Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Guangdong Provincial Expressway Development Co.，Ltd.
The First Quarterly Report 2019
April 2019
1
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
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 of the Company
（1）Main financial data and financial index
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
□ Yes √ No
Changes of this period
This period Same period of last year over same period of last
year（％）
Operating revenue（Yuan） 736,437,257.60 743,043,761.26 -0.89%
Net profit attributable to the shareholders
354,064,646.18 341,598,430.84 3.65%
of the listed company（Yuan）
Net profit after deducting of
non-recurring gain/loss attributable to
353,871,455.69 341,067,803.01 3.75%
the shareholders of listed company
（Yuan）
Net cash generated from /used in
518,337,607.13 332,977,529.61 55.67%
operating activities（Yuan）
Basic earning per share(Yuan/Share) 0.17 0.16 6.25%
Diluted gains per share(Yuan/Share) 0.17 0.16 6.25%
Weighted average return on equity
3.61% 3.71% -0.10%
（%）
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Changes of this
End of this period End of last period period-end over same
period-end of last year(%)
Total assets（Yuan） 17,264,308,203.57 16,295,910,774.45 5.94%
Net assets attributable to the
shareholders of the listed company 10,026,134,135.15 9,586,701,904.06 4.58%
（Yuan）
Items and amount of non-current gains and losses
√ Applicable □ Not applicable
In RMB
Amount (Year-beginning to
Items the end of the report Notes
period.)
Non-current asset disposal gain/loss(including the write-off part
-54,181.47
for which assets impairment provision is made)
Govemment subsidies recognized in current gain and
loss(excluding those closely related to the Company’s business 115,533.91
and granted under the state’s policies)
Other non-business income and expenditures other than the
195,938.56
above
Less :Influenced amount of income tax 44,768.97
Influenced amount of minor shareholders’equity (after tax) 19,331.54
Total 193,190.49 --
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 preference shareholders with
Total number of common
57,566 the voting power recovered at the 0
shareholders at the period-end
end of the reporting period(if any)
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
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
24.56% 513,412,507 410,032,765
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
Yalian State-own
9.68% 202,429,149 202,429,149 Pledge 156,652,500
Investment Co., ed
Ltd. Legal person
Tibet Yingyue
Investment State-owned
4.84% 101,214,574 101,214,574
Management legal person
Co., Ltd.
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.
Agricultural
Bank of China
－Jingshun
Great Wall
Energy
Other 1.30% 27,166,803
Infrastructure
Mixed
Securities
Investment
Fund
Domestic
Feng Wuchu natural person 1.07% 22,369,146
shares
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Xinyue Co., Overseas legal
0.63% 13,201,086
Ltd. person
PRUSIK
UMBRELLA Overseas legal
0.62% 12,999,871
UCITS FUND person
PLC
Shares held by the Top 10 Shareholders of Non-restricted shares
Share type
Shareholders’ Names Number of the non-restricted shares held
Share type Quantity
Guangdong Communication RMB Common
103,379,742 103,379,742
Group Co., Ltd. shares
Agricultural Bank of China－
Jingshun Great Wall Energy RMB Common
27,166,803 27,166,803
Infrastructure Mixed Securities shares
Investment Fund
RMB Common
20,461,807
shares
Foreign shares
Feng Wuchu 22,369,146
placed in
1,907,339
domestic
exchange
Foreign shares
placed in
Xinyue Co., Ltd. 13,201,086 13,201,086
domestic
exchange
Foreign shares
PRUSIK UMBRELLA UCITS placed in
12,999,871 12,999,871
FUND PLC domestic
exchange
Foreign shares
VALUE PARTNERS
placed in
HIGH-DIVIDEND STOCKS 12,291,518 12,291,518
domestic
FUNDS
exchange
Khazanah Nasional Berhad－Self RMB Common
10,522,779 10,522,779
fund shares
RMB Common
Huatai Securities Co., Ltd. 10,065,914 10,065,914
shares
Foreign shares
VALUE PARTNERS CLASSIC
9,971,395 placed in 9,971,395
FUND
domestic
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
exchange
Foreign shares
MATTHEWS CHINA placed in
9,755,290 9,755,290
DIVIDEND FUND 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
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
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
1.Monetary capital Increased by RMB 707.92 million and 33.32% over the beginning of the year, It’s mainly due
to the comprehensive impact of various cash flow activities, in which the net cash inflow from operating activities
was RMB 518.34 million, the net cash outflow from investment activities was RMB 213.01 million , and the net
cash inflow from financing activities was RMB 402.59 million .
2.Construction in process
Construction in progress projects include construction in progress and engineering materials.
