Guangdong Provincial Expressway Development Co.，Ltd. The First Quarterly Report 2010
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Guangdong Provincial Expressway Development Co.，Ltd.
The First Quarterly Report 2010
§I Important Statement
1.1 The Board of Directors , Supervisory Committee ,Directors , Supervisors, Senior Executives
of the Company guarantee that there are no significant omissions, fictitious or misleading
statements carried in the Report and we will accept individual and joint responsibilities for the
truthfulness, accuracy and completeness of the Report.
1.2 The financial report of the Company in this quarterly Report period has not been audited.
1.3 Chairman of board of directors Mr.Zhou Yuming, General Manager of the Company Mr. Li Xiyuan and Chief
Accountant of the Company Mr.Xiao Laijiu State: we guarantee the authenticity and completeness of the
Financial Report in this quarterly report.
§2 Basic Information
2.1 Main accounting Highlights and financial indexes
Unit: RMB
At the period-end of this At the period-end of last
year Increase /decrease（％）
Total assets（RMB） 9,744,265,680.29 8,915,176,490.28 9.30%
Owner’s equity attributable to the parent
company(RMB) 3,729,474,564.53 3,598,233,573.62 3.65%
Stock capital(Share ) 1,257,117,748.00 1,257,117,748.00
Net assets per share attributable to the parent
company(RMB/share) 2.97 2.86 3.85%
Amount of current period Amount of the same period
in last year Increase /decrease（％）
Total turnover(RMB) 248,455,737.91 234,100,719.58 6.13%
Net profit attributable to owners of parent
company(RMB) 130,269,260.90 107,130,225.28 21.60%
Net cash flow arising from operating
activities(RMB) 175,629,900.30 52,260,171.41 236.07%
Net cash flow per share arising from operating
activities(RMB/share) 0.14 0.04 250.00%
Basic earnings per share(RMB/share) 0.10 0.09 11.11%
Diluted earnings per share(RMB/share) 0.10 0.09 11.11%
Weighted average return on equity（%） 3.56% 3.08% 0.48%
Weighted average return on equity after
deducting non-recurring gains and losses（%） 3.56% 3.08% 0.48%Guangdong Provincial Expressway Development Co.，Ltd. The First Quarterly Report 2010
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Items of non-current gains and losses Year begin to end of report
period
Gains and losses from the disposal of non-current assets 14,593.50
Other non-operating income and expense other than above-mentioned 21,952.28
Total 36,545.78
Explanation on important items of extraordinary gains and losses:
None
2.2 Top 10 shareholders and top 10 holders of unconditional shares
Unit：Shares
Total number of shareholders at the end of report
period 108,860
Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions
Full name of shareholder
Amount of tradable shares with
unrestricted conditions held at the end of
report period
Type of shares
Guangdong Communication Group Co., Ltd. 103,379,742 RMB common shares
Xinyue Co., Ltd. 13,201,086 Foreign shares placed in domestic
exchange
Guangdong Yuecai Trust Investment Co., Ltd. 12,174,345 RMB common shares
Chen Haoming 3,472,900 Foreign shares placed in domestic
exchange
Lu Weiqiang 2,888,848 Foreign shares placed in domestic
exchange
KGI ASIA LIMITED 2,700,917 Foreign shares placed in domestic
exchange
LSV EMERGING MARKETS EQUITY
FUND,L.P. 2,686,000 Foreign shares placed in domestic
exchange
Liu Wanping 2,569,407 RMB common shares
Hong Qingyi 1,876,215 Foreign shares placed in domestic
exchange
Neiteng Zhengquan Zhushihuishe 1,737,836 Foreign shares placed in domestic
exchange
§3 Significant Events
3.1 Particular about large-margin change of main accounting statement item and financial index and its
reason.
√ Applicable □ Not applicable
1. The ending balance of monetary capital is RMB 623.93 million, which is composed of the following items: The
balance of monetary capital at beginning of year is RMB 218.75 million. The net amount of cash flows from
operating activities for the report period is RMB 175.63 million. The net amount of cash flows from investing
activities is RMB -315.67 million. The net amount of cash flows from financing activities is RMB 545.22 million.
