统一企业中国 二零一三年中期报告

16

Uni-President China Holdings Ltd. Interim Report 2013

Management Discussion & Analysis

Analysis of Operating Efficiency

The Group keeps its trade receivables and payables and inventory level under strict control and management. Sales to most customers are made on a delivery on payment basis. The Group ’s trade receivables are generated from credit sales to credit customers of modern channels including, but not limited to, grocery stores, street stalls and department stores, with credit terms normally ranging from 30 to 60 days. For the Period under Review, trade receivables increased by RMB245.6 million to RMB758.2 million. The Group ’s inventories mainly comprised raw and packaging materials, finished goods and low value consumables. The inventory turnover days decreased by 5 days as compared with that in 2012 as the finished products continuously sold well in various sales channels. As at 30 June 2013, the inventory balance decreased to RMB1,225.6 million as compared with the beginning of the year. The Group ’s trade payables mainly arise from credit purchases of raw materials. For the Period under Review, the Group recorded an increase in trade payables by RMB154.2 million to RMB1,596.2 million, mainly due to the increase in purchase of raw materials and increase in accounts payable resulting from the growth in sales for the Period under Review.

30 60 245.6 758.2 2012 5 2013 6 30 1,225.6 154.2 1,596.2

2013 6 30 2012 12 31 30 June

2013

31 December

2012

Trade receivable turnover days 99

Inventory turnover days 28

33

Trade payable turnover days

34

34