Guangdong Provincial Expressway Development Co., Ltd.
The Semi-Annual Report 2014
July 2014
I. Important Notice, Table of Contents and Definitions
The Board of Directors ,the Supervisory committee as well as all directors, supervisors and senior management staff of the Company warrant that this report is factual, accurate and complete without any false record, misleading statement or material omission. And they shall be jointly and severall liable for that
All the directors have attended the meeting of the board meeting at which this report was examined.
The Company has no plan of cash dividends carried out, bonus issued and capitalizing of common reserves either. Mr.Zhu Zhanliang, Compant principal , Mr. Xiao Laijiu, Chief of the accounting owrk, Mr. Yun Junwu, Chief financial Officer and Ms.Liu Xiaomei, Chief of the accounting organ (chief of accounting ) hereby confirm the authenticity and completeness of the financial report enclosed in this Semi-annual report.
Table of Contents
2014 Semi-Annual Report
5.Important Notice, Table of contents and Definitions
II. Basic Information of the Company
III. Summary of Accounting Highlights and Business Highlights
IV. Report of the Board of Directors
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII.Information about Directors, Supervisors and Senior Executives
IX. Financial Report
X. Documents available for inspection
Definition
||||
|-|-|-|
|Terms to be defined|Refers to|Definition|
|The Company /This Company|Refers to|Guangdong Provincial Expressway Development Co.,Ltd.|
|Guangfo|Refers to|The controlling subsidiary Guangfo Expressway Co., Ltd.|
|Fokai|Refers to|The controlling subsidiary Fokai Expressway Co., Ltd.|
|||Guangdong Expressway Technology Investment Co., a wholly-owned subsidiary of|
|Technology Company|Refers to||
|||the Company|
|Communication Group|Refers to|The controlling parent Company， Guangdong Communication Group Co., Ltd.|

II. Basic Information of the Company
1.Company Information
|||||
|-|-|-|-|
|Stock abbreviation:|Expressway A, Expressway B|Stock code：|000429,200429|
|Stock exchange for listing：|Shenzhen Stock Exchange|||
|Name in Chinese|广东省高速公路发展股份有限公司|||
|Abbreviation of Registered||||
||粤高速|||
|Company (if any)||||
|English name (If any)|Guangdong Provincial Expressway Development Co.Ltd.|||
|English abbreviation (If||||
||GPED|||
|any)||||
|Legal Representative|Zhu Zhanliang|||

2. Contact person and contact manner
||||
|-|-|-|
||Board secretary|Securities affairs Representative|
|Name|Zuo Jiang|Feng Xinwei|
||46/F, Litong Plaza, No.32, Zhujiang East|45/F, Litong Plaza, No.32, Zhujiang East|
|Contact address|Road, Zhujiang New City, Tihe Disrtict ,|Road, Zhujiang New City, Tihe Disrtict ,|
||Guangzhou|Guangzhou|
|Tel|020-29004609|020-29004522|
|Fax|020-38787002|020-38787002|
|E-mail|zuoj@126.com|fengxw2007@163.com|

3.Other
(1)Way to contact the Company
Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or not
□ Applicable□√ Not Applicable
The registered address, office address and their postal codes, website address and email address of the Company did not change during the reporting period. The said information can be found in the 2013 Annual Report.
（2）About information disclosure and where this report is placed
Did any change occur to information disclosure media and where this report is placed during the reporting period?□ Applicable√ Not applicable
The newspapers designated by the Company for information disclosure, the website designated by CSRC for
disclosing this report and the location where this report is placed did not change during the reporting period. The
said information can be found in the 2013 Annual Report.
（3）Registration changes of the Company
Whether registration has changed in reporting period or not
□ Applicable√ Not applicable
Date/place for registration of the Company, registration nmber for enterprise legal license number of taxation registration and organization code have no change in reporting period, found more details in annual report 2013. III. Summary of Accounting Highlights and Business Highlights
I.Summary of accounting /Financial Data
May the Company make retroactive adjustment or restatement of the accounting data of the previous years due to change of the accounting policy and correction of accounting errors.
□Yes√No
|||||
|-|-|-|-|
||Reporting period|Same period of last year|YoY+/-（%）|
|Operating income（RMB）|688,716,891.86|629,975,588.18|9.32%|
|Net profit attributable to the|178,192,944.02|57,611,897.53||
|shareholders of the listed company|||209.30%|
|（RMB）||||
|Net profit after deducting of||||
|non-recurring gain/loss attributable||||
||176,476,690.94|57,007,858.34|209.57%|
|to the shareholders of listed company||||
|（RMB）||||
|Cash flow generated by business|500,941,101.24|331,636,565.56||
||||51.05%|
|operation, net（RMB）||||
|Basic earning per share(RMB/Share)|0.14|0.05|180.00%|
|Diluted gains per|0.14|0.05||
||||180.00%|
|share(RMB/Share)(RMB/Share)||||
|Weighted average ROE(%)|4.15%|1.35%|2.80%|
||As at the end of the|As at the end of last||
||||YoY+/-（%）|
||reporting period|year||
|Gross assets (RMB)|12,664,784,092.41|12,694,475,514.01|-0.23%|
|Net assets attributable to|4,325,105,535.80|4,237,999,072.46||
||||2.06%|
|shareholders of the Compan（y RMB）||||

II. Differences between accounting data under domestic and overseas accounting standards
1. Differences of net profit and net assets disclosed in financial reports prepared under international and Chinese accounting standards.
□ Applicable√Not applicable
No difference .
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards.
□ Applicable√Not applicable
No difference .
III.Items and amount of non-current gains and losses
√Applicable□Not applicable
In RMB
||||
|-|-|-|
|Items|Amount|Notes|
|Gain/loss from disposal of non-current assets, including the part|-573,448.41||
|offset with the provision for impairment of assets|||
|Single impairment test for impairment of receivables|2,000,000.00||
|transferredback to preparation|||
|Operating income and expenses other than the aforesaid items|-417,903.81||
|Other non-business income and expenditures other than the above|415,618.67||
|Less：Amount of influence of income tax|-166,849.50||
|Amount of influence of minority interests(after tax)|-125,137.13||
|Total|1,716,253.08|--|

For theCompany‘s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses, it is necessary to explain the reason.
□Applicable√ Not applicable
No such cases.
IV. Report of the Board of Directors
I. General
In the first half of 2014, the board of directors of the Company actively implemented all resolutions of shareholders'general meeting, duly performed its duties and all directors did their duties diligently. Facing austere macropolicy environment, the board of directors unceasingly improved and standardized all operation management activities, further reinforced management foundation and enhanced management level through strengthening internal management. Meanwhile, the management of the Company strictly implemented resolutions of the board of directors and actively carried out operation management activities.
||
|-|
|On January 24, 2014, the People's Government of Guangdong Province issued the Approval of Term of Toll|
|Collection for the Expansion and Reconstruction Project of Xiebian-Sanbao Section of Fokai Expressway (Yue Fu|
|Han (2014) No. 10) and approved the term of toll collection for the said project to be from the date of completion|
|and opening to traffic to March 14, 2036. It is expected that the percentage of increase of the charge for the|
|depreciation of fixed assets for the expansion project of Fokai Expressway will be lowered in 2014 and the years|
|thereafter and the extent of the influence of the investment in the expansion project of Fokai Expressway on the|
|increase of the Company's operating cost will be correspondingly decreased.Meanwhile, the natural growth in|
|traffic volume in the Guangzhou-Foshan Expressway and Fokai Expressway and the increase of investment|
|income from China Everbright Bank and other sections led to the net profit attributable to the shareholders of the|
|listed companies had a year-on-year growth of 209.30% in the report period|

II. Analysis on principal Business
General
The Company is an infrastructure industry, with main business in developing and operating expressway and big bridges. It is one of the main institutions of developing expressway and big bridge in Guangdong Expressway System. The expressway industry is the industry helped by government.
In the report period, the vehicle traffic and toll income of the controlled subsidiaries and joint ventures of the Company are as follows:
||||||
|-|-|-|-|-|
||Traffic volumeform Jan to June2014（Vehicles)|Increase/Decrease(%)|Toll income from Jan toJun 2014(RMB‘0000)|Increase/Decrease(%)|
|Guangfo Expressway|21,454,288|13.78%|16,402.82|9.50%|
|Fokai Expressway|19,088,150|14.42%|51,385.06|11.47%|
|Shenzhen HuiyanExpressway|15,464,514|5.56%|10,893.19|-0.04%|
|Jingzhu ExpresswayGuangzhu Section|25,682,994|1.07%|48,147.75|7.89%|
|Guangzhao Expressway|11,627,040|4.61%|25,472.37|14.68%|

||||||
|-|-|-|-|-|
|Guanghui Expressway|15,686,270|5.06%|69,821.95|9.32%|
|Jiangzhong Expressway|17,452,795|3.92%|17,669.96|9.09%|
|Kangda Expressway|900,965|5.34%|11,373.04|11.96%|
|Gangkang Expressway|1,009,287|23.70%|8,192.60|6.06%|

 After the expansion project of Fokai Expressway is completed, the traffic has resumed growth, and led to an increase of Guangfo Expressway traffic; kangda high-speed, Gankang high-speed affected by the formation of surrounding road network, traffic volume and toll steadily rise;the short trip in Huiyan high-speed increased thus toll revenue was essentially flat; the rest of the traffic volume and toll roads have a certain level of natural growth. Year-on-year change of main financial data
In RMB
||||||
|-|-|-|-|-|
||||YOY change||
||This report period|Same period last year||Cause change|
||||（%）||
||688,716,891.86|629,975,588.18||The finish of Fokai Expansion Project led to|
|Operating income|||9.32%|the recovery of traffic growth, led to the|
|||||increase of revenue.|
||369,614,599.73|403,435,560.64||The increase of traffic volume led to the|
|||||increase of depreciation and the combined|
|Operating cost|||-8.38%|effects of adjustment of tolling year and new|
|||||system to forecast led to the decrease of|
|||||depreciation|
|Administrative expenses|76,476,533.85|81,306,279.47|-5.94%||
||205,409,981.84|214,952,062.12||Interest-bearing liabilities decreased,|
|||||increased financial income and other aspects|
|Financial expenses|||-4.44%||
|||||led to the year-on-year decrease of financial|
|||||cost|
||31,692,786.86|15,594,330.60||Mainly due to the increase of income owing to|
|||||the tax adjustments of Fokai at the same|
|Income tax expenses|||103.23%||
|||||period and current reversal of deferred income|
|||||tax.|
||500,941,101.24|331,636,565.56||Mainly due to the toll income increased owing|
|||||to tax adjustments of Fokai at the same period,|
|Net cash flows from||||net toll revenue increased interconnection fees|
||||51.05%||
|operating activities||||received from the liquidation households,|
|||||reduced tax expense and the current reversal|
|||||of deferred income tax.|
||-172,731,374.19|-147,848,205.69||The combined effects of reduced dividends|
|Net cash flows from|||||
||||16.83%|received, reduced projects expenditure and|
|investing activities|||||
|||||increased national debt reverse repurchase.|
|Net cash flows from|-351,378,336.78|22,519,835.24|-1,660.31%|The combined effects of decreased borrowing|

||||||
|-|-|-|-|-|
|financing activities||||and reduced repayment of borrowings over the|
|||||same period|
||-23,446,167.12|206,545,017.82||The combined effects of inflow from|
|Net increase in cash and|||||
||||-111.35%|operating activities and financing activities|
|cash equivalents|||||
|||||outflow|

Major changes in profit composition or cources during the report period
□ Applicable√ Not applicable
The profit composition or sources of the Company have remained largely unchanged during the report period. Delay of future development and plan disclosed inCompany‘s IPO prospectus, fund raising prospectus and capital reorganization report into this reportperiod.\
□ Applicable√ Not applicable
No future development and plan disclosed inCompany‘s IPO prospectus, fund raising prospectus and capital reorganization report into this reportperiod.\
Implementation of business plans disclosed in previous periods in this period.
The plannned operating income and operating cost of the Company for 2014 disclosed in the annual report for 2013 were RMB 1.416 billion and RMB 828 million respectively. As of June 30, 2014, its operating income and operating cost were RMB 689 million and RMB 370 million respectively.
III. Business composition
In RMB
||||||||
|-|-|-|-|-|-|-|
||||||Increase/decrease||
|||||Increase/decrease||Increase/decrease|
||||||of rincipal||
|||||of reverue in the||of gross profit|
||||Gross profit||business cost over||
||Turnover|Operation cost||same period of||rate over the same|
||||rate(%)||the same period||
|||||the previous||period of the|
||||||of previous year||
|||||year(%)||previous year (%)|
||||||(%)||
|Industry|||||||
|Highway|||||||
||673,137,500.56|358,494,223.15|46.74%|9.37%|-9.54%|11.13%|
|transportation|||||||
|Other|5,611,159.45|4,381,343.12|21.92%|45.26%|38.19%|3.99%|
|Product|||||||
|Highway|||||||
||673,137,500.56|358,494,223.15|46.74%|9.37%|-9.54%|11.13%|
|transportation|||||||
|Other|5,611,159.45|4,381,343.12|21.92%|45.26%|38.19%|3.99%|
|Area|||||||
|Guangfo|||||||
||163,160,247.10|119,220,190.87|26.93%|9.05%|17.77%|-5.41%|
|Expressway|||||||
|Fokai|||||||
||509,977,253.46|239,274,032.28|53.08%|10.61%|-12.62%|12.47%|
|Expressway|||||||

||||||||
|-|-|-|-|-|-|-|
|Other|5,611,159.45|4,381,343.12|21.92%|45.26%|38.19%|3.99%|

 IV. Analysis On core Competitiveness
The Company is an infrastructure industry, with main business in developing and operating expressway and big bridges. It is one of the main institutions of developing expressway and big bridge in Guangdong Expressway System.
Guangfo Expressway holding company, the Fokai Expressway and Maozhan Expressway are the parts "five vertical and seven horizontal part of the national highway network planning. The holding highways are also the Guangdong Provincial Expressway Network Plan which provide a strong guarantee for the traffic flow. At the same time, the regional economy is an important factor affecting highway traffic volume. With the gradual implementation of expressway network planning of Guangdong Province in recent years, the road network connection effect has been increasingly better, which contributes to accelerating the growth of vehicle traffic volume of expressways run by the Company.
V. Analysis on investment Status
1. Foreign Equity investment
（1）External investment
□ Applicable√ Not applicable
There was no foreign investment of the Company in the reorting period.
（2）Holding of the equipty in financial enterprises
√Applicable□Not applicable
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||||Number of||||||||
|||||Shareholdin|||||||
||||shares held||Number of|Shareholding|||||
|||||g proportion|||||||
|||Intial|at the||shares held at|proportion at the||Gain.loss of the|||
|Company|Company|||at the the|||Book balance at the end of||Accounting|Source of the|
|||Investment cost|beginning of||the end of the|end of the||reporting period|||
|Name|type|||beginning of|||the reporting period (RMB)||items|shares|
|||(RMB)|the reporting||reporting|reporting||(RMB)|||
|||||the reporting|||||||
||||period||period(shares)|period(%)|||||
|||||period (%)|||||||
||||(shares)||||||||
|China|||||||||||
||Commercial Bank||||||||Financial assets|Subscribe on|
|Everbright||528,000,000.00|235,254,944|0.59%|235,254,944|0.59%|597,547,557.76|-28,230,593.28|||
||||||||||available for sale|2009|
|Bank|||||||||||
|Total||528,000,000.00|235,254,944|--|235,254,944|--|597,547,557.76|-28,230,593.28|--|--|

（3）Investment in securities
√Applicable□Not applicable
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||||Number of shares||Number of|Shareholding|||||
||||||Shareholding|||Book balance at||||
|Security|Security|Short form of|Intial|held at the||shares held at|proportion at the||Gain.loss of the|||
||||||proportion at the the|||the end of the||Accounting|Source of|
|category|code|security|Investment cost|beginning of the||the end of the|end of the||reporting period|||
||||||beginning of the|||reporting period||items|the shares|
||||(RMB)|reporting period||reporting|reporting||(RMB)|||
||||||reporting period (%)|||(RMB)||||
|||||(shares)||period(shares)|period(%)|||||
|||||||||||Financial||
|||China||||||||||
|Stock||||||||||assets|Subscribe on|
||601818|Everbright|528,000,000.00|235,254,944|0.59%|235,254,944|0.59%|597,547,557.76|-28,230,593.28|||
|||||||||||available for|2009|
|||Bank||||||||||
|||||||||||sale||

|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Total|528,000,000.00|235,254,944|--|235,254,944|--|597,547,557.76|-28,230,593.28|--|--|
|Disclosure Date of Announcement||||||||||
|on Securities Investment Approved|July 22, 2009|||||||||
|by the Board of Directors||||||||||
|Disclosure Date of Announcement||||||||||
|on Securities Investment Approved|August 7, 2009|||||||||
|by the Shareholders Meeting||||||||||

Notes to holding of the equity in other listed companies
□Applicable√ Not applicable
The company did not hold shares of other listed companies at the reporting period.
2.Information of trust management, derivative investment and entrusted loan
（1）Trust management
□Applicable√ Not applicable
There was no trust management of the Company in the reorting period.
（2）Derivative investment
□Applicable√ Not applicable
There was no derivative investment of the Company in the reporting period.
（3）Entrusted loan
□Applicable√ Not applicable
There was no entrusted loan of the Company in the reporting period.
3.Application of the Raised funds
（1）General application of the raised funds
□Applicable√ Not applicable
（2）Promised projects of raised funds
□Applicable√ Not applicable
（3）Changes of raised funds projects
□Applicable√ Not applicable
There is no change in raised funds in company reporting period.
（4）Fund-raising project
||||
|-|-|-|
|Fund-raising project overview|Disclosure date|Disclosure index|

4. Analysis on principal subsidiaries and Mutual Shareholding Companies
√Applicable□Not applicable
Particulars about the principal subsidiaries and Mutual shareholding companies
In RMB
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Company|Company|Sectors||Registered||||Operating profit||
||||Leading products and services||Total assets(RMB)|Net assets (RMB)|Tumover (RMB)||Net Profit (RMB)|
|Name|type|engaged in||capital||||(RMB)||
||||Operating Guangfo Expressway Co.,|||||||
|Guangfo||||||||||
||||Ltd.(starts from Hengsha, Guangzhou,|RMB 200||||||
|Expressway|Subsidiary|Expressway|||653,140,764.49|295,540,368.15|166,940,111.80|19,213,281.16|13,088,460.94|
||||ends in Xiebian, Foshan. Total length|million||||||
|Co., Ltd.||||||||||
||||15.7 kilometers|||||||
|Guangdong|||Operation and management of Fokai|||||||
|Fokai|||Expressway Co., Ltd., supporting|RMB 1.108||||||
||Subsidiary|Expressway|||7,342,141,771.55|3,062,425,233.61|514,076,889.14|112,131,051.98|85,895,687.33|
|Expresswa|||salvage, maintenance and cleaning,|billion||||||
|y|||supply of parts and components|||||||
||||Investing in science and technology|||||||
||||industries. Investment in technical|||||||
||||industries and provision of relevant|||||||
||||consulting services, research and|||||||
||||development of lighting technology,|||||||
|Guangdong||||||||||
||||energy saving and storage technology,|||||||
|Expressway||||||||||
||||photovoltaic technology of solar energy|RMB 100||||||
|Technology|Subsidiary||||50,363,545.74|-3,318,541.83|10,071,621.45|-1,333,312.90|-1,343,041.71|
||||and production and sales of relevant|million||||||
|Investment||||||||||
||||products, design, production , release|||||||
|Co., Ltd||||||||||
||||and agency of all kinds of domestic and|||||||
||||foreign advertisements, construction|||||||
||||and maintenance management of|||||||
||||highway projects and domestic trade.|||||||
||||（excluding illegally， or prohibited|||||||

|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||||and restricted by law products）|||||||
||||The organization and management of|||||||
||||the construction of the main line of|||||||
||||Shenzhen section of Huiyan|||||||
|Shenzhen||||||||||
||||Expressway, its operation, management|||||||
|Huiyan|Sharing|||RMB 36||||||
|||Expressway|and maintenance after its completion,||526,304,247.42|416,877,327.95|109,916,174.08|58,482,415.93|46,735,304.77|
|Expressway|company|||million||||||
||||collection of toll and road service|||||||
|Co., Ltd.||||||||||
||||management, the construction|||||||
||||management of road, bridge and culvert|||||||
||||projects and engineering consultation|||||||
|Jingzhu|||The operation and management of|||||||
|Expressway|||Guangzhou-Zhuhai Expressway and|||||||
||Sharing|||RMB 580||||||
|Guangzhu||Expressway|provision of supporting services||3,696,504,293.30|818,094,443.70|495,422,620.07|224,115,274.45|198,698,815.37|
||company|||million||||||
|Section Co.,|||including fueling, salvage and supply|||||||
|Ltd.|||of parts and components|||||||
||||Construction, operation and|||||||
|Zhaoqing||||||||||
||||management of Guangzhao|||||||
|Yuezhao|Sharing|||RMB||||||
|||Expressway|Expressway, old highways and their||2,060,880,562.52|983,364,666.15|255,506,103.42|130,723,204.81|100,473,322.59|
|Highway|company|||818.3million||||||
||||supporting facilities, service facilities|||||||
|Co., Ltd.||||||||||
||||and integrated projects.|||||||
||||Investment in and construction of|||||||
|Guangdong||||||||||
||||Guanghui Expressway Co., Ltd. and|||||||
|Guanghui|Sharing|||RMB 2.352||||||
|||Expressway|supporting facilities, the toll collection||5,511,556,142.23|3,569,664,409.54|701,582,423.18|384,423,473.63|289,770,004.45|
|Expressway|company|||billion||||||
||||and maintenance management of|||||||
|Co., Ltd.||||||||||
||||Guanghui Expressway|||||||
|Guangdong|||Investing in, constructing, operating|||||||
|Jiangzhong|Sharing||and managing Jiangzhong Expressway|RMB 1.015||||||
|||Expressway|||2,473,837,276.79|1,144,057,830.65|184,427,524.48|25,418,532.57|198,698,815.37|
|Expressway|company||Co., Ltd. and phase-II project of|billion||||||
|Co., Ltd..|||Jianghe Expressway and developing|||||||

|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||||supporting projects.|||||||
||||Construction, operation and|||||||
||||management of expressway projects;|||||||
|Ganzhou|||highway maintenance; Advertising;|||||||
|Kangda|Sharing||wholesale and retail of construction|RMB 600||||||
|||Expressway|||1,548,461,656.88|369,586,204.74|113,740,917.00|38,288,923.10|35,563,559.16|
|Expressway|company||machinery equipments and accessories|million||||||
|Co., Ltd.|||(the above-mentioned projects should|||||||
||||be in accordance with state special|||||||
||||provisions)|||||||
||||Project of Ganzhou-dayu expressway|||||||
||||(Maodian-Sanyi) and the construction|||||||
||||and management of Ganjiang Highway|||||||
||||project; earth mining and sale; highway|||||||
|Ganzhou|||maintenance; advertising; service|||||||
|Gankang|Sharing||facilities; building materials, decoration|RMB 754||||||
|||Expressway|||1,929,617,855.73|680,778,956.18|82,994,061.67|13,477,333.01|11,897,440.02|
|Expressway|company||materials, metal materials, wholesale|million||||||
|Co., Ltd.|||and retail of construction machinery|||||||
||||and equipments and accessories (the|||||||
||||above-mentioned projects should be in|||||||
||||accordance with state special|||||||
||||provisions).|||||||
|Guangdong||||||||||
|Yueke|||Handle all small loans, and other busine|||||||
||Sharing|Financial||||||||
|Technology|||sses approved by the Guangdong Provi|RMB 1 billion|1,007,191,004.91|1,005,591,002.16|13,208,617.55|5,818,233.21|5,591,002.16|
||company|industry||||||||
|Petty Loan|||ncial Finance Office|||||||
|Co., Ltd.||||||||||

5. Significant projects of investments with non-raised funds
□ Applicable√ Not applicable
The company has no project invested by raised fund in the reporting period.
VI. Performance Forecast for January to September 2014
Alert of loss or significant change in net profit from the beginning of year to the end of next report period or comparing with the same period of last year, and statement of causations.
□ Applicable√ Not applicable
VII. Explanation by the Board of Directors and the Supervisory Committee about the―non-standard auditreport‖ issued by the CPAs firm for the reporting period
□ Applicable√ Not applicable
VIII. Explanation by the Board of Directors about the relevent situation of the―non-standard
auditreport‖ of the first half year
□ Applicable√ Not applicable
IX. Profit distribution carried out in the report period
Execution or adjustment of profit distribution, especially cash dividend, and capitalizing of reserves in the report period.
√Applicable□ Not Applicable
Which has been adopted. According to the resolution passed at the annualshareholders‘ general meeting 2013, The Company's dividend distribution plan for 2013: With the existing total share capital, i.e., 1,257,117,748 shares, as the base, cash dividend of RMB 0.50 (including tax) is to be distributed for every 10 shares,Cash dividend of RMB 62,855,887.40 is to be distributed, The undistributed profit was carried forward to the nest year. The Company had implemented this distribution plan on June 11, 2013.
|||
|-|-|
|Special explanation of the cash dividend policy||
|Whether conformed with the regulations of the Articles of||
|association or the requirements of the resolutions of the|Yes|
|shareholders‘ meeting:||
|Whether the dividend standard and the proportion were definite||
||Yes|
|and clear:||
|Whether the relevant decision-making process and the system||
||Yes|
|were complete:||
|Whether the independent director acted dutifully and exerted the||
||Yes|
|proper function:||
|Whether the medium and small shareholders had the chances to||
||Yes|
|fully express their suggestions and appeals, of which their legal||

|||
|-|-|
|interest had gained fully protection:||
|Whether the conditions and the process met the regulations and||
|was transparent of the adjustment or altered of the cash dividend|Yes|
|policy:||

X. Preplan for profit distribution and turning capital reserve into share capital in the reporting period
□ Applicable√ Not applicable
The Company planed that no to distribute cash dividend, bonus shares and there was no turning of capital reserve into share capital.
XI. Particulars about researches, visits and interviews received in this reporting period
□ Applicable√ Not applicable
There is no reception research, interviews and other activities during the reporting period.
V. Important Events
I. Administrative position
The company strictly abides by the requirements of laws and regulations of "Corporate Law", "Securities Law", "Governance Rules of Listed Companies" and "Listing Rules of Stocks" to continuously perfect the corporate governance structure and improve the norms operation level. Also, the company has set up the "Articles of Association", the parliamentary procedure of three meetings operating, the work rules of the special committee of the Board of Directors, the work rules of General Manager and other systems, as well as the internal control systems basically covering the company's financial management, investment management, information disclosure, affiliated transactions, external guarantee, funds-raising and all aspects of business management, and all the systems have been implemented better.
At present, the actual status of corporate governance complied with the requirements of relevant documents of CSRC and regulatory authority. According to the requirements of relevant laws and regulations and regulatory documents, the Company will stick to the policy of continuous rectification, unceasingly strengthen the construction of corporate governance structure, continously enhance its level of corporate governance and make its governance structure more steady and transparent.
II. Major lawsuits and Arbitration affairs
□ Applicable√ Not applicable
The Company has no major lawsuit or arbitration in the report period.
III. Query form media
□ Applicable√ Not applicable
In the reporting year, the Company had no query from media
IV. Bankruptcy or Reorganization Events
□ Applicable√ Not applicable
There Company was not involved in any bankruptcy or reorganization events in the reporting period.
V. Transaction in Assets
1. Purchase of assets
□ Applicable√ Not applicable
There is no purchase of assets in the Company during the reporting period.
2. Sale of assets
□ Applicable√ Not applicable
There is no sale of assets in the Company during the reporting period
3. Business combination
□ Applicable√ Not applicable
There is no business combination in the Company during the reporting period.
VI. Implementation and Influence of Equity Incentive Plan of the Company
□ Applicable√ Not applicable
There is no equity incentive plan and its implementation in the Company during the reporting period.
VII. Significant related-party transactions
1. Related-party transactions concerning routine operation
□ Applicable√ Not applicable
The company has no transactions related to daily operations in the reporting period.
2. Related-party transactions arising from asset acquisition or sale
□ Applicable√ Not applicable
The Company was not involved in any related-party transactions arising from asset acquisition or sale during the reporting period.
3. Related-party transitions with joint investments
□ Applicable√ Not applicable
The Company was not involved in any related-party transaction with joint investments during the reporting period.
4. Credits and liabilities with related parties
√ Applicable□ Not applicable
Was there any non-operating credit or liability with any related party?
□ Yes√ No
The Company was not involved in any credits and liabilities with related parties during the reporting period. 5. Other significant related-party transactions
√ Applicable□ Not applicable
The 9th meeting of the seventh board of directors of the Company was held on March 27,2014. The meeting examined and adopted the Proposal for Renewing the Lease of Litong Plaza as Office Building. The Company approved to continue to lease the 43rd and 44th floor (conceptual design floor) of Litong Plaza as offices from Guangdong Litong Property Investment Co., Ltd. The renewal period starts from May 5, 2014 to May 4, 2015 with the monthly rent per square meter (gross floor area) is RMB 152 , the total amount of the contract is RMB 10.1697 million .
The website to disclose the interim announcements on significant related-party transactions
||||
|-|-|-|
||Date of disclosing provisional|Description of the website for disclosing|
|Description of provisional announcement|||
||announcement|provisional announcements|
|Related transaction announcement|March 28, 2014|www.cninfo.com.cn|

VIII. Particulars about the non-operating occupation of funds by the controlling shareholder
and other related parties of the Company
□ Applicable√ Not applicable
The Company was not involved in the non-operating occupation of funds by the controlling shareholder and other related parties
during the reportingperiod.。
IX. Particulars about significant contracts and their fulfillment
1. Particulars about trusteeship, contract and lease
(1) Trusteeship
□ Applicable√ Not applicable
There was no any trusteeship of the Company in the reporting period.
(2) Contract
□ Applicable√ Not applicable
There was no any contract of the Company in the reporting period.
(3) Lease
□ Applicable√ Not applicable
There was not involved in ant lease of the Company in the reporting period.
2. Guarantees provided by the company
√ Applicable□ Not applicable
Unit:RMB‘0000
||||||||||
|-|-|-|-|-|-|-|-|-|
|External Guarantee (Exclude controlled subsidiaries)|||||||||
|||||||||Guarante|
||Relevant|||||||e|
||||Date of||||||
||disclosure||||||Complete|for|
||||happening|Actual|||||
|Name of the|date/No. of|Amount of|||Guarantee|Guarantee|implemen|associate|
||||(Date of|mount of|||||
|Company|the|Guarantee|||type|term|tation|d|
||||signing|guarantee|||||
||guaranteed||||||or not|parties|
||||agreement)||||||
||amount|||||||(Yes or|
|||||||||no)|
|Guangdong|||||||||
||May 11,||||||||
|Communication||150,000|May 31, 2013|150,000|Impawn||No|Yes|
||2012||||||||
|Group Co., Ltd.|||||||||
|Total of external guarantee||||Total of actual external|||||
|||0||||0|||
|approved in Period(A1)||||guarantee in Period(A2)|||||
|||||Total balance of actual|||||
|Total of external guarantee|||||||||
|||0||external guarantee at||150,000|||
|approved at Period-end(A3)|||||||||
|||||Period-end(A4)|||||
|Guarantee of the Company for the controlling subsidiaries|||||||||
|||||||||Guarante|
||Relevant|||||||e|
||||Date of||||Complete||
||disclosure|||||||for|
|Name of the||Amount|happening|Actual|||implemen||
||date/No. of||||Guarantee|Guarantee||associate|
|Company||of|(Date o|mount of|||tation||
||the||||type|term||d|
|guaranteed||guarantee|signing|guarantee|||or||
||guaranteed|||||||parties|
||||agreement)||||not||
||amount|||||||(Yes or|
|||||||||no)|
|Total of Company’s guarantee（namely total of the large two aforementioned）|||||||||
|Total of guarantee in the Period||||Total of actual guarantee in|||||
|||0||||0|||
|(A1+B1)||||the Period (A2+B2)|||||
|Total of guarantee at Period-end||||Total of actual guarantee at|||||
|||0||||150,000|||
|(A3+B3)||||Period-end|||||

|||
|-|-|
||(A4+B4)|
|The proportion of the total amount of actually guarantee in the||
||34.68%|
|net assets of the Company(that is A4+B4)||
|Including||
|Amount of guarantee for shareholders, actual controller and its||
||150,000|
|associated parties(C)||
|The debts guarantee amount provided for the||
|Guaranteed parties whose assets-liability ratio exceed|0|
|70% directly or indirectly(D)||
|Proportion of total amount of guarantee in net assets of the||
||0|
|company exceed 50%(E)||
|Total guarantee Amount of the abovementioned||
||150,000|
|guarantees(C+D+E)||