2.Accounts receivable increased by RMB 16.71 million and 140.71% over the beginning of the year because
Guangfo Expressway Co., Ltd. and Fokai Expressway Co., Ltd. increased accounts receivable from United
Electronic Collection Center.
3. Construction in progress increased by RMB 384 million and 27.65% over the beginning of the year mainly due to increase of
construction in progress related to expansion project of Fokai Expressway by RMB 376.22 million.Guangdong Provincial Expressway Development Co.，Ltd. The First Quarterly Report 2010
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4. Accounts payable increased by RMB 24.47 million and 15.39% over the beginning of the year due to (1) increase of accounts
payable for the expansion project of Guangdong Fokai Expressway Co., Ltd.; (2) settlement of due payment for special project and
cost of maintenance by Guangfo Expressway Co., Ltd.
5. Taxes and levies payable increased by RMB 16.89 million and 406.21% over the beginning of the year mainly because Guangdong
Fokai Expressway Co., Ltd. made provision of RMB 20.29 million for income tax for the first quarter in the report period.
6. Interest payable increased by RMB 16.81 million and 101.73% over the beginning of the year mainly due to increase of interest
payable caused by the parent company's issue of corporate bonds in September 2009.
7. Other payables increased by RMB 31.61 million and 19.16% over the beginning of the year mainly due to (1) increase of accounts
payable of Guangfo Expressway Co., Ltd. by RMB 16.58 million, mainly the to-be-split networking toll incorporated into the
liquidation account in the report period; (2) increase of accounts of payable of Guangdong Fokai Expressway Co., Ltd. by RMB 14.80
million, including to-be-split networking toll of RMB 8.8920 million incorporated into liquidation account in the report period.
8. Long-term loan increased by RMB 570 million and 20.21% over the beginning of the year due to increase of long-term loans of
Guangdong Fokai Expressway Co., Ltd.
9. Operating income increased by RMB 14.36 million and 6.13% year on year due to increase of vehicle traffic volume caused by
economic recovery, completion of Guangfo Expansion Project and opening of Jiujiang Bridge to traffic.
10. Operating cost increased by RMB 34.64 million and 56.06% year on year mainly due to increase of depreciation expenses.
11. Business tax and surtax increased by RMB 1.10 million and 14.59% year on year mainly due to increase of toll income.
12. Financial expenses increased by RMB 4.08 million and 11.03% year on year mainly due to the parent company's new issue of
corporate bonds in 2009 and increase of principal of bank loans.
13. Investment income increased by RMB 37.80 million and 65.35% year on year mainly because the income from investment
Guangdong Guanghui Expressway Co., Ltd., Jingzhu Expressway Guangzhu Section Co., Ltd. Guangdong Maozhan Expressway Co.,
Ltd. , Guangdong Jiangzhong Expressway Co., Ltd. and Zhaoqing Yuezhao Highway Co., Ltd. accounted for on equity basis
respectively increased by RMB 17.20 million, RMB 8.22 million, RMB 6.48 million, RMB 2.06 million and RMB 2.05 million.
14. Income tax expenses decreased by RMB 6.55 million and 22.06% year on year mainly because the total amount of profit earned by
Guangfo Expressway Co., Ltd. and Guangdong Fokai Expressway Co., Ltd. in the report period decreased by year on year.
15. Net profit for the owners of the parent company increased by RMB 23.14 million and 21.60% year on year due to the combined
influence of the above factors.
3.2 The progress of significant events and influence, as well as the analysis and explanation on resolving
proposal.
□Applicable √Not applicable
3.3 Implementations of commitments by the Company, shareholders and actual controller
√ Applicable □ Not applicable
Items of commitments Promisee Content of commitments Implementation
Promise in share holding structure
reform None None None
Commitment of Share conditional
subscription None None None
Commitments made in Acquisition Report
or Reports on Change in interests None None None
Commitments made in Material assets
Reorganization None None None
Commitments made in issuing None None None
Other commitments（Including:
supplementary commitments）
Guangdong
Communication
Group Co.,Ltd. as
a controlling
shareholder of the
Company and
Xinyue Company
Limited as its
person acting in
concert.
