GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
2019AnnualReport
April2020
I.ImportantNotice,TableofContentsandDefinitionsTheBoardofDirectorsandthedirectors,SupervisoryCommitteeandsupervisorsandSeniorExecutivesoftheCompanyherebywarrantthatattheyear,therearenomisstatement,misleadingrepresentationorimportantomissionsinthisreportandshallassumejointandseveralliabilityfortheauthenticity,accuracyandcompletenessofthecontentshereof.Mr.ZhengRenfa,TheCompanyleader,Mr.WangChunhua,GeneralManager,Mr.FangZhi,ChieffinancialofficerandtheMs.ZhouFang,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisannualreport.AllthedirectorsattendedtheboardmeetingforreviewingtheAnnualReport.ThetollrevenuesofExpresswayismainsourceofthemajorbusinessincomeofthecompany,Thechargestandardofvehicletollmustbesubmittedtothesamelevelpeople'sgovernmentforreviewandapprovalafterthetransportregulatorydepartmentofprovince,autonomousregionormunicipalitydirectlyunderthecentralgovernmentinconjunctionwiththepriceregulatorydepartmentatthesamelevelconsenteduponexamination.Therefore,theadjustmenttrendofthechargepriceandthechargepriceifhasthecorrespondingadjustmentinthefuturepricelevelwhenthecostofthecompanyrisesstilldependontheapprovalofrelevantnationalpoliciesandgovernmentdepartments,andthecompanyisn'tabletomaketimelyadjustmenttothechargestandardinaccordancewiththeitsownoperationcostorthechangeofmarketsupplydemand.So,thechangeofchargepolicyandtheadjustmentofchargestandardalsohaveinfluenceontheexpresswaysoperatedbythecompanytosomeextent.So,thechargingpolicychangesandchargesadjustmentwillaffectthehighwaysoperationofthecompany.Theprofitdistributionproposalreviewedandapprovedbytheboardingmeetingwassummarizedasfollows:
2,090,806,126forthebase,theCompanywoulddistributecashdividendtoalltheshareholdersattherateofCNY4.22forevery10shares(withtaxinclusive),0bonusshares(includingtax)andnoreservewouldbeconvertedintosharecapital.
TableofContents
I.ImportantNotice,TableofcontentsandDefinitionsII.BasicInformationoftheCompanyandFinancialindexIII.OutlineofCompanyBusinessIV.DiscussionandAnalysisofOperationV.ImportantEventsVI.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVII.SituationofthePreferredSharesVIII.InformationaboutconvertiblecorporatebondsIX.InformationaboutDirectors,SupervisorsandSeniorExecutivesX.AdministrativestructureXI.CorporateBondXII.FinancialReportXIII.Documentsavailableforinspection
Definition
Termstobedefined | Refersto | Definition |
Reportingperiod,Thisyear | Refersto | January1,2019toDecember31,2019 |
Reportingdate | Refersto | Theannualreportofthecompanywasapprovedbytheboardofdirectorson2019,thatisApril3,2020 |
YOY | Refersto | Comparedwith2018 |
TheCompany/ThisCompany | Refersto | GuangdongProvincialExpresswayDevelopmentCo.,Ltd. |
CommunicationGroup | Refersto | GuangdongCommunicationGroupCo.,Ltd. |
GuangdongExpressway | Refersto | GuangdongExpresswayCo.,Ltd. |
ConstructionCompany | Refersto | GuangdongHighwayConstructionCo.,Ltd. |
TechnologyCompany/GuangdongExpresswayTechnology | Refersto | GuangdongExpresswayTechnologyInvestmentCo.,Ltd |
FokaiCompany | Refersto | GuangdongFokaiExpresswayCo.,Ltd. |
FokaiBranch | Refersto | GuangdongFokaiExpresswayCo.,Ltd.FokaiBranch |
ReconstructionandextensionProjectoftheSouthSectionofFokaiExpressway | Refersto | ReconstructionandExpansionProjectofSanbao-ShuikouSectionofFukaiExpressway. |
GuangfoCompany | Refersto | GuangdongGuangfoExpresswayCo.,Ltd. |
GuangdongExpresswayCapital | Refersto | YuegaoCapitalInvestment(Hengqin)Co.,Ltd. |
GuangzhuEastCompany | Refersto | JingzhuExpresswayGuangzhuSectionCo.,Ltd. |
Majorassetsrestructuring | Refersto | GuangdongProvincialExpresswayDevelopmentCo.,Ltd.issuessharesandusescashtopurchaseassetsandraisecounterpartfundsandRelatedtransaction |
2019AnnualReportII.BasicInformationoftheCompanyandFinancialindex1.CompanyInformation
Stockabbreviation: | GuangdongExpresswayA,B | Stockcode: | 000429,200429 |
Stockexchangeforlisting | ShenzhenStockExchange | ||
NameinChinese | 广东省高速公路发展股份有限公司 | ||
ChineseAbbreviation | 粤高速 | ||
Englishname(Ifany) | GuangdongProvincialExpresswayDevelopmentCo.Ltd. | ||
EnglishAbbreviation(Ifany) | GPED | ||
LegalRepresentative | ZhengRenfa | ||
Registeredaddress | 85BaiyunRoad,Guangzhou,GuangdongProvince | ||
PostalcodeoftheRegisteredAddress | 510100 | ||
OfficeAddress | 45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDisrtict,Guangzhou | ||
Postalcodeoftheofficeaddress | 510623 | ||
InternetWebSite | www.gpedcl.com | ||
ygs@gdcg.cn |
2.Contactpersonandcontactmanner
Boardsecretary | SecuritiesaffairsRepresentative | |
Name | YangHanming | LiangJirong |
Contactaddress | 46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDistrict,Guangzhou | 45/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDistrict,Guangzhou |
Tel | 020-29004619 | 020-29004523 |
Fax | 020-38787002 | 020-38787002 |
Hmy69@126.com | 139221590@qq.com |
3.Informationdisclosureandplaced
NewspapersselectedbytheCompanyforinformationdisclosure | SecuritiesTimes,ChinaSecurities,ShanghaiSecuritiesDailyandHongkongCommercialDaily. |
InternetwebsitedesignatedbyCSRCforpublishingtheAnnualreportoftheCompany | www.cninfo.com.cn |
TheplacewheretheAnnualreportispreparedandplaced | SecuritiesaffairDeptoftheCompany |
4.ChangesinRegistration
OrganizationCode | 91440000190352102M |
Changesinprincipalbusinessactivitiessincelisting(ifany) | Nochange |
Changesisthecontrollingshareholderinthepast(isany) | OnNovember2000,InaccordancewithCaiGuanZi(2008)No.109DocumentofMinistryofFinanceandYueBanHan(2000)No.574DocumentofGeneralOfficeofGuangdongPeople'sGovernment,thestate-ownedsharesofGuangdongExpresswayoriginallyentrustedtoGuangdongExpresswayCompany(nowrenamedas"GuangdongProvincialExpresswayCo.,Ltd.")formanagementweretransferredtoGuangdongCommunicationGroupCo.,Ltd.forholdingandmanagement.Afterthetransferofstate-ownedshares,GuangdongCommunicationGroupCo.,Ltd.becamethelargestshareholderoftheCompany.Thenatureofequitywasdefinedasstate-ownedshares. |
5.OtherRelevantInformationCPAsengaged
NameoftheCPAs | RuihuaCerifiedPublicAccountants(SpecialGeneralPartnership) |
Officeaddress: | 11F,WestTower,ChinaOverseasPropertyPlaza,YongdingMen,DongchengDistrict,Beijing |
NamesoftheCertifiedPublicAccountantsasthesignatories | QinYanlin,HuangZhiyan |
ThesponsorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod.
□Applicable√NotapplicableTheFinancialadvisorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod
□Applicable√Notapplicable
6.SummaryofAccountingdataandFinancialindexWhetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata
□Yes√No
2019 | 2018 | Changedoverlastyear(%) | 2017 | |
Operatingincome(RMB) | 3,057,935,584.43 | 3,218,694,083.94 | -4.99% | 3,089,055,399.21 |
Netprofitattributabletotheshareholdersofthelistedcompany(RMB) | 1,258,628,101.71 | 1,677,028,179.18 | -24.95% | 1,509,922,398.70 |
Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany(RMB) | 1,249,576,930.75 | 1,395,441,391.82 | -10.45% | 1,271,993,450.05 |
Cashflowgeneratedbybusinessoperation,net(RMB) | 1,988,551,897.83 | 1,915,985,578.04 | 3.79% | 2,194,989,925.35 |
2019 | 2018 | Changedoverlastyear(%) | 2017 | |
Basicearningpershare(RMB/Share) | 0.60 | 0.80 | -25.00% | 0.72 |
Dilutedgainspershare(RMB/Share)(RMB/Share) | 0.60 | 0.80 | -25.00% | 0.72 |
WeightedaverageROE(%) | 13.09% | 18.37% | -5.28% | 17.69% |
Endof2019 | Endof2018 | Changedoverlastyear(%) | Endof2017 | |
Grossassets(RMB) | 17,674,545,340.78 | 16,295,910,774.45 | 8.46% | 16,523,315,093.72 |
Netassetsattributabletoshareholdersofthelistedcompany(RMB) | 9,823,426,849.75 | 9,586,701,904.06 | 2.47% | 9,023,071,118.45 |
7.Thedifferencesbetweendomesticandinternationalaccountingstandards1.SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.
□Applicable□√NotapplicableNil
2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.
□Applicable√NotapplicableNil
8.MainFinancialIndexbyQuarters
InRMB
Firstquarter | Secondquarter | Thirdquarter | Fourthquarter | |
Operatingincome | 736,437,257.60 | 747,235,987.61 | 796,831,081.45 | 777,431,257.77 |
Netprofitattributabletotheshareholdersofthelistedcompany | 354,064,646.18 | 382,421,466.12 | 371,244,455.76 | 150,897,533.65 |
Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany | 353,871,455.69 | 371,167,579.37 | 372,502,498.79 | 152,035,396.90 |
NetCashflowgeneratedbybusinessoperation | 518,337,607.13 | 532,473,490.10 | 583,972,506.76 | 353,768,293.84 |
Whethersignificantvariancesexistbetweentheabovefinancialindexortheindexwithitssumandthefinancialindexofthequarterlyreportaswellassemi-annualreportindexdisclosedbytheCompany.
□Yes√No
9.Itemsandamountofnon-currentgainsandlosses
√Applicable□Notapplicable
InRMB
Items | Amount(2019) | Amount(2018) | Amount(2017) | Notes |
Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade) | 7,607,268.21 | 63,173,138.25 | -2,745,683.68 | |
Govemmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies) | 87,937.00 | 1,113,228.32 | 385,932.17 | |
Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | -1,393,149.65 | -1,545,368.05 | 61,458,075.96 | |
Othernon-recurringGains/lossitems | 1,652,603.05 | |||
Less:Influencedamountofincometax | 1,130,270.54 | -230,679,518.30 | -178,668,186.37 | |
Influencedamountofminorshareholders’equity(aftertax) | -2,226,782.89 | 11,833,729.46 | -162,437.83 | |
Total | 9,051,170.96 | 281,586,787.36 | 237,928,948.65 | -- |
FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√NotapplicableNoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non-recurringgain/lossinthereportperiod.
2019AnnualReportIII.BusinessProfileⅠ.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodTheCompanyisaninfrastructureindustry,withmainbusinessindevelopingandoperatingexpresswayandbigbridges.ItisoneofthemaininstitutionsofdevelopingexpresswayandbigbridgeinGuangdongExpresswaySystem.Theexpresswayindustryistheindustryhelpedbygovernment.TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpresswayandJingzhuExpresswayGuangzhuSectioninvestmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangzhouGuanghuiExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyPettyLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.andGuoyuanSecuritiesCo.,Ltd.Asoftheendofthereportingperiod,thecompany’sshare-controlledexpresswayis153.71km,andtheshare-participationexpresswayis263.41km.Ⅱ.MajorChangesinMainAssets
1.MajorChangesinMainAssets
Mainassets | Majorchanges |
Equityassets | Anincreasedby109.65millionyuanand3.49%overthebeginningoftheyear,Mainlyduetothecombinedinfluenceoftheoperationaccumulationandprofitdistributionoftheparticipatingunits. |
Fixedassets | Anincreasedby1325.65millionyuanand17.44%overthebeginningoftheyear,ItwasmainlyinfluencedbythecompletionandopeningoftheexpansionprojectofsouthernsectionofFokaiExpresswayandcarry-forwardoffixedassets.Fixedassetsincreasedby2.121billionyuan,whilefixedassetsdecreasedby787millionyuanduetoincreaseddepreciationofroadpropertyofFokaiExpresswayandGuangzhuEastCompany. |
Intangibleassets | Nosignificantchange. |
Constructioninprocess | Adecreasedby860.37millionyuanand78.97%overthebeginningoftheyear,mainlyduetothecompletionandopeningofthemainlineofthereconstructionandexpansionprojectofsouthernsectionofFokaiExpresswayandthecarry-forwardoffixedassets. |
Monetaryfunds | Anincreasedby693.4millionyuanand32.641%overthebeginningoftheyear,mainlyduetoincreasedborrowinginfund-raisingactivities. |
OthereqiutyinstrumentInvestment |
Deferredincometaxassets | Adecreasedby61.99millionyuanand13.85%overthebeginningoftheyear,mainlyduetothataftertheabsorptionandmergeroftheoriginalwholly-ownedsubsidiarycompanyasabranchCompany,theincomeofthebranchCompanythisyearmadeuppartoftheCompany'sdeductiblelossesinpreviousyears. |
2.MainConditionsofOverseasAssets
□Applicable√NotapplicableIII.AnalysisOncoreCompetitiveness
Thetollrevenueofexpresswayindustrymainlydependsontheregionaleconomicdevelopment.Theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume.TheGuangfoexpresswayandtheFokaiexpressway,controlledbythecompany,arepartoftheNationalExpresswayNetworkPlanning-“Fiveverticalandsevenhorizontal”,Theshare-controlledBeijing-ZhuhaiGuangzhuSectionExpresswayisafastandconvenientexpressway.Andmanyofthecompany’sequity-participationexpresswaysthatarepartofthemainskeletonoftheGuangdongProvincialExpresswayPlanning-“Tenverticalandfivehorizontal”,whichprovidesastrongguaranteeforstabletrafficvolume.Meanwhile,theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume,asGuangdongprovinceistheeconomicallydevelopedregion,withyears’continuoushighgrowthofGDP,sothatprovidesthestablerisingdemandforthecompany.
IV.DiscussionandAnalysisofOperation
I.GeneralIn2019,theboardofdirectorsofthecompanyactivelyimplementedtheresolutionsoftheshareholders'meeting,conscientiouslyperformeditsduties,ledthecompany'smanagementteam,madesolidprogressinkeywork,continuouslyoptimizedthestructureofthecoremainbusiness,achievedphasedresultsandbettercompletedvarioustasks.
1.In2019,thecompany'smainroadproductionwasaffectedbythediversionofthesurroundingroadnetworkandETCpreferentialpolicies.Thecompanyrealizedoperatingincomeof3.058billionyuan,reaching
94.91%ofthetargetof3.222billionyuanandoperatingcostat1.356billionyuan,andcompletedthetargetvalueof"controlledwithin1.422billionyuan."
2.Itcompletedthetaskofcancelingtheconstructionofexpresswayprovincialtollstation.AccordingtotheMinistryofCommunications'splantocanceltheoverallworkoftheprovincialboundarystationsofexpressways,thecompanysuccessfullycompletedtheconstructionofETCportalsystem,ETCspeciallanes,ETCmixedlanes,entranceoverloadcontrolsystem,andtheconstructionandrenovationoftollstationlevelsystems.
3.ThereconstructionandexpansionprojectforthesouthernsectionofFokaiExpresswaywascompletedandopenedtotrafficaheadofschedule.Underthescientificconstructionorganizationandschedulemanagement,theentirereconstructionandexpansionprojectinthesouthernsectionofFokaiExpresswaywascompletedandopenedtotrafficonNovember7,2019,oneandahalfyearsaheadoftheapprovedconstructiondeadline,markingthesuccessfulcompletionofthefirstreconstructionandexpansionprojectaftertheimplementationofthedevelopmentplanningoutlinefortheGreatBayAreaofGuangdong,HongKong,MacaoandTaiwan.ThereconstructionandexpansionprojectforthesouthernsectionofFokaiExpresswaywassuccessfullycompletedandopenedtotraffic,furtheroptimizingandexpandingthecompany'scorebusiness.ThereconstructionandexpansionprojectofShenzhenHuiyanExpresswayinvestedbythecompanyisalsoprogressingsteadilyasplanned.
4.Thelandresourcesalongthelineareoptimizedandrevitalized.Thecompanyinsistedonthecomprehensivedevelopmentoflandresourcesalongthelineasthemaindirection,andpaidcloseattentiontothepreliminaryworkoftheprojectin2019.ThelandresourcesalongtheFokaiExpressway,includingZhishan,Chenshan,XinjitianandYanshanserviceareas,havemadephasedprogressintheirrevitalization.
5.ThefeeadjustmentforthereconstructionandexpansionprojectinthesouthernsectionofFokaiExpresswaywascompletedandthere-verificationofthefeeoperationperiodwaspromoted.Fromzeroo'clockonNovember8,2019,thesouthernsectionofFokaiExpresswayimplementedtheadjustedchargingstandardapprovedbythegovernment;Meanwhile,thecompanypromptlyorganizedmaterialstoreporttotherelevantgovernmentdepartmentsforre-approvaloftheoperationperiod,andstrivedtoobtaintheapprovaloftheprovincialgovernmentforimplementationassoonaspossible.
6.Thescreeningofhigh-qualityprojectsourceswasstrengthened.Firstly,thecompanyactivelyseizedthedevelopmentopportunitiesandinvestmentopportunitiesofthemainbusiness.Thecompany’sinvestmentteamwasfocusingonfollowingupanumberofexpresswayprojectsinandoutsidetheprovince,collecting,analyzingandcalculatingrelevantdatathroughawiderangeofchannels,andaccumulatingexperienceforaccurately
2019AnnualReportselectingexpresswayinvestmenttargets;Secondly,itconcentratedonminingthegroup'sfivemajorindustry-relatedprojects,activelyreservedprojects,andcarriedoutin-depthresearchandinvestigationonkeyprojectstolaythefoundationforfurtherpromotion.II.Mainbusinessanalysis
1.General
Volumeofvehicletrafficin2019(Tenthousandsvehicles) | Increase/Decrease(%) | Tollincomein2019(Tenthousands) | Increase/Decrease(% | |
GuangfoExpressway | 7,596.92 | 15.60% | 47,134.57 | -0.68% |
FokaiExpressway | 7,668.46 | 1.72% | 127,661.44 | -3.84% |
JingzhuExpresswayGuangzhuEastSection | 7,330.12 | -9.84% | 118,742.52 | -9.65% |
HuiyanExpressway | 4,234.94 | 2.42% | 24,667.08 | 0.56% |
GuangzhaoExpressway | 3,506.46 | 7.62% | 55,550.74 | 0.86% |
GuanghuiExpressway | 7,033.28 | 12.38% | 191,770.96 | 4.71% |
JiangzhongExpressway | 6,134.67 | 6.67% | 45,633.10 | -4.82% |
KangdaExpressway | 324.21 | 7.20% | 25,677.24 | 7.05% |
GangkangExpressway | 517.41 | 29.38% | 18,438.04 | 10.97% |
GuangleExpressway | 3,039.42 | 13.20% | 318,505.70 | 2.74% |
1.GuangfoExpressway:Theincreaseintrafficvolumeishigherthantheincreaseintollrevenue,whichismainlyaffectedbythefollowingfactors:(1)FromJuly1,2018,trafficrestrictionswasimposedontruckswithacapacityofmorethan15tons(7:00-22:00)towardsGuangzhou(Yayao-Hengshasection),soastoguidetruckstoadjustthetimeperiodforrunninginGuangfosection;(2)FoshanFirstRingRoadcompletedhigh-speedrenovationandopenedtotrafficatthebeginningoftheyear.Restrictionongoodswascancelledandfreepassagewasallowed,resultinginadecreaseintheproportionoftruckstravelinginGuangzhou-FoshanExpressway;(3)FromJuly2019,anewpreferentialpolicyforGuangdongPassCardwasimplemented(fromadiscountof2%toadiscountof5%),resultinginadropintolls.(4)GuangfoAreafeaturedaintensivetransportationofpersonnelandmaterials,completesupportingofsurroundingbuildings,andcontinuousgrowthofcarsflow.
2.FokaiExpressway:Tollrevenuefellyearonyearmainlyduetothefollowingfactors:(1)FoshanFirstRingRoadcompletedhigh-speedrenovationandopenedtotrafficatthebeginningoftheyear;Restrictionongoodswascancelledandfreepassagewasallowed,whichdivertedsometraffic;(2)FromJuly2019,anewpreferentialpolicyforGuangdongPassCardwasimplemented(fromadiscountof2%toadiscountof5%),resultinginadropintolls.(3)AftertheopeningofYuzhanExpresswayPhaseII,thediversioneffectappeared.
3.GuangzhuSectionofJingzhuExpressway:Mainreasonsfordecreaseoftrafficflowandtollrevenueyearonyear:(1)NanshaBridgeandDongguan-PanyuExpresswayPhaseIIcompletedandopenedtotraffic,resultingindivergenceofvehicles.(2)FromAugust2019,HumenBridgewasclosedtotrucksandbuseswithmorethan40seatsfor24hours,resutingindiversioneffectontrucksandbuses.(3)FromJuly2019,anewpreferentialpolicyforGuangdongPassCardwasimplemented(fromadiscountof2%toadiscountof5%),resultinginadropintolls.
4.HuiyanExpressway:Thecontinuousincreaseintrafficvolumeofsmallpassengercars,strictenforcement
2019AnnualReportoftruckoverloadcontrol,andthechangeoforiginaloverloadedvehiclestomulti-vehicletransportationoffsettheadverseimpactonroadtrafficduringtheconstructionofreconstructionandexpansionprojectofHuizhou-ShenzhenExpressway,andtollrevenuewaseven.
5.GuanghuiExpressway:ThegrowthoftrafficvolumeandtollrevenueismainlyduetothenaturalgrowthoftrafficvolumeontheroadsectionandtheadditionaltrafficvolumebroughtaboutbytheopeningofFenghuangshanTunnelontheadjacentroadsection.
6.GuangleExpressway:Itwasthemainreasonfortheyear-on-yeargrowthintrafficvolumeandtollrevenue.Tollrevenueinthefirsthalfof2019wasbasicallythesameasthatoflastyear.ThenewlyopenedRenhua-ShenzhenExpresswaydivertedsomecartrafficvolumeduringtheSpringFestival,butithadlittleimpactaftertheSpringFestival;Tollrevenueincreasedslightlyinthesecondhalfoftheyear.ThelargerincreaseintollrevenueinNovemberwasmainlyduetothereturnofvehiclesdivertedfromairporthigh-speedconstructiontoJingzhouSouthExpresswayinthesameperiodlastyear;TherelativelylargeincreaseintollrevenueinDecemberwasduetotheearlystartofthespringfestivaltransportationin2020andtherelativelylargedemandforfreightlogisticsandtherelativelylargeincreaseintrucktollrevenueattheendoftheyearunderthemarketingstimulusofmajore-commercecompanies;Inthesecondhalfoftheyear,tollrevenueincreasedslightlyyearonyeardrivenbytollrevenuegrowth.
7.GankangExpressway:Theyear-on-yearincreaseintrafficvolumeandtollrevenuewasmainlyduetothecombinedeffectsofmultiplefactorssuchasdrainageoffruitandvegetablemarketsinEastChinaCity,poorconditionofnationalroadsandover-regulationofnationalroads,restrictiononthepassageofsometrucks,andbackflowofvehicles.
8.KangdaExpressway:Themainreasonsfortheincreaseintrafficvolumeandtollrevenuewere:(1)TrafficvolumeonNankang-DayuExpresswayincreasedduetotrafficrestrictionsinNankangregionandtheconstructionofQinglongandXinchengsectionsofNationalHighway323.(2)Trafficvolumeonroadsectionskeptgrowingnaturally,andthelogisticsindustrywassteadilyimproving,whichstimulatedthegrowthoffreightvehicles.(3)TheopeningoftheWuhan-ShenzhenExpresswayandShantou-KunmingExpresswayinGuangdonghasnarrowedthedistancebetweenGanzhouandShenzhen,DongguanandtheeasternpartofGuangzhou,attractingalargenumberofsmallbusesforthekangdaExpressway.
2.Revenueandcost
(1)ComponentofBusinessIncome
InRMB
2019 | 2018 | Increase/decrease | |||
Amount | Proportion | Amount | Proportion | ||
Totaloperatingrevenue | 3,057,935,584.43 | 100% | 3,218,694,083.94 | 100% | -4.99% |
Industry | |||||
Highwaytransportations | 2,935,385,249.67 | 95.99% | 3,116,441,804.18 | 96.82% | -5.81% |
Other | 122,550,334.76 | 4.01% | 102,252,279.76 | 3.18% | 19.85% |
Product |
2019 | 2018 | Increase/decrease | |||
Amount | Proportion | Amount | Proportion | ||
Highwaytransportations | 2,935,385,249.67 | 95.99% | 3,116,441,804.18 | 96.82% | -5.81% |
Other | 122,550,334.76 | 4.01% | 102,252,279.76 | 3.18% | 19.85% |
Area | |||||
GuangfoExpressway | 471,345,653.88 | 15.41% | 474,591,734.35 | 14.74% | -0.68% |
FokaiExpressway | 1,276,614,430.61 | 41.75% | 1,327,567,186.19 | 41.25% | -3.84% |
JingzhuExpresswayGuangzhuSection | 1,187,425,165.18 | 38.83% | 1,314,282,883.64 | 40.83% | -9.65% |
Other | 122,550,334.76 | 4.01% | 102,252,279.76 | 3.18% | 19.85% |
(2)SituationofIndustry,ProductandDistrictOccupyingtheCompany’sBusinessIncomeandOperatingProfitwithProfitover10%
√Applicable□Notapplicable
InRMB
Undercircumstancesofadjustmentinreportingperiodforstatisticscopeofmainbusinessdata,adjustedmain
Turnover | Operationcost | Grossprofitrate(%) | Increase/decreaseofrevenueinthesameperiodofthepreviousyear(%) | Increase/decreaseofbusinesscostoverthesameperiodofpreviousyear(%) | Increase/decreaseofgrossprofitrateoverthesameperiodofthepreviousyear(%) | |
Industry | ||||||
Highwaytransportations | 2,935,385,249.67 | 1,258,716,527.73 | 57.12% | -5.81% | 4.69% | -4.30% |
Product | ||||||
Highwaytransportations | 2,935,385,249.67 | 1,258,716,527.73 | 57.12% | -5.81% | 4.69% | -4.30% |
Area | ||||||
GuangfoExpressway | 471,345,653.88 | 113,805,926.37 | 75.86% | -0.68% | 11.34% | -2.60% |
FokaiExpressway | 1,276,614,430.61 | 779,246,352.00 | 38.96% | -3.84% | 10.69% | -8.01% |
JingzhuExpresswayGuangzhuSection | 1,187,425,165.18 | 365,664,249.36 | 69.21% | -9.65% | -7.69% | -0.65% |
2019AnnualReportbusinessbasedonlatestonyear’sscopeofperiod-end.
□Applicable√Notapplicable
(3)WhethertheCompany’sPhysicalSalesIncomeExceededServiceIncome
□Yes√No
(4)DegreeofPerformanceoftheSignificantSalesContractSigneduptothisReportPeriod
□Applicable√Notapplicable
(5)ComponentofbusinesscostIndustrycategory
InRMB
Industrycategory | Items | 2019 | 2018 | Increase/Decrease(%) | ||
Amount | Proportionintheoperatingcosts(%) | Amount | Proportionintheoperatingcosts(%) | |||
Highwaytransportations | DepreciationandAmortized | 827,637,925.95 | 61.02% | 795,052,567.72 | 62.16% | 4.10% |
Highwaytransportations | Outofpocketexpenses | 431,078,601.78 | 31.78% | 407,293,840.94 | 31.84% | 5.84% |
Other | Other | 97,696,326.04 | 7.20% | 76,748,662.66 | 6.00% | 27.29% |
Note
(6)WhetherChangesOccurredinConsolidationScopeintheReportPeriod
□Yes√No
(7)RelevantSituationofSignificantChangesorAdjustmentoftheBusiness,ProductorServiceintheCompany’sReportPeriod
□Applicable√Notapplicable
(8)SituationofMainCustomersandMainSupplier
□Applicable√Notapplicable
3.Expenses
InRMB
2019 | 2018 | Increase/Decrease(%) | Notes | |
Administrativeexpenses | 192,182,962.68 | 183,392,148.68 | 4.79% | |
Financialexpenses | 213,705,131.87 | 212,592,783.74 | 0.52% |
R&dexpenses | 1,318,344.01 | -100.00% | In2018,Yuegaokeincurredresearchanddevelopmentcostsforthe"BlueChannel"project,butnotin2019. |
4.ResearchandDevelopment
√Applicable□NotapplicableNoR&Dprojectsin2019.R&Dinvestment
2019 | 2018 | Increase/decrease | |
NumberofResearchandDevelopmentpersons(persons) | 0 | 17 | -100.00% |
ProportionofResearchandDevelopmentpersons | 0.00% | 0.77% | -0.77% |
AmountofResearchandDevelopmentInvestment(InRMB) | 0.00 | 1,318,344.01 | -100.00% |
ProportionofResearchandDevelopmentInvestmentofOperationRevenue | 0.00% | 0.04% | -0.04% |
AmountofResearchandDevelopmentInvestmentCapitalization(InRMB) | 0.00 | 0.00 | 0.00% |
ProportionofCapitalizationResearchandDevelopmentInvestmentofResearchandDevelopmentInvestment | 0.00% | 0.00% | 0.00% |
TheReasonoftheProminentChangeinTotalAmountofResearchandDevelopmentInputOccupyingtheBusinessIncomeYearonYear
□Applicable√NotapplicableExplanationoftheReasonforSubstantialChangesintheResearchandDevelopmentInput’sCapitalizationRateandItsReasonableness
□Applicable√Notapplicable
5.CashFlow
InRMB
Items | 2019 | 2018 | Increase/Decrease(%) |
Subtotalofcashinflowreceivedfromoperationactivities | 3,169,520,869.81 | 3,384,347,808.21 | -6.35% |
Subtotalofcashoutflowreceivedfromoperationactivities | 1,180,968,971.98 | 1,468,362,230.17 | -19.57% |
Netcashflowarisingfromoperatingactivities | 1,988,551,897.83 | 1,915,985,578.04 | 3.79% |
Subtotalofcashinflowreceivedfrominvestingactivities | 440,203,871.09 | 642,611,742.49 | -31.50% |
Subtotalofcashoutflowforinvestmentactivities | 823,074,417.73 | 845,371,278.92 | -2.64% |
Netcashflowarisingfrominvestmentactivities | -382,870,546.64 | -202,759,536.43 | 88.83% |
Subtotalcashinflowreceivedfromfinancingactivities | 3,756,700,000.00 | 1,385,000,000.00 | 171.24% |
Subtotalcashoutflowforfinancingactivities | 4,667,450,932.28 | 3,335,697,061.08 | 39.92% |
Netcashflowarisingfromfinancingactivities | -910,750,932.28 | -1,950,697,061.08 | -53.31% |
Netincreaseincashandcashequivalents | 693,395,898.18 | -239,738,904.10 | -389.23% |
2019AnnualReportNotestotheyear-on-yearchangeoftherelevantdata
√Applicable□Notapplicable
1.Cashinflowfrominvestmentactivitieswas440millionyuan,ofwhich420millionyuanwasreceivedascashdividendsfromequityinvestmentsand20millionyuanwasreceivedfromthedisposalofintellectualpropertyrightsrelatedto"BlueChannel";Theyear-on-yeardecreaseof202millionyuanwasmainlyduetothedisposaloftheZhuhaisectionofGuangzhou-MacaoExpresswayby227millionyuaninthesameperiodlastyear.
2.Cashinflowfromfund-raisingactivitieswas3.757billionyuan,whichwasloansobtained;Theyear-on-yearincreaseof2.372billionyuanwasduetoincreasedborrowing.
3.Cashoutflowfromfund-raisingactivitiesamountedto4.667billionyuan,ofwhich3.017billionyuanwaspaidfordebt,1.649billionyuanwaspaidfordividendsandinterest;Theyear-on-yearincreaseof1.332billionyuanwReasonsofmajordifferencebetweenthecashflowofoperationactivityinreportperiodandnetprofitoftheCompany
□Applicable√NotapplicableIII.AnalysisofNon-coreBusiness
√Applicable□Notapplicable
InRMB
Amount | Proportionintotalprofit | Explanationofcause | Sustainable(yesorno) | |
InvestmentIncome | 508,416,135.27 | 28.43% | Itisduetotheoperationaccumulationofparticipantcompanies | Sustainable |
Assetimpairment | -7,238,195.84 | -0.40% | FokaiExpresswayBranchaccruedimpairmentreserveforfixedassets | Notsustainable |
Non-operatingincome | 2,965,674.12 | 0.17% | Mainlythecompensationincomeofroadproperty | Notsustainable |
Non-operatingexpenses | 15,783,456.02 | 0.88% | Mainlynon-currentassetdisposallossesandroadpropertyrepairexpenses | Notsustainable |
Assetsdisposalearnings | 19,031,900.46 | 1.06% | ThesubsidiaryYuegaokedisposedtheintellectualpropertyrightsrelatedto"BlueChannel"andconfirmedtheincomefromassetdisposal | Notsustainable |
2019AnnualReportIV.ConditionofAssetandLiabilities
1.ConditionofAssetCausingSignificantChange
InRMB
Endof2019 | Endof2018 | Proportionincrease/decrease | Notestothesignificantchange | |||
Amount | Proportioninthetotalassets(%) | Amount | Proportioninthetotalassets(%) | |||
Monetaryfund | 2,817,920,894.50 | 15.94% | 2,124,524,996.32 | 13.04% | 2.90% | Itwasmainlyduetoincreasedborrowingininvestmentactivities. |
Accountsreceivable | 125,343,724.66 | 0.71% | 91,076,995.07 | 0.56% | 0.15% | Itwasmainlyduetotheincreaseintollstobesplit. |
Inventories | 111,683.22 | 0.00% | 81,017.91 | 0.00% | 0.00% | |
Investmentrealestate | 3,331,500.37 | 0.02% | 3,579,007.54 | 0.02% | 0.00% | |
Long-termequityinvestment | 3,255,739,898.36 | 18.42% | 3,146,092,065.25 | 19.31% | -0.89% | |
Fixedassets | 8,925,700,473.65 | 50.50% | 7,600,046,319.91 | 46.64% | 3.86% | ItwasmainlyduetothecompletionandopeningofthemainlineofthereconstructionandexpansionprojectfromthesouthernsectionoftheFokaiExpresswayandthecarry-forwardoffixedassets. |
Constructioninprocess | 229,098,299.48 | 1.30% | 1,089,473,425.63 | 6.69% | -5.39% | ItwasmainlyduetothecompletionandopeningofthemainlineofthereconstructionandexpansionprojectfromthesouthernsectionoftheFokaiExpresswayandthecarry-forwardoffixedassets. |
Long-termloans | 4,640,425,000.00 | 26.25% | 2,983,040,000.00 | 18.30% | 7.95% | Borrowingincreasedinthecurrentperiod. |
2.AssetandLiabilitiesMeasuredbyFairValue
√Applicable□Notapplicable
InRMB
Items | Openingamount | Gain/Lossonfairvaluechangeinthereportingperiod | Cumulativefairvaluechangerecordedintoequity | Impairmentprovisionsinthereportingperiod | Purchasedamountinthereportingperiod | Soldamountinthereportingperiod | Otherchanges | Closingamount |
Financialassets | ||||||||
4.Otherequityinstrumentinvestment | 1,668,791,594.53 | 519,913,426.24 | 1,835,822,604.77 | |||||
Subtotaloffinancialassets | 1,668,791,594.53 | 519,913,426.24 | 1,835,822,604.77 | |||||
Totaloftheabove | 1,668,791,594.53 | 519,913,426.24 | 1,835,822,604.77 | |||||
Financialliabilities | 0.00 | 0.00 |
DidanysignificantchangeoccurtotheattributeoftheCompany’smainassetmeasurementduringthereportingperiod?
□Yes√No
3.AssetsrightrestrictiontillendofreportingperiodThebalanceofrestrictedbankdepositsattheendoftheperiodwasRMB1,221,200.00,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofsanbaotoshuikousectionofFokaiExpressway.V.Investmentsituation
1.General
√Applicable□Notapplicable
InvestmentAmountin2019(Yuan) | InvestmentAmountin2018(Yuan) | Changerate |
1,140,508,126.36 | 824,811,091.23 | 38.28% |
2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod
√Applicable□Notapplicable
InRMB
NameoftheCompanyInvested | MainBusiness | InvestmentWay | InvestmentAmount | ShareProportion% | CapitalSource | Partner | InvestmentHorizon | ProductType | ProgressuptoBalanceSheetDate | AnticipatedIncome | GainorLessortheCurrentInvestment | WhethertoInvolveinLawsuit | DateofDisclosure | DisclosureIndex |
ShenzhenHuiyanExpresswayCo.,Ltd. | Expressway | Increasecapital | 56,717,650.00 | 33.33% | HuiyanCo.,Ltd.UnallocatedprofitconversionCapital | YantianPortCo.,ltd. | Onthebasisofthetermofoperationapprovedbythegovernment | LimitedCompany | Completed | 0.00 | 0.00 | No | October31,2017 | AnnouncementofResolutionsofthe13th(Provisional)MeetingoftheEighthBoardofDirectors,AnnouncementofExternalInvestment |
Total | -- | -- | 56,717,650.00 | -- | -- | -- | -- | -- | -- | 0.00 | 0.00 | -- | -- | -- |
3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod
√Applicable□Notapplicable
InRMB
Name | Formofinvestment | Fixedassetsinvestmentornot | Industryinwhichtheinvestmentprojectoperates | Investmentamountduringthereportingperiod | Accumulatedactualamountinvestedasoftheendofreportingperiod | Sourceofund | Progress | Estimatedreturn | Accumulatedrealizedreturnasoftheendoftheendofthereportingperiod | Reasonsforfailureinmeetingscheduledprogressandestimatedreturn | DateofDisclosure(Ifany) | Disclosureindex(Ifany) |
FokaiExpresswaysouthernsectionExtensionproject | Self | Yes | Expressway | 1,083,790,476.36 | 2,582,255,320.52 | SelfandBorrowing | 75.37% | 0.00 | 0.00 | Notapplicable | June17,2016 | Announcementofthe19th(Provisional)MeetingoftheSeventhBoardofDirectors,AnnouncementofExternalInvestment |
Total | -- | -- | -- | 1,083,790,476.36 | 2,582,255,320.52 | -- | -- | 0.00 | 0.00 | -- | -- | -- |
4.InvestmentofFinancialAsset
(1)Securitiesinvestment
√Applicable□Notapplicable
InRMB
Securitycategory | Securitycode | StockAbbreviation: | Initialinvestmentcost | Modeofaccountingmeasurement | Bookvaluebalanceatthebeginningofthereportingperiod | Changesinfairvalueofthethisperiod | Cumulativefairvaluechangesinequity | Purchaseamountinthethisperiod | Saleamountinthethisperiod | Gain/lossofthereportingperiod | Bookvaluebalanceattheendofthereportingperiod | Accountingitems | Sauceoftheshares |
Domesticandforeignstocks | 601818 | EverbrightBank | 517,560,876.80 | FVM | 870,443,292.80 | 0.00 | 519,913,426.24 | 0.00 | 0.00 | 37,876,045.98 | 1,037,474,303.04 | Otherequityinstrumentinvestment | Self |
Total | 517,560,876.80 | -- | 870,443,292.80 | 0.00 | 519,913,426.24 | 0.00 | 0.00 | 37,876,045.98 | 1,037,474,303.04 | -- | -- | ||
DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheBoardofDirectors | July22,2009 | ||||||||||||
DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheShareholdersMeeting(Ifany) | August7,2009 |
(2)InvestmentinDerivatives
□Applicable√NotapplicableTheCompanyhadnoinvestmentinderivativesinthereportingperiod.
5.Applicationoftheraisedcapital
□Applicable√NotapplicableTheCompanyhadnoapplicationoftheraisedcapitalinthereportingperiod.VI.Salesofmajorassetsandequity
1.Salesofmajorassets
□Applicable√NotapplicableTheCompanyhadnosalesofmajorassetsinthereportingperiod.
2.Salesofmajorequity
□Applicable√Notapplicable
2019AnnualReportVII.AnalysisoftheMainShareHoldingCompaniesandShareParticipatingCompanies
√Applicable□NotapplicableSituationofMainSubsidiariesandtheJoint-stockCompanywithover10%netprofitinfluencingtotheCompany
InRMB
CompanyName | Companytype | Leadingproductsandservices | Registeredcapital | Totalassets | Netassets | OperatingIncome | Operatingprofit | NetProfit |
GuangfoExpressway | Subsidiary | OperatingGuangfoExpresswayCo.,Ltd.(startsfromHengsha,Guangzhou,endsinXiebian,Foshan.Totallength15.7kilometers | RMB200million | 608,138,986.47 | 551,120,287.05 | 475,502,565.03 | 334,196,250.90 | 250,762,288.30 |
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | Subsidiary | TheoperationandmanagementofGuangzhuExpresswayandprovisionofsupportingservicesincludingfueling,salvageandsupplyofpartsandcomponents | RMB580million | 2,558,550,808.94 | 1,157,559,905.51 | 1,218,734,018.60 | 715,153,192.22 | 513,065,829.93 |
GuangdongGuanghuiExpresswayCo.,Ltd. | Sharingcompany | InvestmentinandconstructionofGuanghuiExpresswayCo.,Ltd.andsupportingfacilities,thetollcollectionandmaintenancemanagementofGuanghuiExpressway,TheGuanghuiExpressway'ssupportinggasstation,salvation,vehiclemaintenance,vehicletransport,catering,warehousinginvestmentanddevelopment | RMB2.352million | 4,228,022,472.12 | 3,494,911,911.72 | 1,943,745,753.48 | 1,333,700,987.33 | 1,002,651,683.59 |
GuangzhuTrafficInvestmentManagementCo.,Ltd. | Subsidiary | Highwayinvestmentmanagementandconsultation;highwaymaintenance | RMB3million | 2,563,460,714.81 | 641,567,853.91 | 1,218,734,018.60 | 715,103,887.59 | 282,136,901.83 |
2019AnnualReportSubsidiariesobtainedordisposedinthereportingperiod
□Applicable√NotapplicableParticularsabouttheMutualholdingcompanies
1.GuangfoExpresswayCo.,Ltd.,asubsidiaryofthecompany,thecompanyowns75%ofGuangfoExpressway'sequity.ItbuildsandoperatesGuangzhou-Foshan
Expressway.Itsmanagementincludesroadmaintenance,tollcollection,signs,markingandothertransportationfacilitiesmaintenance,vehiclerescueandotherbusiness.Thenetprofitofthecurrentperioddecreasedby14.1911millionyuan,5.36%decreasecomparedwiththesameperiodlastyear.Themainreasonsforthedecreaseare:thediversionofsurroundingroadsandtheimplementationofnewpreferentialpoliciesofYuetongcardsinceJuly2019(from2%discountto5%discount)
2.Beijing-ZhuhaiExpresswayGuangzhuSectionCo.,Ltd.,asubsidiaryofthecompany,thecompanyowns75%ofGuangzhuSection'sequitydirectlyandindirectly.ItoperatesGuangzhou-ZhuhaiExpresswayandprovidestheserviceofrefueling,rescuingandsparepartssupplyingwiththeexpressway.Thenetprofitofthisperioddecreasedby127.2247millionyuan,19.87%decreasecomparedwiththesameperiodlastyear,mainlyduetothediversionofsurroundingroads;fromAugust2019,HumenBridgewillbebannedfromtrucksandmorethan40passengercarsfor24hours,whichwillaffectthediversionoftrucksandbuses.;theimplementationofnewpreferentialpoliciesofYuetongcardsinceJuly2019(from2%discountto5%discount)
3.GuangdongGuanghuiExpresswayCo.,Ltd.isajoint-stockcompanyofthecompany.Thecompanyholds30%ofGuanghuiExpressway'sequity,investsinand
buildsGuanghuiExpresswayanditssupportingfacilities;chargesandmaintenancemanagementofGuanghuiExpressway;investsanddevelopsgasstations,rescues,automobilemaintenance,automobiletransportation,cateringandwarehousingforGuanghuiExpressway.NetprofitfortheperiodincreasedbyRMB36,361,600,or
3.47%increasecomparedwiththesameperiodlastyear,mainlyduetothenaturalincreaseintrafficflowonroadsectionsandtheincreaseintollincomeduetotheincreaseintrafficflowcausedbytheopeningofthePhoenixMountainTunnelonadjacentroadsections.
2019AnnualReportVIII.SpecialpurposevehiclecontrolledbytheCompany
□Applicable√NotapplicableIX.ProspectforfuturedevelopmentoftheCompany
InordertobetterservetheNewCoronavirusPneumoniaepidemic,promotetheresumptionofproductionandproductionofenterprises,andensurethesustainableandhealthydevelopmentoftheeconomy.WiththeconsentoftheStateCouncil,theMinistryofTransportissuedtheNoticeoftheMinistryofTransportonTollFreeHighwayVehicleTollsDuringtheNewCrownEpidemicPreventionandControlPeriod(hereinafterreferredtoasthe"Notice")onFebruary15,2020.AccordingtotherequirementsoftheNotice,from00:00onFebruary17,2020untiltheendoftheepidemicpreventionandcontrol,allexpresswayscontrolledandsharedbythecompanywillbefreeofvehicletollsforallvehiclesthatpassthroughthesesectionsaccordingtolaw,andthespecificdeadlinewillbenotifiedseparately.Suspensionofvehicletollsisexpectedtoadverselyaffectthecompany'sshort-termoperatingresults.Asofthedisclosuredateofthisreport,thetimeforresumingthecollectionofvehicletollshasnotyetbeendetermined,andthecompanyhasnotbeenabletoestimatethespecificimpactonthecompany'soperatingperformancein2020,norisitabletosetanoperatingtargetforthewholeyear.
Thecompanywillactivelyrespondanddoitsbesttomitigatetheadverseimpactoftheepidemiconthecompany.Onthebasisofstrictepidemicpreventionandcontrolandensuringsmoothtrafficflow,thecompanystrictlycontrolledthecostandactivelystrivedforreasonablepolicysupport.Infact,thecompanyhasdonethefollowingworkwelltomakesufficientpreparationsforrestartingthechargingbusinessandacceleratingthedevelopmentaftertheepidemicpreventionandcontrolworkiscompleted.
1.Stabilizeandexpandthemainbusinessofexpressway.ItcontinuedtopushforwardthephaseinspectionofSouthernSectionofFokaiExpresswayProject,andstrivetogettheapprovalofthegovernmentassoonaspossible;AssistedinacceleratingthereconstructionandexpansionofHuiyanExpressway;Throughvariouschannelssuchaspropertyrightstradingplatformsandotherintermediaryorganizationsinsideandoutsidetheprovince,itwidelycollectedtheinformationonexpresswayprojectsinsideandoutsidethesystem,steadilypromotedinvestmentandmergerofexpresswayqualityprojects,integratedresourcesforparticipatinginexpresswayprojects,optimizedassetstructure,andmadeeffortstoincreasethenumberofexpresswayprojectscontrolled.
2.Acceleratethedevelopmentofstockresourcesalongtheexpressway.Tobuildinnovativeserviceareas.ItfullypromotedtheimplementationofthepilotprojectoftheinnovativeserviceareainZhushan;ContinuedtorevitalizetheplotsoflandinChenshan,Xinjitian,NanzhuangandHengshatoobtainincrementalbenefitsthroughlandtransfer,developmentandconstruction,andinvestmentpromotion.
3.Exploreandstudythelayoutofintelligenttransportationindustry.Inordertobettergrasptheopportunityofintelligenttransportationdevelopment,acceleratetheresearchonthedevelopmentplanningofthecompany'sintelligenttransportationindustry,andexpandthecompany'sintelligenttransportationbusinessandmarket.
4.Itstrivedtogivefullplaytotheplatformadvantagesoflistedcompanie.Itpaidcloseattentiontothedevelopmenttrendofthedomesticcapitalmarket,activelyresearchintheplanningofthecompany'scapitaloperationplan,gavefullplaytotheroleofinvestmentandfinancingplatform.
5.Itbroadenedfinancingchannelsandoptimizedfinancialmanagement.Itcontinuedtomaintainclosetieswithbanks,securitiesdealersandotherfinancialinstitutions,strivedforfavorablefinancingconditionsandlowfinancingcosts,andensuredallaspectsofthecompany'scapitalneedsduringthespecialperiodofepidemicpreventionandcontrol.
6.Itacceleratedtheimplementationofoptimizationplansformarket-basedincentivesandassessmentmechanisms,focusedonthedecompositionofhigh-qualitydevelopmentassessmentindicators,andformedaquantitativeassessmentindicatorsystemtoensurethesmoothimplementationofsalaryassessmentoptimizationplans.X.Listofthereceivedresearches,visitsandinterviews
1.Particularsaboutresearches,visitsandinterviewsreceivedinthisreportingperiod
√Applicable□Notapplicable
Receptiontime | Wayofreception | Typesofvisitors | Basicindex |
January9,2019 | Onsiteinvestigation | Organization | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports |
January16,2019 | Onsiteinvestigation | Organization | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports |
March29,2019 | ByPhone | Organization | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports |
May8,2019 | ByPhone | Organization | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports |
July9,2019 | Onsiteinvestigation | Organization | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports |
August30,2019 | ByPhone | Organization | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports |
November5,2019 | ByPhone | Organization | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports |
Receptiontimes | 7 | ||
Receptionagencyamount | 66 | ||
Receptionpersonalnumber | 0 | ||
Others | 0 | ||
Whethertodisclose,revealordisclosenon-publicmaterialinformation | No |
V.ImportantEvents
I.SpecificationofprofitdistributionofcommonsharesandcapitalizingofcommonreservesFormulation,implementationandadjustmentofprofitdistributionpolicyofcommonsharesespeciallycashdividendpolicyduringthereportingperiod
□Applicable√NotapplicableTheprofitdistributionpreplanorproposalandthePlan(preplan)orproposalofconversionofthecapitalreserveintosharecapitalinthepastthreeyears(withthereportingperiodinclusive:
1.TheCompany'sprofitdistributionplanfor2017isasfollows:
(1).10%ofthenetprofitofthecompany,i.e.177,864,580.14yuan,istobeallocatedforstatutorycommonreservefund.
(2).Theprofitfor2017istobedistributedasfollows:1,057,947,899.76yuan.istobeallocatedasthefundfordividenddistributionfor2017.withthetotalsharesattheendof2017,i.e.,2,090,806,126shares,asthebase,cashdividendof5.06yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2017annualshareholders’generalmeetingmakesresolutionondividenddistribution.
2.TheCompany'sprofitdistributionplanfor2018isasfollows:
(1)10%ofthenetprofitofthecompany,i.e.230,581,431.32yuan,istobeallocatedforstatutorycommonreservefund.
(2)Theprofitfor2018istobedistributedasfollows:1,175,033,042.81yuan.istobeallocatedasthefundfordividenddistributionfor2018.withthetotalsharesattheendof2018,i.e.,2,090,806,126shares,asthebase,cashdividendof5.62yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2018annualshareholders’generalmeetingmakesresolutionondividenddistribution.
3.TheCompany'sprofitdistributionpreplanfor2019isasfollows:
(1)10%ofthenetprofitofthecompany,i.e.135,022,507.55yuan,istobeallocatedforstatutorycommonreservefund.
(2)Theprofitfor2019istobedistributedasfollows:882,320,185.17yuan.istobeallocatedasthefundfordividenddistributionfor2018.withthetotalsharesattheendof2019,i.e.,2,090,806,126shares,asthebase,cashdividendof4.22yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2019annualshareholders’generalmeetingmakes
2019AnnualReportresolutionondividenddistribution.Dividenddistributionofthelatestthreeyears
InRMB
Yearforbonusshares | Amountforcashbonus(taxincluded) | Netprofitattributabletocommonstockshareholdersoflistedcompanyinconsolidationstatementforbonusyear | Ratioofthecashbonusinnetprofitattributabletocommonstockshareholdersoflistedcompanycontainedinconsolidationstatement | Proportionforcashbonusbyotherways(i.e.sharebuy-backs) | Ratioofthecashbonusbyotherwaysinnetprofitattributabletocommonstockshareholdersoflistedcompanycontainedinconsolidationstatement | Totalcashbonus(otherwaysincluded) | Ratioofthetotalcashbonus(otherwaysincluded)innetprofitattributabletocommonstockshareholdersoflistedcompanycontainedinconsolidationstatement |
2019 | 882,320,185.17 | 1,258,628,101.71 | 70.10% | 0.00 | 0.00% | 882,320,185.17 | 70.10% |
2018 | 1,175,033,042.81 | 1,677,028,179.18 | 70.07% | 0.00 | 0.00% | 1,175,033,042.81 | 70.07% |
2017 | 1,057,947,899.76 | 1,509,922,398.70 | 70.07% | 0.00 | 0.00% | 1,057,947,899.76 | 70.07% |
Inthereportingperiod,boththeCompany’sprofitandtheparentcompany’sretainedearningswerepositivehowevernotcashdividenddistributionproposalhasbeenputforward.
□Applicable√Notapplicable
II.ProfitdistributionplanandcapitalizingofcommonreservesplanforthePeriod
√Applicable□Notapplicable
Bonussharesforeverytenshares(Shares) | 0 |
Cashdividendforeverytenshares(Yuan)(Tax-included) | 4.22 |
Distributeadditional(shares)for10shares | 0 |
Atotalnumberofsharesasthedistributionbasis(shares) | 2,090,806,126 |
Cashdividendamount(yuan,includingtax | 882,320,185.17 |
Othermeans(suchasrepurchaseofshares)cashdividendamount(yuan) | 0.00 |
Totalcashdividend(yuan,includingtax) | 882,320,185.17 |
Distributableprofit(yuan) | 3,710,584,722.68 |
Proportionofcashdividendinthedistributableprofit | 100% |
Cashdividenddistributionpolicy | |
TheCompanyisinafastgrowthstage,therefore,thecashdividendwillreach80%oftheprofitdistributionatleast.Cashdividenddistributionpolicy. |
DetailsofprofitdistributionorreservecapitalizationPreplan |
1.10%ofthenetprofitofthecompany,i.e.135,022,507.55yuan,istobeallocatedforstatutorycommonreservefund.2.Theprofitfor2019istobedistributedasfollows:882,320,185.17yuan.istobeallocatedasthefundfordividenddistributionfor2018.withthetotalsharesattheendof2019,i.e.,2,090,806,126shares,asthebase,cashdividendof4.22yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2019annualshareholders’generalmeetingmakesresolutionondividenddistribution. |
2019AnnualReportIII.Commitmentstofulfillthesituation
1.Thefulfilledcommitmentsinthereportingperiodandunder-fulfillmentcommitmentsbytheendofthereportingperiodmadebythecompany,shareholder,actualcontroller,acquirer,director,supervisor,seniormanagementpersonnelandotherrelatedparities.
