128
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2015
(In Singapore dollars)
35. CAPITAL MANAGEMENT
The primary objective of the Group’s capital management is to ensure that it maintains an appropriate capital
structure in order to support its business and maximise shareholder value.
The Groupmanages its capital structure andmakes adjustments to it, in the 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, issue new shares, buy back issued shares, obtain new borrowings, sell assets or reduce
borrowings. No changes were made in the objectives, policies or processes during the financial years ended 31
March 2015 and 31 March 2014.
The Group monitors capital using a gearing ratio, which is net debt divided by net capitalisation. The Group
includes within its net debt, bank borrowings and finance lease payable, less cash and cash equivalents. Net
capitalisation refers to net debt plus shareholders’ funds and non-controlling interests.
Group
Note
2015
$’000
2014
$’000
Bank borrowings
21
59,635
64,517
Finance lease payable
20
797
1,360
Less: Cash and cash equivalents
18
(44,135)
(37,432)
Net debt
16,297
28,445
Shareholders’ funds
128,960
130,657
Add: Non-controlling interests
9,390
9,655
Net capitalisation
154,647
168,757
Net debt gearing ratio
11%
17%
The Group is in compliance with all externally imposed capital requirements for the financial years ended 31 March
2015 and 31 March 2014.
36. AUTHORISATION OF FINANCIAL STATEMENTS FOR ISSUE
The financial statements for the financial year ended 31 March 2015 were authorised for issue in accordance with
a resolution of the Directors on 15 June 2015.
