粤高速Ｂ：2016年年度报告（英文版）.PDF

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1、Guangdong Provincial Exppressway Development Co.,Ltd.2016 Annual Report.1GuangdongGuangdongGuangdongGuangdong ProvincialProvincialProvincialProvincial ExpresswayExpresswayExpresswayExpressway DevelopmentDevelopmentDevelopmentDevelopment Co.,Co.,Co.,Co.,Ltd.Ltd.Ltd.Ltd.2020202016161616AnnualAnnualAnn

2、ualAnnual ReportReportReportReportMarchMarchMarchMarch2017201720172017Guangdong Provincial Exppressway Development Co.,Ltd.2016 Annual Report.2I.I.I.I.ImportantImportantImportantImportant Notice,Notice,Notice,Notice,TableTableTableTable ofofofof ContentsContentsContentsContents andandandand Definiti

3、onsDefinitionsDefinitionsDefinitionsThe Board of Directors and the directors,Supervisory Committee and supervisors and Senior Executives ofthe Company hereby warrant that at the year,there are no misstatement,misleading representation or importantomissions in this report and shall assume joint and s

4、everal liability for the authenticity,accuracy and completenessof the contents hereof.Mr.Zhen Renfa,The Company leader,Mr.Wang Chunhua,General Manager,Mr.Fang Zhi,Chief financialofficer and the Ms.Zhou Fang,the person in charge of the accounting department(the person in charge of theaccounting)hereb

5、y confirm the authenticity and completeness of the financial report enclosed in this annualreport.All the directors attended the board meeting for reviewing theAnnual Report.The toll revenues of Expressway is main source of the major business income of the company,The chargestandard of vehicle toll

6、must be submitted to the same level peoples government for review and approval after thetransport regulatory department of province,autonomous region or municipality directly under the centralgovernment in conjunction with the price regulatory department at the same level consented upon examination.

7、Therefore,the adjustment trend of the charge price and the charge price if has the corresponding adjustment in thefuture price level when the cost of the company rises still depend on the approval of relevant national policies andgovernment departments,and the company isnt able to make timely adjust

8、ment to the charge standard inaccordance with the its own operation cost or the change of market supply demand.So,the change of chargepolicy and the adjustment of charge standard also have influence on the expressways operated by the company tosome extent.So,the charging policy changes and charges a

9、djustment willaffect the highways operation of thecompany.The profit distribution proposal reviewed and approved by the boarding meeting was summarized as follows:2,090,806,126 for the base,the Company would distribute cash dividend to all the shareholders at the rate ofCNY3.36 for every 10 shares(w

10、ith tax inclusive),0 bonus shares（including tax）and no reserve would beconverted into share capital.Guangdong Provincial Exppressway Development Co.,Ltd.2016 Annual Report.3TableTableTableTable ofofofof ContentsContentsContentsContentsI.Important Notice,Table of contents and DefinitionsII.Basic Info

11、rmation of the Company and Financial indexIII.Outline of Company BusinessIV.Managements Discussion andAnalysisV.Important EventsVI.Change of share capital and shareholding of Principal ShareholdersVII.Situation of the Preferred SharesVIII.Information about Directors,Supervisors and Senior Executives

12、IX.Administrative structureX.Corporate BondXI.Financial ReportXII.Documents available for inspectionGuangdong Provincial Exppressway Development Co.,Ltd.2016 Annual Report.4DefinitionDefinitionDefinitionDefinitionTerms to be definedRefers toDefinitionReport Period/ThisAnnualYearRefers to For the 12

13、months ended December 31,2016Report DateRefers to28 March 2017,The date that the Companys 2016 annual reportapproved by the Board of Directors.on year-on-year basisRefers to Compared with the same period in 2015The Company/This CompanyRefers to Guangdong Provincial Expressway Development Co.,Ltd.Pro

