Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
Guangdong Provincial Expressway Development Co.，Ltd.
The Third Quarterly Report 2011(Full text)
§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.
1.1 1.2 The Third quarterly financial report of the Company is not 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
2011.9.30 2010.12.31 Increase /decrease（％）
Total assets（RMB） 11,073,723,500.71 10,526,464,082.25 5.20%
Owner’s equity attributable to the
shareholders of the listed company 4,137,441,059.60 4,283,251,674.35 -3.40%
（RMB）
Stock capital（Shares） 1,257,117,748.00 1,257,117,748.00 0.00%
Net assets per share attributable to the
shareholders of the listed company 3.29 3.41 -3.52%
（RMB/shares）
Increase/decrease in Increase/decrease in
the report period the report period
January-September
July-September 2011 compared with the compared with the
2011
same period of the same period of the
last year(%) last year(%)
Total turnover(RMB) 272,127,868.29 8.53% 785,170,946.81 4.44%
Net profit attributable to
shareholders of the listed company 82,135,472.84 -3.49% 227,301,160.07 -29.61%
（RMB）
Net cash flow arising from operating
- - 506,272,677.96 -11.26%
activities（RMB）
Net cash flow per share arising from - - 0.40 -11.11%
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
operating activities（yuan/shares）
Basic earnings per share
0.07 0.00% 0.18 -30.77%
（yuan/shares）
Diluted earnings per share
0.07 0.00% 0.18 -30.77%
（yuan/shares）
Weighted average return on equity
1.96% -0.25% 5.31% -3.33%
（%）
Weighted average Return on net
assets after deducting non-recurring 1.95% 0.94% 5.93% 3.24%
gains and losses（%）
Items of non-current gains and losses
√ applicable □ not applicable
Unit：RMB
Non-recurring gain and loss items Amount Notes（If applicable）
Fokai expansion project’s
abandon two interchange a
Gain/loss form disposal of non-current assets -54,549,119.55 ssets and toll-stations
Governmental Subsidy accounted as current gain/loss,
except for those subsidies at with amount or quantity fixed
71,600.00
by the national government and closely related to the
Company’s business operation.
Net amount of non-operating income and expense except the
4,380,293.79
aforesaid items
Amount of influence of income tax 13,378,048.85
Amount of influence of minority equity 10,027,710.41
Total -26,691,466.50 -
2.2 Top 10 shareholders and top 10 holders of unconditional shares
Unit：Shares
Total number of shareholders at the end of report
100,315
period
Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions
Amount of tradable shares with
Full name of shareholder unrestricted conditions held at the end of Type of shares
report period
Guangdong Communication Group Co., Ltd. 103,379,742 RMB common shares
Foreign shares placed in domestic
Xinyue Co., Ltd. 13,201,086
exchange
Guangdong Yuecai Trust Investment Co., Ltd. 12,174,345 RMB common shares
Shanxi Huiteng International Freight Forwarding
3,696,200 RMB common shares
Co., Ltd.
Foreign shares placed in domestic
STICHTING PGGM DEPOSITARY 3,599,861
exchange
Hu Airong 2,991,359 RMB common shares
Lu Weiqiang 2,888,848 Foreign shares placed in domestic
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
exchange
Foreign shares placed in domestic
Chen Shukai 2,812,700
exchange
Foreign shares placed in domestic
Lin Mingtan 2,575,508
exchange
Shenzhen Jifu Chuangye Investment Co., Ltd. 2,573,504 RMB common shares
§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 291.80 million, Year-beginning balance of monetary capital was RMB258.88 million，
The net cash flows from operating activities for this report period were RMB 506.27 million, Net cash flows from investing activities
was RMB -528.10 million, Net cash flows from financing activities was RMB54.76 million.
2.Accounts receivable
Accounts receivable increased by RMB26.38 million and 146% 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 177.32 million and 90.63% mainly because Guangdong Fokai Expressway Co., Ltd. increased the
payment for the expansion project and its maintenance costs.
4. Inventories
Inventories decreased by RMB 0.28 million and 100% over the beginning of the year due to no balance at the end of period after sales
settlement.
5. .Financial assets available for sale
At the end of the period, the balance decreased by RMB242.40 million and 25.51% over the beginning of the year due to the fair value
of China Everbright Bank Co., Ltd. decreased at the end of period.
6. .Long-term equity investment
Long-term equity investment increased by RMB126.68 million and 4.78% over the beginning of the year. The main reasons: （1）
Long-term equity investment increased by RMB 255.34 million through income of investment in joint stock subsidiaries in current
period.（2）In current period, the Company invested in Gangle Expressway Co., Ltd. investment cost increased by RMB 290 million.