Construction in process decreased by RMB 408.35 million and 37.53% over the beginning of the year, It’s mainly
due to the comprehensive impact of project cost incurred in the expansion project of Sanbao to Shuikou Section of
Fokai Expressway and the expansion project asset of Sanbao to Gonghe Section of Fokai Expressway converted
into fixed assets.
The capital period of the project has not changed.
3.Bond payable increased by RMB 680 million, A 5-year medium-term note issued for the company.
(II) Items of income statement as compared with the same period of the previous year
1.Operating income decreased by RMB 6.61 million and 0.89 % year on year, Mainly due to the following factors:
Foshan First Ring Road was open to traffic, and it does not restrict trucks, which diverts part of the traffic flow of
Fokai Expressway; Humen Bridge restricts the passage of trucks over 10 tons from March 8 to April 2 and the
Zhuhai branch line (S9919 K0+945-K5+158) canceled the charges from December 15th, 2018 thereby reduced
the income of Guangzhudong tolls; due to the natural growth of traffic volume, the revenue of Guangfo
Expressway toll increased.
2.R & D expenses decreased by RMB 1.32 million and 100% year on year, Mainly due to the company did not
have R&D expenditures this year.
3.Investment gains increased by RMB 16.84 million and 16.35%,The main reason for the increase was that the
investment income of the share-participating companies recognized by the Company according to the
shareholding ratio increased YOY.
(III) Notes of main items of cash flow statement
1. Taxes paid
Mainly due to calculate the income tax, value-added tax and its additional taxes and fees actually paid in the
current period. The current period decreased by RMB 177 million and 68.26% year on year，Mainly due to in the
same period last year, Guangdong Fokai Expressway Co., Ltd (deregistered) paid the assessed value-added
income tax, and there was no such situation in the current period.
2.Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets increased by
RMB 100.3 million and 99.97% year on year, Mainly due to in the same period last year, Jingzhu Expressway
Guangzhu Section Co., Ltd. received the compensation of RMB 100 million for the 4.213 km expressway asset of
the Zhuhai section of the Guang'ao Expressway transferred from the Zhuhai High-tech Zone Management
Committee. and there was no such situation in the current period.
3.Cash paid for construction of fixed assets, intangible assets and other long-term assets increased by 110.47
million and 61.01% year on year, Mainly due to the payment for the expansion and expansion of the
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Sanbao-Shuikou section of the Fokai Expressway paid by the Fokai Branch was increased.
4. Cash received from borrowing increased by RMB 996 million and 240.58% year on year, The reason was that
the parent company's borrowing increased by RMB 1,255 million in the current period, and the Jingzhu
Expressway Guangzhu Section Co., Ltd's borrowing in the current period decreased by RMB 259 million YOY..
5. Cash to repay debts increased by RMB 633.92 million and 206.00% year on year, The reason was that the
parent company's repayment of borrowings increased by RMB 906 million in the current period. The Jingzhu
Expressway Guangzhu Section Co., Ltd’s repayment for borrowings decreased by RMB 223.35 million in the
current period. Guangdong Fokai Expressway Co., Ltd (deregistered) repaid borrowings of RMB 48.73 million in
the previous period.
II. The progress of significant events and influence, as well as the analysis and explanation on resolving
proposal.
□ Applicable √ Not applicable
Progress in the implementation of share repurchase
□ Applicable √ Not applicable
Progress in the implementation of the reduction of the repurchased shares by means of centralized bidding
□ Applicable √ Not applicable
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．Prediction of Business performance for January- June 2019
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation of reason.
□ Applicable √ Not applicable
V. Investment in securities
□ Applicable √ Not applicable
Non-existence
VI. Investment in derivatives
□ Applicable √ Not applicable
Non-existence
VII. Registration form of such Activities as Reception, Research, Communication, Interview in the
Reporting Period
8
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
√ Applicable □ Not applicable
Way of Types of
Reception time Basic index
reception visitors
1. The main content of research:1. the daily operation; 2. the company's
Onsite
financial data analysis;3. development strategy; 4. analysis on the
January 9,2019 investigati Organization
industry. 2.Primary data investigation: Public information company
on
regularly reports
1. The main content of research:1. the daily operation; 2. the company's
Onsite
financial data analysis;3. development strategy; 4. analysis on the
January 16,2019 investigati Organization
industry. 2.Primary data investigation: Public information company
on
regularly reports
1. The main content of research:1. the daily operation; 2. the company's
financial data analysis;3. development strategy; 4. analysis on the
March 29,2019 By phone Organization
industry. 2.Primary data investigation: Public information company
regularly reports
VIII. Outward Guarantee against the Regulations
□ Applicable √Not applicable
The Company has no external guarantee get out of the line in the Period
IX. 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
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
IV. Financial Statement
I. Financial statement
1. Consolidated balance sheet
Prepared by：Guangdong Provincial Expressway Development Co., Ltd.
