Bradken Limited Annual Report 2015 - page 109

BRADKEN LIMITED ANNUAL REPORT 2015 l 74
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
30 June 2015
(continued)
22 Contributed equity (continued)
(b) Movements in ordinary share capital (continued):
(c)
(d)
(e)
(f)
(g)
Notes
2015
2014
$'000
$'000
Net Debt
9, 20
350,487
377,174
EBITDA *
139,874
163,935
Net debt to EBITDA
2.51
2.30
Bradken Limited has complied with the financial covenants of its borrowing facilities during the 2015 and 2014 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 2015, the group’s strategy, which was unchanged from 2014, was to maintain the net debt level to around 2.0 times
underlying EBITDA. The comparative ratios at 30 June 2015 and 30 June 2014 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.
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.
* EBITDA for 2014 adjusted for acquisition, restructuring (including asset impairment of $19.535m) and Pala litigation costs. EBITDA for 2015 has been
adjusted for restructuring and asset impairments.
Dividend reinvestment plan
Information relating to the non-exective director share acquisition plan, including details of shares issued under the plan, is set
out in note 35.
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
1...,99,100,101,102,103,104,105,106,107,108 110,111,112,113,114,115,116,117,118,119,...131
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