统一企业中国 二零一三年中期报告

15

Uni-President China Holdings Ltd. Interim Report 2013

Management Discussion & Analysis

The gearing ratios of the Group as at 30 June 2013 and 31 December 2012 were as follows:

Cash Flow and Capital Expenditure

For the six months ended 30 June 2013, the Group recorded a net decrease in cash and cash equivalents of RMB256.2 million, comprising net cash inflow from operating activities of RMB764.2 million, net cash inflow from financing activities of RMB1,067.7 million, and net cash outflow from investing activities of RMB2,087.2 million. The net cash outflow from investing activities was mainly applied to the expansion in scale of production, establishment of new production base and purchasing machinery and equipment for the instant noodles business and beverage business to enhance production capacity in order to satisfy demand from the expansion of consumption market and the Group ’s business growth. During the Period under Review, the Group had capital expenditure of RMB2,391.9 million (six months ended 30 June 2012: RMB1,440.0 million).

2013 6 30 2012 12 31

2013 6 30 2012 12 31 30 June

2013

31 December

2012

RMB ’000

RMB ’000

Total borrowings

5,145,5563,970,879

Less: cash and cash equivalents

(2,034,568)

(2,290,809)

Net debt 3,110,9881,680,070

Total equity

8,069,943

7,671,068

Total capital

11,180,931

9,351,138

Gearing ratio

27.82%

17.97%

2013 6 30 256.2 764.2 1,067.7 2,087.2 2,391.9 2012 6 30 1,440.0