Guangdong Provincial Expressway Development Co.，Ltd.
The Third Quarterly Report 2014
October 2014
1
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.Zhu Zhanliang, Compant principal , Mr. Xiao Laijiu, General manager, Mr. Yun Wujun,,Chief of the
accounting work,Ms.Liu Xiaomei, Chief of the accounting organ (chief of accounting ) hereby confirm the
authenticity and completeness of the financial report enclosed in this report.
2
II. Main financial data and changes of shareholders
（1）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
End of the report period End of last year Year-on –year change
Gross assets（RMB） 12,095,478,409.17 12,694,475,514.01 -4.72%
Net assets attributable to the
shareholders of the listed company 4,502,042,194.11 4,237,999,072.46 6.23%
（RMB）
Between beginning of
Year-on year Change from the same
This report period the year to the end of
change9%) period last year
the report period
Operating income（RMB） 379,295,699.87 7.42% 1,068,012,591.73 8.64%
Net profit attributable to the
shareholders of the listed company 122,815,513.69 212.40% 301,008,457.71 210.56%
（RMB）
Net profit after deducting of
non-recurring gain/loss
121,167,322.13 208.00% 297,644,013.07 308.93%
attributable to the shareholders of
listed company（RMB）
Cash flow generated by business
-- -- 779,283,830.65 38.93%
operation, net（RMB）
Basic earning per
0.10 233.33% 0.24 200.00%
share(RMB/Share)
Diluted gains per
0.10 233.33% 0.24 200.00%
share(RMB/Share)(RMB/Share)
Weighted average income/asset
2.74% 1.81% 6.89% 4.62%
ratio（%）
Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Amount from beginning of
Items the year to the end of the Notes
report period
Non-current asset disposal gain/loss(including the
-763,305.71
write-off part for which assets impairment provision is
3
made)
Net amount of non-operating income and expense except the
5,210,236.83
aforesaid items
Less：Amount of influence of income tax 1,082,486.48
Total 3,364,444.64 --
For the Companys 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.
4
(II) Total number of shareholders and shareholding of top 10 shareholders by the end of the report
period
(1) Total number of common shareholders and shareholding of top 10 common shareholders by the end of the
report period
In Shares
Total number of shareholders at the
84,900
end of report period
Particular about shares held by top ten shareholders
Amount of Pledging or freezing
Properties of Share tradable shares
Shareholder name Quantity Status of the
shareholder proportion % with Conditional Quantity
shares
held
Guangdong
State-owned legal
Communication 40.83% 513,328,290 409,948,548 Freezing 103,379,742
person
Group Co., Ltd.
Guangdong
State-owned legal
Expressway Co., 1.56% 19,582,228 19,582,228
person
Ltd
Domestic non
Haerbin Hali
State-owned 1.32% 16,567,054
Industry Co., Ltd.
Legal person
Overseas legal
Xinyue Co., Ltd. 1.05% 13,201,086
person
Guangdong
Yuecai Trust State-owned legal
0.97% 12,174,345
Investment Co., person
Ltd.
Domestic Natural
Li Zhuo 0.77% 9,678,994
person
Shanxi Huiteng
Domestic non
International
State-owned 0.28% 3,582,289
Freight Forwarding
Legal person
Co., Ltd.
China Everbright
Bank Co., Ltd. - Domestic non
China Everbright State-owned 0.28% 3,564,313
Core Securities Legal person
Investment Fund
Liu Feng Domestic Natural 0.26% 3,303,452
5
person
Domestic Natural
Hu Maohua 0.25% 3,133,868
person
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted shares held at the end of the Share type
Name of the shareholder
reporting period Share type Quantity
Guangdong Communication Group RMB Common
103,379,742 103,379,742
Co., Ltd. shares
RMB Common
Haerbin Hali Industry Co., Ltd. 16,567,054 16,567,054
shares
Foreign shares
placed in
Xinyue Co., Ltd. 13,201,086 13,201,086
domestic
exchange
Guangdong Yuecai Trust RMB Common
12,174,345 12,174,345
Investment Co., Ltd. shares
RMB Common
Li Zhuo 9,678,994 9,678,994
shares
Shanxi Huiteng International Freight RMB Common
3,582,289 3,582,289
Forwarding Co., Ltd. shares
China Everbright Bank Co., Ltd. -
RMB Common
China Everbright Core Securities 3,564,313 3,564,313
shares
Investment Fund
RMB Common
Liu Feng 3,303,452 3,303,452
shares
Foreign shares
placed in
Hu Maohua 3,133,868 3,133,868
domestic
exchange
Foreign shares
placed in
Lu Weiqiang 2,900,992 2,900,992
domestic
exchange
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong
Explanation on associated Expressway Co., Ltd. and Xinyue Co., Ltd.. It is unknown whether there is relationship
relationship between other shareholders and whether they are persons taking concerted action specified
among the aforesaid shareholders in the Regulations on Disclosure of Information about Change in Shareholding of
Shareholders of Listed Companies.