（3）Jingzhu Expressway Guangzhu Section Co., Ltd. distributed dividends of RMB 206.44 million for 2010 and the previous year.
Guangdong Guanghui Expressway Co., Ltd. distributed dividends of RMB 96.62 million for the period from the second half year of
2010 to the second quarter of 2011. Shenzhen Huiyan Expressway Co., Ltd. announced distribution of dividends of RMB 82 million
for the period from 2010 to the first half of 2011. China Everbright Bank Co., Ltd. distributed dividends of RMB 22.70 million for
2010. Zhaoqing Yuezhao Highway Co., Ltd. distributed dividends of RMB 13.75 million for the period from 2010 to the first half of
2011. The above items decreased long-term equity investment by RMB 421.51 million; (4) As the result of the amortization of
investment difference in current period, long-term equity investment decreased by RMB 8.59 million.
7. Fixed assets
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
Fixed assets increased by RMB 340.32 million and 9% over the beginning of the year. The net increase of original value and
accumulated depreciation was RMB 547.50 million and RMB 206.33 million.
Main reasons for increase of original value:
1. The pre-estimated construction cost of the partial section of expansion project of Guangdong Fokai Expressway Co., Ltd. with the
length of 8.08 km that was open to traffic first, i.e., RMB 687.97 million, was transferred into fixed assets; 2. The original value was
increased by RMB 29.47 million because Guangfo Expressway Co., Ltd. settled the payment for the reconstruction of weighing charge
collection system; 3. The completion of special project of Jiujiang Bridge increased fixed assets by RMB 16.73 million; 4. In the
current period, the assets along the expansion project of Guangdong Fokai Expressway were removed. Heavy resurfacing was carried
out so that Beijiang Bridge was transferred into construction in progress. In total, original value of fixed assets was written off by RMB
183.15 million.
Comprehensive reasons for increase of accumulated depreciation:
I. In current period, Guangfo Expressway Co., Ltd., Guangdong Fokai Expressway Co., Ltd. and Jiujiang Branch Company of
Guangdong Fokai Expressway Co., Ltd. respectively made provision of RMB 118.19 million, RMB 120.87 million and RMB 17.42
million for depreciation expenses on basis of vehicle traffic volume;
2. As a result of retirement of assets along the expansion project of Guangdong Fokai Expressway Co., Ltd. and the transfer of Beijiang
Bridge into construction in progress during heavy resurfacing, accumulated depreciation of RMB 58.75 million in total was transferred
out.
8．Construction in progress
Construction in progress decreased by 17.67 million and 0.69% over the beginning of the year due to the Part of the expansion project
of Fokai Expressway with length of 8.08 km and estimated building price of RMB 687.97 million that was open to traffic was
transferred from construction in progress into fixed assets in current period；The amount of expansion project of Fokai Expressway
increased by RMB 615.88 million in current period;
9. Long-germ expenses to be amortized
Long-germ expenses to be amortized increased by 0.15 million and 152.54% over the beginning of the year due to the Parent
Company's expenses to be amortized increased of parent company for this report period.
10. Short-term loan
Short-term loan increased by RMB 571.49 million and 114.30% over the beginning of the year. Main reason for change:1. To meet the
demand of turnover of circulating fund, the short-term loan of the parent company and Guangdong Fokai Expressway Co., Ltd.
respectively increased by RMB 426.49 million and RMB 150 million; 2. Guangfo Expressway Co.,Ltd. Has decreased 5 million for the
short-term loan.
11. Accounts payable
Accounts payable increased by RMB 150.14 million and 123.85% over the beginning of the year.
Reasons for increase: (1) Accounts payable of RMB121.23 million increased for the expansion project of Guangdong Fokai
Expressway Co., Ltd; (2) Accounts payable increased for the special project of Guangdong Guangfo Expressway Co., Ltd.
12. Remuneration payable to staff and workers
Remuneration payable to staff and workers increased by RMB 1.60 million and 168.76 over the beginning of the year. Main reason for
increase:The Guangfo highway co,.paid the balance of wage of staff and workers payable;
13. Taxes and levies payable
Taxes and levies payable increased by RMB 28.80 million and 1691.71% over the beginning of the year. Main reason for change: In
current period, Guangdong Fokai Expressway Co., Ltd. made provision of RMB 31.01 million for income tax for the third quarter.
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
14. Dividends payable
Dividends payable decreased by RMB 6.1 million and 32.13% over the beginning of the year mainly because Guangdong Fokai
Expressway Co., Ltd. paid dividends to the other shareholder in current period.
