Guangdong Provincial Expressway DevelopmentCo.，Ltd.
The Third Quarterly Report 2014
October 2014
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, Compant principal , Mr. Xiao Laijiu, General manager, Mr. Yun Wujun,,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.
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
||||||||
|-|-|-|-|-|-|-|
||End of the report period||End of last year||Year-on –year change||
|Gross assets（RMB）|12,095,478,409.17||12,694,475,514.01||-4.72%||
|Net assets attributable to the|4,502,042,194.11||4,237,999,072.46||||
|shareholders of the listed company|||||6.23%||
|（RMB）|||||||
|||||Between beginning of|||
|||Year-on year||||Change from the same|
||This report period|||the year to the end of|||
|||change9%)||||period last year|
|||||the report period|||
|Operating income（RMB）|379,295,699.87|7.42%||1,068,012,591.73||8.64%|
|Net profit attributable to the|122,815,513.69|||301,008,457.71|||
|shareholders of the listed company||212.40%||||210.56%|
|（RMB）|||||||
|Net profit after deducting of|||||||
|non-recurring gain/loss|||||||
||121,167,322.13|208.00%||297,644,013.07||308.93%|
|attributable to the shareholders of|||||||
|listed company（RMB）|||||||
|Cash flow generated by business||||779,283,830.65|||
||--|--||||38.93%|
|operation, net（RMB）|||||||
|Basic earning per|0.10|||0.24|||
|||233.33%||||200.00%|
|share(RMB/Share)|||||||
|Diluted gains per|0.10|||0.24|||
|||233.33%||||200.00%|
|share(RMB/Share)(RMB/Share)|||||||
|Weighted average income/asset|||||||
||2.74%|1.81%||6.89%||4.62%|
|ratio（%）|||||||

Items and amount of non-current gains and losses
√Applicable□Not applicable
In RMB
||||
|-|-|-|
||Amount from beginning of||
|Items|the year to the end of the|Notes|
||report period||
|Non-current asset disposal gain/loss(including the|||
||-763,305.71||
|write-off part for which assets impairment provision is|||

||||
|-|-|-|
|made)|||
|Net amount of non-operating income and expense except the|||
||5,210,236.83||
|aforesaid items|||
|Less：Amount of influence of income tax|1,082,486.48||
|Total|3,364,444.64|--|

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.
(II) Total number of shareholders and shareholding of top 10 shareholders by the end of the report period
(1) Total number of common shareholders and shareholding of top 10 common shareholders by the end of the report period
In Shares
||||||||
|-|-|-|-|-|-|-|
|Total number of shareholders at the|||||||
|||84,900|||||
|end of report period|||||||
|Particular about shares held by top ten 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|40.83%|513,328,290|409,948,548|||
||||||Freezing|103,379,742|
|GuangdongExpressway Co.,Ltd|State-owned legalperson|1.56%|19,582,228|19,582,228|||
|Haerbin HaliIndustry Co., Ltd.|Domestic nonState-ownedLegal person|1.32%|16,567,054||||
|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|0.77%|9,678,994||||
|Shanxi HuitengInternationalFreight ForwardingCo., Ltd.|Domestic nonState-ownedLegal person|0.28%|3,582,289||||
|China EverbrightBank Co., Ltd. -China EverbrightCore SecuritiesInvestment Fund|Domestic nonState-ownedLegal person|0.28%|3,564,313||||
|Liu Feng|Domestic Natural|0.26%|3,303,452||||

|||||||
|-|-|-|-|-|-|
||person|||||
|Hu Maohua|Domestic Naturalperson|0.25%|3,133,868|||
|Shareholding of top 10 shareholders of unrestricted shares||||||
|||Quantity of unrestricted shares held at the end of the||Share type||
|Name of the shareholder||||||
|||reporting period||Share type|Quantity|
|Guangdong Communication GroupCo., Ltd.||103,379,742||RMB Common||
||||||103,379,742|
|||||shares||
|Haerbin Hali Industry Co., Ltd.||16,567,054||RMB Common||
||||||16,567,054|
|||||shares||
|Xinyue Co., Ltd.||13,201,086||Foreign shares||
|||||placed in||
||||||13,201,086|
|||||domestic||
|||||exchange||
|Guangdong Yuecai TrustInvestment Co., Ltd.||12,174,345||RMB Common||
||||||12,174,345|
|||||shares||
|Li Zhuo||9,678,994||RMB Common||
||||||9,678,994|
|||||shares||
|Shanxi Huiteng International FreightForwarding Co., Ltd.||3,582,289||RMB Common||
||||||3,582,289|
|||||shares||
|China Everbright Bank Co., Ltd. -China Everbright Core SecuritiesInvestment Fund||3,564,313||||
|||||RMB Common||
||||||3,564,313|
|||||shares||
|Liu Feng||3,303,452||RMB Common||
||||||3,303,452|
|||||shares||
|Hu Maohua||3,133,868||Foreign shares||
|||||placed in||
||||||3,133,868|
|||||domestic||
|||||exchange||
|Lu Weiqiang||2,900,992||Foreign shares||
|||||placed in||
||||||2,900,992|
|||||domestic||
|||||exchange||
|||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||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.||||

|||
|-|-|
|Participation of top 10 unconditional|Harbin Hali Industry Co., Ltd. holds7,586,714 A shares of the Company through stock|
||account with credit transaction and guarantee and holds 8,980,340 A shares through ordinary|
||stock account. hold16,567,054 shares of the Company's stock totally；Li Zhuo holds|
||9,635,414 A shares of the Company through stock account with credit transaction and|
|common share shareholders in||
||guarantee and holds43,580 A shares through ordinary stock account, hold 9,678,994 shares|
||of the Company's stock totally；Liu Feng holds3,294,452 A shares of the Company through|
|securities margin trading (if any)||
||stock account with credit transaction and guarantee and holds9,000A shares through|
||ordinary stock account. hold3,303,452 shares of the Company's stock totally.|

