2010 Interim Report
ZHEJIANG EXPRESSWAY CO., LTD.
2010 Interim Report
Leveraging Opportunities, Pursuing Growth
2010 will be a complicated year for China's economy. Given a slowdown on
economic growth in the second half, we expect that the Group will be affected
in respect of its expressway traffic volume, service areas operation and
capital market performance. Faced with the not-so-optimistic situation, the
management of the Company will continue to build up its core expressway
business while actively seeking and cultivating new business opportunities and
new sources of profit growth. It will strive unremittingly to contribute to the
Company's sustainable development and bring forth satisfactory results for
shareholders.
Contents
2010 Interim Results 2
Business Review 3
Financial Analysis 7
Outlook 10
Disclosure of Interests and Other Matters 11
Condensed Consolidated Statement of Comprehensive Income (Unaudited) 14
Condensed Consolidated Statement of Financial Position 15
Condensed Consolidated Statement of Changes in Equity (Unaudited) 17
Condensed Consolidated Cash Flow Statement (Unaudited) 18
Notes to Condensed Consolidated Financial Statements 19
Appendices
Corporate Information 28
Corporate Structure of the Group 30
Financial Highlights 31
Location Map of Expressways in Zhejiang Province 32
2010 Interim Results
The directors (the "Directors") of Zhejiang Expressway Co., Ltd. (the
"Company") announced the unaudited consolidated operating results of the
Company and its subsidiaries (collectively the "Group") for the six months
ended June 30, 2010 (the "Period"), with the basis of preparation as stated in
note 1 to the condensed consolidated financial statements set out below.
During the Period, revenue for the Group was Rmb3,130.90 million, representing
an increase of 13.1% over the same period in 2009. Profit for the Period
attributable to owners of the Company was Rmb855.61 million, representing an
increase of 10.8% year-on-year. Earnings per share for the Period was Rmb19.70
cents, representing an increase of 10.8% over the same period in 2009.
The Directors have recommended to pay an interim dividend of Rmb6 cents per
share, subject to shareholders' approval at the extraordinary general meeting
of the Company expected to be held on October 18, 2010.
The interim report has not been audited or reviewed by the auditors but has
been reviewed by the audit committee of the Company.
Business Review
Affected by the relatively high comparison basis for the same period in 2009
and the State's macro-economic control measures, the growth pace of China's
economy has slowed during the second quarter of the year. However, the economy
as a whole kept a sound developing trend in the first half of 2010, with the
national GDP increasing by 11.1% as compared to the same period last year.
Although the growth pace of the economy of Zhejiang Province also slowed in the
second quarter during the Period, the province did keep a positive recovery
trend with continuous optimization of its whole economic structure. GDP of
Zhejiang Province recorded a year-on-year growth of 13% in the first half of
2010.
Benefiting from a sound development momentum of the domestic economy and an
increase in automobile sales, traffic volume and toll income on the Group's
expressways maintained a satisfactory growth during the first half of the year.
Therefore, during the Period, income for the Group recorded a rise of 13.0%
compared to the same period last year to Rmb3,227.49 million, of which
Rmb1,739.65 million, or 53.9% of total income, was generated from the two major
expressways owned and operated by the Group. Rmb799.39 million was generated
from toll road-related businesses, which accounted for 24.8% of the total
income. Affected by a sharp decline of China's stock market during the Period,
income from the securities business dropped slightly compared to the same
period last year to Rmb688.45 million, accounting for 21.3% of the total
income.
During the Period, toll income from toll road operations increased by 11.6%
over the same period in 2009, while income from toll road-related businesses
increased by 36.1%. A breakdown of the Group's income for the Period is set out
below:
For the six months ended June 30,
2010 2009
Rmb'000 Rmb'000 % Change
Toll income
Shanghai-Hangzhou-Ningbo
Expressway 1,361,787 1,178,291 15.6%
Shangsan Expressway 377,864 380,650 -0.7%
Other income
Service areas 758,195 545,883 38.9%
Advertising 41,166 40,094 2.7%
Securities business 688,445 710,811 -3.1%
Others 33 1,389 -97.6%
Subtotal 3,227,490 2,857,118 13.0%
Less: Revenue taxes (96,588) (88,263) 9.4%
Revenue 3,130,902 2,768,855 13.1%
Business Review
TOLL ROAD OPERATIONS
During the Period, benefiting from the effective macro-economic control
measures, China's economy developed positively toward the expected goal.
Domestic demand stimulated domestic automobile sales to increase substantially.
At the same time, the widening project of the Shanghai Section of the
Shanghai-Hangzhou Expressway was completed in early 2010, and together with the
implementation of the toll-by-weight policy, the natural growth of traffic
volume on the Group's expressways during the Period was quite significant, with
the growth rate of toll income being much steeper than that of traffic volume.
On January 1, 2010, construction on the Shanghai Section of the
Shanghai-Hangzhou Expressway was completed. Through a series of promotion by the
Company, traffic volume on the Group's Shanghai-Hangzhou Expressway resumed in
no time to the same level as that before the construction. At the same time, the
toll-by-weight policy implemented in mid-April 2010 brought about a notable
increase in toll income for the road section. From the first half's operation
figures, we are happy to witness that both traffic volume and toll income
recorded double-digit increases for the ShanghaiHangzhou-Ningbo Expressway.
Despite the advantages brought to the Group's Shangsan Expressway by both sound
macro-economic growth and the implementation of the toll-by-weight policy in the
first half of the year, the launch of the dual path identification system in
mid-October 2009 has offset the traffic volume increase on the Shangsan
Expressway, resulting in a slight drop in traffic volume and toll income for the
road section during the Period.
The average daily traffic volume in full-trip equivalents along the Group's
Shanghai-Hangzhou-Ningbo Expressway was 37,933 during the Period, representing
an increase of 12.4% year-on-year. The average daily traffic volume in full-trip
equivalents along the Shanghai-Hangzhou Section of the Shanghai-Hangzhou-Ningbo
Expressway increased by 17.2% year-on-year, and that along the Hangzhou-Ningbo
Section increased by 9.2% year-on-year. The average daily traffic volume in
full-trip equivalents along the Shangsan Expressway was 18,844 during the
Period, representing a decrease of 1.4% year-on-year.
Toll income from the Shanghai-Hangzhou-Ningbo Expressway amounted to Rmb1,361.79
million during the Period, representing an increase of 15.6% year-on-year; while
toll income from the Shangsan Expressway amounted to Rmb377.86 million during
the Period, representing a decrease of 0.7% year-on-year.
