39. Capital management

This note presents information about the Group’s management of capital. Further quantitative disclosures are also included throughout these financial statements.

The goal of capital management is to maintain the Group’s ability to operate as a going concern in order to provide the shareholders return on investment as well as benefits for other stakeholders. The Group might issue shares, increase debt or sell assets in order to maintain or improve the equity structure.

The Group monitors capital on the basis of leverage ratio, which is calculated as a ratio of net debt to sum of equity and net debt. Net debt represents interest-bearing loans and borrowings and issued bonds less cash and cash equivalents (including restricted cash).

Carrying amount
31 December 2013 31 December 2012
Loans and borrowings 485,883 867,611
Senior Notes 1,438,669 1,413,735
Cash and cash equivalents (342,251) (270,354)
Net debt 1,582,301 2,010,992
Equity 3,001,213 2,468,403
Equity and net debt 4,583,514 4,479,395
Leverage ratio 0,35 0,45