Guangdong Provincial Expressway Development Co., Ltd.
The Semi-Annual Report 2015
August 2015
I. Important Notice, Table of Contents and Definitions
The Board of Directors ,the Supervisory committee as well as all directors, supervisors and senior management
staff of the Company warrant that this report is factual, accurate and complete without any false record,
misleading statement or material omission. And they shall be jointly and severall liable for that
All the directors have attended the meeting of the board meeting at which this report was examined.
The Company has no plan of cash dividends carried out, bonus issued and capitalizing of common reserves either.
Mr.Zhu Zhanliang, Compant principal , Mr. Xiao Laijiu, General Manager ,Mr.Fang Zhi, Chief of the accounting
owrk, Ms.Liu Xiaomei, Chief of the accounting organ (chief of accounting ) hereby confirm the authenticity and
completeness of the financial report enclosed in this Semi-annual report.
Table of Contents
2015 Semi-Annual Report
5.Important Notice, Table of contents and Definitions
II. Basic Information of the Company
III. Summary of Accounting Highlights and Business Highlights
IV. Report of the Board of Directors
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII.Information about Directors, Supervisors and Senior Executives
IX. Financial Report
X. Documents available for inspection
Definition
Terms to be defined Refers to Definition
The Company /This Company Refers to Guangdong Provincial Expressway Development Co.,Ltd.
Guangfo Refers to The controlling subsidiary Guangfo Expressway Co., Ltd.
Fokai Refers to The controlling subsidiary Fokai Expressway Co., Ltd.
Guangdong Expressway Technology Investment Co., a wholly-owned subsidiary
Technology Company Refers to
of the Company
Communication Group Refers to The controlling parent Company， Guangdong Communication Group Co., Ltd.
II. Basic Information of the Company
1.Company Information
Stock abbreviation: Expressway A, Expressway B Stock code： 000429,200429
Stock exchange for listing： Shenzhen Stock Exchange
Name in Chinese 广东省高速公路发展股份有限公司
Abbreviation of Registered Company (if any) 粤高速
English name (If any) Guangdong Provincial Expressway Development Co.Ltd.
English abbreviation (If any) GPED
Legal Representative Zhu Zhanliang
2. Contact person and contact manner
Board secretary Securities affairs Representative
Name Zuo Jiang Feng Xinwei
46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang 45/F, Litong Plaza, No.32, Zhujiang East Road,
Contact address
New City, Tihe Disrtict , Guangzhou Zhujiang New City, Tihe Disrtict , Guangzhou
Tel 020-29004609 020-29004522
Fax 020-38787002 020-38787002
E-mail zuoj@126.com fengxw2007@163.com
3.Other
(1)Way to contact the Company
Whether registrations address, offices address and codes as well as website and email of the Company changed in
reporting period or not
□ Applicable □√ Not Applicable
The registered address, office address and their postal codes, website address and email address of the Company
did not change during the reporting period. The said information can be found in the 2014 Annual Report.
（2）About information disclosure and where this report is placed
Did any change occur to information disclosure media and where this report is placed during the reporting period?
□ Applicable √ Not applicable
The newspapers designated by the Company for information disclosure, the website designated by CSRC for
disclosing this report and the location where this report is placed did not change during the reporting period. The
said information can be found in the 2014 Annual Report.
（3）Registration changes of the Company
Whether registration has changed in reporting period or not
□ Applicable √ Not applicable
Date/place for registration of the Company, registration nmber for enterprise legal license number of taxation
registration and organization code have no change in reporting period, found more details in annual report 2014.
III. Summary of Accounting Highlights and Business Highlights
I.Summary of accounting /Financial Data
May the Company make retroactive adjustment or restatement of the accounting data of the previous years due to
change of the accounting policy and correction of accounting errors.
□Yes √No
Same period of last
Reporting period YoY+/-（%）
year
Operating income（RMB） 724,392,887.59 688,716,891.86 5.18%
Net profit attributable to the shareholders of the
231,855,370.05 178,192,944.02 30.11%
listed company（RMB）
Net profit after deducting of non-recurring gain/loss
attributable to the shareholders of listed company 228,030,004.15 176,476,690.94 29.21%
（RMB）
Cash flow generated by business operation, net
518,081,630.75 500,941,101.24 3.42%
（RMB）
Basic earning per share(RMB/Share) 0.18 0.14 28.57%
Diluted gains per share(RMB/Share)(RMB/Share) 0.18 0.14 28.57%
Weighted average ROE(%) 4.49% 4.15% 0.34%
As at the end of the As at the end of last
YoY+/-（%）
reporting period year
Gross assets（RMB） 12,400,203,367.83 12,513,505,946.42 -0.91%
Net asseta attributable to Shareholders’ equity
attributable to shareholders of the listed company 5,235,242,444.46 5,016,176,476.09 4.37%
（RMB）
II. Differences between accounting data under domestic and overseas accounting standards
1. Differences of net profit and net assets disclosed in financial reports prepared under international and Chinese
accounting standards.
□ Applicable √Not applicable
No difference .
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
□ Applicable √Not applicable
No difference .
III.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Items Amount Notes
Non-current asset disposal gain/loss(including the write-off part
-362,152.09
for which assets impairment provision is made)
Govemment subsidies recognized in currentgain and
loss(excluding those closely related to the Company’s business 230,000.00
and granted under the state’s policies)
Operating income and expenses other than the aforesaid items 5,220,848.96
Other non-business income and expenditures other than the above 854,210.29
Less:Amount of influence of income tax 1,210,023.58
Amount of influence of minority interests(after tax) 907,517.68
Total 3,825,365.90 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss.