TOLL ROAD-RELATED BUSINESSES
The Company also operates certain toll road-related businesses along its
expressways through its subsidiaries and associated companies, including gas
stations, restaurants and shops in service areas, as well as roadside
advertising and vehicle service businesses.
During the Period, with a steady recovery of the domestic economy, traffic
volume along the Group's expressways increased significantly. The opening of
Shanghai Expo also lifted traffic volume and thus enhanced income for the
service areas. Meanwhile, both sales and prices of petroleum products increased
substantially, which has in turn boosted the income of the gas station
operation. Consequently, income of toll road-related businesses of the Group
amounted to Rmb806.48 million during the Period, an increase of 35.6%
year-on-year.
SECURITIES BUSINESS
During the Period, the macro-economy was under structural adjustments, leading
to a sharp drop of Shanghai and Shenzhen stock market indices and a decrease in
market trading volume. Competition in the brokerage market became intensified,
resulting in a reduction on average commission rates. Despite the severe
external environment, Zheshang Securities Co., Ltd. ("Zheshang Securities")
continued to maintain a smooth operation through active business developments.
The market share of its brokerage business continued to be enhanced, as well as
its number of clients. In the meantime, Zheshang Securities achieved growth on
investment banking, asset management and futures businesses, which to some
extent offset the impact on Zheshang Securities caused by intense market
competition and share index drop.
During the Period, the offering scale of Zheshang Securities' first accumulated
asset management plan, "Zheshang Huijin No.1", reached Rmb2.3 billion, boosting
the total scale of the asset management business to exceed Rmb3.0 billion.
Zheshang Securities set up five new branches in coastal provinces and cities
like Fujian and Guangdong, and the number of operating offices was expanded to
46, thereby further enhancing its network deployment.
During the Period, the securities business realized an operating income of
Rmb688.45 million, representing a decrease of 3.2% year-on-year. Of such income,
brokerage commission income amounted to Rmb590.94 million, representing a
year-on-year decrease of 9.3%; and bank interest income amounted to Rmb97.51
million, representing a year-on-year increase of 64.1%. Apart from these, the
proprietary securities trading business recorded a profit of Rmb51.61 million as
accounted for in the income statement (2009 Interim: Rmb27.20 million).
LONG-TERM INVESTMENTS
Zhejiang Expressway Petroleum Development Co., Ltd. (a 50% owned associate of
the Company) ("Petroleum Co") benefited from a recovery of the macro-economy and
an increase in petroleum products prices during the Period. It recorded a
substantial increase in sales of petroleum products and a revenue of Rmb1,599.90
million, a 37.4% increase year-on-year. In the Period, Petroleum Co achieved a
net profit of Rmb11.52 million.
Zhejiang Jinhua Yongjin Expressway Co., Ltd. (a 23.45% owned associate of the
Company) ("Jinhua Co") operates the 69.7km Jinhua Section of Ningbo-Jinhua
Expressway. During the Period, benefiting from a recovery of the domestic
economy and the toll income increase brought about by the implementation of the
toll-by-weight policy, the average daily traffic volume in full-trip equivalents
along the road section was 9,066 vehicles, a 26.1% increase as compared to the
same period last year. Toll income was Rmb88.37 million, an increase of 34.9%
year-on-year. A loss of Rmb39.93 million was recorded due to Jinhua Co's heavy
financial burden, though the loss was gradually decreasing year after year.
JoinHands Technology Co., Ltd. (a 27.582% owned associate of the Company)
generated its income mainly from its printing operation and property leasing
during the Period. Due to a lack of improvement in its operations, the associate
company incurred a loss of Rmb1.79 million during the Period.
OTHERS
On May 20, 2010, the Company entered into an agreement with Zhejiang
Communications Investment Group Co., Ltd. ("Communications Investment Group")
and Yiwu Communications Development Co., Ltd., pursuant to which the Company
agreed to inject a further capital in the amount of Rmb23.45 million, in
proportion to its share of capital contributions, into Jinhua Co by cash to
alleviate a shortage in project and working capital at Jinhua Co. After the
further capital injection by the Company and Communications Investment Group,
the registered capital of Jinhua Co increased from Rmb800 million to Rmb900
million and the Company continued to own as to 23.45% in the equity of Jinhua
Co.
HUMAN RESOURCES
There were no significant changes to the Company's overall number of employees,
remuneration policies, bonus schemes and training schemes from what have been
disclosed in the Company's latest annual report.
Financial Analysis
The Group adopts a prudent financial policy with an aim to provide shareholders
with sound returns over the long-term.
During the Period, return on equity was
6.1%, representing an increase of 12.7% over the same period last year.
LIQUIDITY AND FINANCIAL RESOURCES
As at June 30, 2010, current assets held by the Group amounted to Rmb16,862.03
million in aggregate (December 31, 2009: Rmb17,903.78 million), of which bank
balances and cash accounted for 29.5% (December 31, 2009: 29.5%), bank balances
held on behalf of customers accounted for 62.5% (December 31, 2009: 64.4%) and
held-for-trading investments accounted for 3.7% (December 31, 2009: 2.9%).
Current ratio (current assets over current liabilities) as at June 30, 2010 was
1.3 (December 31, 2009: 1.3). Excluding the effect of customer deposits arising
from the securities business, the resultant current ratio of the Group (current
assets less bank balances held on behalf of customers over current liabilities
less accounts payable to customers arising from securities dealing business) of
the Group was 2.6 (December 31, 2009: 2.6).
As at June 30, As at December 31,
2010 2009
Rmb'000 Rmb'000
Cash and cash equivalent
Rmb 4,643,393 5,018,914
US$ in Rmb equivalent 1,486 25,423
HK$ in Rmb equivalent 4,743 4,666
Time deposit
Rmb 302,026 228,452
US$ in Rmb equivalent 24,875 --
Held-for-trading investments-Rmb 618,700 517,895
Available-for-sale investments-Rmb 79,286 54,704
Financial assets held under resale
agreement-Rmb 100,000 --
Total 5,774,509 5,850,054
Rmb 5,743,405 5,819,965
US$ in Rmb equivalent 26,361 25,423
HK$ in Rmb equivalent 4,743 4,666
The amount for held-for-trading investments of the Group as at June 30, 2010
amounted to Rmb618.70 million (December 31, 2009: Rmb517.90 million), of which
93.0% was invested in corporate bonds, 5.5% was invested in the stock market,
while the rest was invested in open-end equity funds.
