32.2 Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to shareholders through the optimisation of the debt and equity balance. Capital is calculated as "equity attributable to owners of the parent" as shown in the balance sheet plus net debt. Net debt is calculated as total borrowings (including "current and non-current borrowings" as shown in the balance sheet) less cash and cash
equivalents and is used by management in monitoring the net indebtedness of the Group. A reconciliation of net debt is shown in note 23.
32.3 Fair value estimation
The following table presents the financial instruments carried at fair value. The different levels have been defined as follows:
• Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities;