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Interim Report 2016 1 Company Profile Contents Company Profile 2 Company Information 3 Financial Highlights 4 Chairman’s Statement 6 Management Discussion and Analysis 9 Other Information 22 Unaudited Interim Financial Report Consolidated Balance Sheet 32 Balance Sheet 35 Consolidated Income Statement 38 Income Statement 40 Consolidated Cash Flow Statement 41 Cash Flow Statement 43 Consolidated Statement of Changes in Shareholders’ Equity 45 Statement of Changes in Shareholders’ Equity 47 Notes to the Interim Financial Report 49 CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS This report may contain certain forward-looking information and/or information that is not based on historical data and uses forward-looking expressions such as “anticipate”, “believe”, “intend”, “could”, “expect”, “estimate”, “may”, “ought to”, “should” or “will”. Readers are cautioned that reliance on any forward-looking statements involves risks and uncertainties and that, although the Group believes that assumptions on which the forward-looking statements are based are reasonable, any or all of those assumptions could prove to be incorrect and as a result, the inclusion of forward-looking statements in this report should not be regarded as representations by the Group concerning future performance of the Group and readers should not place undue reliance on such forward-looking statements. Unless required by regulatory authorities otherwise, the Group is not obliged or liable to update those forward-looking statements hereafter. Interim Report 2016 1 Company Profile Guangdong Yueyun Transportation Company Limited (the “Company”) and its subsidiaries (collectively, the “Group”) are the leading integrated transportation and logistics service providers in the Guangdong Province. The Company’s controlling shareholder is Guangdong Provincial Communication Group Company Limited (“GCGC”), a state-owned enterprise established in China. Currently the Group’s principal activities are as follows: 1. motor transportation and auxiliary services, whereby the Group is mainly engaged in the transportation within the Guangdong Province, transportation between Guangdong Province and other provinces, cross-border transportation between Guangdong Province and Hong Kong, as well as the provision of management of passenger and cargo transportation terminals. Our business has covered Guangzhou, Shenzhen, Shaoguan, Qingyuan, Zhaoqing, Yangjiang, Shantou, Shanwei, Heyuan as well as numerous major cities in Guangxi, Hunan, Fujian and Jiangxi, forming a relatively comprehensive system of road transport networks. Our flagship brand of “Yueyun Express” was the first provincial famous trademark in the road transport industry in Guangdong Province. 2. expressway services, whereby the Group is mainly engaged in onsite management for expressway service zones and the operation of relevant auxiliary services, such as food and beverage shops, convenient stores, refueling stations, vehicle repairs and outdoor advertising in expressways, as well as the chain operation integrated with planning, construction and management at the expressway service zones wholly-owned or controlled by GCGC inside Gongdong Province under the license of GCGC. 3. material logistics services, whereby the Group is mainly engaged in the management of material logistics for expressway and other large infrastructure projects, providing customers with logistics services throughout the whole process from procurement of engineering materials, storage and distribution, onsite supply management of project to material information consultation, based on highway infrastructure projects, by applying the logistic mode integrated with procurement and supply chain. The Company is one of the first batch of Class 5A steel distribution enterprises in the PRC. 4. The Group’s business also covers the operation of and toll collection for Taiping Interchange of Guangzhou- Shenzhen-Zhuhai Expressway (the “Taiping Interchange”). 2 Guangdong Yueyun Transportation Company Limited Company Information LEGAL NAME OF THE COMPANY COMPANY SECRETARY Guangdong Yueyun Transportation Zhang Li Company Limited AUTHORISED REPRESENTATIVES STOCK CODE Xuan Zongmin 03399 Tang Yinghai REGISTERED OFFICE AUDITOR 8th Floor KPMG Huazhen LLP No. 1731-1735 Airport Road 8th Floor, Tower E2 Guangzhou Oriental Plaza Guangdong Province 1 East Chang An Avenue PRC Beijing PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG PRINCIPAL BANKERS Unit 4502, 45th Floor Bank of China Far East Finance Centre China CITIC Bank 16 Harcourt Road China Merchants Bank Admiralty Agricultural Bank of China Hong Kong China Construction Bank BOARD OF DIRECTORS LEGAL ADVISER Executive Directors Paul Hastings Xuan Zongmin 21-22/F, Bank of China Tower Tang Yinghai 1 Garden Road Yao Hanxiong