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.
江 蘇 寧 滬 高 速 公 路 股 份 有 限 公 司
JIANGSU EXPRESSWAY COMPANY LIMITED
(Established in the People's Republic of China as a joint-stock limited company)
(Stock Code: 00177)
THE THIRD QUARTERLY REPORT OF 2019
1. IMPORTANT NOTICE
- The board (the "Board") of directors (the "Directors") and the supervisory committee of Jiangsu Expressway Company Limited (the "Company") together with its directors, supervisors and the senior management warrant that the contents of this quarterly report are true, accurate and complete and that there are no false representations, misleading statements contained in, or material omissions from, this quarterly report and they jointly and severally accept legal responsibility for such contents.
- Absent Directors
Name of absent | Position held by | Reasons for | Name of |
director | absent director | absence | proxy |
Ma Chung Lai | Director | Due to business | Yao Yongjia |
Lawrence | engagement | ||
Wu Xinhua | Director | Due to business | Yao Yongjia |
engagement | |||
Hu Yu | Director | Due to business | Yao Yongjia |
engagement | |||
Zhang Zhuting | Independent Director | Due to business | Lin Hui |
engagement |
- 1 -
- Mr. Gu Dejun, the legal representative of the Company, Mr. Sun Xibin, the accounting chief, and Ms. Ren Zhuohua, the person-in-charge of the accounting department (Accounting Supervisor), warrant the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report.
- This third quarterly report of the Company is unaudited.
- Unless otherwise defined, names of roads and companies cited herein shall have the same meanings as those defined under the interim report of the Company as at 30 June 2019.
2. BASIC INFORMATION OF THE COMPANY
- Major Financial Data
Unit: yuan | Currency: RMB | ||
Increase/decrease | |||
as at the end of the | |||
As at the end of | Reporting Period | ||
the Reporting | As at the end of | compared to the end | |
Period | the previous year | of the previous year | |
(%) | |||
Total assets | 52,779,689,441 | 48,162,728,833 | 9.59 |
Net assets attributable | |||
to shareholders of the | |||
Company | 27,670,923,793 | 26,137,197,732 | 5.87 |
From the beginning | |||
From the of the previous year | |||
beginning of the | to the end of the | ||
year to the end | reporting period | Increase/decrease | |
of the Reporting | of the previous | compared to the | |
Period (January - | year (January - | corresponding period | |
September) | September) | of the previous year | |
(%) | |||
Net cash flow generated from | |||
operating activities | 4,376,860,354 | 4,246,029,094 | 3.08 |
- 2 -
From the beginning | ||||||
From the of the previous year | ||||||
beginning of the | to the end of the | |||||
year to the end | reporting period | Increase/decrease | ||||
of the Reporting | of the previous | compared to the | ||||
Period (January - | year (January - | corresponding period | ||||
September) | September) | of the previous year | ||||
(%) | ||||||
Operating revenue | 7,496,407,822 | 7,641,702,887 | -1.90 | |||
Net profit attributable | ||||||
to shareholders of the | ||||||
Company | 3,558,975,772 | 3,652,096,620 | -2.55 | |||
Net profit attributable | ||||||
to shareholders of the | ||||||
Company net of non- | ||||||
recurring profit and loss | 3,509,992,349 | 3,196,724,428 | 9.80 | |||
Weighted average return on | Decreased by 1.59 | |||||
net assets (%) | 13.06 | 14.65 | percentage points | |||
Basic earnings per share | ||||||
(RMB per share) | 0.7065 | 0.7249 | -2.54 | |||
Diluted earnings per share | ||||||
(RMB per share) | N/A | N/A | N/A | |||
Items and amounts of non-recurring profit/loss | ||||||
✓ | Applicable | Not applicable | ||||
- 3 -
Unit: yuan Currency: RMB
Item
Gains or losses from disposal of non- current assets
Government grants included in gains or losses for the current period (except for government grants which are closely related to normal business of the Company, conformed to the requirements of State policy, and granted continuously according to certain standardized amounts or quotas)
Profit and loss of changes in fair value arising from holding of held-for- trading financial assets, derivative financial assets, held-for- trading financial liabilities and derivative financial liabilities, as well as investment gain realized from disposal of held-for-trading financial assets, derivative financial assets, held-for-trading financial liabilities, derivative financial liabilities and other debt investments, except for the effective hedging activities related to ordinary business operations of the Company
Other non-operating income and expenses other than the above items
Affected minority interests (after tax) Affected income tax amount
Total
Amount from the beginning | ||
of the year to the end of the | ||
Amount for the Reporting | Reporting Period (January - | |
Period (July - September) | September) | Explanation |
-486 | -296,423 | |
521,819 | 1,504,431 | Compensation for |
construction of Ningchang | ||
Expressway recognized | ||
during the Reporting | ||
Period |
40,802,107 70,562,286
3,440,698 -5,992,785
-66,236-349,709
-11,191,034-16,444,377
33,506,868 48,983,423
- 4 -
2.2 Total Numbers of Shareholders, and Shareholdings of the Top Ten Shareholders and the Top Ten Holders of Circulating Shares (or Holders of Shares not Subject to Trading Restrictions) as at the End of the Reporting Period
Unit: Share | ||||||
Total number of shareholders | 24,098 (including 426 holders of H Shares) | |||||
Shareholdings of top ten shareholders | ||||||
Number | ||||||
of shares | ||||||
Number of shares | held that | |||||
held as at the end | are subject | Shares pledged or frozen | ||||
Name of shareholders | of the Reporting | to trading | Status of | Number of | Type of | |
(full name) | Period | Percentage | restrictions | shares | shares | shareholders |
(%) | ||||||
Jiangsu Communications | 2,742,578,825 | 54.44 | 0 | Nil | - | State-owned |
Holding Company | legal person | |||||
Limited | ||||||
China Merchants Highway | 589,059,077 | 11.69 | 0 | Nil | - | State-owned |
Network Technology | legal person | |||||
Holdings Co., Ltd. | ||||||
BlackRock, Inc. | 147,121,776 | 2.92 | 0 | Unknown | - | Foreign legal |
person | ||||||
Mitsubishi UFJ Financial | 123,202,971 | 2.45 | 0 | Unknown | - | Foreign legal |
Group, Inc. | person | |||||
JPMorgan Chase & Co. | 106,537,872 | 2.11 | 0 | Unknown | - | Foreign legal |
person | ||||||
Citigroup Inc. | 61,445,317 | 1.22 | 0 | Unknown | - | Foreign legal |
person | ||||||
Guotai Junan Securities | 48,244,383 | 0.96 | 0 | Unknown | - | Others |
Co., Ltd. | ||||||
Jiantou Zhongxin Asset | 21,410,000 | 0.42 | 0 | Unknown | - | Others |
Management Co., Ltd. |
- 5 -
Number | ||||||
of shares | ||||||
Number of shares | held that | |||||
held as at the end | are subject | Shares pledged or frozen | ||||
Name of shareholders | of the Reporting | to trading | Status of | Number of | Type of | |
(full name) | Period | Percentage | restrictions | shares | shares | shareholders |
(%) | ||||||
China Pacific Life | 12,616,416 | 0.25 | 0 | Unknown | - | Others |
Insurance Co., Ltd. - | ||||||
Entrusted Investment | ||||||
of China Pacific Life | ||||||
Insurance Dividend | ||||||
Products (Shou Zi Ying) | ||||||
(Yangtze River Pension) | ||||||
(中國太平洋人壽保 | ||||||
險股份有限公司-中 | ||||||
國太平洋人壽股票 | ||||||
紅利型產品(壽自營) | ||||||
委托投資(長江養老) | ||||||
Beijing Panfeng | 11,998,285 | 0.24 | 0 | Unknown | - | Others |
Investment Management | ||||||
Partnership (Limited |
Partner)-Panfeng Value
Private Securities
Investment Fund(北京 磐灃投資管理合夥 企業(有限合夥)-磐 灃價值私募證券投 資基金)
- 6 -
Shareholdings of top ten holders of shares not subject to trading restrictions
Number of | |||
circulating shares | |||
held that are not | |||
subject to trading | Type and number of shares | ||
Name of shareholders | restrictions | Type | Number |
Jiangsu Communications | 2,742,578,825 | RMB-denominated | 2,742,578,825 |
Holding Company Limited | ordinary shares | ||
China Merchants Highway | 589,059,077 | RMB-denominated | 589,059,077 |
Network Technology | ordinary shares | ||
Holdings Co., Ltd. | |||
BlackRock, Inc. | 147,121,776 | Overseas-listed | 147,121,776 |
foreign shares | |||
Mitsubishi UFJ Financial | 123,202,971 | Overseas-listed | 123,202,971 |
Group, Inc. | foreign shares | ||
JPMorgan Chase & Co. | 106,537,872 | Overseas-listed | 106,537,872 |
foreign shares | |||
Citigroup Inc. | 61,445,317 | Overseas-listed | 61,445,317 |
foreign shares | |||
Guotai Junan Securities Co., | 48,244,383 | RMB-denominated | 48,244,383 |
Ltd. | ordinary shares | ||
Jiantou Zhongxin Asset | 21,410,000 | RMB-denominated | 21,410,000 |
Management Co., Ltd. | ordinary shares | ||
China Pacific Life Insurance | 12,616,416 | RMB-denominated | 12,616,416 |
Co., Ltd. - Entrusted | ordinary shares | ||
Investment of China Pacific | |||
Life Insurance Dividend | |||
Products (Shou Zi Ying) | |||
(Yangtze River Pension) | |||
( 中國太平洋人壽保險 | |||
股份有限公司-中國太 | |||
平洋人壽股票紅利型 | |||
產品(壽自營)委托投資 | |||
(長江養老) | |||
Beijing Panfeng Investment | 11,998,285 | RMB-denominated | 11,998,285 |
Management Partnership | ordinary shares | ||
(Limited Partnership)- |
Panfeng Value Private
Securities Investment Fund( 北京磐灃投資管 理合夥企業(有限合
夥)-磐灃價值私募證 券投資基金)
- 7 -
Number of | ||
circulating shares | ||
held that are not | ||
subject to trading | Type and number of shares | |
Name of shareholders | restrictions Type | Number |
Illustration on the | (1) the Company is not aware of the existence | |
related party/ | of related party relationship or acting-in- | |
connected relationship | concert arrangement with respect to the above | |
or acting-in-concert | shareholders; | |
arrangement with | ||
respect to the above | (2) during the Reporting Period, there were no | |
shareholders | related parties, strategic investors or ordinary | |
legal persons of the Company becoming the top | ||
ten shareholders of the Company because of | ||
placing of new shares; and | ||
(3) the number of shares held by H shareholders is | ||
based on the record according to the Securities | ||
and Futures Ordinance of Hong Kong. | ||
Illustration on | Nil | |
the preference | ||
shareholders with | ||
voting rights |
restored and their shareholdings
2.3 Total Number of Preference Shareholders, and Shareholdings of the Top Ten Preference Shareholders and the Top Ten Holders of Preference Shares not Subject to Trading Restrictions as at the End of the Reporting Period
Applicable ✓ Not applicable
3. SIGNIFICANT EVENTS
3.1 Details of and Reasons for Material Changes in the Major Financial Statement Items and Financial Indicators of the Company
✓ | Applicable | Not applicable | |
- 8 -
(1) Business Progress
In the third quarter of 2019, the Group's businesses are steadily progressing as planned. The Group achieved a total operating revenue of approximately RMB2,660,950,000 for the third quarter based on the PRC accounting standards, representing an increase of approximately 6.44% as compared to the corresponding period of last year.
In particular, revenue from toll business amounted to approximately RMB2,111,818,000, representing an increase of approximately 4.24% year-on-year. In the third quarter, the daily average traffic volume of Shanghai-Nanjing Expressway was 105,428 vehicles, increasing by approximately 8.23% year-on-year, of which, the average daily traffic volume of passenger vehicles was 84,640 vehicles, increasing by approximately 9.97% year-on-year, while the average daily traffic volume of trucks was 20,787 vehicles, increasing by approximately 1.68% year-on-year. The proportion of passenger vehicle traffic volume and truck traffic volume maintained relatively stable at approximately 80.28% and approximately 19.72% respectively. During the Reporting Period, the passenger vehicle and truck traffic volume of major road and bridge projects of the Company showed different levels of growth. Continuing to maintain stable growth, our operation demonstrated an overall favorable performance.
In the third quarter, as affected by the decrease of sales volume of oil products, revenue from the ancillary business of the Company amounted to approximately RMB355,449,000, representing a decrease of approximately 7.34% year-on-year. However, through proactive negotiations with the oil suppliers with an aim to improve the profit margin, in the third quarter, gross profit margin of oil products of the Company increased by approximately 2.38 percentage points year- on-year, accompanied by a year-on-year increase of approximately
3.1 percentage points in gross profit margin of ancillary services business, and the overall operating revenue from service areas recorded an increase. In terms of property business, the Company made great efforts to increase the selling rate under the existing regulation policies. The development and sales of the property projects progressed in an orderly manner, and revenue from pre-sale of property projects amounted to approximately RMB198,363,000. As the scale of delivery of the property projects during the quarter was larger as compared to the corresponding period of last year, carry-over revenue amounted to approximately RMB178,419,000, representing a year-on-year increase of approximately 138.06%. Advertising and other businesses achieved revenue of approximately RMB15,263,000, representing a decrease of approximately 1.82% year-on-year.
- 9 -
In accordance with the PRC Accounting Standards, the operating cost of the Group amounted to approximately RMB1,111,870,000 for the third quarter, representing an increase of approximately 9.08% year-on-year; the operating profit amounted to approximately RMB1,658,296,000, representing an increase of approximately 8.29% year-on-year; the net profit attributable to shareholders of the Company amounted to approximately RMB1,277,367,000, representing an increase of approximately 9.74% as compared to the corresponding period of last year.
Data of average daily traffic volume and average daily toll revenue of road and bridge projects from January to September 2019
Average daily traffic volume | Average daily toll revenue | ||||||
(vehicle/day) | (RMB'000/day) | ||||||
Corresponding | Corresponding | ||||||
Road and bridge | January - | period of the | Increase/ | January - | period of the | Increase/ | |
projects | September | previous year | decrease | September | previous year | decrease | |
% | % | ||||||
Shanghai-Nanjing | |||||||
Expressway | 102,756 | 96,654 | 6.31 | 14,430.79 | 13,845.14 | 4.23 | |
Ningchang Expressway | 41,669 | 42,531 | -2.03 | 2,573.87 | 2,488.99 | 3.41 | |
Zhenli Expressway | 15,437 | 13,471 | 14.59 | 760.46 | 711.09 | 6.94 | |
Guangjing Expressway | 76,756 | 72,603 | 5.72 | 888.96 | 829.61 | 7.15 | |
Xicheng Expressway | 84,847 | 82,079 | 3.37 | 1,710.81 | 1,680.38 | 1.81 | |
Xiyi Expressway | 23,856 | 22,402 | 6.49 | 915.37 | 883.31 | 3.63 | |
Jiangyin Bridge | 96,535 | 90,696 | 6.44 | 3,447.71 | 3,240.52 | 6.39 | |
Sujiahang Expressway | 70,067 | 65,991 | 6.18 | 3,592.02 | 3,333.63 | 7.75 | |
Wuxi Huantaihu | |||||||
Expressway | 8,743 | 9,768 | -10.50 | 95 | 100.92 | -5.87 | |
Yanjiang Expressway | 56,030 | 54,107 | 3.55 | 4,301.64 | 4,149.91 | 3.66 | |
Changjia Expressway | 18,957 | 16,295 | 16.33 | 422.34 | 401.49 | 5.19 | |
Zhendan Expressway | |||||||
(Note 1) | 17,276 | - | - | 204.83 | - | - | |
Note 1: | Zhendan Expressway was open for traffic on 30 September 2018. |
- 10 -
From January to September 2019, the Group achieved an accumulated operating revenue of approximately RMB7,496,408,000, representing a decrease of approximately 1.9% as compared to the corresponding period of last year, of which, toll revenue amounted to approximately RMB5,891,363,000, representing an increase of approximately 4.84% as compared to the corresponding period of last year; during the Reporting Period, revenue from the ancillary business amounted to approximately RMB966,431,000, representing a decrease of approximately 12.31% year-on-year, which mainly due to the decrease in sales volume of oil products as compared to the corresponding period of last year as the gas stations were closed for renovation and construction of two- compartment oil tanks; the cumulative revenue from pre-sale of property projects under property business during the Reporting Period amounted to approximately RMB906,525,000, and the carry-over revenue from sales amounted to approximately RMB590,222,000, representing a decrease of approximately 32.37% year-on year since the scale being delivered and carried forward during the Reporting Period was less compared to the corresponding period of last year; and revenue from advertising and other businesses amounted to approximately RMB48,392,000, representing an increase of approximately 1.56% as compared to the corresponding period of last year.
In terms of business cost, the Group recorded an accumulated operating cost of approximately RMB3,067,514,000 from January to September, representing a decrease of approximately 6.35% as compared to the corresponding period of last year, mainly due to year-on-year decrease in cost of ancillary business and property business.
The Group recorded an accumulated operating profit of approximately RMB4,653,479,000 from January to September, representing a decrease of approximately 0.73% as compared to the corresponding period of last year. The Group achieved net profit attributable to shareholders of the Company of approximately RMB3,558,976,000, and earnings per share of approximately RMB0.7065, representing a decrease of approximately 2.54% as compared to the corresponding period of last year, which was mainly due to the Company's recognition of valuation gain of approximately RMB430,500,000 upon acquisition of Hanwei Company in accordance with the standards on business combination involving enterprises not under common control during the corresponding period of the previous year. During the Reporting Period, net profit attributable to shareholders of the Company after deduction of non-recurring profits or losses amounted to RMB3,509,992,000, representing an increase of 9.8% year-on-year.