Agreed re-purchasing by theCompany‟s top 10 shareholders of common shares and top 10 shareholders of unconditional common shares in the report period
□ Yes√ No
No agreed re-purchasing is performed by theCompany‟s shareholders in the report period.
(2) Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the report period
□Applicable√ Not applicable
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 decreased by RMB 394 million and40.31% over the beginning of the year mainly due to net cash inflow of RMB 779 million from operating activities, net cash outflow of RMB 49 million from investing activities and net cash outflow of RMB 1.123 billion from financing activities.
2.Accounts payable increased by RMB 19.60 million and70.26% over the beginning of the year , mainly due to increase of toll income receivable from United Electronic Toll Center by Guangdong Fokai Expressway Co., Ltd. 3. Financial assets available for sale Increased by RMB 774 million and114.53% over the beginning of the year , The main reasons for the increase were: (1) in accordance with requirements of the new accounting standards for enterprise in 2014, our company turned the9% shares of Guangdong Guangle Expressway Co., Ltd. held by us from the accounting subject of "long-term equity investment" into the accounting subject of "salable financial assets" to calculate, increasing an amount of RMB 730 million. (2) increasing an investment of RMB 20.2067 million to the Guangdong Guangle Expressway Co., Ltd.; (3) by the end of this term, the stock fair value of China Everbright Bank Co., LTD. we held has increased RMB 26 million .
4.Deferred income tax assets decreased by RMB 45.13 million and97.11% over the beginning of the year, Due to the reversal of deferred tax assets of Guangdong Fokai Expressway Co., Ltd. in current period.
5.The short-term borrowings balance was 200 million , the beginning balance is zero, which are the new short-ter m borrowings of Fokai Expressway Co., Ltd. and Guangfo Expressway Co., Ltd. in the current period.
6.Account payables decreased by RMB 168 million and52.82% over the beginning of the year, The decrease due to the extension project of Xiebian-Sanbao Section of Fokai Expressway project has finished the checking and acceptance and has already been open to traffic. The project payment has been paid faster and the p ayable for projects currently decreased.
7. Interest payables increased by RMB 38.79 million and108.09% over the beginning of the year, mainly because the parent company made provision of RMB 50.92 million for the interest of unmatured medium term notes for the first three quarters and repaid interest of RMB 6.4 million for the corporate bonds and insurance funds for which it made provision at the beginning of year.
8. Dividend payables decreased by RMB 26.68 million and70.48% over the beginning of the year, Mainly due to Guangdong Fokai Expressway Co., Ltd. paid the dividends to minority shareholders.
9. Non-current liabilities to become due within one year decreased by RMB 450 million and52.11% over the beginning of the year due to the parent company repaid long-term loan due within one year of RMB 800 million; Guangdong Fokai Expressway Co., Ltd. increased RMB352 million long-term loans that due within one year thu s reclassified to this statement.
(II) Items of profit statement as compared with the same period of the previous year
1.Operating income increased by RMB 84.92million and8.64% 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 decreased by RMB 94.15 million and 14.5% year on year , The decrease caused by the following reasons:(1)Xiebian-Sanbao Section of Fokai Expressway project had chang
es in accounting estimates led to the depreciation expense reduced;(2)Guangfo Expressway Co., Ltd. and Guangd ong Fokai Expressway Co., Ltd. increased depreciation expense caused by traffic growth.
3.Business tax and surcharge increased by RMB2.84million and7.85% year on year, mainly due the tax increased caused by the increase of operation income.
4.Administrative expense decreased by RMB 10.37 million and8.64% year on year, The decrease due to operation cost decreased affected by company operation management improvement.
5.Asset impairment loss decreased by RMB6.65 million year on year, Due to Guangdong Expressway Technology Investment Co., Ltd. received entrusted loans RMB6 million from Beijing Gelinenze Organic Fertilizer Co., Ltd. ; (2) company received debts of RMB 0.65 million from Kunlun Se curities Co., Ltd..
6.Investment income increased by RMB 65.78million and24.67% year on year, The main reason: (1) Investment income of China Everbright Bank increased by 26 million RMB.(2) Also duo to the natural increase of traffic volume of Guangdong Guanghui Expressway, and the open to traffic of Boshen Expressway which increased the total traffic volume, the income of Guanghui Expressway Co., Ltd has been increased prominently, while the investment income was increased by RMB 37 million.
7.Non-operating income increased by RMB 6.38million and249.99% year on year, The main reasons were that Guangdong Fokai Expressway Co., Ltd. Jiujiang Bridge Branch received fund for land acquisition and demolition building and that there is an increasing both on received insurance indemnity and claim income of expressway property by Guangfo Expressway Co., Ltd.
8.Non-operating expenses increased by RMB1.69 million and123.66% year on year, The main reason was the loss due to the increased repair expenses on expressway property by Guangfo Expressway Co., Ltd.
9.Income tax expenses increased by RMB 41.29million and224.17% year on year, The reason is that the total profit increase leads to the increase of income tax expense.
10. The net profit for the owners of the parent company increased by RMB 204 million and210.56% year on year due to the combined influence of the above factors.
(III) Notes of main items of cash flow statement
1.Taxes and levies paid
This item mainly calculates the income tax, business tax and surcharge actually paid in current period. Taxes and levies paid decreased by RMB 24.41 million and31.97% year on year mainly because the income tax paid retroactively by Guangdong Fokai Expressway Co., Ltd. after final settlement in 2013 decreased year on year. 2.Other cash payment related to operating activities decreased by RMB 63.50 million and62.30% year on year mainly due to the year-on-year increase of project performance bond and bid bond repaid in current period caused by the completion and start of use of the expansion project of Xiebian-Sanbao Section of Fokai Expressway at the end of the previous year. This item mainly calculates cash outflows of current accounts, the expenses of engaging intermediaries, office expenditure, rental charges and listing fee.
3. Other cash receivable related to operating activities increased by RMB 6.20 million year on year, The main reason was that Guangdong Expressway Technology Investment Co., Ltd. withdrew back RMB 6 million entrust loans from Beijing Gelinenze Organic Fertilizer Co., Ltd.
4.Cash paid for purchase or construction of fixed assets, intangible assets and other long-term assets The amount of this item decreased by RMB 196 million and52.68% year on year, It is mainly affected by following factors: (1) project funds paid for FokaiExpressway‟s expansion and overhaul reduced by RMB 165
million year on year; (2) management expense paid for FokaiExpressway‟s expansion reduced by RMB 18 million year on year; (3) project funds for final follow-up paid by Guangfo Expressway Co., Ltd. for Yayao to Xiebiansection‟s expansion reduced by RMB 8.6 million compared with the same period of last year.
5. Cash paid for investment
The amount of this item increased by RMB 39.87 million and255.50% year on year, The main reason was : (1) parent company increased investment of RMB 20.21 million to Guangdong Guangle Expressway Co., Ltd.; (2) parent company increased investment on reverse repurchase of national debt led to cash outflow.
6. Cash received from absorption of investment decreased by RMB23.46million year on year , There is no transaction this term. Since the extension project of Xiebian-Sanbao Section of Fokai Expressway has been accomplished the project checking and acceptance, and has already been open to traffic, as well as the accomplishment of major maintenance of Guangdong Fokai Expressway Co., Ltd has not received any investment funds from other shareholders within this period.
7. The cash received from obtaining loans decreased by RMB 1.601 billion and88.41% year on year, Mainly due to the company's current borrowing reduced.
8.Cash paid for debt repayment decreased by RMB 622 million and39.46% year on year, The cash paid in current period for repayment of debt was RMB 164 million. Guangdong Fokai Expressway Co., Ltd. repaid all the bank loans. The cash repaid for debt this period was RMB 966 million, mainly including RMB 800 million paid for corporate bonds, and RMB 166 million repaid for bank loans by Guangdong Fokai Expressway Co., Ltd.
II. The progress of significant events and influence, as well as the analysis and explanation on resolving proposal.
√Applicable□Not applicable
When implementing interests distribution, the company had some odd lots that have been registered to a specified account of China Securities Depository and Clearing Co., Ltd. Shenzhen Branch (hereinafter referred to as Depository Company). To properly resolve the odd lots left over historically, according to the provisions of CSRC, the he company signed an agreement that is Listed Company Entrusts China Securities Depository and Clearing Co., Ltd. Shenzhen Branch to Sale Odd Lots with the Depository Company in July 2014 to entrust the sale of the odd lots. The sales net income was RMB 12,507.50 in September, 2014.
||||
|-|-|-|
|||Description of the website for disclosing|
|Description of provisional announcement|Date of disclosing||
|||provisional announcements|

