NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 CONT’D 31. RELATED PARTIES DISCLOSURES (Cont’d) (c) Compensation of key management personnel The remuneration of Directors and other key management personnel during the financial year was as follows: Group Company 2023 2022 2023 2022 RM RM RM RM Salaries, bonus and allowances 11,043,006 9,168,161 8,076,221 6,932,162 Defined contribution plan 864,946 750,615 638,520 586,323 Social security contributions 17,601 15,332 9,529 8,464 11,925,553 9,934,108 8,724,270 7,526,949 32. CAPITAL AND FINANCIAL RISK MANAGEMENT (a) Capital management The primary objective of the capital management of the Group is to maintain a strong capital base and safeguard the ability of the Group to continue as a going concern whilst maintaining an optimal capital structure, so as to maximise shareholders value. The management reviews the capital structure by considering the cost of capital and the risks associated with the capital. No changes were made in the objectives, policies or procedures during the financial years ended 31 December 2023 and 31 December 2022. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividend paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Total capital is managed at Group level, which comprises shareholders’ funds, cash and cash equivalents and bank borrowings. The gearing ratios are as follows: Group Company 2023 2022 2023 2022 RM RM RM RM Total lease liabilities 3,542,112 3,876,084 161,245 240,124 Total borrowings 38,906,190 16,780,506 17,636,322 5,842,938 Less: - Cash and bank balances (174,003,942) (143,265,970) (7,942,023) (9,323,243) - Other investments (6,264,741) (14,900,727) (6,264,741) (9,951,410) Net debt/(cash) (137,820,381) (137,510,107) 3,590,803 (13,191,591) Total equity attributable to owners of the parent 544,785,652 511,638,657 284,593,330 262,063,824 Gearing ratio -* -* 0.06 -* * The gearing ratios for the Group and for the Company are not presented as the Group and the Company are in net cash position. 157 ANNUAL REPORT 2023
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