Hong Kong Fei Dachuan Guo Junfa HONG KONG H SHARE REGISTRAR AND TRANSFER OFFICE Non-Executive Directors Computershare Hong Kong Investor Services Limited Li Bin 17M Floor, Hopewell Centre Chen Min 183 Queen’s Road East Hong Kong Independent Non-Executive Directors Gui Shouping Peng Xiaolei Jin Wenzhou Lu Zhenghua Interim Report 2016 3 Financial Highlights For the six For the six months ended months ended 30 June 2016 30 June 2015 Change RMB’000 RMB’000 Results highlights Revenue Motor vehicle transportation and auxiliary services 1,578,255 1,491,053 6% Expressway services 445,309 389,428 14% Material logistics services 1,008,929 1,926,065 (48%) Taiping Interchange 98,066 90,026 9% Others 1,073 2,577 (58%) Total revenue 3,131,632 3,899,149 (20%) Gross Profit Motor vehicle transportation and auxiliary services 363,367 390,500 (7%) Expressway services 148,813 112,279 33% Material logistics services 54,125 75,290 (28%) Taiping Interchange 81,279 76,980 6% Others (1,658) 1,163 (243%) Total gross profit 645,926 656,212 (2%) Business tax and levies (28,675) (31,228) (8%) Selling and administrative expenses (351,582) (361,079) (3%) Finance expenses (22,486) (29,760) (24%) Reversal of impairment provision 2,934 1,598 84% Investment income 15,201 7,523 102% Operating profit 261,318 243,266 7% Non-operating income and expenses 45,401 44,327 2% Total profit 306,719 287,593 7% Income tax expenses (88,480) (87,632) 1% Net profit 218,239 199,961 9% Profit and loss attributable to minority interests (42,869) (56,567) (24%) Net profit attributable to owners of the parent company 175,370 143,394 22% Diluted earnings per share (RMB) 0.22 0.18 (Restated) 22% Basic earnings per share (RMB) 0.24 0.23 (Restated) 4% 4 Guangdong Yueyun Transportation Company Limited Financial Highlights 30 June 31 December Change 2016 2015 RMB’000 RMB’000 Results highlights Total assets 7,513,795 7,552,785 (1%) Total net assets 3,120,379 3,046,589 2% Equity attributable to owners of the parent company 1,952,673 1,874,206 4% Net assets per share attributable to owners of the Company (RMB) 2.44 2.99 (18%) For the six For the six months ended months ended 30 June 2016 30 June 2015 Ratios Gross profit margin (%) 20.63% 16.83% Interest coverage ratio (times) 11.09 9.48 30 June 31 December 2016 2015 Gearing ratio (%) 58.47% 59.66% Current ratio (times) 1.21 1.22 Gross profit margin = Gross profit/Revenue Interest coverage ratio = Profit before interest and tax/(Interest expenses + capitalised interest) Gearing ratio = Total liabilities/Total assets Current ratio = Total current assets/Total current liabilities Interim Report 2016 5 Chairman’s Statement During the first half of 2016, facing the complexity in international and domestic economic conditions and the downside pressure on economic growth, the PRC government implemented the five essential development concepts of “innovation, coordination, environmental friendly, transparency and sharing” conscientiously. While expanding total demand moderately, supply-side restructuring was accelerated, entrepreneurship and innovations by everyone were highly promoted. The overall national economy was operating steadily with a stable to progressively advancing trend. During the first half of 2016, the GDP growth of 6.7% was achieved. Facing a “new normality” in domestic economic development, the Group centered on improving the utilization efficiency of resources and enhancing the value creation capacity, focused on increasing size, strengthening business, optimizing effectiveness and promoting branding, and promoted the implementation of “2014-2018 Development Strategy Plan” as an outstanding task, to ensure stable growth in motor vehicle transportation and auxiliary services, expressway services, material logistics services and Taiping Interchange toll business was maintained. The Group emphasized on promoting the development of oil, gas, power and energy business, commercial development in service zones, convenient stores business and package express business, increased the nurturing of commercial development on self-owned land and digital media advertising business and strengthened new driving forces in the Group’s development to enhance the overall profitability. By improving organizational management and control and incentive restraint mechanism continuously, the Group enhanced capital operation ability, strengthened the operating vigor, control, influence and risk resistant abilities and gradually enhanced its core competitiveness. During the second half of 2016, both domestic and international economic conditions will remain complicated and challenging. It is expected the PRC government will adhere to the basic working strategy of pursuing stability and improvement, expand overall demand moderately, implement supply-side structural
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