2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Guangdong Provincial Expressway Development Co., Ltd.
2015 Annual Report
March 2016
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
I. Important Notice, Table of Contents and Definitions
The Board of Directors and the directors, Supervisory Committee and supervisors and Senior Executives of the
Company hereby warrant that at the year , there are no misstatement, misleading representation or important
omissions in this report and shall assume joint and several liability for the authenticity, accuracy and completeness
of the contents hereof.
Mr.Zhu Zhanliang, The Company leader, Mr. Wang Chunhua, General Manager, Mr. Fang Zhi, Chief financial
officer and the Ms.Liu Xiaomei, the person in charge of the accounting department (the person in charge of the
accounting )hereby confirm the authenticity and completeness of the financial report enclosed in this annual
report.
All the directors attended the board meeting for reviewing the Annual Report.
The toll revenues of Expressway is main source of the major business income of the company , The charge
standard of vehicle toll must be submitted to the same level people's government for review and approval after the
transport regulatory department of province, autonomous region or municipality directly under the central
government in conjunction with the price regulatory department at the same level consented upon examination.
Therefore, the adjustment trend of the charge price and the charge price if has the corresponding adjustment in the
future price level when the cost of the company rises still depend on the approval of relevant national policies and
government departments, and the company isn't able to make timely adjustment to the charge standard in
accordance with the its own operation cost or the change of market supply demand. So, the change of charge
policy and the adjustment of charge standard also have influence on the expressways operated by the company to
some extent. So, the charging policy changes and charges adjustment will affect the highways operation of the
company.
The profit distribution proposal reviewed and approved by the boarding meeting was summarized as follows:
1，257，117，748 for the base, the Company would distribute cash dividend to all the shareholders at the rate of
CNY1.50 for every 10 shares (with tax inclusive) , 0 bonus shares（including tax）and no reserve would be
converted into share capital.
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Table of Contents
I.Important Notice, Table of contents and Definitions
II. Basic Information of the Company and Financial index
III. Outline of Company Business
IV. Management’s Discussion and Analysis
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. Administrative structure
X. Financial Report
XI. Documents available for inspection
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Definition
Terms to be defined Refers to Definition
The Company /This Company Refers to Guangdong Provincial Expressway Development Co.,Ltd.
Guangfo Company Refers to The controlling subsidiary Guangfo Expressway Co., Ltd.
Fokai Company Refers to The controlling subsidiary Fokai Expressway Co., Ltd.
Guangdong Expressway Technology Investment Co., a wholly-owned
Technology Company Refers to
subsidiary of the Company
The controlling parent Company， Guangdong Communication Group
Communication Group Refers to
Co., Ltd.
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
II. Basic Information of the Company and Financial index
1．Company Information
Stock abbreviation: Guangdong Expressway A,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
Chinese Abbreviation 粤高速
English name (If any) Guangdong Provincial Expressway Development Co.Ltd.
English Abbreviation (If any) GPED
Legal Representative Zhu Zhanliang
Registered address 85 Baiyun Road, Guangzhou, Guangdong Province
Postal code of the Registered
Address
Office Address 45-46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tihe Disrtict , Guangzhou
Postal code of the office
address
Internet Web Site www.gpedcl.com
E-mail zqb@gdcg.cn
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. Information disclosure and placed
Newspapers selected by the Company for information Securities Times, China Securities, Shanghai Securities Daily and
disclosure Hongkong Commercial Daily.
Internet website designated by CSRC for publishing
www.cninfo.com.cn
the Annual report of the Company
The place where the Annual report is prepared and
Securities affair Dept of the Company
placed
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
4.Changes in Registration
Organization Code 19035210-2
Changes in principal business activities
No change
since listing (if any)
On November 2000, In accordance with Cai Guan Zi (2008) No. 109 Document of
Ministry of Finance and Yue Ban Han (2000) No. 574 Document of General Office of
Guangdong People's Government, the state-owned shares of Guangdong Expressway
originally entrusted to Guangdong Expressway Company (now renamed as
Changes is the controlling shareholder in
\"Guangdong Provincial Expressway Co., Ltd.\") for management were transferred to
the past (if any)
Guangdong Communication Group Co., Ltd. for holding and management in
November 2000. After the transfer of state-owned shares, Guangdong Communication
Group Co., Ltd. became the largest shareholder of the Company. The nature of equity
was defined as state-owned shares.
5. Other Relevant Information
CPAs engaged
Name of the CPAs Guangdong Zhengzhong Zhujiang Certified Public Accountants Co., Ltd.
Office address： 10/F,Yuehai Group Building, No.555 Dongfeng East Road, Guangzhou
Names of the Certified Public
Wang Shaohua, Yao Jing
Accountants as the signatiries
The sponsor performing persistant supervision duties engaged by the Company in the reporting period.
