Wellcom_FY11-Financial-Report

0 percent there were no changes in the groups

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: d borrowings (excluding liabilities with imputed interest) was nil (2010: 7.0 percent). There were no changes in the Group’s approach to capital management during the year. Wellcom Group Limited has entered into lending arrangements with its bankers to obtain overdraft, commercial bill, lease/hire purchase, guarantee/standby letter of credit and pay away facilities. The Group has undertaken to adhere to financial reporting and other conditions as part of this arrangement. The other conditions consist of financial covenants for interest cover and debt to EBITDA ratios. The Group has given undertakings that these ratios will be within agreed limits, measured either against quarterly or twelve month rolling results. The Group has complied with the externally imposed capital requirements during the year. 56 Wellcom Group Limited Notes to the Consolidated Financial Statements 21. Retained earnings and reserves For personal use only 2011 $’000 (2,571) (942) (820) (1,762) 13,174 9,623 (6,074) 16,723 b) Retained earnings Movements in retained profits were as follows: Balance at beginning of financial year Net profit attributable to members of the parent Dividends paid or provided for (note 23) Balance at end of financial year (1,762) (1,762) (809) (2,571) a) Reserves Foreign currency translation reserve Movements: Foreign currency translation reserve: Balance at beginning of financial year Currency translation differences during the year Balance at end of financial...
View Full Document

This document was uploaded on 02/06/2014.

Ask a homework question - tutors are online