Guangdong Provincial Expressway Development Co.，Ltd.
The First Quarterly Report 2009
§I Important Statement
1.1 The Board of Directors , Supervisory Committee ,Directors , Supervisors, Senior Executives of the Company guarantee that there are no
significant omissions, fictitious or misleading statements carried in the Report and we will accept individual and joint responsibilities for the
truthfulness, accuracy and completeness of the Report.
1.2 The financial report of the Company in this quarterly Report period has not been audited.
1.3． Mr.Zhou Yuming, board chairman of the Company, Mr.Li Xiyuan, the person in charge of financial
accounting organ, Mr. Xiao Laijiu , Manager of Financial Dept represent and warrant the financial report in
this quarterly report is true and complete.
§2 Basic Information
2.1 Main accounting Highlights and financial indexes
Unit:RMB
At the period-end of this
At the period-end of last year
Increase /decrease（％）
Total assets
7,848,799,905.17
7,299,537,500.43
7.52%
Owner’s equity attributable to the parent company
3,402,523,310.69
3,421,104,860.21
-0.54%
Stock capital
1,257,117,748.00
1,257,117,748.00
0.00%
Net assets per share attributable to the parent company
2.71
2.72
-0.37%
Amount of current period
Amount of the same period in last year
Increase /decrease（％）
Total turnover
234,100,719.58
248,709,080.78
-5.87%
Net profit attributable to owners of parent company
107,130,225.28
114,758,528.12
-6.65%
Net cash flow arising from operating activities
52,260,171.41
67,825,120.01
-22.95%
Net cash flow per share arising from operating activities
0.04
0.05
-20.00%
Basic earnings per share
0.09
0.09
0.00%
Diluted earnings per share
0.09
0.09
0.00%
Return on net assets
3.15%
3.34%
-0.19%
Return on net assets after deducting non-recurring gains and losses
3.14%
3.77%
-0.63%
1Items of non-current gains and losses
Year begin to end of report period
Gains and losses from the disposal of non-current assets
-28,854.14
Other non-operating income and expenditure beside for the above items
239,661.93
Amount of influence of the above items on income tax.
-48,155.81
Total
162,651.98
Explanation Items of non-current gains and losses：
No
2.2 Total number of shareholders in the end of the report period and shares held by the top ten
shareholders with unrestricted conditions
Unit：shares
Total number of shareholders in the end of the report period
113,139
Share held by the top ten shareholders with unrestricted conditions
Name of shareholder
Amount of unrestricted shares held
Type of shares
Guangdong Communication Group Co., Ltd.
103,379,742
RMB common shares
102 Portfolio of National Social Security Fund
13,000,000
RMB common shares
Guangdong Yuecai Trust Investment Co., Ltd.
12,174,345
RMB common shares
Xinyue Co., Ltd.
11,935,757
RMB common shares
China Construction Bank－Guotai Jinding Valuechosen mixed Securities Investemnt Fund
7,111,630
Foreign shares placed in domestic exchange
China Life insurance Co., Ltd.-Dividend-Individual dividend-005-FH002 Shen
4,999,958
RMB common shares
NATWEST SECURITIES HONG KONG LIMITED
2,870,539
RMB common shares
Hu Airong
2,724,187
Foreign shares placed in domestic exchange
Chen Huidong
2,425,071
RMB common shares
Lu Weiqiang
2,282,648
Foreign shares placed in domestic exchange
§3 Significant Events
3.1 Details and causations of major change in major accounting subjects and financial indices
√ Applicable □ Not applicable
1.The ending balance of monetary capital is RMB 544.11 million, which is composed of the following items:
The balance of monetary capital at beginning of year is RMB 350.77 million. The net amount of cash flows from
operating activities for the report period is RMB 52.26 million. The net amount of cash flows from investing
activities is RMB - 275.37 million. The net amount of cash flows from financing activities is RMB 416.45
million.
2.Accounts receivable increased by RMB 26.59 million and 210.13% over the beginning of the year because
Guangfo Expressway Co., Ltd. and Fokai Expressway Co., Ltd. increased accounts receivable from United
Electronic Collection Center.