6
Harbin Hali Industry Co., Ltd. holds7,586,714 A shares of the Company through stock
account with credit transaction and guarantee and holds 8,980,340 A shares through ordinary
Participation of top 10 unconditional
stock account. hold16,567,054 shares of the Company's stock totally；Li Zhuo holds
9,635,414 A shares of the Company through stock account with credit transaction and
common share shareholders in guarantee and holds43,580 A shares through ordinary stock account, hold 9,678,994 shares
of the Company's stock totally；Liu Feng holds3,294,452 A shares of the Company through
stock account with credit transaction and guarantee and holds9,000A shares through
securities margin trading (if any)
ordinary stock account. hold3,303,452 shares of the Company's stock totally.
Agreed re-purchasing by the Companys top 10 shareholders of common shares and top 10 shareholders of
unconditional common shares in the report period
□ Yes √ No
No agreed re-purchasing is performed by the Companys shareholders in the report period.
(2) Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the
report period
□ Applicable√ Not applicable
7
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 decreased by RMB 394 million and 40.31% over the beginning of the year mainly due to net
cash inflow of RMB 779 million from operating activities, net cash outflow of RMB 49 million from investing
activities and net cash outflow of RMB 1.123 billion from financing activities.
2.Accounts payable increased by RMB 19.60 million and 70.26% over the beginning of the year , mainly due to
increase of toll income receivable from United Electronic Toll Center by Guangdong Fokai Expressway Co., Ltd.
3. Financial assets available for sale Increased by RMB 774 million and 114.53% over the beginning of the year ,
The main reasons for the increase were: (1) in accordance with requirements of the new accounting standards for
enterprise in 2014, our company turned the 9% shares of Guangdong Guangle Expressway Co., Ltd. held by us
from the accounting subject of "long-term equity investment" into the accounting subject of "salable financial
assets" to calculate, increasing an amount of RMB 730 million. (2) increasing an investment of RMB 20.2067
million to the Guangdong Guangle Expressway Co., Ltd.; (3) by the end of this term, the stock fair value of China
Everbright Bank Co., LTD. we held has increased RMB 26 million .
4.Deferred income tax assets decreased by RMB 45.13 million and 97.11% over the beginning of the year,
Due to the reversal of deferred tax assets of Guangdong Fokai Expressway Co., Ltd. in current period.
5.The short-term borrowings balance was 200 million , the beginning balance is zero, which are the new short-ter
m borrowings of Fokai Expressway Co., Ltd. and Guangfo Expressway Co., Ltd. in the current period.
6.Account payables decreased by RMB 168 million and 52.82% over the beginning of the year,
The decrease due to the extension project of Xiebian-Sanbao Section of Fokai Expressway project has finished the
checking and acceptance and has already been open to traffic. The project payment has been paid faster and the p
ayable for projects currently decreased.
7. Interest payables increased by RMB 38.79 million and 108.09% over the beginning of the year, mainly because
the parent company made provision of RMB 50.92 million for the interest of unmatured medium term notes for
the first three quarters and repaid interest of RMB 6.4 million for the corporate bonds and insurance funds for
which it made provision at the beginning of year.
8. Dividend payables decreased by RMB 26.68 million and 70.48% over the beginning of the year,
Mainly due to Guangdong Fokai Expressway Co., Ltd. paid the dividends to minority shareholders.
9. Non-current liabilities to become due within one year decreased by RMB 450 million and 52.11% over the
beginning of the year due to the parent company repaid long-term loan due within one year of RMB 800 million;
Guangdong Fokai Expressway Co., Ltd. increased RMB352 million long-term loans that due within one year thu
s reclassified to this statement.
(II) Items of profit statement as compared with the same period of the previous year
1.Operating income increased by RMB 84.92million and 8.64% year on year, The main reason is that Guangfo
Expressway Co., Ltd and Fokai Expressway Co., Ltd have increased their incomes of toll due to the natural
increase of traffic volume.
2.Operating cost decreased by RMB 94.15 million and 14.5% year on year ,
The decrease caused by the following reasons:(1)Xiebian-Sanbao Section of Fokai Expressway project had chang
8
es in accounting estimates led to the depreciation expense reduced;(2)Guangfo Expressway Co., Ltd. and Guangd
ong Fokai Expressway Co., Ltd. increased depreciation expense caused by traffic growth.
3.Business tax and surcharge increased by RMB2.84million and 7.85% year on year,
mainly due the tax increased caused by the increase of operation income.
4.Administrative expense decreased by RMB 10.37 million and 8.64% year on year,
The decrease due to operation cost decreased affected by company operation management improvement.
5.Asset impairment loss decreased by RMB6.65 million year on year,
Due to Guangdong Expressway Technology Investment Co., Ltd. received entrusted loans RMB6 million from
Beijing Gelinenze Organic Fertilizer Co., Ltd. ; (2) company received debts of RMB 0.65 million from Kunlun Se
curities Co., Ltd..
