Table:
|  | As at 31 December |  |
| --- | --- | --- |
|  | 2019 | 2018 |
|  | RMB’Million | RMB’Million |
| Borrowings (Note 35) | 126,952 | 114,271 |
| Notes payable (Note 36) | 93,861 | 65,018 |
| Total debts | 220,813 | 179,289 |
| Adjusted EBITDA (Note) | 147,395 | 118,273 |
| Total debts/Adjusted EBITDA ratio | 1.50 | 1.52 |
Paragraphs:
3.2 Capital risk management
The Group’s objectives on managing capital are to safeguard the Group’s ability to continue as a going concern and support the sustainable growth of the Group in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to enhance shareholders’ value in the long term.
Capital refers to equity and external debts (including borrowings and notes payable). In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, repurchase the Company’s shares or raise/repay debts.
The Group monitors capital by regularly reviewing debts to adjusted earnings before interest, tax, depreciation and amortisation (“EBITDA”) (Note) ratio, being the measure of the Group’s ability to pay off all debts that reflects financial health and liquidity position. The total debts/adjusted EBITDA ratio calculated by dividing the total debts by adjusted EBITDA is as follows:
Note: Adjusted EBITDA represents operating profit less interest income and other gains/(losses), net, and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, amortisation of intangible assets and equitysettled share-based compensation expenses.
Question:
What is the amount of notes payable as at 31 December 2019?
Answer: 93,861