Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Guangdong Provincial Expressway Development Co., Ltd.
The Semi-Annual Report 2013
August 2013
1
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
I. Important Notice, Table of Contents and Definitions
The Board of Directors and the directors, Supervisory Committee and supervisors and Senior Executives of the
Company hereby warrant that at the year of 2010, 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.
All the directors have attended the meeting of the board meeting at which this report was examined.
The Company has no plan of cash dividends carried out, bonus issued and capitalizing of common reserves
either.
Mr.Li Xiyuan, The Company leader, Mr. Xiao Laijiu, Chief financial officer ,Mr. Yun Wujun, Chief
Accountant and Ms.Liu Xiaomei, the person in charge of the accounting department (the person in charge of the
accounting )hereby confirm the authenticity and completeness of the financial report enclosed in this Semi-annual
report.
The Semiannual Report of the Company for 2013 does not reflect the influence of the termination of toll
collection for Jiujiang Bridge on the operating status and financial position of the Company (Refer to the
Announcement of Important Matters issued by the Company on June 26, 2013 for details). As the Company is still
negotiating with governmental departments including Guangdong State-owned Assets Commission in respect of
the issues relating to the termination of toll collection for Jiujiang Bridge, the influence of such termination on the
operating status and financial position of the Company will be appraised after relevant issues are settled. Investors
are advised to pay attention.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Table of Contents
2013 Semi-Annual Report
I .Important Notice, Table of contents and Definitions
II. Basic Information of the Company
III. Summary of Accounting Highlights and Business Highlights
IV. Report of the Board of Directors
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Information about Directors, Supervisors and Senior Executives
VIII. Financial Report
IX. Documents available for inspection
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Definition
Terms to be defined Refers to Definition
The Company /This Company Refers to Guangdong Provincial Expressway Development Co.,Ltd.
Guangfo Refers to The controlling subsidiary Guangfo Expressway Co., Ltd.
Fokai Refers to The controlling subsidiary Fokai Expressway Co., Ltd.
Guangdong Expressway Technology Investment Co., a wholly-owned
Technology Company Refers to
subsidiary of the Company
The controlling parent Company， Guangdong Communication Group
Communication Group Refers to
Co., Ltd.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
II. Basic Information of the Company
I.Company Information
Stock abbreviation: Expressway A, Expressway B Stock code： 000429,200429
Stock exchange for listing： Shenzhen Stock Exchange
Name in Chinese 广东省高速公路发展股份有限公司
Abbreviation of Registered
粤高速
Company (if any)
English name (If any) Guangdong Provincial Expressway Development Co.Ltd.
English abbreviation (If
GPED
any)
Legal Representative Li Xiyuan
2. Contact person and contact manner
Board secretary Securities affairs Representative
Name Zuo Jiang Feng Xinwei
46/F, Litong Plaza, No.32, Zhujiang East 45/F, Litong Plaza, No.32, Zhujiang East
Contact address Road, Zhujiang New City, Tihe Disrtict , Road, Zhujiang New City, Tihe Disrtict ,
Guangzhou Guangzhou
Tel 020-29004609 020-29004522
Fax 020-38787002-4609 020-38787002-4522
E-mail zuojiang@aliyun.com fengxw2007@163.com
3.Other
1.Way to contact the Company
Whether registrations address, offices address and codes as well as website and email of the Company changed in
reporting period or not
√ Applicable □ Not Applicable
Registered address No.85, Baiyun Road, Guangzhou, Guangdong
Postal code of the Registered Address 510100
45-46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tihe
Office Address
Disrtict , Guangzhou
Postal code of the office address 510623
Internet Web Site www.gpedcl.com
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
E-mail zqb@gdcg.cn
Inquiry website of the Company’s announcements
www.cninfo.com.cn
（if any）
2. About information disclosure and where this report is placed
Did any change occur to information disclosure media and where this report is placed during the reporting period?
□ Applicable √ Not applicable
The newspapers designated by the Company for information disclosure, the website designated by CSRC for
disclosing this report and the location where this report is placed did not change during the reporting period. The
said information can be found in the 2012 Annual Report.
3.Registration changes of the Company
Whether registration has changed in reporting period or not
□ Applicable √ Not applicable
Date/place for registration of the Company, registration nmber for enterprise legal license number of taxation
registration and organization code have no change in reporting period, found more details in annual report 2012.
4.Other relevant information
Whether other relevant information has changed in reporting \period or not
□ Applicable √ Not applicable
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
III. Summary of Accounting Highlights and Business Highlights
I.Summary of accounting /Financial Data
May the Company make retroactive adjustment or restatement of the accounting data of the previous years due to
change of the accounting policy and correction of accounting errors.
□Yes √No
Reporting period Same period of last year YoY+/-（%）
Operating income（RMB） 629,975,588.18 544,249,165.97 15.75%
Net profit attributable to the shareholders
57,611,897.53 157,483,597.89 -63.42%
of the listed company（RMB）
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of 57,007,858.34 154,937,670.42 -63.21%
listed company（RMB）
Cash flow generated by business operation,
331,636,565.56 324,157,232.77 2.31%
net（RMB）
Basic earning per share(RMB/Share) 0.05 0.13 -61.54%
Diluted gains per
0.05 0.13 -61.54%
share(RMB/Share)(RMB/Share)
Net asset earning ratio（%） 1.35% 3.77% -2.42%
As at the end of the
As at the end of last year YoY+/-（%）
reporting period
Gross assets（RMB） 13,146,418,454.11 13,154,565,539.37 -0.06%
Shareholders’ equity attributable to
4,225,215,974.00 4,268,859,963.87 -1.02%
shareholders of the listed company（RMB）
（III）Items and amount of non-current gains and losses
Unit：RMB
Items Amount Notes
Gain/loss from disposal of non-current assets, including the part
-237,286.47
offset with the provision for impairment of assets
Other non-business income and expenditures other than
1,472,209.70
the above
Less：Amount of influence of income tax 360,505.16
Amount of influence of minority interests(after tax) 270,378.88
Total 604,039.19 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
IV. Report of the Board of Directors
I. General
In the first half of 2013, the board of directors of the Company actively implemented all resolutions of
shareholders'general meeting, duly performed its duties and all directors did their duties diligently. Facing austere
macropolicy environment, the board of directors unceasingly improved and standardized all operation
management activities, further reinforced management foundation and enhanced management level through
strengthening internal management. Meanwhile, the management of the Company strictly implemented
resolutions of the board of directors and actively carried out operation management activities.
The expansion project of Xiebian-Sanbao Section of Fokai Expessway, a controlled subsidiary of the
Company, was completed at the end of 2012. In the first half year, on the one hand, vehicle traffic volume and toll
income of Fokai Expressway increased due to the completion of the expansion project. On the other hand,
provision for depreciation was made for this expansion project from January of 2013 and the capitalization of
relevant interest on borrowings stopped. As a result, the operating cost and financial expenses of the Company
increased by big margin in the first half of 2013. The additional income after the completion of this expansion
project failed to make up additional costs and expenses so that the net profit for the shareholders of the Company
for the report period decreased by big margin.
Guangdong Transportation and Communication Department held a videophone conference for quickening
special clearing of toll highways on June 24, 2013. The conference issued the Notice of Relevant Matters
Concerning Quickening Special Clearing of Toll Highways in Guangdong Province (Yue Jiao Ming Dian (2013)
No. 56 Document). As required by No. 56 Document, Jiujiang Bridge, which is controlled by the Company, will
stop toll collection from 24:00 of June 30, 2013. So far, the Company has not reached agreement with
governmental departments through consultation in respect of the scheme for project benefit compensation or asset
disposal after the enforcement of the above-mentioned notice. As the influence of this matter on the Company is
quite uncertain, it is impossible to appraise the influence on the operating status and financial position of the
Company.
II. Analysis on principal Business
1.Ge The Company is an infrastructure industry, with main business in developing and operating expressway and
big bridges. It is one of the main institutions of developing expressway and big bridge in Guangdong Expressway
System. The expressway industry is the industry helped by government.
In the report period, the vehicle traffic and toll income of the controlled subsidiaries and joint ventures of the
Company are as follows:
Volume of vehicle Increase Toll income in the first Increase
traffic in the first /Decrease(%) half of 2013 /Decrease(%)
half of (RMB’0000 )
2013( vehicles)
Guangfo Expressway 20,013,399 10.90% 14998.29 2.90%
Fokai Expressway 16,338,819 23.31% 46199.37 27.49%
Jiujiang bridge 302,560 -91.38% 481.09 -81.59%
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Huiyan Expressway 15,185,838 9.26% 10527.25 -20.12%
Maozhan Expressway 5,977,802 10.95% 23897.52 0.91%
Jingzhu Expressway Guangzhu 25,410,362 7.36% 44626.50 -17.34%
Section
Guangzhao Expressway 11,114,392 14.06% 22211.08 1.57%
Guanghui Expressway 14,930,759 8.33% 63868.62 2.90%
Jiangzhong Expressway 16,794,065 0.33% 16197.96 -7.13%
Kangda Expressway 855,332 29.49% 10157.81 15.17%
Gankang Expressway 944,058 27.20% 7724.50 29.98%
From June 1, 2012, unified expressway toll standard applied in the whole Guangdong Province. From
September 30, the scheme for no toll for mini-buses on important holidays went into effect. Therefore, the
year-on-year growth rate of toll income of the expressways controlled or held by the Company was not inapparent
under the circumstance of year-on-year growth of vehicle traffic volume. The toll income of some sections such as
Huiyan Expressway and Guangzhu Section of Jingzhu Expressway decreased by big margin.
As Fokai Expressway was open to traffic again due to full completion of the expansion project, its vehicle
traffic volume and toll income increased by big margin year on year. Due to the implementation of yearly ticket
system, the toll of Jiujiang Bridge decreased by big margin. As large quantity of vechicles changed to run on
Gankang Expressway as a result of maintenance of Ganzhou Jiujiang Bridge, the vehicle traffic volume and toll of
Gankang Expressway increased by big margin.
Year-on-year change of main financial data
Unit：RMB
This report period Same period last year YOY change（%） Cause change
Due to change of
applicable charging
standard and recovered
Operating income 629,975,588.18 544,249,165.97 15.75% growth of vehicle traffic
volume after completion
of the expansion project
of Fokai Expressway
Due to increase of
depreciation caused by
the completion of Fokai
Operating cost 403,435,560.64 276,072,432.07 46.13%
Expressway expansion
project and increase of
vehicle traffic volume
Sale Cost 0.00 0.00 0%
Due to the change of
Administrative expenses 81,306,279.47 77,632,477.02 4.73%
labor cost and other
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
special costs
Financial expenses
increased year on year
due to increase of
interest-bearing liabilities
and transfer of partial
Financial expenses 214,952,062.12 156,261,654.01 37.56%
loan interests into
expenses after
completion of Fokai
Expressway expansion
project.
Income tax payable
decreased due to
Income tax expenses 15,594,330.60 32,590,527.41 -52.15% decrease of amount of
taxable income of Fokai
Company
R&D investment 0.00 0.00 0%
Net cash flows from
331,636,565.56 324,157,232.77 2.31%
operating activities
Net cash flows from
-147,848,205.69 -360,075,148.34 -58.94%
investing activities
Net cash flows from
22,519,835.24 277,015,532.98 -91.87%
financing activities
Net increase in cash and
206,545,017.82 241,099,804.07 -14.33%
cash equivalents
Major changes in profit composition or cources during the report period
□ Applicable √ Not applicable
The profit composition or sources of the Company have remained largely unchanged during the report period.
Delay of future development and plan disclosed in Company’s IPO prospectus, fund raising prospectus and capital
reorganization report into this report period.\
□ Applicable √ Not applicable
No future development and plan disclosed in Company’s IPO prospectus, fund raising prospectus and capital
reorganization report into this report period.\
Implementation of business plans disclosed in previous periods in this period.
The plannned operating income and operating cost of the Company for 2013 disclosed in the annual report
for 2012 were RMB 1.209 billion and RMB 0.892 billion respectively. As of June 30, 2013, its operating income
and operating cost were RMB 630 million and RMB 403 million respectively.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
3. Business composition
Unit：RMB
Increase/decrease
Increase/decrease Increase/decrease
of rincipal
of reverue in the of gross profit
Gross profit business cost over
Turnover Operation cost same period of rate over the same
rate(%) the same period
the previous period of the
of previous year
year(%) previous year (%)
(%)
Industry
Highway
615,488,183.97 396,294,111.79 35.61% 14.9% 146.47% -13.88%
transportation
Other 3,862,710.82 3,170,416.11 17.92% 14.39% 113.18% 0.88%
Product
Toll income 615,488,183.97 396,294,111.79 35.61% 14.9% 146.47% -13.88%
Other 3,862,710.82 3,170,416.11 17.92% 14.39% 113.18% 0.88%
Area
Guangfo
149,624,856.17 101,228,616.31 32.35% 2.27% -10.17% 9.36%
Expressway
Fokai
461,051,509.80 273,820,038.34 40.61% 26.92% 102.81% -22.22%
Expressway
Jiujiang Bridge 4,811,818.00 21,245,457.14 -341.53% -81.59% -7.11% -354%
Other 3,862,710.82 3,170,416.11 17.92% 14.39% 13.18% 0.88%
4. Analysis On core Competitiveness
The Company is an infrastructure industry, with main business in developing and operating expressway and
big bridges. It is one of the main institutions of developing expressway and big bridge in Guangdong Expressway
System.
Guangfo Expressway holding company, the Fokai Expressway and Maozhan Expressway are the parts "five
vertical and seven horizontal part of the national highway network planning. The holding highways are also the
Guangdong Provincial Expressway Network Plan which provide a strong guarantee for the traffic flow. At the
same time, the regional economy is an important factor affecting highway traffic volume. With the gradual
implementation of expressway network planning of Guangdong Province in recent years, the road network
connection effect has been increasingly better, which contributes to accelerating the growth of vehicle traffic
volume of expressways run by the Company.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
V. Analysis on investment Status
1. External Equity investment
（1）Holding of the equipty in financial enterprises
Shareholding
Number of shares held Number of shares Book balance at
Intial Shareholding proportion at proportion at Gain.loss of
Company Company at the beginning of the held at the end of the end of the Accounting Sauce of
Investment cost the the beginning of the the end of the the reporting
Name type reporting period the reporting reporting period items the shares
(RMB) reporting period (%) reporting period (RMB)
(shares) period(shares) (RMB)
period(%)
China Financial assets
Commerci Subscribe
Everbright 528,000,000.00 240,000,000 0.59% 240,000,000 0.59% 681,600,000.00 31,920,000.00 available for
al Bank on 2009
Bank sale
Total 528,000,000.00 240,000,000 -- 240,000,000 -- 681,600,000.00 31,920,000.00 -- --
2. Analysis on principal subsidiaries and Mutual Shareholding Companies
Particulars about the principal subsidiaries and Mutual shareholding companies
Unit：RMB
Company Company Sectors Registered Operating Net Profit
Leading products and services Total assets(RMB) Net assets (RMB) Tumover (RMB)
Name type engaged in capital profit (RMB) (RMB)
Guangfo Operating Guangfo Expressway Co., Ltd.(starts from
RMB 200
Expressway Subsidiary Expressway Hengsha, Guangzhou, ends in Xiebian, Foshan. Total 822,179,669.36 293,947,171.18 152,978,176.69 22,631,731.90 17,181,653.24
million
Co., Ltd. length 15.7 kilometers
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Guangdong
Operation and management of Fokai Expressway RMB
Fokai
Subsidiary Expressway Co., Ltd., supporting salvage, maintenance and 1.108 7,790,904,040.73 3,118,487,387.21 470,296,975.43 17,067,087.00 8,364,855.71
Expresswa
cleaning, supply of parts and components billion
y
Investing in science and technology industries.
Investment in technical industries and provision of
relevant consulting services, research and
development of lighting technology, energy saving
Guangdong
and storage technology, photovoltaic technology of
Expressway
solar energy and production and sales of relevant RMB 100
Technology Subsidiary 42,597,272.29 1,912,075.65 8,533,149.34 -2,077,874.68 -2,078,241.72
products, design, production , release and agency of million
Investment
all kinds of domestic and foreign advertisements,
Co., Ltd
construction and maintenance management of
highway projects and domestic trade. （excluding
illegally， or prohibited and restricted by law
products）
the organization and management of the construction
of the main line of Shenzhen section of Huiyan
Shenzhen
Expressway, its operation, management and
Huiyan Sharing RMB 36
Expressway maintenance after its completion, collection of toll 528,095,162.03 497,673,624.87 110,536,929.90 44,468,815.20
Expressway company million
and road service management, the construction
Co., Ltd.
management of road, bridge and culvert projects and
engineering consultation
Guangdong
Operation, maintenance and management of
Maozhan Sharing RMB 1.12
Expressway Dianbai-Zhanjiang Expressway and relevant 2,651,019,868.34 920,746,691.55 235,745,053.72 59,167,744.03
Expressway company billion
supporting facilities.
Co., Ltd
Jingzhu Sharing The operation and management of RMB 580 194,102,674.2
Expressway 3,836,845,759.35 806,735,860.61 461,263,734.98
Expressway company Guangzhou-Zhuhai Expressway and provision of million 2
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Guangzhu supporting services including fueling, salvage and
Section Co., supply of parts and components
Ltd.
Zhaoqing Construction, operation and management of
RMB
Yuezhao Sharing Guangzhao Expressway, old highways and their
Expressway 818.3mill 2,076,125,341.32 866,437,381.32 224,602,043.67 80,477,241.83
Highway company supporting facilities, service facilities and integrated
ion
Co., Ltd. projects.
Guangdong Investment in and construction of Guanghui
RMB
Guanghui Sharing Expressway Co., Ltd. and supporting facilities, the 209,552,438.3
Expressway 2.352 5,683,588,623.40 3,081,883,528.29 645,073,445.30
Expressway company toll collection and maintenance management of 1
million
Co., Ltd. Guanghui Expressway
Guangdong Investing in, constructing, operating and managing
RMB
Jiangzhong Sharing Jiangzhong Expressway Co., Ltd. and phase-II
Expressway 1.015 2,486,988,057.12 1,051,113,486.70 173,218,694.41 16,851,472.62
Expressway company project of Jianghe Expressway and developing
billion
Co., Ltd.. supporting projects.
Construction, operation and management of
Ganzhou expressway projects; highway maintenance;
Kangda Sharing Advertising; wholesale and retail of construction RMB 600
Expressway 1,699,271,475.31 309,560,101.68 103,208,484.00 30,213,393.12
Expressway company machinery equipments and accessories (the million
Co., Ltd. above-mentioned projects should be in accordance
with state special provisions)
Project of Ganzhou-dayu expressway
(Maodian-Sanyi) and the construction and
Ganzhou management of Ganjiang Highway project; earth
Gankang Sharing mining and sale; highway maintenance; advertising; RMB 754
Expressway 1,968,327,931.31 660,810,545.43 76,960,646.67 9,303,198.05
Expressway company service facilities; building materials, decoration million
Co., Ltd. materials, metal materials, wholesale and retail of
construction machinery and equipments and
accessories (the above-mentioned projects should be
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
in accordance with state special provisions).
Guangdong
Conducting investment, construction, operation and
Guangle Joint stock RMB 500
Expressway management on Guangle expressway and its assorted 22,518,538,833.00 4,531,534,072.45
Expressway company million
facilities.(excluding project need permit).
Co., Ltd.
6. Performance Forecast for January to September 2013
Alert of loss or significant change in net profit from the beginning of year to the end of next report period or comparing with the same period of last year, and
statement of causations.
□ Applicable √ Not applicable
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
VII. Profit distribution carried out in the report period
Execution or adjustment of profit distribution, especially cash dividend, and capitalizing of reserves in the report
period.
√Applicable□ Not Applicable
Which has been adopted. According to the resolution passed at the annual shareholders’ general meeting 2012,
The Company's dividend distribution plan for 2012: With the existing total share capital, i.e., 1,257,117,748 shares,
as the base, cash dividend of RMB 0.50 (including tax) is to be distributed for every 10 shares,Cash dividend of
RMB 62,855,887.40 is to be distributed, The undistributed profit was carried forward to the nest year. The
Company had implemented this distribution plan on May 28, 2013.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
V. Important Events
I. Administrative position
The company strictly abides by the requirements of laws and regulations of "Corporate Law", "Securities Law",
"Governance Rules of Listed Companies" and "Listing Rules of Stocks" to continuously perfect the corporate
governance structure and improve the norms operation level. Also, the company has set up the "Articles of
Association", the parliamentary procedure of three meetings operating, the work rules of the special committee of
the Board of Directors, the work rules of General Manager and other systems, as well as the internal control
systems basically covering the company's financial management, investment management, information disclosure,
affiliated transactions, external guarantee, funds-raising and all aspects of business management, and all the
systems have been implemented better.
At present, the actual status of corporate governance complied with the requirements of relevant documents
of CSRC and regulatory authority. According to the requirements of relevant laws and regulations and regulatory
documents, the Company will stick to the policy of continuous rectification, unceasingly strengthen the
construction of corporate governance structure, continously enhance its level of corporate governance and make
its governance structure more steady and transparent.
II. Major lawsuits and Arbitration affairs
□ Applicable √ Not applicable
The Company has no major lawsuit or arbitration in the report period.
III. Query form media
□ Applicable √ Not applicable
In the reporting year, the Company had no query from media
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
IV. Material related transactions
1..Important related transitions with joint investment
Pricing Total assets
Registered Net assets of Net profit of
Joint principle for Name of the of the
Relationship Principal business of the investee capital of the the investee the investee
investors the joint investee investee
investee (RMB) (RMB)
investment (RMB’0000)
Controlled According to Guangdong
Guangdong
by the same the project Fokai Operation and management of Fokai Expressway Co., Ltd., supporting
Expressway 1.108 billion 779,090.4 311,848.74 836.49
parent budget Expressway salvage, maintenance and cleaning, supply of parts and components
Co., Ltd.
company Co., Ltd.
The progress of major
projects under construction
In 2013, the Company invested 40.1505 million on Guangdong Fokai Expressway Co., Ltd.
of the invested enterprise (If
any)
2 Credits/Debts with Related Parties
Did there exist any non-operational related rights of credit and liabilities
□ Yes s √ No
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Whether there Balance at the Amount in
Balance at the
Reason for is the use of beginning of this
Associated party Association relationship Type of claims and debts end of period
formation non-operating period period(RMB’
(RMB’0000)
capitals (RMB’0000) 0000)
Guangdong Expressway Co., Ltd. The controlling Parent Company Related party debt receivable No 32.88 111 143.88
Guangdong Maozhan Expressway Co., Ltd. The controlling Parent Company Related party debt receivable No 76.19 0 76.19
Guangdong Kaiyang Expressway Co., Ltd. The controlling Parent Company Related party debt receivable No 54.55 -48.89 5.66
Guangdong Yangmao Expressway Co., Ltd. The controlling Parent Company Related party debt receivable No 0 3 3
Guangdong Taishan Coastal Expressway Co.,
The controlling Parent Company Related party debt receivable No 0 3 3
Ltd.
Guangdong LulutongCo., Ltd. The controlling Parent Company Related party debt receivable No 1.79 0 1.79
Guangdong Changda Highway Engineering
The controlling Parent Company Related party debt receivable No 7.56 -7.56 0
Co., Ltd.
Zhaoqing Yuezhao Highway Co., Ltd. Joint venture Related party debt receivable No 13.13 -11.25 1.88
Guangdong Changda Highway Engineering
The controlling Parent Company Related party debt receivable No 3,346.51 -3,346.51 0
Co., Ltd.
Guangdong Hualu communication Technology
The controlling Parent Company Related party debt receivable No 20 -20 0
Co., Ltd.
Jingzhu Expressway Guangzhu Affiliated company Related party debt receivable No 5,336.01 2,728.82 8,064.83
Beijing Gelin Enze Joint venture Related party debt receivable No 1,222.01 0 1,222.01
Guangdong Litong Property Investment Co.,
The controlling Parent Company Related party debt receivable No 140.02 8.89 148.9
Ltd.
Guangdong Guanghui Expressway Co., Ltd. Joint venture Related party debt receivable No 66.8 0 66.8
Guangdong Xinlu Adverting Co., Ltd. The controlling Parent Company Related party debt receivable No 91.99 -26.88 65.11
Zhaoqing Yuezhao Highway Co., Ltd. Joint venture Related party debt receivable No 51.93 -1.17 50.76
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Guangdong Kaiyang Expressway Co., Ltd. The controlling Parent Company Related party debt receivable No 7.72 33.72 41.44
Guangdong Gaoda Property Development Co.,
The controlling Parent Company Related party debt receivable No 9.15 0 9.15
Ltd.
Guangdong Maozhan Expressway Co., Ltd. Affiliated company Related party debt receivable No 4.01 0 4.01
Guangdong Shanfei Expressway Co., Ltd. The controlling Parent Company Related party debt receivable No 2.45 0 2.45
Guangyun ExpresswayCo., Ltd. The controlling Parent Company Related party debt receivable No 0.61 0 0.61
Guangdong Xinyue Communication
The controlling Parent Company Related party debt receivable No 0.22 0 0.22
Investment
Co., Ltd.
Guangdong Changda Highway Engineering
The controlling Parent Company Related party debt receivable No 7.07 -7.07 0
Co., Ltd.
Guangdong Shipping Planning and Design
The controlling Parent Company Related party debt receivable No 3.69 -3.69 0
Institute
Guangdong Luqiao Construction Development
The controlling Parent Company Related party debt receivable No 0.38 -0.38 0
Co., Ltd.
Guangdong Changda Highway Engineering
The controlling Parent Company Related party debt Payable No 1,990.59 457.1 2,447.69
Co., Ltd.
Guangdong Expressway Co., Ltd. The controlling Parent Company Related party debt Payable No 1,372.83 0 1,372.83
Guangdong Guanghui Expressway Co., ltd. Joint venture Related party debt Payable No 393.15 142.08 535.24
Guangdong Xinyue Communication
The controlling Parent Company Related party debt Payable No 681.28 -224.24 457.04
Investment
Co., Ltd.
Guangdong Lulutong Co., Ltd. The controlling Parent Company Related party debt Payable No 100.79 -68.74 32.05
21
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Guangdong Hualu communication Technology
The controlling Parent Company Related party debt Payable No 75.01 -45.19 29.82
Co., Ltd.
Guangzhou Xinruan Computer Technology
The controlling Parent Company Related party debt Payable No 186.06 -170.36 15.7
Co., Ltd.
Guangdong East Thinking Management
The controlling Parent Company Related party debt Payable No 32.2 -18.41 13.79
Technology Development Co., Ltd.
Zhaoqing Yuezhao Highway Co.,Ltd. Joint venture Related party debt Payable No 0 0.8 0.8
Guangdong Changda Highway Engineering
The controlling Parent Company Related party debt Payable No 7,845.9 -265.4 7,580.5
Co., Ltd.
Guangdong Expressway Co., Ltd. The controlling Parent Company Related party debt Payable No 1,590.53 1,010.04 2,600.57
Guangdong Litong Property Investment Co.,
The controlling Parent Company Related party debt Payable No 0 210.03 210.03
Ltd.
Guangdong Xinyue Communication
The controlling Parent Company Related party debt Payable No 156.27 -4 152.27
Investment
Co., Ltd.
Guangdong Gaoda Property Development Co.,
The controlling Parent Company Related party debt Payable No 0 40.08 40.08
Ltd.
Guangdong Hualu communication Technology
The controlling Parent Company Related party debt Payable No 25.66 1.21 26.88
Co., Ltd.
Guangdong Highway Construction Co., Ltd. The controlling Parent Company Related party debt Payable No 7.36 7.12 14.48
Guangdong Shenshanxi Highway Co., Ltd. The controlling Parent Company Related party debt Payable No 0 14.41 14.41
Guangdong Shipping Planning and Design
The controlling Parent Company Related party debt Payable No 41.67 -27.78 13.89
Institute
Guangzhou Xinruan Computer Technology The controlling Parent Company Related party debt Payable No 13.16 0.47 13.63
22
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Co., Ltd.
Guangdong LulutongCo., Ltd. The controlling Parent Company Related party debt Payable No 9.6 -1.38 8.21
Guangdong Xinlu Adverting Co., Ltd. The controlling Parent Company Related party debt Payable No 3 0 3
Guangdong West Coastal Expressway Co.,
The controlling Parent Company Related party debt Payable No 0.29 1.93 2.22
Ltd.
Guangdong Yuzhan Expressway Co., Ltd. The controlling Parent Company Related party debt Payable No 0 1.85 1.85
Guangdong Zhaoyang Expressway Co., Ltd. The controlling Parent Company Related party debt Payable No 0 1.74 1.74
Guangzhou Xinyue Asphalt Co., Ltd. The controlling Parent Company Related party debt Payable No 0.31 0 0.31
2. Other material related transactions
None
Relevant inquity with the internet website for disclosing provisional report on material related transactions
Date of disclosing provisional Description of the website for disclosing
Description of provisional announcement
announcement provisional announcements
23
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
V. Important contracts and implementation
1.Guarantees
Unit:RMB’0000
External Guarantee (Exclude controlled subsidiaries)
Guarante
Relevant e
Date of
disclosure Complete for
happening Actual
Name of the date/No. of Amount of Guarantee Guarantee implemen associate
(Date of mount of
Company the Guarantee type term tation d
signing guarantee
guaranteed or not parties
agreement)
amount (Yes or
no)
Guangdong
May 11,
Communication 150,000 May 31, 2012 150,000 Impawn Yes No Yes
2012
Group Co., Ltd.