- 11 -
(2) Changes in Financial Indicators
Details of and reasons for material changes in the major financial statement items and financial indicators are as follows:
Reasons for Material Changes in Balance Sheet Items as at 30 September 2019
Unit: yuan | Currency: RMB | ||||
As at the | |||||
end of the | As at the end | ||||
Reporting | of the previous | Increase/ | |||
Item | Period | year | decrease | Reason of change | |
% | |||||
Cash and bank | 539,125,063 | 649,761,591 | -17.03 | The main reason was that, during the | |
balances | Reporting Period, Changyi Company and | ||||
Yichang Company, both being subsidiaries | |||||
of the Company, made payments for the | |||||
construction of projects. | |||||
Held-for-trading | 1,298,183,472 | 683,326,861 | 89.98 | Mainly due to the increase of wealth | |
financial assets | management products held by the Group at | ||||
the end of the Reporting Period as compared | |||||
to that at the beginning of the period. | |||||
Accounts receivable | 493,563,292 | 321,158,727 | 53.68 | Mainly due to the increase of toll fees | |
receivable at the end of the Reporting Period | |||||
as compared to the beginning of the period. | |||||
Prepayments | 114,008,750 | 29,060,041 | 292.32 | Mainly due to the increase in prepayments | |
for construction at the end of the Reporting | |||||
Period as compared to the beginning of the | |||||
period. | |||||
Other receivables | 134,373,976 | 37,833,951 | 255.17 | Mainly due to the cash dividends declared and | |
pending to be paid by associates during the | |||||
Reporting Period. | |||||
Other current assets | 270,213,233 | 130,656,171 | 106.81 | Mainly due to the increase in the Group's taxes | |
and fees related to pre-sales of real estate at | |||||
the end of the Reporting Period as compared | |||||
to the beginning of the period. | |||||
Other investments in | 4,409,542,536 | 3,035,293,680 | 45.28 | Mainly due to the increase in the book value | |
equity instruments | of other investments in equity instruments | ||||
recognized at fair value by the Group and | |||||
the additional subscription for the asset | |||||
management scheme of Fuanda Fund during | |||||
the Reporting Period. |
- 12 -
As at the | ||||
end of the | As at the end | |||
Reporting | of the previous | Increase/ | ||
Item | Period | year | decrease | Reason of change |
% | ||||
Right-of-use assets | 4,397,556 | - | - The Company recognized the right-of-use assets | |
and lease liabilities in respect of related | ||||
leases during the lease terms according | ||||
to the Accounting Standards for Business | ||||
Enterprises No. 21. | ||||
Construction in | 12,839,225,212 | 10,087,826,331 | 27.27 | Mainly due to investments in the construction |
progress | of road and bridge projects in progress. | |||
Deferred income tax | 134,762,296 | 197,447,059 | -31.75 | Mainly due to the adjustment of other |
assets | comprehensive income based on the | |||
fair value of other investments in equity | ||||
instruments held by the Company, the | ||||
adjustment to the deferred income tax assets | ||||
accordingly, and the completion of making | ||||
up losses in previous years by Ningchang | ||||
Zhenli Company, a subsidiary of the | ||||
Company, during the Reporting Period. | ||||
Notes payable | 350,000,000 | - | - Mainly due to the issuance of bank acceptances | |
by Wufengshan Toll Bridge Company, a | ||||
subsidiary, for the payment of construction | ||||
of project during the Reporting Period. | ||||
Accounts payable | 764,836,161 | 1,090,607,320 | -29.87 | Mainly due to the decrease in payables for the |
construction of projects at the end of the | ||||
Reporting Period. | ||||
Receipts in advance | 113,685,057 | 73,454,895 | 54.77 | Mainly due to the increase in advance lease |
payments from the service areas received at | ||||
the end of the Reporting Period as compared | ||||
to the beginning of the period. | ||||
Contract liabilities | 1,267,240,258 | 962,200,983 | 31.70 | Mainly due to the increase in pre-sales of real |
estate projects at the end of the Reporting | ||||
Period as compared to the beginning of the | ||||
period. | ||||
Other payables | 349,969,078 | 270,459,371 | 29.40 | Mainly due to the increase in temporary earnest |
money from housing purchase at the end | ||||
of the Reporting Period as compared to the | ||||
beginning of the period. | ||||
Non-current liabilities | 124,943,848 | 381,700,433 | -67.27 | Mainly due to the repayment of part of long- |
due within one year | term borrowings due within one year during | |||
the Reporting Period. |
- 13 -
As at the | ||||
end of the | As at the end | |||
Reporting | of the previous | Increase/ | ||
Item | Period | year | decrease | Reason of change |
% | ||||
Other current | 3,836,056,163 | 2,212,191,672 | 73.41 | Mainly due to the increase in balance of ultra- |
liabilities | short term bonds as a result of new issuance | |||
during the Reporting Period as compared to | ||||
the beginning of the period. | ||||
Other comprehensive | 1,129,941,806 | 837,827,667 | 34.87 | Mainly due to the adjustment of other |
income | comprehensive income based on the | |||
fair value of other investments in equity | ||||
instruments held by the Group during the | ||||
Reporting Period. |
Reasons for material changes in income statement items during the Reporting Period
Unit: yuan | Currency: RMB | |||
From the | ||||
beginning of | ||||
the year to | ||||
the end of the | Corresponding | |||
Reporting | period of | Increase/ | ||
Item | Period | last year | Decrease Reason of change | |
% | ||||
Taxes and surcharges | 82,251,080 | 128,824,700 | -36.15 The year-on-year decrease in taxes and | |
surcharges was mainly due to the year-on- | ||||
year decrease in the delivery scale of the | ||||
property projects of Ninghu Properties, a | ||||
subsidiary of the Company, and the income | ||||
from delivery was mostly generated after | ||||
replacement of business tax with value-added | ||||
tax during the Reporting Period. | ||||
Selling expenses | 27,383,586 | 19,452,446 | 40.77 The year-on-year increase in selling | |
expenses was mainly due to the increase | ||||
in advertisement and promotion fee and | ||||
commission fee for agent of real estate sales | ||||
of Ninghu Properties and Hanwei Company | ||||
during the Reporting Period. | ||||
Gain on changes in fair | 58,202,624 | 42,263,032 | 37.72 Mainly due to the year-on-year increase in the | |
value | fair value of other non-current financial assets | |||
and trading financial assets held by Ninghu |
Investment, a subsidiary of the Company, during the Reporting Period.
- 14 -
From the | |||
beginning of | |||
the year to | |||
the end of the | Corresponding | ||
Reporting | period of | Increase/ | |
Item | Period | last year | Decrease Reason of change |
% | |||
Investment income | 759,099,755 | 945,289,473 | -19.70 Notwithstanding the year-on-year increase |
in the investment income contributed | |||
by the joint venture companies, and the | |||
bonus received from investment in other | |||
equity instruments during the Reporting | |||
Period, there was a year-on-year decrease | |||
in investment income as a result of the | |||
Company's recognition of valuation | |||
gain of approximately RMB430,000,000 | |||
upon acquisition of Hanwei Company in | |||
accordance with the standards on business | |||
combination involving enterprises not under | |||
common control during the corresponding | |||
period of the previous year. | |||
Gain on disposal of | -296,423 | -759,212 | -60.96 Mainly due to the year-on-year decrease in the |
assets | loss from disposal of assets. | ||
Other income | 6,153,501 | 1,550,944 | 296.76 Mainly due to the inclusion of deductible |
portion into other income as a result of the | |||
implementation of national policies related | |||
to deepening the reform of value-added tax, | |||
which stipulated that commencing from 1 | |||
April 2019, an extra 10% shall be credited | |||
against deductible input VAT, in line with | |||
the policy for deduction of tax amount | |||
payable. | |||
Other comprehensive | 290,271,389 | 1,130,197,136 | -74.32 Mainly due to the year-on-year decrease in fair |
income, net of tax | value growth of other equity instruments | ||
investment held by the Group recognized | |||
during the Reporting Period. |
- 15 -
Reason for change in cash flow statement items during the Reporting Period
Unit: yuan | Currency: RMB | ||||
From the | |||||
beginning of | |||||
the year to | |||||
the end of the | Corresponding | ||||
Reporting | period of | Increase/ | |||
Item | Period | last year | Decrease | Reason of change | |
% | |||||
Net cash flow | -4,076,549,042 | -2,297,930,749 | 77.40 | Mainly due to the increase in external | |
generated from | investment expenditures such as net cash | ||||
investment activities | outflow from the purchase of wealth | ||||
management products and investment of the | |||||
asset management scheme of Fuanda Fund | |||||
during the Reporting Period. | |||||
Net cash flow | -338,909,583 | -1,582,625,192 | -78.59 | Mainly due to the year-on-year decrease in net | |
generated from | cash outflow from debt repayment during the | ||||
financing activities | Reporting Period. |
3.2 Analysis of Progress of Significant Events and Their Impact and Solutions
✓ | Applicable | Not applicable |
Proactively promoting the removal of provincial boundary toll station
In accordance with the Implementation Plan for Deepening the Reform of
Toll Road System and Eliminating of Provincial Boundary Toll Stations in the Expressway 《( 深 化 收 費 公 路 制 度 改 革 取 消 高 速 公 路 省 界 收 費
站 實 施 方 案》) issued by the State Council, under the requirements of the Ministry of Transport and Jiangsu Province, the Company has been pressing ahead the "four major projects" concerning the construction of the ETC gantry system, ETC lane renovation, construction of overload inspection system and the removal of provincial boundary toll station in a steady manner to ensure all projects can be completed by the end of this year so as to meet the requirement of operating under the same system nationwide from 1 January 2020 as required by the Ministry of Transport and accomplish this significant livelihood project in respect of transport successfully.
- 16 -
Investment and establishment of the phase II real estate parent fund
As considered and approved at the 8th meeting of the ninth session of the board of directors of the Company held on 12 April 2019, Ninghu Investment, a wholly-owned subsidiary of the Company, after ensuring that it has sufficient liquidity in meeting its requirements for its ordinary course of operation, would use its internal resources in an amount of no more than RMB300 million to participate in the investment and establishment of the phase II real estate parent fund; On 11 July 2019, Ninghu Investment, Luode Fund Company and its wholly-owned subsidiary Nanjing Luode Investment Management Co., Ltd. ( 南 京 洛 德 投 資 管 理 有 限 公 司), Nanjing Public Utilities Development Co., Ltd. and Hongyuan Huizhi Investment Co., Ltd. ( 宏 源 匯 智 投 資 有 限 公 司) and its wholly-owned subsidiary Shenyin
- Wanguo Innovation Capital Management Co., Ltd. ( 申 銀 萬 國 創 新 資 本 管 理 有 限 公 司) signed a limited partnership agreement, pursuant to which, all parties jointly established the Phase II Parent Real Estate Fund upon reaching unanimity through consultation. The total size of the fund shall be no more than RMB1 billion, in which Ninghu Investment will invest no more than RMB300 million and other partners will invest no more than RMB700 million. For details of the progress of such investment project, please refer to the announcements published by the Company on the website of Shanghai Stock Exchange (www.sse.com.cn) on 12 July 2019 and on the website of the Stock Exchange (www.hkex.com.hk) on 12 July 2019, respectively. As at the end of the Reporting Period, Ninghu Investment made capital contribution in an amount of RMB191,557,000.