√Applicable□Notapplicable
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
Commitmentonsharereform | ||||||
Commitmentintheacquisitionreportorthereportonequitychanges | ||||||
Commitmentmadeupontheassetsreplacement | GuangfaSecuritiesCo.,Ltd.,TibetYingyueInvestmentManagementCo.,Ltd.,YadongFuxingYalianInvestmentCo.,Ltd. | Sharelimitedcommitment | GuangdongExpresswayAsharesacquiredbytheCompanythroughsubscriptioninthismajorassetreorganizationcannotbetransferredorlistedfortransactionwithinthirty-sixmonthsfromthedateofthecompletionofthesharesissuanceinthismajorassetreorganization.Upontheexpiryofthelock-upperiod,thetransferandtransactionoftheseshareswillbemadeinaccordancewiththeeffectivelawsandregulations,andrelevantprovisionsofCSRSandShenzhenStockExchange(SSE). | June18,2015 | Thedateoftheexpirationofthesharelock. | Completed |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
GuangdongExpresswayCo.,Ltd.,GuangdongHighwayConstructionCo.,Ltd.,GuangdongCommunicationGroupCo.,Ltd. | Sharelimitedcommitment | GuangdongExpresswayAsharesacquiredbytheCompanythroughsubscriptioninthismajorassetreorganizationcannotbetransferredorlistedfortransactionwithinthirty-sixmonthsfromthedateofthecompletionofthesharesissuanceinthismajorassetreorganization.Upontheexpiryofthelock-upperiod,thetransferandtransactionoftheseshareswillbemadeinaccordancewiththeeffectivelawsandregulations,andrelevantprovisionsofCSRSandShenzhenStockExchange(SSE).Uponthecompletionofthismajorassetreorganization,iftheclosingpriceoftheA-shareofGuangdongExpresswayisbelowtheissuepricefor20consecutivetradingdayswithinsixmonths,orattheendofsixmonthsafterthecompletionofthetransactiontheclosingpriceisbelowtheissueprice,thelock-upperiodoftheA-shareofGuangdongExpresswayacquiredbytheCompanythroughthismajorassetreorganizationwillbeautomaticallyextendedforsixmonths. | June26,2015 | Thedateoftheexpirationofthesharelock. | Completed |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
GuangdongExpresswayCo.,Ltd.,GuangdongHighwayConstructionCo.,Ltd.,GuangdongCommunicationGroupCo.,Ltd. | Commitmentsonhorizontalcompetition,relatedtransactionandcapitaloccupation | Thecommitmenttoavoidhorizontalcompetition:1.theCompanyandthecompaniesthatareunderdirectorindirectcontroloftheCompany,exceptGuangdongExpresswayanditssubsidiaries,willnotusethecontrollingshareholderstodamagethelegitimateinterestsofthebusinessactivitiesofGuangdongExpresswayanditsmediumandsmallshareholdersanditssubsidiaries.2.TheCompanyandthecompaniesthatareunderdirectorindirectcontroloftheCompany,exceptGuangdongExpresswayanditssubsidiaries,willnotusetheinformationacquiredfromGuangdongExpresswayanditssubsidiariestoengageincorebusinesswhichcompeteswithGuangdongExpresswayanditssubsidiariesandwillnotconductanyactivitythatdamagesormaydamagethelegitimateinterestsofGuangdongExpresswayanditsmediumandsmallshareholdersanditssubsidiaries.3.Asforthetransferoftollroads,bridges,tunnelsandrelatedancillaryfacilitiesorequityinvested,constructedormanagedbytheCompanyorcompanies,thatareunderdirectorindirectcontroloftheCompany,exceptGuangdongExpresswayanditssubsidiariestotheCompanyoranycompanythatisunderdirectorindirectcontrolofthecompany,unlessitisatransfereeexpresslydesignatedbytherelevantgovernmentdepartments,totheextentpermittedbyrelevantlawsandregulations,GuangdongExpresswayhastherightofpreemptionunderthesameconditions.4.Inthefuture,iftheCompanyandthecompaniesthatareunderdirectorindirectcontroloftheCompany,exceptGuangdongExpresswayanditssubsidiaries,investandconstructaparallelhighwayorahighwayinthesamedirectiononeithersideoftheHighwaywithin20km,totheextentpermittedbyrelevantlawsandregulations,exceptintheprojectwhoseinvestorshavebeenexpresslyspecifiedbytherelevantgovernmentdepartments,GuangdongExpresswayhasthepriorityrighttoinvestaheadoftheCompanyandthecompaniesthatareunderdirectorindirectcontroloftheCompany,exceptGuangdongExpresswayanditssubsidiaries,.Thiscommitment,whensigned,constitutestheirrevocablelegalobligationsoftheCompany.IfthecircumstancesarisethatcausedamagetoGuangdongExpresswaybecauseoftheCompany’sbreachofthecommitment,theCompanywillbearthecorrespondingliabilityaccordingtolaws.Thecommitmenttoreduceandregulatetheconnectedtransactions:1.Afterthecompletionofthismajorassetreorganization,theCompanyandthecompaniesthatareunderdirectorindirectcontroloftheCompany,exceptGuangdongExpresswayanditssubsidiaries,andotherrelatedpartieswilltrytoavoidtheconnectedtransactionwithGuangdongExpresswayanditssubsidiaries;thenecessaryandunavoidableconnectedtransactionsshallbeconductedinaccordancewiththeprinciplesoffairnessandcompensationofequalvalue,thetransactionpricesshallbedeterminedaccordingtothereasonablemarketprice,thetransactionapprovalproceduresandthedisclosureobligationsshouldbeconductedinaccordancewithrelevantlaws,regulationsandregulatorydocuments,toeffectivelyprotecttheinterestsofmediumandsmallhareholdersofGuangdongExpressway.2.TheCompanyguaranteestobeinstrictaccordancewithrelevantlawsandregulations,theregulationsandregulatorydocumentspromulgatedbyCSRC,the | June26,2015 | ThiscommitmentisvalidfromthedateofsigningthisletterofcommitmenttothedateonwhichthesharesofCompanyisnolongercontrolledbythecontrollingshareholderoftheGuangdongExpressway. | Fulfillthecommitmentnormally |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
GuangdongCommunicationGroupCo.,Ltd. | Othercommitment | (1)Thecommitmenttotheauthenticity,accuracyandcompletenessoftheinformationprovided:1.TheCompanyguaranteestoprovidetheinformationrelatedtothemajorassetreorganizationforGuangdongExpresswayandensuresitsauthenticity,accuracyandcompleteness;ifthereisfalse,misleadingstatementormajoromissionintheinformationprovided,whichcauseslossestoGuangdongExpresswayortheinvestors,theCompanywillassumethecompensationliabilitiesinaccordancewithlaws.Ifitissuspectedthatthereisfalse,misleadingstatementormajoromissionintheinformationdisclosedorprovidedforthemajorassetreorganization,anditisinvestigatedbythejudiciaryauthoritiesorbyCSRC,beforetheclearconclusionofthecaseisreached,theCompanywillsuspendthetransferofsharesofGuangdongExpresswayheldbytheCompany,andwithintwobusinessdaysuponreceiptofthenoticeoffilingacaseandinspection,thewrittenapplicationforsuspendingthetransferandthestockaccountshouldbesubmittedtotheBoardofDirectorsofGuangdongExpressway,andtheBoardofDirectorsofGuangdongExpressway,shall,onbehalfoftheCompanyapplyforthelockouttowardsShenzhenSecuritiesExchange(SSE)andRegistrationandClearingCompany;iftheapplicationforthelockoutisnotsubmittedintwobusinessdays,afterverificationtheBoardofDirectorsauthorizedbytheCompanywilldirectlysubmitstheCompany’sidentityandaccountinformationtotheRegistrationandClearingCompanyandapplyforthelockout;iftheBoardofDirectorsfailstodoso,theSecuritiesExchangeandtheRegistrationandClearingCompanywillbeauthorizedtodirectlylocktherelatedshares.IfitisfoundthattheCompanyhasillegalcircumstances,thecompanypromisesthatthelockoutsharesshouldbeautomaticallyusedforthecompensationfortherelevantinvestors.(2)Thecommitmenttomaintaintheindependenceofthelistedcompany.TheCompanyandthecompanies,thatareunderdirectorindirectcontroloftheCompany,exceptGuangdongExpresswayanditsholdingsubsidiaries,haveincreasedtheirsharesofGuangdongExpresswayafterthecompletionofthemajorassetreorganization;howevertheywillnotdamagetheindependenceofGuangdongExpressway.TheywillcontinuetobeseparatedfromGuangdongExpresswayinassets,personnel,finance,organizationandbusinessandstrictlyabidebytherelevantprovisionsontheindependenceoflistedcompaniesofCSRC.Theydon’tillegallyuseGuangdongExpresswaytoprovideguarantee,oroccupyitscapitalsoastokeepandmaintainitsindependenceandsafeguardthelegitimaterightsandinterestsofothershareholdersofGuangdongExpressway.AlllosseswillbebornebytheCompanyifitbreakstheabovecommitmentsandcauseslossestoGuangdongExpressway. | June18,2015 | (1)apromisewithoutacommitmentperiod.(2)thedateofthevalidityofthetermcommitmentfromthedateofthisletterofcommitmenttothedateofthecompanynolongeristhedateofthecontrollingshareholderofGuangdong. | Fulfillthecommitmentnormally |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
GuangdongHighwayConstructionCo.,Ltd.,GuangdongExpresswayCo.,Ltd. | Othercommitment | (1)Thecommitmenttotheauthenticity,accuracyandcompletenessoftheinformationprovided:TheCompanyguaranteesthatthereisnofalse,misleadingstatementormajoromissionintheinformationdisclosureandapplicationdocumentsforthemajorassetreorganization.Ifitissuspectedthatthereisfalse,misleadingstatementormajoromissionintheinformationdisclosedorprovidedforthemajorassetreorganization,anditisinvestigatedbythejudiciaryauthoritiesorbyCSRC,beforetheclearconclusionofthecaseisreached,theCompanywillsuspendthetransferofsharesofGuangdongExpresswayheldbytheCompany,andwithintwobusinessdaysuponreceiptofthenoticeoffilingacaseandinspection,thewrittenapplicationforsuspendingthetransferandthestockaccountshouldbesubmittedtotheBoardofDirectorsofGuangdongExpressway,andtheBoardofDirectorsofGuangdongExpressway,shall,onbehalfoftheCompany,applyforthelockouttowardsShenzhenSecuritiesExchange(SSE)andRegistrationandClearingCompany;iftheapplicationforthelockoutisnotsubmittedwithintwobusinessdays,afterverificationtheBoardofDirectorsauthorizedbytheCompanywilldirectlysubmitstheCompany’sidentityandaccountinformationtotheRegistrationandClearingCompanyandapplyforthelockout;iftheBoardofDirectorsfailstodoso,theSecuritiesExchangeandtheRegistrationandClearingCompanywillbeauthorizedtodirectlylocktherelatedshares.IfitisfoundthattheCompanyhasillegalcircumstances,theCompanypromisesthatthelockoutsharesshouldbeautomaticallyusedforthecompensationfortherelevantinvestors.(2)Thecommitmenttomaintaintheindependenceofthelistedcompany.TheCompanyandthecompanies,thatareunderdirectorindirectcontroloftheCompany,exceptGuangdongExpresswayanditssubsidiaries,haveincreasedtheirsharesofGuangdongExpresswayafterthecompletionofthemajorassetreorganization;howevertheywillnotdamagetheindependenceofGuangdongExpressway.TheywillcontinuetobeseparatedfromGuangdongExpresswayinassets,personnel,finance,organizationandbusinessandstrictlyabidebytherelevantprovisionsontheindependenceoflistedcompaniesofCSRC.TheywillnotillegallyuseGuangdongExpresswaytoprovideguarantee,oroccupyitscapital,andtheywillkeepandmaintaintheitsindependenceandsafeguardthelegitimaterightsandinterestsofothershareholdersofit.(3)Thecompanyconfirmedandguaranteed:1,thecompanysetupandeffectivelyexistinaccordancewiththelawoftheenterprise,thecompanyhasanindependentlegalpersonality,independentoftheabilitytoassumelegalresponsibility.2,asthecommitmentletterissuedbytheJapanese,thecompanydoesnotexistinthelistedcompanyacquisitionmanagementapproach"theprovisionsofArticle6oftheacquisitionofalistedcompanymaynotbeunderanyofthefollowingcircumstances:(1)bearsarelativelylargeamountofdebt,dueandoutstanding,andinpersistentstate;(2)inrecent3years,havemajorviolationsorsuspectedofmajorviolations;(3)inrecent3years,haveseverestockmarketactsofdishonesty;(4)thelaws,administrativeregulationsandrecognizedbytheCSRCshallnotpurchaseofListedCompaniesinothercircumstances.Thiscommitmentisissuedtothecompletionofthereorganizationbefore,ifthecompanydoesnotconformtothefactthatthesecommitments,thecompanythatwill | June26,2015 | (1)apromisewithoutacommitmentperiod.(2)thedateofthevalidityofthetermcommitmentfromthedateofthisletterofcommitmenttothedateofthecompanynolongeristhedateofthecontrollingshareholderofGuangdong.(3)thedateofthevalidityofthetermcommitmenttothecompletionofthecompletionofthecompletionofthemajorassetrestructuring. | Fulfillthecommitmentnormally |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
GuangdongCommunicationGroupCo.,Ltd. | Othercommitment | Inordertopromotethesmoothprogressoftheissueofshares,thecashpurchaseofassetsandtheraisingofmatchingfunds(hereinafterreferredtoas"themajorassetrestructuring")approvedbyGuangdongExpresswayDevelopmentCo.,Ltd.atitssecondextraordinaryshareholders'meetingin2015,withregardtoallthelandandrealestate(hereinafterreferredtoas"relevantlandandrealestate")ownedbyGuangdongFokaiExpresswayCo.,Ltd.(hereinafterreferredtoas"FokaiCompany")andJingzhuExpresswayGuangzhuSectionCo.,Ltd.(hereinafterreferredtoas"GuangzhuEastCompany")withoutownershipcertificates(hereinafterreferredtoas"relevantlandandrealestate")disclosedinthereportofGuangdongExpresswayDevelopmentCo.,Ltd.onissuingsharesandpayingcashtopurchaseassetsandraisingmatchingfundsandrelatedtransactions,thecompanyundertooktourgeFokaiCompanyandGuangzhuEastCompanytogothroughtheownershipregistrationformalitiesaccordingtothefollowingplanundertheconditionthatitisconducivetosafeguardingtherightsandinterestsoflistedcompanies;Continuedtopushforwardtheprogressofaccreditation,andcompletedtheregistrationproceduresofrelevantlandandrealestateownershipwithinthreeyearsaftertherelevantpolicieswereclearandtherelevantlandandrealestatemettheconditionsforhandlingtheregistrationproceduresofownership,inaccordancewiththerelevantlawsandregulationsandtherequirementsofthecompetentgovernmentdepartments. | April27,2019 | Itcontinuedtopushforwardtheprogressofaccreditation,andcompletedtheregistrationproceduresofrelevantlandandrealestateownershipwithinthreeyearsaftertherelevantpolicieswereclearandtherelevantlandandrealestatemettheconditionsforhandlingtheregistrationproceduresofownership,inaccordancewiththerelevantlawsandregulationsandtherequirementsofthecompetentovernmentdepartments. | Fulfillthecommitmentnormally |
Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
Commitmentsmadeuponfirstissuanceorrefinance | ||||||
Equityincentivecommitment | ||||||
Othercommitmentsmadetominorityshareholders | ||||||
Completedontime(Y/N) | Yes |
2.Theexistenceofthecompany'sassetsorprojectsearningsforecastsandearningsreportingperiodisstillintheforecastperiod,thecompanyhasassetsorprojectsmeettheoriginalprofitforecastmadeandthereasonsexplained
□Applicable√Notapplicable
IV.Particularsaboutthenon-operatingoccupationoffundsbythecontrollingshareholder
□Applicable√Notapplicable
NilV.ExplanationoftheSupervisoryCommitteeandIndependentDirectors(Ifapplicable)ontheQualifiedAuditor’sReportIssuedbytheCPAs.
VI.Explainchangeoftheaccountingpolicy,accountingestimateandmeasurementmethodsascomparedwiththefinancialreportingoflastyear.
√Applicable□Notapplicable
TheMinistryofFinanceissuedthe"NewFinancialInstrumentGuidelines"in2017,requiringdomesticlistedenterprisestoimplementthenewfinancialinstrumentguidelinesfromJanuary1,2019.Throughtheresolutionofthe25th(provisional)meetingoftheeighthboardofdirectorsoftheCompanyonApril26,2019,theGroupbegantoimplementtheaforementionednewfinancialinstrumentguidelinesonJanuary1,2019.TheGroupretroactivelyappliedthenewfinancialinstrumentstandard.Forthecumulativeimpactofthefirstimplementationofthestandard,theGroupadjustedtheamountofretainedearningsorothercomprehensiveincomeatthebeginningof2019andotherrelateditemsinthefinancialstatements.The2018financialstatementswerenotrestated.
InAprilandSeptember2019,theMinistryofFinancerespectivelyissuedtheNoticeonRevisingandIssuingtheFormatofGeneralEnterpriseFinancialStatementsfor2019(CK[2019]No.6)andtheNoticeonRevisingandIssuingtheFormatofConsolidatedFinancialStatements(2019Edition)(CK[2019]No.16),revisingtheformatofgeneralenterprisefinancialstatementsandconsolidatedfinancialstatements.TheGrouphaspreparedfinancialstatementsinaccordancewiththeformatofgeneralenterprisefinancialstatementsandconsolidatedfinancialstatementsaccordingtoitsrequirements.VII.Explainretrospectiverestatementduetocorrectionofsignificantaccountingerrorsinthereportingperiod
□Applicable√NotapplicableNilVIII.Explainchangeoftheconsolidationscopeascomparedwiththefinancialreportingoflastyear.
□Applicable√Notapplicable
2019AnnualReportNilIX.Engagement/DisengagementofCPAsCPAscurrentlyengaged
NameofthedomesticCPAs | RuihuaCertifiedPublicAccountants(SpecialGeneralPartnership) |
Remunerationfordomesticaccountingfirm(Tenthousandsyuan) | 120 |
SuccessiveyearsofthedomesticCPAsofferingauditingservices | 1 |
NameofdomesticCPA | QinYanlin,HuangZhiyan |
ContinuousfixednumberofyearfortheauditingserviceprovidedbyCPAindomesticCPAFirms | 1 |
HastheCPAsbeenchangedinthecurrentperiod
√Yes□NoWhethertochangetheemploymentofaccountingfirmduringtheauditperiod
□Yes√No
Whethertoperformtheexaminationandapprovalproceduresforchangeofaccountingfirm
√Yes□NoAdetailedexplanationofthechangeofemploymentandaccountingfirm
Inordertobettermeettheneedsofthecompany'sfuturebusinessdevelopment,aftercomprehensiveevaluation,thecompanyplanstoemployRuihuaCertifiedPublicAccountants(SpecialGeneralPartnership)asthecompany's2019auditinstitutiontoberesponsiblefortheauditofthecompany'sfinancialreport.The27thmeetingofthe8thBoardofDirectorsheldonJune6,2019deliberatedandpassedtheProposalonHiringAuditInstitutionforFinancialReportin2019,agreeingthattheCompanywouldhireRuihuaCertifiedPublicAccountants(SpecialGeneralPartnership)astheauditinstitutionfortheCompany'sfinancialreportin2019.Itisestimatedthattheauditfeefortheannualfinancialreportwillbecontrolledwithin1.2millionyuan.OnJune25,2019,thecompany'sfirstextraordinaryshareholders'meetingin2019deliberatedandpassedtheProposalonHiringAuditInstitutionforFinancialReportin2019.DescriptionoftheCPAs,financialadviserorsponsorengagedforinternalcontrolauditing
√Applicable□Notapplicable
OnJune6,2019,the27thmeetingofthe8thboardofdirectorsreviewedandpassedtheproposalonhiringtheinternalcontrolauditinstitutionin2019,andagreedtohireRuihuaCertifiedPublicAccountants(specialgeneralpartnership)astheauditinstitutionofthecompany'sinternalcontrolin2019.Itisestimatedthattheauditcostoftheannualfinancialreportshallbecontrolledwithin1.2millionyuan.OnJune25,2019,thecompany'sfirstextraordinarygeneralmeetingofshareholdersdeliberatedandpassedtheproposalonhiringaninternalcontrolauditinstitutionin2019.X.SituationofFacingListingSuspensionandListingTerminationaftertheDisclosureoftheYearlyReport
□Applicable√Notapplicable
2019AnnualReportXI.RelevantMattersofBankruptcyReorganization
□Applicable√NotapplicableNil
XII.MattersofImportantLawsuitandArbitration
□Applicable√NotapplicableNil
XIII.SituationofPunishmentandRectification
□Applicable√NotapplicableNil
XIV.CreditConditionoftheCompanyanditsControllingShareholdersandActualControllers
□Applicable√NotapplicableXV.ImplementationSituationofStockIncentivePlanoftheCompany,EmployeeStockOwnershipPlanorOtherEmployeeIncentiveMeasures
□Applicable√Notapplicable
Nil
XVI.Materialrelatedtransactions
1.Relatedtransactionsinconnectionwithdailyoperation
□Applicable√Notapplicable
Nil
2.Related-partytransactionsarisingfromassetacquisitionorsale
□Applicable√NotapplicableNil
3.Related-partytransitionswithjointinvestments
□Applicable√NotapplicableNil
4.Creditsandliabilitieswithrelatedparties
□Applicable√NotapplicableNil
5.Othersignificantrelated-partytransactions
√Applicable□Notapplicable
1.The23th(provisional)meetingoftheEighthboardofdirectorsoftheCompanyexaminedandadoptedtheProposalonTransferringtheIntellectualPropertyAssetsGroupofthe“BlueChannel”byGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,awholly-ownedsubsidiary.ItisagreedthatGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany,willtransferthe“BlueChannel”relatedintellectualpropertyassetgrouptoGuangdongUnionElectronicServiceCo.,Ltd.bywayofagreementtransfer,withtheassessedvalueofRMB19,881,200.00asthetransferprice.
2.The24th(provisional)meetingoftheEighthboardofdirectorsoftheCompanyexaminedandadoptedtheProposalConcerningtheCompanyDailyAssociatedTransactionsPredictedof2019.Agreeonthepredicteddailyassociatedtransactionsforthecompanyheadquarters,wholly-ownedandholdingsubsidiariesof2019,whoseamountintotalisRMB49.4265million.
3.The28th(provisional)meetingoftheEighthBoardofDirectorsdeliberatedandpassedtheProposalonRenewalofEntrustedLoanfromGuangdongGuanghuiExpresswayCo.,Ltd.ItagreedthatthecompanyshouldrenewtheentrustedloanfromGuangdongGuanghuiExpresswayCo.,Ltd.,withatotalloanamountof180millionyuan,whichwouldbewithdrawnaccordingtotheactualneedsofthecompanyforaperiodof1yearwithaninterestratereducedby10%accordingtothebenchmarklendingrateofthePeople'sBankofChinaforthesameperiod,andwhichwouldbeusedtosupplementtheworkingcapital.Aftertheexpirationoftheentrustedloan,itcouldberenewedaccordingtotheoriginalconditions.Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactions
Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
Announcementofrelatedpartytransaction | January23,2019 | www.cninfo.com.cn |
EstimatesannouncementoftheDailyRelatedPartyTransactionof2019 | March29,2019 | www.cninfo.com.cn |
Announcementofrelatedpartytransaction | August29.2019 | www.cninfo.com.cn |
XVII.Particularsaboutsignificantcontractsandtheirfulfillment
1.Particularsabouttrusteeship,contractandlease
(1)Trusteeship
□Applicable√NotapplicableNil
(2)Contract
□Applicable√NotapplicableNil
(3)Lease
□Applicable√NotapplicableNil
2.Guarantees
√Applicable□Notapplicable
(1)Guarantees
GuaranteeoftheCompanyforthecontrollingsubsidiaries(Excludecontrolledsubsidiaries) | ||||||||||||||||||
NameoftheCompany | Relevantdisclosuredate/No.oftheguaranteedamount | AmountofGuarantee | Dateofhappening(Dateofsigningagreement) | Actualmountofguarantee | Guaranteetype | Guaranteeterm | Completeimplementationornot | Guaranteeforassociatedparties(Yesorno) | ||||||||||
GuangdongCommunicationGroupCo.,Ltd | May11,2012 | 172,500 | May31,2013 | 172,500 | Pledge | 2012.9.25-2020.3.25 | No | Yes | ||||||||||
TotalofexternalguaranteeapprovedatPeriod-end(A3) | 172,500 | TotalbalanceofactualexternalguaranteeatPeriod-end(A4) | 172,500 | |||||||||||||||
GuaranteeoftheCompanyforthecontrollingsubsidiaries | ||||||||||||||||||
NameoftheCompanyguaranteed | Relevantdisclosuredate/No.oftheguaranteedamount | Amountofguarantee | Dateofhappening(Dateofsigningagreement) | Actualmountofguarantee | Guaranteetype | Guaranteeterm | Completeimplementationornot | Guaranteeforassociatedparties(Yesorno) | ||||||||||
Guaranteeofthesubsidiariesforthecontrollingsubsidiaries | ||||||||||||||||||
NameoftheCompanyguaranteed | Relevantdisclosuredate/No.oftheguaranteedamount | Amountofguarantee | Dateofhappening(Dateofsigningagreement) | Actualmountofguarantee | Guaranteetype | Guaranteeterm | Completeimplementationornot | Guaranteeforassociatedparties(Yesorno) | ||||||||||
TotalofCompany’sguarantee(namelytotalofthelargethreeaforementioned) | ||||||||||||||||||
TotalofguaranteeatPeriod-end(A3+B3+C3) | 172,500 | TotalofactualguaranteeatPeriod-end(A4+B4+C4) | 172,500 | |||||||||||||||
TheproportionofthetotalamountofactuallyguaranteeinthenetassetsoftheCompany(thatisA4+B4+C4) | 17.56% | |||||||||||||||||
Including |
Note
(2)Illegalexternalguarantee
□Applicable√NotapplicableNil
3.SituationofEntrustingOthersforManagingSpotAsset
(1)SituationofEntrustedFinance
□Applicable√NotapplicableNil
(2)SituationofEntrustedLoans
□Applicable√NotapplicableNil
4.Othersignificantcontract
□Applicable√NotapplicableNilXVIII.Socialresponsibility
1.ExecutionofsocialresponsibilityoftargetedpovertyalleviationIn2019,theexpresswaytoll-freepolicyforsmall-sizedpassengercarswithlessthan7seatsformainholidays,intermittentfree-chargereleaseandgreen-channelpreferentialpolicywerestillexecuted,Guangfocompany,FokaicompanyandGuangzhudongcompanyhavecompletedeachsafetyandsmoothtraffictasksuccessfullybasedonthethoroughunderstanding,completepersonneldispatching,dutiesperformanceandmeasuresimplementation.
1.Severalmeasuresareimplementedsynchronouslytoprovidedriversandthepublicwiththesmooth,convenient,comfortableandsafedrivingenvironmentandbuildtheharmoniousrelationshipbetweenvehiclesandroadsjointly.ThecompanyislocatedinGuangfoandFokaisectionsamongPearlRiverDeltadevelopedzone,inwhich,thetrafficflowislargeandthechargingsquaresandlanesresourcesarelimitedduetothelimitationofthepreviousinfrastructureconstructionscale.Then,withtheinfluenceofthenorth-ringexpresswayaswellasGonghe-Siqianbottleneck-typesection,thecongestionandslowtrafficbecomenormal.Thetrafficflowpeakinholidayslastslongwithstrongdirectionalityandplentyofemergenciesandthereforethevehiclefreetollin
Amountofguaranteeforshareholders,actualcontrolleranditsassociatedparties(D) | 172,500 |
TotalguaranteeAmountoftheabovementionedguarantees(D+E+F) | 172,500 |
2019AnnualReportholidayscatcheshighsocialattention.Eachtoll-stationlanesarereconstructedwiththewhole-weighing-platformweighingequipment,whichresultsinthelargerpressureofthesmoothtrafficguaranteebystations.Inlightofsuchcondition,thecompanymotivatedthroughorganizationthesectioncompaniestoperfectanddetailthesmoothtrafficguaranteeworkingschemescontinuously,summarizepreviousexperience,conductemergencyexercisesandmaketheproductionlineexercisevarioussmooth-trafficmeasuresskillfullyononehand;ontheotherhandstrengthentheserviceconsciousnessandconductthebusinessandcivilizedservicetrainings.Througheffortsofallparties,thesectionforthecompanyisfreefromartificialvehiclecongestionandmassincidentsforthewholeyearwiththecomplaintslimitedtozero,throughwhich,thesafetyandreliabilityoftheexpresswaytrafficenvironmentwereguaranteed.
2.Respondpositivelytothegovernmentalpolicies,providepreferential,deductionandexemptionpoliciesperlawsandreducethecostofenterprisetransportationandthemassestravel.
3.Itearnestlyimplementedthegovernment'stasksandcompletedthetransformationandswitchingofETCtollcollectionsystematprovincialtollstationsontime.
4.TheSouthSectionReconstructionandExtensionProjectofFokaiExpresswayopenedtotraffic.OnNovember7,2019,thereconstructionandexpansionprojectofthesouthernsectionofFokaiExpresswayopenedtotraffic.TheprojectofficiallystartedconstructiononMay7,2017.Undertheconditionofopeningtotrafficwhileconstructionisinprogress,thereconstructionandexpansionmanagementofficeofthesouthernsectionofFokaiExpresswayovercamealldifficulties,andcompletedtheprojectaboutoneandahalfyearsaheadoftheapprovedconstructionperiod(fouryears),withremarkableresults,settingabothfastandgoodbenchmarkfortheexpansionprojectintheprovince.Theopeningoftheprojecthasrealizedthetwo-wayand8-laneoperationoftheentireFokaiExpressway,reducedthetransportationtimecostandeconomiccost,easedthetrafficpressuretothewestofGuangdong,furtherpromotedthefunctionofFokaiExpresswayasamajortransportationarterybetweenthewestofGuangdongandthecoreareaofthePearlRiverDelta,promotedtheeconomicdevelopmentoftheareasalongtheline,providedstrongsupportfortheconstructionoftheGreatBayAreaofGuangdong,HongKongandMacao,andbettermetthepeople'sdemandforabetterlifebroughtbytransportation.
2.OverviewofthetargetedpovertyalleviationThecompanyhasnoprecisesocialresponsibilityforpovertyalleviationintheperiodandbasnofollow-upplan
either.
3.MajorenvironmentalprotectionTheListedCompanyanditssubsidiarywhetherbelongstothekeysewageunitsreleasedfromenvironmentalprotectiondepartmentNo
XIX.Explanationonothersignificantevents
□Applicable√Notapplicable
Nil
2019AnnualReportXX.SignificanteventofsubsidiaryoftheCompany
√Applicable□Notapplicable
1.The23th(provisional)meetingoftheEighthboardofdirectorsoftheCompanyexaminedandadoptedtheProposalonTransferringtheIntellectualPropertyAssetsGroupofthe“BlueChannel”byGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,awholly-ownedsubsidiary.ItisagreedthatGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany,willtransferthe“BlueChannel”relatedintellectualpropertyassetgrouptoGuangdongUnionElectronicServiceCo.,Ltd.bywayofagreementtransfer,withtheassessedvalueofRMB19,881,200.00asthetransferprice.Thewebsitetodisclosetheinterimannouncements
Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
AnnouncementofResolutionsofthe23th(Provisional)MeetingoftheEighthBoardofDirectors | January23,2019 | www.cninfo.com.cn |
Announcementofrelatedpartytransaction | January23,2019 | www.cninfo.com.cn |
2019AnnualReportVI.ChangeofsharecapitalandshareholdingofPrincipalShareholdersI.Changesinsharecapital
1.Changesinsharecapital
Inshares
Beforethechange | Increase/decrease(+,-) | AftertheChange | |||||||
Amount | Proportion | Shareallotment | Bonusshares | Capitalizationofcommonreservefund | Other | Subtotal | Quantity | Proportion | |
1.Shareswithconditionalsubscription | 1,273,271,627 | 60.90% | -833,886,969 | -833,886,969 | 439,384,658 | 21.02% | |||
1.State-ownedshares | 410,002,853 | 19.61% | 29,912 | 29,912 | 410,032,765 | 19.61% | |||
2.State-ownedlegalpersonshares | 652,971,967 | 31.23% | -631,259,229 | -631,259,229 | 21,712,738 | 1.04% | |||
3.Otherdomesticshares | 210,293,994 | 10.06% | -202,654,839 | -202,654,839 | 7,639,155 | 0.37% | |||
Including:DomesticLegalpersonshares | 209,498,275 | 10.02% | -202,469,920 | -202,469,920 | 7,028,355 | 0.34% | |||
Domesticnaturalpersonshares | 795,719 | 0.04% | -184,919 | -184,919 | 610,800 | 0.03% | |||
4.Foreignshares | 2,813 | 0.00% | -2,813 | -2,813 | 0 | 0.00% | |||
Including:Foreignlegalpersonshares | 0 | 0.00% | 0 | 0 | 0 | 0.00% | |||
Foreignnaturalpersonshares | 2,813 | 0.00% | -2,813 | -2,813 | 0 | 0.00% | |||
II.Shareswithunconditionalsubscription | 817,534,499 | 39.10% | 833,886,969 | 833,886,969 | 1,651,421,468 | 78.98% | |||
1.CommonsharesinRMB | 468,885,824 | 22.43% | 833,886,969 | 833,886,969 | 1,302,772,793 | 62.31% | |||
2.Foreignsharesindomesticmarket | 348,648,675 | 16.67% | 0 | 0 | 348,648,675 | 16.68% | |||
3.Foreignsharesinforeignmarket | 0 | 0.00% | 0 | 0 | 0 | 0.00% |
4.Other | 0 | 0.00% | 0 | 0 | 0 | 0.00% | |
III.Totalofcapitalshares | 2,090,806,126 | 100.00% | 0 | 0 | 2,090,806,126 | 100.00% |
Reasonsforsharechanged
√Applicable□Notapplicable
1.Duringthereportperiod,65shareholdersreimbursed29,912sharesofGuangdongProvincialCommunicationGroupCompanyLimited,whichwereconvertedfrom29,534sharesof"shareholdingofdomesticnaturalperson"and378sharesof"shareholdingofoverseasnaturalperson"to"nationalshareholding".
2.Duringthereportingperiod,631,259,229shareswere"heldbystate-ownedlegalpersons",202,429,149shareswere"heldbydomesticlegalpersons",190,381shareswere"heldbydomesticnaturalpersons",and2,435shareswere"heldbyoverseasnaturalpersons"andchangedto"unlimitedconditionalshares".
3.Duringthereportperiod,5,775sharesoflimitedconditionalsharesheldbyLiMei,theoutgoingsupervisor,wereconvertedintolimitedconditionalshares.ApprovalofChangeofShares
□Applicable√NotapplicableOwnershiptransferofsharechanges
□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod
□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators
□Applicable√NotapplicableProgressonanysharerepurchase:
□Applicable√NotapplicableProgressonreducingtherepurchasedsharesbymeansofcentralizedbidding:
□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod
□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators
□Applicable√Notapplicable
2.Changeofshareswithlimitedsalescondition
√Applicable□Notapplicable
Inshares
ShareholderName | InitialRestrictedShares | NumberofUnrestrictedSharesThisTerm | NumberofIncreasedRestrictedSharesThisTerm | RestrictedSharesintheEndoftheTerm | ReasonforRestrictedShares | DateofRestrictionRemoval |
GuangdongCommunicationGroupCo.,Ltd. | 410,002,853 | 29,912 | 410,032,765 | Thesharesforrestrictedsalesbysharereformhasnotyetbesubjecttotheproceduresforliftingtherestriction. | Unknown | |
ZhangXiulingandother65shareholders | 222,728 | 192,816 | 0 | Releaseofrestrictionsonsales | April26,2019 | |
Total | 410,225,581 | 29,912 | 192,816 | 410,032,765 | -- | -- |
II.Securitiesissueandlisting
1.ExplanationoftheSituationoftheSecurityIssue(NoPreferredShares)intheReportPeriod
□Applicable√Notapplicable
2.Changeofassetandliabilitystructurecausedbychangeoftotalcapitalsharesandstructure
□Applicable√Notapplicable
3.Abouttheexistingemployees’shares
□Applicable√Notapplicable
2019AnnualReportIII.Shareholdersandactualcontrollingshareholder
1.Numberofshareholdersandshareholding
InShares
Totalnumberofcommonshareholdersattheendofthereportingperiod | 53,746 | Totalshareholdersattheendofthemonthfromthedateofdisclosingtheannualreport | 54,195 | Thetotalnumberofpreferredshareholdersvotingrightsrestoredatperiod-end(ifany)(Note8) | 0 | Totalpreferenceshareholderswithvotingrightsrecoveredatendoflastmonthbeforeannualreportdisclosed(ifany)(Note8) | 0 | |||||||
Particularsaboutsharesheldabove5%byshareholdersortoptenshareholders | ||||||||||||||
Shareholders | Natureofshareholder | Proportionofsharesheld(%) | Numberofsharesheldatperiod-end | Changesinreportingperiod | Amountofrestrictedsharesheld | Amountofun-restrictedsharesheld | Numberofsharepledged/frozen | |||||||
Stateofshare | Amount | |||||||||||||
GuangdongCommunicationGroupCo.,Ltd | State-ownedlegalperson | 24.56% | 513,412,507 | 29,912 | 410,032,765 | 103,379,742 | ||||||||
GuangdongHighwayConstructionCo.,Ltd, | State-ownedlegalperson | 22.30% | 466,325,020 | 466,325,020 | ||||||||||
YadongFuxingYalianInvestmentCo.,Ltd. | DomesticnonState-ownedLegalperson | 9.68% | 202,429,149 | 202,429,149 | ||||||||||
TibetYingyueInvestmentManagementCo.,Ltd. | State-ownedlegalperson | 4.84% | 101,214,574 | 101,214,574 | ||||||||||
GuangdongExpresswayCo.,Ltd. | State-ownedlegalperson | 2.53% | 52,937,491 | 19,582,228 | 33,355,263 | |||||||||
ChinaLifeInsuranceCo.,Ltd.-Dividend-Personaldividend-005L-FH002Shen | Other | 1.66% | 34,775,553 | 34,775,553 | ||||||||||
ChinaLifeInsuranceCo.,Ltd.-Traditional-Commoninsuranceproducts-005L-CT001Shen | Other | 1.50% | 31,312,620 | 31,312,620 | ||||||||||
GuangfaSecuritiesCo.,Ltd. | State-ownedlegalperson | 1.45% | 30,364,372 | 30,364,372 | ||||||||||
OrientSecuritiesCo.,Ltd. | State-ownedlegalperson | 1.05% | 21,915,393 | 21,915,393 | ||||||||||
FengWuchu | Domesticnaturalpersonshares | 0.79% | 16,464,447 | 16,464,447 | ||||||||||
Strategicinvestororgenerallegalpersonbecomingtop-10ordinaryshareholderduetorightsissue(ifany) | None | |||||||||||||
Relatedoracting-in-concertpartiesamongshareholdersabove | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.andGuangdongExpresswayCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. |
Shareholdingoftop10shareholdersofunrestrictedshares | |||
Nameoftheshareholder | Quantityofunrestrictedsharesheldattheendofthereportingperiod | Sharetype | |
Sharetype | Quantity | ||
GuangdongHighwayConstructionCo.,Ltd, | 466,325,020 | RMBCommonshares | |
YadongFuxingYalianInvestmentCo.,Ltd. | 202,429,149 | RMBCommonshares | |
GuangdongCommunicationGroupCo.,Ltd | 103,379,742 | RMBCommonshares | |
TibetYingyueInvestmentManagementCo.,Ltd. | 101,214,574 | RMBCommonshares | |
ChinaLifeInsuranceCo.,Ltd.-Dividend-Personaldividend-005L-FH002Shen | 34,775,553 | RMBCommonshares | |
GuangdongExpresswayCo.,Ltd. | 33,355,263 | RMBCommonshares | |
ChinaLifeInsuranceCo.,Ltd.-Traditional-Commoninsuranceproducts-005L-CT001Shen | 31,312,620 | RMBCommonshares | |
GuangfaSecuritiesCo.,Ltd. | 30,364,372 | RMBCommonshares | |
OrientSecuritiesCo.,Ltd. | 21,915,393 | RMBCommonshares | |
FengWuchu | 16,464,447 | RMBCommonshares | 14,363,984 |
Foreignsharesplacedindomesticexchange | 2,100,463 | ||
Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10shareholdersofnon-restrictednegotiablesharesandtop10shareholders | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.andGuangdongExpresswayCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. | ||
Top10ordinaryshareholdersconductingsecuritiesmargintrading(ifany)(seenote4) | Nil |
Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.
□Yes√NoThetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldoftheCompanyhavenobuy–backagreementdealinginreportingperiod.
2.ControllingshareholderNatureofControllingShareholders:Localstateholding
TypeofControllingShareholders:LegalpersonChangesofcontrollingshareholderinreportingperiod
□Applicable√NotapplicableNochangesofcontrollingshareholderfortheCompanyinreportingperiod.3.InformationaboutthecontrollingshareholderoftheCompanyActualcontrollernature:LocalstateownedassetsmanagementActualcontrollertype:Legalperson
NameoftheControllingshareholder | Legalrepresentative/Leader | Dateofincorporation | Organizationcode | Principalbusinessactivities |
GuangdongCommunicationGroupCo.,Ltd. | DengXiaohua | June23,2000 | 91440000723838552J | Equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Valueaddedtelecommunicationservices. |
Equityinotherdomesticandforeignlistedcompaniesheldbythecontrollingshareholderbymeansofcontrolandmutualshareholdinginthereportingperiod | GuangdongCommunicationGroupCo.,Ltd.holds74.12%equityofGuangdongNanyueLogisticsCo.,Ltd.,acompanylistingHshares. |
Nameoftheactualcontroller | Legalrepresentative/Leader | Dateofincorporation | Organizationcode | Principalbusinessactivities |
State-ownedAssetssupervisionandadministrationCommissionofGuangdongProvincialPeople’sGovernment | LiCheng | June26,2004 | 114400007583361658 | AsanadhocbodydirectlyundertheGuangdongProvincialPeople'sGovernment,commissionedbytheprovincialgovernmenttofulfilltheState-ownedassetinvestor,regulatoryenterprisestoimplementtherights,obligationsandresponsibilities,pipeassetcontrolandpeoplemanagement. |
Equityofotherdomestic/foreignlistedcompanywithsharecontrollingandshareparticipationbycontrollingshareholderinreportingperiod | AsanadhocbodydirectlyundertheGuangdongProvincialPeople'sGovernment,commissionedbytheprovincialgovernmenttofulfilltheState-ownedassetinvestor,regulatoryenterprisestoimplementtherights,obligationsandresponsibilities,pipeassetcontrolandpeoplemanagement. |
Changesofcontrollingshareholderinreportingperiod
□Applicable√NotapplicableNochangesofcontrollingshareholderfortheCompanyinreportingperiodBlockDiagramoftheownershipandcontrolrelationsbetweenthecompanyandtheactualcontroller
Theactualcontrollercontrolsthecompanybymeansoftrustormanagingtheassetsinotherway
□Applicable√Notapplicable
4.Particularsaboutotherlegalpersonshareholderswithover10%shareheld
√Applicable□Notapplicable
Legalpersonshareholder | Legalperson/personinchargeoftheunit | Dateoffoundation | Registercapital | Mainoperationbusinessormanagementactivities |
GuangdongHighwayConstructionCo.,Ltd. | WangKangchen | April16,1987 | 8,827.36846696millionyuan | Highway,bridge,tunnelbridge,trafficinfrastructureconstruction,investmentandmanagement,technicalconsulting,leasingofroadconstructionmachinery;salesofconstructionmaterials,constructionmachineryequipment;vehiclerescueservices(operatedbythebranch).(forprojectssubjecttoapprovalaccordingtolaw,businessactivitiescanonlybecarriedoutwiththeapprovalofrelevantdepartments.) |
5.SituationofShareLimitationReductionofControllingShareholders,ActualControllers,RestructuringPartyandOtherCommitmentSubjects
□Applicable√Notapplicable
2019AnnualReportVII.SituationofthePreferredShares
□Applicable√NotapplicableTheCompanyhadnopreferredsharesinthereportingperiod.
VIIIInformationaboutconvertiblecorporatebonds
□Applicable√NotapplicableDuringthereportingperiod,thecompanydidnothaveconvertiblecorporatebonds.
2019AnnualReportIX.InformationaboutDirectors,SupervisorsandSeniorExecutivesI.Changeinsharesheldbydirectors,supervisorsandseniorexecutives
Name | Positions | Officestatus | Sex | Age | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Amountofsharesincreasedatthereportingperiod(share) | Amountofsharesdecreasedatthereportingperiod(share) | Otherchangesincrease/decrease | Sharesheldattheyear-begin(share) |
ZhengRenfa | BoardChairman | Inoffice | Male | 50 | January4,2017 | September20,2022 | |||||
WangChunhua | DirectorGeneralManager | Inoffice | Male | 55 | October19,2015 | September20,2022 | 135,100 | 135,100 | |||
WangPing | Director,ChiefEngineer | Inoffice | Female | 55 | April21,2014 | January8,2020 | 3,500 | 3,500 | |||
FangZhi | Director,CFO | Inoffice | Male | 56 | December31,2015 | September20,2022 | |||||
ChenMin | Director | Inoffice | Male | 56 | July19,2017 | September20,2022 | |||||
ZengZhijun | Director | Inoffice | Male | 49 | December4,2017 | September20,2022 | |||||
DuJun | Director | Inoffice | Male | 54 | July21,2016 | September20,2022 | |||||
ZhuoWeiheng | Director | Inoffice | Male | 48 | December4,2017 | September20,2022 | |||||
CaoYu | Director | Inoffice | Male | 34 | July21,2016 | September20,2022 | 150,000 | 150,000 | |||
HuangHai | Director | Inoffice | Male | 44 | July21,2016 | September20,2022 | |||||
GuNaikang | Independentdirector | Inoffice | Male | 54 | July21,2016 | September20,2022 | |||||
BaoFangzhou | Independentdirector | Inoffice | Male | 41 | July21,2016 | September20,2022 |
Name | Positions | Officestatus | Sex | Age | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Amountofsharesincreasedatthereportingperiod(share) | Amountofsharesdecreasedatthereportingperiod(share) | Otherchangesincrease/decrease | Sharesheldattheyear-begin(share) |
ZhangHua | Independentdirector | Inoffice | Male | 54 | December4,2017 | September20,2022 | |||||
LiuZhonghua | Independentdirector | Inoffice | Male | 54 | December4,2017 | September20,2022 | |||||
ZengXiaoqing | Independentdirector | Inoffice | Female | 50 | May20,2019 | September20,2022 | |||||
JiangChangwen | ChairmanoftheSupervisoryCommittee | Inoffice | Male | 52 | May20,2019 | September20,2022 | |||||
LiHaihong | Supervisor | Inoffice | Female | 48 | July21,2016 | September20,2022 | |||||
KeLin | Supervisor | Inoffice | Female | 50 | September15,2017 | September20,2022 | |||||
FengYuan | Supervisor | Inoffice | Male | 55 | September9,2019 | September20,2022 | |||||
ZhouYisan | Supervisor | Inoffice | Male | 39 | September9,2019 | September20,2022 | |||||
ZuoJiang | DeputyGeneralManager | Inoffice | Female | 47 | October19,2015 | September20,2022 | |||||
ChengRui | DeputyGeneralManager | Inoffice | Male | 45 | August28,2017 | September20,2022 | |||||
HeBing | legalcounsel | Inoffice | Female | 52 | July23,2012 | September20,2022 | |||||
YangHanming | SecretarytotheBoard | Inoffice | Male | 50 | August28,2017 | September20,2022 | |||||
XiaoDuan | Independentdirector | Dimission | Female | 61 | April16,2013 | May20,2019 |
Name | Positions | Officestatus | Sex | Age | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Amountofsharesincreasedatthereportingperiod(share) | Amountofsharesdecreasedatthereportingperiod(share) | Otherchangesincrease/decrease | Sharesheldattheyear-begin(share) |
LingPing | ChairmanoftheSupervisoryCommittee | Dimission | Female | 56 | March23,2015 | April26,2019 | |||||
CaoXiaoying | Supervisor | Dimission | Female | 51 | July21,2016 | September8,2019 | |||||
YangTianshu | Supervisor | Dimission | Male | 37 | March30,2018 | September8,2019 | |||||
Total | -- | -- | -- | -- | -- | -- | 288,600 | 0 | 0 | 0 | 288,600 |
II.Changeinsharesheldbydirectors,supervisorsandseniorexecutives
√Applicable□Notapplicable
Name | Positions | Types | Date | Reason |
XiaoDuan | Independentdirector | Thetermofofficeexpires. | May19,2019 | Thetermofofficeexpires. |
LingPing | ChairmanoftheSupervisoryCommittee | Dimission | April8,2019 | Retired |
CaoXiaoying | Supervisor | Dimission | September8,2019 | Jobchange |
YangTianshu | Supervisor | Dimission | September8,2019 | Jobchange |
III.PostsholdingWorkExperienceinthepastfiveyearsofDirectors,supervisorsandseniorExecutivesinCurrentofficeMr.ZhengRenfa,HeservedasChairman,MasterDegree,Senioreconomicengineer.SinceDecember2005,HeservedasDeputyMinisterofInvestmentManagementDepartmentofGuangdongCommunicationGroup,SinceApril21,2014,Heservedasdirector,SinceAugust15,2016,theimplementationofthedutiesoftheBoardofDirectorsandthelegalrepresentativeoftheduties.SinceJanuary4,2017,hewasthechairmanoftheboardofdirectorsoftheCompanyandholdaconcurrentpostofvicechairmanofGuangdongGuanghuiExpresswayCo.,Ltd.
Mr.WangChunhua,HeservedasDirectorandGeneralManageroftheCompany,MasterDegree,seniorengineerandsenioreconomicengineer,SinceSeptember2006,heservedasDeputyGeneralManageroftheCompany.FromMarch2013toOctober2015,HeservedasdirectorandDeputyGeneralManageroftheCompany,SinceOctober2015,HeservedasDirectorandGeneraldirectoroftheCompany,andholdaconcurrentpostof
2019AnnualReportvicechairmanofGankangExpresswayCo.,Ltd,GanzhouKangdaExpresswayCo.,Ltd.andShenzhenHuiyanExpresswayCo.,Ltd.Ms.WangPing,SheservedasDirectorandChiefEngineeroftheCompany,bachelor'sdegree,professorofEngineering,Nationalregisteredcostengineer,SeniorEconomist.FromFebruary2001toApril2012,she
servedasMinisterofInfrastructureManagementDepartment.FromApril2012,sheservedaschiefengineeroftheCompany,SinceApril21,2014,SheservedasDirectoroftheCompany,andholdaconcurrentpostof
ChairmanofZhaoqingHighwayCo.,Ltd.andViceChairmanofGuangdongJiangzhongExpresswayCo.,Ltd.Ms.WangPingresignedasadirectorandchiefengineeronJanuary8,2020anddidnotholdanyotherpositionsintheCompany.
Mr.Fangzhi,HeservesasDirector,MasterDegreeandSeniorAccountant,HeservedasassociatedirectorandDeputyGeneralManagerofFinanceCenterofGuangdongCommunicationGroup,SinceMay2015,HeservedasChiefaccountantoftheCompany,SinceDecember2015,HeservedasdirectorandchiefaccountantoftheCompany,andholdaconcurrentpostofChairmanoftheboardofsupervisorsofGuanghuiExpresswayCo.,Ltd,andDirecotrofYuekeTechnologyPettyLoanCo.,Ltd
Mr.ChinMin,HeservesasDirector,undergraduatedegree,senioreconomist,corporatelegaladviser,costengineer.FromSeptember2001toAugust2009,HeservedasSenioreconomist,DirectorandGeneralManagerofGuangdongJingtongHighwayEngineeringConstructionGroupCo.,Ltd.,FromAugust2009toApril2011,HeservedasDeputyGeneralManagerofGuangdongNanyueLogisticsCo.,Ltd.,FormApril2011toDecember2014,HeservedasDuputyMinisterofLegalAffairsofGuangdongCommunicationsGroupCo.,Ltd.,SinceDecember2014,HeservedasMinisterofLegalAffairsofGuangdongCommunicationsGroupCo.,Ltd.,SinceJuly,19,
2017,HeservedasDirectoroftheCompany.
Mr.ZengZhijun,economist,isadirectoroftheCompany,withmasterdegree.SinceJune2010,hehasservedasthedeputychiefeconomistofGuangdongProvincialExpresswayCo.,Ltd.FromJanuary2015toSeptember2015,heservedasMinisterofInvestmentPlanningDepartmentofGuangdongProvincialExpresswayCo.,Ltd;sinceSeptember2015,hehasservedasMinisterofLegalAffairsDepartmentofGuangdongProvincialExpresswayCo.,Ltd.SinceDecember4,2017,heservesasDirectoroftheCompany.
Mr.DuJun,HeservesasDirector,Master'sdegreeandbachelor'sdegree,seniorengineer,HeservesasDeputyGeneralManager,directorandmemberofpartycommitteeofGuangdongLuqiaoConstructionDevelopmentCo.,Ltd.SinceApril2016,HeservedasDeputyGeneralManagerofGuangdongHighwayConstructionCo.,Ltd.,SinceJuly21,2016,HeservedasDirectoroftheCompany.
Mr.ZhuoWeiheng,isasenioraccountant,withbachelordegree.FromJanuary2008toMay2009,heservedastheministerofthefinancialauditdepartmentofGuangdongProvincialHighwayConstructionCo.,Ltd.SinceMay2009,hehasservedastheMinisterofFinanceManagementDepartmentofGuangdongProvincialHighwayConstructionCo.,Ltd.,SinceDecember4,2017,heservedasDirectoroftheCompany.
Mr.CaoYu,MasterofBusinessAdministration,since2011hasservedasShanghaiFuxinhigh-tech(Group)Co.,Ltd.investmentmanager,deputydirectorofinvestment,investmentdirector.FromJuly21,2016,heservedasdirectoroftheCompany.
Mr.HuangHai,MasterofBusinessAdministration.UsedtobeZhongshanPublicTechnologyCo.,Ltd.securitiesmanagerandsecuritiesaffairsrepresentative.HeiscurrentlytheSecretaryoftheBoardofDirectorsofPolyRealEstate,theDirectoroftheOfficeoftheBoardofDirectorsandtheExecutiveDirectorofTibetYinyueInvestmentManagementCo.,Ltd.FromJuly21,2016,heservedasdirectoroftheCompany.
2019AnnualReportMr.BaoFangzhou,IndependentdirectoroftheCompany,MasterofLaw.ShanghaiJinTianchengLawFirm,SeniorPartner,2008-2014FormerIndependentDirectorofNewNanyangCo.,Ltd.Since2013,hehasbeenanindependentdirectorofHubeiWushiPharmaceuticalCo.,Ltd.sinceJune2016,PowerCo.,Ltd.IndependentDirector.FromJuly21,2016,HeisanindependentdirectoroftheCompany.GuNaikang,IndependentdirectorsanddoctoratedegreeoftheCompany.SinceJune2004,hehasbeenaprofessoranddoctoraltutorofFinanceandInvestmentDepartmentofZhongshanUniversitySchoolofManagement.HeiscurrentlyanindependentdirectorofGuangxiGuitang(Group)Co.,Ltd.,anindependentdirectorofDongguanYuqiuElectronicsCo.,Ltd.andanindependentdirectorofGuangzhouZhujiangIndustrialDevelopmentCo.,Ltd.FromJuly21,2016,heisanindependentdirectoroftheCompany.Mr.LiuZhonghua,professorofaccounting,isanindependentdirectoroftheCompany,withmasterdegree.InSeptember2005,hewastransferredtotheSchoolofManagementofGuangdongUniversityofForeignStudiestoteach.HeiscurrentlyaprofessorattheSchoolofAccountingofGuangdongUniversityofForeignStudies,heisamastertutor,concurrentlyservesasmemberofAccountingSocietyofChina,executivememberofChinaAssociationofForeignTradeandEconomicAccounting,vicechairmanofGuangdongProvinceManagementAccountingAssociation,executivememberofGuangdongProvincialAccountingAssociationandmemberofGuangdongAuditSociety.SinceDecember4,2017,heisanindependentdirectoroftheCompany.Mr.ZhangHua,economist,isanindependentdirectoroftheCompany,withMasterDegree.FromMay2006toMay2012,heservedasdeputygeneralmanagerandchiefinvestmentdirectorofGuangzhouYingzhiCaihuaInvestmentCo.,Ltd.FromJune2012toSeptember2016,heservedasthedeputygeneralmanagerofGuangzhouDe’ruiInvestmentCo.,LtdandconcurrentlyservedasDeputyGeneralManagerofShenzhenDongyingRuitongInvestmentManagementPartnership(LimitedPartnership);sinceOctober2016,hehasservedasgeneralmanagerofShanghaiErLuoInvestmentManagementServiceCenter(GeneralPartnership).FromNovember2010toJanuary2017,heservedasanindependentdirectorofGuangzhouYuYinTechnologyCo.,Ltd.FromDecember2011toSeptember2017,heservedasanindependentdirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.InSeptember2017,hewasanindependentdirectorofZhuhaiTaichuanCloudCommunityTechnologyCo.,Ltd.,SinceDecember4,2017,heisanindependentdirectoroftheCompany.
Ms.ZengXiaoqing,anindependentdirectoroftheCompany,withdoctor'sdegrees.ShebegantoworkinTongjiUniversityin1993.FromFebruary2000toOctober2002,sheconductedpost-doctoralresearchandstudyinTokyoInstituteofTechnology,Japan.ShebegantoworkinTongjiUniversityin1993,servedasassistantdirectorofShanghaiMunicipalGovernment'sExpoScienceandTechnologyPromotionCenterfrom2005to2012,andservedasvice-chairmanandsecretary-generalofShanghaiCreativeStudiesInstitutefrom2012;SheiscurrentlythedirectorofTongjiUniversity'sJointExperimentalCenterforTrafficInformationControl,professoranddoctoralsupervisorofTongjiUniversity'sSchoolofTransportationEngineering.FromMay20,2019,sheservedastheindependentdirectoroftheCompany.Mr.JiangChangwen,male,is52yearsold,masterofmanagement,senioraccountant,senioreconomist.FromJuly1999toNovember2006,heworkedinGuangshenzhuExpresswayCo.,Ltd.,andservedasthesupervisor,deputymanagerandmanageroftheaccountingdepartment.FromNovember2006toJanuary2009,heworkedintheJiangzhongExpresswayCompany,andservedasthefinancedepartmentmanager;sinceJanuary2009,hehasworkedintheGuangdongProvincialTransportationGroupCo.,Ltd,andhasservedasasupervisor.FromMay20,2019,heistheassignedchairmanofthesupervisoryboardofGuangdongCommunicationGroupCo.,Ltd.
Ms.LiHaihong,SupervisorsoftheCompany,bachelordegree,senioreconomistandroadandbridgeengineer.SinceOctober2008,shehasbeenworkingasasupervisoryandauditingdepartmentoftheGuangdong
ProvincialCommunicationsGroup.FromOctober2008toSeptember2012,shewasappointedfull-timesupervisorofGuangdongExpresswayCo.,Ltd.,FromOctober2012toMarch2016,shewasappointedfull-timesupervisorofGuangdongYueyunTrafficCo.,Ltd.andGuangdongCommunicationsIndustrialInvestmentCo.,Ltd.,FormMarch2016toDecember2017,shewasappointedfull-timesupervisorofGuangdongLitongRealEstateInvestmentCo.,Ltd.,SinceDecember2017,shewasappointedfull-timesupervisorofGuangdongNanyueTrafficInvestmentConstructionCo.,Ltd.,SinceMarch2016,shewasappointedfull-timesupervisorofGuangdongTrafficIndustryInvestmentCo.,Ltd.,fromDecember2018topresent,isthefirstsecretaryofthepartyorganizationofGuangdongKaiyangExpresswayCo.,Ltd.FromJuly21,2016,shehasservedassupervisoroftheSupervisoryCommitteeoftheCompany.Ms.KeLin,bachelordegree,BachelorofScience,assistantresearcher.ShebegantotakeajobinJuly1991.Shehadsuccessivelyservedascadreofpersonneldepartment,deputyhead,headofthepersonneldepartment,sectionchiefrankcadreofdisciplineinspectionandsupervisiondepartment,directorofthecommissionfordisciplineInspection(deputy-directorlevel).InNovember2008,shewastransferredtoworkinProvincialTransportationGroup,successivelyservedasmemberofpartycommittee,unionchairmananddisciplineinspectioncommissionsecretary.FromJanuary2013toAugust2017,shehasservedaspartycommitteemember,disciplineinspectioncommissionsecretaryandchairmanoftheunioninYueyunTransportation..SinceSeptember15,2017,SheservedassupervisorofBoardofsupervisoroftheCompany.
Mr.FengYuan,supervisoroftheCompany,bachelorofscience,associateprofessor.FromOctober2009toOctober2014,heservedasdeputygeneralmanagerofGuangdongJiangzhongExpresswayCo.,Ltd.anddirectoranddeputygeneralmanagerofBeijing-ZhuhaiExpresswayGuangzhuSectionCo.,Ltd.FromOctober2014toDecember2018,heservedasdirector,generalmanageranddeputysecretaryofthePartyCommitteeofGuangdong-FoshanExpresswayCo.,Ltd.andhehasbeendeputyeconomistoftheCompanysinceDecember2018.FromSeptember9,2019,heservedastheemployeesupervisorofthe9thSupervisoryCommitteeoftheCompany.
