Since the end of last year, the Shandong provincial government has made a decision to "continue to charge after the expiration of 15 repayment roads".
The voice of opposition believes that the above decision is suspected of charging fees. The Shandong provincial government said that there was a cause for the incident - in 2013, the government in Shandong Province lost a loan of 13.8 billion yuan.
Shandong Expressway Co., Ltd. (Shandong Expressway) is a listed company that operates part of the expressways in Shandong Province. The statistics of the Beijing News reporter found that in the past 10 years, the total net profit of Shandong Expressway has reached 13.7 billion yuan; the gross profit margin of more than 50% is far beyond the other sectors within the company.
In recent years, including the Audit Commission and CCTV, they have criticized the issue of "overdue charges" on some sections of the Shandong Expressway. Shandong Expressway responded with "listed companies need to consider the interests of shareholders".
The total mileage of the charge is the first. After more than ten years of listing, Shandong Expressway has developed into a "toll road king" in the A-share market.
According to the semi-annual report, as of the first half of 2014, Shandong Expressway has the management rights of Jiulu 4 Bridge, such as Jiqing Expressway and Jinan Yellow River Bridge. According to previous data, as of the end of 2013, the total mileage of toll roads operated by Shandong Expressway reached 1,875 kilometers, ranking first among listed companies in the same industry in China.
In terms of financial indicators, Shandong Expressway's performance is equally proud. In the first three quarters of 2014, Shandong Expressway achieved operating income of 5.26 billion yuan and net profit of 1.72 billion yuan. Both indicators are on a year-on-year basis.
The trend of the performance of the floating red, for the Shandong Expressway, is used to it. In the past 10 years, except for 2009 and 2012, the net profit of Shandong Expressway was in the upward channel for the remaining 8 years.
Moreover, no matter how the external economic environment changes, Shandong Express has not lost money and has never suffered losses. The statistics of the Beijing News reporter found that in the past 10 years, Shandong Expressway has accumulated a net profit of 13.705 billion yuan.
Among them, the toll revenue, which accounts for more than 90% of the revenue, contributes the most. This "sitting money" business is known for its high gross profit margin. From 2011 to 2013, the gross profit margin of Shandong Expressway toll income reached 52.46%, 63.63% and 65.24% respectively.
Recently, in the intensive reports on highway toll disputes, the gross profit margin of highways is often referred to as "comparable to banks, luxury goods."
The average annual salary of employees is 130,000. In addition to toll roads, another main business of Shandong Expressway is real estate development. In 2013, the gross profit of real estate development was 7.95%.
The major shareholder of Shandong Expressway is Shandong Expressway Group, whose shareholding ratio reached 71.21%. The bond prospectus issued by Shandong Expressway Group shows that in 2012, the gross profit margins of construction settlement, railway transportation and commodity sales in the group were 20.19%, 8.91% and 8.64% respectively.
While sitting in the high-margin main business, Shandong Expressway also received a "gifts" from the financial side. The major shareholder Shandong Expressway Group once said, "In the process of the company's development, the Shandong provincial government has always given strong support in terms of project resources and financial subsidies."
According to the annual report of the annual report, the statistics of the Beijing News reporter found that between 2009 and 2013, Shandong Expressway received financial subsidies and tax rebates from the government, exceeding 35 million yuan.
In December last year, the Shandong provincial government said that the government in Shandong Province repaid the road, "the average monthly income of first-line fee-paying employees is about 2,000 yuan." "There is no profiteering phenomenon that has been questioned."
As a listed company, Shandong Expressway operates a "operating road." According to the 2013 annual report, in the same year, Shandong Expressway had a total of 4,527 employees, and the cash flow statement "paid to employees and cash paid for employees" was about 602 million yuan.
According to this calculation, the average salary of the employees of Shandong Expressway is about 130,000 yuan.
At the same time that the "overdue fee" was audited by the National Audit Office and CCTV, "Zhongjin Fighting Gold", Shandong Expressway has long been criticized by all parties because of problems such as overdue fees for operating sections.
Taking Jiqing Expressway as an example, the busiest expressway in Shandong Province is also the most stable "cash cow" in Shandong Expressway. In 2013, the 318.3-kilometer Jiqing Expressway has more than 30 million vehicles and earned a toll income of 2.5 billion yuan.
According to the annual report, the charging period of Jiqing Expressway began in 1999 and ended in 2029 with a term of 30 years.
In 2008, the National Audit Office issued an audit investigation report saying that the Jiqing Expressway, which was opened to traffic in 1993, "has been charged with a reasonable return of 12.65 years, but the approved charging period is 30 years, according to the 2005 charging level. The calculation will increase the social burden by 27.5 billion yuan."
