Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Guangdong Provincial Expressway Development Co.，Ltd.
The Third Quarterly Report 2017
October 2017
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
I. Important Notice
The Board of Directors and the Supervisory Committee of the Company and its directors, supervisors and senior
executives should guarantee the reality, accuracy and completion of the quarterly report, there are no any fictitious
statements, misleading statements or important omissions carried in this report, and shall take legal
responsibilities, individual and or joint.
All of the directors presented the board meeting at which this Quarterly Report was examined.
Mr.Zheng Renfa, Leader, Mr.Wang Chunhua,General Manager, Mr. Fang Zhi, Chief of the accounting work,
Ms.Zhou Fang, Chief of the accounting organ (chief of accounting ) hereby confirm the authenticity and
completeness of the financial report enclosed in this report.
II. Basic information about the company
I.Main financial data and financial index
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed
and accounting error correction or not.
□Yes √No
As at the end of the reporting Changed （%）over end of
As at the end of last year
period prev. year
Gross assets（RMB） 16,368,527,561.41 16,072,445,216.59 1.84%
Net assets attributable to the
shareholders of the listed company 8,788,268,514.86 8,289,020,301.39 6.02%
（RMB）
Increase/decrease over Between beginning of
Changed （%）over
Reporting period the same period of last the year to the end of
end of prev. year
year（%） the report period
Operating income（RMB） 822,526,484.69 10.93% 2,262,749,048.43 9.05%
Net profit attributable to the
shareholders of the listed company 384,780,778.72 32.01% 1,277,628,791.25 60.23%
（RMB）
Net profit after deducting of
non-recurring gain/loss attributable 384,692,818.22 32.27% 1,026,626,418.65 58.50%
to the shareholders of listed
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
company（RMB）
Cash flow generated by business
-- -- 1,644,824,158.38 11.42%
operation, net（RMB）
Basic earning per
0.18 28.57% 0.61 41.86%
share(RMB/Share)
Diluted gains per
0.18 28.57% 0.61 41.86%
share(RMB/Share)(RMB/Share)
Weighted average income/asset
4.48% 26.91% 15.03% 26.09%
ratio（%）
Items and amount of non-current gains and losses
√ Applicable □ Not applicable
In RMB
Amount (Year-beginning to
Items Notes
the end of the report period.)
Non-current asset disposal gain/loss(including the write-off part
-2,574,727.37
for which assets impairment provision is made)
Govemment subsidy recognized in current gain and
loss(excluding those closely related to the Company’s business 237,210.65
and granted under the state’s policies)
It receives the compensation
59,995,667.68 yuan for early
Other non-business income and expenditures other than the above 61,629,387.84 termination of charging for
Jiujiang Bridge in the current
period.
The department confirms the
deferred income tax totaling
Less :Influenced amount of income tax -191,717,677.81 206,421,769.46 yuan for losses of
previous years in the current
period.
Influenced amount of minor shareholders’ equity (after tax) 7,176.33
Total 251,002,372.60 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the
Public-Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item.
□ Applicable √Not applicable
None of Non-recurring gain /loss items recognized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
II.Total Shareholders and Shares Held by Top Ten Shareholders at the End of the Reporting Period
1. About Total Common Shareholders, Total Preference Shareholders with the Voting Power Recovered
and the Shares Held by Top Ten Common Shareholders
In shares
Total preference shareholders
Total number of common with the voting power
66,820
shareholders at the period-end recovered at the end of the
reporting period(if any)
Total preference shareholders with the voting power recovered at the end of the reporting period(if any)
Amount of Pledging or freezing
Properties of Share tradable shares
Shareholder name Quantity Status of the
shareholder proportion % with Conditional Quantity
shares
held
Guangdong
State-owned legal
Communication 24.55% 513,382,595 410,002,853
person
Group Co., Ltd.
Guangdong
Highway State-owned legal
22.30% 466,325,020 466,325,020
Construction Co., person
Ltd,
Yadong Fuxing Domestic non
Yalian Investment State-owned 9.68% 202,429,149 202,429,149 Pledge 202,429,149
Co., Ltd. Legal person
Tibet Yingyue
Domestic non
Investment
State-owned 4.84% 101,214,574 101,214,574
Management Co.,
Legal person
Ltd.
Guangdong
State-owned legal
Expressway Co., 2.53% 52,937,491 52,937,491
person
Ltd.
