2. Agenda Business Structure Financial Highlights Review of Operations
Outlook
女士们，先生们，大家上午好！
很高兴跟各位新老朋友见面，下面将由我向大家简要介绍江苏宁沪高速公路股份有限公司2012年的中期业绩及上半年经营管理活动的有关情况。本次介绍的主要内容包括集团资产架构、财务摘要、业务经营回顾及对未来发展的展望。

3. Business Structure 江蘇寧滬高速股份有限公司 Jiangsu Expressway Company Limited
Jiangsu Section of Shanghai-Nanjing Expressway
Nanjing Section of Nanjing-Lianyungang Highway
Shanghai-Nanjing Section of G312
100%
100%
100%
Jiangsu Ninghu
Investment
Development Co., Ltd.
Jiangsu Guangjing
Xicheng Expressway
Co., Ltd.
Jiangsu Ninghu Properties Co., Ltd.
95%
85%
100%
上半年集团资产架构没有发生变化，依然包括沪宁高速、312国道、宁连公路南京段3条道路100%的权益、以及3家附属公司和3家联营公司。新参股的沿江高速由子公司广靖锡澄公司直接持有，成为本集团一家间接持有的联营公司，所以未在资产架构图中列示。
Jiangsu Kuailu Motor Transport Co., Ltd.
Jiangsu Yangtze
Bridge Co., Ltd.
Suzhou Sujiahang
Expressway Co., Ltd.
33.2%
26.66%
33.33%

4. Agenda Business Structure Financial Highlights Review of Operations
Outlook
下面，我为大家介绍集团2012年上半年经营业绩。

5. Financial Highlights 2011(RMB’000) 2012(RMB’000) Change(%)
Total operating revenue
3,642,023
3,729,356
2.40
Operating profit
1,751,675
1,699,602
-2.97
Gross profit
1,745,318
1,695,344
-2.86
Net profit
1,327,032
1,287,416
-2.99
Net profit attributable to equity holders of the Company
1,299,491
1,260,780
-2.98
Minority interests
27,541
26,636
-3.29
Earnings per share (Basic)
0.26
0.25
2012年上半年，按照中国会计准则，本集团累计实现营业总收入约人民币37.29亿元，较2011年同期增长约2.40%，报告期内实现营业利润约人民币17亿元，比2011年同期下降约2.97%；归属于上市公司股东的净利润约人民币12.61亿元。每股盈利约人民币0.25元，比2011年同期下降约2.98%。
Six months ended 30 June
* Under CASBE

6. Financial Highlights (cont’d)
Revenue and Profit (RMB’000)
3,729,356
3,642,023
3,182,834
2,608,191
2,542,982
1,295,603
1,299,491
1,260,780
984,945
864,391
Six months ended 30 June
The figures in are under HKFRS and the figures in 2011 and 2012 are under CASBE.

7. Revenue Breakdown
收入分布方面，路桥收费业务仍占主导地位，占总收入的68.61%，同比下降约1.31个百分点，其中，核心资产沪宁高速公路收入占比约为57.37%。配套服务收入和其他业务收入分别占比30.90%及0.49%。
Six months ended 30 June

8. Financial Status of the Group
Total Assets
5.24%
27.38%
(RMB’000)
(RMB’000)
Equity attributable to equity holders of the Company
-2.91%
5.61
截至2012年6月30日，本集团资产总额约为267.06亿元，负债总额约86.20亿元，公司股东应占权益为176.2亿元，资产负债率约为32.28%，比年初增加5.61个百分点。
(RMB’000)
* Under CASBE

9. Agenda Business Structure Financial Highlights Review of Operations
Outlook
Business Structure
接下来，我为大家介绍集团上半年各项业务的经营情况。

10. Toll Roads and Bridge Business Delivering On Our Strategy
China’s economic growth slowed down for 6 consecutive months
The nationwide GDP grew at a rate of 7.8% in 1H 2012, down 1.8% YOY; the growth rate of Jiangsu’s GDP was 9.9%,d own1.5% YOY
The continuous slowdown in the growth rate of the real economy has generated a direct impact on the demand for cargo transportation on highways
Jiangsu revised the toll standards downwards for the G312 Gunan Toll Station in Sep2011
Jiangsu adjusted downwards the minimum toll standards for passenger vehicles using the inter-network toll highways
The clean-up and rectification measures on toll roads implemented by the local government brought slightly adverse impact on toll revenue
2012年上半年，中国及本区域宏观经济增速持续趋缓，全国GDP增速为7.8%，较去年同期回落1.8个百分点，江苏省GDP增速9.9%，也比去年同期回落1.5个百分点，实体经济增速的持续放缓对直接导致公路货运需求下降。另一方面，上半年地方政府实施的收费公路清理措施，其中下调高速公路最低收费标准对通行费收入带来轻微负面影响。
Asset Management
In the first half of 2012, the Group realized a toll revenue of approximately RMB2,558,941,000, up by approximately 0.47% from the corresponding period of 2011

11. Toll Roads and Bridge Business(cont’d)
Average daily traffic volume
(vehicle / day)
Average daily toll revenue
(RMB’000 / day)
Road/Bridge
Reporting
period
Corresponding
period of the
previous year
Change (%)
Shanghai-Nanjing
Expressway
66,265
62,557
5.93
11,756.3
11,741.0
0.13
Section of G312
19,381
19,950
-2.85
293.7
325.0
-9.62
Nanjing Section of
Nanjing- Lianyungang
Highway
4,336
4,955
-12.49
89.3
115.5
-22.65
Guangjing Expressway
48,354
43,603
10.90
700.6
681.4
2.82
Xicheng Expressway
50,925
46,318
9.95
1,220.1
1,208.1
0.99
Jiangyin Yangtze Bridge
57,067
51,874
10.01
2,329.2
2,241.7
3.90
Sujiahang Expressway
40,840
37,996
7.48
2,535.2
2,539.9
-0.19
在此环境下，上半年虽然集团各路桥项目的日均交通流量仍然保持了较为稳定的增长，但其增量主要来自于客车特别是小型客车的增长，各条道路的货车流量增速明显放缓，甚至出现下降，从而导致车型结构发生变动，单车收入均有不同程度下降，收入增长速度普遍低于流量增长速度。

12. Operating Performance Review
Operating Revenue
Operating Costs
Gross profit margin
Item
Reporting period (RMB’000)
Change
YOY (%)
YOY
( Percentage point)
Toll road operations
2,558,941
0.47
687,516
7.27
73.13
-1.70
Shanghai-Nanjing
Expressway
2,139,654
0.68
464,799
11.06
78.28
-2.03
Section of G312
53,459
-9.12
112,790
-6.32
-6.33
Nanjing Section of
Nanjing- Lianyungang
Highway
16,256
-22.22
7,913
-16.16
51.32
-3.52
Guangjing Xicheng
Expressways
349,572
2.21
102,014
10.18
70.82
-2.11
Ancillary services
1,152,207
8.84
1,115,759
8.96
3.16
-0.12
Other operations
18,208
-50.10
5,548
-65.47
69.53
13.57
Total
3,729,356
2.40
1,808,823
7.60
51.50
-2.34
上半年，本集团实现道路通行费收入约人民币25.59亿元，比2011年同期增长约0.47%。

13. Shanghai-Nanjing Expressway
The overall absolute truck traffic volume decreased by 2.43% from the corresponding period of last year, and the percentage of truck traffic volume was 26.60%, down by approximately 2.28 percentage points
Passenger vehicle traffic volume increased approximately 9.32% YOY
The ETC average daily revenue amounted to approximately RMB1,628,100, up by 39.33% year-on-year, and accounted for approximately 13.85% of JSE’s toll revenue
Average daily volume (vehicle/day)
Average daily full-trip revenue per vehicle (RMB/day)
1H 2011
1H 2012
Passenger vehicles
44,494
48,640
187.7
177.4
Trucks
18,063
17,625
从各个项目的经营表现来看，上半年集团核心资产沪宁高速公路日均流量约66265辆，同比增长5.93%。其中货车流量比去年同期下降2.43%，货车流量占比约为26.60%同比减少2.28个百分点。客车流量仍然表现良好，同比实现9.32%的增幅。在上半年客车流量增长、货车流量下降，以及下调最低收费标准的影响下，日均通行费收入1175.6万元，同比增幅仅为0.13%，处于基本持平状态。

14. Shanghai-Nanjing Section of G312
The drop in truck traffic volume and the downward adjustment of toll standards at the Gunan Toll Station
The removal of the Nanjing toll station, Luoshe toll station (including Yanqiao toll point) and Xilin toll point along the Shanghai-Nanjing section of the G312 since 15 July 2012
312国道沪宁段和宁连公路南京段交通流量分别下降2.85%及12.49%。312国道沪宁段主要受货车流量下降及古南收费站收费标准下调影响

15. Nanjing Section of Nanjing-Lianyungang Highway
The drop in truck traffic volume : %
Average daily traffic volume : 4,336 vehicles (-12.49%)
Average daily toll revenue : RMB89,300 ( %)
日均收费额:人民币89,300 ( %)
而宁连公路南京段则主要受到货车流量下降影响。

