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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 financial year ended 31 March 2015.
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, finance lease liabilities, less cash and bank balances. Capital includes equity attributable to
equity holders of the Group.
Group
2015
2014
$’000
$’000
Net debt:
Trade and other payables (Note 22)
5,405
6,150
Other liabilities (Note 23)
152
141
Provisions (Note 24)
2,046
1,942
Bank loans (Note 25)
8,228
3,807
Finance lease liabilities (Note 30 (c))
499
282
Less: Cash and bank balances (Note 21)
(20,147)
(20,379)
(3,817)
(8,057)
Capital:
Equity attributable to the equity holders of the Company
33,297
31,502
Capital and net debt
29,480
23,445
Gearing ratio
–
(1)
–
(1)
(1)
Not meaningful as cash and bank balances exceeds total debts.
