21. Cash flows CONTINUED
21.2 Reconciliation of movement of liabilities to cash flows arising from financing activities
Reconciliation of movement of liabilities to cash flows arising from financing activities
LEASE LIABILITIES BORROWINGS DERIVATIVES
TOTAL
As at 30 June 2018 Adoption of IFRS 16 Balance at 1 July 2018
–
2,395.3
60.4
2,455.7
40.9 40.9
–
–
40.9
2,395.3
60.4
2,496.6
–
249.4
– – – – – – – – –
249.4
Net draw downs
(6.2) (6.2)
–
(6.2)
Lease liabilities payments Financing cash flows
249.4
243.2
– – – –
(3.3)
(3.3)
Cost of debt raising Fair value changes Borrowing fees paid
118.2
(86.6)
31.6
(4.4)
(4.4)
6.5
6.5
Amortisation of debt raising costs
(0.7)
(0.7)
Premium released ROU asset additions
5.8
– –
5.8
(0.6)
(0.6)
Other
As at 30 June 2019
39.9
2,761.0
(26.2)
2,774.7
21.3 Cash and cash equivalents Policies
Cash and cash equivalents are carried at amortised cost less an allowance for expected credit losses. Cash and cash equivalents includes deposits that are on call.
22. Equity 22.1 Share Capital Shares
The total number of authorised and issued shares is 1,000,000,000 (2018: 1,000,000,000). All ordinary issued shares are fully paid, have no par value and carry equal voting rights and equal rights to a surplus on winding up of the parent. At balance date 132,035 shares (2018: 86,148) are allocated to the employee share purchase scheme.
22.2 Capital Management Policies
Vector’s objectives in managing capital are: —— To safeguard the ability of entities within the group to continue as a going concern; —— To provide an adequate return to shareholders by pricing products and services commensurate with the level of risk; and —— Maintain an investment grade credit rating. Vector manages and may adjust its capital structure in light of changes in economic conditions and for the risk characteristics of the underlying assets. To achieve this Vector may: —— Adjust its dividend policy; —— Return capital to shareholders; —— Issue new shares; or —— Sell assets to reduce debt. Vector primarily monitors capital on the basis of the gearing ratio.
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