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1、,-,-,-,-,Guangdong Provincial Expressway Development Co.,Ltd,The Third Quarterly Report 2011,Guangdong Provincial Expressway Development Co.，Ltd.The Third Quarterly Report 2011(Full text)I Important Statement1.1 The Board of Directors,Supervisory Committee,Directors,Supervisors,Senior Executivesof t
2、he 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 Third quarterly financial report of the Company is no
3、t 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 Highli
4、ghts and financial indexesUnit:RMB,2011.9.30,2010.12.31,Increase/decrease（）,Total assets（RMB）,11,073,723,500.71,10,526,464,082.25,5.20%,Owners equity attributable to the,shareholders of the listed company,4,137,441,059.60,4,283,251,674.35,-3.40%,（RMB）,Stock capital（Shares）,1,257,117,748.00,1,257,117
5、,748.00,0.00%,Net assets per share attributable to the,shareholders of the listed company,3.29,3.41,-3.52%,（RMB/shares）,Increase/decrease in,Increase/decrease in,the report periodJuly-September 2011 compared with thesame period of thelast year(%),January-September2011,the report periodcompared with
6、thesame period of thelast year(%),Total turnover(RMB),272,127,868.29,8.53%,785,170,946.81,4.44%,Net profit attributable to,shareholders of the listed company,82,135,472.84,-3.49%,227,301,160.07,-29.61%,（RMB）,Net cash flow arising from operatingactivities（RMB）Net cash flow per share arising from,506,
7、272,677.960.40,-11.26%-11.11%1,-,Guangdong Provincial Expressway Development Co.,Ltdoperating activities（yuan/shares）,The Third Quarterly Report 2011,Basic earnings per share（yuan/shares）Diluted earnings per share（yuan/shares）Weighted average return on equity（%）,0.070.071.96%,0.00%0.00%-0.25%,0.180.
8、185.31%,-30.77%-30.77%-3.33%,Weighted average Return on net,assets after deducting non-recurring,1.95%,0.94%,5.93%,3.24%,gains and losses（%）Items of non-current gains and losses applicable not applicableUnit：RMB,Non-recurring gain and loss items,Amount,Notes（If applicable）Fokai expansion projects,Ga
9、in/loss form disposal of non-current assetsGovernmental Subsidy accounted as current gain/loss,except for those subsidies at with amount or quantity fixedby the national government and closely related to theCompanys business operation.Net amount of non-operating income and expense except theaforesai
10、d itemsAmount of influence of income taxAmount of influence of minority equityTotal2.2 Top 10 shareholders and top 10 holders of unconditional sharesUnit：SharesTotal number of shareholders at the end of reportperiod,abandon two interchange a-54,549,119.55 ssets and toll-stations71,600.004,380,293.79
11、13,378,048.8510,027,710.41-26,691,466.50100,315,Particulars about the shares held by the top ten tradable shareholders with unrestricted conditionsAmount of tradable shares with,Full name of shareholder,unrestricted conditions held at the end ofreport period,Type of shares,Guangdong Communication Gr
12、oup Co.,Ltd.,103,379,742 RMB common shares,Xinyue Co.,Ltd.,13,201,086,Foreign shares placed in domesticexchange,Guangdong Yuecai Trust Investment Co.,Ltd.Shanxi Huiteng International Freight ForwardingCo.,Ltd.,12,174,345 RMB common shares3,696,200 RMB common shares,STICHTING PGGM DEPOSITARY,3,599,86
13、1,Foreign shares placed in domesticexchange,Hu AirongLu Weiqiang,2,991,359 RMB common shares2,888,848 Foreign shares placed in domestic,2,Guangdong Provincial Expressway Development Co.,Ltd,The Third Quarterly Report 2011exchange,Chen ShukaiLin Mingtan,2,812,7002,575,508,Foreign shares placed in dom
14、esticexchangeForeign shares placed in domesticexchange,Shenzhen Jifu Chuangye Investment Co.,Ltd.,2,573,504 RMB common shares,3 Significant Events3.1 Particular about large-margin change of main accounting statement item and financial index and itsreason.Applicable Not applicable（I）Items of balance
15、sheet as compared with the beginning of this year.1.Monetary capitalEnding balance of Monetary Capital was RMB 291.80 million,Year-beginning balance of monetary capital was RMB258.88 million，The net cash flows from operating activities for this report period were RMB 506.27 million,Net cash flows fr
16、om investing activitieswas RMB-528.10 million,Net cash flows from financing activities was RMB54.76 million.2.Accounts receivableAccounts receivable increased by RMB26.38 million and 146%over the beginning of the year due to increase of toll income receivablefrom United Electronic Toll Center by Gua
17、ngfo Expressway Co.,Ltd.and Guangdong Fokai Expressway Co.,Ltd.3.PrepaymentsPrepayments increased by RMB 177.32 million and 90.63%mainly because Guangdong Fokai Expressway Co.,Ltd.increased thepayment for the expansion project and its maintenance costs.4.InventoriesInventories decreased by RMB 0.28
18、million and 100%over the beginning of the year due to no balance at the end of period after salessettlement.5.Financial assets available for saleAt the end of the period,the balance decreased by RMB242.40 million and 25.51%over the beginning of the year due to the fair valueof China Everbright Bank
19、Co.,Ltd.decreased at the end of period.6.Long-term equity investmentLong-term equity investment increased by RMB126.68 million and 4.78%over the beginning of the year.The main reasons:（1）Long-term equity investment increased by RMB 255.34 million through income of investment in joint stock subsidiar
20、ies in currentperiod.（2）In current period,the Company invested in Gangle Expressway Co.,Ltd.investment cost increased by RMB 290 million.（3）Jingzhu Expressway Guangzhu Section Co.,Ltd.distributed dividends of RMB 206.44 million for 2010 and the previous year.Guangdong Guanghui Expressway Co.,Ltd.dis
21、tributed dividends of RMB 96.62 million for the period from the second half year of2010 to the second quarter of 2011.Shenzhen Huiyan Expressway Co.,Ltd.announced distribution of dividends of RMB 82 millionfor the period from 2010 to the first half of 2011.China Everbright Bank Co.,Ltd.distributed d
22、ividends of RMB 22.70 million for2010.Zhaoqing Yuezhao Highway Co.,Ltd.distributed dividends of RMB 13.75 million for the period from 2010 to the first half of2011.The above items decreased long-term equity investment by RMB 421.51 million;(4)As the result of the amortization ofinvestment difference
23、 in current period,long-term equity investment decreased by RMB 8.59 million.7.Fixed assets3,9.,Guangdong Provincial Expressway Development Co.,Ltd,The Third Quarterly Report 2011,Fixed assets increased by RMB 340.32 million and 9%over the beginning of the year.The net increase of original value and
24、accumulated depreciation was RMB 547.50 million and RMB 206.33 million.Main reasons for increase of original value:1.The pre-estimated construction cost of the partial section of expansion project of Guangdong Fokai Expressway Co.,Ltd.with thelength of 8.08 km that was open to traffic first,i.e.,RMB
25、 687.97 million,was transferred into fixed assets;2.The original value wasincreased by RMB 29.47 million because Guangfo Expressway Co.,Ltd.settled the payment for the reconstruction of weighing chargecollection system;3.The completion of special project of Jiujiang Bridge increased fixed assets by
26、RMB 16.73 million;4.In thecurrent period,the assets along the expansion project of Guangdong Fokai Expressway were removed.Heavy resurfacing was carriedout so that Beijiang Bridge was transferred into construction in progress.In total,original value of fixed assets was written off by RMB183.15 milli
27、on.Comprehensive reasons for increase of accumulated depreciation:I.In current period,Guangfo Expressway Co.,Ltd.,Guangdong Fokai Expressway Co.,Ltd.and Jiujiang Branch Company ofGuangdong Fokai Expressway Co.,Ltd.respectively made provision of RMB 118.19 million,RMB 120.87 million and RMB 17.42mill
28、ion for depreciation expenses on basis of vehicle traffic volume;2.As a result of retirement of assets along the expansion project of Guangdong Fokai Expressway Co.,Ltd.and the transfer of BeijiangBridge into construction in progress during heavy resurfacing,accumulated depreciation of RMB 58.75 mil
29、lion in total was transferredout.8Construction in progressConstruction in progress decreased by 17.67 million and 0.69%over the beginning of the year due to the Part of the expansion projectof Fokai Expressway with length of 8.08 km and estimated building price of RMB 687.97 million that was open to
30、 traffic wastransferred from construction in progress into fixed assets in current period；The amount of expansion project of Fokai Expresswayincreased by RMB 615.88 million in current period;Long-germ expenses to be amortizedLong-germ expenses to be amortized increased by 0.15 million and 152.54%ove
31、r the beginning of the year due to the ParentCompanys expenses to be amortized increased of parent company for this report period.10.Short-term loanShort-term loan increased by RMB 571.49 million and 114.30%over the beginning of the year.Main reason for change:1.To meet thedemand of turnover of circ
32、ulating fund,the short-term loan of the parent company and Guangdong Fokai Expressway Co.,Ltd.respectively increased by RMB 426.49 million and RMB 150 million;2.Guangfo Expressway Co.,Ltd.Has decreased 5 million for theshort-term loan.11.Accounts payableAccounts payable increased by RMB 150.14 milli
33、on and 123.85%over the beginning of the year.Reasons for increase:(1)Accounts payable of RMB121.23 million increased for the expansion project of Guangdong FokaiExpressway Co.,Ltd;(2)Accounts payable increased for the special project of Guangdong Guangfo Expressway Co.,Ltd.12.Remuneration payable to
34、 staff and workersRemuneration payable to staff and workers increased by RMB 1.60 million and 168.76 over the beginning of the year.Main reason forincrease:The Guangfo highway co,.paid the balance of wage of staff and workers payable;13.Taxes and levies payableTaxes and levies payable increased by R
