Guangdong Provincial Expressway Development Co., Ltd.
The Semi-Annual Report 2015
August 2015
1
I. Important Notice, Table of Contents and Definitions
The Board of Directors ,the Supervisory committee as well as all directors, supervisors and senior management
staff of the Company warrant that this report is factual, accurate and complete without any false record,
misleading statement or material omission. And they shall be jointly and severall liable for that
All the directors have attended the meeting of the board meeting at which this report was examined.
The Company has no plan of cash dividends carried out, bonus issued and capitalizing of common reserves either.
Mr.Zhu Zhanliang, Compant principal , Mr. Xiao Laijiu, General Manager ,Mr.Fang Zhi, Chief of the accounting
owrk, Ms.Liu Xiaomei, Chief of the accounting organ (chief of accounting ) hereby confirm the authenticity and
completeness of the financial report enclosed in this Semi-annual report.
2
Table of Contents
2015 Semi-Annual Report
5.Important Notice, Table of contents and Definitions
II. Basic Information of the Company
III. Summary of Accounting Highlights and Business Highlights
IV. Report of the Board of Directors
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII.Information about Directors, Supervisors and Senior Executives
IX. Financial Report
X. Documents available for inspection
3
Definition
Terms to be defined Refers to Definition
The Company /This Company Refers to Guangdong Provincial Expressway Development Co.,Ltd.
Guangfo Refers to The controlling subsidiary Guangfo Expressway Co., Ltd.
Fokai Refers to The controlling subsidiary Fokai Expressway Co., Ltd.
Guangdong Expressway Technology Investment Co., a wholly-owned subsidiary
Technology Company Refers to
of the Company
Communication Group Refers to The controlling parent Company， Guangdong Communication Group Co., Ltd.
4
II. Basic Information of the Company
1.Company Information
Stock abbreviation: Expressway A, Expressway B Stock code： 000429,200429
Stock exchange for listing： Shenzhen Stock Exchange
Name in Chinese 广东省高速公路发展股份有限公司
Abbreviation of Registered Company (if any) 粤高速
English name (If any) Guangdong Provincial Expressway Development Co.Ltd.
English abbreviation (If any) GPED
Legal Representative Zhu Zhanliang
2. Contact person and contact manner
Board secretary Securities affairs Representative
Name Zuo Jiang Feng Xinwei
46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang 45/F, Litong Plaza, No.32, Zhujiang East Road,
Contact address
New City, Tihe Disrtict , Guangzhou Zhujiang New City, Tihe Disrtict , Guangzhou
Tel 020-29004609 020-29004522
Fax 020-38787002 020-38787002
E-mail zuoj@126.com fengxw2007@163.com
3.Other
(1)Way to contact the Company
Whether registrations address, offices address and codes as well as website and email of the Company changed in
reporting period or not
□ Applicable □√ Not Applicable
The registered address, office address and their postal codes, website address and email address of the Company
did not change during the reporting period. The said information can be found in the 2014 Annual Report.
（2）About information disclosure and where this report is placed
Did any change occur to information disclosure media and where this report is placed during the reporting period?
□ Applicable √ Not applicable
The newspapers designated by the Company for information disclosure, the website designated by CSRC for
disclosing this report and the location where this report is placed did not change during the reporting period. The
said information can be found in the 2014 Annual Report.
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（3）Registration changes of the Company
Whether registration has changed in reporting period or not
□ Applicable √ Not applicable
Date/place for registration of the Company, registration nmber for enterprise legal license number of taxation
registration and organization code have no change in reporting period, found more details in annual report 2014.
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III. Summary of Accounting Highlights and Business Highlights
I.Summary of accounting /Financial Data
May the Company make retroactive adjustment or restatement of the accounting data of the previous years due to
change of the accounting policy and correction of accounting errors.
□Yes √No
Same period of last
Reporting period YoY+/-（%）
year
Operating income（RMB） 724,392,887.59 688,716,891.86 5.18%
Net profit attributable to the shareholders of the
231,855,370.05 178,192,944.02 30.11%
listed company（RMB）
Net profit after deducting of non-recurring gain/loss
attributable to the shareholders of listed company 228,030,004.15 176,476,690.94 29.21%
（RMB）
Cash flow generated by business operation, net
518,081,630.75 500,941,101.24 3.42%
（RMB）
Basic earning per share(RMB/Share) 0.18 0.14 28.57%
Diluted gains per share(RMB/Share)(RMB/Share) 0.18 0.14 28.57%
Weighted average ROE(%) 4.49% 4.15% 0.34%
As at the end of the As at the end of last
YoY+/-（%）
reporting period year
Gross assets（RMB） 12,400,203,367.83 12,513,505,946.42 -0.91%
Net asseta attributable to Shareholders’ equity
attributable to shareholders of the listed company 5,235,242,444.46 5,016,176,476.09 4.37%
（RMB）
II. Differences between accounting data under domestic and overseas accounting standards
1. Differences of net profit and net assets disclosed in financial reports prepared under international and Chinese
accounting standards.
□ Applicable √Not applicable
No difference .
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
□ Applicable √Not applicable
No difference .
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III.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Items Amount Notes
Non-current asset disposal gain/loss(including the write-off part
-362,152.09
for which assets impairment provision is made)
Govemment subsidies recognized in currentgain and
loss(excluding those closely related to the Company’s business 230,000.00
and granted under the state’s policies)
Operating income and expenses other than the aforesaid items 5,220,848.96
Other non-business income and expenditures other than the above 854,210.29
Less:Amount of influence of income tax 1,210,023.58
Amount of influence of minority interests(after tax) 907,517.68
Total 3,825,365.90 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss.
8
IV. Report of the Board of Directors
I. General
In the first half year of 2015, the Board of Directors actively implemented each resolution of the Shareholders
Meeting and fulfilled their duties. All the directors were dedicated, diligent and dutiful, following the strategic
guidelines which strengthened and optimized the main business of the expressway to guarantee the steady
development of the company and the effect of the platform with cost reduction and profit increase, and actively
sought for diversified transitions for investment to accelerate the sustainable development and values promotion
of the company with market orientation and exertion of advantage, leading the operator group of the company to
carry out management activities.
During the reporting period, the company’s operating revenue increased by 5.18% year on year, where operating
costs, administrative expense and financial expense all declined and truly implemented “cost reduction and
profit increase”. Meanwhile, the company actively promoted the ongoing reorganization of significant assets with
the controlling shareholder-Guangdong Communication Group.
II. Analysis on principal Business
General
The Company is an infrastructure industry, with main business in developing and operating expressway and big
bridges. It is one of the main institutions of developing expressway and big bridge in Guangdong Expressway
System. The expressway industry is the industry helped by government.
In the report period, the vehicle traffic and toll income of the controlled subsidiaries and joint ventures of the
Company are as follows:
Volume of vehicle traffic in Increase Toll income in the first half Increase
the first half year of /Decrease(%) year of 2015（RMB’0000） /Decrease(%)
2015( vehicles)
Guangfo Expressway 23,357,296 8.87% 17493.47 6.65%
Fokai Expressway 20,747,592 8.69% 53319.75 3.77%
Huiyan Expressway 14,758,876 -4.56% 9540.33 -12.42%
Jingzhu Expressway Guangzhu 27,825,431 8.34% 51393.8 6.74%
Section
Guangzhao Expressway 12,369,658 6.39% 24032.31 -5.65%
Guanghui Expressway 18,882,574 20.38% 77819.26 11.45%
Jiangzhong Expressway 18,765,647 7.52% 18789.58 6.34%
Kangda Expressway 1,128,009 25.20% 11579.51 1.82%
Gangkang Expressway 1,140,889 13.04% 8676.1 5.90%
Each highway traffic flow and tolls with holding or share is presenting growth; Due to the tolls free for Yantianao
tunnel of Huiyan Highway, the traffic flow and tolls decreased year on year (More information on tolls free please
see Announcement of Tunnel Toll Termination of Yantianao Tunnel published at http://www.cninfo.com.cn. on
9
January 31,2015; For Guangzhao Expressway, the number of short distance vehicles grew, the traffic flow
increased and the tolls decreased.
Year-on-year change of main financial data
In RMB
Same period last YOY change
This report period Cause change
year （%）
Operating income 724,392,887.59 688,716,891.86 5.18%
Operating cost 360,698,877.33 369,614,599.73 -2.41%
Administrative expenses 69,132,844.52 76,476,533.85 -9.60%
The reduction of with-interest liability resulted in
Financial expenses 183,994,351.27 205,409,981.84 -10.43%
the reduction of financial expense year on year
As the compositive effect of the profit increase,
the increase of current income tax expense and the
Income tax expenses 54,004,634.55 31,692,786.86 70.40%
change of the deferred income tax, the income tax
expense increased year on year.
Net cash flows from
518,081,630.75 500,941,101.24 3.42%
operating activities
Caused by the compositive effect of the increasing
Net cash flows from dividend received, the decrease of project expense
159,087,553.76 -172,731,374.19 -192.10%
investing activities and the overseas investment, the withdrawal of
reserve-purchase bonds and so on.
Caused by the compositive effect of the increase
Net cash flows from of loan repayment, the decrease of interest
-658,555,197.00 -351,378,336.78 87.42%
financing activities payment, the increase of dividend distribution and
so on.
Caused by the compositive effect of the increase
Net increase in cash and
18,113,649.36 -23,446,167.12 -177.26% inflow of investment and financial activities
cash equivalents
compared to the last period.
Major changes in profit composition or cources during the report period
□ Applicable √ Not applicable
The profit composition or sources of the Company have remained largely unchanged during the report period.
Delay of future development and plan disclosed in Company’s IPO prospectus, fund raising prospectus and capital
reorganization report into this report period.\
□ Applicable √ Not applicable
No future development and plan disclosed in Company’s IPO prospectus, fund raising prospectus and capital
reorganization report into this report period.\
10
Implementation of business plans disclosed in previous periods in this period.
The plannned operating income and operating cost of the Company for 2015 disclosed in the annual report for
2014 were RMB 1.558 billion and RMB 909 million respectively. As of June 30, 2015, its operating income and
operating cost were RMB 724 million and RMB 361 million respectively.
III. Business composition
In RMB
Increase/decrease
Increase/decrease of rincipal
Increase/decrease of gross
Gross of reverue in the business cost
profit rate over the same
Turnover Operation cost profit same period of over the same
period of the previous year
rate(%) the previous period of
(%)
year(%) previous year
(%)
Industry
Highway transportation 706,594,515.37 355,981,412.34 49.62% 4.97% -0.70% 2.88%
Others 17,798,372.22 4,717,464.99 73.49% 217.20% 7.67% 51.58%
Product
Highway transportation 706,594,515.37 355,981,412.34 49.62% 4.97% -0.70% 2.88%
Others 17,798,372.22 4,717,464.99 73.49% 217.20% 7.67% 51.58%
Area
Guangfo Expressway 175,074,062.80 111,221,339.96 36.47% 7.30% -6.71% 9.54%
Fokai Expressway 531,520,452.57 244,760,072.38 53.95% 4.22% 2.29% 0.87%
Others 6,493,217.55 1,487,512.44 77.09% 15.72% -66.05% 55.17%
IV. Analysis On core Competitiveness
The Company is an infrastructure industry, with main business in developing and operating expressway and big
bridges. It is one of the main institutions of developing expressway and big bridge in Guangdong Expressway
System.
Guangfo Expressway holding company, the Fokai Expressway and Maozhan Expressway are the parts "five
vertical and seven horizontal part of the national highway network planning. The holding highways are also the
Guangdong Provincial Expressway Network Plan which provide a strong guarantee for the traffic flow. At the
same time, the regional economy is an important factor affecting highway traffic volume. With the gradual
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implementation of expressway network planning of Guangdong Province in recent years, the road network
connection effect has been increasingly better, which contributes to accelerating the growth of vehicle traffic
volume of expressways run by the Company.
12
V. Analysis on investment Status
1. Foreign Equity investment
（1）External investment
□ Applicable √ Not applicable
There was no foreign investment of the Company in the reorting period.
（2）Holding of the equipty in financial enterprises
√Applicable □Not applicable
Shareholding
Number of shares Number of Shareholding
proportion at Gain.loss of
held at the shares held at proportion at the Book balance at the
Company Intial Investment the the the reporting Source of the
Company Name beginning of the the end of the end of the end of the reporting Accounting items
type cost (RMB) beginning of period shares
reporting period reporting reporting period (RMB)
the reporting (RMB)
(shares) period(shares) period(%)
period (%)
China
Commerci Financial assets Subscribe on
Everbright 528,000,000.00 235,254,944 0.50% 235,254,944 0.50%
al Bank available for sale 2009
Bank
Total 528,000,000.00 235,254,944 -- 235,254,944 -- -- --
13
（3）Investment in securities
√Applicable □Not applicable
Shareholding
Number of shares Shareholding
proportion at Number of shares Book balance
Security Security Short form of Intial held at the proportion at Gain.loss of the
the the held at the end of at the end of Accounting Source of
category code security Investment cost beginning of the the end of the reporting period
beginning of the reporting the reporting items the shares
(RMB) reporting period reporting (RMB)
the reporting period(shares) period (RMB)
(shares) period(%)
period (%)
Financial assets
China Everbright Subscribe
Stock 601818 528,000,000.00 235,254,944 0.50% 235,254,944 0.50% available for
Bank on 2009
sale
Total 528,000,000.00 235,254,944 -- 235,254,944 -- -- --
Disclosure Date of Announcement on
Securities Investment Approved by the July 22, 2009
Board of Directors
Disclosure Date of Announcement on
Securities Investment Approved by the August 7, 2009
Shareholders Meeting
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(4)Notes to holding of the equity in other listed companies
□ Applicable√ Not applicable
The company did not hold shares of other listed companies at the reporting period.
2.Information of trust management, derivative investment and entrusted loan
（1）Trust management
□ Applicable√ Not applicable
There was no trust management of the Company in the reorting period.
（2）Derivative investment
□ Applicable√ Not applicable
There was no derivative investment of the Company in the reporting period.
（3）Entrusted loan
□Applicable √Not applicable
I3.Application of raised proceeds
□ Applicable √ Not applicable
The company had no application of raised proceeds in the reporting period.
15
4.Analysis on principal subsidiaries and Mutual Shareholding Companies
√ Applicable □ Not applicable
Particulars about the principal subsidiaries and Mutual shareholding companies
In RMB
Company Company Sectors Registered Total Net assets Tumover Operating Net Profit
Leading products and services
Name type engaged in capital assets(RMB) (RMB) (RMB) profit (RMB) (RMB)
Guangfo Operating Guangfo Expressway Co., Ltd.(starts from
RMB 200
Expressway Subsidiary Expressway Hengsha, Guangzhou, ends in Xiebian, Foshan. 541,798,087.86 323,363,743.73 177,462,820.98 43,037,481.69 13,088,460.94
million
Co., Ltd. Total length 15.7 kilometers
Guangdong
Operation and management of Fokai Expressway RMB
Fokai
Subsidiary Expressway Co., Ltd., supporting salvage, maintenance and 1.108 6,837,437,490.73 3,201,536,045.92 538,224,330.57 147,899,354.57 85,895,687.33
Expresswa
cleaning, supply of parts and components billion
y
Investing in science and technology industries.
Investment in technical industries and provision of
relevant consulting services, research and
development of lighting technology, energy saving
Guangdong
and storage technology, photovoltaic technology of
Expressway
solar energy and production and sales of relevant RMB 100
Technology Subsidiary Composite 54,849,628.15 9,622,319.16 10,869,854.55 6,569,505.83 6,799,505.83
products, design, production , release and agency of million
Investment
all kinds of domestic and foreign advertisements,
Co., Ltd
construction and maintenance management of
highway projects and domestic trade. （excluding
illegally， or prohibited and restricted by law
products）
Shenzhen Sharing The organization and management of the RMB 36
Expressway 534,165,343.79 415,285,975.21 96,093,908.58 44,520,599.65 32,688,059.55
Huiyan company construction of the main line of Shenzhen section of million
16
Company Company Sectors Registered Total Net assets Tumover Operating Net Profit
Leading products and services
Name type engaged in capital assets(RMB) (RMB) (RMB) profit (RMB) (RMB)
Expressway Huiyan Expressway, its operation, management and
Co., Ltd. maintenance after its completion, collection of toll
and road service management, the construction
management of road, bridge and culvert projects and
engineering consultation
Jingzhu
The operation and management of
Expressway
Sharing Guangzhou-Zhuhai Expressway and provision of RMB 580 180,291,546.4
Guangzhu Expressway 4,220,179,609.03 1,735,151,143.25 527,964,879.75 243,831,213.69
company supporting services including fueling, salvage and million 0
Section Co.,
supply of parts and components
Ltd.
Zhaoqing Construction, operation and management of
RMB
Yuezhao Sharing Guangzhao Expressway, old highways and their
Expressway 818.3 2,184,528,636.87 1,157,250,317.86 242,821,675.27 84,231,730.41 64,636,934.25
Highway company supporting facilities, service facilities and integrated
million
Co., Ltd. projects.
Guangdong Investment in and construction of Guanghui
RMB
Guanghui Sharing Expressway Co., Ltd. and supporting facilities, the 338,745,869.7
Expressway 2.352 5,494,916,846.83 3,815,986,333.42 787,594,239.51 443,582,700.89
Expressway company toll collection and maintenance management of 9
million
Co., Ltd. Guanghui Expressway
Guangdong Investing in, constructing, operating and managing
RMB
Jiangzhong Sharing Jiangzhong Expressway Co., Ltd. and phase-II
Expressway 1.015 2,289,372,937.74 1,188,277,628.32 202,641,512.94 41,977,131.06 31,063,757.09
Expressway company project of Jianghe Expressway and developing
billion
Co., Ltd.. supporting projects.
Ganzhou Construction, operation and management of
Kangda Sharing expressway projects; highway maintenance; RMB 600
Expressway 1,634,662,623.79 592,519,463.55 118,859,388.33 44,525,047.35 42,564,485.24
Expressway company Advertising; wholesale and retail of construction million
Co., Ltd. machinery equipments and accessories (the
17
Company Company Sectors Registered Total Net assets Tumover Operating Net Profit
Leading products and services
Name type engaged in capital assets(RMB) (RMB) (RMB) profit (RMB) (RMB)
above-mentioned projects should be in accordance
with state special provisions)
Project of Ganzhou-dayu expressway
(Maodian-Sanyi) and the construction and
management of Ganjiang Highway project; earth
Ganzhou
mining and sale; highway maintenance; advertising;
Gankang Sharing RMB 754
Expressway service facilities; building materials, decoration 1,899,027,302.56 684,313,663.34 95,640,534.67 25,067,348.47 22,225,070.15
Expressway company million
materials, metal materials, wholesale and retail of
Co., Ltd.
construction machinery and equipments and
accessories (the above-mentioned projects should be
in accordance with state special provisions).
Guangdon
g Yueke
Technolo Sharing Financial Handle all small loans, and other businesses approve RMB 1
1,039,025,997.18 1,029,471,818.83 23,099,169.06 12,239,568.68 9,139,346.98
gy Petty company industry d by the Guangdong Provincial Finance Office billion
Loan Co.,
Ltd.
18
5. Significant projects of investments with non-raised funds
□ Applicable √ Not applicable
The company has no project invested by raised fund in the reporting period.
VI. Performance Forecast for January to September 2015
Alert of loss or significant change in net profit from the beginning of year to the end of next report period or
comparing with the same period of last year, and statement of causations.
□ Applicable √ Not applicable
VII. Explanation by the Board of Directors and the Supervisory Committee about the “non-standard audit report”
issued by the CPAs firm for the reporting period
□ Applicable √ Not applicable
VIII. Explanation by the Board of Directors about the relevent situation of the “non-standard audit report” of the
prevuiys year
□ Applicable √ Not applicable
IX. Profit distribution carried out in the report period
Execution or adjustment of profit distribution, especially cash dividend, and capitalizing of reserves in the report
period.
√Applicable□ Not Applicable
Which has been adopted. According to the resolution passed at the annual shareholders’ general meeting 2014,
The Company's dividend distribution plan for 2013: With the existing total share capital, i.e., 1,257,117,748 shares,
as the base, cash dividend of RMB 1.00 (including tax) is to be distributed for every 10 shares,Cash dividend of
RMB 125,711,774.80 is to be distributed, The undistributed profit was carried forward to the nest year. The
Company had implemented this distribution plan on June 10, 2014.
Special explanation of the cash dividend policy
Whether conformed with the regulations of the Articles of association or the requirements of the resolutions of the
Yes
shareholders’ meeting:
Whether the dividend standard and the proportion were definite and clear: Yes
Whether the relevant decision-making process and the system were complete: Yes
Whether the independent director acted dutifully and exerted the proper function: Yes
Whether the medium and small shareholders had the chances to fully express their suggestions and appeals, of which
Yes
their legal interest had gained fully protection:
Whether the conditions and the process met the regulations and was transparent of the adjustment or altered of the
Yes
cash dividend policy:
X. Preplan for profit distribution and turning capital reserve into share capital in the reporting period
□ Applicable √ Not applicable
19
The Company planed that no to distribute cash dividend, bonus shares and there was no turning of capital reserve
into share capital.
XI. Particulars about researches, visits and interviews received in this reporting period
□ Applicable √ Not applicable
There is no reception research, interviews and other activities during the reporting period.
20
V. Important Events
I. Administrative position
The company strictly abides by the requirements of laws and regulations of "Corporate Law", "Securities Law",
"Governance Rules of Listed Companies" and "Listing Rules of Stocks" to continuously perfect the corporate
governance structure and improve the norms operation level. Also, the company has set up the "Articles of
Association", the parliamentary procedure of three meetings operating, the work rules of the special committee of
the Board of Directors, the work rules of General Manager and other systems, as well as the internal control
systems basically covering the company's financial management, investment management, information disclosure,
affiliated transactions, external guarantee, funds-raising and all aspects of business management, and all the
systems have been implemented better.
At present, the actual status of corporate governance complied with the requirements of relevant documents of
CSRC and regulatory authority. According to the requirements of relevant laws and regulations and regulatory
documents, the Company will stick to the policy of continuous rectification, unceasingly strengthen the
construction of corporate governance structure, continously enhance its level of corporate governance and make
its governance structure more steady and transparent.
II. Lawsuits affairs
Major lawsuits and Arbitration affairs
□ Applicable √ Not applicable
The Company has no major lawsuit or arbitration in the report period.
Other Lawsuits affairs
□ Applicable √ Not applicable
III. Query form media
□ Applicable √ Not applicable
In the reporting year, the Company had no query from media
IV. Bankruptcy or Reorganization Events
□ Applicable √ Not applicable
There Company was not involved in any bankruptcy or reorganization events in the reporting period.
V. Transaction in Assets
1. Purchase of assets
□ Applicable √ Not applicable
There is no purchase of assets in the Company during the reporting period.
2. Sale of assets
21
□ Applicable √ Not applicable
There is no sale of assets in the Company during the reporting period
3. Business combination
□ Applicable √ Not applicable
VI. Implementation and Influence of Equity Incentive Plan of the Company
□ Applicable √ Not applicable
There is no equity incentive plan and its implementation in the Company during the reporting period.
VII. Significant related-party transactions
1. Related-party transactions concerning routine operation
□ Applicable √ Not applicable
The company has no transactions related to daily operations in the reporting period.
2. Related-party transactions arising from asset acquisition or sale
□ Applicable √ Not applicable
The Company was not involved in any related-party transactions arising from asset acquisition or sale during the
reporting period.
3. Related-party transitions with joint investments
□ Applicable √ Not applicable
The Company was not involved in any related-party transaction with joint investments during the reporting
period.
4. Credits and liabilities with related parties
√ Applicable □ Not applicable
Was there any non-operating credit or liability with any related party?
□ Yes √ No
The Company was not involved in any credits and liabilities with related parties during the reporting period.
5. Other significant related-party transactions
√ Applicable □ Not applicable
The 15th meeting of the seventh board of directors of the Company was held on March 23,2015. The meeting
examined and adopted the Proposal for Renewing the Lease of Litong Plaza as Office Building. The Company
approved to continue to lease the 43rd and 44th floor (conceptual design floor) of Litong Plaza as offices from
Guangdong Litong Property Investment Co., Ltd. The renewal period starts from May 5, 2015 to May 4, 2016
with the monthly rent per square meter (gross floor area) is RMB 160 , the total amount of the contract is RMB
10.5897 million .
22
The website to disclose the interim announcements on significant related-party transactions
Date of disclosing provisional Description of the website for disclosing
Description of provisional announcement
announcement provisional announcements
Related transaction announcement March 25,2015 www.cninfo.com.cn
VIII. Particulars about the non-operating occupation of funds by the controlling shareholder
and other related parties of the Company
□ Applicable √ Not applicable
The Company was not involved in the non-operating occupation of funds by the controlling shareholder and other
related parties during the reporting period..
IX. Particulars about significant contracts and their fulfillment
1. Particulars about trusteeship, contract and lease
(1) Trusteeship
□ Applicable √ Not applicable
There was no any trusteeship of the Company in the reporting period.
(2) Contract
□ Applicable √ Not applicable
There was no any contract of the Company in the reporting period.
(3) Lease
□ Applicable √ Not applicable
There was not involved in ant lease of the Company in the reporting period.
23
2.Guarantee
√ Applicable □ Not applicable
In RMB’0000
External Guarantee (Exclude controlled subsidiaries)
Relevant disclosure Date of happening Complete Guarantee for
Amount of Actual mount of Guarantee Guarante
Name of the Company date/No. of the guaranteed (Date of signing implementation associated parties
Guarantee guarantee type e term
amount agreement) or not (Yes or no)
Guangdong Communication Group
May 11, 2012 150,000 No Yes
Co., Ltd.
Total of actual external guarantee
Total of external guarantee approved in Period(A1) 0 0
in Period(A2)
Total balance of actual external
Total of external guarantee approved at Period-end(A3) 0 150,000
guarantee at Period-end(A4)
Guarantee of the Company for the controlling subsidiaries
Date of
Name of the Complete
Relevant disclosure date/No. of the Amount of happening (Date Actual mount Guarantee for associated
Company Guarantee type Guarantee term implementation or
guaranteed amount guarantee osigning of guarantee parties (Yes or no)
guaranteed not
agreement)
Guarantee of the subsidiaries for the controlling subsidiaries
Date of Complete
Name of the
Relevant disclosure date/No. of the Amount of happening Actual mount Guarantee implementation Guarantee for associated
Company Guarantee term
guaranteed amount guarantee (Date osigning of guarantee type or parties (Yes or no)
guaranteed
agreement) not
Total of Company’s guarantee（namely total of the large three aforementioned）
Total of guarantee in the Period （A1+B1+C1） 0 Total of actual guarantee in the Period（A2+B2+C2） 0
24
Total of guarantee at Period-end（A3+B3+C3） 0 Total of actual guarantee at Period-end （A4+B4+C4） 150,000
The proportion of the total amount of actually guarantee in the net assets of the Company(that
28.65%
is A4+B4+C4)
Including
Amount of guarantee for shareholders, actual controller and its associated parties（D） 150,000
The debts guarantee amount provided for the Guaranteed parties whose assets-liability ratio exceed 70% directly or indirectly（E） 0
Proportion of total amount of guarantee in net assets of the company exceed 50%（F） 0
Total guarantee Amount of the abovementioned guarantees 150,000
Description of the guarantee with complex method
（1）Guarantees provided by the company
□ Applicable √ Not applicable
There was not involved in any Guarantees provided by the company in the reporting period.
3. Other significant contracts
□ Applicable √ Not applicable
There was no other significant contract of the Company in the reporting period.
4. Other significant transactions
□ Applicable √ Not applicable
X. Commitments made by the Company or shareholders holding over 5% of the Company’s shares in the reporting period or such commitments carried down into
the reporting period
□ Applicable √ Not applicable
There was no commitments made by the company or shareholders holding over 5% of the company's shares in the reporting period or such commitments carried dow
n into the reporting period.
25
XI. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes √ No
The semi-annual financial report has not been audited.
XII. Punishment and Rectification
□ Applicable √ Not applicable
There was no any punishment and rectification of the Company in the reporting period.
XIII. Reveal of the delisting risks of illegal or violation
□ Applicable √ Not applicable
There was no any delisting risk of illegal or violation of the Company in the reporting period.
