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[小狐狸钱包安卓版]粤高速B:2015年年度报告(英文版)

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摘要:粤高速B:2015年年度报告(英文版)


Net cash flow generated by financing -245,048,071.62 -1,074,023,247.59

339,397,527.67 145,968,432.52 84,494,889.04 17,074,924.30 189,192,422.71

surplus reserves

to the Company

Guangdong Hualu Transportation Technology Co., Ltd., served as party secretary of the Discipline Committee, the

in accordance with Accounting Standard for Business Enterprises and China Accounting System For Business

(4)Degree of Performance of the Significant Sales Contract Signed up to this Report Period

period-begin

All the expenditures that bring the construction in process to the expected condition for use shall be the credit

1. Major category of taxes and tax retes

Cash paid for construction of

sale restriction was unfrozen and listed for trading and transferred into unrestricted shares on January 26, 2015.

Expressw

Guangdong Lulutong Co., Ltd. Fully owned subsidiary of the parent company

investment activities

Guangdong Guanghui

statements, when the amount of loss for the period attributable to the minority shareholders of a subsidiary

Industry

Guangdong Guangzhou Expressway

In RMB

persons in Names of the shareholders

Foka i Expre ssway Co., Lt d. On June 30, 1993, it wa s re name d as Gua ngdong Provinc ia l

The toll revenue of expressway industry mainly depends on the regional economic development. The regional

Company Limited and Yang Xiong to undertake the conpensation 25,587,684 yuan for the loss caused by

Pro rata share of the net assets c 133,060,103. 384,937,391 175,416,96 187,783,489 204,765,91 205,095,880 160,888,05 312,905,040 173,582,080. 164,592,50 207,626,577 204,066,494

director of the financial settlement center, Guangdong traffic Group Finance Company Limited Deputy General

bridges. It is one of the main institutions of developing expressway and big bridge in Guangdong Expressway

IV. Balance at the 1,257,11 1,534,772 279,797,98

meeting in Sep, 2015 with high-proportion of affirmative votes, and the major asset restructuring plan had been

Opening Chinges bonus or Closing balance of

When the relevant asset group or the asset group combination including the goodwill are conducted the

16. Other Non-current assets

instruments and the risk management policy adopted by the company for reducing these risks are described as

specific bad debt preparation: cash flows against its carrying amount and record it into the

Xiao Duan 12 1 11 0 0 No

investment

Ms Tu Huiling, the supervisor of the Company, Master's degree, economist and senior political engineer. She has

Total 186,766,854.50 369,325,097.99

Guangzhu provision of supporting services including

(1)

be recognized by comparison with the relevant book value if there exists the impairment for the asset group

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Other Account receivable 664.16

Has the CPAs been changed in the current period

(2)Other Out

Zhen Renfa Director Male 46 In Office 6 Yes

Other Common Total of

⑦ Other evidences indicate the impairment of assets may have occurred.

the end of the reporting period Share type Quantity

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

loss)

Guangdong Zhaoyang Expressway Co., Ltd. Fully owned subsidiary of the parent company

Name of lessee

restricted shares held by the shareholders has expired.

Expired investment in possess

Other cash paid for investment

Account payable Guangzhou Xinruan Computer Technology Co., Ltd 577,238.60

107

Total 6,171,000.00 3,000,000.00

Meeting of the Seventh Board of Directors,etc.

investees period

103

146

development in China in the future.Highway upfront investment is huge and slow growth on investment benefits,

Where each part of a asset under acquisition and construction or production is completed separately and is ready

N/A

assets and consumable biological assets

Person in charge of accounting:Fang Zhi

The financial statements prepared by the Company comply with the requirements of corporate accounting

period

Incl: loss of fixed assets

Administration Commission issued the JiaoAnWeiming File [2007] No. 8 "Notification on the Guangdong"6.15

Information on other joint venture and associated enterprise of occurring related party transactions with the

We acquire the mortgaged intangible assets from debtors through debt restructuring and determine the entry

the past (if any)

dividend distribution for 2015. with the total shares at the end of 2015, i.e., 1,257,117,748 shares, as the base, cash

Incl:Business income 1,545,498,589.11 1,455,054,983.70

operating management such as company financial management, investment management, information disclosure,

(1)Situation of Entrusted Finance

After adjusting the long-term equity investments on its subsidiaries according to the equity method, the company

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

compensation income

Current income tax expense accounted by tax and relevant

Executives, the remuneration and appraisal committee audited the remuneration disclosed by the Company's

services its employees provide or employment termination. It includes short-term compensation, post-employment

108

Guangdong Guanyue luqiao Co., Ltd. 18,166,724.29

Relevant

Deposit received and hold for others

are RMB 0.00.

risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

e fully paid within twelve months, and the financial impact is material, the amount will be discounted liabilities m

Balance in year-end Balance in year-begin

Ltd.

Total -- 0.00 0.00%

02

Deferred income tax expense 1,141,649.85 36,326,077.53

Evpected useful Annual depreciation

4.Closing balance 12,664,698.25 12,664,698.25

for the shareholder’ meeting, to take the ultimate responsibility for the bank’ operation and management and to

82

Shanxi Sihe Communication Engineering Co., ltd. 1,600.00 Quality guarantees fund

The fair value (after deducting of announced but not distributed cash dividend or due but not obtained bond

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Recognition and withdrawal method of bad debts.

Tang Qingquan Independent director In office Male 55 April 16, 2013 April 16, 2016

In RMB

(2) Other significant accounts payable with aging over one year

Total 1,776,955.00 92.80

investment gains. Actual rate is recognized when obtained, and is not changed in the predictable holding period or

change of the accounting policy and correction of accounting errors.

price of intangible assets is over the deferred payment under normal credit conditions, which has the nature of

5.Recognition basis of financial assets and financial liabilities

Guangdong Yangmao Expressway Co., Ltd. Fully owned subsidiary of the parent company

transactions

Relevant Date of Complete Guarante

-150,563,164.16 522,265,975.68

Other Other 17,291,845.71 1.99% 17,895,605.76 2.11% -0.12%

Refer to "Notes 3 the financial statements of the important accounting policies and accounting estimates No. 11 R

almost all risks and rewards attached to the asset have been transferred to the acceptor. If retain all the risks and

2,635,251,969.72 21.76% 2,706,081,363.32 21.63% 0.13%

435,543,369.59 374,852,598.76

value of the paid cash, the transferred non-monetary assets and the borne debts. The retained earnings shall be

(100%)

Account receivable Guangdong Yueyun Communication Co., Ltd. 27,288.00

33. Retained profits

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

incorporation n code

meeting in 2015 General meeting meeting.(2015-070)

activities that without cash flows:

Other explanation:

2014 shareholders' general meeting of the Company examined and adopted the Proposal for Engaging Auditing

value-added telecom business.

Total of current assets 1,054,037,478.61 655,264,037.21

Including:Income from disposal

Account payable

impairment at the 36,793,200.00 36,793,200.00

Management Service 568,528.80

ltd.

4. Other Related parties

resolution on dividend distribution.

99

Other Equity instrusment Less: Other Common Total of

Other explanation :

Investment income received from holding ofavailable-for –sale financial assets 44,768,257.53 42,119,862.10

Xiao Laijiu Dimission Male 51 April 16,2013 8,455 8,455

me attributable to owners of the parent co -150,563,164.16 522,265,975.68

Ms Li Mei, the supervisor of the Company, vice-Chairman of the Labor Union, member of Discipline Inspection

gy Petty 94.37 .26 .00 80.63

Table of Contents

Subtotal of cash outflow for investment activities 97,152,722.60 290,509,801.92 -66.56%

8,652,012.00

Total 3,666,668.16 --

253,056, 1,196,384,8 4,871,961,47

N/A

112

(1).10% of the net profit of the company, i.e. RMB 19,305,459.02, is to be allocated for statutory common reserve

Fokai Expressway Co., Ltd. had received in advance of Jiujiang Bridge cancellation fees compensate for the loss

2015 2014 Changed over last year(%) 2013

1.Investories class: The company’s stocks can be classified as: raw materials, inventory goods, low-value

interest rate of RMB loan with a term of over five years on the day when the investment fund of the insureance

(“-”for loss)

finance, senior economic engineer, she has worked at the Company since 1994 and served as manager of

Timing difference

Correcting of

Net assets attributable to

Other 48,517,149.71 3.14% 46,395,242.93 3.19% 4.57%

parent company

Number of major

5 No 0.00 0.00%

Ltd.

1-2 years 350,586.20 35,058.62 10.00%

Zhaoqing Expressway 25.00% Equity method

Long-term loans due within 1 year 312,080,000.00 400,480,000.00

profit and

133,060,10

Retained profit at the end of this term 1,657,681,399.78 1,340,748,017.33

Taxes paid 1,197,864.49 3,162,157.36

reliable estimation of the provided services transaction results, the company shall recognize the relevant service

execution unit, the business department, the budget management committee, board of directors and general

enterprise under provincial administration invested. As for relevant problems occurred after rectification, the

□ Applicable √ Not applicable

to) shall be deemed as “significant deficiencies” in daily operation and management activities and lead

March 2012, she served as head of the internal audit of the Company.

28.Governmental subsidy

up losses, and dividends:

Items

357,077,010.88 23.10% 335,798,072.70 23.08% 6.34%

of 31 December 2015 and its financial performance and cash flows for the year then ended in accordance with the

Guarantee of the subsidiaries for the controlling subsidiaries

of the Guangdong Provincial Expressway Planning-“Ten vertical and five horizontal”, which provides a strong

personnel

fit or loss in ot

561,800,403.72 976,468,685.82

and regarding the capital operation as key problems. Make full use of the capital market advantage for providing

Guangdong Kaiyang Expressway Co., Ltd. Fully owned subsidiary of the parent company

Construction in progress

Yun Wujun Chief Accountant Dismissal May 27,2015 Retired

In RMB

satisfies the capitalizing conditions reaches its useable or saleable status.

45

II.Balance at the 1,257,11 1,534,758 233,750,778

capital shares)

amount of the period

Legal

owners 0

dividend of RMB 1.00 (including tax) is to be distributed for every 10 shares .The remaining undistributed profits

465,063.49 131,031,896.88 131,031,896.88 465,063.49

Amount of Amount of

Has the CPAs issued a qualified auditor’s report of internal control .

safeguard the legitimate rights and interests of all shareholders, especially minority shareholders. The advices on

entirely completed, the capitalization of the borrowing costs shall be ceased when the asset is completed entirely.

Services Co., Ltd.

total amount of the owner’s equity or RMB 100 total amount of the owner’s equity or RMB 100

In RMB

In RMB

re-measured and the shares of other comprehensive incomes that accounted and unable to be reclassified into the

Guangdong Yueyun Communication Co., Ltd. Fully owned subsidiary of the parent company

The foreign exchange risk refers to the fluctuation risk appearing for the fair value of financial instruments or

6

Property Insurance 50,435.62 333,968.22 68,989.41 315,414.43

Total 1,176,432.55 1,176,432.55

In RMB

adapt the market demand, fully utilize the functions of state-owned listed company platform, make innovations

(2)Other receivables nature of fund classification information

Name Closing balance Closing age

(6) Accounts receivable involved with government subsidies

Category of lease The lease income confirmed in The lease income confirmed in

Securities Dept. of thev company since October 1999 and served as the current position since March 2006.Since

directors and financial controller of the Company were full-time employees and received salary from the

2.Unemployment

Party and Other Commitment Subjects

6.91

its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure

equity method investee can not be reclass

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Controlling representative/ Principal business activities

classification and the charge work of total weight of the freight car. Further carried out special operations to

relevant provisions of CSRC,

In RMB

IV. Balance at the end of

14

Other Account receivable Yunfo Guangyun Expressway Co., Ltd. 5,252.64

Other Subtotal Quantity Proportion

Development Corporation restricted shares held by the shareholders has expired.

period period

Expressway Co., Ltd., supporting salvage, RMB 1.108

Gelin

3. Pursuant to the approval of Securities Commission under the State Council with WF (1996) No. 24 approval

2.Asset and Liabilities Measured by Fair Value

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

omissions in this report and shall assume joint and several liability for the authenticity, accuracy and completeness

2015 Annual Report

200 million; significant deficiencies: 0.5% of the 200 million; significant deficiencies: 0.5% of the

The board of directors, the supervisory committee and other internal organs of the Company operated

3.Enterprise annuity

Cash paid for purchasing of

Co.,Ltd.with 75% equity of Guangdong Fokai Expressway Co., Ltd. Held by it . as of December 31, 2014, the

Total of actual guarantee at

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

way Co., Ltd., Guangzhou Guanghui Expressway Co., Ltd.,Jingzhu Expressway Guangzhu Co., Ltd.,Guangdong J

Bad debt

retrieving

Long-term equity influence of the increase in the joining

Co., Ltd.

Net cash flows arising from operating

Toll collectors 797

Related parties

79,790,549.00

Bill payable

Non-current assets:

Increase /decrease in reporting period Closing

2. Loan costs have taken place;

In RMB

(1) Other comprehensive incomes that unable to be reclassified into the profits and losses in the future accounting

2. Long- term s equity investment

(1). Focus on the Strategic Layout and the Capital Operation to Accelerate the Innovation in Transformation

for truly implementing the process-control.

Bond payable 997,000,000.00

36. Management expenses

Less: Influenced amount of income tax 11,529,933.00

Asset impairment 158,124.94 0.02%

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Zhongshan Guangdong Management

December 19,2015

Over 3 years 13,427,072.48 16,679,441.55

The assets paid as the consideration for the business combination & the liabilities assumed on the acquisition date

□Applicable √ Not applicable

with credit transaction and guarantee and holds 908 A shares through ordinary stock account. hold

2-3 years 189,166.67 56,750.00 30.00%

Income tax expense 102,985,897.54

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Long-term prepaid expenses refer to that enterprises have already spent, and amortization periods of all expenses

beginning

Accountants as the signatiries

Guangdong Gaoda Property Office space

party committee member and assistant general manager of the company.

Opening Adjustment of other Other Declaration of Withdrawn Closing balance of

24.Estimated liabilities

253,056,237.77 26,741,749.54 279,797,987.31

Items

21,188,094.05 149,097.85 -23,918,178.20

Guangdong Guanghui Zhaoqing Yuezhao Guangdong Guanghui Zhaoqing Yuezhao

maintenance and cleaning and the company has the matching business of transportation and warehousing. The

X. Internal Control audit report

Related to

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

If the Loan has discount or premium, the discount or premium amount should be determined according to

1,352,812 1,352,812 Unknown

The Company implemented position responsibility to every senior management, and made clear regulations on

Other Equity instrusment Less: Minor

Address

You Xiaochong Supervisory Male 48 Dimission 1.5 Yes

Other payable Guangdong West Coastal Expressway Zhuhai section Co., Ltd. 3.51

Amount in year-end Amount in year- begin

21

Fixed asset disposal

internal control of the financial report. responsibility; utterly disregard the rules of law,

Where the accounting policies adopted by the combined parties are different from those adopted by the company,

Co., Ltd., The Xin’Ning Municipal intermediate People’s Court of

27,118.50 10,014,409.64 10,041,528.14

2.Increased

are to be carried forward to the next year. The foreign exchange translation of the cash dividends for shareholders

Notes 3: In the report period,710,982 shares held by domestic legal persons subject to sale restriction and 62,674 shares held by domestic Natural personssubject to

Jiangzhong Expressway Co., Ltd., Zhaoqing Yuezhao Expressway Co., Ltd.,Ganzhou Kangda Expressway , Ganz

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Special payable

(2)Situation of Entrusted Loans

4.Other 12,507.50 12,507.50

current income account

Guangdong Jingzhu Expressway Guangzhu North 6,064.00 Guarantee fund

N/A

(4) Other accounts receivable classified by the nature of accounts

18 .18 .81 20 09 28 53 .12 7 00 03 85

When the company is issuing bonds, the total price issued should be included in the “Payable bonds” subject.

8.68% 0.35 0.35

benefits, demission benefits and other long-term employee benefits.

Guangdong People's Government, the state-owned shares of Guangdong Expressway

Highway

In RMB

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Xinyue Co., Ltd. Foreign legal person 1.05% 13,201,086 0 0 0

12,829,9 225,517. 12,604,48 4,589,7 102,451.6 4,487,333.2

IV.Particulars about the non-operating occupation of funds by the controlling shareholder

Capital reserves 1,534,920,742.49 1,534,919,363.82

(3) The main financial information of significant not wholly owned subsidiary

VAT 227,418.75 3,353.32

reimbursement should not exceed the book value of the estimated liabilities

65

Guangdong Weishi Highway Engineering Co., ltd. 58,126.63 Quality guarantees fund

IV. Management’s Discussion and Analysis

(3)Related-party guarantee

Director

shareholding proportions

Manager, may 2015 transferred to the company appointed chief accountant. He serves as the directors of the

control the overall credit risk within the controllable range.

equivalents

2001.As of December 31,2015, the quantity of the shares subject to sale restriction held by senior executives is

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

of other comprehensive income

Dividends received from associ 76,556,700.0 6,270,000. 9,000,000.0 2,000,000.0 60,000,000. 68,290,318. 3,000,000.0

Zhaoqing Yuezhao Highway Co., Ltd. 131,250.00 Within 1 year 6.85

Ltd., Ganzhou Kangda Expressway Co., Ltd. Guangdong Guangle Expressway Co., Ltd.and Guangdong

1.Providing of 26,741,749.

Gain/Loss on fair Cumulative fair Impairment

please refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and Accounting

VII.Explain retrospective restatement due to correction of significant accounting errors in the reporting

V. Important Events

Other payable Guangdong Changda Highway Engineering Co., Ltd. 47,825,979.96 80,168,435.24

Items

92 4.16 4.16 85.76

of Enterprise

Account payable Guangdong Xinyue Communication Investment Co., Ltd. 3,284,062.53 981,094.28

Total of liabilities and owners’ equity 7,762,904,790.64 7,655,776,367.58

There exist no difference in compliance with the corporate governance , the PRC Company Law and the relevant

In the report period, If the company disposes its subsidiary, the incomes, expenses & profits incurred from the

N/A

Security Security Stock accounting balance at the Cumulative fair value amount in amount in s of the balance at the end

this year

Guangfo Expressway 50270053 9.38% 35707.70 6.34%

nd therefore deemed to be able to exert significant influence over the investee.

Incentive equity to directors, supervisors or/and senior executives in the reporting period

3.Existing internal staff shares

(1) List of intangible assets

7

prerequisite use the book value of the assets exchanged out and relevant taxes payable as the cost of the

Guangdong Provincial Expressway Development Co., Ltd.

Shareholding of Shareholders of Listed Companies.

share(RMB/Share)(RMB/Share)

98.21 99 0.22 84.94 7 7

Independent Number of attend board

and operation with service life of more than one year. Fixed assets are recognized when all of the following

the company’s management system and the relevant

□ Yes √ No

Other explanation

409,977,151 409,977,151 Unknown

Amount Proportion Share Bonus Capitalization of common

3.Other

shareholders) 0 0

Single impairment test for impairment of receivables transferredback

Co., Ltd. to raise matching funds which is to used for the payment of this transaction’s partial cash consideration

fall 10%.

Cash received as loans 50,000,000.00 335,000,000.00

amortization

Account receivable 48,147,335.85 23,621,958.13

Reinsurance fee payable

Advertising and serv

Name of the Legal

reporting period shall be included into the consolidated cash flow statement.

Caused by the decease in the current loan compared with the prior period

was bankrupted for debt payment . In March of 2007, the liquidating

The company adopts the straight line method for the depreciation of fixed assets excepthighways & bridges,

the fair value of assets exchanged into are more reliable; if the non-monetary assets that cannot meet the above

1,239,755 15,014,40 160,144,9 93,826,70 1,291,059

Gankang Guangdong Guangzhou Expressway

32

Correcting of previous errors

48,147,335.85 0.40% 23,621,958.13 0.19% 0.21% transfer of network toll collection

Offices taken in other organizations

The accounts receivable under 5 years of age which are not

III. Analysis On core Competitiveness

Total 11,681,423.74 11,148,088.30

reasons.

into the enterprise and their fair values can be measured reliably, they shall be separately recognized and measured

Zhaoqing Yuezhao Highway Co., Ltd. 447,849.00 Guarantees fund, deposit

non-operating earnings; When the subsidies are used to compensate the relevant expenses or loss that occurred,

479,920,085.76 1,657,681,399.78 919,117,303.20 6,128,407,125.79

Entrusted selling of securities

Guangdong Jingtong Highway

value with variations accounted into

related transaction, external guarantee, fund raising etc. All rules are well implemented.

2020 200,576,732.91

161

services, highway and railway passenger and cargo transport, ship industry, relevant overseas businesses; The

In RMB

Advertising lease

Director,General October

Monetary fund 822,286,507.11 332,632,828.69

Balance in year-end Balance in year-begin

Feng Ke Exchanges Co., Ltd(Non Listed Independent director Yes

Bureau Group Co., Ltd.

Co., Ltd.

effects of the business combination and the income taxes related to the transactions or events directly recorded

construction or production of the asset restarts.

Items Amount in this period Amount in last period

(IV) Internal

Deferred Income Tax Temporarily Deductable

converted into share capital.

2.Parent Company Balance Sheet

Guangdo

As an ad hoc body directly under the

resource management system, strengthen the macro salary management, to maintain the level of salary market

Other Account receivable Heyuan Helong Expressway Co., Ltd. 778.93

general deficiencies: potential misstatement<0.5% general deficiencies: potential misstatement<0.5%

in Xiebian, Foshan. Total length 15.7 million

(2) Contract

19,2015

3,955,252,015.68 1,924,686,959.13 1,114,341,543.59 541,335,911.27 360,161,755.18

Servises Co., Ltd.

26.Revenues

159

internal control

67

Common risk provision

Zou Huiming Supervisor Left as serve term expired March 6, 2015 Job Transfer

adviser

Area

Guangdong Guangzhu West Line Expressway Co., 47,639.00 Guarantee fund

Conduct the devalue test separately. Set up the bad debt reserve

Guaranteed loans 1,500,000,000.00 1,500,000,000.00

this term

into the consolidated profit statement. The cash flow from the beginning of the current period to the end of the

26

22,619,349.24 1,955,971.88

Odd project 17,125,070.14 17,125,070.14 2,974,467.60 2,974,467.60

Main operating investment of

Guangdong Xinyue

Guangdong West Coastal Expressway Zhuhai 20,466.00 Quality guarantees fund

Asset impairment loss -445,529.50

Financial assets

Pretty cash Pretty cash 2,070,000.00 Within 1 year 2.90%

Guangfo Expressway Working flow basis 28 years 0% Working flow basis

(II)Investment

The comprehensive effect of the loan

Bill payable

increased on the combination date minus the initial investment cost of long-term equity investment. The retained

√Applicable □ Not applicable

the Taiwan Economic Research Institution. She has been engaged in the economic, financial, teaching and

In RMB

The fair value (after deducting of due but not obtained bond interests) plus the related trade expenses is

XIII.Other significant events

29. Stock capital

Subtotal cash inflow received from financing activities 50,001,378.67 335,012,507.50 -85.07%

VI.Explain change of the accounting policy, accounting estimate and measurement methods as compared

scope of the consolidated financial statements should be consistent with those adopted by the company. If the

errors

VIII. Information about Directors, Supervisors and Senior Executives

(IV) Internal transferring 19,305,459.

In RMB

directors.

1 For the assets and liabilities in the balance sheet, the shot exchange rate on the balance sheet date is adopted

N/A

year 02

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Whether occurred

losses by surplus

policy for fixed assets. After the final account has been made, the original provisional estimated value shall be

(5) Other financial liabilities

N/A

Dividend distribution of the latest three years

expenses

Cash paid for interest, processing fee

25. Non-current liabilities due within 1 year

Ltd.

financial report but the internal control failed to find activities, and leads to the audit report with a

end of this term 7,748.00 ,601.74 7.31

Name of the subsidiary operating shareholding Way of gaining

the repayment of bank loan and dividend.

single major amount 32,084,8 32,084,8 32,084, 32,084,89

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Add :Non-operational income 28,448,162.03 10,696,374.75

Deferred income tax

Bonds payable due within 1 year 997,000,000.00

ified into profit or loss.

Kunlun Securities Co., Ltd. liquidation allo

operation

II. Operational profit(“-”for loss) 267,366,651.66 193,368,815.56

Tu Huiling Supervisor Dimission Female 55 April 16,2013 56,887 56,887

session, has not yet made the first-instance judgment. On March 7, 2014 the Court made the first instance verdict:

defects in financial 0

Cash received as investment gains 537,034,545.10 193,985,633.34

The Company’s issue of shares and cash to buy assets and raise matching funds and related transactions were

Profit dividend (Yuan) 1,338,090,597.21

,000.00 00.00 9.96 00.00

consolidated shares of the funds shares of the funds

of non-restricted negotiable shares and that between the top 10 shareholders of

Asian

(5)Other Cash received related to Financing activities

plan was approved in the general shareholder meeting with high-proportion of affirmative votes.On Feb 5, 2016,

of the total amount of the owner’s equity or RMB of the total amount of the owner’s equity or RMB

Co.,Ltd. Co., Ltd had switched the money that paid into Kunlun Secutities Co., Ltd to other account receivable, and follow the

Long-term payable Ganzhou Gankang ExpresswayCo., Ltd. 50,000,000.00

instruments

Book Balance Book value Book Balance Book value

Long-germ expenses to be amortized 3,261,555.68 4,955,719.12

77

as current gain/loss.

Amount for After - tax a

Development Corporation restricted shares held by the shareholders has expired.

In May 2014, the company received Guangdong Provincial People's Government Office documents on the

Over 5 years 100.00% 100.00%

the initial principal is mostly recovered according to periodic payments or repay in advance regulated in the

Name Zuo Jiang Feng Xinwei

(3) The enterprise has signed the irrevocable transfer agreement with the transferee.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

TotaL

148

The influences of the internal transactions between the company & its subsidiaries, and its subsidiaries themselves

Total 342,004,056.37 401,972,752.87

reasonable time;

79

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Total -- 35,493,826.15 -- 98.59% 33,664,639.15

Long-term payable employees’s

the requirements are met, the shares of other comprehensive incomes that accounted and reclassified into the

1. General

2,418,436,569.52 2,418,436,569.52 2,418,436,569.52 2,418,436,569.52

Bank commission charge 360,486.43 280,046.54

□ Applicable √ Not applicable

VI. Change of share capital and shareholding of Principal Shareholders

section Co., Ltd.

10.Financial tools

Total -- -- -- -- -- -- 232,133 0 0 0 232,133

The attending of independent directors

volume and estimated standard vehicle traffic volume, the Company will re-estimate future total standard

Legal person

At the end of period, the Group shall check the service life and amortization method of intangible assets with

time

Number of in-service staff of the main subsidiaries(person) 1,270

The total number of staff receiving remuneration in the current

Ganzhou

2015 2014 Notes

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

the achieved long-term equity investment.

(1) Scope

the equity method shall be adopted to account the long-term equity investment with joint control or significant

Purchanas Sold

The company makes judgment of the assets if there exists the possible impairment at the balance sheet date. The

Depreciation and Amortization 6,267,132.58 9,367,802.28

Sustainable debt

Add:Gains from change of fir value

listed expressway company with a major asset restructuring being approved since 2009, which was the

reliability of the financial report. spread within the company, which caused the

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Toll income, Rent income and

accounting policy

employees’ services for their retirement or employment termination, excluding short-term compensation and

Year-end balance/ Amount of current period Year-beginning balance/ Amount of previous period

shareholders' general meeting in 2015

275,398,393.59 397,531,661.28

the reporting recorded into the repoting

Planning and Development, senior staff, deputy officer and senior officer. Since January 2012, he served as the

Law>,< Code of Corporate Governance for Listed Companies in China>, etc. and kept on

1.Segment information

Related parties Amount of last period

successively

be adjusted for the difference between the initial investment cost of long-term equity investment and the book

In the report period, strictly following the relevant provisions of “Company Law”and “Regulations ”, the

437,056,934. 3,955,252,0 2,207,947, 1,616,001,6 1,854,106,4 1,332,373,1 509,749,36 4,162,929,6 2,371,799,81 1,663,436,2 1,923,344,7 1,027,748,0

communication

267,417,495 116,854,331.

Guarantee deposit 1,829,187.00 1,829,187.00

42. Income tax expense

N/A.

Correcting of previous errors

464,213.40 464,213.40

Total 946,097,353.21 835,614,811.02 --

iangzhong Expressway Co., Ltd., Zhaoqing Yuezhao Expressway Co., Ltd.,Ganzhou Kangda Expressway , Ganzh

material doubts as to the continuation capability of the Company.

increased to RMB 15.789 billion from RMB 12.514 billion, an increase of 26.24%; the operating revenue

liabilities

(2). Keep Stable in Expressway Industry to Provide a Solid Foundation for Transformation Development.

(I)Total comprehensive income -150,563,164.16

the Company’s Accepting the insurance Bond Investment Plan of Pacific Asset Management Co., Ltd. The

(V). Special

and recognizes the depreciation rate according to the fixed asset group, expected useful life & the expected net

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Decorative Furniture Company restricted shares held by the shareholders has expired.

(1) Significant joint venture arrangement or associated enterprise

Supervisory Committee

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Administration Commission the people’s

7 49.54 .10 5

ied to gains and losses of available for s

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

scrap

4.Outsourcing situation

salvage value rate.

□ Yes √ No

Guangdong East Thinking Management

Items Balance year-end Year-beginning balance

1.Closing book value 3,684,184.48 3,684,184.48

provisions, ensuring the truthfulness, accuracy and completeness of the contents of the information disclosed.

Not more than 100% of the transaction price assets to be purchased .

the "issue of shares and cash to buy assets and raise matching funds and Related Transaction Plan" and the

The long-term equity investment acquired by the non-monetary assets exchange (the exchange with the

Employees’ wage payable 1,022,391.27 955,391.47

Actual controller nature:Local state owned assets management

toll collection center.

Sanbao loan

Education surcharge 1,433,545.84 1,385,473.22

Main operation 1,523,429,005.05 860,031,772.83 1,431,382,351.15 833,875,192.85

4. Independent finance

4 No 0.00 0.00%

management and application 120,000.00

In RMB

Was there any non-operating credit or liability with any related party?

4. Income statement of the Parent Company

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

recognized by the company.

Highway company their supporting facilities, service facilities million

Taxes paid 139,262,525.10 72,816,246.08

transport regulatory department of province, autonomous region or municipality directly under the central

Guangdong Union Electronic Services 35,542,855.63 Within 1 year 73.47

communication and negotiation with multi parties, the provincial government agreed to the amount of

121

Foshan Chezhigang Auto Leasing Co., Ltd. 10,000.00 Deposit

Ltd.

Items Amount

1,161,248,707.56 1,632,936,389.15

(40.84%)

Loan Co.,

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Less:Amount of influence of income tax 11,529,933.00 -179,496.34 -36,651,119.93

1,378.6

Total operating

Other Common Total of

0.00 0.00

The Company independently opened bank account and did not deposit funds in the accounts of the finance

(2)Organization structure and the actual controller of the Company

Net cash received from disposal of

Other Employee Incentive Measures

controlling shareholder in

Total preferred shareholders at the

arrangements include co-operation and joint ventures.

Amortization of intangible assets 1,965,777.86

collection shall be cancelled due to the expiration of toll collection period." As required by this document, Jiujiang

Other current liability 309,154,118.44 249,803,653.80

standard vehicle traffic volume is to be calculated based on the estimated total standard vehicle traffic volume

(1)Age analysis

Bonus shares Other 小计

mortgage, transfer of property rights and joint stock system

5. Other Price Risk

Cash paid as dividend, profit, or

The cost of the purchased intangible assets includes its buying price, relevant tax and the othe expenses that

Mr. Feng Ke, an independent director of the Company, doctor’s degree of economics. He is the deputy director

□ Applicable √ Not applicable

rpovision.

Total 1,379

Execution accomplished

N/A

Furthermore, all the materials of financial statements of the company meet the relevant disclosure requirements of

common control

2-3 years 30.00% 30.00%

Notes :

Deferred income

making car bypassing to Gankang Expressway, which brought in substantial increases in toll revenue for

In RMB

V.Net increase of cash and cash

number of workers or citizens, or resulted in

Cash Closing

5.Situation of Share Limitation Reduction of Controlling Shareholders, Actual Controllers, Restructuring

Guangdong East Thinking Management Technology

Shareholder loans 125,000,000.00

Amount at year

g assets ated capitaliz ratio(%)

Bank e for

matching funds raising, the 2 parts which are divided in this transaction.

shall be separately recognized as liabilities and shall be measured in light of their fair values.

In RMB

Advance payment 4,709,312.20 4,868,022.79

Expressway

Dividend payable 11,681,423.74 11,148,088.30

January 15,2016

application, consultation and services, highway and railway

amount provision for had debts based on conservatism principle. The

mechanism, personal performance appraisal approach, staff promotion system, to develop both incentive and

finite service life.

Inventories

Chemical Engineering Co., Ltd., Integrated Electronic Systems LAB Co., Ltd. and independent director of the

are intense signs for the situations becoming the CPA; the negative news spread in a region,

Proportion Number of Amount of Amount of Number os share pledged/frozen

Long-term equity investment income accounted by cost method 17,297,673.29

1996.

2.Gains and losses from changes in fair v

II. Independence and Completeness in business, personnel , assets, organization and finance

in 2015( vehicles) (%) (RMB’0000) (%)

134

Subtotal 1,466,325,484. 1,344,192,

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Other explanation :

University sor of finance

In RMB

No Name Amount(RMB) Proportion %

Other payable Guangdong Shenshan West Expressway Co., Ltd. 454.68

The major financial instruments of the company include monetary capital, accounts receivable and accounts

of owners’ equity 02

recognized as initial amount when obtained.

Changda highway Project fund 11,019,618.00 13,590,781.49

Ms.Xiao Duan an independent director of the Company, Doctor of Economics, the Jinan University Associate

□ Applicable √ Not applicable

Guangzhou Jinyi Film &

Gas & petrol

N/A

Feng Wuchu 1.56% 19,659,309 19,659,309 0 19,659,309

receivable

2013, the Guangzhou Maritime Court issued a notice of civil and eliminate the cause of suspension of proceedings,

Balance of Bad debt Balance of Bad debt

Block Diagram of the ownership and control relations between the company and the actual controller

Strategy investors or general legal person becomes top 10 shareholders

In RMB

Other 3,037,576.46 7,610,058.24 3,037,576.46

single item

The accounts receivable whose single amount is over RMB 1

√ Applicable □ Not applicable

strengthened the rigid rules of the budget management and regularly analyzed the budget implementation status

63

5 No 0.00 0.00%

In RMB

benefit plans after the company deposits the fixed costs to the independent funds. The basic pension insurance and

due to rights issued (if applicable)(See Notes 3)

Other payable Guangdong Xinlu Adverting Co., Ltd. 20,000.00 20,000.00

2,782,074.00 61,583,304.99 64,365,378.99

(2)Raise of Matching Funds

97

Interests or cash dividends during the period of holding are recognized as investment gains. The fair value will be

Highway Out of pocket

Newspapers selected by the Company for information Securities Times, China Securities, Shanghai Securities Daily and

Profit as of reporting period

20.Intangible assets

□Applicable √Not applicable

Group Co., Ltd.

