Hong Kong Exchanges and Clearing
Limited and The Stock Exchange of Hong Kong Limited take no
responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of
this announcement.
ZHEJIANG EXPRESSWAY CO., LTD.
(A joint stock limited company incorporated in the People's Republic of China with limited
liability)
(Stock code: 0576)
2016 THIRD
QUARTERLY RESULTS ANNOUNCEMENT
The directors (the "Directors") of Zhejiang Expressway Co., Ltd.
(the "Company") are pleased to announce the third quarterly results
of the Company and its subsidiaries (the "Group") for the nine
months ended September 30, 2016 (the
"Period").
The audit committee of the Company has reviewed the quarterly
results of the Group for the Period. Set out below are the Group's
unaudited condensed consolidated statement of profit or loss and
other comprehensive income, unaudited condensed consolidated
statement of financial position and unaudited condensed
consolidated statement of cash flows for the Period together with
the comparative figures for the corresponding period of 2015:
CONDENSED
CONSOLIDATED STATEMENT OF PROFIT OR
LOSS AND OTHER COMPREHENSIVE INCOME |
|
|
|
For the nine
months
ended September 30, |
|
2016 |
|
2015 |
|
Rmb'000 |
|
Rmb'000 |
|
(Unaudited) |
|
(Unaudited
and restated) |
Revenue |
8,008,780 |
|
9,381,600 |
Operating costs |
(4,320,395) |
|
(5,418,088) |
Gross profit |
3,688,385 |
|
3,963,512 |
Securities investment gains |
319,675 |
|
433,752 |
Other income |
252,056 |
|
226,456 |
Administrative expenses |
(66,006) |
|
(69,792) |
Other expenses |
(30,314) |
|
(47,067) |
Share of profit of associates |
30,177 |
|
41,788 |
Share of profit (loss) of a joint venture |
6,287 |
|
(21,133) |
Finance costs |
(506,177) |
|
(453,364) |
Profit before tax |
3,694,083 |
|
4,074,152 |
Income tax expense |
(923,367) |
|
(1,042,594) |
Profit for the Period |
2,770,716 |
|
3,031,558 |
Other comprehensive income (loss) |
|
|
|
Items that may be reclassified subsequently
to profit or loss: |
|
|
|
Available-for-sale financial assets: |
|
|
|
- Fair values gain (loss) during the
Period |
28,958 |
|
(4,909) |
- Reclassification adjustments for
cumulative
gain included in
profit or loss upon disposal |
(26,023) |
|
(410) |
Exchange differences on translating
foreign operations |
88 |
|
197 |
Income tax relating to items that may be
reclassified subsequently |
(734) |
|
1,330 |
|
|
|
|
Other comprehensive income (loss) for the
Period, net of tax |
2,289 |
|
(3,792) |
Total comprehensive income for the Period |
2,773,005 |
|
3,027,766 |
Profit for the Period attributable to: |
|
|
|
Owners of the Company |
2,180,971 |
|
2,257,171 |
Non-controlling interests |
589,745 |
|
774,387 |
|
2,770,716 |
|
3,031,558 |
Total comprehensive income for the Period
attributable to: |
|
|
|
Owners of the Company |
2,182,167 |
|
2,255,461 |
Non-controlling interests |
590,838 |
|
772,305 |
|
2,773,005 |
|
3,027,766 |
Earnings per share – Basic and diluted |
Rmb50.22 cents |
|
Rmb51.97 cents |
|
============== |
|
============== |
CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION |
|
|
|
|
|
As at
September 30,
2016 |
|
As at
December 31,
2015 |
|
Rmb'000 |
|
Rmb'000 |
|
(Unaudited) |
|
(Audited) |
|
|
|
|
Non-current assets |
21,200,917 |
|
19,532,288 |
Current assets |
49,596,778 |
|
54,359,475 |
Current liabilities |
42,223,915 |
|
42,440,986 |
Net current assets |
7,372,863 |
|
11,918,489 |
Total assets less current liabilities |
28,573,780 |
|
31,450,777 |
Non-current liabilities |
5,201,905 |
|
9,452,128 |
|
23,371,875 |
|
21,998,649 |
|
=========== |
|
=========== |
Capital and Reserves |
|
|
|
Share capital |
4,343,115 |
|
4,343,115 |
Reserves |
13,359,638 |
|
12,393,543 |
Equity attributable to owners of the Company |
17,702,753 |
|
16,736,658 |
Non-controlling interests |
5,669,122 |
|
5,261,991 |
|
23,371,875 |
|
21,998,649 |
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS |
|
|
|
|
|
For
the nine months
ended September 30, |
|
2016 |
|
2015 |
|
Rmb'000 |
|
Rmb'000 |
|
(Unaudited) |
|
(Unaudited
and restated) |
|
|
|
|
Net cash from (used in) operating
activities |
2,432,567 |
|
(3,308,809) |
Net cash used in investing
activities |
(596,757) |
|
(73,402) |
Net cash (used in) from financing
activities |
(2,916,694) |
|
6,147,881 |
Net (decrease) increase in cash and
cash equivalents |
(1,080,884) |
|
2,765,670 |
Cash and cash equivalents at
beginning of the Period |
4,983,051 |
|
3,356,563 |
Effect of exchange rate changes on
the
balance of cash and cash equivalents
held in foreign currencies |
88 |
|
197 |
Cash and cash equivalents at end of
the Period |
3,902,255 |
|
6,122,430 |
|
========== |
|
========== |
By Order of the
Board
Zhejiang Expressway Co., Ltd
ZHAN
Xiaozhang
Chairman
Hangzhou, the PRC, October 31, 2016
As at the date of this
announcement, the executive directors of the Company
are: Mr. ZHAN Xiaozhang, Mr. CHENG
Tao and Ms. LUO Jianhu; the non-executive directors of the Company
are: Mr. WANG Dongjie, Mr. DAI
Benmeng, and Mr. ZHOU Jianping; and the independent
non-executive directors of the Company are: Mr. ZHOU Jun, Mr. PEI
Ker-Wei and Ms. LEE Wai Tsang, Rosa.