Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Guangdong Provincial Expressway Development Co.，Ltd.
The First Quarterly Report 2017
April 2017
1
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
I. Important Notice
The Board of Directors and the Supervisory Committee of the Company and its directors, supervisors and senior
executives should guarantee the reality, accuracy and completion of the quarterly report, there are no any fictitious
statements, misleading statements or important omissions carried in this report, and shall take legal
responsibilities, individual and or joint.
All of the directors presented the board meeting at which this Quarterly Report was examined.
Mr.Zheng Renfa, Leader, Mr.Wang Chunhua,General Manager, Mr. Fang Zhi, Chief of the accounting work,
Ms.Zhou Fang, Chief of the accounting organ (chief of accounting ) hereby confirm the authenticity and
completeness of the financial report enclosed in this report.
II. Basic information about the company
I.Main financial data and financial index
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed
and accounting error correction or not.
√ Yes □ No
Changes of this
period over same
Same period of last year
This period period of last year
（％）
Before adjustment After adjustment After adjustment
Operating income（RMB） 708,861,624.37 384,703,107.66 656,556,265.87 7.97%
Net profit attributable to the shareholders
286,719,172.39 127,187,345.72 189,257,712.78 51.50%
of the listed company（RMB）
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of 286,448,939.47 126,779,718.66 128,692,184.78 122.58%
listed company（RMB）
Cash flow generated by business operation,
479,844,717.92 274,943,372.62 445,375,345.51 7.74%
net（RMB）
Basic earning per share(RMB/Share) 0.14 0.10 0.11 27.27%
Diluted gains per
0.14 0.10 0.11 27.27%
share(RMB/Share)(RMB/Share)
2
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Weighted average return on equity
3.39% 2.44% 3.21% 0.18%
（%）
Changes of this
period-end over
End of last period
End of this period same period-end of
last year(%)
Before adjustment After adjustment After adjustment
Gross assets（RMB） 16,371,491,963.52 16,072,445,216.59 16,072,445,216.59 1.86%
Net assets attributable to the shareholders
8,622,790,462.58 8,289,020,301.39 8,289,020,301.39 4.03%
of the listed company（RMB）
The causes of accounting policy changes and the correction of accounting errors
Nil
Items and amount of non-current gains and losses
√ Applicable □ Not applicable
In RMB
Amount (Year-beginning to
Items Notes
the end of the report period.)
Non-current asset disposal gain/loss(including the write-off part
-16,609.06
for which assets impairment provision is made)
Govemment subsidies recognized in current gain and
loss(excluding those closely related to the Company’s business 197,210.65
and granted under the state’s policies)
Other non-business income and expenditures other than the above 223,716.48
Less: Amount of influence of income tax 108,579.48
Amount of influence of minority interests(after tax) 25,505.67
Total 270,232.92 --
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
None of Non-recurring gain /loss items recognized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
3
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
II. Total Shareholders and Shares Held by Top Ten Shareholders at the End of the Reporting Period
1. About Total Common Shareholders, Total Preference Shareholders with the Voting Power Recovered
and the Shares Held by Top Ten Common Shareholders
In shares
Total preference shareholders
Total number of common with the voting power
61,784 0
shareholders at the period-end recovered at the end of the
reporting period(if any)
Shares held by the top 10 shareholders
Amount of Pledging or freezing
Properties of Share proportion tradable shares
Shareholder name Quantity Status of the
shareholder % with Conditional Quantity
shares
held
Guangdong
State-owned legal
Communication 24.55% 513,382,595 410,002,853
person
Group Co., Ltd.
Guangdong
Highway State-owned legal
22.30% 466,325,020 466,325,020
Construction Co., person
Ltd,
Yadong Fuxing Domestic non
Yalian Investment State-owned 9.68% 202,429,149 202,429,149 Pledge 202,429,000
Co., Ltd. Legal person
Tibet Yingyue
Domestic non
Investment
State-owned 4.84% 101,214,574 101,214,574
Management Co.,
Legal person
Ltd.
Guangdong
State-owned legal
Expressway Co., 2.53% 52,937,491 52,937,491
person
Ltd.
