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粤高速B:2018年第三季度报告全文(英文版)2018-10-31  

						Guangdong Provincial Expressway Development Co., Ltd.                The Third Quarterly Report 2018




               Guangdong Provincial Expressway Development Co.,Ltd.



                                   The Third Quarterly Report 2018




                                               October 2018




1
Guangdong Provincial Expressway Development Co., Ltd.                                           The Third Quarterly Report 2018




                                                           I. Important Notice



The Board of Directors and the Supervisory Committee of the Company and its directors, supervisors and senior
executives should guarantee the reality, accuracy and completion of the quarterly report, there are no any fictitious
statements, misleading statements or important omissions carried in this report, and shall take legal
responsibilities, individual and or joint.

All of the directors presented the board meeting at which this Quarterly Report was examined.

Mr.Zheng Renfa, Leader, Mr.Wang Chunhua,General Manager, Mr. Fang Zhi, Chief of the accounting work,
Ms.Zhou Fang, Chief of the accounting organ (chief of accounting ) hereby confirm the authenticity and
completeness of the financial report enclosed in this report.




                                     II. Basic information about the company

I. Main financial data and indices

Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
√ Yes □No
Reasons for retrospective restatements:
Accounting policy change
                                                                                                                Changes of this
                                                                                                                period over same
                                                                          Same period of last year
                                             This period                                                       period of last year
                                                                                                                    (%)

                                                                 Before adjustment       After adjustment       After adjustment

    Gross assets(Yuan)                   16,010,228,283.64      16,523,315,093.72      16,523,315,093.72                  -3.11%

    Net assets attributable to the
    shareholders of the listed              9,180,965,779.99       9,023,071,118.45        9,023,071,118.45                  1.75%
    company(Yuan)

                                                                                        Between beginning
                                                                  Increase/decrease
                                                                                         of the year to the   Changed (%)over
                                           Reporting period     over the same period
                                                                                         end of the report      end of prev. year
                                                                 of last year(%)
                                                                                              period

    Operating revenue (Yuan)                 850,769,743.92                  3.43%        2,386,633,889.06                  5.47%

    Net profit attributable to the            441,303,002.76                 14.69%        1,220,305,249.74                -4.49%


2
Guangdong Provincial Expressway Development Co., Ltd.                                              The Third Quarterly Report 2018


    shareholders of the listed
    company(Yuan)

    Net profit after deducting of
    non-recurring gain/loss
                                              427,205,756.24                   11.05%       1,180,123,467.77                    14.95%
    attributable to the shareholders
    of listed company(Yuan)

    Cash flow generated by business
                                                  --                      --                1,434,266,698.31                    -12.80%
    operation, net(Yuan)

    Basic earning per
                                                          0.21                 16.67%                     0.58                   -4.92%
    share(RMB/Share)

    Diluted gains per
                                                          0.21                 16.67%                     0.58                   -4.92%
    share(Yuan/Share)

    Weighted average income/asset
                                                       4.91%                   0.43%                   13.50%                    -1.53%
    ratio(%)

The reasons for the change of Accounting Policy and the Correction of Accounting errors

        According to the notice on revision of the format for issuing General Enterprise Financial statements for

2018 (accounting [2018] No. 15) . The company shall adjust its balance sheet and income statement as required by

the notice,,
According to the notice on revision of the format for issuing General Enterprise Financial statement for
2018(accounting {2018}No.15,The company shall adjust its balance sheet and income statement as required by
the Notice. This change in accounting policy,and it is only an internal adjustment of the items on the balance
sheet and the income statement, which will not have any impact on the company's total assets, total liabilities, net
assets and net profits of the current period and the previous period with no such accounting policy change.
Items and amount of non-current gains and losses

√ Applicable □ Not applicable

                                                                                                                             In RMB yuan

                                                                        Amount (Year-beginning to
                                    Items                                  the end of the report                     Notes
                                                                                 period.)

                                                                                                       Mainly due to the Zhuhai
                                                                                                       High-tech Zone Management
                                                                                                       Committee withdrew 4.213 km
                                                                                                       from the Zhuhai section of the
    Non-current asset disposal gain/loss(including the write-off part
                                                                                     66,040,603.46     Jingzhu Expressway Guangzhu
    for which assets impairment provision is made)
                                                                                                       Section Co., Ltd., and
                                                                                                       confirmed the profit and loss of
                                                                                                       assets disposal of RMB
                                                                                                       66,231,472.


3
Guangdong Provincial Expressway Development Co., Ltd.                                              The Third Quarterly Report 2018


                                                                      Amount (Year-beginning to
                                  Items                                    the end of the report                     Notes
                                                                                 period.)

    Single impairment test for impairment of receivables
                                                                                      1,815,828.92
    transferred back to preparation

    Other non-business income and expenditures other than the
                                                                                      1,442,154.37
    above

    Less :Influenced amount of income tax                                            16,668,724.65

      Influenced amount of minor shareholders’ equity (after tax)                   12,448,080.13

    Total                                                                            40,181,781.97                     --

Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the
Public-Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item.
□ Applicable √Not applicable
None of Non-recurring gain /loss items recognized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.


II.Total Shareholders and Shares Held by Top Ten Shareholders at the End of the Reporting Period
1. About Total Common Shareholders, Total Preference Shareholders with the Voting Power Recovered
and the Shares Held by Top Ten Common Shareholders
                                                                                                                                In shares
    Total number of common                                  Total preference shareholders with the voting power
                                                   57,628                                                                               0
    shareholders at the period-end                          recovered at the end of the reporting period(if any)

                                                 Shares held by the top 10 shareholders

                                                                                  Amount of                  Pledging or freezing
                                                                                tradable shares
     Shareholder        Properties of          Share
                                                                Quantity              with           Status of the
            name         shareholder        proportion %                                                                     Quantity
                                                                                  Conditional           shares

                                                                                      held
    Guangdong
    Communicatio       State-owned
                                                  24.55%        513,382,595        410,002,853
    n Group Co.,       legal person
    Ltd.

    Guangdong
    Highway            State-owned
                                                  22.30%        466,325,020        466,325,020
    Construction       legal person
    Co., Ltd,

    Yadong Fuxing      Domestic       non
                                                   9.68%        202,429,149        202,429,149      Pledge                   156,652,500
    Yalian                  State-own


4
Guangdong Provincial Expressway Development Co., Ltd.                                             The Third Quarterly Report 2018


    Investment Co.,         ed
    Ltd.               Legal person

    Tibet Yingyue      Domestic       non
    Investment              State-own
                                                     4.84%        101,214,574       101,214,574
    Management              ed
    Co., Ltd.          Legal person

    Guangdong
                       State-owned
    Expressway                                       2.53%         52,937,491        52,937,491
                       legal person
    Co., Ltd.