Description of the guarantee with complex method
There was no particular about illegal external guarantee of the Company in the reporting period.
3. Other significant contracts
□ Applicable√ Not applicable
There was no other significant contract of the Company in the reporting period.
4. Other significant transactions
□ Applicable√ Not applicable
There was no other significant transaction of the Company in the reporting period.
X. Commitments made by the Company or shareholders holding over5% of theCompany‘s shares in the
reporting period or such commitments carried down into the reporting period
□ Applicable√ Not applicable
There was no commitments made by the company or shareholders holding over5% of the company's shares in the reporting period or such commitments carried down into the reporting period.
XI. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes√ No
XII. Punishment and Rectification
□ Applicable√ Not applicable
There was no any punishment and rectification of the Company in the reporting period.
XIII. Reveal of the delisting risks of illegal or violation
□ Applicable√ Not applicable
There was no any delisting risk of illegal or violation of the Company in the reporting period.
XIV. Explanation about other significant matters
□ Applicable√ Not applicable
There was no significant matters of the company need to be explained in the reporting period.
VI. Change of share capital and shareholding of Principal Shareholders
(I).Changes in share capital
In shares
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||Before the change||Increase/decrease（+，-）|||||After the Change||
||Amount|Proporti|||Capitalizat|||||
|||on|Share|Bonus|ion of||Subtot||Proportio|
||||allotm||common|Other||Quantity||
|||||shares|||al||n|
||||ent||reserve|||||
||||||fund|||||
|1.Shares with conditional||||||||||
||440,485,326|35.04%||||||440,485,326|35.04%|
|subscription||||||||||
|1.State-owned shares|409,948,548|32.61%||||||409,948,548|32.61%|
|2.State-owned legal person||||||||||
||22,301,977|1.77%||||||22,301,977|1.77%|
|shares||||||||||
|3.Other domestic shares|8,234,801|0.66%||||||8,234,801|0.66%|
|Including ：Domestic||||||||||
||7,518,100|0.60%||||||7,518,100|0.60%|
|Legal person shares||||||||||
|Domestic natural person||||||||||
||716,701|0.06%||||||716,701|0.06%|
|shares||||||||||
|II.Shares with||||||||||
||816,632,422|64.96%||||||816,632,422|64.96%|
|unconditional subscription||||||||||
|1.Common shares in RMB|467,882,422|37.22%||||||467,882,422|37.22%|
|2.Foreign shares in||||||||||
||348,750,000|27.74%||||||348,750,000|27.74%|
|domestic market||||||||||
|III. Total of capital shares|1,257,117,748|100.00%||||||1,257,117,748|100.00%|

 Reasons for share changed
□ Applicable√ Not applicable
Approval of Change of Shares
□ Applicable√ Not applicable
Ownership transfer of share changes
□ Applicable√ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common shareholders of Company in latest year and period
□ Applicable√ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security regulators
□ Applicable√ Not applicable
Explanation on changes in aspect of total shares, shareholders structures as well as structure of assets and liability of the Company
□ Applicable√ Not applicable
II. Number of shares and shares held
In shares
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||||||Total number of preferred||||||
||||||shareholders that had restored||||||
|Total number of common|||||||||||
||||||the||||||
|shareholders at the end of the||87,178||||||0|||
||||||voting right at the end of the||||||
|reporting period|||||||||||
||||||reporting period (if any) (note||||||
||||||8)||||||
|Shareholding of shareholders holding more than 5% shares|||||||||||
||||Proportio||Changes||Amount of||Number os share||
|||||Number of||Amount of|||||
||Nuture of||n of||in||un-restricte||pledged/frozen||
|Shareholders||||shares held at||restricted|||||
||shareholder||shares||reportin||d shares||||
|||||period -end||shares held|||State of share|Amount|
||||held（%）||g period||held||||
|GuangdongCommunicationGroup Co.,Ltd|State-owned legalperson||40.83%|513,328,290|0|409,948,548|103,379,742||||
||||||||||Frozen|103,379,742|
|GuangdongExpressway Co.,Ltd|State-owned legalperson||1.56%|19,582,228|0|19,582,228|||||
|Haerbin HaliIndustrial Co.,Ltd.|Domestic nonState-ownedLegal person||1.44%|18,153,092|-3447192||18,153,092||||
|Xinyue Co., Ltd.|Foreign legal person||1.05%|13,201,086|||13,201,086||||
|GuangdongYuecai TrustInvestment CO.,Ltd.|State-owned legalperson||0.97%|12,174,345|||12,174,345||||
|Li Zhuo|Domestic naturalperson shares||0.86%|10,820,184|-609899||10,820,184||||
|Shanxi HuitengInternationalFreightForwarding Co.,Ltd.|Domestic nonState-ownedLegal person||0.30%|3,807,289|93799||3,807,289||||
|Liu Feng|Domestic naturalperson shares||0.29%|3,673,852|-269669||3,673,852||||
|Hu Maohua|Domestic natural||0.24%|3,052,280|-7000||3,052,280||||

|||||||||
|-|-|-|-|-|-|-|-|
||person shares|||||||
|Lu Weiqiang|Domestic naturalperson shares||0.23%|2,953,992|65144|2,953,992||
|Strategy investors or general legal||||||||
|person becomes top 10 shareholders||||||||
||||None|||||
|due to rights issued (if applicable)（See||||||||
|Notes 3）||||||||
||||Guangdong Communication Group Co., Ltd. is the parent company of Guangdong|||||
||||Expressway Co., Ltd. and Xinyue Co., Ltd.. It is unknown whether there is relationship|||||
|Explanation on associated relationship||||||||
||||between other shareholders and whether they are persons taking concerted action specified|||||
|among the aforesaid shareholders||||||||
||||in the Regulations on Disclosure of Information about Change in Shareholding of|||||
||||Shareholders of Listed Companies.|||||
|Shareholding of top 10 shareholders of unrestricted shares||||||||
|||Quantity of unrestricted shares held at the end of||||Share type||
|Name of the shareholder||||||||
|||the reporting period (Note 4)||||Share type|Quantity|
|Guangdong Communication GroupCo.,Ltd|||103,379,742|||||
|||||||RMB Common shares|103,379,742|
|Haerbin Hali Industrial Co., Ltd.|||18,153,092|||RMB Common shares|18,153,092|
|Xinyue Co., Ltd.|||13,201,086|||Foreign shares placed||
||||||||13,201,086|
|||||||in domestic exchange||
|Guangdong Yuecai Trust InvestmentCO., Ltd.|||12,174,345|||||
|||||||RMB Common shares|12,174,345|
|Li Zhuo|||10,820,184|||RMB Common shares|10,820,184|
|Shanxi Huiteng International FreightForwarding Co., Ltd.|||3,807,289|||||
|||||||RMB Common shares|3,807,289|
|Liu Feng|||3,673,852|||RMB Common shares|3,673,852|
|Hu Maohua|||3,052,280|||Foreign shares placed||
||||||||3,052,280|
|||||||in domestic exchange||
|Lu Weiqiang|||2,953,992|||Foreign shares placed||
||||||||2,953,992|
|||||||in domestic exchange||
|Chen Shukai|||2,680,400|||Foreign shares placed||
||||||||2,680,400|
|||||||in domestic exchange||
|Explanation on associated relationship||||||||
|or consistent action among the top 10|||Guangdong Communication Group Co., Ltd. is the parent company of Xinyue Co., Ltd.. It|||||
|shareholders of non-restricted|||is unknown whether there is relationship between other shareholders and whether they are|||||
|negotiable shares and that between the|||persons taking concerted action specified in the Regulations on Disclosure of Information|||||
|top 10 shareholders of non-restricted|||about Change in Shareholding of Shareholders of Listed Companies.|||||
|negotiable shares and top 10||||||||
|shareholders||||||||

|||
|-|-|
||Harbin Hali Industry Co., Ltd. holds18,152,811 A shares of the Company through stock|
||account with credit transaction and guarantee and holds 281 A shares through ordinary|
||stock account. hold 18,153,092 shares of the Company's stock totally；Li Zhuo holds|
|Notes to the shareholders||
||10,776,604 A shares of the Company through stock account with credit transaction and|
|involved in financing securities||
||guarantee and holds 43,580 A shares through ordinary stock account, hold10,820,184|
|(if any)(See Notes 4)||
||shares of the Company's stock totally；Liu Feng holds 3,623,752 A shares of the Company|
||through stock account with credit transaction and guarantee and holds50,100 A shares|
||through ordinary stock account. hold 3,673,852 shares of the Company's stock totally.|

 Did any shareholder of the Company carry out an agreed buy-back in the reorting period?
□ Yes√ No
Shareholders of the Company had not carried out any agreed buy-back in the reporting period.
III. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable√ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable√ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
IV. Particulars on shareholding increase scheme during the reporting period proposed or implemented by the shareholders and act-in-concert persons
□ Applicable√ Not applicable
Within the scope known to the Company, there was no any shareholding increase scheme during the reporting period proposed or implemented by the shareholders and act-in-concert persons.
Section VII. Situation of the Preferred Shares
I.Situation of preferred stock issuance and listing during the reporting period
□ Applicable√ Not Applicable
II.Situation of number of preference shareholders and shareholding
□ Applicable√ Not Applicable
III.Situation of repurchase or conversion of preferred shares
1.situation of repurchase of preferred shares
□ Applicable√ Not Applicable
2.situation of conversion of preferred shares
□ Applicable√ Not Applicable
IV.Situation of restoration and usage of voting preference shares
□ Applicable√ Not Applicable
V.Accounting policies and reasons adopted by preferred shares
□ Applicable√ Not Applicable
VIII. Information about Directors, Supervisors and Senior Executives
I. Change in shares held by directors, supervisors and senior executives
□ Applicable√ Not Applicable
There was no change in shareholding of directors, supervisors and senior management staffs, for the specific information please refer
to the 2013 Annual Report.
II. Changes in directors, supervisors and senior management staffs
√Applicable□ Not applicable
||||||
|-|-|-|-|-|
|Name|Title|Type|Date|Reason|
||Board||March 14,||
|Li Xiyuan||Resignation||Job transfer|
||Chairman,||2014||
||Director ,||||
||||March 14,|Job transfer|
|Hou Jingfang|Deputy|Resignation|||
||||2014||
||Manager||||
|Zheng Renfa|Directoer|Be elected|April 21, 2014|Elected by the general meeting|
|Wang Ping|Director|Be elected|April 21, 2014|Elected by the general meeting|

IX. Financial Report
1. Audit report
Has this semi-annual report been audited?
□ Yes√ No
The semi-annual financial report has not been audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements:RMB
1. Consolidated balance sheet
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|At the end of term|Beginning of term|
|Current asset：|||
|Monetary fund|953,022,518.70|976,468,685.82|
|Settlement provision|||
|Outgoing call loan|||
|Trading financial assets|||
|Bill receivable|||
|Account receivable|92,524,304.33|27,898,415.37|
|Prepayments|1,759,930.82|2,921,945.75|
|Insurance receivable|||
|Reinsurance receivable|||
|Provisions of Reinsurance contracts|||
|receivable|||
|Interest receivable||12,444.44|
|Dividend receivable|137,853,597.49|16,648,284.74|
|Other account receivable|24,859,337.67|27,827,811.48|
|Repurchasing of financial assets|||
|Inventories|||
|Non-current asset due in 1 year|||

||||
|-|-|-|
|Other current asset|76,007,760.00|5,001,000.00|
|Total of current assets|1,286,027,449.01|1,056,778,587.60|
|Non-current assets：|||
|Loans and payment on other‘s behalf|||
|disbursed|||
|Disposable financial asset|597,547,557.76|625,778,151.04|
|Expired investment in possess|||
|Long-term receivable|||
|Long term share equity investment|3,289,502,833.06|3,241,637,484.40|
|Property investment|4,380,504.58|4,612,611.28|
|Fixed assets|7,449,784,801.53|7,696,941,214.30|
|Construction in progress|2,487,520.64|8,332,139.39|
|Engineering material|||
|Fixed asset disposal|||
|Production physical assets|||
|Gas & petrol|||
|Intangible assets|4,641,377.54|5,326,522.51|
|R & D petrol|||
|Goodwill|||
|Long-germ expenses to be amortized|5,885,967.92|8,596,068.39|
|Differed income tax asset|24,202,280.37|46,472,735.10|
|Other non-current asset|323,800.00||
|Total of non-current assets|11,378,756,643.40|11,637,696,926.41|
|Total of assets|12,664,784,092.41|12,694,475,514.01|
|Current liabilities|||
|Short-term loans|50,000,000.00||
|Loan from Central Bank|||
|Deposit received and hold for others|||
|Call loan received|||
|Trade off financial liabilities|||
|Bill payable|||
|Account payable|181,187,568.90|317,797,859.76|
|Prepayment|4,964,353.56|4,405,334.64|
|Selling of repurchased financial assets|||

||||
|-|-|-|
|Fees and commissions receivable|||
|Employees‘ wage payable|2,691,276.45|2,378,720.62|
|Tax payable|11,964,394.75|11,713,374.15|
|Interest Payable|89,188,235.28|35,887,681.26|
|Dividend Payable|11,420,850.42|37,860,468.95|
|Other account payable|326,423,384.71|255,719,356.70|
|Reinsurance fee payable|||
|Insurance contract provision|||
|Entrusted trading of securities|||
|Entrusted selling of securities|||
|Non-current liability due in 1 year|1,210,410,177.08|857,757,334.35|
|Other current liability|||
|Total of current liability|1,888,250,241.15|1,523,520,130.43|
|Non-current liabilities：|||
|Long-term loan|4,485,920,000.00|4,993,761,250.00|
|Bond payable|997,000,000.00|997,000,000.00|
|Long-term payable|2,022,210.11|2,022,210.11|
|Special payable|||
|Expected liabilities|||
|Differed income tax liability|126,994,704.91|125,427,487.64|
|Other non-current liabilities|||
|Total of non-current liabilities|5,611,936,915.02|6,118,210,947.75|
|Total of liability|7,500,187,156.17|7,641,731,078.18|
|Owners‘ equity|||
|Share capital|1,257,117,748.00|1,257,117,748.00|
|Capital reserves|1,614,745,396.53|1,642,975,989.81|
|Less：Shares in stock|||
|Special reserves|||
|Surplus reserves|233,750,778.75|233,750,778.75|
|Common risk provision|||
|Undistributed profit|1,219,491,612.52|1,104,154,555.90|
|Different of foreign currency translation|||
|Total of owner‘s equity belong to the parent|||
||4,325,105,535.80|4,237,999,072.46|
|company|||

||||
|-|-|-|
|Minor shareholders‘ equity|839,491,400.44|814,745,363.37|
|Total of owners‘ equity|5,164,596,936.24|5,052,744,435.83|
|Total of liabilities and owners‘ equity|12,664,784,092.41|12,694,475,514.01|

 Legal Representative:Zhu Zhanliang Person in charge ofaccounting：Xiao Laijiu
Mr. Yun Junwu, Chief financial Officer Accounting Dept Leader: Liu Xiaomei
2.Parent Company Balance Sheet
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|At the end of term|Beginning of term|
|Current Assets|||
|Monetary fund|663,888,969.92|782,174,175.59|
|Trading financial assets|||
|Bills receivable|||
|Accounts receivable|||
|Prepayment|2,378,580.00|1,378,580.00|
|Interest receivable|992,180.57|1,294,211.12|
|Dividend receivable|137,853,597.49|90,422,700.78|
|Other receivables|2,640,992.54|2,896,626.91|
|Inventory|||
|Non-current assets due within 1 year|||
|Other current assets|256,007,760.00|680,001,000.00|
|Total of current assets|1,063,762,080.52|1,558,167,294.40|
|Non-current assets|||
|Sellable financial assets|597,547,557.76|625,778,151.04|
|Expired investment in possess|||
|Long-term receivables|||
|Long –term equity investment|5,690,929,834.39|5,642,264,637.88|
|Investment real estate|4,128,366.33|4,360,473.03|
|Fixed assets|6,453,556.74|7,732,964.17|
|Construction in progress|||
|Construction materials|||

||||
|-|-|-|
|Disposal of fixed assets|||
|Capitalized biological assets|||
|Oil-gas assets|||
|Intangible assets|899,583.35|915,666.67|
|Development expenditure|||
|Goodwill|||
|Long-term deferred expenses|5,805,271.00|5,956,652.35|
|Deferred tax assets|||
|Other non-current assets|405,000,000.00|30,000,000.00|
|Total of non-current assets|6,710,764,169.57|6,317,008,545.14|
|Total assets|7,774,526,250.09|7,875,175,839.54|
|Current Liabilities|||
|Short-term loans|||
|Trading financial liabilities|||
|Bill payable|||
|Account payable|||
|Advances from the customers|||
|Employees ‗ wage payable|329,576.18|546,839.09|
|Taxes payable|2,484,939.63|2,335,313.62|
|Interests payable|83,312,777.67|29,235,694.35|
|Dividends payable|11,420,850.42|11,013,452.27|
|Other payables|3,737,925.88|6,652,222.81|
|Non-current liabilities due within 1 year|799,610,177.08|798,713,584.35|
|Other current liabilities|141,308,593.60|308,172,232.80|
|Total of current liabilities|1,042,204,840.46|1,156,669,339.29|
|Non-current liabilities|||
|Long-term loans|1,500,000,000.00|1,500,000,000.00|
|Bonds payables|997,000,000.00|997,000,000.00|
|Long-term payable|2,022,210.11|2,022,210.11|
|Specific purpose account payable|||
|Contingent liabilities|||
|Deferred tax liabilities|||
|Other non-current liabilities|||
|Total of Non-current liabilities|2,499,022,210.11|2,499,022,210.11|

||||
|-|-|-|
|Total liabilities|3,541,227,050.57|3,655,691,549.40|
|Shareholders‘ Equity|||
|Share capital|1,257,117,748.00|1,257,117,748.00|
|Capital surplus|1,614,893,537.28|1,643,124,130.56|
|Less：Treasury stock|||
|Special reserves|||
|Surplus reserves|233,750,778.75|233,750,778.75|
|Common risk provision|||
|Undistributed profit|1,127,537,135.49|1,085,491,632.83|
|Different of foreign currency|||
|translation|||
|Total of owners‘ equity|4,233,299,199.52|4,219,484,290.14|
|Total of liabilities and owners‘ equity|7,774,526,250.09|7,875,175,839.54|

 Legal Representative:Zhu Zhanliang Person in charge ofaccounting：Xiao Laijiu
Mr. Yun Junwu, Chief financial Officer Accounting Dept Leader: Liu Xiaomei
3.Consolidated Profit statement
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|Amounof Current term|Amoun of last year|
|I.Total business income|688,716,891.86|629,975,588.18|
|Inc l：Business income|688,716,891.86|629,975,588.18|
|Interest income|||
|Interest income|||
|Fee and commission income|||
|II.Total business cost|674,784,919.23|722,654,539.00|
|Incl：Business cost|369,614,599.73|403,435,560.64|
|Interest expense|||
|Fee and commission paid|||
|Insurance discharge payment|||
|Net claim amount paid|||
|Net insurance policy reserves provided|||

||||
|-|-|-|
|Insurance policy dividend paid|||
|Reinsurance expenses|||
|Business tax and surcharge|25,283,803.81|22,960,636.77|
|Sales expense|||
|Administrative expense|76,476,533.85|81,306,279.47|
|Financial expenses|205,409,981.84|214,952,062.12|
|Asset impairment loss|-2,000,000.00||
|Add：Gains from change of fair value|||
|（“-”for loss）|||
|Investment gain（“-”for loss）|221,691,147.54|171,036,882.96|
|Incl：Investment gains from affiliates|179,155,666.77|157,116,882.96|
|Gains from currency exchange（“-”for|||
|loss）|||
|III. Operational profit（“-”for loss）|235,623,120.17|78,357,932.14|
|Add：Non-Business income|1,404,438.99|1,596,067.44|
|Less：Non-Business expenses|2,395,791.21|361,144.21|
|Incl：loss from disposal of non-current|||
||574,948.41|237,286.47|
|assets|||
|IV. Gross profit（“-”for loss）|234,631,767.95|79,592,855.37|
|Less：Income tax expenses|31,692,786.86|15,594,330.60|
|V.Net profit（“-”for net loss）|202,938,981.09|63,998,524.77|
|Incloding: The net profit of the|||
|combined parties before business|||
|combination|||
|Net profit attributable to the owners of|||
||178,192,944.02|57,611,897.53|
|parent company|||
|Minor shareholders‘ equity|24,746,037.07|6,386,627.24|
|VI. Earnings per share：|--|--|
|（i）Basic earnings per share|0.14|0.05|
|（ii）Diluted earnings per share|0.14|0.05|
|VII. Other comprehensive income|-28,230,593.28|-38,400,000.00|
|VIII. Total comprehensive income|174,708,387.81|25,598,524.77|
|Total comprehensive income|||
|attributable to the owner of the parent|149,962,350.74|19,211,897.53|
|company|||
|Total comprehensive income|24,746,037.07|6,386,627.24|

||
|-|
|attributable minority shareholders|

Legal Representative:Zhu Zhanliang Person in charge ofaccounting：Xiao Laijiu
Mr. Yun Junwu, Chief financial Officer Accounting Dept Leader: Liu Xiaomei
4.Parent Company income statement
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|Amounof Current term|Amoun of last year|
|I. Operating revenue|22,907,325.49|10,120,351.13|
|Less：Operating cost|232,106.70|232,106.70|
|Business tax and surcharges|1,313,133.51|574,803.60|
|Sales expense|||
|Administrative expense|38,695,469.38|45,509,510.89|
|Financial expenses|99,941,995.83|94,044,294.50|
|Asset impairment loss|||
|Add：Gains from change of fair value|||
|（“-”for loss）|||
|Investment gain（“-”for loss）|222,490,995.39|171,036,882.96|
|Incl：Investment gains from affiliates|179,955,514.62|157,116,882.96|
|II. Operational profit|105,215,615.46|40,796,518.40|
|Add：Non-Business income|37,574.60||
|Less：Non-Business expenses|351,800.00|206,730.38|
|Incl：loss from disposal of non-current|||
||351,800.00|206,432.52|
|assets|||
|III. Gross profit|104,901,390.06|40,589,788.02|
|Less：Income tax expenses|||
|IV.Net profit|104,901,390.06|40,589,788.02|
|V. Earnings per share|--|--|
|（i）Basic earnings per share|0.083|0.032|
|（ii）Diluted earnings per share|0.083|0.032|
|VI. Other comprehensive income|-28,230,593.28|-38,400,000.00|
|VII. Total comprehensive income|76,670,796.78|2,189,788.02|

Legal Representative:Zhu Zhanliang Person in charge ofaccounting：Xiao Laijiu
Mr. Yun Junwu, Chief financial Officer Accounting Dept Leader: Liu Xiaomei
5.Consolidated Cash Flow statement
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|Amount of Current term|Amoun of last year|
|I.Net cash flow form business operation|||
|Cash received from sales of|||
||620,179,322.98|585,549,326.84|
|products and providing of services|||
|Net increase of customer deposits and|||
|capital kept for brother company|||
|Net increase of loans from central bank|||
|Net increase of inter bank loans from|||
|other financial bodies|||
|Cash received against original insurance|||
|contract|||
|Net cash received from reinsurance|||
|business|||
|Net increase of client deposit and|||
|investment|||
|Net increase of trade financial asset|||
|disposal|||
|Cash received as interest, processing|||
|fee, and commission|||
|Net increase of inter bank fund received|||
|Net increase of repurchasing business|||
|Tax returned|||
|Other cash received from business|||
||89,206,337.64|38,895,080.25|
|operation|||
|Subtotal of cash inflow from business|||
||709,385,660.62|624,444,407.09|
|activities|||
|Cash paid for purchasing of|||
||45,413,383.90|60,806,358.20|
|merchandise and services|||
|Net increase of client trade and advance|||

||||
|-|-|-|
|Net increase of savings in central bank|||
|and brother company|||
|Cash paid for original contract claim|||
|Cash paid for interest, processing fee|||
|and commission|||
|Cash paid for policy dividend|||
|Cash paid to staffs or paid for staffs|102,801,679.64|102,501,247.42|
|Taxes paid|33,837,595.01|60,907,408.56|
|Other cash paid for business activities|26,391,900.83|68,592,827.35|
|Subtotal of cash outflow from business|||
||208,444,559.38|292,807,841.53|
|activities|||
|Cash flow generated by business|||
||500,941,101.24|331,636,565.56|
|operation, net|||
|II. Cash flow generated by investing|||
|Cash received from investment|||
|retrieving|||
|Cash received as investment gains|52,650,682.13|80,229,464.66|
|Net cash retrieved from disposal of|||
|fixed assets, intangible assets, and other|11,180.00|13,000.00|
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other operational units|||
|Other investment related cash received|2,000,000.00||
|Subtotal of cash inflow due to|||
||54,661,862.13|80,242,464.66|
|investment activities|||
|Cash paid for construction of fixed|||
|assets, intangible assets and other|156,356,280.32|228,090,670.35|
|long-term assets|||
|Cash paid at investment|71,036,956.00||
|Net increase of loan against pledge|||
|Net cash received from subsidiaries|||
|and other operational units|||
|Other cash paid for investment|||
|activities|||
|Subtotal of cash outflow due to|||
||227,393,236.32|228,090,670.35|
|investment activities|||
|Net cash flow generated by investment|-172,731,374.19|-147,848,205.69|

||||
|-|-|-|
|III.Cash flow generated by financing|||
|Cash received as investment||3,119,600.00|
|Incl: Cash received as investment from|||
|||3,119,600.00|
|minor shareholders|||
|Cash received as loans|60,000,000.00|1,322,300,000.00|
|Cash received from bond placing|||
|Other financing –related cash|||
|received|||
|Subtotal of cash inflow from|||
||60,000,000.00|1,325,419,600.00|
|financing activities|||
|Cash to repay debts|166,085,000.00|1,074,031,250.00|
|Cash paid as dividend, profit, or|||
||242,293,336.78|225,868,514.76|
|interests|||
|Incl: Dividend and profit paid by|||
||24,591,472.01||
|subsidiaries to minor shareholders|||
|Other financing –related cash received|3,000,000.00|3,000,000.00|
|Subtotal of cash outflow due to|||
||411,378,336.78|1,302,899,764.76|
|financing activities|||
|Net cash flow generated by financing|-351,378,336.78|22,519,835.24|
|IV. Influence of exchange rate|||
||-277,557.39|236,822.71|
|alternation on cash and cash equivalents|||
|V.Net increase of cash and cash|||
||-23,446,167.12|206,545,017.82|
|equivalents|||
|Add：Balance of cash and cash|||
||976,468,685.82|798,485,320.49|
|equivalents at the beginning of term|||
|VI. Balance of cash and cash|||
||953,022,518.70|1,005,030,338.31|
|equivalents at the end of term|||

Legal Representative:Zhu Zhanliang Person in charge ofaccounting：Xiao Laijiu
Mr. Yun Junwu, Chief financial Officer Accounting Dept Leader: Liu Xiaomei
6.Parent company statement of Cash Flow
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|Amount of Current term|Amoun of last year|

||||
|-|-|-|
|I.Net cash flow form business operation|||
|Cash received from sales of products|||
||2,281,772.56|2,810,264.02|
|and providing of services|||
|Tax returned|||
|Other cash received from business|||
||10,312,629.10|12,781,375.22|
|operation|||
|Subtotal of cash inflow from business|||
||12,594,401.66|15,591,639.24|
|activities|||
|Cash paid for purchasing of|||
|merchandise and services|||
|Cash paid to staffs or paid for staffs|24,746,877.91|27,032,688.75|
|Taxes paid|1,807,778.31|493,460.19|
|Other cash paid for business activities|185,272,667.71|88,183,648.84|
|Subtotal of cash outflow from|||
||211,827,323.93|115,709,797.78|
|business activities|||
|Cash flow generated by business|||
||-199,232,922.27|-100,118,158.54|
|operation, net|||
|II. Cash flow generated by investing|||
|Cash received from investment|||
|retrieving|||
|Cash received as investment gains|126,425,098.17|80,229,464.66|
|Net cash retrieved from disposal of|||
|fixed assets, intangible assets, and other|4,500.00|13,000.00|
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other operational units|||
|Other investment related cash received|515,824,040.28|6,367,755.56|
|Subtotal of cash inflow due to|||
||642,253,638.45|86,610,220.22|
|investment activities|||
|Cash paid for construction of fixed|||
|assets, intangible assets and other|1,387,080.63|3,510,205.06|
|long-term assets|||
|Cash paid at investment|71,036,956.00|40,150,500.00|
|Net cash received from subsidiaries and|||
|other operational units|||
|Other cash paid for investment|||
||375,000,000.00|500,000,000.00|
|activities|||
|Subtotal of cash outflow due to|447,424,036.63|543,660,705.06|

||||
|-|-|-|
|investment activities|||
|Net cash flow generated by investment|194,829,601.82|-457,050,484.84|
|III.Cash flow generated by financing|||
|Cash received as investment|||
|Cash received as loans||750,000,000.00|
|Cash received from bond placing|||
|Other financing –related cash received|||
|Subtotal of cash inflow from financing|||
|||750,000,000.00|
|activities|||
|Cash to repay debts|||
|Cash paid as dividend, profit, or|||
||110,604,327.83|99,401,866.79|
|interests|||
|Other financing –related cash received|3,000,000.00|3,000,000.00|
|Subtotal of cash outflow due to|||
||113,604,327.83|102,401,866.79|
|financing activities|||
|Net cash flow generated by financing|-113,604,327.83|647,598,133.21|
|IV. Influence of exchange rate|||
||-277,557.39|236,822.71|
|alternation on cash and cash equivalents|||
|V.Net increase of cash and cash|||
||-118,285,205.67|90,666,312.54|
|equivalents|||
|Add：Balance of cash and cash|||
||782,174,175.59|625,270,216.39|
|equivalents at the beginning of term|||
|VI. Balance of cash and cash|||
||663,888,969.92|715,936,528.93|
|equivalents at the end of term|||

Legal Representative:Zhu Zhanliang Person in charge ofaccounting：Xiao Laijiu
Mr. Yun Junwu, Chief financial Officer Accounting Dept Leader: Liu Xiaomei
7.Consolidated Statement of Changes inOwners‘ Equity
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
Amount in this period
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Amount of the current period||||||||||
||Owners‘ Equity attributable to Parent Company||||||||||
|||||||Commo|||||
|Items|||Less:|Speciali||||||Total of owners‘|
||||||||||Minor shareholders‘ equity||
|||||||n risk|||||
||Share Capital|Capital reserves|Shares|zed|Surplus reserves||Attributable profit|Other||equity|
|||||||provisio|||||
||||in stock|reserve|||||||
|||||||n|||||
|I.Balance at the end of last year|1,257,117,748.00|1,642,975,989.81|||233,750,778.75||1,104,154,555.90||814,745,363.37|5,052,744,435.83|
|Add: Change of accounting|||||||||||
|policy|||||||||||
|Correcting of previous errors|||||||||||
|Other|||||||||||
|II.Balance at the beginning of|||||||||||
||1,257,117,748.00|1,642,975,989.81|||233,750,778.75||1,104,154,555.90||814,745,363.37|5,052,744,435.83|
|current year|||||||||||
|III.Changed in the current year||-28,230,593.28|||||115,337,056.62||24,746,037.07|111,852,500.41|
|（I） Net profit|||||||178,192,944.02||24,746,037.07|202,938,981.09|
|（II）Other misc.income||-28,230,593.28||||||||-28,230,593.28|
|Total of (I) and (II)||-28,230,593.28|||||178,192,944.02||24,746,037.07|174,708,387.81|

||||
|-|-|-|
|(III) Investment or decreasing|||
|of capital by owners|||
|1. Capital inputted by owners|||
|2．Amount of shares paid and|||
|accounted as owners‘ equity|||
|3. Other|||
|（IV）Profit allotment|-62,855,887.40|-62,855,887.40|
|1.Providing of surplus reserves|||
|2．Common risk provision|||
|3. Allotment to the owners (or|||
||-62,855,887.40|-62,855,887.40|
|shareholders)|||
|4. Other|||
|(V) Internal transferring of|||
|owners‘ equity|||
|1. Capitalizing of capital|||
|reserves (or to capital shares)|||
|2. Capitalizing of surplus|||
|reserves (or to capital shares)|||
|3．Making up losses by surplus|||
|reserves.|||
|4. Other|||
|(VI) Special reserves|||
|1. Provided this year|||
|2．Used this term|||
|(VII).Other|||

||||||||
|-|-|-|-|-|-|-|
|IV. Balance at the end of this||||||5,164,596,936.24|
||1,257,117,748.00|1,614,745,396.53|233,750,778.75|1,219,491,612.52|839,491,400.44||
|term|||||||

