Guangdong Provincial Expressway Development Co., Ltd.
2014 Annual Report
March 2015
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.
All the directors attended the board meeting for reviewing the Annual Report.
The profit distribution proposal reviewed and approved by the boarding meeting was summarized
as follows: 1257117748 for the base, the Company would distribute cash dividend to all the
shareholders at the rate of CNY 1.00 for every 10 shares (with tax inclusive) , 0 bonus shares
（including tax）and no reserve would be converted into share capital.
Mr.Zhu Zhanliang, The Company leader, Mr. Xiao Laijiu, General Manager, Mr. Yun Wujun, 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.
Table of Contents
2014 Annual Report
I..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. Administrative structure
X. Internal Control
XI. Financial Report
XII. 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 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 subsidiary of
Technology Company Refers to
the Company
Maozhan Company Refers to Guangdong Maozhan Expressway Co., Ltd.
Communication Group Refers to The controlling parent Company， Guangdong Communication Group Co., Ltd.
Reminder about Important Risks
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.
II. Basic Information of the Company
I.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
II. 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
III. 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
IV.Changes in Registration
Number of Business
Authority Registered License of Taxation
Date of Registration Organization Code
with Enterprise as Legal Registration No.:
Person
4/F,Dongjian
Building, No.503,
Dongfeng Zhong
Initial registration February 9, 1993 19035210-2 440102190352102 19035210-2
Road,
Guangzhou,
Guangdong Province
Registration at the 85 Baiyun Road,
end of the reporting February 4, 2013 Guangzhou, 440000400006921 440102190352102 19035210-2
period Guangdong Province
Changes in principal business activities
No changes
since listing (if any)
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 \"Guangdong Provincial
Changes is the controlling shareholder in
Expressway Co., Ltd.\") for management were transferred to Guangdong
the past (is any)
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.
V. 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
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
Changed over last year
2014 2013
（％）
Operating Gross income（RMB） 1,455,054,983.70 1,327,506,119.78 9.61% 1,105,716,815.29
Net profit attributable to the
shareholders of the listed company 318,754,807.85 127,777,721.75 149.46% 175,789,745.82
（RMB）
Net profit after deducting of
non-recurring gain/loss attributable
307,337,119.08 71,552,326.17 329.53% 191,530,047.82
to the shareholders of listed
company（RMB）
Net Cash flow generated by
967,241,746.79 757,451,778.50 27.70% 621,175,533.82
business operationRMB）
Basic EPS(RMB /share) 0.25 0.10 150.00% 0.14
Diluted EPS(RMB /share) 0.25 0.10 150.00% 0.14
Weighted average ROE（%） 6.90% 3.01% 3.89% 4.20%
End of Changed over last year End of
End of 2014
2013 （％）
Gross assets（RMB） 12,513,505,946.42 12,694,475,514.01 -1.43% 13,154,565,539.37
Net asseta attributable to
Shareholders‘ equity attributable to
5,016,176,476.09 4,237,999,072.46 18.36% 4,268,859,963.87
shareholders of the listed company
（RMB）
II.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
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 (2014) Amount (2013) Amount(2012) Notes
Non-current asset disposal
gain/loss(including the write-off part for 149,097.85 -23,918,178.20 -29,263,511.64
which assets impairment provision is made)
Govemment subsidies recognized in
currentgain and loss(excluding those closely
150,000.00 450,000.00 100,000.00
related to the Company‘s business and
granted under 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
8,652,012.00 142,376.38
receivables transferredback to preparation
Operating income and expenses other than
-838,802.06 -1,263,509.69 915,440.21
the aforesaid items
Other non-business income and expenditures
2,991,262.39
other than the above
Less:Amount of influence of income
-179,496.34 -36,651,119.93 -7,065,938.88
tax
Amount of influence of minority
-134,622.25 -27,488,339.94 -5,299,454.17
interests(after tax)
Total 11,417,688.77 56,225,395.58 -15,740,302.00 --
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.
IV. Report of the Board of Directors
I. General
In 2014，The board of directors of the Company actively implemented all resolutions of shareholders‘ general
meeting, duly performed its duties，Operated the company management team, in a tough macro-policy environment,
put emphasis on \"stronger, better\" overall strategic objectives, identify the starting point and focus the work, to seek
business restructuring and development, focusing on promoting and resolutely implement the successful completion
of the mission objectives of the year.
1.Actively promote the planning and implementation of the company‘s strategy.
In 2014, the board of directors combined with the company''s actual situation and Through in-depth analysis of
the external environment and internal situation, the company basically defined the company''s strategic positioning,
guiding ideology, development of ideas and implementation path. The conpmay‘s strategic policy has been putting
forward. As \"to decreased cost and increased profits, base on the highway industry platform, ensure the healthy
operation of the company and the effect of market orientation; actively seek diversified investment transformation,
promote the company''s sustainable development and to enhance the value of the conpmany\".
2. Practical implementation of the protection of legitimate rights and interests of small investors.
According to the \"State Council on further strengthening the capital markets to protect the legitimate interests
of small investors Work\" (Guo Ban Fa [2013] No. 110), \"on the in-depth study and implement the < Notice of
further strengthening the capital market of small and medium investors'' legitimate rights and interests protection
work comments\" (Guangdong Securities Commission [2014] No. 3), \"listed company regulatory guidelines No. 3 -
cash dividends of listed companies,\" Board of Directors \"Articles\" in the profit distribution principles necessary
amendments. On the other hand, passed the \"investor complaint handling system\" to further protect the legitimate
rights and interests of small investors.
Board of Directors convened and organized three shareholders meeting of the whole year have taken on-site
and online voting combination held fully protect the right to information and voting rights of shareholders, especia
lly minority shareholders of the company, the interests of investors are protected.
3.Continue to strengthen the construction of internal control system of the company.
In 2014, the board of directors of the company conscientiously fulfill the guidance, assessment, management
responsibilities, continue to strengthen the construction of company internal control system. Continue to use the
external auditing institutions to do the company‘s annual internal audit control. According to the external audit
institution‘s rationalization proposal., the conpnay has putting forward the construction of the internal control
system, the daily operation management, financial, business and other aspects. The board of directors of the
company organized the relevant departments to take serious rectification and improvement, to ensure that the
relevant risk had been effectively under control .
4. Successfully completed the information disclosure work in 2014.
According to the regulation and requirement on information disclosure of the Chinese CSRC, Shenzhen stock
exchange, the board has improved the major company‘s information collection, feedback, collate, audit work in
accordance with the relevant provisions, and insured the timely information disclosure, and to insure contents are
real, accurate, and complete. The board of directors issued 4 periodic report and 33 interim report in the year of
2014. All disclosure contents are in line with the requirements of Shenzhen Stock Exchange, the information
disclosure work continue to receive the Shenzhen Stock Exchange as \"excellent\" rating assessment.
5.Continue to strengthen investor relations management.
The board of directors through the online communication day event、investor contact hotline and other
communication ways to communicate with investors. Internal company directors on behalf of the board of
directors atten