Equity participation in Group Finance Company
As considered and approved at the 11th meeting of the ninth session of the board of directors of the Company held on 30 July 2019, additional capital contributions to Group Finance Company was made by the Company and Communications Holding, the controlling shareholder of the Company. In particular, each of Communications Holding and the Company made cash contribution of RMB303.4 million and RMB606.8 million, respectively. After such capital contribution, the Company holds 25% of the total share capital of Group Finance Company; at the 2019 first extraordinary general meeting of the Company held on 26 September 2019, the resolution was considered and approved and Mr. Sun Xibin and Mr. Yao Yongjia, both being directors of the Company, were authorised to deal with such consequential related matters as signing of contracts and appropriation and approval of funds. For details of the progress of such investment project, please refer to the announcements published by the Company on the website of Shanghai Stock Exchange (www.sse.com.cn) on 31 July 2019 and 27 September 2019 and on the website of the Stock Exchange (www.hkex.com.hk) on 31 July 2019 and 27 September 2019, respectively.
- 17 -
Consolidation by merger between investee companies
As considered and approved at the 12th meeting of the ninth session of the board of directors of the Company held on 23 August 2019, Sujiahang Company and Sujiayong Company, both being investee companies of the Company, initiated the consolidation by merger through capital contribution and shares of the same class holding the same rights . The Company subscribed for RMB80,748,700 of the additional registered capital of Sujiahang Company with its entire capital contribution in Sujiayong Company. The Company's shareholding in Sujiahang Company was adjusted from 31.55% to 30.01% after the consolidation. For details of such investment project, please refer to the announcements published by the Company on the website of Shanghai Stock Exchange (www.sse.com.cn) on 26 August 2019 and on the website of the Stock Exchange (www.hkex.com.hk) on 26 August 2019, respectively. As at the publication date of this report, the consolidation by merger was completed.
3.3 Undertakings not being Fully Performed Timely during the Reporting Period
Applicable ✓ Not applicable
3.4 Warning and Explanation of Reasons in the Forecast of the Possible Aggregate Net Profits from the Beginning of the Year to the End of the Next Reporting Period Becoming a Loss or Significant Changes Compared to the Corresponding Period of the Previous Year
Applicable ✓ Not applicable
Company Jiangsu Expressway Company Limited Legal representative Gu Dejun
Date 25 October 2019
- 18 -
IV. APPENDIX
4.1 Financial Statements
Consolidated Balance Sheet
30 September 2019
Prepared by: Jiangsu Expressway Company Limited
Unit: yuan Currency: RMB Type of Audit: Unaudited
30 September | 31 December | ||
Items | 2019 | 2018 | |
Current Assets: | |||
Cash and bank balances | 539,125,063 | 649,761,591 | |
Held-for-trading financial assets | 1,298,183,472 | 683,326,861 | |
Notes receivable | - | 1,681,265 | |
Accounts receivable | 493,563,292 | 321,158,727 | |
Prepayments | 114,008,750 | 29,060,041 | |
Other receivables | 134,373,976 | 37,833,951 | |
Including: Interest receivable | - | - | |
Dividends receivable | 87,928,169 | 4,989,960 | |
Inventories | 3,938,382,530 | 4,045,555,776 | |
Other current assets | 270,213,233 | 130,656,171 | |
Total Current Assets | 6,787,850,316 | 5,899,034,383 | |
Non-current Assets: | |||
Long-term equity investments | 6,261,679,860 | 5,702,454,036 | |
Other equity instruments investment | 4,409,542,536 | 3,035,293,680 | |
Other non-current financial assets | 1,314,630,180 | 1,111,415,422 | |
Investment properties | 18,529,932 | 19,207,033 | |
Fixed assets | 1,725,276,825 | 1,814,133,323 | |
Construction in progress | 12,839,225,212 | 10,087,826,331 | |
Right-of-use assets | 4,397,556 | - | |
Intangible assets | 19,257,400,971 | 20,280,055,629 | |
Long-term deferred expenses | 11,438,187 | 1,654,145 | |
Deferred income tax assets | 134,762,296 | 197,447,059 | |
Other non-current assets | 14,955,570 | 14,207,792 | |
Total Non-current Assets | 45,991,839,125 | 42,263,694,450 | |
TOTAL ASSETS | 52,779,689,441 | 48,162,728,833 | |
- 19 -
30 September | 31 December | ||
Items | 2019 | 2018 | |
Current Liabilities: | |||
Short-term borrowings | 1,510,000,000 | 1,580,000,000 | |
Notes payable | 350,000,000 | - | |
Accounts payable | 764,836,161 | 1,090,607,320 | |
Receipts in advance | 113,685,057 | 73,454,895 | |
Employee remuneration payable | 3,043,520 | 2,917,980 | |
Taxes payable | 299,233,043 | 271,704,890 | |
Other payables | 349,969,078 | 270,459,371 | |
Including: Interest payable | 67,063,378 | 93,089,893 | |
Dividends payable | 97,197,530 | 88,979,103 | |
Contract liabilities | 1,267,240,258 | 962,200,983 | |
Non-current liabilities due within one | |||
year | 124,943,848 | 381,700,433 | |
Other current liabilities | 3,836,056,163 | 2,212,191,672 | |
Total Current Liabilities | 8,619,007,128 | 6,845,237,544 | |
Non-current liabilities: | |||
Long-term borrowings | 8,123,471,972 | 7,688,853,902 | |
Bonds payable | 3,988,527,122 | 3,980,548,108 | |
Expected liabilities | - | 461,700 | |
Deferred income | 41,616,638 | 43,109,916 | |
Deferred income tax liabilities | 278,668,422 | 250,660,721 | |
Total Non-current Liabilities | 12,432,284,154 | 11,963,634,347 | |
TOTAL LIABILITIES | 21,051,291,282 | 18,808,871,891 | |
- 20 -
30 September | 31 December | ||||
Items | 2019 | 2018 | |||
OWNERS' EQUITY (OR | |||||
SHAREHOLDERS' EQUITY) | |||||
Paid-up capital (or share capital) | 5,037,747,500 | 5,037,747,500 | |||
Capital reserve | 10,428,388,235 | 10,428,388,235 | |||
Other comprehensive income | 1,129,941,806 | 837,827,667 | |||
Surplus reserve | 3,411,194,285 | 3,411,194,285 | |||
Retained profits | 7,663,651,967 | 6,422,040,045 | |||
Total owners' equity (or shareholders' | |||||
equity) attributable to the parent | |||||
company | 27,670,923,793 | 26,137,197,732 | |||
Minority interests | 4,057,474,366 | 3,216,659,210 | |||
TOTAL OWNERS' EQUITY (OR | |||||
SHAREHOLDERS' EQUITY) | 31,728,398,159 | 29,353,856,942 | |||
TOTAL LIABILITIES AND OWNERS' | |||||
EQUITY (OR SHAREHOLDERS' | |||||
EQUITY) | 52,779,689,441 | 48,162,728,833 | |||
Person-in-charge of the | |||||
Legal representative: | Accounting chief: | accounting department: | |||
Gu Dejun | Sun Xibin | Ren Zhuohua |
- 21 -
Balance Sheet of the Parent Company
30 September 2019
Prepared by: Jiangsu Expressway Company Limited
Unit: yuan Currency: RMB Type of Audit: Unaudited
30 September | 31 December | |||
Items | 2019 | 2018 | ||
Current Assets: | ||||
Cash and bank balances | 86,965,420 | 100,931,394 | ||
Held-for-trading financial assets | 970,000,000 | 193,000,000 | ||
Accounts receivable | 320,171,215 | 218,353,103 | ||
Prepayments | 18,124,166 | 8,598,094 | ||
Other receivables | 44,849,156 | 44,321,154 | ||
Including: Interest receivable | 26,299,806 | 30,590,068 | ||
Dividends receivable | 4,989,960 | 4,989,960 | ||
Inventories | 13,750,523 | 11,305,004 | ||
Other current assets | 18,465,532 | 7,000,000 | ||
Total Current Assets | 1,472,326,012 | 583,508,749 | ||
Non-current Assets: | ||||
Long-term equity investments | 15,690,497,656 | 14,290,944,294 | ||
Other equity instruments investment | 3,323,782,536 | 1,933,153,680 | ||
Fixed assets | 912,877,872 | 948,663,656 | ||
Construction in progress | 104,624,577 | 50,503,852 | ||
Intangible assets | 9,573,777,625 | 10,087,165,531 | ||
Long-term deferred expenses | 7,783,019 | - | ||
Deferred income tax assets | - | 45,120,214 | ||
Other non-current assets | 2,069,003,645 | 2,604,419,552 | ||
Total Non-current Assets | 31,682,346,930 | 29,959,970,779 | ||
TOTAL ASSETS | 33,154,672,942 | 30,543,479,528 | ||
- 22 -