6.Investment income increased by RMB 65.78million and 24.67% year on year, The main reason:
(1) Investment income of China Everbright Bank increased by 26 million RMB.(2) Also duo to the natural
increase of traffic volume of Guangdong Guanghui Expressway, and the open to traffic of Boshen Expressway
which increased the total traffic volume, the income of Guanghui Expressway Co., Ltd has been increased
prominently, while the investment income was increased by RMB 37 million.
7.Non-operating income increased by RMB 6.38million and 249.99% year on year, The main reasons were that
Guangdong Fokai Expressway Co., Ltd. Jiujiang Bridge Branch received fund for land acquisition and demolition
building and that there is an increasing both on received insurance indemnity and claim income of expressway
property by Guangfo Expressway Co., Ltd.
8.Non-operating expenses increased by RMB1.69 million and 123.66% year on year, The main reason was the
loss due to the increased repair expenses on expressway property by Guangfo Expressway Co., Ltd.
9.Income tax expenses increased by RMB 41.29million and 224.17% year on year, The reason is that the total
profit increase leads to the increase of income tax expense.
10. The net profit for the owners of the parent company increased by RMB 204 million and 210.56% year on year
due to the combined influence of the above factors.
(III) Notes of main items of cash flow statement
1.Taxes and levies paid
This item mainly calculates the income tax, business tax and surcharge actually paid in current period. Taxes
and levies paid decreased by RMB 24.41 million and 31.97% year on year mainly because the income tax paid
retroactively by Guangdong Fokai Expressway Co., Ltd. after final settlement in 2013 decreased year on year.
2.Other cash payment related to operating activities decreased by RMB 63.50 million and 62.30% year on year
mainly due to the year-on-year increase of project performance bond and bid bond repaid in current period caused
by the completion and start of use of the expansion project of Xiebian-Sanbao Section of Fokai Expressway at the
end of the previous year. This item mainly calculates cash outflows of current accounts, the expenses of engaging
intermediaries, office expenditure, rental charges and listing fee.
3. Other cash receivable related to operating activities increased by RMB 6.20 million year on year, The main
reason was that Guangdong Expressway Technology Investment Co., Ltd. withdrew back RMB 6 million
entrust loans from Beijing Gelinenze Organic Fertilizer Co., Ltd.
4.Cash paid for purchase or construction of fixed assets, intangible assets and other long-term assets
The amount of this item decreased by RMB 196 million and 52.68% year on year, It is mainly affected by
following factors: (1) project funds paid for Fokai Expressways expansion and overhaul reduced by RMB 165
9
million year on year; (2) management expense paid for Fokai Expressways expansion reduced by RMB 18
million year on year; (3) project funds for final follow-up paid by Guangfo Expressway Co., Ltd. for Yayao to
Xiebian sections expansion reduced by RMB 8.6 million compared with the same period of last year.
5. Cash paid for investment
The amount of this item increased by RMB 39.87 million and 255.50% year on year, The main reason was : (1)
parent company increased investment of RMB 20.21 million to Guangdong Guangle Expressway Co., Ltd.; (2)
parent company increased investment on reverse repurchase of national debt led to cash outflow.
6. Cash received from absorption of investment decreased by RMB23.46million year on year ,
There is no transaction this term. Since the extension project of Xiebian-Sanbao Section of Fokai Expressway has
been accomplished the project checking and acceptance, and has already been open to traffic, as well as the
accomplishment of major maintenance of Guangdong Fokai Expressway Co., Ltd has not received any investment
funds from other shareholders within this period.
7. The cash received from obtaining loans decreased by RMB 1.601 billion and 88.41% year on year,
Mainly due to the company's current borrowing reduced.
8.Cash paid for debt repayment decreased by RMB 622 million and 39.46% year on year, The cash paid in current
period for repayment of debt was RMB 164 million.
Guangdong Fokai Expressway Co., Ltd. repaid all the bank loans. The cash repaid for debt this period was RMB
966 million, mainly including RMB 800 million paid for corporate bonds, and RMB 166 million repaid for bank
loans by Guangdong Fokai Expressway Co., Ltd.
II. The progress of significant events and influence, as well as the analysis and explanation on
resolving proposal.
√Applicable □Not applicable
When implementing interests distribution, the company had some odd lots that have been registered to a
specified account of China Securities Depository and Clearing Co., Ltd. Shenzhen Branch (hereinafter referred to
as Depository Company). To properly resolve the odd lots left over historically, according to the provisions of
CSRC, the he company signed an agreement that is Listed Company Entrusts China Securities Depository and
Clearing Co., Ltd. Shenzhen Branch to Sale Odd Lots with the Depository Company in July 2014 to entrust the
sale of the odd lots. The sales net income was RMB 12,507.50 in September, 2014.
Description of the website for disclosing
Description of provisional announcement Date of disclosing
provisional announcements
III．The commitments of the Company and its shareholders holding over 5% of the Companys total shares in the
report year of extending to the report year from previous year.
