Singapore Airlines 2012 Annual Report Download - page 187
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185ANNUAL REPORT 2011/2012
Notes to the Financial Statements
31 March 2012
39 CapitalManagement(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.
The Company did not breach any gearing covenants during the financial years ended 31 March 2012 or 31 March 2011.
In the same period, 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
2012 2011 2012 2011
Notes payable 800.0 1,700.0 800.0 1,700.0
Finance lease commitments 275.4 337.2 - -
Loans 2.4 1.7 - -
Total debt 1,077.8 2,038.9 800.0 1,700.0
Share capital 1,856.1 1,832.4 1,856.1 1,832.4
Reserves 11,037.3 12,372.0 10,990.8 12,302.7
Total capital 12,893.4 14,204.4 12,846.9 14,135.1
Gearing ratio (times) 0.08 0.14 0.06 0.12
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.