Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Guangdong Provincial Expressway Development Co.，Ltd.
The First Quarter Report 2021
April 2021
1
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
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 Quarter Report was examined.
Mr.Zheng Renfa, Leader, Mr.Wang Chunhua, General Manager, Mr. Lu Ming, 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 of the Company
（1）Main financial data and financial index
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
√Yes □ No
Retrospective adjustment or restatement reason
Business combination under the same control
Changes of this
period over
Same period of last year
same period of
This period
last year（％）
After
Before adjustment After adjustment
adjustment
Operating revenue（Yuan） 1,257,975,487.27 211,215,592.28 354,680,507.03 254.68%
Net profit attributable to the shareholders
399,100,166.26 -70,094,226.94 -65,790,927.23 706.62%
of the listed company（Yuan）
Net profit after deducting of
non-recurring gain/loss attributable to the 395,414,595.12 -71,989,487.82 -71,989,487.82 649.27%
shareholders of listed company（Yuan）
Net cash generated from /used in
849,020,540.34 142,313,822.41 163,886,674.37 418.05%
operating activities（Yuan）
Basic earning per share(Yuan/Share) 0.19 -0.03 -0.03 733.33%
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Diluted gains per share(Yuan/Share) 0.19 -0.03 -0.03 733.33%
Weighted average return on equity
4.89% -0.72% -0.63% 5.52%
（%）
Changes of this
period-end over
End of last period same
End of this period period-end of
last year(%)
After
Before adjustment After adjustment
adjustment
Total assets（Yuan） 19,839,202,045.48 19,748,578,658.11 19,748,578,658.11 0.46%
Net assets attributable to the shareholders
8,378,704,436.23 7,933,136,499.11 7,933,136,499.11 5.62%
of the listed company（Yuan）
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 for which
-112,712.62
assets impairment provision is made)
Government subsidies recognized in current gain and loss(excluding those
closely related to the Company’s business and granted under the state’s 5,965,070.40
policies)
Net amount of non-operating income and expense except the aforesaid items 954,275.16
Other non-recurring Gains/loss items 240,124.51
Less :Influenced amount of income tax 1,761,727.77
Influenced amount of minor shareholders’ equity (after tax) 1,599,458.54
Total 3,685,571.14 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the
Public-Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item.
□ 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.
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
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
52,475 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
tradable
Shareholder Properties of Share
Quantity shares with
name shareholder proportion % Status of the shares Quantity
Conditional
held
Guangdong
Communicatio State-owned
24.56% 513,420,438 410,040,696
n Group Co., legal person
Ltd.
Guangdong
Highway State-owned
22.30% 466,325,020
Construction legal person
Co., Ltd,
Shangdong
Expressway
State-owned
Investment 9.68% 202,429,149
legal person
Development
Co., Ltd.
Tibet Yingyue
Investment State-owned
4.84% 101,214,574
Management legal person
Co., Ltd.
Guangdong
Provincial State-owned
2.53% 52,937,491 19,582,228
Freeway legal person
Co.,Ltd.
China Life
Insurance Co.,
Ltd.－Dividend
Other 1.96% 41,009,355
－Personal
dividend
-005L-FH002
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Shen
China Life
Insurance Co.,
Ltd.－
Traditional－
Other 1.67% 35,003,947
Common
insurance
products-005L-
CT001Shen
Xinyue Co., Overseas legal
0.63% 13,201,086
Ltd. person
Domestic
Feng Wuchu natural person 0.60% 12,648,625
shares
Happy Life
Insurance Co., Other 0.56% 11,617,747
Ltd.-Dividend
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 Highway RMB Common
466,325,020 466,325,020
Construction Co., Ltd, shares
Shangdong Expressway RMB Common
202,429,149 202,429,149
Investment Development Co., Ltd. shares
Guangdong Communication RMB Common
103,379,742 103,379,742
Group Co., Ltd. shares
Tibet Yingyue Investment RMB Common
101,214,574 101,214,574
Management Co., Ltd. shares
China Life Insurance Co., Ltd.－
RMB Common
Dividend －Personal dividend 41,009,355 41,009,355
shares
-005L-FH002 Shen
China Life Insurance Co., Ltd.－
RMB Common
Traditional－Common insurance 35,003,947 35,003,947
shares
products-005L-CT001Shen
Guangdong Provincial Freeway RMB Common
33,355,263 33,355,263
Co.,Ltd. shares
Foreign shares
Xinyue Co., Ltd. 13,201,086 placed in domestic 13,201,086
exchange
5
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
RMB Common
10,342,762
shares
Feng Wuchu 12,648,625 Foreign shares
placed in domestic 2,305,863
exchange
Happy Life Insurance Co., RMB Common
11,617,747 11,617,747
Ltd.-Dividend shares
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong
Highway Construction Co., Ltd. and Guangdong Provincial Freeway Co.,Ltd. ， It is
Related or acting-in-concert
unknown whether there is relationship between other shareholders and whether they are
parties among shareholders above
persons taking concerted action specified in the Regulations on Disclosure of Information
about Change in Shareholding of Shareholders of Listed Companies.
Participation of top 10
unconditional common share
None
shareholders in securities margin
trading (if any)
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
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
III Significant Events
I. Major changes of main accounting statement items and financial indicators in the reporting period, as well as
reasons for the changes
√ Applicable □ Not applicable
（I）Items of balance sheet as compared with the beginning of this year.
1. Other payables decreased by 1,237.36 million yuan and 81.80% from the beginning of the Year, which was
mainly due to the agreement between Guangdong Provincial Expressway Development Co., Ltd and
Guangdong Provincial Freeway Co.,Ltd. on the payment of cash to purchase 21% of the shares of
Guangdong Guanghui Expressway Co., Ltd, the Company paid the second phase of equity transfer amount to
Guangdong Provincial Freeway Co.,Ltd.
2. Non-current liabilities due within one year
It decreased by 93.15 million yuan from the beginning of the year, or a decrease of 34.97%, which was
mainly due to the combined effects of the Company's repayment of due loans and the reclassification of
subjects.
(II) Items of income statement as compared with the same period of the previous year
1. Operating income
It increased by 903.29 million yuan over the same period last year, or an increase of 254.68%. Thereinto, the
toll income of the Fokai Expressway, the Guangzhu Section of the Jingzhu Expressway, the Guangfo
Expressway, and the Guanghui Expressway increased YOY, which was mainly due to: in 2020, affected by
the new coronavirus epidemic, the state issued relevant policies: the original toll-free period during the
statutory Spring Festival holiday (January 24-January 30) was extended to February 8 and from 0:00 on
February 17, 2020 to 24:00 on May 5, 2020, vehicle tolls on national toll roads were exempted. In the first
quarter of 2021, the number of toll days of the above-said highways was increased by 52 days compared to
last year.
2. Operating costs
It increased by 127.35 million yuan over the same period last year, an increase of 38.99%, which was mainly
due to the increase in road property depreciation as the increase in toll income.
3. Investment income
It increased by 52.77 million yuan over the same period of the previous year, an increase of 3,857.59%,
which was mainly due to the increase in the number of expressway toll days in the first quarter of 2021
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
increased by 52 days compared with the same period last year, and the profit of the Company’s equity
participating expressway companies increased.
4. Income tax expenses
It increased by 189.18 million yuan over the same period last year, an increase of 1,331.81%, which was
mainly due to the total profit of each highway section company had increased.
5. Net profit attributable to owners of the parent company
It increased by 464.89 million yuan over the same period last year, an increase of 706.62%, which was
mainly due to the combined effects of the above factors.
(III) Notes of main items of cash flow statement
1. Cash received from the sale of goods and the provision of labor services
It increased by 828.09 million yuan in the current period , an increase of 205.31% YOY, which was mainly
due to the YOY increase in toll revenue in the current period.
2. Other cash related to operating activities received
It decreased by 42.97 million yuan or a decrease of 48.55% YOY in the current period, which was mainly
due to: Fokai Branch, Guangfo Expressway Co., Ltd, Jingzhu Expressway Guangzhu Section Company and
Guangdong Guanghui Expressway Co., Ltd received the 55.85 million yuan in subsidies from provincial toll
stations’ abolishment.
3. Various taxes and fees paid
It increased by 55.93 million yuan in the current period, an increase of 35.22% YOY, which was mainly due
to the increase in various taxes and fees payable as the increase in toll income.
4. Cash received from investment recovery
It increased by 20 million yuan in the current period, an increase of 800.00% YOY, which was mainly due to
the receipt of capital reduction funds from the Ganzhou Gankang Expressway Co., Ltd- a share-participating
subsidiary of the Company.
5. Cash received from investment income
It decreased by 5.2 million yuan in the current period, a decrease of 77.62% YOY, as the cash dividend
received by the Company during the current period decreased YOY.
6. Cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets
It decreased by 66.16 million yuan in the current period, a decrease of 38.18% YOY, which was mainly due
to:The reconstruction and expansion project of the south section of Fokai expressway has been opened to traffic
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
and turned into fixed assets; and the pavement treatment project of Guangzhu section has been basically
completed. The progress payment of the project in this period has been reduced..
7. Cash paid for debt repayment
It decreased by 402.57 million yuan in the current period, a decrease of 64.40% YOY, The main reasons are:
the parent company paid back 375 million yuan of the Pacific bond guarantee fund in the same period of last year.
8. Cash paid for the distribution of dividends, profits or interest payments
It increased by 155.8 million yuan in the current period, an increase of 133.32% YOY, which was mainly due
to the impact of the epidemic in the same period of last year, the bank agreed to postpone the interest payment
until the end of the year, and the interest payment in the current period increased year on year..
9. Other cash paid related to financing activities
It increased by 1,221.87 million yuan in the current period, an increase of 162,915.49% YOY, which was
mainly due to the "Agreement between Guangdong Provincial Expressway Development Co., Ltd and Guangdong
Provincial Expressway Co., Ltd on the payment of cash to purchase 21% of the shares of Guangdong Guanghui
Expressway Co., Ltd.", the Company paid the second phase of equity transfer amount to Guangdong Provincial
Freeway Co.,Ltd. in January.
II. The progress of significant events and influence, as well as the analysis and explanation on resolving
proposal.
□Applicable √ Not applicable
Progress in the implementation of share repurchase
□ Applicable √ Not applicable
Progress in the implementation of the reduction of the repurchased shares by means of centralized bidding
□ Applicable √ Not applicable
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
actual controller, shareholders, related parties, purchaser and companies.
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
IV. Financial asset investment
1. Investment in securities
√ Applicable □ Not applicable
In RMB
Purchas
Book value Sale
Mode of Changes in e Gain/los Book value Sourc
Stock balance at the Cumulative fair amount
Security Security Initial investment accounting fair value of amount s of the balance at the Accountin e of
Abbreviati beginning of value changes in in the
category code cost measurem the this in the reportin end of the g items the
on: the reporting equity this
ent period this g period reporting period shares
period period
period
Investment
Domestic China in other
Self
and foreign 601818 Everbright 517,560,876.80 FVM 938,667,226.56 0.00 442,279,294.72 0.00 0.00 0.00 959,840,171.52 equity
fund
stocks Bank instrument
s
Total 517,560,876.80 -- 938,667,226.56 0.00 442,279,294.72 0.00 0.00 0.00 959,840,171.52 -- --
Disclosure date for the notice of
July 22,2009
approval by the Board (If any)
Disclosure date for the notice of
approval by shareholders’ Meeting (If August 7,2009
any)
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
2.Investment in derivatives
□ Applicable √Not applicable
There is no derivative investment during the report period.
V. Progress of investment projects with raised funds
□ Applicable √Not applicable
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
VI. Prediction of the performances from January to June 2021
Estimation on 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 on reason
√ Applicable □ Not applicable
Estimated earnings: Year-on-Year increase
Data type filled in the performance forecast: Interval number
Same period of Same period
the previous of the
From the beginning of the year to the end Increase /Decrease(%) Increase /Decrease(%)
year previous year
of the next reporting period （After adjustment） （After adjustment）
（After （Before
adjustment） adjustment）
Net profit attributable to the
- Incre
shareholders of the listed 71,663.39 -- 105,387.33 2,461.43 Increase 2,811.45% 4,181.55% -583.03 12,391.63% -- 18,175.93%
- ase
company（RMB 10,000)
Basic earning per - Incre
0.34 -- 0.50 0.01 Increase 3,300.00% 4,900.00% -0.003 11,433.33% -- 16,766.67%
share(Yuan/Share) - ase
1. The business performance of the same period of the previous year (before adjustment) in the above table was the data disclosed in the 1st half of 2020 that was before
the major asset restructuring carried out by the company; the data of the same period of the previous year (after adjustment) was done after the retrospection and
restatement for the 1st half of 2020 financial data of the same period in the previous year, according to the relevant corporate merge rules under the common control.
Note on performance 2.In2020,The sudden new coronavirus epidemic (hereinafter referred to as the "epidemic"), the first-level response to nationwide emergency was launched, and the origin
forecasts al toll-free period during the holidays (January 24 to January 30)-legal Spring Festival was extended to February 8,According to the relevant regulations of the Ministry of
Transport, From 0:00 on February 17, 2020 to 24:00 On May 5,2020 the toll fees for vehicles on roads across the country previously toll charged shall be exempted. This
policy resulted in a decrease in the company's operating income for the 1st half of 2020. In the 1st half of 2021, the number of toll days the company participated in the
holding expressway increased YOY , and the company's operating income and investment income increased.
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
VII. Major contracts for daily operations
□ Applicable √ Not applicable
VIII. Entrusted Financial Management
□ Applicable √Not applicable
There is no Entrusted Financial Management during the report period.
IX. External guarantee get out of line
□ Applicable √Not applicable
The Company has no external guarantee get out of the line in the Period
X. 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
13
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
XI. The registration form of acceptance of investigation, communication and interview in the report period for future reference
√ Applicable □Not applicable
Types of
Place of Way of Main contents discussed and Index of Basic Information on the
Reception time visitors Visitors received
reception reception information provided Investigation and Survey
received
Zhejiang Securities Telephone Research
Association：Kuang Peiqin, Zhejiang
Securities;Feng Siqi Zhejiang
Securities；Liu Peiyi Huaxia Fund；Yao 1. The main content of
Shuang, China Merchants Fund; He research:1. the daily operation;
Jinyang, Invesco Great Wall Fund； Lin 2. the company's financial data
Meeting Shenglan, Danshui Investment；Hong analysis;3. development Investor Relations Activity Record
March 26,2021 Room of the By Phone Organization Mei, Xingshi Invesment；Guo Zhe, strategy; 4. analysis on the March 26,2021
Company Eastern self-employed；Lin industry. 2.Primary data （2021001）www.cninfo.com.cn
Xiaying,Huatai Securities；Yin Jiaqi, investigation: Public
Guotai Junan;Luo Yuejiang,Haitong information company regularly
Securities；Zhang Yibo, Changjiang reports
Securities；Feng Qibin, Changjiang
Securities；Li Chengpeng, Huaxi
Securities.
14
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
IV. Financial Statement
I. Financial statement
1. Consolidated balance sheet
Prepared by：Guangdong Provincial Expressway Development Co., Ltd.