Guangfa Domestic non
Securities Co., State-owned 1.45% 30,364,372 30,364,372
Ltd. Legal person
Domestic natural
Feng Wuchu 1.03% 21,438,522
person shares
Xingye Securities State-owned legal
0.98% 20,520,063
Co., Ltd. person
Foreign legal
PERSHING LLC 0.90% 18,744,850
person
Xinyue Co., Ltd. Foreign legal 0.63% 13,201,086
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
person
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted shares held at the end of the Share type
Name of the shareholder
reporting period Share type Quantity
Guangdong Communication Group RMB Common
103,379,742 103,379,742
Co., Ltd. shares
RMB Common
19,700,583
shares
Foreign shares
Feng Wuchu 21,438,522
placed in
1,737,939
domestic
exchange
RMB Common
Xingye Securities Co., Ltd. 20,520,063 20,520,063
shares
Foreign shares
placed in
PERSHING LLC 18,744,850 18,744,850
domestic
exchange
Foreign shares
placed in
Xinyue Co., Ltd. 13,201,086 13,201,086
domestic
exchange
Khazanah Nasional Berhad－Self RMB Common
10,522,779 10,522,779
fund shares
Foreign shares
MATTHEWS CHINA DIVIDEND placed in
9,341,406 9,341,406
FUND domestic
exchange
Foreign shares
GUOTAI JUNAN
placed in
SECURITIES(HONGKONG) 8,853,611 8,853,611
domestic
LIMITED
exchange
Foreign shares
PRUSIK UMBRELLA UCITS placed in
8,028,796 8,028,796
FUND PLC domestic
exchange
ICBC－South preferred value stock RMB Common
8,000,028 8,000,028
Securities Investment Fund shares
Explanation on shareholders Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Highway
participating in the margin trading Construction Co., Ltd, Guangdong Expressway Co., Ltd. and Xinyue Co., Ltd.. It is unknown
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
business 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.
Participation of top 10 unconditional
common share shareholders in Nil
securities margin trading (if any)
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.
2.Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the
report period
□ Applicable √Not applicable
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
III. Significant Events
I. Particular about large-margin change of main accounting statement item and financial index and its
reason.
√ Applicable □ Not applicable
（I）Items of balance sheet as compared with the beginning of this year.
1.Account receivable increased by RMB 51.18 million and 125.80% over the beginning of the year, Mainly in
Guangdong Province, Fokai Expressway Co., Ltd. to pay the Fokai Expressway Xiebian to Sanbao section of the
expansion of the project due to warranty. The main reason is that Guangfo Expressway Co., Ltd , Fokai
Expressway Co., Ltd. And Jingzhu Expressway Guangzhu Section Co., Ltd. have increased their incomes of toll
due to the natural increase of traffic volume.
2.Construction in process increased by RMB 106.31 million and 71.23% over the beginning of the year, Mainly
due to the increase in the investment in the expansion project of the Sanbao-Shuikou section of Fokai Expressway
by Guangdong Fokai Expressway Co., Ltd.
3. Deferred income tax assets Increased by RMB 197.51 million and 1,827.05% over the beginning of the year,
The main reason is that the parent company absorbed and consolidated the subsidiary, which is expected to have
enough taxable income to make up for the previous years' loss and confirm deferred income tax assets.
4.Account payable decreased by RMB 98 million and 32.73% over the beginning of the year, Mainly due to the
subsidiary paid the project progress payment.
5. Taxes payable increased by RMB49.98 million and 46.99% over the beginning of the year, The main reason is
that the increase in total profit in the current period resulted in an increase in the amount of enterprise income tax
payable.
6.Other payable decreased by RMB 68.07 million and 50.70% over the beginning of the year, Mainly in
Guangdong Province, Fokai Expressway Co., Ltd. to pay the Fokai Expressway Xiebian to Sanbao section of the
expansion of the project due to warranty.
7.Deferred income tax liabilities increased by RMB87.80 million and 31.53% over the beginning of the year ，
Mainly are: (1) The parent company confirmed the deferred income tax liability of RMB 108.81 million
corresponding to the rise of the fair value of stock of China Everbright Bank Co.,Ltd; (2) Guangdong Fokai
Expressway Co., Ltd and Beijing-Zhuhai Expressway Guangzhu Section Co., Ltd shifted back the deferred
income tax liability of RMB 21.01 million due to the road asset accounting depreciation bigger than the tax
depreciation.
(II) Items of income statement as compared with the same period of the previous year
1.Operating income increased by RMB 187.80 million and 9.05% year on year, The main reason for the increase
（1）The natural growth of the traffic flow leads to that the toll revenue of Guangfo Expressway Co. Ltd.,
Guangdong Fokai Expressway Co. Ltd and Jingzhu Expressway Guangzhu Section Co. Ltd increased by RMB
102.37 million;（2）Due to the impact of some vehicle circumventing Guangzhu Section of Jingzhu Expressway
because of Bridge Closure of Hong Qili bridge of Fan Zhong Highway (S111), that section of the highway got an
increase of traffic volume, so the toll revenue increased by RMB 75 million.
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
2. Operating cost decreased by RMB49.27 million and 5.70% year on year, The main reason for the decrease（1）
The cooperation period with Guangfo Expressway Co. Ltd will be terminated on July 31, 2017, and Guangfo
Expressway adopts the vehicle flow method to draw depreciation, and the depreciation has been fully drawn in the
current reporting period, with a decrease of RMB 103.56 million compared to the same period last year;（2）Due to
the natural growth of the traffic volume, the depreciation of road asset of Guangdong Fokai Expressway Co. Ltd
and Jingzhu Expressway Guangzhu Section Co. Ltd increased by about RMB 58.22 million;（3）(3) There was
RMB 3.35 million operating costs of Jingzhu Expressway Guangzhu Section Co., Ltd affected by the decrease of
bridge repair and reinforcement expenses.