Total of external guarantee Total of actual external
150,000 150,000
approved in Period(A1) guarantee in Period(A2)
Total balance of actual
Total of external guarantee
150,000 external guarantee at 150,000
approved at Period-end(A3)
Period-end(A4)
Guarantee of the Company for the controlling subsidiaries
Guarante
Relevant e
Date of Complete
disclosure for
Name of the Amount happening Actual implemen
date/No. of Guarantee Guarantee associate
Company of (Date o mount of tation
the type term d
guaranteed guarantee signing guarantee or
guaranteed parties
agreement) not
amount (Yes or
no)
Total of Company’s guarantee（namely total of the large two aforementioned）
Total of guarantee in the Period Total of actual guarantee in
150,000 150,000
(A1+B1) the Period (A2+B2)
Total of actual guarantee at
Total of guarantee at Period-end
150,000 Period-end 150,000
(A3+B3)
(A4+B4)
The proportion of the total amount of actually 35.5%
24
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
guarantee in the net assets of the Company(that is A4+B4)
Including：
Amount of guarantee for shareholders, actual controller and its
150,000
associated parties(C)
The debts guarantee amount provided for the
Guaranteed parties whose assets-liability ratio exceed 0
70% directly or indirectly(D)
Proportion of total amount of guarantee in net assets of the
0
Company exceed 50%(E)
Total amount of the aforesaid three guarantees (C+D+E) 150,000
Explanations on possibly bearing joint and several liquidating
None
responsibilities for undue guarantees(if any)
Description of the guarantee with complex method
VI The Commitments of the Company or shareholders of the Company holding more than
5% during the report period or until the report period.
Commitment Commitment Commitment
Commitments Commitment content Implementation
party time period
Commitments at share
reform
Commitments made in
acquisition report or
equity changes report
Commitments at asset
restructuring
Commitments at the initial
public offering or
refinancing
The Company will not plan any
Guangdong
significant asset reorganization,
Provincial
acquisition, issue of shares
Other commitments made Expressway
concerning itself or other March 25, 2013 3 months Complete
to minority shareholders Development
matters having significant
Co.，Ltd.
influence on itself in the next
three months
Guangdong The Company will not plan any
Communication significant asset reorganization, March 25, 2013 3 months Complete
Group Co., Ltd. acquisition, issue of shares
25
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
concerning itself or other
matters having significant
influence on itself in the next
three months
Executed timely or not? Yes
VII. Appointment and non-reappointment (dismissal)of CPA.
Whether financial report of this Semi-annual report is audited or not
□ Yes √ No
VIII. Explanation on other significant events
Guangdong Transportation and Communication Department held a videophone conference for quickening
special clearing of toll highways on June 24, 2013. The conference issued the Notice of Relevant Matters
Concerning Quickening Special Clearing of Toll Highways in Guangdong Province (Yue Jiao Ming Dian (2013)
No. 56 Document). Partial content of this document is as follows: As for 27 built-up projects assigned as for-profit
highways for which the government repays loans, the term of charge collection can be extended according to the
right of charge collection for such highways. However, the extended term shall not be more than 5 years. The
accumulative term of charge collection shall not exceed 20 years at most. The unified verified term for charge
collection is 20 yrears (from the day of project completion and toll collection). For the projects that have collected
tolls for more than 20 years, toll collection shall be cancelled. The highway projects subject to toll cancellation
shall cancel toll from 24:00 of June 30, 2013. Their remaining debts shall be assumed by the project operation
companies themselves, which shall not be included or transferred into the base of loan repayment on year-ticket
basis. "Jiujiang Bridge is a construction project in which an enterprise under provincial administration invested.
As for relevant problems occurred after rectification, the Provincial State-owned Assets Commission shall
coordinate in handling such problems."
Up to the present, the accumulative term of toll collection of Jiujiang Bridge of No. 325 National Highway
managed by Jiujiang Bridge Branch of Guangdong Fokai Expressway Co., Ltd., a controlled subsidiary of the
Company, is 25 years. As required by this document, toll collection shall be cancelled from 24:00 of June 30,
2013 due to the expiration of the term of toll collection.
The Company is now appraising the influence of this matter on the operating status and financial positionof
the Company.
The Company published Announcement of Important Matters on www.cninfo.com.cn on June 26, 2013.
26
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
VI. Change of share capital and shareholding of Principal Shareholders
(I).Changes in share capital
Before the change Increase/decrease（+，-） After the Change
Amount Proportion Capitalization
Share Bonus Proportio
of common Other Subtotal Quantity
allotment shares n
reserve fund
1.Shares with conditional subscription 440,493,427 35.03% 0 0 0 -8,101 -8,101 440,485,326 35.03%
1.State-owned shares 409,948,548 32.61% 0 0 0 0 0 409,948,548 32.61%
2.State-owned legal person shares 22,301,977 1.77% 0 0 0 0 0 22,301,977 1.77%
3.Other domestic shares 8,078,359 0.64% 0 0 0 0 0 8,078,359 0.64%
Including ：Domestic Legal person shares 7,590,495 0.6% 0 0 0 -40,764 -40,764 7,549,731 0.6%
Domestic natural person shares 487,864 0.04% 0 0 0 40,764 40,764 528,628 0.04%
4. Foreign shares 0 0% 0 0 0 0 0 0 0%
Including：Foreign Legal person shares 0 0% 0 0 0 0 0 0 0%
Foreign natural person share 0 0% 0 0 0 0 0 0 0%
5 .Executive shares 164,543 0.01% 0 0 0 -8,101 -8,101 156,442 0.01%
II.Shares with unconditional subscription 816,624,321 64.97% 0 0 0 8,101 8,101 816,632,422 64.97%
1.Common shares in RMB 467,874,321 37.22% 0 0 0 8,101 8,101 467,882,422 37.22%
2.Foreign shares in domestic market 348,750,000 27.75% 0 0 0 0 0 348,750,000 27.75%
3. Foreign shares in foreignc market 0 0% 0 0 0 0 0 0 0%
4.Other 0 0% 0 0 0 0 0 0 0%
III. Total of capital shares 1,257,117,748 100% 0 0 0 0 0 1,257,117,748 100%
Reasons for share changed
√ Applicable □ Not applicable
27
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
1. In the report period, 40,764 shares held by domestic legal persons subject to sale restriction were transferred into shares held by domestic natural persons subject to
sale restriction.
2. In the report period, Mr. Chen Chuxuan was not on his post for more than 6 months. 5987 "frozen senior executive shares" held by him changed into "unrestricted
negotiable shares".
3. In the report period, 2114 "frozen senior executive shares" held by Mr. Xiao Laijiu, a senior executive, changed into "unrestricted negotiable shares".
28
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Approval of Change of Shares
□Applicable√Not applicable
Ownership transfer of share changes
√Applicable □Not applicable
On April 18, 2013, 17 shareholders handled the procedures of judicial transfer of title at Shenzhen Branch of
China Securities Registration & Settlement Co., Ltd. 46848 shares were involved.
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to
common shareholders of Company in latest year and period
□Applicable√Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security
regulators
□Applicable√Not applicable
Explanation on changes in aspect of total shares, shareholders structures as well as structure of assets and liability
of the Company
□Applicable√Not applicable
29
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
II. Number of shares and shares held
Unit:shares
Total shareholder at period-end 91,028
Shareholders with over 5% shares held
Changes Number os share
Amount of Amount of
Proportion of shares Number of shares held at period in pledged/frozen
Shareholders Nuture of shareholder restricted un-restricted
held（%） -end reporting State of
shares held shares held Amount
period share
Guangdong Communication Group
State-owned legal person 40.83% 513,328,290 409,948,548 103,379,742 Frozen 103,379,742
Co.,Ltd
Domestic non State-owned
Haerbin Hali Industrial Co., Ltd. 1.77% 22,291,311 0 22,291,311
Legal person
Guangdong Expressway Co., Ltd State-owned legal person 1.56% 19,582,228 19,582,228 0
Xinyue Co., Ltd. Foreign legal person 1.05% 13,201,086 0 13,201,086
Guangdong Yuecai Trust
State-owned legal person 0.97% 12,174,345 0 12,174,345
Investment CO., Ltd.
Domestic natural person
Li Zhuo 0.91% 11,459,983 0 11,459,983
shares
Haerbin Daoli District, Treasury Domestic non State-owned
0.34% 4,293,774 0 4,293,774
Services Dept. Legal person
Shanxi Huiteng International Freight Domestic non State-owned
0.3% 3,763,490 0 3,763,490
Forwarding Co., Ltd. Legal person
30
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Domestic natural person
Liu Feng 0.29% 3,671,221 0 3,671,221
shares
Domestic natural person
Hu Maohua 0.24% 3,059,280 0 3,059,280
shares
Strategy investors or general legal person becomes top 10
None
shareholders due to rights issued (if applicable)（See Notes 3）
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Expressway Co., Ltd. and Xinyue Co.,
Explanation on associated relationship among the aforesaid Ltd.. It is unknown whether there is relationship between other shareholders and whether they are persons taking concerted
shareholders action specified in the Regulations on Disclosure of Information about Change in Shareholding of Shareholders of Listed
Companies.
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted shares held at the Share type
Name of the shareholder
end of the reporting period (Note 4) Share type Quantity
Guangdong Communication Group Co.,Ltd 103,379,742 RMB Common shares 103,379,742
Haerbin Hali Industrial Co., Ltd. 22,291,311 RMB Common shares 22,291,311
Xinyue Co., Ltd. 13,201,086 Foreign shares placed in domestic exchange 13,201,086
Guangdong Yuecai Trust Investment CO., Ltd. 12,174,345 RMB Common shares 12,174,345
Li Zhuo 11,459,983 RMB Common shares 11,459,983
Haerbin Daoli District, Treasury Services Dept. 4,293,774 RMB Common shares 4,293,774
Shanxi Huiteng International Freight Forwarding Co., Ltd. 3,763,490 RMB Common shares 3,763,490
Liu Feng 3,671,221 RMB Common shares 3,671,221
Hu Maohua 3,059,280 Foreign shares placed in domestic exchange 3,059,280
Lu Weiqiang 2,888,848 Foreign shares placed in domestic exchange 2,888,848
Explanation on associated relationship or consistent action among the top 10 Guangdong Communication Group Co., Ltd. is the parent company of Xinyue Co., Ltd.. It is unknown whether
shareholders of non-restricted negotiable shares and that between the top 10 there is relationship between other shareholders and whether they are persons taking concerted action specified
31
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
shareholders of non-restricted negotiable shares and top 10 shareholders in the Regulations on Disclosure of Information about Change in Shareholding of Shareholders of Listed
Companies.
Did any shareholder of the Company carry out an agreed buy-back in the reorting period?
□ Yes √ No
III. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
Change of the actual controller in the reporting period
□ Applicable √ Not Applicable
32
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
VII. Information about Directors, Supervisors and Senior Executives
I. Change in shares held by directors, supervisors and senior executives
√ Applicable □ Not applicable
Increase of Decrease of
The number of The number of
Sharesheld at shares held shares held The number of
Shares held at restricted share restricted shares
Employment period in the in the restricted shares
Name Title period end granted at period granted in the
status beginning current current granted at period
（share） beginning current period
(Share) period(sha period end （share）
（share） （share）
re) （share）
Li Xiyuan Board Chairman, In office 0 0 0 0 0 0 0
Director,
Xiao Laijiu In office 8,455 0 0 8,455 0 0 0
General Manager
Hou Jingfang Director , Deputy Manager In office 0 0 0 0 0 0 0
Wang Chunhua Director , Deputy Manager In office 0 0 0 0 0 0 0
Zhu Zhanliang Director In office 0 0 0 0 0 0 0
Ye Yongcheng Director In office 0 0 0 0 0 0 0
Chen Yanqing Director In office 0 0 0 0 0 0 0
Tang Qingquan Independent director In office 0 0 0 0 0 0 0
Feng Ke Independent director In office 0 0 0 0 0 0 0
Wang Pu Independent director In office 0 0 0 0 0 0 0
Xiao Duan Independent director In office 0 0 0 0 0 0 0
Chairman of the Supervisory
You Xiaocong In office 0 0 0 0 0 0 0
Committee
33
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Yang Xiaohua Supervisor In office 0 0 0 0 0 0 0
Zhou Huiming Supervisor In office 0 0 0 0 0 0 0
Li Mei Supervisor In office 123,205 0 0 123,205 0 0 0
Tu Huiling Supervisor In office 56,887 0 0 56,887 0 0 0
Chen Wenmian Deputy General Manager In office 0 0 0 0 0 0 0
Yun Wujun Chief economic engineer, In office 20,043 0 0 20,043 0 0 0
Wang Ping Chief engineer In office 3,500 0 0 3,500 0 0 0
Peng Xiaofang head of the internal audit In office 0 0 0 0 0 0 0
He Bing Chief legal adviser In office 0 0 0 0 0 0 0
Zuo Jiang Secretary to the Board In office 0 0 0 0 0 0 0
Luo Yingsheng Director Left the post 0 0 0 0 0 0 0
Wang Jian Independent director eft the post 0 0 0 0 0 0 0
Total -- -- 212,090 0 0 212,090 0 0 0
34
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
II. Departure and Dismissal of Directors, Supervisors and Senior Executives
Name Title Type Date Reason
Left the post
Luo Yingsheng Director April 16, 2013 Expiration of the term of office
upon expiration
Independent Left the post
Wang Jian April 16, 2013 Expiration of the term of office
Director upon expiration
35
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
VIII. Financial Report
1. Audit report
Has this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements:RMB
1. Consolidated balance sheet
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
Unit：RMB
Items At the end of term Beginning of term
Current asset：
Monetary fund 1,005,030,338.31 798,485,320.49
Settlement provision 0.00 0.00
Outgoing call loan 0.00 0.00
Trading financial assets 0.00 0.00
Bill receivable 0.00 0.00
Account receivable 59,781,581.07 22,057,103.81
Prepayments 1,026,119.75 47,164,329.75
Insurance receivable 0.00 0.00
Reinsurance receivable 0.00 0.00
Provisions of Reinsurance contracts
0.00 0.00
receivable
Interest receivable 0.00 0.00
Dividend receivable 80,648,284.74 53,360,130.21
Other account receivable 33,642,879.81 37,105,814.51
Repurchasing of financial assets 0.00 0.00
Inventories 0.00 0.00
36
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Non-current asset due in 1 year 0.00 0.00
Other current asset 0.00 0.00
Total of current assets 1,180,129,203.68 958,172,698.77
Non-current assets：
Loans and payment on other’s behalf
0.00 0.00
disbursed
Disposable financial asset 693,600,000.00 732,000,000.00
Expired investment in possess 0.00 0.00
Long-term receivable 0.00 0.00
Long term share equity investment 3,078,134,452.40 3,014,615,188.63
Property investment 4,844,717.98 5,076,824.68
Fixed assets 8,003,370,454.28 8,219,979,715.32
Construction in progress 15,913,457.84 171,604,290.22
Engineering material 0.00 0.00
Fixed asset disposal 157,203,131.14 0.00
Production physical assets 0.00 0.00
Gas & petrol 0.00 0.00
Intangible assets 3,529,449.90 45,467,841.10
R & D petrol 0.00 0.00
Goodwill 0.00 0.00
Long-germ expenses to be amortized 9,693,586.89 7,648,980.65
Differed income tax asset 0.00 0.00
Other non-current asset 0.00 0.00
Total of non-current assets 11,966,289,250.43 12,196,392,840.60
Total of assets 13,146,418,454.11 13,154,565,539.37
Current liabilities
Short-term loans 250,000,000.00 330,000,000.00
Loan from Central Bank 0.00 0.00
Deposit received and hold for others 0.00 0.00
Call loan received 0.00 0.00
Trade off financial liabilities 0.00 0.00
Bill payable 0.00 0.00
Account payable 484,144,140.12 737,647,764.93
Prepayment 4,500,001.26 4,666,667.88
37
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Selling of repurchased financial
0.00 0.00
assets
Fees and commissions receivable 0.00 0.00
Employees’ wage payable 2,406,137.27 2,342,361.32
Tax payable 8,286,680.69 40,999,608.03
Interest Payable 89,024,649.07 35,031,191.54
Dividend Payable 29,648,127.89 29,357,933.36
Other account payable 263,938,483.96 265,356,659.21
Reinsurance fee payable 0.00 0.00
Insurance contract provision 0.00 0.00
Entrusted trading of securities 0.00 0.00
Entrusted selling of securities 0.00 0.00
Non-current liability due in 1 year 652,236,153.54 1,317,036,103.54
Other current liability 0.00 0.00
Total of current liability 1,784,184,373.80 2,762,438,289.81
Non-current liabilities：
Long-term loan 4,359,152,400.00 3,366,083,700.00
Bond payable 1,794,432,741.87 1,793,186,155.19
Long-term payable 2,022,210.11 2,022,210.11
Special payable 0.00 0.00
Expected liabilities 0.00 0.00
Differed income tax liability 128,302,114.74 118,372,808.04
Other non-current liabilities 0.00 0.00
Total of non-current liabilities 6,283,909,466.72 5,279,664,873.34
Total of liability 8,068,093,840.52 8,042,103,163.15
Owners’ equity
Share capital 1,257,117,748.00 1,257,117,748.00
Capital reserves 1,700,358,715.57 1,738,758,715.57
Less：Shares in stock 0.00 0.00
Special reserves 0.00 0.00
Surplus reserves 204,691,882.55 204,691,882.55
Common risk provision 0.00 0.00
Undistributed profit 1,063,047,627.88 1,068,291,617.75
38
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Different of foreign currency
0.00 0.00
translation
Total of owner’s equity belong to the
4,225,215,974.00 4,268,859,963.87
parent company
Minor shareholders’ equity 853,108,639.59 843,602,412.35
Total of owners’ equity 5,078,324,613.59 5,112,462,376.22
Total of liabilities and owners’ equity 13,146,418,454.11 13,154,565,539.37
Legal Representative:Li Xiyuan Person in charge of accounting：Xiao Laijiu Accounting Dept Leader: Liu Xiaomei
2.Parent Company Balance Sheet
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
Unit：RMB
Items At the end of term Beginning of term
Current Assets
Monetary fund 715,936,528.93 625,270,216.39
Trading financial assets 0.00 0.00
Bills receivable 0.00 0.00
Accounts receivable 0.00 0.00
Prepayment 0.00 1,250,000.00
Interest receivable 867,666.67 28,266.67
Dividend receivable 129,563,861.08 102,275,706.55
Other receivables 6,059,318.33 4,944,777.18
Inventory 0.00 0.00
Non-current assets due within 1 year 0.00 0.00
Other current assets 495,000,000.00 0.00
Total of current assets 1,347,427,375.01 733,768,966.79
Non-current assets
Sellable financial assets 693,600,000.00 732,000,000.00
Expired investment in possess 0.00
Long-term receivables 0.00
Long –term equity investment 5,435,543,521.92 5,331,873,758.15
Investment real estate 4,592,579.73 4,824,686.43
39
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Fixed assets 8,623,683.35 7,623,424.59
Construction in progress 0.00 0.00
Construction materials 0.00 0.00
Disposal of fixed assets 0.00 0.00
Capitalized biological assets 0.00 0.00
Oil-gas assets 0.00 0.00
Intangible assets 104,000.00 0.00
Development expenditure 0.00 0.00
Goodwill 0.00 0.00
Long-term deferred expenses 6,717,076.09 7,477,499.83
Deferred tax assets 0.00 0.00
Other non-current assets 25,000,000.00 20,000,000.00
Total of non-current assets 6,174,180,861.09 6,103,799,369.00
Total assets 7,521,608,236.10 6,837,568,335.79
Current Liabilities
Short-term loans 0.00 0.00
Trading financial liabilities 0.00 0.00
Bill payable 0.00 0.00
Account payable 0.00 0.00
Advances from the customers 0.00 0.00
Employees ‘ wage payable 476,077.38 204,400.17
Taxes payable 875,675.66 1,211,396.44
Interests payable 83,312,777.71 27,734,652.73
Dividends payable 13,342,935.77 13,052,741.24
Other payables 7,017,347.69 4,456,147.15
Non-current liabilities due within 1
0.00 0.00
year
Other current liabilities 93,260,627.96 158,166,691.43
Total of current liabilities 198,285,442.17 204,826,029.16
Non-current liabilities
Long-term loans 1,500,000,000.00 750,000,000.00
Bonds payables 1,794,432,741.87 1,793,186,155.19
Long-term payable 2,022,210.11 2,022,210.11
Specific purpose account payable 0.00 0.00
40
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Contingent liabilities 0.00 0.00
Deferred tax liabilities 0.00 0.00
Other non-current liabilities 0.00 0.00
Total of Non-current liabilities 3,296,454,951.98 2,545,208,365.30
Total liabilities 3,494,740,394.15 2,750,034,394.46
Shareholders’ Equity
Share capital 1,257,117,748.00 1,257,117,748.00
Capital surplus 1,700,506,856.32 1,738,906,856.32
Less：Treasury stock 0.00 0.00
Special reserves 0.00 0.00
Surplus reserves 204,691,882.55 204,691,882.55
Common risk provision 0.00 0.00
Undistributed profit 864,551,355.08 886,817,454.46
Different of foreign currency
0.00 0.00
translation
Total of owners’ equity 4,026,867,841.95 4,087,533,941.33
Total of liabilities and owners’ equity 7,521,608,236.10 6,837,568,335.79
Legal Representative:Li Xiyuan Person in charge of accounting：Xiao Laijiu Accounting Dept Leader: Liu Xiaomei
3.Consolidated Profit statement
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
Unit：RMB
Items Amounof Current term Amoun of last year
I.Total business income 629,975,588.18 544,249,165.97
Inc l：Business income 629,975,588.18 544,249,165.97
Interest income 0.00 0.00
Interest income 0.00 0.00
Fee and commission income 0.00 0.00
II.Total business cost 722,654,539.00 529,950,732.63
Incl：Business cost 403,435,560.64 276,072,432.07
Interest expense 0.00 0.00
Fee and commission paid 0.00 0.00
41
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Insurance discharge payment 0.00 0.00
Net claim amount paid 0.00 0.00
Net insurance policy reserves provided 0.00 0.00
Insurance policy dividend paid 0.00 0.00
Reinsurance expenses 0.00 0.00
Business tax and surcharge 22,960,636.77 20,126,545.91
Sales expense 0.00 0.00
Administrative expense 81,306,279.47 77,632,477.02
Financial expenses 214,952,062.12 156,261,654.01
Asset impairment loss 0.00 -142,376.38
Add：Gains from change of fair value
0.00 0.00
（“-”for loss）
Investment gain（“-”for loss） 171,036,882.96 195,979,887.96
Incl：Investment gains from affiliates 157,116,882.96 164,059,887.96
Gains from currency exchange（“-”
0.00 0.00
for loss）
III. Operational profit（“-”for loss） 78,357,932.14 210,278,321.30
Add：Non-Business income 1,596,067.44 5,298,494.57
Less：Non-Business expenses 361,144.21 772,399.81
Incl：loss from disposal of non-current
237,286.47 610,091.91
assets
IV. Gross profit（“-”for loss） 79,592,855.37 214,804,416.06
Less：Income tax expenses 15,594,330.60 32,590,527.41
V.Net profit（“-”for net loss） 63,998,524.77 182,213,888.65
Incloding: The net profit of the
combined parties before business 0.00 0.00
combination
Net profit attributable to the owners of
57,611,897.53 157,483,597.89
parent company
Minor shareholders’ equity 6,386,627.24 24,730,290.76
VI. Earnings per share： -- --
（i）Basic earnings per share 0.05 0.13
（ii）Diluted earnings per share 0.05 0.13
VII. Other comprehensive income -38,400,000.00 -9,600,000.00
VIII. Total comprehensive income 25,598,524.77 172,613,888.65
Total comprehensive income 19,211,897.53 147,883,597.89
42
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
attributable to the owner of the parent
company
Total comprehensive income
6,386,627.24 24,730,290.76
attributable minority shareholders
Legal Representative:Li Xiyuan Person in charge of accounting：Xiao Laijiu Accounting Dept Leader: Liu Xiaomei
4.Parent Company income statement
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
Unit：RMB
Items Amounof Current term Amoun of last year
I. Operating revenue 10,120,351.13 4,612,807.08
Less：Operating cost 232,106.70 232,106.70
Business tax and surcharges 574,803.60 261,714.98
Sales expense
Administrative expense 45,509,510.89 40,952,010.35
Financial expenses 94,044,294.50 75,266,402.98
Asset impairment loss
Add：Gains from change of fair value
（“-”for loss）
Investment gain（“-”for loss） 171,036,882.96 220,348,068.29
Incl：Investment gains from
157,116,882.96 164,059,887.96
affiliates
II. Operational profit 40,796,518.40 108,248,640.36
Add：Non-Business income
Less：Non-Business expenses 206,730.38 1.90
Incl：loss from disposal of
206,432.52 0.00
non-current assets
III. Gross profit 40,589,788.02 108,248,638.46
Less：Income tax expenses
IV.Net profit 40,589,788.02 108,248,638.46
V. Earnings per share -- --
（i）Basic earnings per share 0.03 0.09
（ii）Diluted earnings per share 0.03 0.09
43
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
VI. Other comprehensive income -38,400,000.00 -9,600,000.00
VII. Total comprehensive income 2,189,788.02 98,648,638.46
Legal Representative:Li Xiyuan Person in charge of accounting：Xiao Laijiu Accounting Dept Leader: Liu Xiaomei
5.Consolidated Cash Flow statement
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
Unit：RMB
Items Amount of Current term Amoun of last year
I.Net cash flow form business operation
Cash received from sales of
585,549,326.84 517,434,755.24
products and providing of services
Net increase of customer deposits and
0.00 0.00
capital kept for brother company
Net increase of loans from central
0.00 0.00
bank
Net increase of inter bank loans from
0.00 0.00
other financial bodies
Cash received against original
0.00 0.00
insurance contract
Net cash received from reinsurance
0.00 0.00
business
Net increase of client deposit and
0.00 0.00
investment
Net increase of trade financial
0.00 0.00
asset disposal
Cash received as interest, processing
0.00 0.00
fee, and commission
Net increase of inter bank fund
0.00 0.00
received
Net increase of repurchasing business 0.00 0.00
Tax returned 0.00 0.00
Other cash received from business
38,895,080.25 22,799,498.85
operation
Subtotal of cash inflow from business 624,444,407.09 540,234,254.09
44
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
activities
Cash paid for purchasing of
60,806,358.20 56,034,700.62
merchandise and services
Net increase of client trade and
0.00 0.00
advance
Net increase of savings in central bank
0.00 0.00
and brother company
Cash paid for original contract claim 0.00 0.00
Cash paid for interest, processing fee
0.00 0.00
and commission
Cash paid for policy dividend 0.00 0.00
Cash paid to staffs or paid for staffs 102,501,247.42 88,289,960.91
Taxes paid 60,907,408.56 38,835,269.22
Other cash paid for business
68,592,827.35 32,917,090.57
activities
Subtotal of cash outflow from
292,807,841.53 216,077,021.32
business activities
Cash flow generated by business
331,636,565.56 324,157,232.77
operation, net
II. Cash flow generated by investing
Cash received from investment
0.00 0.00
retrieving
Cash received as investment gains 80,229,464.66 149,711,799.97
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 13,000.00 4,734,559.60
long-term assets
Net cash received from disposal of
0.00 0.00
subsidiaries or other operational units
Other investment related cash
0.00 0.00
received
Subtotal of cash inflow due to
80,242,464.66 154,446,359.57
investment activities
Cash paid for construction of fixed
assets, intangible assets and other 228,090,670.35 514,521,507.91
long-term assets
Cash paid at investment 0.00 0.00
Net increase of loan against pledge 0.00 0.00
Net cash received from 0.00 0.00
45
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
subsidiaries and other operational units
Other cash paid for investment
0.00 0.00
activities
Subtotal of cash outflow due to
228,090,670.35 514,521,507.91
investment activities
Net cash flow generated by
-147,848,205.69 -360,075,148.34
investment
III.Cash flow generated by financing
Cash received as investment 3,119,600.00 77,935,000.00
Incl: Cash received as investment from
3,119,600.00 77,935,000.00
minor shareholders
Cash received as loans 1,322,300,000.00 1,308,690,000.00
Cash received from bond placing 0.00 0.00
Other financing –related cash
0.00 0.00
received
Subtotal of cash inflow from
1,325,419,600.00 1,386,625,000.00
financing activities
Cash to repay debts 1,074,031,250.00 938,570,000.00
Cash paid as dividend, profit, or
225,868,514.76 165,569,467.02
interests
Incl: Dividend and profit paid by
0.00 8,122,726.78
subsidiaries to minor shareholders
Other financing –related cash
3,000,000.00 5,470,000.00
received
Subtotal of cash outflow due to
1,302,899,764.76 1,109,609,467.02
financing activities
Net cash flow generated by financing 22,519,835.24 277,015,532.98
IV. Influence of exchange rate
236,822.71 2,186.66
alternation on cash and cash equivalents
V.Net increase of cash and cash
206,545,017.82 241,099,804.07
equivalents
Add：Balance of cash and cash
798,485,320.49 1,018,999,531.05
equivalents at the beginning of term
VI. Balance of cash and cash
1,005,030,338.31 1,260,099,335.12
equivalents at the end of term
Legal Representative:Li Xiyuan Person in charge of accounting：Xiao Laijiu Accounting Dept Leader: Liu Xiaomei
46
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
6.Parent company statement of Cash Flow
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
Unit：RMB
Items Amount of Current term Amoun of last year
I.Net cash flow form business operation
Cash received from sales of
2,810,264.02 0.00
products and providing of services
Tax returned 0.00 0.00
Other cash received from business
12,781,375.22 29,376,454.51
operation
Subtotal of cash inflow from business
15,591,639.24 29,376,454.51
activities
Cash paid for purchasing of
0.00 0.00
merchandise and services
Cash paid to staffs or paid for staffs 27,032,688.75 26,123,947.30
Taxes paid 493,460.19 325,058.59
Other cash paid for business
88,183,648.84 17,222,675.65
activities
Subtotal of cash outflow from
115,709,797.78 43,671,681.54
business activities
Cash flow generated by business
-100,118,158.54 -14,295,227.03
operation, net
II. Cash flow generated by investing
Cash received from investment
0.00 0.00
retrieving
Cash received as investment gains 80,229,464.66 174,079,980.30
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 13,000.00 0.00
long-term assets
Net cash received from disposal of
0.00 0.00
subsidiaries or other operational units
Other investment related cash
6,367,755.56 164,804,783.32
received
Subtotal of cash inflow due to
86,610,220.22 338,884,763.62
investment activities
47
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Cash paid for construction of fixed
assets, intangible assets and other 3,510,205.06 969,239.00
long-term assets
Cash paid at investment 40,150,500.00 180,000,000.00
Net cash received from
0.00 0.00
subsidiaries and other operational units
Other cash paid for investment
500,000,000.00 10,000,000.00
activities
Subtotal of cash outflow due to
543,660,705.06 190,969,239.00
investment activities
Net cash flow generated by
-457,050,484.84 147,915,524.62
investment
III.Cash flow generated by financing
Cash received as investment 0.00 0.00
Cash received as loans 750,000,000.00 315,990,000.00
Cash received from bond placing 0.00 0.00
Other financing –related cash
0.00 0.00
received
Subtotal of cash inflow from financing
750,000,000.00 315,990,000.00
activities
Cash to repay debts 0.00 315,990,000.00
Cash paid as dividend, profit, or
99,401,866.79 19,166,777.98
interests
Other financing –related cash
3,000,000.00 5,470,000.00
received
Subtotal of cash outflow due to
102,401,866.79 340,626,777.98
financing activities
Net cash flow generated by financing 647,598,133.21 -24,636,777.98
IV. Influence of exchange rate
236,822.71 2,186.66
alternation on cash and cash equivalents
V.Net increase of cash and cash
90,666,312.54 108,985,706.27
equivalents
Add：Balance of cash and cash
625,270,216.39 701,899,352.28
equivalents at the beginning of term
VI. Balance of cash and cash
715,936,528.93 810,885,058.55
equivalents at the end of term
Legal Representative:Li Xiyuan Person in charge of accounting：Xiao Laijiu Accounting Dept Leader: Liu Xiaomei
48
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
7.Consolidated Statement of Changes in Owners’ Equity
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
Unit：RMB
Amount in this period
Amount of the current period
Owners’ Equity attributable to Parent Company
Items Commo
Less: Speciali Total of owners’
n risk Minor shareholders’ equity
Share Capital Capital reserves Shares zed Surplus reserves Attributable profit Other equity
provisio
in stock reserve
n
I.Balance at the end of last year 1,257,117,748.00 1,738,758,715.57 0.00 0.00 204,691,882.55 0.00 1,068,291,617.75 0.00 843,602,412.35 5,112,462,376.22
Add: Change of accounting
0.00
policy
Correcting of previous errors
Other 0.00
II.Balance at the beginning of
1,257,117,748.00 1,738,758,715.57 0.00 0.00 204,691,882.55 0.00 1,068,291,617.75 0.00 843,602,412.35 5,112,462,376.22
current year
III.Changed in the current year 0.00 -38,400,000.00 0.00 0.00 0.00 0.00 -5,243,989.87 0.00 9,506,227.24 -34,137,762.63
（I） Net profit 57,611,897.53 6,386,627.24 63,998,524.77
49
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
（II）Other misc.income -38,400,000.00 -38,400,000.00
Total of (I) and (II) 0.00 -38,400,000.00 0.00 0.00 0.00 0.00 57,611,897.53 0.00 6,386,627.24 25,598,524.77
(III) Investment or
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,119,600.00 3,119,600.00
decreasing of capital by owners
1. Capital inputted by
3,119,600.00 3,119,600.00
owners
2．Amount of shares paid
0.00
and accounted as owners’
equity
3. Other 0.00
（IV）Profit allotment 0.00 0.00 0.00 0.00 0.00 0.00 -62,855,887.40 0.00 0.00 -62,855,887.40
1.Providing of surplus
0.00 0.00 0.00
reserves
2．Common risk provision 0.00
3. Allotment to the owners
-62,855,887.40 -62,855,887.40
(or shareholders)
4. Other 0.00
(V) Internal transferring of
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
owners’ equity
1. Capitalizing of capital
reserves (or to capital shares)
2. Capitalizing of surplus
50
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
reserves (or to capital shares)
3．Making up losses by surplus
reserves.