15.Non-current liabilities to mature within one year
Non-current liabilities to mature within one year decreased by RMB 109.30 million and 33.43 % over the beginning of the year. Main
reason for decrease: Guangdong Fokai Expressway Co., Ltd. and Guangfo Expressway Co., Ltd repaid partial matured loans.
16. Long-term loan
Long-term loan decreased by RMB87.70 million and 2.45% over the beginning of the year due to the Guangfo Expressway Co., Ltd.
repaid partial long-term loan.
17.Bonds payables
Bonds payables increased RMB 1.69 million over the beginning of the year，The main reasons After deduction of underwriting
expenses, the amount of funds actually received when the parent company issued corporate bonds in 2009 was lower than the par value
of corporate bonds. Part of discount shall be amortized on basis of actual interest rate. After amortization in current period, the book
value of corporate bonds increased.:
18. Capital surplus
Capital surplus decreased by RMB 242.25 million and 12.38% over the beginning of the year.
Reason for decrease: The fair value of shares held by the Company decreased after the listing of China Everbright Bank Co., Ltd.
19. Undistributed profit
Undistributed profit increased by RMB 96.44 million and 10.66% 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 33.38 million and 4.44% year on year due to increase of vehicle traffic volume.
2. Operating cost
Operating cost increased by RMB 31.11 million and 8.28% year on year mainly due to increase of depreciation expenses and Special
cost of Fokai Expressway completion of Guangfo Expansion Project
3. Administrative expenses
Administrative expenses increased by RMB 22.51 million and 31.15% year on year mainly due to the implementation of operation
management policies including smoothness guarantee and weighing charge collection.
4. Financial expenses
Financial expenses increased by RMB 38.87 million and 31.51% year on year. The main reason for the increase: The section with
length of 8.08 km in the expansion project of Guangdong Fokai Expressway Co., Ltd. was open to traffic. The capitalization of the
interests of the bank loan principal of RMB 520 million for this section stopped. As a result, interest expenses increased by RMB 23.60
million. The increase of total amount of loans and the rise in loan interest rate also caused the increase of financial expenses.
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
5. Investment income
Investment income decreased by RMB 25.78 million and 9.08% year on year mainly due to decrease by RMB 47,47 million of
investment income calculated on equity basis ,decrease of income of investment in Guangdong Guanghui Expressway Co., Ltd. by
RMB 19.14 million ,decrease of income of investment in Zhaoqing Yuezhao Highway Co., Ltd. by RMB 13.86 million , increase of
loss of investment in Ganzhou Gankang Expressway Co., Ltd. by RMB 12.77 million and decrease of loss of investment in Ganzhou
Kangda Expressway Co., Ltd. by RMB 16.72million . The investment income from Guangdong Guanghui Expressway Co., Ltd.
decreased because the income and net profit of this company decreased after Shaogan Expressway was open to traffic in current period.
Zhaoqing Yuezhao Highway Co., Ltd. carried out road surface repair work in current period, which caused decrease of net profit.
Ganzhou Gankang Expressway is a section that was newly open to traffic in August of the last year. At present, it is still in the loss
period. The loss of investment in Ganzhou Kangda Expressway Co., Ltd. decreased mainly due to sharp growth of net profit of this
company caused by great increase of vehicle traffic volume of this section after Shaogan Expressway was open to traffic; The
investment in China Everbright Bank Co., Ltd. was accounted for on cost basis. It distributed cash dividends in current period.
6. Non-operating income
Non-operating income decreased by RMB 12.09 million and 71.01% year on year. Main reason for decrease: In the same period of
previous year, Jiujiang Bridge Branch Company of Guangdong Fokai Expressway Co., Ltd. received compensation from insurance
companies, of which RMB 14.43 million was accounted for as non-operating income. There was no such compensation in current
period.
7. Income tax expenses
Income tax expenses increased by RMB 8.70 million and 19.43% year on year. Reasons for change: 1. Guangfo Expressway Co., Ltd.
retroactively made provision for deferred income tax expenses in current period. 2. 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 decreased by RMB95.61 million and 29.61% year on year mainly due to the combined
influence of the above factors.
9. Other composite income
Other composite income decreased by RMB544.80 million and 180.16% year on year mainly due to the end-of-period fair value of
shares of China Everbright Bank Co., Ltd. held by the Company decreased while the fair value of such shares rose in the same period
of the previous year.
(III) Notes of main items of cash flow statement
1. Cash received from sales of goods or rending of services
This item mainly calculates the toll income received by Guangfo Expressway Co., Ltd. and Guangdong Fokai Expressway Co., Ltd. It
increased by RMB 40.57 million mainly due to increase of toll income.
