Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock code: 0576)

2018 FIRST QUARTERLY RESULTS ANNOUNCEMENT

The directors (the "Directors") of Zhejiang Expressway Co., Ltd. (the "Company") are pleased to announce the first quarterly results of the Company and its subsidiaries (the "Group") for the three months ended March 31, 2018 (the "Period").

The audit committee of the Company has reviewed the quarterly results of the Group for the Period. Set out below are the Group's unaudited condensed consolidated statement of profit or loss and other comprehensive income, unaudited condensed consolidated statement of financial position and unaudited condensed consolidated statement of cash flows for the Period together with the comparative figures for the corresponding period of 2017:

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the three months ended March 31, 2018 2017

Rmb'000 Rmb'000 (Unaudited) (Unaudited)

Revenue

2,255,435

2,338,312

Operating costs

(1,026,094)

(1,118,826)

Gross profit

1,229,341

1,219,486

Securities investment gains

111,401

136,766

Other income and gains and losses

62,515

51,462

Administrative expenses

(15,029)

(15,474)

Other expenses

(11,461)

319

Share of profit of associates

50,013

46,064

Share of profit of a joint venture

5,293

1,677

Finance costs

(182,314)

(176,159)

Profit before tax

1,249,759

1,264,141

Income tax expense

(272,190)

(290,393)

Profit for the Period

977,569

973,748

Profit for the Period attributable to:

Owners of the company

822,255

792,735

Non-controlling interests

155,314

181,013

977,569

973,748

Other comprehensive expense

Items that may be reclassified subsequently to profit or loss:

Available-for-sale financial assets:

- Fair value gain during the Period

-

44,319

- Reclassification adjustments for cumulative gain upon

disposal

-

(47,970)

Share of differences arising on translation

(1,975)

(45)

Income tax relating to items that may be reclassified

subsequently

-

913

Other comprehensive expense for the Period, net of income

tax

(1,975)

(2,783)

Total comprehensive income for the Period

975,594

970,965

For the three months ended March 31, 2018 2017

Rmb'000 Rmb'000 (Unaudited) (Unaudited)

Total comprehensive income attributable to:

Owners of the Company

821,328

791,284

Non-controlling interests

154,266

179,681

975,594

970,965

Earnings per share

Basic (Rmb cents)

18.93

18.25

Diluted (Rmb cents)

16.78

18.25

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at As at March 31, December 31, 2018 2017

Rmb'000 Rmb'000 (Unaudited) (Audited)

Non-current assets

19,370,045

19,698,271

Current assets

55,968,039

53,952,249

Current liabilities

34,606,353

32,421,081

Net current assets

21,361,686

21,531,168

Total assets less current liabilities

40,731,731

41,229,439

Non-current liabilities

10,551,786

12,025,088

30,179,945

29,204,351

Capital and reserves

Share capital

4,343,115

4,343,115

Reserves

17,132,713

16,311,385

Equity attributable to owners of the Company

21,475,828

20,654,500

Non-controlling interests

8,704,117

8,549,851

30,179,945

29,204,351

*Note:The Group has adopted HKFRS 9 from January 1, 2018. As permitted by the transitional provisions of HKFRS 9, the Group elected not to restate comparative figures. Any adjustments to the carrying amounts of financial assets and liabilities at the date of transition were recognised in equity as at January 1, 2018.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the three months ended March 31, 2018 2017

Rmb'000 Rmb'000 (Unaudited) (Unaudited)

Net cash from (used in) operating activities

1,477,265

(1,144,645)

Net cash (used in) from investing activities

(1,341,105)

1,499,420

Net cash from (used in) financing activities

1,707,622

(3,448,141)

Net increase (decrease) in cash and cash equivalents

1,843,782

(3,093,366)

Cash and cash equivalents at beginning of the Period

5,588,814

7,198,745

Effect of foreign exchange rate changes

(1,975)

(45)

Cash and cash equivalents at end of the Period

7,430,621

4,105,334

Hangzhou, the PRC, April 27, 2018

By Order of the Board

Zhejiang Expressway Co., Ltd.

YU Zhihong

Chairman

As at the date of this announcement, the Chairman of the Company is Mr. YU Zhihong; the executive Directors of the Company are: Mr. CHENG Tao and Ms. LUO Jianhu; the other non-executive Directors of the Company are: Mr. DAI Benmeng, Mr. YU Qunli and Mr. YU Ji; and the independent non-executive Directors of the Company are: Mr. PEI Ker-Wei, Ms. LEE Wai Tsang, Rosa and Mr. CHEN Bin.

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Zhejiang Expressway Co. Ltd. published this content on 27 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 April 2018 09:24:03 UTC