Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016 Guangdong Provincial Expressway DevelopmentCo.，Ltd.
The First Quarterly Report 2016
April 2016
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016 I. Important Notice
The Board of Directors and the Supervisory Committee of the Company and its directors, supervisors and senior executives should guarantee the reality, accuracy and completion of the quarterly report, there are no any fictitious statements, misleading statements or important omissions carried in this report, and shall take legal responsibilities, individual and or joint.
All of the directors presented the board meeting at which this Quarterly Report was examined.
Mr.Zhu Zhanliang, Leader, Mr.Wang Chunhua,General Manager, Mr. Fang Zhi, Chief of the accounting work, Ms.Liu Xiaomei, Chief of the accounting organ (chief of accounting ) hereby confirm the authenticity and completeness of the financial report enclosed in this report.
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016 II. Main financial data and changes of shareholders
（1）Main financial data and financial index
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed and accounting error correction or not.
□ Yes√ No
|||||
|-|-|-|-|
||||Changes of this period over|
||This period|Same period of last year|same period of last year|
||||（％）|
|Operating income（RMB）|384,703,107.66|357,469,802.88|7.62%|
|Net profit attributable to the shareholders|127,187,345.72|89,949,365.89||
||||41.40%|
|of the listed company（RMB）||||
|Net profit after deducting of non-recurring||||
|gain/loss attributable to the shareholders of|126,779,718.66|87,373,228.21|45.10%|
|listed company（RMB）||||
|Cash flow generated by business operation,|274,943,372.62|240,651,340.48||
||||14.25%|
|net（RMB）||||
|Basic earning per share(RMB/Share)|0.10|0.07|42.86%|
|Diluted gains per|0.10|0.07||
||||42.86%|
|share(RMB/Share)(RMB/Share)||||
|Weighted average return on equity||||
||2.44%|1.78%|0.66%|
|（%）||||
||||Changes of this period-end|
||End of this period|End of last period|over same period-end of last|
||||year(%)|
|Gross assets（RMB）|12,131,854,608.39|12,107,767,967.86|0.20%|
|Net assets attributable to the shareholders|5,222,375,592.56|5,209,289,822.59||
||||0.25%|
|of the listed company（RMB）||||

Items and amount of non-current gains and losses
√ Applicable□ Not applicable
In RMB
||||
|-|-|-|
||Amount (Year-beginning to||
|Items||Notes|
||the end of the report period.)||
|Other non-operating income and expenditure except for the|||
||721,970.60||
|aforementioned items|||
|Less: Amount of influence of income tax|134,718.66||

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|Amount of influence of minority interests（After tax）|179,624.88||
|Total|407,627.06|--|

For theCompany’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies 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
None of Non-recurring gain /loss items recognized as recurring gain /loss/items as defined by the information disclosure explanatory Announcement No.1- Non–recurring gain/loss in the report period.
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016 II. Total Shareholders and Shares Held by Top Ten Shareholders at the End of the Reporting Period
1. About Total Common Shareholders, Total Preference Shareholders with the Voting Power Recovered and the Shares Held by Top Ten Common Shareholders
In shares
||||||||||
|-|-|-|-|-|-|-|-|-|
|||||Total preference shareholders|||||
|Total number of common||||with the voting power|||||
|||80,002|||||0||
|shareholders at the period-end||||recovered at the end of the|||||
|||||reporting period(if any)|||||
|Shares held by the top 10 shareholders|||||||||
||||||Amount of|Pledging or freezing|||
||Properties of|Share|||tradable shares||||
|Shareholder name|||Quantity|||Status of the|||
||shareholder|proportion %|||with Conditional|||Quantity|
|||||||shares|||
||||||held||||
|GuangdongCommunicationGroup Co., Ltd.|State-owned legalperson|40.84%|513,356,893||409,977,151||||
|Feng Wuchu|Domestic Naturalperson|1.71%|21,520,979||||||
|GuangdongExpressway Co.,Ltd|State-owned legalperson|1.56%|19,582,228||19,582,228||||
|Haerbin HaliIndustry Co., Ltd|Domestic Naturalperson|1.18%|14,850,682||||||
|Xinyue Co., Ltd.|Overseas legalperson|1.05%|13,201,086||||||
|GuangdongYuecai TrustInvestment Co.,Ltd.|State-owned legalperson|0.97%|12,174,345||||||
|Li Zhuo|Domestic Naturalperson|0.75%|9,458,390||||||
|China EverbrightBank Co., Ltd－China Europenew dynamicequity securitiesinvestment fund（LOF）|Domestic nonState-ownedLegal person|0.53%|6,678,925||||||
|China SecuritiesFinanceCorporation|Domestic nonState-owned|0.33%|4,144,500||||||

