统一企业中国 二零一三年中期报告

14Uni-President China Holdings Ltd. Interim Report 2013 Management Discussion & Analysis

FINANCIAL ANALYSIS Cash and Borrowings As at 30 June 2013, the Group had a total cash and cash equivalents of RMB2,034.6 million (31 December 2012: RMB2,290.8 million), among which 98.0% were denominated in Renminbi. As at 30 June 2013, the Group had pledged bank deposit of RMB23.0 million (31 December 2012: RMB4.7 million). Current assets of the Group amounted to RMB5,364.5 million (31 December 2012: RMB4,917.3 million) with current liabilities of RMB6,307.5 million (31 December 2012: RMB4,948.2 million). Net current liabilities were RMB943.0 million (31 December 2012: RMB30.9 million). During the Period under Review, the Group mainly finances its working capital and capital expenditure by internally generated cash flows, credit facilities from principal bankers and the fund raised by the debt issue of RMB1,000 million notes due 2016. As at 30 June 2013, the Group ’s total borrowings increased by RMB1,174.7 million to RMB5,145.6 million (31 December 2012: RMB3,970.9 million), among which 73.6% were repayable over one year and 60.9% were denominated in United States dollar. All of the Group ’s borrowings are at floating interest rates save for the RMB1,000 million notes due on 2016 which are at a fixed interest rate of 3.5% per annum. As at 30 June 2013, the Group had secured bank borrowings of RMB Nil (31 December 2012: RMB Nil). Due to the increase in profit for the Period under Review, most of the capital expenditure was funded by cash inflow from the Group ’s operating activities.

Financing In June 2013, RMB1,000 million of 3.5 per cent notes due 2016 (“Notes ”) were issued by the Company by way of debt issue to professional investors only, with the net proceeds (after deducting the related expenses) intended to be used by the Company as general working capital. The approval for the listing of the Notes (Stock Code: 85927) has been granted by The Stock Exchange of Hong Kong Limited (“Stock Exchange ”). Unless previously redeemed or purchased and cancelled, the Notes will be redeemed at their principal amount on, or nearest to, 6 June 2016.

2013 6 30 2,034.6 2012 12 31 2,290.8 98.0% 2013 6 30 23.0 2012 12 31 4.7 5,364.5 2012 12 31 4,917.3 6,307.5 2012 12 31 4,948.2 943.0 2012 12 31 30.9 2016 1,000 2013 6 30 1,174.7 5,145.6 2012 12 31 3,970.9 73.6% 1 60.9% 2016 1,000 3.5 2013 6 30 0 2012 12 31 0

2013 6 2016 1,000 3.50 85927 2016 6 6