2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Guangdong Provincial Expressway Development Co., Ltd.
2015 Annual Report
March 2016
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
I. Important Notice, Table of Contents and Definitions
The Board of Directors and the directors, Supervisory Committee and supervisors and Senior Executives of the
Company hereby warrant that at the year , there are no misstatement, misleading representation or important
omissions in this report and shall assume joint and several liability for the authenticity, accuracy and completeness
of the contents hereof.
Mr.Zhu Zhanliang, The Company leader, Mr. Wang Chunhua, General Manager, Mr. Fang Zhi, Chief financial
officer and the Ms.Liu Xiaomei, the person in charge of the accounting department (the person in charge of the
accounting )hereby confirm the authenticity and completeness of the financial report enclosed in this annual
report.
All the directors attended the board meeting for reviewing the Annual Report.
The toll revenues of Expressway is main source of the major business income of the company , The charge
standard of vehicle toll must be submitted to the same level people's government for review and approval after the
transport regulatory department of province, autonomous region or municipality directly under the central
government in conjunction with the price regulatory department at the same level consented upon examination.
Therefore, the adjustment trend of the charge price and the charge price if has the corresponding adjustment in the
future price level when the cost of the company rises still depend on the approval of relevant national policies and
government departments, and the company isn't able to make timely adjustment to the charge standard in
accordance with the its own operation cost or the change of market supply demand. So, the change of charge
policy and the adjustment of charge standard also have influence on the expressways operated by the company to
some extent. So, the charging policy changes and charges adjustment will affect the highways operation of the
company.
The profit distribution proposal reviewed and approved by the boarding meeting was summarized as follows:
1，257，117，748 for the base, the Company would distribute cash dividend to all the shareholders at the rate of
CNY1.50 for every 10 shares (with tax inclusive) , 0 bonus shares（including tax）and no reserve would be
converted into share capital.
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Table of Contents
I.Important Notice, Table of contents and Definitions
II. Basic Information of the Company and Financial index
III. Outline of Company Business
IV. Management’s Discussion and Analysis
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. Administrative structure
X. Financial Report
XI. Documents available for inspection
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Definition
Terms to be defined Refers to Definition
The Company /This Company Refers to Guangdong Provincial Expressway Development Co.,Ltd.
Guangfo Company Refers to The controlling subsidiary Guangfo Expressway Co., Ltd.
Fokai Company Refers to The controlling subsidiary Fokai Expressway Co., Ltd.
Guangdong Expressway Technology Investment Co., a wholly-owned
Technology Company Refers to
subsidiary of the Company
The controlling parent Company， Guangdong Communication Group
Communication Group Refers to
Co., Ltd.
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
II. Basic Information of the Company and Financial index
1．Company Information
Stock abbreviation: Guangdong Expressway A,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
Chinese Abbreviation 粤高速
English name (If any) Guangdong Provincial Expressway Development Co.Ltd.
English Abbreviation (If any) GPED
Legal Representative Zhu Zhanliang
Registered address 85 Baiyun Road, Guangzhou, Guangdong Province
Postal code of the Registered
510100
Address
Office Address 45-46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tihe Disrtict , Guangzhou
Postal code of the office
510623
address
Internet Web Site www.gpedcl.com
E-mail zqb@gdcg.cn
2. Contact person and contact manner
Board secretary Securities affairs Representative
Name Zuo Jiang Feng Xinwei
46/F, Litong Plaza, No.32, Zhujiang East 45/F, Litong Plaza, No.32, Zhujiang East
Contact address Road, Zhujiang New City, Tihe Disrtict , Road, Zhujiang New City, Tihe Disrtict ,
Guangzhou Guangzhou
Tel 020-29004609 020-29004522
Fax 020-38787002 020-38787002
E-mail zuoj@126.com fengxw2007@163.com
3. Information disclosure and placed
Newspapers selected by the Company for information Securities Times, China Securities, Shanghai Securities Daily and
disclosure Hongkong Commercial Daily.
Internet website designated by CSRC for publishing
www.cninfo.com.cn
the Annual report of the Company
The place where the Annual report is prepared and
Securities affair Dept of the Company
placed
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
4.Changes in Registration
Organization Code 19035210-2
Changes in principal business activities
No change
since listing (if any)
On November 2000, In accordance with Cai Guan Zi (2008) No. 109 Document of
Ministry of Finance and Yue Ban Han (2000) No. 574 Document of General Office of
Guangdong People's Government, the state-owned shares of Guangdong Expressway
originally entrusted to Guangdong Expressway Company (now renamed as
Changes is the controlling shareholder in
"Guangdong Provincial Expressway Co., Ltd.") for management were transferred to
the past (if any)
Guangdong Communication Group Co., Ltd. for holding and management in
November 2000. After the transfer of state-owned shares, Guangdong Communication
Group Co., Ltd. became the largest shareholder of the Company. The nature of equity
was defined as state-owned shares.
5. Other Relevant Information
CPAs engaged
Name of the CPAs Guangdong Zhengzhong Zhujiang Certified Public Accountants Co., Ltd.
Office address： 10/F,Yuehai Group Building, No.555 Dongfeng East Road, Guangzhou
Names of the Certified Public
Wang Shaohua, Yao Jing
Accountants as the signatiries
The sponsor performing persistant supervision duties engaged by the Company in the reporting period.
□ Applicable √ Not applicable
The Financial advisor performing persistant supervision duties engaged by the Company in the reporting period
□ Applicable √ Not applicable
6.Summary of Accounting data and Financial index
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
2015 2014 Changed over last year（％） 2013
Operating Gross income（RMB） 1,545,498,589.11 1,455,054,983.70 6.22% 1,327,506,119.78
Net profit attributable to the
shareholders of the listed company 469,386,906.79 318,754,807.85 47.26% 127,777,721.75
（RMB）
Net profit after deducting of
non-recurring gain/loss attributable 442,162,503.47 307,337,119.08 43.87% 71,552,326.17
to the shareholders of listed
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
company（RMB）
Cash flow generated by business
996,993,291.19 967,241,746.79 3.08% 757,451,778.50
operation, net（RMB）
Basic earning per
0.37 0.25 48.00% 0.10
share(RMB/Share)
Diluted gains per
0.37 0.25 48.00% 0.10
share(RMB/Share)(RMB/Share)
Net asset earning ratio（%） 9.22% 6.90% 2.32% 3.01%
End of
End of 2015 Changed over last year（％） End of 2013
2014
Gross assets（RMB） 12,107,767,967.86 12,513,505,946.42 -3.24% 12,694,475,514.01
Net assets attributable to
shareholders of the listed company 5,209,289,822.59 5,016,176,476.09 3.85% 4,237,999,072.46
（RMB）
7.The differences between domestic and international accounting standards
1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed
in the financial reports of differences in net income and net assets.
□ Applicable□ √ Not applicable
N/A
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
□ Applicable √Not applicable
N/A
8.Main Financial Index by Quarters
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating income 357,469,802.88 366,923,084.71 410,958,621.31 410,147,080.21
Net profit attributable to the shareholders of the
89,949,365.89 141,906,004.20 161,435,234.27 76,096,302.43
listed company
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of listed 87,373,228.21 140,656,775.94 151,723,812.80 62,408,686.52
company
Net Cash flow generated by business operation 240,651,340.48 277,430,290.27 295,294,269.20 183,617,391.24
Whether significant variances exist between the above financial index or the index with its sum and the financial
index of the quarterly report as well as semi-annual report index disclosed by the Company.
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
□ Yes √No
9.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Amount
Items Amount (2015) Amount (2013) Notes
(2014)
Non-current asset disposal gain/loss(including the write-off part for
21,188,094.05 149,097.85 -23,918,178.20
which assets impairment provision is made)
Govemment subsidies recognized in currentgain and loss(excluding
those closely related to the Company’s business and granted under 480,000.00 150,000.00 450,000.00
the state’s policies)
Gain/loss on non-monetary asset swap 13,323,796.97
Except the effective hedge business related to the normal operation
business of the Company, the profit and loss in the changes of fair
values caused by the holding of tradable financial assets and tradable
3,493,826.63
financial liabilities as well as the investment returns in disposal of
tradable financial assets, tradable financial liabilities and saleable
financial assets
Single impairment test for impairment of receivables transferredback
8,652,012.00
to preparation
Operating income and expenses other than the aforesaid items 24,879,481.73 -838,802.06 -1,263,509.69
Other non-business income and expenditures other than the above 854,210.29 2,991,262.39
Less:Amount of influence of income tax 11,529,933.00 -179,496.34 -36,651,119.93
Amount of influence of minority interests(after tax) 8,647,449.75 -134,622.25 -27,488,339.94
Total 27,224,403.32 11,417,688.77 56,225,395.58 --
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.
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
III. Outline of Company Business
I. Main Business the Company is Engaged in During the Report Period
The company belongs to the infrastructure industry and the company’s main business covers the construction of
expressways, classified highways and bridges, toll and maintenance of highways and bridges, vehicle rescue,
maintenance and cleaning and the company has the matching business of transportation and warehousing. The
company is one of the major institutes for developing expressways and large bridges in the Expressway System of
Guangdong Province.
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway, investm
ent in technological industries and provision of relevant consultation while investing in Shenzhen Huiyan Express
way Co., Ltd., Guangzhou Guanghui Expressway Co., Ltd.,Jingzhu Expressway Guangzhu Co., Ltd.,Guangdong
Jiangzhong Expressway Co., Ltd., Zhaoqing Yuezhao Expressway Co., Ltd.,Ganzhou Kangda Expressway , Ganz
hou Gankang Expressway Co., Ltd.,Guangdong Yueke Technology Micro Loan Co., Ltd.and Guangdong Guangle
Expressway Co.,Ltd..
II. Major Changes in Main Assets
1.Major Changes in Main Assets
Main assets Major changes
Mainly for the comprehensive influence of the increase in the joining company’s
Equity assets
dividend distribution and investment income.
Fixed assets The depreciation of Guangfo Company and Fokai Company at the current period.
Intangible assets No significant changes.
Construction in process No significant changes.
The share price of China Everbright Bank held by the Company fell, which resulted in
Available for sale financial assets
decreases in the fair value at the end of period.
Main reason of increase was the delayed settlement, separation and transfer of network
Account receivable
toll collection center.
Comprehensive influence of accumulation in business, the obtained investment income,
Monetary funds
the repayment of bank loan and dividend.
2. Main Conditions of Overseas Assets
□ Applicable √Not applicable
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
III. Analysis On core Competitiveness
The toll revenue of expressway industry mainly depends on the regional economic development. The regional
economy is the critical factor that influences the traffic volume. The Guangfo expressway and the Fokai
expressway, controlled by the company, are part of the National Expressway Network Planning-“Five vertical and
seven horizontal”, and many of the company’s equity-participation expressways that are part of the main skeleton
of the Guangdong Provincial Expressway Planning-“Ten vertical and five horizontal”, which provides a strong
guarantee for stable traffic volume. Meanwhile, the regional economy is the critical factor that influences the
traffic volume, as Guangdong province is the economically developed region, with years’ continuous high growth
of GDP, so that provides the stable rising demand for the company.
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
IV. Management’s Discussion and Analysis
I. General
In 2015，The board of directors of the Company actively implemented all resolutions of shareholders’ general
meeting, duly performed its duties，Operated the company management team，In the key year of comprehensive
deepening reform, the company focused on the overall strategic target of “being stronger and excellent” to
further promote the development of the enterprise transformation, for successfully completing every annual
target task.
1. Perfecting the self-construction of the board of directors and continuously strengthening the, corporate
governance
The board of directors totally convened and organized 4 general shareholder meetings which all adopted a
combination of on-site and online voting method to convene, so that adequately protected the-right-to-know and
voting rights of the shareholders particularly for minority shareholders, therefore the rights and interests of
investors were protected.
2. Continually enhancing the construction of internal control system
In 2015, the company’s board of directors conscientiously performed the guidance, evaluation and management
so forth responsibilities and continually enhanced the construction of internal control system and continually
engaged the external audit agency for the company’s annual internal-control audit. As to the reasonable
suggestions provided by the external audit agency on internal control system, daily operations and managements,
finance and bushiness, the company’s board of directors had organized relevant departments and related
companies for seriously rectifying and improving to ensure the relevant risks were effectively controlled.
3. Working together for providing compliance support to the major asset restructuring
Upon the joint efforts made by the company and related parties and the intermediary agency, the item of the
major asset restructuring by Guangdong Expressway in year 2015 had been approved in the general shareholder
meeting in Sep, 2015 with high-proportion of affirmative votes, and the major asset restructuring plan had been
approved by the CSRC on Feb 5, 2016.
4. Successful completion of information disclosure work of year 2015 by the company.
In 2015, according to the relevant regulations and requirements of information disclosure stipulated by CSRC
and Shenzhen Stock Exchange, the board of directors further enhanced the garnering, feedback, filing and
reviewing of the material information and disclosed the information timely in accordance with relevant
provisions, ensuring the truthfulness, accuracy and completeness of the contents of the information disclosed.
There were aggregately 4 annual reports and 69 provisional reports issued in the name of the board of directors
in year 2015 and all the reports were in line with the requirements by Shenzhen Stock Exchange.
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
5. Continually strengthening the management of investor relations
Through the online communication day, investor relations interaction platform and hotline for investors, the
board of directors had communicated and exchanged with the investors under in compliance with the relevant
law and regulations. The company’s inside director, on behalf the board of directors, participated in the
illustration meeting of the company’s business performance of year 2015; aggregately participated in 11 times of
online reception days for investor interactions and accumulatively answered about 200 questions, which timely
and effectively completed the information disclosure of the major asset restructuring and the communication task
with high-quality, obtained good communication effects with the investors.
6. Guide the preparation of the Company’s “Thirteenth Five-Year” development plans and the company’s
development strategy (2015-2019)
In order to provide directional guidance for the company’s development for the next five years. The company’s
strategy committee of the board guided the company’s managers to complete the Company’s “Thirteenth
Five-Year” development plans and the company’s development strategy.
II. Main business analysis
I. 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 Increase /Decrease Toll income in 2015 Increase/Decrease
in 2015( vehicles) (%) （RMB’0000） (%)
Guangfo Expressway 50270053 9.38% 35707.70 6.34%
Fokai Expressway 46527879 9.45% 113964.85 6.11%
Huiyan Expressway 32204277 -6.09% 20045.76 -13.49%
Jingzhu Expressway Guangzhu Section 63152663 6.88% 108332.85 5.68%
Guangzhao Expressway 28533136 7.02% 52750.89 4.97%
Guanghui Expressway 43192137 15.45% 170624.59 13.27%
Jiangzhong Expressway 42129667 5.43% 38930.52 4.64%
Kangda Expressway 2238682 -4.61% 23424.93 -2.20%
Gangkang Expressway 2332183 -8.22% 16572.21 -9.12%
Various parameters, control highways operating normally, with no large projects.Due to the government’s
acquisition of Yantian hollow tunnel of Huiyan Expressway, the toll had been terminated as of February 1, 2015,
which resulted in decreases by 13.49% in the accumulated toll revenue year on year. Due to the improved
peripheral road condition and the reduction of full-speed cars, which led to decreases by 2.2% in the toll revenue .
In November and December of 2014, due to the traffic restriction caused by the repair of Taigan Expressway,
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
making car bypassing to Gankang Expressway, which brought in substantial increases in toll revenue for
Gankang Expressway. On January 8, 2015, Taigan Expressway reopened to traffic, where good effect was
eliminated in the toll revenue of Gankang Expressway, which led to decreases by 9.12% in the toll revenue of
2015 year on year. In January, due to the construction of “White and Black”special project, the toll revenue of
Yuezhao Co. Ltd. decreased by 38.54%, of which the accumulated revenue increased by 4.97% during the whole
year. For other road segments, the toll all are showing growth trend year on year.
During the reporting period, the company’s major investments and operating status were as follows:
1. Being diligent and promising in the major asset restructuring
According to the notice from the majority shareholder- Guangdong Transportation Group Co.,Ltd, the company’
s share-trading had been suspended since Apr 8, 2015 and subsequently, the company began the major asset
restructuring. The company had established the leading group and the working group of asset restructuring for
putting best efforts to carry out the related works. On Jul 23, the asset restructuring plan was approved by the
board of directors, then the company’s A and B-share trading was restored. On Sep 14, the asset restructuring
plan was approved in the general shareholder meeting with high-proportion of affirmative votes.On Feb 5, 2016,
the company had received formal documents of approval from the CSRC, and the company has become the first
listed expressway company with a major asset restructuring being approved since 2009, which was the
significant breakthrough in the capital operation for listed companies of expressway, wildly praised by the peer
companies. The major asset restructuring will have a profound impact on the future development of Guangdong
Provincial Expressway Co.,Ltd. According to estimates, after the completion of the transaction, the Fokai
expressway shall be wholly-controlled by the company, and the company’s share-proportion of Guangzhudong
expressway shall be rose to 75%, thus newly controlled by the company. Pro forma data in 2015, the company’s
total share capital increased to 2.066 billion shares from 1.257 billion shares, and the total assets of the company
increased to RMB 15.789 billion from RMB 12.514 billion, an increase of 26.24%; the operating revenue
increased to RMB 2.512 billion from RMB 1.455 billion, an increase of 72.65%; the net profits attributable to
the parent company increased to RMB 0.62 billion from RMB 0.319 billion, an increase of 94.36%, thus the
sustainable profitability of the main business of expressway has been further improved. Meanwhile, the company
introduced the Fosun Group, Poly Real estate, GF Securities three strategic investors.Guangdong Provincial
Expressway Co.,Ltd can utilize its advantages of different fields and start from pluralistic industries related to the
expressway, speed up the business transformation and upgrading, establish a new profit growth point, promote
the company's sustainable development and raise the company’s value.
2. Deepening the enterprise reform in solid steps
(1) Steadily promoting the study of financial equity investment and industrial M & A fund. In order to actively
adapt the market demand, fully utilize the functions of state-owned listed company platform, make innovations
of the investment management and speed up the development of the new economic growth point, the special
study on establishment of industrial M & A fund was actively carried out.
(2) Actively carried out the documents of the company's strategic planning, clarified the overall positioning of
the transformation and development, guiding ideology and development goals, and established detailed task
measures and safeguards. Combined with the real situation of the company’s development, then further revised
and improved the company's strategic planning.
3. The operating and management of the highway assets are standardized and effective
(1) Strengthening the management of expressway toll. The company overcame difficulties and being fully
cooperating for the completion of the national ETC network toll collection, the international vehicle-type
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
classification and the charge work of total weight of the freight car. Further carried out special operations to
strike toll escape, so that had recovered the economic losses of about RMB 3.12 million.
(2) Soundly managed the expressway maintenance and management. There was a scientific arrangement for the
annual maintenance plan and the preventive maintenance management was increasingly enhanced and carried
out the comprehensive overhaul of single pier bridges reinforcement to ensure the expressways entirely in a good
running state. Actively guided the Guangfo Company and Fokai Company to do a good job for "Receiving
national inspection ” , and the representative of Fokai Company was openly praised during the company was
inspected by the precheck team of the group company.
(3) Successfully completed the toll cancellation compensation application work of Yantianao tunnel. Utilizing the
shareholder’s function, then fully supported the Huiyan Company to carry out multi round communication and
negotiation. Through unremitting efforts, by the end of 2015, the Huiyan expressway company had received
Shenzhen municipal government compensation of RMB 130.67 million and tax compensation of RMB 36.6877
million.
(4) The company actively strived for compensation due to the toll of Jiujiang Bridge cancelled in advance. After
communication and negotiation with multi parties, the provincial government agreed to the amount of
compensation that started from 2015 and divided into three years to be listed in the operating budget arrangement
of state-owned asset, then the first compensation of RMB 20 million had been transferred into the company’s
account, which soundly protected the legitimate rights and interests of the enterprise.
(5) The company shall follow up the work of appraising and rarifying the operating period of Guangfo
Expansion. According to the "Guangdong Provincial Department of transportation about the management
approach of highway expansion (Trial)" ,The company organised the work of appraising and rarifying the
operating period of Guangfo Expansion,at present the relevant assessment report is submitted to the relevant
government department.
4. Continually enhancing the enterprise management capability
Implementing the comprehensive budget management and improving capital efficiency. Established a budget
execution unit, the business department, the budget management committee, board of directors and general
shareholder meeting constituted the “ five level ” budget management system, which had comprehensively
strengthened the rigid rules of the budget management and regularly analyzed the budget implementation status
for truly implementing the process-control.
2. Revenue and cost
(1)Component of Business Income
In RMB
2015 2014
Increase /decrease
Amount Proportion Amount Proportion
Total operating
1,545,498,589.11 100% 1,455,054,983.70 100% 6.22%
revenue
Industry
Highway
1,496,981,439.40 96.86% 1,408,659,740.77 96.81% 6.27%
transportations
Other 48,517,149.71 3.14% 46,395,242.93 3.19% 4.57%
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Prodect
Highway
1,496,981,439.40 96.86% 1,408,659,740.77 96.81% 6.27%
transportations
Other 48,517,149.71 3.14% 46,395,242.93 3.19% 4.57%
Area
Guangfo
357,077,010.88 23.10% 335,798,072.70 23.08% 6.34%
Expressway
Fokai Expressway 1,140,967,080.52 73.83% 1,072,861,668.07 73.73% 6.35%
Other 47,454,497.71 3.07% 46,395,242.93 3.19% 2.28%
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit
with Profit over 10%
√ Applicable □Not applicable
In RMB
Increase/decrease
Increase/decrease of Increase/decrease of
of gross profit
Gross profit revenue in the same business cost over
Turnover Operation cost rate over the same
rate(%) period of the the same period of
period of the
previous year(%) previous year (%)
previous year (%)
Industry
Highway
1,496,981,439.40 837,239,932.98 44.07% 6.27% 2.61% 2.00%
transportations
Product
Roll revenue 1,496,981,439.40 837,239,932.98 44.07% 6.27% 2.61% 2.00%
Area
Guangfo
357,077,010.88 263,424,873.54 26.23% 6.34% 8.17% -1.25%
Expressway
Fokai
1,140,967,080.52 573,815,059.44 49.71% 6.35% 0.24% 3.06%
Expressway
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main
business based on latest on year’s scope of period-end.
□ Applicable √Not applicable
(3)Whether the Company’s Physical Sales Income Exceeded Service Income
□ Yes √ No
(4)Degree of Performance of the Significant Sales Contract Signed up to this Report Period
□ Applicable √Not applicable
(5)Component of business cost
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Industry category
In RMB
2015 2014
Industry category Proportion in the Proportion in the Increase/Decrease
Items
Amount operating costs Amount operating costs (%)
(%) (%)
Highway Depreciation and
599,455,250.50 69.06% 567,890,546.79 66.93% 2.14%
transportations Amortized
Highway Out of pocket
251,238,931.34 28.95% 262,761,091.92 30.97% -2.02%
transportations expenses
Other Other 17,291,845.71 1.99% 17,895,605.76 2.11% -0.12%
Notes
(6)Whether Changes Occurred in Consolidation Scope in the Report Period
□ Yes √No
(7)Relevant Situation of Significant Changes or Adjustment of the Business, Product or Service in the Company’
s Report Period
□ Applicable √Not applicable
(8)Situation of Main Customers and Main Supplier
Information of the Company’s top 5 customers
Total sales amount to top 5 customers (RMB) 0.00
Proportion of sales to top 5 customers in the annual sales(%) 0.00%
Information of the Company’s top 5 customers
No Name Amount（RMB） Proportion %
1 No 0.00 0.00%
2 No 0.00 0.00%
3 No 0.00 0.00%
4 No 0.00 0.00%
5 No 0.00 0.00%
Total -- 0.00 0.00%
Other explanation :
□ Applicable √ Not applicable
Principal suppliers
Total purchase of top 5 Suppliers（RMB） 0.00
Percentage of total purchase of top 5 suppliers In total annual purchase(%) 0.00%
Information about the top 5 suppliers
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
No Name Amount（RMB） Proportion %
1 No 0.00 0.00%
2 No 0.00 0.00%
3 No 0.00 0.00%
4 No 0.00 0.00%
5 No 0.00 0.00%
Total -- 0.00 0.00%
Other explanation :
□ Applicable √ Not applicable
3.Expenses
In RMB
Increase/Decrease
2015 2014 Notes
(%)
Administration
166,209,446.96 167,805,309.46 -0.95%
expenses
The comprehensive effect of the loan
Financial expenses 342,004,056.37 401,972,752.87 -14.92% principal and interest rate cuts to
reduce.
4. Research and Development
□ Applicable √Not applicable
5.Cash Flow
In RMB
Items 2015 2014 Increase/Decrease(%)
Subtotal of cash inflow received from operation activities 1,579,916,975.49 1,506,463,726.69 4.88%
Subtotal of cash outflow received from operation activities 582,923,684.30 539,221,979.90 8.10%
Net cash flow arising from operating activities 996,993,291.19 967,241,746.79 3.08%
Subtotal of cash inflow received from investing activities 636,844,330.11 206,801,621.21 207.95%
Subtotal of cash outflow for investment activities 97,152,722.60 290,509,801.92 -66.56%
Net cash flow arising from investment activities 539,691,607.51 -83,708,180.71 -744.73%
Subtotal cash inflow received from financing activities 50,001,378.67 335,012,507.50 -85.07%
Subtotal cash outflow for financing activities 1,161,248,707.56 1,632,936,389.15 -28.89%
Net cash flow arising from financing activities -1,111,247,328.89 -1,297,923,881.65 -14.38%
Net increase in cash and cash equivalents 424,937,231.66 -414,668,282.10 -202.48%
17
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Notes to the year-on-year change of the relevant data
√Applicable □ Not applicable
(1)Subtotal of investment activity cash inflows increased year on year was mainly due to: Caused by the
increase in the current cash dividend received.
(2)Subtotal of investment activity cash outflows decreased year on year was mainly due to: Caused by the
decreasing payment in extension project compared with the prior period
(3)Subtotal cash inflow received from financing activities decresed year on year was mainly due to an Subtotal:
Caused by the decease in the current loan compared with the prior period
(4)Subtotal cash outflow for financing activities decreased year on year was mainly due to: Caused by the
decease in the current loan repayment compared with the prior period.
Notes to the big difference between cash flow from operating activities and net profit in the reporting year
√Applicable □Not applicable
In RMB
I. Adjusting net profit to cash flow from operating activities
539,430,034.99
Net profit
158,124.94
Add: Impairment loss provision of assets
Depreciation of fixed assets, oil and gas assets and consumable biological assets 606,630,043.61
Amortization of intangible assets 1,965,777.86
Amortization of long-term deferred fexpenses 1,770,241.07
Loss on disposals of fixed assets, intangible assets and other long-term assets ("-" for gains) 3,038,144.04
loss on retirement of fixed assets
Loss from Fair Value Change
Financial expenses 349,761,606.03
Investment loss -505,392,075.50
Decrease of deferred income tax assets 8,764,947.73
Increase of deferred income tax assets -7,623,297.88
Decrease of inventories -800,998.80
Decease of operating receivables -22,234,654.77
Increased of operating Payable 21,525,397.87
Other
Net cash flows arising from operating activities 996,993,291.19
18
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
III. Analysis of Non-core Business
√ Applicable □Not applicable
In RMB
Proportion in total
Amount Explanation of cause Sustainable (yes or no)
profit
Investment Income 505,392,075.50 78.67% Equity investment income Sustainable
Changes in farrvalue 0.00%
Asset impairment 158,124.94 0.02%
Jiujiang bridge
Non-operating income 28,448,162.03 4.43% Not sustainable
compensation income
Non-operating expenses 6,126,824.34 0.95% Road repair expenses Sustainable
IV.Condition of Asset and Liabilities
1.Condition of Asset Causing Significant Change
In RMB
End of 2015 End of 2014 Proportio
Proportion n
Notes to the significant change
Amount in the total increase/d
assets(%) ecrease
Comprehensive influence of the
accumulation in business, the obtained
Monetary fund 986,737,635.38 8.15% 561,800,403.72 4.49% 3.66%
investment income, the repayment of
bank loan and dividend.
Delayed settlement, separation and
Accounts
48,147,335.85 0.40% 23,621,958.13 0.19% 0.21% transfer of network toll collection
receivable
center
Inventories 800,998.80 0.01% 0.00% 0.01%
Investment
3,684,184.48 0.03% 4,148,397.88 0.03% 0.00%
realestate
Mainly for the comprehensive
Long-term equity influence of the increase in the joining
2,635,251,969.72 21.76% 2,706,081,363.32 21.63% 0.13%
investment company’s dividend and investment
income
Mainly for the comprehensive
influence of the increase in the joining
Fixed assets 6,591,106,343.61 54.44% 7,176,766,024.73 57.35% -2.91%
company’s dividend and investment
income
Construction Mainly for the current depreciation of
17,125,070.14 0.14% 2,974,467.60 0.02% 0.12%
inprocess Guangfo and Fokai
19
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Short-term loans 0.00% 150,000,000.00 1.20% -1.20% Repaid at the current period
The repayment of the due loan at the
Long-term loans 4,081,760,000.00 33.71% 4,393,840,000.00 35.11% -1.40%
current period
2.Asset and Liabilities Measured by Fair Value
√Applicable □ Not applicable
In RMB
Purchanas Sold
Gain/Loss on fair Cumulative fair Impairment
ed amount amount in
value change in value change provisions in
Items Opening amount in the the Closing mount
the reporting recorded into the repoting
reporting reporting
period equity period
period period
Financial assets
3.Available-for-
sale financial 1,148,044,126.72 -150,563,164.16 479,920,085.76 997,480,962.56
assets
Subtotal of
1,148,044,126.72 -150,563,164.16 479,920,085.76 997,480,962.56
financial assets
Total of the
1,148,044,126.72 -150,563,164.16 479,920,085.76 997,480,962.56
above
Financial
0.00 0.00
liabilities
Did any significant change occur to the attribute of the Company’s main asset measurement during the reporting period?
□ Yes √No
V. Investment situation
1. General
√ Applicable □ Not applicable
Investment Amount in 2015(RMB) Investment Amount in 2014(RMB) Change rate
0.00 20,206,700.00 -100.00%
2.Condition of Acquiring Significant Share Right Investment during the Report Period
□ Applicable √Not applicable
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable √ Not applicable
20
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
4.Investment of Financial Asset
（1）Securities investment
√ Applicable □ Not applicable
In RMB
Mode of Book value Purchase Sale Gain/los Book value
Initial Changes in fair Account Sauce of
Security Security Stock accounting balance at the Cumulative fair value amount in amount in s of the balance at the end
investment value of the this ing the
category code Abbreviation measurem beginning of the changes in equity the this the this reportin of the reporting
cost period items shares
ent reporting period period period g period period
Financia
Domestic
China l assets
and 517,560,876
601818 Everbright FVM 1,148,044,126.72 -150,563,164.16 479,920,085.76 997,480,962.56 availabl Self
foreign .80
Bank e for
stocks
sale
517,560,876
Total -- 1,148,044,126.72 -150,563,164.16 479,920,085.76 0.00 0.00 0.00 997,480,962.56 -- --
.80
Disclosure Date of
Announcement on Securities
July 22, 2009
Investment Approved by the
Board of Directors
Disclosure Date of
Announcement on Securities
August 7, 2009
Investment Approved by the
Shareholders Meeting
（2）Investment in Derivatives
□ Applicable √ Not applicable
N/A.
5.Application of the raised capital
□ Applicable √ Not applicable N/A.
21
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
VI. Significant Asset and Right Offering
1.Situation of Significant Asset Sale
□ Applicable√ Not applicable
N/A.
2.Situation of Substantial Stake Sale
□ Applicable√ Not applicable
22
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
VII. Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company
In RMB
Company Registered
Company type Sectors engaged in Total assets Net assets Turnover Operating profit Net Profit
Name capital
Operating Guangfo Expressway Co.,
Guangfo
Ltd.(starts from Hengsha, Guangzhou, ends RMB 200
Expressway Subsidiary 368,766,952.88 330,440,591.47 361,707,563.06 53,632,373.07 41,902,986.44
in Xiebian, Foshan. Total length 15.7 million
Co., Ltd.
kilometers
Operation and management of Fokai
Guangdong
Expressway Co., Ltd., supporting salvage, RMB 1.108
Fokai Subsidiary 6,727,174,620.59 3,346,028,621.31 1,149,868,147.35 307,631,543.32 238,269,526.32
maintenance and cleaning, supply of parts billion
Expressway
and components
The organization and management of the
construction of the main line of Shenzhen
Shenzhen section of Huiyan Expressway, its operation,
Huiyan Sharing management and maintenance after its RMB 36
437,056,934.15 399,180,309.18 202,939,671.65 91,475,167.93 146,186,134.18
Expressway company completion, collection of toll and road million
Co., Ltd. service management, the construction
management of road, bridge and culvert
projects and engineering consultation
Jingzhu Sharing The operation and management of RMB 580
3,955,252,015.68 1,924,686,959.13 1,114,341,543.59 541,335,911.27 360,161,755.18
Expressway company Guangzhou-Zhuhai Expressway and million
23
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Guangzhu provision of supporting services including
Section Co., fueling, salvage and supply of parts and
Ltd. components
Zhaoqing Construction, operation and management of
Yuezhao Sharing Guangzhao Expressway, old highways and RMB 818.3
2,097,777,721.84 1,097,108,987.63 533,009,051.43 209,436,190.98 156,687,764.02
Highway company their supporting facilities, service facilities million
Co., Ltd. and integrated projects.
Guangdong Investment in and construction of Guanghui
Guanghui Sharing Expressway Co., Ltd. and supporting RMB 2.352
5,326,829,588.97 3,566,383,234.63 1,724,652,359.29 1,040,249,976.46 787,421,508.59
Expressway company facilities, the toll collection and maintenance million
Co., Ltd. management of Guanghui Expressway
Particulars about the principal subsidiaries and Mutual holding companies
□ Applicable √Not applicable
Particulars about the Mutual holding companies
1. The company holds 75% stake of Guangdong Provincial Fokai Expressway Co. Ltd which is one of the subsidiaries majority-controlled by the company and the
subsidiary mainly engaged in operating and managing the Fokai Expressway and the related matching businesses such as rescue, maintenance, cleaning and spare
parts supply service. The net profits in the current period increased RMB 107 million compared with the last period, computed in percentage as an increase of
81.57%. The main reasons of the increase are: (1) Due to the toll revenue increased as the spontaneous growth of the traffic volume; (2) The financial expenses
decreased in the current period due to the repayment of liabilities with interest and the lower interest rates.
