粤高速第一季度报告全文英文版.ppt

Guangdong Provincial Expressway Development Co.，Ltd.The First Quarterly Report 2012(Full text)§I Important Statement1.1 The Board of Directors , Supervisory Committee ,Directors , Supervisors, Senior Executivesof the Company guarantee that there are no significant omissions, fictitious or misleadingstatements carried in the Report and we will accept individual and joint responsibilities for thetruthfulness, accuracy and completeness of the Report.1.1 1.2 The First quarterly financial report of the Company is not audited .1.3 Chairman of board of directors Mr.Zhou Yuming, General Manager of the Company Mr. Li Xiyuan and ChiefAccountant of the Company Mr.Xiao Laijiu State: we guarantee the authenticity and completeness of theFinancial Report in this quarterly report.§2 Basic Information2.1 Main accounting Highlights and financial indexesUnit: RMBAt the period-end of thisAt the period-end of lastyearIncrease /decrease（％）Total assets（RMB）Owner’s equity attributable to the shareholders ofthe listed company （RMB）Stock capital（Shares）12,472,713,217.764,167,585,213.871,257,117,748.0011,802,427,175.924,115,126,105.451,257,117,748.005.68%1.27%0.00%Net assets per share attributable to theshareholders of the listed company3.323.271.53%（RMB/shares）Amount of current periodAmount of the same periodin last yearIncrease /decrease（％）Total turnover(RMB)Net profit attributable to owners of parentcompany(RMB)Net cash flow arising from operatingactivities(RMB)Net cash flow per share arising fromoperating activities(RMB/share)Basic earnings per share(RMB/share)Diluted earnings per share(RMB/share)268,377,836.8459,659,108.43163,716,399.470.130.050.05248,954,619.0466,164,194.62148,498,597.120.120.050.057.80%-9.83%10.25%8.33%0.00%0.00%1-Weighted average return on equity（%）Weighted average return on equity afterdeducting non-recurring gains and losses（%）1.44%1.43%1.53%1.94%-0.09%-0.51%Items of non-current gains and losses√ applicable □ not applicableUnit：RMBNon-recurring gain and loss itemsOther non-operating income and expense other than above-mentionedAmount of influence of income taxTotalAmount (Year-beginning to theend of the report period.)388,150.75-97,037.68291,113.07Notes（If applicable）2.2 Top 10 shareholders and top 10 holders of unconditional sharesUnit：SharesTotal number of shareholders at the end of reportperiodParticulars about the shares held by the top ten tradable shareholders with unrestricted conditionsAmount of tradable shares with97,571Full name of shareholderGuangdong Communication Group Co., Ltd.unrestricted conditions held at the end ofreport period103,379,742 RMBType of sharesXinyue Co., Ltd.13,201,086Foreign shares placed in domesticexchangeGuangdong Yuecai Trust Investment Co., Ltd.China Merchants Securities. Customer CreditGuarantee securities accountShanxi Huiteng International Freight ForwardingCo., Ltd.12,174,345 RMB common shares11,364,490 RMB common shares3,696,200 RMB common sharesSTICHTING PGGM DEPOSITARY3,599,861Foreign shares placed in domesticexchangeHaerbin Daoli District, Treasury Services Dept.2,981,482 RMB common sharesLu WeiqiangChen ShukaiLin Mingtan2,888,8482,803,0002,575,508Foreign shares placed in domesticexchangeForeign shares placed in domesticexchangeForeign shares placed in domesticexchange§3 Significant Events3.1 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.Monetary capitalThe ending balance of monetary capital increased mainly due to net cash inflow from financing activities.2. Accounts receivable increased by RMB 25.19 million and 142.12% over the beginning of the year mainly due to increase of toll2income receivable from United Electronic Toll Center by Guangfo Expressway Co., Ltd. and Guangdong Fokai Expressway Co., Ltd.3. Prepayments increased by RMB 116 million and 79.73% over the beginning of the year mainly due to increased by RMB 117million of prepayment for materials and works for expansion project of Guangdong Fokai Expressway Co., Ltd.4. Dividends