Guangfa Domestic non
Securities Co., State-owned 1.45% 30,364,372 30,364,372
Ltd. Legal person
Domestic natural
Feng Wuchu 0.97% 20,384,965
person shares
Foreign legal
PERSHING LLC 0.90% 18,744,850
person
Overseas legal
Xinyue Co., Ltd. 0.63% 13,201,086
person
Bank of Other 0.61% 12,722,170
4
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Communications
－Hybrid
securities
investment fund
in Huaan strategy
optimization
Shares held by the Top 10 Shareholders of Non-restricted shares
Share type
Shareholders’ Names Number of the non-restricted shares held
Share type Quantity
Guangdong Communication Group RMB Common
103,379,742 103,379,742
Co., Ltd. shares
RMB Common
19,976,565
shares
Foreign shares
Feng Wuchu 20,384,965
placed in
408,400
domestic
exchange
Foreign shares
placed in
PERSHING LLC 18,744,850 18,744,850
domestic
exchange
Foreign shares
placed in
Xinyue Co., Ltd. 13,201,086 13,201,086
domestic
exchange
Bank of Communications－Hybrid
RMB Common
securities investment fund in Huaan 12,722,170 12,722,170
shares
strategy optimization
ICBC－CCB preferred growth RMB Common
11,781,833 11,781,833
hybrid securities investment fund shares
Foreign shares
GUOTAI JUNAN
placed in
SECURITIES(HONGKONG) 10,971,862 10,971,862
domestic
LIMITED
exchange
Foreign shares
MATTHEWS CHINA DIVIDEND placed in
8,198,481 8,198,481
FUND domestic
exchange
Truvalue Asset Management－China
RMB Common
Merchants Bank－China Resources 8,180,310 8,180,310
shares
SZITIC Trust Co.,Ltd.－Xin Rui 2
5
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
single fund trust
Foreign shares
BBH A/C VANGUARD
placed in
EMERGING MARKETS STOCK 6,541,331 6,541,331
domestic
INDEX FUND
exchange
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Highway
Explanation on associated Construction Co., Ltd, Guangdong Expressway Co., Ltd. and Xinyue Co., Ltd.. It is unknown
relationship or concerted action of whether there is relationship between other shareholders and whether they are persons taking
the above shareholders concerted action specified in the Regulations on Disclosure of Information about Change in
Shareholding of Shareholders of Listed Companies.
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.
2.Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the
report period
□ Applicable √Not applicable
6
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
III. Significant Events
I. Particular about large-margin change of main accounting statement item and financial index and its
reason.
√ Applicable □ Not applicable
（I）Items of balance sheet as compared with the beginning of this year.
1.Monetary capital Increased by RMB 348.46 million and 13.39% over the beginning of the year, mainly due to
net cash inflow of RMB 479.84 million from operating activities, net cash inflow of RMB 57.56 million from
investing activities and net cash outflow of RMB73.82 million from financing activities.
2.Acount receivable inreased by RMB 77.14 million and 189.62% over the beginning of the year, Mainly in
Guangdong Province, Fokai Expressway Co., Ltd. to pay the Fokai Expressway Xiebian to Sanbao section of the
expansion of the project due to warranty.
3.Other account receivable decreased by RMB 8.71 million and 34.61% over the beginning of the year, Mainly in
Guangdong Province, Fokai Expressway Co., Ltd. to recover Yaoyao service area rent..
4. Taxes payable increased by RMB38.45 million and 36.15% over the beginning of the year, The main reason is
that the increase in total profit in the current period resulted in an increase in corporate income tax payable in the
current period.
5.Other account payable decreased by RMB60.10 million and 44.76% over the beginning of the year, Mainly in
Guangdong Province, Fokai Expressway Co., Ltd. to pay the Fokai Expressway Xiebian to Sanbao section of the
expansion of the project due to warranty.
(II) Items of Income statement as compared with the same period of the previous year
1.Operating income increased by RMB52.31 million and 7.97% year on year, The main reason for the increase (1)
Due to the impact of some vehicle circumventing Guangzhu Section of Jingzhu Expressway because of Bridge
Closure of Hong Qili bridge of Fan Zhong Highway (S111), that section of the highway got an increase of traffic
volume, so the toll revenue increased by RMB 32.38 million; (2) The natural growth of the traffic flow leads to
that the toll revenue of Guangfo Expressway Co. Ltd., Guangdong Fokai Expressway Co. Ltd and Jingzhu
Expressway Guangzhu Section Co. Ltd increased by RMB 16.7 million.
(2)Operating cost decreased by RMB2.35 million and 0.867% year on year, The main reason for the decrease(1)
Due to the natural growth of the traffic volume, the depreciation of road asset of Guangdong Fokai Expressway Co.
