Net Profit Amounted to RMB 256 million, Increased by 7.6%
Shenzhen Expressway Company Limited
(“Shenzhen Expressway” or the “Company”) (HKEx Stock Code: 00548) and its subsidiaries (collectively, the “Group”) is pleased to announce the first quarterly results (unaudited) of the Group for the three months ended 31 March 2015 (the “Reporting Period”). The report indicates that the Group recorded revenue of RMB739 million
and
net profit attributable to owners of the Company (“Net Profit”) of RMB 256 million with earnings per share of RMB 0.117, increased by 7.6%.
In the first quarter of 2015,
the
revenue of the Group represent
ed
a YOY decrease of 12.5%
,
mainly due to the decrease in revenue of some toll highway projects
as well as a YOY decrease in entrusted
management service
income
.
Attribute to
ongoing good operational performance of Jihe Expressway and the decrease in depreciation and amortisation costs and
financial costs
, the
Net Profit for the Reporting Period
maintained a certain level of growth.
During the Reporting Period,
u
pon the toll adjustment of Meiguan Expressway with effect from 1 April 2014, its toll mileage was shortened and its toll revenue recorded a YOY decrease
.
Affected by factors such as diversion effects on Qinglian Expressway, Yanpai Expressway and Wuhuang Expressway, their toll revenue also recorded respective YOY decrease.
Besides, d
ue to the combined effect of the natural growth of traffic volume, improved road networks and maintenance works in the surrounding areas, toll revenue of Jihe East and Jihe West continued to record over double-digit growth
，
representing
YOY increase
of
15.1% and 24.7%
respectively
. In addition, due to a YOY decrease in average borrowing scale and the recognition of interest income in respect of the compensation receivables as agreed in the adjustment agreement of Meiguan Expressway, the financial expenses
of the Group
during the Reporting Period recorded a significant YOY decrease of RMB 54,000,000.
The management
mentioned
that the Group will
continually improve
the management standard, optimise
business
model, raise the profitability of its existing assets, selectively acquire quality assets and actively explore new models of business development and profitability. Meanwhile,
relying on its
professional
competence
and management
capability
, the Group will explore
new
sustainable business
, rewarding shareholders with
outstanding results.
Appendix I: 2015 First Quarterly Results Highlights
|
(
Unit: RMB thousand
)
|
1Q2015 |
1Q2014
|
Change |
|
Revenue |
739,318 |
845,001 |
-12.51% |
|
Incl: Toll revenue |
703,585 |
763,223 |
-7.81% |
|
Cost of services |
337,058 |
389,730 |
-13.52% |
|
Investment income |
60,328 |
51,204
|
+17.82% |
|
Financial expenses |
79,990 |
134,444 |
-40.50% |
|
Net profit attributable to owners of
the Company |
255,829 |
237,709 |
+7.62% |
|
Earnings per share (RMB) |
0.117 |
0.109 |
+7.62% |
Appendix II: Operating Statistics of Each Toll Highway during the Reporting Period
|
Toll highway |
Percentage |
Percentage |
Average daily mixed
|
Average daily |
||
|
Jan~Mar |
YOY |
Jan~Mar |
YOY |
|||
|
Guangdong Province - Shenzhen region: |
||||||
|
Meiguan Expressway
|
100% |
100% |
66 |
N/A |
250 |
N/A |
|
Jihe East |
100% |
100% |
193 |
22.4% |
1,572 |
15.1% |
|
Jihe West |
100% |
100% |
155 |
24.8% |
1,294 |
24.7% |
|
Yanba Expressway |
100% |
100% |
30 |
7.0% |
423 |
-0.5% |
|
Yanpai Expressway |
100% |
100% |
49 |
0.4% |
415 |
-13.3% |
|
Nanguang Expressway |
100% |
100% |
85 |
13.2% |
790 |
5.0% |
|
Shuiguan Expressway |
40% |
－
|
167 |
11.7% |
1,334 |
10.0% |
|
Shuiguan Extension |
40% |
－
|
63 |
22.9% |
216 |
10.8% |
|
Guangdong Province - other regions: |
||||||
|
Qinglian Expressway |
76.37% |
100% |
38 |
2.8% |
2,154 |
-16.7% |
|
Yangmao Expressway |
25% |
－
|
42 |
16.3% |
1,726 |
6.6% |
|
Guangwu Project |
30% |
－
|
39 |
6.4% |
944 |
15.3% |
|
Jiangzhong Project |
25% |
－
|
100 |
7.9% |
1,029 |
8.1% |
|
GZ W2 Expressway |
25% |
－
|
44 |
4.0% |
847 |
5.2% |
|
Other provinces: |
||||||
|
Wuhuang Expressway |
55% |
100% |
43 |
2.1% |
919 |
-6.1% |
|
Changsha Ring Road |
51% |
－
|
18 |
14.7% |
180 |
22.2% |
|
Nanjing Third Bridge |
25% |
－
|
31 |
-1.7% |
1,066 |
-5.1% |
