275 INTEGRATED ANNUAL REPORT 2025 ACCOUNTABILITY | NOTES TO THE FINANCIAL STATEMENTS 44. SEGMENT INFORMATION (CONTINUED) Geographical information (continued) Non-current assets other than financial instruments and deferred tax assets by location of the Group’s operations are analysed as follows: Group 2025 RM million 2024 RM million Malaysia 435 386 Ghana 2,749 3,158 Brazil 2,241 6,358 India 952 1,069 Vietnam 350 371 Singapore 125 138 Canada - 67 Nigeria 55 11 Italy 41 41 Norway 46 56 Angola 4,796 3,016 Peru 385 262 Netherlands 13 11 Other countries 12 8 12,200 14,952 45. CAPITAL MANAGEMENT (a) Capital management objectives For the purpose of the Group’s and the Company’s capital management, capital includes share capital and all other equity reserves attributable to owners of the Company. The objectives of the Group’s and the Company’s capital management are to maximise shareholders’ value, to maintain optimal capital structure to reduce cost of capital and to sustain future developments of the Group. In order to maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders, carry out shares buy-back or issue new shares. The Group and the Company monitor capital using gross and net debt to equity ratio. Net debt includes interest bearing loans and borrowings, less cash and short-term deposits and current other investments. Group 2025 RM million 2024 RM million Loans and borrowings (Note 33) 16,054 16,319 Gross debt 16,054 16,319 Less: Cash and bank balances (Note 27) (2,679) (3,063) Investment funds, current (Note 23) (49) - Net debt 13,326 13,256 Total equity 7,864 7,977 Gross debt to equity ratio 2.04 2.05 Net debt to equity ratio 1.69 1.66
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