Ltd and Jingzhu Expressway Guangzhu Section Co. Ltd increased by about RMB 23.19 million; (2) The
cooperation period with Guangfo Expressway Co. Ltd will be terminated on July 31, 2017, and Guangfo
Expressway adopts the vehicle flow method to draw depreciation, and the depreciation has been fully drawn in the
current reporting period, with a decrease of RMB 17.5 million compared to the same period last year; (3) The
upkeep costs and labor costs decreased RMB 8.04 million compared to the same period last year.
(3) Business tax and surcharge decreased by RMB19.11 million and 84.73% year on year, The main reason for the
decrease: Since the full implementation of “replacing business tax with value-added tax” from May 1, 2016, the
company’s toll revenue and the relevant income are no longer pay business tax but pay VAT. However, the VAT
is not accounted in this accounting item.
(4) Financial expenses decreased by RMB 31.49 million and 31.52% year on year, It’s mainly due to the
comprehensive impact of repayment of interest-bearing debt, lower interest and the increase in interest income
from bank deposits.
(5) Investment income Increased by RMB13.8 million and 15.49% year on year，The main reason for the
7
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
increase：Due to the increase in toll revenue caused by the natural growth of the traffic volume and the decrease in
the financial expenses, the profit of the company’s share-participation highway sections of Guangdong Guanghui
Expressway Co.,Ltd, Ganzhou Kangda Expressway Co., Ltd and Shenzhen Huiyan Expressway Co., Ltd etc
increased, thus the investment income from them increased RMB 13.52 million compared to the same period last
year.
(6) Income tax expenses increased by RMB 27.69million and 40.66% year on year, Mainly due to the increase in
the total profit of Guangfo Expressway Co., Ltd., Guangdong Fokai Expressway Co., Ltd. and Jingzhu
Expressway Guangzhu Section Co., Ltd.
(7) The net profit for the owners of the parent company increased by RMB 97.46 million and 51.50% year on year
due to the combined influence of the above factors.
(III) Notes of main items of cash flow statement
1.Cash received from sales of goods or rending of services
Mainly calculates the toll revenue received by Guangfo Expressway Co., Ltd, Guangdong Fokai Expressway
Co., Ltd and Jingzhu Expressway Guangzhu Section Co. Ltd. It increased RMB 43.02 million compared to the
same period last year, an increase of 7.04%, which is mainly due to the increase in the toll revenue.
2. Other cash received from business operation
Mainly calculates the net inflow-that the cash toll income to be split is larger than the split part being
drawn-and others such as cash flow of come-and-go money and cash received from the rental income of
investment real estate received in the settlement account of Guangfo Expressway Co., Ltd, Guangdong Fokai
Expressway Co., Ltd and Jingzhu Expressway Guangzhu Section Co. Ltd. In the current period, it increased RMB
15.13 million compared to the same period last year, an increase of 77.52%, which is mainly due to the increase in
highway networking-collected toll to-be-split of each share-controlled highway sections.
3. Cash paid for purchasing of merchandise and services
Mainly calculates the payment of special projects, upkeep costs and service fee of networking
charge-collection etc. The current period increased RMB 19.28 million compared to the same period, an increase
of 110.85%, which is mainly due to the increase of payment for projects by Guangfo Expressway Co., Ltd,
Guangdong Fokai Expressway Co., Ltd and Jingzhu Expressway Guangzji Section Co. Ltd in the current period.
4. Taxes paid
Mainly calculates the actual payment of income tax, value-added tax and surcharges etc in the current period.
In the current period, it increased RMB 12.29 million compared to the same period, an increase of 16.50%, which
is mainly due to the increase in paying corporate income tax.
5. Cash received from investment retrieving
Mainly calculates the obtained cash dividends due to the equity investment. In the current period, it
decreased RMB 74.83 million compared to the same period last year, a decrease of 57.12%, which is mainly due
to that Guangdong Guanghui Expressway Co. Ltd carried out dividends distribution in the same period last year
but did not carried out dividends distribution in the current period. The company received the cash dividends of
RMB 55.17 million from Zhaoqing Yuezhao Highway Co., Ltd and received the cash dividends of RMB 1 million
from Guangdong No.1 Network Partnership Firm (limited partnership).
6. Cash paid for construction of fixed assets, intangible assets and other long-term assets increased by RMB
56.16 million and 97.55% year on year,It’s mainly due to Guangdong Fokai Expressway Co., Ltd’s paying of
guarantee money for the reconstruction and extension project of Fokai expressway to Xiebian-Sanbao section and
the increase in the payment for the reconstruction and extension project of Fokai expressway to Xiebian-Sanbao
section.