30 September | 31 December | |||||
Items | 2019 | 2018 | ||||
Current Liabilities: | ||||||
Short-term borrowings | 2,205,000,000 | 1,690,000,000 | ||||
Accounts payable | 320,015,619 | 491,880,235 | ||||
Receipts in advance | 102,039,042 | 68,061,949 | ||||
Employee remuneration payable | 1,478,744 | 2,242,393 | ||||
Taxes payable | 124,802,600 | 135,467,755 | ||||
Other payables | 174,628,053 | 169,847,846 | ||||
Including: Interest payable | 58,616,719 | 61,780,551 | ||||
Dividends payable | 97,197,530 | 88,979,103 | ||||
Non-current liabilities due within one | ||||||
year | 1,752,389 | 1,700,433 | ||||
Other current liabilities | 3,836,056,163 | 2,212,191,672 | ||||
Total Current Liabilities | 6,765,772,610 | 4,771,392,283 | ||||
Non-current liabilities: | ||||||
Long-term borrowings | 13,573,972 | 15,303,902 | ||||
Bonds payable | 3,988,527,121 | 3,980,548,108 | ||||
Expected liabilities | - | 461,700 | ||||
Deferred income tax liabilities | 17,537,000 | - | ||||
Total Non-current Liabilities | 4,019,638,093 | 3,996,313,710 | ||||
TOTAL LIABILITIES | 10,785,410,703 | 8,767,705,993 | ||||
OWNERS' EQUITY (OR | ||||||
SHAREHOLDERS' EQUITY) | ||||||
Paid-up capital (or share capital) | 5,037,747,500 | 5,037,747,500 | ||||
Capital reserve | 7,327,650,327 | 7,327,650,327 | ||||
Other comprehensive income | 592,042,341 | 289,485,952 | ||||
Surplus reserve | 2,518,873,750 | 2,518,873,750 | ||||
Retained profits | 6,892,948,321 | 6,602,016,006 | ||||
TOTAL OWNERS' EQUITY (OR | ||||||
SHAREHOLDERS' EQUITY) | 22,369,262,239 | 21,775,773,535 | ||||
TOTAL LIABILITIES AND OWNERS' | ||||||
EQUITY (OR SHAREHOLDERS' | ||||||
EQUITY) | 33,154,672,942 | 30,543,479,528 | ||||
Person-in-charge of the | ||||||
Legal representative: | Accounting chief: | accounting department: | ||||
Gu Dejun | Sun Xibin | Ren Zhuohua |
- 23 -
Consolidated Income Statement
January - September 2019
Prepared by: Jiangsu Expressway Company Limited
Unit: yuan Currency: RMB Type of Audit: Unaudited | ||||||
Third | Third | First three | First three | |||
quarter of | quarter of | quarters of | quarters of | |||
2019 | 2018 | 2019 | 2018 | |||
(July - | (July - | (January to | (January to | |||
Items | September) | September) | September) | September) | ||
I. | Total operating income | 2,660,949,953 | 2,499,923,053 | 7,496,407,822 | 7,641,702,887 | |
Including: Operating income | 2,660,949,953 | 2,499,923,053 | 7,496,407,822 | 7,641,702,887 | ||
II. | Total operating costs | 1,324,089,286 | 1,228,197,437 | 3,665,958,491 | 3,942,271,026 | |
Including: Operating costs | 1,111,869,794 | 1,019,287,471 | 3,067,514,181 | 3,275,660,646 | ||
Taxes and surcharges | 26,847,764 | 21,429,362 | 82,251,080 | 128,824,700 | ||
Selling expenses | 8,753,254 | 7,860,157 | 27,383,586 | 19,452,446 | ||
Administrative | ||||||
expenses | 49,896,240 | 46,375,645 | 135,570,172 | 131,875,927 | ||
Financial expenses | 126,722,234 | 133,244,802 | 353,239,472 | 386,457,307 | ||
Including: Interest | ||||||
expenses | 126,464,887 | 118,235,982 | 354,118,906 | 357,933,618 | ||
Interest | ||||||
income | 2,649,141 | 2,114,370 | 6,226,735 | 5,596,174 | ||
Add: | Other income | 3,541,406 | 518,133 | 6,153,501 | 1,550,944 | |
Investment income | ||||||
(loss is indicated | ||||||
by "-") | 280,900,114 | 214,757,204 | 759,099,755 | 945,289,473 | ||
Including: Income | ||||||
from investments in | ||||||
associates and joint | ||||||
ventures | 186,036,950 | 176,595,355 | 541,194,786 | 461,404,311 | ||
Gains from changes | ||||||
in fair values (loss | ||||||
is indicated by "-") | 36,994,733 | 44,857,499 | 58,202,624 | 42,263,032 | ||
Credit impairment | ||||||
losses (loss is | ||||||
indicated by "-") | - | - | -130,000 | - | ||
Gains from disposal | ||||||
of assets (loss is | ||||||
indicated by "-") | -486 | -543,707 | -296,423 | -759,212 |
- 24 -
Third | Third | First three | First three | ||
quarter of | quarter of | quarters of | quarters of | ||
2019 | 2018 | 2019 | 2018 | ||
(July - | (July - | (January to | (January to | ||
Items | September) | September) | September) | September) | |
III. | Operating profit (loss is | ||||
indicated by "-") | 1,658,296,434 | 1,531,314,745 | 4,653,478,788 | 4,687,776,098 | |
Add: Non-operating income | 7,193,823 | 1,415,955 | 8,802,302 | 10,698,524 | |
Less: Non-operating expenses | 3,753,125 | 5,731,535 | 14,795,087 | 20,760,660 | |
IV. | Total profit (total loss is | ||||
indicated by "-") | 1,661,737,132 | 1,526,999,165 | 4,647,486,003 | 4,677,713,962 | |
Less: Income tax expenses | 352,490,546 | 331,937,259 | 1,003,758,488 | 943,423,993 | |
V. | Net profit (net loss is indicated | ||||
by "-") | 1,309,246,586 | 1,195,061,906 | 3,643,727,515 | 3,734,289,969 |
- Classified by continuity of operations
1. Net profit from continuing operations (net loss
is indicated by "-") | 1,309,246,586 | 1,195,061,906 | 3,643,727,515 | 3,734,289,969 | |
(II) Classified by ownership of | |||||
equity | |||||
1. | Net profit attributable | ||||
to shareholders of | |||||
the parent company | |||||
(net loss is indicated | |||||
by "-") | 1,277,366,744 | 1,163,954,555 | 3,558,975,772 | 3,652,096,620 | |
2. | Minority interests (net | ||||
loss is indicated by | |||||
"-") | 31,879,842 | 31,107,351 | 84,751,743 | 82,193,349 |
- 25 -
Third | Third | First three | First three | ||
quarter of | quarter of | quarters of | quarters of | ||
2019 | 2018 | 2019 | 2018 | ||
(July - | (July - | (January to | (January to | ||
Items | September) | September) | September) | September) | |
VI. Other comprehensive income, | |||||
net of tax | -241,016,260 | -168,248,282 | 290,271,389 | 1,130,197,136 | |
Other comprehensive income | |||||
attributable to owners of the | |||||
parent company, net of tax | -235,488,011 | -146,135,282 | 292,114,139 | 983,505,962 | |
(I) Other comprehensive | |||||
income that cannot be | |||||
reclassified to profit or | |||||
loss | -235,488,011 | -92,877,000 | 292,114,139 | 708,609,984 | |
1. Re-measurement of | |||||
changes in defined | |||||
benefit plan | - | - | - | - | |
2. | Other comprehensive | ||||
income that cannot | |||||
be reclassified into | |||||
profit or loss under | |||||
equity method | -10,323,218 | - | 114,584,747 | - | |
3. | Changes in fair | ||||
value of other | |||||
equity instruments | |||||
investment | -225,164,793 | -92,877,000 | 177,529,392 | 708,609,984 | |
(II) Other comprehensive | |||||
income that will be | |||||
reclassified to profit or | |||||
loss | - | -53,258,282 | - | 274,895,978 | |
1. | Other comprehensive | ||||
income that can be | |||||
reclassified to profit | |||||
or loss under equity | |||||
method | - | -53,258,282 | - | 274,895,978 | |
Other comprehensive | |||||
income attributable to | |||||
minority shareholders, net | |||||
of tax | -5,528,249 | -22,113,000 | -1,842,750 | 146,691,174 |
- 26 -
Third | Third | First three | First three | ||
quarter of | quarter of | quarters of | quarters of | ||
2019 | 2018 | 2019 | 2018 | ||
(July - | (July - | (January to | (January to | ||
Items | September) | September) | September) | September) | |
VII. Total comprehensive income | 1,068,230,326 | 1,026,813,624 | 3,933,998,904 | 4,864,487,105 | |
Total comprehensive income | |||||
attributable to owners of the | |||||
parent company | 1,041,878,733 | 1,017,819,273 | 3,851,089,911 | 4,635,602,582 | |
Total comprehensive income | |||||
attributable to minority | |||||
shareholders | 26,351,593 | 8,994,351 | 82,908,993 | 228,884,523 | |
VIII. Earnings per share: | |||||
(1) | Basic earnings per share | ||||
(RMB/share) | 0.2500 | 0.2310 | 0.7065 | 0.7249 | |
(2) | Diluted earnings per share | ||||
(RMB/share) | N/A | N/A | N/A | N/A |
For the merger of enterprise under common control during the Reporting Period, the net profit recorded by the merged party before the merger was RMB0, and the net profit recorded by the merged party in the previous period was RMB0.