XIV. Explanation about other significant matters
√ Applicable □ Not applicable
Due to the controlling shareholder of Guangdong Communication Group Co., Ltd. is planning major issues related
with Guangdong Provincial Expressway Development Co.,Ltd. , the company's stock (Stock Abbreviation: Guan
gdong Expressway A, B, Stock Code: 000429, 200429) was suspension from April 8, 2015.
On June 30, 2015, The 18th (Provisional) Meeting of the Seventh Board of Directors adopted the Proposal of
Guangdong Provincial Expressway Development Co., Ltd. issued shares to raise cash to buy assets and related
transactions matching funds plan.The company intends through the issuance of A shares to purchase 25% stake of
Fokai hold by Provincial Expressway, and Guangzhu 100% stake held by transportation construction company,
purchase by cash of the Guangzhu East's debt held by the construction company. Moreover，The company intends
to non-public offering of A shares to raise matching funds to Yadong Fuxing Yalian Investment Co., Ltd., Tibet
Yingyue Investment Management Co.,Ltd. and Guangfa Securities Co., Ltd. To pay the transaction cash
consideration, the transaction taxes and supplement working capital of listed companies, the amount of matching
funds to be raised no more than RMB 1650 million, assets to be purchased no more than 100% of the transaction
price.
The company's stock (Stock Abbreviation: Guangdong Expressway A, B, Stock Code: 000429, 200429) will
resume trading on July 22, 2015.
The major asset restructuring-related related announcement, investors can access to www.cninfo.com.cn for more
details
Date Content
April 8, 2015 Guangdong Expressway A：Major issues suspension announcement
April 15,2015 Guangdong Expressway A：Major issues continued suspension announcement
April 22, 2015 Guangdong Expressway A：Announcement of Major asset restructuring suspension
April 29,2015 Guangdong Expressway A：Announcement of Major Asset Restructuring Progress
May 6, 2015 Guangdong Expressway A：Announcement of Major Asset Restructuring Progress
26
May 8, 2015 Guangdong Expressway A：Announcement of Application to Continue the Suspension Expires on
Planned Restructuring
May 13,2015 Guangdong Expressway A：Announcement of Major Asset Restructuring Progress
May 20,2015 Guangdong Expressway A：Announcement of Major Asset Restructuring Progress
May 27,2015 Guangdong Expressway A：Announcement of Major Asset Restructuring Progress
June 3, 2015 Guangdong Expressway A：Announcement of Major Asset Restructuring Progress
June 10,2015 Guangdong Expressway A：Announcement of Major Asset Restructuring Progress
June 17,2015 Guangdong Expressway A：Announcement of Major Asset Restructuring Progress
June 24, 2015 Guangdong Expressway A：Announcement of Major Asset Restructuring Progress
July 1, 2015 Guangdong Expressway A：Announcement of Major Asset Restructuring Extended Resumption
June 1, 2015 Guangdong Expressway A：Announcement of Resolutions of the 18th (Provisional) Meeting of the
Seventh Board of Directors
July 1, 2015
Guangdong Expressway A：Announcement of the Board of Directors of General Risk on Major Asset
Restructuring
July 1, 2015 Guangdong Expressway A：The Verification Opinionaire of the Reorganization Plan and the Independent
Financial Adviser
July 1, 2015 Guangdong Expressway A：The verified comment of the independent financial adviser on the issue of
shares and cash to buy assets and raise matching funds and related transactions of CITIC Securities Co.,
Ltd.
July 1, 2015 Guangdong Expressway A：The ex-ante approval comment of the independent director on the agreement
which submits the related proposals of the significant asset organization to the board of directors.
July 1, 2015 Guangdong Expressway A：The independent comment of the independent director on the issue of shares
and cash to buy assets and raise matching funds and related transactions
July 1, 2015 Guangdong Expressway A：The plan of issue of shares and cash to buy assets and raise matching funds
and related transactions
July 10,2015 Guangdong Expressway A：Announcement of Major Asset Restructuring Progress
July 15, 2015 Guangdong Expressway A：Announcement of Major asset restructuring continued Restructuring and
Progress
July 22, 2015 Guangdong Expressway A：Announcement of Major Asset Restructuring Resumption
July 22, 2015 Guangdong Expressway A：The reply to the inquiry letter on The Reorganization of Guangdong
Provincial Expressway Development Co., Ltd of Shenzhen Stock Exchange.
July 22, 2015 Guangdong Expressway A：The announcement of revision and explanation for the plan on the issue of
shares and cash to buy assets and raise matching funds and related transactions
July 22, 2015 Guangdong Expressway A：The reply to the inquiry letter on the reorganization of Guangdong Provincial
Expressway Development Co., Ltd of Shenzhen Stock Exchange. by CITIC Securities Co., Ltd.
July 22, 2015 Guangdong Expressway A：Issue of shares and cash to buy assets and raise matching funds related
transactions plan (Revised Draft)
27
VI. Change of share capital and shareholding of Principal Shareholders
(I).Changes in share capital
In shares
Before the change Increase/decrease（+，-） After the Change
Amount Proportion Capitalization of
Share allotment Bonus shares Other Subtotal Quantity Proportion
common reserve fund
1.Shares with conditional subscription 440,485,326 35.04% -768,645 -768,645 439,716,681 34.98%
1.State-owned shares 409,977,151 32.61% 409,977,151 32.61%
2.State-owned legal person shares 21,712,738 1.73% 21,712,738 1.73%
3.Other domestic shares 8,795,437 0.70% -768,645 -768,645 8,026,792 0.64%
Including ：Domestic Legal person shares 8,063,849 0.64% -710,982 -710,982 7,352,867 0.58%
Domestic natural person shares 731,588 0.06% -57,663 -57,663 673,925 0.05%
II.Shares with unconditional subscription 816,632,422 64.96% 768,645 768,645 817,401,067 65.02%
1.Common shares in RMB 467,882,422 37.22% 768,645 768,645 468,651,067 37.28%
2.Foreign shares in domestic market 348,750,000 27.74% 348,750,000 27.74%
III. Total of capital shares 1,257,117,748 100.00% 1,257,117,748 100.00%
Reasons for share changed
√ Applicable □Not applicable
Notes 1：In the report period, Mr. Yun Wu Jun attained the retiring age, resigned from the post of the Chief
Accountant,5,011 unrestricted negotiable shares held by him were transferred into frozen shares for senior executives.
Notes 2：In the report period，710,982 shares held by domestic legal persons subject to sale restriction and 62,674 shares held by domestic Natural personssubject to
sale restriction was unfrozen and listed for trading and transferred into unrestricted shares on January 26, 2015.
Approval of Change of Shares
28
□Applicable √Not applicable
Transfer of Change of shares
□Applicable √Not applicable
Influence from the shareholding movements upon such financial indicatiors as eamings per share, net asset per share of the lastest year and the latest accounting
period
□Applicable √Not applicable
Other information as the Company considers necessary to be disclosed or demanded by the securities regulatory authority for disclosing.
□Applicable √Not applicable
Explanation on changes in aspect of total shares, shareholders structures as well as structure of assets and liability of the Company
□ Applicable √ Not applicable
II. Number of shares and shares held
In shares
Total common shareholders in reporting The total number of preferred shareholders voting rights restored at period-end (if
85,629 0
period-end any)(See Notes 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Proportio Number os share
Number of Changes in Amount of Amount of
n of pledged/frozen
Shareholders Nuture of shareholder shares held at reporting restricted un-restricted
shares State of
period -end period shares held shares held Amount
held（%） share
Guangdong Communication Group Co.,Ltd State-owned legal person 40.84% 513,356,893 0 409,977,151 103,379,742 Frozen 103,379,742
Guangdong Expressway Co., Ltd State-owned legal person 1.56% 19,582,228 0 19,582,228
Haerbin Hali Industrial Co., Ltd. Domestic non State-owned 1.18% 14,850,682 -1095140 14,850,682
29
Legal person
Xinyue Co., Ltd. Foreign legal person 1.05% 13,201,086 0 13,201,086
Guangdong Yuecai Trust Investment CO., Ltd. State-owned legal person 0.97% 12,174,345 0 12,174,345
Bank of China－Huatai Bairui Positive Growth Mixed Domestic non State-owned
0.94% 11,853,046 0 11,853,046
Securities Investment Fund Legal person
Domestic natural person
Li Zhuo 0.68% 8,557,879 0 8,557,879
shares
Domestic natural person
Liu Feng 0.27% 3,337,952 4400 3,337,952
shares
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED Foreign legal person 0.25% 3,162,502 -936856 3,162,502
Domestic natural person
Hu Maohua 0.25% 3,133,868 0 3,133,868
shares
Strategy investors or general legal person becomes top 10 shareholders due to rights
N/A
issued (if applicable)（See Notes 3）
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Expressway Co.,
Ltd. and Xinyue Co., Ltd.. It is unknown whether there is relationship between other shareholders and
Explanation on associated relationship among the aforesaid shareholders
whether they are persons taking concerted action specified in the Regulations on Disclosure of
Information about Change in Shareholding of Shareholders of Listed Companies.
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted shares held Share type
Name of the shareholder
at the end of the reporting period Share type Quantity
Guangdong Communication Group Co.,Ltd 103,379,742 RMB Common shares 103,379,742
Haerbin Hali Industrial Co., Ltd. 14,850,682 RMB Common shares 14,850,682
Foreign shares placed in domestic
Xinyue Co., Ltd. 13,201,086 13,201,086
exchange
30
Guangdong Yuecai Trust Investment Co., Ltd. 12,174,345 RMB Common shares 12,174,345
Bank of China－Huatai Bairui Positive Growth Mixed Securities Investment Fund 11,853,046 RMB Common shares 11,853,046
Li Zhuo 8,557,879 RMB Common shares 8,557,879
Liu Feng 3,337,952 RMB Common shares 3,337,952
Foreign shares placed in domestic
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 3,162,502 3,162,502
exchange
Foreign shares placed in domestic
Hu Maohua 3,133,868 3,162,502
exchange
Foreign shares placed in domestic
Lu Weiqiang 2,900,992 2,900,992
exchange
Guangdong Communication Group Co., Ltd. is the parent company of Xinyue Co., Ltd.. It is
Explanation on associated relationship or consistent action among the top 10 shareholders of
unknown whether there is relationship between other shareholders and whether they are persons
non-restricted negotiable shares and that between the top 10 shareholders of non-restricted
taking concerted action specified in the Regulations on Disclosure of Information about Change
negotiable shares and top 10 shareholders
in Shareholding of Shareholders of Listed Companies.
Harbin Hali Industry Co., Ltd. holds 14,849,774 A shares of the Company through stock
account with credit transaction and guarantee and holds 908 A shares through ordinary stock
account. hold 14,850,682 shares of the Company's stock totally；Li Zhuo holds 8,557,879 A
shares of the Company through stock account with credit transaction and guarantee and holds 0
Notes to the shareholders involved in financing securities (if any)(See Notes 4)
A shares through ordinary stock account, hold8,557,879 shares of the Company's stock totally；
Liu Feng holds 3,321,152 A shares of the Company through stock account with credit
transaction and guarantee and holds16,800 A shares through ordinary stock account. hold
3,337,952 shares of the Company's stock totally.
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.
31
III. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
IV. Particulars on shareholding increase scheme during the reporting period proposed or implemented by the
shareholders and act-in-concert persons
□ Applicable √ Not applicable
Within the scope known to the Company, there was no any shareholding increase scheme during the reporting
period proposed or implemented by the shareholders and act-in-concert persons.
32
VII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period.
33
VIII. Information about Directors, Supervisors and Senior Executives
I. Change in shares held by directors, supervisors and senior executives
□ Applicable √ Not Applicable
There was no change in shareholding of directors, supervisors and senior management staffs, for the specific
information please refer to the 2014 Annual Report.
II. Changes in directors, supervisors and senior management staffs
√Applicable □ Not applicable
Name Title Type Date Reason
Chairman of the Supervisory Committee,
You Xiaocong Departure March 6,2015 Job transfer
Supervisor
Zou Huiming Supervisor Departure March 6, 2015 Job transfer
Chairman of the Supervisory Committee,
Ling Ping Be elected March 23, 2015 Be elected
Supervisor
Wu Guangze Supervisor Be elected March 23, 2015 Be elected
Yun Wujun Chief Accountant Deprarture May 27, 2015 Retired
Fang Zhi Chief Accountant Appoint May 27, 2015 Appointed by the Board
34
IX. Financial Report
1. Audit report
Has this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements:RMB
1. Consolidated balance sheet
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Items At the end of term Beginning of term
Current asset：
Monetary fund 579,914,053.08 561,800,403.72
Settlement provision
Outgoing call loan
Financial assets measured at fair value
with variations accounted into current
income account
Derivative financial assets
Bill receivable
Account receivable 72,092,863.12 23,621,958.13
Prepayments 2,475,322.20 963,349.67
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Interest receivable
Dividend receivable 38,667,000.00
Other account receivable 14,631,106.96 28,245,949.17
35
Repurchasing of financial assets
Inventories
Assets held for sales
Non-current asset due in 1 year
Other current asset 40,632,376.52
Total of current assets 707,780,345.36 655,264,037.21
Non-current assets：
Loans and payment on other’s behalf
disbursed
Disposable financial asset 2,059,541,601.57 1,946,619,228.45
Expired investment in possess
Long-term receivable
Long term share equity investment 2,701,141,468.70 2,706,081,363.32
Property investment 3,916,291.18 4,148,397.88
Fixed assets 6,908,556,253.64 7,176,766,024.73
Construction in progress 8,096,697.03 2,974,467.60
Engineering material 1,549,556.00 1,549,556.00
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 4,312,151.18 5,051,049.34
R & D petrol
Goodwill
Long-germ expenses to be amortized 4,132,570.62 5,006,154.74
Differed income tax asset 8,869,234.60
Other non-current asset 1,176,432.55 1,176,432.55
Total of non-current assets 11,692,423,022.47 11,858,241,909.21
Total of assets 12,400,203,367.83 12,513,505,946.42
Current liabilities
Short-term loans 150,000,000.00 150,000,000.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Financial liabilities measured at fair
value with variations accounted into
36
current income account
Derivative financial liabilities
Bill payable
Account payable 141,853,033.21 150,799,208.60
Advance payment 4,554,050.73 4,868,022.79
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 2,842,870.41 2,808,275.72
Tax payable 40,690,666.11 11,575,093.74
Interest payable 57,625,780.31 24,473,342.31
Dividend payable 20,397,258.54 11,148,088.30
Other account payable 206,927,408.63 369,325,097.99
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 117,480,000.00 400,480,000.00
Other current liability
Total of current liability 742,371,067.94 1,125,477,129.45
Non-current liabilities：
Long-term loan 4,368,440,000.00 4,393,840,000.00
Bond payable 997,000,000.00 997,000,000.00
Including：preferred stock
Sustainable debt
Long-term payable 52,022,210.11 2,022,210.11
Long-term payable employees’s
remuneration
Special payable
Expected liabilities
Differed income
Differed income tax liability 123,902,697.91 124,150,064.67
Other non-current liabilities
Total non-current liabilities 5,541,364,908.02 5,517,012,274.78
Total of liability 6,283,735,975.96 6,642,489,404.23
37
Owners’ equity
Share capital 1,257,117,748.00 1,257,117,748.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 1,534,771,223.07 1,534,771,223.07
Less：Shares in stock
Other comprehensive income 743,405,623.04 630,483,249.92
Special reserves
Surplus reserves 253,056,237.77 253,056,237.77
Common risk provision
Undistributed profit 1,446,891,612.58 1,340,748,017.33
Total of owner’s equity belong to the
5,235,242,444.46 5,016,176,476.09
parent company
Minority shareholders’ equity 881,224,947.41 854,840,066.10
Total of owners’ equity 6,116,467,391.87 5,871,016,542.19
Total of liabilities and owners’ equity 12,400,203,367.83 12,513,505,946.42
Legal Representative:Zhu Zhanliang
Person in charge of accounting：Fang Zhi
Accounting Dept Leader: Liu Xiaomei
38
2.Parent Company Balance Sheet
In RMB
Items At the end of term Beginning of term
Current asset：
Monetary fund 404,534,875.86 332,632,828.69
Financial assets measured at fair value
with variations accounted into current
income account
Derivative financial assets
Bill receivable
Account receivable
Prepayments 1,000,000.00 1,250,000.00
Interest receivable 347,083.33 387,936.10
Dividend receivable 65,841,578.08
Other account receivable 2,458,730.61 2,536,246.24
Inventories
Assets held for sales
Non-current asset due in 1 year
Other current asset 130,000,000.00 170,603,625.00
Total of current assets 604,182,267.88 507,410,636.03
Non-current assets：
Disposable financial asset 2,059,541,601.57 1,946,619,228.45
Expired investment in possess
Long-term receivable
Long term share equity investment 5,104,401,901.26 5,108,422,809.68
Property investment 3,664,152.93 3,896,259.63
Fixed assets 4,575,949.04 5,463,902.97
Construction in progress
Engineering material
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 1,093,036.70 1,007,811.70
39
R & D petrol
Goodwill
Long-germ expenses to be amortized 4,112,396.30 4,955,719.12
Differed income tax asset
Other non-current asset 78,000,000.00 78,000,000.00
Total of non-current assets 7,255,389,037.80 7,148,365,731.55
Total of assets 7,859,571,305.68 7,655,776,367.58
Current liabilities
Short-term loans
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Bill payable
Account payable
Advance payment
Employees’ wage payable 801,073.74 955,391.47
Tax payable 3,553,117.12 1,640,343.15
Interest payable 52,579,629.01 17,902,360.98
Dividend payable 11,915,654.95 11,148,088.30
Other account payable 5,073,744.36 3,342,843.69
Liabilities held for sales
Non-current liability due in 1 year
Other current liability 231,773,893.28 249,803,653.80
Total of current liability 305,697,112.46 284,792,681.39
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
Including：preferred stock
Sustainable debt
Long-term payable 52,022,210.11 2,022,210.11
Employees’ wage payable
Special payable
Expected liabilities
Differed income
40
Differed income tax liability
Other non-current liabilities
Total of Non-current liabilities 2,549,022,210.11 2,499,022,210.11
Total of liability 2,854,719,322.57 2,783,814,891.50
Owners’ equity
Share capital 1,257,117,748.00 1,257,117,748.00
Other equity instrument
Including：preferred stock
Sustainable debt
Capital reserves 1,534,919,363.82 1,534,919,363.82
Less：Shares in stock
Other comprehensive income 743,405,623.04 630,483,249.92
Special reserves
Surplus reserves 253,056,237.77 253,056,237.77
Undistributed profit 1,216,353,010.48 1,196,384,876.57
Total of owners’ equity 5,004,851,983.11 4,871,961,476.08
Total of liabilities and owners’ equity 7,859,571,305.68 7,655,776,367.58
41
3.Consolidated Profit statement
In RMB
Item Report period Same period of the previous year
I. Income from the key business 724,392,887.59 688,716,891.86
Incl：Business income 724,392,887.59 688,716,891.86
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 639,850,241.10 674,784,919.23
Incl：Business cost 360,698,877.33 369,614,599.73
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 25,952,786.32 25,283,803.81
Sales expense
Administrative expense 69,132,844.52 76,476,533.85
Financial expenses 183,994,351.27 205,409,981.84
Asset impairment loss 71,381.66 -2,000,000.00
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 231,671,735.25 221,691,147.54
Incl: investment gains from affiliates 187,060,105.38 179,155,666.77
Gains from currency exchange（“-”for
loss）
III. Operational profit（“-”for loss） 316,214,381.74 235,623,120.17
Add ：Non-operational income 5,697,722.91 1,404,438.99
Including：Income from disposal of
3,578.00 1,500.00
non-current assets
Less：Non business expenses 609,026.04 2,395,791.21
Incl：Loss from disposal of non-current 365,730.09 574,948.41
42
assets
IV.Total profit(“-”for loss) 321,303,078.61 234,631,767.95
Less：Income tax expenses 54,004,634.55 31,692,786.86
V. Net profit 267,298,444.06 202,938,981.09
Net profit attributable to the owners of
231,855,370.05 178,192,944.02
parent company
Minority shareholders’ equity 35,443,074.01 24,746,037.07
VI. Other comprehensive income 112,922,373.12 -28,230,593.28
Net of profit of other comprehensive inco
me attributable to owners of the parent co 112,922,373.12 -28,230,593.28
mpany.
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent accounting
period
1.Re-measurement of defined benefit pla
ns of changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclass
ified into profit or loss.
（II）
Other comprehensive income that will be 112,922,373.12 -28,230,593.28
reclassified into profit or loss.
1.Other comprehensive income under the
equity method investee can be reclassifie
d into profit or loss.
2.Gains and losses from changes in fair v
112,922,373.12 -28,230,593.28
alue available for sale financial assets
3.Held-to-maturity investments reclassifi
ed to gains and losses of available for sal
e financial assets
4.The effective portion of cash flow hedg
es and losses
5.Translation differences in currency fina
ncial statements
6.Other
7.Net of profit of other comprehensive in
come attributable to Minority
43
shareholders’ equity
VII. Total comprehensive income 380,220,817.18 174,708,387.81
Total comprehensive income attributable
344,777,743.17 149,962,350.74
to the owner of the parent company
Total comprehensive income
35,443,074.01 24,746,037.07
attributable minority shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.18 0.14
(II)Diluted earnings per share 0.18 0.14
The current business combination under common control, the net profits of the combined party bef
ore achieved net profit of RMB 0, last period the combined party realized RMB 0.
Legal Representative:Zhu Zhanliang
Person in charge of accounting：Fang Zhi
Accounting Dept Leader: Liu Xiaomei
44
4. Profit statement of the Parent Company
In RMB
Items Report period Same period of the previous year
I. Income from the key business 9,327,468.61 22,907,325.49
Incl：Business cost 232,106.70 232,106.70
Business tax and surcharge 573,183.35 1,313,133.51
Sales expense
Administrative expense 37,108,447.40 38,695,469.38
Financial expenses 85,517,724.54 99,941,995.83
Asset impairment loss
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 259,765,299.53 222,490,995.39
Incl: investment gains from affiliates 187,979,091.58 179,955,514.62
II. Operational profit（“-”for loss） 145,661,306.15 105,215,615.46
Add ：Non-operational income 26,300.00 37,574.60
Including：Income from disposal
of non-current assets
Less：Non business expenses 7,697.44 351,800.00
Incl：Loss from disposal of
7,577.44 351,800.00
non-current assets
III.Total profit(“-”for loss) 145,679,908.71 104,901,390.06
Less：Income tax expenses
IV. Net profit（“-”for net loss） 145,679,908.71 104,901,390.06
V.Net of profit of other comprehensive i
112,922,373.12 -28,230,593.28
ncome
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under th
e equity method investee can not be recl
assified into profit or loss.
45
（II）
Other comprehensive income that will b 112,922,373.12 -28,230,593.28
e reclassified into profit or loss.
1.Other comprehensive income under th
e equity method investee can be reclassi
fied into profit or loss.
2.Gains and losses from changes in fair
112,922,373.12 -28,230,593.28
value available for sale financial assets
3.Held-to-maturity investments reclassif
ied to gains and losses of available for s
ale financial assets
4.The effective portion of cash flow hed
ges and losses
5.Translation differences in currency fin
ancial statements
6.Other
VI. Total comprehensive income 258,602,281.83 76,670,796.78
VII. Earnings per share：
（I）Basic earnings per share
(II)Diluted earnings per share
46
5. Consolidated Cash flow statement
In RMB
Items Report period Same period of the previous year
I.Cash flows from operating activities
Cash received from sales of goods or
672,259,773.36 620,179,322.98
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
43,075,421.25 89,206,337.64
operation
Sub-total of cash inflow 715,335,194.61 709,385,660.62
Cash paid for purchasing of
37,367,318.01 45,413,383.90
merchandise and services
Net increase of client trade and advance
Net increase of savings n central bank
and brother company
Cash paid for original contract claim
Cash paid for interest, processing fee
and commission
Cash paid for policy dividend
47
Cash paid to staffs or paid for staffs 96,873,332.93 102,801,679.64
Taxes paid 44,849,265.73 33,837,595.01
Other cash paid for business activities 18,163,647.19 26,391,900.83
Sub-total of cash outflow from business
197,253,563.86 208,444,559.38
activities
Cash flow generated by business
518,081,630.75 500,941,101.24
operation, net
II.Cash flow generated by investing
Cash received from investment
40,549,909.00
retrieving
Cash received as investment gains 197,998,345.87 52,650,682.13
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 3,578.00 11,180.00
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 2,000,000.00
Sub-total of cash inflow due to
238,551,832.87 54,661,862.13
investment activities
Cash paid for construction of
fixed assets, intangible assets 79,464,279.11 156,356,280.32
and other long-term assets
Cash paid as investment 71,036,956.00
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
79,464,279.11 227,393,236.32
investment activities
Net cash flow generated by investment 159,087,553.76 -172,731,374.19
III.Cash flow generated by financing
Cash received as investment
Incl: Cash received as investment from
minor shareholders
Cash received as loans 50,000,000.00 60,000,000.00
Cash received from bond placing
48
Other financing –related ash received
Sub-total of cash inflow from financing
50,000,000.00 60,000,000.00
activities
Cash to repay debts 433,400,000.00 166,085,000.00
Cash paid as dividend, profit, or
272,155,197.00 242,293,336.78
interests
Incl: Dividend and profit paid by
24,591,472.01
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
708,555,197.00 411,378,336.78
financing activities
Net cash flow generated by financing -658,555,197.00 -351,378,336.78
IV. Influence of exchange rate
-500,338.15 -277,557.39
alternation on cash and cash equivalents
V.Net increase of cash and cash
18,113,649.36 -23,446,167.12
equivalents
Add: balance of cash and cash
561,800,403.72 976,468,685.82
equivalents at the beginning of term
VI ..Balance of cash and cash
579,914,053.08 953,022,518.70
equivalents at the end of term
49
6. Cash Flow Statement of the Parent Company
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or
2,941,717.07 2,281,772.56
rending of services
Tax returned
Other cash received from business
106,775,060.83 10,312,629.10
operation
Sub-total of cash inflow 109,716,777.90 12,594,401.66
Cash paid for purchasing of
merchandise and services
Cash paid to staffs or paid for staffs 24,072,836.07 24,746,877.91
Taxes paid 743,853.55 1,807,778.31
Other cash paid for business activities 133,568,926.05 185,272,667.71
Sub-total of cash outflow from business
158,385,615.67 211,827,323.93
activities
Cash flow generated by business
-48,668,837.77 -199,232,922.27
operation, net
II.Cash flow generated by investing
Cash received from investment
40,549,909.00
retrieving
Cash received as investment gains 197,998,345.87 126,425,098.17
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 4,500.00
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 6,323,061.11 515,824,040.28
Sub-total of cash inflow due to
244,871,315.98 642,253,638.45
investment activities
Cash paid for construction of
fixed assets, intangible assets 294,728.41 1,387,080.63
and other long-term assets
Cash paid as investment 71,036,956.00
50
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
375,000,000.00
activities
Sub-total of cash outflow due to
294,728.41 447,424,036.63
investment activities
Net cash flow generated by investment 244,576,587.57 194,829,601.82
III.Cash flow generated by financing
Cash received as investment
Cash received as loans 50,000,000.00
Cash received from bond placing
Other financing –related ash received
Sub-total of cash inflow from
50,000,000.00
financing activities
Cash to repay debts
Cash paid as dividend, profit, or
170,505,364.48 110,604,327.83
interests
Other cash paid for financing activities 3,000,000.00 3,000,000.00
Sub-total of cash outflow due to
173,505,364.48 113,604,327.83
financing activities
Net cash flow generated by financing -123,505,364.48 -113,604,327.83
IV. Influence of exchange rate
-500,338.15 -277,557.39
alternation on cash and cash equivalents
V.Net increase of cash and cash
71,902,047.17 -118,285,205.67
equivalents
Add: balance of cash and cash
332,632,828.69 782,174,175.59
equivalents at the beginning of term
VI .Balance of cash and cash
404,534,875.86 663,888,969.92
equivalents at the end of term
51
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
Amount in this period
Owner’s equity Attributable to the Parent Company
Other Equity instrusment Minor
Items Less: Other Specializ Common Total of owners’
Prefer Attributable shareholders’
Share Capital Capital reserves Shares Comprehensive ed Surplus reserves risk equity
red Sustainable Other profit equity
in stock Income reserve provision
stock debt
I.Balance at the 1,534,771,223.0
1,257,117,748.00 630,483,249.92 253,056,237.77 1,340,748,017.33 854,840,066.10 5,871,016,542.19
end of last year 7
Add: Change of
accounting
policy
Correcting of
previous errors
Merger of
entities under
common control
Other
II.Balance at the 1,534,771,223.0
1,257,117,748.00 630,483,249.92 253,056,237.77 1,340,748,017.33 854,840,066.10 5,871,016,542.19
beginning of 7
52
current year
III.Changed in
112,922,373.12 106,143,595.25 26,384,881.31 245,450,849.68
the current year
（1）Total
comprehensive 112,922,373.12 231,855,370.05 35,443,074.01 380,220,817.18
income
（II）Investment
or decreasing of
capital by
owners
1．Ordinary Shar
es invested by ha
reholders
2．Holders of oth
er equity instrum
ents invested cap
ital
3．Amount of
shares paid and
accounted as
owners’ equity
4．Other
（III）Profit
-125,711,774.80 -9,058,192.70 -134,769,967.50
allotment
53
1.Providing of
surplus reserves
2.Providing of
common risk
provisions
3．Allotment to
the owners (or -125,711,774.80 -9,058,192.70 -134,769,967.50
shareholders)
4．Other
(IV) Internal
transferring of
owners’ equity
1. Capitalizing
of capital
reserves (or to
capital shares)
2. Capitalizing
of surplus
reserves (or to
capital shares)
3．Making up
losses by surplus
reserves.