4. Other 0.00
(VI) Special reserves 0.00
1. Provided this year
2．Used this term
(VII).Other
IV. Balance at the end of this
1,257,117,748.00 1,700,358,715.57 0.00 0.00 204,691,882.55 0.00 1,063,047,627.88 0.00 853,108,639.59 5,078,324,613.59
term
Amount in last year
Unit：RMB
Amount in last year
Owner’s equity Attributable to the Parent Company
Items Commo
Less: Speciali Total of owners’
n risk Minor shareholders’ equity
Share Capital Capital reserves Shares zed Surplus reserves Attributable profit Other equity
provisio
in stock reserve
n
I.Balance at the end of last year 1,257,117,748.00 1,697,958,715.57 0.00 0.00 191,496,386.02 0.00 968,553,255.86 0.00 640,628,622.13 4,755,754,727.58
Add：Business
combinationinvolving entities 0.00
under common control
Add: Change of accounting
51
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
policy
Correcting of previous errors 0.00
Other
II.Balance at the beginning of
1,257,117,748.00 1,697,958,715.57 0.00 0.00 191,496,386.02 0.00 968,553,255.86 0.00 640,628,622.13 4,755,754,727.58
current year
III.Changed in the current year 0.00 40,800,000.00 0.00 0.00 13,195,496.53 0.00 99,738,361.89 0.00 202,973,790.22 356,707,648.64
（I） Net profit 175,789,745.82 25,397,617.00 201,187,362.82
（II）Other misc.income 40,800,000.00 40,800,000.00
Total of (I) and (II) 0.00 40,800,000.00 0.00 0.00 0.00 0.00 175,789,745.82 0.00 25,397,617.00 241,987,362.82
(III) Investment or
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 185,698,900.00 185,698,900.00
decreasing of capital by owners
1. Capital inputted by
185,698,900.00 185,698,900.00
owners
2．Amount of shares paid
0.00
and accounted as owners’
equity
3. Other 0.00
（IV）Profit allotment 0.00 0.00 0.00 0.00 13,195,496.53 0.00 -76,051,383.93 0.00 -8,122,726.78 -70,978,614.18
1.Providing of surplus
13,195,496.53 -13,195,496.53 0.00
reserves
2．Common risk provision 0.00
52
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
3. Allotment to the owners
-62,855,887.40 -8,122,726.78 -70,978,614.18
(or shareholders)
4. Other 0.00
(V) Internal transferring of
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
owners’ equity
1. Capitalizing of capital
reserves (or to capital shares)
2. Capitalizing of surplus
reserves (or to capital shares)
3．Making up losses by surplus
reserves.
4. Other 0.00
(VI) Special reserves 0.00
1. Provided this year
2．Used this term
(VII).Other
IV. Balance at the end of this
1,257,117,748.00 1,738,758,715.57 0.00 0.00 204,691,882.55 0.00 1,068,291,617.75 0.00 843,602,412.35 5,112,462,376.22
term
Legal Representative:Li Xiyuan Person in charge of accounting：Xiao Laijiu Accounting Dept Leader: Liu Xiaomei
53
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
8.Parent statement of Changes in Owners’ Equity
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
Unit：RMB
Amount in this period
Amount of the current term
Less： Common
Items Specialized
Practical capital collected Capital reserves Shares in Surplus reserves risk Attributable profit Total of owners’ equity
reserve
stock provision
I.Balance at the end of last year 1,257,117,748.00 1,738,906,856.32 0.00 0.00 204,691,882.55 0.00 886,817,454.46 4,087,533,941.33
Add: Change of accounting
policy
Correcting of previous errors
Other
II.Balance at the beginning of
1,257,117,748.00 1,738,906,856.32 0.00 0.00 204,691,882.55 0.00 886,817,454.46 4,087,533,941.33
current year
III.Changed in the current year 0.00 -38,400,000.00 0.00 0.00 0.00 0.00 -22,266,099.38 -60,666,099.38
（I） Net profit 40,589,788.02 40,589,788.02
（II）Other misc.income -38,400,000.00 -38,400,000.00
Total of (I) and (II) 0.00 -38,400,000.00 0.00 0.00 0.00 0.00 40,589,788.02 2,189,788.02
(III) Investment or decreasing
of capital by owners
54
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
1. Capital inputted by
owners
2．Amount of shares paid
and accounted as owners’ equity
3. Other
（IV）Profit allotment -62,855,887.40 -62,855,887.40
1.Providing of surplus
reserves
2．Common risk provision
3. Allotment to the owners (or
-62,855,887.40 -62,855,887.40
shareholders)
4. Other
(V) Internal transferring of
owners’ equity
1. Capitalizing of capital
reserves (or to capital shares)
2. Capitalizing of surplus
reserves (or to capital shares)
3．Making up losses by surplus
reserves.
4. Other
(VI) Special reserves
55
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
1. Provided this year
2．Used this term
(VII).Other
IV. Balance at the end of this
1,257,117,748.00 1,700,506,856.32 0.00 0.00 204,691,882.55 0.00 864,551,355.08 4,026,867,841.95
term
Amount in last year
Unit：RMB
Amount of last year
Less： Common
Items Specialize
Practical capital collected Capital reserves Shares in Surplus reserves risk Attributable profit Total of owners’ equity
d reserve
stock provision
I.Balance at the end of last year 1,257,117,748.00 1,698,106,856.32 0.00 0.00 191,496,386.02 0.00 830,913,873.10 3,977,634,863.44
Add: Change of accounting
policy
Correcting of previous errors
Other
II.Balance at the beginning of
1,257,117,748.00 1,698,106,856.32 0.00 0.00 191,496,386.02 0.00 830,913,873.10 3,977,634,863.44
current year
III.Changed in the current year 0.00 40,800,000.00 0.00 0.00 13,195,496.53 0.00 55,903,581.36 109,899,077.89
（I） Net profit 131,954,965.29 131,954,965.29
56
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
（II）Other misc.income 40,800,000.00 40,800,000.00
Total of (I) and (II) 0.00 40,800,000.00 0.00 0.00 0.00 0.00 131,954,965.29 172,754,965.29
(III) Investment or decreasing
of capital by owners
1. Capital inputted by
owners
2．Amount of shares paid
and accounted as owners’ equity
3. Other
（IV）Profit allotment 0.00 0.00 0.00 0.00 13,195,496.53 0.00 -76,051,383.93 -62,855,887.40
1.Providing of surplus
13,195,496.53 -13,195,496.53
reserves
2．Common risk provision
3. Allotment to the owners (or
-62,855,887.40 -62,855,887.40
shareholders)
4. Other
(V) Internal transferring of
owners’ equity
1. Capitalizing of capital
reserves (or to capital shares)
2. Capitalizing of surplus
reserves (or to capital shares)
57
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
3．Making up losses by surplus
reserves.
4. Other
(VI) Special reserves
1. Provided this year
2．Used this term
(VII).Other
IV. Balance at the end of this
1,257,117,748.00 1,738,906,856.32 0.00 0.00 204,691,882.55 0.00 886,817,454.46 4,087,533,941.33
term
Legal Representative:Li Xiyuan Person in charge of accounting：Xiao Laijiu Accounting Dept Leader: Liu Xiaomei
58
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
III. Company Profi le
(1) .Hi st ory
The Com pany was est abli sh ed in Fe bruar y 1993, whi ch was ori gin all y named as Guangdong
Fo kai Expr ess way Co., Lt d. On June 30, 1993, it was re named as Guangdong Pr ovi nci al
Expr ess wa y Devel opme nt Co., Lt d. aft er reorgani zat ion pur suant to the app roval of the Offi ce
of Joi nt Exam inat i on Gro up of Expe ri ment al Uni ts of Sh are Hol din g Sys te m wi th YL SB
(1993) No. 68 documen t. The share capi tal st ruct ure aft er re organi zat ion is as fol low s:
Composition of state-owned shares: The appraised net value of state-owned assets of Guangdong Jiujiang Bridge
Co. and Guangfo Expressway Co., Ltd. as of January 31, 1993 confirmed by Guangdong State-owned Asset
Management Dept., i.e.,RMB 418.2136 million, was converted into 155.025 million shares. Guangdong
Expressway Co. invested cash of RMB 115 million to subscribe for 35.9375 million shares. Other legal persons
invested cash of RMB 286.992 million to subscribe for 89.685 million shares. Staff of the Company invested
RMB 87.008 million to subscribe for 27.19 million shares. The total is RMB 307.8375.
2 ． Pursuant to the approval of Guangdong Economic System Reform Committee and Guangdong Securities
Regulatory Commission with YTG (1996) No. 67 document, part of the shareholders of non-state-owned legal
person shares transferred 20 million non-state-owned legal person shares to Malaysia Yibao Engineering Co., Ltd.
in June 1996.
. Pursuant to the approval of Securities Commission under the State Council with WF (1996) No. 24 approval
document and that of Guangdong Economic System Reform Committee with YTG (1996) No. 68 document, the
Company issued 135 million domestically listed foreign investment shares (B shares) to overseas investors at the
price of HKD 3.54 (equivalent to RMB 3.8) with the par value of each share being RMB 1 during June to July
1996.
4. Pursuant to the reply of the Ministry of Foreign Trade and Economic Cooperation of the People’ s Republic of
China with (1996) WJMZYHZ No. 606 document, the Company was approved to be a foreign-invested joint
stock company limited.
5．The Company distributed dividends and capitalized capital common reserve for the year 1996 in the following
manner: The Company paid 1.7 bonus shares f or each 10 shares and capitalized capital common reserve on
3.3-for-10 basis.
6. Pursuant to the approval of China Securities Regulatory Committee (CSRC) with ZJFZ (1997) No. 486 and No.
487 document, the Company issued 100 million public shares (A shares) at the price of RMB 5.41 in term of
“payable in full on application, pro-rate placing and subject to refund” with the par value of each share being
RMB 1 in January 1998
7．In accordance with the Resolutions of the 1999 Shareholders’ General Meeting of the Company and pursuant to
the approval of Guangzhou Securities Regulatory Office under CSRC with GZZJH (2000) No. 99 and that of
CSRC with ZJGSZ (2000) No. 98, the Company offered 3 Rights for every 10 shares of 764.256249 million
shares at the price of RMB 11 per Right.73,822,250 ordinary shares were actually placed to all
8. Pursuant to the reply of the General Office of the People’ s Government of Guangdong Province with YBH
(2000) No. 574 document, the state-owned shares were transferred to Guangdong Communication Group Co.,
Ltd. (Group Co.) for holding and management without compensation.
9.Pursuant to the approval of Shenzhen Stock Exchange, 53.0205 million staff shares of the Company (132,722
shares held by directors, supervisors and senior executives are temporarily frozen) were listed on February 5,
2001.As of June 30, 2013, the quantity of the shares subject to sale restriction held by senior executives is
156,442.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
10.In accordance with the resolutions of 2000 annual shareholders’ general meeting, the Company capitalized
capital common reserve into 419,039,249 shares on 5-for-10 basis with the total share capital as of the end of 2000,
i.e., 838,078,499 shares as base. The date of stock right registration was May 21, 2001. The ex-right date was May
22, 2001.
11 ． On March 8, 2004,A s approve d by Chi na Se curi t ies Regu lat or y Comm is si on by documen t
Zhe ng-J ian- Go ng-Si -Z i [2003] No.3 , the 45,000,000 non- negot i able for eign share s wer e
plac ed in She nzhen St ock
12. On December 21, 2005, the Company's plan for share holding structure reform was voted through at the
shareholders' meeting concerning A shares. On January 26 2006, The Ministry of Commerce of PRC issued
“The approval on share converting of Guangdong Provincial Expressway Development Co., Ltd.” to
approve the share equity relocation and transformation. On October 9 2006, according to the “Circular about
implementing of share equity relocation and relative trading” issued by Shenzhen Stock Exchange, the
abbreviation ID of the Company’s A shares was restored from “G-Expressway” “Expressway A”.
(2)Organization structure and the actual controller of the Company
As of June 30, 2013，Registration capital :RMB1,257,117,748，Legal representative：Li Xiyuan，Registration
place:No.85, Baiyun Road, Guangzhou, Headquarters Office: 45-46/F, Litong Plaza, No.32, Zhujiang East Road,
Zhujiang New City, Tihe Disrtict , Guangzhou，The company has set up: Investment Development Dept, Security
Affairs Department, Management Department, Financial Management Department, Base construction Department,
Audit and Supervise Department, Affairs Department, Personnel Department , Party Work Department, Law
affairs Department and Labour union etc.
Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative: Zhu
Xiaoling. Date of establishment: June 23, 2000. As of June 30, 2013, 2013,Registered capital: RMB 26.8 billion.
It is a solely state-owned limited company. Business scope ： equity management, organization of asset
reorganization and optimized allocation, raising funds by means including mortgage, transfer of property rights
and joint stock system transformation, project investment, operation and management, traffic infrastructure
construction, highway and railway project operation and relevant industries, technological development,
application, consultation and services, highway and railway passenger and cargo transport, ship industry, relevant
overseas businesses（if the above mentioned business scope requires licenses to operate, then operation licenses
are required）..
（3）The company’s main business and share ,Holding company
The Company is mainly engaged in the investment, construction, charge collection, maintenance and operation
management concerning expressways, high-grade highways, bridges, tunnels, pipelines and other traffic
infrastructures, R&D, sales and services concerning highway communication system, monitoring system, charge
collection system and information network supporting the said business, investment consultation and services
concerning traffic and transportation projects. (Subject to special national regulations).
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway and
Jiujiang Bridge, investment in technological industries and provision of relevant consultation while investing in
Shenzhen Huiyan Expressway Co., Ltd., Guangdong Maozhan Expressway Co.,Ltd, Guangzhou Guanghui
Expressway Co., Ltd.,Jingzhu Expressway Guangzhu Co., Ltd.,Guangdong Jiangzhong Expressway Co., Ltd.,
Zhaoqing Yuezhao Expressway Co., Ltd.,Ganzhou Kangda Expressway , Ganzhou Gankang Expressway Co.,
Ltd.and Guangzhou Guangle Expressway Co., Ltd.
IV. Principal accounting policies, accounting estimates and early errors
（1）Basis for Preparing the Financial Statements
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
The company prepares the financial statements on the basis of a continuous operation, the actual transactions,
“Accounting Standards for Enterprises – Basic Standards”, other accounting standards & related regulations.
Furthermore, all the materials of financial statements of the company meet the relevant disclosure requirements of
financial statements and notes on the “Editing and Reporting Rules Regarding Information Disclosure for
Companies Publicly Issuing Securities No. 15 – General Provisions of Financial Statements” promulgated and
revised by China Securities Regulatory Commission in 2010.
(2). Statement on the Accounting Standard Followed by the Company
The financial statements prepared by the Company comply with the requirements of corporate accounting
standards. They truly and completely reflect the financial situations, operating results, equity changes and cash
flow, and other relevant information of the company.
(3)Fiscal Year
The Company adopts the Gregorian calendar year commencing on January 1 and ending on December 31 as the
fiscal year.
（4）Standard currency for bookkeeping
The Company takes RMB as the standard currency for bookkeeping.
（ 5）Accountings for Business Combinations under the Same Control & Business Combinations not under the
Same Control
1.Business Combinations under the Same Control
The assets and liabilities that the company obtains in a business combination shall be measured on the basis of
their carrying amount in the combined party on the combining date. As for the balance between the carrying
amount of the net assets obtained by the combining party & the carrying amount of the consideration paid by it (or
the total par value of the shares issued), the additional paid-in capital shall be adjusted. If the additional paid-in
capital is not sufficient to be offset, the retained earnings shall be adjusted.
The direct costs for the business combination of the company, including the expenses for audit, assessment and
legal services, shall be recorded into the profits & losses at the current period.
The handling fees, commissions & other expenses for the issuance of equity securities for the business
combination shall be credited against the surplus of equity securities; if the surplus is not sufficient, the retained
earnings shall be offset.
Where the accounting policies adopted by the combined parties are different from those adopted by the company,
the company shall adjust them on the combining date according to the accounting policy it adopts, and shall,
pursuant to the Accounting Standards for Enterprises, recognize them on the basis of such adjustments.
2. Business Combinations not under the Same Control
The assets paid as the consideration for the business combination & the liabilities assumed on the acquisition date
shall be measured in accordance with the fair value. The difference between the fair value & its carrying amount
shall be recorded into the profits & losses at the current period.
The company will distribute the combination costs on the acquisition date.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
The company shall recognize the positive balance between the combination costs & the fair value of the
identifiable net assets it obtains from the acquire as Goodwill while it shall record the negative balance between
the combination costs & the fair value of the identifiable net assets it obtains from the acquire into the profits &
losses of the current period.
As for the assets other than intangible assets acquired from the acquire in a business combination (not limited to
the assets which have been recognized by the acquire), if the economic benefits brought by them are likely to flow
into the enterprise and their fair values can be measured reliably, they shall be separately recognized and measured
in light of their fair values. As for any intangible asset acquired in a combination, if its fair value can be measured
reliably, it shall be separately recognized as an intangible asset and shall measured in light of its fair value. As for
the liabilities other than contingent liabilities acquired from the acquire, if the performances of the relevant
obligations are likely to result in any out-flow of economic benefits from the enterprise, and their fair values can
be measured reliably, they shall be separately recognized and measured in light of their fair values. As for the
contingent liabilities of the acquire obtained in a combination, if their fair values can be measured reliably, they
shall be separately recognized as liabilities and shall be measured in light of their fair values.
（6）Methods for Preparing the Consolidated Financial Statements
The scope of the consolidated financial statements will be recognized on the basis of controlling. All the
subsidiaries will be included into the consolidated financial statements.
The accounting policies & accounting periods adopted by all the subsidiaries that have been included into the
scope of the consolidated financial statements should be consistent with those adopted by the company. If the
accounting policies & accounting periods adopted by the subsidiaries are different from those adopted by the
company, the company shall make necessary adjustments according to the accounting policies & accounting
periods it adopts when preparing the consolidated financial statements.
After adjusting the long-term equity investments on its subsidiaries according to the equity method, the company
shall prepare the consolidated financial statements based on the financial statements of the company & its
subsidiaries, and other related documents.
The influences of the internal transactions between the company & its subsidiaries, and its subsidiaries themselves
on the consolidated balance sheet, consolidated profit statement, consolidated cash flow statement &
consolidated statement of changes in owner’s equity will be counteracted at the preparation of the consolidated
financial statements.
The portion of a subsidiary’s equity that is not attributable to the parent is treated as minority shareholders’
interest and presented as “minority interest” in the consolidated balance sheet within owners’ equity. The portion
of net profits or losses of subsidiaries for the period attributable to minority interest is presented in the
consolidated income statement below the “net profit” line item as “minority interest”. In the consolidated financial
statements, when the amount of loss for the period attributable to the minority shareholders of a subsidiary
exceeds the minority shareholders’ portion of the opening balance of owners’ equity of the subsidiary, the excess
amount should be still allocated against minority interest.
In the report period, If the subsidiary is added through the business combination under the same control, the
beginning balance of the consolidated balance sheet shall be adjusted. The incomes, expenses & profits of the
subsidiary incurred from the beginning of the current period to the end of the reporting period shall be included
into the consolidated profit statement. The cash flow from the beginning of the current period to the end of the
reporting period shall be included into the consolidated cash flow statement.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
In the report period, If the subsidiary is added through the business combination not under the same control, the
beginning balance of the consolidated balance sheet shall not be adjusted. The incomes, expenses & profits of the
subsidiary incurred from the acquisition date to the end of the reporting period shall be included into the
consolidated profit statement. The cash flow from the acquisition date to the end of the reporting period shall be
included into the consolidated cash flow statement.
For purchase of minority interests held by the minority shareholders of a subsidiary, when preparing the
consolidated financial statements, the difference between the long-term equity investment newly gained by buying
minority interests and the portion of net assets consistently calculated from the acquisition date (or the
consolidation date) pursuant to newly added shareholding percentage entitled by the subsidiary should be adjusted
to the owners’ equity (the capital reserve). If the capital reserve is not sufficient to absorb the difference, any
excess is adjusted against retained earnings.
In the report period, If the company disposes its subsidiary, the incomes, expenses & profits incurred from the
beginning of the subsidiary to the disposal date shall be included into the consolidated profit statement. The cash
flow from the beginning of the subsidiary to the disposal date shall be included into the consolidated cash flow
statement.
（2 ）Accounting treatment when the share equity of the same subsidiary is purchased and sold, or sold
andsurchased in successively two years.
（7） Recognition Standard of Cash & Cash Equivalents
The company recognizes its cash in vault & the deposits that are ready for payment at any time as cash when
preparing the cash flow statement.which are featured with short term (expire within 3 months since purchased),
high liquidity, easy to convert to know cash, low in risk of value change, could be recognized as cash equivalents.
Equity investment are not recognized as cash equivalents.
（8）Foreign Currency Transaction
The foreign currency transaction uses the spot rate at the time of the transaction as the exchange rate to convert
the currency into CNY for keeping account.
The balances of the foreign currency monetary items shall be converted according to the spot rate on the balance
sheet date. Except that the exchange balances on the foreign currency borrowings for expenses on the assets
eligible for capitalization shall be dealt according to the principle of loan expense capitalization, all the other
exchange balances shall be included into the profits & losses at the current period. The foreign currency
non-monetary items measured in historical costs shall still be converted according to the spot rate at the time of
the transaction. Their account standard money amounts shall not be changed. The foreign currency non-monetary
items measured in fair values shall be converted according to the spot rate on the recognition date of the fair
values. The exchange balances incurred accordingly shall be recorded into the profits & losses at the current
period or the additional paid-in capital.
（9）Financial tools
1. Categories of financial Tools
The Company divides the financial assets into four categories: financial assets measured at fair value and their
variations are recognized as current gain/loss, including trade financial assets or financial liabilities and
recognized directly as financial assets measured at fair value and their variations are recognized as current
gain/loss; Investment hold till expiration; loans and account receivable; saleable financial assets .The company
divides the financial liabilities into two categories: financial liabilities measured at fair value and their variations
are recognized as current gain/loss; other financial liabilities.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
2. Recognition and measurement of financial tools
(1) Financial assets and liabilities measured at fair value and their variations are recognized as current gain/loss
The fair value (after deducting of announced but not distributed cash dividend or due but not obtained bond
interests) is recognized as initial amount when obtained.
Interests or cash dividends during the period of holding are recognized as investment gains. The fair value will be
adjusted and accounted as current gain/loss.
When disposed, the differences between fair value and initial amount are recognized as investment gains, and thus
adjust the gain/loss of fair value.
(2) Investment hold till expiration
The fair value (after deducting of due but not obtained bond interests) plus the related trade expenses is
recognized as initial amount when obtained.
Interest gains will be calculated at amortizing of costs and actual interest rate (the face rate is adopted when the
difference between the actual rate and face rate is minor) during the period of holding, and accounted as
investment gains. Actual rate is recognized when obtained, and is not changed in the predictable holding period or
applicable shorter period.
When disposed, the difference between the obtained price and book value is accounted as investment gains.
If the company sells or reclassifies large-amount due investments before the expired date (large amount refers to
comparing with the amount before the selling or reclassifying the investments), the company will reclassify the
rest of the investments as financial assets for sale, and in the current accounting period or within two complete
accounting years, no financial assets will be classified as holding due assets, except for the following situations:
the sale date or reclassification date is close to the expired date of the investment (such as three months before the
expired), and the change of interest rate has no significant influence on the fair value of the investment; after all
the initial principal is mostly recovered according to periodic payments or repay in advance regulated in the
contract, the rest part will be sold or reclassified; the sale and reclassification is caused by the independent events
which are uncontrollable
and unexpected and will not happen any more.
(3) Account receivable
The receivable debts of selling goods or providing services, and the credits of other company hold by the
company not including the debt which has price in active market, including accounts receivable, notes receivable,
prepaid accounts, other receivables, long-term receivables, etc. The contract or agreement price charging from
purchaser should be taken as the initial confirmation amount; if it has the nature of financing, it should be
confirmed according its current value.
When retrieved or disposed of, the difference between the actual received amount and the book value is accounted
as current gain/loss.
(4) Saleable financial assets
The fair value (after deducting of announced but not distributed cash dividend or due but not obtained bond
interests) plus the related trade expenses is recognized as initial amount when obtained.
Interest or cash dividend occurred during the period of holding is recognized as investment gains. Change of fair
value is accounted as capital reserves (other capital reserves) at the end of term.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
When disposed, the difference between the obtained price and book value is accounted as investment gains.
Meanwhile, the corresponding part of accumulated change of fair value accounted as owners’ equity is transferred
into investment gain/loss.
(5) Other financial liabilities
Other financial liabilities are recognized initially at the sum of fair value and related trade expenses. Successive
measurement will be on the basis of amortized costs.
3. Recognition and measurement basis of financial asset transposition
When financial asset transposition occurred, the recognition of this particular financial asset is terminated if
almost all risks and rewards attached to the asset have been transferred to the acceptor. If retain all the risks and
rewards of ownership of financial assets, the financial assets can be confirmed.
When determine whether the transfer of financial assets meet the conditions of confirmation of the above financial
assets, the principle of substance being more important than form should be adopted. The transfer of financial
assets can be divided into overall transfer and part transfer of financial assets. If the transfer of financial assets
meet the conditions of terminating confirmation, the following the difference of the two amounts will be included
in the current profit and loss:
(1) Book value of the financial asset to be transposed;
(2) The sum of price received due to the transposition, and the accumulation of change in fair value originally
accounted as owners’ equity (when the asset to be transposed is saleable financial asset).
If part transfer of financial assets meet the conditions of terminating confirmation, the book value of the
transferred financial assts, the difference between the confirmed part and the unconfirmed part (in this case, the
service assets retained should be deemed as the part of unconfirmed financial assets), should be amortized in
accordance with their relative fair value, and the difference between the following two amount should be included
current profit and loss:
① Book value of the confirmed part;
②All fair values of financial assets and financial liabilities are recognized with reference to the price in the
active market.