    Guangfa
                       State-owned
    Securities Co.,                                  1.45%         30,364,372        30,364,372
                       legal person
    Ltd.

                       Domestic
    Feng Wuchu         natural person                1.08%         22,574,543
                       shares

    Agricultural
    Bank of China
                       Domestic       non
    -Jinyuanshun
                            State-own
    Anfeng Bond                                      0.79%         16,583,627
                            ed
    Securities
                       Legal person
    Investment
    fund

    Agricultural
    Bank of China
    -Jingshun
    Great Wall         Domestic       non
    Energy                  State-own
                                                     0.69%         14,381,528
    Infrastructure          ed
    Mixed              Legal person
    Securities
    Investment
    Fund

    UBS AG
                       Overseas legal
    LONDON                                           0.63%         13,222,231
                       person
    BRANCH

                                       Shares held by the Top 10 Shareholders of Non-restricted shares

                                                             Number of the                               Share type
                 Shareholders’ Names
                                                      non-restricted shares held             Share type                 Quantity

    Guangdong Communication Group Co., Ltd.                        103,379,742     RMB Common shares                    103,379,742

    Feng Wuchu                                                      22,574,543     RMB Common shares                     20,667,204



5
Guangdong Provincial Expressway Development Co., Ltd.                                            The Third Quarterly Report 2018


                                                                                Foreign shares placed in
                                                                                                                           1,907,339
                                                                                domestic exchange

    Agricultural Bank of China-Jinyuanshun
                                                                  16,583,627    RMB Common shares                         16,583,627
    Anfeng Bond Securities Investment fund

    Agricultural Bank of China-Jingshun Great
    Wall Energy Infrastructure Mixed Securities                   14,381,528    RMB Common shares                         14,381,528
    Investment Fund

                                                                                Foreign shares placed in
    UBS AG LONDON BRANCH                                          13,222,231                                              13,222,231
                                                                                domestic exchange

                                                                                Foreign shares placed in
    Xinyue Co., Ltd.                                              13,201,086                                              13,201,086
                                                                                domestic exchange

                                                                                Foreign shares placed in
    PRUSIK UMBRELLA UCITS FUND PLC                                12,999,871                                              12,999,871
                                                                                domestic exchange

                                                                                Foreign shares placed in
    MATTHEWS CHINA DIVIDEND FUND                                  11,207,421                                              11,207,421
                                                                                domestic exchange

    Khazanah Nasional Berhad-Self fund                           10,522,779    RMB Common shares                         10,522,779

    VALUE PARTNERS HIGH-DIVIDEND                                                Foreign shares placed in
                                                                    9,860,753                                              9,860,753
    STOCKS FUNDS                                                                domestic exchange

                                          Guangdong Communication Group Co., Ltd. is the parent company of Guangdong
    Explanation on associated             Highway Construction Co., Ltd, Guangdong Expressway Co., Ltd. and Xinyue Co., Ltd.. It
    relationship or concerted action of   is unknown whether there is relationship between other shareholders and whether they are
    the above shareholders                persons taking concerted action specified in the Regulations on Disclosure of Information
                                          about Change in Shareholding of Shareholders of Listed Companies.

    Participation of top 10
    unconditional common share
                                          Nil
    shareholders in securities margin
    trading (if any)

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.

2.Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the
report period

□ Applicable √Not applicable




6
Guangdong Provincial Expressway Development Co., Ltd.                           The Third Quarterly Report 2018



                                              III Significant Events

I. Major changes of main accounting statement items and financial indicators in the reporting period, as
well as reasons for the changes
√ Applicable □ Not applicable
(I)Items of balance sheet\
1.    Advance payment increased by 41.40 million yuan and 929.97% over the beginning of the year, The reason
for the increase is the prepaid project payment for the expansion project of Fobao Expressway from Sanbao to
Shuikou.
2.Construction in process increased by 475.69 million yuan and 133.60% over the beginning of the year, mainly
due to the construction costs of the expansion project of the Sanbao-Shuikou section of the Fokai Expressway.
3.Notes payable and account payable decreased by 92.46 million yuan and 34.64% over the beginning of the year,
The main reason is that the company's branch and holding subsidiaries pay the progress of the project.
4. Taxes payable decreased by 306.77 million yuan and 71.57% over the beginning of the year, The main reason is
that the company's branch and holding subsidiaries pay the accrued taxes and fees.
5.Other account payable increased by 40.48 million yuan and 33.18% over the beginning of the year, The main
reason is that the company borrowed from Guangdong Guanghui Expressway Co., Ltd. for less than one year to
entrust loans.
6.Non-current liabilities due 1 year increased by 1243.97 million yuan and 102.08% over the beginning of the
year, The main reason is that the company's branch and holding subsidiaries pay the accrued taxes and fees.
7. Long-term borrowing decreased by 1517.45 million yuan and 31.99% over the beginning of the year, The
reason is that the company repays the maturity of the borrowings and long-term borrowings to the comprehensive
impact of the subject.
 (II) Items of income statement
1 Assets disposal income
The disposal income of assets was 66.37 million yuan during the reporting period, which was the asset disposal
income confirmed by the Zhuhai High-tech Zone Management Committee's repurchase of the 4.213 km
expressway assets of Jingzhu Expressway Guangzhu Section Co., Ltd. ,Guangao Expressway Zhuhai section.
There was no balance in the subject during the same period last year.
2.Non-operation income
Non-operation income decreased by 60.16 million yuan and 94.86% year on year,Mainly in the same period of
last year, Guangdong Fokai Expressway Co., Ltd. received compensation for the cancellation of the Jiujiang
Bridge for RMB 60 million, which was not affected by this factor in the current period.
3.Income tax expenses
Income tax expenses Increased by 257.08 million yuan and 321.28% year on year, The reason is mainly because
the parent company confirmed the depreciation income tax assets of the previous year in the same period of last
year, and reduced the current income tax expenses. There is no such factor in the current period; Fokai Branch,
Guangfo Expressway Co., Ltd. and Jingzhu Expressway Guangzhu Section Co., Ltd. profit increased.
(III) Notes of main items of cash flow statement
1.Cash paid for purchasing of merchandise and services increased by 40.54 million yuan and 39.95% year on year,
The reason is mainly because the construction funds paid by Fokai Branch, Guangfo Expressway Co., Ltd. and


7
Guangdong Provincial Expressway Development Co., Ltd.                                    The Third Quarterly Report 2018