Person-in-charge of the | ||
Legal representative: | Accounting chief: | accounting department: |
Gu Dejun | Sun Xibin | Ren Zhuohua |
- 27 -
Income Statement of the Parent Company
January - September 2019
Prepared by: Jiangsu Expressway Company Limited
Unit: yuan Currency: RMB Type of Audit: Unaudited
Third | Third | First three | First three | |
quarter of | quarter of | quarters of | quarters of | |
2019 | 2018 | 2019 | 2018 | |
(July - | (July - | (January to | (January to | |
Item | September) | September) | September) | September) |
I. Operating income | 1,731,538,853 | 1,726,024,198 | 4,853,585,779 | 4,849,502,367 |
Less: Operating costs | 678,611,993 | 667,447,338 | 1,793,715,022 | 1,916,799,429 |
Taxes and surcharges | 11,578,470 | 11,817,133 | 32,574,562 | 34,478,187 |
Administrative expenses | 35,377,742 | 34,185,801 | 93,100,690 | 93,599,131 |
Financial expenses | 87,820,543 | 111,498,724 | 226,333,570 | 293,088,871 |
Including: Interest | ||||
expenses | 85,908,977 | 95,615,694 | 223,024,190 | 276,398,001 |
Interest income | 950,747 | 557,785 | 1,870,663 | 1,785,949 |
Add: Other income | 2,988,160 | - | 4,615,983 | - |
Investment income (loss is | ||||
indicated by "-") | 240,429,912 | 178,509,336 | 601,715,193 | 497,410,115 |
Including: Income | ||||
from investments in | ||||
associates and joint | ||||
ventures | 129,846,030 | 117,581,924 | 375,772,115 | 304,042,483 |
Gains from disposal of | ||||
assets (loss is indicated | ||||
by "-") | - | -27,314 | 67,584 | 66,408 |
II. Operating profit (loss is | ||||
indicated by "-") | 1,161,568,177 | 1,079,557,224 | 3,314,260,695 | 3,009,013,272 |
Add: Non-operating income | 5,974,377 | 826,515 | 7,410,392 | 827,018 |
Less: Non-operating expenses | 2,937,756 | 4,733,519 | 10,616,219 | 15,523,428 |
III. Total profit (total loss is | ||||
indicated by "-") | 1,164,604,798 | 1,075,650,220 | 3,311,054,868 | 2,994,316,862 |
Less: Income tax expenses | 235,895,200 | 230,517,074 | 702,758,703 | 650,026,326 |
- 28 -
Third | Third | First three | First three | ||
quarter of | quarter of | quarters of | quarters of | ||
2019 | 2018 | 2019 | 2018 | ||
(July - | (July - | (January to | (January to | ||
Item | September) | September) | September) | September) | |
IV. | Net profit (net loss is indicated | ||||
by "-") | 928,709,598 | 845,133,146 | 2,608,296,165 | 2,344,290,536 | |
(I) Net profit from continuing | |||||
operations (net loss is | |||||
indicated by "-") | 928,709,598 | 845,133,146 | 2,608,296,165 | 2,344,290,536 | |
V. | Other comprehensive income, | ||||
net of tax | -204,161,261 | -20,828,282 | 302,556,389 | 152,255,978 | |
(I) Other comprehensive income | |||||
that cannot be subsequently | |||||
reclassified to profit or loss | -204,161,261 | 32,430,000 | 302,556,389 | -122,640,000 |
1. Re-measurement of changes in defined
benefit plan | - | - | - | - | |
2. | Other comprehensive | ||||
income that cannot be | |||||
reclassified into profit or | |||||
loss under equity method | -10,323,218 | - | 114,584,747 | - | |
3. | Changes in the fair value | ||||
of investments in other | |||||
equity instruments | -193,838,043 | 32,430,000 | 187,971,642 | -122,640,000 |
- Other comprehensive income that will be reclassified to
profit or loss | - | -53,258,282 | - | 274,895,978 |
1. Other comprehensive | ||||
income that can be | ||||
reclassified to profit or | ||||
loss under equit method | - | -53,258,282 | - | 274,895,978 |
VI. Total comprehensive income | 724,548,337 | 824,304,864 | 2,910,852,554 | 2,496,546,514 |
Person-in-charge of the | ||||
Legal representative: | Accounting chief: | accounting department: | ||
Gu Dejun | Sun Xibin | Ren Zhuohua |
- 29 -
Consolidated Cash Flow Statement
January - September 2019
Prepared by: Jiangsu Expressway Company Limited
Unit: yuan Currency: RMB Type of Audit: Unaudited
First three | First three | ||
quarters of | quarters of | ||
2019 | 2018 | ||
(January - | (January - | ||
Item | September) | September) | |
I. Cash flows from operating | |||
activities: | |||
Cash receipts from the sale of goods | |||
and the rendering of services | 7,936,752,149 | 7,572,180,183 | |
Other cash receipts relating to | |||
operating activities | 128,510,905 | 116,412,438 | |
Subtotal of cash inflows from | |||
operating activities | 8,065,263,054 | 7,688,592,621 | |
Cash payments for goods purchased | |||
and service received | 1,523,831,753 | 1,482,078,694 | |
Net increase of customer loans and | |||
advances | 6,279,959 | - | |
Cash payments to and on behalf of | |||
employees | 626,532,001 | 627,913,561 | |
Taxes payment | 1,377,628,585 | 1,210,692,870 | |
Other cash payments relating to | |||
operating activities | 154,130,402 | 121,878,402 | |
Sub-total of cash outflows from | |||
operating activities | 3,688,402,700 | 3,442,563,527 | |
Net cash flows from operating | |||
activities | 4,376,860,354 | 4,246,029,094 | |
- 30 -
First three | First three | |
quarters of | quarters of | |
2019 | 2018 | |
(January - | (January - | |
Item | September) | September) |
- Cash flows from investing activities: Cash receipts from disposals of
investments | 6,463,293,632 | 3,993,100,000 | |
Cash receipts from investment income | 275,822,064 | 269,311,527 | |
Net cash receipts from disposals of | |||
fixed assets, intangible assets and | |||
other long-term assets | 117,487 | 57,731,851 | |
Other cash receipts relating to | |||
investing activities | - | 430,771,364 | |
Sub-total of cash inflows from | |||
investing activities | 6,739,233,183 | 4,750,914,742 | |
Cash payments to acquire or construct | |||
fixed assets, intangible assets and | |||
other long-term assets | 2,415,731,139 | 2,331,689,603 | |
Cash payments for investments | 8,400,051,086 | 4,237,155,888 | |
Other cash payments relating to | |||
investing activities | - | 480,000,000 | |
Sub-total of cash outflows from | |||
investing activities | 10,815,782,225 | 7,048,845,491 | |
Net cash flows from investing | |||
activities | -4,076,549,042 | -2,297,930,749 | |
- 31 -
First three | First three | ||
quarters of | quarters of | ||
2019 | 2018 | ||
(January - | (January - | ||
Item | September) | September) | |
III.Cash flows from financing activities: | |||
Cash received from investors | 757,906,163 | 664,482,752 | |
Including: Cash received by | |||
subsidiaries from minority | |||
shareholders' investment | 757,906,163 | 664,482,752 | |
Cash receipts from borrowings | 2,352,402,904 | 5,667,000,000 | |
Cash receipts from issuance of bonds | 3,999,280,046 | 2,997,489,178 | |
Sub-total of cash inflows from | |||
financing activities | 7,109,589,113 | 9,328,971,930 | |
Cash repayments of borrowings | 4,662,221,839 | 8,226,979,797 | |
Cash payments for distribution of | |||
dividends or profits or settlement of | |||
interest expenses | 2,783,349,479 | 2,665,141,042 | |
Other cash payments relating to | |||
financing activities | 2,927,378 | 19,476,283 | |
Sub-total of cash outflows from | |||
financing activities | 7,448,498,696 | 10,911,597,122 | |
Net cash flows from financing | |||
activities | -338,909,583 | -1,582,625,192 | |
IV. Effects of changes in foreign exchange rate on cash and cash equivalents
V. Net increase in cash and cash | ||
equivalents | -38,598,271 | 365,473,153 |
Add: Opening balance of cash and | ||
cash equivalents | 515,126,921 | 262,758,700 |
VI. Closing balance of cash and cash | ||
equivalents | 476,528,650 | 628,231,853 |
Person-in-charge of the | ||
Legal representative: | Accounting chief: | accounting department: |
Gu Dejun | Sun Xibin | Ren Zhuohua |
- 32 -
Cash Flow Statement of the Parent Company
January - September 2019
Prepared by: Jiangsu Expressway Company Limited
Unit: yuan Currency: RMB Type of Audit: Unaudited
First three | First three | ||
quarters of | quarters of | ||
2019 | 2018 | ||
(January - | (January - | ||
Item | September) | September) | |
I. Cash flows from operating | |||
activities: | |||
Cash receipts from the sale of goods | |||
and the rendering of services | 5,028,694,488 | 5,136,364,270 | |
Other cash receipts relating to | |||
operating activities | 21,640,095 | 61,674,956 | |
Subtotal of cash inflows from | |||
operating activities | 5,050,334,583 | 5,198,039,226 | |
Cash payments for goods purchased | |||
and service received | 1,047,143,698 | 1,148,060,790 | |
Cash payments to and on behalf of | |||
employees | 415,704,241 | 415,513,586 | |
Taxes payment | 976,404,442 | 914,413,753 | |
Other cash payments relating to | |||
operating activities | 49,932,741 | 48,862,905 | |
Sub-total of cash outflows from | |||
operating activities | 2,489,185,122 | 2,526,851,034 | |
Net cash flows from operating | |||
activities | 2,561,149,461 | 2,671,188,192 | |
- 33 -
First three | First three | |
quarters of | quarters of | |
2019 | 2018 | |
(January - | (January - | |
Item | September) | September) |