16. Guangjing Xicheng Expressways, Jiangyin Yangtze Bridge and Sujiahang Expressway
Average daily traffic volume
(vechicle/day)
Average daily toll revenue
(RMB’000/day)
Guangjing
Expressway
48,354
（+10.90%）
700.6
（+2.82%）
Xicheng
50,925
（+9.95%）
1220.1
（+0.99%）
Jiangyin
Yangtze
Bridge
57,067
（+10.01%）
2329.2
（+3.90%）
Sujiahang
40,840
（+7.48%）
2535.2
（-0.19%）
Double-digit growth in passenger vehicle traffic volume
另外广靖、锡澄、江阴桥及苏嘉杭高速公路这四个项目的交通流量表现良好，上半年同比分别增长10.90%、9.95%、10.01%及7.48%，其中客车流量均取得两位数增长，然而由于货车增幅的放缓或略有下降，车型结构均发生小幅变动，单车收入下降，通行费收入的增长幅度也明显低于流量的增幅。
Slower growth of truck traffic volume; slight change in
vehicle mix; decline in revenue per vehicle

17. Ancillary Services
Sales of petroleum products amounted to approximately RMB1,059,258,000, accounting for approximately 91.93% of the total revenue from the ancillary services and representing an increase of approximately 9.59% YOY
Food and beverage, retail sales of good and hindrance clearance services contributed approximately RMB92,949,000 in revenue, representing an increase of approximately 0.87% over the corresponding period of the previous year
配套服务方面，集团2012年上半年实现收入约11.52亿元人民币，比去年同期增长约8.84%。其中油品销售收入约人民币10.59亿元，约占配套服务总收入的91.93%，比去年同期增长约9.59%，主要增长原因一方面是油品销量同比增长3.72%，另一方面是油品平均单价同比上涨了5.58%；其他包括餐饮、商品零售、清排障等业务收入约人民币9295万元，比去年同期增长约0.87%。
Revenue from ancillary services amounted to approximately RMB1,152,207,000, up by approximately 8.84% over the corresponding period of the previous year.

18. Other Business - Ninghu Investment
Principally engaged in the distribution of advertising media along the Shanghai-Nanjing Expressway and in other industrial investment activities
Jiangsu Province consolidated advertising facilities along the expressways
The advertising business managed to obtain approximately RMB17,256,000 in revenue in 1H 2012, down approximately 16.42% YOY
上半年集团实现其它收入约人民币1821万元，同比下降约50.1%。其中，宁沪投资公司的广告业务由于受高速公路沿线广告设施清理整治影响，广告收入同比下降16.42%。

19. Other Businesses (cont’d) - Ninghu Properties
“One City •Hongqiao Mansion” on Lot C4 entered into the sale stage
“One City •Pujiang Building” on Lot C7 has commenced construction in the first half of 2011
The Regal Royale Hotel (御富豪酒店) project on Lot C5 has entered the phase of invitation of tender for construction and supervision
The residential projects for lots B3, B18, B19 and B4 in Huaqiao has been officially named as "One City •Guangming Mansion
Construction of the “Qingyuan” project in Suzhou has entered the closure phase
The Lot B Phase I Project at Hongyan Community is under construction
+PIC
宁沪置业公司的地产项目由于受调控政策影响，开发与销售进度放缓，上半年只有C4地块尾盘取得零星预售，由于预售项目尚未交付，仍未产生盈利贡献。截止到6月30日，C4地块已累计销售住宅412套，商铺2套，销售面积3.69万平米，累计合同金额3.37亿元人民币，销售率约为96%，该项目将于年内交付，为集团带来收入贡献。

20. Investment Income
Investment income amounted to approximately RMB103,174,000, up approximately 1.03% YOY
Sujiahang Co., Kuailu Co. and Yangtze Bridge Co., contributed approximately RMB89,276,000 in investment income, representing approximately 6.93% of the Group’s net profit
Company name
Net Profit
(RMB’000)
Contribution of investment Income
Proportion to net profit
of the Company (%)
Suzhou Sujiahang
Expressway Co., Ltd
126,044
42,010
3.26
Jiangsu Kuailu Motor
Transport Co., Ltd
-2,927
-2,087
-0.16
Jiangsu Yangtze Bridge
Co., Ltd
185,666
49,499
3.84
报告期内，本集团获得投资收益约人民币1.03亿元，同比增长约1.03%。其中主要包括苏嘉杭公司、快鹿公司及扬子大桥公司贡献的投资收益，约人民币8928万元，约占本集团净利润的6.93%。

21. Financing Activities Short-term borrowings Non-current liabilities due
The gearing ratio at around 32.28% remained at a healthy level; and the book value of bank balances and cash amounted to approximately RMB780,090,000
The unutilized credit facilities from banks amounted to approximately RMB4,970 million
（RMB’000）
Short-term borrowings
2,865,000
3,130,000
Non-current liabilities due
within one year
201,561
701,567
Long-term borrowings
2,464,978
2,157,917
Bonds payable
495,853
total
5,531,539
6,485,337
受国家货币政策影响，商业贷款基本已不享受利率优惠。2011年以来由于央行上调基准利率，令报告期内公司综合借贷成本同比处于较高水平。本公司通过积极有效的财务举措调整债务结构，使财务成本得到较为有效控制。2012年上半年综合借贷成本约为5.6%，低于同期银行贷款利率约1个百分点，较去年同期增加了约0.73个百分点。