14、vince ExpresswayRefers to Guangdong Province Expressway Co.,Ltd.Construction CompanyRefers to Guangdong Highway Construction Co.,Ltd.Fosun GroupRefers to Shanghai Fosun High-tech(Group)Co.,Ltd.Poly Real EstateRefers to Poly Real Estate(Group)Co.,Ltd.Yadong Fuxing YalianRefers to Yadong Fuxing Yalian

15、 Investment Co.,Ltd.Tibet YingyueRefers to Tibet Yingyue Investment Management Co.,Ltd.Guangfa SecuritiesRefers to Guangfa Secutities Co.,Ltd.Technology CompanyRefers to Guangdong Expressway Technology Investment Co.,LtdFokai CompanyRefers to Guangdong Fokai Expressway Co.,Ltd.Guangfo CompanyRefers

16、to Guangdong Guangfo Expressway Co.,Ltd.Guangzhu TrafficRefers to Guangzhou Guangzhu Traffic Investment Management Co.,Ltd.Guangzhu East CompanyRefers to Jingzhu Expressway Guangzhu Section Co.,Ltd.Huiyan ExpresswayRefers to Shenzhen Huiyan Expressway Co.,Ltd.Fokai Expressway South Section Extension

17、ProjectRefers toGuangdong Fokai Expressway Co.,Ltd.for construction of theextension project of Sanbao-Shuikou Section in Shenyang-HaikouNational ExpresswayHuiyan Expressway Extension ProjectRefers toChangshen Expressway For construction of the extension project ofHuiyan Shenzhen SectionMajor assets

18、restructuringRefers toGuangdong Provincial Expressway Development Co.,Ltd.issuesshares and uses cash to purchase assets and raise counterpart funds andRelated transactionGuangdong Provincial Exppressway Development Co.,Ltd.2016 Annual Report.5II.II.II.II.BasicBasicBasicBasic InformationInformationIn

19、formationInformation ofofofof thethethethe CompanyCompanyCompanyCompany andandandand FinancialFinancialFinancialFinancial indexindexindexindex1 1 1 1CompanyCompanyCompanyCompany InformationInformationInformationInformationStock abbreviation:Guangdong Expressway A,BStock code：000429、200429Stock excha

20、nge for listingShenzhen Stock ExchangeName in Chinese广东省高速公路发展股份有限公司ChineseAbbreviation粤高速English name(If any)Guangdong Provincial Expressway Development Co.Ltd.EnglishAbbreviation(If any)GPEDLegal RepresentativeZheng RenfaRegistered address85 Baiyun Road,Guangzhou,Guangdong ProvincePostal code of t

21、he RegisteredAddress510100Office Address45-46/F,Litong Plaza,No.32,Zhujiang East Road,Zhujiang New City,Tihe Disrtict,GuangzhouPostal code of the officeaddress510623Internet Web SE-2.2.2.2.ContactContactContactContact personpersonpersonperson andandandand contactcontactcontactcontact mannermannerman

22、nermannerBoard secretarySecurities affairs RepresentativeNameLiu XiaomeiLiang JirongContact address46/F,Litong Plaza,No.32,Zhujiang EastRoad,Zhujiang New City,Tihe Disrtict,Guangzhou45/F,Litong Plaza,No.32,Zhujiang EastRoad,Zhujiang New City,Tihe Disrtict,GuangzhouTel020-29004619020-29004523Fax020-3

23、8787002020-38787002E-3.3.3.3.InformationInformationInformationInformation disclosuredisclosuredisclosuredisclosure andandandand placedplacedplacedplacedNewspapers selected by the Company for informationdisclosureSecurities Times,China Securities,Shanghai Securities Daily andHongkong Commercial Daily

24、.Internet website designated by CSRC for publishingtheAnnual report of the CThe place where theAnnual report is prepared andplacedSecurities affair Dept of the Company4.Changes4.Changes4.Changes4.Changes inininin RegistrationRegistrationRegistrationRegistrationOrganization Code91440000190352102MChan

