SHENZHEN EXPRESSWAY CORPORATION

SHENZHEN EXPRESSWAY CORPORATION — Financial Statements

Annual Quarterly

5 10 All

Income Statement

Balance Sheet

Cash Flow

Line Item	FY 2024Dec 31, 2024	FY 2023Dec 31, 2023	FY 2022Dec 31, 2022	FY 2021Dec 31, 2021	FY 2020Dec 31, 2020	FY 2019Dec 31, 2019	FY 2018Dec 31, 2018	FY 2017Dec 31, 2017	FY 2016Dec 31, 2016	FY 2015Dec 31, 2015	FY 2014Dec 31, 2014	FY 2013Dec 31, 2013	FY 2012Dec 31, 2012	FY 2011Dec 31, 2011	FY 2010Dec 31, 2010	FY 2009Dec 31, 2009	FY 2008Dec 31, 2008	FY 2007Dec 31, 2007	FY 2006Dec 31, 2006	FY 2005Dec 31, 2005
+Revenue	9.2B	9.3B	9.4B	10.9B	8.0B	6.4B	5.8B	5.2B	4.5B	3.4B	3.6B	3.3B	3.1B	3.0B	2.8B	1.4B	1.1B	1.1B	769.0M	911.0M
Revenue Growth %	-0.5%	-0.8%	-13.9%	35.7%	25.6%	10.0%	11.5%	15.0%	32.5%	-5.5%	10.4%	4.6%	6.2%	6.8%	91.7%	35.7%	-3.6%	43.4%	-15.6%	--
Total Revenue	9.2B	9.3B	9.4B	10.9B	8.0B	6.4B	5.8B	5.2B	4.5B	3.4B	3.6B	3.3B	3.1B	3.0B	2.8B	1.4B	1.1B	1.1B	769.0M	911.0M
Cost Of Revenue	6.3B	5.9B	6.4B	7.1B	5.2B	3.6B	2.9B	2.7B	2.5B	1.7B	1.7B	1.5B	1.5B	1.2B	1.3B	707.0M	445.0M	370.0M	210.0M	206.0M
+Gross Profit	2.9B	3.3B	3.0B	3.8B	2.8B	2.8B	2.9B	2.5B	2.0B	1.7B	1.9B	1.8B	1.6B	1.8B	1.4B	735.0M	618.0M	733.0M	559.0M	705.0M
Gross Margin %	31.6%	36.0%	32.2%	34.8%	35.0%	43.9%	50.8%	48.0%	44.1%	50.9%	52.9%	53.5%	51.8%	59.9%	52.4%	51.0%	58.1%	66.5%	72.7%	77.4%
Total Operating Cost	8.5B	8.0B	8.6B	9.0B	6.3B	5.2B	4.2B	3.7B	3.4B	2.9B	2.3B	2.3B	2.3B	1.9B	2.0B	1.2B	784.0M	597.0M	355.0M	385.0M
Selling Expenses	12.7M	19.8M	35.6M	59.7M	53.1M	27.3M	19.4M	20.1M	18.6M	14.1M	4.8M	183,800	--	--	--	--	--	--	--	--
Admin Expenses	460.0M	483.0M	444.0M	572.0M	363.0M	351.0M	210.0M	184.0M	139.0M	134.0M	88.5M	87.5M	80.0M	87.8M	62.3M	67.7M	54.0M	50.2M	45.4M	52.7M
Rd Expenses	32.9M	33.5M	46.5M	60.6M	58.7M	18.5M	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Finance Expenses	1.0B	1.2B	1.4B	909.0M	492.0M	588.0M	1.1B	742.0M	639.0M	371.0M	419.0M	582.0M	622.0M	548.0M	489.0M	382.0M	248.0M	141.0M	70.8M	91.0M