receivable decreased by RMB 68 million and 75.01% over the beginning of the year due to recovery of partial dividendsfor previous years by the parent company.5. The wages and benefits payable to staff and workers increased by 0.84 million and 42.18% over the beginning of the year mainlydue to increase of ending balance.6. Taxes and levies payable increased by RMB 13.54 million and 103.61% over the beginning of the year mainly due to increase ofbalance of income tax payable.7. Interest payable increased by RMB 27 million and 72.66% over the beginning of the year mainly due to provision for corporate bondinterest of RMB 10.20 million and medium term note interest of RMB 16.95 million in the current season.(II) Items of profit statement as compared with the same period of the previous yearFinancial expenses increased by RMB 32.91 million and 70.37% year on year mainly due to (1) increase of loan principal; (2) Theinterest rate of partial original loans rose from the beginning of the report year and the new interest rate that came into effect on July 7,2011 applied.2. Non-operating expenses decreased by RMB 32.07 million and 99.99% year on year mainly for the following reason: GuangdongFokai Expressway Co., Ltd. suffered loss of RMB 31.84 million from disposal of fixed assets as a result of dismantling anintercommunication fly-over bridge along the line for the purpose of expansion in the same period of previous year while there was nosuch loss in current period.3.Income tax expenses increased by RMB 6.58 million and 71.57% year on year mainly due to year-on-year increase of total profitmade by Guangdong Fokai Expressway Co., Ltd. for current period.(III) Notes of main items of cash flow statement1. Other cash received from business operationThis item mainly calculates the toll income received and paid through liquidation accounts of Guangfo Expressway Co., Ltd. andGuangdong Fokai Expressway Co., Ltd., and other cash receipt including project quality security (bid security / performance bond),income from fines, rental income from real estates for investment and other income from governmental subsidy except tax refund.The transaction amount of this item decreased by RMB 186 million year on year mainly due to change of accounting method. Reason:Guangfo Expressway Co., Ltd. and Guangdong Fokai Expressway Co., Ltd. are in networking toll collection area in west Guangdong.Except the toll income from the main section, the toll income received through toll liquidation account includes the toll income of othersections in the collection area. 2Before the second quarter of 2011, it will be accounted for under this item at the time of receipt, whichis shown as cash inflow. After receipt of account splitting instruction from the United Electronic Toll Collection Center, the incomefrom other sections shall be transferred out, which is accounted for under the time "other cash payment related to operating activities"and shown as cash outflow. From the second quarter of 2011, the net balance of all to-be-split toll income received through liquidationaccount minus the income transferred to other sections is shown under this item.2. Cash paid for goods and services is mainly the payment for special works, maintenance costs and networking paid service fees. Theyear-on-year decrease by RMB 12.34 million is mainly due to year-on-year decrease of payment for project made by Guangdong FokaiExpressway Co., Ltd. in current period by RMB 18.48 million.3. The item of "the cash paid to and for staff and workers" mainly calculates the wages, bonuses, miscellaneous allowances andsubsidies actually paid to staff and workers in current period. The year-on-year increase by RMB 12.11 million is mainly due to thechange of expenditure from labor cost.4. The item of "other cash payment related to operating activities" mainly calculates the project quality security (bidsecurity/performance bond) paid by the Company, expenses from