28th Apr 2017 13:02
Zhejiang Expressway Co Ld - 2017 First Quarterly Results AnnouncementZhejiang Expressway Co Ld - 2017 First Quarterly Results Announcement
PR Newswire
London, April 28
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)
2017 FIRST QUARTERLY RESULTS ANNOUNCEMENT
The directors (the "Directors") of Zhejiang Expressway Co., Ltd. (the "Company") are pleased to announce the first quarterly results of the Company and its subsidiaries (the "Group") for the three months ended March 31, 2017 (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 2016:
| CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | |||
| For the three months ended March 31, | |||
| 2017 | 2016 | ||
| Rmb'000 | Rmb'000 | ||
| (Unaudited) | (Unaudited and restated) | ||
| ------------------------- | ------------------------- | ||
| Continuing operations | |||
| Revenue | 2,338,312 | 2,296,849 | |
| Operating costs | (1,118,826) | (1,159,889) | |
| ------------------------- | ------------------------- | ||
| Gross profit | 1,219,486 | 1,136,960 | |
| Securities investment gains | 136,766 | 46,937 | |
| Other income | 51,462 | 76,276 | |
| Administrative expenses | (15,474) | (14,429) | |
| Other expenses | 319 | (11,079) | |
| Share of profit of associates | 46,064 | 3,798 | |
| Share of profit (loss) of a joint venture | 1,677 | (1,173) | |
| Finance costs | (176,159) | (180,614) | |
| ------------------------- | ------------------------- | ||
| Profit before tax | 1,264,141 | 1,056,676 | |
| Income tax expense | (290,393) | (266,819) | |
| ------------------------- | ------------------------- | ||
| Profit for the Period from continuing operations | 973,748 | 789,857 | |
| ------------------------- | ------------------------- | ||
| Discontinued operations | |||
| Profit for the Period from discontinued operations | -- | 8,620 | |
| ------------------------- | ------------------------- | ||
| Profit for the Period | 973,748 | 798,477 | |
| ------------------------- | ------------------------- | ||
| Profit for the Period attributable to | |||
| owners of the Company | |||
| -- Continuing operations | 792,735 | 653,420 | |
| -- Discontinued operations | -- | 8,401 | |
| ------------------------- | ------------------------- | ||
| 792,735 | 661,821 | ||
| ------------------------- | ------------------------- | ||
| Profit for the Period attributable to non-controlling interest | |||
| -- Continuing operations | 181,013 | 136,437 | |
| -- Discontinued operations | -- | 219 | |
| ------------------------- | ------------------------- | ||
| 181,013 | 136,656 | ||
| ------------------------- | ------------------------- | ||
| 973,748 | 798,477 | ||
| ================ | ================ | ||
| Other comprehensive (loss) income | |||
| Items that may be reclassified subsequently | |||
| to profit or loss: | |||
| Available-for-sale financial assets: | |||
| -- Fair value gain during the Period | 44,319 | 19,401 | |
| -- Reclassification adjustments for cumulative | |||
| gain included in profit or loss upon disposal | (47,970) | (11,716) | |
| Share of differences arising on translation | (45) | (160) | |
| Income tax relating to items that may be reclassified subsequently | 913 | (1,921) | |
| ------------------------- | ------------------------- | ||
| Other comprehensive (loss) income for the Period, net of | |||
| income tax | (2,783) | 5,604 | |
| ------------------------- | ------------------------- | ||
| Total comprehensive income for the Period | 970,965 | 804,081 | |
| ================ | ================ | ||
| Total comprehensive income for the Period attributable to: | |||
| Owners of the Company | 791,284 | 664,744 | |
| Non-controlling interest | 179,681 | 139,337 | |
| ------------------------- | ------------------------- | ||
| 970,965 | 804,081 | ||
| Earnings per share | ================ | ================ | |
| From continuing and discontinued operations -- Basic and diluted | Rmb18.25 cents | Rmb 15.24 cents | |
| ================ | ================ | ||
| From continuing operations -- Basic and diluted | Rmb18.25 cents | Rmb 15.04 cents | |
| ================ | ================ | ||
| CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | |||
| For the three months ended March 31, | |||
| 2017 | 2016 | ||
| Rmb'000 | Rmb'000 | ||
| (Unaudited) | (Unaudited andrestated) | ||
| ------------------------- | ------------------------- | ||
| Continuing operations | |||
| Revenue | 2,338,312 | 2,296,849 | |
| Operating costs | (1,118,826) | (1,159,889) | |
| ------------------------- | ------------------------- | ||
| Gross profit | 1,219,486 | 1,136,960 | |
| Securities investment gains | 136,766 | 46,937 | |
| Other income | 51,462 | 76,276 | |
| Administrative expenses | (15,474) | (14,429) | |
| Other expenses | 319 | (11,079) | |
| Share of profit of associates | 46,064 | 3,798 | |
| Share of profit (loss) of a joint venture | 1,677 | (1,173) | |
| Finance costs | (176,159) | (180,614) | |
| ------------------------- | ------------------------- | ||