If the transfer of financial assets does not meet the conditions of terminating confirmation, the financial assets
should be confirmed again, the prices received will recognized as financial liabilities.
4.The conditions to stopping the financial liabilities
The obligation of financial liabilities are already cancelled which should be stopped confirming the financial
liability or the part of it. Our company could stop confirming the currently financial liability and begin to confirm
the newly financial liability if the loaner made an agreement that they would assume the new way of financial
liability which replace the current one, and make sure the newly financial liability is totally different from the old
one in contract with our company.
Stop admitting the financial liability or a part of it, and at mean time we could admit the newly financial liability
which is in new insertions of contract as the newly financial liability if the current financial liability has been
revised.
Stop admitting the balance of value of financial liability and consideration (Including the roll-out of non-cash
assets or financial liabilities) which could be consider as current profits and losses.
Stop and continue admitting a part of value, and distribute the value of financial liability, if our company
repurchased the part of financial liability. And the balance of value of which distributed to the part of stopping
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
admitting and paid (Including the roll-out of non-cash assets or financial liabilities) which could be consider as
current profits and losses.
5.Recognition basis of financial assets and financial liabilities
All fair values of financial assets and financial liabilities are recognized with reference to the price in the active
market（Using valuation technique, etc）.
6. Impairment provision for financial assets
①Impairment provision for financial assets for sale:
If the fair value of financial assets for sale greatly drops at the end of the period, or after considering all the
relevant factors and expecting decrease trend is non-temporary, the impairment should be confirmed, and the
accumulative loss formed by the decrease of fair value of owner’s equity originally included should be transferred
out altogether and confirmed as impairment loss.
②Holding the impairment provision of expired investments:
The measurement of holding the impairment provision of expired investment will be according to the method of
the measurement of impairment provision for receivables.
（7 ）If investment held to mature is recztegorized to sellable financial assets, please state the intention or
evidence of change incapability .
（10） Accounts receivable
(1)Accounts receivable with material specific amount and specific provisioned bad bebt preparation.
Judgment criteria or amount standard of material specific amount or The accounts receivable whose single amount is over RMB 1 million
& accounts for over 10% of the accounts receivable amount.
amount criterial：
Conduct the devalue test separately. Set up the bad debt reserve
Provision method with material specific amount and provision of according to the shortfall of the present value of expected future cash
flows against its carrying amount and record it into the profits &
specific bad debt preparation：
losses at the current period.
(2.) The accounts receivable of bad debt provisions made by Group
Name Method Recognition basis of credit risk feature portfolio：
The accounts receivable whose single amount is over RMB 1
million & accounts for over 10% of the accounts receivable
The adopting aging analysis
amount. the accounts receivable under 5 years of age which are
method
not significant without any business connections any more.
In Group, the adopting aging analysis method
√Applicable□Not applicable
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Reserve proportion for account
Aging account Reserve proportion for other receivables (%)
receivable (%)
Within 1 year (including 1 year) 0% 0%
1－2 years 10% 10%
2－3 years 30% 30%
3－4 years 50% 50%
4－5 years 90% 90%
Over 5 years 100% 100%
Accounts on percentage basis in group
□ applicable √not applicable
Accounts on other basis in group
√Applicable □ not applicable
Name Mechod
Conduct the devalue test separately. Set up the bad debt reserve according to
the shortfall of the present value of expected future cash flows against its
carrying amount and record it into the profits & losses at the current period.
（ 3 ） Recognition Standard and Counting & Drawing Method of Bad Debt Reserves for the Accounts Receivable Whose Single
Amount Is not Significant
The accounts receivable under 5 years of age which are not significant without any
Reason business connections any more.
Conduct the devalue test separately. Set up the bad debt reserve according to the
shortfall of the present value of expected future cash flows against its carrying
Mechod
amount and record it into the profits & losses at the current period.
（11） Inventories
1.Investories class: The company’s stocks can be classified as: raw materials, inventory goods, low-value
consumables & other materials, etc.
2. Valuation method of inventory issued :The company calculates the prices of its inventories according to the
weighted averages method or the first-in first-out method.
3. Recognition Basis of Inventories’ Net Realizable Values and Counting & Drawing Method of Obsolete
Inventory Reserves:After taking stock at the end of the period,
4. Inventory System:Adopts the Perpetual Inventory System
5.Amortization method of consumption goods with low value and wrap page
Consumption goods with low value
Consumption goods with low value adopt one time amortization method when used.
Packing
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Amortization method：
（12） Long-term equity investment
1. Initial measurement
（1）Long-term equity investment formed by Consolidation
For Consolidation of enterprise under common control, merger cost is determined on equity combination
basis. For equity investment paid by the Company in terms of cash, non-monetary asset, undertaking of debts, or
issuing of equity securities, the initial cost will be the booking value of the long-term investment provided by the
enterprise to be merged at the day of consolidation. The differences between the initial investment cost of
long-term investment and cash paid, the non-monetary asset transferred out or book value of debt undertaken and
the total face value of shares placed, is used to adjust the capital reserves. When the capital reserve is not enough
to cover the adjustment, the retained gains will be adjusted. All direct expenses attached to the Consolidation are
included in the gain/loss account of the current term.Business combination not under the same control: The
combination costs shall be the fair values, on the acquisition date, of the assets paid, the liabilities incurred or
assumed and the equity securities issued by the acquirer in exchange for the control on the acquiree & all relevant
direct costs incurred for the business combination. For a business combination realized by two or more
transactions of exchange, the combination costs shall be the summation of the costs of all separate transactions.
Where any future event that is likely to affect the combination costs is stipulated in the combination contract or
agreement, if it is likely to occur and its effects on the combination costs can be measured reliably, the amount
shall also be recorded into the combination costs. (2) Long-term equity investment obtained by other
ways.Long-term equity investment obtained by cash payment is recognized for initial investment cost according
to the price practically paid.Long-term equity investment obtained by placing of equity stocks is recognized for
initial investment cost at the fair value of the stock.Long-term equity investment input by investors is recognized
for initial investment cost according to the investment contract or agreement (less the cash dividend or profit
announced but not distributed). However when the value in the contract or agreement is not fair value is not
adopted.
The non-monetary asset exchange for a commercial real income and assets or the fair value other assets can be
reliably measured, the initial investment cost should be determined according to long-term equity investment
exchanged through the non-monetary asset exchange, unless there is evidence showing that for the fair value of
assets is more reliable; the non-monetary asset exchange which does not meet the above premises, the book value
of the exchanged assets to and the relevant fees and taxes to be paid should be the initial investment cost of the
long-term equity investment. The initial investment cost of the long-term equity investments obtained through
debt restructuring should be determined in accordance with fair value.
(2)Follow-up Measurements & Recognitions of Profits or Losses
Cost basis is adopted in accounting of long-term equity investment without joint control or major influence, and
with no quotation in an active market, thus the fair value is not able to be reliably measured. Equity basis will be
adopted for the long-term equity investment with joint control or major influence.The long-term equity investment
that has joint control or significant influences over the invested entity shall be measured by employing the equity
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
method. If the initial cost is more than the investing enterprise' attributable share of the fair value of the invested
entity's identifiable net assets for the investment, the initial cost of the long-term equity investment may not be
adjusted. If the initial cost is less than the investing enterprise' attributable share of the fair value of the invested
entity's identifiable net assets for the investment, the difference shall be recorded into the profits & losses at the
current period.The treatment for the other changes of owner’s equity besides net loss and profit of the unit being
invested: for the other changes of owners’ equity besides net profit and loss of the unit being invested, when
shareholding ratio remains unchanged, the part shared or undertaken according to share ratio, the book value of
long-term equity investment should be adjusted, and at the same time, the capital surplus (other capital surplus).
（ 2 ） Recognition of Profits or Losses.Employing the cost method, besides acquiring the actual payment for
investing or the dividends / profits which have already been declared but not distributed yet, the company shall
recognize its current investment income by enjoying the dividends / profits declared to be distributed by the
invested entity.
The investment income Recognition by cost method is only limited to distribution of accumulated net profit after
the unit being invested receives investment, the part of profit and cash dividends more than the amount will be
regarded as initial investment cost recovery. The loss which should be confirmed to the unit being invested under
equity method should be treated in accordance with the following orders: First of all, deduct the book value of
long-term equity investment. Second, if the book value of long-term equity investment can not be deducted, the
long-term equity value of the net value of the unit being invested should be further confirmed as investment loss
and used to deduct the book value of long-term receivables. Finally, after the above treatment, the additional
liabilities to be undertaken according to investment contract or agreement should be confirmed as expected
liability according to the expected liability and be concluded in the current investment loss. If the unit being
invested achieves profit in the following period, after deducting the unconfirmed liabilities, it should be treated
according to the adverse order as described above, the book value of the confirmed expected liabilities should be
deducted, the book value of the long-term equity investment and long-term equity of net assets of the unit being
invested should also be resumed, and at the same time, the investment income should be confirmed. （3）
Disposal of a long-term equity investment.On disposal of a long term equity investment, the difference between
the proceeds actually received and the carrying amount is recognized in profit or loss for the current period. For a
long-term equity investment accounted for using the equity method, any changes in the owners’ equity of the
investee other than net profits or losses included in the owners’ equity of the investing enterprise, shall be
transferred to profit or loss for the current period on a pro-rata basis according to the proportion disposed of.
3. Recognition Basis for the Joint Control & the Significant Influence over the Invested
Entity
The control over an economic activity in accordance with the contracts and agreements, which does not exist
unless the investing parties of the economic activity with one an assent on sharing the control power over the
relevant important financial & operating decisions, shall be recognized as the joint control together with other
parties over the invested entity. The power to participate in making decisions on the financial & operating policies
of a company, but not to control or to do joint control together with other parties over the formulation of these
policies shall be recognized as the significant influence of the investing party on the invested entity.
4. Test Method for Impairment and Counting & Drawing Method for Impairment
Reserves
69
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
As to a long-term equity investment with no significant influence, if there is no offer in the active market for it
and its fair value cannot be reliably measured, its impairment loss shall be recognized according to the difference
between its carrying amount & the current value recognized by discounting the future cash flow according to the
current market return similar to the financial asset.
Besides the business reputation formed by the business combination, where the measurement results of the
removable amounts show that the receivable amount of any other long-term equity investment is lower than its
carrying value, the difference shall be recognized as the impairment loss.No matter whether there is any sign of
possible assets impairment, the business reputation formed by the business combination shall be subject to
impairment test every year.Once any loss of the long-term equity investment impairment is recognized, it shall not
be switched back any more.
（13）Commissioned loan
Commissioned loan should be accounted according to actual commissioned loan amount. Account receivable
interest rate according to the interest rate stipulated in commissioned loan.
Make overall inspection on the principal of commissioned loan on the balance sheet date, if there is evidence
showing that the principal of commissioned loan is higher than the recoverable amount, impairment provision
should be accounted on the commissioned loan.
14.Investment Real Estates
The term “Investment real estates” refers to the real estates held for generating rentand/orcapital appreciation,
including the right to use any land which has already been rented, the right to use any land which is held and
prepared for transfer after appreciation & the right to use any building which has already been rented.
The company shall make a measurement to the investment real estate through the cost pattern.The company
shall adopt the same depreciation policy as its fixed assets for the investment real estates measured by the cost
pattern-buildings for renting & the same amortization policy as its intangible assets for the right to use any land
for renting. Where any evidence shows that there is possible impairment, the recoverable amount of the fixed
assets shall be estimated. Where the tecoverable amount is lower than its carrying value, the corresponding
impairment loss shall be recognized. Once any loss of the investment real estate impairment is recognized, it
shall not be switched back any more.
14．Fixed assets
（1）Confirmation conditions of fixed assets
Fixed assets refer to physical assets owned for purpose of production, service providing, leasing or management,
and operation with service life of more than one year. Fixed assets are recognized when all of the following
conditions are satisfied：Financial benefits attached to the fixed asset is possibly inflowing to the Company;(2)
The cost of the fixed asset can be reliable measured.
（2）Cognizance evidence and pricing method of financial leasing fixed assets
If all risk and reward associated to certain hired fixed asset actually have transferred, the company confirms it to
be financial leasing. Financial leased fixed assets should take the lower one of fair value of leased assets at leasing
70
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
date and lowest leasing payment, added with the initial direct expenses directly belonging to leasing item, will be
book value of leased assets. Taking the lowest leasing amount as the book value of long term account payable, its
difference will be unconfirmed financial charges. The unconfirmed financial charges will adopt actual interest rate
method to allocate within leasing period. The leased fixed assets ensure depreciation
（3）Fixed assets depreciation method
Provision for depreciation of highways and bridges is made with work amount method. Estimatednet residual
value rate is zero. Estimated useful life is determined according to the period of peration right in respect of
charge collection. The concrete calculation method is as follows: The amount of provision for depreciation per
standard vehicle traffic volume is to be calculated based on the estimated total standard vehicle traffic volume
within expected useful life of highways and bridges and the original value or book value of highways and
Bridges. Then provision for depreciation is made according to the actual standard vehicle traffic volume in each
fiscal period.
The company regularly rechecks the estimate total standard vehicle traffc volume withintheremaining
operation period of highways and bridges. When there is big difference between actual standard vehicle traffic
volume and estimated standard vehicle traffic volume, the Company will re-estimate future total standard
vehicle traffic volume and adjust the provision for depreciation per standard vehicle traffic volume to ensure
that the book value of relevant highways and bridges will be completely amortized within useful life.
The company adopts the straight line method for the depreciation of fixed assets excepthighways & bridges,
and recognizes the depreciation rate according to the fixed asset group, expected useful life & the expected net
salvage value rate.
Depreciation ages and ration of fixed assets：
Classification of fixed asset Depreciable life（Year） Residual rate（%） Depreciation rate（%）
House Building 20-30 years 3%-4.85%
Machine Equipment 10 years 9%-9.7%
Electric Equipment 5-15 years 6 %-19.4%
Transportation Equipment 5-15 years 6 %-19.4%
Highway and Bridge：
Including：Guangfo Expressway
28 years 0% Working flow basis
Fokai Expressway
30 years 0% Working flow basis
Jiujiang Bridge 19 years 0% Working flow basis
4. Test Method for Fixed Asset Impairment and Counting & Drawing Method for Fixed Asset Impairment
Reserves
The company shall, at the end of each period, make a judgment on whether there is any sign of possible fixed
71
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
assets impairment.
Where any evidence shows that there is possible fixed assets impairment, the recoverable amount of the fixed
assets shall be estimated. The recoverable amount shall be determined in light of the higher one of the net amount
of the fair value of the fixed assets minus the disposal expenses & the current value of the expected future cash
flow of the fixed assets.
Where a fixed asset's recoverable amount is lower than its carrying value, the carrying value of the fixed asset
shall be recorded down to the recoverable amount, and the reduced amount shall be recognized as the loss of the
fixed asset impairment and be recorded into the profits & losses at the current period. Simultaneously, the fixed
asset impairment reserve shall be made accordingly.
After the loss of the fixed asset impairment has been recognized, the depreciation expense of the impaired fixed
asset shall be adjusted accordingly in the future period so as to amortize the post-adjustment carrying value of the
fixed asset systematically (deducting the expected net salvage value) within the residual service life of the fixed
asset.
Once any loss of the fixed asset impairment is recognized, it shall not be switched back in the future accounting
periods.
（5）Other
16.Construction-in process
1. Calculation of Construction-in-process
The constructions in process are classified & accounted according to the established projects.
2. Standard & Time Point for Carrying Constructions in Process Forward to Fixed Assets
All the expenditures that bring the construction in process to the expected condition for use shall be the credit
value of the fixed asset. If the fixed asset construction in process has already reached the expected condition for
use, but hasn’t been made the final account; it shall be carried forward to a fixed asset according to its estimated
value based on the budget, cost or actual cost of the construction starting from the date when it reaches the
expected condition for use, and the fixed asset shall be depreciated according to the company’s depreciation
policy for fixed assets. After the final account has been made, the original provisional estimated value shall be
adjusted according to the actual cost, but the depreciation which has originally been counted & drawn shall not be
adjusted.
.3 Test Method for Construction-in-Process Impairment and Counting & Drawing Method
The company shall, at the end of each period, make a judgment on whether there is any sign of possible
constructions-in-process impairment.
Where any evidence shows that there is possible constructions-in-process impairment, the recoverable amount of
the constructions-in-process shall be estimated. The recoverable amount shall be determined in light of the higher
one of the net amount of the fair value of the constructions-in-process minus the disposal expenses & the current
value of the expected future cash flow of the constructions-in-process.
Where a construction-in-process's recoverable amount is lower than its carrying value, the carrying value of the
construction-in-process shall be recorded down to the recoverable amount, and the reduced amount shall be
recognized as the loss of the construction-in-process impairment and be recorded into the profits & losses at the
current period. Simultaneously, the construction-in-process impairment reserve shall be made accordingly.
72
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Once any loss of the construction-in-process impairment is recognized, it shall not be switched back in the future
accounting periods.
（17）Loan expenses
1. Recognition principles for capitalizing of loan expenses
Borrowing expenses occurred to the Company that can be accounted as purchasing or production of asset
satisfying the conditions of capitalizing, are capitalized and accounted as cost of related asset. Other borrowing
expenses are recognized as expenses according to the occurred amount, and accounted into gain/loss of current
term.
The assets meeting capital conditions refer to the fixed assets, investment real estates and inventories which
are constructed or produced in a long time to reach the predicted use or sale state.
When a loan expense satisfies all of the following conditions, it is capitalized:
1. Expenditures on assets have taken place, asset expenditures include the assets used to construct or produce the
assets which meet the capitalization conditions, and expend by cash or transferring non-cash assets or bearing
interest debt;
2. Loan costs have taken place;
3. The construction or production activities to make assets to reach the intended use or sale of state have begun.
2. Duration of capitalization of Loan costs
The capitalization period refers to the period from starting capitalization of loan costs to the stop of capitalization,
the period of the break of capitalization of Loan costs is not included.
When the construction or production meets the intended use or sale of state of capitalization conditions, the Loan
costs should stop capitalization.
When the construction or production meets the conditions of capitalization and can be used individually, the
capitalization of the loan costs of the assets should be stopped.
Where each part of a asset under acquisition and construction or production is completed separately and is ready
for use or sale during the continuing construction of other parts, but it can not be used or sold until the asset is
entirely completed, the capitalization of the borrowing costs shall be ceased when the asset is completed entirely.
.3 Capitalization Suspension Period
Where the acquisition and construction or production of a qualified asset is interrupted abnormally and the
interruption period lasts for more than 3 months, the capitalization of the borrowing costs shall be suspended. If
the interruption is a necessary step for making the qualified asset under acquisition and construction or production
ready for the intended use or sale, the capitalization of the borrowing costs shall continue. The borrowing costs
incurred during such period shall be recorded into the profits & losses at the current period, till the acquisition and
construction or production of the asset restarts.
4. Calculation of the amount of capitalization of Loan costs
Interest expense due to specialized Loan and its auxiliary expenses shall be capitalized before the asset which
satisfies the capitalizing conditions reaches its useable or saleable status.
Interest amount of common Loan to be capitalized equals to accumulated asset expense less weighted
average of specialized loan part of asset expense multiplies capitalizing rate of common Loan occupied.
Capitalizing rate is determined according to weighted average interest of common Loan.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
If the Loan has discount or premium, the discount or premium amount should be determined according to
actual interests in each accounting period. The interest amount should be adjusted in each period.
19Intangible assets
1. The valuation methods of intangible assets
(1)The initial measurement is conducted according to the actual cost when the intangible assets
are acquired
The cost of the purchased intangible assets includes its buying price, relevant tax and the othe expenses that
are directly attributed to this assets meeting its predetermined objective and other expenses that occur. The buying
price of intangible assets is over the deferred payment under normal credit conditions, which has the nature of
financing materially, the cost of intangible assets is determined on the basis of the present value of its buying
price.
We acquire the mortgaged intangible assets from debtors through debt restructuring and determine the entry
value on the basis of the fair value of the intangible assets,we have the balance between the book value of debt
restructuring and the fair value of intangible assets used for mortgage charged to the current profit and loss.
The entry value of the non-monetary assets exchanged into by the non-monetary assets are determined on the
basis of the fair value of the assets exchanged out if the exchange of non-monetary assets has commercial nature
and the assets exchanged into or out can be reliably measured, unless there is authentic evidence indicating that
the fair value of assets exchanged into are more reliable; if the non-monetary assets that cannot meet the above
prerequisite use the book value of the assets exchanged out and relevant taxes payable as the cost of the
non-monetary assets, the profit and loss is not confirmed.
The entry value of the intangible assets acquired by the absorption merger under the control of one company
is determined by the book value of the merged party;the entry value of the intangible assets acquired by the
absorption merger that is not under the control of one company is determined by the fair value.
The cost of the intangible assets developed internally includes the materials consumed in developing the
assets, cost of service, registration fees, other patent used in developing, amortization of concession and interest
charges meeting the capitalization conditions and othe direct costs that occur before the intangible assets
meeting the predetermined objective.
（2）Subsequent measurement
The Company analyses and makes judgment of its serviceable life when acquiring the intangible assets.
The intangible assets that have limited serviceable life are amortized by the straight-line method during the
period when the assets can bring about economic interests;The intangible assets are deemed as uncertain
serviceable life and are not amortized if it is impossible to expect the period when the assets could bring about
economic interests.
Item Amortisation periods Basis
（3）The judgment basis of the intangible assets with indefinite life
The intangible assets are deemed as uncertain serviceable life and are not amortized if it is impossible to
expect the period when the assets could bring about economic interests.
（4） Provision for the depreciation of value of the intangible assets
The intangible assets that have certain serviceable life are conducted at the ending with the test of
depreciation of value if the assets indicate obviously that those are depreciating
74
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
For conducting a test of depreciation of value of the intangible assets, it needs to estimate the recoverable
amount of the assets. The recoverable amount is determined by the higher between the net amount obtained
through the fair value of intangible assets minus settlement changes and the present value of the future cash flow
expected by the intangible assets.
When the recoverable amount of intangible assets is below their book value, the book value of intangible
assets is written down to the recoverable amount and the amount written down is confirmed as the loss of
depreciation of value of intangible assets and is charged to the current profit and loss, while the corresponding
provision for the depreciation of value of intangible assets is made.
The depletion of the depreciation of value of intangible assets or the amortization charge in the future period
will be adjusted accordingly after confirmation of the loss of the depreciation of value of intangible assets so that
it can systematically allocate the book value of intangible assets adjusted in the residual serviceable life of
intangible assets(deduction of anticipated net value).
Upon confirmation of the loss of the depreciation of value of intangible assets, the loss will not be reversed in
the subsequent accounting period any longer.
（19）Long-term amortizable expenses
Long-term prepaid expenses refer to that enterprises have already spent, and amortization periods of all expenses
are more than one year (excluding 1 year), they should be amortized in the regulated years.
20.Bond payable
When the company is issuing bonds, the total price issued should be included in the “Payable bonds” subject.
The difference between bond issuance total amount and the total amount of bond face valueshould be
worked as bond premium or discount and be amortized within the bond period according to actual interest rate
and vertical line method, and be treated according to borrowing costs described below。
21 Revenues
（1）Recognition time for sales of goods
The toll income refers to the operation of toll Road fees, to actually collect revenues.
（2）Confirm the eveidence to provide labor income
The service started and completed in the same accounting year should be confirmed upon the completion of labor
income . if the beginning and completion of the service belongs to different accounting year. When the results of
providing service transaction can be reliably estimated, on the balance sheet date. The company should confirm
the relevant service income according to the completion percentage. When all the following conditions can be
met,the results of the transaction can reliably estimated:
(1) Total labor revenue and total labor costs can be reliably measured;
(2)The economic benefits relating to transactions will flow into the enterprise;
(3)The progress of completion of the service can be reliably identified;
75
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
serviceproviding or construction contracts
（22）Government subsidies
（1）Type
Government subsidies mean that the Company free of charge acquires the monetary assets and the
non-monetary assets. Government subsidies can be classified into capital-related government subsidies and
earnings-related one.
2 Accounting treatment
The purchasing of the fixed assets, intangible assets and other long-term assets related to government
subsidies are confirmed as deferred revenue, the revenue is in installments charged to the non-operating earnings
in accordance with the serviceable life of assets built or purchased.
The earning-related government subsidies that are used to compensate the relevant expenses or loss are
confirmed as deferred earnings when the subsidies are acquired, the deferred earnings are charged to the current
non-operating earnings; When the subsidies are used to compensate the relevant expenses or loss that occurred,
the subsidies are directly charged to the current non-operating earnings.
(23)Deferred income tax assets and deferred income tax liabilities
1. References for confirmation of deferred income tax assets
The company is likely to determine the deferred income tax assets produced from deductible temporary
differences with the limit of offsetting the taxable income of temporary difference.
2.The confirmation basis of deferred income tax liabilities
The Company confirms the temporary differences of the taxable that is not paid in the current and prior
periods as the deferred income tax liabilities. However, the goodwill, the transactions formed from non-business
merger and those will affect either accounting profit or the temporary differences of the taxable income when the
transactions occur are not included in the deferred income tax liabilities.
24.Accounting Methods of Income tax
The company’s income tax is accounted in Balance sheet liability approach.
The company recognizes the sum of current income tax and deferred tax as the income tax expenses(or income) in
the income statement on the basis of calculating and determining the income tax of the current period(namely
the current taxes payable) and the deferred tax (the deferred tax expenses or income ), but excluding the
effects of the business combination and the income taxes related to the transactions or events directly recorded
in the owner’s rights and interests.
25.Change of main accounting policies and estimations
Is there any material change of accounting policies occurred in the year
□ Yes √ No
None
76
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
（1）Change of accounting policies
Is there any change in accounting policies in the report period
□ Yes √ No
（2）Change of accounting estimations
Is there any change in accounting estimations in the report period
□ Yes √ No.
26.Correction of accounting errors in previous period
Is there any accounting error with previous period found in the report period
□ Yes √ No
None
V. Taxation
1. Major category of taxes and tax retes
Tax category Tax basis Tax rate
Business tax Toll income 3%、5%
City maintenance and construction tax Turnover tax. 7%、5%
Enterprise income tax 25%
Business tax Gains from rents 5%
Business tax Gains from sevice providing 5%
.Education surcharges Turnover tax. 3%
Local Education surcharges
Turnover tax. 2%
Defend expense Tax income 0.09%-0.12%
Income tax rate applicable to branches and factories
77
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
VI. Enterprise Consolidated and Consolidated Financial Statement
（I）Informationof subsidiaries
1.The subsidiary acquired through the establishment or investment and other means.
Unit：RMB
The balance between current losses
assumed by minority shareholders’
Amoun
Balance of Whe
t deduct deducted from owners’ equity
Regi The year end’s other essenfaly Voting ther Minority
Name of Business Registere Equity holding from
Type stered Operating scope actual amount of constituting net consolidatshareholders
subsidiary nature d capital percentage power e financial equity minority belongs to parent company and the
address capital investment investment in
（%） shareholders
subsidiary statement
’ equity minority shareholders’ attributable
share of owners’ equity at the
opening balance
Investment in technical
industries and provision of
4/F,Expr relevant consulting services,
G
uangdon essway Technol research and development of
g
Holding Builidin ogy lighting technology of City and
Express
way subsidia No.85 Investm 100,000 Road, energy saving and
95,920,000.00 100% 100% Yes
Technol Baiyun, ent and ,000.00 storage technology,
ries
ogy
Investm Yuexiu , Consult photovoltaic technology of
ent Co., Guangz ation solar energy and production
Ltd.
hou and sales of relevant products,
design, production, release and
agency of all kinds of domestic
78
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
and foreign advertisements,
construction and maintenance
management of highway
projects and domestic trade.
(excluding gold, silver, motor
vehicles and dangerous
chemicals)
Notes
2.The Subsidiary through business combination under the same control
Unit：RMB
The balance between
current losses assumed by
The year Balance Am minority shareholders’
Whe
end’s of other ount
Equity ther deducted from owners’
Regi actual essenfaly Minority deduct
Name of Business Registere holding consolidat
Type stered Operating scope amount of constituting Voting power shareholders from
subsidiary nature d capital percentag e equity belongs to parent
address capital net （%） equity minority
e financial
investmeninvestment in sharehold
statement company and the minority
t subsidiary ers’ equity
shareholders’ attributable
share of owners’ equity at
the opening balance
West Express Construction, tolling, maintenance and management of
Guangfo Holding
Expressw way 200,000 Guangfo Expressway, automobile fueling, Form 242,151 73,486,
ay Co.,
subsidia Shabei, 75% 75% Yes
Manage ,000.00 Hengsha Guangzhou to Foshan xiebian，A total length ,386.98 792.79
Ltd. ries Guangz ment of 15.7 km, salvage, maintenance and cleaning up.
79
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
hou
Operation and management of Fokai Expressway and its
No.83 supporting facilities, automobile salvage, maintenance
and cleaning, supply of automobile parts and
Guangdon Holding Baiyun Express components, maintenance and management of Jiujiang
g Fokai subsidia Road,Yu 1,108,0 2,869,8
way Bridge of Guangzhan Highway. Auto rescue and repair 779,621
Expressw 00,000. 23,665. 75% 75% Yes
ries
ay Co., exiu, Manage (operated by subsidiaries). Sales of industrial capital ,846.80
00 77
Ltd. ment goods (excluding gold, silver, motor vehicles and
Guangz
dangerous chemicals), construction materials,
hou department goods, needles, textiles, metals,
cross-powers.