Jingzhu Expressway Guangzhu Section have increased year-on-year.
2. Taxes paid increased by 334.19 million yuan and 102.58% year on year, Mainly due to the subsidiary company
pays the income tax accrued at the end of last year.
3. Cash received in return on investments increased by 65.22 million yuan and 36.04% year on year, The main
reason is that some shareholding companies sent cash dividends to increase.
4. Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets increased by
228.04 million yuan and 164356.43% year on year, The main reason is that Jingzhu Expressway Guangzhu
Section Co., Ltd. received the 4.213 km expressway asset compensation and enterprise income tax compensation
for the Zhuhai section of the Guang'ao Expressway transferred from the Zhuhai High-tech Zone Management
Committee.
5. Cash paid for construction of fixed assets, intangible assets and other long-term assets increased by 253.16
million yuan and 98.60% year on year, The main reason is that the progress of the reconstruction and expansion
project of the Sanbao-Shuikou section paid by Fokai Branch in the current period has increased.
6. Cash paid as dividend, profit, or interests increased by 546.06 million yuan and 58.30% year on year, Mainly
due to the increase in cash dividends paid by the company during the period, Jingzhu Expressway Guangzhu
Section Co., Ltd. and Guangfo Expressway Co., Ltd. paid minority shareholders' cash dividends increased
year-on-year.

II. The progress of significant events and influence, as well as the analysis and explanation on resolving
proposal.

√Applicable □Not applicable
    The Proposal about Guangdong Provincial Expressway Development Co., Ltd’s Merger of Guangdong Fokai
Expressway Co., Ltd was examined an approved in the eighth meeting(Temporary) of the eighth session board of
directors of the company and was approved in the 2016 annual shareholders' general meeting , agreed to the
company's merger and consolidation of the wholly-owned subsidiary-Guangdong Fokai Expressway Co., Ltd. In
May 2017, the company set up the Guangdong Provincial Expressway Development Co., Ltd Foshan Branch
Company, and completed the relevant industrial and commercial registration procedures. On August 1, 2017, the
operation and management of the Fokai Expressway was officially transferred to Fokai Branch Company from
Fokai Company. In August 2018, Guangdong Fokai Expressway Co.,Ltd. completed the industrial and
commercial cancellation work, and obtained the "Notice of Approval for Cancellation of Registration" and the
"Notice of Permission for Cancellation of Registration". From September 2018, Guangdong Fokai Expressway
Co.,Ltd will no longer be included in the consolidated statement.
    Description          of      provisional        Date of disclosing provisional   Description of the website for disclosing
    announcement                                              announcement                 provisional announcements

    Announcement of Resolutions of the 8th
    (Provisional) Meeting of the Eighth        April 8,2017                          www.cninfo.com.cn
    Board of Directors
    Announcement of Merger                     April 8,2017                          www.cninfo.com.cn

    Announcement of Resolutions of the
                                               April 29,2017                         www.cninfo.com.cn
    Shareholders' General Meeting of 2016

    Announcement on the progress of major      May 4,2017                            www.cninfo.com.cn



8
Guangdong Provincial Expressway Development Co., Ltd.                               The Third Quarterly Report 2018


    Events


III. Commitments finished in implementation by the Company, shareholders, actual controller, acquirer,
directors, supervisors, senior executives or other related parties in the reporting period and commitments
unfinished in implementation at the end of the reporting period

□ Applicable √ Not applicable
The company has no commitments completed in period and those without completed till lend of the period from
actual controller, shareholders, related parties, purchaser and companies.

IV. Anticipation of Business Performance of 2018
Alert of loss or significant change in net profit from the beginning of year to the end of next report period or
comparing with the same period of last year, and statement of causations.
□ Applicable √ Not applicable




9
Guangdong Provincial Expressway Development Co., Ltd.                                         The Third Quarterly Report 2018

V. Investment in securities
√ Applicable □Not applicable
                                                                                                                                                                                In RMB yuan

                                                  Mode                                                               Purcha     Sale
                                                                                                                                                          Book value
 Securi                                           of           Book value                                              se       amou                                      Acco
                       Stock      Initial                                       Changes in fair   Cumulative fair                        Gain/loss of    balance at the             Source
     ty    Securit                                account     balance at the                                         amoun      nt in                                     untin
                      Abbrevi     investment                                    value of the      value changes in                       the reporting     end of the                of the
 categ     y code                                 ing        beginning of the                                        t in the    the                                        g
                       ation:     cost                                          this period           equity                                period         reporting                 shares
     ory                                          measure    reporting period                                         this       this                                     items
                                                                                                                                                             period
                                                  ment                                                               period     period

                                                                                                                                                                          Finan
 Dome
                                                                                                                                                                          cial
 stic
                     China                                                                                                                                                assets
 and                              517,560,876                                                                                                                                       Self
           601818    Everbrig                     FVM        952,782,523.20     -32,935,692.16     402,285,954.24       0.00      0.00   42,581,144.86   919,846,831.04   availa
 foreig                                     .80                                                                                                                                     fund
                     ht Bank                                                                                                                                              ble
 n
                                                                                                                                                                          for
 stocks
                                                                                                                                                                          sale

                                  517,560,876
 Total                                                  --   952,782,523.20     -32,935,692.16     402,285,954.24       0.00      0.00   42,581,144.86   919,846,831.04     --         --
                                            .80

 Disclosure date for the notice
 of approval by the Board (If     July 22,2009
 any)

 Disclosure date for the notice
 of approval by shareholders’ August 7,2009
 Meeting (If any)




10
Guangdong Provincial Expressway Development Co., Ltd.                                      The Third Quarterly Report 2018


VI. Entrusted Financial Management
□ Applicable √Not applicable
There is no Entrusted Financial Management during the report period.

VII. Investment in derivatives
□ Applicable √Not applicable
There is no derivative investment during the report period.

VIII. The registration form of acceptance of investigation, communication and interview in the report
period for future reference

√ Applicable □ Not applicable
      Reception time          Way of reception     Types of visitors                         Basic index

                                                                       1. The main content of research:1. the daily operation;
                                                                       2. the company's financial data analysis;3. development
 July 23,2018               Onsite investigation   Organization        strategy; 4. analysis on the industry. 2.Primary data
                                                                       investigation: Public information company regularly
                                                                       reports

                                                                       1. The main content of research:1. the daily operation;
                                                                       2. the company's financial data analysis;3. development
 August 28,2018             Onsite investigation   Organization        strategy; 4. analysis on the industry. 2.Primary data
                                                                       investigation: Public information company regularly
                                                                       reports


IX. External guarantee get out of line

□ Applicable √Not applicable
The Company has no external guarantee get out of the line in the Period

X. Controlling shareholder and its related parties occupying non-business capital of the listed company

□ Applicable √Not applicable

There are no controlling shareholder and its related parties occupying non-business capital of the listed company
in Period




11
Guangdong Provincial Expressway Development Co., Ltd.                                   The Third Quarterly Report 2018




                                               IV. Financial Statement
I. Financial statement

1. Consolidated balance sheet


Prepared by:Guangdong Provincial Expressway Development Co., Ltd.