54
4. Other
(V). Special
reserves
1. Provided this
year
2．Used this term
（VI）Other
IV. Balance at
1,534,771,223.0
the end of this 1,257,117,748.00 743,405,623.04 253,056,237.77 1,446,891,612.58 881,224,947.41 6,116,467,391.87
7
term
55
Amount in last year
In RMB
Amount in last year
Owner’s equity Attributable to the Parent Company
Other Equity
instrusment Minor
Items Total of owners’
Less: Other Common
Specialize shareholders’
Share Capital Capital reserves Shares Comprehensive Surplus reserves risk Attributable profit equity
Prefer equity
Sustai d reserve
red Other in stock Income provision
nable
stock
debt
I.Balance at the
1,257,117,748.00 1,534,758,715.57 108,217,274.24 233,750,778.75 1,104,154,555.90 814,745,363.37 5,052,744,435.83
end of last year
Add: Change of
accounting
policy
Correcting of
previous errors
Merger of
entities under
common control
Other
II.Balance at the 1,257,117,748.00 1,534,758,715.57 108,217,274.24 233,750,778.75 1,104,154,555.90 814,745,363.37 5,052,744,435.83
56
beginning of
current year
III.Changed in
12,507.50 522,265,975.68 19,305,459.02 236,593,461.43 40,094,702.73 818,272,106.36
the current year
（1）Total
comprehensive 522,265,975.68 318,754,807.85 40,094,702.73 881,115,486.26
income
（II）Investment
or decreasing of
12,507.50 12,507.50
capital by
owners
1．Ordinary Shar
es invested by h
areholders
2．Holders of ot
her equity instru
ments invested c
apital
3．Allotment to
the owners (or
shareholders)
4．Other 12,507.50 12,507.50
(IV) Internal
19,305,459.02 -82,161,346.42 -62,855,887.40
transferring of
57
owners’ equity
1. Capitalizing
of capital
19,305,459.02 -19,305,459.02
reserves (or to
capital shares)
2. Capitalizing
of surplus
reserves (or to
capital shares)
3．Making up
losses by -62,855,887.40 -62,855,887.40
surplus reserves.
4. Other
(VI )Special
reserves
1. Provided this
year
2．Used this
term
（VII）Other
IV. Balance at
the end of this
term
58
(V) Special
reserves
1. Provided this
year
2．Used this
term
（VI）Other
IV. Balance at
the end of this 1,257,117,748.00 1,534,771,223.07 630,483,249.92 253,056,237.77 1,340,748,017.33 854,840,066.10 5,871,016,542.19
term
59
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
Amount in this period
Other Equity instrusment
Other
Items Less: Shares Surplus Common risk Attributable Total of owners’
Share Capital Preferred Capital reserves Comprehensive
Sustainable Other in stock reserves provision profit equity
stock Income
debt
I.Balance at the end of
1,257,117,748.00 1,534,919,363.82 630,483,249.92 253,056,237.77 1,196,384,876.57 4,871,961,476.08
last year
Add: Change of
accounting policy
Correcting of previous
errors
Other
II.Balance at the
beginning of current 1,257,117,748.00 1,534,919,363.82 630,483,249.92 253,056,237.77 1,196,384,876.57 4,871,961,476.08
year
III.Changed in the
112,922,373.12 19,968,133.91 132,890,507.03
current year
60
（I）Total
112,922,373.12 145,679,908.71 258,602,281.83
comprehensive income
(II) Investment or
decreasing of capital by
owners
1．Ordinary Shares inve
sted by hareholders
2．Holders of other equi
ty instruments invested
capital
3.Amount of shares
paid and accounted as
owners’ equity
4．Other
（III）Profit allotment -125,711,774.80 -125,711,774.80
1.Providing of surplus
reserves
2．Allotment to the
owners (or -125,711,774.80 -125,711,774.80
shareholders)
3．Other
(IV)Internal
transferring of owners’
61
equity
1. Capitalizing of
capital reserves (or to
capital shares)
2. Capitalizing of
surplus reserves (or to
capital shares)
3．Making up losses
by surplus reserves.
4. Other
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
IV. Balance at the end
1,257,117,748.00 1,534,919,363.82 743,405,623.04 253,056,237.77 1,216,353,010.48 5,004,851,983.11
of this term
62
Amount in last year
In RMB
Amount in last year
Other Equity instrusment
Less: Other
Items Surplus Common risk Total of owners’
Share Capital Preferred Capital reserves Shares in Comprehensive Attributable profit
Sustainable Other reserves provision equity
stock stock Income
debt
I.Balance at the end of
1,257,117,748.00 1,534,906,856.32 108,217,274.24 233,750,778.75 1,085,491,632.83 4,219,484,290.14
last year
Add: Change of
accounting policy
Correcting of previous
errors
Other
II.Balance at the
beginning of current 1,257,117,748.00 1,534,906,856.32 108,217,274.24 233,750,778.75 1,085,491,632.83 4,219,484,290.14
year
III.Changed in the
12,507.50 522,265,975.68 19,305,459.02 110,893,243.74 652,477,185.94
current year
（I）Total
522,265,975.68 193,054,590.16 715,320,565.84
comprehensive income
(II) Investment or 12,507.50 12,507.50
63
decreasing of capital
by owners
1．Ordinary Shares inv
ested by hareholders
2．Holders of other equ
ity instruments investe
d capital
3.Amount of shares
paid and accounted as
owners’ equity
4．Other 12,507.50 12,507.50
（III）Profit allotment 19,305,459.02 -82,161,346.42 -62,855,887.40
1.Providing of surplus
19,305,459.02 -19,305,459.02
reserves
2．Allotment to the
owners (or -62,855,887.40 -62,855,887.40
shareholders)
3．Other
(IV)Internal
transferring of owners’
equity
1. Capitalizing of
capital reserves (or to
64
capital shares)
2. Capitalizing of
surplus reserves (or to
capital shares)
3．Making up losses
by surplus reserves.
4. Other
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
IV. Balance at the end
1,257,117,748.00 1,534,919,363.82 630,483,249.92 253,056,237.77 1,196,384,876.57 4,871,961,476.08
of this term
65
Notes to financial statements
January -June 2015
I. Com pany Pr of il e
(1).H i st ory
1.The Company was established in February 1993, which was originally named as Guangdong Fokai
Expressway Co., Ltd. On June 30, 1993, it was renamed as Guangdong Provincial Expressway
Development Co., Ltd. after reorganization pursuant to the approval of the Office of Joint Examination
Group of Experimental Units of Share Holding System with YLSB (1993)No. 68 document. The share
capital structure after reorganization is as follows:
Composition of state-owned shares: The appraised net value of state-owned assets of Guangdong
Jiujiang Bridge Co. and Guangfo Expressway Co., Ltd. as of January 31, 1993 confirmed by Guangdong
State-owned Asset Management Dept., i.e.,RMB 418.2136 million, was converted into 155.025 million
shares. Guangdong Expressway Co. invested cash of RMB 115 million to subscribe for 35.9375 million
shares. Other legal persons invested cash of RMB 286.992 million to subscribe for 89.685 million shares.
Staff of the Company invested RMB 87.008 million to subscribe for 27.19 million shares. The total is
RMB 307.8375.
2.Pursuant to the approval of Guangdong Economic System Reform Committee and Guangdong
Securities Regulatory Commission with YTG (1996) No. 67 document, part of the shareholders of
non-state-owned legal person shares transferred 20 million non-state-owned legal person shares to
Malaysia Yibao Engineering Co., Ltd. in June 1996.
3. Pursuant to the approval of Securities Commission under the State Council with WF (1996) No. 24
approval document and that of Guangdong Economic System Reform Committee with YTG (1996) No.
68 document, the Company issued 135 million domestically listed foreign investment shares (B shares)
to overseas investors at the price of HKD 3.54 (equivalent to RMB 3.8) with the par value of each share
being RMB 1 during June to July 1996.
4.Pursuant to the reply of the Ministry of Foreign Trade and Economic Cooperation of the People’ s
Republic of China with (1996) WJMZYHZ No. 606 document, the Company was approved to be a
foreign-invested joint stock company limited.
5．The Company distributed dividends and capitalized capital common reserve for the year 1996 in the
following manner: The Company paid 1.7 bonus shares f or each 10 shares and capitalized capital
common reserve on 3.3-for-10 basis.
6. Pursuant to the approval of China Securities Regulatory Committee (CSRC) with ZJFZ (1997) No.
486 and No. 487 document, the Company issued 100 million public shares (A shares) at the price of
RMB 5.41 in term of “payable in full on application, pro-rate placing and subject to refund” with the
par value of each share being RMB 1 in January 1998.
7．In accordance with the Resolutions of the 1999 Shareholders’ General Meeting of the Company and
pursuant to the approval of Guangzhou Securities Regulatory Office under CSRC with GZZJH (2000)
No. 99 and that of CSRC with ZJGSZ (2000) No. 98, the Company offered 3 Rights for every 10 shares
of 764.256249 million shares at the price of RMB 11 per Right.73,822,250 ordinary shares were actually
placed to all
8. Pursuant to the reply of the General Office of the People’ s Government of Guangdong Province
with YBH (2000) No. 574 document, the state-owned shares were transferred to Guangdong
Communication Group Co., Ltd. (Group Co.) for holding and management without compensation.
66
9.Pursuant to the approval of Shenzhen Stock Exchange, 53.0205 million staff shares of the Company
(132,722 shares held by directors, supervisors and senior executives are temporarily frozen) were listed
on February 5, 2001.As of June 30, 2015, the quantity of the shares subject to sale restriction held by
senior executives is 161,453.
10.In accordance with the resolutions of 2000 annual shareholders ’ general meeting, the Company
capitalized capital common reserve into 419,039,249 shares on 5-for-10 basis with the total share capital
as of the end of 2000, i.e., 838,078,499 shares as base. The date of stock right registration was May 21,
2001. The ex-right date was May 22, 2001.
11 ． On March 8, 2004,As approved by China Securities Regulatory Commission by document
Zheng-Jian-Gong-Si-Zi [2003]No.3, the 45,000,000 non-negotiable foreign shares were placed in
Shenzhen Stock
12. On December 21, 2005, the Company's plan for share holding structure reform was voted through at
the shareholders' meeting concerning A shares. On January 26 2006, The Ministry of Commerce of PRC
issued “ The approval on share converting of Guangdong Provincial Expressway Development Co.,
Ltd.” to approve the share equity relocation and transformation. On October 9 2006, according to the
“ Circular about implementing of share equity relocation and relative trading ” issued by Shenzhen
Stock Exchange, the abbreviation ID of the Company’s A shares was restored from “G-Expressway”
“Expressway A”
(2)Organization structure and the actual controller of the Company
As of June 30, 2015，Registration capital :RMB1,257,117,748，Legal representative：Zhu Zhanliang，
Registration place:No.85, Baiyun Road, Guangzhou, Headquarters Office: 45-46/F, Litong Plaza, No.32,
Zhujiang East Road, Zhujiang New City, Tihe Disrtict , Guangzhou ， The company has set up:
Investment Development Dept, Security Affairs Department, Management Department, Financial
Management Department, Base construction Department, Audit and Supervise Department, Affairs
Department, Personnel Department , Party Work Department, Law affairs Department and Labour union
etc.
Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal
representative: Li Jing. Date of establishment: June 23, 2000. As of June 30, 2015,Registered capital:
RMB 26.8 billion. It is a solely state-owned limited company. Business scope ： equity management,
organization of asset reorganization and optimized allocation, raising funds by means including
mortgage, transfer of property rights and joint stock system transformation, project investment,
operation and management, traffic infrastructure construction, highway and railway project operation
and relevant industries, technological development, application, consultation and services, highway and
railway passenger and cargo transport, ship industry, relevant overseas businesses; The value-added
telecom business.
（3）The company’s main business and share ,Holding company
The company operated the construction of the highway construction, grading roads, bridges;Managemen
t fees and maintenance of roads, bridges, and car rescue, maintenance, cleaning, concurrently with the co
mpany's business supporting motor transport, warehousing operations.
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway,
investment in technological industries and provision of relevant consultation while investing in Shenzhe
n Huiyan Expressway Co., Ltd., Guangdong Maozhan Expressway Co.,Ltd, Guangzhou Guanghui Expr
essway Co., Ltd.,Jingzhu Expressway Guangzhu Co., Ltd.,Guangdong Jiangzhong Expressway Co., Ltd.,
Zhaoqing Yuezhao Expressway Co., Ltd.,Ganzhou Kangda Expressway , Ganzhou Gankang Expresswa
y Co., Ltd.,Guangdong Yueke Technology Micro Loan Co., Ltd.,Guangdong Guangle Expressway
Co.,Ltd. and the Company’s subsidiary Fokai Expressway Co.,Ltd. shares in Asia Kitchen & Bath City
Co., Ltd.
（4）Scope of consolidated financial statements
The company's 2015(Jan-June) annual consolidated subsidiaries of total 3 companies, the scope of conso
67
lidated financial statements did not change compared with the previous period,Refer to Notes VI, Notes
of financial statements ,Change of consolidation scope and Notes VII, Notes of financial statements,
Equity in other entities for more details.
（5）Approval of the financial statements reported
The financial statements have been authorized for issuance by the Board of Directors of the Group on
August 3,2015.
II. Basis for the preparation of financial statements
1. Basis for the preparation of financial statements
The company prepares the financial statements on the basis of a continuous operation, the actual
transactions, “Accounting Standards for Enterprises – Basic Standards”, other accounting standards
& related regulations. Furthermore, all the materials of financial statements of the company meet the
relevant disclosure requirements of financial statements and notes on the “Editing and Reporting Rules
Regarding Information Disclosure for Companies Publicly Issuing Securities No. 15 – General
Regulations for Financial Reporting (revised in 2014) by China Securities Regulatory Commission.
2.Continuation
There will be no such events or situations in the 12 months from the end of the reporting period that
will cause material doubts as to the continuation capability of the Company.
III. Important accounting policies and estimations
1. Statement of Compliance with the Accounting Standards for Business Enterprises
The financial statements prepared by the Company comply with the requirements of corporate
accounting standards. They truly and completely reflect the financial situations, operating results, equity
changes and cash flow, and other relevant information of the company.
2.Fiscal Year
The Company adopts the Gregorian calendar year commencing on January 1 and ending on December
31 as the fiscal year.
3.Operating cycle
An operating cycle for the Company is 12 months, which is also the classification critera for the
liquidity of its assets and liabilities.
4.Standard currency for bookkeeping
The Company takes RMB as the standard currency for bookkeeping.
5.Accountings for Business Combinations under the Same Control & Business Combinations not under
the Same Control
1.Business Combinations under the Same Control
The assets and liabilities acquired by the company in the business combination shall be measured as per
the obtained book value of owner ’ s equity of the combined party in the consolidated financial
statements.As for the balance between the carrying amount of the net assets obtained by the combining
party & the carrying amount of the consideration paid by it (or the total par value of the shares issued),
the additional paid-in capital shall be adjusted. If the additional paid-in capital is not sufficient to be
offset, the retained earnings shall be adjusted.
The direct costs for the business combination of the company, including the expenses for audit,
assessment and legal services, shall be recorded into the profits & losses at the current period.
The handling fees, commissions & other expenses for the issuance of equity securities for the business
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combination shall be credited against the surplus of equity securities; if the surplus is not sufficient, the
retained earnings shall be offset.
Where the accounting policies adopted by the combined parties are different from those adopted by the
company, the company shall adjust them on the combining date according to the accounting policy it
adopts, and shall, pursuant to the Accounting Standards for Enterprises, recognize them on the basis of
such adjustments.
2. Business Combinations not under the Same Control
The assets paid as the consideration for the business combination & the liabilities assumed on the
acquisition date shall be measured in accordance with the fair value. The difference between the fair
value & its carrying amount shall be recorded into the profits & losses at the current period.
The company will distribute the combination costs on the acquisition date.
The company shall recognize the positive balance between the combination costs & the fair value of the
identifiable net assets it obtains from the acquire as Goodwill while it shall record the negative balance
between the combination costs & the fair value of the identifiable net assets it obtains from the acquire
into the profits & losses of the current period.
As for the assets other than intangible assets acquired from the acquire in a business combination (not
limited to the assets which have been recognized by the acquire), if the economic benefits brought by
them are likely to flow into the enterprise and their fair values can be measured reliably, they shall be
separately recognized and measured in light of their fair values. As for any intangible asset acquired in a
combination, if its fair value can be measured reliably, it shall be separately recognized as an intangible
asset and shall measured in light of its fair value. As for the liabilities other than contingent liabilities
acquired from the acquire, if the performances of the relevant obligations are likely to result in any
out-flow of economic benefits from the enterprise, and their fair values can be measured reliably, they
shall be separately recognized and measured in light of their fair values. As for the contingent liabilities
of the acquire obtained in a combination, if their fair values can be measured reliably, they shall be
separately recognized as liabilities and shall be measured in light of their fair values.
（6）.Methods for Preparing the Consolidated Financial Statements
The scope of the consolidated financial statements will be recognized on the basis of controlling. All the
subsidiaries will be included into the consolidated financial statements.
The accounting policies & accounting periods adopted by all the subsidiaries that have been included
into the scope of the consolidated financial statements should be consistent with those adopted by the
company. If the accounting policies & accounting periods adopted by the subsidiaries are different from
those adopted by the company, the company shall make necessary adjustments according to the
accounting policies & accounting periods it adopts when preparing the consolidated financial
statements.
After adjusting the long-term equity investments on its subsidiaries according to the equity method, the
company shall prepare the consolidated financial statements based on the financial statements of the
company & its subsidiaries, and other related documents.
The influences of the internal transactions between the company & its subsidiaries, and its subsidiaries
themselves on the consolidated balance sheet, consolidated profit statement, consolidated cash flow
statement & consolidated statement of changes in owner’ equity will be counteracted at the preparation
of the consolidated financial statements.
The portion of a subsidiary ’ s equity that is not attributable to the parent is treated as minority
shareholders’ interest and presented as “minority interest” in the consolidated balance sheet within
owners’ equity. The portion of net profits or losses of subsidiaries for the period attributable to minority
interest is presented in the consolidated income statement below the“net profit”line item as“minority
interest”. In the consolidated financial statements, when the amount of loss for the period attributable to
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the minority shareholders of a subsidiary exceeds the minority shareholders ’ portion of the opening
balance of owners’equity of the subsidiary, the excess amount should be still allocated against minority
interest.
In the report period, If the subsidiary is added through the business combination under the same control,
the beginning balance of the consolidated balance sheet shall be adjusted. The incomes, expenses &
profits of the subsidiary incurred from the beginning of the current period to the end of the reporting
period shall be included into the consolidated profit statement. The cash flow from the beginning of the
current period to the end of the reporting period shall be included into the consolidated cash flow
statement.
For purchase of minority interests held by the minority shareholders of a subsidiary, when preparing the
consolidated financial statements, the difference between the long-term equity investment newly gained
by buying minority interests and the portion of net assets consistently calculated from the acquisition
date (or the consolidation date) pursuant to newly added shareholding percentage entitled by the
subsidiary should be adjusted to the owners’ equity (the capital reserve). If the capital reserve is not
sufficient to absorb the difference, any excess is adjusted against retained earnings.
In the report period, If the company disposes its subsidiary, the incomes, expenses & profits incurred
from the beginning of the subsidiary to the disposal date shall be included into the consolidated profit
statement. The cash flow from the beginning of the subsidiary to the disposal date shall be included into
the consolidated cash flow statement.
（7）Joint venture arrangements classification and Co-operation accounting treatment
⑴A joint arrangement refers to an arrangemnt jointly controlled by two participants or above.，the joint
venture arrangements include co-operation and joint ventures.
(2)When the joint venture company for joint operations, confirm the following items and share common
business interests related to:
（1）Confirm individual assets and common assets held based on shareholdings;
（2）Confirm individual liabilities and shared liabilities held based on shareholdings;
（3）Confirm the income from the sales revenue of co-operate business output
（4）Confirm the income from the sales of the co-operate business output based on shareholdings;
（5）Confirm the individual expenditure and co-operate business cost based on shareholdings.
⑶
When a company is a joint ventures, joint venture investment will be recognized as long-term equity inv
estments and long-term equity investments are accounted for in accordance with the method of the Note
s to Financial Statements.
（8）Recognition Standard of Cash & Cash Equivalents
The company recognizes its cash in vault & the deposits that are ready for payment at any time as cash
when preparing the cash flow statement.which are featured with short term (expire within 3 months
since purchased), high liquidity, easy to convert to know cash, low in risk of value change, could be
recognized as cash equivalents. Equity investment are not recognized as cash equivalents.
（9）Foreign Currency Transaction
1.Foreign Currency Transaction
For the company with non-functional currency business, the middle rate of the market exchange rate
published by People ’ s Bank of China on the date of occurrence of business are recorded as the
functional currency, and the balances of foreign currency shall be adjusted by the end of the month
according to the middle rate of the market exchange rate published by People’s Bank of China at the
end of period. The differences between the recording currency amount converted by the exchange rate at
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the end of period and the carrying currency amount are as “Finance Costs – Exchange Gains and
Losses ” and recorded into the current profits or losses. The exchange gains and losses related to
borrowings on the fixed assets shall be made treatment according to the principles of borrowing costs
capitalization.
2.Conversion of Foreign Financial statement
If overseas subsidiaries, cooperative enterprises, joint ventures, branches of the company adopt the
different functional recording currency and record the overseas business of the company into the
financial statements through the consolidated statements and the accounting by the equity method, the
overseas financial statements shall be translated as the recording functional currency. Before the
translation, the company shall adjust the accounting period and policy of overseas business in order to
make the consistent adjustment, and translate the overseas financial statements according to the financial
statements of the preparation of corresponding currency after the accounting policy and period adjusted
and as per the following methods:
For the assets and liabilities in the balance sheet, the shot exchange rate on the balance sheet date is
adopted as the translation exchange rate. For the owner ’ s equity, the shot exchange rate on the
transaction date is adopted as the translation exchange rate, with the exception of “ undistributed
profits”.
The incomes and expenses in the income statement shall be translated at the spot exchange rate or the
approximate exchange rate on the transaction date.
The translation gap of financial statement of foreign currency shall be listed under the owner’s equity in
the consolidated balance sheet in the preparation of the consolidated financial statements.
（10）Financial tools
1. Categories of financial Tools
The Company divides the financial assets into four categories: financial assets measured at fair value
and their variations are recognized as current gain/loss, including trade financial assets or financial
liabilities and recognized directly as financial assets measured at fair value and their variations are
recognized as current gain/loss; Investment hold till expiration; loans and account receivable; saleable
financial assets .The company divides the financial liabilities into two categories: financial liabilities
measured at fair value and their variations are recognized as current gain/loss; other financial liabilities.
2. Recognition and measurement of financial tools
(1) Financial assets and liabilities measured at fair value and their variations are recognized as current
gain/loss
The fair value (after deducting of announced but not distributed cash dividend or due but not obtained
bond interests) is recognized as initial amount when obtained.
Interests or cash dividends during the period of holding are recognized as investment gains. The fair
value will be adjusted and accounted as current gain/loss.
When disposed, the differences between fair value and initial amount are recognized as investment gains,
and thus adjust the gain/loss of fair value.
(2) Investment hold till expiration
The fair value (after deducting of due but not obtained bond interests) plus the related trade expenses is
recognized as initial amount when obtained.
Interest gains will be calculated at amortizing of costs and actual interest rate (the face rate is adopted
when the difference between the actual rate and face rate is minor) during the period of holding, and
accounted as investment gains. Actual rate is recognized when obtained, and is not changed in the
predictable holding period or applicable shorter period.
When disposed, the difference between the obtained price and book value is accounted as investment
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gains.
If the company sells or reclassifies large-amount due investments before the expired date (large amount
refers to comparing with the amount before the selling or reclassifying the investments), the company
will reclassify the rest of the investments as financial assets for sale, and in the current accounting period
or within two complete accounting years, no financial assets will be classified as holding due assets,
except for the following situations: the sale date or reclassification date is close to the expired date of the
investment (such as three months before the expired), and the change of interest rate has no significant
influence on the fair value of the investment; after all the initial principal is mostly recovered according
to periodic payments or repay in advance regulated in the contract, the rest part will be sold or
reclassified; the sale and reclassification is caused by the independent events which are uncontrollable
and unexpected and will not happen any more.
(3) Account receivable
The receivable debts of selling goods or providing services, and the credits of other company hold by the
company not including the debt which has price in active market, including accounts receivable, notes
receivable, prepaid accounts, other receivables, long-term receivables, etc. The contract or agreement
price charging from purchaser should be taken as the initial confirmation amount; if it has the nature of
financing, it should be confirmed according its current value.
When retrieved or disposed of, the difference between the actual received amount and the book value is
accounted as current gain/loss.
(4) Saleable financial assets
The fair value (after deducting of announced but not distributed cash dividend or due but not obtained
bond interests) plus the related trade expenses is recognized as initial amount when obtained.
Interest or cash dividend occurred during the period of holding is recognized as investment gains.
Change of fair value is accounted as capital reserves (other capital reserves) at the end of term.
When disposed, the difference between the obtained price and book value is accounted as investment
gains. Meanwhile, the corresponding part of accumulated change of fair value accounted as owners ’
equity is transferred into investment gain/loss.
(5) Other financial liabilities
Other financial liabilities are recognized initially at the sum of fair value and related trade expenses.
Successive measurement will be on the basis of amortized costs.
3. Recognition and measurement basis of financial asset transposition
When financial asset transposition occurred, the recognition of this particular financial asset is
terminated if almost all risks and rewards attached to the asset have been transferred to the acceptor. If
retain all the risks and rewards of ownership of financial assets, the financial assets can be confirmed.
When determine whether the transfer of financial assets meet the conditions of confirmation of the
above financial assets, the principle of substance being more important than form should be adopted.
The transfer of financial assets can be divided into overall transfer and part transfer of financial assets. If
the transfer of financial assets meet the conditions of terminating confirmation, the following the
difference of the two amounts will be included in the current profit and loss:
(1) Book value of the financial asset to be transposed;
(2) The sum of price received due to the transposition, and the accumulation of change in fair value
originally accounted as owners’ equity (when the asset to be transposed is saleable financial asset).
If part transfer of financial assets meet the conditions of terminating confirmation, the book value of the
transferred financial assts, the difference between the confirmed part and the unconfirmed part (in this
case, the service assets retained should be deemed as the part of unconfirmed financial assets), should be
amortized in accordance with their relative fair value, and the difference between the following two
amount should be included current profit and loss:
① Book value of the confirmed part;
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②All fair values of financial assets and financial liabilities are recognized with reference to the price in
the active market.
