粤高速B：2019年半年度报告摘要（英文版）

Stock Code：000429，200429 Stock Abbreviation ：Guangdong Expressway A Guangdong Expressway B

Announcement No.:2019-031

Summary of 2019 Semi-Annual Report of Guangdong Provincial

Expressway Development Co. Ltd.

1 Important notes

The summary is abstract from full-text of semi-annual report for more details information investors should

found in the full-text of annual report that published on website of Shenzhen Stock Exchange and other website

appointed by CSRC.

Director Supervisor Senior Manager Objection Statement: None.

All the directors have attended the meeting of the board meeting at which this report was examined

Non-standard audit advice

□ Applicable √ Not applicable

The Board of Directors considered the plan for the distribution of ordinary shares in the reporting period or the

plan for the transfer of capital reserve.

□ Applicable √ Not applicable

The company plans not to send cash dividends do not send bonus shares not to increase the share capital.The Board of Directors decided to adopt the Preplan Preference Share Profit Distribution Plan for the reporting

period

□ Applicable √ Not applicable

II Company basic information

1. Company Profile

Stock abbreviation: Expressway A Expressway B Stock code： 000429、200429Stock exchange for listing Shenzhen Stock Exchange

Board secretary Securities affairs Representative

Name Yang Hanming Liang Jirong

Contact address

46/F Litong Plaza No.32 Zhujiang East

Road Zhujiang New City Tihe Disrtict

Guangzhou

45/F Litong Plaza No.32 Zhujiang East

Road Zhujiang New City Tihe Disrtict

Guangzhou

Tel 020-29004619 020-29004523

E-mail Hmy69@126.com 139221590@qq.com

2. Summary of Accounting data and shareholder change

Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data

√Yes □ No

Retroactive adjustment or restatement of reasons

Accounting policy change In RMB

Reporting period

Same period of last year YoY+/-（%）

Before adjustment After adjustment After adjustment

Operating income（yuan） 1483673245.21 1535864145.14 1535864145.14 -3.40%

Net profit attributable to the

shareholders of the listed company（yuan）

736486112.30 779002246.98 779002246.98 -5.46%

Net profit after deducting of

non-recurring gain/loss attributable to

the shareholders of listed company（yuan）

725039035.06 752917711.53 752917711.53 -3.70%

Cash flow generated by business

operation net（yuan）

1050811097.23 817279588.10 819779588.10 28.18%

Basic earning per share(yuan/Share) 0.35 0.37 0.37 -5.41%

Diluted gains per share(yuan/Share) 0.35 0.37 0.37 -5.41%

Weighted average income/asset ratio

（%）

7.53% 8.60% 8.60% -1.07%

As at the end of

the reporting

period

As at the end of last year YoY+/-（%）

Before adjustment After adjustment After adjustment

Gross assets（yuan） 16404770149.44 16295910774.45 16295910774.45 0.67%

Shareholders’ equity attributable to

shareholders of the listed company（yuan）

9192599494.10 9586701904.06 9586701904.06 -4.11%

The reasons for the change of Accounting Policy and the Correction of Accounting errors

On April 30 2019 the Notice of the Ministry of Finance on Revising and Issuing the Format of Financial

Statements of General Enterprises (No. 6 Finance and Accounting [2019]) issued by the Ministry of Finance

indicated that the actual government subsidies received should be listed in the item "cash received from other

business activities". In response to such change of accounting policy the Company adopted the retroactive

adjustment method to retroactively adjust the items reported in the financial statements from January to June 2018

affecting the item "net cash flow generated from operating activities" in the above table.

3.Particulars about top ten shareholders

In share

Total number of common

shareholders at the end of the

reporting period

56739

Total number of preferred shareholders that had

restored the voting right at the end of the

reporting period (if any) (note 8)

Particulars about shares held above 5% by shareholders or top ten shareholders

Shareholders

Nature of

shareholder

Proportion

of shares

held（%）

Number of

shares held

at period

-end

Changes

reporting

period

Amount of

restricted

shares held

Amount of

un-restricte

d shares

held

Number of

pledged/frozen

State

Amou

Guangdong

Communication

Group Co.Ltd

State-owned

legal person

24.56% 513412507 410032765 10337972

Guangdong Highway

Construction Co. Ltd

State-owned

legal person

22.30% 466325020 466325020

Yadong Fuxing Yalian

Investment Co. Ltd.

Domestic non

State-ow

9.68% 202429149 202429149

Pled

15665

2500

ned

Legal person

Tibet Yingyue

Investment

Management Co. Ltd.State-owned

legal person

4.84% 101214574 101214574

Guangdong

Expressway Co. Ltd.

State-owned

legal person

2.53% 52937491 52937491

Guangfa Securities

Co. Ltd.