Mr. Wang Chunhua, He serves as Director and General Manager of the Company, Master Degree, senior engineer

□ Applicable √Not applicable

Feng Ke 12 1 11 0 0 No

value available for sale financial assets

In RMB

Other explanation :

Total 102,985,897.54 53,140,304.88

value of available for sale financial as

Management expense 32,494,578.69 35,748,636.18

(5)Account receivable which terminate the recognition owning to the transfer of the financial assets

(V) Special reserves

Actual controller type:Legal person

to the basic standards for Enterprise internal control and relevant regulations ended December 31, 2015.

VIII. Special purpose vehicle controlled by the Company

Other explanation:

787,421,508.59 156,687,764.02 697,346,058.54 157,718,418.13

Accounting Dept Leader: Liu Xiaomei

Subtotal of within 1 year 427,635.99

The place where the Annual report is prepared and

national inspection ” , and the representative of Fokai Company was openly praised during the company was

construction of the main line of Shenzhen

In the Groups, adopting aging analysis method to withdraw bad debt provision

In RMB

People’s Bank of China on the date of occurrence of business are recorded as the functional currency, and the

(Including Tax) company in the offer to repurchase offer to repurchase

(4) Changes of the impairment of the available-for-sale financial assets during the reporting period

Shenzhen Huiyan

1.Opening balance

average of specialized loan part of asset expense multiplies capitalizing rate of common Loan occupied.

Total 499,544,231.95 421,678,016.13

interest

payment

Bank of China-Huatai Bairui Positive Growth Mixed Securities Investment Fund 5,212,095 RMB Common shares 5,212,095

Fang Zhi Male 52 In Office 16.45 No

pattern-buildings for renting & the same amortization policy as its intangible assets for the right to use any land

Expressway Co.,Ltd..

hidden dangers.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

solely state-owned limited company. Business scope:equity management, organization of asset reorganization and

and being punished; disregard the requirements of

financial report;

Increased of operating Payable 21,525,397.87 -23,773,459.68

2,503,866.60 58,774,468.34 61,278,334.94

2.Used this term

Account receivable Guangdong Yunwu Expressway Co., Ltd. 69,000.00

19,305,459.

Joint venture -- --

Highway

Items Amount of current period

3.Decreased amount

17,125,070.14 0.14% 2,974,467.60 0.02% 0.12%

Committee, College degree and political engineer. She has worked at the Company since 1998,used to served the

Decrease of inventories -800,998.80

In RMB

Guangdong Boda Expressway Co., Ltd. 45,480.00 Guarantee fund

conditions are satisfied :Financial benefits attached to the fixed asset is possibly inflowing to the Company;(2)

(3) Main financial information of significant associated enterprise

Huiyan Sharing management and maintenance after its RMB 36

and transaction tax as well as supplementing the cash flow of listed company, of which the raised matching funds’

Items Amount of current period Amount of previous period

Total 2,807,989.72 200,057,486.21 199,759,671.56 3,105,804.37

Guangdo

Zhe ng-Jia n-Go ng-S i-Zi [2003]No.3, the 45,00 0,000 non-ne goti abl e fore ign sh ares we re

III. Balance of cash and cash equivalents at

In RMB

The toll revenues of Expressway is main source of the major business income of the company , The charge

fiscal year.

XIX.Major issues of subsidiary

traffic volume, as Guangdong province is the economically developed region, with years’ continuous high growth

11 Guangdong Expressway MINI 997,000,000.00

guaranteed or not

profits or losses generated by the sellable financial assets reclassified for the held-to-maturity investment, the

2,635,251,969.72 2,635,251,969.72 2,689,986,240.16 2,689,986,240.16

2 . Pursuant to the approval of Guangdong Economic System Reform Committee and Guangdong Securities

shareholders of the listed company 5,209,289,822.59 5,016,176,476.09 3.85% 4,237,999,072.46

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

controlling and share by the provincial government to fulfill the State-owned asset investor, regulatory enterprises to

In RMB

Guangdong Yangmao Expressway Co., Ltd. Project fund 180,000.00 120,000.00

(1) The structure of the enterprise group

Foshan Nanhai Labor & social Security Bureau 449,682.00 Land deposit, recoverable

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

resolution on dividend distribution.

30.11 0.42 9.69 520.97 .80 17

explained

the board of directors and the board of supervisors, effectively performing functions and obligations of

balance 99 11 05

If part transfer of financial assets meet the conditions of terminating confirmation, the book value of the

424,937,231.66 -414,668,282.10

Other non-current liabilities

A shares was restored from “G-Expressway” “Expressway A”.

72

4. Research and Development

Equipment

Within 1 year 1,745,070.89 91.14% 710,531.67 73.76%

X. The disclosure of the fair value

Total of current assets 826,676,111.00 507,410,636.03

Inventories 800,998.80 0.01% 0.00% 0.01%

12,400.00 is the commission loan interest, the rest of it was advance money for another, Beijing Gelin Enze Organic

impairment at the 36,793,200.00 36,793,200.00

□ Applicable√ Not applicable

Total of liabilities and owners’ equity 12,107,767,967.86 12,513,505,946.42

(2) Differences of net profit and net assets disclosed in financial reports prepared under overseas and

-82,161,346.42 -62,855,887.40

E-mail zuoj@126.com fengxw2007@163.com

3,578.00 3,751,673.75 3,578.00

Total 100.00% 77.01% 100.00% 66.07%

(6)There is an administrative punishment from the

In RMB

Tang Qingquan 12 1 11 0 0 No

provision provision

Other account receivable 16,436,699.69 28,245,949.17

The entry value of the intangible assets acquired by the absorption merger under the control of one company is

Year-end balance Year-beginning balance

shares paid and

10.In accordance with the resolutions of 2000 annual shareholders’ general meeting, the Company capitalized

(1) The Classification of Long-term Equity Investments

with single major

Amortization of Long-term deferred

upporting motor transport, warehousing operations.

to the owner of the parent company

2. The Company's profit distribution plan for 2014 is as follows:

Where the current bad debts back or recover significant amounts:

income

Other non-business income and expenditures other than the above 854,210.29

Percentage of total purchase of top 5 suppliers In total annual purchase(%) 0.00%

4. Inventory System:Adopts the Perpetual Inventory System

current period previous period

shares held by directors, supervisors and senior executives are temporarily frozen) were listed on February 5,

CSRC with ZJGSZ (2000) No. 98, the Company offered 3 Rights for every 10 shares of 764.256249 million

(1).Hist ory

their variations are recognized as current gain/loss, including trade financial assets or financial liabilities and

1,496,981,439.40 837,239,932.98 44.07% 6.27% 2.61% 2.00%

44,768,257.53 42,119,862.10

2,016,767.99 5,534,196.76 4,910,223.87 2,640,740.88

Road,Yuexiu

□ Applicable √ Not applicable

□Applicable √Not applicable

N/A

Guarante

Incl:Loss from disposal of

Co. Ltd.

Differed income tax asset

In our opinion, the financial statements give a true and fair view of the financial position of the Company as

Business tax and surcharge 1,017,390.83 2,337,596.13

Sub-total of cash inflow 1,579,916,975.49 1,506,463,726.69

Net of profit of other comprehensive inco

intermediate people’s court made a adjudication under law declared that Kunlun Securities Co., Ltd went bankrupt and

(2)Conversion of Foreign Financial statement

146,186,134. 360,161,755 54,032,582 77,303,288. 20,464,471. 22,995,264. 78,757,273. 310,421,378 37,885,132.2 76,284,607. 23,207,077. 20,332,471.

Deferrec income tax liability 116,526,766.79 124,150,064.67

N/A

2. The company’s headquarters is the investment enterprise, the investment income after the non-taxable

Total 800,998.80 800,998.80

1. Provided this year

Book Balance Bad debt provision Book Book Balance Bad debt provision

5. Independent organization

to capital shares)

2015 2014

insurance

(IV)Internal transferring of owners’ equity

In RMB

02 2

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

In RMB

5

③ The improvement of the market interest rates or other market investment returns in the current period,

Stop admitting the financial liability or a part of it, and at mean time we could admit the newly financial liability

enterprises

licenses to operate, then operation licenses are required)

Buinsess incme

2.Gains and losses from changes in fair

expired), and the change of interest rate has no significant influence on the fair value of the investment; after all

17.Fixed assets

annual maintenance plan and the preventive maintenance management was increasingly enhanced and carried

Amount in this period

balance 66 05 .89

strategy committee of the board guided the company’s managers to complete the Company’s “Thirteenth

Zhaoqing Yuezhao Highway Co., Ltd. Project fund 39,000.00 1,156,972.00

job standards, appraisal standards. The senior management staff shall report to worker representatives and accept

In RMB

Li Mei Supervisor In office Female 46 April 16, 2013 April 16, 2016 123,205 123,205

997,480,962.56 997,480,962.56

Secretary to the

Regulatory Commission with YTG (1996) No. 67 document, part of the shareholders of non-state-owned legal

CRCC Harbour & Channel Engineering 2,804,149.75 Within 1 year 5.80

8. Long-term equity investment

period period

The company holds the equity investment of other listed companies, and the management believes that these

Expressway Co., Current account 2,625,463.63 Within 1 year 3.67%

policy

1,257,117,748 for the base, the Company would distribute cash dividend to all the shareholders at the rate of

750,000.00

committee, and marketing director of Golden Eagle Asset Management Co., Ltd., general manager of Beijing

reserve

189,554,850.94 130,675,737.18 74,528,124.34 13,580,536.80 164,505,956.12

are constructed or produced in a long time to reach the predicted use or sale state.

Items Amount Notes

The following situations (including but not limited and management knowledge, and there are

the (2007)-Canton Haifa No. 332 ruling book issued by Guangzhou Maritime Court, the proceeding of the case

I. Income from the key business 1,545,498,589.11 1,455,054,983.70

Incl: investment gains from affiliates 436,624,090.84 376,566,891.64

510623

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

5.Translation differences in currency fina

provision by group of

Technology

X.Situation of Facing Listing Suspension and Listing Termination after the Disclosure of the Yearly Report

to preparation

(8)Situation of Main Customers and Main Supplier

3. Recognition and measurement basis of financial asset transposition

(4) Saleable financial assets

other operational units

Subitem within 1 year

Net cash flow arising from financing activities -1,111,247,328.89 -1,297,923,881.65 -14.38%

actual purchase payment. The investment costs include fees, taxes and other necessary expenses directly related to

(4)Subtotal cash outflow for financing activities decreased year on year was mainly due to: Caused by the

Holders of master’s degree or obove 25

II. Associated enterprises

Deposit 5,700.00 Deposit

(A1+B1+C1) the Period(A2+B2+C2)

√ Applicable □Not applicable

in the current profit and loss:

further promote the development of the enterprise transformation, for successfully completing every annual

Interest receivable

Guangdong Province Traffic The shareholders have not relieved the restrictions yet after the

Ltd. 0.63

value of the goodwill amortized) with the recoverable amount.

business operators execute the implementation the efficiency and the result of daily operation and

Guangdong Expresswaytechnology investment Co., Ltd .should charge Beijing Gelin Enze Organic Fertilizer Co.,

(or to capital

(“-”for loss)

operation

In RMB

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

period

4.Closing 1,270,715,339. 2,543,582,942. 4,209,310,544.

(1) Pricing method, useful life and impairment test

Aging

the signing or associate

Loss on disposals of fixed assets, intangible assets and other long-term assets ("-" for gains) 3,038,144.04

15. Deferred income tax assets/deferred income tax liabilities

China Software and Technology

Entrusted trading of securities

1.Monetary Capital

of net profits or losses of subsidiaries for the period attributable to minority interest is presented in the

contingent liabilities of the acquire obtained in a combination, if their fair values can be measured reliably, they

effective hedging portion of the profits and losses issued by the cash flow hedging instruments, and the translation

Communication Group Refers to

Other Account receivable Guangshen Zhu Expressway Co., Ltd. 134,794.38

Amount in the total increase/d

129

Management personnel 329

Ltd.

Total of guarantee in the Period Total of actual guarantee in

Management business combination

in the financial reports of differences in net income and net assets.

Items Balance in year-end Balance in year-begin

For the impairment test method and the impairment provision withdrawing method of the Fixed assets, please

158,124.94

1. Independent business

contract

or amount criterial: amount.

Guangdong Yuecai Trust Investment CO., Ltd. 14,850,682 RMB Common shares 14,850,682

□ Applicable √ Not applicable

I. Income from the key business 17,259,744.96 38,226,359.03

(4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profits

Of which: Cash in stock

Whether significant variances exist between the above financial index or the index with its sum and the financial

requiring certified public accountants to carry out overall work plan for audit and submit relevant progress report

interruption period lasts for more than 3 months, the capitalization of the borrowing costs shall be suspended. If

Amount Proportion Amount Proportion

Notes:

be measured reliably, they shall be separately recognized and measured in light of their fair values. As for the

organizing and managing the construction of the mainline of Shenzhen section of Huiyan Expressway and the management, maintenance, conservation, collection of

1. Equity in subsidiary

Number of in-service staff of the parent company(person) 109

(2) Main financial information of significant joint venture

Review opinions in the internal control audit report

Guangdong Province Telecomunications 3,666,668.16 Communication channels rent

27.Other Comprehensive Incomes

1. Being diligent and promising in the major asset restructuring

effective marketizaton incentive, reform the existing salary and evaluation system, actively explore the incentive

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Less:Non business expenses 124,348.25 351,800.00

□ Applicable √ Not applicable

Yang Xiaohua Supervisor In office Female 37 April 16, 2013 March 6, 2015

The Company, including subsidiaries established independent accounting department , independent accounting

Balance in Increase in this

forecast period, the company has assets or projects meet the original profit forecast made and the reasons

Guangshen Zhu Expressway Co., Ltd. 121,280.00 Guarantee fund

apparent hysteresis effect and output. Highway upfront investment for a huge, slow growth of investment benefits,

statements

□ Yes √No

1. Categories of financial Tools

voting rights of the shareholders particularly for minority shareholders, therefore the rights and interests of

113

Net cash retrieved from disposal of

Bank of Communications –Everbright Baode State-owned enterprises reform theme equity

Add: Change of

Director, Chief

Total 35,542,855.63 -- --

technical

24.Other accounts payable

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

2.Other comprehensive income under the

Total of external guarantee Total of actual external

Total of liability 5,979,360,842.07 6,642,489,404.23

"Jiujiang Bridge Collision Accident", initially determined the causes of the accident are: the incident ship

Guangdong Expressway Co., Ltd. Fully owned subsidiary of the parent company

Gangkang Expressway 2332183 -8.22% 16572.21 -9.12%

2012, He served as general manager of Guangdong Expressway Co., Ltd.

12. Engineering material

asset group combination, the recoverable amount shall be calculated and the corresponding impairment loss shall

Asset impairment loss 158,124.94 -8,720,894.01

previous year (%)

means of control

7,748.00 ,223.07 7.77

Co., Ltd.

Total of assets 12,107,767,967.86 12,513,505,946.42

□ Applicable √ Not applicable

Industry category

Other receivable Bad debt Proportion(%) Reason

equity relocation and relative trading” issued by Shenzhen Stock Exchange, the abbreviation ID of the Company’s

Merger of entities under

equivalents

Increased of operating Payable 21,525,397.87

During the reporting period, the company’s major investments and operating status were as follows:

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

3. The Company's profit distribution preplan for 2015 is as follows:

34

11.Accounts Receivable

Guarantor Guarantee Amount Starting date Stop date If completed or not

Culture Construction fee 111,309.82 74,612.85

Add: Change of

In RMB

Less:Income tax expenses

49.54 4.34 .80

14,2015 15,2015

When a loan expense satisfies all of the following conditions, it is capitalized:

non-recurring gains and losses

Foshan Shiwan Investment The shareholders have not relieved the restrictions yet after the

Guangdong Expressway Co., ltd. 39,654.00 Guarantee fund

Engineering Co., Ltd.

66

Items Amount of this period Amount of last period

amount

The Company adopts the Gregorian calendar year commencing on January 1 and ending on December 31 as the

through multiple transactions, the shares of the book value of the owner’s equity of the combined party shall be as

minor shareholders

The Company was approved to provide counter guarantee to Guangdong Communication Group

1.Other account receivable

In RMB

ettlement funds 5years

Company.

8.Statement of change in owner’s Equity of the Parent Company

Other explanation :

□ Yes √No

on Asian Union Investment Co., Ltd., Tibet Yingyue Investment and Management Co., Ltd., and GF Securities

□ Applicable √ Not applicable

Total gains from disposal of

Offering Their Securities to the Public --- Extraordinary Profit/loss.

1.Number of shareholders of the Company and share-holding

period previous period

Other account receivable 2,256,822.99 2,536,246.24

reputation, etc..

defects in financial 0

3.Decreased

Name Budget at this in

Guangdong Dingrong Information Technology Co., 10,950.00 Quality guarantees fund

Name Back or withdraw money Recovery methods

g 80.68 .43 .00 68.11

The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway, investm

loaned

2014 125,711,774.80 318,754,807.85 39.44% 0.00 0.00%

35

value with variations accounted into

When determine whether the transfer of financial assets meet the conditions of confirmation of the above financial

Jiujiang bridge to receive compensation 20,000,000.00

13 ,000.00 00.00 9.96 00.00

In RMB

assets. Government subsidies can be classified into capital-related government subsidies and earnings-related one.

1,378.67 316,933,382.45 64,277,237.10 257,390,583.60

costs should stop capitalization.

characterstics

Ling Ping Supervisory Male 52 In Office 4.5 Yes

domestic and

9.Items and amount of non-current gains and losses

17

178,149,928.54 176,249,231.57

Shares held Amount of Amount of shares

2.Increased amount of

Amount Proportio Amount Proportio value Amount Proportio Amount Proportion(

the annual report (if any)(See Notes 8)

shareholder’s function, then fully supported the Huiyan Company to carry out multi round communication and

reserves

differences with the limit of offsetting the taxable income of temporary difference.

Limited partnership

In RMB

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

investment activities

3,578.00 3,751,673.75

Business tax 47,610,094.15 46,072,165.54

expressway shall be rose to 75%, thus newly controlled by the company. Pro forma data in 2015, the company’s

Interest amount of common Loan to be capitalized equals to accumulated asset expense less weighted

her comprehen nority s

Number of Number of Increased Restricted Date of

Other financial liabilities are recognized initially at the sum of fair value and related trade expenses. Successive

withdrawalbad debt 3,915,39 1,658,57 2,256,822 4,194,8 1,658,571 2,536,246.2

Engineering, National registered cost engineer, Senior Economist. From February 2001 to April 2012, she served

shareholder

Purchasing assets 563,977.42

deepening reform, the company focused on the overall strategic target of “being stronger and excellent” to

Engineering

For the balance amount of our company’s secutity trading

initiative by means of mechanisms like selecting senior talents with marketization, taking official posts by

shareholder meeting constituted the “ five level ” budget management system, which had comprehensively

accounted as

23

2. Return on equity (ROE) and earnings per share (EPS)

fromjoint ventures this 359,483,621.28 38,048,040.00

2. The board of directors has a remuneration committee composed of three directors, i.e., Mr. Wang Pu, Mr. Xiao

Development Co.,

interests

Undistributed profit 1,311,348,847.67 1,196,384,876.57

The Company /This Company Refers to Guangdong Provincial Expressway Development Co.,Ltd.

guaranteed guarantee signing guarantee or

approved at Period-end(A3)

Name Relation with the Company

value on the basis of the fair value of the intangible assets,we have the balance between the book value of debt

800,998.80 800,998.80

630,483,249. -150,563,16 -150,563,16 479,920,0

The parent company once paid RMB 33,683,774.79 into Kunlun Securities Co., Ltd, Guangdong Expressway technology

000.00 .00 95

Investment loss -505,392,075.50

(1)Change of main accounting policies

shareholder’s meeting of our bank effectively performed the functions. The board of directors is to be responsible

122,652.44 351,800.00

s Report Period

Other Account receivable Guangdong Expressway Co., Ltd. 2,625,463.63 39,654.00

provision

Ms.Chen Yanqing, Now serves as director of the Company, MBA, economist, since October 2008, she serves as

2,807,989.72 200,057,486.21 199,759,671.56 3,105,804.37

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

business of the Company, the profit and loss in the changes of fair

Deposit 1,925,464.15 1,887,499.15

Total 986,737,635.38 561,800,403.72

refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and Accounting Estimates

2. Change of shares with limited sales condition

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

In RMB

22..Interest payable

Later reclassified into profit and loss

Did any significant change occur to the attribute of the Company’s main asset measurement during the reporting period?

Guangdong Guangle Expressway Co., Ltd. Project fund 184,500.00

Co., Ltd.

fiscal period.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

preparing the cash flow statement.which are featured with short term (expire within 3 months since purchased),

Ganzhou Gankang

161,225,697.25 93,826,700.00

The capitalization period refers to the period from starting capitalization of loan costs to the stop of capitalization,

investment No.1 3.11%

Selling of repurchased financial assets

Guangdong Changda Engineering Co., Ltd 47,033,633.90

(VI)Other

In RMB

□ Applicable √ Not applicable

however not cash dividend distribution proposal has been put forward.

Formulation, implementation and adjustment of profit distribution policy of common shares especially cash

Other explanation :

to the preparation and the true and fair presentation of financial statements that are free from material

Expected liabilities

2.Opening book 4,148,397.88 4,148,397.88

Wang Pu Yes

Reserves

(VI )Special reserves

medicalinsurance

Total 1,549,556.00 1,549,556.00

China Railway 12 Bureau Group Co., ltd. 11,969,868.00 Project Quality guarantees

officer and the Ms.Liu Xiaomei, the person in charge of the accounting department (the person in charge of the

2. Capitalizing of surplus

For the impairment test method and the impairment provision withdrawing method of the entrusted loans, please

value 23 61

Associated enterprise -- --

Defend expense 71,555.15 130,711.35

(1) Differences of net profit and net assets disclosed in financial reports prepared under international and

the bank borrowings. Through the establishment of good relations between banks and enterprises, the company

combination. The book value of the goodwill generated by the combination shall be amortized into the related

Cost of the equity

2017 218,742,081.93 222,416,075.93

2. Continually enhancing the construction of internal control system

Other Account receivable Beijing Gelin Enze 4,007,679.91 4,007,679.91

In 2015, according to the relevant regulations and requirements of information disclosure stipulated by CSRC

Expressw 77.95 .33 .00 19.28

Statement on surplus reserves. Please state the related resolutions of the Board on capitalizing of reserves, making

Provincial Expressway Co.,Ltd. According to estimates, after the completion of the transaction, the Fokai

32. Surplus reserve

supervisors, or senior management personnel in the are particularly severe and the circumstance is very

transportations Amortized

little-extent damage to the company’s reputation;

Provision for bad

Postal code of the office

accounts receivable

Ltd.for RMB12,220,079.91. Eight millions of it was entrust loan, three million was temporary borrowing RMB

17.Short-term loans

of Expressway Bridge

assets

Asian Kitchen & Bath City Co., Ltd. Original shares of the company

(3) Test Method for Fixed Asset Impairment and Counting & Drawing Method for Fixed Asset Impairment

Total assets 5,326,829,588.97 2,097,777,721.84 5,672,448,934.23 2,133,734,886.12

(7) Other account receivable which terminate the recognition owning to the transfer of the financial assets

Influence of non taxable income -120,992,603.73

Model Worker , initiator of Beida Zongheng Management Consultant and chief expert. Now he is the Vice

7 56.55 753.38 .16 21.66 26 90 47.93 9.80 87.93 32.13 2

Company of (Date o mount of tation

Net profit Comprehensi Net profit Comprehensi

Expressway Co., Ltd. ,301.73 1.73

Ltd.

allotment shares reserve fund

251,238,931.34 28.95% 262,761,091.92 30.97% -2.02%

7,700,000 RMB Common shares 7,700,000

137

Guangdong Luqiao Consrtuction Development Co., Ltd. Fully owned subsidiary of the parent company

financial instruments, please refer to the related projects in Notes 5. The risk relevant to these financial

Wang Pu Independent director Yes

equivalents at the beginning of term

Approved by the Jiujiang Bridge early termination fee the amount of loss caused to 140,765,667.68 yuan, to be

VIII. Assessment and incentive Mechanism for Senior executives

Nature of Controlling Shareholders: Local state holding

Guangdong West Coastal Expressway Xinhui

term equity investment. has been disposed for the current period

11 . On March 8, 20 04,As approve d by Chi na Sec uriti es Regul atory Commi ssion by do cume nt

Notes:

0 0

cash flows against its carrying amount and record it into the

English name (If any) Guangdong Provincial Expressway Development Co.Ltd.

(1) Frauds made by staff in key positions; company’s reputation; resulted in decease of a

equity relocation and transformation. On October 9 2006, according to the “Circular about implementing of share

The company belongs to the infrastructure industry and the company’s main business covers the construction of

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Sustainable debt

The ratio of the total assets of units

costs or the expenses related to the reorganization of demission welfare payment.

854,210.29 2,991,262.39

Servises Co., Ltd. years

IV. Management’s Discussion and Analysis

Name Related party

4.Closing balance

Committee

II.Balance at the beginning of current year 1,257,117,748.00 19,363. 630,483,249.92

4.Changes in Registration

Provision for depreciation of highways and bridges is made with work amount method. Estimatednet residual

Surplus profit

14. Intangible assets

the parent company

Long-term receivable

construction

the End of Report Period the End of Report Period

②Holding the impairment provision of expired investments:

Other capital reserves 1,378.67 1,378.67

assets, the principle of substance being more important than form should be adopted. The transfer of financial

shareholders concerted action specified in the Regulations on Disclosure of Information about Change in Shareholding of

per 10% of the net profits of the parent company in 2015.

Thinking

Asian Kitchen & Bath City Co., Ltd. Project fund 550,000.00

Related transactions on sale goods and receiving services

shareholders of the listed company 469,386,906.79 318,754,807.85 47.26% 127,777,721.75

holding B share and overseas corporate shares will be determined according to HKD:RMB bank’s Middle rate

difference between the actual rate and face rate is minor) during the period of holding, and accounted as

saving and consumption 230,000.00

√Applicable □Not applicable

end of thereporting period disclosing the annual report(if

5.Cash Flow

N/A

short time; reached the circumstance(grade Ⅳ) of

Kunlun Securities Co., 30,000, 30,000,000 30,000,000 30,000,000

reduction

significant impact on the reliability of the financial the circumstance(grade Ⅲ) of big environmental

(3) Lease

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

III. Impairment provision

(5)Accountings for Business Combinations under the Same Control & Business Combinations not under the

Cash received from sales of goods or

Fokai Expressway Co., Ltd. 25.00% 59,567,381.58 836,507,155.33

Labour income

III.Cash flow generated by financing

85,208,776.76 155,551,317.10

3.Operating cycle

Current assets

Disclosure date of the

seven horizontal”, and many of the company’s equity-participation expressways that are part of the main skeleton

The long-term equity investments of the company should include the investments in the subsidiaries and the

Total of non-current assets 6,936,228,679.64 7,148,365,731.55

(7)Relevant Situation of Significant Changes or Adjustment of the Business, Product or Service in the Company’

II.Accumulated

-- -- -- --

2.Increased amount

,363.32 1.91 69.59 61.28 ,969.72

Monetary fund 986,737,635.38 8.15% 561,800,403.72 4.49% 3.66%

Date for signing the auditor’s report March 28, 2016

Guangdong West coastal Expressway Xinhui section Co., Ltd. Project fund 48,893.16

Total 100.00% 93.73% 100.00% 93.01%

total year end

Age

216,274 216,274 Unknown

the Company initiates the strategic plans. Make a good layout and starting with innovation development driven

Internet website designated by CSRC for publishing

3 The translation gap of financial statement of foreign currency shall be listed under the owner’s equity in the

Other 7,073,812.74 7,073,812.74

(1)Information on acquisition of goods and reception of labor service

Expired investment in possess

Other explanation :

transportations

7. Available-for-sale financial assets

equity method investee can be reclassifie

Accounts on percentage basis in group:

Net cash received from subsidiaries and

body reason

Basis of holding half or less voting rights but still been controlled investee and holding more than half of the

authority to seek illegal interests in the work, which

4.Other 12,507.50

strike toll escape, so that had recovered the economic losses of about RMB 3.12 million.

Items Assets or Liabilities at or Taxable Difference at

167

Investment Co., Ltd

Cash paid to staffs or paid for staffs 46,591,029.83 49,722,027.43

Account payable Guangdong Expressway Co., Ltd 8,746,491.18 13,728,261.18

The company recognizes its cash in vault & the deposits that are ready for payment at any time as cash when

1. Particulars about trusteeship, contract and lease

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Middle rate quoted by People’s Bank of China on the first working day after 2015 annual shareholders’ general

2.Used this term

996,993,291.19 967,241,746.79

investments in cooperative enterprises and joint ventures.

6.Methods for Preparing the Consolidated Financial Statements

power to participate in the finance and operating decision on the enterprise, but without control or joint control

Investees Add other of

olders

VI. Taxation

Total

2,097,777,721.84 1,097,108,987.63 533,009,051.43 209,436,190.98 156,687,764.02

Special payable

18. Account payable

Prepayments 1,914,808.89 963,349.67

management but are not corrected within a

37

government department.

1.Previous security offering in latest three years at period-end

Items Balance in year-end Balance in year-begin

(Commission license [2016] No. 230).

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

period

N/A

Haerbin Hali Industrial Co., Ltd. State-owned 1.18% 14,850,682 -1,095,140 0 14,850,682

Bridge Group. In July 1980, he participated in work, used to be a manager of Guangdong Province Pingyuan road

In RMB

subsidiaries or other operational units

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

Other notes including interest rate range:

Engineering Construction Group Co., ltd.

28

Fair value 997,480,962.56 997,480,962.56

board of directors, working guide of general manager etc. and internal control system basically covering all

Unit current account 42,963,503.22 36,541,289.13

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

3.Decreased

3.Decreased

Bond payable 997,000,000.00

Date of Organizatio

Guangfo

Cash received as interest, processing fee

technology industry and provide investment advice, no other nature of the business, no reportable segment.

Did the supervisory Committee find any risk existing in performing the supervision activities in the reporting

ale financial assets

3. The texts of all the Company's documents publicly disclosed on the newspapers and periodicals designated by

Guangdong Expressway Co., Ltd 19,582,228 19,582,228 Unknown

8.11

N/A

Company

Reverse repurchase treasury investment income 854,210.29 2,991,262.39

Standards, the company has made disposal of the assets at the end of 2013, and the relevant losses have been

160,603,983.13

738,286.61 616,492.12

parent company

When all or some of the expenses necessary for the liquidation of an estimated liabilities of an enterprise is

recoverable amount of asset group shall be recognized on the basis of the asset group which the asset is belong to.

bank loan and dividend.

Accounting Estimates in Notes 3 of Financial Statements”.

beginning of 630,483,249.92 1,340,748,017.33 854,840,066.10 5,871,016,542.19

reviewing of the material information and disclosed the information timely in accordance with relevant

proceeding. In September 2008, Jiujiang Bridge accident investigation report was officially reported and resumed

Other explanation :

Remuneration for domestic accounting firm (RMB’0000) 120

Securities Co., 32,084,893.35 32,084,893.35 100.00%

Total comprehensive income attributable

(V) Special reserves

n(%) n(%) Proportio n(%) %)

220,800 220,800 Unknown

17 752.42

Other comprehensive income that will b -150,563,164.16 522,265,975.68

582,923,684.30 539,221,979.90

155

(5) Rewards for the key management personnel

Guangdong

Operating income 357,469,802.88 366,923,084.71 410,958,621.31 410,147,080.21

Operating Gross income(RMB) 1,545,498,589.11 1,455,054,983.70 6.22% 1,327,506,119.78

July 22, 2009

The Board of Directors and the directors, Supervisory Committee and supervisors and Senior Executives of the

accounts receivable

Feng Ke Independent director In office Male 44 April 16,2013 June 29,2015

The Company plans to add a new holding project of expressway through private placement and bonds for raising

In view of the cancellation of tolls, the relevant assets on Jiujiang Bridge are neither owned or controlled by

7,179,067.36 9,298,064.66

4.The effective portion of cash flow hed

the unemployment insurance shall be recognized as the liability according to the payable amount accounted by the

1. Capitalizing of capital reserves (or to capital shares)

Book balance Book balance Provision for bad debts

Standard environmental event. Significant deficiencies: illegal

2.Preferential tax and approving documents

Government of Guangdong Province

Add :Non-operational income 175,192.03 37,574.60

12.Inventory

In RMB

between accumulated 417,147.47 104,286.87

Year-end balance

1.Opening

No

Committee of CSRC and Trade Resumption

Guangdong Communication Group Co., Ltd.

Fixed assets The depreciation of Guangfo Company and Fokai Company at the current period.

management mode of centralization charge for Guangfo and Fokai Expressway. Deployment and focus efforts on

Huizhou Huxu Industry Company 109,745.80 0.30% 109,745.80

Guangdong Yuedong Expressway Industry

Including :Domestic Legal person shares 8,063,849 0.64% -710,982 -710,982 7,352,867 0.59%

Balance in year-end

and declared on November 11, 2006. that Kunlun Securities Co., ltd.

50,001,378.67 12,507.50

(1)Basis and accounting methods for assets related government subsidies

In our opinion, Guangdong Expressway has maintained effective financial report internal control in all material aspects according

14. Long-term equity investment

Guangdong Road & Highway Construction 3,762.70 Quality guarantees fund

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

4

School of Business Sun Professor of

the company had received formal documents of approval from the CSRC, and the company has become the first

XX.Social responsibility

Total a 17,125,070.14 17,125,070.14 2,974,467.60 2,974,467.60

Balance Increase/decrease this time (+ , - ) Balance

influence of the increase in the joining

Urban construction tax 3,343,021.43 3,232,363.38

Conduct the devalue test separately. Set up the bad debt reserve

statements ,Change of consolidation scope and Notes VII, Notes of financial statements, Equity in other entities

investment after the business combination under non-common control realized step-by-step through multiple

83

City Construction tax 347,361.67 358,216.82

Corporation.

Total 2,086,207.79 1,658,571.80 79.50%

Expansion. According to the "Guangdong Provincial Department of transportation about the management

Expressway Co., 30.00% Equity method

Other

major asset restructuring by Guangdong Expressway in year 2015 had been approved in the general shareholder

Expressway Co. invested cash of RMB 115 million to subscribe for 35.9375 million shares. Other legal persons

amount (Yes or

Total 22,079,344.97 24,473,342.31

Co., Ltd.

accounting

Year-end balance/ Amount of current Year-beginning balance/ Amount of

The labor services started and completed within the same fiscal year shall be recognized as the revenues when the

IV. Remuneration to directors, supervisors and senior executives

Notes

Expressway Co., Ltd., Guanghui Expressway Co., Ltd., Jingzhu Expressway Guangzhu Section Co., Ltd.,

optimized allocation, raising funds by means including mortgage, transfer of property rights and joint stock

Securities affair Dept of the Company

citizens; reached the circumstance(grade II) of major

Guangdong Hualu

Centering on above target, company will focus on works in below two fields in 2016:

In RMB

Up to now, this reorganization hasn’t been completed yet.