If the transfer of financial assets does not meet the conditions of terminating confirmation, the financial
assets should be confirmed again, the prices received will recognized as financial liabilities.
4.The conditions to stopping the financial liabilities
The obligation of financial liabilities are already cancelled which should be stopped confirming the
financial liability or the part of it. Our company could stop confirming the currently financial liability
and begin to confirm the newly financial liability if the loaner made an agreement that they would
assume the new way of financial liability which replace the current one, and make sure the newly
financial liability is totally different from the old one in contract with our company.
Stop admitting the financial liability or a part of it, and at mean time we could admit the newly financial
liability which is in new insertions of contract as the newly financial liability if the current financial
liability has been revised.
Stop admitting the balance of value of financial liability and consideration (Including the roll-out of
non-cash assets or financial liabilities) which could be consider as current profits and losses.
Stop and continue admitting a part of value, and distribute the value of financial liability, if our company
repurchased the part of financial liability. And the balance of value of which distributed to the part of
stopping admitting and paid (Including the roll-out of non-cash assets or financial liabilities) which
could be consider as current profits and losses.
5.Recognition basis of financial assets and financial liabilities
All fair values of financial assets and financial liabilities are recognized with reference to the price in the
active market（Using valuation technique, etc）.
6. Impairment provision for financial assets
①Impairment provision for financial assets for sale:
If the fair value of financial assets for sale greatly drops at the end of the period, or after considering all
the relevant factors and expecting decrease trend is non-temporary, the impairment should be confirmed,
and the accumulative loss formed by the decrease of fair value of owner’s equity originally included
should be transferred out altogether and confirmed as impairment loss.
②Holding the impairment provision of expired investments:
The measurement of holding the impairment provision of expired investment will be according to the
method of the measurement of impairment provision for receivables.
（11）Recognition criteria and withdrawal methods for bad debts provision of accounts receivable
(1)Accounts receivable with material specific amount and specific provisioned bad bebt preparation.
①Judgment criteria or amount standard of material specific amount or amount criterial：The accounts
receivable whose single amount is over RMB 1 million & accounts for over 10% of the accounts
receivable amount.
② Provision method with material specific amount and provision of specific bad debt preparation ：
Conduct the devalue test separately. Set up the bad debt reserve according to the shortfall of the present
value of expected future cash flows against its carrying amount and record it into the profits & losses at
the current period.
⑵Accounts receivable which the bad debt provision is withdrawn by credit risk characteristics
①The adopting aging analysis method：The accounts receivable whose single amount is over RMB 1
million & accounts for over 10% of the accounts receivable amount. the accounts receivable under 5
years of age which are not significant without any business connections any more.
②In the Groups, adopting aging analysis method to withdraw bad debt provision
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Withdrawal proportion for accounts Withdrawal proportion for other
Age
receivable accounts receivable(%)
Within 1 year (including 1 year) 0 0
1－2 years 10 10
2－3 years 30 30
3－4 years 50 50
4－5 years 90 90
Over 5 years 100 100
When the provision for bad debts is summed and drew by age analysis, it will be counted with the
balance of the C/A between the subsidiary in the scope of consolidated statements which has been
deducted by the ending receivables.
B. Other counting methods for bad-debt provisions:
Launching impairment test separately and summing and drawing the the provision for bad debts
according to the gap whose expected future value of cash flow is lower than its book value to count into
current profit and loss
The determining basis and methods of counting for for bad-debt provisions for the no significant amount
but counted separately receivables.
① The determining basis of bad-debt provisions for the no significant amount but separately counted
receivables:The accounts receivable under 5 years of age which are not significant without any business
connections any more.
② Recognition Standard and Counting & Drawing Method of Bad Debt Reserves for the Accounts
Receivable Whose Single Amount Is not Significant：Conduct the devalue test separately. Set up the bad
debt reserve according to the shortfall of the present value of expected future cash flows against its
carrying amount and record it into the profits & losses at the current period
（12）Inventory
1.Investories class: The company ’ s stocks can be classified as: raw materials, inventory goods,
low-value consumables & other materials, etc.
2. Valuation method of inventory issued :The company calculates the prices of its inventories according
to the weighted averages method or the first-in first-out method.
3. Recognition Basis of Inventories ’ Net Realizable Values and Counting & Drawing Method of
Obsolete Inventory Reserves:After taking stock at the end of the period,
4. Inventory System:Adopts the Perpetual Inventory System
（13）Divided as assets held for sale
In the presence of the following conditions are satisfied when non-current assets or a part of the compan
y is classified as held for sale:
(1) The components should be immediately sold under the current condition only according to the usual
terms of the parts sold.
(2) The enterprise has made resolution for the disposal of the components, the approval of shareholders’
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meeting or relevant authority agency if the shareholder’s approval is requested by the rules.
(3) The enterprise has signed the irrevocable transfer agreement with the transferee.
(4) The transfer shall be completed within one year.
For the non-current assets held for sale (excluding the financial assets and the deferred income tax
assets), the less amount after the book value and fair value respectively minus the disposal costs shall be
presented as Divided as assets held for sale assets. If the amount of the fair value minus the disposal
costs is less than that of the original book value, the assets impairment loss shall be recognized.
（14）Long-term equity investment
The Classification of Long-term Equity Investments
The long-term equity investments of the company should include the investments in the subsidiaries and
the investments in cooperative enterprises and joint ventures.
(2) The Recognition of Investment Cost
For the business combination under common control and the combining party paying in cash,
transferring non-monetary assets, bearing debts or issuing the equity securities as the consideration, the
initial investment cost shall be recognized according to the shares of the book value in the consolidated
financial statement of the ultimate controlling party that acquired by the combined party on the
combination date. The capital reserves shall be adjusted for the difference between the initial investment
cost of long-term equity investment and the book value of the paid cash, the transferred non-monetary
assets and the borne debts. The retained earnings shall be adjusted if the capital reserves are insufficient
to offset.
For the long-term equity investment after the business combination under common control realized
step-by-step through multiple transactions, the shares of the book value of the owner’ s equity of the
combined party shall be as the initial investment cost in the individual financial statements and the
consolidated financial statements as per the shareholding proportion. The capital reserves shall be
adjusted for the balance between the sums of the book value of the equity investment of the combined
party held on the combination date and the new investment cost increased on the combination date
minus the initial investment cost of long-term equity investment. The retained earnings shall be adjusted
if the capital reserves are insufficient to offset.
② For the business combination under non-common control, the initial investment cost shall be
recognized according to the fair value of the merger consideration paid on the purchase date. For the
long-term equity investment after the business combination under non-common control realized
step-by-step through multiple transactions, the relevant accounting treatment should be respectively
conducted for the individual financial statement and the consolidated financial statements: 1) In the
individual financial statements, the sum of the book value of equity investment from the purchased party
held before the purchase date and the new investment cost at the purchase date shall be as the initial
investment cost of the investment. Other comprehensive incomes related to the equity of the purchased
party held before the purchase date shall be transferred into the current investment incomes in the
disposal of the investment. 2) In the consolidated financial statements, the equity of the purchased party
held before the purchase date should be measured again according to the fair value of the equity on the
purchase date, and the gap of the fair value and the book value should be recorded into the current
investment incomes. Other comprehensive incomes related to the equity of the purchased party held
before the purchase date shall be transferred into the current investment incomes on the purchase date.
③With the exception of the business combination:
The long-term equity investment acquired by the payment in cash should be as the investment cost as
per the actual purchase payment. The investment costs include fees, taxes and other necessary expenses
directly related to the achieved long-term equity investment.
The long-term equity investment acquired by the issuance of equity securities should be as the
investment cost as per the fair value of the issued equity securities.
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The long-term equity investment acquired by the non-monetary assets exchange (the exchange with the
commercial substance) should be as the investment cost as per the fair value of the investment and the
payable taxes.
For the long-term equity investment acquired by the debt reorganization, the creditors shall recognize
the fair value of the enjoyed shares as the investment of the debtors.
(3) Subsequent Measurement and Recognition Method of Profit and Loss
The cost method shall be adopted to account the long-term equity investment controlled by the invested
party and the equity method shall be adopted to account the long-term equity investment with joint
control or significant influence.
(4) Recognition Criteria for the Invested Party with Joint Control or Significant Influence
The joint control on the economic activity appointed as per the contract shall exist when the major
finance and the operating decision related to the economic activity are agreed by the invested party
sharing the control right, which shall be regarded as the joint control on the invested party implemented
by other parties. The decision power to participate in the finance and operating decision on the enterprise,
but without control or joint control with other parties to formulate these policies, shall be regarded as the
significant influence on the invested party implemented by the investment enterprise.
(5) Impairment Test Method and Withdrawing Method
For the impairment test method and the withdrawing method of the long-term equity investment, please
refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and Accounting
Estimates in Notes 3 of Financial Statements”.
（15）Entrusted Loans
The entrusted loans shall be made bookkeeping according to the actually entrusted loan amount. The
receivable interests shall be withdrawn according to the interest rate stated in the entrusted loans.
For the impairment test method and the impairment provision withdrawing method of the entrusted
loans, please refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and
Accounting Estimates in Notes 3 of Financial Statements”.
（16）Investment Real Estates
The term “ Investment real estates ” refers to the real estates held for generating rentand/orcapital
appreciation, including the right to use any land which has already been rented, the right to use any land
which is held and prepared for transfer after appreciation & the right to use any building which has
already been rented.
The company shall make a measurement to the investment real estate through the cost pattern.The
company shall adopt the same depreciation policy as its fixed assets for the investment real estates
measured by the cost pattern-buildings for renting & the same amortization policy as its intangible assets
for the right to use any land for renting. For the impairment test method and the impairment provision
withdrawing method of the .Investment Real Estates, please refer to “Long-term Assets Impairment in
Article 21 of Important Accounting Policies and Accounting Estimates in Notes 3 of Financial
Statements”.
（17）Fixed assets
（1）Confirmation conditions of fixed assets
Fixed assets refer to physical assets owned for purpose of production, service providing, leasing or
management, and operation with service life of more than one year. Fixed assets are recognized when all
of the following conditions are satisfied ： Financial benefits attached to the fixed asset is possibly
inflowing to the Company;(2) The cost of the fixed asset can be reliable measured.
（2）Depreciation method
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Provision for depreciation of highways and bridges is made with work amount method. Estimatednet
residual value rate is zero. Estimated useful life is determined according to the period of peration right in
respect of charge collection. The concrete calculation method is as follows: The amount of provision for
depreciation per standard vehicle traffic volume is to be calculated based on the estimated total standard
vehicle traffic volume within expected useful life of highways and bridges and the original value or
book value of highways and Bridges. Then provision for depreciation is made according to the actual
standard vehicle traffic volume in each fiscal period.
The company regularly rechecks the estimate total standard vehicle traffc volume withintheremaining
operation period of highways and bridges. When there is big difference between actual standard vehicle
traffic volume and estimated standard vehicle traffic volume, the Company will re-estimate future total
standard vehicle traffic volume and adjust the provision for depreciation per standard vehicle traffic
volume to ensure that the book value of relevant highways and bridges will be completely amortized
within useful life.
The company adopts the straight line method for the depreciation of fixed assets excepthighways &
bridges, and recognizes the depreciation rate according to the fixed asset group, expected useful life &
the expected net salvage value rate.
Depreciation ages and ration of fixed assets：
Depreciable life
Classification of fixed asset Residual rate（%） Depreciation rate（%）
（Year）
Highway and Bridge：
Including：Guangfo Expressway Working flow basis
28 years 0%
Fokai Expressway Working flow basis
30 years 0%
House Building
20-30 years 3%—10% 3%-4.85%
Machine Equipment
10 years 3%—10% 9%-9.7%
Transportation Equipment
5-8 years 3%—10% 11.25%-19.4%
Electric Equipment and other
5-15 years 3%—10% 6 %-19.4%
(3) Test Method for Fixed Asset Impairment and Counting & Drawing Method for Fixed Asset
Impairment Reserves
For the impairment test method and the impairment provision withdrawing method of the Fixed assets,
please refer to “ Long-term Assets Impairment in Article 21 of Important Accounting Policies and
Accounting Estimates in Notes 3 of Financial Statements”.
（18）Construction-in process
1. Calculation of Construction-in-process:The constructions in process are classified & accounted
according to the established projects.
2. Standard & Time Point for Carrying Constructions in Process Forward to Fixed Assets
All the expenditures that bring the construction in process to the expected condition for use shall be the
credit value of the fixed asset. If the fixed asset construction in process has already reached the expected
condition for use, but hasn’t been made the final account; it shall be carried forward to a fixed asset
according to its estimated value based on the budget, cost or actual cost of the construction starting from
the date when it reaches the expected condition for use, and the fixed asset shall be depreciated
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according to the company’s depreciation policy for fixed assets. After the final account has been made,
the original provisional estimated value shall be adjusted according to the actual cost, but the
depreciation which has originally been counted & drawn shall not be adjusted.
3．Test Method for Construction-in-Process Impairment and Counting & Drawing Method
For the impairment test method and the impairment provision withdrawing method of the
Construction-in process , please refer to “ Long-term Assets Impairment in Article 21 of Important
Accounting Policies and Accounting Estimates in Notes 3 of Financial Statements”.
（19）Loan expenses
1. Recognition principles for capitalizing of loan expenses
Borrowing expenses occurred to the Company that can be accounted as purchasing or production of
asset satisfying the conditions of capitalizing, are capitalized and accounted as cost of related asset.
Other borrowing expenses are recognized as expenses according to the occurred amount, and accounted
into gain/loss of current term.
The assets meeting capital conditions refer to the fixed assets, investment real estates and inventories
which are constructed or produced in a long time to reach the predicted use or sale state.
When a loan expense satisfies all of the following conditions, it is capitalized:
1. Expenditures on assets have taken place, asset expenditures include the assets used to construct or
produce the assets which meet the capitalization conditions, and expend by cash or transferring non-cash
assets or bearing interest debt;
2. Loan costs have taken place;
3. The construction or production activities to make assets to reach the intended use or sale of state have
begun.
2. Duration of capitalization of Loan costs
The capitalization period refers to the period from starting capitalization of loan costs to the stop of
capitalization, the period of the break of capitalization of Loan costs is not included.
When the construction or production meets the intended use or sale of state of capitalization conditions,
the Loan costs should stop capitalization.
When the construction or production meets the conditions of capitalization and can be used individually,
the capitalization of the loan costs of the assets should be stopped.
Where each part of a asset under acquisition and construction or production is completed separately and
is ready for use or sale during the continuing construction of other parts, but it can not be used or sold
until the asset is entirely completed, the capitalization of the borrowing costs shall be ceased when the
asset is completed entirely.
3．Capitalization Suspension Period
Where the acquisition and construction or production of a qualified asset is interrupted abnormally and
the interruption period lasts for more than 3 months, the capitalization of the borrowing costs shall be
suspended. If the interruption is a necessary step for making the qualified asset under acquisition and
construction or production ready for the intended use or sale, the capitalization of the borrowing costs
shall continue. The borrowing costs incurred during such period shall be recorded into the profits &
losses at the current period, till the acquisition and construction or production of the asset restarts.
4. Calculation of the amount of capitalization of Loan costs
Interest expense due to specialized Loan and its auxiliary expenses shall be capitalized before the asset
which satisfies the capitalizing conditions reaches its useable or saleable status.
Interest amount of common Loan to be capitalized equals to accumulated asset expense less weighted
average of specialized loan part of asset expense multiplies capitalizing rate of common Loan occupied.
Capitalizing rate is determined according to weighted average interest of common Loan.
If the Loan has discount or premium, the discount or premium amount should be determined according
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to actual interests in each accounting period. The interest amount should be adjusted in each period.
（20）Intangible assets
(1) Pricing method, useful life and impairment test
1. The valuation methods of intangible assets
(1)The initial measurement is conducted according to the actual cost when the intangible assets are
acquired
The cost of the purchased intangible assets includes its buying price, relevant tax and the othe expenses
that are directly attributed to this assets meeting its predetermined objective and other expenses that
occur. The buying price of intangible assets is over the deferred payment under normal credit conditions,
which has the nature of financing materially, the cost of intangible assets is determined on the basis of
the present value of its buying price.
We acquire the mortgaged intangible assets from debtors through debt restructuring and determine the
entry value on the basis of the fair value of the intangible assets,we have the balance between the book
value of debt restructuring and the fair value of intangible assets used for mortgage charged to the
current profit and loss.
The entry value of the non-monetary assets exchanged into by the non-monetary assets are determined
on the basis of the fair value of the assets exchanged out if the exchange of non-monetary assets has
commercial nature and the assets exchanged into or out can be reliably measured, unless there is
authentic evidence indicating that the fair value of assets exchanged into are more reliable; if the
non-monetary assets that cannot meet the above prerequisite use the book value of the assets exchanged
out and relevant taxes payable as the cost of the non-monetary assets, the profit and loss is not
confirmed.
The entry value of the intangible assets acquired by the absorption merger under the control of one
company is determined by the book value of the merged party;the entry value of the intangible assets
acquired by the absorption merger that is not under the control of one company is determined by the fair
value.
The cost of the intangible assets developed internally includes the materials consumed in developing the
assets, cost of service, registration fees, other patent used in developing, amortization of concession and
interest charges meeting the capitalization conditions and othe direct costs that occur before the
intangible assets meeting the predetermined objective.
（2）Subsequent measurement
The Company analyses and makes judgment of its serviceable life when acquiring the intangible assets.
The intangible assets that have limited serviceable life are amortized by the straight-line method during
the period when the assets can bring about economic interests;The intangible assets are deemed as
uncertain serviceable life and are not amortized if it is impossible to expect the period when the assets
could bring about economic interests.
At the end of period, the Group shall check the service life and amortization method of intangible assets
with finite service life, if there is any change, it shall be regarded as a change of the accounting
estimates. Besides, the Group shall check the service life of intangible assets without certain service life,
if there is any evidence showing that the period of intangible assets to bring the economic benefits to the
enterprise can be prospected, it shall be estimated the service life and amortized in accordance with the
amortization policies for intangible assets with finite service life.
（2） Provision for the depreciation of value of the intangible assets
For the impairment test method and the impairment provision withdrawing method of the Intangible
assets, please refer to“Long-term Assets Impairment in Article 21 of Important Accounting Policies and
Accounting Estimates in Notes 3 of Financial Statements”.
79
（21）Impairment of Long-term assets
(1) Scope
The assets Impairment main includes long-term equity investment, investment property (the investment
property measured by the fair value excluded), fixed assets, projects under construction, engineering
material, intangible assets (the capitalized development expenditure included), asset group, combination
of asset group, business reputation, etc..
(2) Recognition of Possible Impairment Assets
The company makes judgment of the assets if there exists the possible impairment at the balance sheet
date. The intangible assets with indefinite goodwill and service life due to the combination of enterprise,
shall be conducted the impairment test every year regardless of the impairment. The impairment may
occurs for the assets if there is the following status:
① The market price of assets fall sharply in the current period, and the decline is obviously beyond that
estimated due to the passage of time or normal use.
② The significant changes in the economy, technology or legal environment operated by the company
and the assets market in the current or the near future adversely affect the company.
③ The improvement of the market interest rates or other market investment returns in the current period,
influence the company to calculate assets estimating the discount rate of the present value of future cash
flow and result in the sharp drop of the recoverable amount of the assets.
④ There is evidence that shows the assets have become obsolete or the entities have been damaged.
⑤ The assets have been or will be idle, terminated the use or planned to dispose in advance.
⑥ The evidence in the internal report of the company shows that the economic performance of assets
has been less than or lower than the expected, such as the net cash flow created by assets or the achieved
operating profit (or loss) is far below (or above) the estimated amount.
⑦ Other evidences indicate the impairment of assets may have occurred.
(3) Measurement of the Recoverable Amount of the Assets
The recoverable amount shall be estimated if there exists the impairment for the assets. The recoverable
amount should be recognized according to the higher one between the net amount of the fair value
minus the disposal costs and the present value of the cash flow of assets expected in the future.
(4) Determination of Asset Impairment Loss
The measurement results of the recoverable amount show that the book value of assets shall be reduced
to the recoverable amount and the reduced amount shall be recognized as the impairment loss of assets
and recorded into the current profits and losses, and the impairment provisions of the relevant assets are
withdrawn if the recoverable amount of the assets is less than the book value. After the recognition of
the assets impairment loss, the depreciation or amortization costs of the impairment assets should be
made adjustment accordingly in the future period in order to make the assets to systematically amortize
the book value of the assets after adjusted within the remaining service life (the estimated residual value
deducted). The impairment loss of assets after recognized shouldn’ be reversed in the future accounting
period.
(5) Recognition and Impairment Treatment of Assets Group
If there is the impairment for one asset, the company shall estimate the recoverable amount based on the
individual asset. If it is difficult for the company to estimate the recoverable amount of the individual
asset, the recoverable amount of asset group shall be recognized on the basis of the asset group which
the asset is belong to. The recognition of the asset group should be made on the basis of the main cash
inflow generated by the assets group that if is independent to the cash inflow of other assets or assets
group.
80
The corresponding impairment loss shall be recognized if the recoverable amount of the assets group or
the assets group combination is less the book value (the book value of the assets group or the assets
group combination should include the amortization quota relevant to corporate assets and goodwill for
the assets group or the assets group combination amortized by the corporate assets and the goodwill).
The book value of goodwill in the amortized assets group or assets group combination shall be firstly
offset for the impairment losses, and the book value of other assets shall be offset in proportion
according to the proportion of the book value of other assets in the assets group or the assets group
combination, with the exception of the goodwill.
(6) The Goodwill Impairment
The company has conducted the impairment test at least every year for the goodwill established by the
business combination. The book value of the goodwill generated by the combination shall be amortized
into the related asset group from the purchase date. If difficult to amortize into the relevant asset group,
the book value shall be amortized into the relevant asset group combination. The relevant asset group or
asset group combination refers to that benefitting from the synergistic effect of the business combination
and is not more than the report portion recognized by the company.
When the relevant asset group or the asset group combination including the goodwill are conducted the
impairment test, the impairment test should be firstly conducted for the asset group without the goodwill
or the asset group combination, the recoverable amount shall be calculated and the corresponding
impairment loss shall be recognized by comparison with the relevant book value if there exists the
impairment for the asset group relevant to the goodwill or the asset group combination. Then the
impairment test should be conducted for the asset group with the goodwill or the asset group
combination, the impairment loss of the goodwill shall be recognized and made the treatment according
to the provisions of the asset group impairment stated in the notes if the recoverable amount of the
relevant asset group or the asset group combination is less than the book value by comparison of the
book value of these relevant asset group or the asset group combination (including the book value of the
goodwill amortized) with the recoverable amount.
（22）Long-term amortizable expenses
Long-term prepaid expenses refer to that enterprises have already spent, and amortization periods of all
expenses are more than one year (excluding 1 year), they should be amortized in the regulated years.
（23）Remuneration
（1）The scope of the employee remuneration
Remuneration refers to all kinds of rewards or compensation that the Company gives to get in return for
the services its employees provide or employment termination. It includes short-term compensation,
post-employment benefits, demission benefits and other long-term employee benefits.
Enterprises to provide employees spouse, child welfare, dependents, survivors and other beneficiaries
of deceased employees, etc., also belong to payroll.
During the company's accounting staff to provide services, the actual wages, bonuses, allowances and su
bsidies, welfare, medical insurance, work injury insurance and maternity insurance and other social insur
ance, housing fund confirmed, labor union funds, employee education funds and as a liability profit or lo
ss or costs related assets. If the debt is expected to provide services after the end of the annual reporting
period in which an employee can not be fully paid within twelve months, and the financial impact is mat
erial, the amount will be discounted liabilities measured after.
(2) Accounting methods for post-employment benefits
Post-employment benefits refer to the compensation and benefits that the Company gives to get in return
for employees ’ services for their retirement or employment termination, excluding short-term
compensation and demission benefits. It falls into two categories, defined contribution plans and defined
benefit plans.
① The defined contribution plan: the company shall no longer bear the further obligation to pay
81
severance benefit plans after the company deposits the fixed costs to the independent funds. The basic
pension insurance and the unemployment insurance shall be recognized as the liability according to the
payable amount accounted by the defined contribution plans and recorded onto the current profits and
losses or the relevant asset costs during the accounting period of the services provided by the staffs.
② The defined benefit plan: the severance benefit plans with the exception of the defined contribution
plans.
(3) Accounting Treatment Method of Demission Welfare
The Company offers compensation to terminate employment with its employees before it expires or
encourage them to accept lay-off. Such compensation is demission benefits and counted in current profit
and loss. The employee compensation liabilities generated by the demission welfare shall be recognized
on the early date and recorded into the current profits and losses: (1) when the company can’t withdraw
the demission welfare provided due to the rundown suggestion or the termination of labor relations plans.
(2) when the enterprise recognizes the costs or the expenses related to the reorganization of demission
welfare payment.
The economic compensation before the official retirement date shall be belong to the demission welfare
when the implementation of the internal retirement plan for workers. During the period from the
termination of service date to the normal retirement date, the paid internal retirement payroll and social
insurance charges shall be once recorded into the current profits and losses. The economic compensation
after the official retirement date (such as the normal retirement pension) should be handled according to
the welfares after the demission.
（24）Estimated liabilities
The company should recognize the related obligation as a provision for liability when the obligation
meets the following conditions:
(1) That obligation is a present obligation of the enterprise;
(2) It is probable that an outflow of economic benefits from the enterprise will be required to settle the
obligation;
(3) A reliable estimate can be made of the amount of the obligation.On the balance sheet date, an
enterprise shall take into full consideration of the risks, uncertainty, time value of money, and other
factors pertinent to the Contingencies to measure the estimated liabilities in accordance with the best
estimate of the necessary expenses for the performance of the current obligation.
When all or some of the expenses necessary for the liquidation of an estimated liabilities of an enterprise
is expected to be compensated by a third party, the compensation should be separately recognized as an
asset only when it is virtually certain that the reimbursement will be obtained. Besides, the amount
recognized for the reimbursement should not exceed the book value of the estimated liabilities
（25）Bond payable
When the company is issuing bonds, the total price issued should be included in the “Payable bonds”
subject.
The difference between bond issuance total amount and the total amount of bond face valueshould be
worked as bond premium or discount and be amortized within the bond period according to actual
interest rate and vertical line method, and be treated according to borrowing costs described below.
（26）Other Comprehensive Incomes
Other comprehensive incomes refer to the profits and losses unrecognized in the current profits and
losses according to other provisions of accounting standards. There are two reports:
(1) Other comprehensive incomes that unable to be reclassified into the profits and losses in the future
accounting period, mainly including the changes caused by the net liabilities and the net assets of the
defined benefit plan that re-measured and the shares of other comprehensive incomes that accounted and
82
unable to be reclassified into the profits and losses for the invested party in the future accounting period
according to the equity method.
(2) Other comprehensive incomes that reclassified into the profits and losses in the future accounting
period when the requirements are met, the shares of other comprehensive incomes that accounted and
reclassified into the profits and losses for the invested party in the future accounting period according to
the equity method when the requirements are met, the profits or losses caused by the fair value changes
of the sellable financial assets, the profits or losses generated by the sellable financial assets reclassified
for the held-to-maturity investment, the effective hedging portion of the profits and losses issued by the
cash flow hedging instruments, and the translation differences of foreign financial statements.
（27）Revenues
The company’s incomes mainly include the toll service revenues and the services provision.
(1) The recognition principle of the toll service revenues is that the toll revenues refer to the charges of
operating the toll roads and shall be recognized in the actual charge.
(2) The recognition principle of the services provision is as follows:
The labor services started and completed within the same fiscal year shall be recognized as the revenues
when the labor services finished. If the labor services started and completed in the different fiscal year
and under the reliable estimation of the provided services transaction results, the company shall
recognize the relevant service incomes according to the completion percentage method at the balance
sheet date. The results of the transaction can be estimated reliably when the following requirements are
all met: (1) total revenues and total labor costs can be measured reliably. (2) the economic benefits
relevant to the transaction will flow into the enterprise. (3) the competition degree of the labor services
can be reliably determined.