                                                   September 30,2018
                                                                                                              In RMB yuan

                     Items                              Year-end balance                     Year-beginning balance

 Current asset:

                Monetary fund                                       2,053,744,068.06                     2,363,042,700.42

             Settlement provision

 Outgoing call loan

     Financial assets measured at fair value
 with variations accounted into current
 income account

       Derivative financial assets

 Notes receivable and account receivable                               97,539,024.14                        92,642,625.45

          Including:      Notes receivable

          Account receivable                                           97,539,024.14                        92,642,625.45

     Advance payment                                                   45,853,206.46                         4,451,901.75

 Insurance receivable

 Reinsurance receivable
 Provisions of       Reinsurance contracts
 receivable
       Other account receivable                                        17,810,306.93                        15,415,512.07

       Repurchasing of financial assets

       Inventories                                                         127,187.68

       Assets held for sales

          Non-current asset due in 1 year                                   51,745.32                           55,669.14

       Other current asset                                                                                      76,576.08

 Total of current assets                                            2,215,125,538.59                     2,475,684,984.91

 Non-current assets:
 Loans and payment on other ’ s behalf
 disbursed
     Available for sale of financial assets                         1,718,421,932.77                     1,751,357,624.93


12
Guangdong Provincial Expressway Development Co., Ltd.                                     The Third Quarterly Report 2018


                       Items                            Year-end balance                       Year-beginning balance

      Expired investment in possess

      Long-term receivable

      Long term share equity investment                             3,214,982,779.23                       3,047,275,000.00

      Property investment                                                  3,713,453.23                        2,755,757.68

        Fixed assets                                                7,736,659,064.50                       8,505,434,890.71

           Construction in progress                                  833,301,812.32                          357,612,211.95

        Production physical assets

        Gas & petrol

        Intangible assets                                                  5,196,142.08                        7,096,435.17

      development expenses

      Goodwill

      Long-germ expenses to be amortized                                       9,276.73                           92,768.83

      Deferred income tax asset                                      246,707,469.99                          335,299,025.28

      Other non-current asset                                          36,110,814.20                          40,706,394.26

 Total of non-current assets                                       13,795,102,745.05                      14,047,630,108.81

 Total of assets                                                   16,010,228,283.64                      16,523,315,093.72

 Current liabilities

      Short-term loans

     Loan from Central Bank

     Deposit received and hold for others

     Call loan received

 Financial liabilities measured at fair
 value with variations accounted into
 current income account

        Derivative financial liabilities

      Notes payable and account payable                              174,476,639.63                          266,934,026.99

      Advance receipts                                                 14,450,419.48                          14,856,113.90

     Selling of repurchased financial assets

 Fees and commissions receivable

     Employees’ wage payable                                          17,518,602.30                          11,334,182.16

     Tax payable                                                     121,874,371.46                          428,647,394.29

      Other account payable                                          162,474,009.20                          121,998,386.07

     Reinsurance fee payable

     Insurance contract provision


13
Guangdong Provincial Expressway Development Co., Ltd.                                     The Third Quarterly Report 2018


                        Items                           Year-end balance                       Year-beginning balance

     Entrusted trading of securities

 Entrusted selling of securities

      Liabilities held for sales

 Non-current liability due in 1 year                                2,462,580,000.00                       1,218,610,000.00

 Other current liability

 Total of current liability                                         2,953,374,042.07                       2,062,380,103.41

 Non-current liabilities:

      Long-term loan                                                3,226,720,000.00                       4,744,170,000.00

     Bond payable

      Including:preferred stock

      Sustainable debt

      Long-term payable                                                    2,022,210.11                        2,022,210.11

 Long-term payable employee’s
 remuneration

     Expected liabilities

        Deferred income

        Deferred income tax liability                                226,424,569.23                          260,632,098.75

 Other non-current liabilities

 Total non-current liabilities                                      3,455,166,779.34                       5,006,824,308.86

 Total of liability                                                 6,408,540,821.41                       7,069,204,412.27

 Owners’ equity

           Share capital                                            2,090,806,126.00                       2,090,806,126.00

        Other equity instrument

      Including:preferred stock

      Sustainable debt

     Capital reserves                                               2,536,774,965.31                       2,510,069,749.76

      Less:Shares in stock

 Other comprehensive income                                          296,095,920.18                          327,263,824.17

 Special reserves

      Surplus reserves                                               544,821,130.03                          544,821,130.03

     Common risk provision

 Retained profit                                                    3,712,467,638.47                       3,550,110,288.49

 Total of owner’s equity belong to the
                                                                    9,180,965,779.99                       9,023,071,118.45
 parent company


14
Guangdong Provincial Expressway Development Co., Ltd.                                         The Third Quarterly Report 2018


                     Items                                  Year-end balance                       Year-beginning balance

 Minority shareholders’ equity                                            420,721,682.24                        431,039,563.00

 Total of owners’ equity                                               9,601,687,462.23                       9,454,110,681.45

 Total of liabilities and owners’ equity                              16,010,228,283.64                      16,523,315,093.72


Legal Representative: Zhen Renfa          General Manager : Wang Chunhua


Person in charge of accounting:Fang Zhi         Accounting Dept Leader: Zhou Fang


2.Parent Company Balance Sheet

                                                                                                                    In RMB yuan

                      Items                                  Year-end balance                      Year-beginning balance

 Current asset:

 Monetary fund                                                          2,035,470,942.10                       2,130,475,892.67

 Financial assets measured at fair value
 with variations accounted into current
 income account

      Derivative financial assets

      Notes receivable and account receivable                               22,091,269.52                         19,001,899.29

      Including:Notes receivable

           Account receivable                                               22,091,269.52                         19,001,899.29

      Advance payment                                                       44,806,954.96                          1,520,014.23

 Other account receivable                                                   59,465,215.33                         17,368,588.12

      Inventories

 Assets held for sales

      Non-current asset due in 1 year                                       80,000,000.00                         80,000,000.00

 Other current asset

 Total of current assets                                                2,241,834,381.91                       2,248,366,394.31

 Non-current assets:

 Available for sale of financial assets                                 1,718,421,932.77                       1,751,357,624.93

 Expired investment in possess

     Long-term receivable

     Long term share equity investment                                  4,748,647,788.04                       8,216,937,219.66

     Property investment                                                       3,461,314.98                        2,503,619.43

      Fixed assets                                                      5,374,535,335.59                       5,784,192,105.58



15
Guangdong Provincial Expressway Development Co., Ltd.                                 The Third Quarterly Report 2018


                       Items                            Year-end balance                   Year-beginning balance

        Construction in progress                                     829,757,760.32                      353,858,869.95

