SINGAPORE WINDSOR HOLDINGS LIMITED
| Annual Report 2015
71
Year ended 31 March 2015
NOTES TO THE
FINANCIAL STATEMENTS
22. Share capital
Group and Company
Number
of shares
issued
Share
Capital
HK$’000
Ordinary shares of no par value:
Balance as at 1 April 2013
122,400,000
78,097
Issue of shares at S$0.22 each
24,480,000
32,356
Balance as at 31 March 2014 and 31 March 2015
146,880,000
110,453
The ordinary shares of no par value which are fully paid, carry one vote each share and have no right to fixed
income.
During the year ended 31 March 2014, the company issued 24,480,000 ordinary shares for cash at S$0.22 each by
way of a placement.
Capital management:
In order to maintain its listing on the Singapore Stock Exchange it has to have share capital with a free float of
at least 10% of the shares. The company met the capital requirement on its initial listing and the rules limiting
treasury share purchases mean it will continue to satisfy that requirement, as it did throughout the reporting year.
Management receives a report from the share registrars frequently on substantial share interests showing the non-
free float to ensure continuing compliance with the 10% limit throughout the reporting year.
The objectives when managing capital are: to safeguard the reporting entity’s ability to continue as a going
concern, so that it can continue to provide returns for owners and benefits for other stakeholders, and to provide
an adequate return to owners by pricing the sales commensurately with the level of risk. The management sets the
amount of capital to meet its requirements and the risk taken. There were no changes in the approach to capital
management during the reporting year. The management manages the capital structure and makes adjustments
to it where necessary or possible in the light of changes in conditions and the risk characteristics of the underlying
assets. In order to maintain or adjust the capital structure, the management may adjust the amount of dividends
paid to owners, return capital to owners, issue new shares, or sell assets to reduce debt. Adjusted capital comprises
all components of equity (i.e. share capital, and retained earnings).
The management monitors the capital on the basis of the debt-to-adjusted capital ratio. This ratio is calculated
as net debt / adjusted capital (as shown below). Net debt is calculated as total borrowings less cash and cash
equivalents.
Group
2015
2014
HK$’000
HK$’000
Net debt:
All current and non-current borrowings including finance leases
11,592
152,917
Less: cash and cash equivalents
(49,747)
(115,773)
Net debt
(38,155)
37,144
Net capital:
Equity
56,897
102,361
Debt-to-adjusted capital ratio
N.M.
36.29%
N.M. – Not meaningful
