132 but also debentures which were due for redemption within one year. In this connection, most of the two types of the loans could be replaced by issuing new loans when they were due for redemption or reached maturity. Moreover, THANI had a reserve in the form of a short-term credit facility offered by other financial institutions. As a result, THANI was able to manage the liquidity risk, ensuring that the risk was at an acceptable level and would not affect its main business operations. On the other hand, their quick ratio was 1.00 times, which was not different from the liquid ratio, mainly because current assets of THANI and its subsidiary were relatively highly liquid and accounted for 99.04 percent of total current assets. Factors or Events that Might Significantly Affect Future Financial Position or Operations In conducting its business operations in the past year amidst the COVID-19 pandemic which began in 2020, THANI implemented various measures including its own supporting measures as well as those initiated by the BOT for the purpose of helping the customers who were hit by the pandemic. Although the Thai economy was on the course of recovery, the situation ahead remained very uncertain in view of the new wave of the COVID-19 infections. It might have impacts on the economy if the infections were widespread to such an extent that it was necessary to impose highly restrictive measures. The policy to attract tourists in 2021 greatly depended on the effectiveness and speed of vaccine distribution. This was a key challenge faced by the business sector in managing risks. As a result, the overall economic recovery was very uncertain. In this connection, while conducting its business operations in a cautious manner, THANI closely monitored the situation and continuously assessed the impacts, particularly in relation to the asset quality. The above-mentioned circumstances are the factors or events which may have significant impacts on the financial position or operations in the future, a summary of which is as follows: 1. In dealing with the COVID-19 situation, the government imposed a lockdown measure to prevent the spread of COVID-19. Emphasis was placed on more specific areas and business sectors. As a result, the impacts were less severe than the first lockdown. The factors which might have impacts included which lockdown measure would be implemented and when the new wave of the infections would be brought under control. The discovery of COVID-19 vaccines in the latter part of the year 2020 not only was an important new hope for tourism but also a key variable in determining the direction of the economic recovery in 2021. As regards the distribution of vaccine injections in Thailand, it was expected that vaccines could start being administered to about 20 percent of the population in the second half of the year. As a result, Thailand might be able to open to foreign tourists who were vaccinated and allow them to enter the country without undergoing quarantine in the second half of the year. As a result, the tourism sector as well as other business sectors were expected to recover gradually. 2. The economic factors was considered the most important factor affecting the operations of business groups. Economic problems not only could lead to several other problems but also could have psychological impacts on the spending and investment of the business groups concerned, particularly those in the tourism sector. These were wounds which could take a long time to heal before things would return to normal before the
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