      Production physical assets

      Gas & petrol

        Intangible assets                                              1,939,038.37                        2,856,323.67

      Development expenses

     Goodwill

 Long-germ expenses to be amortized

 Deferred income tax asset                                           246,529,217.91                      335,050,091.31

     Other non-current asset                                         822,918,014.67                      827,775,329.66

 Total of non-current assets                                      13,746,210,402.65                   17,274,531,184.19

 Total of assets                                                  15,988,044,784.56                   19,522,897,578.50

 Current liabilities

      Short-term loans

 Financial liabilities measured at fair value
 with variations accounted into current
 income account
      Derivative financial liabilities

      Notes payable and account payable                              147,803,724.18                      200,070,986.17

      Advance receipts

     Employees’ wage payable                                          4,451,845.70                        5,419,848.48

     Tax payable                                                       9,041,815.34                       12,893,797.03

      Other account payable                                          127,027,603.77                    4,503,328,739.76

 Classified as held for sale debt

        Non-current liability due in 1 year                        2,319,280,000.00                      968,610,000.00

 Other current liability                                             893,038,780.15                      644,691,748.64

 Total of current liability                                        3,500,643,769.14                    6,335,015,120.08

 Non-current liabilities:

      Long-term loan                                               2,947,670,000.00                    4,545,170,000.00

     Bond payable

      Including:preferred stock

      Sustainable debt

      Long-term payable                                                2,022,210.11                        2,022,210.11

 Long-term payable to employees

     Expected liabilities


16
Guangdong Provincial Expressway Development Co., Ltd.                                   The Third Quarterly Report 2018


                        Items                            Year-end balance                    Year-beginning balance

 Deferred income

 Deferred income tax liability                                         100,571,488.56                      108,805,411.60

      Other non-current liabilities

 Total of Non-current liabilities                                    3,050,263,698.67                    4,655,997,621.71

 Total of liability                                                  6,550,907,467.81                   10,991,012,741.79

 Owners’ equity

           Share capital                                             2,090,806,126.00                    2,090,806,126.00

        Other equity instrument

      Including:preferred stock

      Sustainable debt

     Capital reserves                                                2,948,663,196.93                    2,921,957,981.38

      Less:Shares in stock

 Other comprehensive income                                            296,095,920.18                      327,263,824.17

 Special reserves

 Surplus reserves                                                      528,976,846.38                      528,976,846.38

 Retained profit                                                     3,572,595,227.26                    2,662,880,058.78

 Total of owners’ equity                                            9,437,137,316.75                    8,531,884,836.71

 Total of liabilities and owners’ equity                           15,988,044,784.56                   19,522,897,578.50


Legal Representative: Zhen Renfa      General Manager : Wang Chunhua


Person in charge of accounting:Fang Zhi     Accounting Dept Leader: Zhou Fang


3.Consolidated Income statement of the Report period

                                                                                                          In RMB yuan
                      Items                        Amount in this period                   Amount in last period

 I. Total revenue                                                  850,769,743.92                          822,526,484.69

 Incl:Business income                                             850,769,743.92                          822,526,484.69

        Interest income

     Insurance fee earned

 Fee and commission received

 II. Total business cost                                           374,224,642.79                          391,978,517.38

 Incl:Business cost                                               283,488,989.77                          281,272,481.97

          Interest expenses



17
Guangdong Provincial Expressway Development Co., Ltd.                           The Third Quarterly Report 2018


                    Items                      Amount in this period               Amount in last period

     Fee and commission paid

       Insurance discharge payment

      Net claim amount paid

 Net amount provided as insurance
 contract reserves

 Insurance policy dividend paid

      Reinsurance expenses

        Business tax and surcharge                               3,887,775.99                        3,382,365.58

        Sales expense

     Administrative expense                                     32,160,291.46                       36,843,648.73

              R & D expenses                                       541,264.57                        3,776,420.24

              Financial expenses                                55,962,149.92                       66,703,600.86

                 Including:Interest cost                       59,606,588.17                       71,692,070.66

                   Interest income                               4,644,969.74                        6,956,786.65

              Asset impairment loss                             -1,815,828.92

         Add:Other gains                                          194,598.16

         Investment gain(“-”for loss)                      134,304,872.05                      113,907,034.97

 Incl: Investment gains from affiliates                        134,304,872.05                      113,907,034.97

 Fair value change income
 Gains from currency exchange(“-”
 for loss)

 Assets disposal income                                         21,509,712.51

 III. Operational profit(“-”for loss)                      632,554,283.85                      544,455,002.28

        Add :Non-operational income                               571,258.42                        1,121,057.31

      Less:Non-operational expenses                               137,992.92                        1,028,790.51

 IV .Gross profit(“-”for loss)                               632,987,549.35                      544,547,269.08

      Less:Income tax expenses                                123,881,985.59                       99,958,901.51

 V. Net profit                                                 509,105,563.76                      444,588,367.57

 (1) Categorized by going concern                              509,105,563.76                      444,588,367.57
 (2) Termination of operating net
 profit
 Net profit attributable to the owners
                                                               441,303,002.76                      384,780,778.72
 of parent company

 Minority shareholders’ equity                                 67,802,561.00                       59,807,588.85
 VI. After tax net            amount    of
                                                                42,627,645.56
 comprehensive income

18
Guangdong Provincial Expressway Development Co., Ltd.                           The Third Quarterly Report 2018


                   Items                       Amount in this period               Amount in last period

 Net of profit of other comprehensive
 income attributable to owners of the                           42,627,645.56
 parent company

 (I)Other comprehensive income
 items that will not be reclassified into
 gains/losses in the subsequent
 accounting period

 1.Re-measurement of defined benefit
 plans of changes in net debt or net ass
 ets

 2.Other comprehensive income under
  the equity method investee can not b
 e reclassified into profit or loss.

 (II)
 Other comprehensive income that wil                            42,627,645.56
 l be reclassified into profit or loss.

 1.Other comprehensive income under
  the equity method investee can be re                          -1,482,656.44
 classified into profit or loss.

 2.Gains and losses from changes in fa
 ir value available for sale financial as                       44,110,302.00
 sets

 3.Held-to-maturity investments reclas
 sified to gains and losses of available
 for sale financial assets

 4.The effective portion of cash flow h
 edges and losses

 5.Translation differences in currency
 financial statements

 6.Other

 Net

 after-tax of other comprehensive inco

 me attributable to Minority

 shareholders’ equity

 VII. Total comprehensive income                               551,733,209.32                      444,588,367.57

 Total comprehensive income
 attributable to the owner of the parent                       483,930,648.32                      384,780,778.72
 company


19
Guangdong Provincial Expressway Development Co., Ltd.                             The Third Quarterly Report 2018


                   Items                         Amount in this period                Amount in last period

     Total comprehensive income
                                                                  67,802,561.00                        59,807,588.85
 attributable minority shareholders

 VIII. Earnings per share

 (I)Basic earnings per share                                             0.21                                 0.18

        (II)Diluted earnings per share                                     0.21                                 0.18

The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0.00, last period the combined party realized RMB0.00.

