CHONGQING YUHE EXPRESSWAY COMPANY Reports/2016...CHONGQING YUHE EXPRESSWAY COMPANY LIMITED....

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  • CHONGQING YUHE EXPRESSWAY COMPANY LIMITED FINANCIAL STATEMENTS AND AUDITORS REPORT FOR THE YEAR ENDED 31 DECEMBER 2015 [English translation for reference only. Should there be any inconsistency between the Chinese and English versions, the Chinese version shall prevail.]

  • Chongqing Yuhe Expressway Company Limited Financial Statements and Auditors Report For the Year Ended 31 December 2015

    [English translation for reference only]

    Contents Page

    Auditors report 1 - 2

    Financial statements for the year ended 31 December 2015

    Balance sheet 3

    Income statement 4

    Cash flow statement 5

    Changes in owners equity 6

    Notes to the financial statements 7 - 59

  • [English Translation for Reference Only]

    Auditors Report

    PwC ZT CQ Shen Zi (2016) No. 006

    (Page 1 of 2)

    To the Board of Directors of Chongqing Yuhe Expressway Company Limited,

    We have audited the accompanying financial statements of Chongqing Yuhe

    Expressway Company Limited (hereinafter the Company), which comprise the

    balance sheet as at 31 December 2015, and the income statement, the statement of

    changes in owners equity and the cash flow statement for the year then ended, and

    the notes to the financial statements.

    Managements Responsibility for the Financial Statements

    Management of Chongqing Yuhe Expressway Company Limited is responsible for

    the preparation and fair presentation of these financial statements in accordance

    with the requirements of Accounting Standards for Business Enterprises, and for

    such internal control as management determines is necessary to enable the

    preparation of financial statements that are free from material misstatement,

    whether due to fraud or error.

    Auditors Responsibility

    Our responsibility is to express an opinion on these financial statements based on

    our audit. We conducted our audit in accordance with China Standards on Auditing.

    Those standards require that we comply with ethical requirements and plan and

    perform the audit to obtain reasonable assurance about whether the financial

    statements are free from material misstatement.

  • - 2 -

    PwC ZT CQ Shen Zi (2016) No. 006

    (Page 2 of 2)

    An audit involves performing procedures to obtain audit evidence about the

    amounts and disclosures in the financial statements. The procedures selected

    depend on the auditors judgment, including the assessment of the risks of material

    misstatement of the financial statements, whether due to fraud or error. In making

    those risk assessments, the auditor considers internal control relevant to the entitys

    preparation and fair presentation of the financial statements in order to design audit

    procedures that are appropriate in the circumstances, but not for the purpose of

    expressing an opinion on the effectiveness of the entitys internal control. An audit

    also includes evaluating the appropriateness of accounting policies used and the

    reasonableness of accounting estimates made by management, as well as evaluating

    the overall presentation of the financial statements.

    We believe that the audit evidence we have obtained is sufficient and appropriate to

    provide a basis for our audit opinion.

    Opinion

    In our opinion, the accompanying financial statements present fairly, in all material

    respects, the financial position of the Company as at 31 December 2015, and its

    financial performance and cash flows for the year then ended in accordance with the

    requirements of Accounting Standards for Business Enterprises.

    PricewaterhouseCoopers Zhong Tian LLP

    Chongqing Branch

    Chongqing, the Peoples Republic of China

    26 February 2016

  • CHONGQING YUHE EXPRESSWAY COMPANY LIMITED

    BALANCE SHEETS AS AT 31 DECEMBER 2015(All amounts in RMB Yuan unless otherwise stated)

    [English translation for reference only]