III．The commitments of the Company and its shareholders holding over5% of theCompany‟s total shares in the report year of extending to the report year from previous year.
□ Applicable√ Not applicable
The Company and shareholders with more than5% stakes in the Company made no guarantee in the report period
or before report period but remaining effective in the report period.
IV．Prediction of Business performance for 2014.
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the warning of its material change compared with the corresponding period of the last year and explanation of reason.
□ Applicable√ Not applicable
V. Investment in Securities
□ Applicable√ Not applicable
There is no securities investment during the report period.
State of holding stocks of other PLCs
√ Applicable□ Not applicable
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|Name|Category|||||Sharehol|||||
|||||||ding|||||
||||Number of|Shareholding|Number of||||||
|||||||proporti|||||
||||shares held at|proportion at|shares held at||Book balance at||||
|||||||on at the||Gain. loss of||Sauce|
|||Initial investment|the beginning|the beginning|the end of the||the end of the||Accountin||
|||||||end of||the reporting||of the|
|||cost(RMB)|of the|of the|reporting||reporting period||g items||
|||||||the||period (RMB)||shares|
||||reporting|reporting|period||(RMB)||||
|||||||reporting|||||
||||period(shares)|period(%)|(shares)||||||
|||||||period(|||||
|||||||%)|||||
|China|Commercial|528,000,000.00|240,000,000|0.59%|235,254,944|0.58%|651,656,194.88|40,463,850.37|Financial||
|Everbright|bank||||||||||
|Bank|||||||||assets|Subscri|
|||||||||||be on|
||||||||||available||
|||||||||||2009|
||||||||||for sale;||
|Total||528,000,000.00|240,000,000|--|235,254,944|--|651,656,194.88|40,463,850.37|--|--|