（28）Governmental subsidy
Government subsidies mean that the Company free of charge acquires the monetary assets and the
non-monetary assets. Government subsidies can be classified into capital-related government subsidies
and earnings-related one.
The purchasing of the fixed assets, intangible assets and other long-term assets related to government
subsidies are confirmed as deferred revenue, the revenue is in installments charged to the non-operating
earnings in accordance with the serviceable life of assets built or purchased.
The earning-related government subsidies that are used to compensate the relevant expenses or loss are
confirmed as deferred earnings when the subsidies are acquired, the deferred earnings are charged to the
current non-operating earnings; When the subsidies are used to compensate the relevant expenses or loss
that occurred, the subsidies are directly charged to the current non-operating earnings.
（29）Deferred income tax assets and deferred income tax liabilities
The company is likely to determine the deferred income tax assets produced from deductible temporary
differences with the limit of offsetting the taxable income of temporary difference.
The Company confirms the temporary differences of the taxable that is not paid in the current and prior
periods as the deferred income tax liabilities. However, the goodwill, the transactions formed from
non-business merger and those will affect either accounting profit or the temporary differences of the
taxable income when the transactions occur are not included in the deferred income tax liabilities.
（30）Accounting Methods of Income tax
The company’s income tax is accounted in Balance sheet liability approach.
The company recognizes the sum of current income tax and deferred tax as the income tax expenses(or
income) in the income statement on the basis of calculating and determining the income tax of the
current period(namely the current taxes payable) and the deferred tax (the deferred tax expenses or
83
income ), but excluding the effects of the business combination and the income taxes related to the
transactions or events directly recorded in the owner’s rights and interests.
（31）Change of main accounting policies and estimations
⑴Change of accounting policies
N/A
⑵Change of accounting estimations
N/A
IV. Taxation
1. Major category of taxes and tax retes
Tax category Tax basis Tax rate
Toll income, Rent income and Labour
Business tax 3%、5%
income
City maintenance and construction tax The actual payment of turnover tax 7%、5%
.Education surcharges The actual payment of turnover tax 3%
Local Education surcharges
The actual payment of turnover tax 2%
Enterprise income tax Taxable income 25%
2.Preferential tax and approving documents
N/A
V. Notes to the major items of consolidated financial statement
With respect to the notes item disclose below, unless otherwise spcified, “Year-beginning” refers to
December 31, 2014,“ Year-end“ refers to June 30, 2015,“Previous period”refers to Jan-June 2014,
“This period” refers to Jan-June 2015.
1.Monetary Capital
In RMB
Items Amount in year-end Amount in year-begin
Cash 104,347.35 77,312.85
Bank deposit 578,944,990.77 561,106,598.75
Other 864,714.96 616,492.12
Total 579,914,053.08 561,800,403.72
Thereinto ： The total amount of deposited
abroad
84
2. Account receivable
1.Classification account receivables.
In RMB
Amount in year-end
Book Balance Bad debt provision
Type
Amount Proportio Amount Proportion Book value
n(%) (%)
Account receivable with single
major amount and withdrawal bad 64,776,536.37 89.64 64,776,536.37
debt provision for single item
Account receivable withdrawalbad
debt provision by group of credit 7,490,160.08 10.36 173,833.33 2.32 7,316,326.75
risk characterstics
Account receivable with minor
individual amount but bad debt
provision is provided
Total 72,266,696.45 100.00 173,833.33 0.24 72,092,863.12
Continued table
Amount in year- begin
Book Balance Bad debt provision
Type
Amount Proportio Amount Proportio Book value
n(%) n(%)
Account receivable with single
major amount and withdrawal bad
debt provision for single item 19,134,624.86 80.65 19,134,624.86
Account receivable withdrawalbad
debt provision by group of credit
risk characterstics 4,589,784.94 19.35 102,451.67 2.23 4,487,333.27
Account receivable with minor
individual amount but bad debt
provision is provided
Total 23,724,409.80 100.00 102,451.67 0.43 23,621,958.13
- Receivable accounts with large amount individually and bad debt provisions were provided
85
Amount in year-end
Receivable accounts（Unit） Receivable Bad debt
Proportion Reason
accounts provision
Guangdong Union Electronic Services Been recovered after
Co., Ltd.
64,776,536.37 the period
Total 64,776,536.37
- Account reveivable on which bad debt proisions are provided on age basis in the group
Balance in year-end
Aging
Receivable accounts Bad debt provision Withdrawal proportion
Within 1 year 7,054,160.08
1-2 years 15,833.33 1,583.33 10.00
2-3 years 189,166.67 56,750.00 30.00
3-4 years 231,000.00 115,500.00 50.00
4-5 years
Over 5 years
Total 7,490,160.08 173,833.33 2.32
Notes of the basis of recognizing the group:
Refer to "Notes 3 the financial statements of the important accounting policies and accounting estimates No. 11 Recogniti
on and withdrawal method of bad debts.
- In the groups, accounts receivable adopting other method to withdraw bad debt provision：N/A
（2）Accrual period, recovery or reversal of bad debts situation
The current amount of provision for bad debts is RMB71,381.66 ; recovery or payback for bad debts Amount is
RMB0.00.
Where the current bad debts back or recover significant amounts:N/A
（3）The current accounts receivable write-offs situation:N/A
（4）The ending balance of other receivables owed by the imputation of the top five parties
Name Amount Aging Proportion(%) Bad debt
provision
Guangdong Union Electronic Services Co., 64,776,536.37 Within 1 89.64
86
Name Amount Aging Proportion(%) Bad debt
provision
Ltd. year
Within 1
Guangdong Expressway Co., Ltd. 2,196,650.00 3.04
year
Guangzhou Xiehou Advertising media Co., Within 1
1,600,000.00 2.21
Ltd. year
Within 1
Guangzhou Zhongqiu Adverting Co., Ltd. 652,434.43 0.90
year
Huizhou Yuedong International Furniture
436,000.00 1-4 years 0.60 173,833.33
Expo Co., Ltd.
Total 69,661,620.80 96.39 173,833.33
（5）Account receivable which terminate the recognition owning to the transfer of the financial assets
N/A
(6)The amount of the assets and liabilities formed by the transfer and the continues involvement of
accounts receivable
3. Prepayments
（1）Age analysis
In RMB
Balance in year-end Balance in year-begin
Age Proportion Proportion
Amount Amount
（%） （%）
Within 1 year 2,222,504.20 89.79 710,531.67 73.76
1-2 years
2-3 years
Over 3 years 252,818.00 10.21 252,818.00 26.24
Total 2,475,322.20 100.00 963,349.67 100.00
- Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time:
N/A
87
(2) Top 5 of the closing balance of the prepayment colleted according to the prepayment target
Name Amount Time Proportion(%)
Dongguan Yongyao Optoelectricity Technology
813,750.00 Within 1 year 32.87
Co., Ltd.
CPIC 528,875.00 Within 1 year 21.37
Guangdong Nengda High Grade Maintenance
411,252.20 Within 1 year 16.61
Co., Ltd.
Guangzhou Equipment installation Co.,Ltd. 278,552.00 Within 1 year 11.25
Guangzhou Maritime Court 170,738.00 Over 5 years 6.90
Total 2,203,167.20 89.00
4.Dividend receivable
（1）Dividend receivable
In RMB
Items Balance in year-end Balance in year-begin
Ganzhou Gankang Expressway Co.,
9,000,000.00
ltd.
Shenzhen Huiyan Expressway Co.,
29,667,000.00
Ltd.
Total 38,667,000.00
（2）Significant dividend receivable aged over 1 year:N/A
5.Other accounts receivable
(1) Other accounts receivable disclosed by category
In RMB
Balance in year-end
Book Balance Bad debt provision
Type
Amount Proportio Amount Proportio Book value
n(%) n(%)
88
Balance in year-end
Book Balance Bad debt provision
Type
Amount Proportio Amount Proportio Book value
n(%) n(%)
Other Account receivable with single
major amount and withdrawal bad 53,351,565.01 76.61 53,351,565.01 100.00
debt provision for single item
Other Account receivable
withdrawalbad debt provision by 16,289,678.76 23.39 1,658,571.80 10.18 14,631,106.96
group of credit risk characterstics
Other Account receivable with minor
individual amount but bad debt
provision is provided
Total 69,641,243.77 100.00 55,010,136.81 78.99 14,631,106.96
Continued table
Balance in year-begin
Book Balance Bad debt provision
Type
Amount Proportio Amount Proportio Book value
n(%) n(%)
Other Account receivable with
single major amount and withdrawal
bad debt provision for single item 53,351,565.01 64.08 53,351,565.01 100.00
Other Account receivable
withdrawalbad debt provision by
group of credit risk characterstics 29,904,520.97 35.92 1,658,571.80 5.55 28,245,949.17
Other Account receivable with
minor individual amount but bad
debt provision is provided
Total 83,256,085.98 100.00 55,010,136.81 66.07 28,245,949.17
- Other receivable accounts with large amount and were provided had debt provisions individually at end of period.
Balance in year-end
Other receivable（Unit） Bad debt
Other receivable Proportion Reason
provision
89
Balance in year-end
Other receivable（Unit） Bad debt
Other receivable Proportion Reason
provision
Kunlun Sercurities Co.,Ltd. 49,343,885.10 49,343,885.10 100.00 Notes 1
Beijing Gelin Enze Organic Fertilizer
Co., Ltd. 4,007,679.91 4,007,679.91 100.00 Notes 2
Total 53,351,565.01 53,351,565.01
Notes 1 ： The parent company once paid RMB 33,683,774.79 into Kunlun Securities Co., Ltd, Guangdong
Expressway technology investment Co., Ltd once paid RMB 18,000,000.00 into Kunlun Securities Co., Ltd. Qinghai
Province Xining City’s intermediate people’s court made a adjudication under law declared that Kunlun Securities Co.,
Ltd went bankrupt and repaid debt in Novemeber 11, 2006. On March 2007, The Company and Guangdong Expressway
Technology Investment Co., Ltd had switched the money that paid into Kunlun Secutities Co., Ltd to other account
receivable, and follow the careful principle to doubtful debts provision. The RMB 710,349.92 Credit was Recovered in
2008, and the provision for bad debt is deducted, The RMB977,527.77 credit was recovered in 2011, and the provision for
had debt is deducted.The RMB 652,012.00 Cridit was recovered in 2014, and the provision for had debt is deducted.
Notes 2 ： Guangdong Expresswaytechnology investment Co., Ltd .should charge Beijing Gelin Enze Organic
Fertilizer Co., Ltd.for RMB12,220,079.91. Eight millions of it was entrust loan, three million was temporary borrowing
RMB 12,400.00 is the commission loan interest, the rest of it was advance money for another, Beijing Gelin Enze Organic
Fertilizer Co., Ltd’s operating status was had and had already ceased producing, Accordingly, the controlling subsidiary of
the company Guangdong Expressway Investment Co., Ltd. accounted full provision for Bad debt RMB 12,220,079.91
rpovision.
The company in 2014 recovered arrears of RMB 8,000,000.00, rushed back to the provision for bad debts and write off un
collected interest entrusted loans according to the settlement agreement of RMB 212,400.00.
- Other receivable accounts in Group on which bad debt provisions were provided on age analyze basis：
Amount in year-end
Age
Other receivable Bad debt provision Withdrawal proportion
Within 1 year 10,347,843.31
1-2 years
2-3 years
3-4 years
4-5 years
90
Amount in year-end
Age
Other receivable Bad debt provision Withdrawal proportion
Over 5 years 1,658,571.80 1,658,571.80 100.00
Total 12,006,415.11 1,658,571.80 13.81
Notes of the basis of recognizing the group:
Refer to "Notes 3 the financial statements of the important accounting policies and accounting estimates No. 11 Recogniti
on and withdrawal method of bad debts.
In the groups, other accounts receivable adopting other methods to accrue bad debt provision:
Amount in year-end
Other account Bad debt Withdrawal Reason
Name
receivable provisio proportion
n （%）
Guangdong Litong Property Investment Co., Ltd. 1,435,856.00 Rease deposit
Guangdong Guanghui Expressway Co., Ltd. 698,034.00 Guarantees fund, deposit
Guangdong Guanyue Luqiao Co., Ltd. 667,310.07 Quality guarantees fund
Zhaoqing Yuezhao Highway Co., Ltd. 447,849.00 Guarantees fund, deposit
Beijing Shibang Weilishi Property Management
393,331.00 Deposit
Services Co., Ltd.
Zhaoqing Guanghe Expressway Co., Ltd. 163,620.63 Quality guarantees fund
Guangdong Humen Bridge Co., Ltd. 100,000.00 Quality guarantees fund
Chengdu Shuguang Fibre-optical Metwork Co., ltd. 59,758.09 Quality guarantees fund
Guangdong Guangzhu West Line Expressway Co.,
47,638.20 Quality guarantees fund
Ltd.
Guangdong Maozhan Expressway Co., Ltd. 40,100.00 Quality guarantees fund
Guangdong Expressway Co., Ltd.
39,654.00 Quality guarantees fund
Guangdong Feida Communication Engineering Co.,
34,849.25 Quality guarantees fund
Ltd.
Guangdong Kaiyang Expressway Co., Ltd. 33,300.00 Quality guarantees fund
Guangdong Weishi Highway Engineering Co., ltd. 30,389.13 Quality guarantees fund
Guangdong Shenshan West Expressway Co., Ltd. 20,000.00 Quality guarantees fund
91
Amount in year-end
Other account Bad debt Withdrawal Reason
Name
receivable provisio proportion
n （%）
Guangdong Road & Highway Construction Co.,
12,891.00 Quality guarantees fund
Ltd.
Guangzhou Dingrong Information Technology Co.,
10,950.00 Quality guarantees fund
Ltd.
Foshan Chezhigang Auto Leasing Co., Ltd. 10,000.00 Deposit
Guangdong Road & Highway Construction
9,327.70 Quality guarantees fund
Development Co., Ltd.
Guangdong Zhonglin Electrical Installation
8,820.00 Quality guarantees fund
Engineering Co., Ltd.
Shanxi Sihe Communication Engineering Co., ltd. 6,070.00 Quality guarantees fund
Guangdong Hongzhiri Advertising Co., Ltd. 5,656.98 Quality guarantees fund
Deposit 5,700.00 Deposit
Guangdong Xinyue Communication Investment Co.,
2,158.60 Quality guarantees fund
Ltd.
Total 4,283,263.65
（2）Accrual period, recovery or reversal of bad debts situation
The current amount of provision for bad debts is RMB 0.00; recovery or payback for bad debts Amount is RMB 0.00.
Where the current bad debts back or recover significant amounts:N/A
(3) The actual write-off other accounts receivable:N/A
(4) Other accounts receivable classified by the nature of accounts
Nature Closing book balance Opening book balance
Securities trading settlement funds balance 49,343,885.10 49,343,885.10
Guarantee deposit 4,283,263.65 13,641,347.40
Current account of gelin enze 4,007,679.91 4,007,679.91
92
Nature Closing book balance Opening book balance
Pretty cash 1,725,100.00 3,675,100.00
Advertising and service fee 2,883,543.83 5,850,744.67
Other 7,397,771.28 6,737,328.90
Total 69,641,243.77 83,256,085.98
(5) Top 5 of the closing balance of the other accounts receivable colleted according to the arrears party
Proportion of the
total year end Closing balance
Closing
Name Nature Aging balance of the of bad debt
balance
accounts provision
receivable(%)
Securities trading settl Over 5 yea
Kunlun Securities Co.,Ltd 49,343,885.10 70.85 49,343,885.10
ement funds
rs
Current account of rel Over 5 yea
Beijing Gelin Enze 4,007,679.91 5.75 4,007,679.91
ated party
rs
Over 5 yea
Heshan Finance Bureau Current account 1,470,000.00 2.11 1,470,000.00
rs
Guangdong Litong Property
Deposit 1,435,856.00 2-3 years 2.06
Investment Co., Ltd.
Advertising and servi
Guangdong Xinlu Advertising Within 1 y
ce fee 1,293,717.42 1.86
Co.,ltd. ear
Total 57,551,138.43 82.63 54,821,565.01
(6) Accounts receivable involved with government subsidies:N/A
(7) Other account receivable which terminate the recognition owning to the transfer of the financial
assets:N/A
(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of
other accounts receivable:N/A
6.Other asset
93
Items Amount in year-end Amount in year- begin
National debt reverse repurchase balance 40,603,625.00
To offset the input tax 28,751.52
Total 40,632,376.52
7. Available-for-sale financial assets
(1) List of available-for-sale financial assets
Amount in year-end
Items
Book balance Bad debt provision Book value
Available-for-sale Debt instruments
Available-for-sale equity instruments 2,096,334,801.57 36,793,200.00 2,059,541,601.57
Measured by fair value 1,260,966,499.84 1,260,966,499.84
Measured by cost 835,368,301.73 36,793,200.00 798,575,101.73
Other
Total 2,096,334,801.57 36,793,200.00 2,059,541,601.57
Continued table
Amount in year- begin
Items
Book balance Bad debt provision Book value
Available-for-sale Debt instruments
Available-for-sale equity instruments 1,983,412,428.45 36,793,200.00 1,946,619,228.45
Measured by fair value 1,148,044,126.72 1,148,044,126.72
Measured by cost 835,368,301.73 36,793,200.00 798,575,101.73
Other
Total 1,983,412,428.45 36,793,200.00 1,946,619,228.45
(2) Available-for-sale financial assets measured by fair value at the period-end
Available-for-sale Debt Available-for-sale equity
Type instruments instruments Total
Cost of the equity 517,560,876.80 517,560,876.80
94
Available-for-sale Debt Available-for-sale equity
Type instruments instruments Total
instruments/amortized
cost of the liabilities
instruments
Fair value 1,260,966,499.84 1,260,966,499.84
Changed amount of the
fair value accumulatively
included in other 743,405,623.04 743,405,623.04
comprehensive income
Withdrawn impairment
amount
As June 30, 2015, the company held 235,254,944 shares of stock of the China Everbright Bank, according to the
closing price 5.36 yuan on 30, June 2015, the fair value at the end of the period is RMB 1,260,966,499.84.
(3) Available-for-sale financial assets measured by cost at the period-end
Book balance
Investee
Period-begin Decrease Decrease Period -end
Guangdong Rodio and Television
Networks investment No.1 Limited
partnership enterprise 50,000,000.00 50,000,000.00
Kunlun Securities Co., Ltd.(Notes 1) 30,000,000.00 30,000,000.00
Huaxia Securities Co., Ltd.(Notes 2) 5,400,000.00 5,400,000.00
Huazheng Assets Management
Co. Ltd.
(Notes 3) 1,620,000.00 1,620,000.00
Guangdong Guangle Expressway Co.,
Ltd. 748,348,301.73 748,348,301.73
Total 835,368,301.73 835,368,301.73
Continued table
Shareholdi Cash bonus of
Impairment provision
ng the reporting
Investee
Period-begin Period -end proportion period
among the
95
Shareholdi
Impairment provision
ng Cash bonus of
Investee proportion the reporting
Period-begin Period -end among the period
investees
Guangdong Rodio and Television
Networks investment No.1 Limited
partnership enterprise 2.97
Kunlun Securities Co., Ltd.(Notes 1) 30,000,000.00 30,000,000.00 5.74
Huaxia Securities Co., Ltd.(Notes 2) 5,400,000.00 5,400,000.00 0.27
Huazheng Assets Management
Co. Ltd.
(Notes 3) 1,393,200.00 1,393,200.00 0.54
Guangdong Guangle Expressway Co.,
Ltd. 9.00
Total 36,793,200.00 36,793,200.00
Notes 1: The owner's equity of Kunlun Securities Co., Ltd. was negative and it entered liquidation procedure in October
2005. A wholly owned subsidiary of Guangdong Expressway Technology Investment Co., Ltd. Will invest
Kunlun Securities Co., Ltd.'s full provision for impairment of RMB 30 million.
Notes 2: The owner's equity of Huaxia Securities Co., Ltd. was negative and it entered liquidation
procedure in December 2005. The Company made full provision for impairment in respect of this
long-term equity investment of RMB 5.4 million.
Notes 3: According to De Wei Ping Gu Zi 2005 No. 88 Appraisal Report issued by Beijing Dewei Appraisal Co., Ltd. As
the June 30, 2005, the amount of net assets of Huazheng Asset Management Co., Ltd. in book was RMB 279.132 million
and the appraised value was RMB - 2299.5486 million ,On October 14, 2005, Jianyin CITIC Asset Management Co., Ltd.
issued the Letter of Soliciting Opinions on Equity Assignment to the Company. Jianyin CITIC Asset Management Co.,
Ltd. was willing to pay the price of not more than RMB 42 million to acquire 100% equity of Huazheng Asset
Management Co., Ltd. and solicited the Company's opinions. The Company replied on December 5, 2005, abandoning the
preemptive right under the same conditions. The Company made provision of RMB 1.3932 million for impairment in
respect of this long-term equity investm ent of RMB 1.62 million.
(4) Changes of the impairment of the available-for-sale financial assets during the reporting period
Available-for-sale Available-for-sale
Type Total
Equity instruments Debt instruments
Balance of the withdrawn impairment at 36,793,200.00 36,793,200.00
96
Available-for-sale Available-for-sale
Type Total
Equity instruments Debt instruments
the period-begin
Withdrawal amount
Of which ： Transferred from other
comprehensive imcome
Decreased amount
Of which recovered and reversed after
the persed after the period of the fair
value
Balance of the withdrawn impairment at
the period-end 36,793,200.00 36,793,200.00
⑸Notes ：N/A
97
8. Long-term equity investment
Increase/decrease
Withdra Closing
Gains and
Adjustment Cash bonus or wal of balance of
Investees Opening balance losses Chinges of Closing balance
Add Decreased of other profits impairm impairment
recognized other Other
investment investment comprehensiv announced to ent provision
under equity eqiuty
e income issue provisio
method
n
I. Joint venture
Guangdong Guanghui
1,193,172,139.09 101,623,760.94 150,000,000.00 1,144,795,900.03
Expressway
Zhaoqing Yuezhao
Highway 273,153,345.90 16,159,233.57 289,312,579.47
Co., Ltd.
Beijing Gelin Enze
Subtotal 1,466,325,484.99 117,782,994.51 150,000,000.00 1,434,108,479.50
2. Affiliated Company
Shenzhen Huiyan 160,888,058.33 10,540,600.07 33,000,000.00 138,428,658.40
98
Increase/decrease
Withdra Closing
Gains and
Adjustment Cash bonus or wal of balance of
Investees Opening balance losses Chinges of Closing balance
Add Decreased of other profits impairm impairment
recognized other Other
investment investment comprehensiv announced to ent provision
under equity eqiuty
e income issue provisio
method
n
Expressway
Jingzhu Exprwssway
312,905,040.79 34,125,187.86 347,030,228.65
Guanzhu
Guangdong Jiangzhong
173,582,080.68 4,659,563.57 178,241,644.25
Expressway
Ganzhou Kangda
164,592,503.05 12,375,355.12 176,967,858.17
Expressway
Ganzhou Gankang
207,626,577.95 6,667,521.05 9,000,000.00 205,294,099.00
Expressway
Guangdong Guangle
204,066,494.37 1,827,869.40 205,894,363.77
Expressway Co., Ltd.
Guangdong Yueke
Technology Petty Loan 16,095,123.16 -918,986.20 15,176,136.96
Co., Ltd.
Asian Kitchen & Bath
1,239,755,878.33 69,277,110.87 42,000,000.00 1,267,032,989.20
City Co., Ltd.
99
Increase/decrease
Withdra Closing
Gains and
Adjustment Cash bonus or wal of balance of
Investees Opening balance losses Chinges of Closing balance
Add Decreased of other profits impairm impairment
recognized other Other
investment investment comprehensiv announced to ent provision
under equity eqiuty
e income issue provisio
method
n
Total 2,706,081,363.32 187,060,105.38 192,000,000.00 2,701,141,468.70
100
9. Investment property
(1) Investment property adopted the cost measurement mode
Houses and Construction in
Items Land use right Total
buildings progress
I.Original value
1.Opening balance 12,664,698.25 12,664,698.25
2.Increased amount of the period
（1）Outsourcing
（2）Inventory, Fixed assetsand
Construction project into
（3）Enterprise consolidation
3.Decreased amount ofthe
period
（1）Disposal
（2）Other Out
4.Closing balance 12,664,698.25 12,664,698.25
II.Accumulated depreciation
accumulated amortization
1.Opening balance 8,516,300.37 8,516,300.37
2.Increased amount of the period 232,106.70 232,106.70
（1）Withdrawalor amortization 232,106.70 232,106.70
3.Decreased amount ofthe
period
（1）Disposal
（2）Other Out
4.Closing balance 8,748,407.07 8,748,407.07
III. Impairment provision
1.Opening balance
101
Houses and Construction in
Items Land use right Total
buildings progress
2.Increased amount of the period
（1）Withdrawalor
3.Decreased amount ofthe
period
（1）Disposal
（2）Other Out
4.Closing balance
IV. Book value
1.Closing book value 3,916,291.18 3,916,291.18
2.Opening book 4,148,397.88 4,148,397.88
(2) Details of fixed assets failed to accomplish certification of property
Items Book value Reason
Transportation and other ancillary 2,104,266.90 Transportation and other ancillary
facilities
facilities, Not accreditation
102
10.Fixed assets
（1）Fixed assets
Electricity
Guangfo House and Machine Transporation
Items Fokai Expressway equipment and Total
Expressway building equipment Equipment
other
I. Original price
1.Opening balance 1,460,270,190.66 8,547,420,760.60 268,889,649.54 148,550,154.14 53,899,687.28 362,133,820.56 10,841,164,262.78
2.Increased amount ofthe
17,772,589.45 2,638,125.56 20,410,715.01
period
（1）Purchase 323,987.00 323,987.00
（2）Transfer of project under
17,772,589.45 2,314,138.56 20,086,728.01
construction
（ 3 ） Increased of Enterprise
consolidation
3.Decreased amountof the
918,350.00 3,960,286.33 4,878,636.33
period
（1）Disposal or scrap 918,350.00 3,960,286.33 4,878,636.33
4.Closing balance 1,460,270,190.66 8,565,193,350.05 268,889,649.54 148,550,154.14 52,981,337.28 360,811,659.79 10,856,696,341.46
II. Accumulated depreciation
1.Opening balance 1,120,872,662.99 2,146,782,932.11 122,921,217.02 36,618,185.46 36,824,762.98 200,378,477.49 3,664,398,238.05
103
Electricity
Guangfo House and Machine Transporation
Items Fokai Expressway equipment and Total
Expressway building equipment Equipment
other
2.Increased amount ofthe
73,467,531.06 185,016,031.21 7,646,347.64 6,719,015.51 1,968,167.71 13,405,998.88 288,223,092.01
period
（1）Withdrawal 73,467,531.06 185,016,031.21 7,646,347.64 6,719,015.51 1,968,167.71 13,405,998.88 288,223,092.01
3.Decreased amount ofthe
826,515.00 3,654,727.24 4,481,242.24
period
（1）Disposal or scrap 826,515.00 3,654,727.24 4,481,242.24
4.Closing balance 1,194,340,194.05 2,331,798,963.32 130,567,564.66 43,337,200.97 37,966,415.69 210,129,749.13 3,948,140,087.82
III. Impairment provision
1.Opening balance
2.Increased amount ofthe period
（1）Withdrawal
3.Decreased amount ofthe
period
（1）Disposal or scrap
4.Closing balance
IV. Book value
1.Closing book value 265,929,996.61 6,233,394,386.73 138,322,084.88 105,212,953.17 15,014,921.59 150,681,910.66 6,908,556,253.64
2.Opening book value 339,397,527.67 6,400,637,828.49 145,968,432.52 111,931,968.68 17,074,924.30 161,755,343.07 7,176,766,024.73
104
(2) List of temporarily idle fixed assets:N/A
(3) Fixed assets leased in from financing lease:N/A
(4) Fixed assets leased out from operation lease:N/A
(5) Details of fixed assets failed to accomplish certification of property
Items Book value Reason
Transportation and other ancillary facilities 111,123,326.20 Transportation and other ancillary facilities, Not accreditation
11. Project under construction
（1）Project under construction
Year-end balance Year-beginning balance
Items Book balance Provision for Book Net value Book balance Provision for Book Net value
devaluation devaluation
The period between Xiebian to Sanbao
extension
project
Other project 8,096,697.03 - 8,096,697.03 2,974,467.60 - 2,974,467.60
Total 8,096,697.03 - 8,096,697.03 2,974,467.60 - 2,974,467.60
105
(2) Changes of significant construction in progress
Amount at year Transferred to fixed
Name Budget Increase at this period Other decrease Balance in year-end
beginning assets
The period between Xiebian
to Sanbao extension 400,240.91 17,772,589.45 17,772,589.45
project
Other project 2,974,467.60 7,436,367.99 2,314,138.56 8,096,697.03
Total 2,974,467.60 25,208,957.44 20,086,728.01 8,096,697.03
Continued table
Capitalisation of
Name Progress of Including：Current amount of Capitalisation of
Proportion(%) interest accumulated Source of funds
work capitalization of interest interest ratio（%)
balance
The period between
Xiebian to Sanbao
121.42 100.00
extension
project 413,852,444.90 Self and loan
Other project Self
Total 413,852,444.90
(3) List of the withdrawal of the impairment provision of the construction in progress:N/A
106
12. Engineering material
Items Balance in year-end Balance in year-begin
Signpost 1,549,556.00 1,549,556.00
Total 1,549,556.00 1,549,556.00
13. Intangible assets
(1) List of intangible assets
Non-patent Software Total
Items Land use right Patent right
right
I. Original price
1.Opening balance 1,311,658.00 8,918,094.77 10,229,752.77
2.Increased amount
ofthe period 212,700.00 212,700.00
(1) Purchase 212,700.00 212,700.00
(2)Internal Development
(3)Increased of Enterprise
Combination
3.Decreased amount of the
period
（1）Disposal
4.Closing balance 1,311,658.00 9,130,794.77 10,442,452.77
II.Accumulated amortization
1.Opening balance 920,683.30 4,258,020.13 5,178,703.43
2.Increased amount
ofthe period 75,672.60 875,925.56 951,598.16
(1) Withdrawal 75,672.60 875,925.56 951,598.16
3.Decreased amount of
the period
（1）Disposal
107
Non-patent Software Total
Items Land use right Patent right
right
4.Closing balance 996,355.90 5,133,945.69 6,130,301.59
III. Impairment provision
1.Opening balance
2.Increased amount
ofthe period
(1) Withdrawal
3.Decreased amount of
the period
（1）Disposal
4.Closing balance
IV. Book value
1.Closing book value 315,302.10 3,996,849.08 4,312,151.18
2.Opening book value 390,974.70 4,660,074.64 5,051,049.34
The proportion the intangible assets formed from the internal R&D through the Company amount the balance of the
intangible assets at the period-end..