The Jinan Yellow River Bridge under the Shandong Expressway has also been shelled several times. According to the annual report, the operation period of the Jinan Yellow River Bridge is 18 years and will expire at the end of 2017.
According to public reports, the Jinan Yellow River Bridge was originally built by the government and began to be charged since 1985. Later, in 1999, Shandong Expressway received 18 years of charging rights. In 2012, the annual toll revenue of the Jinan Yellow River Bridge was about 40 million yuan.
In 2012, CCTV criticized that according to relevant regulations, the Jinan Yellow River Bridge had already exceeded the charging period, and its 10 years of income into the listed company had exceeded 10 times of the original 40 million investment.
Also in 2012, a deputy to the National People's Congress of Tai'an City, Shandong Province, submitted a proposal to "revoke the Tongqu Road toll station." In reply to the proposal, the Taian Municipal Transportation Bureau admitted that the toll station was located at the junction of the district and the county, "causing inconvenience to passing vehicles."
Taiqu Road is also an asset of Shandong Expressway. The charging period is 26 years and will end by the end of 2015.
Whether it was the auditing department’s name or CCTV’s criticism, Shandong Expressway did not make any changes.
In 2013, Shandong Expressway responded by “removing the charges for the Jinan Yellow River Bridgeâ€. “The Yellow River Bridge is a listed company's assets. The company must take into account the interests of all shareholders. It is not free for companies to say that they are free.â€
In the capital market, Shandong Expressway can indeed be called a model of "focusing on the interests of shareholders." From 2011 to 2013, Shandong Expressway continued to "sell the generous" and pay dividends. According to statistics, in the past three years, Shandong Expressway has a total dividend of 2.078 billion yuan.
In 2014, Shandong Expressway announced that it will waive the toll of Binzhou Yellow River Bridge for passenger and cargo vehicles of Binzhou license plate number. The bridge has also been repeatedly criticized as "overdue charges." However, the exemption of the toll of Binzhou Bridge is not the "generous move" of Shandong Expressway - the Binzhou Municipal Government must provide the corresponding land use rights to compensate for the loss of tolls in Shandong Expressway.
9 Losses in 10 Real Estate Subsidiaries Since the State Council issued the policy of “free holiday tolls for small buses†in 2012, Shandong Expressway has begun to bear performance pressure.
According to the "Social Responsibility Report", in 2012, during the National Day of Shandong Expressway, the toll was exempted from RMB 112 million; in 2013, the toll was RMB 160 million. In the two years, the cumulative total was about 272 million yuan, accounting for 6% of the net profit for the same period.
Shandong Expressway and its major shareholder Shandong Expressway Group have repeatedly expressed their views on the implementation of the free policy.
In May last year, Sun Liang, chairman of Shandong Expressway Group and chairman of Shandong Expressway, a listed company, said in an interview that after Shandong Province lowered the minimum toll standard for expressways, the state implemented a free holiday policy for small passenger cars. The high-speed group reduces the toll fee by more than 500 million yuan per year.
"It turns out that a highway has basically recovered its investment in about 12 years. Now it takes about 22 years, and the highway toll period is only 25 years." Sun Liang said that after the end of the toll, some can only recover the investment without benefit, and some even The investment will not be recovered and will result in a loss.
The above views were also cited by the official website of Shandong Expressway Group and became an argument for the demonstration of "necessity of transformation." In the 2013 annual report of Shandong Expressway, there has also been a saying that “promoting transformation and upgradingâ€.
According to public information, the transformation direction of Shandong Expressway is mainly real estate and minerals. In recent years, it has invested heavily in real estate projects in Jinan, Yantai and Qingdao in Shandong Province.
In addition, in 2012, Shandong Expressway acquired a 60% stake in Xilinhotru Mining Company for RMB 125 million. The latter mainly produces tin ore and copper mines. Since then, in 2013, Shandong Expressway has passed the resolution to enter the mining investment in the case of two directors casting a negative vote.
The transformation direction of the major shareholder Shandong Expressway Group is even more "various." According to the combing, Shandong Expressway Group holds equity interests in Bank of Communications, Beijing-Shanghai High-speed Railway, Jiabao Dairy, Jinan Airport and Guam Fishing Ground.
At least according to the annual report of the listed company, in addition to the main road toll collection of "sitting on the ground", the investment and operation of other businesses of Shandong Expressway is still not satisfactory.
According to the 2013 annual report, only one of the 10 house-related companies controlled by Shandong Expressway has a profit of 50.28 million yuan, and the other 9 are in a state of loss. The accumulated loss exceeds 160 million yuan.
At the same time, its two mining companies also lost a total of 5.78 million yuan.
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