31st Oct 2016 14:12
Zhejiang Expressway Co Ld - 2016 Third Quarterly Results AnnouncementZhejiang Expressway Co Ld - 2016 Third Quarterly Results Announcement
PR Newswire
London, October 31
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.
ZHEJIANG EXPRESSWAY CO., LTD.(A joint stock limited company incorporated in the People's Republic of China with limited liability)(Stock code: 0576)
2016 THIRD QUARTERLY RESULTS ANNOUNCEMENT
The 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 | 2015 | ||
| Rmb'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 | |
| ============== | ============== | ||
| CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
| 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 | ||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||
| For the nine months ended September 30, | |||
| 2016 | 2015 | ||
| Rmb'000 | Rmb'000 | ||
| (Unaudited) | (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.
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