Financial statements of JSW S.A. for 2012

3.2. Capital risk management

The key objective of capital risk management is to safeguard the Company’s ability to continue as a going concern and carry out the planned investment projects, while increasing the Company's shareholder value.

In 2012, the level of short-term external financing is lower than the value of the Company’s liquid financial resources (cash and cash equivalents). Accordingly, the Management Board considers equity as the capital employed to finance the Company’s operations.