China Merchants Pacific : 3Q2015 Additional Information on Toll Road Operation

2a04428a-f0bc-4f54-a814-4313d074c4f0.pdf

(Company Registration No. 198101278D)

Additional Information on Toll Road Operations

Traffic Volume Figures

Traffic Volume per road ('000 vehicles)	FY2015				FY2014				Change (%)
	1Q	2Q	3Q	YTD	1Q	2Q	3Q	YTD
Yongtaiwen Expressway	2,792	2,819	2,973	8,584	2,619	2,656	2,871	8,146	5%
Beilun Port Expressway	2,337	2,437	2,641	7,415	2,302	2,553	2,666	7,521	-1%
Jiurui Expressway	431	307	350	1,088	397	322	353	1,072	1%
Guiliu Expressway (1)	1,282	926	1,135	3,343	1,158	992	1,169	3,319	1%
Guihuang Highway (2)	1,934	1,958	2,109	6,001	1,725	2,021	2,184	5,930	1%
Total	8,776	8,447	9,208	26,431	8,201	8,544	9,243	25,988	2%

Revenue by Toll Roads

Toll Revenue (RMB '000)	FY2015				FY2014				Change (%)
	1Q	2Q	3Q	YTD	1Q	2Q	3Q	YTD
Yongtaiwen Expressway	295,176	328,371	339,479	963,026	282,474	311,094	328,921	922,489	4%
Beilun Port Expressway	70,118	75,745	82,407	228,270	70,883	79,793	82,154	232,830	-2%
Jiurui Expressway	18,669	16,596	16,488	51,753	19,345	18,920	18,966	57,231	-10%
Guiliu Expressway (1)	160,563	148,310	152,032	460,905	155,930	151,285	163,540	470,755	-2%
Guihuang Highway (2)	48,560	53,950	56,170	158,680	51,420	58,228	63,155	172,803	-8%
Total	593,086	622,972	646,576	1,862,634	580,052	619,320	656,736	1,856,108	0%

Notes:

1. With effect from 1 January 2015, the traffic volume for Guiliu Expressway has been changed from 'Full trip Equivalent Passenger Car Unit (PCU)' to 'Full Trip Equivalent Traffic Volume'.

   Traffic Volume for 2014 has been adjusted accordingly for comparison purpose.

   
   

2. With effect from 1 January 2015, the traffic volume for Guihuang Highway has been changed from 'Per Entry Traffic Volume' to 'Full Trip Equivalent Traffic Volume'.

Traffic Volume for 2014 has been adjusted accordingly for comparison purpose.

1

Additional Information on Toll Road Operations (cont'd)

Contribution to Group's Net Profit Attributable to Shareholders by Toll Roads

1. Third Quarter

   (HK$'000)	FY2015			FY2014			Change %
   	3rd Quarter			3rd Quarter
   	Share of Results	Subsidy Income	Total	Share of Results	Subsidy Income	Total
   Joint Ventures ('JV')
   Guiliu Expressway	38,399	38,399	39,928	39,928	-3.8%
   Guihuang Highway	25,121	5,426	30,547	31,654	5,921	37,575	-18.7%
   Net Profit from JV	63,520	5,426	68,946	71,582	5,921	77,503	-11.0%
   Subsidiaries
   Yongtaiwen Expressway	102,681	95,320	7.7%
   Beilun Port Expressway	30,614	31,457	-2.7%
   Jiurui Expressway (1)	4,461	2,840	57.1%
   Yangping Expressway (2)	467	-	n.m.
   Net Profit from Subsidiaries	138,223	129,617	6.6%
   Others
   Other revenue & expenses (3)	(66,590)	12,875	n.m.
   Total	140,579	219,995	-36.1%

   
   

2. Nine months ended 30 September

(HK$'000)	FY2015			FY2014			Change %
	Year To Date			Year To Date
	Share of Results	Subsidy Income	Total	Share of Results	Subsidy Income	Total
Joint Ventures ('JV')
Guiliu Expressway	121,671	-	121,671	122,610	-	122,610	-0.8%
Guihuang Highway	68,986	16,689	85,675	96,671	17,742	114,413	-25.1%
Net Profit from JV	190,657	16,689	207,346	219,281	17,742	237,023	-12.5%
Subsidiaries
Yongtaiwen Expressway	287,540	258,958	11.0%
Beilun Port Expressway	80,511	72,504	11.0%
Jiurui Expressway (1)	17,519	2,840	516.9%
Yangping Expressway (2)	467	-	n.m.
Net Profit from Subsidiaries	386,037	334,302	15.5%
Others
Other revenue & expenses (3)	(110,682)	(8,505)	n.m.
Total	482,701	562,820	-14.2%

Notes: 1)

2)

3)

The financial results of Jiurui Expressway was consolidated with effect from 9 September 2014.

The financial results of Guangxi Yangping Expressway was consolidated with effect from 23 September 2015.

These comprise deferred income, effective interest, administrative expenses, finance costs, foreign exchange difference, withholding tax and income tax.

2