engaging intermediaries, office expenditure, etc. The amount forcurrent period decreased by RMB 198 million year on year mainly due to the above point 1.5. The item of "cash received from returns on investment" mainly calculates the cash dividends received by the Company for equityinvestment. In current period, the Company received the remaining unpaid dividends of RMB 38 million for 2010 distributed byJingzhu Expressway Guangzhu Section Co., Ltd. and cash dividends of RMB 30 million for the third quarter of 2011 distributed byGuangdong Guanghui Expressway Co., Ltd. The year-on-year decrease by RMB 48.90 million is due to the decrease of dividendsreceived from subsidiaries in current period.In current period, Guangdong Fokai Expressway Co., Ltd. paid RMB 180 million for expansion project of Xiebian-Sanbao Sectionaccording to its progress. Guangfo Expressway Co., Ltd. paid about RMB 27 million for Yayao-Xiebian expansion project and otherworks. The year-on-year increase by RMB 42.78 million is due to the increase of investment in the above-mentioned projects in currentperiod.6. Cash paid for construction of fixed assets, intangible assets and other long-term assetsIn current period, Guangdong Fokai Expressway Co., Ltd. paid RMB 180 million for expansion project of Xiebian-Sanbao Sectionaccording to its progress. Guangfo Expressway Co., Ltd. paid about RMB 27 million for Yayao-Xiebian expansion project and otherworks. The year-on-year increase by RMB 42.78 million is due to the increase of investment in the above-mentioned projects in currentperiod.7. Cash paid as investmentIn current period, the Company did not pay cash for external investment, In the same period of previous year, the parent companycontributed capital of RMB 70 million to Guangdong Guangle Expressway Co., Ltd. Therefore, the amount of this item decreased by3RMB 70 million year on year.8. Cash received as investmentIn current period, Guangdong Fokai Expressway Co., Ltd. received capital payment of RMB 67.94 million from minority shareholders,which increased by RMB 37.94 million year on year due to increase of capital payment by minority shareholders.9. Cash received from obtaining loansIt mainly includes: (1) In the current period, the parent company renewed the borrowing of entrusted loan with principal of RMB 105million from Guangdong Guanghui Expressway Co., Ltd. and obtained short-term loans of RMB 161 million from banks. (2) GuangfoExpressway Co., Ltd. borrowed RMB 240 million from banks in current period. (3) Guangdong Fokai Expressway Co., Ltd. borrowedRMB 433 million from banks in current period. The year-on-year increase by RMB 603 million is due to increase of principal of bankloans borrowed by the parent company and controlled subsidiaries in current period.10. Cash paid for debt repaymentIt mainly includes: (1) In current period, the parent company repaid entrusted loan principal of RMB 105 million to GuangdongGuanghui Expressway Co., Ltd. and bank loans of RMB 111 million. (2) Guangdong Fokai Expressway Co., Ltd. repaid bank loans ofRMB 218 million in current period. The amount of principal repayment increased by RMB 220 million year on year due to increase ofprincipal of due loans.11. Cash paid for distribution of dividends or profits or interest reimbursementIt mainly includes payment of RMB 77.77 million by the parent company, Guangdong Fokai Expressway Co., Ltd. and GuangfoExpressway Co., Ltd. including bank loan interests. The year-on-year increase by RMB 24.68 million is mainly due to increase of loanprincipal and rise in interest rate.3.2 The progress of significant events and influence, as well as the analysis and explanation on resolving proposalreason.3.2.1 Non-standard Opinion□applicable √ not applicable3.2.2 The Company provided funds to its controlling shareholder or related parties and provided guarantees inviolation of established procedures.□applicable √ not applicable3.2.3 Signing and performance of significant contracts for daily operation□applicable √ not applicable3.2.4 Other□applicable √ not applicable3.3 The fulfillment of the commitment made by the Company , shareholders and the actual controllerCommitments made by the listed company and its directors, supervisors, senior executives, the shareholders withholding above 5% shares and its actual controller in the report period, or lasting until the report period.□applicable √ not applicable3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report period to be lossprobably or the warning of its material change compared with the corresponding period of the last year andexplanation of reason.□applicable √ not applicable43.5 Other significant events need to be explained3.5.1 Securities investment□applicable √ not applicable3.5.2 Reception of investigations, communications ,or interviews company held in the report period.In the report period, the company did not accept investigations, communications ,or interviews .3.6 Derivative Investment□applicable √ not applicable3.6.1 Particulars about derivatives investment held at the end of report period□applicable √ not applicable§4 Appendix4.1 Balance sheetPrepared by：Guangdong Provincial Expressway Development Co.，Ltd. March 31,2012Unit：RMBItemsYear-end balanceYear-beginning balanceConsolidatedParent companyConsolidatedParent companyCurrent asset：Monetary fund1,524,662,038.69640,117,619.831,018,999,531.05701,899,352.28Settlement provisionOutgoing call loanTrading financial assetsBill receivableAccount receivablePrepaymentsInsurance receivableReinsurance receivableProvisions of Reinsurancecontracts receivableInterest receivable42,918,016.07260,584,983.03335,866.6617,726,118.11144,982,896.65316,891.66Dividend receivableOther account receivable22,658,881.0535,884,049.9295,942,637.7276,895,561.3590,658,881.0537,983,304.82139,574,457.393,657,454.90Repurchasing offinancial assetsInventoriesNon-current asset due in 1yearOther current asset170,000,000.00160,000,000.005Total of current assets1,886,707,968.76983,291,685.561,310,350,731.681,005,448,156.23Non-current assets：Loans and payment onother’s behalf disbursedDisposable financial asset684,000,000.00684,000,000.00691,200,000.00691,200,000.00Expired investment inpossessLong-term receivableLong term share equityinvestmentProperty investmentFixed assetsConstruction in progress2,999,324,583.085,424,984.733,975,311,693.642,870,548,911.844,994,083,152.605,172,846.485,981,940.812,918,288,171.885,541,038.084,063,417,803.172,760,092,723.874,763,046,741.405,288,899.835,837,841.17Engineering materialFixed asset disposalProduction physical assetsGas & petrol65,598.13Intangible assetsR & D petrolGoodwill50,974,064.8953,166,163.90Long-germ expenses to beamortized355,412.69335,238.40370,543.34335,238.40Differed income tax assetOther non-current assetTotal of non-current assetsTotal of assets10,586,005,249.0012,472,713,217.765,689,573,178.296,672,864,863.8510,492,076,444.2411,802,427,175.925,465,708,720.806,471,156,877.03Current liabilitiesShort-term loans1,051,470,000.00531,470,000.00891,470,000.00481,470,000.00Loan from Central BankDeposit received and holdfor othersCall loan receivedTrade off financial liabilitiesBill payableAccount payableAdvance paymentSelling of repurchasedfinancial assetsFees and commissionsreceivable120,834,219.005,263,678.04135,228,709.745,392,391.20Employees’ wage payableTax payableInterest payableDividend payable2,846,779.9726,612,190.3464,164,542.0037,262,731.65251,195.36-269,128.2655,448,895.1112,834,812.752,002,220.5713,070,029.1237,161,794.5529,154,211.1088,015.621,912,304.1829,720,154.3312,849,018.986Other account payable327,623,803.20107,329,254.86319,750,258.89109,125,634.87Reinsurance fee payableInsurance contract provisionEntrusted trading ofsecuritiesEntrusted selling ofsecuritiesNon-current liability due in1 yearOther current liability460,345,000.00152,888,846.74384,200,000.0065,542,566.45Total of current