□ Applicable √ Not applicable
The Company and shareholders with more than 5% stakes in the Company made no guarantee in the report period
or before report period but remaining effective in the report period.
10
IV．Prediction of Business performance for 2014.
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
There is no securities investment during the report period.
State of holding stocks of other PLCs
√ Applicable □ Not applicable
Name Category Sharehol
ding
Number of Shareholding Number of
proporti
shares held at proportion at shares held at Book balance at
on at the Gain. loss of Sauce
Initial investment the beginning the beginning the end of the the end of the Accountin
end of the reporting of the
cost(RMB) of the of the reporting reporting period g items
the period (RMB) shares
reporting reporting period (RMB)
reporting
period(shares) period(%) (shares)
period(
%)
China Commercial 528,000,000.00 240,000,000 0.59% 235,254,944 0.58% 651,656,194.88 40,463,850.37
Everbright bank Financial
Bank Subscri
assets
be on
available 2009
for sale;
Total 528,000,000.00 240,000,000 -- 235,254,944 -- 651,656,194.88 40,463,850.37 -- --
In the report period ,the Company received cash dividends of RMB 40,463,850.37 from Everbright Bank. The
investment income was RMB 40,463,850.37.
VI. Derivative investment
□ Applicable √ Not applicable
There is no derivative investment during the report period.
11
VII. The registration form of acceptance of investigation, communication and interview in the report period for
future reference
□ Applicable √ Not applicable
The Period has no research, communication and written inquiry from the investors in the report period.
VIII. The effect on consolidated financial statements following the execution of new accounting standards
for enterprises
On October 29, 2014, the company held the 12th Provisional meeting of seventh board of directors, which
passed the Proposal on Execution of 2014 New Accounting Standards for Enterprises and agreed that the
company would begin to execute standards newly revised and issued by the Ministry of Finance from July 1,
2014.
1. The effect on consolidated financial statements following the execution of Accounting Standards for
Enterprises No. 2 - Long-term Equity Investment.
In accordance with "Accounting Standards for Enterprises No. 2 - Long-term Equity Investment", to those equity
investments over which our company didnt have control, joint control and significant influence, and whose fair
value cannot be reliably measured, our company didn't list on the long-term equity investment subject, and turned
it into salable financial assets subject for accounting, and adjusted it under Retrospective Application principle.
The detailed adjustment was as follows:
The unit to be invested Basic trade Shareholders' December 31, 2013
information equity attributes Long-term Shareholders
to the shareholders Equity Equity attri
of the parent Investment butes to the
company on Jan. 1, (+/-) Financial assets shareholde
2013
available for sale; rs
(+/-
(+/-) of the parent
company (+/
-)
Guangdong Broadcast The company 0 -50,000,000.00 50,000,000.00 0
Television Network holds its 3.11%
Investment No. 1 shares
Limited Partnership
Huazheng Asset The company 0 -226,800 226,800 0
Managerment Co., Ltd. holds its 0.54
shares
Total -- 0 -50,226,800.00 50,226,800.00 0
The execution of accounting standards above only affected the “salable financial assets” subject and
“long-term equity investment” subject on amounts, and didn't have effect on our company's total assets, total debt,
net assets and net profits both in 2013 and this period.
2. The effect on consolidated financial statements following the execution of Accounting Standards for
Enterprises No. 30 - Presentation of Financial Statement.
12
In accordance with the regulations of “Accounting Standards for Enterprises No. 30 - Presentation of Financial
Statement”, compared with the old version before revise, new presentation of financial statements balance sheet
had some changes: (1) “trading financial assets” and “trading financial liabilities” have been changed to “financial
assets measured by fair value and reckoned in current profit and loss” and “financial liabilities measured by fair
value and reckoned in current profit and loss”; (2) increasing “other comprehensive income” subject on owner's
equity, in accordance with the accounting standards above, the company have adjusted it under Retrospective
Application principle. The detailed adjustment was as follows:
Adjusted content Projects affected in Amount affected (Yuan
statement December 31, 2013
Reclassified salable financial assets fair value Other comprehensive 108,217,274.24
changes into “other comprehensive income” income
subject from the original “capital reserve Capital reserve -108,217,274.24
The execution of accounting standards above only affected the “other comprehensive income” subject and
“capital reserve” subject on amounts, and didn't have effect on our company's total assets, total debt, net assets
and net profits both in 2013 and this period.
3. related effect following the execution of "Accounting Standards for Enterprises No. 9 - Wages and Salaries of
Employees", "Accounting Standards for Enterprises No. 33 - Consolidated Financial Statements", "Accounting
Standards for Enterprises No. 37 - Presentation of Financial Instruments ", "Accounting Standards for Enterprises
No. 39 - Fair Value of Measurement", "Accounting Standards for Enterprises No. 40 - Joint Venture
Arrangement", "Accounting Standards for Enterprises No. 41 - Disclosure of Interests in Other Entities".