Tax payable 4,915,239.62 1,640,343.15

Deductible temporary difference 92,063,913.42 91,905,788.48

Less:Income tax expenses 102,985,897.54 53,140,304.88

issue of A shares and cash to buy, and planned to purchase the creditor’s rights of Guangzhu East Co., Ltd. from

Standards of million≤potential misstatement<1% of the total million≤potential misstatement<1% of the total

Type value

Guangdong

cash flows due to the changes in market interest rate. The interest rate risk faced by the company is mainly from

period

Other Account receivable Guangdong Yunwu Expressway Co., Ltd. 4,697.95

(5) Top 5 of the closing balance of the other accounts receivable colleted according to the arrears party

Duan and Ms Chen Yanqing. The particulars of the work of the remuneration committee in the report period are

Items

0.37 0.25 48.00% 0.10

company. Moreover,The company intends to non-public offering of A shares to raise matching funds to Yadong

Expressway Subsidiary 368,766,952.88 330,440,591.47 361,707,563.06 53,632,373.07 41,902,986.44

Dividend receivable

1.Ordinary Shares invest

Mr. Zhu Zhanliang, Now serves as Director of the Company, Master Degree, Senior Engineer, Senior Economist,

(1) Strengthening the management of expressway toll. The company overcame difficulties and being fully

materials Co., Ltd.

In RMB

flow, and other relevant information of the company.

6.Summary of Accounting data and Financial index

23,2015

Office taking in shareholder companies

Year Balance in year-end Balance in year-begin Remark

Ratio in net profit

IV. Book value

Holding proportion of minority shareholder in subsidiary different from voting proportion:

(2)The supervisory function on compliance is worker or a citizen, or resulted in damages that need

financial instrument instruments

III.Changed in the current 19,305,459.

reliably, it shall be separately recognized as an intangible asset and shall measured in light of its fair value. As for

government departments, and the company isn't able to make timely adjustment to the charge standard in

Various parameters, control highways operating normally, with no large projects.Due to the government’s

board of directors, then the company’s A and B-share trading was restored. On Sep 14, the asset restructuring

RMB0.00.

Account receivable Guangdong Xinyue Communication Co., Ltd. 1,272,653.03

The company was lessee:

take into full consideration of the risks, uncertainty, time value of money, and other factors pertinent to the

56

3.Allotment to the

Technology Petty Guangdong Guangdong of small loans

Undistributed profit 1,657,681,399.78 1,340,748,017.33

Electric Equipment and

Consultation expenses 479,000.00 537,926.00

51

Xiao Duan Independent director In office Female 57 April 16, 2013 April 16, 2016

Ltd. insurance debt investment plan to provide joint liability guarantee of principal and interest in full and

“payable in full on application, pro-rate placing and subject to refund” with the par value of each share being

4.Other accounts receivable

and the workers or citizens can be recovered in a

The measurement by the cost method

(1)Disposal

independently, being completely separated from the shareholder with actual control. Related transactions were

Other cash paid for financing activities 6,171,000.00 3,000,000.00

realestate

Fokai

630,483,249.92 1,340,748,017.33 854,840,066.10 5,871,016,542.19

In RMB

Reinsurance receivable

Share Capital preferred Comprehensive risk owners’

N/A

Common stock dividend payable 125,711,774.80 62,855,887.40

Company)

according to other provisions of accounting standards. There are two reports:

In RMB

61

Financial cost 349,761,606.03 421,785,574.61

Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time:

agreement) (Yes or no)

(1)Inventory types

Guanzhu

Zhaoqing Guanghe Expressway Co., Ltd. 163,620.63 Quality guarantees fund

Economy, executive member of the council of Guangdong shares Economic Research Association, a member of

VI. Other comprehensive income -150,563,164.16 522,265,975.68

as follows:

Subsidy items Nature subsidies on special current previous d/income

Ms. Peng Xiaofang , Internal audit director, Minister of ministry of supervision of audit, bachelor's degree, senior

1.Annual General Meeting

balance of other profits Other balance impairment

X. Financial Report

fixed assets, intangible assets 624,472.63 1,871,580.63

Guide for space safety

shareholders' meeting concerning A shares. On January 26 2006, The Ministry of Commerce of PRC issued “The

□ Yes √ No

Account payable 4,692,732.01 9,665,632.01

Total 48,224,394.50 64,890,607.93

122,921,217.02 26,346,554.54 36,824,762.98 210,650,108.41

295,049,450.29 1,074,035,755.09

Fees and commissions receivable

Decease of operating receivables -22,234,654.77

2. Interest Rate Risk

XI. Documents Available for Inspection

In RMB

(6) The Goodwill Impairment

incomes according to the completion percentage method at the balance sheet date. The results of the transaction

Advance payment

Investment Co., Ltd

directors as well as the 2rd provisional shareholder’s meeting. The issue of shares and cash to buy assets and the

4.Public reserves for

independent and complete and have clear property right. All capital was paid up and relevant formalities of

Available-for-sale equity 1,796,056,064.

YAT-SEN University Accounting

11. Project under construction

or scrap

1. Recognition principles for capitalizing of loan expenses

profits and losses for the invested party in the future accounting period according to the equity method when the

the transformation and development, guiding ideology and development goals, and established detailed task

Project fund/Quality guarantee fund 125,662,120.62 207,939,390.58

Subtotal within 1 year 11,096,966.86

activities

9

Guangyu Development Co., Ltd, Asia Asset of Hong Kong Exchanges Co., Ltd., and consultant of Mopark

December 31, 2015

41. Non-Operation expense

Name of the actual controller representative Principal business activities

4.Particulars about other legal person shareholders with over 10% shareheld

Ltd.

Gains from currency exchange(“-”for

②All fair values of financial assets and financial liabilities are recognized with reference to the price in the active

provision provision

Other Account receivable 3,790.00

The purchasing of the fixed assets, intangible assets and other long-term assets related to government

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Name Positions Sex Age

(2)The accounts receivable of bad debt provisions made by credit risk Group

84

which shall be regarded as the joint control on the invested party implemented by other parties. The decision

The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy –back agreement dealing in reporting

The shareholders have not relieved the restrictions yet after the

(1)The scope of the employee remuneration

(1)Category of shart-term loans

ans of changes in net debt or net assets

between our company and Kunlun Securities Co., Ltd.is debtor creditor

Office expenses 3,410,338.00 3,200,706.28

Deposit 393,331.00 1.09%

damages that are unable to recover to workers or

I. Joint venture

44. Supplement Information for cash flow statement

Total of non-current asset

me tax company

Other comprehensive income 479,920,085.76 630,483,249.92

ay Co.,

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

group combination is less the book value (the book value of the assets group or the assets group combination

In RMB

XII.Matters of Important Lawsuit and Arbitration

Period-end(A4)

debt provision for

Interest expense due to specialized Loan and its auxiliary expenses shall be capitalized before the asset which

Other Account receivable Guangdong Shanfen Expressway Co., ltd. 91.24

Administrative expense 87,133,240.32 80,702,135.14

ay

Total 53,351,565.01 53,351,565.01 -- --

amount should be still allocated against minority interest.

accumulation in business, the obtained

Net increase of repurchasing business

The Company divides the financial assets into four categories: financial assets measured at fair value and

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

income

0

me attributable to Minority shareholders’

adopted as the translation exchange rate, with the exception of “undistributed profits”.

due to the rundown suggestion or the termination of labor relations plans. (2) when the enterprise recognizes the

2.Used this term

1,149,868,14 238,269,526. 238,269,526. 866,519,898. 1,083,503,23 131,229,548. 131,229,548. 823,149,962.

Other Account receivable 14,801.32 9,327.70

the company, please refer to “Available-for-Sale Financial Assets in Article 8 of Consolidated Financial

Long-term equity investment income accounted by equity method 436,624,090.84 376,566,891.64

bad debt provision

Guangdong Yuecai Trust Investment CO.,

end of last year 7,748.00 ,223.07 7.77

ready for the intended use or sale, the capitalization of the borrowing costs shall continue. The borrowing costs

account, which soundly protected the legitimate rights and interests of the enterprise.

assets

-- -- -- --

□Applicable √Not applicable

Payable interest for short-term borrowings 275,000.00

within the remaining service life (the estimated residual value deducted). The impairment loss of assets after

(2)Information of related lease

1. Basic old-age

3. Foreign Exchange Risk

(I)Basic earnings per share 0.37 0.25

In RMB

2. Capitalizing of surplus reserves (or to

she served as Deputy chief economic engineer of the Company, Since July 2012, she served as Chief legal adviser

Non-current liability due in 1 year 997,000,000.00

5. Continually strengthening the management of investor relations

period period

Technology Investment Co., Ltd.

Items Year-beginning balance Increase in the current Decrease in the current Year-end balance

(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 .

Non-operating asset payable 2,022,210.11 2,022,210.11

Mr.Tang Qingquan , an independent director of the Company, a (non-practicing) Chinese certified public

foreign listed

Guangdong Expressway Co., Ltd. Project fund 4,149,300.00 4,394,400.00

Engineering material

approved in Period(A1) guarantee in Period(A2)

N/A

(2) Available-for-sale financial assets measured by fair value at the period-end

dividend distribution and investment income.

2. The company’s share-participation company-Shenzhen Huiyan Expressway Co., Ltd whose one-third equity was held by the company, was responsible for

shareholding ratio vote ratio

Total 6,126,824.34 11,236,078.96 6,126,824.34

II.Cash flow generated by investing

Other payable Guangdong Luqiao Construction Development Co., Ltd. 110.05

of Joint Exa mi nati on Group of Expe ri men tal Uni ts of Sha re Holdi ng Syst em with YLS B

Cash paid to staffs or paid for staffs 217,286,836.16 225,265,894.32

Total 27,224,403.32 --

49

investors were protected.

Insurance policy dividend paid

Items Amount of this period Amount of last period

Net increase of cash and cash equivalents 424,937,231.66 -414,668,282.10

investment value of the this ing the

income

1. Provided this

shares)

II.Balance at the

any)(See Notes 8)

Highway

530,900.75

Other explanation :

MB 0.00.

measurement

International Business and Economics, and independent director of HW Technology Co., Ltd., China National

Increase/decrease

Guangdong Province Material Corporation audit cadre, Guangzhou Economic and Technological Development

Items Capital Surplus Attributable

152

95,731,882.42 95,731,882.42

payable. These financial instruments are primarily related to operating and financing. For the details of the

investment

accounts

disbursed

Xiao Laijiu Male 51 Dimission 41.91 No

Withdrawal

Items Balance in year-end Unpaid reason

2.Changes of total shares and shareholders structure as well as explanation on changes of assets and liability structure

ShenzhenHuiyan Expressway Co., Ltd. 160,888,058.33 48,728,744.73 76,556,700.00

(2) Significant advance from customers aging over one year

Notes to the significant change

financial statements

company starts from December 30, 2015.

N/A

In RMB

First quarter Second quarter Third quarter Fourth quarter

to the audit committee, reviewing the financial report for 2014 submitted by the Finance Dept. of the Company

Withdrawn

bad debt is deducted, The RMB977,527.77 credit was recovered in 2011, and the provision for had debt is deducted.The

Other current liability

Guangdong Changda highway Co., Ltd. Fully owned subsidiary of the parent company

30.00% Equity method

1-2 years 532,679.87 53,267.99 10.00%

Type of Controlling Shareholders:Legal person

37.Financial expenses

competitiveness. Advocate salary and performance related, and constantly improve the performance appraisal

Ltd.

Expressw 58.33 4.73 0.00 03.06

the period

Other explanation :

way

Controlling shareholder Guangdong Communication Group Co., Ltd. accepted Pacific Asset Management Co.,

1,340,748,017.33 1,104,154,555.90

Item Report period Same period of the previous year

III. Dismiss welfare 109,982.48 109,982.48

Guangdong Communication Group Co.,Ltd State-owned legal person 40.84% 513,356,893 0 409,977,151 103,379,742

Lessor Category of leased assets Category of leased assets

According to the Notice of Relevant Matters Concerning Quickening Special Clearing of Toll Highways in

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Amount of guarantee for shareholders, actual controller and its

Amount borrowed and

Road property claim income 7,323,216.84 5,802,152.79 7,323,216.84

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Non-current asset due in 1 year

Group Co., Ltd. became the largest shareholder of the Company. The nature of equity

736,965,571.83 1,302,123,835.85

(2) Soundly managed the expressway maintenance and management. There was a scientific arrangement for the

alternation on cash and cash equivalents

Fang Zhi Director, CFO In office Male 52 April 16,2016

Guangdong Lulutong Co., Ltd. Fully owned subsidiary of the parent company

318,823,742.63 841,020,783.53

Net increase of customer deposits

Account payable Zhaoqing Yuezhao Highway Co., Ltd. 19,500.00

1 1

√ Applicable □ Not applicable

The adopting aging analysis method

financial statements.

Other financing –related ash received 1,378.67 12,507.50

Feng Ke Independent director Yes

Yun Wujun Chief Accountant Male 61 Dimission 26.7 No

(2).The profit for 2013 is to be distributed as follows: RMB 62,855,887.40. is to be allocated as the fund for

√ Applicable □Not applicable

(Unit) Reason

4.Closing 1,460,270,190. 8,561,844,081. 10,800,416,887

In RMB

(2) Notes of the accounts payable aging over one year

I. Specific situations on major defects of internal control discovered during report period

15. Entrusted Loans

Guangdong Yuedong Expressway Industry Development Co.,

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

The cumulative recognied

Over 5 years 1,658,571.80 1,658,571.80 100.00%

II.Balance at the beginning of current year 1,257,117,748.00 108,217,274.24

Jing. Date of establishment: June 23, 2000. As of December 31, 2015,Registered capital: RMB 26.8 billion. It is a

Notes of the disclosure situation of the taxpaying bodies with different enterprises income tax rate

operation

Highway Co.,

book value 49 73

I. Joint ventures

□Applicable √ Not applicable

Baiyyun

examined and adopted by the Company’s 18th , 20th, 23th and 25th (provisional) meeting of the 7th board of

In RMB

activities

The following situations (including but not limited significantly affect the efficiency and the result of

Impact of non-deductible costs, expenses and losses 11,241,307.98

Director, Resigned from the board, the

Total 505,392,075.50 419,963,723.25

preferred Comprehensive risk owners’ equity

For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on

Expressway Co., Guangdong Guangdong Management

tments

Expressway Co., Ltd.

Post-employment benefits refer to the compensation and benefits that the Company gives to get in return for

In RMB

Unit Overdue amoount Overdue reason

Investment income from the disposal of

manner: The Company paid 1.7 bonus shares f or each 10 shares and capitalized capital common reserve on

1. Parent company information of the enterprise

□ Applicable √Not applicable

head of the internal

obligations are likely to result in any out-flow of economic benefits from the enterprise, and their fair values can

impact of Whhether Amount of Amount of Assets-relate

board of directors. Other managerial personnel of all levels were directly appointed by the general manager. The

Bill receivable

On January 14, 2016, The Company received notification from CSRC, which after being deliberated by the 4th

Gankang Expressway. On January 8, 2015, Taigan Expressway reopened to traffic, where good effect was

Sub-total of cash outflow due to

III.Commitments to fulfill the situation

Items Houses and buildings Land use right Construction in progress Total

the extension investment.

45.90 1.01 0.00 246.91

amountof the 2,782,074.00 61,583,304.99 64,365,378.99

approval on share converting of Guangdong Provincial Expressway Development Co., Ltd.” to approve the share

6,856.32 8.75 2.83 0.14

624,472.63 562,866,811.63

The finial control of the Company was State-owned Assets Supervision and Administation Commission, The

Does there exist any difference in compliance with the corporate governance , the PRC Company Law and the

In RMB

95

(5) Recognition and Impairment Treatment of Assets Group

receivable with

Total liabilities

Other Account

out the comprehensive overhaul of single pier bridges reinforcement to ensure the expressways entirely in a good

In RMB

introduced the Fosun Group, Poly Real estate, GF Securities three strategic investors.Guangdong Provincial

No Name Amount(RMB) Proportion %

Roll revenue 1,496,981,439.40 837,239,932.98 44.07% 6.27% 2.61% 2.00%

2. Valuation method of inventory issued :The company calculates the prices of its inventories according to the

384,937,39

156

currency amount converted by the exchange rate at the end of period and the carrying currency amount are as

Construction in process No significant changes.

Account payable 375,636.00 598,676.96

V. Investment situation

shares)

expressway, controlled by the company, are part of the National Expressway Network Planning-“Five vertical and

3.Making up losses by surplus reserves.

Other Account receivable Guangdong Hehui Expressway Co., Ltd. 424.10

parent company

Mr. Chen Wenmian, Deputy general manager, bachelor's degree, participated in work from July 2000. He used to

increase in the current cash dividend received.

The Company was lessor:

(3) Details of investment property failed to accomplish certification of property

13. Divided as assets held for sale

of Agreement" and "agreement of paying cash to buy assets",The company intends through the issuance of A

e equity method investee can not be recl

202,939,671. 1,114,341,5 419,977,30 237,892,210 170,331,76 76,859,729. 238,515,79 1,054,806,8 399,433,738. 243,112,69 176,267,051 34,452,555.

way Co., 886.55 2,734.04 4,620.59 232.49 6,766.79 5,999.28 874.68 6,995.82 4,870.50 1,312.75 4,462.76 5,775.51

In RMB

policy but resulted in no significant impact on the the company’s management goal; the negative news

130

asset group with the goodwill or the asset group combination, the impairment loss of the goodwill shall be

The liquidity risk means that the risk of the shortage of funds occurs when the settlement obligations by the

Total 158,124.94 -8,720,894.01

78

Enterprise Legal Counselor, From December 2005 to March 2011, he serves as Minister of the Management

In RMB

Other cash paid for investment

Guangzhou Xinyue Asphalt Co., Ltd. Fully owned subsidiary of the parent company

Non Current Non Non Current Non

government to approve.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

president of the China Professional Managers Association, used to be the commissioner of All-China Federation

2015 2014

financial assets

(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years

86

Cash dividend for everty ten shares (Yuan)(Tax-included) 0.15

In RMB

204,066,494.37 3,029,386.26 2,000,000.00

The company’s income tax is accounted in Balance sheet liability approach.

Chengdu Shuguang Fibre-optical Metwork Co., ltd. 59,758.09 Quality guarantees fund

Energy conservation and

Amount in this period

N/A

of internal control (full-text)

y Co., Ltd.

invested by hareh

The total of following items according to the

Guangdong Litong Property Investment Co., Ltd. Deposit 1,435,856.00 3.99%

(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other

Insurance contract provision

Amount operating costs Amount operating costs (%)

Depreciation of fixed assets, oil and gas assets and consumable biological assets 606,630,043.61

√Applicable □Not applicable

Cash dividend over of the parent dividends from cash dividends from cash

consolidated financial statements, the difference between the long-term equity investment newly gained by buying

Amount

Guangfo Fokai House and Machinery Transportation

engaged the external audit agency for the company’s annual internal-control audit. As to the reasonable

Ganzhou

Peng Xiaofang In office Female 53 April 16, 2013 April 16, 2016

meet the conditions of terminating confirmation, the following the difference of the two amounts will be included

n(%) n(%) n(%) %)

disclosure happening Guarantee Guarantee implemen e

Including:Income from disposal of

In Shares

Therefore, the adjustment trend of the charge price and the charge price if has the corresponding adjustment in the

Guangdo

Proportion Accounting

(RMB)

43

Guangdong Provincial Highway Construction Co., Ltd.(hereinafter referred to as “Construction Company”) with

the liabilities other than contingent liabilities acquired from the acquire, if the performances of the relevant

Guangdong Xinlu Advertising Co., Ltd. 2,293,108.00 2,202,670.83

12. On December 21, 2005, the Company's plan for share holding structure reform was voted through at the

He Bing Chief Counselor In office Female 48 April 16, 2013 April 16, 2016

Nature Book balance at year end Book balance at year beginning

,878.33 1.91 76.00 0.00 ,752.42

VIII. Information about Directors, Supervisors and Senior Executives

Auditors’ Report

capital by owners

section Co., Ltd.

3-4 years 231,000.00 115,500.00 50.00%

in June 1996.

below:

Name Relation with the Company

contract, the rest part will be sold or reclassified; the sale and reclassification is caused by the independent events

Titles engaged in the Starting date Expiry date of

3

Other

capital reserves (or

Proportion of cash dividend in the distributable profit (%) 100.00%

with the financial reporting of last year.

assets(%) ecrease

management information, concerned about the company's comprehensive development, actively attend relevant

for the performance of the current obligation.

Material deficiencies: potential misstatement≧1% Material deficiencies: potential misstatement≧1%

Equity of other

16 969.72

Shares

√Applicable □Not applicable

fits - defined contribution 286.00 19,307,440.91 19,307,726.91

and losses related to borrowings on the fixed assets shall be made treatment according to the principles of

Cash received as investment

Guangdong Shanfen Expressway Co., Ltd. Fully owned subsidiary of the parent company

Road service personnedl 83

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

1,406,250 1,406,250 Unknown

company, the company shall make necessary adjustments according to the accounting policies & accounting

Amount in this period

companies. The major asset restructuring will have a profound impact on the future development of Guangdong

Association of Central Committee of the Communist Youth League, and part time professor of management

Yunfo Guangyun Expressway Co., Ltd. Fully owned subsidiary of the parent company

meeting, duly performed its duties,Operated the company management team,In the key year of comprehensive

Development Co., Ltd. was held of May 10, 2012. The meeting examined and adopted the proposal Concerning

237.77 76.57 6.08

39.74 24,726,394.26 24,726,434.00

(4)The ending balance of other receivables owed by the imputation of the top five parties

49.54 .54

Securities trading settlement funds balance 32,084,893.35 32,084,893.35

fixed assets, intangible assets 97,152,722.60 234,514,570.92

(1) The components should be immediately sold under the current condition only according to the usual terms of

Amount of influence of minority interests(after tax) 8,647,449.75 -134,622.25 -27,488,339.94

No

economy is the critical factor that influences the traffic volume. The Guangfo expressway and the Fokai

debt stock

40. Non-Operation income

75

The Company planned to purchase the 25% stock rights of Fokai Co., Ltd. which is held by Guangdong

59

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

that the period of intangible assets to bring the economic benefits to the enterprise can be prospected, it shall be

construction

The entrusted loans shall be made bookkeeping according to the actually entrusted loan amount. The receivable

Other explanation :

Balance in year-end Balance in year-begin

Exprwss 40.79 1.04 91.83

ent reporting period period period g period period

Amount in year-end

statement.

43. Items of Cash flow statement

Amount of influence of minority interests 8,647,449.75

Name Registration place Business nature

Interest expenses 349,262,119.07 421,507,687.69

(5)Component of business cost

of fixed assets

20. Payable Employee wage

Co., Ltd.

□ Applicable √ Not applicable

shareholders' equity and the notes to financial statements.

gain/loss; Investment hold till expiration; loans and account receivable; saleable financial assets .The company

12,507.5

Account receivable 50,610.00

balance

IV. Basis for the preparation of financial statements

Xinhui Fuhua Economic Trade The shareholders have not relieved the restrictions yet after the

Manager,

Number of important

If the fair value of financial assets for sale greatly drops at the end of the period, or after considering all the

Total 150,000,000.00

132

The straight-line method 5-8 years 3%-10% 11.25%-19.4%

Other Account receivable Guangdong Xinlu Advertising Co., Ltd 1,227,244.26 1,105,350.72

Ltd.

2.Holders of other equity

Total of non-current assets 11,053,730,489.25 11,858,241,909.21

Highway

Chairman of the exterior supervisory committee.

□ Applicable √ Not applicable

630,483,249. -150,563,16 -150,563,16 479,920,0

□ Applicable √Not applicable

activities activities

2. Main Conditions of Overseas Assets

2015 year on year. In January, due to the construction of “White and Black”special project, the toll revenue of

Shareholders in the Shareholders in the

□ Applicable √Not applicable

financing activities

period

Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company

VII. Analysis of the Main Share Holding Companies and Share Participating Companies

provision for single

Fixed assets 6,591,106,343.61 54.44% 7,176,766,024.73 57.35% -2.91%

Body for Internal Control. The Company was approved to engage Guangdong Zhengzhong Zhujiang Certified

Transportation and other ancillary facilities 2,030,492.34

City maintenance and construction tax The actual payment of turnover tax 7%、5%

Amount in this period

cost of the liabilities

Professional

period the benchmark lending rate to fall 10%, the real interest rate bonds payable due within one year was 6.79%.

Unit current account 15,729,815.81 25,170,664.85

8,681,088.00 8,401,056.00

credit risk

competition, implementing dynamic assessments and carrying out the reward and punishment. Implement the

quoted by People’s Bank of China on the first working day after 2013 annual shareholders’ general meeting makes

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

5. Other Relevant Information

to) shall be deemed as “general deficiencies” in the phenomena such as being slack in performing

71

Incl:Business cost 464,213.40 464,213.40

Co., Ltd.

ultimate controlling party that acquired by the combined party on the combination date. The capital reserves shall

interests) plus the related trade expenses is recognized as initial amount when obtained.

other

Tax returned

Over

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

illustration meeting of the company’s business performance of year 2015; aggregately participated in 11 times of

When financial asset transposition occurred, the recognition of this particular financial asset is terminated if

42

Guangdong Hualu

have a significant impact on the reliability of the

amount ofthe 1,014,340.00 1,014,340.00

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Guangdong

(2) Change of main accounting estimates

2,130,510 2,130,510 Unknown

Section Co., fueling, salvage and supply of parts and

Year-end balance Year-beginning balance

Partnership)

The total number of the in-service staff(person) 1,379

Non-current assets:

Name Related party

Guangdong Changda Highway

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Short-term loans 150,000,000.00

Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative: Li

provision by group of

Guangfo Company Refers to The controlling subsidiary Guangfo Expressway Co., Ltd.

Items Amount of this period Amount of last period

twice (Yes/No)

Sustainable debt

Other account payable 186,766,854.50 369,325,097.99

2.Providing of

center

(2) Recognition of Possible Impairment Assets

Guangdong Xinyue Communication Investment Co., Ltd. Fully owned subsidiary of the parent company

share) period(share) period(share)

holding B share and overseas corporate shares will be determined according to HKD:RMB bank’s Middle rate

(2)There are material misstatements in the current the company's daily operation and management

√ Applicable □ Not applicable

consolidation

equivalents at the beginning of term

Items Amount (2015) Amount (2013) Notes

revised.

50,001,378.67 335,012,507.50

plac e d in She nzhe n Stoc k

Items Year-end balance

transformation, project investment, operation and management,

3,041,722.04 3,602,575.90 3,041,722.04

He Bing Female 48 In Office 40.82 No

Total of capital 1,257,117,748. 1,257,117,748.

Disclosure date of appraisal report on

(3) Successfully completed the toll cancellation compensation application work of Yantianao tunnel. Utilizing the

Transportation

(2) Adjustment process of accounting profit and income tax expense

In RMB

(6)The amount of the assets and liabilities formed by the transfer and the continues involvement of

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

1.Opening 1,460,270,190. 8,547,420,760. 10,841,164,262

The company in 2014 recovered arrears of RMB 8,000,000.00, rushed back to the provision for bad debts and write off u

exceeds the minority shareholders’ portion of the opening balance of owners’ equity of the subsidiary, the excess

□ Applicable √Not applicable

invested cash of RMB 286.992 million to subscribe for 89.685 million shares. Staff of the Company invested

attitude which is responsible for all shareholders and keeping in close contact and communication with the board

184,281,067. 3,709,072,8 2,121,939, 1,593,039,0 1,537,143,8 40,623,208. 229,468,52 3,367,963,8 2,261,632,50 1,510,947,1 1,616,491,8 95,637,640.

Long-term equity investment income by equity

for Listed Companies of CRSC.

long-term assets

109

30

I.Cash flows from operating activities

Guangdong Jiangzhong Expressway Co.,ltd. 19,708.00 Quality guarantees fund

8.Recognition Standard of Cash & Cash Equivalents

Development Business

Balance of the withdrawn

Decease of operating receivables -22,234,654.77 21,906,313.71

reporting reporting

68

Other cash received from business

Transfer of Change of shares

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

2. Complete assets

25

optimized allocation, raising funds by means including

Fokai Expressway 46527879 9.45% 113964.85 6.11%

the toll roads and shall be recognized in the actual charge.

3 of Financial Statements”.

Whether the

periods it adopts when preparing the consolidated financial statements.

(1)Other account receivable classified by category

more than 100% of the transaction price. Not more than 100% of the transaction price assets to be purchased .

Insurance receivable

current income account

III. Impairment

high liquidity, easy to convert to know cash, low in risk of value change, could be recognized as cash equivalents.

Of which the significant write-off other accounts receivable:

Government Subsidy 480,000.00 150,000.00 480,000.00

“material deficiencies”: which caused the large-extent damage to the

The general deficiencies reported to the

The Company strives for support in policy from the superior, strengthen the decision-making mechanism of listed

Total 36,000,288.14 36,279,711.39

Total 1,379

Guangdong Shenshan West Expressway Co., Ltd. Project fund 213,000.00 120,000.00

Ltd.

Mr.Zhu Zhanliang, The Company leader, Mr. Wang Chunhua, General Manager, Mr. Fang Zhi, Chief financial

√Applicable □Not applicable

Guangdong Jingtong Highway

88

Disclosure date of audit report

operation, net

with variations accounted into current

IV. Book value

The Company strictly followed the requirement of laws and regulations in ,< the Securities

Deferred Income Tax Temporarily Deductable

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Shareholders (%) the End of the Period

Accounting Standards for Business Enterprises and China Accounting System for Business Enterprises.

delivery of the cash or other financial assets are fulfilled by the company. The policy of the company is to ensure

provision by group 26.52% 1.76% 19.35% 2.23%

Incl:Business cost 867,986,027.55 848,547,244.47

Add:Net profit attributable to the owners of

Further optimize the existing asset structure. Of the existing participation project, for high-quality projects which

□ Applicable √Not applicable

In RMB

category code Abbreviation measurem beginning of the changes in equity the this the this reportin of the reporting

Including

□ Applicable √ Not applicable

persons in Name of other organizations remuneration or allowance

Television Networks

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

(2)Other Out

(1) Steadily promoting the study of financial equity investment and industrial M & A fund. In order to actively

2011 is RMB 667,959.27 which had been offset from the provision for

The Company confirms the temporary differences of the taxable that is not paid in the current and prior periods as

IV. Net profit(“-”for net loss) 267,417,495.44 193,054,590.16

1,534,9

shareholders of the Company. The content of related transactions was fully, timely and accurately disclosed, which

Disclosure index of appraisal report on

Other explanation :

Cash received from sales of goods or

proportion of the balance of intangible assets

adjusted and accounted as current gain/loss.

Guangdong Expressway Co., Ltd. 8,746,491.18 Unsettled

√ Applicable □ Not applicable

in light of their fair values. As for any intangible asset acquired in a combination, if its fair value can be measured

Feng Ke Tiandiyuan Co., Ltd Independent director Yes

III. Outline of Company Business

Guangdong Expressway Board chairman, Secretary

incomes in the disposal of the investment. 2) In the consolidated financial statements, the equity of the purchased

91

no)

fied as held for sale:

Yuezhao Sharing Guangzhao Expressway, old highways and RMB 818.3

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

parent company

The straight-line method 5-15 years 3%-10% 6 %-19.4%

(2) The recognition principle of the services provision is as follows:

Long-term receivable

ofthe period

balance 66 60 .78

operating period of Guangfo Expansion,at present the relevant assessment report is submitted to the relevant

Other non-current asset 1,176,432.55 1,176,432.55

assessments, the auditor considers internal control relevant to the entity‘s preparation and true and fair

Shunde Longjiang Suxi The shareholders have not relieved the restrictions yet after the

Subtotal within 1 year 11,877,151.67

minority interests and the portion of net assets consistently calculated from the acquisition date (or the

Loss on investment -505,392,075.50 -419,963,723.25

16

1. The board of directors has an audit committee composed of three directors. i.e., Mr. Tang Qingquan , Mr. Feng

X. List of the received researches, visits and interviews

Notes :

Account receivable

predetermined objective.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Insurance fee earned

Operating income and expenses other than the aforesaid items 24,879,481.73

Ltd.

2.The profit for 2015 is to be distributed as follows: RMB 188,567,662.20. is to be allocated as the fund for

labor services finished. If the labor services started and completed in the different fiscal year and under the

status from the Company company related party

Ltd. To pay the transaction cash consideration, the transaction taxes and supplement working capital of listed

Total liabilities 1,760,446,354.34 1,000,668,734.21 1,695,208,470.60 1,041,121,502.51

-500,338.15 -277,966.53

Type Financial Report Non-financial Report

Depreciation of fixed assets, oil and gas

N/A

4. Successful completion of information disclosure work of year 2015 by the company.

recorded into the annual expenses outside of operation in 2013.

Subtotal of cash inflow received from operation activities 1,579,916,975.49 1,506,463,726.69 4.88%

(or loss) is far below (or above) the estimated amount.

confirmed according its current value.

2013 62,855,887.40 127,777,721.75 49.19% 0.00 0.00%

Other Account receivable Guangdong Guangle Expressway Co., Ltd. 37,020.23

3. Social insurance

Transportation and other ancillary

mechanism for talent selection and personnel incentive and restraint mechanism. Mobilize staffs’ subjective

China Securities Regulatory Commission.

opinion.

1. Capitalizing of capital

Account payable Guangdong Maozhan Expressway Co., Ltd. 150,750.00

If there is the impairment for one asset, the company shall estimate the recoverable amount based on the

The company's business for the Guangfo Expressway and the Fokai Expressway toll collection and maintenance work, the

In RMB

Equity management, organization of asset reorganization and

from the early cancellation of Jiujiang Bridge toll fee will be compensated by Guangdong Communication Group.

3.Other

(IV)Internal transferring of owners’ equity

Derivative financial liabilities

affairs Department , Project Office and Labour union etc.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Name Nature Aging

Beijing Shibang Weilishi Property Management 393,331.00 Deposit

52

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Affairs Department, Management Department, Financial Management Department, Base construction Department,

Shareholders’ 44.76% April 17,2015 shareholders' general meeting in

Expected liabilities

The following situations (including but not limited Material deficiencies: serious violations and being

Receivable accounts Bad debt provision Proportion Reason

1,311,658.00 8,918,094.77 10,229,752.77

The obligation of financial liabilities are already cancelled which should be stopped confirming the financial

elfare, medical insurance, work injury insurance and maternity insurance and other social insurance, housing fund

7.Joint venture arrangements classification and Co-operation accounting treatment

adjusted.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

withdrawalbad debt 18,130,3 1,693,63 16,436,69 29,904, 1,658,571 28,245,949.

emission reduction 130,000.00 150,000.00

comparing with the amount before the selling or reclassifying the investments), the company will reclassify the

Leased experses 11,348,721.14 11,738,845.17

The remuneration of members of the seventh board of directors and supervisory committee was examined and

offset from the provision for bad debts. The recovered debt amount in

On February 5, 2016,the Company received the "Reply on Examining and Approving Guangdong Provincial

The Company is an infrastructure industry, with main business in developing and operating expressway and big

5.Union funds and staff

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

75,642,062.47 33,835,283.02

Items Amount of current period Amount of previous period

the company's sustainable development and raise the company’s value.

4. Other

Proportion n

with high-quality, obtained good communication effects with the investors.

quoted by People’s Bank of China on the first working day after 2014 annual shareholders’ general meeting makes

1. Capitalizing of

incorporation code

audit

Notes to the year-on-year change of the relevant data

2. Original of Auditors’ Report carried with the seal of Certified Public Accountants as well as personal signatures

Yunfo Guangyun Expressway Co., Ltd. Fully owned subsidiary of the parent company

Guangdo

(1) Other cash received from business operation

Guanzhu

shall be transferred into the current investment incomes on the purchase date.

