B.
Stock Codes: 737 (HKD counter) & 80737 (RMB counter)
16 August 2017
Presentation slides are available on www.hopewellhighway.com
HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED 合和公路基建有限公司
2016/17 Annual Results
B. 2
Key Messages 重點
Net profit up 22% yoy to RMB623m, as core operations grew and net exchange loss narrowed 由於核心業務增長和淨匯兌虧損收窄，淨溢利按年上升22%至人民幣6.23億元
Profit before net exchange loss up 8% yoy to RMB649m 未計及淨匯兌虧損的溢利按年上升8%至人民幣6.49億元
Total dividend per share RMB30.2 cents (final DPS: RMB11.6 cents, special final DPS: RMB10.0 cents; interim DPS: RMB8.6 cents) 全年股息每股人民幣30.2分 (末期股息每股人民幣11.6分；特別末期股息每股人民幣10.0分；中期股息每股人民幣8.6分)
GS’ growth momentum is persistent 廣深高速增長動力持續
− Average daily FLE traffic reached historical high 日均折合全程車流量創歷史新高
− Average daily toll revenue set a new high after tariff cut in Jun-12 日均路費收入創下自2012年6月路費下調後的新高
WDR net profit up 169% yoy to RMB107m (HHI’s share) 合和公路基建分佔的西綫淨溢利按年上升169%至人民幣1.07億元
FY2017
B. 3
Key Messages 重點
Net exchange loss on RMB depreciation narrowed to RMB17m (HHI’s share) (FY16: RMB82m) 合和公路基建分佔因人民幣貶值產生的淨匯兌虧損，收窄至人民幣1,700萬元 (2016財年：人民幣8,200萬元)
Disclose WDR as a whole starting from FY17 annual results 在2017財年全年業績開始以西綫整體作公布
‒ Simplify disclosure to reflect full operation (WDR fully opened in Jan 2013 and turned profitable since FY16) 西綫於2013年1月全線開通，並自2016財年起錄得盈利，簡化公布以反映整體表現
WDR utilised surplus cash to fully prepay RMB807m (JV level) of bank loan principal due in 2017 and 2018 as at 30 Jun 2017 西綫善用現金盈餘，在2017年6月30日，已提早全數償還於2017年及2018年到期的銀行貸款本金共 人民幣8.07億元 (合營企業層面)
Strong financial position. HHI corporate level net cash RMB469m or RMB0.15/share (30.6.2017) 財務狀況穩健。合和公路基建公司層面的淨現金在2017年6月30日達人民幣4.69億元或每股人民幣0.15元
FY2017
B.
B. 4
Key Messages 重點
FY18 results will be affected by one-off impact from GS’ profit sharing ratio adjusted from 48% to 45% starting 1 Jul 2017 廣深高速的分潤比率自2017年7月1日起由48%調整至45%，2018財年的業績將受一次性影響
‒ Yet will be supported by (i) GS’ and WDR’s healthy growth; (ii) fall in WDR’s interest expenses 然而業績將受惠於 (i) 廣深高速和西綫的穩健增長；(ii) 西綫的利息支出減少
100% dividend payout target (full-year basis) sustainable 可以維持按全年計100%的目標派息比率
− HHI corporate level net cash RMB469m (30.6.17) 合和公路基建公司層面的淨現金在2017年6月30日達人民幣4.69億元
− Expect ~RMB600m dividend from GS in FY18 (similar to HHI’s proposed annual regular dividend to shareholders in FY17) 預期2018財年收取廣深高速約人民幣6億元股息 (與合和公路基建2017財年建議派發的全年常規股息相若)
− WDR targets to distribute dividend to HHI starting 2020 the earliest 西綫目標最早在2020年開始派發股息予合和公路基建
Upcoming: FY2018 & Beyond
B.
B. 5
Key Messages 重點
WDR FY18 finance cost will drop mainly due to: (i) 10% discount on individual bank loans’ borrowing rates; (ii) bank loans’ prepayment 西綫在2018財年的利息支出將下跌，主要由於：(i) 個別的銀行貸款獲10%的利率折扣優惠；(ii) 提早償還銀行貸款
The soon-to-open HK-Zhuhai-Macao Bridge will benefit WDR 將開通的港珠澳大橋會令西綫受惠
Guangdong-HK-Macao Bay Area’s development will benefit GS and WDR 粵港澳大灣區的發展將有利廣深高速和西綫
Upcoming: FY2018 & Beyond
B.
B.