+Operating Income	1.8B	3.0B	2.5B	3.3B	2.7B	2.5B	4.5B	1.9B	1.6B	1.6B	1.5B	1.2B	938.0M	1.2B	986.0M	568.0M	562.0M	683.0M	600.0M	539.0M
Operating Margin %	19.4%	32.4%	26.5%	30.4%	33.8%	39.7%	78.1%	36.0%	35.7%	47.8%	40.3%	35.2%	29.9%	39.2%	35.7%	39.4%	52.9%	61.9%	78.0%	59.2%
Non Operating Income	11.2M	7.6M	24.8M	50.7M	11.0M	12.4M	17.4M	11.2M	7.2M	39.9M	1.5B	5.8M	2.9M	1.9M	8.2M	3.6M	518,400	138.0M	31.0M	255,800
Non Operating Expenses	47.9M	105.0M	27.3M	4.9M	14.2M	12.3M	4.8M	3.9M	3.4M	3.0M	2.2M	244.0M	4.4M	1.3M	5.7M	1.4M	1.5M	129.0M	520,400	493,700
Investment Income	1.0B	1.5B	1.5B	968.0M	937.0M	1.2B	556.0M	529.0M	434.0M	1.2B	187.0M	186.0M	129.0M	128.0M	181.0M	333.0M	276.0M	176.0M	186.0M	-56.6M
Fair Value Change Income	2.6M	154.0M	95.2M	348.0M	-2.3M	81.1M	134.0M	-146.0M	75.0M	--	--	--	--	--	--	-2.3M	6.3M	614,100	--	--
Asset Disposal Income	8.8M	13.7M	7.3M	17.4M	74,500	386,000	2.2B	-18.7M	-26.8M	--	--	--	--	--	--	--	--	--	--	--
Asset Impairment Loss	384.0M	132.0M	164.0M	117.0M	116,100	552.0M	--	450,000	--	620.0M	--	--	--	--	--	--	-377,400	-1.6M	4.1M	--
Other Income	23.5M	45.8M	31.9M	42.5M	46.9M	8.6M	139,100	168,100	--	--	--	--	--	--	--	--	--	--	--	--
Income Before Tax	1.8B	2.9B	2.5B	3.4B	2.7B	2.5B	4.5B	1.9B	1.6B	1.7B	3.0B	914.0M	936.0M	1.2B	989.0M	570.0M	561.0M	692.0M	630.0M	577.0M
Income Tax	540.0M	530.0M	529.0M	551.0M	474.0M	-68.1M	966.0M	379.0M	306.0M	177.0M	695.0M	163.0M	210.0M	237.0M	183.0M	44.8M	66.3M	92.4M	39.9M	82.3M
+Net Income	1.2B	2.4B	2.0B	2.8B	2.2B	2.6B	3.6B	1.5B	1.3B	1.5B	2.3B	751.0M	727.0M	920.0M	806.0M	525.0M	495.0M	600.0M	590.0M	495.0M
Net Margin %	13.2%	25.7%	20.9%	25.8%	27.9%	40.8%	61.6%	28.9%	29.0%	43.7%	62.7%	22.9%	23.2%	31.2%	29.2%	36.4%	46.6%	54.4%	76.7%	54.3%
Net Income Attributable	1.1B	2.3B	2.0B	2.6B	2.1B	2.6B	3.4B	1.4B	1.2B	1.6B	2.2B	720.0M	685.0M	875.0M	746.0M	540.0M	503.0M	606.0M	579.0M	485.0M
Minority Interest	73.2M	58.6M	-61.3M	193.0M	181.0M	44.4M	139.0M	120.0M	147.0M	-57.5M	84.6M	31.1M	42.1M	44.4M	59.9M	-14.9M	-8.7M	-6.4M	11.7M	9.6M
