Table:
|  | 2019 | 2018 |
| --- | --- | --- |
|  | €m | €m |
| Net debt | 27,033 | 29,631 |
| Financial liabilities under put option arrangements1 | 1,844 | 1,838 |
| Equity | 63,445 | 68,607 |
| Capital | 92,322 | 100,076 |
Paragraphs:
Capital management
The following table summarises the capital of the Group at 31 March:
Note: 1 Financial liabilities under put option arrangements comprise liabilities for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement; the amounts at 31 March 2018 were previously presented within short-term borrowings
The Group’s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity to certain subsidiaries. The Board has approved three internal debt protection ratios being: net interest to operating cash flow (plus dividends from associates); retained cash flow (operating cash flow plus dividends from associates less interest, tax, dividends to non-controlling shareholders and equity dividends) to net debt; and operating cash flow (plus dividends from associates) to net debt. These internal ratios establish levels of debt that the Group should not exceed other than for relatively short periods of time and are shared with the Group’s debt rating agencies being Moody’s, Fitch Ratings and Standard & Poor’s.
Question:
What does the table show?
Answer: the capital of the Group at 31 March