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## (e) Capital risk management 

The Group’s capital includes contributed equity, reserves and retained earnings. 

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order 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 

## 27 SEGMENTAL INFORMATION 

capital to shareholders, issue new shares or sell assets to reduce debt or draw down more debt. 

## (f) Externally imposed capital requirements 

The Group is subject to various covenants with its banking syndicate in relation to the ratios of earnings to total debt and interest on that debt, which were complied with during and at the end of the year. 

The Group operates in three geographical areas: New Zealand, Australia and the United Kingdom. 

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