During the Period, net cash inflow generated from the Group's operating
activities amounted to Rmb962.12 million.
The Directors do not expect the Company to experience any problem with liquidity
and financial resources in the foreseeable future.
BORROWINGS AND SOLVENCY
As at June 30, 2010, total liabilities of the Group amounted to Rmb14,269.46
million (December 31, 2009: Rmb15,337.93 million), of which 11.2% was borrowings
and 73.6% was accounts payable to customers arising from securities dealing
business.
Total interest-bearing borrowings of the Group as at June 30, 2010 amounted to
Rmb1,591.51 million, representing a decrease of 1.9% over December 31, 2009. The
borrowings comprised outstanding balances of the World Bank loans, denominated
in US dollar, of approximately Rmb391.51 million in Renminbi equivalent, loans
from domestic commercial banks totaling Rmb200 million; and corporate bonds
amounting to Rmb1 billion that was issued by the Company in 2003 for a term of
10 years. Of the interest-bearing borrowings, 69.2% were not repayable within
one year. The details of relevant outstanding amounts are as follows:
Maturity Profiles
Gross Within >1 year-5years Beyond
amount 1 year inclusive 5 years
Rmb'000 Rmb'000 Rmb'000 Rmb'000
Floating rates
World Bank loan 391,510 290,487 101,023 --
Fixed rates
Domestic commercial
bank loans 200,000 200,000 -- --
Corporate bonds 1,000,000 -- 1,000,000 --
Total as at June 30, 2010 1,591,510 490,487 1,101,023 --
Total as at December 31, 2009 1,622,384 478,055 1,144,329 --
As at June 30, 2010, the Group's loans from domestic commercial banks comprised
1-year short-term loans, with interest rates fixed at 5.31% and 5.25% per annum;
the annual coupon rate for corporate bonds was fixed at 4.29%, with interest
payable annually. The annual interest rate for accounts payable to customers
arising from securities dealing business was fixed at 0.36%, the annual floating
rate of the Group's World Bank loans, denominated in US dollar, was 7.54%.
Total interest expense for the Period amounted to Rmb47.01 million, while profit
before interest and tax amounted to Rmb1,459.25 million. The interest cover
ratio (profit before interest and tax over interest expenses) stood at 31.0
(June 30, 2009: 37.4).
The asset-liability ratio (total liabilities over total assets) was 45.9% as at
June 30, 2010 (December 31, 2009: 47.3%). Excluding the effect of customer
deposits arising from the securities business, the resultant asset-liability
ratio (total liabilities less accounts payable to customers arising from
securities dealing business over total assets less bank balances held on behalf
of customers) of the Group was 18.3% (December 31, 2009: 18.4%).
CAPITAL STRUCTURE
As at June 30, 2010, the Group had Rmb16,790.55 million total equity,
Rmb11,703.84 million fixed-rate liabilities, Rmb391.51 million floating-rate
liabilities and Rmb2,174.12 million interest-free liabilities, representing
54.1%, 37.7%, 1.2% and 7.0% of the Group's total capital, respectively. The
gearing ratio, which was computed by dividing the total liabilities less
accounts payable to customers arising from securities dealing business by total
equity, was 22.4% as at June 30, 2010 (December 31, 2009: 22.5%).
CAPITAL EXPENDITURE COMMITMENTS AND UTILIZATION
Capital expenditures of the Group and of the Company for the Period totaled
Rmb134.49 million and Rmb32.09 million, respectively, with Rmb51.58 million
incurred by the acquisition and construction of properties, Rmb32.97 million
incurred by purchase of equipment, Rmb23.45 million for capital injection into
Jinhua Co and Rmb24.30 million for a widening project between the
Shaoxing-Zhuji hub and the Shaoxing-Jiaxing hub of the Shangsan Expressway.
Capital expenditures committed by the Group and by the Company as at June 30,
2010 totaled Rmb314.75 million and Rmb104.15 million, respectively. Amongst the
total capital expenditures committed by the Group, Rmb164.42 million will be
used on the acquisition and construction of properties, while Rmb95.03 million
will be used for the acquisition of equipment, Rmb25.70 million will be used for
the widening project between the Shaoxing-Zhuji hub and the Shaoxing-Jiaxing hub
of the Shangsan Expressway and Rmb29.60 million will be used by the service area
renovation and expansion.
The Group will finance its above mentioned capital expenditure commitments
mainly with internally generated cash flow, with a preference for debt financing
to meet any shortfalls thereof.
CONTINGENT LIABILITIES AND PLEDGE OF ASSETS
As at June 30, 2010, the Group did not have any contingent liabilities nor any
pledge of assets or guarantees.
FOREIGN EXCHANGE EXPOSURE
Save for the repayment of a World Bank loan of Rmb391.51 million equivalent in
US dollars, as well as dividend payments to the holders of H shares in Hong Kong
dollars, the Group's principal operations are transacted and booked in Renminbi.
Therefore, the Group's exposure to foreign exchange fluctuations is limited and
the Group has not used financial instrument for hedging purposes during the
Period.
Although the Directors do not foresee any material foreign exchange risks for
the Group, there is no assurance that foreign exchange risks will not affect the
operating results of the Group in the future.
Outlook
In the first half of this year, China's economy continued to develop steadily
according to the direction led by the macroeconomic control measures. Under an
improving external environment, fast growth on foreign export and a low
comparison basis last year, Zhejiang Province's economy continued to develop
positively in the first half of 2010. However, we expect a slowdown on the
growth rate of the economy in the second half under vigorous structural
adjustment policies carried out by the government. As a result of the slowdown
of economic growth, the rapid growth on domestic car ownership will also slow,
which in turn will affect the natural traffic growth along the Group's
expressways.
Although the opening of the Shanghai-Jiaxing-Huzhou-Hangzhou Expressway in
early February this year caused little impact on the Group's expressways, the
opening of Zhuyong Expressway on July 22, 2010 will bring about negative effect
on the traffic volume along the Group's expressways, especially causing
significant traffic diversions on the Shangsan Expressway.
Introduction of the toll-by-weight policy created a decrease in truck traffic
volume for a short period of time, but from existing figures, it already brought
a notable increase in toll income. In the second half of this year, through
strengthened promotion and measures to attract more empty vans, we expect truck
traffic volume to resume to the level before the policy was implemented.
