Guangdong Provincial Expressway Development Co.，Ltd.
Quarterly Report for the Third Quarter of 2010 (Full text)
§1 Important Notes
1.1 The Board of Directors and the directors of the Company hereby warrant that there are no misstatement,
misleading representation or important omissions in this report and shall assume joint and several liability
for the authenticity, accuracy and completeness of the contents hereof.
1.2 The Third quarterly financial report of the Company is not audited .
1.3 Chairman of the Board of Directors Zhou Yuming, General Manager Li Xiyuan ，General accountant Xiao
Liaijiu hereby confirmed that the Financial Report enclosed in the Quarterly is true and complete.
§2 Basic Information
2.1 Highlights of Accounting Data and Financial Indicators
Unit：RMB
2010.9.30 2009.12.31 Increase /decrease（％）
Total assets（RMB） 10,346,635,295.94 8,915,176,490.28 16.06%
Owner’s equity attributable to
shareholders of the listed company
（RMB）
4,097,682,024.98 3,598,233,573.62 13.88%
Stock capital（shares） 1,257,117,748.00 1,257,117,748.00 0.00%
Net assets per share attributable to
shareholders of the listed company
（yuan/shares）
3.260 2.862 13.91%
July-September 2010
Increase/decrease in
the report period
compared with the
same period of the
last year(%)
January-September
2010
Increase/decrease in
the report period
compared with the
same period of the
last year(%)
Total turnover(RMB) 250,734,758.49 12.84% 751,794,708.28 8.32%
Net profit attributable to
shareholders of the listed company
（RMB）
85,104,576.50 -5.08% 322,908,366.91 5.67%
Net cash flow arising from operating
activities（RMB）
- - 570,495,968.84 44.93%
Net cash flow per share arising from - - 0.45 1.00%2
operating activities（yuan/shares）
Basic earnings per share
（yuan/shares）
0.07 0.00% 0.26 8.33%
Diluted earnings per share
（yuan/shares）
0.07 0.00% 0.26 8.33%
Weighted average return on equity
（%）
2.21% -0.41% 7.88% -0.61%
Weighted average Return on net
assets after deducting non-recurring
gains and losses（%）
2.89% 0.24% 8.37% -0.03%
Items of non-current gains and losses Year begin to end of report period Notes
Gains and losses from the disposal of non-current assets -28,362,278.63
Other non-business income and expenses besides the above
items
1,635,790.42
Amount of influence of the above items on income tax. 6,731,845.41
Total -19,994,642.80 -
2.2 Total number of shareholders in the end of the report period and shares held by the top ten shareholders with
unrestricted conditions
Unit：Shares
Total number of shareholders at the end of report
period
104,110
Share held by the top ten shareholders with unrestricted conditions
Name of the shareholder
Number of Unconditional shares held at
the period-end
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 3,369,457
Foreign shares placed in domestic
exchange
Lu Weiqiang 2,888,848
Foreign shares placed in domestic
exchange
Shanxi Huiteng International Freight Forwarding
Co., Ltd.
2,849,754 RMB common shares
LSV EMERGING MARKETS EQUITY
FUND,L.P.
2,686,000
Foreign shares placed in domestic
exchange
Chen Shukai 2,611,400
Foreign shares placed in domestic
exchange
Liu Wanping 2,569,407 RMB common shares
Hu Airong 2,549,977 RMB common shares3
§3 Significant Events
3.1 Particular about large-margin change of main accounting statement item and financial index and its reason.
√ applicable □ not applicable
(I) Items of balance sheet as compared with the beginning of this year
1. Monetary capital
Ending balance of monetary capital was RMB 342.49 million, which is composed of the following items:
Year-beginning balance of monetary capital was RMB 218.75 million. The net cash flows from operating activities
for this report period were RMB 570.49 million. Net cash flows from investing activities were RMB - 806.91
million. Net cash flows from financing activities were RMB 359.94 million.
2. Accounts receivable
Accounts receivable increased by RMB 29.44 million and 248% over the beginning of the year due to increase of
toll income receivable from United Electronic Toll Center by Guangfo Expressway Co., Ltd. and Guangdong Fokai
Expressway Co., Ltd.