(2) Details of fixed assets failed to accomplish certification of land use right:N/A
14. Long-term amortize expenses
Amortized
Balance in Increase in this expenses Balance in
Items year-begin period Other loss Reason
year-end
Renovation fee 4,955,719.12 7,088.22 850,411.04 4,112,396.30
Property
50,435.62 30,261.30 20,174.32
Insurance
Total 5,006,154.74 7,088.22 880,672.34 4,132,570.62
15. Deferred income tax assets/deferred income tax liabilities
(1) Deferred income tax assets had not been off-set
Balance in year-end Balance in year-begin
Items
108
Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Deductible loss 35,476,938.38 8,869,234.60
Total 35,476,938.38 8,869,234.60
(2) Deferred income tax liabilities had not been off-set
Balance in year-end Balance in year-begin
Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference liabilities difference liabilities
Timing difference between
accumulated depreciation 495,610,791.62 123,902,697.91 496,600,258.67 124,150,064.67
Total 495,610,791.62 123,902,697.91 496,600,258.67 124,150,064.67
（3）Deferred income tax assets and liabilities are presented as net amount after neutralization
Items Balance in year-end Balance in year-begin
The temporary difference in the formation of asset
impairment 91,977,170.14 91,905,788.48
Deductible loss 950,301,369.47 835,614,811.02
Total 1,042,278,539.61 927,520,599.50
Notes ： Due to the uncertainty of the parent company and the wholly-owned subsidiary-Guangdong Expressway
Technology Investment Co,. Ltd whether to obtain taxable income in the future, hence this can offset the temporary
differences and won’t be confirmed as deferred income tax asset
（4）Deductible losses of the un-recognized deferred income tax asset will expire in the following years
Year Balance in year-end Balance in year-begin Remark
2015 87,468,340.85 87,468,340.85
2016 139,203,475.18 141,073,439.77
2017 222,284,848.14 222,416,075.93
2018 160,626,365.98 160,626,365.98
2019 227,487,158.79 224,030,588.49
2020 113,231,180.53
109
Year Balance in year-end Balance in year-begin Remark
Total 950,301,369.47 835,614,811.02
16. Other Non-current assets
Items Balance in year-end Balance in year-begin
Prepaid land occupation tax 1,176,432.55 1,176,432.55
Total 1,176,432.55 1,176,432.55
17.Short-term loans
（1）Category of shart-term loans
Items Balance in year-end Balance in year-begin
Pledge loan
Mortgage loan
Guaranteed loan
Credit loan 150,000,000.00 150,000,000.00
Total 150,000,000.00 150,000,000.00
(2) List of the short-term loans overdue but not return:N/A
18. Account payable
（1）List of Account payable
Items Balance in year-end Balance in year-begin
Within 1 year（Including 1 year） 97,352,126.83 122,813,113.61
1-2 years（Including 2 years） 25,470,935.39 4,519,689.44
2-3 years（Including 3 years） 3,700,594.01 6,786,964.00
Over 3 years 15,329,376.98 16,679,441.55
Total 141,853,033.21 150,799,208.60
(2) Notes of the accounts payable aging over one year
Items Balance in year-end Unpaid reason
110
Items Balance in year-end Unpaid reason
Guangdong Expressway Co., Ltd. 8,746,491.18 Unsettled
Guangdong Guanghui Expressway Co., Ltd. 5,526,792.01 Unsettled
Guangdong Changda Highway Engineering Co., Ltd. 5,048,704.00 Unsettled
Dongguan Leyu Optoelectronic Technology Co.,
4,340,240.00 Unsettled
Ltd.
Guangdong Jingtong Highway Engineering
2,149,189.00 Unsettled
Construction Co., Ltd.
Guangdong Guanyue Luqiao Co., Ltd. 2,050,148.00 Unsettled
Total 27,861,564.19
19. Advance from customers
(1) List of advance from customers
Items Balance in year-end Balance in year-begin
Within 1 year（Including 1 year） 720,715.95 868,021.39
1-2 years（Including 2 years）
2-3 years（Including 3 years）
Over 3 years 3,833,334.78 4,000,001.40
Total 4,554,050.73 4,868,022.79
(2) Significant advance from customers aging over one year
Items Closing balance Unpaid/Uncarry over reason
Guangdong Province Telecomunications
3,833,334.78 Communication channels rent
Engineering Management Center
Total 3,833,334.78 --
(3) Particulars of settled but unfinished projects formed by construction contract at period-end.:N/A
20. Payable Employee wage
（1）Payable Employee wage
111
Items Year-beginning Increase in the Decrease in the Year-end
balance
balance current period current period
I. Short-term compensation 2,807,989.72 87,851,268.33 87,816,387.64 2,842,870.41
II.Post-employment benefits - defined cont
286.00
7,773,395.64 7,773,681.64
ribution plans
III. Dismiss welfare 109,982.48 109,982.48
IV. Other benefits within 1 year
Total 2,808,275.72 95,734,646.45 95,700,051.76 2,842,870.41
（2）Short-term compensation
Items Year-beginning Increase in the Decrease in the Year-end
balance
balance current period current period
1.Wages, bonuses, allowances and
465,063.49 59,241,340.49 59,241,340.49 465,063.49
subsidies
2.Employee welfare 299,000.00 8,761,059.70 9,060,059.70
3. Social insurance premiums 27,118.50 4,041,753.62 4,041,753.62 27,118.50
Inlduding ：Medical insurance 3,373,863.15 3,373,863.15
Work injury insurance 174,598.08 174,598.08
Maternity insurance 27,118.50 389,738.19 389,738.19 27,118.50
Supplementary
103,554.20 103,554.20
medicalinsurance
4.Public reserves for housing 39.74 12,000,366.00 12,000,366.00 39.74
5.Union funds and staff education fee 2,016,767.99 2,219,174.21 1,885,293.52 2,350,648.68
6. Short-term paid absences
7. Short-term profit-sharing plan
8.Other 1,587,574.31 1,587,574.31
Total 2,807,989.72 87,851,268.33 87,816,387.64 2,842,870.41
112
（3）List of drawing scheme
Balance in Increase in this Payable in this Balance in
Items
year-begin period period year-end
1. Basic old-age insurance premiums 6,025,271.09 6,025,271.09
2.Unemployment insurance 286.00 352,013.43 352,299.43
3.Enterprise annuity payment 1,396,111.12 1,396,111.12
Total 286.00 7,773,395.64 7,773,681.64
21. Tax Payable
Items Balance in year-end Balance in year-begin
VAT 30,846.29 3,353.32
Business Tax 5,302,895.08 5,923,003.03
29,712,315.33 1,955,971.88
Enterprise Income tax
Individual Income tax 3,366,384.39 2,630,647.57
City Construction tax 427,189.49 358,216.82
Land use tax 906,788.95 57,923.88
Property tax 502,835.74 248,088.61
Education subjoin 193,495.73 164,600.65
Locality Education subjoin 118,963.45 98,472.27
Stamp tax 5,582.71
Defend expense 128,951.66 130,711.35
Cultural construction costs -1,478.35
Total 40,690,666.11 11,575,093.74
22.Interest payable
Items Balance in year-end Balance in year-begin
Pay the interest for long-term loans by 8,500,502.68 9,298,064.66
installments.
Interest of company bonds 48,850,277.63 14,900,277.65
Payable interest for short-term borrowings 275,000.00 275,000.00
113
Items Balance in year-end Balance in year-begin
The preferred shares are classified as financial lia
bilities \ perpetual debt interest
Total 57,625,780.31 24,473,342.31
Particulars of significant overdue unpaid interest:N/A
23. Dividends payable
Items Year-end balance Year-Beginning balance
Common stock dividends 11,915,654.95 11,148,088.30
Zhujiang Infrastructure investment Co., Ltd. 5,189,301.99
Guangdong Expressway Co., Ltd. 3,292,301.60
The preferred shares are classified as financial lia
bilities \ perpetual debt dividends
Total 20,397,258.54 11,148,088.30
Note:
Final dividend payable RMB11,129,545.65 for more than a year in unpaid dividends to shareholders over the year was m
ainly due to non-payment of shareholder dividends did not provide information on interest-bearing bank, did not share ref
orm of shareholders to receive dividends or provide application to receive dividends the bank information is incorrect, res
ulting in failure to pay a dividend or refund.
24.Other accounts payable
(1) Other accounts payable listed by nature of the account
Items Year-end balance Year-Beginning balance
Project fund/Quality guarantee fund 152,333,184.81 207,939,390.58
Shareholder loans 125,000,000.00
Deposit 2,120,164.15 1,887,499.15
Other 52,474,059.67 34,498,208.26
Total 206,927,408.63 369,325,097.99
(2) Other significant accounts payable with aging over one year
Items Closing balance Unpaid/un-carry over reason
114
Items Closing balance Unpaid/un-carry over reason
Project Quality guarantees/ Bid Gruarantees/
Guangdong Changda Engineering Co., Ltd 51,014,472.90
Performance Gruarantee
Project Quality guarantees/ Bid Gruarantees/
Guangdong Guanyue luqiao Co., Ltd. 21,098,751.79
Performance Gruarantee
China Railway 12 Bureau Group Co., ltd. 13,487,411.00 Project Quality guarantees
Guangdong Jingtong Highway Engineering Project Quality guarantees/ Bid Gruarantees/
10,406,631.20
Performance Gruarantee
Construction Group Co., ltd.
Jilin Great wall Highway Bridge Construction
5,785,005.50 Project Quality guarantees
Co., Ltd.
China Railway 23 Bureau Group Co., ltd. 4,807,861.00 Project Quality guarantees
Guangdong Nengda Grade Highway Project Quality guarantees/ Bid Gruarantees/
3,503,016.52
Maintenance Co., Ltd. Performance Gruarantee
Ziguang Jietong Technology Co., Ltd. 2,919,474.50 Project Quality guarantees, Bid Gruarantees
Guangdong Xinguang International Group Co.,
1,905,911.00 Project Quality guarantees
Ltd.
Hubei Road & Bridge Group Co., Ltd. 1,574,241.50 Project Quality guarantees
Haolan Environment Co., Ltd. 1,281,945.49 Project Quality guarantees
Shengshi International Road & Bridge
1,268,674.00 Project Quality guarantees
Construction Co., Ltd.
Total 119,053,396.40
25. Non-current liabilities due within 1 year
Items Balance year-end Year-beginning balance
Long-term loans due within 1 year 117,480,000.00 400,480,000.00
Bonds payable due within 1 year
Long-term payable due within 1 year
Total 117,480,000.00 400,480,000.00
Notes:Long-term borrowing rate is due within one year falled by 10% compared with the benchmark lending rate over the
same period.
115
26. Long-term loan
Items Balance year-end Year-beginning balance
Pledge loan
Mortgage loan
Guaranteed loan 1,500,000,000.00 1,500,000,000.00
Credit loan 2,868,440,000.00 2,893,840,000.00
Total 4,368,440,000.00 4,393,840,000.00
Notes:Borrowing rate for the same period in the benchmark lending rate or benchmark lending rate over the same period f
all 10%.
27. Bonds payable
（1）Bonds payable
Items Balance year-end Year-beginning balance
11 Guangdong Expressway MINI 997,000,000.00 997,000,000.00
Total 997,000,000.00 997,000,000.00
(2) Changes on bonds payable (not including other financial instrument classified as preferred stock and
perpetual capital securities of financial liabilities)
Interest payable
Bond Face value Date of issue Bond term Issuing amount at beginning of
period
11 Guangdong
Expressway MINI 100.00 2011-10-13 5 years 1,000,000,000.00 997,000,000.00
Total 1,000,000,000.00 997,000,000.00
Continued table
Overflow
The current Withdraw interest at Pay in current
Bond discount End of blance
issue par period
amortiation
11 Guangdong
48,850,277.63
Expressway MINI 997,000,000.00
Total 48,850,277.63 997,000,000.00
116
(3) Note to conditions and time of share transfer of convertible bonds
N/A
(4) Note to other financial instrument classified as financial liabilities
Basic information of preferred stock, perpetual capital securities and other financial instruments outstanding issued at
period-begin
N/A
28.Long-term payable
（1）List of long term payable
Items Balance in year-end Balance in year-begin
Non-operating asset payable 2,022,210.11 2,022,210.11
Ganzhou Gankang Expressway Co., Ltd.Entrusted loans 50,000,000.00
Total 52,022,210.11 2,022,210.11
117
29. Stock capital
Increase/decrease this time (+ , - )
Items Balance Year-beginning Issuing of new Transferred from Balance year-end
Bonus shares Other Subtotal
share reserves
I. Restricted tradable shares
1.State-owned shares 409,977,151 409,977,151
2.State-owned legal person shares 21,712,738 21,712,738
3.Other demestic shares 8,638,995 -773,656 -773,656 7,865,339
Including：Domestic legal person 8,063,849 -710,982 -710,982 7,352,867
Domestic natural person 575,146 -62,674 -62,674 512,472
4.Foreign shares
Including：Foreign Legal person
Foreign Natural person
5.Executive shares 156,442 5,011 5,011 161,453
6.Orientation, inquiry issued shares
Indluding：Domestic Natural person
Total restricted tradable shares 440,485,326 -768,645 -768,645 439,716,681
II. Tradable shares
118
Increase/decrease this time (+ , - )
Items Balance Year-beginning Issuing of new Transferred from Balance year-end
Bonus shares Other Subtotal
share reserves
1. Ordinary shares denominated in
467,882,422 768,645 768,645 468,651,067
RMB
2.Foreign capital shares listed
348,750,000 348,750,000
dodmestically
3.Foreign capital share listed overseas
4.Other
Total tradable shares 816,632,422 768,645 768,645 817,401,067
III. Total shares 1,257,117,748 1,257,117,748
Notes 1：In the report period，Mr. Yun Wu Jun attained the retiring age, resigned from the post of the Chief Accountant, 5,011 unrestricted negotiable shares held by him were transferred
into frozen shares for senior executives.
Notes 2 ： ： In the report period ， 710,982 shares held by domestic legal persons subject to sale restriction and 62,674 shares held by domestic Nautural personssubject
to sale restriction was unfrozen and listed for trading and transferred into unrestricted shares on January 26, 2015.
30. Capital reserves
Items Year-beginning balance Increase in the current period Decrease in the current period Year-end balance
Share premium 1,534,771,223.07 1,534,771,223.07
Other capital reserves
119
Items Year-beginning balance Increase in the current period Decrease in the current period Year-end balance
Total 1,534,771,223.07 1,534,771,223.07
31. Other comprehensive income
Amount of current period
Less ：
Previously recog
Year-beginning Amount for the p After - tax attrib After - tax attrib
Items nized in profit or Year-end balance
balance eriod before inco loss in other com Less：Income tax utable to the pare utable to minorit
me tax prehensive inco nt company y shareholders
me
1.Other comprehensive income that will not be reclassified
subsequently to profit or loss
Indluding ： Change as a result of remeasurement of the net
defined benefit plan liability or asset
Share of other comprehensive income of the investee
underthe equity method that will not be reclassified to profit
or loss
II. Other Comprehensive income that will be reclassified
subsequently to profit or loss 630,483,249.92 112,922,373.12 112,922,373.12 743,405,623.04
Indluding ： Share of other comprehensive income of the
investee under the equity method that w8ill be
120
Amount of current period
Less ：
Previously recog
Year-beginning Amount for the p After - tax attrib After - tax attrib
Items nized in profit or Year-end balance
balance eriod before inco loss in other com Less：Income tax utable to the pare utable to minorit
me tax prehensive inco nt company y shareholders
me
reclassified to profit or loss
Gains or losses on changes in fair value of
available-for-sale financial assets 630,483,249.92 112,922,373.12 112,922,373.12 743,405,623.04
Gains or losses on reclassification of
held-to-maturityinvestments to available-for –sale
financial assets
Effective portion of gains or losses on cash flow hedges
Translation differences of financial statements
denominated in foreign currencies
Total 630,483,249.92 112,922,373.12 112,922,373.12 743,405,623.04
Notes 1. The initial balance and the ending balance refer to other comprehensive incomes in the balance sheet. The initial balance + other comprehensive incomes belong to the parent
company after taxes = the ending balance. The occurrence amount in the period refers to other comprehensive incomes in the profit statement, and the occurrence amount before income tax in
the period – Other comprehensive income recorded in the earlier stage and transferred into the profits and losses in the current period – income taxes = other comprehensive incomes belong to
the parent company after taxes + other comprehensive incomes belong to the minority shareholders after taxes.
Notes 2. The company’s headquarters is the investment enterprise, the investment income after the non-taxable investment deducted can generate the tax losses and left to make up for the
future years. Based on the prudence concept, the company will not recognize the deferred income tax assets relevant to the undistributed deficit. For the profits and losses gained from the
disposal of the sellable financial assets in the future are estimated that can’t offset the losses in the taxes, the company shall not pay the income taxes and considerate the influence on the
121
income taxes caused by the sellable financial assets.
122
32. Surplus reserve
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Statutory surplus reserve 253,056,237.77 253,056,237.77
Arbitrarily surplus
reserve
Reserve funds
Enterprise development
funds
Other
Total 253,056,237.77 253,056,237.77
33. Retained profits
Items Amount of this period Amount of last period
Before adjustment: Retained profits at the end of priodyear 1,340,748,017.33 1,104,154,555.90
Adjustment: Total retained profits at the beginning of year
After adjustment: Retained profits at the beginning of year 1,340,748,017.33 1,104,154,555.90
Add：Net profit attributable to shareholders of the parent Company
318,754,807.85
for the period 231,855,370.05
Less：Appropriation to statutory surplus reserve 19,305,459.02
Appropriation to discretionary surplus reserve
Appropriation to general risk reserve
Ordinary shares’ dividends payable 125,711,774.80 62,855,887.40
Ordinary shares’ dividends converted into share capital
Retained profits at the end of the period 1,446,891,612.58 1,340,748,017.33
123
34.Operation income and operation cost
Amount of this period Amount of last period
Items
Income Cost Income Cost
Main operation 713,087,732.92 357,468,924.78 678,748,660.01 362,875,566.27
Other operation 11,305,154.67 3,229,952.55 9,968,231.85 6,739,033.46
Total 724,392,887.59 360,698,877.33 688,716,891.86 369,614,599.73
35. Business tax and subjoin
Items Amount of this period Amount of last period
Business tax
22,644,312.35 22,006,698.77
Urban construction tax
1,590,974.92 1,546,091.45
Education surcharge 681,985.19 662,610.69
Defend expense 553,709.41 574,497.70
Locality Education surcharge 454,656.60 441,745.23
Culture Construction fee 27,147.85 52,159.97
Total 25,952,786.32 25,283,803.81
36. Management expenses
Items Amount of this period Amount of last period
Wage 50,126,426.23 51,637,449.06
Depreciation and Amortization 3,311,147.01 5,819,470.03
Low consumables amortization 79,304.70 267,036.17
Travel expenses 239,618.39 476,612.21
Office expenses 1,531,016.12 1,484,687.84
Leased experses 5,400,654.72 5,930,752.23
The fee for hiring agenc 1,745,795.74 1,732,623.49
Consultation expenses 74,280.00
Directorate expenses 391,976.00 219,302.00
Expenses of taxation 1,781,319.75 2,043,217.67
124
Items Amount of this period Amount of last period
Listing fee 150,810.80 10,740.00
Information cost and maintenance fee 179,550.00 106,206.02
Other 4,195,225.06 6,674,157.13
Total 69,132,844.52 76,476,533.85
37.Financial expenses
Items Amount of this period Amount of last period
Interest expenses 185,794,426.27 213,965,517.01
Deposit interest income（-） -2,622,113.98 -9,029,261.50
Exchange Income and loss（Gain-） 499,486.96 277,477.78
Bank commission charge 322,552.02 196,248.55
Total 183,994,351.27 205,409,981.84
38. Asset impairment loss
Items Amount of this period Amount of last period
71,381.66 -2,000,000.00
I .Losses for bad debts
II. Losses for falling price of inventory
III. Losses of available for sale financial assets
impairment
IV.Impairment on held-to-mathurity investments
V.Impairment on long-term equity investment
VI.Impairment on investment properties
VII.Impairment on fixed assets
VIII. Impairment on construction materials
IX. Impairment on construction in progress
X. Impairment on bearer biological assets
XI. Impairment on oil and gas assets
125
Items Amount of this period Amount of last period
XII. Impairment on intangible assets
XIII. Impairment on goodwill
XIV.Other
Total 71,381.66 -2,000,000.00
39. Investment income
Items Amount of this period Amount of last period
Long-term equity investment income by equity
179,155,666.77
method 187,060,105.38
Investment income from the disposal of
long-term equity investment
Investment income from holding the financialasset of
which fair value recognized in profit or loss
Investment income from disposal of financialassets
measured by fair value with changes in fair value
recognised in profit or loss
Hold the investment income during from
available-for-sale financial assets
Investment income gain from available for sale
42,119,862.10
financial assets 43,757,419.58
Investment income from the disposal of
available-for-sale financial assets
Investment income from disposal of financialassets
available for sale
Reverse repurchase treasury investment income 854,210.29 415,618.67
Total 231,671,735.25 221,691,147.54
126
40. Non-Operation income
Recorded in the amount of
Items Amount of this period Amount of last period the non-recurring gains and
losses
Total gains from disposal of
3,578.00 1,500.00 3,578.00
non-current assets
Including：Gains from disposal of
3,578.00 1,500.00 3,578.00
fixed assets
Gains from disposal of
intangible assets
Gains from disposal of
construction in process
Other
Gains from debt restructuting
Non-monetary assets
exchangegains
Accepting donations
Government Subsidy 230,000.00 230,000.00
Surplus profit
Road property claim income 4,709,102.01 666,411.69 4,709,102.01
Other income 755,042.90 736,527.30 755,042.90
Total 5,697,722.91 1,404,438.99 5,697,722.91
- Government subsidy reckoned into current gains/losses
Amount of this Assets-related/income
Items Amount of last period
period -related
Energy-saving special projects 230,000.00 Related to the income
Total 230,000.00
41. Non-Operation expense
The amount of
Items Amount of current period Amount of previous period non-operating gains &
lossed
127
The amount of
Items Amount of current period Amount of previous period non-operating gains &
lossed
Total of non-current asset
365,730.09 574,948.41 365,730.09
Disposition loss
Incl：loss of fixed assets disposition 365,730.09 574,948.41 365,730.09
Loss of intangible assets
disposition
Loss of Construction in
process disposition
Loss of Debt restructuring
disposition
Non-monetary assets exchange los
s
Foreign donation
Loss
Assets scrapped, damage loss
Exprese of fine 48,735.64 48,735.64
Other 194,560.31 1,820,842.80 194,560.31
Total 609,026.04 2,395,791.21 609,026.04
42. Income tax expense
(1) Lists of income tax expense
Items
Amount of current period Amount of previous period
Current income tax expense 45,382,766.71 7,855,114.86
Deferred income tax expense 8,621,867.84 23,837,672.00
Total 54,004,634.55 31,692,786.86
(2) Adjustment process of accounting profit and income tax expense
Items Amount of current period
128
Items Amount of current period
Total profits 321,303,078.61
Current income tax expense accounted by tax and relevant
80,325,769.65
regulations
Effect of different tax rates of subsidiaries
Influence of income tax before adjustment 4,454,839.42
Influence of non taxable income -64,957,518.86
Impact of non-deductible costs, expenses and losses 835,309.04
Affect the use of deferred tax assets early unconfirmed deductible
-1,699,876.46
losses
The current period does not affect the deferred tax assets recognized
28,307,795.13
deductible temporary differences or deductible loss
Income tax expense 54,004,634.55
43. Notes Cash flow statement
(1) Other cash received from business operation
Items
Amount of current period Amount of previous period
Newwork received toll income 18,511,470.94 62,764,326.00
Interest income 2,622,115.98 9,029,261.50
Unit current account 21,941,834.33 17,412,750.14
Total 43,075,421.25 89,206,337.64
（2）Other cash paid for business activities
Items
Amount of current period Amount of previous period
Management expense 12,673,437.89 18,835,067.18
Unit current account 5,490,209.30 7,556,833.65
Total 18,163,647.19 26,391,900.83
129
(3)Cash received related to other investment activities
Items
Amount of current period Amount of previous period
Kunlun Securities Co., Ltd. liquidation allotments 2,000,000.00
Total 2,000,000.00
(4)Cash paid related to other investment activities
N/A
(5) Cash received related to financing activities
N/A
(6) Cash paid related to financing activities
Items
Amount of current period Amount of previous period
The medirm –term notes underwriting fees 3,000,000.00 3,000,000.00
Total 3,000,000.00 3,000,000.00
44. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
Supplement Information Amount of current Amount of previous
period period
I. Adjusting net profit to cash flow from operating activities
Net profit 267,298,444.06 202,938,981.09
Add: Impairment loss provision of assets 71,381.66 -2,000,000.00
Depreciation of fixed assets, oil and gas assets and consumable
288,455,198.71 276,046,685.37
biological assets
Amortization of intangible assets 951,598.16 812,944.97
Amortization of Long-term deferred expenses 880,672.34 3,392,950.88
Loss on disposal of fixed assets, intangible assets and other 362,152.09 573,448.41
130
Supplement Information Amount of current Amount of previous
period period
long-term deferred assets
Loss on scrap of fixed assets
Losson fair value changes
Financial cost 186,293,913.23 214,242,994.79
Loss on investment -231,671,735.25 -221,691,147.54
Decrease of deferred income tax assets 8,869,234.60 22,270,454.73
Increased of deferred income tax liabilities -247,366.76 1,567,217.27
Decrease of inventories
Decease of operating receivables -35,241,416.50 -59,098,396.23
Increased of operating Payable 32,059,554.41 61,884,967.50
Other
Net cash flows arising from operating activities 518,081,630.75 500,941,101.24
II. Significant investment and financing activities that without cash
flows:
Debt-to-capital conversion
Convertible loan due within 1 year
Fixed assets acquired under fianancial lease
3．Movement of cash and cash equivalents：
Ending balance of cash 579,914,053.08 953,022,518.70
Less: Beginning balance of cash equivalents 561,800,403.72 976,468,685.82
Add：Ending balance of cash equivalents
Less: Beginning balance of cash equivalents
Net increase of cash and cash equivalents 18,113,649.36 -23,446,167.12
131
(2) Net Cash paid of obtaining the subsidiary
N/A
(3) Net Cash receive of disposal of the subsidiary
N/A
（4）Composition of cash and cash equivalents
Items Amount of current period Amount of previous period
I. Cash 579,914,053.08 561,800,403.72
Of which: Cash in stock 104,347.35 77,312.85
Demand bank deposit
578,944,990.77 561,106,598.75
Demand other monetary funds
864,714.96 616,492.12
Demanddeposit in the Central Bank
Depositin peerfirms
Loan to peerfirms
II. Cash equivalents
Including：Debt instrument maturedwithin three months
III. Balance of cash and cash equivalents at the period end 579,914,053.08 561,800,403.72
Including ： The parent company and the group holding
owned subsidiary use the confined cash and cash equivalents.