March 31,2021
Items March 31,2021 December 31,2020
Current asset：
Monetary fund 3,123,156,071.04 2,847,398,003.89
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 216,803,564.01 168,907,517.56
Financing receivable
Prepayments 3,945,681.83 3,607,538.01
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 38,678,576.29 60,925,367.64
Including：Interest receivable
Dividend receivable 1,205,472.90 2,705,472.90
Other account receivable 37,473,103.39 58,219,894.74
Repurchasing of financial assets
Inventories 178,097.34 53,761.06
Contract assets 5,407,716.90 5,452,813.90
Assets held for sales
Non-current asset due within 1 year 51,745.32 51,745.32
Other current asset 205,436.51 27,051.69
Total of current assets 3,388,426,889.24 3,086,423,799.07
Non-current assets：
Loans and payment on other’s behalf
disbursed
15
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items March 31,2021 December 31,2020
Creditor's Investment
Other Creditor's Investment
Long-term receivable
Long term share equity investment 2,436,142,526.33 2,382,381,165.60
Other equity instruments investment 1,758,188,473.25 1,737,015,528.29
Other non-current financial assets
Property investment 3,055,102.27 3,110,381.89
Fixed assets 11,202,817,589.95 11,540,075,929.69
Including： Fixed assets 11,202,817,589.95 11,540,075,929.69
Liquidation of fixed assets
Construction in progress 409,556,230.30 340,611,095.47
Including：Construction in progress 409,556,230.30 340,611,095.47
Construction materials
Production physical assets
Oil & gas assets
Use right assets 21,212,197.66 Not applicable
Intangible assets 292,781,789.32 302,381,356.52
Development expenses
Goodwill
Long-germ expenses to be amortized 2,366,718.75 3,462,122.00
Deferred income tax asset 306,850,158.96 330,755,418.39
Other non-current asset 17,804,369.45 22,361,861.19
Total of non-current assets 16,450,775,156.24 16,662,154,859.04
Total of assets 19,839,202,045.48 19,748,578,658.11
Current liabilities
Short-term loans 200,192,500.00 200,192,500.00
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 302,316,914.90 369,773,342.71
Advance receipts 11,111,216.60 11,309,007.41
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Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items March 31,2021 December 31,2020
Contract liabilities 309,734.51 309,734.51
Selling of repurchased financial
assets
Deposit taking and interbank
deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 17,501,125.68 16,726,198.13
Tax payable 201,326,722.77 217,748,392.78
Other account payable 275,259,174.56 1,512,619,359.78
Including：Interest payable
Dividend payable 22,260,485.37 22,262,804.39
Other payable 252,998,689.19 1,490,356,555.39
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1
173,180,082.32 266,328,017.47
year
Other current liability 1,020,874.08 648,581.64
Total of current liability 1,182,218,345.42 2,595,655,134.43
Non-current liabilities：
Reserve fund for insurance
contracts
Long-term loan 6,002,013,800.00 4,977,438,800.00
Bond payable 1,426,720,543.48 1,426,488,336.65
Including：preferred stock
Sustainable debt
Lease liability 19,665,747.30 Not applicable
Long-term payable 3,461,832.74 40,406,172.37
Including：Long-term payable 3,461,832.74 40,406,172.37
Special accounts payable
Long-term remuneration payable to
staff
Expected liabilities
17
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items March 31,2021 December 31,2020
Deferred income 84,184,950.52 89,170,569.64
Deferred income tax liability 385,350,675.80 387,103,060.74
Other non-current liabilities
Total non-current liabilities 7,921,397,549.84 6,920,606,939.40
Total of liability 9,103,615,895.26 9,516,262,073.83
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 676,937,614.08 645,969,210.48
Less：Shares in stock
Other comprehensive income 318,829,104.33 302,895,877.65
Special reserve
Surplus reserves 1,167,785,965.63 1,167,785,965.63
Common risk provision
Retained profit 4,124,345,626.19 3,725,679,319.35
Total of owner’s equity belong to the
8,378,704,436.23 7,933,136,499.11
parent company
Minority shareholders’ equity 2,356,881,713.99 2,299,180,085.17
Total of owners’ equity 10,735,586,150.22 10,232,316,584.28
Total of liabilities and owners’ equity 19,839,202,045.48 19,748,578,658.11
Legal Representative: Zheng Renfa
General Manager: Wang Chunhua
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Zhou Fang
18
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
2.Parent Company Balance Sheet
In RMB
Items March 31,2021 December 31,2020
Current asset：
Monetary fund 2,092,076,619.45 1,781,764,519.09
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 32,988,950.93 27,004,827.41
Financing receivable
Prepayments 1,404,802.00 2,181,215.03
Other account receivable 30,589,927.62 54,148,114.53
Including：Interest receivable
Dividend receivable 1,205,472.90 2,705,472.90
Other account receivable 29,384,454.72 51,442,641.63
Inventories
Contract assets
Assets held for sales
Non-current asset due within 1 year 261,477,446.44 256,279,340.60
Other current asset 205,436.51 27,051.69
Total of current assets 2,418,743,182.95 2,121,405,068.35
Non-current assets：
Creditor's right investment 277,903,684.98 287,903,684.98
Other Creditor's right investment
Long-term receivable
Long term share equity investment 5,607,667,220.99 5,529,362,536.53
Other equity instruments investment 1,758,188,473.25 1,737,015,528.29
Other non-current financial assets
Property investment 2,802,964.02 2,858,243.64
