on assets (%) 3.2 2.8 2.4 2.6 2.2 1.7 Return on shareholders’ equity (%) 8.3 8.5 7.4 8.0 7.3 5.7 Gearing (%) 44.8 43.4 46.3 47.0 51.2 50.3 EBITDA margin (%) 26.5 36.1 40.9 39.0* 40.9 35.1 Effective weighted average cost of funds (%) 5.0 5.1 4.9 4.6 4.6 4.8 Interest coverage (%) 7.9 5.4 4.9 5.0 4.8 4.3 Currency mix (RM: Foreign) 74:26 76:24 75:25 76:24 79:21 73:27 Debt-equity (net of cash) ratio1 0.50 0.53 0.63 0.73 0.83 0.67 1 Cash includes financial assets at fair value through profit or loss (FVTPL). * Restated. Dividend yield (dividend/share price per unit, %) 3.92 7.54 7.68 4.28 4.78 4.58 SIX-YEAR GROUP FINANCIAL SUMMARY OUR INVESTMENT CASE TENAGA NASIONAL BERHAD Integrated Annual Report 2023 14 OUR INVESTMENT CASE SHAREHOLDERS’ EQUITY (RMMILLION) RETURN ON ASSETS (%) BASICEPS (SEN) 2019 59,282 2021 58,392 2018 59,052 2020 57,450 2022 60,966 2019 2.8 2021 2.6 2018 3.2 2020 2.4 2022 2.2 2019 79.6 2021 64.1 2018 65.6 2020 63.1 2022 60.4 2023 61,083 2023 1.7 2023 48.0 NET PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY (RM MILLION) TOTAL BORROWINGS (RM MILLION) INTEREST COVERAGE (TIMES) 2019 4,529 2021 3,662 2018 3,724 2020 3,593 2022 3,463 2019 45,412 2021 51,678 2018 47,832 2020 49,453 2022 63,882 2019 5.4 2021 5.0 2018 7.9 2020 4.9 2022 4.8 2023 2,770 2023 61,770 2023 4.3 REVENUE (RMMILLION) TOTALASSETS (RMMILLION) GEARING (%) 2019 50,940 2021 (Restated) 48,120 2018 50,393 2020 43,976 2022 50,868 2019 178,847 2021 182,601 2018 153,695 2020 181,433 2022 205,922 2019 43.4 2021 47.0 2018 44.8 2020 46.3 2022 51.2 2023 53,067 2023 204,744 2023 50.3 SIX-YEAR GROUP GROWTH SUMMARY WE ARE TNB Sec 1 15 TOTAL LIABILITIES AND EQUITIES Trade and Other Payables Contract Liabilities Other Current and Non-Current Liabilities Share Capital Non-Controlling Interests Retained Profits and Reserves Current Taxation Deferred Taxation T otal Borrowings Consumer Deposits Employee Benefits 5.6% 3.7% 5.6% 4.3% 2.6% 17.5% 1.2% 5.9% 22.5% 0.1% 31.0% 6.3% 4.0% 6.1% 4.4% 2.8% 6.2% 16.6% 1.1% 22.0% 0.1% 30.4% OUR INVESTMENT CASE SIMPLIFIED