IV. Report of the Board of Directors
I. General
In the first half year of 2015, the Board of Directors actively implemented each resolution of the Shareholders
Meeting and fulfilled their duties. All the directors were dedicated, diligent and dutiful, following the strategic
guidelines which strengthened and optimized the main business of the expressway to guarantee the steady
development of the company and the effect of the platform with cost reduction and profit increase, and actively
sought for diversified transitions for investment to accelerate the sustainable development and values promotion
of the company with market orientation and exertion of advantage, leading the operator group of the company to
carry out management activities.
During the reporting period, the company’s operating revenue increased by 5.18% year on year, where operating
costs, administrative expense and financial expense all declined and truly implemented “cost reduction and
profit increase”. Meanwhile, the company actively promoted the ongoing reorganization of significant assets with
the controlling shareholder-Guangdong Communication Group.
II. Analysis on principal Business
General
The Company is an infrastructure industry, with main business in developing and operating expressway and big
bridges. It is one of the main institutions of developing expressway and big bridge in Guangdong Expressway
System. The expressway industry is the industry helped by government.
In the report period, the vehicle traffic and toll income of the controlled subsidiaries and joint ventures of the
Company are as follows:
Volume of vehicle traffic in Increase Toll income in the first half Increase
the first half year of /Decrease(%) year of 2015（RMB’0000） /Decrease(%)
2015( vehicles)
Guangfo Expressway 23,357,296 8.87% 17493.47 6.65%
Fokai Expressway 20,747,592 8.69% 53319.75 3.77%
Huiyan Expressway 14,758,876 -4.56% 9540.33 -12.42%
Jingzhu Expressway Guangzhu 27,825,431 8.34% 51393.8 6.74%
Section
Guangzhao Expressway 12,369,658 6.39% 24032.31 -5.65%
Guanghui Expressway 18,882,574 20.38% 77819.26 11.45%
Jiangzhong Expressway 18,765,647 7.52% 18789.58 6.34%
Kangda Expressway 1,128,009 25.20% 11579.51 1.82%
Gangkang Expressway 1,140,889 13.04% 8676.1 5.90%
Each highway traffic flow and tolls with holding or share is presenting growth; Due to the tolls free for Yantianao
tunnel of Huiyan Highway, the traffic flow and tolls decreased year on year (More information on tolls free please
see Announcement of Tunnel Toll Termination of Yantianao Tunnel published at http://www.cninfo.com.cn. on
January 31,2015; For Guangzhao Expressway, the number of short distance vehicles grew, the traffic flow
increased and the tolls decreased.
Year-on-year change of main financial data
In RMB
Same period last YOY change
This report period Cause change
year （%）
Operating income 724,392,887.59 688,716,891.86 5.18%
Operating cost 360,698,877.33 369,614,599.73 -2.41%
Administrative expenses 69,132,844.52 76,476,533.85 -9.60%
The reduction of with-interest liability resulted in
Financial expenses 183,994,351.27 205,409,981.84 -10.43%
the reduction of financial expense year on year
As the compositive effect of the profit increase,
the increase of current income tax expense and the
Income tax expenses 54,004,634.55 31,692,786.86 70.40%
change of the deferred income tax, the income tax
expense increased year on year.
Net cash flows from
518,081,630.75 500,941,101.24 3.42%
operating activities
Caused by the compositive effect of the increasing
Net cash flows from dividend received, the decrease of project expense
159,087,553.76 -172,731,374.19 -192.10%
investing activities and the overseas investment, the withdrawal of
reserve-purchase bonds and so on.
Caused by the compositive effect of the increase
Net cash flows from of loan repayment, the decrease of interest
-658,555,197.00 -351,378,336.78 87.42%
financing activities payment, the increase of dividend distribution and
so on.
Caused by the compositive effect of the increase
Net increase in cash and
18,113,649.36 -23,446,167.12 -177.26% inflow of investment and financial activities
cash equivalents
compared to the last period.
Major changes in profit composition or cources during the report period
□ Applicable √ Not applicable
The profit composition or sources of the Company have remained largely unchanged during the report period.
Delay of future development and plan disclosed in Company’s IPO prospectus, fund raising prospectus and capital
reorganization report into this report period.
□ Applicable √ Not applicable
No future development and plan disclosed in Company’s IPO prospectus, fund raising prospectus and capital
reorganization report into this report period.
Implementation of business plans disclosed in previous periods in this period.
The plannned operating income and operating cost of the Company for 2015 disclosed in the annual report for
2014 were RMB 1.558 billion and RMB 909 million respectively. As of June 30, 2015, its operating income and
operating cost were RMB 724 million and RMB 361 million respectively.
III. Business composition
In RMB
Increase/decrease
Increase/decrease of rincipal
Increase/decrease of gross
Gross of reverue in the business cost
profit rate over the same
Turnover Operation cost profit same period of over the same
period of the previous year
rate(%) the previous period of
(%)
year(%) previous year
(%)
Industry
Highway transportation 706,594,515.37 355,981,412.34 49.62% 4.97% -0.70% 2.88%
Others 17,798,372.22 4,717,464.99 73.49% 217.20% 7.67% 51.58%
Product
Highway transportation 706,594,515.37 355,981,412.34 49.62% 4.97% -0.70% 2.88%
Others 17,798,372.22 4,717,464.99 73.49% 217.20% 7.67% 51.58%
Area
Guangfo Expressway 175,074,062.80 111,221,339.96 36.47% 7.30% -6.71% 9.54%
Fokai Expressway 531,520,452.57 244,760,072.38 53.95% 4.22% 2.29% 0.87%
Others 6,493,217.55 1,487,512.44 77.09% 15.72% -66.05% 55.17%
IV. Analysis O