25、ges in principal business activitiessince listing(if any)No changeChanges is the controlling shareholder inthe past(is any)On November 2000,In accordance with Cai Guan Zi(2008)No.109 Document ofMinistry of Finance andYueBan Han(2000)No.574 Document of General Office ofGuangdong Provincial Exppresswa

26、y Development Co.,Ltd.2016 Annual Report.6Guangdong Peoples Government,the state-owned shares of Guangdong Expresswayoriginally entrusted to Guangdong Expressway Company(now renamed asGuangdong Provincial Expressway Co.,Ltd.)for management were transferred toGuangdong Communication Group Co.,Ltd.for

27、 holding and management inNovember 2000.After the transfer of state-owned shares,Guangdong CommunicationGroup Co.,Ltd.became the largest shareholder of the Company.The nature of equitywas defined as state-owned shares.5.5.5.5.OtherOtherOtherOther RelevantRelevantRelevantRelevant InformationInformati

28、onInformationInformationCPAs engagedName of the CPAsGuangdong Zhengzhong Zhujiang Certified PublicAccountants Co.,Ltd.Office address：10/F,Yuehai Group Building,No.555 Dongfeng East Road,GuangzhouNames of the Certified PublicAccountants as the signatiriesFeng Kuncong,Xu JihongThe sponsor performing p

29、ersistant supervision duties engaged by the Company in the reporting period.Applicable Not applicableThe Financial advisor performing persistant supervision duties engaged by the Company in the reporting periodApplicable Not applicableAdvisor NameOffice addressRepresentativesPeriod of supervision an

30、d guideCITIC Securities Co.,Ltd.North Unit,No.8 ZhuoyueTimeS Square(II),3 RoadCentral,Futian District,ShenzhenDuan Yining,Cai YongJuly 8,2016 to December31,20176.6.6.6.SummarySummarySummarySummary ofofofof AccountingAccountingAccountingAccounting datadatadatadata andandandand FinancialFinancialFinan

31、cialFinancial indexindexindexindexMay the Company make retroactive adjustment or restatement of the accounting data of the previous years due tochange of the accounting policy and correction of accounting errors.YesNo20162015Changed overlast year（）2014Before adjustmentAfter adjustmentAfteradjustment

32、Operating income（RMB）2,825,049,808.361,545,498,589.112,657,616,508.596.30%1,455,054,983.70Net profit attributable tothe shareholders of thelisted company（RMB）1,001,205,945.39469,386,906.79696,100,201.8843.83%318,754,807.85Net profit after deductingof non-recurring gain/lossattributable to theshareho

33、lders of listedcompany（RMB）846,981,077.52442,162,503.47449,814,058.2688.30%307,337,119.08Cash flow generated bybusiness operation,net1,924,259,958.28996,993,291.191,705,886,449.0512.80%967,241,746.79Guangdong Provincial Exppressway Development Co.,Ltd.2016 Annual Report.720162015Changed overlast yea

34、r（）2014Before adjustmentAfter adjustmentAfteradjustment（RMB）Basic earning pershare(RMB/Share)0.520.370.4030.00%0.25Diluted gains pershare(RMB/Share)(RMB/Share)0.520.370.4030.00%0.25Weighted averageROE(%)14.18%9.22%12.38%1.80%6.90%End of 2016End of 2015Changed overlast year（）End of 2014Before adjustm

35、entAfter adjustmentAfteradjustmentGross assets（RMB）16,072,445,216.5912,107,767,967.8615,126,912,516.706.25%12,513,505,946.42Net assets attributable toshareholders of the listedcompany（RMB）8,289,020,301.395,209,289,822.595,855,404,300.4341.56%5,016,176,476.09Note 1,on the table over the same period l

36、ast year(before adjusting)performance for the companyimplementation of a major reorganization of assets before 2015 semi annual report to disclose data;over the sameperiod last year(adjusted)data of the Department of the company a major reorganization of assets,according toenterprises under the same