Year-beginning Increase at this period Decrease at this period

Ltd.

The Company analyses and makes judgment of its serviceable life when acquiring the intangible assets.

In RMB

82

3,038,144.04 -149,097.85

No changes of controlling shareholder for the Company in reporting period

Loans and payment on other’s behalf

Expressway

Guangdong Zhengzhong Zhujiang Certified Public Accountants Co., Ltd.(Special Geneaal

nt of Withdrawal

loss

Communication Li Jing August 23, 2000 723838552

Expressway Co., Ltd. toll revenue losses of RMB 19,357,500.96; the court dismissed the plaintiff other

company's main business revenue and goals.

working conference for mergers and acquisitions of 2016 convened by Mergers and Acquisitions Deliberation

(I)Basic earnings per share

place Directly Indirectly

Investment Co., ltd.

the interruption is a necessary step for making the qualified asset under acquisition and construction or production

2.Objection of independent directors on some relevant issues

million & accounts for over 10% of the accounts receivable

Expressway Co., Ltd.

Subtotal of cash outflow received from operation activities 582,923,684.30 539,221,979.90 8.10%

Guangdong Fokai Expressway Co.,

In RMB

Guangdong

N/A

Cash dividend distribution policy

the company shall adjust them on the combining date according to the accounting policy it adopts, and shall,

Including:preferred stock

37,679,784.9 112,647,420 330,000,75 67,580,844. 128,345,73 14,955,461. 26,677,726. 179,662,563 294,335,939. 31,252,072. 192,345,332 7,415,605.6

Net cash received from subsidiaries and

Zhaoqing Guanghe Expressway Co., Ltd. Fully owned subsidiary of the parent company

-152,453,524.34 -5,765,891.10 -131,477,665.90

Other

Annual Announcement of Resolutions of the

1.10% of the net profit of the company, i.e. RMB 26,741,749.54, is to be allocated for statutory common

Add :Net profit attributable to owners of the

For the long-term equity investment acquired by the debt reorganization, the creditors shall recognize the fair

In order to provide directional guidance for the company’s development for the next five years. The company’s

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Guangdong Communication Group, Since April 21,2014, He serves as Director of the Company.

4. Scope of consolidated financial statements

□ Applicable √ Not applicable

□ Applicable √ Not applicable

Balance in year-end Balance in year-begin

tal

(1) Recognition basis and accounting policies of reportable segment

Items ognized in pro

33

54

□ Applicable √ Not applicable

Special reserves

4. Credits and liabilities with related parties

and components

Co., Ltd. 5years

Derivative financial liabilities

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Guangdong Tianhe Agricultural

Other 48,517,149.71 3.14% 46,395,242.93 3.19% 4.57%

Items Balance in year-end Balance in year-begin

0.91 20.45 20.45 444.90

.80

3,340,240.00 Unsettled

N/A

Financial liabilities measured at fair

Add: Impairment loss provision of assets

Ltd. payment and it is in serious insolvency. Our company had moved the

with Profit over 10%

plans

Mainly for the comprehensive

48

In RMB

purchaser should be taken as the initial confirmation amount; if it has the nature of financing, it should be

Fax 020-38787002 020-38787002

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

3,091,798.85 Unsettled

reserve fund.

relevant factors and expecting decrease trend is non-temporary, the impairment should be confirmed, and the

□ applicable √not applicable

Current liabilities 817,431,700.70 304,439,107.94 883,377,158.97 259,091,187.54

Within 1 year(Included 1 year) 0.00% 0.00%

Zhu Zhanliang Board Chairman Male 51 In Office 54.51 No

one in contract with our company.

Other 487

When the construction or production meets the intended use or sale of state of capitalization conditions, the Loan

2-3 year(Including 3 years) 581,687.85 6,786,964.00

(2)Investment to joint ventures and associated enterprises

Manager

rights, obligations and responsibilities, pipe

Li Zhuo 7,626,688 RMB Common shares 7,626,688

amortization

9.51

Net profit attributable to common shareholders of the Company 9.22% 0.37 0.37

Project fund 1,322,580.00 836,730.00

Deductible loss 35,476,938.38 8,869,234.60

No change

Name of the date/No. of Amount of implementa

Zhaoqing

Current liabilities

subsidiary of the Company

assets market in the current or the near future adversely affect the company.

Information of the Company’s top 5 customers

Announcement of Resolutions of the second provisional

November 2000. After the transfer of state-owned shares, Guangdong Communication

internal control are invalid;

V.Net increase of cash and cash

Items Balance in year-begin Increase in this period Payable in this period Balance in year-end

and railway project operation and relevant industries, technological development, application, consultation and

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

general managers, chief accountant, chief economic engineer and chief engineer were directly appointed by the

defined contribution plans and recorded onto the current profits and losses or the relevant asset costs during the

signing guarantee parties

Exprese of fine 47,525.84 23,444.82 47,525.84

(III)Profit allotment

company(RMB)

available-for-sale financial assets

1.Wages, bonuses,

142

Disposable financial asset 1,796,056,064.29 1,946,619,228.45

meetings held by the company in 2014, published an independent and objective advice on relevant matters for

interest and presented as “minority interest” in the consolidated balance sheet within owners’ equity. The portion

adopt the same depreciation policy as its fixed assets for the investment real estates measured by the cost

did not have negative influence on the Company.

Legal person

group combination amortized by the corporate assets and the goodwill). The book value of goodwill in the

6. Other current assets

(II) Investment or decreasing of capital by 12,507.5

to) shall be deemed as “material deficiencies” in the sentenced to heavy fines or need taking criminal

Share capital 1,257,117,748.00 1,257,117,748.00

Co., Ltd.

Receivable accounts with large amount individually and bad debt provisions were provided

Other explanation

putting best efforts to carry out the related works. On Jul 23, the asset restructuring plan was approved by the

equity instruments

Balance of the withdrawn

which assets impairment provision is made)

3. Differences between accounting data under domestic and overseas accounting standards

State-owned enterprises reform theme equity State-owned 0.61% 7,700,000 7,700,000 0 7,700,000

Group Co.,Ltd restricted shares held by the shareholders has expired.

1.Re-measurement of defined benefit pl

Directorate expenses 37,603.00 435,972.00

Date of Guarantee

Purchasing assets 214,300.00

The Third provisional Provisional 45.06% December January 4,2016 Announcement of Resolutions of the

Kangda Expressway 2238682 -4.61% 23424.93 -2.20%

party held before the purchase date should be measured again according to the fair value of the equity on the

1,257,11 1,534,771 253,056,23

To offset the input tax 28,751.52

ates during the year 0 00 0 0 00 11 0

26,741,7 -26,741,749

served in Accounting Department of Management School of Zhongshan University since June 2002. He serves as

Guangdong Maozhan Expressway Co., ltd. 40,100.00 Quality guarantees fund

Guangdong Provincial Expressway Development

① The market price of assets fall sharply in the current period, and the decline is obviously beyond that estimated

Nature Closing book balance Opening book balance

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

□ Applicable √ Not applicable

7

3. Prepayments

Year-end balance Year-beginning balance

comprehensive 469,386,906.79 70,043,128.20 388,866,870.83

2,068,686.21 2,068,686.21

I.Balance at the end of last year 1,257,117,748.00 108,217,274.24

the defendant Foshan Nanhai Yuhang ship Services Co., Ltd. and Yang Xiong compensated the plaintiff Fokai

(2)When the joint venture company for joint operations, confirm the following items and share com

II. Financial statements

□ Applicable□ √ Not applicable

In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to

In the groups, other accounts receivable adopting other methods to withdraw bad debt provision:

Investment to

Investee Period- Period-beg Period proportion the

Goodwill

9.Pursuant to the approval of Shenzhen Stock Exchange, 53.0205 million staff shares of the Company (132,722

receivable provision

Before the change Increase/decrease(+,-) After the Change

securities regulatory institution due to accounting

Net profit

Total of Consistent fair

stock Income provision equity

China Securities Finance Co., Ltd. 4,144,500 RMB Common shares 4,144,500

3.Amount of shares paid and accounted as owners’ equity

interests

92

Guangfo Expressway Co., Ltd. Guangzhou Guangzhou 75.00%

Company has been conditionally adopted.

Explanation on associated relationship among the aforesaid Co., Ltd.. It is unknown whether there is relationship between other shareholders and whether they are persons taking

companies, the amount of matching funds to be raised no more than RMB 1650 million, assets to be purchased no

The profit distribution proposal reviewed and approved by the boarding meeting was summarized as follows:

In RMB

Entrusted Loan recovered 8,000,000.00

2-3 years(Including 3 years)

510100

332,632,828.69 782,174,175.59

Share Capital Shares Specialized Surplus Attributable shareholders’

recognized directly as financial assets measured at fair value and their variations are recognized as current

4.Closing balance

(4)Details of the un-recognized deferred income tax assets

complete business and the ability of independent operation. All business decisions of the Company were made

the current taxes payable) and the deferred tax (the deferred tax expenses or income ), but excluding the

period

Other

January2013 , He serves as Deputy Minister of Investment Management Department of Guangdong

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

□ Applicable √Not applicable

Total 1,038,161,266.63 927,520,599.50

Computer

through the consolidated statements and the accounting by the equity method, the overseas financial statements

Financial expenses 160,822,480.70 183,477,144.43

current period

the state’s policies)

Complete the extension construction of Guangfo Company. and restart to verify the operating-period work. The

(1) Book value of the financial asset to be transposed;

Tianjing Guangyu Development

subsidiary incurred from the beginning of the current period to the end of the reporting period shall be included

ZhaoqingYuezhao Highway Co., Ltd. 273,153,345.90 39,171,941.01 38,048,040.00

ng Yueke

The Company takes RMB as the standard currency for bookkeeping.

□ Applicable √ Not applicable

Other Account

18 .18 .81 20 09 28 53 .12 7 00 03 85

estimated the service life and amortized in accordance with the amortization policies for intangible assets with

(1) Lists of income tax expense

2. Revenue and cost

provision in the

so forth responsibilities and continually enhanced the construction of internal control system and continually

Dongguan Yongyao Optoelectricity Technology Co., Ltd. 212,000.00 Within 1 year 11.07

use, but hasn’t been made the final account; it shall be carried forward to a fixed asset according to its estimated

Manager 2015

Co., Ltd.

and Shenzhen Stock Exchange, the board of directors further enhanced the garnering, feedback, filing and

ng bonus of

1.Major Changes in Main Assets

balance between the carrying amount of the net assets obtained by the combining party & the carrying amount of

Net profit attributable to the shareholders of the

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Other receivable Bad debt provision Withdrawal proportion

□ Yes √No

Year parent company in

its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure

offset the losses in the taxes, the company shall not pay the income taxes and considerate the influence on the

General Manager dismissal of general manager

Main assets Major changes

Description of the guarantee with complex method

Purchasing assets 5,771,846.00

investment Co., Ltd once paid RMB 18,000,000.00 into Kunlun Securities Co., Ltd. Qinghai Province Xining City’s

general meeting 16,2015

-150,563,164.16 522,265,975.68

Ltd.

Total sales amount to top 5 customers (RMB) 0.00

sive income hareholde

financing activities

Book value

Chinese Abbreviation 粤高速

Reverse repurchase treasury investment incom

disclosure Complete

held(%) period -end held shares held

Net profit 787,421,508.59 156,687,764.02 697,346,058.54 157,718,418.13

□ applicable √not applicable

The Company had no preferred shares in the reporting period.

□Applicable √ Not applicable

(2000) No. 574 document, the state-owned shares were transferred to Guangdong Communication Group Co.,

Investment Income 505,392,075.50 78.67% Equity investment income Sustainable

3.Decreased

Zou Huiming Supervisor Dimission Male 51 April 16,2013 March 6,2015

□ Applicable √Not applicable

85

10.88% 42.36% 11.56% 39.54%

Ltd.(starts from Hengsha, Guangzhou, ends RMB 200

and effectively completed the information disclosure of the major asset restructuring and the communication task

merchandise and services

Heshan Communication Real estate Development Over

1-2 years(Including 2 years)

Prepayments 1,994,822.56 1,250,000.00

18

Fixed assets 6,591,106,343.61 7,176,766,024.73

funds.

□ Applicable √ Not applicable

□ Applicable √ Not applicable

due to the passage of time or normal use.

Interest of company bonds 14,900,277.61 14,900,277.65

the parts sold.

method

(on which the certified public accountants in charge of annual audit issued standard unqualified opinions) and

investment comprehe impairment

and capital kept for brother company

The organization and management of the

4.Other

All fair values of financial assets and financial liabilities are recognized with reference to the price in the active

gain/loss attributable to the shareholders of listed 87,373,228.21 140,656,775.94 151,723,812.80 62,408,686.52

CPAs engaged

significant breakthrough in the capital operation for listed companies of expressway, wildly praised by the peer

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

4.Investment income

Other Account receivable Zhaoqing Guanghe Expressway Co., Ltd. 189,397.72

merchandise and services

Related party Initial date Due date Notes

(2) Actively carried out the documents of the company's strategic planning, clarified the overall positioning of

For the impairment test method and the impairment provision withdrawing method of the Construction-in process ,

Tang Qingquan Shenzhen Xiangjiang Co., Ltd. Independent director Yes

combination of on-site and online voting method to convene, so that adequately protected the-right-to-know and

actual interests in each accounting period. The interest amount should be adjusted in each period.

management but are not corrected within a awareness of management under in compliance with

insurance, work-related injury insurance, unemployment insurance, maternity insurance, housing provident fund

Current account of gelin enze 4,007,679.91 4,007,679.91

150,000

2.Situation of Substantial Stake Sale

Domestic natural person shares 731,568 0.06% -75,592 -75,592 655,996 0.05%

restructuring. The company had established the leading group and the working group of asset restructuring for

Guangzhou Chengcheng Auto Leasing Service Co., 10,000.00 Deposit

Over 5 years 1,658,571.80 1,658,571.80 100.00%

10

Guarantee of the Company for the controlling subsidiaries

Closing balance

517,560,876

accounting estimates made by the management, as well as evaluating the overall presentation of the financial

Fokai Expressway Working flow basis 30 years 0% Working flow basis

Mr. Zheng Renfa , He serves as Director, Master Degree,Senior economic engineer. From December 2005 to

Other investment-related cash received 142,082,019.44 1,034,359,286.47

deductible losses

Book balance Impairment provision Shareholdi Cash

Number of Board Number of

(4) The transfer shall be completed within one year.

control

s share-trading had been suspended since Apr 8, 2015 and subsequently, the company began the major asset

Changes of controlling shareholder in reporting period

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

CPAs currently engaged

companies held

Current account of re

was suspended.

Equity instruments Debt instruments

5. List of related-party transactions

Co., Ltd.

464,213.40 464,213.40

Jingzhu 312,905,0 72,032,35 384,937,3

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Changes is the controlling shareholder in

Beijing University, and independent director of Tande Co., Ltd. Currently, he is an independent director of Tianjin

Total 100.00% 0.47% 100.00% 0.43%

Guangdong Expressway

the shareholding proportion. The capital reserves shall be adjusted for the balance between the sums of the book

30.Accounting Methods of Income tax

when it is virtually certain that the reimbursement will be obtained. Besides, the amount recognized for the

In RMB

before inco Income tax o the parent

reclassified into profit or loss.

Net cash flow generated by investment 736,341,099.20 739,257,024.22

(1) Withdrawal

(1)Receivables

Accounts on other basis in group:

hou Gankang Expressway Co., Ltd.,Guangdong Yueke Technology Micro Loan Co., Ltd.and Guangdong Guangle

469,386,906.79 318,754,807.85

Total 286.00 19,307,440.91 19,307,726.91

independently. Its organs are complete and independent.

I.Balance at the end of 1,257,11 1,534,758 233,750,778

shares

continual increase of expressway demanded by social running, Highway still has a certain amount of room for

Stamp tax 3,698,872.87 5,582.71

information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and

1. Particulars about current non-recurring gains and loss

operation, by means of merger and acquisition of high-quality asset complying with the transformation, to jointly

of project

term.

Other investment-related cash received 20,000,000.00 8,652,012.00

In RMB

Comprehensive influence of accumulation in business, the obtained investment income,

eliminated in the toll revenue of Gankang Expressway, which led to decreases by 9.12% in the toll revenue of

Long-term payable 52,022,210.11 2,022,210.11

0.91 7.60 02.55 00.01 70.14 444.90

35. Business tax and subjoin

sustainable profitability of the main business of expressway has been further improved. Meanwhile, the company

receivable provision proportion(%)

99 217.30

Non-current asset disposal gain/loss(including the write-off part for

Internal audit report’s opinion Unqualified audit opinion

mation is incorrect, resulting in failure to pay a dividend or refund.

1.Other comprehensive income under th

The earning-related government subsidies that are used to compensate the relevant expenses or loss are confirmed

Name e Income tax rate

Other Equity instrusment Less:

fund.

The company shall recognize the positive balance between the combination costs & the fair value of the

In RMB

Cash flow generated by business

asset control and people management.

2.State-owned legal person shares 21,712,738 1.73% 21,712,738 1.73%

and are not amortized if it is impossible to expect the period when the assets could bring about economic interests.

IV.Total profit(“-”for loss) 642,415,932.53 411,989,815.46

Total 5,024,205.25

compensation that started from 2015 and divided into three years to be listed in the operating budget arrangement

Current assets 766,450,792.34 198,764,861.77 853,819,598.11 161,028,516.96

50

Zhaoqing Guanghe ExpresswayCo., Ltd. Project fund 81,000.00

Tax category Tax basis Tax rate

Financial expenses 342,004,056.37 401,972,752.87 -14.92% principal and interest rate cuts to

Total of current liability 1,729,051,865.17 1,125,477,129.45

√Applicable □ Not applicable

Expressway Co., 9,319,331.40

Short-term loans 150,000,000.00

Account payable Guangdong Changda highway Co., Ltd 8,993,525.00 8,993,525.00

agreement) not

Cash received from bond placing

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Name Method for recognition of impairment allowances

II.Non-continuous

(A4+B4+C4)

Notes of short-term loans category:

Chinese accounting standards

traffic infrastructure construction, highway and railway project

company with share As an ad hoc body directly under the Guangdong Provincial People's Government, commissioned

Other receivable accounts in Group on which bad debt provisions were provided on age analyze basis:

2. Equity in joint venture arrangement or associated enterprise

.Education surcharges The actual payment of turnover tax 3%

Machine Equipment The straight-line method 10 years 3%-10% 9%-9.7%

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Other Equity instrusment Minor

1,796,056,064.

268,889,649.54 110,841,443.58 51,583,744.98 346,987,778.08

I. Original price

(3) The supervisions made by the company's audit

2,149,189.00 Unsettled

Meeting of the Seventh Board of Directors,etc.

3.Held-to-maturity investments reclassif

Long-term equity investment company in Asian Kitchen & Bath City Co., Ltd.

Co., Ltd. management of Guanghui Expressway

Receivable accounts(Unit)

Expressway Technology Investment Co., Ltd. The Company has outstanding main operation, independent and

Failure to

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Other receivable(Unit) Other Bad debt

In RMB

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

personally

Guangdong Xinyue

Current accounts 1,470,000.00 4.08% 1,470,000.00

(1)Purchase 466,131.70 6,357,672.39 6,823,804.09

transportation construction company, purchase by cash of the Guangzhu East's debt held by the construction

The parent company The parent company

share from reserves

Management Purchasing assets 470,000.00

1. Calculation of Construction-in-process:The constructions in process are classified & accounted according to

187,783,48

In RMB

IV. Balance at the end of 1,257,11 1,534,771 253,056,237

125,000,000.00 December 11, 2014 June 23, 2015

Amount Explanation of cause Sustainable (yes or no)

Total -- 59,274,272.90 -- 82.92% 53,351,565.01

meeting in 2015 General meeting meeting.(2015-053)

Closing balance of

rest of the investments as financial assets for sale, and in the current accounting period or within two complete

Income tax expenses 262,961,558.97 51,559,142.39 233,477,471.57 52,529,265.75

(2)June 15,2007 early in the morning, The 325 Jiujiang Bridge collapsed on # 23 pier for ―Nanguijii 035‖

□Applicable √Not applicable

related to the foreign currency.

adjust the gain/loss of fair value.

online reception days for investor interactions and accumulatively answered about 200 questions, which timely

Independent directors seriously exercise the rights conferred by law, keep abreast of the company's production and

China Securities Regulatory Commission in the report period;

Zuo Jiang Secretary to the Board In office Female 43 manager start April 16, 2016

Increase/Decrease

Fokai

projects and engineering consultation

rending of services

relevant

Postal code of the Registered

Name Registered address Nature Registrated capital of the Company's of the Company’s

Communication Group , Since January 2013 , He serves Minister of Investment Management Department of

the equity of the purchased party held before the purchase date shall be transferred into the current investment

N/A

Announcement on Securities

601818 Everbright FVM 1,148,044,126.72 -150,563,164.16 479,920,085.76 997,480,962.56 availabl Self

Financial

above

dividend distribution for 2015. with the total shares at the end of 2015, i.e., 1,257,117,748 shares, as the base,

acquisitions. She is also the independent director of Guangdong Tianhe Agricultural materials Co., Ltd.

for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as

investment activities

Area

(5)The material deficiencies found and reported to

① The defined contribution plan: the company shall no longer bear the further obligation to pay severance

impairment

Enterprises to provide employees spouse, child welfare, dependents, survivors and other beneficiaries

Items Balance in year-end Balance in year-begin

Shenzhen

Announcement of Resolutions of the 25th (Provisional)

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

√Yes □No

receivable bad debts n%

disposition

The proportion of the total amount of actually guarantee in the net

164

allowances and subsidies

In RMB

beginning balance of the consolidated balance sheet shall be adjusted. The incomes, expenses & profits of the

Qinghai Province had made the judgment in accordance with the law

Group Co., Ltd.

Other explanation:

I. Bad debt loss 158,124.94 -8,720,894.01

Other explanation :

Items

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Supervisory Committee

he participate in the work of the former Xiangtan Municipal Audit Bureau Gongjiao audit cadre department,

3.Decreased

40

3. Recognition Basis of Inventories’ Net Realizable Values and Counting & Drawing Method of Obsolete

97,152,722.60 290,509,801.92

(5) Impairment Test Method and Withdrawing Method

In RMB

other financial bodies

Non-current liabilities:

-62,855,887.40 -62,855,887.40

assets assets liabilities assets assets liabilities

March29,2016

Office address: 10/F,Yuehai Group Building, No.555 Dongfeng East Road, Guangzhou

136

Other Account receivable Jingzhu Expressway Guangzhu Section Co., Ltd. 97,661.39

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

162

balance

Items Amount in year-end Amount in year- begin

9.28

Share Capital preferred Sustainable Shares in Comprehensive risk owners’

Available for sale financial assets

Previously rec tax at

Amount of current period Amount of previous period gains & lossed

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

subsidies amount and basis

Chen Wenmian In office Male 37 April 16, 2013 April 16, 2016

150,000 external guarantee at 150,000

(1) Withdrawal 151,345.20 1,814,432.66 1,965,777.86

Including:preferred stock

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

-500,338.15 -277,966.53

In RMB

437,056,934.15 399,180,309.18 202,939,671.65 91,475,167.93 146,186,134.18

Provisions of Reinsurance contracts

Total 1,378.67 12,507.50

the purchase date shall be as the initial investment cost of the investment. Other comprehensive incomes related to

(3)Whether the Company’s Physical Sales Income Exceeded Service Income

Provision method with material specific amount and provision of according to the shortfall of the present value of expected future

Name Current Total Total Current Total Total

□ Applicable √ Not applicable

Year-end balance Year-beginning balance

Expressway

Provision for bad Provision for bad

Less: Beginning balance of cash equivalents 561,800,403.72 976,468,685.82

Communication Group Co., Ltd. to provide a counter-guarantee.

1.Ordinary Shares invested by hareholders

Name Balance at year-end

(2) The enterprise has made resolution for the disposal of the components, the approval of shareholders’ meeting

2. Affiliated Company

169

390,974.70 4,660,074.64 5,051,049.34

I. Change ein shares held by directors, supervisors and senior executives

In RMB

Property tax 463,202.08 248,088.61

5. Approval of the financial statements reported

Account receivables actually written-off during the reporting period:

giving written auditing opinions.

Notes 1: In the report period, Mr. Yun Wujun attained the retiring age, resigned from the post of the Chief Accountant, 15,032 senior executives shares held by him

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

by independent directors as non-voting 4

period

2-4

480,000.00

current year 6 54

Quantity of unrestricted shares held at Share type

adjusted. If the additional paid-in capital is not sufficient to be offset, the retained earnings shall be adjusted.

√ Applicable □Not applicable

Ltd.

In RMB

Committee of CSRC, the issue of shares to buy assets and raise matching funds and related transaction of the

the company, nor brings any economic benefits to enterprise in future. According to the provision of Accounting

2018 159,669,821.53 160,626,365.98

Huaxia Securities Co., 5,400,0 5,400,000. 5,400,000. 5,400,000.

2,562,481.16

Other non-current asset 75,000,000.00 78,000,000.00

Yueke Guangzhou, Guangzhou, Hande all kinds

Fixed asset disposal

Cash received from investment

The term “Investment real estates” refers to the real estates held for generating rentand/orcapital appreciation,

assets held for sale assets. If the amount of the fair value minus the disposal costs is less than that of the original

Disclosure Date of

3.Available-for-

accounted as owners’ equity (when the asset to be transposed is saleable financial asset).

(2)Subtotal of investment activity cash outflows decreased year on year was mainly due to: Caused by the

Guangdong Guangzhou Expressway

Zhu Zhanliang Board Chairman In office Male 51 April 16, 2013 April 16, 2016

Independent

In RMB

year

Individual Income tax 3,553,367.89 2,630,647.57

Feng Wuchu 19,659,309 RMB Common shares 19,659,309

Net profit attributable to the

common risk

②For the business combination under non-common control, the initial investment cost shall be recognized

Net cash received from disposal of

Independent directors of the company allowance in accordance with the standards approved by the general meetin

Name Amount Time Proportion(%)

Zone International Trust and investment company plans to financial department deputy manager, Xinyue Co., Ltd.

shares at the price of RMB 11 per Right.73,822,250 ordinary shares were actually placed to all

Other payable Guangzhou Xinruan Computer Technology Co., Ltd 401,732.30 478,147.30

Production physical assets

(VI)Other 1,378.67

(3) Measurement of the Recoverable Amount of the Assets

1 No 0.00 0.00%

Employees’ wage payable 3,105,804.37 2,808,275.72

On January 14, 2016, the Company received the notice from CSRC. After being examined by the 4th working

provision

March

compensation

2.Holders of other

Equity in other

In RMB

2.Used this term

1,534,90 233,750,77 1,085,491,63 4,219,484,29

ancial statements

as an increase of 81.22%. The main reason of the increase is due to the combined influence of recovering the government’s compensation while having a reduction of

last year 7,748.00 ,715.57 .75

Statement in Notes 5 of Financial Statements”.

1. Provided this year

In RMB

other

Company’s business and granted under the state’s policies)

incomes. Other comprehensive incomes related to the equity of the purchased party held before the purchase date

concept, the company will not recognize the deferred income tax assets relevant to the undistributed deficit. For

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Call loan received

Content of related Amount of current Amount of previous Over the trading limit

3.Situation of the Significant Non-equity Investment Undergoing in the Report Period

services, highway and railway passenger and cargo transport, ship industry, relevant overseas businesses

24

Non-current assets

joint ventures and

② The significant changes in the economy, technology or legal environment operated by the company and the

In RMB

IV. Book value

Total guarantee Amount of the abovementioned guarantees

Expressway company Guangzhou-Zhuhai Expressway and million

-- --

137,771.71 77,312.85

58

Other comprehensive incomes refer to the profits and losses unrecognized in the current profits and losses

2.Opening book

Expressway Co., Interest 3,604,166.67 416,666.67

shall be measured in accordance with the fair value. The difference between the fair value & its carrying amount

Name in Chinese 广东省高速公路发展股份有限公司

Loaned

Gruarantees/Deposit

14. Long-term amortize expenses

Provincial State-owned Assets Commission shall coordinate in handling such problems according to the

Other 59,179,269.73 34,498,208.26

thatthecompany, its controlling shareholders and actual controller failed to perform or pay off.

Subtotal

-26,741,749.54

in accordance with the serviceable life of assets built or purchased.

(1)Project under construction

Consulting Company restricted shares held by the shareholders has expired.

1.Ordinary Shares

shareholders’ General shareholders’ 50.90% Second provisional shareholders' general

Sub-total of cash inflow from

ng

1,140,967,080.52 573,815,059.44 49.71% 6.35% 0.24% 3.06%

Guanghui Expressway 43192137 15.45% 170624.59 13.27%

The accounts receivable whose single amount is over RMB 1

1.State-owned shares 409,977,151 32.61% 409,977,151 32.61%

Total Total

company’s dividend and investment

stocks

assets of the Company(that is A4+B4+C4)

In RMB

(1)List of Account payable

editor of New Economy magazine. He was the former assistant of general manager, member of investment policy

The Company is mainly engaged in the toll collection and maintenance of Guangfo Expressway and Fokai

Measured by fair value 997,480,962.56 997,480,962.56 1,148,044,126.72 1,148,044,126.72

(4) Determination of Asset Impairment Loss

Shenzhen g Ganzhou Shenzhen Guangdong Ganzhou

Insurance discharge payment

(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affected

On November 2000, In accordance with Cai Guan Zi (2008) No. 109 Document of

Jiujiang Bridge is "toll collection period shall be no more than 20 years". The result of rectification is "toll

In the groups, accounts receivable adopting other methods to accrue bad debt provision::

running state. Actively guided the Guangfo Company and Fokai Company to do a good job for "Receiving

Business tax and surcharge 54,438,413.95 52,884,774.49

Operating income and expenses other than the aforesaid items 24,879,481.73 -838,802.06 -1,263,509.69

3 No 0.00 0.00%

(A3+B3+C3)

Five-Year” development plans and the company’s development strategy.

Surplus reserves 279,797,987.31 253,056,237.77

price.

175,416,96

Interest expense

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

accordance with their relative fair value, and the difference between the following two amount should be included

Guangdong Expressway Technology Investment Co., a wholly-owned

Share of net assets

Ending balance of cash 986,737,635.38 561,800,403.72

promotion project of human resource, optimize the organization setting and the post deployment, perfect the staff

recognized and made the treatment according to the provisions of the asset group impairment stated in the notes if

dividend of RMB 1.50 (including tax) is to be distributed for every 10 shares .The remaining undistributed profits

Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative: Li

Total comprehensive income

of credit risk

Successive years of the domestic CPAs offering auditing services 5

Has an independent director’s advice to the Company been accepted

Guangdong Guangle 748,348 748,348,30

charge collection. The concrete calculation method is as follows: The amount of provision for depreciation per

Companies Publicly Issuing Securities No. 15 – General Regulations for Financial Reporting (revised in 2014) by

(1)Disposal

135

Chinese accounting standards

In RMB

Interest or cash dividend occurred during the period of holding is recognized as investment gains. Change of fair

fund.

After the court accepted the case, the incident investigation team of Guangdong Provincial Government had

√ Applicable □ Not applicable

(1)Supplement Information for cash flow statement

Maternity insurance 27,118.50 794,390.37 821,508.87

union president, director; December 2014 – present, in current company, serve as Vice secretary of Communist

Total 2,689,986,240. 2,635,251,

measurement will be on the basis of amortized costs.

In RMB

149

period, mainly including the changes caused by the net liabilities and the net assets of the defined benefit plan that

Ltd.

Total 42,707,650.41 88.29

N/A

amount parties

recorded into the current profits and losses. The economic compensation after the official retirement date (such as

Domestic non

Guangdong Investment in and construction of Guanghui

shall be translated as the recording functional currency. Before the translation, the company shall adjust the

Total number of common shareholders at the end of the month from the date of

Total 17,259,744.96 464,213.40 38,226,359.03 464,213.40

year end beginning

income

Guangdong Xinlu

department of the company, and Finance department shall guarantee the company having the sufficient funds to

Other

3.Information about the controlling shareholder of the Company

other organizations of office term office term

The website to disclose the interim announcements on significant related-party transactions:

Party, Secretary of Discipline Inspection Commission and Chairman of the Labor Union.

premiums

Intangible assets 4,099,611.48 5,051,049.34

6. Impairment provision for financial assets

Yuezhao 273,153,3 39,171,94 38,048,04 274,277,

522,265,975.68 318,754,807.85 40,094,702.73 881,115,486.26

The measurement of holding the impairment provision of expired investment will be according to the method of

Changes in principal business activities

guaranteed parties

Engineering material 1,549,556.00 1,549,556.00

or relevant authority agency if the shareholder’s approval is requested by the rules.

income changes or profit provision provision

Work Experience in the past five years of Directors, supervisors and senior Executives in Current office

88.14 65.15 .99 711.39 5.15 4

Asian Kitchen & Bath City Co., Ltd. Labour service 2,440,958.00

Technology Co.,

Reason of individually withdrawing bad debt provision

-2,465,812.49

Advertising column lease 236,250.00 236,250.00

(1) Category of long-term loan

1. Consolidated balance sheet

Other

reserves (or to capital

In RMB

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Items year-begin period Other loss Balance in year-end

Cash paid as dividend, profit, or

Long-term borrowing rate is due within one year benchmark lending rate over the same period or the same

3.06

The company recognizes the sum of current income tax and deferred tax as the income tax expenses(or income) in

Deposit interest income(-) -8,118,036.09 -20,092,868.28

√Applicable □ Not applicable

ent in technological industries and provision of relevant consultation while investing in Shenzhen Huiyan Express

Account receivable Guangdong Kaiyang Expressway Co., Ltd. 178,414.29 364,142.79

143

beginning of the subsidiary to the disposal date shall be included into the consolidated profit statement. The cash

ofthe period

Names of the certified public accountants from the domestic CPAs Wang Shaohua and Yao Jing

instruments/amortized

6,797,508.13 6,797,508.13

□Applicable √ Not applicable

Increase of deferred income tax assets -7,623,297.88

in year 2015 and all the reports were in line with the requirements by Shenzhen Stock Exchange.

As for the assets other than intangible assets acquired from the acquire in a business combination (not limited to

Co., Ltd.

2 No 0.00 0.00%

Capital Sustainable Other reserves in reserve reserves profit equity

and the assets exchanged into or out can be reliably measured, unless there is authentic evidence indicating that

Expressway 20.00% Equity method

Fokai Expressway 1,140,967,080.52 73.83% 1,072,861,668.07 73.73% 6.35%

9.00%

Communication Purchasing assets 2,434,148.61 3,639,312.14

Guangfo Expressway Co., Ltd. 25.00% 10,475,746.62 5,765,891.10 82,610,147.87

Services Co., Ltd

3. Working together for providing compliance support to the major asset restructuring

financing activities

I. Cash

Measured by cost 835,368,301.73 36,793,200.00 798,575,101.73 835,368,301.73 36,793,200.00 798,575,101.73

customers, and carries out the continuous monitoring of accounts receivable through monitoring the credit of the

Company owns independent power of personnel appointment and removal.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

& Bath

599,455,250.50 69.06% 567,890,546.79 66.93% 2.14%

8

1.83

implemented by the investment enterprise.

