ACCOUNTABILITY | FINANCIAL STATEMENTS 319 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 43. CAPITAL MANAGEMENT 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, 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 2024 RM million 2023 RM million Loans and borrowings (Note 32) 16,319 9,584 Gross debt 16,319 9,584 Less: Cash and bank balances (Note 26) (3,063) (1,507) Investment funds, current (Note 22) - (153) Net debt 13,256 7,924 Total equity 7,977 6,458 Gross debt to equity ratio 2.05 1.48 Net debt to equity ratio 1.66 1.23 The Group and the Company are required to comply with financial covenants such as Debt Service Coverage Ratio and Gearing Ratio, as defined in the respective facility agreements. For the financial years ended 31 January 2024 and 2023, the Group and the Company have complied with these requirements. 44. PERPETUAL SECURITIES (i) By Yinson TMC Sdn. Bhd. (“YTMC”) RM950 million Sukuk Mudharabah On 8 May 2018, YTMC issued RM950 million Sukuk Mudharabah under its RM1.5 billion Perpetual Sukuk Mudharabah Programme. The perpetual securities are: • unconditionally and irrevocably guaranteed by the Company; • direct, unsecured, unconditional and unsubordinated obligations of the subsidiary; and • rank at least pari passu with all other present and future unconditional, unsubordinated and unsecured obligations of the subsidiary at all times, save for such obligations as may be preferred by provisions of law that are both mandatory and of general application.
RkJQdWJsaXNoZXIy NDgzMzc=