The related businesses and events in financial statement both in 2013 and this period about “Wages and Salaries
of Employees”, “Consolidated Financial Statements", Presentation of Financial Instruments, “Fair Value of
Measurement", “Joint Venture Arrangement", and “Disclosure of Interests in Other Entities" would not have
significant effect on our company's accounting project amounts in financial statement both in 2013 and this
period.
13
IV Financial statements
1. Financial statements
1. Consolidated Balance sheet
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Items Year-end balance Year-beginning balance
Current asset：
Monetary fund 582,876,524.85 976,468,685.82
Settlement provision
Outgoing call loan
Financial assets measured at fair value
with variations accounted into current
income account
Bill receivable
Account receivable 47,500,213.97 27,898,415.37
Prepayments 2,416,813.36 2,921,945.75
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Interest receivable 12,444.44
Dividend receivable 16,290,318.11 16,648,284.74
Other account receivable 19,764,021.20 27,827,811.48
Repurchasing of financial assets
Inventories
Assets held for sales
Non-current asset due in 1 year
Other current asset 40,101,928.00 5,001,000.00
Total of current assets 708,949,819.49 1,056,778,587.60
Non-current assets：
Loans and payment on others behalf
disbursed
14
Disposable financial asset 1,450,231,296.61 676,004,951.04
Expired investment in possess
Long-term receivable
Long term share equity investment 2,619,744,111.77 3,191,410,684.40
Property investment 4,264,451.23 4,612,611.28
Fixed assets 7,299,890,088.05 7,696,941,214.30
Construction in progress 1,549,556.00 8,332,139.39
Engineering material
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 4,060,258.96 5,326,522.51
R & D petrol
Goodwill
Long-germ expenses to be amortized 5,446,061.33 8,596,068.39
Differed income tax asset 1,342,765.73 46,472,735.10
Other non-current asset
Total of non-current assets 11,386,528,589.68 11,637,696,926.41
Total of assets 12,095,478,409.17 12,694,475,514.01
Current liabilities
Short-term loans 200,000,000.00
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
Bill payable
Account payable 149,928,067.90 317,797,859.76
Advance payment 5,061,837.86 4,405,334.64
Selling of repurchased financial assets
Fees and commissions receivable
Employees wage payable 3,096,366.16 2,378,720.62
Tax payable 13,531,013.50 11,713,374.15
Interest payable 74,679,901.96 35,887,681.26
15
Dividend payable 11,177,263.36 37,860,468.95
Other account payable 255,996,763.18 255,719,356.70
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 410,800,000.00 857,757,334.35
Other current liability
Total of current liability 1,124,271,213.92 1,523,520,130.43
Non-current liabilities：
Long-term loan 4,485,920,000.00 4,993,761,250.00
Bond payable 997,000,000.00 997,000,000.00
Long-term payable 2,022,210.11 2,022,210.11
Special payable
Expected liabilities
Differed income tax liability 125,153,688.49 125,427,487.64
Other non-current liabilities
Differed income 5,610,095,898.60 6,118,210,947.75
Total of liability 6,734,367,112.52 7,641,731,078.18
Owners equity
Share capital 1,257,117,748.00 1,257,117,748.00
Capital reserves 1,534,771,223.07 1,534,758,715.57
Less：Shares in stock
Special reserves
Other Comprehensive income 134,095,318.08 108,217,274.24
Surplus reserves 233,750,778.75 233,750,778.75
Common risk provision
Undistributed profit 1,342,307,126.21 1,104,154,555.90
Different of foreign currency translation
Total of owners equity belong to the
4,502,042,194.11 4,237,999,072.46
parent company
Minority shareholders equity 859,069,102.54 814,745,363.37
Total of owners equity 5,361,111,296.65 5,052,744,435.83
16
Total of liabilities and owners equity 12,095,478,409.17 12,694,475,514.01
2. Balance sheet of the Parent Company
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Items Year-end balance Year-beginning balance
Current asset：
Monetary fund 323,909,929.95 782,174,175.59
Financial assets measured at fair value
with variations accounted into current
income account
Bill receivable
Account receivable
Prepayments 2,628,580.00 1,378,580.00
Interest receivable 353,638.90 1,294,211.12
Dividend receivable 16,290,318.11 90,422,700.78
Other account receivable 2,767,896.54 2,896,626.91
Inventories
Assets held for sales
Non-current asset due in 1 year
Other current asset 220,101,928.00 680,001,000.00
Total of current assets 566,052,291.50 1,558,167,294.40
Non-current assets：
Disposable financial asset 1,450,231,296.61 676,004,951.04
Expired investment in possess
Long-term receivable
Long term share equity investment 5,022,005,360.12 5,592,037,837.88
Property investment 4,012,312.98 4,360,473.03
Fixed assets 5,966,776.16 7,732,964.17
Construction in progress
Engineering material
Fixed asset disposal
Production physical assets
17
Gas & petrol
Intangible assets 848,333.36 915,666.67
R & D petrol
Goodwill
Long-germ expenses to be amortized 5,380,495.06 5,956,652.35
Differed income tax asset