3.Business tax and surcharge decreased by RMB24.70 million and 70.62% year on year, The main reason for the
decrease: Since the full implementation of “replacing business tax with value-added tax” from May 1, 2016, the
company’s toll revenue and the relevant income are no longer pay business tax but pay VAT. However, the VAT
is not accounted in this accounting item.
4. Financial expenses decreased by RMB 72.25 million and 26.49% year on year，It’s mainly due to the
comprehensive impact of repayment of interest-bearing debt, lower interest and the increase in interest income
from bank deposits.
5.Income tax expenses decreased by RMB 165.48million and 67.41% year on year, Mainly due to the combined
influence of the following factors: (1)The parent company is expected to have sufficient taxable income to make
up for the previous year's losses due to the absorption of the consolidated subsidiaries, to recognize the deferred
income tax assets, correspondingly reduce the income tax expense of approximately RMB224.06 million; (2)
From August 1, 2017 , The parent company to absorb the merger of subsidiaries after the merger tax, reduce tax
losses, back to deferred income tax assets, increase income tax costs 16.01 million yuan;（3）As a result of the
increase of the total profits of Guangfo Company, Fokai Company and Guangzhu-Dong Company, the income tax
expenses increased by RMB 42.57 million.
6.The net profit for the owners of the parent company increased by RMB 480.25 million and 60.23% year on year
due to the combined influence of the above factors.
(III) Notes of main items of cash flow statement
1. Cash paid for purchasing of merchandise and services
Mainly calculates the payment of special projects, upkeep costs and service fee of networking
charge-collection etc. The current period increased RMB 23.75 million compared to the same period, an increase
of 30.54%, which is mainly due to the increase of payment for projects by Guangfo Expressway Co., Ltd,
Guangdong Fokai Expressway Co., Ltd and Jingzhu Expressway Guangzhu Section Co. Ltd in the current period.
2. Cash received from investment retrieving
Mainly calculates the obtained cash dividends due to the equity investment. In the current period, it
decreased RMB 111.69 million compared to the same period last year, a decrease of 38.16%, Mainly due to that
the cash dividends of Guangdong Guanghui Expressway Co. Ltd decreased by RMB 113.89 million
year-on-year.The company received the cash dividends of RMB 81.11 million from Guangdong Guanghui
Expressway Co., Ltd, received the cash dividends of RMB 55.17 million from Zhaoqing Yuezhao Highway Co.,
Ltd., received the cash dividends of RMB 23.05 million from China Everbright Bank, received the cash dividends
of RMB 11.04 million from Guangdong Jiangzhong Expressway Co., Ltd, received the cash dividends of RMB
9.6 million from Ganzhou Gankang Expressway Co., Ltd.and received the cash dividends of RMB 1 million from
Guangdong No.1 Network Partnership Firm (limited partnership).
3. Cash paid for construction of fixed assets, intangible assets and other long-term assets increased by RMB
161.84 million and 170.51% year on year, It’s mainly due to Guangdong Fokai Expressway Co., Ltd’s paying of
guarantee money for the reconstruction and extension project of Fokai expressway to Xiebian-Sanbao section and
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
the increase in the payment for the reconstruction and extension project of Fokai expressway to Xiebian-Sanbao
section.
4 Cash paid for investment decreased by RMB 803.50 million and 100% year on year, The reason is that the
company paid cash to buy 25% stake of Guangdong Fokai Expressway Co., Ltd-which was held by Guangdong
Expressway Co., Ltd-due to the major asset restructuring in the previous period and there was no such thing in the
current period.
5. Payment of other cash related to investment activities increased by RMB 987.90 million and 100% year on year,
The reason is that the company paid cash to buy the Guangdong Highway Construction Co., Ltd's creditor's rights
to Jingzhu Expressway Guangzhu Section Co., Ltd due to the major asset restructuring in the previous period and
there was no such thing in the current period.
6. Cash received from investment decreased by RMB 1633.50 million and 100% year on year, The reason is that
the company issued shares to raise matching funds due to the major asset restructuring in the previous period and
there was no such thing in the current period.
7.The cash received from obtaining loans decreased by RMB 690 million and 34.53% year on year,
Mainly due to the company's current borrowing decrease.
8. Cash paid as dividend, profit, or interests increased by RMB 542.05 million and 137.36% year on year，Mainly
due to the increase in the company's cash dividend payment caused by raising the dividend payout ratio.
II. The progress of significant events and influence, as well as the analysis and explanation on resolving
proposal.
√Applicable □Not applicable
At the end of June 2017, the Company received RMB 59,995,667.68 compensation for the loss due to the
ahead-of-time cancelation of toll of Jiujiang Bridge. Such compensation was included in the non operating income,
which increased the net profit attributable to the company's shareholders in the period of Jan-Jun 2017 by RMB
44,996,750.76, accounting for 4.49% of the company's 2016-year net profit attributable to the shareholders-which
was RMB 1,001,205,945.39.
As of now, the Company has received all the compensation money due to the ahead-of-time cancelation of toll of
Jiujiang Bridge.
