Guangdong Provincial Expressway Development Co., Ltd.
The Semi-Annual Report 2014
July 2014
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, Chief of the accounting owrk, Mr. Yun Junwu, Chief
financial Officer and 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.
Table of Contents
2014 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
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 of
Technology Company Refers to
the Company
Communication Group Refers to The controlling parent Company， Guangdong Communication Group Co., Ltd.
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
粤高速
Company (if any)
English name (If any) Guangdong Provincial Expressway Development Co.Ltd.
English abbreviation (If
GPED
any)
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 45/F, Litong Plaza, No.32, Zhujiang East
Contact address Road, Zhujiang New City, Tihe Disrtict , Road, Zhujiang New City, Tihe Disrtict ,
Guangzhou 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 2013 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 2013 Annual Report.
（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 2013.
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
Reporting period Same period of last year YoY+/-（%）
Operating income（RMB） 688,716,891.86 629,975,588.18 9.32%
Net profit attributable to the
shareholders of the listed company 178,192,944.02 57,611,897.53 209.30%
（RMB）
Net profit after deducting of
non-recurring gain/loss attributable
176,476,690.94 57,007,858.34 209.57%
to the shareholders of listed company
（RMB）
Cash flow generated by business
500,941,101.24 331,636,565.56 51.05%
operation, net（RMB）
Basic earning per share(RMB/Share) 0.14 0.05 180.00%
Diluted gains per
0.14 0.05 180.00%
share(RMB/Share)(RMB/Share)
Weighted average ROE(%) 4.15% 1.35% 2.80%
As at the end of the As at the end of last
YoY+/-（%）
reporting period year
Gross assets (RMB) 12,664,784,092.41 12,694,475,514.01 -0.23%
Net assets attributable to
4,325,105,535.80 4,237,999,072.46 2.06%
shareholders of the Company（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 .
III.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Items Amount Notes
Gain/loss from disposal of non-current assets, including the part
-573,448.41
offset with the provision for impairment of assets
Single impairment test for impairment of receivables
2,000,000.00
transferredback to preparation
Operating income and expenses other than the aforesaid items -417,903.81
Other non-business income and expenditures other than the above 415,618.67
Less：Amount of influence of income tax -166,849.50
Amount of influence of minority interests(after tax) -125,137.13
Total 1,716,253.08 --
For the Company‘s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines 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
No such cases.
IV. Report of the Board of Directors
I. General
In the first half of 2014, the board of directors of the Company actively implemented all resolutions of
shareholders'general meeting, duly performed its duties and all directors did their duties diligently. Facing austere
macropolicy environment, the board of directors unceasingly improved and standardized all operation
management activities, further reinforced management foundation and enhanced management level through
strengthening internal management. Meanwhile, the management of the Company strictly implemented
resolutions of the board of directors and actively carried out operation management activities.
On January 24, 2014, the People's Government of Guangdong Province issued the Approval of Term of Toll
Collection for the Expansion and Reconstruction Project of Xiebian-Sanbao Section of Fokai Expressway (Yue Fu
Han (2014) No. 10) and approved the term of toll collection for the said project to be from the date of completion
and opening to traffic to March 14, 2036. It is expected that the percentage of increase of the charge for the
depreciation of fixed assets for the expansion project of Fokai Expressway will be lowered in 2014 and the years
thereafter and the extent of the influence of the investment in the expansion project of Fokai Expressway on the
increase of the Company's operating cost will be correspondingly decreased.Meanwhile, the natural growth in
traffic volume in the Guangzhou-Foshan Expressway and Fokai Expressway and the increase of investment
income from China Everbright Bank and other sections led to the net profit attributable to the shareholders of the
listed companies had a year-on-year growth of 209.30% in the report period
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:
Traffic volume Toll income from Jan to
Increase
form Jan to June Jun 2014 Increase/Decrease(%)
/Decrease(%)
2014（Vehicles) (RMB‘0000)
Guangfo Expressway 21,454,288 13.78% 16,402.82 9.50%
Fokai Expressway 19,088,150 14.42% 51,385.06 11.47%
Shenzhen Huiyan 15,464,514 5.56% 10,893.19 -0.04%
Expressway
Jingzhu Expressway 25,682,994 1.07% 48,147.75 7.89%
Guangzhu Section
Guangzhao Expressway 11,627,040 4.61% 25,472.37 14.68%
Guanghui Expressway 15,686,270 5.06% 69,821.95 9.32%
Jiangzhong Expressway 17,452,795 3.92% 17,669.96 9.09%
Kangda Expressway 900,965 5.34% 11,373.04 11.96%
Gangkang Expressway 1,009,287 23.70% 8,192.60 6.06%
After the expansion project of Fokai Expressway is completed, the traffic has resumed growth, and led to an
increase of Guangfo Expressway traffic; kangda high-speed, Gankang high-speed affected by the formation of
surrounding road network, traffic volume and toll steadily rise;the short trip in Huiyan high-speed increased thus
toll revenue was essentially flat; the rest of the traffic volume and toll roads have a certain level of natural growth.
Year-on-year change of main financial data
In RMB
YOY change
This report period Same period last year Cause change
（%）
The finish of Fokai Expansion Project led to
Operating income 688,716,891.86 629,975,588.18 9.32% the recovery of traffic growth, led to the
increase of revenue.
The increase of traffic volume led to the
increase of depreciation and the combined
Operating cost 369,614,599.73 403,435,560.64 -8.38% effects of adjustment of tolling year and new
system to forecast led to the decrease of
depreciation
Administrative expenses 76,476,533.85 81,306,279.47 -5.94%
Interest-bearing liabilities decreased,
increased financial income and other aspects
Financial expenses 205,409,981.84 214,952,062.12 -4.44%
led to the year-on-year decrease of financial
cost
Mainly due to the increase of income owing to
the tax adjustments of Fokai at the same
Income tax expenses 31,692,786.86 15,594,330.60 103.23%
period and current reversal of deferred income
tax.
Mainly due to the toll income increased owing
to tax adjustments of Fokai at the same period,
Net cash flows from net toll revenue increased interconnection fees
500,941,101.24 331,636,565.56 51.05%
operating activities received from the liquidation households,
reduced tax expense and the current reversal
of deferred income tax.
The combined effects of reduced dividends
Net cash flows from
-172,731,374.19 -147,848,205.69 16.83% received, reduced projects expenditure and
investing activities
increased national debt reverse repurchase.
Net cash flows from -351,378,336.78 22,519,835.24 -1,660.31% The combined effects of decreased borrowing
financing activities and reduced repayment of borrowings over the
same period
The combined effects of inflow from
Net increase in cash and
-23,446,167.12 206,545,017.82 -111.35% operating activities and financing activities
cash equivalents
outflow
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. Implementation of business plans disclosed in previous periods in this period.
The plannned operating income and operating cost of the Company for 2014 disclosed in the annual report
for 2013 were RMB 1.416 billion and RMB 828 million respectively. As of June 30, 2014, its operating income
and operating cost were RMB 689 million and RMB 370 million respectively.
III. Business composition
In RMB
Increase/decrease
Increase/decrease Increase/decrease
of rincipal
of reverue in the of gross profit