2. The company’s share-participation company-Shenzhen Huiyan Expressway Co., Ltd whose one-third equity was held by the company, was responsible for
organizing and managing the construction of the mainline of Shenzhen section of Huiyan Expressway and the management, maintenance, conservation, collection of
tolls and expressway administration of the completed mainline of Shenzhen section of Huiyan Expressway; engaged in the engineering construction management and
engineering consulting of bridges and culverts. The net profits in the current period increased RMB 67 million compared with the last period, computed in percentage
as an increase of 81.22%. The main reason of the increase is due to the combined influence of recovering the government’s compensation while having a reduction of
the toll of Yantianao Tunnel.
24
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
VIII. Special purpose vehicle controlled by the Company
□ Applicable √ Not applicable
IX. Prospect for future development of the Company
1. The Development Trend of the Industry
In recent years, our country’s expressways have a rapid development and the freeway main lines have achieved
its initial development, but the density of expressways is still low and the network hasn’t fully formed yet. Also,
in our country, there is no freeway to directly and effectively link up between some prefecture-level cities and
provincial capital cities or between the prefecture-level cities in which the population and the economic output
have reached the considerable scale. With the continuous growth of our country ’ s national economy and the
continual increase of expressway demanded by social running, Highway still has a certain amount of room for
development in China in the future.Highway upfront investment is huge and slow growth on investment benefits,
apparent hysteresis effect and output. Highway upfront investment for a huge, slow growth of investment benefits,
apparent hysteresis effect and output. The changes in national policies, directly affecting the realization of the
company's main business revenue and goals.
2. Development opportunities and challenges
The general target in 2016 is: Completing business income RMB2.738 billion, keeping the overhead expenses
within RMB1.277 billion, ensuring the full completion of the annual task target assigned by company’s board of
directors.
Centering on above target, company will focus on works in below two fields in 2016：
(1). Focus on the Strategic Layout and the Capital Operation to Accelerate the Innovation in Transformation
Development Business
According to the Company’s“Thirteenth Five-Year”development plans and combining with this reorganization,
the Company initiates the strategic plans. Make a good layout and starting with innovation development driven
and regarding the capital operation as key problems. Make full use of the capital market advantage for providing
platform supports for the Company ’s transformation development. Set up the normalization concept in capital
operation, by means of merger and acquisition of high-quality asset complying with the transformation, to jointly
boost the value promotion of the Company.Implement the platform operation of land development. Put forth effort
to the integration of project resource, finance resource and human resource,collect, integrate, develop the idle land,
house property, business property and the land resource obtained from “Projects+ Resources” of the holding
highway property company.
(2). Keep Stable in Expressway Industry to Provide a Solid Foundation for Transformation Development.
Further optimize the existing asset structure. Of the existing participation project, for high-quality projects which
have a better prospect and a longer remaining operating period, increase in the share proportion can be considered.
The Company plans to add a new holding project of expressway through private placement and bonds for raising
funds.
Complete the extension construction of Guangfo Company. and restart to verify the operating-period work. The
Company will actively strive for the policy support of provincial government, to realize the reasonable returns in
the extension investment.
Constantly improve the operation and management level. Actively boost the feasibility research in the
25
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
management mode of centralization charge for Guangfo and Fokai Expressway. Deployment and focus efforts on
the treatment of single-column pier bridges to strike for completion within the year. Comprehensively implement
preventative maintenance concept to further strengthen the road condition inspection and the sweeping check of
hidden dangers.
(3). Deepen the Reform and Strengthen the Foundation to Improve the Business’s Core Competitiveness
The Company strives for support in policy from the superior, strengthen the decision-making mechanism of listed
company’s board of directors, constantly strive for optimization on mechanisms. Gradually set up a scientific and
effective marketizaton incentive, reform the existing salary and evaluation system, actively explore the incentive
with medium and long term and research as well as implementing equity incentive or employee stock ownership
plan. Around the Company’s strategic goals and transformation development, actively explore suitable restraint
mechanism for talent selection and personnel incentive and restraint mechanism. Mobilize staffs’ subjective
initiative by means of mechanisms like selecting senior talents with marketization, taking official posts by
competition, implementing dynamic assessments and carrying out the reward and punishment. Implement the
promotion project of human resource, optimize the organization setting and the post deployment, perfect the staff
career development mechanism of salary, evaluation, promotion, work shift and cadre management.
X. List of the received researches, visits and interviews
1.Particulars about researches, visits and interviews received in this reporting period
□ Applicable √ Not applicable
The company was not involved with such situation during the reporting period
26
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
V. Important Events
I. Specification of profit distribution of common shares and capitalizing of common reserves
Formulation, implementation and adjustment of profit distribution policy of common shares especially cash
dividend policy during the reporting period
□ Applicable √ Not applicable
The profit distribution preplan or proposal and the Plan(preplan) or proposal of conversion of the capital reserve
into share capital in the past three years(with the reporting period inclusive):
1. The Company's profit distribution preplan for 2013 is as follows:
(1).10% of the net profit of the company, i.e. RMB 13,195,496.53, is to be allocated for statutory common reserve
fund.
(2).The profit for 2013 is to be distributed as follows: RMB 62,855,887.40. is to be allocated as the fund for
dividend distribution for 2013. with the total shares at the end of 2013, i.e., 1,257,117,748 shares, as the base, cash
dividend of RMB 0.5 (including tax) is to be distributed for every 10 shares .The remaining undistributed profits
are to be carried forward to the next year. The foreign exchange translation of the cash dividends for shareholders
holding B share and overseas corporate shares will be determined according to HKD:RMB bank’s Middle rate
quoted by People’s Bank of China on the first working day after 2013 annual shareholders’ general meeting makes
resolution on dividend distribution.
2. The Company's profit distribution plan for 2014 is as follows:
(1).10% of the net profit of the company, i.e. RMB 19,305,459.02, is to be allocated for statutory common reserve
fund.
(2).The profit for 2014 is to be distributed as follows: RMB 125,711,774.80. is to be allocated as the fund for
dividend distribution for 2014. with the total shares at the end of 2014, i.e., 1,257,117,748 shares, as the base, cash
dividend of RMB 1.00 (including tax) is to be distributed for every 10 shares .The remaining undistributed profits
are to be carried forward to the next year. The foreign exchange translation of the cash dividends for shareholders
holding B share and overseas corporate shares will be determined according to HKD:RMB bank’s Middle rate
quoted by People’s Bank of China on the first working day after 2014 annual shareholders’ general meeting makes
resolution on dividend distribution.
3. The Company's profit distribution preplan for 2015 is as follows:
(1).10% of the net profit of the company, i.e. RMB 26,741,749.54, is to be allocated for statutory common reserve
fund.
(2).The profit for 2015 is to be distributed as follows: RMB 188,567,662.20. is to be allocated as the fund for
dividend distribution for 2015. with the total shares at the end of 2015, i.e., 1,257,117,748 shares, as the base, cash
dividend of RMB 1.50 (including tax) is to be distributed for every 10 shares .The remaining undistributed profits
are to be carried forward to the next year. The foreign exchange translation of the cash dividends for shareholders
holding B share and overseas corporate shares will be determined according to HKD:RMB bank’s Middle rate
quoted by People’s Bank of China on the first working day after 2015 annual shareholders’ general meeting makes
resolution on dividend distribution.
27
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Dividend distribution of the latest three years
In RMB
Net profit
Ratio in net profit
attributable to the Amount of cash Proportion of cash
attributable to the
Cash dividend over of the parent dividends from cash dividends from cash
Year parent company in
(Including Tax) company in the offer to repurchase offer to repurchase
the consolidated
consolidated shares of the funds shares of the funds
financial statements
financial statements
2015 188,567,662.20 469,386,906.79 40.17% 0.00 0.00%
2014 125,711,774.80 318,754,807.85 39.44% 0.00 0.00%
2013 62,855,887.40 127,777,721.75 49.19% 0.00 0.00%
In the reporting period, both the Company’s profit and the parent company’s retained earnings were positive
however not cash dividend distribution proposal has been put forward.
□Applicable √ Not applicable
II.Profit distribution plan and capitalizing of common reserves plan for the Period
√ Applicable □ Not applicable
Bonus shares for every ten shares(Shares) 0
Cash dividend for everty ten shares (Yuan)(Tax-included) 0.15
Distribute additional (shares)for 10 shares 0
A total number of shares as the distribution basis(shares) 1,257,117,748
Total cash dividend (Yuan)(Tax-included) 18,856,766.22
Profit dividend (Yuan) 1,338,090,597.21
Proportion of cash dividend in the distributable profit (%) 100.00%
Cash dividend distribution policy
The Company is in a fast growth stage, there fore, the cash dividend will reach 80% of the profit distribution at least.
Details of profit distribution or reserve capitalization plan
1.10% of the net profit of the company, i.e. RMB 26,741,749.54, is to be allocated for statutory common
reserve fund.
2.The profit for 2015 is to be distributed as follows: RMB 188,567,662.20. is to be allocated as the fund for
dividend distribution for 2015. with the total shares at the end of 2015, i.e., 1,257,117,748 shares, as the base,
cash dividend of RMB 1.50 (including tax) is to be distributed for every 10 shares .The remaining undistributed
profits are to be carried forward to the next year. The foreign exchange translation of the cash dividends for
shareholders holding B share and overseas corporate shares will be determined according to HKD:RMB bank’s
Middle rate quoted by People’s Bank of China on the first working day after 2015 annual shareholders’ general
meeting makes resolution on dividend distribution.
III.Commitments to fulfill the situation
28
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
1.The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the
reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor, senior
management personnel and other related parities.
□ Applicable √ Not applicable
N/A
2.The existence of the company's assets or projects earnings forecasts and earnings reporting period is still in the
forecast period, the company has assets or projects meet the original profit forecast made and the reasons
explained
□ Applicable √ Not applicable
IV.Particulars about the non-operating occupation of funds by the controlling shareholder
□ Applicable √ Not applicable
N/A
V.Explanation of the Supervisory Committee and Independent Directors (If applicable)on the Qualified
Auditor’s Report Issued by the CPAs.
□ Applicable √ Not applicable
VI.Explain change of the accounting policy, accounting estimate and measurement methods as compared
with the financial reporting of last year.
□ Applicable √ Not applicable
N/A
VII.Explain retrospective restatement due to correction of significant accounting errors in the reporting
period
□Applicable √ Not applicable
N/A
VIII.Explain change of the consolidation scope as compared with the financial reporting of last year.
□Applicable √ Not applicable
N/A
IX.Engagement/Disengagement of CPAs
CPAs currently engaged
Name of the domestic CPAs Zhengzhong Zhujiang Certified Public Accountants Co., Ltd.
Remuneration for domestic accounting firm (RMB’0000) 120
Successive years of the domestic CPAs offering auditing services 5
Names of the certified public accountants from the domestic CPAs Wang Shaohua and Yao Jing
Has the CPAs been changed in the current period
□ Yes √No
Description of the CPAs, financial adviser or sponsor engaged for internal control auditing
√Applicable □Not applicable
2014 shareholders' general meeting of the Company examined and adopted the Proposal for Engaging Auditing
29
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Body for Internal Control. The Company was approved to engage Guangdong Zhengzhong Zhujiang Certified
Public Accountants Co., Ltd. as the auditing body for internal control of the Company for 2015. The audit fee
shall be less than RMB 0.30 million.
X.Situation of Facing Listing Suspension and Listing Termination after the Disclosure of the Yearly Report
□Applicable √ Not applicable
XI.Relevant Matters of Bankruptcy Reorganization
□Applicable √ Not applicable
N/A
XII.Matters of Important Lawsuit and Arbitration
□Applicable √ Not applicable
N/A
XIII.Situation of Punishment and Rectification
□Applicable √ Not applicable
N/A
XIV.Credit Condition of the Company and its Controlling Shareholders and Actual Controllers
√Applicable □Not applicable
During reporting period, there was no effective judgment of a court and large amount of debt maturity
thatthecompany, its controlling shareholders and actual controller failed to perform or pay off.
XV.Implementation Situation of Stock Incentive Plan of the Company, Employee Stock Ownership Plan or
Other Employee Incentive Measures
□Applicable √ Not applicable
N/A
XVI.Material related transactions
1. Related transactions in connection with daily operation
□Applicable √ Not applicable
N/A
2. Related-party transactions arising from asset acquisition or sale
□Applicable √ Not applicable
N/A
3. Related-party transitions with joint investments
□Applicable √ Not applicable
N/A
4. Credits and liabilities with related parties
√Applicable □Not applicable
Was there any non-operating credit or liability with any related party?
□ Yes √No
N/A
30
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
5. Other significant related-party transactions
√Applicable □ Not applicable
The Company’s issue of shares and cash to buy assets and raise matching funds and related transactions were
examined and adopted by the Company’s 18th , 20th, 23th and 25th (provisional) meeting of the 7th board of
directors as well as the 2rd provisional shareholder’s meeting. The issue of shares and cash to buy assets and the
matching funds raising, the 2 parts which are divided in this transaction.
(1)Issue of Share and Cash to Buy Asset
The Company planned to purchase the 25% stock rights of Fokai Co., Ltd. which is held by Guangdong
Provincial Expressway Co., Ltd.(hereinafter referred to as “Provincial Expressway”) with issue of A shares and
cash to buy ; The Company planned to purchase the 100% stock rights of Guangzhu Co., Ltd. which is held by
Guangdong Provincial Highway Construction Co., Ltd.(hereinafter referred to as “Construction Company”) with
issue of A shares and cash to buy, and planned to purchase the creditor’s rights of Guangzhu East Co., Ltd. from
the Construction Company with cash to buy.
(2)Raise of Matching Funds
on Asian Union Investment Co., Ltd., Tibet Yingyue Investment and Management Co., Ltd., and GF Securities
Co., Ltd. to raise matching funds which is to used for the payment of this transaction’s partial cash consideration
and transaction tax as well as supplementing the cash flow of listed company, of which the raised matching funds’
amount shall not be over 1650 million RMB and 100% transaction price of the asset planned to buy
On January 14, 2016, the Company received the notice from CSRC. After being examined by the 4th working
conference in 2016 of Merger and Reorganization Committee held by Merger and Reorganization Audit
Committee for Listed Companies of CRSC on January 14, 2016, the Company’s issue of shares and cash to buy
assets and raise matching funds and related transactions was adopted conditionally. On February 5,2016, the
company received the China Securities Regulatory Commission "about the approval of Guangdong Provincial
Expressway Development Co., Ltd. to issue shares to buy assets and raise matching funds approved"
(Commission license [2016] No. 230).
The website to disclose the interim announcements on significant related-party transactions:
Disclosure date of the
Name of the interim announcement Website to disclose the interim announcement
interim announcement
Announcement of Resolutions of the 18th (Provisional)
July 1,2015 www.cninfo.com.cn
Meeting of the Seventh Board of Directors,etc.
Announcement of Resolutions of the 20th (Provisional)
August 28,2015 www.cninfo.com.cn
Meeting of the Seventh Board of Directors,etc.
Announcement of Resolutions of the second provisional
September 15,2015 www.cninfo.com.cn
shareholders' general meeting in 2015
Announcement of Resolutions of the 23th (Provisional)
December 19,2015 www.cninfo.com.cn
Meeting of the Seventh Board of Directors,etc.
Announcement of Resolutions of the 25th (Provisional)
December 31, 2015 www.cninfo.com.cn
Meeting of the Seventh Board of Directors,etc.
Announcement on the Company’s Significant Asset
January 15,2016 www.cninfo.com.cn
Reorganization Adopted by Mergers and Acquisitions
31
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Committee of CSRC and Trade Resumption
XVI. Particulars about significant contracts and their fulfillment
1. Particulars about trusteeship, contract and lease
(1) Trusteeship
□Applicable √ Not applicable
N/A
(2) Contract
□ Applicable √ Not applicable
There was no any contract of the Company in the reporting period.
(3) Lease
□Applicable √ Not applicable
N/A
2.Guarantees
√Applicable □Not applicable
(1)Guarantees
In RMB’0000
External Guarantee (Exclude controlled subsidiaries)
Relevant
Date of Guarantee
disclosure Complete
happening Actual for
Name of the date/No. of Amount of implementa
(Date of mount of Guarantee type Guarantee term associated
Company the Guarantee tion
signing guarantee parties
guaranteed or not
agreement) (Yes or no)
amount
Guangdong
Communication May 11, 2012 150,000 May 31, 2013 150,000 Martgage No Yes
Group Co.,Ltd
Total of external guarantee Total of actual external
0
approved in Period(A1) guarantee in Period(A2)
Total balance of actual
Total of external guarantee
150,000 external guarantee at 150,000
approved at Period-end(A3)
Period-end(A4)
Guarantee of the Company for the controlling subsidiaries
Guarante
Relevant e
Date of Complete
disclosure for
Name of the Amount happening Actual implemen
date/No. of Guarantee Guarantee associate
Company of (Date o mount of tation
the type term d
guaranteed guarantee signing guarantee or
guaranteed parties
agreement) not
amount (Yes or
no)
Guarantee of the subsidiaries for the controlling subsidiaries
Relevant Date of Complete Guarante
Name of the Amount Actual
disclosure happening Guarantee Guarantee implemen e
Company of mount of
date/No. of (Date o type term tation for
guaranteed guarantee guarantee
the signing or associate
32
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
guaranteed agreement) not d
amount parties
(Yes or
no)
Total of Company’s guarantee（namely total of the large three aforementioned）
Total of guarantee in the Period Total of actual guarantee in
0 0
（A1+B1+C1） the Period（A2+B2+C2）
Total of actual guarantee at
Total of guarantee at Period-end
150,000 Period-end 150,000
（A3+B3+C3）
（A4+B4+C4）
The proportion of the total amount of actually guarantee in the net
28.79%
assets of the Company(that is A4+B4+C4)
Including
Amount of guarantee for shareholders, actual controller and its
150,000
associated parties（D）
Total guarantee Amount of the abovementioned guarantees
150,000
（D+E+F）
Description of the guarantee with complex method
(2) Illegal external guarantee
□ Applicable √ Not applicable
N/A
3.Situation of Entrusting Others for Managing Spot Asset
(1)Situation of Entrusted Finance
□ Applicable √ Not applicable
N/A
(2)Situation of Entrusted Loans
□ Applicable √ Not applicable
N/A
4. Other significant contract
□ Applicable √ Not applicable
N/A
XVIII.Explanation about other significant matters
□ Applicable √ Not applicable
N/A
XIX.Major issues of subsidiary
□ Applicable √ Not applicable
XX.Social responsibility
□ Applicable √ Not applicable
XXI.Information about the corporate bonds
Whether the listed company failed to honor the corporate bonds public issued and listed on the Stock Exchange in
due or undue at the approval date of the annual report
No
33
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
VI. Change of share capital and shareholding of Principal Shareholders
I. Changes in share capital
1. Changes in share capital
In Shares
Before the change Increase/decrease（+，-） After the Change
Amount Proportion Share Bonus Capitalization of common
Other Subtotal Quantity Proportion
allotment shares reserve fund
1.Shares with conditional subscription 440,485,326 35.04% -786,574 -786,574 439,698,752 34.98%
1.State-owned shares 409,977,151 32.61% 409,977,151 32.61%
2.State-owned legal person shares 21,712,738 1.73% 21,712,738 1.73%
3.Other domestic shares 8,795,437 0.70% -786,574 -786,574 8,008,863 0.64%
Including ：Domestic Legal person shares 8,063,849 0.64% -710,982 -710,982 7,352,867 0.59%
Domestic natural person shares 731,568 0.06% -75,592 -75,592 655,996 0.05%
II.Shares with unconditional subscription 816,632,422 64.96% 786,574 786,574 817,418,996 65.02%
1.Common shares in RMB 467,882,422 37.22% 786,574 786,574 468,668,996 37.28%
2.Foreign shares in domestic market 348,750,000 27.74% 348,750,000 27.74%
III. Total of capital shares 1,257,117,748 100.00% 0 0 1,257,117,748 100.00%
Reasons for share changed
√ Applicable □Not applicable
Notes 1: In the report period, Mr. Yun Wujun attained the retiring age, resigned from the post of the Chief Accountant, 15,032 senior executives shares held by him
34
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
were transferred into frozen shares for unrestricted negotiable shares.
Notes 2: In the report period, Mr. Xiao Laijiu was transferred to work, resigned from the post of the General Manager, 2,114 unrestricted negotiable shares held by
him were transferred into frozen shares for senior executives.
Notes 3: In the report period，710,982 shares held by domestic legal persons subject to sale restriction and 62,674 shares held by domestic Natural personssubject to
sale restriction was unfrozen and listed for trading and transferred into unrestricted shares on January 26, 2015.
Approval of Change of Shares
□Applicable √Not applicable
Transfer of Change of shares
□Applicable √Not applicable
Influence from the shareholding movements upon such financial indicatiors as eamings per share, net asset per share of the lastest year and the latest accounting
period
□Applicable √Not applicable
Other information as the Company considers necessary to be disclosed or demanded by the securities regulatory authority for disclosing.
□Applicable √Not applicable
Explanation on changes in aspect of total shares, shareholders structures as well as structure of assets and liability of the Company
□ Applicable √ Not applicable
2. Change of shares with limited sales condition
√ Applicable □ Not applicable
In Shares
Number of Number of Increased Restricted Date of
Initial Restricted
Shareholder Name Unrestricted Restricted Shares Shares in the Reason for Restricted Shares Restriction
Shares
Shares This Term This Term End of the Term Removal
Guangdong Communication The shareholders have not relieved the restrictions yet after the
409,977,151 409,977,151 Unknown
Group Co.,Ltd restricted shares held by the shareholders has expired.
The shareholders have not relieved the restrictions yet after the
Guangdong Expressway Co., Ltd 19,582,228 19,582,228 Unknown
restricted shares held by the shareholders has expired.
35
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Guangdong Province Traffic The shareholders have not relieved the restrictions yet after the
2,130,510 2,130,510 Unknown
Development Co., Ltd, restricted shares held by the shareholders has expired.
Foshan Shiwan Investment The shareholders have not relieved the restrictions yet after the
1,406,250 1,406,250 Unknown
Consulting Company restricted shares held by the shareholders has expired.
Xinhui Fuhua Economic Trade The shareholders have not relieved the restrictions yet after the
1,352,812 1,352,812 Unknown
Development Co., Ltd. restricted shares held by the shareholders has expired.
Xinhui Communication The shareholders have not relieved the restrictions yet after the
914,062 914,062 Unknown
Development Corporation restricted shares held by the shareholders has expired.
Shunde Longjiang Suxi The shareholders have not relieved the restrictions yet after the
369,139 369,139 Unknown
Decorative Furniture Company restricted shares held by the shareholders has expired.
Shundei Communication The shareholders have not relieved the restrictions yet after the
237,147 237,147 Unknown
Development Corporation restricted shares held by the shareholders has expired.
Foshan Shiwan District Zhangcha The shareholders have not relieved the restrictions yet after the
220,800 220,800 Unknown
town Hankou Economic Union restricted shares held by the shareholders has expired.
Foshan Nanhai District Luochun The shareholders have not relieved the restrictions yet after the
216,274 216,274 Unknown
Development Corporation restricted shares held by the shareholders has expired.
Did not handle the lifting of restrictions on the sale of such
Other 4,078,953 786,574 3,292,379 Unknown
reasons.
Total 440,485,326 786,574 0 439,698,752 -- --
36
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
II. Securities issue and listing
1.Previous security offering in latest three years at period-end
□ Applicable √ Not applicable
2.Changes of total shares and shareholders structure as well as explanation on changes of assets and liability structure
□ Applicable √ Not applicable
3.Existing internal staff shares
□ Applicable √ Not applicable
III. Shareholders and actual controller
1.Number of shareholders of the Company and share-holding
In shares
Total preferred shareholders at the
Total shareholders at the end of the The total number of preferred sharehold
Total number of common shareholders at the end of the month from the date of
81,529 month from the date of disclosing 80,828 ers voting rights restored at period-end 0 0
end of thereporting period disclosing the annual report(if
the annual report (if any)(See Notes 8)
any)(See Notes 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Proportion Number of Amount of Amount of Number os share pledged/frozen
Shareholders Changes in reporting
Nuture of shareholder of shares shares held at restricted shares un-restricted
period State of share Amount
held（%） period -end held shares held
Guangdong Communication Group Co.,Ltd State-owned legal person 40.84% 513,356,893 0 409,977,151 103,379,742
Domestic natural person
Feng Wuchu 1.56% 19,659,309 19,659,309 0 19,659,309
shares
Guangdong Expressway Co., Ltd State-owned legal person 1.56% 19,582,228 0 19,582,228 0
Domestic non
Haerbin Hali Industrial Co., Ltd. State-owned 1.18% 14,850,682 -1,095,140 0 14,850,682
Legal person
37
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Xinyue Co., Ltd. Foreign legal person 1.05% 13,201,086 0 0 0
Guangdong Yuecai Trust Investment CO.,
State-owned legal person 0.97% 12,174,345 0 0 12,174,345
Ltd.
Bank of Communications –Everbright Baode Domestic non
State-owned enterprises reform theme equity State-owned 0.61% 7,700,000 7,700,000 0 7,700,000
securities investment fund Legal person
Domestic natural person
Li Zhuo 0.61% 7,626,688 931,191 0 7,626,688
shares
Domestic non
Bank of China－Huatai Bairui Positive
State-owned 0.41% 5,212,095 -6,640,951 0 5,212,095
Growth Mixed Securities Investment Fund
Legal person
Domestic non
China Securities Finance Co., Ltd. State-owned 0.33% 4,144,500 4,144,500 0 4,144,500
Legal person
Strategy investors or general legal person becomes top 10 shareholders
N/A
due to rights issued (if applicable)（See Notes 3）
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Expressway Co., Ltd. and Xinyue
Explanation on associated relationship among the aforesaid Co., Ltd.. It is unknown whether there is relationship between other shareholders and whether they are persons taking
shareholders concerted action specified in the Regulations on Disclosure of Information about Change in Shareholding of
Shareholders of Listed Companies.
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted shares held at Share type
Name of the shareholder
the end of the reporting period Share type Quantity
Guangdong Communication Group Co.,Ltd 103,379,742 RMB Common shares 103,379,742
Feng Wuchu 19,659,309 RMB Common shares 19,659,309
Haerbin Hali Industrial Co., Ltd. 14,850,682 RMB Common shares 14,850,682
38
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Xinyue Co., Ltd. 13,201,086 Foreign shares placed in domestic exchange 13,201,086
Guangdong Yuecai Trust Investment CO., Ltd. 14,850,682 RMB Common shares 14,850,682
Bank of Communications –Everbright Baode State-owned enterprises reform theme equity
7,700,000 RMB Common shares 7,700,000
securities investment fund
Li Zhuo 7,626,688 RMB Common shares 7,626,688
Bank of China－Huatai Bairui Positive Growth Mixed Securities Investment Fund 5,212,095 RMB Common shares 5,212,095
China Securities Finance Co., Ltd. 4,144,500 RMB Common shares 4,144,500
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 3,490,900 Foreign shares placed in domestic exchange 3,490,900
Guangdong Communication Group Co., Ltd. is the parent company of Xinyue Co., Ltd.. It is
Explanation on associated relationship or consistent action among the top 10 shareholders
unknown whether there is relationship between other shareholders and whether they are persons
of non-restricted negotiable shares and that between the top 10 shareholders of
taking concerted action specified in the Regulations on Disclosure of Information about Change in
non-restricted negotiable shares and top 10 shareholders
Shareholding of Shareholders of Listed Companies.
Harbin Hali Industry Co., Ltd. holds 14,849,774 A shares of the Company through stock account
with credit transaction and guarantee and holds 908 A shares through ordinary stock account. hold
Notes to the shareholders involved in financing securities (if any)(See Notes 4) 14,850,682 shares of the Company's stock totally；Li Zhuo holds 5,070,707 A shares of the Company
through stock account with credit transaction and guarantee and holds2,555,981 A shares through
ordinary stock account, hold7,626,688 shares of the Company's stock totally.
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy –back agreement dealing in reporting
period.
39
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
2.Controlling shareholder
Nature of Controlling Shareholders: Local state holding
Type of Controlling Shareholders:Legal person
Name of the Legal
Date of Organization
Controlling representative/ Principal business activities
incorporation code
shareholder Leader
Equity management, organization of asset reorganization and
optimized allocation, raising funds by means including
mortgage, transfer of property rights and joint stock system
transformation, project investment, operation and management,
Guangdong
traffic infrastructure construction, highway and railway project
Communication Li Jing August 23, 2000 723838552
operation and relevant industries, technological development,
Group Co., Ltd.
application, consultation and services, highway and railway
passenger and cargo transport, ship industry, relevant overseas
businesses（if the above mentioned business scope requires
licenses to operate, then operation licenses are required）
Equity in other
domestic and
foreign listed
companies held
by the
Guangdong Communication Group Co., Ltd. holds 34.06% equity of Guangdong Nanyue Logistics Co., Ltd., a
controlling
company listing H shares.
shareholder by
means of control
and mutual
shareholding in
the reporting
period
Changes of contrulling shareholder in reporting period
□ Applicable √ Not applicable
No changes of controlling shareholder for the Company in reporting period.
3．Information about the controlling shareholder of the Company
Actual controller nature：Local state owned assets management
Actual controller type：Legal person
Legal
Date of Organizatio
Name of the actual controller representative Principal business activities
incorporation n code
/Leader
40
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
As an ad hoc body directly under the
State-owned Assets supervision Guangdong Provincial People's Government,
and administration Commission commissioned by the provincial government
of Guangdong Provincial Lv Yesheng June 26, 2004 Not learn to fulfill the State-owned asset investor,
People’s Government regulatory enterprises to implement the
rights, obligations and responsibilities, pipe
asset control and people management.
Equity of other
domestic/foreign listed
company with share As an ad hoc body directly under the Guangdong Provincial People's Government, commissioned
controlling and share by the provincial government to fulfill the State-owned asset investor, regulatory enterprises to
participation by implement the rights, obligations and responsibilities, pipe asset control and people management.
controlling shareholder in
reporting period
Changes of controlling shareholder in reporting period
□ Applicable √ Not applicable
No changes of controlling shareholder for the Company in reporting period
Block Diagram of the ownership and control relations between the company and the actual controller
State-owned Assets Sipervision and
Administration Commission the people’s
Government of Guangdong Province
(100%)
Guangdong Communication Group Co., Ltd.
(40.84%)
Guangdong Provincial Expressway Development
Co., Ltd.
The actual controller controls the company by means of trust or managing the assets in other way
□Applicable √Not applicable
4.Particulars about other legal person shareholders with over 10% shareheld
□Applicable √Not applicable
5.Situation of Share Limitation Reduction of Controlling Shareholders, Actual Controllers, Restructuring
Party and Other Commitment Subjects
□Applicable √Not applicable
41
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
VII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period.
42
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
VIII. Information about Directors, Supervisors and Senior Executives
I. Change ein shares held by directors, supervisors and senior executives
Shares held Amount of Amount of shares
Office Starting date of Expiry date of at the shares increased decreased at the Other changes Shares held at the
Name Positions Sex Age
status tenure tenure year-begin( at the reporting reporting increase/decrease year-gegin(share)
share) period(share) period(share)
Zhu Zhanliang Board Chairman In office Male 51 April 16, 2013 April 16, 2016
Director,General October 19,
Wang Chunhua In office Male 51 April 16, 2016
Manager 2015
Wang Ping Director ,Chief Engineer In office Female 51 April 21, 2014 April 16, 2016 3,500 3,500
December
30,2015;CFO
Fang Zhi Director, CFO In office Male 52 April 16,2016
starts from: May
27,2015
Zheng Renfa Director In office Male 46 April 21, 2014 April 16,2016
Ye Yongcheng Director In office Male 58 April 16, 2013 April 16, 2016
Chen Yanqing Director In office Female 51 April 16, 2013 April 16, 2016
Tang Qingquan Independent director In office Male 55 April 16, 2013 April 16, 2016
Wang Pu Independent director In office Male 47 April 16,2013 June 29,2015
Feng Ke Independent director In office Male 44 April 16,2013 June 29,2015
Xiao Duan Independent director In office Female 57 April 16, 2013 April 16, 2016
Chairman of the
Ling Ping In office Female 52 March 23,2015 April 16,2016
Supervisory Committee
43
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Yang Xiaohua Supervisor In office Female 37 April 16, 2013 March 6, 2015
Wu Guangze Supervisor In office Male 48 March 23, 2016 April 16,2016
Li Mei Supervisor In office Female 46 April 16, 2013 April 16, 2016 123,205 123,205
Deputy General
Chen Wenmian In office Male 37 April 16, 2013 April 16, 2016
Manager
Yun Wujun Chief Accountant In office Male 60 April 16, 2013 April 16, 2016 20,043 20,043
head of the internal
Peng Xiaofang In office Female 53 April 16, 2013 April 16, 2016
audit
He Bing Chief Counselor In office Female 48 April 16, 2013 April 16, 2016
April 16, 2013;
deputy general
Zuo Jiang Secretary to the Board In office Female 43 manager start April 16, 2016
from: October
19,2015
Director,General October
Xiao Laijiu Dimission Male 51 April 16,2013 8,455 8,455
Manager 19,2015
Chairman of the
You Xiaocong Dimission Male 48 April 16,2013 March 6,2015
Supervisory Committee
Zou Huiming Supervisor Dimission Male 51 April 16,2013 March 6,2015
Tu Huiling Supervisor Dimission Female 55 April 16,2013 56,887 56,887
Yun Wujun Chief Accountant Dimission Male 61 April 16,2013 May 27,2015 20,043 20,043
Total -- -- -- -- -- -- 232,133 0 0 0 232,133
44
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
II. Change in shares held by directors, supervisors and senior executives
Name Positions Types Date Reason
Director, Resigned from the board, the
Xiao Laijiu October 19,2015 Job Transfer
General Manager dismissal of general manager
Yun Wujun Chief Accountant Dismissal May 27,2015 Retired
You Xiaocong Chairman of the Supervisory Committee Left as serve term expired March 6, 2015 Job Transfer
Zou Huiming Supervisor Left as serve term expired March 6, 2015 Job Transfer
III.Posts holding
Work Experience in the past five years of Directors, supervisors and senior Executives in Current office
Mr. Zhu Zhanliang, Now serves as Director of the Company, Master Degree, Senior Engineer, Senior Economist,
Enterprise Legal Counselor, From December 2005 to March 2011, he serves as Minister of the Management
Department in Guangdong Communication Group Co. Ltd.. From April 2011 to March 6, 2014, he serves as
Minister of the Legal Affair Department of the Company.Since March 7, 2014, He serves as secretary of the Party
committee of the Company, Since April 21, 2014, He serves as Board Chairman of the Company.