Results Highlights 業績摘要
6
2016 2017RMB'm RMB'm
Net toll revenue淨路費收入
2,002 2,159 +8% ••
GS ↑6% to RMB1,560mWDR ↑15% to RMB599m
EBITDA of toll expressways收費高速公路除利息、稅項、折舊及攤銷前溢利
1,705 1,859 +9% • Healthy core operation
Net profit of toll expressways收費高速公路淨溢利
611 666 +9%
•
•
GS' net profit ↓2% to RMB559m mainlydue to ↑finance cost from RMB2b bankloan drawn in Aug-16WDR net profit ↑169% to RMB107m(FY16: RMB40m)
Corporate results公司層面業績
(8) (17) n/a
• ↓Net interest income: -↓ interest income due to shareholder's loan to WDR repaid by Oct-15 - offset↓ finance cost after full repayment of all corp. bank loans
Profit before net exchange loss未計及淨匯兌虧損的溢利
603 649 +8%
Net exchange loss淨匯兌虧損
(82) (17) n/a
Profit attributable to owners of theCompany公司股東應佔溢利
511 623 +22% • Core operation grew and ↓net exchangeloss
For the year ended 30-Jun截至6月30日止年度
%change Major reasons for change
B. 7
HHI’s Results 合和公路基建的業績
For the year ended 30-Jun截至6月30日止年度
(RMB’M) (人民幣百萬元) 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017
GS SuperhighwayN1 廣深高速公路 1,480 1,560 1,262 1,343 (414) (460) (277) (324) 571 559
Western Delta Route 西綫 522 599 443 516 (181) (211) (222) (198) 40 107
Sub-total 小計 2,002 2,159 1,705 1,859 (595) (671) (499) (522) 611 666+8% +9% +13% +5% +9%
Corporate results: 公司層面業績：
Bank deposits interest income 銀行存款利息收入 27 24 Shareholder's loan interest income 股東貸款利息收入 9 - Other income 其他收入 1 - General and administrative expenses 一般及行政費用 (40) (41) Finance costs 財務成本 (4) - Income tax expense 所得稅開支 (1) -
Sub-total 小計 (8) (17)
Profit before net exchange loss 未計及淨匯兌虧損的溢利 603 649 +8%
Net exchange loss 淨匯兌虧損 (82) (17)
Profit for the year 本年度溢利 521 632
Minority interests 少數股東權益應佔溢利 (10) (9)
Profit attributable to owners of the Company 公司股東應佔溢利 511 623 +22%
Net TollRevenue淨路費收入
EBITDA除利息、稅項、折舊
及攤銷前溢利
Results業績
Interest & Tax利息及稅項開支
Depreciation &Amortisation
折舊及攤銷
N1: Excl. exchange differences from USD & HKD loans and related income tax
B. 8
Financial Highlights 財務摘要
Declared dividend in RMB, with the option to receive dividends in RMB or HKD or combination of RMB and HKD 以人民幣宣派股息，並提供以人民幣或港幣或以人民幣結合港幣的組合收取股息的選擇
N1: Based on PBOC exchange rate RMB1 = HK$1.11560 (4 Jan 2017) N2: Based on PBOC exchange rate RMB1 = HK$1.17154 (16 Aug 2017)
EPS每股溢利
RMB cents 16.59 20.21 +22%
RMB cents 8.40 8.60HKD cents 9.9737 9.59416RMB cents 8.20 11.60HKD cents 9.5484 13.58986RMB cents 40.00 10.00HKD cents 46.5776 11.71540RMB cents 56.60 30.20HKD cents 66.0997 34.89942
DPS - Final每股末期股息
DPS - Special Final每股特別末期股息
DPS - Total每股合計股息
% change變動
2016 2017
DPS - Interim每股中期股息
For the year ended 30-Jun截至6月30日止年度
N1
N2
N2
B.