Notes
3.The Subsidiaries through business combinations not under the same control
Unit：RMB
The year Balance Am
Whe
end’s of other ount
Equity ther The balance between current losses assumed by minority shareholders’ deducted
Regi actual essenfaly Minority deduct
Name of Business Registere Operating holding consolidat
Type stered amount of constituting Voting power shareholders from
subsidiary nature d capital scope percentag e from owners’ equity belongs to parent company and the minority shareholders’
address capital net （%） equity minority
e financial
investmeninvestment in sharehold
statement attributable share of owners’ equity at the opening balance
t subsidiary ers’ equity
Notes
None
80
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
2. The business entity which is controlled by special purpose vehicles
Unit:RMB
Major transactions with the Major assets, liabilities items recognized in the consolldated
Name
Company statements and its year-end balances
Notes
Notes
3. Explanation to changes in scope of consolidation
Notes
N/A
□ Applicable √ not applicable
4. Entities that are newly included in the scope of consolidation in current reporting period
Unit:RMB
Name Net asset at the end of 2012 Net profit of 2012
There is no other changes in consolidation scope except this . there is no other is no other main part to be newly
included or to be excluded in consolidation scope of this period.
Unit：RMB
Name Net asset at end of term Net profit of the current term
Notes
N/A
VII. Notes to the major items of consolidated financial statement
（I）Monetary Capital
Unit ：RMB
Amount in year-end Amount in year-begin
Items Exchange Foreign Exchange
Foreign currency RMB RMB
rate rate
currency
Cash -- -- 65,522.56 -- -- 91,730.99
RMB -- -- 65,522.56 -- -- 91,730.99
Bank deposit -- -- 1,004,200,550.71 -- -- 797,575,906.98
RMB -- -- 1,004,133,776.58 -- -- 797,507,937.53
HKD 83,829.18 0.7966 66,774.13 67,969.45
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Other currency -- -- 764,265.04 -- -- 817,682.52
RMB -- -- 764,265.04 -- -- 817,682.52
Total -- -- 1,005,030,338.31 -- -- 798,485,320.49
Notes of Monetary fund has not these conditions such as usage limitation for mortgage, pledge or frozen fund,
stored overseas, with potential recovery risk.
2.Dividends receivable
Unit :RMB
Whether the
Amount at year Increase at this Decrease at this Amount at period Reasons for not relevant funds
Items
beginning period period end being recovered have signs for
impairment
The dividends
receivable with
53,360,130.21 107,517,619.19 80,229,464.66 80,648,284.74
account age less
than one year
Including： -- -- -- -- -- --
The dividend of
Jungzhu
53,360,130.21 80,648,284.74 53,360,130.21 80,648,284.74 Not yet released No
Expressway in
2012
The dividend of
China Everbright
13,920,000.00 13,920,000.00
Bank Co., Ltd. in
2012
The dividend of
Zhaoqing Yuezhao
Highway Co., Ltd.
12,949,334.45 12,949,334.45
in 2012 and in
January- June
2013
Including： -- -- -- -- -- --
Total 53,360,130.21 107,517,619.19 80,229,464.66 80,648,284.74 -- --
Notes
3. Account receivable
1.Classification accojunt receivables.
82
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Unit :RMB
Amount in year-end Amount in year- begin
Book Balance Bad debt provision Book Balance Bad debt provision
Classification
Amount Proportio Amount Proportion( Amount Proportion( Amount Proportion(%
n(%) %) %) )
Receivables with major
individual amount and bad
debt provision provided
individually receivables 16,867,57
53,374,678.72 89.26% 76.36%
with major individual 8.80
amount and bad debt
provision provided
individually
Receivables provided bad debt provision in groups
Incl:account reveivables
on which bad debt 5,205,594
6,422,972.12 10.74% 16,069.77 0.25% 23.57% 16,069.77 0.31%
provisions are provided on .78
age basis
5,205,594
Subtotal of group 6,422,972.12 10.74% 16,069.77 0.25% 23.57% 16,069.77 0.31%
.78
Account receivable with
minor individual amount
16,500.00 0.07% 16,500.00 100%
but bad debt provision is
provided
22,089,67
Total 59,797,650.84 -- 16,069.77 -- -- 32,569.77 --
3.58
Category explanation of accounts receivable
Receivable accounts with large amount individually and bad debt provisions were provided
□Applicable √not applicable
Unit:RMB
Account reveivable on which bad debt proisions are provided on age basis in the group
√ Applicable □ not applicable
Unit：RMB 元
Balance in year-end Balance in year-begin
Age Balance of book Balance of book
Bad debt Bad debt
Amount Propertion( provision Amount Propertion( provision
83
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
%) %)
Within 1 year
Including： -- -- -- -- -- --
Within 1year 6,405,116.82 99.72% 5,187,739.48 99.66%
4-5 years 17,855.30 0.28% 16,069.77 17,855.30 0.34% 16,069.77
Total 6,422,972.12 -- 16,069.77 5,205,594.78 -- 16,069.77
Receivable accounts on which had debt provisions are provided on percentage analyze basis in a portfolio
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided by other ways in the portfolio
□Applicable √Not applicable
Receivable accounts with minor amount but on which had debt provisions are provided individually at end of
period
□Applicable √Not applicable
（2）Receivable accounts written back or retrieved in the report period
Unit：RMB
Bad debt provision
Description of other Reason to write back Basis of original bad Amount written back or
provided before writing
receivables or retrieve debt provision retried
back or retrieving
In the current report peiod, separate amount is not large , the account receivable with big combination risk after
combined via risk character
Unit：RMB
Name Book balance Amount of bad debt Proportion（%） Reason
Guangdong Union
50,306,392.72 Account collected
Electric Toll Co., Ltd.
Shanxi Xianaote
Automation Engineering 3,068,286.00 Account collected
Co., Ltd.
Total 53,374,678.72
Notes
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
（3）Receivable accounts actually written off in the report period
Unit: RMB
Unit ：RMB
Whether because of
Amount of written Reasons of written
Name Quality Time of written off the connected
off off
transaction
The other has been
Huizhou Yutian bankruptcy and
Advance funds June 28, 2013 16,500.00 No
Adverting Co., Ltd. liquidation and
unable to repay.
Total -- -- 16,500.00 -- --
Notes
(4)Particulars about the receivable accounts due from shareholders with 5% or over of the Company’s shares in
the report period
Unit：RMB
Balance at the period end Balance in year-begin
Name
Book mount Proportion(%) Book mount Proportion(%)
（6）The front 5 units’ information of account receivable
Unit：RMB
Relation with the Portion in total other
Name Amount Ages
Company receivables (%)
Guangdong Union
Non-related parties
Electronic Services Co., 50,306,392.72 Within 1 year 84.13%
enterprise
Ltd.
Shanxi Xinaote
Non-related parties
Automation engineering 3,068,286.00 Within 1 year 5.13%
enterprise
Co., Ltd.
Guangdong Expressay Controlled by the same
1,438,788.52 Within 1 year 2.41%
Co., Ltd.
parent company
Chengdu Shuguang
Non-related parties
Optical Fiber network 1,128,494.55 Within 1 year 1.89%
enterprise
Co., Ltd.
Guangzhou Zhongqiu Non-related parties
859,592.90 Within 1 year 1.44%
Adverting Co., Ltd. enterprise
Total -- 56,801,554.69 -- 95%
85
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
（6）Account receivable from Related parties
Unit：RMB
Portion in total other receivables
Name Relation with the Company Amount
(%)
Guangdong Exprwssway Controlled by the same
1,438,788.52 2.41%
Co.,Ltd.
parent company
Guangdong Maozhan Controlled by the same
761,900.00 1.27%
Expressway Co., Ltd.
parent company
Guangdong Kaiyang Controlled by the same
56,635.68 0.09%
Expressway Co., Ltd.
parent company
Guangdong Yangmao Controlled by the same
30,000.00 0.05%
Expressway Co., Ltd.
parent company
Guangdong Taishan Coast Controlled by the same
30,000.00 0.05%
Expressway Co., Ltd.
parent company
Guangdong Lulutong Co., Controlled by the same
17,855.30 0.03%
Ltd.
parent company
Total -- 2,335,179.50 3.9%
（7）Termination of other receivable accounts
Unit：RMB
Items Derecognised amount Gains / losses associated with the derecognition
（ 8 ） For securitization on receivable accounts, please provide the amount of asset and liability formed
bycontinuous involving
Unit RMB
Items Year-end balance
Assets：
Liability：
4. Other receivable
1.Type analyses:
86
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Unit：RMB
Amount in year-end Amount in year-begin
Book Balance Bad debt provision Book Balance Bad debt provision
Type
Amount Proportio Amount Proportio Amount Proportion( Amount Proportio
n(%) n(%) %) n(%)
Other receivables with
major individual amount 62,215,977.0 62,215,977.0 62,215,977.0
63.8% 100% 61.61% 62,215,977.01 100%
and had debt provision 1 1 1
provided individuarlly
Other receivables provided bad debt provision in groups
Group 1：The other
receivables based on 17,891,796.3 21,766,201.6
18.35% 1,659,703.68 9.28% 21.56% 1,659,703.68 7.63%
ageing analysis over the 7 0
provision for bad debts
Group 2：The other
receivables based on 17,410,787.1 16,999,316.5
17.85% 16.83%
Othe analysis over the 2 9
provision for bad debts
35,302,583.4 38,765,518.1
Subtotal of group 36.2% 1,659,703.68 4.7% 38.39% 1,659,703.68 4.28%
9 9
97,518,560.5 63,875,680.6 100,981,495.
Total -- -- -- 63,875,680.69 --
0 9 20
Notes
Other receivable accounts with large amount and were provided had debt provisions individually at end of period
□ Applicable √ Not applicable
Other receivable account in Group on which bad debt provisions were provided on age basis
√ Applicable □ Not applicable
Unit：RMB
Balance at the period end Balance in year-begin
Bad debt balance Bad debt balance
Age
Proporti Bad debt provisio Proporti Bad debt provisio
Amount Amount
on(%) on(%)
Within 1 year
Including：
Subtotal of Within 1
16,232,092.69 90.72% 20,106,497.92 92.37%
year
87
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Over 5 years 1,659,703.68 9.28% 1,659,703.68 1,659,703.68 7.63% 1,659,703.68
Total 17,891,796.37 -- 1,659,703.68 21,766,201.60 -- 1,659,703.68
Other receivable account in Group on which bad debt provisions were provided on percentage basis
□ Applicable √ not applicable
Receivable account on which bad debt provisions are provided by other ways in the portfolio
□ Applicable √ not applicable
Other receivable accounts with minor amount but were provided had debt provisions individually at end of period
□ Applicable √ not applicable
（2）Other receivable accounts written back or retrieved in the report period
Unit：RMB
Accumulatively Accruing
Cause of written back
Content Determine the Basis of Allowances for Bad Debt Amount of Reversal or
oor retrieved
Bad Debt Provision before Reversal or Recovery
Recovery
Separate amount is big at end of the period or not big but other account receivable and doubtful reserves shall be
withdrawn
Unit：RMB
Amount of Proporti
Description Book balance Reason
bad debts on（%）
The parent company once paid RMB 33,683,774.79 into Kunlun
Securities Co., Ltd, Guangdong Expressway technology
investment Co., Ltd once paid RMB 18,000,000.00 into Kunlun
Securities Co., Ltd. Qinghai Province Xining City’s intermediate
people’s court made a adjudication under law declared that
Kunlun Securities Co., Ltd went bankrupt and repaid debt in
Kunlun Sercurities Novemeber 11, 2006. On March 2007, The Company and
49,995,897.10 49,995,897.10 100%
Co.,Ltd. Guangdong Expressway Technology Investment Co., Ltd had
switched the money that paid into Kunlun Secutities Co., Ltd to
other account receivable, and follow the careful principle to
doubtful debts provision. The RMB 710,349.92 CREDIT WAS
RECOVERED IN 2008, and the provision for bad debt is
deducted, The RMB977,527.77 credit was recovered in 2011,
and the provision for had debt is deducted.
Guangdong Expresswaytechnology investment Co., Ltd .should
Beijing Gelin Enze
charge Beijing Gelin Enze Organic Fertilizer Co., Ltd.for
Organic Fertilizer Co., 12,220,079.91 12,220,079.91 100%
RMB12,220,079.91. Eight millions of it was entrust loan, three
Ltd.
million was temporary borrowing RMB 12,400.00 is the
88
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
commission loan interest, the rest of it was advance money for
another, Beijing Gelin Enze Organic Fertilizer Co., Ltd’s
operating status was had and had already ceased producing,
Accordingly, the controlling subsidiary of the company
Guangdong Expressway Investment Co., Ltd. accounted full
provision for Bad debt RMB 12,220,079.91 rpovision.
Total 62,215,977.01 62,215,977.01 -- --
Other receivable account in Group on which bad debt provisions were provided on percentage basis
（3）Other receivable accounts verfication or retrieved in the report period
Unit：RMB
Whether because of
reasons of written
Name Quality Time of written off Amount of written the connected
off
transaction
Notes:
None
(4)Particulars about the receivable accounts due from shareholders with 5% or over of the Company’s shares
Unit：RMB
Year-end balance Year-beginning balance
Name
Book Balance Amount Book Balance Amount
None
（5）Other Receivable accounts with large nature and Content
Unit：RMB
Name Amount Nature Proportion(%)
Notes
（6）The front 5 units’ information of Other account receivable
Unit：RMB
Relation with the Portion in total
Name Amount Ages
Company receivables (%)
Kunlun Securities
No relationship 49,995,897.10 Over 5 years 51.27%
Co.,Ltd
89
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Beijing Gelin Enze Joint venture 12,220,079.91 Over 5 years 12.53%
Foshan Land resources
Bureau,Chancheng No relationship 7,366,300.00 4-5 year 7.55%
Branch
Guangdong Xingyu Law
No relationship 2,300,573.25 Over 4 years 2.36%
Office
Jianghe Expressway
No relationship 2,266,146.00 Within 1 year 2.32%
Co.,Ltd.
Total -- 74,148,996.26 -- 76.03%
（7） Other accounts receivable from the Related parties
Unit：RMB
The proportion of the total of
Name Relationship with the Company Amount other receivables (%)
Beijing Gelin Enze Joint venture 12,220,079.91 12.53%
Guangdong Litong Property Controlled by the same parent
1,489,031.00 1.53%
Investment Co., Ltd. company
Guangdong Guanghui
Joint venture 668,034.00 0.69%
Expressway Co., Ltd.
Guangdong Xinlu Controlled by the same parent
651,101.37 0.67%
AdvertingCo., Ltd. company
Zhaoqing Yuezhao Highway
Joint venture 507,557.20 0.52%
Co., Ltd.
Guangdong Kaiyang Controlled by the same parent
414,413.87 0.42%
Expressway Co., Ltd. company
Guangdong Gaoda Property Controlled by the same parent
91,500.00 0.09%
Development Co., Ltd. company
Guangdong Maozhan Controlled by the same parent
40,100.00 0.04%
Expressway Co., Ltd. company
Guangdong Shanfen Controlled by the same parent
24,486.00 0.03%
Expressway Co., Ltd. company
Yunfu Guangyun Expressway Controlled by the same parent
6,143.00 0.01%
Co., Ltd. company
Guangdong Xinyue
Controlled by the same parent
Communication Investment 2,158.60 0%
company
Co., Ltd.
90
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Total -- 16,114,604.95 16.53%
⑻There is no accounts receivable that have been terminated to confirm in the current.
Unit：RMB
Items Derecognised amount Gains/losses associated with the derecognition
(9).There is no accounts receivable as a object of securitization in the current.
Unit ：RMB
Items Year-end balance
Assets：
Liability：
5. Prepayments
（1）Age analysis
Unit：RMB
Balance in year-end Balance in year-begin
Age Proportion Proportion
Amount Amount
（%） （%）
Within 1 year 594,803.75 57.97% 24,646,274.05 52.26%
1-2 years 46,418.00 4.52% 11,251,264.40 23.86%
2-3 years 164,160.00 16% 1,576,800.00 3.34%
Over 3 years 220,738.00 21.51% 9,689,991.30 20.54%
Total 1,026,119.75 -- 47,164,329.75 --
Notes to age of prepayment:
（2） The front 5 units’ information of prepayment:
Unit：RMB
Relationship with the Reasons for pending
Name Amount Time
Company accounts
CPIC No relationship 511,037.55 Within 1 year Insurance prepaid
Guangzhou Maritime
No relationship 220,738.00 4-5 years Lawsuit fee of prepaid
Court
Guangdong Daxiong
Economy Technology No relationship 164,160.00 2-3 years Deposit prepaid
Consultion Co.,Ltd.
Hunan Kechuang No relationship 46,418.00 1-2 years Project fund of prepaid
91
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Information Technology
Co., Ltd.
Guangling Technology
No relationship 44,095.00 Within 1 year Project fund of prepaid
Co., Ltd.
Total -- 986,448.55 -- --
Notes
3.There was no Prepayment due from shareholders with nore than 5% (including 5%) of the voting shares of
the company.
Unit ：RMB
Balance in year-end Balance in year-begin
Name
Bad debt Bad debt
Balance of book Balance of book
provision provision
（4）Prepayment from related parties
Relationship with the Proportion
Name Amount Time
Company (%)
Zhaoqing Yuezhao Highway Joint venture 18,750.00Within 1 1.83
Co., Ltd. year
Total 18,750.00 1.83
6．Inventory
（1）Inventory types
Unit：RMB
Year-end balance Year-beginning balance
Items Provision for Provision for bad
Book balance Book value Book balance Book value
bad debts debts
Total 0.00 0.00
（2）Inventory impairment provision
Unit：RMB
92
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Book balance at year Amount accounted in Book balance at period
Type Amount Decreased in current period
beginning current period end
（3）Condition of inventory value decline
Proportion of issuing back
Reason of issuing back to stock
Items Bse of inventory decline amount to the inventory balance
value decline plan of this period
at this period（%）
Notes
7.Other current assets
Unit： RMB
Items End of term Beginning of term
Total 0.00 0.00
Notes
8.Disposable financial assets
（1）Sellable financial assets
Unit：RMB
Items
Fair value at end of term Fair value at beginning of term
Other 693,600,000.00 732,000,000.00
Total 693,600,000.00 732,000,000.00
The amount of investment held to mature recategorized to sellable financial assets was RMB 0 , Account for 0%
of total investment held to mature.
Statement on sellable financial assets:
As June 30, 2013, the company held 240,000,000 shares of stock of the China Everbright Bank, according
to the closing price 2089 yran on 30, June 2013, the fair value at the end of the period is RMB 693,600,000.00.
93
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
9.Investment held to mature
（1）Investment held to mature
Unit：RMB
Items Balance of book value at end of term Balance of book value at beginning of term
Total 0.00 0.00
Notes
（2）Investment hold to mature disposed in the report period hefore mature
Unit：RMB
Items Amount Proportion（%）
Notes
10.Long-term receivables
Unit：RMB
Type Balance in-end Balance in-Beginning
Total 0.00 0.00
94
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
11.Investment to joint venture and affiliated Enterprises
Unit：RMB
Voting Total current
Name Proportion (%) End total assets End total liablilities End total net assets Net profit
proportion(%) revenues
I. Joint venture
Guangdong Guanghui Expressway 30% 30% 5,683,588,623.40 2,601,705,095.11 3,081,883,528.29 645,073,445.30 209,552,438.31
Zhaoqing Yuezhao Highway Co., Ltd. 25% 25% 2,076,125,341.32 1,209,687,960.00 866,437,381.32 224,602,043.67 80,477,241.83
Beijing Gelin Enze 35% 35% 25,925,805.89 16,707,626.85 9,218,179.04
2. Affiliated Company
Shenzhen Huiyan Expressway 33.33% 33.33% 528,095,162.03 30,421,537.16 497,673,624.87 110,536,929.90 44,468,815.20
Guangdong Maozhan Expressway 20% 20% 2,651,019,868.34 1,730,273,176.79 920,746,691.55 235,745,053.72 59,167,744.03
Jingzhu Exprwssway Guanzhu 20% 20% 3,836,845,759.35 3,030,109,898.74 806,735,860.61 461,263,734.98 194,102,674.22
Guangdong Jiangzhong Expressway 15% 15% 2,486,988,057.12 1,435,874,570.42 1,051,113,486.70 173,218,694.41 16,851,472.62
Ganzhou Kangda Expressway 30% 30% 1,699,271,475.31 1,389,711,373.63 309,560,101.68 103,208,484.00 30,213,393.12
Ganzhou Gankang Expressway 30% 30% 1,968,327,931.31 1,307,517,385.88 660,810,545.43 76,960,646.67 9,303,198.05
Guangdong Guangle Expressway 30% 30% 22,518,538,833.00 17,987,004,760.55 4,531,534,072.45
Statements on material diversity in accounting policies, estimations adopted by the Company and the affiliates:
15. Long term share equity investment.
（1）Details of long-term equity investment
95
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Unit：RMB
Explainati
on of
difference
between
Sharehold Voting sharehold
ing right ing
Accounti
proportio proportio proportio Current Cash
Name ng Investment cost Original balance Change Ending Balance Devalue
n in the n in the n and devalue bonus
method
investmen investmen voting
t (%) t (%) right
proportio
n in
investmen
t
Guangdong Guanghui Equity
705,503,400.00 861,699,327.00 62,865,731.49 924,565,058.49 30% 30%
Expressway Co., Ltd. method
Zhaoqing Yuezhao Highway Equity
201,770,945.42 223,165,906.76 6,807,160.03 229,973,066.79 25% 25% 12,949,334.45
method
Co., Ltd.
Equity
Beijing Gelin Enze 6,614,483.90 35% 35%
method
Equity
Beijing Gelin Enze 35,231,299.69 163,744,908.44 14,112,098.84 177,857,007.28 33.33% 33.33%
method
.Shenzhen Huiyan Equity
224,000,000.00 172,315,789.50 11,833,548.81 184,149,338.31 20% 20%
Expressway method
Guangdong Maozhan Equity
247,848,488.93 337,849,047.24 -45,693,992.75 292,155,054.49 20% 20% 80,648,284.74
Expressway method
96
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
.Jingzhu Exprwssway Equity
156,750,000.00 155,139,302.11 2,527,720.90 157,667,023.01 15% 15%
Guanzhu method
Ganzhou Kangda Equity
216,251,100.00 126,880,301.64 8,276,037.03 135,156,338.67 30% 30%
Expressway method
Ganzhou Gankang Equity
226,379,000.00 195,452,204.21 2,790,959.42 198,243,163.63 30% 30%
Expressway method
Guangdong Guangle Equity
729,997,500.00 728,141,601.73 728,141,601.73 30% 30%
Expressway method
Huaxia Securities Co., Cost
5,400,000.00 5,400,000.00 5,400,000.00 0.27% 0.27% 5,400,000.00
Ltd.(Notes 1) method
Huazheng Assets
Management Cost
1,620,000.00 1,620,000.00 1,620,000.00 0.54% 0.54% 1,393,200.00
method
Co. Ltd.
(Notes 2)
Kunlun Securities Co., Cost
30,000,000.00 30,000,000.00 30,000,000.00 5.74% 5.74% 30,000,000.00
Ltd.(Notes 3) method
Guangdong SVA Network Cost
50,000,000.00 50,000,000.00 50,000,000.00 2.97%
investment First Co., Ltd. method
Total -- 2,837,366,217.94 3,051,408,388.63 63,519,263.77 3,114,927,652.40 -- -- -- 36,793,200.00 93,597,619.19
97
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
（2）Constrains on the ability to transfer capital to invested entities
Unit ：RMB
Constrains on the ability to transfer capital Accumulated investment loss not
Causation of constrain
to long-term invested entities recognized
Statements on long-term equity investment：
13. Investment real estate
（1）Cost
Unit：RMB
Items Balance in year-begin Increase at this period Decrease at this period Balance in year-end
1. Original price 12,664,698.25 12,664,698.25
1.Hoses and building 12,664,698.25 12,664,698.25
II.Total accumulated
depreciation
7,587,873.57 232,106.70 7,819,980.27
accumulated
amortization
1.Hoses and building 7,587,873.57 232,106.70 7,819,980.27
III. Total book Net
value of investment 5,076,824.68 -232,106.70 4,844,717.98
real estate
1.Hoses and building 5,076,824.68 -232,106.70 4,844,717.98
III. Total book value
of investment real 5,076,824.68 -232,106.70 4,844,717.98
estate
1.Hoses and building 5,076,824.68 -232,106.70 4,844,717.98
Unit：RMB
This period
Current amount of depreciation and amortization 232,106.70
17.Fixed assets
（1）Fixed assets
Unit：RMB
98
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Balance in year- Increase at this Decrease at this Balance in
Items
begin period period year-end
1.Total of Original price of
10,801,348,098.80 225,518,316.88 259,913,233.10 10,766,953,182.58
fixed assets
Including ：House and
282,857,465.62 2,200,000.00 7,835,448.33 277,222,017.29
building
Machine equipment 108,163,523.58 2,700,000.00 110,863,523.58
Transporation Equipment 59,062,656.78 59,062,656.78
Electricity equipment and
344,857,366.08 17,384,203.90 6,169,163.12 356,072,406.86
other
Guangfo Expressway 1,472,586,424.46 1,472,586,424.46
Fokai Expressway 8,283,969,615.73 207,176,537.88 8,491,146,153.61
Jiujiang Bridge 249,851,046.55 -3,942,424.90 245,908,621.65
Book balance in Current term new Current term Decrease at this Balance in
--
year-begin extra provision period year-end
II. Total of Accumulated
2,581,368,383.48 320,690,896.41 138,476,551.59 2,763,582,728.30
depreciation
Including ：House and
100,340,779.25 6,950,730.69 3,248,383.74 104,043,126.20
building
Machine equipment 6,356,568.82 4,915,034.56 11,271,603.38
Transporation Equipment 35,348,971.72 2,226,098.84 37,575,070.56
Electricity equipment and
164,231,619.93 14,421,034.43 4,070,175.52 174,582,478.84
other
Guangfo Expressway 847,641,591.68 65,398,353.31 913,039,944.99
Fokai Expressway 1,305,049,138.40 218,021,365.93 1,523,070,504.33
Jiujiang Bridge 122,399,713.68 8,758,278.65 131,157,992.33
Book balance at Balance in
-- --
year beginning year-end
III. Total book value of
8,219,979,715.32 -- 8,003,370,454.28
Fixed assets
Including ：House and
182,516,686.37 -- 173,178,891.09
building
Machine equipment 101,806,954.76 -- 99,591,920.20
Transporation Equipment 23,713,685.06 -- 21,487,586.22
Electricity equipment and
180,625,746.15 -- 181,489,928.02
other
99
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Guangfo Expressway 624,944,832.78 -- 559,546,479.47
Fokai Expressway 6,978,920,477.33 -- 6,968,075,649.28
Jiujiang Bridge 127,451,332.87 --
Electricity equipment and
--
other
Guangfo Expressway --
Fokai Expressway --
Jiujiang Bridge --
V. Total book value of Fixed
8,219,979,715.32 -- 8,003,370,454.28
assets
Including ：House and
182,516,686.37 -- 173,178,891.09
building
Machine equipment 101,806,954.76 -- 99,591,920.20
Transporation Equipment 23,713,685.06 -- 21,487,586.22
Electricity equipment and
180,625,746.15 -- 181,489,928.02
other
Guangfo Expressway 624,944,832.78 -- 559,546,479.47
Fokai Expressway 6,978,920,477.33 -- 6,968,075,649.28
Jiujiang Bridge 127,451,332.87 --
Current depreciation is RMB320,690,896.41 . The issue of fixed assets transferred from construction in progress
original price is RMB 226,526,149.08.
18. Project under construction
（1）Project under construction
Unit ：RMB
Year-end balance Year-beginning balance
Items Book Provision for Book Net value Book Provision for Book Net value
balance devaluation balance devaluation
The period between Xiebian
141,819,535.86 141,819,535.86
to Sanbao
extension project
Other project 15,913,457.84 15,913,457.84 29,784,754.36 29,784,754.36
Total 15,913,457.84 15,913,457.84 171,604,290.22 171,604,290.22
100
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
2. The variation in constructing the engineering project
Unit：RMB
Capitalisation Including：Current
Capitalisatio
Amount at year Increase at this Transferred to Proportion Progress of of interest amount of Source Balance in
Name Budget Other decrease n of interest
beginning period fixed assets (%) work accumulated capitalization of of funds year-end
ratio（%)
balance interest
The period
between
Self
Xiebian to
400,240.91 9,350,000.00 9,350,000.00 100% 100.00 fund and
Sanbao loan
extension
project
The period
between
Self
Xiebian to
54,858.66 141,819,535.86 65,357,002.02 207,176,537.88 100% 100.00 18,559,023.46 3,318,202.60 fund and
Sanbao loan
extension
project
Self
Other project 29,784,754.36 1,516,703.30 9,999,611.20 5,388,388.62 15,913,457.84
fund
Total 455,099.57 171,604,290.22 76,223,705.32 226,526,149.08 5,388,388.62 -- -- 18,559,023.46 3,318,202.60 -- -- 15,913,457.84
Notes
101
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
（3）Impairment Provisions of Construction in progress
Unit：RMB
Balance in Increase at this Decrease
Balance in year-end Reason
Items year-begin period at this period
（4）Major projects under construction
Items Progress work Remark
（5）Statement on projects under construction
20.Liquidation of fixed assets
Unit ：RMB
Beginning
Items Eng book value Reason of liquidation
book value
The toll collection period of Jiujiang Bridge of No. 325 National
Highway owned by Jiujiang Bridge Branch of Guangdong Fokai
Expressway Co., Ltd., a controlled subsidiary of the Company, which was
approved by Ministry of Communications, is 30 years. Up to the present, the
accumulative toll collection period is 25 years. According to the Notice of
Relevant Matters Concerning Quickening Special Clearing of Toll
Highways in Guangdong Province (Yue Jiao Ming Dian (2013) No. 56
Document), the rectification measure proposed for Jiujiang Bridge is "toll
collection period shall be no more than 20 years". The result of rectification
is "toll collection shall be cancelled due to the expiration of toll collection
period." As required by this document, Jiujiang Bridge will stop toll
Jiujiang Bridge 112,995,930.08
collection from 24:00 of June 30, 2013. Jiujiang Bridge is a construction
project in which an enterprise under provincial administration invested. As
for relevant problems occurred after rectification, the Provincial
State-owned Assets Commission shall coordinate in handling such problems
according to the requirements of the document. As of the date of this report,
the Company has not reached agreement with governmental departments
through consultation in respect of the scheme for project benefit
compensation or asset disposal after the enforcement of the
above-mentioned notice. As the influence of this matter on the Company is
quite uncertain, it is impossible to appraise the influence on the operating
status and financial position of the Company.