Description of the website for disclosing
Overview of material matters Date of disclosing
provisional announcements
Notice of Significant Events of Guangdong
Provincial Expressway Development Co., June 26,2013 www.cninfo.com.cn
Ltd.
Announcement on Progress of Jiujiang
Bridge of Guangdong Provincial September 12,2015 www.cninfo.com.cn
Expressway Development Co., Ltd.
Announcement on Progress of Jiujiang
Bridge of Guangdong Provincial July 27,2016 www.cninfo.com.cn
Expressway Development Co., Ltd.
Announcement on Progress of Jiujiang
July 6,2017 www.cninfo.com.cn
Bridge of Guangdong Provincial
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Expressway Development Co., Ltd.
III. Commitments finished in implementation by the Company, shareholders, actual controller, acquirer,
directors, supervisors, senior executives or other related parties in the reporting period and commitments
unfinished in implementation at the end of the reporting period
□ Applicable √ Not applicable
The company has no commitments completed in period and those without completed till lend of the period from
actual controller, shareholders, related parties, purchaser and companies.
IV．Prediction of Business performance for 2017
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
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
V. Investment in securities
√ Applicable □Not applicable
Mode of Purchase Sale
Book value Book value
Stock accounti Changes in Cumulative fair amount amount Gain/loss of
Security Security Initial investment balance at the balance at the Accounting Source of
Abbreviati ng fair value of value changes in in the in the the reporting
category code cost beginning of the end of the items the shares
on: measure the this period equity this this period
reporting period reporting period
ment period period
Fair Financial
Domestic China
value assets
and foreign 601818 Everbright 51,756,087,876.80 919,846,831.04 32,935,692.16 326,416,234.80 0.00 0.00 23,054,984.51 952,782,523.20 Self fund
measure available for
stocks Bank
ment sale
Total 51,756,087,876.80 -- 919,846,831.04 32,935,692.16 326,416,234.80 0.00 0.00 23,054,984.51 952,782,523.20 -- --
Disclosure date for the notice of
July 22,2009
approval by the Board (If any)
Disclosure date for the notice of
approval by shareholders’ August 7,2009
Meeting (If any)
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
VI. Investment in derivatives
□ Applicable √Not applicable
The Company had no derivatives investment in Period.
VII. Registration form of such Activities as Reception, Research, Communication, Interview in the
Reporting Period
√Applicable □Not applicable
Reception time Way of reception Types of visitors Basic index
1. The main content of research:1. the
daily operation; 2. the company's
financial data analysis;3. development
July 18,2017 Onsite investigation Organization
strategy; 4. analysis on the industry.
2.Primary data investigation: Public
information company regularly reports
1. The main content of research:1. the
daily operation; 2. the company's
financial data analysis;3. development
July 21,2017 Onsite investigation Organization
strategy; 4. analysis on the industry.
2.Primary data investigation: Public
information company regularly reports
1. The main content of research:1. the
daily operation; 2. the company's
financial data analysis;3. development
August 30,2017 Telephone Organization
strategy; 4. analysis on the industry.
2.Primary data investigation: Public
information company regularly reports
1. The main content of research:1. the
daily operation; 2. the company's
financial data analysis;3. development
August 30,2017 Telephone Organization
strategy; 4. analysis on the industry.
2.Primary data investigation: Public
information company regularly reports
VIII. External guarantee get out of line
□ Applicable √Not applicable
The Company has no external guarantee get out of the line in the Period
IX. Controlling shareholder and its related parties occupying non-business capital of the listed company
□ Applicable √Not applicable
There are no controlling shareholder and its related parties occupying non-business capital of the listed company
in Period
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
X.Implementation of the social Responsibility of taking targeted measures to alleviate poverty in light of
local Conditions.
In The report third quarter, the company neither carried out the work of taking targeted measures to alleviate
poverty in light of local conditions nor has such a plan.
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
IV. Financial Statement
I. Financial statement
1. Consolidated balance sheet
Prepared by：Guangdong Provincial Expressway Development Co., Ltd.
