80 38. Capital management The primary objective of the Group’s capital management is to ensure that it has appropriate capital structure in order to support its business to continue as going concern and maximise shareholder value and it meets financial covenants attached to the loan agreements. The Group has complied with these covenants throughout the reporting periods. The capital structure of the Group consists of net debts (borrowings disclosed in Note 17, Note 19 and Note 20 to consolidated finance statements after deducting cash and cash equivalents balances) and equity of the Group. The Group’s risk management committee reviews the capital structure on a semi-annual basis. As part of this review, the committee considers the cost of capital and the risks associated with each class of capital. The Group has a target gearing ratio not over 1 time determined as the proportion of net debt to equity. As at 31 December 2023, the Group's net debt-to-equity ratio was 0.86: 1 (2022: 0.86: 1) and the Company's was 0.90: 1 (2022: 0.89: 1). 39. Events after the reporting period On 13 February 2023, a meeting of the Company's Board of Directors passed a resolution to propose the payment of a dividend of Baht 0.03 per share or a total of Baht 613 million from the Company’s retained earnings. This will be proposed to the 2024 Annual General Meeting of the Company’s shareholders for approval. 40. Reclassifications Certain amounts in the income statement for the year ended 31 December 2022 have been reclassified to conform to the current year’s classification. The reclassifications are as follows. (Unit: Million Baht) For the year ended 31 December 2022 Separate financial statements As reclassified As previously reported Other income 1,752 1,742 Loss on impairment of investments in a subsidiary and associates 10 - The reclassifications had no effect to previously reported loss or shareholders’ equity. 41. Approval of financial statements These financial statements were authorised for issue by the Company’s Board of Directors on 13 February 2024. 373 56-1 ONE REPORT 2023 Notes to the Consolidate Financial Statements
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