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NOTES TO FINANCIAL STATEMENTS
For the fnancial year ended 31 March 2014
34. Capital management
The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in
order to support its business and maximise shareholder value.
The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust
the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No
changes were made in the objectives, policies, or processes during the fnancial year ended 31 March 2014.
The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group includes within net
debt, trade and other payables, other liabilities, bank loan, fnance lease liabilities, less cash and bank balances. Capital includes equity
attributable to equity holders of the Group.
The Group
2014 2013
$’000 $’000
Net debt:
Trade and other payables (Note 22) 6,150 5,171
Other liabilities (Note 23) 141 134
Provisions (Note 24) 1,942 1,808
Bank loans (Note 25) 3,807 3,304
Finance lease liabilities (Note 30 (c)) 282 380
Less: Cash and bank balances (Note 21) (20,379) (16,661)
(8,057) (5,864)
Capital:
Equity attributable to the equity holders of the Company 31,502 27,752
Capital and net debt 23,445 21,888
Gearing ratio – (1) – (1)
(1) Not meaningful as cash and bank balances exceeds total debts.
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Annual Report 2014 •