September 30,2017
In RMB
Items At the end of term Beginning of term
Current asset：
Cash and bank balances 2,980,434,574.99 2,603,279,644.25
Settlement provision
Outgoing call loan
Financial assets at fair value through profit
or loss
Derivative financial assets
Notes receivable
Account receivable 91,856,731.95 40,681,197.01
Advance payments 1,660,931.62 2,860,130.35
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Interest receivable
Dividend receivable
Other account receivable 22,542,487.60 25,167,879.53
Securities purchased under agreements to
resell
Inventories 1,867,867.55 323,888.89
Held-for-sale assets
Current portion of non-current assets 55,669.14 55,719.14
Other current asset
Total of current assets 3,098,418,262.85 2,672,368,459.17
Non-current assets：
Loans and advances
Available-for-sale financial assets 1,751,357,624.93 1,718,421,932.77
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items At the end of term Beginning of term
Held-to-maturity investments
Long-term receivable
Long term share equity investment 2,377,167,529.91 2,220,805,130.31
Property investment 2,871,811.03 3,219,971.08
Fixed assets 8,668,633,139.67 9,285,823,302.77
Construction in progress 255,556,902.16 149,244,110.30
Engineering material 1,549,556.00 1,549,556.00
Fixed assets pending for disposal
Productive biological assets
Gas & petrol
Intangible assets 3,599,051.15 6,138,294.90
Research and Development Expenditures
Goodwill
Long-term prepaid expenses 404,213.04 1,763,966.07
Deferred income tax 208,320,314.60 10,810,322.94
Other non-current asset 649,156.07 2,300,170.28
Total of non-current assets 13,270,109,298.56 13,400,076,757.42
Total of assets 16,368,527,561.41 16,072,445,216.59
Current liabilities
Short-term bank loan facilities
Borrowings from central bank
Deposits and placements from other
financial institutions
Placement from banks and other financial
institution
Financial liabilities at fair value through
profit and loss
Derivative financial liabilities
Notes payable
Account payable 201,413,801.42 299,414,047.07
Advances from customers 15,636,951.71 17,440,023.40
Securities sold under agreement to
repurchase
Fees and commissions payable
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items At the end of term Beginning of term
Payroll payable 10,344,053.37 8,840,599.13
Taxes and surcharges payable 156,350,708.84 106,370,898.31
Interest payable 7,861,801.85 8,945,283.52
Dividend payable 14,738,941.49 12,506,777.92
Other payable 66,192,987.78 134,266,141.34
Reinsurance amounts payable
Provision of insurance contract
Securities brokering
Securities underwriting
Held-for-sale liabilities
Current portion of non-current liabilities 997,610,000.00 957,880,000.00
Other current liability
Total of current liability 1,470,149,246.46 1,545,663,770.69
Non-current liabilities：
Long-term bank loan facilities 5,045,950,000.00 5,402,780,000.00
Bond payable
Including：preferred stock
Perpetual capital securities
Long-term payable 2,022,210.11 2,022,210.11
Long-term employee benefits payable
Grants payable
Provisions
Deferred income
Deferred tax liabilities 366,260,479.41 278,463,647.00
Other non-current liabilities
Total non-current liabilities 5,414,232,689.52 5,683,265,857.11
Total of liability 6,884,381,935.98 7,228,929,627.80
Equity
Share capital 2,090,806,126.00 2,090,806,126.00
Other equity instrument
Including：preferred stock
Perpetual capital securities
Reserves 2,508,408,342.99 2,508,408,342.99
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items At the end of term Beginning of term
Less: treasury shares
Other comprehensive income 326,416,234.80 402,285,954.24
Specialized reserve
Surplus reserves 366,956,549.89 366,956,549.89
General risk reserve
Retained earnings 3,495,681,261.18 2,920,563,328.27
Equity contributable to parent company 8,788,268,514.86 8,289,020,301.39
Minority interests 695,877,110.57 554,495,287.40
Total equity 9,484,145,625.43 8,843,515,588.79
Total liabilities and equity 16,368,527,561.41 16,072,445,216.59
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
2.Parent Company Balance Sheet
In RMB
Items Year-end balance Year-beginning balance
Current asset：
Cash and bank balances 2,804,168,822.78 1,795,455,123.88
Financial assets at fair value through profit
or loss
Derivative financial assets
Notes receivable
Account receivable 29,681,367.45
Advance payments 977,315.72 2,059,362.84
Interest receivable 54,954,999.49 34,833.33
Dividend receivable 10,000,000.00 24,000,000.00
Other receivable 10,995,936.38 2,350,265.24
Inventories
Held-for-sale assets
Current portion of non-current assets 85,000,000.00 95,000,000.00
Other current asset
Total of current assets 2,995,778,441.82 1,918,899,585.29
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Year-end balance Year-beginning balance
Non-current assets：
Available-for-sale financial assets 1,751,357,624.93 1,718,421,932.77
Held-to-maturity investments
Long-term receivable
Long term share equity investment 7,546,829,749.58 7,385,967,349.97
Property investment 2,619,672.78 2,967,832.83
Fixed assets 5,917,967,808.66 2,744,611.16
Construction in progress 238,417,593.30
Engineering material
Fixed assets pending for disposal
Productive biological assets
Gas & petrol
Intangible assets 1,524,518.88 725,234.38
Research and Development Expenditures
Goodwill
Long-term prepaid expenses 283,613.51 1,559,874.44
Deferred income tax 208,048,582.44
Other non-current asset 857,903,684.98 847,903,684.98
Total of non-current assets 16,524,952,849.06 9,960,290,520.53
Total of assets 19,520,731,290.88 11,879,190,105.82
Current liabilities
Short-term bank loan facilities
Financial liabilities at fair value through
profit and loss