Mr.ZhouYisan,supervisoroftheCompany,postgraduatedegree,masteroflaw,enterpriselegalconsultant,withnationallegalprofessionalqualification,boardsecretaryqualification,andsecurities,fundandfuturespractitionerqualification.FromFebruary2014toApril2016,hewasthedeputysupervisoroftheLegalAffairsDepartmentofGuangdongTransportationGroupCo.,Ltd.FromApril2016toSeptember2017,hewasthedeputyheadoftheInvestmentDevelopmentDepartmentandLegalAffairsDepartmentoftheCompany,andhehasbeentheheadofLegalAffairsDepartmentoftheCompanysinceSeptember2017.FromSeptember9,2019,heservedastheemployeesupervisorofthe9thSupervisoryCommitteeoftheCompany.
Ms.ZuoJiang,DeputyGeneralManageroftheCompany,MasterofEconomics,SeniorEconomist,QualifiedasLegalAdviseroftheEnterprise,SecretaryoftheBoardofDirectors.HehasbeenworkingintheCompanysince1994.HehasbeentheMinisterofSecuritiesAffairsoftheCompanysince1999.HehasbeentheSecretaryoftheBoardofDirectorsandDirectorofSecuritiesAffairsDepartmentsinceMarch2006.FromOctober2015toJuly2016,hewastheDeputyGeneralManagerandSecretaryoftheBoardofDirectorsAndMinisterofSecuritiesAffairs.SinceOctober2015,hehasbeentheDeputyGeneralManageroftheCompany,andholdaconcurrentpostofDirectorofYuekeTechnologyPettyLoanCo.,Ltd.,anddirectorofGuoyuanSecuritiesCo.,Ltd.
Mr.ChengRui,On-jobpostgraduate,masterofbusinessadministration,withalawyerqualification.HebegantotakeajobinJuly1997.Hehadsuccessivelyservedasdevelopmentdepartmentstaff,deputymanagerofinvestmentmanagementdepartmentandmanagerofinvestmentmanagementdepartmentinXinyueCo.,Ltd,servedasDeputyGeneralManagerofXinyueCompanyinAugust2015,andservedasdeputyministerof
2019AnnualReportstrategicdevelopmentdepartmentfromApril2016toAugust2017.SinceAugust2017,heservedasDeputyGeneralManageroftheCompany.Duringthisperiod,startingfromMay2019,shewasassignedasthefirstsecretaryofthePartyorganizationinShanhuVillage,JinheTown,JiexiCounty,JieyangCity.
Ms.HeBing,generalcounsel,master'sdegreeinlaw,enterpriselegaladviser,fromAugust2005toJuly2012,sheservedasDeputychiefeconomicengineeroftheCompany,SinceJuly2012,sheservedasChieflegaladviseroftheCompany.andholdaconcurrentpostofDirectorofHuiyanExpresswayCo.,Ltd.,andsupervisorofJiangzhongExpresswayCo.,Ltd.Mr.YangHanming,hehasbeentheSecretaryoftheBoard,bachelor'sdegree,senioreconomist,corporatelegaladviser,withtheboardsecretaryqualifications.SinceMarch2000,hehasbeensuccessivelyservedasdeputyministerofinvestmentplanningandministeroflegalaffairsinGuangdongProvincialExpresswayDevelopmentCo.,Ltd.SinceAugust2014,hehasbeenconcurrentlyservedasministerofinvestmentanddevelopment.SinceAugust2017,hehasbeentheSecretaryoftheBoardoftheCompany,andholdaconcurrentpostofSupervisorofYuekeTechnologyPettyLoanCo.,Ltd.,andsupervisorofGanzhouKangdaExpresswayCo.,Ltd.,DirectorofGuangdongJiangzhongExpresswayCo.,ltd.SinceSeptember2019,heservedasMinisterofDevelopmentDeptoftheCompany.Officetakinginshareholdercompanies
√Applicable□Notapplicable
Namesofthepersonsinoffice | Namesoftheshareholders | Titlesengagedintheshareholders | Shartingdateofofficeterm | Expirydateofofficeterm | Doeshe/shereceiveremunerationorallowancefromtheshareholder |
ChenMin | GuangdongCommunicationGroup | MinisterofInvestmentManagementDept. | December1,2014 | Yes | |
DuJun | GuangdongHighwayConstructionCo.,Ltd. | DeputyGeneralManager | March8,2016 | Yes | |
ZhuoWeiheng | GuangdongHighwayConstructionCo.,Ltd. | DeputyChiefAccountant | March26,2018 | Yes | |
ZengZhijun | GuangdongExpresswayCo.,Ltd | MinisteroflegalaffairsDept | September1,2015 | Yes | |
HuangHai | TibetYinyueInvestmentManagementCo.,Ltd. | Executivedirector | June1,2015 | No | |
JiangChangwen | GuangdongCommunicationGroupCo.,Ltd. | Dispatchedchairmanofthesupervisorycommittee | January1,2009 | Yes | |
LiHaihong | GuangdongCommunicationGroupCo.,Ltd. | Full-timefieldsupervisors | July21,2016 | Yes |
Officestakeninotherorganizations
√Applicable□Notapplicable
Nameofthepersonsinoffice | Nameofotherorganizations | Titlesengagedintheotherorganizations | Startingdateofofficeterm | Expirydateofofficeterm | Doeshe/shereceiveremunerationorallowancefromotherorganization |
BaoFangzhou | ShanghaiAllbrightlawfirm | Lawyer,Seniorpartner | January1,2000 | Yes | |
BaoFangzhou | LaurelPowerCo.,Ltd. | Independentdirector | Jne1,2016 | Yes | |
GuNaikang | FinanceandInvestment,SchoolofBusinessSunYAT-SENUniversity | Professor,doctoralsupervisor | January1,2004 | Yes | |
GuNaikang | GuangzhouZhujiangIndustryDevelopmentCo.,Ltd. | Independentdirector | May1,2014 | Yes | |
GuNaikang | MingyangIntelligentEnergyGroupCo.,Ltd. | Independentdirector | July1,2017 | Yes | |
GuNaikang | ZhuboDesignCo.,Ltd. | Independentdirector | December1,2019 | Yes | |
GuNaikang | GuangfaSecuritiesCo.,Ltd. | Supervisor | July1,2016 | Yes | |
ZhangHua | ShanghaiErroInvestmentManagementServiceCentre(Generalpartnership) | GeneralManager | October1,2016 | Yes | |
ZhangHua | ZhuhaiTaichuanCommunityTechnologyCo.,Ltd. | Independentdirector | September1,2017 | Yes | |
ZhangHua | GuangzhouYuyinTechnologyCo.,Ltd. | Independentdirector | November1,2018 | Yes | |
LiuZhonghua | CollegeofAccounting,GuangdongUniversityofForeignStudies | Professor,Master’ssupervisor | September1,2005 | Yes | |
LiuZhonghua | GelinmeiCo.,Ltd. | IndependentDirector | March20,2019 | Yes | |
LiuZhonghua | GuangdongShaogangSongshanCo.,Ltd. | IndependentDirector | June25,2019 | Yes | |
CaoYu | ShanghaiFuxinhigh-tech(Group)Co.,Ltd. | ECD | May1,2008 | Yes | |
CaoYu | ZhongshanPublicUtiliesGroupCo.,Ltd. | Director | July8,2019 | No | |
HuangHai | PolyDevelopmentsandHoldingsGroupCo.,Ltd. | SecretarytotheBoard | April26,2012 | Yes | |
HuangHai | PolyPropertyDevelopmentCo.,Ltd. | Boardchairman | April22,2019 | No | |
ZengXiaoqing | TongjiUniversity'sSchoolofTransportationEngineering | Professoranddoctoralsupervisor | June1,2007 | Yes | |
ZengXiaoqing | TongjiUniversity'sJointExperimentalCenterforTrafficInformationControl | Director | June30,2003 | No |
Punishmentstothecurrentandleavingboarddirectors,supervisorsandseniormanagersduringthereportperiodbysecuritiesregulatorsintherecentthreeyears□Applicable√Notapplicable
2019AnnualReportIV.Remunerationtodirectors,supervisorsandseniorexecutivesDecision-makingprocedures,basisfordeterminationandactualpaymentoftheremunerationtodirectors,supervisorsandseniorexecutives
TheremunerationofmembersoftheEighthboardofdirectorsandsupervisorycommitteewasexaminedanddeterminedatthesecondprovisionalshareholders’generalmeetingin2019Theremunerationoftheseniorexecutivesisdeterminedbytheassetsoperationresponsibilitysysteminthatyear.
1.ThedirectorsoftheCompanyandthecontrollingshareholderoftheCompanyanditsrelatedparties,aswellasthedirectorsoftheCompany,shallnotreceivetheremunerationofthedirectors.
2.DirectorswhohavenotheldotherpositionsintheCompanyandthecontrollingshareholderoftheCompanyanditsrelatedpartiesareremuneratedbythedirectorsoftheCompany,andthestandardisRMB6,000(taxincluded)perpersonpermonth.Inaddition,theexpensesincurredbytheindependentdirectorsattheboardofdirectorsandtheshareholders'generalmeetingandtheexpensesincurredinexercisingtheirfunctionsandpowersinaccordancewiththearticlesofassociationmaybereimbursedinthecompany.Remunerationtodirectors,supervisorsandseniorexecutivesinthereportingperiod
TenThousandsyuan
Name | Positions | Sex | Age | Officestatus | TotalremunerationreceivedfromtheCompany | Whethertogetpaidinthecompanyrelatedparty |
ZhengRenfa | BoardChairman | Male | 50 | InOffice | 68.66 | No |
WangChunhua | Director,GeneralManager | Male | 55 | InOffice | 65.11 | No |
WangPing | Director,ChiefEngineer | Female | 55 | InOffice | 60.89 | No |
FangZhi | Director,ChiefAccountant | Male | 56 | InOffice | 61.05 | No |
ChenMin | Director | Male | 56 | InOffice | 0 | Yes |
ZengZhijun | Director | Male | 49 | InOffice | 0 | Yes |
DuJun | Director | Male | 54 | InOffice | 0 | Yes |
ZhuoWeiheng | Director | Male | 48 | InOffice | 0 | Yes |
CaoYu | Director | Male | 34 | InOffice | 6.3 | No |
HuangHai | Director | Male | 44 | InOffice | 6.3 | No |
XiaoDuan | Independentdirector | Female | 61 | Dimission | 3 | No |
GuNaikang | Independentdirector | Male | 54 | InOffice | 6.3 | No |
BaoFangzhou | Independentdirector | Male | 41 | InOffice | 6.3 | No |
ZhangHua | Independentdirector | Male | 54 | InOffice | 6.3 | No |
LiuZhonghua | Independentdirector | Male | 54 | InOffice | 6.3 | No |
ZengXiaoqing | Independentdirector | Female | 50 | InOffice | 3.3 | No |
JiangChangwen | ChairmanoftheSupervisoryCommittee | Male | 52 | InOffice | 0 | Yes |
Name | Positions | Sex | Age | Officestatus | TotalremunerationreceivedfromtheCompany | Whethertogetpaidinthecompanyrelatedparty |
LingPing | ChairmanoftheSupervisoryCommittee | Female | 56 | Dimission | 0 | Yes |
LiHaihong | Supervisor | Female | 48 | InOffice | 0 | Yes |
KeLin | Supervisor | Female | 50 | InOffice | 61.22 | No |
CaoXiaoying | Supervisor | Female | 51 | Dimission | 47.8 | No |
YangTianshu | Supervisor | Male | 37 | Dimission | 34.89 | No |
FengYuan | Supervisor | Male | 55 | InOffice | 47.35 | No |
ZhouYisan | Supervisor | Male | 39 | InOffice | 46.12 | No |
ZuoJiang | DeputyGeneralManager | Female | 47 | InOffice | 61.22 | No |
ChengRui | DeputyGeneralManager | Male | 45 | InOffice | 62.34 | No |
HeBing | Chieflegaladviser | Female | 52 | InOffice | 49.12 | No |
YangHanming | SecretarytotheBoard | Male | 50 | InOffice | 50.54 | No |
Total | -- | -- | -- | -- | 760.41 | -- |
Incentiveequitytodirectors,supervisorsor/andseniorexecutivesinthereportingperiod
□Applicable√Notapplicable
V.Particularsaboutemployees.
1.Numberofstaff,professionalstructureandeducationalbackground
Numberofin-servicestaffoftheparentcompany(person) | 99 |
Numberofin-servicestaffofthemainsubsidiaries(person) | 2,055 |
Thetotalnumberofthein-servicestaff(person) | 2,154 |
Thetotalnumberofstaffreceivingremunerationinthecurrentperiod(person) | 2,154 |
Retiredstaffwithchargespaidbytheparentcompanyandmainsubsidiaries(person) | 98 |
Professional | |
Category | Numberofpersons(person) |
Managementpersonnel | 462 |
Tollcollectors | 1,280 |
Roadservicepersonnedl | 131 |
Logisticalpersonnedl | 281 |
Total | 2,154 |
Education | |
Category | Numberofpersons(person) |
Holdersofmaster’sdegreeorabove | 50 |
Graduatesofregularuniversity | 421 |
Graduatesofjuniorcolleges | 1,407 |
Other | 276 |
Total | 2,154 |
2.Remunerationpolicies
Accordingtothecompany'soveralldevelopmentplan,tofurtherestablishandimproveavarietyofhumanresourcemanagementsystem,strengthenthemacrosalarymanagement,tomaintainthelevelofsalarymarketcompetitiveness.Advocatesalaryandperformancerelated,andconstantlyimprovetheperformanceappraisalmechanism,personalperformanceappraisalapproach,staffpromotionsystem,todevelopbothincentiveandrestrictivesalaryperformancepolicy.Thinkhighlyoftheestablishmentandperfectionofwelfaresystem,inaccordancewiththerelevantprovisionsofthestateontimeandinfullforthefullpaypensioninsurance,medicalinsurance,work-relatedinjuryinsurance,unemploymentinsurance,maternityinsurance,housingprovidentfundandotherstatutorybenefits,complywiththeprovisionsonworkinghours,restandvacations,theestablishmentofsupplementarymedicalinsurance,enterpriseannuityandwelfaresystem.
3.Trainingplan
Nil
4.Outsourcingsituation
□Applicable√NoApplicable
2019AnnualReportX.Administrativestructure
I.Generalsituation
TheCompanystrictlyfollowedtherequirementoflawsandregulationsin<companylaw>,<theSecuritiesLaw>,<CodeofCorporateGovernanceforListedCompaniesinChina>,<StockListingRules>etc.andkeptonimprovingcorporategovernancestructures,improvingnormativeoperationlevel.Companyhadstipulatedrulessuchas<articlesofassociation>,rulesofproceduresinthreemeetings,workingguideofspecialcommitteeinboardofdirectors,workingguideofgeneralmanageretc.andinternalcontrolsystembasicallycoveringalloperatingmanagementsuchascompanyfinancialmanagement,investmentmanagement,informationdisclosure,relatedtransaction,externalguarantee,fundraisingetc.Allrulesarewellimplemented.Inthereportperiod,strictlyfollowingtherelevantprovisionsof“CompanyLaw”and“Regulations”,theshareholder’smeetingofourbankeffectivelyperformedthefunctions.Theboardofdirectorsistoberesponsiblefortheshareholder’smeeting,totaketheultimateresponsibilityforthebank’soperationandmanagementandtoconveneameetingaswellasperformingthefunctionandpoweraccordingtolegalprocedure.Inlinewiththeattitudewhichisresponsibleforallshareholdersandkeepinginclosecontactandcommunicationwiththeboardofdirectorsandthemanagement,theboardofsupervisorscarriesouttheassessmentworkondutyexercisingfortheboardofdirectorsandtheboardofsupervisors,effectivelyperformingfunctionsandobligationsofsupervision.Doesthereexistanydifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC,
□Yes√NoThereexistnodifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC.II.IndependenceandCompletenessinbusiness,personnel,assets,organizationandfinance
1.Independentbusiness
ThecompanymainlyengagedinbusinessisGuangfoExpressway,FokaiExpresswayandBeijing-ZhuhaiExpresswayGuangzhusectionofthechargesandmaintenancework,investmentinscienceandtechnologyindustryandproviderelevantadvice.ithasinvestedinorholdsShenzhenHuiyanExpresswayCo.,Ltd.,GuanghuiExpresswayCo.,Ltd.,JiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoHighwayCo.,Ltd.,GanzhouKangdaExpresswayCo.,Ltd,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyMicroLoanCo.,Ltd.andGuangdongGuangleExpresswayCo.,Ltd.TheCompanyhasoutstandingmainoperation,independentandcompletebusinessandtheabilityofindependentoperation.AllbusinessdecisionsoftheCompanyweremadeindependently,beingcompletelyseparatedfromtheshareholderwithactualcontrol.Relatedtransactionswerecarriedoutinlightoftheprincipleoffairtransaction,whichdidnotharmtheinterestsoftheCompanyandothershareholdersoftheCompany.Thecontentofrelatedtransactionswasfully,timelyandaccuratelydisclosed,whichdidnothavenegativeinfluenceontheCompany.
2.Completeassets
TherelationshipoftheCompany'spropertyrightisclear.TheassetsinjectedbyshareholdersintheCompanyareindependentandcompleteandhaveclearpropertyright.Allcapitalwaspaidupandrelevantformalitiesofpropertyrightchangeweresettled.
3.Independentpersonnel
Asforpersonnelrelationship,thegeneralmanager,deputygeneralmanagers,thesecretarytotheboardofdirectorsandfinancialcontrolleroftheCompanywerefull-timeemployeesandreceivedsalaryfromtheCompany,whodidnotconcurrentlyholdpositionsattheparentcompany.
AlldirectorsandsupervisorsoftheCompanywereelectedthroughlegalprocedure.Thegeneralmanager,deputygeneralmanagers,chiefaccountant,chiefeconomicengineerandchiefengineerweredirectlyappointedbytheboardofdirectors.Othermanagerialpersonnelofalllevelsweredirectlyappointedbythegeneralmanager.TheCompanyownsindependentpowerofpersonnelappointmentandremoval.
4.Independentfinance
TheCompany,includingsubsidiariesestablishedindependentaccountingdepartment,independentaccountingsystemandregulationsonfinancialmanagement.
TheCompanyindependentlyopenedbankaccountanddidnotdepositfundsintheaccountsofthefinancecompanyorsettlementcenterofthemajorityshareholder.TheCompanyindependentlypaidtax.TheCompany'sfinancialdecisionswereindependentlymade.Themajorityshareholderdidnotinterferewiththeuseoffundsbylistedcompanies.
5.IndependentorganizationTheboardofdirectors,thesupervisorycommitteeandotherinternalorgansoftheCompanyoperatedindependently.Itsorgansarecompleteandindependent.III.HorizontalCompetitions
□Applicable√Notapplicable
IV.AnnualGeneralMeetingandExtraordinaryShareholders’MeetingsintheReportingPeriod
1.AnnualGeneralMeeting
Sessions | MeetingDate | Descriptionofproposals | Resolution | Disclosuredate | Disclosureindex |
2018Shareholders’generalmeeting | AnnualShareholders’GeneralMeeting | 67.59% | May20,2019 | May21,2019 | AnnouncementofResolutionsoftheshareholders'generalmeetingin2018.www.cninfo.com.cn |
TheFirstprovisionalshareholders’Generalmeetingof2019 | Provisionalshareholders’Generalmeeting | 66.75% | June25,2019 | June26,2019 | AnnouncementofResolutionsoftheFirstprovisionalshareholders'generalmeetingof2019.www.cninfo.com.cn |
TheSecondprovisionalshareholders’Generalmeetingof2019 | Provisionalshareholders’Generalmeeting | 67.02% | September20,2019 | September21,2019 | AnnouncementofResolutionsoftheSecondprovisionalshareholders'generalmeetingof2019.www.cninfo.com.cn |
2.Requestforextraordinarygeneralmeetingbypreferredstockholderswhosevotingrightsrestore
□Applicable√NotapplicableV.Responsibilityperformanceofindependentdirectorsinreportperiod
1.Theattendingofindependentdirectorstoboardmeetingsandshareholders’generalmeeting
Theattendingofindependentdirectors | |||||||
IndependentDirectors | NumberofBoardmeetingsnecessarytobeattendedinthereportingperiod | Numberofspotattendances | NumberofmeetingsattendedbyCommunication | Numberofattendancesbyrepresentative | Numberofabsence | Failuretopersonallyattendboardmeetingssuccessivelytwice(Yes/No) | Attendanceoftheshareholders'generalmeeting |
GuNaikang | 9 | 3 | 6 | 0 | 0 | No | 3 |
GaoFangzhou | 9 | 3 | 6 | 0 | 0 | No | 3 |
LiuZhonghua | 9 | 3 | 6 | 0 | 0 | No | 3 |
ZhangHua | 9 | 3 | 6 | 0 | 0 | No | 3 |
ZengXiaoqing | 6 | 2 | 4 | 0 | 0 | No | 3 |
XiaoDuan | 3 | 1 | 2 | 0 | 0 | No | 3 |
NotestofailuretopersonallyattendBoardMeetingsSuccessivelyTwice
Nil
2.ObjectionforrelevanteventsfromindependentdirectorsIndependentdirectorscomeupwithobjectionaboutCompany’srelevantmatters
□Yes√NoNoobjectionsarisingfromtheindependentdirectorsonrelevanteventsoftheCompanyduringthePeriod
3.OthernotestodutyperformanceofindependentdirectorsHasanindependentdirector’sadvicetotheCompanybeenaccepted
√Yes□NoExplanationonacceptanceoforfailuretoacceptanindependentdirector’sadvicetotheCompany.Independentdirectorsseriouslyexercisetherightsconferredbylaw,keepabreastofthecompany'sproductionandmanagementinformation,concernedaboutthecompany'scomprehensivedevelopment,activelyattendrelevant
2019AnnualReportmeetingsheldbythecompanyin2019,publishedanindependentandobjectiveadviceonrelevantmattersforconsiderationbytheBoardofDirectorsoftheCompany.Faithfullyperformtheirduties,givefullplaytotheindependentroleoftheindependentdirectors,tosafeguardtheinterestsofthecompanyasawhole,andtosafeguardthelegitimaterightsandinterestsofallshareholders,especiallyminorityshareholders.Theadvicesonbusinessdevelopmentandcorporategovernancegivenbyindependentdirectorscanbeadopted.VI.DutyPerformanceofSpecialCommitteesundertheBoardofDirectorsintheReportingPeriod
1.Theboardofdirectorshasanauditcommitteecomposedofthreedirectors.i.e.,Mr.LiuZhonghua,Mr.ZhangHuaandMr.FangZhi.Theparticularsoftheworkoftheauditcommitteeinthereportperiodareasfollows:
AccordingtotheRulesofProcedureofAuditCommitteeoftheBoardofDirectorsandWorkingRegulationsofAuditCommitteeoftheBoardofDirectorsonAnnualReportandtheworkrequirementsofCSRCandShenzhenStockExchangeonannualreportfor2018theauditcommitteecarriedoutaseriesofworkfortheannualauditoftheCompanyfor2018,includingdecidingtheworkingschedulefortheauditoffinancialreportforthereportyearafterconsultationwiththecertifiedpublicaccountantsincharge,reviewingthefinancialreportpreparedbytheCompanyandformingwrittenopinions,issuingtheUrgingLetterforAudittocertifiedpublicaccountantsandrequiringcertifiedpublicaccountantstocarryoutoverallworkplanforauditandsubmitrelevantprogressreporttotheauditcommittee,reviewingthefinancialreportfor2018submittedbytheFinanceDept.oftheCompany(onwhichthecertifiedpublicaccountantsinchargeofannualauditissuedstandardunqualifiedopinions)andgivingwrittenauditingopinions.
2.Theboardofdirectorshasaremunerationcommitteecomposedofthreedirectors,i.e.,Mr.BaoFangzhou,Mr.GuNaikangandMrHuangHai.Theparticularsoftheworkoftheremunerationcommitteeinthereportperiodareasfollows:
AccordingtotheCompany'sRegulationsonPerformanceAppraisalandRemunerationManagementofSeniorExecutives,theremunerationandappraisalcommitteeauditedtheremunerationdisclosedbytheCompany'sdirectorsandseniorexecutivesfor2018andexpressedauditingopinionsandexaminedandadoptedtheremunerationschemeandappraisalschemeforseniorexecutivesoftheCompanyfor2018.
3.Inthereportperiod,Theboardofdirectorshasanstrategycommitteecomposedoffivedirectors.i.e.,Mr.ZhengRenfa,Mr.WangChunhua,Mr.GuNaikang,Mr.BaoFangzhou,Mr.ZhangHuaandMs.ZengXiaoqing.StrategyCommitteewillstrengthenthecompany'sstrategicdirection,strategicplanning,research,andsupervisetheimplementationofcorporatestrategies,providetimelyadvicetotheBoarddecisionsonstrategicdevelopment.
4.TheboardofdirectorshassetupaRiskManagementCommitteecomposedofthreedirectors,includingchairmanMr.ZhengRenfa,membersMr.GuNaikangandMr.BaoFangzhou.
TheRiskManagementCommitteewillworkinaccordancewiththeCompany'sMeasuresfortheManagementofRiskManagementandInternalControlandtheRulesofProcedureoftheRiskManagementCommitteeoftheBoardofDirectors.VII.WorkofthesupervisoryCommitteeDidthesupervisoryCommitteefindanyriskexistinginperformingthesupervisionactivitiesinthereportingperiod
□Yes√No
ThesupervisoryCommitteehasnoobjectionagainstanymattersundersupervisioninthereportingperiod
2019AnnualReportVIII.AssessmentandincentiveMechanismforSeniorexecutivesTheCompanyimplementedpositionresponsibilitytoeveryseniormanagement,andmadeclearregulationsonjobstandards,appraisalstandards.Theseniormanagementstaffshallreporttoworkerrepresentativesandacceptcomments.IX.InternalControlI.Specificsituationsonmajordefectsofinternalcontroldiscoveredduringreportperiod
□Yes√NoII.Self-evaluationreportoninternalcontrol
Disclosuredateofappraisalreportoninternalcontrol | April7,2020 | ||
Disclosureindexofappraisalreportoninternalcontrol | www.cninfo.com.cn | ||
Theratioofthetotalassetsofunitsincludedinthescopeofevaluationaccountingforthetotalassetsonthecompany'sconsolidatedfinancialstatements | 100.00% | ||
Theratiooftheoperatingincomeofunitsincludedinthescopeofevaluationaccountingfortheoperatingincomeonthecompany'sconsolidatedfinancialstatements | 100.00% | ||
StandardsofDefectsEvaluation | |||
Type | FinancialReport | Non-financialReport |
Qualitativestandard | ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas“materialdeficiencies”intheinternalcontrolofthefinancialreport.(1)Therearemajorfraudsmadebythedirectors,orsupervisors,orseniormanagementpersonnelinthecompany’smanagementactivities;(2)Therearematerialmisstatementsinthecurrentfinancialreportbuttheinternalcontrolfailedtofindthemisstatementsduringitsoperation;(3)Thesupervisionsmadebythecompany'sauditcommitteeandtheinternalauditorganizationontheinternalcontrolareinvalid;(4)Thecontrolenvironmentisinvalid;(5)Thematerialdeficienciesfoundandreportedtothemanagementbutarenotcorrectedwithinareasonabletime;(6)Thereisanadministrativepunishmentfromthesecuritiesregulatoryinstitutionduetoaccountingerrors.Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas“significantdeficiencies”intheinternalcontrolofthefinancialreportandthereareintensesignsforthesituationsbecoming“materialdeficiencies”:(1)Fraudsmadebystaffinkeypositions;(2)Thesupervisoryfunctiononcomplianceisinvalid,andtheviolationsofregulationsmayhaveasignificantimpactonthereliabilityofthefinancialreport;(3)Thesignificantdeficienciesreportedtothemanagementbutarenotcorrectedwithinareasonableperiod.Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas“generaldeficiencies”intheinternalcontrolofthefinancialreport.(1)Fraudsmadebystaffinnonkeypositions,orbusinessoperatorsexecutetheimplementationproceduresnotstrictlyconformingtothecompany’spolicybutresultedinnosignificantimpactonthereliabilityofthefinancialreport.(2)Thesupervisoryfunctiononcomplianceisinvalid,andtheviolationsofregulationsmaynothaveasignificantimpactonthereliabilityofthefinancialreport;(3)Thegeneraldeficienciesreportedtothemanagementbutarenotcorrectedwithinareasonableperiod. | Thequalitativecriteriafortheevaluationofinternalcontroldeficienciesinnon-financialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:seriousviolationsandbeingsentencedtoheavyfinesorneedtakingcriminalresponsibility;utterlydisregardtherulesoflaw,illegalbehaviorsintheoperationandmanagementareparticularlysevereandthecircumstanceisverybad,whichleadstothesuspensionorcessationtothecompany'sdailyoperationandmanagementactivities,andleadstotheauditreportwithadisclaimerofopinionoranegativeopinionissuedbytheCPA;thenegativenewsspreadalloverthecountry,whichcausedseveredamagetothecompany’sreputation;resultedindeceaseofanumberofworkersorcitizens,orresultedindamagesthatareunabletorecovertoworkersorcitizens;reachedthecircumstance(gradeII)ofmajorenvironmentalevent.Significantdeficiencies:illegalandbeingpunished;disregardtherequirementsofthecompany’smanagementsystemandtherelevantrulesoflaw,thereareillegalactsofusingtheauthoritytoseekillegalinterestsinthework,whichsignificantlyaffecttheefficiencyandtheresultofdailyoperationandmanagementactivitiesandleadtotheauditreportwithqualifiedopinionissuedbytheCPA;thenegativenewsspreadinaregion,whichcausedthelarge-extentdamagetothecompany’sreputation;resultedindeceaseofaworkeroracitizen,orresultedindamagesthatneedlongtimetorecovertoworkersorcitizens;reachedthecircumstance(gradeⅢ)ofbigenvironmentalevent.Generaldeficiencies:minorviolations;theawarenessofmanagementunderincompliancewithlawsandregulationsisweak,lackingofbusinessandmanagementknowledge,andtherearephenomenasuchasbeingslackinperformingmanagementduties,beingpassiveandpoorlyexecutetheinstitutioninthework,whichshallaffecttheefficiencyandtheresultofdailyoperationandmanagementactivitiesandleadtosmalleffectstothecompany’smanagementgoal;thenegativenewsspreadwithinthecompany,whichcausedthelittle-extentdamagetothecompany’sreputation;shortlyaffectedthehealthoftheworkersorcitizensandtheworkersorcitizenscanberecoveredinashorttime;reachedthecircumstance(gradeⅣ)ofgeneralenvironmentalevent. |
StandardsofQuantization | ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:potentialmisstatement≧1%ofthetotalamountoftheowner’sequityorRMB200million;significantdeficiencies:0.5%ofthetotalamountoftheowner’sequityorRMB100million≤potentialmisstatement<1%ofthetotalamountoftheowner’sequityorRMB200million;generaldeficiencies:potentialmisstatement<0.5%ofthetotalamountoftheowner’sequityorRMB100millionStandardsofQuantization | ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:potentialmisstatement≧1%ofthetotalamountoftheowner’sequityorRMB200million;significantdeficiencies:0.5%ofthetotalamountoftheowner’sequityorRMB100million≤potentialmisstatement<1%ofthetotalamountoftheowner’sequityorRMB200million;generaldeficiencies:potentialmisstatement<0.5%ofthetotalamountoftheowner’sequityorRMB100millionStandardsofQuantization |
Numberofmajordefectsinfinancialreporting(a) | 0 | |
Numberofmajordefectsinnonfinancialreporting(a) | 0 | |
Numberofimportantdefectsinfinancialreporting(a) | 0 | |
Numberofimportantdefectsinnonfinancialreporting(a) | 0 |
2019AnnualReportX.InternalControlauditreport
√Applicable□Notapplicable
Reviewopinionsintheinternalcontrolauditreport | |
Inouropinion,GuangdongExpresswayhasmaintainedeffectivefinancialreportinternalcontrolinallmaterialaspectsaccordingtothebasicstandardsforEnterpriseinternalcontrolandrelevantregulationsendedDecember31,2019. | |
Disclosureofinternalauditreport | Disclosure |
Disclosuredateofauditreportofinternalcontrol(full-text) | April7,2020 |
Disclosureindexofauditreportofinternalcontrol(full-text) | www.cninfo.com.cn |
Internalauditreport’sopinion | Unqualifiedauditopinion |
Non-financialreportingtheexistenceofsignificantdeficiencies | No |
HastheCPAsissuedaqualifiedauditor’sreportofinternalcontrol.
□Yes√NoDoestheinternalcontrolauditreportissuedbytheCPAsagreewiththeself-assessmentreportoftheBoardofDirectors
√Yes□No
XI.Corporationbonds
WhetherornottheCompanypublicofferingcorporationbondsinstockexchange,whichundueorwithoutpaymentinfullatmaturityontheapprovaldateforannualreportdisclosed
No
XII.FinancialReportI.Auditreport
Typeofauditopinion | StandardUnqualifiedauditopinion |
Typeofauditopinion | April3,2020 |
Nameofauditfirm | RuihuaCertifiedPublicAccountants(specialgeneralpartnership) |
AuditreportNO. | Ruihua【2020】4402001 |
NameofCertifiedpublicAccountant | QinYanlin,HuangZhiyan |
Auditors’ReportToallshareholdersofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.I.OpinionWehaveauditedthefinancialstatementsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(hereinafterreferredtoas"theCompany"),whichcomprisethebalancesheetasatDecember31,2019,andtheincomestatement,thestatementofcashflowsandthestatementofchangesinowners'equityfortheyearthenendedandnotestothefinancialstatements.Inouropinion,theattachedfinancialstatementsareprepared,inallmaterialrespects,inaccordancewithAccountingStandardsforBusinessEnterprisesandpresentfairlythefinancialpositionoftheCompanyasatDecember31,2019anditsoperatingresultsandcashflowsfortheyearthenended.II.BasisforOurOpinionWeconductedourauditinaccordancewiththeAuditingStandardsforCertifiedPublicAccountantsinChina.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor'sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.AccordingtotheCodeofEthicsforChineseCPA,weareindependentoftheCompanyinaccordancewiththeCodeofEthicsforChineseCPAandwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.
III.KeyAuditMattersKeyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Wehaveidentifiedthefollowingitemsaskeyaudititemsthatneedtobecommunicatedintheauditreport.
(I)Depreciationoffixedassetstollroads
1.ItemdescriptionAsmentionedin"Section5.15,FixedAssets"and"Section7.10,FixedAssets",thebookvalueoftheGuangdongExpresswayattheendof2019wasRMB8,415,370,425.02,accountingfor47.61%ofthe
2019AnnualReportconsolidatedtotalassets;thedepreciationprovidedforthetollroadin2019wasRMB770,040,553.89,accountingfor56.77%oftheconsolidatedoperatingcosts.GXtollroadsaredepreciatedaccordingtothetrafficflowmethod,whichcalculatesdepreciationforthecurrentperiodbasedontheratiooftheactualtrafficflowtotheexpectedtotalremainingtrafficflowduringtheoperatingperiod.TotaltrafficvolumeovertheoperatingperiodistheforecastoftotaltrafficvolumeovertheoperatingperiodofGDHCandisasignificantaccountingestimate.Therefore,wedeterminethepricinganddepreciationoftollroadsofGuangdongExpresswayCompanyasthekeyaudititems.
2.AuditresponseInresponsetotheabovekeyauditmatter,wehaveimplementedthefollowingmainauditprocedures:
(1)Understand,evaluateandtesttheinternalcontrolofthemanagementoftheCompanyonthedailymanagementandaccountingtreatmentoftollroads;
(2)CheckwhethertheactualtrafficflowdataappliedbyGuangdongExpresswayCompanyinthedepreciationcalculationoftollroadsisconsistentwiththeactualtrafficflowdataobtainedbyGuangdongExpresswayCompanyfromexternalserviceunits;
(3)Evaluatetheindependenceandprofessionalcompetenceofthethird-partyorganizationemployedbytheCompanythatcarriesouttrafficflowforecast;
(4)Understandthemethodsusedintrafficflowforecastreportsissuedbythird-partyorganizationstoforecastthetrafficflowinthefuture,andevaluatethereliabilityoftrafficflowforecastreportsbycomparingthepredictedtrafficflowforthepastyearwiththeactualtrafficflowforthatperiod;
(5)Recalculatethedepreciationofroadsandbridgestoverifytheaccuracyofthedepreciationamountofroadsandbridgesinthefinancialstatements.(II)Equityinvestment
1.Itemdescription
Asdescribedin"Section7-7,Long-termequityinvestments",“Section7-8,Investmentsinotherequityinstruments"and"Section7-37,Investmentincome",thetotalyear-endequityinvestmentsofYuehighwayCompanyin2019amountedtoRMB5,091,562,503.13,ofwhichRMB3,255,739,898.36inlong-termequityinvestmentsandRMB1,835,822,604.77inotherequityinstrumentsaccountedfor28.81%ofthetotalconsolidatedassets,ofwhichRMB508,416,135.27intotalinvestmentincomefromequityinvestmentsin2019accountedfor
35.07%oftheconsolidatednetprofitin2019.Equityinvestmentshaveasignificantimpactonthe2019financialstatements.
Therefore,wehavedeterminedtherecognitionandmeasurementofequityinvestmentofGuangdongExpresswayCompanyasthekeyauditmatter.
2.Auditresponse
Inresponsetotheabovekeyauditmatter,wehaveimplementedthefollowingmainauditprocedures:
(1)Obtaininvestmentagreement,articlesofassociationandotherdocumentsofequityinvestment,andunderstandthepurpose,businessmodelandcashflowcharacteristicsofinvestmentcontractofGuangdongExpresswayCompany;
(2)Throughexaminationofrelevantdocumentsandrecords,understandthejointcontrolormajorimpactofGuangdongExpresswayCompanyonthejointventurecompany,includingappointingrepresentativestotheboardofdirectorsofthejointventurecompanytoparticipateintheformulationoffinancialandoperatingpolicies;
(3)CommunicateanddiscusswiththemanagementofGuangdongExpresswayCompanytoevaluatetheactualimpactofGuangdongExpresswayCompanyonthemajordecisionsofthejointventurecompanyandrelatedoperations,andtoevaluatewhethertherehasbeenanysignificantchangecomparedwiththepreviousyear;
(4)Checktheauditreportoftheimportantjointventureandassociatecompany,andimplementon-siteauditproceduresfortheimportantfinancialstatementitemsoftheimportantjointventureandassociatecompanythathaveinfluenceontheequitymethodaccountingofGuangdongExpresswayCompany;implementreviewproceduresforthefinancialstatementsofotherjointventureandassociatecompany;
(5)PayattentiontowhethertherearedifferencesbetweentheaccountingpoliciesofjointventureandaffiliatedcompanyandGuangdongExpresswayCompany,andcheckwhethertheaccountingpoliciesofequitymethodofGuangdongExpresswayCompanyhavebeenadjusted;
(6)Recalculatetheaccuracyofequitymeasurement;
I.OtherMatter
TheconsolidatedandcompanybalancesheetonDecember31,2018,theconsolidatedandcompanyincomestatement,theconsolidatedandcompanycashflowstatement,theconsolidatedandcompanyshareholders'equitystatementandthenotestotherelevantfinancialstatementswereauditedbyotheraccountingfirms,andanunqualifiedopinionwasissuedonMarch28,2019.
II.Otherinformation
ThemanagementofGuangdongExpresswayCompanyisresponsibleforotherinformation.Otherinformationincludestheinformationcoveredinthe2019annualreportofGuangdongExpresswayCompany,butdoesnotincludethefinancialstatementandourauditreport.
Ourauditopiniononthefinancialstatementsdoesnotcoverotherinformation,andwedonotissueanyform
ofverificationconclusiononotherinformation.
Incombinationwithourauditofthefinancialstatements,ourresponsibilityistoreadotherinformation,andconsiderinsuchprocesswhetherotherinformationismateriallyinconsistentwiththefinancialstatementsortheinformationwelearnedduringtheaudit,orwhetherthereappearstobeamaterialmisstatement.
Basedontheworkthatwehavealreadyperformed,ifwedeterminethatotherinformationcontainsmaterialmisstatements,weshouldreportsuchfact.Inthisregard,wehavenothingtoreport.
III.ResponsibilitiesofManagementandThoseChargedwithGovernancefortheFinancialStatementsTheCompany'smanagementisresponsibleforpreparingthefinancialstatementsinaccordancewiththerequirementsofAccountingStandardsforBusinessEnterprisestoachieveafairpresentation,andfordesigning,implementingandmaintaininginternalcontrolthatisnecessarytoensurethatthefinancialstatementsarefreefrommaterialmisstatements,whetherduetofraudsorerrors.Inpreparingthefinancialstatements,managementoftheCompanyisresponsibleforassessingtheCompany'sabilitytocontinueasagoingconcern,disclosingmattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.
ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany'sfinancialreportingprocess.
IV.Auditor'sResponsibilitiesfortheAuditoftheFinancialStatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor'sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewiththeauditstandardswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.
2019AnnualReportAspartofanauditinaccordancewithISAs,weexerciseprofessionaljudgmentandmaintainprofessionalscepticismthroughouttheaudit.Wealso:
(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,omissions,misrepresentations,ortheoverrideofinternalcontrol.
(2)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.
(3)EvaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebymanagementoftheCompany.
(4)ConcludeontheappropriatenessofusingthegoingconcernassumptionbythemanagementoftheCompany,andconclude,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany'sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor'sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor'sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,includingthedisclosures,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
(6)ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatementsandbearallliabilityfortheopinion.Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditmatters,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor'sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.RuihuaCertifiedPublicAccountantsCo.,Ltd.(SpecialGeneralPartnership)CertifiedPublicAccountantofChina:
(projectpartner)QinYanlinCertifiedPublicAccountantofChina:HuangZhiyan
BeijingChinaApril3,2020
2019AnnualReportII.FinancialStatement
Currencyunitforthestatementsinthenotestothesefinancialstatements:RMB
1.ConsolidatedbalancesheetPreparedby::GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
December31,2019
InRMB
Items | December31,2019 | December31,2018 |
Currentasset: | ||
Monetaryfund | 2,817,920,894.50 | 2,124,524,996.32 |
Settlementprovision | ||
Outgoingcallloan | ||
Transactionalfinancialassets | ||
Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | ||
Derivativefinancialassets | ||
Notesreceivable | ||
Accountreceivable | 125,343,724.66 | 91,076,995.07 |
Financingofreceivables | ||
Prepayments | 10,894,246.41 | 1,912,943.40 |
Insurancereceivable | ||
Reinsurancereceivable | ||
ProvisionsofReinsurancecontractsreceivable | ||
Otheraccountreceivable | 26,618,178.57 | 16,487,256.02 |
Including:Interestreceivable | ||
Dividendreceivable | 7,205,472.90 | 1,205,472.90 |
Repurchasingoffinancialassets | ||
Inventories | 111,683.22 | 81,017.91 |
Contractassets | ||
Assetsheldforsales | ||
Non-currentassetduewithin1year | 51,745.32 | 51,745.32 |
Othercurrentasset |
Items | December31,2019 | December31,2018 |
Totalofcurrentassets | 2,980,940,472.68 | 2,234,134,954.04 |
Non-currentassets: | ||
Loansandpaymentonother’sbehalfdisbursed | ||
Debtinvestment | ||
Availableforsaleoffinancialassets | 1,668,791,594.53 | |
Otherinvestmentonbonds | ||
Expiredinvestmentinpossess | ||
Long-termreceivable | ||
Longtermshareequityinvestment | 3,255,739,898.36 | 3,145,644,970.07 |
Otherequityinstrumentsinvestment | 1,835,822,604.77 | |
Othernon-currentfinancialassets | ||
Propertyinvestment | 3,331,500.37 | 3,579,007.54 |
Fixedassets | 8,925,700,473.65 | 7,600,046,319.91 |
Constructioninprogress | 229,098,299.48 | 1,089,473,425.63 |
Productionphysicalassets | ||
Oil&gasassets | ||
Userightassets | ||
Intangibleassets | 6,393,895.17 | 5,739,020.48 |
Developmentexpenses | ||
Goodwill | ||
Long-germexpensestobeamortized | 1,114,764.44 | 1,221,781.88 |
Deferredincometaxasset | 385,494,106.13 | 447,485,034.79 |
Othernon-currentasset | 50,909,325.73 | 99,794,665.58 |
Totalofnon-currentassets | 14,693,604,868.10 | 14,061,775,820.41 |
Totalofassets | 17,674,545,340.78 | 16,295,910,774.45 |
Currentliabilities | ||
Short-termloans | ||
LoanfromCentralBank | ||
Borrowingfunds | ||
Transactionalfinancialliabilities | ||
Financialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount |
Items | December31,2019 | December31,2018 |
Derivativefinancialliabilities | ||
Notespayable | ||
Accountpayable | 290,657,734.31 | 203,779,190.74 |
Advancereceipts | 15,605,094.69 | 12,039,708.01 |
Contractliabilities | ||
Sellingofrepurchasedfinancialassets | ||
Deposittakingandinterbankdeposit | ||
Entrustedtradingofsecurities | ||
Entrustedsellingofsecurities | ||
Employees’wagepayable | 14,822,524.70 | 13,122,437.17 |
Taxpayable | 84,257,586.94 | 104,198,746.06 |
Otheraccountpayable | 626,180,586.92 | 191,254,464.84 |
Including:Interestpayable | 8,971,576.57 | |
Dividendpayable | 20,020,119.31 | 17,191,142.23 |
Feesandcommissionspayable | ||
Reinsurancefeepayable | ||
Liabilitiesheldforsales | ||
Non-currentliabilityduewithin1year | 795,861,958.07 | 2,498,480,000.00 |
Othercurrentliability | 189,628.17 | |
Totalofcurrentliability | 1,827,575,113.80 | 3,022,874,546.82 |
Non-currentliabilities: | ||
Reservefundforinsurancecontracts | ||
Long-termloan | 4,640,425,000.00 | 2,983,040,000.00 |
Bondpayable | 678,124,972.89 | |
Including:preferredstock | ||
Sustainabledebt | ||
Leaseliability | ||
Long-termpayable | 39,369,379.91 | 38,022,210.11 |
Long-termremunerationpayabletostaff | ||
Expectedliabilities | ||
Deferredincome | ||
Deferredincometaxliability | 238,453,976.29 | 205,672,389.59 |
Othernon-currentliabilities |
Items | December31,2019 | December31,2018 |
Totalnon-currentliabilities | 5,596,373,329.09 | 3,226,734,599.70 |
Totalofliability | 7,423,948,442.89 | 6,249,609,146.52 |
Owners’equity | ||
Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
Otherequityinstruments | ||
Including:preferredstock | ||
Sustainabledebt | ||
Capitalreserves | 2,562,570,465.31 | 2,536,774,965.31 |
Less:Sharesinstock | ||
Othercomprehensiveincome | 382,193,344.90 | 245,109,114.81 |
Specialreserve | ||
Surplusreserves | 910,425,068.90 | 775,402,561.35 |
Commonriskprovision | ||
Retainedprofit | 3,877,431,844.64 | 3,938,609,136.59 |
Totalofowner’sequitybelongtotheparentcompany | 9,823,426,849.75 | 9,586,701,904.06 |
Minorityshareholders’equity | 427,170,048.14 | 459,599,723.87 |
Totalofowners’equity | 10,250,596,897.89 | 10,046,301,627.93 |
Totalofliabilitiesandowners’equity | 17,674,545,340.78 | 16,295,910,774.45 |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting:FangZhiAccountingDeptLeader:ZhouFang
2.ParentCompanyBalanceSheet
InRMB
Items | December31,2019 | December31,2018 |
Currentasset: | ||
Monetaryfund | 2,791,384,501.78 | 2,096,597,568.04 |
Transactionalfinancialassets | ||
Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | ||
Derivativefinancialassets | ||
Notesreceivable | ||
Accountreceivable | 21,864,051.27 | 18,405,847.15 |
Financingofreceivables | ||
Prepayments | 1,737,598.88 | 1,532,057.82 |
Otheraccountreceivable | 13,435,651.19 | 9,323,782.66 |
Including:Interestreceivable | 1,880,148.12 | |
Dividendreceivable | 7,205,472.90 | 1,205,472.90 |
Inventories | ||
Contractassets | ||
Assetsheldforsales | ||
Non-currentassetduewithin1year | 151,637,139.08 | 100,000,000.00 |
Othercurrentasset | ||
Totalofcurrentassets | 2,980,058,942.20 | 2,225,859,255.67 |
Non-currentassets: | ||
Debtinvestment | 537,903,684.98 | |
Availableforsaleoffinancialassets | 1,668,791,594.53 | |
Otherinvestmentonbonds | ||
Expiredinvestmentinpossess | ||
Long-termreceivable | ||
Longtermshareequityinvestment | 4,789,404,907.17 | 4,679,309,978.88 |
Otherequityinstrumentsinvestment | 1,835,822,604.77 | |
Othernon-currentfinancialassets | ||
Propertyinvestment | 3,079,362.12 | 3,326,869.29 |
Fixedassets | 6,818,701,482.08 | 5,292,898,635.00 |
Items | December31,2019 | December31,2018 |
Constructioninprogress | 46,952,925.08 | 1,060,230,773.10 |
Productionphysicalassets | ||
Oil&gasassets | ||
Userightassets | ||
Intangibleassets | 2,533,878.12 | 1,741,277.53 |
Developmentexpenses | ||
Goodwill | ||
Long-germexpensestobeamortized | ||
Deferredincometaxasset | 385,296,935.33 | 447,328,530.77 |
Othernon-currentasset | 36,901,029.57 | 790,720,727.48 |
Totalofnon-currentassets | 14,456,596,809.22 | 13,944,348,386.58 |
Totalofassets | 17,436,655,751.42 | 16,170,207,642.25 |
Currentliabilities | ||
Short-termloans | ||
Transactionalfinancialliabilities | ||
Financialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | ||
Derivativefinancialliabilities | ||
Notespayable | ||
Accountpayable | 129,930,285.56 | 124,833,335.72 |
Advancereceipts | ||
ContractLiabilities | ||
Employees’wagepayable | 6,340,740.61 | 5,669,203.37 |
Taxpayable | 8,704,510.83 | 10,297,144.52 |
Otheraccountpayable | 582,131,356.01 | 142,457,135.79 |
Including:Interestpayable | 8,373,096.36 | |
Dividendpayable | 20,020,119.31 | 17,191,142.23 |
Liabilitiesheldforsales | ||
Non-currentliabilityduewithin1year | 744,589,133.72 | 2,327,180,000.00 |
Othercurrentliability | 821,133,339.57 | 977,236,252.44 |
Totalofcurrentliability | 2,292,829,366.30 | 3,587,673,071.84 |
Non-currentliabilities: | ||
Long-termloan | 4,243,730,000.00 | 2,731,990,000.00 |
Items | December31,2019 | December31,2018 |
Bondpayable | 678,124,972.89 | |
Including:preferredstock | ||
Sustainabledebt | ||
Leaseliability | ||
Long-termpayable | 39,369,379.91 | 38,022,210.11 |
Long-termremunerationpayabletostaff | ||
Expectedliabilities | ||
Deferredincome | ||
Deferredincometaxliability | 129,978,356.56 | 88,220,604.00 |
Othernon-currentliabilities | ||
Totalnon-currentliabilities | 5,091,202,709.36 | 2,858,232,814.11 |
Totalofliability | 7,384,032,075.66 | 6,445,905,885.95 |
Owners’equity | ||
Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
Otherequityinstruments | ||
Including:preferredstock | ||
Sustainabledebt | ||
Capitalreserves | 2,974,458,696.93 | 2,948,663,196.93 |
Less:Sharesinstock | ||
Othercomprehensiveincome | 382,193,344.90 | 245,109,114.81 |
Specialreserve | ||
Surplusreserves | 894,580,785.25 | 759,558,277.70 |
Retainedprofit | 3,710,584,722.68 | 3,680,165,040.86 |
Totalofowners’equity | 10,052,623,675.76 | 9,724,301,756.30 |
Totalofliabilitiesandowners’equity | 17,436,655,751.42 | 16,170,207,642.25 |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting:FangZhiAccountingDeptLeader:ZhouFang
3.ConsolidatedIncomestatement
InRMB
Items | Year2019 | Year2018 |
I.Incomefromthekeybusiness | 3,057,935,584.43 | 3,218,694,083.94 |
Incl:Businessincome | 3,057,935,584.43 | 3,218,694,083.94 |
Interestincome | ||
Insurancefeeearned | ||
Feeandcommissionreceived | ||
II.Totalbusinesscost | 1,778,450,564.64 | 1,692,385,614.14 |
Incl:Businesscost | 1,356,412,853.77 | 1,279,095,071.32 |
Interestexpense | ||
Feeandcommissionpaid | ||
Insurancedischargepayment | ||
Netclaimamountpaid | ||
Netamountofwithdrawalofinsurancecontractreserve | ||
Insurancepolicydividendpaid | ||
Reinsuranceexpenses | ||
Businesstaxandsurcharge | 16,149,616.32 | 15,987,266.39 |
Salesexpense | ||
Administrativeexpense | 192,182,962.68 | 183,392,148.68 |
R&Dcosts | 1,318,344.01 | |
Financialexpenses | 213,705,131.87 | 212,592,783.74 |
Including:Interestexpense | 236,273,431.67 | 237,334,325.27 |
Interestincome | 28,663,756.79 | 31,889,543.71 |
Add:Otherincome | 1,740,540.05 | 1,113,228.32 |
Investmentgain(“-”forloss) | 508,416,135.27 | 507,659,683.96 |
Incl:investmentgainsfromaffiliates | 469,503,736.12 | 463,873,066.20 |
Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
Gainsfromcurrencyexchange | ||
Netexposurehedgingincome | ||
Changingincomeoffairvalue |
Items | Year2019 | Year2018 |
Creditimpairmentloss | -191,096.49 | |
Impairmentlossofassets | -7,238,195.84 | 1,006,155.42 |
Assetsdisposalincome | 19,031,900.46 | 66,431,966.75 |
III.Operationalprofit(“-”forloss) | 1,801,244,303.24 | 2,102,519,504.25 |
Add:Non-operationalincome | 2,965,674.12 | 4,175,801.94 |
Less:Non-operatingexpense | 15,783,456.02 | 8,979,998.49 |
IV.Totalprofit(“-”forloss) | 1,788,426,521.34 | 2,097,715,307.70 |
Less:Incometaxexpenses | 338,841,390.07 | 194,374,904.99 |
V.Netprofit | 1,449,585,131.27 | 1,903,340,402.71 |
(I)Classificationbybusinesscontinuity | ||
1.Netcontinuingoperatingprofit | 1,449,585,131.27 | 1,903,340,402.71 |
2.Terminationofoperatingnetprofit | ||
(II)Classificationbyownership | ||
1.Netprofitattributabletotheownersofparentcompany | 1,258,628,101.71 | 1,677,028,179.18 |
2.Minorityshareholders’equity | 190,957,029.56 | 226,312,223.53 |
VI.Netafter-taxofothercomprehensiveincome | 126,887,291.61 | -82,154,709.36 |
Netofprofitofothercomprehensiveincomeattributabletoownersoftheparentcompany. | 126,887,291.61 | -82,154,709.36 |
(I)Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | 125,273,257.68 | |
1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | ||
3.Changesinthefairvalueofinvestmentsinotherequityinstruments | 125,273,257.68 | |
4.Changesinthefairvalueofthecompany’screditrisks |
Items | Year2019 | Year2018 |
5.Other | ||
(II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss. | 1,614,033.93 | -82,154,709.36 |
1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | 1,614,033.93 | -20,400,286.56 |
2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
3.Gainsandlossesfromchangesinfairvalueavailableforsalefinancialassets | -61,754,422.80 | |
4.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
5.Held-to-maturityinvestmentsreclassifiedtogainsandlossesofavailableforsalefinancialassets | ||
6.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
7.Reserveforcashflowhedges | ||
8.Translationdifferencesincurrencyfinancialstatements | ||
9.Other | ||
NetofprofitofothercomprehensiveincomeattributabletoMinorityshareholders’equity | ||
VII.Totalcomprehensiveincome | 1,576,472,422.88 | 1,821,185,693.35 |
Totalcomprehensiveincomeattributabletotheowneroftheparentcompany | 1,385,515,393.32 | 1,594,873,469.82 |
Totalcomprehensiveincomeattributableminorityshareholders | 190,957,029.56 | 226,312,223.53 |
VIII.Earningspershare | ||
(I)Basicearningspershare | 0.60 | 0.80 |
(II)Dilutedearningspershare | 0.60 | 0.80 |
Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachievednetprofitofRMB0.00,lastperiodthecombinedpartyrealizedRMB0.00.