Mr. Wang Chunhua, He serves as Director and General Manager of the Company, Master Degree, senior engineer
and senior economic engineer, since September 2006, he served as Deputy General Manager of the
Company.Since October 2015, He served as General director of the Company.
Ms. Wang Ping, She serves as Director and Chief Engineer of the Company, bachelor's degree, professor of
Engineering, National registered cost engineer, Senior Economist. From February 2001 to April 2012, she served
as Minister of Infrastructure Management Department. From April 2012 , she served as chief engineer of the
Company, Since April 21, 2014, She serves as Director of the Comany.
Mr. Fang Zhi, serves as director of the company, chief accountant, master degree, senior accountant. In July 1986,
he participate in the work of the former Xiangtan Municipal Audit Bureau Gongjiao audit cadre department,
Guangdong Province Material Corporation audit cadre, Guangzhou Economic and Technological Development
Zone International Trust and investment company plans to financial department deputy manager, Xinyue Co., Ltd.
accountant of the finance department, manager, Guangdong Province Transportation Group Co., Ltd., deputy
director of the financial settlement center, Guangdong traffic Group Finance Company Limited Deputy General
Manager, may 2015 transferred to the company appointed chief accountant. He serves as the directors of the
company starts from December 30, 2015.
Mr. Zheng Renfa ， He serves as Director, Master Degree,Senior economic engineer. From December 2005 to
January2013 ， He serves as Deputy Minister of Investment Management Department of Guangdong
Communication Group ， Since January 2013 ， He serves Minister of Investment Management Department of
Guangdong Communication Group, Since April 21,2014, He serves as Director of the Company.
45
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Mr. Ye Yongcheng, He serves as Director of the Company, Master's degree, senior engineer of the Road and
Bridge Group. In July 1980, he participated in work, used to be a manager of Guangdong Province Pingyuan road
work area, sub-divisional inspector of Guangdong Province Pingyuan Road branch, the Deputy Secretary of
Highway Administration in Guangdong Province, Meizhou City, general manager of Xinyue Co. Ltd. Since June
2012, He served as general manager of Guangdong Expressway Co., Ltd.
Ms.Chen Yanqing, Now serves as director of the Company, MBA, economist, since October 2008, she serves as
Deputy general manager of Guangdong Finance Trust and Investment Co., Ltd.
Mr.Tang Qingquan ， an independent director of the Company, a (non-practicing) Chinese certified public
accountant. an accounting professor and doctoral tutor of Management School of Zhongshan University, he has
served in Accounting Department of Management School of Zhongshan University since June 2002. He serves as
Independent Direocor of Shenzhen Xiangjiang Holding Co., Ltd and Guangzhou Jinyi Media Co., Ltd.
Mr. Feng Ke, an independent director of the Company, doctor’s degree of economics. He is the deputy director
and researcher of Economic Research Institute of Peking University. He is the director of Real Estate Finance
Center, tutor of postgraduate students and postdoctoral students, principal of postdoctoral working station, and
editor of New Economy magazine. He was the former assistant of general manager, member of investment policy
committee, and marketing director of Golden Eagle Asset Management Co., Ltd., general manager of Beijing
Branch and Shanghai Branch, part-time professor of Beijing Institute of Technology, tutor of postgraduate
students of Social Sciences Academy of Guangdong Province, deputy director of Youth Economy Society of
Beijing University, and independent director of Tande Co., Ltd. Currently, he is an independent director of Tianjin
Guangyu Development Co., Ltd, Asia Asset of Hong Kong Exchanges Co., Ltd., and consultant of Mopark
Corporation.
Mr. Wang Pu, an independent director of the Company, has been the first MBA of Peking University, National
Model Worker ， initiator of Beida Zongheng Management Consultant and chief expert. Now he is the Vice
president of the China Professional Managers Association, used to be the commissioner of All-China Federation
of Youth, vice chairman of Central Committee of the Communist Youth League Chinese Young Entrepreneurs'
Association of Central Committee of the Communist Youth League, and part time professor of management
institute of several famous universities such as Central University of Finance & Economics and University of
International Business and Economics, and independent director of HW Technology Co., Ltd., China National
Chemical Engineering Co., Ltd., Integrated Electronic Systems LAB Co., Ltd. and independent director of the
Company.
Ms.Xiao Duan an independent director of the Company, Doctor of Economics, the Jinan University Associate
Professor of Finance and research supervisor. She used to be a researcher at the Beijing Institute of Market
Economy, executive member of the council of Guangdong shares Economic Research Association, a member of
the Taiwan Economic Research Institution. She has been engaged in the economic, financial, teaching and
research for a long time. She was familiar with capital markets, venture capital, corporate finance and mergers and
acquisitions. She is also the independent director of Guangdong Tianhe Agricultural materials Co., Ltd.
Ms.Ling Ping, he has served as chairman of the supervisory committee of the Company,bachelor degree, Senior
Accountant, Senior Economist, February 1996-January 2015, worked in Guangdong Provincial Highway
Construction Company, served as account, audit, deputy manager of audit Department, minister of the Audit
Department, Since January 2015, Worked at Guangdong Communication Group Co., Ltd., Currently serve as
46
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Chairman of the exterior supervisory committee.
Ms. Yang Xiaohua, the supervisor of the Company, Bachelor's degree, Accountant, she serves as Deputy Manager
of Enterprise Dept. of Guangdong Nanyue Logistics Co., Ltd.. Since October 2008, she served as assigning
full-time supervisor of Guangdong Communication Group Co., Ltd.
Mr. Wu Guangze, the supervisor of the Company,,bachelor’s , MBA, Engineer, June 2011-December 2014，in
Guangdong Hualu Transportation Technology Co., Ltd., served as party secretary of the Discipline Committee, the
union president, director; December 2014 – present, in current company, serve as Vice secretary of Communist
Party, Secretary of Discipline Inspection Commission and Chairman of the Labor Union.
Ms Li Mei, the supervisor of the Company, vice-Chairman of the Labor Union, member of Discipline Inspection
Committee, College degree and political engineer. She has worked at the Company since 1998,used to served the
Minister of Comprehensive Affairs of the company .
Ms Tu Huiling, the supervisor of the Company, Master's degree, economist and senior political engineer. She has
worked at the company since 1992,she served as vice chairman of labor union of the company.
Mr. Chen Wenmian, Deputy general manager, bachelor's degree, participated in work from July 2000. He used to
be account manager in corporate banking Dept. of Miaoqianzhijie branch of Commercial Bank of China, Deputy
Chief in personal banking Dept., office staff in National Committee for Investment and Development Provincial
Planning and Development, senior staff, deputy officer and senior officer. Since January 2012, he served as the
party committee member and assistant general manager of the company.
Ms Zuo Jiang, serves as Secretary to the Board, Manager of securities Dept. of the Company, master's degree in
finance, senior economic engineer, she has worked at the Company since 1994 and served as manager of
Securities Dept. of thev company since October 1999 and served as the current position since March 2006.Since
October 2015, She served as Deputy General Manager of the Company.
Ms. Peng Xiaofang , Internal audit director, Minister of ministry of supervision of audit, bachelor's degree, senior
accountant. Since April 2008, she served as Minister of Audit supervision Department of the Company. Since
March 2012, she served as head of the internal audit of the Company.
Ms. He Bing , general counsel, master's degree in law, enterprise legal adviser, from August 2005 to July 2012,
she served as Deputy chief economic engineer of the Company, Since July 2012, she served as Chief legal adviser
of the Company.
Office taking in shareholder companies
√Applicable □Not applicable
Does he /she receive
Names of the
Titles engaged in the Sharting date of Expiry date remuneration or
persons in Names of the shareholders
shareholders office term of office term allowance from the
office
shareholder
Guangdong Communication Minister of Investment
Zheng Renfa January 1, 2013 Yes
Group Management Dept.
47
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Guangdong Expressway Board chairman, Secretary
Ye Yongcheng April 1, 2013 Yes
Co., Ltd of Party committee,
Guangdong Yuecai Trust
Chen Yanqing Deputy General Manager October 1, 2008 Yes
Investment Co., Ltd.
Guangdong Communication Dispatched chairman of
Ling Ping January 1, 2015 Yes
Group Co., Ltd. the supervisory committee
Guangdong Communication
Yang Xiaohua Full-time field supervisors October 1, 2008 Yes
Group Co., Ltd.
Offices taken in other organizations
√Applicable □Not applicable
Name of the Does he/she receive
Titles engaged in the Starting date Expiry date of
persons in Name of other organizations remuneration or allowance
other organizations of office term office term
office from other organization
School of economic of Beijing The associate profes
Feng Ke Yes
University sor of finance
Feng Ke Tiandiyuan Co., Ltd Independent director Yes
Tianjing Guangyu Development
Feng Ke Independent director Yes
Co., Ltd.
Asia Asset of Hong Kong
Feng Ke Exchanges Co., Ltd（Non Listed Independent director Yes
Company）
J&J Assets（Non Listed
Feng Ke Independent director Yes
Company）
Beida Zongheng Management Founder , chief
Wang Pu Yes
Consulting Group expert
China Software and Technology
Wang Pu Independent director Yes
Services Co., Ltd
China Chemical Engineering
Wang Pu Independent director Yes
Co., Ltd
School of Business Sun Professor of
Tang Qingquan Yes
YAT-SEN University Accounting
Tang Qingquan Shenzhen Xiangjiang Co., Ltd. Independent director Yes
Guangzhou Jinyi Film &
Tang Qingquan Independent director Yes
television Co., Ltd.
The financial department of the Associate
Xiao Duan school ofeconomics of Jinan professor,Master’s Yes
University supervisor
Guangdong Tianhe Agricultural
Xiao Duan Independent director Yes
materials Co., Ltd.
48
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Punishments to the current and leaving board directors, supervisors and senior managers during the report period
by securities regulators in the recent three years
□ Applicable √Not applicable
IV. Remuneration to directors, supervisors and senior executives
Decision-making procedures, basis for determination and actual payment of the remuneration to directors ,
supervisors and senior executives.
The remuneration of members of the seventh board of directors and supervisory committee was examined and
determined at the shareholders’ general meeting in 2012.The remuneration of the senior executives is determined
by the assets operation responsibility system in that year.
Independent directors of the company allowance in accordance with the standards approved by the general meetin
g of shareholders of Directors, 5000 yuan per person per month(IncludingTax) . the company's directors and senio
r executives in according to their functions in the company, by the company wage system access to labour remune
ration, access to employee benefits, and no longer offer other additional remuneration and benefits
Remueration to directors, supervisors and senior executives in the reporting period
In RMB’0000
Office Total remuneration received Whether to get paid in the
Name Positions Sex Age
status from the Company company related party
Zhu Zhanliang Board Chairman Male 51 In Office 54.51 No
Director , Deputy
Wang Chunhua Male 51 In Office 47 No
General manage
Director, Chief
Fang Zhi Male 52 In Office 16.45 No
Accountant
Director, Chief
Wang Ping Female 51 In Office 42.69 No
Engineer
Zhen Renfa Director Male 46 In Office 6 Yes
Ye Yongcheng Director Male 58 In Office 6 Yes
Chen Yanqing Director Female 51 In Office 6 Yes
Independent
Tang Qingquan Male 55 In Office 6 No
director
Independent
Feng Ke Male 44 In Office 6 No
director
Independent
Wang Pu Male 47 In Office 6 No
Director
Independent
Xiao Duan Female 57 In Office 6 No
director
Chairman of the
Ling Ping Supervisory Male 52 In Office 4.5 Yes
Committee
49
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Yang Xiaohua Supervisor Female 37 In Office 6 Yes
Wu Guangze Supervisor Male 48 In Office 28.31 No
Li Mei Supervisor Female 46 In Office 40.47 No
Deputy General
Chen Wenmian Male 37 In Office 44.74 No
Manager
Deputy Genral
Manager,
Zuo Jiang Female 43 In Office 41.8 No
Secretary to the
Board
head of the
Peng Xiaofang Female 53 In Office 39.57 No
internal audit
Chief legal
He Bing Female 48 In Office 40.82 No
adviser
Director, Genral
Xiao Laijiu Male 51 Dimission 41.91 No
Manager
Chairman of the
You Xiaochong Supervisory Male 48 Dimission 1.5 Yes
Committee
Zou Huiming Supervisor Male 51 Dimission 14.35 No
Yun Wujun Chief Accountant Male 61 Dimission 26.7 No
Tu Huiling Supervisor Female 55 Dimission 23.07 No
Total -- -- -- -- 556.39 --
Incentive equity to directors, supervisors or/and senior executives in the reporting period
□ Applicable √Not applicable
V. Particulars about employees.
1.Number of staff, professional structure and educational background
Number of in-service staff of the parent company(person) 109
Number of in-service staff of the main subsidiaries(person) 1,270
The total number of the in-service staff(person) 1,379
The total number of staff receiving remuneration in the current
1,436
period(person)
Professional
Category Number of persons（person）
Management personnel 329
Toll collectors 797
50
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Road service personnedl 83
Logistical personnedl 170
Total 1,379
Education
Category Number of persons（person）
Holders of master’s degree or obove 25
Graduates of regular university 250
Graduates of junior colleges 617
Other 487
Total 1,379
2. Remuneration policies
According to the company's overall development plan, to further establish and improve a variety of human
resource management system, strengthen the macro salary management, to maintain the level of salary market
competitiveness. Advocate salary and performance related, and constantly improve the performance appraisal
mechanism, personal performance appraisal approach, staff promotion system, to develop both incentive and
restrictive salary performance policy. Think highly of the establishment and perfection of welfare system, in
accordance with the relevant provisions of the state on time and in full for the full pay pension insurance, medical
insurance, work-related injury insurance, unemployment insurance, maternity insurance, housing provident fund
and other statutory benefits, comply with the provisions on working hours, rest and vacations, the establishment of
supplementary medical insurance, enterprise annuity and welfare system.
3.Training plan
N/A
4.Outsourcing situation
□ Applicable √ No Applicable
51
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
IX. Administrative structure
I. General situation
The Company strictly followed the requirement of laws and regulations in
Law>,< Code of Corporate Governance for Listed Companies in China>,
improving corporate governance structures, improving normative operation level. Company had stipulated rules
such as
board of directors, working guide of general manager etc. and internal control system basically covering all
operating management such as company financial management, investment management, information disclosure,
related transaction, external guarantee, fund raising etc. All rules are well implemented.
In the report period, strictly following the relevant provisions of “Company Law”and “Regulations ”, the
shareholder’s meeting of our bank effectively performed the functions. The board of directors is to be responsible
for the shareholder’ meeting, to take the ultimate responsibility for the bank’ operation and management and to
convene a meeting as well as performing the function and power according to legal procedure. In line with the
attitude which is responsible for all shareholders and keeping in close contact and communication with the board
of directors and the management, the board of supervisors carries out the assessment work on duty exercising for
the board of directors and the board of supervisors, effectively performing functions and obligations of
supervision.
Does there exist any difference in compliance with the corporate governance , the PRC Company Law and the
relevant provisions of CSRC,
□ Yes √No
There exist no difference in compliance with the corporate governance , the PRC Company Law and the relevant
provisions of CSRC.
II. Independence and Completeness in business, personnel , assets, organization and finance
1. Independent business
The Company is mainly engaged in the toll collection and maintenance of Guangfo Expressway and Fokai
Expressway. Meanwhile, it has invested in or holds Shenzhen Huiyan Expressway Co., Ltd., Guangdong Maozhan
Expressway Co., Ltd., Guanghui Expressway Co., Ltd., Jingzhu Expressway Guangzhu Section Co., Ltd.,
Zhongjiang Expressway Co., Ltd., Zhaoqing Yuezhao Highway Co., Ltd., Ganzhou Gankang Expressway Co.,
Ltd., Ganzhou Kangda Expressway Co., Ltd. Guangdong Guangle Expressway Co., Ltd.and Guangdong
Expressway Technology Investment Co., Ltd. The Company has outstanding main operation, independent and
complete business and the ability of independent operation. All business decisions of the Company were made
independently, being completely separated from the shareholder with actual control. Related transactions were
carried out in light of the principle of fair transaction, which did not harm the interests of the Company and other
shareholders of the Company. The content of related transactions was fully, timely and accurately disclosed, which
did not have negative influence on the Company.
2. Complete assets
52
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
The relationship of the Company's property right is clear. The assets injected by shareholders in the Company are
independent and complete and have clear property right. All capital was paid up and relevant formalities of
property right change were settled.
3. Independent personnel
As for personnel relationship, the general manager, deputy general managers, the secretary to the board of
directors and financial controller of the Company were full-time employees and received salary from the
Company, who did not concurrently hold positions at the parent company.
All directors and supervisors of the Company were elected through legal procedure. The general manager, deputy
general managers, chief accountant, chief economic engineer and chief engineer were directly appointed by the
board of directors. Other managerial personnel of all levels were directly appointed by the general manager. The
Company owns independent power of personnel appointment and removal.
4. Independent finance
The Company, including subsidiaries established independent accounting department ， independent accounting
system and regulations on financial management.
The Company independently opened bank account and did not deposit funds in the accounts of the finance
company or settlement center of the majority shareholder. The Company independently paid tax. The Company's
financial decisions were independently made. The majority shareholder did not interfere with the use of funds by
listed companies.
5. Independent organization
The board of directors, the supervisory committee and other internal organs of the Company operated
independently. Its organs are complete and independent.
III. Horiontal Competitions
□ Applicable √ Not applicable
IV. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Description
Sessions Meeting Date Resolution Disclosure date Disclosure index
of proposals
The First provisional Provisional Announcement of Resolutions of the First
March
shareholders’ General shareholders’ 44.53% March 24,2015 provisional shareholders' general meeting.
23,2015
meeting in 2015 General meeting （2015-008） www.cninfo.com.cn
Annual Announcement of Resolutions of the
2014 Shareholders’ April
Shareholders’ 44.76% April 17,2015 shareholders' general meeting in
general meeting 16,2015
General Meeting 2014(2015-019）www.cninfo.com.cn
The Second provisional Provisional Announcement of Resolutions of the
September September
shareholders’ General shareholders’ 50.90% Second provisional shareholders' general
14,2015 15,2015
meeting in 2015 General meeting meeting.（2015-053）www.cninfo.com.cn
The Third provisional Provisional 45.06% December January 4,2016 Announcement of Resolutions of the
53
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
shareholders’ General shareholders’ 30,2015 Third provisional shareholders' general
meeting in 2015 General meeting meeting.（2015-070）www.cninfo.com.cn
2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore
□ Applicable √Not applicable
V. Responsibility performance of independent directors in report period
1. The attending of independent directors to board meetings and shareholders’ general meeting
The attending of independent directors
Failure to
Number of Board Number of
personally
meetings necessary Number of meetings Number of
Independent Number of attend board
to be attended in spot attended by attendances by
Directors absence meetings
the reporting attendances Communicatio representative
successively
period n
twice (Yes/No)
Wang Pu 12 1 11 0 0 No
Feng Ke 12 1 11 0 0 No
Tang Qingquan 12 1 11 0 0 No
Xiao Duan 12 1 11 0 0 No
Number of general meetings attended
by independent directors as non-voting 4
delegates
Notes to failure to personally attend Board Meetings Successively Twice
2.Objection of independent directors on some relevant issues
□ Yes √No
Independent directors proposed no objection against the relevant matters in the reporting period.
3. Other notes to duty performance of independent directors
Has an independent director’s advice to the Company been accepted
√Yes □No
Explanation on acceptance of or failure to accept an independent director’s advice to the Company.
Independent directors seriously exercise the rights conferred by law, keep abreast of the company's production and
management information, concerned about the company's comprehensive development, actively attend relevant
meetings held by the company in 2014, published an independent and objective advice on relevant matters for
consideration by the Board of Directors of the Company. Faithfully perform their duties, give full play to the
independent role of the independent directors, to safeguard the interests of the company as a whole, and to
safeguard the legitimate rights and interests of all shareholders, especially minority shareholders. The advices on
business development and corporate governance given by independent directors can be adopted.
54
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
VI. Duty Performance of Special Committees under the Board of Directors in the Reporting Period
1. The board of directors has an audit committee composed of three directors. i.e., Mr. Tang Qingquan , Mr. Feng
Ke and Mr. Xiao Laijiu. The particulars of the work of the audit committee in the report period are as follows:
According to the Rulels of Procedure of Audit Committee of the Board of Directors and Working Regulations of
Audit Committee of the Board of Directors on Annual Report and the work requirements of CSRC and Shenzhen
Stock Exchange on annual report for 2014, the audit committee carried out a series of work for the annual audit of
the Comopany for 2014, including deciding the working schedule for the audit of financial report for the report
year after consultation with the certified public accountants in charge, reviewing the financial report prepared by
the Company and forming written opinions, issuing the Urging Letter for Audit to certified public accountants and
requiring certified public accountants to carry out overall work plan for audit and submit relevant progress report
to the audit committee, reviewing the financial report for 2014 submitted by the Finance Dept. of the Company
(on which the certified public accountants in charge of annual audit issued standard unqualified opinions) and
giving written auditing opinions.
2. The board of directors has a remuneration committee composed of three directors, i.e., Mr. Wang Pu, Mr. Xiao
Duan and Ms Chen Yanqing. The particulars of the work of the remuneration committee in the report period are
as follows:
According to the Company's Regulations on Performance Appraisal and Remuneration Management of Senior
Executives, the remuneration and appraisal committee audited the remuneration disclosed by the Company's
directors, supervisors and senior executives for 2014 and expressed auditing opinions and examined and adopted
the remuneration scheme and appraisal scheme for senior executives of the Company for 2013.
3.In the report period, The board of directors has an strategy committee composed of five directors. i.e., Mr. Zhu
Zhanliang, Mr. Wang Pu, Ms. Xiao Duan, Mr. Tang Qingquan and Mr. Xiao Laijiu .
Strategy Committee will strengthen the company's strategic direction, strategic planning, research, and supervise
the implementation of corporate strategies, provide timely advice to the Board decisions on strategic development.
VII. Work of the supervisory Committee
Did the supervisory Committee find any risk existing in performing the supervision activities in the reporting
period
□Yes √No
The supervisory Committee has no objection aginst any matters under supervision in the reporting period
VIII. Assessment and incentive Mechanism for Senior executives
The Company implemented position responsibility to every senior management, and made clear regulations on
job standards, appraisal standards. The senior management staff shall report to worker representatives and accept
comments. If not qualified in successively 2 years, they will be demoted or dismissed.
IX.Internal Control
I. Specific situations on major defects of internal control discovered during report period
□ Yes √ No
II. Self-evaluation report on internal control
Disclosure date of appraisal report on
March29，2016
internal control
Disclosure index of appraisal report on
www.cninfo.com.cn
internal control
55
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
The ratio of the total assets of units
included in the scope of evaluation
accounting for the total assets on the 100.00%
company's consolidated financial
statements
The ratio of the operating income of units
included in the scope of evaluation
accounting for the operating income on the 100.00%
company's consolidated financial
statements
Standards of Defects Evaluation
Type Financial Report Non-financial Report
The following situations (including but not limited Material deficiencies: serious violations and being
to) shall be deemed as “material deficiencies” in the sentenced to heavy fines or need taking criminal
internal control of the financial report. responsibility; utterly disregard the rules of law,
(1) There are major frauds made by the directors, or illegal behaviors in the operation and management
supervisors, or senior management personnel in the are particularly severe and the circumstance is very
company’s management activities; bad, which leads to the suspension or cessation to
(2)There are material misstatements in the current the company's daily operation and management
financial report but the internal control failed to find activities, and leads to the audit report with a
the misstatements during its operation; disclaimer of opinion or a negative opinion issued
by the CPA; the negative news spread all over the
(3) The supervisions made by the company's audit
country, which caused severe damage to the
committee and the internal audit organization on the
company’s reputation; resulted in decease of a
internal control are invalid;
number of workers or citizens, or resulted in
(4) The control environment is invalid;
damages that are unable to recover to workers or
(5)The material deficiencies found and reported to
citizens; reached the circumstance(grade II) of major
the management but are not corrected within a
Standard environmental event. Significant deficiencies: illegal
reasonable time;
and being punished; disregard the requirements of
(6)There is an administrative punishment from the
the company’s management system and the relevant
securities regulatory institution due to accounting
rules of law, there are illegal acts of using the
errors.
authority to seek illegal interests in the work, which
The following situations (including but not limited significantly affect the efficiency and the result of
to) shall be deemed as “significant deficiencies” in daily operation and management activities and lead
the internal control of the financial report and there to the audit report with qualified opinion issued by
are intense signs for the situations becoming the CPA; the negative news spread in a region,
“material deficiencies”: which caused the large-extent damage to the
(1) Frauds made by staff in key positions; company’s reputation; resulted in decease of a
(2)The supervisory function on compliance is worker or a citizen, or resulted in damages that need
invalid, and the violations of regulations may have a long time to recover to workers or citizens; reached
significant impact on the reliability of the financial the circumstance(grade Ⅲ) of big environmental
report; event.
(3)The significant deficiencies reported to the General deficiencies: minor violations; the
56
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
management but are not corrected within a awareness of management under in compliance with
reasonable period. laws and regulations is weak, lacking of business
The following situations (including but not limited and management knowledge, and there are
to) shall be deemed as “general deficiencies” in the phenomena such as being slack in performing
internal control of the financial report. management duties, being passive and poorly
(1) Frauds made by staff in non key positions, or execute the institution in the work, which shall affect
business operators execute the implementation the efficiency and the result of daily operation and
procedures not strictly conforming to the company’s management activities and lead to small effects to
policy but resulted in no significant impact on the the company’s management goal; the negative news
reliability of the financial report. spread within the company, which caused the
little-extent damage to the company’s reputation;
(2)The supervisory function on compliance is
shortly affected the health of the workers or citizens
invalid, and the violations of regulations may not
and the workers or citizens can be recovered in a
have a significant impact on the reliability of the
short time; reached the circumstance(grade Ⅳ) of
financial report;
general environmental event.
(3)
The general deficiencies reported to the
management but are not corrected within a
reasonable period.
Material deficiencies: potential misstatement≧1% Material deficiencies: potential misstatement≧1%
of the total amount of the owner’s equity or RMB of the total amount of the owner’s equity or RMB
200 million; significant deficiencies: 0.5% of the 200 million; significant deficiencies: 0.5% of the
total amount of the owner’s equity or RMB 100 total amount of the owner’s equity or RMB 100
Standards of million≤potential misstatement＜1% of the total million≤potential misstatement＜1% of the total
Quantitation amount of the owner’s equity or RMB 200 million; amount of the owner’s equity or RMB 200 million;
general deficiencies: potential misstatement＜0.5% general deficiencies: potential misstatement＜0.5%
of the total amount of the owner’s equity or RMB of the total amount of the owner’s equity or RMB
100 million 100 million
Number of major
defects in financial 0
reporting（a）
Number of major
defects in non financial 0
reporting (a)
Number of important
defects in financial 0
reporting（a）
Number of important
defects in non financial 0
reporting（a）
57
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
X. Internal Control audit report
√ Applicable □Not applicable
Review opinions in the internal control audit report
In our opinion, Guangdong Expressway has maintained effective financial report internal control in all material aspects according
to the basic standards for Enterprise internal control and relevant regulations ended December 31, 2015.
Disclosure of internal audit report Disclosure
Disclosure date of audit report
March 29, 2016
of internal control (full-text)
Index of audit report of
www.cninfo.com.cn
internal control (full-text)
Internal audit report’s opinion Unqualified audit opinion
Non-financial reporting the
No
existence of significant deficiencies
Has the CPAs issued a qualified auditor’s report of internal control .
□ Yes √No
Does the internal control audit report issued by the CPAs agree with the self-assessment report of the Board of Directors
√Yes □No
58
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
X. Financial Report
I. Audit report
Type eof audit opinion Standard Unqualified Audit Opinion
Date for signing the auditor’s report March 28, 2016
Guangdong Zhengzhong Zhujiang Certified Public Accountants Co., Ltd.（Special Geneaal
Name of audit firm
Partnership）
Name Wang Shaohua, Yao Jing
Auditors’ Report
To all shareholders of Guangdong Provincial Expressway Development Co., Ltd.:
We audited accompanying financial statements of Guangdong Provincial Expressway Development Co., Ltd.
(hereinafter referred to as "the Company"), including Consolidation and parent Company balance sheet on
December 31, 2015, Consolidation and parent Company income statement, Consolidation and parent Company
cash flow statement for the year 2015 and Consolidation and parent Company statement of change in
shareholders' equity and the notes to financial statements.
(I)Responsibilities of the management concerning the financial statements
The Management is responsible for the preparation and the true and fair presentation of these financial statements
in accordance with Accounting Standard for Business Enterprises and China Accounting System For Business
Enterprises. These responsibilities include: (i) designing, implementing and maintaining internal control relevant
to the preparation and the true and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error;(ii) selecting and applying appropriate accounting policies; (iii) and
making accounting estimates that are reasonable in the circumstances.
(II)Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with the Standards on Auditing for Certified Public Accountants. Those standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether
the financial statements free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor‘s judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity‘s preparation and true and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the prupose of expressing an opinion on the effectiveness of the entity‘s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
59
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
opinion.
(III). Auditing opinion
In our opinion, the financial statements give a true and fair view of the financial position of the Company as
of 31 December 2015 and its financial performance and cash flows for the year then ended in accordance with the
Accounting Standards for Business Enterprises and China Accounting System for Business Enterprises.
60
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
II. Financial statements
Currency unit for the statements in the notes to these financial statements:RMB
1. Consolidated balance sheet
Prepared by:：Guangdong Provincial Expressway Development Co., Ltd.
December 31, 2015
In RMB
Items At the end of term Beginning of term
Current asset：
Monetary fund 986,737,635.38 561,800,403.72
Settlement provision
Outgoing call loan
Financial assets measured at fair
value with variations accounted into
current income account
Derivative financial assets
Bill receivable
Account receivable 48,147,335.85 23,621,958.13
Prepayments 1,914,808.89 963,349.67
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Interest receivable
Dividend receivable
Other account receivable 16,436,699.69 28,245,949.17
Repurchasing of financial assets
Inventories 800,998.80
Assets held for sales
Non-current asset due in 1 year
Other current asset 40,632,376.52
Total of current assets 1,054,037,478.61 655,264,037.21
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Non-current assets：
Loans and payment on other’s behalf
disbursed
Disposable financial asset 1,796,056,064.29 1,946,619,228.45
Expired investment in possess
Long-term receivable
Long term share equity investment 2,635,251,969.72 2,706,081,363.32
Property investment 3,684,184.48 4,148,397.88
Fixed assets 6,591,106,343.61 7,176,766,024.73
Construction in progress 17,125,070.14 2,974,467.60
Engineering material 1,549,556.00 1,549,556.00
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 4,099,611.48 5,051,049.34
R & D petrol
Goodwill
Long-germ expenses to be amortized 3,576,970.11 5,006,154.74
Differed income tax asset 104,286.87 8,869,234.60
Other non-current asset 1,176,432.55 1,176,432.55
Total of non-current assets 11,053,730,489.25 11,858,241,909.21
Total of assets 12,107,767,967.86 12,513,505,946.42
Current liabilities
Short-term loans 150,000,000.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Bill payable
Account payable 154,217,021.14 150,799,208.60
Advance payment 4,709,312.20 4,868,022.79
Selling of repurchased financial assets
62
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Fees and commissions receivable
Employees’ wage payable 3,105,804.37 2,808,275.72
Tax payable 37,412,104.25 11,575,093.74
Interest payable 22,079,344.97 24,473,342.31
Dividend payable 11,681,423.74 11,148,088.30
Other account payable 186,766,854.50 369,325,097.99
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Liabilities held for sales
Non-current liability due in 1 year 1,309,080,000.00 400,480,000.00
Other current liability
Total of current liability 1,729,051,865.17 1,125,477,129.45
Non-current liabilities：
Long-term loan 4,081,760,000.00 4,393,840,000.00
Bond payable 997,000,000.00
Including：preferred stock
Sustainable debt
Long-term payable 52,022,210.11 2,022,210.11
Long-term payable employees’s
remuneration
Special payable
Expected liabilities
Deferred income
Deferrec income tax liability 116,526,766.79 124,150,064.67
Other non-current liabilities
Total non-current liabilities 4,250,308,976.90 5,517,012,274.78
Total of liability 5,979,360,842.07 6,642,489,404.23
Owners’ equity
Share capital 1,257,117,748.00 1,257,117,748.00
Other equity instruments
Including：preferred stock
Sustainable debt
63
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Capital reserves 1,534,772,601.74 1,534,771,223.07
Less：Shares in stock
Other comprehensive income 479,920,085.76 630,483,249.92
Special reserves
Surplus reserves 279,797,987.31 253,056,237.77
Common risk provision
Undistributed profit 1,657,681,399.78 1,340,748,017.33
Total of owner’s equity belong to the
5,209,289,822.59 5,016,176,476.09
parent company
Minority shareholders’ equity 919,117,303.20 854,840,066.10
Total of owners’ equity 6,128,407,125.79 5,871,016,542.19
Total of liabilities and owners’ equity 12,107,767,967.86 12,513,505,946.42
Legal Representative:Zhu Zhanliang
Person in charge of accounting：Fang Zhi
Accounting Dept Leader: Liu Xiaomei
2.Parent Company Balance Sheet
In RMB
Items At the end of term Beginning of term
Current asset：
Monetary fund 822,286,507.11 332,632,828.69
Financial assets measured at fair value
with variations accounted into current
income account
Derivative financial assets
Bill receivable
Account receivable
Prepayments 1,994,822.56 1,250,000.00
Interest receivable 137,958.34 387,936.10
Dividend receivable
Other account receivable 2,256,822.99 2,536,246.24
Inventories
64
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Assets held for sales
Non-current asset due in 1 year
Other current asset 170,603,625.00
Total of current assets 826,676,111.00 507,410,636.03
Non-current assets：
Disposable financial asset 1,796,056,064.29 1,946,619,228.45
Expired investment in possess
Long-term receivable
Long term share equity investment 5,053,688,539.24 5,108,422,809.68
Property investment 3,432,046.23 3,896,259.63
Fixed assets 3,734,470.83 5,463,902.97
Construction in progress
Engineering material
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 1,056,003.37 1,007,811.70
R & D petrol
Goodwill
Long-germ expenses to be amortized 3,261,555.68 4,955,719.12
Differed income tax asset
Other non-current asset 75,000,000.00 78,000,000.00
Total of non-current assets 6,936,228,679.64 7,148,365,731.55
Total of assets 7,762,904,790.64 7,655,776,367.58
Current liabilities
Short-term loans
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Bill payable
Account payable
Advance payment
Employees’ wage payable 1,022,391.27 955,391.47
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Tax payable 4,915,239.62 1,640,343.15
Interest payable 17,625,272.46 17,902,360.98
Dividend payable 11,681,423.74 11,148,088.30
Other account payable 6,378,723.77 3,342,843.69
Liabilities held for sales
Non-current liability due in 1 year 997,000,000.00
Other current liability 309,154,118.44 249,803,653.80
Total of current liability 1,347,777,169.30 284,792,681.39
Non-current liabilities：
Long-term loan 1,500,000,000.00 1,500,000,000.00
Bond payable 997,000,000.00
Including：preferred stock
Sustainable debt
Long-term payable 52,022,210.11 2,022,210.11
Employees’ wage payable
Special payable
Expected liabilities
Deferred income
Deferred income tax liability
Other non-current liabilities
Total of Non-current liabilities 1,552,022,210.11 2,499,022,210.11
Total of liability 2,899,799,379.41 2,783,814,891.50
Owners’ equity
Share capital 1,257,117,748.00 1,257,117,748.00
Other equity instrument
Including：preferred stock
Sustainable debt
Capital reserves 1,534,920,742.49 1,534,919,363.82
Less：Shares in stock
Other comprehensive income 479,920,085.76 630,483,249.92
Special reserves
Surplus reserves 279,797,987.31 253,056,237.77
Undistributed profit 1,311,348,847.67 1,196,384,876.57
Total of owners’ equity 4,863,105,411.23 4,871,961,476.08
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Total of liabilities and owners’ equity 7,762,904,790.64 7,655,776,367.58
3.Consolidated Income statement
In RMB
Item Report period Same period of the previous year
I. Income from the key business 1,545,498,589.11 1,455,054,983.70
Incl：Business income 1,545,498,589.11 1,455,054,983.70
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 1,430,796,069.77 1,462,489,187.28
Incl：Business cost 867,986,027.55 848,547,244.47
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Insurance policy dividend paid
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 54,438,413.95 52,884,774.49
Sales expense
Administrative expense 166,209,446.96 167,805,309.46
Financial expenses 342,004,056.37 401,972,752.87
Asset impairment loss 158,124.94 -8,720,894.01
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 505,392,075.50 419,963,723.25
Incl: investment gains from affiliates 435,543,369.59 374,852,598.76
Gains from currency exchange（“-”for
loss）
III. Operational profit（“-”for loss） 620,094,594.84 412,529,519.67
Add ：Non-operational income 28,448,162.03 10,696,374.75
Including：Income from disposal of
3,578.00 3,751,673.75
non-current assets
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Less：Non business expenses 6,126,824.34 11,236,078.96
Incl：Loss from disposal of non-current
3,041,722.04 3,602,575.90
assets
IV.Total profit(“-”for loss) 642,415,932.53 411,989,815.46
Less：Income tax expenses 102,985,897.54 53,140,304.88
V. Net profit 539,430,034.99 358,849,510.58
Net profit attributable to the owners of
469,386,906.79 318,754,807.85
parent company
Minority shareholders’ equity 70,043,128.20 40,094,702.73
VI. Other comprehensive income -150,563,164.16 522,265,975.68
Net of profit of other comprehensive inco
me attributable to owners of the parent co -150,563,164.16 522,265,975.68
mpany.
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent accounting
period
1.Re-measurement of defined benefit pla
ns of changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclass
ified into profit or loss.
（II）
Other comprehensive income that will be -150,563,164.16 522,265,975.68
reclassified into profit or loss.
1.Other comprehensive income under the
equity method investee can be reclassifie
d into profit or loss.
2.Gains and losses from changes in fair v
-150,563,164.16 522,265,975.68
alue available for sale financial assets
3.Held-to-maturity investments reclassifi
ed to gains and losses of available for sal
e financial assets
4.The effective portion of cash flow hedg
es and losses
5.Translation differences in currency fina
ncial statements
6.Other
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Net of profit of other comprehensive inco
me attributable to Minority shareholders’
equity
VII. Total comprehensive income 388,866,870.83 881,115,486.26
Total comprehensive income attributable
318,823,742.63 841,020,783.53
to the owner of the parent company
Total comprehensive income
70,043,128.20 40,094,702.73
attributable minority shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.37 0.25
(II)Diluted earnings per share 0.37 0.25
The current business combination under common control, the net profits of the combined party before achieved net profit of RMB 0,
last period the combined party realized RMB 0.
Legal Representative:Zhu Zhanliang
Person in charge of accounting：Fang Zhi
Accounting Dept Leader: Liu Xiaomei
4. Income statement of the Parent Company
In RMB
Items Report period Same period of the previous year
I. Income from the key business 17,259,744.96 38,226,359.03
Incl：Business cost 464,213.40 464,213.40
Business tax and surcharge 1,017,390.83 2,337,596.13
Sales expense
Administrative expense 87,133,240.32 80,702,135.14
Financial expenses 160,822,480.70 183,477,144.43
Asset impairment loss -445,529.50
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 499,544,231.95 421,678,016.13
Incl: investment gains from affiliates 436,624,090.84 376,566,891.64
II. Operational profit（“-”for loss） 267,366,651.66 193,368,815.56
Add ：Non-operational income 175,192.03 37,574.60
Including：Income from disposal
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
of non-current assets
Less：Non business expenses 124,348.25 351,800.00
Incl：Loss from disposal of
122,652.44 351,800.00
non-current assets
III.Total profit(“-”for loss) 267,417,495.44 193,054,590.16
Less：Income tax expenses
IV. Net profit（“-”for net loss） 267,417,495.44 193,054,590.16
V.Net of profit of other comprehensive i
-150,563,164.16 522,265,975.68
ncome
（I）Other comprehensive income
items that will not be reclassified into
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under th
e equity method investee can not be recl
assified into profit or loss.
（ II ）
Other comprehensive income that will b -150,563,164.16 522,265,975.68
e reclassified into profit or loss.
1.Other comprehensive income under th
e equity method investee can be reclassi
fied into profit or loss.
2.Gains and losses from changes in fair
-150,563,164.16 522,265,975.68
value available for sale financial assets
3.Held-to-maturity investments reclassif
ied to gains and losses of available for s
ale financial assets
4.The effective portion of cash flow hed
ges and losses
5.Translation differences in currency fin
ancial statements
6.Other
VI. Total comprehensive income 116,854,331.28 715,320,565.84
VII. Earnings per share：
（I）Basic earnings per share
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
(II)Diluted earnings per share
5. Consolidated Cash flow statement
In RMB
Items Report period Same period of the previous year
I.Cash flows from operating activities
Cash received from sales of goods or
rending of services
Net increase of customer deposits
1,513,035,761.18 1,449,260,204.91
and capital kept for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from
other financial bodies
Cash received against original insurance
contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Net increase of trade financial asset
disposal
Cash received as interest, processing fee
and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Tax returned
Other cash received from business
66,881,214.31 57,203,521.78
operation
Sub-total of cash inflow 1,579,916,975.49 1,506,463,726.69
Cash paid for purchasing of
178,149,928.54 176,249,231.57
merchandise and services
Net increase of client trade and advance
Net increase of savings n central bank
and brother company
Cash paid for original contract claim
Cash paid for interest, processing fee
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 217,286,836.16 225,265,894.32
Taxes paid 139,262,525.10 72,816,246.08
Other cash paid for business activities 48,224,394.50 64,890,607.93
Sub-total of cash outflow from business
582,923,684.30 539,221,979.90
activities
Cash flow generated by business
996,993,291.19 967,241,746.79
operation, net
II.Cash flow generated by investing
Cash received from investment
79,790,549.00
retrieving
Cash received as investment gains 537,034,545.10 193,985,633.34
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 19,236.01 4,163,975.87
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 20,000,000.00 8,652,012.00
Sub-total of cash inflow due to
636,844,330.11 206,801,621.21
investment activities
Cash paid for construction of
fixed assets, intangible assets 97,152,722.60 234,514,570.92
and other long-term assets
Cash paid as investment 55,995,231.00
Net increase of loan against pledge
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
97,152,722.60 290,509,801.92
investment activities
Net cash flow generated by investment 539,691,607.51 -83,708,180.71
III.Cash flow generated by financing
Cash received as investment
Incl: Cash received as investment from
minor shareholders
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Cash received as loans 50,000,000.00 335,000,000.00
Cash received from bond placing
Other financing –related ash received 1,378.67 12,507.50
Sub-total of cash inflow from financing
50,001,378.67 335,012,507.50
activities
Cash to repay debts 675,480,000.00 1,118,485,000.00
Cash paid as dividend, profit, or
479,597,707.56 511,451,389.15
interests
Incl: Dividend and profit paid by
5,765,891.10 24,591,472.01
subsidiaries to minor shareholders
Other cash paid for financing activities 6,171,000.00 3,000,000.00
Sub-total of cash outflow due to
1,161,248,707.56 1,632,936,389.15
financing activities
Net cash flow generated by financing -1,111,247,328.89 -1,297,923,881.65
IV. Influence of exchange rate
-500,338.15 -277,966.53
alternation on cash and cash equivalents
V.Net increase of cash and cash
424,937,231.66 -414,668,282.10
equivalents
Add: balance of cash and cash
561,800,403.72 976,468,685.82
equivalents at the beginning of term
VI ..Balance of cash and cash
986,737,635.38 561,800,403.72
equivalents at the end of term
6. Cash Flow Statement of the Parent Company
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or
8,427,703.28 7,218,877.08
rending of services
Tax returned
Other cash received from business
75,642,062.47 33,835,283.02
operation
Sub-total of cash inflow 84,069,765.75 41,054,160.10
Cash paid for purchasing of
merchandise and services
Cash paid to staffs or paid for staffs 46,591,029.83 49,722,027.43
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Taxes paid 1,197,864.49 3,162,157.36
Other cash paid for business activities 37,419,882.44 102,667,132.31
Sub-total of cash outflow from business
85,208,776.76 155,551,317.10
activities
Cash flow generated by business
-1,139,011.01 -114,497,157.00
operation, net
II.Cash flow generated by investing
Cash received from investment
40,549,909.00
retrieving
Cash received as investment gains 554,332,218.39 267,760,049.38
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 1,425.00 4,500.00
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 142,082,019.44 1,034,359,286.47
Sub-total of cash inflow due to
736,965,571.83 1,302,123,835.85
investment activities
Cash paid for construction of
fixed assets, intangible assets 624,472.63 1,871,580.63
and other long-term assets
Cash paid as investment 55,995,231.00
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
505,000,000.00
activities
Sub-total of cash outflow due to
624,472.63 562,866,811.63
investment activities
Net cash flow generated by investment 736,341,099.20 739,257,024.22
III.Cash flow generated by financing
Cash received as investment
Cash received as loans 50,000,000.00
Cash received from bond placing
Other financing –related ash received 1,378.67 12,507.50
Sub-total of cash inflow from
50,001,378.67 12,507.50
financing activities
Cash to repay debts 800,000,000.00
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Cash paid as dividend, profit, or
288,878,450.29 271,035,755.09
interests
Other cash paid for financing activities 6,171,000.00 3,000,000.00
Sub-total of cash outflow due to
295,049,450.29 1,074,035,755.09
financing activities
Net cash flow generated by financing -245,048,071.62 -1,074,023,247.59
IV. Influence of exchange rate
-500,338.15 -277,966.53
alternation on cash and cash equivalents
V.Net increase of cash and cash
489,653,678.42 -449,541,346.90
equivalents
Add: balance of cash and cash
332,632,828.69 782,174,175.59
equivalents at the beginning of term
VI ..Balance of cash and cash
822,286,507.11 332,632,828.69
equivalents at the end of term
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
Amount in this period
Owner’s equity Attributable to the Parent Company
Items
Other Equity instrusment Minor
Less: Other Common Total of
Share Capital Specialized Surplus Attributable shareholders’
preferred Shares Comprehensive risk owners’ equity
Capital Sustainable Other reserves reserve reserves profit equity
stock in stock Income provision
debt
I.Balance at the 1,257,11 1,534,771 253,056,23
630,483,249.92 1,340,748,017.33 854,840,066.10 5,871,016,542.19
end of last year 7,748.00 ,223.07 7.77
Add: Change of
accounting
policy
Correcting of
previous errors
Merger of entities
under common
control
Other
II.Balance at the
1,257,11 1,534,771 253,056,23
beginning of 630,483,249.92 1,340,748,017.33 854,840,066.10 5,871,016,542.19
7,748.00 ,223.07 7.77
current year
III.Changed in the -150,563,164.1 26,741,749.
1,378.67 316,933,382.45 64,277,237.10 257,390,583.60
current year 6 54
76
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
（1）Total
-150,563,164.1
comprehensive 469,386,906.79 70,043,128.20 388,866,870.83
6
income
（II）Investment
or decreasing of
capital by owners
1．Ordinary Shares
invested by hareh
olders
2．Holders of other
equity instruments
invested capital
3．Amount of
shares paid and
accounted as
owners’ equity
4．Other
（III）Profit 26,741,749.
-152,453,524.34 -5,765,891.10 -131,477,665.90
allotment 54
1.Providing of 26,741,749.
-26,741,749.54
surplus reserves 54
2.Providing of
common risk
provisions
3．Allotment to the
-125,711,774.80 -5,765,891.10 -131,477,665.90
owners (or
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
shareholders)
4．Other
(IV) Internal
transferring of
owners’ equity
1. Capitalizing of
capital reserves (or
to capital shares)
2. Capitalizing of
surplus reserves
(or to capital
shares)
3．Making up
losses by surplus
reserves.
4. Other
(V). Special
reserves
1. Provided this
year
2．Used this term
（VI）Other 1,378.67 1,378.67
IV. Balance at the 1,257,11 1,534,772 279,797,98
479,920,085.76 1,657,681,399.78 919,117,303.20 6,128,407,125.79
end of this term 7,748.00 ,601.74 7.31
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Amount in last year
In RMB
Amount in last year
Owner’s equity Attributable to the Parent Company
Items
Other Equity instrusment Less: Minor
Other Common Total of
Share Capital Shares Specialized Surplus Attributable shareholders’
preferred Comprehensive risk owners’ equity
Capital Sustainable Other reserves in reserve reserves profit equity
stock Income provision
debt stock
I.Balance at the end of 1,257,11 1,534,758 233,750,778
108,217,274.24 1,104,154,555.90 814,745,363.37 5,052,744,435.83
last year 7,748.00 ,715.57 .75
Add: Change of
accounting policy
Correcting of previous
errors
Merger of entities under
common control
Other
II.Balance at the 1,257,11 1,534,758 233,750,778
108,217,274.24 1,104,154,555.90 814,745,363.37 5,052,744,435.83
beginning of current year 7,748.00 ,715.57 .75
III.Changed in the current 19,305,459.
12,507.50 522,265,975.68 236,593,461.43 40,094,702.73 818,272,106.36
year 02
（1）Total comprehensive
522,265,975.68 318,754,807.85 40,094,702.73 881,115,486.26
income
（II）Investment or 12,507.50 12,507.50
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
decreasing of capital by
owners
1．Ordinary Shares invest
ed by hareholders
2．Holders of other equity
instruments invested capi
tal
3．Allotment to the
owners (or shareholders)
4．Other 12,507.50 12,507.50
(IV) Internal transferring 19,305,459.
-82,161,346.42 -62,855,887.40
of owners’ equity 02
1. Capitalizing of capital
19,305,459.
reserves (or to capital -19,305,459.02
02
shares)
2. Capitalizing of surplus
reserves (or to capital
shares)
3．Making up losses by
-62,855,887.40 -62,855,887.40
surplus reserves.
4. Other
(VI )Special reserves
1. Provided this year
2．Used this term
（VII）Other
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
IV. Balance at the end of
this term
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
IV. Balance at the end of 1,257,11 1,534,771 253,056,237
630,483,249.92 1,340,748,017.33 854,840,066.10 5,871,016,542.19
this term 7,748.00 ,223.07 .77
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
Amount in this period
Other Equity instrusment Less:
Other Common Total of
Items Capital Shares Surplus Attributable
Share Capital preferred Comprehensive risk owners’
Sustainable Other reserves in reserves profit
stock Income provision equity
debt stock
1,534,9
253,056, 1,196,384,8 4,871,961,47
I.Balance at the end of last year 1,257,117,748.00 19,363. 630,483,249.92
237.77 76.57 6.08
82
Add: Change of accounting policy
Correcting of previous errors
81
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Other
1,534,9
253,056, 1,196,384,8 4,871,961,47
II.Balance at the beginning of current year 1,257,117,748.00 19,363. 630,483,249.92
237.77 76.57 6.08
82
1,378.6 26,741,7 114,963,971 -8,856,064.8
III.Changed in the current year -150,563,164.16
7 49.54 .10 5
267,417,495 116,854,331.
（I）Total comprehensive income -150,563,164.16
.44 28
(II) Investment or decreasing of capital by owners
1．Ordinary Shares invested by hareholders
2．Holders of other equity instruments invested capital
3.Amount of shares paid and accounted as owners’ equity
4．Other
26,741,7 -152,453,52 -125,711,774
（III）Profit allotment
49.54 4.34 .80
26,741,7 -26,741,749
1.Providing of surplus reserves
49.54 .54
-125,711,77 -125,711,774
2．Allotment to the owners (or shareholders)
4.80 .80
3．Other
(IV)Internal transferring of owners’ equity
1. Capitalizing of capital reserves (or to capital shares)
2. Capitalizing of surplus reserves (or to capital shares)
3．Making up losses by surplus reserves.
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
4. Other
(V) Special reserves
1. Provided this year
2．Used this term
1,378.6
（VI）Other 1,378.67
7
1,534,9
279,797, 1,311,348,8 4,863,105,41
IV. Balance at the end of this term 1,257,117,748.00 20,742. 479,920,085.76
987.31 47.67 1.23
49
Amount in last year
In RMB
Amount in last year
Other Equity instrusment Less: Other Common Total of
Items Capital Surplus Attributable
Share Capital preferred Sustainable Shares in Comprehensive risk owners’
Other reserves reserves profit
stock debt stock Income provision equity
1,534,90 233,750,77 1,085,491,63 4,219,484,29
I.Balance at the end of last year 1,257,117,748.00 108,217,274.24
6,856.32 8.75 2.83 0.14
Add: Change of accounting policy
Correcting of previous errors
Other
1,534,90 233,750,77 1,085,491,63 4,219,484,29
II.Balance at the beginning of current year 1,257,117,748.00 108,217,274.24
6,856.32 8.75 2.83 0.14
12,507.5 19,305,459. 110,893,243. 652,477,185.
III.Changed in the current year 522,265,975.68
0 02 74 94
83
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
193,054,590. 715,320,565.
（I）Total comprehensive income 522,265,975.68
16 84
(II) Investment or decreasing of capital by 12,507.5
12,507.50
owners 0
1．Ordinary Shares invested by hareholders
2．Holders of other equity instruments inve
sted capital
3.Amount of shares paid and accounted as
owners’ equity
12,507.5
4．Other 12,507.50
0
19,305,459. -82,161,346.4 -62,855,887.4
（III）Profit allotment
02 2 0
19,305,459. -19,305,459.0
1.Providing of surplus reserves
02 2
2．Allotment to the owners (or -62,855,887.4 -62,855,887.4
shareholders) 0 0
3．Other
(IV)Internal transferring of owners’ equity
1. Capitalizing of capital reserves (or to
capital shares)
2. Capitalizing of surplus reserves (or to
capital shares)
3．Making up losses by surplus reserves.
4. Other
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
1,534,91 253,056,23 1,196,384,87 4,871,961,47
IV. Balance at the end of this term 1,257,117,748.00 630,483,249.92
9,363.82 7.77 6.57 6.08
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
III. Compan y Profil e
(1).Hist ory
The Com pany wa s est abl ishe d in Februa ry 1993, whi ch wa s origi nall y name d as Gua ngdong
Foka i Expre ssway Co., Lt d. On June 30, 1993, it wa s re name d as Gua ngdong Provinc ia l
Expre sswa y De vel opme nt Co., Lt d. after re organi za ti on purs uant to the approval of the Offic e
of Joint Exa mi nati on Group of Expe ri men tal Uni ts of Sha re Holdi ng Syst em with YLS B
(1993)No. 68 docume nt. The share ca pita l struct ure after re organi za tion is as fol lows:
Composition of state-owned shares: The appraised net value of state-owned assets of Guangdong Jiujiang Bridge
Co. and Guangfo Expressway Co., Ltd. as of January 31, 1993 confirmed by Guangdong State-owned Asset
Management Dept., i.e.,RMB 418.2136 million, was converted into 155.025 million shares. Guangdong
Expressway Co. invested cash of RMB 115 million to subscribe for 35.9375 million shares. Other legal persons
invested cash of RMB 286.992 million to subscribe for 89.685 million shares. Staff of the Company invested
RMB 87.008 million to subscribe for 27.19 million shares. The total is RMB 307.8375.
2 ． Pursuant to the approval of Guangdong Economic System Reform Committee and Guangdong Securities
Regulatory Commission with YTG (1996) No. 67 document, part of the shareholders of non-state-owned legal
person shares transferred 20 million non-state-owned legal person shares to Malaysia Yibao Engineering Co., Ltd.
in June 1996.
3. Pursuant to the approval of Securities Commission under the State Council with WF (1996) No. 24 approval
document and that of Guangdong Economic System Reform Committee with YTG (1996) No. 68 document, the
Company issued 135 million domestically listed foreign investment shares (B shares) to overseas investors at the
price of HKD 3.54 (equivalent to RMB 3.8) with the par value of each share being RMB 1 during June to July
1996.
4. Pursuant to the reply of the Ministry of Foreign Trade and Economic Cooperation of the People’ s Republic of
China with (1996) WJMZYHZ No. 606 document, the Company was approved to be a foreign-invested joint
stock company limited.
5．The Company distributed dividends and capitalized capital common reserve for the year 1996 in the following
manner: The Company paid 1.7 bonus shares f or each 10 shares and capitalized capital common reserve on
3.3-for-10 basis.
6. Pursuant to the approval of China Securities Regulatory Committee (CSRC) with ZJFZ (1997) No. 486 and No.
487 document, the Company issued 100 million public shares (A shares) at the price of RMB 5.41 in term of
“payable in full on application, pro-rate placing and subject to refund” with the par value of each share being
RMB 1 in January 1998.
7．In accordance with the Resolutions of the 1999 Shareholders’ General Meeting of the Company and pursuant to
the approval of Guangzhou Securities Regulatory Office under CSRC with GZZJH (2000) No. 99 and that of
CSRC with ZJGSZ (2000) No. 98, the Company offered 3 Rights for every 10 shares of 764.256249 million
shares at the price of RMB 11 per Right.73,822,250 ordinary shares were actually placed to all
8. Pursuant to the reply of the General Office of the People’ s Government of Guangdong Province with YBH
(2000) No. 574 document, the state-owned shares were transferred to Guangdong Communication Group Co.,
Ltd. (Group Co.) for holding and management without compensation.
9.Pursuant to the approval of Shenzhen Stock Exchange, 53.0205 million staff shares of the Company (132,722
shares held by directors, supervisors and senior executives are temporarily frozen) were listed on February 5,
2001.As of December 31,2015, the quantity of the shares subject to sale restriction held by senior executives is
143,524.
10.In accordance with the resolutions of 2000 annual shareholders’ general meeting, the Company capitalized
capital common reserve into 419,039,249 shares on 5-for-10 basis with the total share capital as of the end of 2000,
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i.e., 838,078,499 shares as base. The date of stock right registration was May 21, 2001. The ex-right date was May
22, 2001.
11 ． On March 8, 20 04,As approve d by Chi na Sec uriti es Regul atory Commi ssion by do cume nt
Zhe ng-Jia n-Go ng-S i-Zi [2003]No.3, the 45,00 0,000 non-ne goti abl e fore ign sh ares we re
plac e d in She nzhe n Stoc k
12. On December 21, 2005, the Company's plan for share holding structure reform was voted through at the
shareholders' meeting concerning A shares. On January 26 2006, The Ministry of Commerce of PRC issued “The
approval on share converting of Guangdong Provincial Expressway Development Co., Ltd.” to approve the share
equity relocation and transformation. On October 9 2006, according to the “Circular about implementing of share
equity relocation and relative trading” issued by Shenzhen Stock Exchange, the abbreviation ID of the Company’s
A shares was restored from “G-Expressway” “Expressway A”.
(2)Organization structure and the actual controller of the Company
As of June 30, 2014，Registration capital :RMB1,257,117,748，Legal representative：Zhu Zhanliang,Registration
place:No.85, Baiyun Road, Guangzhou, Headquarters Office: 45-46/F, Litong Plaza, No.32, Zhujiang East Road,
Zhujiang New City, Tihe Disrtict , Guangzhou，The company has set up: Investment Development Dept, Security
Affairs Department, Management Department, Financial Management Department, Base construction Department,
Audit and Supervise Department, Affairs Department, Personnel Department , Party Work Department, Law
affairs Department , Project Office and Labour union etc.
Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative: Li
Jing. Date of establishment: June 23, 2000. As of December 31, 2014,Registered capital: RMB 26.8 billion. It is a
solely state-owned limited company. Business scope：equity management, organization of asset reorganization and
optimized allocation, raising funds by means including mortgage, transfer of property rights and joint stock
system transformation, project investment, operation and management, traffic infrastructure construction, highway
and railway project operation and relevant industries, technological development, application, consultation and
services, highway and railway passenger and cargo transport, ship industry, relevant overseas businesses; The
value-added telecom business.
（3）The company’s main business and share ,Holding company
The company operated the construction of the highway construction, grading roads, bridges;Management fees and
maintenance of roads, bridges, and car rescue, maintenance, cleaning, concurrently with the company's business s
upporting motor transport, warehousing operations.
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway, investm
ent in technological industries and provision of relevant consultation while investing in Shenzhen Huiyan Express
way Co., Ltd., Guangzhou Guanghui Expressway Co., Ltd.,Jingzhu Expressway Guangzhu Co., Ltd.,Guangdong J
iangzhong Expressway Co., Ltd., Zhaoqing Yuezhao Expressway Co., Ltd.,Ganzhou Kangda Expressway , Ganzh
ou Gankang Expressway Co., Ltd.,Guangdong Yueke Technology Micro Loan Co., Ltd.and Guangdong Guangle
Expressway Co.,Ltd.
4. Scope of consolidated financial statements
The company's 2015 annual consolidated subsidiaries of total 3 companies, the scope of consolidated financial stat
ements did not change compared with the previous period,Refer to Notes VI, Notes of financial
statements ,Change of consolidation scope and Notes VII, Notes of financial statements, Equity in other entities
for more details.
5. Approval of the financial statements reported
The financial statements for 2015 have been authorized for issuance by the Board of Directors of the Group on
March 28,2016.
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IV. Basis for the preparation of financial statements
1.Preparation basis
The company prepares the financial statements on the basis of a continuous operation, the actual transactions,
“Accounting Standards for Enterprises – Basic Standards”, other accounting standards & related regulations.
Furthermore, all the materials of financial statements of the company meet the relevant disclosure requirements of
financial statements and notes on the “Editing and Reporting Rules Regarding Information Disclosure for
Companies Publicly Issuing Securities No. 15 – General Regulations for Financial Reporting (revised in 2014) by
China Securities Regulatory Commission.
2.Continuation
There will be no such events or situations in the 12 months from the end of the reporting period that will cause
material doubts as to the continuation capability of the Company.
V. Important accounting policies and estimations
Indication of specific accounting policies and estimations:
N/A
1. Statement of Compliance with the Accounting Standards for Business Enterprises
The financial statements prepared by the Company comply with the requirements of corporate accounting
standards. They truly and completely reflect the financial situations, operating results, equity changes and cash
flow, and other relevant information of the company.
2.Fiscal Year
The Company adopts the Gregorian calendar year commencing on January 1 and ending on December 31 as the
fiscal year.
3.Operating cycle
An operating cycle for the Company is 12 months, which is also the classification critera for the liquidity of its
assets and liabilities.
4.Standard currency for bookkeeping
The Company takes RMB as the standard currency for bookkeeping.
（5）Accountings for Business Combinations under the Same Control & Business Combinations not under the
Same Control
1.Business Combinations under the Same Control
The assets and liabilities acquired by the company in the business combination shall be measured as per the
obtained book value of owner’s equity of the combined party in the consolidated financial statements.As for the
balance between the carrying amount of the net assets obtained by the combining party & the carrying amount of
the consideration paid by it (or the total par value of the shares issued), the additional paid-in capital shall be
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
adjusted. If the additional paid-in capital is not sufficient to be offset, the retained earnings shall be adjusted.
The direct costs for the business combination of the company, including the expenses for audit, assessment and
legal services, shall be recorded into the profits & losses at the current period.
The handling fees, commissions & other expenses for the issuance of equity securities for the business
combination shall be credited against the surplus of equity securities; if the surplus is not sufficient, the retained
earnings shall be offset.
Where the accounting policies adopted by the combined parties are different from those adopted by the company,
the company shall adjust them on the combining date according to the accounting policy it adopts, and shall,
pursuant to the Accounting Standards for Enterprises, recognize them on the basis of such adjustments.
2. Business Combinations not under the Same Control
The assets paid as the consideration for the business combination & the liabilities assumed on the acquisition date
shall be measured in accordance with the fair value. The difference between the fair value & its carrying amount
shall be recorded into the profits & losses at the current period.
The company will distribute the combination costs on the acquisition date.
The company shall recognize the positive balance between the combination costs & the fair value of the
identifiable net assets it obtains from the acquire as Goodwill while it shall record the negative balance between
the combination costs & the fair value of the identifiable net assets it obtains from the acquire into the profits &
losses of the current period.
As for the assets other than intangible assets acquired from the acquire in a business combination (not limited to
the assets which have been recognized by the acquire), if the economic benefits brought by them are likely to flow
into the enterprise and their fair values can be measured reliably, they shall be separately recognized and measured
in light of their fair values. As for any intangible asset acquired in a combination, if its fair value can be measured
reliably, it shall be separately recognized as an intangible asset and shall measured in light of its fair value. As for
the liabilities other than contingent liabilities acquired from the acquire, if the performances of the relevant
obligations are likely to result in any out-flow of economic benefits from the enterprise, and their fair values can
be measured reliably, they shall be separately recognized and measured in light of their fair values. As for the
contingent liabilities of the acquire obtained in a combination, if their fair values can be measured reliably, they
shall be separately recognized as liabilities and shall be measured in light of their fair values.
6.Methods for Preparing the Consolidated Financial Statements
The scope of the consolidated financial statements will be recognized on the basis of controlling. All the
subsidiaries will be included into the consolidated financial statements.
The accounting policies & accounting periods adopted by all the subsidiaries that have been included into the
scope of the consolidated financial statements should be consistent with those adopted by the company. If the
accounting policies & accounting periods adopted by the subsidiaries are different from those adopted by the
company, the company shall make necessary adjustments according to the accounting policies & accounting
periods it adopts when preparing the consolidated financial statements.
After adjusting the long-term equity investments on its subsidiaries according to the equity method, the company
shall prepare the consolidated financial statements based on the financial statements of the company & its
subsidiaries, and other related documents.
The influences of the internal transactions between the company & its subsidiaries, and its subsidiaries themselves
on the consolidated balance sheet, consolidated profit statement, consolidated cash flow statement &
consolidated statement of changes in owner’s equity will be counteracted at the preparation of the consolidated
financial statements.
The portion of a subsidiary’s equity that is not attributable to the parent is treated as minority shareholders’
interest and presented as “minority interest” in the consolidated balance sheet within owners’ equity. The portion
of net profits or losses of subsidiaries for the period attributable to minority interest is presented in the
consolidated income statement below the “net profit” line item as “minority interest”. In the consolidated financial
statements, when the amount of loss for the period attributable to the minority shareholders of a subsidiary
exceeds the minority shareholders’ portion of the opening balance of owners’ equity of the subsidiary, the excess
amount should be still allocated against minority interest.
In the report period, If the subsidiary is added through the business combination under the same control, the
beginning balance of the consolidated balance sheet shall be adjusted. The incomes, expenses & profits of the
subsidiary incurred from the beginning of the current period to the end of the reporting period shall be included
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into the consolidated profit statement. The cash flow from the beginning of the current period to the end of the
reporting period shall be included into the consolidated cash flow statement.
For purchase of minority interests held by the minority shareholders of a subsidiary, when preparing the
consolidated financial statements, the difference between the long-term equity investment newly gained by buying
minority interests and the portion of net assets consistently calculated from the acquisition date (or the
consolidation date) pursuant to newly added shareholding percentage entitled by the subsidiary should be adjusted
to the owners’ equity (the capital reserve). If the capital reserve is not sufficient to absorb the difference, any
excess is adjusted against retained earnings.
In the report period, If the company disposes its subsidiary, the incomes, expenses & profits incurred from the
beginning of the subsidiary to the disposal date shall be included into the consolidated profit statement. The cash
flow from the beginning of the subsidiary to the disposal date shall be included into the consolidated cash flow
statement.
7.Joint venture arrangements classification and Co-operation accounting treatment
⑴A joint arrangement refers to an arrangemnt jointly controlled by two participants or above.，the joint venture
arrangements include co-operation and joint ventures.
(2)When the joint venture company for joint operations, confirm the following items and share com
mon business interests related to:
（1）Confirm individual assets and common assets held based on shareholdings;
（2）Confirm individual liabilities and shared liabilities held based on shareholdings;
（3）Confirm the income from the sales revenue of co-operate business output
（4）Confirm the income from the sales of the co-operate business output based on shareholdings;
（5）Confirm the individual expenditure and co-operate business cost based on shareholdings.