35、MB 28.80 million and 1691.71%over the beginning of the year.Main reason for change:Incurrent period,Guangdong Fokai Expressway Co.,Ltd.made provision of RMB 31.01 million for income tax for the third quarter.4,Guangdong Provincial Expressway Development Co.,Ltd,The Third Quarterly Report 2011,14.Div
36、idends payableDividends payable decreased by RMB 6.1 million and 32.13%over the beginning of the year mainly because Guangdong FokaiExpressway Co.,Ltd.paid dividends to the other shareholder in current period.15.Non-current liabilities to mature within one yearNon-current liabilities to mature withi
37、n one year decreased by RMB 109.30 million and 33.43%over the beginning of the year.Mainreason for decrease:Guangdong Fokai Expressway Co.,Ltd.and Guangfo Expressway Co.,Ltd repaid partial matured loans.16.Long-term loanLong-term loan decreased by RMB87.70 million and 2.45%over the beginning of the
38、year due to the Guangfo Expressway Co.,Ltd.repaid partial long-term loan.17.Bonds payablesBonds payables increased RMB 1.69 million over the beginning of the year，The main reasons After deduction of underwritingexpenses,the amount of funds actually received when the parent company issued corporate b
39、onds in 2009 was lower than the par valueof corporate bonds.Part of discount shall be amortized on basis of actual interest rate.After amortization in current period,the bookvalue of corporate bonds increased.:18.Capital surplusCapital surplus decreased by RMB 242.25 million and 12.38%over the begin
40、ning of the year.Reason for decrease:The fair value of shares held by the Company decreased after the listing of China Everbright Bank Co.,Ltd.19.Undistributed profitUndistributed profit increased by RMB 96.44 million and 10.66%over the beginning of the year.Main reason for increase:Distribution of
41、dividends and inward transfer of net profit in current period.(II)Items of profit statement as compared with the same period of the previous year.1.Operating incomeOperating income increased by RMB 33.38 million and 4.44%year on year due to increase of vehicle traffic volume.2.Operating costOperatin
42、g cost increased by RMB 31.11 million and 8.28%year on year mainly due to increase of depreciation expenses and Specialcost of Fokai Expressway completion of Guangfo Expansion Project3.Administrative expensesAdministrative expenses increased by RMB 22.51 million and 31.15%year on year mainly due to
43、the implementation of operationmanagement policies including smoothness guarantee and weighing charge collection.4.Financial expensesFinancial expenses increased by RMB 38.87 million and 31.51%year on year.The main reason for the increase:The section withlength of 8.08 km in the expansion project of
44、 Guangdong Fokai Expressway Co.,Ltd.was open to traffic.The capitalization of theinterests of the bank loan principal of RMB 520 million for this section stopped.As a result,interest expenses increased by RMB 23.60million.The increase of total amount of loans and the rise in loan interest rate also
45、caused the increase of financial expenses.5,1.,Guangdong Provincial Expressway Development Co.,Ltd,The Third Quarterly Report 2011,5.Investment incomeInvestment income decreased by RMB 25.78 million and 9.08%year on year mainly due to decrease by RMB 47,47 million ofinvestment income calculated on e
46、quity basis,decrease of income of investment in Guangdong Guanghui Expressway Co.,Ltd.byRMB 19.14 million,decrease of income of investment in Zhaoqing Yuezhao Highway Co.,Ltd.by RMB 13.86 million,increase ofloss of investment in Ganzhou Gankang Expressway Co.,Ltd.by RMB 12.77 million and decrease of
47、 loss of investment in GanzhouKangda Expressway Co.,Ltd.by RMB 16.72million.The investment income from Guangdong Guanghui Expressway Co.,Ltd.decreased because the income and net profit of this company decreased after Shaogan Expressway was open to traffic in current period.Zhaoqing Yuezhao Highway C
48、o.,Ltd.carried out road surface repair work in current period,which caused decrease of net profit.Ganzhou Gankang Expressway is a section that was newly open to traffic in August of the last year.At present,it is still in the lossperiod.The loss of investment in Ganzhou Kangda Expressway Co.,Ltd.dec
49、reased mainly due to sharp growth of net profit of thiscompany caused by great increase of vehicle traffic volume of this section after Shaogan Expressway was open to traffic;Theinvestment in China Everbright Bank Co.,Ltd.was accounted for on cost basis.It distributed cash dividends in current perio
50、d.6.Non-operating incomeNon-operating income decreased by RMB 12.09 million and 71.01%year on year.Main reason for decrease:In the same period ofprevious year,Jiujiang Bridge Branch Company of Guangdong Fokai Expressway Co.,Ltd.received compensation from insurancecompanies,of which RMB 14.43 million
