/ . 8 9
A N N U A L R E P O R T 2 0 1 5
T H E S T R E N G T H O F O U R B R A N D S
18 .
Sha r e Cap i t a l ( Con t ’ d )
group
2015
$’000
2014
$’000
net debt:
All current and non-current borrowings including finance leases
17,701
14,789
Less cash and cash equivalents
(9,581)
(34,154)
Net debt
8,120
(19,365)
adjusted capital:
Total equity
25,064
36,393
Adjusted capital
25,064
36,393
Debt-to-adjusted capital ratio
0.32
(*)
Note:
(*) Not meaningful
The unfavourable change as shown by the increase in the debt-to-adjusted capital ratio for the reporting year resulted
primarily from the increase in new debt. There was an unfavourable change with decreased retained earnings.
In order to maintain its Listing on the Catalist Board of the SGX-ST, the Company has to have share capital with a free
float of at least 10% of the shares. The Company met the capital requirement on its initial listing and the rules limiting
treasury share purchases mean it will continue to satisfy that requirement, as it did throughout the reporting year.
Management receives a report from the share registrars frequently on substantial share interests showing the non-free
float to ensure continuing compliance with the 10% limit throughout the reporting year.
The management does not set a target level of gearing but uses capital opportunistically to support its business and to
add value for shareholders. The key discipline adopted is to widen the margin between the return on capital employed
and the cost of that capital.
1 9.
Tr ade and ot he r Pa y ab l e s
group
Company
2015
$’000
2014
$’000
2015
$’000
2014
$’000
Trade payables:
Outside parties and accrued liabilities
1,447
3,329
347
100
Sub-total
1,447
3,329
347
100
other payables:
Other payables
–
125
–
–
Sub-total
–
125
–
–
Total trade and other payables
1,447
3,454
347
100