Legal Representative: Zhen Renfa           General Manager : Wang Chunhua

Person in charge of accounting:Fang Zhi          Accounting Dept Leader: Zhou Fang

4.Income statement of the Parent Company of the Report period

                                                                                                         In RMB yuan

                   Items                         Amount in this period                Amount in last period

 I. Turnover                                                     380,022,328.89                       243,646,856.46

      Less:Operation cost                                       170,355,701.76                       107,539,198.57

 Taxes and surcharge                                               2,323,857.60                         1,135,202.88

      Sales expenses

     Administrative expenses                                      18,325,889.09                        16,820,363.64

          R & D cost

          Financial expenses                                      51,345,142.50                        52,147,873.91

        Including:Interest cost                                  55,947,515.48                        58,733,287.40

          Interest income                                          4,614,243.77                         6,593,195.70

        Impairment loss on assets                                 -1,240,782.92

      Add:Other gains                                               194,598.16

        Investment gains(“-“for loss)                          820,280,096.41                       501,673,481.88

 Including: investment income from
                                                                 134,304,872.05                       113,907,034.97
 associates and joint ventures
 Fair value change income

 Assets disposal income

 II. Operational profit(“-”for loss)                         959,387,215.43                       567,677,699.34

      Add :Non-operational income                                   182,721.87                           279,044.71

      Less:Non -operational expenses                                184,874.00

 III.Gross profit(“-”for loss)                                 959,385,063.30                       567,956,744.05



20
Guangdong Provincial Expressway Development Co., Ltd.                           The Third Quarterly Report 2018


                    Items                      Amount in this period               Amount in last period

 Less:Income tax expenses                                      34,466,045.99                        8,943,088.28

 IV. Net profit                                                924,919,017.31                      559,013,655.77

 (1) Categorized by going concern                              924,919,017.31                      559,013,655.77
 (2) Termination of operating net
 profit
 V.After  tax    net  amount   of
                                                                42,627,645.56
 comprehensive income
      (I)Other comprehensive income
 items that will not be reclassified into
 gains/losses in the subsequent
 accounting period

 1.Re-measurement of defined benefit
 plans of changes in net debt or net ass
 ets

 2.Other comprehensive income under
  the equity method investee can not b
 e reclassified into profit or loss.

 (                   II                  )
 Other comprehensive income that wil                            42,627,645.56
 l be reclassified into profit or loss.

 1.Other comprehensive income under
  the equity method investee can be re                          -1,482,656.44
 classified into profit or loss.

 2.Gains and losses from changes in fa
 ir value available for sale financial as                       44,110,302.00
 sets

 3.Held-to-maturity investments reclas
 sified to gains and losses of available
 for sale financial assets

 4.The effective portion of cash flow h
 edges and losses


 5.Translation differences in currency
 financial statements

                6.Other

 VI. Total comprehensive income                                967,546,662.87                      559,013,655.77

 VII. Earnings per share:

 (I)Basic earnings per share

     (II)Diluted earnings per share



21
Guangdong Provincial Expressway Development Co., Ltd.                                 The Third Quarterly Report 2018


Legal Representative: Zhen Renfa        General Manager : Wang Chunhua

Person in charge of accounting:Fang Zhi        Accounting Dept Leader: Zhou Fang

5. Consolidated Income statement between the beginning of the year and end of the report period


                                                                                                        In RMB yuan

                    Items                      Amount in this period            Amount in last period

 I. Total revenue                                            2,386,633,889.06                           2,262,749,048.43

 Including:Business income                                  2,386,633,889.06                           2,262,749,048.43

         Interest income

          Insurance fee earned

 Commission charge and commission
 income

 II. Total Business cost                                     1,103,131,283.22                           1,144,258,992.54

 Including:Business cost                                      817,225,556.12                            814,962,327.13

 Interest expense

 Commission chare and commission

 expense

        Insurance discharge payment

        Net claim amount paid

 Insurance policy dividend paid

 Insurance policy dividend paid

      Reinsurance expenses

     Business tax and surcharge                                 10,740,890.98                             10,278,140.64

      Sales expenses

 Administrative expense                                        105,269,752.40                            111,288,226.47

          R & D cost                                             3,026,437.60                              7,025,757.34

             Financial expenses                                168,742,365.39                            200,507,959.88

        Including:Interest cost                               185,358,874.77                            223,016,680.03

          Interest income                                       22,721,206.04                             22,596,555.68

      Asset impairment loss                                     -1,873,719.27                                196,581.08

        Add:Other gains                                           194,598.16

 Investment gain(“-”for loss)                              393,663,174.25                            337,337,399.41
    Including: investment income from
                                                               351,082,029.39                            313,283,142.59
 associates and joint ventures



22
Guangdong Provincial Expressway Development Co., Ltd.                                 The Third Quarterly Report 2018


                   Items                       Amount in this period            Amount in last period

     Fair value change income

 Gains from currency exchange(“-”
 for loss)

 Assets disposal income                                         66,369,899.18

 III. Operational profit(“-”for loss)                    1,743,730,277.43                           1,455,827,455.30

       Add :Non-operational income                              3,258,819.00                             63,420,135.89

     Less:Non-operational expenses                              2,145,960.35                              4,128,264.77

 IV. Gross profit(“-”for loss)                             1,744,843,136.08                           1,515,119,326.42

 Less:Income tax expenses                                     337,103,704.44                             80,018,819.53

 V. Net profit                                               1,407,739,431.64                           1,435,100,506.89

 (1) Categorized by going concern                            1,407,739,431.64                           1,435,100,506.89
 (2) Termination of operating net
 profit
 Net profit attributable to the owners
                                                             1,220,305,249.74                           1,277,628,791.25
 of parent company

 Minority shareholders’ equity                                187,434,181.90                            157,471,715.64
 VI.After tax net amount                  of
                                                               -31,167,903.99                             -75,869,719.44
 comprehensive income
 Net of profit of other comprehensive
 income attributable to owners of the                          -31,167,903.99                             -75,869,719.44
 parent company

 (I)Other comprehensive income
 items that will not be reclassified into
 gains/losses in the subsequent
 accounting period

 1.Re-measurement of defined benefit
 plans of changes in net debt or net ass
 ets

 2.Other comprehensive income under
  the equity method investee can not b
 e reclassified into profit or loss.

 (II)
 Other comprehensive income that wil                           -31,167,903.99                             -75,869,719.44
 l be reclassified into profit or loss.

