X hits on this document

309 views

0 shares

0 downloads

0 comments

72 / 90

Notes to the Financial Statements

For the year ended 30 June 2009

27. CONTRIBUTED EQUITY (continued)

(c) Capital Risk Management W h e n m a n a g i n g c a p i t a l , m a n a g e m e n t s o b j e c t i v e i s t o e n s u r e t h a t t h e C o n s o l i d a t e d E n t i t y c o n t i n u e s a s a g o i n g c o n c e r n . Management also aim to maintain an optimal capital structure that reduces the cost of capital.

In order to maintain or adjust the capital structure, management may change the amount of dividends paid to shareholders, offer

a dividend reinvestment plan, return capital to shareholders, issue new shares or sell assets to reduce debt.

During the year ended 30 June 2009, a dividend of $5,332,489 was paid (2008: $6,753,337).

Management has no current plans to issue further shares to increase the capital base.

Management monitor the capital mix through the debt to equity ratio (net debt/total equity) and the debt to total assets ratio (net debt/total assets). Based on continuing operations, these ratios are as follows:

2009 $’000

2008 $’000

2009 $’000

2008 $’000

108,451 (6,475)

174,911 (6,950)

101,976

167,961

289,743

304,445

175,857

171,837

480,334

581,576

194,668

194,668

35.2%

55.2%

0.0%

0.0%

21.2%

28.9%

0.0%

0.0%

Interest-bearing loans and borrowings * Less: cash and cash equivalents

Net debt

Total equity

Total assets

Net debt to equity ratio

Net debt to total assets ratio

  • *

    Excludes leased assets amounting to $1,160,501 (2008: $1,448,847).

Consolidated

Parent

70 AVJennings Limited ABN 44 004 327 771

Document info
Document views309
Page views309
Page last viewedFri Dec 09 14:33:44 UTC 2016
Pages90
Paragraphs4889
Words32097

Comments