During the Period, benefiting from a better economic environment in Zhejiang
Province, the Group's toll road-related businesses achieved significant growth.
In the second half of the year, the Company will apply various measures,
including introducing and refining quality operational projects and intensifying
our promotion, to enhance management standards and service quality at the
service areas.
As China's economy is in the course of transformation, despite the rapid GDP
growth in the first half of the year, the stock market will remain sluggish.
Although the Group's securities business may be affected by the turbulent A
share market in the short run, Zheshang Securities will carry out various
measures including further expanding its investment banking business and
grouping financing product marketing with the futures agency business, with a
view to continuously gaining industry influence and market share. We expect good
profit contribution from Zheshang Securities to the Group in the future.
2010 will be a complicated year for China's economy. Given a slowdown on
economic growth in the second half, we expect that the Group will be affected in
respect of its expressway traffic volume, service areas operation and capital
market performance. Faced with the not-so-optimistic situation, the management
of the Company will continue to build up its core expressway business while
actively seeking and cultivating new business opportunities and new sources of
profit growth. It will strive unremittingly to contribute to the Company's
sustainable development and bring forth satisfactory results for shareholders.
Disclosure of Interests and Other Matters
PURCHASE, SALE AND REDEMPTION OF THE COMPANY'S SHARES
Neither the Company nor any of its subsidiaries had purchased, sold, redeemed
or cancelled any of the Company's shares during the Period.
DISCLOSURE OF DIRECTORS', SUPERVISORS' AND CHIEF EXECUTIVE'S INTERESTS AND
SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES
As at June 30, 2010, the interests of the Directors, Supervisors and chief
executives in the share capital of the Company's associated corporations (within
the meaning of Part XV of the Hong Kong Securities and Futures Ordinance (the
"SFO")), as recorded in the register required to be kept by the Company pursuant
to Section 352 of the SFO, or as otherwise notified to the Company and The Stock
Exchange of Hong Kong Limited (the "Stock Exchange") pursuant to the Model
Code for Securities Transactions by Directors of Listed Issuers were as follows:
Long positions in shares of Zhejiang Expressway Investment Development Co., Ltd.
("Development Co")
Percentage of
the associated
Contribution corporation's
of registered Nature registered
Name Position capital (Rmb) of interest capital
Directly
Beneficially
Mr. Jiang Wenyao Director 1,980,000 Owned 1.65%
Mr. Zhang Jingzhong Director 1,650,000 Same as above 1.38%
Mr. Fang Zhexing Supervisor 1,050,000 Same as above 0.88%
On August 13, 2010, Mr Jiang Wenyao, Mr Zhang Jingzhong and Mr Fang Zhexing
entered into an agreement with the Company for the transfer of their 3.9% equity
interest in the Development Co to the Company. Upon the completion of the
transaction, they will not hold any further interest in the Development Co or
any other affiliated companies.
Save as disclosed above, as at June 30, 2010, none of the Directors, Supervisors
and chief executives had registered an interest or short position in the shares,
underlying shares or debentures of the Company or any of its associated
corporations that was required to be recorded pursuant to Section 352 of the
SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to
the Model Code for Securities Transactions by Directors of Listed Issuers.
OTHER INTERESTS DISCLOSEABLE UNDER THE SFO
As at June 30, 2010, the following shareholders held 5% or more of the issued
share capital of the Company according to the register of interests in shares
required to be kept by the Company pursuant to Section 336 of the SFO:
Percentage
Total interests of the issued
in number of share capital
ordinary shares of the Company
Substantial shareholders Capacity of the Company (domestic shares)
Communications Investment
Group Beneficial owner 2,432,500,000 83.61%
Huajian Beneficial owner 476,760,000 16.39%
Percentage
Total interests of the issued
in number of share capital
ordinary shares of the Company
Substantial shareholders Capacity of the Company (H shares)
JP Morgan Chase & Co. Beneficial owner 189,223,297 (L) 13.20%
Investment manager
and custodian
corporation/ 142,090,750 (P) 9.91%
approved lending
agent
Invesco Investment Manager 130,062,860 (L) 9.07%
Blackrock, Inc. Interest of
controlled 127,730,170 (L) 8.91%
corporations 3,430,009 (S) 0.24%
The letter "L" denotes a long position. The Letter "S" denotes a short position.
The Letter "P" denotes interest in a lending pool.
On December 31, 2009, to further leverage the investment and financing platform
of the Company as a listed company in the future, one of the Company's major
shareholders, Huajian Transportation Economic Development Centre ("Huajian"),
transferred its 476,760,000 shares to the Company's majority shareholder,
Communications Investment Group. After the transfer, the total domestic shares
of the Company held by Communications Investment Group amounted to 2,909,260,000
shares.
Save as disclosed above, as at June 30, 2010, no person had registered an
interest or short position in the shares or underlying shares of the Company
that was required to be recorded pursuant to Section 336 of the SFO.
COMPLIANCE WITH THE CODE ON CORPORATE GOVERNANCE PRACTICES AND THE MODEL CODE
The Company was in compliance with the code provisions in the Code on Corporate
Governance Practices set out in Appendix 14 to the Rules Governing the Listing
of Securities on the Stock Exchange (the "Listing Rules") during the Period.
The Company has adopted a code of conduct regarding directors' securities
transactions on terms no less exacting than the required standard set out in the
Model Code for Securities Transactions by Directors of Listed Issuers (the
"Model Code") in Appendix 10 to the Listing Rules. The Directors have confirmed
their full compliance with the required standard set out in the Model Code and
its code of conduct regarding directors' securities transactions during the
Period.
RESPONSIBILITY STATEMENT OF THE DIRECTORS IN RESPECT OF THE INTERIM REPORT AND
ACCOUNTS
The Directors of the Company duly confirm that, to the best of their knowledge:
- the condensed consolidated financial statements prepared in accordance with
Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of
Certified Public Accountants give a true and fair view of the assets,
liabilities, financial position and profit of the Group and the undertakings
included in the consolidation taken as a whole; and
- the management discussion and analysis included in the interim report includes
a fair review of the development and performance of the business and the
position of the Group and the undertakings included in the consolidation
taken as a whole, together with a description of the principal risks and
uncertainties that the Group faces.
By order of the Board
Zhejiang Expressway Co., Ltd.
