4 FINANCIAL RISK MANAGEMENT (CONTINUED) (b) Capital risk management policies (continued) Company 2024 RM’000 2023 RM’000 Loans due to a subsidiary 320,289 973,764 Borrowings 1,300,250 897,344 Total debt 1,620,539 1,871,108 Total equity 7,840,088 7,244,216 Total capital 9,460,627 9,115,324 Gearing ratio 21% 26% There is no financial covenant imposed for the Company. (c) Fair value estimation Amounts that are measured in the statement of financial position at fair value are disclosed by the following fair value measurement hierarchy: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). • Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). • Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the Group’s financial assets and liabilities that are measured at fair value at 31 December 2024 and 31 December 2023: Group 2024 Level 1 RM’000 Level 2 RM’000 Level 3 RM’000 Total RM’000 Assets Financial assets at fair value through profit or loss: (i) Derivatives – Foreign currency forward contracts – 655 – 655 – Commodities futures contracts 1,042 – – 1,042 (ii) Trading securities 107,947 – – 107,947 Financial assets at fair value through other comprehensive income 3,927 – 144,614 148,541 Total assets 112,916 655 144,614 258,185 Liabilities Financial liabilities at fair value through profit or loss: (i) LLA liability – – 3,663,487 3,663,487 (ii) Derivatives – Foreign currency forward contracts – 2,383 – 2,383 – Commodities futures contracts 5,102 – – 5,102 Total liabilities 5,102 2,383 3,663,487 3,670,972 Notes to the Financial Statements For the financial year ended 31 December 2024 67
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