3. Prepayments
Prepayments increased by RMB 162.35 million and 56% mainly because Guangdong Fokai Expressway Co., Ltd.
increased the payment for the expansion project of Fokai Expressway and its maintenance costs.
4. Financial assets available for sale
At the end of the period, the balance increased by RMB 830.40 million because the Company purchased 240
million shares of China Everbright Bank Co., Ltd. at the price of RMB 528 million in August 2009, which were
accounted for as long-term equity investment. After China Everbright Bank Co., Ltd. was successfully listed on
August 18, 2010, the Company transferred the said investment from long-term equity investment into this account.
After the listing of Everbright Bank, the difference between the fair value and investment cost of this asset, i.e.,
RMB 302.40 million, was taken as the change of fair value of financial assets available for sale and accounted for
as other capital surplus.
5. Long-term equity investment
Long-term equity investment decreased by RMB 200.13 million and 7% over the beginning of the year.The main
reasons: (1) Partial long-term equity investment was transferred into financial assets available for sale for
accounting after the listing of China Everbright Bank Co., Ltd. so that long-term equity investment decreased by
RMB 528 million. (2) In current period, the Company invested in Ganzhou Gankang Expressway Co., Ltd. and
Guangdong Guangle Expressway Co., Ltd. so that investment cost increased by RMB 355.00 million in total. (3)
Long-term equity investment increased by RMB 283.98 million through income of investment in joint stock
subsidiaries in current period. The affiliated companies and joint venture companies in which the Company invested
announced distribution of dividends so as to decrease long-term equity investment by RMB 311.11 million.
Guanghui Expressway Co., Ltd. announced distribution of dividends of RMB 112.17 million for the period from the
second half of 2009 to the second quarter of 2010. Zhaoqing Yuezhao Highway Co., Ltd. distributed dividends of
RMB 24.46 million for the period from 2007 to 2009. Shenzhen Huiyan Expressway Co., Ltd. distributed dividends
of RMB 60 million for 2009, Jingzhu Expressway Guanzhu Section Co., Ltd. distributed dividends of RMB 113.46
million for 2009.
6. Fixed assets4
Fixed asset decreased by RMB 372.54 million and 9% over the beginning of the year. Main reason for decrease: (1)
Guangdong Fokai Expressway Co., Ltd. received insurance indemnity of RMB 111.75 million for Jiujiang Bridge.
RMB 97.3250 million was used to write off the original value of Jiujiang Bridge after repair. (2) In current period, 7
intercommunication fly-over bridges along the expressway were dismantled in the expansion project of Fokai
Expressway so as to decrease net fixed assets by RMB 52.7485 million. (3) Provision for depreciation of fixed
assets was made so as to decrease net fixed assets.
7. Construction in progress
Construction in progress increased by RMB 840.72 million and 61% over the beginning of the year.
Main reason for increase: The investment in the expansion project of Fokai Expressway increased by RMB 810.12
million.
8.Short-term loan
Short-term loan decreased by RMB 204.00 million and 31% over the beginning of the year Reason for decrease:
Guangdong Fokai Expressway Co., Ltd. repaid short-term loan of RMB 204.00 million.
9.Accounts payable
Accounts payable increased by RMB 149.49 million and 94% over the beginning of the year.
Reasons for increase: (1) Accounts payable increased for the expansion project of Guangdong Fokai Expressway
Co., Ltd. (2) Guangfo Expressway Co., Ltd. made payment for special project so as to decrease accounts payable.
10.Remuneration payable to staff and workers
Remuneration payable to staff and workers decreased by RMB 2.24 million and 47 over the beginning of the year.
Main reason for decrease: The parent company paid the balance of wage of staff and workers payable at the end of
2009.
11.Taxes and levies payable
Taxes and levies payable increased by RMB 7.19 million and 173% over the beginning of the year.
Main reason for change: In current period, Guangdong Fokai Expressway Co., Ltd. made provision of RMB 7.90
million for income tax for the third quarter.
12.Interest payable
Interest payable decreased by RMB 9.32 million and 56% over the beginning of the year.Main reason for decrease:
The balance of interest payable decreased by RMB 10.20 million because the parent company paid the interests of
corporate bonds in current period.