Fixed assets 6,071,703,906.46 6,245,462,940.39
Including：Fixed assets 6,071,703,906.46 6,245,462,940.39
Liquidation of fixed assets
Construction in progress 46,283,986.18 43,086,545.58
Including：Construction in progress 46,283,986.18 43,086,545.58
19
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items March 31,2021 December 31,2020
Construction materias
Production physical assets
Oil & gas assets
Use right assets 19,768,377.85
Intangible assets 147,247,855.39 150,582,241.22
Development expenses
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 298,851,931.62 322,365,911.10
Other non-current asset 8,038,963.07 7,089,990.48
Total of non-current assets 14,238,457,363.81 14,325,727,622.21
Total of assets 16,657,200,546.76 16,447,132,690.56
Current liabilities
Short-term loans 200,192,500.00 200,192,500.00
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 108,272,985.52 105,919,984.52
Advance receipts
Contract Liabilities
Employees’ wage payable 6,172,906.20 6,472,802.81
Tax payable 5,501,677.05 9,165,801.86
Other account payable 179,679,339.02 1,431,814,861.38
Including：Interest payable
Dividend payable 22,260,485.37 22,262,804.39
Other account payable 157,418,853.65 1,409,552,056.99
Liabilities held for sales
Non-current liability due within 1
104,734,806.45 190,331,701.48
year
Other current liability 753,235,424.75 539,618,124.00
Total of current liability 1,357,789,638.99 2,483,515,776.05
Non-current liabilities：
Long-term loan 5,448,063,800.00 4,389,653,800.00
20
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items March 31,2021 December 31,2020
Bond payable 1,426,720,543.48 1,426,488,336.65
Including：preferred stock
Sustainable debt
Lease liability 19,182,760.52 Not applicable
Long-term payable 3,461,832.74 40,406,172.37
Including：Long-term payable 3,461,832.74 40,406,172.37
Special accounts payable
Long-term remuneration payable to
staff
Expected liabilities
Deferred income 12,582,715.25 13,403,327.12
Deferred income tax liability 110,930,999.36 105,636,866.50
Other non-current liabilities
Total non-current liabilities 7,020,942,651.35 5,975,588,502.64
Total of liability 8,378,732,290.34 8,459,104,278.69
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 938,969,546.79 938,969,546.79
Less：Shares in stock
Other comprehensive income 318,829,104.33 302,895,877.65
Special reserve
Surplus reserves 987,813,698.07 987,813,698.07
Retained profit 3,942,049,781.23 3,667,543,163.36
Total of owners’ equity 8,278,468,256.42 7,988,028,411.87
Total of liabilities and owners’ equity 16,657,200,546.76 16,447,132,690.56
Legal Representative: Zheng Renfa
General Manager: Wang Chunhua
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Zhou Fang
21
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
3.Consolidated Income statement
In RMB
Items Amount in this period Amount in last period
I. Income from the key business 1,257,975,487.27 354,680,507.03
Incl：Business income 1,257,975,487.27 354,680,507.03
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 570,136,785.32 429,194,827.40
Incl：Business cost 453,933,058.22 326,587,735.13
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net amount of withdrawal of insurance
contract reserve
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 5,050,365.54 2,021,737.28
Sales expense
Administrative expense 46,769,450.53 39,030,434.80
R & D costs
Financial expenses 64,383,911.03 61,554,920.19
Including：Interest expense 75,370,473.37 68,721,795.87
Interest income 11,272,327.50 7,988,119.51
Add: Other income 6,205,194.91 1,678,147.16
Investment gain（“-”for loss） 54,141,702.19 1,368,048.23
Incl: investment gains from affiliates 54,141,702.19 -888,526.62
Financial assets measured at
amortized cost cease to be recognized
as income
Gains from currency exchange
Net exposure hedging income
Changing income of fair value
22
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items Amount in this period Amount in last period
Credit impairment loss
Impairment loss of assets
Assets disposal income 4.37
III. Operational profit（“-”for loss） 748,185,599.05 -71,468,120.61
Add ：Non-operational income 1,052,152.87 3,047,414.52
Less: Non-operating expense 210,590.33 169,083.98
IV. Total profit(“-”for loss) 749,027,161.59 -68,589,790.07
Less：Income tax expenses 174,979,322.91 -14,205,040.44
V. Net profit 574,047,838.68 -54,384,749.63
(I) Classification by business
continuity
1.Net continuing operating profit 574,047,838.68 -54,384,749.63
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners
399,100,166.26 -65,790,927.23
of parent company
2.Minority shareholders’ equity 174,947,672.42 11,406,177.60
VI. Net after-tax of other
15,933,226.68 -136,431,142.69
comprehensive income
Net of profit of other comprehensive in
15,933,226.68 -136,431,142.69
come attributable to owners of the pare
nt company.
（I）Other comprehensive income
items that will not be reclassified into
15,879,708.72 -141,152,966.40
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 t
he equity method investee can not be re
classified into profit or loss.
3. Changes in the fair value of
15,879,708.72 -141,152,966.40
investments in other equity instruments
4. Changes in the fair value of the
company’s credit risks
23
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items Amount in this period Amount in last period
5.Other
（II）
Other comprehensive income that will 53,517.96 4,721,823.71
be reclassified into profit or loss.