| Profit before tax | 1,264,141 | 1,056,676 | |
| Income tax expense | (290,393) | (266,819) | |
| ------------------------- | ------------------------- | ||
| Profit for the Period from continuing operations | 973,748 | 789,857 | |
| ------------------------- | ------------------------- | ||
| Discontinued operations | |||
| Profit for the Period from discontinued operations | -- | 8,620 | |
| ------------------------- | ------------------------- | ||
| Profit for the Period | 973,748 | 798,477 | |
| ------------------------- | ------------------------- | ||
| Profit for the Period attributable to owners of the Company | |||
| -- Continuing operations | 792,735 | 653,420 | |
| -- Discontinued operations | -- | 8,401 | |
| ------------------------- | ------------------------- | ||
| 792,735 | 661,821 | ||
| ------------------------- | ------------------------- | ||
| Profit for the Period attributable to non-controlling interest | |||
| -- Continuing operations | 181,013 | 136,437 | |
| -- Discontinued operations | -- | 219 | |
| ------------------------- | ------------------------- | ||
| 181,013 | 136,656 | ||
| ------------------------- | ------------------------- | ||
| 973,748 | 798,477 | ||
| ================ | ================ | ||
| Other comprehensive (loss) income | |||
| Items that may be reclassified subsequently to profit or loss: | |||
| Available-for-sale financial assets: | |||
| -- Fair value gain during the Period | 44,319 | 19,401 | |
| -- Reclassification adjustments for cumulative gain included in profit or loss upon disposal | (47,970) | (11,716) | |
| Share of differences arising on translation | (45) | (160) | |
| Income tax relating to items that may be reclassified subsequently | 913 | (1,921) | |
| ------------------------- | ------------------------- | ||
| Other comprehensive (loss) income for the Period, net of income tax | (2,783) | 5,604 | |
| ------------------------- | ------------------------- | ||
| Total comprehensive income for the Period | 970,965 | 804,081 | |
| ================ | ================ | ||
| Total comprehensive income for the Period attributable to: | |||
| Owners of the Company | 791,284 | 664,744 | |
| Non-controlling interest | 179,681 | 139,337 | |
| ------------------------- | ------------------------- | ||
| 970,965 | 804,081 | ||
| Earnings per share | ================ | ================ | |
| From continuing and discontinued operations -- Basic and diluted | Rmb18.25 cents | Rmb 15.24 cents | |
| ================ | ================ | ||
| From continuing operations -- Basic and diluted | Rmb18.25 cents | Rmb 15.04 cents | |
| ================ | ================ | ||
| CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
| As at March 31, 2017 | As atDecember 31,2016 | ||
| Rmb'000 | Rmb'000 | ||
| (Unaudited) | (Audited) | ||
| ------------------- | ------------------- | ||
| Non-current assets | 20,007,874 | 21,603,208 | |
| Current assets | 54,203,829 | 52,158,224 | |
| Current liabilities | 42,975,445 | 42,507,358 | |
| ------------------- | ------------------- | ||
| Net current assets | 11,228,384 | 9,650,866 | |
| -------------------- | -------------------- | ||
| Total assets less current liabilities | 31,236,258 | 31,254,074 | |
| -------------------- | -------------------- | ||
| Non-current liabilities | 6,089,366 | 7,078,147 | |
| -------------------- | -------------------- | ||
| 25,146,892 | 24,175,927 | ||
| ============= | ============= | ||
| Capital and Reserves | |||
| Share capital | 4,343,115 | 4,343,115 | |
| Reserves | 14,765,326 | 13,974,042 | |
| -------------------- | -------------------- | ||
| Equity attributable to owners of the Company | 19,108,441 | 18,317,157 | |
| Non-controlling interests | 6,038,451 | 5,858,770 | |
| -------------------- | -------------------- | ||
| 25,146,892 | 24,175,927 | ||
| ============= | ============= | ||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||
| For the three monthsended March 31, | |||
| 2017 | 2016 | ||
| Rmb'000 | Rmb'000 | ||
| (Unaudited) | (Unaudited) | ||
| -------------------- | -------------------- | ||
| Net cash (used in) from operating activities | (1,144,645) | 100,515 | |
| Net cash from (used in) investing activities | 1,499,420 | (229,841) | |
| Net cash used in financing activities | (3,448,141) | (1,416,100) | |
| -------------------- | -------------------- | ||
| Net decrease in cash and cash equivalents | (3,093,366) | (1,545,426) | |
| Cash and cash equivalents at beginning of the Period | 7,198,745 | 4,983,051 | |
| Effect of foreign exchange rate changes | (45) | (160) | |
| -------------------- | -------------------- | ||
| Cash and cash equivalents at end of the Period | 4,105,334 | 3,437,465 | |
| ============= | ============= | ||
By Order of the Board Zhejiang Expressway Co., Ltd. ZHAN Xiaozhang Chairman
Hangzhou, the PRC, April 28, 2017
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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