13.Other payables
Other payables increased by RMB 59.87 million and 36% over the beginning of the year.
Main reasons for increase: (1) Other payables of Guangfo Expressway Co., Ltd. increased by RMB 9.25 million,
which is mainly the to-be-split networking toll incorporated into the liquidation account in current period. (2) Other
payables of Guangdong Fokai Expressway Co., Ltd. increased by RMB 36.60 million, including to-be-split
networking toll of RMB 3.74 million incorporated into the liquidation account in current period.5
14.Non-current liabilities to mature within one year
Non-current liabilities to mature within one year decreased by RMB 100 million and 67 % over the beginning of the
year. Main reason for decrease: Guangdong Fokai Expressway Co., Ltd. repaid partial matured loans.
15.Long-term loan
Long-term loan increased by RMB 964.09 million and 34% over the beginning of the year. Main reason for
increase: Long-term loan of Guangdong Fokai Expressway Co., Ltd. increased.
16.Bonds payable
Bonds payable increased by RMB 160 million over the beginning of the year. Main reason for increase: Provision
for interest was made.
17.Capital surplus
Capital surplus increased by RMB 302.4 million and 20% over the beginning of the year.
Reason for increase: The fair value of shares held by the Company increased after the listing of China Everbright
Bank Co., Ltd.
18.Undistributed profit
Undistributed profit increased by RMB 197.05 million and 29% over the beginning of the year.
Main reason for increase: Distribution of dividends and inward transfer of net profit in current period.
(II) Items of profit statement as compared with the same period of the previous year
1. Operating income
Operating income increased by RMB 57.77 million and 8.13% 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.
2. Operating cost
Operating cost increased by RMB 93.65 million and 33% year on year mainly due to increase of depreciation
expenses and Special cost.
3. Business tax and surtax
Business tax and surtax increased by RMB 3.52 million and 15% year on year mainly due to increase of toll
income.
4.Management expenses
Management expenses decreased by RMB 2.18 million and 3% year on year.
5. Financial expenses
Financial expenses increased by RMB 23.15 million and 23% year on year mainly because the parent company
made provision for interests of corporate bonds issued in September 2009 and the capitalization of borrowing costs6
stopped after the expansion project of Guangfo Expressway got ready for intended use in December 2009.
6. Investment income
Investment income increased by RMB 79.70 million and 39% 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 28.57 million, RMB 19.91 million,
RMB 12.78 million, RMB4.61 million and RMB 21.05 million. The investment in China Everbright Bank Co., Ltd.
was accounted for on cost basis. It distributed cash dividends of RMB 1.02 million in current period.
7. Income tax expenses
Income tax expenses decreased by RMB 16.18 million and 27% 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.
8. Net profit for the owners of the parent company
Net profit for the owners of the parent company increased by RMB 17.33 million and 6% year on year due to the
combined influence of the above factors.
9. Other composite income
The composite income in current period is RMB 302.40 million. There was no such income in the same period of
the previous year. The reason for obtaining other composite income is that the parent company accounted for the
equity investment in China Everbright Bank Co., Ltd. as financial assets available for sale after its listing. RMB
302.40 million increased as the change of fair value was accounted for as capital surplus, which shall be recognized
as other composite income according to requirements of relevant standards.
(III) Notes of main items of cash flow statement
1. Other cash receipt related to operating activities
This item changed greatly as compared with the same period of the previous year because the accounting method of
liquidation accounts changed and toll liquidation accounts were included for accounting from the end of 2009. This
item mainly includes the cash of RMB 790.58 million transferred into toll liquidation accounts.
2. Cash paid for goods and services
This item mainly includes the payment for special works, maintenance costs and networking charging service fees.
3. Taxes and levies paid
This item mainly includes the income tax and business tax paid by the Company.
4. Other cash payment related to operating activities
This item changed greatly as compared with the same period of the previous year because the accounting method of
liquidation accounts changed and toll liquidation accounts were included for accounting from the end of 2009. This
item mainly includes: (1) Networking charge of RMB 370.55 million transferred from toll income liquidation
account of Guangdong Fokai Expressway Co., Ltd.; (3) Networking charge of RMB 412.10 million transferred7
from toll income liquidation account of Guangfo Expressway Co., Ltd.