1.Other comprehensive income under t
53,517.96 4,721,823.71
he equity method investee can be reclas
sified into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3. Other comprehensive income arising
from the reclassification of financial
assets
4.Allowance for credit impairments in
investments in other debt obligations
5. Reserve for cash flow hedges
6.Translation differences in currency fi
nancial statements
7.Other
Net of profit of other comprehensive in
come attributable to Minority
shareholders’ equity
VII. Total comprehensive income 589,981,065.36 -190,815,892.32
Total comprehensive income
attributable to the owner of the parent 415,033,392.94 -202,222,069.92
company
Total comprehensive income
174,947,672.42 11,406,177.60
attributable minority shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.19 -0.03
(II)Diluted earnings per share 0.19 -0.03
The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal Representative: Zheng Renfa
General Manager: Wang Chunhua
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Zhou Fang
24
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
4. Income statement of the Parent Company
In RMB
Items Amount in this period Amount in last period
I. Income from the key business 363,024,875.64 96,834,013.49
Incl：Business cost 195,651,672.79 138,349,439.05
Business tax and surcharge 1,905,294.74 982,137.56
Sales expense
Administrative expense 22,946,844.98 19,008,010.33
R & D expense
Financial expenses 62,233,471.58 57,156,264.13
Including：Interest expenses 72,356,582.17 64,517,846.96
Interest income 10,369,222.62 7,384,203.28
Add：Other income 1,295,831.52 251,296.73
Investment gain（“-”for loss） 216,505,664.30 18,442,347.73
Including: investment gains from
53,685,025.92 5,259,044.40
affiliates
Financial assets measured at
amortized cost cease to be recognized
as income
Net exposure hedging income
Changing income of fair value
Credit impairment loss
Impairment loss of assets
Assets disposal income 4.37
II. Operational profit（“-”for loss） 298,089,087.37 -99,968,188.75
Add ：Non-operational income 366,266.02 67,487.91
Less：Non -operational expenses 101,882.97
III. Total profit(“-”for loss) 298,455,353.39 -100,002,583.81
Less：Income tax expenses 23,514,876.10 -26,425,570.81
IV. Net profit 274,940,477.29 -73,577,013.00
1.Net continuing operating profit 274,940,477.29 -73,577,013.00
2.Termination of operating net profit
V. Net after-tax of other
15,933,226.68 -136,431,142.69
comprehensive income
（I）Other comprehensive income 15,879,708.72 -141,152,966.40
25
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items Amount in this period Amount in last period
items that will not be reclassified into
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit
plans of changes in net debt or net ass
ets
2.Other comprehensive income under
the equity method investee can not b
e reclassified into profit or loss.
3. Changes in the fair value of
investments in other equity 15,879,708.72 -141,152,966.40
instruments
4. Changes in the fair value of the
company’s credit risks
5.Other
(II)Other comprehensive income that 53,517.96 4,721,823.71
will be reclassified into profit or loss
1.Other comprehensive income under
53,517.96 4,721,823.71
the equity method investee can be re
classified into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3. Other comprehensive income
arising from the reclassification of
financial assets
4.Allowance for credit impairments
in investments in other debt
obligations
5. Reserve for cash flow hedges
6.Translation differences in currency
financial statements
7.Other
VI. Total comprehensive income 290,873,703.97 -210,008,155.69
VII. Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
26
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Legal Representative: Zheng Renfa
General Manager: Wang Chunhua
Person in charge of accounting：Lu Ming
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
1,231,428,067.53 403,334,741.11
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
Cash received from interest,
commission charge and commission
Net increase of inter-bank fund
received
Net increase of repurchasing business
Net cash received by agent in
securities trading
Tax returned
Other cash received from business
45,538,110.74 88,510,929.16
operation
Sub-total of cash inflow 1,276,966,178.27 491,845,670.27
27
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items Amount in this period Amount in last period
Cash paid for purchasing of
90,798,153.15 71,858,890.83
merchandise and services
Net increase of client trade and
advance
Net increase of savings in central
bank and brother company
Cash paid for original contract
claim
Net increase for Outgoing call loan
Cash paid for interest, processing
fee and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 102,471,251.72 87,989,063.42
Taxes paid 214,739,144.18 158,804,182.91
Other cash paid for business activities 19,937,088.88 9,306,858.74
Sub-total of cash outflow from
427,945,637.93 327,958,995.90
business activities
Net cash generated from /used in
849,020,540.34 163,886,674.37
operating activities
II. Cash flow generated by investing
Cash received from investment
22,500,000.00 2,500,000.00
retrieving
Cash received as investment gains 1,500,000.00 6,702,526.90
Net cash retrieved from disposal of
fixed assets, intangible assets, and 7,300.00 6,300.00
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
24,007,300.00 9,208,826.90
investment activities
Cash paid for construction of fixed
assets, intangible assets and 107,120,724.56 173,285,117.84
other long-term assets
Cash paid as investment 2,500,000.00
Net increase of loan against pledge
28
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items Amount in this period Amount in last period
Net cash received from subsidiaries
and other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
107,120,724.56 175,785,117.84
investment activities
Net cash flow generated by
-83,113,424.56 -166,576,290.94
investment
III.Cash flow generated by financing
Cash received as investment
Including: Cash received as
investment from minor shareholders
Cash received as loans 1,166,930,000.00 1,060,000,000.00
Other financing –related cash
60,722,360.00 13,180,600.00
received
Sub-total of cash inflow from
1,227,652,360.00 1,073,180,600.00
financing activities
Cash to repay debts 222,535,000.00 625,100,000.00
Cash paid as dividend, profit, or
272,650,246.88 116,855,056.95
interests
Including: Dividend and profit paid
147,000,000.00 40,369,392.46
by subsidiaries to minor shareholders
Other cash paid for financing
1,222,616,161.75 750,000.00
activities
Sub-total of cash outflow due to
1,717,801,408.63 742,705,056.95
financing activities
Net cash flow generated by financing -490,149,048.63 330,475,543.05
IV. Influence of exchange rate
alternation on cash and cash
equivalents
V.Net increase of cash and cash
275,758,067.15 327,785,926.48
equivalents
Add: balance of cash and cash
2,846,176,803.89 3,052,977,164.15
equivalents at the beginning of term
VI ..Balance of cash and cash
3,121,934,871.04 3,380,763,090.63
equivalents at the end of term
29