liability2,096,422,944.20859,953,876.561,817,429,615.17700,707,694.43Non-current liabilities：Long-term loan3,578,119,803.543,309,764,803.54Bond payableLong-term payable1,791,378,507.392,022,210.111,791,378,507.392,022,210.111,790,792,109.052,022,210.111,790,792,109.052,022,210.11Special payableExpected liabilitiesDiffered income taxliabilityOther non-current liabilities124,347,660.70126,663,710.47Total of non-currentliabilitiesTotal of liability5,495,868,181.747,592,291,125.941,793,400,717.502,653,354,594.065,229,242,833.177,046,672,448.341,792,814,319.162,493,522,013.59Owners’ equityShare capitalCapital reserves1,257,117,748.001,690,758,715.571,257,117,748.001,690,906,856.321,257,117,748.001,697,958,715.571,257,117,748.001,698,106,856.32Less：Shares in stockSpecial ReserveSurplus reserves191,496,386.02191,496,386.02191,496,386.02191,496,386.02Common risk provisionUndistributed profit1,028,212,364.28879,989,279.45968,553,255.86830,913,873.10Different of foreign currencytranslationTotal of owner’s equity belong tothe parent companyMinor shareholders’ equityTotal of owners’ equityTotal of liabilities and owners’equity4,167,585,213.87712,836,877.954,880,422,091.8212,472,713,217.764,019,510,269.794,019,510,269.796,672,864,863.854,115,126,105.45640,628,622.134,755,754,727.5811,802,427,175.923,977,634,863.443,977,634,863.446,471,156,877.034.2 Profit statementPrepared by：Guangdong Provincial Expressway Development Co.，Ltd. January-March 2012Unit：RMBReport periodSame period of the previous yearItemsConsolidatedParent companyConsolidatedParent company7I.Total operating incomeIncluding：Operating income268,377,836.84268,377,836.842,643,608.332,643,608.33248,954,619.04248,954,619.04879,378.75879,378.75Interest incomeInsurance gainedCommission charge andcommission incomeII.Total operating costIncluding：Operating cost262,109,520.50134,547,987.4758,972,793.51116,053.35205,189,011.16118,063,576.0829,871,484.46116,053.35Interest expenseCommission chare andcommission expenseCash surrender valueNet amount of expense ofcompensationNet amount of withdrawal ofinsurance contract reserveBonus expense ofguarantee slipReinsurance expenseOperating tax and extras9,810,430.31150,391.228,787,976.7944,760.38Sales expensesAdministration expensesFinancial expenses38,075,321.7379,675,780.9919,881,476.8038,824,872.1431,571,144.2946,766,314.0016,670,075.9513,040,594.78Losses of devaluation of assetsAdd ：Changing income of fairvalueInvestment income81,036,411.20105,404,591.5371,630,647.2971,630,647.29Including：Investment income onaffiliate company and joint81,036,411.2081,036,411.2071,630,647.2971,630,647.29ventureExchange incomeIII. Operating profitAdd ：Non-operating incomeLess：Non-operating expense87,304,727.54519,966.332,432.0049,075,406.35115,396,255.17540,108.5032,071,314.2142,638,541.58Including :Disposal loss ofnon-current assets31,844,018.89IV. Total profitLess：Income taxV. Net profitNet profit attributable to owner’sequity of parent companyMinority shareholders’ gainsand losses87,822,261.8715,767,170.8572,055,091.0259,659,108.4312,395,982.5949,075,406.3549,075,406.3549,075,406.3583,865,049.469,189,841.5974,675,207.8766,164,194.628,511,013.2542,638,541.5842,638,541.5842,638,541.58VI. Earnings per share（i）Basic earnings per share（ii）Diluted earnings per shareVII. Other comprehensive incomeVIII. Total comprehensive incomeTotal comprehensive income0.050.05-7,200,000.0064,855,091.0252,459,108.430.040.04-7,200,000.0041,875,406.3541,875,406.350.050.05-31,200,000.0043,475,207.8734,964,194.620.030.03-31,200,000.0011,438,541.5811,438,541.588attributable to the owner of theparent companyTotal comprehensive incomeattributable minority shareholders12,395,982.598,511,013.25For the enterprises under the same control consolidated in the report period, the net profit realized by the consolidate before theconsolidation is RMB 0.00.4.3 Cash flow statementPrepared by：Guangdong Provincial Expressway Development Co.