5. Cash received from returns on investment
This item mainly includes the dividends of RMB 112.17 million for the period from the second half of 2009 to the
second quarter of 2010 distributed by Guanghui Expressway Co., Ltd., dividends of RMB 24.46 million for the
period from 2007 to 2009 distributed by Zhaoqing Yuezhao Highway Co., Ltd., dividends of RMB 60 million for
2009 distributed by Shenzhen Huiyan Expressway Co., Ltd., dividends of RMB 98 million for 2009 distributed by
Jingzhu Expressway Guangzhu Section Co., Ltd. and RMB 1.02 million for 2009 distributed by China Everbright
Bank Co., Ltd.
6. Cash paid for construction of fixed assets, intangible assets and other long-term assets
This item mainly includes: (1) Guangfo Expressway Co., Ltd. settled the payment of RMB 53.48 million for Yayao
and Xiebian expansion projects; (2) Guangdong Fokai Expressway Co., Ltd. made progress payment of RMB
648.19 million for expansion projects.
7. Cash paid for investment
This item mainly includes investment of RMB 45 million in Ganzhou Gankang Expressway Co., Ltd. and RMB
310 million in Guangdong Guangle Expressway Co., Ltd.
8. Cash received from absorption of investment
This item mainly includes the capital contribution of RMB 35.02 million by another shareholder of Guangdong
Fokai Expressway Co., Ltd.
9. Cash received from obtaining loans
This item mainly includes (1) long-term loan of RMB 1028.21 million borrowed by Guangdong Fokai Expressway
Co., Ltd. from banks in current period; (2) loans of RMB 350 million borrowed by Guangfo Expressway Co., Ltd.
from banks in current period.
10. Cash repayments of debts
This item mainly includes the repayment of bank loan of RMB 350 million by Guangfo Expressway Co., Ltd. and
repayment of bank loan of RMB 367.12 million by Guangdong Fokai Expressway Co., Ltd. in current period.
11. Cash paid for distribution of dividends or profits or interest reimbursement
This item mainly includes dividends of RMB 129.58 million distributed in current period and payment of corporate
bond interests of RMB 40.80 million and bank loan interests of RMB 162.27 million. Of which, (1) the parent
company paid corporate bond interests of RMB 40.80 million and distributed dividends of RMB 126.07 million in
total for the current year and previous year; (2) Guangdong Fokai Expressway Co., Ltd. distributed dividends of
RMB 3.51 million and paid loan interests of RMB 140.64 million; (3) Guangfo Expressway Co., Ltd. paid loan
interests of RMB 21.63 million.
3.2 The progress of significant events and influence, as well as the analysis and explanation on resolving proposal.
3.2.1 Non-standard Opinion
□applicable √ not applicable8
3.2.2 The Company provided funds to its controlling shareholder or related parties and provided guarantees in
violation of established procedures.
□applicable √ not applicable
3.2.3 Signing and performance of significant contracts for daily operation
□applicable √ not applicable
3.2.4 Other
□applicable √ not applicable
3.3 The fulfillment of the commitment made by the Company , shareholders and the actual controller
√ applicable □ not applicable
Items of commitments Promisee Content of
commitments
Implementation
Promise in share holding structure
reform
N/A N/A N/A
Commitments made in Acquisition
Report or Reports on Change in
interests
N/A N/A N/A
Commitments made in Material
assets Reorganization
N/A N/A N/A
Commitments made in issuing N/A N/A N/A
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
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.
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.9
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 Stock 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.