7. Cash received as loans increased by RMB 499 million year on year, but none in the previous period.
8
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
The reason is that the Jingzhu Expressway Guangzhu Section Co., Ltd. current loans RMB 499 million.
8. Cash to repay debts increased by RMB 499 million year on year, but none in the previous period.
The reason is that the Jingzhu Expressway Guangzhu Section Co., Ltd. current loans RMB 499 million.
II. The progress of significant events and influence, as well as the analysis and explanation on resolving
proposal.
√Applicable □Not applicable
The Proposal about Guangdong Provincial Expressway Development Co., Ltd’s Merger of Guangdong Fokai
Expressway Co., Ltd was examined an approved in the 8 provisional meeting of the eighth board of directors of
the company.
The company, as the acquirer, will absorb and merge the whole assets, liabilities and business of Fokai
Company. After the merger, the company continues to operate, and the independent legal person qualification of
Fokai Company shall be cancelled; after the completion of the merger, all the assets of Fokai Company will be
consolidated into the company, and the whole creditor's rights and debts of Fokai Company shall be inherited by
the company; it planned to set up a new company to take over and manage the assets, liabilities, business and staff
of Fokai Company. The gains and losses arising from the period-from the base date of the merger to the
completion date of the merger-shall be borne by the company.
Purpose and impact of the Merger: (1) The merger by consolidation will be conducive to the integration of the
company's assets, business, human resource, finance and other resources, and it’s conducive for optimizing the
management structure, improving operational efficiency and reducing management costs. (2) The tax treatment of
this merger will be carried out according to the general asset reorganization. In the light of that there was
not-yet-made-up tax losses existed in the company itself during 2012 to 2016, after the completion of the merger,
it will produce the corresponding taxable income to make up, and with the consideration of the impact of the
company’s integration, after the preliminary estimates, this merger by consolidation will increase the 2017-annual
net profit attributable to shareholders of the listed company by about RMB 240.29 million to RMB 290.35 million,
which will account for about 24%-29% of the 2016-annual net profit attributable to shareholders of the listed
company-which is RMB 1001.2059 million. The above-said data are the results of the company’s preliminary
calculation, but there is a time limitation for the make-up of the not-yet-made-up losses according to the income
tax law and there is impact of the changes of factors of earnings forecasts, so the above-said estimates of the data
may have some changes.
Description of the website for disclosing
Overview of material matters Date of disclosing
provisional announcements
The Announcement of Guangdong
Provincial Expressway Development Co., April 8,2017 www.cninfo.com.cn
Ltd. Merging of wholly-owned subsidiary.
III. Commitments finished in implementation by the Company, shareholders, actual controller, acquirer,
directors, supervisors, senior executives or other related parties in the reporting period and commitments
unfinished in implementation at the end of the reporting period
□ Applicable √ Not applicable
The company has no commitments completed in period and those without completed till lend of the period from
9
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
actual controller, shareholders, related parties, purchaser and companies.
IV．Prediction of Business performance for January- June 2017
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation of reason.
□ Applicable √ Not applicable
V. Investment in securities
√ Applicable □Not applicable
Shareho
Sharehol
lding
Number of ding
Number of proporti Gain.
shares held proporti
Securi shares held on at Book balance at loss of
Initial at the on at the
ty Security Short form at the end of the end the end of the the Accountin Source of
investment beginning of beginnin
catego code of security the reporting of the reporting period reporting g items the shares
cost(RMB) the reporting g of the
ry period reportin (RMB) period
period(share reporting
(shares) g (RMB)
s) period(
period(
%)
%)
Financial
China
assets Subscribe
Stock 601818 Everbright 517,560,876.80 235,254,944 0.50% 235,254,944 0.50% 966,897,819.84 0.00
available on 2009
Bank
for sale
Total 517,560,876.80 235,254,944 -- 235,254,944 -- 966,897,819.84 0.00 -- --
Disclosure date for the
notice of approval by the July 22,2009
Board (If any)
Disclosure date for the
notice of approval by
August 7, 2008
shareholders’ Meeting (If
any)
VI. Investment in derivatives
□ Applicable √Not applicable
The Company had no derivatives investment in Period.
