Increase 0.5% Decrease 0.5%

Discount rate (3) 3 (3) 3
Salary increase rate 3 (3) 4 (3)

19. Share capital

On 26 April 2022, the Annual General Meeting of the shareholders of the Company passed

a resolution approving a decrease of Baht 1,492 million in the Company’s registered and
fully paid-up capital to be Baht 4,476 million, by reducing the par value of the shares from
Baht 10.00 to Baht 7.50 each. The share capital of Baht 1,492 million, the statutory reserve

of Baht 17 million, and premium on treasury shares of Baht 20 million, based on the
Company’s statement of financial position as of 31 December 2021, are to be used to
offset the Company's deficit of Baht 1,656 million. The capital reduction have no effect to

the existing shares. The capital reduction has already been registered with the Ministry of
Commerce on 8 July 2022, which effected on 15 July 2022.

20. Statutory reserve

Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is
required to set aside to a statutory reserve at least 5 percent of its net income 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.

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