2. Other cash receipt related to operating activities
This item mainly calculates the difference between un-split cash toll income received through liquidation accounts of Guangfo
Expressway Co., Ltd. and Guangdong Fokai Expressway Co., Ltd. and the amount transferred out, and other cash receipt including
income from fines, rental income from real estates for investment and other income from governmental subsidy except tax refund. The
reason for year-on-year decrease by RMB 712.29 million: From the second half of 2011, this item reflects the difference between the
receipt of liquidation accounts and the amount transferred out. In the same period of the previous year, this item reflected the full
amount received.
3. Cash paid for goods and services
This item mainly includes the payment for special works, maintenance costs and networking charging service fees.
4. Cash paid to staffs or paid for staffs
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
This item mainly includes the wages, bonuses, miscellaneous allowances and subsidies actually paid to staff and workers in current
period were calculated for accounting.
5. Taxes and levies paid
This item mainly includes the income tax ,Business tax were calculated for accounting, and the all kinds of taxes.
6. Other cash payment related to operating activities
This item mainly calculates the difference between un-split cash toll income received through liquidation accounts of Guangfo
Expressway Co., Ltd. and Guangdong Fokai Expressway Co., Ltd. and the Management expenses , The reason for year-on-year
decrease by RMB 614.17 million: From the second half of 2011, this item reflects the difference between the receipt of liquidation
accounts and the amount transferred out. In the same period of the previous year, this item reflected the full amount received.
7. Cash received from returns on investment
This item mainly includes the dividends of RMB 90.33 million for the period from the second half of 2010 to the second quarter of
2011 distributed by Guanghui Expressway Co., Ltd., dividends of RMB 13.75 million for the period from 2010 to the first half of 2011
distributed by Zhaoqing Yuezhao Highway Co., Ltd., dividends of RMB 82 million from 2010 to the first half of 2011 distributed by
Shenzhen Huiyan Expressway Co., Ltd., dividends of RMB 108 million for 2010 distributed by Jingzhu Expressway Guangzhu
Section Co., Ltd. and RMB 22.704 million for 2010 distributed by China Everbright Bank Co., Ltd.
8. Cash paid for construction of fixed assets, intangible assets and other long-term assets
This item mainly due to Guangdong Fokai Expressway Co., Ltd. made progress payment of RMB 503.17 million for expansion
projects.
9.Cash paid for investment
This item mainly includes investment of RMB 290 million in Guangdong Guangle Expressway Co., Ltd.
10. Cash received from absorption of investment
This item mainly includes the capital contribution of RMB 21.38 million by another shareholder of Guangdong Fokai Expressway Co.,
Ltd.
11. Cash received as loans
This item mainly includes ：(1) In the current period, the parent company borrowed entrusted loan principal of RMB 601.49 million
from banks and Relation Enterprise. （2)Fokai Expressway Co., Ltd. borrowed RMB 170 million from banks in current period;(3)
Guangfo Expressway Co., Ltd. borrowed RMB 310 million from banks in current period.
12. Cash repayments of debts
This item mainly includes ：(1) The parent company borrowed entrusted loan principal of RMB 175 million from banks and Relation
Enterprise. 2)Guangfo Expressway Co., Ltd. borrowed RMB 462 million from banks in current period;(3)Fokai Expressway Co., Ltd.
borrowed RMB 70 million from banks in current period.
13. Cash paid for distribution of dividends or profits or interest reimbursement
This item mainly includes dividends of RMB 140.02 million distributed in current period and payment of corporate bond interests of
RMB 40.80 million and bank loan interests of RMB 195.30 million. Of which, (1) the parent company paid corporate bond interests of
RMB 45.63 million ;(2)Distributed dividends of RMB 133.74 million in total for the current year and previous year; (3) Guangdong
Fokai Expressway Co., Ltd. distributed dividends of RMB 14.39 million and paid loan interests of RMB 165.90 million; (3) Guangfo
Expressway Co., Ltd. paid loan interests of RMB 16.46 million.
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
3.2 The progress of significant events and influence, as well as the analysis and explanation on resolving proposal
reason.
3.2.1 Non-standard Opinion
□applicable √ not applicable
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 3.2.4 Other
√applicable □ not applicable
According to the requirements of the Notice of Collection of Toll by Weight for Trucks issued by
Guangdong Transportation and Communication Department and Guangdong Price Bureau (Yue Jiao Zheng
(2011) No. 1180), toll by weight applied to trucks of class three and above on Guangfo Expressway, Fokai
Expressway and Jiujiang Bridge held by the Company and Guangzhao Expressway and Maozhan Expressway
partly held by the Company from September 21, 2011. From October 20, 2011, toll by weight applied to trucks of
class three and above on Shenzhen Huiyan Expressway partly held by the Company.
