Singapore Airlines 2009 Annual Report Download - page 203
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201
38 Capital Management (in $ million)
The primary objective of the management of the Company’s capital structure is to maintain an effi cient mix
of debt and equity in order to achieve a low cost of capital, while taking into account the desirability of
retaining fi nancial fl exibility to pursue business opportunities and adequate access to liquidity to mitigate
the effect of unforeseen events on cash fl ows.
The Directors regularly review the Company’s capital structure and make adjustments to refl ect economic
conditions, business strategies and future commitments.
The Group monitors capital using a gearing ratio, which is total debt divided by total capital.
The Company did not breach any gearing covenants during the fi nancial years ended 31 March 2009 or
31 March 2008. In the same period, no signifi cant changes were made in the objectives, policies or processes
relating to the management of the Company’s capital structure.
During the previous fi nancial year, the Company made a cash distribution to shareholders totalling
approximately $2.2 billion by way of a special dividend and the cancellation of one for every 15
issued shares.
The Group The Company
31 March 31 March
2009 2008 2009 2008
Notes payable 1,100.0 1,100.0 900.0 900.0
Finance lease commitments 548.5 552.7 - -
Loans 44.0 4.0 - -
Bank overdrafts 9.3 - 7.5 -
Total debt 1,701.8 1,656.7 907.5 900.0
Share capital 1,684.8 1,682.0 1,684.8 1,682.0
Reserves 12,245.8 13,443.2 11,214.2 11,853.7
Total capital 13,930.6 15,125.2 12,899.0 13,535.7
Gearing ratio (times) 0.12 0.11 0.07 0.07