吉林高速(601518) - 2017 Q2 - 季度财报

Definitions This chapter defines key terms and company abbreviations used in the report, providing foundational understanding Definitions of Common Terms This chapter defines key terms and company abbreviations used in the report, providing foundational understanding - The report clearly defines key entities, with Jilin Provincial Expressway Group Co., Ltd. (Jigao Group) identified as the controlling shareholder[10] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key accounting data and financial performance indicators Company Basic Information Jilin Expressway Co., Ltd. (601518) is a Shanghai Stock Exchange-listed company, with Bi Zhongde as its legal representative - The company's stock abbreviation is 'Jilin Expressway', code 601518, listed on the Shanghai Stock Exchange[15] - The company's legal representative is Bi Zhongde[11] Key Accounting Data and Financial Indicators The company achieved significant performance growth with revenue up 14.45%, net profit up 32.72%, and operating cash flow up 71.38% 2017 H1 Key Accounting Data (Unit: CNY) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 388,746,525.07 | 339,668,589.77 | 14.45 | | Net Profit Attributable to Parent Company Shareholders | 124,659,629.63 | 93,929,600.16 | 32.72 | | Net Cash Flow from Operating Activities | 327,304,015.09 | 190,977,958.61 | 71.38 | | Total Assets | 6,255,287,939.79 | 7,084,275,974.00 | -11.70 | 2017 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (CNY/share) | 0.10 | 0.08 | 25.00 | | Weighted Average ROE (%) | 4.60 | 3.69 | Increased by 0.91 percentage points | - Total non-recurring gains and losses during the reporting period amounted to CNY 11,442.95, having a minimal impact on net profit[20] Company Business Overview This section outlines the company's principal business, operating model, and the overall industry landscape Principal Business, Operating Model, and Industry Overview The company's core business is toll road investment and management, facing increased competition from new expressway additions - The company's principal business is the investment, construction, operation, and management of toll roads, with Changping Expressway as its core asset[22] - The tolling period for Changping Expressway after its reconstruction and expansion is 25 years, calculated from its opening on October 30, 2015[22] - In 2017, the national plan includes adding 5,000 kilometers of expressways, intensifying industry competition[23] Analysis of Core Competencies The company's core strengths include superior expressway assets and favorable industrial policy, supporting road transport demand - The company's core competencies include superior expressway assets (Changping Expressway and Changchun Ring Expressway Northwest Loop) and industrial policy advantages[26] - Rising urbanization and steady growth in vehicle ownership are direct drivers of increased road traffic, helping to mitigate diversion effects from other transportation modes[27] Discussion and Analysis of Operations This section provides a comprehensive discussion and analysis of the company's operational performance during the reporting period Overall Operational Analysis H1 2017 total toll revenue increased 16.28% to CNY 400 million, driven by Changping Expressway's growth despite Ring Expressway's decline - In the first half, the company's total toll revenue (including fees and taxes) was CNY 400.21 million, a 16.28% year-on-year increase[29] - Changping Expressway's toll revenue was CNY 375.14 million, up 30.45% year-on-year, primarily due to traffic diversion caused by construction on parallel National Highway G102[29] - Ring Expressway's toll revenue was CNY 25.07 million, a 55.71% year-on-year decrease, mainly due to the closure of some sections for bridge construction[30] Analysis of Principal Business Principal business revenue grew 14.23% to CNY 388 million, with gross profit margin at 71.12%, while operating costs rose due to depreciation Financial Statement Key Item Variation Analysis | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 388,746,525.07 | 339,668,589.77 | 14.45 | Increased traffic on Changping Expressway and national road diversion | | Operating Cost | 112,093,108.89 | 95,098,546.73 | 17.87 | Increased depreciation after Changping Expressway reconstruction and expansion | | Financial Expenses | 83,634,043.06 | 77,173,085.20 | 8.37 | Increased interest expense due to higher long-term loans | | Net Cash Flow from Operating Activities | 327,304,015.09 | 190,977,958.61 | 71.38 | Increased toll revenue | Principal Business by Industry | By Industry | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin (%) | Operating Revenue YoY Change (%) | Operating Cost YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Toll Road | 387,993,252.65 | 112,071,735.93 | 71.12 | 14.23 | 17.85 | Analysis of Assets and Liabilities Total assets decreased 11.70% to CNY 6.255 billion due to bond repayment, while construction in progress significantly increased Asset and Liability Status Change Analysis | Project Name | Current Period End (CNY) | Change from Prior Period End (%) | Explanation | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 258,323,702.15 | -74.48 | Mainly due to repayment of corporate bond principal in current period | | Construction in Progress | 46,977,701.53 | 393.70 | Mainly due to maintenance of Fufeng Grand Bridge on Changchun Expressway | | Other Payables | 275,205,043.89 | -37.59 | Mainly due to return of performance bonds to contractors in current period | | Bonds Payable | 0.00 | -100.00 | Mainly due to repayment of bond principal in current period | - Bank loans used for the company's reconstruction and expansion projects are secured by the tolling rights of Changping Expressway, with total restricted assets amounting to CNY 4.748 billion[40] Analysis of Major Holding and Participating Companies Key subsidiaries showed mixed performance, with Changchun Expressway and Donggao Oil reporting losses in H1 Major Holding and Participating Companies Financial Overview (Unit: CNY million) | Company Name | Shareholding (%) | Total Assets | Net Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Changchun Expressway Co., Ltd. | 63.80% | 100,456 | 99,290 | -544 | | Jilin Donggao Technology Oil Co., Ltd. | 95% | 6,599 | -17,216 | -152 | | Jilin Expressway Decheng Property Service Co., Ltd. | 90% | 353 | 305 | 3 | | Jilin Provincial Expressway Energy Co., Ltd. | 80% (直接) + 12.76% (间接) | 3,482 | 2,892 | -22 | Potential Risks The company faces risks from macroeconomic fluctuations, industry policy changes, and operational challenges like rising costs and business concentration - The company faces macroeconomic fluctuations, industry policy adjustments, and operational challenges (cost control, single business focus) three major risks[42][43] Significant Matters This section details significant events and developments impacting the company during the reporting period Fulfillment of Commitments Controlling shareholder's asset injection commitment evolved from asset transfer to a CNY 400 million cash injection via non-public offering - The controlling shareholder Jigao Group's asset injection commitment could not be fulfilled as scheduled due to the Ministry of Transport suspending acceptance of toll road asset listings[49] - The subsequent restructuring plan to issue shares for the acquisition of service area and advertising operation rights has also been terminated[49][77] - The commitment fulfillment method was ultimately changed to injecting no less than CNY 400 million in cash through a non-public offering, which was accepted by the CSRC on August 1, 2017[49][50] Significant Litigation and Arbitration Matters The company inherited two unexecuted lawsuits from Donggao Oil, involving VAT invoices and goods payment disputes - Subsidiary Donggao Oil sued Dalian Linda International Trade Co., Ltd. regarding a CNY 385.61 million VAT invoice case, which has not yet been finally executed[53][54] - Donggao Oil's other sales contract dispute case against Dalian Linda involves CNY 10.725 million, which has not been received and has been fully provisioned as bad debt[54][55] Significant Related Party Transactions Major related party transactions involve debt with controlling shareholder Jigao Group and lease agreements - The company has debt relations with controlling shareholder Jigao Group, with total amounts payable to Jigao Group at period-end amounting to CNY 101 million (long-term payables CNY 71 million, current portion CNY 30 million)[63][329] - This CNY 122.5 million debt has been approved for interest-free use, with agreed installment repayments, and CNY 21.5 million was repaid in 2016[67] Significant Contracts and Their Performance The company secured a CNY 4.252 billion syndicated loan for Changping Expressway reconstruction, with a remaining balance of CNY 2.643 billion - The company signed a CNY 4.252 billion syndicated loan contract for the Changping Expressway reconstruction and expansion project, pledging Changping Expressway tolling rights as collateral[68] - As of the end of the reporting period, the syndicated loan balance was CNY 2.643 billion[69][104] Explanation of Other Significant Matters Key matters include Changping project progress, potential relocation of toll stations, and the redemption of CNY 800 million corporate bonds Changping Reconstruction and Expansion Project Progress (Unit: CNY) | Project Name | Project Budget | Cumulative Investment as % of Budget | Cumulative Investment at Period End | | :--- | :--- | :--- | :--- | | Changping Reconstruction and Expansion Project | 5,570,310,797.00 | 80.25% | 4,470,235,438.62 | - Due to the construction of Changchun Southern New City, the company's toll stations and office buildings need to be relocated; the Changchun Municipal Government had agreed to compensation in meeting minutes, but it has not yet been implemented as of the end of the reporting period[72][342] - On June 21, 2017, the company exercised its redemption right, fully repaying the CNY 800 million principal and final interest of the '11 Jilin Expressway' corporate bonds, which have