Table:
|  | Financial Year ended 31 March |  |
| --- | --- | --- |
| Group | 2019 | 2018 |
| Gross debt (S$ million) | 10,396 | 10,402 |
| Net debt (1) (S$ million) | 9,883 | 9,877 |
| Net debt gearing ratio (2) (%) | 24.9 | 24.9 |
| Net debt to EBITDA and share of associates’ pre-tax proﬁts (number of times) | 1.6 | 1.3 |
| Interest cover (3) (number of times) | 16.2 | 20.1 |
Paragraphs:
Management Discussion and Analysis
Capital Management and Dividend Policy
Notes: (1) Net debt is defined as gross debt less cash and bank balances adjusted for related hedging balances.
(2) Net debt gearing ratio is defined as the ratio of net debt to net capitalisation. Net capitalisation is the aggregate of net debt, shareholders’ funds and non-controlling interests.
(3) Interest cover refers to the ratio of EBITDA and share of associates’ pre-tax profits to net interest expense.
As at 31 March 2019, the Group’s net debt was S$9.9 billion, stable from a year ago. 

As at 31 March 2019, the Group’s net debt was S$9.9 billion, stable from a year ago.
The Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody’s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure. 

The Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody’s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure.
For the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group’s underlying net profit and 88% of the Group’s free cash flow (after interest and tax payments). 

For the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group’s underlying net profit and 88% of the Group’s free cash flow (after interest and tax payments).
Singtel is committed to delivering dividends that increase over time with growth in underlying earnings, while maintaining an optimal capital structure and investment grade credit ratings. Barring unforeseen circumstances, it expects to maintain its ordinary dividends at 17.5 cents per share for the next financial year ending 31 March 2020.
Question:
How many factors need to be considered when calculating net capitalisation?
Answer: Objects satisfying the requirements:
net debt
shareholders’ funds
non-controlling interests
As a result, the answer is 3