43 LEADERSHIP MESSAGES | FINANCIAL REVIEW Based on total loans and borrowings Based on total loans and borrowings less non-recourse project financing loans FYE 2024 2.05 1.52 2023 1.48 0.88 1.85 1.00 2022 1.52 0.78 2021 1.01 0.40 2020 Gross Gearing Ratio (times) FYE 2024 1.66 1.13 2023 1.23 0.62 1.24 0.39 2022 1.01 0.27 2021 0.63 0.01 2020 Net Gearing Ratio (times) The Group’s current ratio increased from 0.98 times to 1.05 times, mainly as a result of the higher cash position as discussed above, moderated by the increased payables and project cost accruals to fund the EPCIC business activities in FYE 2024. FINANCING ACTIVITIES Leverage indicators FYE 2024 1.05 2023 0.98 2022 2.21 2021 1.45 2020 1.45 Current Ratio (times) Cash flows from investing and financing activities During FYE 2024, cash flows generated from financing activities, primarily through drawdown of loans and borrowings, were deployed towards funding the project execution and investing activities of the Group as presented in the Statements of Cash Flows from pg 192 - 196. These activities are in line with the Group’s strategy to build a diverse portfolio of assets by growing and developing new businesses. As at 31 January 2024, the Group’s total undrawn borrowing facilities amounted to RM1.2 billion, which comprises project financing term loan facilities of RM846 million, other loan facilities of RM281 million and revolving credit facilities of RM106 million. In addition, the Group has available room in our perpetual securities programmes of RM2.0 billion. These facilities and perpetual securities are secured primarily to finance the Group’s ongoing and new FPSO projects, and expansion of our renewables and green technologies businesses. Structuring our finances with a long-term vision also allows us to secure funding at a lower cost. With our strong order book and the continued availability of these borrowing facilities and perpetual securities, the Group is confident that we have sufficient liquidity to meet our liabilities in the foreseeable future. Liquidity ratios Business Management & Performance, pg 120 - 122.
RkJQdWJsaXNoZXIy NDgzMzc=