Zhejiang Expressway Co Ld - 2016 Third Quarterly Results Announcement

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ZHEJIANG EXPRESSWAY CO., LTD.
(A joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock code: 0576)

2016 THIRD QUARTERLY RESULTS ANNOUNCEMENT

The directors (the "Directors") of Zhejiang Expressway Co., Ltd. (the "Company") are pleased to announce the third quarterly results of the Company and its subsidiaries (the "Group") for the nine months ended September 30, 2016 (the "Period").

The audit committee of the Company has reviewed the quarterly results of the Group for the Period. Set out below are the Group's unaudited condensed consolidated statement of profit or loss and other comprehensive income, unaudited condensed consolidated statement of financial position and unaudited condensed consolidated statement of cash flows for the Period together with the comparative figures for the corresponding period of 2015:

CONDENSED  CONSOLIDATED  STATEMENT  OF  PROFIT  OR  LOSS  AND OTHER COMPREHENSIVE INCOME
	For the nine months ended September 30,
	2016		2015
	Rmb'000		Rmb'000
	(Unaudited)		(Unaudited and restated)
Revenue	8,008,780		9,381,600
Operating costs	(4,320,395)		(5,418,088)
Gross profit	3,688,385		3,963,512
Securities investment gains	319,675		433,752
Other income	252,056		226,456
Administrative expenses	(66,006)		(69,792)
Other expenses	(30,314)		(47,067)
Share of profit of associates	30,177		41,788
Share of profit (loss) of a joint venture	6,287		(21,133)
Finance costs	(506,177)		(453,364)
Profit before tax	3,694,083		4,074,152
Income tax expense	(923,367)		(1,042,594)
Profit for the Period	2,770,716		3,031,558
Other comprehensive income (loss)
Items that may be reclassified subsequently     to profit or loss:
Available-for-sale financial assets:
- Fair values gain (loss) during the Period	28,958		(4,909)
- Reclassification adjustments for cumulative        gain included in profit or loss upon disposal	(26,023)		(410)
Exchange differences on translating     foreign operations	88		197
Income tax relating to items that may be     reclassified subsequently	(734)		1,330
Other comprehensive income (loss) for the     Period, net of tax	2,289		(3,792)
Total comprehensive income for the Period	2,773,005		3,027,766
Profit for the Period attributable to:
Owners of the Company	2,180,971		2,257,171
Non-controlling interests	589,745		774,387
	2,770,716		3,031,558
Total comprehensive income for the Period     attributable to:
Owners of the Company	2,182,167		2,255,461
Non-controlling interests	590,838		772,305
	2,773,005		3,027,766
Earnings per share – Basic and diluted	Rmb50.22 cents		Rmb51.97 cents
	==============		==============

   

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
	As at September 30, 2016		As at December 31, 2015
	Rmb'000		Rmb'000
	(Unaudited)		(Audited)
Non-current assets	21,200,917		19,532,288
Current assets	49,596,778		54,359,475
Current liabilities	42,223,915		42,440,986
Net current assets	7,372,863		11,918,489
Total assets less current liabilities	28,573,780		31,450,777
Non-current liabilities	5,201,905		9,452,128
	23,371,875		21,998,649
	===========		===========
Capital and Reserves
Share capital	4,343,115		4,343,115
Reserves	13,359,638		12,393,543
Equity attributable to owners of the Company	17,702,753		16,736,658
Non-controlling interests	5,669,122		5,261,991
	23,371,875		21,998,649

   

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
	For the nine months ended September 30,
	2016		2015
	Rmb'000		Rmb'000
	(Unaudited)		(Unaudited and restated)
Net cash from (used in) operating activities	2,432,567		(3,308,809)
Net cash used in investing activities	(596,757)		(73,402)
Net cash (used in) from financing activities	(2,916,694)		6,147,881
Net (decrease) increase in cash and cash equivalents	(1,080,884)		2,765,670
Cash and cash equivalents at beginning of the Period	4,983,051		3,356,563
Effect of exchange rate changes on the   balance of cash and cash equivalents    held in foreign currencies	88		197
Cash and cash equivalents at end of the Period	3,902,255		6,122,430
	==========		==========

By Order of the Board          
Zhejiang Expressway Co., Ltd   
ZHAN Xiaozhang            
Chairman                   

Hangzhou, the PRC, October 31, 2016

As at the date of this announcement, the executive directors of the Company are: Mr. ZHAN Xiaozhang, Mr. CHENG Tao and Ms. LUO Jianhu; the non-executive directors of the Company are: Mr. WANG Dongjie, Mr. DAI Benmeng, and Mr. ZHOU Jianping; and the independent non-executive directors of the Company are: Mr. ZHOU Jun, Mr. PEI Ker-Wei and Ms. LEE Wai Tsang, Rosa.

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