VII. Registration form of such Activities as Reception, Research, Communication, Interview in the
Reporting Period
√Applicable □Not applicable
Reception time Way of reception Types of visitors Basic index
February 15,2017 Onsite investigation Organization I.The main contents of the research included: (1) the
10
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Reception time Way of reception Types of visitors Basic index
status of the company's daily operation; (2) the analysis
of the company’s financial data; (3) the company's
development strategy; (4) the company’s analysis on its
industry.
II. The main documents for the research: regular reports
and other public information of the company.
I.The main contents of the research included: (1) the
status of the company's daily operation; (2) the analysis
of the company’s financial data; (3) the company's
March 30,2017 Onsite investigation Organization development strategy; (4) the company’s analysis on its
industry.
II. The main documents for the research: regular reports
and other public information of the company.
VIII. External guarantee get out of line
□ Applicable √Not applicable
The Company has no external guarantee get out of the line in the Period
IX. Controlling shareholder and its related parties occupying non-business capital of the listed company
□ Applicable √Not applicable
There are no controlling shareholder and its related parties occupying non-business capital of the listed company
in Period
11
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
IV. Financial Statement
I. Financial statement
1. Consolidated balance sheet
Prepared by：Guangdong Provincial Expressway Development Co., Ltd.
April 28,2017
In RMB
Items At the end of term Beginning of term
Current asset：
Monetary fund 2,951,743,797.84 2,603,279,644.25
Settlement provision
Outgoing call loan
Financial assets measured at fair
value with variations accounted into
current income account
Derivative financial assets
Bill receivable
Account receivable 117,818,969.61 40,681,197.01
Prepayments 1,394,688.22 2,860,130.35
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Interest receivable
Dividend receivable
Other account receivable 16,456,512.87 25,167,879.53
Repurchasing of financial assets
Inventories 323,888.89 323,888.89
Assets held for sales
Non-current asset due in 1 year 55,719.14 55,719.14
Other current asset
Total of current assets 3,087,793,576.57 2,672,368,459.17
Non-current assets：
Loans and payment on other’s behalf
disbursed
12
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Items At the end of term Beginning of term
Disposable financial asset 1,765,472,921.57 1,718,421,932.77
Expired investment in possess
Long-term receivable
Long term share equity investment 2,262,104,332.21 2,220,805,130.31
Property investment 3,103,917.73 3,219,971.08
Fixed assets 9,069,979,957.72 9,285,823,302.77
Construction in progress 159,192,341.07 149,244,110.30
Engineering material 1,549,556.00 1,549,556.00
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 5,211,508.07 6,138,294.90
R & D petrol
Goodwill
Long-germ expenses to be amortized 1,310,715.06 1,763,966.07
Deferred income tax asset 13,531,472.96 10,810,322.94
Other non-current asset 2,241,664.56 2,300,170.28
Total of non-current assets 13,283,698,386.95 13,400,076,757.42
Total of assets 16,371,491,963.52 16,072,445,216.59
Current liabilities
Short-term loans
Loan from Central Bank
Deposit received and hold for others
Call loan received
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Bill payable
Account payable 247,130,091.75 299,414,047.07
Advance payment 18,510,163.76 17,440,023.40
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 9,398,000.36 8,840,599.13
13
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Items At the end of term Beginning of term
Tax payable 144,825,659.69 106,370,898.31
Interest payable 9,028,437.59 8,945,283.52
Dividend payable 12,474,136.38 12,506,777.92
Other account payable 74,163,473.20 134,266,141.34
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Liabilities held for sales
Non-current liability due in 1 year 1,006,610,000.00 957,880,000.00
Other current liability
Total of current liability 1,522,139,962.73 1,545,663,770.69
Non-current liabilities：
Long-term loan 5,354,050,000.00 5,402,780,000.00
Bond payable
Including：preferred stock
Sustainable debt
Long-term payable 2,022,210.11 2,022,210.11
Long-term payable employees’s
remuneration
Special payable
Expected liabilities
Deferred income
Deferred income tax liability 272,935,673.70 278,463,647.00
Other non-current liabilities
Total non-current liabilities 5,629,007,883.81 5,683,265,857.11
Total of liability 7,151,147,846.54 7,228,929,627.80
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Other equity instrument
Including：preferred stock
Sustainable debt
Capital reserves 2,508,408,342.99 2,508,408,342.99
14
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Items At the end of term Beginning of term
Less：Shares in stock
Other comprehensive income 449,336,943.04 402,285,954.24
Special reserves
Surplus reserves 366,956,549.89 366,956,549.89
Common risk provision
Undistributed profit 3,207,282,500.66 2,920,563,328.27