    ASSETS Note 31 December 2015 31 December 2014

    Current assets

    Cash at bank and on hand 6(1) 52,698,183.12 14,344,208.68

    Accounts receivable 6(2) 10,523,907.93 12,263,599.97

    Other receivables 6(3) 7,227,506.38 5,283,078.04

    Inventories 6(4) 119,740.90 138,813.86

    Other current assets 6(5) 83,000,000.00 70,000,000.00

    Total current assets 153,569,338.33 102,029,700.55

    Non-current assets

    Fixed assets 6(6) 44,226,667.49 43,763,759.59

    Construction in progress 6(7) 500,000.00 -

    Intangible assets 6(8) 3,131,134,418.28 3,212,216,497.67

    Long-term prepaid expenses 6(9) 55,402,633.61 60,316,835.73

    Deferred tax assets 6(17) 87,221.75 141,976.88

    Total non-current assets 3,231,350,941.13 3,316,439,069.87

    TOTAL ASSETS 3,384,920,279.46 3,418,468,770.42

    LIABILITIES

    AND OWNERS' EQUITY Note 31 December 2015 31 December 2014

    Current liabilities

    Accounts payable 6(10) 23,925,045.90 18,915,877.45

    Advances from customers 6(11) 714,301.30 -

    Employee benefits payable 6(12) 504,232.44 121,354.05

    Interests payable 6(13) 2,708,688.89 2,979,333.34

    Taxes payable 6(14) 10,811,865.65 6,259,972.59

    Other payables 6(15) 4,283,409.79 2,325,609.25

    Current portion of non-current

    liabilities 6(16) 82,000,000.00 82,000,000.00

    Total current liabilities 124,947,543.97 112,602,146.68

    Non-current liabilities

    Long-term borrowings 6(18) 1,580,000,000.00 1,662,000,000.00

    Total non-current liabilities 1,580,000,000.00 1,662,000,000.00

    Total liabilities 1,704,947,543.97 1,774,602,146.68

    Owners' equity

    Paid-in capital 6(19) 1,574,812,062.26 1,574,812,062.26

    6(20) 105,160,673.23 69,054,561.48

    Total owners' equity 1,679,972,735.49 1,643,866,623.74

    TOTAL LIABILITIES AND

    OWNERS' EQUITY 3,384,920,279.46 3,418,468,770.42

    The accompanying notes form an integral part of these financial statements.

    Legal representative: Principal in charge of accounting: Head of accounting department:

    Undistributed profits

    - 3 -

  • CHONGQING YUHE EXPRESSWAY COMPANY LIMITED

    INCOME STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015

    (All amounts in RMB Yuan unless otherwise stated)

    [English translation for reference only]

    Note 2015 2014

    6(21) 483,698,074.70 452,126,076.30

    Less: Cost of sales 6(21) (152,399,733.84) (159,066,860.80)

    Taxes and surcharges 6(22) (16,395,869.38) (15,221,368.13)

    General and administrative expenses (24,276,761.46) (18,371,053.39)

    Financial expenses net 6(23) (102,904,598.49) (115,779,586.73)

    Asset impairment loss 6(30) 350,000.00 -

    Investment income 6(25) 3,151,626.30 724,575.35

    Including: Share of profit of associates

    and joint ventures - -

    191,222,737.83 144,411,782.60

    Add: Non-operating income 6(26) 3,138,909.99 1,959,852.35

    Less: Non-operating expenses 6(27) - (404,015.15)

    Including: Losses on disposal of

    non-current assets - (395,710.63)

    194,361,647.82 145,967,619.80

    Less: Income tax expenses 6(28) (29,200,974.59) (21,913,058.32)

    165,160,673.23 124,054,561.48

    - -

    165,160,673.23 124,054,561.48

    The accompanying notes form an integral part of these financial statements.

    Legal representative: Principal in charge of accounting: Head of accounting department:

    Net amount of other comprehensive income

    after tax

    Total comprehensive income

    Item

    Revenue

    Operating profit

    Total profit

    Net profit

    - 4 -

  • CHONGQING YUHE EXPRESSWAY COMPANY LIMITED

    CASH FLOW STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015(All amounts in RMB Yuan unless otherwise stated)

    [English translation for reference only]

    Note 2015 2014

    Cash flows from operating activities Cash received from sales of goods

    or rendering of services 478,904,859.73 434,285,585.89 Cash received relating to other

    operating activities 51,541,547.31 47,073,160.34

    Sub-total of cash inflows 530,446,407.04 481,358,746.23

    Cash paid for goods and services (29,777,922.92) (56,315,454.56)

    Cash paid to and on behalf of employees (25,912,899.59) (2,092,312.31)