Stock Code：000429，200429 Stock Abbreviation ：Guangdong Expressway A, Guangdong Expressway BAnnouncement No.:2020-036
Summary of 2020 Semi-Annual Report of Guangdong Provincial
Expressway Development Co., Ltd.1 Important notesThe summary is abstract from full-text of semi-annual report, for more details information , investors shouldfound in the full-text of annual report that published on website of Shenzhen Stock Exchange and other websiteappointed by CSRC.
Director, Supervisor, Senior Manager Objection Statement: None.
All the directors have attended the meeting of the board meeting at which this report was examined
Non-standard audit advice
□ Applicable √ Not applicable
The Board of Directors considered the plan for the distribution of ordinary shares in the reporting period or theplan for the transfer of capital reserve.
□ Applicable √ Not applicable
The company plans not to send cash dividends, do not send bonus shares, not to increase the share capital.
The Board of Directors decided to adopt the Preplan Preference Share Profit Distribution Plan for the reportingperiod
□ Applicable √ Not applicable
II Company basic information
1. Company Profile
| Stock abbreviation: | Expressway A, Expressway B | Stock code： | 000429、200429 |
| Stock exchange for listing | Shenzhen Stock Exchange | ||
| Board secretary | Securities affairs Representative | |
| Name | Yang Hanming | Liang Jirong |
| Contact address | 46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tihe Disrtict , Guangzhou | 45/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tihe Disrtict , Guangzhou |
| Tel | 020-29004619 | 020-29004523 |
| Hmy69@126.com | 139221590@qq.com |
2.Summary of Accounting Data and Financial Indicators
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
□Yes √No
| Reporting period | Same period of last year | YoY+/-（%） | |
| Operating income（yuan） | 660,898,961.79 | 1,483,673,245.21 | -55.46% |
| Net profit attributable to the shareholders of the listed company（yuan） | -5,830,257.18 | 736,486,112.30 | -100.79% |
| Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company（yuan） | -9,514,717.42 | 725,039,035.06 | -101.31% |
| Cash flow generated by business operation, net（yuan） | 417,906,104.34 | 1,050,811,097.23 | -60.23% |
| Basic earning per share(yuan/Share) | -0.0028 | 0.35 | -100.80% |
| Diluted gains per share(yuan/Share) | -0.0028 | 0.35 | -100.80% |
| Weighted average income/asset ratio（%） | -0.06% | 7.53% | -7.59% |
| As at the end of the reporting period | As at the end of last year | YoY+/-（%） | |
| Gross assets（yuan） | 17,473,461,012.92 | 17,674,545,340.78 | -1.14% |
| Shareholders’ equity attributable to shareholders of the listed company（yuan） | 8,795,317,662.87 | 9,823,426,849.75 | -10.47% |
3.Particulars about top ten shareholders
In share
| Total number of common shareholders at the end of the reporting period | 55,107 | Total number of preferred shareholders that had restored the voting right at the end of the reporting period (if any) (note 8) | 0 | |||||||
| Particulars about shares held above 5% by shareholders or top ten shareholders | ||||||||||
| Shareholders | Nature of shareholder | Proportion of shares held（%） | Number of shares held at period -end | Changes in reporting period | Amount of restricted shares held | Amount of un-restricted shares held | Number of share pledged/frozen | |||
| State of share | Amount | |||||||||
| Guangdong Communication Group Co.,Ltd | State-owned legal person | 24.56% | 513,420,438 | 410,040,696 | ||||||
| Guangdong Highway Construction Co., Ltd, | State-owned legal person | 22.30% | 466,325,020 | |||||||
| Yadong Fuxing Yalian Investment Co., Ltd. | Domestic non State-owned Legal person | 9.68% | 202,429,149 | |||||||
| Tibet Yingyue Investment Management Co., Ltd. | State-owned legal person | 4.84% | 101,214,574 | |||||||
| Guangdong Expressway Co., Ltd. | State-owned legal person | 2.53% | 52,937,491 | 19,582,228 | ||||||
| China Life Insurance Co., Ltd.Traditional－Common insurance products-005L-CT001Shen | Other | 1.78% | 37,225,847 | 30,364,372 | ||||||
| China Life Insurance Co., Ltd.－Dividend －Personal dividend -005L-FH002 Shen | Other | 1.74% | 36,330,529 | |||||||
| Orient Securities Co., Ltd. | State-owned legal person | 1.08% | 22,508,593 | |||||
| Feng Wuchu | Domestic natural person shares | 0.93% | 19,542,552 | |||||
| Guangfa Securities Co., Ltd. | Domestic non State-owned Legal person | 0.73% | 15,364,426 | |||||
| Related or acting-in-concert parties among shareholders above | Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Highway Construction Co., Ltd. and Guangdong Expressway Co., Ltd., It is unknown whether there is relationship between other shareholders and whether they are persons taking concerted action specified in the Regulations on Disclosure of Information about Change in Shareholding of Shareholders of Listed Companies. | |||||||
| Description of shareholders participating in margin financing and securities lending business (if any) | None | |||||||
4. 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.