Guangdong
Communication Group
Co.,Ltd. as a controlling
shareholder of the
Company and Xinyue
Company Limited as its
person acting in concert
increased part of A stocks
and B stocks of the
Company by Stock
Trading System of
Up to the publishing date of this report,
Guangdong Provincial Transport Group Co.,
Ltd. and Xinyue Company Limited as its
person acting in concert have not reduced
their stocks of the Company. Therefore, this
promise is still being performed.Guangdong Provincial Expressway Development Co.，Ltd. The First Quarterly Report 2010
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Shenzhen Stock
Exchange on December
11, 2008, and promised
that they would not
reduce their stocks of the
Company during the
execution of the plan of
stock increase and within
the legal time limit. The
plan of increase in
purchasing shares
was complete on
December 10, 2009.
3.4 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
3.5 Other significant events need to be explained
3.5.1 Securities investment
□applicable √ not applicable
3.5.2 Reception of investigations, communications ,or interviews company held in the report period.
In the report period, the company did not accept investigations, communications ,or interviews .
3.5.3 Explanation of other significant events
√ Applicable □ Not applicable
1. The Company neither provided funds to the controlling shareholder or its related parties nor
provided guarantee in violation of stipulated procedure.
3.6 Derivative Investment
□applicable √ not applicable
3.6.1 Particulars about derivatives investment held at the end of report period
□applicable √ not applicable
§4 Appendix
4.1 Balance sheet
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. March 31,2010 Unit：RMB
Year-end balance
Year-beginning balance
Items
Consolidated Parent company Consolidated Parent companyGuangdong Provincial Expressway Development Co.，Ltd. The First Quarterly Report 2010
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Current asset：
Monetary fund 623,927,524.67 374,978,501.60 218,754,995.03 113,474,208.24
Settlement provision
Outgoing call loan
Trading financial assets
Bill receivable
Account receivable 28,581,571.52 11,873,742.02
Prepayments 292,852,790.55 292,435,314.87
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance
contracts receivable
Interest receivable 371,700.00 371,700.00 531,000.00
Dividend receivable
Other account receivable 30,097,521.77 4,657,738.30 31,395,116.40 3,397,319.61
Repurchasing of
financial assets
Inventories 223,346.07 220,142.91
Non-current asset due in 1
year
Other current asset 200,000,000.00 400,000,000.00
Total of current assets 976,054,454.58 580,007,939.90 554,679,311.23 517,402,527.85
Non-current assets：
Loans and payment on
other’s behalf disbursed
Disposable financial asset
Expired investment in
possess
Long-term receivable
Long term share equity
investment
2,911,443,018.79 4,026,176,588.31 2,813,284,533.76 3,928,018,103.28
Property investment 6,369,136.35 6,101,273.28 6,508,675.44 6,217,326.63
Fixed assets 4,002,839,803.67 4,520,399.54 4,075,251,730.31 4,333,177.25
Construction in progress 1,772,955,954.29 1,388,953,103.98
Engineering material
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 64,462,093.12 66,342,785.41
R & D petrol
Goodwill
Long-germ expenses to be
amortized
141,219.49 156,350.15
Differed income tax asset 10,000,000.00 10,000,000.00Guangdong Provincial Expressway Development Co.，Ltd. The First Quarterly Report 2010
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Other non-current asset
Total of non-current assets 8,768,211,225.71 4,036,798,261.13 8,360,497,179.05 3,938,568,607.16
Total of assets 9,744,265,680.29 4,616,806,201.03 8,915,176,490.28 4,455,971,135.01
Current liabilities
Short-term loans 674,000,000.00 100,000,000.00 654,000,000.00 100,000,000.00
Loan from Central Bank
Deposit received and hold
for others
Call loan received
Trade off financial liabilities
Bill payable
Account payable 183,492,287.60 159,018,048.20
Advance payment 7,389,743.45 7,456,276.76
Selling of repurchased
financial assets
Fees and commissions
receivable
Employees’ wage payable 3,234,259.73 1,305,219.98 4,765,766.41 3,744,813.81
