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.
(A joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock code: 0576) 2016 THIRD QUARTERLY RESULTS ANNOUNCEMENTThe directors (the "Directors") of Zhejiang Expressway Co., Ltd. (the "Company") are pleased to announce the third quarterly results of the Company and its subsidiaries (the "Group") for the nine months ended September 30, 2016 (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 2015:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the nine months ended September 30, 2016 2015Rmb'000 Rmb'000
(Unaudited
(Unaudited) and restated)
Revenue 8,008,780 9,381,600
Operating costs (4,320,395) (5,418,088)
Gross profit 3,688,385 3,963,512
Securities investment gains 319,675 433,752
Other income 252,056 226,456
Administrative expenses (66,006) (69,792)
Other expenses (30,314) (47,067)
Share of profit of associates 30,177 41,788
Share of profit (loss) of a joint venture 6,287 (21,133) Finance costs (506,177) (453,364)
Profit before tax 3,694,083 4,074,152
Income tax expense (923,367) (1,042,594)
Profit for the Period 2,770,716 3,031,558 Other comprehensive income (loss)
Items that may be reclassified subsequently to profit or loss:
Available-for-sale financial assets:
Fair values gain (loss) during the Period 28,958 (4,909)
Reclassification adjustments for cumulative
gain included in profit or loss upon disposal (26,023) (410)
Exchange differences on translating
foreign operations 88 197
Income tax relating to items that may be
reclassified subsequently (734) 1,330
Other comprehensive income (loss) for the
Period, net of tax 2,289 (3,792)
Total comprehensive income for the Period 2,773,005 3,027,766
Profit for the Period attributable to:
Owners of the Company 2,180,971 2,257,171
Non-controlling interests 589,745 774,387
2,770,716 3,031,558
Total comprehensive income for the Period
attributable to: Owners of the Company | 2,182,167 | 2,255,461 |
Non-controlling interests | 590,838 | 772,305 |
2,773,005 | 3,027,766 | |
Earnings per share - Basic and diluted | Rmb50.22 cents | Rmb51.97 cents |
As at September 30, 2016 | As at December 31, 2015 | |
Rmb'000 | Rmb'000 | |
(Unaudited) | (Audited) | |
Non-current assets | 21,200,917 | 19,532,288 |
Current assets | 49,596,778 | 54,359,475 |
Current liabilities | 42,223,915 | 42,440,986 |
Net current assets | 7,372,863 | 11,918,489 |
Total assets less current liabilities | 28,573,780 | 31,450,777 |
Non-current liabilities | 5,201,905 | 9,452,128 |
23,371,875 | 21,998,649 | |
Capital and Reserves | ||
Share capital | 4,343,115 | 4,343,115 |
Reserves | 13,359,638 | 12,393,543 |
Equity attributable to owners of the Company | 17,702,753 | 16,736,658 |
Non-controlling interests | 5,669,122 | 5,261,991 |
23,371,875 | 21,998,649 |
2016 Rmb'000 (Unaudited) | 2015 Rmb'000 (Unaudited and restated) | |
Net cash from (used in) operating activities | 2,432,567 | (3,308,809) |
Net cash used in investing activities | (596,757) | (73,402) |
Net cash (used in) from financing activities | (2,916,694) | 6,147,881 |
Net (decrease) increase in cash and cash equivalents | (1,080,884) | 2,765,670 |
Cash and cash equivalents at beginning of the Period | 4,983,051 | 3,356,563 |
Effect of exchange rate changes on the | ||
balance of cash and cash equivalents | ||
held in foreign currencies | 88 | 197 |
Cash and cash equivalents at end of the Period | 3,902,255 | 6,122,430 |
By Order of the Board Zhejiang Expressway Co., Ltd ZHAN Xiaozhang
Chairman
Hangzhou, the PRC, October 31, 2016
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 Co. Ltd. published this content on 31 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 31 October 2016 09:37:09 UTC.
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