This note presents information about the Group’s management of capital. Further quantitative disclosures are also included throughout these financial statements.
The goal of capital management is to maintain the Group’s ability to operate as a going concern in order to provide the shareholders return on investment as well as benefits for other stakeholders. The Group might issue shares, increase debt or sell assets in order to maintain or improve the equity structure.
The Group monitors capital on the basis of leverage ratio, which is calculated as a ratio of net debt to sum of equity and net debt. Net debt represents interest-bearing loans and borrowings and issued bonds less cash and cash equivalents (including restricted cash).
Carrying amount
| 31 December 2012 | 31 December 2011 | |
|---|---|---|
| Loans and borrowings | 867,611 | 1,205,185 |
| Senior Notes | 1,413,735 | 1,522,577 |
| Cash and cash equivalents | (270,354) | (277,534) |
| Net debt | 2,010,992 | 2,450,228 |
| Equity | 2,468,403 | 1,896,043 |
| Equity and net debt | 4,479,395 | 4,346,271 |
| Leverage ratio | 0.45 | 0.56 |