3.6 Particulars about derivatives investment
□applicable √ not applicable
3.6.1 Particulars about the positions of derivatives investment at the end of report period.
□applicable √ not applicable10
§4 Appendix
4.1 Balance sheet
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. September 30,2010 Unit：RMB
Year-end balance
Year-beginning balance
Items
Consolidated Parent company Consolidated Parent company
Current asset：
Monetary fund 342,491,409.57 147,656,229.17 218,754,995.03 113,474,208.24
Settlement provision
Outgoing call loan
Trading financial assets
Bill receivable
Account receivable 41,313,585.34 11,873,742.02
Prepayments 454,785,168.49 292,435,314.87
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance
contracts receivable
Interest receivable 132,750.00 531,000.00
Dividend receivable 15,459,045.51 35,121,531.88
Other account receivable 39,289,013.72 6,338,722.09 31,395,116.40 3,397,319.61
Repurchasing of
financial assets
Inventories 186,356.29 220,142.91
Non-current asset due in 1
year
Other current asset 400,000,000.00
Total of current assets 893,524,578.92 189,249,233.14 554,679,311.23 517,402,527.85
Non-current assets：
Loans and payment on
other’s behalf disbursed
Disposable financial asset 830,400,000.00 830,400,000.00
Expired investment in
possess
100,000,000.00
Long-term receivable
Long term share equity
investment
2,613,152,154.46 3,833,865,723.98 2,813,284,533.76 3,928,018,103.28
Property investment 6,121,304.73 5,869,166.58 6,508,675.44 6,217,326.63
Fixed assets 3,702,707,101.55 6,347,532.80 4,075,251,730.31 4,333,177.25
Construction in progress 2,229,678,086.58 1,388,953,103.9811
Engineering material
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 60,941,111.51 66,342,785.41
R & D petrol
Goodwill
Long-germ expenses to be
amortized
110,958.19 156,350.15
Differed income tax asset 10,000,000.00 10,000,000.00
Other non-current asset
Total of non-current assets 9,453,110,717.02 4,776,482,423.36 8,360,497,179.05 3,938,568,607.16
Total of assets 10,346,635,295.94 4,965,731,656.50 8,915,176,490.28 4,455,971,135.01
Current liabilities
Short-term loans 450,000,000.00 100,000,000.00 654,000,000.00 100,000,000.00
Loan from Central Bank
Deposit received and hold
for others
Call loan received
Trade off financial liabilities
Bill payable
Account payable 308,506,438.58 159,018,048.20
Advance payment 7,588,507.31 7,456,276.76
Selling of repurchased
financial assets
Fees and commissions
receivable
Employees’ wage payable 2,521,371.40 138,161.76 4,765,766.41 3,744,813.81
Tax payable 11,348,337.41 169,245.88 4,159,074.15 335,875.55
Interest payable 7,205,036.57 1,133,333.33 16,523,915.41 11,373,158.33
Dividend payable 19,384,157.69 12,829,995.56 13,205,176.58 13,205,176.58
Other account payable 224,877,904.18 173,082,267.12 165,005,234.22 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
50,000,000.00 150,000,000.00
Other current liability 79,010,228.67
Total of current liability 1,081,431,753.14 287,353,003.65 1,174,133,491.73 210,256,150.30
Non-current liabilities：
Long-term loan 3,784,964,803.54 2,820,874,803.5412
Bond payable 790,976,433.15 790,976,433.15 789,376,380.58 789,376,380.58
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
115,360,562.26 115,352,612.14
Other non-current liabilities
Total of non-current
liabilities
4,693,324,009.06 792,998,643.26 3,727,626,006.37 791,398,590.69
Total of liability 5,774,755,762.20 1,080,351,646.91 4,901,759,498.10 1,001,654,740.99
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 1,837,306,856.32 1,837,306,856.32 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 872,915,236.55 660,613,221.16 675,866,785.19 531,949,605.59
Different of foreign currency
translation
Total of owner’s equity belong to
the parent company
4,097,682,024.98 3,885,380,009.59 3,598,233,573.62 3,454,316,394.02
Minor shareholders’ equity 474,197,508.76 415,183,418.56
Total of owners’ equity 4,571,879,533.74 3,885,380,009.59 4,013,416,992.18 3,454,316,394.02
Total of liabilities and owners’
equity
10,346,635,295.94 4,965,731,656.50 8,915,176,490.28 4,455,971,135.01
