Singapore Airlines 2014 Annual Report Download - page 202
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200
NOTES TO THE FINANCIAL STATEMENTS
31 March 2014
SINGAPORE AIRLINES
39 Capital Management (in $ million)
The primary objective of the management of the Company’s capital structure is to maintain an efficient mix of debt and
equity in order to achieve a low cost of capital, while taking into account the desirability of retaining financial flexibility to
pursue business opportunities and adequate access to liquidity to mitigate the effect of unforeseen events on cash flows.
The Directors regularly review the Company’s capital structure and make adjustments to reflect economic conditions,
business strategies and future commitments.
The Group monitors capital using a gearing ratio, which is total debt divided by total capital.
During the financial year ended 31 March 2014, no significant changes were made in the objectives, policies or processes
relating to the management of the Company’s capital structure.
The Group The Company
31 March 31 March
2014 2013 2014 2013
Notes payable 800.0 800.0 800.0 800.0
Finance lease commitments 143.2 208.4 - -
Loans 21.8 5.7 - -
Total debt 965.0 1,014.1 800.0 800.0
Share capital 1,856.1 1,856.1 1,856.1 1,856.1
Reserves 11,381.1 11,233.4 10,256.0 10,089.4
Total capital 13,237.2 13,089.5 12,112.1 11,945.5
Gearing ratio (times) 0.07 0.08 0.07 0.07
40 Related Party Transactions (in $ million)
For the purposes of these financial statements, parties are considered to be related to the Group if the Group has the
ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and
operating decisions, or vice versa, or where the Group and the party are subject to common control. Related parties may
be individuals or other entities.
Key Management Personnel of the Company are those persons having the authority and responsibility for planning,
directing and controlling the activities of the Company. The Group considers the Directors, Chief Executive Officer and
Executive Vice Presidents of the Company to be Key Management Personnel of the Company.