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting:FangZhiAccountingDeptLeader:ZhouFang
4.IncomestatementoftheParentCompany
InRMB
Items | Year2019 | Year2018 |
I.Incomefromthekeybusiness | 1,290,289,841.76 | 1,407,552,753.41 |
Incl:Businesscost | 783,821,932.19 | 715,167,422.95 |
Businesstaxandsurcharge | 7,618,743.78 | 7,835,359.08 |
Salesexpense | ||
Administrativeexpense | 118,364,771.13 | 110,081,131.38 |
R&Dexpense | ||
Financialexpenses | 198,989,995.09 | 195,110,213.09 |
Including:Interestexpenses | 224,948,208.12 | 223,418,837.71 |
Interestincome | 28,519,844.52 | 31,556,863.82 |
Add:Otherincome | 483,367.72 | 396,608.55 |
Investmentgain(“-”forloss) | 1,236,812,045.82 | 1,814,856,174.83 |
Including:investmentgainsfromaffiliates | 469,503,736.12 | 463,873,066.20 |
Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
Netexposurehedgingincome | ||
Changingincomeoffairvalue | ||
Creditimpairmentloss | ||
Impairmentlossofassets | -7,238,195.84 | 1,013,982.92 |
Assetsdisposalincome | 276,051.47 | 200,494.75 |
II.Operationalprofit(“-”forloss) | 1,411,827,668.74 | 2,195,825,887.96 |
Add:Non-operationalincome | 1,856,765.81 | 1,131,640.33 |
Less:Non-operationalexpenses | 1,427,763.63 | 3,421,654.59 |
III.Totalprofit(“-”forloss) | 1,412,256,670.92 | 2,193,535,873.70 |
Less:Incometaxexpenses | 62,031,595.44 | -112,278,439.46 |
IV.Netprofit | 1,350,225,075.48 | 2,305,814,313.16 |
1.Netcontinuingoperatingprofit | ||
2.Terminationofoperatingnetprofit | ||
V.Netafter-taxofothercomprehensiveincome | 126,887,291.61 | -82,154,709.36 |
Items | Year2019 | Year2018 |
(I)Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | 125,273,257.68 | |
1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | ||
3.Changesinthefairvalueofinvestmentsinotherequityinstruments | 125,273,257.68 | |
4.Changesinthefairvalueofthecompany’screditrisks | ||
5.Other | ||
(II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss. | 1,614,033.93 | -82,154,709.36 |
1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | 1,614,033.93 | -20,400,286.56 |
2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
3.Gainsandlossesfromchangesinfairvalueavailableforsalefinancialassets | -61,754,422.80 | |
4.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
5.Held-to-maturityinvestmentsreclassifiedtogainsandlossesofavailableforsalefinancialassets | ||
6.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
7.Reserveforcashflowhedges | ||
8.Translationdifferencesincurrencyfinancialstatements |
Items | Year2019 | Year2018 |
9.Other | ||
VI.Totalcomprehensiveincome | 1,477,112,367.09 | 2,223,659,603.80 |
VII.Earningspershare | ||
(I)Basicearningspershare | ||
(II)Dilutedearningspershare |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting:FangZhiAccountingDeptLeader:ZhouFang
5.ConsolidatedCashflowstatement
InRMB
Items | Year2019 | Year2018 |
I.Cashflowsfromoperatingactivities | ||
Cashreceivedfromsalesofgoodsorrendingofservices | 3,106,889,139.80 | 3,287,727,513.56 |
Netincreaseofcustomerdepositsandcapitalkeptforbrothercompany | ||
Netincreaseofloansfromcentralbank | ||
Netincreaseofinter-bankloansfromotherfinancialbodies | ||
Cashreceivedagainstoriginalinsurancecontract | ||
Netcashreceivedfromreinsurancebusiness | ||
Netincreaseofclientdepositandinvestment | ||
Cashreceivedfrominterest,commissionchargeandcommission | ||
Netincreaseofinter-bankfundreceived | ||
Netincreaseofrepurchasingbusiness | ||
Netcashreceivedbyagentinsecuritiestrading | ||
Taxreturned |
Items | Year2019 | Year2018 |
Othercashreceivedfrombusinessoperation | 62,631,730.01 | 96,620,294.65 |
Sub-totalofcashinflow | 3,169,520,869.81 | 3,384,347,808.21 |
Cashpaidforpurchasingofmerchandiseandservices | 337,822,067.09 | 282,911,012.21 |
Netincreaseofclienttradeandadvance | ||
Netincreaseofsavingsincentralbankandbrothercompany | ||
Cashpaidfororiginalcontractclaim | ||
Netincreaseinfinancialassetsheldfortradingpurposes | ||
NetincreaseforOutgoingcallloan | ||
Cashpaidforinterest,processingfeeandcommission | ||
Cashpaidtostaffsorpaidforstaffs | 353,578,371.44 | 331,709,871.16 |
Taxespaid | 417,125,959.47 | 778,835,419.88 |
Othercashpaidforbusinessactivities | 72,442,573.98 | 74,905,926.92 |
Sub-totalofcashoutflowfrombusinessactivities | 1,180,968,971.98 | 1,468,362,230.17 |
Netcashgeneratedfrom/usedinoperatingactivities | 1,988,551,897.83 | 1,915,985,578.04 |
II.Cashflowgeneratedbyinvesting | ||
Cashreceivedfrominvestmentretrieving | ||
Cashreceivedasinvestmentgains | 420,177,836.09 | 414,389,169.98 |
Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 20,026,035.00 | 228,222,572.51 |
Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
Otherinvestment-relatedcashreceived | ||
Sub-totalofcashinflowduetoinvestmentactivities | 440,203,871.09 | 642,611,742.49 |
Items | Year2019 | Year2018 |
Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 823,074,417.73 | 845,371,278.92 |
Cashpaidasinvestment | ||
Netincreaseofloanagainstpledge | ||
Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
Othercashpaidforinvestmentactivities | ||
Sub-totalofcashoutflowduetoinvestmentactivities | 823,074,417.73 | 845,371,278.92 |
Netcashflowgeneratedbyinvestment | -382,870,546.64 | -202,759,536.43 |
III.Cashflowgeneratedbyfinancing | ||
Cashreceivedasinvestment | ||
Including:Cashreceivedasinvestmentfromminorshareholders | ||
Cashreceivedasloans | 3,756,700,000.00 | 1,385,000,000.00 |
Otherfinancing–relatedcashreceived | ||
Sub-totalofcashinflowfromfinancingactivities | 3,756,700,000.00 | 1,385,000,000.00 |
Cashtorepaydebts | 3,017,350,000.00 | 1,785,260,000.00 |
Cashpaidasdividend,profit,orinterests | 1,649,309,548.28 | 1,550,437,061.08 |
Including:Dividendandprofitpaidbysubsidiariestominorshareholders | 223,386,705.29 | 210,252,062.66 |
Othercashpaidforfinancingactivities | 791,384.00 | |
Sub-totalofcashoutflowduetofinancingactivities | 4,667,450,932.28 | 3,335,697,061.08 |
Netcashflowgeneratedbyfinancing | -910,750,932.28 | -1,950,697,061.08 |
IV.Influenceofexchangeratealternationoncashandcashequivalents | -1,534,520.73 | -2,267,884.63 |
V.Netincreaseofcashandcashequivalents | 693,395,898.18 | -239,738,904.10 |
Items | Year2019 | Year2018 |
Add:balanceofcashandcashequivalentsatthebeginningofterm | 2,123,303,796.32 | 2,363,042,700.42 |
VI..Balanceofcashandcashequivalentsattheendofterm | 2,816,699,694.50 | 2,123,303,796.32 |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting:FangZhiAccountingDeptLeader:ZhouFang
6.CashFlowStatementoftheParentCompany
InRMB
Items | Year2019 | Year2018 |
I.Cashflowsfromoperatingactivities | ||
Cashreceivedfromsalesofgoodsorrendingofservices | 1,319,322,493.90 | 1,376,638,206.96 |
Taxreturned | ||
Othercashreceivedfrombusinessoperation | 77,128,413.98 | 451,033,420.59 |
Sub-totalofcashinflow | 1,396,450,907.88 | 1,827,671,627.55 |
Cashpaidforpurchasingofmerchandiseandservices | 127,357,495.28 | 129,341,285.43 |
Cashpaidtostaffsorpaidforstaffs | 147,473,541.71 | 140,700,012.09 |
Taxespaid | 49,562,069.12 | 51,584,160.49 |
Othercashpaidforbusinessactivities | 235,160,213.53 | 380,472,347.82 |
Sub-totalofcashoutflowfrombusinessactivities | 559,553,319.64 | 702,097,805.83 |
Netcashgeneratedfrom/usedinoperatingactivities | 836,897,588.24 | 1,125,573,821.72 |
II.Cashflowgeneratedbyinvesting | ||
Cashreceivedfrominvestmentretrieving | 105,000,000.00 | |
Cashreceivedasinvestmentgains | 1,152,310,903.36 | 1,045,610,436.49 |
Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 4,900.00 | 313,375.00 |
Items | Year2019 | Year2018 |
Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
Otherinvestment-relatedcashreceived | 148,330,950.62 | |
Sub-totalofcashinflowduetoinvestmentactivities | 1,257,315,803.36 | 1,194,254,762.11 |
Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 704,297,796.17 | 803,184,034.08 |
Cashpaidasinvestment | ||
Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
Othercashpaidforinvestmentactivities | 5,000,000.00 | |
Sub-totalofcashoutflowduetoinvestmentactivities | 704,297,796.17 | 808,184,034.08 |
Netcashflowgeneratedbyinvestment | 553,018,007.19 | 386,070,728.03 |
III.Cashflowgeneratedbyfinancing | ||
Cashreceivedasinvestment | ||
Cashreceivedasloans | 3,290,000,000.00 | 636,000,000.00 |
Otherfinancing–relatedashreceived | 291,000,000.00 | |
Sub-totalofcashinflowfromfinancingactivities | 3,290,000,000.00 | 927,000,000.00 |
Cashtorepaydebts | 2,575,665,000.00 | 821,880,000.00 |
Cashpaidasdividend,profit,orinterests | 1,407,137,756.96 | 1,275,396,189.75 |
Othercashpaidforfinancingactivities | 791,384.00 | 374,200,000.00 |
Sub-totalofcashoutflowduetofinancingactivities | 3,983,594,140.96 | 2,471,476,189.75 |
Netcashflowgeneratedbyfinancing | -693,594,140.96 | -1,544,476,189.75 |
IV.Influenceofexchangeratealternationoncashandcashequivalents | -1,534,520.73 | -2,267,884.63 |
Items | Year2019 | Year2018 |
V.Netincreaseofcashandcashequivalents | 694,786,933.74 | -35,099,524.63 |
Add:balanceofcashandcashequivalentsatthebeginningofterm | 2,095,376,368.04 | 2,130,475,892.67 |
VI..Balanceofcashandcashequivalentsattheendofterm | 2,790,163,301.78 | 2,095,376,368.04 |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting:FangZhiAccountingDeptLeader:ZhouFang
7.ConsolidatedStatementonChangeinOwners’EquityAmountinthisperiod
InRMB
Items | Year2019 | ||||||||||||||
Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
preferredstock | Sustainabledebt | Other | |||||||||||||
I.Balanceattheendoflastyear | 2,090,806,126.00 | 2,536,774,965.31 | 245,109,114.81 | 775,402,561.35 | 3,938,609,136.59 | 9,586,701,904.06 | 459,599,723.87 | 10,046,301,627.93 | |||||||
Add:Changeofaccountingpolicy | 10,196,938.48 | -9,749,843.30 | 447,095.18 | 447,095.18 | |||||||||||
Correctingofpreviouserrors | |||||||||||||||
Mergerofentitiesundercommoncontrol | |||||||||||||||
Other | |||||||||||||||
II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 2,536,774,965.31 | 255,306,053.29 | 775,402,561.35 | 3,928,859,293.29 | 9,587,148,999.24 | 459,599,723.87 | 10,046,748,723.11 | |||||||
III.Changedinthecurrentyear | 25,795,500.00 | 126,887,291.61 | 135,022,507.55 | -51,427,448.65 | 236,277,850.51 | -32,429,675.73 | 203,848,174.78 | ||||||||
(1)Totalcomprehensiveincome | 126,887,291.61 | 1,258,628,101.71 | 1,385,515,393.32 | 190,957,029.56 | 1,576,472,422.88 |
Items | Year2019 | ||||||||||||||
Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
preferredstock | Sustainabledebt | Other | |||||||||||||
(II)Investmentordecreasingofcapitalbyowners | |||||||||||||||
1OrdinarySharesinvestedbyshareholders | |||||||||||||||
2Holdersofotherequityinstrumentsinvestedcapital | |||||||||||||||
3.Amountofsharespaidandaccountedasowners’equity | |||||||||||||||
4.Other | |||||||||||||||
(III)Profitallotment | 135,022,507.55 | -1,310,055,550.36 | -1,175,033,042.81 | -223,386,705.29 | -1,398,419,748.10 | ||||||||||
1.Providingofsurplusreserves | 135,022,507.55 | -135,022,507.55 | |||||||||||||
2.Providingofcommonriskprovisions | |||||||||||||||
3.Allotmenttotheowners(orshareholders) | -1,175,033,042.81 | -1,175,033,042.81 | -223,386,705.29 | -1,398,419,748.10 |
Items | Year2019 | ||||||||||||||
Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
preferredstock | Sustainabledebt | Other | |||||||||||||
4.Other | |||||||||||||||
(IV)Internaltransferringofowners’equity | |||||||||||||||
1.Capitalizingofcapitalreserves(ortocapitalshares) | |||||||||||||||
2.Capitalizingofsurplusreserves(ortocapitalshares) | |||||||||||||||
3.Makinguplossesbysurplusreserves. | |||||||||||||||
4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | |||||||||||||||
5.Othercomprehensiveincomecarry-overretainedearnings | |||||||||||||||
6.Other | |||||||||||||||
(V).Specialreserves |
Items | Year2019 | ||||||||||||||
Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
preferredstock | Sustainabledebt | Other | |||||||||||||
1.Providedthisyear | |||||||||||||||
2.Usedthisterm | |||||||||||||||
(VI)Other | 25,795,500.00 | 25,795,500.00 | 25,795,500.00 | ||||||||||||
IV.Balanceattheendofthisterm | 2,090,806,126.00 | 2,562,570,465.31 | 382,193,344.90 | 910,425,068.90 | 3,877,431,844.64 | 9,823,426,849.75 | 427,170,048.14 | 10,250,596,897.89 |
2019AnnualReportAmountinlastyear
InRMB
Items | Year2018 | ||||||||||||||
Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
shareCapita | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
preferredstock | Sustainabledebt | Other | |||||||||||||
I.Balanceattheendoflastyear | 2,090,806,126.00 | 2,510,069,749.76 | 327,263,824.17 | 544,821,130.03 | 3,550,110,288.49 | 9,023,071,118.45 | 431,039,563.00 | 9,454,110,681.45 | |||||||
Add:Changeofaccountingpolicy | |||||||||||||||
Correctingofpreviouserrors | |||||||||||||||
Mergerofentitiesundercommoncontrol | |||||||||||||||
Other | |||||||||||||||
II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 2,510,069,749.76 | 327,263,824.17 | 544,821,130.03 | 3,550,110,288.49 | 9,023,071,118.45 | 431,039,563.00 | 9,454,110,681.45 | |||||||
III.Changedinthecurrentyear | 26,705,215.55 | -82,154,709.36 | 230,581,431.32 | 388,498,848.10 | 563,630,785.61 | 28,560,160.87 | 592,190,946.48 | ||||||||
(1)Totalcomprehensiveincome | -82,154,709.36 | 1,677,028,179.18 | 1,594,873,469.82 | 226,312,223.53 | 1,821,185,693.35 | ||||||||||
(II)Investmentordecreasingofcapitalbyowners | |||||||||||||||
1OrdinarySharesinvestedbyshareholders |
Items | Year2018 | ||||||||||||||
Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
shareCapita | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
preferredstock | Sustainabledebt | Other | |||||||||||||
2Holdersofotherequityinstrumentsinvestedcapital | |||||||||||||||
3.Amountofsharespaidandaccountedasowners’equity | |||||||||||||||
4.Other | |||||||||||||||
(III)Profitallotment | 230,581,431.32 | -1,288,529,331.08 | -1,057,947,899.76 | -197,752,062.66 | -1,255,699,962.42 | ||||||||||
1.Providingofsurplusreserves | 230,581,431.32 | -230,581,431.32 | |||||||||||||
2.Providingofcommonriskprovisions | |||||||||||||||
3.Allotmenttotheowners(orshareholders) | -1,057,947,899.76 | -1,057,947,899.76 | -197,752,062.66 | -1,255,699,962.42 | |||||||||||
4.Other | |||||||||||||||
(IV)Internaltransferringofowners’equity | |||||||||||||||
1.Capitalizingofcapitalreserves(ortocapitalshares) | |||||||||||||||
2.Capitalizingofsurplusreserves(ortocapitalshares) |
Items | Year2018 | ||||||||||||||
Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
shareCapita | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
preferredstock | Sustainabledebt | Other | |||||||||||||
3.Makinguplossesbysurplusreserves. | |||||||||||||||
4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | |||||||||||||||
5.Othercomprehensiveincomecarry-overretainedearnings | |||||||||||||||
6.Other | |||||||||||||||
(V).Specialreserves | |||||||||||||||
1.Providedthisyear | |||||||||||||||
2.Usedthisterm | |||||||||||||||
(VI)Other | 26,705,215.55 | 26,705,215.55 | 26,705,215.55 | ||||||||||||
IV.Balanceattheendofthisterm | 2,090,806,126.00 | 2,536,774,965.31 | 245,109,114.81 | 775,402,561.35 | 3,938,609,136.59 | 9,586,701,904.06 | 459,599,723.87 | 10,046,301,627.93 |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting:FangZhiAccountingDeptLeader:ZhouFang
8.Statementofchangeinowner’sEquityoftheParentCompanyAmountinthisperiod
InRMB
Items | Year2019 | |||||||||||
Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
preferredstock | Sustainabledebt | Other | ||||||||||
I.Balanceattheendoflastyear | 2,090,806,126.00 | 2,948,663,196.93 | 245,109,114.81 | 759,558,277.70 | 3,680,165,040.86 | 9,724,301,756.30 | ||||||
Add:Changeofaccountingpolicy | 10,196,938.48 | -9,749,843.30 | 447,095.18 | |||||||||
Correctingofpreviouserrors | ||||||||||||
Other | ||||||||||||
II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 2,948,663,196.93 | 255,306,053.29 | 759,558,277.70 | 3,670,415,197.56 | 9,724,748,851.48 | ||||||
III.Changedinthecurrentyear | 25,795,500.00 | 126,887,291.61 | 135,022,507.55 | 40,169,525.12 | 327,874,824.28 | |||||||
(I)Totalcomprehensiveincome | 126,887,291.61 | 1,350,225,075.48 | 1,477,112,367.09 | |||||||||
(II)Investmentordecreasingofcapitalbyowners | ||||||||||||
1.OrdinarySharesinvestedbyshareholders | ||||||||||||
2Holdersofotherequityinstrumentsinvestedcapital | ||||||||||||
3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
4.Other | ||||||||||||
(III)Profitallotment | 135,022,507.55 | -1,310,055,550.36 | -1,175,033,042.81 |
Items | Year2019 | |||||||||||
Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
preferredstock | Sustainabledebt | Other | ||||||||||
1.Providingofsurplusreserves | 135,022,507.55 | -135,022,507.55 | ||||||||||
2.Allotmenttotheowners(orshareholders) | -1,175,033,042.81 | -1,175,033,042.81 | ||||||||||
3.Other | ||||||||||||
(IV)Internaltransferringofowners’equity | ||||||||||||
1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
3.Makinguplossesbysurplusreserves. | ||||||||||||
4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
5.Othercomprehensiveincomecarry-overretainedearnings | ||||||||||||
6.Other | ||||||||||||
(V)Specialreserves | ||||||||||||
1.Providedthisyear | ||||||||||||
2.Usedthisterm | ||||||||||||
(VI)Other | 25,795,500.00 | 25,795,500.00 | ||||||||||
IV.Balanceattheendofthisterm | 2,090,806,126.00 | 2,974,458,696.93 | 382,193,344.90 | 894,580,785.25 | 3,710,584,722.68 | 10,052,623,675.76 |
2019AnnualReportAmountinlastyear
InRMB
Items | Year2018 | |||||||||||
ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
preferredstock | Sustainabledebt | Other | ||||||||||
I.Balanceattheendoflastyear | 2,090,806,126 | 2,921,957,981.38 | 327,263,824.17 | 528,976,846.38 | 2,662,880,058.78 | 8,531,884,836.71 | ||||||
Add:Changeofaccountingpolicy | ||||||||||||
Correctingofpreviouserrors | ||||||||||||
Other | ||||||||||||
II.Balanceatthebeginningofcurrentyear | 2,090,806,126 | 2,921,957,981.38 | 327,263,824.17 | 528,976,846.38 | 2,662,880,058.78 | 8,531,884,836.71 | ||||||
III.Changedinthecurrentyear | 26,705,215.55 | -82,154,709.36 | 230,581,431.32 | 1,017,284,982.08 | 1,192,416,919.59 | |||||||
(I)Totalcomprehensiveincome | -82,154,709.36 | 2,305,814,313.16 | 2,223,659,603.80 | |||||||||
(II)Investmentordecreasingofcapitalbyowners | ||||||||||||
1OrdinarySharesinvestedbyshareholders | ||||||||||||
2Holdersofotherequityinstrumentsinvestedcapital | ||||||||||||
3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
4.Other |
Items | Year2018 | |||||||||||
ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
preferredstock | Sustainabledebt | Other | ||||||||||
(III)Profitallotment | 230,581,431.32 | -1,288,529,331.08 | -1,057,947,899.76 | |||||||||
1.Providingofsurplusreserves | 230,581,431.32 | -230,581,431.32 | ||||||||||
2.Allotmenttotheowners(orshareholders) | -1,057,947,899.76 | -1,057,947,899.76 | ||||||||||
3.Other | ||||||||||||
(IV)Internaltransferringofowners’equity | ||||||||||||
1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
3.Makinguplossesbysurplusreserves. | ||||||||||||
4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
5.Othercomprehensiveincomecarry-overretainedearnings | ||||||||||||
6.Other | ||||||||||||
(V)Specialreserves |
Items | Year2018 | |||||||||||
ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
preferredstock | Sustainabledebt | Other | ||||||||||
1.Providedthisyear | ||||||||||||
2.Usedthisterm | ||||||||||||
(VI)Other | 26,705,215.55 | 26,705,215.55 | ||||||||||
IV.Balanceattheendofthisterm | 2,090,806,126 | 2,948,663,196.93 | 245,109,114.81 | 759,558,277.70 | 3,680,165,040.86 | 9,724,301,756.30 |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting:FangZhiAccountingDeptLeader:ZhouFang
III.CompanyProfile
(I)History
1.TheCompanywasestablishedinFebruary1993,whichwasoriginallynamedasGuangdongFokaiExpresswayCo.,Ltd.OnJune30,1993,itwasrenamedasGuangdongProvincialExpresswayDevelopmentCo.,Ltd.afterreorganizationpursuanttotheapprovaloftheOfficeofJointExaminationGroupofExperimentalUnitsofShareHoldingSystemwithYLSB(1993)No.68document.Thesharecapitalstructureafterreorganizationisasfollows:
Compositionofstate-ownedshares:Theappraisednetvalueofstate-ownedassetsofGuangdongJiujiangBridgeCo.andGuangfoExpresswayCo.,Ltd.asofJanuary31,1993confirmedbyGuangdongState-ownedAssetManagementDept.,i.e.,RMB418.2136million,wasconvertedinto155.025millionshares.GuangdongExpresswayCo.investedcashofRMB115milliontosubscribefor35.9375millionshares.OtherlegalpersonsinvestedcashofRMB286.992milliontosubscribefor89.685millionshares.StaffoftheCompanyinvestedRMB87.008milliontosubscribefor27.19millionshares.ThetotalisRMB307.8375millionshares.
2.PursuanttotheapprovalofGuangdongEconomicSystemReformCommitteeandGuangdongSecuritiesRegulatoryCommissionwithYTG(1996)No.67document,partoftheshareholdersofnon-state-ownedlegalpersonsharestransferred20millionnon-state-ownedlegalpersonsharestoMalaysiaYibaoEngineeringCo.,Ltd.inJune1996.
3.PursuanttotheapprovalofSecuritiesCommissionundertheStateCouncilwithWF(1996)No.24approvaldocumentandthatofGuangdongEconomicSystemReformCommitteewithYTG(1996)No.68document,theCompanyissued135milliondomesticallylistedforeigninvestmentshares(Bshares)tooverseasinvestorsatthepriceofHKD3.54(equivalenttoRMB3.8)withtheparvalueofeachsharebeingRMB1duringJunetoJuly1996.
4.PursuanttothereplyoftheMinistryofForeignTradeandEconomicCooperationofthePeople’sRepublicofChinawith(1996)WJMZYHZNo.606document,theCompanywasapprovedtobeaforeign-investedjointstockcompanylimited.
5.TheCompanydistributeddividendsandcapitalizedcapitalcommonreservefortheyear1996inthefollowingmanner:TheCompanypaid1.7bonussharesforeach10sharesandcapitalizedcapitalcommonreserveon3.3-for-10basis.
6.PursuanttotheapprovalofChinaSecuritiesRegulatoryCommittee(CSRC)withZJFZ(1997)No.486andNo.487document,theCompanyissued100millionpublicshares(Ashares)atthepriceofRMB5.41intermof“payableinfullonapplication,pro-rateplacingandsubjecttorefund”withtheparvalueofeachsharebeingRMB1inJanuary1998.
7.InaccordancewiththeResolutionsofthe1999Shareholders’GeneralMeetingoftheCompanyandpursuanttotheapprovalofGuangzhouSecuritiesRegulatoryOfficeunderCSRCwithGZZJH(2000)No.99andthatofCSRCwithZJGSZ(2000)No.98,theCompanyoffered3Rightsforevery10sharesof764.256249millionsharesatthepriceofRMB11perRight.73,822,250ordinaryshareswereactuallyplacedtoall.
8.PursuanttothereplyoftheGeneralOfficeofthePeople’sGovernmentofGuangdongProvincewithYBH(2000)No.574document,thestate-ownedsharesweretransferredtoGuangdongCommunicationGroupCo.,Ltd.(GroupCo.)forholdingandmanagementwithoutcompensation.
9.PursuanttotheapprovalofShenzhenStockExchange,53.0205millionstaffsharesoftheCompany(132,722sharesheldbydirectors,supervisorsandseniorexecutivesaretemporarilyfrozen)werelistedonFebruary5,2001.
10.Inaccordancewiththeresolutionsof2000annualshareholders’generalmeeting,theCompanycapitalizedcapitalcommonreserveinto419,039,249shareson5-for-10basiswiththetotalsharecapitalasoftheendof2000,
i.e.,838,078,499sharesasbase.ThedateofstockrightregistrationwasMay21,2001.Theex-rightdatewasMay22,2001.11.OnMarch8,2004,AsapprovedbyChinaSecuritiesRegulatoryCommissionbydocumentZheng-Jian-Gong-Si-Zi[2003]No.3,the45,000,000non-negotiableforeignshareswereplacedinShenzhenStock
12.OnDecember21,2005,theCompany'splanforshareholdingstructurereformwasvotedthroughattheshareholders'meetingconcerningAshares.OnJanuary262006,TheMinistryofCommerceofPRCissued“TheapprovalonshareconvertingofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.”toapprovetheshareequityrelocationandtransformation.OnOctober92006,accordingtothe“Circularaboutimplementingofshareequityrelocationandrelativetrading”issuedbyShenzhenStockExchange,theabbreviationIDoftheCompany’sAshareswasrestoredfrom“G-Expressway”“ExpresswayA”.
13.UpontheapprovaldocumentofCSRCNo.230-2016ZhengJianXuke-ApprovaloftheShare-IssuingtoPartiessuchasGuangdongProvincialExpresswayCo.,LtdtoPurchaseAssetsandRaiseMatchingFundsbyGuangdongProvincialExpresswayDevelopmentCo.,Ltd,inJune2016thecompanyissued33,355,263sharesandpaidRMB803.50milliontoGuangdongProvincialExpresswayCo.,Ltdforpurchasingthe25%stakeofGuangdongProvincialFokaiExpresswayCo.,LtdheldbyGuangdongProvincialExpresswayCo.,Ltd;andissued466,325,020sharestoGuangdongProvincialHighwayConstructionCo.,Ltdforpurchasingthe100%stakeofGuangzhouGuangzhuTrafficInvestmentManagementCo.,LtdheldbyGuangdongProvincialHighwayConstructionCo.,Ltd.OnJune21,2016,thecompanydirectionallyissued334,008,095A-sharestoYadongFuxingYalianInvestmentCo.,Ltd,TibetYinyueInvestmentManagementCo.,LtdandGFSecuritiesCo.,Ltd.TheissuanceofshareshavebeenregisteredonJuly7,2016,thenewshareswillbelistedonJuly8,2016.
AsofDecember31,2019,Registrationcapital:RMB2,090,806,126,Legalrepresentative:ZhengRenfa,Registrationplace:No.85,BaiyunRoad,Guangzhou,HeadquartersOffice:45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou,Thecompanyhassetup:InvestmentDevelopmentDept,SecurityAffairsDepartment,ManagementDepartment,FinancialManagementDepartment,BaseconstructionDepartment,AuditandSuperviseDepartment,AffairsDepartment,PersonnelDepartment,PartyWorkDepartment,LawaffairsDepartment,ProjectOfficeandLabourunionetc.
GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:
DengXiaohua.Dateofestablishment:June23,2000.AsofDecember31,2018,Registeredcapital:RMB26.8billion.Itisasolelystate-ownedlimitedcompany.Businessscope:equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Thevalue-addedcommunicationbusiness.(II)OrganizationstructureandtheactualcontrolleroftheCompany
TheState-ownedassetsSupervisionandAdministrationCommitteeoftheGuangdongProvincialpeople'sGovernmentshallbethefinalcontrollingshareholderofthecompany.
(III)Thecompany’smainbusinessandshare,Holdingcompany
Thecompanyoperatedtheconstructionofthehighwayconstruction,gradingroads,bridges;Managementfeesandmaintenanceofroads,bridges,andcarrescue,maintenance,cleaning,concurrentlywiththecompany'sbusinesssupportingmotortransport,warehousingoperations.
TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpresswayandJingzhuExpresswayGuangzhuSection,investmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangzhouGuanghuiExpresswayCo.,Ltd.,Jingzhu
2019AnnualReportExpresswayGuangzhuCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyMicroLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.andGuoyuanSecuritiesCo.,Ltd.
ThefinancialstatementshavebeenauthorizedforissuancebytheBoardofDirectorsoftheGrouponApril3,2020.AsofDecember31,2019,Thecompany'sconsolidatedsubsidiariesoftotal5companies,RefertofinancialstatementsVIII,Equityinotherentitiesformoredetails.IV.Basisforthepreparationoffinancialstatements
1.Preparationbasis
ThefinancialstatementsoftheCompanyhavebeenpreparedonbasisofgoingconcerninconformitywithChineseAccountingStandardsforBusinessEnterprisesandtheAccountingSystemsforBusinessEnterprisesissuedbytheMinistryofFinanceofPeople’sRepublicofChina(MinistryofFinanceissuedorderNo.33,theMinistryofFinancerevisedorderNo.76)onFebruary15,2006,andrevisedAccountingStandards(order42oftheMinistryofFinance)andCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralProvisionsonFinancialReports(2014Revision)issuedbytheChinaSecuritiesRegulatoryCommission(CSRC).
AccordingtotherelevantaccountingregulationsinChineseAccountingStandardsforBusinessEnterprises,theCompanyhasadoptedtheaccrualbasisofaccounting.Held-for-salenon-currentassetsaremeasuredatthelowerofitsbookvalueatitsclassificationdateandfairvalueminusexpecteddisposalcosts.Whereassetsareimpaired,provisionsforassetimpairmentaremadeinaccordancewithrelevantrequirements
2.Continuation
Therewillbenosucheventsorsituationsinthe12monthsfromtheendofthereportingperiodthatwillcausematerialdoubtsastothecontinuationcapabilityoftheCompany.V.SignificantAccountingPoliciesandAccountingEstimates
Specificaccountingpoliciesandaccountingestimatesareindicatedasfollows:
Accordingtotheactualproductionandoperationcharacteristicsandtheprovisionsofrelevantaccountingstandardsforenterprises,theGrouphasformulatedanumberofspecificaccountingpoliciesandaccountingestimatesforrevenuerecognitionandothertransactionsandevents.Fordetails,see"24,Revenue"inVofthissection.Pleasereferto"29,SignificantAccountingJudgmentsandEstimates"inVofthissectionforexplanationsofsignificantaccountingjudgementsandestimatesmadebymanagement.
1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprises
ThefinancialstatementsoftheCompanyarerecognizedandmeasuredinaccordancewiththeregulationsintheChineseAccountingStandardsforBusinessEnterprisesandtheygiveatrueandfairviewofthefinancialposition,businessresultandcashflowoftheCompanyasofJune30,2019.Inaddition,thefinancialstatementsoftheCompanycomply,inallmaterialrespects,withthereviseddisclosingrequirementsforfinancialstatementsandtheCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15—GeneralProvisionsonFinancialReports(2014Revision)issuedbyChinaSecuritiesRegulatoryCommission(CSRC)in2014.
2.Accountingperiod
TheaccountingperiodoftheCompanyisclassifiedasinterimperiodandannualperiod.Interimperiodrefers
2019AnnualReporttothereportingperiodshorterthanacompleteannualperiod.TheaccountingperiodoftheCompanyisthecalendaryearfromJanuary1toDecember31.
3.Operatingcycle
ThenormaloperatingcyclereferstotheperiodfromthetimewhentheGrouppurchasesassetsforprocessingtothetimewhencashorcashequivalentsarerealized.TheCompanytakes12monthsasabusinesscycleandusesitasacriterionforliquidityclassificationofassetsandliabilities.
4.Standardcurrencyforbookkeeping
Yuan(CNY)isthecurrencyoftheprimaryeconomicenvironmentinwhichtheCompanyanditsdomesticsubsidiariesoperate.Therefore,theCompanyanditsdomesticsubsidiarieschooseCNYastheirfunctionalcurrency.TheCompanyadoptsCNYtoprepareitsfunctionalstatements.
5.AccountingsforBusinessCombinationsundertheSameControl&BusinessCombinationsnotundertheSameControl
Abusinesscombinationisatransactionoreventthatbringstogethertwoormoreseparateentitiesintoonereportingentity.Businesscombinationsareclassifiedintobusinesscombinationsinvolvingenterprisesundercommoncontrolandbusinesscombinationsnotinvolvingenterprisesundercommoncontrol.
1.BusinessCombinationsundertheSameControl
Abusinesscombinationinvolvingenterprisesundercommoncontrolisabusinesscombinationinwhichallofthecombiningenterprisesareultimatelycontrolledbythesamepartyorpartiesbothbeforeandafterthecombination,andthatcontrolisnottransitory.
Forabusinesscombinationinvolvingenterprisesundercommoncontrol,thepartythat,onthecombinationdate,obtainscontrolofanotherenterpriseparticipatinginthecombinationistheabsorbingparty,whilethatotherenterpriseparticipatinginthecombinationisapartybeingabsorbed.Combinationdateisthedateonwhichtheabsorbingpartyeffectivelyobtainscontrolofthepartybeingabsorbed.
Theassetsandliabilitiesobtainedaremeasuredatthecarryingamountsasrecordedbytheenterprisebeingcombinedatthecombinationdate.Thedifferencebetweenthecarryingamountofthenetassetsobtainedandthecarryingamountofconsiderationpaidforthecombination(orthetotalfacevalueofsharesissued)isadjustedtothecapitalpremium(orsharepremium)inthecapitalreserve.Ifthebalanceofthecapitalpremium(orsharepremium)isinsufficient,anyexcessisadjustedtoretainedearnings.Thecostofacombinationincurredbytheabsorbingpartyincludesanycostsdirectlyattributabletothecombinationshallberecognizedasanexpensethroughprofitorlossforthecurrentperiodwhenincurred.
2.BusinessCombinationsnotundertheSameControl
Abusinesscombinationinvolvingenterprisesnotundercommoncontrolisabusinesscombinationinwhichallofthecombiningenterprisesarenotultimatelycontrolledbythesamepartyorpartiesbothbeforeandafterthebusinesscombination.Forabusinesscombinationnotinvolvingenterprisesundercommoncontrol,thepartythat,ontheacquisitiondate,obtainscontrolofanotherenterpriseparticipatinginthecombinationistheacquirer,whilethatotherenterpriseparticipatinginthecombinationistheacquiree.Acquisitiondateisthedateonwhichtheacquirereffectivelyobtainscontroloftheacquiree.
Forabusinesscombinationnotinvolvingenterpriseundercommoncontrol,thecombinedcostincludingthesumoffairvalue,attheacquisitiondate,oftheassetsgiven,liabilitiesincurredorassumed,andequitysecuritiesissuedbytheacquirer.Theintermediaryexpensesincurredbytheacquirerinrespectofauditing,legalservices,
valuationandconsultancyservices,etc.andotherassociatedadministrativeexpensesattributabletothebusinesscombinationarerecognizedinprofitorlosswhentheyareincurred.Thetransactioncostarosefromissuingofequitysecurities,orliabilitysecuritiesshallbeinitiallyrecognizedasequitysecuritiesorliabilitysecurities.Thecontingentconsiderationrelatedtothecombinationshallbebookedascombinationcostatthefairvalueattheacquisitiondate.Ifwithinthe12monthsaftertheacquisition,additionalinformationcanprovetheexistenceofrelatedinformationattheacquisitiondateandthecontingentconsiderationneedtobeadjusted,goodwillcanbeadjusted.
Combinationcostoftheacquirer’sinterestandidentifiablenetassetsoftheacquireracquiredthroughthebusinesscombinationshallbemeasuredbythefairvalueattheacquisitiondate.Wherethecostofcombinationexceedstheacquirer’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceshallberecognizedasgoodwill.Wherethecostofcombinationislessthantheacquirer’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceshallbeaccountedforaccordingtothefollowingrequirements:(i)theacquirershallreassessthemeasurementofthefairvaluesoftheacquiree’sidentifiableassets,liabilitiesandcontingentliabilitiesandmeasurementofthecostofcombination;(ii)ifafterthatreassessment,thecostofcombinationisstilllessthantheacquirer’sinterestinthefairvaluesoftheacquiree’sidentifiablenetassets,theacquirershallrecognizetheremainingdifferenceimmediatelyinprofitorlossforthecurrentperiod.Wherethetemporarydifferenceobtainedbytheacquirerwasnotrecognizedduetoconformitywiththeconditionsappliedforrecognitionofdeferredincometax,if,withinthe12monthsafteracquisition,additionalinformationcanprovetheexistenceofrelatedinformationatacquisitiondateandtheexpectedeconomicbenefitsontheacquisitiondatearosefromtemporarydeductibledifferencebytheacquireecanbeachieved,relevantincometaxassetscanberecognized,andgoodwilloffset.Ifthegoodwillisnotsufficient,thedifferenceshallberecognizedastheprofitofthecurrentperiod.Apartfromabove,thedifferencesshallbetakenintoprofitorlossofthecurrentperiodiftherecognitionofdeferredincometaxassetsisrelatedtothecombination.Forabusinesscombinationnotinvolvingenterpriseundercommoncontrol,whichachievedinstagesthatinvolvesmultipleexchangetransactions,accordingto“ThenoticeoftheMinistryofFinanceontheissuanceofAccountingStandardsInterpretationNo.5”(CaiKuai[2012]No.19)andArticle51of“AccountingStandardsforBusinessEnterprisesNo.33-ConsolidatedFinancialStatements”onthe“packagedeal”criterion(seeNote4.5.2),tojudgethemultipleexchangetransactionswhethertheyarethe"packagedeal".Ifitbelongstothe“packagedeal”inreferencetotheprecedingparagraphsofthissectionandtheNotesdescribedin4.13“long-terminvestment”accountingtreatment,ifitdoesnotbelongtothe“packagedeal”todistinguishtheindividualfinancialstatementsandtheconsolidatedfinancialstatementsrelatedtotheaccountingtreatment:
Intheindividualfinancialstatements,thetotalvalueofthebookvalueoftheacquiree'sequityinvestmentbeforetheacquisitiondateandthecostofnewinvestmentattheacquisitiondate,astheinitialcostoftheinvestment,theacquiree'sequityinvestmentbeforetheacquisitiondateinvolvedinothercomprehensiveincome,inthedisposaloftheinvestmentwillbeinothercomprehensiveincomeassociatedwiththeuseofinfrastructureandtheacquireedirectlyrelatedtothedisposalofassetsorliabilitiesofthesameaccountingtreatment(thatis,exceptinaccordancewiththeequitymethodofaccountinginthedefinedbenefitplanacquireeisremeasurednetchangesinnetassetsorliabilitiesotherthaninthecorrespondingshareofthelead,andtherestintothecurrentinvestmentincome).
Inthecombinationfinancialstatements,theequityinterestintheacquireepreviouslyheldbeforetheacquisitiondatere-assessedatthefairvalueattheacquisitiondate,withanydifferencebetweenitsfairvalueanditscarryingamountisrecordedasinvestmentincome.Thepreviously-heldequityinterestintheacquireeinvolvedinothercomprehensiveincomeandothercomprehensiveincomeassociatedwiththepurchaseofthefoundation
2019AnnualReportshouldbeusedpartydirectlyrelatedtothedisposalofassetsorliabilitiesofthesameaccountingtreatment(thatis,exceptinaccordancewiththeequitymethodofaccountingintheacquireeisremeasureddefinedbenefitplansotherthanchangesinnetliabilitiesornetassetsduetoacorrespondingshareoftherestoftheacquisitiondateintocurrentinvestmentincome).
6.MethodsforPreparingtheConsolidatedFinancialStatements
(1)ThescopeofconsolidationThescopeofconsolidationfortheconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol.Controlisthepowertogovernthefinancialandoperatingpoliciesofanenterprisesoastoobtainbenefitsfromitsoperatingactivities.ThescopeofconsolidationincludestheCompanyandallofthesubsidiaries.ThesubsidiaryisanenterpriseorentityunderthecontroloftheCompany.
Oncethechangeintherelevantfactsandcircumstancesleadingtothedefinitionoftherelevantelementsinvolvedinthecontrolofthechange,theCompanywillbere-evaluated.
(2)Preparationoftheconsolidatedfinancialstatements
ThesubsidiaryoftheCompanyisincludedintheconsolidatedfinancialstatementsfromthedatewhenthecontroloverthenetassetsandbusinessdecisionsofthesubsidiaryiseffectivelyobtainedandexcludedfromthedatewhenthecontrolceases.
ForasubsidiarydisposedofbytheCompany,theoperatingresultsandcashflowsbeforethedateofdisposal(thedatewhencontrolislost)areincludedintheconsolidatedincomestatementandconsolidatedstatementofcashflows,asappropriate.Forasubsidiarydisposedofduringtheperiod,noadjustmentismadetotheopeningbalanceoftheconsolidatedfinancialstatements.Forasubsidiaryacquiredthroughabusinesscombinationnotundercommoncontrol,theoperatingresultsandcashflowsfromtheacquisition(thedatewhenthecontrolisobtained)areincludedintheconsolidatedincomestatementandconsolidatedstatementofcashflows,asappropriate;noadjustmentismadetotheopeningbalanceandcomparativefiguresintheconsolidatedfinancialstatements.
Whereasubsidiarywasacquiredduringthereportingperiod,throughabusinesscombinationinvolvingenterprisesundercommoncontrol,thefinancialstatementsofthesubsidiaryareincludedintheconsolidatedfinancialstatements.Theresultsofoperationsandcashflowareincludedintheconsolidatedbalancesheetandtheconsolidatedincomestatement,respectively,basedontheircarryingamounts,fromthedatethatcommoncontrolwasestablished,andtheopeningbalancesandthecomparativefiguresoftheconsolidatedfinancialstatementsarerestated.
WhentheaccountingperiodoraccountingpoliciesofasubsidiaryaredifferentfromthoseoftheCompany,theCompanymakesnecessaryadjustmentstothefinancialstatementsofthesubsidiarybasedontheCompany’sownaccountingperiodoraccountingpolicies.Whereasubsidiarywasacquiredduringthereportingperiodthroughabusinesscombinationnotundercommoncontrol,thefinancialstatementswerereconciledonthebasisofthefairvalueofidentifiablenetassetsatthedateofacquisition.Intra-Groupbalancesandtransactionsandanyunrealizedprofitorlossarisingfromintra-Grouptransactionsareeliminatedinpreparingtheconsolidatedfinancialstatements.
MinorityinterestandtheportionofthenetprofitorlossnotattributabletotheCompanyarepresentedseparatelyintheconsolidatedbalancesheetwithinshareholders’/owners’equityandnetprofit.Netprofitorlossattributabletominorityshareholdersinthesubsidiariesispresentedseparatelyasminorityinterestintheconsolidatedincomestatementbelowthenetprofitlineitem.
Whentheamountoflossforthecurrentperiodattributabletotheminorityshareholders.ofasubsidiaryexceedstheminorityshareholders’portionoftheopeningbalanceofshareholders’/equityofthesubsidiary,the
2019AnnualReportexcessisallocatedagainsttheminorityinterests.WhentheCompanylosescontrolofasubsidiaryduetothedisposalofaportionofanequityinvestmentorotherreasons,theremainingequityinvestmentisre-measuredatitsfairvalueatthedatewhencontrolislost.Thedifferencebetween1)thetotalamountofconsiderationreceivedfromthetransactionthatresultedinthelossofcontrolandthefairvalueoftheremainingequityinvestmentand2)thecarryingamountsoftheinterestintheformersubsidiary’snetassetsimmediatelybeforethelossofthecontrolisrecognizedasinvestmentincomeforthecurrentperiodwhencontrolislost.Othercomprehensiveincomerelatedtotheformersubsidiary'sequityinvestment,usingthefoundationandtheacquireedirectlyrelatedtothedisposalofthesameassetsorliabilitiesareaccountedwhenthecontrolislost(i.e.,inadditiontotheformersubsidiary,whichisremeasuredatthenetdefinedbenefitplanorchangesinnetassetsandliabilitiesresultingfrom,therestsubsidiariesaretransferredtothecurrentinvestmentincome).Theretainedinterestissubsequentlymeasuredaccordingtotherulesstipulatedinthe-“ChineseAccountingStandardsforBusinessEnterprisesNo.2-Long-termequityinvestment”or“ChineseAccountingStandardsforBusinessEnterprisesNo.22-Determinationandmeasurementoffinancialinstruments”.SeeNote5.14Long-termequityinvestmentsandNote5.10Financialinstrumentsfordetails.Wherelossofcontroloverasubsidiaryresultfrommultipletransactions(agreements),theassessmentshallbemadeastowhetherthemultipleagreementsshallbeviewedasawholeasasingletransaction.Multipleagreementsgivingrisetolossofcontroloverasubsidiaryisgenerallyviewedasawholeasasingletransactioniftheterms,conditionsandeconomicimplicationsofthemultipleagreementssatisfyoneormoreofthefollowingconditions:1)theagreementsareenteredintosimultaneouslyortakingintoaccounttheimplicationofeachother;
2)thebusinessobjectivecannotbeachievedwithoutsuccessfulcompletionofalltheagreements;3)theoccurrenceofoneagreementisdependentontheresultofatleastanotheroneagreement;and/or4)anyonesingleagreementisnotrecognizedaseconomic,andtheagreementsasawholeiseconomic.Wheremultipleagreementsdonotsatisfytheconditionsofbeingviewedasasingletransaction,eachagreementshallbetreatedandaccountedforinaccordancewiththeprovisionsofdisposaloflong-termequityinvestmentsnotresultinglossofcontrol(seeNote5.14.2.4)orlossofcontrolduetodisposalofsharesorotherevents(seethepreviousparagraph).Wheremultipleagreementssatisfytheconditionsofbeingviewedasasingletransaction,eachagreementshallbetreatedandaccountedforasatransactionwhichresultsinlossofcontrol;differencesbetweentheconsiderationfordisposalspriortolossofcontrolandthenetassetsproportionatetothesharesdisposedpriortolossofcontrolarerecognizedasothercomprehensiveincomeintheconsolidatedfinancialstatementsandtransferredtoprofitorlossatthetimeoflossofcontrol.
7.JointventurearrangementsclassificationandCo-operationaccountingtreatment
Ajointarrangementisanarrangementofwhichtwoormorepartieshavejointcontrol.Ajointarrangementiseitherajointoperationorajointventure,dependingontherightsandobligationoftheCompanyinthejointarrangement.AjointoperationisajointarrangementwherebytheCompanyhasrightstotheassets,andobligationsfortheliabilities,relatingtothearrangement.AjointventureisajointarrangementwherebytheCompanyhasrightstothenetassetsofthearrangement.
TheCompanyaccountsforjointventuresusingtheequitymethod,seeNote5.14.2.2fordetails.
TheCompany,ajointoperator,recognizesinrelationtoitsinterestinajointoperation:(a)itsassets,includingitsshareofanyassetsheldjointly;(b)itsliabilities,includingitsshareofanyliabilitiesincurredjointly;(c)itsrevenuefromthesaleofitsshareoftheoutputarisingfromthejointoperation;(d)itsshareoftherevenuefromthesaleoftheoutputbythejointoperation;and(e)itsexpenses,includingitsshareofanyexpensesincurredjointly.
WhentheCompanyentersintoatransactionwithajointoperationinwhichitisajointoperator,suchasa
2019AnnualReportsaleorcontributionofassets,theCompany,priortodisposaloftheassetstoathirdpartybythejointoperation,recognizesgainsandlossesresultingfromsuchatransactiononlytotheextentoftheotherparties'interestsinthejointoperation.Whenthereisevidenceofareductioninthenetrealizablevalueoftheassetstobesoldorcontributedtothejointoperation,orofanimpairmentlossofthoseassetswhichisinlinewithprovisionstipulatedbyCAS8,thoselossesarerecognizedfullybytheCompany.Whenthereisevidenceofareductioninthenetrealizablevalueoftheassetstobepurchasedorofanimpairmentlossofthoseassets,theCompanyshallrecognizeitsshareofthoselosses.
8.RecognitionStandardofCash&CashEquivalents
CashandcashequivalentsoftheCompanyincludecashonhand,readyusabledepositsandinvestmentshavingshortholdingterm(normallywillbeduewithinthreemonthsfromthedayofpurchase),withstrongliquidityandeasytobeexchangedintocertainamountofcashthatcanbemeasuredreliablyandhavelowrisksofchange.
9.ForeignCurrencyTransaction
1Translationinforeignexchangetransactions
Transactionsdenominatedinforeigncurrenciesaretranslatedintothefunctionalcurrencyusingthetransaction-datespotexchangerates.Whereatransactionisconductedpurelyforthepurposeofexchangeonecurrencyintoanothercurrency,theexchangerateusedtotranslatetheforeigncurrencyintothefunctionalcurrencyistheexchangeratethatisactuallyusedforthecurrencyexchange.
2Translationofforeignmonetarycurrencyandnon-monetaryforeigncurrency
Atthebalancesheetdate,foreigncurrencymonetaryitemsaretranslatedusingthespotexchangerateatthebalancesheetdate.Alltheexchangedifferencesthusresultedaretakentoprofitorloss,exceptfor①thoserelatingtoforeigncurrencyborrowingsspecificallyforconstructionandacquisitionofqualifyingassets,whicharecapitalizedinaccordancewiththeprincipleofcapitalizationofborrowingcosts,②hedgingaccounting,theexchangedifferencerelatedtohedginginstrumentsforthepurposeofnetoverseaoperatinginvestmentisrecordedinthecomprehensiveincometillthedateofdisposalandrecognizedinprofitorlossoftheperiod;exchangedifferencefromchangesofotheraccountbalanceofforeigncurrencymonetaryitems,③available-for-tradeisrecordedintoprofitorlossexceptforamortizedcost.
Non-monetaryforeigncurrencyitemsmeasuredathistoricalcostshallstillbetranslatedatthespotexchangerateprevailingonthetransactiondate,andtheamountdenominatedinthefunctionalcurrencyisnotchanged.Non-monetaryforeigncurrencyitemsmeasuredatfairvaluearetranslatedatthespotexchangerateprevailingatthedatewhenthefairvaluesaredetermined.Theexchangedifferencethusresultedarerecognizedinprofitorlossforthecurrentperiodorascapitalreserve.
(3)ConversionmethodofForeigncurrencyFinancialstatements
Wherethepreparationofconsolidatedfinancialstatementsinvolvesoverseasoperations,ifanyforeigncurrencymonetaryitemconstitutesanetinvestmentinoverseasoperationsinessence,theexchangedifferenceresultingfromthechangeofexchangerateshallberecognizedasothercomprehensivegainsasthe"conversiondifferenceofforeigncurrencystatements";whendealingwithoverseasoperations,itshallbeincludedintheprofitsandlossesofthecurrentperiodofdisposal.
ForeigncurrencyfinancialstatementsoperatedabroadareconvertedintoRMBstatementsbythefollowingmethods:assetsandliabilitiesinthebalancesheetareconvertedatthespotexchangerateonthebalancesheetdate;shareholderequityitemsareconvertedatthespotexchangerateatthetimeofoccurrence,exceptfor"undistributedprofit"items.Therevenuesandexpensesintheincomestatementareconvertedwiththespot
2019AnnualReportexchangerateonthetransactionday.Theundistributedprofitatthebeginningoftheyearistheundistributedprofitattheendoftheyearaftertheconversionofthepreviousyear;theundistributedprofitattheendoftheyeariscalculatedandshownaccordingtotheitemsoftheprofitdistributionaftertheconversion;thedifferencebetweenthetotalamountofassetsandliabilitiesandshareholders'equityaftertheconversionisrecognizedastheconversiondifferenceofforeigncurrencystatementsandasothercomprehensiveincome.Whentheforeignoperationisdisposedandthecontrolrightislost,theconversionbalancewhichispresentedundertheshareholders’equitiesiteminthebalancesheetandarisesfromtheconversionofforeigncurrencyfinancialstatementsrelatedtothisforeignoperationwillbetransferedintothecurrentprofitandlossfullyorintheforeignoperationproportion.
Cashflowofforeigncurrencyshallbeconvertedintospotexchangerateonthedateofoccurrenceofcashflow.TheinfluenceofexchangeratefluctuationoncashwillbeseparatelypresentedasanadjustmentitemintheCashFlowStatement.Theaccountatthebeginningofcurrentyearandtheactualamountofpreviousyearshallbelistedinaccordancewiththetranslationdifferencesstatementsofthepreviousyear.Duringthemanagementoftheentireowner'sequityoftheCompany'soperationsabroadorthelossofcontroloveroverseasoperationsduetothedisposalofpartoftheequityinvestmentorotherreasons,theconvertedbalanceoftheforeigncurrencystatementsrelatedtotheoverseasoperations,whichareattributabletotheowner'srightsandinterestsoftheparentCompany,asshownbelowinthebalancesheet,shallbetransferredtothecurrentprofitandloss.
Duringthemanagementofpartoftheequityinvestmentorotherreasonsleadingtothereductionoftheproportionofholdingoverseasoperatingrightsandinterestsbutnotlosingcontroloveroverseasoperations,thebalanceofforeigncurrencystatementconversionrelatedtothepartofoverseasoperationanddisposalwillbeattributedtotherightsandinterestsofminorityshareholdersandshallnotbetransferredtocurrentprofitsandlosses.Duringthemanagementofpartoftheequityofanoverseasjointventureorjointventure,thedifferenceintheconversionofforeigncurrencystatementsrelatedtotheoverseasoperationshallbetransferredtotheprofitsandlossesofthecurrentperiodaccordingtotheproportionofdisposingoftheoverseasoperation.
Ifthereareforeigncurrencymonetaryitemsthatconstituteanetinvestmentinoverseasoperations,theexchangedifferencesarisingfromexchangeratechangesintheconsolidatedfinancialstatementsshallberecognizedasothercomprehensiveincomeas"translationdifferencesinforeigncurrencystatements";Thedisposalofoverseasoperationsshallbeincludedintheprofitsandlossesofthecurrentperiod.
10.Financialinstruments
TheCompanyrecognizesthefinancialassetsorliabilitieswheninvolvedinfinancialinstruments’agreements.
(1)Classification,recognitionandmeasurementoffinancialassets
Inaccordancewiththecharacteristicsofbusinessmodelformanagingfinancialassetsandthecontractualcashflowoffinancialassets,theCompanyclassifiesfinancialassetsinto:financialassetsmeasuredinamortizedcost;financialassetsmeasuredatfairvalueandtheir'schangesareincludedinothercomprehensiveincome;financialassetsmeasuredatfairvalueandtheir'schangesareincludedincurrentprofitsandlosses.
Theinitialmeasurementoffinancialassetsiscalculatedbyusingfairvalue.Forfinancialassetsmeasuredatfairvalue,whosechangesareincludedincurrentprofitsandlosses,relevanttransactioncostsaredirectlyincludedincurrentprofitsandlosses;Forothertypesoffinancialassets,relevanttransactioncostsareincludedintheinitialrecognitionamount.Accountsreceivableornotesreceivablearisingfromthesaleofproductsortheprovisionoflaborservicesthatdonotincludeortakeintoaccountsignificantfinancingcomponentsareinitially
2019AnnualReportrecognizedbytheCompanyinaccordancewiththeamountofconsiderationthattheCompanyisexpectedtobeentitledtoreceive.
①FinancialassetsmeasuredatamortizedcostThebusinessmodeloftheCompany'smanagementoffinancialassetsmeasuredbyamortizedcostisaimedatcollectingthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements,thatis,thecashflowgeneratedonaspecificdateisonlythepaymentofprincipalandinterestbasedontheamountofoutstandingprincipal.Forsuchfinancialassets,theCompanyadoptsthemethodofrealinterestrateandmakessubsequentmeasurementaccordingtothecostofamortization.Theprofitsorlossesresultingfromamortizationorimpairmentareincludedincurrentprofitsandlosses.
②FinancialassetsmeasuredatfairvalueandchangesincludedinothercomprehensiveincomeTheCompany'sbusinessmodelformanagingsuchfinancialassetsistocollectthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements.TheCompanymeasuressuchfinancialassetsatfairvalueandtheirchangesareincludedinothercomprehensivegains,butimpairmentlossesorgains,exchangegainsandlossesandinterestincomecalculatedaccordingtotheactualinterestratemethodareincludedincurrentprofitsandlosses.
Inaddition,theCompanydesignatedsomenon-tradingequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome.TheCompanyincludestherelevantdividendincomeofsuchfinancialassetsincurrentprofitsandlosses,andthechangesinfairvalueinothercomprehensivegains.Whenthefinancialassetceasestoberecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensivegainsshallbetransferredintoretainedincomefromothercomprehensiveincome,andnotbeincludedincurrentprofitandloss.
③Financialassetsmeasuredatfairvalueandchangesincludedincurrentprofitsandlosses
TheCompanyincludestheabove-mentionedfinancialassetsmeasuredatamortizedcostandthosemeasuredatfairvalueandtheir'schangesinfinancialassetsotherthanfinancialassetsofcomprehensiveincomeandclassifiesthemasfinancialassetsmeasuredatfairvalueandtheir'schangesthatareincludedincurrentprofitsandlosses.Inaddition,theCompanydesignatessomefinancialassetsasfinancialassetsmeasuredatfairvalueandincludestheirchangesincurrentprofitsandlossesinordertoeliminateorsignificantlyreduceaccountingmismatchesduringinitialrecognition.Inregardwithsuchfinancialassets,theCompanyadoptsfairvalueforsubsequentmeasurement,andincludeschangesinfairvalueintocurrentprofitsandlosses.
(2)Classification,recognitionandmeasurementoffinancialliabilities
TheGroup’sfinancialliabilitiesare,oninitialrecognition,classifiedintofinancialliabilitiesatfairvaluethroughprofitorlossandotherfinancialliabilities.Forfinancialliabilitiesatfairvaluethroughprofitorloss,relevanttransactioncostsareimmediatelyrecognizedinprofitorlossforthecurrentperiod,andtransactioncostsrelatingtootherfinancialliabilitiesareincludedintheinitialrecognitionamounts.
