NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 25. Capital management (cont’d) Gearing ratio The Group’s and the Fund’s gearing ratio are calculated based on the proportion of total borrowings to the total asset value. The gearing ratio at the end of the reporting period is as follows: Group Fund 2021 2020 2021 2020 RM RM RM RM Total borrowings 683,876,967 683,587,255 683,876,967 664,303,048 Total assets value 1,664,732,994 1,647,986,337 1,664,796,608 1,647,844,525 Total borrowings to total assets value ratio 41.08% 41.48% 41.08% 40.31% 26. Portfolio turnover ratio (“PTR”) Fund 2021 2020 RM RM PTR (times) - - The calculation of PTR is based on the average of total acquisitions and total disposals of investments in the Fund for the year to the average net asset value during the year calculated on a monthly basis. 27. Contingent liabilities On 25 January 2022, Al-Aqar Australia Pty Ltd, a subsidiary of the Group, has received a Failure To Lodge on time (“FTL”) penalty of AUD1,554,000 (equivalent to RM4,755,240) in relation to late lodgement of several Business Activity Statements (“BAS”) from the Australian Taxation Authority (“ATO”) for the months of April 2021 to August 2021. The Group also faces potential exposure to additional penalties for the following: (i) False or misleading statements with regard to failure to disclosure the status of its subsidiary as a Significant Global Entity (“SGE”). These penalties could range from Nil to AUD106,560 (equivalent to RM326,074); and (ii) FTL penalties relating to failure to lodge General Purpose Financial Statements (“GPFS”) for the financial years ended 31 December 2017, 31 December 2018, 31 December 2019 and 31 December 2020. These penalties would likely be approximately AUD2,200,000 (equivalent to RM6,732,000). GOVERNANCE STRUCTURE FINANCIAL REPORTS 197 AN PO STRATEGIC PERFORMANCE CORPORATE OVERVIEW THE DRIVING FORCES SUSTAINABILITY STATEMENT
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