Chen Jisong
Chairman
Hangzhou, the PRC, August 29, 2010
Condensed Consolidated Statement of Comprehensive Income (Unaudited)
For the six months ended June 30,
2010 2009
Notes Rmb'000 Rmb'000
Revenue 3 3,130,902 2,768,855
Operating costs (1,756,462) (1,392,646)
Gross profit 1,374,440 1,376,209
Securities investment gains 51,605 27,204
Other income 4 77,453 62,392
Administrative expenses (30,843) (30,230)
Other expenses (7,010) (101,927)
Share of losses of associates (6,394) (11,281)
Share of profit of a jointly
controlled entity -- 13,073
Finance costs (47,007) (35,755)
Profit before tax 5 1,412,244 1,299,685
Income tax expenses 6 (362,597) (326,104)
Profit for the Period 1,049,647 973,581
Other comprehensive income
Available-for-sale financial assets:
- Fair values loss during the Period (841) --
- Reclassification adjustments for
cumulative gain included in profit
or loss upon disposal (23,453) --
Income tax relating to components of
other comprehensive income 6,074 --
Other comprehensive loss for the
Period (net of tax) (18,220) --
Total comprehensive income for the
Period 1,031,427 973,581
Profit for the Period attributable to:
Owners of the Company 855,609 772,452
Non-controlling interests 194,038 201,129
1,049,647 973,581
Total comprehensive income for the
Period attributable to:
Owners of the Company 846,157 772,452
Non-controlling interests 185,270 201,129
1,031,427 973,581
EARNINGS PER SHARE-BASIC 8 19.70 cents 17.79 cents
Condensed Consolidated Statement of Financial Position
As at As at
June 30, December 31,
2010 2009
Rmb'000 Rmb'000
Notes Unaudited Audited
NON-CURRENT ASSETS
Property, plant and equipment 9 1,037,325 1,035,628
Prepaid lease payments 72,534 30,342
Expressway operating rights 12,410,438 12,755,338
Goodwill 86,867 86,867
Other intangible assets 150,757 154,819
Interests in associates 439,063 435,007
Available-for-sale investments 1,000 1,000
14,197,984 14,499,001
CURRENT ASSETS
Inventories 21,206 17,342
Trade receivables 10 48,018 50,570
Other receivables 11 481,530 451,167
Prepaid lease payments 2,014 1,421
Available-for-sale investments 79,286 54,704
Held for trading investments 618,700 517,895
Financial assets held under
resale agreement 100,000 --
Bank balances held on behalf of
customers 10,534,757 11,532,284
Bank balances and cash
- Restricted bank balances -- 942
- Time deposits with original
maturity over three months 326,901 228,452
- Cash and cash equivalents 4,649,622 5,049,003
16,862,034 17,903,780
CURRENT LIABILITIES
Accounts payable to customers
arising from securities dealing
business 10,503,837 11,502,930
Trade payables 12 657,308 647,373
Tax liabilities 191,498 512,551
Other taxes payable 27,273 30,492
Other payables and accruals 13 598,325 637,665
Dividends payable 328,128 18
Interest-bearing bank and other
loans 490,487 478,055
Provisions 14 119,777 122,477
12,916,633 13,931,561
NET CURRENT ASSETS 3,945,401 3,972,219
TOTAL ASSETS LESS CURRENT
LIABILITIES 18,143,385 18,471,220
Condensed Consolidated Statement of Financial Position
As at As at
June 30, December 31,
2010 2009
Rmb'000 Rmb'000
Unaudited Audited
NON-CURRENT LIABILITIES
Interest-bearing bank and other loans 101,023 144,329
Long-term bonds 1,000,000 1,000,000
Deferred tax liabilities 251,808 262,037
1,352,831 1,406,366
16,790,554 17,064,854
CAPITAL AND RESERVES
Share capital 4,343,115 4,343,115
Reserves 9,600,883 9,840,505
Equity attributable to owners of the Company 13,943,998 14,183,620
Non-controlling interests 2,846,556 2,881,234
16,790,554 17,064,854
Condensed Consolidated Statement of Changes in Equity (Unaudited)
Attributable to owners of the Company Non-controlling Total
Investment interests
Share Share Statutory revaluation Dividend Retained
capital premium reserve reserve reserve profits Total
Rmb'000 Rmb'000 Rmb'000 Rmb'000 Rmb'000 Rmb'000 Rmb'000 Rmb'000 Rmb'000
At January 1, 2009 4,343,115 3,645,726 2,116,529 -- 1,042,347 2,535,333 13,683,050 2,614,218 16,297,268
Profit for the
Period and total
comprehensive
income for the
Period -- -- -- -- -- 772,452 772,452 201,129 973,581
Dividend paid to
non-controlling
interests -- -- -- -- -- -- -- (189,002) (189,002)
Final dividend -- -- -- -- (1,042,347) -- (1,042,347) -- (1,042,347)
Proposed interim
dividend -- -- -- -- 260,587 (260,587) -- -- --
At June 30, 2009 4,343,115 3,645,726 2,116,529 -- 260,587 3,047,198 13,413,155 2,626,345 16,039,500
Attributable to owners of the Company Non-controlling Total
Investment interests
Share Share Statutory revaluation Dividend Retained
capital premium reserve reserve reserve profits Total
Rmb'000 Rmb'000 Rmb'000 Rmb'000 Rmb'000 Rmb'000 Rmb'000 Rmb'000 Rmb'000
At January 1, 2010 4,343,115 3,645,726 2,467,011 8,016 1,085,779 2,633,973 14,183,620 2,881,234 17,064,854
Profit for the
Period -- -- -- -- -- 855,609 855,609 194,038 1,049,647
Other comprehensive
loss for the Period -- -- -- (9,452) -- -- (9,452) (8,768) (18,220)
Total comprehensive
(loss) income for
the Period -- -- -- (9,452) -- 855,609 846,157 185,270 1,031,427
Dividend paid to
non-controlling
interests -- -- -- -- -- -- -- (219,948) (219,948)
Final dividend -- -- -- -- (1,085,779) -- (1,085,779) -- (1,085,779)
Proposed interim
dividend -- -- -- -- 260,587 (260,587) -- -- --
At June 30, 2010 4,343,115 3,645,726 2,467,011 (1,436) 260,587 3,228,995 13,943,998 2,846,556 16,790,554
Condensed Consolidated Cash Flow Statement (Unaudited)
For the six months ended June 30,
2010 2009
Rmb'000 Rmb'000
Net cash from operating activities 962,120 1,131,712
Net cash used in investing activities (355,175) (870,586)
Net cash used in financing activities (1,006,326) (1,252,995)
Net decrease in cash and cash equivalents (399,381) (991,869)
Cash and cash equivalents at beginning of
the Period 5,049,003 3,736,945
Cash and cash equivalent at end of the
Period 4,649,622 2,745,076
Notes to Condensed Consolidated Financial Statements
1. BASIS OF PREPARATION
The condensed consolidated financial statements have been prepared in
accordance with the applicable disclosure requirements of Appendix 16 to the
Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited (the "Listing Rules") and with Hong Kong Accounting Standard 34
("HKAS 34") "Interim Financial Reporting".