3. Prepayments increased by RMB 105.20 million and 123.64% over the beginning of the year mainly due to
prepayment for the expansion project of Guangfo and Fokai Expressway and materials.
4.Dividends receivable increased by RMB 118.02 million and 788.37% over the beginning of the year because
dividends of RMB 110.8423 million for 2008 were receivable from Jingzhu Expressway Guangzhu Section Co.,
2Ltd. and dividends of RMB 22.1472 million for 2008 were receivable from Guanghui Company and dividends of
RMB 14.97 for 2007 were received from Jingzhu Expressway Guangzhu Section Co., Ltd.
5.Taxes and levies payable increased by RMB 27.03 million and 690.95% over the beginning of the year mainly
due to increase of income tax and other taxes and levies payable for the first quarter.
6.Dividends payable increased by RMB 168.1 million and 1,364.85% over the beginning of the year mainly
because the parent company planned to distribute dividends for 2008 and dividends for 2008 are payable by
Guangfo Expressway Co., Ltd. and Fokai Expressway Co., Ltd. to other shareholders in current period.
7.Operating cost decreased by RMB 35.31 million and 36.36% year on year mainly because Fokai Expressway
Co., Ltd. decreased special cost by RMB 35.46 million in current period.
8.Investment income decreased by RMB 25.13 million and 30.29% year on year mainly due to the change of
profit and loss on investment in the following joint stock subsidiaries:
(1) For the first three months of 2009, the investment income from Jingzhu Expressway Guangzhu Section Co.,
Ltd. on equity basis decreased by RMB 4.49 million over the same period of previous year;
(2) For the first three months of 2009, the investment income from Huiyan Expressway Co., Ltd. on equity
basis decreased by RMB 4.12 million over the same period of previous year;
(3) For the first three months of 2009, the investment income from Guanghui Expressway Co., Ltd. on equity
basis decreased by RMB 5.5 million over the same period of previous year;
(4) In current period, loss of RMB 9.55 million on investment in Ganzhou Kangda Expressway Co., Ltd. was
increased.
9.Non-operating expenses decreased by RMB 20.16 million and 99.71% year on year mainly because RMB 20
million was paid for the repair and cleanup of Jiujiang Bridge in the same period of previous year.
3.2 Analysis and explanation of significant events and their influence and solutions
□Applicable √Not applicable
3.3 Implementations of commitments by the Company, shareholders and actual controller
√ Applicable □ Not applicable
Items
Commitment
Status of fulfillment of commitment
Promise in share holding structure reform
Disclosed
Completed
Commitment of Share conditional subscription
The non-negoti1ble sh1res held by the Comp1ny's sh1reholders holding non-negoti1ble sh1res sh1ll not be
listed, tr1ded or 1ssigned within twelve months from the d1te of obt1ining the right of listing andnegoti1tion.
Meanwhile, Guangdong Communication Group Co., Ltd., the controlling shareholder, and its related companies
including
The non-negotiable shares held by the Company's shareholders holding non-negotiable shares will be listed
and traded after the expiry of the commitment term. This commitment is under fulfillment.
3Guangdong Expressway Co., Ltd., Guangdong Traffic Development Company, Guangdong Communication Development
Company and Guangdong Guanghua Expressway Company further promised that the non-negotiable shares held by them
would not be listed and traded within twenty four months after the expiration of the said period of twelve
months.
Commitments made in Acquisition Report or Reports on Change in interests
No
No
Commitments made in Material assets Reorganization
As examined and adopted at the provisional meeting of the fifth board of directors held on October 29,
2008, the Company terminated the implementation of the Proposal Concerning Concrete Plan for the Company's Non-
public Issue of Shares to Specific Objects examined and adopted at the 8th meeting of the fifth board of
directors held on June 12, 2008 and promised no plans for significant reorganization matters within three
months from the day when the resolution of this board meeting was announced.
The Board of Directors of the Company has not made plans for any significant reorganization within three
months from October 29, 2008.
Commitments made in issuing
No
No
Other commitments（Including:
GuangdongCommunication Group Co.,Ltd. as a controlling
Details of performance: up to the publishing date of this report, Guangdong Provincial Transport Group
4supplementary commitments）
shareholder of the Company and Xinyue Company Limited as its person acting in concert increased part of A
stocks and B stocks of the Company by Stock Trading System of Shenzhen Stock Exchange on December 11, 2008, and
promised that they would not reduce their stocks of the Company during the execution of the plan of stock
increase and within the legal time limit.