March 31,2019
In RMB
Items March 31,2019 December 31, 2018
Current asset：
Monetary fund 2,832,442,969.39 2,124,524,996.32
Settlement provision
Outgoing call loan
Transactional financial assets
Financial assets measured at fair value with variations
accounted into current income account
Derivative financial assets
Notes receivable & account receivable 105,447,913.94 91,076,995.07
Including：Notes receivable
Account receivable 105,447,913.94 91,076,995.07
Prepayments 1,283,038.94 1,912,943.40
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Other account receivable 17,798,021.47 16,487,256.02
Including：Interest receivable
Dividend receivable 1,205,472.90 1,205,472.90
Other account receivable 16,592,548.57 15,281,783.12
Repurchasing of financial assets
Inventories 83,931.70 81,017.91
Contract assets
Assets held for sales
Non-current asset due within 1 year 51,745.32 51,745.32
Other current asset
Total of current assets 2,957,107,620.76 2,234,134,954.04
Non-current assets：
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Items March 31,2019 December 31, 2018
Loans and payment on other’s behalf disbursed
Debt investment
Available for sale of financial assets 1,668,791,594.53
Other investment on bonds
Expired investment in possess
Long-term receivable
Long term share equity investment 3,201,788,350.19 3,145,644,970.07
Other equity instruments investment 1,762,893,572.13
Other non-current financial assets
Property investment 3,497,339.23 3,579,007.54
Fixed assets 8,118,342,992.18 7,600,046,319.91
Including ：Fixed assets 8,118,342,992.18 7,600,046,319.91
Liquidation of fixed assets
Construction in progress 681,124,596.93 1,089,473,425.63
Including：Construction in progress 679,575,040.93 1,087,923,869.63
Engineering material 1,549,556.00 1,549,556.00
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 5,106,557.74 5,739,020.48
Development expenses
Goodwill
Long-germ expenses to be amortized 1,221,781.88 1,221,781.88
Deferred income tax asset 422,581,407.34 447,485,034.79
Other non-current asset 110,643,985.19 99,794,665.58
Total of non-current assets 14,307,200,582.81 14,061,775,820.41
Total of assets 17,264,308,203.57 16,295,910,774.45
Current liabilities
Short-term loans
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Financial liabilities measured at fair value with variations
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Items March 31,2019 December 31, 2018
accounted into current income account
Derivative financial liabilities
Notes payable & account payable 154,910,357.26 203,779,190.74
Including：Notes payable
Account payable 154,910,357.26 203,779,190.74
Advance receipts 12,375,610.28 12,039,708.01
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 18,092,331.40 13,122,437.17
Tax payable 118,882,217.49 104,198,746.06
Other account payable 207,567,174.26 191,254,464.84
Including：Interest payable 11,339,664.52 8,971,576.57
Dividend payable 17,127,446.76 17,191,142.23
Other account payable 179,100,062.98 165,091,746.04
Fees and commissions payable
Reinsurance fee payable
Contract Liabilities
Liabilities held for sales
Non-current liability due within 1 year 1,967,555,000.00 2,498,480,000.00
Other current liability
Total of current liability 2,479,382,690.69 3,022,874,546.82
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 3,302,315,000.00 2,983,040,000.00
Bond payable 680,000,000.00
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 38,022,210.11 38,022,210.11
Including： Long-term payable 38,022,210.11 38,022,210.11
Special payable
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Items March 31,2019 December 31, 2018
Expected liabilities
Deferred income
Deferred income tax liability 224,577,068.14 205,672,389.59
Other non-current liabilities
Total non-current liabilities 4,244,914,278.25 3,226,734,599.70
Total of liability 6,724,296,968.94 6,249,609,146.52
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 2,551,949,235.31 2,536,774,965.31
Less：Shares in stock
Other comprehensive income 315,302,429.72 245,109,114.81
Surplus reserves 775,402,561.35 775,402,561.35
Common risk provision
Retained profit 4,292,673,782.77 3,938,609,136.59
Total of owner’s equity belong to the parent company 10,026,134,135.15 9,586,701,904.06
Minority shareholders’ equity 513,877,099.48 459,599,723.87
Total of owners’ equity 10,540,011,234.63 10,046,301,627.93
Total of liabilities and owners’ equity 17,264,308,203.57 16,295,910,774.45
Legal Representative: Zheng Renfa
General Manager: Wang Chunhua
Person in charge of accounting：Fang Zhi
Accounting Dept Leader: Zhou Fang
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
2.Parent Company Balance Sheet
In RMB
Items March 31, 2019 December 31, 2018
Current asset：
Monetary fund 2,813,617,635.05 2,096,597,568.04
Transactional financial assets
Financial assets measured at fair value with variations
accounted into current income account
Derivative financial assets
Notes receivable & account receivable 18,536,318.28 18,405,847.15
Including：Notes receivable
Account receivable 18,536,318.28 18,405,847.15
Prepayments 996,386.44 1,532,057.82
Other account receivable 24,133,924.45 9,323,782.66
Including：Interest receivable 17,087,212.26 1,880,148.12
Dividend receivable 1,205,472.90 1,205,472.90
Other account receivable 5,841,239.29 6,238,161.64
Inventories
Contract assets
Assets held for sales