since been delisted[79][80] Changes in Ordinary Shares and Shareholder Information This section details any changes in the company's ordinary shares and provides an overview of its shareholder structure Changes in Share Capital The company's total share capital and share structure remained unchanged during the reporting period - During the reporting period, the company's total share capital and share structure remained unchanged[82] Shareholder Information As of period-end, the company had 70,249 shareholders, with Jigao Group and China Merchants Expressway as top state-owned entities Top Two Shareholders' Holdings at Period End | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Jilin Provincial Expressway Group Co., Ltd. | 596,803,607 | 49.19 | State-owned Legal Entity | | China Merchants Expressway Network Technology Holdings Co., Ltd. | 189,662,887 | 15.63 | State-owned Legal Entity | - As of the end of the reporting period, the company had 70,249 ordinary shareholders[84] Information on Corporate Bonds This section provides details regarding the company's corporate bonds, including their basic information, redemption, and credit rating Basic Information and Redemption of Corporate Bonds The company fully redeemed its CNY 800 million '11 Jilin Expressway' corporate bonds on June 21, 2017, delisting them - The company decided to exercise its redemption right for the full redemption of the '11 Jilin Expressway' corporate bonds[93] - On June 21, 2017, the company paid the CNY 800 million bond principal and CNY 44 million interest, and the bonds were delisted on the same day, with a zero balance at period-end[92][94] Use of Raised Funds and Credit Rating The CNY 800 million bond proceeds were fully utilized by 2013, and the company maintains an AA credit rating with a stable outlook - The net proceeds from the bond issuance, CNY 789.2 million, were fully utilized by the end of 2013[96] - The company's corporate and bond credit ratings have been AA for five consecutive years, with a stable outlook[97] - During the reporting period, the current ratio and quick ratio significantly decreased to 0.66 due to reduced cash and cash equivalents from corporate bond repayment[102] Financial Report This section presents the company's financial statements and related disclosures for the reporting period Financial Statements Overview Unaudited H1 financial statements show decreased assets and liabilities due to bond repayment, increased revenue, and strong operating cash flow Consolidated Balance Sheet Core Items (June 30, 2017) | Item | Period-end Balance (CNY) | Period-start Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 6,255,287,939.79 | 7,084,275,974.00 | | Total Liabilities | 3,182,917,911.19 | 4,076,289,777.14 | | Total Equity Attributable to Parent Company Owners | 2,721,242,008.93 | 2,654,815,979.30 | Consolidated Income Statement Core Items (Jan-Jun 2017) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 388,746,525.07 | 339,668,589.77 | | Operating Profit | 165,867,136.82 | 131,321,044.74 | | Net Profit Attributable to Parent Company Owners | 124,659,629.63 | 93,929,600.16 | Consolidated Cash Flow Statement Core Items (Jan-Jun 2017) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 327,304,015.09 | 190,977,958.61 | | Net Cash Flow from Investing Activities | 230,416,558.02 | -239,163,796.18 | | Net Cash Flow from Financing Activities | -876,615,160.47 | 97,521,183.43 | Significant Accounting Policies and Estimates Key accounting policies include traffic flow depreciation for roads, aging analysis for bad debt, and revenue recognition upon payment receipt - Depreciation for road and structure fixed assets is calculated using the traffic flow method, with periodic reviews of projected traffic flow to adjust the unit depreciation amount[183][184] - Bad debt provisions for receivables are calculated using the aging analysis method for aging portfolios, with a 100% provision rate for amounts over 5 years old[172] - Vehicle toll revenue is recognized when payment is received or evidence of payment collection is obtained[202] Contingent Matters Two significant unexecuted lawsuits related to subsidiary Donggao Oil involve VAT invoices and goods payment, potentially impacting future financials - Subsidiary Donggao Oil filed a lawsuit to recover a CNY 386 million VAT invoice or equivalent tax due to not receiving it for purchased goods; the case has not yet been executed[336] - Donggao Oil has another CNY 10.725 million goods payment dispute; although victorious, the payment has not been received and has been fully provisioned as bad debt[337][338] Catalogue of Documents for Reference This section lists the documents available for reference, including financial statements and publicly disclosed announcements Catalogue of Documents for Reference This chapter lists documents for reference, including signed financial statements and all publicly disclosed announcements - Documents for reference include signed and sealed financial statements and all disclosed announcement documents from the reporting period[367]