Target of 100% dividend payout ratio on full-year basis is sustainable, in light of HHI’s strong financial position 合和公路基建財政穩健，可維持按全年計100%的目標派息比率
HHI’s Sustainable Dividend 合和公路基建的股息往績
N1: Payout ratio excluded special dividend 9
HHI Dividend (RMB cent per share)
FY13 FY14 FY15 FY16 FY17
Regular DividendPayout Ratio 97% 100% 100% 100% 100%
10.0 9.8 8.4 8.4 8.6
9.0 8.1 8.4 8.2 11.6
10.0 18.0
40.0
10.0 0
10
20
30
40
50 Special Final DividendFinal DividendInterim Dividend
RMB19.0 RMB17.9Regular: RMB16.8 RMB16.6 RMB20.2
N1 N1N1 N1
中期股息 末期股息
特別末期股息
B. 10
Cash and Debt: HHI Corporate Level vs Share of JV 現金和債務: 合和公路基建公司層面與分佔合營企業的份額
N1: Total debt less bank balances and cash
HHI Corporate Level (RMB'm)As at 30.6.2016 30.6.2017 As at 30.6.2016 30.6.2017Bank balances and cash Corporate debt• Bank balances and cash 652 469 • Bank loan - -
Share of JV Companies (RMB'm)As at 30.6.2016 30.6.2017 As at 30.6.2016 30.6.2017Bank balances and cash Bank loans • Bank balances and cash 262 440 • GS Superhighway 1,403 2,280
• Western Delta Route 4,028 3,718
262 440 5,431 5,998
Net cash: RMB469m (30-Jun-16: RMB652m)
Net debt : RMB5,558m (30-Jun-16: RMB5,169m)N1
Solid financial position at HHI corporate level 合和公路基建公司層面的財務狀況穩健
Project loans: non-recourse to HHI 項目貸款：對合和公路基建並無追溯權
B. 11
Impact from RMB Exchange Rate and US Interest Rate Changes 人民幣匯率和美國息率變動的影響
21%
2%
77%
RMB loans:
USD loans:
Possible exchange gain/(loss),
subject to RMB appreciation/
(depreciation)
Breakdown of HHI’s Share of JV LoansN1 by Currency (As at 30 Jun 2017)
RMB1,240m
RMB1,380m
RMB4,627m
N1: Represent HHI’s share of JVs’ bank loans of RMB5,998m and other borrowings of RMB9m
For every 1% Impact on HHI’s net profit
RMB depreciation ↓ ~RMB9m
US interest rate rise ↓ ~RMB9m
HKD loans: RMB140m
B.
GS Superhighway – Growth is Persistent 廣深高速: 持續增長
Average daily toll: 日均路費收入
Up 6% yoy to RMB9.2m in FY17, set a new high after tariff cut in Jun 2012 2017財年按年上升6%至人民幣920萬元，創下自2012年6月路費下調後的新高
12
Mar Apr May Jun Jul Aug Nov Dec(LabourHoliday)
1HCY
2HCY
2014 8,657 8,276 7,868 8,438 8,857 9,046 8,903 8,933 8,384 -5% -6%2015 8,867 8,505 8,025 8,775 9,017 9,057 9,153 9,202 8,567 +2% +2%2016 9,303 8,374 8,584 9,002 9,266 9,204 9,779 9,831 8,875 +3% +4%2017 9,899 8,708 9,479 9,726 9,896 +7%
2016 vs 2015 yoy +5% -2% +7% +3% +3% +2% +7% +7% +4%2017 vs 2016 yoy +6% +4% +10% +8% +7%
CYyearlyavg.
7,921 8,634
yoy changeJan + Feb Sep + Oct(Lunar New Year) (National Holiday)
+6%+4%
7,770
+2%
7,774 8,3008,017
8,402
6,500
7,500
8,500
9,500 2017
2016
2015
2014
(Ching MingFestival)
10,000
7,500
GS Average Daily Toll Revenue
(RMB ’000)
N1: Apr: One more day toll-free Labour holiday in 2017 vs 2016 May: One less day toll-free Labour holiday in 2017 vs 2016
N1
N1
B. 13
Western Delta Route (“WDR”) 西綫
1,032
886786
722
546
300
400
500
600
700
800
900
1,000
1,100
FY13 FY14 FY15 FY16 FY17
WDR – EBITDA (JV Level) (RMB’m)
Finance cost further lowered in FY18 due to: 2018財年的利息支出將進一步減少，主要由於：
10% discount on individual bank loans’ borrowing rates 個別銀行貸款獲10%的利率折扣優惠
Bank loans’ prepayment 提早償還銀行貸款
Achieving healthy growth since opening 自開通後均錄得穩健的增長
Will continue to benefit from prosperous economic and road network developments including the soon-to-open HZM Bridge 將繼續受惠於蓬勃的經濟和道路網絡發展，包括將開通的港珠澳大橋
Target to distribute dividend to HHI starting 2020 the earliest 目標最早在2020年開始派發股息予合和公路基建
B. 14
Average Daily Toll* and FLE Traffic
日均路費收入及折合全程車流量
GS + WDR Aggregate Avg Daily Toll (RMB ’000)
* Including tax
8,682 9,169
2,941 3,377
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
FY16 FY17
11,622
WDR
GS
8%
GS: Avg Daily FLE Traffic (no. of vehicles ’000)
92 99
0
20
40
60
80
100
FY16 FY17
WDR: Avg Daily FLE Traffic (no. of vehicles ’000)
40 47
0
20
40
60
80
100
FY16 FY17
8%
17%
WDR
GS
12,546
B. 15
69.6% 70.1%
30.4% 29.9%
