2016 Third Quarterly Results Announcement

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ZHEJIANG EXPRESSWAY CO., LTD.
(A joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock code: 0576)

2016 THIRD QUARTERLY RESULTS ANNOUNCEMENT

The directors (the "Directors") of Zhejiang Expressway Co., Ltd. (the "Company") are pleased to announce the third quarterly results of the Company and its subsidiaries (the "Group") for the nine months ended September 30, 2016 (the "Period").

The audit committee of the Company has reviewed the quarterly results of the Group for the Period. Set out below are the Group's unaudited condensed consolidated statement of profit or loss and other comprehensive income, unaudited condensed consolidated statement of financial position and unaudited condensed consolidated statement of cash flows for the Period together with the comparative figures for the corresponding period of 2015:

CONDENSED  CONSOLIDATED  STATEMENT  OF  PROFIT  OR  LOSS  AND OTHER COMPREHENSIVE INCOME
For the nine months
ended September 30,
2016 2015
Rmb'000 Rmb'000
(Unaudited) (Unaudited
and restated)
Revenue 8,008,780 9,381,600
Operating costs (4,320,395) (5,418,088)
Gross profit 3,688,385 3,963,512
Securities investment gains 319,675 433,752
Other income 252,056 226,456
Administrative expenses (66,006) (69,792)
Other expenses (30,314) (47,067)
Share of profit of associates 30,177 41,788
Share of profit (loss) of a joint venture 6,287 (21,133)
Finance costs (506,177) (453,364)
Profit before tax 3,694,083 4,074,152
Income tax expense (923,367) (1,042,594)
Profit for the Period 2,770,716 3,031,558
Other comprehensive income (loss)
Items that may be reclassified subsequently
    to profit or loss:
Available-for-sale financial assets:
    - Fair values gain (loss) during the Period 28,958 (4,909)
    - Reclassification adjustments for cumulative
       gain included in profit or loss upon disposal
(26,023) (410)
Exchange differences on translating
    foreign operations
88 197
Income tax relating to items that may be
    reclassified subsequently
(734) 1,330
Other comprehensive income (loss) for the
    Period, net of tax
2,289 (3,792)
Total comprehensive income for the Period 2,773,005 3,027,766
Profit for the Period attributable to:
    Owners of the Company 2,180,971 2,257,171
    Non-controlling interests 589,745 774,387
2,770,716 3,031,558
Total comprehensive income for the Period
    attributable to:
    Owners of the Company 2,182,167 2,255,461
    Non-controlling interests 590,838 772,305
2,773,005 3,027,766
Earnings per share – Basic and diluted Rmb50.22 cents Rmb51.97 cents
============== ==============

   

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at
September 30,
2016
As at
December 31,
2015
Rmb'000 Rmb'000
(Unaudited) (Audited)
Non-current assets 21,200,917 19,532,288
Current assets 49,596,778 54,359,475
Current liabilities 42,223,915 42,440,986
Net current assets 7,372,863 11,918,489
Total assets less current liabilities 28,573,780 31,450,777
Non-current liabilities 5,201,905 9,452,128
23,371,875 21,998,649
=========== ===========
Capital and Reserves
  Share capital 4,343,115 4,343,115
  Reserves 13,359,638 12,393,543
Equity attributable to owners of the Company 17,702,753 16,736,658
Non-controlling interests 5,669,122 5,261,991
23,371,875 21,998,649

   

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the nine months
ended September 30,
2016 2015
Rmb'000 Rmb'000
(Unaudited) (Unaudited
and restated)
Net cash from (used in) operating activities 2,432,567 (3,308,809)
Net cash used in investing activities (596,757) (73,402)
Net cash (used in) from financing activities (2,916,694) 6,147,881
Net (decrease) increase in cash and cash equivalents (1,080,884) 2,765,670
Cash and cash equivalents at beginning of the Period 4,983,051 3,356,563
Effect of exchange rate changes on the
  balance of cash and cash equivalents 
  held in foreign currencies
88 197
Cash and cash equivalents at end of the Period 3,902,255 6,122,430
========== ==========

By Order of the Board          
Zhejiang Expressway Co., Ltd   
ZHAN Xiaozhang            

Chairman                   

Hangzhou, the PRC, October 31, 2016

As at the date of this announcement, the executive directors of the Company are: Mr. ZHAN Xiaozhang, Mr. CHENG Tao and Ms. LUO Jianhu; the non-executive directors of the Company are: Mr. WANG Dongjie, Mr. DAI Benmeng, and Mr. ZHOU Jianping; and the independent non-executive directors of the Company are: Mr. ZHOU Jun, Mr. PEI Ker-Wei and Ms. LEE Wai Tsang, Rosa.

UK 100

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