4.2 Profit statement of the report period
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. July-September 2010 Unit：RMB
Report period Same period of the previous year
Items
Consolidated Parent company Consolidated Parent company
I. Total operating income 250,734,758.49 1,223,700.00 222,209,919.85 2,000.00
Including：Operating income 250,734,758.49 1,223,700.00 222,209,919.85 2,000.00
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 208,289,785.95 22,962,258.03 179,483,876.80 12,780,399.54
Including：operating cost 133,855,975.62 116,053.35 114,159,349.00
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of13
insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Operating tax and extras 8,804,915.88 62,286.33 7,415,668.55 100.00
Sales expenses
Administration expenses 25,179,633.24 11,132,848.91 26,564,169.01 11,363,459.76
Financial expenses 40,449,261.21 11,651,069.44 31,344,690.24 1,416,839.78
Losses of devaluation of assets
Add：changing income of fair
value
Investment income 93,973,966.04 93,973,966.04 71,522,720.97 136,022,720.97
Including：Investment income on
affiliated company and joint
venture
92,955,200.95 92,955,200.95 71,522,720.97 71,522,720.97
Exchange income
III. Operating profit 136,418,938.58 72,235,408.01 114,248,764.02 123,244,321.43
Add：non-operating income 1,040,289.70 76,500.00 493,735.93
less：non-operating expense 48,103,500.44 76,141.46
Including：disposal loss of
non-current assets
47,930,991.74
IV. Total profit 89,355,727.84 72,311,908.01 114,666,358.49 123,244,321.43
Less：expense of income tax -505,553.89 14,488,486.32
V. Net profit 89,861,281.73 72,311,908.01 100,177,872.17 123,244,321.43
Net profit attributable to owner’s
equity of parent company
85,104,576.50 72,311,908.01 89,656,938.50 123,244,321.43
Minority shareholders’ gains
and losses
4,756,705.23 10,520,933.67
VI. Earnings per share
（i）Basic earnings per share 0.07 0.06 0.07 0.10
（ii）Diluted earnings per share 0.07 0.06 0.07 0.10
VII. Other composite income 302,400,000.00 302,400,000.00
VIII. Total composite income 392,261,281.73 374,711,908.01 100,177,872.17 123,244,321.43
Total comprehensive income
attributable to owners of parent
Company
387,504,576.50 374,711,908.01 89,656,938.50 123,244,321.43
Total comprehensive income
attributable to minority
shareholders
4,756,705.23 10,520,933.67
4.3 Profit statement from Year-begin to period-end
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. January-September 2010 Unit：RMB
Report period Same period of the previous year
Items
Consolidated Parent company Consolidated Parent company
I. Total operating income 751,794,708.28 7,239,420.00 694,026,669.60 5,600.00
Including：Operating income 751,794,708.28 7,239,420.00 694,026,669.60 5,600.00
Interest income
Insurance gained
Commission charge and14
commission income
II. Total operating cost 597,572,529.16 67,210,846.36 483,817,549.59 38,053,282.24
Including：operating cost 375,468,175.73 348,160.05 281,819,027.25
Interest expense
Commission charge 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 26,469,753.33 368,486.48 22,949,640.75 280.00
Sales expenses
Administration expenses 72,280,248.83 31,419,031.08 74,461,082.40 35,325,584.03
Financial expenses 123,354,351.27 35,075,168.75 100,201,262.84 2,727,418.21
Losses of devaluation of assets 4,386,536.35
Add：changing income of fair
value
Investment income 283,980,273.17 314,167,571.73 204,280,950.84 389,629,312.13
Including：Investment income on
affiliated company and joint
venture
282,961,508.08 282,961,508.08 197,164,880.41 197,467,633.20
Exchange income
III. Operating profit 438,202,452.29 254,196,145.37 414,490,070.85 351,581,629.89
Add：non-operating income 17,031,053.69 343,210.70 1,513,650.96 34,525.00
less：non-operating expense 52,726,005.32 163,965.70 553,515.15
Including：disposal loss of
non-current assets
52,241,371.51 70,692.18
IV. Total profit 402,507,500.66 254,375,390.37 415,450,206.66 351,616,154.89
Less：expense of income tax 44,770,751.44 60,953,723.80
V. Net profit 357,736,749.22 254,375,390.37 354,496,482.86 351,616,154.89
Net profit attributable to owner’s