，Ltd.January-March 2012Unit：RMBReport periodSame period of the previous yearItemsConsolidatedParent companyConsolidatedParent companyI.Cash flows from operatingactivitiesCash received from sales of goodsor rending of servicesNet increase of customerdeposits and capital kept forbrother companyNet increase of loansfrom central bankNet increase ofinter-bank loans from otherfinancial bodiesCash received againstoriginal insurance contractNet cash received fromreinsurance businessNet increase of clientdeposit and investmentNet increase of tradefinancial asset disposalCash received as interest,processing fee andcommissionNet increase of inter-bankfund receivedNet increase ofrepurchasing businessTax returned241,545,905.78237,195,811.55Other cash received frombusiness operationSub-total of cash inflowCash paid for purchasing ofmerchandise and services19,725,884.39261,271,790.1723,979,687.2388,872,435.1888,872,435.18205,574,585.28442,770,396.8336,320,260.23155,448,905.01155,448,905.01Net increase of client tradeand advanceNet increase of savings ncentral bank and brothercompany9Cash paid for originalcontract claimCash paid for interest,processing fee andcommissionCash paid for policydividendCash paid to staffs or paidfor staffsTaxes paidOther cash paid forbusiness activitiesSub-total of cash outflowfrom business activitiesCash flow generated bybusiness operation, net50,633,847.8512,504,484.4710,437,371.1597,555,390.70163,716,399.4718,409,487.58144,993.0276,157,816.0794,712,296.67-5,839,861.4938,522,118.6910,765,823.43208,663,597.36294,271,799.71148,498,597.1211,202,518.276,564.21179,150,225.57190,359,308.05-34,910,403.04II.Cash flow generated byinvestingCash received frominvestment retrievingCash received as investmentgains68,000,000.0068,000,000.00116,896,689.22116,896,689.22Net cash retrieved fromdisposal of fixed assets,intangible assets, and otherlong-term assetsNet cash received fromdisposal of subsidiaries orother operational unitsOther investment-relatedcash received2,623,283.33698,622.50Sub-total of cash inflow dueto investment activities68,000,000.0070,623,283.33116,896,689.22117,595,311.72Cash paid for construction offixed assets, intangible assets215,249,849.41370,950.00172,470,994.79447,836.00and other long-term assetsCash paid as investment150,000,000.0070,000,000.00160,000,000.00Net increase of loan againstpledgeNet cash received fromsubsidiaries and otheroperational unitsOther cash paid forinvestment activities10,000,000.00115,000,000.00Sub-total of cash outflowdue to investment activitiesNet cash flow generated byinvestment215,249,849.41-147,249,849.41160,370,950.00-89,747,666.67242,470,994.79-125,574,305.57275,447,836.00-157,852,524.28III.Cash flow generated by10financingCash received asinvestmentIncl: Cash received asinvestment from minorshareholders67,935,000.0030,000,000.00Cash received as loans938,690,000.00265,990,000.00336,000,000.00286,000,000.00Cash received frombond placingOther financing –relatedash receivedSub-total of cash inflowfrom financing activitiesCash to repay debtsCash paid as dividend,profit, or interests1,006,625,000.00434,190,000.0077,769,008.56265,990,000.00215,990,000.0010,724,170.42366,000,000.00214,643,020.5553,089,829.49286,000,000.002,643,020.55Incl: Dividend andprofit paid by subsidiaries tominor shareholdersOther cash paid for financingactivities5,470,000.005,470,000.00Sub-total of cash outflowdue to financing activitiesNet cash flow generated byfinancing517,429,008.56489,195,991.44232,184,170.4233,805,829.58267,732,850.0498,267,149.962,643,020.55283,356,979.45IV. Influence of exchangerate alternation on cash and-33.87-33.87-4,197.99-4,197.99cash equivalentsV.Net increase of cash andcash equivalents505,662,507.63-61,781,732.45121,187,243.5290,589,854.14Add: balance of cash andcash equivalents at the1,018,999,531.05701,899,352.28258,881,333.75179,597,767.35beginning of termVI ..Balance of cash and cashequivalents at the end of term1,524,662,038.68640,117,619.83380,068,577.27270,187,621.494.4 Auditor’ reportAuditor’s opinions: Not audited11。