Non-current asset due within 1 year 100,000,000.00 100,000,000.00
Other current asset
Total of current assets 2,957,284,264.22 2,225,859,255.67
Non-current assets：
Debt investment 692,903,684.98
Available for sale of financial assets 1,668,791,594.53
Other investment on bonds
Expired investment in possess
Long-term receivable
Long term share equity investment 4,735,453,359.00 4,679,309,978.88
Other equity instruments investment 1,762,893,572.13
Other non-current financial assets
Property investment 3,245,200.98 3,326,869.29
Fixed assets 5,872,474,309.21 5,292,898,635.00
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Items March 31, 2019 December 31, 2018
Including ：Fixed assets 5,872,474,309.21 5,292,898,635.00
Liquidation of fixed assets
Construction in progress 640,868,926.90 1,060,230,773.10
Including： Construction in progress 640,868,926.90 1,060,230,773.10
Engineering material
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 1,597,159.29 1,741,277.53
Development expenses
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 422,441,216.87 447,328,530.77
Other non-current asset 110,016,836.44 790,720,727.48
Total of non-current assets 14,241,894,265.80 13,944,348,386.58
Total of assets 17,199,178,530.02 16,170,207,642.25
Current liabilities
Short-term loans
Transactional financial liabilities
Financial liabilities measured at fair value with variations
accounted into current income account
Derivative financial liabilities
Notes payable & account payable 116,980,362.46 124,833,335.72
Including：Notes payable
Account payable 116,980,362.46 124,833,335.72
Advance receipts
Contract Liabilities
Employees’ wage payable 5,454,825.93 5,669,203.37
Tax payable 5,856,745.80 10,297,144.52
Other account payable 165,929,517.48 142,457,135.79
Including：Interest payable 10,792,926.60 8,373,096.36
Dividend payable 17,127,446.76 17,191,142.23
Other account payable 138,009,144.12 116,892,897.20
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Items March 31, 2019 December 31, 2018
Liabilities held for sales
Non-current liability due within 1 year 1,796,255,000.00 2,327,180,000.00
Other current liability 1,187,835,865.71 977,236,252.44
Total of current liability 3,278,312,317.38 3,587,673,071.84
Non-current liabilities：
Long-term loan 3,086,915,000.00 2,731,990,000.00
Bond payable 680,000,000.00
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 38,022,210.11 38,022,210.11
Including：Long-term payable 38,022,210.11 38,022,210.11
Special payable
Expected liabilities
Deferred income
Deferred income tax liability 111,746,098.40 88,220,604.00
Other non-current liabilities
Total non-current liabilities 3,916,683,308.51 2,858,232,814.11
Total of liability 7,194,995,625.89 6,445,905,885.95
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 2,963,837,466.93 2,948,663,196.93
Less：Shares in stock
Other comprehensive income 315,302,429.72 245,109,114.81
Surplus reserves 759,558,277.70 759,558,277.70
Retained profit 3,874,678,603.78 3,680,165,040.86
Total of owners’ equity 10,004,182,904.13 9,724,301,756.30
Total of liabilities and owners’ equity 17,199,178,530.02 16,170,207,642.25
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
3.Consolidated Income statement
In RMB
Same period of the
Items Report period
previous year
I. Income from the key business 736,437,257.60 743,043,761.26
Including：Business income 736,437,257.60 743,043,761.26
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 352,232,513.86 349,373,491.44
Including：Business cost 257,839,452.31 253,181,541.86
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net amount of withdrawal of insurance contract reserve
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 3,168,467.28 3,134,608.21
Sales expense
Administrative expense 36,707,007.01 34,583,248.16
R & D costs 1,318,344.01
Financial expenses 54,517,587.26 57,155,749.20
Including：Interest expense 58,652,879.99 63,343,856.83
Interest income 5,041,225.60 7,183,114.61
Asset impairment loss
Credit impairment loss
Add：Other income 115,533.91
Investment gain（“-”for loss） 119,851,621.21 103,011,034.29
Including: investment gains from affiliates 119,198,798.96 103,011,034.29
Gains from currency exchange
Net exposure hedging income
Changing income of fair value
Income on disposal of assets
17
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Same period of the
Items Report period
previous year
III. Operational profit（“-”for loss） 504,171,898.86 496,681,304.11
Add ：Non-operational income 332,608.56 924,878.79
Including: Profits from disposal of non-current assets 92,737.24
Less: Non-operating expense 190,851.47 277,993.40
Including：Loss on disposal of non-current assets 54,181.47 249,184.79
IV. Total profit(“-”for loss) 504,313,655.95 497,328,189.50
Less：Income tax expenses 95,971,634.16 102,250,360.83
V. Net profit 408,342,021.79 395,077,828.67
(I) Classification by business continuity
1.Net continuing operating profit 408,342,021.79 395,077,828.67
2.Termination of operating net profit
(II) Classification by ownership
Net profit attributable to the owners of parent company 354,064,646.18 341,598,430.84
Minority shareholders’equity 54,277,375.61 53,479,397.83
VI. Net after-tax of other comprehensive income 70,193,314.91 313,345.79
Net of profit of other comprehensive income attributable to owners 70,193,314.91 313,345.79
of the parent company.