Eps Basic	0.44	0.98	0.84	1.11	0.94	1.18	1.58	0.64	0.54	0.71	1.00	0.33	0.31	0.40	0.34	0.25	0.23	0.28	0.27	0.22
Eps Diluted	0.44	0.98	0.84	1.11	0.94	1.18	1.58	0.64	0.54	0.71	1.00	0.33	0.31	0.40	0.34	0.25	0.23	0.28	0.27	--

Line Item	FY 2024Dec 31, 2024	FY 2023Dec 31, 2023	FY 2022Dec 31, 2022	FY 2021Dec 31, 2021	FY 2020Dec 31, 2020	FY 2019Dec 31, 2019	FY 2018Dec 31, 2018	FY 2017Dec 31, 2017	FY 2016Dec 31, 2016	FY 2015Dec 31, 2015	FY 2014Dec 31, 2014	FY 2013Dec 31, 2013	FY 2012Dec 31, 2012	FY 2011Dec 31, 2011	FY 2010Dec 31, 2010	FY 2009Dec 31, 2009	FY 2008Dec 31, 2008	FY 2007Dec 31, 2007	FY 2006Dec 31, 2006	FY 2005Dec 31, 2005
Cash And Equivalents	2.9B	2.2B	3.6B	5.9B	5.5B	4.8B	4.2B	4.3B	5.7B	6.4B	1.6B	1.1B	2.0B	2.2B	874.0M	969.0M	677.0M	483.0M	335.0M	924.0M
Trading Financial Assets	130.0M	469.0M	1.1B	564.0M	--	62.7M	45.1M	--	75.0M	--	--	--	--	--	--	--	6.3M	--	--	--
Accounts Receivable	957.0M	967.0M	1.1B	994.0M	798.0M	789.0M	175.0M	223.0M	545.0M	660.0M	721.0M	495.0M	386.0M	316.0M	254.0M	177.0M	167.0M	153.0M	61.5M	39.7M
Notes Receivable	1.4M	500,000	3.5M	87.4M	379.0M	9.9M	--	--	2.9M	--	--	--	--	--	--	--	--	--	--	--
Notes And Accounts Receivable	959.0M	968.0M	1.1B	1.1B	1.2B	799.0M	175.0M	223.0M	548.0M	660.0M	721.0M	495.0M	386.0M	316.0M	254.0M	177.0M	167.0M	153.0M	61.5M	39.7M
Prepayments	245.0M	248.0M	226.0M	191.0M	403.0M	336.0M	166.0M	312.0M	246.0M	242.0M	237.0M	135.0M	320.0M	15.9M	13.9M	5.7M	4.3M	17.1M	3.9M	5.0M
Inventory	1.1B	1.4B	1.3B	1.3B	940.0M	724.0M	589.0M	600.0M	663.0M	649.0M	535.0M	345.0M	3.0M	3.6M	3.4M	3.4M	3.1M	3.0M	2.4M	3.5M
Total Current Assets	7.6B	7.0B	9.3B	11.3B	10.1B	7.8B	7.5B	5.6B	8.0B	8.4B	4.0B	2.2B	2.7B	2.7B	1.2B	1.2B	1.0B	710.0M	433.0M	1.1B
Long Term Equity Investment	19.8B	18.7B	17.7B	19.1B	8.9B	8.7B	7.9B	9.1B	4.7B	2.0B	1.7B	1.6B	1.7B	1.6B	1.6B	2.2B	2.5B	2.6B	4.7B	2.6B
Fixed Assets	--	7.3B	7.2B	5.7B	3.5B	2.9B	840.0M	1.2B	1.0B	1.2B	1.0B	1.1B	1.1B	1.2B	1.0B	1.1B	696.0M	344.0M	3.6B	3.9B