After collection of toll by weight, the collection equipment on the said sections basically operated normally
and the vehicle traffic volume of the said sections slightly decreased while toll income slightly increased, which
has no significant influence on the financial position and operating results of the Company in the report period.
3.3 The fulfillment of the commitment made by the Company , shareholders and the actual controller
Commitments made by the listed company and its directors, supervisors, senior executives, the shareholders with
holding above 5% shares and its actual controller in the report period, or lasting until the report period.
□applicable √ not applicable
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
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
3.5.2 Reception of investigations , communications , or interviews
3.5.2 The registration form of acceptance of investigation, communication and interview in the report period for
future reference
Content of discussion and materials
Date Place Mode Visitor
provided
"（I）Content of discussion：
1）The Company's daily operation;
2）Analysis of the Company's financial
J.P.Morgan , data;
Researcher of Asia- 3）Future developmental strategy of the
Pacific capital company ；
July 15,2011 The Company Research
construction 4）The Company's opinions on industry
Securities Research change.
Dept\ （II）Materials provided：
Open materials including the
Company's periodical reports.
"
The Company "（I）Content of discussion：
1）The Company's daily operation;
2）Analysis of the Company's financial
Transportation and data;
communication
3）Future developmental strategy of the
industry analyst of
August 16,2011 Research Anxin Securities Co., company ；
Ltd. 4）The Company's opinions on industry
change.
（II）Materials provided：
Open materials including the
Company's periodical reports. "
The Company "（I）Content of discussion：
1）The Company's daily operation;
2）Analysis of the Company's financial
data;
Transportation and 3）Future developmental strategy of the
September communication
Research company ；
29,2011 industry analyst of
SWS Research 4）The Company's opinions on industry
change.
（II）Materials provided：
Open materials including the
Company's periodical reports. "
3.6 Derivative Investment
□applicable √ not applicable
3.6.1 Particulars about derivatives investment held at the end of report period
□applicable √ not applicable
9
Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
§4 Appendix
4.1 Balance sheet
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. September 30,2011 Unit：RMB
Year-end balance
Year-beginning balance
Items
Consolidated Parent company Consolidated Parent company
Current asset：
Monetary fund 291,796,991.71 192,908,603.05 258,881,333.75 179,597,767.35
Settlement provision
Outgoing call loan
Trading financial assets
Bill receivable
Account receivable 44,424,071.02 18,043,508.27
Prepayments 372,971,002.10 195,653,487.32
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance
contracts receivable
Interest receivable 87,638.89
Dividend receivable 104,726,548.60 153,642,124.94 19,662,486.37
Other account receivable 36,164,432.63 44,087,585.02 31,363,602.07 4,079,305.90
Repurchasing of
financial assets
Inventories 279,948.92
Non-current asset due in 1
year
Other current asset 50,000,000.00
Total of current assets 850,083,046.06 440,725,951.90 504,221,880.33 203,339,559.62
Non-current assets：
Loans and payment on
other’s behalf disbursed
Disposable financial asset 708,000,000.00 708,000,000.00 950,400,000.00 950,400,000.00
Expired investment in
possess
Long-term receivable
Long term share equity
2,776,553,151.18 4,333,811,720.70 2,649,867,203.64 4,017,933,273.16
investment
Property investment 5,657,091.43 5,404,953.18 6,005,251.48 5,753,113.23
Fixed assets 4,123,090,376.11 5,820,269.66 3,782,771,159.07 5,983,727.98
Construction in progress 2,556,756,154.04 2,573,858,108.94
Engineering material
Fixed asset disposal 20,205.88
Production physical assets
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
Gas & petrol
Intangible assets 53,321,475.62 59,244,651.25
R & D petrol
Goodwill
Long-germ expenses to be
242,000.39 191,564.80 95,827.54
amortized
Differed income tax asset
Other non-current asset
Total of non-current assets 10,223,640,454.65 5,053,228,508.34 10,022,242,201.92 4,980,070,114.37
Total of assets 11,073,723,500.71 5,493,954,460.24 10,526,464,082.25 5,183,409,673.99
Current liabilities
Short-term loans 1,071,490,000.00 626,490,000.00 500,000,000.00 200,000,000.00
Loan from Central Bank
Deposit received and hold
for others
Call loan received
Trade off financial liabilities
Bill payable