（I）Other comprehensive income items that will not be reclassified
70,576,483.20
into gains/losses in the subsequent accounting period
1.Re-measurement of defined benefit plans of changes in net debt or
net assets
2.Other comprehensive income under the equity method investee ca
n not be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity
70,576,483.20
instruments
4. Changes in the fair value of the company’s credit risks
5.Other
（II）
Other comprehensive income that will be reclassified into profit or lo -383,168.29 313,345.79
ss.
1.Other comprehensive income under the equity method investee ca -383,168.29 -4,979,890.45
n be reclassified into profit or loss.
2. Changes in the fair value of investments in other debt obligations
18
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Same period of the
Items Report period
previous year
3.Gains and losses from changes in fair value available for sale fina
5,293,236.24
ncial assets
4. Other comprehensive income arising from the reclassification of
financial assets
5.Held-to-maturity investments reclassified to gains and losses of av
ailable for sale financial assets
6. Allowance for credit impairments in investments in other debt
obligations
7. Reserve for cash flow hedges
8. Translation differences in currency financial statements
9.Other
Net of profit of other comprehensive income attributable to Minorit
y shareholders’equity
VII. Total comprehensive income 478,535,336.70 395,391,174.46
Total comprehensive income attributable to the owner of the parent
424,257,961.09 341,911,776.63
company
Total comprehensive income attributable minority shareholders 54,277,375.61 53,479,397.83
VIII. Earnings per share
（I）Basic earnings per share 0.17 0.16
(II)Diluted earnings per share 0.17 0.16
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:Zheng Renfa
General Manager: Wang Chunhua
Person in charge of accounting：Fang Zhi
Accounting Dept Leader: Zhou Fang
19
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
4. Income statement of the Parent Company
In RMB
Same period of the previous
Items Report period
year
I. Revenue 324,156,876.46 328,850,035.97
Including：Business cost 151,217,612.97 145,321,328.49
Business tax and surcharge 1,724,079.25 1,715,552.23
Sales expense
Administrative expense 20,909,420.29 18,510,954.70
R & D costs
Financial expenses 50,832,482.65 52,730,252.46
Including：Interest expenses 55,840,761.99 58,496,606.84
Interest income 5,026,938.55 5,785,118.92
Asset impairment loss
Credit impairment loss
Add：Other income
Investment gain（“-”for loss） 119,851,621.21 135,011,034.29
Including: investment gains from affiliates 119,198,798.96 103,011,034.29
Net exposure hedging income
Changing income of fair value
Income on disposal of assets
II. Operational profit（“-”for loss） 219,324,902.51 245,582,982.38
Add ：Non-operational income 111,869.48 583,307.92
Less：Non- operational expenses 35,895.17 251,804.79
Including：Loss on disposal of non-current assets 35,895.17 249,184.79
III. Total profit(“-”for loss) 219,400,876.82 245,914,485.51
Less：Income tax expenses 24,887,313.90 30,852,242.18
IV. Net profit 194,513,562.92 215,062,243.33
1.Net continuing operating profit 194,513,562.92 215,062,243.33
2.Termination of operating net profit
V. Net after-tax of other comprehensive income 70,193,314.91 313,345.79
（I）Other comprehensive income items that will not be
70,576,483.20 0.00
reclassified into gains/losses in the subsequent accounting period
1.Re-measurement of defined benefit plans of changes in net debt
20
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Same period of the previous
Items Report period
year
or net assets
2.Other comprehensive income under the equity method investee c
an not be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity
70,576,483.20
instruments
4. Changes in the fair value of the company’s credit risks
5.Other
（II）
Other comprehensive income that will be reclassified into profit or -383,168.29 313,345.79
loss.