Land Use right of
19,092,692.44
Jiujiang Bridge
102
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Operating right of
18,678,364.26
Jiujiang Bridge
Jiujiang Bridge
6,436,144.36
supporing facilities
Total 0.00 157,203,131.14 --
Progress of fixed assets turn to be liquidated for over one year：
17. Intangible assets
（1） Intangible assets
Unit ：RMB
Items Book Balance in Increase at this Decrease at this Book Balance in
year-begin period period year-end
1. Total original price 141,445,663.81 251,000.00 135,319,603.00 6,377,060.81
Jiujiang Land Use right 68,402,029.24 68,402,029.24
Jiujiang Bridge management
66,917,573.76 66,917,573.76
right
Yayao Land use right 1,311,658.00 1,311,658.00
Office automation system
4,814,402.81 251,000.00 5,065,402.81
software
II.Total of accumulative
95,977,822.71 4,418,334.50 97,548,546.30 2,847,610.91
amortized
Jiujiang Land Use right 47,367,707.04 1,941,629.76 49,309,336.80
Jiujiang Bridge management
46,339,714.80 1,899,494.70 48,239,209.50
right
Yayao Land use right 617,992.90 75,672.60 693,665.50
Office automation system
1,652,407.97 501,537.44 2,153,945.41
software
III.Total lbook value of
45,467,841.10 -4,167,334.50 37,771,056.70 3,529,449.90
intangible assets
Jiujiang Land Use right 21,034,322.20 -21,034,322.20
Jiujiang Bridge management
20,577,858.96 -20,577,859.00
right
Yayao Land use right 693,665.10 -75,672.60 617,992.50
Office automation system
3,161,994.84 -250,537.40 2,911,457.40
software
103
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Jiujiang Land Use right
Jiujiang Bridge management
right
Yayao Land use right
Office automation system
software
V. Book value Total of
45,467,841.10 -4,167,334.50 37,771,056.70 3,529,449.90
intangible assets
Jiujiang Land Use right 21,034,322.20 -21,034,322.20
Jiujiang Bridge management
20,577,858.96 -20,577,859.00
right
Yayao Land use right 693,665.10 -75,672.60 617,992.50
Office automation system
3,161,994.84 -250,537.40 2,911,457.40
software
Current amortization of RMB4,418,334.50.
18. Long term amortize expenses
Unit ：RMB
Amortized
Balance in Increase in this expenses Balance in Other loss
Items year-begin period Other loss
year-end Reasons
Renovation fee
for the office
7,477,499.83 760,423.74 6,717,076.09
building of litong
squre
Advertisement
pillar property 171,480.82 30,261.30 141,219.52
insurance
Office Decoration 3,068,334.59 233,043.31 2,835,291.28
Total 7,648,980.65 3,068,334.59 1,023,728.35 9,693,586.89 --
Notes:
15. Deferred income tax assets and deferred income tax liability
1. Confirmed the deferred income tax assets and deferred income tax liability
Recognized deferred income tax assets and deferred income tax liabilities
Unit：RMB
Items Balance in year-end Balance in year-begin
104
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Deferred income tax assets:
Subtotal 0.00 0.00
Deferred income tax liability：
Assessed tax-free periods of time caused by
128,302,114.74 118,372,808.04
differences in income
Subtotal 128,302,114.74 118,372,808.04
Details of taxable differcnces and deductible difference
Unit：RMB
Item At end of term At beginning of term
Impairment of assets prepares to deduct timing
25,171,237.62 25,175,362.62
differences
Neutralizable losses 176,778,378.40 144,253,904.68
Total 201,949,616.02 169,429,267.30
Deductible losses of the un-recognized deferred income tax asset will expire in the following years
Unit：RMB
Year At end of term At beginning of term Notes
2013 65,799,659.24 65,799,659.24
2014 55,334,845.81 55,334,845.81
2015 89,107,257.98 89,107,257.98
2016 144,232,836.09 144,232,836.09
2017 222,416,075.93 222,541,019.61
2018 130,222,838.57
Total 707,113,513.62 577,015,618.73 --
Details of taxable differences and deductible differences
Unit：RMB
Amount of temporary differences
Items
At end of term At beginning of term
Differences in taxable items
Timing difference between accumulated
513,208,458.94
depreciation
Subtotal 513,208,458.94
Deductible difference items
Subtotal 0.00
105
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
（2）Deferred income tax assets and liabilities are presented as net amount after neutralization
Statement on deferred income tax assets and liabilities：
Unit：RMB
Temporarily Temporarily
Deferred Income Tax Deferred Income Tax
Deductable or Deductable or
Assets or Liabilities Assets or Liabilities
Items Taxable Difference at Taxable Difference at
at the End of Report at the Beginning of
the End of Report the Beginning of
Period Report Period
Period Report Period
Deferred income tax assets： 0.00 0.00
Deferred income tax liability： 128,302,114.74 118,372,808.04
Details of taxable differences and deductible differences
Unit ：RMB
Items Offsetting Amounts of This Period
Details of taxable differences and deductible differences
27. Provision for depreciation of assets
Unit ：RMB
Decreased in this period
Book balance at the Increase in this Balance in
Items Switch
beginning of term period Switch back year-end
cancellation
I.Provision for bad debts 63,908,250.46 16,500.00 63,891,750.46
V.Provision for devaluation of
36,793,200.00 36,793,200.00
long-term equity investment
Total 100,701,450.46 16,500.00 100,684,950.46
Notes
21. Other non-current assets
Unit：RMB
Items Balance in year-end Balance in year-Beinning
Total 0.00 0.00
Notes
106
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
22. Short-term loan
（1）Categories of short-term loans
Unit：RMB
Items Balance in year-end Balance in year-Beinning
250,000,000.00 330,000,000.00
Total 250,000,000.00 330,000,000.00
Notes
（2）Short-term loans expired but not repaid
Unit：RMB
Loan provided by Amount of loan Interest rate Usage of loan Reason of overdue Scheduled repaying date
Repaid in post-balance-sheet period.
Statement on short-term loans, including due but extended. Please provide the extending conditions and extended
expiration date.
32. Account payable
（1）Account payable
Unit ：RMB
Items Balance in year-end Balance in year-Beinning
Within 1 year（ inclding 1 year） 398,604,780.32 683,264,238.81
1-2 years（Inclding 2 years） 53,825,755.23 15,460,124.62
2-3 years（Inclding 3 years） 4,886,656.89 22,404,683.07
Over 3 years 26,826,947.68 16,518,718.43
Total 484,144,140.12 737,647,764.93
(2)There was account payable due from shareholders with more than 5% (including 5%) of the voting shares
of the company
Unit ：RMB
Name Balance in year-end Balance in year-begin
Guangdong Changda Highway Engineering Co.,
24,476,909.80 19,905,890.22
Ltd.
Guangdong Expressway Co., Ltd. 13,728,261.18 13,728,261.18
Guangdong Guanghui Expressway Co., Ltd. 5,352,361.01 3,931,527.67
107
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Guangdong Xinyue Communication Investment
4,570,353.85 6,812,768.39
Co., Ltd
Guangdong Lulutong Co. ltd. 320,488.00 1,007,902.00
Guangdong Hualu Communication Technology
298,222.00 750,109.00
Co., Ltd
Guangzhou Xinruan Computer Technology Co.,
157,020.00 1,860,580.00
Ltd.
Guangdong East Thinking Management
137,930.27 322,045.27
Technology Development Co., Ltd.
Zhaoqing Yuezhao Highway Co., Ltd. 8,000.00
Total 49,049,546.11 48,319,083.73
⑶High balance account payable over 1 year has listed below：
Debtor Amount Not return Remark
cause
Guangdong Expressway Co., Ltd. 13,728,261.18 Not settlement Expansion project
remainning fund and
Xiebian Grade separation
fund
Guangdong Changda Highway Engineering Co., 12,022,303.00 Not settlement Progress fund, Material
Ltd. fund and Engineering
Quality prize penalty
Guangdong Jingtong Highway Engineering 4,885,237.00 Not settlement Progress fund, Material
Construction Group Co., Ltd. fund and Engineering
Quality prize penalty
Guangdong Guanghui Expressway Co.,ltd. 1,969,027.67 Not settlement Rent of advertisement spot
Guangdong Xinyue Communication Investment 4,570,353.85 Not settlement Progress fund
Co., Ltd.
Guangdong Nengda High-Highway Service Co., 1,282,432.00 Not settlement Progress fund
Ltd.
Guangdong Guanyue luqiao Co., Ltd. 1,449,020.95 Not settlement Progress fund, Material
fund and Engineering
Quality prize penalty
Foshan Nanhai District Urban Construction and 4,082,272.00 Not settlement Requisition of land
taxation bureau
China Railway 12 Bureau Group Co., Ltd. 3,037,983.96 Not settlement Progress fund, Material
fund and Engineering
Quality prize penalty
Ziguang Jietong Technology Co., Ltd. 3,290,428.00 Not settlement Progress fund, Material
fund and Engineering
108
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Quality prize penalty
China Railway 23 Bureau Group Co., Ltd. 2,313,600.00 Not settlement Material fund and
Engineering Quality prize
penalty
Guangdong Feida Communication Engineering 1,954,614.15 Not settlement Progress fund
Co., Ltd.
Xuzhou Paite Controlling TechnologyCo., ltd. 1,881,467.95 Not settlement Progress fund
Foshan Chancheng District Nanzhuang Town 1,404,000.00 Not settlement Progress fund
People’s Government
Jilin Great wall Highway Bridge Construction 1,362,100.00 Not settlement Quality prize penalty
Co., Ltd.
Guangdong Xinguang International Group Co., 1,335,423.00 Not settlement Progress fund
Ltd.
Total 60,568,524.71
33. Advance account
1. Advance account
Unit：RMB
Items Balance in year-end Balance in year-begin
Within 1 year（Including 1 year）
1-2 years（Including 2 years）
2-3 years（Including 3 years） 4,666,667.88
Over 3 years 4,500,001.26
Total 4,500,001.26 4,666,667.88
2. There was Advance account due from shareholders with More than 5% (including 5%) of the voting shares of the company.
Unit：RMB
Items Balance in year-end Balance in year-begin
⑶High Advance account over 1 year has listed below：
Creditor Outstanding balance No carry-over reason
Guangdong Province Telecomunications Engineering 4,500,001.26 Communications rentals
Management Center
34. Payable Employee wage
Unit：RMB
109
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Items Balance in year-begin Increase in this period Payable in this period Balance in year-end
1.wage,bonuds,subsi
465,063.49 58,976,129.45 58,976,129.45 465,063.49
dy
2.Employee welfare 6,419,895.69 6,419,895.69
3.Security insurance 461,706.45 14,666,506.94 15,100,808.89 27,404.50
Including：1. Basic
3,144,523.03 3,144,523.03
Medical insurance
2. Supplement
560,025.69 560,025.69
Medical insurance
3. Basic old-age
6,541,874.47 6,541,874.47
insurance
4. Annuity Payment
（Supplement 434,301.95 3,175,101.58 3,609,403.53
old-age insurance）
5.. Unemployment
286.00 577,712.68 577,712.68 286.00
insurance
6. Work injury
316,241.46 316,241.46
insurance
7. Maternity
27,118.50 228,918.63 228,918.63 27,118.50
insurance
8.Other 122,109.40 122,109.40
IV. Housing fund 240,762.74 10,668,303.40 10,345,703.40 563,362.74
VI. Other 1,174,828.64 7,954,691.06 7,779,213.16 1,350,306.54
Total 2,342,361.32 98,685,526.54 98,621,750.59 2,406,137.27
The amounts of arrears of staff salary and welfare payable are RMB 0 00.
The amounts of trade union funds and staff education expenses are RMB, 2,429,134.35 the amounts of
non-monetary benefits are RMB 3,033,110.65, and the compensations for the lifting of labor relations is 0
The expected release time and amount of staff salary .
35. Tax Payable
Unit：RMB
110
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Items At end of term At beginning of term
VAT 19,946.86 3,559.69
Business Tax 6,172,619.57 4,254,411.08
-224,647.80 32,593,389.18
Enterprise Income tax
Individual Income tax 480,480.93 2,718,785.21
City Construction tax 384,229.59 245,451.03
House property Tax 320,743.17 378,305.10
Land use tax 632,932.28 437,682.00
Education subjoin 175,599.29 116,148.40
Locality Education subjoin 103,255.98 57,231.47
Defend expense 207,089.50 160,310.51
Stamp tax
Cultural construction costs 12,677.69 31,612.92
Other 1,753.63 2,721.44
Total 8,286,680.69 40,999,608.03
Statement on tax payable: Please provide the calculating processes then taxable income is balanced between
branch companies or factories as approved by the tax bureau.
36. Interest payable
Unit：RMB
Items Balance in year-end Balance in year-begin
Pay the interest for long-term loans by
8,024,371.40 8,239,333.26
installments.
Interest of company bonds 80,583,611.04 26,233,611.06
Payable interest for short-term borrowings 416,666.63 558,247.22
Total 89,024,649.07 35,031,191.54
Notes
28. Dividend payable
Unit：RMB
Amount
Balance in year-end Balance in year-begin
Reason of overdue for over 1 year
Zhujiang Basic Construction
16,305,192.12 16,305,192.12
Investment
111
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Co., Ltd.
Incl: Did not receive dividends of
Dividends for shareholders of RMB12,977,448.02 of
13,342,935.77 13,052,741.24
Guangdong Expressway Legal shareholders overdue for
over 1 year
Total 29,648,127.89 29,357,933.36 --
Notes
38. Other payable
（1）Other payable
Unit：RMB
Items Balance in year-end Balance in year-begin
Within 1 year(Including 1 year) 54,734,833.42 106,430,685.00
1-2 years(including 2 years) 87,519,772.34 48,689,834.44
2-3 years(including 3 years) 41,213,116.96 85,972,859.23
Over 3 years 80,470,761.24 24,263,280.54
Total 263,938,483.96 265,356,659.21
1. There were other receivable from the main shareholders of the Company holding nore than 5%
(including 5%) of the total shares of the Company.
Unit ：RMB
Name Balance in year-end Balance in year-begin
Guangdong Changda Highway Engineering
75,805,007.33 78,459,033.33
Co., Ltd.
Guangdong Expressway Co., Ltd. 26,005,689.81 15,905,263.32
Guangdong Litong Property Investment Co., Ltd. 2,100,264.00
Guangdong Xinyue Communication Investment
1,522,659.95 1,562,659.95
Co., Ltd.
Guangdong Gaoda Property Development Co.,
400,816.11
Ltd.
Guangdong Hualu Communication Technology
268,750.50 256,604.50
Co., Ltd.
Guangdong Highway Construction Co., Ltd. 144,775.39 73,610.38
Guangdong Shenshan Expressway Co., Ltd. 144,076.13
112
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Guangdong Province Shipping Planning &
138,904.00 416,710.00
DesignInstritute
Guangzhou Xinruan Computer Technology Co.,
136,335.00 131,630.00
Ltd.
Guangdong Lulutong Co., Ltd. 82,144.00 95,973.00
Guangdong Xinlu Advertising Co., Ltdd. 30,000.00 30,000.00
Guangdong Eest Coastal Expressway Co., Ltd. 22,198.66 2,915.09
Guangdong Yuzhan Expressway Co., Ltd. 18,510.29
Guangdong Zhaoyang Expressway Co., Ltd. 17,419.00
Guangdong Xinyue Asplalt Co., Ltd. 3,100.00 3,100.00
Total 106,840,650.17 96,937,499.57
（3）High balance account payable over 1 year has listed below:
Debtor Amount Not return cause Remark
Guangdong Changda Highway Engineering 71,185,629.55 Project Quality guarantees/ Bid
Co., ltd. Gruarantees/ Performance Gruarantee
Guangdong Guanyue Luqiao Co., Ltd 26,918,581.67 Project Quality guarantees/ Bid
Gruarantees/ Performance Gruarantee
Guangdong Expressway Co., ltd. 15,935,626.36 Project Quality guarantees/ Bid
Gruarantees/ Performance Gruarantee
China Railway 12 Bureau Group Co., ltd. 19,871,057.55 Project Quality guarantees/ Bid
Gruarantees/ Performance Gruarantee
Guangdong Jingtong Highway Engineering 16,228,658.39 Project Quality guarantees/ Bid
Construction Group Co., Ltd. Gruarantees/ Performance Gruarantee
Jilin Great wall Highway Bridge 7,548,257.00 Project Quality guarantees/ Bid
Construction Co., Ltd. Gruarantees/ Performance Gruarantee
China Railway 23 Bureau Group Co., ltd. 7,104,325.00 Project Quality guarantees/ Bid
Gruarantees/ Performance Gruarantee
Guangdong Nengda Grade Highway 3,632,144.37 Project Quality guarantees/ Bid
Maintenance Co., Ltd. Gruarantees/ Performance Gruarantee
Jiangxi Xiandai Highway Bridge 3,413,943.65 Project Quality guarantees/ Bid
Engineering Co., Ltd. Gruarantees/ Performance Gruarantee
Ziguang Jietong Technology Co., Ltd. 2,396,444.00 Project Quality guarantees/ Bid
Gruarantees/ Performance Gruarantee
Guangdong Xinguang International Group 2,541,614.00 Project Quality guarantees/ Bid
Co., ltd. Gruarantees/ Performance Gruarantee
Hubei Highway Bridge Group Co., Ltd. 1,640,043.00 Project Quality guarantees/ Bid
113
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Gruarantees/ Performance Gruarantee
Guangdong Communication Development 1,851,105.65 Project Quality guarantees/ Bid
Co., Ltd. Gruarantees/ Performance Gruarantee
Guangdong Xinyue Communication 1,512,659.95 Project Quality guarantees/ Bid
Investment Co., Ltd. Gruarantees/ Performance Gruarantee
Total 181,780,090.14
（4）Large amount of other payable
Creditor Amount Content Remark
Guangdong Changda Engineering Co., Ltd. 75,805,007.33 Project fund
Guangdong Guanyue luqiao Co., Ltd. 27,153,417.67 Project fund
The resolution of networking toll payment 26,179,108.03 The resolution of networking toll payment
Guangdong Expressway Co., Ltd. 26,005,689.81 Project fund
China Railway 12 Bureau Group Co., ltd. 20,550,544.55 Project fund
Guangdong Jingtong Highway Engineering 16,581,499.39 Project fund
Construction Group Co., ltd.
Jilin Great wall Highway Bridge 7,764,427.00 Project fund
Construction Co., Ltd.
China Railway 23 Bureau Group Co., ltd. 7,385,885.00 Project fund
Guangdong Nengda Grade Highway 5,093,888.37 Project fund
Maintenance Co., Ltd.
Jiangxi Xiandai Highway Bridge 3,413,943.65 Project fund
Engineering Co., Ltd.
Ziguang Jietong Technology Co., Ltd. 3,051,139.00 Project fund
Guangdong Xinguang International Group 2,736,116.00 Project fund
Co., ltd.
Hubei Highway Bridge Group Co., ltd. 2,241,245.00 Project fund
Guangdong Litong Property InvestmentCo., 2,100,264.00 Rent
Ltd.
Guangdong Communication 1,851,105.65 Project fund
DevelopmentCo., Ltd.
Guangdong Xinyue Communication 1,522,659.95 Project fund
Investment Co., ltd.
Guangdong Union Electronic toll Co., Ltd. 1,358,799.90 Project fund
Guangdong Feida Communication 1,213,629.00 Project fund
Engineering Co., Ltd.
114
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Shengshi International Highwa Bridge 1,122,228.00 Project fund
Construction Co., Ltd.
Total 233,130,597.30
30.Non-Current liablility due in 1 year
1 Non-Current liablility due in 1 year
Unit：RMB
Items Balance in year-end Balance in year -begin
Long-term loandue in 1 year 652,236,153.54 1,317,036,103.54
Total 652,236,153.54 1,317,036,103.54
115
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
（2）Long-term loan due in 1 year
Long-term loan due in 1 year
Unit：RMB
Items Balance in year-end Balance in year -begin
Credit loan 652,236,153.54 1,317,036,103.54
Total 652,236,153.54 1,317,036,103.54
The long-term loans due within 1 year and belong to overdue loans gain the extension amount is RMB 0.00.
Long –term loans due in 1 year top 5 in amount
Unit：RMB
Date of Loan Balance in year-end Balance in year -begin
Interest rate
Unit commenceme termination Currency Foreign Foreign
（%） RMB RMB
nt of loan date currency currency
April October 19,
ConstructionBank, Guangzhou Liwan Branch RMB 521,324,800.00
30,2008 2013
March March 23,
Bank of China, Guangzhou Tianhe Nanyi Road Branch RMB 27,625,000.00
23,2012 2014
China Merchants Bank ,Guangzhou World Trade Building December 1,
May 26, 2009 RMB 23,000,000.00
Branch 2013
March 7, March 7,
Bank of China, Guangzhou Tianhe Nanyi Road Branch RMB 17,230,000.00
2013 2014
China Merchants Bank ,Guangzhou World Trade Building April 23, December 1,
RMB 15,380,000.00
Branch 2008 2013
September September
ConstructionBank, Guangzhou Liwan Branch RMB 570,324,803.54
29, 2003 28, 2013
116
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
February 28,
Communications Bank, Fengchi Branch May 11, 2010 RMB 294,000,000.00
2013
China Merchants Bank ,Guangzhou World Trade Building
June 10, 2008 June 23, 2013 RMB 200,000,000.00
Branch
Shenzhen Development Bank, Guangzhou Tiaohe Branch June 10,2008 June 10, 2013 RMB 100,000,000.00
March 23, September
Bank of China, Guangzhou Tianhe Nanyi Road Branch RMB 40,625,000.00
2012 23, 2013
Total -- -- -- -- -- 604,559,800.00 -- 1,204,949,803.54
Overdue loans among the long-term loan due in 1 year
Unit：RMB
Annual interest Reason for Scheduled
Loan provided by Total amount Date of mature Usage of loan
rate(%) overdue repaying date
Among repaid in post-balance-sheet day
Statement on long-term loans due in 1 year
117
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
（3）Bonds payable due within 1 year
Unit：RMB
Interest Interest
Interest
Date of Issuing payable at Interest paid payable at End of
Bond Face value Bond term occurred
issue amount beginning this period end of balance
this period
of period period
Statement on bond payable due in 1 year
（4）Long-term payable account due within 1 year
Unit：RMB
Loans from Term Initial amount Interest rate（%） Interest payable End balance Condition
Notes
31.Loang-term loan
（1）Classifications of long-term loans
Unit：RMB 元
Items Year-end balance Year-beginning balance
Guarantee loan 1,500,000,000.00 750,000,000.00
Credit loan 2,859,152,400.00 2,616,083,700.00
Total 4,359,152,400.00 3,366,083,700.00
Notes
118
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
（2）The top five of long-term loans
Unit：RMB
Date of Loan Balance in year-end Balance in year-begin
Interest rate
Unit commenceme termination Currency Foreign Foreign
（%） RMB RMB
nt of loan date currency currency
September September
CPIC RMB 1,500,000,000.00
25, 2012 24, 2019
September April 29,
ConstructionBank, Guangzhou Liwan Branch RMB 659,210,000.00
30, 2008 2020
March 26, March 26,
Communications Bank, Fengchi Branch RMB 300,000,000.00
2008 2015
April 23, April 23,
China Merchants Bank ,Guangzhou World Trade Building Branch RMB 238,620,000.00
2008 2023
Septemer 1, August 31,
ICBC Guangzhuo Second Branch RMB 273,000,000.00
2008 2023
Total -- -- -- -- -- 2,970,830,000.00 --
Statement on long-term loans. For long-term loans over due but extended for another period, please provide the conditions, principal,interest rate, and repayment
arrangement.
32 Bonds payable
Unit：RMB
Date of Issuing Interest payable at Interest occurred Interest paid this Interest payable
Bond Face value Bond term End of balance
issue amount beginning of this period period at end of period
119
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
period
September 800,000,000
09 Guangdong Expressway Bonds 100.00 5 years 11,333,333.33 20,400,000.00 31,733,333.33 797,432,741.87
21, 2009 .00
October 13, 1,000,000,0
11 Guangdong Expressway MINI 100.00 5 years 14,900,277.73 33,949,999.98 48,850,277.71 997,000,000.00
2011 00.00
Statement on bonds payable, including the condition and time of converting of the convertible bonds
120
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
33.Long-term payable
（1）Top 5 long-term payable
Unit：RMB
Name Term Initial amount Interest rate（%） Interest payable End balance Condition
Non-operating
2,022,210.11 2,022,210.11
Assets of payable
（2）Details of finance leasing payments in long-term payable
Unit：RMB
Year-end balance Bear-beginning balance
Unit
Foreign currency RMB Foreign currency RMB
Guarantee provided by the 3rd Party for the leasing finance is amounted to RMB 0.
Statement on Long-term payables
34. Stocks capital
Unit：RMB
Changed（+，-）
Balance in Capitalization Balance in
Issuance of
year-begin Bonus shares of public Other Subtotal year-end
new share
reserve
Total of capital 1,257,117,748. 1,257,117,748.
shares 00 00
Statement of change in capital shares. Name of CPA and number of verification report shall be provided if capital
increasing or decreasing occurred in the report period; as for shareholding limited companies incorporated for less
than three years, only net assets is required for the years prior to incorporation; for shareholding limited
companies reformed from limited companies shall provide the capital verification at incorporation.
35. Capital reserves
Unit：RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Share premium 1,534,759,970.60 1,534,759,970.60
121
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Other 203,998,744.97 38,400,000.00 165,598,744.97
Total 1,738,758,715.57 38,400,000.00 1,700,358,715.57
Notes
36. Surplus reserve
Unit：RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Statutory surplus reserve 204,691,882.55 204,691,882.55
Total 204,691,882.55 204,691,882.55
Statement on surplus reserves. Please state the related resolutions of the Board on capitalizing of reserves, making
up losses, and dividends：
37. Retained profits
Unit：RMB
Items Amount Extraction or distribution of
the proportion
Retained profit at the beginning of current year 1,068,291,617.75 --
Add：Net profit attributable to the owners of
57,611,897.53 --
parent company
Common stock dividend payable 62,855,887.40
Retained profit at the end of this term 1,063,047,627.88 --
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affected
beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profits
are RMB 0.00.
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
Statement on retained profit: for companies issued their securities for the first time, if the accumulated profit
122
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
before the issuing is shared by the new and existing shareholders as approved by the shareholders’ meeting, shall
be described particularly; if the accumulated profit before the issuing is shared only by existing shareholders as
approved by the shareholders’ meeting, the Company shall provide the details of dividend payable to the existing
shareholders as audited by CPA.
38. Business income, Business cost
（1）Operating income and operating cost
Unit ：RMB
Items Report period Same period of the previous year
Income from Business income 619,350,894.79 539,069,354.98
Other business income 10,624,693.39 5,179,810.99
Business cost 403,435,560.64 276,072,432.07
（2）Main business（Industry）
Unit：RMB
Name Amount of current period Amount of previous period
Business income Business cost Business income Business cost
Highway
615,488,183.97 396,294,111.79 535,692,695.93 270,570,175.56
Transportation
Other 3,862,710.82 3,170,416.11 3,376,659.05 2,801,113.83
Total 619,350,894.79 399,464,527.90 539,069,354.98 273,371,289.39
（3）Main operating（Product）
Unit ：RMB
Report period Same period of the previous year
Name Income for main Income for main Income for main Income for main
operation operation operation operation
Toll income 615,488,183.97 396,294,111.79 535,692,695.93 270,570,175.56
Other 3,862,710.82 3,170,416.11 3,376,659.05 2,801,113.83
Total 619,350,894.79 399,464,527.90 539,069,354.98 273,371,289.39
（4）.Main operating (Area)
Unit：RMB
Same period of the previous
Name
Report period year
123
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Income for main Income for main
Cost for main operation Cost for main
operation operation
operation
Guangfo Expressway 149,624,856.17 101,228,616.31 146,309,406.68 112,686,986.95
Fokai Expressway 461,051,509.80 273,820,038.34 363,251,687.25 135,011,881.75
Jiujiang Bridge 4,811,818.00 21,245,457.14 26,131,602.00 22,871,306.86
Other 3,862,710.82 3,170,416.11 3,376,659.05 2,801,113.83
Total 619,350,894.79 399,464,527.90 539,069,354.98 273,371,289.39
（5）Total income and the ratio of operating income from top five clients
Unit RMB
Name Business Income Proportion(%)
Notes
39. Business tax and subjoin
Unit ：RMB
Items Same period of the Standard
Report period previous year
Business tax 19,782,796.28 17,344,383.30 3%、5%
Urban construction tax 1,391,763.89 1,214,744.66 7%、5%
Education surcharge 596,444.60 520,767.95 3%
Defend expense 737,885.54 654,106.85 0.09%-0.12%
Locality Education surcharge 397,580.06 347,181.80 2%
Culture Construction fee 44,240.96 41,048.03
Other 9,925.44 4,313.32
Total 22,960,636.77 20,126,545.91 --
Notes
40. Management expenses
Unit ：RMB
Items Report period Same period of the previous year
Wage 52,395,015.27 49,559,751.76
124
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Repairs fees 2,702,040.55 2,899,391.32
Long-term Amortization expenses 993,467.05
Low consumables amortization 750,563.16 1,050,290.00
Travel Expenses 1,525,925.73 1,738,397.85
Office Expenses 1,486,382.45 1,531,399.49
Leased experses 6,476,060.78 3,055,218.59
The fee for hiring agency 1,472,169.00 1,516,656.00
Consultation expenses 355,522.03 283,151.20
Directorate Expenses 255,865.50 536,075.30
Expenses of taxation 1,512,679.94 2,143,207.49
Listing fee 10,808.40 10,865.40
Spintual civilization fee 269,120.86 697,208.00
Information cost and maintenance fee 397,828.00 407,370.00
Other 10,702,830.75 12,203,494.62
Total 81,306,279.47 77,632,477.02
41. Financial Expenses
Unit RMB
Items Report period Same period of the previous year
Interest expense 218,232,239.58 159,930,860.76
Deposit interest income（-） -3,739,571.14 -3,866,155.18
Exchange Income and loss（Gain-） -236,822.71 -2,186.66
Bank commission charge 696,216.39 199,135.09
Total 214,952,062.12 156,261,654.01
42. Income from fair value fluctuation
Unit：RMB
Sources Report period Same period of the previous year
Notes
61. Investment income
（1）Investment income
125
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Unit RMB
Items Report period Same period of the previous year
Long-term equity investment income by equity
157,116,882.96 164,059,887.96
method
Hold the investment income during from
13,920,000.00 31,920,000.00
available-for-sale financial assets
Total 171,036,882.96 195,979,887.96
（2）Long-term equity investment income by costing
Unit：RMB
Same period of the
Name Report period Reason to increase or decrease
previous year
（3）long-term equity investment incomes confirmed by equity method include:
Unit：RMB
Same period of the
Name Report period Reason to increase or decrease
previous year
Guangdong Maozhan Expressway
11,833,548.81 12,746,052.72 Decrease in net profit Investment Unit
Co., Ltd.
