powerpoint 演示文稿...zhoushan bay bridge 16,947 -15.7% 184.5 -53.9% 10 note: the traffic volume...
TRANSCRIPT
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2020
-
01 Result Highlights
02 Review of Operations
03 Outlook & Growth Strategies
04 Appendices
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4
Results (unaudited) Rmb ’000 1H2020 1H2019 % Change
Revenue
– Including: Interest income
Operating costs
3,947,835
796,849
(3,355,989)
5,722,101
787,455
(2,925,250)
-31.0%
1.2%
14.7%
Gross profit
Securities investment gains
Other income and gains and losses
Administrative expenses
Other expenses
Impairment losses under expected credit loss model, net of reversal
Share of profit of associates
Share of (loss) profit of a joint venture
Finance costs
591,846
1,100,834
335,772
(42,471)
(63,219)
(53,077)
349,874
(25,289)
(968,246)
2,796,851
658,810
103,789
(46,732)
(39,656)
(2,688)
327,447
12,189
(767,975)
-78.8%
67.1%
223.5%
-9.1%
59.4%
1874.6%
6.8%
N/A
26.1%
Profit before tax
Income tax expense
1,226,024
(279,222)
3,042,035
(692,971)
-59.7%
-59.7%
Profit for the Period
– Attributable to owners of the Company
– Attributable to non-controlling interests
946,802
687,097
259,705
2,349,064
1,977,610
371,454
-59.7%
-65.3%
-30.1%
EPS (basic) (RMB cents)
EPS (diluted) (RMB cents)
15.82
15.82
45.53
44.47
-65.3%
-64.4%
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5
Revenue BreakdownRevenue
5,372 5,336 5,390 5,722
3,948
10,979 11,081 11,192 11,955
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2016(restated)
2017(restated)
2018(restated)
2019 2020
Interim Annual
Overall Revenue for the Group decreased 31.0% y-o-y to Rmb3,948 million
Toll Road Business
44.9%
Securities Business
53.0%Other Business 2.1%
Rmb million
-
6
Net Profit BreakdownNet Profit
1,423 1,736
2,073 2,349
947
3,404
3,780 3,995
4,415
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2016(restated)
2017(restated)
2018(restated)
2019(restated)
2020
Interim Annual
1H2020 EPS (basic/diluted): Rmb15.82 cents / Rmb15.82 cents
Rmb million
-5.9
69.8
36.1
-5.9
69.8
36.1
-20.0
0.0
20.0
40.0
60.0
80.0
100.0
120.0
Toll RoadBusiness
SecuritiesBusiness
Other Business Total
%
-
ROE
6.8 7.48.4
10.0
3.3
15.0 14.6 15.0
17.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
2016(Restated)
2017(Restated)
2018(Restated)
2019 2020
Interim Annual
To provide shareholders with stable return in the long run
7
%
-
• Global economy experienced a downturn due to the Covid-19 epidemic
• China GDP: 1H2020 dropped 1.6% y-o-y
• Zhejiang GDP: 1H2020 increased 0.5% y-o-y. Industrial output, service sector output, fixed asset
investment and online retail sales in Zhejiang Province increased by 0.3%, 2.5%, 3.8% and 9.8%
y-o-y, respectively, which drove a rapid rebound in the Province’s overall economy
Economy
• Domestic capital markets started to stabilize and rebound after a variety of policy changes, such
as the implementation of a registration-based IPO system and new refinancing regulations for
listed companies
• Average daily trading volume on the Shanghai and Shenzhen stock markets increased by a total
of 29.8% y-o-y
Capital
Market
9
-
Revenue from toll operation decreased 54.3% to Rmb1,773 million
Positive factors: • Toll collections resumed on May 6, 2020; toll revenue of the Group recorded a y-o-y increase since the resumption of toll collections
• Local governments offered to pay tolls on behalf of qualified local passengers vehicles with ETC registration