Total of owner’s equity belong to the
8,622,790,462.58 8,289,020,301.39
parent company
Minority shareholders’ equity 597,553,654.40 554,495,287.40
Total of owners’ equity 9,220,344,116.98 8,843,515,588.79
Total of liabilities and owners’ equity 16,371,491,963.52 16,072,445,216.59
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
2.Parent Company Balance Sheet
In RMB
Items At the end of term Beginning of term
Current asset：
Monetary fund 2,531,248,393.73 1,795,455,123.88
Financial assets measured at fair value
with variations accounted into current
income account
Derivative financial assets
Bill receivable
Account receivable
Prepayments 471,698.10 2,059,362.84
Interest receivable 18,128,364.07 34,833.33
Dividend receivable 24,000,000.00
Other account receivable 2,910,069.40 2,350,265.24
Inventories
Assets held for sales
Non-current asset due in 1 year 85,000,000.00 95,000,000.00
Other current asset
15
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Items At the end of term Beginning of term
Total of current assets 2,637,758,525.30 1,918,899,585.29
Non-current assets：
Disposable financial asset 1,765,472,921.57 1,718,421,932.77
Expired investment in possess
Long-term receivable
Long term share equity investment 7,427,266,551.87 7,385,967,349.97
Property investment 2,851,779.48 2,967,832.83
Fixed assets 2,437,481.44 2,744,611.16
Construction in progress
Engineering material
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 648,571.90 725,234.38
R & D petrol
Goodwill
Long-germ expenses to be amortized 1,134,454.13 1,559,874.44
Deferred income tax asset
Other non-current asset 847,903,684.98 847,903,684.98
Total of non-current assets 10,047,715,445.37 9,960,290,520.53
Total of assets 12,685,473,970.67 11,879,190,105.82
Current liabilities
Short-term loans
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Bill payable
Account payable
Advance payment
Employees’ wage payable 1,335,322.71 1,347,078.47
Tax payable 1,299,808.59 1,986,670.18
Interest payable 4,585,824.32 4,469,288.30
Dividend payable 12,474,136.38 12,506,777.92
16
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Items At the end of term Beginning of term
Other account payable 3,322,347.31 1,989,088.70
Classified as held for sale debt
Non-current liability due in 1 year 50,200,000.00 50,200,000.00
Other current liability 1,116,978,894.48 836,363,256.69
Total of current liability 1,190,196,333.79 908,862,160.26
Non-current liabilities：
Long-term loan 2,999,700,000.00 2,999,700,000.00
Bond payable
Including：preferred stock
Sustainable debt
Long-term payable 2,022,210.11 2,022,210.11
Long-term payable to employees
Special payable
Expected liabilities
Deferred income
Deferred income tax liability
Other non-current liabilities
Total of Non-current liabilities 3,001,722,210.11 3,001,722,210.11
Total of liability 4,191,918,543.90 3,910,584,370.37
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Other equity instrument
Including：preferred stock
Sustainable debt
Capital reserves 3,359,791,693.12 3,359,791,693.12
Less：Shares in stock
Other comprehensive income 449,336,943.04 402,285,954.24
Special reserves
Surplus reserves 351,112,266.24 351,112,266.24
Undistributed profit 2,242,508,398.37 1,764,609,695.85
Total of owners’ equity 8,493,555,426.77 7,968,605,735.45
Total of liabilities and owners’ equity 12,685,473,970.67 11,879,190,105.82
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
17
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
3.Consolidated Income statement
In RMB
Items Amount in this period Amount in last period
I. Income from the key business 708,861,624.37 656,556,265.87
Incl：Business income 708,861,624.37 656,556,265.87
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 381,174,667.38 433,158,879.19
Incl：Business cost 271,049,367.90 273,397,575.90
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Insurance policy dividend paid
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 3,443,510.59 22,557,096.31
Sales expense
Administrative expense 38,257,241.20 37,284,987.45
Financial expenses 68,424,547.69 99,919,219.53
Asset impairment loss
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 97,471,152.80 84,395,832.55
Incl: investment gains from affiliates 96,471,880.49 83,396,560.25
Gains from currency exchange（“-”for
loss）
III. Operational profit（“-”for loss） 425,158,109.79 307,793,219.23
Add ：Non-operational income 583,642.64 978,831.12
Including：Income from disposal of
7,417.07
non-current assets
Less：Non business expenses 179,324.57 335,207.81
18
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Items Amount in this period Amount in last period
Incl：Loss from disposal of non-current
16,609.06 59,156.93
assets
IV.Total profit(“-”for loss) 425,562,427.86 308,436,842.54
Less：Income tax expenses 95,784,888.47 68,097,578.81
V. Net profit 329,777,539.39 240,339,263.73
Net profit attributable to the owners of
286,719,172.39 189,257,712.78
parent company
Minority shareholders’ equity 43,058,367.00 51,081,550.95
VI. Other comprehensive income 47,050,988.80 -115,274,922.56
Net of profit of other comprehensive inco
me attributable to owners of the parent co 47,050,988.80 -115,274,922.56
mpany.