Account payable 271,360,312.73 121,223,271.87
Advance payment 5,626,643.77 6,441,245.88
Selling of repurchased
financial assets
Fees and commissions
receivable
Employees’ wage payable 2,552,579.53 135,704.16 949,773.92 133,219.71
Tax payable 30,504,159.64 161,600.97 1,702,514.30 521,312.74
Interest payable 12,557,245.81 2,346,477.08 17,571,390.99 11,333,333.33
Dividend payable 12,894,191.09 12,894,191.09 18,997,256.40 12,443,094.27
Other account payable 300,132,365.67 2,734,366.94 237,781,580.86 2,234,014.32
Reinsurance fee payable
Insurance contract provision
Entrusted trading of
securities
Entrusted selling of
securities
Non-current liability due in
217,700,000.00 327,000,000.00
1 year
Other current liability 16,305,192.12 88,275,495.00 70,804,209.27
Total of current liability 1,941,122,690.36 733,037,835.24 1,231,667,034.22 297,469,183.64
Non-current liabilities：
Long-term loan 3,488,264,803.54 3,575,964,803.54
Bond payable 793,213,605.39 793,213,605.39 791,524,406.75 791,524,406.75
Long-term payable 2,022,210.11 2,022,210.11 2,022,210.11 2,022,210.11
Special payable
11
Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
Expected liabilities
Differed income tax
137,437,955.53 125,310,513.48
liability
Other non-current liabilities
Total of non-current
4,420,938,574.57 795,235,815.50 4,494,821,933.88 793,546,616.86
liabilities
Total of liability 6,362,061,264.93 1,528,273,650.74 5,726,488,968.10 1,091,015,800.50
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 1,714,906,856.32 1,714,906,856.32 1,957,158,715.57 1,957,306,856.32
Less：Shares in stock
Special Reserve
Surplus reserves 164,481,109.54 164,481,109.54 164,481,109.54 164,481,109.54
Common risk provision
Undistributed profit 1,000,935,345.74 829,175,095.64 904,494,101.24 713,488,159.63
Different of foreign currency
translation
Total of owner’s equity belong to
4,137,441,059.60 3,965,680,809.50 4,283,251,674.35 4,092,393,873.49
the parent company
Minor shareholders’ equity 574,221,176.18 516,723,439.80
Total of owners’ equity 4,711,662,235.78 3,965,680,809.50 4,799,975,114.15 4,092,393,873.49
Total of liabilities and owners’
11,073,723,500.71 5,493,954,460.24 10,526,464,082.25 5,183,409,673.99
equity
4.2 Profit statement of the report period
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. July-March 2011 Unit：RMB
Report period Same period of the previous year
Items
Consolidated Parent company Consolidated Parent company
I. Total operating income 272,127,868.29 1,410,212.08 250,734,758.49 1,223,700.00
Including：Operating income 272,127,868.29 1,410,212.08 250,734,758.49 1,223,700.00
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 255,893,018.72 32,054,931.90 208,289,785.95 22,962,258.03
Including：Operating cost 154,845,889.63 116,053.35 133,855,975.62 116,053.35
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
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
Operating tax and extras 9,819,742.72 46.72 8,804,915.88 62,286.33
Sales expenses
Administration expenses 33,844,250.63 13,998,506.53 25,179,633.24 11,132,848.91
Financial expenses 57,383,135.74 17,940,325.30 40,449,261.21 11,651,069.44
Losses of devaluation of assets
Add ：Changing income of fair
value
Investment income 87,729,313.67 130,909,044.87 93,973,966.04 93,973,966.04
Including：Investment income on
affiliate company and joint 87,729,313.66 87,729,313.66 92,955,200.95 92,955,200.95
venture
Exchange income
III. Operating profit 103,964,163.24 100,264,325.05 136,418,938.58 72,235,408.01
Add ：Non-operating income 395,082.27 1,040,289.70 76,500.00
Less：Non-operating expense 273,212.04 48,103,500.44
Including :Disposal loss of
5,156.69 47,930,991.74
non-current assets
IV. Total profit 104,086,033.47 100,264,325.05 89,355,727.84 72,311,908.01
Less：Income tax 12,775,861.21 -505,553.89
V. Net profit 91,310,172.26 100,264,325.05 89,861,281.73 72,311,908.01
Net profit attributable to owner’s
82,135,472.84 100,264,325.05 85,104,576.50 72,311,908.01
equity of parent company
Minority shareholders’ gains
9,174,699.42 4,756,705.23
and losses
VI. Earnings per share
（i）Basic earnings per share 0.07 0.08 0.07 0.06
（ii）Diluted earnings per share 0.07 0.08 0.07 0.06
VII. Other comprehensive income -96,000,000.00 -96,000,000.00 302,400,000.00 302,400,000.00
VIII. Total comprehensive income -4,689,827.74 4,264,325.05 392,261,281.73 374,711,908.01
Total comprehensive income
attributable to the owner of the -13,864,527.16 4,264,325.05 387,504,576.50 374,711,908.01
parent company
Total comprehensive income
9,174,699.42 4,756,705.23
attributable minority shareholders
The merging party realized net profit of RMB 0.00 before consolidation under same control in this period.