Jingzhu Expressway Guangzhu 34,954,291.99 50,658,961.65 Decrease in net profit Investment Unit
Guangdong Jiangzhong Expressway 2,527,720.90 3,052,337.78 Decrease in net profit Investment Unit
Guangdong Guanghui Expressway 62,865,731.49 60,537,578.86 Increase in net profit Investment Unit
Ganzhou Gangkang Expressway 2,790,959.42 -5,905,741.14 The invested unit profitability
Gankang Kangda Expressway 8,276,037.03 3,071,418.34 Increase in net profit Investment Unit
Shenzhen Huiyan Expressway 14,112,098.84 20,080,549.07 Decrease in net profit Investment Unit
Zhaoqing Yuezhao Highway 19,756,494.48 19,818,730.68 Decrease in net profit Investment Unit
157,116,882.96 164,059,887.96 --
Statement on investment gains, please state whether or not there are material constrains on retrieving of
investment gains.
44. Loss of assets impairment
Unit：RMB
126
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Items
Amount of current period Amount of previous period
Loss for bad debts -142,376.38
Total 0.00 -142,376.38
45. Non-operating income
（1）Non-operating income
Unit：RMB
The amount of
Items Amount of current period Amount of previous period non-operating gains &
lossed
Total income from liquidation of
4,155,773.84
non-current assets
Including：Income from liquidation of
4,155,773.84
fixed asset
Road property claim income 853,480.50 716,294.00 853,480.50
Insurance claim income 649,274.04 9,124.00 649,274.04
Other 93,312.90 417,302.73 93,312.90
Total 1,596,067.44 5,298,494.57 1,596,067.44
（2）Governmental subsidy details
Unit：RMB
Amount of current period Amount of previous
Items Notes
period
Notes
46. Non-Operation expense
Unit：RMB
The amount of
Amount of current period Amount of previous
Items non-operating gains &
lossed
period
Total of non-current asset Disposition loss 237,286.47 610,091.91 237,286.47
Incl: loss of fixed assets disposition 237,286.47 610,091.91 237,286.47
127
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Exprese of fine 351.77 1.90 351.77
Road repair expens 14,288.00 20,509.00 14,288.00
Other 109,217.97 141,797.00 109,217.97
Total 361,144.21 772,399.81 361,144.21
Notes
47. Income tax expenses
Unit：RMB
Items
Amount of current period Amount of previous period
The current income tax calculated by the tax law and the
5,665,023.90 36,198,239.85
relevant regulations
Adjustment of Deferred income tax 9,929,306.70 -3,607,712.44
Total 15,594,330.60 32,590,527.41
48. Calculation of Basic earnings per share and Diluted earnings per share
Same period of the
Items Line
Report period previous year
Net profit attributable to shareholders of parent 1 57,611,897.53 157,483,597.89
company
Non-recurring gain/loss attributable to the 2 604,039.19 2,545,927.47
netprofit of common shareholders of the parent
company after deducting of income tax
influences
Net profit attributable to common share holdersof 3=1-2 57,007,858.34 154,937,670.42
the Company after deducting of non-recurring
gain/loss
Total shares at the beginning of the year 4 1,257,117,748 1,257,117,748
Additional share capital transferred from public 5
reserve or additional shares from shares dividend
distribution
Additional shares from issuing new shares or 6
debt-converted shares
Accumulative months of the additional share 7
commencing from the next moth till the end of
the year
Decreased shares due to repurchase 8
Accumulative months of the decreased shares 9
commencing from the next month till the end of
128
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
the year
Months during the report period 10 6 6
Weighted average of comm. Shares issued 11=(4+6×7÷10-8×9÷1 1,257,117,748 1,257,117,748
0)×(4+5+6)÷(4+6)
Basic earning per share（Net profit attributable to 12=1÷11 0.05 0.13
shareholders of parent company）
Basic earning per share（Non-recurring gain/loss 13=3÷11 0.05 0.13
attributable to the netprofit of common
shareholders of the parent company after
deducting of income tax influences）
Diluted potential comm. Shares dividend 14
recognized as expense
Income tax rate 15
Conversion expense 16
Weighted average of comm. Shares added 17
throuthwarrant, exercise of option and
convertible bonds
Diluted earnings per share（Net profit attributable 18=[1+(14-16)×(1-15) 0.05 0.13
to shareholders of parent company） ]÷(11+17)
Diluted earnings per share（Non-recurring 19=[3+(14－ 0.05 0.13
gain/loss attributable to the netprofit of common 16)×(1-15)]÷(11+17)
shareholders of the parent company after
deducting of income tax influences）
49. Other comprehensive income
Unit：RMB
Items Amount of current period Amount of previous period
Loss amount produced by sellable financial assets -38,400,000.00 -9,600,000.00
Subtotal -38,400,000.00 -9,600,000.00
Total -38,400,000.00 -9,600,000.00
Notes
The Company is an investment enterprise. After deduction of investment income not subject totaxpayment, tax
loss occurs each year, which is to be made up in the future Based on the principle of prudence, the Company
has not recognized deferred incme tax assets corresponding to uncovered losses. As it is expented that the
incme from the disposal of financial assets available for sale is insufficient to make up the Company’s tax loss,
the Company needs not pay income tax. Therefore, the Company will not calculate the influence on income tax
129
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
arising from these financial assets available for sale.
68. Notes Cash flow statement
1. Other cash received from business operation
Unit RMB
Items Amount
Newwork received toll income 18,378,106.35
Interest income 3,739,571.14
Unit current account 16,777,402.76
Total 38,895,080.25
Notes
2 Other cash paid for business activities
Unit：RMB
Items Amount
Management expense 17,351,118.19
Unit current account 51,241,709.16
Total 68,592,827.35
Notes
51. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
Unit :RMB
Supplement Information Amount of current period Amount of previous period
-- --
I. Adjusting net profit to cash flow from operating activities
Net profit 63,998,524.77 182,213,888.65
Add: Impairment loss provision of assets -142,376.38
Depreciation of fixed assets, oil and gas assets and
320,923,003.11 192,403,821.81
consumable biological assets
Amortization of intangible assets 4,418,334.50 4,305,381.95
Amortization of Long-term deferred expenses 1,023,728.35 30,261.30
130
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Loss on disposal of fixed assets, intangible assets and other
-237,286.47 -3,545,681.93
long-term deferred assets
Financial cost 217,995,416.87 159,930,860.76
Loss on investment -171,036,882.96 -195,979,887.96
Increased of deferred income tax liabilities 9,929,306.70 -3,607,712.44
Decease of operating receivables -34,411,709.18 -22,755,884.84
Increased of operating Payable -80,965,870.13 11,304,561.85
Net cash flows arising from operating activities 331,636,565.56 324,157,232.77
II. Significant investment and financing activities that
-- --
without cash flows:
III. Net increase of cash and cash equivalents -- --
Ending balance of cash 1,005,030,338.31 1,260,099,335.12
Less: Beginning balance of cash equivalents 798,485,320.49 1,018,999,531.05
Net increase of cash and cash equivalents 206,545,017.82 241,099,804.07
(2)Composition of cash and cash equivalents
Unit ：RMB
Items Amount of current period Amount of previous period
1,005,030,338.31 798,485,320.49
I. Cash
65,522.56 91,730.99
Of which: Cash in stock
Bank savings could be used at any time 1,005,804,777.29 797,575,906.98
Other monetary capital could be used at any time 764,265.04 817,682.52
III. Balance of cash and cash equivalents at the period end 1,005,030,338.31 798,485,320.49
Notes
(IX) Related parties and related-party transactions
1. Parent company information of the enterprise
Unit ：RMB
The parent
The parent The
Legal company Organizati
Related Registered Registrate company ultimate
Name Tyep representat Nature of the on Code
parties address d capital of the controlling
ive Company's
Company’ party of
shareholdi
131
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
ng ratio
s vote ratio the
Company
Equity
manageme
No. 27,
Guangdon nt, traffic Guangdon
Baiyyun
g infrastruct g
Holding State
Road,Yuex Zhu
communic ure 2,680,000. communic 72383855
Shareholde owned 40.83% 43.65%
iu Xiaoling constructio 00
ation ation 2
r Co., Ltd.
District ,
Group Co., n and Group Co.,
Guangzho
Ltd railway Ltd
u.
project
operation
Notes :
Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative: Zhu
Xiaoling. Date of establishment: June 23, 2000. As of June 30, 2013,Registered capital: RMB 26.8 billion. It is a
solely state-owned limited company. Business scope：equity management, organization of asset reorganization and
optimized allocation, raising funds by means including mortgage, transfer of property rights and joint stock
system transformation, project investment, operation and management, traffic infrastructure construction, highway
and railway project operation and relevant industries, technological development, application, consultation and
services, highway and railway passenger and cargo transport, ship industry, relevant overseas businesses（if the
above mentioned business scope requires licenses to operate, then operation licenses are required）.
2.Particulars of the subsidiaries
Unit :RMB
The
The
subsidiaries
Legal subsidiaries Organizatio
Related Registered Registrated of the
Name Tyep representati Nature of the n Code
parties address capital Company's
ve Company’s
shareholdin
vote ratio
g ratio
Limited
liability
Company(T
aiwan,
Shabei Expressway
Guangfo
Subsidiary Hong Kong West,Guang Xiao Laijiu Managemen 200 million 75% 75% 617401437
Expressway and Macao zhou t
and in
cooperation
）
132
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
No.83,
Baiyun
Guangdong Limited Expressway
Road, 1108
Subsidiary liability Li Xiyuan Managemen 75% 75% 231124318
Fokai Yuexiu million
Company t
District ,Gu
Expressway
angzhou
4/F,Guangd
Limited
ong
liability
Guangdong Expressway
Company Investment
Building, in technical
Expressway Wholly-Ow （Foreign-i
No.85, industries
ned nvested Xiao Laijiu 100 million 100% 100% 731456984
Technology Baiyun and
subsidiary enterprises
Road, provision of
Investment and
Yuexiu relevant
domestic
Co., Ltd. District,
join
Guangzhou
3. Infornation of Joint venture and Affiliated company
Unit：RMB
Registrated
Legal Held Share Voting
Registrated capital Related Orgabuzatui
Name Type representati Nature proportion( proportion(
address （RMB’00 parties b code
ve %) %)
00）
I. Joint venture
Guangdong
Limited Expressway
Guanghui Guangzhou, Liu 2,351,678,0 Joint
liability Managemen 30% 30% 707685410
00.00 venture
Expressway Guangdong Gangliang t
Company
Co., Ltd.
2. Zhaoqing
Limited Expressway
Yuezhao Zhaoqing, 818,300,000 Joint
liability Wang Ping Managemen 25% 25% 708157003
.00 venture
Highway Guangdong t
Company
Co., Ltd.
Limited Organic
.Beijing fertilizer 20,000,000. Joint
liability Beijing Wang Jianji production 00 35% 35% 759411622
venture
Gelin Enze
and sell
Company
133
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
II. Affiliated company
Shenzhen
Limited Expressway
Huiyan Shenzhen, 36,000,000. Affiliated
liability Xu Yunguo Managemen 33.33% 33.33% 192203792
00 company
Expressway Guangdong t
Company
Co., Ltd.
.Guangdong
Limited Expressway
Maozhan Guangzhou, Ye 1,120,000,0 Affiliated
liability Managemen 20% 20% 707668637
Yongcheng 00.00 company
Expressway Guangdong t
Company
Co., Ltd.
Jingzhu Limited Expressway
Guangzhou, Wang 580,000,000 Affiliated
Expressway liability Managemen 20% 20% 617401445
Kangchen .00 company
Guangdong t
Company
Guanzhu
Guangdong
Limited Expressway
Jiangzhong Guangzhou, Wang 1,045,000,0 Affiliated
liability Managemen 15% 15% 742962356
Kangchen 00.00 company
Expressway Guangdong t
Company
Co., Ltd.
Other
Expressway
Limited Ganzhou, 600,000,000 Affiliated
Yao Diming Managemen 30% 30% 772390395
.00 company
Ganzhou liability Jiangzi t
Kangda
Expressway Company
Ganzhou Limited Expressway
Gankang Gangzhou, Xiao 754,596,667 Affiliated
liability Managemen 30% 30% 799467196
Expressway Zhunliang .00 company
Co., Ltd. Jiangxi t
Company
Guangdong
Limited Expressway
Guangle Guangzhou, Ye 500,000,000 Affiliated
liability Managemen 30% 30% 69693015X
Yongcheng .00 company
Expressway Guangdong t
Company
Co., Ltd.
4. Other Related parties
Name Relation with the Company Organization Code
134
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Fully owned subsidiary of the
Guangdong Expressway Co., Ltd. 190330413
parent company
Guangdong Nanyue Logistics Co., Fully owned subsidiary of the
719285123
parent company
Ltd.
Fully owned subsidiary of the
Guangdong Changda highway Co., Ltd. 190334510
parent company
Guangdong Hualu communication Fully owned subsidiary of the
736195293
Technology Co., Ltd. parent company
Guangdong Shipping Planning and Design Fully owned subsidiary of the
455857764
Institute parent company
Guangdong Xinyue Communication Fully owned subsidiary of the
707656521
Investment Co., Ltd. parent company
Guangdong Gaoda Property Development Fully owned subsidiary of the
707685592
Co., Ltd. parent company
Guangdong East Thinking Management Fully owned subsidiary of the
724762107
Technology Development Co., Ltd. parent company
Guangzhou Xinruan Computer Fully owned subsidiary of the
725017352
Technology Co., Ltd parent company
Guangdong Tongyi Expressway Services Fully owned subsidiary of the
724795996
Area Co., Ltd. parent company
Fully owned subsidiary of the
Guangdong Lulutong Co., Ltd. 231125505
parent company
Fully owned subsidiary of the
Guangdong Xinlu Adverting Co., Ltd. 747072344
parent company
Fully owned subsidiary of the
Guangzhou Xinyue Asphalt Co., Ltd. 714289942
parent company
Guangdong Highway Construction Fully owned subsidiary of the
190335177
Co.,Ltd. parent company
Guangdong Zhaoyang Expressway Fully owned subsidiary of the
681314303
Co.,Ltd. parent company
Fully owned subsidiary of the
Guangdong Kaiyang Expressway Co., Ltd. 712226008
parent company
Fully owned subsidiary of the
Guangdong Yuzhan Expressway Co., Ltd. 752877577
parent company
135
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Fully owned subsidiary of the
Guangdong Shanfen Expressway Co., Ltd. 719339187
parent company
Fully owned subsidiary of the
Guangdong Yunwu Expressway Co., Ltd. 75108396X
parent company
Guangdong Shenshan Expressway Co., Fully owned subsidiary of the
675660592
Ltd. parent company
Fully owned subsidiary of the
Guangdong Zhanxu Expressway Co., Ltd. 679739898
parent company
Fully owned subsidiary of the
Yunfu Guangyun Expressway Co., Ltd. 744489224
parent company
Guangdong Litong Real estate Investment Fully owned subsidiary of the
774031126
Co., Ltd. parent company
Guangdong West coastal Expressway Fully owned subsidiary of the
737563043
Co.,Ltd. parent company
Guangdong Taishan Coastal Expressway Fully owned subsidiary of the
707968736
Co., Ltd parent company
Guangdong Highway Bridge Construction Fully owned subsidiary of the
190376243
Development Co., Ltd. parent company
Guangdong Yangmao Expressway Co., Fully owned subsidiary of the
74170833X
Ltd. parent company
Notes
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Unit：RMB
Amount in current period Amount in last period
Content of related Pricing principle of
Related parties Proportio Proportio
transaction related transactions Amount Amount
n（%） n（%）
1.Operating costs
Guanghui
Expressway Co., Rent Market price 1,420,833.34 0.35% 1,191,666.67 0.43%
Ltd.
Guangzhou Xinruan
Computer Reveiving labor Market price 157,020.00 0.04% 283,500.00 0.1%
Technology Co.,
136
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Ltd.
Zhaoqing Yuezhao
Reveiving labor Market price 112,500.00 0.03%
Highway Co., Ltd.
Guangdong Xinyue
Communication
Reveiving labor Market price 184,000.00 0.07%
Investment
Co., Ltd.
Guangdong Hulu
Communication
Reveiving labor Market price 116,775.00 0.04%
Technology
Co., Ltd.
Subtotal of
1,690,353.34 0.42% 1,775,941.67 0.64%
Operating costs
2.Management
expense
Guangdong Litong
Property Rent Management fees Market price 5,084,850.00 6.25% 1,694,950.00 2.18%
Investment Co., Ltd
Guangdong Gaoda
Property
Rent Management fees Market price 1,176,367.75 1.45% 1,360,268.59 1.75%
Development Co.,
Ltd.
Guangdong Xinlu
Services fee Market price 244,316.00 0.31%
Adverting Co., Ltd.
Subtotal of
Management 6,261,217.75 7.7% 3,299,534.59 4.24%
expense
3. Financial Expense
Guanghui
Expressway Co., Interest Market price 2,857,706.25 1.83%
Ltd.
Subtotal of
2,857,706.25 1.83%
Financiale Expense
4.Construction on
process
Guangdong Changda
Project fund Market price 62,697,512.00 82.24% 210,860,019.00 34.66%
Highway Co., Ltd.
137
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Guangdong Hualu
communication Project fund Market price 6,472,654.00 8.49% 2,644,690.00 0.43%
Technology Co., Ltd.
Guangdong Guanyue
Project fund Market price 116,884,549.00 19.21%
Luqiao Co., Ltd.
Subtotal of
Construction on 69,170,166.00 90.75% 330,389,258.00 54.3%
process
Related transactions on sale goods and receiving services
Unit：RMB
Amount in current period Amount in last period
Content of related Pricing principle of
Proportio Proportio
Related parties
transaction related transactions Amount Amount
n（%） n（%）
1.Operating income
Guangdong
Expressway Co., Rent Market price 1,680,050.00 0.27% 486,213.52 0.09%
Ltd.
Guangdong Kaiyang
Expressway Co., Project fund Market price ar 0.02%
Ltd.
Guangdong Xinlu
Rent Market price 651,101.37 0.1%
Adverting Co., Ltd.
Guangdong Guanyue
Rent Market price 45,546.00 0.01%
Luqiao Co., Ltd.
Guangdong
Yangmao
Project fund Market price 30,000.00 0.01%
Expressway Co.,
Ltd.
Guangdong Taishan
Coastal Expressway Project fund Market price 30,000.00 0.01%
Co., Ltd
Guangdong Shipping
Planning and Design Rent Market price 21,680.00 0%
Institute
Guangdong Changda Rent, Polyesterfiber
Market price 18,816.00 0% 322,951.46 0.06%
highway Co., Ltd. cloth for sale
Zhaoqing Yuezhao Project fund Market price 8,300.00 0%
138
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Highway Co., Ltd.
Subtotal
2,585,983.05 0.41% 854,710.98 0.16%
of .Operating income
（2）Other Relationships Transactions
（1）Our controlled subsidiary company guang-fo highway Co., Ltd. is building an extension for the section from
yayao to xiebian. May 20, 2005,Guang-fo highway Co., Ltd. and Guangdong province highway Co.,Ltd. had
signed《the agreement of construction and management entrustment in Guang-fo highway extension project for
the section from yayao to xiebie 》 in Guangzhou. This agreement and its complementary agreement had been
approved and made effective by the resolutions of the 2nd provisional shareholders’ meeting held by our
company in Feb. of 2008. According to above agreement, Guang-fo highway Co.,Ltd. will entrust the
construction and management of Guang-fo highway extension project for the section from yayao to xiebie to
Guangdong province highway Co.,Ltd. and will pay the construction & management Fee of entrustment.,Our
controlled subsidiary company guang-fo highway Co., Ltd. should pay construction & management Fee of
entrustment to Guangdong Expressway Co.,Ltd. This extension project has been finished and was
commissioning in December 23，2009.As of June 30, 2013, 2013, Guangfo Expressway expansion project has
not been completed budget of the project.
(2)Our controlled subsidiary company Guangdong Fokai Expressway Co.,Ltd. is planning to carry out expansion
& reconstruction for the section from xiebian to sanbao. On May 20, 2005,Guangdong Fokai Expressway Co.,Ltd.
and Guangdong Expressway Co.,Ltd. had signed《the agreement of construction and management entrustment in
fo-kai highway extension project for the section from xiebian to sanbao》.This agreement and its complementary
agreement had been approved and made effective by the resolutions of the 2nd provisional shareholders’ meeting
held by our company in Feb. of 2008. According to the above agreement, Guangdong Fokai Expressway Co.,Ltd.
will entrust the construction and management of fo-kai highway extension project for the section from xiebian to
sanbao to Guangdong Expressway Co.,Ltd. and Guangdong Fokai Expressway Co.,Ltd. will pay the construction
& management Fee of entrustment to Guangdong Expressway Co.,Ltd.
the project was completed and open to traffic on June 30, 2013.
（3）On June 15, 2007，The 325 Jiujiang Bridge collapsed on # 23 pier for “Nanguijii 035” collision owned
by the controlling subsidiary of the company Guangdong Fokai Expressway Company leads the collapse and the
traffic jam of 200 meters long of the Jiujiang Bridge
One of the shareholders of Guangdong Fokai Expressway Company, Guangdong Provincial Expressway
Company, established National Road 325 Jiujiang Bridge Restoration Project Office on June 18,2007, responsible
for the repair works of Jiujiang Bridge and related management work. The restoration has been finished and was
open in June 10, 2009.As of June 30, 2013, The final restoration is not complete.
6. Payables and receivables of the related party
Listed company related party fund
Unit：RMB
139
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Amount at year end Amount at year beginning
Name Related party
Balance of Book Bad debt Provision Balance of Book Bad debt Provision
Account receivable
Guangdong
1,438,788.52 328,786.96
Expressway Co., Ltd
Guangdong
Maozhan Expressway 761,900.00 761,900.00
Co., Ltd.
Guangdong Kaiyang
Expressway Co., 56,635.68 545,500.00
Ltd.
Guangdong
YangmaoExpresswa 30,000.00
y Co., Ltd.
Guangdong Taishan
Coastal Expressway 30,000.00
Co., Ltd
Guangdong Lulutong
17,855.30 16,069.77 17,855.30 16,069.77
Co., ltd.
Guangdong Changda
75,562.83
highway Co., Ltd.
Subtotal of Account
2,335,179.50 16,069.77 1,729,605.09 16,069.77
receivable
Prepayable account
Zhaoqing Yuezhao
18,750.00 131,250.00
Highway Co., Ltd.
Guangdong Changda
33,465,082.60
highway Co., Ltd.
Guangdong Hualu
communication 200,000.00
Technology Co., Ltd.
Subtotal of
18,750.00 33,796,332.60
Prepayable account
Dividend receivable
Jingzhu Expressway
80,648,284.74 53,360,130.21
Guangzhu
Subtotal of
80,648,284.74 53,360,130.21
Dividendreceivable
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Other Account receivable
Beijing Gelin Enze 12,220,079.91 12,220,079.91 12,220,079.91 12,220,079.91
Guangdong Litong
Property Investment 1,489,031.00 1,400,176.00
Co., Ltd.
Guangdong
GuanghuiExpresswa 668,034.00 668,034.00
y Co., Ltd.
Guangdong Xinlu
651,101.37 919,852.74
Adverting Co., Ltd.
Zhaoqing Yuezhao
507,557.20 519,254.95
Highway Co., Ltd.
Guangdong Kaiyang
Expressway Co., 414,413.87 77,208.00
Ltd.
Guangdong Gaoda
Property
91,500.00 91,500.00
Development Co.,
Ltd.
Guangdong Maozhan
Expressway Co., 40,100.00 40,100.00
Ltd.
Guangdong Shanfen
24,486.00 24,486.00
Expressway Co., Ltd.
Yunfu Guangyun
6,143.00 6,143.00
Expressway Co., Ltd.
Guangdong Xinyue
Communication 2,158.60 2,158.60
Investment Co., Ltd.
Guangdong Changda
70,656.00
highway Co., Ltd.
Guangdong Shipping
Planning and Design 36,856.00
Institute
Guangdong Luqiao
Construction
3,762.70
Development Co.,
Ltd.
Subtotal of Other
16,114,604.95 12,220,079.91 16,080,267.90 12,220,079.91
receivable
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
The listed company Payables of the related party
Unit：RMB
Amount at year end Amount at year beginning
Name Related party
Account payable
Guangdong Changda highway
24,476,909.80 19,905,890.22
Co., Lt
Guangdong Expressway Co.,
13,728,261.18 13,728,261.18
Ltd.
Guangdong Guanghui
5,352,361.01 3,931,527.67
Expressway Co., Ltd.
Guangdong Xinyue
Communication Investment 4,570,353.85 6,812,768.39
Co., Ltd.
Guangdong Lulutong Co., Ltd 320,488.00 1,007,902.00
Guangdong Hualu
298,222.00 750,109.00
communication
Technology Co., Ltd.
Guangzhou Xinruan
Computer Technology 157,020.00 1,860,580.00
Co., Ltd
Guangdong East Thinking
Management 137,930.27 322,045.27
Technology Development
Co., Ltd.
Zhaoqing Yuezhao Highway
8,000.00
Co., Ltd.
Subtotal of account payable 49,049,546.11 48,319,083.73
Other Payable
Guangdong Changda highway
75,805,007.33 78,459,033.33
Co., Lt
Guangdong Expressway Co.,
26,005,689.81 15,905,263.32
Ltd.
Guangdong Litong Property 2,100,264.00
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Investment Co., Ltd.
Guangdong Xinyue
Communication Investment 1,522,659.95 1,562,659.95
Co., Ltd.
Guangdong Gaoda Property
400,816.11
Development Co., Ltd.
Guangdong Hualu
communication Technology 268,750.50 256,604.50
Co., Ltd.
Guangdong Highway
144,775.39 73,610.38
Construction Co., Ltd.
Guangdong Shenshan West
144,076.13
Expressway Co., Ltd.
Guangdong Shipping
138,904.00 416,710.00
Planning and Design Institute
Guangzhou Xinruan
Computer Technology 136,335.00 131,630.00
Co., Ltd
Guangdong Lulutong Co.,
82,144.00 95,973.00
Ltd.
Guangdong Xinlu Adverting
30,000.00 30,000.00
Co., Ltd.
Guangdong West Coastal
22,198.66 2,915.09
Expressway Co., Ltd.
Guangdong Yuzhan
18,510.29
Expressway Co., Ltd.
Guangdong Zhaoyang
17,419.00
Expressway Co., Ltd.
Guangzhou Xinyue Asphalt
3,100.00 3,100.00
Co., Ltd.
Subtotal of other payable 106,840,650.17 96,937,499.57
IX. Subsequent events
1.Liabilities formed from pending lawsuit and mediation and it financial impact.
Naught
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
2.For other units to provide debt guarantees, forming of contingent liabilities and the financial impact.
Naught.
Other Liabilities and their financial impact:
The current accounting period did not occur this matter
X. Commitment events.
1.Importance commitment events
2. Information guaranteed at the former period.
1 ） The foreign investment contracts which had signed but not fulfiled or
notcompletely fulfilled and the related financial expenditure.
1. The controlling Subsidiary of the Company Fokai Expressway Co., Ltd is expanding the construction of
Yayao Xiebian Yayao – Xiebian. On May 22, 2007, Guangdong Development & Reform Commission issued
Gaijiaoyun [2007] No.1119 File, the Official Reply to the approval of the project of Guangdong Xiebian-Sanbao
Highway Expansion Construction from State Development and Reform Commission: Approved the expansion
project of Xiebian- Sanbao Highway, with the investment of the project for 3.71 billion Yuan, of which: the capital
1.47 billion Yuan by the Guangdong Fokai Expressway Co., Ltd, the remaining funds 2.24 billion Yuan by loans
from domestic banks. On April 3, 2008, State Highway Traffic Department released TAC [2008]No. 16, : the total budget approved as
RMB 4,002,409,114.00, total construction period of the project is (since the date of opening) four years.
As of the end of the report period, the Company, as a shareholder, contributed capital of RMB 1.254 billion.
2. The Company held the second provisional Shareholders’ General meeting on September 28, 2009 , The
meeting examined and adopted to review and approve the Motion of Investing in 30% Equity of
Guangzhou-Lechang Expressway Project. The board of directors consented to invest RMB2,561.914 million in
30% equity of Guangzhou-Lechang highway project. Total investment and capital invested by shareholders shall
be the final accounts approved by the competent government authority. As of June 30, 2013, The company has
invested accumulated RMB 729.9975 million.
