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Capital management
 12 Months Ended
Dec. 31, 2025
Capital Management  
Capital management

33. Capital management

 

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

 

The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total loans (including ‘current and non-current loans’ as shown in the consolidated balance sheet) less cash and cash equivalents. Total capital is calculated as ‘equity’ as shown in the consolidated balance sheet plus net debt.

 

The Group’s strategy, which is unchanged for the reporting periods, is to maintain a reasonable ratio in order to raise capital at reasonable cost.

 

The debt to capital ratios as of December 31, 2025 and 2024 were as follows:

 

   As of   As of 
   December 31, 2025   December 31, 2024 
Total borrowings  $12,642,862   $10,037,519 
Less: Cash and cash equivalents   (97,669)   (649,106)
Net debt   12,545,193    9,388,413 
Total (deficit) equity   (6,777,635)   12,999,263 
Total capital  $5,767,558   $22,387,676 
Gearing ratio   218%   42%

 

The Group reported deficit in 2025. Accordingly, the gearing ratio for 2025 is not directly comparable to that of 2024.