Gas Supply Security and Business Achievements
Refinancing Plan
As of 31 Dec 2011 (RMB million) | Refinancing Plan
Total Debt
10,672
Short-term loans:
Subsidiary level
1,913
loans
Short-term
debenture
1,300
Long-term loans
2,823
10-year bonds
4,636
ENN 新奥
We have RMB5,869 million cash on hand while our working capital demands RMB600-700
million cash only, leading to a surplus cash of RMB5, 169 million.
We have RMB5,594 million committed undrawn banking facilities in local PRC banks.
So we have RMB10,763 million liquidity in total, which is enough to refinance the short-term
loans.
It is easy for utility company to roll-over short term loans in PRC banks because of stable
cash flow and business model.
1 year short-term debenture which is approved by National Association of Financial Market
Institutional Investors (NAFMII) with an interest rate per annum of 5.9%.
Part of it will be refinanced by another RMB1,200 million short-term debenture which has
been approved by NAFMII when expired.
15-year loan from China National Development Bank which will be expired in 2020, at
PBOC rate
A 4-year loan of RMB878 million from BOC has been repaid in February 2012
7-year corporate bond which will be expired in 2018, at 6.45% per annum
Will be expired in 2021, with a fixed coupon of 6.0%
1 of the only 2 Chinese private enterprises assigned with an investment grade credit rating
on corporate and bonds:
- S&P 'BBB-', Moody's 'Baa3' and Fitch 'BBB'View entire presentation