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent accounting
period
1.Re-measurement of defined benefit pla
ns of changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclass
ified into profit or loss.
（II）
Other comprehensive income that will be 47,050,988.80 -115,274,922.56
reclassified into profit or loss.
1.Other comprehensive income under the
equity method investee can be reclassifie
d into profit or loss.
2.Gains and losses from changes in fair v
47,050,988.80 -115,274,922.56
alue available for sale financial assets
3.Held-to-maturity investments reclassifi
ed to gains and losses of available for sal
e financial assets
4.The effective portion of cash flow hedg
es and losses
5.Translation differences in currency fina
ncial statements
6.Other
19
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Items Amount in this period Amount in last period
Net of profit of other comprehensive inco
me attributable to Minority shareholders’
equity
VII. Total comprehensive income 376,828,528.19 125,064,341.17
Total comprehensive income attributable
333,770,161.19 73,982,790.22
to the owner of the parent company
Total comprehensive income
43,058,367.00 51,081,550.95
attributable minority shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.14 0.11
(II)Diluted earnings per share 0.14 0.11
If there are entities merged under common control, their net profit realized before the merger were totaled to
RMB***. While it was RMB*** previous period.
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
4. Income statement of the Parent Company
In RMB
Items Amount in this period Amount in last period
I. Income from the key business 19,955,682.04 2,165,724.61
Less：Business cost 116,053.35 116,053.35
Business tax and surcharge 28,965.70 121,280.31
Sales expense
Administrative expense 12,781,201.64 13,076,357.09
Financial expenses 34,321,379.12 36,940,014.68
Asset impairment loss
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 505,190,620.29 104,346,091.82
Incl: investment gains from affiliates 96,471,880.49 103,346,819.52
II. Operational profit（“-”for loss） 477,898,702.52 56,258,111.00
Add ：Non-operational income
20
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Items Amount in this period Amount in last period
Including：Income from disposal
of non-current assets
Less：Non business expenses
Incl：Loss from disposal of
non-current assets
III.Total profit(“-”for loss) 477,898,702.52 56,258,111.00
Less：Income tax expenses
IV. Net profit（“-”for net loss） 477,898,702.52 56,258,111.00
V.Net of profit of other comprehensive i
47,050,988.80 -115,274,922.56
ncome
（I）Other comprehensive income
items that will not be reclassified into
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under th
e equity method investee can not be recl
assified into profit or loss.
（ II ）
Other comprehensive income that will b 47,050,988.80 -115,274,922.56
e reclassified into profit or loss.
1.Other comprehensive income under th
e equity method investee can be reclassi
fied into profit or loss.