Co., Ltd. and Xinyue Company Limited as its person acting in concert have not reduced their stocks of the
Company. Therefore, this promise is still being performed.
3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report period
to be loss probably or the warning of its material change compared with the corresponding period of the last
year and explanation of reason.
□Applicable √Not applicable
3.5 Other significant events need to be explained
3.5.1 Securities investment
□Applicable √Not applicable
3.5.2 Reception of investigations, communications ,or interviews company held in the report period.
Reception date
Reception plane
Reception Mode
Reception Object
Discussion issue and offered information
January 22, 2009
The Company
Onsite investigation
Assistant analyst of Institute of Economics of Guoxin Securities for transportation and communication
industry
Learning abut the basic operating status of the Company
February 25, 2009
Shenzhen Wuzhou Hotel
Briefing of the earnings of the Company for 2008
Goldstate Securities Co., Ltd.,Assistant analyst of China merchants Securities for transportation and
communication，Development Research Center of Guangfa Securities Co., Ltd., Lianhe Securities Co., Ltd.
Learning about the basic operating status of the company, introduced the basic operating information of the
company; Communicated with researchers on the industry and the development of the company and answer some of
problems.
3.5.3 Explanation of other significant events
√applicable □ not applicable
1. The Company neither provided funds to the controlling shareholder or its related parties nor provided
guarantee in violation of stipulated procedure. 52. To actively respond to relevant national policies and the
regulations of CSRC on encouraging share purchase by the controlling shareholder and express the controlling
shareholder's confidence in the future development prospect of the Company, Guangdong Communication Group Co.,
Ltd., the controlling shareholder of the Company, and the persons taking concerted action promised to purchase
A shares and B shares of the Company through the securities trading system of Shenzhen Stock Exchange within 12
months from December 11, 2008. The total quantity of the shares to be purchased will not exceed 2% of the total
share capital of the Company. In the period from December 11, 2008 to February 24, 2009, the total shares of
the Company directly and indirectly held by Communication Group increased by 12,647,947 shares, which account
for 1.006% of the total share capital of the Company. The price of A shares of Guangdong Expressway purchased
by Communication Group: RMB 3.90/share averagely (not including the shares as consideration advanced in share
holding structure reform which were repaid by other shareholders) ; The price of B shares of Guangdong
Expressway purchased by Xinyue Company: HKD2.798/share averagely.
§4 Appendix
4.1 Balance sheet
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. March 31,2009 Unit：RMB
Year-end balance
Year-beginning balance
Items
Consolidated
Parent company
Consolidated
Parent company
Current asset：
Monetary fund
544,110,538.16
118,570,322.45
350,765,725.76
41,195,556.89
Settlement provision
Outgoing call loan
Trading financial assets
Bill receivable
Account receivable
39,245,537.82
12,654,511.88
Prepayments
190,292,072.71
85,087,576.90
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable
Dividend receivable
132,989,479.54
249,554,939.55
14,970,025.14
14,970,025.14
Other account receivable
30,099,176.99
30,920,410.24
28,323,738.28
31,749,471.14
Repurchasing of financial assets
Inventories
291,799.50
405,711.52
Non-current asset due in 1 year
Other current asset
Total of current assets
937,028,604.72
399,045,672.24
492,207,289.48
87,915,053.17
Non-current assets：
Loans and payment on other’s behalf disbursed
Disposable financial asset
6Expired investment in possess
Long-term receivable
Long term share equity investment
2,155,611,889.68
3,217,047,392.10
2,196,261,073.68
3,257,393,823.31
Property investment
Fixed assets
3,409,368,129.19
11,123,906.91