Fixed Assets Total	7.4B	7.3B	7.2B	5.7B	3.5B	2.9B	840.0M	1.2B	1.0B	1.2B	1.0B	1.1B	1.1B	1.2B	1.0B	1.1B	696.0M	344.0M	3.6B	3.9B
Construction In Progress	--	290.0M	226.0M	1.8B	124.0M	15.9M	31.3M	35.8M	13.6M	29.5M	26.9M	36.3M	16.4M	28.3M	47.3M	18.1M	268.0M	349.0M	900.0M	651.0M
Construction In Progress Total	84.9M	290.0M	226.0M	1.8B	124.0M	15.9M	31.3M	35.8M	13.6M	29.5M	26.9M	36.3M	16.4M	28.3M	47.3M	18.1M	268.0M	349.0M	900.0M	651.0M
Intangible Assets	24.8B	26.8B	26.8B	27.1B	26.9B	23.6B	23.6B	27.5B	18.3B	19.3B	16.2B	17.8B	18.6B	19.0B	19.0B	17.6B	13.7B	10.7B	227.0M	595.0M
Long Term Deferred Expenses	16.6M	39.0M	53.6M	54.0M	59.7M	32.4M	6.0M	5.3M	5.4M	11.0M	2.4M	4.7M	4.7M	3.0M	4.0M	676,500	711,500	746,500	781,500	929,100
Total Non Current Assets	59.9B	60.6B	59.9B	61.0B	45.1B	37.8B	33.6B	38.5B	24.4B	23.2B	20.3B	20.6B	21.5B	21.9B	21.9B	21.0B	17.2B	13.9B	9.5B	8.8B
Total Assets	67.6B	67.5B	69.2B	72.3B	55.1B	45.7B	41.1B	44.0B	32.4B	31.7B	24.3B	22.8B	24.2B	24.6B	23.1B	22.2B	18.2B	14.7B	9.9B	9.9B
Short Term Borrowings	2.6B	11.1B	9.4B	4.1B	1.3B	364.0M	117.0M	2.5B	--	--	23.7M	450.0M	1.0M	138.0M	734.0M	1.6B	783.0M	385.0M	1.2B	254.0M
Accounts Payable	3.0B	2.6B	2.8B	2.5B	1.9B	983.0M	715.0M	677.0M	220.0M	182.0M	164.0M	376.0M	662.0M	907.0M	945.0M	1.1B	977.0M	238.0M	173.0M	142.0M
Advance Receipts	787,100	623,500	794,300	12.8M	--	--	--	466.0M	228.0M	233.0M	18.3M	18.9M	19.3M	24.1M	14.2M	11.8M	9.4M	8.7M	3.5M	3.8M
Contract Liabilities	61.7M	67.1M	30.3M	219.0M	320.0M	953.0M	859.0M	--	--	--	--	--	--	--	--	--	--	--	--	--
Total Current Liabilities	14.2B	19.8B	23.2B	16.7B	14.0B	6.7B	6.0B	8.8B	4.8B	4.1B	2.9B	2.2B	3.9B	2.6B	2.6B	3.5B	2.9B	1.2B	2.1B	954.0M
Long Term Borrowings	13.9B	9.6B	9.6B	10.1B	6.5B	9.0B	8.9B	9.5B	1.8B	2.2B	3.9B	5.3B	5.2B	5.9B	5.8B	6.3B	4.9B	3.3B	856.0M	2.2B
Total Non Current Liabilities	26.2B	19.7B	18.6B	24.1B	14.8B	17.9B	15.5B	19.4B	12.9B	12.6B	8.3B	9.4B	9.4B	11.6B	10.5B	9.9B	7.6B	5.9B	1.2B	2.4B
Total Liabilities	40.4B	39.5B	41.8B	40.8B	28.9B	24.6B	21.6B	28.2B	17.7B	16.7B	11.2B	11.6B	13.3B	14.1B	13.1B	13.3B	10.5B	7.1B	3.3B	3.6B