0%
20%
40%
60%
80%
100%
GS WDR
Passenger Vehicles: Major Contributor to Toll Revenue and Traffic 客車：路費收入和車流量的主要來源
83.0% 81.8%
17.0% 18.2%
0%
20%
40%
60%
80%
100%
GS WDR
FY17 Toll Revenue Mix
FY17 FLE Traffic Mix
Trucks
Passenger Vehicles
B. 16
GS Superhighway 廣深高速公路
6,000
7,000
8,000
9,000
10,000
11,000
Jan Feb Mar Apr MayJun Jul AugSep Oct Nov Dec
2017
2016
2015
2014
2013
60
70
80
90
100
110
Jan FebMar AprMayJun Jul AugSep Oct NovDec
2017
2016
2015
2014
2013
FY16 FY17 yoy Avg. Daily FLE Traffic 92k 99k ↑8%
FY16 FY17 yoy Avg. Daily Toll (RMB) 8,682k 9,169k ↑6%
GS – Average Daily FLE Traffic# (No. of vehicles ’000)
GS – Average Daily Toll Revenue^ (RMB ’000)
N1 N1 N1 N1
N3
N4
* According to media # Excludes toll-free FLE traffic ^ Including tax N1: Holiday Toll-free Policy was implemented N2: Chinese New Year started on 28 Jan in year 2017 and 8 Feb in year 2016 N3: i) Impact of lower traffic (usually during the 1st two weeks of CNY) carried over into Mar-15.Since CNY came later in 2015 compared with 2016, which resulted in a lower base ii) Closure of slow lanes on Chuancha Bridge near Machong for maintenance (Northbound 16 Mar 2016 to end-May 2016; Southbound 22 Mar 2016 to mid-May 2016) N4: One more day of toll-free holiday in Apr 2017 compared to Apr 2016 N5: One less day of toll-free holiday in May 2017 compared to May 2016 N6: Aug 2016 growth was affected by bad weather caused by Typhoon Nida during 2-3 Aug 2016
N5
N6
N1 N1 N1 N1
N2
N3
N4
N5
N6
N2
N2
N2
Minimal positive impact from road network upgrade works near Shenzhen Bay border (mid-Oct 2016 to mid-Oct 2017) 深圳灣口岸附近的道路網在2016年10月中至2017年10月中進行改善工程，帶來輕微的正面影響
NH107 Baoan section has planned to start upgrading works in 2018 (date to be announced)* 國道107寶安段已計劃在2018年進行改善工程 (施工日期有待公布)
B. 17
GS Superhighway – Still Room to Grow 廣深高速 - 仍有增長空間
Average daily FLE traffic ↑8% yoy to 99k vehicles in FY17 2017財年的日均折合全程車流量按年上升8%至9.9萬架次
Still 22% room to grow 仍有22%上升空間
vs. historical peak at 121k vehicles on 14 Sep 2016 相比2016年9月14日的歷史高位12.1萬架次
Total distance travelled by all vehicles on the expressway Full length of the expressway X no. of days in the review period * =
121
9992
0
20
40
60
80
100
120
140
FY16 FY17 14.9.2016
GS – Average Daily FLE Traffic* (No. of vehicles ’000)
▲8% yoy
(Historical peak)
22%
B. 18
Western Delta Route 西綫 Positive impacts from: - Maintenance/Upgrading works on local roads nearby (mid-Aug 2016 to end-2019)
- Expressway link between WDR’s southern end and Second Hengqin Bridge opened in 1Q CY17
附近的地方路在2016年8月中至2019年底進行維修／改善工程，加上連接西綫南端和橫琴二橋的高速公路於2017年第1季開通，均帶來正面影響
15
20
25
30
35
40
45
50
55
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2017
2016
2015
2014
2013
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Jan Feb Mar Apr MayJun Jul AugSep Oct Nov Dec
2017
2016
2015
2014
2013
WDR – Average Daily FLE Traffic# (No. of vehicles ’000)
WDR – Average Daily Toll Revenue^
(RMB ’000)
N1
N4
N3
N1 N1 N1 N1 N1 N1 N1
# Excludes toll-free FLE traffic ^ Including tax N1: Holiday Toll-free Policy was implemented N2: Chinese New Year started on 28 Jan in year 2017 and 8 Feb in year 2016 N3: Impact of lower traffic (usually during the 1st two weeks of CNY) carried over into Mar 2015. Since CNY came later in 2015 compared with 2016, which resulted in a lower base N4: One more day of toll-free holiday in Apr 2017 compared to Apr 2016 N5: One less day of toll-free holiday in May 2017 compared to May 2016 N6: Aug 2016 growth was affected by bad weather caused by Typhoon Nida during 2-3 Aug 2016 N7: Small positive impact from maintenance works on a local road near the Bijiang interchange of WDR during Sep to Dec 2016
N5 N6 N7
FY16 FY17 yoy Avg. Daily FLE Traffic 40k 47k ↑17%
FY16 FY17 yoy Avg. Daily Toll (RMB) 2,941k 3,377k ↑15%
N2 N4
N3
N5
N6 N7
N2 N2
N2
B.
Guangdong-HK-Macao Bay Area* - GS and WDR will benefit from fostered economic development 粵港澳大灣區：廣深高速和西綫將受惠於區內經濟發展
* Includes HKSAR, Macao SAR, Guangzhou, Shenzhen, Zhuhai, Dongguan, Huizhou, Zhongshan, Foshan, Zhaoqing & Jiangmen
19
First addressed in the 13th Five-Year Plan (2016-2020) 「十三五」規劃 (2016年-2020年) 中首次提及
Strengthen infrastructure linkages and stimulate economic cooperation in the region 加強區內基建聯繫及促進經濟合作
Guangdong-Hong Kong-Macao Bay Area GDP in eleven cit ies in 2016 (RMB in billion)
208.4 1,961.1
863.0
241.9
320.3
682.8 341.2
1,949.3
222.6
300.1
2,109.3
Source: PRC State Council, Statistics Bureau of Guangdong Province, HKSAR Census and Statistics Department, Government of Macao SAR Statistics and Census Service
B. 20
Hengqin’s Developments Benefit WDR 橫琴的發展有利西綫
Total committed investments of over RMB340b as of Jun 2017* 在2017年6月，已承諾總投資額超過人民幣3,400億元
* According to media Source: www.hengqin.gov.cn, media reports
CY 2014 2015 2016 2017 2018 2019 2020Projects
Chimelong International OceanTourist Resort Phase 1Chimelong International OceanTourist Resort Phase 2Phase I of Lai Sun Group'sNovotown
Ferretti Yacht Asia-Pacific Center
Guangdong-Macao CooperationIndustrial Park
InfrastructureMacao Cotai-Hengqin BorderCrossing 24-hour opening
Hengqin Second Bridge
Opened Mar 2014
Target opening 2020*
Target opening end-2018*
Target opening 2018*
Target completion 2018 onwards*
Since Dec 2014
Opened Dec 2015
B. 21
Future Developments to Benefit WDR 未來發展有利西綫
The soon-to-open HZM Bridge will benefit WDR 將開通的港珠澳大橋會令西綫受惠
Healthy GDP growth of Guangzhou, Foshan, Zhongshan and Zhuhai (1H2017: ↑ 7.4%–9.2%) 廣州、佛山、中山和珠海的本地生產總值均健康增長 (2017年上半年：上升7.4%-9.2%)
Macao’s new gaming resorts and hotels 澳門的新博彩度假村和酒店
MGM Cotai (opening 4Q2017); Grand Lisboa Palace (opening 2H2018) 美獅美高梅 (2017年第4季開業)；上葡京 (2018年下半年開業)
WDR will also link up with: 西綫將會連接到：
* According to media
Target opening*
Guangzhou-Zhongshan-Jiangmen Expy 廣中江高速公路 2019
Humen Second Bridge 虎門二橋 2019
Shenzhen-Zhongshan Corridor 深中通道 2024
B. 22
WDR’s Connectivity with HZM Bridge and Hengqin 西綫連接至港珠澳大橋及橫琴
* According to media
B. 23
∼ End of Presentation ∼
B. 24
Supplementary Information
B. 25
(RMB'M) 30-Jun-16 30-Jun-17 30-Jun-16 30-Jun-17Assets LiabilitiesHHI Corporate Level HHI Corporate Level Bank balances and cash 652 469 Other liabilities 7 11
Other assets 6 7
658 476 7 11 NAV of HHI Corporate 651 465
GS Superhighway JV (HHI's shared portion) GS Superhighway JV (HHI's shared portion) Bank balances and cash 212 379 Bank loans
Concession intangible assets 5,239 4,870 - USD 1,248 1,240 Property and equipment 212 208 - HKD 155 140
Other assets 43 27 - RMB - 900 Other liabilities 665 647
5,706 5,484 2,068 2,927 NAV of GS Superhighway JV 3,638 2,557
West Route JV (HHI's shared portion) West Route JV (HHI's shared portion) Bank balances and cash 50 61 RMB bank loans 4,028 3,718
Concession intangible assets 6,392 6,231 Other liabilities 253 274 Property and equipment 253 225
Other assets 16 10 6,711 6,527 4,281 3,992
NAV of West Route JV 2,430 2,535
Total Liabilities 6,356 6,930 Equity attributable to owners of the Company 6,673 5,526 Minority interests 46 31
Total AssetsN1 13,075 12,487 Total Equity and Liabilities 13,075 12,487
Total NAV 6,719 5,557
Assets and Liabilities – HHI Corporate and JVs 資產和負債: 合和公路基建公司層面與合營企業
N1: Excluding elimination of the Group’s balance with JV company prepared under proportionate consolidation method.
