232 Notes to the Consolidated Financial Statements 31 December 2023 45. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued) Capital management The Group adopts a proactive and disciplined capital management approach to maintain a strong and wellcapitalised balance sheet, and regularly review its debt maturity profile and liquidity position on an ongoing basis. The Group maintains a strong balance sheet, and actively diversifies its funding sources through a combination of facilities with both local and international banks, and capital market issuances in optimising its costs of debt financing. The Group is not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2023 and 2022. The Group monitors the capital using net gearing ratio, which is calculated by dividing net debt, defined as total bank and other borrowings less cash and bank balances, by total assets at the end of each year. The gearing ratios as at 31 December 2023 and 2022 were as follows: As at 31 December 2023 As at 31 December 2022 US$’000 US$’000 Bank and other borrowings Current 899,884 290,452 Non-current 5,079,669 5,206,178 Bank and other borrowings — Total 5,979,553 5,496,630 Less: Cash and bank balances (1,001,568) (1,806,915) Net debt 4,977,985 3,689,715 Total assets 16,191,075 16,199,374 Gearing ratio (net debt/total assets) 30.7% 22.8% STRENGTH IN UNITY
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