3,443,865,259.05
11,186,504.90
Construction in progress
1,265,087,446.38
1,083,046,214.97
Engineering material
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets
69,440,326.00
71,220,847.00
R & D petrol
Goodwill
Long-germ expenses to be amortized
1,295,640.77
1,968,947.82
Differed income tax asset
10,967,868.43
10,967,868.43
Other non-current asset
Total of non-current assets
6,911,771,300.45
3,228,171,299.01
6,807,330,210.95
3,268,580,328.21
Total of assets
7,848,799,905.17
3,627,216,971.25
7,299,537,500.43
3,356,495,381.38
Current liabilities
Short-term loans
230,000,000.00
300,000,000.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Trade off financial liabilities
Bill payable
Account payable
103,674,462.91
107,100,915.00
Advance payment
6,611,706.83
6,125,701.56
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable
11,673,189.40
7,092,493.56
11,827,195.03
7,000,193.40
Tax payable
30,941,387.75
15,481.96
3,911,924.42
196,664.32
Interest payable
6,444,819.85
5,537,848.30
Dividend payable
180,412,765.39
137,858,872.42
12,316,103.37
12,316,103.37
Other account payable
202,718,664.90
107,233,534.53
263,417,611.91
139,138,865.17
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
7Entrusted selling of securities
Non-current liability due in 1 year
470,000,000.00
290,000,000.00
Other current liability
132,686,970.97
Total of current liability
1,242,476,997.03
384,887,353.44
1,000,237,299.59
158,651,826.26
Non-current liabilities：
Long-term loan
2,691,274,803.54
2,348,324,803.54
Bond payable
Long-term payable
2,022,210.11
2,022,210.11
2,022,210.11
2,022,210.11
Special payable
100,000.00
100,000.00
Expected liabilities
Differed income tax liability
103,811,209.84
101,054,676.23
Other non-current liabilities
Total of non-current liabilities
2,797,208,223.49
2,022,210.11
2,451,501,689.88
2,022,210.11
Total of liability
4,039,685,220.52
386,909,563.55
3,451,738,989.47
160,674,036.37
Owners’ equity
Share capital
1,257,117,748.00
1,257,117,748.00
1,257,117,748.00
1,257,117,748.00
Capital reserves
1,534,906,856.32
1,534,906,856.32
1,534,906,856.32
1,534,906,856.32
Less：Shares in stock
Surplus reserves
91,921,501.73
91,921,501.73
91,921,501.73
91,921,501.73
Common risk provision
Undistributed profit
518,577,204.64
356,361,301.65
537,158,754.16
311,875,238.96
Different of foreign currency translation
Total of owner’s equity belong to the parent company
3,402,523,310.69
3,240,307,407.70
3,421,104,860.21
3,195,821,345.01
Minor shareholders’ equity
406,591,373.96
426,693,650.75
Total of owners’ equity
3,809,114,684.65
3,240,307,407.70
3,847,798,510.96
3,195,821,345.01
Total of liabilities and owners’ equity
7,848,799,905.17
3,627,216,971.25
7,299,537,500.43
3,356,495,381.38
4.2 Profit statement
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. January-March 2009 Unit：RMB
Report period
Same period of the previous year
Items
Consolidated
Parent company
Consolidated
Parent company
I.Total operating income
234,100,719.58
1,800.00
248,709,080.78
1,800.00
Including：Operating income
234,100,719.58
248,709,080.78
1,800.00
Interest income
Insurance gained
Commission charge and commission income
II.Total operating cost
132,940,627.26
15,618,977.77
159,629,826.26
13,310,416.78
8Including：Operating cost
61,798,551.04
97,111,242.48
Interest expense
Commission chare and commission expense
Cash surrender value
Net amount of expense of compensation
Net amount of withdrawal of insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Operating tax and extras
7,551,441.45
90.00
8,128,638.19
90.00
Sales expenses
Administration expenses
26,560,517.26
14,156,180.03
22,978,324.75
13,256,456.29
Financial expenses
37,030,117.51
1,462,707.74
31,411,620.84
53,870.49
Losses of devaluation of assets
Add ：Changing income of fair value
Investment income
57,840,295.54
185,804,727.26
82,969,702.10
305,133,753.57
Including：Investment income on affiliate company and joint venture
57,840,295.54
58,143,048.33
82,969,702.10
83,338,250.00
Exchange income
III. Operating profit
159,000,387.86
170,187,549.49
172,048,956.62
291,825,136.79
Add ：Non-operating income
336,057.43
