NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2022 (cont’d) FINANCIAL STATEMENTS 49. CAPITAL MANAGEMENT (CONT’D) The Group manages its capital based on debt-to-equity ratio that complies with debt covenants and regulatory, if any. The debt-to-equity ratio is calculated as net debt divided by total equity. The Group includes within net debt, loans and borrowings from financial institutions less cash and cash equivalents. Capital includes equity attributable to the owners of the parent and non-controlling interest. The debt-to-equity ratio of the Group at the end of the reporting period was as follows: Group 2022 2021 RM’000 RM’000 Loans and borrowings 443,058 160,547 Lease liabilities 37,909 5,536 480,967 166,083 Less: Fixed deposits with licensed banks (20,127) (16,165) Less: Cash and bank balances (56,296) (73,114) Net debt 404,544 76,804 Total equity 1,872,103 1,541,449 Gearing ratio (times) 0.22 0.05 50. COMPARATIVE INFORMATION (i) Certain comparatives were restated to conform with current financial year’s presentation. There was no significant impact to the financial performance in relation to the financial year ended 31 December 2021. (ii) The financial statements of the Group and of Company for the financial year ended 31 December 2021 were audited by another firm of Chartered Accountants. 51. DATE OF AUTHORISATION FOR ISSUE The consolidated financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the Directors on 28 April 2023. 247
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