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Notes to the Consolidated Financial Statements
30 June 2013
72 BRADKEN LIMITED ANNUAL REPORT 2013
Notes to the consolidated financial statements
30 June 2013
(continued)
22 Contributed equity (continued)
(b) Movements in ordinary share capital (continued):
Date
Notes
Number
of shares
Parent entity
$'000
(d)
611,286
3,810
Deferred tax asset adjustment relating to
prior period equity raising costs
-
18
Dividend reinvestment plan issues
(d)
1,064,244
7,695
Share buyback and cancellation
(g)
(1,064,244)
(8,014)
169,240,662
707,693
(c)
(d)
(e)
(f)
(g)
(h)
Notes
2013
2012
$'000
$'000
Net Debt
7, 19
431,543
448,079
EBITDA *
214,016
220,402
Net debt to EBITDA
2.0
2.0
* EBITDA for 2013 adjusted for Pala judgement and associated costs
The total cost of $8,014,000, including $18,165 of after tax transaction costs, was deducted from shareholder equity.
There is no current on-market buy-back.
Details
Bradken Limited has complied with the financial covenants of its borrowing facilities during the 2013 and 2012 reporting periods.
The group monitors it's performance against these objectives on the basis of its gearing levels expressed as a ratio of net debt to
earnings before interest, tax, depreciation and amortisation (EBITDA).
During 2013, the group’s strategy, which was unchanged from 2012, was to maintain the net debt level to around 2.0 times
EBITDA. The comparative ratios at 30 June 2013 and 30 June 2012 were as follows:
Capital risk management
The group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can
continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to
reduce the cost of capital.
In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets to reduce debt.
6 March 2013
to 8 March 2013
Dividend reinvestment plan issues
4 September 2012
14 March 2013
31 December 2012
Dividend reinvestment plan
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the company in proportion to the
number of and amounts paid on the shares held.
On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon
a poll each share is entitled to one vote.
The company has established a dividend reinvestment plan under which holders of ordinary shares may elect to have all or part
of their dividend entitlements satisfied by the issue of new ordinary shares rather than by being paid in cash. The plan was active
during the 2013 year.
Information relating to the non-exective director share acquisition plan, including details of shares issued under the plan, is set
out in note 35.
During March 2013 the company purchased and cancelled 1,064,244 fully paid ordinary shares on-market in order to cover the
issue of shares for the interim dividend for the half year ending 31 December 2012. The buyback and cancellations were
approved by the Board at a meeting held on 11 February 2013. The shares were acquired at an average price of $7.51 per share,
with prices ranging from $6.45 to $7.55.
Share buy-back
Performance Rights Plan
Information relating to the Performance Rights Plan, including details of shares issued under the plan, is set out in note 35.
Non-executive director share acquisition plan
Ordinary shares
At 30 June 2013 Balance
Page 72
Bradken Limited