 In the report period ,the Company received cash dividends of RMB 40,463,850.37 from Everbright Bank. The investment income was RMB 40,463,850.37.
VI. Derivative investment
□ Applicable√ Not applicable
There is no derivative investment during the report period.
VII. The registration form of acceptance of investigation, communication and interview in the report period for future reference
□ Applicable√ Not applicable
The Period has no research, communication and written inquiry from the investors in the report period.
VIII. The effect on consolidated financial statements following the execution of new accounting standards for enterprises
On October 29, 2014, the company held the 12th Provisional meeting of seventh board of directors, which passed the Proposal on Execution of 2014 New Accounting Standards for Enterprises and agreed that the company would begin to execute standards newly revised and issued by the Ministry of Finance from July 1, 2014.
1. The effect on consolidated financial statements following the execution of Accounting Standards for Enterprises No. 2 - Long-term Equity Investment.
In accordance with "Accounting Standards for Enterprises No. 2 - Long-term Equity Investment", to those equity investments over which our companydidn‟t have control, joint control and significant influence, and whose fair value cannot be reliably measured, our company didn't list on the long-term equity investment subject, and turned it into salable financial assets subject for accounting, and adjusted it under Retrospective Application principle. The detailed adjustment was as follows:
|||||||
|-|-|-|-|-|-|
|The unit to be invested|Basic tradeinformation|Shareholders'equity attributesto the shareholdersof the parentcompany on Jan. 1,2013( + / -|December 31, 2013|||
||||Long-termEquityInvestment(+/-)|Financial assetsavailable for sale;(+/-)|ShareholdersEquity attributes to theshareholdersof the parentcompany (+/-)|
|Guangdong BroadcastTelevision NetworkInvestment No. 1Limited Partnership|The companyholds its 3.11%shares|0|-50,000,000.00|50,000,000.00|0|
|Huazheng AssetManagerment Co., Ltd.|The companyholds its 0.54shares|0|-226,800|226,800|0|
|Total|--|0|-50,226,800.00|50,226,800.00|0|

 The execution of accounting standards above only affected the “salable financial assets” subject and “long-term equity investment” subject on amounts, and didn't have effect on our company's total assets, total debt,
net assets and net profits both in 2013 and this period.
2. The effect on consolidated financial statements following the execution of Accounting Standards for
Enterprises No. 30 - Presentation of Financial Statement.
In accordance with the regulations of “Accounting Standards for Enterprises No. 30 - Presentation of Financial Statement”, compared with the old version before revise, new presentation of financialstatement‟s balance sheet had some changes: (1) “trading financial assets” and “trading financial liabilities” have been changed to “financial assets measured by fair value and reckoned in current profit and loss” and “financial liabilities measured by fair value and reckoned in current profit and loss”; (2) increasing “other comprehensive income” subject on owner's equity, in accordance with the accounting standards above, the company have adjusted it under Retrospective Application principle. The detailed adjustment was as follows:
||||
|-|-|-|
|Adjusted content|Projects affected instatement|Amount affected (Yuan|
|||December 31, 2013|
|Reclassified salable financial assets fair valuechanges into “other comprehensive income”subject from the original “capital reserve|Other comprehensiveincome|108,217,274.24|
||Capital reserve|-108,217,274.24|

The execution of accounting standards above only affected the “other comprehensive income” subject and “capital reserve” subject on amounts, and didn't have effect on our company's total assets, total debt, net assets and net profits both in 2013 and this period.
3. related effect following the execution of "Accounting Standards for Enterprises No. 9 - Wages and Salaries of Employees", "Accounting Standards for Enterprises No. 33 - Consolidated Financial Statements", "Accounting Standards for Enterprises No. 37 - Presentation of Financial Instruments ", "Accounting Standards for Enterprises No. 39 - Fair Value of Measurement", "Accounting Standards for Enterprises No. 40 - Joint Venture Arrangement", "Accounting Standards for Enterprises No. 41 - Disclosure of Interests in Other Entities".
The related businesses and events in financial statement both in 2013 and this period about “Wages and Salaries of Employees”, “Consolidated Financial Statements", Presentation of Financial Instruments, “Fair Value of Measurement", “Joint Venture Arrangement", and “Disclosure of Interests in Other Entities" would not have significant effect on our company's accounting project amounts in financial statement both in 2013 and this period.
IV Financial statements
1. Financial statements
1. Consolidated Balance sheet
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|Year-end balance|Year-beginning balance|
|Current asset：|||
|Monetary fund|582,876,524.85|976,468,685.82|
|Settlement provision|||
|Outgoing call loan|||
|Financial assets measured at fair value|||
|with variations accounted into current|||
|income account|||
|Bill receivable|||
|Account receivable|47,500,213.97|27,898,415.37|
|Prepayments|2,416,813.36|2,921,945.75|
|Insurance receivable|||
|Reinsurance receivable|||
|Provisions of Reinsurance contracts|||
|receivable|||
|Interest receivable||12,444.44|
|Dividend receivable|16,290,318.11|16,648,284.74|
|Other account receivable|19,764,021.20|27,827,811.48|
|Repurchasing of financial assets|||
|Inventories|||
|Assets held for sales|||
|Non-current asset due in 1 year|||
|Other current asset|40,101,928.00|5,001,000.00|
|Total of current assets|708,949,819.49|1,056,778,587.60|
|Non-current assets：|||
|Loans and payment on other‟s behalf|||
|disbursed|||