State-owned

legal person

1.45% 30364372 30364372

Agricultural Bank of

China－Jingshun

Great Wall Energy

Infrastructure Mixed

Securities Investment

Fund

Other 1.27% 26617103

China Life Insurance

Co. Ltd.－Dividend

－Personal dividend

-005L-FH002 Shen

Other 1.15% 23965291

China Life Insurance

Co. Ltd.－Traditional

－Common insurance

products-005L-CT001

Shen

Other 1.08% 22495445

Feng Wuchu

Domestic

natural person

0.97% 20222807

Strategic investor or

general legal person

becoming top-10

ordinary shareholder

due to rights issue (if

any)

None

Related or

acting-in-concert

parties among

shareholders above

Guangdong Communication Group Co. Ltd. is the parent company of Guangdong Highway Construction

Co. Ltd. and Guangdong Expressway Co. Ltd. It is unknown whether there is relationship between other

shareholders and whether they are persons taking concerted action specified in the Regulations on

Disclosure of Information about Change in Shareholding of Shareholders of Listed Companies.

4. Change of the controlling shareholder or the actual controller

Change of the controlling shareholder in the reporting period

□ Applicable √ Not Applicable

There was no any change of the controlling shareholder of the Company in the reporting period.

Change of the actual controller in the reporting period

□ Applicable √ Not applicable

There was no any change of the actual controller of the Company in the reporting period.

5.The total number of shareholders of the Company's preferred shares and the shareholdings of the top 10

preferred shareholders

□ Applicable √ Not Applicable

The Company did not have any shareholding in the report period.

6. The corporate bonds

Whether the company has a public offering and listed on the stock exchange and in the semi-annual report

approved the date of the report did not expire or due to full payment of corporate bonds.no

III. Discussion and analysis by the management

1.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 first half of 2019 the company according to the annual business plan established by the board of directors

soundly did a good job of each work. . In the first half of 2019 the main business income was 1.484 billion yuan

meaning 46.06% of the annual plan was completed; and the operating costs was 550 million yuan Flat year-on-year

representing completed 38.68% of the annual plan.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

the first half year of 2019（Ten thousand vehicles）

Increase

/Decrease(%)

Toll income in the firsthalf year of 2019（Tenthousand）

Increase

/Decrease(%

Guangfo Expressway 3537.04 19.74% 23017.10 2.19%

Fokai Expressway 3421.36 4.26% 61731.41 -3.33%

Jingzhu Expressway

Guangzhu East Section

3483.62 -4.35% 60184.56 -5.27%

Huiyan Expressway 2008.31 -1.86% 11728.74 -3.66%

Guanghui Expressway 3082.54 10.73% 90639.13 4.44%

Yuezhao Expressway 1575.32 8.31% 27114.74 3.18%

Jiangzhong Expressway 2736.67 6.30% 22530.61 -1.90%

Guangle Expressway 1247.19 8.28% 155056.82 1.45%

Kangda Expressway 131.96 3.90% 12001.61 6.16%

Gangkang Expressway 216.06 15.40% 8659.92 12.80%

Overall situation: During the reporting period the increase of Guangfo Expressway traffic volume was

higher than that of toll revenue which was mainly influenced by time-limited goods and distribution of trucks in

the surrounding sections; the toll revenue of Fokai Expressway and Guangzhu Section of Jingzhu Expressway

showed negative growth year on year which was mainly influenced by the distributions of the surrounding road

network.Guangfo Expressway: From July 1 2018 a traffic restriction on trucks with more than 15 tons (7:00-22:00)

has been imposed in the direction of Guangzhou (Yayao-Hengsha Section) that trucks are guided and the time

period of Guangzhou-Foshan Section is adjusted. At the same time the prohibition on goods was virtually

cancelled early in this year in the Foshan First Ring and drivers can drive on the road for free. Thus the

proportion of trucks in Guangfo Section has been declined. However Guangfo Area featured a intensive

transportation of personnel and materials complete supporting of surrounding buildings and continuous growth

of cars and vehicles. As a consequence the increase of traffic volume was higher than that of toll revenue.

Foai Expressway: The toll revenue declined by 3.33% year on year compared with the first quarter which

was mainly affected by the following factors: on the one hand the diversion effect of the second phase of Yunzhan

Highway was apparent after the opening of the whole line; on the other hand the tolls of Foshan First Ring Road

that was originally planned to open in February were repeatedly postponed but the entry of vehicles was

unrestricted and the strict control of over-limited and over-load transportation of trucks was not implemented.Guangzhu Section of Jingzhu Expressway: Due to the combination of multiple factors such as limited cargo

in some periods of Humen Bridge the completion and opening of Nansha Bridge and Panguan Expressway the

traffic volume and toll revenue showed negative growth year-on-year.Gankang Expressway: traffic volume and toll revenue increased by 15.40% and 12.80% respectively

year-on-year and continued to grow on the basis of the first quarter. It is mainly affected by many factors such as

the construction of the surrounding national highway the overhaul of sand and stone vehicles and the restriction

of the passage of some trucks.Kangda Expressway: In the first half of the year toll revenue increased by 6.16% year-on-year in the fir

st half of this year which was mainly influenced by the combined influence such as the gradual stabiliz

ation of the negative impact of the Dayu Section of the 323 National Highway in 2017 and the stabiliza

tion of traffic volume.

2.Matters relating to financial report

(1)Explain change of the accounting policy accounting estimate and measurement methods as compared with the

financial reporting of last year.

√Applicable□ Not applicable

①Changes in accounting policies resulting from the implementation of the new financial instrument

guidelines

The Accounting Standards for Enterprises No. 22 - Recognition and Measurement of Financial Instruments

(Revised in 2017) the Accounting Standards for Enterprises No. 23 - Transfer of Financial Assets (Revised in

2017) and the Accounting Standards for Enterprises No. 24 - Hedge Accounting Standards for Enterprises

(Revised in 2017) (Accounting [2017] No. 9) promulgated by the Ministry of Finance on March 31 2017 as well

as the Accounting Standards for Enterprises No. 37 - Financial Instruments Presentation (Revised in 2017)

(Accounting [2017] No. 14) (collectively referred to as "New Financial Instruments Standards") issued on May 2

2017 requires domestic listed enterprises to implement the new standards from January 1 2019. Guidelines for

financial instruments.Through the resolution of the 25th (provisional) meeting of the eighth board of directors of the Company on

April 26 2019 the Company began to implement the aforementioned new financial instrument guidelines on

January 1 2019.

All recognized financial assets under the new financial instrument standards are subsequently measured at

the amortized cost or fair value. On the date of implementation of the new financial instrument standards the

business model of managing financial assets is evaluated on the basis of the existing facts and circumstances of

the Company on that day and the characteristics of contractual cash flow on the financial assets are evaluated on

the basis of facts and circumstances at the time of initial recognition of financial assets. The financial assets are

divided into three categories: measured according to the amortized cost and measured according to the public

value. Value is measured and its changes are included in other comprehensive income and fair value and its

changes are included in current profits and losses. Among them when the financial asset terminates recognition

the accumulated gains or losses previously included in other comprehensive gains will be transferred from other

comprehensive gains to retained gains not into current profits and losses.Under the new financial instrument standards based on the expected credit loss the Company makes

provision for impairment of financial assets measured by amortized cost investment in debt instruments measured

by fair value and its changes included in other comprehensive gains lease receivables contractual assets and

financial guarantee contracts and confirms the loss of credit impairment.The Company retrospectively applies the new financial instrument standards but for classification and

measurement (including impairment) involving the inconsistency between the previous comparative financial

statement data and the new financial instrument standards the Company chooses not to repeat. Therefore for the

cumulative impact of the first implementation of this standard the Company adjusted the retained earnings or

other comprehensive earnings at the beginning of 2019 and the amount of other related items in the financial

statements which were not restated in the financial statements of 2018.The main changes and impacts of the implementation of the new financial instrument guidelines on our

Company are as follows:

- On January 1 2019 and beyond the Company designated some non-tradable equity investments held as

financial assets measured at fair value and included their changes in other comprehensive income and reported

them as investments in other equity instruments.

- For the long-term equity investment of associates the Company re-classified and measured the financial

instruments according to the new financial instrument standards and the Company adjusted accordingly according

to the equity method.- The Company holds part of the debt instruments whose cash flow generated on a specific date is only the

payment of principal and interest based on the amount of unpaid principal and the business model of the

Company's management of the financial assets is to collect the cash flow of the contract. The Company will take it

from other sources on January 1 2019 and beyond. Non-current assets are reclassified to creditor's rights

investment.

A. Comparison of financial assets classification and measurement before and after the first implementation

date

a. Impact on the consolidated financial statements

December 31 2018 (before change) January 1 2019 (after the change)

Items Measurement category Book value Items Measurement category Book value

Available-for-sales

financial assets

Measured at fair value

and included in other

comprehensive benefits

(equity instruments)

1668791594.53 Investment in

other equity

instruments

Measured at fair value and

included in other

comprehensive earnings

1668791594.53

long-term equity

investments

Cost method/equity

method

3145644970.07 long-term equity

investments

Cost method/equity method 3145355906.88

b. Impact on the financial statement

December 31 2018 (before change) January 1 2019 (after the change)

Items Measurement

行情