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Legal Representative: Zheng Renfa
General Manager: Wang Chunhua
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Zhou Fang
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
366,616,254.19 113,507,357.25
rending of services
Tax returned
Other cash received from business
252,174,679.47 86,723,417.53
operation
Sub-total of cash inflow 618,790,933.66 200,230,774.78
Cash paid for purchasing of
3,368,975.06 3,452,081.46
merchandise and services
Cash paid to staffs or paid for staffs 32,576,497.85 26,023,676.00
Taxes paid 15,318,003.35 9,893,866.80
Other cash paid for business activities 34,425,290.28 30,499,503.45
Sub-total of cash outflow from
85,688,766.54 69,869,127.71
business activities
Net cash generated from /used in
533,102,167.12 130,361,647.07
operating activities
II. Cash flow generated by investing
Cash received from investment
37,500,000.00
retrieving
Cash received as investment gains 154,711,770.84 31,318,703.34
Net cash retrieved from disposal of
fixed assets, intangible assets, and 6,300.00
other long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash
received
30
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items Amount in this period Amount in last period
Sub-total of cash inflow due to
192,211,770.84 31,325,003.34
investment activities
Cash paid for construction of fixed
assets, intangible assets and 34,226,195.85 104,578,459.51
other long-term assets
Cash paid as investment 1,246,839,292.00
Net cash received from subsidiaries
and other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
1,281,065,487.85 104,578,459.51
investment activities
Net cash flow generated by
-1,088,853,717.01 -73,253,456.17
investment
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 1,166,930,000.00 1,000,000,000.00
Other financing –related ash received
Sub-total of cash inflow from
1,166,930,000.00 1,000,000,000.00
financing activities
Cash to repay debts 181,200,000.00 625,100,000.00
Cash paid as dividend, profit, or
118,889,480.00 59,022,402.54
interests
Other cash paid for financing
776,869.75 750,000.00
activities
Sub-total of cash outflow due to
300,866,349.75 684,872,402.54
financing activities
Net cash flow generated by financing 866,063,650.25 315,127,597.46
IV. Influence of exchange rate
alternation on cash and cash
equivalents
V.Net increase of cash and cash
310,312,100.36 372,235,788.36
equivalents
Add: balance of cash and cash
1,780,543,319.09 2,790,163,301.78
equivalents at the beginning of term
VI ..Balance of cash and cash
2,090,855,419.45 3,162,399,090.14
equivalents at the end of term
31
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Legal Representative: Zheng Renfa
General Manager: Wang Chunhua
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Zhou Fang
II Adjustments to the Financial Statements
1. Adjustment of the relevant items of the financial statements at the current year beginning according to the new
standards for financial instruments, the new standards for revenues and the new standards for lease implemented
commencing from year 2021
√ Applicable □Not applicable
Whether to adjust the balance sheet account at the beginning of the year
√ Yes □No
Consolidated balance sheet
In RMB
Items December 31,2020 January 1,2021 Adjustments
Current asset：
Monetary fund 2,847,398,003.89 2,847,398,003.89
Account receivable 168,907,517.56 168,907,517.56
Prepayments 3,607,538.01 2,831,124.98 -776,413.03
Other account receivable 60,925,367.64 60,925,367.64
Dividend receivable 2,705,472.90 2,705,472.90
Other account receivable 58,219,894.74 58,219,894.74
Inventories 53,761.06 53,761.06
Contract assets 5,452,813.90 5,452,813.90
Non-current asset due
51,745.32 51,745.32
within 1 year
Other current assets 27,051.69 27,051.69
Total of current assets 3,086,423,799.07 3,085,647,386.04 -776,413.03
Non-current assets：
Long-term equity
2,382,381,165.60 2,381,947,306.18 -433,859.42
investment
Other equity instruments 1,737,015,528.29 1,737,015,528.29
32
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items December 31,2020 January 1,2021 Adjustments
investment
Property investment 3,110,381.89 3,110,381.89
Fixed assets 11,540,075,929.69 11,540,075,929.69
Construction in progress 340,611,095.47 340,611,095.47
Use right assets Not applicable 23,154,055.78 23,154,055.78
Intangible assets 302,381,356.52 302,381,356.52
Long-term expenses to be
3,462,122.00 2,454,375.00 -1,007,747.00
amortized
Deferred tax assets 330,755,418.39 330,755,418.39
Other non-current asset 22,361,861.19 22,361,861.19
Total of non-current assets 16,662,154,859.04 16,683,867,308.40 21,712,449.36
Total of assets 19,748,578,658.11 19,769,514,694.44 20,936,036.33
Current liabilities
Short-term loans 200,192,500.00 200,192,500.00
Account payable 369,773,342.71 369,773,342.71
Advance payment 11,309,007.41 11,309,007.41
Contract liabilities 309,734.51 309,734.51
Employees’ wage payable 16,726,198.13 16,726,198.13
Tax payable 217,748,392.78 217,748,392.78
Other account payable 1,512,619,359.78 1,512,619,359.78
Dividend payable 22,262,804.39 22,262,804.39
Other account payable 1,490,356,555.39 1,490,356,555.39
Non-current liability due
266,328,017.47 266,328,017.47
within 1 year
Other current liability 648,581.64 648,581.64
Total of current liability 2,595,655,134.43 2,595,655,134.43
Non-current liabilities：
Long-term loan 4,977,438,800.00 4,977,438,800.00
Bond payable 1,426,488,336.65 1,426,488,336.65
Lease liability Not applicable 21,369,895.75 21,369,895.75
Long-term payable 40,406,172.37 40,406,172.37
Deferred income 89,170,569.64 89,170,569.64
Deferred income tax
387,103,060.74 387,103,060.74
liabilities
33
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items December 31,2020 January 1,2021 Adjustments
Total of current liability 6,920,606,939.40 6,941,976,835.15 21,369,895.75
Total of liabilities 9,516,262,073.83 9,537,631,969.58 21,369,895.75
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Capital reserves 645,969,210.48 645,969,210.48
Other comprehensive
302,895,877.65 302,895,877.65
income
Surplus reserves 1,167,785,965.63 1,167,785,965.63
Retained profit 3,725,679,319.35 3,725,245,459.93 -433,859.42
Total of owner’s equity
belong to the parent 7,933,136,499.11 7,932,702,639.69 -433,859.42
company
Minority shareholders’
2,299,180,085.17 2,299,180,085.17
equity
Total of owners’ equity 10,232,316,584.28 10,231,882,724.86 -433,859.42
Total of liabilities and
19,748,578,658.11 19,769,514,694.44 20,936,036.33
owners’ equity
Adjustment statement
On December 7, 2018, the Ministry of Finance issued the notice on revising and printing the accounting standards
for Business Enterprises No. 21 - leasing (CK [2018] No. 35). Through the resolution of the 16th meeting of the
9th board of directors of the company on March 26, 2021, the company began to implement the above-mentioned
new lease criteria from January 1, 2021. In this accounting policy change, the company adjusts the amount of
retained earnings at the beginning of the period and other relevant items in the financial statements according to
the cumulative impact of the first implementation of the standard.