2. PRINCIPAL ACCOUNTING POLICIES
The condensed consolidated financial statements have been prepared on the
historical cost basis except for certain financial instruments, which are
measured at fair value, as appropriate.
The accounting policies used in the condensed consolidated financial
statements are consistent with those followed in the preparation of the
Group's annual financial statements for the year ended December 31, 2009
except as described below.
During the Period, the Group has applied, for the first time, the following
new and revised standards, amendments and interpretations ("new and revised
HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants
("HKICPA").
HKFRSs (Amendments) Amendments to HKFRS 5 as part of Improvements to HKFRSs 2008
HKFRSs (Amendments) Improvements to HKFRSs 2009
HKAS 27 (Revised) Consolidated and Separate Financial Statements
HKAS 39 (Amendment) Eligible Hedged Items
HKFRS 1 (Amendment) Additional Exemptions for First-time Adopters
HKFRS 2 (Amendment) Group Cash-settled Share-based Payment Transactions
HKFRS 3 (Revised) Business Combinations
HK(IFRIC)-Int 17 Distribution of Non-cash Assets to Owners
The Group applies HKFRS 3 (Revised) Business Combinations prospectively to
business combinations for which the acquisition date is on or after January
1, 2010. The requirements in HKAS 27 (Revised) Consolidated and Separate
Financial Statements in relation to accounting for changes in ownership
interests in a subsidiary after control is obtained and for loss of control
of a subsidiary are also applied prospectively by the Group on or after
January 1, 2010.
As there was no transaction during the current interim period in which HKFRS
3 (Revised) and HKAS 27 (Revised) are applicable, the application of HKFRS 3
(Revised), HKAS 27 (Revised) and the consequential amendments to other HKFRSs
had no effect on the condensed consolidated financial statements of the Group
for the current or prior accounting periods.
Results of the Group in future periods may be affected by future transactions
for which HKFRS 3 (Revised), HKAS 27 (Revised) and the consequential
amendments to the other HKFRSs are applicable.
The application of the other new and revised HKFRSs had no material effect on
the condensed consolidated financial statements of the Group for the current
or prior accounting periods.
The Group has not early applied the following new and revised standards,
amendments or interpretations that have been issued but are not yet effective.
HKFRSs (Amendments) Improvements to HKFRSs 2010(1)
HKAS 32 (Amendment) Classification of Right Issues(2)
HKFRS 1 (Amendment) Limited Exemption from Comparative HKFRS 7
Disclosures for First-time Adopters(3)
HKFRS 9 Financial Instruments (relating to the classification
and measurement of financial assets)(5)
HK(IFRIC)-Int 14 (Amendment) Prepayments of a Minimum Funding Requirement(4)
HK(IFRIC)-Int 19 Extinguishing Financial Liabilities with Equity
Instruments 3
(1) Effective for annual periods beginning on or after July 1, 2010 or
January 1, 2011, as appropriate
(2) Effective for annual periods beginning on or after February 1, 2010
(3) Effective for annual periods beginning on or after July 1, 2010
(4) Effective for annual periods beginning on or after January 1, 2011
(5) Effective for annual periods beginning on or after January 1, 2013
HKFRS 9 Financial Instruments introduces new requirements for the
classification and measurement of financial assets and will be effective from
January 1, 2013, with earlier application permitted. The Standard requires
all recognised financial assets that are within the scope of HKAS 39
Financial Instruments: Recognition and Measurement to be measured at either
amortised cost or fair value. Specifically, debt investments that (i) are
held within a business model whose objective is to collect the contractual
cash flows and (ii) have contractual cash flows that are solely payments of
principal and interest on the principal outstanding are generally measured at
amortised cost. All other debt investments and equity investments are
measured at fair value. The application of HKFRS 9 might affect the
classification and measurement of the Group's financial assets.
The directors of the Company anticipate that the application of the other new
and revised standards, amendments or interpretations will have no material
impact on the results and the financial position of the Group.
3. SEGMENT INFORMATION
Comparing to the same period last year, there were no changes in the
reportable segments of the Group during the Period.
Segment revenue and results
The following is an analysis of the Group's revenue and results by reportable
segment.
For the Period ended June 30, 2010
Service area
Toll and advertising Securities
operation business operation Total
Rmb'000 Rmb'000 Rmb'000 Rmb'000
Segment revenue from
external customers 1,684,074 791,969 654,859 3,130,902
Segment profit 768,384 35,418 245,845 1,049,647
For the Period ended June 30, 2009
Service area
Toll and advertising Securities
operation business operation Total
Rmb'000 Rmb'000 Rmb'000 Rmb'000
Segment revenue from
external customers 1,509,470 580,168 679,217 2,768,855
Segment profit 678,711 31,258 263,612 973,581
Segment profit represents the profit after tax of each reportable segment.
This is the measure reported to the chief operating decision maker and the
Group's Chief Executive Officer, for the purposes of resource allocation and
performance assessment.
Revenue from major services
An analysis of the Group's revenue, net of discounts and taxes, for the
Period is as follows:
For the Period ended June 30,
2010 2009
Rmb'000 Rmb'000
Unaudited Unaudited
Toll operation revenue 1,684,074 1,509,470
Service area business revenue 754,265 540,920
Advertising business revenue 37,671 37,859
Commission income from securities operation 557,350 619,792
Interest income from securities operation 97,509 59,425
Others 33 1,389
Total revenue 3,130,902 2,768,855
4. OTHER INCOME
For the six months ended June 30,
2010 2009
Rmb'000 Rmb'000
Unaudited Unaudited
Interest income on bank balances and an
entrusted loan receivable 21,734 11,028
Rental income 30,729 28,727
Net exchange gain 3,135 283
Towing income 7,090 7,409
Interest income from structured deposit -- 3,114
Others 14,765 11,831
Total 77,453 62,392
5. PROFIT BEFORE TAX
The Group's profit before tax has been arrived at after charging:
For the six months ended June 30,
2010 2009
Rmb'000 Rmb'000
Unaudited Unaudited
Depreciation of property, plant and
equipment 53,642 46,710
Amortisation of expressway operating
rights 345,188 331,613
Amortisation of prepaid lease payments 1,021 632
Amortisation of other intangible assets 5,069 5,561
Cost of inventories recognized as an
expense 705,097 475,283
6. INCOME TAX EXPENSES
For the six months ended June 30,
2010 2009
Rmb'000 Rmb'000
Unaudited Unaudited
PRC Enterprise Income Tax:
Current tax 372,826 347,697
Deferred tax:
Current period (10,229) (21,593)
362,597 326,104
Under the Law of the PRC on Enterprise Income Tax (the "EIT Law") and
Implementation Regulation of the EIT Law, the tax rate of the Group is 25%
from January 1, 2008 onwards.