Other non-current asset 30,000,000.00 30,000,000.00
Total of non-current assets 6,518,444,574.29 6,317,008,545.14
Total of assets 7,084,496,865.79 7,875,175,839.54
Current liabilities
Short-term loans
Financial liabilities measured at fair
value with variations accounted into
current income account
Bill payable
Account payable
Advance payment
Employees wage payable 405,591.93 546,839.09
Tax payable 902,675.42 2,335,313.62
Interest payable 68,554,444.33 29,235,694.35
Dividend payable 11,177,263.36 11,013,452.27
Other account payable 3,741,568.95 6,652,222.81
Liabilities held for sales
Non-current liability due in 1 year 798,713,584.35
Other current liability 151,917,007.78 308,172,232.80
Total of current liability 236,698,551.77 1,156,669,339.29
Non-current liabilities：
Long-term loan 1,500,000,000.00 1,500,000,000.00
Bond payable 997,000,000.00 997,000,000.00
Long-term payable 2,022,210.11 2,022,210.11
Special payable
Expected liabilities
Differed income tax liability
Other non-current liabilities
Total of Non-current liabilities 2,499,022,210.11 2,499,022,210.11
18
Total of liability 2,735,720,761.88 3,655,691,549.40
Owners equity
Share capital 1,257,117,748.00 1,257,117,748.00
Capital reserves 1,534,919,363.82 1,534,906,856.32
Less：Shares in stock
Special reserves
Other comprehensive income 134,095,318.08 108,217,274.24
Surplus reserves 233,750,778.75 233,750,778.75
Commonly risk Reserves
Undistributed profit 1,188,892,895.26 1,085,491,632.83
Different of foreign currency translation
Total of owners equity 4,348,776,103.91 4,219,484,290.14
Total of liabilities and owners equity 7,084,496,865.79 7,875,175,839.54
3.Consolidated Profit statement of the report period
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Item Report period Same period of the previous year
I. Income from the key business 379,295,699.87 353,108,286.14
Incl：Business income 379,295,699.87 353,108,286.14
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 326,495,624.47 404,491,331.64
Incl：Business cost 185,416,659.01 245,743,464.82
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 13,795,642.79 13,274,403.49
19
Sales expense
Administrative expense 33,128,649.76 38,664,987.70
Financial expenses 98,806,684.91 106,808,475.63
Asset impairment loss -4,652,012.00
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 110,733,180.57 95,608,846.19
Incl: investment gains from affiliates 108,609,680.44 92,079,584.54
Gains from currency exchange
（“-”for loss）
III. Operational profit（“-”for loss 163,533,255.97 44,225,800.69
Add：Non-business income 7,534,596.02 957,993.95
Less：Non business expenses 652,997.37 1,001,962.79
Incl：Loss from disposal of non-current
322,282.93 256,560.45
assets
IV.Total profit(“-”for loss) 170,414,854.62 44,181,831.85
Less：Income tax expenses 28,021,638.83 2,826,351.66
V. Net profit（“-”for net loss 142,393,215.79 41,355,480.19
Including: Net profit realized by the
entity taken over before the takeover
Net profit attributable to the owners of
122,815,513.69 39,313,953.56
parent company
Minority shareholders equity 19,577,702.10 2,041,526.63
VI. Earnings per share： -- --
（I）Basic earnings per share 0.10 0.03
(II)Diluted earnings per share 0.10 0.03
VII. Other comprehensive income 54,108,637.12 -12,684,286.40
Including: other comprehensive income
items that will not be reclassified into
gains/losses in the subsequent
accounting period
Other comprehensive incomes that can
be reclassified into gains/losses in the
54,108,637.12 -12,684,286.40
subsequent accounting period when
certain conditions are satisfied
VIII. Total comprehensive income 196,501,852.91 28,671,193.79
Total comprehensive income 176,924,150.81 26,629,667.16
20
attributable to the owner of the parent
company
Total comprehensive income
19,577,702.10 2,041,526.63
attributable minority shareholders
4. Profit statement of the Parent Company of the Report period
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Items Report period Same period of the previous year
I. Income from the key business 9,686,612.19 11,595,801.39
Incl：Business cost 116,053.35 116,053.35
Business tax and surcharge 673,958.94 848,936.98
Sales expense
Administrative expense 15,037,661.98 20,782,113.53
Financial expenses 44,516,135.24 50,780,835.26
Asset impairment loss -445,529.50
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 111,567,427.59 95,608,846.19
Incl: investment gains from affiliates 109,443,927.46 92,079,584.54
II. Operational profit（“-”for loss 61,355,759.77 34,676,708.46
Add：Non-business income
Less：Non business expenses 2,034.06
Incl：Loss from disposal of non-current
assets
III.Total profit(“-”for loss) 61,355,759.77 34,674,674.40
Less：Income tax expenses
IV. Net profit（“-”for net loss） 61,355,759.77 34,674,674.40
V. Earnings per share： -- --
（I）Basic earnings per share 0.05 0.03
(II)Diluted earnings per share 0.05 0.03
VI. Other comprehensive income 54,108,637.12 -12,684,286.40
Including: other comprehensive income
items that will not be reclassified into
gains/losses in the subsequent
21
accounting period