- Cash flows from investing activities: Cash receipts from disposals of
investments | 4,069,000,000 | 3,148,000,000 | |
Cash receipts from investment income | 282,064,634 | 290,603,467 | |
Net cash receipts from disposals of | |||
fixed assets, intangible assets and | |||
other long-term assets | 83,000 | 57,719,500 | |
Other cash receipts relating to | |||
investing activities | 554,000,000 | 369,000,000 | |
Sub-total of cash inflows from | |||
investing activities | 4,905,147,634 | 3,865,322,967 | |
Cash payments to acquire or construct | |||
fixed assets, intangible assets and | |||
other long-term assets | 114,959,696 | 45,176,653 | |
Cash payments for investments | 6,942,550,000 | 3,292,019,800 | |
Other cash payments relating to | |||
investing activities | 11,000,000 | 530,000,000 | |
Sub-total of cash outflows from | |||
investing activities | 7,068,509,696 | 3,867,196,453 | |
Net cash flows from investing | |||
activities | -2,163,362,062 | -1,873,486 | |
- 34 -
First three | First three | ||
quarters of | quarters of | ||
2019 | 2018 | ||
(January - | (January - | ||
Item | September) | September) | |
III.Cash flows from financing activities: | |||
Cash receipts from borrowings | 2,485,002,904 | 4,850,000,000 | |
Cash receipts from issuance of bonds | 3,999,280,045 | 2,997,489,178 | |
Sub-total of cash inflows from | |||
financing activities | 6,484,282,949 | 7,847,489,178 | |
Cash repayments of borrowings | 4,371,782,689 | 7,984,629,797 | |
Cash payments for distribution of | |||
dividends or profits or settlement of | |||
interest expenses | 2,521,326,255 | 2,545,548,582 | |
Other cash payments relating to | |||
financing activities | 2,927,378 | 6,476,283 | |
Sub-total of cash outflows from | |||
financing activities | 6,896,036,322 | 10,536,654,662 | |
Net cash flows from financing | |||
activities | -411,753,373 | -2,689,165,484 | |
IV. Effects of changes in foreign exchange rate on cash and cash equivalents
V. Net increase in cash and cash | |||
equivalents | -13,965,974 | -19,850,778 | |
Add: Opening balance of cash and | |||
cash equivalents | 100,931,394 | 135,125,679 | |
VI. Closing balance of cash and cash | |||
equivalents | 86,965,420 | 115,274,901 | |
Person-in-charge of the | |||
Legal representative: | Accounting chief: | accounting department: | |
Gu Dejun | Sun Xibin | Ren Zhuohua |
- 35 -
4.2 Adjustments to relevant items of financial statements at the beginning of the year upon initial adoption of New Financial Instrument Standard, New Revenue Standard and New Lease Standard
✓ | Applicable | Not applicable | |||||||||
Consolidated Balance Sheet | |||||||||||
Unit: yuan Currency: RMB | |||||||||||
31 December | |||||||||||
Items | 2018 | 1 January 2019 | Adjustments | ||||||||
Current Assets: | |||||||||||
Cash and bank balances | 649,761,591 | 649,761,591 | - | ||||||||
Held-for-trading financial assets | 683,326,861 | 683,326,861 | - | ||||||||
Notes receivable | 1,681,265 | 1,681,265 | - | ||||||||
Accounts receivable | 321,158,727 | 321,158,727 | - | ||||||||
Prepayments | 29,060,041 | 27,166,724 | -1,893,317 | ||||||||
Other receivables | 37,833,951 | 37,833,951 | - | ||||||||
Including: Interest receivable | - | - | - | ||||||||
Dividends receivable | 4,989,960 | 4,989,960 | - | ||||||||
Inventories | 4,045,555,776 | 4,045,555,776 | - | ||||||||
Other current assets | 130,656,171 | 130,656,171 | - | ||||||||
Total Current Assets | |||||||||||
5,899,034,383 | 5,897,141,066 | -1,893,317 | |||||||||
Non-current Assets: | |||||||||||
Long-term equity investments | 5,702,454,036 | 5,702,454,036 | - | ||||||||
Other equity instruments investment | 3,035,293,680 | 3,035,293,680 | - | ||||||||
Other non-current financial assets | 1,111,415,422 | 1,111,415,422 | - | ||||||||
Investment properties | 19,207,033 | 19,207,033 | - | ||||||||
Fixed assets | 1,814,133,323 | 1,814,133,323 | - | ||||||||
Construction in progress | 10,087,826,331 | 10,087,826,331 | - | ||||||||
Right-of-use assets | - | 7,419,401 | 7,419,401 | ||||||||
Intangible assets | 20,280,055,629 | 20,280,055,629 | - | ||||||||
Long-term deferred expenses | 1,654,145 | 1,654,145 | - | ||||||||
Deferred income tax assets | 197,447,059 | 197,447,059 | - | ||||||||
Other non-current assets | 14,207,792 | 14,207,792 | - | ||||||||
Total Non-current Assets | |||||||||||
42,263,694,450 | 42,271,113,851 | 7,419,401 | |||||||||
TOTAL ASSETS | |||||||||||
48,162,728,833 | 48,168,254,917 | 5,526,084 | |||||||||
- 36 -
31 December | |||||
Items | 2018 | 1 January 2019 | Adjustments | ||
Current Liabilities: | |||||
Short-term borrowings | 1,580,000,000 | 1,580,000,000 | - | ||
Accounts payable | 1,090,607,320 | 1,090,607,320 | - | ||
Receipts in advance | 73,454,895 | 73,454,895 | - | ||
Employee remuneration payable | 2,917,980 | 2,917,980 | - | ||
Taxes payable | 271,704,890 | 271,704,890 | - | ||
Other payables | 270,459,371 | 270,459,371 | - | ||
Including: Interest payable | 93,089,893 | 93,089,893 | - | ||
Dividends payable | 88,979,103 | 88,979,103 | - | ||
Contract liabilities | 962,200,983 | 962,200,983 | - | ||
Non-current liabilities due within | |||||
one year | 381,700,433 | 384,931,475 | 3,231,042 | ||
Other current liabilities | 2,212,191,672 | 2,212,191,672 | - | ||
Total Current Liabilities | |||||
6,845,237,544 | 6,848,468,586 | 3,231,042 | |||
Non-current liabilities: | |||||
Long-term borrowings | 7,688,853,902 | 7,688,853,902 | - | ||
Bonds payable | 3,980,548,108 | 3,980,548,108 | - | ||
Lease liabilities | - | 2,295,042 | 2,295,042 | ||
Expected liabilities | 461,700 | 461,700 | - | ||
Deferred income | 43,109,916 | 43,109,916 | - | ||
Deferred income tax liabilities | 250,660,721 | 250,660,721 | - | ||
Total Non-current Liabilities | |||||
11,963,634,347 | 11,965,929,389 | 2,295,042 | |||
TOTAL LIABILITIES | |||||
18,808,871,891 | 18,814,397,975 | 5,526,084 | |||
- 37 -
31 December | |||||
Items | 2018 | 1 January 2019 | Adjustments | ||
OWNERS' EQUITY (OR | |||||
SHAREHOLDERS' EQUITY) | |||||
Paid-up capital (or share capital) | 5,037,747,500 | 5,037,747,500 | - | ||
Capital reserve | 10,428,388,235 | 10,428,388,235 | - | ||
Other comprehensive income | 837,827,667 | 837,827,667 | - | ||
Surplus reserve | 3,411,194,285 | 3,411,194,285 | - | ||
Retained profits | 6,422,040,045 | 6,422,040,045 | - | ||
Total owners' equity (or | |||||
shareholders' equity) | |||||
attributable to the parent | |||||
company | 26,137,197,732 | 26,137,197,732 | - | ||
Minority interests | 3,216,659,210 | 3,216,659,210 | - | ||
TOTAL OWNERS' EQUITY (OR | |||||
SHAREHOLDERS' EQUITY) | 29,353,856,942 | 29,353,856,942 | - | ||
TOTAL LIABILITIES AND | |||||
OWNERS' EQUITY (OR | |||||
SHAREHOLDERS' EQUITY) | 48,162,728,833 | 48,168,254,917 | 5,526,084 | ||
- 38 -
Explanation for the adjustments:
✓ | Applicable | Not applicable | |
New Lease Standards
The Group has adopted the Accounting Standards for Business Enterprises No. 21 - Leases (hereinafter referred to as the "New Lease Standards", and the previous lease standards referred to as the "Previous Lease Standards") revised by the Ministry of Finance in 2018 since 1 January 2019 (the "Date of Initial Application"). The New Lease Standards improve the definition of leases by adding the identification, separation and consolidation of leases; abolished the need for a lessee to classify its operating leases and finance leases, the lessee is required to recognise right-of-use assets and lease liabilities for all leases (other than short-term leases and leases of low value assets) at the commencement of the lease term. The Standards improve the lessee's subsequent measurement of the lease by adding accounting treatment methods under the scenarios of option revaluation and lease change; and add relevant disclosure requirements.
For a contract that had already existed prior to the Date of Initial Application, the Group has elected not to reassess whether such contract is, or contains a lease.
For a contract that was signed or amended after the Date of Initial Application, the Group assesses whether such contract is, or contains a lease in accordance with the definition of leases under the New Lease Standards. The New Lease Standards determine whether a contract is a lease or contains a lease based on whether a party to the contract has assigned the right to control the use of one or more identified assets within a certain period in exchange for a consideration. The definition of a lease in the New Lease Standards does not have a significant impact on the scope of the Group's contracts that meet the definition of a lease.
- 39 -
The Group as lessee
The Group adjusted the retained earnings at the Date of Initial Application and the amounts of other related items in the financial statements based on the cumulative effect of the initial adoption of the New Lease Standards, and did not adjust the information for the comparative period.