No Hong Kong Profit Tax has been provided as the Group's income neither
arises in, nor is derived from Hong Kong during the Period.
The tax charge for the Period can be reconciled to the profit per the
condensed consolidated statements of comprehensive income as follows:
For the six months ended June 30,
2010 2009
Rmb'000 Rmb'000
Unaudited Unaudited
Profit before tax 1,412,244 1,299,685
Tax at the PRC enterprise income tax
rate of 25% 353,061 324,921
Tax effect of share of losses of
associates 1,599 2,820
Tax effect of share of profit of a
jointly controlled entity -- (3,268)
Tax effect of (income)/expense that
is not (taxable) and deductible
for tax purposes 7,937 1,631
Tax charge for the Period 362,597 326,104
7. DIVIDENDS
The Directors have recommended the payment of an interim dividend of Rmb6
cents per share (2009: Rmb6 cents per share), subject to shareholders'
approval at the extraordinary general meeting of the Company expected to be
held on October 18, 2010.
8. EARNINGS PER SHARE
The calculation of the basic earnings per share is based on profit
attributable to owners of the Company for the Period of Rmb855,609,000
(2009: Rmb772,452,000) and the 4,343,114,500 shares (2009: 4,343,114,500
shares) in issue during the Period.
No diluted earnings per share have been calculated as there were no potential
dilutive ordinary shares in issue in both periods.
9. PROPERTY, PLANT AND EQUIPMENT
There were no significant changes to the Group's property, plant and
equipment during the Period.
10. TRADE RECEIVABLES
The Group has no credit period granted to its trade customers of toll
operation, service area businesses and securities operation. The following
is an aged analysis of trade receivables presented based on invoice date at
the end of the reporting period.
As at As at
June 30, December 31,
2010 2009
Rmb'000 Rmb'000
Unaudited Audited
Within 3 months 47,187 49,739
3 months to 1 year -- --
1 to 2 years 10 218
Over 2 years 821 613
Total 48,018 50,570
11. OTHER RECEIVABLES
As at As at
June 30, December 31,
2010 2009
Rmb'000 Rmb'000
Unaudited Audited
Consideration receivable*(Note1) 115,000 115,000
Entrusted loan receivable from a related party
(Note 2) 120,000 120,000
Dividend receivable from a jointly controlled
entity* 53,000 53,000
Prepayments 41,038 54,783
Others* 152,492 108,384
Total 481,530 451,167
* The amounts were unsecured, interest-free and repayable on demand.
Note 1: The balance represented the receivable of the unsettled
consideration of disposal of Hangzhou Shida Highway Co., Ltd. in
2009.
Note 2: Pursuant to the resolutions of the shareholders' meeting on
September 15, 2009 of Zhejiang Expressway Investment Development
Co., Ltd. ("Development Co"), a subsidiary of the Company, and the
entrusted loan contracts, Development Co. provided short-term
entrusted loans during 2009 totalling Rmb120,000,000 to Hangzhou
Concord Property Investment Co., Ltd.("Hangzhou Concord Co"), a
subsidiary of an associate of Development Co., at a fixed interest
rate of 12% per annum, via Industrial and Commercial Bank of China.
12. TRADE PAYABLES
The following is an aged analysis of trade payables presented based on
payment due date at the end of the reporting period.
As at As at
June 30, December 31,
2010 2009
Rmb'000 Rmb'000
Unaudited Audited
Within 3 months 375,220 410,900
3 months to 1 year 126,476 77,793
1 to 2 years 62,481 136,065
2 to 3 years 78,312 22,011
Over 3 years 14,819 604
Total 657,308 647,373
13. OTHER PAYABLES AND ACCRUALS
As at As at
June 30, December 31,
2010 2009
Rmb'000 Rmb'000
Unaudited Audited
Other liabilities:
Accrued payroll and welfare 317,244 341,870
Advance from customers 68,020 62,589
Toll collected on behalf of other
toll roads 29,022 36,149
Others 158,646 154,475
572,932 595,083
Accruals 25,393 42,582
Total 598,325 637,665
14. PROVISIONS
Subsequent to the relevant disclosure made in the Company's 2009 annual
report (pages 105 - 106) relating to "Provisions", as at the date of this
report, there was no material change for the Period save as disclosed below.
Prior to the restructuring of Zheshang Securities Co., Ltd.("Zheshang
Securities") by the Company, the original person-in-charge of one of the
Sales Department under Zheshang Securities illegally misappropriated
customers' deposits and funds, which caused a loss of approximately
Rmb90,000,000 to the relevant customers. Zheshang Securities had made in
2009 a provision amounting to Rmb94,860,000 for the principal and related
interests involved in the lawsuits, of which Rmb7,047,000 had been settled
in 2009 and Rmb2,700,000 has been settled in current period.
15. COMMITMENTS
As at As at
June 30, December 31,
2010 2009
Rmb'000 Rmb'000
Unaudited Audited
Authorised but not contracted for:
Investments in expressway upgrade services 26 50
Renovation of service areas 30 30
Purchase of equipment 95 128
Acquisition and construction of properties
and its renovation work 164 216
Total 315 424
16. RELATED PARTY TRANSACTION
The following is a summary of the major related party transactions arising
from the Group's daily operating activities:
1) Pursuant to the operation management agreement entered into between
Development Co and Zhejiang Expressway Petroleum Development Co., Ltd.
("Petroleum Co") in respect of the petrol stations in the service areas
along the Shanghai-Hangzhou-Ningbo and Shangsan Expressways, Petroleum Co
will with their expertise assist Development Co in running their petrol
stations along the Shanghai-Hangzhou-Ningbo and Shangsan Expressways.