Parent Company Balance Sheet
In RMB
Items December 31,2020 January 1,2021 Adjustments
Current asset：
Monetary fund 1,781,764,519.09 1,781,764,519.09
Account payable 27,004,827.41 27,004,827.41
Prepayments 2,181,215.03 1,404,802.00 -776,413.03
Other account receivable 54,148,114.53 54,148,114.53
Dividend receivable 2,705,472.90 2,705,472.90
Other account receivable 58,219,894.74 58,219,894.74
Non-current asset due 256,279,340.60 256,279,340.60
34
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items December 31,2020 January 1,2021 Adjustments
within 1 year
Other current assets 27,051.69 27,051.69
Total of current assets 2,121,405,068.35 2,120,628,655.32 -776,413.03
Non-current assets：
Creditor's rights
287,903,684.98 287,903,684.98
investment
Long term share equity
5,529,362,536.53 5,528,928,677.11 -433,859.42
investment
Other equity instruments
1,737,015,528.29 1,737,015,528.29
investment
Property investment 2,858,243.64 2,858,243.64
Fixed assets 6,245,462,940.39 6,245,462,940.39
Construction in progress 43,086,545.58 43,086,545.58
Use right assets Not applicable 21,927,040.99 21,927,040.99
Intangible assets 150,582,241.22 150,582,241.22
Deferred tax assets 322,365,911.10 322,365,911.10
Other non-current asset 7,089,990.48 7,089,990.48
Total of non-current assets 14,325,727,622.21 14,347,220,803.78 21,493,181.57
Total of assets 16,447,132,690.56 16,467,849,459.10 20,716,768.54
Current liabilities
Short-term loans 200,192,500.00 200,192,500.00
Account payable 105,919,984.52 105,919,984.52
Employees’ wage payable 6,472,802.81 6,472,802.81
Tax payable 9,165,801.86 9,165,801.86
Other account payable 1,431,814,861.38 1,431,814,861.38
Dividend payable 22,262,804.39 22,262,804.39
Other account payable 1,409,552,056.99 1,409,552,056.99
Non-current liability due
190,331,701.48 190,331,701.48
within 1 year
Other current liability 539,618,124.00 539,618,124.00
Total of current liability 2,483,515,776.05 2,483,515,776.05
Non-current liabilities：
Long-term loan 4,389,653,800.00 4,389,653,800.00
Bond payable 1,426,488,336.65 1,426,488,336.65
35
Guangdong Provincial Expressway Development Co., Ltd. The First Quarter Report 2021
Items December 31,2020 January 1,2021 Adjustments
Long-term payable 40,406,172.37 40,406,172.37
Lease liabilities Not applicable 21,150,627.96 21,150,627.96
Deferred income t 13,403,327.12 13,403,327.12
Deferred income tax
105,636,866.50 105,636,866.50
liability
Total of Non-current
5,975,588,502.64 5,996,739,130.60 21,150,627.96
liabilities
Total of liability 8,459,104,278.69 8,480,254,906.65 21,150,627.96
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Capital reserves 938,969,546.79 938,969,546.79
Other comprehensive
302,895,877.65 302,895,877.65
income
Surplus reserves 987,813,698.07 987,813,698.07
Retained profit 3,667,543,163.36 3,667,109,303.94 -433,859.42
Total of owners’ equity 7,988,028,411.87 7,987,594,552.45 -433,859.42
Total of liabilities and
16,447,132,690.56 16,467,849,459.10 20,716,768.54
owners’ equity
Adjustment statement
On December 7, 2018, the Ministry of Finance issued the notice on revising and printing the accounting standards
for Business Enterprises No. 21 - leasing (CK [2018] No. 35). Through the resolution of the 16th meeting of the
9th board of directors of the company on March 26, 2021, the company began to implement the above-mentioned
new lease criteria from January 1, 2021. In this accounting policy change, the company adjusts the amount of
retained earnings at the beginning of the period and other relevant items in the financial statements according to
the cumulative impact of the first implementation of the standard.
2. Note to the retroactive adjustment of the previous comparative data according to the new standards for
financial instruments and the new standards for lease implemented commencing from year 2021
□ Applicable √ Not applicable
III. Auditors’Report
Is the First Quarterly Report be audited?
□ Yes √No
The First Quarterly report is not audited.
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