||||
|-|-|-|
|Disposable financial asset|1,450,231,296.61|676,004,951.04|
|Expired investment in possess|||
|Long-term receivable|||
|Long term share equity investment|2,619,744,111.77|3,191,410,684.40|
|Property investment|4,264,451.23|4,612,611.28|
|Fixed assets|7,299,890,088.05|7,696,941,214.30|
|Construction in progress|1,549,556.00|8,332,139.39|
|Engineering material|||
|Fixed asset disposal|||
|Production physical assets|||
|Gas & petrol|||
|Intangible assets|4,060,258.96|5,326,522.51|
|R & D petrol|||
|Goodwill|||
|Long-germ expenses to be amortized|5,446,061.33|8,596,068.39|
|Differed income tax asset|1,342,765.73|46,472,735.10|
|Other non-current asset|||
|Total of non-current assets|11,386,528,589.68|11,637,696,926.41|
|Total of assets|12,095,478,409.17|12,694,475,514.01|
|Current liabilities|||
|Short-term loans|200,000,000.00||
|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|||
|Bill payable|||
|Account payable|149,928,067.90|317,797,859.76|
|Advance payment|5,061,837.86|4,405,334.64|
|Selling of repurchased financial assets|||
|Fees and commissions receivable|||
|Employees‟ wage payable|3,096,366.16|2,378,720.62|
|Tax payable|13,531,013.50|11,713,374.15|
|Interest payable|74,679,901.96|35,887,681.26|

||||
|-|-|-|
|Dividend payable|11,177,263.36|37,860,468.95|
|Other account payable|255,996,763.18|255,719,356.70|
|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|410,800,000.00|857,757,334.35|
|Other current liability|||
|Total of current liability|1,124,271,213.92|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|125,153,688.49|125,427,487.64|
|Other non-current liabilities|||
|Differed income|5,610,095,898.60|6,118,210,947.75|
|Total of liability|6,734,367,112.52|7,641,731,078.18|
|Owners‟ equity|||
|Share capital|1,257,117,748.00|1,257,117,748.00|
|Capital reserves|1,534,771,223.07|1,534,758,715.57|
|Less：Shares in stock|||
|Special reserves|||
|Other Comprehensive income|134,095,318.08|108,217,274.24|
|Surplus reserves|233,750,778.75|233,750,778.75|
|Common risk provision|||
|Undistributed profit|1,342,307,126.21|1,104,154,555.90|
|Different of foreign currency translation|||
|Total of owner‟s equity belong to the|||
||4,502,042,194.11|4,237,999,072.46|
|parent company|||
|Minority shareholders‟ equity|859,069,102.54|814,745,363.37|
|Total of owners‟ equity|5,361,111,296.65|5,052,744,435.83|

||||
|-|-|-|
|Total of liabilities and owners‟ equity|12,095,478,409.17|12,694,475,514.01|

 2. Balance sheet of the Parent Company
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|Year-end balance|Year-beginning balance|
|Current asset：|||
|Monetary fund|323,909,929.95|782,174,175.59|
|Financial assets measured at fair value|||
|with variations accounted into current|||
|income account|||
|Bill receivable|||
|Account receivable|||
|Prepayments|2,628,580.00|1,378,580.00|
|Interest receivable|353,638.90|1,294,211.12|
|Dividend receivable|16,290,318.11|90,422,700.78|
|Other account receivable|2,767,896.54|2,896,626.91|
|Inventories|||
|Assets held for sales|||
|Non-current asset due in 1 year|||
|Other current asset|220,101,928.00|680,001,000.00|
|Total of current assets|566,052,291.50|1,558,167,294.40|
|Non-current assets：|||
|Disposable financial asset|1,450,231,296.61|676,004,951.04|
|Expired investment in possess|||
|Long-term receivable|||
|Long term share equity investment|5,022,005,360.12|5,592,037,837.88|
|Property investment|4,012,312.98|4,360,473.03|
|Fixed assets|5,966,776.16|7,732,964.17|
|Construction in progress|||
|Engineering material|||
|Fixed asset disposal|||
|Production physical assets|||

||||
|-|-|-|
|Gas & petrol|||
|Intangible assets|848,333.36|915,666.67|
|R & D petrol|||
|Goodwill|||
|Long-germ expenses to be amortized|5,380,495.06|5,956,652.35|
|Differed income tax asset|||
|Other non-current asset|30,000,000.00|30,000,000.00|
|Total of non-current assets|6,518,444,574.29|6,317,008,545.14|
|Total of assets|7,084,496,865.79|7,875,175,839.54|
|Current liabilities|||
|Short-term loans|||
|Financial liabilities measured at fair|||
|value with variations accounted into|||
|current income account|||
|Bill payable|||
|Account payable|||
|Advance payment|||
|Employees‟ wage payable|405,591.93|546,839.09|
|Tax payable|902,675.42|2,335,313.62|
|Interest payable|68,554,444.33|29,235,694.35|
|Dividend payable|11,177,263.36|11,013,452.27|
|Other account payable|3,741,568.95|6,652,222.81|
|Liabilities held for sales|||
|Non-current liability due in 1 year||798,713,584.35|
|Other current liability|151,917,007.78|308,172,232.80|
|Total of current liability|236,698,551.77|1,156,669,339.29|
|Non-current liabilities：|||
|Long-term loan|1,500,000,000.00|1,500,000,000.00|
|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|||
|Other non-current liabilities|||
|Total of Non-current liabilities|2,499,022,210.11|2,499,022,210.11|

