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SHENZHEN EXPRESSWAY COMPANY LIMITED (A joint stock limited company incorporated in the People's Republic of China with limited liability) (Stock Code: 600548 (SSE) 00548 (HKEx)) 2018 ANNUAL REPORT Cautionary Statement in relation to Forward-looking Statement: Beside statements of facts, this report also contains certain “forward-looking statements”, including, without limitation, statements relating to all anticipation, objectives, estimations and operation plans of the Company which are anticipated or expected to happen. Forward-looking statements involve certain general or specifically known or unknown risk and negative factors. Affected by these factors, the future results of the Company may substantially differ from these forward looking statements. Users of this report should consider the aforesaid and other factors carefully, and should not place undue reliance on such “forward-looking statements”. In addition, the Company undertakes no obligation to update or revise any forwardlooking statements in this report publicly in respect of any future information, incident or any other reason. The Company and any of its employee or associate make no representation or assurance to the future performance of the Company and expressly disclaim any responsibilities of such statements. The Board, the Supervisory Committee and the Directors, the Supervisors, the Senior Management of the Company confirm the truthfulness, accuracy and completeness of the content of this annual report and that there are no false representations or misleading statements contained in or material omissions from this report, and assume several and joint legal responsibility. Member of Shenzhen International Holdings Limited Contents 2 Definition and Cautionary Statement Corporate Governance 104 Corporate Governance Summary 10 Introduction of the Company 112 Corporate Governance Report 126 Internal Control 12 Financial and Operational Highlights 130 Investor Relations 17 Events of the Year Auditor’s Report and 2018 Financial Statements 136 Independent Auditor’s Report 18 Chairman’s Statement 141 Consolidated and Company Statements of Financial Position Management Discussion and Analysis 145 Consolidated and Company Statements of Profit 25 Business Review or Loss and Other Comprehensive Income 43 Financial Analysis 148 Consolidated and Company Statements of Cash Flows 61 Outlook and Plans 152 Consolidated and Company Statements of Changes in Equity 67 Report of the Directors 155 Notes to Financial Statements 296 Supplementary Information 84 Share Capital and Shareholders 298 Company Information 89 Directors, Supervisors, Senior Management and Employees 2 SHENZHEN EXPRESSWAY COMPANY LIMITED Definition and Cautionary Statement I. Definition In this report, the following expressions shall have the meanings set out below unless the context otherwise requires: Reporting Period, Period, Year For the twelve months ended 31 December 2018. Reporting Date The date on which this Annual Report 2018 of the Company is approved by the Board, i. e. 22 March 2019. YOY Year-on-year change rate as compared to the same period of 2017. The Company, Company, Shenzhen Expressway Company Limited. Shenzhen Expressway The Group, Group The Company and its consolidated subsidiaries. A Shares Renminbi-denominated ordinary shares of the Company which were issued in the PRC and subscribed in RMB and are listed on SSE. H Shares Overseas-listed foreign shares of the Company which were issued in Hong Kong and subscribed in HK$ and are listed on HKEx. CSRC China Securities Regulatory Commission. SFC Securities and Futures Commission of Hong Kong. SSE The Shanghai Stock Exchange. HKEx The Stock Exchange of Hong Kong Limited. Hong Kong Hong Kong Special Administrative Region of the PRC. Listing Rules The Rules Governing the Listing of Securities on HKEx and/or the Rules Governing the Listing of Stocks on SSE (as the case may be). CASBE The Accounting Standards for Business Enterprises (2006) of the PRC and the specific accounting standards as well as relevant provisions issued later. Shenzhen SASAC 深圳市人民政府國有資產監督管理委員會 (State-owned Assets Supervision and Administration Commission of Shenzhen Municipal People’s Government). ANNUAL REPORT 2018 3 Transport Commission 深圳市交通運輸局 Shenzhen Transportation Bureau. SIHCL 深圳市投資控股有限公司 (Shenzhen Investment Holdings Company Limited). Shenzhen International Shenzhen International Holdings Limited. XTC Company 新通產實業開發（深圳）有限公司 (Xin Tong Chan Development (Shenzhen) Company Limited), formerly known as 深圳市高速公路開發公司 (Shenzhen Freeway Development Company Limited). SGH Company 深圳市深廣惠公路開發有限公司 (Shenzhen Shen Guang Hui Highway Development Company Limited)，formerly known as 深圳市深廣惠公路開發總公 司 (Shenzhen Shen Guang Hui Highway Development Company). CMET 招商局公路網路科技控股股份有限公司 (China Merchants Expressway Network ＆ Technology Holdings Co., Ltd.), formerly known as 招商局華建公路投資有限公司 (China Merchants Hua Jian Highway Investment Co., Ltd.). GDRB Company 廣東省路橋建設發展有限公司 (Guangdong Roads and Bridges Construction Development Company Limited). Shenzhen International 深國際控股（深圳）有限公司 (Shenzhen International Holdings (SZ) Limited), (Shenzhen) formerly known as 怡萬實業發展（深圳）有限公司 (Yiwan Industry Development (Shenzhen) Company Limited). Industrial Fund Management Shenzhen Expressway (Guangzhou) Industrial Investment Fund Management Co. Company Ltd. Vanke China Vanke Co., Ltd. Three Projects Nanguang Expressway, Yanpai Expressway and Yanba Expressway (the Three Projects). On 30 November 2015, the Company entered into the Three Expressways agreement with the Shenzhen Transport Commission in relation to the toll adjustment of the Three Projects. Bank of Guizhou Guizhou Bank Corporation Limited. Longda Company 深圳龍大高速公路有限公司 (Shenzhen Longda Expressway Company Limited). Coastal Company 深圳市廣深沿江高速公路投資有限公司 (Shenzhen Guangshen Coastal Expressway Investment Company Limited). 4 SHENZHEN EXPRESSWAY COMPANY LIMITED Definition and Cautionary Statement Meiguan Expressway The expressway from Meilin to Guanlan in Shenzhen City. The Toll Free Section of Meiguan Expressway refers to the section from Meilin to Guanlan with a mileage of approximately 13.8 km, which has become toll-free from 24:00 on 31 March 2014. The Toll Section of Meiguan Expressway refers to the section from Shenzhen-Dongguan border to Guanlan with a mileage of approximately 5.4 km which remains collection of toll. Jihe Expressway The expressway from Shenzhen International Airport to He’ao in Shenzhen City, comprising Jihe East (Qinghu to He’ao) and Jihe West (Airport to Qinghu). Yanba Expressway The expressway from Yantian to Bagang in Shenzhen City, comprising Yanba A (Yantian to Xichong), Yanba B (Xichong to Kuichong) and Yanba C (Kuichong to Bagang), with a total toll mileage of 29.1km. From 0:00 on 7 February 2016, it has been operated by card access with the toll exempted. Yanpai Expressway The expressway from Yantian to Paibang in Shenzhen City, also referred to as Yantian Subsidiary Road of Jihe Expressway, with a toll mileage of 15.6km. From 0:00 on 7 February 2016, it has been operated by card access with the toll exempted. Nanguang Expressway The expressway from Xili to Gongming in Shenzhen City, with a toll mileage of 31km. From 0:00 on 7 February 2016, it has been operated by card access with the toll exempted. Shuiguan Expressway The expressway from Shuijingcun to Guanjintou in Shenzhen City. Shuiguan Extension An extension to Shuiguan Expressway, Phase I of Qingping Expressway (the expressway from Yulongkeng to Pinghu in Shenzhen City). Outer Ring Project The project of Shenzhen section of Outer Ring Expressway in Shenzhen City (Outer Ring Expressway), among which, the section from the north side of Shenzhen Waterlands Resort in Bao’an District (connecting with Coastal Expressway) to the interchange of Shenshan Expressway in Longgang District (excluding Dongguan section) referred to as Section A of Outer Ring. Coastal Project The section from Nanshan, Shenzhen to Dongbao River (the boundary between Dongguan and Shenzhen) (Coastal Expressway (Shenzhen Section)) of the costal expressway from Guangzhou to Shenzhen (Coastal Expressway). Among which, the project of main line of Coastal Expressway (Shenzhen Section) and facilities referred to as Coastal Phase I, and the project of the ramp bridge of airport interchange of Coastal Expressway (Shenzhen Section) and facilities referred to as Coastal Phase II. ANNUAL REPORT 2018 5 Longda Expressway The expressway from Longhua, Shenzhen to Dalingshan, Dongguan. The Shenzhen Section of Longda Expressway (namely, the 23.8km section from Longda Shenzhen to Nanguang ramp) was operated by card access from 0:00 on 7 February 2016 with toll exemption. Qinglian Expressway Qinglian Expressway, Qinglian Class 1 Highway, Qinglian Class 2 Road (also referred to as National Highway 107 Qinglian Section) and/or the reconstruction into an expressway for Qinglian Class 1 Highway from Qingyuan to Lianzhou, as the case may be. Yangmao Expressway The expressway from Yangjiang to Maoming. Guangwu Project The section from Ma’an to Hekou of the expressway from Guangzhou, Guangdong to Wuzhou, Guangxi (Guangwu Expressway). Jiangzhong Project The expressway from Zhongshan to Jiangmen and the second phase of the expressway from Jiangmen to Heshan. GZ W2 Expressway The section from Xiaotang to Maoshan of Guangzhou Ring Expressway, also referred to as Guangzhou Western Second Ring Expressway. Wuhuang Expressway The expressway from Wuhan to Huangshi. Changsha Ring Road Changsha Ring Expressway (Northwestern Section). Nanjing Third
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