• Government subsidies on cost incurred over removal of toll stations at provincial boundaries
Negative factors:• Zhejiang Province activated first-level public health emergency response between January 23, 2020 and March 2, 2020
• Toll-free policy for small passenger vehicles from January 24 to February 8, 2020, and for all vehicles from February 17 to May 5, 2020
• All qualified trucks in China with ETC registration enjoy a 15% discount on tolls from February 12 to August 5, 2020
• Class-3 and Class-4 passenger vehicles with ETC registrations enjoy a 15% discount on tolls
• Expressways in Zhejiang Province are offering a 35% discount on tolls for all container trucks in compliance with international standards, and
stopped charging entrance fees
• Construction work to repurpose the Hangzhou City section of the Shanghai-Hangzhou-Ningbo Expressway is in progress
• Opening of Subway Line 16 in Hangzhou impacted traffic volume on the Hanghui Expressway
• Opening of a north connection road for the Hangzhou Bay Bridge impacted traffic volume on the Shenjiahuhang Expressway
• Opening of the Zhoushan Fuchimen Bridge impacted traffic volume on the Zhoushan Bay Bridge
Various factors affected
Daily traffic volume (full-trip equivalent)
y-o-y changeToll income
(Rmb million)y-o-y change
Shanghai-Hangzhou-Ningbo Expressway 62,721 3.3% 898.3 -55.0%
Shangsan Expressway 33,639 12.3% 270.8 -53.8%
Ningbo-Jinhua Expressway (Jinhua Section) 24,718 6.6% 106.4 -47.9%
Hanghui Expressway 22,792 4.4% 136.3 -52.6%
Huihang Expressway 10,237 10.9% 35.0 -54.4%
Shenjiahuhang Expressway 27,370 -5.1% 142.2 -57.0%
Zhoushan Bay Bridge 16,947 -15.7% 184.5 -53.9%
10Note: The traffic volume during the Period listed above did not include the traffic volume during the toll-free period (from
February 17, 2020 to May 5, 2020), but included toll-free vehicles such as trucks carrying fresh produce.
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11
30000
40000
50000
60000
70000
80000
1 2 3 4 5 6 7 8 9 10 11 12
2020
2019
2018
2017
Shanghai-Hangzhou-Ningbo Expressway
Average Full-trip Equivalents/day: 62,721
3.3%
5,000
10,000
15,000
20,000
25,000
30,000
1 2 3 4 5 6 7 8 9 10 11 12
2020
2019
2018
2017
Ningbo-Jinhua Expressway (Jinhua Section)
Average Full-trip Equivalents/day: 24,718
6.6%
15,000
20,000
25,000
30,000
35,000
40,000
45,000
1 2 3 4 5 6 7 8 9 10 11 12
2020
2019
2018
2017
Shangsan Expressway
Average Full-trip Equivalents/day: 33,639
12.3%
Note: The traffic volume during the Period listed above did not include the traffic volume during the toll-free period (from
February 17, 2020 to May 5, 2020), but included toll-free vehicles such as trucks carrying fresh produce.
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12
0
5,000
10,000
15,000
20,000
25,000
1 2 3 4 5 6 7 8 9 10 11 12
2020
2019
2018
2017
Huihang Expressway
Average Full-trip Equivalents/day: 10,237
10.9%
0
10,000
20,000
30,000
40,000
1 2 3 4 5 6 7 8 9 10 11 12
2020
2019
2018
Shenjiahuhang Expressway
Average Full-trip Equivalents/day: 27,370
5.1%
0
10,000
20,000
30,000
40,000
1 2 3 4 5 6 7 8 9 10 11 12
2020
2019
2018
Zhoushan Bay Bridge
Average Full-trip Equivalents/day: 16,947
15.7%
0
10,000
20,000
30,000
40,000
1 2 3 4 5 6 7 8 9 10 11 12
2020
2019
2018
2017
Hanghui Expressway
Average Full-trip Equivalents/day: 22,792
4.4%
Note: The traffic volume during the Period listed above did not include the traffic volume during the toll-free period (from
February 17, 2020 to May 5, 2020), but included toll-free vehicles such as trucks carrying fresh produce.