.1Financialliabilitiesmeasuredbythefairvalueandthechangesrecordedinprofitorloss
Theclassificationbywhichfinancialliabilitiesheld-for-tradeandfinancialliabilitiesdesignedattheinitialrecognitiontobemeasuredbythefairvaluefollowsthesamecriteriaastheclassificationbywhichfinancialassetsheld-for-tradeandfinancialassetsdesignedattheinitialrecognitiontobemeasuredbythefairvalueandtheirchangesarerecordedinthecurrentprofitorloss
Transactionalfinancialliabilities(includingderivativesbelongingtofinancialliabilities)aresubsequentlymeasuredaccordingtofairvalue.Exceptforhedgingaccounting,changesinfairvalueareincludedincurrentprofitsandlosses.
Financialliabilitiesdesignatedasfinancialliabilitiesthataremeasuredatfairvalueandtheir'schangesare
2019AnnualReportincludedincurrentprofitsandlosses.TheliabilitiesareincludedinothercomprehensivegainsduetochangesinfairvaluecausedbychangesintheCompany'sowncreditrisk,andwhentheliabilitiesareterminated,thechangesinfairvaluecausedbychangesinitsowncreditriskofothercomprehensivegainsareincludedinthecumulativechangesinitsfairvaluecausedbychangesinitsowncreditriskofothercomprehensivegains.Theamountistransferredtoretainedearnings.Theremainingchangesinfairvalueareincludedincurrentprofitsandlosses.Iftheabove-mentionedwayofdealingwiththeimpactofthechangesinthecreditriskofsuchfinancialliabilitieswillresultinorexpandtheaccountingmismatchintheprofitsandlosses,theCompanyshallincludealltheprofitsorlossesofsuchfinancialliabilities(includingtheamountoftheimpactofthechangesinthecreditriskoftheenterpriseitself)intothecurrentprofitsandlosses.
②OtherfinancialliabilitiesInadditiontothetransferofafinancialassetisnotinconformitywiththeconditionstostoptherecognitionorformedbyitscontinuousinvolvementinthetransferredfinancialasset,financialliabilitiesandfinancialguaranteecontractofotherfinancialliabilitiesclassifiedasfinancialliabilitiesmeasuredattheamortizedcost,measuredattheamortizedcostforsubsequentmeasurement,recognitionhasbeenstoppedoramortizationoftheprofitorlossisincludedinthecurrentprofitsandlosses.
(3)RecognitionbasisandmeasurementmethodsfortransferoffinancialassetsFinancialassetssatisfyingoneofthefollowingconditionsshallbeterminatedandrecognized:①Thecontractualrighttocollectthecashflowofthefinancialassetisterminated;②Thefinancialassethasbeentransferred,andalmostalltherisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee;③Thefinancialassethasbeentransferred,althoughtheenterpriseneithertransfersnorretainsalmostalltherisksandrewardsintheownershipofthefinancialasset,butitabandonedcontrolofthefinancialassets.
Incasethattheenterprisedoesnottransferorretainalmostallrisksandrewardsonfinancialassetsownershipnorwaivetocontroltheseassets,relevantfinancialassetsshallberecognizedinaccordancewiththedegreeforcontinuedinvolvementoffinancialassetstransferredandrelevantliabilitiesshallberecognizedcorrespondingly.westbankTheterm"continuousinvolvementinthetransferredfinancialasset"shallrefertotherisklevelthattheenterprisefacesresultingfromthechangeofthevalueofthefinancialasset.
Iftheoveralltransferofthefinancialassetssatisfiesthederecognitioncriteria,thedifferencebetweenthebookvalueofthetransferredfinancialassetsandthesumoftheconsiderationreceivedfromtransferandcumulativechangeinfairvaluepreviouslyrecognizedinothercomprehensiveincomeisaccountedintothecurrentprofitorloss.
Incasethatthepartialtransferoffinancialassetsmeetsde-recognitionconditions,thebookvalueoffinancialassetstransferredshallbeallocatedasperrespectivefairvaluebetweende-recognizedornotde-recognizedparts,andthedifferencebetweenthesumoftheconsiderationreceivedduetotransferwiththeaccumulatedamountoffairvaluechangesthatispreviouslyincludedinothercomprehensiveincomeandshallbeallocatedtode-recognizedpartsandtheaforesaidbookamountallocatedshallbeincludedinthecurrentprofitorloss.
TheCompanyshalldeterminewhetheralmostalltherisksandrewardsoftheownershipofthefinancialassetssoldbymeansofrecourseorendorsedtotransferthefinancialassetsitholdshavebeentransferred.Ifalmostalltherisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee,theconfirmationofthefinancialassetshallbeterminated;ifalmostalltherisksandrewardsintheownershipofthefinancialassethavebeenretained,theconfirmationofthefinancialassetshallnotbeterminated;ifneitherthetransfernortheretentionofalmostalltherisksandrewardsintheownershipofthefinancialassethasbeenmade.Incaseofremuneration,itshallcontinuetodeterminewhethertheenterprisehasretainedcontrolovertheassetsandconductaccountingtreatmentinaccordancewiththeprinciplesdescribedintheprecedingparagraphs.
(4)TerminationconfirmationoffinancialliabilitiesIfthecurrentobligationofafinancialliability(orpartthereof)hasbeendischarged,theCompanyshallterminatetherecognitionofthefinancialliability(orpartthereof).IftheCompany(thedebtor)signsanagreementwiththelendertoreplacetheoriginalfinancialliabilitiesbyassumingnewfinancialliabilities,andthecontracttermsofthenewfinancialliabilitiesaresubstantiallydifferentfromthoseoftheoriginalfinancialliabilities,itshallterminatetherecognitionoftheoriginalfinancialliabilitiesandatthesametimeconfirmanewfinancialliabilities.IftheCompanysubstantiallyamendsthecontracttermsoftheoriginalfinancialliabilities(orpartthereof),itshallterminatetheconfirmationoftheoriginalfinancialliabilitiesandatthesametimeconfirmanewfinancialliabilitiesinaccordancewiththerevisedterms.
Ifthefinancialliabilities(orpartthereof)areterminated,thedifferencebetweentheirbookvalueandtheconsiderationpaid(includingthetransferrednon-cashassetsorliabilitiesassumed)shallbeincludedintheprofitsandlossesofthecurrentperiod.
(5)Offsettingfinancialassetsandfinancialliabilities
WhentheCompanyhasalegalrightthatiscurrentlyenforceabletosetofftherecognizedfinancialassetsandfinancialliabilities,andintendseithertosettleonanetbasis,ortorealizethefinancialassetandsettlethefinancialliabilitysimultaneously,afinancialassetandafinancialliabilityshallbeoffsetandthenetamountispresentedinthebalancesheet.Exceptfortheabovecircumstances,financialassetsandfinancialliabilitiesshallbepresentedseparatelyinthebalancesheetandshallnotbeoffset.
(6)Methodfordeterminingthefairvalueoffinancialassetsandfinancialliabilities
Fairvaluereferstothepricethatamarketparticipantmustpaytosellortransferaliabilityinanorderlytransactionthatoccursonthemeasurementdate.ThefairvalueoffinancialinstrumentsexistinginanactivemarketisdeterminedbytheCompanyaccordingtoitsquotedpriceinthismarket.westbankThequotedpricesintheactivemarketrefertotheprices,whichareeasilyavailablefromthestockexchanges,brokers,industryassociations,pricingserviceinstitutionsandetc.atafixedterm,andwhichrepresentthepricesatwhichactuallyoccurredmarkettransactionsaremadeunderfairconditions.?¨Incanafinancialinstrumentdoesnotexistinactivemarkets,itsfairvalueshallbedeterminedbytheCompanywithassessmenttechniques.Thevalueappraisaltechniquesmainlyincludethepricesadoptedbytheparties,whoarefamiliarwiththecondition,inthelatestmarkettransactionupontheirownfreewill,thecurrentfairvalueobtainedbyreferringtootherfinancialinstrumentsofthesameessentialnature,thecashflowcapitalizationmethodandtheoptionpricingmodel,etc.Invaluation,theCompanyadoptsvaluationtechniquesthatareapplicableinthecurrentsituationandsupportedbysufficientdataandotherinformationtoselectinputvaluesconsistentwiththecharacteristicsofassetsorliabilitiesconsideredbymarketparticipantsinthetransactionsofrelatedassetsorliabilities,andgiveprioritytotheuseofrelevantobservableinputvaluesasfaraspossible.Unallowablevaluesareusediftherelevantobservableinputvaluesarenotavailableorarenotpracticable.
(7)Equityinstruments
AnequityinstrumentisanycontractthatevidencesaresidualinterestintheassetsoftheCompanyafterdeductingallofitsliabilities.Theconsiderationreceivedfromissuingequityinstruments,netoftransactioncosts,areaddedtoshareholders’equity.Alltypesofdistribution(excludingstockdividends)madebytheCompanytoholdersofequityinstrumentsaredeductedfromshareholders’equity.
Thedividends(including"interest"generatedbythetoolsclassifiedasequityinstruments)distributedbytheCompany'sequityinstrumentsduringtheperiodoftheirexistenceshallbetreatedasprofitdistribution.
11.Impairmentprovisionforfinancialassets
TheCompanyrequirestoconfirmthatthefinancialassetslostbyimpairmentarefinancialassetsmeasured
2019AnnualReportbyamortizedcost,investmentindebtinstrumentsandleasereceivableswhicharemeasuredatfairvalueandwhosechangesareincludedinothercomprehensivegains,mainlyincludingnotesreceivable,accountsreceivable,otherreceivables,creditor'srightsinvestment,othercreditor'srightsinvestmentandlong-termreceivablesandetc.Inaddition,provisionforimpairmentandconfirmationofcreditimpairmentlossesarealsomadeforcontractassetsandsomefinancialguaranteecontractsinaccordancewiththeaccountingpoliciesdescribedinthissection.
(1)MethodofconfirmingimpairmentprovisionBasedonanticipatedcreditloss,theCompanycalculatesimpairmentpreparationandconfirmscreditimpairmentlossaccordingtotheapplicableanticipatedcreditlossmeasurementmethod(generalmethodorsimplifiedmethod).Creditlossreferstothedifferencebetweenthecashflowofallcontractsdiscountedaccordingtotheoriginalrealinterestrateandtheexpectedcashflowofallcontractsreceivableaccordingtothecontract,thatis,thepresentvalueofallcashshortages.Amongthem,theCompanydiscountsthefinancialassetspurchasedororiginatedwithcreditimpairmentattheactualinterestrateadjustedbycredit.
ThegeneralmethodofmeasuringanticipatedcreditlossiswhetherthecreditriskoftheCompany'sfinancialassets(includingotherapplicableitemssuchascontractassets,similarlyhereinafter)hasincreasedsignificantlysincetheinitialrecognitiononeachbalancesheetday.Ifthecreditriskhasincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthewholeduration.Ifthecreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthenext12months.TheCompanyshallconsiderallreasonableandevidencedinformation,includingforward-lookinginformation,whenevaluatingexpectedcreditlosses.
Assumingthattheircreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanymaychoosetomeasurethelossreserveaccordingtotheexpectedcreditlossinthenext12monthsforfinancialinstrumentswithlowcreditriskonthebalancesheetdate.
(2)Criteriaforjudgingwhethercreditriskhasincreasedsignificantlysincetheinitialrecognition
Iftheprobabilityofdefaultofafinancialassetontheestimateddurationofthebalancesheetissignificantlyhigherthantheprobabilityofdefaultduringtheestimateddurationoftheinitialrecognition,thecreditriskofthefinancialassetissignificantlyincreased.Exceptforspecialcircumstances,theCompanyusesthechangeofdefaultriskinthenext12monthsasareasonableestimateofthechangeofdefaultriskintheentiredurationtodeterminewhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.
(3)Aportfolio-basedapproachtoassessingexpectedcreditrisk
TheCompanyshallevaluatethecreditriskoffinancialassetswithdistinctdifferencesincreditrisk,suchastherelatedparty'sreceivables,thereceivablesindisputewiththeotherpartyorinvolvinglitigationandarbitration,andreceivablesthathasbeenprovedthatthedebtormaynotbeabletofulfilltheobligationofrepayment,etc.
Inadditiontothefinancialassetsthatassesscreditriskindividually,theCompanyshalldividefinancialassetsintodifferentgroupsbasedoncommonriskcharacteristics,andassesscreditriskonthebasisofportfolio.
(4)Accountingtreatmentofimpairmentoffinancialassets
Attheendoftheduration,theCompanyshallcalculatetheanticipatedcreditlossesofvariousfinancialassets.Iftheanticipatedcreditlossesaregreaterthanthebookvalueofitscurrentimpairmentprovision,thedifferenceisdeemedasimpairmentloss.Ifthebalanceislessthanthebookvalueofthecurrentimpairmentprovision,thedifferenceisdeemedasimpairmentprofit.
(5)Methodofdeterminingcreditlossesofvariousfinancialassets
①Accountreceivable
Inregardtoreceivableswithoutsignificantfinancingcomponents,theCompanyshallmeasureloss
2019AnnualReportpreparationaccordingtotheamountofanticipatedcreditlossequivalenttotheentireduration.Inregardtoaccountsreceivablewithsignificantfinancingcomponents,theCompanyshallchoosetomeasurelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlosswithinthedurationallthetime.
Inadditiontotheaccountsreceivablethatassessesthecreditriskindividually,receivablesaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:
Items | Basisfordeterminingcombination: |
Protfolio1 | Thisportfolioischaracterizedbytheagingofreceivablesasacreditrisk. |
Fortheaboveportfolio1,themeasurementmethodofbaddebtsreserveistheaginganalysismethod,specificallyasfollows:
Aging | Proportion(%) |
Within1year(Including1year) | 0 |
1-2years | 10 |
2-3years | 30 |
3-4years | 50 |
4-5years | 90 |
Over5years | 100 |
②OtherreceivableTheCompanyhasmeasuredtheimpairmentlossbasedontheamountofexpectedcreditlossesinthenext12monthsortheentireduration,basedonwhetherthecreditriskofotherreceivableshasincreasedsignificantlysincetheinitialrecognition.Inadditiontotheotheraccountsreceivablewhichassessesthecreditriskindividually,theyaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:
Items | Basisfordeterminingcombination: |
Protfolio1 | Thisportfolioisacollectionofvariousdeposits,advances,pledgesandotherreceivablesindailyactivities. |
Protfolio2 | Thisportfolioisareservefundborrowedbyemployeesintheirdailybusinessactivities. |
Protfolio3 | Otherreceivablesotherthantheaboveportfolio. |
Combinationofdeposit,qualityassurancefundanddepositandreservefundcombinationexceptforobjectiveevidencethattheGroupwillnotbeabletorecovertheamountaccordingtotheoriginaltermsofreceivables,willnotnormallybeaccruedforbaddebtreserves.Themeasurementmethodofbaddebtreservesforothercombinationsisaginganalysis,andtheaccrualproportionisthesameasaccountsreceivable.
③Creditor'srightsinvestment
Creditor'srightsinvestmentmainlyaccountsforbondinvestmentmeasuredbyamortizedcost,etc.TheCompanyhasmeasuredtheimpairmentlossbasedontheamountofexpectedcreditlossesinthenext12monthsortheentireduration,basedonwhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.TheCompanyadoptsthemethodofevaluatingcreditriskwithindividualassetsforcreditor'srightsinvestment.
12.Inventory
WhethertheCompanyneedstocomplywiththedisclosurerequirementsforspecificindustrie
No
1.Investoriesclass:Thecompany’sstockscanbeclassifiedas:rawmaterials,etc.
2.Valuationmethodofinventoryissued:Thecompanycalculatesthepricesofitsinventoriesaccordingtotheweightedaveragesmethodorthefirst-infirst-outmethod.
3.Determinationofnetrealizablevalueofinventoriesandimpairmentallowanceforinventories
Netrealizablevalueistheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletion,theestimatedcostsnecessarytomakethesaleandrelevanttaxes.Netrealizablevalueisdeterminedonthebasisofclearevidenceobtainedandtakesintoconsiderationthepurposeofholdinginventoriesandeffectofpostbalancesheetevents.Atthebalancesheetdate,inventoriesaremeasuredatthelowerofthecostandnetrealizablevalue.Ifthenetrealizablevalueisbelowthecostofinventories,aprovisionfordeclineinvalueofinventoriesismade.Theprovisionforinventoriesdeclineinvalueisnormallydeterminedbythedifferenceofthecostoftheindividualitemlessitsrealizablevalue.Forlargequantityandlow-valueitemsofinventories,provisionfordeclineinvalueismadebasedoncategoriesofinventories.
Foritemsofinventoriesrelatingtoaproductlinethatareproducedandmarketedinthesamegeographicalarea,havethesameorsimilarendusersorpurposes,andcannotbepracticablyevaluatedseparatelyfromotheritemsinthatproductlineprovisionfordeclineinvalueisdeterminedonanaggregatebasis.
Aftertheprovisionfordeclineinvalueofinventoriesismade,ifthecircumstancesthatpreviouslycausedinventoriestobewrittendownbelowcostnolongerexistsothatthenetrealizablevalueofinventoriesishigherthantheircost,theoriginalprovisionfordeclineinvalueisreversedandthereversalisincludedinprofitorlossfortheperiod.
4.Physicalinventoriesaremanagedbytheperpetualinventorytakingsystem.
5.Amortizationoflow-valueconsumablesandpackagingmaterials.Low-valueconsumablesandpackagingmaterialsarefullyamortizedatthetimeofissuance.
13.Held-for-saleassetsanddisposalgroup
TheCompanyclassifyanon-currentassetordisposalgroupasheldforsaleifitscarryingamountwillberecoveredprincipallythroughasaletransactionratherthanthroughcontinuinguse.Forthistobethecase,thefollowingconditionsshallbemet:a)theasset(ordisposalgroup)mustbeavailableforimmediatesaleinitspresentconditionsubjecttotermsthatareusualandcustomaryforsalesofsuchassetsordisposalgroups;b)theCompanyhasmadetheresolutiononthedisposalplanandmustbecommittedtoaplantoselltheasset(ordisposalgroup);c)thesaleisexpectedtobecompletedwithinoneyearfromthedateofclassification.Adisposalgroupisagroupofassetstobedisposedof,bysaleorotherwise,togetherasagroupinasingletransaction,andliabilitiesdirectlyassociatedwiththoseassetsthatwillbetransferredinthetransaction.Thegroupshallincludegoodwillacquiredinabusinesscombinationifthegroupisacash-generatingunittowhichgoodwillhasbeenallocatedinaccordancewiththerequirementsofAccountingStandardforBusinessEnterprisesNo.8–Impairmentofassets.
TheCompanymeasureanon-currentassetordisposalgroupclassifiedasheldforsaleatthelowerofitscarryingamountandfairvaluelesscoststoselloninitialrecognitionandsubsequentremeasurementonthebalancesheetdate.Animpairmentlossisrecognizedwhenthecarryingamountishigherthanthefairvaluelesscoststosell,andallowanceforimpairmentisrecognizedaccordingly.Forthedisposalgroup,therecognizedimpairmentlossonassetsisoffsetagainstthecarryingamountofthegoodwillinthedisposalgroup,andthenreducedinproportionofthebookvalueofthenon-currentassetsapplicableto"AccountingStandardforBusinessEnterprisesNo.42-Non-currentAssetsHeldforSale,DisposalGroupandDiscontinuedOperations(hereinafterreferredtoas"heldforsaleaccountingprinciple")measurementrequirements.TheCompanyshallrecognizeagainduringtheperiodforanysubsequentincreaseinfairvaluelesscoststosellofanasset,butnotinexcessofthecumulativeimpairmentlossthathasbeenrecognizedafterthereclassificationtonon-currentassetsheldforsale.Thebookvalueofassetsinthedisposalgroupisincreasedproportionatelyaccordingtotheproportionofthebookvalueofeachnon-currentassetexceptforgoodwill.Impairmentlossrecognizedbeforethereclassification
2019AnnualReporttonon-currentassetsheldforsellshallnotberecovered.Non-currentassetornon-currentassetinthedisposalgroupclassifiedasheldforsalearenotsubjecttodepreciationoramortization.Theinterestandotherexpensesonliabilitiesheldinthedisposalgroupforsalearecontinuouslyrecognized.
Non-currentassetsordisposalgroupthatnolongermeettheconditionsofnon-currentassetheldforsellshallberemovedfromthecategory,andshallbemeasuredatthelowerofthefollowing:(a)Thecarryingamountbeforeclassificationasheldforsaleafteradjustmentofdepreciation,amortizationorimpairmentthatshouldberecognizedifitisnotclassifiedasnon-currentassetsheldforsell;(b)recoverableamount.
14.Long-termequityinvestments
Long-termequityinvestmentsinthissectionrefertothelong-terminvestmentthroughwhichtheCompanyhascontrol,jointcontrol,ormaterialinfluenceontheinvestee.Long-termequityinvestmentsthroughwhichtheCompanydoesnothavecontrol,jointcontrolormaterialinfluenceontheinvesteeshallberecognizedasavailable-for-salefinancialassetsorfinancialassetsmeasuredbyfairvaluewithchangesinfairvaluerecognizedinprofitorloss.See10fordetails.
Jointcontrolisthecontractuallyagreedsharingofcontrolovereconomicactivityandexistswhenthestrategicfinancialandoperatingdecisionsrelatingtotheactivityrequiretheunanimousconsentofthepartiessharingcontrol.Significantinfluenceisthepowertoparticipateinthefinancialandoperatingpolicydecisionsoftheinvesteebutisnotcontrolorjointcontroloverthosepolicies.
(1)DeterminationofInvestmentcost
Long-termequityinvestmentacquiredthroughbusinesscombinationundercommoncontrolaremeasuredattheacquirer'sshareofthecombinationdatebookvalueoftheacquiree'snetequityintheultimatecontroller'sconsolidatedfinancialstatements.Thedifferencebetweentheinitialcostandcashpaid,non-monetaryassetstransferred,andliabilitiesassumedbyisadjustedtocapitalreserves,andtoretainedearningsifcapitalreservesareinsufficient.Iftheconsiderationispaidbyissuingequityinstruments,theinitialcostismeasuredattheacquirer'sshareofthecombinationdatebookvalueoftheacquiree'snetequityintheultimatecontroller'sconsolidatedfinancialstatements,withthefacevalueoftheequityinstrumentsissuedrecognizedassharecapitalandthedifferencebetweentheinitialcostandthefacevalueoftheequityinstrumentsissuedadjustedtocapitalreserves,andtoretainedearningsifcapitalreservesisinsufficient.Forbusinesscombinationinvolvingentitiesundercommoncontrolachievedthroughmultipletransactions(acquisitioninstages),themultipleagreementsareassessedtodeterminewhethertheyshouldbeviewedasalump-sumpurchase.Wheremultipleagreementsofanacquisitioninstagesareviewedasalump-sumpurchase,thetransactionsareviewedasonetransactionthatacquiresthecontrolpower.Wheremultipleagreementsofanacquisitionfailtheconditionsofalump-sumpurchase,long-termequityinvestmentacquiredthroughbusinesscombinationundercommoncontrolaremeasuredattheacquirer'sshareofthecombinationdatebookvalueoftheacquiree'snetequityintheultimatecontroller'sconsolidatedfinancialstatements.Thedifferencebetweentheinitialcost,andthebookvalueofthelong-termequityinvestmentbeforecombinationdateandconsiderationspaidtoacquirenewsharesonthecombinationdate,isadjustedtocapitalreserves,andtoretainedearningsifcapitalreservesareinsufficient.
Long-termequityinvestmentacquiredthroughbusinesscombinationnotundercommoncontrolismeasuredatcombinationcostonthecombinationdate.Thecombinationcostincludesassetscontributedbythepurchaser,liabilitiesincurredorassumedby,andfairvalueoftheequityinstrumentsissuedbytheacquirer.Forbusinesscombinationinvolvingentitiesnotundercommoncontrolachievedthroughmultipletransactions(acquisitioninstages),themultipleagreementsareassessedtodeterminewhethertheyshouldbeviewedasalump-sumpurchase.Wheremultipleagreementsofanacquisitioninstagesareviewedasalump-sumpurchase,thetransactionsare
2019AnnualReportviewedasonetransactionthatacquiresthecontrolpower.Wheremultipleagreementsofanacquisitionfailtheconditionsofalump-sumpurchase,long-termequityinvestmentacquiredthroughbusinesscombinationnotundercommoncontrolaremeasuredatthesumoftheoriginalbookvalueoftheequityinvestmentontheinvesteeandthenewinvestmentcost,whichisregardedasthenewinitialcostofthelong-terminvestmentwhentransferredtocostmethod.Iftheoriginalequityismeasuredbytheequitymethod,notaccountingtreatmentisappliedtorelevantothercomprehensiveincometemporarily.Theaudit,legalservices,valuation,andotherdirectlyassociatedadministrativeexpensesincurredbytheacquirerarerecognizedinprofitorlossonthetransactiondates.Long-termequityinvestmentsacquirednotthroughbusinesscombinationaremeasuredatcostonnitialrecognition.Dependingonthewayofacquisition,thecostofacquisitioncanbethetotalcashpaid,thefairvalueofequityinstrumentissued,thecontractprice,thefairvalueorbookvalueoftheassetsgivenawayinthecaseofnon-monetaryassetexchange,orthefairvalueoftherelevantlong-termequityinvestments.Thecostofacquisitionofalong-termequityinvestmentacquirednotthroughbusinesscombinationalsoincludesalldirectlyassociatedexpenses,applicabletaxesandfees,andothernecessaryexpenses.WhentheCompanyincreaseinvestmenttohavematerialinfluenceorjointcontrol,butnotcontrolovertheinvestee,long-terminvestmentsaremeasuredatthesumofthefairvalueofinitialequityinvestmentandcostofnewinvestmentasdefinedinCAS22-RecognitionandMeasurementofFinancialAssets.
(2)SubsequentmeasurementandrecognitionandmeasurementofgainorlossWherealong-termequityinvestmentgivestheCompanyeitherjointcontrolorsignificantinfluenceovertherespectiveinvestee,theinvestmentissubsequentlymeasuredusingtheequitymethod.Wherealong-termequityinvestmentgivestheCompanycontrolovertherespectiveinvestee,theinvestmentissubsequentlymeasuredatcost.
①Long-termequityinvestmentsmeasuredatcostAlong-termequityinvestmentismeasuredatthecostofinvestment,excludingdeclaredcashdividendsorprofitpendingdistributionincludedintheconsiderationpaid.Investmentincomefortherelevantperiodfromalong-termequityinvestmentmeasuredatcostisrecognizedastheCompany'sshareofthecashdividendsorprofitdeclaredfordistributionbytheinvestee.
②Long-termequityinvestmentsmeasuredusingtheequitymethodWhenthecostofalong-termequityinvestmentmeasuredusingtheequitymethodoninitialrecognitionexceedstheCompany'sshareofthefairvalueoftherespectiveinvestee'snetidentifiableassets,noadjustmentismadetothecostoftheinvestmentfortheexcess.WhentheCompany'sshareofthefairvalueofaninvestee'snetidentifiableassetsexceedsthecostoftherespectivelong-termequityinvestmentmeasuredusingtheequitymethodoninitialrecognition,adjustmentismadetothecostoftheinvestmentforthedifferenceandthedifferenceiscarriedtoprofitorlossfortheperiodduringwhichtheinvestmentisrecognized.
Investmentincomeorlossandothercomprehensiveincomefortherelevantperiodfromalong-termequityinvestmentmeasuredusingtheequitymethodismeasuredattheCompany'sshareofthenetprofitorlossandothercomprehensiveincomeoftherespectiveinvesteefortherelevantperiod,andthebookvalueoflong-termequityinvestmentsisadjustedaccordingly.Iftheinvesteedeclaresprofitdistributionorcashdividends,long-termequityinvestmentsarereducedbytheCompany’sshareofdeclaredprofitdistributionorcashdividendsintheinvestee.Long-termequityinvestmentswillbeadjusted,andcapitalreservesarerecognizedwithvariationsotherthannetprofitorloss,othercomprehensiveincome,andprofitdistribution.WhencomputingtheCompany'sshareofthenetprofitorlossoftheinvesteefortherelevantperiod,netprofitorlossoftheinvesteefortherelevantperiodisadjusted,ifnecessary,forthefairvalueoftheinvestee'sidentifiableassetsandidentifiableliabilitiesonacquisitionandtheCompany'saccountingpoliciesandaccountingperiod.Investmentincomeandother
2019AnnualReportcomprehensiveincomeisrecognizedaccordingly.ThecomputationoftheCompany'sshareofthenetprofitorlossoftheinvesteefortherelevantperiodalsoeliminatesunrealizedprofitandlossarisingfromtransactionsbetweentheCompanyandtheinvestee(ajointventureorassociate,whicheverisapplicable)andcontributingorsellingassetstotheinvesteewhichformsanoperation,totheextentoftheCompany'ssharecalculatedbytheCompany'sshareholdingintheinvesteefortherelevantperiod,exceptfortheunrealizedlossresultedfromimpairmentoftransferredassets.WhencontributingassetstothejointventureorassociatebytheCompanyformsanoperation,andtheinvestoracquiresthelong-termequityinvestmentwithoutcontrol,long-termequityinvestmentsaremeasuredatfairvalueofthecontributedoperations,withthedifferencebetweeninitialinvestmentcostandbookvalueofthecontributedoperationfullyrecognizedinprofitorlossfortheperiod.WhensellingassetstothejointventureorassociatebytheCompanyformsanoperation,thedifferencebetweenconsiderationsreceivedandbookvalueoftheoperationisfullyrecognizedinprofitandlossfortheperiod.WhenpurchasingassetsfromthejointventureorassociatebytheCompanybelongstoanoperation,incomeandlossesarefullyrecognizedasspecifiedinCAS20-BusinessCombination.WhentheCompany'sshareofaninvestee'snetlossexceedsthesumofthecarryingamountoftherespectivelong-termequityinvestmentmeasuredusingtheequitymethodandotherinvestmentsintheinvestee,thecarryingamountofthelong-termequityinvestmentandotherinvestmentsintheinvesteeisreducedtozero.IftheCompanyisobligedtosharelossoftheinvesteeafteritslong-termequityinvestmentandotherinvestmentshavebeenreducedtozero,aninvestmentlossandprovisionisrecognizedtotheextentoftheestimatedobligation.Iftheinvesteereportsprofitsinsubsequentperiods,theCompanyonlyrecognizesitsshareofprofitafteritsshareofprofitequalstheshareoflossnotrecognized.Forlong-termequityinvestmentsinassociatesandjointventureswhichhadbeenheldbytheCompanybeforeitsfirsttimeadoptionofnewaccountingstandards,wheretheinitialinvestmentcostofalong-termequityinvestmentexceedstheCompany’sshareintheinvestee’snetassetsatthetimeofacquisition,theexcessisamortizedandisrecognizedinprofitorlossonastraight-linebasisovertheoriginalremaininglife.
③AcquisitionofminorityinterestsIfminorityinterestsinaninvesteeisacquiredbytheCompany,duringtheCompany'spreparationoftheconsolidatedfinancialstatements,thedifferencebetweentheCompany'scumulativeshareoftheinvesteesnetassetscalculatedonthebasisofthenewshareholdingintheinvesteefromtheacquisitiondate(orcombinationdate)andtheCompany'sinvestmentintheinvesteefollowingtheminorityinterestacquisitionisadjustedtocapitalreserves,andtoretainedearningsifcapitalreservesisinsufficient.
④Disposaloflong-termequityinvestmentsOntheconsolidatedfinancialstatements,whenpartlydisposalofalong-termequityinvestmentinasubsidiarywhichdoesnotcauselossofcontroloverthesubsidiary,thedifferencebetweentheconsiderationfordisposalandthenetidentifiableassetgivenawayproportionatetothedisposedsharesinthesubsidiaryisrecognizedinequity;partlydisposalofalong-termequityinvestmentinasubsidiarywhichcauseslossofcontroloverthesubsidiaryisaccountedforinaccordancewithNote5.6.2.
Thedifferencebetweentheconsiderationfordisposaloflong-termequityinvestmentsandthecarryingamountofthelong-termequityinvestmentsdisposedofisrecognizedinprofitorlossfortheperiodduringwhichtheinvestmentsaredisposedof.
Whenalong-termequityinvestmentmeasuredusingtheequitymethodisdisposed,andtheresidualequityafterdisposalisstillmeasuredusingequitymethod,therespectivecumulativeothercomprehensiveincomerecognizedinequityproportionatetothedisposedofinvestmentshalladoptthesameaccountingtreatmentastheinvesteedisposesofrelevantassetsorliabilitiesdirectly.Movementininvestee'sequityotherthanchangesinnetprofitorloss,othercomprehensiveincome,andprofitdistributionisrecognizedinprofitorlossproportionally.
Whenalong-termequityinvestmentmeasuredusingthecostmethodisdisposedandtheresidualequity
2019AnnualReportafterdisposalisstillmeasuredusingcostmethod,othercomprehensiveincome,whichisrecognizedbyequitymethodorrecognitionandmeasurementapplicabletofinancialinstrumentspriortotheCompany'sacquisitionofcontrolovertheinvestee,shalladoptthesameaccountingtreatmentastheinvesteedisposesrelevantassetsorliabilitiesdirectlyonthedateoflossofcontrol,andprofitorlossisrecognizedproportionally.Movementininvestee'sequityotherthanchangesinnetprofitorloss,othercomprehensiveincome,andprofitdistributionisrecognizedinprofitorlossproportionally.WheretheCompany'scontroloveraninvesteeislostduetopartialdisposalofinvestmentintheinvesteeandtheCompanycontinuestohavesignificantinfluenceovertheinvesteeafterthepartialdisposal,theinvestmentismeasuredbyequitymethodintheCompany'sseparatefinancialstatements;wheretheCompany'scontroloveraninvesteeislostduetopartialdisposalofinvestmentintheinvesteeandtheCompanyceasestohavesignificantinfluenceovertheinvesteeafterthepartialdisposal,theinvestmentismeasuredinaccordancewiththerecognitionandmeasurementprinciplesapplicabletofinancialinstrumentsintheCompany'sseparatefinancialstatementsandthedifferencebetweenthefairvalueandbookvalueoftheremaininginvestmentatthedateoflossofcontrolisrecognizedinprofitorloss.Cumulativeothercomprehensiveincomerelevanttotheinvestment,whichisrecognizedbyequitymethodorrecognitionandmeasurementprinciplesapplicabletofinancialinstrumentspriortotheCompany'sacquisitionofcontrolovertheinvestee,shalladoptthesameaccountingtreatmentastheinvesteedisposesrelevantassetsorliabilitiesdirectlyonthedateoflossofcontrol,Theinvestee'sequitymovementotherthanchangesinnetprofitorloss,othercomprehensiveincomeandprofitdistribution,asaresultofaccountingbyequitymethod,isrecognizedinprofitorlosswhencontrolislost.Wheretheremaininginvestmentismeasuredbyequitymethod,theafore-mentionedothercomprehensiveincomeandotherequitymovementarerecognizedinprofitorlossproportionatetothedisposal;Wheretheremaininginvestmentismeasuredinaccordancewiththerecognitionandmeasurementprinciplesapplicabletofinancialinstruments,theafore-mentionedothercomprehensiveincomeandotherequitymovementarefullyrecognizedinprofitorloss.
WheretheCompany'sjointcontrolorsignificantinfluenceoveraninvesteeislostduetopartialdisposalofinvestmentintheinvestee,theremaininginvestmentintheinvesteeismeasuredinaccordancewiththerecognitionandmeasurementprinciplesapplicabletofinancialinstruments,thedifferencebetweenthefairvalueandthebookvalueoftheremaininginvestmentatthedateoflossofjointcontrolorsignificantinfluenceisrecognizedinprofitorloss.Cumulativeothercomprehensiveincomerelevanttotheinvestment,whichisrecognizedbyequitymethodorrecognitionandmeasurementprinciplesapplicabletofinancialinstrumentspriortotheCompany'sacquisitionofcontrolovertheinvestee,shalladoptthesameaccountingtreatmentastheinvesteedisposesrelevantassetsorliabilitiesdirectlyonthedateoflossofcontrol,Theinvestee'sequitymovementotherthanchangesinnetprofitorloss,othercomprehensiveincomeandprofitdistribution,asaresultofaccountingbyequitymethod,isrecognizedinprofitorlosswhencontrolislost.WheretheCompany'scontroloveraninvesteeislostthroughmultipledisposalsandthemultipledisposalscanbeviewedasalump-sumtransaction,themultipledisposalsareaccountedforonesingletransactionwhichresultsintheCompany'slossofcontrolovertheinvestee.Differencebetweentheconsiderationreceivedandthebookvalueoftheinvestmentdisposedateachtimeofdisposalisrecognizedinothercomprehensiveincomeandreclassifiedinfulltoprofitorlossattheperiodwhencontrolovertheinvesteeislost.
15..InvestmentProperty
Themeasurementmodeofinvestmentproperty
Themeasurementbythecostmethod
Depreciationoramortizationmethod
Investmentpropertyisheldtoearnrentalsorforcapitalappreciationorforboth.Investmentproperty
2019AnnualReportincludesleasedorreadytotransferaftercapitalappreciationlanduserightsandleasedbuildings.Investmentpropertyisinitiallymeasuredatcost.Subsequentexpendituresrelatedtoaninvestmentrealestatearelikelytoflowabouttheeconomicbenefitsoftheasset,anditscostcanbemeasuredreliably,isincludedinthecostofinvestmentrealestate.Othersubsequentexpenditureintheprofitorlosswhenitincurred.
TheGroupusesthecostmodelforsubsequentmeasurementofinvestmentproperty,andinaccordancewiththedepreciationoramortizationofbuildingsorlanduserightspolicy.InvestmentpropertyimpairmenttestmethodandimpairmentaccrualmethoddescribedinNote20“Non-currentandnon-financialassetsimpairment."Occupiedrealestateforinvestmentpropertyorinvestmentpropertyistransferredtotheowner-occupiedrealestateorstockconversionastherecordedvalueaftertheconversion,accordingtothebookvaluebeforetheconversion.InvestmentpropertychangeintotheOwner-occupiedrealestate,sincethechangeofdatefortheinvestmentproperty,istransferredtofixedassetsorintangibleassets.Changetheowner-occupiedpropertyheldtoearnrentalsorforcapitalappreciation,sincethechangeofdate,thefixedassetsorintangibleassetstoinvestmentproperty.Conversionoccurswhenconvertedtoinvestmentpropertyusingthecostmodel,asthebookvaluebeforetheconversionoftherecordedvalueaftertheconversion;convertedtoinvestmentpropertymeasuredatfairvaluemodel,thefairvalueoftheconversiondateastherecordedvalueafterconversion.
Derecognized,whentheinvestmentpropertyisdisposedoforpermanentlywithdrawnfromuseandtheexpectedeconomicbenefits,cannotbeobtainedfromthedisposalofinvestmentproperty.Proceedsondisposalofinvestmentpropertyissold,transferred,retiredordamagedthroughprofitorlossafterdeductingthebookvalueandrelatedtaxes.
16.Fixedassets
(1)ConfirmationconditionsoffixedassetsFixedassetsrefertophysicalassetsownedforpurposeofproduction,serviceproviding,leasingormanagement,andoperationwithservicelifeofmorethanoneyear.
ThefixedassetsarerecognizedonlyafterrelevanteconomicinterestsprobablyflowintotheCompanyandcostsarereliablymeasured.Theinitialcalculationwillbemadeforthefixedassetsbasedonthecostandtheinfluenceofexpecteddisposalcost.
Type | Depreciationmethod | Expectedusefullife(Year) | Residualrate(%) | Annualdepreciationrate(%) |
Highwayandbridge: | ||||
Including:GuangfoExpressway | Workingflowbasis | 28years | 0% | |
FokaiExpressway-XiebiantoSanbaoSection | Workingflowbasis | 40years | 0% | |
FokaiExpressway-SanbaotoShuikouSection | Workingflowbasis | 30years | 0% | |
JingzhuExpresswayGuangzhuSection | Workingflowbasis | 30years | 0% | |
HouseBuilding | Thestraight-linemethod | 20-30years | 3%-10% | 3%-4.85% |
MachineEquipment | Thestraight-linemethod | 10years | 3%-10% | 9%-9.7% |
TransportationEquipment | Thestraight-linemethod | 5-8years | 3%-10% | 11.25%-19.4% |
ElectricEquipmentandother | Thestraight-linemethod | 5-15years | 3%-10% | 6%-19.4% |
(2)TestMethodforFixedAssetImpairmentandCounting&DrawingMethodforFixedAssetImpairmentReservesFortheimpairmenttestmethodandtheimpairmentprovisionwithdrawingmethodoftheFixedassets,pleasereferto“Long-termAssetsImpairmentinArticle20ofImportantAccountingPoliciesandAccountingEstimatesinNotes5ofFinancialStatements”.
(3)Recognitionandmeasurementoffixedassetsheldunderfinanciallease
Afinanceleaseisaleasethattransfersinsubstancealltherisksandrewardsincidenttoownershipofanasset.Thetitlemayormaynoteventuallybetransferred.FixedassetsthatareheldunderfinanceleasesshallbedepreciatedbyapplyingthesamepolicyasthatforthefixedassetsownedbytheCompany.Ifitcanbereasonablydeterminedthattheownershipoftheleasedassetscanbeobtainedattheendoftheleaseperiod,theleasedassetsaredepreciatedovertheirusefullives;otherwise,theleasedassetsaredepreciatedovertheshorteroftheleasetermsandtheusefullivesoftheleasedassets.
(4)Othernotes
AfixedassetisrecognizedonlywhentheeconomicbenefitsassociatedwiththeassetwillprobablyflowtotheCompanyandthecostoftheassetcanbemeasuredreliably.Subsequentexpenditureincurredforafixedassetthatmeetstherecognitioncriteriashallbeincludedinthecostofthefixedasset,andthecarryingamountofthecomponentofthefixedassetthatisreplacedshallbederecognized.Otherwise,suchexpenditureshallberecognizedinprofitorlossintheperiodinwhichtheyareincurred.
Therevenuefromsellingortransferringordisposingofafixedassetisbookedintoprofitandlossafterdeductionofcarryingvalueandrelatedtax.
TheCompanyconductsareviewofusefullife,expectednetrealizablevalueanddepreciationmethodsofthefixedassetatleastonanannualbase.Anychangeisregardedasachangeinaccountingestimates.
17.Construction-inprocessThecostofconstructioninprogressismeasuredattheactualexpenditureincurred,includingconstructionexpenditureandcapitalizationofborrowingcostsandotherapplicablecostsincurredpriortothecompletion.Anitemofconstructioninprogressisreclassifiedtofixedassetuponcompletion.SeeNote5.20fordetailsofassessmentforimpairmentofconstructioninprogressandimpairmentallowanceforconstructioninprogress.
18.Borrowingcost
Borrowingcostsincludeinterestsonloans,amortizationofdiscountorpremium,ancillaryexpenses,andforeignexchangedifferenceonloansdenominatedinforeigncurrencies.Borrowingcostsdirectlyassociatedwiththeacquisitionofconstructionofaqualifyingassetareeligibleforcapitalization.Capitalizationstartswhenexpenditureonthequalifyingassetisincurred,borrowingcostsareincurred,orproductionorconstructionofthequalifyingassetforitsintendeduseorsalesisstarted,whicheverislater.Capitalizationstopswhenthequalifyingassetsreachtheconditionofitsintendeduseorsales.Allotherborrowingcostsarerecognizedinprofitorlossfortheperiodduringwhichtheyareincurred.
Whenaloanistakenoutspecificallyfortheconstructionofaparticularqualifyingasset,theinterestexpensecapitalizedforaparticularperiodistheresidualamountafterdeductinginterestincomefromunusedfacilitiesfortheperiodand/orincomefromtemporaryinvestmentoftheunusedfacilitiesfortheperiodfromtheinterestexpenseincurredfortheperiod.Borrowingcostsongeneralpurposefinancingarecalculatedbymultiplyingtheweightedaverageoftheexcessofcumulativecapitalexpenditureoverthedesignatedfinancing
2019AnnualReportfacilitieswiththecapitalizationrateofgeneralpurposefinancing.Thecapitalisationrateofgeneralpurposefinancingiscalculatedastheweightedaverageoftheinterestratesofgeneralpurposefinancing.
Foreignexchangedifferenceondesignatedfinancingdenominatedinforeigncurrenciesincurredduringthecapitalizationperiodiswhollycapitalized.Foreignexchangedifferenceongeneralpurposefinancingdenominatedinforeigncurrenciesisrecognizedinprofitorlossfortheperiodduringwhichitisincurred.
Aqualifyingassetisanitemoffixedassets,investmentproperty,inventories,etc.whichrequiresasubstantialperiodoftimefortheconstructionorproductionforitsintendeduseofsales.
Iftheconstructionorproductionofaqualifyingassetstopsforaperiodlongerthanthreemonths,capitalizationofborrowingcostsissuspendeduntiltheconstructionorproductionisresumed.
SeeNote5.20fordetailsofassessmentforimpairmentofconstructioninprogressandimpairmentallowanceforconstructioninprogress.
19.Intangibleassets
(1)Pricingmethod,usefullifeandimpairmenttest
Anintangibleassetisanidentifiablenon-monetaryassetwithoutaphysicalformwhichisownedorcontrolbytheCompany.Intangibleassetsaremeasuredatcostoninitialrecognition.IfitisprobablethateconomicbenefitsassociatedwithexpendituredirectlyassociatedwithanitemofintangibleassetswillflowtotheCompanyandthecostoftheexpenditurecanbereliablymeasured,theexpenditureismeasuredaspartoftheintangibleasset'sinitialcost;allotherexpenditureisrecognizedinprofitorlossfortheperiodduringwhichitisincurred.
Landuserightsacquiredaregenerallyrecognizedasintangibleassets.Inthecaseofaself-constructedbuilding,thecostsofacquiringtherespectivelanduseright(s)andthecostsofbuildingconstructionareseparatelyrecognizedandmeasuredasintangibleassetsandfixedassetsrespectively.Inthecaseofapurchasedbuilding,thecostsofacquisitionareallocatedtolanduseright(s)andbuilding;ifthereasonableallocationisimpossible,thecostsofacquisitionasawholearerecognizedandmeasuredasfixedassets.Foranitemofintangibleassetswhichiswithafiniteusefullife,theresidualamountafterdeductingitsestimatedresidualvalueandpreviouslyrecognizedimpairmentfromitscostisamortizedoveritsestimatedremainingusefullifeusingthestraight-linemethodstartingfromthemonthinwhichitreachestheconditionsofitsintendeduseofsales.Intangibleassetswithinfiniteusefullifearenotamortized.
Usefullivesofintangibleassetsareareviewoneachbalancesheetdate.Ifcircumstancesindicatethatthereisachangeintheusefullifeofanitemofintangibleassetswithafiniteusefullife,achangeinaccountingestimatesiscarriedout.Ifcircumstancesindicatethattheusefullifeofanitemofintangibleassetswithinfiniteusefullifebecomesfinite,theusefullifeoftheintangibleassetisestimated,andtheintangibleassetisamortizedaccordingly.
SeeNote5.20fordetailsofassessmentforimpairmentofintangibleassetsandimpairmentallowanceforintangibleassets.
(2)Researchanddevelopmentexpenditure
Aresearchanddevelopmentprojectisdividedintoresearchstageanddevelopmentstage.Expenditureincurredduringtheresearchstageisrecognizedinprofitorlossfortheperiodduringwhichitisincurred.
Expenditureincurredduringthedevelopmentstageisrecognizedasintangibleassetsifallofthefollowingconditionsaresatisfied:
a.itistechnicallyfeasibletocompletetheintangibleassetsothatitcanbeusedorsold;
andb.theCompanyhasclearintentiontocompletetheintangibleassetandtouseitorsellit;andc.itisevidentialthattheintangibleassetwillgenerateeconomicbenefitseitherbysellingtheintangibleassetitselforthegoodsproducedbytheintangibleassetorbyusingitinternally;
2019AnnualReportandd.therearesufficienttechnical,financialandotherresourcestocompletetheintangibleassetandtheCompanyisabletouseitorsellit,
ande.expenditureincurredinthedevelopmentstageoftheintangibleassetcanbereliablymeasured.Wherearesearchanddevelopmentprojectcannotbeseparatedintotheresearchstageanddevelopmentstage,allexpenditureincurredfortheprojectisrecognizedinprofitorlossfortheperiodduringwhichitisincurred.
(3)ProvisionforthedepreciationofvalueoftheintangibleassetsFortheimpairmenttestmethodandtheimpairmentprovisionwithdrawingmethodoftheIntangibleassets,pleasereferto“Long-termAssetsImpairmentofImportantAccountingPoliciesandAccountingEstimatesinNotesV(20)”.
20.ImpairmentofLong-termassets
Non-currentnon-monetaryassets,suchasfixedassets,constructioninprogress,intangibleassetswithfiniteusefullife,investmentpropertymeasuredbycost,andlong-termequityinvestmentsinsubsidiaries,jointventures,andassociates,areassessedforimpairmentoneachbalancesheetdate.Ifcircumstancesonabalance-sheetdateindicatethatanon-currentnon-monetaryassetisimpaired,therecoverableamountoftheassetisestimated.Therecoverableamountsofgoodwill,intangibleassetswithinfiniteusefulliveandintangibleassetswhichhavenotyetreachedtheconditionsoftheirintendeduseorsalesareestimatedatleastonceayearregardlessofwhetherthereisanindicationofimpairment.
Ifthecarryingamountofanon-currentnon-monetaryassetexceedsitsestimatedrecoverableamount,theexcessofthecarryingamountovertheestimatedrecoverableamountisrecognizedasimpairmentallowance,andanimpairmentlossofthesameamountisrecognized.Theestimatedrecoverableamountofanassetisthehigheroftheresidualamountafterdeductingdisposalexpenseoftheassetfromitsfairvalueandthepresentvalueofitsfuturecashflows.Wherethereisasalescontractforanasset,andthecontractisenteredintoforanarm'slengthtransaction,thefairvalueoftheassetisthecontractprice;wherethereisn'tasalescontractforanasset,butthereisanactivemarketforit,thefairvalueoftheassetispriceofferedbythebuyer;wherethereisneitherasalescontractnoranactivemarketforanasset,thefairvalueoftheassetisthebestestimatebasedonallavailableinformation.Thedisposalcostofanassetincludeslegalexpenses,applicabletaxesandfeesandtransportationcostsdirectlyassociatedwiththeasset'sdisposalandalldirectcostsnecessarytobringtheassettoitssellablecondition.Thepresentvalueofanasset'sfuturecashflowsiscalculatedbymultiplyingthecashflowsarisingfromthecontinualuseoftheassetanditsdisposalatanappropriatediscountrate.Animpairmentallowanceisgenerallycalculatedonthebasisofindividualassets.Ifitisnotpossibletoestimatetherecoverableamountofanindividualasset,therecoverableamountofacash-generatingunittowhichtheassetbelongsisestimated.Acash-generatingunitisthesmallestcombinationofassetsthatarecapableofcashflowgeneration.Goodwillseparatelypresentedonthe(consolidated)financialstatementsisallocatedtocash-generatingunitsorgroupsofunitsthatareexpectedtobenefitfromthesynergyofbusinesscombinationforimpairmenttesting.Wheretherecoverableamountacash-generatingunit(orgroupofunits)islowerthanitscarryingamount,animpairmentlossisrecognized.
Theimpairmentlossisfirstlyallocatedtothegoodwillallocatedtotheunit(orgroupofunits)andthentoindividualassetsprorataonthebasisofthecarryingamountofeachassetintheunit(orgroupofunits)Theimpairmentlossrecognizedinaccordancewiththissectionisirreversibleinsubsequentperiods.
21.Long-termamortizableexpensesAnitemofdeferredchargesisanexpenseincurredwhichbringseconomicbenefitstotheCompanyfora
2019AnnualReportperiodexceedingoneyearstartingfromthetransactiondate.Anitemofdeferredchargesisamortizedoveritsestimatedusefullifeusingthestraight-linemethod.
22.EmployeeBenefits
(1)Accountingmethodsofshort-termbenefitsShort-termemployeebenefitsincludewages,bonuses,allowancesandsubsidies,welfare,healthinsurance,maternityinsurance,workinjuryinsurance,housingfunds,laborunionfunds,employeeeducationfunds,non-monetarybenefitsetc.Short-termemployeebenefitsarerecognizedasliabilitiesandprofitorlossaccountorthecostsassociatedwiththeassetduringtheaccountingperiodwhenemployeesactuallyprovideservices.Thenon-monetarybenefitsaremeasuredatfairvalue.
(2)Accountingmethodsforpost-employmentbenefitsPost-employmentbenefitsincludedefinedcontributionplansanddefinedbenefitplans.Definedcontributionplanwhichincludesthebasicpension,unemploymentinsuranceandannuitiesshallberecognizedascostofrelatedassetsorprofitorloss.
(3)AccountingTreatmentMethodofDemissionWelfare
WhentheCompanyterminatesthelaborrelationshipwithemployeespriortotheemploymentcontracts,orencouragesemployeestoacceptvoluntaryredundancycompensationproposalsinthiscompany,aprovisionshallberecognizedforthecompensationarisingfromtheterminationofemploymentrelationshipwithemployeesatthetimewhentheCompanycannotunilaterallywithdrawlayoffproposalterminationbenefitsprovidedduetoterminationofemploymentortheCompanyensuresthecostsrelatedtothepaymentforterminationbenefitsrelatedtotherestructuring,whichoneisearlytoconfirmemployeebenefitsliabilities,andrecordedasprofitorloss.However,ifterminationbenefitscannotbefullypaidwithintwelvemonthsofthereportingdatetheliabilityshallbeprocessedinaccordancewithotherlong-termemployeebenefits.
(4)Otherlong-termemployeebenefits
Otherlong-termemployeebenefitsprovidedbytheCompanytoemployeesthatareinlinewithdefined
contributionplansshalladopttheaccountingtreatmentinaccordancewithdefinedcontributionplans,otherwisetheaccountingtreatmentofdefinedbenefitplans.
23.Estimatedliabilities
Acontingentliabilityisrecognizedasprovisionifallorthefollowingconditionsaresatisfied:
a.itisapresentobligationassumedbytheCompany;
andb.itisprobablethatthefulfillmentoftheobligationwillcauseeconomicbenefitflowsfromtheCompany;
andc.theamountoftheobligationcanbereliablymeasured.
Aprovisionismeasuredonabalance-sheetdateasthebestestimateoftheamountthatisrequiredforthefulfillmentofthepresentobligationafterconsideringoftherisksanduncertaintyassociatedwiththerespectivecontingenteventsandthetimevalueofmoney.
Iftheamountrequiredforsettlementofaprovisioniswhollyorpartlyreimbursedbyathirdparty,thereimbursementisrecognizedseparatelyasanassettotheextentofthecarryingamountoftheprovisionifitisprobablethatthereimbursementbecomesreceivable.
(1)Losscontract
Losscontractisacontractinwhichthecostofperformingcontractualobligationsinevitablyexceedstheexpectedeconomicbenefits.Wherethependingcontractbecomesalosscontract,andtheobligationsarisingfromthelosscontractmeettherecognitionconditionsoftheabove-mentionedexpectedliabilities,thepartoftheexpectedlossofthecontractexceedingtherecognizedimpairmentlossoftheunderlyingassetofthecontract(if
2019AnnualReportany)shallberecognizedastheexpectedliability.
(2)RestructuringobligationsForarestructuringplanwithdetailed,formalandpublicannouncement,theamountoftheestimatedliabilitiesisdeterminedaccordingtothedirectexpenditurerelatedtotherestructuring,subjecttotheaboveconditionsforconfirmationoftheestimatedliabilities.
24.Revenues
Whetherimplementednewrevenueguidelines?
□Yes√NoThecompany’sincomesmainlyincludethetollservicerevenuesandtheservicesprovision.
(1)TollservicefeeincomeThetollincomeofroadsandbridgesisdeterminedaccordingtotheamountcollectedandreceivablebyvehicleswhenpassingthrough.
(2)ProvisionoflaborserviceIncomesfromlaborsservicesthatstartandcompletewithinthesamefiscalyearshallberecognizedwhentheservicesarefinished.Ifthebeginningandcompletionoflaborservicesbelongtodifferentfiscalyears,theCompanyshall,onthebalancesheetdate,recognizetherelatedlaborincomebythepercentageofcompletionmethod,providedthattheresultofthelaborservicetransactioncanbereliablyestimated.Whenthefollowingconditionscanbesatisfied,theresultsofthetransactioncanbereliablyestimated:①thetotalincomeandtotalcostoflaborservicescanbereliablymeasured;②theeconomicbenefitsrelatedtothetransactioncanflowintotheenterprise;③thedegreeofcompletionoflaborservicescanbereliablydetermined.
TheincomefromprovisionoflaborservicesshallbedeterminedasfollowsincasetheresultoftheprovidedlaborservicetransactioncannotbereliablyestimatedonthedateoftheBalanceSheet:
①Ifthelaborcostalreadyincurredisexpectedtobecompensated,theincomefromtheserviceshallberecognizedaccordingtotheamountofthelaborcostalreadyincurred,andthelaborcostshallbecarriedoveratthesameamount.
Iftheincurredlaborcostisnotexpectedtobecompensated,theincurredlaborcostshallbeincludedintheprofitsandlossesofthecurrentperiod,andtheincomefromtheprovisionoflaborserviceshallnotberecognized.
IfacontractenteredintobytheCompanyandacounterpartyinvolvesbothsalesofgoodsandrenderingofservicesandrevenuearisingfromgoodssoldandservicesrenderedcanbedistinguished,revenuefromsalesofgoodsandrenderingofservicesareseparatelyaccountedfor;if,however,revenuearisingfromgoodssoldandservicesrenderedcannotbedistinguishedorcanbedistinguishedbutcannotbeseparatelymeasured,allrevenueisaccountedforasrevenuearisingfromsalesofgoods.
25.GovernmentGrants
Agovernmentgrantisatransferofmonetaryandnon-monetaryassetsfromthegovernmenttotheCompanyfornoconsideration,excludingresourcestransferredtotheCompanybythegovernmentinthecapacityoftheshareholder.Governmentgrantsincludegrantsrelatedtoassetsandgrantsrelatedtoincome.