45. Note of statement of changes in the owner's equity
N/A
46. The assets with the ownership or use right restricted
N/A
47. Foreign currency monetary items
(1) Foreign currency monetary items
N/A
132
(2) Note to oversea entities
N/A
VI. Changes of merge scope
1. Business merger not under same control
N/A
2. Business combination under the same control
N/A
3. Counter purchase
N/A
4. The disposal of subsidiary
N/A
5. Other reasons for the changes in combination scope
N/A
6.Other
N/A
VII. Equity in other entities
1. Equity in subsidiary
(1) The structure of the enterprise group
Main Registrat Proportion of
Name of the subsidiary operating ion Nature of business shareholding Way of gaining
place place Directly Indirectly
Under the same
Guangdong Fokai Expressway Guangzh Expressway
Foshan 75.00 control business
Co., Ltd. ou Management
combination
Under the same
Guangzho Guangzh Expressway
Guangfo Expressway Co., Ltd. 75.00 control business
u ou Management
combination
Investment in
Guangdong Expressway technical
Guangzho Guangzh
Technology Investment Co., industries and 100.00 Investment
u ou
Ltd. provision of
relevant
Notes: holding proportion in subsidiary different from voting proportion:
N/A
133
Basis of holding half or less voting rights but still been controlled investee and holding more than half of the voting rights
not been controlled investee:
N/A
Significant structure entities and controlling basis in the scope of combination:
N/A
(2) Important Non-wholly-owned Subsidiary
Dividends Equity Balance of
Profit or Loss Owned
Shareholding Distributed to the the Minority
by the Minority
Name of Subsidiary Ratio of Minority Minority Shareholders in
Shareholders in the
Shareholders (%) Shareholders in the the End of the
Current Period
Current Period Period
Guangfo Expressway Co.,
Ltd. 25.00 8,706,534.68 5,765,891.10 80,840,935.93
Holding proportion of minority shareholder in subsidiary different from voting proportion:
N/A
(3) The main financial information of significant not wholly owned subsidiary
Year-end balance
Name Non current Current Non current
Current assets Total assets Total liabilities
assets Liabilities liabilities
Fokai
Expressway Co.,
Ltd. 236,069,469.52 6,601,368,021.21 6,837,437,490.73 646,987,235.54 2,988,914,209.27 3,635,901,444.81
Guangfo
Expressway Co.,
Ltd. 234,242,576.76 307,555,511.10 541,798,087.86 215,005,855.49 3,428,488.64 218,434,344.13
Continued table
Year-beginning balance
Name Non current Current Non current
Current assets Total assets Total liabilities
assets Liabilities liabilities
Fokai
Expressway Co.,
Ltd. 388,547,874.68 6,793,866,995.82 7,182,414,870.50 1,063,021,312.75 3,011,634,462.76 4,074,655,775.51
Guangfo
Expressway Co.,
Ltd. 113,551,239.59 386,094,164.72 499,645,404.31 181,688,632.98 6,355,601.91 188,044,234.89
134
Continued table
Amount of current period
Total
Name Cash flows from
Business income Net profit Comprehensive
operating activities
income
Fokai Expressway Co., Ltd. 538,224,330.57 106,946,157.32 106,946,157.32 441,026,160.52
Guangfo Expressway Co., Ltd. 177,462,820.98 34,826,138.70 34,826,138.70 114,226,183.66
Continued table
Amount of previous period
Total
Name Cash flows from
Business income Net profit Comprehensive
operating activities
income
Fokai Expressway Co., Ltd. 514,076,889.14 85,895,687.33 85,895,687.33 402,063,803.16
Guangfo Expressway Co., Ltd. 166,940,111.80 13,088,460.94 13,088,460.94 130,287,237.28
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
N/A
(5) Provide financial support or other support for structure entities incorporate into the scope of
consolidated financial statements
N/A
2. The transaction of the Company with its owner’s equity share changed but still controlling the subsidiary
N/A
135
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Proportion
Accounting treatment of the
Main operating
Name Registration place Business nature investment of joint venture or
place Directly Indirectly
associated enterprise
Guangzhou, Guangzhou, Expressway
Guangdong Guanghui Expressway Co., Ltd. Equity method
Guangdong Guangdong Management 30.00
Zhaoqing, Zhaoqing, Expressway
Zhaoqing Yuezhao Highway Co., Ltd. Equity method
Management
Guangdong Guangdong 25.00
Organic fertilizer
Beijing Gelin Enze Beijing Beijing Equity method
production and sell 35.00
Shenzhen Shenzhen Expressway
Shenzhen Huiyan Expressway Co., Ltd. Equity method
Guangdong Guangdong Management 33.33
Guangdong Guangzhou Expressway
Jingzhu Expressway Guanzhu Equity method
Zhongshan Guangdong Management 20.00
Guangdong Guangzhou Expressway
Guangdong Jiangzhong Expressway Co., Ltd. Equity method
Zhongshan Guangdong Management 15.00
Guangdong Guangzhou Expressway
Ganzhou kangda Expressway Co., Ltd. Equity method
Zhongshan Guangdong Management 30.00
Guangdong Guangzhou Expressway
Ganzhou Gankang Expressway Co., Ltd. Equity method
Zhongshan Guangdong Management 30.00
Guangdong Yueke Technology Petty Loan Co., Guangzhou, Guangzhou, Hande all kinds of small 20.00 Equity method
136
Proportion
Accounting treatment of the
Main operating
Name Registration place Business nature investment of joint venture or
place Directly Indirectly
associated enterprise
Ltd. Guangdong Guangdong loans
Heshan, Real estate
Asian Kitchen & Bath City Co., Ltd. Heshan, Guangdon Equity method
Guangdon Development and sales 15.00
Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
N/A
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting rights but does not have a significant impact:
Guangdong, Jiangzhong Expressway Co., Ltd and Asian Kitchen & Bath City Co.,
Ltd.. holds 20% of the voting rights, but has the power to participate in making decisions on their financial and operating decisions, and therefore deemed to be able to exert significant influ
ence over the investee.
(2) Main financial information of significant joint venture
①The current period.
Name Current assets Including： Non-current assets Total assets Current Non-current Total liabilities Minori Shareholders’ Pro rata share of
Cash and cash liabilities liabilities ty equity the net assets cal
equivalent interes attributable to culated
t shareholders of
the parent
company
Guangdong
Guanghui
Expressway
Co., Ltd. 809,973,383.49 477,245,350.51 4,684,943,463.34 5,494,916,846.83 783,616,066.40 895,314,447.01 1,678,930,513.41 3,815,986,333.42 1,144,795,900.03
137
Name Current assets Including： Non-current assets Total assets Current Non-current Total liabilities Minori Shareholders’ Pro rata share of
Cash and cash liabilities liabilities ty equity the net assets cal
equivalent interes attributable to culated
t shareholders of
the parent
company
Zhaoqing
Yuezhao
Highway Co.,
Ltd. 234,922,631.52 147,312,683.97 1,949,606,005.35 2,184,528,636.87 133,444,541.53 893,833,777.48 1,027,278,319.01 1,157,250,317.86 289,312,579.47
Continued table
Adjustment item The book value o The fair val Business income Financial Income Tax Net profit Net profi Other Total Dividends recei
f equity investme ue of the e expenses expesnses t from di Com Comprehensive ved from associ
Good internal tr Other
nts in joint ventu xistence of scontinue prehe income ates during the
will ading unr
res a public off d operati nsive year
ealized pr
Name er of equity ons inco
ofits
investment me
s in joint v
entures
Guanghui
Expressway Co.,
Ltd. 1,144,795,900.03 787,594,239.51 32,134,388.46112,915,289.96 338,745,869.79 338,745,869.79 150,000,000.00
Zhaoqing
Yuezhao 289,312,579.47 242,821,675.27 24,434,908.85 20,906,815.95 64,636,934.25 64,636,934.25
138
Adjustment item The book value o The fair val Business income Financial Income Tax Net profit Net profi Other Total Dividends recei
f equity investme ue of the e expenses expesnses t from di Com Comprehensive ved from associ
Good internal tr Other
nts in joint ventu xistence of scontinue prehe income ates during the
will ading unr
ealized pr res a public off d operati nsive year
Name ofits er of equity ons inco
investment me
s in joint v
entures
Highway Co.,
Ltd.
②The last period
Name Current assets Including： Non-current assets Total assets Current liabilities Non-current Total liabilities Minorit Shareholders’ Pro rata share of t
Cash and cash liabilities y equity he net assets calc
equivalent interest attributable to ulated
shareholders of
the parent
company
Guangdong
Guanghui
Expressway
Co., Ltd. 853,819,598.11 560,176,135.18 4,818,629,336.12 5,672,448,934.23 883,377,158.97 811,831,311.63 1,695,208,470.60 3,977,240,463.63 1,193,172,139.09
Zhaoqing
Yuezhao
Highway Co.,
Ltd. 161,028,516.96 143,525,298.03 1,972,706,369.16 2,133,734,886.12 259,091,187.54 782,030,314.97 1,041,121,502.51 1,092,613,383.61 273,153,345.90
139
Continued table
Adjustment item The book value o The fair va Business income Financial Income tax Nep profit Net p Other Total Dividends rece
f equity investme lue of the e exprenses rofit Com Comprehensive ived from asso
Good internal t Other
nts in joint ventu xistence of from prehe income ciates during t
will rading un
res a public off disco nsive he year
realized
Name er of equity ntinu inco
profits
investment ed op me
s in joint v erati
entures ons
Guangdong
Guanghui
Expressway Co.,
Ltd. 1,193,172,139.09 701,582,423.18 49,006,290.42 96,901,420.47289,770,004.45 289,770,004.45
Zhaoqing
Yuezhao
Highway Co.,
Ltd. 273,153,345.90 255,506,103.42 32,675,465.62 31,086,011.69 97,570,794.75 97,570,794.75
(3) Main financial information of significant associated enterprise
①The current period.
Name Current assets Non-current assets Total assets Current liabilities Non-current Total liabilities Minority interest Shareholders’ Pro rata share of th
Liabilities equity attributable e net assets calcula
to shareholders of ted
the parent
company
140
Name Current assets Non-current assets Total assets Current liabilities Non-current Total liabilities Minority interest Shareholders’ Pro rata share of th
Liabilities equity attributable e net assets calcula
to shareholders of ted
the parent
company
Shenzhen Huiyan
Expressway Co., 338,517,687.66 168,280,333.88 534,165,343.79 118,613,661.46 265,707.12 118,879,368.58 415,285,975.21 138,428,658.40
Ltd.
Jingzhu
Expressway 386,383,290.55 3,257,081,763.83 4,220,179,609.03 266,804,297.85 2,218,224,167.93 2,485,028,465.78 1,735,151,143.25 347,030,228.65
Guanzhu
Guangdong
Jiangzhong
97,934,685.62 2,191,438,252.12 2,289,372,937.74 316,595,309.42 784,500,000.00 1,101,095,309.42 1,188,277,628.32 178,241,644.25
Expressway Co.,
Ltd.
Ganzhou Kangda
14,858,682.31 1,486,722,723.25 1,634,662,623.79 26,151,282.20 1,015,991,878.04 1,042,143,160.24 592,519,463.55 177,755,839.07
Expressway
Ganzhou
Gankang
331,300,972.22 1,567,726,330.34 1,899,027,302.56 173,572,833.52 1,041,140,805.70 1,214,713,639.22 684,313,663.34 205,294,098.99
Expressway Co.,
Ltd.
Guangdong
Yueke
913,434,703.73 125,591,293.45 1,039,025,997.18 8,531,370.13 1,022,808.22 9,554,178.35 1,029,471,818.83 205,894,363.77
Technology Petty
Loan Co., Ltd.
Asian Kitchen &
Bath City Co., 326,150,529.08 7,373,573.62 333,524,102.70 195,837,593.42 24,800,000.00 220,637,593.42 112,886,509.28 16,932,976.39
Ltd.
141
Continued table
Adjustment item The book value o The fair value of Buinsess incme Net profit Net profi Other Total Dividends receiv
f equity investme the existence of a t from di comprehe comprehensive ed from associat
Goodwill internal trading Other
nts in joint ventu public offer of e scontinu nsive income es during the yea
unrealized pro
Name res quity investment ed operat income r
fits
s in joint venture ions
s
Shenzhen Huiyan
138,428,658.40 96,093,908.58 32,688,059.55 32,688,059.55 3,333,000.00
Expressway Co., Ltd.
Jingzhu Expressway
347,030,228.65 527,964,879.75 180,291,546.40 180,291,546.40
Guanzhu
Guangdong
Jiangzhong 178,241,644.25 202,641,512.94 31,063,757.09 31,063,757.09
Expressway Co., Ltd.
Ganzhou Kangda
176,967,858.17 118,859,388.33 42,564,485.24 42,564,485.24
Expressway
Ganzhou Gankang
205,294,099.00 95,640,534.67 22,225,070.15 22,225,070.15
Expressway Co., Ltd.
Guangdong Yueke
Technology Petty Loan 205,894,363.77 23,099,169.06 9,139,346.98 9,139,346.98
Co., Ltd.
Asian Kitchen & Bath
241,995.07 -1,998,834.50 15,176,136.96 -11,428,619.20 -11,428,619.20
City Co., Ltd.
②The last period.
142
Name Current assets Non-current assets Total assets Current liabilities Non-current Total liabilities Minority interest Shareholders’ Pro rata share of th
Liabilities equity attributablee net assets calcula
to shareholders ofted
the parent
company
Shenzhen Huiyan
Expressway Co.,
Ltd. 250,781,000.18 229,468,527.79 509,749,368.90 26,677,726.27 407,467.63 27,085,193.90 482,664,175.00 160,888,058.33
Jingzhu
Expressway
Guanzhu 198,920,064.37 3,367,963,818.61 4,162,929,651.88 179,662,563.77 2,418,741,884.16 2,598,404,447.93 1,564,525,203.95 312,905,040.79
Guangdong
Jiangzhong
Expressway Co.,
Ltd. 110,167,303.95 2,261,632,507.08 2,371,799,811.03 294,335,939.80 920,250,000.00 1,214,585,939.80 1,157,213,871.23 173,582,080.68
Ganzhou Kangda
Expressway 19,407,920.01 1,510,947,126.50 1,663,436,264.78 31,252,072.00 1,083,542,515.93 1,114,794,587.93 548,641,676.85 164,592,503.05
Ganzhou
Gankang
Expressway Co.,
Ltd. 306,852,845.90 1,616,491,879.42 1,923,344,725.32 192,345,332.26 1,038,910,799.87 1,231,256,132.13 692,088,593.19 207,626,577.95
Guangdong
Yueke
Technology Petty
Loan Co., Ltd. 932,110,436.51 95,637,640.96 1,027,748,077.47 7,415,605.62 7,415,605.62 1,020,332,471.85 204,066,494.37
Asian Kitchen &
Bath City Co.,
Ltd. 231,110,392.43 5,344,656.82 236,455,049.25 117,441,965.30 117,441,965.30 119,013,083.95 17,851,962.59
143
Continued table
Adjustment item The book value o The fair valu Business income Net profit Net profit f Other Total Dividends receiv
f equity investme e of the exist rom discon compreh Comprehensive ed from associat
nts in joint ventu ence of a pub tinued oper ensive income es during the yea
Goodwill internal trading Other
Name res lic offer of e ations income r
unrealized pro
quity invest
fits
ments in join
t ventures
Shenzhen Huiyan
Expressway Co., Ltd. 160,888,058.33 109,916,174.08 42,470,267.41 42,470,267.41 35,000,000.00
Jingzhu Expressway
Guanzhu 312,905,040.79 495,422,620.07 160,036,386.77 160,036,386.77 16,648,284.74
Guangdong Jiangzhong
Expressway Co., Ltd. 173,582,080.68 184,427,524.48 19,729,091.69 19,729,091.69
Ganzhou Kangda
Expressway 164,592,503.05 113,740,917.00 30,310,353.16 30,310,353.16
Ganzhou Gankang
Expressway Co., Ltd. 207,626,577.95 82,994,061.67 11,897,440.02 11,897,440.02
Guangdong Yueke
Technology Petty Loan
Co., Ltd. 204,066,494.37 13,208,617.55 5,591,002.16 5,591,002.16
Asian Kitchen & Bath
City Co., Ltd. 241,995.07 -1,998,834.50 16,095,123.16 -2,274,296.85 -2,274,296.85
144
(4) Summary financial information of insignificant joint venture or associated enterprise
Beijing Genlin Enze Organic Fertilizer Co.,Led. investment cost was RMB 6,614,483.90, for the 35% stake. The company under the equity method of accounting, the book value of long-ter
m equity investment has been reduced to zero.
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds to the Company.
N/A
（6）The excess loss of joint venture or associated enterprise
In RMB
Beijing Genlin Enze Organic Fertilizer Co.,Led. investment cost was RMB 6,614,483.90, for the 35% stake. The company under the equity method of accounting, the book value of long-ter
m equity investment has been reduced to zero.
(7) The unrecognized commitment related to joint venture investment
N/A
(8) Contingent liabilities related to joint venture or associated enterprise investment
N/A
145
4. Significant common operation
N/A
5. Equity of structure entity not including in the scope of consolidated financial statements
N/A
6.Other
N/A
VIII. Risks Related to Financial Instruments
The major financial instruments of the company include monetary capital, accounts receivable and accounts payable.
These financial instruments are primarily related to operating and financing. For the details of the financial instruments,
please refer to the related projects in Notes 5. The risk relevant to these financial instruments and the risk management
policy adopted by the company for reducing these risks are described as below:
1. Credit Risk
The credit risk means that the party of the financial instrument fails to perform the obligations, and the risk of the financial
loss is caused for the other party. The company is mainly facing the customer credit risk due to the credit sale. In order to
reduce the credit risk, the company only makes transactions with the recognized and reputable customers, and carries out
the continuous monitoring of accounts receivable through monitoring the credit of the existing customers and the aging
analysis, in order to ensure the company not facing the risk of bad debts and control the overall credit risk within the
controllable range.
2. Interest Rate Risk
The interest rate risk refers to the fluctuation risk appearing for the fair value of financial instruments or future cash flows
due to the changes in market interest rate. The interest rate risk faced by the company is mainly from the bank borrowings.
Through the establishment of good relations between banks and enterprises, the company makes the reasonable design of
credit range, credit variety and credit limit to guarantee the sufficient credit range of the banks and meet the financing
demands. Shortening the duration of single borrowings and especially stating the prepayment terms is to reasonably reduce
the risk of the interest rate fluctuations.
3. Foreign Exchange Risk
The foreign exchange risk refers to the fluctuation risk appearing for the fair value of financial instruments or future cash
flows due to the changes in foreign exchange rate. The company matches the income and expenditure of foreign currency
as far as possible in order to reduce the foreign exchange risk. During the reporting period, the company has little effect on
the foreign exchange risk due to the short credit term of revenue and expenditure related to the foreign currency.
4. Liquidity Risk
The liquidity risk means that the risk of the shortage of funds occurs when the settlement obligations by the delivery of the
cash or other financial assets are fulfilled by the company. The policy of the company is to ensure the sufficient cash for
repaying the matured debts. The liquidity risk is under the centralized control of Finance department of the company, and
Finance department shall guarantee the company having the sufficient funds to repay the debts under any reasonable
forecast through monitoring the cash balance, the marketable securities available to be cash and the rolling forecast for the
cash flow of the next six months.
5. Other Price Risk
146
The company holds the equity investment of other listed companies, and the management believes that these investments
facing the market price risk is acceptable. For the equity investment of other listed companies held by the company, please
refer to “Available-for-Sale Financial Assets in Article 8 of Consolidated Financial Statement in Notes 5 of Financial
Statements”.
IX. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
Closing fair value
Fir value Fir value Fir value
Items
measurement items at measurement measurement TotaL
level 1 items at level 2 items at level 3
I. Consistent fair value
measurement
（1）
Financial assets measured by fair value with
changes in fair value recognised in profit or
loss
1. Trading financial assets
（1）Debt instrument investment
（2）Equity instrument investment
（3）Derivative financial assets
2.
Financial assets designated at fai
r value through profit or loss
（1）Debt instrument investment
（2）Equity instrument investment
2.Available for sale financial assets 1,260,966,499.84 1,260,966,499.84
（1）Debt instrument investment
（2）Equity instrument investment 1,260,966,499.84 1,260,966,499.84
（3）Other
3.Real Estate Investment
Lease of land use rights
147
Closing fair value
Fir value Fir value Fir value
Items
measurement items at measurement measurement TotaL
level 1 items at level 2 items at level 3
Leased buildings
3.Held and prepared for transfer after apprec
iation of land use rights
4.Biological assets
1.Consumable biological assets
2.Productive biological assets
Total of Consistent fair value measurement 1,260,966,499.84 1,260,966,499.84
5. Trading financial Libilitity
Thereinto：Trading bonds issued
Derivative financial Libilitity
Other
6.
Financial Liabilities designated a
t fair value through profit or loss
Liabilitity Total of Consistent fair value
measurement
II.Non-continuous measurement fair value
（1）Available for sale financial assets
.Assets total of Non-continuous
measurement fair value
.Liability total of Non-continuous
measurement fair value
2. Market price recognition basis for consistent and inconsistent fair value measurement items at level 1.
As at the end of the period, the company holds shares 235,254,944 shares of China Everbright Bank
According to the closing price of June 30, 2015 of RMB 5.36, the final calculation of fair value was RMB
1,260,966,499.84.
148
3. Valuation technique adopted and nature and amount determination of important parameters for
consistent and inconsistent fair value measurement items at level 2.
N/A
4. Valuation technique adopted and nature and amount determination of important parameters for
consistent and inconsistent fair value measurement items at level 3.
N/A
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening and
closing book value of consistent fair value measurement items at level 3.
N/A
6. Explain the reason for conversion and the policy governing when the conversion happens if conversion
happens among consistent fair value measurement items at different levels
N/A
7. Changes in the valuation technique in the current period and the reason for change
N/A
8. Fair value of financial assets and liabilities not measured at fair value
N/A
9.Other
N/A
X.Related parties and related-party transactions
1. Parent company information of the enterprise
The parent
company of The parent
Registered Registrated the company of the
Name Nature
address capital Company's Company’s
shareholding vote ratio
ratio
Guangdong No. 27, Equity management,
communication traffic infrastructure 2,680,000.00 40.84 43.61
Baiyyun
Group Co., Ltd construction and
Road,Yuexiu
149
The parent
company of The parent
Registered Registrated the company of the
Name Nature
address capital Company's Company’s
shareholding vote ratio
ratio
District , railway project
Guangzhou. operation
-Notes ：
Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative: Li Jing. Date
of establishment: June 23, 2000. As of June 30, 2015,Registered capital: RMB 26.8 billion. It is a solely state-owned
limited company. Business scope ： equity management, organization of asset reorganization and optimized allocation,
raising funds by means including mortgage, transfer of property rights and joint stock system transformation, project
investment, operation and management, traffic infrastructure construction, highway and railway project operation and
relevant industries, technological development, application, consultation and services, highway and railway passenger and
cargo transport, ship industry, relevant overseas businesses; The value-added telecom business.
The finial control of the Company was Guangdong communication Group Co., Ltd.
2.Subsidiaries of the Company
Subsidiaries of this enterprise, see Note VII the rights of other entity
3. Information on the joint ventures and associated enterprises of the Company
The details Notes VII of significant joint venture and associated enterprise of the Company
Information on other joint venture and associated enterprise of occurring related party transactions with the Company in
reporting period, or form balance due to related party transactions in previous period: N/A
4. Other Related parties
Name Relation with the Company
Guangdong Changda highway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Hualu communication Technology
Fully owned subsidiary of the parent company
Co., Ltd.
Guangzhou Xinruan Computer Technology
Fully owned subsidiary of the parent company
Co., Ltd
Guangdong Xinyue Communication Investment
Fully owned subsidiary of the parent company
Co., Ltd.
Guangdong Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Lulutong Co., Ltd. Fully owned subsidiary of the parent company
Guangzhou Xinruan Computer Technology
Fully owned subsidiary of the parent company
Co., Ltd
Guangdong East Thinking Management Fully owned subsidiary of the parent company
150
Name Relation with the Company
Technology Development Co., Ltd.
Guangdong Kaiyang Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Highway Construction Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Shenshan West Expressway Co.,
Fully owned subsidiary of the parent company
Ltd.
Guangdong Yangmao Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Luqiao Consrtuction Development
Fully owned subsidiary of the parent company
Co., Ltd.
Guangdong Yunwu Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Taishan Coastal Expressway Co.,
Fully owned subsidiary of the parent company
Ltd
Yunfo Guangyun Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Yuzhan Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Zhaoyang Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Xinlu Adverting Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Lulutong Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Gaoda Property Development Co.,
Fully owned subsidiary of the parent company
Ltd.
Guangdong Shanfen Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangzhou Xinyue Asphalt Co., Ltd. Fully owned subsidiary of the parent company
5. List of related-party transactions
1)Information on acquisition of goods and reception of labor service
Content of related Amount in current
Related parties Amount in last period
transaction period
1.Business cost
Guangdong Changda highway Co., Ltd. Project fund 2,509,653.00
Guangdong Hualu communication
Project fund
Technology Co., Ltd. 127,500.00
Guangzhou Xinruan Computer Technology
Project fund
Co., Ltd. 153,920.00
Subtotal 127,500.00 2,663,573.00
151
Content of related Amount in current
Related parties Amount in last period
transaction period
3.Financial expenses
Guangdong Expressway Co., Ltd. Interest 3,604,166.64
Ganzhou Gankang Expressway Co.,Ltd. Interest 171,012.91
Subtotal 3,775,179.55
4. Construction in progress
Guangdong Xinyue Communication
Project fund 5,474,321.50
Investment Co., Ltd.
Guangdong Hualu communication
Project fund 356,051.03
Technology Co., Ltd.
Guangzhou Xinruan Computer Technology
Project fund 5,771,846.00
Co., Ltd.
Subtotal 11,602,218.53
5.Fixed assets
Guangdong Xinyue Communication
Purchasing assets
Investment Co., Ltd 2,114,545.72
Subtotal 2,114,545.72
Related transactions on sale goods and receiving services
Amount of current Amount of previous period
Related party Content
period
1.Business income
Guangdong Expressway Co., Ltd. Project fund 2,079,150.00 2,292,150.00
Guangdong Kaiyang Expressway Co., Ltd. Project fund 146,035.68 146,035.68
Guangdong Guangle Expressway Co., Ltd. Project fund 93,000.00
Guangdong Guanghui Expressway Co.,Ltd. Project fund 90,000.00
Guangdong Shenshan West Expressway Co.,
Project fund 108,000.00
Ltd.
