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Integrated Report 2016
ANNUAL FINANCIAL STATEMENTS
(continued)
SIX
THREE
ONE
FOUR
TWO
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, issue new shares or repurchase shares.
The Group monitors its capital using gearing and interest cover ratios. The primary methods of measurement used are interest-bearing debt
to total equity and interest cover.
2016
2015
Continuing operations
R’000
R’000
Interest-bearing loans and borrowings
511 755
831 236
Less:
Cash and short-term deposits
(200 555)
(147 379)
Net debt
311 200
683 857
Equity
3 252 597
3 116 924
Gearing ratio (%)
10
22