||||
|-|-|-|
|Total of liability|2,735,720,761.88|3,655,691,549.40|
|Owners‟ equity|||
|Share capital|1,257,117,748.00|1,257,117,748.00|
|Capital reserves|1,534,919,363.82|1,534,906,856.32|
|Less：Shares in stock|||
|Special reserves|||
|Other comprehensive income|134,095,318.08|108,217,274.24|
|Surplus reserves|233,750,778.75|233,750,778.75|
|Commonly risk Reserves|||
|Undistributed profit|1,188,892,895.26|1,085,491,632.83|
|Different of foreign currency translation|||
|Total of owners‟ equity|4,348,776,103.91|4,219,484,290.14|
|Total of liabilities and owners‟ equity|7,084,496,865.79|7,875,175,839.54|

 3.Consolidated Profit statement of the report period
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Item|Report period|Same period of the previous year|
|I. Income from the key business|379,295,699.87|353,108,286.14|
|Incl：Business income|379,295,699.87|353,108,286.14|
|Interest income|||
|Insurance fee earned|||
|Fee and commission received|||
|II. Total business cost|326,495,624.47|404,491,331.64|
|Incl：Business cost|185,416,659.01|245,743,464.82|
|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|13,795,642.79|13,274,403.49|

||||
|-|-|-|
|Sales expense|||
|Administrative expense|33,128,649.76|38,664,987.70|
|Financial expenses|98,806,684.91|106,808,475.63|
|Asset impairment loss|-4,652,012.00||
|Add：Gains from change of fir value|||
|（“-”for loss）|||
|Investment gain（“-”for loss）|110,733,180.57|95,608,846.19|
|Incl: investment gains from affiliates|108,609,680.44|92,079,584.54|
|Gains from currency exchange|||
|（“-”for loss）|||
|III. Operational profit（“-”for loss|163,533,255.97|44,225,800.69|
|Add：Non-business income|7,534,596.02|957,993.95|
|Less：Non business expenses|652,997.37|1,001,962.79|
|Incl：Loss from disposal of non-current|||
||322,282.93|256,560.45|
|assets|||
|IV.Total profit(“-”for loss)|170,414,854.62|44,181,831.85|
|Less：Income tax expenses|28,021,638.83|2,826,351.66|
|V. Net profit（“-”for net loss|142,393,215.79|41,355,480.19|
|Including: Net profit realized by the|||
|entity taken over before the takeover|||
|Net profit attributable to the owners of|||
||122,815,513.69|39,313,953.56|
|parent company|||
|Minority shareholders‟ equity|19,577,702.10|2,041,526.63|
|VI. Earnings per share：|--|--|
|（I）Basic earnings per share|0.10|0.03|
|(II)Diluted earnings per share|0.10|0.03|
|VII. Other comprehensive income|54,108,637.12|-12,684,286.40|
|Including: other comprehensive income|||
|items that will not be reclassified into|||
|gains/losses in the subsequent|||
|accounting period|||
|Other comprehensive incomes that can|||
|be reclassified into gains/losses in the|||
||54,108,637.12|-12,684,286.40|
|subsequent accounting period when|||
|certain conditions are satisfied|||
|VIII. Total comprehensive income|196,501,852.91|28,671,193.79|
|Total comprehensive income|176,924,150.81|26,629,667.16|

||||
|-|-|-|
|attributable to the owner of the parent|||
|company|||
|Total comprehensive income|||
||19,577,702.10|2,041,526.63|
|attributable minority shareholders|||

4. Profit statement of the Parent Company of the Report period
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Income from the key business|9,686,612.19|11,595,801.39|
|Incl：Business cost|116,053.35|116,053.35|
|Business tax and surcharge|673,958.94|848,936.98|
|Sales expense|||
|Administrative expense|15,037,661.98|20,782,113.53|
|Financial expenses|44,516,135.24|50,780,835.26|
|Asset impairment loss|-445,529.50||
|Add：Gains from change of fir value|||
|（“-”for loss）|||
|Investment gain（“-”for loss）|111,567,427.59|95,608,846.19|
|Incl: investment gains from affiliates|109,443,927.46|92,079,584.54|
|II. Operational profit（“-”for loss|61,355,759.77|34,676,708.46|
|Add：Non-business income|||
|Less：Non business expenses||2,034.06|
|Incl：Loss from disposal of non-current|||
|assets|||
|III.Total profit(“-”for loss)|61,355,759.77|34,674,674.40|
|Less：Income tax expenses|||
|IV. Net profit（“-”for net loss）|61,355,759.77|34,674,674.40|
|V. Earnings per share：|--|--|
|（I）Basic earnings per share|0.05|0.03|
|(II)Diluted earnings per share|0.05|0.03|
|VI. Other comprehensive income|54,108,637.12|-12,684,286.40|
|Including: other comprehensive income|||
|items that will not be reclassified into|||
|gains/losses in the subsequent|||

||||
|-|-|-|
|accounting period|||
|Other comprehensive incomes that can|||
|be reclassified into gains/losses in the|||
||54,108,637.12|-12,684,286.40|
|subsequent accounting period when|||
|certain conditions are satisfied|||
|VII. Total comprehensive income|115,464,396.89|21,990,388.00|

