20974 29Metals AR23 WEB V1 - Flipbook - Page 177
2023 key
results
Chair letter and
CEO report
About
29Metals
Our
assets
Sustainability
& ESG Report
Mineral Resources
and Ore Reserves
Annual
Financial Report
173
29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
98
Consolidated Financial Statements
Capital structure and financial risk management
Note 24: Capital management
The Group’s policy is to maintain a strong balance sheet position to support its growth ob ectives and to maintain investor creditor and mar et
confidence.
The oard monitors its policies and when required ma es ad ustments to these policies in light of changes to economic conditions.
regularly monitors ey financial indicators and compliance with debt covenants under Group corporate debt facilities.
anagement
ne of the ratios the Group uses in monitoring capital is the ratio of ‘Net Drawn Debt’ to equity. Net Drawn Debt is amounts drawn under Group debt
facilities less cash and cash equivalents.
etals uses this measure to understand its overall credit position. ash and cash equivalents may be required
for purposes other than debt reduction.
The Group’s gearing ratio is calculated as Net Drawn Debt divided by the aggregate of quity and Net Drawn Debt.
Net Drawn Debt
quity
2023
2022
$’000
$’000
quity and Net Drawn Debt
Gearing ratio
.
.
The Group is not e posed to any e ternal capital requirements.
Note 25: Cash and cash equivalents
2023
2022
$’000
$’000
ash on hand and at ban
Recognition and measurement
ash and cash equivalents includes cash in hand deposits held at call with ban s.
Note 26: Interest-bearing liabilities
2023
2022
Note
$’000
$’000
ƵƌƌĞŶƚ
nsurance premium funding
i
or ing capital facility
ii
Term loan
ii
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Term loan
i
nsurance premium funding
The insurance premium funding for certain insurance is for a period of
ii
ii
months and matures in une
.
yndicated acility
n ctober
the Group entered into corporate debt facilities including a
term loan and a
million wor ing capital facility.
During the year ended December
the Group repaid
principal of the term loan. During the year ended December
the
Group repaid
principal of the term loan.
98
