ZHEJIANG EXPRESSWAY CO., LTD. Hong Kong Stock 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.
(A joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock code: 0576)•
Revenue was Rmb12,507.39 million, representing an increase of 32.2% year-on-
year
•
Profit attributable to owners of the Company amounted to Rmb2,989.68 million,
representing an increase of 32.0% year-on-year
•
Earnings per share was Rmb68.84 cents
•
A final dividend of Rmb28 cents per share is recommended
The directors (the "Directors") of Zhejiang Expressway Co., Ltd. (the "Company") announced the audited consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended December 31, 2015 (the "Period"), with the basis of preparation as stated in note 1 set out below.
During the Period, revenue for the Group was Rmb12,507.39 million, representing an increase of 32.2% over 2014. Profit attributable to owners of the Company was Rmb2,989.68 million, representing an increase of 32.0% year-on-year. Earnings per share for the Period was Rmb68.84 cents (2014(restated): Rmb52.15 cents).
The Directors have recommended to pay a final dividend of Rmb28 cents per share (2014: Rmb26.5 cents). The final dividend is subject to shareholders' approval at the 2015 annual general meeting of the Company. Together with the interim dividend of Rmb6 cents per share that has already been paid, the total dividend payout during the Period is Rmb34 cents per share (2014: Rmb32.5 cents).
The audit committee of the Company has reviewed the Group's annual results of the Period. Set out below are the audited consolidated statement of profit or loss and other comprehensive income for the Period and consolidated statement of financial position as at December 31, 2015, together with the comparative figures for 2014:
Notes Rmb'000 Rmb'000
(Restated)
Revenue 4 12,507,394 9,460,308
Operating costs (7,060,298) (5,898,198)
Gross profit 5,447,096 3,562,110
Securities investment gains 584,114 278,252
Other income 5 295,918 262,244
Administrative expenses (108,627) (105,703)
Other expenses (162,576) (104,306)
Share of profit of associates 48,289 65,020
Share of loss of a joint venture (25,067) (33,277)
Finance costs (632,495) (272,900)
Profit before tax 5,446,652 3,651,440
Income tax expense 6 (1,416,872) (905,468)
Profit for the year 4,029,780 2,745,972 Other comprehensive income
Items that may be reclassified to profit or loss: Available-for-sale financial assets
- Fair value gain during the year | 137,431 | 68,301 |
- Reclassification adjustments for | ||
cumulative gain included in profit or | ||
loss upon disposal | (65,826) | - |
Share of differences arising on translation | 367 | - |
Income tax relating to items that may be
reclassified subsequently (17,901) (17,075)
Other comprehensive income for the year,
net of income tax 54,071 51,226
Total comprehensive income for the year 4,083,851 2,797,198
Notes Rmb'000 Rmb'000
(Restated)
Profit for the year attributable to:
Owners of the Company 2,989,680 2,264,994
Non-controlling interests 1,040,100 480,978
Total comprehensive income attributable to:
Owners of the Company 3,017,800 2,291,596
4,083,851 | 2,797,198 | |
8 | Rmb68.84 cents | Rmb52.15 cents |
Non-controlling interests 1,066,051 505,602
Earnings per share - Basic and diluted
Notes Rmb'000 Rmb'000 Rmb'000
(Restated) (Restated)
Non-current assets
Property, plant and equipment 3,178,494 3,289,047 2,058,513
Prepaid lease payments 57,745 66,001 68,156
Expressway operating rights 13,229,442 14,265,387 15,250,850
Goodwill 86,867 86,867 86,867
Other intangible assets 155,219 155,590 154,564
Interests in associates 583,537 627,866 574,733
Interest in a joint venture 275,600 300,667 333,944
Available-for-sale investments 1,635,858 221,232 143,514
Other receivables - 50,828 401,400
Deferred tax assets 329,526 97,135 84,655
Current assets
Inventories 316,528 170,654 73,576
Trade receivables 9 151,083 136,158 104,498 Loans to customers arising from margin
financing business 10,550,590 8,545,913 2,946,911
Other receivables and prepayments 1,231,799 857,563 477,901
Prepaid lease payments 1,939 2,155 2,155
Dividend receivable 20,494 - -
Derivative financial assets 2,288 - - Available-for-sale investments 1,032,750 570,021 281,924
Held for trading investments 3,761,224 2,124,740 1,181,025
Financial assets held under resale agreements 4,959,155 2,724,598 874,254 Bank balances held on behalf of customers 27,078,574 16,576,751 8,228,160 Bank balances and cash
- Time deposits with original maturity
over three months 270,000 761,320 704,459
- Cash and cash equivalents 4,983,051 3,356,563 1,915,259
Zhejiang Expressway Co. Ltd. issued this content on 17 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 17 March 2016 15:01:11 UTC
Original Document: http://www.zjec.com.cn/en/upload/2016031710383057810.PDF