 5. Consolidated Profit statement between the beginning of the year and end of the report period
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Total operating income|1,068,012,591.73|983,083,874.32|
|Including：Operating income|1,068,012,591.73|983,083,874.32|
|Interest income|||
|Insurance gained|||
|Commission charge and commission|||
|income|||
|II. Total operating cost|1,001,280,543.70|1,127,145,870.64|
|Including：Operating cost|555,031,258.74|649,179,025.46|
|Interest expense|||
|Commission chare and commission|||
|expense|||
|Cash surrender value|||
|Net amount of expense of|||
|compensation|||
|Net amount of withdrawal of|||
|insurance contract reserve|||
|Bonus expense of guarantee slip|||
|Reinsurance expense|||
|Operating tax and extras|39,079,446.60|36,235,040.26|
|Sales expenses|||
|Administration expenses|109,605,183.61|119,971,267.17|
|Financial expenses|304,216,666.75|321,760,537.75|
|Losses of devaluation of assets|-6,652,012.00||
|Add ：Changing income of fair value|||

||||
|-|-|-|
|Investment income|332,424,328.11|266,645,729.15|
|Including：Investment income on|||
||287,765,347.21|249,196,467.50|
|affiliate company and joint venture|||
|Exchange income|||
|III. Operating profit|399,156,376.14|122,583,732.83|
|Add ：Non-operating income|8,939,035.01|2,554,061.39|
|Less：Non-operating expense|3,048,788.58|1,363,107.00|
|Including :Disposal loss of non-current|||
||897,231.34|493,846.92|
|assets|||
|IV. Total profit|405,046,622.57|123,774,687.22|
|Less：Income tax|59,714,425.69|18,420,682.26|
|V. Net profit（“-”for net loss|345,332,196.88|105,354,004.96|
|Including: Net profit realized by the|||
|entity taken over before the takeover|||
|Net profit attributable to the owners of|||
||301,008,457.71|96,925,851.09|
|parent company|||
|Minority shareholders‟ equity|44,323,739.17|8,428,153.87|
|VI. Earnings per share：|--|--|
|（I）Basic earnings per share|0.24|0.08|
|(II)Diluted earnings per share|0.24|0.08|
|VII. Other comprehensive income|25,878,043.84|-51,084,286.40|
|Including: other comprehensive income|||
|items that will not be reclassified into|||
|gains/losses in the subsequent|||
|accounting period|||
|Other comprehensive incomes that can|||
|be reclassified into gains/losses in the|||
||25,878,043.84|-51,084,286.40|
|subsequent accounting period when|||
|certain conditions are satisfied|||
|VIII. Total comprehensive income|371,210,240.72|54,269,718.56|
|Total comprehensive income|||
|attributable to the owner of the parent|326,886,501.55|45,841,564.69|
|company|||
|Total comprehensive income|||
||44,323,739.17|8,428,153.87|
|attributable minority shareholders|||

6.Profit Statement of the Parent Between the Beginning of the Year and End of the Report Period
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Business income|32,593,937.68|21,716,152.52|
|Less：Business cost|348,160.05|348,160.05|
|Business tax and surcharge|1,987,092.45|1,423,740.58|
|Sales expense|||
|Administrative expense|53,733,131.36|66,291,624.42|
|Financial expenses|144,458,131.07|144,825,129.76|
|Asset impairment loss|-445,529.50||
|Add：Gains from change of fir value|||
|（“-”for loss）|||
|Investment gain（“-”for loss）|334,058,422.98|266,645,729.15|
|Incl: investment gains from affiliates|289,399,442.08|249,196,467.50|
|II. Operational profit|166,571,375.23|75,473,226.86|
|Add：Non-business income|37,574.60||
|Less：Non business expenses|351,800.00|208,764.44|
|Incl：Loss from disposal of non-current|||
||351,800.00|206,432.52|
|assets|||
|III.Total profit|166,257,149.83|75,264,462.42|
|Less：Income tax expenses|||
|IV. Net profit|166,257,149.83|75,264,462.42|
|V. Earnings per share|--|--|
|（I）Basic earnings per share|0.13|0.06|
|(II)Diluted earnings per share|0.13|0.06|
|VI. Other comprehensive income|25,878,043.84|-51,084,286.40|
|Including: other comprehensive income|||
|items that will not be reclassified into|||
|gains/losses in the subsequent|||
|accounting period|||
|Other comprehensive incomes that can|||
|be reclassified into gains/losses in the|||
||25,878,043.84|-51,084,286.40|
|subsequent accounting period when|||
|certain conditions are satisfied|||

||||
|-|-|-|
|VII. Total comprehensive income|192,135,193.67|24,180,176.02|

 7. Consolidated Cash Flow Statement Between the Beginning of the Year and End of the Report Period
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or|||
||1,044,010,246.63|940,248,482.10|
|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|||
|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|||
||46,813,759.63|36,788,855.13|
|operation|||
|Sub-total of cash inflow|1,090,824,006.26|977,037,337.23|
|Cash paid for purchasing of|||
||70,898,491.83|90,396,673.81|
|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|150,265,845.05|147,425,834.16|
|Taxes paid|51,948,805.43|76,361,635.98|
|Other cash paid for business activities|38,427,033.30|101,931,441.70|
|Sub-total of cash outflow from business|||
||311,540,175.61|416,115,585.65|
|activities|||
|Cash flow generated by business|||
||779,283,830.65|560,921,751.58|
|operation, net|||
|II.Cash flow generated by investing|||
|Cash received from investment|||
|||10,439,123.20|
|retrieving|||
|Cash received as investment gains|176,468,124.64|159,261,804.31|
|Net cash retrieved from disposal of|||
|fixed assets, intangible assets, and other|71,580.00|120,631.00|
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other operational units|||
|Other investment-related cash received|6,206,482.50||
|Sub-total of cash inflow due to|||
||182,746,187.14|169,821,558.51|
|investment activities|||
|Cash paid for construction of|||
|fixed assets, intangible assets|176,392,346.03|372,735,781.02|
|and other long-term assets|||
|Cash paid as investment|55,468,487.00|15,603,078.00|
|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|||
||231,860,833.03|388,338,859.02|
|investment activities|||
|Net cash flow generated by investment|-49,114,645.89|-218,517,300.51|
|III.Cash flow generated by financing|||
|Cash received as investment||23,462,100.00|

||||
|-|-|-|
|Incl: Cash received as investment from|||
|minor shareholders|||
|Cash received as loans|210,000,000.00|1,811,300,000.00|
|Cash received from bond placing|||
|Other financing –related ash received|12,507.50||
|Sub-total of cash inflow from financing|||
||210,012,507.50|1,834,762,100.00|
|activities|||
|Cash to repay debts|966,085,000.00|1,587,930,000.00|
|Cash paid as dividend, profit, or|||
||364,411,187.68|346,857,038.20|
|interests|||
|Incl: Dividend and profit paid by|||
|subsidiaries to minor shareholders|||
|Other cash paid for financing activities|3,000,000.00|3,000,000.00|
|Sub-total of cash outflow due to|||
||1,333,496,187.68|1,937,787,038.20|
|financing activities|||
|Net cash flow generated by financing|-1,123,483,680.18|-103,024,938.20|
|IV. Influence of exchange rate|||
||-277,665.55|236,514.22|
|alternation on cash and cash equivalents|||
|V.Net increase of cash and cash|||
||-393,592,160.97|239,616,027.09|
|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|||
||582,876,524.85|1,038,101,347.58|
|equivalents at the end of term|||

8. Cash Flow Statement of the Parent Between the Beginning of the Year and End of the Report Period
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or|||
||4,683,552.03|3,941,760.47|
|rending of services|||
|Tax returned|||
|Other cash received from business|||
||17,356,133.66|147,152,851.64|
|operation|||

||||
|-|-|-|
|Sub-total of cash inflow|22,039,685.69|151,094,612.11|
|Cash paid for purchasing of|||
|merchandise and services|||
|Cash paid to staffs or paid for|||
||33,221,950.20|36,404,755.08|
|staffs|||
|Taxes paid|2,594,082.67|1,150,303.40|
|Other cash paid for business activities|180,025,387.81|33,708,129.85|
|Sub-total of cash outflow from business|||
||215,841,420.68|71,263,188.33|
|activities|||
|Cash flow generated by business|||
||-193,801,734.99|79,831,423.78|
|operation, net|||
|II.Cash flow generated by investing|||
|Cash received from investment|||
|||10,439,123.20|
|retrieving|||
|Cash received as investment gains|250,242,540.68|159,261,804.31|
|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|1,028,695,643.07|16,480,288.90|
|Sub-total of cash inflow due to|||
||1,278,942,683.75|186,194,216.41|
|investment activities|||
|Cash paid for construction of|||
|fixed assets, intangible assets|1,403,580.63|3,720,425.06|
|and other long-term assets|||
|Cash paid as investment|55,468,487.00|116,781,078.00|
|Net cash received from subsidiaries and|||
|other operational units|||
|Other cash paid for investment|||
||505,000,000.00|680,000,000.00|
|activities|||
|Sub-total of cash outflow due to|||
||561,872,067.63|800,501,503.06|
|investment activities|||
|Net cash flow generated by investment|717,070,616.12|-614,307,286.65|
|III.Cash flow generated by financing|||
|Cash received as investment|||
|Cash received as loans|||

||||
|-|-|-|
|Cash received from bond placing||750,000,000.00|
|Other financing –related ash received|12,507.50||
|Sub-total of cash inflow from|||
||12,507.50|750,000,000.00|
|financing activities|||
|Cash to repay debts|800,000,000.00||
|Cash paid as dividend, profit, or|||
||178,267,968.72|165,353,973.38|
|interests|||
|Other cash paid for financing activities|3,000,000.00|3,000,000.00|
|Sub-total of cash outflow due to|||
||981,267,968.72|168,353,973.38|
|financing activities|||
|Net cash flow generated by financing|-981,255,461.22|581,646,026.62|
|IV. Influence of exchange rate|||
||-277,665.55|236,514.22|
|alternation on cash and cash equivalents|||
|V.Net increase of cash and cash|||
||-458,264,245.64|47,406,677.97|
|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|||
||323,909,929.95|672,676,894.36|
|equivalents at the end of term|||

II.Auditor„s report
Whether the Q3 report is audited
□ Yes√ No
The Q3 Report is not audited.