4.3 Profit statement from year-begin to the end of report period
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. January-September 2011 Unit：RMB
Report period Same period of the previous year
Items
Consolidated Parent company Consolidated Parent company
I.Cash flows from operating
785,170,946.81 3,201,099.03 751,794,708.28 7,239,420.00
activities
Cash received from sales of
785,170,946.81 3,201,099.03 751,794,708.28 7,239,420.00
goods or rending of services
Net increase of customer
deposits and capital kept for
brother company
Net increase of loans
from central bank
13
Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
Net increase of
inter-bank loans from other
financial bodies
Cash received against
692,253,822.73 95,825,599.85 597,572,529.16 67,210,846.36
original insurance contract
Net cash received from
406,574,693.67 348,160.05 375,468,175.73 348,160.05
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
Sub-total of cash inflow 28,666,689.42 101,948.18 26,469,753.33 368,486.48
Cash paid for purchasing of
merchandise and services
Net increase of client trade
94,794,917.81 45,962,350.76 72,280,248.83 31,419,031.08
and advance
Net increase of savings n
central bank and brother 162,225,507.67 49,413,140.86 123,354,351.27 35,075,168.75
company
Cash paid for original
-7,985.84
contract claim
Cash paid for interest,
processing fee and
commission
Cash paid for policy
258,198,720.46 330,631,541.63 283,980,273.17 314,167,571.73
dividend
Cash paid to staffs or paid
235,494,720.45 235,494,720.45 282,961,508.08 282,961,508.08
for staffs
Taxes paid
Other cash paid for
351,115,844.54 238,007,040.81 438,202,452.29 254,196,145.37
business activities
Sub-total of cash outflow
4,936,972.65 3,391,900.00 17,031,053.69 343,210.70
from business activities
Cash flow generated by
55,036,151.25 230.00 52,726,005.32 163,965.70
business operation, net
II.Cash flow generated by
54,625,699.42 52,241,371.51
investing
Cash received from 301,016,665.94 241,398,710.81 402,507,500.66 254,375,390.37
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
investment retrieving
Cash received as investment
53,470,995.78 44,770,751.44
gains
Net cash retrieved from
disposal of fixed assets,
247,545,670.16 241,398,710.81 357,736,749.22 254,375,390.37
intangible assets, and other
long-term assets
Net cash received from
disposal of subsidiaries or 227,301,160.07 241,398,710.81 322,908,366.91 254,375,390.37
other operational units
Other investment-related
20,244,510.09 34,828,382.31
cash received
Sub-total of cash inflow due
to investment activities
Cash paid for construction of
fixed assets, intangible assets 0.18 0.19 0.26 0.20
and other long-term assets
Cash paid as investment 0.18 0.19 0.26 0.20
Net increase of loan against
-242,400,000.00 -242,400,000.00 302,400,000.00 302,400,000.00
pledge
Net cash received from
subsidiaries and other 5,145,670.16 -1,001,289.19 660,136,749.22 556,775,390.37
operational units
Other cash paid for
-15,098,839.93 -1,001,289.19 625,308,366.91 556,775,390.37
investment activities
Sub-total of cash outflow
20,244,510.09 34,828,382.31
due to investment activities
Net cash flow generated by
investment
III.Cash flow generated by
financing
Cash received as
investment
Incl: Cash received as
investment from minor
shareholders
Cash received as loans
Cash received from
bond placing
Other financing –related
ash received
Sub-total of cash inflow
from financing activities
Cash to repay debts
Cash paid as dividend,
profit, or interests
Incl: Dividend and profit
paid by subsidiaries to minor
shareholders
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
Other cash paid for financing
activities
Sub-total of cash outflow
due to financing activities
Net cash flow generated by
financing
IV. Influence of exchange
rate alternation on cash and
cash equivalents
V.Net increase of cash and
cash equivalents
Add: balance of cash and
cash equivalents at the
beginning of term
VI ..Balance of cash and cash
equivalents at the end of term
The merging party realized net profit of RMB 0.00 before consolidation under same control that occurred from year-begin to end of
this period.