Other comprehensive incomes that can
be reclassified into gains/losses in the
54,108,637.12 -12,684,286.40
subsequent accounting period when
certain conditions are satisfied
VII. Total comprehensive income 115,464,396.89 21,990,388.00
5. Consolidated Profit statement between the beginning of the year and end of the report period
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Items Report period Same period of the previous year
I. Total operating income 1,068,012,591.73 983,083,874.32
Including：Operating income 1,068,012,591.73 983,083,874.32
Interest income
Insurance gained
Commission charge and commission
income
II. Total operating cost 1,001,280,543.70 1,127,145,870.64
Including：Operating cost 555,031,258.74 649,179,025.46
Interest expense
Commission chare and commission
expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Operating tax and extras 39,079,446.60 36,235,040.26
Sales expenses
Administration expenses 109,605,183.61 119,971,267.17
Financial expenses 304,216,666.75 321,760,537.75
Losses of devaluation of assets -6,652,012.00
Add ：Changing income of fair value
22
Investment income 332,424,328.11 266,645,729.15
Including：Investment income on
287,765,347.21 249,196,467.50
affiliate company and joint venture
Exchange income
III. Operating profit 399,156,376.14 122,583,732.83
Add ：Non-operating income 8,939,035.01 2,554,061.39
Less：Non-operating expense 3,048,788.58 1,363,107.00
Including :Disposal loss of non-current
897,231.34 493,846.92
assets
IV. Total profit 405,046,622.57 123,774,687.22
Less：Income tax 59,714,425.69 18,420,682.26
V. Net profit（“-”for net loss 345,332,196.88 105,354,004.96
Including: Net profit realized by the
entity taken over before the takeover
Net profit attributable to the owners of
301,008,457.71 96,925,851.09
parent company
Minority shareholders equity 44,323,739.17 8,428,153.87
VI. Earnings per share： -- --
（I）Basic earnings per share 0.24 0.08
(II)Diluted earnings per share 0.24 0.08
VII. Other comprehensive income 25,878,043.84 -51,084,286.40
Including: other comprehensive income
items that will not be reclassified into
gains/losses in the subsequent
accounting period
Other comprehensive incomes that can
be reclassified into gains/losses in the
25,878,043.84 -51,084,286.40
subsequent accounting period when
certain conditions are satisfied
VIII. Total comprehensive income 371,210,240.72 54,269,718.56
Total comprehensive income
attributable to the owner of the parent 326,886,501.55 45,841,564.69
company
Total comprehensive income
44,323,739.17 8,428,153.87
attributable minority shareholders
23
6.Profit Statement of the Parent Between the Beginning of the Year and End of the Report Period
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Items Report period Same period of the previous year
I. Business income 32,593,937.68 21,716,152.52
Less：Business cost 348,160.05 348,160.05
Business tax and surcharge 1,987,092.45 1,423,740.58
Sales expense
Administrative expense 53,733,131.36 66,291,624.42
Financial expenses 144,458,131.07 144,825,129.76
Asset impairment loss -445,529.50
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 334,058,422.98 266,645,729.15
Incl: investment gains from affiliates 289,399,442.08 249,196,467.50
II. Operational profit 166,571,375.23 75,473,226.86
Add：Non-business income 37,574.60
Less：Non business expenses 351,800.00 208,764.44
Incl：Loss from disposal of non-current
351,800.00 206,432.52
assets
III.Total profit 166,257,149.83 75,264,462.42
Less：Income tax expenses
IV. Net profit 166,257,149.83 75,264,462.42
V. Earnings per share -- --
（I）Basic earnings per share 0.13 0.06
(II)Diluted earnings per share 0.13 0.06
VI. Other comprehensive income 25,878,043.84 -51,084,286.40
Including: other comprehensive income
items that will not be reclassified into
gains/losses in the subsequent
accounting period
Other comprehensive incomes that can
be reclassified into gains/losses in the
25,878,043.84 -51,084,286.40
subsequent accounting period when
certain conditions are satisfied
24
VII. Total comprehensive income 192,135,193.67 24,180,176.02
7. Consolidated Cash Flow Statement Between the Beginning of the Year and End of the Report Period
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Items Report period Same period of the previous year
I.Cash flows from operating activities
Cash received from sales of goods or
1,044,010,246.63 940,248,482.10
rending of services
Net increase of customer deposits
and capital kept for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from
other financial bodies
Cash received against original insurance
contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Net increase of trade financial asset
disposal
Cash received as interest, processing fee
and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Tax returned
Other cash received from business
46,813,759.63 36,788,855.13
operation
Sub-total of cash inflow 1,090,824,006.26 977,037,337.23
Cash paid for purchasing of
70,898,491.83 90,396,673.81
merchandise and services
Net increase of client trade and advance
