TPCC Annual Report 2008.indd - HeidelbergCement
TPCC Annual Report 2008.indd - HeidelbergCement
TPCC Annual Report 2008.indd - HeidelbergCement
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Tanzania Portland Cement Company Ltd, <strong>Annual</strong> <strong>Report</strong> 2008<br />
net of allowance for doubtful debts. For all exports, full upfront payment is demanded. Accordingly, the Company has<br />
no significant concentration of credit risk that has not been adequately provided for.<br />
Capital management<br />
The primary objective of the Company’s capital management is to ensure that it maintains a strong credit rating and<br />
healthy capital ratios in order to support its business and maximise shareholder value.<br />
The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To<br />
maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital<br />
to shareholders or issue new shares.<br />
No changes were made in the objectives, policies or processes during the years end 31 December 2008 and 31 Decem-<br />
ber 2007.<br />
The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Com-<br />
pany’s policy is to keep the gearing ratio between 15% and 35%. The Company includes within net debt, interest bear-<br />
ing loans and borrowings, trade and other payables, less cash and cash equivalents, excluding discontinued operations.<br />
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