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
|||||||
|-|-|-|-|-|-|
|Limited.|Legal person|||||
|VANGUARDTOTALINTERNATIONAL STOCKINDEX FUND|Domestic nonState-ownedLegal person|0.28%|3,490,900|||
|Shares held by the Top 10 Shareholders of Non-restricted shares||||||
|||||Share type||
|Shareholders’ Names||Number of the non-restricted shares held||||
|||||Share type|Quantity|
|Guangdong Communication GroupCo., Ltd.||103,379,742||RMB Common||
||||||103,379,742|
|||||shares||
|Feng Wuchu||21,520,979||RMB Common||
||||||19,655,709|
|||||shares||
|||||Foreign shares||
|||||placed in||
||||||1,865,270|
|||||domestic||
|||||exchange||
|Haerbin Hali Industry Co., Ltd||14,850,682||RMB Common||
||||||14,850,682|
|||||shares||
|Xinyue Co., Ltd.||13,201,086||Foreign shares||
|||||placed in||
||||||13,201,086|
|||||domestic||
|||||exchange||
|Guangdong Yuecai Trust InvestmentCo., Ltd.||12,174,345||RMB Common||
||||||12,174,345|
|||||shares||
|Li Zhuo||9,458,390||RMB Common||
||||||9,458,390|
|||||shares||
|China Everbright Bank Co., Ltd－China Europe new dynamic equitysecurities investment fund（LOF）||6,678,925||||
|||||RMB Common||
||||||6,678,925|
|||||shares||
|China Securities FinanceCorporation Limited.||4,144,500||RMB Common||
||||||4,144,500|
|||||shares||
|VANGUARD TOTALINTERNATIONAL STOCK INDEXFUND||3,490,900||Foreign shares||
|||||placed in||
||||||3,490,900|
|||||domestic||
|||||exchange||
|GUOTAI JUNANSECURITIES(HONGKONG)LIMITED||3,388,866||Foreign shares||
|||||placed in||
||||||3,388,866|
|||||domestic||
|||||exchange||

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
|||
|-|-|
||Guangdong Communication Group Co., Ltd. is the parent company of Guangdong|
|Explanation on associated|Expressway Co., Ltd. and Xinyue Co., Ltd.. It is unknown whether there is relationship|
|relationship or concerted action of|between other shareholders and whether they are persons taking concerted action specified in|
|the above shareholders|the Regulations on Disclosure of Information about Change in Shareholding of Shareholders|
||of Listed Companies.|
||Harbin Hali Industry Co., Ltd. holds 14,849,774 A shares of the Company through stock|
|Note to the top 10 common|account with credit transaction and guarantee and holds 908 A shares through ordinary stock|
|stockholders involved in margin|account. hold 14,850,682 shares of the Company's stock totally；Li Zhuo holds 9,362,409 A|
|financing & securities lending (If|shares of the Company through stock account with credit transaction and guarantee and|
|any)|holds95,981 A shares through ordinary stock account, hold9,458,390 shares of the Company's|
||stock totally.|