34.Operation income and operation cost

subsidiaries will be included into the consolidated financial statements.

Items Land use right Patent right Non-patent right Software Total

XXI.Information about the corporate bonds

1,000,000 997,000,0 67,899,99 997,000,0

be measured reliably. (2) the economic benefits relevant to the transaction will flow into the enterprise. (3) the

V.Explanation of the Supervisory Committee and Independent Directors (If applicable)on the Qualified

transferred into the profits and losses in the current period – income taxes = other comprehensive incomes belong

Capital reserves 1,534,772,601.74 1,534,771,223.07

(1)Investment to the subsidiary

are recognized as current gain/loss; other financial liabilities.

Items Amount of this period Amount of last period

(%)

In RMB

-- Goodwill 241,995.07

beginning of current year 7,748.00 ,715.57 .75

Amount at year end

provisions

internal control

accountant. an accounting professor and doctoral tutor of Management School of Zhongshan University, he has

Total of Company’s guarantee(namely total of the large three aforementioned)

measurement fair value

5.74%

section Co., Ltd.

director

assets and other long-term deferred assets

Wu Guangze Supervisor In office Male 48 March 23, 2016 April 16,2016

Other cash paid for business activities 37,419,882.44 102,667,132.31

the remuneration scheme and appraisal scheme for senior executives of the Company for 2013.

Amortization of intangible assets 1,965,777.86 1,652,237.13

Development Co., Ltd, restricted shares held by the shareholders has expired.

The financial department of the Associate

□ Applicable √Not applicable

All the directors attended the board meeting for reviewing the Annual Report.

Investment Co., Ltd

Special reserves

□Applicable√ Not applicable

V. Particulars about employees.

Center, tutor of postgraduate students and postdoctoral students, principal of postdoctoral working station, and

I. Main Business the Company is Engaged in During the Report Period

transportations expenses

recognized deductible temporary differences or deductible loss

□ Applicable √ Not applicable

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

current income account

Work injury insurance 353,824.93 353,824.93

weighted averages method or the first-in first-out method.

Incl: Dividend and profit paid by

Organization Code 19035210-2

the Beginning of Report the Beginning of Report

capital common reserve into 419,039,249 shares on 5-for-10 basis with the total share capital as of the end of 2000,

securities investment fund Legal person

Locality Education surcharge 955,695.13 923,745.05

Public Accountants Co., Ltd. as the auditing body for internal control of the Company for 2015. The audit fee

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Beijing Genlin Enze Organic Fertilizer Co.,Led. investment cost was RMB 6,614,483.90, for the 35% stake.

Kunlun Securities Securities trading set 49,343,885.10 Over 5 years 69.02% 49,343,885.10

The economic compensation before the official retirement date shall be belong to the demission welfare when the

(V) Special reserves

Expressway. Meanwhile, it has invested in or holds Shenzhen Huiyan Expressway Co., Ltd., Guangdong Maozhan

the Annual report of the Company

Guangzhou Guangzhou industries and 100.00% Investment

Description

statements

Guangdong Shenshan West Expressway Co., Ltd. Fully owned subsidiary of the parent company

shareholders office term of office term allowance from the

Net increase of client deposit and

Total 4,709,312.20 4,868,022.79

Minister of Comprehensive Affairs of the company .

(1) List of available-for-sale financial assets

1.Number of staff, professional structure and educational background

Section Co., Ltd.

In RMB

long-term equity investment

Assets held for sales

inspected by the precheck team of the group company.

Contingencies to measure the estimated liabilities in accordance with the best estimate of the necessary expenses

determined at the shareholders’ general meeting in 2012.The remuneration of the senior executives is determined

(1)Total

□Applicable √ Not applicable

accounting for the operating income on the 100.00%

(3)The top five other account receivable classified by debtor at period end

financing materially, the cost of intangible assets is determined on the basis of the present value of its buying

ements did not change compared with the previous period,Refer to Notes VI, Notes of financial

associated

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

interests) is recognized as initial amount when obtained.

Gross profit revenue in the same business cost over

and commission

The recognition of the asset group should be made on the basis of the main cash inflow generated by the assets

Other explanation :

12,507.50

controlling

117

1. Credit Risk

them to accept lay-off. Such compensation is demission benefits and counted in current profit and loss. The

Delayed settlement, separation and

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

-- --

Renovation fee 4,955,719.12 7,088.22 1,701,251.66 3,261,555.68

Expressway

Asia Asset of Hong Kong

Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax

Maintenance Co., Ltd. Gruarantees/ Performance Gruarantee

maintenance of roads, bridges, and car rescue, maintenance, cleaning, concurrently with the company's business s

Standards of Defects Evaluation

Communication Purchasing assets 1,027,925.71

Zhaoqing, Zhaoqing,

Financial assets measured at fair value

Total 1,914,808.89 -- 963,349.67 --

State-owned Assets supervision Guangdong Provincial People's Government,

□ Applicable √ Not applicable

work area, sub-divisional inspector of Guangdong Province Pingyuan Road branch, the Deputy Secretary of

group that if is independent to the cash inflow of other assets or assets group.

Accounts

In RMB

in Notes 3 of Financial Statements”.

Total -- 1,148,044,126.72 -150,563,164.16 479,920,085.76 0.00 0.00 0.00 997,480,962.56 -- --

plan. Around the Company’s strategic goals and transformation development, actively explore suitable restraint

Other payable Guangdong Boda Expressway Co., Ltd. 19.41

1

Assets held for sales

141

Including:preferred stock

Guangdong Boda Expressway Co., Ltd. Fully owned subsidiary of the parent company

Investment Approved by the

Notes to the big difference between cash flow from operating activities and net profit in the reporting year

Technology

requirements of the document.

Company.Since October 2015, He served as General director of the Company.

To all shareholders of Guangdong Provincial Expressway Development Co., Ltd.:

4.80 .80

(1).10% of the net profit of the company, i.e. RMB 13,195,496.53, is to be allocated for statutory common reserve

Ltd.

ofthe period

Construction in progress 17,125,070.14 2,974,467.60

①Impairment provision for financial assets for sale:

All directors and supervisors of the Company were elected through legal procedure. The general manager, deputy

Name Add

Odd proje 2,974,46 16,521,4 2,370,87 17,125,0

Guangdong Guangdong Management

Guangdong Hualu communication Technology Co., Ltd. Fully owned subsidiary of the parent company

Items Book value Reason

8.Main Financial Index by Quarters

Domestic non

(2)Composition of cash and cash equivalents

Xinhui Communication The shareholders have not relieved the restrictions yet after the

5,209,289,822.59 5,016,176,476.09

III.Cash flow generated by financing

(2) Top 5 of the closing balance of the prepayment colleted according to the prepayment target

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

management of road, bridge and culvert

Amortization of long-term deferred fexpenses 1,770,241.07

2.Employee welfare 299,000.00 21,676,775.93 21,975,775.93

Ltd.

gains/losses in the subsequent accounting

(1)Guarantees

Sub-total of cash inflow due to

Mr. Wang Pu, an independent director of the Company, has been the first MBA of Peking University, National

assets can be divided into overall transfer and part transfer of financial assets. If the transfer of financial assets

profits & losses at the current period.

and railway project operation and relevant industries, technological development, application, consultation and

1.Other comprehensive income under the

Items Balance in year-end Balance in year-begin

Non-operating income 28,448,162.03 4.43% Not sustainable

IV. Balance at the end of this term 1,257,117,748.00 20,742. 479,920,085.76

Items Amount in year-end Amount in year-begin

easured after.

Total of owners’ equity 6,128,407,125.79 5,871,016,542.19

153

Proportio Proportio value Proportio Proportion(

According to the notice from the majority shareholder- Guangdong Transportation Group Co.,Ltd, the company’

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Total 71,481,895.12 83,256,085.98

Total 5,053,688,539.24 5,053,688,539.24 5,108,422,809.68 5,108,422,809.68

disposal

1. Closing fair value of assets and liabilities calculated by fair value

N/A

□Applicable √ Not applicable

Book balance Book value Book balance Book value

539,430,034.99

Account receivable Guangdong Jiangzhong Expressway Co., Ltd. 177,372.00

Amount in year-end Amount in year- begin

27. Bonds payable

Name Wang Shaohua, Yao Jing

Shares This Term This Term End of the Term Removal

transportations

23. Dividends payable

In RMB

(5)Confirm the individual expenditure and co-operate business cost based on shareholdings.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Company)

Office Starting date of Expiry date of at the shares increased decreased at the Other changes Shares held at the

-125,711,774.80 -5,765,891.10 -131,477,665.90

N/A

prepaid accounts, other receivables, long-term receivables, etc. The contract or agreement price charging from

5.The Company distributed dividends and capitalized capital common reserve for the year 1996 in the following

income taxes caused by the sellable financial assets.

Type Total

□ Applicable √ Not applicable N/A.

Other explanation :

□ Yes √ No

82

Financial liabilities measured at fair

Financia

(2) Illegal external guarantee

investment in joint 1,069,914,970.39 274,277,246.91 1,193,172,139.09 273,153,345.90

123

conference in 2016 of Merger and Reorganization Committee held by Merger and Reorganization Audit

under

Expressway Co., Ltd. Highway Co., Ltd. Expressway Co., Ltd. Highway Co., Ltd.

The supervisory Committee has no objection aginst any matters under supervision in the reporting period

Net profit attributable to the owners of

V. Net profit 539,430,034.99 358,849,510.58

and senior economic engineer, since September 2006, he served as Deputy General Manager of the

Number of important

1,534,9

IX.Engagement/Disengagement of CPAs

Expressway g Expressway Expresswa Expressway Expressway

Shenzhen section of Huiyan Expressway, its operation,

(2) Deferred income tax liabilities had not been off-set

□ Applicable √Not applicable

recurring gains and losses, it is necessary to explain the reason.

IV.Condition of Asset and Liabilities

92 4.16 4.16 85.76

Amount in last year

II.Accumulated

Board

89,949,365.89 141,906,004.20 161,435,234.27 76,096,302.43

(2) Important Non-wholly-owned Subsidiary

Expressway

The measurement results of the recoverable amount show that the book value of assets shall be reduced to the

Huiyan Expressway 32204277 -6.09% 20045.76 -13.49%

reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor, senior

1. Provided this year

In RMB

securities investment fund

Other explanation:

Section Co., Ltd.

2015 188,567,662.20 469,386,906.79 40.17% 0.00 0.00%

(3)Enterprise

(1) That obligation is a present obligation of the enterprise;

Zhongshan Guangdong Management

value change in value change provisions in

Guangdong Expressway Co., Ltd State-owned legal person 1.56% 19,582,228 0 19,582,228 0

Ltd.

The direct costs for the business combination of the company, including the expenses for audit, assessment and

Financial assets measured at fair

Yang Xiaohua Supervisor Female 37 In Office 6 Yes

settlement funds RMB 33,683,774.79 deposited in Kunlun Securities

Ltd.

non-monetary assets, the profit and loss is not confirmed.

□Applicable √ Not applicable

Yunfo Guangyun ExpresswayCo., ltd. Project fund 25,500.00 15,000.00

depreciation

were transferred into frozen shares for unrestricted negotiable shares.

Disclosure Date of

1.Company Information

Long-term loan 1,500,000,000.00 1,500,000,000.00

office from other organization

liability which replace the current one, and make sure the newly financial liability is totally different from the old

Chairman of the

15.00% Equity method

Date of Organization

the subsidies are directly charged to the current non-operating earnings.

Items

have reached the considerable scale. With the continuous growth of our country ’ s national economy and the

(2)Other Out

Net of profit of other comprehensive inco

relationship . as Kunlun Securities Co., Ltd.was bankrupted for debt

and improved the company's strategic planning.

period-end

Loan from Central Bank

supervisors and senior executives.

The handling fees, commissions & other expenses for the issuance of equity securities for the business

individual asset. If it is difficult for the company to estimate the recoverable amount of the individual asset, the

80

Ganzhou Gankang Expressway Co., Ltd. 50,000,000.00

following conditions:

Fixed assets refer to physical assets owned for purpose of production, service providing, leasing or management,

Guangdong Communication Group Co., Ltd. holds 34.06% equity of Guangdong Nanyue Logistics Co., Ltd., a

ve income ve income

which resulted in decreases by 13.49% in the accumulated toll revenue year on year. Due to the improved

Ltd. (Group Co.) for holding and management without compensation.

For the company with non-functional currency business, the middle rate of the market exchange rate published by

For the non-current assets held for sale (excluding the financial assets and the deferred income tax assets), the less

Beijing Gelin Enze

VIII. Equity in other entities

Technolo 204,066,4 3,029,386 2,000,000 205,095,8

the Company and forming written opinions, issuing the Urging Letter for Audit to certified public accountants and

activities

102

(3)

Foshan Guangzhou 75.00%

Local Education surcharges

Department in Guangdong Communication Group Co. Ltd.. From April 2011 to March 6, 2014, he serves as

Independent Direocor of Shenzhen Xiangjiang Holding Co., Ltd and Guangzhou Jinyi Media Co., Ltd.

costs and the present value of the cash flow of assets expected in the future.

Announcement on Securities

amount ofthe 2,503,866.60 58,774,468.34 61,278,334.94

document and that of Guangdong Economic System Reform Committee with YTG (1996) No. 68 document, the

1. Changes in share capital

(3)Other Cash received related to investment activities

Increase/decrease of Increase/decrease of

(4)Confirm the income from the sales of the co-operate business output based on shareholdings;

Guangdong West coastal Expressway Zhuhai section Co., Ltd. Fully owned subsidiary of the parent company

VI ..Balance of cash and cash

For the impairment test method and the withdrawing method of the long-term equity investment, please refer to

89.12% 100.00% 88.44% 100.00%

I. Consistent fair value

There were aggregately 4 annual reports and 69 provisional reports issued in the name of the board of directors

functional recording currency and record the overseas business of the company into the financial statements

single item

September September

Expressway Under the same control

Shareholding Ratio Equity Balance of the

Guangzhou.

In RMB

Guangzhao Expressway 28533136 7.02% 52750.89 4.97%

Guangzhou Xinruan

VII. Situation of the Preferred Shares

report.

In RMB

way Co., 700.50 252.38 952.88 61.41 61.41 239.59 164.72 404.31 632.98 1.91 234.89

Independent directors proposed no objection against the relevant matters in the reporting period.

preventative maintenance concept to further strengthen the road condition inspection and the sweeping check of

-125,711,77 -125,711,774

22.Long-term amortizable expenses

Total -- -- --

significant without any business connections any more.

he debt is expected to provide services after the end of the annual reporting period in which an employee can not b

Current liabilities

Date of Complete

Minority shareholders’ equity 70,043,128.20 40,094,702.73

subsidies are confirmed as deferred revenue, the revenue is in installments charged to the non-operating earnings

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

1.Condition of Asset Causing Significant Change

(3)Increased of

The interest rate risk refers to the fluctuation risk appearing for the fair value of financial instruments or future

capitalization of the loan costs of the assets should be stopped.

The company operated the construction of the highway construction, grading roads, bridges;Management fees and

Bank savings could be used at any time 985,861,577.06 561,106,598.75

(III). Auditing opinion

as Minister of Infrastructure Management Department. From April 2012 , she served as chief engineer of the

should be confirmed again, the prices received will recognized as financial liabilities.

Other Account receivable 2,158.60 2,158.60

Non-current assets 4,560,378,796.63 1,899,012,860.07 4,818,629,336.12 1,972,706,369.16

Development Co., Ltd.

Items 2015 2014 Increase/Decrease(%)

Other payable Jingzhu Expressway Guangzhu Section Co., Ltd. 2,637.00

2015 87,468,340.85

3.Held-to-maturity investments reclassifi

measured by the fair value excluded), fixed assets, projects under construction, engineering material, intangible

(1)Securities investment

The Company offers compensation to terminate employment with its employees before it expires or encourage

Cash received from investment

ay MINI

(3). Deepen the Reform and Strengthen the Foundation to Improve the Business’s Core Competitiveness

shall be within maximum limit of investment fund filed with CIRC. The actual amount wholly transferred to the

The cost of the intangible assets developed internally includes the materials consumed in developing the assets,

Other payable Guangdong Highway Construction Co., Ltd. 1,876,132.24

company is one of the major institutes for developing expressways and large bridges in the Expressway System of

reporting(a)

(2)Transfer

The intangible assets that have limited serviceable life are amortized by the straight-line method during the period

meetings necessary Number of meetings Number of

demonstration project

22

Special funds for energy

Expressway

shares)

accounting policies & accounting periods adopted by the subsidiaries are different from those adopted by the

Technology Company Refers to

As of June 30, 2014,Registration capital :RMB1,257,117,748,Legal representative:Zhu Zhanliang,Registration

Inventory Reserves:After taking stock at the end of the period,

subsidiaries, and other related documents.

(3) Available-for-sale financial assets measured by cost at the period-end

Bonus shares for every ten shares(Shares) 0

In RMB

The repayment of the due loan at the

Huiyan 160,888,0 48,728,74 76,556,70 133,060,1

place business

kilometers

State-owned legal person 0.97% 12,174,345 0 0 12,174,345

(1)Disposal

decreased in the current period due to the repayment of liabilities with interest and the lower interest rates.

parts supply service. The net profits in the current period increased RMB 107 million compared with the last period, computed in percentage as an increase of

1.Shares with conditional subscription 440,485,326 35.04% -786,574 -786,574 439,698,752 34.98%

has been disposed in the current period.

standards. They truly and completely reflect the financial situations, operating results, equity changes and cash

Mode of Book value Purchase Sale Gain/los Book value

Newwork received toll income 3,971,306.90

Basic earning per

Net increase of trade financial asset

0.37 0.25 48.00% 0.10

In RMB

Final dividend payable RMB11,123,522.34 for more than a year in unpaid dividends to shareholders over the yea

Ganzhou

Services Co., Ltd.

(I)Other comprehensive income items

Particulars about the principal subsidiaries and Mutual holding companies

Long-term loan 4,081,760,000.00 4,393,840,000.00

-150,563,164.16 522,265,975.68

activities

(RMB)

Items Balance in year-end Balance in year-begin

implementation of the internal retirement plan for workers. During the period from the termination of service date

(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .

Main reason of increase was the delayed settlement, separation and transfer of network

Feng Ke Yes

39. Investment income

Within 1 year(Including 1 year) 1,042,644.04 868,021.39

General Meeting 2014(2015-019)

Other explanation :

Enterprise Income tax

I.Original price

N/A

Office Total remuneration received Whether to get paid in the

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Capitalizing rate is determined according to weighted average interest of common Loan.

company is transferred into the Company’s account and the corresponding days of the future years, which shall

Guangdong Yueyun Communication Co., Ltd. 3,032.00 Quality guarantees fund

study on establishment of industrial M & A fund was actively carried out.

IX. Administrative structure

him were transferred into frozen shares for senior executives.

(4) Recognition Criteria for the Invested Party with Joint Control or Significant Influence

are to be carried forward to the next year. The foreign exchange translation of the cash dividends for shareholders

Guangdong Communication Group Co., Ltd. for holding and management in

Distribute additional (shares)for 10 shares 0

meeting makes resolution on dividend distribution.

allotment 54

An operating cycle for the Company is 12 months, which is also the classification critera for the liquidity of its

Company shall apply. The final interest rate is subject to investment Contract for Bond Investment Plan between

69

The company is likely to determine the deferred income tax assets produced from deductible temporary

√Yes □No

1.Preparation basis

reserves.

Nature of account Verification Arising from related

value of the enjoyed shares as the investment of the debtors.

Notes:

Year-beginni tributabl Year-end

3.Movement of cash and cash equivalents: -- --

Liabilities

income

influence the company to calculate assets estimating the discount rate of the present value of future cash flow and

46/F, Litong Plaza, No.32, Zhujiang East 45/F, Litong Plaza, No.32, Zhujiang East

in Notes 3 of Financial Statements”.

2 The incomes and expenses in the income statement shall be translated at the spot exchange rate or the

Tax payable 37,412,104.25 11,575,093.74

8. Pursuant to the reply of the General Office of the People’ s Government of Guangdong Province with YBH

73

assets this year last year

Shareholders of Listed Companies.

Deputy General

Other Account receivable Guangdong Maozhao Expressway Co., Ltd. 41,208.46 83,003.27

meeting the capitalization conditions and othe direct costs that occur before the intangible assets meeting the

period equity period

When the construction or production meets the conditions of capitalization and can be used individually, the

115

English Abbreviation (If any) GPED

7.In accordance with the Resolutions of the 1999 Shareholders’ General Meeting of the Company and pursuant to

Advertising lease

According to the Company's Regulations on Performance Appraisal and Remuneration Management of Senior

reporting (a)

Does he /she receive

Other payable 44,000.00

opinions of the compensation for cancellation fee of Jiujiang Bridge as follow. The loss to the company resulted

"Guangdong Provincial Expressway Co., Ltd.") for management were transferred to

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

(2)Investment in Derivatives

to the shareholders of listed

Guangdong Guangfo Expressway

357,077,010.88 263,424,873.54 26.23% 6.34% 8.17% -1.25%

The accounting policies & accounting periods adopted by all the subsidiaries that have been included into the

id not share reform of shareholders to receive dividends or provide application to receive dividends the bank infor

The sponsor performing persistant supervision duties engaged by the Company in the reporting period.

Mr. Fang Zhi, serves as director of the company, chief accountant, master degree, senior accountant. In July 1986,

Supplementary

School of economic of Beijing The associate profes

Other comprehensive income 479,920,085.76 630,483,249.92

Other payable Guangdong Expressway Co., Ltd. 62,596.67 127,265,564.22

(1)Outsourcing

We audited accompanying financial statements of Guangdong Provincial Expressway Development Co., Ltd.

Total assets

II. Securities issue and listing

placed

attributable to the

The financial statements for 2015 have been authorized for issuance by the Board of Directors of the Group on

II. Basic Information of the Company and Financial index

The Company was Guarantor

are more than one year (excluding 1 year), they should be amortized in the regulated years.

Guangdong Litong Real estate Investment Co., Ltd. 1,435,856.00 Lease deposit

(Yes or

vehicle traffic volume and adjust the provision for depreciation per standard vehicle traffic volume to ensure

Cash flows Cash flows

Sustainable Other reserves in reserves profit

100

3.Consolidated Income statement

perpetual capital securities of financial liabilities)

(I)Total comprehensive income 522,265,975.68

Cash to repay debts 800,000,000.00

65.01 65.01 565.01 5.01

Ltd.

Name of the Amount happening Actual implemen

Interest gains will be calculated at amortizing of costs and actual interest rate (the face rate is adopted when the

retrieving

profits are to be carried forward to the next year. The foreign exchange translation of the cash dividends for

Meeting of the Seventh Board of Directors,etc.

II.Cash flow generated by investing

making accounting estimates that are reasonable in the circumstances.

“Finance Costs – Exchange Gains and Losses” and recorded into the current profits or losses. The exchange gains

Computer

36.40 0.00 .05 86.35 84.16 00 15.93 99.87

Other payable Guangdong Hualu communication Technology Co., Ltd. 145,960.39 141,526.39

R & D petrol

value with variations accounted into

Other Account receivable Guangdong Yueyun Communications Co., Ltd. 3,032.00

(D+E+F)

amount ofthe

(2)Short-term compensation

Wang Chunhua In office Male 51 April 16, 2016

ed by hareholders

1.Opening balance 8,516,300.37 8,516,300.37

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Zhongjiang Expressway Co., Ltd., Zhaoqing Yuezhao Highway Co., Ltd., Ganzhou Gankang Expressway Co.,

Zheng Renfa January 1, 2013 Yes

Ltd.

Ganzhou Kangda Expressway Co., Ltd. 164,592,503.05 23,190,986.46

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Total 32,084,893.35 32,084,893.35 -- --

Guangdong, Jiangzhong Expressway Co., Ltd and Asian Kitchen & Bath City Co.,

index of the quarterly report as well as semi-annual report index disclosed by the Company.

Items Amount of current period Amount of previous period

II. Basic Information of the Company and Financial index

year after consultation with the certified public accountants in charge, reviewing the financial report prepared by

Guangdong Xinyue Communication 1,272,653.03 Within 1 year 2.63

quoted by People’s Bank of China on the first working day after 2015 annual shareholders’ general meeting makes

Cash flow generated by business

period period

1. The Development Trend of the Industry

3.Allotment to the

Items Book value Reason

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Other equity instruments

00.00 00 00 00

Mainly for the comprehensive

⑤ The assets have been or will be idle, terminated the use or planned to dispose in advance.

In RMB

Names of the

The company should recognize the related obligation as a provision for liability when the obligation meets the

End of 2015 Changed over last year(%) End of 2013

Other 8,722,346.07 6,737,328.90

Wang Pu 12 1 11 0 0 No

The book value of equity invest 133,060,103. 384,937,391 175,416,96 187,783,489 204,765,91 205,095,880 160,888,05 312,905,040 173,582,080. 164,592,50 207,626,577 204,066,494

the following status:

Notes 2: In the report period, Mr. Xiao Laijiu was transferred to work, resigned from the post of the General Manager, 2,114 unrestricted negotiable shares held by

project into

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

(1) Financial assets and liabilities measured at fair value and their variations are recognized as current gain/loss

1,600,900.00 2,850,000.00

Fokai Subsidiary 6,727,174,620.59 3,346,028,621.31 1,149,868,147.35 307,631,543.32 238,269,526.32

uN/Aateral responsibility of the ship.

rate(%) period of the the same period of

Guangdong

Goodwill

Nuture of shareholder of shares shares held at restricted shares un-restricted

The current amount of provision for bad debts is RMB123,066.32 ; recovery or payback for bad debts Amount is

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 3,490,900 Foreign shares placed in domestic exchange 3,490,900

Other 2,086,207.79 2,365,631.04

owners (or

2.Guarantees

(1) List of advance from customers

invalid, and the violations of regulations may not

reporting period

Advertising Co.,ltd.

I.Original value

investment company’s dividend and investment

66,881,214.31 57,203,521.78

Account receivable Jingzhu Expressway Guangzhu Section Co., Ltd. 274,320.10

XI. Documents available for inspection

Co., Ltd. Management business combination

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

In RMB

2 No 0.00 0.00%

mon business interests related to:

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Production physical assets

32. Other comprehensive income

In November and December of 2014, due to the traffic restriction caused by the repair of Taigan Expressway,

49

statements.

The portion of a subsidiary’s equity that is not attributable to the parent is treated as minority shareholders’

Hold the investment income during from

Sustainable debt

8,427,703.28 7,218,877.08

Explanation for write-off of account receivables:

the current profits and losses, and the impairment provisions of the relevant assets are withdrawn if the

986,737,635.38 561,800,403.72

borrowing costs capitalization.

Bridge will stop toll collection from 24:00 of June 30, 2013. Jiujiang Bridge is a construction project in which an

non-current assets

(II)Investment or 12,507.50 12,507.50

China Chemical Engineering

of GDP, so that provides the stable rising demand for the company.

(2)Confirm individual liabilities and shared liabilities held based on shareholdings;

Remueration to directors, supervisors and senior executives in the reporting period

Prepaid land occupation tax 1,176,432.55 1,176,432.55

Jilin Great wall Highway Bridge

2. Account receivable

28 40.05 802.89 71.93 06.20 62 7.79 18.61 7.08 26.50 79.42 96

dividend distribution for 2014. with the total shares at the end of 2014, i.e., 1,257,117,748 shares, as the base, cash

Total 997,000,000.00

balance % bad debt provision

Less:Shares in stock

Tax returned

Recombination fee 3,171,000.00

20

The company has conducted the impairment test at least every year for the goodwill established by the business

Construction Mainly for the current depreciation of

Disposition loss

In RMB

150,000

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

the misstatements during its operation; disclaimer of opinion or a negative opinion issued

period

balances of foreign currency shall be adjusted by the end of the month according to the middle rate of the market

If the transfer of financial assets does not meet the conditions of terminating confirmation, the financial assets

(2)Other cash paid related to oprating activities

Total 20,000,000.00 8,652,012.00

(%) (%)

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

√ Applicable □ Not applicable

Other explanation :

to be attended in spot attended by attendances by

J&J Assets(Non Listed

Currently, Guangzhou Haizhu prosecutorial office was intend to prosecute the accident captain Shi Guide,

Investment Approved by the

supervision.

4. Pursuant to the reply of the Ministry of Foreign Trade and Economic Cooperation of the People’ s Republic of

46

154

Amount in last year

VII. Work of the supervisory Committee

place:No.85, Baiyun Road, Guangzhou, Headquarters Office: 45-46/F, Litong Plaza, No.32, Zhujiang East Road,

31

Profit or Loss Owned by Dividends Distributed to

II.

ent in technological industries and provision of relevant consultation while investing in Shenzhen Huiyan Express

existing customers and the aging analysis, in order to ensure the company not facing the risk of bad debts and

30,2015;CFO

- Government subsidy reckoned into current gains/losses

d to issue

fixed assets, intangible assets, and other 19,236.01 4,163,975.87

cost period items shares

Category Number of persons(person)

rewards of ownership of financial assets, the financial assets can be confirmed.

□Applicable √ Not applicable

should include the amortization quota relevant to corporate assets and goodwill for the assets group or the assets

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

I. General situation

Communication Project fund 1,139,485.00

144

Guangdong Feida Communication 840,000.00 Within 1 year 1.74

Including:Gains from disposal

Items Amount written off

investment activities

ns of changes in net debt or net assets

Notes:

non-monetary assets, bearing debts or issuing the equity securities as the consideration, the initial investment cost

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Meanwhile, the corresponding part of accumulated change of fair value accounted as owners’ equity is transferred

4 No 0.00 0.00%

Initial Restricted

of the total amount of the owner’s equity or RMB of the total amount of the owner’s equity or RMB

Other Account receivable Guangdong Yuejia Expressway Co.,Ltd. 4.13

amortized assets group or assets group combination shall be firstly offset for the impairment losses, and the book

Guangdong Guanghui Expressway Co., 2,247,992.00 Within 1 year 4.65

Kunlun Securities Co., Ltd. 32,084,893.35 89.13% 32,084,893.35

(2) Changes of significant construction in progress

with other parties to formulate these policies, shall be regarded as the significant influence on the invested party

On June 19,2007 , The Ministry of Communications, the State Production Safety Supervision and

There was no any contract of the Company in the reporting period.

Graduates of regular university 250

In RMB

Beijing Shibang Weilishi Property Managerment 393,331.00 Deposit

0 02 74 94

guarantee for stable traffic volume. Meanwhile, the regional economy is the critical factor that influences the

(4) Summary financial information of insignificant joint venture or associated enterprise

expressway, speed up the business transformation and upgrading, establish a new profit growth point, promote

assets which meet the capitalization conditions, and expend by cash or transferring non-cash assets or bearing

recoverable amount of the assets is less than the book value. After the recognition of the assets impairment loss,

Ltd.

The long-term equity investment acquired by the payment in cash should be as the investment cost as per the

Technology Co.,

resolution on dividend distribution.

Securities trading s Over

Sessions Meeting Date Resolution Disclosure date Disclosure index

amount. the accounts receivable under 5 years of age which are

China Ping An insurance and property insurance company Guangdong branch 528,875.00 Within 1 year 27.62

Guangdong Union Electronic

operation, net(RMB)

III.Posts holding

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

demission benefits. It falls into two categories, defined contribution plans and defined benefit plans.

In RMB

Available-for-sale Available-for-sale Debt

presentation of the financial statements in order to design audit procedures that are appropriate in the

3,493,826.63

those will affect either accounting profit or the temporary differences of the taxable income when the transactions

1.Opening balance 920,683.30 4,258,020.13 5,178,703.43

the sufficient cash for repaying the matured debts. The liquidity risk is under the centralized control of Finance

shares

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

(III)Profit 26,741,749.

(2) It is probable that an outflow of economic benefits from the enterprise will be required to settle the obligation;

12,281,353.01 12,281,353.01

III.Changed in the current year 522,265,975.68

legal services, shall be recorded into the profits & losses at the current period.

receivable

Changes of contrulling shareholder in reporting period

In recent years, our country’s expressways have a rapid development and the freeway main lines have achieved

In RMB

Items

Total 1,832,849,264.29 36,793,200.00 1,983,412,428.45 36,793,200.00 1,946,619,228.45

apparent hysteresis effect and output. The changes in national policies, directly affecting the realization of the

non-current assets

Company of mount of

Items Balance year-end Year-beginning balance

May the Company make retroactive adjustment or restatement of the accounting data of the previous years due to

Guangdong East

Total of the

27,2015

Expressw

(3)The company’s main business and share ,Holding company

125

N/A

Guangzhou Xinruan

house property, business property and the land resource obtained from “Projects+ Resources” of the holding

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

XI.Relevant Matters of Bankruptcy Reorganization

address

(II)Diluted earnings per share

Exchange Income and loss(Gain-) 499,486.96 277,886.92

subsidiary mainly engaged in operating and managing the Fokai Expressway and the related matching businesses such as rescue, maintenance, cleaning and spare

buy asset and raise matching funds was examined and adopted by Merger and Reorganization Audit Committee

(II)Diluted earnings per share 0.37 0.25

should be recognized according to the higher one between the net amount of the fair value minus the disposal

Deductible loss 946,097,353.21 835,614,811.02

(1) The recognition principle of the toll service revenues is that the toll revenues refer to the charges of operating

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Total of owners’ equity 4,863,105,411.23 4,871,961,476.08

Name share of net profit in reporting unrecognized losses in reporting

Group shall check the service life of intangible assets without certain service life, if there is any evidence showing

(1)Confirmation conditions of fixed assets

be adjusted once each year. The guaranteed base interest rate is 5.6%. The concrete amount of raised proceeds

Name of the domestic CPAs Zhengzhong Zhujiang Certified Public Accountants Co., Ltd.

Enterprises. These responsibilities include: (i) designing, implementing and maintaining internal control relevant

81

debt

Closing Proportion Closing balance of

Guangzhou Maritime Court 169,738.00 Over 5 years 8.86

V. Important Events

Highway Administration in Guangdong Province, Meizhou City, general manager of Xinyue Co. Ltd. Since June

Fokai Company Refers to The controlling subsidiary Fokai Expressway Co., Ltd.

I.Important Notice, Table of contents and Definitions

Changes in farrvalue 0.00%

In RMB

Amount Transferr ation of Current Capitalis

Principal suppliers

2.Allotment to the owners (or shareholders)

Common stock dividends 11,681,423.74 11,148,088.30

Amount at Amount at year

Guangdong Province (Yue Jiao Ming Dian (2013) No. 56 Document), the rectification measure proposed for

1.Situation of Significant Asset Sale

Expressway Co., 33.33% Equity method

In RMB

attributable to the Amount of cash Proportion of cash

The measurement mode of investment property

not made the final report of Jiujiang Bridge accident. The Court, on November 5, 2007, decided to suspend the

4. Continually enhancing the enterprise management capability

Accountant, Senior Economist, February 1996-January 2015, worked in Guangdong Provincial Highway

□ Applicable √ Not applicable

Implementing the comprehensive budget management and improving capital efficiency. Established a budget

I.Cash flows from operating activities

94

Guangdong Communication Minister of Investment

1,513,035,761.18 1,449,260,204.91

4. Calculation of the amount of capitalization of Loan costs

5,145,377.50 Project Quality guarantees

Same Control

shall be less than RMB 0.30 million.

Yuezhao Management

fund.

Affect the use of deferred tax assets early unconfirmed

N/A

operation and relevant industries, technological development,

Expressway Development Co., Ltd.’s Issue of Share to Buy Asset and Raise Matching Funds for Guangdong

Guangdong Jiangzhong Expressway Co., Ltd. 173,582,080.68 8,104,887.43 6,270,000.00

Ye Yongcheng Director Male 58 In Office 6 Yes

Graduates of junior colleges 617

158

In RMB

(3)Confirm the income from the sales revenue of co-operate business output

company not including the debt which has price in active market, including accounts receivable, notes receivable,

Yang Xiaohua Full-time field supervisors October 1, 2008 Yes

26,741,7 -152,453,52 -125,711,774

(1) Trusteeship

150,000 Period-end 150,000

domestic/foreign listed

VIII.Explain change of the consolidation scope as compared with the financial reporting of last year.

Items Opening amount in the the Closing mount

Aging

shares to purchase 25% stake of Fokai hold by Provincial Expressway, and Guangzhu 100% stake held by

Amortized expenses

Total of other comprehensive income

III.Impairment

recognized shouldn’t be reversed in the future accounting period.

consolidated balance sheet in the preparation of the consolidated financial statements.

√ Applicable □ Not applicable

606,630,043.61 575,056,443.96

business development and corporate governance given by independent directors can be adopted.

the implementation of corporate strategies, provide timely advice to the Board decisions on strategic development.

Total -- -- -- -- -- 480,000.00 150,000.00 --

(III)Profit allotment

22, 2001.

Wang Pu Male 47 In Office 6 No

Highway Depreciation and

restrictive salary performance policy. Think highly of the establishment and perfection of welfare system, in

defects in non financial 0

due or undue at the approval date of the annual report

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

16..Investment Real Estates

□Applicable √Not applicable

non-navigation bridge pier and caused the collapsion of part of the Jiujiang bridge. The accident was an

inprocess Guangfo and Fokai

assets and liabilities.

The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway, investm

preferred Shares Comprehensive risk owners’ equity

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

(VI)Other

students of Social Sciences Academy of Guangdong Province, deputy director of Youth Economy Society of

of directors and the management, the board of supervisors carries out the assessment work on duty exercising for

If overseas subsidiaries, cooperative enterprises, joint ventures, branches of the company adopt the different

Information of the Company’s top 5 customers

5.Inventory

(3)The 26th (Provisional)Meeting of the sixth board of directors of Guangdong Provincial Expressway

Audit Committee of the Board of Directors on Annual Report and the work requirements of CSRC and Shenzhen

e

collapse and the traffic jam of 200 meters long of the Jiujiang Bridge. On June 10, 2009, Jiujiang Bridge opened

internal control (full-text)

Non-current asset due in 1 year

Name capital

29.Deferred income tax assets and deferred income tax liabilities

Related to

Guangdong Guanghui Advertising column lease

Guangdong Guanghui Expressway Co., Ltd. 236,226,452.58 359,483,621.28

by the

Guangdong East

Govemment subsidies recognized in currentgain and loss(excluding

The company's 2015 annual consolidated subsidiaries of total 3 companies, the scope of consolidated financial stat

Book value of equity

Net profit 539,430,034.99 358,849,510.58

the current subsidies period period –related

errors.

RMB 1 in January 1998.

Expenses of taxation 7,458,440.48 3,304,239.83

careful principle to doubtful debts provision. The RMB 710,349.92 Credit was Recovered in 2008, and the provision for

1.Closing book value 239,629.50 3,859,981.98 4,099,611.48

√ Applicable □ Not applicable

People’s Government regulatory enterprises to implement the

1. The valuation methods of intangible assets

Domestic natural person

(2)Subsequent measurement

XV.Implementation Situation of Stock Incentive Plan of the Company, Employee Stock Ownership Plan or

1.Common shares in RMB 467,882,422 37.22% 786,574 786,574 468,668,996 37.28%

Independent

Cash paid for construction of

Company was approved to accept the insurance bond investment plan made by Pacific Asset Management Co.,

Guangfo

Expressw 03.05 6.46 89.51

Deferred income tax

In RMB

(6)Whether Changes Occurred in Consolidation Scope in the Report Period

1. Perfecting the self-construction of the board of directors and continuously strengthening the, corporate

IV. Influence of exchange rate

Names of the Certified Public

The assets Impairment main includes long-term equity investment, investment property (the investment property

Management 1,620,0 1,620,000. 1,393,200. 1,393,200.

Borrowed

When disposed, the difference between the obtained price and book value is accounted as investment gains.

Total of owner’s equity belong to the

2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore

statement and the consolidated financial statements: 1) In the individual financial statements, the sum of the book

deposit

252,775,866. 246,179,175 86,007,404 22,962,621. 316,962,67 1,291,749,9 250,781,00 198,920,064 110,167,303. 19,407,920. 306,852,845 932,110,436

Chen Yanqing Director In office Female 51 April 16, 2013 April 16, 2016

End of 2015 End of 2014 Proportio

depreciation

less than or lower than the expected, such as the net cash flow created by assets or the achieved operating profit

④ There is evidence that shows the assets have become obsolete or the entities have been damaged.

Guangdong Yueyun Communications Investment

6.Other

period

consideration by the Board of Directors of the Company. Faithfully perform their duties, give full play to the

□Applicable √ Not applicable

Cash paid for purchasing of

Net increase of loan against pledge

RMB 652,012.00 Cridit was recovered in 2014, and the provision for had debt is deducted.

204,765,91

transferred financial assts, the difference between the confirmed part and the unconfirmed part (in this case, the

(1)Disposal

2014

values caused by the holding of tradable financial assets and tradable

Committee

N/A

Subtotal of cash inflow received from investing activities 636,844,330.11 206,801,621.21 207.95%

Total 2,418,436,569.52 2,418,436,569.52

income

Ye Yongcheng April 1, 2013 Yes

cash flow statement for the year 2015 and Consolidation and parent Company statement of change in

35,542,855.63

Other payable Guangdong West Coastal Expressway Co., Ltd. 1,396.29

Notes of write-off other accounts receivable:

Company Registered

i.e., 838,078,499 shares as base. The date of stock right registration was May 21, 2001. The ex-right date was May

140

Prepayable account Guangdong Litong Property Investment Co., Ltd. 735,092.00

optimized allocation, raising funds by means including mortgage, transfer of property rights and joint stock

ncollected interest entrusted loans according to the settlement agreement of RMB 212,400.00.

Other Account receivable Guangdong Highway Construction Co., Ltd. 81,571.71 12,891.00

Incl:Loss from disposal of non-current

future cash flows due to the changes in foreign exchange rate. The company matches the income and expenditure

was defined as state-owned shares.

Zhaoqing Yuezhao Highway

system transformation, project investment, operation and management, traffic infrastructure construction, highway

Jing. Date of establishment: June 23, 2000. As of December 31, 2014,Registered capital: RMB 26.8 billion. It is a

not significant without any business connections any more.

earnings shall be offset.

Items

obtained book value of owner’s equity of the combined party in the consolidated financial statements.As for the

the Comopany for 2014, including deciding the working schedule for the audit of financial report for the report

Total 4,081,760,000.00 4,393,840,000.00

Chen Yanqing Deputy General Manager October 1, 2008 Yes

Development Co., Ltd.

provision

√ Applicable □ Not applicable

procedures not strictly conforming to the company’s management activities and lead to small effects to

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Notes of the basis of recognizing the group:

In RMB

Interest payable Guangdong Expressway Co., Ltd. 229,166.67

53.84 99 5.85 409.80 7 13

Engineer

Subtotal cash outflow for financing activities 1,161,248,707.56 1,632,936,389.15 -28.89%

of state-owned asset, then the first compensation of RMB 20 million had been transferred into the company’s

Guangdong

unknown whether there is relationship between other shareholders and whether they are persons

book value, the assets impairment loss shall be recognized.

Non-financial reporting the

Other Account receivable Guangdong Jiangzhong Expressway Co., Ltd. 19,842.06

□ Applicable √Not applicable

(1)Accounts receivable with material specific amount and specific provisioned bad debt preparation.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

On July 19,2007,Fokai Company applied preservation of property to Guangzhou Maritime Court.On August

(1993)No. 68 docume nt. The share ca pita l struct ure after re organi za tion is as fol lows:

Net cash flow arising from investment activities 539,691,607.51 -83,708,180.71 -744.73%

Legal person

March 2016

652,012.00

Guangdong Yueke Technology Petty Loan Co., 205,095,88

Other operation 22,069,584.06 7,954,254.72 23,672,632.55 14,672,051.62

Number of major

Net asset earning ratio(%) 9.22% 6.90% 2.32% 3.01%

g of shareholders of Directors, 5000 yuan per person per month(IncludingTax) . the company's directors and senio

Deferred income tax liability

09 970.39

□ Applicable √ Not applicable

Group Co.,Ltd

Items Bad debt Bad debt

119

Name Opening balance Increase Decrease Closing balance of impairment

According to the closing price of December 31, 2015 of RMB 4.24, the final calculation of fair value was RMB997,480,962.56.

stock debt stock Income provision equity

Construction Company, served as account, audit, deputy manager of audit Department, minister of the Audit

3. Information disclosure and placed

current year

are to be carried forward to the next year. The foreign exchange translation of the cash dividends for shareholders

2. Standard & Time Point for Carrying Constructions in Process Forward to Fixed Assets

Items Year-end balance Year-Beginning balance

Project fund 5,360,020.96

The derecognized losses or the The noncumulative

housing

(I)Other comprehensive income

value is accounted as capital reserves (other capital reserves) at the end of term.

Shareholders’ equity 399,180,309. 1,924,686,9 1,169,446, 625,944,965 682,553,06 1,025,479,4 482,664,17 1,564,525,2 1,157,213,87 548,641,67 692,088,593 1,020,332,4

Guangdong Communication The shareholders have not relieved the restrictions yet after the

withdrawalbad debt

In RMB’0000

Other non-business income and expenditures other than the above 854,210.29 2,991,262.39

2.Increased amount of

flow from the beginning of the subsidiary to the disposal date shall be included into the consolidated cash flow

(2) The sum of price received due to the transposition, and the accumulation of change in fair value originally

Composition of state-owned shares: The appraised net value of state-owned assets of Guangdong Jiujiang Bridge

3.Decreased amount

reduce.

Short-term loans

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

In RMB

Zuo Jiang Female 43 In Office 41.8 No

of deceased employees, etc., also belong to payroll.

last period the combined party realized RMB 0.

Classification debts Book

transaction period period

25.36% 9.34% 35.92% 5.55%

4.Investment of Financial Asset

6. Cash Flow Statement of the Parent Company

provisions of CSRC.

No changes of controlling shareholder for the Company in reporting period.

Wang Pu Independent director In office Male 47 April 16,2013 June 29,2015

The company regularly rechecks the estimate total standard vehicle traffc volume withintheremaining

Guangdong Litong Property Office space

Committee for Listed Companies of CRSC on January 14, 2016, the Company’s issue of shares and cash to buy

Highway and Bridge The straight-line method 20-30 years 3%-10% 3%-4.85%

Guangdong Guanyue Luqiao Co., Ltd. 364,594.20 Quality guarantees fund

reporting(a)

Prepared by::Guangdong Provincial Expressway Development Co., Ltd.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Office Address 45-46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tihe Disrtict , Guangzhou

included in the scope of evaluation

Other Explanation

835,368 835,368,30 36,793,200 36,793,200 1,010,837.

ordinary stock account, hold7,626,688 shares of the Company's stock totally.

The Second provisional Provisional Announcement of Resolutions of the

(5) The company shall follow up the work of appraising and rarifying the operating period of Guangfo

3,578.00 3,751,673.75 3,578.00

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Items Amount of this period Amount of last period

Travel expenses 951,122.66 1,246,429.61

(3) A reliable estimate can be made of the amount of the obligation.On the balance sheet date, an enterprise shall

Information cost and maintenance fee 1,178,924.80 1,468,521.94

Branch and Shanghai Branch, part-time professor of Beijing Institute of Technology, tutor of postgraduate

Items Amount of current period Amount of previous period

XVI. Particulars about significant contracts and their fulfillment

Strategy Committee will strengthen the company's strategic direction, strategic planning, research, and supervise

Type Total

company.

5,326,829,588.97 3,566,383,234.63 1,724,652,359.29 1,040,249,976.46 787,421,508.59

37,876,624.9 2,030,565,0 1,038,500, 990,056,728 1,171,553,4 14,955,461. 27,085,193. 2,598,404,4 1,214,585,93 1,114,794,5 1,231,256,1 7,415,605.6

The company was not involved with such situation during the reporting period

(2) Judgment basis and accounting treatment of government subsidies related to profits

Other Provision for Proportio

Name Amount Aging Proportion(%) Bad debt

associated parties(D)

company's consolidated financial

Computer

of Guangdong Provincial Lv Yesheng June 26, 2004 Not learn to fulfill the State-owned asset investor,

Wang Shaohua, Yao Jing

accounting period

19.Loan expenses

Sales expense

996,993,291.19 967,241,746.79

√ Applicable □Not applicable

Low consumables amortization 280,356.30 843,440.16

Year-end balance

balance Withdrawing Other Turn or turn off Other

□ Applicable √ Not applicable

Total of liability 2,899,799,379.41 2,783,814,891.50

ncial statements

collision owned by the controlling subsidiary of the company Guangdong Fokai Expressway Company leads the

I. General

(II)Auditor’s responsibility

Development Co.,

50,000,000.00 June 10,2015 June 10,2017

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

The entry value of the non-monetary assets exchanged into by the non-monetary assets are determined on the

143,524.

Total

Other Account receivable Guangdong Yueyang Expressway Co., Ltd. 11.75

57

recurring gains and losses, it is necessary to explain the reason.

The details Notes VII of significant joint venture and associated enterprise of the Company

Other 47,454,497.71 3.07% 46,395,242.93 3.19% 2.28%

In 2015, the company’s board of directors conscientiously performed the guidance, evaluation and management

5. Consolidated Cash flow statement

Defend expense 954,630.63 1,179,363.93

In RMB

ay

111

non-recurring gain/loss attributable 442,162,503.47 307,337,119.08 43.87% 71,552,326.17

difference assets difference assets

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

(2) Investment hold till expiration

In RMB

60

in Notes 3 of Financial Statements”.

Guangdong Expressway

81,529 month from the date of disclosing 80,828 ers voting rights restored at period-end 0 0

Minority shareholders’ equity 919,117,303.20 854,840,066.10

period State of share Amount

Communication Group 1,500,000,000.00 September 25,2012 July 25,2021 No

Expressway Co.,Ltd.

Other Account receivable Guangdong Yuzhan Expressway Co., Ltd. 75.23

Co.,Ltd tlement funds

Non-current liabilities:

full-time supervisor of Guangdong Communication Group Co., Ltd.

65 43.59 1.24 .00 5.33 88 0.71 71.72 18 5.00 .33 22

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Gas & petrol

accordance with the relevant provisions of the state on time and in full for the full pay pension insurance, medical

The current business combination under common control, the net profits of the combined party before achieved net profit of RMB 0,

Subitem within 1 year

(1).10% of the net profit of the company, i.e. RMB 26,741,749.54, is to be allocated for statutory common reserve

subsidiaries to minor shareholders

after the accounting policy and period adjusted and as per the following methods:

Ltd.

Volume of vehicle traffic Increase /Decrease Toll income in 2015 Increase/Decrease

Jingzhu Expressway Guangzhu Section Co., ltd. 97,643.90 Guarantee fund

55

ay

Feng Ke Independent director Yes

Description of the CPAs, financial adviser or sponsor engaged for internal control auditing

repay the debts under any reasonable forecast through monitoring the cash balance, the marketable securities

N/A

3,684,184.48 0.03% 4,148,397.88 0.03% 0.00%

(1)Total comprehensive

assets (the capitalized development expenditure included), asset group, combination of asset group, business

15 15.68 207.42 93.20 85.94 23.68 8.90 51.88 1.03 64.78 25.32 77.47

asset group from the purchase date. If difficult to amortize into the relevant asset group, the book value shall be

Enterprise

□Applicable √ Not applicable

life(Year) rate(%)

361,707,563. 41,902,986.4 41,902,986.4 192,385,810. 341,832,249. 29,149,262.2 29,149,262.2 185,857,891.

□ Applicable √Not applicable

I. Specification of profit distribution of common shares and capitalizing of common reserves

In the groups, accounts receivable adopting balance percentage method to withdraw bad debt provision:

sale financial 1,148,044,126.72 -150,563,164.16 479,920,085.76 997,480,962.56

as bond premium or discount and be amortized within the bond period according to actual interest rate and

period

1. Related transactions in connection with daily operation

Co., Ltd

The relationship of the Company's property right is clear. The assets injected by shareholders in the Company are

recorded into the current profits and losses: (1) when the company can’t withdraw the demission welfare provided

Guangdong West coastal Expressway Zhuhai section Co., Ltd. Project fund 242,423.07

131

48,372,8 225,517. 48,147,33 23,724, 102,451.6 23,621,958.

surplus reserves.

Less:Shares in stock

shareholders’ General shareholders’ 44.53% March 24,2015 provisional shareholders' general meeting.

IX. Prospect for future development of the Company

1.Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed

Professor of Finance and research supervisor. She used to be a researcher at the Beijing Institute of Market

Guangdong Taishan Coastal Expressway Co., Ltd. Project fund 60,000.00 60,000.00

Name of the interim announcement Website to disclose the interim announcement

Other current asset 170,603,625.00

400,24 2,974,46 30,944,8 16,794,2 17,125,0 413,852,

of the investment management and speed up the development of the new economic growth point, the special

Guangdong Hualu communication

Advertising and service fee 1,978,678.79 5,850,744.67

Co., ltd.

cost of service, registration fees, other patent used in developing, amortization of concession and interest charges

The Management is responsible for the preparation and the true and fair presentation of these financial statements

Chief in personal banking Dept., office staff in National Committee for Investment and Development Provincial

3,041,722.04 3,602,575.90

Cash 137,771.71 77,312.85

Express 367,381, 6,359,79 6,727,17 682,859, 2,698,28 3,381,14 388,547, 6,793,86 7,182,41 1,063,02 3,011,63 4,074,65

peripheral road condition and the reduction of full-speed cars, which led to decreases by 2.2% in the toll revenue .

the parent company increased to RMB 0.62 billion from RMB 0.319 billion, an increase of 94.36%, thus the

Project expenses 7,463,400.00 1,515,266.10

Engineering Construction Co., Ltd.

influence.

Director, Chief

Guangdong Expressway

Net increase of client trade and advance

Other cash received from business

Shenzhen Shenzhen Expressway

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

balance comprehensive equity cash dividends impairment Other balance impairment

1.Providing of surplus reserves

Net profit after deducting of

(1) Frauds made by staff in non key positions, or execute the institution in the work, which shall affect

cooperating for the completion of the national ETC network toll collection, the international vehicle-type

1-2 years 10.00% 10.00%

Ltd.

Wang Ping Female 51 In Office 42.69 No

Add: balance of cash and cash

market(Using valuation technique, etc).

dividend of RMB 0.5 (including tax) is to be distributed for every 10 shares .The remaining undistributed profits

investments facing the market price risk is acceptable. For the equity investment of other listed companies held by

Ltd.

current Liabilitie current current Liabilitie current

Year-beginning Issuing of new Transferred year-end

RMB 87.008 million to subscribe for 27.19 million shares. The total is RMB 307.8375.

excess is adjusted against retained earnings.

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement dealing in reporting period.

108,217,274.24 1,104,154,555.90 814,745,363.37 5,052,744,435.83

3.Making up losses by

When disposed, the difference between the obtained price and book value is accounted as investment gains.

Development Co., Ltd.

at year ed to Other Proporti Progress interest amount ation of Source

Tang Qingquan Yes

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

,301.73 1.73 .00 .00 95

Guangdong

(2)Inventory falling price reserves

general environmental event.

The ratio of the operating income of units

914,062 914,062 Unknown

Initial Changes in fair Account Sauce of

Other cash paid for business activities 48,224,394.50 64,890,607.93

1,917,917,6 708,500,00 922,475,884 1,043,207,6 2,418,741,8 920,250,000. 1,083,542,5 1,038,910,7

(2)The supervisory function on compliance is

Subsidiaries of this enterprise, see Note VII the rights of other entity

subsidiary

Total 12,829,998.21 225,517.99 1.76%

Education

Items At the end of term Beginning of term

Bridges. Then provision for depreciation is made according to the actual standard vehicle traffic volume in each

106

Net cash flow arising from operating activities 996,993,291.19 967,241,746.79 3.08%

Enze

Account receivable 251,694.00

incurred during such period shall be recorded into the profits & losses at the current period, till the acquisition and

value rate is zero. Estimated useful life is determined according to the period of peration right in respect of

Fee and commission paid

62

Operating income 1,724,652,359.29 533,009,051.43 1,531,074,957.59 505,549,471.91

Dongguan Leyu Optoelectronic

3. Independent personnel

3. The operating and management of the highway assets are standardized and effective

Amount of this period Amount of last period

Total 1,534,771,223.07 1,378.67 1,534,772,601.74

the impairment test every year regardless of the impairment. The impairment may occurs for the assets if there is

income

Growth Mixed Securities Investment Fund

nsive provision

Non-current liability due in 1 year 1,309,080,000.00 400,480,000.00

the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies

Guangdong Boda Expressway Co., Ltd. Project fund 194,358.96

holding B share and overseas corporate shares will be determined according to HKD:RMB bank’s Middle rate

Financial expenses 342,004,056.37 401,972,752.87

Guangdon

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

company or settlement center of the majority shareholder. The Company independently paid tax. The Company's

which is in new insertions of contract as the newly financial liability if the current financial liability has been

Property investment 3,684,184.48 4,148,397.88

ed amount amount in

security trading settlement funds deposited in Kunlun Securities Co.,

Other business 17,259,744.96 464,213.40 38,226,359.03 464,213.40

(2)Payables

2.Increased

satisfying the conditions of capitalizing, are capitalized and accounted as cost of related asset. Other borrowing

Less:Non business expenses 6,126,824.34 11,236,078.96

(3)Account receivable with non-material specific amount but specific bad debt preparation

increased to RMB 2.512 billion from RMB 1.455 billion, an increase of 72.65%; the net profits attributable to

2.Foreign shares in domestic market 348,750,000 27.74% 348,750,000 27.74%

In the presence of the following conditions are satisfied when non-current assets or a part of the company is classi

the type term d

Closing fair value

2.Increased

included in other

profits and losses for the invested party in the future accounting period according to the equity method.

into share capital in the past three years(with the reporting period inclusive):

ments in joint ventures 06 .83 8.11 .51 9.28 .63 8.33 .79 68 3.05 .95 .37

Derivative financial assets

In RMB

Net cash retrieved from disposal of

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Technology Co., Ltd.

dividend policy during the reporting period

Ltd.. holds 20% of the voting rights, but has the power to participate in making decisions on their financial and operating decisions, a

Other explanation :

July 1,2015

Increased of deferred income tax liabilities -7,623,297.88 -1,277,422.97

Company type Sectors engaged in Total assets Net assets Turnover Operating profit Net Profit

ed to gains and losses of available for sal

Current accounts 5years

the income statement on the basis of calculating and determining the income tax of the current period(namely

Guangdong Maozhan Expressway Co., Ltd. Fully owned subsidiary of the parent company

Expressway Co., Zhongshan Guangdong Management

n(%) n(%) n(%) %)

Company hereby warrant that at the year , there are no misstatement, misleading representation or important

XIV..Notes s of main items in financial reports of parent company

to the parent company after taxes + other comprehensive incomes belong to the minority shareholders after taxes.

Gross assets(RMB) 12,107,767,967.86 12,513,505,946.42 -3.24% 12,694,475,514.01

income

Book Provision Book Provision

financial liabilities as well as the investment returns in disposal of

accountant of the finance department, manager, Guangdong Province Transportation Group Co., Ltd., deputy

(1)Subtotal of investment activity cash inflows increased year on year was mainly due to: Caused by the

Total 97,026,408.61 --

guaranteed base interest rate applies as the interest rate. The Floaing interest rate shall not exceed the basic

Industry

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

shareholders of the 3,566,383,234.63 1,097,108,987.63 3,977,240,463.63 1,092,613,383.61

Credit loans 2,581,760,000.00 2,893,840,000.00

9. Investment property

In the report period, If the subsidiary is added through the business combination under the same control, the

Electricity

Increase /decrease

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Guangdong Luqiao Construction Development Co., Ltd. Project fund 95,128.21

Technology Co.,

0.00 20,206,700.00 -100.00%

(1) Other accounts receivable disclosed by category

Product

decreasing of capital by

revenue

Ke and Mr. Xiao Laijiu. The particulars of the work of the audit committee in the report period are as follows:

accounting period of the services provided by the staffs.

financial statements and notes on the “Editing and Reporting Rules Regarding Information Disclosure for

e equity method investee can be reclassi

XIII.Situation of Punishment and Rectification

combination shall be credited against the surplus of equity securities; if the surplus is not sufficient, the retained

In RMB

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Long-term payable 52,022,210.11 2,022,210.11

Jingzhu Expressway Guangzhu Section 63152663 6.88% 108332.85 5.68%

depreciation accumulated

Statutory surplus

N/A

76

11

Amount of current period

41

Guangdong Communication Group Co., Ltd. is the parent company of Xinyue Co., Ltd.. It is

rending of services

47

Government subsidies mean that the Company free of charge acquires the monetary assets and the non-monetary

Deferred income

period period

Other explanation :

479,920,085.76 479,920,085.76

Reinsurance expenses

Total of assets 7,762,904,790.64 7,655,776,367.58

Total 5,006,154.74 341,056.44 1,770,241.07 3,576,970.11

market.

4.Other

Logistical personnedl 170

Piecemeal dividend 1,378.67

Incl: investment gains from affiliates 435,543,369.59 374,852,598.76

comments. If not qualified in successively 2 years, they will be demoted or dismissed.

Director, Genral

VII. Situation of the Preferred Shares

the consolidated

Non-current Liabilities 196,840.04 407,467.63

487 document, the Company issued 100 million public shares (A shares) at the price of RMB 5.41 in term of

to the normal retirement date, the paid internal retirement payroll and social insurance charges shall be once

7.The differences between domestic and international accounting standards

The intangible assets by the end of the formation of the company's internal R & D accounted for 0.00% of the

Net profit

N/A

Other account payable 6,378,723.77 3,342,843.69

Auditor’s Report Issued by the CPAs.

recoverable amount and the reduced amount shall be recognized as the impairment loss of assets and recorded into

long-term assets

Independent

Announcement on the Company’s Significant Asset

Guanghui Sharing Expressway Co., Ltd. and supporting RMB 2.352

104,286.87 8,869,234.60

151

Ziguang Jietong Technology Co., Ltd. 2,919,474.50

In the groups, other accounts receivable adopting balance percentage method to withdraw bad debt provision:

3.Training plan

Reasons for share changed

Amount in last year

Ms. He Bing , general counsel, master's degree in law, enterprise legal adviser, from August 2005 to July 2012,

2014 Shareholders’ April

Other receivible

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

calculated by stake

Guangfo

“Accounting Standards for Enterprises – Basic Standards”, other accounting standards & related regulations.

Net cash received from reinsurance

convene a meeting as well as performing the function and power according to legal procedure. In line with the

Less: Other Common Total of

The corresponding impairment loss shall be recognized if the recoverable amount of the assets group or the assets

The total of following items according to the

14,423,320.45 2,370,879.56 16,794,200.01

Items Bad debt Bad debt

Guangdong Yuejia Expressway Co., Ltd. Fully owned subsidiary of the parent company

Items Report period Same period of the previous year

(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds

38. Asset impairment loss

Business tax 3%、5%

Legal Representative:Zhu Zhanliang

invalid, and the violations of regulations may have a long time to recover to workers or citizens; reached

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

activities

I. Audit report

98

Total of guarantee at Period-end

Sub-total of cash outflow due to

Guangdong Highway Construction Co., Ltd. Project fund 272,102.56 299,820.00

Investment

accordance with the its own operation cost or the change of market supply demand. So, the change of charge

taking concerted action specified in the Regulations on Disclosure of Information about Change in

Xiao Duan Independent director Yes

External Guarantee (Exclude controlled subsidiaries)

16 84

Period Period

recovery period is not yet clear, the company intends to recognized operating income when received.

financial decisions were independently made. The majority shareholder did not interfere with the use of funds by

ventures

Chairman of the

19. Advance from customers

Jingzhu Sharing The operation and management of RMB 580

Liabilities held for sales

comprehensive income

Less:Withdrawing statutory surplus public reserve 26,741,749.54 19,305,459.02

6. Receivables and payables of related parties

Ganzhou kangda

therefore, on January 5, 2009, Guangzhou Maritime Court ruled the suspension of the case. On September 17,

begin in -end among the reporting

Over 3 years 3,666,668.16 4,000,001.40

Guangdong Yunwu Expressway Co., Ltd. Fully owned subsidiary of the parent company

Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax

Gain/loss on non-monetary asset swap 13,323,796.97

to the owners’ equity (the capital reserve). If the capital reserve is not sufficient to absorb the difference, any

“Long-term Assets Impairment in Article 21 of Important Accounting Policies and Accounting Estimates in Notes

Add: balance of cash and cash

Co. and Guangfo Expressway Co., Ltd. as of January 31, 1993 confirmed by Guangdong State-owned Asset

sets

assified into profit or loss.

N/A

Ms.Ling Ping, he has served as chairman of the supervisory committee of the Company,bachelor degree, Senior

279,797, 1,311,348,8 4,863,105,41

Total 417,147.47 104,286.87 35,476,938.38 8,869,234.60

No. 27, Equity management,

2. Related-party transactions arising from asset acquisition or sale

or decreasing of

reasonable period.

Total 440,485,326 786,574 0 439,698,752 -- --

Other 738,286.61 616,492.12

1,496,981,439.40 96.86% 1,408,659,740.77 96.81% 6.27%

Total -- 0.00 0.00%

4.The effective portion of cash flow hedg

Cash to repay debts 675,480,000.00 1,118,485,000.00

39

Name Positions Sex Age

Guangdong Fokai Expressway Expressway Under the same control

Cash paid as investment 55,995,231.00

consolidation date) pursuant to newly added shareholding percentage entitled by the subsidiary should be adjusted

Items Amount of current period Amount of previous period

China Securities Finance Co., Ltd. State-owned 0.33% 4,144,500 4,144,500 0 4,144,500

The difference between bond issuance total amount and the total amount of bond face valueshould be worked

liability or the part of it. Our company could stop confirming the currently financial liability and begin to confirm

Items Year-beginning balance Increase in the current Decrease in the current

Project of government Estimated received time

Including:preferred stock

Items Amount of this period Amount of last period

Investment to the

Accounting Dept Leader: Liu Xiaomei

Guangdong Two Expressway Co., Ltd. Fully owned subsidiary of the parent company

3. Information on the joint ventures and associated enterprises of the Company

The increase in the surplus reserves for the current period is caused by the legal surplus reserves withdrawn as

supplementary medical insurance, enterprise annuity and welfare system.

II. Change in shares held by directors, supervisors and senior executives

Chairman of the

IV. Balance at the end of this term 1,257,117,748.00 630,483,249.92

Investment gain(“-”for loss) 499,544,231.95 421,678,016.13

In RMB

Internet Web Site

Retained profit at the beginning of current year 1,340,748,017.33 1,104,154,555.90

guaranteed guarantee guarantee

Guangdong Taishan Coastal Expressway Co., Ltd Fully owned subsidiary of the parent company

122

II.

period n

Guarantee deposit 5,024,205.25 13,641,347.40

receivable with

2. Market price recognition basis for consistent and inconsistent fair value measurement items at level 1.

Technology Development Co., Ltd.

foreign .80

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Proportion of sales to top 5 customers in the annual sales(%) 0.00%

□Applicable √Not applicable

120.15% 100.00 organ

March 28,2016.

value

Zheng Renfa Director In office Male 46 April 21, 2014 April 16,2016

Derivative financial assets

29

In RMB

In RMB

Wang Chunhua Male 51 In Office 47 No

Technology Co., Ltd.

company has borrowed RMB 1.5 billion.

139

Kunlun Sercurities repaid debt in Novemeber 11, 2006. On March 2007, The Company and Guangdong Expressway Technology Investment

highway property company.

have a significant impact:

amortized into the relevant asset group combination. The relevant asset group or asset group combination refers to

There will be no such events or situations in the 12 months from the end of the reporting period that will cause

Other receivable Provision for bad debts Proportion%

Pretty cash 2,405,100.00 3,675,100.00

debt stock

attributable minority shareholders

Name Business from Business from

630,483,249.92 1,340,748,017.33 854,840,066.10 5,871,016,542.19

interests shall be withdrawn according to the interest rate stated in the entrusted loans.

XI.Related parties and related-party transactions

157

approved by the CSRC on Feb 5, 2016.

3-4 years 50.00% 50.00%

balance 72 82 28

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Net cash flows arising from operating activities 996,993,291.19

3. Business income and Business cost

Other 30,116.95 17,050.52

according to the fair value of the merger consideration paid on the purchase date. For the long-term equity

business based on latest on year’s scope of period-end.

initial balance + other comprehensive incomes belong to the parent company after taxes = the ending balance. The

2.Continuation

(if the above mentioned business scope requires licenses to operate, then operation licenses are required).

Except the effective hedge business related to the normal operation

Land use tax 461,277.88 57,923.88

eqiuty announce provision

2.Condition of Acquiring Significant Share Right Investment during the Report Period

16,095,12 15,014,40 -1,080,72

in the owner’s rights and interests.

accounting )hereby confirm the authenticity and completeness of the financial report enclosed in this annual

(3)The significant deficiencies reported to the General deficiencies: minor violations; the

Notes:

√Applicable □Not applicable

can be estimated reliably when the following requirements are all met: (1) total revenues and total labor costs can

Current income tax expense 101,844,247.69 16,814,227.35

(2) Other comprehensive incomes that reclassified into the profits and losses in the future accounting period when

Sales expense

Guangdong Xinyue Communication Investment Co., Ltd Project fund 1,753,039.88

Ms Zuo Jiang, serves as Secretary to the Board, Manager of securities Dept. of the Company, master's degree in

III. Operational profit(“-”for loss) 620,094,594.84 412,529,519.67

2.Used this term

no)

Guangdong

Guangdong Province.

The actual payment of turnover tax 2%

Items Amount of current period Amount of previous period

③With the exception of the business combination:

In RMB

alculated 06 .83 8.11 .51 9.28 .63 8.33 .79 68 3.05 .95 .37

into investment gain/loss.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

469,386,906.79 318,754,807.85

Account receivable Guangshen Zhu Expressway Co., Ltd. 545,760.00

vertical line method, and be treated according to borrowing costs described below.

XVIII.Explanation about other significant matters

those closely related to the Company’s business and granted under 480,000.00 150,000.00 450,000.00

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Guangzhou Xinruan Computer Technology Co., Ltd Fully owned subsidiary of the parent company

characterstics

debt provision for

13

145

amount of the period

disclosure Hongkong Commercial Daily.