⑶When a company is a joint ventures, joint venture investment will be recognized as long-term equity investment
s and long-term equity investments are accounted for in accordance with the method of the Notes to Financial Stat
ements.
8.Recognition Standard of Cash & Cash Equivalents
The company recognizes its cash in vault & the deposits that are ready for payment at any time as cash when
preparing the cash flow statement.which are featured with short term (expire within 3 months since purchased),
high liquidity, easy to convert to know cash, low in risk of value change, could be recognized as cash equivalents.
Equity investment are not recognized as cash equivalents.
9.Foreign Currency Transaction
（1）Foreign Currency Transaction
For the company with non-functional currency business, the middle rate of the market exchange rate published by
People’s Bank of China on the date of occurrence of business are recorded as the functional currency, and the
balances of foreign currency shall be adjusted by the end of the month according to the middle rate of the market
exchange rate published by People’s Bank of China at the end of period. The differences between the recording
currency amount converted by the exchange rate at the end of period and the carrying currency amount are as
“Finance Costs – Exchange Gains and Losses” and recorded into the current profits or losses. The exchange gains
and losses related to borrowings on the fixed assets shall be made treatment according to the principles of
borrowing costs capitalization.
（2）Conversion of Foreign Financial statement
If overseas subsidiaries, cooperative enterprises, joint ventures, branches of the company adopt the different
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
functional recording currency and record the overseas business of the company into the financial statements
through the consolidated statements and the accounting by the equity method, the overseas financial statements
shall be translated as the recording functional currency. Before the translation, the company shall adjust the
accounting period and policy of overseas business in order to make the consistent adjustment, and translate the
overseas financial statements according to the financial statements of the preparation of corresponding currency
after the accounting policy and period adjusted and as per the following methods:
1 For the assets and liabilities in the balance sheet, the shot exchange rate on the balance sheet date is adopted
as the translation exchange rate. For the owner’s equity, the shot exchange rate on the transaction date is
adopted as the translation exchange rate, with the exception of “undistributed profits”.
2 The incomes and expenses in the income statement shall be translated at the spot exchange rate or the
approximate exchange rate on the transaction date.
3 The translation gap of financial statement of foreign currency shall be listed under the owner’s equity in the
consolidated balance sheet in the preparation of the consolidated financial statements.
10.Financial tools
1. Categories of financial Tools
The Company divides the financial assets into four categories: financial assets measured at fair value and
their variations are recognized as current gain/loss, including trade financial assets or financial liabilities and
recognized directly as financial assets measured at fair value and their variations are recognized as current
gain/loss; Investment hold till expiration; loans and account receivable; saleable financial assets .The company
divides the financial liabilities into two categories: financial liabilities measured at fair value and their variations
are recognized as current gain/loss; other financial liabilities.
2. Recognition and measurement of financial tools
(1) Financial assets and liabilities measured at fair value and their variations are recognized as current gain/loss
The fair value (after deducting of announced but not distributed cash dividend or due but not obtained bond
interests) is recognized as initial amount when obtained.
Interests or cash dividends during the period of holding are recognized as investment gains. The fair value will be
adjusted and accounted as current gain/loss.
When disposed, the differences between fair value and initial amount are recognized as investment gains, and thus
adjust the gain/loss of fair value.
(2) Investment hold till expiration
The fair value (after deducting of due but not obtained bond interests) plus the related trade expenses is
recognized as initial amount when obtained.
Interest gains will be calculated at amortizing of costs and actual interest rate (the face rate is adopted when the
difference between the actual rate and face rate is minor) during the period of holding, and accounted as
investment gains. Actual rate is recognized when obtained, and is not changed in the predictable holding period or
applicable shorter period.
When disposed, the difference between the obtained price and book value is accounted as investment gains.
If the company sells or reclassifies large-amount due investments before the expired date (large amount refers to
comparing with the amount before the selling or reclassifying the investments), the company will reclassify the
rest of the investments as financial assets for sale, and in the current accounting period or within two complete
accounting years, no financial assets will be classified as holding due assets, except for the following situations:
the sale date or reclassification date is close to the expired date of the investment (such as three months before the
expired), and the change of interest rate has no significant influence on the fair value of the investment; after all
the initial principal is mostly recovered according to periodic payments or repay in advance regulated in the
contract, the rest part will be sold or reclassified; the sale and reclassification is caused by the independent events
which are uncontrollable and unexpected and will not happen any more.
(3) Account receivable
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
The receivable debts of selling goods or providing services, and the credits of other company hold by the
company not including the debt which has price in active market, including accounts receivable, notes receivable,
prepaid accounts, other receivables, long-term receivables, etc. The contract or agreement price charging from
purchaser should be taken as the initial confirmation amount; if it has the nature of financing, it should be
confirmed according its current value.
When retrieved or disposed of, the difference between the actual received amount and the book value is accounted
as current gain/loss.
(4) Saleable financial assets
The fair value (after deducting of announced but not distributed cash dividend or due but not obtained bond
interests) plus the related trade expenses is recognized as initial amount when obtained.
Interest or cash dividend occurred during the period of holding is recognized as investment gains. Change of fair
value is accounted as capital reserves (other capital reserves) at the end of term.
When disposed, the difference between the obtained price and book value is accounted as investment gains.
Meanwhile, the corresponding part of accumulated change of fair value accounted as owners’ equity is transferred
into investment gain/loss.
(5) Other financial liabilities
Other financial liabilities are recognized initially at the sum of fair value and related trade expenses. Successive
measurement will be on the basis of amortized costs.
3. Recognition and measurement basis of financial asset transposition
When financial asset transposition occurred, the recognition of this particular financial asset is terminated if
almost all risks and rewards attached to the asset have been transferred to the acceptor. If retain all the risks and
rewards of ownership of financial assets, the financial assets can be confirmed.
When determine whether the transfer of financial assets meet the conditions of confirmation of the above financial
assets, the principle of substance being more important than form should be adopted. The transfer of financial
assets can be divided into overall transfer and part transfer of financial assets. If the transfer of financial assets
meet the conditions of terminating confirmation, the following the difference of the two amounts will be included
in the current profit and loss:
(1) Book value of the financial asset to be transposed;
(2) The sum of price received due to the transposition, and the accumulation of change in fair value originally
accounted as owners’ equity (when the asset to be transposed is saleable financial asset).
If part transfer of financial assets meet the conditions of terminating confirmation, the book value of the
transferred financial assts, the difference between the confirmed part and the unconfirmed part (in this case, the
service assets retained should be deemed as the part of unconfirmed financial assets), should be amortized in
accordance with their relative fair value, and the difference between the following two amount should be included
current profit and loss:
① Book value of the confirmed part;
②All fair values of financial assets and financial liabilities are recognized with reference to the price in the active
market.
If the transfer of financial assets does not meet the conditions of terminating confirmation, the financial assets
should be confirmed again, the prices received will recognized as financial liabilities.
4.The conditions to stopping the financial liabilities
The obligation of financial liabilities are already cancelled which should be stopped confirming the financial
liability or the part of it. Our company could stop confirming the currently financial liability and begin to confirm
the newly financial liability if the loaner made an agreement that they would assume the new way of financial
liability which replace the current one, and make sure the newly financial liability is totally different from the old
one in contract with our company.
Stop admitting the financial liability or a part of it, and at mean time we could admit the newly financial liability
which is in new insertions of contract as the newly financial liability if the current financial liability has been
revised.
Stop admitting the balance of value of financial liability and consideration (Including the roll-out of non-cash
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
assets or financial liabilities) which could be consider as current profits and losses.
Stop and continue admitting a part of value, and distribute the value of financial liability, if our company
repurchased the part of financial liability. And the balance of value of which distributed to the part of stopping
admitting and paid (Including the roll-out of non-cash assets or financial liabilities) which could be consider as
current profits and losses.
5.Recognition basis of financial assets and financial liabilities
All fair values of financial assets and financial liabilities are recognized with reference to the price in the active
market（Using valuation technique, etc）.
6. Impairment provision for financial assets
①Impairment provision for financial assets for sale:
If the fair value of financial assets for sale greatly drops at the end of the period, or after considering all the
relevant factors and expecting decrease trend is non-temporary, the impairment should be confirmed, and the
accumulative loss formed by the decrease of fair value of owner’s equity originally included should be transferred
out altogether and confirmed as impairment loss.
②Holding the impairment provision of expired investments:
The measurement of holding the impairment provision of expired investment will be according to the method of
the measurement of impairment provision for receivables.
11.Accounts Receivable
（1）Accounts receivable with material specific amount and specific provisioned bad debt preparation.
The accounts receivable whose single amount is over RMB 1
Judgment criteria or amount standard of material specific amount million & accounts for over 10% of the accounts receivable
or amount criterial： amount.
Conduct the devalue test separately. Set up the bad debt reserve
Provision method with material specific amount and provision of according to the shortfall of the present value of expected future
specific bad debt preparation： cash flows against its carrying amount and record it into the
profits & losses at the current period.
(2)The accounts receivable of bad debt provisions made by credit risk Group
Name Method for recognition of impairment allowances
The accounts receivable whose single amount is over RMB 1
million & accounts for over 10% of the accounts receivable
The adopting aging analysis method
amount. the accounts receivable under 5 years of age which are
not significant without any business connections any more.
In the Groups, adopting aging analysis method to withdraw bad debt provision
√ Applicable □ Not applicable
Aging Rate for receivables(%) Rate for other receivables(%)
Within 1 year（Included 1 year） 0.00% 0.00%
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
1－2 years 10.00% 10.00%
2－3 years 30.00% 30.00%
3－4 years 50.00% 50.00%
4－5 years 90.00% 90.00%
Over 5 years 100.00% 100.00%
Accounts on percentage basis in group：
□ applicable √not applicable
Accounts on other basis in group：
□ applicable √not applicable
(3)Account receivable with non-material specific amount but specific bad debt preparation
The accounts receivable under 5 years of age which are not
Reason of individually withdrawing bad debt provision
significant without any business connections any more.
Conduct the devalue test separately. Set up the bad debt reserve
according to the shortfall of the present value of expected future
Witharawal method for boad debt provision
cash flows against its carrying amount and record it into the
profits & losses at the current period.
12.Inventory
1.Investories class: The company’s stocks can be classified as: raw materials, inventory goods, low-value
consumables & other materials, etc.
2. Valuation method of inventory issued :The company calculates the prices of its inventories according to the
weighted averages method or the first-in first-out method.
3. Recognition Basis of Inventories’ Net Realizable Values and Counting & Drawing Method of Obsolete
Inventory Reserves:After taking stock at the end of the period,
4. Inventory System:Adopts the Perpetual Inventory System
13. Divided as assets held for sale
In the presence of the following conditions are satisfied when non-current assets or a part of the company is classi
fied as held for sale:
(1) The components should be immediately sold under the current condition only according to the usual terms of
the parts sold.
(2) The enterprise has made resolution for the disposal of the components, the approval of shareholders’ meeting
or relevant authority agency if the shareholder’s approval is requested by the rules.
(3) The enterprise has signed the irrevocable transfer agreement with the transferee.
(4) The transfer shall be completed within one year.
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
For the non-current assets held for sale (excluding the financial assets and the deferred income tax assets), the less
amount after the book value and fair value respectively minus the disposal costs shall be presented as Divided as
assets held for sale assets. If the amount of the fair value minus the disposal costs is less than that of the original
book value, the assets impairment loss shall be recognized.
14. Long-term equity investment
(1) The Classification of Long-term Equity Investments
The long-term equity investments of the company should include the investments in the subsidiaries and the
investments in cooperative enterprises and joint ventures.
(2) The Recognition of Investment Cost
① For the business combination under common control and the combining party paying in cash, transferring
non-monetary assets, bearing debts or issuing the equity securities as the consideration, the initial investment cost
shall be recognized according to the shares of the book value in the consolidated financial statement of the
ultimate controlling party that acquired by the combined party on the combination date. The capital reserves shall
be adjusted for the difference between the initial investment cost of long-term equity investment and the book
value of the paid cash, the transferred non-monetary assets and the borne debts. The retained earnings shall be
adjusted if the capital reserves are insufficient to offset.
For the long-term equity investment after the business combination under common control realized step-by-step
through multiple transactions, the shares of the book value of the owner’s equity of the combined party shall be as
the initial investment cost in the individual financial statements and the consolidated financial statements as per
the shareholding proportion. The capital reserves shall be adjusted for the balance between the sums of the book
value of the equity investment of the combined party held on the combination date and the new investment cost
increased on the combination date minus the initial investment cost of long-term equity investment. The retained
earnings shall be adjusted if the capital reserves are insufficient to offset.
②For the business combination under non-common control, the initial investment cost shall be recognized
according to the fair value of the merger consideration paid on the purchase date. For the long-term equity
investment after the business combination under non-common control realized step-by-step through multiple
transactions, the relevant accounting treatment should be respectively conducted for the individual financial
statement and the consolidated financial statements: 1) In the individual financial statements, the sum of the book
value of equity investment from the purchased party held before the purchase date and the new investment cost at
the purchase date shall be as the initial investment cost of the investment. Other comprehensive incomes related to
the equity of the purchased party held before the purchase date shall be transferred into the current investment
incomes in the disposal of the investment. 2) In the consolidated financial statements, the equity of the purchased
party held before the purchase date should be measured again according to the fair value of the equity on the
purchase date, and the gap of the fair value and the book value should be recorded into the current investment
incomes. Other comprehensive incomes related to the equity of the purchased party held before the purchase date
shall be transferred into the current investment incomes on the purchase date.
③With the exception of the business combination:
The long-term equity investment acquired by the payment in cash should be as the investment cost as per the
actual purchase payment. The investment costs include fees, taxes and other necessary expenses directly related to
the achieved long-term equity investment.
The long-term equity investment acquired by the issuance of equity securities should be as the investment cost as
per the fair value of the issued equity securities.
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The long-term equity investment acquired by the non-monetary assets exchange (the exchange with the
commercial substance) should be as the investment cost as per the fair value of the investment and the payable
taxes.
For the long-term equity investment acquired by the debt reorganization, the creditors shall recognize the fair
value of the enjoyed shares as the investment of the debtors.
(3) Subsequent Measurement and Recognition Method of Profit and Loss
The cost method shall be adopted to account the long-term equity investment controlled by the invested party and
the equity method shall be adopted to account the long-term equity investment with joint control or significant
influence.
(4) Recognition Criteria for the Invested Party with Joint Control or Significant Influence
The joint control on the economic activity appointed as per the contract shall exist when the major finance and the
operating decision related to the economic activity are agreed by the invested party sharing the control right,
which shall be regarded as the joint control on the invested party implemented by other parties. The decision
power to participate in the finance and operating decision on the enterprise, but without control or joint control
with other parties to formulate these policies, shall be regarded as the significant influence on the invested party
implemented by the investment enterprise.
(5) Impairment Test Method and Withdrawing Method
For the impairment test method and the withdrawing method of the long-term equity investment, please refer to
“Long-term Assets Impairment in Article 21 of Important Accounting Policies and Accounting Estimates in Notes
3 of Financial Statements”.
15. Entrusted Loans
The entrusted loans shall be made bookkeeping according to the actually entrusted loan amount. The receivable
interests shall be withdrawn according to the interest rate stated in the entrusted loans.
For the impairment test method and the impairment provision withdrawing method of the entrusted loans, please
refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and Accounting Estimates
in Notes 3 of Financial Statements”.
16..Investment Real Estates
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
The term “Investment real estates” refers to the real estates held for generating rentand/orcapital appreciation,
including the right to use any land which has already been rented, the right to use any land which is held and
prepared for transfer after appreciation & the right to use any building which has already been rented.
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The company shall make a measurement to the investment real estate through the cost pattern.The company shall
adopt the same depreciation policy as its fixed assets for the investment real estates measured by the cost
pattern-buildings for renting & the same amortization policy as its intangible assets for the right to use any land
for renting.
For the impairment test method and the impairment provision withdrawing method of the .Investment Real
Estates, please refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and
Accounting Estimates in Notes 3 of Financial Statements”.
17.Fixed assets
（1）Confirmation conditions of fixed assets
Fixed assets refer to physical assets owned for purpose of production, service providing, leasing or management,
and operation with service life of more than one year. Fixed assets are recognized when all of the following
conditions are satisfied ：Financial benefits attached to the fixed asset is possibly inflowing to the Company;(2)
The cost of the fixed asset can be reliable measured.
（2）Depreciation method
Evpected useful Annual depreciation
Type Depreciation methnod Residual rate（%）
life(Year) rate(%)
Guangfo Expressway Working flow basis 28 years 0% Working flow basis
Fokai Expressway Working flow basis 30 years 0% Working flow basis
Highway and Bridge The straight-line method 20-30 years 3%-10% 3%-4.85%
Machine Equipment The straight-line method 10 years 3%-10% 9%-9.7%
Transportation
The straight-line method 5-8 years 3%-10% 11.25%-19.4%
Equipment
Electric Equipment and
The straight-line method 5-15 years 3%-10% 6 %-19.4%
other
Provision for depreciation of highways and bridges is made with work amount method. Estimatednet residual
value rate is zero. Estimated useful life is determined according to the period of peration right in respect of
charge collection. The concrete calculation method is as follows: The amount of provision for depreciation per
standard vehicle traffic volume is to be calculated based on the estimated total standard vehicle traffic volume
within expected useful life of highways and bridges and the original value or book value of highways and
Bridges. Then provision for depreciation is made according to the actual standard vehicle traffic volume in each
fiscal period.
The company regularly rechecks the estimate total standard vehicle traffc volume withintheremaining
operation period of highways and bridges. When there is big difference between actual standard vehicle traffic
volume and estimated standard vehicle traffic volume, the Company will re-estimate future total standard
vehicle traffic volume and adjust the provision for depreciation per standard vehicle traffic volume to ensure
that the book value of relevant highways and bridges will be completely amortized within useful life.
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The company adopts the straight line method for the depreciation of fixed assets excepthighways & bridges,
and recognizes the depreciation rate according to the fixed asset group, expected useful life & the expected net
salvage value rate.
(3) Test Method for Fixed Asset Impairment and Counting & Drawing Method for Fixed Asset Impairment
Reserves
For the impairment test method and the impairment provision withdrawing method of the Fixed assets, please
refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and Accounting Estimates
in Notes 3 of Financial Statements”.
18.Construction-in process
1. Calculation of Construction-in-process:The constructions in process are classified & accounted according to
the established projects.
2. Standard & Time Point for Carrying Constructions in Process Forward to Fixed Assets
All the expenditures that bring the construction in process to the expected condition for use shall be the credit
value of the fixed asset. If the fixed asset construction in process has already reached the expected condition for
use, but hasn’t been made the final account; it shall be carried forward to a fixed asset according to its estimated
value based on the budget, cost or actual cost of the construction starting from the date when it reaches the
expected condition for use, and the fixed asset shall be depreciated according to the company’s depreciation
policy for fixed assets. After the final account has been made, the original provisional estimated value shall be
adjusted according to the actual cost, but the depreciation which has originally been counted & drawn shall not be
adjusted.
3．Test Method for Construction-in-Process Impairment and Counting & Drawing Method
For the impairment test method and the impairment provision withdrawing method of the Construction-in process ,
please refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and Accounting
Estimates in Notes 3 of Financial Statements”.
19.Loan expenses
1. Recognition principles for capitalizing of loan expenses
Borrowing expenses occurred to the Company that can be accounted as purchasing or production of asset
satisfying the conditions of capitalizing, are capitalized and accounted as cost of related asset. Other borrowing
expenses are recognized as expenses according to the occurred amount, and accounted into gain/loss of current
term.
The assets meeting capital conditions refer to the fixed assets, investment real estates and inventories which
are constructed or produced in a long time to reach the predicted use or sale state.
When a loan expense satisfies all of the following conditions, it is capitalized:
1. Expenditures on assets have taken place, asset expenditures include the assets used to construct or produce the
assets which meet the capitalization conditions, and expend by cash or transferring non-cash assets or bearing
interest debt;
2. Loan costs have taken place;
3. The construction or production activities to make assets to reach the intended use or sale of state have begun.
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2. Duration of capitalization of Loan costs
The capitalization period refers to the period from starting capitalization of loan costs to the stop of capitalization,
the period of the break of capitalization of Loan costs is not included.
When the construction or production meets the intended use or sale of state of capitalization conditions, the Loan
costs should stop capitalization.
When the construction or production meets the conditions of capitalization and can be used individually, the
capitalization of the loan costs of the assets should be stopped.
Where each part of a asset under acquisition and construction or production is completed separately and is ready
for use or sale during the continuing construction of other parts, but it can not be used or sold until the asset is
entirely completed, the capitalization of the borrowing costs shall be ceased when the asset is completed entirely.
3．Capitalization Suspension Period
Where the acquisition and construction or production of a qualified asset is interrupted abnormally and the
interruption period lasts for more than 3 months, the capitalization of the borrowing costs shall be suspended. If
the interruption is a necessary step for making the qualified asset under acquisition and construction or production
ready for the intended use or sale, the capitalization of the borrowing costs shall continue. The borrowing costs
incurred during such period shall be recorded into the profits & losses at the current period, till the acquisition and
construction or production of the asset restarts.
4. Calculation of the amount of capitalization of Loan costs
Interest expense due to specialized Loan and its auxiliary expenses shall be capitalized before the asset which
satisfies the capitalizing conditions reaches its useable or saleable status.
Interest amount of common Loan to be capitalized equals to accumulated asset expense less weighted
average of specialized loan part of asset expense multiplies capitalizing rate of common Loan occupied.
Capitalizing rate is determined according to weighted average interest of common Loan.
If the Loan has discount or premium, the discount or premium amount should be determined according to
actual interests in each accounting period. The interest amount should be adjusted in each period.
20.Intangible assets
(1) Pricing method, useful life and impairment test
1. The valuation methods of intangible assets
(1)The initial measurement is conducted according to the actual cost when the intangible assets are acquired
The cost of the purchased intangible assets includes its buying price, relevant tax and the othe expenses that
are directly attributed to this assets meeting its predetermined objective and other expenses that occur. The buying
price of intangible assets is over the deferred payment under normal credit conditions, which has the nature of
financing materially, the cost of intangible assets is determined on the basis of the present value of its buying
price.
We acquire the mortgaged intangible assets from debtors through debt restructuring and determine the entry
value on the basis of the fair value of the intangible assets,we have the balance between the book value of debt
restructuring and the fair value of intangible assets used for mortgage charged to the current profit and loss.
The entry value of the non-monetary assets exchanged into by the non-monetary assets are determined on the
basis of the fair value of the assets exchanged out if the exchange of non-monetary assets has commercial nature
and the assets exchanged into or out can be reliably measured, unless there is authentic evidence indicating that
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the fair value of assets exchanged into are more reliable; if the non-monetary assets that cannot meet the above
prerequisite use the book value of the assets exchanged out and relevant taxes payable as the cost of the
non-monetary assets, the profit and loss is not confirmed.
The entry value of the intangible assets acquired by the absorption merger under the control of one company is
determined by the book value of the merged party;the entry value of the intangible assets acquired by the
absorption merger that is not under the control of one company is determined by the fair value.
The cost of the intangible assets developed internally includes the materials consumed in developing the assets,
cost of service, registration fees, other patent used in developing, amortization of concession and interest charges
meeting the capitalization conditions and othe direct costs that occur before the intangible assets meeting the
predetermined objective.
（2）Subsequent measurement
The Company analyses and makes judgment of its serviceable life when acquiring the intangible assets.
The intangible assets that have limited serviceable life are amortized by the straight-line method during the period
when the assets can bring about economic interests;The intangible assets are deemed as uncertain serviceable life
and are not amortized if it is impossible to expect the period when the assets could bring about economic interests.
At the end of period, the Group shall check the service life and amortization method of intangible assets with
finite service life, if there is any change, it shall be regarded as a change of the accounting estimates. Besides, the
Group shall check the service life of intangible assets without certain service life, if there is any evidence showing
that the period of intangible assets to bring the economic benefits to the enterprise can be prospected, it shall be
estimated the service life and amortized in accordance with the amortization policies for intangible assets with
finite service life.
（3） Provision for the depreciation of value of the intangible assets
For the impairment test method and the impairment provision withdrawing method of the Intangible assets, please
refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and Accounting Estimates
in Notes 3 of Financial Statements”.
21.Impairment of Long-term assets
(1) Scope
The assets Impairment main includes long-term equity investment, investment property (the investment property
measured by the fair value excluded), fixed assets, projects under construction, engineering material, intangible
assets (the capitalized development expenditure included), asset group, combination of asset group, business
reputation, etc..
(2) Recognition of Possible Impairment Assets
The company makes judgment of the assets if there exists the possible impairment at the balance sheet date. The
intangible assets with indefinite goodwill and service life due to the combination of enterprise, shall be conducted
the impairment test every year regardless of the impairment. The impairment may occurs for the assets if there is
the following status:
① The market price of assets fall sharply in the current period, and the decline is obviously beyond that estimated
due to the passage of time or normal use.
② The significant changes in the economy, technology or legal environment operated by the company and the
assets market in the current or the near future adversely affect the company.
③ The improvement of the market interest rates or other market investment returns in the current period,
influence the company to calculate assets estimating the discount rate of the present value of future cash flow and
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result in the sharp drop of the recoverable amount of the assets.
④ There is evidence that shows the assets have become obsolete or the entities have been damaged.
⑤ The assets have been or will be idle, terminated the use or planned to dispose in advance.
⑥ The evidence in the internal report of the company shows that the economic performance of assets has been
less than or lower than the expected, such as the net cash flow created by assets or the achieved operating profit
(or loss) is far below (or above) the estimated amount.
⑦ Other evidences indicate the impairment of assets may have occurred.
(3) Measurement of the Recoverable Amount of the Assets
The recoverable amount shall be estimated if there exists the impairment for the assets. The recoverable amount
should be recognized according to the higher one between the net amount of the fair value minus the disposal
costs and the present value of the cash flow of assets expected in the future.
(4) Determination of Asset Impairment Loss
The measurement results of the recoverable amount show that the book value of assets shall be reduced to the
recoverable amount and the reduced amount shall be recognized as the impairment loss of assets and recorded into
the current profits and losses, and the impairment provisions of the relevant assets are withdrawn if the
recoverable amount of the assets is less than the book value. After the recognition of the assets impairment loss,
the depreciation or amortization costs of the impairment assets should be made adjustment accordingly in the
future period in order to make the assets to systematically amortize the book value of the assets after adjusted
within the remaining service life (the estimated residual value deducted). The impairment loss of assets after
recognized shouldn’t be reversed in the future accounting period.
(5) Recognition and Impairment Treatment of Assets Group
If there is the impairment for one asset, the company shall estimate the recoverable amount based on the
individual asset. If it is difficult for the company to estimate the recoverable amount of the individual asset, the
recoverable amount of asset group shall be recognized on the basis of the asset group which the asset is belong to.
The recognition of the asset group should be made on the basis of the main cash inflow generated by the assets
group that if is independent to the cash inflow of other assets or assets group.
The corresponding impairment loss shall be recognized if the recoverable amount of the assets group or the assets
group combination is less the book value (the book value of the assets group or the assets group combination
should include the amortization quota relevant to corporate assets and goodwill for the assets group or the assets
group combination amortized by the corporate assets and the goodwill). The book value of goodwill in the
amortized assets group or assets group combination shall be firstly offset for the impairment losses, and the book
value of other assets shall be offset in proportion according to the proportion of the book value of other assets in
the assets group or the assets group combination, with the exception of the goodwill.
(6) The Goodwill Impairment
The company has conducted the impairment test at least every year for the goodwill established by the business
combination. The book value of the goodwill generated by the combination shall be amortized into the related
asset group from the purchase date. If difficult to amortize into the relevant asset group, the book value shall be
amortized into the relevant asset group combination. The relevant asset group or asset group combination refers to
that benefitting from the synergistic effect of the business combination and is not more than the report portion
recognized by the company.
When the relevant asset group or the asset group combination including the goodwill are conducted the
impairment test, the impairment test should be firstly conducted for the asset group without the goodwill or the
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asset group combination, the recoverable amount shall be calculated and the corresponding impairment loss shall
be recognized by comparison with the relevant book value if there exists the impairment for the asset group
relevant to the goodwill or the asset group combination. Then the impairment test should be conducted for the
asset group with the goodwill or the asset group combination, the impairment loss of the goodwill shall be
recognized and made the treatment according to the provisions of the asset group impairment stated in the notes if
the recoverable amount of the relevant asset group or the asset group combination is less than the book value by
comparison of the book value of these relevant asset group or the asset group combination (including the book
value of the goodwill amortized) with the recoverable amount.
22.Long-term amortizable expenses
Long-term prepaid expenses refer to that enterprises have already spent, and amortization periods of all expenses
are more than one year (excluding 1 year), they should be amortized in the regulated years.
23.Remuneration
（1）The scope of the employee remuneration
Remuneration refers to all kinds of rewards or compensation that the Company gives to get in return for the
services its employees provide or employment termination. It includes short-term compensation, post-employment
benefits, demission benefits and other long-term employee benefits.
Enterprises to provide employees spouse, child welfare, dependents, survivors and other beneficiaries
of deceased employees, etc., also belong to payroll.
During the company's accounting staff to provide services, the actual wages, bonuses, allowances and subsidies, w
elfare, medical insurance, work injury insurance and maternity insurance and other social insurance, housing fund
confirmed, labor union funds, employee education funds and as a liability profit or loss or costs related assets. If t
he debt is expected to provide services after the end of the annual reporting period in which an employee can not b
e fully paid within twelve months, and the financial impact is material, the amount will be discounted liabilities m
easured after.
(2) Accounting methods for post-employment benefits
Post-employment benefits refer to the compensation and benefits that the Company gives to get in return for
employees’ services for their retirement or employment termination, excluding short-term compensation and
demission benefits. It falls into two categories, defined contribution plans and defined benefit plans.
① The defined contribution plan: the company shall no longer bear the further obligation to pay severance
benefit plans after the company deposits the fixed costs to the independent funds. The basic pension insurance and
the unemployment insurance shall be recognized as the liability according to the payable amount accounted by the
defined contribution plans and recorded onto the current profits and losses or the relevant asset costs during the
accounting period of the services provided by the staffs.
② The defined benefit plan: the severance benefit plans with the exception of the defined contribution plans.
(3) Accounting Treatment Method of Demission Welfare
The Company offers compensation to terminate employment with its employees before it expires or encourage
them to accept lay-off. Such compensation is demission benefits and counted in current profit and loss. The
employee compensation liabilities generated by the demission welfare shall be recognized on the early date and
recorded into the current profits and losses: (1) when the company can’t withdraw the demission welfare provided
due to the rundown suggestion or the termination of labor relations plans. (2) when the enterprise recognizes the
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costs or the expenses related to the reorganization of demission welfare payment.
The economic compensation before the official retirement date shall be belong to the demission welfare when the
implementation of the internal retirement plan for workers. During the period from the termination of service date
to the normal retirement date, the paid internal retirement payroll and social insurance charges shall be once
recorded into the current profits and losses. The economic compensation after the official retirement date (such as
the normal retirement pension) should be handled according to the welfares after the demission.
24.Estimated liabilities
The company should recognize the related obligation as a provision for liability when the obligation meets the
following conditions:
(1) That obligation is a present obligation of the enterprise;
(2) It is probable that an outflow of economic benefits from the enterprise will be required to settle the obligation;
(3) A reliable estimate can be made of the amount of the obligation.On the balance sheet date, an enterprise shall
take into full consideration of the risks, uncertainty, time value of money, and other factors pertinent to the
Contingencies to measure the estimated liabilities in accordance with the best estimate of the necessary expenses
for the performance of the current obligation.
When all or some of the expenses necessary for the liquidation of an estimated liabilities of an enterprise is
expected to be compensated by a third party, the compensation should be separately recognized as an asset only
when it is virtually certain that the reimbursement will be obtained. Besides, the amount recognized for the
reimbursement should not exceed the book value of the estimated liabilities
25.Bond payable
When the company is issuing bonds, the total price issued should be included in the “Payable bonds” subject.
The difference between bond issuance total amount and the total amount of bond face valueshould be worked
as bond premium or discount and be amortized within the bond period according to actual interest rate and
vertical line method, and be treated according to borrowing costs described below.
26.Revenues
The company’s incomes mainly include the toll service revenues and the services provision.
(1) The recognition principle of the toll service revenues is that the toll revenues refer to the charges of operating
the toll roads and shall be recognized in the actual charge.
(2) The recognition principle of the services provision is as follows:
The labor services started and completed within the same fiscal year shall be recognized as the revenues when the
labor services finished. If the labor services started and completed in the different fiscal year and under the
reliable estimation of the provided services transaction results, the company shall recognize the relevant service
incomes according to the completion percentage method at the balance sheet date. The results of the transaction
can be estimated reliably when the following requirements are all met: (1) total revenues and total labor costs can
be measured reliably. (2) the economic benefits relevant to the transaction will flow into the enterprise. (3) the
competition degree of the labor services can be reliably determined.
27.Other Comprehensive Incomes
Other comprehensive incomes refer to the profits and losses unrecognized in the current profits and losses
according to other provisions of accounting standards. There are two reports:
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(1) Other comprehensive incomes that unable to be reclassified into the profits and losses in the future accounting
period, mainly including the changes caused by the net liabilities and the net assets of the defined benefit plan that
re-measured and the shares of other comprehensive incomes that accounted and unable to be reclassified into the
profits and losses for the invested party in the future accounting period according to the equity method.
(2) Other comprehensive incomes that reclassified into the profits and losses in the future accounting period when
the requirements are met, the shares of other comprehensive incomes that accounted and reclassified into the
profits and losses for the invested party in the future accounting period according to the equity method when the
requirements are met, the profits or losses caused by the fair value changes of the sellable financial assets, the
profits or losses generated by the sellable financial assets reclassified for the held-to-maturity investment, the
effective hedging portion of the profits and losses issued by the cash flow hedging instruments, and the translation
differences of foreign financial statements.
28.Governmental subsidy
(1)Basis and accounting methods for assets related government subsidies
The purchasing of the fixed assets, intangible assets and other long-term assets related to government
subsidies are confirmed as deferred revenue, the revenue is in installments charged to the non-operating earnings
in accordance with the serviceable life of assets built or purchased.
Government subsidies mean that the Company free of charge acquires the monetary assets and the non-monetary
assets. Government subsidies can be classified into capital-related government subsidies and earnings-related one.