1.Other comprehensive income under the equity method investee c
-383,168.29 -4,979,890.45
an be reclassified into profit or loss.
2. Changes in the fair value of investments in other debt
obligations
3.
Gains and losses from changes in fair value available for sale finan 5,293,236.24
cial assets
4. Other comprehensive income arising from the reclassification of
financial assets
5.Held-to-maturity investments reclassified to gains and losses of a
vailable for sale financial assets
6. Allowance for credit impairments in investments in other debt
obligations
7. Reserve for cash flow hedges
8. Translation differences in currency financial statements
9.Other
VI. Total comprehensive income 264,706,877.83 215,375,589.12
VII. Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
5. Consolidated Cash flow statement
In RMB
21
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Same period of the
Items Report period
previous year
I. Cash flows from operating activities
Cash received from sales of goods or rending of services 738,658,072.58 734,954,247.26
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 business
Net increase of client deposit and investment
Net increase of amount from disposal financial assets that measured by
fair value and with variation reckoned into current gains/losses
Cash received from interest, commission charge and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Net cash received by agent in securities trading
Tax returned
Other cash received from business operation 8,177,214.62 8,628,131.32
Sub-total of cash inflow 746,835,287.20 743,582,378.58
Cash paid for purchasing of merchandise and services 52,141,942.34 65,925,589.00
Net increase of client trade and advance
Net increase of savings in central bank and brother company
Cash paid for original contract claim
Net increase in financial assets held for trading purposes
Net increase for Outgoing call loan
Cash paid for interest, processing fee and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 73,711,658.04 74,728,511.17
Taxes paid 82,310,582.56 259,308,133.22
Other cash paid for business activities 20,333,497.13 10,642,615.58
Sub-total of cash outflow from business activities 228,497,680.07 410,604,848.97
Net cash generated from /used in operating activities 518,337,607.13 332,977,529.61
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 78,499,342.80 80,894,706.68
22
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Same period of the
Items Report period
previous year
Net cash retrieved from disposal of fixed assets, intangible assets, and other
31,580.00 100,329,850.00
long-term assets
Net cash received from disposal of subsidiaries or other operational units
Other investment-related cash received
Sub-total of cash inflow due to investment activities 78,530,922.80 181,224,556.68
Cash paid for construction of fixed assets, intangible assets and other
291,544,023.52 181,076,036.11
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 investment activities 291,544,023.52 181,076,036.11
Net cash flow generated by investment -213,013,100.72 148,520.57
III.Cash flow generated by financing
Cash received as investment
Including: Cash received as investment from minor shareholders
Cash received as loans 1,410,000,000.00 414,000,000.00
Cash received from bond placing
Other financing –related cash received
Sub-total of cash inflow from financing activities 1,410,000,000.00 414,000,000.00
Cash to repay debts 941,650,000.00 307,730,000.00
Cash paid as dividend, profit, or interests 64,965,149.34 81,854,963.82
Including: Dividend and profit paid by subsidiaries to minor shareholders
Other cash paid for financing activities 791,384.00
Sub-total of cash outflow due to financing activities 1,007,406,533.34 389,584,963.82
Net cash flow generated by financing 402,593,466.66 24,415,036.18
IV. Influence of exchange rate alternation on cash and cash equivalents
V.Net increase of cash and cash equivalents 707,917,973.07 357,541,086.36
Add: balance of cash and cash equivalents at the beginning of term 2,123,303,796.32 2,363,042,700.42
VI ..Balance of cash and cash equivalents at the end of term 2,831,221,769.39 2,720,583,786.78
6. Cash Flow Statement of the Parent Company
In RMB
23
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 317,930,569.57 308,153,039.83
Tax returned
Other cash received from business operation 227,481,382.77 313,698,619.62
Sub-total of cash inflow 545,411,952.34 621,851,659.45
Cash paid for purchasing of merchandise and services 6,738,037.43 29,554,946.50
Cash paid to staffs or paid for staffs 27,527,028.50 30,305,685.91
Taxes paid 13,682,757.81 14,917,622.11
Other cash paid for business activities 25,373,283.31 156,019,307.99
Sub-total of cash outflow from business activities 73,321,107.05 230,797,562.51
Net cash generated from /used in operating activities 472,090,845.29 391,054,096.94
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 78,499,342.80 122,894,706.68
Net cash retrieved from disposal of fixed assets, intangible assets,
3,700.00 16,250.00
and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Other investment-related cash received 213,750.00 213,750.00