The recoverable amount shall be estimated if there exists the impairment for the assets. The recoverable amount

Jiujiang bridge

Transportation and other ancillary

√ Applicable □ Not applicable

X. Financial Report

Sub-total of cash outflow from business

Cash paid for original contract claim

Within 1 year 11,877,151.67

1,534,9

Ltd. 000.00 .00 .00 .00

Type provision Book

improving corporate governance structures, improving normative operation level. Company had stipulated rules

company’s management activities; bad, which leads to the suspension or cessation to

Items Report period Same period of the previous year

Diluted gains per

127

investment deducted can generate the tax losses and left to make up for the future years. Based on the prudence

According to the Rulels of Procedure of Audit Committee of the Board of Directors and Working Regulations of

from: October

December 31, 2015

Notes to the shareholders involved in financing securities (if any)(See Notes 4) 14,850,682 shares of the Company's stock totally;Li Zhuo holds 5,070,707 A shares of the Company

1,378.6 26,741,7 114,963,971 -8,856,064.8

Tang Qingquan Male 55 In Office 6 No

Property investment 3,432,046.23 3,896,259.63

Liabilities held for sales

Quantitation amount of the owner’s equity or RMB 200 million; amount of the owner’s equity or RMB 200 million;

Gankang 207,626,5 6,139,341 9,000,000 204,765,9

Other receivable accounts with large amount and were provided had debt provisions individually at end of period.

06 4 4 39 23 1 1 72

Total 1,545,498,589.11 867,986,027.55 1,455,054,983.70 848,547,244.47

Minister of the Legal Affair Department of the Company.Since March 7, 2014, He serves as secretary of the Party

Stop and continue admitting a part of value, and distribute the value of financial liability, if our company

I. Short-term

the period of the break of capitalization of Loan costs is not included.

Guangdong

7.35 32 32 31 7.16 71 71 61

Turnover Operation cost rate over the same

regulations

and mutual

and brother company

108,217,274.24 1,104,154,555.90 814,745,363.37 5,052,744,435.83

Influence of income tax before adjustment 4,454,839.42

XVI.Material related transactions

110

\

subsidiaries or other operational units

Sub-total of cash outflow from business

equivalent

refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and Accounting Estimates

2. Business Combinations not under the Same Control

Foshan Nanhai District Luochun The shareholders have not relieved the restrictions yet after the

(1)Disposal

,484.99 93.59 61.28 2,217.30

The medirm –term notes underwriting fee 3,000,000.00 3,000,000.00

146,186,134. 360,161,755 54,032,582 77,303,288. 20,464,471. 22,995,264. 78,757,273. 310,421,378 37,885,132.2 76,284,607. 23,207,077. 20,332,471.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

89

Other payable Guangdong Xinyue Communication Investment Co., Ltd. 1,507,986.93 339,485.26

Total 28,371,392.03 --

As at the end of the period, the company holds shares 235,254,944 shares of China Everbright Bank

Amount in last year

36

repurchased the part of financial liability. And the balance of value of which distributed to the part of stopping

1,148,044,126.72 -150,563,164.16 479,920,085.76 997,480,962.56

enterprise

shareholder by

relevant to the goodwill or the asset group combination. Then the impairment test should be conducted for the

insurance premiums

6. Pursuant to the approval of China Securities Regulatory Committee (CSRC) with ZJFZ (1997) No. 486 and No.

CRCC Harbour & Channel Engineering Bureau 165,169.25 Quality guarantees fund

(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit

Borrowing rate for the same period in the benchmark lending rate or benchmark lending rate over the same period

4.Closing balance 8,980,513.77 8,980,513.77

Details of profit distribution or reserve capitalization plan

Amount Proportion(%) Amount Proportion(%)

Total comprehensive income

Deputy General

Bank of China-Huatai Bairui Positive

Notes of the basis of recognizing the group:

(3)Increased

The company will distribute the combination costs on the acquisition date.

Guangdong Feida Communication Engineering Co., 34,849.25 Quality guarantees fund

N/A

Recorded in the amount of the

Ganzhou Gankang Expressway Co., Ltd. 207,626,577.95 6,139,341.33 9,000,000.00

country, which caused severe damage to the

Total -- -- --

160

517,560,876.80 517,560,876.80

Interest receivable 137,958.34 387,936.10

Add: Change of accounting policy

In the report period, the vehicle traffic and toll income of the controlled subsidiaries and joint ventures of the

III. Shareholders and actual controller

Other income 20,641,367.19 992,548.21 20,641,367.19

(1)Bonds payable

44

Domestic

1.Opening 1,120,872,662. 2,146,782,932. 3,664,398,238.

value of other assets shall be offset in proportion according to the proportion of the book value of other assets in

12,507.5 19,305,459. 110,893,243. 652,477,185.

assets s liabilities assets s liabilities

General manage

(4) The company actively strived for compensation due to the toll of Jiujiang Bridge cancelled in advance. After

(1) Deferred income tax assets had not been off-set

Related to

The scope of the consolidated financial statements will be recognized on the basis of controlling. All the

Li Mei Supervisor Female 46 In Office 40.47 No

that the book value of relevant highways and bridges will be completely amortized within useful life.

Monetary funds

period year-end

Items Balance in year-end Balance in year-begin

The company shall make a measurement to the investment real estate through the cost pattern.The company shall

□ Applicable √ Not applicable

3.Decreased amount

Estimates in Notes 3 of Financial Statements”.

delegates

Equity investment are not recognized as cash equivalents.

expressways, classified highways and bridges, toll and maintenance of highways and bridges, vehicle rescue,

Combination

Other explanation :

Intangible assets No significant changes.

In RMB

Expressway Co.,Ltd can utilize its advantages of different fields and start from pluralistic industries related to the

standard of vehicle toll must be submitted to the same level people's government for review and approval after the

financial assets

II. Significant investment and financing

owners’ equity

Engineering Co., Ltd.

Stock exchange for listing Shenzhen Stock Exchange

Mr. Wu Guangze, the supervisor of the Company,,bachelor’s , MBA, Engineer, June 2011-December 2014,in

Co., Ltd of Party committee,

Profit or dividend planed to allocate 188,567,662.20

measures and safeguards. Combined with the real situation of the company’s development, then further revised

consolidation

Upon the joint efforts made by the company and related parties and the intermediary agency, the item of the

of non-current assets

place Directly Indirectly joint venture or

absorption merger that is not under the control of one company is determined by the fair value.

3 .15 3.38 11 5.31 26 27 .77 80 00 .26 2

Subtotal of

Total 37,412,104.25 11,575,093.74

21.Impairment of Long-term assets

Increase Balance

accounting period and policy of overseas business in order to make the consistent adjustment, and translate the

986,737,635.38 561,800,403.72

2.Controlling shareholder

3.3-for-10 basis.

Owner’s equity Attributable to the Parent Company

A total number of shares as the distribution basis(shares) 1,257,117,748

ements.

Other current asset 40,632,376.52

2.Holders of other equity instruments inve

equivalents at the end of term

VI. Duty Performance of Special Committees under the Board of Directors in the Reporting Period

Other Explanation

December 31, 2015, Consolidation and parent Company income statement, Consolidation and parent Company

Total comprehensive

rules of law, there are illegal acts of using the

the Minority the Minority

The amount of non-operating

tradable financial assets, tradable financial liabilities and saleable

(3) Provision for the depreciation of value of the intangible assets

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

IX.Internal Control

Items Amount of current period Amount of previous period

Basis of determine whether the Company is the agent or the principal:

II. Total business cost 1,430,796,069.77 1,462,489,187.28

The general target in 2016 is: Completing business income RMB2.738 billion, keeping the overhead expenses

Yun Wujun Chief Accountant Dimission Male 61 April 16,2013 May 27,2015 20,043 20,043

Other Account

differences of foreign financial statements.

⑴A joint arrangement refers to an arrangemnt jointly controlled by two participants or above.,the joint venture

Shenzhen municipal government compensation of RMB 130.67 million and tax compensation of RMB 36.6877

China Railway 23 Bureau Group Co., ltd. 3,874,450.00 Project Quality guarantees

Administration

platform supports for the Company ’s transformation development. Set up the normalization concept in capital

Legal Representative Zhu Zhanliang

Note: Including significant unpaid dividends payable over one year, the unpaid reason shall be disclosed:

characterstics

18.Construction-in process

VI. Change of share capital and shareholding of Principal Shareholders

Financial

116

institute of several famous universities such as Central University of Finance & Economics and University of

investment income, the repayment of

N/A

□ Applicable √ Not applicable

□Yes √No

□Applicable√ Not applicable

of Youth, vice chairman of Central Committee of the Communist Youth League Chinese Young Entrepreneurs'

Director,General October 19,

237.77 76.57 6.08

(2)Depreciation method

extension

comparison of the book value of these relevant asset group or the asset group combination (including the book

Account reveivable on which bad debt proisions are provided on age basis in the group

Income Cost Income Cost

9.Foreign Currency Transaction

Owners’ equity

Proportion Reason

Disclosure of internal audit report Disclosure

Explanation on associated relationship or consistent action among the top 10 shareholders

In RMB

Current liabilities

August 28,2015

Items Closing balance Unpaid/Uncarry over reason

The joint control on the economic activity appointed as per the contract shall exist when the major finance and the

receivable

1.Providing of surplus reserves

Cash paid for policy dividend

committee of the Company, Since April 21, 2014, He serves as Board Chairman of the Company.

VII. Notes to the major items of consolidated financial statement

the deferred income tax liabilities. However, the goodwill, the transactions formed from non-business merger and

Type eof audit opinion Standard Unqualified Audit Opinion

and 517,560,876

Account payable 235,000.00 78,234.00

assets

6. Guide the preparation of the Company’s “Thirteenth Five-Year” development plans and the company’s

40,549,909.00

3.Other domestic shares 8,795,437 0.70% -786,574 -786,574 8,008,863 0.64%

circumstances, but not for the prupose of expressing an opinion on the effectiveness of the entity‘s internal control.

e financial assets

transactions, the relevant accounting treatment should be respectively conducted for the individual financial

Prepayable account Zhaoqing Yuezhao Highway Co., Ltd. 131,250.00 131,250.00

Provincial Higher People's Court ruled on June 5, 2014, the case discontinued proceedings.

China l assets

impairment test, the impairment test should be firstly conducted for the asset group without the goodwill or the

Decrease of deferred income tax assets 8,764,947.73

3.Expenses

refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and Accounting Estimates

23.Remuneration

15

Indication of specific accounting policies and estimations:

73.48% 80.65%

profit

(8) Contingent liabilities related to joint venture or associated enterprise investment

Short-term loans 0.00% 150,000,000.00 1.20% -1.20% Repaid at the current period

Other payable Guangdong Lulutong Co., Ltd. 146,604.23 66,604.23

Other explanation:

Technology Investment Co., Ltd.

Cash received as investment gains 554,332,218.39 267,760,049.38

Fully owned subsidiary of the parent company

defects in non financial 0

4.Closing

the combination costs & the fair value of the identifiable net assets it obtains from the acquire into the profits &

XII. Events after balance sheet date

3.16 1.91 1.25

4. Liquidity Risk

1,069,914,970.39 274,277,246.91 1,193,172,139.09 273,153,345.90

National debt reverse repurchase balance 40,603,625.00

career development mechanism of salary, evaluation, promotion, work shift and cadre management.

1.Ordinary Shares invested by hareholders

available to be cash and the rolling forecast for the cash flow of the next six months.

Guangdong Communication Group Co.,Ltd 103,379,742 RMB Common shares 103,379,742

12

Audit and Supervise Department, Affairs Department, Personnel Department , Party Work Department, Law

436,624,090.84 491,358,361.28

Whether the listed company failed to honor the corporate bonds public issued and listed on the Stock Exchange in

1. Statement of Compliance with the Accounting Standards for Business Enterprises

amount shall not be over 1650 million RMB and 100% transaction price of the asset planned to buy

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

(VII)Other

(3)The current accounts receivable write-offs situation

Interest income

taxes.

6

boost the value promotion of the Company.Implement the platform operation of land development. Put forth effort

The Company is in a fast growth stage, there fore, the cash dividend will reach 80% of the profit distribution at least.

( II )

March 29, 2016

Guangdong Nengda Grade Highway Project Quality guarantees/ Bid

Items Balance year-end Year-beginning balance

fair value accumulatively

N/A

items that will not be reclassified into

7. Consolidated Statement on Change in Owners’ Equity

1. Capitalizing of capital reserves (or to

April 16, 2013;

deputy general

Legal Representative:Zhu Zhanliang

Total 466,107,067.16 116,526,766.79 496,600,258.67 124,150,064.67

Increase/decrease

Loss on disposal of fixed assets, intangible

October 2015, She served as Deputy General Manager of the Company.

Co., Ltd.

share(RMB/Share)

and Financial Principal.

□Applicable √ Not applicable

Dividend receivable

surplus reserves 54

In RMB

Guangdong West coastal Expressway Xinhui Section Co., Ltd. Fully owned subsidiary of the parent company

n(%)

operating decision related to the economic activity are agreed by the invested party sharing the control right,

overseas financial statements according to the financial statements of the preparation of corresponding currency

losses in previous

The current period does not affect the deferred tax assets

Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting rights but does not

Notes: holding proportion in subsidiary different from voting proportion:

147

Supplement Information Amount of current period Amount of previous period

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

guaranteed agreement) not d

822,286,507.11 332,632,828.69

116,526,766.79 124,150,064.67

□ Applicable √ No Applicable

Total 1,829,187.00

Account payable 154,217,021.14 150,799,208.60

television Co., Ltd.

of the period

r executives in according to their functions in the company, by the company wage system access to labour remune

Other explanation :

Guangdong West Coastal Expressway Zhuhai

Name of the Amount Actual

Year-end balance/ Amount of current period Year-beginning balance/ Amount of previous period

(1)Confirm individual assets and common assets held based on shareholdings;

95.12 95.43 9.69 085.98 6.81 17

N/A

The Com pany wa s est abl ishe d in Februa ry 1993, whi ch wa s origi nall y name d as Gua ngdong

VI. Significant Asset and Right Offering

(II) Investment or decreasing of capital by owners

ng 100.00 5 years

30.00% Equity method

of the Company.

Shareholders Meeting

the consideration paid by it (or the total par value of the shares issued), the additional paid-in capital shall be

Other payable Guangdong Guanghui Expressway Co., Ltd. 6,019.00

Expressway company completion, collection of toll and road million

636,844,330.11 206,801,621.21

31.Change of main accounting policies and estimations

□ Applicable√ Not applicable

fied into profit or loss.

1.Profit distribution

the toll of Yantianao Tunnel.

Mainly for the comprehensive influence of the increase in the joining company’s

equity

253,056, 1,196,384,8 4,871,961,47

□ Yes √No

126

system transformation, project investment, operation and management, traffic infrastructure construction, highway

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of

As for personnel relationship, the general manager, deputy general managers, the secretary to the board of

2. Capitalizing of

The company’s incomes mainly include the toll service revenues and the services provision.

2019 227,905,241.66 224,030,588.49

4.Standard currency for bookkeeping

period

Total 54,438,413.95 52,884,774.49

49,343,885.10 49,343,885.10 100.00%

N/A

Ling Ping In office Female 52 March 23,2015 April 16,2016

For the long-term equity investment after the business combination under common control realized step-by-step

2,706,081 15,014,40 435,543,3 491,358,3 2,635,251

(2)Internal

Ltd.

the reporting attendances Communicatio representative

consolidated income statement below the “net profit” line item as “minority interest”. In the consolidated financial

Other explanation :

Interest payable 22,079,344.97 24,473,342.31

Did not handle the lifting of restrictions on the sale of such

enterprise

group of Kunlun Securities preliminary judged the relationship

receivable(%)

person shares transferred 20 million non-state-owned legal person shares to Malaysia Yibao Engineering Co., Ltd.

Cash received from bond placing

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

depreciation

Group Co., Ltd railway project

Stock abbreviation: Guangdong Expressway A,B Stock code: 000429、200429

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Beijing Gelin Enze 4,007,679.91 Over 5 years 5.61% 4,007,679.91

Chief legal

Deputy Genral

55.63 5.63 624.86 86

Particulars about the Mutual holding companies

3.Decreased amount

274,277,24

The Company was secured party

Total 2,808,275.72 219,474,909.60 219,177,380.95 3,105,804.37

In RMB

√Applicable □Not applicable

VI. Total comprehensive income 116,854,331.28 715,320,565.84

Yuezhao Co. Ltd. decreased by 38.54%, of which the accumulated revenue increased by 4.97% during the whole

and withdrawal bad

II.Profit distribution plan and capitalizing of common reserves plan for the Period

State-owned Assets Sipervision and

the court decided to resume the trial. On December 19, 2013, the Guangzhou Maritime Court opened a court

In shares

Operating Guangfo Expressway Co.,

Shundei Communication The shareholders have not relieved the restrictions yet after the

lated party

Terms to be defined Refers to Definition

Kunlun

Type Depreciation methnod Residual rate(%)

commercial substance) should be as the investment cost as per the fair value of the investment and the payable

2. Deepening the enterprise reform in solid steps

Total of current liability 1,347,777,169.30 284,792,681.39

are directly attributed to this assets meeting its predetermined objective and other expenses that occur. The buying

Guangdong Highway Construction Co., Ltd. Fully owned subsidiary of the parent company

Guangdong Yunwu Expressway Co., Ltd. Project fund 130,400.00 69,000.00

(1)Disposal

instruments invested capi

5,563,900.00 6,293,200.00

3.Situation of Entrusting Others for Managing Spot Asset

5.Translation differences in currency fin

Expressway Development Co., Ltd. to issue shares to buy assets and raise matching funds approved"

End of

Outgoing call loan

50,000, 50,000,000 1,010,837.

During the company's accounting staff to provide services, the actual wages, bonuses, allowances and subsidies, w

between

I. General

treatment of the

87

and other statutory benefits, comply with the provisions on working hours, rest and vacations, the establishment of

□Applicable √Not applicable

Development

operating activities

Notes

1. The Company's profit distribution preplan for 2013 is as follows:

reserves (or to capital -19,305,459.02

shareholders holding B share and overseas corporate shares will be determined according to HKD:RMB bank’s

4.Closing balance 1,072,028.50 6,072,452.79 7,144,481.29

Guangdong West Coastal Expressway Xinhui 3,790.00 Quality guarantees fund

participation by implement the rights, obligations and responsibilities, pipe asset control and people management.

associated

income

166,209,446.96 167,805,309.46 -0.95%

N/A

receivables procedures transactions (Y/N)

986,737,635.38 561,800,403.72

In RMB

company’s board of directors, constantly strive for optimization on mechanisms. Gradually set up a scientific and

Other Account receivable Asian Kitchen & Bath City Co., Ltd. 3,320,958.00

credit risk

Non-operating expenses 6,126,824.34 0.95% Road repair expenses Sustainable

tolls and expressway administration of the completed mainline of Shenzhen section of Huiyan Expressway; engaged in the engineering construction management and

amount ofthe 149,842,676.73 396,800,010.71 15,292,695.34 9,966,764.70 3,682,311.80 30,606,181.89 606,190,641.17

101

Equity assets

In RMB

Name of audit firm

The fee for hiring agenc 1,796,762.74 2,263,287.23

3 No 0.00 0.00%

Loss from Fair Value Change

The board of directors totally convened and organized 4 general shareholder meetings which all adopted a

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

consolidated statement of changes in owner’s equity will be counteracted at the preparation of the consolidated

93.35 93.35 893.35 3.35

The lease income confirmed in

Items Capital Shares Surplus Attributable

The receivable debts of selling goods or providing services, and the credits of other company hold by the

ou Gankang Expressway Co., Ltd.,Guangdong Yueke Technology Micro Loan Co., Ltd.and Guangdong Guangle

income operating income operating

996,993,291.19 967,241,746.79 3.08% 757,451,778.50

(2) Accounting methods for post-employment benefits

(hereinafter referred to as "the Company"), including Consolidation and parent Company balance sheet on

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

dividend distribution for 2013. with the total shares at the end of 2013, i.e., 1,257,117,748 shares, as the base, cash

financial assets

other operational units

Company are as follows:

VII. Total comprehensive income 388,866,870.83 881,115,486.26

2.Increased amount of

director

E-mail zqb@gdcg.cn

Guangdong Jiangzhong Expressway Co., Ltd. Project fund 168,444.44

to the integration of project resource, finance resource and human resource,collect, integrate, develop the idle land,

owners (or shareholders)

128

report; event.

be account manager in corporate banking Dept. of Miaoqianzhijie branch of Commercial Bank of China, Deputy

way Co., Ltd., Guangzhou Guanghui Expressway Co., Ltd.,Jingzhu Expressway Guangzhu Co., Ltd.,Guangdong

(2014)

During reporting period, there was no effective judgment of a court and large amount of debt maturity

2.Increased

ng

R & D petrol

such as , rules of procedures in three meetings, working guide of special committee in

Development Corporation restricted shares held by the shareholders has expired.

1.Classification account receivables.

The company prepares the financial statements on the basis of a continuous operation, the actual transactions,

Employees’ wage payable

Differed income tax asset 104,286.87 8,869,234.60

Govemment subsidies recognized in currentgain and loss(excluding those closely related to the

assets or financial liabilities) which could be consider as current profits and losses.

non-restricted negotiable shares and top 10 shareholders

intangible assets with indefinite goodwill and service life due to the combination of enterprise, shall be conducted

provincial capital cities or between the prefecture-level cities in which the population and the economic output

(1) List of fixed assets

Guangdong Xinyue Communication Investment Co., 2,158.60 Quality guarantees fund

1.Opening balance

competition degree of the labor services can be reliably determined.

cash to buy ; The Company planned to purchase the 100% stock rights of Guangzhu Co., Ltd. which is held by

employee compensation liabilities generated by the demission welfare shall be recognized on the early date and

IX. Risks Related to Financial Instruments

happening Actual for

the reporting

Other explanation

Other account Bad debt Withdrawal Reason

Name Amount in year-end

I.Balance at the end of last year 1,257,117,748.00 19,363. 630,483,249.92

Items Year-beginning balance Increase in the current Decrease in the current

Express 139,614, 229,152, 368,766, 38,326,3 38,326,3 113,551, 386,094, 499,645, 181,688, 6,355,60 188,044,

Current Period Current Period

Expressway Co., Zhongshan Guangdong Management

when the assets can bring about economic interests;The intangible assets are deemed as uncertain serviceable life

According to the Company’s“Thirteenth Five-Year”development plans and combining with this reorganization,

III. Horiontal Competitions

Xiao Laijiu October 19,2015 Job Transfer

cash dividend of RMB 1.50 (including tax) is to be distributed for every 10 shares .The remaining undistributed

Domestic non

3.Making up losses by surplus reserves.

Timing difference

Wu Guangze Supervisor Male 48 In Office 28.31 No

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Financial expenses 349,761,606.03

Zhujiang New City, Tihe Disrtict , Guangzhou,The company has set up: Investment Development Dept, Security

Particulars about shares held above 5% by shareholders or top ten shareholders

Total non-current liabilities 4,250,308,976.90 5,517,012,274.78

aspirations. The defendant appealed to the Higher People's Court of Guangdong Province, the Guangdong

The fair value (after deducting of announced but not distributed cash dividend or due but not obtained bond

2.Holders of other equity instruments invested capital

carried out in light of the principle of fair transaction, which did not harm the interests of the Company and other

Peng Xiaofang Female 53 In Office 39.57 No

Guangdong Highway Construction Co., Ltd. 76,563.00 Guarantee fund

Total 166,209,446.96 167,805,309.46

consumables & other materials, etc.

Development Co., Ltd.

1,832,849,264.29 36,793,200.00 1,983,412,428.45 36,793,200.00 1,946,619,228.45

internal control of the financial report. management duties, being passive and poorly

including the right to use any land which has already been rented, the right to use any land which is held and

1.Opening

II. Major Changes in Main Assets

receivable

Amount of current period Amount of previous period

5,765,891.10 24,591,472.01

In RMB

to traffic has been restored.

□ Applicable √ Not applicable

02 2 0

Company, Since April 21, 2014, She serves as Director of the Comany.

In RMB

Correcting of previous

of certified Public accountants.

office

11

505,000,000.00

the sale date or reclassification date is close to the expired date of the investment (such as three months before the

IX. Administrative structure

Punishments to the current and leaving board directors, supervisors and senior managers during the report period

(1) There are major frauds made by the directors, or illegal behaviors in the operation and management

Significant structure entities and controlling basis in the scope of combination:

Registration Nature of

Explanation on acceptance of or failure to accept an independent director’s advice to the Company.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Zhaoqing Construction, operation and management of

Current asset:

capital shares)

Guangdong Guanghui Expressway Co., Ltd. Project fund 2,929,569.48 186,729.00

Sub-total of cash inflow from financing

Other explanation :

equivalents at the end of term

Beijing

the depreciation or amortization costs of the impairment assets should be made adjustment accordingly in the

the established projects.

decease in the current loan repayment compared with the prior period.

The current amount of provision for bad debts is RMB 35,058.62; recovery or payback for bad debts Amount is R

as the translation exchange rate. For the owner’s equity, the shot exchange rate on the transaction date is

Monetary fund 986,737,635.38 561,800,403.72

Total 154,217,021.14 150,799,208.60

listed companies.

Influence from the shareholding movements upon such financial indicatiors as eamings per share, net asset per share of the lastest year and the latest accounting

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

as deferred earnings when the subsidies are acquired, the deferred earnings are charged to the current

debts debts

Total 40,632,376.52

Registered address 85 Baiyun Road, Guangzhou, Guangdong Province

Information about the top 5 suppliers

Name Nature Amount Reason Process from the related

the period

Jingzhu Expressway Guangzhu 312,905,040.79 72,032,351.04

ncome

Adjustme

system and regulations on financial management.

90

Domestic natural person

630,483,249. -150,563,16 -150,563,16 479,920,0

Fuxing Yalian Investment Co., Ltd., Tibet Yingyue Investment Management Co.,Ltd. and Guangfa Securities Co.,

facilities, Not accreditation

Account receivable Guangdong Expressway Co., Ltd. 117,500.00 117,500.00

Independent

(1)Foreign Currency Transaction

that benefitting from the synergistic effect of the business combination and is not more than the report portion

companies for seriously rectifying and improving to ensure the relevant risks were effectively controlled.

Incl: Cash received as investment from

August 7, 2009

Enterprise income tax Taxable income 25%

Proportion of the

accounting for the total assets on the 100.00%

recovered debt amount in 2008 is RMB485,392.67 which had been

shareholding in

per the fair value of the issued equity securities.

(4) The control environment is invalid;

Cash flow generated by business

Guangshen Zhu Expressway Co., Ltd. Project fund 518,290.58

VII. Earnings per share:

2.Other comprehensive income under th

Deputy general manager of Guangdong Finance Trust and Investment Co., Ltd.

1. Expenditures on assets have taken place, asset expenditures include the assets used to construct or produce the

Inlduding :Medical

Guangdong Communication

Jingzhu

previous errors

Items Fir value measurement Fir value measurement Fir value measurement

Other Explanation

provision

Aging Rate for receivables(%) Rate for other receivables(%)

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

es and losses

Company the Guarantee tion

withdrawal bad debt

① For the business combination under common control and the combining party paying in cash, transferring

163

4.Closing balance 1,311,658.00 9,932,434.77 11,244,092.77

100 million 100 million

□ Applicable √ Not applicable

Other 4,078,953 786,574 3,292,379 Unknown

In RMB

Add: Change of accounting policy

Subentry within 1 year

Less : After -

Kangda 164,592,5 23,190,98 187,783,4

4,007,679.9 4,007,679.9

2.Opening 6,400,637,828. 7,176,766,024.

Haerbin Hali Industrial Co., Ltd. 14,850,682 RMB Common shares 14,850,682

Other Account receivable Guangdong Yuegan Expressway Co., Ltd. 806.64

Items Book balance Provision for Book Net value Book balance Provision for Book Net value

Attributable to

Weighted average EPS(Yuan/share)

Guangdong Xinlu Adverting Co., Ltd. Fully owned subsidiary of the parent company

6.Other

Guangdong Xinyue

research for a long time. She was familiar with capital markets, venture capital, corporate finance and mergers and

of proposals

company listing H shares.

Total of external guarantee

company with the Guangdong Provincial Expressway nstruction Co., Ltd. signed the "issue of shares to buy assets

Total purchase of top 5 Suppliers(RMB) 0.00

In RMB

(7) The unrecognized commitment related to joint venture investment

4. Other

admitting and paid (Including the roll-out of non-cash assets or financial liabilities) which could be consider as

Jiangzhon 173,582,0 8,104,887 6,270,000 175,416,9

19

which are uncontrollable and unexpected and will not happen any more.

Other explanation :

Huiyan Jiangzhon Gankang Huiyan Jiangzhong Gankang

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Items Year-end balance Year-Beginning balance

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

489,653,678.42 -449,541,346.90

The assets and liabilities acquired by the company in the business combination shall be measured as per the

current profits and losses.

financial statements

Settlement provision

the internal control of the financial report and there to the audit report with qualified opinion issued by

Shareholding of top 10 shareholders of unrestricted shares

You Xiaocong Chairman of the Supervisory Committee Left as serve term expired March 6, 2015 Job Transfer

Wang Ping Director ,Chief Engineer In office Female 51 April 21, 2014 April 16, 2016 3,500 3,500

Loan Co., Ltd.

Amount of current period Amount of previous period

As regards the details of adjusted the beginning undistributed profits

1 No 0.00 0.00%

(1)Issue of Share and Cash to Buy Asset

0

Total profits 642,415,932.53

Other Account receivable Guangdong Two Expressway Co., Ltd. 1,117.07

In 2015,The board of directors of the Company actively implemented all resolutions of shareholders’ general

Communication May 11, 2012 150,000 May 31, 2013 150,000 Martgage No Yes

Guangdong traffic infrastructure

makes the reasonable design of credit range, credit variety and credit limit to guarantee the sufficient credit range

development strategy (2015-2019)

within expected useful life of highways and bridges and the original value or book value of highways and

Guangdong Guangle Expressway Co., Ltd. Fully owned subsidiary of the parent company

In RMB

some extent. So, the charging policy changes and charges adjustment will affect the highways operation of the

price of HKD 3.54 (equivalent to RMB 3.8) with the par value of each share being RMB 1 during June to July

(2) The Recognition of Investment Cost

governance

Wang Pu Independent director Yes

China with (1996) WJMZYHZ No. 606 document, the Company was approved to be a foreign-invested joint

Items Amount of this period Amount of last period

Guanzhu Expressway Petty Loan Guanzhu Expressway Petty Loan

shall be recognized according to the shares of the book value in the consolidated financial statement of the

-- --

beginning undistributed profits are RMB 0.00.

Co., Ltd. and integrated projects.

Content of related Amount of current Amount of previous

Other explanation :

according to the shortfall of the present value of expected future

alue available for sale financial assets

Project fund 2,297,758.00 1,407,195.40

ges and losses

Acquisition of goods and reception of labor service

Guangdong Guanyue Luqiao Co., Ltd. 2,050,148.00 Unsettled

2.Allotment to the owners (or -62,855,887.4 -62,855,887.4

(4) Inter-bank lending of capital of related parties

Expressway Expressway buildings equipment equipment

□Applicable √ Not applicable

Net cash flow generated by financing -1,111,247,328.89 -1,297,923,881.65

105

Balance at year-end

Transportation and other ancillary facilities 98,673,590.86

Fertilizer Co., Ltd’s operating status was had and had already ceased producing, Accordingly, the controlling subsidiary

Other equity instrument

1.Re-measurement of defined benefit pla

bad, The recovered debt amount in 2014 is RMB 445,529.50 which had

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

1,148,044,126.72 -150,563,164.16 479,920,085.76 997,480,962.56

3.Amount of shares paid and accounted as

Director , Deputy

purchase date, and the gap of the fair value and the book value should be recorded into the current investment

Total cash dividend (Yuan)(Tax-included) 18,856,766.22

Other cash paid for financing activities 6,171,000.00 3,000,000.00

or scrap

Guangshen Zhu Exprssway Co., Ltd. Fully owned subsidiary of the parent company

Expressway Co., Ltd.

date/No. of Guarantee Guarantee associate

Jingzhu Ganzhou Yueke Jingzhu Ganzhou Yueke

Comprehensive influence of the

or not

Account receivable Zhaoqing Yuezhao Highway Co., Ltd. 815,580.00

December

Co., Ltd. service management, the construction

38

.44 28

Reorganization Adopted by Mergers and Acquisitions

1,496,981,439.40 96.86% 1,408,659,740.77 96.81% 6.27%

(1)Disposal

Explanation on changes in aspect of total shares, shareholders structures as well as structure of assets and liability of the Company

Name Nature Closing balance Aging balance of the

Remuneration refers to all kinds of rewards or compensation that the Company gives to get in return for the

expenses

(1)Disposal or

2. Contact person and contact manner

installments.

Net increase of loans from central bank

Prodect

Guangdong

√ Applicable □Not applicable

the assets group or the assets group combination, with the exception of the goodwill.

Net profit after deducting of non-recurring

6,317,799.17 6,317,799.17

Guanghui ,139.09 52.58 21.28 4,970.39

Guangdong Zhonglin Electrical Installation 8,820.00 Quality guarantees fund

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

□Applicable √Not applicable

e reclassified into profit or loss.

Stop admitting the balance of value of financial liability and consideration (Including the roll-out of non-cash

Other Account receivable Guangdong Litong Property Investment Co., Ltd. 1,435,856.00 1,485,856.00

1,193,172,139. 1,069,914,

Total 66,881,214.31 57,203,521.78

The actual controller controls the company by means of trust or managing the assets in other way

Xiao Duan school ofeconomics of Jinan professor,Master’s Yes

27

Guangdong Communication Dispatched chairman of

The cost of the fixed asset can be reliable measured.

Owners’ equity

Notes :

2.Available for sale

Other explanation:

I. Adjusting net profit to cash flow from

of foreign currency as far as possible in order to reduce the foreign exchange risk. During the reporting period, the

board of directors had communicated and exchanged with the investors under in compliance with the relevant

Co., Ltd.

accounting standards.

In RMB

Name of the shareholder

facilities, Not accreditation

Name of Subsidiary of Minority Minority Shareholders in

Construction Co., Ltd.

the financial statements free from material misstatement.

Huazheng Assets

Judgment criteria or amount standard of material specific amount million & accounts for over 10% of the accounts receivable

insurance

ROE (%) EPS-basic EPS-diluted

Other explanation :

Shareholders Changes in reporting

4-5 years 90.00% 90.00%

fixed assets, intangible assets, and other 1,425.00 4,500.00

36,000,2 33,743,4 2,256,822 36,279, 33,743,46 2,536,246.2

The share price of China Everbright Bank held by the Company fell, which resulted in

finance and bushiness, the company’s board of directors had organized relevant departments and related

10. Fixed assets

shares 00 00

Guangdong Litong Real estate Investment Co., Ltd. 735,092.00 Within 1 year 38.40

Subtotal 1,223,660,755. 1,291,059,

period of the

Non-current liabilities 943,014,653.64 696,229,626.27 811,831,311.63 782,030,314.97

165

29

Investment Co., Ltd

4. Other

People’s Government of Guangdong Province.