4.4 Cash flow statement from year-begin to the end of report period.
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. January-September 2011 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
760,844,443.16 720,277,916.89
or rending of services
Net increase of customer
deposits and capital kept for
brother company
Net increase of loans
from central bank
Net increase of
inter-bank loans from other
financial bodies
Cash received against
original insurance contract
Net cash received from
reinsurance 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
16
Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
Net increase of
repurchasing business
Tax returned 124,000.00 124,000.00
Other cash received from
131,850,929.00 80,945,428.04 844,138,341.41 748,972,535.60
business operation
Sub-total of cash inflow 892,819,372.16 81,069,428.04 1,564,416,258.30 748,972,535.60
Cash paid for purchasing of
97,974,268.87 86,898,899.48
merchandise and services
Net increase of client trade
and advance
Net increase of savings n
central bank and brother
company
Cash paid for original
contract claim
Cash paid for interest,
processing fee and
commission
Cash paid for policy
dividend
Cash paid to staffs or paid
104,356,715.58 25,074,243.19 81,905,135.58 23,607,380.21
for staffs
Taxes paid 40,188,293.22 117,105.16 66,922,532.58 95,331.35
Other cash paid for
144,027,416.53 122,511,084.25 758,193,721.82 671,283,624.74
business activities
Sub-total of cash outflow
386,546,694.20 147,702,432.60 993,920,289.46 694,986,336.30
from business activities
Cash flow generated by
506,272,677.96 -66,633,004.56 570,495,968.84 53,986,199.30
business operation, net
II.Cash flow generated by
investing
Cash received from
investment retrieving
Cash received as investment
316,786,224.31 359,965,955.52 295,651,106.96 306,175,919.15
gains
Net cash retrieved from
disposal of fixed assets,
14,050.00 13,500.00 333,400.00 305,800.00
intangible assets, and other
long-term assets
Net cash received from
disposal of subsidiaries or
other operational units
Other investment-related
157,881,266.94 307,630,470.00
cash received
Sub-total of cash inflow due
316,800,274.31 517,860,722.46 295,984,506.96 614,112,189.15
to investment activities
Cash paid for construction of
554,904,577.96 827,086.00 746,978,144.40 2,763,341.00
fixed assets, intangible assets
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
and other long-term assets
Cash paid as investment 290,000,000.00 479,192,500.00 355,917,500.00 460,977,500.00
Net increase of loan against
pledge
Net cash received from
subsidiaries and other
operational units
Other cash paid for
205,000,000.00
investment activities
Sub-total of cash outflow
844,904,577.96 685,019,586.00 1,102,895,644.40 463,740,841.00
due to investment activities
Net cash flow generated by
-528,104,303.65 -167,158,863.54 -806,911,137.44 150,371,348.15
investment
III.Cash flow generated by
financing
Cash received as
56,397,500.00 35,020,000.00
investment
Incl: Cash received as
investment from minor
shareholders
Cash received as loans 1,081,490,000.00 601,490,000.00 1,378,210,000.00
Cash received from
bond placing
Other financing –related
ash received
Sub-total of cash inflow
1,137,887,500.00 601,490,000.00 1,413,230,000.00
from financing activities
Cash to repay debts 707,000,000.00 175,000,000.00 717,120,000.00
Cash paid as dividend,
376,123,027.79 179,370,107.64 336,170,586.46 170,387,696.12
profit, or interests
Incl: Dividend and profit
paid by subsidiaries to minor
shareholders
Other cash paid for financing
activities
Sub-total of cash outflow
1,083,123,027.79 354,370,107.64 1,053,290,586.46 170,387,696.12
due to financing activities
Net cash flow generated by
54,764,472.21 247,119,892.36 359,939,413.54 -170,387,696.12
financing
IV. Influence of exchange
rate alternation on cash and -17,188.56 -17,188.56 212,169.60 212,169.60
cash equivalents
V.Net increase of cash and
32,915,657.96 13,310,835.70 123,736,414.54 34,182,020.93
cash equivalents
Add: balance of cash and
cash equivalents at the 258,881,333.75 179,597,767.35 218,754,995.03 113,474,208.24
beginning of term
VI ..Balance of cash and cash 291,796,991.71 192,908,603.05 342,491,409.57 147,656,229.17
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Guangdong Provincial Expressway Development Co.,Ltd The Third Quarterly Report 2011
equivalents at the end of term
4.5 Auditor’s report
Auditor’s opinions: Not audited
19
