NOTES TO THE FINANCIAL STATEMENTS For the Financial Year Ended 31 December 2023 (cont’d) 48. 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 2023 2022 RM’000 RM’000 Loans and borrowings 846,658 443,058 Lease liabilities 34,026 40,273 880,684 483,331 Less: Fixed deposits with licensed banks (23,825) (20,127) Less: Cash and bank balances (60,319) (56,296) Net debt 796,540 406,908 Total equity 2,200,286 1,872,103 Gearing ratio (times) 0.36 0.22 49. DATE OF AUTHORISATION FOR ISSUE The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the Directors on 25 April 2024. 260 MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) C G (CO )
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