Purchases of petroleum products from petroleum Co during the Period
amounted to Rmb616,596,000.
2) On May 20, 2010, the Company entered into the agreement with Zhejiang
Communications Investment Group Co., Ltd. ("Communications Investment
Group") and Yiwu Communications Development Co., Ltd., pursuant to which
the Company agree to inject a further capital to the amount of
Rmb23,450,000, in proportion to its share of capital contributions, into
Zhejiang Jinhua Yongjin Expressway Co., Ltd. ("Jinhua Co") by cash to
alleviate a shortage in project and working capital at Jinhua Co. After
the further capital injection by the Company and Communications
Investment Group, the registered capital of Jinhua Co increased from
Rmb800,000,000 to Rmb900,000,000 and the Company continued to own as to
23.45% in the capital of Jinhua Co.
Transactions and balances with other state-controlled entities in the PRC
The Group operates in an economic environment currently predominated by
entities directly or indirectly owned or controlled by the PRC government
("state-controlled entities"). In addition, the Group itself is part of a
larger group of companies under the Communications Investment Group which is
controlled by the PRC government. Apart from the transactions with the
Communications Investment Group and parties under the common control of the
Communications Investment Group, the Group also conducts business with other
state-controlled entities. The directors consider those state-controlled
entities are independent third parties so far as the Group's business
transactions with them are concerned.
The Group has entered into various transactions, including deposit
placements, borrowings and other general banking facilities, with certain
banks and financial institutions which are state-controlled entities in its
ordinary course of business. In view of the nature of those banking
transactions, the directors are of the opinion that separate disclosure
would not be meaningful.
In respect of the Group's tolled road business, the directors are of the
opinion that it is impracticable to ascertain the identity of counterparties
and accordingly whether the transactions are with other state-controlled
entities in the PRC.
17. CONTINGENT LIABILITIES AND PLEDGE OF ASSETS
The Group did not have any other contingent liabilities, pledge of assets or
guarantees as at June 30, 2010.
18. COMPARATIVE AMOUNTS
Certain comparative amounts have been reclassified to conform to the
Period's presentation.
19. EVENTS AFTER THE REPORTING PERIOD
As at the date of this report, the Company successively entered into equity
transfer agreements with the Vendor (with people including Ms Huang Qiuxia
as agents for various parties). Pursuant to the agreements, the Company
agrees to acquire, at a cash consideration of Rmb68,482,200 and on the terms
of the agreements, 34.6375% equity interests in Development Co. held by the
Vendor, of which 3.9% interests are owned by connected parties, namely
Directors Mr Jiang Wenyao, Mr Zhang Jingzhong and Supervisor Mr Fang Zhexing.
The transfer price is determined with reference to the net assets of
Development Co. as at the end of 2009 as audited by domestic auditors.
Please refer to the Company's announcement on connected transaction of
August 23 for details relating to the transfer of the connected parties'
equity interests in Development Co. The Company will further acquire the
remaining equity interests in Development Co.
20. APPROVAL OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated financial statements were approved and authorized
for issue by the board of directors on August 29, 2010.
Corporate Information
EXECUTIVE DIRECTORS REPRESENTATIVE OFFICE IN HONG KONG
Chen Jisong (Chairman) Suite 2910
Zhan Xiaozhang (General Manager) 29/F, Bank of America Tower
Jiang Wenyao 12 Harcourt Road
Zhang Jingzhong Hong Kong
Tel: 852-2537 4295
NON-EXECUTIVE DIRECTORS Fax: 852-2537 4293
Zhang Luyun
Zhang Yang (resigned) LEGAL ADVISERS
As to Hong Kong and US law:
INDEPENDENT NON-EXECUTIVE DIRECTORS Herbert Smith
Tung Chee Chen 23rd Floor, Gloucester Tower
Zhang Junsheng 15 Queen's Road Central
Zhang Liping Hong Kong
SUPERVISORS As to English law:
Ma Kehua Herbert Smith LLP
Fang Zhexing Exchange House
Zheng Qihua (resigned) Primrose Street
Jiang Shaozhong London EC2A 2HS
Wu Yongmin United Kingdom
COMPANY SECRETARY As to PRC law:
Zhang Jingzhong T & C Law Firm
11/F, Block A, Dragon Century Plaza
AUTHORIZED REPRESENTATIVES 1 Hangda Road
Chen Jisong Hangzhou City, Zhejiang Province
Zhang Jingzhong PRC 310007
STATUTORY ADDRESS AUDITORS
12/F, Block A, Dragon Century Plaza Deloitte Touche Tohmatsu
1 Hangda Road 35/F, One Pacific Place
Hangzhou City, Zhejiang Province 88 Queensway
PRC 310007 Hong Kong
Tel: 86-571-8798 5588
Fax: 86-571-8798 5599
INVESTOR RELATIONS CONSULTANT
Rikes Hill & Knowlton Limited
Room 1312, Wing On Centre
111 Connaught Road Central
Hong Kong
Tel: 852-2520 2201
Fax: 852-2520 2241
PRINCIPAL BANKERS CORPORATE BOND LISTING INFORMATION
Industrial and Commercial Bank of China, The Shanghai Stock Exchange
Zhejiang Branch Symbol: 03
China Construction Bank, Zhejiang Branch Code: 120308
Shanghai Pudong Development Bank,
Hangzhou Branch WEBSITE
www.zjec.com.cn
H SHARE REGISTRAR AND TRANSFER OFFICE
Hong Kong Registrars Limited
Room 1712-1716, 17/F, Hopewell Centre
183 Queen's Road East
Hong Kong
H SHARES LISTING INFORMATION
The Stock Exchange of Hong Kong Limited
Code: 0576
LONDON STOCK EXCHANGE PLC
Code: ZHEH
ADRS INFORMATION
US Exchange: OTC
Symbol: ZHEXY
CUSIP: 98951A100
ADR: H Shares 1:10
For Corporate Structure of the Group, please visit:
http://www.prnasia.com/sa/attachment/2010/09/20100901285915.pdf
For Financial Highlights, please visit:
http://www.prnasia.com/sa/attachment/2010/09/20100901505544.pdf
For Location Map of Expressways in Zhejiang Province, please visit:
http://www.prnasia.com/sa/attachment/2010/09/20100901218529.pdf
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NOTE: To view the full set of the company's 2010 Interim Report,
please visit www.zjec.com.cn
-----------------------------------------------------------------
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