105 / 132
Consolidated
Notes
2017
$’000
2016
$’000
Total Borrowings
6(c), 6(d)
595,374
726,132
Less cash and cash equivalents
6(a)
(108,236)
(107,461)
Adjusted net debt
487,138
618,671
Total equity
3,514,344
3,490,429
Adjusted equity
4,001,482
4,109,100
Net debt to adjusted equity ratio
12.2%
15.1%
Total borrowings include trade and other payables and the impact of amortised interest and fees.
(b) Dividends - Ordinary shares
Consolidated
2017
$’000
2016
$’000
Final dividend for the year ended 30 June 2016
of 1.19 cents (2016: 1.03 cents) per fully paid share
29,893
26,770
Interim dividend for the year ended 30 June 2017
of 2.04 cents (2016: 2.48) per fully paid share
52,921
64,489
82,814
91,259
103
NOTE 10
CAPITAL MANAGEMENT
(a) Risk management
The Group’s objectives when managing capital are to:
•
•
safeguard the ability to continue as a going concern (refer to note 20(e)), so that they
can continue to provide returns for shareholders and benefits for other stakeholders, and
•
•
maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends
paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
During 2017 the Group’s objective was to maintain a gearing ratio under 40% (2016: 50%).
The gearing ratios were as follows: