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Annual Report 2018 GNSR Expressway CONTENTS Five Years Financial Summary 2 Report of the Directors 74 Financial Highlights 3 Independent Auditor’s Report 81 Corporate Profile 4 Consolidated Income Statement 86 Location Maps of Projects 6 Consolidated Statement of Comprehensive Income 87 Chairman’s Statement 17 Consolidated Balance Sheet 88 Management Discussion and Analysis 24 Consolidated Statement of Cash Flows 90 Investor Relations Report 56 Consolidated Statement of Changes in Equity 91 Directors’ Profiles 59 Notes to the Consolidated Financial Statements 93 Corporate Governance Report 62 Corporate and Investor Relations Information 174 002 003 FIVE YEARS FINANCIAL SUMMARY INCOME STATEMENT Year ended 31 December (RMB’000) 2018 2017 2016 2015 2014 Income from operations 2,847,073 2,702,844 2,519,003 2,226,023 1,858,706 Earnings before interests, tax, depreciation and amortisation (“EBITDA”)1 2,855,785 2,722,179 2,356,181 2,037,563 1,670,146 Profit before income tax 1,891,655 1,638,417 1,520,564 869,932 1,014,240 Profit for the year 1,411,681 1,267,222 1,166,477 653,022 777,730 Profit attributable to: Shareholders of the Company 1,054,135 947,942 918,817 532,086 609,370 Non-controlling interests 357,546 319,280 247,660 120,936 168,360 Basic earnings per share for profit attributable to the shareholders of the Company RMB0.6300 RMB0.5666 RMB0.5491 RMB0.3180 RMB0.3642 Dividend per share RMB0.3375 RMB0.297 RMB0.2885 RMB0.2296 RMB0.222 BALANCE SHEET As at 31 December (RMB’000) 2018 2017 2016 2015 2014 Total Assets 22,739,750 23,918,489 22,568,556 23,419,273 17,509,960 Total Liabilities 10,332,171 12,101,085 11,264,254 12,590,180 7,065,391 Total Equity 12,407,579 11,817,404 11,304,302 10,829,093 10,444,569 Equity attributable to: Shareholders of the Company 10,071,871 9,544,848 9,081,958 8,571,746 8,527,595 Non-controlling interests 2,335,708 2,272,556 2,222,344 2,257,347 1,916,974 Net assets per share to shareholders of the Company RMB6.02 RMB5.70 RMB5.43 RMB5.12 RMB5.10 FINANCIAL RATIOS Year ended 31 December 2018 2017 2016 2015 2014 Return on equity attributable to shareholders of the Company 10.47% 9.93% 10.12% 6.21% 7.15% EBITDA Interest Coverage 8.2 times 8.4 times 5.8 times 5.8 times 5.6 times Gearing ratio2 29.6% 36.0% 40.0% 43.9% 27.6% 3 45.4% Total liabilities/Total assets ratio 50.6% 49.9% 53.8% 40.4% 1: EBITDA includes profit from associates and joint venture, but excludes non-cash gains and losses. 2: net debts÷total capitalization 3: total liabilities÷total assets Yuexiu Transport Infrastructure Limited Annual Report 2018 FINANCIAL HIGHLIGHTS RESULTS HIGHLIGHTS FOR 2018 Revenue Gross Profit Gross Margin* RMB2,847 million RMB2,013 million 70.7% ▲ ▲ ▲ 5.3% 5.1% 0.1 percentage point Profit attributable to Operating Profit Profit before income tax shareholders of the company RMB1,829 million RMB1,892 million RMB1,054 million ▲ ▲ ▲ 10.9% 15.5% 11.2% Earnings per share Total Assets Net assets per share RMB0.6300 RMB22.7 billion RMB6.02 ▲ ▲ ▲ 11.2% 4.9% 5.5% * Gross Margin = Gross profit/Revenue 004 005 CORPORATE PROFILE 廣州越秀集團有限公司 GUANGZHOU YUE XIU HOLDING LIMITED 100% YUE XIU ENTERPRISES (HOLDINGS) LIMITED PUBLIC 48.91% 51.09% YUEXIU TRANSPORT INFRASTRUCTURE LIMITED EXPRESSWAY / BRIDGE ■ GNSR Expressway 60% • Northern Ring Road 24.3% ■ Cangyu Expressway 100% • Humen Bridge 27.78%* ■ Jinbao Expressway 60% • Shantou Bay Bridge 30% ■ Han-Xiao Expressway 100% • GWSR Expressway 35% ■ Changzhu Expressway 100% • Qinglian Expressway 23.63% ■ Weixu Expressway 100% ■ Suiyuenan Expressway 70% subsidiaries associates and joint venture * The Group’s profit sharing ratio in Humen Bridge could be referred to notes of ‘Business Review’ in page 26. Yuexiu Transport Infrastructure Limited Annual Report 2018 Yuexiu Transport Infrastructure Limited (“Company”) and its subsidiaries (collectively, “Group”) are principally engaged in investment, operation and management of toll expressways and bridges in Guangdong Province and other high growth provinces in the People’s Republic of China (“PRC”), The Company’s substantial shareholder, Guangzhou Yue Xiu Holding Limited is a state-owned enterprise under the supervision of the State-owned Assets Supervision and Administration Commission (“SASAC”) of the Guangzhou Municipal People’s Government. As at 31 December 2018, the Group had a total of 12 investments in its operating expressways and bridge projects which included Guangzhou Northern Second Ring Expressway (“GNSR Expressway”), Guangzhou Western Second Ring Expressway (“GWSR Expressway”), Guangzhou Northern Ring Road (“Northern Ring Road”), Guangdong Humen Bridge (“Humen Bridge”), Shantou Bay Bridge and Qinglian Expressway, all of which are located within Guangdong Province; Cangyu Expressway in Guangxi Zhuang Autonomous Region (“Cangyu Expressway”); Jinbao Expressway in Tianjin Municipality; Han-Xiao Expressway and Suiyuenan Expressway in Hubei Province; Changzhu Expressway in Hunan Province; Weixu Expressway in Henan Province. As at 31 December 2018, the attributable toll length of the Group’s subsidiaries is approximately 281.1 km (total toll length is approximately 337.1 km), attributable toll length of the Group’s associates and joint venture is approximately 77.3 km, the total attributable toll length of expressways and bridges is approximately 358.4 km. GNSR Expressway 006 007 LOCATION MAPS OF PROJECTS LOCATION PROJECTS NAME GUANGDONG Dongguan City Humen Bridge Guangzhou City GNSR Expressway Guangzhou City Northern Ring Road Guangzhou City GWSR Expressway Qingyuan City Qinglian Expressway Shantou City Shantou Bay Bridge GUANGXI Wuzhou City Cangyu Expressway TIANJIN Tianjin City Jinbao Expressway HUBEI Wuhan City Han-Xiao Expressway Wuhan City Suiyuenan Expressway HUNAN Changsha City Changzhu Expressway HENAN Xuchang City Weixu Expressway Jinbao Expressway Yuexiu Transport Infrastructure Limited Annual Report 2018 TIANJIN HENAN HUBEI HUNAN GUANGDONG GUANGXI 008 009 LOCATION MAPS OF PROJECTS It is a six-lane suspension highway bridge with a toll length of approximately 15.8 km linking Nansha District of Guangzhou City and Humen District of Dongguan City. Its two ends are connected to the Guangzhou Macau Expressway, Guangshen Yanjiang Expressway and GS Superhighway. 