 1.Other comprehensive income under
  the equity method investee can be re                          -6,466,134.87
 classified into profit or loss.

 2.Gains and losses from changes in fa
                                                               -24,701,769.12                             -75,869,719.44
 ir value available for sale financial as

23
Guangdong Provincial Expressway Development Co., Ltd.                                   The Third Quarterly Report 2018


                    Items                        Amount in this period            Amount in last period

 sets

 3.Held-to-maturity investments reclas
 sified to gains and losses of available
 for sale financial assets

 4.The effective portion of cash flow h
 edges and losses

 5.Translation differences in currency
 financial statements

 6.Other

 Net

 after-tax of other comprehensive inco

 me attributable to Minority

 shareholders’ equity

 VII. Total comprehensive income                               1,376,571,527.65                           1,359,230,787.45

 Total comprehensive income
 attributable to the owner of the parent                       1,189,137,345.75                           1,201,759,071.81
 company

     Total comprehensive income
                                                                 187,434,181.90                            157,471,715.64
 attributable minority shareholders

 VIII. Earnings per share

 (I)Basic earnings per share                                             0.58                                      0.61

     (II)Diluted earnings per share                                        0.58                                      0.61

The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0.00, last period the combined party realized RMB0.00.

Legal Representative: Zhen Renfa           General Manager : Wang Chunhua

Person in charge of accounting:Fang Zhi          Accounting Dept Leader: Zhou Fang



6.Income Statement of the Parent Between the Beginning of the Year and End of the Report Period

                                                                                                               In RMB yuan

                    Items                        Amount in this period            Amount in last period

 I. Turnover                                                   1,055,916,596.63                            281,871,132.87

 Less:Business cost                                             480,666,389.08                            107,771,305.27

     Taxes and surcharge                                           5,817,633.50                              1,180,772.15

      Sales expenses

24
Guangdong Provincial Expressway Development Co., Ltd.                                 The Third Quarterly Report 2018


                   Items                       Amount in this period            Amount in last period

 Administrative expense                                         60,558,892.12                             43,378,310.99

         R & D cost

         Financial expenses                                    155,551,567.44                            119,005,596.12

       Including:Interest cost                                174,813,943.23                            138,099,572.86

         Interest income                                        22,420,977.88                             19,141,752.56

     Asset impairment loss                                      -1,240,782.92

       Add:Other gains                                            194,598.16

 Investment gain(“-”for loss)                            1,700,859,665.12                           1,432,408,272.61
    Including: investment income from
                                                               351,082,029.39                            313,283,142.59
 associates and joint ventures
     Fair value change income

 Assets disposal income                                            138,427.18

 II. Operational profit(“-”for loss)                     2,055,755,587.87                           1,442,943,420.95

 Add :Non-operational income                                    1,099,053.86                                352,923.13

     Less:Non-operational expenses                                670,700.09

 III.Gross profit(“-”for loss)                             2,056,183,941.64                           1,443,296,344.08

 Less:Income tax expenses                                      88,520,873.40                            -211,327,478.86

 IV. Net profit                                              1,967,663,068.24                           1,654,623,822.94

 (1) Categorized by going concern                            1,967,663,068.24                           1,654,623,822.94
 (2) Termination of operating net
 profit
 V.After  tax    net  amount   of
                                                               -31,167,903.99                             -75,869,719.44
 comprehensive income
 (I)Other comprehensive income
 items that will not be reclassified into
 gains/losses in the subsequent
 accounting period

 1.Re-measurement of defined benefit
 plans of changes in net debt or net ass
 ets

 2.Other comprehensive income under
  the equity method investee can not b
 e reclassified into profit or loss.

 (                  II                   )
 Other comprehensive income that wil                           -31,167,903.99                             -75,869,719.44
 l be reclassified into profit or loss.

 1.Other comprehensive income under
                                                                -6,466,134.87
  the equity method investee can be re



25
Guangdong Provincial Expressway Development Co., Ltd.                                         The Third Quarterly Report 2018


                    Items                              Amount in this period            Amount in last period

 classified into profit or loss.

 2.Gains and losses from changes in fa
 ir value available for sale financial as                              -24,701,769.12                             -75,869,719.44
 sets

 3.Held-to-maturity investments reclas
 sified to gains and losses of available
 for sale financial assets

 4.The effective portion of cash flow h
 edges and losses


 5.Translation differences in currency
 financial statements

                6.Other

 VI. Total comprehensive income                                      1,936,495,164.25                           1,578,754,103.50

 VII. Earnings per share:

 (I)Basic earnings per share

     (II)Diluted earnings per share


Legal Representative: Zhen Renfa          General Manager : Wang Chunhua


Person in charge of accounting:Fang Zhi         Accounting Dept Leader: Zhou Fang


7. Consolidated Cash Flow Statement Between the Beginning of the Year and End of the Report Period


                                                                                                                    In RMB yuan

                    Items                              Amount in this period            Amount in last period

 I.Cash flows from operating activities

 Cash received from sales of goods or
                                                                     2,430,071,550.43                           2,269,246,330.63
 rending of services

      Net increase of customer deposits
 and capital kept for brother company

 Net increase of loans from central
 bank

 Net increase of inter-bank loans from
 other financial bodies

 Cash received against original
 insurance contract

 Net cash received from reinsurance


26
Guangdong Provincial Expressway Development Co., Ltd.                                 The Third Quarterly Report 2018


                    Items                      Amount in this period            Amount in last period

 business

 Net increase of client deposit and
 investment

 Net increase of the financial assets
 that are measured at fair value and
 whose movement is counted to the
 current gain and loss

 Cash received as interest, processing
 fee and commission

 Net increase of inter-bank fund
 received

 Net increase of repurchasing business

       Tax returned

 Other cash received from business
                                                                54,513,688.32                             67,752,504.28
 operation

       Sub-total of cash inflow                              2,484,585,238.75                           2,336,998,834.91

 Cash paid for purchasing of
                                                               142,035,365.51                            101,493,279.85
 merchandise and services

 Net increase of client trade and
 advance

 Net increase of savings n central bank
 and brother company

 Cash paid for original contract claim

     Cash paid for interest, processing
 fee and commission

     Cash paid for policy dividend

 Cash paid to staffs or paid for staffs                        200,483,302.33                            203,043,259.59

     Taxes paid                                                659,984,230.23                            325,795,159.90

 Other cash paid for business activities                        47,815,642.37                             61,842,977.19

 Sub-total of cash outflow from
                                                             1,050,318,540.44                            692,174,676.53
      business activities

 Cash flow generated by business
                                                             1,434,266,698.31                           1,644,824,158.38
 operation, net