□Applicable √ Not applicable

The provincial SASAC conjunction with relevant units will examine the compensation amount base on Provincial

Industry category Proportion in the Proportion in the Increase/Decrease

Thinking

70,043,128.20 40,094,702.73

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

2. Capitalizing of surplus reserves (or to capital shares)

Announcement of Resolutions of the 20th (Provisional)

divided from 2015 included three years of state-owned capital management budget arrangements. In view of the

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Total -- -- -- -- 556.39 --

2011-10- 1,000,000 997,000,0 67,899,99 997,000,0

1. The attending of independent directors to board meetings and shareholders’ general meeting

Account receivable

Other Account receivable Guangdong Guanghui Expressway Co., Ltd. 847,048.98 668,034.00

19,305,459. -82,161,346.4 -62,855,887.4

Items At the end of term Beginning of term

Share capital 1,257,117,748.00 1,257,117,748.00

originally entrusted to Guangdong Expressway Company (now renamed as

stock company limited.

Guangdong Litong Real estate Investment Co., Ltd. 1,435,856.00 Rease deposit

shortly affected the health of the workers or citizens

ay

head of the

(4)Other Cash payable related to investment activities

d into profit or loss.

26. Long-term loan

(1)Disposal

Total --

Guangdong Guanghui Expressway Co., Ltd. 826,982.00 Guarantees fund, deposit

Company issued 135 million domestically listed foreign investment shares (B shares) to overseas investors at the

3.Making up

XIV.Credit Condition of the Company and its Controlling Shareholders and Actual Controllers

In the groups, other accounts receivable adopting other methods to accrue bad debt provision:

Accountant

Board of Directors

investment

Provincial Expressway Co., Ltd.(hereinafter referred to as “Provincial Expressway”) with issue of A shares and

Expansion

Name Amount written off Reason for write-off

Guarantor Guarantee amount Start date End date

between accumulated 466,107,067.16 116,526,766.79 496,600,258.67 124,150,064.67

Estates, please refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and

items at level 1 items at level 2 items at level 3

stock Income provision

for use or sale during the continuing construction of other parts, but it can not be used or sold until the asset is

154,982,475.25 154,982,475.25

Items Balance in year-end Balance in year-begin

earnings shall be adjusted if the capital reserves are insufficient to offset.

management personnel and other related parities.

Engineering Co., Ltd.

268,889,649.54 110,841,443.58 53,899,687.28 399,842,531.12

out altogether and confirmed as impairment loss.

adjusted if the capital reserves are insufficient to offset.

Project Quality guarantees/ Bid

Total 27,224,403.32 11,417,688.77 56,225,395.58 --

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

year. For other road segments, the toll all are showing growth trend year on year.

meeting in 2015 General meeting (2015-008)

the initial investment cost in the individual financial statements and the consolidated financial statements as per

N/A

Items equipment and Total

64

business

restructuring and the fair value of intangible assets used for mortgage charged to the current profit and loss.

devaluation devaluation

Announcement of Resolutions of the 18th (Provisional)

Category Number of persons(person)

District ,

Bank deposit 985,861,577.06 561,106,598.75

Co., Ltd. Expresswa Co., Ltd. y Co., Ltd. Co., Ltd. Co., Ltd.

Net increase of inter-bank loans from

In the reporting period, both the Company’s profit and the parent company’s retained earnings were positive

Items

Fixed assets 3,734,470.83 5,463,902.97

(1)The initial measurement is conducted according to the actual cost when the intangible assets are acquired

74.64% 100.00% 64.08% 100.00%

after deduction of non-recurring profit and loss

/Leader

( 2 ) Inventory, Fixed

Company to implement the above-mentioned matters.

Bill receivable

In RMB

Sub-total of cash inflow 84,069,765.75 41,054,160.10

Other Account receivable Guangdong Meihe Expressway Co., Ltd. 1,164.09

collapsion of Jiujiang Bridge. On August 28, 2007, Guangzhou Maritime Court accepted the case. According to

(6)The excess loss of joint venture or associated enterprise

In RMB

status tenure tenure year-begin( at the reporting reporting increase/decrease year-gegin(share)

operation, net

(2) Investment property adopted fair value measurement mode

Shareholder Name Unrestricted Restricted Shares Shares in the Reason for Restricted Shares Restriction

The cost method shall be adopted to account the long-term equity investment controlled by the invested party and

the period end

identifiable net assets it obtains from the acquire as Goodwill while it shall record the negative balance between

Manager

Operation and management of Fokai

30. Capital reserves

value based on the budget, cost or actual cost of the construction starting from the date when it reaches the

by the CPA; the negative news spread all over the

listed company

20.00% Equity method

committee and the internal audit organization on the

Fee and commission received

In RMB

166

Accumulated

by Ministry of Communications, is 30 years. Up to the present, the accumulative toll collection period is 25 years.

-1,139,011.01 -114,497,157.00

Add: Impairment loss provision of assets 158,124.94 -8,720,894.01

4.The conditions to stopping the financial liabilities

-- --

year

When retrieved or disposed of, the difference between the actual received amount and the book value is accounted

and other long-term assets

Other Account receivable Zhaoqing Yuezhao Highway Co., Ltd. 456,934.57 509,027.00

□ Applicable √ Not applicable

Currency unit for the statements in the notes to these financial statements:RMB

Items Year-beginning balance Increase in the current Decrease in the current Year-end balance

Includin

Guangdong Maozhan Expressway Co., Ltd. Project fund 129,000.00 96,000.00

Interest payable Ganzhou Gankang Expressway Co., Ltd. 89,578.19

□ Yes √No

Depreciation or amortization method

invested capital

(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.

Stock Exchange on annual report for 2014, the audit committee carried out a series of work for the annual audit of

In Shares

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

120

take proper measures and deviated from the main channel, touched the 325 National Road Jiujiang Bridge the

In RMB

28.Long term payroll payable

(3) Accounting Treatment Method of Demission Welfare

Cash received as loans 50,000,000.00

3. The construction or production activities to make assets to reach the intended use or sale of state have begun.

3.Amount of

finite service life, if there is any change, it shall be regarded as a change of the accounting estimates. Besides, the

Group Management Dept.

1. The initial balance and the ending balance refer to other comprehensive incomes in the balance sheet. The

and other long-term assets

√ Applicable □ Not applicable

70

Ltd.

shareholders)

Guanghui Guangzhou, Guangzhou, Expressway

(2).The profit for 2015 is to be distributed as follows: RMB 188,567,662.20. is to be allocated as the fund for

III. Compan y Profil e

Long term share equity investment 2,635,251,969.72 2,706,081,363.32

Bank of Communications –Everbright Baode Domestic non

N/A

133

Gruarantees/ Performance Gruarantee

this term 7,748.00 ,223.07 .77

IV. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period

Chen Wenmian Male 37 In Office 44.74 No

value of equity investment from the purchased party held before the purchase date and the new investment cost at

determined by the book value of the merged party;the entry value of the intangible assets acquired by the

of the contents hereof.

Other Account receivable Guangdong Boda Expressway Co., Ltd. 45,605.48

Amount Proportio Amount Proportio Amount Proportio Amount Proportion( Book value

(2).The profit for 2014 is to be distributed as follows: RMB 125,711,774.80. is to be allocated as the fund for

balance ation of

Guangdong luqiao Construction Development

Surplus reserves 279,797,987.31 253,056,237.77

Guangdong Rodio and

Other Account receivable Guangdong Kaiyang Expressway Co., Ltd. 74,950.95 167,260.07

N/A.

Contact address Road, Zhujiang New City, Tihe Disrtict , Road, Zhujiang New City, Tihe Disrtict ,

Cash received against original insurance

(1) Other accounts payable listed by nature of the account

Sub-total of cash outflow due to

(VI)Other 1,378.67 1,378.67

⑶When a company is a joint ventures, joint venture investment will be recognized as long-term equity investment

Other reserves reserves profit

193,054,590. 715,320,565.

XV. Supplement information

1. Provided this year

project

Jiangzhong Guangdong Guangzhou Expressway

Items Balance in year-end Balance in year-begin

Add:Gains from change of fir value

activities

Profits or dividends allocation was reviewed and approved 188,567,662.20

Directors absence meetings

Net Cash flow generated by business operation 240,651,340.48 277,430,290.27 295,294,269.20 183,617,391.24

by securities regulators in the recent three years

53

Total 253,056,237.77 26,741,749.54 279,797,987.31

Capital Sustainable Other reserves reserve reserves profit equity

Refer to "Notes 3 the financial statements of the important accounting policies and accounting estimates No. 11

amount before income tax in the period – Other comprehensive income recorded in the earlier stage and

Proportion in total

Insurance policy dividend paid

□ Yes √No

acquisition of Yantian hollow tunnel of Huiyan Expressway, the toll had been terminated as of February 1, 2015,

Organic Fertilizer Co., 4,007,679.91 4,007,679.91 100.00%

gains/losses in the subsequent

Foshan Shiwan District Zhangcha The shareholders have not relieved the restrictions yet after the

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Guangdong Yuegan Expressway Co., Ltd. Fully owned subsidiary of the parent company

Other monetary capital could be used at any

ofthe period

Where the acquisition and construction or production of a qualified asset is interrupted abnormally and the

s and long-term equity investments are accounted for in accordance with the method of the Notes to Financial Stat

ration, access to employee benefits, and no longer offer other additional remuneration and benefits

(II)

(I)Responsibilities of the management concerning the financial statements

□ Applicable √ Not applicable

total share capital increased to 2.066 billion shares from 1.257 billion shares, and the total assets of the company

N/A

Project Quality guarantees/ Bid

Account receivable Guangdong Guanghui Expressway Co., Ltd. 2,247,992.00

Manager

interim announcement

Other Account

Net income of piecemeal sale of shares 12,507.50

81.57%. The main reasons of the increase are: (1) Due to the toll revenue increased as the spontaneous growth of the traffic volume; (2) The financial expenses

Guangdong Yuzhan Expressway Co., Ltd. Fully owned subsidiary of the parent company

starts from: May

3.In the report period, The board of directors has an strategy committee composed of five directors. i.e., Mr. Zhu

150

III.Changed in the current year -150,563,164.16

been offset from the provision for bad debts.debts.

Beijing Shibang Weilishi Property Managerment 2-4

1,193,172 236,226,4 359,483,6 1,069,91

(1)Component of Business Income

② The defined benefit plan: the severance benefit plans with the exception of the defined contribution plans.

I. Important Notice, Table of Contents and Definitions

passenger and cargo transport, ship industry, relevant overseas

years

reasonable period. laws and regulations is weak, lacking of business

96

When disposed, the differences between fair value and initial amount are recognized as investment gains, and thus

3,041,722.04 3,602,575.90 3,041,722.04

□ Applicable √Not applicable

(3)Deferred income tax assets and liabilities are presented as net amount after neutralization

II.Post-employment bene

Account receivable

Xinyue Co., Ltd. 13,201,086 Foreign shares placed in domestic exchange 13,201,086

Available-for-sale Available-for-sale

Development Co., Ltd. restricted shares held by the shareholders has expired.

accounting years, no financial assets will be classified as holding due assets, except for the following situations:

the newly financial liability if the loaner made an agreement that they would assume the new way of financial

of gross profit

provision

Ltd.

Over 3 years 169,738.00 8.86% 252,818.00 26.24%

Net increase in cash and cash equivalents 424,937,231.66 -414,668,282.10 -202.48%

Total shareholders at the end of the The total number of preferred sharehold

r was mainly due to non-payment of shareholder dividends did not provide information on interest-bearing bank, d

September 15,2015

Harbin Hali Industry Co., Ltd. holds 14,849,774 A shares of the Company through stock account

In RMB

Current asset:

(3)Subtotal cash inflow received from financing activities decresed year on year was mainly due to an Subtotal:

1.Particulars about researches, visits and interviews received in this reporting period

Amount of current period Amount of previous period

Co., Ltd. Co., Ltd.

Engineering Management Center

Book Balance Book Balance Bad debt provision

financial loss is caused for the other party. The company is mainly facing the customer credit risk due to the credit

1,770,241.07 4,272,764.06

independent role of the independent directors, to safeguard the interests of the company as a whole, and to

1,466,325 275,398,3 397,531,6 1,344,19

Balance in year-end

Department, Since January 2015, Worked at Guangdong Communication Group Co., Ltd., Currently serve as

alternation on cash and cash equivalents

987.31 47.67 1.23

adjusted according to the actual cost, but the depreciation which has originally been counted & drawn shall not be

single major amount 53,351,5 53,351,5 53,351, 53,351,56

Notes :

decreases in the fair value at the end of period.

Company, who did not concurrently hold positions at the parent company.

2. Recognition and measurement of financial tools

Tel 020-29004609 020-29004522

Where the current bad debts back or recover significant amounts:

Jiangzhong Expressway 42129667 5.43% 38930.52 4.64%

According to the company's overall development plan, to further establish and improve a variety of human

Manager 19,2015

Investment Amount in 2015(RMB) Investment Amount in 2014(RMB) Change rate

Merger of entities

(2)Accrual period, recovery or reversal of bad debts situation

(1) Investment property adopted the cost measurement mode

Including:Cash and cash 480,536,440.78 176,442,107.38 560,176,135.18 143,525,298.03

approximate exchange rate on the transaction date.

company received the China Securities Regulatory Commission "about the approval of Guangdong Provincial

existence of significant deficiencies

√ Applicable □Not applicable

Chen Yanqing Director Female 51 In Office 6 Yes

You Xiaocong Dimission Male 48 April 16,2013 March 6,2015

Group Co., Ltd.

Investment Co., Ltd.

expected to be compensated by a third party, the compensation should be separately recognized as an asset only

5,354,399.26 Project Quality guarantees

Long-term loans 4,081,760,000.00 33.71% 4,393,840,000.00 35.11% -1.40%

Ltd.

misstatement, whether due to fraud or error;(ii) selecting and applying appropriate accounting policies; (iii) and

19,305,459. -19,305,459.0

income account

Legal Office; work with Provincial Department of Finance to make the compensation arrangements for provincial

Sub-total of cash outflow due to

2016 139,203,475.18 141,073,439.77

Constantly improve the operation and management level. Actively boost the feasibility research in the

Beijing Genlin Enze Organic Fertilizer Co.,Led. investment cost was RMB 6,614,483.90, for the 35% stake. long-

Expre sswa y De vel opme nt Co., Lt d. after re organi za ti on purs uant to the approval of the Offic e

N/A

the measurement of impairment provision for receivables.

policy and the adjustment of charge standard also have influence on the expressways operated by the company to

approach of highway expansion (Trial)" ,The company organised the work of appraising and rarifying the

2.The existence of the company's assets or projects earnings forecasts and earnings reporting period is still in the

The assets meeting capital conditions refer to the fixed assets, investment real estates and inventories which

Business Tax 5,710,517.59 5,923,003.03

occurrence amount in the period refers to other comprehensive incomes in the profit statement, and the occurrence

Total 10,639,157.25 11,988,351.69

In RMB

suddenly met heavy fog on the way from Foshan Gaoming to Sunde, the captain neglected looking out, did not

Total balance of actual

114

Ltd. components

Ye Yongcheng Director In office Male 58 April 16, 2013 April 16, 2016

period period

Xiebian to 400,24 14,423,3 14,423,3 413,852,

management fee

owners

Receivable accounts Bad debt provision Withdrawal proportion

Guangdong Kaiyang Expressway Co., Ltd. 33,300.00 Quality guarantees fund

voting rights not been controlled investee:

Number of general meetings attended

Net cash flow generated by investment 539,691,607.51 -83,708,180.71

current profit and loss:

Investment gain(“-”for loss) 505,392,075.50 419,963,723.25

Guangdong Yuecai Trust

audit in accordance with the Standards on Auditing for Certified Public Accountants. Those standards require that

shareholder Leader

ng balance e to mi balance

Net claim amount paid

Expressw

Net increase of savings n central bank

the Construction Company with cash to buy.

Index of audit report of

negotiation. Through unremitting efforts, by the end of 2015, the Huiyan expressway company had received

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our

2.Subsidiaries of the Company

- Other Receivable accounts with large amount individually and bad debt provisions were provided

decreasing payment in extension project compared with the prior period

Technology Co.,

Guangdong Hualu communication Technology Co., Ltd. Fully owned subsidiary of the parent company

Guangdong Kaiyang Expressway Co., Ltd. Project fund 288,771.50 457,571.43

shall prepare the consolidated financial statements based on the financial statements of the company & its

amount and 35,542,8 35,542,85 19,134, 19,134,624.

2.Increased amount

-150,563,164.1

Guangzhou Xinruan

⑥ The evidence in the internal report of the company shows that the economic performance of assets has been

Other notes, including changes and reason of change::

with medium and long term and research as well as implementing equity incentive or employee stock ownership

occur are not included in the deferred income tax liabilities.

shall be recorded into the profits & losses at the current period.

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

8,993,525.00 Unsettled

service assets retained should be deemed as the part of unconfirmed financial assets), should be amortized in

(3)List of drawing scheme

Heyuan Helong Expressway Co., Ltd. Fully owned subsidiary of the parent company

Changed amount of the

Name Back or withdraw money Recovery methods

have a better prospect and a longer remaining operating period, increase in the share proportion can be considered.

period period

target task.

Total 13,106,124.86 1,693,630.42 12.92%

expenses are recognized as expenses according to the occurred amount, and accounted into gain/loss of current

Zou Huiming Supervisor Male 51 Dimission 14.35 No

Company will actively strive for the policy support of provincial government, to realize the reasonable returns in

Other explanation :

Investment in

divides the financial liabilities into two categories: financial liabilities measured at fair value and their variations

the prepayment terms is to reasonably reduce the risk of the interest rate fluctuations.

138,213,912.36 36,313,319.24 38,003,208.18 182,481,821.96

I. Adjusting net profit to cash flow from operating activities

for more details.

138

Witharawal method for boad debt provision

2. Duration of capitalization of Loan costs

71,481,8 55,045,1 16,436,69 83,256, 55,010,13 28,245,949.

assets and raise matching funds and related transactions was adopted conditionally. On February 5,2016, the

provision of

financial statements. The procedures selected depend on the auditor‘s judgment, including the assessment of the

Name of the CPAs Guangdong Zhengzhong Zhujiang Certified Public Accountants Co., Ltd.

of Enterprise Dept. of Guangdong Nanyue Logistics Co., Ltd.. Since October 2008, she served as assigning

1,534,91 253,056,23 1,196,384,87 4,871,961,47

director

Owner’s equity Attributable to the Parent Company

Other explanation

the treatment of single-column pier bridges to strike for completion within the year. Comprehensively implement

Definition

III. Outline of Company Business

we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether

Through the online communication day, investor relations interaction platform and hotline for investors, the

profits & losses at the current period.

suggestions provided by the external audit agency on internal control system, daily operations and managements,

□ Yes √No

24,226,238.09

III.Changed in the -150,563,164.1 26,741,749.

company has little effect on the foreign exchange risk due to the short credit term of revenue and expenditure

transaction or not?

non-current assets

√ Applicable □Not applicable

Amount in year-end

reporting(a)

5.Application of the raised capital

(1)Withdrawalor

accumulative loss formed by the decrease of fair value of owner’s equity originally included should be transferred

value of the fixed asset. If the fixed asset construction in process has already reached the expected condition for

exchange rate published by People’s Bank of China at the end of period. The differences between the recording

Provincial Highway Co., Ltd. "(CSRC Approval No.230 [2016]) , the scheme of the Company’s issue of share to

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

6,856.32 8.75 2.83 0.14

IV. Influence of exchange rate

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

Non-current asset disposal gain/loss 21,188,094.05

Guangzhou Guangzhou

VI ..Balance of cash and cash

(1)List of long term payroll payable

Gains and losses from changes in fair

If the company sells or reclassifies large-amount due investments before the expired date (large amount refers to

Intangible assets 1,056,003.37 1,007,811.70

Repurchasing of financial assets

5. Other significant related-party transactions

by the assets operation responsibility system in that year.

Pacific and Guangdong Expressway Filed with CIRC. It was approved to authorize the management of the

Balance at year-end

mpany.

In RMB

the approval of Guangzhou Securities Regulatory Office under CSRC with GZZJH (2000) No. 99 and that of

√Applicable □Not applicable

future period in order to make the assets to systematically amortize the book value of the assets after adjusted

on the consolidated balance sheet, consolidated profit statement, consolidated cash flow statement &

maintenance and cleaning, supply of parts billion

288,878,450.29 271,035,755.09

(2)Accrual period, recovery or reversal of bad debts situation

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

period(person)

124

Net profit attributable to common shareholders of the Company

company’s reputation; resulted in decease of a

Account receivable Guangdong Boda Expressway Co., Ltd. 204,660.00

V.Net of profit of other comprehensive i

997,480,962.56 997,480,962.56

date/No. of (Date o type term tation for

Tang Qingquan Independent director Yes

(1)Withdrawalor

Guangdong Yueyun Communication Co., Ltd. Project fund 25,914.53

Ltd. 00.00 00 00 00

of the banks and meet the financing demands. Shortening the duration of single borrowings and especially stating

Book value

directors, supervisors and senior executives for 2014 and expressed auditing opinions and examined and adopted

education fee

√Applicable □Not applicable

Share Capital Specialized Surplus Attributable shareholders’

Person in charge of accounting:Fang Zhi

assetsand Construction

Year-end balance Year-beginning balance

Ltd.

Interest income 8,118,036.09 20,092,868.28

Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Expressway Co., Ltd. and Xinyue

0.54%

2. Remuneration policies

Other comprehensive income that will be -150,563,164.16 522,265,975.68

difference liabilities difference liabilities

the normal retirement pension) should be handled according to the welfares after the demission.

(1)The toll collection period of Jiujiang Bridge of No. 325 National Highway owned by Jiujiang Bridge

the profits and losses gained from the disposal of the sellable financial assets in the future are estimated that can’t

Ms. Yang Xiaohua, the supervisor of the Company, Bachelor's degree, Accountant, she serves as Deputy Manager

□ Applicable √ Not applicable

4. Other

period

Total of Non-current liabilities 1,552,022,210.11 2,499,022,210.11

Book balance Book value Book balance Book value

of funds RMB 20 million on August 7, 2015, the extra operating income the company has confirmed.

Li Zhuo 0.61% 7,626,688 931,191 0 7,626,688

(3) The actual write-off other accounts receivable

50,144,183.23

Management Dept., i.e.,RMB 418.2136 million, was converted into 155.025 million shares. Guangdong

In RMB

In RMB

Kitchen

Co., Ltd.

II. Self-evaluation report on internal control

The controlling parent Company, Guangdong Communication Group

93

Beida Zongheng Management Founder , chief

the management but are not corrected within a

1,545,498,589.11 100% 1,455,054,983.70 100% 6.22%

For the impairment test method and the impairment provision withdrawing method of the Intangible assets, please

Branch of Guangdong Fokai Expressway Co., Ltd., a controlled subsidiary of the Company, which was approved

In RMB

2

2,167,722,211.85 2,167,722,211.85

Share premium 1,534,771,223.07 1,534,771,223.07

Guangdong

City Co.,

286.00 708,288.73 708,574.73

87 .63 .53 27 9.74 15.06 0.18 .37 95 01 .90 .51

value of the equity investment of the combined party held on the combination date and the new investment cost

instruments 29

Zhanliang, Mr. Wang Pu, Ms. Xiao Duan, Mr. Tang Qingquan and Mr. Xiao Laijiu .

(3) Subsequent Measurement and Recognition Method of Profit and Loss

law and regulations. The company’s inside director, on behalf the board of directors, participated in the

through stock account with credit transaction and guarantee and holds2,555,981 A shares through

Cultural construction costs 3,864.00 -1,478.35

Ministry of Finance and Yue Ban Han (2000) No. 574 Document of General Office of

confirmed, labor union funds, employee education funds and as a liability profit or loss or costs related assets. If t

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

In RMB

and commission

Decision-making procedures, basis for determination and actual payment of the remuneration to directors ,

Guangdong West Coastal Expressway Zhuhai

Decrease of inventories -800,998.80

2. Development opportunities and challenges

period.

company's consolidated financial

Items Closing balance Unpaid/un-carry over reason

and administration Commission commissioned by the provincial government

expressway shall be wholly-controlled by the company, and the company’s share-proportion of Guangzhudong

Main Proportion of

Education subjoin 159,211.64 164,600.65

million.

III. Analysis of Non-core Business

unconditional irrevocable. The company held Fokai Expressway Co., Ltd. 75% stake in Guangdong

Total 28,448,162.03 10,696,374.75 28,448,162.03

loss on retirement of fixed assets

II.Shares with unconditional subscription 816,632,422 64.96% 786,574 786,574 817,418,996 65.02%

3.Capitalization Suspension Period

(2) Changes on bonds payable (not including other financial instrument classified as preferred stock and

Decrease Decrease Decrease

1,436

Net profit

worked at the company since 1992,she served as vice chairman of labor union of the company.

1.The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the

Announcement of Resolutions of the 23th (Provisional)

12,507.50 522,265,975.68 236,593,461.43 40,094,702.73 818,272,106.36

item

the recoverable amount of the relevant asset group or the asset group combination is less than the book value by

Ltd. of the company Guangdong Expressway Investment Co., Ltd. accounted full provision for Bad debt RMB 12,220,079.91

information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and

Notes to holding proportion of joint venture or associated enterprise different from voting proportion:

previous year(%) previous year (%)

ice fee 1,227,244.26 Within 1 year 1.72%

Guangdong West Coastal Expressway Xinhui

Securities trading settlement funds balance 49,343,885.10 49,343,885.10

Other non-current liabilities

stock in stock Income provision

V. Important accounting policies and estimations

The First provisional Provisional Announcement of Resolutions of the First

within RMB1.277 billion, ensuring the full completion of the annual task target assigned by company’s board of

Chairman of the

92 4.16 4.16 85.76

Ling Ping January 1, 2015 Yes

owners’ equity

Other Account receivable 20,466.00

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

In RMB

Communication

22,2007,Fokai Company officially prosecuted to Guangzhou Maritime Court, asking Foshan South Sea Shipping

151,345.20 1,814,432.66 1,965,777.86

Expressway company facilities, the toll collection and maintenance million

the period Less: ttributable t

Cash paid as investment 55,995,231.00

1.Closing book 6,018,261,138. 6,591,106,343.

Relevant e

ct 7.60 82.10 9.56 70.14

For purchase of minority interests held by the minority shareholders of a subsidiary, when preparing the

Expressway Kangda Technology Expressway Kangda Technology

Guangdong Guangdong

Total 1,309,080,000.00 400,480,000.00

Technology Co.,

2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese

1. The company holds 75% stake of Guangdong Provincial Fokai Expressway Co. Ltd which is one of the subsidiaries majority-controlled by the company and the

transferring of

Other Account receivable Guangdong Yangmao Expressway Co, Ltd. 20,251.86

balance

For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on

Mr. Ye Yongcheng, He serves as Director of the Company, Master's degree, senior engineer of the Road and

under common

4.79 1.80 .99 18.04 .80 4

III. Total of capital shares 1,257,117,748 100.00% 0 0 1,257,117,748 100.00%

I. Changes in share capital

II. Main business analysis

Within 1 year(Including 1 year) 112,890,428.41 122,813,113.61

Does the internal control audit report issued by the CPAs agree with the self-assessment report of the Board of Directors

Capitalis g:

Investment

Group Co., Ltd. the supervisory committee

Feng Ke Male 44 In Office 6 No

the assets which have been recognized by the acquire), if the economic benefits brought by them are likely to flow

Other financing –related ash received 1,378.67 12,507.50

ofthe period

1.Business Combinations under the Same Control

for renting.

4.Other

369,139 369,139 Unknown

Fokai

Yun Wujun Chief Accountant In office Male 60 April 16, 2013 April 16, 2016 20,043 20,043

for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as

Sub-total of cash inflow due to

9,363.82 7.77 6.57 6.08

losses of the current period.

□ Applicable √Not applicable

transportations

0.27%

Rewards for the key management

expected condition for use, and the fixed asset shall be depreciated according to the company’s depreciation

Interest payable 17,625,272.46 17,902,360.98

government in conjunction with the price regulatory department at the same level consented upon examination.

company

reporting period

Guangdong Guangdong

Disposable financial asset 1,796,056,064.29 1,946,619,228.45

√Applicable □Not applicable

town Hankou Economic Union restricted shares held by the shareholders has expired.

period

basis of the fair value of the assets exchanged out if the exchange of non-monetary assets has commercial nature

Other information as the Company considers necessary to be disclosed or demanded by the securities regulatory authority for disclosing.

1. Accounting statements carried with personal signatures and seals of legal representative, Chief Financial officer

(1)Withdrawal 149,842,676.73 396,800,010.71 15,292,695.34 9,966,764.70 3,682,311.80 30,606,181.89 606,190,641.17

property right change were settled.

74

Consulting Group expert

3. Related-party transitions with joint investments

2.Other important transactions and events have an impact on investors decision-making

businesses(if the above mentioned business scope requires

solely state-owned limited company. Business scope:equity management, organization of asset reorganization and

Co., Ltd. and Guangdong Provincial Highway Co⑷According to the Board of Directors considered and adopted

(2)Details of fixed assets failed to accomplish certification of property

and withdrawal bad

Approval of Change of Shares

28.79%

In the groups, other accounts receivable adopting balance percentage method to withdraw bad debt provision

25.Bond payable

result in the sharp drop of the recoverable amount of the assets.

attributable to shareholders of 18 59.13 454.04 .04 4.28 03.13 5.00 03.95 1.23 6.85 .19 71.85

Guangdong Gaoda Property Development Co., Ltd. Fully owned subsidiary of the parent company

remuneration

2.Fiscal Year

N/A

operation period of highways and bridges. When there is big difference between actual standard vehicle traffic

Guangdong Meihe Expressway Co., Ltd. Fully owned subsidiary of the parent company

In RMB

Dividends received

owners’ equity

Other explanation

Notes

sale. In order to reduce the credit risk, the company only makes transactions with the recognized and reputable

Co., Ltd.

In RMB’0000

amortization

① Book value of the confirmed part;

Borrowing expenses occurred to the Company that can be accounted as purchasing or production of asset

1.Opening balance 12,664,698.25 12,664,698.25

(1) Purchase 1,014,340.00 1,014,340.00

Co., Ltd.

Listing fee 1,925,892.80 450,740.00

communication

University supervisor

in our country, there is no freeway to directly and effectively link up between some prefecture-level cities and

In RMB

the period

CNY1.50 for every 10 shares (with tax inclusive) , 0 bonus shares(including tax)and no reserve would be

III.Total profit(“-”for loss) 267,417,495.44 193,054,590.16

long-term equity investment. has been disposed for the current period

Newwork received toll income 15,799,675.00 569,364.37

Tu Huiling Supervisor Female 55 Dimission 23.07 No

Other explanation :

Asian Kitchen & Bath City Co., Ltd. 3,492,000.00 880,000.00

(2)Equity instrument

Titles engaged in the Sharting date of Expiry date remuneration or

sted capital

communication construction and 2,680,000.00 40.84% 43.61%

2015 Annual Report of Guangdong Provincial Expressway Development Co., Ltd.

The profit distribution preplan or proposal and the Plan(preplan) or proposal of conversion of the capital reserve

Cash received as investment

Jingzhu Expressway Guangzhu section Co., Ltd. Project fund 658,040.04

prepared for transfer after appreciation & the right to use any building which has already been rented.

The Financial advisor performing persistant supervision duties engaged by the Company in the reporting period

3.Test Method for Construction-in-Process Impairment and Counting & Drawing Method

3. Other notes to duty performance of independent directors

Financial expenses 61,776,338.94 46,967,353.71 88,210,913.86 59,320,062.60

pursuant to the Accounting Standards for Enterprises, recognize them on the basis of such adjustments.

value measurement

√ Applicable □Not applicable

beginnin fixed decrease on(%) of work accumul of interest of funds

requirements are met, the profits or losses caused by the fair value changes of the sellable financial assets, the

Board secretary Securities affairs Representative

Aging

amount ofthe

engineering consulting of bridges and culverts. The net profits in the current period increased RMB 67 million compared with the last period, computed in percentage

that will not be reclassified into

shareholders’ General shareholders’ 30,2015 Third provisional shareholders' general

(3) Account receivable

future price level when the cost of the company rises still depend on the approval of relevant national policies and

1,534,90 233,750,77 1,085,491,63 4,219,484,29

Ltd. The amount of proceeds to be raised is not more than RMB 1.5 billion . Floating interest rate plus

Decrease of deferred income tax assets 8,764,947.73 37,603,500.50

Wage 112,972,595.21 119,443,781.17

shareholding proportions

Guangdong Humen Bridge Co., ltd. 16,676.00 Guarantee fund

Meeting of the Seventh Board of Directors,etc.

997,480,962.56 997,480,962.56

Guangdong Xinyue

Signpost 1,549,556.00 1,549,556.00

Notes to failure to personally attend Board Meetings Successively Twice

I.Balance at the 1,257,11 1,534,771 253,056,23

amount after the book value and fair value respectively minus the disposal costs shall be presented as Divided as

since listing (if any)

applicable shorter period.

Locality Education subjoin 96,105.49 98,472.27

Ms. Wang Ping, She serves as Director and Chief Engineer of the Company, bachelor's degree, professor of

Long-germ expenses to be amortized 3,576,970.11 5,006,154.74

VIII. Earnings per share

Name Positions Types Date Reason

Section Co., ltd.

(1)Payable Employee wage

included in the scope of evaluation

□ Applicable √ Not applicable

The long-term equity investment acquired by the issuance of equity securities should be as the investment cost as

Xiao Duan Female 57 In Office 6 No

interest debt;

Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main

its initial development, but the density of expressways is still low and the network hasn’t fully formed yet. Also,

Other explanation

168

Name of the Does he/she receive

Amount Amount Amount Amount

the proceedings. On December 5, 2008, Guangzhou Marine Court opened a court trial to procceeded the case.

N/A

The credit risk means that the party of the financial instrument fails to perform the obligations, and the risk of the

21. Tax Payable

Project Quality guarantees/ Drawing

237,147 237,147 Unknown

Ltd, to other receivables account for reflection, we also have made full

4. Other significant contract

System. The expressway industry is the industry helped by government.

Assets or Liabilities at or Taxable Difference at

accountant. Since April 2008, she served as Minister of Audit supervision Department of the Company. Since

In the groups, other accounts receivable adopting aging analysis method to withdraw bad debt provision:

1-2 year (Including 2 years) 27,317,832.40 4,519,689.44

Issuing Issuing

Revenue Cost Revenue Cost

For the impairment test method and the impairment provision withdrawing method of the .Investment Real

118

In RMB

□ Yes √No

V. Responsibility performance of independent directors in report period

Account receivable

amount ofthe 14,423,320.45 466,131.70 8,728,551.95 23,618,004.10

Long term share equity investment 5,053,688,539.24 5,108,422,809.68

Guangfo

Guangdong Yuzhan ExpresswayCo., Ltd. Project fund 102,000.00

Inventories 800,998.80

Guangdong Guanghui Expressway Co.,

Net increase of inter-bank fund received

Particulars of significant overdue unpaid interest:

Guangfo

Administrative expense 166,209,446.96 167,805,309.46

104

State-owned 0.41% 5,212,095 -6,640,951 0 5,212,095

Dividend payable 11,681,423.74 11,148,088.30

internal audit

rs

Pay the interest for long-term loans by

479,597,707.56 511,451,389.15

ecognition and withdrawal method of bad debts.

disclosure for

(Date of mount of Guarantee type Guarantee term associated

sale

and researcher of Economic Research Institute of Peking University. He is the director of Real Estate Finance

In RMB

Company in reporting period, or form balance due to related party transactions in previous period:

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