1 HUMEN BRIDGE It is a six-lane expressway of approximately 42.5 km for toll length, with 10 flyovers in total. GNSR Expressway also connects with GWSR Expressway, Guangqing Expressway, Airport Expressway, G4 Expressway, Huanan Expressway, Guanghe Expressway, Guanghui Expressway, GS Superhighway, GESR Expressway and 2 Fenghuangshan Tunnel, National Highway 105, 106, 324 and Provincial Highway 114 and so GNSR EXPRESSWAY on. It is located within Guangzhou City with a toll length of approximately 22.0 km with six lanes. It is a part of Guangzhou Second Ring Expressway, Guangzhou section of Shenhai Expressway and Fukun section of National Highway, linking with GS Superhighway and Guangzhou Foshan Expressway. 3 NORTHERN RING ROAD It is located in the northwestern part of Guangdong as a significant linkage between Guangdong and Hunan. The toll length is approximately 215.2 km with four lanes. 4 QINGLIAN EXPRESSWAY The toll length is approximately 42.1 km with six lanes which is connected to GNSR Expressway, Guangqing Expressway, southern part of GWSR Expressway and Guangsan Expressway. 5 GWSR EXPRESSWAY It is located in the eastern entrance of Shantou Harbour which connects Shenshan Expressway in the south, stretches over Shantou Harbour Huangsha Bay Sea and connects with Shanfen Expressway. The project’s toll length is approximately 6.5 km with six lanes. 6 SHANTOU BAY BRIDGE Yuexiu Transport Infrastructure Limited Annual Report 2018 GUANGDONG Hunan Province 韶關市 連州市 Fujian Jiangxi Province Province Shaoguan City Lianzhou City 粵贛高速 4 Guanglian G4 Expressway G45111 Pingxing Meihe Expressway Guangxi Zhuang Yuegan ExpresswayQinglian 京珠高速 Expressway Meizhou City Autonomous Region清連高速 Daguang Expressway Guangle Expressway Expressway Shankun G4 Expressway Expressway Qingyuan City Guanghe Chaozhou City Expressway Heyuan City ExpresswayEr’guang Jiebo Expressway Jieyang City ExpresswayGuanghui Guangdong Shantou City Zhaoqing City Guangzhou City Province Guangkun Dongguan City Expressway Huizhou City Shenshan Yunfu City Foshan City Expressway 清遠市Jiangluo Expressway Fokai Baomao Expressway Baomao Guangming 河源市 Expressway Shenzhen JiangmenExpressway City 廣河高速 廣賀高速 City Zhongshan City G55 Guangqing Expressway Zhuhai City Shanmei Guangzhou Expressway Baiyun Airport Chaozhang Maoming City Zhaohua Jiebei Expressway Expressway Zengcong Chaozhou City Long ExpresswayExpressway 5 shan Shanfen G4 Expressway2 ExpresswayShanjie 廣惠高速 ExpresswayGNTR Expressway Zhanjiang 3 Jieyang City City Fenghuangshan 廣東省 Tunnel Xiaotang Chaohui Shantou 肇慶市 Guangzhao HuoCun 6 Expressway Guangzhou Jiepu Expressway City City Guangyuan Expressway Expressway Guangshen Expressway Foshan City Coastal Guangming G4 Expressway Guangming Expressway Jiehui Expressway Expressway Dongxin 惠州市Expressway G94 Shenshan 雲浮市 1 Expressway 深汕高速 廣明高速 Fokai Jianghe Phase 1 South China Sea 佛開高速 G9A Expressway Humen Bridge Hainan Province Expressways held by the Group Other expressways 江門市 Other expressways G94 深圳市(under construction) 珠海市 Guangzhou Ring-City Expressway GIS 010 011 LOCATION MAPS OF PROJECTS GUANGXI Guizhou Province Hunan Zixing Guisan Expressway Expressway Guanfeng Province Expressway Guilin City To Guilin Expressway Baomao Xijiang River Expressway Hechi City Baomao Expressway Wuzhou City Sanliu Expressway Hebai Hebai Liuzhou Fuzhong Expressway
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