GovernmentgrantsobtainedbytheCompanywhichisrelevanttoconstructionoracquisitionoflong-termassetsareclassifiedasasset-relatedgovernmentgrants;allothergovernmentgrantsareclassifiedasrevenue-relatedgovernmentgrants.Forgovernmentgrantswithoutaspecifiedbeneficiary,theCompanyperformsclassificationinaccordancewiththefollowingcriteria.
a.Whereagrantisobtainedforaspecifiedproject,thegrantisspatintoasset-relatedandrevenuerelated
2019AnnualReportportionsproportionatetotheproject'sinvestmenttoexpenseratio;theclassificationisreviewedoneachbalancesheetdateandrevisedifnecessary.b.Whereagrantisobtainedforgeneralpurpose,thegrantasawholeisclassifiedasarevenue-relatedgovernmentgrant.Ifagovernmentgrantisintheformofmonetaryassets,itismeasuredattheamountreceivedorreceivable.Ifagovernmentgrantisintheformofnon-monetaryassets,itismeasuredbythefairvalueoftheassets;ifthefairvalueoftheassetsgrantedcannotbereliablymeasured,thegrantismeasuredbythenominalvalueoftheassetsandisrecognizedimmediatelyinprofitorlossfortherelevantperiod.Ingeneral,theCompanyrecognizesagovernmentgrantwhenitisactuallyreceived,andmeasuresattheamountactuallyreceived.However,agovernmentgrantmayberecognizedasreceivableifitisobjectivelyevidentialonthereportingdatethatconditionsforthegrantreceiptaresatisfiedandthatthegrantisreceivable.Agovernmentgrantisrecognizedasreceivableifallfollowingconditionsaresatisfied:
a.theamountofthegrantisexpresslystipulatedinanofficialpublicationbytheauthorizedgovernmentalagencyorcanbereasonablyestimatedinaccordancewithfiscalpronouncementissuedbytheauthorizedgovernmentalagency,andtheestimateisnotsubjecttosignificantuncertainty;
b.thegrantisofficiallydisclosedaspartofpubliclydisclosedfiscalsubsidizedprojectsbythelocalfiscalgovernmentbodiesinaccordancewiththeGovernmentInformationDisclosureDirectivesandismanagedinaccordancewiththefiscalplanpublishedandthemanagementofthegrantifnotentity-specific,i.e.,everyeligibleentityisentitledtoapply;
c.thetermforpaymentisexpresslystipulatedintheofficialpronouncement,andthepaymentisbackedbyfiscalplanningsothatitisreasonabletoexpectreceiptwithinthetermofthepayment;
andd.otherconditions(inapplicable)needtobesatisfiedtakingintoaccounttheCompany'scircumstances.Grantsrelatedtoassetsarerecognizedasdeferredincomeandamortizedovertheusefullifeoftherelevantassetsusingthestraight-linemethod.Agrantrelatedtoincomeisrecognizedasdeferredincomeifitisrelatedtoexpensesorlosstobeincurredinthefutureandiscarriedtoprofitorlossfortheperiodduringwhichtherelevantexpensesorlossarerecognized;itisrecognizedinprofitorlossfortheperiodduringwhichitisreceivedorbecomesreceivableifitisrelatedtoexpensesorlossalreadyincurred.Whenassetsaresold,transferred,disposedorscrapedbeforetheendofusefullife,theremainingdifferedincomewillbetransferredtoprofitorlossinthecurrentperiodofassetdisposal.
ThegovernmentgrantsrelatedtothedailyactivitiesoftheCompanyareincludedinotherincomeoroffsettingtherelatedcostsaccordingtothesubstanceoftheeconomicbusiness.Thegovernmentgrantsunrelatedtothedailyactivitiesareincludedinthenon-operatingincomeandexpenses.Wherearecognizedgrantbecomesrepayable,theamountrepayableisfirstlychargedtotheremainingdeferredincome(ifany);theremainingamountafterchargetodeferredincomeisrecognizedinprofitorlossfortheperiodduringwhichitbecomesrepayable
26.Deferredincometaxassetsanddeferredincometaxliabilities
(1)Currentincometax
Thecurrentincometaxliability(asset)onabalance-sheetdateismeasuredattheamountofcurrentincometaxpayable(receivable)computedinaccordancewiththerelevanttaxlaw.Currentincometaxexpenseiscomputedonthebasisoftaxableprofit(loss)whichistheamountaftertheadjustmentoftherelevantaccountingprofit(loss)inaccordancewiththerelevanttaxlaw.
(2)Deferredtaxassetsanddeferredtaxliabilities
Deferredtaxassetsanddeferredtaxliabilitiesarerecognizedonanaccrualbasisforthetemporary
2019AnnualReportdifferencebetweenthecarryingamountsofassetsandliabilitiesandtheirtaxbasesandthetemporarydifferencearisingfromthedifferenceinrecognitioncriteriaforassetsandliabilitiesbetweenCASandrelevanttaxprovisions.Nodeferredtaxliabilityisrecognizedforthetemporarytaxabledifferencearisingfromtheinitialrecognitionofgoodwillandtheinitialrecognitionofassetsandliabilitiesacquiredorassumedresultingfromtransactionswhicharenotbusinesscombination,andwhichdonothaveimpactonbothaccountingprofitandtaxableprofit(deductibletaxloss)atthetimeoftheiroccurrence.Similarly,thedeferredtaxliabilityisnotrecognizedfortemporarytaxabledifferenceassociatedwithinvestmentsinsubsidiaries,associates,andjointventuresiftheCompanycancontrolthereverseofthetemporarydifferenceanditisprobablethatthetemporarydifferenceisnotexpectedtoreverseintheforeseeablefuture.Exceptforthecircumstancesdescribedhereabove,thedeferredtaxliabilityisrecognizedforallothertaxabletemporarydifference.
Nodeferredtaxassetisrecognizedforthetemporarydeductibledifferencearisingfromtheinitialrecognitionofassetsandliabilitiesacquiredorassumedresultingfromtransactionswhicharenotabusinesscombination,andwhichdonothaveanimpactonbothaccountingprofitandtaxableprofit(deductibletaxloss)atthetimeoftheiroccurrence.Similarly,deferredtaxassetisnotrecognizedfortemporarydeductibledifferenceassociatedwithinvestmentsinsubsidiaries,associates,andjointventuresiftheCompanycancontrolthereverseofthetemporarydifferenceanditisprobablethatthetemporarydifferenceisnotexpectedtoreverseintheforeseeablefuture.Exceptforthecircumstancesdescribedhereabove,deferredtaxassetisrecognizedforallotherdeductibletemporarydifferencetotheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthetemporarydeductibledifferencecanbeutilized.
Deferredtaxassetisrecognizedfordeductibletaxlossandtaxcreditcarryingforwardtotheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletaxlossandtaxcreditcarryforwardcanbeutilized.
Deferredtaxassetsanddeferredtaxliabilitiesaremeasuredonabalance-sheetdateonthebasisoftaxratesexpectedtobeapplicableinaccordancewithrelevanttaxlawatthetimewhentherelevantassetsarerecovered,orrelevantliabilitiessettled.
Thecarryingamountofdeferredtaxassetsisreviewedoneachbalancesheetdate.Ifitisprobablethatinsufficienttaxableprofitisavailabletoutilizethedeferredtaxassets,thecarryingamountofdeferredtaxassetsisreduced.Whenitisprobablethatsufficienttaxableprofitbecomesavailableafterthecarryingamountofdeferredtaxassetshasbeenreduced,thereductionisreversed.
(3)IncometaxexpensesIncometaxexpensesincludecurrentincometaxexpensesanddeferredincometaxexpenses.
Allcurrentincometaxexpenses(credit)anddeferredincometaxexpenses(gains)arerecognizedinprofitorlossfortherelevantperiodexceptfora.currentincometaxanddeferredincometaxontransactionsandeventswhichareaccountedforinothercomprehensiveincomeordirectlyinequity,whichareincludedinothercomprehensiveincomeordirectlyrecognizedinequitydependingonthetreatmentofitsunderlyingtransactionsandevents,andb.deferredincometaxarisingfrombusinesscombination,whichisaccountedforasanadjustmenttothecarryingamountoftherespectivegoodwill.
(4)OffsettingofincometaxAcurrentincometaxliabilityandcurrentincometaxassetarepresentedon(consolidated)financialstatementsafternettingonlyiftheCompanyispermittedbylawtosettletheassetandliabilitynetincashandisplanningtodosoortorecovertheassetandsettletheliabilitysimultaneously.
Adeferredtaxassetanddeferredtaxliabilityarepresentedon(consolidated)financialstatementsafternettingonlyifallofthefollowingconditionsaresatisfied:theCompanyispermittedbylawtosettlethecurrent
2019AnnualReportassetandliabilityrelatedtoanincometaxnetincash;andthedeferredtaxassetanddeferredtaxliabilityarisingfromthatincometaxisleviedbythesametaxauthorityonthesameentityorondifferententitiesbuttherelevantentitiesareplanningtosettletheunderlyingincometaxnetincashorsimultaneouslyrecovertherelevantassetsandsettletherelevantliabilitiesduringeachfutureperiodduringwhichsignificantdeferredtaxassetsanddeferredtaxliabilitiesarereversed.
27.Lease
(1)AccountingmethodsforoperatingleasesTheGrouprecordstheoperationleasebusinessasalesseeRentalexpendituresforoperatingleasesareincludedintherelevantassetcostsorcurrentprofitsandlossesonastraight-linebasisineachperiodoftheleaseterm.Initialdirectexpensesareincludedincurrentprofitsandlosses.Contingentrentalsareincludedincurrentprofitsandlosseswhentheyactuallyoccur.
TheGrouprecordstheoperationleasebusinessasalessorRentalincomefromoperatingleasesisrecognizedascurrentprofitsandlossesonastraight-linebasisduringeachperiodoftheleaseterm.Theinitialdirectexpenseswithlargeamountshallbecapitalizedwhenincurred,andshallbeincludedinthecurrentprofitsandlossesduringthewholeleaseperiodonthesamebasisastherecognizedrentalincome;Otherinitialdirectexpenseswithsmalleramountshallbeincludedincurrentprofitsandlosseswhenincurred.Contingentrentalsareincludedincurrentprofitsandlosseswhentheyactuallyoccur.
(2)Accountingmethodsforfinancialleasing
TheGrouprecordsthefinancialleasebusinessasalesseeOnthestartdateoftheleaseperiod,thelowerofthefairvalueoftheleasedassetandthepresentvalueoftheminimumleasepaymentontheleasestartdateistakenastherecordedvalueoftheleasedasset,theminimumleasepaymentistakenastherecordedvalueofthelong-termpayables,andthedifferenceistakenastheunrecognizedfinancingexpense.Inaddition,theinitialdirectexpensesthatcanbeattributedtotheleaseitemsincurredduringtheleasenegotiationandsigningoftheleasecontractarealsoincludedinthevalueoftheleasedassets.Thebalanceoftheminimumleasepaymentafterdeductingunrecognizedfinancingexpensesislistedaslong-termliabilitiesandlong-termliabilitiesduewithinoneyearrespectively.
Unrecognizedfinancingexpensesshallbecalculatedandrecognizedbytheeffectiveinterestratemethodduringtheleaseperiod.Contingentrentalsareincludedincurrentprofitsandlosseswhentheyactuallyoccur.
TheGrouprecordsthefinancialleasebusinessasalessor?
Onthestartingdateoftheleaseperiod,thesumoftheminimumleasereceiptsandtheinitialdirectexpensesontheleasestartdateshallbetakenastheentryvalueofthefinanceleasereceivables,andtheunsecuredresidualvalueshallberecordedatthesametime;Thedifferencebetweenthesumoftheminimumleasereceipts,initialdirectexpensesandunsecuredresidualvalueanditspresentvalueshallberecognizedasunrealizedfinancingincome.Thebalanceoffinanceleasereceivablesafterdeductingunrealizedfinanceincomeislistedaslong-termcreditor'srightsandlong-termcreditor'srightsduewithinoneyearrespectively.
Unrealizedfinancingincomeiscalculatedandrecognizedbytheeffectiveinterestratemethodduringtheleaseperiod.Contingentrentalsareincludedincurrentprofitsandlosseswhentheyactuallyoccur.
28.Changeofmainaccountingpoliciesandestimations
(1)Changeofmainaccountingpolicies
√Applicable□Notapplicable
Contentsandcausesforchangesofaccountingpolicy | Approvalprocedures | Remarks |
TheAccountingStandardsforEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments(Revisedin2017),theAccountingStandardsforEnterprisesNo.23-TransferofFinancialAssets(Revisedin2017),andtheAccountingStandardsforEnterprisesNo.24-HedgeAccountingStandardsforEnterprises(Revisedin2017)(Accounting[2017]No.9)promulgatedbytheMinistryofFinanceonMarch31,2017,aswellastheAccountingStandardsforEnterprisesNo.37-FinancialInstrumentsPresentation(Revisedin2017)(Accounting[2017]No.14)(collectivelyreferredtoas"NewFinancialInstrumentsStandards")issuedonMay2,2017requiresdomesticlistedenterprisestoimplementthenewstandardsfromJanuary1,2019.Guidelinesforfinancialinstruments. | Throughtheresolutionofthe25th(provisional)meetingoftheeighthboardofdirectorsoftheCompanyonApril26,2019,theCompanybegantoimplementtheaforementionednewfinancialinstrumentguidelinesonJanuary1,2019. | Underthenewfinancialinstrumentstandards,basedontheexpectedcreditloss,theCompanymakesprovisionforimpairmentoffinancialassetsmeasuredbyamortizedcost,investmentindebtinstrumentsmeasuredbyfairvalueanditschangesincludedinothercomprehensivegains,leasereceivables,contractualassetsandfinancialguaranteecontracts,andconfirmsthelossofcreditimpairment.TheCompanyretrospectivelyappliesthenewfinancialinstrumentstandards,butforclassificationandmeasurement(includingimpairment)involvingtheinconsistencybetweenthepreviouscomparativefinancialstatementdataandthenewfinancialinstrumentstandards,theCompanychoosesnottorepeat.Therefore,forthecumulativeimpactofthefirstimplementationofthisstandard,theCompanyadjustedtheretainedearningsorothercomprehensiveearningsatthebeginningof2019andtheamountofotherrelateditemsinthefinancialstatements,whichwerenotrestatedinthefinancialstatementsof2018. |
ThemainchangesandimpactsoftheimplementationofthenewfinancialinstrumentguidelinesonourCompanyareasfollows:
-OnJanuary1,2019andbeyond,theCompanydesignatedsomenon-tradableequityinvestmentsheldasfinancialassetsmeasuredatfairvalueandincludedtheirchangesinothercomprehensiveincome,andreportedthemasinvestmentsinotherequityinstruments.
-Forthelong-termequityinvestmentofassociates,theCompanyre-classifiedandmeasuredthefinancialinstrumentsaccordingtothenewfinancialinstrumentstandards,andtheCompanyadjustedaccordinglyaccordingtotheequitymethod.
-TheCompanyholdspartofthedebtinstruments,whosecashflowgeneratedonaspecificdateisonlythepaymentofprincipalandinterestbasedontheamountofunpaidprincipal,andthebusinessmodeloftheCompany'smanagementofthefinancialassetsistocollectthecashflowofthecontract.TheCompanywilltakeitfromothersourcesonJanuary1,2019andbeyond.Non-currentassetsarereclassifiedtocreditor'srightsinvestment.
A.Comparisonoffinancialassetsclassificationandmeasurementbeforeandafterthefirstimplementationdate
2019AnnualReporta.Impactontheconsolidatedfinancialstatements
December31,2018(beforechange) | January1,2019(afterthechange) | ||||
Items | Measurementcategory | Bookvalue | Items | Measurementcategory | Bookvalue |
Available-for-salesfinancialassets | Measuredatfairvalueandincludedinothercomprehensivebenefits(equityinstruments) | 1,668,791,594.53 | Investmentinotherequityinstruments | Measuredatfairvalueandincludedinothercomprehensiveearnings | 1,668,791,594.53 |
long-termequityinvestments | Costmethod/equitymethod | 3,145,644,970.07 | long-termequityinvestments | Costmethod/equitymethod | 3,146,092,065.25 |
b.Impactonthefinancialstatement
December31,2018(beforechange) | January1,2019(afterthechange) | ||||
Items | Measurementcategory | Bookvalue | Items | Measurementcategory | Bookvalue |
Available-for-salesfinancialassets | Measuredatfairvalueandincludedinothercomprehensivebenefits(equityinstruments) | 1,668,791,594.53 | Investmentinotherequityinstruments | Measuredatfairvalueandincludedinothercomprehensiveearnings | 1,668,791,594.53 |
long-termequityinvestments | Costmethod/equitymethod | 4,679,309,978.88 | long-termequityinvestments | Costmethod/equitymethod | 4,679,757,074.06 |
Othernon-currentassets | amortizedcost | 692,903,684.98 | Creditor'srightinvestment | amortizedcost | 692,903,684.98 |
B.Onthefirstexecutiondate,thebookvalueoftheoriginalfinancialassetsshallbeadjustedtoanewadjustmenttableforthebookvalueofthefinancialassetsclassifiedandmeasuredinaccordancewiththeprovisionsofthenewfinancialinstrumentstandards.
a.Impactonconsolidatedstatements
Items | December31,2018(beforechange) | Re-Class | Re-measurement | January1,2019(afterchange) |
Measuredatfairvalueandincludedinothercomprehensiveearnings: | ||||
Available-for-salefinancialassets(originalguidelines) | 1,668,791,594.53 | |||
Lesstransfertoothercreditor'srightsinvestment | ||||
Less:transfertoothernon-currentfinancialassets | ||||
Less:transfertootherequityinstruments | 1,668,791,594.53 | |||
Balancesshowninaccordancewiththenewfinancialinstrumentguidelines | ||||
Investmentinotherequityinstruments | 1,668,791,594.53 |
Add:transferfromavailable-for-salefinancialassets(originalcriteria) | 1,668,791,594.53 | |||
Re-measurement:re-measurementatfairvalue | ||||
Balancesshowninaccordancewiththenewfinancialinstrumentguidelines | 1,668,791,594.53 |
b.ImpactontheCompany'sfinancialstatements
Items | December31,2018(beforechange) | Re-Class | Re-measurement | January1,2019(afterchange) |
Amortizedcost | ||||
Othernon-currentassets(originalcriteria) | 692,903,684.98 | |||
Less:transfertocreditor'srightsinvestment | 692,903,684.98 | |||
Balancesshowninaccordancewiththenewfinancialinstrumentguidelines | ||||
Creditor'srightsinvestment | 692,903,684.98 | |||
Add:transferfromothernon-currentassets(originalcriteria) | 692,903,684.98 | |||
Re-measurement:expectedcreditlosspreparation | ||||
Balancesshowninaccordancewiththenewfinancialinstrumentguidelines | 692,903,684.98 | |||
Measuredatfairvalueandincludedinothercomprehensiveearnings: | ||||
Available-for-salefinancialassets(originalguidelines) | 1,668,791,594.53 | |||
Less:transfertoothercreditor'srightsinvestment | ||||
Less:transfertoothernon-currentfinancialassets | ||||
Less:transfertootherequityinstruments | 1,668,791,594.53 | |||
Balancesshowninaccordancewiththenewfinancialinstrumentguidelines | ||||
Investmentinotherequityinstruments | 1,668,791,594.53 | |||
Add:transferfromavailable-for-salefinancialassets(originalcriteria) | 1,668,791,594.53 | |||
Re-measurement:re-measurementatfairvalue | ||||
Balancesshowninaccordancewiththenewfinancialinstrumentguidelines | 1,668,791,594.53 |
C.Financialassetsimpairmentprovisionadjustmenttableonthefirstimplementationdate
2019AnnualReporta.Impactonconsolidatedstatements
Measurementcategory | December31,2018(beforechange) | Re-Class | Re-measurement | January1,2019(afterchange) |
Measuredatfairvalueandincludedinothercomprehensivebenefits | ||||
Provisionforimpairmentofavailable-for-salefinancialassets | 37,020,000.00 | -37,020,000.00 | ||
Investmentinotherequityinstruments | 37,020,000.00 | 37,020,000.00 |
b.ImpactontheCompany'sfinancialstatements
Measurementcategory | December31,2018(beforechange) | Re-Class | Re-measurement | January1,2019(afterchange) |
Measuredatfairvalueandincludedinothercomprehensivebenefits(debtinstruments) | ||||
Provisionforimpairmentofavailable-for-salefinancialassets | 7,020,000.00 | -7,020,000.00 | ||
Investmentinotherequityinstruments | 7,020,000.00 | 7,020,000.00 |
D.ImpactonretainedearningsandothercomprehensiveearningsasofJanuary1,2019
December31,2018 | Consolidatedretainedearnings | Consolidatedsurplusreserve | Consolidationofothercomprehensivebenefits |
December31,2018 | 3,938,609,136.59 | 245,109,114.81 | |
1.Re-measurementoflong-termequityinvestment | -9,749,843.30 | 10,196,938.48 | |
January1,2019 | 3,928,859,293.29 | 255,306,053.29 |
(1)OtheraccountingpolicychangesInAprilandSeptember2019,theMinistryofFinancerespectivelyissuedtheNoticeonRevisingandIssuingtheFormatofGeneralEnterpriseFinancialStatementsfor2019(CK[2019]No.6)andtheNoticeonRevisingandIssuingtheFormatofConsolidatedFinancialStatements(2019Edition)(CK[2019]No.16),revisingtheformatofgeneralenterprisefinancialstatementsandconsolidatedfinancialstatements.TheGrouphaspreparedfinancialstatementsinaccordancewiththeformatofgeneralenterprisefinancialstatementsandconsolidatedfinancialstatementsaccordingtoitsrequirements,andrestatedthecomparativestatementsretroactivelyaccordingtotheabovepresentationrequirements.
A、Impactonconsolidatedstatements
Items | December31,2018(beforechange) | Re-Class | January1,2019(afterchange) |
Otherpayables | 191,254,464.84 | -7,875,376.57 | 183,379,088.27 |
Including:interestpayable | 8,971,576.57 | -8,971,576.57 |
Noncurrentliabilitiesduewithinoneyear | 2,498,480,000.00 | 7,875,376.57 | 2,506,355,376.57 | |
B、Impactonthecompany'sfinancialstatements | ||||
Items | December31,2018(beforechange) | Re-Class | January1,2019(afterchange) | |
Otherreceivables | 9,323,782.66 | -1,880,148.12 | 7,443,634.54 | |
Including:interestreceivable | 1,880,148.12 | -1,880,148.12 | ||
Noncurrentassetsduewithinoneyear | 100,000,000.00 | 1,880,148.12 | 101,880,148.12 | |
Otherpayables | 142,457,135.79 | -7,276,896.36 | 135,180,239.43 | |
Including:interestpayable | 8,373,096.36 | -8,373,096.36 | ||
Noncurrentliabilitiesduewithinoneyear | 2,327,180,000.00 | 7,276,896.36 | 2,334,456,896.36 |
(2)Changeofaccountingestimations
□Applicable√Notapplicable
(3)AdjustmentstotheFinancialStatementsattheBeginningoftheFirstExecutionYearofanyNewStandardsGoverningFinancialInstruments,RevenueorLeasesfromyear2019
√Applicable□Notapplicable
Consolidatedbalancesheet
InRMB
Items | December31,2018 | January1,2019 | Amountinvolvedintheadjustment |
Currentasset: | |||
Monetaryfund | 2,124,524,996.32 | 2,124,524,996.32 | |
Settlementprovision | |||
Outgoingcallloan | |||
Transactionalfinancialassets | |||
Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount |
Items | December31,2018 | January1,2019 | Amountinvolvedintheadjustment |
Derivativefinancialassets | |||
Notesreceivable | |||
Accountreceivable | 91,076,995.07 | 91,076,995.07 | |
Financingofreceivables | |||
Prepayments | 1,912,943.40 | 1,912,943.40 | |
Insurancereceivable | |||
Reinsurancereceivable | |||
ProvisionsofReinsurancecontractsreceivable | |||
Otheraccountreceivable | 16,487,256.02 | 16,487,256.02 | |
Including:Interestreceivable | |||
Dividendreceivable | 1,205,472.90 | 1,205,472.90 | |
Repurchasingoffinancialassets | |||
Inventories | 81,017.91 | 81,017.91 | |
Contractassets | |||
Assetsheldforsales | |||
Non-currentassetduewithin1year | 51,745.32 | 51,745.32 | |
Othercurrentasset | |||
Totalofcurrentassets | 2,234,134,954.04 | 2,234,134,954.04 | |
Non-currentassets: | |||
Loansandpaymentonother’sbehalfdisbursed | |||
Debtinvestment | |||
Availableforsaleoffinancialassets | 1,668,791,594.53 | -1,668,791,594.53 | |
Otherinvestmentonbonds | |||
Expiredinvestmentinpossess | |||
Long-termreceivable | |||
Longtermshareequityinvestment | 3,145,644,970.07 | 3,146,092,065.25 | 447,095.18 |
Items | December31,2018 | January1,2019 | Amountinvolvedintheadjustment |
Otherequityinstrumentsinvestment | 1,668,791,594.53 | 1,668,791,594.53 | |
Othernon-currentfinancialassets | |||
Propertyinvestment | 3,579,007.54 | 3,579,007.54 | |
Fixedassets | 7,600,046,319.91 | 7,600,046,319.91 | |
Constructioninprogress | 1,089,473,425.63 | 1,089,473,425.63 | |
Productionphysicalassets | |||
Oil&gasassets | |||
Userightassets | |||
Intangibleassets | 5,739,020.48 | 5,739,020.48 | |
Developmentexpenses | |||
Goodwill | |||
Long-germexpensestobeamortized | 1,221,781.88 | 1,221,781.88 | |
Deferredincometaxasset | 447,485,034.79 | 447,485,034.79 | |
Othernon-currentasset | 99,794,665.58 | 99,794,665.58 | |
Totalofnon-currentassets | 14,061,775,820.41 | 14,062,222,915.59 | 447,095.18 |
Totalofassets | 16,295,910,774.45 | 16,296,357,869.63 | 447,095.18 |
Currentliabilities | |||
Short-termloans | |||
LoanfromCentralBank | |||
Borrowingfunds | |||
Transactionalfinancialliabilities | |||
Financialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | |||
Derivativefinancialliabilities | |||
Notespayable | |||
Accountpayable | 203,779,190.74 | 203,779,190.74 | |
Advancereceipts | 12,039,708.01 | 12,039,708.01 |
Items | December31,2018 | January1,2019 | Amountinvolvedintheadjustment |
Contractliabilities | |||
Sellingofrepurchasedfinancialassets | |||
Deposittakingandinterbankdeposit | |||
Entrustedtradingofsecurities | |||
Entrustedsellingofsecurities | |||
Employees’wagepayable | 13,122,437.17 | 13,122,437.17 | |
Taxpayable | 104,198,746.06 | 104,198,746.06 | |
Otheraccountpayable | 191,254,464.84 | 183,379,088.27 | -7,875,376.57 |
Including:Interestpayable | 8,971,576.57 | -8,971,576.57 | |
Dividendpayable | 17,191,142.23 | 17,191,142.23 | |
Feesandcommissionspayable | |||
Reinsurancefeepayable | |||
Liabilitiesheldforsales | |||
Non-currentliabilityduewithin1year | 2,498,480,000.00 | 2,506,355,376.57 | 7,875,376.57 |
Othercurrentliability | |||
Totalofcurrentliability | 3,022,874,546.82 | 3,022,874,546.82 | |
Non-currentliabilities: | |||
Reservefundforinsurancecontracts | |||
Long-termloan | 2,983,040,000.00 | 2,983,040,000.00 | |
Bondpayable | |||
Including:preferredstock | |||
Sustainabledebt | |||
Leaseliability | |||
Long-termpayable | 38,022,210.11 | 38,022,210.11 |
Items | December31,2018 | January1,2019 | Amountinvolvedintheadjustment |
Long-termremunerationpayabletostaff | |||
Expectedliabilities | |||
Deferredincome | |||
Deferredincometaxliability | 205,672,389.59 | 205,672,389.59 | |
Othernon-currentliabilities | |||
Totalnon-currentliabilities | 3,226,734,599.70 | 3,226,734,599.70 | |
Totalofliability | 6,249,609,146.52 | 6,249,609,146.52 | |
Owners’equity | |||
Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 | |
Otherequityinstruments | |||
Including:preferredstock | |||
Sustainabledebt | |||
Capitalreserves | 2,536,774,965.31 | 2,536,774,965.31 | |
Less:Sharesinstock | |||
Othercomprehensiveincome | 245,109,114.81 | 255,306,053.29 | 10,196,938.48 |
Specialreserve | |||
Surplusreserves | 775,402,561.35 | 775,402,561.35 | |
Commonriskprovision | |||
Retainedprofit | 3,938,609,136.59 | 3,928,859,293.29 | -9,749,843.30 |
Totalofowner’sequitybelongtotheparentcompany | 9,586,701,904.06 | 9,587,148,999.24 | 447,095.18 |
Minorityshareholders’equity | 459,599,723.87 | 459,599,723.87 | |
Totalofowners’equity | 10,046,301,627.93 | 10,046,748,723.11 | 447,095.18 |
Totalofliabilitiesandowners’equity | 16,295,910,774.45 | 16,296,357,869.63 | 447,095.18 |
Adjustmentstatement
2019AnnualReportParentCompanyBalanceSheet
InRMB
Items | December31,2018 | January1,2019 | Amountinvolvedintheadjustment |
Currentasset: | |||
Monetaryfund | 2,096,597,568.04 | 2,096,597,568.04 | |
Transactionalfinancialassets | |||
Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | |||
Derivativefinancialassets | |||
Notesreceivable | |||
Accountreceivable | 18,405,847.15 | 18,405,847.15 | |
Financingofreceivables | |||
Prepayments | 1,532,057.82 | 1,532,057.82 | |
Otheraccountreceivable | 9,323,782.66 | 7,443,634.54 | -1,880,148.12 |
Including:Interestreceivable | 1,880,148.12 | -1,880,148.12 | |
Dividendreceivable | 1,205,472.90 | 1,205,472.90 | |
Inventories | |||
Contractassets | |||
Assetsheldforsales | |||
Non-currentassetduewithin1year | 100,000,000.00 | 101,880,148.12 | 1,880,148.12 |
Othercurrentasset | |||
Totalofcurrentassets | 2,225,859,255.67 | 2,225,859,255.67 | |
Non-currentassets: | |||
Debtinvestment | 692,903,684.98 | 692,903,684.98 | |
Availableforsaleoffinancialassets | 1,668,791,594.53 | -1,668,791,594.53 | |
Otherinvestmentonbonds | |||
Expiredinvestmentinpossess | |||
Long-termreceivable |
Items | December31,2018 | January1,2019 | Amountinvolvedintheadjustment |
Longtermshareequityinvestment | 4,679,309,978.88 | 4,679,757,074.06 | 447,095.18 |
Otherequityinstrumentsinvestment | 1,668,791,594.53 | 1,668,791,594.53 | |
Othernon-currentfinancialassets | |||
Propertyinvestment | 3,326,869.29 | 3,326,869.29 | |
Fixedassets | 5,292,898,635.00 | 5,292,898,635.00 | |
Constructioninprogress | 1,060,230,773.10 | 1,060,230,773.10 | |
Productionphysicalassets | |||
Oil&gasassets | |||
Userightassets | |||
Intangibleassets | 1,741,277.53 | 1,741,277.53 | |
Developmentexpenses | |||
Goodwill | |||
Long-germexpensestobeamortized | |||
Deferredincometaxasset | 447,328,530.77 | 447,328,530.77 | |
Othernon-currentasset | 790,720,727.48 | 97,817,042.50 | -692,903,684.98 |
Totalofnon-currentassets | 13,944,348,386.58 | 13,944,795,481.76 | 447,095.18 |
Totalofassets | 16,170,207,642.25 | 16,170,654,737.43 | 447,095.18 |
Currentliabilities | |||
Short-termloans | |||
Transactionalfinancialliabilities | |||
Financialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount | |||
Derivativefinancialliabilities | |||
Notespayable | |||
Accountpayable | 124,833,335.72 | 124,833,335.72 | |
Advancereceipts |
Items | December31,2018 | January1,2019 | Amountinvolvedintheadjustment |
ContractLiabilities | |||
Employees’wagepayable | 5,669,203.37 | 5,669,203.37 | |
Taxpayable | 10,297,144.52 | 10,297,144.52 | |
Otheraccountpayable | 142,457,135.79 | 135,180,239.43 | 7,276,896.36 |
Including:Interestpayable | 8,373,096.36 | -8,373,096.36 | |
Dividendpayable | 17,191,142.23 | 17,191,142.23 | |
Liabilitiesheldforsales | |||
Non-currentliabilityduewithin1year | 2,327,180,000.00 | 2,334,456,896.36 | 7,276,896.36 |
Othercurrentliability | 977,236,252.44 | 977,236,252.44 | |
Totalofcurrentliability | 3,587,673,071.84 | 3,587,673,071.84 | |
Non-currentliabilities: | |||
Long-termloan | 2,731,990,000.00 | 2,731,990,000.00 | |
Bondpayable | |||
Including:preferredstock | |||
Sustainabledebt | |||
Leaseliability | |||
Long-termpayable | 38,022,210.11 | 38,022,210.11 | |
Long-termremunerationpayabletostaff | |||
Expectedliabilities | |||
Deferredincome | |||
Deferredincometaxliability | 88,220,604.00 | 88,220,604.00 | |
Othernon-currentliabilities | |||
Totalnon-currentliabilities | 2,858,232,814.11 | 2,858,232,814.11 | |
Totalofliability | 6,445,905,885.95 | 6,445,905,885.95 | |
Owners’equity | |||
Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 | |
Otherequityinstruments |
Items | December31,2018 | January1,2019 | Amountinvolvedintheadjustment |
Including:preferredstock | |||
Sustainabledebt | |||
Capitalreserves | 2,948,663,196.93 | 2,948,663,196.93 | |
Less:Sharesinstock | |||
Othercomprehensiveincome | 245,109,114.81 | 255,306,053.29 | 10,196,938.48 |
Specialreserve | |||
Surplusreserves | 759,558,277.70 | 759,558,277.70 | |
Retainedprofit | 3,680,165,040.86 | 3,670,415,197.56 | -9,749,843.30 |
Totalofowners’equity | 9,724,301,756.30 | 9,724,748,851.48 | 447,095.18 |
Totalofliabilitiesandowners’equity | 16,170,207,642.25 | 16,170,654,737.43 | 447,095.18 |
Note
(4)RetrospectiveRestatementofPreviousComparativeDataduetotheFirstExecutionofanyNewStandardsGoverningFinancialInstrumentsorLeasesfromyear2019
□Applicable√Notapplicable
29.Significantaccountjudgmentandestimates
Duringtheapplicationofaccountingpolicies,judgements,estimates,andpresumptionneedtobemadeforelementsoffinancialstatements,whichcannotbepreciselymeasuredduetoinherentuncertaintyexistinginoperatingactivities.Thejudgments,estimates,andpresumptionaremadeonthebasisoftheCompany'spastexperienceandotherrelevantfactors.Theexerciseofjudgements,estimates,andpresumptionhasanimpactonthemeasurementofrevenue,expenses,assetsandliabilitiesandthedisclosureofcontingentliabilitiesonthebalancesheetdate.However,theinherentuncertaintyofthejudgments,estimates,andpresumptionmayresultinfuturesignificantadjustmentstobemadetothemeasurementoftheaffectedassetsandliabilities.
Thejudgments,estimates,andpresumptionareregularlyreviewedonthebasisofgoingconcern.Whereachangeinaccountingestimatesisapplicable,itsimpactonfinancialstatementsisrecognizedintheperiodduringwhichthechangeoccursifthechangehasanimpactonthefinancialstatementsforthatperiodonly;andinsubsequentperiodsifthechangealsohasanimpactonthefinancialstatementsforsubsequentperiods.
Significantelementsoffinancialstatementsandareasthataresubjecttojudgements,estimatesandpresumptiononthebalance-sheetdateincludethefollowing.
(1)Impairmentoffinancialassets
TheCompanyadoptstheanticipatedcreditlossmodeltoevaluatetheimpairmentoffinancialinstruments,whichrequiresthatsignificantjudgmentsandestimatesshouldbemadeandallreasonableandreliableinformation,includingforward-lookinginformationshouldbetakenintoaccount.Inmakingsuchjudgmentand
estimate,theCompanydeducestheexpectedchangeofdebtor'screditriskbasedonhistoricaldataandmacroeconomicindicatorsofeconomicpolicies,industrialrisks,externalmarketenvironment,technicalenvironment,changesofcustomerconditionsandotherfactors.
(2)FairvalueoffinancialinstrumentsForfinancialinstrumentswithnoactivetradingmarkets,theGroupdeterminestheirfairvaluesthroughvariousvaluationmethods.Thesevaluationmethodsincludediscountedcashflowmodelanalysis,etc.Duringthevaluation,theGroupneedstoestimatethefuturecashflow,creditrisk,marketvolatilityandcorrelation,andselectanappropriatediscountrate.Theserelatedassumptionsareuncertain,andtheirchangeswillaffectthefairvalueoffinancialinstruments.Ifthereisapublicquotationforequityinstrumentinvestmentorcontract,theGroupdoesnotusecostasthebestestimateofitsfairvalue.
(3)Provisionforimpairmentoflong-termassets.Non-currentassetsareassessedforindicatorsofimpairmentoneachbalancesheetdate.Inaddition,intangibleassetswithinfiniteusefullifearesubjecttoimpairmenttestingoneachbalance-sheetdateandwheneverthereisevidenceindicatingimpairment;othernon-financialnon-currentassetsaresubjecttoimpairmenttestingonlyiftheirevidenceindicatingthatthecarryingamountbecomesnon-collectible.
Impairmentexistswhenthecarryingamountofanassetorcash-generatingunitexceedsitsrecoverableamount,whichishigheroftheresidualamountafterdeductingnecessaryexpensesfordisposalfromitsfairvalueandthepresentvalueofitsfuturecashflows.Anasset'sresidualamountafterdeductingnecessaryexpensesfordisposalisdeterminedbyreferencetotheresidualamountafterdeductingtheincrementalcoststodisposetheassetfromthesellingpriceprovidedbycontractsforsalesofsimilarassetsortheobservablemarketpriceofsimilarassets.
Whenestimatingthepresentvalueoffuturecashflowsofanassetorcash-generatingunit,significantjudgmentsmustbemaderegardingtheproductioncapacity,sellingprice,relevantoperatingcostsoftheassetorcash-generatingunitandrelevantdiscountratesfordiscountingthecashflows.TheCompanyconsidersallavailablerelevantinformationwhendeterminingtherecoverableamount,includingestimatesregardingfutureproductioncapacity,sellingpriceandrelevantoperatingcostsmadeonthebasisofreasonableandsupportivepresumption.
Goodwillisassessedforimpairmentatleastannually.Theassessmentinvolvesanestimateofthepresentvalueofthefuturecashflowsassociatedwiththeassetsorgroupsofassetstowhichgoodwillhasbeenallocated.Theestimateconsidersthefuturecashflowsassociatedwiththeassetsorgroupsofassetstowhichgoodwillhasbeenallocatedandtheapplicablediscountratesforcashflowdiscounting.
(4)DepreciationandamortizationInvestmentproperty,fixedassets,andintangibleassetsaredepreciated(amortized)overtheirusefullivesusingthestraight-linemethodafterconsideringoftheirresidualvalue.Usefullivesoftheseassetsareregularlyreviewedforthepurposeofdeterminingthedepreciationandamortizationrecognizedforeachperiod.UsefullivesaredeterminedonthebasisoftheCompany'spastexperienceonsimilarassetsandexpectednewtechnologydevelopment.Ifexistingestimateschangesignificantly,theadjustmentismadetothedepreciationandamortizationforfutureperiods.
(5)DeferredtaxassetsAllunutilizedtaxlossisrecognizedasdeferredtaxassetstotheextentitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletaxlosscanbeutilized.Significantjudgmentsarerequiredtoestimatethetimingandamountoffuturetaxableprofitandtoconsidertaxplanningstrategysoastodeterminethenumberofdeferredtaxassetstoberecognized.
2019AnnualReportVI.Taxation
1.Majorcategoryoftaxesandtaxrates
Taxcategory | Taxbasis | Taxrate |
VAT | Taxableincome | 3%,5%,6%,9%,10%,11%,13% |
Citymaintenanceandconstructiontax | Theactualpaymentofturnovertax | 5%、7% |
Enterpriseincometax | Taxableincome | 25% |
2.Preferentialtax
AccordingtotheNoticeoftheMinistryofFinanceandtheStateAdministrationofTaxationonFullyOpeningthePilotofChangingBusinessTaxtoVAT(CS[2016]No.36),thequalifiedcontractenergymanagementservicesofthesubsidiaryGuangdongHigh-speedTechnologyInvestmentCo.,Ltd.areexemptfromVAT.AccordingtotheNoticeoftheMinistryofFinanceandtheStateAdministrationofTaxationonPromotingtheDevelopmentofValue-addedTax,BusinessTaxandEnterpriseIncomeTaxPoliciesforEnergy-SavingServiceIndustries(CK[2010]No.110),ifthecontractenergymanagementprojectimplementedbythesubsidiaryGuangdongExpresswayTechnologyInvestmentCo.,Ltd.complieswiththerelevantprovisionsoftheenterpriseincometaxlaw,theenterpriseincometaxshallbeexemptedfromthefirsttothethirdyearfromthetaxyearinwhichtheprojectobtainsthefirstproductionandoperationincome,andtheenterpriseincometaxshallbehalvedfromthefourthtothesixthyearaccordingtothestatutorytaxrateof25%.Thisyearisthesixthyearfortheentitlementoftaxconcessions.
3.OtherTheapplicabletaxratesforVATsalesorimportedgoodsinourcompanyduringtheperiodfromJanuarytoMarch2019are16%and10%.AccordingtotheAnnouncementoftheMinistryofFinance,theStateAdministrationofTaxationandtheGeneralAdministrationofCustomsonthePoliciesforDeepeningtheReformofVAT(Announcement[2019]No.39oftheMinistryofFinance,theStateAdministrationofTaxationandtheGeneralAdministrationofCustoms),theapplicabletaxratehasbeenadjustedto13%and9%sinceApril1,1919.VII.Notestothemajoritemsofconsolidatedfinancialstatement
1.MonetaryCapital
InRMB
Items | Amountinyear-end | BalanceYear-beginning |
Cash | 20,587.32 | 53,211.49 |
Bankdeposit | 2,817,384,626.65 | 2,123,807,010.07 |
Other | 515,680.53 | 664,774.76 |
Total | 2,817,920,894.50 | 2,124,524,996.32 |
2019AnnualReportOthernoteNote:OnDecember31,2019,Thebalanceofrestrictedbankdepositsattheendoftheperiodwas1,221,200.00yuan,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofSanbaotoShuikousectionofFokaiExpressway.
2.Accountreceivable
1.Classificationaccountreceivables.
InRMB
Category | Amountinyear-end | BalanceYear-beginning | ||||||||
BookBalance | Baddebtprovision | BookvalueProportion(%) | BookBalance | Baddebtprovision | Bookvalue | |||||
Amount | Proportion(%) | Amount | Amount | Amount | Proportion(%) | Amount | Proportion(%) | |||
Ofwhich: | ||||||||||
Accrualofbaddebtprovisionbyportfolio | 126,698,717.95 | 100.00% | 1,354,993.29 | 1.07% | 125,343,724.66 | 92,253,875.06 | 100.00% | 1,176,879.99 | 1.28% | 91,076,995.07 |
Ofwhich: | ||||||||||
Agingportfolio | 126,698,717.95 | 100.00% | 1,354,993.29 | 1.07% | 125,343,724.66 | 92,253,875.06 | 100.00% | 1,176,879.99 | 1.28% | 91,076,995.07 |
Total | 126,698,717.95 | 100.00% | 1,354,993.29 | 1.07% | 125,343,724.66 | 92,253,875.06 | 100.00% | 1,176,879.99 | 1.28% | 91,076,995.07 |
Accrualofbaddebtprovisionbyportfolio:Accrualofbaddebtprovisionbyagingportfolio
InRMB元
Name | Balanceinyear-end | ||
Receivableaccounts | Baddebtprovision | Withdrawalproportion | |
Within1year | 116,958,715.56 | ||
1-2years | 8,993,839.40 | 899,383.94 | 10.00% |
2-3years | 75,000.00 | 22,500.00 | 30.00% |
3-4years | 439,843.39 | 219,921.70 | 50.00% |
4-5years | 181,319.60 | 163,187.65 | 90.00% |
Over5years | 50,000.00 | 50,000.00 | 100.00% |
Total | 126,698,717.95 | 1,354,993.29 | -- |
Disclosurebyaging
InRMB
Aging | Bookbalance |
Within1year(Including1year) | 116,958,715.56 |
1-2years | 8,993,839.40 |
2-3years | 75,000.00 |
Over3years | 671,162.99 |
3-4years | 439,843.39 |
4-5years | 181,319.60 |
Over5years | 50,000.00 |
Total | 126,698,717.95 |
(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision:
InRMB
Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | ||
Accrual | Reversedorcollectedamount | Write-off | |||
Agingportfolio | 1,176,879.99 | 178,113.30 | 1,354,993.29 | ||
Total | 1,176,879.99 | 178,113.30 | 1,354,993.29 |
(3)Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties
InRMB
Name | Amount | Proportion(%) | Baddebtprovision |
GuangdongUnionElectronicServicesCo.,Ltd. | 57,172,014.20 | 45.12% | |
GuangdongHumenBridgeCo.,Ltd. | 16,693,904.73 | 13.18% | |
GuangzhouLingteElectroniccO.,lTD. | 8,505,000.00 | 6.71% | |
ShandongBoanIntelligentTechnologyCo.,Ltd | 7,409,966.25 | 5.85% | 740,996.63 |
GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 6,168,200.00 | 4.87% | |
Total | 95,949,085.18 | 75.73% |
3.Prepayments
(1)Ageanalysis
InRMB
Age | Balanceinyear-end | BalanceYear-beginning | ||
Amount | Proportion(%) | Amount | Proportion(%) | |
Within1year | 10,724,508.41 | 98.44% | 1,708,205.40 | 89.30% |
Over3years | 169,738.00 | 1.56% | 204,738.00 | 10.70% |
Total | 10,894,246.41 | -- | 1,912,943.40 | -- |
(2)Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
Name | Amount | Proportion% |
ThirdInstituteofPublicSecurity | 8,230,088.50 | 75.55 |
GuangdongLitongRealestateInvestmentCo.,Ltd. | 735,092.38 | 6.75 |
ChinaPacificPropertyInsuranceCo.Ltd.GuangdongBranch | 598,831.50 | 5.50 |
ChinaPingAnPropertyInsuranceCo.Ltd.GuangdongBranch | 534,184.50 | 4.90 |
GuangdongTransmission&TransformationEngineeringCompany | 235,695.00 | 2.16 |
Total | 10,333,891.88 | 94.86 |
4.Otheraccountsreceivable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Dividendreceivable | 7,205,472.90 | 1,205,472.90 |
Otherreceivable | 19,412,705.67 | 15,281,783.12 |
Total | 26,618,178.57 | 16,487,256.02 |
(2)Dividendreceivable
1)Dividendreceivable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 1,205,472.90 | 1,205,472.90 |
GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 6,000,000.00 | |
Total | 7,205,472.90 | 1,205,472.90 |
(2)Significantdividendreceivableagedover1year
Nil
3)Bad-debtprovision
□Applicable√NotapplicableOthernote:
(3)Otheraccountsreceivable
1)Otheraccountsreceivableclassifiedbythenatureofaccounts
InRMB
Nature | Closingbookbalance | Openingbookbalance |
Balanceofsettlementfundsforsecuritiestransactions | 47,528,056.18 | 47,528,056.18 |
Cashdeposit | 10,881,564.39 | 7,813,222.94 |
GelinEnzeAccount | 4,007,679.91 | 4,007,679.91 |
Pettycash | 3,580,634.57 | 3,800,100.00 |
Transferoflong-termassetsreceivable | 935,820.00 | |
Other | 4,043,898.89 | 3,684,689.17 |
Less:Bad-debtprovision | -51,564,948.27 | -51,551,965.08 |
Total | 19,412,705.67 | 15,281,783.12 |
Disclosurebyaging
InRMB
Aging | Closingbalance |
Within1year | 10,848,432.72 |
1-2years | 3,059,557.82 |
2-3years | 2,325,969.50 |
3-4years | 978,158.33 |
4-5years | 540,755.98 |
Over5years | 53,224,779.59 |
Subtotal | 70,977,653.94 |
Less:Bad-debtprovision | 51,564,948.27 |
Total | 19,412,705.67 |
)Thewithdrawalamountofthebaddebtprovision:
InRMB
BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocreditimpairment) | Expectedcreditlossesfortheentireduration(creditimpairmentoccurred) | ||
BalanceasatJanuary1,2019 | 16,228.99 | 51,535,736.09 | 51,551,965.08 | |
BalanceasatJanuary1,2019incurrent | —— | —— | —— | —— |
Provisioninthecurrentperiod | 12,983.19 | 12,983.19 | ||
BalanceasatDecember31,2019 | 29,212.18 | 51,535,736.09 | 51,564,948.27 |
Changesinsignificantbookbalancesforlosspreparationcurrentperiod
□Applicable√Notapplicable
4)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision:
InRMB
Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | ||
Accrual | Reversedorcollectedamount | Write-off |
Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | ||
Accrual | Reversedorcollectedamount | Write-off | |||
Financialassetswithsignificantlydifferentcreditrisks | 51,535,736.09 | 51,535,736.09 | |||
OtherPortfolio | 16,228.99 | 12,983.19 | 29,212.18 | ||
Total | 51,551,965.08 | 12,983.19 | 51,564,948.27 |
Note1:Theparentcompanyoncepaid33,683,774.79yuanintoKunlunSecuritiesCo.,Ltd,GuangdongExpresswaytechnologyinvestmentCo.,Ltdoncepaid18,000,000.00yuanintoKunlunSecuritiesCo.,Ltd.QinghaiProvinceXiningCity’sintermediatepeople’scourtmadeaadjudicationunderlawdeclaredthatKunlunSecuritiesCo.,LtdwentbankruptandrepaiddebtinNovember11,2006.OnMarch2007,TheCompanyandGuangdongExpresswayTechnologyInvestmentCo.,LtdhadswitchedthemoneythatpaidintoKunlunSecuritiesCo.,Ltdtootheraccountreceivable,andfollowthecarefulprincipletodoubtfuldebtsprovision.The710,349.92yuanCreditwasRecoveredin2008,The977,527.77yuancreditwasrecoveredin2011,The652,012.00yuanCreditwasrecoveredin2014,The1,815,828.92yuanCreditwasrecoveredin2018,andtheprovisionforhaddebtisdeducted.
Note2:GuangdongExpresswayTechnologyinvestmentCo.,Ltd.shouldchargeBeijingGelinEnzeOrganicFertilizerCo.,Ltd.for12,220,079.91yuan.Eightmillionsofitwasentrustloan,threemillionwastemporaryborrowing12,400.00yuanisthecommissionloaninterest,therestofitwasadvancemoneyforanother,BeijingGelinEnzeOrganicFertilizerCo.,Ltd’soperatingstatuswashadandhadalreadyceasedproducing,Accordingly,thecontrollingsubsidiaryofthecompanyGuangdongExpresswayInvestmentCo.,Ltd.accountedfullprovisionforBaddebt12,220,079.91yuanprovision.Thecompanyin2014recoveredarrearsof8,000,000.00yuan,rushedbacktotheprovisionforbaddebtsandwriteoffuncollectedinterestentrustedloansaccordingtotThesettlementagreementof212,400.00yuan.
5)Top5oftheclosingbalanceoftheotheraccountsreceivablecollectedaccordingtothearrearsparty
InRMB
Name | Nature | Closingbalance | Aging | Proportionofthetotalyearendbalanceoftheaccountsreceivable(%) | Closingbalanceofbaddebtprovision |
KunlunSecuritiesCo.,Ltd | Securitiestradingsettlementfunds | 47,528,056.18 | Over5years | 66.96% | 47,528,056.18 |
BeijingGelinEnze | Currentaccount | 4,007,679.91 | Over5years | 5.65% | 4,007,679.91 |
ShandongBoanIntelligentTechnologyCo.,Ltd. | Deposit | 1,725,155.40 | 1-2years | 2.43% |
GuangdongLitongRealEstatesInvestmentCo.,Ltd. | Deposit | 1,505,864.00 | 2-3years | 2.12% | |
GuangdongGuanghuiExpresswayCo.,Ltd. | Deposit | 1,462,587.90 | 1-5years | 2.06% | |
Total | -- | 56,229,343.39 | -- | 79.22% | 51,535,736.09 |
5.InventoriesWhetherimplementednewrevenueguidelines?
□Yes√No
(1)CategoryofInventory
InRMB
Items | Closingbookbalance | Openingbookbalance | ||||
Bookbalance | Provisionforinventoryimpairment | Bookvalue | Bookbalance | Provisionforinventoryimpairment | Bookvalue | |
Rawmaterials | 111,683.22 | 111,683.22 | 81,017.91 | 81,017.91 | ||
Total | 111,683.22 | 111,683.22 | 81,017.91 | 81,017.91 |
(2)DescriptionofTheclosingbalanceofinventoriescontaintheamountofborrowingcostscapitalized
Nil
6.Non-currentassetduewithin1year
InRMB
Items | Year-endbalance | Year-beginningbalance |
Pre-paymentofbusinesstaxbeforereplacingbusinesstaxwithVAT | 51,745.32 | 51,745.32 |
Total | 51,745.32 | 51,745.32 |
7.Long-termequityinvestmentInRMB
Investees | Openingbalance | Increase/decrease | Closingbalance | Closingbalanceofimpairmentprovision | ||||||||
Additionalinvestment | Negativeinvestment | Investmentprofitandlossrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | |||||
I.Jointventure | ||||||||||||
GuangdongGuanghuiExpresswayCo.,Ltd. | 992,521,223.58 | 300,795,505.08 | 25,795,500.00 | 270,638,655.14 | 1,048,473,573.52 | |||||||
Subtotal | 992,521,223.58 | 300,795,505.08 | 25,795,500.00 | 270,638,655.14 | 1,048,473,573.52 | |||||||
2.AffiliatedCompany | ||||||||||||
ZhaoqingYuezhaoHighwayCo.,Ltd. | 307,172,338.10 | 54,157,587.00 | 53,207,865.41 | 308,122,059.69 | ||||||||
ShenzhenHuiyanExpressway | 230,553,756.87 | 32,128,670.57 | 262,682,427.44 | |||||||||
GuangdongJiangzhongExpresswayCo.,.Ltd. | 175,324,643.76 | 17,985,293.11 | 13,818,419.89 | 179,491,516.98 | ||||||||
GanzhouKangdaExpressway | 219,985,018.52 | 35,748,508.34 | 21,000,000.00 | 234,733,526.86 | ||||||||
GanGanzhouGankangExpressway | 209,995,910.71 | 6,376,740.19 | 2,700,000.00 | 213,672,650.90 | ||||||||
GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 219,693,558.27 | 943,777.18 | 6,000,000.00 | 214,637,335.45 | ||||||||
GuoyuanSecuritiesCo.,Ltd. | 790,845,615.44 | 21,367,654.65 | 1,614,033.93 | 19,900,496.50 | 793,926,807.52 | |||||||
Subtotal | 2,153,570,841.67 | 168,708,231.04 | 1,614,033.93 | 116,626,781.80 | 2,207,266,324.84 | |||||||
Total | 3,146,092,065.25 | 469,503,736.12 | 1,614,033.93 | 25,795,500.00 | 387,265,436.94 | 3,255,739,898.36 |
Othernote
8.OtherEquityinstrumentinvestment
InRMB
Items | Closingbalance | Openingbalance |
GuangleExpresswayCo.,Ltd. | 748,348,301.73 | 748,348,301.73 |
ChinaEverbrightBankCo.,Ltd. | 50,000,000.00 | 50,000,000.00 |
HuaxiaSecuritiesCo.,Ltd.(Notes1) | 1,037,474,303.04 | 870,443,292.80 |
HuazhengAssetManagementCo.,Ltd.(Notes2) | ||
KunlunSecuritiesCo.,Ltd.(Notes3) | ||
Total | 1,835,822,604.77 | 1,668,791,594.53 |
Breakdowndisclosureofinvestmentinnon-tradableequityinstrumentsinthecurrentperiod
InRMB
Items | Dividendincomerecognized | Cumulativegain | Cumulativeloss | Amountofotherconsolidatedincometransferredtoretainedearnings | Reasonsfordesignationasmeasuredatfairvalueandchangesincludedinothercomprehensiveincome | Reasonsforotherconsolidatedincometransferredtoretainedearnings |
GuangleExpresswayCo.,Ltd. | Non-transactionalpurposeforshareholding | |||||
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 1,036,353.17 | 7,362,129.13 | Non-transactionalpurposeforshareholding | |||
ChinaEverbrightBankCo.,Ltd. | 37,876,045.98 | 519,913,426.24 | Non-transactionalpurposeforshareholding | |||
HuaxiaSecuritiesCo.,Ltd. | 5,400,000.00 | Non-transactionalpurposeforshareholding | ||||
HuazhengAssetManagementCo.,Ltd. | 1,620,000.00 | Non-transactionalpurposeforshareholding |
KunlunSecuritiesCo.,Ltd. | 30,000,000.00 | Non-transactionalpurposeforshareholding | |||
Total | 38,912,399.15 | 527,275,555.37 | 37,020,000.00 |
Othernote:
Note1:Theowner'sequityofHuaxiaSecuritiesCo.,Ltd.wasnegativeanditenteredliquidationprocedureinDecember2005.TheCompanymadefullprovisionforimpairmentinrespectofthislong-termequityinvestmentofRMB5.4million.Note2:AccordingtoDeWeiPingGuZi2005No.88AppraisalReportissuedbyBeijingDeweiAppraisalCo.,Ltd.AstheJune30,2005,theamountofnetassetsofHuazhengAssetManagementCo.,Ltd.inbookwas
279.132millionyuanandtheappraisedvaluewas-2299.5486millionyuan,OnOctober14,2005,JianyinCITICAssetManagementCo.,Ltd.issuedtheLetterofSolicitingOpinionsonEquityAssignmenttotheCompany.JianyinCITICAssetManagementCo.,Ltd.waswillingtopaythepriceofnotmorethan42millionyuantoacquire100%equityofHuazhengAssetManagementCo.,Ltd.andsolicitedtheCompany'sopinions.TheCompanyrepliedonDecember5,2005,abandoningthepreemptiverightunderthesameconditions.TheCompanymadeprovisionof1.3932millionyuanforimpairmentinrespectofthislong-termequityinvestmentof
1.62millionyuan.Note3.Theowner'sequityofKunlunSecuritiesCo.,Ltd.wasnegativeanditenteredliquidationprocedureinOctober2005.AwhollyownedsubsidiaryofGuangdongExpresswayTechnologyInvestmentCo.,Ltd.WillinvestKunlunSecuritiesCo.,Ltd.'sfullprovisionforimpairmentof30millionyuan.