□ Applicable √ Not applicable
The Financial advisor performing persistant supervision duties engaged by the Company in the reporting period
□ Applicable √ Not applicable
6.Summary of Accounting data and Financial index
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
2015 2014 Changed over last year（％） 2013
Operating Gross income（RMB） 1,545,498,589.11 1,455,054,983.70 6.22% 1,327,506,119.78
Net profit attributable to the
shareholders of the listed company 469,386,906.79 318,754,807.85 47.26% 127,777,721.75
（RMB）
Net profit after deducting of
non-recurring gain/loss attributable 442,162,503.47 307,337,119.08 43.87% 71,552,326.17
to the shareholders of listed
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
company（RMB）
Cash flow generated by business
996,993,291.19 967,241,746.79 3.08% 757,451,778.50
operation, net（RMB）
Basic earning per
0.37 0.25 48.00% 0.10
share(RMB/Share)
Diluted gains per
0.37 0.25 48.00% 0.10
share(RMB/Share)(RMB/Share)
Net asset earning ratio（%） 9.22% 6.90% 2.32% 3.01%
End of
End of 2015 Changed over last year（％） End of 2013
Gross assets（RMB） 12,107,767,967.86 12,513,505,946.42 -3.24% 12,694,475,514.01
Net assets attributable to
shareholders of the listed company 5,209,289,822.59 5,016,176,476.09 3.85% 4,237,999,072.46
（RMB）
7.The differences between domestic and international accounting standards
1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed
in the financial reports of differences in net income and net assets.
□ Applicable□ √ Not applicable
N/A
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
□ Applicable √Not applicable
N/A
8.Main Financial Index by Quarters
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating income 357,469,802.88 366,923,084.71 410,958,621.31 410,147,080.21
Net profit attributable to the shareholders of the
89,949,365.89 141,906,004.20 161,435,234.27 76,096,302.43
listed company
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of listed 87,373,228.21 140,656,775.94 151,723,812.80 62,408,686.52
company
Net Cash flow generated by business operation 240,651,340.48 277,430,290.27 295,294,269.20 183,617,391.24
Whether significant variances exist between the above financial index or the index with its sum and the financial
index of the quarterly report as well as semi-annual report index disclosed by the Company.
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
□ Yes √No
9.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Amount
Items Amount (2015) Amount (2013) Notes
(2014)
Non-current asset disposal gain/loss(including the write-off part for
21,188,094.05 149,097.85 -23,918,178.20
which assets impairment provision is made)
Govemment subsidies recognized in currentgain and loss(excluding
those closely related to the Company’s business and granted under 480,000.00 150,000.00 450,000.00
the state’s policies)
Gain/loss on non-monetary asset swap 13,323,796.97
Except the effective hedge business related to the normal operation
business of the Company, the profit and loss in the changes of fair
values caused by the holding of tradable financial assets and tradable
3,493,826.63
financial liabilities as well as the investment returns in disposal of
tradable financial assets, tradable financial liabilities and saleable
financial assets
Single impairment test for impairment of receivables transferredback
8,652,012.00
to preparation
Operating income and expenses other than the aforesaid items 24,879,481.73 -838,802.06 -1,263,509.69
Other non-business income and expenditures other than the above 854,210.29 2,991,262.39
Less:Amount of influence of income tax 11,529,933.00 -179,496.34 -36,651,119.93
Amount of influence of minority interests(after tax) 8,647,449.75 -134,622.25 -27,488,339.94
Total 27,224,403.32 11,417,688.77 56,225,395.58 --
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.
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
III. Outline of Company Business
I. Main Business the Company is Engaged in During the Report Period
The company belongs to the infrastructure industry and the company’s main business covers the construction of
expressways, classified highways and bridges, toll and maintenance of highways and bridges, vehicle rescue,
maintenance and cleaning and the company has the matching business of transportation and warehousing. The
company is one of the major institutes for developing expressways and large bridges in the Expressway System of
Guangdong Province.
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway, investm
ent in technological industries and provision of relevant consultation while investing in Shenzhen Huiyan Express
way Co., Ltd., Guangzhou Guanghui Expressway Co., Ltd.,Jingzhu Expressway Guangzhu Co., Ltd.,Guangdong
Jiangzhong Expressway Co., Ltd., Zhaoqing Yuezhao Expressway Co., Ltd.,Ganzhou Kangda Expressway , Ganz
hou Gankang Expressway Co., Ltd.,Guangdong Yueke Technology Micro Loan Co., Ltd.and Guangdong Guangle
Expressway Co.,Ltd..
II. Major Changes in Main Assets
1.Major Changes in Main Assets
Main assets Major changes
Mainly for the comprehensive influence of the increase in the joining company’s
Equity assets
dividend distribution and investment income.
Fixed assets The depreciation of Guangfo Company and Fokai Company at the current period.
Intangible assets No significant changes.
Construction in process No significant changes.
The share price of China Everbright Bank held by the Company fell, which resulted in
Available for sale financial assets
decreases in the fair value at the end of period.
Main reason of increase was the delayed settlement, separation and transfer of network
Account receivable
toll collection center.
Comprehensive influence of accumulation in business, the obtained investment income,
Monetary funds
the repayment of bank loan and dividend.
2. Main Conditions of Overseas Assets
□ Applicable √Not applicable
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
III. Analysis On core Competitiveness
The toll revenue of expressway industry mainly depends on the regional economic development. The regional
economy is the critical factor that influences the traffic volume. The Guangfo expressway and the Fokai
expressway, controlled by the company, are part of the National Expressway Network Planning-“Five vertical and
seven horizontal”, and many of the company’s equity-participation expressways that are part of the main skeleton
of the Guangdong Provincial Expressway Planning-“Ten vertical and five horizontal”, which provides a strong
guarantee for stable traffic volume. Meanwhile, the regional economy is the critical factor that influences the
traffic volume, as Guangdong province is the economically developed region, with years’ continuous high growth
of GDP, so that provides the stable rising demand for the company.
2015 Annual Report of Guangdon