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement dealing in reporting period.
□ Yes√ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy–back agreement dealing in reporting period.
2.Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the report period
□ Applicable√Not applicable
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016 III. Significant Events
I. Particular about large-margin change of main accounting statement item and financial index and its reason.√ Applicable□ Not applicable
（I）Items of balance sheet as compared with the beginning of this year.
1.Monetary capital Increased by RMB 300.90 million and30.49% over the beginning of the year, mainly due to net cash inflow of RMB 275 million from operating activities, net cash inflow of RMB 85 million from investing activities and net cash outflow of RMB59 million from financing activities.
2. Dividend receivable Increased by RMB 12.38 million and100% o over the beginning of the year, Balance at the beginning of RMB 0, All are the accrued receivable dividends of Zhaoqing Yuezhao Highway Co.,Ltd. in the current period.
3. Deferred income tax assets Increased by RMB 2.2138 million and2,122.83% over the beginning of the year, The main reason for the increase is the accounting depreciation of Guangfo Expressway Co. Ltd is more than the tax depreciation, confirming the deferred tax assets.
4. Tax payable Increased by RMB 11.21 million and29.96% over the beginning of the year, The main reason for the increase is the increase in the total profits of the current period, which leads to the increase of the enterprise income tax in the current period
5. Interest payable Increased by RMB 16.66 million and75.48% over the beginning of the year, The main reason for the increase is the provision of RMB 16.97 million for the interest of the medium-term notes by the parent company.
(II) Items of Income statement as compared with the same period of the previous year
1.Operating income increased by RMB27.23 million and7.62% year on year, The main reason is that Guangfo Expressway Co., Ltd and Fokai Expressway Co., Ltd have increased their incomes of toll due to the natural increase of traffic volume.
2.Operating cost increased by RMB 18.81 million and10.88% year on year, The main reasons for the increase are due to the following combined effects of the factors: (1) the depreciation of the road assets of Guangdong Provincial Fokai Expressway Co., Ltd increased RMB 7.94 million and the depreciation of the road assets of Guangfo Expressway Co., Ltd increased RMB 3.80 million; (2) the operating costs of Guangdong Expressway Technology Investment Co., Ltd. increased RMB 5.13 million.
3.Business tax and surcharge increased by RMB0.54 million and4.24% year on year, The main reason for the increase is that the increase in operating income leads to the increase of tax.
4. Administrative expense decreased by RMB 6.97 million and18.83% year on year, Mainly due to the management strengthening and the cost-saving
5. Financial expenses decreased by RMB 23.60 million and24.63% year on year, The main reasons for the reduction are: (1) the total amount of loans of Guangdong Provincial Fokai Expressway Co., Ltd decreased RMB 400 million compared with the previous period, resulted in a corresponding reduction of interest payments; (2) the effect of the lower interest rate of the loan.
6. Investment income Increased by RMB14.81 million and16.55% year onyear，The main reason for the increase is the confirming of the increase of the investment gains on the company's share-participating companies that participated in each section of the highway compared with the previous period.
7. Non-operating income Decreased by RMB 4.04 million and82.89% year onyear，The main reason for the decline is due to Guangfo Expressway Co. Ltd received claims of RMB 3.90 million in the previous period, but
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016 none in the current period.
8. Income tax expenses increased by RMB 6.76million and27.19% year on year, The reason for the increase is the increase in total profits resulting in the increase in the income tax expense.
9. The net profit for the owners of the parent company increased by RMB 37.24 million and41.40% year on year due to the combined influence of the above factors.
(III) Notes of main items of cash flow statement
1. Cash received from absorption of investment
Mainly accounting the cash dividends gained due to the equity investments. This term increased by RMB 40.54 million and44.82% year on year The reason is the increase on the cash dividends the company received in the current period.
2. Cash paid for purchase or construction of fixed assets, intangible assets and other long-term assets
The amount of this item decreased by RMB 21.40 million and31.52% year onyear，The main reason for the reduction is that Guangdong Provincial Fokai Expressway Co.,Ltd’s payments on the FokaiExpressway’s expansion and the major engineering repair decreased compared with the previous period.
3. Cash paid for investment
The amount of this item decreased by RMB 10.43 million and100% year onyear，The main reason for the reduction is the company invested on the reverse repo bond products in the previous period, but none happened in the current period.
4. Cash paid for debt repayment decreased by RMB 150 million and100% year on year, Guangdong Provincial Fokai Expressway Co., Ltd repaid the bank loans of RMB 150 million in the previous period, but none in the current period.
II. The progress of significant events and influence, as well as the analysis and explanation on resolving proposal.√Applicable□Not applicable
The Company received the Approval of the Share-Issuing to Parties such as Guangdong Provincial Expressway Co., Ltd to Purchase Assets and Raise Matching Funds by Guangdong Provincial Expressway Co., Ltd from the CSRC. (Zheng Jian Xu ke No.230-2016), which means the scheme of theCompany’s share-issuing and paying cash to purchase assets and raise matching funds(hereinafter referred to as “the major asset restructuring”) was approved by CSRC. The company had disclosed the main contents of the approval on Feb 6, 2016.
The company disclosed the announcement on the implementation of the major asset restructuring on April 6, 2016. The status of the implementation of the major asset restructuring is as follows:
1. The transaction parties of Guangdong Provincial Expressway Development Co., Ltd and Guangdong Provincial Highway Construction Co., Ltd have been actively promoting the prerequisite procedures for assets delivery. 2. The Proposal of the Annual Profit Distribution Plan of Year 2015 was examined and approved in the
26th board meeting of thecompany’s
7th
session board of directors, of which per 10shares will gain cash dividends of RMB 1.50(Tax inclusive), and the plan still needs to be approved in the general shareholder meeting which will be convened on Apr 28, 2016.
3. According to the Related Transaction Report on Share Issuing and Paying Cash to purchase Assets and Raise Matching Funds by Guangdong Provincial Expressway Development Co., Ltd, if there are any share dividend or/and cash dividend distribution events such as dividend distribution, share-granting, capital reserve converted for increasing shares, newly issuing shares and share allotment occurred in the period commenced from the base
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016 date of issuing shares and to the final completed date of issuing shares, there shall be corresponding adjustment in the quantity and the price of the share-issuing. Hence, after the completion of the annual cash dividends distribution of year 2015, the company shall adjust the quantity and the price of the share-issuing accordingly, then carry out the implementation work of the major asset restructuring, including but not limited to the works of the asset delivery and the share-issuing related to the major asset restructuring.The company will continuously impel the implementation of the major asset restructuring and timely disclose its implementation status according to the relevant provisions.
||||
|-|-|-|
|||Description of the website for|
|Overview of material matters|Date of disclosing|disclosing provisional|
|||announcements|
|The share-trading suspensionannouncement on the deliberation byCSRC’s M&A committee for thecompany’s major asset restructuring|||
||January 8,2016|www.cninfo.com.cn|
|Announcement on the Company’sSignificant Asset Reorganization Adoptedby Mergers and Acquisitions Committee ofCSRC and Trade Resumption|||
||January 15,2016|www.cninfo.com.cn|
|Announcement on the acquirement ofCSRC’s approval for the company’s majorasset restructuring|||
||February 6,2016|www.cninfo.com.cn|
|The revise explanation on the report of therelated transaction and the issuance ofshares and paying cash to purchase theassets and raise matching funds(Revised)|||
||February 6,2016|www.cninfo.com.cn|
|The report of the related transaction andthe issuance of shares and paying cash topurchase the assets and raise matchingfunds(Revised)|||
||February 6,2016|www.cninfo.com.cn|
|Announcement on the ImplementationStatus of the Major Asset Restructuring|||
||April 6,2016|www.cninfo.com.cn|

III. Commitments finished in implementation by the Company, shareholders, actual controller, acquirer, directors, supervisors, senior executives or other related parties in the reporting period and commitments unfinished in implementation at the end of the reporting period
□ Applicable√Not applicable
During the reporting period, there is no commitment that the company, shareholders, actual controller, offeror, directors, supervisors, senior management or other related parties have fulfilled during the reporting period and
have not yet fulfilled by the end of reporting period.
IV. Anticipation of Business Performance from January to June, 2016
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
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016 same period of last year, and statement of causations.
□ Applicable√Not applicable
V. Investment in securities
√ Applicable□Not applicable
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||||Number||||||||
||||||Sharehold|Number||||||
|||||of shares|||Sharehold|Book||||
||||||ing|of shares||||||
||||Initial|held at|||ing|balance at|Gain. loss|||
||||||proportio|held at||||||
||||investm|the|||proportio|the end of|of the|||
|Security|Security|Short form|||n at the|the end of||||Accounti|Source of|
||||ent|beginning|||n at the|the|reporting|||
|category|code|of security|||beginning|the||||ng items|the shares|
||||cost(RM|of the|||end of the|reporting|period|||
||||||of the|reporting||||||
||||B)|reporting|||reporting|period|(RMB)|||
||||||reporting|period||||||
|||||period(sh|||period(%)|(RMB)||||
||||||period(%)|(shares)||||||
|||||ares)||||||||
|||||||||||Financial||
|||China||||||||||
||||517,560,|235,254,9||235,254,9||||assets|Subscribe|
|Stock|601818|Everbright|||0.50%||0.50%|||||
||||876.80|44||44||||available|on 2009|
|||Bank||||||||||
|||||||||||for sale||
||||517,560,|235,254,9||235,254,9||||||
|Total|||||--||--|||--|--|
||||876.80|44||44||||||
|Disclosure date for the notice of||||||||||||
||||July , 2009|||||||||
|approval by the Board (If any)||||||||||||
|Disclosure date for the notice of||||||||||||
|approval by shareholders’|||August 7, 2008|||||||||
|Meeting (If any)||||||||||||

VI. Investment in derivatives
□ Applicable√Not applicable
The Company had no derivatives investment in Period.
VII. Registration form of such Activities as Reception, Research, Communication, Interview in the Reporting Period
√Applicable□Not applicable
|||||
|-|-|-|-|
|Reception time|Way of reception|Types of visitors|Basic index|
||||The main contents of the research|
||||included: (1) the status of the company's|
||||daily operation; (2) the analysis of the|
||||company’s financial data; (3) the|
|March 31,2016|Onsite investigation|Organization|company's development strategy; (4) the|
||||company’s analysis on its industry.|
||||(b) The main documents for the research:|
||||regular reports and other public|
||||information of the company|

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016 VIII. External guarantee get out of line
□ Applicable√Not applicable
The Company has no external guarantee get out of the line in the Period
IX. Controlling shareholder and its related parties occupying non-business capital of the listed company□ Applicable√Not applicable
There are no controlling shareholder and its related parties occupying non-business capital of the listed company in Period
Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016 IV. Financial Statement
I. Financial statement
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|1,287,640,539.06|986,737,635.38|
|Settlement provision|||
|Outgoing call loan|||
|Financial assets measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial assets|||
|Bill receivable|||
|Account receivable|59,694,250.62|48,147,335.85|
|Prepayments|645,234.93|1,914,808.89|
|Insurance receivable|||
|Reinsurance receivable|||
|Provisions of Reinsurance contracts|||
|receivable|||
|Interest receivable|||
|Dividend receivable|12,376,405.10||
|Other account receivable|15,932,565.63|16,436,699.69|
|Repurchasing of financial assets|||
|Inventories|800,998.80|800,998.80|
|Assets held for sales|||
|Non-current asset due in 1 year|||
|Other current asset|||
|Total of current assets|1,377,089,994.14|1,054,037,478.61|
|Non-current assets：|||
|Loans and payment on other’s behalf|||
|disbursed|||
|Disposable financial asset|1,680,781,141.73|1,796,056,064.29|

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|Expired investment in possess|||
|Long-term receivable|||
|Long term share equity investment|2,596,222,384.14|2,635,251,969.72|
|Property investment|3,568,131.13|3,684,184.48|
|Fixed assets|6,439,098,029.41|6,591,106,343.61|
|Construction in progress|23,302,184.20|17,125,070.14|
|Engineering material|1,549,556.00|1,549,556.00|
|Fixed asset disposal|||
|Production physical assets|||
|Gas & petrol|||
|Intangible assets|3,582,361.33|4,099,611.48|
|R & D petrol|||
|Goodwill|||
|Long-germ expenses to be amortized|3,123,719.10|3,576,970.11|
|Deferred income tax asset|2,318,114.66|104,286.87|
|Other non-current asset|1,218,992.55|1,176,432.55|
|Total of non-current assets|10,754,764,614.25|11,053,730,489.25|
|Total of assets|12,131,854,608.39|12,107,767,967.86|
|Current liabilities|||
|Short-term loans|||
|Loan from Central Bank|||
|Deposit received and hold for others|||
|Call loan received|||
|Financial liabilities measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial liabilities|||
|Bill payable|||
|Account payable|129,364,999.39|154,217,021.14|
|Advance payment|5,307,842.88|4,709,312.20|
|Selling of repurchased financial assets|||
|Fees and commissions receivable|||
|Employees’ wage payable|3,239,224.99|3,105,804.37|
|Tax payable|48,620,525.97|37,412,104.25|
|Interest payable|38,744,054.18|22,079,344.97|

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|Dividend payable|11,679,234.33|11,681,423.74|
|Other account payable|170,493,503.03|186,766,854.50|
|Reinsurance fee payable|||
|Insurance contract provision|||
|Entrusted trading of securities|||
|Entrusted selling of securities|||
|Liabilities held for sales|||
|Non-current liability due in 1 year|1,309,080,000.00|1,309,080,000.00|
|Other current liability|||
|Total of current liability|1,716,529,384.77|1,729,051,865.17|
|Non-current liabilities：|||
|Long-term loan|4,081,760,000.00|4,081,760,000.00|
|Bond payable|||
|Including：preferred stock|||
|Sustainable debt|||
|Long-term payable|52,022,210.11|52,022,210.11|
|Long-term payable employees’s|||
|remuneration|||
|Special payable|||
|Expected liabilities|||
|Deferred income|||
||116,322,792.69|116,526,766.79|
|Deferred income tax liability|||
|Other non-current liabilities|||
|Total non-current liabilities|4,250,105,002.80|4,250,308,976.90|
||5,966,634,387.57|5,979,360,842.07|
|Total of liability|||
|Owners’ equity|||
||1,257,117,748.00|1,257,117,748.00|
|Share capital|||
|Other equity instrument|||
|Including：preferred stock|||
|Sustainable debt|||
|Capital reserves|1,534,777,775.55|1,534,772,601.74|
|Less：Shares in stock|||
|Other comprehensive income|364,645,163.20|479,920,085.76|
|Special reserves|||

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|Surplus reserves|279,797,987.31|279,797,987.31|
|Common risk provision|||
||1,786,036,918.50|1,657,681,399.78|
|Undistributed profit|||
|Total of owner’s equity belong to the|||
||5,222,375,592.56|5,209,289,822.59|
|parent company|||
|Minority shareholders’ equity|942,844,628.26|919,117,303.20|
|Total of owners’ equity|6,165,220,220.82|6,128,407,125.79|
|Total of liabilities and owners’ equity|12,131,854,608.39|12,107,767,967.86|

 Legal Representative: Zhu Zhanliang Person in charge ofaccounting：Fang Zhi Accounting Dept Leader: Liu Xiaomei 2.Parent Company Balance Sheet
In RMB
||||
|-|-|-|
|Items|At the end of term|Beginning of term|
|Current asset：|||
|Monetary fund|1,058,067,291.20|822,286,507.11|
|Financial assets measured at fair value|||
|with variations accounted into current|||
|income account|||
|Derivative financial assets|||
|Bill receivable|||
|Account receivable|||
|Prepayments|500,000.00|1,994,822.56|
|Interest receivable|128,791.66|137,958.34|
|Dividend receivable|12,376,405.10||
|Other account receivable|2,509,103.01|2,256,822.99|
|Inventories|||
|Assets held for sales|||
|Non-current asset due in 1 year|||
|Other current asset|||
|Total of current assets|1,073,581,590.97|826,676,111.00|
|Non-current assets：|||
|Disposable financial asset|1,680,781,141.73|1,796,056,064.29|
|Expired investment in possess|||
|Long-term receivable|||

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|Long term share equity investment|5,014,658,953.66|5,053,688,539.24|
|Property investment|3,315,992.88|3,432,046.23|
|Fixed assets|3,378,814.10|3,734,470.83|
|Construction in progress|||
|Engineering material|||
|Fixed asset disposal|||
|Production physical assets|||
|Gas & petrol|||
|Intangible assets|977,903.38|1,056,003.37|
|R & D petrol|||
|Goodwill|||
|Long-germ expenses to be amortized|2,836,135.37|3,261,555.68|
|Deferred income tax asset|||
|Other non-current asset|75,000,000.00|75,000,000.00|
|Total of non-current assets|6,780,948,941.12|6,936,228,679.64|
|Total of assets|7,854,530,532.09|7,762,904,790.64|
|Current liabilities|||
|Short-term loans|||
|Financial liabilities measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial liabilities|||
|Bill payable|||
|Account payable|||
|Advance payment|||
|Employees’ wage payable|1,101,461.53|1,022,391.27|
|Tax payable|4,071,066.37|4,915,239.62|
|Interest payable|34,538,315.92|17,625,272.46|
|Dividend payable|11,679,234.33|11,681,423.74|
|Other account payable|15,671,140.48|6,378,723.77|
|Classified as held for sale debt|||
|Non-current liability due in 1 year|997,000,000.00|997,000,000.00|
|Other current liability|434,353,329.87|309,154,118.44|
|Total of current liability|1,498,414,548.50|1,347,777,169.30|
|Non-current liabilities：|||

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|Long-term loan|1,500,000,000.00|1,500,000,000.00|
|Bond payable|||
|Including：preferred stock|||
|Sustainable debt|||
|Long-term payable|52,022,210.11|52,022,210.11|
|Long-term payable to employees|||
|Special payable|||
|Expected liabilities|||
|Deferred income|||
|Deferred income tax liability|||
|Other non-current liabilities|||
|Total of Non-current liabilities|1,552,022,210.11|1,552,022,210.11|
|Total of liability|3,050,436,758.61|2,899,799,379.41|
|Owners’ equity|||
|Share capital|1,257,117,748.00|1,257,117,748.00|
|Other equity instrument|||
|Including：preferred stock|||
|Sustainable debt|||
|Capital reserves|1,534,925,916.30|1,534,920,742.49|
|Less：Shares in stock|||
|Other comprehensive income|364,645,163.20|479,920,085.76|
|Special reserves|||
|Surplus reserves|279,797,987.31|279,797,987.31|
|Undistributed profit|1,367,606,958.67|1,311,348,847.67|
|Total of owners’ equity|4,804,093,773.48|4,863,105,411.23|
|Total of liabilities and owners’ equity|7,854,530,532.09|7,762,904,790.64|

 3.Consolidated Income statement
In RMB
||||
|-|-|-|
|Items|Amount in this period|Amount in last period|
|I. Income from the key business|384,703,107.66|357,469,802.88|
|Incl：Business income|384,703,107.66|357,469,802.88|
|Interest income|||
|Insurance fee earned|||

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|Fee and commission received|||
|II. Total business cost|307,231,221.67|318,457,896.36|
|Incl：Business cost|191,719,596.88|172,908,806.38|
|Interest expense|||
|Fee and commission paid|||
|Insurance discharge payment|||
|Net claim amount paid|||
|Insurance policy dividend paid|||
|Insurance policy dividend paid|||
|Reinsurance expenses|||
|Business tax and surcharge|13,214,271.44|12,676,975.39|
|Sales expense|||
|Administrative expense|30,064,936.93|37,040,337.40|
|Financial expenses|72,232,416.42|95,831,777.19|
|Asset impairment loss|||
|Add：Gains from change of fir value|||
|（“-”for loss）|||
|Investment gain（“-”for loss）|104,346,091.82|89,529,756.25|
|Incl: investment gains from affiliates|103,346,819.52|89,100,075.80|
|Gains from currency exchange（“-”for|||
|loss）|||
|III. Operational profit（“-”for loss）|181,817,977.81|128,541,662.77|
|Add ：Non-operational income|834,535.36|4,877,878.15|
|Including：Income from disposal of|||
|non-current assets|||
|Less：Non business expenses|112,564.76|292,090.94|
|Incl：Loss from disposal of non-current|||
|assets|||
|IV.Total profit(“-”for loss)|182,539,948.41|133,127,449.98|
|Less：Income tax expenses|31,625,277.63|24,865,313.61|
|V. Net profit|150,914,670.78|108,262,136.37|
|Net profit attributable to the owners of|||
||127,187,345.72|89,949,365.89|
|parent company|||
|Minority shareholders’ equity|23,727,325.06|18,312,770.48|
|VI. Other comprehensive income|-115,274,922.56|-35,288,241.60|

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|Net of profit of other comprehensive inco|||
|me attributable to owners of the parent co|-115,274,922.56|-35,288,241.60|
|mpany.|||
|（I）Other comprehensive income items|||
|that will not be reclassified into|||
|gains/losses in the subsequent accounting|||
|period|||
|1.Re-measurement of defined benefit pla|||
|ns of changes in net debt or net assets|||
|2.Other comprehensive income under the|||
|equity method investee can not be reclass|||
|ified into profit or loss.|||
|（II）|||
|Other comprehensive income that will be|-115,274,922.56|-35,288,241.60|
|reclassified into profit or loss.|||
|1.Other comprehensive income under the|||
|equity method investee can be reclassifie|||
|d into profit or loss.|||
|2.Gains and losses from changes in fair v|||
||-115,274,922.56|-35,288,241.60|
|alue available for sale financial assets|||
|3.Held-to-maturity investments reclassifi|||
|ed to gains and losses of available for sal|||
|e financial assets|||
|4.The effective portion of cash flow hedg|||
|es and losses|||
|5.Translation differences in currency fina|||
|ncial statements|||
|6.Other|||
|Net of profit of other comprehensive inco|||
|me attributable to Minority shareholders’|||
|equity|||
|VII. Total comprehensive income|35,639,748.22|72,973,894.77|
|Total comprehensive income attributable|||
||11,912,423.16|54,661,124.29|
|to the owner of the parent company|||
|Total comprehensive income|||
||23,727,325.06|18,312,770.48|
|attributable minority shareholders|||
|VIII. Earnings per share|||
|（I）Basic earnings per share|0.10|0.07|

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|(II)Diluted earnings per share|0.10|0.07|

 If there are entities merged under common control, their net profit realized before the merger were totaled toRMB***. While it wasRMB*** previous period.
Legal Representative: Zhu Zhanliang Person in charge ofaccounting：Fang Zhi Accounting Dept Leader: Liu Xiaomei 4. Income statement of the Parent Company
In RMB
||||
|-|-|-|
|Items|Amount in this period|Amount in last period|
|I. Income from the key business|2,165,724.61|5,028,239.96|
|Less：Business cost|116,053.35|116,053.35|
|Business tax and surcharge|121,280.31|306,989.04|
|Sales expense|||
|Administrative expense|13,076,357.09|20,606,795.44|
|Financial expenses|36,940,014.68|43,732,633.73|
|Asset impairment loss|||
|Add：Gains from change of fir value|||
|（“-”for loss）|||
|Investment gain（“-”for loss）|104,346,091.82|90,453,462.46|
|Incl: investment gains from affiliates|103,346,819.52|90,023,782.01|
|II. Operational profit（“-”for loss）|56,258,111.00|30,719,230.86|
|Add ：Non-operational income|||
|Including：Income from disposal|||
|of non-current assets|||
|Less：Non business expenses||7,697.44|
|Incl：Loss from disposal of|||
|non-current assets|||
|III.Total profit(“-”for loss)|56,258,111.00|30,711,533.42|
|Less：Income tax expenses|||
|IV. Net profit（“-”for net loss）|56,258,111.00|30,711,533.42|
|V.Net of profit of other comprehensive i|||
||-115,274,922.56|-35,288,241.60|
|ncome|||
|（I）Other comprehensive income|||
|items that will not be reclassified into|||
|gains/losses in the subsequent|||
|accounting period|||

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|1.Re-measurement of defined benefit pl|||
|ans of changes in net debt or net assets|||
|2.Other comprehensive income under th|||
|e equity method investee can not be recl|||
|assified into profit or loss.|||
|（ II ）|||
|Other comprehensive income that will b|-115,274,922.56|-35,288,241.60|
|e reclassified into profit or loss.|||
|1.Other comprehensive income under th|||
|e equity method investee can be reclassi|||
|fied into profit or loss.|||
|2.Gains and losses from changes in fair|||
||-115,274,922.56|-35,288,241.60|
|value available for sale financial assets|||
|3.Held-to-maturity investments reclassif|||
|ied to gains and losses of available for s|||
|ale financial assets|||
|4.The effective portion of cash flow hed|||
|ges and losses|||
|5.Translation differences in currency fin|||
|ancial statements|||
|6.Other|||
|VI. Total comprehensive income|-59,016,811.56|-4,576,708.18|
|VII. Earnings per share：|||
|（I）Basic earnings per share|0.04|0.02|
|(II)Diluted earnings per share|0.04|0.02|

 5. Consolidated Cash flow statement
In RMB
||||
|-|-|-|
|Items|Amount in this period|Amount in last period|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or|||
||371,262,765.70|317,519,096.15|
|rending 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|||

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|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 the financial assets that|||
|are measured at fair value and whose|||
|movement is counted to the current|||
|gain and loss|||
|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|||
||16,099,565.32|20,833,676.79|
|operation|||
|Sub-total of cash inflow|387,362,331.02|338,352,772.94|
|Cash paid for purchasing of|||
||12,403,004.65|16,967,355.13|
|merchandise and services|||
|Net increase of client trade and|||
|advance|||
|Net increase of savings n 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|52,008,190.07|56,500,358.92|
|Taxes paid|34,231,437.76|14,267,952.73|
|Other cash paid for business activities|13,776,325.92|9,965,765.68|
|Sub-total of cash outflow from|||
||112,418,958.40|97,701,432.46|
|business activities|||
|Cash flow generated by business|||
||274,943,372.62|240,651,340.48|
|operation, net|||
|II.Cash flow generated by investing|||

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|Cash received from investment|||
|retrieving|||
|Cash received as investment gains|130,999,272.30|90,453,685.45|
|Net cash retrieved from disposal of|||
|fixed assets, intangible assets, and|126,657.00|500.00|
|other long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other operational units|||
|Other investment-related cash received|||
|Sub-total of cash inflow due to|||
||131,125,929.30|90,454,185.45|
|investment activities|||
|Cash paid for construction of fixed|||
|assets, intangible assets and other|46,501,667.37|67,900,945.14|
|long-term assets|||
|Cash paid as investment||10,428,570.00|
|Net increase of loan against pledge|||
|Net cash received from subsidiaries|||
|and other operational units|||
|Other cash paid for investment|||
|activities|||
|Sub-total of cash outflow due to|||
||46,501,667.37|78,329,515.14|
|investment activities|||
|Net cash flow generated by investment|84,624,261.93|12,124,670.31|
|III.Cash flow generated by financing|||
|Cash received as investment|||
|Incl: Cash received as investment from|||
|minor shareholders|||
|Cash received as loans|||
|Cash received from bond placing|||
|Other financing –related ash received|5,173.81||
|Sub-total of cash inflow from financing|||
||5,173.81||
|activities|||
|Cash to repay debts||150,000,000.00|
|Cash paid as dividend, profit, or|||
||58,218,904.68|76,521,124.54|
|interests|||
|Incl: Dividend and profit paid by|||
|subsidiaries to minor shareholders|||

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|Other cash paid for financing activities|451,000.00|3,000,000.00|
|Sub-total of cash outflow due to|||
||58,669,904.68|229,521,124.54|
|financing activities|||
|Net cash flow generated by financing|-58,664,730.87|-229,521,124.54|
|IV. Influence of exchange rate|||
|alternation on cash and cash||269.98|
|equivalents|||
|V.Net increase of cash and cash|||
||300,902,903.68|23,255,156.23|
|equivalents|||
|Add: balance of cash and cash|||
||986,737,635.38|561,800,403.72|
|equivalents at the beginning of term|||
|VI ..Balance of cash and cash|||
||1,287,640,539.06|585,055,559.95|
|equivalents at the end of term|||

6. Cash Flow Statement of the Parent Company
In RMB
||||
|-|-|-|
|Items|Amount in this period|Amount in last period|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or|||
||1,048,494.68|1,852,718.34|
|rending of services|||
|Tax returned|||
|Other cash received from business|||
||137,956,058.57|843,838.72|
|operation|||
|Sub-total of cash inflow|139,004,553.25|2,696,557.06|
|Cash paid for purchasing of|||
|merchandise and services|||
|Cash paid to staffs or paid for staffs|10,038,866.36|15,423,043.56|
|Taxes paid|300,681.47|424,191.47|
|Other cash paid for business activities|2,099,374.84|12,031,758.75|
|Sub-total of cash outflow from|||
||12,438,922.67|27,878,993.78|
|business activities|||
|Cash flow generated by business|||
||126,565,630.58|-25,182,436.72|
|operation, net|||
|II.Cash flow generated by investing|||
|Cash received from investment|||
|retrieving|||
|Cash received as investment gains|130,999,272.30|90,453,685.45|

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|Net cash retrieved from disposal of|||
|fixed assets, intangible assets, and|||
|other long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other operational units|||
|Other investment-related cash received|1,074,625.01|3,129,894.45|
|Sub-total of cash inflow due to|||
||132,073,897.31|93,583,579.90|
|investment activities|||
|Cash paid for construction of fixed|||
|assets, intangible assets||229,745.41|
|and other long-term assets|||
|Cash paid as investment||10,428,570.00|
|Net cash received from subsidiaries|||
|and other operational units|||
|Other cash paid for investment|||
|activities|||
|Sub-total of cash outflow due to|||
|||10,658,315.41|
|investment activities|||
|Net cash flow generated by investment|132,073,897.31|82,925,264.49|
|III.Cash flow generated by financing|||
|Cash received as investment|||
|Cash received as loans|||
|Cash received from bond placing|||
|Other financing –related ash received|5,173.81||
|Sub-total of cash inflow from|||
||5,173.81||
|financing activities|||
|Cash to repay debts|||
|Cash paid as dividend, profit, or|||
||22,412,917.61|24,576,045.58|
|interests|||
|Other cash paid for financing activities|451,000.00|3,000,000.00|
|Sub-total of cash outflow due to|||
||22,863,917.61|27,576,045.58|
|financing activities|||
|Net cash flow generated by financing|-22,858,743.80|-27,576,045.58|
|IV. Influence of exchange rate|||
|alternation on cash and cash||269.98|
|equivalents|||
|V.Net increase of cash and cash|235,780,784.09|30,167,052.17|

Guangdong Provincial Expressway Development Co., Ltd. The First Quarterly Report 2016
||||
|-|-|-|
|equivalents|||
|Add: balance of cash and cash|||
||822,286,507.11|332,632,828.69|
|equivalents at the beginning of term|||
|VI ..Balance of cash and cash|||
||1,058,067,291.20|362,799,880.86|
|equivalents at the end of term|||

II.Auditor’ report
Is the First Quarterly Report be audited?
□ Yes√No
The First Quarterly report is not audited.