Sub-total of cash inflow due to investment activities 78,716,792.80 123,124,706.68
Cash paid for construction of fixed assets, intangible assets and
276,927,693.99 170,844,583.14
other long-term assets
Cash paid as investment
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities
Sub-total of cash outflow due to investment activities 276,927,693.99 170,844,583.14
Net cash flow generated by investment -198,210,901.19 -47,719,876.46
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 1,410,000,000.00 155,000,000.00
Cash received from bond placing
Other financing –related ash received 150,000,000.00
Sub-total of cash inflow from financing activities 1,410,000,000.00 305,000,000.00
Cash to repay debts 906,000,000.00
24
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Items Amount in this period Amount in last period
Cash paid as dividend, profit, or interests 60,068,493.09 40,196,530.42
Other cash paid for financing activities 791,384.00 73,200,000.00
Sub-total of cash outflow due to financing activities 966,859,877.09 113,396,530.42
Net cash flow generated by financing 443,140,122.91 191,603,469.58
IV. Influence of exchange rate alternation on cash and cash
equivalents
V.Net increase of cash and cash equivalents 717,020,067.01 534,937,690.06
Add: balance of cash and cash equivalents at the beginning of term 2,095,376,368.04 2,130,475,892.67
VI ..Balance of cash and cash equivalents at the end of term 2,812,396,435.05 2,665,413,582.73
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New
Standards Governing Financial Instruments, Revenue or Leases
√ Applicable □ Not applicable
Consolidated balance sheet
In RMB
Items December 31, 2018 January 1, 2019 Adjustment
Current asset：
Monetary fund 2,124,524,996.32 2,124,524,996.32
Notes receivable & account
91,076,995.07 91,076,995.07
receivable
Account receivable 91,076,995.07 91,076,995.07
Prepayments 1,912,943.40 1,912,943.40
Other account receivable 16,487,256.02 16,487,256.02
Dividend receivable 1,205,472.90 1,205,472.90
Other account receivable 15,281,783.12 15,281,783.12
Inventories 81,017.91 81,017.91
Non-current asset due within 1 year 51,745.32 51,745.32
Total of current assets 2,234,134,954.04 2,234,134,954.04
Non-current assets：
Available-for-sale financial assets 1,668,791,594.53 Not applicable
Long term share equity investment 3,145,644,970.07 3,145,644,970.07
25
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Items December 31, 2018 January 1, 2019 Adjustment
Other equity instruments investment Not applicable 1,668,791,594.53
Property investment 3,579,007.54 3,579,007.54
Fixed assets 7,600,046,319.91 7,600,046,319.91
Including : Fixed assets 7,600,046,319.91 7,600,046,319.91
Liquidation of fixed assets
Construction in progress 1,089,473,425.63 1,089,473,425.63
Including : Construction in
1,087,923,869.63 1,087,923,869.63
progress
Engineering material 1,549,556.00 1,549,556.00
Intangible assets 5,739,020.48 5,739,020.48
Long-germ expenses to be amortized 1,221,781.88 1,221,781.88
Deferred tax assets 447,485,034.79 447,485,034.79
Other non-current asset 99,794,665.58 99,794,665.58
Total of non-current assets 14,061,775,820.41 14,061,775,820.41
Total of assets 16,295,910,774.45 16,295,910,774.45
Current liabilities
Notes payable & account payable 203,779,190.74 203,779,190.74
Including: Notes payable
Account payable 203,779,190.74 203,779,190.74
Advance payment 12,039,708.01 12,039,708.01
Employees’ wage payable 13,122,437.17 13,122,437.17
Tax payable 104,198,746.06 104,198,746.06
Other account payable 191,254,464.84 191,254,464.84
Including：Interest payable 8,971,576.57 8,971,576.57
Dividend payable 17,191,142.23 17,191,142.23
Other account payable 165,091,746.04 165,091,746.04
Non-current liability due within 1
2,498,480,000.00 2,498,480,000.00
year
Total of current liability 3,022,874,546.82 3,022,874,546.82
Non-current liabilities：
Long-term loan 2,983,040,000.00 2,983,040,000.00
Long-term payable 38,022,210.11 38,022,210.11
Including : Long-term payable 38,022,210.11 38,022,210.11
Special payable
26
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Items December 31, 2018 January 1, 2019 Adjustment
Deferred income tax liability 205,672,389.59 205,672,389.59
Total non-current liabilities 3,226,734,599.70 3,226,734,599.70
Total of liability 6,249,609,146.52 6,249,609,146.52
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Capital reserves 2,536,774,965.31 2,536,774,965.31
Other comprehensive income 245,109,114.81 245,109,114.81
Surplus reserves 775,402,561.35 775,402,561.35
Retained profit 3,938,609,136.59 3,938,609,136.59
Total of owner’s equity belong to the
9,586,701,904.06 9,586,701,904.06
parent company
Minority shareholders’ equity 459,599,723.87 459,599,723.87
Total of owners’ equity 10,046,301,627.93 10,046,301,627.93
Total of liabilities and owners’
16,295,910,774.45 16,295,910,774.45
equity
Adjustment statement
According to the No. 22 Accounting Standards for Business Enterprises, the Company designates the former
“available financial assets for sale” as “financial assets measured at fair value and whose changes are included in
other comprehensive income”.