Tax payable 21,053,708.61 350,192.57 4,159,074.15 335,875.55
Interest payable 33,333,965.41 21,533,333.33 16,523,915.41 11,373,158.33
Dividend payable 13,192,689.78 13,192,689.78 13,205,176.58 13,205,176.58
Other account payable 196,613,034.67 2,644,006.63 165,005,234.22 2,586,897.36
Reinsurance fee payable
Insurance contract provision
Entrusted trading of
securities
Entrusted selling of
securities
Non-current liability due in
1 year
150,000,000.00 150,000,000.00
Other current liability 154,300,363.78 79,010,228.67
Total of current liability 1,282,309,689.25 293,325,806.07 1,174,133,491.73 210,256,150.30
Non-current liabilities：
Long-term loan 3,390,874,803.54 2,820,874,803.54
Bond payable 789,902,518.71 789,902,518.71 789,376,380.58 789,376,380.58
Long-term payable 2,022,210.11 2,022,210.11 2,022,210.11 2,022,210.11
Special payable
Expected liabilities
Differed income tax
liability
115,168,841.52 115,352,612.14
Other non-current liabilities
Total of non-current
liabilities
4,297,968,373.88 791,924,728.82 3,727,626,006.37 791,398,590.69
Total of liability 5,580,278,063.13 1,085,250,534.89 4,901,759,498.10 1,001,654,740.99Guangdong Provincial Expressway Development Co.，Ltd. The First Quarterly Report 2010
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Owners’ equity
Share capital 1,257,117,748.00 1,257,117,748.00 1,257,117,748.00 1,257,117,748.00
Capital reserves 1,534,906,856.32 1,534,906,856.32 1,534,906,856.32 1,534,906,856.32
Less：Shares in stock
Special Reserve
Surplus reserves 130,342,184.11 130,342,184.11 130,342,184.11 130,342,184.11
Common risk provision
Undistributed profit 807,107,776.10 609,188,877.71 675,866,785.19 531,949,605.59
Different of foreign currency
translation
Total of owner’s equity belong to
the parent company 3,729,474,564.53 3,531,555,666.14 3,598,233,573.62 3,454,316,394.02
Minor shareholders’ equity 434,513,052.63 415,183,418.56
Total of owners’ equity 4,163,987,617.16 3,531,555,666.14 4,013,416,992.18 3,454,316,394.02
Total of liabilities and owners’
equity 9,744,265,680.29 4,616,806,201.03 8,915,176,490.28 4,455,971,135.01
4.2 Profit statement
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. January-March 2010 Unit：RMB
Report period Same period of the previous year
Items Consolidated Parent company Consolidated Parent company
I. Total operating income 248,455,737.91 4,712,370.00 234,100,719.58 1,800.00
Including：Operating income 248,455,737.91 4,712,370.00 234,100,719.58 1,800.00
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 171,711,807.31 23,114,354.12 132,940,627.26 15,618,977.77
Including：Operating cost 96,443,521.37 116,053.35 61,798,551.04
Interest expense
Commission chare and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of
guarantee slip
Reinsurance expense
Operating tax and extras 8,653,041.42 235,618.50 7,551,441.45 90.00
Sales expenses
Administration expenses 25,499,730.06 11,149,261.74 26,560,517.26 14,156,180.03
Financial expenses 41,115,514.46 11,613,420.53 37,030,117.51 1,462,707.74
Losses of devaluation of assets
Add ：Changing income of fair
valueGuangdong Provincial Expressway Development Co.，Ltd. The First Quarterly Report 2010
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Investment income 95,641,256.24 95,641,256.24 57,840,295.54 185,804,727.26
Including：Investment income on
affiliate company and joint
venture
95,641,256.24 95,641,256.24 57,840,295.54 58,143,048.33
Exchange income
III. Operating profit 172,385,186.84 77,239,272.12 159,000,387.86 170,187,549.49
Add ：Non-operating income 407,726.01 336,057.43 10,288.00
Less：Non-operating expense 48,616.41 58,409.70
Including :Disposal loss of
non-current assets 38,472.18
IV. Total profit 172,744,296.44 77,239,272.12 159,278,035.59 170,197,837.49
Less：Income tax 23,145,401.46 29,696,194.13
V. Net profit 149,598,894.98 77,239,272.12 129,581,841.46 170,197,837.49
Net profit attributable to owner’s
equity of parent company 130,269,260.90 77,239,272.12 107,130,225.28 170,197,837.49
Minority shareholders’ gains
and losses 19,329,634.08 22,451,616.18
VI. Earnings per share
（i）Basic earnings per share 0.10 0.06 0.09 0.14
（ii）Diluted earnings per share 0.10 0.06 0.09 0.14