(2) Judgment basis and accounting treatment of government subsidies related to profits
The earning-related government subsidies that are used to compensate the relevant expenses or loss are confirmed
as deferred earnings when the subsidies are acquired, the deferred earnings are charged to the current
non-operating earnings; When the subsidies are used to compensate the relevant expenses or loss that occurred,
the subsidies are directly charged to the current non-operating earnings.
29.Deferred income tax assets and deferred income tax liabilities
The company is likely to determine the deferred income tax assets produced from deductible temporary
differences with the limit of offsetting the taxable income of temporary difference.
The Company confirms the temporary differences of the taxable that is not paid in the current and prior periods as
the deferred income tax liabilities. However, the goodwill, the transactions formed from non-business merger and
those will affect either accounting profit or the temporary differences of the taxable income when the transactions
occur are not included in the deferred income tax liabilities.
30.Accounting Methods of Income tax
The company’s income tax is accounted in Balance sheet liability approach.
The company recognizes the sum of current income tax and deferred tax as the income tax expenses(or income) in
the income statement on the basis of calculating and determining the income tax of the current period(namely
the current taxes payable) and the deferred tax (the deferred tax expenses or income ), but excluding the
effects of the business combination and the income taxes related to the transactions or events directly recorded
in the owner’s rights and interests.
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31.Change of main accounting policies and estimations
(1)Change of main accounting policies
□Applicable√ Not applicable
(2) Change of main accounting estimates
□Applicable√ Not applicable
VI. Taxation
1. Major category of taxes and tax retes
Tax category Tax basis Tax rate
Toll income, Rent income and
Business tax 3%、5%
Labour income
City maintenance and construction tax The actual payment of turnover tax 7%、5%
Enterprise income tax Taxable income 25%
.Education surcharges The actual payment of turnover tax 3%
Local Education surcharges
The actual payment of turnover tax 2%
Notes of the disclosure situation of the taxpaying bodies with different enterprises income tax rate
Name e Income tax rate
2.Preferential tax and approving documents
N/A
VII. Notes to the major items of consolidated financial statement
1.Monetary Capital
In RMB
Items Amount in year-end Amount in year-begin
Cash 137,771.71 77,312.85
Bank deposit 985,861,577.06 561,106,598.75
Other 738,286.61 616,492.12
Total 986,737,635.38 561,800,403.72
Other Explanation
2. Account receivable
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
1.Classification account receivables.
In RMB
Amount in year-end Amount in year- begin
Book Balance Bad debt provision Book Book Balance Bad debt provision
Type value
Amount Proportio Amount Proportio Amount Proportio Amount Proportion( Book value
n(%) n(%) Proportio n(%) %)
n(%)
Account receivable
with single major
amount and 35,542,8 35,542,85 19,134, 19,134,624.
73.48% 80.65%
55.63 5.63 624.86 86
withdrawal bad debt
provision for single
item
Account receivable
withdrawalbad debt
12,829,9 225,517. 12,604,48 4,589,7 102,451.6 4,487,333.2
provision by group 26.52% 1.76% 19.35% 2.23%
98.21 99 0.22 84.94 7 7
of credit risk
characterstics
48,372,8 225,517. 48,147,33 23,724, 102,451.6 23,621,958.
Total 100.00% 0.47% 100.00% 0.43%
53.84 99 5.85 409.80 7 13
Receivable accounts with large amount individually and bad debt provisions were provided
√ Applicable □Not applicable
In RMB
Amount in year-end
Receivable accounts（Unit）
Receivable accounts Bad debt provision Proportion Reason
Guangdong Union Electronic
35,542,855.63
Services Co., Ltd.
Total 35,542,855.63 -- --
Account reveivable on which bad debt proisions are provided on age basis in the group
√ Applicable □Not applicable
In RMB
Balance in year-end
Aging
Receivable accounts Bad debt provision Withdrawal proportion
Subitem within 1 year
Within 1 year 11,877,151.67
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Subtotal within 1 year 11,877,151.67
1-2 years 532,679.87 53,267.99 10.00%
2-3 years 189,166.67 56,750.00 30.00%
3-4 years 231,000.00 115,500.00 50.00%
Total 12,829,998.21 225,517.99 1.76%
Notes of the basis of recognizing the group:
Refer to "Notes 3 the financial statements of the important accounting policies and accounting estimates No. 11 R
ecognition and withdrawal method of bad debts.
In the groups, accounts receivable adopting balance percentage method to withdraw bad debt provision：
□ Applicable √ Not applicable
In the groups, accounts receivable adopting other methods to accrue bad debt provision:：
N/A
（2）Accrual period, recovery or reversal of bad debts situation
The current amount of provision for bad debts is RMB123,066.32 ; recovery or payback for bad debts Amount is
RMB0.00.
Where the current bad debts back or recover significant amounts:
In RMB
Name Back or withdraw money Recovery methods
（3）The current accounts receivable write-offs situation
In RMB
Items Amount written off
Account receivables actually written-off during the reporting period：
In RMB
Nature of account Verification Arising from related
Name Amount written off Reason for write-off
receivables procedures transactions (Y/N)
Explanation for write-off of account receivables:
（4）The ending balance of other receivables owed by the imputation of the top five parties
Name Amount Aging Proportion(%) Bad debt
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
provision
Guangdong Union Electronic Services 35,542,855.63 Within 1 year 73.47
Co., Ltd.
CRCC Harbour & Channel Engineering 2,804,149.75 Within 1 year 5.80
Bureau Group Co., Ltd.
Guangdong Guanghui Expressway Co., 2,247,992.00 Within 1 year 4.65
Ltd.
Guangdong Xinyue Communication 1,272,653.03 Within 1 year 2.63
Investment Co., ltd.
Guangdong Feida Communication 840,000.00 Within 1 year 1.74
Engineering Co., Ltd.
Total 42,707,650.41 88.29
（5）Account receivable which terminate the recognition owning to the transfer of the financial assets
N/A
(6)The amount of the assets and liabilities formed by the transfer and the continues involvement of
accounts receivable
N/A
Other Explanation
3. Prepayments
（1）Age analysis
In RMB
Balance in year-end Balance in year-begin
Age
Amount Proportion（%） Amount Proportion（%）
Within 1 year 1,745,070.89 91.14% 710,531.67 73.76%
Over 3 years 169,738.00 8.86% 252,818.00 26.24%
Total 1,914,808.89 -- 963,349.67 --
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time:
N/A
(2) Top 5 of the closing balance of the prepayment colleted according to the prepayment target
Name Amount Time Proportion(%)
Guangdong Litong Real estate Investment Co., Ltd. 735,092.00 Within 1 year 38.40
108
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
China Ping An insurance and property insurance company Guangdong branch 528,875.00 Within 1 year 27.62
Dongguan Yongyao Optoelectricity Technology Co., Ltd. 212,000.00 Within 1 year 11.07
Guangzhou Maritime Court 169,738.00 Over 5 years 8.86
Zhaoqing Yuezhao Highway Co., Ltd. 131,250.00 Within 1 year 6.85
Total 1,776,955.00 92.80
Other Explanation
4.Other accounts receivable
(1) Other accounts receivable disclosed by category
In RMB
Balance in year-end Balance in year-begin
Bad debt
Book Balance Book Balance Bad debt provision
Type provision Book
Book value
Amount Proportio Amount Proportio value Amount Proportio Amount Proportion(
n(%) n(%) n(%) %)
Other Account
receivable with
single major amount 53,351,5 53,351,5 53,351, 53,351,56
74.64% 100.00% 64.08% 100.00%
65.01 65.01 565.01 5.01
and withdrawal bad
debt provision for
single item
Other Account
receivable
withdrawalbad debt 18,130,3 1,693,63 16,436,69 29,904, 1,658,571 28,245,949.
25.36% 9.34% 35.92% 5.55%
30.11 0.42 9.69 520.97 .80 17
provision by group of
credit risk
characterstics
71,481,8 55,045,1 16,436,69 83,256, 55,010,13 28,245,949.
Total 100.00% 77.01% 100.00% 66.07%
95.12 95.43 9.69 085.98 6.81 17
109
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Other receivable accounts with large amount and were provided had debt provisions individually at end of period.
√ Applicable □ Not applicable
In RMB
Balance in year-end
Other receivable（Unit） Other Bad debt
Proportion Reason
receivable provision
The parent company once paid RMB 33,683,774.79 into Kunlun Securities Co., Ltd, Guangdong Expressway technology
investment Co., Ltd once paid RMB 18,000,000.00 into Kunlun Securities Co., Ltd. Qinghai Province Xining City’s
intermediate people’s court made a adjudication under law declared that Kunlun Securities Co., Ltd went bankrupt and
Kunlun Sercurities repaid debt in Novemeber 11, 2006. On March 2007, The Company and Guangdong Expressway Technology Investment
49,343,885.10 49,343,885.10 100.00%
Co.,Ltd. Co., Ltd had switched the money that paid into Kunlun Secutities Co., Ltd to other account receivable, and follow the
careful principle to doubtful debts provision. The RMB 710,349.92 Credit was Recovered in 2008, and the provision for
bad debt is deducted, The RMB977,527.77 credit was recovered in 2011, and the provision for had debt is deducted.The
RMB 652,012.00 Cridit was recovered in 2014, and the provision for had debt is deducted.
Guangdong Expresswaytechnology investment Co., Ltd .should charge Beijing Gelin Enze Organic Fertilizer Co.,
Ltd.for RMB12,220,079.91. Eight millions of it was entrust loan, three million was temporary borrowing RMB
12,400.00 is the commission loan interest, the rest of it was advance money for another, Beijing Gelin Enze Organic
Beijing Gelin Enze
Fertilizer Co., Ltd’s operating status was had and had already ceased producing, Accordingly, the controlling subsidiary
Organic Fertilizer Co., 4,007,679.91 4,007,679.91 100.00%
Ltd. of the company Guangdong Expressway Investment Co., Ltd. accounted full provision for Bad debt RMB 12,220,079.91
rpovision.
The company in 2014 recovered arrears of RMB 8,000,000.00, rushed back to the provision for bad debts and write off u
ncollected interest entrusted loans according to the settlement agreement of RMB 212,400.00.
Total 53,351,565.01 53,351,565.01 -- --
110
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Other receivable accounts in Group on which bad debt provisions were provided on age analyze basis：
√Applicable □Not applicable
In RMB
Amount in year-end
Aging
Other receivable Bad debt provision Withdrawal proportion
Subitem within 1 year
Subtotal within 1 year 11,096,966.86
1-2 years 350,586.20 35,058.62 10.00%
Over 5 years 1,658,571.80 1,658,571.80 100.00%
Total 13,106,124.86 1,693,630.42 12.92%
Notes of the basis of recognizing the group:
Refer to "Notes 3 the financial statements of the important accounting policies and accounting estimates No. 11
Recognition and withdrawal method of bad debts.
In the groups, other accounts receivable adopting balance percentage method to withdraw bad debt provision
□ Applicable √ Not applicable
In the groups, other accounts receivable adopting other methods to accrue bad debt provision:
√ Applicable □ Not applicable
Name Amount in year-end
Other account Bad debt Withdrawal Reason
receivable provision proportion（%）
Guangdong Litong Real estate Investment Co., Ltd. 1,435,856.00 Rease deposit
Beijing Shibang Weilishi Property Management 393,331.00 Deposit
Services Co., Ltd.
Guangdong Guanghui Expressway Co., Ltd. 826,982.00 Guarantees fund, deposit
Foshan Nanhai Labor & social Security Bureau 449,682.00 Land deposit, recoverable
Zhaoqing Yuezhao Highway Co., Ltd. 447,849.00 Guarantees fund, deposit
Guangdong Guanyue Luqiao Co., Ltd. 364,594.20 Quality guarantees fund
Zhaoqing Guanghe Expressway Co., Ltd. 163,620.63 Quality guarantees fund
CRCC Harbour & Channel Engineering Bureau 165,169.25 Quality guarantees fund
Group Co., Ltd.
Guangshen Zhu Expressway Co., Ltd. 121,280.00 Guarantee fund
Jingzhu Expressway Guangzhu Section Co., ltd. 97,643.90 Guarantee fund
Guangdong Highway Construction Co., Ltd. 76,563.00 Guarantee fund
Chengdu Shuguang Fibre-optical Metwork Co., ltd. 59,758.09 Quality guarantees fund
111
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Guangdong Guangzhu West Line Expressway Co., 47,639.00 Guarantee fund
Ltd.
Guangdong Boda Expressway Co., Ltd. 45,480.00 Guarantee fund
Guangdong Maozhan Expressway Co., ltd. 40,100.00 Quality guarantees fund
Guangdong Expressway Co., ltd. 39,654.00 Guarantee fund
Guangdong Feida Communication Engineering Co., 34,849.25 Quality guarantees fund
Ltd.
Guangdong Kaiyang Expressway Co., Ltd. 33,300.00 Quality guarantees fund
Guangdong Weishi Highway Engineering Co., ltd. 58,126.63 Quality guarantees fund
Guangdong West Coastal Expressway Zhuhai 20,466.00 Quality guarantees fund
Section Co., ltd.
Guangdong Jiangzhong Expressway Co.,ltd. 19,708.00 Quality guarantees fund
Guangdong Humen Bridge Co., ltd. 16,676.00 Guarantee fund
Guangdong Dingrong Information Technology Co., 10,950.00 Quality guarantees fund
Ltd.
Foshan Chezhigang Auto Leasing Co., Ltd. 10,000.00 Deposit
Guangzhou Chengcheng Auto Leasing Service Co., 10,000.00 Deposit
ltd.
Guangdong Zhonglin Electrical Installation 8,820.00 Quality guarantees fund
Engineering Co., Ltd.
Guangdong Jingzhu Expressway Guangzhu North 6,064.00 Guarantee fund
Co., ltd.
Deposit 5,700.00 Deposit
Guangdong West Coastal Expressway Xinhui 3,790.00 Quality guarantees fund
Section Co., Ltd.
Guangdong Road & Highway Construction 3,762.70 Quality guarantees fund
Development Co., Ltd.
Guangdong Yueyun Communication Co., Ltd. 3,032.00 Quality guarantees fund
Guangdong Xinyue Communication Investment Co., 2,158.60 Quality guarantees fund
Ltd.
Shanxi Sihe Communication Engineering Co., ltd. 1,600.00 Quality guarantees fund
Total 5,024,205.25
（2）Accrual period, recovery or reversal of bad debts situation
The current amount of provision for bad debts is RMB 35,058.62; recovery or payback for bad debts Amount is R
MB 0.00.
Where the current bad debts back or recover significant amounts:
112
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Name Back or withdraw money Recovery methods
(3) The actual write-off other accounts receivable
In RMB
Items Amount
Of which the significant write-off other accounts receivable:
In RMB
Whether occurred
Name Nature Amount Reason Process from the related
transactions
\
Notes of write-off other accounts receivable:
N/A
(4) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
Securities trading settlement funds balance 49,343,885.10 49,343,885.10
Guarantee deposit 5,024,205.25 13,641,347.40
Current account of gelin enze 4,007,679.91 4,007,679.91
Pretty cash 2,405,100.00 3,675,100.00
Advertising and service fee 1,978,678.79 5,850,744.67
Other 8,722,346.07 6,737,328.90
Total 71,481,895.12 83,256,085.98
(5) Top 5 of the closing balance of the other accounts receivable colleted according to the arrears party
In RMB
Proportion of the
total year end
Closing balance of
Name Nature Closing balance Aging balance of the
bad debt provision
accounts
receivable(%)
Kunlun Securities Securities trading set 49,343,885.10 Over 5 years 69.02% 49,343,885.10
113
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Co.,Ltd tlement funds
Current account of re
Beijing Gelin Enze 4,007,679.91 Over 5 years 5.61% 4,007,679.91
lated party
Guangdong
Expressway Co., Current account 2,625,463.63 Within 1 year 3.67%
Ltd.
Pretty cash Pretty cash 2,070,000.00 Within 1 year 2.90%
Advertising and serv
Guangdong Xinlu
ice fee 1,227,244.26 Within 1 year 1.72%
Advertising Co.,ltd.
Total -- 59,274,272.90 -- 82.92% 53,351,565.01
(6) Accounts receivable involved with government subsidies
In RMB
Project of government Estimated received time
Name Closing balance Closing age
subsidies amount and basis
N/A
(7) Other account receivable which terminate the recognition owning to the transfer of the financial assets
N/A
(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other
accounts receivable
N/A
Other explanation
5.Inventory
（1）Inventory types
In RMB
Year-end balance Year-beginning balance
Items
Provision for bad Provision for bad
Book Balance Book value Book Balance Book value
debts debts
Engineering
800,998.80 800,998.80
construction
Total 800,998.80 800,998.80
114
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
（2）Inventory falling price reserves
In RMB
Year-beginning Increase at this period Decrease at this period
Items Year-end balance
balance Withdrawing Other Turn or turn off Other
N/A
6. Other current assets
In RMB
Items Amount in year-end Amount in year- begin
National debt reverse repurchase balance 40,603,625.00
To offset the input tax 28,751.52
Total 40,632,376.52
Other explanation
7. Available-for-sale financial assets
(1) List of available-for-sale financial assets
In RMB
Amount in year-end Amount in year- begin
Items Bad debt Bad debt
Book balance Book value Book balance Book value
provision provision
Available-for-sale equity 1,796,056,064.
1,832,849,264.29 36,793,200.00 1,983,412,428.45 36,793,200.00 1,946,619,228.45
instruments 29
Measured by fair value 997,480,962.56 997,480,962.56 1,148,044,126.72 1,148,044,126.72
Measured by cost 835,368,301.73 36,793,200.00 798,575,101.73 835,368,301.73 36,793,200.00 798,575,101.73
1,796,056,064.
Total 1,832,849,264.29 36,793,200.00 1,983,412,428.45 36,793,200.00 1,946,619,228.45
29
(2) Available-for-sale financial assets measured by fair value at the period-end
In RMB
Available-for-sale Available-for-sale Debt
Type Total
financial instrument instruments
Cost of the equity
instruments/amortized
517,560,876.80 517,560,876.80
cost of the liabilities
instruments
Fair value 997,480,962.56 997,480,962.56
115
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Changed amount of the
fair value accumulatively
479,920,085.76 479,920,085.76
included in other
comprehensive income
(3) Available-for-sale financial assets measured by cost at the period-end
In RMB
Book balance Impairment provision Shareholdi Cash
ng bonus of
Investee Period- Period-beg Period proportion the
Decrease Decrease Decrease
begin in -end among the reporting
investees period
Guangdong Rodio and
Television Networks
50,000, 50,000,000 1,010,837.
investment No.1 3.11%
000.00 .00 95
Limited partnership
enterprise
Kunlun Securities Co., 30,000, 30,000,000 30,000,000 30,000,000
5.74%
Ltd. 000.00 .00 .00 .00
Huaxia Securities Co., 5,400,0 5,400,000. 5,400,000. 5,400,000.
0.27%
Ltd. 00.00 00 00 00
Huazheng Assets
Management 1,620,0 1,620,000. 1,393,200. 1,393,200.
0.54%
00.00 00 00 00
Co. Ltd.
Guangdong Guangle 748,348 748,348,30
9.00%
Expressway Co., Ltd. ,301.73 1.73
835,368 835,368,30 36,793,200 36,793,200 1,010,837.
Total --
,301.73 1.73 .00 .00 95
(4) Changes of the impairment of the available-for-sale financial assets during the reporting period
In RMB
Available-for-sale Available-for-sale
Type Total
Equity instruments Debt instruments
Balance of the withdrawn
impairment at the 36,793,200.00 36,793,200.00
period-begin
116
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Balance of the withdrawn
impairment at the 36,793,200.00 36,793,200.00
period-end
8. Long-term equity investment
In RMB
Increase/decrease
Adjustme
Cash Closing
nt of Withdrawal
Opening Chinges bonus or Closing balance of
Investees Add other of
balance of other profits Other balance impairment
investment comprehe impairment
eqiuty announce provision
nsive provision
d to issue
income
I. Joint venture
Guangdo
ng
1,193,172 236,226,4 359,483,6 1,069,91
Guanghui ,139.09 52.58 21.28 4,970.39
Expressw
ay Co.,
Ltd.
Zhaoqing
Yuezhao 273,153,3 39,171,94 38,048,04 274,277,
45.90 1.01 0.00 246.91
Highway
Co., Ltd.
Beijing
Gelin
Enze
1,466,325 275,398,3 397,531,6 1,344,19
Subtotal
,484.99 93.59 61.28 2,217.30
2. Affiliated Company
Shenzhen
Huiyan 160,888,0 48,728,74 76,556,70 133,060,1
Expressw 58.33 4.73 0.00 03.06
ay
Jingzhu 312,905,0 72,032,35 384,937,3
Exprwss 40.79 1.04 91.83
117
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
way
Guanzhu
Guangdo
ng
Jiangzhon 173,582,0 8,104,887 6,270,000 175,416,9
g 80.68 .43 .00 68.11
Expressw
ay
Ganzhou
Kangda 164,592,5 23,190,98 187,783,4
Expressw 03.05 6.46 89.51
ay
Ganzhou
Gankang 207,626,5 6,139,341 9,000,000 204,765,9
Expressw 77.95 .33 .00 19.28
ay
Guangdo
ng Yueke
Technolo 204,066,4 3,029,386 2,000,000 205,095,8
gy Petty 94.37 .26 .00 80.63
Loan Co.,
Ltd.
Asian
Kitchen
16,095,12 15,014,40 -1,080,72
& Bath
3.16 1.91 1.25
City Co.,
Ltd.
1,239,755 15,014,40 160,144,9 93,826,70 1,291,059
Total
,878.33 1.91 76.00 0.00 ,752.42
2,706,081 15,014,40 435,543,3 491,358,3 2,635,251
Total
,363.32 1.91 69.59 61.28 ,969.72
Other explanation
9. Investment property
(1) Investment property adopted the cost measurement mode
√ Applicable □ Not applicable
In RMB
Items Houses and buildings Land use right Construction in progress Total
I.Original value
118
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
1.Opening balance 12,664,698.25 12,664,698.25
2.Increased amount of
the period
（1）Outsourcing
（ 2 ） Inventory, Fixed
assetsand Construction
project into
(3)Enterprise
consolidation
3.Decreased amount
ofthe period
（1）Disposal
（2）Other Out
4.Closing balance 12,664,698.25 12,664,698.25
II.Accumulated
depreciation accumulated
amortization
1.Opening balance 8,516,300.37 8,516,300.37
2.Increased amount of
464,213.40 464,213.40
the period
(1)Withdrawalor
464,213.40 464,213.40
amortization
3.Decreased amount
ofthe period
（1）Disposal
（2）Other Out
4.Closing balance 8,980,513.77 8,980,513.77
119
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
III. Impairment provision
1.Opening balance
2.Increased amount of
the period
（1）Withdrawalor
3.Decreased amount
ofthe period
（1）Disposal
（2）Other Out
4.Closing balance
IV. Book value
1.Closing book value 3,684,184.48 3,684,184.48
2.Opening book 4,148,397.88 4,148,397.88
(2) Investment property adopted fair value measurement mode
□ Applicable √ Not applicable
(3) Details of investment property failed to accomplish certification of property
In RMB
Items Book value Reason
Transportation and other ancillary
Transportation and other ancillary facilities 2,030,492.34
facilities, Not accreditation
Other explanation
10. Fixed assets
(1) List of fixed assets
In RMB
Electricity
Guangfo Fokai House and Machinery Transportation
Items equipment and Total
Expressway Expressway buildings equipment equipment
other
120
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
I.Original price
1.Opening 1,460,270,190. 8,547,420,760. 10,841,164,262
268,889,649.54 110,841,443.58 53,899,687.28 399,842,531.12
balance 66 60 .78
2.Increased
amount ofthe 14,423,320.45 466,131.70 8,728,551.95 23,618,004.10
period
（1）Purchase 466,131.70 6,357,672.39 6,823,804.09
（2）Transfer
of project
14,423,320.45 2,370,879.56 16,794,200.01
under
construction
（3）Increased
of Enterprise
consolidation
3.Decreased
amountof the 2,782,074.00 61,583,304.99 64,365,378.99
period
（1）Disposal
2,782,074.00 61,583,304.99 64,365,378.99
or scrap
4.Closing 1,460,270,190. 8,561,844,081. 10,800,416,887
268,889,649.54 110,841,443.58 51,583,744.98 346,987,778.08
balance 66 05 .89
II.
Accumulated
depreciation
1.Opening 1,120,872,662. 2,146,782,932. 3,664,398,238.
122,921,217.02 26,346,554.54 36,824,762.98 210,650,108.41
balance 99 11 05
2.Increased
amount ofthe 149,842,676.73 396,800,010.71 15,292,695.34 9,966,764.70 3,682,311.80 30,606,181.89 606,190,641.17
period
(1)Withdrawal 149,842,676.73 396,800,010.71 15,292,695.34 9,966,764.70 3,682,311.80 30,606,181.89 606,190,641.17
3.Decreased
amount ofthe 2,503,866.60 58,774,468.34 61,278,334.94
period
121
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
(1)Disposal or
2,503,866.60 58,774,468.34 61,278,334.94
scrap
4.Closing 1,270,715,339. 2,543,582,942. 4,209,310,544.
138,213,912.36 36,313,319.24 38,003,208.18 182,481,821.96
balance 72 82 28
III. Impairment
provision
1.Opening
balance
2.Increased
amount ofthe
period
（1）
Withdrawal
3.Decreased
amount ofthe
period
（1）Disposal
or scrap
4.Closing
balance
IV. Book value
1.Closing book 6,018,261,138. 6,591,106,343.
189,554,850.94 130,675,737.18 74,528,124.34 13,580,536.80 164,505,956.12
value 23 61
2.Opening 6,400,637,828. 7,176,766,024.
339,397,527.67 145,968,432.52 84,494,889.04 17,074,924.30 189,192,422.71
book value 49 73
（2）Details of fixed assets failed to accomplish certification of property
In RMB
Items Book value Reason
Transportation and other ancillary
Transportation and other ancillary facilities 98,673,590.86
facilities, Not accreditation
Other explanation:
11. Project under construction
（1）Project under construction
122
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Year-end balance Year-beginning balance
Items Book balance Provision for Book Net value Book balance Provision for Book Net value
devaluation devaluation
Odd project 17,125,070.14 17,125,070.14 2,974,467.60 2,974,467.60
Total a 17,125,070.14 17,125,070.14 2,974,467.60 2,974,467.60
(2) Changes of significant construction in progress
In RMB
Includin
Capitalis g：
Amount Transferr ation of Current Capitalis
Increase Balance
at year ed to Other Proporti Progress interest amount ation of Source
Name Budget at this in
beginnin fixed decrease on(%) of work accumul of interest of funds
period year-end
g assets ated capitaliz ratio（%)
balance ation of
interest
period
between
Financial
Xiebian to 400,24 14,423,3 14,423,3 413,852,
120.15% 100.00 organ
0.91 20.45 20.45 444.90
Sanbao loan
extension
project
Odd proje 2,974,46 16,521,4 2,370,87 17,125,0
Other
ct 7.60 82.10 9.56 70.14
400,24 2,974,46 30,944,8 16,794,2 17,125,0 413,852,
Total -- -- --
0.91 7.60 02.55 00.01 70.14 444.90
12. Engineering material
In RMB
Items Balance in year-end Balance in year-begin
Signpost 1,549,556.00 1,549,556.00
Total 1,549,556.00 1,549,556.00
Other explanation:
14. Intangible assets
123
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
(1) List of intangible assets
In RMB
Items Land use right Patent right Non-patent right Software Total
I. Original price
1.Opening
1,311,658.00 8,918,094.77 10,229,752.77
balance
2.Increased
amount ofthe 1,014,340.00 1,014,340.00
period
(1) Purchase 1,014,340.00 1,014,340.00
(2)Internal
Development
(3)Increased of
Enterprise
Combination
3.Decreased
amount of the period
（1）Disposal
4.Closing balance 1,311,658.00 9,932,434.77 11,244,092.77
II.Accumulated
amortization
1.Opening balance 920,683.30 4,258,020.13 5,178,703.43
2.Increased amount
151,345.20 1,814,432.66 1,965,777.86
ofthe period
(1) Withdrawal 151,345.20 1,814,432.66 1,965,777.86
3.Decreased
amount of the period
124
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
（1）Disposal
4.Closing balance 1,072,028.50 6,072,452.79 7,144,481.29
III.Impairment
provision
1.Opening balance
2.Increased amount
ofthe period
(1) Withdrawal
3.Decreased amount
of the period
（1）Disposal
4.Closing balance
IV. Book value
1.Closing book value 239,629.50 3,859,981.98 4,099,611.48
2.Opening book
390,974.70 4,660,074.64 5,051,049.34
value
The intangible assets by the end of the formation of the company's internal R & D accounted for 0.00% of the
proportion of the balance of intangible assets
14. Long-term amortize expenses
In RMB
Amortized expenses
Balance in Increase in this
Items year-begin period Other loss Balance in year-end
Renovation fee 4,955,719.12 7,088.22 1,701,251.66 3,261,555.68
Property Insurance 50,435.62 333,968.22 68,989.41 315,414.43
Total 5,006,154.74 341,056.44 1,770,241.07 3,576,970.11
Other explanation:
15. Deferred income tax assets/deferred income tax liabilities
(1) Deferred income tax assets had not been off-set
In RMB
125
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Balance in year-end Balance in year-begin
Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Deductible loss 35,476,938.38 8,869,234.60
Timing difference
between accumulated 417,147.47 104,286.87
depreciation
Total 417,147.47 104,286.87 35,476,938.38 8,869,234.60
(2) Deferred income tax liabilities had not been off-set
In RMB
Balance in year-end Balance in year-begin
Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference liabilities difference liabilities
Timing difference
between accumulated 466,107,067.16 116,526,766.79 496,600,258.67 124,150,064.67
depreciation
Total 466,107,067.16 116,526,766.79 496,600,258.67 124,150,064.67
（3）Deferred income tax assets and liabilities are presented as net amount after neutralization
In RMB
Deferred Income Tax Temporarily Deductable
Deferred Income Tax Temporarily Deductable
Assets or Liabilities at or Taxable Difference at
Items Assets or Liabilities at or Taxable Difference at
the Beginning of Report the Beginning of Report
the End of Report Period the End of Report Period
Period Period
Deferred income tax
104,286.87 8,869,234.60
assets
Deferred income tax
116,526,766.79 124,150,064.67
Liabilities
（4）Details of the un-recognized deferred income tax assets
In RMB
Items Balance in year-end Balance in year-begin
Deductible temporary difference 92,063,913.42 91,905,788.48
Deductible loss 946,097,353.21 835,614,811.02
Total 1,038,161,266.63 927,520,599.50
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
（5）Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
Year Balance in year-end Balance in year-begin Remark
2015 87,468,340.85
2016 139,203,475.18 141,073,439.77
2017 218,742,081.93 222,416,075.93
2018 159,669,821.53 160,626,365.98
2019 227,905,241.66 224,030,588.49
2020 200,576,732.91
Total 946,097,353.21 835,614,811.02 --
Other explanation ：
16. Other Non-current assets
In RMB
Items Balance in year-end Balance in year-begin
Prepaid land occupation tax 1,176,432.55 1,176,432.55
Total 1,176,432.55 1,176,432.55
Other explanation ：
17.Short-term loans
（1）Category of shart-term loans
Items Balance in year-end Balance in year-begin
Short-term loans 150,000,000.00
Total 150,000,000.00
Notes of short-term loans category:
18. Account payable
（1）List of Account payable
In RMB
Items Balance in year-end Balance in year-begin
Within 1 year（Including 1 year） 112,890,428.41 122,813,113.61
1-2 year （Including 2 years） 27,317,832.40 4,519,689.44
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
2-3 year（Including 3 years） 581,687.85 6,786,964.00
Over 3 years 13,427,072.48 16,679,441.55
Total 154,217,021.14 150,799,208.60
(2) Notes of the accounts payable aging over one year
In RMB
Items Balance in year-end Unpaid reason
Guangdong Changda Highway
8,993,525.00 Unsettled
Engineering Co., Ltd.
Guangdong Expressway Co., Ltd. 8,746,491.18 Unsettled
Dongguan Leyu Optoelectronic
3,340,240.00 Unsettled
Technology Co., Ltd.
Guangdong Guanghui Expressway Co.,
3,091,798.85 Unsettled
Ltd.
Guangdong Jingtong Highway
2,149,189.00 Unsettled
Engineering Construction Co., Ltd.
Guangdong Guanyue Luqiao Co., Ltd. 2,050,148.00 Unsettled
Total 28,371,392.03 --
Other explanation ：
19. Advance from customers
(1) List of advance from customers
In RMB
Items Balance in year-end Balance in year-begin
Within 1 year（Including 1 year） 1,042,644.04 868,021.39
1-2 years（Including 2 years）
2-3 years（Including 3 years）
Over 3 years 3,666,668.16 4,000,001.40
Total 4,709,312.20 4,868,022.79
(2) Significant advance from customers aging over one year
In RMB
Items Closing balance Unpaid/Uncarry over reason
Guangdong Province Telecomunications 3,666,668.16 Communication channels rent
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Engineering Management Center
Total 3,666,668.16 --
20. Payable Employee wage
（1）Payable Employee wage
In RMB
Items Year-beginning balance Increase in the current Decrease in the current
Year-end balance
period period
I. Short-term
2,807,989.72 200,057,486.21 199,759,671.56 3,105,804.37
compensation
II.Post-employment bene
fits - defined contribution 286.00 19,307,440.91 19,307,726.91
plans
III. Dismiss welfare 109,982.48 109,982.48
Total 2,808,275.72 219,474,909.60 219,177,380.95 3,105,804.37
（2）Short-term compensation
In RMB
Items Year-beginning balance Increase in the current Decrease in the current
Year-end balance
period period
1.Wages, bonuses,
465,063.49 131,031,896.88 131,031,896.88 465,063.49
allowances and subsidies
2.Employee welfare 299,000.00 21,676,775.93 21,975,775.93
3. Social insurance
27,118.50 10,014,409.64 10,041,528.14
premiums
Inlduding ：Medical
6,797,508.13 6,797,508.13
insurance
Work injury insurance 353,824.93 353,824.93
Maternity insurance 27,118.50 794,390.37 821,508.87
Supplementary
2,068,686.21 2,068,686.21
medicalinsurance
4.Public reserves for
39.74 24,726,394.26 24,726,434.00
housing
5.Union funds and staff
2,016,767.99 5,534,196.76 4,910,223.87 2,640,740.88
education fee
Other 7,073,812.74 7,073,812.74
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Total 2,807,989.72 200,057,486.21 199,759,671.56 3,105,804.37
（3）List of drawing scheme
In RMB
Items Balance in year-begin Increase in this period Payable in this period Balance in year-end
1. Basic old-age
12,281,353.01 12,281,353.01
insurance premiums
2.Unemployment
286.00 708,288.73 708,574.73
insurance
3.Enterprise annuity
6,317,799.17 6,317,799.17
payment
Total 286.00 19,307,440.91 19,307,726.91
Other explanation ：
21. Tax Payable
In RMB
Items Balance in year-end Balance in year-begin
VAT 227,418.75 3,353.32
Business Tax 5,710,517.59 5,923,003.03
22,619,349.24 1,955,971.88
Enterprise Income tax
Individual Income tax 3,553,367.89 2,630,647.57
City Construction tax 347,361.67 358,216.82
Land use tax 461,277.88 57,923.88
Property tax 463,202.08 248,088.61
Education subjoin 159,211.64 164,600.65
Locality Education subjoin 96,105.49 98,472.27
Stamp tax 3,698,872.87 5,582.71
Defend expense 71,555.15 130,711.35
Cultural construction costs 3,864.00 -1,478.35
Total 37,412,104.25 11,575,093.74
Other explanation ：
22..Interest payable
In RMB
Items Balance in year-end Balance in year-begin
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Pay the interest for long-term loans by
7,179,067.36 9,298,064.66
installments.