10,288.00
493,107.85
Less：Non-operating expense
58,409.70
20,215,468.14
100,000.00
Including :Disposal loss of non-current assets
38,472.18
20,034,740.90
IV. Total profit
159,278,035.59
170,197,837.49
152,326,596.33
291,725,136.79
Less：Income tax
29,696,194.13
22,554,344.24
V. Net profit
129,581,841.46
170,197,837.49
129,772,252.09
291,725,136.79
Net profit attributable to owner’s equity of parent company
107,130,225.28
170,197,837.49
114,758,528.12
291,725,136.79
Minority shareholders’ gains and losses
22,451,616.18
14,821,791.80
VI. Earnings per share
（i）Basic earnings per share
0.09
0.14
0.09
0.23
（ii）Diluted earnings per share
0.09
0.14
0.09
0.23
4.3 Cash flow statement
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. January-March 2009 Unit：RMB
Report period
Same period of the previous year
Items
Consolidated
Parent company
Consolidated
Parent company
I.Cash flows from operating activities
Cash received from sales of goods or rending of services
206,906,070.81
221,964,229.97 9Net 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 operation
19,240,300.68
236,272,687.80
5,340,515.84
66,029,927.87
Sub-total of cash inflow
226,146,371.49
236,272,687.80
227,304,745.81
66,029,927.87
Cash paid for purchasing of merchandise and services
15,260,597.22
41,167,662.53
Net increase of client trade and advance
Net increase of savings n central bank and brother company
Cash paid for original contract claim
Cash paid for interest, processing fee and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs
28,560,542.65
8,487,619.11
22,676,341.01
4,040,647.19
Taxes paid
7,321,841.99
16,445.90
36,936,644.65
11,668.45
Other cash paid for business activities
122,743,218.22
130,403,925.61
58,698,977.61
9,455,962.61
Sub-total of cash outflow from business activities
173,886,200.08
138,907,990.62
159,479,625.80
13,508,278.25
10Cash flow generated by business operation, net
52,260,171.41
97,364,697.18
67,825,120.01
52,521,649.62
II.Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains
14,970,025.14
14,970,025.14
152,957,494.71
237,936,275.79
Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets
600.00
540.00
Net cash received from disposal of subsidiaries or other operational units
Other investment-related cash received
Sub-total of cash inflow due to investment activities
14,970,625.14
14,970,025.14
152,958,034.71
237,936,275.79
Cash paid for construction of
fixed assets, intangible assets
and other long-term assets
255,838,894.44
299,000.00
58,588,824.32
119,660.00
Cash paid as investment
34,500,000.00
34,500,000.00
166,251,100.00
166,251,100.00
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 investment activities
290,338,894.44
34,799,000.00
224,839,924.32
166,370,760.00
Net cash flow generated by investment
-275,368,269.30
-19,828,974.86
-71,881,889.61
71,565,515.79
III.Cash flow generated by financing
Cash received as investment
Incl: Cash received as investment from minor shareholders
Cash received as loans
602,950,000.00
492,000,000.00
Cash received from bond placing
Other financing –related ash received
Sub-total of cash inflow from financing activities
602,950,000.00
492,000,000.00 11Cash to repay debts
150,000,000.00
165,000,000.00
Cash paid as dividend, profit, or interests
36,497,173.40
161,040.45
61,525,213.29
232,461.68
Incl: Dividend and profit paid by subsidiaries to minor shareholders
Other cash paid for financing activities
Sub-total of cash outflow due to financing activities
186,497,173.40
161,040.45
226,525,213.29
232,461.68
Net cash flow generated by financing
416,452,826.60
-161,040.45
265,474,786.71
-232,461.68
IV. Influence of exchange rate alternation on cash and cash equivalents
83.69
83.69
-20,514.01
-20,514.01
V.Net increase of cash and cash equivalents
193,344,812.40
77,374,765.56
261,397,503.10
123,834,189.72
Add: balance of cash and cash equivalents at the beginning of term
350,765,725.76
41,195,556.89
190,665,302.76
34,847,364.21
VI ..Balance of cash and cash equivalents at the end of term
544,110,538.16
118,570,322.45
452,062,805.86
158,681,553.93
4.4 Auditor’ report
Auditor’s opinions: Not audited
12
