The consolidated equity is equal to the equity in the company financial statements. The notes and movement schedules of equity are included in the company financial statements (see note 6.20.4).

Capital management
There were no major changes in Accell Group's approach to capital management in the year under review. The Board of Management's policy is to maintain a strong capital base, to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital as well as the level of dividends to ordinary shareholders.

To achieve this overall objective, the Accell Group’s capital management aims, among other things, to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. There were no breaches in the financial covenants of any interest-bearing loans and borrowing in period under review.

Accounting policy

Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognized as a deduction from equity. Income tax relating to the transaction costs of an equity transaction are accounted for in accordance with IAS 12.