2.Gains and losses from changes in fair
value available for sale financial assets
3.Held-to-maturity investments reclassif
ied to gains and losses of available for s
ale financial assets
4.The effective portion of cash flow hed
ges and losses
5.Translation differences in currency fin
ancial statements
6.Other
VI. Total comprehensive income 524,949,691.32 -59,016,811.56
VII. Earnings per share：
21
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Items Amount in this period Amount in last period
（I）Basic earnings per share
(II)Diluted earnings per share
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
5. Consolidated Cash flow statement
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or
654,396,443.21 611,378,742.24
rending of services
Net increase of customer deposits
and capital kept for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from
other financial bodies
Cash received against original
insurance contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Net increase of the financial assets that
are measured at fair value and whose
movement is counted to the current
gain and loss
Cash received as interest, processing
fee and commission
Net increase of inter-bank fund
received
Net increase of repurchasing business
Tax returned
Other cash received from business
34,657,581.68 19,522,969.85
operation
Sub-total of cash inflow 689,054,024.89 630,901,712.09
22
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Items Amount in this period Amount in last period
Cash paid for purchasing of
36,673,740.77 17,393,510.10
merchandise and services
Net increase of client trade and
advance
Net increase of savings n central bank
and brother company
Cash paid for original contract claim
Cash paid for interest, processing fee
and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 70,894,980.53 74,696,344.15
Taxes paid 86,763,105.47 74,472,575.93
Other cash paid for business activities 14,877,480.20 18,963,936.40
Sub-total of cash outflow from
209,209,306.97 185,526,366.58
business activities
Cash flow generated by business
479,844,717.92 445,375,345.51
operation, net
II.Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains 56,171,950.90 130,999,272.30
Net cash retrieved from disposal of
fixed assets, intangible assets, and 3,800.00 419,007.00
other long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received
Sub-total of cash inflow due to
56,175,750.90 131,418,279.30
investment activities
Cash paid for construction of fixed
assets, intangible assets and other 113,731,853.71 57,570,411.79
long-term assets
Cash paid as investment
Net increase of loan against pledge
Net cash received from subsidiaries
and other operational units
23
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Items Amount in this period Amount in last period
Other cash paid for investment
activities
Sub-total of cash outflow due to
113,731,853.71 57,570,411.79
investment activities
Net cash flow generated by investment -57,556,102.81 73,847,867.51
III.Cash flow generated by financing
Cash received as investment
Incl: Cash received as investment from
minor shareholders
Cash received as loans 499,000,000.00
Cash received from bond placing
Other financing –related ash received 5,173.81
Sub-total of cash inflow from financing
499,000,000.00 5,173.81
activities
Cash to repay debts 499,000,000.00
Cash paid as dividend, profit, or
73,824,461.52 66,974,388.02
interests
Incl: Dividend and profit paid by
subsidiaries to minor shareholders
Other cash paid for financing activities 451,000.00
Sub-total of cash outflow due to
572,824,461.52 67,425,388.02
financing activities
Net cash flow generated by financing -73,824,461.52 -67,420,214.21
IV. Influence of exchange rate
alternation on cash and cash
equivalents
V.Net increase of cash and cash
348,464,153.59 451,802,998.81
equivalents
Add: balance of cash and cash
2,603,279,644.25 1,199,629,276.85
equivalents at the beginning of term
VI ..Balance of cash and cash
2,951,743,797.84 1,651,432,275.66
equivalents at the end of term
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
24
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
6. Cash Flow Statement of the Parent Company
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or
2,732,392.40 1,048,494.68
rending of services
Tax returned
Other cash received from business
286,775,467.69 257,413,660.63
operation
Sub-total of cash inflow 289,507,860.09 258,462,155.31
Cash paid for purchasing of
merchandise and services
Cash paid to staffs or paid for staffs 8,786,519.48 10,038,866.36
Taxes paid 523,115.02 300,681.47
Other cash paid for business activities 5,143,830.51 121,556,976.90
Sub-total of cash outflow from
14,453,465.01 131,896,524.73
business activities
Cash flow generated by business
275,054,395.08 126,565,630.58
operation, net
II.Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains 487,891,418.39 130,999,272.30
Net cash retrieved from disposal of
fixed assets, intangible assets, and
other long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 10,283,812.50 1,074,625.01
Sub-total of cash inflow due to
498,175,230.89 132,073,897.31
investment activities
Cash paid for construction of fixed
assets, intangible assets
and other long-term assets
Cash paid as investment
Net cash received from subsidiaries
and other operational units
25
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
Items Amount in this period Amount in last period
Other cash paid for investment
activities
Sub-total of cash outflow due to
investment activities
Net cash flow generated by investment 498,175,230.89 132,073,897.31
III.Cash flow generated by financing
Cash received as investment
Cash received as loans
Cash received from bond placing
Other financing –related ash received 5,173.81
Sub-total of cash inflow from
5,173.81
financing activities
Cash to repay debts
Cash paid as dividend, profit, or
37,436,356.12 22,412,917.61
interests
Other cash paid for financing activities 451,000.00
Sub-total of cash outflow due to
37,436,356.12 22,863,917.61
financing activities
Net cash flow generated by financing -37,436,356.12 -22,858,743.80
IV. Influence of exchange rate
alternation on cash and cash
equivalents
V.Net increase of cash and cash
735,793,269.85 235,780,784.09
equivalents
Add: balance of cash and cash
1,795,455,123.88 822,286,507.11
equivalents at the beginning of term
VI ..Balance of cash and cash
2,531,248,393.73 1,058,067,291.20
equivalents at the end of term
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
II. Auditor’ report
Is the First Quarterly Report be audited?
□ Yes √No
26
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2017
The First Quarterly report is not audited.
27