Paid In Capital	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B
Capital Reserve	4.4B	4.4B	4.4B	8.9B	6.0B	6.3B	6.2B	5.3B	2.2B	2.3B	2.3B	2.3B	3.2B	3.2B	3.2B	3.2B	2.3B	2.3B	2.0B	2.1B
Surplus Reserve	3.5B	3.2B	3.1B	2.9B	2.7B	2.6B	2.5B	2.1B	2.0B	1.9B	1.9B	1.7B	1.6B	1.5B	1.4B	1.4B	1.3B	1.3B	1.2B	1.3B
Retained Earnings	8.6B	9.1B	8.1B	7.2B	7.3B	6.5B	5.6B	3.1B	5.4B	5.1B	4.6B	2.9B	2.6B	2.3B	1.9B	1.5B	1.2B	1.1B	1.2B	711.0M
Minority Equity	5.3B	5.6B	6.0B	6.0B	3.2B	2.5B	2.2B	2.2B	2.0B	2.6B	1.3B	1.3B	1.3B	1.3B	1.3B	689.0M	704.0M	712.0M	--	23.1M
Equity Attributable	21.9B	22.4B	21.3B	25.6B	23.0B	18.5B	17.4B	13.6B	12.7B	12.4B	11.8B	10.0B	9.5B	9.2B	8.6B	8.2B	7.0B	6.9B	6.6B	6.3B
Total Equity	27.2B	28.0B	27.4B	31.5B	26.3B	21.0B	19.5B	15.8B	14.7B	15.0B	13.1B	11.2B	10.9B	10.5B	10.0B	8.9B	7.7B	7.6B	6.6B	6.3B

Line Item	FY 2024Dec 31, 2024	FY 2023Dec 31, 2023	FY 2022Dec 31, 2022	FY 2021Dec 31, 2021	FY 2020Dec 31, 2020	FY 2019Dec 31, 2019	FY 2018Dec 31, 2018	FY 2017Dec 31, 2017	FY 2016Dec 31, 2016	FY 2015Dec 31, 2015	FY 2014Dec 31, 2014	FY 2013Dec 31, 2013	FY 2012Dec 31, 2012	FY 2011Dec 31, 2011	FY 2010Dec 31, 2010	FY 2009Dec 31, 2009	FY 2008Dec 31, 2008	FY 2007Dec 31, 2007	FY 2006Dec 31, 2006	FY 2005Dec 31, 2005
Cash From Sales	7.2B	7.8B	7.2B	7.9B	5.2B	5.6B	5.7B	5.0B	4.1B	3.7B	3.3B	3.2B	3.0B	2.9B	2.7B	1.4B	1.0B	998.0M	712.0M	920.0M
Tax Refunds Received	21.7M	42.0M	283.0M	186.0M	9.1M	10.3M	3.3M	--	68,200	122,400	--	--	--	17.4M	--	--	--	--	--	--
Total Operating Cash Inflow	7.4B	8.2B	7.8B	8.5B	5.6B	5.7B	5.8B	5.1B	4.3B	4.0B	3.5B	3.4B	3.3B	3.0B	2.8B	2.9B	1.5B	1.1B	857.0M	1.0B
Cash Paid For Goods	1.3B	1.7B	2.0B	2.2B	2.4B	1.5B	575.0M	439.0M	494.0M	491.0M	472.0M	492.0M	572.0M	515.0M	323.0M	124.0M	111.0M	66.7M	38.9M	45.6M
Cash Paid To Employees	1.1B	1.1B	1.1B	1.0B	813.0M	718.0M	599.0M	513.0M	544.0M	384.0M	300.0M	281.0M	236.0M	216.0M	166.0M	110.0M	93.2M	72.5M	49.5M	57.7M
Taxes Paid	784.0M	727.0M	900.0M	997.0M	564.0M	1.1B	680.0M	698.0M	671.0M	892.0M	409.0M	397.0M	499.0M	406.0M	349.0M	176.0M	129.0M	127.0M	85.7M	114.0M
