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) 2016 Annual Results Announcement•
Revenue was Rmb9,735.35 million, representing a decrease of 9.2% year-on-year
•
Profit attributable to owners of the Company amounted to Rmb3,037.41 million,
representing an increase of 1.6% year-on-year
•
Earnings per share was Rmb69.94 cents
•
A final dividend of Rmb29.5 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, 2016 (the "Period"), with the basis of preparation as stated in note 1 set out below.
RESULTS AND DIVIDENDSDuring the Period, revenue for the Group was Rmb9,735.35 million, representing a decrease of 9.2% over 2015. Profit attributable to owners of the Company was Rmb3,037.41 million, representing an increase of 1.6% year-on-year. Earnings per share for the Period was Rmb69.94 cents (2015: Rmb68.84 cents).
The Directors have recommended to pay a final dividend of Rmb29.5 cents per share (2015: Rmb28 cents). The final dividend is subject to shareholders' approval at the 2016 annual general meeting of the Company and if approved by the shareholders, is expected to be paid on or before June 26, 2017. Together with the interim dividend of Rmb6 cents per share that has already been paid, the total dividend payout during the Period is Rmb35.5 cents per share (2015: Rmb34 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, 2016, together with the comparative figures for 2015:
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended December 31,Notes | 2016 Rmb'000 | 2015 Rmb'000 (Restated) | |
Continuing operations | |||
Revenue | 3 | 9,735,347 | 10,724,781 |
Operating costs | (4,596,048) | (5,278,650) | |
Gross profit | 5,139,299 | 5,446,131 | |
Securities investment gains | 223,573 | 584,114 | |
Other income | 4 | 289,390 | 191,887 |
Administrative expenses | (81,687) | (88,421) | |
Other expenses | (85,099) | (158,714) | |
Share of profit of associates | 64,699 | 48,289 | |
Share of profit (loss) of a joint venture | 9,797 | (25,067) | |
Finance costs | (671,387) | (632,495) | |
Profit before tax | 4,888,585 | 5,365,724 | |
Income tax expense | 5 | (1,161,570) | (1,396,774) |
Profit for the year from continuing operations | 3,727,015 | 3,968,950 | |
Discontinued operations | |||
Profit for the year from discontinued operations | 81,594 | 60,830 | |
Profit for the year | 3,808,609 | 4,029,780 | |
Profit for the year attributable to Owners of | |||
the Company: | |||
- Continuing operations | 2,957,291 | 2,932,903 | |
- Discontinued operations | 80,114 | 56,777 | |
3,037,405 | 2,989,680 |
Profit for the year attributable to non-controlling interest:
For the year ended December 31, 2016 2015Notes Rmb'000 Rmb'000
(Restated)
Continuing operations 769,724 1,036,047
Discontinued operations 1,480 4,053
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Available-for-sale financial assets: | ||
- Fair value gain during the year | 114,883 | 137,431 |
- Reclassification adjustments for cumulative | ||
gain included in profit or loss upon disposal | (64,791) | (65,826) |
Share of other comprehensive income of an associate | (205) | - |
Share of differences arising on translation | 511 | 367 |
Income tax relating to items that may be reclassified | ||
subsequently | (12,523) | (17,901) |
Other comprehensive income for the year,
net of income tax 37,875 54,071
Owners of the Company | 3,057,158 | 3,017,800 |
Non-controlling interests | 789,326 | 1,066,051 |
Total comprehensive income for the year 3,846,484 4,083,851 Total comprehensive income attributable to:
3,846,484 4,083,851Earnings per share 8
From continuing and discontinued operations
- Basic and diluted Rmb69.94 cents Rmb68.84 cents From continuing operations - Basic and diluted Rmb68.09 cents Rmb67.53 cents
CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at As at December 31, 2016 December 31, 2015Non-current assets
Notes Rmb'000 Rmb'000
Property, plant and equipment | 3,066,571 | 3,178,494 | |
Prepaid lease payments | 52,522 | 57,745 | |
Expressway operating rights | 14,498,800 | 13,229,442 | |
Goodwill | 86,867 | 86,867 | |
Other intangible assets | 148,906 | 155,219 | |
Interests in associates | 1,310,486 | 583,537 | |
Interest in a joint venture | 285,397 | 275,600 | |
Available-for-sale investments | 1,790,978 | 1,635,858 | |
Deferred tax assets | 362,681 | 329,526 | |
21,603,208 | 19,532,288 | ||
Current assets | |||
Inventories | 206,814 | 316,528 | |
Trade receivables | 9 | 275,318 | 151,083 |
Loans to customers arising from margin financing | |||
business | 7,910,032 | 10,550,590 | |
Other receivables and prepayments | 2,855,099 | 1,231,799 | |
Prepaid lease payments | 1,639 | 1,939 | |
Dividend receivable | - | 20,494 | |
Derivative financial assets | 10,931 | 2,288 | |
Available-for-sale investments | 1,342,920 | 1,032,750 | |
Held for trading investments | 8,144,132 | 3,761,224 | |
Financial assets held under resale agreements | 3,965,329 | 4,959,155 | |
Bank balances held on behalf of customers | 20,082,265 | 27,078,574 | |
Bank balances and cash | |||
- Time deposits with original maturity over |
three months 165,000 270,000
- Cash and cash equivalents 7,198,745 4,983,051
52,158,224 54,359,475Zhejiang Expressway Co. Ltd. published this content on 27 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 March 2017 14:19:05 UTC.
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