Derivative financial liabilities
Notes payable
Account payable 179,354,787.84
Advances from customers
Payroll payable 3,351,099.78 1,347,078.47
Tax payable 7,085,818.44 1,986,670.18
Interest payable 7,227,385.15 4,469,288.30
Dividend payable 14,738,941.49 12,506,777.92
Other payable 3,837,136,478.41 1,989,088.70
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Year-end balance Year-beginning balance
Held-for-sale liabilities
Current portion of non-current liabilities 917,610,000.00 50,200,000.00
Other current liability 899,838,189.28 836,363,256.69
Total of current liability 5,866,342,700.39 908,862,160.26
Non-current liabilities：
Long-term bank loan facilities 4,596,950,000.00 2,999,700,000.00
Bond payable
Including：preferred stock
Perpetual capital securities
Long-term payable 2,022,210.11 2,022,210.11
Long-term employee benefits payable
Grants payable
Provisions
Deferred income
Deferred income tax 210,567,399.77
Other non-current liabilities
Total of Non-current liabilities 4,809,539,609.88 3,001,722,210.11
Total of liability 10,675,882,310.27 3,910,584,370.37
Equity
Share capital 2,090,806,126.00 2,090,806,126.00
Other equity instrument
Including：preferred stock
Perpetual capital securities
Reserves 3,359,791,693.12 3,359,791,693.12
Less: treasury shares
Other comprehensive income 326,416,234.80 402,285,954.24
Specialized reserve
Surplus reserves 351,112,266.24 351,112,266.24
Retained earnings 2,716,722,660.45 1,764,609,695.85
Total equity 8,844,848,980.61 7,968,605,735.45
Total liabilities and equity 19,520,731,290.88 11,879,190,105.82
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
3.Consolidated Income statement of the Report period
In RMB
Items Amount in this period Amount in last period
I. Revenue 822,526,484.69 741,459,581.99
Including: business revenue 822,526,484.69 741,459,581.99
Interest income
Premiums earned
Fees and commissions income
II. Total operating cost 391,978,517.38 428,810,522.37
Including: Cost of sales 281,272,481.97 305,283,543.01
Interest expense
Fees and commissions expense
Cash surrender amount
Net expenses of claim settlement
Net provisions for insurance contract
reserves
Policy dividend expenses
Reinsurance expenses
Business taxes and surcharges 3,382,365.58 2,696,476.12
Selling expenses
Administrative expense 40,620,068.97 38,686,992.60
Financial expenses 66,703,600.86 82,143,510.64
Impairment loss on assets
Add: Gain from fair-value
changes(“-“for loss)
Investment income(“-“for loss) 113,907,034.97 109,156,739.38
Including: investment income from
113,907,034.97 109,156,739.38
associates and joint ventures
Gain on foreign exchange(“-“for loss)
Other income
III. Operating profit（“-”for loss） 544,455,002.28 421,805,799.00
Add:Non-operating income 1,121,057.31 1,913,046.35
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Amount in this period Amount in last period
Including：Gains from disposal of
35,674.48
non-current assets
Less：Non business expenses 1,028,790.51 765,994.15
Incl：Loss from disposal of
-54,289.06 69,835.80
non-current assets
IV. Profit before tax(“-“for loss) 544,547,269.08 422,952,851.20
Less: Income tax expense 99,958,901.51 88,169,879.72
V. Net profit (“-“for net loss) 444,588,367.57 334,782,971.48
Net profit attributable to the owners of
384,780,778.72 291,476,074.93
parent company
Minority interests 59,807,588.85 43,306,896.55
VI. Other comprehensive income after
7,057,648.32
tax
Net of profit of other comprehensive
income attributable to owners of the 7,057,648.32
parent company
（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.
（II）
Other comprehensive income that will b 7,057,648.32
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
7,057,648.32
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
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Amount in this period Amount in last period
ges and losses
5.Translation differences in currency fin
ancial statements
6.Other
Net
after-tax of other comprehensive incom
e attributable to Minority shareholders’
equity
VII. Total comprehensive income 444,588,367.57 341,840,619.80
Total comprehensive income
attributable to the owner of the parent 384,780,778.72 298,533,723.25
company
Total comprehensive income
59,807,588.85 43,306,896.55
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
If there are entities merged under common control, their net profit realized before the merger were totaled to
RMB***. While it was RMB*** previous period.
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
4.Income statement of the Parent Company of the Report period
In RMB
Items Amount in this period Amount in last period
I.Revenue 243,646,856.46 20,658,732.80
Less：Business cost 107,539,198.57 116,053.35
Business tax and surcharge 1,135,202.88
Selling expenses
Administrative expense 16,820,363.64 13,019,284.71
Financial expenses 52,147,873.91 42,042,957.40
Impairment loss on assets
Add: Gain from fair-value
changes(“-“for loss)
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Amount in this period Amount in last period
Investment income(“-“for loss) 501,673,481.88 336,768,519.45
Including: investment income from
113,907,034.97 109,156,739.37
associates and joint ventures
Other income
II. Operational profit（“-”for loss） 567,677,699.34 302,248,956.79
Add:Non-operating income 279,044.71
Including：Gains from disposal of
non-current assets
Less:Non-operating expenses
Incl：Loss from disposal of non-current
assets
III. Profit before tax(“-“for loss) 567,956,744.05 302,248,956.79
Less: Income tax expense 8,943,088.28
IV. Net profit (“-“for net loss) 559,013,655.77 302,248,956.79
V.Net of profit of other comprehensive i
7,057,648.32
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.
