27 Apr 2018 15:34
Zhejiang Expressway Co Ld - 2018 First Quarterly Results AnnouncementZhejiang Expressway Co Ld - 2018 First Quarterly Results Announcement
PR Newswire
London, April 27
ZHEJIANG EXPRESSWAY CO., LTD.
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
ZHEJIANG EXPRESSWAY CO., LTD.(A joint stock limited company incorporated in the People's Republic of China with limited liability)(Stock code: 0576)
2018 FIRST QUARTERLY RESULTS ANNOUNCEMENT
The directors (the "Directors") of Zhejiang Expressway Co., Ltd. (the "Company") are pleased to announce the first quarterly results of the Company and its subsidiaries (the "Group") for the three months ended March 31, 2018 (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 2017:
| CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | |||
| For the three months ended March 31, | |||
| 2018 | 2017 | ||
| Rmb'000 | Rmb'000 | ||
| (Unaudited) | (Unaudited) | ||
| ----------------- | ---------------- | ||
| Revenue | 2,255,435 | 2,338,312 | |
| Operating costsOperating costs | (1,026,094) | (1,118,826) | |
| ----------------- | ---------------- | ||
| Gross profit | 1,229,341 | 1,219,486 | |
| Securities investment gains | 111,401 | 136,766 | |
| Other income and gains and losses | 62,515 | 51,462 | |
| Administrative expenses | (15,029) | (15,474) | |
| Other expenses | (11,461) | 319 | |
| Share of profit of associates | 50,013 | 46,064 | |
| Share of profit of a joint venture | 5,293 | 1,677 | |
| Finance costs | (182,314) | (176,159) | |
| --------------- | -------------- | ||
| Profit before tax | 1,249,759 | 1,264,141 | |
| Income tax expense | (272,190) | (290,393) | |
| --------------- | -------------- | ||
| Profit for the Period | 977,569 | 973,748 | |
| Profit for the Period attributable to: | |||
| Owners of the company | 822,255 | 792,735 | |
| Non-controlling interests | 155,314 | 181,013 | |
| --------------- | -------------- | ||
| 977,569 | 973,748 | ||
| Other comprehensive expense | |||
| Items that may be reclassified subsequently to profit or loss: Available-for-sale financial assets: – Fair value gain during the Period | – | 44,319 | |
| – Reclassification adjustments for cumulative gain upon disposal | – | (47,970) | |
| Share of differences arising on translation | (1,975) | (45) | |
| Income tax relating to items that may be reclassified subsequently | – | 913 | |
| ------------- | ------------- | ||
| Other comprehensive expense for the Period, net of income tax | (1,975) | (2,783) | |
| -------------- | -------------- | ||
| Total comprehensive income for the Period | 975,594 | 970,965 | |
| ======== | ======== | ||
| Total comprehensive income attributable to: | |||
| Owners of the Company | 821,328 | 791,284 | |
| Non-controlling interests | 154,266 | 179,681 | |
| ------------ | ------------ | ||
| 975,594 | 970,965 | ||
| ======= | ======= | ||
| Earnings per share | |||
| Basic (Rmb cents) | 18.93 | 18.25 | |
| ======= | ======= | ||
| Diluted (Rmb cents) | 16.78 | 18.25 | |
| ====== | ====== | ||
| CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
| As at March 31, 2018 | As at December 31, 2017 | ||
| Rmb'000 | Rmb'000 | ||
| (Unaudited) | (Audited) | ||
| -------------------- | ------------------ | ||
| Non-current assets | 19,370,045 | 19,698,271 | |
| Current assets | 55,968,039 | 53,952,249 | |
| Current liabilities | 34,606,353 | 32,421,081 | |
| -------------------- | ------------------ | ||
| Net current assets | 21,361,686 | 21,531,168 | |
| -------------------- | ------------------ | ||
| Total assets less current liabilities | 40,731,731 | 41,229,439 | |
| -------------------- | ------------------ | ||
| Non-current liabilities | 10,551,786 | 12,025,088 | |
| -------------------- | ------------------ | ||
| 30,179,945 | 29,204,351 | ||
| =========== | ========= | ||
| Capital and reserves | |||
| Share capital | 4,343,115 | 4,343,115 | |
| Reserves | 17,132,713 | 16,311,385 | |
| ------------------- | ----------------- | ||
| Equity attributable to owners of the Company | 21,475,828 | 20,654,500 | |
| Non-controlling interests | 8,704,117 | 8,549,851 | |
| ------------------- | ----------------- | ||
| 30,179,945 | 29,204,351 | ||
| ========= | ======== | ||
| *Note: The Group has adopted HKFRS 9 from January 1, 2018. As permitted by the transitional provisions of HKFRS 9, the Group elected not to restate comparative figures. Any adjustments to the carrying amounts of financial assets and liabilities at the date of transition were recognised in equity as at January 1, 2018. | |||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||
| For the three months ended March 31, | |||
| 2018 | 2017 | ||
| Rmb'000 | Rmb'000 | ||
| (Unaudited) | (Unaudited) | ||
| --------------- | ------------- | ||
| Net cash from (used in) operating activities | 1,477,265 | (1,144,645) | |
| Net cash (used in) from investing activities | (1,341,105) | 1,499,420 | |
| Net cash from (used in) financing activities | 1,707,622 | (3,448,141) | |
| ------------------ | ---------------- | ||
| Net increase (decrease) in cash and cash equivalents | 1,843,782 | (3,093,366) | |
| Cash and cash equivalents at beginning of the Period | 5,588,814 | 7,198,745 | |
| Effect of foreign exchange rate changes | (1,975) | (45) | |
| --------------- | ------------- | ||
| Cash and cash equivalents at end of the Period | 7,430,621 | 4,105,334 | |
| ========= | ======== | ||
By Order of the Board Zhejiang Expressway Co., Ltd.YU Zhihong Chairman
Hangzhou, the PRC, April 27, 2018
As at the date of this announcement, the Chairman of the Company is Mr. YU Zhihong; the executive Directors of the Company are: Mr. CHENG Tao and Ms. LUO Jianhu; the other non-executive Directors of the Company are: Mr. DAI Benmeng, Mr. YU Qunli and Mr. YU Ji; and the independent non-executive Directors of the Company are: Mr. PEI Ker-Wei, Ms. LEE Wai Tsang, Rosa and Mr. CHEN Bin.