22. Investment
The Company invested the Kunshan-Wujiang section of the Changshu-Jiaxing Expressway (the project)
The total investment of the projct will not exceed RMB500 million
The Company has contributed the initial RMB30 million capital and is expected to start this year
Guangjing Xicheng subscribe toJiangsuyanjiang by way of registered capital enlargement
On 29 June, RMB1,466,200,000 committed by Guangjing Xicheng was fully invested
Enhance the leading position of the Group in the road network of southern JS
上半年，公司的两个投资项目也取得新的进展。一个是去年投资的常嘉高速昆吴段新建项目，本公司按资本金30%比例出资，投资总额不超过人民币5 亿元，上半年首期出资人民币3千万元已拨付到位，预计将于年内开工建设。
另一个项目是子公司广靖锡澄公司以增资扩股形式参股沿江公司，投资额为人民币14.662亿元，约占沿江公司增资扩股后注册资本的32.26%。该项目在今年年度业绩发布会的时候已向大家做过详细介绍，并已获得股东大会审议通过。 6月29日，广靖锡澄公司的14.662亿元投资已经全部拨付到位，沿江高速公司成为本公司一家间接持有权益的联营公司。此项投资完成后，本集团已拥有江苏南部区域沿江和沿沪宁两个重要产业带中的核心陆路交通走廊，对于确保并提高本集团在苏南路网中的主导地位具有战略意义。

23. Agenda Business Structure Financial Highlights Review of Operations
Outlook
Business Structure
最后，我和大家讨论下半年的经营形势和未来业务展望。

24. The clean-up campaign for toll roads enters into a substantive phase
Outlook——Business Environment
The government has introduced macro control measures to maintain the smooth functioning of the economy
Macro control measures remains difficult to predict
The Chinese and regional economy continued to decline, weighing on the overall traffic volume of trucks
从目前来看，下半年的经营形势依然比较严峻。一方面，虽然国家已经出台了部分宏观调控措施以保持经济的平稳运行，但这些措施何时能在本区域内见效，以及实施效果何时能够带动货车流量的恢复，目前仍难以预料，还有待于进一步观察。
另一方面，收费公路清理工作也已进入实质性阶段：在年初调低高速公路最低收费标准的基础上，江苏省政府于7月撤除了312国道两站两点，将直接带来日均约15万元左右的收入损失。同时，收费公路重大节假日对小车免费通行的政策将于今年国庆假期就开始执行，按照目前的实施方案，公司估计全年的通行费收入损失将达到2.5%-3%左右，进一步加大了通行费征收压力。
Downward adjustment to the minimum toll standards
The removal of the Nanjing toll station, Luoshe toll station (including Yanqiao toll point) and Xilin toll point in July
A policy allowing all cars to travel toll-free during main national holidays
The clean-up campaign for toll roads enters into a substantive phase

25. Outlook （Cont’d）—— Work Priorities
Give active response to the government’s clean-up measures for toll roads and make preparation for the free travel of cars in holidays
Further the promotion and implementation of the “Twelfth Five-year” strategic plan and break down the strategically critical performance indicators proposed under the “Twelfth Five-year Plan”
Advance the modernization of the operation and management of expressways and accelerate the establishment of the modernization indicators system.
Press ahead with the information technology work of the Company, stepping up the establishment of special working divisions and implementing the informationization plan
Strengthen cost control, especially the control on budget management and special expenditure
Keep track of market dynamics, push on with the development and sales of the property projects in an orderly way and ensure the successful delivery of our first residential development
根据下半年经营形势，为了确保全年盈利目标的实现，以及为未来战略发展做好规划准备，下半年公司的工作重点主要从以下几方面展开：
一是积极应对政府颁布的收费公路清理相关措施，做好节假日小客车免费放行准备;另外就312国道站点撤除后的相关人员安置、道路管养、债务补偿等后续问题加强与政府主管部门的沟通，寻求妥善的解决方案，维护公司及股东权益。二是推进战略管理，加快公司的现代化和信息化建设，提高经营管理水平和生产服务效率，打造高速公路管理与服务品牌。三是积极探索分子公司经营管理模式的改革创新，把握合适的项目投资机会，提升盈利能力，拓展业务空间。
公司管理层希望通过实施这些积极的经营管理举措，尽力降低经营环境的不利影响，保持各项业务的稳步发展。

26. Thank you!
上半年度集团经营情况我先简单介绍到这里，接下来的时间我和我的同事将对大家关心的问题作进一步的交流讨论，谢谢各位！