B. 26
Debt Maturity Profile 貸款還款期概況
Share of JV
RMB'm % RMB'm %
Repayable within 1 year 65 1% 172 3%
Repayable between 1 and 5 years 1,521 28% 2,316 38%
Repayable beyond 5 years 3,853 71% 3,519 59%
Total 5,439 100% 6,007 100%
30 Jun 2016 30 Jun 2017 N
B. 27
Update on Operating Environment 營運環境最新概況
VAT payable effective rate: 2.86% (vs business tax rate: 3%) 應繳增值稅有效稅率：2.86% (相比營業稅：3%)
Slightly positive impact on net toll revenue and net profit in FY17 在2017財年，對淨路費收入及淨溢利有輕微正面的影響
Change of Business Tax to Value-added Tax (effective 1 May 2016) 2016年5月1日起實施《增值稅取代營業稅》
Trucks using Guangdong Unitoll Card for toll payments on designated 43 state-owned expressways in Guangdong would be discounted 15% starting on 1 Jul 2017 (not applicable to GS and WDR) 於2017年7月1日起，在廣東省指定的43條國有高速公路，以粵通卡繳費的貨車可享有路費八五折 (不適用於廣深高速及西綫)
Trucks’ Discount on Guangdong’s Designated State-owned Expressways 廣東省指定國有高速公路給予貨車折扣優惠
B. 28
Exchange Rate Movement 匯率走勢
Source: PBOC
USD/RMB Exchange Rate 美元兌人民幣的匯率
(USD/RMB)
HKD/RMB Exchange Rate 港元兌人民幣的匯率
(HKD/RMB)
0.121
0.124 0.125
0.128
0.131
0.137
0.146
0.146 0.146
0.146
0.147
0.151
0.155
0.159
0.158
0.159 0.162
0.164
0.163
0.163 0.164
0.154
0.151
0.144 0.148
0.149
0.110
0.115
0.120
0.125
0.130
0.135
0.140
0.145
0.150
0.155
0.160
0.165
0.170
20 J
ul 0
530
Dec
05
30 J
un 0
629
Dec
06
29 J
un 0
728
Dec
07
30 J
un 0
831
Dec
08
30 J
un 0
931
Dec
09
30 J
un 1
031
Dec
10
30 J
un 1
130
Dec
11
29 J
un 1
231
Dec
12
28 J
un 1
331
Dec
13
30 J
un 1
431
Dec
14
30 J
un 1
531
Dec
15
30 J
un 1
630
Dec
16
30 J
un 1
74
Aug
17
0.940
0.961 0.971
0.995
1.026
1.068
1.137 1.134
1.134 1.136
1.146
1.175
1.202
1.234
1.227
1.233 1.255
1.272
1.260
1.268 1.268
1.194
1.170
1.118
1.152
1.165
0.85
0.90
0.95
1.00
1.05
1.10
1.15
1.20
1.25
1.30
20 J
ul 0
530
Dec
05
30 J
un 0
629
Dec
06
29 J
un 0
728
Dec
07
30 J
un 0
831
Dec
08
30 J
un 0
931
Dec
09
30 J
un 1
031
Dec
10
30 J
un 1
130
Dec
11
29 J
un 1
231
Dec
12
28 J
un 1
331
Dec
13
30 J
un 1
431
Dec
14
30 J
un 1
531
Dec
15
30 J
un 1
630
Dec
16
30 J
un 1
74
Aug
17
2% RMB appreciation on 21 Jul 2005
(HKD0.9400/RMB1)
2% RMB appreciation on 21 Jul 2005
(USD0.1233/RMB1)
PBOC devaluated RMB in Aug 2015
PBOC devaluated RMB in Aug 2015
B.
