NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) E1 Capital management (continued) Group 2022 $’000 2021 $’000 Shareholders’ funds Share capital 895,926 895,926 Treasury shares (36,377) (33,475) Capital and other reserves 65,631 2,003 Retained earnings 1,472,816 1,548,308 2,397,996 2,412,762 Non-controlling interests 254,858 255,453 2,652,854 2,668,215 Gross debt/equity ratio 2.5 0.8 Gross debt 6,534,537 2,115,220 Less: cash and cash equivalents (601,749) (815,924) Net debt* 5,932,788 1,299,296 * Net debt refers to gross debt less cash and cash equivalents E2 Finance costs, net Group 2022 $’000 2021 $’000 Finance income Interest income - bank deposits 4,689 1,024 - staff loans 3 4 - finance lease 495 451 - others 4,084 2,457 Exchange gain, net – 4,388 Fair value changes of financial instruments - gain on forward currency contract designated as hedging instrument – 2,861 - gain on forward currency contract not designated as hedging instrument 1,932 501 11,203 11,686 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 225
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