Total Operating Cash Outflow	3.7B	4.2B	4.4B	4.7B	4.5B	4.0B	2.6B	2.1B	2.1B	2.2B	1.7B	1.7B	1.8B	1.4B	896.0M	2.2B	514.0M	300.0M	201.0M	362.0M
Operating Cash Flow	3.7B	4.1B	3.4B	3.8B	1.1B	1.7B	3.2B	3.0B	2.1B	1.8B	1.8B	1.8B	1.5B	1.5B	1.9B	780.0M	946.0M	812.0M	655.0M	645.0M
Total Investing Cash Inflow	4.6B	3.7B	2.6B	5.0B	685.0M	3.8B	3.4B	2.4B	5.2B	2.0B	840.0M	127.0M	124.0M	143.0M	204.0M	250.0M	404.0M	474.0M	534.0M	449.0M
Total Investing Cash Outflow	4.6B	4.6B	6.1B	8.3B	5.1B	4.0B	2.4B	8.0B	7.7B	1.4B	345.0M	632.0M	552.0M	884.0M	1.1B	2.1B	2.8B	3.9B	1.2B	2.8B
Investing Cash Flow	-36.1M	-924.0M	-3.4B	-3.3B	-4.4B	-227.0M	958.0M	-5.6B	-2.5B	584.0M	495.0M	-505.0M	-428.0M	-741.0M	-888.0M	-1.9B	-2.4B	-3.5B	-679.0M	-2.3B
Cash From Borrowings	23.3B	18.5B	25.1B	20.6B	12.0B	4.9B	5.3B	5.5B	31.0M	810.0M	55.1M	1.5B	474.0M	1.2B	1.9B	4.4B	4.9B	5.2B	2.4B	3.4B
Dividends And Interest Paid	2.7B	2.7B	3.0B	2.8B	1.9B	2.3B	1.4B	1.4B	1.3B	1.5B	892.0M	944.0M	1.1B	964.0M	722.0M	696.0M	713.0M	488.0M	369.0M	337.0M
Debt Repayments	22.9B	19.8B	23.8B	15.4B	9.4B	4.6B	7.3B	2.2B	2.1B	4.2B	2.3B	2.7B	1.7B	1.2B	3.0B	2.3B	2.5B	4.2B	3.5B	1.7B
Total Financing Cash Inflow	23.4B	18.5B	25.1B	21.2B	16.5B	7.4B	5.3B	5.5B	2.0B	8.3B	1.1B	1.5B	1.4B	3.0B	2.8B	4.5B	4.9B	7.5B	3.4B	3.4B
Total Financing Cash Outflow	26.2B	22.9B	27.5B	20.0B	12.9B	8.6B	8.7B	5.5B	3.5B	5.7B	3.2B	3.6B	2.7B	2.2B	3.7B	3.5B	3.4B	4.7B	3.9B	2.1B
Financing Cash Flow	-2.8B	-4.4B	-2.3B	1.2B	3.6B	-1.2B	-3.5B	-613,600	-1.5B	2.6B	-2.1B	-2.1B	-1.3B	828.0M	-933.0M	1.0B	1.5B	2.8B	-469.0M	1.4B
Net Change In Cash	715.0M	-1.2B	-2.3B	1.6B	256.0M	315.0M	696.0M	-2.6B	-1.9B	4.9B	166.0M	-865.0M	-214.0M	1.6B	66.5M	-57.2M	69.3M	138.0M	-494.0M	-349.0M
Ending Cash Balance	2.7B	2.0B	3.2B	5.5B	3.2B	3.0B	2.6B	1.9B	4.2B	6.2B	1.3B	1.1B	2.0B	2.2B	577.0M	479.0M	536.0M	467.0M	328.0M	--
Capex	2.1B	2.1B	2.1B	3.8B	2.5B	1.6B	1.1B	970.0M	382.0M	128.0M	313.0M	611.0M	545.0M	873.0M	963.0M	1.0B	2.7B	3.4B	669.0M	425.0M