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(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 SUPERVISORThe 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 |
Notes Rmb'000 Rmb'000
(Unaudited) (Audited)
Non-current assetsProperty, 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 assetsInventories 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 |
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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