（ II ）
Other comprehensive income that will b 7,057,648.32
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
7,057,648.32
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
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Amount in this period Amount in last period
ges and losses
5.Translation differences in currency fin
ancial statements
6.Other
VI. Total comprehensive income 559,013,655.77 309,306,605.11
VII. Earnings per share：
（I）Basic earnings per share
(II)Diluted earnings per share
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
5. Consolidated income statement between the beginning of the year and end of the report period
In RMB
Items Amount in this period Amount in last period
I.Revenue 2,262,749,048.43 2,074,951,761.76
Including：Operating income 2,262,749,048.43 2,074,951,761.76
Interest income
Insurance gained
Commission charge and commission
income
II. Total operating cost 1,144,258,992.54 1,291,061,746.90
Including：Operating cost 814,962,327.13 864,231,016.09
Interest expense
Commission chare and commission
expense
Insurance discharge payment
Net claim amount paid
Insurance policy dividend paid
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 10,278,140.64 34,979,823.57
Selling expenses
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Amount in this period Amount in last period
Administrative expense 118,313,983.81 119,266,608.44
Financial expenses 200,507,959.88 272,761,745.85
Asset impairment loss 196,581.08 -177,447.05
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 337,337,399.41 336,587,426.70
Incl: investment gains from affiliates 313,283,142.59 290,889,715.03
Gains from currency exchange（“-”for
loss）
Other income
III. Operational profit（“-”for loss） 1,455,827,455.30 1,120,477,441.56
Add：Non-business income 63,420,135.89 65,594,191.49
Incl：Gains from disposal of non-current
146,849.95
assets
Less：Non business expenses 4,128,264.77 1,644,322.74
Incl：Loss from disposal of non-current
2,574,727.37 172,289.45
assets
IV.Total profit(“-”for loss) 1,515,119,326.42 1,184,427,310.31
Less：Income tax expenses 80,018,819.53 245,502,700.15
V. Net profit（“-”for net loss） 1,435,100,506.89 938,924,610.16
Net profit attributable to the owners of
1,277,628,791.25 797,375,219.22
parent company
Minority shareholders’ equity 157,471,715.64 141,549,390.94
VI. Net after-tax of Other
-75,869,719.44 -105,864,724.80
comprehensive income
Net after-tax
of other comprehensive income attribut -75,869,719.44 -105,864,724.80
able to owners of the parent company.
（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
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Amount in this period Amount in last period
e equity method investee can not be recl
assified into profit or loss.
（II）
Other comprehensive income that will b -75,869,719.44 -105,864,724.80
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
-75,869,719.44 -105,864,724.80
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
Net
after-tax of other comprehensive incom
e attributable to Minority shareholders’
equity
VII. Total comprehensive income 1,359,230,787.45 833,059,885.36
Total comprehensive income
attributable to the owner of the parent 1,201,759,071.81 691,510,494.42
company
Total comprehensive income
157,471,715.64 141,549,390.94
attributable minority shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.61 0.43
(II)Diluted earnings per share 0.61 0.43
If there are entities merged under common control, their net profit realized before the merger were totaled to
RMB***. While it was RMB*** previous period.
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
6.Income Statement of the Parent Between the Beginning of the Year and End of the Report Period
In RMB
Items Amount in this period Amount in last period
I.Revenue 281,871,132.87 31,163,735.61
Less：Business cost 107,771,305.27 348,160.05
Business tax and surcharge 1,180,772.15 361,322.43
Selling expenses
Administrative expense 43,378,310.99 44,002,056.60
Financial expenses 119,005,596.12 115,490,339.57
Asset impairment loss
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 1,432,408,272.61 629,165,956.85
Incl: investment gains from affiliates 313,283,142.59 325,057,770.08
Other income
II. Operational profit 1,442,943,420.95 500,127,813.81
Add：Non-business income 352,923.13
Incl：Gains from disposal of non-current
assets
Less：Non business expenses
Incl：Loss from disposal of non-current
assets
III.Total profit 1,443,296,344.08 500,127,813.81
Less：Income tax expenses -211,327,478.86
IV. Net profit 1,654,623,822.94 500,127,813.81
V. Net after-tax of Other comprehensive
-75,869,719.44 -105,864,724.80
income
（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
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Amount in this period Amount in last period
assified into profit or loss.
