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## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT 

For the three months ended 31 March 2013 

## 22. CONTRIBUTED EQUITY 

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## (a) Ordinary shares 

Movement in ordinary shares on issue 

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## (b) Capital management 

When managing capital, our objective is to safeguard our ability to continue as a going concern as well as to maintain optimal returns to shareholders and benefits for other stakeholders� We also aim to maintain a capital structure that ensures the lowest cost of capital� 

There were no changes made in the objectives, policies or processes for managing capital during the three months to 31 March 2013 and 31 March 2012, and during the twelve months to 31 December 2012� 

We monitor capital using the gearing ratio (gross debt divided by total capital plus gross debt) and our target gearing ratio is between 30�0% to 40�0%� We include within gross debt, interest bearing loans and borrowings� 

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For the Group’s financial risk management objectives and policies refer note 4� 