9.Investmentproperty
(1)Investmentpropertyadoptedthecostmeasurementmode
√Applicable□Notapplicable
InRMB
Items | Housesandbuildings | Landuseright | Constructioninprogress | Total |
I.Originalvalue | ||||
1.Openingbalance | 12,664,698.25 | 2,971,831.10 | 15,636,529.35 | |
2.Increasedamountoftheperiod | ||||
(1)Outsourcing | ||||
(2)Inventory,FixedassetsandConstructionprojectinto | ||||
(3))IncreasedofEnterpriseconsolidation |
Items | Housesandbuildings | Landuseright | Constructioninprogress | Total |
(1)Disposal | ||||
(2)OtherOut |
4.Closingbalance | 12,664,698.25 | 2,971,831.10 | 15,636,529.35 | |
II.Accumulateddepreciationaccumulatedamortization | ||||
1.Openingbalance | 10,373,153.97 | 1,684,367.84 | 12,057,521.81 | |
2.Increasedamountoftheperiod | 173,937.81 | 73,569.36 | 247,507.17 | |
(1)Withdrawaloramortization | 173,937.81 | 73,569.36 | 247,507.17 |
3.Decreasedamountoftheperiod |
(1)Disposal |
(2)OtherOut |
4.Closingbalance | 10,547,091.78 | 1,757,937.20 | 12,305,028.98 | |
III.Impairmentprovision | ||||
1.Openingbalance | ||||
2.Increasedamountoftheperiod | ||||
(1)Withdrawal |
3.Decreasedamountoftheperiod |
(1)Disposal |
(2)OtherOut |
4.Closingbalance | ||||
IV.Bookvalue | ||||
1.Closingbookvalue | 2,117,606.47 | 1,213,893.90 | 3,331,500.37 | |
2.Openingbook | 2,291,544.28 | 1,287,463.26 | 3,579,007.54 |
(2)Investmentpropertyadoptedfairvaluemeasurementmode
□Applicable√Notapplicable
(3)Detailsofinvestmentpropertyfailedtoaccomplishcertificationofproperty
InRMB
Items | Bookbalance | Reason |
HousesandBuilding | 1,440,295.86 | Transportationandotherancillaryfacilities,Notaccreditation |
Total | 1,440,295.86 |
Othernote
10.Fixedassets
InRMB
Items | Year-endbalance | Year-beginningbalance |
Fixedassets | 8,925,700,473.65 | 7,600,046,319.91 |
Total | 8,925,700,473.65 | 7,600,046,319.91 |
(1)Listoffixedassets
InRMB
Items | GuangfoExpressway | FokaiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
I.Originalprice | ||||||||
1.Openingbalance | 1,460,270,190.66 | 8,988,726,518.80 | 4,798,270,209.11 | 342,597,957.59 | 122,698,641.11 | 48,745,472.07 | 659,423,683.35 | 16,420,732,672.69 |
2.Increasedamountoftheperiod | 1,946,332,090.86 | 17,886,407.34 | 22,600,884.86 | 139,103,522.87 | 2,018,560.77 | 57,478,635.10 | 2,185,420,101.80 | |
(1)Purchase | 189,000.00 | 2,018,560.77 | 14,665,709.97 | 16,873,270.74 | ||||
(2)Transferofprojectunderconstruction | 1,946,327,170.86 | 17,886,407.34 | 12,127,161.89 | 138,641,218.60 | 48,198,313.24 | 2,163,180,271.93 | ||
(3)IncreasedofEnterpriseconsolidation | ||||||||
(4)Other | 4,920.00 | 10,473,722.97 | 273,304.27 | -5,385,388.11 | 5,366,559.13 | |||
3.Decreasedamountoftheperiod | 3,005,947.81 | 1,241,560.00 | 2,120,018.00 | 58,789,027.81 | 65,156,553.62 | |||
(1)Disposalorscrap | 3,005,947.81 | 1,241,560.00 | 2,120,018.00 | 56,517,622.81 | 62,885,148.62 | |||
(2)OtherOut | 2,271,405.00 | 2,271,405.00 | ||||||
4.Closingbalance | 1,460,270,190.66 | 10,935,058,609.66 | 4,816,156,616.45 | 362,192,894.64 | 260,560,603.98 | 48,644,014.84 | 658,113,290.64 | 18,540,996,220.87 |
II.Accumulateddepreciation | ||||||||
1.Openingbalance | 1,460,270,190.66 | 3,940,158,837.04 | 2,625,645,410.16 | 232,333,164.38 | 71,147,743.72 | 38,419,504.01 | 452,711,502.81 | 8,820,686,352.78 |
2.Increasedamountoftheperiod | 554,046,378.54 | 215,994,175.35 | 22,593,138.77 | 14,846,035.69 | 2,679,865.44 | 30,106,584.89 | 840,266,178.68 | |
(1)Withdrawal | 554,046,378.54 | 215,994,175.35 | 14,107,525.37 | 14,773,299.92 | 2,679,865.44 | 38,664,934.06 | 840,266,178.68 | |
(2)Other | 8,485,613.40 | 72,735.77 | -8,558,349.17 |
Items | GuangfoExpressway | FokaiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
3.Decreasedamountoftheperiod | 2,042,517.39 | 1,179,482.00 | 1,924,922.05 | 47,748,058.64 | 52,894,980.08 | |||
(1)Disposalorscrap | 2,042,517.39 | 1,179,482.00 | 1,924,922.05 | 47,748,058.64 | 52,894,980.08 |
4.Closingbalance | 1,460,270,190.66 | 4,494,205,215.58 | 2,841,639,585.51 | 252,883,785.76 | 84,814,297.41 | 39,174,447.40 | 435,070,029.06 | 9,608,057,551.38 |
II.Accumulateddepreciation | ||||||||
1.Openingbalance | ||||||||
2.Increasedamountoftheperiod | 7,238,195.84 | 7,238,195.84 | ||||||
(1)Withdrawal | 7,238,195.84 | 7,238,195.84 |
3.Decreasedamountoftheperiod |
(1)Disposalorscrap |
4.Closingbalance | 7,238,195.84 | 7,238,195.84 | ||||||
IV.Bookvalue | ||||||||
1.Closingbookvalue | 6,440,853,394.08 | 1,974,517,030.94 | 109,309,108.88 | 175,746,306.57 | 9,469,567.44 | 215,805,065.74 | 8,925,700,473.65 | |
2.Openingbook | 5,048,567,681.76 | 2,172,624,798.95 | 110,264,793.21 | 51,550,897.39 | 10,325,968.06 | 206,712,180.54 | 7,600,046,319.91 |
2019AnnualReport⑵Temporarilyidlefixedassets
Nil⑶Detailsoffixedassetsfailedtoaccomplishcertificationofproperty
InRMB
Items | Bookvalue | Reason |
Houseandbuildings | 89,891,573.85 | Transportationandotherancillaryfacilities,Notaccreditation |
Houseandbuildings | 685,270.80 | Changeproceduresareinprocess |
Total | 90,576,844.65 |
Othernote
(4)Provisionforimpairmentoffixedassets
TheGroupdeterminestherecoverableamountoftheelectronicequipmenttobedisposedofbasedonthenetofitsfairvalueminusdisposalexpensesandsetsasidethecorrespondingassetimpairmentreserve.Itsfairvalueisdeterminedbasedonthequotedpriceofsuchassetsinthesecondarytradingmarket.
11.Projectunderconstruction
InRMB
Items | Year-endbalance | Year-beginningbalance |
Projectunderconstruction | 229,098,299.48 | 1,087,923,869.63 |
Engineeringmaterial | 1,549,556.00 | |
Total | 229,098,299.48 | 1,089,473,425.63 |
(1)Projectunderconstruction
InRMB
Items | Year-endbalance | Year-beginningbalance | ||||
Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
CancellationofExpresswayProvincialTollStationProject | 66,534,825.51 | 66,534,825.51 | ||||
ReconstructionandExpansionofSanbaotoShuikou | 15,943,015.38 | 15,943,015.38 | 1,052,834,193.16 | 1,052,834,193.16 | ||
BridgedeckpavementprojectofhailongBridge | 1,382,928.49 | 1,382,928.49 | 1,382,928.49 | 1,382,928.49 |
Items | Year-endbalance | Year-beginningbalance | ||||
Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
MinzhongServiceareareconstructionproject | 18,210,698.73 | 18,210,698.73 | ||||
Urbantollstationproject | 9,013,081.45 | 9,013,081.45 | 5,008,642.53 | 5,008,642.53 | ||
PavementTreatmentProject | 46,573,355.85 | 46,573,355.85 | ||||
BridgeDeckTreatmentProjectofDayongViaduct | 67,204,790.39 | 67,204,790.39 | ||||
ImprovementProjectofDrainagePipesAcrossRiverReachofBridge | 5,933,146.00 | 5,933,146.00 | ||||
BridgeDrainageImprovementProjectAcrossCentralizedDrinkingWaterSources | 7,000,000.00 | 7,000,000.00 | ||||
MonitoringHallMigrationProject | 7,167,718.98 | 7,167,718.98 | ||||
Oddproject | 2,345,437.43 | 2,345,437.43 | 10,487,406.72 | 10,487,406.72 | ||
Total | 229,098,299.48 | 229,098,299.48 | 1,087,923,869.63 | 1,087,923,869.63 |
(2)Changesofsignificantconstructioninprogress
InRMB
Nameofproject | Budget | Openingbalance | Increase | Transferredtofixedassets | Otherdecrease | Endbalance | Proportion% | Projectprocess | Capitalizationofinterest | Including:capitalizationofinterestthisperiod | Capitalizationofinterestrate(%) | Sourceoffunding |
CancellationofExpresswayProvincialTollStationProject | 85,000,000.00 | 66,534,825.51 | 66,534,825.51 | 78.28% | 78.28% | Other | ||||||
ReconstructionandExpansionofSanbaotoShuikou | 3,426,210,000.00 | 1,052,834,193.16 | 1,083,790,476.36 | 2,120,681,654.14 | 15,943,015.38 | 75.37% | 75.37% | 72,779,504.82 | 28,555,152.81 | 4.49% | Other | |
MinzhongServiceareareconstructionproject | 34,332,800.00 | 18,210,698.73 | 11,028,092.50 | 29,238,791.23 | 85.16% | 100.00% | Other | |||||
PavementTreatmentProject | 93,000,000.00 | 46,573,355.85 | 46,573,355.85 | 50.08% | 50.08% | 178,190.49 | 178,190.49 | 4.41% | FinancialinstitutionLoans | |||
BridgeDeckTreatmentProjectofDayongViaduct | 133,000,000.00 | 67,204,790.39 | 67,204,790.39 | 50.53% | 50.53% | 687,589.39 | 687,589.39 | 4.41% | FinancialinstitutionLoans | |||
Total | 3,771,542,800.00 | 1,071,044,891.89 | 1,275,131,540.61 | 2,149,920,445.37 | 196,255,987.13 | -- | -- | 73,645,284.70 | 29,420,932.69 | -- |
(3)Engineeringmaterial
InRMB
Items | Balanceinyear-end | BalanceYear-beginning | ||||
Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
Signpost | 1,549,556.00 | 1,549,556.00 | ||||
Total | 1,549,556.00 | 1,549,556.00 |
Othernote:
12.Intangibleassets
(1)Listofintangibleassets
InRMB
Items | Landuseright | Patentright | Non-patentright | Software | Total |
I.Originalprice | |||||
1.Openingbalance | 1,311,658.00 | 28,619,133.57 | 29,930,791.57 | ||
2.Increasedamountoftheperiod | 2,709,706.24 | 2,709,706.24 | |||
(1)Purchase | 2,709,706.24 | 2,709,706.24 | |||
(2)InternalDevelopment | |||||
(3)IncreasedofEnterpriseCombination |
3.Decreasedamountoftheperiod |
(1)Disposal |
4.Closingbalance | 1,311,658.00 | 31,328,839.81 | 32,640,497.81 | |
II.Accumulatedamortization | ||||
1.Openingbalance | 1,311,658.00 | 22,880,113.09 | 24,191,771.09 | |
2.Increasedamountoftheperiod | 2,054,831.55 | 2,054,831.55 | ||
(1)Withdrawal | 2,054,831.55 | 2,054,831.55 |
Items | Landuseright | Patentright | Non-patentright | Software | Total |
(1)Disposal |
4.Closingbalance | 1,311,658.00 | 24,934,944.64 | 26,246,602.64 | |
III.Impairmentprovision | ||||
1.Openingbalance | ||||
2.Increasedamountoftheperiod | ||||
(1)Withdrawal |
3.Decreasedamountoftheperiod |
(1)Disposal |
4.Closingbalance | |||
IV.Bookvalue | |||
1.Closingbookvalue | 6,393,895.17 | 6,393,895.17 | |
2.Openingbookvalue | 5,739,020.48 | 5,739,020.48 |
TheproportionofintangibleassetsformedthroughinternalR&Dofthecompanyattheendofthisperiodinthebalanceofintangibleassetsis0.00。
13.Long-termamortizeexpenses
InRMB
Items | Balanceinyear-begin | Increaseinthisperiod | Amortizedexpenses | Otherloss | Balanceinyear-end |
Rentalfeeforplant | 1,221,781.88 | 107,017.44 | 1,114,764.44 | ||
Total | 1,221,781.88 | 107,017.44 | 1,114,764.44 |
Othernote
14.Deferredincometaxassets/deferredincometaxliabilities
(1)Deferredincometaxassetshadnotbeenoff-set
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
Assetsimpairmentprovisions | 7,238,195.84 | 1,809,548.96 | ||
Deductibleloss | 1,054,468,552.04 | 263,617,138.01 | 1,281,389,685.73 | 320,347,421.43 |
Amortizationofintangibleassets | 100,250,984.24 | 25,062,746.06 | 66,852,925.03 | 16,713,231.26 |
Assetvaluationappreciation | 380,018,692.41 | 95,004,673.10 | 441,697,528.41 | 110,424,382.10 |
Total | 1,541,976,424.53 | 385,494,106.13 | 1,789,940,139.17 | 447,485,034.79 |
(2)Deferredincometaxliabilitieshadnotbeenoff-set
InRMB
Items | Balanceinyear-end | BalanceYear-beginning | ||
Deductibletemporarydifference | Deferredincometaxliabilities | Deductibletemporarydifference | Deferredincometaxliabilities | |
Changesinthefairvalueofotherequityinstruments | 519,913,426.24 | 129,978,356.56 | 352,882,416.00 | 88,220,604.00 |
Deductibletemporarydifferencesintheformationofassetimpairment | 433,902,478.92 | 108,475,619.73 | 469,807,142.34 | 117,451,785.59 |
Total | 953,815,905.16 | 238,453,976.29 | 822,689,558.34 | 205,672,389.59 |
(3)Detailsofunrecognizeddeferredtaxassets
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Deductibleloss | 8,013,102.87 | 8,796,952.44 |
Assetsimpairmentprovisions | 89,939,941.56 | 89,748,845.07 |
Costofoutstandinginvoices | 1,941,115.68 | |
Total | 99,894,160.11 | 98,545,797.51 |
(4)Deductiblelossesoftheun-recognizeddeferredincometaxassetwillexpireinthefollowingyears
InRMB
Year | Balanceinyear-end | BalanceYear-beginning | Remark |
2019 | 3,456,570.30 |
Year | Balanceinyear-end | BalanceYear-beginning | Remark |
2020 | |||
2021 | |||
2022 | 1,133,109.04 | 2,121,083.91 | |
2023 | 3,210,991.23 | 3,219,298.23 | |
2024 | 3,669,002.60 | ||
Total | 8,013,102.87 | 8,796,952.44 | -- |
Othernote:
15.OtherNon-currentassetsWhetherimplementednewrevenueguidelines?
□Yes√No
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Deductibleimporttax | 49,385,484.09 | |
Prepaidfixedassetsengineeringfees | 50,442,297.97 | 49,890,408.41 |
Prepaidbusinesstax | 518,773.08 | 570,518.40 |
Less:Partduewithin1year | -51,745.32 | -51,745.32 |
Total | 50,909,325.73 | 99,794,665.58 |
Othernote:
16.Accountpayable
(1)Listofaccountpayable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Within1year(Including1year) | 177,823,526.35 | 84,200,629.90 |
1-2years(including2years) | 11,710,703.48 | 8,911,247.40 |
2-3years(including3years) | 2,468,424.00 | 84,119,053.06 |
Over3years | 98,655,080.48 | 26,548,260.38 |
Total | 290,657,734.31 | 203,779,190.74 |
(2)Significantpayableagingmorethan1year
InRMB
Items | Balanceinyear-end | Reason |
Items | Balanceinyear-end | Reason |
HeshanLandandresourcesBureau | 27,186,893.60 | Unsettled |
GuangdongHighwayConstructionCo.,Ltd. | 25,630,651.00 | Unsettled |
FoshanLandandresourcesBureau. | 30,507,598.21 | Unsettled |
GuangdongExpresswayCo.,Ltd. | 8,746,491.18 | Unsettled |
FoshanChanchengZhanchaStreetOffice | 4,626,817.32 | Unsettled |
Total | 96,698,451.31 | -- |
Othernote:
17.PrepaymentreceivedWhetherimplementednewrevenueguidelines?
□Yes√No
(1)ListofPrepaymentreceived
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Within1year(Including1year) | 4,653,396.85 | 516,610.46 |
1-2years(Including2years) | 198.41 | |
2-3years(Including3years) | 419,601.44 | |
Over3years | 10,951,499.43 | 11,103,496.11 |
Total | 15,605,094.69 | 12,039,708.01 |
(2)Significantadvancefromcustomersagingoveroneyear
InRMB
Items | Balanceinyear-end | Unpaid/Uncarryoverreason |
GuangzhouHuanlongExpresswayCo.,Ltd. | 8,806,596.50 | Landrentisnotinthesettlementperiod |
GuanghdongXinleTechnologyDevelopmentCo.,Ltd. | 1,647,346.97 | TheRentalisnotinthesettlementperiod |
Total | 10,453,943.47 | -- |
18.PayableEmployeewage
(1)PayableEmployeewage
InRMB
Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
I.Short-termcompensation | 13,122,437.17 | 331,254,614.36 | 329,554,526.83 | 14,822,524.70 |
II.Post-employmentbenefits-definedcontributionplans | 43,321,707.31 | 43,321,707.31 | ||
Total | 13,122,437.17 | 374,576,321.67 | 372,876,234.14 | 14,822,524.70 |
(2)Short-termRemuneration
InRMB
Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
1.Wages,bonuses,allowancesandsubsidies | 628,563.49 | 251,560,541.09 | 251,546,641.09 | 642,463.49 |
2.Employeewelfare | 22,667,111.10 | 22,667,111.10 | ||
3.Socialinsurancepremiums | 17,992,083.36 | 17,992,083.36 | ||
Including:Medicalinsurance | 11,402,270.98 | 11,402,270.98 | ||
Workinjuryinsurance | 244,229.07 | 244,229.07 | ||
Maternityinsurance | 1,701,690.99 | 1,701,690.99 | ||
Supplementarymedicalinsurance | 4,643,892.32 | 4,643,892.32 | ||
4.Publicreservesforhousing | 27,782,966.00 | 27,782,966.00 | ||
5.Unionfundsandstaffeducationfee | 11,817,868.74 | 8,836,861.72 | 7,789,322.82 | 12,865,407.64 |
8.Other | 676,004.94 | 2,415,051.09 | 1,776,402.46 | 1,314,653.57 |
Total | 13,122,437.17 | 331,254,614.36 | 329,554,526.83 | 14,822,524.70 |
(3)Definedcontributionplanslisted
InRMB
Items | BalanceYear-beginning | Increaseinthisperiod | Payableinthisperiod | Balanceinyear-end |
1.Basicold-ageinsurancepremiums | 23,282,285.36 | 23,282,285.36 | ||
2.Unemploymentinsurance | 835,489.43 | 835,489.43 | ||
3.Enterpriseannuitypayment | 19,203,932.52 | 19,203,932.52 | ||
Total | 43,321,707.31 | 43,321,707.31 |
Othernote:
Note:TheGroupparticipatesinpensionandunemploymentinsuranceschemessetupbygovernmentagenciesaccordingtoregulations.Inadditiontotheabovemonthlypayment,theGroupwillnotundertakeanyfurtherpaymentobligations.Thecorrespondingexpendituresareincludedinthecurrentprofitsandlossesorthecostofrelatedassetswhenincurred.
19.TaxPayable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
VAT | 14,195,480.90 | 13,473,944.70 |
EnterpriseIncometax | 65,145,885.17 | 85,375,209.49 |
IndividualIncometax | 2,866,768.16 | 3,551,727.77 |
CityConstructiontax | 957,991.34 | 793,960.96 |
Educationsubjoin | 431,482.48 | 371,885.57 |
LocalityEducationsubjoin | 273,333.04 | 233,892.04 |
Landusetax | 200,454.00 | |
Propertytax | 17,061.15 | 155,413.34 |
Stamptax | 218,722.91 | 26,304.47 |
Constructioncostsforculturalundertaking | 31,200.00 | 12,000.00 |
Other | 119,661.79 | 3,953.72 |
Total | 84,257,586.94 | 104,198,746.06 |
Othernote:
20.Otheraccountspayable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Dividendpayable | 20,020,119.31 | 17,191,142.23 |
Otheraccountpayable | 606,160,467.61 | 166,187,946.04 |
Total | 626,180,586.92 | 183,379,088.27 |
(1)Dividendspayable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Commonstockdividends | 20,020,119.31 | 17,191,142.23 |
Total | 20,020,119.31 | 17,191,142.23 |
Note:Includingsignificantunpaiddividendspayableoveroneyear,theunpaidreasonshallbedisclosed:
Finaldividendpayable16,962,838.73yuanformorethanayearinunpaiddividendstoshareholdersovertheyear
wasmainlyduetonon-paymentofshareholderdividendsdidnotprovideinformationoninterest-bearingbank,didnotsharereformofshareholderstoreceivedividendsorprovideapplicationtoreceivedividendsthebankinformationisincorrect,resultinginfailuretopayadividendorrefund.
(2)Otheraccountspayable
(1)Otheraccountspayablelistedbynatureoftheaccount
InRMB
Items | Year-endbalance | Year-Beginningbalance |
Qualityguaranteefund | 55,789,027.50 | 69,573,092.43 |
Borrowing | 184,505,512.50 | 46,096,200.00 |
Provisionalestimateofprojectcost | 305,588,291.39 | |
Other | 60,277,636.22 | 50,518,653.61 |
Total | 606,160,467.61 | 166,187,946.04 |
(2)Othersignificantaccountspayablewithagingoveroneyear
InRMB
Items | Closingbalance | Unpaid/un-carryoverreason |
YayaotoXiebianextension | 12,499,448.48 | Outstanding |
BaoliChangdaHighwayEngineeringCo.,Ltd. | 8,098,915.63 | ProjectQualityguarantees |
CCCCFirstHarborEngineeringCo.,Ltd. | 7,576,165.47 | ProjectQualityguarantees,constractliquidateddamages |
ChinaRailway18BureauGroupCo.,Ltd. | 7,134,981.40 | ProjectQualityguarantees,constractliquidateddamages,Wagemarginformigrantworkers |
ChinaRailwayTunnelGroupCo.,Ltd. | 6,406,779.86 | ProjectQualityguarantees |
Total | 41,716,290.84 | -- |
Othernote
21.Non-currentliabilitiesduewithin1year
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Long-termloansduewithin1year | 765,445,000.00 | 2,498,480,000.00 |
Long-termpayableduewithin1year | 256,603.77 | |
Interestpayableduewithin1year | 30,160,354.30 | 7,875,376.57 |
Total | 795,861,958.07 | 2,506,355,376.57 |
Othernote:
22.OthercurrentliabilitiesWhetherimplementednewrevenueguidelines?
□Yes√No
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Taxtoberewritten | 189,628.17 | |
Total | 189,628.17 |
23.Long-termloan
(1)Categoryoflong-termloan
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Pledgeloan | 447,365,000.00 | 422,350,000.00 |
Guaranteedloan | 375,000,000.00 | 1,125,000,000.00 |
Creditloan | 4,583,505,000.00 | 3,934,170,000.00 |
Long-termloansduewithinoneyear | -765,445,000.00 | -2,498,480,000.00 |
Total | 4,640,425,000.00 | 2,983,040,000.00 |
Othernotesincludinginterestraterange:
24.Bondpayable
(1)Bondpayable
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Medium-termnote | 678,124,972.89 | |
Total | 678,124,972.89 |
(2)Changesofbondspayable(Notincludingtheotherfinancialinstrumentofpreferredstockandperpetualcapitalsecuritiesthatclassifyasfinancialliability
InRMB
Nameofthebond | Bookvalue | Issuedate | Period | Issueamount | Openingbalance | Thecurrentissue | Withdrawinterestatpar | Overflowdiscountamount | Payincurrentperiod | Closingbalance |
19GuangdongExpresswayMTN001 | 680,000,000.00 | 2019.2.27 | 2019.3.1-2024.3.1 | 680,000,000.00 | 680,000,000.00 | -1,875,027.11 | 678,124,972.89 | |||
Total | -- | -- | -- | 680,000,000.00 | 680,000,000.00 | -1,875,027.11 | 678,124,972.89 |
25.Long-termpayable
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Long-termpayable | 39,369,379.91 | 38,022,210.11 |
Total | 39,369,379.91 | 38,022,210.11 |
(1)Long-termpayablelistedbynatureoftheaccount
InRMB
Items | Balanceyear-end | Year-beginningbalance |
Non-operatingassetpayable | 2,022,210.11 | 2,022,210.11 |
Entrustloans | 36,000,000.00 | 36,000,000.00 |
Mediumtermbillunderwritingfee | 1,603,773.57 | |
Less:Partduewithin1year | 256,603.77 | |
Total | 39,369,379.91 | 38,022,210.11 |
Othernote:
26.Stockcapital
InRMB
BalanceYear-beginning | Changed(+,-) | Balanceinyear-end | |||||
Issuanceofnewshare | Bonusshares | Capitalizationofpublicreserve | Other | Subtotal | |||
Totalofcapitalshares | 2,090,806,126.00 | 2,090,806,126.00 |
Othernote:
27.Capitalreserves
InRMB
Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
Sharepremium | 2,508,408,342.99 | 2,508,408,342.99 | ||
Othercapitalreserves | 28,366,622.32 | 25,795,500.00 | 54,162,122.32 | |
Total | 2,536,774,965.31 | 25,795,500.00 | 2,562,570,465.31 |
-Thesituationofchangeinthecurrentcapitalreserveisasfollows:
Thecapitalreserveinthisperiodwasincreased25,795,500.00yuanduetothechangeoftheowner'sequityofthejoint-stockcompany
28.Othercomprehensiveincome
InRMB
Items | Year-beginningbalance | Amountofcurrentperiod | Year-endbalance | |||||
Amountincurredbeforeincometax | Less:Amounttransferredintoprofitandlossinthecurrentperiodthatrecogniedintoothercomprehensiveincomeinpriorperiod | Less:Priorperiodincludedinothercompositeincometransfertoretainedincomeinthecurrentperiod | Less:Incometaxexpenses | After-taxattributetotheparentcompany | After-taxattributetominorityshareholder | |||
1.Othercomprehensiveincomewillbereclassifiedintoincomeorlossinthefuture | 264,661,812.00 | 167,031,010.24 | 41,757,752.56 | 125,273,257.68 | 389,935,069.68 | |||
Changesinfairvalueofinvestmentsinotherequityinstruments | 264,661,812.00 | 167,031,010.24 | 41,757,752.56 | 125,273,257.68 | 389,935,069.68 | |||
2.Othercomprehensiveincomereclassifiabletoprofitorlossinsubsequentperiods | -9,355,758.71 | 1,614,033.93 | 1,614,033.93 | -7,741,724.78 | ||||
Including:Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod | -9,355,758.71 | 1,614,033.93 | 1,614,033.93 | -7,741,724.78 | ||||
Totalofothercomprehensiveincome | 255,306,053.29 | 168,645,044.17 | 41,757,752.56 | 126,887,291.61 | 382,193,344.90 |
Othernotes,includingtheadjustmentoftherecognitionofinitialamountofeffectivepartofthecashflowhedginggainsandlossestransferintoarbitrageditems:
29.Surplusreserve
InRMB
Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
Statutorysurplusreserve | 775,402,561.35 | 135,022,507.55 | 910,425,068.90 | |
Total | 775,402,561.35 | 135,022,507.55 | 910,425,068.90 |
Note:
AccordingtotheCompanyLawandtheArticlesofAssociationoftheCompany,theCompanydrawslegalsurplusreserveat10%ofnetprofit.
30.Retainedprofits
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Beforeadjustments:Retainedprofitsinlastperiodend | 3,938,609,136.59 | 3,550,110,288.49 |
Adjustthetotalundistributedprofitsatthebeginningoftheperiod | -9,749,843.30 | |
Afteradjustments:Retainedprofitsattheperiodbeginning | 3,928,859,293.29 | 3,550,110,288.49 |
Add:Netprofitbelongingtotheowneroftheparentcompany | 1,258,628,101.71 | 1,677,028,179.18 |
Less:Statutorysurplusreserve | 135,022,507.55 | 230,581,431.32 |
Commonstockdividendpayable | 1,175,033,042.81 | 1,057,947,899.76 |
Retainedprofitattheendofthisterm | 3,877,431,844.64 | 3,938,609,136.59 |
Asregardsthedetailsofadjustedthebeginningundistributedprofits
(1)AstheretroactiveadjustmentonEnterpriseAccountingStandardsanditsrelatednewregulations,theaffectedbeginningundistributedprofitsareRMB0.00.
(2)Asthechangeoftheaccountingpolicy,theaffectedbeginningundistributedprofitsareRMB0.00.
(3)Asthecorrectionofsignificantaccountingerror,theaffectedbeginningundistributedprofitsareRMB
0.00.
(4)Asthechangeofconsolidationscopecausedbythesamecontrol,theaffectedbeginningundistributedprofitsareRMB0.00.
(5)OtheradjustmentofthetotalaffectedbeginningundistributedprofitsareRMB0.00.
31.Operationincomeandoperationcost
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Income | Cost | Income | Cost | |
Mainoperation | 3,012,240,940.41 | 1,327,031,747.83 | 3,174,342,835.65 | 1,250,876,481.00 |
Otheroperation | 45,694,644.02 | 29,381,105.94 | 44,351,248.29 | 28,218,590.32 |
Total | 3,057,935,584.43 | 1,356,412,853.77 | 3,218,694,083.94 | 1,279,095,071.32 |
Whetherimplementednewrevenueguidelines?
□Yes√NoOthernote
32.Businesstaxandsubjoin
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Urbanconstructiontax | 6,225,239.58 | 6,257,072.93 |
Educationsurcharge | 2,907,484.31 | 2,943,233.19 |
Propertytax | 2,399,365.40 | 2,510,760.22 |
Landusetax | 1,671,920.58 | 1,744,091.50 |
Vehicleusetax | 52,670.21 | 62,306.65 |
Stamptax | 674,931.71 | 370,956.91 |
Businesstax | 51,745.32 | 62,845.97 |
LocalityEducationsurcharge | 1,938,007.20 | 1,961,948.53 |
Constructioncostsforculturalundertakings | 84,510.00 | 53,046.83 |
Other | 143,742.01 | 21,003.66 |
Total | 16,149,616.32 | 15,987,266.39 |
Othernotes:
ThevarioustaxesandadditionalpaymentcriteriaaredetailedintheSectionV,tax.
33.Administrativeexpenses
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Wage | 131,128,908.75 | 124,523,644.86 |
DepreciationandAmortization | 11,015,511.37 | 10,846,662.10 |
Lowconsumablesamortization | 1,608,243.88 | 669,751.05 |
Rentalfee | 11,677,765.22 | 11,350,401.58 |
Travelexpenses | 1,280,863.53 | 951,373.50 |
Officeexpenses | 6,961,912.80 | 7,113,887.43 |
Thefeeforhiringagency | 5,233,578.38 | 3,700,667.16 |
Consultationexpenses | 3,290,750.94 | 4,243,970.38 |
Listingfee | 869,876.63 | 903,551.56 |
Informationcostandmaintenancefee | 2,018,023.40 | 1,254,978.71 |
Other | 17,097,527.78 | 17,833,260.35 |
Total | 192,182,962.68 | 183,392,148.68 |
Othernotes:
ThevarioustaxesandadditionalpaymentcriteriaaredetailedintheSectionVI,tax.
34.R&Dcost
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Laborcost | 1,236,840.49 | |
Depreciationexpenses | 26,107.33 | |
Other | 55,396.19 | |
Total | 1,318,344.01 |
Othernote:
35.Financialexpenses
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Interestexpenses | 236,273,431.67 | 237,334,325.27 |
Depositinterestincome(-) | -28,663,756.79 | -31,889,543.71 |
ExchangeIncomeandloss(Gain-) | 1,590,432.88 | 2,348,188.17 |
Bankcommissioncharge | 4,505,024.11 | 4,799,814.01 |
Total | 213,705,131.87 | 212,592,783.74 |
Othernote:
36.Othergains
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Governmentsubsidy | 87,937.00 | |
Maternityallowance | 642,489.29 | 599,573.55 |
Returnofpersonaltaxhandingfee | 414,891.18 | 295,702.41 |
Stablejobsubsidies | 217,952.36 |
Feesforwithholdingenterpriseincometaxinadvance | 575,813.38 | |
Inputtaxplusdeduction | 19,409.20 | |
Total | 1,740,540.05 | 1,113,228.32 |
37.Investmentincome
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Long-termequityinvestmentincomebyequitymethod | 469,503,736.12 | 463,873,066.20 |
Dividendsearnedduringtheholdingperiodoninvestmentsinotherequityinstrument | 38,912,399.15 | |
Holdtheinvestmentincomeduringfromavailable-for-salefinancialassets | 43,786,617.76 | |
Total | 508,416,135.27 | 507,659,683.96 |
Othernote:
38.Creditimpairmentlosses
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
Lossofbaddebtsinotherreceivables | -12,983.19 | |
Lossofbadaccountsreceivable | -178,113.30 | |
Total | -191,096.49 |
Othernote:
39.AssetimpairmentlossWhetherimplementednewrevenueguidelines?
□Yes√No
InRMB
Items | Amountofthisperiod | Amountoflastperiod |
I.Baddebtloss | 1,232,955.42 | |
Lossonimpairmentoffinancialassetsavailableforsale | -226,800.00 | |
Lossonimpairmentoffixedassets | -7,238,195.84 | |
Total | -7,238,195.84 | 1,006,155.42 |
Othernote:
40.Assetsdisposalincome
InRMB
Source | Amountofthisperiod | Amountoflastperiod |
Non-currentassetsdisposalgains | 276,051.47 | 66,431,966.75 |
Including:IncomefromdisposalofFixedassets | 276,051.47 | 66,431,966.75 |
IncomefromdisposalofIntangibleassets | ||
IncomefromdisposalofIntellectualpropertyright | 18,755,848.99 | |
Total | 19,031,900.46 | 66,431,966.75 |
Note:AccordingtotheapprovalofGuangdongProvincialHighwayEnterpriseRestructuringandReform
Planin"GuangdongProvincialLetter[2017]No.273"ofGuangdongProvincialGovernment,andtheNoticeofPre-WorkonDevelopingBlueChannelAssetsandBusinessIntegrationofGuangdongTransportationGroup,andtheprincipleof"OnePlatform,OneSystem,OneOperatingTeam","BlueChannel"assetsandbusinessareintegratedtoGuangdongUnitollCollectionInc.InApril2019,GuangdongGaosuScienceandTechnologyInvestmentCo.,Ltd.transferredtherelatedrightsof"BlueChannel"whichhadnotbeencompletedasanassetgrouptotherelatedparty,GuangdongUnitollCollectionInc.ThetransactionwasbasedontheevaluationvalueoftheunderlyingassetgroupofChinaFederationInternationalAssessmentConsultingCo.,Ltd.(AssessmentReportNo.WIGPD0664,CIFICInternationalCommentary[2018]).
41.Non-Operationincome
InRMB
Items | Amountofthisperiod | Amountoflastperiod | Recordedintheamountofthenon-recurringgainsandlosses |
Roadpropertyclaimincome | 2,283,577.02 | 1,646,322.85 | 2,283,577.02 |
Otherincome | 682,097.10 | 2,529,479.09 | 682,097.10 |
Total | 2,965,674.12 | 4,175,801.94 | 2,965,674.12 |
42.Non-Operationexpense
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod | Theamountofnon-operatinggains&losses |
Loss&abandonmentofnon-currentassets | 11,424,632.25 | 3,368,846.52 | 11,424,632.25 |
Including:Fixedassets | 11,424,632.25 | 3,368,846.52 | 11,424,632.25 |
Intangibleassets | |||
Fine | 2,216.57 | 382,973.69 | 2,216.57 |
Roadrehabilitationexpenditure | 4,310,540.20 | 5,153,376.72 | 4,310,540.20 |
Other | 46,067.00 | 74,801.56 | 46,067.00 |
Total | 15,783,456.02 | 8,979,998.49 | 15,783,456.02 |
Othernote:
43.Incometaxexpense
(1)Listsofincometaxexpense
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Currentincometaxexpense | 285,826,627.27 | 340,935,816.06 |
Deferredincometaxexpense | 53,014,762.80 | -146,560,911.07 |
Total | 338,841,390.07 | 194,374,904.99 |
(2)Adjustmentprocessofaccountingprofitandincometaxexpense
InRMB
Items | Amountofcurrentperiod |
Total | 1,788,426,521.34 |
Currentincometaxexpenseaccountedbytaxandrelevantregulations | 447,106,630.34 |
Influenceofincometaxbeforeadjustment | 7,668,106.50 |
Influenceofnontaxableincome | -126,844,945.53 |
Impactofnon-deductiblecosts,expensesandlosses | 10,297,268.66 |
Affecttheuseofdeferredtaxassetsearlyunconfirmeddeductiblelosses | -1,303,011.29 |
Thecurrentperioddoesnotaffectthedeferredtaxassetsrecognizeddeductibletemporarydifferencesordeductibleloss | 312,229.18 |
Other | 1,605,112.21 |
Incometaxexpense | 338,841,390.07 |
Othernote
44.OthercomprehensiveincomeRefertothenotes7.28
45.ItemsofCashflowstatement
(1)Othercashreceivedfrombusinessoperation
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Interestincome | 28,663,756.79 | 31,889,543.71 |
Unitcurrentaccount | 33,967,973.22 | 63,672,701.77 |
Networkreceivedtollincome | 1,058,049.17 | |
Total | 62,631,730.01 | 96,620,294.65 |
2019AnnualReportNote:
(2)Othercashpaidrelatedtooperatingactivities
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Managementexpense | 50,634,832.65 | 45,920,848.02 |
Unitcurrentaccount | 11,097,795.91 | 28,708,531.18 |
Networkreceivedtollincome | 10,709,945.42 | 276,547.72 |
Total | 72,442,573.98 | 74,905,926.92 |
Note:
(3)Cashpaidrelatedwithfinancingactivities
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Medium-termbillissuancefee | 791,384.00 | |
Total | 791,384.00 |
Note:
46.SupplementInformationforcashflowstatement
(1)SupplementInformationforcashflowstatement
InRMB
SupplementInformation | Amountofcurrentperiod | Amountofpreviousperiod |
I.Adjustingnetprofittocashflowfromoperatingactivities | -- | -- |
Netprofit | 1,449,585,131.27 | 1,903,340,402.71 |
Add:Impairmentlossprovisionofassets | 7,238,195.84 | -1,006,155.42 |
Creditimpairmentlosses | 191,096.49 | |
Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets | 840,513,685.85 | 807,609,480.04 |
Amortizationofintangibleassets | 2,054,831.55 | 2,526,983.05 |
AmortizationofLong-termdeferredexpenses | 107,017.44 | 101,686.95 |
Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets | -19,031,900.46 | -66,431,966.75 |
Fixedassetsscraploss | 11,424,632.25 | 3,258,828.50 |
Financialcost | 245,363,864.55 | 249,543,624.55 |
Lossoninvestment | -508,416,135.27 | -507,659,683.96 |
Decreaseofdeferredincometaxassets | 61,990,928.66 | -112,186,009.51 |
SupplementInformation | Amountofcurrentperiod | Amountofpreviousperiod |
Increasedofdeferredincometaxliabilities | -8,976,165.86 | -34,374,901.56 |
Decreaseofinventories | -30,665.31 | -81,017.91 |
Deceaseofoperatingreceivables | 6,373,720.49 | 245,477,300.99 |
IncreasedofoperatingPayable | -99,836,339.66 | -574,132,993.64 |
Netcashflowsarisingfromoperatingactivities | 1,988,551,897.83 | 1,915,985,578.04 |
II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows: | -- | -- |
3.Movementofcashandcashequivalents: | -- | -- |
Endingbalanceofcash | 2,816,699,694.50 | 2,123,303,796.32 |
Less:Beginningbalanceofcashequivalents | 2,123,303,796.32 | 2,363,042,700.42 |
Netincreaseofcashandcashequivalents | 693,395,898.18 | -239,738,904.10 |
(2)Compositionofcashandcashequivalents
InRMB
Items | Balanceinyear-end | Balanceinyear-Beginning |
Cash | 2,816,699,694.50 | 2,123,303,796.32 |
Ofwhich:Cashinstock | 20,587.32 | 53,211.49 |
Banksavingscouldbeusedatanytime | 2,816,163,426.65 | 2,122,585,810.07 |
Othermonetarycapitalcouldbeusedatanytime | 515,680.53 | 664,774.76 |
Balanceofcashandcashequivalentsattheperiodend | 2,816,699,694.50 | 2,123,303,796.32 |
Othernote:
Cashandcashequivalentsexcluderestrictedcashandcashequivalentsusedbyparentcompaniesorsubsidiarieswithinagroup.
47.Theassetswiththeownershiporuserightrestricted
InRMB
Items | Bookvalueattheendoftheperiod | Restrictedreason |
Monetaryfund | 1,221,200.00 | Landreclamationfundsinthefundescrowaccount |
Total | 1,221,200.00 | -- |
Othernote:
AsofDecember31,2019,theGroupborrowed447,365,000.00yuanfromWuyangSub-branchofIndustrialandCommercialBankofChina(including50,670,000.00yuaninnon-currentliabilitiesduewithinoneyearand396,695,000.00yuaninlong-termloans),andprovidedapledgeguaranteeof19.2%oftheproject'stollinterest(therighttocollecttollsforvehiclestravelingontheGuangzhou-ZhuhaisectionofBeijing-ZhuhaiExpresswayandtherevenuegeneratedbyowningsuchright).
2019AnnualReportVIII.Equityinotherentities
1.Equityinsubsidiary
(1)Thestructureoftheenterprisegroup
NameofSubsidiary | MainPlacesofOperation | RegistrationPlace | NatureofBusiness | ShareholdingRatio(%) | ObtainingMethod | |
direct | indirect | |||||
GuangfoExpresswayCo.,Ltd. | Guangzhou | Guangzhou | ExpresswayManagement | 75.00% | Underthesamecontrolbusinesscombination | |
GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Guangzhou | Guangzhou | Investmentintechnicalindustriesandprovisionofrelevant | 100.00% | Investment | |
GuangzhuoGuangzhuTrafficInvestmentManagementCo.,Ltd. | Guangzhou | Guangzhou | Investmentmanagement | 100.00% | Underthesamecontrolbusinesscombination | |
JingzhuExpresswayGuangzhuSectionCo.,Ltd.(Notes) | Zhongshan | Guangzhou | ExpresswayManagement | 20.00% | 55.00% | Underthesamecontrolbusinesscombination |
YuegaoCapitalInvestment(Hengqin)Co.,Ltd. | Guangzhou | Zhuhai | Investmentmanagement | 100.00% | Investment |
Othernote:
GuangzhouGuangzhuTrafficInvestmentManagementCo.,Ltd.holds55%equityinGuangzhuSectionCo.,Ltd.ofJingzhuExpressway.
(2)ImportantNon-wholly-ownedSubsidiary
InRMB
NameofSubsidiary | ShareholdingRatioofMinorityShareholders(%) | ProfitorLossOwnedbytheMinorityShareholdersintheCurrentPeriod | DividendsDistributedtotheMinorityShareholdersintheCurrentPeriod | EquityBalanceoftheMinorityShareholdersintheEndofthePeriod |
GuangfoExpresswayCo.,Ltd. | 25.00% | 62,690,572.08 | 64,914,807.35 | 137,780,071.77 |
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 25.00% | 128,266,457.48 | 158,471,897.94 | 289,389,976.37 |
Note:
(3)Themainfinancialinformationofsignificantnotwhollyownedsubsidiary
InRMB
Name | Year-endbalance | Year-beginningbalance | ||||||||||
Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | |
GuangfoExpresswayCo.,Ltd. | 560,965,221.56 | 47,173,764.91 | 608,138,986.47 | 57,018,699.42 | 57,018,699.42 | 590,663,709.13 | 27,675,485.80 | 618,339,194.93 | 58,321,966.77 | 58,321,966.77 | ||
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 301,043,906.12 | 2,257,506,902.82 | 2,558,550,808.94 | 377,916,598.72 | 1,023,074,304.71 | 1,400,990,903.43 | 432,281,073.29 | 2,301,876,076.48 | 2,734,157,149.77 | 419,370,011.85 | 1,036,405,470.57 | 1,455,775,482.42 |
Othernote:
Name | Amountofcurrentperiod | Amountofpreviousperiod | ||||||
Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | |
GuangfoExpresswayCo.,Ltd. | 475,502,565.03 | 250,762,288.30 | 250,762,288.30 | 244,313,182.32 | 478,698,151.01 | 264,958,397.35 | 264,958,397.35 | 269,630,338.75 |
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 1,218,734,018.60 | 513,065,829.93 | 513,065,829.93 | 772,968,519.31 | 1,340,650,149.26 | 640,290,496.74 | 640,290,496.74 | 890,454,604.43 |
(4)SignificantrestrictionsofusingenterprisegroupassetsandpayoffenterprisegroupdebtNil
(5)ProvidefinancialsupportorothersupportforstructureentitiesincorporateintothescopeofconsolidatedfinancialstatementsNilOthernote:
2.Equityinjointventurearrangementorassociatedenterprise
(1)Significantjointventurearrangementorassociatedenterprise
Name | Mainoperatingplace | Registrationplace | Businessnature | Proportion | Accountingtreatmentoftheinvestmentofjointventureorassociatedenterprise | |
Directly | Indirectly | |||||
GuangdongGuanghuiExpresswayCo.,Ltd. | Guangzhou,Guangdong | Guangzhou,Guangdong | ExpresswayManagement | 30.00% | Equitymethod | |
ZhaoqingYuezhaoHighwayCo.,Ltd. | Zhaoqing,Guangdong | Zhaoqing,Guangdong | ExpresswayManagement | 25.00% | Equitymethod | |
ShenzhenHuiyanExpresswayCo.,Ltd. | ShenzhenGuangdong | ShenzhenGuangdong | ExpresswayManagement | 33.33% | Equitymethod | |
GuangdongJiangzhongExpresswayCo.,Ltd. | Zhongshan,Guangdong | Guangzhou,Guangdong | ExpresswayManagement | 15.00% | Equitymethod | |
GanzhoukangdaExpresswayCo.,Ltd. | Gangzhou,Jiangxi | Gangzhou,Jiangxi | ExpresswayManagement | 30.00% | Equitymethod | |
GanzhouGankangExpresswayCo.,Ltd. | Gangzhou,Jiangxi | Gangzhou,Jiangxi | ExpresswayManagement | 30.00% | Equitymethod | |
GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | Guangzhou,Guangdong | Guangzhou,Guangdong | Handeallkindsofsmallloans | 20.00% | Equitymethod | |
GuangyuanSecuritiesCo.,Ltd. | Hefei,Anhui | Hefei,Anhui | Securitybusiness | 2.37% | Equitymethod |
Notestoholdingproportionofjointventureorassociatedenterprisedifferentfromvotingproportion:
NilBasisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:
Guangdong,JiangzhongExpresswayCo.,LtdandGuangyuanSecuritiesCo.,Ltd...holds20%ofthevotingrights,buthasthepowertoparticipateinmakingdecisionsontheirfinancialandoperatingdecisions,andthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee.
(2)Mainfinancialinformationofsignificantjointventure
InRMB
Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |
GuangdongGuanghuiExpresswayCo.,Ltd. | GuangdongGuanghuiExpresswayCo.,Ltd. | |
Currentassets | 676,535,557.27 | 886,631,849.70 |
Including:Cashandcashequivalent | 236,277,469.65 | 621,540,000.54 |
Non-currentassets | 3,551,486,914.85 | 3,813,612,927.86 |
Totalassets | 4,228,022,472.12 | 4,700,244,777.56 |
Currentliabilities | 212,427,396.61 | 544,082,765.04 |
Non-currentliabilities | 520,683,163.79 | 847,757,933.94 |
Totalliabilities | 733,110,560.40 | 1,391,840,698.98 |
Attributabletoshareholdersoftheparentcompany | 3,494,911,911.72 | 3,308,404,078.58 |
Shareofnetassetscalculatedbystake | 1,048,473,573.52 | 992,521,223.58 |
Bookvalueofequityinvestmentinjointventures | 1,048,473,573.52 | 992,521,223.58 |
Operatingincome | 1,943,745,753.48 | 1,855,658,219.29 |
Financialexpenses | 15,373,529.34 | 33,863,147.93 |
Incometaxexpenses | 334,943,632.73 | 323,116,545.35 |
Netprofit | 1,002,651,683.59 | 969,032,056.06 |
Totalcomprehensiveincome | 1,002,651,683.59 | 969,032,056.06 |
Dividendsreceivedfromjointventuresthisyear | 270,638,655.14 | 274,805,847.20 |
Othernote
(3)Mainfinancialinformationofsignificantassociatedenterprise
InRMB
Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |||||||||||||
ShenzhenHuiyanExpresswayCo.,Ltd. | GuangdongJiangzhongExpresswayCo.,Ltd. | GanzhouKangdaExpressway | GanzhouGankangExpresswayCo.,Ltd. | GuangdongYuekeTechnologyPettyLoanCo.,Ltd | GuoyuanSecuritiesCo.,Ltd. | ZhaoqingYuezhaoHighwayCo.,Ltd. | ShenzhenHuiyanExpresswayCo.,Ltd. | GuangdongJiangzhongExpresswayCo.,Ltd. | GanzhouKangdaExpressway | GanzhouGankangExpresswayCo.,Ltd. | GuangdongYuekeTechnologyPettyLoanCo.,Ltd | GuoyuanSecuritiesCo.,Ltd. | ZhaoqingYuezhaoHighwayCo.,Ltd. | |
Currentassets | 209,139,152.55 | 166,062,286.05 | 51,220,910.08 | 332,805,593.66 | 1,361,568,837.83 | 57,918,624,287.41 | 214,674,038.72 | 153,631,998.00 | 86,313,236.14 | 35,495,996.32 | 270,093,954.27 | 1,394,967,072.45 | 42,721,180,653.50 | 196,254,075.84 |
Non-currentassets | 745,836,911.95 | 1,565,194,583.12 | 1,421,468,958.16 | 1,282,668,160.31 | 29,480,303.62 | 26,015,472,537.63 | 1,453,888,135.31 | 569,633,252.71 | 1,701,322,494.90 | 1,463,543,288.08 | 1,372,121,014.40 | 8,047,674.82 | 35,374,232,070.51 | 1,565,557,770.89 |
Totalassets | 954,976,064.50 | 1,731,256,869.17 | 1,472,689,868.24 | 1,615,473,753.97 | 1,391,049,141.45 | 83,934,096,825.04 | 1,668,562,174.03 | 723,265,250.71 | 1,787,635,731.04 | 1,499,039,284.40 | 1,642,214,968.67 | 1,403,014,747.27 | 78,095,412,724.01 | 1,761,811,846.73 |
Currentliabilities | 136,928,782.17 | 284,146,755.99 | 85,725,138.63 | 96,316,661.38 | 93,651,010.16 | 46,206,352,399.19 | 106,514,632.05 | 31,603,980.10 | 170,304,772.67 | 72,629,731.89 | 109,921,418.26 | 40,797,858.70 | 46,417,460,063.63 | 151,065,956.20 |
Non-currentLiabilities | 30,000,000.00 | 250,500,000.00 | 604,519,640.08 | 806,914,922.91 | 475,532.74 | 12,890,023,021.47 | 329,559,303.21 | 448,500,000.00 | 693,126,157.44 | 832,307,181.39 | 636,518.58 | 6,989,817,868.77 | 382,056,538.13 | |
Totalliabilities | 166,928,782.17 | 534,646,755.99 | 690,244,778.71 | 903,231,584.29 | 94,126,542.90 | 59,096,375,420.66 | 436,073,935.26 | 31,603,980.10 | 618,804,772.67 | 765,755,889.33 | 942,228,599.65 | 41,434,377.28 | 53,407,277,932.40 | 533,122,494.33 |
MinorityShareholders’Equity | 223,735,921.31 | 11,785,075.26 | 263,112,578.63 | 11,368,910.62 | ||||||||||
Shareholders’equityattributabletoshareholdersoftheparent | 788,047,282.33 | 1,196,610,113.18 | 782,445,089.53 | 712,242,169.68 | 1,073,186,677.24 | 24,825,936,329.12 | 1,232,488,238.77 | 691,661,270.61 | 1,168,830,958.37 | 733,283,395.07 | 699,986,369.02 | 1,098,467,791.36 | 24,676,765,880.99 | 1,228,689,352.40 |
Proratashareofthenetassetscalculated | 262,682,427.44 | 179,491,516.98 | 234,733,526.86 | 213,672,650.90 | 214,637,335.45 | 587,200,989.50 | 308,122,059.69 | 230,553,756.87 | 175,324,643.76 | 219,985,018.52 | 209,995,910.71 | 219,693,558.27 | 583,672,702.24 | 307,172,338.10 |
Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |||||||||||||
ShenzhenHuiyanExpresswayCo.,Ltd. | GuangdongJiangzhongExpresswayCo.,Ltd. | GanzhouKangdaExpressway | GanzhouGankangExpresswayCo.,Ltd. | GuangdongYuekeTechnologyPettyLoanCo.,Ltd | GuoyuanSecuritiesCo.,Ltd. | ZhaoqingYuezhaoHighwayCo.,Ltd. | ShenzhenHuiyanExpresswayCo.,Ltd. | GuangdongJiangzhongExpresswayCo.,Ltd. | GanzhouKangdaExpressway | GanzhouGankangExpresswayCo.,Ltd. | GuangdongYuekeTechnologyPettyLoanCo.,Ltd | GuoyuanSecuritiesCo.,Ltd. | ZhaoqingYuezhaoHighwayCo.,Ltd. | |
--Goodwill | 206,725,818.02 | 206,725,818.02 | ||||||||||||
Thebookvalueofequityinvestmentsinjointventures | 262,682,427.44 | 179,491,516.98 | 234,733,526.86 | 213,672,650.90 | 214,637,335.45 | 793,926,807.52 | 308,122,059.69 | 230,553,756.87 | 175,324,643.76 | 219,985,018.52 | 209,995,910.71 | 219,693,558.27 | 790,398,520.26 | 307,172,338.10 |
Fairvalueofequityinvestmentofassociatedenterpriseswithopenquotation | 737,910,410.22 | 555,621,862.28 | ||||||||||||
Buinsessincme | 246,670,783.03 | 492,139,509.21 | 261,253,295.40 | 187,468,413.15 | 131,857,238.51 | 3,302,720,958.61 | 560,630,583.95 | 246,387,205.44 | 511,026,031.42 | 244,708,403.60 | 169,762,652.79 | 181,963,049.20 | 2,569,814,200.00 | 555,636,181.75 |
Netprofit | 100,651,048.27 | 119,901,954.09 | 124,414,900.02 | 21,255,800.66 | 20,084,911.58 | 917,476,547.45 | 219,532,873.97 | 103,069,675.97 | 78,708,231.50 | 107,386,985.55 | 18,637,357.87 | 75,671,754.19 | 663,937,167.17 | 233,420,321.62 |
Othercomprehensiveincome | 95,017,342.59 | -862,492,101.21 | ||||||||||||
Totalcomprehensiveincome | 100,651,048.27 | 119,901,954.09 | 124,414,900.02 | 21,255,800.66 | 20,084,911.58 | 1,012,493,890.04 | 219,532,873.97 | 103,069,675.97 | 78,708,231.50 | 107,386,985.55 | 18,637,357.87 | 75,671,754.19 | -198,554,934.04 | 233,420,321.62 |
Dividendsreceivedfromassociatesduringtheyear | 13,818,419.89 | 21,000,000.00 | 2,700,000.00 | 19,900,496.50 | 53,207,865.41 | 53,000,000.00 | 9,983,895.07 | 21,000,000.00 | 10,989,125.47 | 11,940,297.90 | 43,088,859.48 |
Othernote
2019AnnualReportIX.RisksRelatedtoFinancialInstruments
ThemainfinancialinstrumentsoftheCompanyincludeequityinvestments,financialproducts,trustinvestments,accountsreceivable,accountspayableetc.,pleaserefertoNote6fordetailofrelateditems.Theriskassociatedwithfinancialinstruments,andriskmanagementpolicieswhichtheCompanyusestoreducetheserisksaredescribedbelow.ThemanagementoftheCompanymanagesandsupervisestheriskstoensurethattheriskscanbecontrolledwithinalimitedrange.TheCompanyusessensitivityanalysistechniquestoanalyzetheimpactofreasonableandpossiblechangesinriskvariablesoncurrentprofitandlossorshareholders'equity.Sinceanyriskvariableseldomchangesinisolation,andthecorrelationbetweenvariableswillhaveasignificantimpactonthefinalamountofchangeinariskvariable,thefollowingisassumedtobeindependentofeachvariable.
(I)Thetargetsandpoliciesofriskmanagement
Thetargetofriskmanagementistoobtaintheproperbalancebetweentheriskandbenefit,toreducethenegativeimpactthatiscausedbytheriskoftheCompanytothelowestlevel,andtomaximizethebenefitsofshareholdersandotherequityinvestors.Basedonthetargetsofriskmanagement,thebasicstrategyoftheCompany’sriskmanagementistoidentifyandanalyzetheriskswhicharefacedbytheCompany,establishsuitablerisktolerancebaselineandproceedtheriskmanagement,andsuperviseavarietyofriskstimelyandreliably,andcontroltheriskswithinalimitedrange.