VII. Other comprehensive income
VIII. Total comprehensive income 149,598,894.98 77,239,272.12 129,581,841.46 170,197,837.49
Total comprehensive income
attributable to the owner of the
parent company
130,269,260.90 77,239,272.12 107,130,225.28 170,197,837.49
Total comprehensive income
attributable minority shareholders 19,329,634.08 22,451,616.18
4.3 Cash flow statement
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. January-March 2010 Unit：RMB
Report period Same period of the previous year
Items Consolidated Parent company Consolidated Parent company
I.Cash flows from operating
activities
Cash received from sales of
goods or rending of services 232,214,613.93 206,906,070.81
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 clientGuangdong Provincial Expressway Development Co.，Ltd. The First Quarterly Report 2010
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deposit and investment
Net increase of trade
financial asset disposal
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 operation 250,570,709.33 171,051,168.03 19,240,300.68 236,272,687.80
Sub-total of cash inflow 482,785,323.26 171,051,168.03 226,146,371.49 236,272,687.80
Cash paid for purchasing of
merchandise and services 21,526,230.36 15,260,597.22
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 30,252,299.93 9,852,356.27 28,560,542.65 8,487,619.11
Taxes paid 15,799,784.93 78,794.24 7,321,841.99 16,445.90
Other cash paid for
business activities 239,577,107.74 95,424,996.51 122,743,218.22 130,403,925.61
Sub-total of cash outflow
from business activities 307,155,422.96 105,356,147.02 173,886,200.08 138,907,990.62
Cash flow generated by
business operation, net 175,629,900.30 65,695,021.01 52,260,171.41 97,364,697.18
II.Cash flow generated by
investing
Cash received from
investment retrieving
Cash received as investment
gains 42,482,771.21 42,482,771.21 14,970,025.14 14,970,025.14
Net cash retrieved from
disposal of fixed assets,
intangible assets, and other
long-term assets
600.00
Net cash received from
disposal of subsidiaries orGuangdong Provincial Expressway Development Co.，Ltd. The First Quarterly Report 2010
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other operational units
Other investment-related
cash received 200,000,000.00
Sub-total of cash inflow due
to investment activities 42,482,771.21 242,482,771.21 14,970,625.14 14,970,025.14
Cash paid for construction of
fixed assets, intangible assets
and other long-term assets
313,062,584.26 468,415.00 255,838,894.44 299,000.00
Cash paid as investment 45,092,000.00 45,092,000.00 34,500,000.00 34,500,000.00
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 358,154,584.26 45,560,415.00 290,338,894.44 34,799,000.00
Net cash flow generated by
investment -315,671,813.05 196,922,356.21 -275,368,269.30 -19,828,974.86
III.Cash flow generated by
financing
Cash received as
investment
Incl: Cash received as
investment from minor
shareholders
Cash received as loans 770,000,000.00 602,950,000.00
Cash received from
bond placing
Other financing –related
ash received
Sub-total of cash inflow
from financing activities 770,000,000.00 602,950,000.00
Cash to repay debts 180,000,000.00 150,000,000.00
Cash paid as dividend,
profit, or interests 44,784,948.32 1,112,474.57 36,497,173.40 161,040.45
Incl: Dividend and
profit paid by subsidiaries to
minor shareholders
Other cash paid for financing
activities
Sub-total of cash outflow
due to financing activities 224,784,948.32 1,112,474.57 186,497,173.40 161,040.45
Net cash flow generated by
financing 545,215,051.68 -1,112,474.57 416,452,826.60 -161,040.45
IV. Influence of exchange
rate alternation on cash and
-609.29 -609.29 83.69 83.69Guangdong Provincial Expressway Development Co.，Ltd. The First Quarterly Report 2010
11
cash equivalents
V.Net increase of cash and
cash equivalents 405,172,529.64 261,504,293.36 193,344,812.40 77,374,765.56
Add: balance of cash and
cash equivalents at the
beginning of term
218,754,995.03 113,474,208.24 350,765,725.76 41,195,556.89
VI ..Balance of cash and cash
equivalents at the end of term 623,927,524.67 374,978,501.60 544,110,538.16 118,570,322.45
4.4 Auditor’ report
Auditor’s opinions: Not audited
