41. Capital Management
The objective of the Group’s capital management is to maintain the ability to continue as a going concern, taking into account any capital expenditure plans, while increasing the Group’s shareholder value.
The Group monitors its capital position using the leverage ratio, calculated as the ratio of net debt to the sum of total equity and net debt. In accordance with the rules adopted by the Group, the leverage should not exceed 35%. Net debt is the sum of borrowings, finance lease liabilities, liabilities under debt securities in issue and trade and other payables less cash and cash equivalents. Equity includes equity attributable to owners of the Parent.
in PLN m
| Dec 31 2012 | Dec 31 2011 | |
|---|---|---|
| Borrowings, finance lease liabilities and liabilities under debt securities in issue | 10,211 | 4,999 |
| Trade and other payables | 3,744 | 3,314 |
| Cash and cash equivalents (-) | (1,948) | (1,505) |
| Net debt | 12,007 | 6,808 |
| Equity (attributable to owners of the parent) | 27,243 | 25,211 |
| Equity and net debt | 39,250 | 32,019 |
| Leverage | 30.60% | 21.30% |
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