37、 control combined with related standards on the same period last year financial dataretrospective restatement data.Note 2,the company during the reporting period,the implementation of the issuance of shares to buy assets ofmatters,over the same period last year(before adjusting)basic earnings per sh

38、are to total share capital1,257,117,748 shares is estimated;over the same period last year(adjusted)basic earnings per share to thecompany non public offering of shares weighted average equity 1,723,442,768 estimates;newspaper report thatthe basic earnings per share of the company non-public offerin

39、g of shares weighted average equity1,909,904,052 estimates.7.7.7.7.TheTheTheThe differencesdifferencesdifferencesdifferences betweenbetweenbetweenbetween domesticdomesticdomesticdomestic andandandand internationalinternationalinternationalinternational accountingaccountingaccountingaccounting standa

40、rdsstandardsstandardsstandards1 Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosedin the financial reports of differences in net income and net assets.Applicable Not applicableNil2.Differences of net profit and net assets disclosed in financ

41、ial reports prepared under overseas and Chineseaccounting standards.Applicable Not applicableNilGuangdong Provincial Exppressway Development Co.,Ltd.2016 Annual Report.88.8.8.8.MainMainMainMain FinancialFinancialFinancialFinancial IndexIndexIndexIndex bybybyby QuartersQuartersQuartersQuartersIn RMBF

42、irst quarterSecond quarterThird quarterFourth quarterOperating income384,703,107.66948,789,072.11741,459,581.99750,098,046.60Net profit attributable to theshareholders of the listed company127,187,345.72378,711,798.57291,476,074.93203,830,726.17Net profit after deducting ofnon-recurring gain/loss at

43、tributableto the shareholders of listedcompany126,779,718.66230,101,996.18290,837,468.16199,261,894.52Net Cash flow generated bybusiness operation274,943,372.62657,939,456.76543,312,787.30448,064,341.60Notes：Due to the major asset restructuring of the company in 2016 leading to the merger under the

44、commoncontrol,with the base date of the merger was May 31,2016,therefore the first quarter of the data disclosed is thedata before the major asset restructuring.Whether significant variances exist between the above financial index or the index with its sum and the financialindex of the quarterly rep

45、ort as well as semi-annual report index disclosed by the Company.YesNo9.9.9.9.ItemsItemsItemsItems andandandand amountamountamountamount ofofofof non-currentnon-currentnon-currentnon-current gainsgainsgainsgains andandandand losseslosseslosseslossesApplicable Not applicableIn RMBItemsAmount(2016)Amo

46、unt(2015)Amount(2014)NotesNon-current asset disposalgain/loss(including the write-off part forwhich assets impairment provision is made)8,644,766.5521,188,094.05149,097.85The net profit or lossof the surroundingland of GuangzhuDongGovemment subsidies recognized incurrentgain and loss(excluding those

47、 closelyrelated to the Companys business andgranted under the states policies)704,645.87480,000.00150,000.00Stable post subsidies,special funds forenergy savingCurrent net gains and losses occurred fromperiod-begin to combination day bysubsidiaries resulting from businesscombination under common con

48、trol102,025,476.76219,061,740.30Current net gains andlosses increased fromGuangzhu Traffic 1-5months of 2016 bysubsidiaries resultingfrom businesscombination undercommon control,dueto major assetsrestructure in 2016.Single impairment test for impairment ofreceivables transferredback to preparation8,

49、652,012.00Operating income and expenses other thanthe aforesaid items62,762,574.0524,879,481.73-838,802.06The receivedcompensation forGuangdong Provincial Exppressway Development Co.,Ltd.2016 Annual Report.9Jiujiang Bridge wasincreased by RMB60,770,000.00.Other non-business income and expendituresot

50、her than the above854,210.292,991,262.39Less:Amount of influence of income tax17,954,525.9211,529,933.00-179,496.34Amount of influence of minorityinterests(after tax)1,958,069.448,647,449.75-134,622.25Total154,224,867.87246,286,143.6211,417,688.77-For the Companys non-recurring gain/loss items as de