（II）
Other comprehensive income that will b -75,869,719.44 -105,864,724.80
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
-75,869,719.44 -105,864,724.80
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 1,578,754,103.50 394,263,089.01
VII.Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
7. Consolidated Cash Flow Statement Between the Beginning of the Year and End of the Report Period
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or
2,269,246,330.63 2,090,706,476.39
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
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Amount in this period Amount in last period
Cash received against original insurance
contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Net increase of the financial assets that
are measured at fair value and whose
movement is counted to the current gain
and loss
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
67,752,504.28 64,414,941.26
operation
Sub-total of cash inflow 2,336,998,834.91 2,155,121,417.65
Cash paid for purchasing of
101,493,279.85 77,747,481.21
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
Cash paid to staffs or paid for staffs 203,043,259.59 202,712,813.20
Taxes paid 325,795,159.90 312,423,889.98
Other cash paid for business activities 61,842,977.19 86,041,616.58
Sub-total of cash outflow from business
692,174,676.53 678,925,800.97
activities
Cash flow generated by business
1,644,824,158.38 1,476,195,616.68
operation, net
II.Cash flow generated by investing
Cash received from investment
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Amount in this period Amount in last period
retrieving
Cash received as investment gains 180,974,999.80 292,667,352.01
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 138,750.00 656,801.00
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 60,287,001.01 61,275,293.24
Sub-total of cash inflow due to
241,400,750.81 354,599,446.25
investment activities
Cash paid for construction of fixed
assets, intangible assets and other 256,756,858.37 94,916,306.81
long-term assets
Cash paid as investment 803,500,000.00
Net increase of loan against pledge
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
987,903,684.98
activities
Sub-total of cash outflow due to
256,756,858.37 1,886,319,991.79
investment activities
Net cash flow generated by investment -15,356,107.56 -1,531,720,545.54
III.Cash flow generated by financing
Cash received as investment 1,633,499,989.30
Incl: Cash received as investment from
minor shareholders
Cash received as loans 1,308,000,000.00 1,998,000,000.00
Cash received from bond placing
Other financing –related ash received 5,173.81
Sub-total of cash inflow from financing
1,308,000,000.00 3,631,505,163.11
activities
Cash to repay debts 1,625,100,000.00 1,283,400,000.00
Cash paid as dividend, profit, or
936,660,204.59 394,611,135.28
interests
Incl: Dividend and profit paid by
subsidiaries to minor shareholders
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Amount in this period Amount in last period
Other cash paid for financing activities 4,727,368.84
Sub-total of cash outflow due to
2,561,760,204.59 1,682,738,504.12
financing activities
Net cash flow generated by financing -1,253,760,204.59 1,948,766,658.99
IV. Influence of exchange rate
1,447,084.51 -523,203.86
alternation on cash and cash equivalents
V.Net increase of cash and cash
377,154,930.74 1,892,718,526.27
equivalents
Add: balance of cash and cash
2,603,279,644.25 1,199,629,276.85
equivalents at the beginning of term
VI ..Balance of cash and cash
2,980,434,574.99 3,092,347,803.12
equivalents at the end of term
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
8. Cash Flow Statement of the Parent Between the Beginning of the Year and End of the Report Period
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or
204,860,249.44 8,146,814.48
rending of services
Tax returned
Other cash received from business
711,264,490.94 171,178,904.77
operation
Sub-total of cash inflow 916,124,740.38 179,325,719.25
Cash paid for purchasing of
6,155,244.77
merchandise and services
Cash paid to staffs or paid for staffs 34,315,661.16 27,376,371.77
Taxes paid 4,409,052.82 4,606,170.36
Other cash paid for business activities 285,269,012.07 29,074,861.23
Sub-total of cash outflow from business
330,148,970.82 61,057,403.36
activities
Cash flow generated by business
585,975,769.56 118,268,315.89
operation, net
II.Cash flow generated by investing
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Amount in this period Amount in last period
Cash received from investment
retrieving
Cash received as investment gains 1,290,045,873.00 551,077,827.12
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 128,000.00
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 10,786,916.66 73,220,416.67
Sub-total of cash inflow due to
1,300,960,789.66 624,298,243.79
investment activities
Cash paid for construction of fixed
assets, intangible assets 1,413,815.93 394,590.00
and other long-term assets
Cash paid as investment 4,500,000.00 803,500,000.00
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
10,000,000.00 987,903,684.98
activities
Sub-total of cash outflow due to
15,913,815.93 1,791,798,274.98
investment activities
Net cash flow generated by investment 1,285,046,973.73 -1,167,500,031.19
III.Cash flow generated by financing
Cash received as investment 1,633,499,989.30
Cash received as loans 1,000,000,000.00
Cash received from bond placing
Other financing –related ash received 5,173.81
Sub-total of cash inflow from
2,633,505,163.11
financing activities
Cash to repay debts 50,100,000.00
Cash paid as dividend, profit, or
813,656,128.90 255,146,238.66
interests
Other cash paid for financing activities 4,727,368.84
Sub-total of cash outflow due to
863,756,128.90 259,873,607.50
financing activities
Net cash flow generated by financing -863,756,128.90 2,373,631,555.61
Guangdong Provincial Expressway Development Co., Ltd. The Third Quarterly Report 2017
Items Amount in this period Amount in last period
IV. Influence of exchange rate
1,447,084.51 -523,203.86
alternation on cash and cash equivalents
V.Net increase of cash and cash
1,008,713,698.90 1,323,876,636.45
equivalents
Add: balance of cash and cash
1,795,455,123.88 822,286,507.11
equivalents at the beginning of term
VI ..Balance of cash and cash
2,804,168,822.78 2,146,163,143.56
equivalents at the end of term
Legal Representative: Zhen Renfa General Manager : Wang Chunhua
Person in charge of accounting：Fang Zhi Accounting Dept Leader: Zhou Fang
II. Auditor‘s report
Whether the Q3 report is audited
□ Yes √ No
The Q3 Report is not audited.
