Integrated Business Platform Expansion
Financial Overview: Capital Structure (1/2)
Net debt¹/Shareholders' equity²
Debt maturity (RMB bn) as of 31 December 2014
Onshore loans
Offshore loans
Offshore senior notes
0.00
67.3%
63.3%
59.7%
2.54
2.15
53.9%
48.4%
1.97
0.00
5.64
12.49
1.42
10.42
4.82 0.00
4.58
4.69
5.65
0.00
2.76
0.00
0
0.00
0.00
0.13
0.59
0.18
0.70
0.19
0.05
0.12
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023 and
beyond
Red-line management and control net gearing ratio
EBITDA³/Interest coverage
Total debt/EBITDA³
3.6x
5.0x
3.3x
3.1x
3.0x
4.3x
2.9x
3.9x
3.6x
3.3x
Optimizing debt profile
Debt by currency (RMB bn)
Other*,
2.51, 4%
RMB,
30.37, 50%
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
*Others: including MYR and other currencies
USD, 23.25,
38%
HKD, 4.95,
8%
1 Net debt = LT Debt + ST Debt - Cash & cash equivalents - restricted cash (excluding cash collateral)
2 Equity attributable to owners of the Company
3 EBITDA defined as operating profit + interest income + PP&E depreciation + amortization of land use rights and intangibles,
excluding foreign exchange gain or loss
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