Amount in last year
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Amount in last year||||||||||
||Owner‘s equity Attributable to the Parent Company||||||||||
|||||||Commo|||||
|Items|||Less:|Speciali||||||Total of owners‘|
||||||||||Minor shareholders‘ equity||
|||||||n risk|||||
||Share Capital|Capital reserves|Shares|zed|Surplus reserves||Attributable profit|Other||equity|
|||||||provisio|||||
||||in stock|reserve|||||||
|||||||n|||||
|I.Balance at the end of last year|1,257,117,748.00|1,738,758,715.57|||204,691,882.55||1,068,291,617.75||843,602,412.35|5,112,462,376.22|
|Add：Business|||||||||||
|combinationinvolving entities|||||||||||
|under common control|||||||||||
|Add: Change of accounting|||||||||||
|policy|||||||||||
|Correcting of previous errors|||||||||||
|Other|||||||||||
|II.Balance at the beginning of|||||||||||
||1,257,117,748.00|1,738,758,715.57|||204,691,882.55||1,068,291,617.75||843,602,412.35|5,112,462,376.22|
|current year|||||||||||
|III.Changed in the current year||-95,782,725.76|||29,058,896.20||35,862,938.15||-28,857,048.98|-59,717,940.39|
|（I） Net profit|||||||127,777,721.75||-27,727,676.97|100,050,044.78|
|（II）Other misc.income||-95,782,725.76||||||||-95,782,725.76|
|Total of (I) and (II)||-95,782,725.76|||||127,777,721.75||-27,727,676.97|4,267,319.02|
|(III) Investment or decreasing|||||||||23,462,100.00|23,462,100.00|

||||||||
|-|-|-|-|-|-|-|
|of capital by owners|||||||
|1. Capital inputted by owners|||||23,462,100.00|23,462,100.00|
|2．Amount of shares paid and|||||||
|accounted as owners‘ equity|||||||
|3. Other|||||||
|（IV）Profit allotment|||29,058,896.20|-91,914,783.60|-24,591,472.01|-87,447,359.41|
|1.Providing of surplus reserves|||29,058,896.20|-29,058,896.20|||
|2．Common risk provision|||||||
|3. Allotment to the owners (or|||||||
|||||-62,855,887.40|-24,591,472.01|-87,447,359.41|
|shareholders)|||||||
|4. Other|||||||
|(V) Internal transferring of|||||||
|owners‘ equity|||||||
|1. Capitalizing of capital|||||||
|reserves (or to capital shares)|||||||
|2. Capitalizing of surplus|||||||
|reserves (or to capital shares)|||||||
|3．Making up losses by surplus|||||||
|reserves.|||||||
|4. Other|||||||
|(VI) Special reserves|||||||
|1. Provided this year|||||||
|2．Used this term|||||||
|(VII).Other|||||||
|IV. Balance at the end of this|1,257,117,748.00|1,642,975,989.81|233,750,778.75|1,104,154,555.90|814,745,363.37|5,052,744,435.83|

||
|-|
|term|

Legal Representative:Zhu Zhanliang Person in charge ofaccounting：Xiao Laijiu
Mr. Yun Junwu, Chief financial Officer Accounting Dept Leader: Liu Xiaomei
8.Parent statement of Changes inOwners‘ Equity
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
Amount in this period
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Amount of the current term||||||||
||||Less：|||Common|||
|Items||||Specialized|||||
||Practical capital collected|Capital reserves|Shares in||Surplus reserves|risk|Attributable profit|Total of owners‘ equity|
|||||reserve|||||
||||stock|||provision|||
|I.Balance at the end of last year|1,257,117,748.00|1,643,124,130.56|||233,750,778.75||1,085,491,632.83|4,219,484,290.14|
|Add: Change of accounting|||||||||
|policy|||||||||
|Correcting of previous errors|||||||||
|Other|||||||||
|II.Balance at the beginning of|||||||||
||1,257,117,748.00|1,643,124,130.56|||233,750,778.75||1,085,491,632.83|4,219,484,290.14|
|current year|||||||||
|III.Changed in the current year||-28,230,593.28|||||42,045,502.66|13,814,909.38|
|（I） Net profit|||||||104,901,390.06|104,901,390.06|

|||||
|-|-|-|-|
|（II）Other misc.income|-28,230,593.28||-28,230,593.28|
|Total of (I) and (II)|-28,230,593.28|104,901,390.06|76,670,796.78|
|(III) Investment or decreasing of||||
|capital by owners||||
|1. Capital inputted by owners||||
|2．Amount of shares paid and||||
|accounted as owners‘ equity||||
|3. Other||||
|（IV）Profit allotment||-62,855,887.40|-62,855,887.40|
|1.Providing of surplus reserves||||
|2．Common risk provision||||
|3. Allotment to the owners (or||||
|||-62,855,887.40|-62,855,887.40|
|shareholders)||||
|4. Other||||
|(V) Internal transferring of||||
|owners‘ equity||||
|1. Capitalizing of capital reserves||||
|(or to capital shares)||||
|2. Capitalizing of surplus||||
|reserves (or to capital shares)||||
|3．Making up losses by surplus||||
|reserves.||||
|4. Other||||
|(VI) Special reserves||||
|1. Provided this year||||

|||||||
|-|-|-|-|-|-|
|2．Used this term||||||
|(VII).Other||||||
|IV. Balance at the end of this|||||4,233,299,199.52|
||1,257,117,748.00|1,614,893,537.28|233,750,778.75|1,127,537,135.49||
|term||||||

Amount in last year
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Amount of last year||||||||
||||Less：|||Common|||
|Items||||Specialize|||||
||Practical capital collected|Capital reserves|Shares in||Surplus reserves|risk|Attributable profit|Total of owners‘ equity|
|||||d reserve|||||
||||stock|||provision|||
|I.Balance at the end of last year|1,257,117,748.00|1,738,906,856.32|||204,691,882.55||886,817,454.46|4,087,533,941.33|
|Add: Change of accounting|||||||||
|policy|||||||||
|Correcting of previous errors|||||||||
|Other|||||||||
|II.Balance at the beginning of|||||||||
||1,257,117,748.00|1,738,906,856.32|||204,691,882.55||886,817,454.46|4,087,533,941.33|
|current year|||||||||
|III.Changed in the current year||-95,782,725.76|||29,058,896.20||198,674,178.37|131,950,348.81|
|（I） Net profit|||||||290,588,961.97|290,588,961.97|
|（II）Other misc.income||-95,782,725.76||||||-95,782,725.76|
|Total of (I) and (II)||-95,782,725.76|||||290,588,961.97|194,806,236.21|
|(III) Investment or decreasing of|||||||||
|capital by owners|||||||||
|1. Capital inputted by owners|||||||||

|||||||
|-|-|-|-|-|-|
|2．Amount of shares paid and||||||
|accounted as owners‘ equity||||||
|3. Other||||||
|（IV）Profit allotment|||29,058,896.20|-91,914,783.60|-62,855,887.40|
|1.Providing of surplus reserves|||29,058,896.20|-29,058,896.20||
|2．Common risk provision||||||
|3. Allotment to the owners (or||||||
|||||-62,855,887.40|-62,855,887.40|
|shareholders)||||||
|4. Other||||||
|(V) Internal transferring of||||||
|owners‘ equity||||||
|1. Capitalizing of capital reserves||||||
|(or to capital shares)||||||
|2. Capitalizing of surplus||||||
|reserves (or to capital shares)||||||
|3．Making up losses by surplus||||||
|reserves.||||||
|4. Other||||||
|(VI) Special reserves||||||
|1. Provided this year||||||
|2．Used this term||||||
|(VII).Other||||||
|IV. Balance at the end of this||||||
||1,257,117,748.00|1,643,124,130.56|233,750,778.75|1,085,491,632.83|4,219,484,290.14|
|term||||||

Legal Representative:Zhu Zhanliang Person in charge ofaccounting：Xiao Laijiu
Mr. Yun Junwu, Chief financial Officer Accounting Dept Leader: Liu Xiaomei
III. Company Profile
(1).History
The Company was established in February 1993, which was originally named as Guangdong Fokai Expressway Co., Ltd. On June 30, 1993, it was renamed as Guangdong Provincial Expressway Development Co., Ltd. after reorganization pursuant to the approval of the Office of Joint Examination Group of Experimental Units of Share Holding System with YLSB (1993)No. 68 document. The share capital structure after reorganization is as follows: Composition of state-owned shares: The appraised net value of state-owned assets of Guangdong Jiujiang Bridge Co. and Guangfo Expressway Co., Ltd. as of January 31, 1993 confirmed by Guangdong State-owned Asset Management Dept., i.e.,RMB 418.2136 million, was converted into 155.025 million shares. Guangdong
Expressway Co. invested cash of RMB 115 million to subscribe for 35.9375 million shares. Other legal persons invested cash of RMB 286.992 million to subscribe for 89.685 million shares. Staff of the Company invested RMB 87.008 million to subscribe for 27.19 million shares. The total is RMB 307.8375.
2． Pursuant to the approval of Guangdong Economic System Reform Committee and Guangdong Securities Regulatory Commission with YTG (1996) No. 67 document, part of the shareholders of non-state-owned legal person shares transferred 20 million non-state-owned legal person shares to Malaysia Yibao Engineering Co., Ltd. in June 1996.
3. Pursuant to the approval of Securities Commission under the State Council with WF (1996) No. 24 approval document and that of Guangdong Economic System Reform Committee with YTG (1996) No. 68 document, the Company issued 135 million domestically listed foreign investment shares (B shares) to overseas investors at 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 1996.
4. Pursuant to the reply of the Ministry of Foreign Trade and Economic Cooperation of thePeople‘ s Republic of China with (1996) WJMZYHZ No. 606 document, the Company was approved to be a foreign-invested joint stock company limited.
5．The Company distributed dividends and capitalized capital common reserve for the year 1996 in the following manner: The Company paid 1.7 bonus shares f or each 10 shares and capitalized capital common reserve on 3.3-for-10 basis.
6. Pursuant to the approval of China Securities Regulatory Committee (CSRC) with ZJFZ (1997) No. 486 and No. 487 document, the Company issued 100 million public shares (A shares) at the price of RMB 5.41 in term of―payable in full on application, pro-rate placing and subject torefund‖ with the par value of each share being RMB 1 in January 1998.
7．In accordance with the Resolutions of the 1999Shareholders‘ General Meeting of the Company and pursuant to the approval of Guangzhou Securities Regulatory Office under CSRC with GZZJH (2000) No. 99 and that of CSRC with ZJGSZ (2000) No. 98, the Company offered 3 Rights for every 10 shares of 764.256249 million shares at the price of RMB 11 per Right.73,822,250 ordinary shares were actually placed to all
8. Pursuant to the reply of the General Office of thePeople‘ s Government of Guangdong Province with YBH (2000) No. 574 document, the state-owned shares were transferred to Guangdong Communication Group Co., Ltd. (Group Co.) for holding and management without compensation.
9.Pursuant to the approval of Shenzhen Stock Exchange, 53.0205 million staff shares of the Company (132,722 shares held by directors, supervisors and senior executives are temporarily frozen) were listed on February 5, 2001.As of June 30, 2013, the quantity of the shares subject to sale restriction held by senior executives is 156,442.
10.In accordance with the resolutions of 2000 annualshareholders‘ general meeting, the Company capitalized capital common reserve into 419,039,249 shares on 5-for-10 basis with the total share capital as of the end of 2000, i.e., 838,078,499 shares as base. The date of stock right registration was May 21, 2001. The ex-right date was May 22, 2001.
11．On March 8, 2004,As approved by China Securities Regulatory Commission by document
Zheng-Jian-Gong-Si-Zi[2003]No.3, the 45,000,000 non-negotiable foreign shares were placed in Shenzhen Stock 12. On December 21, 2005, the Company's plan for share holding structure reform was voted through at the shareholders' meeting concerning A shares. On January 26 2006, The Ministry of Commerce of PRC issued―The approval on share converting of Guangdong Provincial Expressway Development Co.,Ltd.‖ to approve the share equity relocation and transformation. On October 9 2006, according to the―Circular about implementing of share equity relocation and relativetrading‖ issued by Shenzhen Stock Exchange, the abbreviation ID of the
Company‘s A shares was restored from―G-Expressway‖―ExpresswayA‖.
(2)Organization structure and the actual controller of the Company
As of June 30,2014，Registration capital:RMB1,257,117,748，Legalrepresentative：ZhuZhanliang，Registration place:No.85, Baiyun Road, Guangzhou, Headquarters Office: 45-46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tihe Disrtict ,Guangzhou，The company has set up: Investment Development Dept, Security Affairs Department, Management Department, Financial Management Department, Base construction Department, Audit and Supervise Department, Affairs Department, Personnel Department , Party Work Department, Law affairs Department and Labour union etc.
Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative: Li Jing. Date of establishment: June 23, 2000. As of June 30, 2014,Registered capital: RMB 26.8 billion. It is a solely state-owned limited company. Businessscope：equity management, organization of asset reorganization and optimized allocation, raising funds by means including mortgage, transfer of property rights and joint stock system transformation, project investment, operation and management, traffic infrastructure construction, highway and railway project operation and relevant industries, technological development, application, consultation and services, highway and railway passenger and cargo transport, ship industry, relevant overseasbusinesses（if the above mentioned business scope requires licenses to operate, then operation licenses arerequired）..
（3）Thecompany‗s main business and share ,Holding company
The Company is mainly engaged in the investment, construction, charge collection, maintenance and operation management concerning expressways, high-grade highways, bridges, tunnels, pipelines and other traffic
infrastructures,R&D, sales and services concerning highway communication system, monitoring system, charge collection system and information network supporting the said business, investment consultation and services concerning traffic and transportation projects. (Subject to special national regulations).
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway and Jiujiang Bridge, investment in technological industries and provision of relevant consultation while investing in Shenzhen Huiyan Expressway Co., Ltd., Guangdong Maozhan Expressway Co.,Ltd, Guangzhou Guanghui Expressway Co., Ltd.,Jingzhu Expressway Guangzhu Co., Ltd.,Guangdong Jiangzhong Expressway Co., Ltd., Zhaoqing Yuezhao Expressway Co., Ltd.,Ganzhou Kangda Expressway , Ganzhou Gankang Expressway Co.,Ltd.，Guangzhou Guangle Expressway Co., Ltd. ,Guangdong Yueke Technology Petty Loan Co., Ltd.and Asia Kitchen& Bath City Co., Ltd invest by theCompany‗s subsiduary company Fokai Expressway.
IV. Principal accounting policies, accounting estimates and early errors
1.Basis for Preparing the Financial Statements
The company prepares the financial statements on the basis of a continuous operation, the actual
transactions,―Accounting Standards for Enterprises– BasicStandards‖, other accounting standards& related regulations. Furthermore, all the materials of financial statements of the company meet the relevant disclosure requirements of financial statements and notes on the―Editing and Reporting Rules Regarding Information Disclosure for Companies Publicly Issuing Securities No. 15– General Provisions of FinancialStatements‖ promulgated and revised by China Securities Regulatory Commission in 2010.
2. Statement on the Accounting Standard Followed by the Company
The financial statements prepared by the Company comply with the requirements of corporate accounting standards. They truly and completely reflect the financial situations, operating results, equity changes and cash flow, and other relevant information of the company.
3.Fiscal Year
The Company adopts the Gregorian calendar year commencing on January 1 and ending on December 31 as the fiscal year.
4.Standard currency for bookkeeping
The Company takes RMB as the standard currency for bookkeeping.
5.Accountings for Business Combinations under the Same Control& Business Combinations not under the Same Control
(1).Business Combinations under the Same Control
The assets and liabilities that the company obtains in a business combination shall be measured on the basis of their carrying amount in the combined party on the combining date. As for the balance between the carrying amount of the net assets obtained by the combining party& the carrying amount of the consideration paid by it (or the total par value of the shares issued), the additional paid-in capital shall be adjusted. If the additional paid-in capital is not sufficient to be offset, the retained earnings shall be adjusted.
The direct costs for the business combination of the company, including the expenses for audit, assessment and legal services, shall be recorded into the profits& losses at the current period.
The handling fees, commissions& other expenses for the issuance of equity securities for the business
combination shall be credited against the surplus of equity securities; if the surplus is not sufficient, the retained earnings shall be offset.
Where the accounting policies adopted by the combined parties are different from those adopted by the company, the company shall adjust them on the combining date according to the accounting policy it adopts, and shall, pursuant to the Accounting Standards for Enterprises, recognize them on the basis of such adjustments.
(2). Business Combinations not under the Same Control
The assets paid as the consideration for the business combination& the liabilities assumed on the acquisition date shall be measured in accordance with the fair value. The difference between the fair value& its carrying amount shall be recorded into the profits& losses at the current period.
The company will distribute the combination costs on the acquisition date.
The company shall recognize the positive balance between the combination costs& the fair value of the
identifiable net assets it obtains from the acquire as Goodwill while it shall record the negative balance between the combination costs& the fair value of the identifiable net assets it obtains from the acquire into the profits& losses of the current period.
As for the assets other than intangible assets acquired from the acquire in a business combination (not limited to the assets which have been recognized by the acquire), if the economic benefits brought by them are likely to flow into the enterprise and their fair values can be measured reliably, they shall be separately recognized and measured in light of their fair values. As for any intangible asset acquired in a combination, if its fair value can be measured reliably, it shall be separately recognized as an intangible asset and shall measured in light of its fair value. As for the liabilities other than contingent liabilities acquired from the acquire, if the performances of the relevant obligations are likely to result in any out-flow of economic benefits from the enterprise, and their fair values can be measured reliably, they shall be separately recognized and measured in light of their fair values. As for the contingent liabilities of the acquire obtained in a combination, if their fair values can be measured reliably, they shall be separately recognized as liabilities and shall be measured in light of their fair values.
6.Methods for Preparing the Consolidated Financial Statements
(1) Methods for Preparing the Consolidated Financial Statements
The scope of the consolidated financial statements will be recognized on the basis of controlling. All the
subsidiaries will be included into the consolidated financial statements.
The accounting policies& accounting periods adopted by all the subsidiaries that have been included into the scope of the consolidated financial statements should be consistent with those adopted by the company. If the accounting policies& accounting periods adopted by the subsidiaries are different from those adopted by the company, the company shall make necessary adjustments according to the accounting policies& accounting periods it adopts when preparing the consolidated financial statements.
After adjusting the long-term equity investments on its subsidiaries according to the equity method, the company shall prepare the consolidated financial statements based on the financial statements of the company& its subsidiaries, and other related documents.
The influences of the internal transactions between the company& its subsidiaries, and its subsidiaries themselves on the consolidated balance sheet, consolidated profit statement, consolidated cash flow statement&
consolidated statement of changes inowner‘s equity will be counteracted at the preparation of the consolidated financial statements.
The portion of asubsidiary‘s equity that is not attributable to the parent is treated as minorityshareholders‘ interest and presented as―minorityinterest‖ in the consolidated balance sheet withinowners‘ equity. The portion of net profits or losses of subsidiaries for the period attributable to minority interest is presented in the
consolidated income statement below the―netprofit‖ line item as―minorityinterest‖. In the consolidated financial statements, when the amount of loss for the period attributable to the minority shareholders of a subsidiary exceeds the minorityshareholders‘ portion of the opening balance ofowners‘ equity of the subsidiary, the excess amount should be still allocated against minority interest.
In the report period, If the subsidiary is added through the business combination under the same control, the beginning balance of the consolidated balance sheet shall be adjusted. The incomes, expenses& profits of the subsidiary incurred from the beginning of the current period to the end of the reporting period shall be included into the consolidated profit statement. The cash flow from the beginning of the current period to the end of the reporting period shall be included into the consolidated cash flow statement.
In the report period, If the subsidiary is added through the business combination not under the same control, the beginning balance of the consolidated balance sheet shall not be adjusted. The incomes, expenses& profits of the subsidiary incurred from the acquisition date to the end of the reporting period shall be included into the
consolidated profit statement. The cash flow from the acquisition date to the end of the reporting period shall be included into the consolidated cash flow statement.
For purchase of minority interests held by the minority shareholders of a subsidiary, when preparing the
consolidated financial statements, the difference between the long-term equity investment newly gained by buying minority interests and the portion of net assets consistently calculated from the acquisition date (or the
consolidation date) pursuant to newly added shareholding percentage entitled by the subsidiary should be adjusted to theowners‘ equity (the capital reserve). If the capital reserve is not sufficient to absorb the difference, any excess is adjusted against retained earnings.
In the report period, If the company disposes its subsidiary, the incomes, expenses& profits incurred from the beginning of the subsidiary to the disposal date shall be included into the consolidated profit statement. The cash flow from the beginning of the subsidiary to the disposal date shall be included into the consolidated cash flow statement.
（2）Accounting treatment when the share equity of the same subsidiary is purchased and sold, or sold
andsurchased in successively two years.
7. Recognition Standard of Cash& Cash Equivalents
The company recognizes its cash in vault& the deposits that are ready for payment at any time as cash when preparing the cash flow statement.which are featured with short term (expire within 3 months since purchased),
high liquidity, easy to convert to know cash, low in risk of value change, could be recognized as cash equivalents. Equity investment are not recognized as cash equivalents.
8.Foreign Currency Transaction and foreign currency convert
(1)Foreign Currency Transaction
(2) Foreign currency convert
The foreign currency transaction uses the spot rate at the time of the transaction as the exchange rate to convert the currency into CNY for keeping account.
The balances of the foreign currency monetary items shall be converted according to the spot rate on the balance sheet date. Except that the exchange balances on the foreign currency borrowings for expenses on the assets eligible for capitalization shall be dealt according to the principle of loan expense capitalization, all the other exchange balances shall be included into the profits& losses at the current period. The foreign currency
non-monetary items measured in historical costs shall still be converted according to the spot rate at the time of the transaction. Their account standard money amounts shall not be changed. The foreign currency non-monetary items measured in fair values shall be converted according to the spot rate on the recognition date of the fair values. The exchange balances incurred accordingly shall be recorded into the profits& losses at the current period or the additional paid-in capital.
9.Financial tools
1. Categories of financial Tools
The Company divides the financial assets into four categories: financial assets measured at fair value and their variations are recognized as current gain/loss, including trade financial assets or financial liabilities and
recognized directly as financial assets measured at fair value and their variations are recognized as current gain/loss; Investment hold till expiration; loans and account receivable; saleable financial assets .The company divides the financial liabilities into two categories: financial liabilities measured at fair value and their variations are recognized as current gain/loss; other financial liabilities.
2. Recognition and measurement of financial tools
(1) Financial assets and liabilities measured at fair value and their variations are recognized as current gain/loss The fair value (after deducting of announced but not distributed cash dividend or due but not obtained bond interests) is recognized as initial amount when obtained.
Interests or cash dividends during the period of holding are recognized as investment gains. The fair value will be adjusted and accounted as current gain/loss.
When disposed, the differences between fair value and initial amount are recognized as investment gains, and thus adjust the gain/loss of fair value.
(2) Investment hold till expiration
The fair value (after deducting of due but not obtained bond interests) plus the related trade expenses is
recognized as initial amount when obtained.
Interest gains will be calculated at amortizing of costs and actual interest rate (the face rate is adopted when the difference between the actual rate and face rate is minor) during the period of holding, and accounted as
investment gains. Actual rate is recognized when obtained, and is not changed in the predictable holding period or applicable shorter period.
When disposed, the difference between the obtained price and book value is accounted as investment gains. If the company sells or reclassifies large-amount due investments before the expired date (large amount refers to comparing with the amount before the selling or reclassifying the investments), the company will reclassify the rest of the investments as financial assets for sale, and in the current accounting period or within two complete accounting years, no financial assets will be classified as holding due assets, except for the following situations: the sale date or reclassification date is close to the expired date of the investment (such as three months before the expired), and the change of interest rate has no significant influence on the fair value of the investment; after all the initial principal is mostly recovered according to periodic payments or repay in advance regulated in the contract, the rest part will be sold or reclassified; the sale and reclassification is caused by the independent events which are uncontrollable and unexpected and will not happen any more.
(3) Account receivable
The receivable debts of selling goods or providing services, and the credits of other company hold by the
company not including the debt which has price in active market, including accounts receivable, notes receivable, prepaid accounts, other receivables, long-term receivables, etc. The contract or agreement price charging from purchaser should be taken as the initial confirmation amount; if it has the nature of financing, it should be confirmed according its current value.
When retrieved or disposed of, the difference between the actual received amount and the book value is accounted as current gain/loss.
(4) Saleable financial assets
The fair value (after deducting of announced but not distributed cash dividend or due but not obtained bond interests) plus the related trade expenses is recognized as initial amount when obtained.
Interest or cash dividend occurred during the period of holding is recognized as investment gains. Change of fair value is accounted as capital reserves (other capital reserves) at the end of term.
When disposed, the difference between the obtained price and book value is accounted as investment gains. Meanwhile, the corresponding part of accumulated change of fair value accounted asowners‘ equity is transferred into investment gain/loss.
(5) Other financial liabilities
Other financial liabilities are recognized initially at the sum of fair value and related trade expenses. Successive measurement will be on the basis of amortized costs.
3. Recognition and measurement basis of financial asset transposition
When financial asset transposition occurred, the recognition of this particular financial asset is terminated if almost all risks and rewards attached to the asset have been transferred to the acceptor. If retain all the risks and rewards of ownership of financial assets, the financial assets can be confirmed.
When determine whether the transfer of financial assets meet the conditions of confirmation of the above financial assets, the principle of substance being more important than form should be adopted. The transfer of financial assets can be divided into overall transfer and part transfer of financial assets. If the transfer of financial assets meet the conditions of terminating confirmation, the following the difference of the two amounts will be included in the current profit and loss:
(1) Book value of the financial asset to be transposed;
(2) The sum of price received due to the transposition, and the accumulation of change in fair value originally accounted asowners‗ equity (when the asset to be transposed is saleable financial asset).
If part transfer of financial assets meet the conditions of terminating confirmation, the book value of the
transferred financial assts, the difference between the confirmed part and the unconfirmed part (in this case, the service assets retained should be deemed as the part of unconfirmed financial assets), should be amortized in accordance with their relative fair value, and the difference between the following two amount should be included current profit and loss:① Book value of the confirmed part;②All fair values of financial assets and financial liabilities are recognized with reference to the price in the active market.
If the transfer of financial assets does not meet the conditions of terminating confirmation, the financial assets should be confirmed again, the prices received will recognized as financial liabilities.
4.The conditions to stopping the financial liabilities
The obligation of financial liabilities are already cancelled which should be stopped confirming the financial liability or the part of it. Our company could stop confirming the currently financial liability and begin to confirm the newly financial liability if the loaner made an agreement that they would assume the new way of financial liability which replace the current one, and make sure the newly financial liability is totally different from the old one in contract with our company.
Stop admitting the financial liability or a part of it, and at mean time we could admit the newly financial liability which is in new insertions of contract as the newly financial liability if the current financial liability has been revised.
Stop admitting the balance of value of financial liability and consideration (Including the roll-out of non-cash assets or financial liabilities) which could be consider as current profits and losses.
Stop and continue admitting a part of value, and distribute the value of financial liability, if our company
repurchased the part of financial liability. And the balance of value of which distributed to the part of stopping admitting and paid (Including the roll-out of non-cash assets or financial liabilities) which could be consider as current profits and losses.
5.Recognition basis of financial assets and financial liabilities
All fair values of financial assets and financial liabilities are recognized with reference to the price in the activemarket（Using valuation technique,etc）.
6. Impairment provision for financial assets
①Impairment provision for financial assets for sale:
If the fair value of financial assets for sale greatly drops at the end of the period, or after considering all the relevant factors and expecting decrease trend is non-temporary, the impairment should be confirmed, and the accumulative loss formed by the decrease of fair value ofowner‘s equity originally included should be transferred out altogether and confirmed as impairment loss.
②Holding the impairment provision of expired investments:
The measurement of holding the impairment provision of expired investment will be according to the method of the measurement of impairment provision for receivables.
Various recognition standards of various kinds of available for sale financial assets impairment
（7）If investment held to mature is recztegorized to sellable financial assets, please state the intention or evidence of change incapability .
10 Accounts receivable
(1)Accounts receivable with material specific amount and specific provisioned bad bebt preparation.
|||
|-|-|
||The accounts receivable whose single amount is over RMB 1|
|Judgment criteria or amount standard of material specific amount or|million & accounts for over 10% of the accounts receivable|
|amount criterial：|amount.|
||Conduct the devalue test separately. Set up the bad debt|
||reserve according to the shortfall of the present value of|
|Provision method with material specific amount and provision of||
||expected future cash flows against its carrying amount and|
|specific bad debt preparation：||
||record it into the profits & losses at the current period.|

 (2.) The accounts receivable of bad debt provisions made by Group
||||
|-|-|-|
|Name|Method|Recognition basis of credit risk feature portfolio：|
|||The accounts receivable whose single amount is over RMB 1|
||The adopting aging analysis|million & accounts for over 10% of the accounts receivable|
||method|amount. the accounts receivable under 5 years of age which are|
|||not significant without any business connections any more.|

 In Group, the adopting aging analysis method
√Applicable□Not applicable
||||
|-|-|-|
||Reserve proportion for account||
|Aging account||Reserve proportion for other receivables (%)|
||receivable (%)||
|Within 1 year (including 1 year)|0.00%|0.00%|
|1－2 years|10.00%|10.00%|

||||
|-|-|-|
|2－3 years|30.00%|30.00%|
|3－4 years|50.00%|50.00%|
|4－5 years|90.00%|90.00%|

 Accounts on percentage basis in group
□ applicable√not applicable
Accounts on other basis in group
√Applicable□ not applicable
|||
|-|-|
|Name|Mechod|
||Conduct the devalue test separately. Set up the bad debt reserve according to|
||the shortfall of the present value of expected future cash flows against its|
||carrying amount and record it into the profits & losses at the current period.|

（3）Recognition Standard and Counting& Drawing Method of Bad Debt Reserves for the Accounts Receivable Whose Single Amount Is not Significant
|||
|-|-|
||The accounts receivable under 5 years of age which are not significant without any|
|Reason|business connections any more.|
||Conduct the devalue test separately. Set up the bad debt reserve according to the|
|Mechod|shortfall of the present value of expected future cash flows against its carrying|
||amount and record it into the profits & losses at the current period.|

11.Inventories
1.Investories class: Thecompany‘s stocks can be classified as: raw materials, inventory goods, low-value consumables& other materials, etc.
2. Valuation method of inventory issued :The company calculates the prices of its inventories according to the weighted averages method or the first-in first-out method.
3. Recognition Basis ofInventories‘ Net Realizable Values and Counting& Drawing Method of Obsolete Inventory Reserves:After taking stock at the end of the period,
4. Inventory System:Adopts the Perpetual Inventory System
5.Amortization method of consumption goods with low value and wrap page
Consumption goods with low value
Consumption goods with low value adopt one time amortization method when used.
Packing
Amortizationmethod：
12.Long-term equity investment
1. Initial measurement
（1）Long-term equity investment formed by Consolidation
For Consolidation of enterprise under common control, merger cost is determined on equity combination basis.
For equity investment paid by the Company in terms of cash, non-monetary asset, undertaking of debts, or issuing
of equity securities, the initial cost will be the booking value of the long-term investment provided by the
enterprise to be merged at the day of consolidation. The differences between the initial investment cost of
long-term investment and cash paid, the non-monetary asset transferred out or book value of debt undertaken and the total face value of shares placed, is used to adjust the capital reserves. When the capital reserve is not enough to cover the adjustment, the retained gains will be adjusted. All direct expenses attached to the Consolidation are included in the gain/loss account of the current term.Business combination not under the same control: The combination costs shall be the fair values, on the acquisition date, of the assets paid, the liabilities incurred or assumed and the equity securities issued by the acquirer in exchange for the control on the acquiree& all relevant direct costs incurred for the business combination. For a business combination realized by two or more transactions of exchange, the combination costs shall be the summation of the costs of all separate transactions. Where any future event that is likely to affect the combination costs is stipulated in the combination contract or agreement, if it is likely to occur and its effects on the combination costs can be measured reliably, the amount shall also be recorded into the combination costs. (2) Long-term equity investment obtained by other ways.Long-term equity investment obtained by cash payment is recognized for initial investment cost according to the price practically paid.
Long-term equity investment obtained by placing of equity stocks is recognized for initial investment cost at the fair value of the stock.Long-term equity investment input by investors is recognized for initial investment cost according to the investment contract or agreement (less the cash dividend or profit announced but not distributed). However when the value in the contract or agreement is not fair value is not adopted.
The non-monetary asset exchange for a commercial real income and assets or the fair value other assets can be reliably measured, the initial investment cost should be determined according to long-term equity investment exchanged through the non-monetary asset exchange, unless there is evidence showing that for the fair value of assets is more reliable; the non-monetary asset exchange which does not meet the above premises, the book value of the exchanged assets to and the relevant fees and taxes to be paid should be the initial investment cost of the long-term equity investment. The initial investment cost of the long-term equity investments obtained through debt restructuring should be determined in accordance with fair value.
(2)Follow-up Measurements& Recognitions of Profits or Losses
(1)Cost basis is adopted in accounting of long-term equity investment without joint control or major influence, and with no quotation in an active market, thus the fair value is not able to be reliably measured. Equity basis will be adopted for the long-term equity investment with joint control or major influence.The long-term equity investment that has joint control or significant influences over the invested entity shall be measured by employing the equity method. If the initial cost is more than the investing enterprise' attributable share of the fair value of the invested entity's identifiable net assets for the investment, the initial cost of the long-term equity investment may not be adjusted. If the initial cost is less than the investing enterprise' attributable share of the fair value of the invested entity's identifiable net assets for the investment, the difference shall be recorded into the profits& losses at the current period.The treatment for the other changes ofowner‘s equity besides net loss and profit of the unit being invested: for the other changes ofowners‘ equity besides net profit and loss of the unit being invested, when shareholding ratio remains unchanged, the part shared or undertaken according to share ratio, the book value of long-term equity investment should be adjusted, and at the same time, the capital surplus (other capital surplus).（2）Recognition of Profits or Losses.Employing the cost method, besides acquiring the actual payment for investing or the dividends / profits which have already been declared but not distributed yet, the company shall recognize its current investment income by enjoying the dividends / profits declared to be distributed by the invested entity.
The investment income Recognition by cost method is only limited to distribution of accumulated net profit after the unit being invested receives investment, the part of profit and cash dividends more than the amount will be regarded as initial investment cost recovery. The loss which should be confirmed to the unit being invested under equity method should be treated in accordance with the following orders: First of all, deduct the book value of
long-term equity investment. Second, if the book value of long-term equity investment can not be deducted, the long-term equity value of the net value of the unit being invested should be further confirmed as investment loss and used to deduct the book value of long-term receivables. Finally, after the above treatment, the additional liabilities to be undertaken according to investment contract or agreement should be confirmed as expected liability according to the expected liability and be concluded in the current investment loss. If the unit being invested achieves profit in the following period, after deducting the unconfirmed liabilities, it should be treated according to the adverse order as described above, the book value of the confirmed expected liabilities should be deducted, the book value of the long-term equity investment and long-term equity of net assets of the unit being invested should also be resumed, and at the same time, the investment income should be confirmed.
（3）Disposal of a long-term equity investment.On disposal of a long term equity investment, the difference between the proceeds actually received and the carrying amount is recognized in profit or loss for the current period. For a long-term equity investment accounted for using the equity method, any changes in theowners‘ equity of the investee other than net profits or losses included in theowners‘ equity of the investing enterprise, shall be transferred to profit or loss for the current period on a pro-rata basis according to the proportion disposed of.
(3.) Recognition Basis for the Joint Control& the Significant Influence over the Invested Entity
The control over an economic activity in accordance with the contracts and agreements, which does not exist unless the investing parties of the economic activity with one an assent on sharing the control power over the relevant important financial& operating decisions, shall be recognized as the joint control together with other parties over the invested entity. The power to participate in making decisions on the financial& operating policies of a company, but not to control or to do joint control together with other parties over the formulation of these policies shall be recognized as the significant influence of the investing party on the invested entity.
(4). Test Method for Impairment and Counting& Drawing Method for Impairment Reserves
As to a long-term equity investment with no significant influence, if there is no offer in the active market for it and its fair value cannot be reliably measured, its impairment loss shall be recognized according to the difference between its carrying amount& the current value recognized by discounting the future cash flow according to the current market return similar to the financial asset.Besides the business reputation formed by the business combination, where the measurement results of the removable amounts show that the receivable amount of any other long-term equity investment is lower than its carrying value, the difference shall be recognized as the impairment loss.No matter whether there is any sign of possible assets impairment, the business reputation formed by the business combination shall be subject to impairment test every year.Once any loss of the long-term equity investment impairment is recognized, it shall not be switched back any more.
13.Commissioned loan
Commissioned loan should be accounted according to actual commissioned loan amount. Account receivable interest rate according to the interest rate stipulated in commissioned loan.
Make overall inspection on the principal of commissioned loan on the balance sheet date, if there is evidence showing that the principal of commissioned loan is higher than the recoverable amount, impairment provision should be accounted on the commissioned loan.
14.Investment Real Estates
The term―Investment realestates‖ refers to the real estates held for generating rentand/orcapital appreciation, including the right to use any land which has already been rented, the right to use any land which is held and prepared for transfer after appreciation& the right to use any building which has already been rented.
The company shall make a measurement to the investment real estate through the cost pattern.The company shall
adopt the same depreciation policy as its fixed assets for the investment real estates measured by the cost pattern-buildings for renting& the same amortization policy as its intangible assets for the right to use any land for renting. Where any evidence shows that there is possible impairment, the recoverable amount of the fixed assets shall be estimated. Where the tecoverable amount is lower than its carrying value, the corresponding impairment loss shall be recognized. Once any loss of the investment real estate impairment is recognized, it shall not be switched back any more.
15.Fixed assets
（1）Confirmation conditions of fixed assets
Fixed assets refer to physical assets owned for purpose of production, service providing, leasing or management, and operation with service life of more than one year. Fixed assets are recognized when all of the following conditions aresatisfied：Financial benefits attached to the fixed asset is possibly inflowing to the Company;(2) The cost of the fixed asset can be reliable measured.
（2）Cognizance evidence and pricing method of financial leasing fixed assets
Provision for depreciation of highways and bridges is made with work amount method. Estimatednet residual value rate is zero. Estimated useful life is determined according to the period of peration right in respect of charge collection. The concrete calculation method is as follows: The amount of provision for depreciation per standard vehicle traffic volume is to be calculated based on the estimated total standard vehicle traffic volume within expected useful life of highways and bridges and the original value or book value of highways and Bridges. Then provision for depreciation is made according to the actual standard vehicle traffic volume in each fiscal period. The company regularly rechecks the estimate total standard vehicle traffc volume withintheremaining operation period of highways and bridges. When there is big difference between actual standard vehicle traffic volume and estimated standard vehicle traffic volume, the Company will re-estimate future total standard vehicle traffic volume and adjust the provision for depreciation per standard vehicle traffic volume to ensure that the book value of relevant highways and bridges will be completely amortized within useful life.
（3）Fixed assets depreciation method
The company adopts the straight line method for the depreciation of fixed assets excepthighways& bridges, and recognizes the depreciation rate according to the fixed asset group, expected useful life& the expected net salvage value rate.
|||||
|-|-|-|-|
|Classification of fixed asset|Depreciable life（Year）|Residual rate（%）|Depreciation rate（%）|
|Highway and Bridge||||
|Including：Guangfo Expressway|28 years|0%|Working flow basis|
|Fokai Expressway|30 years|0%|Working flow basis|
|House Building|20-30 years|3%—10%|3%-4.85%|
|Machine Equipment|10 years|3%—10%|9%-9.7%|

|||||
|-|-|-|-|
|Transportation Equipment|5-8 years|3%—10%|11.25%-19.4%|
|Electric Equipment and other equipment|5-15 years|3%—10%|6 %-19.4%|

(4) Test Method for Fixed Asset Impairment and Counting& Drawing Method for Fixed Asset Impairment Reserves
The company shall, at the end of each period, make a judgment on whether there is any sign of possible fixed assets impairment.
Where any evidence shows that there is possible fixed assets impairment, the recoverable amount of the fixed assets shall be estimated. The recoverable amount shall be determined in light of the higher one of the net amount of the fair value of the fixed assets minus the disposal expenses& the current value of the expected future cash flow of the fixed assets.
Where a fixed asset's recoverable amount is lower than its carrying value, the carrying value of the fixed asset shall be recorded down to the recoverable amount, and the reduced amount shall be recognized as the loss of the fixed asset impairment and be recorded into the profits& losses at the current period. Simultaneously, the fixed asset impairment reserve shall be made accordingly.
After the loss of the fixed asset impairment has been recognized, the depreciation expense of the impaired fixed asset shall be adjusted accordingly in the future period so as to amortize the post-adjustment carrying value of the fixed asset systematically (deducting the expected net salvage value) within the residual service life of the fixed asset.
Once any loss of the fixed asset impairment is recognized, it shall not be switched back in the future accounting periods.
（5）Other
16.Construction-in process
1. Calculation of Construction-in-process
The constructions in process are classified& accounted according to the established projects.
2. Standard& Time Point for Carrying Constructions in Process Forward to Fixed Assets
All the expenditures that bring the construction in process to the expected condition for use shall be the credit value of the fixed asset. If the fixed asset construction in process has already reached the expected condition for use, buthasn‘t been made the final account; it shall be carried forward to a fixed asset according to its estimated value based on the budget, cost or actual cost of the construction starting from the date when it reaches the expected condition for use, and the fixed asset shall be depreciated according to thecompany‘s depreciation policy for fixed assets. After the final account has been made, the original provisional estimated value shall be adjusted according to the actual cost, but the depreciation which has originally been counted& drawn shall not be adjusted.
3. Test Method for Construction-in-Process Impairment and Counting& Drawing Method
The company shall, at the end of each period, make a judgment on whether there is any sign of possible constructions-in-process impairment.
Where any evidence shows that there is possible constructions-in-process impairment, the recoverable amount of
the constructions-in-process shall be estimated. The recoverable amount shall be determined in light of the higher
one of the net amount of the fair value of the constructions-in-process minus the disposal expenses& the current
value of the expected future cash flow of the constructions-in-process.
Where a construction-in-process's recoverable amount is lower than its carrying value, the carrying value of the construction-in-process shall be recorded down to the recoverable amount, and the reduced amount shall be recognized as the loss of the construction-in-process impairment and be recorded into the profits& losses at the current period. Simultaneously, the construction-in-process impairment reserve shall be made accordingly. Once any loss of the construction-in-process impairment is recognized, it shall not be switched back in the future accounting periods.
17.Loan expenses
(1) Recognition principles for capitalizing of loan expenses
Borrowing expenses occurred to the Company that can be accounted as purchasing or production of asset satisfying the conditions of capitalizing, are capitalized and accounted as cost of related asset. Other borrowing expenses are recognized as expenses according to the occurred amount, and accounted into gain/loss of current term.
The assets meeting capital conditions refer to the fixed assets, investment real estates and inventories which are constructed or produced in a long time to reach the predicted use or sale state.
When a loan expense satisfies all of the following conditions, it is capitalized:
1. Expenditures on assets have taken place, asset expenditures include the assets used to construct or produce the assets which meet the capitalization conditions, and expend by cash or transferring non-cash assets or bearing interest debt;
2. Loan costs have taken place;
3. The construction or production activities to make assets to reach the intended use or sale of state have begun. (2) Duration of capitalization of Loan costs
The capitalization period refers to the period from starting capitalization of loan costs to the stop of capitalization, the period of the break of capitalization of Loan costs is not included.
When the construction or production meets the intended use or sale of state of capitalization conditions, the Loan costs should stop capitalization.
When the construction or production meets the conditions of capitalization and can be used individually, the capitalization of the loan costs of the assets should be stopped.
Where each part of a asset under acquisition and construction or production is completed separately and is ready for use or sale during the continuing construction of other parts, but it can not be used or sold until the asset is entirely completed, the capitalization of the borrowing costs shall be ceased when the asset is completed entirely. (3)Capitalization Suspension Period
Where the acquisition and construction or production of a qualified asset is interrupted abnormally and the interruption period lasts for more than 3 months, the capitalization of the borrowing costs shall be suspended. If the interruption is a necessary step for making the qualified asset under acquisition and construction or production ready for the intended use or sale, the capitalization of the borrowing costs shall continue. The borrowing costs incurred during such period shall be recorded into the profits& losses at the current period, till the acquisition and construction or production of the asset restarts.
(4) Calculation of the amount of capitalization of Loan costs
Interest expense due to specialized Loan and its auxiliary expenses shall be capitalized before the asset which satisfies the capitalizing conditions reaches its useable or saleable status.
Interest amount of common Loan to be capitalized equals to accumulated asset expense less weighted average of specialized loan part of asset expense multiplies capitalizing rate of common Loan occupied. Capitalizing rate is determined according to weighted average interest of common Loan.
If the Loan has discount or premium, the discount or premium amount should be determined according to actual interests in each accounting period. The interest amount should be adjusted in each period.
18.Intangible assets
1. The valuation methods of intangible assets
(1)The initial measurement is conducted according to the actual cost when the intangible assets are acquired The cost of the purchased intangible assets includes its buying price, relevant tax and the othe expenses that are directly attributed to this assets meeting its predetermined objective and other expenses that occur. The buying price of intangible assets is over the deferred payment under normal credit conditions, which has the nature of financing materially, the cost of intangible assets is determined on the basis of the present value of its buying price.
We acquire the mortgaged intangible assets from debtors through debt restructuring and determine the entry value on the basis of the fair value of the intangible assets,we have the balance between the book value of debt restructuring and the fair value of intangible assets used for mortgage charged to the current profit and loss. The entry value of the non-monetary assets exchanged into by the non-monetary assets are determined on the basis of the fair value of the assets exchanged out if the exchange of non-monetary assets has commercial nature and the assets exchanged into or out can be reliably measured, unless there is authentic evidence indicating that the fair value of assets exchanged into are more reliable; if the non-monetary assets that cannot meet the above prerequisite use the book value of the assets exchanged out and relevant taxes payable as the cost of the non-monetary assets, the profit and loss is not confirmed.
The entry value of the intangible assets acquired by the absorption merger under the control of one company is determined by the book value of the merged party;the entry value of the intangible assets acquired by the absorption merger that is not under the control of one company is determined by the fair value.
The cost of the intangible assets developed internally includes the materials consumed in developing the assets, cost of service, registration fees, other patent used in developing, amortization of concession and interest charges meeting the capitalization conditions and othe direct costs that occur before the intangible assets meeting the predetermined objective.
（2）Subsequent measurement
The Company analyses and makes judgment of its serviceable life when acquiring the intangible assets.
The intangible assets that have limited serviceable life are amortized by the straight-line method during the period when the assets can bring about economic interests;The intangible assets are deemed as uncertain serviceable life and are not amortized if it is impossible to expect the period when the assets could bring about economic interests.
2.Extimate of service life for the intangible assets with limited life
||||
|-|-|-|
|Items|Amortisation periods|Basis|

3.The judgment basis of the intangible assets with indefinite life
4.Provision for the depreciation of value of the intangible assets
The intangible assets that have certain serviceable life are conducted at the ending with the test of depreciation of value if the assets indicate obviously that those are depreciating
For conducting a test of depreciation of value of the intangible assets, it needs to estimate the recoverable amount of the assets. The recoverable amount is determined by the higher between the net amount obtained through the fair value of intangible assets minus settlement changes and the present value of the future cash flow expected by the intangible assets.
When the recoverable amount of intangible assets is below their book value, the book value of intangible assets is written down to the recoverable amount and the amount written down is confirmed as the loss of depreciation of value of intangible assets and is charged to the current profit and loss, while the corresponding provision for the depreciation of value of intangible assets is made.
The depletion of the depreciation of value of intangible assets or the amortization charge in the future period will be adjusted accordingly after confirmation of the loss of the depreciation of value of intangible assets so that it can systematically allocate the book value of intangible assets adjusted in the residual serviceable life of intangible assets(deduction of anticipated net value).
Upon confirmation of the loss of the depreciation of value of intangible assets, the loss will not be reversed in the subsequent accounting period any longer.
5.Recondition criterion for capitalization of cost ofR& D (Research and development )
6.Accounting of internalR& D expenses
19.Long-term amortizable expenses
Long-term prepaid expenses refer to that enterprises have already spent, and amortization periods of all expenses are more than one year (excluding 1 year), they should be amortized in the regulated years.
20.Bond payable
When the company is issuing bonds, the total price issued should be included in the―Payablebonds‖ subject.
The difference between bond issuance total amount and the total amount of bond face valueshould be
worked as bond premium or discount and be amortized within the bond period according to actual interest rate
and vertical line method, and be treated according to borrowing costs describedbelow。
21.Revenues
（1）Recognition time for sales of goods
The toll income refers to the operation of toll Road fees, to actually collect revenues.
（2）Confirm the eveidence to provide labor income
The service started and completed in the same accounting year should be confirmed upon the completion of labor income . if the beginning and completion of the service belongs to different accounting year. When the results of providing service transaction can be reliably estimated, on the balance sheet date. The company should confirm the relevant service income according to the completion percentage. When all the following conditions can be met,the results of the transaction can reliably estimated:
(1) Total labor revenue and total labor costs can be reliably measured;
(2)The economic benefits relating to transactions will flow into the enterprise;
(3)The progress of completion of the service can be reliably identified.
22.Government subsidies
（1）Type
Government subsidies mean that the Company free of charge acquires the monetary assets and the non-monetary assets. Government subsidies can be classified into capital-related government subsidies and earnings-related one.（2）Accounting treatment
The purchasing of the fixed assets, intangible assets and other long-term assets related to government subsidies are confirmed as deferred revenue, the revenue is in installments charged to the non-operating earnings in accordance with the serviceable life of assets built or purchased.
The earning-related government subsidies that are used to compensate the relevant expenses or loss are confirmed as deferred earnings when the subsidies are acquired, the deferred earnings are charged to the current non-operating earnings; When the subsidies are used to compensate the relevant expenses or loss that occurred, the subsidies are directly charged to the current non-operating earnings.
23.Deferred income tax assets and deferred income tax liabilities
1. References for confirmation of deferred income tax assets
The company is likely to determine the deferred income tax assets produced from deductible temporary
differences with the limit of offsetting the taxable income of temporary difference.
2.The confirmation basis of deferred income tax liabilities
The Company confirms the temporary differences of the taxable that is not paid in the current and prior periods as the deferred income tax liabilities. However, the goodwill, the transactions formed from non-business merger and those will affect either accounting profit or the temporary differences of the taxable income when the transactions occur are not included in the deferred income tax liabilities.
24.Accounting Methods of Income tax
Thecompany‘s income tax is accounted in Balance sheet liability approach.
The company recognizes the sum of current income tax and deferred tax as the income tax expenses(or income) in the income statement on the basis of calculating and determining the income tax of the current period(namely the current taxes payable) and the deferred tax (the deferred tax expenses or income ), but excluding the effects of the business combination and the income taxes related to the transactions or events directly recorded in theowner‘s rights and interests.
25.Change of main accounting policies and estimations
Is there any material change of accounting policies occurred in the year
√Yes□ No
On April
21st,
the 2013 Annual General Meeting of the company approved the Proposal of Change in
Accounting Estimates and approved the change in accounting estimates of owned subsidiary Fokai Expressway Co., Ltd.. It is approved that the company modify the depreciation period towards the reconstruction and
expansion project of Xiebian to Sanbao Section of Fokai Expressway since January 1, 2014, in which the
depreciation period has been extended to March 14, 2036. It is approved that the company implement depreciation measures according to Fokai Expressway Traffic Estimates Report by Guandong Highway Design Institute Co., Ltd. provided to Guandong Fokai Expressway Co., Ltd. in 2013. The company will adopt prospective application. The change in accounting estimate resulted in the current depreciation of fixed assets reduced RMB
71,742,958.53 compared with the original accounting estimates; the net profit increased RMB 53,807,218.90; Net profit attributable to owners of the parent increased by RMB 40,355,414.17 .
（1）Change of accounting policies
Is there any change in accounting policies in the report period
□ Yes√ No
（2）Change of accounting estimations
Is there any change in accounting estimations in the report period
√Yes□ No
On April
21st,
the 2013 Annual General Meeting of the company approved the Proposal of Change in Accounting Estimates and approved the change in accounting estimates of owned subsidiary Fokai Expressway Co., Ltd.. It is approved that the company modify the depreciation period towards the reconstruction and expansion project of Xiebian to Sanbao Section of Fokai Expressway since January 1, 2014, in which the depreciation period has been extended to March 14, 2036. It is approved that the company implement depreciation measures according to Fokai Expressway Traffic Estimates Report by Guandong Highway Design Institute Co., Ltd. provided to Guandong Fokai Expressway Co., Ltd. in 2013. The company will adopt prospective application. The change in accounting estimate resulted in the current depreciation of fixed assets reduced RMB 71,742,958.53 compared with the original accounting estimates; the net profit increased RMB 53,807,218.90; Net
profit attributable to owners of the parent increased by RMB 40,355,414.17 .
Detailed description
In RMB
|||||
|-|-|-|-|
||Approval proces|Name of the stat||
|The content and causes of the changes in accounting estimates|||Amount affected|
||s|ement affected||
|The owned subsidiary Fokai Expressway Co. Ltd. had||||
|change in accounting estimates. The company modify||||
|the depreciation period towards the reconstruction an||||
|d expansion project of Xiebian to Sanbao Section of F|Shareholders' Ge|Net profit||
|okai Expressway, in which the depreciation period has|neral Meeting in|attributable to||
||||40,355,414.17|
|been extended to March 14, 2036. The company impl|2013|owners of the||
|ement depreciation measures according to Fokai Expre||parent||
|ssway Traffic Estimates Report by Guandong Highwa||||
|y Design Institute Co., Ltd. provided to Guandong Fok||||
|ai Expressway Co., Ltd. in 2013.||||

26.Correction of accounting errors in previous period
Is there any accounting error with previous period found in the report period
□ Yes√ No
The company has no previous accounting error corrected in the report period.
（1）Retrospective restatement
Is there any retrospective restatement on the accounting error with previous periods done in the report term□ Yes√ No
（2）Future adoption method
Is there any future adoption method apply able to accounting errors with previous period, found in the report period.
□ Yes√ No
V. Taxation
1. Major category of taxes and tax retes
||||
|-|-|-|
|Tax category|Tax basis|Tax rate|
|Business tax|Toll income|3%|
|City maintenance and construction tax|Turnover tax.|7%、5%|
|Business tax|Gains from rents|5%|
|Business tax|Gains from sevice providing|5%|
|.Education surcharges|Turnover tax.|3%|

||||
|-|-|-|
|Local Education surcharges|||
||Turnover tax.|2%|
|Defend expense|Tax income|0.045%-0.96%|

Income tax rate applicable to branches and factories
2.Preferential tax and approving documents
3.Other
Pay enterprise income tax according to Provisional Regulations of Enterprise Income Tax of PRC with Tax rate is25%.
VI. Enterprise Consolidated and Consolidated Financial Statement
（I）Informationof subsidiaries
1.The subsidiary acquired through the establishment or investment and other means.
In RMB
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||||f|||||The balance between current|
||||||||||||||losses assumed by minority|
||||||||||||||shareholders‘ deducted from|
|||||||||||||Amount deduct||
||||||||Balance o|||Wheth||||
|||Regi||||The year end‘s|other essenfaly|Equity|Voting power|er|Minority||owners‘ equity belongs to parent|
|Name of|||Business|Registere||||||||from||
||Type|stered|||Operating scope|actual amount of c|onstituting ne|t holding||consolidate|shareholders‘|||
|subsidiary|||nature|d capital||||||||minority|company and the minority|
|||address||||capital investment|investment in|percentage|（%）|financial|equity|||
|||||||||||||shareholders||
||||||||subsidiary|||statement||‘ equity|shareholders‘ attributable share of|
||||||||||||||owners‘ equity at the opening|
||||||||||||||balance|
||||||Investment in technical|||||||||
||||||industries and provision of|||||||||
|||4/F,Expr||||||||||||
|G||essway|Technol||relevant consulting services,|||||||||
|uangdon||||||||||||||
||||||research and development of|||||||||
|g|Holding|Builidin|ogy|||||||||||
|Express|||||lighting technology of City|||||||||
|way|subsidia|No.85|Investm|100,000|and Road, energy saving and|95,920,000.00||100.00%|100.00%|Yes||||
|Technol|ries|Baiyun,|ent and|,000.00||||||||||
|ogy|||||storage technology,|||||||||
|Investm||Yuexiu ,|Consult|||||||||||
||||||photovoltaic technology of|||||||||
|ent Co.,||Guangz|ation|||||||||||
|Ltd.|||||solar energy and production|||||||||
|||hou||||||||||||
||||||and sales of relevant products,|||||||||
||||||design, production, release|||||||||

||
|-|
|and agency of all kinds of|
|domestic and foreign|
|advertisements, construction|
|and maintenance management|
|of highway projects and|
|domestic trade. (excluding|
|gold, silver, motor vehicles|
|and dangerous chemicals)|

Notes
2.The Subsidiary through business combination under the same control
In RMB
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||||||||||||||The balance between current|
||||||||||||||losses assumed by minority|
||||||||||||||shareholders‘ deducted from|
||||||||Balance of|||Wheth||Amount||
|||Regi||||The year end‘s|other essenfaly|Equity|Voting power|er||deduct from|owners‘ equity belongs to parent|
|Name of|||Business|Registere|||||||Minority|||
||Type|stered|||Operating scope|actual amount of|constituting net|holding||consolidates||minorityy||
|subsidiary|||nature|d capital|||||||hareholders‘ equit||company and the minority|
|||address||||capital investment|investment in|percentage|（%）|financial||shareholders‘||
||||||||subsidiary|||statement||equity|shareholders‘ attributable share of|
||||||||||||||owners‘ equity at the opening|
||||||||||||||balance|
|Guangfo|Holding|West|Express||Construction, tolling,|||||||||
|||||200,000||||||||||
|Expressw|subsidia||way||maintenance and|242,151,386.98||75.00%|75.00%|Yes|73,885,092.04|||
|||Shabei,||||||||||||
|ay Co.,||||,000.00||||||||||
|Ltd.|ries||Manage||management of Guangfo|||||||||

||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||Guangz|ment||Expressway, automobile||||||
|||hou|||fueling, Form Hengsha||||||
||||||Guangzhou to Foshan||||||
||||||xiebian，A total length of||||||
||||||15.7 km, salvage,||||||
||||||maintenance and cleaning||||||
||||||up.||||||
||||||Operation and||||||
||||||management of Fokai||||||
||||||Expressway and its||||||
||||||supporting facilities,||||||
||||||automobile salvage,||||||
||||||maintenance and||||||
||||||cleaning, supply of||||||
|||No.83|||automobile parts and||||||
||||||components, maintenance||||||
|||Baiyun|||||||||
||Holding||||||||||
|Guangdon|||Express||and management of||||||
|||||1,108,0|||||||
|g Fokai|subsidia|Road,Yu|way||Jiujiang Bridge of|2,930,851,165.7||||765,606,308.4|
|Expressw|ries|||00,000.|||75.00%|75.00%|Yes||
|||exiu,|Manage||Guangzhan Highway.|7||||0|
|ay Co.,||||00|||||||
|Ltd.||Guangz|ment||Auto rescue and repair||||||
||||||(operated by subsidiaries).||||||
|||hou|||||||||
||||||Sales of industrial capital||||||
||||||goods (excluding gold,||||||
||||||silver, motor vehicles and||||||
||||||dangerous chemicals),||||||
||||||construction materials,||||||
||||||department goods,||||||
||||||needles, textiles, metals,||||||
||||||cross-powers.||||||

Notes
(2) Explanation to changes in scope of consolidation
Notes
N/A
□ Applicable√ not applicable
VII. Notes to the major items of consolidated financial statement
1.Monetary Capital
In RMB
||||||||
|-|-|-|-|-|-|-|
||Amount in year-end|||Amount in year-begin|||
|||||Foreign|||
|Items||Exchange|||Exchange||
||Foreign currency||RMB|||RMB|
|||rate|||rate||
|||||currency|||
||--|--|46,514.67|--|--|110,388.36|
|Cash|||||||
||--|--|46,514.67|--|--|110,388.36|
|RMB|||||||
||--|--|952,158,696.27|--|--|975,162,633.84|
|Bank deposit|||||||
|RMB|||||||
||--|--|952,092,150.11|--|--|975,096,721.47|
||83,837.68|0.7938|66,546.16|83,833.44|0.7862|65,912.37|
|HKD|||||||
||--|--|817,307.76|--|--|1,195,663.62|
|Other currency|||||||
|RMB|||||||
||--|--|817,307.76|--|--|1,195,663.62|
|Total|||953,022,518.70|||976,468,685.82|
||--|--||--|--||

Notes of Monetary fund has not these conditions such as usage limitation for mortgage, pledge or frozen fund, stored overseas, with potential recovery risk.
2.Dividends receivable
In RMB
||||||||
|-|-|-|-|-|-|-|
|||||||Whether the|
||Amount at year|Increase at this|Decrease at this|Amount at period|Reasons for not|relevant funds|
|Items|||||||
||beginning|period|period|end|being recovered|have signs for|
|||||||impairment|
|The dividends|||||||
|receivable with|||||||
||16,648,284.74|173,410,180.21|52,204,867.46|137,853,597.49|||
|account age less|||||||
|than one year|||||||
|Including：|--|--|--|--|--|--|
|The dividend of|16,648,284.74|68,290,318.11|16,648,284.74|68,290,318.11|Not paydividends|N o|

||||||||
|-|-|-|-|-|-|-|
|Jingzhu|||||||
|Expressway|||||||
|Guangzhu Section|||||||
|Co., Ltd.. in 2013|||||||
|and 2012|||||||
|The dividend of|||||||
|Ganzhou Gankang|||||Not paydividends||
|||3,000,000.00||3,000,000.00||No|
|Expressway Co.,|||||||
|Ltd.. in 2013 .|||||||
|The dividend of|||||||
|Shenzhen Huiyan|||||||
||||||Not paydividends||
|Expressway Co.,||60,000,000.00|35,000,000.00|25,000,000.00||No|
|Ltd.. in 2013 and|||||||
|2012|||||||
|The dividend of|||||||
||||||Not paydividends||
|China Everbright||40,463,850.37||40,463,850.37||No|
|Bank in 2013|||||||
|The dividend of|||||||
|Guangdong Rodio|||||||
|and Television|||||||
|Networks|||||||
||||||Not paydividends||
|investment No.1||1,656,011.73|556,582.72|1,099,429.01||No|
|Limited|||||||
|partnership|||||||
|enterprise|||||||
|in 2013 and 2012.|||||||
|Including：|--|--|--|--|--|--|
|Total|16,648,284.74|173,410,180.21|52,204,867.46|137,853,597.49|--|--|

 Notes
3. Interest receivable
（1）Interest receivable
In RMB
||||||
|-|-|-|-|-|
||Amount at year|Increase at this period|Decrease at this period|Amount at period end|
|Items|||||
||beginning||||
|Deposit interest|||||
||12,444.44||12,444.44|0.00|
|receivable|||||
|Total|12,444.44||12,444.44||

4.Account receivable
(1)Classification accojunt receivables
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Amount in year-end||||Amount in year- begin||||
||Book Balance||Bad debt provision||Book Balance||Bad debt provision||
|Classification|||||||||
||Amount|Proportion(|Amount|Proportion(|Amount|Proportion(|Amount|Proportion(%|
|||%)||%)||%)||)|
|Receivables with major|||||||||
|individual amount and bad|||||||||
|debt provision provided|||||||||
|individually receivables|90,018,530.||||21,999,18||||
|||97.11%||||78.38%|||
|with major individual|96||||2.39||||
|amount and bad debt|||||||||
|provision provided|||||||||
|individually|||||||||
|Receivables provided bad debt provision in groups|||||||||
|Incl:account reveivables|||||||||
|on which bad debt|2,675,975.1||||6,069,434||||
|||2.89%|170,201.80|6.36%||21.62%|170,201.80|2.80%|
|provisions are provided on|7||||.78||||
|age basis|||||||||
||2,675,975.1||||6,069,434||||
|Subtotal of group||2.89%|170,201.80|6.36%||21.62%|170,201.80|2.80%|
||7||||.78||||
||92,694,506.||||28,068,61||||
|Total||--|170,201.80|--||--|170,201.80|--|
||13||||7.17||||

Category explanation of accounts receivable
Receivable accounts with large amount individually and bad debt provisions were provided
□Applicable√not applicable
Account reveivable on which bad debt proisions are provided on age basis in the group
□Applicable√not applicable
In RMB
||||||||
|-|-|-|-|-|-|-|
||Balance in year-end|||Balance in year-begin|||
||Balance of book|||Balance of book|||
|Age|||Bad debt|||Bad debt|
|||Propertion(|||Propertion(||
||Amount|||Amount|||
||||provision|||provision|
|||%)|||%)||
|Within 1 year|||||||
|Including：|--|--|--|--|--|--|
|Within 1year|973,957.16|36.40%||4,367,416.77|71.96%||
|1-2 years|1,702,018.01|63.60%|170,201.80|1,702,018.01|28.04%|170,201.80|

||||||||
|-|-|-|-|-|-|-|
|Total|2,675,975.17|--|170,201.80|6,069,434.78|--|170,201.80|

 Receivable accounts on which had debt provisions are provided on percentage analyze basis in a portfolio□Applicable√Not applicable
Receivable accounts on which had debt provisions are provided by other ways in the portfolio
□Applicable√Not applicable
Receivable accounts with minor amount but on which had debt provisions are provided individually at end of period
□Applicable√Not applicable
（2）The front 5units‘ information of account receivable
In RMB
||||||
|-|-|-|-|-|
||Relation with the|||Portion in total other|
|Name||Amount|Ages||
||Company|||receivables (%)|
|Guangdong Union|||||
||Non-related parties||||
|Electronic Services Co.,||85,379,200.72|Within 1 year|92.11%|
||enterprise||||
|Ltd.|||||
||Controlled by the same||||
|Guangdong Expressay|||||
|||3,163,071.00|Within 1 year|3.41%|
|Co., Ltd.|||||
||parent company||||
|Guangzhou Zhongqiu|Non-related parties||||
|||1,476,259.24|Within 1 year|1.59%|
|Adverting Co., Ltd.|enterprise||||
|Guangzhou Xiehou|||||
||Non-related parties||||
|Adverting Media Co.,||450,000.00|Within 1 year|0.49%|
||enterprise||||
|Ltd.|||||
|Huizhou Huidong|||||
||Non-related parties||||
|International Furniture||436,000.00|1-2 years|0.47%|
||enterprise||||
|Expo Co., Ltd.|||||
|Total|--|90,904,530.96|--|98.07%|

（3）Account receivable from Related parties
In RMB
|||||
|-|-|-|-|
||||Portion in total other receivables|
|Name|Relation with the Company|Amount||
||||(%)|
||Controlled by the same|||
|Guangdong Exprwssway||||
|||3,163,071.00|3.41%|
|Co.,Ltd.||||
||parent company|||
||Controlled by the same|||
|Guangdong Yangmao||||
|||60,000.00|0.06%|
|Expressway Co., Ltd.||||
||parent company|||

|||||
|-|-|-|-|
||Controlled by the sameparent company|||
|Guangdong Kaiyang||||
|||56,507.04|0.06%|
|Expressway Co., Ltd.||||
||Controlled by the sameparent company|||
|Guangdong Taishan Coast||||
|||30,000.00|0.03%|
|Expressway Co., Ltd.||||
|Total|--|3,309,578.04|3.56%|

 5. Other receivable
(1).Type analyses:
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Amount in year-end||||Amount in year-begin||||
||Book Balance||Bad debt provision||Book Balance||Bad debt provision||
|Type|||||||||
||Amount|Proportio|Amount|Proportio|Amount|Proportion(|Amount|Proportio|
|||n(%)||n(%)||%)||n(%)|
|Other receivables with|||||||||
|major individual amount|60,215,977.0||60,215,977.0||62,215,977.0||||
|||69.43%||100.00%||67.84%|62,215,977.01|100.00%|
|and had debt provision|1||1||1||||
|provided individuarlly|||||||||
|Other receivables provided bad debt provision in groups|||||||||
|Group 1：The other|||||||||
|receivables based on|13,421,853.0||||16,464,223.5||||
|||15.47%|1,659,703.68|12.37%||17.96%|1,659,703.68|10.08%|
|ageing analysis over the|8||||3||||
|provision for bad debts|||||||||
|Group 2：The other|||||||||
|receivables based on|13,097,188.2||||13,023,291.6||||
|||15.10%||||14.20%|||
|Othe analysis over the|7||||3||||
|provision for bad debts|||||||||
||26,519,041.3||||29,487,515.1||||
|Subtotal of group||30.57%|1,659,703.68|6.26%||32.16%|1,659,703.68|5.63%|
||5||||6||||
||86,735,018.3||61,875,680.6||91,703,492.1||||
|Total||--||--||--|63,875,680.69|--|
||6||9||7||||

Notes
Other receivable accounts with large amount and were provided had debt provisions individually at end of period□ Applicable√ Not applicable
Other receivable account in Group on which bad debt provisions were provided on age basis
√ Applicable□ Not applicable
In RMB
||||||
|-|-|-|-|-|
||Balance at the period end||Balance in year-begin||
|Age|||||
||Bad debt balance|Bad debt provisio|Bad debt balance|Bad debt provisio|

||||||||
|-|-|-|-|-|-|-|
||PAmount|roporti|Amount||Proporti||
|||||Amount|||
|||on(%)|||on(%)||
|Within 1 year|||||||
|Including：|||||||
|Subtotal of Within 1|||||||
||11,762,149.40|87.63%||20,106,497.92|92.37%||
|year|||||||
|Over 5 years|1,659,703.68|12.37%|1,659,703.68|1,659,703.68|7.63%|1,659,703.68|
|Total|13,421,853.08|--|1,659,703.68|21,766,201.60|--|1,659,703.68|

 Other receivable account in Group on which bad debt provisions were provided on percentage basis
□ Applicable√ not applicable
Receivable account on which bad debt provisions are provided by other ways in the portfolio
□ Applicable√ not applicable
Other receivable accounts with minor amount but were provided had debt provisions individually at end of period□ Applicable√ not applicable
（2）Other receivable accounts written back or retrieved in the report period
In RMB
||||||
|-|-|-|-|-|
||||Accumulatively Accruing||
||Cause of written bac|k Determine the Basis of|Allowances for Bad Debt|Amount of Reversal or|
|Content|||||
||oor retrieved|Bad Debt Provision|before Reversal or|Recovery|
||||Recovery||
|||Stop production dueto the poor operatingconditions|||
|Beijing Gelin Enze Organic|Reach an||||
||||12,220,079.91|2,000,000.00|
|Fertilizer Co., Ltd.|accommodation||||
|Total|--|--|12,220,079.91|--|

Separate amount is big at end of the period or not big but other account receivable and doubtful reserves shall be withdrawn
In RMB
||||||
|-|-|-|-|-|
|Description|Book balance|Amount of bad debts|Proportion（%）|Reason|
|||||The parent company|
|||||once paid RMB|
|||||33,683,774.79 into|
|||||Kunlun Securities Co.,|
|Kunlun Sercurities||||Ltd, Guangdong|
||49,995,897.10|49,995,897.10|100.00%||
|Co.,Ltd.||||Expressway technology|
|||||investment Co., Ltd|
|||||once paid RMB|
|||||18,000,000.00 into|
|||||Kunlun Securities Co.,|

||||||
|-|-|-|-|-|
|||||Ltd. Qinghai Province|
|||||Xining City‘s|
|||||intermediate people‘s|
|||||court made a|
|||||adjudication under law|
|||||declared that Kunlun|
|||||Securities Co., Ltd went|
|||||bankrupt and repaid debt|
|||||in Novemeber 11, 2006.|
|||||On March 2007, The|
|||||Company and|
|||||Guangdong Expressway|
|||||Technology Investment|
|||||Co., Ltd had switched|
|||||the money that paid into|
|||||Kunlun Secutities Co.,|
|||||Ltd to other account|
|||||receivable, and follow|
|||||the careful principle to|
|||||doubtful debts|
|||||provision. The RMB|
|||||710,349.92 CREDIT|
|||||WAS RECOVERED IN|
|||||2008, and the provision|
|||||for bad debt is deducted,|
|||||The RMB977,527.77|
|||||credit was recovered in|
|||||2011, and the provision|
|||||for had debt is deducted.|
|||||Guangdong|
|||||Expresswaytechnology|
|||||investment Co.,|
|||||Ltd .should charge|
|||||Beijing Gelin Enze|
|||||Organic Fertilizer Co.,|
|Beijing Gelin Enze||||Ltd.for|
|Organic Fertilizer Co.,|10,220,079.91|10,220,079.91|100.00%|RMB12,220,079.91.|
|Ltd.||||RMB 8 million of it was|
|||||entrust loan,RMB 3|
|||||million was temporary|
|||||borrowing RMB|
|||||12,400.00 is the|
|||||commission loan|
|||||interest, the rest of it|

||||||
|-|-|-|-|-|
|||||was advance money foranother, Beijing GelinEnze Organic FertilizerCo., Ltd‘s operatingstatus was poor and hadalready ceasedproduction, Accordingly,the controllingsubsidiary of thecompany GuangdongExpressway InvestmentCo., Ltd. accounted fullprovision for Bad debtRMB 12,220,079.91provision. On April2014, the company hadrecovery of arrears of200 million, hasreversed provision forbad debts.|
|Total|60,215,977.01|60,215,977.01|--|--|

Other receivable account in Group on which bad debt provisions were provided on percentage basis
（3）The front 5units‗ information of Other account receivable
In RMB
||||||
|-|-|-|-|-|
||Relation with the|||Portion in total|
|Name|Company|Amount|Age|receivables (%)|
|Kunlun Securities|Subsidiary shares||Over 5 years||
|||49,995,897.10||57.64%|
|Co.,Ltd|||||
||Joint venture||Over 5 years||
|Beijing Gelin Enze||10,220,079.91||11.78%|
|Foshan Land resources|||||
||No relationship||Over 5 years||
|Bureau,Chancheng||7,366,300.00||8.49%|
|Branch|||||
||No relationship||Over 5 years||
|Heshan Finance Bureau||1,835,391.00||2.12%|
|Guangdong Litong|Controlled by the same||||
||||Within 3 year||
|Property Investment Co.,||1,485,856.00||1.71%|
|Ltd.|parent company||||
|Total|--|70,903,524.01|--|81.74%|

（4） Other accounts receivable from the Related parties
In RMB
|||||
|-|-|-|-|
||||The proportion of the total of|
|Name|Relationship with the Company|Amount||
||||other receivables (%)|
|Beijing Gelin Enze|Joint venture|10,220,079.91|11.78%|
|Guangdong Litong Property|Controlled by the same parent|||
|||1,485,856.00|1.71%|
|Investment Co., Ltd.|company|||
|Guangdong Xinlu|Controlled by the same parent|||
|||741,000.00|0.85%|
|AdvertingCo., Ltd.|company|||
|Guangdong Guanghui||||
||Joint venture|668,034.00|0.77%|
|Expressway Co., Ltd.||||
|Guangdong Kaiyang|Controlled by the same parent|||
|||512,038.95|0.59%|
|Expressway Co., Ltd.|company|||
|Zhaoqing Yuezhao Highway||||
||Joint venture|411,178.00|0.47%|
|Co., Ltd.||||
|Guangdong Yunwu|Controlled by the same parent|||
|||137,196.07|0.16%|
|Expressway Co., Ltd.|company|||
|Guangdong Gaoda Property|Controlled by the same parent|||
|||87,000.00|0.10%|
|Development Co., Ltd.|company|||
|Guangdong Maozhan|Controlled by the same parent|||
|||40,100.00|0.05%|
|Expressway Co., Ltd.|company|||
|Guangdong Expressway Co.,|Controlled by the same parent|||
|||39,654.00|0.05%|
|Ltd.|company|||
|Guangdong Yangmao|Controlled by the same parent|||
|||27,497.91|0.03%|
|Expressway Co., Ltd.|company|||
|Yunfo Guangyun Expressway|Controlled by the same parent|||
|||6,143.00|0.01%|
|Co., Ltd.|company|||
|Guangdong Shenshanxi|Controlled by the same parent|||
|||4,723.32|0.01%|
|Expressway Co., Ltd.|company|||
|Guangdong Xinyue||||
||Controlled by the same parent|||
|Communication Investment||2,158.60||
||company|||
|Co., Ltd.||||
|Total|--|14,382,659.76|16.58%|

 6. Prepayments
（1）Age analysis
In RMB
||||
|-|-|-|
|Age|Balance in year-end|Balance in year-begin|

||||||
|-|-|-|-|-|
|||Proportion||Proportion|
||Amount||Amount||
|||（%）||（%）|
|Within 1 year|1,438,362.82|81.73%|2,537,047.75|86.83%|
|1-2 years|18,750.00|1.07%|||
|2-3 years|||164,160.00|5.62%|
|Over 3 years|302,818.00|17.20%|220,738.00|7.55%|
|Total|1,759,930.82|--|2,921,945.75|--|

 Notes to age of prepayment:
（2） The front 5units‘ information of prepayment:
In RMB
||||||
|-|-|-|-|-|
||Relationship with the|||Reasons for pending|
|Name||Amount|Time||
||Company|||accounts|
|||||Prepayment has not been|
|CPIC|No relationship|705,166.67|Within 1 year||
|||||deducte|
|Guangdong Nengda High|||||
|||||Prepayment has not been|
|Grade maintenance Co.,|No relationship|411,252.20|Within 1 year||
|||||deducte|
|Ltd.|||||
|Guangzhou Maritime||||Prepayment has not been|
||No relationship|220,738.00|Over 5 years||
|Court||||deducte|
|Huizhou Construction||||Prepayment has not been|
||No relationship|193,362.75|Within 1 year||
|Engineering Company||||deducte|
|Guangzhou Xinruan|||||
||Controlled by the same|||Prepayment has not been|
|Computer Technology||128,580.00|Within 1 year||
||parent company|||deducte|
|Co., Ltd.|||||
|Total|--|1,659,099.62|--|--|

Notes
（3）Prepayment from related parties
|||||
|-|-|-|-|
|Name|Relationship with theCompany|Amount|Time|
|Guangzhou Xinruan Computer TechnologyCo., Ltd.|Controlled by the sameparent company|128,580.00|Within 1 year|
|Zhaoqing Yuezhao Highway Co., Ltd.|Joint venture|18,750.00|Within 1 year|
|Total||147,330.00||

7.Other current assets
In RMB
||||
|-|-|-|
|Items|End of term|Beginning of term|
|National debt reverse repurchase balance|76,007,760.00|5,001,000.00|
|Total|76,007,760.00|5,001,000.00|

 Notes
In order to improve capital efficiency, increase revenue, the company use its temporary idle own money to reverse repurchase national debts.
8.Disposable financial assets
（1）Sellable financial assets
I In RMB
||||
|-|-|-|
||Fair value at end of term|Fair value at beginning of term|
|Items|||
|Other|597,547,557.76|625,778,151.04|
|Total|597,547,557.76|625,778,151.04|

 The amount of investment held to mature recategorized to sellable financial assets was RMB 0 , Account for0% of total investment held to mature.
Statement on sellable financial assets:
As June 30, 2014, the company held 235,254,944 shares of stock of the China Everbright Bank, according to the closing price 2089 yran on 30, June 2014, the fair value at the end of the period is RMB 597,547,557.76. 9.Investment to joint venture and affiliated Enterprises
In RMB
|||||||||
|-|-|-|-|-|-|-|-|
|||Voting||End total|End total net|Total current||
|Name|Proportion (%)||End total assets||||Net profit|
|||proportion(%)||liablilities|assets|revenues||
|I. Joint venture||||||||
|Guangdong||||||||
||||5,511,556,142.|1,941,891,732.|3,569,664,409.|||
|Guanghui|30.00%|30.00%||||701,582,423.18|289,770,004.45|
||||23|69|54|||
|Expressway||||||||
|Zhaoqing||||||||
||||2,060,880,562.|1,077,515,896.||||
||25.00%|25.00%|||983,364,666.15|255,506,103.42|100,473,322.59|
|Yuezhao|||52|37||||

|||||||||
|-|-|-|-|-|-|-|-|
|Highway||||||||
|Co., Ltd.||||||||
|Beijing Gelin||||||||
||35.00%|35.00%|25,925,805.89|16,707,626.85|9,218,179.04|||
|Enze||||||||
|2. Affiliated Company||||||||
|Shenzhen||||||||
|Huiyan|33.33%|33.33%|526,304,247.42|109,426,919.47|416,877,327.95|109,916,174.08|46,735,304.77|
|Expressway||||||||
|Jingzhu||||||||
||||3,696,504,293.|2,878,409,849.||||
|Exprwssway|20.00%|20.00%|||818,094,443.70|495,422,620.07|198,698,815.37|
||||30|60||||
|Guanzhu||||||||
|Guangdong||||||||
||||2,473,837,276.|1,329,779,446.|1,144,057,830.|||
|Jiangzhong|15.00%|15.00%||||184,427,524.48|19,729,091.69|
||||79|14|65|||
|Expressway||||||||
|Ganzhou||||||||
||||1,548,461,656.|1,178,875,452.||||
|Kangda|30.00%|30.00%|||369,586,204.74|113,740,917.00|35,563,559.16|
||||88|14||||
|Expressway||||||||
|Ganzhou||||||||
||||1,929,617,855.|1,248,838,899.||||
|Gankang|30.00%|30.00%|||680,778,956.18|82,994,061.67|11,897,440.02|
||||73|55||||
|Expressway||||||||
|Guangdong||||||||
|Yueke||||||||
||||1,007,191,004.||1,005,591,002.|||
|Technology|20.00%|20.00%||1,600,002.75||13,208,617.55|5,591,002.16|
||||91||16|||
|Petty Loan Co.,||||||||
|Ltd.||||||||
|Asian Kitchen||||||||
|& Bath City|15.00%|15.00%|142,291,005.43|63,775,137.18|78,515,868.25||-5,332,318.98|
|Co., Ltd.||||||||

Statements on material diversity in accounting policies, estimations adopted by the Company and the affiliates: 10. Long term share equity investment.
（1）Details of long-term equity investment
In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||Sharehold|Voting|Explainati||||
||Accounti|||||ing|right|on of||||
|||Investme|Original||Ending|||||Current|Cash|
|Name|ng|||Change||proportio|proportio|difference|Devalue|||
|||nt cost|balance||Balance|||||devalue|bonus|
||method|||||n in the|n in the|between||||
|||||||investmen|investmen|sharehold||||

|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|||||||t (%)|t (%)|ing||
|||||||||proportio||
|||||||||n and||
|||||||||voting||
|||||||||right||
|||||||||proportio||
|||||||||n in||
|||||||||investmen||
|||||||||t||
|Guangdo||||||||||
|ng||||||||||
|Guanghui|Equity|705,503,4|983,968,3|86,931,00|1,070,899|||||
|||||||30.00%|30.00%|||
|Expressw|method|00.00|21.53|1.34|,322.87|||||
|ay Co.,||||||||||
|Ltd.||||||||||
|Zhaoqing||||||||||
|Yuezhao||||||||||
||Equity|201,770,9|233,723,7|24,755,51|258,479,2|||||
|||||||25.00%|25.00%|||
||method|45.42|41.37|4.67|56.04|||||
|Highway||||||||||
|Co., Ltd.||||||||||
|Beijing||||||||||
||Equity|6,614,483||||||||
|Gelin||||||35.00%|35.00%|||
||method|.90||||||||
|Enze||||||||||
|Shenzhen||||||||||
|Huiyan|Equity|35,231,29|194,635,6|-45,132,4|149,503,2||||60,000,00|
|||||||33.33%|33.33%|||
|Expressw|method|9.69|33.82|04.64|29.18||||0.00|
|ay||||||||||
|.Jingzhu||||||||||
|Exprwss|Equity|247,848,4|319,111,0|-32,416,7|286,694,2||||68,290,31|
|||||||20.00%|20.00%|||
|way|method|88.93|83.28|97.90|85.38||||8.11|
|Guanzhu||||||||||
|Guangdo||||||||||
|ng||||||||||
|Jiangzhon||||||||||
||Equity|166,500,0|168,649,3|2,959,363|171,608,6|||||
|g||||||15.00%|15.00%|||
||method|00.00|10.84|.75|74.59|||||
|Expressw||||||||||
|ay Co.,||||||||||
|Ltd.||||||||||
|Ganzhou||||||||||
||Equity|216,251,1|141,707,1|9,881,086|151,588,2|||||
|Kangda||||||30.00%|30.00%|||
||method|00.00|20.95|.85|07.80|||||
|Expressw||||||||||

|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|ay||||||||||
|Ganzhou||||||||||
|Gankang|Equity|226,379,0|203,664,4|569,232.0|204,233,6||||3,000,000|
|||||||30.00%|30.00%|||
|Expressw|method|00.00|54.84|1|86.85||||.00|
|ay||||||||||
|Guangdo||||||||||
|ng Yueke||||||||||
|Technolo|Equity|200,000,0|200,000,0|1,118,200|201,118,2|||||
|||||||20.00%|20.00%|||
|gy Petty|method|00.00|00.00|.43|00.43|||||
|Loan Co.,||||||||||
|Ltd.||||||||||
|Asian||||||||||
|Kitchen||||||||||
||Equity|19,907,40|17,809,41|-799,847.|17,009,56|||||
|& Bath||||||15.00%|15.00%|||
||method|0.00|6.04|85|8.19|||||
|City Co.,||||||||||
|Ltd.||||||||||
|Guangdo||||||||||
|ng||||||||||
|Guangle|Cost|729,997,5|728,141,6||728,141,6|||||
|||||||9.00%|9.00%|||
|Expressw|method|00.00|01.73||01.73|||||
|ay（Notes||||||||||
|1）||||||||||
|Huaxia||||||||||
|Securities||||||||||
||Cost|5,400,000|5,400,000||5,400,000|||5,400,000||
|Co.,||||||0.27%|0.27%|||
||method|.00|.00||.00|||.00||
|Ltd.(Note||||||||||
|s 2)||||||||||
|Huazheng||||||||||
|Assets||||||||||
|Managem|Cost|1,620,000|1,620,000||1,620,000|||1,393,200||
|||||||0.54%|0.54%|||
|ent|method|.00|.00||.00|||.00||
|Co. Ltd.||||||||||
|(Notes 3)||||||||||
|Kunlun||||||||||
|Securities||||||||||
||Cost|30,000,00|30,000,00||30,000,00|||30,000,00||
|Co.,||||||5.74%|5.74%|||
||method|0.00|0.00||0.00|||0.00||
|Ltd.(Note||||||||||
|s 4)||||||||||
|Guangdo||||||||||
||Cost|50,000,00|50,000,00||50,000,00||||1,656,011|
|ng Rodio||||||3.11%||||
||method|0.00|0.00||0.00||||.73|
|and||||||||||

||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|Televisio|||||||||||
|n|||||||||||
|Networks|||||||||||
|investme|||||||||||
|nt No.1|||||||||||
|Limited|||||||||||
|partnershi|||||||||||
|p|||||||||||
|enterprise|||||||||||
|||2,843,023|3,278,430|47,865,34|3,326,296||||36,793,20|132,946,3|
|Total|--|||||--|--|--|||
|||,617.94|,684.40|8.66|,033.06||||0.00|29.84|

 11. Investment real estate
（1）Cost
In RMB
||||||
|-|-|-|-|-|
|Items|Balance in year-begin|Increase at this period|Decrease at this period|Balance in year-end|
|1. Original price|12,664,698.25|||12,664,698.25|
|1.Hoses and building|12,664,698.25|||12,664,698.25|
|II.Total accumulated|||||
|depreciation|||||
||8,052,086.97|232,106.70||8,284,193.67|
|accumulated|||||
|amortization|||||
|1.Hoses and building|8,052,086.97|232,106.70||8,284,193.67|
|III. Total book Net|||||
|value of investment|4,612,611.28|-232,106.70||4,380,504.58|
|real estate|||||
|1.Hoses and building|4,612,611.28|-232,106.70||4,380,504.58|
|III. Total book value|||||
|of investment real|4,612,611.28|-232,106.70||4,380,504.58|
|estate|||||
|1.Hoses and building|4,612,611.28|-232,106.70||4,380,504.58|

 In RMB
|||
|-|-|
||This period|
|Current amount of depreciation and amortization|232,106.70|

12.Fixed assets
（1）Fixed assets
In RMB
|||||||
|-|-|-|-|-|-|
||Balance in year-|Increase at this||Decrease at this|Balance in|
|Items||||||
||begin|period||period|year-end|
|1.Total of Original price of||||||
||10,804,965,722.71|29,442,794.31||6,273,373.00|10,828,135,144.02|
|fixed assets||||||
|Including ：House and||||||
||270,017,999.90||||270,017,999.90|
|building||||||
|Machine equipment|110,593,943.58||||110,593,943.58|
|Transporation Equipment|59,174,350.78|||5,952,373.00|53,221,977.78|
|Electricity equipment and||||||
||379,362,525.26|29,442,794.31||121,000.00|408,684,319.57|
|other||||||
|Guangfo Expressway|1,461,818,976.16||||1,461,818,976.16|
|Fokai Expressway|8,523,997,927.03|||200,000.00|8,523,797,927.03|
||Book balance in|Current term new|Current term|Decrease at this|Balance in|
|--||||||
||year-begin|extra|provision|period|year-end|
|II. Total of Accumulated||||||
||3,108,024,508.41||275,814,578.67|5,488,744.59|3,378,350,342.49|
|depreciation||||||
|Including ：House and||||||
||109,095,498.35||7,690,903.18||116,786,401.53|
|building||||||
|Machine equipment|16,286,505.92||5,030,024.33||21,316,530.25|
|Transporation Equipment|38,864,187.58||2,040,274.43|5,377,619.59|35,526,842.42|
|Electricity equipment and||||||
||187,439,956.78||15,948,351.69|111,125.00|203,277,183.47|
|other||||||
|Guangfo Expressway|981,171,936.48||68,516,132.78||1,049,688,069.26|
|Fokai Expressway|1,775,166,423.30||176,588,892.26||1,951,755,315.56|
||Book balance at||||Balance in|
|--||--||||
||year beginning||||year-end|
|III. Total book value of||||||
||7,696,941,214.30|--|||7,449,784,801.53|
|Fixed assets||||||
|Including ：House and||||||
||160,922,501.55|--|||153,231,598.37|
|building||||||
|Machine equipment|94,307,437.66|--|||89,277,413.33|
|Transporation Equipment|20,310,163.20|--|||17,695,135.36|

|||||
|-|-|-|-|
|Electricity equipment and||||
||191,922,568.48|--|205,407,136.10|
|other||||
|Guangfo Expressway|480,647,039.68|--|412,130,906.90|
|Fokai Expressway|6,748,831,503.73|--|6,572,042,611.47|
|Electricity equipment and||||
|||--||
|other||||
|Guangfo Expressway||--||
|Fokai Expressway||--||
|V. Total book value of Fixed|7,696,941,214.30||7,449,784,801.53|
|||--||
|assets||||
|Including ：House and||||
||160,922,501.55|--|153,231,598.37|
|building||||
|Machine equipment|94,307,437.66|--|89,277,413.33|
|Transporation Equipment|20,310,163.20|--|17,695,135.36|
|Electricity equipment and||||
||191,922,568.48|--|205,407,136.10|
|other||||
|Guangfo Expressway|480,647,039.68|--|412,130,906.90|
|Fokai Expressway|6,748,831,503.73|--|6,572,042,611.47|

 Current depreciation is RMB275,814,578.67 . The issue of fixed assets transferred from construction in progress original price is RMB 29,168,929.51.
13. Project under construction
（1）Project under construction
In RMB
||||||||
|-|-|-|-|-|-|-|
||Year-end balance|||Year-beginning balance|||
|Items|Book|Provision for|Book Net value|Book|Provision for|Book Net value|
||balance|devaluation||balance|devaluation||
|Provincial network construction||||1,451,017.75||1,451,017.75|
|Jingzhubei EMC whole tunnel lig|||||||
|hting retrofit 2 phases projects||||4,829,486.00||4,829,486.00|
|Odd project|2,487,520.6||||||
||||2,487,520.64|2,051,635.64||2,051,635.64|
||4||||||
||2,487,520.6||2,487,520.64|||8,332,139.39|
|Total||||8,332,139.39|||
||4||||||

(2). The variation in constructing the engineering project
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Name|Budget|Amount|Increase|Transfer|r Other|Proportio|Progress|Capitalis|Includin|Capitalis|Source|Balance|

||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||at year|at this|ed to|decrease|n(%)|of work|ation of|g：|ation of|of funds|in|
|||beginnin|period|fixed||||interest|Current|interest||year-end|
|||g||assets||||accumul|amount|ratio（%)|||
|||||||||ated|of||||
|||||||||balance|capitaliz||||
||||||||||ation of||||
||||||||||interest||||
|Provinci|||||||||||||
|al|||||||||||||
|||1,451,01|14,657,2|16,108,2|||||||||
|network|1,629.61|||||98.85%|100.00||||Self fund||
|||7.75|58.76|76.51|||||||||
|construct|||||||||||||
|ion|||||||||||||
|Jingzhub|||||||||||||
|ei EMC|||||||||||||
|whole tu|||||||||||||
|nnel ligh|||||||||||||
|||4,829,48|8,231,16|13,060,6|||||||||
|ting retro|1,330.00|||||98.20%|100.00||||Self fund||
|||6.00|7.00|53.00|||||||||
|fit 2 phas|||||||||||||
|es projec|||||||||||||
|ts|||||||||||||
|Odd pr||2,051,63|435,885.|||||||||2,487,52|
||||||||||||Self fund||
|oject||5.64|00|||||||||0.64|
|||8,332,13|23,324,3|29,168,9||||||||2,487,52|
|Total|2,959.61|||||--|--|||--|--||
|||9.39|10.76|29.51||||||||0.64|

 Notes
14. Intangible assets
（1） Intangible assets
In RMB
||||||
|-|-|-|-|-|
|Items|Book Balance in|Increase at this|Decrease at this|Book Balance in|
||year-begin|period|period|year-end|
|1. Total original price|8,852,988.81|127,800.00||8,980,788.81|
|Yayao Land use right|1,311,658.00|||1,311,658.00|
|Siftware|7,541,330.81|127,800.00||7,669,130.81|
|II.Total of accumulative|||||
||3,526,466.30|812,944.97||4,339,411.27|
|amortized|||||
|Yayao Land use right|769,338.10|75,672.60||845,010.70|
|Siftware|2,757,128.20|737,272.37||3,494,400.57|

|||||
|-|-|-|-|
|III.Total lbook value of||||
||5,326,522.51|-685,144.97|4,641,377.54|
|intangible assets||||
|Yayao Land use right|542,319.90|-75,672.60|466,647.30|
|Siftware|4,784,202.61|-609,472.37|4,174,730.24|
|Yayao Land use right||||
|Siftware||||
|V. Book value Total of|5,326,522.51||4,641,377.54|
|||-685,144.97||
|intangible assets||||
|Yayao Land use right|542,319.90|-75,672.60|466,647.30|
|Siftware|4,784,202.61|-609,472.37|4,174,730.24|

 Current amortization of RMB812,944.97.
15. Long term amortize expenses
In RMB
||||||||
|-|-|-|-|-|-|-|
||||Amortized||||
||||||Balance in|Other loss|
|Items|Balance in|Increase in this|expenses|Other loss|||
||year-begin|period|||year-end|Reasons|
|Renovation fee|5,956,652.35|682,850.41|834,231.76||5,805,271.00||
|Advertisement|||||||
|pillar property|110,958.22||30,261.30||80,696.92||
|insurance|||||||
|Office Decoration|2,528,457.82||255,694.55|2,272,763.27|||
|Total a|8,596,068.39|682,850.41|1,120,187.61|2,272,763.27|5,885,967.92|--|

 Notes:
16. Deferred income tax assets and deferred income tax liability
(1)Confirmed the deferred income tax assets and deferred income tax liability
Recognized deferred income tax assets and deferred income tax liabilities
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
|Deferred income tax assets:|||
|Neutralizable losses|24,202,280.37|46,472,735.10|
|Subtotal|24,202,280.37|46,472,735.10|
|Deferred income tax liability：|||
|Timing difference between accounting and tax|126,994,704.91|125,427,487.64|
|Total|126,994,704.91|125,427,487.64|

Details of taxable differcnces and deductible difference
In RMB
||||
|-|-|-|
|Item|At end of term|At beginning of term|
|Impairment of assets prepares to deduct timing|||
||24,709,770.62|25,209,770.62|
|differences|||
|Neutralizable losses|198,162,507.21|162,515,429.31|
|Total|222,872,277.83|187,725,199.93|

 Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
|||||
|-|-|-|-|
|Year|At end of term|At beginning of term|Notes|
|2014|55,334,845.81|55,334,845.81||
|2015|89,107,257.98|89,107,257.98||
|2016|144,232,836.09|144,232,836.09||
|2017|222,416,075.93|222,416,075.93||
|2018|160,626,365.98|138,970,701.42||
|2019|120,932,647.04|||
|Total|792,650,028.83|650,061,717.23|--|

Details of taxable differences and deductible differences
In RMB
||||
|-|-|-|
||Amount of temporary differences||
|Items|||
||At end of term|At beginning of term|
|Differences in taxable items|||
|Timing difference between accumulated|||
||507,978,819.63||
|depreciation|||
|Subtotal|507,978,819.63||
|Deductible difference items|||
|Neutralizable losses|96,809,121.47||
|Subtotal|96,809,121.47||

（2）Deferred income tax assets and liabilities are presented as net amount after neutralization
Statement on deferred income tax assets andliabilities：
In RMB
||||||
|-|-|-|-|-|
|||Temporarily||Temporarily|
||Deferred Income Tax||Deferred Income TaxAssets or Liabilitiesat the Beginning ofReport Period||
|||Deductable or||Deductable or|
||Assets or Liabilities||||
|Items||Taxable Difference at||Taxable Difference at|
||at the End of Report||||
|||the End of Report||the Beginning of|
||Period||||
|||Period||Report Period|
|Deferred income tax assets：|24,202,280.37||46,472,735.10||

||||
|-|-|-|
|Deferred income tax liability：|126,994,704.91|125,427,487.64|

Details of taxable differences and deductible differences
In RMB
|||
|-|-|
|Items|Offsetting Amounts of This Period|

Details of taxable differences and deductible differences
17. Provision for depreciation of assets
In RMB
|||||||
|-|-|-|-|-|-|
||||Decreased in this period|||
||Book balance at the|Increase in this|||Balance in|
|Items||||Switch||
||beginning of term|period|Switch back||year-end|
|||||cancellation||
|I.Provision for bad debts|64,045,882.49||2,000,000.00||62,045,882.49|
|V.Provision for devaluation of|||||36,793,200.00|
||36,793,200.00|||||
|long-term equity investment||||||
|Total|100,839,082.49||2,000,000.00||98,839,082.49|

 Notes
18. Other non-current assets
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-Beinning|
|Prepaid acquisition of purchase assets|323,800.00||
|Total|323,800.00||

Notes
19. Short-term loan
（1）Categories of short-term loans
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-Beinning|
|Credit loan|50,000,000.00||
|Total|50,000,000.00||

Notes
20. Account payable
（1）Account payable
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-Beinning|

||||
|-|-|-|
|Within 1 year（ inclding 1 year）|81,132,564.39|262,018,661.78|
|1-2 years（Inclding 2 years）|77,530,058.36|24,455,318.90|
|2-3 years（Inclding 3 years）|5,969,680.67|5,717,960.60|
|Over 3 years|16,555,265.48|25,605,918.48|
|Total|181,187,568.90|317,797,859.76|

 (2)There was account payable due from shareholders with more than5% (including5%) of the voting shares of the company
In RMB
||||
|-|-|-|
|Name|Balance in year-end|Balance in year-begin|
|Guangdong Changda Highway Engineering Co.,|||
||18,591,514.70|16,960,140.06|
|Ltd.|||
|Guangdong Expressway Co., Ltd.|13,728,261.18|13,728,261.18|
|Guangdong Guanghui Expressway Co., Ltd.|8,652,361.01|7,002,361.01|
|Guangdong Xinyue Communication Investment|||
||1,198,426.64||
|Co., Ltd|||
|Guangdong Hualu Communication Technology|||
||614,663.45|298,222.00|
|Co., Ltd|||
|Guangzhou Xinruan Computer Technology Co.,|||
||288,320.00|134,400.00|
|Ltd.|||
|Guangdong Gaoda Property Development|||
||100,098.00||
|Co.,Ltd.|||
|Guangdong East Thinking Management|||
||78,234.00|78,234.00|
|Technology Development Co., Ltd.|||
|Guangdong Maozhan Expressway|50,000.00||
|Guangdong Lulutong Co. ltd.||416,941.41|
|Total|43,301,878.98|38,618,559.66|

⑶High balance account payable over 1 year has listedbelow：
||||
|-|-|-|
|Debtor|Amount|Not returncause|
|Guangdong Expressway Co., Ltd.|13,728,261.18|Not settlement|
|Guangdong Guanghui Expressway Co.,ltd.|5,352,361.01|Not settlement|
|Guangdong Jingtong Highway EngineeringConstruction Group Co., Ltd.|2,127,091.50|Not settlement|
|Guangdong Jingtong Highway EngineeringConstruction Group Co., Ltd.|1,035,596.00|Not settlement|

|||
|-|-|
|Total|22,243,309.69|

21. Advance account
(1)Advance account
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
|Within 1 year（Including 1 year）|||
||797,685.54|72,000.00|
|1-2 years（Including 2 years）|||
|2-3 years（Including 3 years）|||
|Over 3 years|||
||4,166,668.02|4,333,334.64|
|Total|4,964,353.56|4,405,334.64|

(2). There was Advance account due from shareholders with More than5% (including5%) of the voting shares of the company. In RMB
||||
|-|-|-|
|Name|BalaNce in yeawr-end|Balance in year-begin|
|Guangdong Province Telecomunications|||
||4,166,668.02||
|Engineering Management Center|||
|Total|4,166,668.02||

22. Payable Employee wage
In RMB
||||||
|-|-|-|-|-|
|Items|Balance in year-begin|Increase in this period|Payable in this period|Balance in year-end|
|1.Wage,bonuds,subsi|||||
||465,063.49|63,565,949.01|63,565,949.01|465,063.49|
|dy|||||
|2.Employee welfare|380,000.00|6,548,046.00|6,928,046.00||
|3.Security insurance|27,404.50|12,535,956.56|12,535,956.56|27,404.50|
|1. Basic Medical|||||
|||3,451,785.06|3,451,785.06||
|insurance|||||
|2. Supplement|||||
|||116,008.50|116,008.50||
|Medical insurance|||||
|3. Basic old-age|||||
|||7,022,079.85|7,022,079.85||
|insurance|||||
|4. Annuity Payment|||||
|||1,129,227.76|1,129,227.76||
|（Supplement|||||

||||||
|-|-|-|-|-|
|old-age insurance）|||||
|5.. Unemployment|||||
||286.00|360,525.82|360,525.82|286.00|
|insurance|||||
|6. Work injury|||||
|||213,081.42|213,081.42||
|insurance|||||
|7. Maternity|||||
||27,118.50|243,248.15|243,248.15|27,118.50|
|insurance|||||
|8.Other|||||
|IV. Housing fund|39.74|11,910,460.00|11,194,656.00|715,843.74|
|V.Redemption for|||||
|terminations of labor||238,768.00|238,768.00||
|contract|||||
|VI. Other|1,506,212.89|6,106,495.43|6,129,743.60|1,482,964.72|
|Total|2,378,720.62|100,905,675.00|100,593,119.17|2,691,276.45|

 The amounts of arrears of staff salary and welfare payable are RMB 0 00.
The amounts of trade union funds and staff education expenses are RMB 2,336,390.04 the amounts of
non-monetary benefits are RMB2,657,028.72 and the compensations for the lifting of labor relations is 0
The expected release time and amount of staff salary
23. Tax Payable
In RMB
||||
|-|-|-|
|Items|At end of term|At beginning of term|
|VAT|31,576.85|8,650.82|
|Business Tax|5,397,807.20|5,600,086.34|
|Enterprise Income tax|||
||3,512,902.15|1,346,107.12|
|Individual Income tax|1,871,362.72|3,091,448.28|
|City Construction tax|325,209.39|344,687.32|
|Land use tax|229,130.28|394,915.08|
|Education subjoin|150,305.08|158,652.63|
|Locality Education subjoin|86,389.84|91,965.82|
|Defend expense|117,766.46|319,906.23|
|Stamp tax|868.30|2,852.88|
|Cultural construction costs|27,256.83|-4,563.14|
|House property Tax|213,819.65|358,664.77|

||||
|-|-|-|
|Total|11,964,394.75|11,713,374.15|

 Statement on tax payable: Please provide the calculating processes then taxable income is balanced between branch companies or factories as approved by the tax bureau.
24. Interest payable
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
|Pay the interest for long-term loans by|||
||8,521,290.95|9,654,070.24|
|installments.|||
|Interest of company bonds|80,583,611.00|26,233,611.02|
|Payable interest for short-term borrowings|83,333.33||
|Total|89,188,235.28|35,887,681.26|

Notes
25. Dividend payable
In RMB
|||||
|-|-|-|-|
|Amount|||Reason of overdue for over 1 year|
||Balance in year-end|Balance in year-begin||
||||Incl: Did not receive dividends of|
|Dividends for shareholders of|||RMB11,011,839.52 of(cid:13)Legal|
||11,420,850.42|11,013,452.27||
|Guangdong Expressway|||shareholders overdue for over 1|
||||year(cid:13)|
|Guangdong Expressway Co., Ltd.||24,591,472.01||
|Zhujiang Basic Construction||||
|||2,255,544.67||
|Investment Co., Ltd.||||
|Total|11,420,850.42|37,860,468.95|--|

Notes
26. Other payable
（1）Other payable
In RMB
||||
|-|-|-|
||Balance in year-end|Balance in year-begin|
|Items|||
|Within 1 year(Including 1 year)|||
||148,721,138.72|77,618,989.13|
|1-2 years(including 2 years)|||
||21,678,538.61|55,811,451.03|
|2-3 years(including 3 years)|||
||46,883,360.17|39,147,384.72|
|Over 3 years|||
||109,140,347.21|83,141,531.82|
|Total|326,423,384.71|255,719,356.70|

(2)There were other receivable from the main shareholders of the Company holding nore than5% (including5%) of the total shares of the Company.
In RMB
||||
|-|-|-|
||Balance in year-end|Balance in year-begin|
|Name|||
|Guangdong Changda Highway Engineering|||
||82,322,432.94|78,597,522.94|
|Co., Ltd.|||
|Guangdong Expressway Co., Ltd.|12,718,745.06|14,742,813.17|
|Guangdong Xinyue Communication Investment|||
||432,595.50|472,595.50|
|Co., Ltd.|||
|Guangdong Highway Construction Co., Ltd.|177,077.98||
|Guangzhou Xinruan Computer Technology Co.,|||
||136,335.00|578,185.75|
|Ltd.|||
|Guangdong Shenshanxi Expressway Co., Ltd.|121,454.85||
|Guangdong Lulutong Co., Ltd.|66,604.23|66,604.23|
|Guangdong Hualu Communication Technology|||
||53,600.00|268,750.50|
|Co., Ltd.|||
|Guangdong Xinlu Advertising Co., Ltd.|30,000.00|30,000.00|
|Guangdong Eest Coastal Expressway Co., Ltd.|29,758.20||
|Guangdong Zhaoyang Expressway Co., Ltd.|27,497.91||
|Guangdong Eest Coastal Expressway Co., Ltd.|26,000.00|26,000.00|
|Guangdong Yuzhan Expressway Co., Ltd.|25,105.74||
|Guangdong Xinyue Asplalt Co., Ltd.|3,100.00|3,100.00|
|Guangdong Second Guang Expressway Co., Ltd.|14.77||
|Guangdong Communication Group Co., Ltd.||1,646,011.38|
|Total|96,170,322.18|96,431,583.47|

（3）High balance account payable over 1 year has listed below:
||||
|-|-|-|
|Debtor|Amount|Not return cause|
|Guangdong Changda Highway EngineeringCo., Ltd.|66,716,730.50|Project Quality guarantees/ Bid Gruarantees/Performance Gruarantee|
|Guangdong Guanyue Luqiao Co., Ltd|23,807,580.85|Project Quality guarantees/ Bid Gruarantees/Performance Gruarantee|
|Guangdong Jingtong Highway EngineeringConstruction Group Co., Ltd.|16,855,614.19|Project Quality guarantees/ Bid Gruarantees/Performance Gruarantee|
|China Railway 12 Bureau Group Co., ltd.|15,684,801.00|Project Quality guarantees|

||||
|-|-|-|
|Jilin Great wall Highway BridgeConstruction Co., Ltd.|7,764,427.00|Project Quality guarantees, Bid Gruarantees|
|China Railway 23 Bureau Group Co., ltd.|5,985,885.00|Project Quality guarantees|
|Guangdong Nengda Grade HighwayMaintenance Co., Ltd.|3,399,776.27|Project Quality guarantees/ Bid Gruarantees/Performance Gruarantee|
|Ziguang Jietong Technology Co., Ltd.|3,021,139.00|Project Quality guarantees, Bid Gruarantees|
|Guangdong Xinguang International GroupCo., ltd.|2,736,116.00|Project Quality guarantees|
|Hubei Highway Bridge Group Co., Ltd.|2,241,245.00|Project Quality guarantees|
|Shengshi International Highway BridgeConstruction Co., ltd.|1,122,228.00|Project Quality guarantees|
|Total|149,335,542.81||

（4）Large amount of other payable
||||
|-|-|-|
|Creditor|Amount|Content|
|Guangdong Changda Engineering Co., Ltd.|82,322,432.94|Project fund/Quality guarantee fund|
|Guangdong Guanyue luqiao Co., Ltd.|31,507,821.75|Project fund/Quality guarantee fund|
|Guangdong Jingtong Highway EngineeringConstruction Group Co., ltd.|17,838,382.58|Project fund/Quality guarantee fund|
|China Railway 12 Bureau Group Co., ltd.|17,013,153.00|Project fund/Quality guarantee fund|
|Guangdong Expressway Co., Ltd.|12,718,745.06|Project fund/Quality guarantee fund|
|Jilin Great wall Highway BridgeConstruction Co., Ltd.|10,261,271.00|Project fund/Quality guarantee fund|
|China Railway 23 Bureau Group Co., ltd.|6,214,728.00|Project fund/Quality guarantee fund|
|Guangdong Nengda Grade HighwayMaintenance Co., Ltd.|4,205,673.57|Project fund/Quality guarantee fund|
|Hanlan Environment Co., ltd.|4,200,000.00|Project fund/Quality guarantee fund|
|Ziguang Jietong Technology Co., Ltd.|3,824,647.00|Project fund/Quality guarantee fund|
|Guangdong Xinguang International GroupCo., Ltd.|3,194,798.00|Project fund/Quality guarantee fund|
|Hubei Highway Bridge Group Co., ltd.|3,148,483.00|Project fund/Quality guarantee fund|
|Guangdong Union Electronic toll Co., Ltd.|2,817,531.52|Settle services|
|Shengshi International Highway BridgeConstruction Co., ltd.|1,268,674.00|Project fund/Quality guarantee fund|
|Total|200,536,341.42||

27.Non-Current liablility due in 1 year
（1）Non-Current liablility due in 1 year
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year -begin|
|Long-term loan due in 1 year|410,800,000.00|59,043,750.00|
|Bonds payables due in 1 year|799,610,177.08|798,713,584.35|
|Total|1,210,410,177.08|857,757,334.35|

（2）Long-term loan due in 1 year
Long-term loan due in 1 year
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year -begin|
|Credit loan|410,800,000.00|59,043,750.00|
|Total|410,800,000.00|59,043,750.00|

 The long-term loans due within 1 year and belong to overdue loans gain the extension amount is RMB 0.00. Long–term loans due in 1 year top 5 in amount
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Date of|Loan|||Balance in year-end||Balance in year -begin||
|||||Interest rate|||||
|Unit|commenceme|termination|Currency||Foreign||Foreign||
|||||（%）||RMB||RMB|
||nt of loan|date|||currency||currency||
|Communicati|||||||||
|ons Bank,||||||148,000,000.|||
||June 23, 2008|June 23, 2015|RMB||||||
|Fengchi||||||00|||
|Branch|||||||||
|Communicati|||||||||
|ons Bank,||||||100,000,000.|||
||June 25, 2008|June 25, 2015|RMB||||||
|Fengchi||||||00|||
|Branch|||||||||
|China|||||||||
|Merchants|||||||||
|Bank ,Guang|April 26,|April 25,||||100,000,000.|||
||||RMB||||||
|zhou|2010|2015||||00|||
|Branch,Taoji|||||||||
|n Sub-branth|||||||||
|Communicati|March 26,|March 26,||||52,000,000.0|||
||||RMB||||||
|ons Bank,|2008|2015||||0|||

||||||||||
|-|-|-|-|-|-|-|-|-|
|Fengchi|||||||||
|Branch|||||||||
|China|||||||||
|Everbright|||||||||
|Bank.|||||||||
||January 9,||||||||
|Guangzhou||June 26, 2015|RMB|||2,000,000.00|||
||2009||||||||
|Wuyang|||||||||
|Branch|||||||||
|Bank of|||||||||
|China,|||||||||
||March 7,|March 7,||||||53,843,750.0|
|Guangzhou|||RMB||||||
||2013|2016||||||0|
|Tianhe Nanyi|||||||||
|Road Branch|||||||||
|China|||||||||
|Everbright|||||||||
|Bank.|January 9,||||||||
|||June 25, 2019|RMB|||||4,000,000.00|
|Guangzhou|2009||||||||
|Wuyang|||||||||
|Branch|||||||||
|China|||||||||
|Merchants|||||||||
|Bank ,Guang|||||||||
||September|September|||||||
|zhou World|||RMB|||||1,200,000.00|
||30, 2013|29, 2016|||||||
|Trade|||||||||
|Building|||||||||
|Branch|||||||||
|||||||402,000,000.||59,043,750.0|
|Total|--|--|--|--|--||--||
|||||||00||0|

 Overdue loans among the long-term loan due in 1 year
In RMB
||||||||
|-|-|-|-|-|-|-|
||||Annual interest||Reason for|Scheduled|
|Loan provided by|Total amount|Date of mature||Usage of loan|||
||||rate(%)||overdue|repaying date|

 Among repaid in post-balance-sheet day
Statement on long-term loans due in 1 year
（3）Bonds payable due within 1 year
In RMB
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|||Date of||Issuing|Interest|Interest|Interest paid|Interest|End of|
|Bond|Face value||Bond term|||||||
|||issue||amount|payable at|occurred|this period|payable at|balance|

||||||||||
|-|-|-|-|-|-|-|-|-|
||||||beginning|this period|end of||
||||||of period||period||
|09GuangdongExpresswayBonds|||||||||
|||September||800,000,000|11,333,333.|20,400,000.|31,733,333|.799,610,177|
||100.00||5 years||||||
|||21, 2009||.00|33|00|3|3 .08|

Notes
28.Loang-term loan
（1）Classifications of long-term loans
In RMB
||||
|-|-|-|
|Items|Year-end balance|Year-beginning balance|
|Guarantee loan|1,500,000,000.00|1,500,000,000.00|
|Credit loan|2,985,920,000.00|3,493,761,250.00|
|Total|4,485,920,000.00|4,993,761,250.00|

 Notes
（2）The top five of long-term loans
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Date of|Loan|||Balance in year-end||Balance in year-begin||
|||||Interest rate|||||
|Unit|commenceme|termination|Currency||Foreign||Foreign||
|||||（%）||RMB||RMB|
||nt of loan|date|||currency||currency||
||September|March 24,||||1,500,000,00|||
|CPIC|||RMB||||||
||25, 2012|2020||||0.00|||
|China|||||||||
|Construction|||||||||
||April 30,|April 30,||||969,210,000.|||
|Bank,Guangz|||RMB||||||
||2008|2020||||00|||
|hou Liwan|||||||||
|Branch|||||||||
|China|||||||||
|Construction|||||||||
||October 20,|October 19,||||487,000,000.|||
|Bank,Guangz|||RMB||||||
||2003|2018||||00|||
|hou Liwan|||||||||
|Branch|||||||||
|Industrial and|||||||||
|Commercial|September|Augest||||246,000,000.|||
||||RMB||||||
|Bank of|1,2008|31,2023||||00|||
|China ,Guang|||||||||

|||||||||
|-|-|-|-|-|-|-|-|
|zhou the||||||||
|Second||||||||
|Branch||||||||
|China||||||||
|Merchants||||||||
|Bank ,Gua||||||||
|ngzhou|April 23,|April 23,||||208,000,000.||
||||RMB|||||
|Branch,Ta|2008|2023||||00||
|ojin||||||||
|Sub-branc||||||||
|h||||||||
|||||||3,410,210,00||
|Total|--|--|--|--|--||--|
|||||||0.00||

Statement on long-term loans. For long-term loans over due but extended for another period, please provide the conditions, principal,interest rate, and repayment arrangement.
29.Bonds payable
In RMB
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||||||Interest|||Interest||
|||||||Interest||||
|||Date of||Issuing|payable at||Interest paid|payable at|End of|
|Bond|Face value||Bond term|||occurred||||
|||issue||amount|beginning||this period|end of|balance|
|||||||this period||||
||||||of period|||period||
|11GuangdongExpresswayMINI||||||||||
|||October 13,||1,000,000,0|14,900,277.|33,949,999.||48,850,277.|997,000,000|
||100.00||5 years|||||||
|||2011||00.00|69|98||67|.00|

Statement on bonds payable, including the condition and time of converting of the convertible bonds
30.Long-term payable
（1）Top 5 long-term payable
In RMB
||||||||
|-|-|-|-|-|-|-|
|Name|Term|Initial amount|Interest rate（%）|Interest payable|End balance|Condition|

（2）Details of finance leasing payments in long-term payable
In RMB
||||
|-|-|-|
|Unit|Year-end balance|Bear-beginning balance|

|||||
|-|-|-|-|
|Foreign currency|RMB|Foreign currency|RMB|

 Guarantee provided by the
3rd
Party for the leasing finance is amounted to RMB 0.
Statement on Long-term payables
||||
|-|-|-|
|Items|Year-end balance|Year-beginning balance|
|Non-operating assets of payable|2,022,210.1|1 2,022,210.11|
|Total|2,022,210.1|1 2,022,210.11|

 31. Stocks capital
In RMB
|||||||||
|-|-|-|-|-|-|-|-|
|||Changed（+，-）||||||
||Balance in|||Capitalization|||Balance in|
|||Issuance of||||||
||year-begin||Bonus shares|of public|Other|Subtotal|year-end|
|||new share||||||
|||||reserve||||
|Total of capital|1,257,117,748.00||||||1,257,117,748.00|
|shares||||||||

 Statement of change in capital shares. Name of CPA and number of verification report shall be provided if capital increasing or decreasing occurred in the report period; as for shareholding limited companies incorporated for less than three years, only net assets is required for the years prior to incorporation; for shareholding limited
companies reformed from limited companies shall provide the capital verification at incorporation.
32. Capital reserves
In RMB
||||||
|-|-|-|-|-|
|Items|Year-beginning balance|Increase in the current|Decrease in the current|Year-end balance|
|||period|period||
|Share premium|1,534,759,970.60|||1,534,759,970.60|
|Other|108,216,019.21||28,230,593.28|79,985,425.93|
|Total|1,642,975,989.81||28,230,593.28|1,614,745,396.53|

 Notes
The current changes of capital reserve was influenced by the changes in fair value of available-for-sale financial assets and the fair value from financial assets available for sale transferred.
33. Surplus reserve
In RMB
||||||
|-|-|-|-|-|
|Items|Year-beginning balance|Increase in the current|Decrease in the current|Year-end balance|
|||period|period||
|Statutory surplus reserve|233,750,778.75|||233,750,778.75|
|Total|233,750,778.75|||233,750,778.75|

 Statement on surplus reserves. Please state the related resolutions of the Board on capitalizing of reserves, making up losses, anddividends：
34. Retained profits
In RMB
||||
|-|-|-|
|Items|Amount|Extraction or distribution of|
|||the proportion|
|Retained profit at the beginning of current year|1,104,154,555.90|--|
|Add：Net profit attributable to the owners of|||
||178,192,944.02|--|
|parent company|||
|Common stock dividend payable|62,855,887.40||
|Retained profit at the end of this term|1,219,491,612.52|--|

As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affected beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 . (4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profits are RMB 0.00.
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
Statement on retained profit: for companies issued their securities for the first time, if the accumulated profit before the issuing is shared by the new and existing shareholders as approved by theshareholders‘ meeting, shall be described particularly; if the accumulated profit before the issuing is shared only by existing shareholders as approved by theshareholders‘ meeting, the Company shall provide the details of dividend payable to the existing shareholders as audited by CPA.
35. Business income, Business cost
（1）Operating income and operating cost
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|Income from Business income|678,748,660.01|619,350,894.79|
|Other business income|9,968,231.85|10,624,693.39|
|Business cost|369,614,599.73|403,435,560.64|

（2）Mainbusiness（Industry）
In RMB
||||||
|-|-|-|-|-|
||Amount of current period||Amount of previous period||
|Name|||||
||Business income|Business cost|Business income|Business cost|
|Highway|||||
||673,137,500.56|358,494,223.15|615,488,183.97|396,294,111.79|
|Transportation|||||
|Other|5,611,159.45|4,381,343.12|3,862,710.82|3,170,416.11|
|Total|678,748,660.01|362,875,566.27|619,350,894.79|399,464,527.90|

（3）Mainoperating（Product）
In RMB
||||||
|-|-|-|-|-|
||Report period||Same period of the previous year||
|Name|Income for main|Income for main|Income for main|Income for main|
||operation|operation|operation|operation|
|Toll income|673,137,500.56|358,494,223.15|615,488,183.97|396,294,111.79|
|Other|5,611,159.45|4,381,343.12|3,862,710.82|3,170,416.11|
|Total|678,748,660.01|362,875,566.27|619,350,894.79|399,464,527.90|

（4）.Main operating (Area)
In RMB
||||||
|-|-|-|-|-|
||||Same period of the previous||
||Report period||year||
|Name||||Cost for main|
||Income for main||Income for main||
|||Cost for main operation|||
||operation||operation||
|||||operation|
|Guangfo Expressway|163,160,247.10|119,220,190.87|149,624,856.17|101,228,616.31|
|Fokai Expressway|509,977,253.46|239,274,032.28|461,051,509.80|273,820,038.34|
|Jiujiang Bridge|||4,811,818.00|21,245,457.14|
|Other|5,611,159.45|4,381,343.12|3,862,710.82|3,170,416.11|
|Total|678,748,660.01|362,875,566.27|619,350,894.79|399,464,527.90|

 36. Business tax and subjoin
In RMB
|||||
|-|-|-|-|
|Items|Report period|Same period of the|Standard|

|||||
|-|-|-|-|
|||previous year||
|usiness tax|22,006,698.77|19,782,796.28|3%、5%|
|rban construction tax|1,546,091.45|1,391,763.89|7%、5%|
|ducation surcharge|662,610.69|596,444.60|3%|
|Defend expense|574,497.70|737,885.54|0.045%-0.096%|
|Locality Education surcharge|441,745.23|397,580.06|2%|
|Culture Construction fee|52,159.97|44,240.96||
|Other||9,925.44||
|Total|25,283,803.81|22,960,636.77|--|

Notes
37. Management expenses
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|Wage|51,637,449.06|52,395,015.27|
|Depreciation of fixed assets|2,456,780.45|2,702,040.55|
|Amortization of long-term prepaid|||
||3,362,689.58|993,467.05|
|expensed|||
|Low consumables amortization|267,036.17|750,563.16|
|Travel expenses|476,612.21|1,525,925.73|
|Office expenses|1,484,687.84|1,486,382.45|
|Leased experses|5,930,752.23|6,476,060.78|
|The fee for hiring agenc|1,732,623.49|1,472,169.00|
|Consultation expenses|74,280.00|355,522.03|
|Directorate Expenses|219,302.00|255,865.50|
|Expenses of taxation|2,043,217.67|1,512,679.94|
|Listing fee|10,740.00|10,808.40|
|Spintual civilization fee|62,363.20|269,120.86|
|Information cost and maintenance fee|106,206.02|397,828.00|
|Other|6,611,793.93|10,702,830.75|
|Total|76,476,533.85|81,306,279.47|

 38. Financial Expenses
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|

||||
|-|-|-|
|Interest expense|||
||213,965,517.01|218,232,239.58|
|Deposit interest income（-）|||
||-9,029,261.50|-3,739,571.14|
|Exchange Income and loss（Gain-）|||
||277,477.78|-236,822.71|
|Bank commission charge|||
||196,248.55|696,216.39|
|Total|205,409,981.84|214,952,062.12|

39. Investment income
（1）Investment income
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|Long-term equity investment income by|||
||1,656,011.73||
|Cost method|||
|Long-term equity investment income by|||
||179,155,666.77|157,116,882.96|
|equity method|||
|Hold the investment income during from|||
||40,463,850.37|13,920,000.00|
|available-for-sale financial assets|||
|Other|415,618.67||
|Total|221,691,147.54|171,036,882.96|

（2）Long-term equity investment income by costing
In RMB
|||||
|-|-|-|-|
|||Same period of the||
|Name|Report period||Reason to increase or decrease|
|||previous year||
|Guangdong Rodio and Television||||
||||Current period of declared distribution|
|Networks investment No.1 Limited|1,656,011.73|||
||||of dividends|
|partnership enterprise||||
|Total|1,656,011.73||--|

（3）long-term equity investment incomes confirmed by equity method include:
In RMB
|||||
|-|-|-|-|
|||Same period of the||
|Name|Report period||Reason to increase or decrease|
|||previous year||
|Guangdong Maozhan Expressway|||Has been transferred in November|
|||11,833,548.81||
||||2013|

|||||
|-|-|-|-|
|Co., Ltd.||||
|Jingzhu Expressway Guangzhu|35,873,520.21|34,954,291.99|Increase in net profit Investment Unit|
|Guangdong Jiangzhong Expressway|2,959,363.75|2,527,720.90|Increase in net profit Investment Unit|
|Guangdong Guanghui Expressway|86,931,001.34|62,865,731.49|Increase in net profit Investment Unit|
|Ganzhou Gangkang Expressway|3,569,232.01|2,790,959.42|Increase in net profit Investment Unit|
|Gankang Kangda Expressway|9,881,086.85|8,276,037.03|Increase in net profit Investment Unit|
|Shenzhen Huiyan Expressway|14,867,595.36|14,112,098.84|Increase in net profit Investment Unit|
|Zhaoqing Yuezhao Highway|24,755,514.67|19,756,494.48|Increase in net profit Investment Unit|
|Guangdong Yueke Technology Petty||||
||1,118,200.43||Investment units started operations|
|Loan Co., Ltd||||
|Asian Kitchen & Bath City Co., Ltd.|-799,847.85||Under construction|
|Total|179,155,666.77|157,116,882.96|--|

Statement on investment gains, please state whether or not there are material constrains on retrieving of
investment gains.
40 Loss of assets impairment
In RMB
||||
|-|-|-|
||Amount of current period|Amount of previous period|
|Items|||
|Loss for bad debts|-2,000,000.00||
|Total|-2,000,000.00||

41.Non-operating income
（1）Non-operating income
In RMB
|||||
|-|-|-|-|
||Amount of current period|Amount of previous period|The amount of|
|Items|||non-operating gains &|
||||lossed|
|Total income from liquidation of||||
||1,500.00||1,500.00|
|non-current assets||||
|Including：Income from liquidation of||||
||1,500.00||1,500.00|
|fixed asset||||
|Road property claim income|666,411.69|853,480.50|666,411.69|
|Insurance claim income|574,607.60|649,274.04|574,607.60|
|Other|161,919.70|93,312.90|161,919.70|
|Total|1,404,438.99|1,596,067.44|1,404,438.99|

Notes
42. Non-Operation expense
In RMB
|||||
|-|-|-|-|
||Amount of current period|Amount of previous|The amount of|
|Items|||non-operating gains &|
|||period||
||||lossed|
|Total of non-current asset Disposition loss|574,948.41|237,286.47|574,948.41|
|Incl: loss of fixed assets disposition|574,948.41|237,286.47|574,948.41|
|Exprese of fine||351.77||
|Road repair expens|1,712,913.37|14,288.00|1,712,913.37|
|Other|107,929.43|109,217.97|107,929.43|
|Total|2,395,791.21|361,144.21|2,395,791.21|

 Notes
43. Income tax expenses
In RMB
||||
|-|-|-|
||Amount of current period|Amount of previous period|
|Items|||
|The current income tax calculated by the tax law and|||
||7,855,114.86|5,665,023.90|
|the relevant regulations|||
|Adjustment of Deferred income tax|23,837,672.00|9,929,306.70|
|Total|31,692,786.86|15,594,330.60|

44. Calculation of Basic earnings per share and Diluted earnings per share
|||||
|-|-|-|-|
|Items|Line|Report period|Same period of the previous year|
|Net profit attributable to shareholders of parentcompany|1|178,192,944.02|57,611,897.53|
|Non-recurring gain/loss attributable to thenetprofit of common shareholders of the parentcompany after deducting of income taxinfluences|2|1,716,253.08|604,039.19|
|Net profit attributable to common share holdersofthe Company after deducting of non-recurringgain/loss|3=1-2|176,476,690.94|57,007,858.34|
|Total shares at the beginning of the year|4|1,257,117,748|1,257,117,748|
|Additional share capital transferred from publicreserve or additional shares from shares dividenddistribution|5|||
|Additional shares from issuing new shares ordebt-converted shares|6|||
|Accumulative months of the additional share|7|||

|||||
|-|-|-|-|
|commencing from the next moth till the end ofthe year||||
|Decreased shares due to repurchase|8|||
|Accumulative months of the decreased sharescommencing from the next month till the end ofthe year|9|||
|Months during the report period|10|6|6|
|Weighted average of comm. Shares issued|11=(4+6×7÷10-8×9÷10)×(4+5+6)÷(4+6)|1,257,117,748|1,257,117,748|
|Basic earning per share（Net profit attributable toshareholders of parent company）|12=1÷11|0.14|0.05|
|Basic earning per share（Non-recurring gain/lossattributable to the netprofit of commonshareholders of the parent company afterdeducting of income tax influences）|13=3÷11|0.14|0.05|
|Diluted potential comm. Shares dividendrecognized as expense|14|||
|Income tax rate|15|||
|Conversion expense|16|||
|Weighted average of comm. Shares addedthrouthwarrant, exercise of option andconvertible bonds|17|||
|Diluted earnings per share（Net profit attributableto shareholders of parent company）|18=[1+(14-16)×(1-15)]÷(11+17)|0.14|0.05|
|Diluted earnings per share（Non-recurringgain/loss attributable to the netprofit of commonshareholders of the parent company afterdeducting of income tax influences）|19=[3+(14－16)×(1-15)]÷(11+17)|0.14|0.05|

45. Other comprehensive income
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Loss amount produced by sellable financial assets|-28,230,593.28|-38,400,000.00|
|Subtotal|-28,230,593.28|-38,400,000.00|
|Total|-28,230,593.28|-38,400,000.00|

 Notes
The Company is an investment enterprise. After deduction of investment income not subject totaxpayment, tax
loss occurs each year, which is to be made up in the future Based on the principle of prudence, the Company
has not recognized deferred incme tax assets corresponding to uncovered losses. As it is expented that the
incme from the disposal of financial assets available for sale is insufficient to make up theCompany‘s tax loss, the Company needs not pay income tax. Therefore, the Company will not calculate the influence on income tax arising from these financial assets available for sale.
46. Notes Cash flow statement
(1) Other cash received from business operation
In RMB
|||
|-|-|
|Items|Amount|
|Newwork received toll income|62,764,326.00|
|Interest income|9,029,261.50|
|Unit current account|17,412,750.14|
|Total|89,206,337.64|

 Notes
（2）Other cash paid for business activities
In RMB
|||
|-|-|
|Items|Amount|
|Management expense|18,835,067.18|
|Unit current account|7,556,833.65|
|Total|26,391,900.83|

 Notes
(3)Cash received related to other investment activities
In RMB
|||
|-|-|
|Items|Amount|
|Debt restructuring and withdraw entrusted loan|2,000,000.00|
|Total l|2,000,000.00|

 Notes
(4)Cash paid related to other investment activities
In RMB
|||
|-|-|
|Items|Amount|

Notes
(5) Cash received related to financing activities
Notes
(6) Cash paid related to financing activities
In RMB
|||
|-|-|
|Items|Amount|
|The medirm –term notes underwriting fees|3,000,000.00|
|Total|3,000,000.00|

 Notes
47. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
||||
|-|-|-|
|Supplement Information|Amount of current period|Amount of previous period|
|I. Adjusting net profit to cash flow from operating activities|||
||--|--|
|Net profit|202,938,981.09|63,998,524.77|
|Add: Impairment loss provision of assets|-2,000,000.00||
|Depreciation of fixed assets, oil and gas assets and|||
||276,046,685.37|320,923,003.11|
|consumable biological assets|||
|Amortization of intangible assets|812,944.97|4,418,334.50|
|Amortization of Long-term deferred expenses|3,392,950.88|1,023,728.35|
|Loss on disposal of fixed assets, intangible assets and other|||
||573,448.41|237,286.47|
|long-term deferred assets|||
|Financial cost|214,242,994.79|217,995,416.87|
|Loss on investment|-221,691,147.54|-171,036,882.96|
|Decrease of deferred income tax assets|22,270,454.73||
|Increased of deferred income tax liabilities|1,567,217.27|9,929,306.70|
|Decease of operating receivables|-59,098,396.23|-34,411,709.18|
|Increased of operating Payable|61,884,967.50|-81,440,443.07|
|Net cash flows arising from operating activities|500,941,101.24|331,636,565.56|
|II. Significant investment and financing activities that|||
||--|--|
|without cash flows:|||
|III. Net increase of cash and cash equivalents|--|--|
|Ending balance of cash|953,022,518.70|1,005,030,338.31|
|Less: Beginning balance of cash equivalents|976,468,685.82|798,485,320.49|

||||
|-|-|-|
|Net increase of cash and cash equivalents|-23,446,167.12|206,545,017.82|

 (2)Composition of cash and cash equivalents
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|I. Cash|953,022,518.70|976,468,685.82|
|Of which: Cash in stock|||
||46,514.67|110,388.36|
|Bank savings could be used at any time|952,158,696.27|975,162,633.84|
|Other monetary capital could be used at any time|817,307.76|1,195,663.62|
|III. Balance of cash and cash equivalents at the period end|953,022,518.70|976,468,685.82|

 Notes
VIII.Related parties and related-party transactions
1. Parent company information of the enterprise
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||||||||The parent||The||
|||||||||The parent|||
||||||||company||ultimate||
|||||Legal||||company||Organizati|
||Related||Registered|||Registrate|of the||controlling||
|Name||Tyep||representat|Nature|||of the||on Code|
||parties||address|||d capital|Company's||party of||
|||||ive||||Company‘|||
||||||||shareholdi||the||
|||||||||s vote ratio|||
||||||||ng ratio||Company||
||||||Equity||||||
||||No. 27,||manageme||||||
|Guangdon|||||nt, traffic||||Guangdon||
|g|||Baiyyun||infrastruct||||g||
||Holding|State|||||||||
|communic|||Road,Yuex||ure|2,680,000.|||communic|72383855|
||Shareholde|owned||Li Jng|||40.83%|43.65%|||
|ation|||iu||constructio|00|||ation|2|
|Group Co.,|r|Co., Ltd.|District ,||n and||||Group Co.,||
|Ltd|||Guangzho||railway||||Ltd||
||||u.||project||||||
||||||operation||||||

Notes :
Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative: Li Jing. Date of establishment: June 23, 2000. As of June 30, 2014,Registered capital: RMB 26.8 billion. It is a solely state-owned limited company. Businessscope：equity management, organization of asset reorganization and optimized allocation, raising funds by means including mortgage, transfer of property rights and joint stock system transformation, project investment, operation and management, traffic infrastructure construction, highway
and railway project operation and relevant industries, technological development, application, consultation and
services, highway and railway passenger and cargo transport, ship industry, relevant overseas businesses
（if the above mentioned business scope requires licenses to operate, then operation licenses arerequired）.
2.Particulars of the subsidiaries
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||||||||The|||
|||||||||The||
||||||||subsidiaries|||
|||||Legal||||subsidiaries|Organizatio|
||Related||Registered|||Registrated|of the|||
|Name||Tyep||representati|Nature|||of the|n Code|
||parties||address|||capital|Company's|||
|||||ve||||Company‘s||
||||||||shareholdin|||
|||||||||vote ratio||
||||||||g ratio|||
|||Limited||||||||
|||liability||||||||
|||Company(T||||||||
|||aiwan,|Shabei||Expressway|||||
|Guangfo||||||||||
||Subsidiary|Hong Kong|West,Guang|Xiao Laijiu|Managemen|20,000.00|75.00%|75.00%|617401437|
|Expressway||||||||||
|||and Macao|zhou||t|||||
|||and in||||||||
|||cooperation||||||||
|||）||||||||
||||No.83,|||||||
|Guangdong||||||||||
||||Baiyun|||||||
|||Limited|||Expressway|||||
||||Road,|Zhu||||||
|Fokai|Subsidiary|liability|||Managemen|110,800.00|75.00%|75.00%|231124318|
||||Yuexiu|Zhanliang||||||
|Expressway||Company|||t|||||
||||District ,Gu|||||||
||||angzhou|||||||
||||4/F,Guangd|||||||
|||Limited||||||||
|Guangdong|||ong|||||||
|||liability||||||||
||||Expressway||Investment|||||
|||Company||||||||
|Expressway||||||||||
||||Building,||in technical|||||
|||（Foreign-i||||||||
||||No.85,||industries|||||
|Technology||nvested||Xiao Laijiu||10,000.00|100.00%|100.00%|731456984|
||||Baiyun||and|||||
|Investment||enterprises||||||||
||||Road,||provision of|||||
|||and||||||||
||||Yuexiu||relevant|||||
|Co., Ltd.||||||||||
|||domestic||||||||
||||District,|||||||
|||join||||||||
||||Guangzhou|||||||

3.Infornation of Joint venture and Affiliated company
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||||Legal||Registrated|Held Share|Voting|||
|||Registrated||||||Related|Orgabuzatui|
|Name|Type||representati|Nature|capital|proportion(|proportion(|||
|||address||||||parties|b code|
||||ve||（RMB‘00|%)|%)|||

|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||||||00）|||||
|I. Joint venture||||||||||
|Guangdong||||||||||
||Limited|||||||||
|||Guangzhou,|Liu|Expressway||||||
|Guanghui|||||2,351,678,0|||Joint||
||liability|||Managemen||30.00%|30.00%||707685410|
|Expressway||Guangdong|Gangliang||00.00|||venture||
||Company|||t||||||
|Co., Ltd.||||||||||
|2. Zhaoqing||||||||||
||Limited|||||||||
|||Zhaoqing,||Expressway||||||
|Yuezhao|||||818,300,000|||Joint||
||liability||Wang Ping|Managemen||25.00%|25.00%||708157003|
|Highway||Guangdong|||.00|||venture||
||Company|||t||||||
|Co., Ltd.||||||||||
||Limited|||||||||
|||||Organic||||||
|.Beijing||||||||||
||liability|Beijing|Wang Jianji|fertilizer|20,000,000.|35.00%|35.00%|Joint|735596044|
|Gelin Enze||||production|00|||venture||
||Company|||and sell||||||
|II. Affiliated company||||||||||
|Shenzhen||||||||||
||Limited|||||||||
|Huiyan||Shenzhen,||Expressway||||||
||||Qiao||36,000,000.|||Affiliated||
||liability|||Managemen||33.33%|33.33%||192203792|
|Expressway||Guangdong|Hongwei||00|||company||
||Company|||t||||||
|Co., Ltd.||||||||||
|Jingzhu||||||||||
||Limited|||||||||
|||Guangzhou,||Expressway||||||
||||Wang||580,000,000|||Affiliated||
|Expressway|liability|||Managemen||20.00%|20.00%||617401445|
|||Guangdong|Kangchen||.00|||company||
|Guanzhu|Company|||t||||||
|Guangdong||||||||||
||Limited|||||||||
|Jiangzhong||Guangzhou,||Expressway||||||
||||Wang||1,110,000,0|||Affiliated||
||liability|||Managemen||15.00%|15.00%||742962356|
|Expressway||Guangdong|Kangchen||00.00|||company||
||Company|||t||||||
|Co., Ltd.||||||||||
||Other|||||||||
|||Ganzhou,||Expressway||||||
||Limited||||600,000,000|||Affiliated||
||||Yao Diming|Managemen||30.00%|30.00%||772390395|
||liability|Jiangzi|||.00|||company||
|Ganzhou||||t||||||
|Kangda|Company|||||||||
|Expressway||||||||||

|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||Limited|||||||||
|Ganzhou||Gangzhou,||Expressway||||||
||||Wen||754,596,667|||Affiliated||
|Gankang|liability|||Managemen||30.00%|30.00%||799467196|
|Expressway||Jiangxi|Yanghan||.00|||company||
|Co., Ltd.|Company|||t||||||
|Guangdong||||||||||
||Limited|||||||||
|Yueke||Guangzhou,||Hande all||||||
||||||1,000,000,0|||Affiliated||
|Technology|liability||Li Quanhui|kinds of||20.00%|20.00%||071892245|
|||Guangdong|||00.00|||company||
|Petty Loan|Company|||small loans||||||
|Co., Ltd.||||||||||
|Asian||||||||||
||Limited|||Real estate||||||
|Kitchen &||Heshan,|||132,716,000|||Affiliated||
||liability||Chen Lize|Developme||15.00%|15.00%||06214240X|
|Bath City||Guangdon|||.00|||company||
||Company|||nt and sales||||||
|Co., Ltd.||||||||||

4. Other Related parties
||||
|-|-|-|
|||Organization Code|
||Relation with the Company||
|Name|||
||Fully owned subsidiary of the||
|Guangdong Expressway Co., Ltd.|||
|||190330413|
||parent company||
||Fully owned subsidiary of the||
|Guangdong Changda highway Co., Ltd.||190334510|
||parent company||
|Guangdong Hualu communication|Fully owned subsidiary of the||
|||736195293|
|Technology Co., Ltd.|parent company||
|Guangdong Xinyue Communication|Fully owned subsidiary of the||
|||707656521|
|Investment Co., Ltd.|parent company||
|Guangdong Gaoda Property Development|Fully owned subsidiary of the||
|||707685592|
|Co., Ltd.|parent company||
|Guangdong East Thinking Management|Fully owned subsidiary of the||
|||724762107|
|Technology Development Co., Ltd.|parent company||
|Guangzhou Xinruan Computer|Fully owned subsidiary of the||
|||725017352|
|Technology Co., Ltd|parent company||
||Fully owned subsidiary of the||
|Guangdong Lulutong Co., Ltd.||231125505|
||parent company||
||Fully owned subsidiary of the||
|Guangdong Xinlu Adverting Co., Ltd.||747072344|
||parent company||
||Fully owned subsidiary of the||
|Guangzhou Xinyue Asphalt Co., Ltd.||714289942|
||parent company||
|Guangdong Highway Construction|Fully owned subsidiary of the||
|||190335177|
|Co.,Ltd.|parent company||

||||
|-|-|-|
|Guangdong Zhaoyang Expressway|Fully owned subsidiary of the||
|||681314303|
|Co.,Ltd.|parent company||
||Fully owned subsidiary of the||
|Guangdong Kaiyang Expressway Co., Ltd.||712226008|
||parent company||
||Fully owned subsidiary of the||
|Guangdong Yuzhan Expressway Co., Ltd.|||
|||752877577|
||parent company||
||Fully owned subsidiary of the||
|Guangdong Shanfen Expressway Co., Ltd.|||
|||719339187|
||parent company||
||Fully owned subsidiary of the||
|Guangdong Yunwu Expressway Co., Ltd.||75108396X|
||parent company||
|Guangdong Shenshanxi Expressway Co.,|Fully owned subsidiary of the||
|||675660592|
|Ltd.|parent company||
||Fully owned subsidiary of the||
|Yunfu Guangyun Expressway Co., Ltd.||744489224|
||parent company||
|Guangdong Litong Real estate Investment|Fully owned subsidiary of the||
|||774031126|
|Co., Ltd.|parent company||
|Guangdong West coastal Expressway|Fully owned subsidiary of the||
|||737563043|
|Co.,Ltd.|parent company||
|Guangdong Taishan Coastal Expressway|Fully owned subsidiary of the||
|||707968736|
|Co., Ltd|parent company||
|Guangdong Highway Bridge Construction|Fully owned subsidiary of the||
|||190376243|
|Development Co., Ltd.|parent company||
|Guangdong Yangmao Expressway Co.,|Fully owned subsidiary of the||
|||74170833X|
|Ltd.|parent company||
|Guangdong Second Guand Expressway|Fully owned subsidiary of the||
|||556657112|
|Co., Ltd.|parent company||
|Guangdong Maozhan Expressway Co.,|Fully owned subsidiary of the||
|||707668637|
|Ltd.|parent company||

Notes
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
In RMB
||||||||
|-|-|-|-|-|-|-|
||Content of related|Pricing principle of|Amount in current period||Amount in last period||
|Related parties|||||||
||transaction|related transactions|Amount|Proportio|Amount|Proportio|

||||||||
|-|-|-|-|-|-|-|
|||||n（%）||n（%）|
|Guangdong Changda|Project fund||||||
|||Market price|2,509,653.00|0.68%|||
|highway Co., Ltd|||||||
|Guangdong|||||||
|Guanghui|||||||
||Rent|Market price|1,650,000.00|0.45%|1,420,833.34|0.35%|
|Expressway Co.,|||||||
|Ltd.|||||||
|Guangdong Gaoda|||||||
|Property|||||||
||Rent|Market price|200,196.00|0.05%|||
|Development Co.,|||||||
|Ltd.|||||||
|Guangzhou Xinruan|||||||
|Computer|Project fund||||||
|||Market price|153,920.00|0.04%|157,020.00|0.04%|
|Technology Co.,|||||||
|Ltd.|||||||
|Zhaoqing Yuezhao|||||||
||Rent|Market price|112,500.00|0.03%|112,500.00|0.03%|
|Highway Co., Ltd.|||||||
|Guangdong Litong|||||||
|Property|Rent Management fees|Market price|4,200,528.00|5.49%|5,084,850.00|6.25%|
|Investment Co., Ltd|||||||
|Guangdong Gaoda|||||||
|Property|||||||
||Rent Management fees|Market price|384,668.65|0.50%|1,176,367.75|1.45%|
|Development Co.,|||||||
|Ltd.|||||||
|Guangzhou Xinruan|||||||
|Computer|||||||
||Project fund|Market price|5,771,846.00|24.75%|||
|Technology Co.,|||||||
|Ltd.|||||||
|Guangdong Xinyue|||||||
|Communication|Project fund||||||
|||Market price|5,474,321.50|23.47%|||
|Investment|||||||
|Co., Ltd.|||||||
|Guangdong Hulu|||||||
|Communication|Project fund||||||
|||Market price|356,051.03|1.53%|6,472,654.00|8.49%|
|Technology|||||||
|Co., Ltd.|||||||
|Guangdong Changda|Project fund||||||
|||Market price|||62,697,512.00|82.25%|
|Highway Co., Ltd.|||||||

Related transactions on sale goods and receiving services
In RMB
||||||||
|-|-|-|-|-|-|-|
||||Amount in current period||Amount in last period||
||Content of related|Pricing principle of|||||
|Related parties|||||||
|||||Proportio||Proportio|
||transaction|related transactions|||||
||||Amount||Amount||
|||||n（%）||n（%）|
|Guangdong|||||||
|Expressway Co.,|Project fund|Market price|2,292,150.00|0.33%|1,680,050.00|0.27%|
|Ltd.|||||||
|Guangdong Xinlu|||||||
||Rent|Market price|921,864.26|0.13%|651,101.37|0.10%|
|Adverting Co., Ltd.|||||||
|Asian Kitchen &|||||||
||Rent|Market price|275,000.00|0.04%|||
|Bath City Co., Ltd.|||||||
|Guangdong Kaiyang|||||||
|Expressway Co.,|Project fund|Market price|146,035.68|0.02%|146,035.68|0.02%|
|Ltd.|||||||
|Guangdong|||||||
|Yangmao|||||||
||Project fund|Market price|60,000.00|0.01%|30,000.00|0.01%|
|Expressway Co.,|||||||
|Ltd.|||||||
|Guangdong Taishan|||||||
|Coastal Expressway|Project fund|Market price|30,000.00|0.00%|30,000.00|0.01%|
|Co., Ltd|||||||
|Guangdong Shipping|||||||
|Planning and Design|Rent|Market price|||21,680.00|0.00%|
|Institute|||||||
|Guangdong Changda|Rent, Polyesterfiber||||||
|||Market price|||18,816.00|0.00%|
|highway Co., Ltd.|cloth for sale||||||
|Zhaoqing Yuezhao|||||||
||Project fund|Market price|||8,300.00|0.00%|
|Highway Co., Ltd.|||||||

（2）Other Relationships Transactions
Our controlled subsidiary company Guangdong Fokai Expressway Co.,Ltd. is planning to carry out expansion& reconstruction for the section from xiebian to sanbao. On May 20, 2005,Guangdong Fokai Expressway Co.,Ltd. and Guangdong Expressway Co.,Ltd. hadsigned《the agreement of construction and management entrustment in fo-kai highway extension project for the section from xiebian tosanbao》.This agreement and its complementary agreement had been approved and made effective by the resolutions of the 2nd provisionalshareholders‘ meeting held by our company in Feb. of 2008. According to the above agreement, Guangdong Fokai Expressway Co.,Ltd. will entrust the construction and management of fo-kai highway extension project for the section from xiebian to sanbao to Guangdong Expressway Co.,Ltd. and Guangdong Fokai Expressway Co.,Ltd. will pay the construction
& management Fee of entrustment to Guangdong Expressway Co.,Ltd.
the project was completed and open to traffic on June 30, 2014.
6. Payables and receivables of the related party
Listed company related party fund
In RMB
|||||||
|-|-|-|-|-|-|
|||Amount at year end||Amount at year beginning||
|Name|Related party|||||
|||Balance of Book|Bad debt Provision|Balance of Book|Bad debt Provision|
||Guangdong|||||
|Account receivable||3,163,071.00||1,068,921.00||
||Expressway Co., Ltd|||||
||Guangdong Yangmo|||||
|Account receivable||60,000.00||||
||Expressway Co., Ltd.|||||
||Guangdong Kaiyang|||||
|Account receivable||56,507.04||360,671.36||
||Expressway Co., Ltd.|||||
||Guangdong Taishan|||||
|Account receivable|Coastal Expressway|30,000.00||||
||Co., Ltd|||||
||Guangdong|||||
|Account receivable|Maozhan Expressway|||96,000.00||
||Co., Ltd.|||||
||Guangzhou Xinruan|||||
|Prepayable account|Computer|128,580.00||128,580.00||
||Technology Co., Ltd.|||||
||Zhaoqing Yuezhao|||||
|Prepayable account||18,750.00||131,250.00||
||Highway Co., Ltd.|||||
||Guangdong Xinyue|||||
|Prepayable account|Communication Co.,|||1,432,981.80||
||Ltd.|||||
||Guangdong Changda|||||
|Prepayable account||||242,502.50||
||highway Co., Ltd.|||||
|Dividend receivable|Jingzhu Expressway|||||
|||68,290,318.11||16,648,284.74||
||Guangzhu|||||
|Dividend receivable|Shenzhen Huiyan|||||
|||25,000,000.00||||
||Expressway Co., Ltd.|||||
|Dividend receivable|Ganzhou Gankang|||||
|||3,000,000.00||||
||Expressway Co., Ltd.|||||
|Other Account receivable|Beijing Gelin Enze|10,220,079.91|10,220,079.91|12,220,079.91|12,220,079.91|
||Guangdong Litong|||||
|Other Account receivable|Property Investment|1,485,856.00||1,435,856.00||
||Co., Ltd.|||||
||Guangdong Xinlu|||||
|Other Account receivable||741,000.00||493,115.31||
||Adverting Co., Ltd.|||||
|Other Account receivable|Guangdong|668,034.00||668,034.00||

|||||
|-|-|-|-|
||GuanghuiExpressway|||
||Co., Ltd.|||
||Guangdong Kaiyang|||
|Other Account receivable||512,038.95|73,244.00|
||Expressway Co., Ltd.|||
||Zhaoqing Yuezhao|||
|Other Account receivable||411,178.00|411,178.00|
||Highway Co., Ltd.|||
||Guangdong Yunwu|||
|Other Account receivable||137,196.07|136,980.96|
||Expressway Co., Ltd.|||
||Guangdong Gaoda|||
||Property|||
|Other Account receivable||87,000.00|91,500.00|
||Development Co.,|||
||Ltd.|||
||Guangdong Maozhan|||
|Other Account receivable||40,100.00|40,100.00|
||Expressway Co., Ltd.|||
||Guangdong|||
|Other Account receivable||39,654.00|39,654.00|
||Expressway Co., Ltd|||
||Guangdong Yangmao|||
|Other Account receivable||27,497.91||
||Expressway Co., Ltd.|||
||Yunfu Guangyun|||
|Other Account receivable||6,143.00|6,143.00|
||Expressway Co., Ltd.|||
||Guangdong|||
|Other Account receivable|Shenshanxi|4,723.32||
||Expressway Co., Ltd.|||
||Guangdong Xinyue|||
|Other Account receivable|Communication|2,158.60|2,158.60|
||Investment Co., Ltd.|||
||Guangdong Shanfen|||
|Other Account receivable|||24,486.00|
||Expressway Co., Ltd|||
||Guangdong Luqiao|||
||Construction|||
|Other Account receivable|||3,762.70|
||Development Co.,|||
||Ltd.|||

The listed company Payables of the related party
In RMB
|||||
|-|-|-|-|
|Name|Related party|Amount at year end|Amount at year beginning|
||Guangdong Changda highway|||
|Account payable||18,591,514.70|16,960,140.06|
||Co., Lt|||
||Guangdong Expressway Co.,|||
|Account payable||13,728,261.18|13,728,261.18|
||Ltd.|||

|||||
|-|-|-|-|
||Guangdong Guanghui|||
|Account payable||8,652,361.01|7,002,361.01|
||Expressway Co., Ltd.|||
||Guangdong Xinyue|||
|Account payable|Communication Investment|1,198,426.64||
||Co., Ltd.|||
||Guangdong Hualu|||
|Account payable|communication|614,663.45|298,222.00|
||Technology Co., Ltd.|||
||Guangzhou Xinruan|||
|Account payable|Computer Technology|288,320.00|134,400.00|
||Co., Ltd|||
||Guangdong Gaoda Property|||
|Account payable||100,098.00||
||Development Co., Ltd.|||
||Guangdong East Thinking|||
||Management|||
|Account payable||78,234.00|78,234.00|
||Technology Development|||
||Co., Ltd.|||
||Guangdong Maozhan|||
|Account payable||50,000.00||
||Expressway Co., Ltd.|||
||Guangdong Lulutong Co.,|||
|Account payable|||416,941.41|
||Ltd.|||
||Guangdong Expressway Co.,|||
|Dividend payable|||24,591,472.01|
||Ltd.|||
||Guangdong Changda highway|||
|Other payable||82,322,432.94|78,597,522.94|
||Co., Lt|||
||Guangdong Expressway Co.,|||
|Other payable||12,718,745.06|14,742,813.17|
||Ltd.|||
||Guangdong Xinyue|||
|Other payable|Communication Investment|432,595.50|472,595.50|
||Co., Ltd|||
||Guangdong Highway|||
|Other payable||177,077.98||
||Construction Co., Ltd.|||
||Guangzhou Xinruan|||
|Other payable|Computer Technology|136,335.00|578,185.75|
||Co., Ltd|||
|Other payable|Guangdong Shenshanxi|121,454.85||

|||||
|-|-|-|-|
||Expressway Co., Ltd.|||
|Other payable|Guangdong Lulutong Co., Ltd|66,604.23|66,604.23|
||Guangdong Hualu|||
|Other payable|communication|53,600.00|268,750.50|
||Technology Co., Ltd.|||
||Guangdong Xinlu Adverting|||
|Other payable||30,000.00|30,000.00|
||Co., Ltd.|||
||Guangdong West Coastal|||
|Other payable||29,758.20||
||Expressway Co., Ltd.|||
||Guangdong Zhaoyang|||
|Other payable||27,497.91||
||Expressway Co., Ltd.|||
||Guangdong East Thinking|||
||Management|||
|Other payable||26,000.00|26,000.00|
||Technology Development|||
||Co., Ltd.|||
||Guangdong Yuzhan|||
|Other payable||25,105.74||
||Expressway Co., Ltd.|||
||Guangzhou Xinyue Asphalt|||
|Other payable||3,100.00|3,100.00|
||Co., Ltd.|||
||Guangdong Second Guang|||
|Other payable||14.77||
||Expressway Co., Ltd.|||
||Guangdong communication|||
|Other payable|||1,646,011.38|
||Group Co., Ltd.|||