5,000
10,000
15,000
20,000
25,000
30,000
Cross HarbourTunnel
Eastern HarbourCrossing
Western HarbourCrossing
GS SuperhighwayPeak Section
(Huocun to Luogang)
GS SuperhighwayAverage
No. of vehicle per lane per day
29
GS Superhighway – Average Daily Cross Sectional Traffic per lane and Effective Hour 廣深高速公路: 日均斷面車流量 (每車道)及有效小時
GS’ busiest section higher than Eastern Harbour Crossing 廣深高速最繁忙路段較東區海底隧道為高
GS and HK Tunnels Effective hours (Jun-17)
Cross Harbour Tunnel 14.2 Eastern Harbour Crossing 9.5 Western Harbour Crossing 5.4 GS Peak Section 10.7 GS Average 8.7
GS’ busiest section higher than Eastern Harbour Crossing
Remarks: 1) Effective hour = no. of vehicles per lane / 2,000 cars per hour per lane 2) 10 lanes in dual directions in Wudianmei to Taiping and Hezhou to Fuyong sections after expansion for the GS Superhighway 3) Average daily traffic of HK tunnels (May 2017): Cross Harbour Tunnel 113,000, Eastern Harbour Crossing 76,000, Western Harbour Crossing 65,000 4) Average daily traffic of GS Superhighway (June 2017)
B. 30
GS Superhighway – Measures to Control Operating Costs and Enhance Operational Efficiency 廣深高速公路: 控制營運成本及提高經營效率的措施
Streamline workforce 精簡員工架構
Automation 推行自動化
~76% toll lanes at entrance have Electronic Toll Collection (“ETC”) or automatic card-issuing machines 約76%的入口車道已設置電子不停車收費系統或自動發卡機
B. 31
GS Superhighway – FLE Traffic and Toll Revenue by Vehicle Type 廣深高速公路: 按車輛類別劃分的折合全程車流量及路費收入
Average Daily FLE Traffic
83.1% 83.0%
16.9% 17.0%
0%
20%
40%
60%
80%
100%
FY16 FY17
(17k vehicles +8%)
(82k vehicles +8%)
Average Daily Toll Revenue
69.1% 69.6%
30.9% 30.4%
0%
20%
40%
60%
80%
100%
FY16 FY17
(RMB6,379k +6%)
(RMB2,790k +4%)
Trucks
Passenger Vehicles
(16k vehicles)
(76k vehicles)
(RMB5,997k)
(RMB2,685k)
B. 32
Western Delta Route – Annual Toll Revenue per km 西綫: 全年每公里路費收入
Opening Yr Year1
Year2
Year3
Year4
Year5
Year6
Year7
Year8
Year9
Year10
Year11
Year12
Year13
Year14
Year15
Year16
Year17
Year18
Year19
Year20
Year21
Year22
Year23
GS (FY95) 4.4 5.8 7.5 9.8 10.8 13.1 14.4 15.4 17.2 20.6 24.2 26.2 29.8 26.0 26.6 28.5 30.1 29.5 25.7 25.8 25.2 25.9 27.3
WDR (FY13) 7.0 9.3 10.1 11.0 12.6
0.0
5.0
10.0
15.0
20.0
25.0
RMB'm
GS Superhighway (trial run Jul-94, opened Jul-97)
35.0
Annual Toll Revenue^ per km (RMB’m)
Encouraging revenue generation since opening 全綫開通後的收入貢獻令人鼓舞
⌇
^ Including tax
WDR (fully opened Jan-13)
B. 33
Western Delta Route – FLE Traffic and Toll Revenue by Vehicle Type 西綫：按車輛類別劃分的折合全程車流量及路費收入
Average Daily FLE Traffic
82.5% 81.8%
17.5% 18.2%
0%
20%
40%
60%
80%
100%
FY16 FY17
(9k vehicles +21%)
(38k vehicles +16%)
(7k vehicles)
(33k vehicles)
Average Daily Toll Revenue
70.0% 70.1%
30.0% 29.9%
0%
20%
40%
60%
80%
100%
FY16 FY17
(RMB2,060k)
(RMB881k)
(RMB2,366k +15%)
(RMB1,011k +15%)
Trucks
Passenger Vehicles
B.