1.Marketrisk
(1)Foreignexchangerisk
Foreignexchangeriskreferstotheriskoflossduetoexchangeratefluctuationsgenerally.Ourforeignexchangeriskis
mainlyrelatedtoHongKongDollar.BesidesannualdistributionofB-shareshareholderdividends,othermajorbusinessactivitiesofourCompanyaresettledinRMB.Duringthereportingperiod,duetotheshortcreditperiodoftheCompany'sincomeandexpenditurerelatedtoforeigncurrency,itwasnotaffectedbyforeignexchangerisk.
(2)Interestraterisk
TheCompany'sriskofcashflowchangesinfinancialinstrumentscausedbyinterestratechangesismainlyrelatedtofloatingratebankborrowings(seethisSectionVII23).TheCompany'spolicyistomaintainthefloatinginterestrateoftheseborrowings,andatthesametimetoreasonablyreducetheriskofinterestratefluctuationbyshorteningthetermofasingleloanandspecificallyagreeingonprepaymentterms.
(3)Otherpricerisk
TheinvestmentsheldbytheCompanyareclassifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome(financialassetsavailableforsaleonorbeforeDecember31,2018)andaremeasuredatfairvalueonthebalancesheetdate.Therefore,theCompanybearstheriskofchangesinthesecuritiesmarket.
2.Creditrisk
OnDecember31,2019,thelargestcreditriskexposurethatmaycausefinanciallossesoftheCompanymainlycomesfromthelossoffinancialassetsoftheCompanycausedbythefailureoftheotherpartytoperformitsobligations.
Inordertoreducecreditrisk,theCompanyonlydealswithrecognizedandreputablecustomers.Inaddition,theCompanyreviewstherecoveryofeachsinglereceivablesoneachbalancesheetdatetoensurethatadequatebaddebtprovisionsaremadeforunrecoverableamounts.Consequently,theCompany'smanagementbelievesthattheCompany'screditriskhasbeengreatlyreduced.
TheGroup'sworkingcapitalisdepositedinbankswithhighercreditrating,sothecreditriskofworkingcapitalisrelativelylow.
2019AnnualReportFinancialassetsoverdueorimpaired;
(1)Aginganalysisoffinancialassetswithoverdueimpairment:Notexisted
(2)Analysisoffinancialassetsthathavesufferedsingleimpairment:Referto"4,OtherReceivables"inVIIand"8,InvestmentinOtherEquityInstruments"inVIIofthissectionfordetails.
3.Liquidityrisk
Whenmanagingliquidityrisks,theCompanymaintainssufficientcashandcashequivalentsasdeemedbythemanagementandmonitorthemtomeettheCompany'soperationalneedsandreducetheimpactofcashflowfluctuations.ThemanagementoftheCompanymonitorstheuseofbankloansandensurescompliancewiththeloanagreement.X.Thedisclosureofthefairvalue
1.Closingfairvalueofassetsandliabilitiescalculatedbyfairvalue
InRMB
Items | Closingfairvalue | |||
Firvaluemeasurementitemsatlevel1 | Firvaluemeasurementitemsatlevel2 | Firvaluemeasurementitemsatlevel3 | Total | |
I.Consistentfairvaluemeasurement | -- | -- | -- | -- |
(3)Otherequityinstrumentinvestment | 1,037,474,303.04 | 1,037,474,303.04 | ||
Totalassetscontinuouslymeasuredatfairvalue | 1,037,474,303.04 | 1,037,474,303.04 | ||
II.Non–persistentmeasure | -- | -- | -- | -- |
2.Marketpricerecognitionbasisforconsistentandinconsistentfairvaluemeasurementitemsatlevel1.Asattheendoftheperiod,thecompanyholdsshares235,254,944sharesofChinaEverbrightBankAccordingtotheclosingpriceofDecember31,2019of4.41yuan,thefinalcalculationoffairvaluewas
1,037,474,303.04yuan.
3.FairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalueAttheendoftheperiod,thefairvalueoffinancialassetsandfinancialliabilitiesheldbytheCompanythatarenotmeasuredatfairvalueisasfollows:
Items | Bookvalue | Fairvalues | Remark | ||
BalanceatBeginningoftheYear | Endingamount | Affiliatedhierarchy | |||
Financialassetsnotmeasuredatfairvalue | |||||
Othereqiutyinstrumentinvestment | 798,348,301.73 | 798,348,301.73 | 798,348,301.73 |
2019AnnualReportXI.Relatedpartiesandrelated-partytransactions
1.Parentcompanyinformationoftheenterprise
Name | Registeredaddress | Nature | Redistrictedcapital | TheparentcompanyoftheCompany'sshareholdingratio | TheparentcompanyoftheCompany’svoteratio |
GuangdongcommunicationGroupCo.,Ltd | Guangzhou | Equitymanagement,trafficinfrastructureconstructionandrailwayprojectoperation | 26.8billionyuan | 24.56% | 50.12% |
Notes:
GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:DengXiaohua.Dateofestablishment:June23,2000.AsofDecember31,2019,Registeredcapital:26.8billionyuan.Itisasolelystate-ownedlimitedcompany.Businessscope:equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Thevalue-addedcommunicationbusiness.ThefinialcontroloftheCompanywasStateownedassetssupervisionandAdministrationCommissionofGuangdongProvincialPeople'sGovernment.Othernote:
2.SubsidiariesoftheCompanySubsidiariesofthisenterprise,seeNoteVIII(1)therightsofotherentity
3.InformationonthejointventuresandassociatedenterprisesoftheCompanyInformationonotherjointventureandassociatedenterpriseofoccurringrelatedpartytransactionswiththeCompanyinreportingperiod,orformbalanceduetorelatedpartytransactionsinpreviousperiod:
Name | RelationwiththeCompany |
GuangdongGuanghuiExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
GuangdongJiangzhongExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
ShenzhenHuiyanExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
ZhaoqingYuezhaoHighwayCo.,Ltd. | AssociatedenterprisesoftheCompany |
GanzhouGankangExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | AssociatedenterprisesoftheCompany |
Othernote
4.OtherRelatedparties
Name | RelationwiththeCompany |
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongLulutongCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongLitongTechnologyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongExpresswayMediaCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongUnionElectronServiceCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongTrafficTechnologyInspectionCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongXinyueTrafficInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongHualuTrafficTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongHumenBridgeCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongXinyueAsphaltCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongXinyueTrafficInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongRead&BridgeConstructionDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongHighwayConstructionCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongBodaExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongChaohuiExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongMaozhanExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongKaiyangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongGuang-fo-ZhaoExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongGuangleExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongZhaoyangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongYangmaoExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
YunfuGuangyunExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangshenzhuExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongLuoyangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongTrafficIndustryInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongGaoenExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongYueyunTrafficCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongTaishanCoastalExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongShanfenExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongYuedongExrpesswayIndustryDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
Name | RelationwiththeCompany |
GuangdongPingxingExrpesswayCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongLitongRealEstateInvestmentCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongGaodaPropertyDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
HeyuanHelongExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongNinghuaExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongMeiheExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
GuangdongJiangzhaoExpresswayManagementCenter | Managedbytheparentcompany |
GuangzhongjiangExpresswayProjectManagementDept | Managedbytheparentcompany |
GuangdongNanyueTrifficYunzhanExpresswayManagementDept | Managedbytheparentcompany |
GuangdongNanyueTrafficRenboExpresswayManagementCenter | Managedbytheparentcompany |
GuangdongNanyueTrafficChaozhangExpresswayManagementCenter | Managedbytheparentcompany |
GuangdongNanyueTrafficShaoganExpresswayManagementCenter | Managedbytheparentcompany |
Hongkong-Zhuhai-MacaoConnectionlinemanagementcenter | Managedbytheparentcompany |
PolyChangdaEngineeringCo.,Ltd. | SharingCompany |
GuangdongFeidaTrafficEngineeringCo.,Ltd. | Controlledbythesameparentcompanyandequityparticipationunit |
GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | Controlledbythesameparentcompanyandequityparticipationunit |
FoshanGuangsanExpresswayCo.,ltd. | Controlledbythesameparentcompanyandequityparticipationunit |
JiangmenJiangheExpresswayCo.,Ltd. | Controlledbythesameparentcompanyandequityparticipationunit |
GuangdongShanshanExpresswayEastSectionCo.,ltd. | Controlledbythesameparentcompanyandequityparticipationunit |
Othernote
5.Listofrelated-partytransactions
(1)InformationonacquisitionofgoodsandreceptionoflaborserviceAcquisitionofgoodsandreceptionoflaborservice
InRMB
Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
1.Businesscost | |||||
GuangdongUnionelectronicservicesco.,Ltd. | Service | 15,266,915.03 | No | 15,478,247.27 |
Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
GuangdongTrafficTechnologyInspectionCo.,Ltd. | Projectfunds | 5,690,112.92 | No | 5,380,171.92 | |
GuangdongFeidaTrafficEngineeringCo.,Ltd. | Projectfunds | 3,807,139.23 | No | ||
GuangdongLitongTechnologyInvestmentCo.,Ltd. | Projectfunds | 3,605,631.86 | No | 3,517,587.00 | |
GuangzhouXinyueTrafficTechnologyCo.,Ltd. | Projectfunds | 3,377,412.00 | No | ||
GuangdongLulutongCo.,Ltd. | Projectfunds | 2,389,297.99 | No | 1,985,356.36 | |
BolyChangdaEngineeringCo.,Ltd. | Projectfund,service | 2,201,322.00 | No | 29,662,147.00 | |
GuangdongHualuTrafficTechnologyCo.,Ltd. | Projectfunds | 1,781,263.00 | No | 6,084,009.00 | |
GuangdongHumenBridgeCo.,Ltd. | Projectfund,service | 1,047,385.24 | No | 1,470,696.80 | |
GuangdongXinyueAsphaltCo.,Ltd. | Service | 376,434.90 | No | ||
GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | Service | 225,055.47 | No | 747,966.07 | |
GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | Service | 107,017.44 | No | ||
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Service | 105,850.00 | 369,650.00 | ||
GuangdongGuanghuiExpresswayCo.,Ltd. | Service | 49,480.49 | No | ||
GuangdongXinyueTrafficInvestmentCo.,Ltd. | Projectfunds | 9,416.88 | No | 770,454.00 | |
Subtotal | 40,039,734.45 | 65,466,285.42 | |||
2.Financialexpenses | |||||
GuangdongGufanghuiExpresswayCo.,Ltd. | Interest | 5,195,531.25 | No | 3,231,506.25 | |
GuangdongJiangzhongExpresswayCo.,Ltd. | Interest | 1,428,975.00 | No | 187,920.00 | |
GanzhouGankangExpresswayCo.,Ltd. | Interest | No | 765,623.34 | ||
Subtotal | 6,624,506.25 | 4,185,049.59 | |||
3.Managementexpenses | |||||
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Service | 236,500.00 | No | 404,091.29 | |
GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | Service | 87,189.00 | No | ||
GuangdongLulutongCo.,Ltd. | Service | 48,000.00 | No | ||
GuangdongExpresswayMediaCo.,Ltd. | No | 606,132.08 | |||
Subtotal | 371,689.00 | 1,010,223.37 | |||
4.Constructioninprocess |
Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
BolyChangdaEngineeringCo.,Ltd. | Purchaseassets | 353,181,578.97 | No | 181,773,095.95 | |
GuangdongLitongTechnologyInvestmentCo.,Ltd. | Purchaseassets | 26,225,312.00 | No | 859,450.00 | |
GuangdongXinyueTrafficInvestmentCo.,Ltd. | Purchaseassets | 10,173,639.28 | No | 1,136,466.97 | |
GuangdongFeidaTrafficEngineeringCo.,Ltd. | Purchaseassets | 7,547,509.00 | No | ||
GuangdongHualuTrafficTechnologyCo.,Ltd. | Purchaseassets | 6,724,808.26 | No | 5,156,328.48 | |
GuangdongLulutongCo.,Ltd. | Purchaseassets | 363,747.00 | No | ||
GuangdongTrafficTechnologyInspectionCo.,Ltd. | Purchaseassets | 45,030.00 | No | ||
Subtotal | 404,261,624.51 | 188,925,341.40 | |||
5.Fixedassets | |||||
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Purchaseassets | 358,440.98 | No | ||
GuangdongFeidaTrafficEngineeringCo.,Ltd. | Purchaseassets | 108,300.00 | No | ||
GuangdongLulutongCo.,Ltd. | Purchaseassets | No | 56,680.00 | ||
GuangdongLitongTechnologyInvestmentCo.,Ltd. | Purchaseassets | No | 427,500.00 | ||
Subtotal | 466,740.98 | 484,180.00 | |||
6.IntangibleAssets | |||||
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Purchaseassets | 462,500.00 | No | 297,950.00 | |
GuangdongLitongTechnologyInvestmentCo.,Ltd. | Purchaseassets | 301,800.00 | No | 185,000.00 | |
Subtotal | 764,300.00 | 482,950.00 |
Relatedtransactionsonsalegoodsandreceivingservices
InRMB
Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
1.Businessincome | |||
JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd. | Commissionmanagementfee | 20,047,032.07 | 17,120,754.74 |
GuangdongExpresswayCo.,Ltd. | Projectfund | 4,310,630.18 | 5,812,437.52 |
GuangdongXinyueTrafficInvestmentCo.,Ltd. | Projectfund | 2,208,097.34 | 1,883,038.06 |
ZhaoqingYuezhaoHighwayCo.,Ltd. | Projectfund | 2,155,810.23 | 856,469.13 |
Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | Projectfund | 2,144,812.90 | 2,543,533.92 |
GuangdongGuanghuiExpresswayCo.,Ltd. | Projectfund | 2,009,735.59 | 2,437,801.44 |
GuangdongHighwayConstructionCo.,Ltd. | Projectfund | 1,574,566.33 | 594,659.08 |
ShezhenHuiyanExpresswayCo.,Ltd. | Projectfund | 1,121,184.34 | 53,773.58 |
GuangdongFeidaTrafficEngineeringCo.,Ltd. | Projectfund | 871,473.15 | |
GuangdongGuangzhuWestlineExpresswayCo.,ltd. | Projectfund | 751,475.04 | 729,132.79 |
GanzhouGankangExpresswayCo.,Ltd. | Projectfund | 737,114.13 | |
GuangdongBodaExpresswayCo.,Ltd. | Projectfund | 730,270.82 | 520,924.53 |
GuangdongJiangzhongExpresswayCo.,Ltd. | Projectfund | 635,673.34 | 276,415.10 |
GanzhouKangdaExpresswayCo.,Ltd. | Projectfund | 513,990.93 | |
GuangdongChaohuiExpresswayCo.,Ltd. | Projectfund | 425,905.66 | 384,835.85 |
GuangdongMaozhanExpresswayCo.,Ltd. | Projectfund | 418,867.92 | 206,603.77 |
GuangdongKaiyangExpresswayCo.,Ltd. | Projectfund | 380,652.28 | 507,128.03 |
GuangdongGuangfozhaoExpresswayCo.,ltd. | Projectfund | 331,283.02 | 342,452.84 |
GuangdongGuangleExpresswayCo.,Ltd. | Projectfund | 300,849.06 | 290,094.34 |
GuangdongZhaoyangExpresswayCo.,Ltd. | Projectfund | 236,460.18 | 172,641.51 |
GuangdongYangmaoExpresswayCo.,Ltd. | Projectfund | 166,981.13 | 166,981.13 |
YunfuGuangyunExpresswayCo.,Ltd. | Projectfund | 164,469.85 | 94,622.64 |
GuangdongJiangzhaoExpresswayCo.,Ltd. | Projectfund | 130,188.68 | 147,169.81 |
FoshanGuangsanExpresswayCo.,Ltd. | Projectfund | 120,283.02 | |
GuangshenzhuExpresswayCo.,Ltd. | Projectfund | 114,655.17 | |
JiangmenJiangheExpresswayCo.,Ltd. | Projectfund | 110,377.36 | |
GuangdongLuoyangExpresswayCo.,Ltd. | Projectfund | 107,547.17 | 107,547.17 |
GuangdongTrafficIndustryInvestmentCo.,Ltd. | Projectfund | 90,566.04 | 118,867.92 |
GuangdongGaoenExpresswayCo.,ltd. | Projectfund | 79,245.28 | |
GuangdongHumenBridgeCo.,Ltd. | Projectfund | 60,849.06 | 133,435.27 |
GuangdongExpresswayMediaCo.,Ltd. | Projectfund | 44,213.00 | |
GuangdongYueyunTrafficCo.,Ltd. | Projectfund | 42,452.83 | 42,452.83 |
GuangdongUnionElectronServiceCo.,ltd. | Projectfund | 10,471.70 | |
GuangdongLitongTechnologyInvestmentCo.,Ltd. | Projectfund | 35,384.62 | |
GuangdongTaishanCostalExpresswayCo.,Ltd. | Projectfund | -59,433.96 | 59,433.96 |
GuangzhongjiangExpresswayProjectManagementDept | Projectfund | -89,622.64 | 197,169.81 |
Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
Subtotal | 42,999,128.20 | 35,835,761.39 | |
2.Non-operatingincome | |||
GuangdongXinyueTrafficInvestmentCo.,Ltd. | Tenter | 862.07 | |
GuangdongLulutongCo.,Ltd. | Tenter | 862.07 | |
Subtotal | 1,724.14 | ||
3..Assetsdisposalincome | |||
GuangdongUnionelectronicservicesco.,Ltd. | Transferofintellectualproperty | 18,755,848.99 | |
Subtotal | 18,755,848.99 |
Note
(2)InformationofrelatedleaseTheCompanywaslessor:
InRMB
Nameoflessee | Categoryofleaseassets | Theleaseincomeconfirmedinthisyear | Theleaseincomeconfirmedinlastyear |
GuangdongExpresswayMediaCo.,Ltd. | Advertisinglease | 3,556,249.10 | 3,436,468.80 |
GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | Servicearealease | 2,297,830.86 | 5,859,573.97 |
Subtotal | 5,854,079.96 | 9,296,042.77 |
-Thecompanywaslessee:
InRMB
Lessor | Categoryofleasedassets | Theleaseincomeconfirmedinthisyear | Categoryofleasedassets |
GuangdongLitongRealEatateInvestmentCo.,Ltd | Officespace | 8,876,387.85 | 9,254,826.21 |
GuangdongGuanghuiExpresswayCo.,Ltd. | Advertisingcolumnlease | 692,571.43 | 551,400.00 |
ZhaoqingYuezhaoHighwayCo.,Ltd. | Advertisingcolumnlease | 248,061.50 | 248,062.50 |
ZhaoqingYuezhaoHighwayCo.,Ltd. | Equipmentlease | 116,504.86 | 116,504.85 |
GuangzhouYueyunTrafficCo.,Ltd. | Carrentalfee | 190,640.78 | |
GuangdongKaiyangExpresswayCo.,Ltd. | Equipmentlease | 106,194.69 | 116,504.85 |
GuangdongMaozhanExpresswayCo.,Ltd. | Equipmentlease | 106,194.69 | 103,448.28 |
GuangdongGaodaPropertyDevelopmentCo.,Ltd. | Officespace | 95,436.00 | 60,999.64 |
GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,ltd. | Equipmentlease | 8,918.12 | |
Subtotal | 10,431,991.80 | 10,460,664.45 |
2019AnnualReportNote
(3)Related-partyguaranteeTheCompanywasGuarantorNilTheCompanywassecuredparty
InRMB
Guarantor | Guaranteeamount | Startdate | Enddate | Executionaccomplishedornot |
GuangdongCommunicationGroupCo.,Ltd. | 1,725,000,000.00 | September25,2012 | March25,2020 | No |
Note:GuangdongCommunicationsGroupCo.,Ltd.,thecontrollingshareholderofthecompany,providesthecompanywithanunconditionalandirrevocablejointandseveralliabilityguaranteeinfullamountofprincipalandinterestforacceptingtheinsurancecreditor'srightsinvestmentplanofPacificAssetManagementCo.,Ltd.Tothisend,thecompanyprovidedcounterguaranteetoGuangdongCommunicationGroupwith75%equityofGuangzhouGuangzhuTrafficInvestmentManagementCo.,Ltd.
(4)Inter-banklendingofcapitalofrelatedparties
InRMB
Relatedparty | Amountborrowedandloaned | Initialdate | Duedate | Notes |
Borrowed | ||||
GuangdongGuanghuiExpresswayCo.,Ltd. | 30,000,000.00 | April1,2019 | March31,2020 | |
GuangdongGuanghuiExpresswayCo.,Ltd. | 105,000,000.00 | April2,2019 | April1,2020 | |
GuangdongGuanghuiExpresswayCo.,Ltd. | 45,000,000.00 | May22,2018 | May21,2019 | |
GuangdongGuanghuiExpresswayCo.,Ltd. | 45,000,000.00 | September25,2019 | September24,2020 | |
GuangdongJiangzhongExpresswayCoLoaned.,Ltd. | 36,000,000.00 | November14,2018 | November13,2023 | |
Loaned |
(5)RelatedpartyassettransferanddebtrestructuringNil
(6)Rewardsforthekeymanagementpersonnel
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Rewardsforthekeymanagementpersonnel | 7,604,100.00 | 6,638,600.00 |
(7)Otherrelated-partytransactions-CapitalDepositSituationofGuangdongProvincialCommunicationGroupFinanceCo.,Ltd.
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
BalanceofDeposit | 813,272,070.75 | 640,041,849.19 |
InterestIncome | 8,705,455.79 | 5,695,294.50 |
PricingPrinciple | Referencetothedepositrateofthepeople'sBankofChinaforthesameperiod |
OnDecember25,2017andDecember22,2017,theCompanysignedtheCashManagementBusinessCooperationAgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd.andIndustrialandCommercialBankofChinaGuangdongBranchandsignedtheCashManagementBusinessCooperationAgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd.andChinaConstructionBankCorporation.GuangdongBranchrespectively,tojoininthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.
-OnJune15,2016,Thecompany’s29thmeeting(Provisional)oftheseventhboardofdirectorswasconvened.TheProposalonEntrustmentofConstructionManagementoftheRenovationandExpansionProjectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpresswaywasdeliberatedinthemeeting,agreedthatGuangdongProvincialFokaiExpresswayCo.,LtdentrustsGuangdongProvincialHighwayConstructionCo.,LtdwiththeconstructionmanagementoftherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway,andhandlingtherelatedmattersoftheentrustmentoftheconstructionmanagement.
③ThesubsidiaryGuangdongGaosuScienceandTechnologyInvestmentCo.,Ltd.signedtheBlueChannelRelatedAssetTransferContractwiththeaffiliatedpartyGuangdongUnitollCollectionInc,transferringtherightsrelatedtotheBlueChannelthathavenotbeendevelopedandcompletedasanassetgrouptotheaffiliatedpartyGuangdongUnitollCollectionIncatatransferpriceofRMB19,881,200.00,seeNoteVII,40fordetails.
6.Receivablesandpayablesofrelatedparties
(1)Receivables
InRMB
Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
Accountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 57,172,014.20 | 45,159,424.41 | ||
Accountreceivable | GuangdongHumenBridgeCo.,Ltd. | 16,693,904.73 | 12,579,159.31 | ||
Accountreceivable | JingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 6,168,200.00 | 4,450.00 | 5,280,850.02 |
Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
Accountreceivable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 2,076,440.10 | 160,715.94 | 1,828,273.53 | 202,508.01 |
Accountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 1,909,300.00 | |||
Accountreceivable | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 1,332,954.50 | 103,072.45 | ||
Accountreceivable | GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | 564,194.77 | |||
Accountreceivable | GuangdongBodaExpresswayCo.,Ltd. | 515,108.00 | |||
Accountreceivable | GuangdongGuanghuiExpresswayCo.,Ltd. | 501,765.65 | 2,112.57 | 901,822.65 | |
Accountreceivable | GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | 318,280.00 | 294,260.00 | ||
Accountreceivable | GuangdongHighwayConstructionCo.,Ltd. | 256,484.00 | 3,818.00 | 358,484.00 | 109,152.00 |
Accountreceivable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 68,542.00 | 68,542.00 | 6,854.20 | |
Accountreceivable | GuangdongExpresswayCo.,Ltd. | 60,000.00 | 873,408.00 | ||
Accountreceivable | GuangdongYueyunTrafficCo.,Ltd. | 45,000.00 | |||
Accountreceivable | ZhaoqingYuezhaoHighwayCo.,Ltd. | 4,829.98 | |||
Accountreceivable | GuangzhongjiangExpresswayProjectManagementDept | 95,000.00 | |||
Accountreceivable | GuangdongTaishanCoastalExpresswayCo.,Ltd. | 63,000.00 | |||
Accountreceivable | GuangdongKaiyangExpresswayCo.,ltd. | 178,157.15 | |||
Accountreceivable | GuangdongJiangzhaoExpresswayCo.,ltd. | 156,000.00 | |||
Total | 87,637,187.95 | 274,168.96 | 67,886,211.05 | 318,514.21 | |
Advancedpayment | GuangdongLitongRealEstateInvestmentCo.,Ltd. | 735,092.38 | 735,092.38 | ||
Advancedpayment | ZhaoqingYuezhaoHighwayCo.,Ltd. | 144,703.00 | 144,702.50 | ||
Total | 879,795.38 | 879,794.88 | |||
Dividendreceivable | GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 6,000,000.00 | |||
Total | 6,000,000.00 | ||||
OtherAccountreceivable | GuangdongLitongRealEstateInvestmentCo.,Ltd. | 1,515,077.22 | 1,505,864.00 | ||
OtherAccountreceivable | GuangdongGuanghuiExpresswayCo.,Ltd. | 1,462,587.90 | 1,478,904.68 |
Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
OtherAccountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 896,321.01 | 275,166.57 | ||
OtherAccountreceivable | GuangdongExpresswayCo.,Ltd. | 620,117.78 | 638,502.27 | ||
OtherAccountreceivable | ZhaoqingYuezhaoHighwayCo.,Ltd. | 431,442.48 | 437,463.87 | ||
OtherAccountreceivable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 385,810.10 | 415,442.60 | ||
OtherAccountreceivable | GuangshenzhuExpresswayCo.,Ltd. | 185,014.40 | 187,533.46 | ||
OtherAccountreceivable | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 139,150.75 | |||
OtherAccountreceivable | GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | 104,727.60 | 186,371.32 | ||
OtherAccountreceivable | GuangdongHighwayConstructionCo.,Ltd. | 87,662.45 | 129,529.29 | ||
OtherAccountreceivable | GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | 87,153.75 | 123,604.83 | ||
OtherAccountreceivable | GuangdongBodaExpresswayCo.,Ltd. | 50,011.00 | 52,467.45 | ||
OtherAccountreceivable | GuangdongJiangzhongExpresswayCo.,Ltd. | 28,120.00 | 28,474.26 | ||
OtherAccountreceivable | GuangdongGaodaPropertyDevelopmentCo.,Ltd. | 15,906.00 | 11,748.00 | ||
OtherAccountreceivable | GuangdongShenshanExpresswayEastSectionCo.,Ltd. | 12,000.00 | 12,081.56 | ||
OtherAccountreceivable | GuangdongMaozhanExpresswayCo.,Ltd. | 8,747.20 | 14,074.11 | ||
OtherAccountreceivable | GuangdongShanfenExpresswayCo.,Ltd. | 8,028.80 | 8,028.80 | ||
OtherAccountreceivable | GuangdongYuedongExpresswayIndustryDevelopmentCo.,Ltd. | 7,367.20 | 7,367.20 | ||
OtherAccountreceivable | GuangdongGuangleExpresswayCo.,Ltd. | 7,248.00 | 29,832.90 | ||
OtherAccountreceivable | GuangdongHumenBridgeCo.,Ltd. | 6,869.00 | 9,141.89 | ||
OtherAccountreceivable | GuangdongJingzhuExpresswayGuangzhuSectionCo.,Ltd. | 6,064.00 | 6,202.46 | ||
OtherAccountreceivable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 5,273.00 | 5,273.00 | ||
OtherAccountreceivable | GuangdongYueyunTrafficCo.,Ltd. | 3,032.00 | 3,032.00 | ||
OtherAccountreceivable | HongkongZhuhaiMacaoBridgeConnectionlinemanagementcenter | 3,000.00 | 3,000.00 |
Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
OtherAccountreceivable | JiangmenJiangheExpresswayCo.,Ltd. | 2,539.20 | |||
OtherAccountreceivable | HeyuanHelongExpresswayCo.,Ltd. | 467.14 | |||
OtherAccountreceivable | GuangdongZhaoyangExpresswayCo.,Ltd. | 4,304.00 | |||
OtherAccountreceivable | YunfuGuangyunExpresswayCo.,Ltd. | 5,831.32 | |||
OtherAccountreceivable | GuangdongChaohuiExpresswayCo.,Ltd. | 2,819.90 | |||
OtherAccountreceivable | GuangdongNinghuaExpresswayCo.,Ltd. | 271.81 | |||
OtherAccountreceivable | GuangdongMeiheExpresswayCo.,Ltd. | 574.17 | |||
OtherAccountreceivable | GuangdongKaiyangExpresswayCo.,Ltd. | 45,999.77 | |||
OtherAccountreceivable | GuangdongGuangfozhaoExpresswayCo.,Ltd. | 3,619.10 | |||
OtherAccountreceivable | GuangdongYangmaoExpresswayCo.,Ltd. | 29,265.49 | |||
Total | 6,079,270.84 | 5,662,259.22 | |||
OtherNon-CurrentAssets | BolyChangdaEngineeringCo.,Ltd. | 48,400,293.16 | 4,216,292.57 | ||
OtherNon-CurrentAssets | GuangdongHualuTrafficTechnologyCo.,Ltd. | 277,117.00 | 796,711.00 | ||
OtherNon-CurrentAssets | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 823,423.25 | |||
Total | 48,677,410.16 | 5,836,426.82 | |||
Long-termamortizationcosts | GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 1,114,764.44 | 1,221,781.88 | ||
Total | 1,114,764.44 | 1,221,781.88 |
(2)Payables
InRMB
Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
Accountpayable | GuangzhongjiangExpresswayProjectManagementDept | 28,000,000.00 | |
Accountpayable | GuangdongHighwayConstructionCo.,Ltd. | 25,630,651.00 | 25,630,651.00 |
Accountpayable | PolyChangdaEngineeringCo.,Ltd. | 16,685,096.00 | 12,166,883.00 |
Accountpayable | GuangdongExpresswayCo.,Ltd. | 8,746,491.18 | 8,746,491.18 |
Accountpayable | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 7,588,881.23 | |
Accountpayable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 2,663,010.00 | 1,631,800.00 |
Accountpayable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 1,237,761.42 | 1,829,141.32 |
Accountpayable | GuangdongLulutongCo.,ltd. | 852,623.59 | |
Accountpayable | GuangdongGuanghuiExpresswayCo.,Ltd. | 742,051.92 | 551,400.00 |
Accountpayable | GuangdongHualuTrafficTechnologyCo.,Ltd. | 276,371.00 | 2,913,206.00 |
Accountpayable | GuangzhouXinyueAsphaltCo.,Ltd. | 2,537,848.10 | |
Accountpayable | GuangdongMaozhenExpresswayCo.,Ltd. | 120,000.00 | |
Total | 92,422,937.34 | 56,127,420.60 | |
OtherPayableaccount | GuangdongGuanghuiExpresswayCo.,Ltd. | 184,505,512.50 | 46,096,200.00 |
OtherPayableaccount | PolyChangdaEngineeringCo.,Ltd. | 19,879,471.19 | 11,346,061.22 |
OtherPayableaccount | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 2,092,641.20 | |
OtherPayableaccount | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 1,331,893.22 | 1,779,918.51 |
OtherPayableaccount | GuangdongHualuTrafficTechnologyCo.,Ltd. | 1,077,965.88 | 786,185.88 |
OtherPayableaccount | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 416,398.40 | 531,573.69 |
OtherPayableaccount | GuangdongUnionElectronServiceCo.,Ltd. | 367,300.00 | 3,800,226.36 |
OtherPayableaccount | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 247,070.50 | 203,655.20 |
OtherPayableaccount | GuangzhongjiangExpresswayProjectManagementDept | 200,000.00 | 200,491.55 |
OtherPayableaccount | GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | 120,000.00 | 120,000.00 |
OtherPayableaccount | GuangzhouXinyueTrafficTechnologyCo.,Ltd. | 101,323.00 | |
OtherPayableaccount | GuangdongMaozhenExpresswayCo.,Ltd. | 70,000.00 | 70,000.00 |
OtherPayableaccount | GuangdongLulutongCo.,Ltd. | 10,912.41 | 165,249.80 |
OtherPayableaccount | GuangdongNanyueYunzhanExpresswayManagementCenter | 821.38 | |
OtherPayableaccount | GuangdongZhaoyangExpresswayCo.,Ltd. | 2,145.78 |
Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
OtherPayableaccount | GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 9,327.00 | |
OtherPayableaccount | GuangdongNanyueTrafficRenboExpresswayManagementCenter | 225.79 | |
OtherPayableaccount | GuangdongNanyueTrafficChaozhangExpresswayManagementCenter | 282.67 | |
OtherPayableaccount | ShenzhenHuiyanExpresswayCo.,Ltd. | 391.36 | |
OtherPayableaccount | GuangdongNanyueShaoganExpresswayManagementCenter | 546.89 | |
OtherPayableaccount | GuangdongBodaExpresswayCo.,Ltd. | 100.97 | |
OtherPayableaccount | GuangdongJiangzhaoExpresswayManagementCenter | 7,217.12 | |
OtherPayableaccount | GuangdongShanfenExpresswayCo.,Ltd. | 751.35 | |
OtherPayableaccount | GuangdongYuedongExpresswayIndustryDevelopmentCo.,ltd. | 1,018.37 | |
OtherPayableaccount | GuangdongExpresswayCo.,Ltd. | 18,548.20 | |
OtherPayableaccount | GuangdongTrafficIndustryInvestmentCo.,Ltd. | 2,347.68 | |
OtherPayableaccount | GuangdongHighwayConstructionCo.,Ltd. | 689.83 | |
OtherPayableaccount | GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | 551.99 | |
OtherPayableaccount | GuangdongPingxingExpresswayCo.,Ltd. | 45.41 | |
OtherPayableaccount | GuangdongLuoyangExpresswayCo.,Ltd. | 319.21 | |
Total | 210,420,488.30 | 65,144,893.21 | |
Non-currentliabilitiesdue1year | GuangdongJiangzhongExpresswayCo.,Ltd. | 43,065.00 | 43,065.00 |
Total | 43,065.00 | 43,065.00 | |
Long-termpayable | GuangdongJiangzhongExpresswayCo.,Ltd. | 36,000,000.00 | 36,000,000.00 |
Total | 36,000,000.00 | 36,000,000.00 |
XII.Commitments
1.SignificantcommitmentsSignificantcommitmentsatbalancesheetdate
OnJune15,2016,theCompany’s29thmeeting(Provisional)oftheseventhboardofdirectorswasconvened.Inthemeeting,theProposalonIncreasingFundingforGuangdongFokaiExpresswayCo.,Ltdpertainingtothe
2019AnnualReportRenovationandExpansionProjectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpresswaywasexaminedandapproved,agreedthatbasedontheapprovedtotalinvestmentamountbyrelevantgovernmentdepartment,thenthecompany’ssubsidiary-GuangdongFokaiExpresswayCo.,LtdcarriesouttheinvestmentandconstructionoftherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway;thecompanyincreasesfundingforGuangdongProvincialFokaiExpresswayCo.,LtdpertainingtotherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway,withthecontributedfundsasaproportionof35%ofthetotalinvestmentamountapprovedbyrelevantgovernmentdepartment.Theafore-saiditemhadbeenexaminedandapprovedinthefirstextraordinarygeneralshareholdermeeting,TheCompanyhadreceivedtheapprovaloftheNationalDevelopmentandReformcomissionabouttheuandongProvincialSantbao-ShuikouExpresswaySectionRebubuildingandExpansionProject(NO.1874-2016-NDRCInfrastructureDocument)fromGuangdongProvincelDevelopmentandreformCommissionOnOctober11,2016,agreedwiththeimplementationoftheGuangdongProvincialSanbao-ShuikouExpresswaySectionRebuildingandExpansionProject.It’sestimatedthatthetotalinvestmentofthisprojectisabout3.513billionyuan(thestaticinvestmentisabout3.289billionyuan),ofwhichtheprojectcapitalis1.23billionyuanthataccountsfor35%ofthetotalinvestmentandsuchamountoftheprojectcapitalwillbeprovidedbyGuangdongProvincialFokaiExpresswayCo.,Ltd,andtherestamountof2,283billionyuanwillbesolvedbyusingbankloans.Accordingtothe"OfficialReplytothepreliminarydesignofreconstructionandextensionprojectofGuangdongSanbaotoShuikouRoadbyMinistryofTransport"(No.73-2017TransportRoadDocument)issuedbyGuangdongProvincialDepartmentofTransport,theMinistryofTransportcheckedandratifiedthatthegeneralestimateofthepreliminarydesignofreconstructionandextensionprojectofGuangdongSanbaotoShuikouRoadisRMB3.426billion.AsofDecember31,2019,TheaccumulatedexpensesoccurredofSanbotoShuikouHighwayextensionprojectwas2.582billionyuan.
No | ContractCounterparty | EconomicContent | ContractAmount | FulfilledasofDecember31,2019 |
1 | ChinaRailwayTunnelGroupCo.,Ltd. | CivilEngineering | 251,026,485.00 | 231,556,089.00 |
2 | BoliChangdaEngineeringCo.,Ltd. | CivilEngineering | 624,878,240.00 | 531,858,267.92 |
3 | ChinaRailway18thBureauGroupCo.,Ltd. | CivilEngineering | 219,974,609.00 | 191,897,525.38 |
4 | CCCCFirstNavigationEngineeringBureauCo.,Ltd | CivilEngineering | 355,014,108.00 | 28,837,1367.24 |
2.Contingency
(1)SignificantcontingencyatbalancesheetdateNil
(2)TheCompanyhavenosignificantcontingencytodisclose,alsoshouldbestatedXIII.Eventsafterbalancesheetdate
1.Significanteventshadnotadjusted
InRMB
Items | Contents | Numberofimpactsonfinancialstatusandoperatingresults | Causeoftheimpactcannotbeestimated |
Other | (1)Thethird(extraordinary)meetingoftheninthboardofdirectorsofthecompanydeliberatedandpassedtheProposalonChangesinAccountingEstimatesandagreedtoadopttheReportonTrafficVolumeForecastandTollRevenueofFoshan-KaipingExpressway,ReportonTrafficVolumeForecastandTollRevenueofGuangzhuSectionofBeijing-ZhuhaiExpresswayCo.,Ltd."(hereinafterreferredtoas"2019ForecastTrafficVolume")issuedbyGuangdongCommunicationPlanningandDesignInstituteCo.,Ltd.forGuangdongExpresswayDevelopmentCo.,Ltd.in2019asdepreciationbasisfromJanuary1,2020. | AccordingtotherelevantprovisionsoftheAccountingStandardsforBusinessEnterprisesNo.28-AccountingPolicies,ChangesinAccountingEstimatesandErrorCorrection,theaboveadjustmentsarechangesinaccountingestimates,andwillbesubjecttoaccountingtreatmentbyfutureapplicablemethod,withnoaffectonthefinancialstatusandoperatingresultsofpreviousyears. | |
Other | (2)Affectedbythenewcoronaviruspneumoniaepidemic,withtheconsentoftheStateCouncil,theMinistryofTransporthasnotifiedthattollroadsacrossthecountrywillbefreeoftollsfromzeroo'clockonFebruary17,2020untiltheendoftheepidemicpreventionandcontrolapprovedbytheStateCouncil.Thespecificdeadlinewillbenotifiedseparately. | TheabovepolicieswillhaveanegativeimpactontheGroup'soperatingincomein2020.,thespecificimpactisstilluncertain. |
2.Profitdistribution
InRMB
Profitordividendtobedistributed | 882,320,185.17 |
XIV.Othersignificantevents
1.SegmentinformationThecompany'sbusinessfortheGuangfoExpressway,theFokaiExpresswayandJingzhuExpresswayGuangzhuSectiontollcollectionandmaintenancework,thetechnologyindustryandprovideinvestmentadvice,noothernatureofthebusiness,noreportablesegment.
2.Otherimportanttransactionsandeventshaveanimpactoninvestorsdecision-making
(1)June15,2007earlyinthemorning,The325JiujiangBridgecollapsedon#23pierfor―Nanguijii035#collisionownedbythecontrollingsubsidiaryofthecompanyGuangdongFokaiExpresswayCompanyleadsthecollapseandthetrafficjamof200meterslongoftheJiujiangBridge.OnJune10,2009,JiujiangBridgeopenedtotraffichasbeenrestored.OnJune19,2007,TheMinistryofCommunications,theStateProductionSafetySupervisionandAdministrationCommissionissuedtheJiaoAnWeimingFile[2007]No.8"NotificationontheGuangdong"6.15
"JiujiangBridgeCollisionAccident",initiallydeterminedthecausesoftheaccidentare:theincidentshipsuddenlymetheavyfogonthewayfromFoshanGaomingtoSunde,thecaptainneglectedlookingout,didnottakepropermeasuresanddeviatedfromthemainchannel,touchedthe325NationalRoadJiujiangBridgethenon-navigationbridgepierandcausedthecollapsionofpartoftheJiujiangbridge.TheaccidentwasanunilateralOnJuly19,2007,FokaiCompanyappliedpreservationofpropertytoGuangzhouMaritimeCourt.OnAugust22,2007,FokaiCompanyofficiallyprosecutedtoGuangzhouMaritimeCourt,askingFoshanSouthSeaShippingCompanyLimitedandYangXiongtoundertakethecompensation25,587,684yuanforthelosscausedbycollapsingofJiujiangBridge.OnAugust28,2007,GuangzhouMaritimeCourtacceptedthecase.Accordingtothe(2007)-CantonHaifaNo.332rulingbookissuedbyGuangzhouMaritimeCourt,theproceedingofthecasewassuspended.
Afterthecourtacceptedthecase,theincidentinvestigationteamofGuangdongProvincialGovernmenthadnotmadethefinalreportofJiujiangBridgeaccident.TheCourt,onNovember5,2007,decidedtosuspendtheproceeding.InSeptember2008,JiujiangBridgeaccidentinvestigationreportwasofficiallyreportedandresumedtheproceedings.OnDecember5,2008,GuangzhouMarineCourtopenedacourttrialtoprocceededthecase.Currently,GuangzhouHaizhuprosecutorialofficewasintendtoprosecutetheaccidentcaptainShiGuide,therefore,onJanuary5,2009,GuangzhouMaritimeCourtruledthesuspensionofthecase.OnSeptember17,2013,theGuangzhouMaritimeCourtissuedanoticeofcivilandeliminatethecauseofsuspensionofproceedings,thecourtdecidedtoresumethetrial.OnDecember19,2013,theGuangzhouMaritimeCourtopenedacourtsession,hasnotyetmadethefirst-instancejudgment.OnMarch7,2014theCourtmadethefirstinstanceverdict:
thedefendantFoshanNanhaiYuhangshipServicesCo.,Ltd.andYangXiongcompensatedtheplaintiffFokaiExpresswayCo.,Ltd.tollrevenuelossesof19,357,500.96yuan;thecourtdismissedtheplaintiffotheraspirations.ThedefendantappealedtotheHigherPeople'sCourtofGuangdongProvince,theGuangdongProvincialHigherPeople'sCourtruledonJune5,2014,thecasediscontinuedproceedings.Bytheendofthereportperiod,theabatementofactioncausesarealreadyremovedandtheprovincialhighercourtrestoresthehearingandconductstheinvestigationonApril21,2017.On27February2020,thecompanyreceivedacourtdecisionofsecondinstance,whichrejectedtheappealandupheldtheoriginalsentence.
(2)The26th(Provisional)MeetingofthesixthboardofdirectorsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.washeldofMay10,2012.ThemeetingexaminedandadoptedtheproposalConcerningtheCompany’sAcceptingtheinsuranceBondInvestmentPlanofPacificAssetManagementCo.,Ltd.TheCompanywasapprovedtoaccepttheinsurancebondinvestmentplanmadebyPacificAssetManagementCo.,Ltd.Theamountofproceedstoberaisedisnotmorethan1.5billionyuan.Floatinginterestrateplusguaranteedbaseinterestrateappliesastheinterestrate.TheFloainginterestrateshallnotexceedthebasicinterestrateofRMBloanwithatermofoverfiveyearsonthedaywhentheinvestmentfundoftheinsureancecompanyistransferredintotheCompany’saccountandthecorrespondingdaysofthefutureyears,whichshallbeadjustedonceeachyear.Theguaranteedbaseinterestrateis5.6%.TheconcreteamountofraisedproceedsshallbewithinmaximumlimitofinvestmentfundfiledwithCIRC.TheactualamountwhollytransferredtotheCompanyshallapply.ThefinalinterestrateissubjecttoinvestmentContractforBondInvestmentPlanbetweenPacificandGuangdongExpresswayFiledwithCIRC.ItwasapprovedtoauthorizethemanagementoftheCompanytoimplementtheabove-mentionedmatters.
TheCompanywasapprovedtoprovidecounterguaranteetoGuangdongCommunicationGroupCo.,Ltd.with75%equityofGuangdongFokaiExpresswayCo.,Ltd.Heldbyit.asofDecember31,2016,thecompanyhasborrowed1.5billionyuan.
(3)The19th(Provisional)MeetingoftheEighthboardofdirectorsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.washeldofAugust7,2018.ThemeetingexaminedandapprovedtheProposalonIssuingMedium-TermNotes,AgreethatthecompanyintendstoregisterintheChinaInterbankMarketDealersAssociationwithaquotaofnotmorethan3.4billionyuan(inclusive),whichiswithin40%ofthecompany'slatestauditednetassets.Applyforaone-timeorinstallmentinatimelymanner,withatermofnolessthan5years(including5years),andraisefundstorepaytheloanandreplenishworkingcapital;Thematterhasbeenpassedbytheresolutionofthefirstinterimshareholders'meetingin2018.
OnJanuary4,2019,thedealersassociationissuedaNoticeofAcceptanceofRegistration(ZSXZ[2019]MTN9).Theamountofacceptanceofthecompany'smedium-termnotesis3.4billionyuan,andtheamountofregistrationisvalidfor2yearsfromthedateofreceiptofthenoticeofacceptance,anditisjointlyunderwrittenbyIndustrialandCommercialBankofChinaLimitedandChinaConstructionBankLimited.Thecompanyborrowed680millionyuanonMarch1,2019.
(4)AccordingtotheImplementationPlanforAcceleratingtheElectronicNon-stopQuickTollApplication
ServicesonExpressways(FGJC[2019]No.935)issuedbytheNationalDevelopmentandReformCommissionandtheMinistryofTransportandtheNoticeonVigorouslyPromotingtheDevelopmentandApplicationofETConExpresswaysissuedbytheGeneralOfficeoftheMinistryofTransport,ETCusersofexpresswaytrafficvehiclesshallstrictlyimplementthebasicpreferentialpoliciesofnotlessthan5%ofthevehicletollssinceJuly1,2019.TheabovepoliciesareexpectedtohaveanadverseimpactontheGroup'soperatingincome,butthespecificimpacthasnotyetdetermined.
XV..Notesofmainitemsinfinancialreportsofparentcompany
1.Accountreceivable
1.Classificationaccountreceivables.
InRMB
Category | Amountinyear-end | BalanceYear-beginning | ||||||||
BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | |||
Ofwhich | ||||||||||
Accrualofbaddebtprovisionbyportfolio | 21,864,051.27 | 100.00% | 21,864,051.27 | 18,405,847.15 | 100.00% | 18,405,847.15 | ||||
Ofwhich: | ||||||||||
Agingportfolio | 21,864,051.27 | 100.00% | 21,864,051.27 | 18,405,847.15 | 100.00% | 18,405,847.15 | ||||
Total | 21,864,051.27 | 100.00% | 21,864,051.27 | 18,405,847.15 | 100.00% | 18,405,847.15 |
Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableDisclosurebyaging
InRMB
Aging | Closingbalance |
Within1year(Including1year) | 21,864,051.27 |
Total | 21,864,051.27 |
(2)Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties
InRMB
Name | Amount | Proportion(%) | Baddebtprovision |
GuangdongUnionElectronicServicesCo.,Ltd. | 21,864,051.27 | 100.00% | |
Total | 21,864,051.27 | 100.00% |
2.Otheraccountsreceivable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
Dividendreceivable | 7,205,472.90 | 1,205,472.90 |
Otherreceivable | 6,230,178.29 | 6,238,161.64 |
Total | 13,435,651.19 | 7,443,634.54 |
(1)Dividendreceivable
1)Dividendreceivable
InRMB
Items | Balanceinyear-end | BalanceYear-beginning |
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 1,205,472.90 | 1,205,472.90 |
GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 6,000,000.00 | |
Total | 7,205,472.90 | 1,205,472.90 |
(2)Significantdividendreceivableagedover1year
Nil
(2)Otheraccountsreceivable
1)Otheraccountsreceivableclassifiedbythenatureofaccounts
InRMB
Nature | Closingbookbalance | Openingbookbalance |
Balanceofsettlementfundsforsecuritiestransactions | 30,844,110.43 | 30,844,110.43 |
Cashdeposit | 1,935,101.00 | 1,930,943.00 |
Pettycash | 1,700,634.57 | 1,605,100.00 |
Other | 2,594,442.72 | 2,702,118.64 |
Less:Baddebtprovision | -30,844,110.43 | -30,844,110.43 |
Total | 6,230,178.29 | 6,238,161.64 |
2)Bad-debtprovision
InRMB
BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocreditimpairment) | Expectedcreditlossesfortheentireduration(creditimpairmentoccurred) | ||
BalanceasatJanuary1,2019 | 30,844,110.43 | 30,844,110.43 | ||
BalanceasatJanuary1,2019incurrent | —— | —— | —— | —— |
BanlanceasatDecember31,2019 | 30,844,110.43 | 30,844,110.43 |
Lossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount
□Applicable√NotapplicableDisclosurebyaging
InRMB
Aging | Closingbalance |
Within1year | 3,381,367.15 |
1-2years | 443,715.70 |
2-3years | 1,490,184.00 |
Over3years | 31,759,021.87 |
3-4years | 463,491.88 |
Over5years | 31,295,529.99 |
Total | 37,074,288.72 |
3)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision:
InRMB
Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | ||
Accrual | Reversedorcollectedamount | write-off | |||
Financialassetswithsignificantlydifferentcreditrisk | 30,844,110.43 | 30,844,110.43 | |||
Total | 30,844,110.43 | 30,844,110.43 |
4)Top5oftheclosingbalanceoftheotheraccountsreceivablecollectedaccordingtothearrearsparty
InRMB
Name | Nature | Closingbalance | Aging | Proportionofthetotalyearendbalanceoftheaccountsreceivable(%) | Closingbalanceofbaddebtprovision |
KunlunSecuritiesCo.,Ltd | Securitiestradingsettlementfunds | 30,844,110.43 | Over5years | 83.20% | 30,844,110.43 |
Pettycash | Pettycash | 1,700,634.57 | Within1year | 4.59% | |
GuangdongLitongRealEstatesInvestmentCo.,Ltd. | Deposit | 1,505,864.00 | 2-3years | 4.06% | |
FoshanHezhanYinghuiPropertyManagementCo.,Ltd. | Disposaloffixedassets | 935,820.00 | Within1year | 2.52% | |
GuangdongExpresswayCo.,Ltd. | Entrustmentmanagementfee | 463,491.88 | 3-4years | 1.25% | |
Total | -- | 35,449,920.88 | -- | 95.62% | 30,844,110.43 |
3.Long-termequityinvestment
InRMB
Items | Endofterm | Beginningofterm |
BookBalance | Impairmentprovision | Bookvalue | BookBalance | Impairmentprovision | Bookvalue | |
Investmentinsubsidiaries | 1,533,665,008.81 | 1,533,665,008.81 | 1,533,665,008.81 | 1,533,665,008.81 | ||
Investmentinjointventuresandassociates | 3,255,739,898.36 | 3,255,739,898.36 | 3,146,092,065.25 | 3,146,092,065.25 | ||
Total | 4,789,404,907.17 | 4,789,404,907.17 | 4,679,757,074.06 | 4,679,757,074.06 |
(2)Investmenttothesubsidiary
InRMB
Name | Openingbalance | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | ||
Addinvestment | Other | |||||
JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 419,105,446.88 | 419,105,446.88 | ||||
GuangzhouGuangzhuTrafficInvestmentManagementCo.,Ltd. | 859,345,204.26 | 859,345,204.26 | ||||
GuangfoExpresswayCo.,ltd. | 154,982,475.25 | 154,982,475.25 | ||||
GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 95,731,882.42 | 95,731,882.42 | ||||
YuegaoCapitalInvestment(Hengqin)Co.,Ltd. | 4,500,000.00 | 4,500,000.00 | ||||
Total | 1,533,665,008.81 | 1,533,665,008.81 |
(2)Investmenttojointventuresandassociatedenterprises
InRMB
Name | Openingbalance | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
Addinvestment | Decreasedinvestment | Gain/lossofInvestment | Adjustmentofothercomprehensiveincome | Otherequitychanges | Declarationofcashdividendsorprofit | Withdrawnimpairmentprovision | Other | ||||
I.Jointventures | |||||||||||
GuangdongGuanghuiExpresswayCo.,Ltd. | 992,521,223.58 | 300,795,505.08 | 25,795,500.00 | 270,638,655.14 | 1,048,473,573.52 | ||||||
Subtotal | 992,521,223.58 | 300,795,505.08 | 25,795,500.00 | 270,638,655.14 | 1,048,473,573.52 | ||||||
II.Associatedenterprises | |||||||||||
ZhaoqingYuezhaoHighwayCo.,Ltd. | 307,172,338.10 | 54,157,587.00 | 53,207,865.41 | 308,122,059.69 | |||||||
ShenzhenHuiyanExpresswayCo.,Ltd. | 230,553,756.87 | 32,128,670.57 | 262,682,427.44 | ||||||||
GuangdongJiangzhongExpresswayCo.,Ltd. | 175,324,643.76 | 17,985,293.11 | 13,818,419.89 | 179,491,516.98 | |||||||
GanzhouKangdaExpresswayCo.,Ltd. | 219,985,018.52 | 35,748,508.34 | 21,000,000.00 | 234,733,526.86 | |||||||
GanzhouGankangExpresswayCo.,Ltd. | 209,995,910.71 | 6,376,740.19 | 2,700,000.00 | 213,672,650.90 | |||||||
GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 219,693,558.27 | 943,777.18 | 6,000,000.00 | 214,637,335.45 | |||||||
GuoyuanSecuritiesCo.,Ltd. | 790,845,615.44 | 21,367,654.65 | 1,614,033.93 | 19,900,496.50 | 793,926,807.52 | ||||||
Subtotal | 2,153,570,841.67 | 168,708,231.04 | 1,614,033.93 | 116,626,781.80 | 2,207,266,324.84 | ||||||
Total | 3,146,092,065.25 | 469,503,736.12 | 1,614,033.93 | 25,795,500.00 | 387,265,436.94 | 3,255,739,898.36 |
(3)Othernote
4.BusinessincomeandBusinesscost
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod | ||
Revenue | Cost | Revenue | Cost | |
Mainbusiness | 1,276,614,430.61 | 779,246,352.00 | 1,327,567,186.19 | 707,219,409.98 |
Other | 13,675,411.15 | 4,575,580.19 | 79,985,567.22 | 7,948,012.97 |
Total | 1,290,289,841.76 | 783,821,932.19 | 1,407,552,753.41 | 715,167,422.95 |
Whetherimplementednewrevenueguidelines?
□Yes√NoOthernotes:
5.Investmentincome
InRMB
Items | Amountofcurrentperiod | Amountofpreviousperiod |
Long-termequityinvestmentincomeaccountedbycostmethod | 670,160,115.89 | 621,221,266.51 |
Long-termequityinvestmentincomeaccountedbyequitymethod | 469,503,736.12 | 463,873,066.20 |
Investmentlossthroughdisposaloflong-termequityinvestment | 685,975,224.36 | |
Dividendincomefrominvestmentsinotherequityinstrumentsduringtheholdingperiod | 38,912,399.15 | |
Investmentreturnoninvestmentsheldtomaturityduringtheholdingperiod | 43,786,617.76 | |
Interestincomefromdebtinvestmentduringholdingperiod. | 58,235,794.66 | |
Total | 1,236,812,045.82 | 1,814,856,174.83 |
6.OtherXVI.SupplementaryInformation
1.Currentnon-recurringgains/losses
√Applicable□Notapplicable
InRMB
Items | Amount | Notes |
Gains/Lossesonthedisposalofnon-currentassets | 7,607,268.21 |
Items | Amount | Notes |
Governmentgrantsrecognizedinthecurrentperiod,exceptforthoseacquiredintheordinarycourseofbusinessorgrantedatcertainquotasoramountsaccordingtothecountry’sunifiedstandards | 87,937.00 | |
Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | -1,393,149.65 | |
Othernon-recurringGains/lossitems | 1,652,603.05 | |
Less:Influencedamountofincometax | 1,130,270.54 | |
Influencedamountofminorshareholders’equity(aftertax) | -2,226,782.89 | |
Total | 9,051,170.96 | -- |
FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√Notapplicable
2.Returnonequity(ROE)andearningspershare(EPS)
Profitasofreportingperiod | WeightedaverageROE(%) | EPS(Yuan/share) | |
EPS-basic | EPS-diluted | ||
NetprofitattributabletocommonshareholdersoftheCompany | 13.09% | 0.60 | 0.60 |
NetprofitattributabletocommonshareholdersoftheCompanyafterdeductionofnon-recurringprofitandloss | 13.00% | 0.60 | 0.60 |
2019AnnualReportXIII.DocumentsAvailableforInspection
1.Accountingstatementscarriedwithpersonalsignaturesandsealsoflegalrepresentative,ChiefFinancialofficerandFinancialPrincipal.
2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignaturesofcertifiedPublicaccountants.
3.ThetextsofalltheCompany'sdocumentspubliclydisclosedonthenewspapersandperiodicalsdesignatedbyChinaSecuritiesRegulatoryCommissioninthereportperiod.