IX. Subsequent events
1.Liabilities formed from pending lawsuit and mediation and it financial impact.
Naught
2.For other units to provide debt guarantees, forming of contingent liabilities and the financial impact.
Naught.
Other Liabilities and their financial impact:
The current accounting period did not occur this matter
X. Commitment events.
1.Importance commitment events
2. Information guaranteed at the former period.
（1）The foreign investment contracts which had signed but not fulfiled or notcompletely fulfilled and the related financial expenditure.
1. The controlling Subsidiary of the Company Fokai Expressway Co., Ltd is expanding the construction of Yayao Xiebian Yayao– Xiebian. On May 22, 2007, Guangdong Development& Reform Commission issued Gaijiaoyun[2007] No.1119 File, the Official Reply to the approval of the project of Guangdong Xiebian-Sanbao Highway Expansion Construction from State Development and Reform Commission: Approved the expansion project of Xiebian- Sanbao Highway, with the investment of the project for 3.71 billion Yuan, of which: the capital 1.47 billion Yuan by the Guangdong Fokai Expressway Co., Ltd, the remaining funds 2.24 billion Yuan by loans from domestic banks. On April 3, 2008, State Highway Traffic Department released TAC[2008]No. 16,<Reply to the preliminary design of the road expansion project from Xiebian toSanbao>: the total budget approved as RMB 4,002,409,114.00, total construction period of the project is (since the date of opening) four years. As of the end of the report period, the main part of the expansion project of Xiebian- Sanbao of Fokai Expressway has been finished but has not performed the completion final accounts.
2. The Company held the second provisionalShareholders‘ General meeting on September 28, 2009 , The meeting examined and adopted to review and approve the Motion of Investing in30% Equity of Guangzhou-Lechang Expressway Project. The board of directors consented to invest RMB2,561.914 million in30% equity of Guangzhou-Lechang highway project. Total investment and capital invested by shareholders shall be the final accounts approved by the competent government authority. On January 13, 2014 the Company held the 2014 First Extraordinary General Meeting. The meeting agreed to the reduction of the scale of the Company's investment in Guangle Company. The amount of the Company's capital contribution is to decrease to RMB 768.6012 million (including registered capital contribution of RMB 150 million and capital contribution of RMB 618.6012 million). The proportion of Guangle Company's equity held by the Company is to decrease from30% to9%. The total project investment and the project capital to be contributed by shareholders shall be subject to the final accounts approved by the competent governmental department.As of June 30, 2014.The company has invested accumulated RMB 729.9975 million.
（2）Contingent liability formed by providing debt guarantee to other unit anditsinfluence on finance
.The controlling subsidiary of the company Guangdong Expressway Technology Investment Co., Ltd. signed the<Guanghui Expressway Advertising LeasingContract> and related supplementary agreements with Guangdong Guanghui Expressway Co., Ltd., Guangdong Expressway Technology Investment Co., Ltd. leased advertisement position from Guangdong Guanghui Expressway Co., Ltd. the total rental fee reduced to 25.20 million Yuan, the leasing period from July 1, 2006 to June 30, 2016.
XI. Other Important events
1.Other
1．June 15,2007 early in the morning, The 325 Jiujiang Bridge collapsed on# 23 pier for―Nanguijii035‖ collision owned by the controlling subsidiary of the company Guangdong Fokai Expressway Company leads the collapse and the traffic jam of 200 meters long of the Jiujiang Bridge. On June 10, 2009, Jiujiang Bridge opened to traffic has been restored.
On June19,2007， The Ministry of Communications, the State Production Safety Supervision and Administration Commission issued the JiaoAnWeiming File[2007] No. 8 "Notification on the Guangdong"6.15 "Jiujiang Bridge Collision Accident", initially determined the causes of the accident are: the incident ship suddenly met heavy fog on the way from Foshan Gaoming to Sunde, the captain neglected looking out, did not take proper measures and deviated from the main channel, touched the 325 National Road Jiujiang Bridge the non-navigation bridge pier and caused the collapsion of part of the Jiujiang bridge. The accident was an unilateral responsibility of the ship.
On July19,2007，Fokai Company applied preservation of property to Guangzhou Maritime Court.On August22,2007，Fokai Company officially prosecuted to Guangzhou Maritime Court, asking Foshan South Sea Shipping Company Limited and Yang Xiong to undertake the conpensation 25,587,684 yuan for the loss caused by collapsion of Jiujiang Bridge. On August 28, 2007, Guangzhou Maritime Court accepted the case. According to the (2007)-Canton Haifa No. 332 ruling book issued by Guangzhou Maritime Court, the proceeding of the case was suspended.
After the court accepted the case, the incident investigation team of Guangdong Provincial Government had not made the final report of Jiujiang Bridge accident. The Court, on November 5, 2007, decided to suspend the proceeding. In September 2008, Jiujiang Bridge accident investigation report was officially reported and resumed the proceedings. On December 5, 2008, Guangzhou Marine Court opened a court trial to procceeded the case. Currently, Guangzhou Haizhu prosecutorial office was intend to prosecute the accident captain Shi Guide, therefore, on January 5, 2009, Guangzhou Maritime Court ruled the suspension of the case. On September 17, 2013, the Guangzhou Maritime Court issued a notice of civil and eliminate the cause of suspension of proceedings, the court decided to resume the trial. On December 19, 2013, the Guangzhou Maritime Court opened a court session, has not yet made the first-instance judgment. On March 7, 2014 the Court made the first instance verdict: the defendant Foshan Nanhai Yuhang ship Services Co., Ltd. and Yang Xiong compensated the plaintiff Fokai Expressway Co., Ltd. toll revenue losses of RMB 19,357,500.96; the court dismissed the plaintiff other aspirations. The defendant appealed to the Higher People's Court of Guangdong Province, the Guangdong Provincial Higher People's Court ruled on June 5, 2014, the case discontinued proceedings.
2.In June 2003, Guangdong Expressway Technology Investment Co., Ltd., a wholly-owned subsidiary of the Company, signed Entrusted Loan Agreement with Beijing Bank and Beijing Gelin Enze Organic Fertilizer Co., Ltd. According to the agreement, Guangdong Expressway Technology Investment Co., Ltd. entrusted Xisi Sub-branch of Beijing Bank to lend RMB 8 million to Beijing Gelin Enze Organic Fertilizer Co., Ltd. with a term of one year. Meanwhile, Guangdong Expressway Technology Investment Co., Ltd. Beijing Gelin Enze Organic Fertilizer Co., Ltd. and Wang Jianji (the board chairman of Beijing Gelin Enze Organic Fertilizer Co., Ltd.) jointly signed Guarantee Contract. According to the contract, Wang Jianji shall bear joint liability for repayment in respect of the loan of RMB 8 million and corresponding interests, damages and expenses.
As Beijing Gelin Enze Organic Fertilizer Co., Ltd. failed to repay due borrowings, Guangdong Expressway Technology Investment Co., Ltd. brought an action against Wang Jianji to Guangdong Guangzhou Yuexiu District People's Court on May 31, 2006.
On September 11, 2008, Guangzhou Intermediate People's Court judged case transfer for jurisdiction. Beijing Xicheng District People's Court held hearings on September 16, 2009. 2On April 15, 2010, Beijing Xicheng District People's Court issued (2009) Xi Min Chu Zi No. 5881 Civil Judgment and judged that Guangdong Expressway Technology Investment Co., Ltd. won the lawsuit. The Defendant refused to accept the judgment and instituted an appeal to Beijing First Intermediate People's Court. 2On October 19, 2010, Beijing First Intermediate People's Court made the final judgment and issued (2010) Yi Zhong Min Zhong Zi No. 10701 Civil Judgment to reject the appeal of the Defendant and maintain the original judgment in the first instance.
In November 2010, Guangdong Expressway Technology Investment Co., Ltd. applied to the court for
enforcement in respect of the attached 2.5 flats of the Defendant. 2On February 15, 2011, the court informed that the procedure for placing enforcement on file had been completed. File No.: (2011) Xi Zhi Zi No. 00039. At present, the enforcement procedure is still being implemented. On July 14, 2011, Wang Jianji has applied for a retrial.On May 8, 2012, Beijing Higher People's Court issued (2012) Gao Min Ti Zi No. 391 Written Civil Judgment to revoke the judgment of Beijing First Intermediate People's Court and Xicheng District People's Court. Within 15 days from the effective date of this judgment, Gelin Company shall pay RMB 8 million and accrued interest and damages(1% of payment) to Technology Company with all its assets. When Gelin Company's assets are insufficient to repay the loan, Wang Jianji shall pay the part that Gelin Company fails to pay. On January 10, 2013, the court suggested an amicable settlement but no settlement was reached. On June 27, 2013, Guangdong Expressway Technology Investment Co., Ltd. submitted Bill for a New Trial to the Supreme People's Court, Counterappeal Application to the Supreme People's Procuratorate and Application for Requesting Counterappeal to Beijing Municipal People's Procuratorate.
Guangdong Expressway Technology Investment Co., Ltd. has separately received―Notice ofAcceptance‖ and―Notice ofRegister‖ issued by Beijing Municipal Procuratorate in October and November.
On April 2014, Guangdong Expressway Technology Investment Co., Ltd. and Wang Jianji, Beijing Gelin Enze Organic Fertilizer Co., Ltd. signed a settlement agreement, Wang Jianji agreed to pay back RMB 8 million in 4 installments to Guangdong Expressway Technology Investment Co., Ltd., each payment was RMB 2 million ; after Wang Jianji settled RMB 8 million , Guangdong Expressway Technology Investment Co., Ltd. can no longer recourse any other rights in the case final judgments, and transferred the equity investment of Beijing Gelin Enze Organic Fertilizer Co., Ltd. with RMB 1. When the above agreement fulfilled Guangdong Expressway Technology investment Co., Ltd., Wang Jianji and Beijing Gelin Enze Organic Fertilizer Co., Ltd. terminated the obligations and rights; neither party shall not claim Guangdong Expressway Technology Investment Co., Ltd. due to the operation, management problems and not bear any legal responsibilities. As of June 30, 2014, Guangdong Expressway Technology Investment Co., Ltd. received RMB 2 million repayments in total from Wang Jianji. 3. The 26th (Provisional)Meeting of the sixth board of directors of Guangdong Provincial Expressway
Development Co., Ltd. was held of May 10, 2012. The meeting examined and adopted the proposal Concerning theCompany‗s Accepting the insurance Bond Investment Plan of Pacific Asset Management Co., Ltd. The Company was approved to accept the insurance bond investment plan made by Pacific Asset Management Co., Ltd. The amount of proceeds to be raised is not more than RMB 1.5 billion . Floating interest rate plus guaranteed base interest rate applies as the interest rate. The Floaing interest rate shall not exceed the basic interest rate of RMB loan with a term of over five years on the day when the investment fund of the insureance company is transferred into theCompany‗s account and the corresponding days of the future years, which shall be adjusted once each year. The guaranteed base interest rate is5.6%. The concrete amount of raised proceeds shall be within maximum limit of investment fund filed with CIRC. The actual amount wholly transferred to the Company shall apply. The final interest rate is subject to investment Contract for Bond Investment Plan between Pacific and
Guangdong Expressway Filed with CIRC. It was approved to authorize the management of the Company to implement the above-mentioned matters.
The Company was approved to provide counter guarantee to Guangdong Communication Group Co.,Ltd.with75% equity of Guangdong Fokai Expressway Co., Ltd. Held by it . as of June 30, 2013, the company has borrowed RMB 1.5 billion.
4. The toll collection period of Jiujiang Bridge of No. 325 National Highway owned by Jiujiang Bridge Branch of Guangdong Fokai Expressway Co., Ltd., a controlled subsidiary of the Company, which was approved by Ministry of Communications, is 30 years. Up to the present, the accumulative toll collection period is 25 years. According to the Notice of Relevant Matters Concerning Quickening Special Clearing of Toll Highways in Guangdong Province (Yue Jiao Ming Dian (2013) No. 56 Document), the rectification measure proposed for Jiujiang Bridge is "toll collection period shall be no more than 20 years". The result of rectification is "toll collection shall be cancelled due to the expiration of toll collection period." As required by this document, Jiujiang Bridge will stop toll collection from 24:00 of June 30, 2013. Jiujiang Bridge is a construction project in which an enterprise under provincial administration invested. As for relevant problems occurred after rectification, the Provincial State-owned Assets Commission shall coordinate in handling such problems according to the requirements of the document.
In view of the cancellation of tolls, the relevant assets on Jiujiang Bridge are neither owned or controlled by the company, nor brings any economic benefits to enterprise in future. According to the provision of Accounting Standards, the company has made disposal of the assets at the end of 2013, and the relevant losses have been recorded into the annual expenses outside of operation in 2013.
In May 2014, the company received Guangdong Provincial People's Government Office documents on the opinions of the compensation for cancellation fee of Jiujiang Bridge as follow. The loss to the company resulted from the early cancellation of Jiujiang Bridge toll fee will be compensated by Guangdong Communication Group. The provincial SASAC conjunction with relevant units will examine the compensation amount base on Provincial Legal Office; work with Provincial Department of Finance to make the compensation arrangements for provincial government to approve.
As of the date of this report, the Company has not reached agreement with governmental departments through consultation in respect of the scheme for project benefit compensation or asset disposal after the enforcement of the above-mentioned notice. As the influence of this matter on the Company is quite uncertain, it is impossible to appraise the influence on the operating status and financial position of the Company.
XII.Notes s of main items in financial reports of parent company
1.Other account receivable
（1）Other account receivable
In RMB
||||||
|-|-|-|-|-|
||Year-end balance||Year-beginning||
|Classification||||Provision for bad|
||Book balance|Provision for bad debts|Book balance||
|||||debts|

||||||||||
|-|-|-|-|-|-|-|-|-|
|||Propo||Propo||Propo||Propo|
||Amount|rtion(|Amount|rtion(|Amount|rtion(|Amount|rtion(|
|||%)||%)||%)||%)|
|Other Receivables with|||||||||
|major individual amount and||88.33||100.0||87.72||100.0|
||32,530,422.85||32,530,422.85||32,530,422.85||32,530,422.85||
|bad debt provision provided||%||0%||%||0%|
|individually|||||||||
|Other Receivables provided bad debt provision in groups|||||||||
|Group 1：Other Account|||||||||
|reveivables on which bad||||69.59||||62.85|
||2,383,377.34|6.47%|1,658,571.80||2,639,011.71|7.11%|1,658,571.80||
|debt provisions are provided||||%||||%|
|on age basis in group|||||||||
|Group 2：Other Account|||||||||
|reveivables on which bad|||||||||
||1,916,187.00|5.20%|||1,916,187.00|5.17%|||
|debt provisions are provided|||||||||
|on other basis in group|||||||||
|||11.67||38.58||12.28||36.41|
|Subtotal of group|4,299,564.34||1,658,571.80||4,555,198.71||1,658,571.80||
|||%||%||%||%|
|Total|36,829,987.19|--|34,188,994.65|--|37,085,621.56|--|34,188,994.65|--|

 Notes
Other receivable accounts with large amount and were provided had debt provisions individually at end of period.□Applicable√Not applicable
Other receivable account in Group on which bad debt provisions were provided on agebasis：
√Applicable□Not applicable
In RMB
||||||||
|-|-|-|-|-|-|-|
||Year-end balance|||Year-beginning balance|||
||Book balance||Provision for bad|Book balance|||
|Age||||||Provision for bad|
|||Proporti|debts||Proporti||
||Amount|||Amount||debts|
|||on(%)|Amount||on(%)||
|Within 1 year|||||||
|Inclding：|--|--|--|--|--|--|
|Subtotal within|||||||
||724,805.54|30.41%||980,439.91|37.15%||
|1 year|||||||
|Over 5 years|1,658,571.80|69.59%|1,658,571.80|1,658,571.80|62.85%|1,658,571.80|
|Total|2,383,377.34|--|1,658,571.80|2,639,011.71|--|1,658,571.80|

 Other receivable account in Group on which bad debt provisions were provided on percentagebasis：
□Applicable√Not applicable
Other receivable account in Group on which bad debt provisions were provided on Otherbasis：
□Applicable√Not applicable
Separate amount is big at end of the period or not big but other account receivable and doubtful reserves shall be withdrawn.
□Applicable√Not applicable
（2）Switch back or regain of the other account receivable in the reporting period
In RMB
||||||
|-|-|-|-|-|
||||Switching back or taking||
||Reasons for switching|Basis for confirming bad|back the counted or|Amount switched back|
|Other account receivable|||||
||back or taking back|debt reserves|drawn bad debt reserves|or taken back|
||||accumulated before||

Separate amount is big at end of the period or not big but other account receivable and doubtful reserves shall be withdrawn.
In RMB
||||||
|-|-|-|-|-|
|Description of other||Amount of bad|||
||Book balance||Rate（%）|Reason|
|receivable||debts|||
|||||For the balance amount of our company‘s secutity|
|||||trading settlement funds RMB 33,683,774.79|
|||||deposited in Kunlun Securities Co., Ltd., The|
|||||Xin‘Ning Municipal intermediate People‘s Court of|
|||||Qinghai Province had made the judgment in|
|||||accordance with the law and declared on November|
|||||11, 2006. that Kunlun Securities Co., ltd. was|
|||||bankrupted for debt payment . In March of 2007, the|
|||||liquidating group of Kunlun Securities preliminary|
|||||judged the relationship between our company and|
|Kunlun Sercurities|||||
||32,530,422.85|32,530,422.85|100.00%|Kunlun Securities Co., Ltd.is debtor creditor|
|Co.,Ltd.|||||
|||||relationship . as Kunlun Securities Co., Ltd.was|
|||||bankrupted for debt payment and it is in serious|
|||||insolvency. Our company had moved the security|
|||||trading settlement funds deposited in Kunlun|
|||||Securities Co., Ltd, to other receivables account for|
|||||reflection, we also have made full amount provision|
|||||for had debts based on conservatism principle. The|
|||||recovered debt amount in 2008 is RMB485,392.67|
|||||which had been offset from the provision for bad|
|||||debts. The recovered debt amount in 2011 is RMB|

||||||
|-|-|-|-|-|
||||f|667,959.27 which had been offset from the provision|
|||||or bad debts.|
|Total|32,530,422.85|32,530,422.85|--|--|

Notes
（3）The front 5units‘ information of other account receivable
In RMB
||||||
|-|-|-|-|-|
||Relation with the|||Portion in total other|
|Name||Amount|Ages||
||Company|||receivables(%)|
|Kunlun Securities Co.,|||||
||No relationship|32,530,422.85|Over 5 years|88.33%|
|Ltd.|||||
|Guangdong Litong|||||
||The controlling parent||||
|Property Investment Co.,||1,485,856.00|Within 3 years|4.03%|
||company||||
|Ltd.|||||
|Heshan Transportation|||||
|Real estate Development|No relationship|1,470,000.00|Over 5 years|3.99%|
|Company|||||
|Beijing Shibang Weilishi|||||
|Property Management|No relationship|393,331.00|Within 2 years|1.07%|
|Services Co., Ltd.|||||
|Huihou Huxu Industry|||||
||No relationship|109,745.80|Over 5 years|0.30%|
|Company|||||
|Total|--|35,989,355.65|--|97.72%|

（4）Other accounts receivable from the related parties
In RMB
|||||
|-|-|-|-|
||||The proportion of the total of|
|Name|Relationship with the Company|Amount||
||||other receivables(%)|
|Guangdong Litong Property||||
||The controlling parent company|1,485,856.00|4.03%|
|Investment Co., Ltd.||||
|Guangdong Expressway||||
||Wholly owned subsidiary|103,543.20|0.28%|
|Technology Co., Ltd.||||
|Guangdong Gaoda Property||||
||The controlling parent company|87,000.00|0.24%|
|Development Co., Ltd.||||
|Total|--|1,676,399.20|4.55%|

2. Long- term s equity investment
In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||||Explanation||||
|||||||||of||||
|||||||||diffidence||||
|||||||Shareholdin||between||||
||||||||Voting right|||||
|||||||g||shareholdin||||
||Accounting||||||proportion|||Current|Cash|
|Name||Initial investment cost|Original balance|change|Ending Balance|proportion||g|Devalue|||
||method||||||in the|||devalue|bonus|
|||||||in the||proportion||||
||||||||investee|||||
|||||||investee||and voting||||
|||||||||right||||
|||||||||proportion||||
|||||||||in investee||||
|Guangdong Guanghui|Equity|||||||||||
|||705,503,400.00|983,968,321.53|86,931,001.34|1,070,899,322.87|30.00%|30.00%|||||
|Expressway Co., Ltd.|method|||||||||||
|ZhaoqingYuezhao|Equity|||||||||||
|||201,770,945.42|233,723,741.37|24,755,514.67|258,479,256.04|25.00%|25.00%|||||
|Highway Co., Ltd.|method|||||||||||
|ShenzhenHuiyan|Equity|||||||||||
|||35,231,299.69|194,635,633.82|-45,132,404.64|149,503,229.18|33.33%|33.33%||||60,000,000.00|
|Expressway Co., Ltd.|method|||||||||||
|Jingzhu Exprwssway|Equity|||||||||||
|||247,848,488.93|319,111,083.28|-32,416,797.90|286,694,285.38|20.00%|20.00%||||68,290,318.11|
|Guanzhu|method|||||||||||
|Guangdong Jiangzhong|Equity|||||||||||
|Expressway||156,750,000.00|168,649,310.84|2,959,363.75|171,608,674.59|15.00%|15.00%|||||
|Co., Ltd.|method|||||||||||
|Ganzhou Kangda|Equity|||||||||||
|||216,251,100.00|141,707,120.95|9,881,086.85|151,588,207.80|30.00%|30.00%|||||
|Expressway Co., Ltd|method|||||||||||
|Ganzhou Gankang|Equity|||||||||||
|||226,379,000.00|203,664,454.84|569,232.01|204,233,686.85|30.00%|30.00%||||3,000,000.00|
|Expressway|method|||||||||||

||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|Co., Ltd.|||||||||||
|Guangdong|||||||||||
||Equity||||||||||
|||200,000,000.00|200,000,000.00|1,118,200.43|201,118,200.43|20.00%|20.00%||||
|Yueke Technology Petty|||||||||||
||method||||||||||
|Loan Co., Ltd.|||||||||||
|Guangdong Guangle|||||||||||
||Cost||||||||||
|Expressway Co.,||729,997,500.00|728,141,601.73||728,141,601.73|9.00%|9.00%||||
||method||||||||||
|Ltd.(Notes 1)|||||||||||
|Huaxia Securities Co.,|Cost||||||||5,400,000||
|||5,400,000.00|5,400,000.00||5,400,000.00|0.27%|0.27%||||
|Ltd.(Notes 2)|method||||||||.00||
|Huazheng Assets|||||||||||
||Cost||||||||1,393,200||
|Management||1,620,000.00|1,620,000.00||1,620,000.00|0.54%|0.54%||||
||method||||||||.00||
|Co. Ltd.(Notes 3)|||||||||||
|Guangdong Rodio and|||||||||||
|Television Networks|Cost||||||||||
|||50,000,000.00|50,000,000.00||50,000,000.00|3.11%||||1,656,011.73|
|investment No.1 Limited|method||||||||||
|partnership enterprise|||||||||||
|GuangfoExpressway Co.,|Cost||||||||||
|||154,982,475.25|154,982,475.25||154,982,475.25|75.00%|75.00%||||
|Ltd|method||||||||||
|Guangdong Expressway|||||||||||
||Cost||||||||||
|Technology Investment||95,731,882.42|95,731,882.42||95,731,882.42|100.00%|100.00%||||
||method||||||||||
|Co., Ltd.|||||||||||
|Guangdong Fokai|Cost||||||||||
|||2,167,722,211.85|2,167,722,211.85||2,167,722,211.85|75.00%|75.00%||||
|Expressway Co., Ltd.|method||||||||||
||||||||||6,793,200||
|Total|--|5,195,188,303.56|5,649,057,837.88|48,665,196.51|5,697,723,034.39|--|--|--||132,946,329.84|
||||||||||.00||

Notes.
Notes 1:
The proportion of Guangle Company's equity held by the Company was9% in current period. Refer to Specific Note-commitments.
Notes 2: The owner's equity of Huaxia Securities Co., Ltd. was negative and it entered liquidation procedure in December 2005. The Company made full provision for impairment in respect of this long-term equity investment of RMB 5.4 million.
Notes 3: According to De Wei Ping Gu Zi 2005 No. 88 Appraisal Report issued by Beijing Dewei Appraisal Co., Ltd. As the June 30, 2005, the amount of net assets of Huazheng Asset Management Co., Ltd. in book was RMB 279.132 million and the appraised value was RMB - 2299.5486 million ,On October 14, 2005, Jianyin CITIC Asset Management Co., Ltd. issued the Letter of Soliciting Opinions on Equity Assignment to the Company. Jianyin CITIC Asset Management Co., Ltd. was willing to pay the price of not more than RMB 42 million to acquire100% equity of Huazheng Asset Management Co., Ltd. and solicited the Company's opinions. The Company replied on December 5, 2005, abandoning the preemptive right under the same conditions. The Company made provision of RMB 1.3932 million for impairment in respect of this long-term equity investm ent of RMB 1.62 million.
3. Business income and Business cost
（1）Business income
In RMB
||||
|-|-|-|
|||Same period of the|
|Items|||
||Report period|previous year|
|Other Business income|22,907,325.49|10,120,351.13|
|Total|22,907,325.49|10,120,351.13|
|Business cost|232,106.70|232,106.70|

 4. Investment income
（1）Income from investment
In RMB
||||
|-|-|-|
||Amount of current period|Amount of previous period|
|Items|||
|Long-term equity investment income by costing|1,656,011.73||
|Long-term equity investment income by equity method|179,955,514.62|157,116,882.96|
|Hold the investment income during from the|||
||40,463,850.37|13,920,000.00|
|available-for-sale financial assets|||
|Other|415,618.67||
|Total|222,490,995.39|171,036,882.96|

 (2) Long-term equity investment incomes confirmed by Cost method include:
In RMB
|||||
|-|-|-|-|
|||Same period of the||
|Unit|||Reason to increase or decrease|
||Report period|previous year||
|Guangdong Rodio and Television Networks||||
||||Investment units are allocated profits of|
|investment No.1 Limited partnership|1,656,011.73|||
||||2012-2013|
|enterprise||||
|Total|1,656,011.73||--|

3.long-term equity investment incomes confirmed by equity method include:
In RMB
|||||
|-|-|-|-|
|||Same period of the||
|Unit|||Reason to increase or decrease|
||Report period|previous year||
|Guangdong Maozhan Expressway||10,350,804.79|Has been transferred in November|

|||||
|-|-|-|-|
||||2013|
|Jingzhu Expressway Guangzhu|35,873,520.21|34,204,135.06|Increase in net profit Investment Unit|
|Guangdong Jiangzhong Expressway|2,959,363.75|2,530,450.05|Increase in net profit Investment Unit|
|Guangdong Guanghui Expressway|86,931,001.34|62,865,731.49|Increase in net profit Investment Unit|
|Ganzhou Gankang Expressway|3,569,232.01|2,624,610.52|Increase in net profit Investment Unit|
|Ganzhou Kangda Expressway|9,881,086.85|8,278,564.69|Increase in net profit Investment Unit|
|Shenzhen Huiyan Expressway|14,867,595.36|14,365,466.84|Increase in net profit Investment Unit|
|Zhaoqing Yuezhao Highway Co., Ltd.|24,755,514.67|21,212,541.80|Increase in net profit Investment Unit|
|Guangdong Yueke Technology Petty Loan||||
||1,118,200.43||Investment units started operations|
|Co., Ltd.||||
|Total|179,955,514.62|156,432,305.24|--|

Notes
5.Supplement Information of Cash flow statement
In RMB
||||
|-|-|-|
|||Same period of the previous|
|Supplement Information|||
||Report period|year|
|I.Adjusting net profit to net cash flow in operating activities|--|--|
|Net profit|104,901,390.06|40,589,788.02|
|Fixed assets depreciation,Oil and gas depreciation, Produce matter|||
||1,241,214.13|1,216,629.56|
|depreciation|||
|Amortization of intangible assets|24,333.33||
|Amortization of long-term expenses to be amortized|834,231.76|760,423.74|
|The loss from the disposal of fixed assets, intangible assets and other|||
||351,800.00|206,432.52|
|long-term assets|||
|Financial expenses|107,921,987.16|96,431,638.95|
|Investment loss|-222,490,995.39|-171,036,882.96|
|Decrease of operating accounts receivable|255,634.37|-1,114,541.15|
|Increase of operating accounts payable|-192,272,517.69|-67,171,647.22|
|Net cash flow generated from operating activities|-199,232,922.27|-100,118,158.54|
|II.Investment and financing activities not involving cash receipts and|||
||--|--|
|expenditure|||
|III、Net increase of cash and cash equivalent|--|--|
|Balance of cash at the end of the period|663,888,969.92|715,936,528.93|
|Less: Balance of cash at the beginning of the period|782,174,175.59|625,270,216.39|

||||
|-|-|-|
|Net increase of cash and cash equivalent|-118,285,205.67|90,666,312.54|

 XIII. Supplement information
1. Particulars about current non-recurring gains and loss
In RMB
||||
|-|-|-|
|Items|Amount|Notes|
|Non-current asset disposal gain/loss(including the write-off part|||
||-573,448.41||
|for which assets impairment provision is made)|||
|Single impairment test for impairment of receivables|||
||2,000,000.00||
|transferredback to preparation|||
|Operating income and expenses other than the aforesaid items|-417,903.81||
|Other non-business income and expenditures other than the above|415,618.67||
|Less：Amount of influence of income tax|-166,849.50||
|Amount of influence of minority interests（After tax）|-125,137.13||
|Total|1,716,253.08|--|

Government subsidies included in current gains and losses should be explained separately
□Applicable√Not applicable
2. Return on net assets and earnings per share
In RMB
|||||
|-|-|-|-|
|||Earnings per share（RMB）||
||Return on net assets .|||
|Profit of the report period||||
|||Basic earnings per share|Diluted gains per share|
||Weighted（%）|||
|Net profit attributable to the Common stock||||
||4.15%|0.14|0.14|
|shareholders of Company.||||
|Net profit attributable to the Common stock||||
|shareholders of Company after deducting of|4.11%|0.14|0.14|
|non-recurring gain/loss.||||

3. The explanation of abnormal circumstance and reasons of items in major accounting statement.
(1) The unusual amount or the abnormal changes in the comparative period in the Balance Sheet project
|||||||
|-|-|-|-|-|-|
|Items|Balance in year-end|Balance inyear-begin|Percentagein total asset|VariableR atio|Alteration reason|
|Monetarycapital|953,022,518.70|976,468,685.82|7.52%|-2.40%|Impact of reduced expenditures for projects,borrowings decreased, increased investment,recovered the cash dividend as well as cashinflow from operating activities|

|||||||
|-|-|-|-|-|-|
|Accountsreceivable|92,524,304.33|27,898,415.37|0.73%|231.65%|Increase of toll unrecovered balance at the endof period|
|Dividendsreceivable|137,853,597.49|16,648,284.74|1.09%|728.03%|Current distribution of dividends by investeeswas greater than dividends paid in cash led tothe increase of dividends receivable balance|
|Other currentassets|76,007,760.00|5,001,000.00|0.60%|1419.85%|The balance of the investment in reverserepurchase of National bonds increased|
|Financial assetsavailable forsale|597,547,557.76|625,778,151.04|4.72%|-4.51%|China Everbright Bank Co., Ltd. stock pricechanges led to changes in the fair value|
|Long-termequityinvestment|3,289,502,833.06|3,241,637,484.40|25.97%|1.48%|The net profit of equity units in the first halfincreased, resulting in an increase of long-termequity investments accounted for using theequity method|
|Fixed assets|7,449,784,801.53|7,696,941,214.30|58.82%|-3.21%|Depreciation of fixed assets led to the reductionof the book value of fixed assets|
|Construction inprogress|2,487,520.64|8,332,139.39|0.02%|-70.15%|Completion of the project was transferred tofixed assets, resulting in reduced constructionin progress|
|Long-termdeferredexpenses|5,885,967.92|8,596,068.39|0.05%|-31.53%|The effects of technology companiesinterruption lease, transfer fees andamortization of deferred expenses|
|Deferredincome taxassets|24,202,280.37|46,472,735.10|0.19%|-47.92%|Due to Fokai earnings covered part of thelosses led to a reduction in deferred tax assets|
|Long-term loan|50,000,000.00||0.39%|100.00%|Due to the increase of borrowings for cashflow|
|Accountpayable|181,187,568.90|317,797,859.76|1.43%|-42.99%|Fokai expansion expenditure led to accountspayable balances reduced|
|Interest payable|89,188,235.28|35,887,681.26|0.70%|148.52%|Unpaid accrued interest on bonds|
|Non-currentliabilities due in1 year|1,210,410,177.08|857,757,334.35|9.56%|41.11%|Repayment of borrowings and bonds payablefrom classified to non-current liabilities duewithin one year|
|Long-term loan|4,485,920,000.00|4,993,761,250.00|35.42%|-10.17%|borrowings reduced and partial long-termborrowing from classified to non-currentliabilities due within one year|
|Capital surplus|1,614,745,396.53|1,642,975,989.81|12.75%|-1.72%|The fair value of financial assetsavailable-for-sale decreased, resulting inreduction of capital surplus|

(2)The unusual amount or the abnormal changes in the items of the income statement
|||||||
|-|-|-|-|-|-|
|Items|Report period|Last period|Rate|ChangeRate|Reason|
|Operatingincome|688,716,891.86|629,975,588.18|293.53%|9.32%|The finish of Fokai Expansion Projectled to the recovery of traffic growth, ledto the increase of revenue.|
|Operating cost|369,614,599.73|403,435,560.64|157.53%|-8.38%|The increase of traffic volume led to theincrease of depreciation and thecombined effects of adjustment oftolling year and new system to forecastled to the decrease of depreciation|
|Financialexpenses|205,409,981.84|214,952,062.12|87.55%|-4.44%|Interest-bearing liabilities decreased,increased financial income and otheraspects led to the year-on-year decreaseof financial cost|
|Assetsimpairment loss|-2,000,000.00||-0.85%|-100.00%|Recovery of provision for claims led tochanges in provision for bad debts|
|Investmentincome|221,691,147.54|171,036,882.96|94.48%|29.62%|Changes in shares of the company'sprofit and increase of Everbright Bankdividend distribution led to the increaseof investment income this period.|
|Non-operatingexpenses|2,395,791.21|361,144.21|1.02%|563.39%|Road repair expenses increased led tothe increase of non-operating expenses|

X. Documents Available for Inspection
1. Accounting statements carried with personal signatures and seals of legal representative, Chief Financial officer and Financial Principal.
2. The texts of all the Company's documents publicly disclosed on the newspapers and periodicals designated by China Securities Regulatory Commission in the report period.