ZHEJIANG EXPRESSWAY CO., LTD.
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)
2017 FIRST QUARTERLY RESULTS ANNOUNCEMENT
The directors (the "Directors") of Zhejiang Expressway Co., Ltd. (the
"Company") are pleased to announce the first quarterly results of the Company
and its subsidiaries (the "Group") for the three months ended March 31, 2017
(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 2016:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
For the three months
ended March 31,
2017 2016
Rmb'000 Rmb'000
(Unaudited) (Unaudited
and restated)
------------------------- -------------------------
Continuing operations
Revenue 2,338,312 2,296,849
Operating costs (1,118,826) (1,159,889)
------------------------- -------------------------
Gross profit 1,219,486 1,136,960
Securities investment 136,766 46,937
gains
Other income 51,462 76,276
Administrative expenses (15,474) (14,429)
Other expenses 319 (11,079)
Share of profit of 46,064 3,798
associates
Share of profit (loss) of 1,677 (1,173)
a joint venture
Finance costs (176,159) (180,614)
------------------------- -------------------------
Profit before tax 1,264,141 1,056,676
Income tax expense (290,393) (266,819)
------------------------- -------------------------
Profit for the Period from 973,748 789,857
continuing operations
------------------------- -------------------------
Discontinued operations
Profit for the Period from -- 8,620
discontinued operations
------------------------- -------------------------
Profit for the Period 973,748 798,477
------------------------- -------------------------
Profit for the Period
attributable to
owners of the Company
-- Continuing 792,735 653,420
operations
-- Discontinued -- 8,401
operations
------------------------- -------------------------
792,735 661,821
------------------------- -------------------------
Profit for the Period
attributable to
non-controlling interest
-- Continuing 181,013 136,437
operations
-- Discontinued -- 219
operations
------------------------- -------------------------
181,013 136,656
------------------------- -------------------------
973,748 798,477
================ ================
Other comprehensive (loss)
income
Items that may be
reclassified subsequently
to profit or loss:
Available-for-sale
financial assets:
-- Fair value gain 44,319 19,401
during the Period
-- Reclassification
adjustments for cumulative
gain included in (47,970) (11,716)
profit or loss upon
disposal
Share of differences (45) (160)
arising on translation
Income tax relating to 913 (1,921)
items that may be
reclassified
subsequently
------------------------- -------------------------
Other comprehensive (loss)
income for the Period, net
of
income tax (2,783) 5,604
------------------------- -------------------------
Total comprehensive income 970,965 804,081
for the Period
================ ================
Total comprehensive income
for the Period
attributable to:
Owners of the Company 791,284 664,744
Non-controlling 179,681 139,337
interest
------------------------- -------------------------
970,965 804,081
Earnings per share ================ ================
From continuing and Rmb18.25 cents Rmb 15.24 cents
discontinued operations --
Basic and diluted
================ ================
From continuing operations Rmb18.25 cents Rmb 15.04 cents
-- Basic and diluted
================ ================
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
For the three months
ended March 31,
2017 2016
Rmb'000 Rmb'000
(Unaudited) (Unaudited and
restated)
------------------------- -------------------------
Continuing operations
Revenue 2,338,312 2,296,849
Operating costs (1,118,826) (1,159,889)
------------------------- -------------------------
Gross profit 1,219,486 1,136,960
Securities investment 136,766 46,937
gains
Other income 51,462 76,276
Administrative expenses (15,474) (14,429)
Other expenses 319 (11,079)
Share of profit of 46,064 3,798
associates
Share of profit (loss) of 1,677 (1,173)
a joint venture
Finance costs (176,159) (180,614)
------------------------- -------------------------
Profit before tax 1,264,141 1,056,676
Income tax expense (290,393) (266,819)
------------------------- -------------------------
Profit for the Period from 973,748 789,857
continuing operations
------------------------- -------------------------
Discontinued operations
Profit for the Period from -- 8,620
discontinued operations
------------------------- -------------------------
Profit for the Period 973,748 798,477
------------------------- -------------------------
Profit for the Period
attributable to
owners of the Company
-- Continuing operations 792,735 653,420
-- Discontinued operations -- 8,401
------------------------- -------------------------
792,735 661,821
------------------------- -------------------------
Profit for the Period
attributable to
non-controlling interest
-- Continuing operations 181,013 136,437
-- Discontinued operations -- 219
------------------------- -------------------------
181,013 136,656
------------------------- -------------------------
973,748 798,477
================ ================
Other comprehensive (loss)
income
Items that may be
reclassified subsequently
to profit or loss:
Available-for-sale
financial assets:
-- Fair value gain 44,319 19,401
during the Period
-- Reclassification (47,970) (11,716)
adjustments for cumulative
gain included in
profit or loss upon
disposal
Share of differences (45) (160)
arising on translation
Income tax relating to 913 (1,921)
items that may be
reclassified
subsequently
------------------------- -------------------------
Other comprehensive (loss) (2,783) 5,604
income for the Period, net
of
income tax
------------------------- -------------------------
Total comprehensive income 970,965 804,081
for the Period
================ ================
Total comprehensive income
for the Period
attributable to:
Owners of the Company 791,284 664,744
Non-controlling 179,681 139,337
interest
------------------------- -------------------------
970,965 804,081
Earnings per share ================ ================
From continuing and Rmb18.25 cents Rmb 15.24 cents
discontinued operations --
Basic and diluted
================ ================
From continuing operations Rmb18.25 cents Rmb 15.04 cents
-- Basic and diluted
================ ================
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at
March 31, December 31,
2017 2016
Rmb'000 Rmb'000
(Unaudited) (Audited)
------------------- -------------------
Non-current assets 20,007,874 21,603,208
Current assets 54,203,829 52,158,224
Current liabilities 42,975,445 42,507,358
------------------- -------------------
Net current assets 11,228,384 9,650,866
-------------------- --------------------
Total assets less current 31,236,258 31,254,074
liabilities
-------------------- --------------------
Non-current liabilities 6,089,366 7,078,147
-------------------- --------------------
25,146,892 24,175,927
============= =============
Capital and Reserves
Share capital 4,343,115 4,343,115
Reserves 14,765,326 13,974,042
-------------------- --------------------
Equity attributable to owners of the 19,108,441 18,317,157
Company
Non-controlling interests 6,038,451 5,858,770
-------------------- --------------------
25,146,892 24,175,927
============= =============
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the three months
ended March 31,
2017 2016
Rmb'000 Rmb'000
(Unaudited) (Unaudited)
--------------------
--------------------
Net cash (used in) from operating (1,144,645) 100,515
activities
Net cash from (used in) investing 1,499,420 (229,841)
activities
Net cash used in financing (3,448,141) (1,416,100)
activities
--------------------
--------------------
Net decrease in cash and cash (3,093,366) (1,545,426)
equivalents
Cash and cash equivalents at 7,198,745 4,983,051
beginning of the Period
Effect of foreign exchange rate (45) (160)
changes
-------------------- --------------------
Cash and cash equivalents at end of 4,105,334 3,437,465
the Period
============= =============
By Order of the Board
Zhejiang Expressway Co., Ltd.
ZHAN Xiaozhang
Chairman
Hangzhou, the PRC, April 28, 2017
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.
Zhejiang Expressway : Ld - 2017 First Quarterly Results Announcement
April 28, 2017 at 08:03 am EDT
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