For operating leases other than leases of low value prior to the Date of Initial Application, the Group elected to apply one or more of the following simplified approaches for each lease:
- For a lease that will be completed within 12 months from the Date of Initial Application, it was treated as a short-term lease;
- The same discount rate was applied to the leases with similar characteristics in measuring the lease liabilities;
- The measurement of right-of-use assets did not include initial direct costs.
- For an operating lease prior to the Date of Initial Application, the Group measured the lease liability at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate at the Date of Initial Application, and chose to measure the right- of-use assets according to each lease as follows:
- the same amount as the lease liability, adjusted for any rental prepayments as necessary.
The Group recognised lease liabilities of RMB5,526,084 and right-of-use assets of RMB7,419,401 as at 1 January 2019. For operating leases prior to the Date of Initial Application, the Group measured the lease liability at the present value discounted using the incremental borrowing rates at the Date of Initial Application, and the weighted average of such rates was 4.75%.
- 40 -
The difference between the lease liabilities recognised by the Group on 1 January 2019 and the significant operating lease commitments disclosed in the 2018 financial statements is as follows:
RMB | |||
Item | Note | 1 January 2019 | |
I. | Operating lease commitments as at 31 | ||
December 2018 | 8,298,735 | ||
Lease liabilities discounted using the | |||
incremental borrowing rates at the Date of | |||
Initial Application | 5,979,209 | ||
Less: Recognition of waiver - short-term | |||
leases | 453,125 | ||
Lease liabilities related to the previous | |||
operating leases recognized duo to the | |||
application of the New Lease Standards | 5,526,084 | ||
II. Lease liabilities as at 1 January 2019 | 5,526,084 | ||
Presented as: | |||
Current liabilities | 3,231,042 | ||
Non-current liabilities | 2,295,042 |
- 41 -
As at 1 January 2019, the carrying amount of right-of-use assets consisted of the following:
RMB | ||
Item | Note | 1 January 2019 |
Right-of-use assets: | ||
Right-of-use assets recognized in respect of | ||
operating leases prior to the Date of Initial | ||
Application | 5,526,084 | |
Reclassification of rental prepayments | 1 | 1,893,317 |
Total: | 7,419,401 | |
By category: | ||
RMB | ||
Item | Note | 1 January 2019 |
Buildings | 7,419,401 | |
Total: | 7,419,401 |
Note 1: The Group's rental prepayments for offices/sales offices were presented as prepayments as at 31 December 2018. As at the Date of Initial Application, they are reclassified to right-of-use assets.
The Group as lessor
Under the Previous Lease Standards, the Group treated the received refundable rental deposits as rights and obligations in relation to the leases. These refundable deposits were not payments relating to the right-of-use assets under the New Lease Standards. Therefore, adjustments were made at the Date of Initial Application to reflect the effects of discounting, and the difference was accounted for as rental received in advance. The change has no significant impact on the financial statements for the current year.
From the Date of Initial Application, the Group allocates the contract consideration in accordance with the Accounting Standards for Business Enterprises No. 14 - Revenue in relation to the allocation of transaction price. The change has no significant impact on the financial statements for the current year.
- 42 -
The Format of Financial Statements of General Enterprises
The Group implemented the Notice on Revising and Issuing the Format of Financial Statements of General Enterprises for 2019 (Cai Kuai [2019] No. 6, hereinafter referred to as "Cai Kuai Circular 6") issued by the Ministry of Finance on 30 April 2019 when preparing the financial statements for the first half year of 2019. Cai Kuai Circular 6 separates the item of "notes receivable and accounts receivable" into two items, namely "notes receivable" and "accounts receivable", and separates the item of "notes payable and accounts payable" into two items, namely "notes payable" and "accounts payable"; newly adds the items of "financing receivables", "right-of-use assets", "lease liabilities" and "special reserve"; clarifies the presentation contents of "other receivables", "non-current assets due within one year", "other payables", "deferred income" and "other equity instruments"; and also provides the requirements for the presentation of loss provisions for loan commitments, financial guarantee contracts and other items. Circular 6 adds the item of "gain on derecognition of financial assets measured at amortized cost" under the item of "investment income", further clarifies or amends the presentation contents of "interest income" under the items of "research and development expenses" and "financial expenses", "other income", "non-operating income" and "non-operating expenses", and adjusts the presentation position of the items of "credit impairment loss" and "asset impairment loss".
- The impact of the application of the New Lease Standards on the relevant items in the balance sheet of the Group as at 1 January 2019 is as follows:
RMB | ||||
31 December | 1 January | |||
Item | Note | 2018 | Adjustment | 2019 |
Current assets: | ||||
Prepayments | 29,060,041 | (1,893,317) | 27,166,724 | |
Non-current assets: | ||||
Right-of-use assets | - | 7,419,401 | 7,419,401 | |
Current liabilities: | ||||
Non-current liabilities due | ||||
within one year | 381,700,433 | 3,231,042 | 384,931,475 | |
Non-current liabilities: | ||||
Lease liabilities | - | 2,295,042 | 2,295,042 |
- 43 -
Balance Sheet of the Parent Company | |||
Unit: yuan Currency: RMB | |||
31 December | 1 January | ||
Items | 2018 | 2019 | Adjustment |
Current Assets:
Cash and bank balances | 100,931,394 | 100,931,394 | |
Held-for-trading financial assets | 193,000,000 | 193,000,000 | |
Accounts receivable | 218,353,103 | 218,353,103 | |
Prepayments | 8,598,094 | 8,598,094 | |
Other receivables | 44,321,154 | 44,321,154 | |
Including: Interest receivable | 30,590,068 | 30,590,068 | |
Dividends receivable | 4,989,960 | 4,989,960 | |
Inventories | 11,305,004 | 11,305,004 | |
Other current assets | 7,000,000 | 7,000,000 | |
Total Current Assets | |||
583,508,749 | 583,508,749 | ||
Non-current Assets: | |||
Long-term equity investments | 14,290,944,294 | 14,290,944,294 | |
Other equity instruments investment | 1,933,153,680 | 1,933,153,680 | |
Fixed assets | 948,663,656 | 948,663,656 | |
Construction in progress | 50,503,852 | 50,503,852 | |
Intangible assets | 10,087,165,531 | 10,087,165,531 | |
Deferred income tax assets | 45,120,214 | 45,120,214 | |
Other non-current assets | 2,604,419,552 | 2,604,419,552 | |
Total Non-current Assets | |||
29,959,970,779 | 29,959,970,779 | ||
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
TOTAL ASSETS | 30,543,479,528 30,543,479,528 | - | |||
- 44 -
31 December | 1 January | ||||
Items | 2018 | 2019 | Adjustment | ||
Current Liabilities: | |||||
Short-term borrowings | 1,690,000,000 | 1,690,000,000 | - | ||
Accounts payable | 491,880,235 | 491,880,235 | - | ||
Receipts in advance | 68,061,949 | 68,061,949 | - | ||
Employee remuneration payable | 2,242,393 | 2,242,393 | - | ||
Taxes payable | 135,467,755 | 135,467,755 | - | ||
Other payables | 169,847,846 | 169,847,846 | - | ||
Including: Interest payable | 61,780,551 | 61,780,551 | - | ||
Dividends payable | 88,979,103 | 88,979,103 | - | ||
Non-current liabilities due within | |||||
one year | 1,700,433 | 1,700,433 | - | ||
Other current liabilities | 2,212,191,672 | 2,212,191,672 | - | ||
Total Current Liabilities | |||||
4,771,392,283 | 4,771,392,283 | - | |||
Non-current liabilities: | |||||
Long-term borrowings | 15,303,902 | 15,303,902 | - | ||
Bonds payable | 3,980,548,108 | 3,980,548,108 | - | ||
Expected liabilities | 461,700 | 461,700 | - | ||
Total Non-current Liabilities | |||||
3,996,313,710 | 3,996,313,710 | - | |||
TOTAL LIABILITIES | |||||
8,767,705,993 | 8,767,705,993 | - | |||
OWNERS' EQUITY (OR | |||||
SHAREHOLDERS' EQUITY) | |||||
Paid-up capital (or share capital) | 5,037,747,500 | 5,037,747,500 | - | ||
Capital reserve | 7,327,650,327 | 7,327,650,327 | - | ||
Other comprehensive income | 289,485,952 | 289,485,952 | - | ||
Surplus reserve | 2,518,873,750 | 2,518,873,750 | - | ||
Retained profits | 6,602,016,006 | 6,602,016,006 | - | ||
TOTAL OWNERS' EQUITY (OR | |||||
SHAREHOLDERS' EQUITY) | 21,775,773,535 | 21,775,773,535 | - | ||
TOTAL LIABILITIES AND | |||||
OWNERS' EQUITY (OR | |||||
SHAREHOLDERS' EQUITY) | 30,543,479,528 | 30,543,479,528 | - | ||
- 45 -
Explanation for the adjustments:
Applicable ✓ Not applicable
4.3 Explanation on retroactive adjustments to comparative data in the previous periods upon initial adoption of New Financial Instrument Standard and New Lease Standard
Applicable ✓ Not applicable
4.4 Auditor's Report
Applicable ✓ Not applicable
By Order of the Board
Yao Yongjia
Secretary to the Board
Nanjing, the PRC, 25 October 2019
As at the date of this announcement, the Directors of the Company are:
Gu Dejun, Chen Yanli, Chen Yongbing, Sun Xibin, Yao Yongjia, Wu Xinhua, Hu Yu, Ma Chung Lai, Lawrence, Zhang Zhuting *, Chen Liang *, Lin Hui *, Zhou Shudong *, Liu Xiaoxing *
- Independent Non-executive Directors
- 46 -
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Jiangsu Expressway Co. Ltd. published this content on 28 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2019 09:16:06 UTC