Capital disclosures:

The Company’s objectives in managing its liquidity and capital are to safeguard the Company’s ability to continue as a going concern, to provide financial capacity and flexibility to meet its strategic objectives, to provide an adequate return to shareholders commensurate with the level of risk and to return excess cash through a combination of dividends and share repurchases.



As at	Dec 31 2017			Dec 31 2016
Liquidity:
Cash and cash equivalents	$	375,479		$	223,890
Undrawn credit facilities	300,000			300,000
Total liquidity	$	675,479		$	523,890
Capitalization:
Unsecured notes	$	1,188,163		$	1,186,424
Limited recourse debt facilities, including current portion	314,108			369,782
Total debt	1,502,271			1,556,206
Non-controlling interests	244,347			208,515
Shareholders’ equity	1,500,764			1,596,835
Total capitalization	$	3,247,382		$	3,361,556
Total debt to capitalization¹	46		%	46		%
Net debt to capitalization²	39		%	42		%


¹	Total debt (including 100% of Egypt limited recourse debt facilities) divided by total capitalization.


²	Total debt (including 100% of Egypt limited recourse debt facilities) less cash and cash equivalents divided by total capitalization less cash and cash equivalents.

The Company manages its liquidity and capital structure and makes adjustments to it in light of changes to economic conditions, the underlying risks inherent in its operations and capital requirements to maintain and grow its operations. The strategies employed by the Company may include the issue or repayment of general corporate debt, the issue of project debt, the issue of equity, the payment of dividends and the repurchase of shares.

The Company is not subject to any statutory capital requirements and has no commitments to sell or otherwise issue common shares except pursuant to outstanding employee stock options.

During the year, the Company renewed and extended a $300 million revolving credit facility for a five year term to December 2022. The undrawn credit facility is provided by highly rated financial institutions and is subject to certain financial covenants (note 8).