Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 371 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 42. CAPITAL MANAGEMENT The primary objective of the Group’s and of the Company’s capital management is to ensure that they maintain a strong credit rating and healthy capital ratios in order to support their business and maximise shareholder value. The Group and the Company also aim to maintain a capital structure that has an appropriate cost of capital available to the Group and the Company. In order to achieve this overall objective, the Group’s capital management, among other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches of the financial covenants of any interest-bearing loans and borrowing in the current period. The Group and the Company manage capital by reference to the debt to asset ratio. The Group’s and the Company’s debt to asset ratio is as follows: Group Company 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Term loans 102,060 107,018 - - Revolving credit 137,803 101,732 85,000 52,000 IMTNs 250,000 250,000 250,000 250,000 Total debt 489,863 458,750 335,000 302,000 Total assets 2,954,320 2,868,671 1,904,217 1,891,693 Debt to asset ratio 17% 16% 18% 16%
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