（ 2 ） Contingent liability formed by providing debt guarantee to other unit
anditsinfluence on finance
.The controlling subsidiary of the company Guangdong Expressway Technology Investment Co., Ltd. signed the
and related supplementary agreements with Guangdong
Guanghui Expressway Co., Ltd., Guangdong Expressway Technology Investment Co., Ltd. leased advertisement
position from Guangdong Guanghui Expressway Co., Ltd. the total rental fee reduced to 25.20 million Yuan, the
leasing period from July 1, 2006 to June 30, 2016.
XI. Other Important events
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
1.Other
1．Fokai Expressway has operated Jiujiang Bridge’s management and maintain,2007, June 15 early in the
morning, The 325 Jiujiang Bridge collapsed on # 23 pier for “Nanguijii 035” collision owned by the controlling
subsidiary of the company Guangdong Fokai Expressway Company leads the collapse and the traffic jam of 200
meters long of the Jiujiang Bridge. On June 10, 2009, Jiujiang Bridge opened to traffic has been restored.
On June 19,2007， The Ministry of Communications, the State Production Safety Supervision and
Administration Commission issued the JiaoAnWeiming File [2007] No. 8 "Notification on the Guangdong"6.15
"Jiujiang Bridge Collision Accident", initially determined the causes of the accident are: the incident ship
suddenly met heavy fog on the way from Foshan Gaoming to Sunde, the captain neglected looking out, did not
take proper measures and deviated from the main channel, touched the 325 National Road Jiujiang Bridge the
non-navigation bridge pier and caused the collapsion of part of the Jiujiang bridge. The accident was an unilateral
responsibility of the ship.
On July 19,2007，Fokai Company applied preservation of property to Guangzhou Maritime Court.On August
22,2007，Fokai Company officially prosecuted to Guangzhou Maritime Court, asking Foshan South Sea Shipping
Company Limited and Yang Xiong to undertake the conpensation 25,587,684 yuan for the loss caused by
collapsion of Jiujiang Bridge. On August 28, 2007, Guangzhou Maritime Court accepted the case. According to
the (2007)-Canton Haifa No. 332 ruling book issued by Guangzhou Maritime Court, the proceeding of the case
was suspended.
After the court accepted the case, the incident investigation team of Guangdong Provincial Government had
not made the final report of Jiujiang Bridge accident. The Court, on November 5, 2007, decided to suspend the
proceeding. In September 2008, Jiujiang Bridge accident investigation report was officially reported and resumed
the proceedings. On December 5, 2008, Guangzhou Marine Court opened a court trial to procceeded the case.
Currently, Guangzhou Haizhu prosecutorial office was intend to prosecute the accident captain Shi Guide,
therefore, on January 5, 2009, Guangzhou Maritime Court ruled the suspension of the case. At present, no further
notice related to this case has been received from the court and its hearing is still in suspense.
2.In June 2003, Guangdong Expressway Technology Investment Co., Ltd., a wholly-owned subsidiary of the
Company, signed Entrusted Loan Agreement with Beijing Bank and Beijing Gelin Enze Organic Fertilizer Co.,
Ltd. According to the agreement, Guangdong Expressway Technology Investment Co., Ltd. entrusted Xisi
Sub-branch of Beijing Bank to lend RMB 8 million to Beijing Gelin Enze Organic Fertilizer Co., Ltd. with a term
of one year. Meanwhile, Guangdong Expressway Technology Investment Co., Ltd. Beijing Gelin Enze Organic
Fertilizer Co., Ltd. and Wang Jianji (the board chairman of Beijing Gelin Enze Organic Fertilizer Co., Ltd.) jointly
signed Guarantee Contract. According to the contract, Wang Jianji shall bear joint liability for repayment in
respect of the loan of RMB 8 million and corresponding interests, damages and expenses.
As Beijing Gelin Enze Organic Fertilizer Co., Ltd. failed to repay due borrowings, Guangdong Expressway
Technology Investment Co., Ltd. brought an action against Wang Jianji to Guangdong Guangzhou Yuexiu District
People's Court on May 31, 2006.
On September 11, 2008, Guangzhou Intermediate People's Court judged case transfer for jurisdiction. Beijing
Xicheng District People's Court held hearings on September 16, 2009. 2On April 15, 2010, Beijing Xicheng
District People's Court issued (2009) Xi Min Chu Zi No. 5881 Civil Judgment and judged that Guangdong
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Expressway Technology Investment Co., Ltd. won the lawsuit. The Defendant refused to accept the judgment and
instituted an appeal to Beijing First Intermediate People's Court. 2On October 19, 2010, Beijing First Intermediate
People's Court made the final judgment and issued (2010) Yi Zhong Min Zhong Zi No. 10701 Civil Judgment to
reject the appeal of the Defendant and maintain the original judgment in the first instance.
In November 2010, Guangdong Expressway Technology Investment Co., Ltd. applied to the court for
enforcement in respect of the attached 2.5 flats of the Defendant. 2On February 15, 2011, the court informed that
the procedure for placing enforcement on file had been completed. File No.: (2011) Xi Zhi Zi No. 00039. At
present, the enforcement procedure is still being implemented. On July 14, 2011, Wang Jianji has applied for a
retrial.On May 8, 2012, Beijing Higher People's Court issued (2012) Gao Min Ti Zi No. 391 Written Civil
Judgment to revoke the judgment of Beijing First Intermediate People's Court and Xicheng District People's Court.
Within 15 days from the effective date of this judgment, Gelin Company shall pay RMB 8 million and accrued
interest and damages (1% of payment) to Technology Company with all its assets. When Gelin Company's assets
are insufficient to repay the loan, Wang Jianji shall pay the part that Gelin Company fails to pay. On January 10,
2013, the court suggested an amicable settlement but no settlement was reached. 2On June 27, 2013, Guangdong
Expressway Technology Investment Co., Ltd. submitted Bill for a New Trial to the Supreme People's Court,
Counterappeal Application to the Supreme People's Procuratorate and Application for Requesting Counterappeal
to Beijing Municipal People's Procuratorate.
3. Guangdong Expressway Technology Investment Co., Ltd., a wholly-owned subsidiary of the Company,
extended a loan of RMB 3 million to Beijing Gelin Enze Organic Fertilizer Co., Ltd. in 2005. As Beijing Gelin
Enze Organic Fertilizer Co., Ltd. failed to repay due borrowings, Guangdong Expressway Technology Investment
Co., Ltd. brought an action against this company to Beijing Changping District People's Court. On July 25, 2006,
Beijing Changping District People's Court issued (2006) Chang Min Chu Zi No. 7131 Civil Judgment and judged
that Beijing Gelin Enze Organic Fertilizer Co., Ltd. should repay RMB 3 million to Guangdong Expressway
Technology Investment Co., Ltd.
On December 28, 2006, Guangdong Expressway Technology Investment Co., Ltd. applied to the court for
compulsory enforcement. In June and September of 2008, the court put the properties of Beijing Gelin Enze
Organic Fertilizer Co., Ltd. up for auction twice but failed to sell them. At present, the enforcement procedure is
still being implemented.
4. The 9th (provisional) meeting of the sixth Board of Directors of the Company was held in the meeting room of
the Company was held in the manner of voting by correspondence in the morning of January 31, 2011 . The
meeting examined and adopted the Proposal on Applying to Guangdong Communication Group Co., Ltd. for
Entrusted Loans, Approving the company to apply to the controlling shareholder of Guangdong Transportation
Group Co., Ltd. for the entrusted loans of RMB 80 Million for the daily management turnover with a period of 1
year, the interest rate of load will float down 10% based on People's Bank of basic rate of interest for loans of the
time.The expected interest for RMB 4.18million, For this load is Credit, the debts can be repaid in advance as
necessary, and the specific implementation can also be authorized to the operation team. As of December 31, 2012,
the company did not loan above-mentioned loan.
5.The First provisional shareholders’ general meeting in 2012 of the Company was held of February 29, 2012,
The meeting examined and adopted the Proposal Concerning Matters Related to Fokai Company's Financing from
State Development Bank. Guangdong Fokai Expressway Co., Ltd. (hereinafter referred to as "Fokai Company"), a
controlled subsidiary of the Company, was approved to accept the project loan of RMB 750 million extended by
State Development Bank Co., Ltd. RMB 400 million and RMB 350 million will be used respectively for the
146
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
reconstruction and expansion project of Fokai Expressway and major repair project of Fokai Expressway under
construction. The loan term is not more than 15 years from the withdrawal day of the first sum of loan. As for the
interest rate of the loan, the basic interest rate of RMB loans of the same class quoted by People's Bank of China
in the same period shall apply. Fokai Company was approved to provide pledge guarantee for the loan extended
by State Development Bank Co., Ltd. with 25% of toll collection right. In current period, Guangdong Fokai
Expressway Co., Ltd., a controlled subsidiary of the Company, borrowed and repaid the above-mentioned loan of
RMB 100 million. As of the end of current period, the balance of the pledged loan borrowed from State
Development Bank Co., Ltd. was zero.
（ 6 ） The 26th (Provisional)Meeting of the sixth board of directors of Guangdong Provincial Expressway
Development Co., Ltd. was held of May 10, 2012. The meeting examined and adopted the proposal Concerning
the Company’s Accepting the insurance Bond Investment Plan of Pacific Asset Management Co., Ltd. The
Company was approved to accept the insurance bond investment plan made by Pacific Asset Management Co.,
Ltd. The amount of proceeds to be raised is not more than RMB 1.5 billion . Floating interest rate plus
guaranteed base interest rate applies as the interest rate. The Floaing interest rate shall not exceed the basic
interest rate of RMB loan with a term of over five years on the day when the investment fund of the insureance
company is transferred into the Company’s account and the corresponding days of the future years, which shall
be adjusted once each year. The guaranteed base interest rate is 5.6%. The concrete amount of raised proceeds
shall be within maximum limit of investment fund filed with CIRC. The actual amount wholly transferred to the
Company shall apply. The final interest rate is subject to investment Contract for Bond Investment Plan between
Pacific and Guangdong Expressway Filed with CIRC. It was approved to authorize the management of the
Company to implement the above-mentioned matters.
The Company was approved to provide counter guarantee to Guangdong Communication Group
Co.,Ltd.with 75% equity of Guangdong Fokai Expressway Co., Ltd. Held by it . as of June 30, 2013, the
company has borrowed RMB 1.5 billion.
(7) The toll collection period of Jiujiang Bridge of No. 325 National Highway owned by Jiujiang Bridge
Branch of Guangdong Fokai Expressway Co., Ltd., a controlled subsidiary of the Company, which was approved
by Ministry of Communications, is 30 years. Up to the present, the accumulative toll collection period is 25 years.
According to the Notice of Relevant Matters Concerning Quickening Special Clearing of Toll Highways in
Guangdong Province (Yue Jiao Ming Dian (2013) No. 56 Document), the rectification measure proposed for
Jiujiang Bridge is "toll collection period shall be no more than 20 years". The result of rectification is "toll
collection shall be cancelled due to the expiration of toll collection period." As required by this document, Jiujiang
Bridge will stop toll collection from 24:00 of June 30, 2013. Jiujiang Bridge is a construction project in which an
enterprise under provincial administration invested. As for relevant problems occurred after rectification, the
Provincial State-owned Assets Commission shall coordinate in handling such problems according to the
requirements of the document.
As of the date of this report, the Company has not reached agreement with governmental departments
through consultation in respect of the scheme for project benefit compensation or asset disposal after the
enforcement of the above-mentioned notice. As the influence of this matter on the Company is quite uncertain, it
is impossible to appraise the influence on the operating status and financial position of the Company.
147
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
XII.Notes s of main items in financial reports of parent company
1.Other account receivable
（1）Other account receivable
Unit：RMB
Year-end balance Year-beginning
Provision for bad
Book balance Provision for bad debts Book balance
debts
Classification
Propo Propo Propo Propo
Amount rtion( Amount rtion( Amount rtion( Amount rtion(
%) %) %) %)
Other Receivables with
major individual amount and 80.82 83.13
32,530,422.85 32,530,422.85 100% 32,530,422.85 32,530,422.85 100%
bad debt provision provided % %
individually
Other Receivables provided bad debt provision in groups
Group 1：Other Account
reveivables on which bad 48.82 59.03
3,397,586.68 8.44% 1,658,571.80 2,809,757.01 7.18% 1,658,571.80
debt provisions are provided % %
on age basis in group
Group 2：Other Account
reveivables on which bad 10.74
4,320,303.45 3,793,591.97 9.69%
debt provisions are provided %
on other basis in group
19.18 21.49 16.87 25.12
Subtotal of group 7,717,890.13 1,658,571.80 6,603,348.98 1,658,571.80
% % % %
Total 40,248,312.98 -- 34,188,994.65 -- 39,133,771.83 -- 34,188,994.65 --
Notes
Other receivable accounts with large amount and were provided had debt provisions individually at end of period.
□Applicable √Not applicable
Other receivable account in Group on which bad debt provisions were provided on age basis：
√Applicable □Not applicable
Unit： RMB
Age Year-end balance Year-beginning
148
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Book balance Book balance
Provision for bad Provision for bad
Proporti Proporti
Amount debts Amount debts
on(%) on(%)
Within 1 year
Inclding： -- -- -- -- -- --
Subtotal within
1,739,014.88 51.18% 1,151,185.21 40.97%
1 year
Over 5 years 1,658,571.80 48.82% 1,658,571.80 1,658,571.80 59.03% 1,658,571.80
Total 3,397,586.68 -- 1,658,571.80 2,809,757.01 -- 1,658,571.80
Other receivable account in Group on which bad debt provisions were provided on percentage basis：
□Applicable √Not applicable
Other receivable account in Group on which bad debt provisions were provided on Other basis：
□Applicable √Not applicable
Separate amount is big at end of the period or not big but other account receivable and doubtful reserves shall
be withdrawn.
□Applicable √Not applicable
（2）Switch back or regain of the other account receivable in the reporting period
Unit ：RMB
Switching back or taking
Reasons for switching Basis for confirming bad back the counted or Amount switched back
Other account receivable
back or taking back debt reserves drawn bad debt reserves or taken back
accumulated before
Separate amount is big at end of the period or not big but other account receivable and doubtful reserves shall be
withdrawn.
Unit：RMB
Description of Amount of bad Rate
Book balance Reason
other receivable debts （%）
For the balance amount of our company’s secutity trading settlement
Kunlun
funds RMB 33,683,774.79 deposited in Kunlun Securities Co., Ltd.,
Sercurities 32,530,422.85 32,530,422.85 100%
The Xin’Ning Municipal intermediate People’s Court of Qinghai
Co.,Ltd.
Province had made the judgment in accordance with the law and
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
declared on November 11, 2006. that Kunlun Securities Co., ltd. was
bankrupted for debt payment . In March of 2007, the liquidating group
of Kunlun Securities preliminary judged the relationship between our
company and Kunlun Securities Co., Ltd.is debtor creditor
relationship . as Kunlun Securities Co., Ltd.was bankrupted for debt
payment and it is in serious insolvency. Our company had moved the
security trading settlement funds deposited in Kunlun Securities Co.,
Ltd, to other receivables account for reflection, we also have made full
amount provision for had debts based on conservatism principle. The
recovered debt amount in 2008 is RMB485,392.67 which had been
offset from the provision for bad debts. The recovered debt amount in
2011 is RMB 667,959.27 which had been offset from the provision for
bad debts.
Total 32,530,422.85 32,530,422.85 -- --
Notes
（3）Other receivable accounts actuall written off in the report period
Unit：RMB
Amount of written Reasons of written Whether because of the
Name Quality Time of written off
off off connected transaction
Notes
（ 4 ） Particulars about the other receivable accounts due from shareholders with 5% or over of the
Company’s shares in the report period.
Unit：RMB
Balance at the period end Balance in year-begin
Name
Book balance Amount of bad debts Book balance Amount of bad debts
（5）Natures or contents of other receivable accounts with large amount
（6）The front 5 units’ information of other account receivable
Unit：RMB
Relation with the Portion in total other
Name Amount Ages
Company receivables(%)
Kunlun Securities Co.,
No relationship 32,530,422.85 Over 5 years 80.82%
Ltd.
Guangdong Xingyu Law
No relationship 2,300,573.25 Within 4 years 5.72%
office
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Guangdong Litong
The controlling parent
Property Investment Co., 1,489,031.00 Within 2 years 3.7%
company
Ltd.
Heshan Transportation
Real estate Development No relationship 1,470,000.00 Over 5 years 3.65%
Company
Beijing Shibang Weilishi
Property Management No relationship 393,331.00 Within 2 years 0.98%
Services Co., Ltd.
Total -- 38,183,358.10 -- 94.87%
（7）Other accounts receivable from the related parties
Unit：RMB
The proportion of the total of
Name Relationship with the Company Amount
other receivables(%)
Guangdong Litong Property
The controlling parent Company 1,489,031.00 3.7%
Investment Co., Ltd.
Guangdong Expressway
Wholly owned subsidiary 103,543.20 0.26%
Technology Co., Ltd.
Guangdong Gaoda Property
The controlling parent Company 87,000.00 0.22%
Development Co., Ltd.
Total -- 1,679,574.20 4.18%
（8）Account receivable that is not accord with expiration confirmation condition
（9）Account receivables subject to asset securitization , needed to briefly describe the arrangements related to
transactions.
None.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
2. Long- term s equity investment
Unit：RMB
Explanation
of
diffidence
Shareholdin between
Voting right
g shareholdin
Accounting proportion Current Cash
Name Initial investment cost Original balance change Ending Balance proportion g Devalue
method in the devalue bonus
in the proportion
investee
investee and voting
right
proportion
in investee
Guangdong Guanghui Equity
705,503,400.00 861,699,327.00 62,865,731.49 924,565,058.49 30% 30%
Expressway Co., Ltd. method
ZhaoqingYuezhao Equity
201,770,945.42 223,165,906.76 6,807,160.03 229,973,066.79 25% 25% 12,949,334.45
Highway Co., Ltd. method
ShenzhenHuiyan Equity
35,231,299.69 163,744,908.44 14,112,098.84 177,857,007.28 33.33% 33.33%
Expressway Co., Ltd. method
Guangdong Maozhan Equity
224,000,000.00 172,315,789.50 11,833,548.81 184,149,338.31 20% 20%
Expressway Co., Ltd. method
Jingzhu Exprwssway Equity
247,848,488.93 337,849,047.24 -45,693,992.75 292,155,054.49 20% 20% 80,648,284.74
Guanzhu method
Guangdong Jiangzhong
Expressway Equity
156,750,000.00 155,139,302.11 2,527,720.90 157,667,023.01 15% 15%
Co., Ltd. method
Ganzhou Kangda Equity
216,251,100.00 126,880,301.64 8,276,037.03 135,156,338.67 30% 30%
Expressway Co., Ltd method
152
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Ganzhou Gankang
Equity
Expressway 226,379,000.00 195,452,204.21 2,790,959.42 198,243,163.63 30% 30%
method
Co., Ltd.
Guangdong Guangle Equity
729,997,500.00 728,141,601.73 728,141,601.73 30% 30%
Expressway Co., Ltd. method
Huaxia Securities Co., Cost
5,400,000.00 5,400,000.00 5,400,000.00 0.27% 0.27% 5,400,000.00
Ltd.(Notes 1)
method
Huazheng Assets
Cost
Management 1,620,000.00 1,620,000.00 1,620,000.00 0.54% 0.54% 1,393,200.00
method
Co. Ltd.(Notes 2)
Guangdong Guangfo
Cost
Expressway 154,982,475.25 154,982,475.25 154,982,475.25 75% 75%
method
Co., Ltd.
Guangdong Expressway
Cost
Technology Investment 95,731,882.42 95,731,882.42 95,731,882.42 100% 100%
Co., Ltd. method
Guangdong Fokai Cost
2,106,694,711.85 2,066,544,211.85 40,150,500.00 2,106,694,711.85 75% 75%
Expressway Co., Ltd.
method
Guangdong Rodio and
Television Networks Cost
50,000,000.00 50,000,000.00 50,000,000.00 2.97%
investment No.1 Limited
method
partnership enterprise
Total -- 5,158,160,803.56 5,338,666,958.15 103,669,763.77 5,442,336,721.92 -- -- -- 6,793,200.00 93,597,619.19
Notes.
153
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
1. The owner's equity of Huaxia Securities Co., Ltd. was negative and it entered liquidation procedure in December 2005. The Company made full provision for
impairment in respect of this long-term equity investment of RMB 5.4 million.
Notes 2:According to De Wei Ping Gu Zi 2005 No. 88 Appraisal Report issued by Beijing Dewei Appraisal Co., Ltd. As the June 30, 2005, the amount of net
assets of Huazheng Asset Management Co., Ltd. in book was RMB 279.132 million and the appraised value was RMB - 2299.5486 million ,On October 14, 2005,
Jianyin CITIC Asset Management Co., Ltd. issued the Letter of Soliciting Opinions on Equity Assignment to the Company. Jianyin CITIC Asset Management Co.,
Ltd. was willing to pay the price of not more than RMB 42 million to acquire 100% equity of Huazheng Asset Management Co., Ltd. and solicited the Company's
opinions. The Company replied on December 5, 2005, abandoning the preemptive right under the same conditions. The Company made provision of RMB 1.3932
million for impairment in respect of this long-term equity investm ent of RMB 1.62 million.
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
4. Business income and Business cost
（1）Business income and business cost
Unit：RMB
Same period of the
Items
Report period previous year
Other Business income 10,120,351.13 4,612,807.08
Total 10,120,351.13 4,612,807.08
Business cost 232,106.70 232,106.70
5. Investment income
（1））Income from investment
Unit：RMB
Items
Amount of current period Amount of previous period
Long-term equity investment income by costing 24,368,180.33
Long-term equity investment income by equity method 157,116,882.96 164,059,887.96
Hold the investment income during from the
13,920,000.00 31,920,000.00
available-for-sale financial assets
Total 171,036,882.96 220,348,068.29
2. Long-term equity investment incomes confirmed by Cost method include:
Unit：RMB
Same period of the
Unit Reason to increase or decrease
Report period previous year
Guangdong Fokai Expressway Co., Ltd. 24,368,180.33 Current not distribution of dividends
Total 24,368,180.33 --
3.long-term equity investment incomes confirmed by equity method include:
Unit：RMB
Same period of the
Unit Reason to increase or decrease
Report period previous year
155
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Guangdong Maozhan Expressway 11,833,548.81 12,746,052.72 Decrease in net profit Investment Unit
Jingzhu Expressway Guangzhu 34,954,291.99 50,658,961.65 Decrease in net profit Investment Unit
Guangdong Jiangzhong Expressway 2,527,720.90 3,052,337.78 Decrease in net profit Investment Unit
Guangdong Guanghui Expressway 62,865,731.49 60,537,578.86 Increase in net profit Investment Unit
Ganzhou Gankang Expressway 2,790,959.42 -5,905,741.14 The invested unit profitability
Ganzhou Kangda Expressway 8,276,037.03 3,071,418.34 Increase in net profit Investment Unit
Shenzhen Huiyan Expressway 14,112,098.84 20,080,549.07 Decrease in net profit Investment Unit
Zhaoqing Yuezhao Highway Co., Ltd. 19,756,494.48 19,818,730.68 Decrease in net profit Investment Unit
Total 157,116,882.96 164,059,887.96 --
Notes
5.Supplement Information of Cash flow statement
Unit：RMB
Same period of the previous
Supplement Information
Report period year
I.Adjusting net profit to net cash flow in operating activities -- --
Net profit 40,589,788.02 108,248,638.46
Fixed assets depreciation,Oil and gas depreciation, Produce matter
1,216,629.56 932,867.88
depreciation
Amortization of long-term expenses to be amortized 760,423.74
The loss from the disposal of fixed assets, intangible assets and other
-206,432.52
long-term assets
Financial expenses 96,431,638.95 77,681,118.64
Investment loss -171,036,882.96 -220,348,068.29
Decrease of operating accounts receivable -1,114,541.15 -2,352,356.04
Increase of operating accounts payable -66,758,782.18 21,542,572.32
Net cash flow generated from operating activities -100,118,158.54 -14,295,227.03
II.Investment and financing activities not involving cash receipts and
-- --
expenditure
III、Net increase of cash and cash equivalent -- --
Balance of cash at the end of the period 715,936,528.93 810,885,058.55
Less: Balance of cash at the beginning of the period 625,270,216.39 701,899,352.28
Net increase of cash and cash equivalent 90,666,312.54 108,985,706.27
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Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
XIII. Supplement information
1. Particulars about current non-recurring gains and loss
Unit:RMB
Items Amount Notes
Non-current asset disposal gain/loss(including the write-off part
-237,286.47
for which assets impairment provision is made)
Other non-operating income and expenditure beside for the above
1,472,209.70
items
Less：Amount of influence of income tax 360,505.16
Amount of influence of minority interests（After tax） 270,378.88
Total 604,039.19 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
2. Return on net assets and earnings per share
Unit ：RMB
Earnings per share（RMB）
Return on net assets .
Profit of the report period
Weighted（%）
Basic earnings per share Diluted gains per share
Net profit attributable to the Common stock
1.35% 0.05 0.05
shareholders of Company.
Net profit attributable to the Common stock
shareholders of Company after deducting of 1.34% 0.05 0.05
non-recurring gain/loss.
3. The explanation of abnormal circumstance and reasons of items in major accounting statement.
1. The unusual amount or the abnormal changes in the comparative period in the Balance Sheet project
Balance in Balance in Percentage
year-end year-begin Variable
Items in total
Alteration reason
Ratio
asset
157
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
Monetary 1,005,030,338.31 798,485,320.49 7.64% 25.87% Due to increase of expenditure of
capital asset acquisition and daily operation,
inflow of borrowings, recovery of
dividends and cash inflows from
operating activities
Accounts 59,781,581.07 22,057,103.81 0.45% 171.03% Increase of balance of toll not
receivable recovered at end of period
Payment in 1,026,119.75 47,164,329.75 0.01% -97.82% Balance of payment in advance
advance decreased due to deduction of
prepayment according to project
progress
Dividends 80,648,284.74 53,360,130.21 0.61% 51.14% The balance of dividends receivable
receivable increased because the dividends
declared by the invested companies
were more than dividends received in
current period.
Financial assets 693,600,000.00 732,000,000.00 5.28% -5.25% Fair value changed due to the change
available for in the stock price of China Everbright
sale Bank Co., Ltd.
Long-term 3,078,134,452.40 3,014,615,188.63 23.41% 2.11% The increase of net assets of invested
equity companies caused the increase of
investment long-term equity investment
accounted for on equity basis
Fixed assets 8,003,370,454.28 8,219,979,715.32 60.88% -2.64% Due to transfer of overhaul work of
Fokai Expressway into fixed assets
after completion and transfer of
Jiujiang Bridge into disposal upon the
expiration of toll collection period
Construction in 15,913,457.84 171,604,290.22 0.12% -90.73% Construction in progress decreased
progress due to the transfer of overhaul work
of Fokai Expressway into fixed assets
after completion
Disposal of 157,203,131.14 1.20% Disposal of fixed assets increased due
fixed assets to the transfer of Jiujiang Bridge into
disposal upon the expiration of toll
collection period
Intangible 3,529,449.90 45,467,841.10 0.03% -92.24% Intangible assets decreased due to the
assets transfer of Jiujiang Bridge into
disposal upon the expiration of toll
collection period
Accounts 484,144,140.12 737,647,764.93 3.68% -34.37% Balance of accounts payable
158
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
payable decreased due to payment for
expansion project of Fokai
Expressway
Taxes and 8,286,680.69 40,999,608.03 0.06% -79.79% Income tax payable decreased due to
levies payable decrease of amount of taxable income
of Fokai Company
Interest payable 89,024,649.07 35,031,191.54 0.68% 154.13% Accrued bond interest was not paid
yet
Long-term loan 4,359,152,400.00 3,366,083,700.00 33.16% 29.50% Due to increase of loans and
re-classification of partial long-term
loans into current liabilities to
become due within one year
Bonds payable 1,794,432,741.87 1,793,186,155.19 13.65% 0.07% The amortization of bond issuing
expenses caused the increase of book
value
Capital surplus 1,700,358,715.57 1,738,758,715.57 12.93% -2.21% Capital surplus decreased due to the
decrease of fair value of financial
assets available for sale
2.The unusual amount or the abnormal changes in the items of the income statement
Items Report period Last period Rate Change Rate Reason
Operating 629,975,588.18 544,249,165.97 791.5% 15.75% Due to change of applicable charging
income standard and recovered growth of
vehicle traffic volume after
completion of the expansion project of
Fokai Expressway
Operating cost 403,435,560.64 276,072,432.07 506.9% 46.13% Due to increase of depreciation caused
by the completion of Fokai
Expressway expansion project and
increase of vehicle traffic volume
Administrative 81,306,279.47 77,632,477.02 102.2% 4.73% Due to the change of labor cost and
expenses other special costs
Financial 214,952,062.12 156,261,654.01 270.1% 37.56% Financial expenses increased year on
expenses year due to increase of
interest-bearing liabilities and transfer
of partial loan interests into expenses
after completion of Fokai Expressway
expansion project.
Assets - -142,376.38 0.0% -100.00%The receipt of the balance of
impairment loss liquidation fee advanced in the
159
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
previous period caused the writeback
of provision for impairment of assets
Investment 171,036,882.96 195,979,887.96 214.9% -12.73%The change of profits of joint stock
income subsidiaries and decrease of dividend
distribution of Everbright Bank
caused the decrease of the Company's
investment income in current period
Non-operating 1,596,067.44 5,298,494.57 2.0% -69.88%In the previous period, Fokai
income Company obtained income of RMB
4.3477 million from disposal of guard
rails dismantled due to expansion
160
Guangdong Provincial Expressway Development Co., Ltd. The Semi-Annual Report 2013
IX. Documents Available for Inspection
1. Accounting statements carried with personal signatures and seals of legal representative, Chief Financial officer
and Financial Principal.
2. The texts of all the Company's documents publicly disclosed on the newspapers and periodicals designated by
China Securities Regulatory Commission in the report period;
161