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Commission & fee income 1,295.1 853.8 51.7%
Interest income 796.9 787.5 1.2%
Securities investment gains 1,034.7 609.3 69.8%
13
• Average daily trading volume on the
Shanghai and Shenzhen stock markets
increased by a total of 29.8% y-o-y
• Zheshang Securities recorded favorable
results, which helped to effectively mitigate
the decline in the toll road sector
(Rmb million) 1H2020 Change %1H2019
Revenue from securities business increased 27.5% to Rmb2,092 million
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14
Hotel Operations Revenue
• Grand New Century Hotel: Rmb24.6 million
• Zhejiang Grand Hotel: Rmb16.9 million
Road Construction Revenue
• Deqing County De’an Highway Construction
Co., Ltd: Rmb40.9 million
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15
50% Joint Venture
Zhejiang Shaoxing Shengxin
Expressway Co., Ltd.
• Daily traffic volume: increased 0.8% y-o-y to 20,896 in
full-trip equivalents (excl. toll-free period)
• Toll revenue: Rmb102.1 million, decreased 49.9% y-o-y
• Net loss: Rmb50.6 million
20.08% Associate
Zhejiang Communications
Investment Group Finance
Co., Ltd.
• Derives income mainly from
interest, fees and commissions
for providing financial services
• Net profit: Rmb234.0 million,
increased 9.1% y-o-y
10.61% Associate
Yangtze United Financial
Leasing Co., Ltd.
• Primarily engaged in finance leasing,
transferring and receiving financial
leasing assets, fixed-income
securities investment businesses,
and other businesses approved by
the CBRC
• Net profit: Rmb215.1 million,
increased 58.7% y-o-y
5.36% Associate
Shanghai Rural Commercial
Bank Co., Ltd.
• Primarily engaged in commercial banking, including
deposits, short-, medium- and long-term loans,
domestic and overseas settlements, and other
businesses approved by the CBIRC
• This associate has not announced its 2020 interim
results
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17
To scale businesses and increase profitability
Uncertainties remain in the recovery of China’s economy due to the continuous
spread of epidemic overseas and complicated external environment
2H2020
Outlook
While continuing to promote regular epidemic containment measures, the Group
will also push through high-quality sustainable development of the Company
Overall
Strategy
Expand core
expressway
business
Strengthen
securities
business
Seek
suitable
investments
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20
Bank balances, clearing settlement fund, deposits and cash
Financial assets at fair value through profit or loss
Total assets
Total liabilities
Total debt
Debt to equity (%)
Total liabilities to total assets (%)
7,412
30,872
115,893
84,675
78,357
251.0%
73.1%
8,379
22,235
104,577
72,595
67,778
211.9%
69.4%
-11.5%
38.8%
10.8%
16.6%
15.6%
18.4%
3.7 ppts
% Change(RMB million)
As at
06/30/2020
As at
12/31/2019
-
21
As of 26 August 2020
JOINT
VENTUREASSOCIATES
73.625%
Shangsan Co
100%
Jinhua Co
99.9995%
Jiaxing Co
51%
Yuhang Co
100%
Huihang Co
88.674%
Hanghui Co
Zhejiang Expressway Co., Ltd
576.HK
100%
Shenjiahuhang
Co
80.1%
Deqing County
De’an Highway
Construction
100%
Zhejiang Grand
Hotel Ltd
SUBSIDIARIES
10.61%
Yangtze United
Financial Leasing
20.08%
Zhejiang
Communications
Finance
50%
Shengxin Co
15%
Taiping Science
& Technology
Insurance
5.36%
Shanghai Rural
Commercial
Bank
51%
Zhoushan Co
58.7936%
Zheshang
Securities
601878.SH
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22