5.The total number of shareholders of the Company's preferred shares and the shareholdings of the top 10preferred shareholders
□ Applicable √ Not Applicable
The Company did not have any shareholding in the report period.
6. The corporate bonds
Whether the company has a public offering and listed on the stock exchange, and in the semi-annual reportapproved the date of the report did not expire or due to full payment of corporate bonds.noIII. Discussion and analysis by the management
1.General
In the first half of 2020, affected by the COVID-19 epidemic, according to the notification requirements of theMinistry of Transport, from February 15, 2020 to May 5, 2020, all highways controlled and participated by thecompany waived vehicle tolls for all vehicles passing through these sections according to law. Affected by thispolicy, In the report period, the vehicle traffic and toll income of the controlled subsidiaries and joint ventures ofthe Company are as follows:
| Toll income in the first half year of 2020（Ten thousand） | Increase /Decrease(%) |
| Guangfo Expressway | 10,118.98 | -56.04% |
| Fokai Expressway | 28,802.15 | -53.34% |
| Jingzhu Expressway Guangzhu East Section | 21,943.09 | -63.54% |
| Huiyan Expressway | 5,571.51 | -52.50% |
| Guanghui Expressway | 44,716.78 | -50.67% |
| Yuezhao Expressway | 13,169.31 | -51.43% |
| Jiangzhong Expressway | 8,711.84 | -61.33% |
| Kangda Expressway | 5,872.95 | -51.07% |
| Gankang Expressway | 3,880.08 | -55.19% |
| Guangle Expressway | 64,411.57 | -58.46% |
2.Matters relating to financial report
(1)Explain change of the accounting policy, accounting estimate and measurement methods as compared with thefinancial reporting of last year.
√Applicable□ Not applicable
I. change of accounting policy
The New Income Standards establish a new income recognition model for regulating the income generatedby contracts with customers. In order to implement the new revenue standard, the Company re-evaluated therecognition, measurement, accounting and presentation of main contract income. According to the new incomestandards, only the cumulative impact of unfinished contracts on January 1, 2020 are adjusted. The accumulatedimpact amount of the first implementation is adjusted. The amount of retained earnings at the beginning of thefirst implementation period (i.e. January 1, 2020) and other related items in the financial statements will not beadjusted for the information of comparable periods.Influence of implementing new income standards on financial statements on January 1, 2020:
| Items | December 31,2019（Before change） | January 1,2020（After change） | ||
| Consolidated statements | Parent statement | Consolidated statements | Parent statement | |
| Account receivable | 125,343,724.66 | 21,864,051.27 | 127,694,377.99 | 21,864,051.27 |
| Other account receivable | 26,618,178.57 | 13,435,651.19 | 19,172,247.47 | 13,435,651.19 |
| Contract assets | 5,095,277.77 | |||
| Inventories | 111,683.22 | 111,683.22 | ||
| Other Non-current assets | 50,909,325.73 | 36,901,029.57 | 50,909,325.73 | 36,901,029.57 |
| Advance receipts | 15,605,094.69 | 12,817,484.06 | ||
| Contract liabilities | 2,787,610.63 | |||
| Retained profit | 3,877,431,844.64 | 3,710,584,722.68 | 3,877,431,844.64 | 3,710,584,722.68 |
| Surplus reserves | 910,425,068.90 | 894,580,785.25 | 910,425,068.90 | 894,580,785.25 |
II. Changes in important accounting estimates
On December 31, 2019, the Company held the 3rd (provisional) meeting of the ninth board of directors,which passed the Proposal on Changes in Accounting Estimates, and agreed to adopt the Traffic Volume Forecastand Charge Revenue Report of Foshan-Kaiping Expressway and the Traffic Volume Forecast and Charge RevenueReport of Guangzhou-Zhuhai Section of Beijing-Zhuhai Expressway issued by Guangdong TransportationPlanning and Design Institute Co., Ltd. in 2019 for the Fokai Branch of Guangdong Expressway Development Co.,Ltd., a branch of the Company, and Jingzhu Expressway Guangzhu Section Co., Ltd., a holding subsidiary fromJanuary 1, 2020. The Company adopts the future applicable method for this item. This change in accountingestimate results in a decrease of RMB 84,060,742.83 in depreciation of fixed assets in the current period than theoriginal accounting estimate, a decrease of RMB 84,060,742.83 in operating cost, an increase of RMB
63,045,557.12 in net profit attributable to the shareholders of the parent company, and an increase of RMB60,150,595.41 in net profit attributable to the minority shareholders of the parent company.
| Contents and causes of changes in accounting estimates | Approval procedure | Time point at which the application begins | Affected report items | Impact amount |
| Forecast traffic volume of expressway | Resolution of the board of directors | January 1, 2020 | Fixed assets | 84,060,742.83 |
(2)Explain retrospective restatement due to correction of significant accounting errors in the reporting period
□Applicable √ Not applicable
N/A
(3)Explain change of the consolidation scope as compared with the financial reporting of last year.
□Applicable √Not applicable
There was no change in the scope of the consolidated financial statements during the reporting period.