Interest of company bonds 14,900,277.61 14,900,277.65
Payable interest for short-term borrowings 275,000.00
Total 22,079,344.97 24,473,342.31
Particulars of significant overdue unpaid interest:
In RMB
Unit Overdue amoount Overdue reason
Other explanation ：
N/A
23. Dividends payable
In RMB
Items Year-end balance Year-Beginning balance
Common stock dividends 11,681,423.74 11,148,088.30
Total 11,681,423.74 11,148,088.30
Note: Including significant unpaid dividends payable over one year, the unpaid reason shall be disclosed:
Final dividend payable RMB11,123,522.34 for more than a year in unpaid dividends to shareholders over the yea
r was mainly due to non-payment of shareholder dividends did not provide information on interest-bearing bank, d
id not share reform of shareholders to receive dividends or provide application to receive dividends the bank infor
mation is incorrect, resulting in failure to pay a dividend or refund.
24.Other accounts payable
(1) Other accounts payable listed by nature of the account
In RMB
Items Year-end balance Year-Beginning balance
Project fund/Quality guarantee fund 125,662,120.62 207,939,390.58
Shareholder loans 125,000,000.00
Deposit 1,925,464.15 1,887,499.15
Other 59,179,269.73 34,498,208.26
Total 186,766,854.50 369,325,097.99
(2) Other significant accounts payable with aging over one year
In RMB
131
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Items Closing balance Unpaid/un-carry over reason
Project Quality guarantees/ Bid
Guangdong Changda Engineering Co., Ltd 47,033,633.90
Gruarantees/Deposit
Project Quality guarantees/ Bid
Guangdong Guanyue luqiao Co., Ltd. 18,166,724.29
Gruarantees/ Performance Gruarantee
China Railway 12 Bureau Group Co., ltd. 11,969,868.00 Project Quality guarantees
Guangdong Jingtong Highway
5,354,399.26 Project Quality guarantees
Engineering Construction Group Co., ltd.
Jilin Great wall Highway Bridge
5,145,377.50 Project Quality guarantees
Construction Co., Ltd.
China Railway 23 Bureau Group Co., ltd. 3,874,450.00 Project Quality guarantees
Project Quality guarantees/ Drawing
Ziguang Jietong Technology Co., Ltd. 2,919,474.50
deposit
Guangdong Nengda Grade Highway Project Quality guarantees/ Bid
2,562,481.16
Maintenance Co., Ltd. Gruarantees/ Performance Gruarantee
Total 97,026,408.61 --
Other explanation
25. Non-current liabilities due within 1 year
In RMB
Items Balance year-end Year-beginning balance
Long-term loans due within 1 year 312,080,000.00 400,480,000.00
Bonds payable due within 1 year 997,000,000.00
Total 1,309,080,000.00 400,480,000.00
Other explanation ：
Long-term borrowing rate is due within one year benchmark lending rate over the same period or the same
period the benchmark lending rate to fall 10%, the real interest rate bonds payable due within one year was 6.79%.
26. Long-term loan
(1) Category of long-term loan
In RMB
Items Balance year-end Year-beginning balance
Guaranteed loans 1,500,000,000.00 1,500,000,000.00
Credit loans 2,581,760,000.00 2,893,840,000.00
Total 4,081,760,000.00 4,393,840,000.00
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Notes：
Other notes including interest rate range：
Borrowing rate for the same period in the benchmark lending rate or benchmark lending rate over the same period
fall 10%.
27. Bonds payable
（1）Bonds payable
In RMB
Items Balance year-end Year-beginning balance
11 Guangdong Expressway MINI 997,000,000.00
Total 997,000,000.00
(2) Changes on bonds payable (not including other financial instrument classified as preferred stock and
perpetual capital securities of financial liabilities)
In RMB
11
Guangdo
2011-10- 1,000,000 997,000,0 67,899,99 997,000,0
ng 100.00 5 years
13 ,000.00 00.00 9.96 00.00
Expressw
ay MINI
1,000,000 997,000,0 67,899,99 997,000,0
Total -- -- --
,000.00 00.00 9.96 00.00
28.Long term payroll payable
（1）List of long term payroll payable
In RMB
Items Balance in year-end Balance in year-begin
Non-operating asset payable 2,022,210.11 2,022,210.11
Ganzhou Gankang Expressway Co., Ltd. 50,000,000.00
Other explanation ：
29. Stock capital
In RMB
Balance Increase/decrease this time (+ , - ) Balance
133
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Year-beginning Issuing of new Transferred year-end
Bonus shares Other 小计
share from reserves
Total of capital 1,257,117,748. 1,257,117,748.
shares 00 00
Other explanation ：
30. Capital reserves
In RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Share premium 1,534,771,223.07 1,534,771,223.07
Other capital reserves 1,378.67 1,378.67
Total 1,534,771,223.07 1,378.67 1,534,772,601.74
Other notes, including changes and reason of change:：
32. Other comprehensive income
In RMB
Amount of current period
Less ： After -
Previously rec tax at
Amount for After - tax a
Year-beginni tributabl Year-end
Items ognized in pro
the period Less： ttributable t
ng balance e to mi balance
fit or loss in ot
before inco Income tax o the parent
her comprehen nority s
me tax company
sive income hareholde
rs
II.
630,483,249. -150,563,16 -150,563,16 479,920,0
Later reclassified into profit and loss
92 4.16 4.16 85.76
of other comprehensive income
Gains and losses from changes in fair
630,483,249. -150,563,16 -150,563,16 479,920,0
value of available for sale financial as
92 4.16 4.16 85.76
sets
630,483,249. -150,563,16 -150,563,16 479,920,0
Total of other comprehensive income
92 4.16 4.16 85.76
Notes：
1. The initial balance and the ending balance refer to other comprehensive incomes in the balance sheet. The
initial balance + other comprehensive incomes belong to the parent company after taxes = the ending balance. The
occurrence amount in the period refers to other comprehensive incomes in the profit statement, and the occurrence
amount before income tax in the period – Other comprehensive income recorded in the earlier stage and
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
transferred into the profits and losses in the current period – income taxes = other comprehensive incomes belong
to the parent company after taxes + other comprehensive incomes belong to the minority shareholders after taxes.
2. The company’s headquarters is the investment enterprise, the investment income after the non-taxable
investment deducted can generate the tax losses and left to make up for the future years. Based on the prudence
concept, the company will not recognize the deferred income tax assets relevant to the undistributed deficit. For
the profits and losses gained from the disposal of the sellable financial assets in the future are estimated that can’t
offset the losses in the taxes, the company shall not pay the income taxes and considerate the influence on the
income taxes caused by the sellable financial assets.
32. Surplus reserve
In RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Statutory surplus
253,056,237.77 26,741,749.54 279,797,987.31
reserve
Total 253,056,237.77 26,741,749.54 279,797,987.31
Statement on surplus reserves. Please state the related resolutions of the Board on capitalizing of reserves, making
up losses, and dividends：
The increase in the surplus reserves for the current period is caused by the legal surplus reserves withdrawn as
per 10% of the net profits of the parent company in 2015.
33. Retained profits
In RMB
Items Amount of this period Amount of last period
Retained profit at the beginning of current year 1,340,748,017.33 1,104,154,555.90
Add：Net profit attributable to the owners of
1,340,748,017.33 1,104,154,555.90
parent company
Add ：Net profit attributable to owners of the
469,386,906.79 318,754,807.85
Company
Less：Withdrawing statutory surplus public reserve 26,741,749.54 19,305,459.02
Common stock dividend payable 125,711,774.80 62,855,887.40
Retained profit at the end of this term 1,657,681,399.78 1,340,748,017.33
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affected
beginning undistributed profits are RMB 0.00.
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profits
are RMB 0.00.
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
34.Operation income and operation cost
In RMB
Amount of this period Amount of last period
Items
Income Cost Income Cost
Main operation 1,523,429,005.05 860,031,772.83 1,431,382,351.15 833,875,192.85
Other operation 22,069,584.06 7,954,254.72 23,672,632.55 14,672,051.62
Total 1,545,498,589.11 867,986,027.55 1,455,054,983.70 848,547,244.47
35. Business tax and subjoin
In RMB
Items Amount of this period Amount of last period
Business tax 47,610,094.15 46,072,165.54
Urban construction tax 3,343,021.43 3,232,363.38
Education surcharge 1,433,545.84 1,385,473.22
Defend expense 954,630.63 1,179,363.93
Locality Education surcharge 955,695.13 923,745.05
Culture Construction fee 111,309.82 74,612.85
Other 30,116.95 17,050.52
Total 54,438,413.95 52,884,774.49
Other explanation ：
36. Management expenses
In RMB
Items Amount of this period Amount of last period
Wage 112,972,595.21 119,443,781.17
Depreciation and Amortization 6,267,132.58 9,367,802.28
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Low consumables amortization 280,356.30 843,440.16
Travel expenses 951,122.66 1,246,429.61
Office expenses 3,410,338.00 3,200,706.28
Leased experses 11,348,721.14 11,738,845.17
The fee for hiring agenc 1,796,762.74 2,263,287.23
Consultation expenses 479,000.00 537,926.00
Directorate expenses 37,603.00 435,972.00
Expenses of taxation 7,458,440.48 3,304,239.83
Listing fee 1,925,892.80 450,740.00
Project expenses 7,463,400.00 1,515,266.10
Information cost and maintenance fee 1,178,924.80 1,468,521.94
Total 10,639,157.25 11,988,351.69
Total 166,209,446.96 167,805,309.46
Other explanation ：
37.Financial expenses
In RMB
Items Amount of this period Amount of last period
Interest expenses 349,262,119.07 421,507,687.69
Deposit interest income（-） -8,118,036.09 -20,092,868.28
Exchange Income and loss（Gain-） 499,486.96 277,886.92
Bank commission charge 360,486.43 280,046.54
Total 342,004,056.37 401,972,752.87
Other explanation ：
38. Asset impairment loss
In RMB
Items Amount of this period Amount of last period
I. Bad debt loss 158,124.94 -8,720,894.01
Total 158,124.94 -8,720,894.01
Other explanation ：
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
39. Investment income
In RMB
Items Amount of this period Amount of last period
Long-term equity investment income by equity
435,543,369.59 374,852,598.76
method
Investment income from the disposal of
24,226,238.09
long-term equity investment
Hold the investment income during from
44,768,257.53 42,119,862.10
available-for-sale financial assets
Reverse repurchase treasury investment incom
854,210.29 2,991,262.39
e
Total 505,392,075.50 419,963,723.25
Other explanation ：
40. Non-Operation income
In RMB
Recorded in the amount of the
Items Amount of this period Amount of last period
non-recurring gains and losses
Total gains from disposal of
3,578.00 3,751,673.75 3,578.00
non-current assets
Including：Gains from disposal
3,578.00 3,751,673.75 3,578.00
of fixed assets
Government Subsidy 480,000.00 150,000.00 480,000.00
Surplus profit
Road property claim income 7,323,216.84 5,802,152.79 7,323,216.84
Other income 20,641,367.19 992,548.21 20,641,367.19
Total 28,448,162.03 10,696,374.75 28,448,162.03
- Government subsidy reckoned into current gains/losses
In RMB
Whether the
impact of Whhether Amount of Amount of Assets-relate
Issuing Issuing
Subsidy items Nature subsidies on special current previous d/income
body reason
the current subsidies period period –related
profit and
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
loss
Energy conservation and
Related to
emission reduction 130,000.00 150,000.00
income
demonstration project
Special funds for energy
Related to
saving and consumption 230,000.00
income
reduction
Guide for space safety
Related to
management and application 120,000.00
income
of Expressway Bridge
Total -- -- -- -- -- 480,000.00 150,000.00 --
Other explanation ：
41. Non-Operation expense
In RMB
The amount of non-operating
Items
Amount of current period Amount of previous period gains & lossed
Total of non-current asset
3,041,722.04 3,602,575.90 3,041,722.04
Disposition loss
Incl: loss of fixed assets
3,041,722.04 3,602,575.90 3,041,722.04
disposition
Exprese of fine 47,525.84 23,444.82 47,525.84
Other 3,037,576.46 7,610,058.24 3,037,576.46
Total 6,126,824.34 11,236,078.96 6,126,824.34
Other explanation ：
42. Income tax expense
(1) Lists of income tax expense
In RMB
Items Amount of current period Amount of previous period
Current income tax expense 101,844,247.69 16,814,227.35
Deferred income tax expense 1,141,649.85 36,326,077.53
Total 102,985,897.54 53,140,304.88
(2) Adjustment process of accounting profit and income tax expense
In RMB
Items Amount of current period
139
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Total profits 642,415,932.53
Current income tax expense accounted by tax and relevant
160,603,983.13
regulations
Influence of income tax before adjustment 4,454,839.42
Influence of non taxable income -120,992,603.73
Impact of non-deductible costs, expenses and losses 11,241,307.98
Affect the use of deferred tax assets early unconfirmed
-2,465,812.49
deductible losses
The current period does not affect the deferred tax assets
50,144,183.23
recognized deductible temporary differences or deductible loss
Income tax expense 102,985,897.54
Other explanation ：
43. Items of Cash flow statement
(1) Other cash received from business operation
In RMB
Items Amount of current period Amount of previous period
Newwork received toll income 15,799,675.00 569,364.37
Interest income 8,118,036.09 20,092,868.28
Unit current account 42,963,503.22 36,541,289.13
Total 66,881,214.31 57,203,521.78
Notes ：
（2）Other cash paid related to oprating activities
In RMB
Items Amount of current period Amount of previous period
Newwork received toll income 3,971,306.90
Management expense 32,494,578.69 35,748,636.18
Unit current account 15,729,815.81 25,170,664.85
Total 48,224,394.50 64,890,607.93
Notes ：
（3）Other Cash received related to investment activities
In RMB
Items Amount of current period Amount of previous period
140
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Jiujiang bridge to receive compensation 20,000,000.00
Entrusted Loan recovered 8,000,000.00
Kunlun Securities Co., Ltd. liquidation allo
652,012.00
tments
Total 20,000,000.00 8,652,012.00
Notes ：
（4）Other Cash payable related to investment activities
In RMB
Items Amount of current period Amount of previous period
Piecemeal dividend 1,378.67
Net income of piecemeal sale of shares 12,507.50
Total 1,378.67 12,507.50
Notes：
（5）Other Cash received related to Financing activities
In RMB
Items Amount of current period Amount of previous period
The medirm –term notes underwriting fee 3,000,000.00 3,000,000.00
Recombination fee 3,171,000.00
Total 6,171,000.00 3,000,000.00
Notes ：
44. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Supplement Information Amount of current period Amount of previous period
I. Adjusting net profit to cash flow from
-- --
operating activities
Net profit 539,430,034.99 358,849,510.58
Add: Impairment loss provision of assets 158,124.94 -8,720,894.01
Depreciation of fixed assets, oil and gas
606,630,043.61 575,056,443.96
assets and consumable biological assets
Amortization of intangible assets 1,965,777.86 1,652,237.13
141
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Amortization of Long-term deferred
1,770,241.07 4,272,764.06
expenses
Loss on disposal of fixed assets, intangible
3,038,144.04 -149,097.85
assets and other long-term deferred assets
Financial cost 349,761,606.03 421,785,574.61
Loss on investment -505,392,075.50 -419,963,723.25
Decrease of deferred income tax assets 8,764,947.73 37,603,500.50
Increased of deferred income tax liabilities -7,623,297.88 -1,277,422.97
Decrease of inventories -800,998.80
Decease of operating receivables -22,234,654.77 21,906,313.71
Increased of operating Payable 21,525,397.87 -23,773,459.68
Net cash flows arising from operating
996,993,291.19 967,241,746.79
activities
II. Significant investment and financing
-- --
activities that without cash flows:
3．Movement of cash and cash equivalents： -- --
Ending balance of cash 986,737,635.38 561,800,403.72
Less: Beginning balance of cash equivalents 561,800,403.72 976,468,685.82
Net increase of cash and cash equivalents 424,937,231.66 -414,668,282.10
（2）Composition of cash and cash equivalents
In RMB
Items Amount of current period Amount of previous period
986,737,635.38 561,800,403.72
I. Cash
137,771.71 77,312.85
Of which: Cash in stock
Bank savings could be used at any time 985,861,577.06 561,106,598.75
Other monetary capital could be used at any
738,286.61 616,492.12
time
III. Balance of cash and cash equivalents at
986,737,635.38 561,800,403.72
the period end
Other explanation ：
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
VIII. Equity in other entities
1. Equity in subsidiary
(1) The structure of the enterprise group
Main Proportion of
Registration Nature of
Name of the subsidiary operating shareholding Way of gaining
place business
place Directly Indirectly
Guangdong Fokai Expressway Expressway Under the same control
Foshan Guangzhou 75.00%
Co., Ltd. Management business combination
Expressway Under the same control
Guangfo Expressway Co., Ltd. Guangzhou Guangzhou 75.00%
Management business combination
Investment in
technical
Guangdong Expressway
Guangzhou Guangzhou industries and 100.00% Investment
Technology Investment Co., Ltd.
provision of
relevant
Notes: holding proportion in subsidiary different from voting proportion:
N/A
Basis of holding half or less voting rights but still been controlled investee and holding more than half of the
voting rights not been controlled investee:
N/A
Significant structure entities and controlling basis in the scope of combination:
N/A
Basis of determine whether the Company is the agent or the principal:
Other explanation:
(2) Important Non-wholly-owned Subsidiary
In RMB
Profit or Loss Owned by Dividends Distributed to
Shareholding Ratio Equity Balance of the
the Minority the Minority
Name of Subsidiary of Minority Minority Shareholders in
Shareholders in the Shareholders in the
Shareholders (%) the End of the Period
Current Period Current Period
Fokai Expressway Co., Ltd. 25.00% 59,567,381.58 836,507,155.33
Guangfo Expressway Co., Ltd. 25.00% 10,475,746.62 5,765,891.10 82,610,147.87
Holding proportion of minority shareholder in subsidiary different from voting proportion:
N/A
Other explanation:
(3) The main financial information of significant not wholly owned subsidiary
In RMB
143
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Year-end balance Year-beginning balance
Non Current Non Non Current Non
Name Current Total Total Current Total Total
current Liabilitie current current Liabilitie current
assets assets liabilities assets assets liabilities
assets s liabilities assets s liabilities
Fokai
Express 367,381, 6,359,79 6,727,17 682,859, 2,698,28 3,381,14 388,547, 6,793,86 7,182,41 1,063,02 3,011,63 4,074,65
way Co., 886.55 2,734.04 4,620.59 232.49 6,766.79 5,999.28 874.68 6,995.82 4,870.50 1,312.75 4,462.76 5,775.51
Ltd.
Guangfo
Express 139,614, 229,152, 368,766, 38,326,3 38,326,3 113,551, 386,094, 499,645, 181,688, 6,355,60 188,044,
way Co., 700.50 252.38 952.88 61.41 61.41 239.59 164.72 404.31 632.98 1.91 234.89
Ltd.
In RMB
Amount of current period Amount of previous period
Cash flows Cash flows
Total Total
Name Business from Business from
Net profit Comprehensi Net profit Comprehensi
income operating income operating
ve income ve income
activities activities
Fokai
1,149,868,14 238,269,526. 238,269,526. 866,519,898. 1,083,503,23 131,229,548. 131,229,548. 823,149,962.
Expressway
7.35 32 32 31 7.16 71 71 61
Co., Ltd.
Guangfo
361,707,563. 41,902,986.4 41,902,986.4 192,385,810. 341,832,249. 29,149,262.2 29,149,262.2 185,857,891.
Expressway
06 4 4 39 23 1 1 72
Co., Ltd.
Other explanation:
2. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Proportion Accounting
treatment of the
Main operating investment of
Name Registration place Business nature
place Directly Indirectly joint venture or
associated
enterprise
Guangdong
Guanghui Guangzhou, Guangzhou, Expressway
30.00% Equity method
Expressway Co., Guangdong Guangdong Management
Ltd.
Zhaoqing Expressway 25.00% Equity method
Zhaoqing, Zhaoqing,
144
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Yuezhao Management
Guangdong Guangdong
Highway Co.,
Ltd.
Shenzhen Huiyan
Shenzhen Shenzhen Expressway
Expressway Co., 33.33% Equity method
Guangdong Guangdong Management
Ltd.
Jingzhu
Guangdong Guangzhou Expressway
Expressway 20.00% Equity method
Zhongshan Guangdong Management
Guanzhu
Guangdong
Jiangzhong Guangdong Guangzhou Expressway
15.00% Equity method
Expressway Co., Zhongshan Guangdong Management
Ltd.
Ganzhou kangda
Guangdong Guangzhou Expressway
Expressway Co., 30.00% Equity method
Zhongshan Guangdong Management
Ltd.
Ganzhou
Gankang Guangdong Guangzhou Expressway
30.00% Equity method
Expressway Co., Zhongshan Guangdong Management
Ltd.
Guangdong
Yueke Guangzhou, Guangzhou, Hande all kinds
20.00% Equity method
Technology Petty Guangdong Guangdong of small loans
Loan Co., Ltd.
Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
N/A
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting rights but does not
have a significant impact:
Guangdong, Jiangzhong Expressway Co., Ltd and Asian Kitchen & Bath City Co.,
Ltd.. holds 20% of the voting rights, but has the power to participate in making decisions on their financial and operating decisions, a
nd therefore deemed to be able to exert significant influence over the investee.
(2) Main financial information of significant joint venture
In RMB
Year-end balance/ Amount of current period Year-beginning balance/ Amount of previous period
Guangdong Guanghui Zhaoqing Yuezhao Guangdong Guanghui Zhaoqing Yuezhao
Expressway Co., Ltd. Highway Co., Ltd. Expressway Co., Ltd. Highway Co., Ltd.
Current assets 766,450,792.34 198,764,861.77 853,819,598.11 161,028,516.96
Including：Cash and cash 480,536,440.78 176,442,107.38 560,176,135.18 143,525,298.03
145
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
equivalent
Non-current assets 4,560,378,796.63 1,899,012,860.07 4,818,629,336.12 1,972,706,369.16
Total assets 5,326,829,588.97 2,097,777,721.84 5,672,448,934.23 2,133,734,886.12
Current liabilities 817,431,700.70 304,439,107.94 883,377,158.97 259,091,187.54
Non-current liabilities 943,014,653.64 696,229,626.27 811,831,311.63 782,030,314.97
Total liabilities 1,760,446,354.34 1,000,668,734.21 1,695,208,470.60 1,041,121,502.51
Attributable to
shareholders of the 3,566,383,234.63 1,097,108,987.63 3,977,240,463.63 1,092,613,383.61
parent company
Share of net assets
1,069,914,970.39 274,277,246.91 1,193,172,139.09 273,153,345.90
calculated by stake
Book value of equity
investment in joint 1,069,914,970.39 274,277,246.91 1,193,172,139.09 273,153,345.90
ventures
Operating income 1,724,652,359.29 533,009,051.43 1,531,074,957.59 505,549,471.91
Financial expenses 61,776,338.94 46,967,353.71 88,210,913.86 59,320,062.60
Income tax expenses 262,961,558.97 51,559,142.39 233,477,471.57 52,529,265.75
Net profit 787,421,508.59 156,687,764.02 697,346,058.54 157,718,418.13
Total comprehensive
787,421,508.59 156,687,764.02 697,346,058.54 157,718,418.13
income
Dividends received
fromjoint ventures this 359,483,621.28 38,048,040.00
year
Other explanation :
146
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
(3) Main financial information of significant associated enterprise
In RMB
Year-end balance/ Amount of current period Year-beginning balance/ Amount of previous period
Guangdon
Guangdong Guangdong
Shenzhen g Ganzhou Shenzhen Guangdong Ganzhou
Jingzhu Ganzhou Yueke Jingzhu Ganzhou Yueke
Huiyan Jiangzhon Gankang Huiyan Jiangzhong Gankang
Expressway Kangda Technology Expressway Kangda Technology
Expressway g Expressway Expresswa Expressway Expressway
Guanzhu Expressway Petty Loan Guanzhu Expressway Petty Loan
Co., Ltd. Expresswa Co., Ltd. y Co., Ltd. Co., Ltd. Co., Ltd.
Co., Ltd. Co., Ltd.
y Co., Ltd.
252,775,866. 246,179,175 86,007,404 22,962,621. 316,962,67 1,291,749,9 250,781,00 198,920,064 110,167,303. 19,407,920. 306,852,845 932,110,436
Current assets
87 .63 .53 27 9.74 15.06 0.18 .37 95 01 .90 .51
184,281,067. 3,709,072,8 2,121,939, 1,593,039,0 1,537,143,8 40,623,208. 229,468,52 3,367,963,8 2,261,632,50 1,510,947,1 1,616,491,8 95,637,640.
Non-current assets
28 40.05 802.89 71.93 06.20 62 7.79 18.61 7.08 26.50 79.42 96
437,056,934. 3,955,252,0 2,207,947, 1,616,001,6 1,854,106,4 1,332,373,1 509,749,36 4,162,929,6 2,371,799,81 1,663,436,2 1,923,344,7 1,027,748,0
Total assets
15 15.68 207.42 93.20 85.94 23.68 8.90 51.88 1.03 64.78 25.32 77.47
37,679,784.9 112,647,420 330,000,75 67,580,844. 128,345,73 14,955,461. 26,677,726. 179,662,563 294,335,939. 31,252,072. 192,345,332 7,415,605.6
Current liabilities
3 .15 3.38 11 5.31 26 27 .77 80 00 .26 2
1,917,917,6 708,500,00 922,475,884 1,043,207,6 2,418,741,8 920,250,000. 1,083,542,5 1,038,910,7
Non-current Liabilities 196,840.04 407,467.63
36.40 0.00 .05 86.35 84.16 00 15.93 99.87
37,876,624.9 2,030,565,0 1,038,500, 990,056,728 1,171,553,4 14,955,461. 27,085,193. 2,598,404,4 1,214,585,93 1,114,794,5 1,231,256,1 7,415,605.6
Total liabilities
7 56.55 753.38 .16 21.66 26 90 47.93 9.80 87.93 32.13 2
Shareholders’ equity 399,180,309. 1,924,686,9 1,169,446, 625,944,965 682,553,06 1,025,479,4 482,664,17 1,564,525,2 1,157,213,87 548,641,67 692,088,593 1,020,332,4
attributable to shareholders of 18 59.13 454.04 .04 4.28 03.13 5.00 03.95 1.23 6.85 .19 71.85
147
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
the parent company
Pro rata share of the net assets c 133,060,103. 384,937,391 175,416,96 187,783,489 204,765,91 205,095,880 160,888,05 312,905,040 173,582,080. 164,592,50 207,626,577 204,066,494
alculated 06 .83 8.11 .51 9.28 .63 8.33 .79 68 3.05 .95 .37
-- Goodwill 241,995.07
The book value of equity invest 133,060,103. 384,937,391 175,416,96 187,783,489 204,765,91 205,095,880 160,888,05 312,905,040 173,582,080. 164,592,50 207,626,577 204,066,494
ments in joint ventures 06 .83 8.11 .51 9.28 .63 8.33 .79 68 3.05 .95 .37
202,939,671. 1,114,341,5 419,977,30 237,892,210 170,331,76 76,859,729. 238,515,79 1,054,806,8 399,433,738. 243,112,69 176,267,051 34,452,555.
Buinsess incme
65 43.59 1.24 .00 5.33 88 0.71 71.72 18 5.00 .33 22
146,186,134. 360,161,755 54,032,582 77,303,288. 20,464,471. 22,995,264. 78,757,273. 310,421,378 37,885,132.2 76,284,607. 23,207,077. 20,332,471.
Net profit
18 .18 .81 20 09 28 53 .12 7 00 03 85
146,186,134. 360,161,755 54,032,582 77,303,288. 20,464,471. 22,995,264. 78,757,273. 310,421,378 37,885,132.2 76,284,607. 23,207,077. 20,332,471.
Total comprehensive income
18 .18 .81 20 09 28 53 .12 7 00 03 85
Dividends received from associ 76,556,700.0 6,270,000. 9,000,000.0 2,000,000.0 60,000,000. 68,290,318. 3,000,000.0
750,000.00
ates during the year 0 00 0 0 00 11 0
Other explanation :
Long-term equity investment company in Asian Kitchen & Bath City Co., Ltd.
has been disposed in the current period.
148
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
Year-end balance/ Amount of current Year-beginning balance/ Amount of
period previous period
Joint venture -- --
The total of following items according to the
-- --
shareholding proportions
Associated enterprise -- --
The total of following items according to the
-- --
shareholding proportions
Other explanation :
Beijing Genlin Enze Organic Fertilizer Co.,Led. investment cost was RMB 6,614,483.90, for the 35% stake.
long-term equity investment. has been disposed for the current period
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds
to the Company
N/A
（6）The excess loss of joint venture or associated enterprise
In RMB
The derecognized losses or the The noncumulative
The cumulative recognied
Name share of net profit in reporting unrecognized losses in reporting
losses in previous
period period
Other explanation :
Beijing Genlin Enze Organic Fertilizer Co.,Led. investment cost was RMB 6,614,483.90, for the 35% stake. long-
term equity investment. has been disposed for the current period
(7) The unrecognized commitment related to joint venture investment
N/A
149
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
(8) Contingent liabilities related to joint venture or associated enterprise investment
N/A
IX. Risks Related to Financial Instruments
The major financial instruments of the company include monetary capital, accounts receivable and accounts
payable. These financial instruments are primarily related to operating and financing. For the details of the
financial instruments, please refer to the related projects in Notes 5. The risk relevant to these financial
instruments and the risk management policy adopted by the company for reducing these risks are described as
below:
1. Credit Risk
The credit risk means that the party of the financial instrument fails to perform the obligations, and the risk of the
financial loss is caused for the other party. The company is mainly facing the customer credit risk due to the credit
sale. In order to reduce the credit risk, the company only makes transactions with the recognized and reputable
customers, and carries out the continuous monitoring of accounts receivable through monitoring the credit of the
existing customers and the aging analysis, in order to ensure the company not facing the risk of bad debts and
control the overall credit risk within the controllable range.
2. Interest Rate Risk
The interest rate risk refers to the fluctuation risk appearing for the fair value of financial instruments or future
cash flows due to the changes in market interest rate. The interest rate risk faced by the company is mainly from
the bank borrowings. Through the establishment of good relations between banks and enterprises, the company
makes the reasonable design of credit range, credit variety and credit limit to guarantee the sufficient credit range
of the banks and meet the financing demands. Shortening the duration of single borrowings and especially stating
the prepayment terms is to reasonably reduce the risk of the interest rate fluctuations.
3. Foreign Exchange Risk
The foreign exchange risk refers to the fluctuation risk appearing for the fair value of financial instruments or
future cash flows due to the changes in foreign exchange rate. The company matches the income and expenditure
of foreign currency as far as possible in order to reduce the foreign exchange risk. During the reporting period, the
company has little effect on the foreign exchange risk due to the short credit term of revenue and expenditure
related to the foreign currency.
4. Liquidity Risk
The liquidity risk means that the risk of the shortage of funds occurs when the settlement obligations by the
delivery of the cash or other financial assets are fulfilled by the company. The policy of the company is to ensure
the sufficient cash for repaying the matured debts. The liquidity risk is under the centralized control of Finance
department of the company, and Finance department shall guarantee the company having the sufficient funds to
repay the debts under any reasonable forecast through monitoring the cash balance, the marketable securities
available to be cash and the rolling forecast for the cash flow of the next six months.
5. Other Price Risk
The company holds the equity investment of other listed companies, and the management believes that these
investments facing the market price risk is acceptable. For the equity investment of other listed companies held by
the company, please refer to “Available-for-Sale Financial Assets in Article 8 of Consolidated Financial
Statement in Notes 5 of Financial Statements”.
X. The disclosure of the fair value
150
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
1. Closing fair value of assets and liabilities calculated by fair value
In RMB
Closing fair value
Items Fir value measurement Fir value measurement Fir value measurement
TotaL
items at level 1 items at level 2 items at level 3
I. Consistent fair value
-- -- -- --
measurement
2.Available for sale
997,480,962.56 997,480,962.56
financial assets
（2）Equity instrument
997,480,962.56 997,480,962.56
investment
Total of Consistent fair
997,480,962.56 997,480,962.56
value measurement
II.Non-continuous
-- -- -- --
measurement fair value
2. Market price recognition basis for consistent and inconsistent fair value measurement items at level 1.
As at the end of the period, the company holds shares 235,254,944 shares of China Everbright Bank
According to the closing price of December 31, 2015 of RMB 4.24, the final calculation of fair value was RMB997,480,962.56.
XI.Related parties and related-party transactions
1. Parent company information of the enterprise
The parent company The parent company
Name Registered address Nature Registrated capital of the Company's of the Company’s
shareholding ratio vote ratio
No. 27, Equity management,
Guangdong traffic infrastructure
Baiyyun
communication construction and 2,680,000.00 40.84% 43.61%
Road,Yuexiu
Group Co., Ltd railway project
District ,
operation
Guangzhou.
Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative: Li
Jing. Date of establishment: June 23, 2000. As of December 31, 2015,Registered capital: RMB 26.8 billion. It is a
solely state-owned limited company. Business scope：equity management, organization of asset reorganization and
optimized allocation, raising funds by means including mortgage, transfer of property rights and joint stock
system transformation, project investment, operation and management, traffic infrastructure construction, highway
and railway project operation and relevant industries, technological development, application, consultation and
services, highway and railway passenger and cargo transport, ship industry, relevant overseas businesses
151
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
（if the above mentioned business scope requires licenses to operate, then operation licenses are required）.
The finial control of the Company was State-owned Assets Supervision and Administation Commission, The
People’s Government of Guangdong Province.
Other explanation ：
2.Subsidiaries of the Company
Subsidiaries of this enterprise, see Note VII the rights of other entity
3. Information on the joint ventures and associated enterprises of the Company
The details Notes VII of significant joint venture and associated enterprise of the Company
Information on other joint venture and associated enterprise of occurring related party transactions with the
Company in reporting period, or form balance due to related party transactions in previous period:
Name Relation with the Company
Other explanation ：
4. Other Related parties
Name Relation with the Company
Guangdong Changda highway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Hualu communication Technology Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Hualu communication Technology Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Xinyue Communication Investment Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Lulutong Co., Ltd. Fully owned subsidiary of the parent company
Guangzhou Xinruan Computer Technology Co., Ltd Fully owned subsidiary of the parent company
Guangdong Kaiyang Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Highway Construction Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Shenshan West Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Yangmao Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Luqiao Consrtuction Development Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Yunwu Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Taishan Coastal Expressway Co., Ltd Fully owned subsidiary of the parent company
Yunfo Guangyun Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Yuzhan Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Zhaoyang Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Xinlu Adverting Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Lulutong Co., Ltd. Fully owned subsidiary of the parent company
152
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Guangdong Gaoda Property Development Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Shanfen Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangshen Zhu Exprssway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong West coastal Expressway Zhuhai section Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Boda Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Guangle Expressway Co., Ltd. Fully owned subsidiary of the parent company
Zhaoqing Guanghe Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong West coastal Expressway Xinhui Section Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Yueyun Communication Co., Ltd. Fully owned subsidiary of the parent company
Yunfo Guangyun Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Meihe Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Two Expressway Co., Ltd. Fully owned subsidiary of the parent company
Heyuan Helong Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Yuegan Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Yuedong Expressway Industry Development Co.,
Fully owned subsidiary of the parent company
Ltd.
Guangdong Yuejia Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Maozhan Expressway Co., Ltd. Fully owned subsidiary of the parent company
Guangzhou Xinyue Asphalt Co., Ltd. Fully owned subsidiary of the parent company
Asian Kitchen & Bath City Co., Ltd. Original shares of the company
Other explanation ：
5. List of related-party transactions
(1)Information on acquisition of goods and reception of labor service
Acquisition of goods and reception of labor service
In RMB
Content of related Amount of current Amount of previous Over the trading limit
Related parties Amount of last period
transaction or not?
period period
Guangdong
Changda highway Project fund 11,019,618.00 13,590,781.49
Co., Ltd.
Guangdong
Expansion
Expressway Co., 9,319,331.40
management fee
Ltd.
153
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Guangdong Hualu
communication
Project fund 2,297,758.00 1,407,195.40
Technology Co.,
Ltd.
Guangzhou Xinruan
Computer
Project fund 1,322,580.00 836,730.00
Technology Co.,
Ltd.
Guangdong Xinyue
Communication
Project fund 5,360,020.96
Investment
Co., Ltd.
Guangdong East
Thinking
Management Service 568,528.80
Technology
Development Co.,
Ltd.
Guangdong
Expressway Co., Interest 3,604,166.67 416,666.67
Ltd.
Guangdong Xinyue
Communication Project fund 1,139,485.00
Investment Co., Ltd
Guangzhou Xinruan
Computer
Purchasing assets 5,771,846.00
Technology Co.,
Ltd.
Guangdong Xinyue
Communication Purchasing assets 2,434,148.61 3,639,312.14
Investment Co., Ltd
Guangdong Hualu
communication
Purchasing assets 563,977.42
Technology Co.,
Ltd.
Guangdong Xinyue
Communication Purchasing assets 1,027,925.71
Investment Co., Ltd
154
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Guangzhou Xinruan
Computer
Purchasing assets 214,300.00
Technology Co.,
Ltd.
Guangdong East
Thinking
Management Purchasing assets 470,000.00
Technology
Development Co.,
Ltd.
Related transactions on sale goods and receiving services
In RMB
Content of related Amount of current Amount of previous
Related parties
transaction period period
Guangdong Expressway Co., Ltd. Project fund 4,149,300.00 4,394,400.00
Guangdong Guanghui Expressway Co., Ltd. Project fund 2,929,569.48 186,729.00
Guangdong Xinyue Communication Investment Co., Ltd Project fund 1,753,039.88
Jingzhu Expressway Guangzhu section Co., Ltd. Project fund 658,040.04
Guangshen Zhu Expressway Co., Ltd. Project fund 518,290.58
Guangdong Kaiyang Expressway Co., Ltd. Project fund 288,771.50 457,571.43
Guangdong Highway Construction Co., Ltd. Project fund 272,102.56 299,820.00
Guangdong West coastal Expressway Zhuhai section Co., Ltd. Project fund 242,423.07
Guangdong Shenshan West Expressway Co., Ltd. Project fund 213,000.00 120,000.00
Guangdong Boda Expressway Co., Ltd. Project fund 194,358.96
Guangdong Guangle Expressway Co., Ltd. Project fund 184,500.00
Guangdong Yangmao Expressway Co., Ltd. Project fund 180,000.00 120,000.00
Guangdong Jiangzhong Expressway Co., Ltd. Project fund 168,444.44
Guangdong Yunwu Expressway Co., Ltd. Project fund 130,400.00 69,000.00
Guangdong Maozhan Expressway Co., Ltd. Project fund 129,000.00 96,000.00
Guangdong Yuzhan ExpresswayCo., Ltd. Project fund 102,000.00
Zhaoqing Guanghe ExpresswayCo., Ltd. Project fund 81,000.00
Guangdong Taishan Coastal Expressway Co., Ltd. Project fund 60,000.00 60,000.00
Guangdong West coastal Expressway Xinhui section Co., Ltd. Project fund 48,893.16
Zhaoqing Yuezhao Highway Co., Ltd. Project fund 39,000.00 1,156,972.00
Guangdong Yueyun Communication Co., Ltd. Project fund 25,914.53
155
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Yunfo Guangyun ExpresswayCo., ltd. Project fund 25,500.00 15,000.00
Asian Kitchen & Bath City Co., Ltd. Labour service 2,440,958.00
Asian Kitchen & Bath City Co., Ltd. Project fund 550,000.00
Guangdong Luqiao Construction Development Co., Ltd. Project fund 95,128.21
Notes
（2）Information of related lease
The Company was lessor：
In RMB
Category of lease The lease income confirmed in The lease income confirmed in
Name of lessee
assets this year last year
Advertising lease
Guangdong Xinlu Advertising Co., Ltd. 2,293,108.00 2,202,670.83
Advertising lease
Asian Kitchen & Bath City Co., Ltd. 3,492,000.00 880,000.00
The company was lessee：
In RMB
The lease income confirmed in
Lessor Category of leased assets Category of leased assets
this year
Guangdong Litong Property Office space
8,681,088.00 8,401,056.00
Investment Co., Ltd
Guangdong Guanghui Advertising column lease
1,600,900.00 2,850,000.00
Expressway Co., Ltd.
Guangdong Gaoda Property Office space
530,900.75
Development Co., Ltd.
Zhaoqing Yuezhao Highway
Advertising column lease 236,250.00 236,250.00
Co., Ltd.
Notes
（3）Related-party guarantee
The Company was Guarantor
Execution accomplished
Guarantor Guarantee amount Start date End date
or not
The Company was secured party
In RMB
156
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Guarantor Guarantee Amount Starting date Stop date If completed or not
Guangdong
Communication Group 1,500,000,000.00 September 25,2012 July 25,2021 No
Co., Ltd.
Notes:
Controlling shareholder Guangdong Communication Group Co., Ltd. accepted Pacific Asset Management Co.,
Ltd. insurance debt investment plan to provide joint liability guarantee of principal and interest in full and
unconditional irrevocable. The company held Fokai Expressway Co., Ltd. 75% stake in Guangdong
Communication Group Co., Ltd. to provide a counter-guarantee.
(4) Inter-bank lending of capital of related parties
In RMB
Amount borrowed and
Related party Initial date Due date Notes
loaned
Borrowed
Guangdong Expressway
125,000,000.00 December 11, 2014 June 23, 2015
Co., Ltd.
Ganzhou Gankang
50,000,000.00 June 10,2015 June 10,2017
Expressway Co., Ltd.
Loaned
(5) Rewards for the key management personnel
In RMB
Items
Amount of current period Amount of previous period
Rewards for the key management
5,563,900.00 6,293,200.00
personnel
6. Receivables and payables of related parties
（1）Receivables
In RMB
Amount at year
Amount at year end
beginning
Name Related party
Balance of Bad debt Balance of Bad debt
Book Provision Book Provision
157
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Account receivable Guangdong Guanghui Expressway Co., Ltd. 2,247,992.00
Account receivable Guangdong Xinyue Communication Co., Ltd. 1,272,653.03
Account receivable Guangshen Zhu Expressway Co., Ltd. 545,760.00
Account receivable Jingzhu Expressway Guangzhu Section Co., Ltd. 274,320.10
Guangdong West Coastal Expressway Zhuhai
Account receivable 251,694.00
Section Co., Ltd.
Account receivable Guangdong Boda Expressway Co., Ltd. 204,660.00
Account receivable Guangdong Kaiyang Expressway Co., Ltd. 178,414.29 364,142.79
Account receivable Guangdong Jiangzhong Expressway Co., Ltd. 177,372.00
Account receivable Guangdong Expressway Co., Ltd. 117,500.00 117,500.00
Guangdong West Coastal Expressway Xinhui
Account receivable 50,610.00
section Co., Ltd.
Account receivable Guangdong Yueyun Communication Co., Ltd. 27,288.00
Account receivable Zhaoqing Yuezhao Highway Co., Ltd. 815,580.00
Account receivable Guangdong Yunwu Expressway Co., Ltd. 69,000.00
Prepayable account Zhaoqing Yuezhao Highway Co., Ltd. 131,250.00 131,250.00
Prepayable account Guangdong Litong Property Investment Co., Ltd. 735,092.00
4,007,679.9 4,007,679.9
Other Account receivable Beijing Gelin Enze 4,007,679.91 4,007,679.91
1 1
Other Account receivable Asian Kitchen & Bath City Co., Ltd. 3,320,958.00
Other Account receivable Guangdong Expressway Co., Ltd. 2,625,463.63 39,654.00
Other Account receivable Guangdong Litong Property Investment Co., Ltd. 1,435,856.00 1,485,856.00
Other Account receivable Guangdong Xinlu Advertising Co., Ltd 1,227,244.26 1,105,350.72
Other Account receivable Guangdong Guanghui Expressway Co., Ltd. 847,048.98 668,034.00
Other Account receivable Zhaoqing Yuezhao Highway Co., Ltd. 456,934.57 509,027.00
Other Account receivable Zhaoqing Guanghe Expressway Co., Ltd. 189,397.72
Other Account receivable Guangshen Zhu Expressway Co., Ltd. 134,794.38
Other Account receivable Jingzhu Expressway Guangzhu Section Co., Ltd. 97,661.39
Other Account receivable Guangdong Highway Construction Co., Ltd. 81,571.71 12,891.00
Other Account receivable Guangdong Kaiyang Expressway Co., Ltd. 74,950.95 167,260.07
Other Account receivable Guangdong Boda Expressway Co., Ltd. 45,605.48
Other Account receivable Guangdong Maozhao Expressway Co., Ltd. 41,208.46 83,003.27
Other Account receivable Guangdong Guangle Expressway Co., Ltd. 37,020.23
Guangdong West Coastal Expressway Zhuhai
Other Account receivable 20,466.00
section Co., Ltd.
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Other Account receivable Guangdong Yangmao Expressway Co, Ltd. 20,251.86
Other Account receivable Guangdong Jiangzhong Expressway Co., Ltd. 19,842.06
Guangdong luqiao Construction Development
Other Account receivable 14,801.32 9,327.70
Co., Ltd.
Other Account receivable Yunfo Guangyun Expressway Co., Ltd. 5,252.64
Other Account receivable Guangdong Yunwu Expressway Co., Ltd. 4,697.95
Guangdong West Coastal Expressway Xinhui
Other Account receivable 3,790.00
section Co., Ltd.
Other Account receivable Guangdong Yueyun Communications Co., Ltd. 3,032.00
Guangdong Yueyun Communications Investment
Other Account receivable 2,158.60 2,158.60
Co., Ltd.
Other Account receivable Guangdong Meihe Expressway Co., Ltd. 1,164.09
Other Account receivable Guangdong Two Expressway Co., Ltd. 1,117.07
Other Account receivable Heyuan Helong Expressway Co., Ltd. 778.93
Other Account receivable Guangdong Yuegan Expressway Co., Ltd. 806.64
Guangdong Yuedong Expressway Industry
Other Account receivable 664.16
Development Co., Ltd.
Other Account receivable Guangdong Hehui Expressway Co., Ltd. 424.10
Other Account receivable Guangdong Shanfen Expressway Co., ltd. 91.24
Other Account receivable Guangdong Yuzhan Expressway Co., Ltd. 75.23
Other Account receivable Guangdong Yueyang Expressway Co., Ltd. 11.75
Other Account receivable Guangdong Yuejia Expressway Co.,Ltd. 4.13
（2）Payables
In RMB
Amount at Amount at year
Name Related party
year end beginning
Account payable Guangdong Expressway Co., Ltd 8,746,491.18 13,728,261.18
Guangdong Guanghui
Account payable 4,692,732.01 9,665,632.01
Expressway Co., Ltd.
Account payable Guangdong Changda highway Co., Ltd 8,993,525.00 8,993,525.00
Account payable Guangdong Xinyue Communication Investment Co., Ltd. 3,284,062.53 981,094.28
Guangdong Hualu communication
Account payable 375,636.00 598,676.96
Technology Co., Ltd.
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Account payable Guangzhou Xinruan Computer Technology Co., Ltd 577,238.60
Guangdong East Thinking Management
Account payable 235,000.00 78,234.00
Technology Development Co., Ltd.
Account payable Guangdong Maozhan Expressway Co., Ltd. 150,750.00
Account payable Zhaoqing Yuezhao Highway Co., Ltd. 19,500.00
Interest payable Guangdong Expressway Co., Ltd. 229,166.67
Interest payable Ganzhou Gankang Expressway Co., Ltd. 89,578.19
Other payable Guangdong Expressway Co., Ltd. 62,596.67 127,265,564.22
Other payable Guangdong Changda Highway Engineering Co., Ltd. 47,825,979.96 80,168,435.24
Other payable Guangdong Highway Construction Co., Ltd. 1,876,132.24
Other payable Guangdong Xinyue Communication Investment Co., Ltd. 1,507,986.93 339,485.26
Other payable Guangzhou Xinruan Computer Technology Co., Ltd 401,732.30 478,147.30
Other payable Guangdong Hualu communication Technology Co., Ltd. 145,960.39 141,526.39
Other payable Guangdong Lulutong Co., Ltd. 146,604.23 66,604.23
Guangdong East Thinking Management Technology
Other payable 44,000.00
Development Co., Ltd.
Other payable Guangdong Xinlu Adverting Co., Ltd. 20,000.00 20,000.00
Other payable Guangdong Guanghui Expressway Co., Ltd. 6,019.00
Other payable Jingzhu Expressway Guangzhu Section Co., Ltd. 2,637.00
Other payable Guangdong West Coastal Expressway Co., Ltd. 1,396.29
Other payable Guangdong Shenshan West Expressway Co., Ltd. 454.68
Other payable Guangdong Luqiao Construction Development Co., Ltd. 110.05
Other payable Guangdong Boda Expressway Co., Ltd. 19.41
Other payable Guangdong West Coastal Expressway Zhuhai section Co., Ltd. 3.51
Long-term payable Ganzhou Gankang ExpresswayCo., Ltd. 50,000,000.00
XII. Events after balance sheet date
1.Profit distribution
In RMB
Profit or dividend planed to allocate 188,567,662.20
Profits or dividends allocation was reviewed and approved 188,567,662.20
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
XIII.Other significant events
1.Segment information
The company's business for the Guangfo Expressway and the Fokai Expressway toll collection and maintenance work, the
technology industry and provide investment advice, no other nature of the business, no reportable segment.
(1) Recognition basis and accounting policies of reportable segment
2.Other important transactions and events have an impact on investors decision-making
(1)The toll collection period of Jiujiang Bridge of No. 325 National Highway owned by Jiujiang Bridge
Branch of Guangdong Fokai Expressway Co., Ltd., a controlled subsidiary of the Company, which was approved
by Ministry of Communications, is 30 years. Up to the present, the accumulative toll collection period is 25 years.
According to the Notice of Relevant Matters Concerning Quickening Special Clearing of Toll Highways in
Guangdong Province (Yue Jiao Ming Dian (2013) No. 56 Document), the rectification measure proposed for
Jiujiang Bridge is "toll collection period shall be no more than 20 years". The result of rectification is "toll
collection shall be cancelled due to the expiration of toll collection period." As required by this document, Jiujiang
Bridge will stop toll collection from 24:00 of June 30, 2013. Jiujiang Bridge is a construction project in which an
enterprise under provincial administration invested. As for relevant problems occurred after rectification, the
Provincial State-owned Assets Commission shall coordinate in handling such problems according to the
requirements of the document.
In view of the cancellation of tolls, the relevant assets on Jiujiang Bridge are neither owned or controlled by
the company, nor brings any economic benefits to enterprise in future. According to the provision of Accounting
Standards, the company has made disposal of the assets at the end of 2013, and the relevant losses have been
recorded into the annual expenses outside of operation in 2013.
In May 2014, the company received Guangdong Provincial People's Government Office documents on the
opinions of the compensation for cancellation fee of Jiujiang Bridge as follow. The loss to the company resulted
from the early cancellation of Jiujiang Bridge toll fee will be compensated by Guangdong Communication Group.
The provincial SASAC conjunction with relevant units will examine the compensation amount base on Provincial
Legal Office; work with Provincial Department of Finance to make the compensation arrangements for provincial
government to approve.
Approved by the Jiujiang Bridge early termination fee the amount of loss caused to 140,765,667.68 yuan, to be
divided from 2015 included three years of state-owned capital management budget arrangements. In view of the
recovery period is not yet clear, the company intends to recognized operating income when received.
Fokai Expressway Co., Ltd. had received in advance of Jiujiang Bridge cancellation fees compensate for the loss
of funds RMB 20 million on August 7, 2015, the extra operating income the company has confirmed.
(2)June 15,2007 early in the morning, The 325 Jiujiang Bridge collapsed on # 23 pier for ―Nanguijii 035‖
collision owned by the controlling subsidiary of the company Guangdong Fokai Expressway Company leads the
collapse and the traffic jam of 200 meters long of the Jiujiang Bridge. On June 10, 2009, Jiujiang Bridge opened
to traffic has been restored.
On June 19,2007 ， The Ministry of Communications, the State Production Safety Supervision and
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Administration Commission issued the JiaoAnWeiming File [2007] No. 8 "Notification on the Guangdong"6.15
"Jiujiang Bridge Collision Accident", initially determined the causes of the accident are: the incident ship
suddenly met heavy fog on the way from Foshan Gaoming to Sunde, the captain neglected looking out, did not
take proper measures and deviated from the main channel, touched the 325 National Road Jiujiang Bridge the
non-navigation bridge pier and caused the collapsion of part of the Jiujiang bridge. The accident was an
uN/Aateral responsibility of the ship.
On July 19,2007，Fokai Company applied preservation of property to Guangzhou Maritime Court.On August
22,2007，Fokai Company officially prosecuted to Guangzhou Maritime Court, asking Foshan South Sea Shipping
Company Limited and Yang Xiong to undertake the conpensation 25,587,684 yuan for the loss caused by
collapsion of Jiujiang Bridge. On August 28, 2007, Guangzhou Maritime Court accepted the case. According to
the (2007)-Canton Haifa No. 332 ruling book issued by Guangzhou Maritime Court, the proceeding of the case
was suspended.
After the court accepted the case, the incident investigation team of Guangdong Provincial Government had
not made the final report of Jiujiang Bridge accident. The Court, on November 5, 2007, decided to suspend the
proceeding. In September 2008, Jiujiang Bridge accident investigation report was officially reported and resumed
the proceedings. On December 5, 2008, Guangzhou Marine Court opened a court trial to procceeded the case.
Currently, Guangzhou Haizhu prosecutorial office was intend to prosecute the accident captain Shi Guide,
therefore, on January 5, 2009, Guangzhou Maritime Court ruled the suspension of the case. On September 17,
2013, the Guangzhou Maritime Court issued a notice of civil and eliminate the cause of suspension of proceedings,
the court decided to resume the trial. On December 19, 2013, the Guangzhou Maritime Court opened a court
session, has not yet made the first-instance judgment. On March 7, 2014 the Court made the first instance verdict:
the defendant Foshan Nanhai Yuhang ship Services Co., Ltd. and Yang Xiong compensated the plaintiff Fokai
Expressway Co., Ltd. toll revenue losses of RMB 19,357,500.96; the court dismissed the plaintiff other
aspirations. The defendant appealed to the Higher People's Court of Guangdong Province, the Guangdong
Provincial Higher People's Court ruled on June 5, 2014, the case discontinued proceedings.
(3)The 26th (Provisional)Meeting of the sixth board of directors of Guangdong Provincial Expressway
Development Co., Ltd. was held of May 10, 2012. The meeting examined and adopted the proposal Concerning
the Company’s Accepting the insurance Bond Investment Plan of Pacific Asset Management Co., Ltd. The
Company was approved to accept the insurance bond investment plan made by Pacific Asset Management Co.,
Ltd. The amount of proceeds to be raised is not more than RMB 1.5 billion . Floating interest rate plus
guaranteed base interest rate applies as the interest rate. The Floaing interest rate shall not exceed the basic
interest rate of RMB loan with a term of over five years on the day when the investment fund of the insureance
company is transferred into the Company’s account and the corresponding days of the future years, which shall
be adjusted once each year. The guaranteed base interest rate is 5.6%. The concrete amount of raised proceeds
shall be within maximum limit of investment fund filed with CIRC. The actual amount wholly transferred to the
Company shall apply. The final interest rate is subject to investment Contract for Bond Investment Plan between
Pacific and Guangdong Expressway Filed with CIRC. It was approved to authorize the management of the
Company to implement the above-mentioned matters.
The Company was approved to provide counter guarantee to Guangdong Communication Group
Co.,Ltd.with 75% equity of Guangdong Fokai Expressway Co., Ltd. Held by it . as of December 31, 2014, the
company has borrowed RMB 1.5 billion.
Co., Ltd. and Guangdong Provincial Highway Co⑷According to the Board of Directors considered and adopted
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
the "issue of shares and cash to buy assets and raise matching funds and Related Transaction Plan" and the
company with the Guangdong Provincial Expressway nstruction Co., Ltd. signed the "issue of shares to buy assets
of Agreement" and "agreement of paying cash to buy assets"，The company intends through the issuance of A
shares to purchase 25% stake of Fokai hold by Provincial Expressway, and Guangzhu 100% stake held by
transportation construction company, purchase by cash of the Guangzhu East's debt held by the construction
company. Moreover，The company intends to non-public offering of A shares to raise matching funds to Yadong
Fuxing Yalian Investment Co., Ltd., Tibet Yingyue Investment Management Co.,Ltd. and Guangfa Securities Co.,
Ltd. To pay the transaction cash consideration, the transaction taxes and supplement working capital of listed
companies, the amount of matching funds to be raised no more than RMB 1650 million, assets to be purchased no
more than 100% of the transaction price. Not more than 100% of the transaction price assets to be purchased .
Not more than 100% of the transaction price assets to be purchased .
On January 14, 2016, The Company received notification from CSRC, which after being deliberated by the 4th
working conference for mergers and acquisitions of 2016 convened by Mergers and Acquisitions Deliberation
Committee of CSRC, the issue of shares to buy assets and raise matching funds and related transaction of the
Company has been conditionally adopted.
On February 5, 2016,the Company received the "Reply on Examining and Approving Guangdong Provincial
Expressway Development Co., Ltd.’s Issue of Share to Buy Asset and Raise Matching Funds for Guangdong
Provincial Highway Co., Ltd. "(CSRC Approval No.230 [2016]) , the scheme of the Company’s issue of share to
buy asset and raise matching funds was examined and adopted by Merger and Reorganization Audit Committee
for Listed Companies of CRSC.
Up to now, this reorganization hasn’t been completed yet.
XIV..Notes s of main items in financial reports of parent company
1.Other account receivable
（1）Other account receivable classified by category
In RMB
Year-end balance Year-beginning balance
Provision for bad
Book balance Book balance Provision for bad debts
Classification debts Book
Book value
Proportio Proportio value Proportio Proportion(
Amount Amount Amount Amount
n(%) n(%) n(%) %)
Other Account
receivable with
single major amount 32,084,8 32,084,8 32,084, 32,084,89
89.12% 100.00% 88.44% 100.00%
93.35 93.35 893.35 3.35
and withdrawal bad
debt provision for
single item
163
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Other Account
receivable
withdrawalbad debt 3,915,39 1,658,57 2,256,822 4,194,8 1,658,571 2,536,246.2
10.88% 42.36% 11.56% 39.54%
4.79 1.80 .99 18.04 .80 4
provision by group of
credit risk
characterstics
36,000,2 33,743,4 2,256,822 36,279, 33,743,46 2,536,246.2
Total 100.00% 93.73% 100.00% 93.01%
88.14 65.15 .99 711.39 5.15 4
- Other Receivable accounts with large amount individually and bad debt provisions were provided
√ Applicable □ Not applicable
In RMB
Balance at year-end
Other receivible
Other Provision for Proportio
（Unit） Reason
receivable bad debts n%
For the balance amount of our company’s secutity trading
settlement funds RMB 33,683,774.79 deposited in Kunlun Securities
Co., Ltd., The Xin’Ning Municipal intermediate People’s Court of
Qinghai Province had made the judgment in accordance with the law
and declared on November 11, 2006. that Kunlun Securities Co., ltd.
was bankrupted for debt payment . In March of 2007, the liquidating
group of Kunlun Securities preliminary judged the relationship
between our company and Kunlun Securities Co., Ltd.is debtor creditor
Kunlun
relationship . as Kunlun Securities Co., Ltd.was bankrupted for debt
Securities Co., 32,084,893.35 32,084,893.35 100.00%
Ltd. payment and it is in serious insolvency. Our company had moved the
security trading settlement funds deposited in Kunlun Securities Co.,
Ltd, to other receivables account for reflection, we also have made full
amount provision for had debts based on conservatism principle. The
recovered debt amount in 2008 is RMB485,392.67 which had been
offset from the provision for bad debts. The recovered debt amount in
2011 is RMB 667,959.27 which had been offset from the provision for
bad, The recovered debt amount in 2014 is RMB 445,529.50 which had
been offset from the provision for bad debts.debts.
Total 32,084,893.35 32,084,893.35 -- --
In the groups, other accounts receivable adopting aging analysis method to withdraw bad debt provision:
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
√ Applicable □Not applicable
In RMB
Balance at year-end
Aging
Other receivable Provision for bad debts Proportion%
Subentry within 1 year
Subtotal of within 1 year 427,635.99
Over 5 years 1,658,571.80 1,658,571.80 100.00%
Total 2,086,207.79 1,658,571.80 79.50%
Notes：
In the groups, other accounts receivable adopting balance percentage method to withdraw bad debt provision:
□ Applicable √ Not applicable
In the groups, other accounts receivable adopting other methods to withdraw bad debt provision:
√ Applicable □Not applicable
Name Balance at year-end
Other receivable Bad debt Proportion（%） Reason
provision
Guangdong Litong Real estate Investment Co., Ltd. 1,435,856.00 Lease deposit
Beijing Shibang Weilishi Property Managerment 393,331.00 Deposit
Servises Co., Ltd.
Total 1,829,187.00
（2）Other receivables nature of fund classification information
In RMB
Nature Book balance at year end Book balance at year beginning
Securities trading settlement funds balance 32,084,893.35 32,084,893.35
Guarantee deposit 1,829,187.00 1,829,187.00
Other 2,086,207.79 2,365,631.04
Total 36,000,288.14 36,279,711.39
（3）The top five other account receivable classified by debtor at period end
In RMB
Closing Proportion Closing balance of
Name Nature Aging
balance % bad debt provision
Securities trading s Over
Kunlun Securities Co., Ltd. 32,084,893.35 89.13% 32,084,893.35
ettlement funds 5years
165
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
Heshan Communication Real estate Development Over
Current accounts 1,470,000.00 4.08% 1,470,000.00
Co., Ltd. 5years
2-4
Guangdong Litong Property Investment Co., Ltd. Deposit 1,435,856.00 3.99%
years
Beijing Shibang Weilishi Property Managerment 2-4
Deposit 393,331.00 1.09%
Servises Co., Ltd. years
Over
Huizhou Huxu Industry Company 109,745.80 0.30% 109,745.80
Current accounts 5years
Total -- 35,493,826.15 -- 98.59% 33,664,639.15
2. Long- term s equity investment
In RMB
Year-end balance Year-beginning balance
Items Bad debt Bad debt
Book balance Book value Book balance Book value
provision provision
Investment to the
2,418,436,569.52 2,418,436,569.52 2,418,436,569.52 2,418,436,569.52
subsidiary
Investment to
joint ventures and
2,635,251,969.72 2,635,251,969.72 2,689,986,240.16 2,689,986,240.16
associated
enterprises
Total 5,053,688,539.24 5,053,688,539.24 5,108,422,809.68 5,108,422,809.68
（1）Investment to the subsidiary
In RMB
Withdrawn
Closing balance
impairment
Name Opening balance Increase Decrease Closing balance of impairment
provision in the
provision
reporting period
Guangdong Guangfo Expressway
154,982,475.25 154,982,475.25
Co., Ltd.
Guangdong Expressway
95,731,882.42 95,731,882.42
Technology Investment Co., Ltd.
Guangdong Fokai Expressway Co.,
2,167,722,211.85 2,167,722,211.85
Ltd.
Total 2,418,436,569.52 2,418,436,569.52
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
（2）Investment to joint ventures and associated enterprises
In RMB
Increase /decrease in reporting period Closing
Opening Adjustment of other Other Declaration of Withdrawn Closing balance of
Name Add
balance comprehensive equity cash dividends impairment Other balance impairment
investment
income changes or profit provision provision
I. Joint ventures
1,193,172,139. 1,069,914,
Guangdong Guanghui Expressway Co., Ltd. 236,226,452.58 359,483,621.28
09 970.39
274,277,24
ZhaoqingYuezhao Highway Co., Ltd. 273,153,345.90 39,171,941.01 38,048,040.00
6.91
Subtotal 1,466,325,484. 1,344,192,
275,398,393.59 397,531,661.28
99 217.30
II. Associated enterprises
133,060,10
ShenzhenHuiyan Expressway Co., Ltd. 160,888,058.33 48,728,744.73 76,556,700.00
3.06
384,937,39
Jingzhu Expressway Guangzhu 312,905,040.79 72,032,351.04
1.83
175,416,96
Guangdong Jiangzhong Expressway Co., Ltd. 173,582,080.68 8,104,887.43 6,270,000.00
8.11
187,783,48
Ganzhou Kangda Expressway Co., Ltd. 164,592,503.05 23,190,986.46
9.51
204,765,91
Ganzhou Gankang Expressway Co., Ltd. 207,626,577.95 6,139,341.33 9,000,000.00
9.28
Guangdong Yueke Technology Petty Loan Co., 205,095,88
204,066,494.37 3,029,386.26 2,000,000.00
Ltd. 0.63
Subtotal 1,223,660,755. 1,291,059,
161,225,697.25 93,826,700.00
17 752.42
Total 2,689,986,240. 2,635,251,
436,624,090.84 491,358,361.28
16 969.72
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
3. Business income and Business cost
In RMB
Amount of current period Amount of previous period
Items
Revenue Cost Revenue Cost
Other business 17,259,744.96 464,213.40 38,226,359.03 464,213.40
Total 17,259,744.96 464,213.40 38,226,359.03 464,213.40
Other explanation
4.Investment income
In RMB
Amount of Amount of
Items
current period previous period
Long-term equity investment income accounted by cost method 17,297,673.29
Long-term equity investment income accounted by equity method 436,624,090.84 376,566,891.64
Investment income received from holding ofavailable-for –sale financial assets 44,768,257.53 42,119,862.10
Reverse repurchase treasury investment income 854,210.29 2,991,262.39
Total 499,544,231.95 421,678,016.13
XV. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Non-current asset disposal gain/loss 21,188,094.05
Govemment subsidies recognized in currentgain and loss(excluding those closely related to the
480,000.00
Company’s business and granted under the state’s policies)
Operating income and expenses other than the aforesaid items 24,879,481.73
Other non-business income and expenditures other than the above 854,210.29
Less: Influenced amount of income tax 11,529,933.00
Amount of influence of minority interests 8,647,449.75
Total 27,224,403.32 --
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
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2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
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
2. Return on equity (ROE) and earnings per share (EPS)
Weighted average EPS（Yuan/share）
Profit as of reporting period
ROE (%) EPS-basic EPS-diluted
Net profit attributable to common shareholders of the Company 9.22% 0.37 0.37
Net profit attributable to common shareholders of the Company
8.68% 0.35 0.35
after deduction of non-recurring profit and loss
3. 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
(2) Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards
□ Applicable √Not applicable
169
2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.
XI. Documents Available for Inspection
1. Accounting statements carried with personal signatures and seals of legal representative, Chief Financial officer
and Financial Principal.
2. Original of Auditors’ Report carried with the seal of Certified Public Accountants as well as personal signatures
of certified Public accountants.
3. The texts of all the Company's documents publicly disclosed on the newspapers and periodicals designated by
China Securities Regulatory Commission in the report period;
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