Parent Company Balance Sheet
In RMB
Items December 31, 2018 January 1, 2019 Adjustment
Current asset：
Monetary fund 2,096,597,568.04 2,096,597,568.04
Notes receivable & account
18,405,847.15 18,405,847.15
receivable
Account receivable 18,405,847.15 18,405,847.15
Prepayments 1,532,057.82 1,532,057.82
Other account receivable 9,323,782.66 9,323,782.66
Including：Interest receivable 1,880,148.12 1,880,148.12
Dividend receivable 1,205,472.90 1,205,472.90
Other account receivable 6,238,161.64 6,238,161.64
Non-current asset due within 1
100,000,000.00 100,000,000.00
year
27
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Items December 31, 2018 January 1, 2019 Adjustment
Total of current assets 2,225,859,255.67 2,225,859,255.67
Non-current assets：
Debt investment Not applicable 692,903,684.98
Available-for-sale financial
1,668,791,594.53 Not applicable
assets
Long term share equity
4,679,309,978.88 4,679,309,978.88
investment
Other equity instruments
Not applicable 1,668,791,594.53
investment
Property investment 3,326,869.29 3,326,869.29
Fixed assets 5,292,898,635.00 5,292,898,635.00
Including: Fixed assets 5,292,898,635.00 5,292,898,635.00
Liquidation of fixed assets
Construction in progress 1,060,230,773.10 1,060,230,773.10
Including: Construction in
1,060,230,773.10 1,060,230,773.10
progress
Engineering material
Intangible assets 1,741,277.53 1,741,277.53
Deferred tax assets 447,328,530.77 447,328,530.77
Other non-current asset 790,720,727.48 97,817,042.50 -692,903,684.98
Total of non-current assets 13,944,348,386.58 13,944,348,386.58
Total of assets 16,170,207,642.25 16,170,207,642.25
Current liabilities
Notes payable & Account
124,833,335.72 124,833,335.72
payable
Including: Notes payable
Account payable 124,833,335.72 124,833,335.72
Employees’ wage payable 5,669,203.37 5,669,203.37
Tax payable 10,297,144.52 10,297,144.52
Other account payable 142,457,135.79 142,457,135.79
Including：Interest payable 8,373,096.36 8,373,096.36
Dividend payable 17,191,142.23 17,191,142.23
Other account payable 116,892,897.20 116,892,897.20
Non-current liability due within 1
2,327,180,000.00 2,327,180,000.00
year
28
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2019
Items December 31, 2018 January 1, 2019 Adjustment
Other current liability 977,236,252.44 977,236,252.44
Total of current liability 3,587,673,071.84 3,587,673,071.84
Non-current liabilities：
Long-term loan 2,731,990,000.00 2,731,990,000.00
Long-term payable 38,022,210.11 38,022,210.11
Including : Long-term payable 38,022,210.11 38,022,210.11
Special payable
Deferred income tax liability 88,220,604.00 88,220,604.00
Total of Non-current liabilities 2,858,232,814.11 2,858,232,814.11
Total of liability 6,445,905,885.95 6,445,905,885.95
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Capital reserves 2,948,663,196.93 2,948,663,196.93
Other comprehensive income 245,109,114.81 245,109,114.81
Surplus reserves 759,558,277.70 759,558,277.70
Retained profit 3,680,165,040.86 3,680,165,040.86
Total of owners’ equity 9,724,301,756.30 9,724,301,756.30
Total of liabilities and owners’
16,170,207,642.25 16,170,207,642.25
equity
Adjustment statement
According to the No. 22 Accounting Standards for Business Enterprises, the Company designates the former
“available financial assets for sale” as “financial assets measured at fair value and whose changes are included in
other comprehensive income”, and the entrusted loans accounted through “other non-current assets” are classified
as “financial assets measured at amortized cost”, and it’s through “debt investment”.
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any New
Standards Governing Financial Instruments or Leases
□ Applicable √ Not applicable
III. Auditor’ report
Is the First Quarterly Report be audited?
□ Yes √No
The First Quarterly report is not audited.
29
