统一企业中国 二零一三年中期报告

Management Discussion & Analysis

2013 6 30 2410

2013 2013 2013 (GDP) 7.6% 7.7% 7.5% 2013 6 2013 The board of directors (“Board”) of Uni-President China Holdings Ltd. (“Company”) is pleased to present the unaudited interim condensed consolidated financial information of the Company and its subsidiaries (together, “Group”) for the six months ended 30 June 2013 (“Period under Review”). The interim condensed consolidated financial information is unaudited but has been reviewed by the audit committee of the Company and PricewaterhouseCoopers, the independent auditor of the Company, in compliance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”issued by the Hong Kong Institute of Certified Public Accountants.

ECONOMIC ENVIRONMENT

The global economy is yet to recover in the first half of 2013, as reflected by the marked slowdown of the Chinese economic growth in the second quarter of 2013 and the economic hardships faced by the greater Eurozone. These fundamental problems remain difficult to resolve. Despite the slight improvement in the economy, the United States maintains a loose monetary policy, indicating uncertainties of economic growth. On the other hand, the government of the People’s Republic of China (“PRC”) continues with its macroeconomic controls and industrial restructuring by a series of effective measures. The gross domestic product (“GDP”) of China for the first half of 2013 recorded a year-on-year growth of 7.6% but the year-on-year growth rates for the first quarter and the second quarter were 7.7% and 7.5% respectively, which indicated a slowdown in the second quarter. At the end of June 2013, the central bank of the PRC made an unexpected move by tightening liquidity in the market in order to adjust credit growth, causing seasonal cash shortage among banks and financial institutions. Hence, the Group takes a “wait-and-see” attitude towards the PRC economic development for the second half of 2013.

4Uni-President China Holdings Ltd. Interim Report 2013