equity of parent company
322,908,366.91 254,375,390.37 305,571,609.77 351,616,154.89
Minority shareholders’ gains
and losses
34,828,382.31 48,924,873.09
VI. Earnings per share
（i）Basic earnings per share 0.26 0.20 0.24 0.28
（ii）Diluted earnings per share 0.26 0.20 0.24 0.28
VII. Other composite income 302,400,000.00 302,400,000.00
VIII. Total composite income 660,136,749.22 556,775,390.37 354,496,482.86 351,616,154.89
Total comprehensive income
attributable to owners of parent
Company
625,308,366.91 556,775,390.37 305,571,609.77 351,616,154.89
Total comprehensive income
attributable to minority
shareholders
34,828,382.31 48,924,873.0915
4.4 Cash flow statement from Year-begin to period-end
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. January-September 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
720,277,916.89 671,805,564.83
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 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
844,138,341.41 748,972,535.60 77,021,302.17 1,046,538,909.13
Sub-total of cash inflow 1,564,416,258.30 748,972,535.60 748,826,867.00 1,046,538,909.13
Cash paid for purchasing
of merchandise and services
86,898,899.48 68,019,463.00
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 policy16
dividend
Cash paid to staffs or paid
for staffs
81,905,135.58 23,607,380.21 70,894,042.28 19,425,110.72
Taxes paid 66,922,532.58 95,331.35 70,642,162.76 157,525.81
Other cash paid for business
activities
758,193,721.82 671,283,624.74 145,632,926.71 845,842,147.35
Sub-total of cash outflow
from business activities
993,920,289.46 694,986,336.30 355,188,594.75 865,424,783.88
Cash flow generated by
business operation, net
570,495,968.84 53,986,199.30 393,638,272.25 181,114,125.25
II. Cash flow generated by
investing
Cash received from
investment retrieving
797,000.00
Cash received as investment
gains
295,651,106.96 306,175,919.15 242,970,801.62 424,036,261.63
Net cash retrieved from
disposal of fixed assets,
intangible assets, and other
long-term assets
333,400.00 305,800.00 7,320.00 6,120.00
Net cash received from
disposal of subsidiaries or
other operational units
Other investment-related
cash received
307,630,470.00
Sub-total of cash inflow due
to investment activities
295,984,506.96 614,112,189.15 243,775,121.62 424,042,381.63
Cash paid for construction
of fixed assets, intangible
assets and other long-term
assets
746,978,144.40 2,763,341.00 727,352,837.15 419,320.00
Cash paid as investment 355,917,500.00 460,977,500.00 562,500,000.00 562,500,000.00
Net increase of loan
against pledge
Net cash received from
subsidiaries and other
operational units
Other cash paid for
investment activities
2,528.44
Sub-total of cash outflow
due to investment activities
1,102,895,644.40 463,740,841.00 1,289,855,365.59 562,919,320.00
Net cash flow generated by
investment
-806,911,137.44 150,371,348.15 -1,046,080,243.97 -138,876,938.37
III. Cash flow generated by
financing
Cash received as investment 35,020,000.00
Incl: Cash received as
investment from minor
shareholders17
Cash received as loans 1,378,210,000.00 1,393,630,000.00 90,000,000.00
Cash received from bond
placing
788,800,000.00 788,800,000.00
Other financing –related
ash received
Sub-total of cash inflow
from financing activities
1,413,230,000.00 2,182,430,000.00 878,800,000.00
Cash to repay debts 717,120,000.00 440,000,000.00 40,000,000.00
Cash paid as dividend,
profit, or interests
336,170,586.46 170,387,696.12 349,216,111.23 127,775,175.97
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
1,053,290,586.46 170,387,696.12 789,216,111.23 167,775,175.97
Net cash flow generated by
financing
359,939,413.54 -170,387,696.12 1,393,213,888.77 711,024,824.03
IV.Influence of exchange rate
alternation on cash and cash
equivalents
212,169.60 212,169.60 -172.43 -172.43
V.Net increase of cash and
cash equivalents
123,736,414.54 34,182,020.93 740,771,744.62 753,261,838.48
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
342,491,409.57 147,656,229.17 1,091,537,470.38 794,457,395.37
4.5 Auditor’ report
Auditor’s opinions: Not audited
