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 INTERIM RESULTS ANNOUNCEMENT AND RESIGNATION OF INDEPENDENT SUPERVISOR

The directors (the "Directors") of Zhejiang Expressway Co., Ltd. (the "Company") announced the unaudited consolidated operating results of the Company and its subsidiaries (collectively the "Group") for the six months ended June 30, 2016 (the "Period"), with the basis of preparation as stated in note 1 to the condensed consolidated financial statements set out below.

During the Period, revenue for the Group was Rmb5,337.12 million, representing a decrease of 13.7% over the same Period in 2015. Profit for the Period attributable to owners of the Company was Rmb1,368.21 million, representing a decrease of 8.5% year-on-year. Earnings per share for the Period was Rmb31.50 cents (corresponding period in 2015 (Restated): Rmb34.43 cents).

The Directors have recommended to pay an interim dividend of Rmb6 cents per share (corresponding period in 2015: Rmb6 cents), subject to shareholders' approval at the extraordinary general meeting of the Company to be held in due course.

The audit committee of the Company has reviewed the interim results. Set out below are the unaudited condensed consolidated statement of profit or loss and other comprehensive income for the Period and condensed consolidated statement of financial position as at June 30, 2016, with comparative figures for the same period in 2015 and relevant notes to the condensed consolidated financial statements:

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended June 30,

Notes

2016

Rmb'000

2015

Rmb'000

(Unaudited)

(Unaudited and restated)

Revenue

4

5,337,120

6,185,875

Operating costs

(2,947,503)

(3,555,595)

Gross profit

2,389,617

2,630,280

Securities investment gains

112,238

332,925

Other income

5

182,214

122,649

Administrative expenses

(43,101)

(48,125)

Other expenses

(22,355)

(44,777)

Share of (loss) profit of associates

(992)

21,141

Share of profit (loss) of a joint venture

98

(15,234)

Finance costs

(344,479)

(257,388)

Profit before tax

2,273,240

2,741,471

Income tax expense

6

(575,114)

(705,540)

Profit for the Period

1,698,126

2,035,931

Other comprehensive (loss) income

Items that may be reclassified subsequently to profit or loss:

Available-for-sale financial assets

- Fair values gain during the Period

2,666

21,747

- Reclassification adjustments for

cumulative gain included in

profit or loss upon disposal

(21,254)

(410)

Exchange differences on translating

foreign operations 90 (125)

Income tax relating to items that may be

reclassified subsequently 4,647 (5,334)

Other comprehensive (loss) income for

the Period, net of tax (13,851) 15,878

Total comprehensive income for the Period 1,684,275 2,051,809 For the six months ended June 30,

Notes

2016

Rmb'000

2015

Rmb'000

(Unaudited)

(Unaudited and restated)

Profit for the Period attributable to: Owners of the Company

1,368,206

1,495,193

Non-controlling interests

329,920

540,738

1,698,126

2,035,931

Total comprehensive income for the Period attributable to:

Owners of the Company

1,360,985

1,503,315

Non-controlling interests

323,290

548,494

1,684,275

2,051,809

Earnings per share - Basic and diluted

8

Rmb31.50 cents

Rmb34.43 cents

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at As at June 30, December 31, 2016 2015

Notes Rmb'000 Rmb'000

(Unaudited) (Audited)

Non-current assets

Property, plant and equipment 3,113,077 3,178,494

Prepaid lease payments 56,776 57,745

Expressway operating rights 12,733,572 13,229,442

Goodwill 86,867 86,867

Other intangible assets 144,285 155,219

Interests in associates 644,444 583,537

Interest in a joint venture 275,698 275,600

Available-for-sale investments 1,682,378 1,635,858

Deferred tax assets 340,002 329,526

19,077,099 19,532,288 Current assets

Inventories 334,732 316,528

Trade receivables 9 191,901 151,083 Loans to customers arising from

margin financing business 7,658,277 10,550,590

Other receivables and prepayments 1,588,591 1,231,799

Prepaid lease payments 1,939 1,939 Dividends receivable - 20,494

Derivative financial assets - 2,288 Available-for-sale investments 1,213,642 1,032,750

Held for trading investments 7,040,990 3,761,224 Financial assets held under resale agreements 7,987,561 4,959,155 Bank balances held on behalf of customers 22,403,032 27,078,574 Bank balances and cash

- Time deposits with original maturity

over three months

275,000

270,000

- Cash and cash equivalents

3,553,806

4,983,051

52,249,471 54,359,475

Zhejiang Expressway Co. Ltd. published this content on 18 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 August 2016 14:05:06 UTC.

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