34. FINANCIAL INSTRUMENTS (CONTINUED) 34.7 Fair value information (continued) Level 2 fair value Fair value of financial instruments not carried at fair value Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the end of the reporting period. Transfers between Level 1 and Level 2 fair values There has been no transfer between Level 1 and 2 fair values during the financial period (30.6.2022: no transfer in either directions). 35. CAPITAL MANAGEMENT The Group’s objectives when managing capital is to maintain a strong capital base and safeguard the Group’s ability to continue as a going concern, so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Directors monitor and are determined to maintain an optimal debt-to-equity ratio that complies with debt covenants and regulatory requirements. The Group manages its capital based on debt-to-equity ratio. The debt-to-equity ratio of the Group at the end of the reporting period is not presented as its cash and cash equivalents exceeded the total loans and borrowings. There was no change in the Group’s approach to capital management during the financial period/year. 36. COMMITMENTS Group 1.7.2022 to 31.12.2023 RM’000 1.7.2021 to 30.6.2022 RM’000 Capital commitments: Property, plant and equipment and intangible assets Authorised and contracted for 12,550 257,416 Integrated Report 2023 295
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