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Capital management
 12 Months Ended
Dec. 31, 2021
Capital Management  
Capital management

 

15Capital management

 

For the purposes of the Company’s capital management, capital considers total equity. The primary objective of the Company’s capital management is to maximize the shareholder value.

 

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and to maintain and adjust the capital structure, the Company may adjust the dividend payment to shareholders, repurchase programs, return capital to shareholders or issue new shares. The Company monitors capital using net debt and total equity. The Company includes within net debt, loans and financing, lease liabilities, accounts payable to selling shareholders and notes payable less cash and cash equivalents and restricted cash.

 

  2021   2020
       
Loans and financing 1,374,876   617,485
Lease liabilities 714,085   447,703
Accounts payable to selling shareholders 679,826   518,240
Notes payable 72,726   76,181
Less: cash and cash equivalents (748,562)   (1,045,042)
Less: restricted cash -   (2,053)
Net debt 2,092,951   612,514
Total equity 3,000,018   2,833,780
Total equity and net debt 5,092,969   3,446,294

 

No changes were made in the objectives, policies or processes for managing capital during the years ended December 31, 2021 and 2020.