Net increase of savings n central bank
and brother company
25
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 150,265,845.05 147,425,834.16
Taxes paid 51,948,805.43 76,361,635.98
Other cash paid for business activities 38,427,033.30 101,931,441.70
Sub-total of cash outflow from business
311,540,175.61 416,115,585.65
activities
Cash flow generated by business
779,283,830.65 560,921,751.58
operation, net
II.Cash flow generated by investing
Cash received from investment
10,439,123.20
retrieving
Cash received as investment gains 176,468,124.64 159,261,804.31
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 71,580.00 120,631.00
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 6,206,482.50
Sub-total of cash inflow due to
182,746,187.14 169,821,558.51
investment activities
Cash paid for construction of
fixed assets, intangible assets 176,392,346.03 372,735,781.02
and other long-term assets
Cash paid as investment 55,468,487.00 15,603,078.00
Net increase of loan against pledge
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
231,860,833.03 388,338,859.02
investment activities
Net cash flow generated by investment -49,114,645.89 -218,517,300.51
III.Cash flow generated by financing
Cash received as investment 23,462,100.00
26
Incl: Cash received as investment from
minor shareholders
Cash received as loans 210,000,000.00 1,811,300,000.00
Cash received from bond placing
Other financing –related ash received 12,507.50
Sub-total of cash inflow from financing
210,012,507.50 1,834,762,100.00
activities
Cash to repay debts 966,085,000.00 1,587,930,000.00
Cash paid as dividend, profit, or
364,411,187.68 346,857,038.20
interests
Incl: Dividend and profit paid by
subsidiaries to minor shareholders
Other cash paid for financing activities 3,000,000.00 3,000,000.00
Sub-total of cash outflow due to
1,333,496,187.68 1,937,787,038.20
financing activities
Net cash flow generated by financing -1,123,483,680.18 -103,024,938.20
IV. Influence of exchange rate
-277,665.55 236,514.22
alternation on cash and cash equivalents
V.Net increase of cash and cash
-393,592,160.97 239,616,027.09
equivalents
Add: balance of cash and cash
976,468,685.82 798,485,320.49
equivalents at the beginning of term
VI ..Balance of cash and cash
582,876,524.85 1,038,101,347.58
equivalents at the end of term
8. Cash Flow Statement of the Parent Between the Beginning of the Year and End of the Report Period
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Items Report period Same period of the previous year
I.Cash flows from operating activities
Cash received from sales of goods or
4,683,552.03 3,941,760.47
rending of services
Tax returned
Other cash received from business
17,356,133.66 147,152,851.64
operation
27
Sub-total of cash inflow 22,039,685.69 151,094,612.11
Cash paid for purchasing of
merchandise and services
Cash paid to staffs or paid for
33,221,950.20 36,404,755.08
staffs
Taxes paid 2,594,082.67 1,150,303.40
Other cash paid for business activities 180,025,387.81 33,708,129.85
Sub-total of cash outflow from business
215,841,420.68 71,263,188.33
activities
Cash flow generated by business
-193,801,734.99 79,831,423.78
operation, net
II.Cash flow generated by investing
Cash received from investment
10,439,123.20
retrieving
Cash received as investment gains 250,242,540.68 159,261,804.31
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 4,500.00 13,000.00
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 1,028,695,643.07 16,480,288.90
Sub-total of cash inflow due to
1,278,942,683.75 186,194,216.41
investment activities
Cash paid for construction of
fixed assets, intangible assets 1,403,580.63 3,720,425.06
and other long-term assets
Cash paid as investment 55,468,487.00 116,781,078.00
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
505,000,000.00 680,000,000.00
activities
Sub-total of cash outflow due to
561,872,067.63 800,501,503.06
investment activities
Net cash flow generated by investment 717,070,616.12 -614,307,286.65
III.Cash flow generated by financing
Cash received as investment
Cash received as loans
28
Cash received from bond placing 750,000,000.00
Other financing –related ash received 12,507.50
Sub-total of cash inflow from
12,507.50 750,000,000.00
financing activities
Cash to repay debts 800,000,000.00
Cash paid as dividend, profit, or
178,267,968.72 165,353,973.38
interests
Other cash paid for financing activities 3,000,000.00 3,000,000.00
Sub-total of cash outflow due to
981,267,968.72 168,353,973.38
financing activities
Net cash flow generated by financing -981,255,461.22 581,646,026.62
IV. Influence of exchange rate
-277,665.55 236,514.22
alternation on cash and cash equivalents
V.Net increase of cash and cash
-458,264,245.64 47,406,677.97
equivalents
Add: balance of cash and cash
782,174,175.59 625,270,216.39
equivalents at the beginning of term
VI ..Balance of cash and cash
323,909,929.95 672,676,894.36
equivalents at the end of term
II. Auditors report
Whether the Q3 report is audited
□ Yes √ No
The Q3 Report is not audited.
29