152
Amount of current Amount of previous period
Related party Content
period
Guangdong Yangmao Expressway Co.,Ltd. Project fund 60,000.00 60,000.00
Guangdong Maozhan Expressway Co.,Ltd. Project fund 48,000.00
Guangdong Yunwu Expressway Co., Ltd. Project fund 69,000.00
Guangdong Taishan Coastal Expressway Co.,
Project fund 30,000.00 30,000.00
Ltd
Yunfo Guangyun Expressway Co., Ltd. Project fund 16,500.00
Guangdong Yuzhan Expressway Co., Ltd. Project fund 51,000.00
Zhanqing Guanghe Expressway Co., Ltd. Project fund 40,500.00
Subtotal 2,831,185.68 2,528,185.68
（2）Related trusteeship/contract
N/A
（3）Information of related lease
The Company was lessor：
Category of lease The lease income The lease income confirmed
Name of lessee
assets confirmed in this year in last year
Guangdong Xinlu Advertising Co., Advertising lease
921,864.26
Ltd.
Asian Kitchen & Bath City Co., Advertising lease
3,492,000.00 275,000.00
Ltd.
Subtotal 3,492,000.00 1,196,864.26
The company was lessee：
Category of leased The lease income
Lessor Category of leased assets
assets confirmed in this year
Guangdong Litong Property Office space
Investment Co., Ltd 4,200,528.00
4,270,536.00
Advertising column le
Guangdong Guanghui Expressway
ase 1,650,000.00
Co., Ltd.
215,880.00
153
Category of leased The lease income
Lessor Category of leased assets
assets confirmed in this year
Guangdong Gaoda Property Office space
584,864.65
Development Co., Ltd.
Zhaoqing Yuezhao Highway Co., Advertising column le
Ltd. ase 112,500.00
118,125.00
Subtotal a 4,604,541.00 6,547,892.65
（4）Related-party guarantee
The Company was Guarantor
N/A
The Company was secured party
Execution accomplished
Guarantor Guarantee amount Start date End date
or not
Guangdong Communication Group 1,500,000,000.00
Co., Ltd. 2012-09-25 2021-07-25 No
Notes:
Controlling shareholder Guangdong Communication Group Co., Ltd. accepted Pacific Asset Management Co., Ltd.
insurance debt investment plan to provide joint liability guarantee of principal and interest in full and unconditional
irrevocable. The company held Fokai Expressway Co., Ltd. 75% stake in Guangdong Communication Group Co., Ltd. to
provide a counter-guarantee.
(5) Inter-bank lending of capital of related parties
Amount borrowed
Related party Initial date Due date Notes
and loaned
Borrowed
Early repayment in Ju
Guangdong Expressway Co., Ltd. 2014-12-11 2017-12-10
125,000,000.00 ne 2015
(6) Related party asset transfer and debt restructuring
N/A
154
(7) Rewards for the key management personnel
Items
Amount of current period Amount of previous period
Rewards for the key management
personnel 2.27million 2.42million
(8) Other related-party transactions
N/A
6. Receivables and payables of related parties
（1）Receivables
Amount at year end Amount at year beginning
Name Related party Bad debt Balance of Bad debt
Balance of Book
Provision Book Provision
Account
receivabl
Guangdong Expressway Co.,
2,196,650.00 117,500.00
Ltd.
Guangdong Kaiyang
324,578.47 364,142.79
Expressway Co., Ltd.
Zhaoqing Yuezhao Highway
201,236.00 815,580.00
Co., Ltd.
Guangdong Shenshan West
108,000.00
Expressway Co., Ltd.
Guangdong Guanghui
90,000.00
Expressway Co., Ltd.
Guangdong Yunwu Expressway
69,000.00 69,000.00
Co., Ltd.
Guangdong Yangmao
60,000.00
Expressway Co., Ltd.
Guangdong Yuzhan Expressway 51,000.00
155
Amount at year end Amount at year beginning
Name Related party Bad debt Balance of Bad debt
Balance of Book
Provision Book Provision
Co., Ltd.
Subtotal 3,100,464.47 1,366,222.79
Prepayable
account
Zhanqing Yuezhao Highway
13,125.00 131,250.00
Co., Ltd.
Subtotal 13,125.00 131,250.00
Dividend
receivable
Ganzhou Gankang Expressway
9,000,000.00
Co., Ltd.
Shenzhen Huiyan Expressway
29,667,000.00
Co., Ltd.
Subtotal 38,667,000.00
Other
Account
receivable
Beijing Gelin Enze 4,007,679.91 4,007,679.91 4,007,679.91 4,007,679.91
Guangdong Litong Property
1,435,856.00 1,485,856.00
Investment Co., Ltd.
Guangdong Xinlu Advertising
1,293,717.42 1,105,350.72
Co., Ltd.
Guangdong Guanghui
698,034.00 668,034.00
Expressway Co., Ltd.
Zhaoqing Yuezhao Highway
447,849.00 509,027.00
Co., Ltd.
Guangdong Maozhan
148,193.11 83,003.27
Expressway Co., Ltd.
156
Amount at year end Amount at year beginning
Name Related party Bad debt Balance of Bad debt
Balance of Book
Provision Book Provision
Guangdong Yunwu Expressway
103,608.96
Co., Ltd.
Guangdong Expressway Co.,
39,654.00 39,654.00
Ltd.
Guangdong Kaiyang
33,300.00 167,260.07
Expressway Co., Ltd.
Guangdong Highway
12,891.00 12,891.00
Construction Co., Ltd.
Guangdong Luqiao
Construction Development Co., 9,327.70 9,327.70
Ltd.
Asian Kitchen & Bath City Co.,
3,320,958.00
Ltd.
Guangdong Xinyue
Communication Investment Co., 2,158.60
Ltd.
Subtotal 8,230,111.10 4,007,679.91 11,411,200.27 4,007,679.91
Notes：Those related transactions which are stipulated to be settled account by net amount should charge the related
party and state with the amount after offset.
（2）Payables
Amount at year
Name Related party Amount at year end
beginning
Account payable
Guangdong Changda highway Co., Ltd 9,098,244.00 8,993,525.00
Guangdong Expressway Co., Ltd. 8,746,491.18 13,728,261.18
Guangdong Guanghui 5,526,792.01 9,665,632.01
157
Amount at year
Name Related party Amount at year end
beginning
Expressway Co., Ltd.
Guangdong Xinyue Communication Investment
188,480.44 981,094.28
Co., Ltd.
Guangdong Hualu communication
730,767.25 598,676.96
Technology Co., Ltd.
Guangzhou Xinruan Computer Technology Co.,
691,088.60 577,238.60
Ltd
Guangdong East Thinking Management
78,234.00 78,234.00
Technology Development Co., Ltd.
Subtotal 25,060,097.48 34,622,662.03
Interest payable
Guangdong Expressway Co., Ltd. 229,166.67
Subtotal 229,166.67
Dividend payable
Zhujiang Construction investment Co., ltd. 5,189,301.99
Guangdong Expressway Co., Ltd. 3,292,301.60
Subtotal 8,481,603.59
Other payable
Guangdong Changda highway Co., Ltd 51,534,456.90 80,168,435.24
Guangdong Expressway Co., Ltd. 4,716,108.15 127,265,564.22
Guangdong Lulutong Co., Ltd 2,170,272.00
Guangzhou Xinruan Computer Technology Co.,
478,147.30 478,147.30
Ltd
Guangdong Xinyue Communication Investment
335,723.51 339,485.26
Co., Ltd.
Guangdong Hualu communication 141,526.39 141,526.39
158
Amount at year
Name Related party Amount at year end
beginning
Technology Co., Ltd.
Guangdong Lulutong Co., Ltd 66,604.23 66,604.23
Guangdong Xinlu Adverting Co., Ltd. 20,000.00 20,000.00
Subtotal 59,462,838.48 208,479,762.64
Long-term payable
Ganzhou Gankang Expressway Co., Ltd. 50,000,000.00
Subtotal 50,000,000.00
XI. Stock payment
N/A
XII.Commitments
1.Significant commitments
This matter. did not occur in this accounting period. During the reporting period.
2.Contingency
This matter. did not occur in this accounting period. During the reporting period.
XIII. Events after balance sheet date
1.Significant events had not adjusted
N/A
2.Profit distribution
N/A
3.Sales return
N/A
159
4.Notes of other significant event after balance sheet date
N/A
XIV.Other significant events
1.The accounting errors correction in previous period
This matter. did not occur in this accounting period. During the reporting period.
2.Debt restructuring
This matter. did not occur in this accounting period. During the reporting period.
3.Replacement of assets
This matter. did not occur in this accounting period. During the reporting period.
4.Pension plan
The company does not disclose the pension plan undisclosed matter should exist.
5.Discontinuing operation
This matter. did not occur in this accounting period. During the reporting period,.
6.Segment information
The company's business for the Guangfo Expressway and the Fokai Expressway toll collection and maintenance work, the
technology industry and provide investment advice, no other nature of the business, no reportable segment.
7.Other important transactions and events have an impact on investors decision-making
The toll collection period of Jiujiang Bridge of No. 325 National Highway owned by Jiujiang Bridge Branch of
Guangdong Fokai Expressway Co., Ltd., a controlled subsidiary of the Company, which was approved by Ministry of
Communications, is 30 years. Up to the present, the accumulative toll collection period is 25 years. According to the
Notice of Relevant Matters Concerning Quickening Special Clearing of Toll Highways in Guangdong Province (Yue Jiao
Ming Dian (2013) No. 56 Document), the rectification measure proposed for Jiujiang Bridge is "toll collection period shall
be no more than 20 years". The result of rectification is "toll collection shall be cancelled due to the expiration of toll
collection period." As required by this document, Jiujiang Bridge will stop toll collection from 24:00 of June 30, 2013.
Jiujiang Bridge is a construction project in which an enterprise under provincial administration invested. As for relevant
problems occurred after rectification, the Provincial State-owned Assets Commission shall coordinate in handling such
problems according to the requirements of the document.
In view of the cancellation of tolls, the relevant assets on Jiujiang Bridge are neither owned or controlled by the
160
company, nor brings any economic benefits to enterprise in future. According to the provision of Accounting Standards, the
company has made disposal of the assets at the end of 2013, and the relevant losses have been recorded into the annual
expenses outside of operation in 2013.
In May 2014, the company received Guangdong Provincial People's Government Office documents on the opinions
of the compensation for cancellation fee of Jiujiang Bridge as follow. The loss to the company resulted from the early
cancellation of Jiujiang Bridge toll fee will be compensated by Guangdong Communication Group. The provincial SASAC
conjunction with relevant units will examine the compensation amount base on Provincial Legal Office; work with
Provincial Department of Finance to make the compensation arrangements for provincial government to approve.
As of the date of this report, the Company has not reached agreement with governmental departments through
consultation in respect of the scheme for project benefit compensation or asset disposal after the enforcement of the
above-mentioned notice. As the influence of this matter on the Company is quite uncertain, it is impossible to appraise the
influence on the operating status and financial position of the Company.
⑵ On June 30, 2015, The 18th (Provisional) Meeting of the Seventh Board of Directors adopted the
Proposal of Guangdong Provincial Expressway Development Co., Ltd. issued shares to raise cash to buy
assets and related transactions matching funds plan.The company intends through the issuance of A
shares to purchase 25% stake of Fokai hold by Provincial Expressway, and Guangzhu 100% stake held
by transportation construction company, purchase by cash of the Guangzhu East's debt held by the
construction company. Moreover ， The company intends to non-public offering of A shares to raise
matching funds to Yadong Fuxing Yalian Investment Co., Ltd., Tibet Yingyue Investment Management
Co.,Ltd. and Guangfa Securities Co., Ltd. To pay the transaction cash consideration, the transaction
taxes and supplement working capital of listed companies, the amount of matching funds to be raised no
more than RMB 1650 million, assets to be purchased no more than 100% of the transaction price.
As of the reporting date, the above-mentioned major reorganization has not been completed
8.Other
(1)June 15,2007 early in the morning, The 325 Jiujiang Bridge collapsed on # 23 pier for ―Nanguijii
035 collision owned by the controlling subsidiary of the company Guangdong Fokai Expressway
Company leads the collapse and the traffic jam of 200 meters long of the Jiujiang Bridge. On June 10,
2009, Jiujiang Bridge opened to traffic has been restored.
On June 19,2007， The Ministry of Communications, the State Production Safety Supervision and Administration
Commission issued the JiaoAnWeiming File [2007] No. 8 "Notification on the Guangdong"6.15 "Jiujiang Bridge Collision
Accident", initially determined the causes of the accident are: the incident ship suddenly met heavy fog on the way from
Foshan Gaoming to Sunde, the captain neglected looking out, did not take proper measures and deviated from the main
channel, touched the 325 National Road Jiujiang Bridge the non-navigation bridge pier and caused the collapsion of part of
the Jiujiang bridge. The accident was an uN/Aateral responsibility of the ship.
On July 19,2007 ， Fokai Company applied preservation of property to Guangzhou Maritime Court.On August
22,2007 ， Fokai Company officially prosecuted to Guangzhou Maritime Court, asking Foshan South Sea Shipping
Company Limited and Yang Xiong to undertake the conpensation 25,587,684 yuan for the loss caused by collapsion of
Jiujiang Bridge. On August 28, 2007, Guangzhou Maritime Court accepted the case. According to the (2007)-Canton Haifa
No. 332 ruling book issued by Guangzhou Maritime Court, the proceeding of the case was suspended.
After the court accepted the case, the incident investigation team of Guangdong Provincial Government had not made
161
the final report of Jiujiang Bridge accident. The Court, on November 5, 2007, decided to suspend the proceeding. In
September 2008, Jiujiang Bridge accident investigation report was officially reported and resumed the proceedings. On
December 5, 2008, Guangzhou Marine Court opened a court trial to procceeded the case. Currently, Guangzhou Haizhu
prosecutorial office was intend to prosecute the accident captain Shi Guide, therefore, on January 5, 2009, Guangzhou
Maritime Court ruled the suspension of the case. On September 17, 2013, the Guangzhou Maritime Court issued a notice
of civil and eliminate the cause of suspension of proceedings, the court decided to resume the trial. On December 19, 2013,
the Guangzhou Maritime Court opened a court session, has not yet made the first-instance judgment. On March 7, 2014 the
Court made the first instance verdict: the defendant Foshan Nanhai Yuhang ship Services Co., Ltd. and Yang Xiong
compensated the plaintiff Fokai Expressway Co., Ltd. toll revenue losses of RMB 19,357,500.96; the court dismissed the
plaintiff other aspirations. The defendant appealed to the Higher People's Court of Guangdong Province, the Guangdong
Provincial Higher People's Court ruled on June 5, 2014, the case discontinued proceedings.
(2)The 26th (Provisional)Meeting of the sixth board of directors of Guangdong Provincial Expressway Development Co.,
Ltd. was held of May 10, 2012. The meeting examined and adopted the proposal Concerning the Company’s Accepting
the insurance Bond Investment Plan of Pacific Asset Management Co., Ltd. The Company was approved to accept the
insurance bond investment plan made by Pacific Asset Management Co., Ltd. The amount of proceeds to be raised is not
more than RMB 1.5 billion . Floating interest rate plus guaranteed base interest rate applies as the interest rate. The
Floaing interest rate shall not exceed the basic interest rate of RMB loan with a term of over five years on the day when
the investment fund of the insureance company is transferred into the Company’s account and the corresponding days of
the future years, which shall be adjusted once each year. The guaranteed base interest rate is 5.6%. The concrete amount
of raised proceeds shall be within maximum limit of investment fund filed with CIRC. The actual amount wholly
transferred to the Company shall apply. The final interest rate is subject to investment Contract for Bond Investment Plan
between Pacific and Guangdong Expressway Filed with CIRC. It was approved to authorize the management of the
Company to implement the above-mentioned matters.
The Company was approved to provide counter guarantee to Guangdong Communication Group Co.,Ltd.with 75%
equity of Guangdong Fokai Expressway Co., Ltd. Held by it . as of December 31, 2014, the company has borrowed RMB
1.5 billion.
XV..Notes s of main items in financial reports of parent company
1.Other account receivable
（1）Other account receivable classified by category
Year-end balance
Book balance Provision for bad debts
Classification
Proportio Proportio Book value
Amount Amount
n(%) n(%)
Other Account receivable with single
major amount and withdrawal bad 32,084,893.35 88.63 32,084,893.35 100.00
debt provision for single item
Other Account receivable 4,117,302.41 11.37 1,658,571.80 40.28 2,458,730.61
162
Year-end balance
Book balance Provision for bad debts
Classification
Proportio Proportio Book value
Amount Amount
n(%) n(%)
withdrawalbad debt provision by
group of credit risk characterstics
Other Account receivable with minor
individual amount but bad debt
provision is provided
Total 36,202,195.76 100.00 33,743,465.15 93.21 2,458,730.61
Continued table
Year-beginning
Book balance Provision for bad debts
Classification
Proportio Proportio Book value
Amount Amount
n(%) n(%)
Other Account receivable with single
major amount and withdrawal bad
debt provision for single item 32,084,893.35 88.44 32,084,893.35 100.00
Other Account receivable
withdrawalbad debt provision by
group of credit risk characterstics 4,194,818.04 11.56 1,658,571.80 39.54 2,536,246.24
Other Account receivable with minor
individual amount but bad debt
provision is provided
Total 36,279,711.39 100.00 33,743,465.15 93.01 2,536,246.24
- Other Receivable accounts with large amount individually and bad debt provisions were provided
Balance at year-end
Name Provision for
Other receivable Proportion% Reason
bad debts
Kunlun Securities Co., Ltd. 32,084,893.35 32,084,893.35 100.00 Notes 1
Total 32,084,893.35 32,084,893.35
Notes1：
163
For the balance amount of our company’s secutity trading settlement funds RMB 33,683,774.79 deposited in Kunlun
Securities Co., Ltd., The Xin’Ning Municipal intermediate People’s Court of Qinghai Province had made the judgment in
accordance with the law and declared on November 11, 2006. that Kunlun Securities Co., ltd. was bankrupted for debt
payment . In March of 2007, the liquidating group of Kunlun Securities preliminary judged the relationship between our
company and Kunlun Securities Co., Ltd.is debtor creditor relationship . as Kunlun Securities Co., Ltd.was bankrupted for
debt payment and it is in serious insolvency. Our company had moved the security trading settlement funds deposited in
Kunlun Securities Co., Ltd, to other receivables account for reflection, we also have made full amount provision for had
debts based on conservatism principle. The recovered debt amount in 2008 is RMB485,392.67 which had been offset
from the provision for bad debts. The recovered debt amount in 2011 is RMB 667,959.27 which had been offset from the
provision for bad, The recovered debt amount in 2014 is RMB 445,529.50 which had been offset from the provision for
bad debts.debts.
- In the groups, other accounts receivable adopting aging analysis method to withdraw bad debt provision:
Balance at year-end
Aging
Other receivable Provision for bad debts Proportion%
Within 1 year 629,543.61
1-2 years
2-3 years
3-4 years
4-5 years
Over 5 years 1,658,571.80 1,658,571.80 100.00
Total 2,288,115.41 1,658,571.80 72.49
- In the groups, other accounts receivable adopting other methods to withdraw bad debt provision:
Name Balance at year-end
Other receivable Bad debt Proportion（%） Reason
provision
Guangdong Litong Real estate Investment Co., Lease
1,435,856.00
Ltd. deposit
Beijing Shibang Weilishi Property Managerment Deposit
393,331.00
Servises Co., Ltd.
Total
1,829,187.00
164
（2）Bad debt provision withdrawal, reversed or recovered in the report period
The amount of bad debt provision was RMB 0.00, the amount of reversed or recovered bad debt provision in the report
period RMB 0.00.
Significant amount of reversed or recovered bad debt provision:
N/A
（3）Partuculars of the actual verification of other accounts receivable during the reporting period
N/A
（4）Other receivables nature of fund classification information
Book balance at year
Nature Book balance at year end
beginning
Guarantee deposit 1,829,187.00 1,829,187.00
Securities trading settlement funds balance 32,084,893.35 32,084,893.35
Other 2,288,115.41 2,365,631.04
Total 36,202,195.76 36,279,711.39
（5）The top five other account receivable classified by debtor at period end
Closing
Closing
Name Nature Aging Proportion% balance of bad
balance
debt provision
Securities trading se Over 5
Kunlun Securities Co., Ltd. 32,084,893.35 88.63 32,084,893.35
ttlement funds
years
Guangdong Litong Property Investment Within 3
Deposit 1,485,856.00 4.10
Co., Ltd.
years
Heshan Communication Real estate Over 5
Current accounts 1,470,000.00 4.06 1,470,000.00
Development Co., Ltd.
years
Beijing Shibang Weilishi Property Within 3
Deposit 393,331.00 1.09
Managerment Servises Co., Ltd.
years
Over 5
Huizhou Huxu Industry Company 109,745.80 0.30 109,745.80
Current accounts years
165
Closing
Closing
Name Nature Aging Proportion% balance of bad
balance
debt provision
Total 35,543,826.15 98.18 33,664,639.15
（6）Account receivable involving government subsidies
N/A
（7）Other account receivable derecognied due to the transfer of financial assets
N/A
（ 8 ） Amount of transfer other account receivable and assets and liabilities formed by its continuous
invovement.
N/A
166
2. Long- term s equity investment
Year-end balance Year-beginning balance
Items
Book balance Bad debt provision Book value Book balance Bad debt provision Book value
Investment to the
subsidiary 2,418,436,569.52 2,418,436,569.52 2,418,436,569.52 2,418,436,569.52
Investment to joint ventures and
associated enterprises 2,685,965,331.74 2,685,965,331.74 2,689,986,240.16 2,689,986,240.16
Total 5,104,401,901.26 5,104,401,901.26 5,108,422,809.68 5,108,422,809.68
（1）Investment to the subsidiary
Withdrawn
impairment provision Closing balance of
Name Opening balance Increase Decrease Closing balance
in the reporting impairment provision
period
Guangdong Guangfo Expressway
154,982,475.25 154,982,475.25
Co., Ltd.
Guangdong Expressway Technology
Investment Co., Ltd. 95,731,882.42 95,731,882.42
Guangdong Fokai Expressway Co., Ltd. 2,167,722,211.85 2,167,722,211.85
Total 2,418,436,569.52 2,418,436,569.52
167
（2）Investment to joint ventures and associated enterprises
Increase /decrease in reporting period
Withdra Closing
Investment
Adjustment wn balance of
Name Opening balance profit and loss Other Declaration of Closing balance
Add Negative of other impairm impairment
recognized equity cash dividends Other
investment investment comprehensiv ent provision
under the changes or profit
e income provisio
equity method
n
I. Joint ventures
Guangdong Guanghui
1,193,172,139.09 101,623,760.94 150,000,000.00 1,144,795,900.03
Expressway Co., Ltd.
ZhaoqingYuezhao
273,153,345.90 16,159,233.57 289,312,579.47
Highway Co., Ltd.
Subtotal 1,466,325,484.99 117,782,994.51 150,000,000.00 1,434,108,479.50
II. Associated
enterprises
ShenzhenHuiyan
160,888,058.33 10,540,600.07 33,000,000.00 138,428,658.40
Expressway Co., Ltd.
Jingzhu Expressway
312,905,040.79 34,125,187.86 347,030,228.65
Guangzhu
Guangdong Jiangzhong
173,582,080.68 4,659,563.57 178,241,644.25
Expressway Co., Ltd.
168
Increase /decrease in reporting period
Withdra Closing
Investment
Adjustment wn balance of
Name Opening balance profit and loss Other Declaration of Closing balance
Add Negative of other impairm impairment
recognized equity cash dividends Other
investment investment comprehensiv ent provision
under the changes or profit
e income provisio
equity method
n
Ganzhou Kangda
164,592,503.05 12,375,355.12 176,967,858.17
Expressway Co., Ltd.
Ganzhou Gankang
207,626,577.95 6,667,521.05 9,000,000.00 205,294,099.00
Expressway Co., Ltd.
Guangdong Yueke
Technology Petty Loan 204,066,494.37 1,827,869.40 205,894,363.77
Co., Ltd.
Subtotal 1,223,660,755.17 70,196,097.07 42,000,000.00 1,251,856,852.24
Total 2,689,986,240.16 187,979,091.58 192,000,000.00 2,685,965,331.74
169
3. Business income and Business cost
Amount of current period Amount of previous period
Items
Revenue Cost Revenue Cost
Main business
Other business 9,327,468.61 232,106.70 22,907,325.49 232,106.70
Total 9,327,468.61 232,106.70 22,907,325.49 232,106.70
4.Investment income
Items
Amount of current period Amount of previous period
Long-term equity investment income accounted by
27,174,578.08
cost method
Long-term equity investment income accounted by
187,979,091.58 179,955,514.62
equity method
Investment income arising from disposal of long-term
eqiuty investments
Investment income from holding the financial asset
of which fair value recognized in profit or loss
Investment income from disposal of financial assets
measured by fair value with changes in fair value
recognised in profit or loss
Investment income from holding the financial
asset available for sale
Investment income received from holding
ofavailable-for –sale financial assets 43,757,419.58 42,119,862.10
The investment income procure from the
available-for-sale financial assets
Investment income from disposal of financial
assets available for sale
Reverse repurchase treasury investment income 854,210.29 415,618.67
Total 259,765,299.53 222,490,995.39
170
XVI. Supplement information
1. Particulars about current non-recurring gains and loss
Items Amount Notes
Gains/losses from the disposal of non-current asset -362,152.09
Tax refund or mitigate due to examination-and –approvalbeyond
-
power or without official approval document
Governmental subsidy calculated into current gains and loess（while
closely related with the normal business of the Company, excluding
230,000.00
the fixed-amount or fixed-proportion governmental subsidy
according to the unified national standard）
Capital occupancy expense, collected from non-financialenterprises
and recorded in current gains and losses.
Income from the exceeding part between investment costofthe
Company paid for obtaining subsidiaries , associates and
joint-ventures and recognizable net assets fair value attributable to
the Company when acquiring the investment
Gains and losses from exchange of non-monetary assets
Gains and losses from assets under trusted investment or
management
Various provision for impairment of assets withdrew duetoact of
God, such as nutural disaster
Gains and losses from debt restructuring
Enterprise reorganization expense(eg.expenditure of
staffreplacement and integration change)
Gains and losses of the part arising from transaction in which price is
not fair and exceeding fair value
Current net gains and losses occurred from period-begin
tocombination day by subsidiaries resulting from business
combination under common control
Gains and losses arising from contingent proceedings irrelevant to
171
Items Amount Notes
normal operation of the Company
Gains and losses from change of fair values of held-for-transaction
financial assets and financial liabilities except for the effective hedge
business related to normal business of the Company, and investment
income from disposal of transactional financial assets and liabilities
and financial assets available for sale
Switch-back of provision of impairment of account receivable which
are treated with separate depreciation test
Gains and losses obtained from external trusted loans
Gains and losses arising from change of fair value of investment real
estate whose follow-up measurement are conducted according to fair
value pattern.
Affect on current gains and losses after an one-time adjustment
according to requirements of laws and regulations regarding to
taxation and accounting
Trust fee obtained from trust operation
Other non-operating income and expenditure except for the
5,220,848.96
aforementioned items
Other non-business income and expenditures other than the above 854,210.29
Influenced amount of income tax 1,210,023.58
Amount of influence of minority interests 907,517.68
Total 3,825,365.90
Notes：Non-operating gains and losses before taxes listed
2. Return on equity (ROE) and earnings per share (EPS)
Weighted average ROE EPS（Yuan/share）
Profit as of reporting period
(%) EPS-basic EPS-diluted
Net profit attributable to common
4.49% 0.18 0.18
shareholders of the Company
Net profit attributable to common 4.41% 0.18 0.18
172
Weighted average ROE EPS（Yuan/share）
Profit as of reporting period
(%) EPS-basic EPS-diluted
shareholders of the Company after
deduction of non-recurring profit
and loss
3. Differences between accounting data under domestic and overseas accounting standards
N/A
4. Supplementary materials of changes in accounting policies
N/A
5.Other
N/A
173
X. Documents Available for Inspection
1. Accounting statements carried with personal signatures and seals of legal representative, Chief
Financial officer and Financial Principal.
2. The texts of all the Company's documents publicly disclosed on the newspapers and periodicals
designated by China Securities Regulatory Commission in the report period.
174