 II.Cash flow generated by investing

 Cash received from investment
 retrieving



27
Guangdong Provincial Expressway Development Co., Ltd.                                 The Third Quarterly Report 2018


                  Items                        Amount in this period            Amount in last period

 Cash received as investment gains                             246,194,475.70                            180,974,999.80

 Net cash retrieved from disposal of
 fixed assets, intangible assets, and                          228,183,292.51                                138,750.00
 other long-term assets

 Net cash received from disposal of
 subsidiaries or other operational units

 Other investment-related cash
                                                                   575,046.00                             60,287,001.01
 received

 Sub-total of cash inflow due to
                                                               474,952,814.21                            241,400,750.81
 investment activities

 Cash paid for construction of fixed
      assets, intangible assets and                            509,914,271.20                            256,756,858.37
      other long-term assets

 Cash paid as investment

 Net increase of loan against pledge

 Net cash received from subsidiaries
 and other operational units

 Other cash paid for investment
 activities

 Sub-total of cash outflow due to
                                                               509,914,271.20                            256,756,858.37
 investment activities

 Net cash flow generated by
                                                               -34,961,456.99                             -15,356,107.56
 investment

 III.Cash flow generated by financing

 Cash received as investment

 Incl: Cash received as investment
 from minor shareholders

 Cash received as loans                                      1,259,000,000.00                           1,308,000,000.00

 Cash received from bond placing

 Other financing –related ash
                                                                 4,861,111.11
 received

 Sub-total of cash inflow from
                                                             1,263,861,111.11                           1,308,000,000.00
 financing activities

 Cash to repay debts                                         1,487,480,000.00                           1,625,100,000.00

 Cash paid as dividend, profit, or
                                                             1,482,717,100.16                            936,660,204.59
 interests

 Incl: Dividend and profit paid by

28
Guangdong Provincial Expressway Development Co., Ltd.                                         The Third Quarterly Report 2018


                  Items                                Amount in this period            Amount in last period

 subsidiaries to minor shareholders

 Other cash paid for financing
 activities

 Sub-total of cash outflow due to
                                                                     2,970,197,100.16                           2,561,760,204.59
 financing activities

 Net cash flow generated by financing                               -1,706,335,989.05                           -1,253,760,204.59

 IV. Influence of exchange rate
 alternation on cash and cash                                           -2,267,884.63                               1,447,084.51
 equivalents

 V.Net increase of cash and cash
                                                                      -309,298,632.36                             377,154,930.74
 equivalents

 Add: balance of cash and cash
                                                                     2,363,042,700.42                           2,603,279,644.25
 equivalents at the beginning of term

 VI ..Balance of cash and cash
                                                                     2,053,744,068.06                           2,980,434,574.99
 equivalents at the end of term


Legal Representative: Zhen Renfa          General Manager : Wang Chunhua


Person in charge of accounting:Fang Zhi         Accounting Dept Leader: Zhou Fang


8. Cash Flow Statement of the Parent Between the Beginning of the Year and End of the Report Period


                                                                                                                     In RMB yuan

                  Items                                Amount in this period                      Amount in last period

 I.Cash flows from operating activities

 Cash received from sales of goods or
                                                                     1,028,479,493.61                             204,860,249.44
 rending of services

 Tax returned

 Other cash received from business
                                                                       342,818,820.26                             711,264,490.94
 operation

 Sub-total of cash inflow                                            1,371,298,313.87                             916,124,740.38

 Cash paid for purchasing of
                                                                        59,667,495.43                               6,155,244.77
 merchandise and services

 Cash paid to staffs or paid for staffs                                 80,870,547.38                              34,315,661.16

 Taxes paid                                                             38,553,095.96                               4,409,052.82

 Other cash paid for business activities                               363,020,990.09                             285,269,012.07

 Sub-total of cash outflow from                                        542,112,128.86                             330,148,970.82



29
Guangdong Provincial Expressway Development Co., Ltd.                           The Third Quarterly Report 2018


                    Items                      Amount in this period               Amount in last period

      business activities

 Cash flow generated by business
                                                               829,186,185.01                      585,975,769.56
 operation, net

 II.Cash flow generated by investing

 Cash received from investment
 retrieving

 Cash received as investment gains                             877,415,742.21                    1,290,045,873.00

 Net cash retrieved from disposal of
 fixed assets, intangible assets, and                              296,095.00                          128,000.00
 other long-term assets

 Net cash received from disposal of
 subsidiaries or other operational units

 Other investment-related cash
                                                                   650,750.00                       10,786,916.66
 received

     Sub-total of cash inflow due to
                                                               878,362,587.21                    1,300,960,789.66
 investment activities

 Cash paid for construction of fixed
        assets, intangible assets                              495,317,031.90                        1,413,815.93
 and other long-term assets

        Cash paid as investment                                                                      4,500,000.00

 Net cash received from subsidiaries
 and other operational units

 Other cash paid for investment
                                                                                                    10,000,000.00
 activities

 Sub-total of cash outflow due to
                                                               495,317,031.90                       15,913,815.93
 investment activities

 Net cash flow generated by
                                                               383,045,555.31                    1,285,046,973.73
 investment

 III.Cash flow generated by financing

      Cash received as investment

        Cash received as loans                                 600,000,000.00

     Cash received from bond placing

 Other financing –related ash
                                                               295,861,111.11
      received

     Sub-total of cash inflow from
                                                               895,861,111.11
 financing activities

      Cash to repay debts                                      614,100,000.00                       50,100,000.00

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Guangdong Provincial Expressway Development Co., Ltd.                                 The Third Quarterly Report 2018


                    Items                            Amount in this period               Amount in last period

 Cash paid as dividend, profit, or
                                                                   1,212,529,917.37                      813,656,128.90
 interests

 Other cash paid for financing
                                                                     374,200,000.00
 activities

     Sub-total of cash outflow due to
                                                                   2,200,829,917.37                      863,756,128.90
 financing activities

 Net cash flow generated by financing                             -1,304,968,806.26                     -863,756,128.90

 IV. Influence of exchange rate
 alternation on cash and cash                                         -2,267,884.63                        1,447,084.51
 equivalents

 V.Net increase of cash and cash
                                                                     -95,004,950.57                    1,008,713,698.90
 equivalents

 Add: balance of cash and cash
                                                                   2,130,475,892.67                    1,795,455,123.88
 equivalents at the beginning of term

 VI ..Balance of cash and cash
                                                                   2,035,470,942.10                    2,804,168,822.78
 equivalents at the end of term


Legal Representative: Zhen Renfa        General Manager : Wang Chunhua



Person in charge of accounting:Fang Zhi       Accounting Dept Leader: Zhou Fang

II. Auditor‘s report
Whether the Q3 report is audited
□ Yes √ No
The Q3 Report is not audited.




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