The Complete Network 完整的道路網絡
GS 1994
WDR Fully opened
2013
Phase IV West (Gov’t Project)
2008
HK-Zhuhai-Macao Bridge
(Gov’t Project)
Zhuhai Link Road (Gov’t Project)
Sep 2016
Other Expressways (In Operation)
Other Expressways (Under Construction or Planning)
Main Roads / Class 1 Highways (In Operation)
Main Roads / Class 1 Highways (Under Construction or Planning)
Kowloon-Canton Railway
Guangzhou-Shenzhen-HK Express Rail Link
Guangzhou-Zhuhai Intercity Railway
Coastal Expressway
Legend:
B. 34
B. 35
HHI’s Toll Structure^
合和公路基建的路費架構
Passengervehicles Trucks
Class Number ofseats
Loading weight(tonnes)
1 ≤7 ≤2 0.60
2 8-19 2-5 (include 5) 0.90
3 20-39 5-10 (include 10) 1.20
4 ≥4010-15 (include 15)
and20ft. container
1.80
5 - >15 and 40ft.container 2.10
Tariffrate*
(RMB perkm)
National classification
^ Effective since 26 Jun 2015 * Tariff rate under the national classification standard for trucks will be used only when the weighing equipment is out of order
Passenger vehicles 客車
Charge based on no. of seats 按座位數量收費
Trucks 貨車
Charge based on total weight of truck (tonne) 按貨車總重量 (噸) 收費
Basic tariff rate: RMB0.12/tonne/km (≥ 3x3 expressway) 基本收費：每公里每噸人民幣0.12元 (六車道或以上高速公路)
Penalty on overloaded trucks 對超載貨車徵收罰款
B. 36
Growth in PRC & Guangdong Registered Car Population 中國及廣東省註冊汽車數目的增長
* Incl. passenger & commercial vehicles but excl. motorcycles & truckers
Driven mainly by passenger car sales 主要由客車銷售帶動
Source: Statistics Bureau of Guangdong (www.gdstats.gov.cn), National Bureau of Statistics of China (www.stats.gov.cn), China Association of Automobile Manufacturers (www.caam.org.cn), CEIC
7894
163
186
146
27 32 37 4451
63
127109
24
0
20
40
60
80
100
120
140
160
180
200
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2.6 3.13.8 4.3
5.15.8
6.67.8
9.110.4
11.813.3
14.7
16.8
0
2
4
6
8
10
12
14
16
18
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Guangdong’s Registered Car Population* 廣東省註冊汽車數量
(No. of vehicles in million)
PRC’s Registered Car Population* 中國註冊汽車數量
(No. of vehicles in million) 14% 14%
B. 37
China Sold ~28m Vehicles in 2016 中國於2016年售出約2,800萬輛汽車
22 23 25
13
0
5
10
15
20
25
30
2013 2014 2015 2016 1H 2017
Vehicle Sales in China
(No. of vehicles in million)
14%
Source: China Association of Automobile Manufacturers (中國汽車工業協會)
7%
Calendar Year
5% 14%
28
Purchase tax benefit for small-engine passenger cars was reduced 小排量汽車購置稅稅率優惠減少
Tax rate increases from 5% (2016) to 7.5% in 2017 and will return to the pre-tax cut level of 10% in 2018 稅率由2016年的5%增加至2017年的7.5%，將在2018年返回減稅前的10％
4%
B. 38
China – World’s Largest Vehicle Sales Market in 2016 中國在2016年是世界最大汽車銷售市場
8th consecutive year since 2009 自2009年以來連續第八年
* Include passenger and commercial vehicles, but exclude motorcycles Source: China Association of Automobile Manufacturers (中國汽車工業協會), International Organisation of Motor Vehicle Manufacturers (OICA) www.oica.net, Bureau of Economic Analysis (U.S. Department of Commerce) wwww.bea.gov
28
18
25
17
5.0 3.5 3.4 3.1 2.6 2.3 1.9 1.8 1.6 0
5
10
15
20
25
30
China U.S.A. China U.S.A. Japan Germany India U.K. Brazil France Canada SouthKorea
China
1st 2nd 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th
2016 2015 1994
Motor Vehicle* Sales (Top 10 Countries) (No. of vehicles in million)
14% yoy
China China
1st Ranking:
China
1st
B. 39
∼ End ∼
